Asbury Automotive Group Reports Second Quarter Results
-
Record second quarter revenue of
$4.2 billion
-
Record for second quarter parts & service revenue of
$581 million $340 million
-
Repurchased approximately 193,000 shares for
$43 million $130 million
“I am proud of our team members rising up to meet an unprecedented challenge for our business and our industry” said David Hult, Asbury’s President and Chief Executive Officer. “Our results were impacted by the CDK cyber incident, both from lost business and one-time expenses related to the outage and recovery of the systems that service most of our stores. We partially mitigated the disruption by facilitating retail sales through Clicklane, where we sold 15,201 cars in the quarter, an all-time record and
The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see “Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data” and the reconciliations for non-GAAP metrics used herein.
Adjusted net income for second quarter 2024 excludes, net of tax,
Adjusted net income for second quarter 2023 excludes, net of tax, gain on divestiture of
Second Quarter 2024 Operational Summary
Total Company vs. 2nd Quarter 2023:
-
Revenue of
$4.2 billion 13% -
Gross profit of
$731 million 2% -
Gross margin decreased 185 bps to
17.2% -
New vehicle unit volume increase of
12% ; new vehicle revenue increase of11% ; new vehicle gross profit decrease of16% -
Used vehicle retail unit volume increase of
22% ; used vehicle retail revenue increase of15% ; used vehicle retail gross profit decrease of14% -
Finance and insurance (F&I) per vehicle retailed (PVR) of
$2,151 9% -
Parts and service revenue increase of
10% ; gross profit increase of16% -
SG&A as a percentage of gross profit of
65.2% -
Adjusted SG&A as a percentage of gross profit of
64.8% -
Operating margin of
2.4% -
Adjusted operating margin of
5.6%
Same Store vs. 2nd Quarter 2023:
-
Revenue of
$3.5 billion 5% -
Gross profit of
$620 million 12% -
Gross margin decreased 144 bps to
17.6% -
New vehicle unit volume decrease of
6% ; new vehicle revenue decrease of6% ; new vehicle gross profit decrease of29% -
Used vehicle retail unit volume decrease of
2% ; used vehicle retail revenue decrease of7% ; used vehicle retail gross profit decrease of27% -
F&I PVR of
$2,124 11% -
Parts and service revenue decrease of
2% ; gross profit increase of4% -
SG&A as a percentage of gross profit of
64.9% -
Adjusted SG&A as a percentage of gross profit of
64.4% -
Operating margin of
1.9% -
Adjusted operating margin of
5.8%
CDK Global Outage Impact
During June, one of the Company’s vendors (CDK Global) experienced a cyber incident impacting certain services provided to the Company and many other automotive retailers, including the Company’s sales, service, inventory, customer relationship management, and accounting functions. Upon discovery of the incident, we took immediate precautionary steps to protect our systems. We currently estimate the earnings per share for the quarter were negatively impacted between
Liquidity and Leverage
As of June 30, 2024, the Company had cash and floorplan offset accounts of
Share Repurchases
The Company repurchased approximately 193,000 shares for
The shares may be purchased from time to time in the open market, in privately negotiated transactions or in other manners as permitted by federal securities laws and other legal and contractual requirements. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchase will depend on such factors as Asbury’s stock price, general economic and market conditions, the potential impact on its capital structure, the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments and other considerations. The program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without further notice.
Earnings Call
Additional commentary regarding the second quarter results will be provided during the earnings conference call on Friday, August 2, 2024, at 10:00 a.m. ET.
The conference call will be simulcast live on the internet. The webcast, together with supplemental materials, and can be accessed by logging onto https://investors.asburyauto.com. A replay and the accompanying materials will be available on this site for at least 30 days.
In addition, live audio will be accessible to the public. Participants may enter the conference call five to ten minutes prior to the scheduled start of the call by dialing:
Domestic: |
(877) 407-2988 |
International: |
+1 (201) 389-0923 |
Passcode: |
13748071 |
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in
For additional information, visit www.asburyauto.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position, the completion of the Company’s investigation into the CDK incident, the ultimate results of CDK’s and the Company’s containment and remediation efforts, the timing of the restoration of full access to the affected systems and changes in customer sentiment due to the incident, the timing and amount of any stock repurchases, and dealership portfolio, revenue enhancement strategies, operational improvements, projections regarding the expected benefits of Clicklane, management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, our inability to realize the benefits expected from recently completed transactions; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any supply chain disruptions impacting our industry and business, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God, acts of war or other incidents and the shortage of semiconductor chips and other components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, including changes in automotive state franchise laws, adverse results in litigation and other proceedings, and Asbury's ability to execute its strategic and operational strategies and initiatives, including its five-year strategic plan, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the
Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data
In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Adjusted income from operations," "Adjusted net income," "Adjusted operating margins," "Adjusted EBITDA," "Adjusted diluted earnings per share ("EPS")," "Adjusted SG&A, " "Adjusted operating cash flow" and "Pro forma adjusted leverage ratio." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance.
Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period.
Amounts presented herein have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute or tie to prior presentation due to rounding.
ASBURY AUTOMOTIVE GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) |
|||||||||||||||||||||
|
For the Three Months
|
|
%
|
|
For the Six Months
|
|
%
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
||||
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
2,164.9 |
|
|
$ |
1,942.7 |
|
|
11 |
% |
|
$ |
4,229.1 |
|
|
$ |
3,710.4 |
|
|
14 |
% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
1,167.2 |
|
|
|
1,013.3 |
|
|
15 |
% |
|
|
2,358.5 |
|
|
|
2,034.9 |
|
|
16 |
% |
Wholesale |
|
140.9 |
|
|
|
94.0 |
|
|
50 |
% |
|
|
306.4 |
|
|
|
198.9 |
|
|
54 |
% |
Total used vehicle |
|
1,308.0 |
|
|
|
1,107.3 |
|
|
18 |
% |
|
|
2,664.9 |
|
|
|
2,233.9 |
|
|
19 |
% |
Parts and service |
|
580.9 |
|
|
|
526.1 |
|
|
10 |
% |
|
|
1,171.2 |
|
|
|
1,041.7 |
|
|
12 |
% |
Finance and insurance, net |
|
192.4 |
|
|
|
166.3 |
|
|
16 |
% |
|
|
382.1 |
|
|
|
338.9 |
|
|
13 |
% |
TOTAL REVENUE |
|
4,246.2 |
|
|
|
3,742.5 |
|
|
13 |
% |
|
|
8,447.4 |
|
|
|
7,324.8 |
|
|
15 |
% |
COST OF SALES: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
|
2,009.8 |
|
|
|
1,757.7 |
|
|
14 |
% |
|
|
3,911.2 |
|
|
|
3,346.5 |
|
|
17 |
% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
1,110.8 |
|
|
|
947.5 |
|
|
17 |
% |
|
|
2,237.2 |
|
|
|
1,898.5 |
|
|
18 |
% |
Wholesale |
|
136.2 |
|
|
|
88.9 |
|
|
53 |
% |
|
|
294.8 |
|
|
|
187.5 |
|
|
57 |
% |
Total used vehicle |
|
1,247.0 |
|
|
|
1,036.4 |
|
|
20 |
% |
|
|
2,532.0 |
|
|
|
2,086.0 |
|
|
21 |
% |
Parts and service |
|
241.0 |
|
|
|
234.1 |
|
|
3 |
% |
|
|
497.2 |
|
|
|
467.6 |
|
|
6 |
% |
Finance and insurance |
|
17.7 |
|
|
|
1.2 |
|
|
NM |
|
|
|
26.3 |
|
|
|
15.5 |
|
|
70 |
% |
TOTAL COST OF SALES |
|
3,515.5 |
|
|
|
3,029.4 |
|
|
16 |
% |
|
|
6,966.7 |
|
|
|
5,915.5 |
|
|
18 |
% |
GROSS PROFIT |
|
730.7 |
|
|
|
713.1 |
|
|
2 |
% |
|
|
1,480.7 |
|
|
|
1,409.3 |
|
|
5 |
% |
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general, and administrative |
|
476.5 |
|
|
|
408.6 |
|
|
17 |
% |
|
|
945.1 |
|
|
|
811.6 |
|
|
16 |
% |
Depreciation and amortization |
|
18.2 |
|
|
|
16.8 |
|
|
9 |
% |
|
|
36.9 |
|
|
|
33.5 |
|
|
10 |
% |
Asset impairments |
|
135.4 |
|
|
|
— |
|
|
— |
% |
|
|
135.4 |
|
|
|
— |
|
|
— |
% |
INCOME FROM OPERATIONS |
|
100.5 |
|
|
|
287.7 |
|
|
(65 |
)% |
|
|
363.3 |
|
|
|
564.2 |
|
|
(36 |
)% |
OTHER EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Floor plan interest expense |
|
21.0 |
|
|
|
0.8 |
|
|
NM |
|
|
|
43.8 |
|
|
|
1.5 |
|
|
NM |
|
Other interest expense, net |
|
45.1 |
|
|
|
39.3 |
|
|
15 |
% |
|
|
89.2 |
|
|
|
76.6 |
|
|
16 |
% |
Gain on dealership divestitures |
|
(3.6 |
) |
|
|
(13.5 |
) |
|
(73 |
)% |
|
|
(3.6 |
) |
|
|
(13.5 |
) |
|
(73 |
)% |
Total other expenses, net |
|
62.5 |
|
|
|
26.6 |
|
|
135 |
% |
|
|
129.4 |
|
|
|
64.6 |
|
|
100 |
% |
INCOME BEFORE INCOME TAXES |
|
38.0 |
|
|
|
261.1 |
|
|
(85 |
)% |
|
|
233.9 |
|
|
|
499.6 |
|
|
(53 |
)% |
Income tax expense |
|
9.9 |
|
|
|
64.8 |
|
|
(85 |
)% |
|
|
58.7 |
|
|
|
121.9 |
|
|
(52 |
)% |
NET INCOME |
$ |
28.1 |
|
|
$ |
196.4 |
|
|
(86 |
)% |
|
$ |
175.2 |
|
|
$ |
377.7 |
|
|
(54 |
)% |
EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
1.40 |
|
|
$ |
9.37 |
|
|
(85 |
)% |
|
$ |
8.66 |
|
|
$ |
17.78 |
|
|
(51 |
)% |
Diluted— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
1.39 |
|
|
$ |
9.34 |
|
|
(85 |
)% |
|
$ |
8.64 |
|
|
$ |
17.70 |
|
|
(51 |
)% |
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
20.1 |
|
|
|
20.9 |
|
|
|
|
|
20.2 |
|
|
|
21.2 |
|
|
|
||
Restricted stock |
|
0.1 |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
||
Performance share units |
|
— |
|
|
|
0.1 |
|
|
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
||
Diluted |
|
20.2 |
|
|
|
21.0 |
|
|
|
|
|
20.3 |
|
|
|
21.3 |
|
|
|
||
______________________________ |
NM—Not Meaningful |
ASBURY AUTOMOTIVE GROUP, INC. Additional Disclosures-Consolidated (In millions) (Unaudited) |
||||||||||||
|
June 30, 2024 |
|
December 31, 2023 |
|
Increase (Decrease) |
|
% Change |
|||||
SELECTED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
67.2 |
|
$ |
45.7 |
|
$ |
21.5 |
|
|
47 |
% |
Inventory, net (a) |
|
2,066.0 |
|
|
1,768.3 |
|
|
297.7 |
|
|
17 |
% |
Total current assets |
|
3,218.3 |
|
|
3,057.1 |
|
|
161.2 |
|
|
5 |
% |
Floor plan notes payable |
|
1,420.1 |
|
|
1,785.7 |
|
|
(365.7 |
) |
|
(20 |
)% |
Total current liabilities |
|
2,565.5 |
|
|
2,875.7 |
|
|
(310.2 |
) |
|
(11 |
)% |
CAPITALIZATION: |
|
|
|
|
|
|
|
|||||
Long-term debt (including current portion) |
$ |
3,601.3 |
|
$ |
3,206.2 |
|
$ |
395.1 |
|
|
12 |
% |
Shareholders' equity |
|
3,330.7 |
|
|
3,244.1 |
|
|
86.6 |
|
|
3 |
% |
Total |
$ |
6,932.0 |
|
$ |
6,450.3 |
|
$ |
481.7 |
|
|
7 |
% |
_____________________________ |
(a) Excluding |
|
June 30,
|
|
December 31,
|
|
June 30,
|
Days Supply |
|
|
|
|
|
New vehicle inventory |
72 |
|
43 |
|
32 |
Used vehicle inventory |
38 |
|
32 |
|
35 |
_____________________________ |
Days supply of inventory is calculated based on new and used inventory, in units, at the end of each reporting period and a 30-day historical unit sales. |
Brand Mix - New Vehicle Revenue by Brand |
|||||
|
For the Three Months
|
||||
|
2024 |
|
|
2023 |
|
Luxury |
|
|
|
||
Lexus |
10 |
% |
|
10 |
% |
Mercedes-Benz |
7 |
% |
|
9 |
% |
BMW |
2 |
% |
|
3 |
% |
Land Rover |
2 |
% |
|
1 |
% |
Porsche |
2 |
% |
|
2 |
% |
Acura |
1 |
% |
|
2 |
% |
Other luxury |
4 |
% |
|
5 |
% |
Total luxury |
29 |
% |
|
32 |
% |
Imports |
|
|
|
||
Toyota |
20 |
% |
|
16 |
% |
Honda |
9 |
% |
|
10 |
% |
Hyundai |
5 |
% |
|
4 |
% |
Nissan |
2 |
% |
|
3 |
% |
Subaru |
2 |
% |
|
2 |
% |
Kia |
2 |
% |
|
2 |
% |
Other imports |
2 |
% |
|
2 |
% |
Total imports |
42 |
% |
|
40 |
% |
Domestic |
|
|
|
||
Ford |
13 |
% |
|
10 |
% |
Chrysler, Dodge, Jeep, Ram |
9 |
% |
|
13 |
% |
Chevrolet, Buick, GMC |
8 |
% |
|
5 |
% |
Total domestic |
29 |
% |
|
28 |
% |
Total New Vehicle Revenue |
100 |
% |
|
100 |
% |
|
For the Three Months
|
||||
|
2024 |
|
|
2023 |
|
Revenue mix |
|
|
|
||
New vehicle |
51.0 |
% |
|
51.9 |
% |
Used vehicle retail |
27.5 |
% |
|
27.1 |
% |
Used vehicle wholesale |
3.3 |
% |
|
2.5 |
% |
Parts and service |
13.7 |
% |
|
14.1 |
% |
Finance and insurance, net |
4.5 |
% |
|
4.4 |
% |
Total revenue |
100.0 |
% |
|
100.0 |
% |
Gross profit mix |
|
|
|
||
New vehicle |
21.2 |
% |
|
25.9 |
% |
Used vehicle retail |
7.7 |
% |
|
9.2 |
% |
Used vehicle wholesale |
0.6 |
% |
|
0.7 |
% |
Parts and service |
46.5 |
% |
|
41.0 |
% |
Finance and insurance, net |
23.9 |
% |
|
23.2 |
% |
Total gross profit |
100.0 |
% |
|
100.0 |
% |
ASBURY AUTOMOTIVE GROUP, INC. OPERATING HIGHLIGHTS-CONSOLIDATED (In millions) (Unaudited) |
|||||||||||||||||||||
|
For the Three Months Ended June 30, |
|
%
|
|
For the Six Months Ended June 30, |
|
%
|
||||||||||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
2,164.9 |
|
|
$ |
1,942.7 |
|
|
11 |
% |
|
$ |
4,229.1 |
|
|
$ |
3,710.4 |
|
|
14 |
% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
1,167.2 |
|
|
|
1,013.3 |
|
|
15 |
% |
|
|
2,358.5 |
|
|
|
2,034.9 |
|
|
16 |
% |
Wholesale |
|
140.9 |
|
|
|
94.0 |
|
|
50 |
% |
|
|
306.4 |
|
|
|
198.9 |
|
|
54 |
% |
Total used vehicle |
|
1,308.0 |
|
|
|
1,107.3 |
|
|
18 |
% |
|
|
2,664.9 |
|
|
|
2,233.9 |
|
|
19 |
% |
Parts and service |
|
580.9 |
|
|
|
526.1 |
|
|
10 |
% |
|
|
1,171.2 |
|
|
|
1,041.7 |
|
|
12 |
% |
Finance and insurance, net |
|
192.4 |
|
|
|
166.3 |
|
|
16 |
% |
|
|
382.1 |
|
|
|
338.9 |
|
|
13 |
% |
Total revenue |
$ |
4,246.2 |
|
|
$ |
3,742.5 |
|
|
13 |
% |
|
$ |
8,447.4 |
|
|
$ |
7,324.8 |
|
|
15 |
% |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
155.1 |
|
|
$ |
185.0 |
|
|
(16 |
)% |
|
$ |
317.9 |
|
|
$ |
363.9 |
|
|
(13 |
)% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
56.4 |
|
|
|
65.8 |
|
|
(14 |
)% |
|
|
121.4 |
|
|
|
136.5 |
|
|
(11 |
)% |
Wholesale |
|
4.6 |
|
|
|
5.1 |
|
|
(8 |
)% |
|
|
11.6 |
|
|
|
11.4 |
|
|
1 |
% |
Total used vehicle |
|
61.0 |
|
|
|
70.9 |
|
|
(14 |
)% |
|
|
132.9 |
|
|
|
147.9 |
|
|
(10 |
)% |
Parts and service |
|
339.9 |
|
|
|
292.0 |
|
|
16 |
% |
|
|
674.0 |
|
|
|
574.1 |
|
|
17 |
% |
Finance and insurance, net |
|
174.7 |
|
|
|
165.2 |
|
|
6 |
% |
|
|
355.8 |
|
|
|
323.4 |
|
|
10 |
% |
Total gross profit |
$ |
730.7 |
|
|
$ |
713.1 |
|
|
2 |
% |
|
$ |
1,480.7 |
|
|
$ |
1,409.3 |
|
|
5 |
% |
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Luxury |
|
8,719 |
|
|
|
8,925 |
|
|
(2 |
)% |
|
|
17,297 |
|
|
|
17,354 |
|
|
— |
% |
Import |
|
22,663 |
|
|
|
19,967 |
|
|
14 |
% |
|
|
44,150 |
|
|
|
37,356 |
|
|
18 |
% |
Domestic |
|
11,297 |
|
|
|
9,368 |
|
|
21 |
% |
|
|
21,909 |
|
|
|
18,056 |
|
|
21 |
% |
Total new vehicle |
|
42,679 |
|
|
|
38,260 |
|
|
12 |
% |
|
|
83,356 |
|
|
|
72,766 |
|
|
15 |
% |
Used vehicle retail |
|
38,534 |
|
|
|
31,623 |
|
|
22 |
% |
|
|
78,023 |
|
|
|
64,612 |
|
|
21 |
% |
Used to new ratio |
|
90.3 |
% |
|
|
82.7 |
% |
|
|
|
|
93.6 |
% |
|
|
88.8 |
% |
|
|
||
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
50,725 |
|
|
$ |
50,776 |
|
|
— |
% |
|
$ |
50,736 |
|
|
$ |
50,990 |
|
|
— |
% |
Used vehicle retail |
$ |
30,289 |
|
|
$ |
32,044 |
|
|
(5 |
)% |
|
$ |
30,229 |
|
|
$ |
31,495 |
|
|
(4 |
)% |
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Luxury |
$ |
6,830 |
|
|
$ |
7,785 |
|
|
(12 |
)% |
|
$ |
7,021 |
|
|
$ |
8,175 |
|
|
(14 |
)% |
Import |
|
2,590 |
|
|
|
3,622 |
|
|
(28 |
)% |
|
|
2,705 |
|
|
|
3,650 |
|
|
(26 |
)% |
Domestic |
|
3,260 |
|
|
|
4,612 |
|
|
(29 |
)% |
|
|
3,516 |
|
|
|
4,745 |
|
|
(26 |
)% |
Total new vehicle |
|
3,633 |
|
|
|
4,835 |
|
|
(25 |
)% |
|
|
3,814 |
|
|
|
5,001 |
|
|
(24 |
)% |
Used vehicle retail |
|
1,463 |
|
|
|
2,081 |
|
|
(30 |
)% |
|
|
1,556 |
|
|
|
2,112 |
|
|
(26 |
)% |
Finance and insurance |
|
2,151 |
|
|
|
2,363 |
|
|
(9 |
)% |
|
|
2,205 |
|
|
|
2,354 |
|
|
(6 |
)% |
Front end yield (1) |
|
4,755 |
|
|
|
5,952 |
|
|
(20 |
)% |
|
|
4,927 |
|
|
|
5,996 |
|
|
(18 |
)% |
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total new vehicle |
|
7.2 |
% |
|
|
9.5 |
% |
|
(236) bps |
|
|
7.5 |
% |
|
|
9.8 |
% |
|
(229) bps |
||
Used vehicle retail |
|
4.8 |
% |
|
|
6.5 |
% |
|
(166) bps |
|
|
5.1 |
% |
|
|
6.7 |
% |
|
(156) bps |
||
Parts and service |
|
58.5 |
% |
|
|
55.5 |
% |
|
301 bps |
|
|
57.5 |
% |
|
|
55.1 |
% |
|
243 bps |
||
Total gross profit margin |
|
17.2 |
% |
|
|
19.1 |
% |
|
(185) bps |
|
|
17.5 |
% |
|
|
19.2 |
% |
|
(171) bps |
||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general, and administrative |
$ |
476.5 |
|
|
$ |
408.6 |
|
|
17 |
% |
|
$ |
945.1 |
|
|
$ |
811.6 |
|
|
16 |
% |
Adjusted selling, general, and administrative |
$ |
473.5 |
|
|
$ |
406.1 |
|
|
17 |
% |
|
$ |
942.1 |
|
|
$ |
809.1 |
|
|
16 |
% |
SG&A as a % of gross profit |
|
65.2 |
% |
|
|
57.3 |
% |
|
792 bps |
|
|
63.8 |
% |
|
|
57.6 |
% |
|
624 bps |
||
Adjusted SG&A as a % of gross profit |
|
64.8 |
% |
|
|
57.0 |
% |
|
784 bps |
|
|
63.6 |
% |
|
|
57.4 |
% |
|
621 bps |
||
Income from operations as a % of revenue |
|
2.4 |
% |
|
|
7.7 |
% |
|
(532) bps |
|
|
4.3 |
% |
|
|
7.7 |
% |
|
(340) bps |
||
Income from operations as a % of gross profit |
|
13.8 |
% |
|
|
40.4 |
% |
|
(2,659) bps |
|
|
24.5 |
% |
|
|
40.0 |
% |
|
(1,550) bps |
||
Adjusted income from operations as a % of revenue |
|
5.6 |
% |
|
|
7.8 |
% |
|
(213) bps |
|
|
5.9 |
% |
|
|
7.7 |
% |
|
(180) bps |
||
Adjusted income from operations as a % of gross profit |
|
32.7 |
% |
|
|
40.7 |
% |
|
(799) bps |
|
|
33.9 |
% |
|
|
40.2 |
% |
|
(633) bps |
||
_____________________________ |
(1) Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
ASBURY AUTOMOTIVE GROUP, INC. SAME STORE OPERATING HIGHLIGHTS-CONSOLIDATED (In millions) (Unaudited) |
|||||||||||||||||||||
|
For the Three Months
|
|
%
|
|
For the Six Months
|
|
%
|
||||||||||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
1,814.5 |
|
|
$ |
1,927.4 |
|
|
(6 |
)% |
|
$ |
3,550.5 |
|
|
$ |
3,676.3 |
|
|
(3 |
)% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
926.9 |
|
|
|
1,001.8 |
|
|
(7 |
)% |
|
|
1,885.5 |
|
|
|
2,006.1 |
|
|
(6 |
)% |
Wholesale |
|
103.6 |
|
|
|
92.8 |
|
|
12 |
% |
|
|
232.2 |
|
|
|
196.8 |
|
|
18 |
% |
Total used vehicle |
|
1,030.5 |
|
|
|
1,094.7 |
|
|
(6 |
)% |
|
|
2,117.7 |
|
|
|
2,202.9 |
|
|
(4 |
)% |
Parts and service |
|
510.8 |
|
|
|
520.6 |
|
|
(2 |
)% |
|
|
1,029.4 |
|
|
|
1,030.0 |
|
|
— |
% |
Finance and insurance, net |
|
157.7 |
|
|
|
165.4 |
|
|
(5 |
)% |
|
|
312.2 |
|
|
|
336.8 |
|
|
(7 |
)% |
Total revenue |
$ |
3,513.5 |
|
|
$ |
3,708.2 |
|
|
(5 |
)% |
|
$ |
7,009.9 |
|
|
$ |
7,245.9 |
|
|
(3 |
)% |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
129.7 |
|
|
$ |
183.8 |
|
|
(29 |
)% |
|
$ |
266.3 |
|
|
$ |
361.1 |
|
|
(26 |
)% |
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail |
|
47.2 |
|
|
|
64.9 |
|
|
(27 |
)% |
|
|
99.5 |
|
|
|
134.4 |
|
|
(26 |
)% |
Wholesale |
|
2.8 |
|
|
|
5.0 |
|
|
(45 |
)% |
|
|
7.1 |
|
|
|
11.4 |
|
|
(38 |
)% |
Total used vehicle |
|
49.9 |
|
|
|
69.9 |
|
|
(29 |
)% |
|
|
106.5 |
|
|
|
145.8 |
|
|
(27 |
)% |
Parts and service |
|
299.9 |
|
|
|
289.4 |
|
|
4 |
% |
|
|
594.7 |
|
|
|
568.4 |
|
|
5 |
% |
Finance and insurance, net |
|
140.0 |
|
|
|
164.2 |
|
|
(15 |
)% |
|
|
286.0 |
|
|
|
321.3 |
|
|
(11 |
)% |
Total gross profit |
$ |
619.5 |
|
|
$ |
707.4 |
|
|
(12 |
)% |
|
$ |
1,253.6 |
|
|
$ |
1,396.7 |
|
|
(10 |
)% |
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Luxury |
|
8,484 |
|
|
|
8,910 |
|
|
(5 |
)% |
|
|
16,693 |
|
|
|
17,221 |
|
|
(3 |
)% |
Import |
|
18,982 |
|
|
|
19,680 |
|
|
(4 |
)% |
|
|
36,917 |
|
|
|
36,747 |
|
|
— |
% |
Domestic |
|
8,068 |
|
|
|
9,303 |
|
|
(13 |
)% |
|
|
15,938 |
|
|
|
17,991 |
|
|
(11 |
)% |
Total new vehicle |
|
35,534 |
|
|
|
37,893 |
|
|
(6 |
)% |
|
|
69,548 |
|
|
|
71,959 |
|
|
(3 |
)% |
Used vehicle retail |
|
30,371 |
|
|
|
31,141 |
|
|
(2 |
)% |
|
|
61,942 |
|
|
|
63,348 |
|
|
(2 |
)% |
Used to new ratio |
|
85.5 |
% |
|
|
82.2 |
% |
|
|
|
|
89.1 |
% |
|
|
88.0 |
% |
|
|
||
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle |
$ |
51,064 |
|
|
$ |
50,866 |
|
|
— |
% |
|
$ |
51,051 |
|
|
$ |
51,088 |
|
|
— |
% |
Used vehicle retail |
$ |
30,518 |
|
|
$ |
32,171 |
|
|
(5 |
)% |
|
$ |
30,440 |
|
|
$ |
31,668 |
|
|
(4 |
)% |
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Luxury |
$ |
6,926 |
|
|
$ |
7,768 |
|
|
(11 |
)% |
|
$ |
7,097 |
|
|
$ |
8,173 |
|
|
(13 |
)% |
Import |
|
2,387 |
|
|
|
3,639 |
|
|
(34 |
)% |
|
|
2,482 |
|
|
|
3,671 |
|
|
(32 |
)% |
Domestic |
|
3,174 |
|
|
|
4,620 |
|
|
(31 |
)% |
|
|
3,528 |
|
|
|
4,751 |
|
|
(26 |
)% |
Total new vehicle |
|
3,649 |
|
|
|
4,851 |
|
|
(25 |
)% |
|
|
3,829 |
|
|
|
5,019 |
|
|
(24 |
)% |
Used vehicle retail |
|
1,553 |
|
|
|
2,085 |
|
|
(26 |
)% |
|
|
1,606 |
|
|
|
2,122 |
|
|
(24 |
)% |
Finance and insurance |
|
2,124 |
|
|
|
2,379 |
|
|
(11 |
)% |
|
|
2,175 |
|
|
|
2,374 |
|
|
(8 |
)% |
Front end yield (1) |
|
4,807 |
|
|
|
5,982 |
|
|
(20 |
)% |
|
|
4,957 |
|
|
|
6,037 |
|
|
(18 |
)% |
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total new vehicle |
|
7.1 |
% |
|
|
9.5 |
% |
|
(239) bps |
|
|
7.5 |
% |
|
|
9.8 |
% |
|
(232) bps |
||
Used vehicle retail |
|
5.1 |
% |
|
|
6.5 |
% |
|
(139) bps |
|
|
5.3 |
% |
|
|
6.7 |
% |
|
(142) bps |
||
Parts and service |
|
58.7 |
% |
|
|
55.6 |
% |
|
314 bps |
|
|
57.8 |
% |
|
|
55.2 |
% |
|
259 bps |
||
Total gross profit margin |
|
17.6 |
% |
|
|
19.1 |
% |
|
(144) bps |
|
|
17.9 |
% |
|
|
19.3 |
% |
|
(139) bps |
||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general, and administrative |
$ |
401.8 |
|
|
$ |
403.8 |
|
|
— |
% |
|
$ |
796.1 |
|
|
$ |
800.8 |
|
|
(1 |
)% |
Adjusted selling, general, and administrative |
$ |
398.8 |
|
|
$ |
401.4 |
|
|
(1 |
)% |
|
$ |
793.0 |
|
|
$ |
798.3 |
|
|
(1 |
)% |
SG&A as a % of gross profit |
|
64.9 |
% |
|
|
57.1 |
% |
|
778 bps |
|
|
63.5 |
% |
|
|
57.3 |
% |
|
617 bps |
||
Adjusted SG&A as a % of gross profit |
|
64.4 |
% |
|
|
56.7 |
% |
|
763 bps |
|
|
63.3 |
% |
|
|
57.2 |
% |
|
610 bps |
||
_____________________________ |
(1) Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
ASBURY AUTOMOTIVE GROUP, INC. SEGMENT REPORTING (Unaudited) |
|||||||||||||||||||
|
Three Months Ended June 30, 2024 |
|
Three Months Ended June 30, 2023 |
||||||||||||||||
|
Dealerships |
|
TCA After Eliminations |
|
Total Company |
|
Dealerships |
|
TCA After Eliminations |
|
Total Company |
||||||||
|
(In millions) |
||||||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
2,164.9 |
|
$ |
— |
|
|
$ |
2,164.9 |
|
$ |
1,942.7 |
|
$ |
— |
|
|
$ |
1,942.7 |
Used |
|
1,308.0 |
|
|
— |
|
|
|
1,308.0 |
|
|
1,107.3 |
|
|
— |
|
|
|
1,107.3 |
Parts and service |
|
591.9 |
|
|
(11.0 |
) |
|
|
580.9 |
|
|
534.6 |
|
|
(8.5 |
) |
|
|
526.1 |
Finance and insurance, net |
|
154.7 |
|
|
37.7 |
|
|
|
192.4 |
|
|
134.2 |
|
|
32.2 |
|
|
|
166.3 |
Total revenue |
$ |
4,219.5 |
|
$ |
26.7 |
|
|
$ |
4,246.2 |
|
$ |
3,718.8 |
|
$ |
23.7 |
|
|
$ |
3,742.5 |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
2,009.8 |
|
$ |
— |
|
|
$ |
2,009.8 |
|
$ |
1,757.7 |
|
$ |
— |
|
|
$ |
1,757.7 |
Used |
|
1,247.0 |
|
|
— |
|
|
|
1,247.0 |
|
|
1,036.4 |
|
|
— |
|
|
|
1,036.4 |
Parts and service |
|
255.9 |
|
|
(14.9 |
) |
|
|
241.0 |
|
|
238.7 |
|
|
(4.6 |
) |
|
|
234.1 |
Finance and insurance |
|
— |
|
|
17.7 |
|
|
|
17.7 |
|
|
— |
|
|
1.2 |
|
|
|
1.2 |
Total cost of sales |
$ |
3,512.7 |
|
$ |
2.8 |
|
|
$ |
3,515.5 |
|
$ |
3,032.9 |
|
$ |
(3.4 |
) |
|
$ |
3,029.4 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
155.1 |
|
$ |
— |
|
|
$ |
155.1 |
|
$ |
185.0 |
|
$ |
— |
|
|
$ |
185.0 |
Used |
|
61.0 |
|
|
— |
|
|
|
61.0 |
|
|
70.9 |
|
|
— |
|
|
|
70.9 |
Parts and service |
|
336.0 |
|
|
3.8 |
|
|
|
339.9 |
|
|
295.9 |
|
|
(3.9 |
) |
|
|
292.0 |
Finance and insurance, net |
|
154.7 |
|
|
20.0 |
|
|
|
174.7 |
|
|
134.2 |
|
|
31.0 |
|
|
|
165.2 |
Total gross profit |
$ |
706.8 |
|
$ |
23.9 |
|
|
$ |
730.7 |
|
$ |
686.0 |
|
$ |
27.1 |
|
|
$ |
713.1 |
Selling, general and administrative |
$ |
480.1 |
|
$ |
(3.6 |
) |
|
$ |
476.5 |
|
$ |
416.6 |
|
$ |
(8.0 |
) |
|
$ |
408.6 |
Income from operations |
$ |
79.0 |
|
$ |
21.6 |
|
|
$ |
100.5 |
|
$ |
257.2 |
|
$ |
30.5 |
|
|
$ |
287.7 |
|
Six Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2023 |
||||||||||||||||
|
Dealerships |
|
TCA After Eliminations |
|
Total Company |
|
Dealerships |
|
TCA After Eliminations |
|
Total Company |
||||||||
|
(In millions) |
||||||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
4,229.1 |
|
$ |
— |
|
|
$ |
4,229.1 |
|
$ |
3,710.4 |
|
$ |
— |
|
|
$ |
3,710.4 |
Used |
|
2,664.9 |
|
|
— |
|
|
|
2,664.9 |
|
|
2,233.9 |
|
|
— |
|
|
|
2,233.9 |
Parts and service |
|
1,190.7 |
|
|
(19.5 |
) |
|
|
1,171.2 |
|
|
1,059.1 |
|
|
(17.4 |
) |
|
|
1,041.7 |
Finance and insurance, net |
|
313.7 |
|
|
68.4 |
|
|
|
382.1 |
|
|
271.8 |
|
|
67.1 |
|
|
|
338.9 |
Total revenue |
$ |
8,398.5 |
|
$ |
48.9 |
|
|
$ |
8,447.4 |
|
$ |
7,275.1 |
|
$ |
49.7 |
|
|
$ |
7,324.8 |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
3,911.2 |
|
$ |
— |
|
|
$ |
3,911.2 |
|
$ |
3,346.5 |
|
$ |
— |
|
|
$ |
3,346.5 |
Used |
|
2,532.0 |
|
|
— |
|
|
|
2,532.0 |
|
|
2,086.0 |
|
|
— |
|
|
|
2,086.0 |
Parts and service |
|
516.7 |
|
|
(19.5 |
) |
|
|
497.2 |
|
|
477.1 |
|
|
(9.5 |
) |
|
|
467.6 |
Finance and insurance |
|
— |
|
|
26.3 |
|
|
|
26.3 |
|
|
— |
|
|
15.5 |
|
|
|
15.5 |
Total cost of sales |
$ |
6,959.9 |
|
$ |
6.8 |
|
|
$ |
6,966.7 |
|
$ |
5,909.5 |
|
$ |
6.0 |
|
|
$ |
5,915.5 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||
New |
$ |
317.9 |
|
$ |
— |
|
|
$ |
317.9 |
|
$ |
363.9 |
|
$ |
— |
|
|
$ |
363.9 |
Used |
|
132.9 |
|
|
— |
|
|
|
132.9 |
|
|
147.9 |
|
|
— |
|
|
|
147.9 |
Parts and service |
|
674.0 |
|
|
— |
|
|
|
674.0 |
|
|
582.1 |
|
|
(7.9 |
) |
|
|
574.1 |
Finance and insurance, net |
|
313.7 |
|
|
42.1 |
|
|
|
355.8 |
|
|
271.8 |
|
|
51.6 |
|
|
|
323.4 |
Total gross profit |
$ |
1,438.6 |
|
$ |
42.1 |
|
|
$ |
1,480.7 |
|
$ |
1,365.6 |
|
$ |
43.7 |
|
|
$ |
1,409.3 |
Selling, general, and administrative |
$ |
953.0 |
|
$ |
(7.9 |
) |
|
$ |
945.1 |
|
$ |
823.5 |
|
$ |
(11.9 |
) |
|
$ |
811.6 |
Income from operations |
$ |
322.2 |
|
$ |
41.0 |
|
|
$ |
363.3 |
|
$ |
513.3 |
|
$ |
50.9 |
|
|
$ |
564.2 |
ASBURY AUTOMOTIVE GROUP, INC. Supplemental Disclosures (Unaudited) The following tables provide reconciliations for our non-GAAP metrics: |
|||||||||||||||
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
March 31, 2024 |
||||||||
|
(Dollars in millions) |
||||||||||||||
Adjusted leverage ratio: |
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
$ |
3,601.3 |
|
|
$ |
3,192.6 |
|
||||
Cash and floor plan offset |
|
|
|
|
|
(478.6 |
) |
|
|
(234.1 |
) |
||||
TCA cash |
|
|
|
|
|
14.7 |
|
|
|
9.2 |
|
||||
Availability under our used vehicle floor plan facility |
|
|
|
|
|
(286.1 |
) |
|
|
(1.4 |
) |
||||
Adjusted long-term net debt |
|
|
|
|
$ |
2,851.2 |
|
|
$ |
2,966.2 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
28.1 |
|
|
$ |
196.4 |
|
|
$ |
400.0 |
|
|
$ |
568.2 |
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
18.2 |
|
|
|
16.8 |
|
|
|
71.1 |
|
|
|
69.7 |
|
Income tax expense |
|
9.9 |
|
|
|
64.8 |
|
|
|
135.5 |
|
|
|
190.4 |
|
Swap and other interest expense |
|
45.2 |
|
|
|
40.2 |
|
|
|
169.1 |
|
|
|
164.1 |
|
Earnings before interest, taxes, depreciation and amortization ("EBITDA") |
$ |
101.4 |
|
|
$ |
318.1 |
|
|
$ |
775.7 |
|
|
$ |
992.4 |
|
|
|
|
|
|
|
|
|
||||||||
Non-core items - expense (income): |
|
|
|
|
|
|
|
||||||||
Gain on dealership divestitures |
$ |
(3.6 |
) |
|
$ |
(13.5 |
) |
|
$ |
(3.6 |
) |
|
$ |
(13.5 |
) |
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
(3.6 |
) |
Legal settlement |
|
— |
|
|
|
(1.9 |
) |
|
|
— |
|
|
|
(1.9 |
) |
Asset impairments |
|
135.4 |
|
|
|
— |
|
|
|
252.6 |
|
|
|
117.2 |
|
Professional fees associated with acquisition |
|
— |
|
|
|
— |
|
|
|
4.1 |
|
|
|
4.1 |
|
Fixed assets write-off |
|
— |
|
|
|
— |
|
|
|
1.1 |
|
|
|
1.1 |
|
Hail damage |
|
3.1 |
|
|
|
4.3 |
|
|
|
3.1 |
|
|
|
4.3 |
|
Total non-core items |
|
134.8 |
|
|
|
(11.1 |
) |
|
|
253.7 |
|
|
|
107.8 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
236.3 |
|
|
$ |
307.0 |
|
|
$ |
1,029.5 |
|
|
$ |
1,100.2 |
|
|
|
|
|
|
|
|
|
||||||||
Pro forma impact of acquisition and divestitures on EBITDA |
|
|
|
|
$ |
26.6 |
|
|
$ |
55.5 |
|
||||
Pro forma adjusted EBITDA |
|
|
|
|
$ |
1,056.1 |
|
|
$ |
1,155.7 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Pro forma adjusted net leverage ratio |
|
|
|
|
|
2.7 |
|
|
|
2.6 |
|
||||
|
Three Months Ended June 30, 2024 |
|||||||||||||||||||||
|
GAAP |
|
Gain on dealership divestitures |
|
Asset impairments |
|
Hail damage |
|
Income tax effect |
|
Non-GAAP adjusted |
|||||||||||
|
(In millions, except per share data) |
|||||||||||||||||||||
Selling, general and administrative |
$ |
476.5 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
(3.1 |
) |
|
$ |
— |
|
|
$ |
473.5 |
|
Income from operations |
$ |
100.5 |
|
|
$ |
— |
|
|
$ |
135.4 |
|
$ |
3.1 |
|
|
$ |
— |
|
|
$ |
238.9 |
|
Net income |
$ |
28.1 |
|
|
$ |
(3.6 |
) |
|
$ |
135.4 |
|
$ |
3.1 |
|
|
$ |
(33.8 |
) |
|
$ |
129.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average common share outstanding - diluted |
|
20.2 |
|
|
|
|
|
|
|
|
|
|
|
20.2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted EPS |
$ |
1.39 |
|
|
$ |
(0.13 |
) |
|
|
5.02 |
|
$ |
0.11 |
|
|
$ |
— |
|
|
$ |
6.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SG&A as a % of gross profit |
|
65.2 |
% |
|
|
|
|
|
|
|
|
|
|
64.8 |
% |
|||||||
Income from operations as a % of revenue |
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
5.6 |
% |
|||||||
|
Three Months Ended June 30, 2023 |
|||||||||||||||||||||
|
GAAP |
|
Gain on dealership divestitures |
|
Legal settlement |
|
Hail damage |
|
Income tax effect |
|
Non-GAAP adjusted |
|||||||||||
|
(In millions, except per share data) |
|||||||||||||||||||||
Selling, general and administrative |
$ |
408.6 |
|
|
$ |
— |
|
|
$ |
1.9 |
|
|
$ |
(4.3 |
) |
|
$ |
— |
|
$ |
406.1 |
|
Income from operations |
$ |
287.7 |
|
|
$ |
— |
|
|
$ |
(1.9 |
) |
|
$ |
4.3 |
|
|
$ |
— |
|
$ |
290.2 |
|
Net income |
$ |
196.4 |
|
|
$ |
(13.5 |
) |
|
$ |
(1.9 |
) |
|
$ |
4.3 |
|
|
$ |
2.7 |
|
$ |
188.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average common share outstanding - diluted |
|
21.0 |
|
|
|
|
|
|
|
|
|
|
|
21.0 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted EPS |
$ |
9.34 |
|
|
$ |
(0.48 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.15 |
|
|
$ |
— |
|
$ |
8.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SG&A as a % of gross profit |
|
57.3 |
% |
|
|
|
|
|
|
|
|
|
|
57.0 |
% |
|||||||
Income from operations as a % of revenue |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
7.8 |
% |
|||||||
|
Six Months Ended June 30, 2024 |
|||||||||||||||||||||
|
GAAP |
|
Gain on dealership divestitures |
|
Asset impairments |
|
Hail damage |
|
Income tax effect |
|
Non-GAAP adjusted |
|||||||||||
|
(In millions, except per share data) |
|||||||||||||||||||||
Selling, general, and administrative |
$ |
945.1 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
(3.1 |
) |
|
$ |
— |
|
|
$ |
942.1 |
|
Income from operations |
$ |
363.3 |
|
|
$ |
— |
|
|
$ |
135.4 |
|
$ |
3.1 |
|
|
$ |
— |
|
|
$ |
501.7 |
|
Net income |
$ |
175.2 |
|
|
$ |
(3.6 |
) |
|
$ |
135.4 |
|
$ |
3.1 |
|
|
$ |
(33.8 |
) |
|
$ |
276.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average common share outstanding - diluted |
|
20.3 |
|
|
|
|
|
|
|
|
|
|
|
20.3 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted EPS |
$ |
8.64 |
|
|
$ |
(0.13 |
) |
|
$ |
5.00 |
|
$ |
0.11 |
|
|
$ |
— |
|
|
$ |
13.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SG&A as a % of gross profit |
|
63.8 |
% |
|
|
|
|
|
|
|
|
|
|
63.6 |
% |
|||||||
Income from operations as a % of revenue |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
5.9 |
% |
|||||||
|
Six Months Ended June 30, 2023 |
|||||||||||||||||||||
|
GAAP |
|
Gain on dealership divestitures |
|
Legal settlement |
|
Hail damage |
|
Income tax effect |
|
Non-GAAP adjusted |
|||||||||||
|
(In millions, except per share data) |
|||||||||||||||||||||
Selling, general, and administrative |
$ |
811.6 |
|
|
$ |
— |
|
|
$ |
1.9 |
|
|
$ |
(4.3 |
) |
|
$ |
— |
|
$ |
809.1 |
|
Income from operations |
$ |
564.2 |
|
|
$ |
— |
|
|
$ |
(1.9 |
) |
|
$ |
4.3 |
|
|
$ |
— |
|
$ |
566.7 |
|
Net income |
$ |
377.7 |
|
|
$ |
(13.5 |
) |
|
$ |
(1.9 |
) |
|
$ |
4.3 |
|
|
$ |
2.7 |
|
$ |
369.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average common share outstanding - diluted |
|
21.3 |
|
|
|
|
|
|
|
|
|
|
|
21.3 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Diluted EPS |
$ |
17.70 |
|
|
$ |
(0.48 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.15 |
|
|
$ |
— |
|
$ |
17.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SG&A as a % of gross profit |
|
57.6 |
% |
|
|
|
|
|
|
|
|
|
|
57.4 |
% |
|||||||
Income from operations as a % of revenue |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
7.7 |
% |
|||||||
|
For the Six Months Ended June 30, |
||
|
2024 |
|
2023 |
|
(In millions) |
||
Adjusted cash flow from operations: |
|
|
|
Cash provided by operating activities |
|
|
|
Change in Floor Plan Notes Payable—Non-Trade, net |
59.9 |
|
(2.8) |
Change in Floor Plan Notes Payable—Non-Trade associated with floor plan offset, used vehicle borrowing base changes adjusted for acquisition and divestitures |
170.7 |
|
171.8 |
Change in Floor Plan Notes Payable—Trade associated with floor plan offset, adjusted for acquisition and divestitures |
148.7 |
|
27.6 |
Adjusted cash flow provided by operating activities |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802996930/en/
Investors & Reporters May Contact:
Joe Sorice
Manager, Investor Relations
(770) 418-8211
ir@asburyauto.com
Source: Asbury Automotive Group, Inc.
FAQ
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