First quarter EPS of $10.38 per diluted share, up 117% over prior year
First quarter adjusted EPS of $9.27 per diluted share (a non-GAAP measure), up 98% over prior year
First quarter revenue increased 78% and gross profit increased 107% over prior year quarter; operating margin of 8.2% rose 200 bps year-over-year
First quarter SG&A as a percentage of gross profit decreased 520 bps over prior year to 57.5%
First quarter adjusted EBITDA (a non-GAAP measure) increased 139% to $336 million
New $200 million share repurchase authorization
DULUTH, Ga.--(BUSINESS WIRE)--Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record first quarter 2022 net income of $237.7 million ($10.38 per diluted share), an increase of 156% from $92.8 million ($4.78 per diluted share) in the prior year quarter.
“In the first quarter, our legacy Asbury and recently acquired stores contributed to the Company generating all-time record adjusted EBITDA, which increased 139% to $336 million. We are excited about our expanded dealership portfolio and our team members, all of whom have done an outstanding job. The strategic fit of the acquisitions we made in 2021 is clear and we believe that we are now on pace to generate $16 billion in revenue in 2022, a 63% increase over 2021. We have updated our strategic growth plan to reflect our new target of $32 billion in revenue in 2025. Our first quarter results reaffirm our belief that we can achieve our updated 2025 plan,” said David Hult, Asbury’s President and Chief Executive Officer.
“We see tremendous opportunity ahead of us as we roll out Clicklane to our acquired dealerships and integrate Total Care Auto, Powered by Landcar, or TCA, into the legacy Asbury stores. We expect these actions, along with a more optimized dealership portfolio, will allow Asbury to expand its market share, increase productivity and improve the purchasing, servicing and ownership experience of our guests.”
The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.
First quarter 2022 adjusted net income, a non-GAAP measure, increased 134% year-over-year to $212.2 million ($9.27 per diluted share) compared to adjusted net income of $90.7 million ($4.68 per diluted share) in first quarter 2021. Adjusted net income for first quarter 2022 excludes gains, net of tax, of $25.5 million ($1.11 per diluted share) related to a $33.1 million ($1.08 per diluted share) gain on the sale of four dealerships and a $0.9 million ($0.03 per diluted share) sale-leaseback real estate gain.
Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share), and other real estate related charges of $1.8 million ($0.07 per diluted share).
First Quarter 2022 Operational Summary
Total company vs. 1st Quarter 2021:
Same store (dealership only) vs. 1st Quarter 2021:
Clicklane metrics:
Year-to-date, the Company has completed seven planned divestitures, including four that closed in the first quarter, and received $327 million in proceeds.
Liquidity and Leverage
The Company generated $409 million in operating cash flow enabling the pay down of $374 million in debt and used vehicle floorplan during the first quarter. As of March 31, 2022, the Company had cash of $147 million (which excludes $138 million of cash at TCA), floorplan offset accounts of $27 million and availability under the used vehicle floorplan line and revolver of $632 million for a total of approximately $805 million in liquidity. The Company’s adjusted net leverage ratio was 2.2x at quarter end compared to 2.7x at the end of 2021.
Share Repurchase
During the first quarter, the Company repurchased 1.1 million shares for $200.0 million, which completed the previously authorized $200.0 million share repurchase authorization. On April 27, 2022, Asbury’s Board of Directors authorized a new common stock share repurchase authorization of up to $200.0 million. The shares may be purchased from time to time in the open market, in privately negotiated transactions or in other manners as permitted by federal securities laws and other legal and contractual requirements. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchase will depend on such factors as Asbury’s stock price, general economic and market conditions, the potential impact on its capital structure, the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments and other considerations. The program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without further notice.
Corporate Responsibility Report
The Company recently released its inaugural Corporate Responsibility Report on its website, asburyauto.com, to present our Environmental, Social and Governance (“ESG”) commitments and related initiatives.
2025 Strategic Growth Plan
The Company provided an update to its 2025 Strategic Growth Plan within its first quarter 2022 investor presentation on its website and will provide commentary on it during its earnings call. Unless otherwise specified, information contained on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Additional commentary regarding the first quarter results will be provided during the earnings conference call on Thursday, April 28, 2022, at 10:00 a.m. ET.
The conference call will be simulcast live on the internet and can be accessed by logging onto www.asburyauto.com/company/investor-relations. A replay will be available on this site for 30 days.
In addition, live audio of the call will be accessible to the public by calling (888) 221-3881 (domestic) or (646) 828-8193 (international); confirmation code – 2312348. Callers should dial in approximately 5 to 10 minutes before the call begins.
A conference call replay will be available two hours following the call for seven days and can be accessed by calling (888) 203-1112 (domestic) or (719) 457-0820 (international); passcode – 2312348.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a five-year plan to increase revenue and profitability strategically through organic and acquisitive growth as well as their innovative Clicklane digital vehicle purchasing platform, with its guest-centric approach as Asbury’s constant North Star. Asbury currently operates 148 new vehicle dealerships in 15 states, consisting of 198 franchises, representing 31 brands of vehicles, and 7 stand-alone used vehicle dealerships. Asbury also operates 35 collision repair centers, an auto auction, a used vehicle wholesale business and Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance.
For additional information, visit www.asburyauto.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position and dealership portfolio, revenue enhancement strategies, operational improvements, projections regarding the expected benefits of Clicklane, management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, business strategy and expectations of our management with respect to, among other things: changes in general economic and business conditions, including increases in interest rates and rising fuel prices, any impact of COVID-19 on the automotive industry in general, the automotive retail industry in particular and our customers, suppliers, vendors and business partners; our relationships with vehicle manufacturers; our ability to maintain our margins; operating cash flows and availability of capital; capital expenditures; the amount of our indebtedness; the completion of any future acquisitions and divestitures; future return targets; future annual savings; general economic trends, including consumer confidence levels, interest rates, and fuel prices; and automotive retail industry trends. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, our inability to realize the benefits expected from recently completed transactions; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any impact from the COVID-19 pandemic on our industry and business, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God, acts of war or other incidents and the shortage of semiconductor chips and other components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, including changes in automotive state franchise laws, adverse results in litigation and other proceedings, and Asbury's ability to execute its strategic and operational strategies and initiatives, including its five-year strategic plan, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
ASBURY AUTOMOTIVE GROUP, INC. |
||||||||||
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
REVENUE: |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
501.9 |
|
|
|
262.0 |
|
|
92 |
% |
Finance and insurance |
|
203.4 |
|
|
|
88.3 |
|
|
130 |
% |
TOTAL REVENUE |
|
3,911.8 |
|
|
|
2,192.9 |
|
|
78 |
% |
COST OF SALES: |
|
|
|
|
|
|||||
New vehicle |
|
1,631.6 |
|
|
|
1,076.2 |
|
|
52 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,121.1 |
|
|
|
560.0 |
|
|
100 |
% |
Wholesale |
|
130.5 |
|
|
|
75.1 |
|
|
74 |
% |
Total used vehicle |
|
1,251.6 |
|
|
|
635.1 |
|
|
97 |
% |
Parts and service |
|
225.4 |
|
|
|
98.9 |
|
|
128 |
% |
Finance and insurance |
|
11.2 |
|
|
|
— |
|
|
— |
% |
TOTAL COST OF SALES |
|
3,119.8 |
|
|
|
1,810.2 |
|
|
72 |
% |
GROSS PROFIT |
|
792.0 |
|
|
|
382.7 |
|
|
107 |
% |
OPERATING EXPENSES: |
|
|
|
|
|
|||||
Selling, general and administrative |
|
455.5 |
|
|
|
239.8 |
|
|
90 |
% |
Depreciation and amortization |
|
18.4 |
|
|
|
9.8 |
|
|
88 |
% |
Other operating income, net |
|
(2.7 |
) |
|
|
(3.2 |
) |
|
(16 |
) % |
INCOME FROM OPERATIONS |
|
320.8 |
|
|
|
136.3 |
|
|
135 |
% |
OTHER EXPENSES: |
|
|
|
|
|
|||||
Floor plan interest expense |
|
2.6 |
|
|
|
2.9 |
|
|
(10 |
) % |
Other interest expense, net |
|
37.6 |
|
|
|
14.0 |
|
|
169 |
% |
Gain on dealership divestitures, net |
|
(33.1 |
) |
|
|
— |
|
|
— |
% |
Total other expenses, net |
|
7.1 |
|
|
|
16.9 |
|
|
(58 |
) % |
INCOME BEFORE INCOME TAXES |
|
313.7 |
|
|
|
119.4 |
|
|
163 |
% |
Income tax expense |
|
76.0 |
|
|
|
26.6 |
|
|
186 |
% |
NET INCOME |
$ |
237.7 |
|
|
$ |
92.8 |
|
|
156 |
% |
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|||||
Basic— |
|
|
|
|
|
|||||
Net income |
$ |
10.43 |
|
|
$ |
4.81 |
|
|
117 |
% |
Diluted— |
|
|
|
|
|
|||||
Net income |
$ |
10.38 |
|
|
$ |
4.78 |
|
|
117 |
% |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|||||
Basic |
|
22.8 |
|
|
|
19.3 |
|
|
|
|
Restricted stock |
|
— |
|
|
|
0.1 |
|
|
|
|
Performance share units |
|
0.1 |
|
|
|
— |
|
|
|
|
Diluted |
|
22.9 |
|
|
|
19.4 |
|
|
|
|
ASBURY AUTOMOTIVE GROUP, INC. |
||||||||||||
Additional Disclosures-Consolidated (In millions) |
||||||||||||
(Unaudited) |
||||||||||||
|
March 31,
|
|
December 31,
|
|
Increase
|
|
% Change |
|||||
SELECTED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
284.3 |
|
$ |
178.9 |
|
$ |
105.4 |
|
|
59 |
% |
Inventory, net (a) |
|
701.1 |
|
|
718.4 |
|
|
(17.3 |
) |
|
(2 |
) % |
Total current assets |
|
1,813.9 |
|
|
1,929.4 |
|
|
(115.5 |
) |
|
(6 |
) % |
Floor plan notes payable (b) |
|
398.6 |
|
|
564.5 |
|
|
(165.9 |
) |
|
(29 |
) % |
Total current liabilities |
|
1,584.8 |
|
|
1,598.0 |
|
|
(13.2 |
) |
|
(1 |
) % |
CAPITALIZATION: |
|
|
|
|
|
|
|
|||||
Long-term debt (including current portion) (c) |
$ |
3,403.3 |
|
$ |
3,582.6 |
|
$ |
(179.3 |
) |
|
(5 |
) % |
Shareholders' equity |
|
2,182.5 |
|
|
2,115.5 |
|
|
67.0 |
|
|
3 |
% |
Total |
$ |
5,585.8 |
|
$ |
5,698.1 |
|
$ |
(112.3 |
) |
|
(2 |
) % |
_____________________________ |
|
(a) |
Excludes $11.6 million and $24.1 million of Inventory classified as Assets held for sale as of March 31, 2022 and December 31, 2021, respectively |
(b) |
Excluding $2.6 and $9.1 million of Floor plan notes payable classified as Liabilities associated with assets held for sale as of March 31, 2022 and December 31, 2021, respectively |
(c) |
Excluding $3.3 million of Debt classified as Liabilities associated with assets held for sale as of March 31, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
Day Supply |
|
|
|
|
|
New vehicle inventory |
10 |
|
8 |
|
34 |
Used vehicle inventory |
28 |
|
34 |
|
27 |
_____________________________ |
Days supply of inventory is calculated based on new and used inventory levels at the end of each reporting period and a 30-day historical cost of sales. |
Brand Mix - New Vehicle Revenue by Brand |
|||||
|
For the Three Months
|
||||
|
2022 |
|
2021 |
||
Luxury |
|
|
|
||
Lexus |
10 |
% |
|
12 |
% |
Mercedes-Benz |
7 |
% |
|
12 |
% |
BMW |
3 |
% |
|
5 |
% |
Acura |
2 |
% |
|
4 |
% |
Land Rover |
1 |
% |
|
3 |
% |
Porsche |
1 |
% |
|
2 |
% |
Audi |
1 |
% |
|
2 |
% |
Other luxury |
4 |
% |
|
5 |
% |
Total luxury |
29 |
% |
|
45 |
% |
Imports |
|
|
|
||
Toyota |
18 |
% |
|
12 |
% |
Honda |
10 |
% |
|
15 |
% |
Nissan |
4 |
% |
|
5 |
% |
Hyundai |
5 |
% |
|
2 |
% |
Other imports |
4 |
% |
|
4 |
% |
Total imports |
41 |
% |
|
38 |
% |
Domestic |
|
|
|
||
Chrysler, Dodge, Jeep, Ram |
18 |
% |
|
6 |
% |
Ford |
8 |
% |
|
6 |
% |
Chevrolet, Buick, GMC |
4 |
% |
|
5 |
% |
Total domestic |
30 |
% |
|
17 |
% |
Total New Vehicle Revenue |
100 |
% |
|
100 |
% |
|
For the Three Months
|
||||
|
2022 |
|
2021 |
||
Revenue mix |
|
|
|
||
New vehicle |
47.4 |
% |
|
52.5 |
% |
Used vehicle retail |
31.2 |
% |
|
27.8 |
% |
Used vehicle wholesale |
3.4 |
% |
|
3.8 |
% |
Parts and service |
12.8 |
% |
|
11.9 |
% |
Finance and insurance |
5.2 |
% |
|
4.0 |
% |
Total revenue |
100.0 |
% |
|
100.0 |
% |
Gross profit mix |
|
|
|
||
New vehicle |
28.3 |
% |
|
19.7 |
% |
Used vehicle retail |
12.1 |
% |
|
12.4 |
% |
Used vehicle wholesale |
0.4 |
% |
|
2.2 |
% |
Parts and service |
34.9 |
% |
|
42.6 |
% |
Finance and insurance |
24.3 |
% |
|
23.1 |
% |
Total gross profit |
100.0 |
% |
|
100.0 |
% |
ASBURY AUTOMOTIVE GROUP, INC. |
||||||||||
STATEMENTS OF INCOME-CONSOLIDATED (In millions) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
501.9 |
|
|
|
262.0 |
|
|
92 |
% |
Finance and insurance |
|
203.4 |
|
|
|
88.3 |
|
|
130 |
% |
Total Revenue |
|
3,911.8 |
|
|
|
2,192.9 |
|
|
78 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
224.0 |
|
|
$ |
75.5 |
|
|
197 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
95.8 |
|
|
|
47.5 |
|
|
102 |
% |
Wholesale |
|
3.5 |
|
|
|
8.3 |
|
|
(58 |
) % |
Total used vehicle |
|
99.3 |
|
|
|
55.8 |
|
|
78 |
% |
Parts and service |
|
276.5 |
|
|
|
163.1 |
|
|
70 |
% |
Finance and insurance |
|
192.2 |
|
|
|
88.3 |
|
|
118 |
% |
Total gross profit |
|
792.0 |
|
|
|
382.7 |
|
|
107 |
% |
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
|
455.5 |
|
|
|
239.8 |
|
|
90 |
% |
Operating metrics |
|
|
|
|
|
|||||
SG&A as a percentage of gross profit |
|
57.5 |
% |
|
|
62.7 |
% |
|
(520) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
57.5 |
% |
|
|
62.7 |
% |
|
(520) bps |
|
Income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
6.2 |
% |
|
200 bps |
|
Income from operations as a percentage of gross profit |
|
40.5 |
% |
|
|
35.6 |
% |
|
490 bps |
|
Adjusted income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
6.1 |
% |
|
210 bps |
|
Adjusted income from operations as a percentage of gross profit |
|
40.4 |
% |
|
|
34.9 |
% |
|
550 bps |
|
Finance and insurance average gross profit per unit |
|
2,481 |
|
|
|
1,739 |
|
|
43 |
% |
Total Parts and service gross margin |
|
55.1 |
% |
|
|
62.3 |
% |
|
(720) bps |
|
Total gross profit margin |
|
20.2 |
% |
|
|
17.5 |
% |
|
270 bps |
|
ASBURY AUTOMOTIVE GROUP, INC. |
||||||||||
STATEMENTS OF INCOME-DEALERSHIPS (In millions) |
||||||||||
(unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
509.8 |
|
|
|
262.0 |
|
|
95 |
% |
Finance and insurance, net |
|
177.9 |
|
|
|
88.3 |
|
|
101 |
% |
Total Revenue |
|
3,894.2 |
|
|
|
2,192.9 |
|
|
78 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
224.0 |
|
|
$ |
75.5 |
|
|
197 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
95.8 |
|
|
|
47.5 |
|
|
102 |
% |
Wholesale |
|
3.5 |
|
|
|
8.3 |
|
|
(58 |
) % |
Total used vehicle |
|
99.3 |
|
|
|
55.8 |
|
|
78 |
% |
Parts and service |
|
280.2 |
|
|
|
163.1 |
|
|
72 |
% |
Finance and insurance, net |
|
177.9 |
|
|
|
88.3 |
|
|
101 |
% |
Total gross profit |
|
781.4 |
|
|
|
382.7 |
|
|
104 |
% |
Unit sales |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
|
8,257 |
|
|
|
8,511 |
|
|
(3 |
) % |
Import |
|
20,678 |
|
|
|
14,377 |
|
|
44 |
% |
Domestic |
|
10,239 |
|
|
|
4,371 |
|
|
134 |
% |
Total new vehicle |
|
39,174 |
|
|
|
27,259 |
|
|
44 |
% |
Used vehicle retail |
|
38,306 |
|
|
|
23,519 |
|
|
63 |
% |
Used to new ratio |
|
97.8 |
% |
|
|
86.3 |
% |
|
|
|
Average selling price |
|
|
|
|
|
|||||
New vehicle |
$ |
47,368 |
|
|
$ |
42,250 |
|
|
12 |
% |
Used vehicle retail |
|
31,768 |
|
|
|
25,830 |
|
|
23 |
% |
Average gross profit per unit |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
$ |
8,575 |
|
|
$ |
5,252 |
|
|
63 |
% |
Import |
|
4,618 |
|
|
|
1,259 |
|
|
267 |
% |
Domestic |
|
5,635 |
|
|
|
2,906 |
|
|
94 |
% |
Total new vehicle |
|
5,718 |
|
|
|
2,770 |
|
|
106 |
% |
Used vehicle retail |
|
2,501 |
|
|
|
2,020 |
|
|
24 |
% |
Finance and insurance |
|
2,296 |
|
|
|
1,739 |
|
|
32 |
% |
Front end yield (1) |
|
6,424 |
|
|
|
4,161 |
|
|
54 |
% |
Gross margin |
|
|
|
|
|
|||||
New vehicle |
|
12.1 |
% |
|
|
6.6 |
% |
|
550 bps |
|
Used vehicle retail |
|
7.9 |
% |
|
|
7.8 |
% |
|
10 bps |
|
Parts and service |
|
55.0 |
% |
|
|
62.3 |
% |
|
(730) bps |
|
Total gross profit margin |
|
20.1 |
% |
|
|
17.5 |
% |
|
260 bps |
|
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
|
462.1 |
|
|
|
239.8 |
|
|
93 |
% |
Adjusted Selling, general and administrative |
|
462.1 |
|
|
|
239.8 |
|
|
93 |
% |
SG&A as a percentage of gross profit |
|
59.1 |
% |
|
|
62.7 |
% |
|
(360) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
59.1 |
% |
|
|
62.7 |
% |
|
(360) bps |
_____________________________ |
||
(1) |
Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
|
ASBURY AUTOMOTIVE GROUP, INC. |
||||||||||
SAME STORE OPERATING HIGHLIGHTS-DEALERSHIPS (In millions) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,028.4 |
|
|
$ |
1,137.3 |
|
|
(10 |
) % |
Used Vehicle: |
|
|
|
|
|
|||||
Retail |
|
789.9 |
|
|
|
597.6 |
|
|
32 |
% |
Wholesale |
|
52.5 |
|
|
|
82.9 |
|
|
(37 |
) % |
Total used vehicle |
|
842.4 |
|
|
|
680.5 |
|
|
24 |
% |
Parts and service |
|
295.1 |
|
|
|
258.7 |
|
|
14 |
% |
Finance and insurance |
|
109.9 |
|
|
|
87.4 |
|
|
26 |
% |
Total revenue |
$ |
2,275.8 |
|
|
$ |
2,163.9 |
|
|
5 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
124.5 |
|
|
$ |
74.4 |
|
|
67 |
% |
Used Vehicle: |
|
|
|
|
|
|||||
Retail |
|
54.8 |
|
|
|
46.8 |
|
|
17 |
% |
Wholesale |
|
0.7 |
|
|
|
8.2 |
|
|
(91 |
) % |
Total used vehicle |
|
55.5 |
|
|
|
55.0 |
|
|
1 |
% |
Parts and service |
|
176.3 |
|
|
|
160.8 |
|
|
10 |
% |
Finance and insurance |
|
109.9 |
|
|
|
87.4 |
|
|
26 |
% |
Total gross profit |
$ |
466.2 |
|
|
$ |
377.6 |
|
|
23 |
% |
Unit sales |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
|
6,867 |
|
|
|
8,259 |
|
|
(17 |
) % |
Import |
|
11,638 |
|
|
|
14,377 |
|
|
(19 |
) % |
Domestic |
|
3,146 |
|
|
|
4,371 |
|
|
(28 |
) % |
Total new vehicle |
|
21,651 |
|
|
|
27,007 |
|
|
(20 |
) % |
Used vehicle retail |
|
24,597 |
|
|
|
23,175 |
|
|
6 |
% |
Used to new ratio |
|
113.6 |
% |
|
|
85.8 |
% |
|
|
|
Average selling price |
|
|
|
|
|
|||||
New vehicle |
$ |
47,499 |
|
|
$ |
42,111 |
|
|
13 |
% |
Used vehicle retail |
|
32,114 |
|
|
|
25,786 |
|
|
25 |
% |
Average gross profit per unit |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
$ |
8,446 |
|
|
$ |
5,255 |
|
|
61 |
% |
Import |
|
4,365 |
|
|
|
1,266 |
|
|
245 |
% |
Domestic |
|
4,990 |
|
|
|
2,928 |
|
|
70 |
% |
Total new vehicle |
|
5,750 |
|
|
|
2,755 |
|
|
109 |
% |
Used vehicle retail |
|
2,228 |
|
|
|
2,019 |
|
|
10 |
% |
Finance and insurance |
|
2,376 |
|
|
|
1,742 |
|
|
36 |
% |
Front end yield (1) |
|
6,253 |
|
|
|
4,157 |
|
|
50 |
% |
Gross margin |
|
|
|
|
|
|||||
Total new vehicle |
|
12.1 |
% |
|
|
6.5 |
% |
|
560 bps |
|
Used vehicle retail |
|
6.9 |
% |
|
|
7.8 |
% |
|
(90) bps |
|
Parts and service |
|
59.7 |
% |
|
|
62.2 |
% |
|
(250) bps |
|
Total gross profit margin |
|
20.5 |
% |
|
|
17.4 |
% |
|
310 bps |
|
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
$ |
269.5 |
|
|
$ |
237.0 |
|
|
14 |
% |
Adjusted Selling, general and administrative |
$ |
269.5 |
|
|
$ |
237.0 |
|
|
14 |
% |
SG&A as a percentage of gross profit |
|
57.8 |
% |
|
|
62.8 |
% |
|
(500) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
57.8 |
% |
|
|
62.8 |
% |
|
(500) bps |
|
_____________________________ |
|
(1) | Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
|
ASBURY AUTOMOTIVE GROUP, INC. |
|||||||||
SEGMENT REPORTING | |||||||||
(Unaudited) |
|||||||||
|
Three Months Ended March 31, 2022 |
||||||||
|
Dealerships |
|
TCA After
|
|
Total Company |
||||
|
(In millions) |
||||||||
Revenue |
|
|
|
|
|
||||
New |
$ |
1,855.6 |
|
$ |
— |
|
|
$ |
1,855.6 |
Used |
|
1,350.9 |
|
|
— |
|
|
|
1,350.9 |
Parts and service |
|
509.8 |
|
|
(7.9 |
) |
|
|
501.9 |
Finance and insurance |
|
177.9 |
|
|
25.5 |
|
|
|
203.4 |
Total revenue |
|
3,894.2 |
|
|
17.6 |
|
|
|
3,911.8 |
Cost of sales |
|
|
|
|
|
||||
New |
|
1,631.6 |
|
|
— |
|
|
|
1,631.6 |
Used |
|
1,251.6 |
|
|
— |
|
|
|
1,251.6 |
Parts and service |
|
229.6 |
|
|
(4.2 |
) |
|
|
225.4 |
Finance and insurance |
|
— |
|
|
11.2 |
|
|
|
11.2 |
Total cost of sales |
|
3,112.8 |
|
|
7.0 |
|
|
|
3,119.8 |
Gross profit |
|
|
|
|
|
||||
New |
|
224.0 |
|
|
— |
|
|
|
224.0 |
Used |
|
99.3 |
|
|
— |
|
|
|
99.3 |
Parts and service |
|
280.2 |
|
|
(3.7 |
) |
|
|
276.5 |
Finance and insurance |
|
177.9 |
|
|
14.3 |
|
|
|
192.2 |
Total gross profit |
|
781.4 |
|
|
10.6 |
|
|
|
792.0 |
Selling, general and administrative |
|
462.1 |
|
|
(6.6 |
) |
|
|
455.5 |
Income from operations |
|
304.9 |
|
|
15.9 |
|
|
|
320.8 |
ASBURY AUTOMOTIVE GROUP INC. |
Supplemental Disclosures |
(Unaudited) |
Non-GAAP Financial Disclosure and Reconciliation
In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Pro forma adjusted leverage ratio," "Adjusted income from operations," "Adjusted net income," "Adjusted operating margins," "Adjusted EBITA" and "Adjusted diluted earnings per share ("EPS")." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations. Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations, or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance.
The following tables provide reconciliations for our non-GAAP metrics: |
|||||||||||||||
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
|
March 31, 2022 |
|
December 31, 2021 |
||||||||
|
(Dollars in millions) |
||||||||||||||
Adjusted leverage ratio: |
|
|
|
|
|
|
|
||||||||
Long-term debt (including current portion and held for sale) |
|
|
|
|
$ |
3,406.6 |
|
|
$ |
3,582.6 |
|
||||
Cash and floor plan offset |
|
|
|
|
|
(310.9 |
) |
|
|
(272.9 |
) |
||||
TCA restricted cash |
|
|
|
|
|
137.7 |
|
|
|
127.3 |
|
||||
Availability under our used vehicle revolving floor plan facility |
|
|
|
|
|
(192.8 |
) |
|
|
(20.6 |
) |
||||
Adjusted long-term net debt |
|
|
|
|
$ |
3,040.6 |
|
|
$ |
3,416.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): |
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
237.7 |
|
|
$ |
92.8 |
|
|
$ |
677.3 |
|
|
$ |
532.4 |
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
18.4 |
|
|
|
9.8 |
|
|
|
50.5 |
|
|
|
41.9 |
|
Income tax expense |
|
76.0 |
|
|
|
26.6 |
|
|
|
214.7 |
|
|
|
165.3 |
|
Swap and other interest expense |
|
37.6 |
|
|
|
14.0 |
|
|
|
118.2 |
|
|
|
94.5 |
|
Earnings before interest, taxes, depreciation and amortization ("EBITDA") |
$ |
369.7 |
|
|
$ |
143.2 |
|
|
$ |
1,060.7 |
|
|
$ |
834.1 |
|
|
|
|
|
|
|
|
|
||||||||
Non-core items - expense (income): |
|
|
|
|
|
|
|
||||||||
Gain on dealership divestitures |
$ |
(33.1 |
) |
|
$ |
— |
|
|
$ |
(41.0 |
) |
|
$ |
(8.0 |
) |
Legal settlements |
|
— |
|
|
|
(3.5 |
) |
|
|
— |
|
|
|
(3.5 |
) |
Gain on sale of real estate |
|
(0.9 |
) |
|
|
(1.1 |
) |
|
|
(1.7 |
) |
|
|
(1.9 |
) |
Professional fees associated with acquisitions |
|
— |
|
|
|
— |
|
|
|
4.9 |
|
|
|
4.9 |
|
Real estate-related charges |
|
— |
|
|
|
1.8 |
|
|
|
0.3 |
|
|
|
2.1 |
|
Total non-core items |
|
(34.0 |
) |
|
|
(2.8 |
) |
|
|
(37.5 |
) |
|
|
(6.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
335.7 |
|
|
$ |
140.4 |
|
|
$ |
1,023.2 |
|
|
$ |
827.7 |
|
|
|
|
|
|
|
|
|
||||||||
Pro forma impact of acquisition and divestitures on EBITDA |
|
|
|
|
$ |
330.7 |
|
|
$ |
440.4 |
|
||||
Pro forma Adjusted EBITDA |
|
|
|
|
$ |
1,353.9 |
|
|
$ |
1,268.1 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Pro forma Adjusted net leverage ratio |
|
|
|
|
|
2.2 |
|
|
|
2.7 |
|
||||
|
Three Months Ended March 31, 2022 |
|||||||||||||||||
|
GAAP |
|
Gain on
|
|
Real estate
|
|
Income tax
|
|
Non-GAAP
|
|||||||||
Selling, general and administrative |
$ |
455.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
455.5 |
|
Income from operations |
|
320.8 |
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
— |
|
|
319.9 |
|
Net income |
|
237.7 |
|
|
|
(33.1 |
) |
|
|
(0.9 |
) |
|
|
8.5 |
|
|
212.2 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common share outstanding - diluted |
|
22.9 |
|
|
|
|
|
|
|
|
|
22.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted EPS |
$ |
10.38 |
|
|
|
(1.44 |
) |
|
|
(0.04 |
) |
|
|
0.37 |
|
$ |
9.27 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SG&A as a percent of gross profit |
|
57.5 |
% |
|
|
|
|
|
|
|
|
57.5 |
% |
|||||
Income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
|
|
|
|
|
|
8.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Dealerships: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative |
$ |
462.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
462.1 |
|
SG&A as a percent of gross profit |
|
59.1 |
% |
|
|
|
|
|
|
|
|
59.1 |
% |
|||||
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||||
|
GAAP |
|
Legal
|
|
Real estate
|
|
Real estate
|
|
Income tax
|
|
Non-GAAP
|
||||||||||||
Selling, general and administrative |
$ |
239.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239.8 |
|
Income from operations |
|
136.3 |
|
|
|
(3.5 |
) |
|
|
(1.1 |
) |
|
|
1.8 |
|
|
|
— |
|
|
|
133.5 |
|
Net income |
$ |
92.8 |
|
|
|
(3.5 |
) |
|
|
(1.1 |
) |
|
|
1.8 |
|
|
|
0.7 |
|
|
|
90.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average common share outstanding - diluted |
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
19.4 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS |
$ |
4.78 |
|
|
|
(0.18 |
) |
|
|
(0.05 |
) |
|
|
0.09 |
|
|
|
0.04 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as a percent of gross profit |
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
62.7 |
% |
||||||||
Income from operations as a percentage of revenue |
|
6.2 |
% |
|
|
(0.1 |
) % |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dealerships: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative |
$ |
239.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239.8 |
|
SG&A as a percent of gross profit |
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
62.7 |
% |
Прибыль на акцию за первый квартал составила $10,38 на разводненную акцию, что на 117% больше, чем годом ранее
Скорректированная прибыль на акцию за первый квартал составила 9,27 доллара на разводненную акцию (показатель, не учитывающий ОПБУ), что на 98% больше, чем в предыдущем году
Выручка в первом квартале увеличилась на 78%, а валовая прибыль увеличилась на 107% по сравнению с предыдущим кварталом; операционная маржа в размере 8,2% выросла на 200 базисных пунктов в годовом исчислении.
Доля SG&A в валовой прибыли за первый квартал снизилась на 520 базисных пунктов по сравнению с предыдущим годом до 57,5%
Скорректированная EBITDA за первый квартал (показатель, не учитывающий GAAP) увеличилась на 139% до 336 миллионов долларов
Новое разрешение на выкуп акций на сумму 200 миллионов долларов
ДУЛУТ, Джорджия.--(BUSINESS WIRE)--Asbury Automotive Group, Inc. (NYSE: ABG) (“Компания”), одна из крупнейших автомобильных розничных и сервисных компаний в США, сообщила о рекордной чистой прибыли за первый квартал 2022 года в размере 237,7 млн долларов (10,38 доллара на разводненную акцию), что увеличение на 156% по сравнению с 92,8 млн долларов (4,78 доллара на разводненную акцию) в предыдущем квартале.
“В первом квартале наши унаследованные магазины Asbury и недавно приобретенные магазины способствовали тому, что Компания получила рекордную скорректированную EBITDA, которая увеличилась на 139% до 336 миллионов долларов. Мы рады нашему расширенному дилерскому портфелю и членам нашей команды, все из которых проделали выдающуюся работу. Стратегическое соответствие приобретений, которые мы совершили в 2021 году, очевидно, и мы считаем, что сейчас мы находимся на пути к получению выручки в размере 16 миллиардов долларов в 2022 году, что на 63% больше, чем в 2021 году. Мы обновили наш стратегический план роста, чтобы отразить нашу новую цель в размере 32 миллиардов долларов дохода в 2025 году. Наши результаты за первый квартал подтверждают нашу веру в то, что мы сможем выполнить наш обновленный план на 2025 год”, - сказал Дэвид Халт, президент и главный исполнительный директор Asbury.
“Мы видим перед собой огромные возможности, поскольку мы внедряем Clicklane в наши приобретенные дилерские центры и интегрируем Total Care Auto, работающий на базе Landcar, или TCA, в устаревшие магазины Asbury. Мы ожидаем, что эти действия, наряду с более оптимизированным дилерским портфелем, позволят Asbury расширить свою долю на рынке, повысить производительность и улучшить опыт покупок, обслуживания и владения нашими гостями ”.
Финансовые показатели, обсуждаемые ниже, включают как ОПБУ, так и скорректированные (не относящиеся к ОПБУ) финансовые показатели. Пожалуйста, ознакомьтесь с выверкой показателей, не относящихся к GAAP, включенных в прилагаемые финансовые таблицы.
Скорректированная чистая прибыль за первый квартал 2022 года, не учитывающая ОПБУ, увеличилась на 134% в годовом исчислении до 212,2 млн долларов (9,27 доллара на разводненную акцию) по сравнению с скорректированной чистой прибылью в размере 90,7 млн долларов (4,68 доллара на разводненную акцию) в первом квартале 2021 года. Скорректированная чистая прибыль за первый квартал 2022 года исключает прибыль за вычетом налогов в размере 25,5 млн долларов (1,11 доллара на разводненную акцию), связанную с прибылью в размере 33,1 млн долларов (1,08 доллара на разводненную акцию) от продажи четырех дилерских центров и обратной продажи в размере 0,9 млн долларов (0,03 доллара на разводненную акцию). прибыль от недвижимости.
Чистая прибыль за первый квартал 2021 года была скорректирована на следующие статьи до налогообложения: прибыль от юридических расчетов в размере 3,5 млн долларов (0,14 доллара на разводненную акцию), прибыль от продажи недвижимости в размере 1,1 млн долларов (0,03 доллара на разводненную акцию) и прочие расходы, связанные с недвижимостью, в размере 1,8 доллара млн (0,07 долл. США на разводненную акцию).
Оперативная сводка за Первый квартал 2022 года
Общая компания по сравнению с 1 кварталом 2021 года:
Тот же магазин (только дилерский центр) по сравнению с 1 кварталом 2021 года:
Показатели Clicklane:
С начала года Компания завершила семь запланированных продаж, в том числе четыре, которые были завершены в первом квартале, и получила выручку в размере 327 миллионов долларов.
Ликвидность и кредитное плечо
Операционный денежный поток Компании составил 409 миллионов долларов, что позволило погасить задолженность в размере 374 миллионов долларов и стоимость подержанных автомобилей в течение первого квартала. По состоянию на 31 марта 2022 года Компания располагала денежными средствами в размере 147 миллионов долларов (что исключает денежные средства в размере 138 миллионов долларов в TCA), взаимозачетными счетами floorplan в размере 27 миллионов долларов и наличием в линейке подержанных автомобилей floorplan и revolver в размере 632 миллионов долларов на общую сумму около 805 миллионов долларов ликвидности. Скорректированный коэффициент чистого левереджа Компании составил 2,2 х на конец квартала по сравнению с 2,7х на конец 2021 года.
Выкуп Акций
В течение первого квартала Компания выкупила 1,1 млн акций на сумму 200,0 млн долларов, что завершило ранее выданное разрешение на выкуп акций на сумму 200,0 млн долларов. 27 апреля 2022 года Совет директоров Asbury санкционировал новый выкуп обыкновенных акций на сумму до 200,0 миллионов долларов. Акции могут время от времени приобретаться на открытом рынке, в рамках сделок, заключенных в частном порядке, или другими способами, разрешенными федеральными законами о ценных бумагах и другими юридическими и договорными требованиями. Степень, в которой Компания выкупает свои акции, количество акций и сроки любого обратного выкупа, будут зависеть от таких факторов, как цена акций Asbury, общие экономические и рыночные условия, потенциальное влияние на структуру ее капитала, ожидаемая доходность от конкурирующих видов использования капитала, таких как стратегические приобретения дилерских центров и капитал инвестиции и другие соображения. Программа не требует от Компании выкупа какого-либо определенного количества акций и может быть изменена, приостановлена или прекращена в любое время без дополнительного уведомления.
Отчет о корпоративной ответственности
Недавно Компания опубликовала свой первый Отчет о корпоративной ответственности на своем веб-сайте, asburyauto.com , чтобы представить наши экологические, социальные и управленческие обязательства (“ESG”) и связанные с ними инициативы.
Стратегический план роста на 2025 год
Компания представила обновленную информацию о своем Стратегическом плане роста на 2025 год в рамках презентации для инвесторов в первом квартале 2022 года на своем веб-сайте и предоставит комментарии по этому поводу во время объявления о доходах. Если не указано иное, информация, содержащаяся на нашем веб-сайте, не включена в этот пресс-релиз или другие документы, которые мы подаем или предоставляем SEC.
Дополнительные комментарии относительно результатов первого квартала будут предоставлены во время телефонной конференции по доходам в четверг, 28 апреля 2022 года, в 10:00 утра по восточному времени.
Конференц-связь будет транслироваться в прямом эфире в Интернете, и доступ к ней можно получить, войдя в www.asburyauto.com/company/investor-relations . Повтор будет доступен на этом сайте в течение 30 дней.
Кроме того, прямая аудиозапись звонка будет доступна для общественности по телефону (888) 221-3881 (внутренний) или (646) 828-8193 (международный); код подтверждения – 2312348. Абоненты должны набрать номер примерно за 5-10 минут до начала вызова.
Воспроизведение конференц–звонка будет доступно через два часа после звонка в течение семи дней, и к нему можно получить доступ по телефону (888) 203-1112 (внутренний) или (719) 457-0820 (международный); код доступа - 2312348.
О компании Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), компания из списка Fortune 500 со штаб-квартирой в Дулуте, штат Джорджия, является одним из крупнейших автомобильных ритейлеров в США. В конце 2020 года Asbury приступила к реализации пятилетнего плана стратегического увеличения выручки и прибыльности за счет органического и приобретательного роста, а также их инновационного Clicklane цифровая платформа для покупки автомобилей с ее подходом, ориентированным на гостей, является постоянной полярной звездой Asbury. В настоящее время Asbury управляет 148 дилерскими центрами новых автомобилей в 15 штатах, состоящими из 198 франшиз, представляющих 31 марку транспортных средств, и 7 автономных дилерских центров подержанных автомобилей. Asbury также управляет 35 центрами ремонта при столкновениях, автоаукционом, оптовым бизнесом по продаже подержанных автомобилей и Total Care Auto, работающим на базе Landcar, ведущего поставщика сервисных контрактов и других средств защиты транспортных средств. Asbury предлагает широкий спектр автомобильных продуктов и услуг, включая новые и подержанные автомобили; запчасти и сервис, который включает услуги по ремонту и техническому обслуживанию транспортных средств, запасные части и услуги по ремонту при столкновениях; а также финансовые и страховые продукты, включая организацию финансирования транспортных средств через третьих лиц и продукты вторичного рынка, такие как расширенные сервисные контракты, гарантированные защита активов списание долгов и обслуживание с предоплатой.
Для получения дополнительной информации посетите www.asburyauto.com .
Прогнозные заявления
Настоящий пресс-релиз содержит “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Заявления прогнозного характера являются заявлениями, отличными от исторических фактов, и могут включать заявления, касающиеся целей, планов, задач, прогнозов относительно финансового положения Asbury, ликвидности, результатов операций, денежных потоков, левереджа, положения на рынке и дилерского портфеля, стратегий увеличения доходов, улучшения операционной деятельности, прогнозы относительно ожидаемых выгод от Clicklane, планы руководства, прогнозы и цели будущих операций, масштабы и производительность, планы интеграции и ожидаемые синергетические эффекты от приобретений, стратегия распределения капитала, бизнес-стратегия и ожидания нашего руководства в отношении, среди прочего: изменения общих экономических и деловых условий, включая повышение процентных ставок и рост цен на топливо цены, любое влияние COVID-19 на автомобильную промышленность в целом, отрасль розничной торговли автомобилями в частности и наших клиентов, поставщиков, продавцов и деловых партнеров; наши отношения с производителями транспортных средств; наша способность поддерживать нашу маржу; операционные денежные потоки и доступность капитала; капитальные затраты; объем наших задолженность; завершение любых будущих приобретений и отчуждений; будущие целевые показатели доходности; будущие годовые сбережения; общие экономические тенденции, включая уровень доверия потребителей, процентные ставки и цены на топливо; и тенденции розничной торговли автомобилями. Эти заявления основаны на текущих ожиданиях и убеждениях руководства и связаны со значительными рисками и неопределенностями, которые могут привести к тому, что результаты будут существенно отличаться от тех, которые изложены в заявлениях. Эти риски и неопределенности включают, помимо прочего, нашей неспособности осознать выгоды, ожидаемые от недавно проведенных сделок; наша неспособность быстро и эффективно интегрировать законченных транзакций и утечки руководства от текущих деловых и обычных рабочих обязанностей; в нашей неспособности завершить будущие приобретения или продажи активов и рисков, вытекающих из них; какие-либо последствия COVID-19 пандемией в нашей отрасли, и бизнес, рыночные факторы, Эсбери отношения с финансовой и операционной устойчивости, транспортных средств производителей и других поставщиков, стихийные бедствия, военные действия или другие инциденты и нехватка полупроводников, микросхем и других компонентов, которые могут негативно повлиять на поставки от производителей транспортных средств и/или розничных продаж проблем; риски, связанные с Эсбери задолженностей и наша способность выполнять соответствующие обязательства в различных договоров финансирования, или получить отказ из этих коэффициентов по мере необходимости; риски, связанные с конкуренцией в автомобильной розничной торговли и сферы услуг, общие экономические условия как на национальном, так и местном уровне, постановлений правительства, законов, включая изменения в техническое состояние франчайзинга законы, неблагоприятные результаты в судебных и иных разбирательствах, и Эсбери-способность выполнять свои стратегические и оперативные стратегии и инициативы, в том числе пятилетний стратегический план, Эсбери-это возможность использовать выгоды от ее дилерском портфеле, Эсбери-способность использовать возможности выкупа своих долговых и долевых ценных бумаг или приобрести недвижимость, что в настоящее время она арендует, и Эсбери способность оставаться в пределах целевого диапазона по инфляции. Не может быть никаких гарантий, что планы Asbury относительно будущих операций будут успешно реализованы или что они окажутся коммерчески успешными.
Эти и другие факторы риска, которые могут привести к существенному отличию фактических результатов от тех, которые выражены или подразумеваются в наших прогнозных заявлениях, время от времени обсуждаются и будут обсуждаться в заявках Asbury в Комиссию по ценным бумагам и биржам США, включая ее последний годовой отчет по форме 10-K и любые последующие поданные ежеквартальные отчеты по форме 10-Q. Эти прогнозные заявления и подобные риски, неопределенности и другие факторы относятся только к дате настоящего пресс-релиза. Мы не берем на себя никаких обязательств по публичному обновлению каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом.
Asbury Automotive GROUP, INC. |
||||||||||
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
REVENUE: |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
501.9 |
|
|
|
262.0 |
|
|
92 |
% |
Finance and insurance |
|
203.4 |
|
|
|
88.3 |
|
|
130 |
% |
TOTAL REVENUE |
|
3,911.8 |
|
|
|
2,192.9 |
|
|
78 |
% |
COST OF SALES: |
|
|
|
|
|
|||||
New vehicle |
|
1,631.6 |
|
|
|
1,076.2 |
|
|
52 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,121.1 |
|
|
|
560.0 |
|
|
100 |
% |
Wholesale |
|
130.5 |
|
|
|
75.1 |
|
|
74 |
% |
Total used vehicle |
|
1,251.6 |
|
|
|
635.1 |
|
|
97 |
% |
Parts and service |
|
225.4 |
|
|
|
98.9 |
|
|
128 |
% |
Finance and insurance |
|
11.2 |
|
|
|
— |
|
|
— |
% |
TOTAL COST OF SALES |
|
3,119.8 |
|
|
|
1,810.2 |
|
|
72 |
% |
GROSS PROFIT |
|
792.0 |
|
|
|
382.7 |
|
|
107 |
% |
OPERATING EXPENSES: |
|
|
|
|
|
|||||
Selling, general and administrative |
|
455.5 |
|
|
|
239.8 |
|
|
90 |
% |
Depreciation and amortization |
|
18.4 |
|
|
|
9.8 |
|
|
88 |
% |
Other operating income, net |
|
(2.7 |
) |
|
|
(3.2 |
) |
|
(16 |
) % |
INCOME FROM OPERATIONS |
|
320.8 |
|
|
|
136.3 |
|
|
135 |
% |
OTHER EXPENSES: |
|
|
|
|
|
|||||
Floor plan interest expense |
|
2.6 |
|
|
|
2.9 |
|
|
(10 |
) % |
Other interest expense, net |
|
37.6 |
|
|
|
14.0 |
|
|
169 |
% |
Gain on dealership divestitures, net |
|
(33.1 |
) |
|
|
— |
|
|
— |
% |
Total other expenses, net |
|
7.1 |
|
|
|
16.9 |
|
|
(58 |
) % |
INCOME BEFORE INCOME TAXES |
|
313.7 |
|
|
|
119.4 |
|
|
163 |
% |
Income tax expense |
|
76.0 |
|
|
|
26.6 |
|
|
186 |
% |
NET INCOME |
$ |
237.7 |
|
|
$ |
92.8 |
|
|
156 |
% |
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|||||
Basic— |
|
|
|
|
|
|||||
Net income |
$ |
10.43 |
|
|
$ |
4.81 |
|
|
117 |
% |
Diluted— |
|
|
|
|
|
|||||
Net income |
$ |
10.38 |
|
|
$ |
4.78 |
|
|
117 |
% |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|||||
Basic |
|
22.8 |
|
|
|
19.3 |
|
|
|
|
Restricted stock |
|
— |
|
|
|
0.1 |
|
|
|
|
Performance share units |
|
0.1 |
|
|
|
— |
|
|
|
|
Diluted |
|
22.9 |
|
|
|
19.4 |
|
|
|
|
Asbury Automotive GROUP, INC. |
||||||||||||
Additional Disclosures-Consolidated (In millions) |
||||||||||||
(Unaudited) |
||||||||||||
|
March 31,
|
|
December 31,
|
|
Increase
|
|
% Change |
|||||
SELECTED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
284.3 |
|
$ |
178.9 |
|
$ |
105.4 |
|
|
59 |
% |
Inventory, net (a) |
|
701.1 |
|
|
718.4 |
|
|
(17.3 |
) |
|
(2 |
) % |
Total current assets |
|
1,813.9 |
|
|
1,929.4 |
|
|
(115.5 |
) |
|
(6 |
) % |
Floor plan notes payable (b) |
|
398.6 |
|
|
564.5 |
|
|
(165.9 |
) |
|
(29 |
) % |
Total current liabilities |
|
1,584.8 |
|
|
1,598.0 |
|
|
(13.2 |
) |
|
(1 |
) % |
CAPITALIZATION: |
|
|
|
|
|
|
|
|||||
Long-term debt (including current portion) (c) |
$ |
3,403.3 |
|
$ |
3,582.6 |
|
$ |
(179.3 |
) |
|
(5 |
) % |
Shareholders' equity |
|
2,182.5 |
|
|
2,115.5 |
|
|
67.0 |
|
|
3 |
% |
Total |
$ |
5,585.8 |
|
$ |
5,698.1 |
|
$ |
(112.3 |
) |
|
(2 |
) % |
_____________________________ |
|
(a) |
Excludes $11.6 million and $24.1 million of Inventory classified as Assets held for sale as of March 31, 2022 and December 31, 2021, respectively |
(b) |
Excluding $2.6 and $9.1 million of Floor plan notes payable classified as Liabilities associated with assets held for sale as of March 31, 2022 and December 31, 2021, respectively |
(c) |
Excluding $3.3 million of Debt classified as Liabilities associated with assets held for sale as of March 31, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
Day Supply |
|
|
|
|
|
New vehicle inventory |
10 |
|
8 |
|
34 |
Used vehicle inventory |
28 |
|
34 |
|
27 |
_____________________________ |
Days supply of inventory is calculated based on new and used inventory levels at the end of each reporting period and a 30-day historical cost of sales. |
Brand Mix - New Vehicle Revenue by Brand |
|||||
|
For the Three Months
|
||||
|
2022 |
|
2021 |
||
Luxury |
|
|
|
||
Lexus |
10 |
% |
|
12 |
% |
Mercedes-Benz |
7 |
% |
|
12 |
% |
BMW |
3 |
% |
|
5 |
% |
Acura |
2 |
% |
|
4 |
% |
Land Rover |
1 |
% |
|
3 |
% |
Porsche |
1 |
% |
|
2 |
% |
Audi |
1 |
% |
|
2 |
% |
Other luxury |
4 |
% |
|
5 |
% |
Total luxury |
29 |
% |
|
45 |
% |
Imports |
|
|
|
||
Toyota |
18 |
% |
|
12 |
% |
Honda |
10 |
% |
|
15 |
% |
Nissan |
4 |
% |
|
5 |
% |
Hyundai |
5 |
% |
|
2 |
% |
Other imports |
4 |
% |
|
4 |
% |
Total imports |
41 |
% |
|
38 |
% |
Domestic |
|
|
|
||
Chrysler, Dodge, Jeep, Ram |
18 |
% |
|
6 |
% |
Ford |
8 |
% |
|
6 |
% |
Chevrolet, Buick, GMC |
4 |
% |
|
5 |
% |
Total domestic |
30 |
% |
|
17 |
% |
Total New Vehicle Revenue |
100 |
% |
|
100 |
% |
|
For the Three Months
|
||||
|
2022 |
|
2021 |
||
Revenue mix |
|
|
|
||
New vehicle |
47.4 |
% |
|
52.5 |
% |
Used vehicle retail |
31.2 |
% |
|
27.8 |
% |
Used vehicle wholesale |
3.4 |
% |
|
3.8 |
% |
Parts and service |
12.8 |
% |
|
11.9 |
% |
Finance and insurance |
5.2 |
% |
|
4.0 |
% |
Total revenue |
100.0 |
% |
|
100.0 |
% |
Gross profit mix |
|
|
|
||
New vehicle |
28.3 |
% |
|
19.7 |
% |
Used vehicle retail |
12.1 |
% |
|
12.4 |
% |
Used vehicle wholesale |
0.4 |
% |
|
2.2 |
% |
Parts and service |
34.9 |
% |
|
42.6 |
% |
Finance and insurance |
24.3 |
% |
|
23.1 |
% |
Total gross profit |
100.0 |
% |
|
100.0 |
% |
Asbury Automotive GROUP, INC. |
||||||||||
STATEMENTS OF INCOME-CONSOLIDATED (In millions) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
501.9 |
|
|
|
262.0 |
|
|
92 |
% |
Finance and insurance |
|
203.4 |
|
|
|
88.3 |
|
|
130 |
% |
Total Revenue |
|
3,911.8 |
|
|
|
2,192.9 |
|
|
78 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
224.0 |
|
|
$ |
75.5 |
|
|
197 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
95.8 |
|
|
|
47.5 |
|
|
102 |
% |
Wholesale |
|
3.5 |
|
|
|
8.3 |
|
|
(58 |
) % |
Total used vehicle |
|
99.3 |
|
|
|
55.8 |
|
|
78 |
% |
Parts and service |
|
276.5 |
|
|
|
163.1 |
|
|
70 |
% |
Finance and insurance |
|
192.2 |
|
|
|
88.3 |
|
|
118 |
% |
Total gross profit |
|
792.0 |
|
|
|
382.7 |
|
|
107 |
% |
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
|
455.5 |
|
|
|
239.8 |
|
|
90 |
% |
Operating metrics |
|
|
|
|
|
|||||
SG&A as a percentage of gross profit |
|
57.5 |
% |
|
|
62.7 |
% |
|
(520) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
57.5 |
% |
|
|
62.7 |
% |
|
(520) bps |
|
Income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
6.2 |
% |
|
200 bps |
|
Income from operations as a percentage of gross profit |
|
40.5 |
% |
|
|
35.6 |
% |
|
490 bps |
|
Adjusted income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
6.1 |
% |
|
210 bps |
|
Adjusted income from operations as a percentage of gross profit |
|
40.4 |
% |
|
|
34.9 |
% |
|
550 bps |
|
Finance and insurance average gross profit per unit |
|
2,481 |
|
|
|
1,739 |
|
|
43 |
% |
Total Parts and service gross margin |
|
55.1 |
% |
|
|
62.3 |
% |
|
(720) bps |
|
Total gross profit margin |
|
20.2 |
% |
|
|
17.5 |
% |
|
270 bps |
|
Asbury Automotive GROUP, INC. |
||||||||||
STATEMENTS OF INCOME-DEALERSHIPS (In millions) |
||||||||||
(unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,855.6 |
|
|
$ |
1,151.7 |
|
|
61 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
1,216.9 |
|
|
|
607.5 |
|
|
100 |
% |
Wholesale |
|
134.0 |
|
|
|
83.4 |
|
|
61 |
% |
Total used vehicle |
|
1,350.9 |
|
|
|
690.9 |
|
|
96 |
% |
Parts and service |
|
509.8 |
|
|
|
262.0 |
|
|
95 |
% |
Finance and insurance, net |
|
177.9 |
|
|
|
88.3 |
|
|
101 |
% |
Total Revenue |
|
3,894.2 |
|
|
|
2,192.9 |
|
|
78 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
224.0 |
|
|
$ |
75.5 |
|
|
197 |
% |
Used vehicle: |
|
|
|
|
|
|||||
Retail |
|
95.8 |
|
|
|
47.5 |
|
|
102 |
% |
Wholesale |
|
3.5 |
|
|
|
8.3 |
|
|
(58 |
) % |
Total used vehicle |
|
99.3 |
|
|
|
55.8 |
|
|
78 |
% |
Parts and service |
|
280.2 |
|
|
|
163.1 |
|
|
72 |
% |
Finance and insurance, net |
|
177.9 |
|
|
|
88.3 |
|
|
101 |
% |
Total gross profit |
|
781.4 |
|
|
|
382.7 |
|
|
104 |
% |
Unit sales |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
|
8,257 |
|
|
|
8,511 |
|
|
(3 |
) % |
Import |
|
20,678 |
|
|
|
14,377 |
|
|
44 |
% |
Domestic |
|
10,239 |
|
|
|
4,371 |
|
|
134 |
% |
Total new vehicle |
|
39,174 |
|
|
|
27,259 |
|
|
44 |
% |
Used vehicle retail |
|
38,306 |
|
|
|
23,519 |
|
|
63 |
% |
Used to new ratio |
|
97.8 |
% |
|
|
86.3 |
% |
|
|
|
Average selling price |
|
|
|
|
|
|||||
New vehicle |
$ |
47,368 |
|
|
$ |
42,250 |
|
|
12 |
% |
Used vehicle retail |
|
31,768 |
|
|
|
25,830 |
|
|
23 |
% |
Average gross profit per unit |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
$ |
8,575 |
|
|
$ |
5,252 |
|
|
63 |
% |
Import |
|
4,618 |
|
|
|
1,259 |
|
|
267 |
% |
Domestic |
|
5,635 |
|
|
|
2,906 |
|
|
94 |
% |
Total new vehicle |
|
5,718 |
|
|
|
2,770 |
|
|
106 |
% |
Used vehicle retail |
|
2,501 |
|
|
|
2,020 |
|
|
24 |
% |
Finance and insurance |
|
2,296 |
|
|
|
1,739 |
|
|
32 |
% |
Front end yield (1) |
|
6,424 |
|
|
|
4,161 |
|
|
54 |
% |
Gross margin |
|
|
|
|
|
|||||
New vehicle |
|
12.1 |
% |
|
|
6.6 |
% |
|
550 bps |
|
Used vehicle retail |
|
7.9 |
% |
|
|
7.8 |
% |
|
10 bps |
|
Parts and service |
|
55.0 |
% |
|
|
62.3 |
% |
|
(730) bps |
|
Total gross profit margin |
|
20.1 |
% |
|
|
17.5 |
% |
|
260 bps |
|
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
|
462.1 |
|
|
|
239.8 |
|
|
93 |
% |
Adjusted Selling, general and administrative |
|
462.1 |
|
|
|
239.8 |
|
|
93 |
% |
SG&A as a percentage of gross profit |
|
59.1 |
% |
|
|
62.7 |
% |
|
(360) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
59.1 |
% |
|
|
62.7 |
% |
|
(360) bps |
_____________________________ |
||
(1) |
Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
|
Asbury Automotive GROUP, INC. |
||||||||||
SAME STORE OPERATING HIGHLIGHTS-DEALERSHIPS (In millions) |
||||||||||
(Unaudited) |
||||||||||
|
For the Three Months
|
|
%
|
|||||||
|
2022 |
|
2021 |
|
||||||
Revenue |
|
|
|
|
|
|||||
New vehicle |
$ |
1,028.4 |
|
|
$ |
1,137.3 |
|
|
(10 |
) % |
Used Vehicle: |
|
|
|
|
|
|||||
Retail |
|
789.9 |
|
|
|
597.6 |
|
|
32 |
% |
Wholesale |
|
52.5 |
|
|
|
82.9 |
|
|
(37 |
) % |
Total used vehicle |
|
842.4 |
|
|
|
680.5 |
|
|
24 |
% |
Parts and service |
|
295.1 |
|
|
|
258.7 |
|
|
14 |
% |
Finance and insurance |
|
109.9 |
|
|
|
87.4 |
|
|
26 |
% |
Total revenue |
$ |
2,275.8 |
|
|
$ |
2,163.9 |
|
|
5 |
% |
Gross profit |
|
|
|
|
|
|||||
New vehicle |
$ |
124.5 |
|
|
$ |
74.4 |
|
|
67 |
% |
Used Vehicle: |
|
|
|
|
|
|||||
Retail |
|
54.8 |
|
|
|
46.8 |
|
|
17 |
% |
Wholesale |
|
0.7 |
|
|
|
8.2 |
|
|
(91 |
) % |
Total used vehicle |
|
55.5 |
|
|
|
55.0 |
|
|
1 |
% |
Parts and service |
|
176.3 |
|
|
|
160.8 |
|
|
10 |
% |
Finance and insurance |
|
109.9 |
|
|
|
87.4 |
|
|
26 |
% |
Total gross profit |
$ |
466.2 |
|
|
$ |
377.6 |
|
|
23 |
% |
Unit sales |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
|
6,867 |
|
|
|
8,259 |
|
|
(17 |
) % |
Import |
|
11,638 |
|
|
|
14,377 |
|
|
(19 |
) % |
Domestic |
|
3,146 |
|
|
|
4,371 |
|
|
(28 |
) % |
Total new vehicle |
|
21,651 |
|
|
|
27,007 |
|
|
(20 |
) % |
Used vehicle retail |
|
24,597 |
|
|
|
23,175 |
|
|
6 |
% |
Used to new ratio |
|
113.6 |
% |
|
|
85.8 |
% |
|
|
|
Average selling price |
|
|
|
|
|
|||||
New vehicle |
$ |
47,499 |
|
|
$ |
42,111 |
|
|
13 |
% |
Used vehicle retail |
|
32,114 |
|
|
|
25,786 |
|
|
25 |
% |
Average gross profit per unit |
|
|
|
|
|
|||||
New vehicle: |
|
|
|
|
|
|||||
Luxury |
$ |
8,446 |
|
|
$ |
5,255 |
|
|
61 |
% |
Import |
|
4,365 |
|
|
|
1,266 |
|
|
245 |
% |
Domestic |
|
4,990 |
|
|
|
2,928 |
|
|
70 |
% |
Total new vehicle |
|
5,750 |
|
|
|
2,755 |
|
|
109 |
% |
Used vehicle retail |
|
2,228 |
|
|
|
2,019 |
|
|
10 |
% |
Finance and insurance |
|
2,376 |
|
|
|
1,742 |
|
|
36 |
% |
Front end yield (1) |
|
6,253 |
|
|
|
4,157 |
|
|
50 |
% |
Gross margin |
|
|
|
|
|
|||||
Total new vehicle |
|
12.1 |
% |
|
|
6.5 |
% |
|
560 bps |
|
Used vehicle retail |
|
6.9 |
% |
|
|
7.8 |
% |
|
(90) bps |
|
Parts and service |
|
59.7 |
% |
|
|
62.2 |
% |
|
(250) bps |
|
Total gross profit margin |
|
20.5 |
% |
|
|
17.4 |
% |
|
310 bps |
|
Operating expenses |
|
|
|
|
|
|||||
Selling, general and administrative |
$ |
269.5 |
|
|
$ |
237.0 |
|
|
14 |
% |
Adjusted Selling, general and administrative |
$ |
269.5 |
|
|
$ |
237.0 |
|
|
14 |
% |
SG&A as a percentage of gross profit |
|
57.8 |
% |
|
|
62.8 |
% |
|
(500) bps |
|
Adjusted SG&A as a percentage of gross profit |
|
57.8 |
% |
|
|
62.8 |
% |
|
(500) bps |
|
_____________________________ |
|
(1) | Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales. |
|
Asbury Automotive GROUP, INC. |
|||||||||
SEGMENT REPORTING | |||||||||
(Unaudited) |
|||||||||
|
Three Months Ended March 31, 2022 |
||||||||
|
Dealerships |
|
TCA After
|
|
Total Company |
||||
|
(In millions) |
||||||||
Revenue |
|
|
|
|
|
||||
New |
$ |
1,855.6 |
|
$ |
— |
|
|
$ |
1,855.6 |
Used |
|
1,350.9 |
|
|
— |
|
|
|
1,350.9 |
Parts and service |
|
509.8 |
|
|
(7.9 |
) |
|
|
501.9 |
Finance and insurance |
|
177.9 |
|
|
25.5 |
|
|
|
203.4 |
Total revenue |
|
3,894.2 |
|
|
17.6 |
|
|
|
3,911.8 |
Cost of sales |
|
|
|
|
|
||||
New |
|
1,631.6 |
|
|
— |
|
|
|
1,631.6 |
Used |
|
1,251.6 |
|
|
— |
|
|
|
1,251.6 |
Parts and service |
|
229.6 |
|
|
(4.2 |
) |
|
|
225.4 |
Finance and insurance |
|
— |
|
|
11.2 |
|
|
|
11.2 |
Total cost of sales |
|
3,112.8 |
|
|
7.0 |
|
|
|
3,119.8 |
Gross profit |
|
|
|
|
|
||||
New |
|
224.0 |
|
|
— |
|
|
|
224.0 |
Used |
|
99.3 |
|
|
— |
|
|
|
99.3 |
Parts and service |
|
280.2 |
|
|
(3.7 |
) |
|
|
276.5 |
Finance and insurance |
|
177.9 |
|
|
14.3 |
|
|
|
192.2 |
Total gross profit |
|
781.4 |
|
|
10.6 |
|
|
|
792.0 |
Selling, general and administrative |
|
462.1 |
|
|
(6.6 |
) |
|
|
455.5 |
Income from operations |
|
304.9 |
|
|
15.9 |
|
|
|
320.8 |
Asbury Automotive GROUP INC. |
Supplemental Disclosures |
(Unaudited) |
Раскрытие и сверка финансовой информации, не относящейся к ОПБУ
В дополнение к оценке финансового состояния и результатов нашей деятельности в соответствии с GAAP, время от времени руководство оценивает и анализирует результаты и любое влияние на Компанию стратегических решений и действий, связанных, среди прочего, с сокращением затрат, ростом и инициативами по повышению прибыльности, а также другими событиями, выходящими за рамки обычного, или "основной" бизнес и операции, путем рассмотрения определенных альтернативных финансовых показателей, не подготовленных в соответствии с GAAP. Эти показатели включают "Скорректированный для проформы коэффициент левереджа", "Скорректированный доход от операций", "Скорректированный чистый доход", "Скорректированная операционная маржа", "Скорректированный показатель EBITA" и "Скорректированная разводненная прибыль на акцию ("EPS")". Кроме того, руководство оценивает органический рост нашей выручки и валовой прибыли на основе того же магазина. Мы считаем, что наша оценка на основе одного и того же магазина представляет собой важный показатель сравнительных финансовых показателей и предоставляет соответствующую информацию для оценки нашей работы в наших существующих филиалах. Одинаковые суммы в магазинах состоят из информации от дилерских центров за одинаковые месяцы в каждом сравнительном периоде, начиная с первого месяца, когда мы владели дилерским центром. Кроме того, суммы, относящиеся к проданным дилерским центрам, исключаются из каждого сравнительного периода. Показатели, не относящиеся к GAAP, не имеют определений в соответствии с GAAP и могут быть определены по-другому и не сопоставимы с показателями с аналогичным названием, используемыми другими компаниями. В результате любые финансовые показатели, не относящиеся к GAAP, рассмотренные и оцененные руководством, пересматриваются в сочетании с анализом наиболее непосредственно сопоставимых показателей, рассчитанных в соответствии с GAAP. Руководство предостерегает инвесторов не полагаться чрезмерно на такие показатели, не относящиеся к GAAP, но также рассматривать их с наиболее непосредственно сопоставимыми показателями GAAP. Время от времени при оценке результатов руководство исключает статьи, которые не связаны непосредственно с основной деятельностью или иным образом носят необычный или повторяющийся характер. Поскольку эти непрофильные, необычные или единовременные расходы и доходы существенно влияют на финансовое состояние или результаты Asbury в конкретном периоде, в котором они признаются, руководство также оценивает и принимает решения о распределении ресурсов и оценке эффективности на основе соответствующих показателей, не относящихся к GAAP, исключая такие статьи. В дополнение к использованию таких показателей, не относящихся к GAAP, для оценки результатов за определенный период, руководство считает, что такие показатели могут обеспечить более полное и последовательное сравнение операционных показателей на исторической основе за период и лучшее представление об ожидаемых будущих тенденциях. Руководство раскрывает эти показатели, не относящиеся к GAAP, и связанные с ними выверки, поскольку считает, что инвесторы используют эти показатели для оценки долгосрочных показателей за период, а также для того, чтобы позволить инвесторам лучше понимать и оценивать информацию, используемую руководством для оценки операционных показателей.
The following tables provide reconciliations for our non-GAAP metrics: |
|||||||||||||||
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
|
March 31, 2022 |
|
December 31, 2021 |
||||||||
|
(Dollars in millions) |
||||||||||||||
Adjusted leverage ratio: |
|
|
|
|
|
|
|
||||||||
Long-term debt (including current portion and held for sale) |
|
|
|
|
$ |
3,406.6 |
|
|
$ |
3,582.6 |
|
||||
Cash and floor plan offset |
|
|
|
|
|
(310.9 |
) |
|
|
(272.9 |
) |
||||
TCA restricted cash |
|
|
|
|
|
137.7 |
|
|
|
127.3 |
|
||||
Availability under our used vehicle revolving floor plan facility |
|
|
|
|
|
(192.8 |
) |
|
|
(20.6 |
) |
||||
Adjusted long-term net debt |
|
|
|
|
$ |
3,040.6 |
|
|
$ |
3,416.4 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): |
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
237.7 |
|
|
$ |
92.8 |
|
|
$ |
677.3 |
|
|
$ |
532.4 |
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
18.4 |
|
|
|
9.8 |
|
|
|
50.5 |
|
|
|
41.9 |
|
Income tax expense |
|
76.0 |
|
|
|
26.6 |
|
|
|
214.7 |
|
|
|
165.3 |
|
Swap and other interest expense |
|
37.6 |
|
|
|
14.0 |
|
|
|
118.2 |
|
|
|
94.5 |
|
Earnings before interest, taxes, depreciation and amortization ("EBITDA") |
$ |
369.7 |
|
|
$ |
143.2 |
|
|
$ |
1,060.7 |
|
|
$ |
834.1 |
|
|
|
|
|
|
|
|
|
||||||||
Non-core items - expense (income): |
|
|
|
|
|
|
|
||||||||
Gain on dealership divestitures |
$ |
(33.1 |
) |
|
$ |
— |
|
|
$ |
(41.0 |
) |
|
$ |
(8.0 |
) |
Legal settlements |
|
— |
|
|
|
(3.5 |
) |
|
|
— |
|
|
|
(3.5 |
) |
Gain on sale of real estate |
|
(0.9 |
) |
|
|
(1.1 |
) |
|
|
(1.7 |
) |
|
|
(1.9 |
) |
Professional fees associated with acquisitions |
|
— |
|
|
|
— |
|
|
|
4.9 |
|
|
|
4.9 |
|
Real estate-related charges |
|
— |
|
|
|
1.8 |
|
|
|
0.3 |
|
|
|
2.1 |
|
Total non-core items |
|
(34.0 |
) |
|
|
(2.8 |
) |
|
|
(37.5 |
) |
|
|
(6.4 |
) |
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
335.7 |
|
|
$ |
140.4 |
|
|
$ |
1,023.2 |
|
|
$ |
827.7 |
|
|
|
|
|
|
|
|
|
||||||||
Pro forma impact of acquisition and divestitures on EBITDA |
|
|
|
|
$ |
330.7 |
|
|
$ |
440.4 |
|
||||
Pro forma Adjusted EBITDA |
|
|
|
|
$ |
1,353.9 |
|
|
$ |
1,268.1 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Pro forma Adjusted net leverage ratio |
|
|
|
|
|
2.2 |
|
|
|
2.7 |
|
||||
|
Three Months Ended March 31, 2022 |
|||||||||||||||||
|
GAAP |
|
Gain on
|
|
Real estate
|
|
Income tax
|
|
Non-GAAP
|
|||||||||
Selling, general and administrative |
$ |
455.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
$ |
455.5 |
|
Income from operations |
|
320.8 |
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
— |
|
|
319.9 |
|
Net income |
|
237.7 |
|
|
|
(33.1 |
) |
|
|
(0.9 |
) |
|
|
8.5 |
|
|
212.2 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common share outstanding - diluted |
|
22.9 |
|
|
|
|
|
|
|
|
|
22.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted EPS |
$ |
10.38 |
|
|
|
(1.44 |
) |
|
|
(0.04 |
) |
|
|
0.37 |
|
$ |
9.27 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SG&A as a percent of gross profit |
|
57.5 |
% |
|
|
|
|
|
|
|
|
57.5 |
% |
|||||
Income from operations as a percentage of revenue |
|
8.2 |
% |
|
|
|
|
|
|
|
|
8.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Dealerships: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative |
$ |
462.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
462.1 |
|
SG&A as a percent of gross profit |
|
59.1 |
% |
|
|
|
|
|
|
|
|
59.1 |
% |
|||||
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||||
|
GAAP |
|
Legal
|
|
Real estate
|
|
Real estate
|
|
Income tax
|
|
Non-GAAP
|
||||||||||||
Selling, general and administrative |
$ |
239.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239.8 |
|
Income from operations |
|
136.3 |
|
|
|
(3.5 |
) |
|
|
(1.1 |
) |
|
|
1.8 |
|
|
|
— |
|
|
|
133.5 |
|
Net income |
$ |
92.8 |
|
|
|
(3.5 |
) |
|
|
(1.1 |
) |
|
|
1.8 |
|
|
|
0.7 |
|
|
|
90.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average common share outstanding - diluted |
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
19.4 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS |
$ |
4.78 |
|
|
|
(0.18 |
) |
|
|
(0.05 |
) |
|
|
0.09 |
|
|
|
0.04 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as a percent of gross profit |
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
62.7 |
% |
||||||||
Income from operations as a percentage of revenue |
|
6.2 |
% |
|
|
(0.1 |
) % |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dealerships: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative |
$ |
239.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239.8 |
|
SG&A as a percent of gross profit |
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
62.7 |
% |