2024 Q1 Form 10-K Financial Statement

#000101984924000033 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.448B $7.272B $29.53B
YoY Change 1.48% 3.71% 6.16%
Cost Of Revenue $6.203B $6.084B $24.59B
YoY Change 1.9% 4.38% 7.04%
Gross Profit $1.245B $1.188B $4.934B
YoY Change -0.57% 0.41% 1.96%
Gross Profit Margin 16.72% 16.34% 16.71%
Selling, General & Admin $879.8M $844.1M $3.401B
YoY Change 4.13% 3.51% 5.49%
% of Gross Profit 70.66% 71.05% 68.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.80M $37.60M $141.0M
YoY Change 11.5% 16.77% 10.76%
% of Gross Profit 3.04% 3.16% 2.86%
Operating Expenses $917.6M $881.7M $3.401B
YoY Change 8.6% 4.01% 5.49%
Operating Profit $327.6M $306.4M $1.352B
YoY Change -12.29% -8.67% -9.16%
Interest Expense -$32.80M -$9.900M $68.00M
YoY Change -198.2% -116.69% -81.69%
% of Operating Profit -10.01% -3.23% 5.03%
Other Income/Expense, Net
YoY Change
Pretax Income $294.8M $255.8M $1.420B
YoY Change -27.55% -35.21% -23.65%
Income Tax $78.60M $63.80M $360.9M
% Of Pretax Income 26.66% 24.94% 25.42%
Net Earnings $215.2M $190.7M $1.053B
YoY Change -27.86% -36.01% -23.68%
Net Earnings / Revenue 2.89% 2.62% 3.57%
Basic Earnings Per Share $3.21 $15.50
Diluted Earnings Per Share $3.21 $2.84 $15.50
COMMON SHARES
Basic Shares Outstanding 66.99M shares 67.21M shares 67.96M shares
Diluted Shares Outstanding 67.08M shares 67.96M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.9M $96.40M $96.40M
YoY Change 16.2% -9.48% -9.48%
Cash & Equivalents $116.9M $96.40M $96.40M
Short-Term Investments
Other Short-Term Assets $206.8M $175.6M $175.6M
YoY Change 20.44% 23.75% 23.75%
Inventory $4.424B $4.293B $4.293B
Prepaid Expenses
Receivables $1.063B $1.115B $1.115B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.811B $5.680B $5.680B
YoY Change 20.48% 21.77% 21.77%
LONG-TERM ASSETS
Property, Plant & Equipment $5.304B $2.765B $5.171B
YoY Change 106.63% 10.76% 5.25%
Goodwill $2.317B $2.235B
YoY Change 7.13% 3.72%
Intangibles
YoY Change
Long-Term Investments $1.806B $1.775B $1.775B
YoY Change 5.0% 8.43% 8.43%
Other Assets $73.90M $63.10M $1.838B
YoY Change 31.49% 14.1% 3223.69%
Total Long-Term Assets $10.34B $9.992B $9.992B
YoY Change 7.97% 5.73% 5.73%
TOTAL ASSETS
Total Short-Term Assets $5.811B $5.680B $5.680B
Total Long-Term Assets $10.34B $9.992B $9.992B
Total Assets $16.15B $15.67B $15.67B
YoY Change 12.16% 11.03% 11.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $962.9M $866.9M $866.9M
YoY Change 4.41% 1.57% 1.57%
Accrued Expenses $876.0M $809.8M $809.8M
YoY Change 1.73% 2.75% 2.75%
Deferred Revenue $267.4M $280.2M
YoY Change -4.7% -3.94%
Short-Term Debt $3.856B $3.772B $3.772B
YoY Change 33.14% 25.87% 25.87%
Long-Term Debt Due $215.3M $209.7M $209.7M
YoY Change 164.17% 178.86% 178.86%
Total Short-Term Liabilities $5.910B $5.658B $5.658B
YoY Change 24.14% 20.05% 20.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.462B $1.420B $1.420B
YoY Change -9.75% -8.24% -8.24%
Other Long-Term Liabilities $2.683B $270.8M $3.839B
YoY Change 1102.15% 21.38% 50.01%
Total Long-Term Liabilities $4.145B $1.690B $5.258B
YoY Change 124.91% -4.5% 28.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.910B $5.658B $5.658B
Total Long-Term Liabilities $4.145B $1.690B $5.258B
Total Liabilities $11.33B $10.92B $10.92B
YoY Change 12.81% 9.82% 9.52%
SHAREHOLDERS EQUITY
Retained Earnings $5.113B $4.990B
YoY Change 10.3% 11.31%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.816B $4.726B $4.756B
YoY Change
Total Liabilities & Shareholders Equity $16.15B $15.67B $15.67B
YoY Change 12.16% 11.03% 11.03%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $215.2M $190.7M $1.053B
YoY Change -27.86% -36.01% -23.68%
Depreciation, Depletion And Amortization $37.80M $37.60M $141.0M
YoY Change 11.5% 16.77% 10.76%
Cash From Operating Activities $456.0M $71.40M $1.094B
YoY Change 46.53% -71.53% -25.04%
INVESTING ACTIVITIES
Capital Expenditures $102.5M $103.2M $375.3M
YoY Change 0.1% 18.89% 32.85%
Acquisitions $243.6M $214.9M
YoY Change -45.37%
Other Investing Activities -$249.9M -$7.400M $12.80M
YoY Change -8161.29% -125.17% 14.29%
Cash From Investing Activities -$352.4M -$110.6M -$572.3M
YoY Change 234.03% 92.68% -10.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $358.7M
YoY Change -58.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.10M 29.80M -$531.1M
YoY Change -61.24% -116.31% -33.45%
NET CHANGE
Cash From Operating Activities 456.0M 71.40M 1.094B
Cash From Investing Activities -352.4M -110.6M -$572.3M
Cash From Financing Activities -82.10M 29.80M -$531.1M
Net Change In Cash 21.50M -9.400M -$10.10M
YoY Change -464.41% -187.85% -274.14%
FREE CASH FLOW
Cash From Operating Activities $456.0M $71.40M $1.094B
Capital Expenditures $102.5M $103.2M $375.3M
Free Cash Flow $353.5M -$31.80M $718.3M
YoY Change 69.3% -119.39% -38.95%

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CY2021 us-gaap Dividends Cash
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3200000 usd
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MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2600000 usd
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CY2021 us-gaap Other Comprehensive Income Other Net Of Tax
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27500000 usd
CY2021 us-gaap Profit Loss
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4095000000 usd
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CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
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4174800000 usd
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28100000 usd
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385200000 usd
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3400000 usd
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CY2023 us-gaap Profit Loss
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<div style="margin-top:10pt;text-indent:18pt"><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 estimates include accounts receivable, inventories, income taxes, intangible assets, leases, and certain reserves.</span></div>
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CY2022Q4 us-gaap Equity Method Investments
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39200000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
36100000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
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31500000 usd
CY2023 us-gaap Advertising Expense
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CY2022 us-gaap Advertising Expense
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CY2021 us-gaap Advertising Expense
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119200000 usd
CY2023 us-gaap Cooperative Advertising Amount
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17800000 usd
CY2022 us-gaap Cooperative Advertising Amount
CooperativeAdvertisingAmount
16400000 usd
CY2021 us-gaap Cooperative Advertising Amount
CooperativeAdvertisingAmount
15400000 usd
CY2023Q4 us-gaap Self Insurance Reserve
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33200000 usd
CY2022Q4 us-gaap Self Insurance Reserve
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34500000 usd
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67963956 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74394799 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Hedging</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%">Generally accepted accounting principles relating to derivative instruments and hedging activities require all derivatives, whether designated in hedging relationships or not, to be recorded on the balance sheet at fair value. These accounting principles also define requirements for designation and documentation of hedging relationships as well as ongoing effectiveness assessments, which must be met in order to qualify for hedge accounting. For a derivative that does not qualify as a hedge, changes in fair value are recorded in earnings immediately. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and the hedged item are recorded in earnings. If the derivative is designated as a cash-flow hedge, effective changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss), a separate component of equity, and recorded in the income statement only when the hedged item affects earnings. Changes in the fair value of the derivative attributable to hedge ineffectiveness are recorded in earnings immediately.</span></div>
CY2023Q4 us-gaap Contract With Customer Liability Current
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280200000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023 us-gaap Sublease Income
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CY2022 us-gaap Sublease Income
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CY2021 us-gaap Sublease Income
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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250100000 usd
CY2023 us-gaap Sublease Income
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CY2022 us-gaap Sublease Income
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17900000 usd
CY2021 us-gaap Sublease Income
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22400000 usd
CY2023 us-gaap Lease Cost
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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116200000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.065
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Equity Method Investments
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CY2022Q4 us-gaap Equity Method Investments
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CY2022 us-gaap Income Loss From Equity Method Investments
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CY2021 us-gaap Income Loss From Equity Method Investments
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CY2021 us-gaap Equity Method Investment Dividends Or Distributions
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CY2023Q4 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
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CY2023 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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CY2023 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
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8300000 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
34200000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
134100000 usd
CY2023Q4 pag Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets
BusinessAcquisitionPurchasePriceAllocationIndefiniteLivedIntangibleAssets
145200000 usd
CY2022Q4 pag Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets
BusinessAcquisitionPurchasePriceAllocationIndefiniteLivedIntangibleAssets
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
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CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities
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CY2023 us-gaap Payments To Acquire Businesses Gross
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214900000 usd
CY2022 us-gaap Payments To Acquire Businesses Gross
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393400000 usd
CY2023 us-gaap Business Acquisitions Pro Forma Revenue
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CY2022 us-gaap Business Acquisitions Pro Forma Revenue
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CY2023 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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1057000000 usd
CY2022 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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CY2023 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2023 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Diluted
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18.73
CY2023 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2022 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
18.73
CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023 pag Floor Plan Interest Credits And Advertising Assistance
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CY2022 pag Floor Plan Interest Credits And Advertising Assistance
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CY2023 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1022100000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Goodwill
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2124100000 usd
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022 us-gaap Indefinitelived Intangible Assets Acquired
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CY2022 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
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CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2022 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2022Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2023 us-gaap Goodwill Acquired During Period
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CY2023 us-gaap Indefinitelived Intangible Assets Acquired
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CY2023 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
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CY2023Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2012Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2021Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Acquired During Period
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CY2022 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2022 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Acquired During Period
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CY2023 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2023 us-gaap Goodwill Impairment Loss
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CY2023 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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25000000.0 usd
CY2023Q4 us-gaap Goodwill
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2234900000 usd
CY2023 us-gaap Goodwill Impairment Loss
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CY2023 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2023 pag Floor Plan Notes Payable Foreign Maximum Duration
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CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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1622100000 usd
CY2023Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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75200000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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723100000 usd
CY2023Q4 us-gaap Long Term Debt
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CY2023 pag Operating Leases Rent Expense For Land And Facilities
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CY2022 pag Operating Leases Rent Expense For Land And Facilities
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CY2021 pag Operating Leases Rent Expense For Land And Facilities
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237900000 usd
CY2023Q4 pag Property Lease Guarantee Amount
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95200000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
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25200000 usd
CY2023Q4 pag Bank Guarantees Amount
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19800000 usd
CY2023Q4 pag Surety Bonds Posted
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30300000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
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