$PAG
Penske Automotive Group Inc

2023 Q2 Form 10-Q Financial Statement

#000101984923000068 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $7.469B $7.339B $6.975B
YoY Change 8.13% 5.21% 20.81%
Cost Of Revenue $6.196B $6.087B $5.744B
YoY Change 9.27% 5.97% 18.17%
Gross Profit $1.273B $1.252B $1.232B
YoY Change 2.91% 1.67% 34.88%
Gross Profit Margin 17.04% 17.06% 17.66%
Selling, General & Admin $858.1M $844.9M $797.8M
YoY Change 4.94% 5.9% 20.1%
% of Gross Profit 67.41% 67.47% 64.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.10M $33.90M $31.90M
YoY Change 7.57% 6.27% 8.87%
% of Gross Profit 2.68% 2.71% 2.59%
Operating Expenses $892.2M $844.9M $797.8M
YoY Change 9.11% 5.9% 20.1%
Operating Profit $380.8M $373.5M $402.0M
YoY Change -1.75% -7.09% 83.06%
Interest Expense $19.50M $33.40M $95.60M
YoY Change -82.59% -65.06% 241.43%
% of Operating Profit 5.12% 8.94% 23.78%
Other Income/Expense, Net
YoY Change
Pretax Income $400.3M $406.9M $497.6M
YoY Change -19.88% -18.23% 100.97%
Income Tax $97.70M $107.3M $128.1M
% Of Pretax Income 24.41% 26.37% 25.74%
Net Earnings $300.8M $298.3M $367.9M
YoY Change -19.57% -18.92% 101.59%
Net Earnings / Revenue 4.03% 4.06% 5.27%
Basic Earnings Per Share $4.41 $4.31 $4.76
Diluted Earnings Per Share $4.41 $4.31 $4.76
COMMON SHARES
Basic Shares Outstanding 69.00M shares 69.07M shares 77.22M shares
Diluted Shares Outstanding 68.19M shares 69.22M shares 77.25M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.6M $100.6M $170.3M
YoY Change -22.79% -40.93% 79.26%
Cash & Equivalents $119.6M $100.6M $170.3M
Short-Term Investments
Other Short-Term Assets $194.9M $171.7M $140.4M
YoY Change 31.78% 22.29% 12.32%
Inventory $3.881B $3.630B $3.120B
Prepaid Expenses
Receivables $890.6M $920.2M $835.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.086B $4.823B $4.266B
YoY Change 23.09% 13.06% -2.13%
LONG-TERM ASSETS
Property, Plant & Equipment $5.014B $2.567B $2.415B
YoY Change 108.7% 6.27% 1.8%
Goodwill $2.209B $2.163B $2.157B
YoY Change 3.23% 0.28% 11.82%
Intangibles
YoY Change
Long-Term Investments $1.709B $1.720B $1.645B
YoY Change 2.16% 4.52% 5.84%
Other Assets $60.30M $56.20M $40.70M
YoY Change 38.3% 38.08% 50.74%
Total Long-Term Assets $9.711B $9.573B $9.400B
YoY Change 3.61% 1.84% 6.06%
TOTAL ASSETS
Total Short-Term Assets $5.086B $4.823B $4.266B
Total Long-Term Assets $9.711B $9.573B $9.400B
Total Assets $14.80B $14.40B $13.67B
YoY Change 9.57% 5.34% 3.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $943.5M $922.2M $889.0M
YoY Change 12.17% 3.73% 28.75%
Accrued Expenses $823.1M $861.1M $896.5M
YoY Change -3.52% -3.95% 13.75%
Deferred Revenue $286.7M $280.6M $296.3M
YoY Change 0.39% -5.3% 11.81%
Short-Term Debt $3.172B $2.896B $2.548B
YoY Change 29.88% 13.65% -15.68%
Long-Term Debt Due $130.1M $81.50M $79.40M
YoY Change 65.73% 2.64% -9.77%
Total Short-Term Liabilities $5.069B $4.761B $4.413B
YoY Change 20.25% 7.88% -3.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.614B $1.620B $1.384B
YoY Change 14.64% 17.05% -7.28%
Other Long-Term Liabilities $2.549B $223.2M $239.0M
YoY Change 1045.39% -6.61% -38.5%
Total Long-Term Liabilities $4.162B $1.843B $1.623B
YoY Change 155.34% 13.56% -13.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.069B $4.761B $4.413B
Total Long-Term Liabilities $4.162B $1.843B $1.623B
Total Liabilities $10.41B $10.04B $9.502B
YoY Change 12.17% 5.71% -2.42%
SHAREHOLDERS EQUITY
Retained Earnings $4.658B $4.636B $4.337B
YoY Change 3.36% 6.89% 31.45%
Common Stock $0.00 $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.382B $4.323B $4.139B
YoY Change
Total Liabilities & Shareholders Equity $14.80B $14.40B $13.67B
YoY Change 9.57% 5.34% 3.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $300.8M $298.3M $367.9M
YoY Change -19.57% -18.92% 101.59%
Depreciation, Depletion And Amortization $34.10M $33.90M $31.90M
YoY Change 7.57% 6.27% 8.87%
Cash From Operating Activities $293.3M $311.2M $380.6M
YoY Change -41.18% -18.23% 59.05%
INVESTING ACTIVITIES
Capital Expenditures $83.10M $102.4M -$56.20M
YoY Change -201.47% -282.21% 32.55%
Acquisitions $0.00 $93.60M
YoY Change -100.0%
Other Investing Activities -$72.80M $3.100M $1.800M
YoY Change -41.9% 72.22% 200.0%
Cash From Investing Activities -$155.9M -$105.5M -$149.8M
YoY Change -24.76% -29.57% 718.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $119.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -117.8M -$211.8M -$159.1M
YoY Change -60.72% 33.12% -8.62%
NET CHANGE
Cash From Operating Activities 293.3M $311.2M 380.6M
Cash From Investing Activities -155.9M -$105.5M -$149.8M
Cash From Financing Activities -117.8M -$211.8M -$159.1M
Net Change In Cash 19.60M -$5.900M $69.60M
YoY Change -330.59% -108.48% 54.32%
FREE CASH FLOW
Cash From Operating Activities $293.3M $311.2M $380.6M
Capital Expenditures $83.10M $102.4M -$56.20M
Free Cash Flow $210.2M $208.8M $436.8M
YoY Change -63.79% -52.2% 55.06%

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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 pag Number Of Individuals Employed By Penske Automotive Group
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27000 employee
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CY2023Q1 pag Minimum Number Of Branded Vehicles Offered
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets, leases, and certain reserves.</span></div>
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q4 us-gaap Contract With Customer Liability Current
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291700000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5200000000 usd
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CY2022Q1 us-gaap Debt Weighted Average Interest Rate
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4200000 usd
CY2022Q1 us-gaap Sublease Income
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5100000 usd
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60200000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
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CY2023Q1 us-gaap Operating Lease Payments
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64000000.0 usd
CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 pag Right Of Use Asset Modified Or Obtained In Exchange For Operating Lease Liability
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12900000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P25Y
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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241900000 usd
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239000000.0 usd
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234900000 usd
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227800000 usd
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221100000 usd
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2844100000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2392800000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
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90300000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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2302500000 usd
CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
InventoryNet
3509100000 usd
CY2023Q1 pag Floor Plan Interest Credits And Advertising Assistance
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CY2022Q1 pag Floor Plan Interest Credits And Advertising Assistance
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CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
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CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
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21900000 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
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100000 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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10000000.0 usd
CY2022Q1 pag Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets
BusinessAcquisitionPurchasePriceAllocationIndefiniteLivedIntangibleAssets
64600000 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
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CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
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CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
100000 usd
CY2022Q1 us-gaap Payments To Acquire Businesses Gross
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93600000 usd
CY2022Q1 us-gaap Business Acquisitions Pro Forma Revenue
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372100000 usd
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
4.82
CY2022Q4 us-gaap Goodwill
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2154700000 usd
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690900000 usd
CY2023Q1 us-gaap Goodwill Acquired During Period
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CY2023Q1 us-gaap Indefinitelived Intangible Assets Acquired
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CY2023Q1 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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0 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
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0 usd
CY2023Q1 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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7800000 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Translation And Purchase Accounting Adjustments
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1400000 usd
CY2023Q1 us-gaap Goodwill
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2162500000 usd
CY2023Q1 us-gaap Other Indefinite Lived Intangible Assets
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692300000 usd
CY2023Q1 pag Floor Plan Notes Payable Foreign Maximum Duration
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P90D
CY2023Q1 us-gaap Debt Weighted Average Interest Rate
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0.040
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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69201232 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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77224165 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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17629 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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25000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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69218861 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77249165 shares
CY2023Q1 us-gaap Long Term Debt
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1701300000 usd
CY2022Q4 us-gaap Long Term Debt
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1622100000 usd
CY2023Q1 us-gaap Long Term Debt Current
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81500000 usd
CY2022Q4 us-gaap Long Term Debt Current
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75200000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1619800000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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1546900000 usd
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
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26800000 usd
CY2023Q1 pag Bank Guarantees Amount
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19000000 usd
CY2023Q1 pag Surety Bonds Posted
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21500000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
22800000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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22800000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2022Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2023Q1 us-gaap Number Of Reportable Segments
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4 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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7339000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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6975400000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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406900000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
497600000 usd

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