What was the total provision for (benefit from) income taxes for Budget in 2024?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
ology applied and measurable inputs used, and the mathematical accuracy of the calculation.
/s/ DELOITTE & TOUCHE LLP New York, New York February 14, 2025
We have served as the Company's auditor since 1997.
Avis Budget Group, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data)
| Y | 11, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||
| Revenues | $ | 11,789 | $ 12,008 | $ 11,994 |
| Expenses | ||||
| Operating | 6,014 | 5,675 | 5,285 | |
| Vehicle depreciation and lease charges, net | 2,976 | 1,739 | 828 | |
| Selling, general and administrative | 1,352 | 1,408 | 1,348 | |
| Vehicle interest, net | 941 | 736 | 402 | |
| Non-vehicle related depreciation and amortization | 237 | 216 | 225 | |
| Interest expense related to corporate debt, net: | ||||
| Interest expense | 358 | 296 | 250 | |
| Early extinguishment of debt | 19 | 5 | _ | |
| Long-lived asset impairment and other related charges | 2,470 | _ | ||
| Restructuring and other related charges | 37 | 11 | 19 | |
| Transaction-related costs, net | 3 | 5 | 8 | |
| Other (income) expense, net | 9 | 3 | (7) | |
| Total expenses | 14,416 | 10,094 | 8,358 | |
| Income (loss) before income taxes | (2,627) | 1,914 | 3,636 | |
| Provision for (benefit from) income taxes | (810) | 279 | 880 | |
| Net income (loss) | (1,817) | 1,635 | 2,756 | |
| Less: Net inc |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the provision for (benefit from) income taxes in 2024 was ($810). This figure represents the total amount of income taxes that Budget either paid or benefited from during that year. A negative value, indicated by the parentheses, suggests that Budget experienced a benefit from income taxes, potentially due to tax credits, deductions, or other factors that reduced their overall tax liability.
For a prospective franchisee, understanding the parent company's tax situation can provide insights into the financial health and strategies of Budget. While franchisees are responsible for their own business's tax obligations, the overall tax efficiency of the franchisor can reflect sound financial management and potentially influence the resources available for supporting the franchise system.
It's important to note that this figure is specific to Budget's corporate financial statements and does not directly translate to the tax obligations of individual franchisees. Franchisees should consult with their own tax advisors to understand their specific tax responsibilities and opportunities.