Penske Automotive Group Files Q2 2024 10-Q

TL;DR

Penske Automotive Group's Q2 2024 10-Q is in. Check financials for retail auto and truck segments.

AI Summary

Penske Automotive Group, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance for the second quarter and the first half of the year. Key financial data and operational segments, including Retail Automotive Dealership and Retail Commercial Truck Dealership, were detailed in the filing.

Why It Matters

This filing provides investors with crucial financial updates on Penske Automotive Group's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the automotive sector can be subject to economic volatility.

Key Numbers

• 2024-06-30 — Report End Date (Quarterly financial reporting period)
• 2023-12-31 — Previous Year End (Comparison point for financial data)
• 2024-01-01 — Fiscal Year Start Date (Beginning of the current fiscal year)

Key Players & Entities

• PENSKE AUTOMOTIVE GROUP, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• 2555 TELEGRAPH RD (address) — Business Address
• BLOOMFIELD HILLS (city) — Business Address City
• MI (state) — Business Address State
• 48302-0954 (zip_code) — Business Address Zip
• 248-648-2500 (phone_number) — Business Phone
• UNITED AUTO GROUP INC (company) — Former Company Name
• 19960726 (date) — Date of Name Change

FAQ

Key Financial Figures

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

Filing Documents

• pag-20240630.htm (10-Q) — 1810KB
• q2202410-qex22_1.htm (EX-22.1) — 44KB
• q2202410-qex31_1.htm (EX-31.1) — 9KB
• q2202410-qex31_2.htm (EX-31.2) — 9KB
• q2202410-qex32.htm (EX-32) — 6KB
• 0001019849-24-000096.txt ( ) — 7463KB
• pag-20240630.xsd (EX-101.SCH) — 51KB
• pag-20240630_cal.xml (EX-101.CAL) — 62KB
• pag-20240630_def.xml (EX-101.DEF) — 238KB
• pag-20240630_lab.xml (EX-101.LAB) — 569KB
• pag-20240630_pre.xml (EX-101.PRE) — 431KB
• pag-20240630_htm.xml (XML) — 968KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets as of June 30, 2024, and December 31, 2023 3 Consolidated Condensed Statements of Income for the three and six months ended June 30, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Consolidated Condensed Statement of Equity for the three and six months ended June 30, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements 9

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 24

Quantitative & Qualitative Disclosures About Market Risk

Item 3. Quantitative & Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 55

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 56

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PENSKE AUTOMOTIVE GROUP, INC. CONSOLIDATED CONDENSED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share amounts) ASSETS Cash and cash equivalents $ 115.1 $ 96.4 Accounts receivable, net of allowance for doubtful accounts of $ 7.7 and $ 6.8 1,040.5 1,114.6 Inventories 4,705.9 4,293.1 Other current assets 217.7 175.6 Total current assets 6,079.2 5,679.7 Property and equipment, net 2,914.3 2,765.2 Operating lease right-of-use assets 2,466.1 2,405.5 Goodwill 2,356.4 2,234.9 Other indefinite-lived intangible assets 931.9 748.2 Equity method investments 1,814.1 1,774.9 Other long-term assets 71.5 63.1 Total assets $ 16,633.5 $ 15,671.5 LIABILITIES AND EQUITY Floor plan notes payable $ 2,578.2 $ 2,255.6 Floor plan notes payable — non-trade 1,562.7 1,515.9 Accounts payable 943.4 866.9 Accrued expenses and other current liabilities 916.9 809.8 Current portion of long-term debt 171.7 209.7 Total current liabilities 6,172.9 5,657.9 Long-term debt 1,594.6 1,419.5 Long-term operating lease liabilities 2,397.4 2,336.0 Deferred tax liabilities 1,229.0 1,231.7 Other long-term liabilities 253.3 270.8 Total liabilities 11,647.2 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; 66,770,815 shares issued and outstanding at June 30, 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 5,254.3 4,990.3 Accumulated other comprehensive income (loss) ( 299.7 ) ( 264.1 ) Total