0001144980-19-000005.txt : 20190206 0001144980-19-000005.hdr.sgml : 20190206 20190206064935 ACCESSION NUMBER: 0001144980-19-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190206 DATE AS OF CHANGE: 20190206 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: 19569825 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 a2018q48-k.htm FORM 8-K Document


 
 
 
 
 
 
 
 
 
 
 
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): February 6, 2019 
 
 
 
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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. o






Item 2.02 Results of Operations and Financial Condition.
Asbury Automotive Group, Inc. (the “Company”) issued an earnings release on February 6, 2019, announcing its financial results for the three and twelve months ended December 31, 2018. 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 February 6, 2019.
 




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: February 6, 2019
By:
 
/s/    Sean D. Goodman
 
Name:
 
Sean D. Goodman
 
Title:
 
Senior Vice President and Chief Financial Officer





EXHIBIT INDEX
 
Exhibit No.
  
Description
 
 
99.1
  
 Press Release dated February 6, 2019.




 EX-99.1 2 a2018q4ex991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
companylogoa19.jpg

Investors & Reporters May Contact:
Matt Pettoni
VP of Finance & Treasurer
(770) 418-8219
ir@asburyauto.com

 
ASBURY AUTOMOTIVE GROUP ANNOUNCES
2018 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
Fourth quarter EPS of $2.06 per diluted share and
full year EPS of $8.28 per diluted share
Record fourth quarter adjusted EPS of $2.20 per diluted share
(a non-GAAP measure), up 22% over prior year adjusted EPS
Record full year 2018 adjusted EPS of $8.41 per diluted share
(a non-GAAP measure), up 31% over prior year adjusted EPS

DULUTH, GA, February 6, 2019 - Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the fourth quarter 2018 of $40.4 million ($2.06 per diluted share) compared to $42.5 million ($2.03 per diluted share) in the prior year quarter. It also reported adjusted net income (a non-GAAP measure) for the fourth quarter 2018 of $43.2 million ($2.20 per diluted share) compared to $37.8 million ($1.81 per diluted share) in the prior year quarter, a 22% increase in adjusted earnings per share.
Net income for the fourth quarter 2018 was adjusted for a $3.7 million pre-tax charge for franchise rights impairments ($0.14 per diluted share). Net income for the fourth quarter 2017 was adjusted for a $5.1 million pre-tax charge for franchise rights impairments ($0.15 per diluted share) and a $7.9 million benefit ($0.37 per diluted share) related to adjustments to deferred tax balances as a result of changes to the tax law.
On January 1, 2018, the company adopted ASC 606 for revenue recognition which impacted F&I and parts and service revenue and gross profit. The net impact of adopting ASC 606 in the fourth quarter was to increase net income by $1.2 million or $0.06 per diluted share.
“We closed out 2018 with a strong performance delivering 22% adjusted EPS growth in the quarter,” said David Hult, Asbury's President and Chief Executive Officer. “During 2018, we acquired three dealerships, repurchased approximately $105 million of our shares, and further developed our omni-channel capabilities. In a relatively flat SAAR environment we maintained our industry leading operating margins and grew adjusted EPS 31%. This performance is a direct result of our team’s hard work, dedication, and commitment to continuous improvement. Going forward, we will continue to execute our two-part strategy: drive operational excellence and deploy capital to its highest returns.”

1


Fourth Quarter 2018 Operational Summary

All stores:
•
Revenue increased 7%; gross profit increased 5%
•
New vehicle revenue increased 6%; gross profit decreased 6%
•
Used vehicle retail revenue increased 10%; gross profit increased 10%
•
Finance and insurance revenue and gross profit increased 6%
•
Parts and service revenue increased 7%; gross profit increased 7%
•
SG&A as a percentage of gross profit increased 90 basis points to 68.2%
•
Adjusted income from operations as a percentage of revenue was 4.5%
•
Adjusted EPS from continuing operations increased 22%

Same store:
•
Revenue increased 4%; gross profit increased 2%
•
New vehicle revenue increased 3%; gross profit decreased 7%
•
Used vehicle retail revenue increased 7%; gross profit increased 7%
•
Finance and insurance revenue and gross profit increased 3%
•
Parts and service revenue increased 5%; gross profit increased 5%

Strategic Highlights:
•
In Q4 2018, we repurchased $48 million of common stock
•
Signed an agreement to acquire four stores in the Indianapolis market that we expect to close in Q1 2019, subject to customary closing conditions. We expect these dealerships will generate approximately $250 million in annualized revenue.
•
Omni-channel initiatives helped drive results, reduce costs, and improve efficiencies

For the full year 2018, the Company reported net income of $168.0 million ($8.28 per diluted share) compared to $139.1 million ($6.62 per diluted share) in the prior year period. Adjusted net income (a non-GAAP measure) for 2018 was $170.8 million ($8.41 per diluted share) compared to $135.1 million ($6.43 per diluted share) in the prior year period, a 31% increase in adjusted EPS.
Additional commentary regarding the fourth quarter and full-year results will be provided during the earnings conference call on February 6, 2019 at 10:00 a.m. The conference call will be simulcast live on the internet and can be accessed at www.asburyauto.com or www.ccbn.com. A replay will be available at these sites for 30 days.
In addition, a live audio of the call will be accessible to the public by calling (323) 994-2131 (domestic), or (800) 347-6311 (international); passcode - 1070155. 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 (719) 457-0820 (international); passcode - 1070155.



2


About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S.  Asbury currently operates 83 dealerships, consisting of 97 franchises, representing 29 domestic and foreign brands of vehicles.  Asbury also operates 25 collision repair centers.  Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
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, market conditions and projections regarding Asbury's financial position, liquidity, results of operations, market position and dealership portfolio, and other initiatives and future business strategy. 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, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God or other incidents which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges, risks associated with Asbury's indebtedness (including available borrowing capacity, compliance with its financial covenants and ability to refinance or repay such indebtedness, on favorable terms), Asbury's relationships with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, adverse results in litigation and other proceedings, and Asbury's ability to execute its IT initiatives and other operational strategies, 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. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.


3


ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)
 
For the Three Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
REVENUE:
 
 
 
 
 
 
 
New vehicle
$
1,022.4

 
$
964.1

 
$
58.3

 
6
 %
Used vehicle:
 
 
 
 


 


Retail
427.9

 
389.6

 
38.3

 
10
 %
Wholesale
45.5

 
47.9

 
(2.4
)
 
(5
)%
     Total used vehicle
473.4

 
437.5

 
35.9

 
8
 %
Parts and service
211.1

 
196.6

 
14.5

 
7
 %
Finance and insurance, net
77.3

 
72.7

 
4.6

 
6
 %
TOTAL REVENUE
1,784.2

 
1,670.9

 
113.3

 
7
 %
GROSS PROFIT:
 
 
 
 
 
 
 
New vehicle
43.9

 
46.6

 
(2.7
)
 
(6
)%
Used vehicle:
 
 
 
 


 


Retail
29.3

 
26.7

 
2.6

 
10
 %
Wholesale
—

 
(0.2
)
 
0.2

 
100
 %
     Total used vehicle
29.3

 
26.5

 
2.8

 
11
 %
Parts and service
131.3

 
122.6

 
8.7

 
7
 %
Finance and insurance, net
77.3

 
72.7

 
4.6

 
6
 %
TOTAL GROSS PROFIT
281.8

 
268.4

 
13.4

 
5
 %
OPERATING EXPENSES:
 
 
 
 
 
 
 
Selling, general and administrative
192.2

 
180.5

 
11.7

 
6
 %
Depreciation and amortization
8.5

 
8.1

 
0.4

 
5
 %
Franchise rights impairment
3.7

 
5.1

 
(1.4
)
 
(27
)%
Other operating (income) expenses, net
0.1

 
0.6

 
(0.5
)
 
(83
)%
INCOME FROM OPERATIONS
77.3

 
74.1

 
3.2

 
4
 %
OTHER EXPENSES:
 
 
 
 
 
 
 
Floor plan interest expense
9.5

 
5.5

 
4.0

 
73
 %
Other interest expense, net
13.7

 
13.8

 
(0.1
)
 
(1
)%
Swap interest expense
—

 
0.4

 
(0.4
)
 
(100
)%
Total other expenses, net
23.2

 
19.7

 
3.5

 
18
 %
INCOME BEFORE INCOME TAXES
54.1

 
54.4

 
(0.3
)
 
(1
)%
Income tax expense
13.7

 
11.9

 
1.8

 
15
 %
NET INCOME
$
40.4

 
$
42.5

 
$
(2.1
)
 
(5
)%
EARNINGS PER COMMON SHARE:
 
 
 
 
 
 
 
Basic—
 
 
 
 
 
 
 
Net income
$
2.09

 
$
2.06

 
$
0.03

 
1
 %
Diluted—
 
 
 
 
 
 
 
Net income
$
2.06

 
$
2.03

 
$
0.03

 
1
 %
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
Basic
19.3

 
20.6

 
(1.3
)
 
(6
)%
Restricted stock
0.1

 
0.1

 
—

 
—
 %
Performance share units
0.2

 
0.2

 
—

 
—
 %
Diluted
19.6

 
20.9

 
(1.3
)
 
(6
)%



4


ASBURY AUTOMOTIVE GROUP, INC.
KEY OPERATING HIGHLIGHTS (In millions, except per unit data)
(Unaudited)
 
For the Three Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Unit sales
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6,452

 
6,408

 
44

 
1
 %
Import
16,394

 
15,181

 
1,213

 
8
 %
Domestic
4,951

 
4,602

 
349

 
8
 %
     Total new vehicle
27,797

 
26,191

 
1,606

 
6
 %
Used vehicle retail
19,298

 
17,822

 
1,476

 
8
 %
Used to new ratio
69.4
%
 
68.0
 %
 
140 bps

 

Average selling price
 
 
 
 
 
 


New vehicle
$
36,781

 
$
36,810

 
$
(29
)
 
—
 %
Used vehicle retail
22,173

 
21,861

 
312

 
1
 %
Average gross profit per unit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 


 


Luxury
$
3,487

 
$
3,777

 
$
(290
)
 
(8
)%
Import
830

 
922

 
(92
)
 
(10
)%
Domestic
1,575

 
1,825

 
(250
)
 
(14
)%
Total new vehicle
1,579

 
1,779

 
(200
)
 
(11
)%
Used vehicle retail
1,518

 
1,498

 
20

 
1
 %
Finance and insurance, net
1,641

 
1,652

 
(11
)
 
(1
)%
Front end yield (1)
3,196

 
3,317

 
(121
)
 
(4
)%
Gross margin
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6.4
%
 
7.0
 %
 
(60) bps

 
 
Import
2.9
%
 
3.2
 %
 
(30) bps

 
 
Domestic
3.9
%
 
4.6
 %
 
(70) bps

 
 
Total new vehicle
4.3
%
 
4.8
 %
 
(50) bps

 
 
Used vehicle retail
6.8
%
 
6.9
 %
 
(10) bps

 
 
Parts and service
62.2
%
 
62.4
 %
 
(20) bps

 
 
Total gross profit margin
15.8
%
 
16.1
 %
 
(30) bps

 
 
SG&A metrics
 
 
 
 
 
 
 
Rent expense
$
6.5

 
$
6.5

 
$
—

 
—
 %
Total SG&A as a percentage of gross profit
68.2
%
 
67.3
 %
 
90 bps

 
 
SG&A, excluding rent expense as a percentage of gross profit
65.9
%
 
64.8
 %
 
110 bps

 
 
Operating metrics
 
 
 
 
 
 
 
Income from operations as a percentage of revenue
4.3
%
 
4.4
 %
 
(10) bps

 
 
Income from operations as a percentage of gross profit
27.4
%
 
27.6
 %
 
(20) bps

 
 
Adjusted income from operations as a percentage of revenue
4.5
%
 
4.7
 %
 
(20) bps

 
 
Adjusted income from operations as a percentage of gross profit
28.7
%
 
29.5
 %
 
(80) bps

 
 
Revenue mix
 
 
 
 
 
 
 
New vehicle
57.3
%
 
57.7
 %
 
 
 
 
Used vehicle retail
24.0
%
 
23.2
 %
 
 
 
 
Used vehicle wholesale
2.6
%
 
2.9
 %
 
 
 
 
Parts and service
11.8
%
 
11.8
 %
 
 
 
 
Finance and insurance
4.3
%
 
4.4
 %
 
 
 
 
     Total revenue
100.0
%
 
100.0
 %
 
 
 
 
Gross profit mix
 
 
 
 
 
 
 
New vehicle
15.6
%
 
17.4
 %
 
 
 
 
Used vehicle retail
10.4
%
 
9.9
 %
 
 
 
 
Used vehicle wholesale
—
%
 
(0.1
)%
 
 
 
 
Parts and service
46.6
%
 
45.7
 %
 
 
 
 
Finance and insurance
27.4
%
 
27.1
 %
 
 
 
 
     Total gross profit
100.0
%
 
100.0
 %
 
 
 
 
_____________________________
(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.

5


ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (In millions)
(Unaudited)
 
For the Three Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Revenue
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
$
351.5

 
$
347.9

 
$
3.6

 
1
 %
Import
447.4

 
431.5

 
15.9

 
4
 %
Domestic
193.6

 
184.6

 
9.0

 
5
 %
     Total new vehicle
992.5

 
964.0

 
28.5

 
3
 %
Used Vehicle:
 
 
 
 


 


Retail
415.8

 
389.6

 
26.2

 
7
 %
Wholesale
44.8

 
47.9

 
(3.1
)
 
(6
)%
     Total used vehicle
460.6

 
437.5

 
23.1

 
5
 %
Parts and service
205.9

 
196.6

 
9.3

 
5
 %
Finance and insurance
74.8

 
72.8

 
2.0

 
3
 %
Total revenue
$
1,733.8

 
$
1,670.9

 
$
62.9

 
4
 %
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
$
22.5

 
$
24.2

 
$
(1.7
)
 
(7
)%
Import
12.9

 
13.9

 
(1.0
)
 
(7
)%
Domestic
7.7

 
8.4

 
(0.7
)
 
(8
)%
     Total new vehicle
43.1

 
46.5

 
(3.4
)
 
(7
)%
Used Vehicle:
 
 
 
 
 
 
 
Retail
28.7

 
26.7

 
2.0

 
7
 %
Wholesale
—

 
(0.1
)
 
0.1

 
100
 %
     Total used vehicle
28.7

 
26.6

 
2.1

 
8
 %
Parts and service:
 
 
 
 
 
 
 
Customer pay
72.4

 
68.6

 
3.8

 
6
 %
Warranty
19.9

 
20.0

 
(0.1
)
 
(1
)%
Wholesale parts
5.8

 
5.4

 
0.4

 
7
 %
     Parts and service, excluding reconditioning and preparation
98.1

 
94.0

 
4.1

 
4
 %
Reconditioning and preparation
30.1

 
28.6

 
1.5

 
5
 %
Total parts and service
128.2

 
122.6

 
5.6

 
5
 %
Finance and insurance
74.8

 
72.8

 
2.0

 
3
 %
Total gross profit
$
274.8

 
$
268.5

 
$
6.3

 
2
 %
 
 
 
 
 
 
 
 
SG&A expense
$
187.0

 
$
180.4

 
$
6.6

 
4
 %
SG&A expense as a percentage of gross profit
68.0
%
 
67.2
%
 
80 bps

 
 
_____________________________
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.


6


ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (Continued)
(Unaudited)
 
For the Three Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Unit sales
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6,452

 
6,408

 
44

 
1
 %
Import
15,572

 
15,181

 
391

 
3
 %
Domestic
4,753

 
4,602

 
151

 
3
 %
     Total new vehicle
26,777

 
26,191

 
586

 
2
 %
Used vehicle retail
18,624

 
17,822

 
802

 
5
 %
Used to new ratio
69.6
%
 
68.0
%
 
160 bps

 
 
 
 
 
 
 
 
 
 
Average selling price
 
 
 
 
 
 
 
New vehicle
$
37,065

 
$
36,807

 
$
258

 
1
 %
Used vehicle retail
22,326

 
21,861

 
465

 
2
 %
 
 
 
 
 
 
 
 
Average gross profit per unit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 


 


Luxury
$
3,487

 
$
3,777

 
$
(290
)
 
(8
)%
Import
828

 
916

 
(88
)
 
(10
)%
Domestic
1,620

 
1,825

 
(205
)
 
(11
)%
Total new vehicle
1,610

 
1,775

 
(165
)
 
(9
)%
Used vehicle retail
1,541

 
1,498

 
43

 
3
 %
Finance and insurance, net
1,648

 
1,654

 
(6
)
 
—
 %
Front end yield (1)
3,229

 
3,317

 
(88
)
 
(3
)%
 
 
 
 
 
 
 
 
Gross margin
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6.4
%
 
7.0
%
 
(60) bps

 
 
Import
2.9
%
 
3.2
%
 
(30) bps

 
 
Domestic
4.0
%
 
4.6
%
 
(60) bps

 
 
Total new vehicle
4.3
%
 
4.8
%
 
(50) bps

 
 
Used vehicle retail
6.9
%
 
6.9
%
 
—

 
 
Parts and service:
 
 
 
 
 
 
 
Parts and service, excluding reconditioning and preparation
47.6
%
 
47.8
%
 
(20) bps

 
 
Parts and service, including reconditioning and preparation
62.3
%
 
62.4
%
 
(10) bps

 
 
Total gross profit margin
15.8
%
 
16.1
%
 
(30) bps

 
 
_____________________________
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.

(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.

7


ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)
 
For the Twelve Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
REVENUE:
 
 
 
 
 
 
 
New vehicle
$
3,788.7

 
$
3,561.1

 
$
227.6

 
6
 %
Used vehicle:
 
 
 
 


 


Retail
1,783.3

 
1,635.3

 
148.0

 
9
 %
Wholesale
189.1

 
198.8

 
(9.7
)
 
(5
)%
     Total used vehicle
1,972.4

 
1,834.1

 
138.3

 
8
 %
Parts and service
821.0

 
786.1

 
34.9

 
4
 %
Finance and insurance, net
292.3

 
275.2

 
17.1

 
6
 %
TOTAL REVENUE
6,874.4

 
6,456.5

 
417.9

 
6
 %
GROSS PROFIT:
 
 
 
 
 
 
 
New vehicle
165.2

 
169.0

 
(3.8
)
 
(2
)%
Used vehicle:
 
 
 
 


 


Retail
127.8

 
121.1

 
6.7

 
6
 %
Wholesale
1.9

 
0.8

 
1.1

 
138
 %
     Total used vehicle
129.7

 
121.9

 
7.8

 
6
 %
Parts and service
515.8

 
489.8

 
26.0

 
5
 %
Finance and insurance, net
292.3

 
275.2

 
17.1

 
6
 %
TOTAL GROSS PROFIT
1,103.0

 
1,055.9

 
47.1

 
4
 %
OPERATING EXPENSES:
 
 
 
 
 
 
 
Selling, general and administrative
755.8

 
729.7

 
26.1

 
4
 %
Depreciation and amortization
33.7

 
32.1

 
1.6

 
5
 %
Franchise rights impairment
3.7

 
5.1

 
(1.4
)
 
(27
)%
Other operating (income) expenses, net
(1.1
)
 
1.3

 
(2.4
)
 
(185
)%
INCOME FROM OPERATIONS
310.9

 
287.7

 
23.2

 
8
 %
OTHER EXPENSES:
 
 
 
 
 
 
 
Floor plan interest expense
32.5

 
22.7

 
9.8

 
43
 %
Other interest expense, net
53.1

 
53.9

 
(0.8
)
 
(1
)%
Swap interest expense
0.5

 
2.0

 
(1.5
)
 
(75
)%
Total other expenses, net
86.1

 
78.6

 
7.5

 
10
 %
INCOME BEFORE INCOME TAXES
224.8

 
209.1

 
15.7

 
8
 %
Income tax expense
56.8

 
70.0

 
(13.2
)
 
(19
)%
NET INCOME
$
168.0

 
$
139.1

 
$
28.9

 
21
 %
EARNINGS PER COMMON SHARE:
 
 
 
 
 
 
 
Basic—
 
 
 
 
 
 
 
Net income
$
8.36

 
$
6.69

 
$
1.67

 
25
 %
Diluted—
 
 
 
 
 
 
 
Net income
$
8.28

 
$
6.62

 
$
1.66

 
25
 %
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
Basic
20.1

 
20.8

 
(0.7
)
 
(3
)%
Restricted stock
0.1

 
0.1

 
—

 
—
 %
Performance share units
0.1

 
0.1

 
—

 
—
 %
Diluted
20.3

 
21.0

 
(0.7
)
 
(3
)%




8


ASBURY AUTOMOTIVE GROUP, INC.
KEY OPERATING HIGHLIGHTS (In millions, except per unit data)
(Unaudited)
 
For the Twelve Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Unit sales
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
22,979

 
22,525

 
454

 
2
 %
Import
62,939

 
58,685

 
4,254

 
7
 %
Domestic
19,357

 
18,765

 
592

 
3
 %
     Total new vehicle
105,275

 
99,975

 
5,300

 
5
 %
Used vehicle retail
82,377

 
76,929

 
5,448

 
7
 %
Used to new ratio
78.2
%
 
76.9
%
 
130 bps

 
 
Average selling price
 
 
 
 
 
 
 
New vehicle
$
35,989

 
$
35,620

 
$
369

 
1
 %
Used vehicle retail
21,648

 
21,257

 
391

 
2
 %
Average gross profit per unit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 


 


Luxury
$
3,481

 
$
3,503

 
$
(22
)
 
(1
)%
Import
836

 
968

 
(132
)
 
(14
)%
Domestic
1,684

 
1,775

 
(91
)
 
(5
)%
Total new vehicle
1,569

 
1,690

 
(121
)
 
(7
)%
Used vehicle retail
1,551

 
1,574

 
(23
)
 
(1
)%
Finance and insurance, net
1,558

 
1,556

 
2

 
—
 %
Front end yield (1)
3,119

 
3,196

 
(77
)
 
(2
)%
Gross margin
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6.5
%
 
6.6
%
 
(10) bps

 
 
Import
2.9
%
 
3.5
%
 
(60) bps

 
 
Domestic
4.3
%
 
4.6
%
 
(30) bps

 
 
Total new vehicle
4.4
%
 
4.7
%
 
(30) bps

 
 
Used vehicle retail
7.2
%
 
7.4
%
 
(20) bps

 
 
Parts and service
62.8
%
 
62.3
%
 
50 bps

 
 
Total gross profit margin
16.0
%
 
16.4
%
 
(40) bps

 
 
SG&A metrics
 
 
 
 
 
 
 
Rent expense
$
25.6

 
$
26.7

 
$
(1.1
)
 
(4
)%
Total SG&A as a percentage of gross profit
68.5
%
 
69.1
%
 
(60) bps

 
 
SG&A, excluding rent expense as a percentage of gross profit
66.2
%
 
66.6
%
 
(40) bps

 
 
Operating metrics
 
 
 
 
 
 
 
Income from operations as a percentage of revenue
4.5
%
 
4.5
%
 
—

 
 
Income from operations as a percentage of gross profit
28.2
%
 
27.2
%
 
100 bps

 
 
Adjusted income from operations as a percentage of revenue
4.6
%
 
4.6
%
 
—

 
 
Adjusted income from operations as a percentage of gross profit
28.5
%
 
27.8
%
 
70 bps

 
 
Revenue mix
 
 
 
 
 
 
 
New vehicle
55.1
%
 
55.2
%
 
 
 
 
Used vehicle retail
25.9
%
 
25.2
%
 
 
 
 
Used vehicle wholesale
2.8
%
 
3.1
%
 
 
 
 
Parts and service
11.9
%
 
12.2
%
 
 
 
 
Finance and insurance
4.3
%
 
4.3
%
 
 
 
 
     Total revenue
100.0
%
 
100.0
%
 
 
 
 
Gross profit mix
 
 
 
 
 
 
 
New vehicle
15.0
%
 
16.0
%
 
 
 
 
Used vehicle retail
11.5
%
 
11.4
%
 
 
 
 
Used vehicle wholesale
0.2
%
 
0.1
%
 
 
 
 
Parts and service
46.8
%
 
46.4
%
 
 
 
 
Finance and insurance
26.5
%
 
26.1
%
 
 
 
 
     Total gross profit
100.0
%
 
100.0
%
 
 
 
 
_____________________________
(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 (In millions)
(Unaudited)
 
For the Twelve Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Revenue
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
$
1,235.3

 
$
1,200.2

 
$
35.1

 
3
 %
Import
1,706.7

 
1,636.2

 
70.5

 
4
 %
Domestic
740.3

 
722.2

 
18.1

 
3
 %
     Total new vehicle
3,682.3

 
3,558.6

 
123.7

 
3
 %
Used Vehicle:
 
 
 
 
 
 
 
Retail
1,737.2

 
1,625.0

 
112.2

 
7
 %
Wholesale
185.8

 
197.7

 
(11.9
)
 
(6
)%
     Total used vehicle
1,923.0

 
1,822.7

 
100.3

 
6
 %
Parts and service
804.1

 
785.6

 
18.5

 
2
 %
Finance and insurance, net
284.9

 
274.3

 
10.6

 
4
 %
Total revenue
$
6,694.3

 
$
6,441.2

 
$
253.1

 
4
 %
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
$
80.0

 
$
78.9

 
$
1.1

 
1
 %
Import
49.7

 
56.7

 
(7.0
)
 
(12
)%
Domestic
31.7

 
33.2

 
(1.5
)
 
(5
)%
     Total new vehicle
161.4

 
168.8

 
(7.4
)
 
(4
)%
Used Vehicle:
 
 
 
 
 
 
 
Retail
124.5

 
120.4

 
4.1

 
3
 %
Wholesale
2.1

 
1.2

 
0.9

 
75
 %
     Total used vehicle
126.6

 
121.6

 
5.0

 
4
 %
Parts and service:
 
 
 
 
 
 
 
Customer pay
286.2

 
272.1

 
14.1

 
5
 %
Warranty
75.5

 
81.7

 
(6.2
)
 
(8
)%
Wholesale parts
22.3

 
21.1

 
1.2

 
6
 %
     Parts and service, excluding reconditioning and preparation
384.0

 
374.9

 
9.1

 
2
 %
Reconditioning and preparation
121.1

 
114.3

 
6.8

 
6
 %
Total parts and service
505.1

 
489.2

 
15.9

 
3
 %
Finance and insurance
284.9

 
274.3

 
10.6

 
4
 %
Total gross profit
$
1,078.0

 
$
1,053.9

 
$
24.1

 
2
 %
 
 
 
 
 
 
 
 
SG&A expense
$
737.7

 
$
726.5

 
$
11.2

 
2
 %
SG&A expense as a percentage of gross profit
68.4
%
 
68.9
%
 
(50) bps

 
 
_____________________________
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.












10


ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS (Continued)
(Unaudited)
 
For the Twelve Months Ended December 31,
 
Increase
(Decrease)
 
%
Change
 
2018
 
2017
 
 
Unit sales
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
22,979

 
22,525

 
454

 
2
 %
Import
60,010

 
58,648

 
1,362

 
2
 %
Domestic
18,676

 
18,727

 
(51
)
 
—
 %
     Total new vehicle
101,665

 
99,900

 
1,765

 
2
 %
Used vehicle retail
79,789

 
76,285

 
3,504

 
5
 %
Used to new ratio
78.5
%
 
76.4
%
 
210 bps

 
 
 
 
 
 
 
 
 
 
Average selling price
 
 
 
 
 
 
 
New vehicle
$
36,220

 
$
35,622

 
$
598

 
2
 %
Used vehicle retail
21,772

 
21,302

 
470

 
2
 %
 
 
 
 
 
 
 
 
Average gross profit per unit
 
 
 
 
 
 
 
New vehicle:
 
 
 
 


 


Luxury
$
3,481

 
$
3,503

 
$
(22
)
 
(1
)%
Import
828

 
967

 
(139
)
 
(14
)%
Domestic
1,697

 
1,773

 
(76
)
 
(4
)%
Total new vehicle
1,588

 
1,690

 
(102
)
 
(6
)%
Used vehicle retail
1,560

 
1,578

 
(18
)
 
(1
)%
Finance and insurance, net
1,570

 
1,557

 
13

 
1
 %
Front end yield (1)
3,146

 
3,198

 
(52
)
 
(2
)%
 
 
 
 
 
 
 
 
Gross margin
 
 
 
 
 
 
 
New vehicle:
 
 
 
 
 
 
 
Luxury
6.5
%
 
6.6
%
 
(10) bps

 
 
Import
2.9
%
 
3.5
%
 
(60) bps

 
 
Domestic
4.3
%
 
4.6
%
 
(30) bps

 
 
Total new vehicle
4.4
%
 
4.7
%
 
(30) bps

 
 
Used vehicle retail
7.2
%
 
7.4
%
 
(20) bps

 
 
Parts and service:
 
 
 
 
 
 
 
Parts and service, excluding reconditioning and preparation
47.8
%
 
47.7
%
 
10 bps

 
 
Parts and service, including reconditioning and preparation
62.8
%
 
62.3
%
 
50 bps

 
 
Total gross profit margin
16.1
%
 
16.4
%
 
(30) bps

 
 
_____________________________
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.

(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.
Additional Disclosures (In millions)
(Unaudited)
 
 
December 31, 2018
 
December 31, 2017
 
Increase
(Decrease)
 
% Change
SELECTED BALANCE SHEET DATA
 
  
 
  
 
 
 
Cash and cash equivalents
$
8.3

  
$
4.7

  
$
3.6

 
77
 %
New vehicle inventory
866.2

  
646.5

  
219.7

 
34
 %
Used vehicle inventory
158.9

  
135.9

  
23.0

 
17
 %
Parts inventory
41.5

  
43.6

  
(2.1
)
 
(5
)%
Total current assets
1,552.0

  
1,302.1

  
249.9

 
19
 %
Floor plan notes payable
965.1

  
732.1

  
233.0

 
32
 %
Total current liabilities
1,277.1

  
1,058.2

  
218.9

 
21
 %
 
 
 
 
 
 
 
 
CAPITALIZATION:
 
  
 
  
 
 
 
Long-term debt (including current portion)
$
905.3

  
$
875.5

  
$
29.8

 
3
 %
Shareholders' equity
473.2

  
394.2

  
79.0

 
20
 %
Total
$
1,378.5

  
$
1,269.7

  
$
108.8

 
9
 %

 
December 31, 2018
 
December 31, 2017
DAYS SUPPLY
 
 
 
New vehicle inventory
67

  
53

Used vehicle inventory
34

  
31

_____________________________
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.











12


Brand Mix - New Vehicle Revenue by Brand-  
 
For the Twelve Months Ended December 31,
 
2018
 
2017
Luxury:
 
 
 
Mercedes-Benz
6
%
 
7
%
Lexus
7
%
 
7
%
BMW
5
%
 
6
%
Acura
4
%
 
4
%
Infiniti
3
%
 
3
%
Other luxury
8
%
 
7
%
Total luxury
33
%
 
34
%
Imports:
 
 
 
Honda
19
%
 
18
%
Nissan
11
%
 
12
%
Toyota
12
%
 
11
%
Other imports
5
%
 
5
%
Total imports
47
%
 
46
%
Domestic:
 
 
 
Ford
10
%
 
11
%
Chevrolet
5
%
 
4
%
Dodge
3
%
 
3
%
Other domestics
2
%
 
2
%
Total domestic
20
%
 
20
%
Total New Vehicle Revenue
100
%
 
100
%
 








 

13


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 "Adjusted leverage ratio," "Adjusted income from operations," "Adjusted net income," " Adjusted operating margins," 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.



















14


The following tables provide reconciliations for our non-GAAP metrics:
 
For the Twelve Months Ended
 
December 31, 2018
 
September 30, 2018
 
(Dollars in millions)
Adjusted leverage ratio:
 
 
 
Long-term debt (including current portion)
$
905.3

 
$
865.2

 
 
 
 
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"):
 
 
 
Net Income
$
168.0

 
$
170.1

 
 
 
 
Add:
 
 
 
Depreciation and amortization
33.7

 
33.4

Income tax expense
56.8

 
54.9

Swap and other interest expense
53.6

 
54.1

Earnings before interest, taxes, depreciation and amortization ("EBITDA")
$
312.1

 
$
312.5

 
 
 
 
Non-core items - expense (income):
 
 
 
Franchise rights impairment
$
3.7

 
$
5.1

Legal settlements
(0.7
)
 
(0.7
)
  Total non-core items
3.0

 
4.4

 
 
 
 
Adjusted EBITDA
$
315.1

 
$
316.9

 
 
 
 
Adjusted leverage ratio
2.9

 
2.7













15


 
For the Three Months Ended December 31,
 
2018
 
2017
 
(In millions, except per share data)
Adjusted income from operations:
 
 
 
Income from operations
$
77.3

 
$
74.1

Franchise Right Impairment
3.7

 
5.1

Adjusted income from operations
$
81.0

 
$
79.2

 
 
 
 
 
 
 
 
Adjusted net income:
 
 
 
Net income
$
40.4

 
$
42.5

 
 
 
 
Non-core items - (income) expense:
 
  
 
Franchise rights impairment
3.7

 
5.1

Income tax expense (benefit) on non-core items above
(0.9
)
 
(1.9
)
2017 Tax Act related adjustments
—

 
(7.9
)
Total non-core items
2.8

  
(4.7
)
Adjusted net income
$
43.2

  
$
37.8

 
 
 
 
Adjusted diluted earnings per share (EPS):
 
 
 
Diluted EPS
$
2.06

 
$
2.03

 
 
 
 
Total non-core items
0.14

 
(0.22
)
Adjusted diluted EPS
$
2.20

 
$
1.81

 
 
 
 
Weighted average common shares outstanding - diluted
19.6
 
20.9

16


 
For the Twelve Months Ended December 31,
 
2018
 
2017
 
(In millions, except per share data)
Adjusted income from operations:
 
 
 
Income from operations
$
310.9

 
$
287.7

Franchise Right Impairment
3.7

 
5.1

Real estate-related charges
—

 
2.9

Investment income
—

 
(0.8
)
Legal settlements
(0.7
)
 
(0.9
)
Adjusted income from operations
$
313.9

 
$
294.0

 
 
 
 
Adjusted net income:
 
 
 
Net income
$
168.0

 
$
139.1

 
 
 
 
Non-core items - (income) expense:
 
  
 
Franchise rights impairment
3.7

 
5.1

Real estate-related charges
—

 
2.9

Investment income
—

 
(0.8
)
Legal settlements
(0.7
)
 
(0.9
)
Income tax expense (benefit) on non-core items above
(0.8
)
 
(2.4
)
2017 Tax Act related adjustments
0.6

 
(7.9
)
Total non-core items
2.8

  
(4.0
)
Adjusted net income
$
170.8

  
$
135.1

 
 
 
 
Adjusted diluted earnings per share (EPS):
 
 
 
Diluted EPS
$
8.28

 
$
6.62

 
 
 
 
Total non-core items
0.13

 
(0.19
)
Adjusted diluted EPS
$
8.41

 
$
6.43

 
 
 
 
Weighted average common shares outstanding - diluted
20.3
 
21.0



17
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