What was the total amount of state income tax expense for Christian Brothers Automotive in 2023?
Christian_Brothers_Automotive Franchise · 2025 FDDAnswer from 2025 FDD Document
lders' equity | $ 663,061,823 | $ 576,351,339 |
Consolidated Statements of Income Years Ended December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| Revenues | $ 137,196,643 | $ 122,309,502 |
| Operating Costs and Expenses | ||
| Cost of revenues | 42,731,504 | 40,601,283 |
| Selling, general and administrative expenses | 50,507,014 | 41,565,152 |
| Compensation expense associated with ESOP | 10,121,713 | 14,206,798 |
| Total operating costs and expenses | 103,360,231 | 96,373,233 |
| Income from operations | 33,836,412 | 25,936,269 |
| Other Income (Expense) | ||
| Gains on sale-leaseback transactions | 2,044,287 | 920,683 |
| Gains on sale of leased properties | 3,613,496 | 13,994,953 |
| Interest income | 1,234,707 | 859,510 |
| Interest expense | (6,596,136) | (2,497,171) |
| Other income, net | (293,984) | 467,395 |
| Total other income, net | 2,370 | 13,745,370 |
| Net income before state income taxes | 33,838,782 | 39,681,639 |
| State Income Tax Expense | (1,799,431) | (1,535,256) |
| Net income | 32,039,351 | 38,146,383 |
| Less net income attributable to noncontrolling interest | (592,784) | (11, |
Source: Item 23 — RECEIPTS (FDD pages 76–372)
What This Means (2025 FDD)
According to Christian Brothers Automotive's 2025 Franchise Disclosure Document, the state income tax expense for 2023 was reported as a negative value, specifically ($1,799,431). This indicates that Christian Brothers Automotive had a state income tax expense of $1,799,431 in 2023. This figure is part of the broader financial statement which includes revenues, operating costs, and other income/expenses. Understanding this expense is crucial for prospective franchisees as it provides insight into the company's profitability and tax obligations.
This expense is deducted when calculating the net income. The net income before state income taxes was $33,838,782 for 2023. After deducting the state income tax expense of $1,799,431, the net income for Christian Brothers Automotive was $32,039,351 in 2023.
Reviewing these figures allows potential franchisees to assess the financial health and stability of Christian Brothers Automotive. It's important to note that these are consolidated figures, reflecting the overall performance of the company and its subsidiaries. Franchisees should consider these numbers in conjunction with other financial metrics and information provided in the FDD to make an informed investment decision.