$ABG
ASBURY AUTOMOTIVE GROUP INC

2014 Q2 Form 10-Q Financial Statement

#000114498014000033 Filed on July 23, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.503B $1.345B
YoY Change 11.75% 15.82%
Cost Of Revenue $1.256B $1.123B
YoY Change 11.8% 15.81%
Gross Profit $247.9M $222.3M
YoY Change 11.52% 15.9%
Gross Profit Margin 16.49% 16.52%
Selling, General & Admin $169.2M $153.9M
YoY Change 9.94% 11.12%
% of Gross Profit 68.25% 69.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.400M $5.900M
YoY Change 8.47% 3.51%
% of Gross Profit 2.58% 2.65%
Operating Expenses $169.2M $153.9M
YoY Change 9.94% 11.12%
Operating Profit $72.20M $57.40M
YoY Change 25.78% 22.13%
Interest Expense -$13.20M -$13.50M
YoY Change -2.22% 3.85%
% of Operating Profit -18.28% -23.52%
Other Income/Expense, Net -$13.20M -$13.50M
YoY Change -2.22% 3.85%
Pretax Income $59.00M $43.90M
YoY Change 34.4% 29.12%
Income Tax $22.80M $16.70M
% Of Pretax Income 38.64% 38.04%
Net Earnings $35.90M $27.00M
YoY Change 32.96% 27.96%
Net Earnings / Revenue 2.39% 2.01%
Basic Earnings Per Share $1.18 $0.88
Diluted Earnings Per Share $1.18 $0.87
COMMON SHARES
Basic Shares Outstanding 30.30M shares 30.80M shares
Diluted Shares Outstanding 30.50M shares 31.10M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000M $67.00M
YoY Change -89.55% 670.11%
Cash & Equivalents $7.000M $67.00M
Short-Term Investments
Other Short-Term Assets $79.60M $70.20M
YoY Change 13.39% 0.86%
Inventory $793.1M $712.5M
Prepaid Expenses
Receivables $95.80M $82.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.124B $1.072B
YoY Change 4.83% 25.32%
LONG-TERM ASSETS
Property, Plant & Equipment $677.5M $578.6M
YoY Change 17.09% 9.65%
Goodwill $61.90M $28.40M
YoY Change 117.96% 51.87%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.50M $54.00M
YoY Change 12.04% -0.92%
Total Long-Term Assets $812.4M $683.6M
YoY Change 18.84% 7.62%
TOTAL ASSETS
Total Short-Term Assets $1.124B $1.072B
Total Long-Term Assets $812.4M $683.6M
Total Assets $1.936B $1.755B
YoY Change 10.29% 17.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.1M $199.6M
YoY Change 13.28% 8.6%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $610.7M $497.5M
YoY Change 22.75% -2.39%
Long-Term Debt Due $11.40M $5.000M
YoY Change 128.0% -70.24%
Total Short-Term Liabilities $848.2M $702.3M
YoY Change 20.77% -1.13%
LONG-TERM LIABILITIES
Long-Term Debt $537.5M $580.8M
YoY Change -7.46% 45.45%
Other Long-Term Liabilities $21.40M $18.60M
YoY Change 15.05% 5.68%
Total Long-Term Liabilities $21.40M $18.60M
YoY Change 15.05% -95.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $848.2M $702.3M
Total Long-Term Liabilities $21.40M $18.60M
Total Liabilities $869.6M $720.9M
YoY Change 20.63% -36.05%
SHAREHOLDERS EQUITY
Retained Earnings $230.8M $113.9M
YoY Change 102.63% 944.95%
Common Stock $518.5M $506.1M
YoY Change 2.45% 3.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $219.6M $166.1M
YoY Change 32.21% 22.67%
Treasury Stock Shares 9.956M shares 8.973M shares
Shareholders Equity $528.8M $453.6M
YoY Change
Total Liabilities & Shareholders Equity $1.936B $1.755B
YoY Change 10.29% 17.77%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $35.90M $27.00M
YoY Change 32.96% 27.96%
Depreciation, Depletion And Amortization $6.400M $5.900M
YoY Change 8.47% 3.51%
Cash From Operating Activities $26.10M $16.30M
YoY Change 60.12% -10.44%
INVESTING ACTIVITIES
Capital Expenditures -$18.20M -$24.10M
YoY Change -24.48% 54.49%
Acquisitions
YoY Change
Other Investing Activities -$17.30M $0.00
YoY Change -100.0%
Cash From Investing Activities -$35.50M -$24.10M
YoY Change 47.3% 95.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.30M 74.70M
YoY Change -86.21% -5080.0%
NET CHANGE
Cash From Operating Activities 26.10M 16.30M
Cash From Investing Activities -35.50M -24.10M
Cash From Financing Activities 10.30M 74.70M
Net Change In Cash 900.0K 66.90M
YoY Change -98.65% 1420.45%
FREE CASH FLOW
Cash From Operating Activities $26.10M $16.30M
Capital Expenditures -$18.20M -$24.10M
Free Cash Flow $44.30M $40.40M
YoY Change 9.65% 19.53%

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;">81</font><font style="font-family:inherit;font-size:10pt;"> dealership locations (</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">102</font><font style="font-family:inherit;font-size:10pt;"> franchises) 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, 2014</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, 2014</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;">Courtesy dealerships operating in Tampa, Florida;</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;">Crown dealerships operating in New Jersey, North Carolina, South Carolina and Virginia;</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; 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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 the Little Rock, Arkansas area;</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 metropolitan St. Louis, Missouri; and</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;">Gray-Daniels dealerships operating in the Jackson, Mississippi area.</font></div></td></tr></table><div style="line-height:120%;padding-left:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, we own and operate </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> stand-alone used vehicle store under the &#8220;Q auto&#8221; 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FloorPlanInterestExpense
3300000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
6200000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
6300000 USD
CY2014Q2 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
546700000 USD
CY2013Q4 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
534800000 USD
CY2013Q4 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
74700000 USD
CY2014Q2 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
64000000 USD
abg General Collection Period For Contracts In Transit
GeneralCollectionPeriodForContractsInTransit
P14D
abg Increase Decrease In Deferred Compensation Liability Distribution Of Assets To Participants
IncreaseDecreaseInDeferredCompensationLiabilityDistributionOfAssetsToParticipants
7800000 USD
abg Increase Decrease In Deferred Compensation Liability Distribution Of Assets To Participants
IncreaseDecreaseInDeferredCompensationLiabilityDistributionOfAssetsToParticipants
0 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
CY2013Q4 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
554400000 USD
CY2014Q2 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
548900000 USD
CY2014Q2 abg New Vehicle Revenue
NewVehicleRevenue
831500000 USD
abg New Vehicle Revenue
NewVehicleRevenue
1557500000 USD
abg New Vehicle Revenue
NewVehicleRevenue
1408000000 USD
CY2014Q2 abg Number Of Collision Repair Centers
NumberOfCollisionRepairCenters
24 CollisionRepairCenters
CY2014Q2 abg Number Of Dealership Locations
NumberOfDealershipLocations
81 DealershipLocations
CY2014Q2 abg Number Of Franchises
NumberOfFranchises
102 Franchises
abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
1 Franchises
abg Number Of Franchises Discontinued Operations
NumberOfFranchisesDiscontinuedOperations
0 Franchises
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
30800000 USD
CY2013Q4 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
545200000 USD
CY2014Q2 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
540200000 USD
CY2013Q2 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
698400000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
1322200000 USD
CY2014Q2 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
779700000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
1460300000 USD
CY2013Q2 abg New Vehicle Revenue
NewVehicleRevenue
743500000 USD
CY2014Q2 abg Number Of Metropolitan Markets
NumberOfMetropolitanMarkets
18 MetropolitanMarkets
CY2014Q2 abg Number Of Vehicle Brands
NumberOfVehicleBrands
29 VehicleBrands
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
1627500000 USD
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
1499700000 USD
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
1564500000 USD
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
1622100000 USD
abg Repayments Of Floor Plan Payables Non Trade Divestitures
RepaymentsOfFloorPlanPayablesNonTradeDivestitures
5400000 USD
abg Repayments Of Floor Plan Payables Non Trade Divestitures
RepaymentsOfFloorPlanPayablesNonTradeDivestitures
0 USD
abg Swap Interest Expense
SwapInterestExpense
2100000 USD
CY2014Q2 abg Swap Interest Expense
SwapInterestExpense
400000 USD
abg Swap Interest Expense
SwapInterestExpense
1000000 USD
CY2013Q2 abg Swap Interest Expense
SwapInterestExpense
900000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
7700000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
2600000 USD
CY2013Q2 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
364600000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
699600000 USD
CY2014Q2 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
411900000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
794800000 USD
CY2014Q2 abg Used Vehicle Revenue
UsedVehicleRevenue
445300000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
862200000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
761800000 USD
CY2013Q2 abg Used Vehicle Revenue
UsedVehicleRevenue
395500000 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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001144980
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
30344595 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
0001144980-14-000033-index-headers.html Edgar Link pending
0001144980-14-000033-index.html Edgar Link pending
0001144980-14-000033.txt Edgar Link pending
0001144980-14-000033-xbrl.zip Edgar Link pending
abg-20140630.xml Edgar Link completed
abg-20140630.xsd Edgar Link pending
abg-20140630_cal.xml Edgar Link unprocessable
abg-20140630_def.xml Edgar Link unprocessable
abg-20140630_lab.xml Edgar Link unprocessable
abg-20140630_pre.xml Edgar Link unprocessable
abg0630201410-q.htm Edgar Link pending
ex101seperationagreementan.htm Edgar Link pending
ex311section302ceocertific.htm Edgar Link pending
ex312section302cfocertific.htm Edgar Link pending
ex321section906ceocertific.htm Edgar Link pending
ex322section906cfocertific.htm Edgar Link pending
exhibit102amendmentno1tocr.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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