$ABG
ASBURY AUTOMOTIVE GROUP INC

2014 Q4 Form 10-Q Financial Statement

#000114498014000039 Filed on October 22, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.503B $1.506B $1.390B
YoY Change 9.4% 8.29% 16.72%
Cost Of Revenue $1.258B $1.261B $1.165B
YoY Change 9.26% 8.24% 16.86%
Gross Profit $244.6M $244.6M $225.3M
YoY Change 10.13% 8.57% 16.01%
Gross Profit Margin 16.27% 16.25% 16.21%
Selling, General & Admin $166.7M $171.5M $159.2M
YoY Change 6.18% 7.73% 13.71%
% of Gross Profit 68.15% 70.11% 70.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.000M $6.700M $6.200M
YoY Change 11.11% 8.06% 12.73%
% of Gross Profit 2.86% 2.74% 2.75%
Operating Expenses $173.2M $171.5M $159.2M
YoY Change 10.53% 7.73% 13.71%
Operating Profit $71.40M $66.10M $58.00M
YoY Change 9.17% 13.97% 17.89%
Interest Expense -$14.30M -$13.10M -$14.10M
YoY Change 10.85% -7.09% 8.46%
% of Operating Profit -20.03% -19.82% -24.31%
Other Income/Expense, Net -$13.10M -$20.90M
YoY Change -37.32% 60.77%
Pretax Income $19.50M $53.00M $37.10M
YoY Change -56.86% 42.86% 2.49%
Income Tax $7.600M $20.60M $14.30M
% Of Pretax Income 38.97% 38.87% 38.54%
Net Earnings $11.80M $32.50M $22.70M
YoY Change -56.13% 43.17% 9.66%
Net Earnings / Revenue 0.79% 2.16% 1.63%
Basic Earnings Per Share $0.41 $1.09 $0.74
Diluted Earnings Per Share $0.40 $1.08 $0.73
COMMON SHARES
Basic Shares Outstanding 29.77M shares 29.80M shares 30.70M shares
Diluted Shares Outstanding 30.00M shares 31.10M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.900M $11.10M $1.300M
YoY Change -46.3% 753.85% -77.97%
Cash & Equivalents $2.900M $11.10M $1.300M
Short-Term Investments
Other Short-Term Assets $107.3M $79.90M $75.20M
YoY Change 33.46% 6.25% 8.99%
Inventory $886.0M $784.6M $734.5M
Prepaid Expenses
Receivables $107.0M $87.90M $76.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.275B $1.091B $1.011B
YoY Change 15.05% 7.95% 16.87%
LONG-TERM ASSETS
Property, Plant & Equipment $741.6M $700.1M $634.3M
YoY Change 13.83% 10.37% 21.96%
Goodwill $104.0M $61.90M $52.80M
YoY Change 90.83% 17.23% 182.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.40M $60.50M $59.50M
YoY Change -79.64% 1.68% 9.38%
Total Long-Term Assets $906.6M $834.3M $764.7M
YoY Change 16.23% 9.1% 22.29%
TOTAL ASSETS
Total Short-Term Assets $1.275B $1.091B $1.011B
Total Long-Term Assets $906.6M $834.3M $764.7M
Total Assets $2.182B $1.926B $1.776B
YoY Change 15.54% 8.45% 19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.60M $216.7M $194.5M
YoY Change -2.88% 11.41% 7.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $766.8M $557.1M $570.1M
YoY Change 25.81% -2.28% 23.0%
Long-Term Debt Due $27.40M $13.50M $8.500M
YoY Change 146.85% 58.82% 203.57%
Total Short-Term Liabilities $1.040B $787.3M $773.3M
YoY Change 24.65% 1.81% 17.99%
LONG-TERM LIABILITIES
Long-Term Debt $670.0M $592.1M $511.3M
YoY Change 23.32% 15.8% 18.38%
Other Long-Term Liabilities $23.40M $22.20M $20.00M
YoY Change 14.15% 11.0% 14.29%
Total Long-Term Liabilities $23.40M $22.20M $20.00M
YoY Change 14.15% 11.0% -95.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.040B $787.3M $773.3M
Total Long-Term Liabilities $23.40M $22.20M $20.00M
Total Liabilities $1.063B $809.5M $793.3M
YoY Change 24.39% 2.04% -28.2%
SHAREHOLDERS EQUITY
Retained Earnings $275.1M $263.3M $136.6M
YoY Change 68.26% 92.75% 332.28%
Common Stock $523.0M $520.9M $508.9M
YoY Change 2.37% 2.36% 2.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $351.7M $259.5M $174.3M
YoY Change 91.14% 48.88% 22.92%
Treasury Stock Shares 11.80M shares 10.53M shares 9.133M shares
Shareholders Equity $444.9M $523.9M $470.9M
YoY Change
Total Liabilities & Shareholders Equity $2.182B $1.926B $1.776B
YoY Change 15.54% 8.45% 19.15%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $11.80M $32.50M $22.70M
YoY Change -56.13% 43.17% 9.66%
Depreciation, Depletion And Amortization $7.000M $6.700M $6.200M
YoY Change 11.11% 8.06% 12.73%
Cash From Operating Activities -$74.40M $77.90M $50.30M
YoY Change 206.17% 54.87% 45.8%
INVESTING ACTIVITIES
Capital Expenditures -$18.10M -$29.20M -$43.20M
YoY Change -23.95% -32.41% 123.83%
Acquisitions
YoY Change
Other Investing Activities -$129.7M $0.00 -$61.80M
YoY Change -100.0% -6280.0%
Cash From Investing Activities -$147.8M -$29.20M -$105.0M
YoY Change 521.01% -72.19% 473.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 214.0M -44.60M -11.00M
YoY Change 309.96% 305.45% -42.11%
NET CHANGE
Cash From Operating Activities -74.40M 77.90M 50.30M
Cash From Investing Activities -147.8M -29.20M -105.0M
Cash From Financing Activities 214.0M -44.60M -11.00M
Net Change In Cash -8.200M 4.100M -65.70M
YoY Change -300.0% -106.24% 2246.43%
FREE CASH FLOW
Cash From Operating Activities -$74.40M $77.90M $50.30M
Capital Expenditures -$18.10M -$29.20M -$43.20M
Free Cash Flow -$56.30M $107.1M $93.50M
YoY Change 11160.0% 14.55% 73.79%

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;">81</font><font style="font-family:inherit;font-size:10pt;"> dealership locations (</font><font style="font-family:inherit;font-size:10pt;">102</font><font style="font-family:inherit;font-size:10pt;"> franchises) in </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> metropolitan markets within </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> states as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">. 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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; 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abg Cash Paid During Period Related To Floor Plan Interest
CashPaidDuringPeriodRelatedToFloorPlanInterest
8600000 USD
CY2013Q4 abg Contractsintransit
Contractsintransit
140900000 USD
CY2014Q3 abg Contractsintransit
Contractsintransit
111800000 USD
abg Deferred Income Tax Expense Benefit Continuing Operations And Discontinued Operations
DeferredIncomeTaxExpenseBenefitContinuingOperationsAndDiscontinuedOperations
7100000 USD
abg Deferred Income Tax Expense Benefit Continuing Operations And Discontinued Operations
DeferredIncomeTaxExpenseBenefitContinuingOperationsAndDiscontinuedOperations
3100000 USD
abg Discount On Trade Receivables Sold
DiscountOnTradeReceivablesSold
100000 USD
abg Discount On Trade Receivables Sold
DiscountOnTradeReceivablesSold
200000 USD
CY2013Q3 abg Disposal Group Including Discontinued Operation Impairment Expenses
DisposalGroupIncludingDiscontinuedOperationImpairmentExpenses
0 USD
CY2014Q3 abg Disposal Group Including Discontinued Operation Impairment Expenses
DisposalGroupIncludingDiscontinuedOperationImpairmentExpenses
0 USD
abg Financeandinsurancenet
Financeandinsurancenet
154100000 USD
CY2013Q3 abg Financeandinsurancenet
Financeandinsurancenet
54700000 USD
CY2014Q3 abg Financeandinsurancenet
Financeandinsurancenet
59000000 USD
abg Financeandinsurancenet
Financeandinsurancenet
170800000 USD
abg Floor Plan Borrowings Acquisitions
FloorPlanBorrowingsAcquisitions
11300000 USD
abg Floor Plan Borrowings Acquisitions
FloorPlanBorrowingsAcquisitions
6500000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
9300000 USD
abg Floor Plan Interest Expense
FloorPlanInterestExpense
9100000 USD
CY2013Q3 abg Floor Plan Interest Expense
FloorPlanInterestExpense
2900000 USD
CY2014Q3 abg Floor Plan Interest Expense
FloorPlanInterestExpense
3000000 USD
CY2014Q3 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
485800000 USD
CY2013Q4 abg Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
534800000 USD
CY2013Q4 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
74700000 USD
CY2014Q3 abg Floor Plan Notes Payable Trade
FloorPlanNotesPayableTrade
71300000 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
0 USD
abg Increase Decrease In Deferred Compensation Liability Plan Termination
IncreaseDecreaseInDeferredCompensationLiabilityPlanTermination
7800000 USD
abg Increase Decrease In Floor Plan Notes Payable Trade
IncreaseDecreaseInFloorPlanNotesPayableTrade
-3400000 USD
abg Increase Decrease In Floor Plan Notes Payable Trade
IncreaseDecreaseInFloorPlanNotesPayableTrade
8300000 USD
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
56900000 USD
abg Loaner Vehicles Amount Transferred From Other Current Assets To Inventory
LoanerVehiclesAmountTransferredFromOtherCurrentAssetsToInventory
46300000 USD
CY2013Q4 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
545200000 USD
CY2014Q3 abg Long Term Debt And Capital Lease Obligations Current And Noncurrent
LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent
597200000 USD
CY2013Q4 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
554400000 USD
CY2014Q3 abg Long Term Debtand Capital Lease Obligations Currentand Noncurrent Including Unamortized Premium Discount
LongTermDebtandCapitalLeaseObligationsCurrentandNoncurrentIncludingUnamortizedPremiumDiscount
605600000 USD
CY2013Q3 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
713400000 USD
CY2014Q3 abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
772100000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
2232400000 USD
abg New Vehicle Cost Of Sales
NewVehicleCostOfSales
2035600000 USD
CY2014Q3 abg New Vehicle Revenue
NewVehicleRevenue
821300000 USD
abg New Vehicle Revenue
NewVehicleRevenue
2167900000 USD
abg New Vehicle Revenue
NewVehicleRevenue
2378800000 USD
CY2013Q3 abg New Vehicle Revenue
NewVehicleRevenue
759900000 USD
dei Entity Registrant Name
EntityRegistrantName
ASBURY AUTOMOTIVE GROUP INC
CY2014Q3 abg Number Of Collision Repair Centers
NumberOfCollisionRepairCenters
24 CollisionRepairCenters
CY2014Q3 abg Number Of Dealership Locations
NumberOfDealershipLocations
81 DealershipLocations
CY2014Q3 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
CY2014Q3 abg Number Of Metropolitan Markets
NumberOfMetropolitanMarkets
18 MetropolitanMarkets
CY2014Q3 abg Number Of Vehicle Brands
NumberOfVehicleBrands
29 VehicleBrands
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
2344600000 USD
abg Proceeds From Floor Plan Borrowings Non Trade
ProceedsFromFloorPlanBorrowingsNonTrade
2564600000 USD
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
2350800000 USD
abg Repayments Of Floor Plan Payables Non Trade
RepaymentsOfFloorPlanPayablesNonTrade
2620100000 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
CY2013Q3 abg Swap Interest Expense
SwapInterestExpense
100000 USD
abg Swap Interest Expense
SwapInterestExpense
2200000 USD
CY2014Q3 abg Swap Interest Expense
SwapInterestExpense
500000 USD
abg Swap Interest Expense
SwapInterestExpense
1500000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
11100000 USD
abg Trade Accounts Receivable Sold Without Recourse
TradeAccountsReceivableSoldWithoutRecourse
2600000 USD
CY2014Q3 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
425800000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
1220600000 USD
abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
1090800000 USD
CY2013Q3 abg Used Vehicle Cost Of Sales
UsedVehicleCostOfSales
391200000 USD
CY2013Q3 abg Used Vehicle Revenue
UsedVehicleRevenue
421700000 USD
CY2014Q3 abg Used Vehicle Revenue
UsedVehicleRevenue
457000000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
1183500000 USD
abg Used Vehicle Revenue
UsedVehicleRevenue
1319200000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001144980
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
29769231 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer

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abg-20140930.xml Edgar Link completed
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abg-20140930_cal.xml Edgar Link unprocessable
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