What was the total property and equipment value under operating leases for Aplus in 2023?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
osts, by performing independent market research and analyses.
/s/ GRANT THORNTON LLP
We have served as the Partnership's auditor since 2015.
Dallas, Texas February 16, 2024
SUNOCO LP CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 29 | $ 82 |
| Accounts receivable, net | 856 | 890 |
| Accounts receivable from affiliates | 20 | 15 |
| Inventories, net | 889 | 821 |
| Other current assets | 133 | 175 |
| Total current assets | 1,927 | 1,983 |
| Property and equipment | 2,970 | 2,796 |
| Accumulated depreciation | (1,134) | (1,036) |
| Property and equipment, net | 1,836 | 1,760 |
| Other assets: | ||
| Operating lease right-of-use assets, net | 506 | 524 |
| Goodwill | 1,599 | 1,601 |
| Intangible assets, net | 544 | 588 |
| Other non-current assets | 290 | 245 |
| Investments in unconsolidated affiliates | 124 | 129 |
| Total assets | $ 6,826 | $ 6,830 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 828 | $ 966 |
| Accounts payable to affiliates | 170 | 109 |
| Accrued expenses and other current liabilities | 353 | 310 |
| Operating lease current liabilities | 22 | 21 |
| Total current liabilities | 1,373 | 1,406 |
| Operating lease non-current liabilities | 511 | 528 |
| Long-term debt, net | 3,580 | 3,571 |
| Advances from affiliates | 102 | 116 |
| Deferred tax liabilities | 166 | 156 |
| Other non-current liabilities | 116 | 111 |
| Total liabilities | 5,848 | 5,888 |
| Commitments and contingencies (Note 13) | ||
| Equity: | ||
| Limited partners: | ||
| Common unitholders (84,408,014 and 84,054,765 units issued and outstanding as of Dec |
Source: Item 22 — CONTRACTS (FDD page 68)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the balance of property and equipment that are being leased to third parties is not explicitly detailed. However, the document does provide information on the operating lease right-of-use assets, net, which were valued at $506 as of December 31, 2023. This figure represents the value of Aplus's right to use assets under operating leases, but not the total value of property and equipment under operating leases.
It is important to note that the FDD includes a breakdown of assets and liabilities, including operating lease current and non-current liabilities, as well as the maturity of lease liabilities. These figures provide insight into Aplus's lease obligations and the timing of future lease payments. However, they do not directly address the total value of property and equipment under operating leases.
For a prospective franchisee, understanding the value of property and equipment under operating leases is crucial for assessing the financial health and stability of Aplus. This information can help franchisees evaluate the company's asset base and its reliance on leased assets. Therefore, it is recommended that prospective franchisees ask Aplus for more detailed information on the value of property and equipment under operating leases, as well as the terms and conditions of these leases.