Asbury Automotive Group Q3 2024 10-Q Filing
Ticker: ABG · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1144980
Sentiment: neutral
Topics: 10-Q, automotive, financials, quarterly-report
TL;DR
ABG 10-Q filed: Q3 & YTD results out. Check financials for new/used cars & service.
AI Summary
Asbury 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 year, detailing financial performance across its new vehicle, used vehicle, and parts and service segments. Specific financial figures for revenue, net income, and other key performance indicators for these periods are presented within the report.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational details for Asbury Automotive Group, crucial for understanding the company's performance in the automotive retail sector.
Risk Assessment
Risk Level: medium — The automotive retail sector is subject to economic fluctuations, interest rate changes, and supply chain disruptions, all of which can impact Asbury's financial performance.
Key Players & Entities
- ASBURY AUTOMOTIVE GROUP INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241030 (date) — Filing Date
- 2024-01-01 (date) — Year-to-date period start
- 2024-09-30 (date) — Year-to-date period end
- 2024-07-01 (date) — Q3 period start
- 2024-09-30 (date) — Q3 period end
FAQ
What was Asbury Automotive Group's reported revenue for the nine months ended September 30, 2024?
The filing indicates the period from 2024-01-01 to 2024-09-30, which represents the first nine months of the year. Specific revenue figures would be detailed within the financial statements of the 10-Q.
How did the new vehicle segment perform in the third quarter of 2024 compared to the third quarter of 2023?
The filing covers the periods 2024-07-01 to 2024-09-30 and 2023-07-01 to 2023-09-30 for the new vehicle segment. Detailed performance metrics are available in the report.
What is the fiscal year-end for Asbury Automotive Group?
Asbury Automotive Group's fiscal year ends on 1231.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on 20241030.
What are the main business segments reported by Asbury Automotive Group?
The filing references segments including new vehicle dealerships, used vehicle sales, and parts and service operations.
Filing Stats: 4,848 words · 19 min read · ~16 pages · Grade level 6.6 · Accepted 2024-10-30 16:17:45
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share ABG New York Stock
Filing Documents
- abg-20240930.htm (10-Q) — 2278KB
- ex311section302ceocertific.htm (EX-31.1) — 10KB
- ex312section302cfocertific.htm (EX-31.2) — 10KB
- ex321section906ceocertific.htm (EX-32.1) — 5KB
- ex322section906cfocertific.htm (EX-32.2) — 5KB
- 0001144980-24-000148.txt ( ) — 9208KB
- abg-20240930.xsd (EX-101.SCH) — 58KB
- abg-20240930_cal.xml (EX-101.CAL) — 101KB
- abg-20240930_def.xml (EX-101.DEF) — 269KB
- abg-20240930_lab.xml (EX-101.LAB) — 691KB
- abg-20240930_pre.xml (EX-101.PRE) — 480KB
- abg-20240930_htm.xml (XML) — 1386KB
—Financial Information
PART I—Financial Information Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 52 Item 4.
Controls and Procedures
Controls and Procedures 52
—Other Information
PART II—Other Information Item 1.
Legal Proceedings
Legal Proceedings 53 Item 1.A.
Risk Factors
Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 5. Other Information 54 Item 6. Exhibits 55
Signatures
Signatures 56 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) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 60.3 $ 45.7 Short-term investments 9.0 6.2 Contracts-in-transit, net 203.9 279.7 Accounts receivable, net 256.6 226.1 Inventories, net 2,030.8 1,768.3 Assets held for sale 162.8 342.2 Other current assets 381.1 388.9 Total current assets 3,104.5 3,057.1 INVESTMENTS 321.8 326.7 PROPERTY AND EQUIPMENT, net 2,442.7 2,315.7 OPERATING LEASE RIGHT-OF-USE ASSETS 222.4 241.8 GOODWILL 2,011.3 2,009.0 INTANGIBLE FRANCHISE RIGHTS 1,956.7 2,095.8 OTHER LONG-TERM ASSETS 114.1 113.3 Total assets $ 10,173.6 $ 10,159.4 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Floor plan notes payable—trade, net $ 307.2 $ 195.1 Floor plan notes payable—non-trade, net 1,178.8 1,590.6 Current maturities of long-term debt 83.4 84.9 Current maturities of operating leases 26.4 26.2 Accounts payable and accrued liabilities 761.1 748.1 Deferred revenue—current 235.4 228.6 Liabilities associated with assets held for sale 2.0 2.1 Total current liabilities 2,594.2 2,875.7 LONG-TERM DEBT 3,299.5 3,121.2 LONG-TERM LEASE LIABILITY 204.0 222.1 DEFERRED REVENUE 528.4 508.1 DEFERRED INCOME TAXES 132.6 136.4 OTHER LONG-TERM LIABILITIES 52.7 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; 41,652,707 and 42,352,001 shares issued, including shares held in treasury, respectively 0.4 0.4 Additional paid-in capital 1,299.7 1,288.4 Retained earnings 3,090.9 2,961.5 Treasury stock, at cost; 22,065,248 and 22,018,537 shares, respectively ( 1,079.1 ) ( 1,067.3 ) Accumulated other comprehensive income 50.5 61.1 Total sharehol