Asbury Automotive Group Q2 2024 10-Q Filed
Ticker: ABG · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1144980
Sentiment: neutral
Topics: 10-Q, automotive, financials
TL;DR
ABG Q2 2024 10-Q is in - check financials for new/used car sales and service revenue.
AI Summary
Asbury Automotive Group Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing performance across its new vehicle, used vehicle, and parts and service segments. Specific financial figures for revenue, net income, and earnings per share for these periods are included in the filing.
Why It Matters
This filing provides investors with the latest financial performance data for Asbury Automotive Group, crucial for understanding the company's operational health and market position in the automotive retail sector.
Risk Assessment
Risk Level: medium — The automotive retail sector is subject to economic fluctuations, supply chain issues, and changing consumer demand, which can impact Asbury's financial performance.
Key Numbers
- 20240630 — Period End Date (Financial reporting period)
- 20240809 — Filing Date (Date the report was submitted)
Key Players & Entities
- ASBURY AUTOMOTIVE GROUP INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240809 (date) — Filing Date
- 770-418-8200 (phone_number) — Business Phone
FAQ
What were the total revenues for the second quarter of 2024?
The filing indicates financial results for the period ending June 30, 2024, which includes the second quarter. Specific revenue figures are detailed within the financial statements.
How did the new vehicle segment perform in the first half of 2024 compared to 2023?
The 10-Q provides comparative data for the 'NewVehicleMember' segment for the periods January 1, 2024 to June 30, 2024, and January 1, 2023 to June 30, 2023.
What is the company's primary business classification?
Asbury Automotive Group Inc. is classified under RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500].
When does Asbury Automotive Group's fiscal year end?
The company's fiscal year ends on December 31.
What is the filing number for this 10-Q report?
The SEC file number for this 10-Q report is 001-31262.
Filing Stats: 4,740 words · 19 min read · ~16 pages · Grade level 7.1 · Accepted 2024-08-09 16:29:19
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share ABG New York Stock
Filing Documents
- abg-20240630.htm (10-Q) — 2161KB
- ex311section302ceocertific.htm (EX-31.1) — 10KB
- ex312section302cfocertific.htm (EX-31.2) — 10KB
- ex321section906ceocertific.htm (EX-32.1) — 5KB
- ex322section906cfocertific.htm (EX-32.2) — 5KB
- 0001144980-24-000130.txt ( ) — 8734KB
- abg-20240630.xsd (EX-101.SCH) — 57KB
- abg-20240630_cal.xml (EX-101.CAL) — 100KB
- abg-20240630_def.xml (EX-101.DEF) — 261KB
- abg-20240630_lab.xml (EX-101.LAB) — 666KB
- abg-20240630_pre.xml (EX-101.PRE) — 463KB
- abg-20240630_htm.xml (XML) — 1309KB
—Financial Information
PART I—Financial Information Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 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 26 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.
Controls and Procedures
Controls and Procedures 51
—Other Information
PART II—Other Information Item 1.
Legal Proceedings
Legal Proceedings 52 Item 1.A.
Risk Factors
Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5. Other Information Item 6. Exhibits 53
Signatures
Signatures 54 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) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 67.2 $ 45.7 Short-term investments 10.5 6.2 Contracts-in-transit, net 210.2 279.7 Accounts receivable, net 235.2 226.1 Inventories, net 2,066.0 1,768.3 Assets held for sale 206.6 342.2 Other current assets 422.5 388.9 Total current assets 3,218.3 3,057.1 INVESTMENTS 337.6 326.7 PROPERTY AND EQUIPMENT, net 2,423.4 2,315.7 OPERATING LEASE RIGHT-OF-USE ASSETS 228.6 241.8 GOODWILL 2,010.4 2,009.0 INTANGIBLE FRANCHISE RIGHTS 1,957.1 2,095.8 OTHER LONG-TERM ASSETS 130.7 113.3 Total assets $ 10,306.0 $ 10,159.4 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Floor plan notes payable—trade, net $ 102.8 $ 195.1 Floor plan notes payable—non-trade, net 1,317.3 1,590.6 Current maturities of long-term debt 113.1 84.9 Current maturities of operating leases 26.9 26.2 Accounts payable and accrued liabilities 769.7 748.1 Deferred revenue—current 233.6 228.6 Liabilities associated with assets held for sale 2.0 2.1 Total current liabilities 2,565.5 2,875.7 LONG-TERM DEBT 3,488.2 3,121.2 LONG-TERM LEASE LIABILITY 209.3 222.1 DEFERRED REVENUE 525.8 508.1 DEFERRED INCOME TAXES 137.7 136.4 OTHER LONG-TERM LIABILITIES 48.8 51.7 COMMITMENTS AND CONTINGENCIES (Note 14) 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; 42,044,298 and 42,352,001 shares issued, including shares held in treasury, respectively 0.4 0.4 Additional paid-in capital 1,299.5 1,288.4 Retained earnings 3,048.7 2,961.5 Treasury stock, at cost; 22,064,198 and 22,018,537 shares, respectively ( 1,082.5 ) ( 1,067.3 ) Accumulated other comprehensive income 64.7 61.1 Total shareholder