$ABG
ASBURY AUTOMOTIVE GROUP INC

2013 Q2 Form 10-Q Financial Statement

#000114498013000054 Filed on July 24, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.345B $1.162B
YoY Change 15.82% 11.92%
Cost Of Revenue $1.123B $969.7M
YoY Change 15.81% 9.87%
Gross Profit $222.3M $191.8M
YoY Change 15.9% 5.85%
Gross Profit Margin 16.52% 16.51%
Selling, General & Admin $153.9M $138.5M
YoY Change 11.12% -1.42%
% of Gross Profit 69.23% 72.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.900M $5.700M
YoY Change 3.51% 0.0%
% of Gross Profit 2.65% 2.97%
Operating Expenses $153.9M $138.5M
YoY Change 11.12% -1.42%
Operating Profit $57.40M $47.00M
YoY Change 22.13% 26.68%
Interest Expense -$13.50M -$13.00M
YoY Change 3.85% 1.56%
% of Operating Profit -23.52% -27.66%
Other Income/Expense, Net -$13.50M -$13.00M
YoY Change 3.85% -9.09%
Pretax Income $43.90M $34.00M
YoY Change 29.12% 49.12%
Income Tax $16.70M $13.10M
% Of Pretax Income 38.04% 38.53%
Net Earnings $27.00M $21.10M
YoY Change 27.96% 48.59%
Net Earnings / Revenue 2.01% 1.82%
Basic Earnings Per Share $0.88 $0.68
Diluted Earnings Per Share $0.87 $0.67
COMMON SHARES
Basic Shares Outstanding 30.80M shares 31.10M shares
Diluted Shares Outstanding 31.10M shares 31.50M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.00M $8.700M
YoY Change 670.11% -62.5%
Cash & Equivalents $67.00M $8.700M
Short-Term Investments
Other Short-Term Assets $70.20M $69.60M
YoY Change 0.86% 34.1%
Inventory $712.5M $595.2M
Prepaid Expenses
Receivables $82.40M $77.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.072B $855.2M
YoY Change 25.32% 20.4%
LONG-TERM ASSETS
Property, Plant & Equipment $578.6M $527.7M
YoY Change 9.65% 7.04%
Goodwill $28.40M $18.70M
YoY Change 51.87% -0.53%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.00M $54.50M
YoY Change -0.92% -15.24%
Total Long-Term Assets $683.6M $635.2M
YoY Change 7.62% 1.16%
TOTAL ASSETS
Total Short-Term Assets $1.072B $855.2M
Total Long-Term Assets $683.6M $635.2M
Total Assets $1.755B $1.490B
YoY Change 17.77% 11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $199.6M $183.8M
YoY Change 8.6% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $497.5M $509.7M
YoY Change -2.39% 87.8%
Long-Term Debt Due $5.000M $16.80M
YoY Change -70.24% -1.18%
Total Short-Term Liabilities $702.3M $710.3M
YoY Change -1.13% 50.42%
LONG-TERM LIABILITIES
Long-Term Debt $580.8M $399.3M
YoY Change 45.45% -24.2%
Other Long-Term Liabilities $18.60M $17.60M
YoY Change 5.68% -37.14%
Total Long-Term Liabilities $18.60M $416.9M
YoY Change -95.54% -24.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $702.3M $710.3M
Total Long-Term Liabilities $18.60M $416.9M
Total Liabilities $720.9M $1.127B
YoY Change -36.05% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings $113.9M $10.90M
YoY Change 944.95% -117.69%
Common Stock $506.1M $490.8M
YoY Change 3.12% 4.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $166.1M $135.4M
YoY Change 22.67% 46.06%
Treasury Stock Shares 8.973M shares 8.025M shares
Shareholders Equity $453.6M $363.2M
YoY Change
Total Liabilities & Shareholders Equity $1.755B $1.490B
YoY Change 17.77% 11.37%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $27.00M $21.10M
YoY Change 27.96% 48.59%
Depreciation, Depletion And Amortization $5.900M $5.700M
YoY Change 3.51% 0.0%
Cash From Operating Activities $16.30M $18.20M
YoY Change -10.44% -57.48%
INVESTING ACTIVITIES
Capital Expenditures -$24.10M -$15.60M
YoY Change 54.49% -13.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.300M
YoY Change -100.0% -79.11%
Cash From Investing Activities -$24.10M -$12.30M
YoY Change 95.93% 459.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 74.70M -1.500M
YoY Change -5080.0% -94.07%
NET CHANGE
Cash From Operating Activities 16.30M 18.20M
Cash From Investing Activities -24.10M -12.30M
Cash From Financing Activities 74.70M -1.500M
Net Change In Cash 66.90M 4.400M
YoY Change 1420.45% -71.24%
FREE CASH FLOW
Cash From Operating Activities $16.30M $18.20M
Capital Expenditures -$24.10M -$15.60M
Free Cash Flow $40.40M $33.80M
YoY Change 19.53% -44.41%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;padding-top:6px;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are one of the largest automotive retailers in the United States, operating </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">97</font><font style="font-family:inherit;font-size:10pt;"> franchises (</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">76</font><font style="font-family:inherit;font-size:10pt;"> dealership locations) in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">18</font><font style="font-family:inherit;font-size:10pt;"> metropolitan markets within </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">10</font><font style="font-family:inherit;font-size:10pt;"> states as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">. We offer an extensive range of automotive products and services, including new and used vehicles; vehicle maintenance, replacement parts and collision repair services; and financing, insurance and service contracts. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, we offered </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">29</font><font style="font-family:inherit;font-size:10pt;"> domestic and foreign brands of new vehicles. 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font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">North Point dealerships operating in Little Rock, Arkansas;</font></div></td></tr></table><div style="line-height:120%;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Plaza dealerships operating in St. Louis, Missouri; 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DiscountOnTradeReceivablesSold
200000 USD
abg Disposal Group Including Discontinued Operation Other Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherExpenseNet
100000 USD
abg Disposal Group Including Discontinued Operation Other Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherExpenseNet
0 USD
CY2013Q2 abg Financeandinsurancenet
Financeandinsurancenet
52400000 USD
abg Financeandinsurancenet
Financeandinsurancenet
99400000 USD
abg Financeandinsurancenet
Financeandinsurancenet
79100000 USD
CY2012Q2 abg Financeandinsurancenet
Financeandinsurancenet
41400000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
5600000 USD
CY2013Q2 abg Floor Plan Interest Expense
FloorPlanInterestExpense
3100000 USD
CY2012Q2 abg Floor Plan Interest Expense
FloorPlanInterestExpense
2900000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
6200000 USD
CY2013Q2 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
436800000 USD
CY2012Q4 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
501600000 USD
CY2012Q4 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
55100000 USD
CY2013Q2 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
60700000 USD
abg General Collection Period For Contracts In Transit
GeneralCollectionPeriodForContractsInTransit
P14D
abg Increase Decrease In Deferred Compensation Liability Distribution Of Assets To Participants
IncreaseDecreaseInDeferredCompensationLiabilityDistributionOfAssetsToParticipants
0 USD
abg Increase Decrease In Deferred Compensation Liability Distribution Of Assets To Participants
IncreaseDecreaseInDeferredCompensationLiabilityDistributionOfAssetsToParticipants
7800000 USD
abg Increase Decrease In Deferred Compensation Liability Plan Termination
IncreaseDecreaseInDeferredCompensationLiabilityPlanTermination
7800000 USD
abg Increase Decrease In Deferred Compensation Liability Plan Termination
IncreaseDecreaseInDeferredCompensationLiabilityPlanTermination
0 USD
abg Increase Decrease In Floor Plan Notes Payable Trade
IncreaseDecreaseInFloorPlanNotesPayableTrade
-16000000 USD
abg Increase Decrease In Floor Plan Notes Payable Trade
IncreaseDecreaseInFloorPlanNotesPayableTrade
5600000 USD
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
30800000 USD
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
25700000 USD
CY2012Q4 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
466000000 USD
CY2013Q2 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
576100000 USD
CY2012Q4 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
466000000 USD
CY2013Q2 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
585800000 USD
CY2013Q2 abg Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
9200000 USD
CY2012Q4 abg Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
18200000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
1322200000 USD
CY2012Q2 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
606100000 USD
CY2013Q2 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
698400000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
1142500000 USD
CY2012Q2 abg New Vehicle Revenue
NewVehicleRevenue
648000000 USD
CY2013Q2 abg New Vehicle Revenue
NewVehicleRevenue
743000000 USD
abg New Vehicle Revenue
NewVehicleRevenue
1222900000 USD
abg New Vehicle Revenue
NewVehicleRevenue
1407500000 USD
CY2013Q2 abg Number Of Collision Repair Centers
NumberOfCollisionRepairCenters
23 CollisionRepairCenters
CY2013Q2 abg Number Of Dealership Locations
NumberOfDealershipLocations
76 DealershipLocations
abg Number Of Dealership Locations Sold
NumberOfDealershipLocationsSold
1 DealershipLocations
CY2013Q2 abg Number Of Franchises
NumberOfFranchises
97 Franchises
abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
4 Franchises
abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
1 Franchises
CY2013Q2 abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
0 Franchises
CY2012Q2 abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
4 Franchises
abg Number Of Franchises Sold
NumberOfFranchisesSold
1 Franchises
CY2013Q2 abg Number Of Metropolitan Markets
NumberOfMetropolitanMarkets
18 MetropolitanMarkets
CY2013Q2 abg Number Of Vehicle Brands
NumberOfVehicleBrands
29 VehicleBrands
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
1439700000 USD
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
1499700000 USD
abg Purchaseof Previously Leased Real Estate Numberof Transactions Enteredinto Duringthe Period
PurchaseofPreviouslyLeasedRealEstateNumberofTransactionsEnteredintoDuringthePeriod
2 transaction
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
1345900000 USD
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
1564500000 USD
abg Repayments Of Floor Plan Payables Non Trade Divestitures
RepaymentsOfFloorPlanPayablesNonTradeDivestitures
5400000 USD
abg Repayments Of Floor Plan Payables Non Trade Divestitures
RepaymentsOfFloorPlanPayablesNonTradeDivestitures
2100000 USD
abg Swap Interest Expense
SwapInterestExpense
2500000 USD
abg Swap Interest Expense
SwapInterestExpense
2100000 USD
CY2013Q2 abg Swap Interest Expense
SwapInterestExpense
900000 USD
CY2012Q2 abg Swap Interest Expense
SwapInterestExpense
1200000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
10000000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
7600000 USD
CY2012Q2 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
305000000 USD
CY2013Q2 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
364600000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
699600000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
593700000 USD
CY2012Q2 abg Used Vehicle Revenue
UsedVehicleRevenue
330700000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
761500000 USD
CY2013Q2 abg Used Vehicle Revenue
UsedVehicleRevenue
395200000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
647400000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001144980
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31124573 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ASBURY AUTOMOTIVE GROUP INC

Files In Submission

Name View Source Status
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0001144980-13-000054-index.html Edgar Link pending
0001144980-13-000054.txt Edgar Link pending
0001144980-13-000054-xbrl.zip Edgar Link pending
abg-20130630.xml Edgar Link completed
abg-20130630.xsd Edgar Link pending
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