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

TL;DR

<b>Penske Automotive Group, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

PENSKE AUTOMOTIVE GROUP, INC. (PAG) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Penske Automotive Group, Inc. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31. Penske Automotive Group, Inc. is classified under SIC code 5500 (Retail - Auto Dealers & Gasoline Stations). The company was formerly known as United Auto Group Inc.

Why It Matters

For investors and stakeholders tracking PENSKE AUTOMOTIVE GROUP, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Penske Automotive Group, Inc. for 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 future performance in the automotive retail sector.

Risk Assessment

Risk Level: low — PENSKE AUTOMOTIVE GROUP, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

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

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-04-30 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 5500 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• PENSKE AUTOMOTIVE GROUP, INC. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-30 (date) — Filing date
• 2555 TELEGRAPH RD (address) — Business address
• BLOOMFIELD HILLS (city) — Business address city
• MI (state) — Business address state
• 48302-0954 (zip) — Business address zip
• UNITED AUTO GROUP INC (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — stered Voting Common Stock , par value $0.0001 per share PAG New York Stock Exchange

Filing Documents

• pag-20240331.htm (10-Q) — 1234KB
• q1202410-qex22_1.htm (EX-22.1) — 44KB
• q1202410-qex31_1.htm (EX-31.1) — 9KB
• q1202410-qex31_2.htm (EX-31.2) — 9KB
• q1202410-qex32.htm (EX-32) — 6KB
• 0001019849-24-000058.txt (&nbsp;) — 6328KB
• pag-20240331.xsd (EX-101.SCH) — 53KB
• pag-20240331_cal.xml (EX-101.CAL) — 60KB
• pag-20240331_def.xml (EX-101.DEF) — 252KB
• pag-20240331_lab.xml (EX-101.LAB) — 566KB
• pag-20240331_pre.xml (EX-101.PRE) — 433KB
• pag-20240331_htm.xml (XML) — 699KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets as of March 31, 2024, and December 31, 2023 3 Consolidated Condensed Statements of Income for the three months ended March 31, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Consolidated Condensed Statement of Equity for the three months ended March 31, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative & Qualitative Disclosures About Market Risk

Item 3. Quantitative & Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 46

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Exhibits

Item 6. Exhibits 51 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PENSKE AUTOMOTIVE GROUP, INC. CONSOLIDATED CONDENSED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share amounts) ASSETS Cash and cash equivalents $ 116.9 $ 96.4 Accounts receivable, net of allowance for doubtful accounts of $ 6.9 and $ 6.8 1,062.8 1,114.6 Inventories 4,424.1 4,293.1 Other current assets 206.8 175.6 Total current assets 5,810.6 5,679.7 Property and equipment, net 2,827.8 2,765.2 Operating lease right-of-use assets 2,476.1 2,405.5 Goodwill 2,316.6 2,234.9 Other indefinite-lived intangible assets 836.0 748.2 Equity method investments 1,805.5 1,774.9 Other long-term assets 73.9 63.1 Total assets $ 16,146.5 $ 15,671.5 LIABILITIES AND EQUITY Floor plan notes payable $ 2,376.7 $ 2,255.6 Floor plan notes payable — non-trade 1,479.2 1,515.9 Accounts payable 962.9 866.9 Accrued expenses and other current liabilities 876.0 809.8 Current portion of long-term debt 215.3 209.7 Total current liabilities 5,910.1 5,657.9 Long-term debt 1,461.9 1,419.5 Long-term operating lease liabilities 2,407.4 2,336.0 Deferred tax liabilities 1,245.2 1,231.7 Other long-term liabilities 275.8 270.8 Total liabilities 11,300.4 10,915.9 Commitments and contingent liabilities (Note 10) Equity Penske Automotive Group stockholders' equity: Preferred Stock, $ 0.0001 par value; 100,000 shares authorized; none issued and outstanding — — Common Stock, $ 0.0001 par value, 240,000,000 shares authorized; 67,049,359 shares issued and outstanding at March 31, 2024; 67,111,181 shares issued and outstanding at December 31, 2023 — — Non-voting Common Stock, $ 0.0001 par value; 7,125,000 shares authorized; none issued and outstanding — — Class C Common Stock, $ 0.0001 par value; 20,000,000 shares authorized; none issued and outstanding — — Additional paid-in capital — — Retained earnings 5,113.1 4,990.3 Accumulated other comprehensive income (loss) ( 297.3 ) ( 264.1 ) Tota