Penske Automotive Group Files Q3 2024 10-Q
Ticker: PAG · Form: 10-Q · Filed: 2024-10-30T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, automotive, dealership
TL;DR
Penske Automotive Group's Q3 2024 10-Q is in. Check financials for retail and truck segments.
AI Summary
Penske Automotive Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial details and operational segments are presented, including information on their retail automotive and commercial truck dealership segments.
Why It Matters
This filing provides investors with an update on Penske Automotive Group's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's trajectory in the automotive retail sector.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- PENSKE AUTOMOTIVE GROUP, INC. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-10-30 (date) — Filing date
- 248-648-2500 (phone_number) — Company business phone
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 30, 2024.
What are the main business segments mentioned in the filing?
The filing mentions the Retail Automotive Dealership Segment and the Retail Commercial Truck Dealership Segment.
What is the company's fiscal year end?
Penske Automotive Group's fiscal year ends on December 31.
What is the company's Standard Industrial Classification code?
The SIC code is 5500, RETAIL-AUTO DEALERS & GASOLINE STATIONS.
Filing Stats: 4,736 words · 19 min read · ~16 pages · Grade level 7.4 · Accepted 2024-10-30 16:26:05
Key Financial Figures
- $0.0001 — stered Voting Common Stock , par value $0.0001 per share PAG New York Stock Exchange
Filing Documents
- pag-20240930.htm (10-Q) — 1820KB
- q3202410-qex22_1.htm (EX-22.1) — 44KB
- q3202410-qex31_1.htm (EX-31.1) — 9KB
- q3202410-qex31_2.htm (EX-31.2) — 9KB
- q3202410-qex32.htm (EX-32) — 6KB
- 0001019849-24-000121.txt ( ) — 7551KB
- pag-20240930.xsd (EX-101.SCH) — 51KB
- pag-20240930_cal.xml (EX-101.CAL) — 69KB
- pag-20240930_def.xml (EX-101.DEF) — 241KB
- pag-20240930_lab.xml (EX-101.LAB) — 575KB
- pag-20240930_pre.xml (EX-101.PRE) — 436KB
- pag-20240930_htm.xml (XML) — 977KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Consolidated Condensed Balance Sheets as of September 30, 2024, and December 31, 2023 3 Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Consolidated Condensed Statement of Equity for the three and nine months ended September 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 25
Quantitative & Qualitative Disclosures About Market Risk
Item 3. Quantitative & Qualitative Disclosures About Market Risk 55
Controls and Procedures
Item 4. Controls and Procedures 56
— OTHER INFORMATION
PART II — OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 57
Risk Factors
Item 1A. Risk Factors 57
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58
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 September 30, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share amounts) ASSETS Cash and cash equivalents $ 91.9 $ 96.4 Accounts receivable, net of allowance for doubtful accounts of $ 7.2 and $ 6.8 1,021.7 1,114.6 Inventories 4,822.4 4,293.1 Other current assets 242.8 175.6 Total current assets 6,178.8 5,679.7 Property and equipment, net 3,019.3 2,765.2 Operating lease right-of-use assets 2,505.9 2,405.5 Goodwill 2,405.7 2,234.9 Other indefinite-lived intangible assets 1,013.2 748.2 Equity method investments 1,849.6 1,774.9 Other long-term assets 92.9 63.1 Total assets $ 17,065.4 $ 15,671.5 LIABILITIES AND EQUITY Floor plan notes payable $ 2,660.6 $ 2,255.6 Floor plan notes payable — non-trade 1,513.7 1,515.9 Accounts payable 926.7 866.9 Accrued expenses and other current liabilities 907.5 809.8 Current portion of long-term debt 745.8 209.7 Total current liabilities 6,754.3 5,657.9 Long-term debt 1,132.2 1,419.5 Long-term operating lease liabilities 2,436.6 2,336.0 Deferred tax liabilities 1,243.6 1,231.7 Other long-term liabilities 264.7 270.8 Total liabilities 11,831.4 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; 66,767,618 shares issued and outstanding at September 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 7.0 — Retained earnings 5,408.7 4,990.3 Accumulated other comprehensive income (loss) ( 212.4 ) ( 26