Asbury Automotive Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Asbury Automotive Group, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

ASBURY AUTOMOTIVE GROUP INC (ABG) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Asbury Automotive Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Asbury Automotive Group is incorporated in Delaware. The company's principal business address is in Duluth, Georgia.

Why It Matters

For investors and stakeholders tracking ASBURY AUTOMOTIVE GROUP INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Asbury Automotive Group, Inc. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the automotive retail sector.

Risk Assessment

Risk Level: low — ASBURY AUTOMOTIVE GROUP INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain new, significant risks beyond those typically associated with the automotive retail industry.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any significant changes or trends in revenue, profitability, and operational efficiency.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2023-03-31 — Prior Year Quarter End Date (2023 Q1)

Key Players & Entities

• ASBURY AUTOMOTIVE GROUP INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• 0001144980-24-000112 (other) — ACCESSION NUMBER
• DE (jurisdiction) — STATE OF INCORPORATION
• GA (state) — STATE
• 770-418-8200 (phone) — BUSINESS PHONE
• ABG (ticker) — tk

FAQ

Industry Context

Asbury Automotive Group operates within the automotive retail industry, which is characterized by new and used vehicle sales, parts and service, and collision repair.

Regulatory Implications

The company is subject to various regulations governing automotive sales, consumer protection, and financial reporting, as evidenced by this 10-Q filing under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue breakdown by segment (new vehicles, used vehicles, parts & service, collision) to understand growth drivers and potential headwinds.
2. Examine the company's liquidity and debt position (if detailed in the full filing) to assess financial stability.
3. Review any disclosed risk factors or management discussion and analysis (MD&A) for insights into operational challenges and strategic responses.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share ABG New York Stock

Filing Documents

• abg-20240331.htm (10-Q) — 1532KB
• ex311section302ceocertific.htm (EX-31.1) — 10KB
• ex312section302cfocertific.htm (EX-31.2) — 10KB
• ex321section906ceocertific.htm (EX-32.1) — 5KB
• ex322section906cfocertific.htm (EX-32.2) — 5KB
• 0001144980-24-000112.txt (&nbsp;) — 7666KB
• abg-20240331.xsd (EX-101.SCH) — 57KB
• abg-20240331_cal.xml (EX-101.CAL) — 96KB
• abg-20240331_def.xml (EX-101.DEF) — 252KB
• abg-20240331_lab.xml (EX-101.LAB) — 655KB
• abg-20240331_pre.xml (EX-101.PRE) — 456KB
• abg-20240331_htm.xml (XML) — 1127KB

—Financial Information

PART I—Financial Information Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

—Other Information

PART II—Other Information Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1.A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5. Other Information Item 6. Exhibits 40

Signatures

Signatures 41 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements ASBURY AUTOMOTIVE GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 29.0 $ 45.7 Short-term investments 6.9 6.2 Contracts-in-transit, net 222.0 279.7 Accounts receivable, net 226.9 226.1 Inventories, net 1,862.9 1,768.3 Assets held for sale 242.7 342.2 Other current assets 332.0 388.9 Total current assets 2,922.4 3,057.1 INVESTMENTS 334.7 326.7 PROPERTY AND EQUIPMENT, net 2,408.4 2,315.7 OPERATING LEASE RIGHT-OF-USE ASSETS 230.1 241.8 GOODWILL 2,014.9 2,009.0 INTANGIBLE FRANCHISE RIGHTS 2,093.7 2,095.8 OTHER LONG-TERM ASSETS 127.4 113.3 Total assets $ 10,131.5 $ 10,159.4 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Floor plan notes payable—trade, net $ 205.5 $ 195.1 Floor plan notes payable—non-trade, net 1,484.9 1,590.6 Current maturities of long-term debt 84.4 84.9 Current maturities of operating leases 26.0 26.2 Accounts payable and accrued liabilities 723.6 748.1 Deferred revenue—current 230.9 228.6 Liabilities associated with assets held for sale 2.1 2.1 Total current liabilities 2,757.4 2,875.7 LONG-TERM DEBT 3,108.1 3,121.2 LONG-TERM LEASE LIABILITY 211.1 222.1 DEFERRED REVENUE 516.3 508.1 DEFERRED INCOME TAXES 138.2 136.4 OTHER LONG-TERM LIABILITIES 53.5 51.7 COMMITMENTS AND CONTINGENCIES (Note 13) SHAREHOLDERS' EQUITY: Preferred stock, $ .01 par value; 10,000,000 shares authorized; none issued or outstanding — — Common stock, $ .01 par value; 90,000,000 shares authorized; 42,236,056 and 42,352,001 shares issued, including shares held in treasury, respectively 0.4 0.4 Additional paid-in capital 1,296.1 1,288.4 Retained earnings 3,061.5 2,961.5 Treasury stock, at cost; 22,063,936 and 22,018,537 shares, respectively ( 1,077.5 ) ( 1,067.3 ) Accumulated other comprehensive income 66.4 61.1 Total shareholders

View Full Filing

View this 10-Q filing on SEC EDGAR