0001144980-22-000139.txt : 20220728 0001144980-22-000139.hdr.sgml : 20220728 20220728063954 ACCESSION NUMBER: 0001144980-22-000139 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220728 DATE AS OF CHANGE: 20220728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASBURY AUTOMOTIVE GROUP INC CENTRAL INDEX KEY: 0001144980 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 010609375 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31262 FILM NUMBER: 221112698 BUSINESS ADDRESS: STREET 1: 2905 PREMIERE PARKWAY NW STREET 2: SUITE 300 CITY: DULUTH STATE: GA ZIP: 30097 BUSINESS PHONE: 770-418-8200 MAIL ADDRESS: STREET 1: 2905 PREMIERE PARKWAY NW STREET 2: SUITE 300 CITY: DULUTH STATE: GA ZIP: 30097 8-K 1 abg-20220728.htm FORM 8-K abg-20220728
0001144980false00011449802022-07-282022-07-28

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 28, 2022 
Asbury Automotive Group, Inc.
(Exact name of registrant as specified in its charter)  
Delaware
(State or other jurisdiction of incorporation)  
001-31262 01-0609375
(Commission File Number) (IRS Employer Identification No.)
2905 Premiere Parkway NW Suite 300
Duluth,GA 30097
(Address of principal executive offices)(Zip Code)
 
(770) 418-8200
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Trading
Title of each classSymbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareABGNew York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
























    




Item 2.02 Results of Operations and Financial Condition.
Asbury Automotive Group, Inc. (the “Company”) issued an earnings release on July 28, 2022, announcing its financial results for the three and six months ended June 30, 2022. A copy of the earnings release is furnished as Exhibit 99.1 to this Current Report.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits.
 
The following exhibits are furnished as part of this report.
Exhibit No.  Description
  Press Release dated July 28, 2022.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
 



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ASBURY AUTOMOTIVE GROUP, INC.
Date: July 28, 2022By:/s/ Michael D. Welch
Name:Michael D. Welch
Title:Senior Vice President and Chief Financial Officer


EX-99.1 2 a2022q2ex991.htm EX-99.1 Document

Exhibit 99.1

abg-clicklanexpoweredbya.jpg

Investors & Reporters May Contact:
Karen Reid
VP & Treasurer
(770) 418-8211
ir@asburyauto.com


Asbury Automotive Group Reports Record EPS of $9.07 for Second Quarter 2022,
up 16% Over Prior Year Quarter, and Adjusted EPS (a non-GAAP measure)
of $10.04, up 29% Over Prior Year Quarter, and an All-Time Record


Second quarter net income of $201 million, an increase of 32% over prior year quarter, and adjusted net income (a non-GAAP measure) of $223 million, an increase of 47% over prior year quarter
Second quarter adjusted EBITDA (a non-GAAP measure) increased 56% over prior year quarter to $352 million, an all-time record
Second quarter revenue of $4.0 billion, an increase of 53% over prior year quarter, and gross profit of $803 million, an increase of 61% over prior year quarter
Second quarter same store F&I PVR of $2,409, a 32% increase over prior year quarter
Second quarter operating margin of 8.5%

DULUTH, GA. (July 28, 2022) — Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record second quarter 2022 net income of $201 million ($9.07 per diluted share), an increase of 32% from $152 million ($7.80 per diluted share) in the prior year quarter. Second quarter 2022 adjusted net income, a non-GAAP measure, increased 47% year-over-year to $223 million ($10.04 per diluted share) compared to adjusted net income of $152 million ($7.78 per diluted share) in second quarter 2021.

“The Company generated an all-time record adjusted EPS of $10.04 and all-time record adjusted EBITDA of $352 million. With two full quarters with our expanded dealership portfolio, our incredible team across the nation delivered a sequential increase in adjusted EBITDA of 5% and adjusted EPS of 8% over the first quarter of 2022. We are impressed with the strides that our team members are making to integrate our recent acquisitions and deliver value to our shareholders through this organic quarter over quarter growth,” said David Hult, Asbury’s President and Chief Executive Officer.

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.
1


Adjusted net income for second quarter 2022 excludes losses, net of tax, of $29 million ($0.97 per diluted share) related to losses on the sale of dealerships and a collision center.

Net income for the second quarter 2021 excluded real estate net gains of $0.5 million ($0.02 per diluted share).

Second Quarter 2022 Operational Summary

Total company vs. 2nd Quarter 2021:
Revenue of $4.0 billion, an increase of 53%
Gross profit increased 61%
Gross margin increased 110 bps to 20.3%
New vehicle unit volume increased 22%; new vehicle revenue increased 36%; gross profit increased 78%
Used vehicle retail unit volume increased 48%; used vehicle retail revenue increased 68%; gross profit increased 37%
Finance and insurance (F&I) per vehicle retailed (PVR) increased 31%
Parts and service revenue increased 78%; gross profit increased 59%
SG&A as a percentage of gross profit increased to 55.8%, an increase of 160 bps
Operating income and adjusted operating income both increased 54%
Operating margin was flat at 8.5% and adjusted operating margin increased 10 bps to 8.5%
EPS increased 16% to $9.07; adjusted EPS increased 29% to $10.04
Same store (dealership only) vs. 2nd Quarter 2021:
Revenue decreased 7%
Gross profit was flat
Gross margin increased 140 bps to 20.6%
New vehicle unit volume decreased 31%; new vehicle revenue decreased 22%; new vehicle gross profit increased 3%
Used vehicle retail unit volume decreased 2%; used vehicle retail revenue increased 12%; used vehicle retail gross profit decreased 21%; used to new ratio increased to 120% (from 84%)
F&I PVR increased 32%
Parts and service revenue increased 10%; gross profit increased 6%; customer pay gross profit increased 16%
SG&A as a percentage of gross profit increased to 55.9%, an increase of 160 bps

Clicklane metrics:
Almost 6,600 vehicles sold; an increase of 55% over prior year quarter and 17% sequentially
92% of transactions were customers incremental to Asbury Automotive
44% of Clicklane sales had a trade-in and 71% of those utilized the payoff tool
Total front-end PVR of $3,765 and F&I PVR of $2,166, resulting in total front-end yield of $5,927
Conversion rate nearly double that of traditional internet leads and growing sequentially
95% of deliveries within a 50-mile radius of an Asbury dealership
Average transaction time of ~8 minutes for cash deals and ~14 minutes for financed deals
2


Liquidity and Leverage

As of June 30, 2022, the Company had cash and floorplan offset accounts of $244 million (which excludes $160 million of cash at TCA) and availability under the used vehicle floorplan line and revolver of $765 million for a total of approximately $1.0 billion in liquidity. The Company’s adjusted net leverage ratio was 2.1x at quarter end compared to 2.7x at the end of 2021.

Earnings Call

Additional commentary regarding the second quarter results will be provided during the earnings conference call on Thursday, July 28, 2022, at 10:00 a.m. ET.

The conference call will be simulcast live on the internet and can be accessed by logging onto www.asburyauto.com/company/investor-relations. A replay will be available on this site for 30 days.

In addition, live audio of the call will be accessible to the public by calling (888) 220-8474 (domestic) or +1 (646) 828-8193 (international); confirmation code – 9867232. Callers should dial in approximately 5 to 10 minutes before the call begins.

A conference call replay will be available two hours following the call for seven days and can be accessed by calling (888) 203-1112 (domestic) or +1 (719) 457-0820 (international); passcode – 9867232.

About Asbury Automotive Group, Inc.

Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a five-year plan to increase revenue and profitability strategically through organic and acquisitive growth as well as their innovative Clicklane digital vehicle purchasing platform, with its guest-centric approach as Asbury’s constant North Star. Asbury currently operates 148 new vehicle dealerships in 15 states, consisting of 198 franchises, representing 31 brands of vehicles, and 7 stand-alone used vehicle stores. Asbury also operates 34 collision repair centers, an auto auction, a used vehicle wholesale business and Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance.

For additional information, visit www.asburyauto.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position and dealership portfolio, revenue enhancement strategies, operational improvements, projections regarding the expected benefits of Clicklane, management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, business strategy
3


and expectations of our management with respect to, among other things: changes in general economic and business conditions, including increases in interest rates and rising fuel prices, any impact of COVID-19 on the automotive industry in general, the automotive retail industry in particular and our customers, suppliers, vendors and business partners; our relationships with vehicle manufacturers; our ability to maintain our margins; operating cash flows and availability of capital; capital expenditures; the amount of our indebtedness; the completion of any future acquisitions and divestitures; future return targets; future annual savings; general economic trends, including consumer confidence levels, interest rates, inflation and fuel prices; and automotive retail industry trends. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, our inability to realize the benefits expected from recently completed transactions; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any impact from the COVID-19 pandemic on our industry and business, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God, acts of war or other incidents and the shortage of semiconductor chips and other components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, including changes in automotive state franchise laws, adverse results in litigation and other proceedings, and Asbury's ability to execute its strategic and operational strategies and initiatives, including its five-year strategic plan, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.

These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
4


ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)
 For the Three Months Ended June 30,%
Change
For the Six Months Ended June 30,%
Change
 2022202120222021
REVENUE:
New vehicle$1,864.5 $1,368.4 36 %$3,720.1 $2,520.1 48 %
Used vehicle:
Retail1,272.8 759.4 564.0 68 %2,489.7 1,366.9 82 %
Wholesale89.7 56.8 95.3 58 %223.7 140.260 %
     Total used vehicle1,362.5 816.2 67 %2,713.4 1,507.1 80 %
Parts and service520.2 292.4 78 %1,022.1 554.4 84 %
Finance and insurance203.0 107.0 90 %406.4 195.3 108 %
TOTAL REVENUE3,950.2 2,584.0 53 %7,862.0 4,776.9 65 %
COST OF SALES:
New vehicle1,644.1 1,244.3 32 %3,275.7 2,320.5 41 %
Used vehicle:
Retail1,172.0 685.9 71 %2,293.1 1,245.9 84 %
Wholesale86.3 46.8 84 %216.8 121.9 78 %
     Total used vehicle1,258.3 732.7 72 %2,509.9 1,367.8 83 %
Parts and service229.8 109.8 109 %455.2 208.7 118 %
Finance and insurance15.3 — — %26.5 — — %
TOTAL COST OF SALES 3,147.5 2,086.8 51 %6,267.3 3,897.0 61 %
GROSS PROFIT802.7 497.2 61 %1,594.7 879.9 81 %
OPERATING EXPENSES:
Selling, general and administrative448.3 269.7 66 %903.8 509.5 77 %
Depreciation and amortization18.1 10.1 79 %36.5 19.9 83 %
Other operating expense (income), net0.8 (1.0)180 %(1.9)(4.2)(55)%
INCOME FROM OPERATIONS335.5 218.4 54 %656.3 354.7 85 %
OTHER EXPENSES:
Floor plan interest expense1.5 2.1 (29)%4.1 5.0 (18)%
Other interest expense, net37.6 14.4 161 %75.2 28.4 165 %
(Gain) loss on dealership divestitures, net28.7 — — %(4.4)— — %
Total other expenses, net67.8 16.5 311 %74.9 33.4 124 %
INCOME BEFORE INCOME TAXES267.7 201.9 33 %581.4 321.3 81 %
Income tax expense66.3 49.8 33 %142.3 76.4 86 %
NET INCOME$201.4 $152.1 32 %$439.1 $244.9 79 %
EARNINGS PER COMMON SHARE:
Basic—
Net income$9.11 $7.88 16 %$19.60 $12.69 54 %
Diluted—
Net income$9.07 $7.80 16 %$19.52 $12.56 55 %
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic22.1 19.3 22.4 19.3 
Restricted stock— 0.1 — 0.1 
Performance share units0.1 0.1 0.1 0.1 
Diluted22.2 19.5 22.5 19.5 

5


ASBURY AUTOMOTIVE GROUP, INC.
Additional Disclosures-Consolidated (In millions)
(Unaudited)
 
 June 30, 2022December 31, 2021Increase
(Decrease)
 % Change
SELECTED BALANCE SHEET DATA     
Cash and cash equivalents$100.1   $178.9   $(78.8) (44)%
Inventory, net (a)783.2 718.4 64.8 %
Total current assets1,601.5 1,929.4   (327.9) (17)%
Floor plan notes payable (b)44.4 564.5 (520.1) (92)%
Total current liabilities1,156.9 1,598.0   (441.1) (28)%
CAPITALIZATION:   
Long-term debt (including current portion) (c)$3,385.1 $3,582.6 $(197.5) (6)%
Shareholders' equity2,410.4   2,115.5   294.9  14 %
Total$5,795.5   $5,698.1   $97.4  %
_____________________________
(a) Excludes $5.6 million and $24.1 million of Inventory classified as Assets held for sale as of June 30, 2022 and December 31, 2021, respectively
(b) Excluding $1.1 million and $9.1 million of Floor plan notes payable classified as Liabilities associated with assets held for sale as of June 30, 2022 and December 31, 2021, respectively
(c) Excluding $2.8 million of Debt classified as Liabilities associated with assets held for sale as of June 30, 2022





 June 30, 2022December 31, 2021June 30, 2021
Day Supply
New vehicle inventory13 17 
Used vehicle inventory34 34 37 
_____________________________
Days supply of inventory is calculated based on new and used inventory levels at the end of each reporting period and a 30-day historical cost of sales.









6


Brand Mix - New Vehicle Revenue by Brand
 For the Three Months Ended June 30,
 2022 2021
Luxury 
Lexus% 12 %
Mercedes-Benz% 11 %
BMW% %
Porsche%%
Acura% %
Land Rover%%
Audi%%
Other luxury% %
Total luxury32 % 44 %
Imports 
Toyota16 %11 %
Honda% 17 %
Hyundai%%
Nissan%%
Other imports% %
Total imports38 % 41 %
Domestic 
Chrysler, Dodge, Jeep, Ram16 %%
Ford%%
Chevrolet, Buick, GMC%%
Total domestic30 % 15 %
Total New Vehicle Revenue100 % 100 %

For the Three Months Ended June 30,
20222021
Revenue mix
New vehicle47.2 %53.0 %
Used vehicle retail32.2 %29.4 %
Used vehicle wholesale2.3 %2.2 %
Parts and service13.2 %11.3 %
Finance and insurance5.1 %4.1 %
Total revenue100.0 %100.0 %
Gross profit mix
New vehicle27.5 %25.0 %
Used vehicle retail12.5 %14.8 %
Used vehicle wholesale0.4 %2.0 %
Parts and service36.2 %36.7 %
Finance and insurance23.4 %21.5 %
Total gross profit100.0 %100.0 %

7


ASBURY AUTOMOTIVE GROUP, INC.
STATEMENTS OF INCOME-CONSOLIDATED (In millions)
(Unaudited)
 For the Three Months Ended June 30,%
Change
For the Six Months Ended June 30,%
Change
 2022202120222021
Revenue
New vehicle$1,864.5 $1,368.4 36 %$3,720.1 $2,520.1 48 %
Used vehicle:
Retail1,272.8 759.4 68 %2,489.7 1,366.9 82 %
Wholesale89.7 56.8 58 %223.7 140.2 60 %
     Total used vehicle1,362.5 816.2 67 %2,713.4 1,507.1 80 %
Parts and service520.2 292.4 78 %1,022.1 554.4 84 %
Finance and insurance203.0 107.0 90 %406.4 195.3 108 %
Total Revenue3,950.2 2,584.0 53 %7,862.0 4,776.9 65 %
Gross profit
New vehicle$220.4 $124.1 78 %$444.4 $199.6 123 %
Used vehicle:
Retail100.8 73.5 37 %196.6 121.0 62 %
Wholesale3.4 10.0 (66)%6.9 18.3 (62)%
     Total used vehicle104.2 83.5 25 %203.5 139.3 46 %
Parts and service290.4 182.6 59 %566.9 345.7 64 %
Finance and insurance187.7 107.0 75 %379.9 195.3 95 %
Total gross profit802.7 497.2 61 %1,594.7 879.9 81 %
Operating expenses
Selling, general and administrative$448.3 $269.7 66 %$903.8 $509.5 77 %
Operating metrics
SG&A as a % of gross profit55.8 %54.2 %160 bps56.7 %57.9 %(120) bps
Adjusted SG&A as a % of gross profit55.8 %54.2 %160 bps56.7 %57.9 %(120) bps
Income from operations as a % of revenue8.5 %8.5 %— bps8.3 %7.4 %90 bps
Income from operations as a % of gross profit41.8 %43.9 %(210) bps41.2 %40.3 %90 bps
Adjusted income from operations as a % of revenue8.5 %8.4 %10 bps8.3 %7.4 %90 bps
Adjusted income from operations as a % of gross profit41.8 %43.8 %(200) bps41.1 %39.9 %120 bps
Finance and insurance average gross profit per unit$2,390 $1,827 31 %$2,435 $1,786 36 %
Total parts and service gross margin55.8 %62.4 %(660) bps55.5 %62.4 %(690) bps
Total gross profit margin20.3 %19.2 %110 bps20.3 %18.4 %190 bps


















8



ASBURY AUTOMOTIVE GROUP, INC.
STATEMENTS OF INCOME-DEALERSHIPS (In millions)
(unaudited)
 For the Three Months Ended June 30,%
Change
For the Six Months Ended June 30,%
Change
 2022202120222021
Revenue
New vehicle$1,864.5 $1,368.4 36 %$3,720.1 $2,520.1 1,151.7 48 %
Used vehicle:
Retail1,272.8 759.4 68 %2,489.7 1,366.9 82 %
Wholesale89.7 56.8 58 %223.7 140.2 60 %
     Total used vehicle1,362.5 816.2 67 %2,713.4 1,507.1 80 %
Parts and service528.3 292.4 81 %1,038.1 554.4 87 %
Finance and insurance, net174.7 107.0 63 %352.6 195.3 81 %
Total Revenue3,930.0 2,584.0 52 %7,824.2 4,776.9 64 %
Gross profit
New vehicle$220.4 $124.1 78 %$444.4 $199.6 123 %
Used vehicle:
Retail100.8 73.5 37 %196.6 121.0 62 %
Wholesale3.4 10.0 (66)%6.9 18.3 (62)%
     Total used vehicle104.2 83.5 25 %203.5 139.3 46 %
Parts and service294.4 182.6 61 %574.6 345.7 66 %
Finance and insurance, net174.7 107.0 63 %352.6 195.3 81 %
Total gross profit793.7 497.2 60 %1,575.1 879.9 79 %
Unit sales
New vehicle:
Luxury8,899 10,085 (12)%17,156 18,596 (8)%
Import19,564 17,257 13 %40,242 31,634 27 %
Domestic10,234 4,383 133 %20,473 8,754 134 %
     Total new vehicle38,697 31,725 22 %77,871 58,984 32 %
Used vehicle retail39,848 26,856 48 %78,154 50,375 55 %
Used to new ratio103.0 %84.7 %100.4 %85.4 %
Average selling price
New vehicle$48,182 $43,133 12 %$47,773 $42,725 12 %
Used vehicle retail$31,941 $28,277 13 %$31,856 $27,134 17 %
Average gross profit per unit
New vehicle:
Luxury$8,596 $6,138 40 %$8,586 $5,732 50 %
Import4,483 2,550 76 %4,552 1,963 132 %
Domestic5,491 4,152 32 %5,563 3,530 58 %
Total new vehicle5,696 3,912 46 %5,707 3,384 69 %
Used vehicle retail2,530 2,737 (8)%2,516 2,402 %
Finance and insurance2,224 1,827 22 %2,260 1,786 27 %
Front end yield (1)6,314 5,200 21 %6,368 4,717 35 %
Gross margin
New vehicle11.8 %9.1 %270 bps11.9 %7.9 %400 bps
Used vehicle retail7.9 %9.7 %(180) bps7.9 %8.9 %(100) bps
Parts and service55.7 %62.4 %(670) bps55.4 %62.4 %(700) bps
Total gross profit margin20.2 %19.2 %100 bps20.1 %18.4 %170 bps
Operating expenses
Selling, general and administrative$455.1 $269.7 69 %$917.2 $509.5 80 %
Adjusted Selling, general and administrative$455.1 $269.7 69 %$917.2 $509.5 80 %
SG&A as a % of gross profit57.3 %54.2 %310 bps58.2 %57.9 %30 bps
Adjusted SG&A as a % of gross profit57.3 %54.2 %310 bps58.2 %57.9 %30 bps
_____________________________
(1)Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.



9


ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS-DEALERSHIPS (In millions)
(Unaudited)
 For the Three Months Ended June 30,%
Change
For the Six Months Ended June 30,%
Change
 2022202120222021
Revenue
New vehicle$1,058.1 $1,351.0 (22)%$2,086.5 $2,488.3 (16)%
Used Vehicle:
Retail837.2 748.6 12 %1,627.1 1,346.2 21 %
Wholesale38.6 56.5 (32)%91.1 139.4 (35)%
     Total used vehicle875.8 805.1 %1,718.2 1,485.6 16 %
Parts and service317.8 288.7 10 %612.9 547.4 12 %
Finance and insurance114.4 106.0 %224.3 193.4 16 %
Total revenue2,366.1 2,550.8 (7)%4,641.9 4,714.7 (2)%
Gross profit
New vehicle$125.1 $121.9 %$249.6 $196.3 27 %
Used Vehicle:
Retail57.3 72.7 (21)%112.1 119.5 (6)%
Wholesale1.3 9.9 (87)%2.0 18.1 (89)%
     Total used vehicle58.6 82.6 (29)%114.1 137.6 (17)%
Parts and service190.2 180.2 %366.5 341.0 %
Finance and insurance114.4 106.0 %224.3 193.4 16 %
Total gross profit488.3 490.7 — %954.5 868.3 10 %
Unit sales
New vehicle:
Luxury7,703 9,780 (21)%14,570 18,039 (19)%
Import10,741 17,257 (38)%22,379 31,634 (29)%
Domestic3,150 4,383 (28)%6,296 8,754 (28)%
     Total new vehicle21,594 31,420 (31)%43,245 58,427 (26)%
Used vehicle retail25,891 26,505 (2)%50,488 49,680 %
Used to new ratio119.9 %84.4 %116.7 %85.0 %
Average selling price
New vehicle$49,000 $42,998 14 %$48,248 $42,588 13 %
Used vehicle retail$32,336 $28,244 14 %$32,227 $27,097 19 %
Average gross profit per unit
New vehicle:
Luxury$8,231 $6,104 35 %$8,332 $5,726 46 %
Import4,394 2,550 72 %4,375 1,963 123 %
Domestic4,603 4,152 11 %4,813 3,530 36 %
Total new vehicle5,793 3,880 49 %5,772 3,360 72 %
Used vehicle retail2,213 2,743 (19)%2,220 2,405 (8)%
Finance and insurance2,409 1,830 32 %2,393 1,789 34 %
Front end yield (1)6,250 5,189 20 %6,252 4,710 33 %
Gross margin
Total new vehicle11.8 %9.0 %280 bps12.0 %7.9 %410 bps
Used vehicle retail6.8 %9.7 %(290) bps6.9 %8.9 %(200) bps
Parts and service59.8 %62.4 %(260) bps59.8 %62.3 %(250) bps
Total gross profit margin20.6 %19.2 %140 bps20.6 %18.4 %220 bps
Operating expenses
Selling, general and administrative$273.2 $266.4 %$542.7 $503.4 %
Adjusted Selling, general and administrative$273.2 $266.4 %$542.7 $503.4 %
SG&A as a % of gross profit55.9 %54.3 %160 bps56.9 %58.0 %(110) bps
Adjusted SG&A as a % of gross profit55.9 %54.3 %160 bps56.9 %58.0 %(110) bps
_____________________________
(1)Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.




10


ASBURY AUTOMOTIVE GROUP, INC.
SEGMENT REPORTING
(Unaudited)
Three Months Ended June 30, 2022
DealershipsTCA After EliminationsTotal Company
(In millions)
Revenue
New$1,864.5 $— $1,864.5 
Used1,362.5 — 1,362.5 
Parts and service528.3 (8.1)520.2 
Finance and insurance174.7 28.3 203.0 
Total revenue3,930.0 20.2 3,950.2 
Cost of sales
New$1,644.1 $— $1,644.1 
Used1,258.3 — 1,258.3 
Parts and service233.9 (4.1)229.8 
Finance and insurance— 15.3 15.3 
Total cost of sales3,136.3 11.2 3,147.5 
Gross profit
New$220.4 $— $220.4 
Used104.2 — 104.2 
Parts and service294.4 (4.0)290.4 
Finance and insurance174.7 13.0 187.7 
Total gross profit793.7 9.0 802.7 
Selling, general and administrative$455.1 $(6.8)$448.3 
Income from operations$321.8 $13.7 $335.5 

Six Months Ended June 30, 2022
DealershipsTCA After EliminationsTotal Company
(In millions)
Revenue
New$3,720.1 $— $3,720.1 
Used2,713.4 — 2,713.4 
Parts and service1,038.1 (16.0)1,022.1 
Finance and insurance352.6 53.8 406.4 
Total revenue7,824.2 37.8 7,862.0 
Cost of sales
New$3,275.7 $— $3,275.7 
Used2,509.9 — 2,509.9 
Parts and service463.5 (8.3)455.2 
Finance and insurance— 26.5 26.5 
Total cost of sales6,249.1 18.2 6,267.3 
Gross profit
New$444.4 $— $444.4 
Used203.5 — 203.5 
Parts and service574.6 (7.7)566.9 
Finance and insurance352.6 27.3 379.9 
Total gross profit1,575.1 19.6 1,594.7 
Selling, general and administrative$917.2 $(13.4)$903.8 
Income from operations$626.7 $29.6 $656.3 
11


ASBURY AUTOMOTIVE GROUP INC.
Supplemental Disclosures
(Unaudited)


Non-GAAP Financial Disclosure and Reconciliation

In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Pro forma adjusted leverage ratio," "Adjusted income from operations," "Adjusted net income," "Adjusted operating margins," "Adjusted EBITDA" and "Adjusted diluted earnings per share ("EPS")." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations. Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations, or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance.


















12


The following tables provide reconciliations for our non-GAAP metrics:
For the Three Months EndedFor the Twelve Months Ended
June 30, 2022June 30, 2021June 30, 2022March 31, 2022
(Dollars in millions)
Adjusted leverage ratio:
Long-term debt (including current portion and held for sale)$3,387.9 $3,406.6 
Cash and floor plan offset(404.4)(310.9)
TCA cash160.3 137.7 
Availability under our used vehicle revolving floor plan facility(327.8)(192.8)
 Adjusted long-term net debt$2,816.0 $3,040.6 
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"):
Net Income$201.4 $152.1 $726.6 $677.3 
Depreciation and amortization18.1 10.1 58.5 50.5 
Income tax expense66.3 49.8 231.2 214.7 
Swap and other interest expense37.7 14.4 141.4 118.2 
Earnings before interest, taxes, depreciation and amortization ("EBITDA")$323.5 $226.4 $1,157.7 $1,060.7 
Non-core items - expense (income):
(Gain) loss on dealership divestitures, net$28.6 $— $(12.4)$(41.0)
Gain on sale of real estate— (0.8)(0.9)(1.7)
Professional fees associated with acquisitions— — 4.9 4.9 
Real estate-related charges— 0.3 — 0.3 
  Total non-core items28.6 (0.5)(8.4)(37.5)
Adjusted EBITDA$352.1 $225.9 $1,149.3 $1,023.2 
Pro forma impact of acquisition and divestitures on EBITDA$214.2 $330.7 
Pro forma Adjusted EBITDA$1,363.5 $1,353.9 
Pro forma Adjusted net leverage ratio2.1 2.2 







13


Three Months Ended June 30, 2022
GAAP(Gain) loss on divestitureReal estate related gainIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$448.3 $— $— $— $448.3 
Income from operations$335.5 $— $— $— $335.5 
Net income$201.4 $28.6 $— $(7.1)$222.9 
Weighted average common share outstanding - diluted22.2 22.2 
Diluted EPS$9.07 $1.29 $— $(0.32)$10.04 
SG&A as a % of gross profit55.8 %55.8 %
Income from operations as a % of revenue8.5 %— %— %— %8.5 %
Dealerships:
Selling, general and administrative$455.1 $— $— $— $455.1 
SG&A as a % of gross profit57.3 %57.3 %

Three Months Ended June 30, 2021
GAAPLegal settlementsReal estate related gainReal estate related chargesIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$269.7 $— $— $— $— $269.7 
Income from operations$218.4 $— $(0.8)$0.3 $— $217.9 
Net income$152.1 $— $(0.8)$0.3 $0.1 $151.7 
Weighted average common share outstanding - diluted19.5 19.5 
Diluted EPS$7.80 $— $(0.05)$0.02 $0.01 $7.78 
SG&A as a % of gross profit54.2 %54.2 %
Income from operations as a % of revenue8.5 %— %(0.1)%— %— %8.4 %
Dealerships:
Selling, general and administrative$269.7 $— $— $— $— $269.7 
SG&A as a % of gross profit54.2 %54.2 %


14


Six Months Ended June 30, 2022
GAAP(Gain) loss on divestitureReal estate related gainIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$903.8 $— $— $— $903.8 
Income from operations$656.3 $— $(0.9)$— $655.4 
Net income$439.1 $(4.4)$(0.9)$1.3 $435.1 
Weighted average common share outstanding - diluted22.5 22.5 
Diluted EPS$19.52 $(0.21)$(0.04)$0.05 $19.32 
SG&A as a % of gross profit56.7 %56.7 %
Income from operations as a % of revenue8.3 %— %— %— %8.3 %
Dealerships:
Selling, general and administrative$917.2 $— $— $— $917.2 
SG&A as a % of gross profit58.2 %58.2 %

Six Months Ended June 30, 2021
GAAPLegal settlementsReal estate related gainReal estate related chargesIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$509.5 $— $— $— $— $509.5 
Income from operations$354.7 $(3.5)$(1.9)$2.1 $— $351.4 
Net income$244.9 $(3.5)$(1.9)$2.1 $0.8 $242.4 
Weighted average common share outstanding - diluted19.5 19.5 
Diluted EPS$12.56 $(0.18)$(0.10)$0.11 $0.04 12.43 
SG&A as a % of gross profit57.9 %57.9 %
Income from operations as a % of revenue7.4 %— %— %— %— %7.4 %
Dealerships:
Selling, general and administrative$509.5 $— $— $— $— $509.5 
SG&A as a % of gross profit57.9 %57.9 %



15
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Cover Page
Jul. 28, 2022
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 28, 2022
Entity Registrant Name Asbury Automotive Group, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-31262
Entity Tax Identification Number 01-0609375
Entity Address, Address Line One 2905 Premiere Parkway NW Suite 300
Entity Address, City or Town Duluth,
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30097
City Area Code 770
Local Phone Number 418-8200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol ABG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001144980
Amendment Flag false