What was the total amount of 'Assets under vehicle programs' for Budget in 2023?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
46 | | | 5,798 | 2,402 | 299 | 8,499 | | | 14,269 | 3,159 | — | 17,428 | | | 1,446 | 761 | 123 | 2,330 |
(a) Includes unallocated corporate assets which are not attributable to a particular reportable segment,
Provided below is information classified based on the geographic location of our subsidiaries.
| Jnited States | All Other Countries | Total | _ | |
|---|---|---|---|---|
| 2024 Revenues Assets exclusive of assets under vehicle programs Assets under vehicle programs Net long-lived assets | $ 8,583 6,720 15,295 1,465 | $ 3,206 2,948 4,078 904 | $ 11,789 9,668 19,373 2,369 | 3 3 |
| 2023 Revenues Assets exclusive of assets under vehicle programs Assets under vehicle programs Net long- |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the total amount of 'Assets under vehicle programs' in 2023 was $22,979 million. This figure represents the total value of assets specifically allocated to Budget's vehicle programs, which would include items such as program cash, vehicles (net of depreciation), receivables from vehicle manufacturers, and investments in related entities like Avis Budget Rental Car Funding (AESOP) LLC.
For a prospective franchisee, this number indicates the scale of Budget's vehicle operations and the financial resources tied to managing its fleet. It is important to note that these assets are distinct from the company's other assets, such as property, equipment, and goodwill. Understanding the composition and management of these vehicle-related assets is crucial for assessing the overall financial health and operational efficiency of Budget.
It is also worth noting that the assets under vehicle programs are partially funded through debt and other liabilities under vehicle programs. These liabilities include debt, debt due to Avis Budget Rental Car Funding (AESOP) LLC, deferred income taxes, and other obligations. The difference between the assets and liabilities under vehicle programs reflects the net investment Budget has in its vehicle fleet. Reviewing these figures in the context of Budget's overall financial statements can provide a more complete picture of the company's financial structure and risk profile.