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Tue Oct 24 2023

Asbury Automotive Group Reports Third Quarter 2023 Financial Results

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  • Revenue of $3.7 billion
  • Gross profit of $674 million
  • SG&A as a percentage of gross profit of 58.2%; adjusted SG&A as a percentage of gross profit, a non-GAAP measure, of 58.4%
  • Operating margin of 7.2%; adjusted operating margin, a non-GAAP measure, of 7.2%
  • Net income of $169 million; adjusted net income, a non-GAAP measure, of $168 million
  • EPS of $8.19 per diluted share; adjusted EPS, a non-GAAP measure, of $8.12 per diluted share
  • Adjusted EBITDA, a non-GAAP measure, of $280 million
  • Clicklane sales of over 11,600 vehicles, an all-time record
  • Announced definitive agreement to acquire Jim Koons Automotive Companies, the ninth-largest privately-owned dealership group in the U.S., with over $3 billion in annual revenue
  • Renewed and upsized existing credit facility from $2.55 billion to $2.80 billion

DULUTH, Ga.--(BUSINESS WIRE)--Oct. 24, 2023-- Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported third quarter 2023 net income of $169 million ($8.19 per diluted share), a decrease of 17% from $205 million ($9.23 per diluted share) in third quarter 2022. Third quarter 2023 adjusted net income, a non-GAAP measure, decreased 18% year-over-year to $168 million ($8.12 per diluted share) compared to adjusted net income of $205 million ($9.23 per diluted share) in third quarter 2022. During 2022, the Company completed sixteen divestitures that contributed $683 million in revenue for the year. Four of the divestitures closed in the first quarter, three in the second quarter, and nine in the fourth quarter of 2022.

“I’m proud of our team members for their hard work toward the longer-term integration of our acquisitions and the support of our strategic growth priorities,” said David Hult, Asbury’s President and Chief Executive Officer. “We are excited about our pending acquisition of Koons Automotive, which would bring over $3 billion in revenue and a talented group of team members and leaders to the Asbury team. And finally, we are proud of our team members that continue to deliver a best-in-class guest experience while maintaining our disciplined cost strategy.”

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 third quarter 2023 excludes, net of tax, a $2.7 million ($0.13 per diluted share) gain on sale of real estate and $1.3 million ($0.06 per diluted share) of professional fees related to the acquisition of the Jim Koons Automotive Companies.

There were no adjustments to adjusted net income in the third quarter 2022.

Third Quarter 2023 Operational Summary

Total Company vs. 3rd Quarter 2022:

  • Revenue of $3.7 billion, decrease of 5%
  • Gross profit of $674 million, decrease of 12%
  • Gross margin decreased 149 bps to 18.4%
  • New vehicle unit volume of 36,846, increase of 1%; new vehicle revenue of $1,862 million, increase of 3%; new vehicle gross profit of $168 million, decrease of 16%
  • Used vehicle retail unit volume of 32,117, decrease of 17%; used vehicle retail revenue of $1,017 million, decrease of 19%; used vehicle retail gross profit of $60 million, decrease of 29%
  • Finance and insurance (F&I) per vehicle retailed (PVR) of $2,204, decrease of 11%
  • Parts and service revenue of $527 million, decrease of 2%; gross profit of $291 million, decrease of 2%
  • SG&A as a percentage of gross profit increased 109 bps to 58.2%
  • Adjusted SG&A as a percentage of gross profit increased 136 bps to 58.4%
  • Operating margin decreased 89 bps to 7.2%
  • Adjusted operating margin decreased 94 bps to 7.2%

Same Store vs. 3rd Quarter 2022:

  • Revenue of $3.7 billion, flat to prior year quarter
  • Gross profit of $674 million, decrease of 8%
  • Gross margin decreased 152 bps to 18.4%
  • New vehicle unit volume of 36,846, increase of 5%; new vehicle revenue $1,862 million, increase of 8%; new vehicle gross profit of $168 million, decrease of 13%
  • Used vehicle retail unit volume of 32,104, decrease of 11%; used vehicle retail revenue of $1,016 million, decrease of 13%; used vehicle retail gross profit of $60 million, decrease of 24%
  • F&I PVR of $2,207, decrease of 12%
  • Parts and service revenue of $526 million, increase of 3%; gross profit of $291 million, increase of 3%; customer pay gross profit of $177 million, increase of 2%
  • SG&A as a percentage of gross profit increased 109 bps to 58.1%
  • Adjusted SG&A as a percentage of gross profit increased 136 bps to 58.4%

Clicklane Metrics:

  • 11,661 vehicles sold, an all-time record
  • 46% were new vehicles sold; 54% were used retail vehicles sold
  • Total front-end PVR of $3,018 and F&I PVR of $2,151, resulting in total front-end yield of $5,168
  • Conversion rate more than double that of traditional internet leads and growing sequentially
  • Overall financing approval rate of 92%, of which 86% were instant and remainder required offline assistance
  • 74% were lender-financed sales; 26% were cash sales
  • 51 lenders and financial institutions enabled in our Loan Marketplace
  • Average delivery within a 40 mile radius of the dealership
  • Average customer Google review of 4.9/5 stars

Liquidity and Leverage

As of September 30, 2023, the Company had cash and floorplan offset accounts of $1.0 billion (which excludes $11 million of cash at Total Care Auto, Powered by Landcar) and availability under the used vehicle floorplan line and revolver of $662 million for a total of approximately $1.7 billion in liquidity. The Company’s adjusted net leverage ratio, which is calculated as set forth in our credit facility, was 1.7x at quarter end.

Credit Facility Renewal

On October 20, 2023, the Company renewed and upsized its existing credit facility from $2.55 billion to $2.80 billion. The agreement extended the credit facility to October 2028.

Share Repurchases

The Company did not repurchase shares during the third quarter 2023. Year-to-date 2023, the Company has repurchased 1.1 million shares for $211 million. As of September 30, 2023, the Company had $250 million remaining on its share repurchase authorization.

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 first quarter results will be provided during the earnings conference call on Tuesday, October 24, 2023, at 10:00 a.m. ET.

The conference call will be simulcast live on the internet and can be accessed by logging onto https://investors.asburyauto.com. A replay will be available on this site for 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:

13741871

About Asbury Automotive Group, Inc.

Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a five-year plan to increase revenue and profitability strategically through organic and acquisitive growth as well as their innovative Clicklane digital vehicle purchasing platform, with its guest-centric approach as Asbury’s constant North Star. Asbury currently operates 138 new vehicle dealerships, consisting of 181 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 31 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance. Asbury ranks 18th in the 2023 Forbes list of America’s Best Mid-Sized Companies. Asbury is recognized as one of America’s Greatest Workplaces 2023 by Newsweek as well as one of the Best Companies to Work For in the Retailers industry by U.S. News & World Report.

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 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 ongoing impact from the COVID-19 pandemic on 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 U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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
Ended September 30,

 

%
Change

 

For the Nine Months
Ended September 30,

 

%
Change

 

 

2023

 

 

2022

 

 

 

 

2023

 

 

 

2022

 

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

1,861.9

 

$

1,799.2

 

 

3

%

 

$

5,572.2

 

 

$

5,519.3

 

 

1

%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

1,016.8

 

 

1,249.8

 

 

(19

)%

 

 

3,051.8

 

 

 

3,739.5

 

 

(18

)%

Wholesale

 

94.9

 

 

80.9

 

 

17

%

 

 

293.8

 

 

 

304.6

 

 

(4

)%

Total used vehicle

 

1,111.7

 

 

1,330.7

 

 

(16

)%

 

 

3,345.6

 

 

 

4,044.1

 

 

(17

)%

Parts and service

 

526.5

 

 

536.1

 

 

(2

)%

 

 

1,568.2

 

 

 

1,558.2

 

 

1

%

Finance and insurance, net

 

166.1

 

 

200.0

 

 

(17

)%

 

 

505.0

 

 

 

606.4

 

 

(17

)%

TOTAL REVENUE

 

3,666.2

 

 

3,865.9

 

 

(5

)%

 

 

10,991.0

 

 

 

11,727.9

 

 

(6

)%

COST OF SALES:

 

 

 

 

 

 

 

 

 

 

 

New vehicle

 

1,693.6

 

 

1,598.0

 

 

6

%

 

 

5,040.1

 

 

 

4,873.7

 

 

3

%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

957.0

 

 

1,165.8

 

 

(18

)%

 

 

2,855.5

 

 

 

3,459.0

 

 

(17

)%

Wholesale

 

92.6

 

 

82.8

 

 

12

%

 

 

280.1

 

 

 

299.6

 

 

(7

)%

Total used vehicle

 

1,049.6

 

 

1,248.6

 

 

(16

)%

 

 

3,135.6

 

 

 

3,758.5

 

 

(17

)%

Parts and service

 

235.3

 

 

238.5

 

 

(1

)%

 

 

702.9

 

 

 

693.6

 

 

1

%

Finance and insurance

 

14.1

 

 

13.0

 

 

8

%

 

 

29.6

 

 

 

39.5

 

 

(25

)%

TOTAL COST OF SALES

 

2,992.7

 

 

3,098.1

 

 

(3

)%

 

 

8,908.2

 

 

 

9,365.4

 

 

(5

)%

GROSS PROFIT

 

673.5

 

 

767.8

 

 

(12

)%

 

 

2,082.8

 

 

 

2,362.5

 

 

(12

)%

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

391.7

 

 

438.2

 

 

(11

)%

 

 

1,203.3

 

 

 

1,341.9

 

 

(10

)%

Depreciation and amortization

 

17.0

 

 

17.1

 

 

%

 

 

50.5

 

 

 

53.6

 

 

(6

)%

Other operating income, net

 

 

 

(1.1

)

 

NM

 

 

 

 

 

(3.0

)

 

NM

 

INCOME FROM OPERATIONS

 

264.7

 

 

313.6

 

 

(16

)%

 

 

829.0

 

 

 

970.0

 

 

(15

)%

OTHER EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

Floor plan interest expense

 

 

 

1.9

 

 

(99

)%

 

 

1.5

 

 

 

6.0

 

 

(76

)%

Other interest expense, net

 

38.7

 

 

38.6

 

 

%

 

 

115.3

 

 

 

113.8

 

 

1

%

Gain on dealership divestitures, net

 

 

 

 

 

%

 

 

(13.5

)

 

 

(4.4

)

 

NM

 

Total other expenses, net

 

38.7

 

 

40.5

 

 

(4

)%

 

 

103.3

 

 

 

115.4

 

 

(10

)%

INCOME BEFORE INCOME TAXES

 

226.0

 

 

273.1

 

 

(17

)%

 

 

725.7

 

 

 

854.6

 

 

(15

)%

Income tax expense

 

56.8

 

 

68.1

 

 

(17

)%

 

 

178.7

 

 

 

210.5

 

 

(15

)%

NET INCOME

$

169.2

 

$

205.0

 

 

(17

)%

 

$

547.0

 

 

$

644.1

 

 

(15

)%

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

Basic—

 

 

 

 

 

 

 

 

 

 

 

Net income

$

8.22

 

$

9.26

 

 

(11

)%

 

$

26.02

 

 

$

28.83

 

 

(10

)%

Diluted—

 

 

 

 

 

 

 

 

 

 

 

Net income

$

8.19

 

$

9.23

 

 

(11

)%

 

$

25.91

 

 

$

28.72

 

 

(10

)%

WEIGHTED AVERAGE SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

20.6

 

 

22.1

 

 

 

 

 

21.0

 

 

 

22.3

 

 

 

Restricted stock

 

0.1

 

 

0.1

 

 

 

 

 

0.1

 

 

 

0.1

 

 

 

Diluted

 

20.7

 

 

22.2

 

 

 

 

 

21.1

 

 

 

22.4

 

 

 

______________________________

NM—Not Meaningful

ASBURY AUTOMOTIVE GROUP, INC.

Additional Disclosures-Consolidated (In millions)

(Unaudited)

 

 

September 30,
2023

 

December 31,
2022

 

Increase
(Decrease)

 

% Change

SELECTED BALANCE SHEET DATA

 

 

 

 

 

 

 

Cash and cash equivalents

$

41.6

 

$

235.3

 

$

(193.8

)

 

(82

)%

Inventory, net (a)

 

1,242.1

 

 

959.2

 

 

282.9

 

 

29

%

Total current assets

 

2,054.9

 

 

1,909.8

 

 

145.1

 

 

8

%

Floor plan notes payable (b)

 

58.9

 

 

51.0

 

 

7.9

 

 

15

%

Total current liabilities

 

994.5

 

 

1,033.4

 

 

(39.0

)

 

(4

)%

CAPITALIZATION:

 

 

 

 

 

 

 

Long-term debt (including current portion) (c)

$

3,222.3

 

$

3,301.2

 

$

(78.9

)

 

(2

)%

Shareholders' equity

 

3,248.5

 

 

2,903.5

 

 

345.1

 

 

12

%

Total

$

6,470.9

 

$

6,204.7

 

$

266.2

 

 

4

%

_____________________________

(a) Excluding $3.4 million of inventory classified as assets held for sale as of December 31, 2022

(b) Excluding $2.8 million of floor plan notes payable classified as liabilities associated with assets held for sale as of December 31, 2022

(c) Excluding $6.8 million of debt classified as liabilities associated with assets held for sale as of December 31, 2022

 

September 30,
2023
(a)

 

December 31,
2022
(b)

 

September 30,
2022
(b)

Days Supply

 

 

 

 

 

New vehicle inventory

36

 

26

 

19

Used vehicle inventory

29

 

27

 

31

_____________________________

(a) 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.

(b) Days supply of inventory is calculated based on new and used inventory, in dollars, at the end of each reporting period and a 30-day historical cost of sales.

Brand Mix - New Vehicle Revenue by Brand

 

 

For the Three Months
Ended September 30,

 

2023

 

2022

Luxury

 

 

 

Lexus

10

%

 

9

%

Mercedes-Benz

8

%

 

8

%

BMW

3

%

 

4

%

Porsche

2

%

 

2

%

Acura

2

%

 

2

%

Land Rover

2

%

 

1

%

Other luxury

5

%

 

5

%

Total luxury

31

%

 

32

%

Imports

 

 

 

Toyota

18

%

 

16

%

Honda

10

%

 

9

%

Hyundai

4

%

 

5

%

Nissan

3

%

 

3

%

Kia

2

%

 

2

%

Subaru

2

%

 

2

%

Volkswagen

1

%

 

2

%

Other imports

1

%

 

1

%

Total imports

41

%

 

39

%

Domestic

 

 

 

Chrysler, Dodge, Jeep, Ram

12

%

 

16

%

Ford

10

%

 

9

%

Chevrolet, Buick, GMC

6

%

 

5

%

Total domestic

28

%

 

30

%

Total New Vehicle Revenue

100

%

 

100

%

 

For the Three Months
Ended September 30,

 

2023

 

2022

Revenue mix

 

 

 

New vehicle

50.8

%

 

46.5

%

Used vehicle retail

27.7

%

 

32.3

%

Used vehicle wholesale

2.6

%

 

2.1

%

Parts and service

14.4

%

 

13.9

%

Finance and insurance, net

4.5

%

 

5.2

%

Total revenue

100.0

%

 

100.0

%

Gross profit mix

 

 

 

New vehicle

25.0

%

 

26.2

%

Used vehicle retail

8.9

%

 

10.9

%

Used vehicle wholesale

0.3

%

 

(0.2

)%

Parts and service

43.2

%

 

38.8

%

Finance and insurance, net

22.6

%

 

24.3

%

Total gross profit

100.0

%

 

100.0

%

ASBURY AUTOMOTIVE GROUP, INC.

OPERATING HIGHLIGHTS-CONSOLIDATED (In millions)

(Unaudited)

 

 

For the Three Months Ended
September 30,

 

%

Change

 

For the Nine Months Ended
September 30,

 

%
Change

 

 

2023

 

 

 

2022

 

 

 

 

2023

 

 

 

2022

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

1,861.9

 

 

$

1,799.2

 

 

3

%

 

$

5,572.2

 

 

$

5,519.3

 

 

1

%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

1,016.8

 

 

 

1,249.8

 

 

(19

)%

 

 

3,051.8

 

 

 

3,739.5

 

 

(18

)%

Wholesale

 

94.9

 

 

 

80.9

 

 

17

%

 

 

293.8

 

 

 

304.6

 

 

(4

)%

Total used vehicle

 

1,111.7

 

 

 

1,330.7

 

 

(16

)%

 

 

3,345.6

 

 

 

4,044.1

 

 

(17

)%

Parts and service

 

526.5

 

 

 

536.1

 

 

(2

)%

 

 

1,568.2

 

 

 

1,558.2

 

 

1

%

Finance and insurance, net

 

166.1

 

 

 

200.0

 

 

(17

)%

 

 

505.0

 

 

 

606.4

 

 

(17

)%

Total revenue

$

3,666.2

 

 

$

3,865.9

 

 

(5

)%

 

$

10,991.0

 

 

$

11,727.9

 

 

(6

)%

Gross profit

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

168.3

 

 

$

201.2

 

 

(16

)%

 

$

532.1

 

 

$

645.6

 

 

(18

)%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

59.8

 

 

 

84.0

 

 

(29

)%

 

 

196.2

 

 

 

280.5

 

 

(30

)%

Wholesale

 

2.3

 

 

 

(1.9

)

 

(224

)%

 

 

13.7

 

 

 

5.0

 

 

173

%

Total used vehicle

 

62.1

 

 

 

82.1

 

 

(24

)%

 

 

210.0

 

 

 

285.5

 

 

(26

)%

Parts and service

 

291.1

 

 

 

297.6

 

 

(2

)%

 

 

865.3

 

 

 

864.5

 

 

%

Finance and insurance, net

 

152.0

 

 

 

186.9

 

 

(19

)%

 

 

475.4

 

 

 

566.8

 

 

(16

)%

Total gross profit

$

673.5

 

 

$

767.8

 

 

(12

)%

 

$

2,082.8

 

 

$

2,362.5

 

 

(12

)%

Unit sales

 

 

 

 

 

 

 

 

 

 

 

New vehicle:

 

 

 

 

 

 

 

 

 

 

 

Luxury

 

8,150

 

 

 

8,251

 

 

(1

)%

 

 

25,504

 

 

 

25,407

 

 

%

Import

 

19,659

 

 

 

18,584

 

 

6

%

 

 

57,015

 

 

 

58,826

 

 

(3

)%

Domestic

 

9,037

 

 

 

9,662

 

 

(6

)%

 

 

27,093

 

 

 

30,135

 

 

(10

)%

Total new vehicle

 

36,846

 

 

 

36,497

 

 

1

%

 

 

109,612

 

 

 

114,368

 

 

(4

)%

Used vehicle retail

 

32,117

 

 

 

38,874

 

 

(17

)%

 

 

96,729

 

 

 

117,028

 

 

(17

)%

Used to new ratio

 

87.2

%

 

 

106.5

%

 

 

 

 

88.2

%

 

 

102.3

%

 

 

Average selling price

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

50,531

 

 

$

49,296

 

 

3

%

 

$

50,836

 

 

$

48,259

 

 

5

%

Used vehicle retail

$

31,660

 

 

$

32,150

 

 

(2

)%

 

$

31,550

 

 

$

31,954

 

 

(1

)%

Average gross profit per unit

 

 

 

 

 

 

 

 

 

 

 

New vehicle:

 

 

 

 

 

 

 

 

 

 

 

Luxury

$

7,553

 

 

$

8,651

 

 

(13

)%

 

$

7,975

 

 

$

8,606

 

 

(7

)%

Import

 

3,458

 

 

 

4,192

 

 

(18

)%

 

 

3,584

 

 

 

4,440

 

 

(19

)%

Domestic

 

4,286

 

 

 

5,371

 

 

(20

)%

 

 

4,592

 

 

 

5,501

 

 

(17

)%

Total new vehicle

 

4,567

 

 

 

5,512

 

 

(17

)%

 

 

4,855

 

 

 

5,645

 

 

(14

)%

Used vehicle retail

 

1,861

 

 

 

2,160

 

 

(14

)%

 

 

2,029

 

 

 

2,397

 

 

(15

)%

Finance and insurance

 

2,204

 

 

 

2,480

 

 

(11

)%

 

 

2,304

 

 

 

2,450

 

 

(6

)%

Front end yield (1)

 

5,511

 

 

 

6,264

 

 

(12

)%

 

 

5,834

 

 

 

6,452

 

 

(10

)%

Gross margin

 

 

 

 

 

 

 

 

 

 

 

Total new vehicle

 

9.0

%

 

 

11.2

%

 

(214) bps

 

 

9.5

%

 

 

11.7

%

 

(215) bps

Used vehicle retail

 

5.9

%

 

 

6.7

%

 

(84) bps

 

 

6.4

%

 

 

7.5

%

 

(107) bps

Parts and service

 

55.3

%

 

 

55.5

%

 

(21) bps

 

 

55.2

%

 

 

55.5

%

 

(31) bps

Total gross profit margin

 

18.4

%

 

 

19.9

%

 

(149) bps

 

 

19.0

%

 

 

20.1

%

 

(119) bps

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

$

391.7

 

 

$

438.2

 

 

(11

)%

 

$

1,203.3

 

 

$

1,341.9

 

 

(10

)%

Adjusted selling, general, and administrative

$

393.5

 

 

$

438.2

 

 

(10

)%

 

$

1,202.7

 

 

$

1,341.9

 

 

(10

)%

SG&A as a % of gross profit

 

58.2

%

 

 

57.1

%

 

109 bps

 

 

57.8

%

 

 

56.8

%

 

97 bps

Adjusted SG&A as a % of gross profit

 

58.4

%

 

 

57.1

%

 

136 bps

 

 

57.7

%

 

 

56.8

%

 

94 bps

Income from operations as a % of revenue

 

7.2

%

 

 

8.1

%

 

(89) bps

 

 

7.5

%

 

 

8.3

%

 

(73) bps

Income from operations as a % of gross profit

 

39.3

%

 

 

40.8

%

 

(154) bps

 

 

39.8

%

 

 

41.1

%

 

(126) bps

Adjusted income from operations as a % of revenue

 

7.2

%

 

 

8.1

%

 

(94) bps

 

 

7.5

%

 

 

8.3

%

 

(71) bps

Adjusted income from operations as a % of gross profit

 

39.0

%

 

 

40.8

%

 

(180) bps

 

 

39.8

%

 

 

41.0

%

 

(119) 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
Ended September 30,

 

%
Change

 

For the Nine Months
Ended September 30,

 

%
Change

 

 

2023

 

 

 

2022

 

 

 

 

2023

 

 

 

2022

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

1,861.9

 

 

$

1,730.9

 

 

8

%

 

$

5,561.4

 

 

$

5,232.8

 

 

6

%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

1,016.4

 

 

 

1,171.8

 

 

(13

)%

 

 

3,033.6

 

 

 

3,465.7

 

 

(12

)%

Wholesale

 

94.7

 

 

 

78.2

 

 

21

%

 

 

292.0

 

 

 

288.2

 

 

1

%

Total used vehicle

 

1,111.0

 

 

 

1,250.1

 

 

(11

)%

 

 

3,325.6

 

 

 

3,753.8

 

 

(11

)%

Parts and service

 

526.3

 

 

 

509.5

 

 

3

%

 

 

1,564.1

 

 

 

1,462.5

 

 

7

%

Finance and insurance, net

 

166.3

 

 

 

192.1

 

 

(13

)%

 

 

504.5

 

 

 

576.2

 

 

(12

)%

Total revenue

$

3,665.5

 

 

$

3,682.5

 

 

%

 

$

10,955.7

 

 

$

11,025.4

 

 

(1

)%

Gross profit

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

168.3

 

 

$

194.2

 

 

(13

)%

 

$

530.8

 

 

$

614.3

 

 

(14

)%

Used vehicle:

 

 

 

 

 

 

 

 

 

 

 

Retail

 

59.8

 

 

 

79.1

 

 

(24

)%

 

 

195.1

 

 

 

259.8

 

 

(25

)%

Wholesale

 

2.3

 

 

 

(1.5

)

 

(255

)%

 

 

13.8

 

 

 

5.3

 

 

162

%

Total used vehicle

 

62.1

 

 

 

77.6

 

 

(20

)%

 

 

209.0

 

 

 

265.1

 

 

(21

)%

Parts and service

 

291.1

 

 

 

282.0

 

 

3

%

 

 

863.2

 

 

 

809.8

 

 

7

%

Finance and insurance, net

 

152.2

 

 

 

179.0

 

 

(15

)%

 

 

474.9

 

 

 

536.7

 

 

(12

)%

Total gross profit

$

673.6

 

 

$

732.8

 

 

(8

)%

 

$

2,077.9

 

 

$

2,225.9

 

 

(7

)%

Unit sales

 

 

 

 

 

 

 

 

 

 

 

New vehicle:

 

 

 

 

 

 

 

 

 

 

 

Luxury

 

8,150

 

 

 

7,865

 

 

4

%

 

 

25,306

 

 

 

24,011

 

 

5

%

Import

 

19,659

 

 

 

17,839

 

 

10

%

 

 

57,015

 

 

 

54,836

 

 

4

%

Domestic

 

9,037

 

 

 

9,338

 

 

(3

)%

 

 

27,093

 

 

 

29,102

 

 

(7

)%

Total new vehicle

 

36,846

 

 

 

35,042

 

 

5

%

 

 

109,414

 

 

 

107,949

 

 

1

%

Used vehicle retail

 

32,104

 

 

 

35,968

 

 

(11

)%

 

 

95,959

 

 

 

106,978

 

 

(10

)%

Used to new ratio

 

87.1

%

 

 

102.6

%

 

 

 

 

87.7

%

 

 

99.1

%

 

 

Average selling price

 

 

 

 

 

 

 

 

 

 

 

New vehicle

$

50,531

 

 

$

49,395

 

 

2

%

 

$

50,829

 

 

$

48,475

 

 

5

%

Used vehicle retail

$

31,659

 

 

$

32,580

 

 

(3

)%

 

$

31,614

 

 

$

32,396

 

 

(2

)%

Average gross profit per unit

 

 

 

 

 

 

 

 

 

 

 

New vehicle:

 

 

 

 

 

 

 

 

 

 

 

Luxury

$

7,552

 

 

$

8,763

 

 

(14

)%

 

$

7,982

 

 

$

8,726

 

 

(9

)%

Import

 

3,458

 

 

 

4,203

 

 

(18

)%

 

 

3,584

 

 

 

4,451

 

 

(19

)%

Domestic

 

4,286

 

 

 

5,384

 

 

(20

)%

 

 

4,592

 

 

 

5,523

 

 

(17

)%

Total new vehicle

 

4,567

 

 

 

5,541

 

 

(18

)%

 

 

4,851

 

 

 

5,691

 

 

(15

)%

Used vehicle retail

 

1,862

 

 

 

2,200

 

 

(15

)%

 

 

2,034

 

 

 

2,428

 

 

(16

)%

Finance and insurance

 

2,207

 

 

 

2,521

 

 

(12

)%

 

 

2,313

 

 

 

2,497

 

 

(7

)%

Front end yield (1)

 

5,514

 

 

 

6,370

 

 

(13

)%

 

 

5,847

 

 

 

6,564

 

 

(11

)%

Gross margin

 

 

 

 

 

 

 

 

 

 

 

Total new vehicle

 

9.0

%

 

 

11.2

%

 

(218) bps

 

 

9.5

%

 

 

11.7

%

 

(220) bps

Used vehicle retail

 

5.9

%

 

 

6.8

%

 

(87) bps

 

 

6.4

%

 

 

7.5

%

 

(106) bps

Parts and service

 

55.3

%

 

 

55.3

%

 

(4) bps

 

 

55.2

%

 

 

55.4

%

 

(18) bps

Total gross profit margin

 

18.4

%

 

 

19.9

%

 

(152) bps

 

 

19.0

%

 

 

20.2

%

 

(122) bps

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

$

391.4

 

 

$

417.8

 

 

(6

)%

 

$

1,197.6

 

 

$

1,264.2

 

 

(5

)%

Adjusted selling, general, and administrative

$

393.2

 

 

$

417.8

 

 

(6

)%

 

$

1,197.0

 

 

$

1,264.2

 

 

(5

)%

SG&A as a % of gross profit

 

58.1

%

 

 

57.0

%

 

109 bps

 

 

57.6

%

 

 

56.8

%

 

84 bps

Adjusted SG&A as a % of gross profit

 

58.4

%

 

 

57.0

%

 

136 bps

 

 

57.6

%

 

 

56.8

%

 

81 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 September 30, 2023

 

Three Months Ended September 30, 2022

 

Dealerships

 

TCA After
Eliminations

 

Total
Company

 

Dealerships

 

TCA After
Eliminations

 

Total
Company

 

(In millions)

Revenue

 

 

 

 

 

 

 

 

 

 

 

New

$

1,861.9

 

$

 

 

$

1,861.9

 

$

1,799.2

 

$

 

 

$

1,799.2

Used

 

1,111.7

 

 

 

 

 

1,111.7

 

 

1,330.7

 

 

 

 

 

1,330.7

Parts and service

 

535.4

 

 

(9.0

)

 

 

526.5

 

 

544.8

 

 

(8.7

)

 

 

536.1

Finance and insurance, net

 

129.9

 

 

36.2

 

 

 

166.1

 

 

163.9

 

 

36.1

 

 

 

200.0

Total revenue

$

3,638.9

 

$

27.3

 

 

$

3,666.2

 

$

3,838.5

 

$

27.4

 

 

$

3,865.9

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

New

$

1,693.6

 

$

 

 

$

1,693.6

 

$

1,598.0

 

$

 

 

$

1,598.0

Used

 

1,049.6

 

 

 

 

 

1,049.6

 

 

1,248.6

 

 

 

 

 

1,248.6

Parts and service

 

240.2

 

 

(4.9

)

 

 

235.3

 

 

243.0

 

 

(4.5

)

 

 

238.5

Finance and insurance

 

 

 

14.1

 

 

 

14.1

 

 

 

 

13.0

 

 

 

13.0

Total cost of sales

$

2,983.4

 

$

9.2

 

 

$

2,992.7

 

$

3,089.6

 

$

8.5

 

 

$

3,098.1

Gross profit

 

 

 

 

 

 

 

 

 

 

 

New

$

168.3

 

$

 

 

$

168.3

 

$

201.2

 

$

 

 

$

201.2

Used

 

62.1

 

 

 

 

 

62.1

 

 

82.1

 

 

 

 

 

82.1

Parts and service

 

295.2

 

 

(4.1

)

 

 

291.1

 

 

301.8

 

 

(4.2

)

 

 

297.6

Finance and insurance, net

 

129.9

 

 

22.1

 

 

 

152.0

 

 

163.9

 

 

23.0

 

 

 

186.9

Total gross profit

$

655.5

 

$

18.0

 

 

$

673.5

 

$

749.0

 

$

18.9

 

 

$

767.8

Selling, general and administrative

$

396.4

 

$

(4.7

)

 

$

391.7

 

$

444.0

 

$

(5.8

)

 

$

438.2

Income from operations

$

244.9

 

$

19.8

 

 

$

264.7

 

$

291.4

 

$

22.3

 

 

$

313.6

 

Nine Months Ended September 30, 2023

 

Nine Months Ended September 30, 2022

 

Dealerships

 

TCA After
Eliminations

 

Total
Company

 

Dealerships

 

TCA After
Eliminations

 

Total
Company

 

(In millions)

Revenue

 

 

 

 

 

 

 

 

 

 

 

New

$

5,572.2

 

$

 

 

$

5,572.2

 

$

5,519.3

 

$

 

 

$

5,519.3

Used

 

3,345.6

 

 

 

 

 

3,345.6

 

 

4,044.1

 

 

 

 

 

4,044.1

Parts and service

 

1,594.6

 

 

(26.4

)

 

 

1,568.2

 

 

1,582.8

 

 

(24.7

)

 

 

1,558.2

Finance and insurance, net

 

401.7

 

 

103.3

 

 

 

505.0

 

 

516.5

 

 

89.9

 

 

 

606.4

Total revenue

$

10,914.0

 

$

76.9

 

 

$

10,991.0

 

$

11,662.7

 

$

65.2

 

 

$

11,727.9

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

New

$

5,040.1

 

$

 

 

$

5,040.1

 

$

4,873.7

 

$

 

 

$

4,873.7

Used

 

3,135.6

 

 

 

 

 

3,135.6

 

 

3,758.5

 

 

 

 

 

3,758.5

Parts and service

 

717.3

 

 

(14.4

)

 

 

702.9

 

 

706.5

 

 

(12.8

)

 

 

693.6

Finance and insurance

 

 

 

29.6

 

 

 

29.6

 

 

 

 

39.5

 

 

 

39.5

Total cost of sales

$

8,893.0

 

$

15.2

 

 

$

8,908.2

 

$

9,338.6

 

$

26.8

 

 

$

9,365.4

Gross profit

 

 

 

 

 

 

 

 

 

 

 

New

$

532.1

 

$

 

 

$

532.1

 

$

645.6

 

$

 

 

$

645.6

Used

 

210.0

 

 

 

 

 

210.0

 

 

285.5

 

 

 

 

 

285.5

Parts and service

 

877.3

 

 

(12.0

)

 

 

865.3

 

 

876.4

 

 

(11.8

)

 

 

864.5

Finance and insurance, net

 

401.7

 

 

73.8

 

 

 

475.4

 

 

516.5

 

 

50.3

 

 

 

566.8

Total gross profit

$

2,021.0

 

$

61.8

 

 

$

2,082.8

 

$

2,324.1

 

$

38.4

 

 

$

2,362.5

Selling, general, and administrative

$

1,219.9

 

$

(16.6

)

 

$

1,203.3

 

$

1,361.1

 

$

(19.2

)

 

$

1,341.9

Income from operations

$

758.3

 

$

70.7

 

 

$

829.0

 

$

918.1

 

$

51.9

 

 

$

970.0

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

 

September 30,
2023

 

September 30,
2022

 

September 30,
2023

 

June 30,
2023

 

(Dollars in millions)

Adjusted leverage ratio:

 

 

 

 

 

 

 

Long-term debt (including current portion and held for sale)

 

 

 

 

$

3,222.3

 

 

$

3,247.3

 

Cash and floor plan offset

 

 

 

 

 

(1,030.3

)

 

 

(895.8

)

TCA cash

 

 

 

 

 

10.6

 

 

 

13.9

 

Availability under our used vehicle floor plan facility

 

 

 

 

 

(226.2

)

 

 

(271.0

)

Adjusted long-term net debt

 

 

 

 

$

1,976.4

 

 

$

2,094.4

 

 

 

 

 

 

 

 

 

Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"):

 

 

 

 

 

 

 

Net income

$

169.2

 

 

$

205.0

 

$

900.2

 

 

$

935.9

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

17.0

 

 

 

17.1

 

 

65.9

 

 

 

66.0

 

Income tax expense

 

56.8

 

 

 

68.1

 

 

290.0

 

 

 

301.4

 

Swap and other interest expense

 

38.7

 

 

 

38.6

 

 

156.4

 

 

 

156.3

 

Earnings before interest, taxes, depreciation and amortization ("EBITDA")

$

281.8

 

 

$

328.8

 

$

1,412.5

 

 

$

1,459.5

 

 

 

 

 

 

 

 

 

Non-core items - expense (income):

 

 

 

 

 

 

 

Gain on dealership divestitures, net

$

 

 

$

 

$

(216.2

)

 

$

(216.2

)

Gain on sale of real estate

 

(3.6

)

 

 

 

 

(3.6

)

 

 

 

Legal settlement

 

 

 

 

 

 

(1.9

)

 

 

(1.9

)

Deal diligence cost

 

 

 

 

 

 

2.7

 

 

 

2.7

 

Hail damage

 

 

 

 

 

 

4.3

 

 

 

4.3

 

Professional fees associated with acquisition

 

1.8

 

 

 

 

 

1.8

 

 

 

 

Total non-core items

 

(1.8

)

 

 

 

 

(212.9

)

 

 

(211.1

)

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

280.0

 

 

$

328.8

 

$

1,199.6

 

 

$

1,248.4

 

 

 

 

 

 

 

 

 

Pro forma impact of acquisition and divestitures on EBITDA

 

 

 

 

$

(5.7

)

 

$

(22.1

)

Pro forma adjusted EBITDA

 

 

 

 

$

1,193.9

 

 

$

1,226.3

 

 

 

 

 

 

 

 

 

Pro forma adjusted net leverage ratio

 

 

 

 

 

1.7

 

 

 

1.7

 

 

Three Months Ended September 30, 2023

 

GAAP

 

Gain on sale
of real estate

 

Professional fees
associated with
acquisition

 

Income tax
effect

 

Non-GAAP
adjusted

 

(In millions, except per share data)

Selling, general and administrative

$

391.7

 

 

$

3.6

 

 

$

(1.8

)

 

$

 

 

$

393.5

 

Income from operations

$

264.7

 

 

$

(3.6

)

 

$

1.8

 

 

$

 

 

$

262.9

 

Net income

$

169.2

 

 

$

(3.6

)

 

$

1.8

 

 

$

0.5

 

 

$

167.9

 

 

 

 

 

 

 

 

 

 

 

Weighted average common share outstanding - diluted

 

20.7

 

 

 

 

 

 

 

 

 

20.7

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

8.19

 

 

$

(0.17

)

 

$

0.09

 

 

$

0.02

 

 

$

8.12

 

 

 

 

 

 

 

 

 

 

 

SG&A as a % of gross profit

 

58.2

%

 

 

%

 

 

%

 

 

%

 

 

58.4

%

Income from operations as a % of revenue

 

7.2

%

 

 

%

 

 

%

 

 

%

 

 

7.2

%

There were no adjustments to net income in the third quarter of 2022.

.

Nine Months Ended September 30, 2023

 

GAAP

 

Gain on
dealership
divestiture,
net

 

Legal
settlement

 

Hail
damage

 

Gain on
sale of
real
estate

 

Professional
fees
associated
with
acquisition

 

Income
tax effect

 

Non-GAAP
adjusted

 

(In millions, except per share data)

Selling, general, and administrative

$

1,203.3

 

 

$

 

 

$

1.9

 

 

$

(4.3

)

 

$

3.6

 

 

$

(1.8

)

 

$

 

 

$

1,202.7

 

Income from operations

$

829.0

 

 

$

 

 

$

(1.9

)

 

$

4.3

 

 

$

(3.6

)

 

$

1.8

 

 

$

 

 

$

829.6

 

Net income

$

547.0

 

 

$

(13.5

)

 

$

(1.9

)

 

$

4.3

 

 

$

(3.6

)

 

$

1.8

 

 

$

3.2

 

 

$

537.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common share outstanding - diluted

 

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

25.91

 

 

$

(0.64

)

 

$

(0.09

)

 

$

0.20

 

 

$

(0.17

)

 

$

0.08

 

 

$

0.15

 

 

$

25.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A as a % of gross profit

 

57.8

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

57.7

%

Income from operations as a % of revenue

 

7.5

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

7.5

%

 

Nine Months Ended September 30, 2022

 

GAAP

 

Gain on
dealership
divestitures,
net

 

Gain on sale
of real estate

 

Income tax
effect

 

Non-GAAP
adjusted

 

(In millions, except per share data)

Selling, general, and administrative

$

1,341.9

 

 

$

 

 

$

 

 

$

 

 

$

1,341.9

 

Income from operations

$

970.0

 

 

$

 

 

$

(0.9

)

 

$

 

 

$

969.0

 

Net income

$

644.1

 

 

$

(4.4

)

 

$

(0.9

)

 

$

1.3

 

 

$

640.1

 

 

 

 

 

 

 

 

 

 

 

Weighted average common share outstanding - diluted

 

22.4

 

 

 

 

 

 

 

 

 

22.4

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

28.72

 

 

$

(0.20

)

 

$

(0.04

)

 

$

0.06

 

 

$

28.54

 

 

 

 

 

 

 

 

 

 

 

SG&A as a % of gross profit

 

56.8

%

 

 

%

 

 

%

 

 

%

 

 

56.8

%

Income from operations as a % of revenue

 

8.3

%

 

 

%

 

 

%

 

 

%

 

 

8.3

%

 

For the Nine Months
Ended September 30,

 

 

2023

 

 

 

2022

 

 

(In millions)

Adjusted cash flow from operations:

 

 

 

Cash provided by operating activities

$

239.8

 

 

$

664.4

 

Change in Floor Plan Notes Payable—Non-Trade, net

 

(2.8

)

 

 

(293.8

)

Change in Floor Plan Notes Payable—Non-Trade associated with floor plan offset, used vehicle borrowing base changes adjusted for acquisition and divestitures

 

233.7

 

 

 

396.9

 

Change in Floor Plan Notes Payable—Trade associated with floor plan offset, adjusted for acquisition and divestitures

 

42.9

 

 

 

14.1

 

Adjusted cash flow provided by operating activities

$

513.6

 

 

$

781.6

 

 

Investors & Reporters May Contact:
Joe Sorice
Manager, Investor Relations
(770) 418-8211
ir@asburyauto.com

Source: Asbury Automotive Group, Inc.