What was the total value of accrued salaries and benefits for Batteries Plus Bulbs in 2022?
Batteries_Plus_Bulbs Franchise · 2025 FDDAnswer from 2025 FDD Document
data protection. Management believes that the Company is in compliance, in all material respects, with such regulations as of December 31, 2024 and 2023.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023 (Dollars in thousands, except per share amounts)
NOTE J - PROFIT-SHARING PLAN
Batteries Plus has a qualified 401(k) contributory profit-sharing plan covering all eligible employees. The Company's contribution to the Plan is a discretionary amount determined each year by Batteries Plus. Contributions for the years ended December 31, 2024 and 2023 were approximately $1,533 and $1,538, respectively.
Source: Item 21 — Financial Statements (FDD pages 79–80)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, a precise figure for the total value of accrued salaries and benefits for Batteries Plus Bulbs in 2022 is not explicitly provided. However, the document does mention several employee-related expenses and liabilities. Specifically, it discusses stock-based compensation, contributions to a profit-sharing plan, and unrecognized compensation costs related to non-vested stock options. These figures offer some insight into employee compensation, but they do not represent the entirety of accrued salaries and benefits.
For instance, the FDD notes that the company's contribution to its qualified 401(k) contributory profit-sharing plan was approximately $1,494,000 in 2022. Additionally, total stock-based compensation expense was $23,000 for the same year. The document also mentions unrecognized compensation costs related to non-vested service options, which amounted to $68,000 as of December 31, 2022. These figures, while relevant, do not provide a comprehensive view of all accrued salary and benefit liabilities.
A prospective franchisee should seek clarification from Batteries Plus Bulbs regarding the total accrued salaries and benefits for 2022. This would involve requesting a detailed breakdown of all employee-related liabilities, including salaries, wages, bonuses, health insurance, retirement contributions, and any other benefits provided to employees. Understanding these costs is crucial for accurately assessing the financial health and stability of the company.
Understanding the complete picture of accrued salaries and benefits would allow a potential franchisee to better evaluate the company's financial obligations and overall compensation strategy. This information is essential for making an informed decision about investing in a Batteries Plus Bulbs franchise.