0001144980-22-000155.txt : 20221027 0001144980-22-000155.hdr.sgml : 20221027 20221027063313 ACCESSION NUMBER: 0001144980-22-000155 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221027 DATE AS OF CHANGE: 20221027 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: 221334799 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-20221027.htm FORM 8-K abg-20221027
0001144980false00011449802022-10-272022-10-27

 
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): October 27, 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 October 27, 2022, announcing its financial results for the three and nine months ended September 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 October 27, 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: October 27, 2022By:/s/ Michael D. Welch
Name:Michael D. Welch
Title:Senior Vice President and Chief Financial Officer


EX-99.1 2 a2022q3ex991.htm EXHIBIT 99.1 - PRESS RELEASE Document

Exhibit 99.1

abg-clicklanexpoweredby.jpg

Investors & Reporters May Contact:
Joe Sorice
Manager, Investor Relations
(770) 418-8211
ir@asburyauto.com


Asbury Automotive Group Reports Record Third Quarter 2022 Financial Results

Third quarter net income of $205 million, an increase of 39% over prior year quarter, and an increase of 43% over prior year quarter on an adjusted net income (a non-GAAP measure) basis (no adjustments in current quarter)
Third quarter adjusted EBITDA (a non-GAAP measure) increased 54% over prior year quarter to $329 million
Record third quarter EPS of $9.23 per diluted share, an increase of 22% over prior year quarter on a GAAP basis and 25% on an adjusted basis (no adjustments in the current quarter)
Third quarter revenue of $3.9 billion, an increase of 61% over prior year quarter
Gross profit of $768 million, an increase of 60% over prior year quarter; operating margin of 8.1%
Third quarter fixed operations revenue increased 80% over prior year quarter
Third quarter F&I revenue increased 99% over prior year quarter
The estimated, pretax impact of store closures due to Hurricane Ian was $4.0 million ($0.14 earnings per diluted share)

DULUTH, GA. (October 27, 2022) — Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record third quarter 2022 net income of $205 million ($9.23 per diluted share), an increase of 39% from $147 million ($7.54 per diluted share) in the prior year quarter. Third quarter 2022 adjusted net income, a non-GAAP measure, increased 43% year-over-year to $205 million ($9.23 per diluted share) compared to adjusted net income of $144 million ($7.36 per diluted share) in third quarter 2021.
“This quarter, our team navigated a challenging macro environment, including the impact of Hurricane Ian, to drive strong results. With our great team members across the country, the right brands, and the right locations, we delivered for our shareholders and showcased the resiliency of our business model,” said David Hult, Asbury’s President and Chief Executive Officer. “We are pleased with the momentum of our growth and our ability to maintain our disciplined cost strategy, while strengthening our balance sheet.”
1


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.
There were no adjustments to net income in the third quarter 2022.
Adjusted net income for the third quarter 2021 excludes acquisition expenses of $3.5 million ($0.13 per diluted share) and gain on divestiture of $8.0 million ($0.31 per diluted share).
Third Quarter 2022 Operational Summary

Total company vs. 3rd Quarter 2021:
Revenue of $3.9 billion, an increase of 61%
Gross profit increased 60%
Gross margin decreased 10 bps to 19.9%
New vehicle unit volume increased 47%; new vehicle revenue increased 59%; gross profit increased 60%
Used vehicle retail unit volume increased 40%; used vehicle retail revenue increased 52%; gross profit increased 22%
Finance and insurance (F&I) per vehicle retailed (PVR) increased 30%
Parts and service revenue increased 80%; gross profit increased 64%
Adjusted SG&A as a percentage of gross profit increased to 57.1%, an increase of 180 bps
Operating income and adjusted operating income increased 56% and 53%, respectively
Operating margin decreased 20 bps to 8.1% and adjusted operating margin decreased 40 bps to 8.1%
EPS increased 22% to $9.23; adjusted EPS increased 25% to $9.23

Same store (dealership only) vs. 3rd Quarter 2021:
Revenue decreased 3%
Gross profit decreased 2%
Gross margin expanded 10 bps to 20.0%
New vehicle unit volume decreased 16%; new vehicle revenue decreased 7%; new vehicle gross profit decreased 4%
Used vehicle retail unit volume decreased 10%; used vehicle retail revenue was flat; used vehicle retail gross profit decreased 30%; used to new ratio increased to 120%
F&I PVR increased 18%
Parts and service revenue increased 12%; gross profit increased 10%; customer pay gross profit increased 16%
Adjusted SG&A as a percentage of gross profit increased to 55.8%, an increase of 50 bps

Clicklane metrics:
Over 6,800 vehicles sold, an all-time record and an increase of 13% over prior year quarter
Over 92% of transactions were customers incremental to Asbury Automotive
41% of Clicklane sales had a trade-in and, of those with payoffs, 100% utilized the payoff tool
Total front-end PVR of $3,450 and F&I PVR of $2,093, resulting in total front-end yield of $5,543
2


Conversion rate more than double that of traditional internet leads and growing sequentially
95% of deliveries within a 20-mile radius of an Asbury dealership
Average transaction time of ~8 minutes for cash deals and ~14 minutes for financed deals
Clicklane now has been fully rolled out to all dealerships

Liquidity and Leverage
As of September 30, 2022, the Company had cash and floorplan offset accounts of $537 million (which excludes $98 million of cash at TCA) and availability under the used vehicle floorplan line and revolver of $636 million for a total of approximately $1.2 billion in liquidity. The Company’s adjusted net leverage ratio was 1.9x at quarter end, compared to 2.7x at the end of 2021 and 2.1x at the end of the second quarter 2022.
Earnings Call
Additional commentary regarding the third quarter results will be provided during the earnings conference call on Thursday, October 27, 2022, at 10:00 a.m. ET.
The conference call will be simulcast live on the internet and can be accessed by logging onto https://investors.asburyauto.com. 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 (866) 580-3963 (domestic) or +1 (786) 697-3501 (international); confirmation code – 9193183. 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 (866) 595-5357; passcode – 9193183.
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 dealerships, consisting of 198 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates seven stand-alone used vehicle stores, 34 collision repair centers, an auto auction, a used vehicle wholesale business and an F&I product provider. 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
3


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 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.
Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data
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
4


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.
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.
Amounts presented herein have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute or tie to prior presentation due to rounding.







5


ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)

 For the Three Months Ended September 30,%
Change
For the Nine Months Ended September 30,%
Change
 2022202120222021
REVENUE:
New vehicle$1,799.2 $1,129.5 59 %$5,519.3 $3,649.6 51 %
Used vehicle:
Retail1,249.8 823.8 52 %3,739.5 2,190.5 71 %
Wholesale80.9 55.3 46 %304.6 195.556 %
     Total used vehicle1,330.7 879.1 51 %4,044.1 2,386.1 69 %
Parts and service536.1 297.1 80 %1,558.2 851.5 83 %
Finance and insurance200.0 100.4 99 %606.4 295.7 105 %
TOTAL REVENUE3,865.9 2,406.1 61 %11,727.9 7,182.9 63 %
COST OF SALES:
New vehicle1,598.0 1,003.5 59 %4,873.7 3,324.0 47 %
Used vehicle:
Retail1,165.8 755.2 54 %3,459.0 2,001.0 73 %
Wholesale82.8 51.8 60 %299.6 173.7 73 %
     Total used vehicle1,248.6 806.9 55 %3,758.5 2,174.7 73 %
Parts and service238.5 115.7 106 %693.6 324.4 114 %
Finance and insurance13.0 — — %39.5 — — %
TOTAL COST OF SALES 3,098.1 1,926.1 61 %9,365.4 5,823.0 61 %
GROSS PROFIT767.8 480.0 60 %2,362.5 1,359.9 74 %
OPERATING EXPENSES:
Selling, general and administrative438.2 268.7 63 %1,341.9 778.2 72 %
Depreciation and amortization17.1 10.7 59 %53.6 30.6 75 %
Other operating income, net(1.1)(0.4)144 %(3.0)(4.6)(36)%
INCOME FROM OPERATIONS313.6 201.0 56 %970.0 555.7 75 %
OTHER EXPENSES:
Floor plan interest expense1.9 1.4 31 %6.0 6.5 (7)%
Other interest expense, net38.6 14.8 160 %113.8 43.2 163 %
Gain on dealership divestitures, net— (8.0)(100)%(4.4)(8.0)(45)%
Total other expenses, net40.5 8.2 NM115.4 41.6 177 %
INCOME BEFORE INCOME TAXES273.1 192.8 42 %854.6 514.0 66 %
Income tax expense68.1 45.8 49 %210.5 122.1 72 %
NET INCOME$205.0 $147.0 39 %$644.1 $391.9 64 %
EARNINGS PER COMMON SHARE:
Basic—
Net income$9.26 $7.62 22 %$28.83 $20.31 42 %
Diluted—
Net income$9.23 $7.54 22 %$28.72 $20.10 43 %
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic22.1 19.3 22.3 19.3 
Restricted stock0.1 0.1 0.1 0.1 
Performance share units— 0.1 — 0.1 
Diluted22.2 19.5 22.4 19.5 
______________________________
NM—Not Meaningful
6


ASBURY AUTOMOTIVE GROUP, INC.
Additional Disclosures-Consolidated (In millions)
(Unaudited)
 
 September 30, 2022December 31, 2021Increase
(Decrease)
 % Change
SELECTED BALANCE SHEET DATA     
Cash and cash equivalents$141.3   $178.9 $(37.5)(21)%
Inventory, net (a)822.2 718.4 103.8 14 %
Total current assets1,812.6 1,929.4 (116.9)(6)%
Floor plan notes payable (b)28.2 564.5 (536.3)(95)%
Total current liabilities1,158.7 1,597.9 (439.2)(27)%
CAPITALIZATION:
Long-term debt (including current portion) (c)$3,325.5 $3,582.6 $(257.1)(7)%
Shareholders' equity2,642.9   2,115.5 527.4 25 %
Total$5,968.4   $5,698.1 $270.3 %
_____________________________
(a) Excludes $42.9 million and $24.1 million of Inventory classified as Assets held for sale as of September 30, 2022 and December 31, 2021, respectively
(b) Excluding $20.8 million and $9.1 million of Floor plan notes payable classified as Liabilities associated with assets held for sale as of September 30, 2022 and December 31, 2021, respectively
(c) Excluding $38.9 million of Debt classified as Liabilities associated with assets held for sale as of September 30, 2022




 September 30, 2022December 31, 2021September 30, 2021
Days Supply
New vehicle inventory19 12 
Used vehicle inventory31 34 28 
_____________________________
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.









7


Brand Mix - New Vehicle Revenue by Brand
 For the Three Months Ended September 30,
 2022 2021
Luxury 
Lexus% 13 %
Mercedes-Benz% 11 %
BMW% %
Porsche%%
Acura% %
Land Rover%%
Volvo%%
Other luxury% %
Total luxury32 %45 %
Imports 
Toyota16 %12 %
Honda% 16 %
Hyundai%%
Nissan%%
Kia%%
Subaru%%
Volkswagen%%
Other imports— % %
Total imports39 %41 %
Domestic 
Chrysler, Dodge, Jeep, Ram16 %%
Ford%%
Chevrolet, Buick, GMC%%
Total domestic30 %14 %
Total New Vehicle Revenue100 % 100 %


For the Three Months Ended September 30,
20222021
Revenue mix
New vehicle46.5 %46.9 %
Used vehicle retail32.3 %34.2 %
Used vehicle wholesale2.1 %2.3 %
Parts and service13.9 %12.3 %
Finance and insurance5.2 %4.2 %
Total revenue100.0 %100.0 %
Gross profit mix
New vehicle26.2 %26.3 %
Used vehicle retail10.9 %14.3 %
Used vehicle wholesale(0.2)%0.7 %
Parts and service38.8 %37.8 %
Finance and insurance24.3 %20.9 %
Total gross profit100.0 %100.0 %

8


ASBURY AUTOMOTIVE GROUP, INC.
STATEMENTS OF INCOME-CONSOLIDATED (In millions)
(Unaudited)

 For the Three Months Ended September 30,%
Change
For the Nine Months Ended September 30,%
Change
 2022202120222021
Revenue
New vehicle$1,799.2 $1,129.5 59 %$5,519.3 $3,649.6 51 %
Used vehicle:
Retail1,249.8 823.8 52 %3,739.5 2,190.5 71 %
Wholesale80.9 55.3 46 %304.6 195.5 56 %
     Total used vehicle1,330.7 879.1 51 %4,044.1 2,386.1 69 %
Parts and service536.1 297.1 80 %1,558.2 851.5 83 %
Finance and insurance200.0 100.4 99 %606.4 295.7 105 %
Total Revenue$3,865.9 $2,406.1 61 %$11,727.9 $7,182.9 63 %
Gross profit
New vehicle$201.2 $126.0 60 %$645.6 $325.6 98 %
Used vehicle:
Retail84.0 68.6 22 %280.5 189.5 48 %
Wholesale(1.9)3.6 (152)%5.0 21.9 (77)%
     Total used vehicle82.1 72.2 14 %285.5 211.4 35 %
Parts and service297.6 181.4 64 %864.5 527.1 64 %
Finance and insurance186.9 100.4 86 %566.8 295.7 92 %
Total gross profit$767.8 $480.0 60 %$2,362.5 $1,359.9 74 %
Operating expenses
Selling, general and administrative$438.2 $268.7 63 %$1,341.9 $778.2 72 %
Operating metrics
SG&A as a % of gross profit57.1 %56.0 %110 bps56.8 %57.2 %(40) bps
Adjusted SG&A as a % of gross profit57.1 %55.3 %180 bps56.8 %57.0 %(20) bps
Income from operations as a % of revenue8.1 %8.4 %(20) bps8.3 %7.7 %50 bps
Income from operations as a % of gross profit40.8 %41.9 %(100) bps41.1 %40.9 %20 bps
Adjusted income from operations as a % of revenue8.1 %8.5 %(40) bps8.3 %7.7 %50 bps
Adjusted income from operations as a % of gross profit40.8 %42.6 %(180) bps41.0 %40.9 %10 bps
Finance and insurance average gross profit per unit$2,480 $1,911 30 %$2,450 $1,827 34 %
Total parts and service gross margin55.5 %61.1 %(550) bps55.5 %61.9 %(640) bps
Total gross profit margin19.9 %19.9 %(10) bps20.1 %18.9 %120 bps













9


ASBURY AUTOMOTIVE GROUP, INC.
STATEMENTS OF INCOME-DEALERSHIPS (In millions)
(unaudited)

 For the Three Months Ended September 30,%
Change
For the Nine Months Ended September 30,%
Change
 2022202120222021
Revenue
New vehicle$1,799.2 $1,129.5 59 %$5,519.3 $3,649.6 51 %
Used vehicle:
Retail1,249.8 823.8 52 %3,739.5 2,190.5 71 %
Wholesale80.9 55.3 46 %304.6 195.5 56 %
     Total used vehicle1,330.7 879.1 51 %4,044.1 2,386.1 69 %
Parts and service544.8 297.1 83 %1,582.8 851.5 86 %
Finance and insurance, net163.9 100.4 63 %516.5 295.7 75 %
Total Revenue$3,838.5 $2,406.1 60 %$11,662.7 $7,182.9 62 %
Gross profit
New vehicle$201.2 $126.0 60 %$645.6 $325.6 98 %
Used vehicle:
Retail84.0 68.6 22 %280.5 189.5 48 %
Wholesale(1.9)3.6 (152)%5.0 21.9 (77)%
     Total used vehicle82.1 72.2 14 %285.5 211.4 35 %
Parts and service301.8 181.4 66 %876.4 527.1 66 %
Finance and insurance, net163.9 100.4 63 %516.5 295.7 75 %
Total gross profit$749.0 $480.0 56 %$2,324.1 $1,359.9 71 %
Unit sales
New vehicle:
Luxury8,251 7,972 %25,407 26,568 (4)%
Import18,584 13,491 38 %58,826 45,125 30 %
Domestic9,662 3,300 193 %30,135 12,054 150 %
     Total new vehicle36,497 24,763 47 %114,368 83,747 37 %
Used vehicle retail38,874 27,761 40 %117,028 78,136 50 %
Used to new ratio106.5 %112.1 %102.3 %93.3 %
Average selling price
New vehicle$49,296 $45,612 %$48,259 $43,579 11 %
Used vehicle retail$32,150 $29,674 %$31,954 $28,035 14 %
Average gross profit per unit
New vehicle:
Luxury$8,409 $7,549 11 %$8,529 $6,277 36 %
Import4,197 3,719 13 %4,441 2,489 78 %
Domestic5,569 4,749 17 %5,564 3,865 44 %
Total new vehicle5,512 5,089 %5,645 3,888 45 %
Used vehicle retail2,160 2,470 (13)%2,397 2,426 (1)%
Finance and insurance2,175 1,911 14 %2,232 1,827 22 %
Front end yield (1)5,958 5,616 %6,235 5,009 24 %
Gross margin
New vehicle11.2 %11.2 %— bps11.7 %8.9 %280 bps
Used vehicle retail6.7 %8.3 %(160) bps7.5 %8.7 %(120) bps
Parts and service55.4 %61.1 %(570) bps55.4 %61.9 %(650) bps
Total gross profit margin19.5 %19.9 %(40) bps19.9 %18.9 %100 bps
Operating expenses
Selling, general and administrative$444.0 $268.7 65 %$1,361.1 $778.2 75 %
Adjusted Selling, general and administrative$444.0 $265.2 67 %$1,361.1 $774.7 76 %
SG&A as a % of gross profit59.3 %56.0 %330 bps58.6 %57.2 %130 bps
Adjusted SG&A as a % of gross profit59.3 %55.3 %400 bps58.6 %57.0 %160 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.
SAME STORE OPERATING HIGHLIGHTS-DEALERSHIPS (In millions)
(Unaudited)

 For the Three Months Ended September 30,%
Change
For the Nine Months Ended September 30,%
Change
 2022202120222021
Revenue
New vehicle$1,031.4 $1,113.5 (7)%$3,117.9 $3,601.8 (13)%
Used Vehicle:
Retail811.4 813.5 — %2,438.6 2,159.6 13 %
Wholesale34.2 55.0 (38)%125.2 194.5 (36)%
     Total used vehicle845.6 868.5 (3)%2,563.8 2,354.0 %
Parts and service329.3 293.5 12 %942.2 841.0 12 %
Finance and insurance102.2 99.4 %326.5 292.8 12 %
Total revenue$2,308.5 $2,374.9 (3)%$6,950.5 $7,089.6 (2)%
Gross profit
New vehicle$119.0 $124.0 (4)%$368.6 $320.4 15 %
Used Vehicle:
Retail47.1 67.7 (30)%159.3 187.1 (15)%
Wholesale(1.9)3.6 (153)%— 21.7 (100)%
     Total used vehicle45.2 71.3 (37)%159.3 208.8 (24)%
Parts and service196.3 179.1 10 %562.8 520.1 %
Finance and insurance102.2 99.4 %326.5 292.8 12 %
Total gross profit$462.7 $473.8 (2)%$1,417.2 $1,342.1 %
Unit sales
New vehicle:
Luxury7,070 7,694 (8)%21,640 25,733 (16)%
Import10,521 13,491 (22)%32,900 45,125 (27)%
Domestic2,989 3,300 (9)%9,285 12,054 (23)%
     Total new vehicle20,580 24,485 (16)%63,825 82,912 (23)%
Used vehicle retail24,774 27,416 (10)%75,262 77,096 (2)%
Used to new ratio120.4 %112.0 %117.9 %93.0 %
Average selling price
New vehicle$50,117 $45,475 10 %$48,851 $43,441 12 %
Used vehicle retail$32,754 $29,673 10 %$32,402 $28,011 16 %
Average gross profit per unit
New vehicle:
Luxury$8,531 $7,555 13 %$8,397 $6,272 34 %
Import4,267 3,721 15 %4,342 2,490 74 %
Domestic4,609 4,752 (3)%4,743 3,867 23 %
Total new vehicle5,782 5,065 14 %5,775 3,864 49 %
Used vehicle retail1,901 2,471 (23)%2,116 2,427 (13)%
Finance and insurance2,254 1,915 18 %2,348 1,830 28 %
Front end yield (1)5,916 5,610 %6,143 5,001 23 %
Gross margin
Total new vehicle11.5 %11.1 %40 bps11.8 %8.9 %290 bps
Used vehicle retail5.8 %8.3 %(250) bps6.5 %8.7 %(220) bps
Parts and service59.6 %61.0 %(140) bps59.7 %61.8 %(210) bps
Total gross profit margin20.0 %19.9 %10 bps20.4 %18.9 %150 bps
Operating expenses
Selling, general and administrative$258.3 $265.5 (3)%$801.0 $768.9 %
Adjusted Selling, general and administrative$258.3 $262.0 (1)%$801.0 $765.4 %
SG&A as a % of gross profit55.8 %56.0 %(20) bps56.5 %57.3 %(80) bps
Adjusted SG&A as a % of gross profit55.8 %55.3 %50 bps56.5 %57.0 %(50) 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.


11


ASBURY AUTOMOTIVE GROUP, INC.
SEGMENT REPORTING
(Unaudited)
Three Months Ended September 30, 2022
DealershipsTCA After EliminationsTotal Company
(In millions)
Revenue
New$1,799.2 $— $1,799.2 
Used1,330.7 — 1,330.7 
Parts and service544.8 (8.7)536.1 
Finance and insurance163.9 36.1 200.0 
Total revenue$3,838.5 $27.4 $3,865.9 
Cost of sales
New$1,598.0 $— $1,598.0 
Used1,248.6 — 1,248.6 
Parts and service243.0 (4.5)238.5 
Finance and insurance— 13.0 13.0 
Total cost of sales$3,089.5 $8.6 $3,098.1 
Gross profit
New$201.2 $— $201.2 
Used82.1 — 82.1 
Parts and service301.8 (4.2)297.6 
Finance and insurance163.9 23.0 186.9 
Total gross profit$749.0 $18.8 $767.8 
Selling, general and administrative$444.0 $(5.8)$438.2 
Income from operations$291.4 $22.3 $313.6 


Nine Months Ended September 30, 2022
DealershipsTCA After EliminationsTotal Company
(In millions)
Revenue
New$5,519.3 $— $5,519.3 
Used4,044.1 — 4,044.1 
Parts and service1,582.8 (24.7)1,558.2 
Finance and insurance516.5 89.9 606.4 
Total revenue$11,662.7 $65.2 $11,727.9 
Cost of sales
New$4,873.7 $— $4,873.7 
Used3,758.5 — 3,758.5 
Parts and service706.5 (12.8)693.6 
Finance and insurance— 39.5 39.5 
Total cost of sales$9,338.6 $26.7 $9,365.4 
Gross profit
New$645.6 $— $645.6 
Used285.5 — 285.5 
Parts and service876.4 (11.8)864.5 
Finance and insurance516.5 50.3 566.8 
Total gross profit$2,324.1 $38.5 $2,362.5 
Selling, general and administrative$1,361.1 $(19.2)$1,341.9 
Income from operations$918.1 $51.9 $970.0 

12


ASBURY AUTOMOTIVE GROUP INC.
Supplemental Disclosures
(Unaudited)

The following tables provide reconciliations for our non-GAAP metrics:
For the Three Months EndedFor the Twelve Months Ended
September 30, 2022September 30, 2021September 30, 2022June 30, 2022
(Dollars in millions)
Adjusted leverage ratio:
Long-term debt (including current portion and held for sale)$3,364.4 $3,387.9 
Cash and floor plan offset(635.6)(404.4)
TCA cash98.5 160.3 
Availability under our used vehicle floor plan facility(198.5)(327.8)
 Adjusted long-term net debt$2,628.7 $2,816.0 
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"):
Net Income$205.0 $147.0 $784.6 $726.5 
Depreciation and amortization17.1 10.7 64.9 58.5 
Income tax expense68.1 45.8 253.7 231.3 
Swap and other interest expense38.6 14.9 165.1 141.4 
Earnings before interest, taxes, depreciation and amortization ("EBITDA")$328.8 $218.3 $1,268.2 $1,157.7 
Non-core items - expense (income):
Gain on dealership divestitures, net$— $(8.0)$(4.4)$(12.4)
Gain on sale of real estate— — (0.9)(0.9)
Professional fees associated with acquisitions— 3.5 1.4 4.9 
  Total non-core items— (4.6)(3.9)(8.5)
Adjusted EBITDA$328.8 $213.8 $1,264.3 $1,149.3 
Pro forma impact of acquisition and divestitures on EBITDA$96.3 $214.2 
Pro forma Adjusted EBITDA$1,360.6 $1,363.5 
Pro forma Adjusted net leverage ratio1.9 2.1 





13


Three Months Ended September 30, 2022
GAAP(Gain) loss on divestitureReal estate related gainIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$438.2 $— $— $— $438.2 
Income from operations$313.6 $— $— $— $313.6 
Net income$205.0 $— $— $— $205.0 
Weighted average common share outstanding - diluted22.2 22.2 
Diluted EPS$9.23 $— $— $— $9.23 
SG&A as a % of gross profit57.1 %— %— %— %57.1 %
Income from operations as a % of revenue8.1 %— %— %— %8.1 %
Dealerships:
Selling, general and administrative$444.0 $— $— $— $444.0 
SG&A as a % of gross profit59.3 %— %— %— %59.3 %

Three Months Ended September 30, 2021
GAAPProfessional fees associated with acquisitionsGain on divestitureIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$268.7 $(3.5)$— $— $265.2 
Income from operations$201.0 $3.5 $— $— $204.5 
Net income147.0 $3.5 $(8.0)$1.1 $143.5 
Weighted average common share outstanding - diluted19.519.5 
Diluted EPS$7.54 $0.18 $(0.41)$0.05 $7.36 
SG&A as a % of gross profit56.0 %(0.7)%— %— %55.3 %
Income from operations as a % of revenue8.4 %0.1 %— %— %8.5 %
Dealerships:
Selling, general and administrative$268.7 $(3.5)$— $— $265.2 
SG&A as a % of gross profit56.0 %(0.7)%— %— %55.3 %


14


Nine Months Ended September 30, 2022
GAAPGain on divestituresReal estate related gainIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$1,341.9 $— $— $— $1,341.9 
Income from operations$970.0 $— $(0.9)$— $969.0 
Net income$644.1 $(4.4)$(0.9)$1.3 $640.1 
Weighted average common share outstanding - diluted22.4 22.4 
Diluted EPS$28.72 $(0.20)$(0.04)$0.06 $28.54 
SG&A as a % of gross profit56.8 %— %— %— %56.8 %
Income from operations as a % of revenue8.3 %— %— %— %8.3 %
Dealerships:
Selling, general and administrative$1,361.1 $— $— $— $1,361.1 
SG&A as a % of gross profit58.6 %— %— %— %58.6 %

Nine Months Ended September 30, 2021
GAAPProfessional fees associated with acquisitionsLegal settlementsReal estate related gainReal estate related chargesGain on dealership divestituresIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative$778.2 $(3.5)$— $— $— $— $— $774.7 
Income from operations$555.7 $3.5 $(3.5)$(1.8)$2.1 $— $— $555.9 
Net income$391.9 $3.5 $(3.5)$(1.8)$2.1 $(8.0)$1.9 $386.0 
Weighted average common share outstanding - diluted19.5 19.5 
Diluted EPS$20.10 $0.18 $(0.18)$(0.10)$0.11 $(0.42)$0.10 19.79 
SG&A as a % of gross profit57.2 %(0.2)%— %— %— %— %— %57.0 %
Income from operations as a % of revenue7.7 %— %— %— %— %— %— %7.7 %
Dealerships:
Selling, general and administrative$778.2 $(3.5)$— $— $— $— $— $774.7 
SG&A as a % of gross profit57.2 %(0.2)%— %— %— %— %— %57.0 %
15
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Cover Page
Oct. 27, 2022
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 27, 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