Thu Jul 28 2022
Asbury Automotive Group Reports Record EPS of $9.07 for Second Quarter 2022, up 16% Over Prior Year Quarter, and Adjusted EPS (a non-GAAP measure) of $10.04, up 29% Over Prior Year Quarter, and an All-Time Record
-
Second quarter net income of
$201 million , an increase of 32% over prior year quarter, and adjusted net income (a non-GAAP measure) of$223 million , an increase of 47% over prior year quarter -
Second quarter adjusted EBITDA (a non-GAAP measure) increased 56% over prior year quarter to
$352 million , an all-time record -
Second quarter revenue of
$4.0 billion , an increase of 53% over prior year quarter, and gross profit of$803 million , an increase of 61% over prior year quarter -
Second quarter same store F&I PVR of
$2,409 , a 32% increase over prior year quarter - Second quarter operating margin of 8.5%
“The Company generated an all-time record adjusted EPS of
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.
Adjusted net income for second quarter 2022 excludes losses, net of tax, of
Net income for the second quarter 2021 excluded real estate net gains of
Second Quarter 2022 Operational Summary
Total company vs. 2nd Quarter 2021:
-
Revenue of
$4.0 billion , an increase of 53% - Gross profit increased 61%
- Gross margin increased 110 bps to 20.3%
- New vehicle unit volume increased 22%; new vehicle revenue increased 36%; gross profit increased 78%
- Used vehicle retail unit volume increased 48%; used vehicle retail revenue increased 68%; gross profit increased 37%
- Finance and insurance (F&I) per vehicle retailed (PVR) increased 31%
- Parts and service revenue increased 78%; gross profit increased 59%
- SG&A as a percentage of gross profit increased to 55.8%, an increase of 160 bps
- Operating income and adjusted operating income both increased 54%
- Operating margin was flat at 8.5% and adjusted operating margin increased 10 bps to 8.5%
-
EPS increased 16% to
$9.07 ; adjusted EPS increased 29% to$10.04
Same store (dealership only) vs. 2nd Quarter 2021:
- Revenue decreased 7%
- Gross profit was flat
- Gross margin increased 140 bps to 20.6%
- New vehicle unit volume decreased 31%; new vehicle revenue decreased 22%; new vehicle gross profit increased 3%
- Used vehicle retail unit volume decreased 2%; used vehicle retail revenue increased 12%; used vehicle retail gross profit decreased 21%; used to new ratio increased to 120% (from 84%)
- F&I PVR increased 32%
- Parts and service revenue increased 10%; gross profit increased 6%; customer pay gross profit increased 16%
- SG&A as a percentage of gross profit increased to 55.9%, an increase of 160 bps
Clicklane metrics:
- Almost 6,600 vehicles sold; an increase of 55% over prior year quarter and 17% sequentially
-
92% of transactions were customers incremental to
Asbury Automotive - 44% of Clicklane sales had a trade-in and 71% of those utilized the payoff tool
-
Total front-end PVR of
$3,765 and F&I PVR of$2,166 , resulting in total front-end yield of$5,927 - Conversion rate nearly double that of traditional internet leads and growing sequentially
- 95% of deliveries within a 50-mile radius of an Asbury dealership
- Average transaction time of ~8 minutes for cash deals and ~14 minutes for financed deals
Liquidity and Leverage
As of
Earnings Call
Additional commentary regarding the second quarter results will be provided during the earnings conference call on
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) 220-8474 (domestic) or +1 (646) 828-8193 (international); confirmation code – 9867232. 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 +1 (719) 457-0820 (international); passcode – 9867232.
About
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, inflation, 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
|
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
%
|
|
For the Six Months Ended |
|
%
|
|||||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
|||||||||||
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
New vehicle |
$ |
1,864.5 |
|
$ |
1,368.4 |
|
|
36 |
% |
|
$ |
3,720.1 |
|
|
$ |
2,520.1 |
|
|
48 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Retail |
|
1,272.8 |
|
|
759.4 |
|
68 |
% |
|
|
2,489.7 |
|
|
|
1,366.9 |
|
|
82 |
% |
|
|
Wholesale |
|
89.7 |
|
|
56.8 |
|
58 |
% |
|
|
223.7 |
|
|
|
140.2 |
|
|
60 |
% |
|
|
Total used vehicle |
|
1,362.5 |
|
|
816.2 |
|
|
67 |
% |
|
|
2,713.4 |
|
|
|
1,507.1 |
|
|
80 |
% |
|
Parts and service |
|
520.2 |
|
|
292.4 |
|
|
78 |
% |
|
|
1,022.1 |
|
|
|
554.4 |
|
|
84 |
% |
|
Finance and insurance |
|
203.0 |
|
|
107.0 |
|
|
90 |
% |
|
|
406.4 |
|
|
|
195.3 |
|
|
108 |
% |
|
TOTAL REVENUE |
|
3,950.2 |
|
|
2,584.0 |
|
|
53 |
% |
|
|
7,862.0 |
|
|
|
4,776.9 |
|
|
65 |
% |
|
COST OF SALES: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
New vehicle |
|
1,644.1 |
|
|
1,244.3 |
|
|
32 |
% |
|
|
3,275.7 |
|
|
|
2,320.5 |
|
|
41 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Retail |
|
1,172.0 |
|
|
685.9 |
|
|
71 |
% |
|
|
2,293.1 |
|
|
|
1,245.9 |
|
|
84 |
% |
|
Wholesale |
|
86.3 |
|
|
46.8 |
|
|
84 |
% |
|
|
216.8 |
|
|
|
121.9 |
|
|
78 |
% |
|
Total used vehicle |
|
1,258.3 |
|
|
732.7 |
|
|
72 |
% |
|
|
2,509.9 |
|
|
|
1,367.8 |
|
|
83 |
% |
|
Parts and service |
|
229.8 |
|
|
109.8 |
|
|
109 |
% |
|
|
455.2 |
|
|
|
208.7 |
|
|
118 |
% |
|
Finance and insurance |
|
15.3 |
|
|
— |
|
|
— |
% |
|
|
26.5 |
|
|
|
— |
|
|
— |
% |
|
TOTAL COST OF SALES |
|
3,147.5 |
|
|
2,086.8 |
|
|
51 |
% |
|
|
6,267.3 |
|
|
|
3,897.0 |
|
|
61 |
% |
|
GROSS PROFIT |
|
802.7 |
|
|
497.2 |
|
|
61 |
% |
|
|
1,594.7 |
|
|
|
879.9 |
|
|
81 |
% |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Selling, general and administrative |
|
448.3 |
|
|
269.7 |
|
|
66 |
% |
|
|
903.8 |
|
|
|
509.5 |
|
|
77 |
% |
|
Depreciation and amortization |
|
18.1 |
|
|
10.1 |
|
|
79 |
% |
|
|
36.5 |
|
|
|
19.9 |
|
|
83 |
% |
|
Other operating expense (income), net |
|
0.8 |
|
|
(1.0 |
) |
|
180 |
% |
|
|
(1.9 |
) |
|
|
(4.2 |
) |
|
(55 |
) % |
|
INCOME FROM OPERATIONS |
|
335.5 |
|
|
218.4 |
|
|
54 |
% |
|
|
656.3 |
|
|
|
354.7 |
|
|
85 |
% |
|
OTHER EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Floor plan interest expense |
|
1.5 |
|
|
2.1 |
|
|
(29 |
) % |
|
|
4.1 |
|
|
|
5.0 |
|
|
(18 |
) % |
|
Other interest expense, net |
|
37.6 |
|
|
14.4 |
|
|
161 |
% |
|
|
75.2 |
|
|
|
28.4 |
|
|
165 |
% |
|
(Gain) loss on dealership divestitures, net |
|
28.7 |
|
|
— |
|
|
— |
% |
|
|
(4.4 |
) |
|
|
— |
|
|
— |
% |
|
Total other expenses, net |
|
67.8 |
|
|
16.5 |
|
|
311 |
% |
|
|
74.9 |
|
|
|
33.4 |
|
|
124 |
% |
|
INCOME BEFORE INCOME TAXES |
|
267.7 |
|
|
201.9 |
|
|
33 |
% |
|
|
581.4 |
|
|
|
321.3 |
|
|
81 |
% |
|
Income tax expense |
|
66.3 |
|
|
49.8 |
|
|
33 |
% |
|
|
142.3 |
|
|
|
76.4 |
|
|
86 |
% |
|
NET INCOME |
$ |
201.4 |
|
$ |
152.1 |
|
|
32 |
% |
|
$ |
439.1 |
|
|
$ |
244.9 |
|
|
79 |
% |
|
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Basic— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net income |
$ |
9.11 |
|
$ |
7.88 |
|
|
16 |
% |
|
$ |
19.60 |
|
|
$ |
12.69 |
|
|
54 |
% |
|
Diluted— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net income |
$ |
9.07 |
|
$ |
7.80 |
|
|
16 |
% |
|
$ |
19.52 |
|
|
$ |
12.56 |
|
|
55 |
% |
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Basic |
|
22.1 |
|
|
19.3 |
|
|
|
|
|
22.4 |
|
|
|
19.3 |
|
|
|
||
|
Restricted stock |
|
— |
|
|
0.1 |
|
|
|
|
|
— |
|
|
|
0.1 |
|
|
|
||
|
Performance share units |
|
0.1 |
|
|
0.1 |
|
|
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
||
|
Diluted |
|
22.2 |
|
|
19.5 |
|
|
|
|
|
22.5 |
|
|
|
19.5 |
|
|
|
||
|
Additional Disclosures-Consolidated (In millions) (Unaudited) |
||||||||||||
|
|
|
|
|
|
Increase (Decrease) |
|
% Change |
|||||
|
SELECTED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|||||
|
Cash and cash equivalents |
$ |
100.1 |
|
$ |
178.9 |
|
$ |
(78.8 |
) |
|
(44 |
) % |
|
Inventory, net (a) |
|
783.2 |
|
|
718.4 |
|
|
64.8 |
|
|
9 |
% |
|
Total current assets |
|
1,601.5 |
|
|
1,929.4 |
|
|
(327.9 |
) |
|
(17 |
) % |
|
Floor plan notes payable (b) |
|
44.4 |
|
|
564.5 |
|
|
(520.1 |
) |
|
(92 |
) % |
|
Total current liabilities |
|
1,156.9 |
|
|
1,598.0 |
|
|
(441.1 |
) |
|
(28 |
) % |
|
CAPITALIZATION: |
|
|
|
|
|
|
|
|||||
|
Long-term debt (including current portion) (c) |
$ |
3,385.1 |
|
$ |
3,582.6 |
|
$ |
(197.5 |
) |
|
(6 |
) % |
|
Shareholders' equity |
|
2,410.4 |
|
|
2,115.5 |
|
|
294.9 |
|
|
14 |
% |
|
Total |
$ |
5,795.5 |
|
$ |
5,698.1 |
|
$ |
97.4 |
|
|
2 |
% |
|
_____________________________ |
||
|
(a) |
Excludes |
|
|
(b) |
Excluding |
|
|
(c) |
Excluding |
|
|
|
|
|
|
|
|
|
Day Supply |
|
|
|
|
|
|
New vehicle inventory |
13 |
|
8 |
|
17 |
|
Used vehicle inventory |
34 |
|
34 |
|
37 |
|
_____________________________ |
|
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 Ended |
||
|
|
2022 |
|
2021 |
|
Luxury |
|
|
|
|
Lexus |
9 % |
|
12 % |
|
Mercedes-Benz |
8 % |
|
11 % |
|
BMW |
3 % |
|
6 % |
|
Porsche |
3 % |
|
2 % |
|
Acura |
2 % |
|
4 % |
|
Land Rover |
1 % |
|
3 % |
|
Audi |
1 % |
|
2 % |
|
Other luxury |
5 % |
|
4 % |
|
Total luxury |
32 % |
|
44 % |
|
Imports |
|
|
|
|
|
16 % |
|
11 % |
|
Honda |
8 % |
|
17 % |
|
Hyundai |
5 % |
|
2 % |
|
Nissan |
4 % |
|
5 % |
|
Other imports |
5 % |
|
6 % |
|
Total imports |
38 % |
|
41 % |
|
Domestic |
|
|
|
|
Chrysler, Dodge, |
16 % |
|
5 % |
|
Ford |
9 % |
|
5 % |
|
Chevrolet, Buick, GMC |
5 % |
|
5 % |
|
Total domestic |
30 % |
|
15 % |
|
Total New Vehicle Revenue |
100 % |
|
100 % |
|
|
For the Three Months Ended |
||
|
|
2022 |
|
2021 |
|
Revenue mix |
|
|
|
|
New vehicle |
47.2 % |
|
53.0 % |
|
Used vehicle retail |
32.2 % |
|
29.4 % |
|
Used vehicle wholesale |
2.3 % |
|
2.2 % |
|
Parts and service |
13.2 % |
|
11.3 % |
|
Finance and insurance |
5.1 % |
|
4.1 % |
|
Total revenue |
100.0 % |
|
100.0 % |
|
Gross profit mix |
|
|
|
|
New vehicle |
27.5 % |
|
25.0 % |
|
Used vehicle retail |
12.5 % |
|
14.8 % |
|
Used vehicle wholesale |
0.4 % |
|
2.0 % |
|
Parts and service |
36.2 % |
|
36.7 % |
|
Finance and insurance |
23.4 % |
|
21.5 % |
|
Total gross profit |
100.0 % |
|
100.0 % |
|
STATEMENTS OF INCOME-CONSOLIDATED (In millions) (Unaudited) |
|||||||||||||||||||||
|
|
For the Three Months Ended |
|
%
|
|
For the Six Months Ended |
|
%
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
1,864.5 |
|
|
$ |
1,368.4 |
|
|
36 |
% |
|
$ |
3,720.1 |
|
|
$ |
2,520.1 |
|
|
48 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
1,272.8 |
|
|
|
759.4 |
|
|
68 |
% |
|
|
2,489.7 |
|
|
|
1,366.9 |
|
|
82 |
% |
|
Wholesale |
|
89.7 |
|
|
|
56.8 |
|
|
58 |
% |
|
|
223.7 |
|
|
|
140.2 |
|
|
60 |
% |
|
Total used vehicle |
|
1,362.5 |
|
|
|
816.2 |
|
|
67 |
% |
|
|
2,713.4 |
|
|
|
1,507.1 |
|
|
80 |
% |
|
Parts and service |
|
520.2 |
|
|
|
292.4 |
|
|
78 |
% |
|
|
1,022.1 |
|
|
|
554.4 |
|
|
84 |
% |
|
Finance and insurance |
|
203.0 |
|
|
|
107.0 |
|
|
90 |
% |
|
|
406.4 |
|
|
|
195.3 |
|
|
108 |
% |
|
Total Revenue |
|
3,950.2 |
|
|
|
2,584.0 |
|
|
53 |
% |
|
|
7,862.0 |
|
|
|
4,776.9 |
|
|
65 |
% |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
220.4 |
|
|
$ |
124.1 |
|
|
78 |
% |
|
$ |
444.4 |
|
|
$ |
199.6 |
|
|
123 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
100.8 |
|
|
|
73.5 |
|
|
37 |
% |
|
|
196.6 |
|
|
|
121.0 |
|
|
62 |
% |
|
Wholesale |
|
3.4 |
|
|
|
10.0 |
|
|
(66 |
) % |
|
|
6.9 |
|
|
|
18.3 |
|
|
(62 |
) % |
|
Total used vehicle |
|
104.2 |
|
|
|
83.5 |
|
|
25 |
% |
|
|
203.5 |
|
|
|
139.3 |
|
|
46 |
% |
|
Parts and service |
|
290.4 |
|
|
|
182.6 |
|
|
59 |
% |
|
|
566.9 |
|
|
|
345.7 |
|
|
64 |
% |
|
Finance and insurance |
|
187.7 |
|
|
|
107.0 |
|
|
75 |
% |
|
|
379.9 |
|
|
|
195.3 |
|
|
95 |
% |
|
Total gross profit |
|
802.7 |
|
|
|
497.2 |
|
|
61 |
% |
|
|
1,594.7 |
|
|
|
879.9 |
|
|
81 |
% |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative |
$ |
448.3 |
|
|
$ |
269.7 |
|
|
66 |
% |
|
$ |
903.8 |
|
|
$ |
509.5 |
|
|
77 |
% |
|
Operating metrics |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SG&A as a % of gross profit |
|
55.8 |
% |
|
|
54.2 |
% |
|
160 bps |
|
|
56.7 |
% |
|
|
57.9 |
% |
|
(120) bps |
||
|
Adjusted SG&A as a % of gross profit |
|
55.8 |
% |
|
|
54.2 |
% |
|
160 bps |
|
|
56.7 |
% |
|
|
57.9 |
% |
|
(120) bps |
||
|
Income from operations as a % of revenue |
|
8.5 |
% |
|
|
8.5 |
% |
|
— bps |
|
|
8.3 |
% |
|
|
7.4 |
% |
|
90 bps |
||
|
Income from operations as a % of gross profit |
|
41.8 |
% |
|
|
43.9 |
% |
|
(210) bps |
|
|
41.2 |
% |
|
|
40.3 |
% |
|
90 bps |
||
|
Adjusted income from operations as a % of revenue |
|
8.5 |
% |
|
|
8.4 |
% |
|
10 bps |
|
|
8.3 |
% |
|
|
7.4 |
% |
|
90 bps |
||
|
Adjusted income from operations as a % of gross profit |
|
41.8 |
% |
|
|
43.8 |
% |
|
(200) bps |
|
|
41.1 |
% |
|
|
39.9 |
% |
|
120 bps |
||
|
Finance and insurance average gross profit per unit |
$ |
2,390 |
|
|
$ |
1,827 |
|
|
31 |
% |
|
$ |
2,435 |
|
|
$ |
1,786 |
|
|
36 |
% |
|
Total parts and service gross margin |
|
55.8 |
% |
|
|
62.4 |
% |
|
(660) bps |
|
|
55.5 |
% |
|
|
62.4 |
% |
|
(690) bps |
||
|
Total gross profit margin |
|
20.3 |
% |
|
|
19.2 |
% |
|
110 bps |
|
|
20.3 |
% |
|
|
18.4 |
% |
|
190 bps |
||
|
STATEMENTS OF INCOME-DEALERSHIPS (In millions) (unaudited) |
|||||||||||||||||||||
|
|
For the Three Months Ended |
|
%
|
|
For the Six Months Ended |
|
%
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
1,864.5 |
|
|
$ |
1,368.4 |
|
|
36 |
% |
|
$ |
3,720.1 |
|
|
$ |
2,520.1 |
|
|
48 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
1,272.8 |
|
|
|
759.4 |
|
|
68 |
% |
|
|
2,489.7 |
|
|
|
1,366.9 |
|
|
82 |
% |
|
Wholesale |
|
89.7 |
|
|
|
56.8 |
|
|
58 |
% |
|
|
223.7 |
|
|
|
140.2 |
|
|
60 |
% |
|
Total used vehicle |
|
1,362.5 |
|
|
|
816.2 |
|
|
67 |
% |
|
|
2,713.4 |
|
|
|
1,507.1 |
|
|
80 |
% |
|
Parts and service |
|
528.3 |
|
|
|
292.4 |
|
|
81 |
% |
|
|
1,038.1 |
|
|
|
554.4 |
|
|
87 |
% |
|
Finance and insurance, net |
|
174.7 |
|
|
|
107.0 |
|
|
63 |
% |
|
|
352.6 |
|
|
|
195.3 |
|
|
81 |
% |
|
Total Revenue |
|
3,930.0 |
|
|
|
2,584.0 |
|
|
52 |
% |
|
|
7,824.2 |
|
|
|
4,776.9 |
|
|
64 |
% |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
220.4 |
|
|
$ |
124.1 |
|
|
78 |
% |
|
$ |
444.4 |
|
|
$ |
199.6 |
|
|
123 |
% |
|
Used vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
100.8 |
|
|
|
73.5 |
|
|
37 |
% |
|
|
196.6 |
|
|
|
121.0 |
|
|
62 |
% |
|
Wholesale |
|
3.4 |
|
|
|
10.0 |
|
|
(66 |
) % |
|
|
6.9 |
|
|
|
18.3 |
|
|
(62 |
) % |
|
Total used vehicle |
|
104.2 |
|
|
|
83.5 |
|
|
25 |
% |
|
|
203.5 |
|
|
|
139.3 |
|
|
46 |
% |
|
Parts and service |
|
294.4 |
|
|
|
182.6 |
|
|
61 |
% |
|
|
574.6 |
|
|
|
345.7 |
|
|
66 |
% |
|
Finance and insurance, net |
|
174.7 |
|
|
|
107.0 |
|
|
63 |
% |
|
|
352.6 |
|
|
|
195.3 |
|
|
81 |
% |
|
Total gross profit |
|
793.7 |
|
|
|
497.2 |
|
|
60 |
% |
|
|
1,575.1 |
|
|
|
879.9 |
|
|
79 |
% |
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Luxury |
|
8,899 |
|
|
|
10,085 |
|
|
(12 |
) % |
|
|
17,156 |
|
|
|
18,596 |
|
|
(8 |
) % |
|
Import |
|
19,564 |
|
|
|
17,257 |
|
|
13 |
% |
|
|
40,242 |
|
|
|
31,634 |
|
|
27 |
% |
|
Domestic |
|
10,234 |
|
|
|
4,383 |
|
|
133 |
% |
|
|
20,473 |
|
|
|
8,754 |
|
|
134 |
% |
|
Total new vehicle |
|
38,697 |
|
|
|
31,725 |
|
|
22 |
% |
|
|
77,871 |
|
|
|
58,984 |
|
|
32 |
% |
|
Used vehicle retail |
|
39,848 |
|
|
|
26,856 |
|
|
48 |
% |
|
|
78,154 |
|
|
|
50,375 |
|
|
55 |
% |
|
Used to new ratio |
|
103.0 |
% |
|
|
84.7 |
% |
|
|
|
|
100.4 |
% |
|
|
85.4 |
% |
|
|
||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
48,182 |
|
|
$ |
43,133 |
|
|
12 |
% |
|
$ |
47,773 |
|
|
$ |
42,725 |
|
|
12 |
% |
|
Used vehicle retail |
$ |
31,941 |
|
|
$ |
28,277 |
|
|
13 |
% |
|
$ |
31,856 |
|
|
$ |
27,134 |
|
|
17 |
% |
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Luxury |
$ |
8,596 |
|
|
$ |
6,138 |
|
|
40 |
% |
|
$ |
8,586 |
|
|
$ |
5,732 |
|
|
50 |
% |
|
Import |
|
4,483 |
|
|
|
2,550 |
|
|
76 |
% |
|
|
4,552 |
|
|
|
1,963 |
|
|
132 |
% |
|
Domestic |
|
5,491 |
|
|
|
4,152 |
|
|
32 |
% |
|
|
5,563 |
|
|
|
3,530 |
|
|
58 |
% |
|
Total new vehicle |
|
5,696 |
|
|
|
3,912 |
|
|
46 |
% |
|
|
5,707 |
|
|
|
3,384 |
|
|
69 |
% |
|
Used vehicle retail |
|
2,530 |
|
|
|
2,737 |
|
|
(8 |
) % |
|
|
2,516 |
|
|
|
2,402 |
|
|
5 |
% |
|
Finance and insurance |
|
2,224 |
|
|
|
1,827 |
|
|
22 |
% |
|
|
2,260 |
|
|
|
1,786 |
|
|
27 |
% |
|
Front end yield (1) |
|
6,314 |
|
|
|
5,200 |
|
|
21 |
% |
|
|
6,368 |
|
|
|
4,717 |
|
|
35 |
% |
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
|
11.8 |
% |
|
|
9.1 |
% |
|
270 bps |
|
|
11.9 |
% |
|
|
7.9 |
% |
|
400 bps |
||
|
Used vehicle retail |
|
7.9 |
% |
|
|
9.7 |
% |
|
(180) bps |
|
|
7.9 |
% |
|
|
8.9 |
% |
|
(100) bps |
||
|
Parts and service |
|
55.7 |
% |
|
|
62.4 |
% |
|
(670) bps |
|
|
55.4 |
% |
|
|
62.4 |
% |
|
(700) bps |
||
|
Total gross profit margin |
|
20.2 |
% |
|
|
19.2 |
% |
|
100 bps |
|
|
20.1 |
% |
|
|
18.4 |
% |
|
170 bps |
||
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative |
$ |
455.1 |
|
|
$ |
269.7 |
|
|
69 |
% |
|
$ |
917.2 |
|
|
$ |
509.5 |
|
|
80 |
% |
|
Adjusted Selling, general and administrative |
$ |
455.1 |
|
|
$ |
269.7 |
|
|
69 |
% |
|
$ |
917.2 |
|
|
$ |
509.5 |
|
|
80 |
% |
|
SG&A as a % of gross profit |
|
57.3 |
% |
|
|
54.2 |
% |
|
310 bps |
|
|
58.2 |
% |
|
|
57.9 |
% |
|
30 bps |
||
|
Adjusted SG&A as a % of gross profit |
|
57.3 |
% |
|
|
54.2 |
% |
|
310 bps |
|
|
58.2 |
% |
|
|
57.9 |
% |
|
30 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. |
|
|
SAME STORE OPERATING HIGHLIGHTS-DEALERSHIPS (In millions) (Unaudited) |
|||||||||||||||||||||
|
|
For the Three Months Ended |
|
%
|
|
For the Six Months Ended |
|
%
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
1,058.1 |
|
|
$ |
1,351.0 |
|
|
(22 |
) % |
|
$ |
2,086.5 |
|
|
$ |
2,488.3 |
|
|
(16 |
) % |
|
Used Vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
837.2 |
|
|
|
748.6 |
|
|
12 |
% |
|
|
1,627.1 |
|
|
|
1,346.2 |
|
|
21 |
% |
|
Wholesale |
|
38.6 |
|
|
|
56.5 |
|
|
(32 |
) % |
|
|
91.1 |
|
|
|
139.4 |
|
|
(35 |
) % |
|
Total used vehicle |
|
875.8 |
|
|
|
805.1 |
|
|
9 |
% |
|
|
1,718.2 |
|
|
|
1,485.6 |
|
|
16 |
% |
|
Parts and service |
|
317.8 |
|
|
|
288.7 |
|
|
10 |
% |
|
|
612.9 |
|
|
|
547.4 |
|
|
12 |
% |
|
Finance and insurance |
|
114.4 |
|
|
|
106.0 |
|
|
8 |
% |
|
|
224.3 |
|
|
|
193.4 |
|
|
16 |
% |
|
Total revenue |
|
2,366.1 |
|
|
|
2,550.8 |
|
|
(7 |
) % |
|
|
4,641.9 |
|
|
|
4,714.7 |
|
|
(2 |
) % |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
125.1 |
|
|
$ |
121.9 |
|
|
3 |
% |
|
$ |
249.6 |
|
|
$ |
196.3 |
|
|
27 |
% |
|
Used Vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail |
|
57.3 |
|
|
|
72.7 |
|
|
(21 |
) % |
|
|
112.1 |
|
|
|
119.5 |
|
|
(6 |
) % |
|
Wholesale |
|
1.3 |
|
|
|
9.9 |
|
|
(87 |
) % |
|
|
2.0 |
|
|
|
18.1 |
|
|
(89 |
) % |
|
Total used vehicle |
|
58.6 |
|
|
|
82.6 |
|
|
(29 |
) % |
|
|
114.1 |
|
|
|
137.6 |
|
|
(17 |
) % |
|
Parts and service |
|
190.2 |
|
|
|
180.2 |
|
|
6 |
% |
|
|
366.5 |
|
|
|
341.0 |
|
|
7 |
% |
|
Finance and insurance |
|
114.4 |
|
|
|
106.0 |
|
|
8 |
% |
|
|
224.3 |
|
|
|
193.4 |
|
|
16 |
% |
|
Total gross profit |
|
488.3 |
|
|
|
490.7 |
|
|
— |
% |
|
|
954.5 |
|
|
|
868.3 |
|
|
10 |
% |
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Luxury |
|
7,703 |
|
|
|
9,780 |
|
|
(21 |
) % |
|
|
14,570 |
|
|
|
18,039 |
|
|
(19 |
) % |
|
Import |
|
10,741 |
|
|
|
17,257 |
|
|
(38 |
) % |
|
|
22,379 |
|
|
|
31,634 |
|
|
(29 |
) % |
|
Domestic |
|
3,150 |
|
|
|
4,383 |
|
|
(28 |
) % |
|
|
6,296 |
|
|
|
8,754 |
|
|
(28 |
) % |
|
Total new vehicle |
|
21,594 |
|
|
|
31,420 |
|
|
(31 |
) % |
|
|
43,245 |
|
|
|
58,427 |
|
|
(26 |
) % |
|
Used vehicle retail |
|
25,891 |
|
|
|
26,505 |
|
|
(2 |
) % |
|
|
50,488 |
|
|
|
49,680 |
|
|
2 |
% |
|
Used to new ratio |
|
119.9 |
% |
|
|
84.4 |
% |
|
|
|
|
116.7 |
% |
|
|
85.0 |
% |
|
|
||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle |
$ |
49,000 |
|
|
$ |
42,998 |
|
|
14 |
% |
|
$ |
48,248 |
|
|
$ |
42,588 |
|
|
13 |
% |
|
Used vehicle retail |
$ |
32,336 |
|
|
$ |
28,244 |
|
|
14 |
% |
|
$ |
32,227 |
|
|
$ |
27,097 |
|
|
19 |
% |
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
New vehicle: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Luxury |
$ |
8,231 |
|
|
$ |
6,104 |
|
|
35 |
% |
|
$ |
8,332 |
|
|
$ |
5,726 |
|
|
46 |
% |
|
Import |
|
4,394 |
|
|
|
2,550 |
|
|
72 |
% |
|
|
4,375 |
|
|
|
1,963 |
|
|
123 |
% |
|
Domestic |
|
4,603 |
|
|
|
4,152 |
|
|
11 |
% |
|
|
4,813 |
|
|
|
3,530 |
|
|
36 |
% |
|
Total new vehicle |
|
5,793 |
|
|
|
3,880 |
|
|
49 |
% |
|
|
5,772 |
|
|
|
3,360 |
|
|
72 |
% |
|
Used vehicle retail |
|
2,213 |
|
|
|
2,743 |
|
|
(19 |
) % |
|
|
2,220 |
|
|
|
2,405 |
|
|
(8 |
) % |
|
Finance and insurance |
|
2,409 |
|
|
|
1,830 |
|
|
32 |
% |
|
|
2,393 |
|
|
|
1,789 |
|
|
34 |
% |
|
Front end yield (1) |
|
6,250 |
|
|
|
5,189 |
|
|
20 |
% |
|
|
6,252 |
|
|
|
4,710 |
|
|
33 |
% |
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total new vehicle |
|
11.8 |
% |
|
|
9.0 |
% |
|
280 bps |
|
|
12.0 |
% |
|
|
7.9 |
% |
|
410 bps |
||
|
Used vehicle retail |
|
6.8 |
% |
|
|
9.7 |
% |
|
(290) bps |
|
|
6.9 |
% |
|
|
8.9 |
% |
|
(200) bps |
||
|
Parts and service |
|
59.8 |
% |
|
|
62.4 |
% |
|
(260) bps |
|
|
59.8 |
% |
|
|
62.3 |
% |
|
(250) bps |
||
|
Total gross profit margin |
|
20.6 |
% |
|
|
19.2 |
% |
|
140 bps |
|
|
20.6 |
% |
|
|
18.4 |
% |
|
220 bps |
||
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative |
$ |
273.2 |
|
|
$ |
266.4 |
|
|
3 |
% |
|
$ |
542.7 |
|
|
$ |
503.4 |
|
|
8 |
% |
|
Adjusted Selling, general and administrative |
$ |
273.2 |
|
|
$ |
266.4 |
|
|
3 |
% |
|
$ |
542.7 |
|
|
$ |
503.4 |
|
|
8 |
% |
|
SG&A as a % of gross profit |
|
55.9 |
% |
|
|
54.3 |
% |
|
160 bps |
|
|
56.9 |
% |
|
|
58.0 |
% |
|
(110) bps |
||
|
Adjusted SG&A as a % of gross profit |
|
55.9 |
% |
|
|
54.3 |
% |
|
160 bps |
|
|
56.9 |
% |
|
|
58.0 |
% |
|
(110) 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. |
|
|
SEGMENT REPORTING (Unaudited) |
|||||||||
|
|
Three Months Ended |
||||||||
|
|
Dealerships |
|
TCA After Eliminations |
|
|
||||
|
|
(In millions) |
||||||||
|
Revenue |
|
|
|
|
|
||||
|
New |
$ |
1,864.5 |
|
$ |
— |
|
|
$ |
1,864.5 |
|
Used |
|
1,362.5 |
|
|
— |
|
|
|
1,362.5 |
|
Parts and service |
|
528.3 |
|
|
(8.1 |
) |
|
|
520.2 |
|
Finance and insurance |
|
174.7 |
|
|
28.3 |
|
|
|
203.0 |
|
Total revenue |
|
3,930.0 |
|
|
20.2 |
|
|
|
3,950.2 |
|
Cost of sales |
|
|
|
|
|
||||
|
New |
$ |
1,644.1 |
|
$ |
— |
|
|
$ |
1,644.1 |
|
Used |
|
1,258.3 |
|
|
— |
|
|
|
1,258.3 |
|
Parts and service |
|
233.9 |
|
|
(4.1 |
) |
|
|
229.8 |
|
Finance and insurance |
|
— |
|
|
15.3 |
|
|
|
15.3 |
|
Total cost of sales |
|
3,136.3 |
|
|
11.2 |
|
|
|
3,147.5 |
|
Gross profit |
|
|
|
|
|
||||
|
New |
$ |
220.4 |
|
$ |
— |
|
|
$ |
220.4 |
|
Used |
|
104.2 |
|
|
— |
|
|
|
104.2 |
|
Parts and service |
|
294.4 |
|
|
(4.0 |
) |
|
|
290.4 |
|
Finance and insurance |
|
174.7 |
|
|
13.0 |
|
|
|
187.7 |
|
Total gross profit |
|
793.7 |
|
|
9.0 |
|
|
|
802.7 |
|
Selling, general and administrative |
$ |
455.1 |
|
$ |
(6.8 |
) |
|
$ |
448.3 |
|
Income from operations |
$ |
321.8 |
|
$ |
13.7 |
|
|
$ |
335.5 |
|
|
Six Months Ended |
||||||||
|
|
Dealerships |
|
TCA After Eliminations |
|
|
||||
|
|
(In millions) |
||||||||
|
Revenue |
|
|
|
|
|
||||
|
New |
$ |
3,720.1 |
|
$ |
— |
|
|
$ |
3,720.1 |
|
Used |
|
2,713.4 |
|
|
— |
|
|
|
2,713.4 |
|
Parts and service |
|
1,038.1 |
|
|
(16.0 |
) |
|
|
1,022.1 |
|
Finance and insurance |
|
352.6 |
|
|
53.8 |
|
|
|
406.4 |
|
Total revenue |
|
7,824.2 |
|
|
37.8 |
|
|
|
7,862.0 |
|
Cost of sales |
|
|
|
|
|
||||
|
New |
$ |
3,275.7 |
|
$ |
— |
|
|
$ |
3,275.7 |
|
Used |
|
2,509.9 |
|
|
— |
|
|
|
2,509.9 |
|
Parts and service |
|
463.5 |
|
|
(8.3 |
) |
|
|
455.2 |
|
Finance and insurance |
|
— |
|
|
26.5 |
|
|
|
26.5 |
|
Total cost of sales |
|
6,249.1 |
|
|
18.2 |
|
|
|
6,267.3 |
|
Gross profit |
|
|
|
|
|
||||
|
New |
$ |
444.4 |
|
$ |
— |
|
|
$ |
444.4 |
|
Used |
|
203.5 |
|
|
— |
|
|
|
203.5 |
|
Parts and service |
|
574.6 |
|
|
(7.7 |
) |
|
|
566.9 |
|
Finance and insurance |
|
352.6 |
|
|
27.3 |
|
|
|
379.9 |
|
Total gross profit |
|
1,575.1 |
|
|
19.6 |
|
|
|
1,594.7 |
|
Selling, general and administrative |
$ |
917.2 |
|
$ |
(13.4 |
) |
|
$ |
903.8 |
|
Income from operations |
$ |
626.7 |
|
$ |
29.6 |
|
|
$ |
656.3 |
|
|
|
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 EBITDA" 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 |
|||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
(Dollars in millions) |
|||||||||||||
|
Adjusted leverage ratio: |
|
|
|
|
|
|
|
|||||||
|
Long-term debt (including current portion and held for sale) |
|
|
|
|
$ |
3,387.9 |
|
|
$ |
3,406.6 |
|
|||
|
Cash and floor plan offset |
|
|
|
|
|
(404.4 |
) |
|
|
(310.9 |
) |
|||
|
TCA cash |
|
|
|
|
|
160.3 |
|
|
|
137.7 |
|
|||
|
Availability under our used vehicle revolving floor plan facility |
|
|
|
|
|
(327.8 |
) |
|
|
(192.8 |
) |
|||
|
Adjusted long-term net debt |
|
|
|
|
$ |
2,816.0 |
|
|
$ |
3,040.6 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): |
|
|
|
|
|
|
|
|||||||
|
Net Income |
$ |
201.4 |
|
$ |
152.1 |
|
|
$ |
726.6 |
|
|
$ |
677.3 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Depreciation and amortization |
|
18.1 |
|
|
10.1 |
|
|
|
58.5 |
|
|
|
50.5 |
|
|
Income tax expense |
|
66.3 |
|
|
49.8 |
|
|
|
231.2 |
|
|
|
214.7 |
|
|
Swap and other interest expense |
|
37.7 |
|
|
14.4 |
|
|
|
141.4 |
|
|
|
118.2 |
|
|
Earnings before interest, taxes, depreciation and amortization ("EBITDA") |
$ |
323.5 |
|
$ |
226.4 |
|
|
$ |
1,157.7 |
|
|
$ |
1,060.7 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-core items - expense (income): |
|
|
|
|
|
|
|
|||||||
|
(Gain) loss on dealership divestitures, net |
$ |
28.6 |
|
$ |
— |
|
|
$ |
(12.4 |
) |
|
$ |
(41.0 |
) |
|
Gain on sale of real estate |
|
— |
|
|
(0.8 |
) |
|
|
(0.9 |
) |
|
|
(1.7 |
) |
|
Professional fees associated with acquisitions |
|
— |
|
|
— |
|
|
|
4.9 |
|
|
|
4.9 |
|
|
Real estate-related charges |
|
— |
|
|
0.3 |
|
|
|
— |
|
|
|
0.3 |
|
|
Total non-core items |
|
28.6 |
|
|
(0.5 |
) |
|
|
(8.4 |
) |
|
|
(37.5 |
) |
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted EBITDA |
$ |
352.1 |
|
$ |
225.9 |
|
|
$ |
1,149.3 |
|
|
$ |
1,023.2 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Pro forma impact of acquisition and divestitures on EBITDA |
|
|
|
|
$ |
214.2 |
|
|
$ |
330.7 |
|
|||
|
Pro forma Adjusted EBITDA |
|
|
|
|
$ |
1,363.5 |
|
|
$ |
1,353.9 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Pro forma Adjusted net leverage ratio |
|
|
|
|
|
2.1 |
|
|
|
2.2 |
|
|||
|
|
Three Months Ended |
||||||||||||||||||
|
|
GAAP |
|
(Gain) loss on divestiture |
|
Real estate related gain |
|
Income tax effect |
|
Non-GAAP adjusted |
||||||||||
|
|
(In millions, except per share data) |
||||||||||||||||||
|
Selling, general and administrative |
$ |
448.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
448.3 |
|
|
Income from operations |
$ |
335.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
335.5 |
|
|
Net income |
$ |
201.4 |
|
|
$ |
28.6 |
|
|
$ |
— |
|
|
$ |
(7.1 |
) |
|
$ |
222.9 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Weighted average common share outstanding - diluted |
|
22.2 |
|
|
|
|
|
|
|
|
|
22.2 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted EPS |
$ |
9.07 |
|
|
$ |
1.29 |
|
|
$ |
— |
|
|
$ |
(0.32 |
) |
|
$ |
10.04 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SG&A as a % of gross profit |
|
55.8 |
% |
|
|
|
|
|
|
|
|
55.8 |
% |
||||||
|
Income from operations as a % of revenue |
|
8.5 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dealerships: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative |
$ |
455.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
455.1 |
|
|
SG&A as a % of gross profit |
|
57.3 |
% |
|
|
|
|
|
|
|
|
57.3 |
% |
||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
GAAP |
|
Legal settlements |
|
Real estate related gain |
|
Real estate related charges |
|
Income tax effect |
|
Non-GAAP adjusted |
||||||||||||
|
|
(In millions, except per share data) |
||||||||||||||||||||||
|
Selling, general and administrative |
$ |
269.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
269.7 |
|
|
Income from operations |
$ |
218.4 |
|
|
$ |
— |
|
|
$ |
(0.8 |
) |
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
217.9 |
|
|
Net income |
$ |
152.1 |
|
|
$ |
— |
|
|
$ |
(0.8 |
) |
|
$ |
0.3 |
|
|
$ |
0.1 |
|
|
$ |
151.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted average common share outstanding - diluted |
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
19.5 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Diluted EPS |
$ |
7.80 |
|
|
$ |
— |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
7.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
SG&A as a % of gross profit |
|
54.2 |
% |
|
|
|
|
|
|
|
|
|
|
54.2 |
% |
||||||||
|
Income from operations as a % of revenue |
|
8.5 |
% |
|
|
— |
% |
|
|
(0.1 |
) % |
|
|
— |
% |
|
|
— |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dealerships: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Selling, general and administrative |
$ |
269.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
269.7 |
|
|
SG&A as a % of gross profit |
|
54.2 |
% |
|
|
|
|
|
|
|
|
|
|
54.2 |
% |
||||||||
|
|
Six Months Ended |
||||||||||||||||||
|
|
GAAP |
|
(Gain) loss on divestiture |
|
Real estate related gain |
|
Income tax effect |
|
Non-GAAP adjusted |
||||||||||
|
|
(In millions, except per share data) |
||||||||||||||||||
|
Selling, general and administrative |
$ |
903.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
903.8 |
|
|
Income from operations |
$ |
656.3 |
|
|
$ |
— |
|
|
$ |
(0.9 |
) |
|
$ |
— |
|
|
$ |
655.4 |
|
|
Net income |
$ |
439.1 |
|
|
$ |
(4.4 |
) |
|
$ |
(0.9 |
) |
|
$ |
1.3 |
|
|
$ |
435.1 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Weighted average common share outstanding - diluted |
|
22.5 |
|
|
|
|
|
|
|
|
|
22.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted EPS |
$ |
19.52 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
|
$ |
0.05 |
|
|
$ |
19.32 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
SG&A as a % of gross profit |
|
56.7 |
% |
|
|
|
|
|
|
|
|
56.7 |
% |
||||||
|
Income from operations as a % of revenue |
|
8.3 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dealerships: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative |
$ |
917.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
917.2 |
|
|
SG&A as a % of gross profit |
|
58.2 |
% |
|
|
|
|
|
|
|
|
58.2 |
% |
||||||
|
|
Six Months Ended |
||||||||||||||||||||||
|
|
GAAP |
|
Legal settlements |
|
Real estate related gain |
|
Real estate related charges |
|
Income tax effect |
|
Non-GAAP adjusted |
||||||||||||
|
|
(In millions, except per share data) |
||||||||||||||||||||||
|
Selling, general and administrative |
$ |
509.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
509.5 |
|
|
Income from operations |
$ |
354.7 |
|
|
$ |
(3.5 |
) |
|
$ |
(1.9 |
) |
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
351.4 |
|
|
Net income |
$ |
244.9 |
|
|
$ |
(3.5 |
) |
|
$ |
(1.9 |
) |
|
$ |
2.1 |
|
|
$ |
0.8 |
|
|
$ |
242.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted average common share outstanding - diluted |
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
19.5 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Diluted EPS |
$ |
12.56 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.11 |
|
|
$ |
0.04 |
|
|
|
12.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
SG&A as a % of gross profit |
|
57.9 |
% |
|
|
|
|
|
|
|
|
|
|
57.9 |
% |
||||||||
|
Income from operations as a % of revenue |
|
7.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dealerships: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Selling, general and administrative |
$ |
509.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
509.5 |
|
|
SG&A as a % of gross profit |
|
57.9 |
% |
|
|
|
|
|
|
|
|
|
|
57.9 |
% |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005166/en/
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