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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Asbury Automotive Group Inc | NYSE:ABG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.30 | 2.54% | 213.75 | 215.16 | 211.03 | 211.91 | 201,911 | 21:02:15 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 01-0609375 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
2905 Premiere Parkway NW, | Suite 300 | ||||||||||||||||
Duluth, Georgia | 30097 | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Trading | ||||||||||||||
Title of each class | Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, $0.01 par value per share | ABG | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Emerging Growth Company | ☐ |
Page | ||||||||
PART I—Financial Information | ||||||||
PART II—Other Information | ||||||||
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
REVENUE: | |||||||||||
New vehicle | $ | 1,767.7 | $ | 1,855.6 | |||||||
Used vehicle | 1,126.5 | 1,350.9 | |||||||||
Parts and service | 515.6 | 501.9 | |||||||||
Finance and insurance, net | 172.5 | 203.4 | |||||||||
TOTAL REVENUE | 3,582.3 | 3,911.8 | |||||||||
COST OF SALES: | |||||||||||
New vehicle | 1,588.8 | 1,631.6 | |||||||||
Used vehicle | 1,049.5 | 1,251.6 | |||||||||
Parts and service | 233.5 | 225.4 | |||||||||
Finance and insurance | 14.3 | 11.2 | |||||||||
TOTAL COST OF SALES | 2,886.1 | 3,119.8 | |||||||||
GROSS PROFIT | 696.2 | 792.0 | |||||||||
OPERATING EXPENSES: | |||||||||||
Selling, general, and administrative | 403.0 | 455.5 | |||||||||
Depreciation and amortization | 16.7 | 18.4 | |||||||||
Other operating income, net | — | (2.7) | |||||||||
INCOME FROM OPERATIONS | 276.5 | 320.8 | |||||||||
OTHER EXPENSES: | |||||||||||
Floor plan interest expense | 0.6 | 2.6 | |||||||||
Other interest expense, net | 37.3 | 37.6 | |||||||||
Gain on dealership divestitures, net | — | (33.1) | |||||||||
Total other expenses, net | 38.0 | 7.1 | |||||||||
INCOME BEFORE INCOME TAXES | 238.5 | 313.7 | |||||||||
Income tax expense | 57.1 | 76.0 | |||||||||
NET INCOME | $ | 181.4 | $ | 237.7 | |||||||
EARNINGS PER SHARE: | |||||||||||
Basic— | |||||||||||
Net income | $ | 8.42 | $ | 10.43 | |||||||
Diluted— | |||||||||||
Net income | $ | 8.37 | $ | 10.38 | |||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||||||||||
Basic | 21.6 | 22.8 | |||||||||
Performance share units | 0.1 | 0.1 | |||||||||
Diluted | 21.7 | 22.9 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | 181.4 | $ | 237.7 | |||||||
Other comprehensive income: | |||||||||||
Change in fair value of cash flow swaps | (19.4) | 42.2 | |||||||||
Income tax benefit (expense) associated with cash flow swaps | 4.7 | (10.4) | |||||||||
Gains (losses) on available-for-sale debt securities | 2.5 | (2.2) | |||||||||
Income tax (expense) benefit associated with available-for-sale debt securities | (0.5) | 0.2 | |||||||||
Comprehensive income | $ | 168.7 | $ | 267.5 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2022 | 43,593,809 | $ | 0.4 | $ | 1,281.4 | $ | 2,610.1 | 22,024,479 | $ | (1,063.0) | $ | 74.4 | $ | 2,903.5 | |||||||||||||||||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 181.4 | — | — | — | 181.4 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of cash flow swaps, net of reclassification adjustment and $4.7 million tax benefit | — | — | — | — | — | — | (14.6) | (14.6) | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on changes in fair value of debt securities, net of reclassification adjustment and $0.5 million tax expense | — | — | — | — | — | — | 2.0 | 2.0 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 181.4 | — | — | (12.6) | 168.7 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 8.6 | — | — | — | — | 8.6 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements | 120,575 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | 110,323 | (20.7) | — | (20.7) | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock associated with net share settlement of employee share-based awards | — | — | — | — | 45,613 | (10.9) | — | (10.9) | |||||||||||||||||||||||||||||||||||||||
Retirement of common stock | (164,527) | — | (2.0) | (28.2) | (164,527) | 30.2 | — | — | |||||||||||||||||||||||||||||||||||||||
Balances, March 31, 2023 | 43,549,857 | $ | 0.4 | $ | 1,288.0 | $ | 2,763.3 | 22,015,888 | $ | (1,064.3) | $ | 61.8 | $ | 3,049.2 | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2021 | 45,052,293 | $ | 0.4 | $ | 1,278.6 | $ | 1,881.3 | 21,914,251 | $ | (1,044.1) | $ | (0.7) | $ | 2,115.5 | |||||||||||||||||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 237.7 | — | — | — | 237.7 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of cash flow swaps, net of reclassification adjustment and $10.4 million tax expense | — | — | — | — | — | — | 31.8 | 31.8 | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on changes in fair value of debt securities, net of reclassification adjustment and $0.2 million tax benefit | — | — | — | — | — | — | (2.0) | (2.0) | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 237.7 | — | — | 29.8 | 267.5 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 7.0 | — | — | — | — | 7.0 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements | 115,435 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | 1.4 | — | 1,069,203 | (200.0) | — | (198.6) | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock associated with net share settlements of employee share-based awards | — | — | — | — | 53,810 | (8.9) | — | (8.9) | |||||||||||||||||||||||||||||||||||||||
Retirement of common stock | (1,069,203) | — | (12.9) | (187.1) | (1,069,203) | 200.0 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Balances, March 31, 2022 | 44,098,525 | $ | 0.4 | $ | 1,274.1 | $ | 1,931.9 | 21,968,061 | $ | (1,053.0) | $ | 29.1 | $ | 2,182.5 | |||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 181.4 | $ | 237.7 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities— | |||||||||||
Depreciation and amortization | 16.7 | 18.4 | |||||||||
Share-based compensation | 8.6 | 7.0 | |||||||||
Deferred income taxes | 2.8 | (0.4) | |||||||||
Unrealized (gains) losses on investments | (3.1) | 3.3 | |||||||||
Loaner vehicle amortization | 6.7 | 3.2 | |||||||||
Gain on divestitures, net | — | (33.1) | |||||||||
Change in right-of-use assets | 6.3 | 7.3 | |||||||||
Other adjustments, net | 0.8 | 0.4 | |||||||||
Changes in operating assets and liabilities, net of acquisitions and divestitures— | |||||||||||
Contracts-in-transit | 64.5 | (1.8) | |||||||||
Accounts receivable | 5.2 | 35.7 | |||||||||
Inventories | (33.3) | 70.3 | |||||||||
Other current assets | (109.5) | (82.5) | |||||||||
Floor plan notes payable—trade, net | (5.4) | (22.0) | |||||||||
Deferred revenue | (0.2) | 15.5 | |||||||||
Accounts payable and accrued liabilities | 33.8 | 163.0 | |||||||||
Operating lease liabilities | (5.9) | (7.0) | |||||||||
Other long-term assets and liabilities, net | 2.3 | (6.0) | |||||||||
Net cash provided by operating activities | 171.7 | 409.0 | |||||||||
CASH FLOW FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures—excluding real estate | (15.2) | (20.8) | |||||||||
Divestitures | — | 252.2 | |||||||||
Purchases of debt securities—available-for-sale | (44.1) | (12.3) | |||||||||
Purchases of equity securities | — | (3.3) | |||||||||
Proceeds from the sale of debt securities—available-for-sale | 3.5 | 12.2 | |||||||||
Proceeds from the sale of equity securities | 0.6 | 3.3 | |||||||||
Net cash (used in) provided by investing activities | (55.2) | 231.3 | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES: | |||||||||||
Floor plan borrowings—non-trade | 1,799.6 | 1,873.7 | |||||||||
Floor plan repayments—non-trade | (1,798.2) | (2,004.1) | |||||||||
Floor plan repayments—divestitures | — | (19.9) | |||||||||
Repayments of borrowings | (15.3) | (7.7) | |||||||||
Proceeds from revolving credit facility | — | 320.0 | |||||||||
Repayments of revolving credit facility | — | (489.0) | |||||||||
Proceeds from issuance of common stock | — | 1.4 | |||||||||
Payment of debt issuance costs | — | (0.4) | |||||||||
Purchases of treasury stock | (30.2) | (200.0) | |||||||||
Repurchases of common stock, including amounts associated with net share settlements of employee share-based awards | (10.9) | (8.9) | |||||||||
Net cash used in financing activities | (55.0) | (534.9) | |||||||||
Net increase in cash and cash equivalents | 61.5 | 105.4 | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 235.3 | 178.9 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 296.8 | $ | 284.3 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Revenue: | |||||||||||
New vehicle | $ | 1,767.7 | $ | 1,855.6 | |||||||
Used vehicle retail | 1,021.6 | 1,217.0 | |||||||||
Used vehicle wholesale | 104.9 | 134.0 | |||||||||
New and used vehicle | 2,894.2 | 3,206.5 | |||||||||
Sale of vehicle parts and accessories | 126.0 | 130.2 | |||||||||
Vehicle repair and maintenance services | 389.6 | 371.7 | |||||||||
Parts and service | 515.6 | 501.9 | |||||||||
Finance and insurance, net | 172.5 | 203.4 | |||||||||
Total revenue | $ | 3,582.3 | $ | 3,911.8 |
Vehicle Repair and Maintenance Services | Finance and Insurance, net | Deferred Sales Commissions | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Balance as of January 1, 2023 | $ | 14.7 | $ | 14.7 | $ | 37.2 | $ | 66.6 | |||||||||||||||
Transferred to receivables from contract assets recognized at the beginning of the period | (14.7) | (3.0) | — | (17.7) | |||||||||||||||||||
Amortization of costs to obtain a contract with a customer | — | — | (2.0) | (2.0) | |||||||||||||||||||
Costs incurred to obtain a contract with a customer | — | — | 8.6 | 8.6 | |||||||||||||||||||
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period | 16.3 | 2.8 | — | 19.1 | |||||||||||||||||||
Balance as of March 31, 2023 | $ | 16.3 | $ | 14.5 | $ | 43.8 | $ | 74.6 | |||||||||||||||
Contract Assets (current), March 31, 2023 | 16.3 | 14.5 | 12.9 | 43.7 | |||||||||||||||||||
Contract Assets (long-term), March 31, 2023 | — | — | 30.9 | 30.9 | |||||||||||||||||||
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Vehicle receivables | $ | 48.1 | $ | 50.4 | |||||||
Manufacturer receivables | 42.1 | 43.3 | |||||||||
Other receivables | 78.6 | 80.5 | |||||||||
Total accounts receivable | 168.9 | 174.1 | |||||||||
Less—Allowance for credit losses | (2.3) | (2.2) | |||||||||
Accounts receivable, net | $ | 166.6 | $ | 171.9 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
New vehicles | $ | 643.0 | $ | 527.7 | |||||||
Used vehicles | 308.5 | 304.4 | |||||||||
Parts and accessories | 129.9 | 127.2 | |||||||||
Total inventories, net (a) | $ | 1,081.4 | $ | 959.2 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Assets: | |||||||||||
Inventory | $ | 5.0 | $ | 3.4 | |||||||
Loaners, net | 0.9 | 0.9 | |||||||||
Property and equipment, net | 36.0 | 24.0 | |||||||||
Operating lease right-of-use assets | 2.1 | — | |||||||||
Goodwill | 0.9 | 0.9 | |||||||||
Total assets held for sale | 44.9 | 29.1 | |||||||||
Liabilities: | |||||||||||
Floor plan notes payable—non-trade | 4.2 | 2.8 | |||||||||
Loaners notes payable | 1.0 | 0.8 | |||||||||
Current maturities of long-term debt | 1.0 | 0.6 | |||||||||
Current maturities of operating leases | 0.5 | — | |||||||||
Long-term debt | 14.8 | 6.2 | |||||||||
Operating lease liabilities | 1.6 | — | |||||||||
Total liabilities associated with assets held for sale | 23.1 | 10.5 | |||||||||
Net assets held for sale | $ | 21.8 | $ | 18.7 |
As of March 31, 2023 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Short-term investments | $ | 5.5 | $ | — | $ | — | $ | 5.5 | |||||||||||||||
U.S. Treasury | 11.9 | 0.1 | (0.1) | 11.9 | |||||||||||||||||||
Municipal | 28.3 | 0.2 | (0.2) | 28.3 | |||||||||||||||||||
Corporate | 93.8 | 0.6 | (1.4) | 93.0 | |||||||||||||||||||
Mortgage and other asset-backed securities | 96.5 | 0.6 | (1.1) | 96.0 | |||||||||||||||||||
Total debt securities | 236.0 | 1.5 | (2.8) | 234.6 | |||||||||||||||||||
Common stock | 51.7 | — | — | 51.7 | |||||||||||||||||||
Total investments | $ | 287.7 | $ | 1.5 | $ | (2.8) | $ | 286.3 |
As of December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Short-term investments | $ | 5.4 | $ | — | $ | — | $ | 5.4 | |||||||||||||||
U.S. Treasury | 11.8 | — | (0.2) | 11.6 | |||||||||||||||||||
Municipal | 22.8 | — | (0.4) | 22.4 | |||||||||||||||||||
Corporate | 81.8 | 0.2 | (2.3) | 79.7 | |||||||||||||||||||
Mortgage and other asset-backed securities | 73.8 | 0.3 | (1.4) | 72.7 | |||||||||||||||||||
Total debt securities | 195.5 | 0.5 | (4.4) | 191.7 | |||||||||||||||||||
Common stock | 48.7 | — | — | 48.7 | |||||||||||||||||||
Total investments | $ | 244.2 | $ | 0.5 | $ | (4.4) | $ | 240.4 |
As of March 31, 2023 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(In millions) | |||||||||||
Due in 1 year or less | $ | 5.5 | $ | 5.5 | |||||||
Due in 1-5 years | 87.7 | 87.0 | |||||||||
Due in 6-10 years | 44.0 | 43.9 | |||||||||
Due after 10 years | 2.3 | 2.3 | |||||||||
Total by maturity | 139.5 | 138.7 | |||||||||
Mortgage and other asset-backed securities | 96.5 | 96.0 | |||||||||
Common stock | 51.7 | 51.7 | |||||||||
Total investment securities | $ | 287.7 | $ | 286.3 |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Short-term investments | $ | 4.0 | $ | — | $ | — | $ | — | $ | 4.0 | $ | — | |||||||||||||||||||||||
U.S. Treasury | 7.4 | (0.1) | 0.1 | — | 7.5 | (0.1) | |||||||||||||||||||||||||||||
Municipal | 14.8 | (0.1) | 0.9 | — | 15.7 | (0.2) | |||||||||||||||||||||||||||||
Corporate | 52.4 | (0.8) | 9.5 | (0.6) | 61.9 | (1.4) | |||||||||||||||||||||||||||||
Mortgage and other asset-backed securities | 55.3 | (0.9) | 3.5 | (0.3) | 58.8 | (1.1) | |||||||||||||||||||||||||||||
Total debt securities | $ | 133.9 | $ | (1.9) | $ | 13.9 | $ | (0.9) | $ | 147.8 | $ | (2.8) |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 9.2 | $ | (0.2) | $ | — | $ | — | $ | 9.2 | $ | (0.2) | |||||||||||||||||||||||
Municipal | 19.0 | (0.4) | — | — | 19.0 | (0.4) | |||||||||||||||||||||||||||||
Corporate | 66.2 | (0.1) | 5.2 | (0.3) | 71.4 | (0.4) | |||||||||||||||||||||||||||||
Mortgage and other asset-backed securities | 51.4 | (1.3) | 1.5 | (0.2) | 52.9 | (1.5) | |||||||||||||||||||||||||||||
Total debt securities | $ | 145.7 | $ | (2.0) | $ | 6.8 | $ | (0.5) | $ | 152.6 | $ | (2.5) |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Floor plan notes payable—trade | $ | 59.9 | $ | 65.1 | |||||||
Floor plan notes payable offset account | (14.3) | (14.2) | |||||||||
Floor plan notes payable—trade, net | $ | 45.6 | $ | 51.0 | |||||||
Floor plan notes payable—new non-trade (a) | $ | 680.0 | $ | 613.6 | |||||||
Floor plan notes payable offset account (b) | (680.0) | (613.6) | |||||||||
Floor plan notes payable—non-trade, net | $ | — | $ | — |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
4.50% Senior Notes due 2028 | $ | 405.0 | $ | 405.0 | |||||||
4.625% Senior Notes due 2029 | 800.0 | 800.0 | |||||||||
4.75% Senior Notes due 2030 | 445.0 | 445.0 | |||||||||
5.00% Senior Notes due 2032 | 600.0 | 600.0 | |||||||||
Mortgage notes payable bearing interest at fixed rates (a) | 37.7 | 38.3 | |||||||||
2021 Real Estate Facility (b) | 642.9 | 660.6 | |||||||||
2021 BofA Real Estate Facility | 171.5 | 173.3 | |||||||||
2018 Bank of America Facility (c) | 53.5 | 54.5 | |||||||||
2018 Wells Fargo Master Loan Facility | 75.7 | 76.9 | |||||||||
2013 BofA Real Estate Facility | 24.3 | 24.9 | |||||||||
2015 Wells Fargo Master Loan Facility | 41.1 | 42.3 | |||||||||
Finance lease liability | 8.4 | 8.4 | |||||||||
Total debt outstanding | 3,304.9 | 3,329.2 | |||||||||
Add—unamortized premium on 4.50% Senior Notes due 2028 | 0.8 | 0.8 | |||||||||
Add—unamortized premium on 4.75% Senior Notes due 2030 | 1.5 | 1.6 | |||||||||
Less—debt issuance costs | (29.3) | (30.4) | |||||||||
Long-term debt, including current portion | 3,277.9 | 3,301.2 | |||||||||
Less—current portion, net of current portion of debt issuance costs | (83.1) | (84.5) | |||||||||
Long-term debt | $ | 3,194.8 | $ | 3,216.8 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Carrying Value: | |||||||||||
4.50% Senior Notes due 2028 | $ | 402.3 | $ | 409.5 | |||||||
4.625% Senior Notes due 2029 | 789.4 | 789.1 | |||||||||
4.75% Senior Notes due 2030 | 441.8 | 441.7 | |||||||||
5.00% Senior Notes due 2032 | 591.7 | 591.5 | |||||||||
Mortgage notes payable (a) | 1,044.2 | 1,061.1 | |||||||||
Total carrying value | $ | 3,269.5 | $ | 3,292.9 | |||||||
Fair Value: | |||||||||||
4.50% Senior Notes due 2028 | $ | 367.5 | $ | 354.4 | |||||||
4.625% Senior Notes due 2029 | 708.0 | 672.0 | |||||||||
4.75% Senior Notes due 2030 | 393.8 | 372.7 | |||||||||
5.00% Senior Notes due 2032 | 523.5 | 492.0 | |||||||||
Mortgage notes payable (a) | 1,045.2 | 1,069.8 | |||||||||
Total fair value | $ | 3,038.0 | $ | 2,960.9 |
Inception Date | Notional Principal at Inception | Notional Value as of March 31, 2023 | Notional Principal at Maturity | Maturity Date | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
January 2022 | $ | 300.0 | $ | 285.0 | $ | 228.8 | December 2026 | |||||||||||||||||||
January 2022 | $ | 250.0 | $ | 250.0 | $ | 250.0 | December 2031 | |||||||||||||||||||
May 2021 | $ | 184.4 | $ | 171.5 | $ | 110.6 | May 2031 | |||||||||||||||||||
July 2020 | $ | 93.5 | $ | 80.1 | $ | 50.6 | December 2028 | |||||||||||||||||||
July 2020 | $ | 85.5 | $ | 72.1 | $ | 57.3 | November 2025 | |||||||||||||||||||
June 2015 | $ | 100.0 | $ | 62.7 | $ | 53.1 | February 2025 | |||||||||||||||||||
November 2013 | $ | 75.0 | $ | 40.5 | $ | 38.7 | September 2023 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
Other current assets | $ | 27.9 | $ | 29.6 | |||||||
Other long-term assets | 55.1 | 72.8 | |||||||||
Total fair value | $ | 83.0 | $ | 102.4 |
For the Three Months Ended March 31, | Results Recognized in Accumulated Other Comprehensive Income/(Loss) | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings | |||||||||||||||||
2023 | $ | (27.0) | Other interest expense, net | $ | (7.7) | |||||||||||||||
2022 | $ | 45.4 | Other interest expense, net | $ | 3.1 |
As of March 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cash equivalents | $ | 2.5 | $ | — | $ | — | $ | 2.5 | |||||||||||||||
Short-term investments | 1.5 | 4.0 | — | 5.5 | |||||||||||||||||||
U.S. Treasury | 11.9 | — | — | 11.9 | |||||||||||||||||||
Municipal | — | 28.3 | — | 28.3 | |||||||||||||||||||
Corporate | — | 93.0 | — | 93.0 | |||||||||||||||||||
Mortgage and other asset-backed securities | — | 96.0 | — | 96.0 | |||||||||||||||||||
Total debt securities | 13.4 | 221.3 | — | 234.6 | |||||||||||||||||||
Common stock | 51.7 | — | — | 51.7 | |||||||||||||||||||
Total | $ | 65.1 | $ | 221.3 | $ | — | $ | 286.3 | |||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cash equivalents | $ | 6.6 | $ | — | $ | — | $ | 6.6 | |||||||||||||||
Short-term investments | 0.6 | 4.8 | — | 5.4 | |||||||||||||||||||
U.S. Treasury | 11.6 | — | — | 11.6 | |||||||||||||||||||
Municipal | — | 22.4 | — | 22.4 | |||||||||||||||||||
Corporate | — | 79.7 | — | 79.7 | |||||||||||||||||||
Mortgage and other asset-backed securities | — | 72.6 | — | 72.6 | |||||||||||||||||||
Total debt securities | 12.2 | 179.5 | — | 191.7 | |||||||||||||||||||
Common stock | 48.7 | — | — | 48.7 | |||||||||||||||||||
Total | $ | 60.9 | $ | 179.5 | $ | — | $ | 240.4 | |||||||||||||||
For the Three Months Ended March 31, | Results Recognized in Accumulated Other Comprehensive Income/(Loss) | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings | |||||||||||||||||
2023 | $ | 2.6 | Revenue-Finance and Insurance, net | $ | 0.1 | |||||||||||||||
2022 | $ | (2.5) | Revenue-Finance and Insurance, net | $ | (0.3) |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Dealerships | TCA | Eliminations | Total Company | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 3,556.3 | $ | 70.7 | $ | (44.7) | $ | 3,582.3 | |||||||||||||||
Gross profit | $ | 679.6 | $ | 21.1 | $ | (4.5) | $ | 696.2 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Dealerships | TCA | Eliminations | Total Company | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 3,894.2 | $ | 57.3 | $ | (39.7) | $ | 3,911.8 | |||||||||||||||
Gross profit | $ | 781.4 | $ | 12.4 | $ | (1.9) | $ | 792.0 |
As of March 31, 2023 | |||||||||||||||||||||||
Dealerships | TCA | Eliminations | Total Company | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total assets | $ | 7,348.7 | $ | 840.5 | $ | (6.4) | $ | 8,182.8 |
As of December 31, 2022 | |||||||||||||||||||||||
Dealerships | TCA | Eliminations | Total Company | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Total assets | $ | 7,170.8 | $ | 869.2 | $ | (18.6) | $ | 8,021.4 |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
New vehicle | $ | 1,767.7 | $ | 1,855.6 | $ | (87.9) | (5) | % | |||||||||||||||
Used vehicle | 1,126.5 | 1,350.9 | (224.4) | (17) | % | ||||||||||||||||||
Parts and service | 515.6 | 501.9 | 13.7 | 3 | % | ||||||||||||||||||
Finance and insurance, net | 172.5 | 203.4 | (30.9) | (15) | % | ||||||||||||||||||
TOTAL REVENUE | 3,582.3 | 3,911.8 | (329.5) | (8) | % | ||||||||||||||||||
GROSS PROFIT: | |||||||||||||||||||||||
New vehicle | 178.9 | 224.0 | (45.1) | (20) | % | ||||||||||||||||||
Used vehicle | 77.0 | 99.3 | (22.3) | (22) | % | ||||||||||||||||||
Parts and service | 282.1 | 276.4 | 5.7 | 2 | % | ||||||||||||||||||
Finance and insurance, net | 158.2 | 192.3 | (34.1) | (18) | % | ||||||||||||||||||
TOTAL GROSS PROFIT | 696.2 | 792.0 | (95.8) | (12) | % | ||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Selling, general, and administrative | 403.0 | 455.5 | (52.5) | (12) | % | ||||||||||||||||||
Depreciation and amortization | 16.7 | 18.4 | (1.7) | (9) | % | ||||||||||||||||||
Other operating income, net | — | (2.7) | 2.7 | NM | |||||||||||||||||||
INCOME FROM OPERATIONS | 276.5 | 320.8 | (44.3) | (14) | % | ||||||||||||||||||
OTHER EXPENSES: | |||||||||||||||||||||||
Floor plan interest expense | 0.6 | 2.6 | (2.0) | (75) | % | ||||||||||||||||||
Other interest expense, net | 37.3 | 37.6 | (0.2) | (1) | % | ||||||||||||||||||
Gain on dealership divestitures, net | — | (33.1) | 33.1 | NM | |||||||||||||||||||
Total other expenses, net | 38.0 | 7.1 | 30.9 | NM | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 238.5 | 313.7 | (75.2) | (24) | % | ||||||||||||||||||
Income tax expense | 57.1 | 76.0 | (18.9) | (25) | % | ||||||||||||||||||
NET INCOME | $ | 181.4 | $ | 237.7 | $ | (56.3) | (24) | % | |||||||||||||||
Net income per share—Diluted | $ | 8.37 | $ | 10.38 | $ | (2.01) | (19) | % |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
REVENUE MIX PERCENTAGES: | |||||||||||
New vehicle | 49.3 | % | 47.4 | % | |||||||
Used vehicle retail | 28.5 | % | 31.1 | % | |||||||
Used vehicle wholesale | 2.9 | % | 3.4 | % | |||||||
Parts and service | 14.4 | % | 12.8 | % | |||||||
Finance and insurance, net | 4.8 | % | 5.2 | % | |||||||
Total revenue | 100.0 | % | 100.0 | % | |||||||
GROSS PROFIT MIX PERCENTAGES: | |||||||||||
New vehicle | 25.7 | % | 28.3 | % | |||||||
Used vehicle retail | 10.1 | % | 12.1 | % | |||||||
Used vehicle wholesale | 0.9 | % | 0.4 | % | |||||||
Parts and service | 40.5 | % | 34.9 | % | |||||||
Finance and insurance, net | 22.7 | % | 24.3 | % | |||||||
Total gross profit | 100.0 | % | 100.0 | % | |||||||
GROSS PROFIT MARGIN | 19.4 | % | 20.2 | % | |||||||
SG&A EXPENSE AS A PERCENTAGE OF GROSS PROFIT | 57.9 | % | 57.5 | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(Dollars in millions, except for per vehicle data) | |||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Luxury | $ | 607.4 | $ | 543.3 | $ | 64.1 | 12 | % | |||||||||||||||
Import | 666.9 | 765.9 | (99.0) | (13) | % | ||||||||||||||||||
Domestic | 493.4 | 546.4 | (53.0) | (10) | % | ||||||||||||||||||
Total new vehicle revenue | $ | 1,767.7 | $ | 1,855.6 | $ | (87.9) | (5) | % | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Luxury | $ | 72.4 | $ | 70.8 | $ | 1.5 | 2 | % | |||||||||||||||
Import | 64.0 | 95.4 | (31.4) | (33) | % | ||||||||||||||||||
Domestic | 42.5 | 57.7 | (15.2) | (26) | % | ||||||||||||||||||
Total new vehicle gross profit | $ | 178.9 | $ | 224.0 | $ | (45.1) | (20) | % | |||||||||||||||
New vehicle units: | |||||||||||||||||||||||
Luxury | 8,429 | 8,257 | 172 | 2 | % | ||||||||||||||||||
Import | 17,389 | 20,678 | (3,289) | (16) | % | ||||||||||||||||||
Domestic | 8,688 | 10,239 | (1,551) | (15) | % | ||||||||||||||||||
Total new vehicle units | 34,506 | 39,174 | (4,668) | (12) | % | ||||||||||||||||||
Same Store: | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Luxury | $ | 607.4 | $ | 513.0 | $ | 94.3 | 18 | % | |||||||||||||||
Import | 666.9 | 668.4 | (1.5) | — | % | ||||||||||||||||||
Domestic | 493.4 | 527.9 | (34.6) | (7) | % | ||||||||||||||||||
Total new vehicle revenue | $ | 1,767.7 | $ | 1,709.4 | $ | 58.3 | 3 | % | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Luxury | $ | 72.4 | $ | 67.6 | $ | 4.8 | 7 | % | |||||||||||||||
Import | 64.0 | 84.0 | (20.0) | (24) | % | ||||||||||||||||||
Domestic | 42.5 | 55.9 | (13.4) | (24) | % | ||||||||||||||||||
Total new vehicle gross profit | $ | 178.9 | $ | 207.5 | $ | (28.6) | (14) | % | |||||||||||||||
New vehicle units: | |||||||||||||||||||||||
Luxury | 8,429 | 7,741 | 688 | 9 | % | ||||||||||||||||||
Import | 17,389 | 18,169 | (780) | (4) | % | ||||||||||||||||||
Domestic | 8,688 | 9,868 | (1,180) | (12) | % | ||||||||||||||||||
Total new vehicle units | 34,506 | 35,778 | (1,272) | (4) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Revenue per new vehicle sold | $ | 51,228 | $ | 47,367 | $ | 3,861 | 8 | % | |||||||||||||||
Gross profit per new vehicle sold | $ | 5,184 | $ | 5,717 | $ | (533) | (9) | % | |||||||||||||||
New vehicle gross margin | 10.1 | % | 12.1 | % | (2.0) | % | |||||||||||||||||
Luxury: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 8,588 | $ | 8,580 | $ | 7 | — | % | |||||||||||||||
New vehicle gross margin | 11.9 | % | 13.0 | % | (1.1) | % | |||||||||||||||||
Import: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 3,682 | $ | 4,614 | $ | (932) | (20) | % | |||||||||||||||
New vehicle gross margin | 9.6 | % | 12.5 | % | (2.9) | % | |||||||||||||||||
Domestic: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 4,888 | $ | 5,637 | $ | (749) | (13) | % | |||||||||||||||
New vehicle gross margin | 8.6 | % | 10.6 | % | (2.0) | % | |||||||||||||||||
Same Store: | |||||||||||||||||||||||
Revenue per new vehicle sold | $ | 51,228 | $ | 47,777 | $ | 3,451 | 7 | % | |||||||||||||||
Gross profit per new vehicle sold | $ | 5,184 | $ | 5,800 | $ | (616) | (11) | % | |||||||||||||||
New vehicle gross margin | 10.1 | % | 12.1 | % | (2.0) | % | |||||||||||||||||
Luxury: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 8,588 | $ | 8,731 | $ | (143) | (2) | % | |||||||||||||||
New vehicle gross margin | 11.9 | % | 13.2 | % | (1.3) | % | |||||||||||||||||
Import: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 3,682 | $ | 4,626 | $ | (943) | (20) | % | |||||||||||||||
New vehicle gross margin | 9.6 | % | 12.6 | % | (3.0) | % | |||||||||||||||||
Domestic: | |||||||||||||||||||||||
Gross profit per new vehicle sold | $ | 4,888 | $ | 5,664 | $ | (776) | (14) | % | |||||||||||||||
New vehicle gross margin | 8.6 | % | 10.6 | % | (2.0) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(Dollars in millions, except for per vehicle data) | |||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Used vehicle retail revenue | $ | 1,021.6 | $ | 1,217.0 | $ | (195.3) | (16) | % | |||||||||||||||
Used vehicle wholesale revenue | 104.9 | 134.0 | (29.1) | (22) | % | ||||||||||||||||||
Used vehicle revenue | $ | 1,126.5 | $ | 1,350.9 | $ | (224.4) | (17) | % | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Used vehicle retail gross profit | $ | 70.6 | $ | 95.8 | $ | (25.2) | (26) | % | |||||||||||||||
Used vehicle wholesale gross profit | 6.4 | 3.5 | 2.9 | 84 | % | ||||||||||||||||||
Used vehicle gross profit | $ | 77.0 | $ | 99.3 | $ | (22.3) | (22) | % | |||||||||||||||
Used vehicle retail units: | |||||||||||||||||||||||
Used vehicle retail units | 32,989 | 38,306 | (5,317) | (14) | % | ||||||||||||||||||
Same Store: | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Used vehicle retail revenue | $ | 1,020.3 | $ | 1,122.0 | $ | (101.7) | (9) | % | |||||||||||||||
Used vehicle wholesale revenue | 104.7 | 124.8 | (20.2) | (16) | % | ||||||||||||||||||
Used vehicle revenue | $ | 1,125.0 | $ | 1,246.8 | $ | (121.8) | (10) | % | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Used vehicle retail gross profit | $ | 70.7 | $ | 88.6 | $ | (17.9) | (20) | % | |||||||||||||||
Used vehicle wholesale gross profit | 6.5 | 3.3 | 3.2 | 96 | % | ||||||||||||||||||
Used vehicle gross profit | $ | 77.1 | $ | 91.9 | $ | (14.7) | (16) | % | |||||||||||||||
Used vehicle retail units: | |||||||||||||||||||||||
Used vehicle retail units | 32,928 | 34,991 | (2,063) | (6) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Revenue per used vehicle retailed | $ | 30,969 | $ | 31,770 | $ | (801) | (3) | % | |||||||||||||||
Gross profit per used vehicle retailed | $ | 2,141 | $ | 2,502 | $ | (360) | (14) | % | |||||||||||||||
Used vehicle retail gross margin | 6.9 | % | 7.9 | % | (1.0) | % | |||||||||||||||||
Same Store: | |||||||||||||||||||||||
Revenue per used vehicle retailed | $ | 30,987 | $ | 32,065 | $ | (1,078) | (3) | % | |||||||||||||||
Gross profit per used vehicle retailed | $ | 2,146 | $ | 2,531 | $ | (385) | (15) | % | |||||||||||||||
Used vehicle retail gross margin | 6.9 | % | 7.9 | % | (1.0) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Parts and service revenue | $ | 515.6 | $ | 501.9 | $ | 13.7 | 3 | % | |||||||||||||||
Parts and service gross profit: | |||||||||||||||||||||||
Customer pay | $ | 175.2 | $ | 168.6 | $ | 6.5 | 4 | % | |||||||||||||||
Warranty | 36.0 | 33.6 | 2.4 | 7 | % | ||||||||||||||||||
Wholesale parts | 20.1 | 20.4 | (0.4) | (2) | % | ||||||||||||||||||
Parts and service gross profit, excluding reconditioning and preparation | $ | 231.3 | $ | 222.7 | $ | 8.6 | 4 | % | |||||||||||||||
Parts and service gross margin, excluding reconditioning and preparation | 44.9 | % | 44.4 | % | 0.5 | % | |||||||||||||||||
Reconditioning and preparation * | $ | 50.8 | $ | 53.8 | $ | (2.9) | (5) | % | |||||||||||||||
Total parts and service gross profit | $ | 282.1 | $ | 276.4 | $ | 5.7 | 2 | % | |||||||||||||||
Total parts and service gross margin | 54.7 | % | 55.1 | % | (0.4) | % | |||||||||||||||||
Same Store: | |||||||||||||||||||||||
Parts and service revenue | $ | 515.5 | $ | 461.4 | $ | 54.1 | 12 | % | |||||||||||||||
Parts and service gross profit: | |||||||||||||||||||||||
Customer pay | $ | 175.1 | $ | 154.4 | $ | 20.7 | 13 | % | |||||||||||||||
Warranty | 36.0 | 31.5 | 4.5 | 14 | % | ||||||||||||||||||
Wholesale parts | 20.1 | 18.8 | 1.2 | 7 | % | ||||||||||||||||||
Parts and service gross profit, excluding reconditioning and preparation | $ | 231.2 | $ | 204.8 | $ | 26.4 | 13 | % | |||||||||||||||
Parts and service gross margin, excluding reconditioning and preparation | 44.9 | % | 44.4 | % | 0.5 | % | |||||||||||||||||
Reconditioning and preparation * | $ | 50.8 | $ | 49.3 | $ | 1.5 | 3 | % | |||||||||||||||
Total parts and service gross profit | $ | 282.0 | $ | 254.1 | $ | 27.9 | 11 | % | |||||||||||||||
Total parts and service gross margin | 54.7 | % | 55.1 | % | (0.4) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(Dollars in millions, except for per vehicle data) | |||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||
Finance and insurance, net revenue | $ | 172.5 | $ | 203.4 | $ | (30.9) | (15) | % | |||||||||||||||
Finance and insurance, net gross profit | $ | 158.2 | $ | 192.3 | $ | (34.1) | (18) | % | |||||||||||||||
Finance and insurance, net per vehicle sold | $ | 2,344 | $ | 2,482 | $ | (137) | (6) | % | |||||||||||||||
Same Store: | |||||||||||||||||||||||
Finance and insurance, net revenue | $ | 172.9 | $ | 192.1 | $ | (19.2) | (10) | % | |||||||||||||||
Finance and insurance, net gross profit | $ | 158.6 | $ | 180.0 | $ | (21.4) | (12) | % | |||||||||||||||
Finance and insurance, net per vehicle sold | $ | 2,352 | $ | 2,544 | $ | (192) | (8) | % |
For the Three Months Ended March 31, | Increase (Decrease) | % of Gross Profit Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | % of Gross Profit | 2022 | % of Gross Profit | ||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
As Reported: | |||||||||||||||||||||||||||||||||||
Personnel costs | $ | 278.8 | 40.0 | % | $ | 328.0 | 41.4 | % | $ | (49.3) | (1.4) | % | |||||||||||||||||||||||
Rent and related expenses | 28.4 | 4.1 | % | 33.8 | 4.3 | % | (5.4) | (0.2) | % | ||||||||||||||||||||||||||
Advertising | 9.7 | 1.4 | % | 14.3 | 1.8 | % | (4.6) | (0.4) | % | ||||||||||||||||||||||||||
Other | 86.2 | 12.4 | % | 79.4 | 10.0 | % | 6.8 | 2.4 | % | ||||||||||||||||||||||||||
Selling, general, and administrative expense | $ | 403.0 | 57.9 | % | $ | 455.5 | 57.5 | % | $ | (52.5) | 0.4 | % | |||||||||||||||||||||||
Gross profit | $ | 696.2 | $ | 792.0 | |||||||||||||||||||||||||||||||
Same Store: | |||||||||||||||||||||||||||||||||||
Personnel costs | $ | 278.6 | 40.0 | % | $ | 304.2 | 41.5 | % | $ | (25.6) | (1.5) | % | |||||||||||||||||||||||
Rent and related expenses | 28.4 | 4.1 | % | 32.0 | 4.4 | % | (3.7) | (0.3) | % | ||||||||||||||||||||||||||
Advertising | 9.7 | 1.4 | % | 12.3 | 1.7 | % | (2.6) | (0.3) | % | ||||||||||||||||||||||||||
Other | 85.7 | 12.3 | % | 74.3 | 10.1 | % | 11.4 | 2.2 | % | ||||||||||||||||||||||||||
Selling, general, and administrative expense | $ | 402.4 | 57.8 | % | $ | 422.8 | 57.6 | % | $ | (20.4) | 0.1 | % | |||||||||||||||||||||||
Gross profit | $ | 696.7 | $ | 733.5 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Reconciliation of cash provided by operating activities to cash provided by operating activities, as adjusted | |||||||||||
Cash provided by operating activities, as reported | $ | 171.7 | $ | 409.0 | |||||||
Change in Floor Plan Notes Payable—Non-Trade, net | 1.4 | 63.6 | |||||||||
Change in Floor Plan Notes Payable—Non-Trade associated with floor plan offset, used vehicle borrowing base changes adjusted for acquisition and divestitures | 70.7 | (69.6) | |||||||||
Change in Floor Plan Notes Payable—Trade associated with floor plan offset, adjusted for acquisition and divestitures | 0.1 | 2.5 | |||||||||
Adjusted cash flow provided by operating activities | $ | 243.9 | $ | 405.5 | |||||||
For the Three Months Ended March 31, | |||||
2023 | |||||
(In millions) | |||||
Net sales | $ | 3,556.3 | |||
Gross profit | $ | 679.6 | |||
Income from operations | $ | 256.1 | |||
Net income | $ | 165.3 |
Inception Date | Notional Principal at Inception | Notional Value | Notional Principal at Maturity | Maturity Date | ||||||||||||||||||||||
(In millions) | (In millions) | (In millions) | ||||||||||||||||||||||||
January 2022 | $ | 300.0 | $ | 285.0 | $ | 228.8 | December 2026 | |||||||||||||||||||
January 2022 | $ | 250.0 | $ | 250.0 | $ | 250.0 | December 2031 | |||||||||||||||||||
May 2021 | $ | 184.4 | $ | 171.5 | $ | 110.6 | May 2031 | |||||||||||||||||||
July 2020 | $ | 93.5 | $ | 80.1 | $ | 50.6 | December 2028 | |||||||||||||||||||
July 2020 | $ | 85.5 | $ | 72.1 | $ | 57.3 | November 2025 | |||||||||||||||||||
June 2015 | $ | 100.0 | $ | 62.7 | $ | 53.1 | February 2025 | |||||||||||||||||||
November 2013 | $ | 75.0 | $ | 40.5 | $ | 38.7 | September 2023 |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (In millions) | ||||||||||||||||||||||
01/01/2023 - 01/31/2023 | 60,658 | $ | 178.06 | 60,323 | $ | 200.0 | ||||||||||||||||||||
02/01/2023 - 02/28/2023 | 38,102 | $ | 239.20 | — | $ | 200.0 | ||||||||||||||||||||
03/01/2023 - 03/31/2023 | 57,176 | $ | 203.54 | 50,000 | $ | 190.1 | ||||||||||||||||||||
Total | 155,936 | 110,323 |
Exhibit Number | Description of Documents | |||||||
Certificate of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certificate of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certificate of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certificate of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in iXBRL Exhibit 101) |
Asbury Automotive Group, Inc. | ||||||||||||||
Date: | April 28, 2023 | By: | /s/ David W. Hult | |||||||||||
Name: | David W. Hult | |||||||||||||
Title: | Chief Executive Officer and President |
Date: | April 28, 2023 | By: | /s/ Michael D. Welch | |||||||||||
Name: | Michael D. Welch | |||||||||||||
Title: | Senior Vice President and Chief Financial Officer |
1 Year Asbury Automotive Chart |
1 Month Asbury Automotive Chart |
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