DULUTH, Ga., April 21, 2015 /PRNewswire/ -- Asbury
Automotive Group, Inc. (NYSE: ABG), one of the largest automotive
retail and service companies in the U.S., today reported income
from continuing operations for the first quarter 2015 of
$35.9 million, or $1.30 per diluted share, versus income from
continuing operations in the first quarter 2014 of $31.5 million, or $1.03 per diluted share, a 26% increase per
diluted share. There were no adjustments for either the first
quarter of 2015 or 2014. Net income for the first quarter 2015
was $35.9 million, or $1.30 per diluted share, compared to $31.4 million, or $1.02 per diluted share in the prior year
period.
First Quarter 2015 Operational Highlights (compared to the
prior year period):
- Total revenues increased 14% to $1.5
billion
- Total gross profit up 11% with increases from all business
lines
- New vehicle retail revenues up 14%; gross profit up 9%
- Used vehicle retail revenues up 14%; gross profit up 7%
- Finance and insurance revenues up 15%
- Parts and service revenue up 11%; gross profit up 13%
- SG&A expense as a percent of gross profit improved 90 basis
points to 68.5%
- Operating margin of 4.7% remained the same
First Quarter 2015 Strategic Highlights:
- Repurchased $102 million of
common stock
- Secured a $100 million mortgage
real estate facility
"Asbury is pleased to announce another record first quarter EPS
from continuing operations," said Craig
Monaghan, Asbury's President and Chief Executive Officer.
"The overall automotive retail, service and lending
environments remain strong. We will continue to execute our
two part strategy: to drive operational excellence and to deploy
capital to its highest returns."
"Our current quarter results demonstrate, once again, the
strength and diversity of our business model," said Asbury's
Executive Vice President and Chief Operating Officer, David Hult. "Although we experienced some
weather related issues early in the quarter, we were able to drive
growth across all of our business lines."
The conference call will be simulcast live and can be accessed
by logging onto 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
(888) 523-1228 (domestic), or (719) 325-2281 (international);
passcode - 2023700. 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 - 2023700.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company
headquartered in Duluth, Georgia,
a suburb of Atlanta, is one of the
largest automotive retailers in the U.S. Built through a
combination of organic growth and a series of strategic
acquisitions, Asbury currently operates 83 dealership locations,
encompassing 104 franchises for the sale and servicing of 29
domestic and foreign brands of new vehicles. We also operate
25 collision repair centers and three standalone used vehicle
stores. 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, the benefits of its
restructuring program 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, particularly
upcoming maturities, 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 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.
|
ASBURY AUTOMOTIVE
GROUP, INC.
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(In millions, except
per share data)
|
|
(Unaudited)
|
|
|
|
For the Three
Months Ended
March 31,
|
|
2015
|
|
2014
|
|
REVENUES:
|
|
|
|
|
New
vehicle
|
$
|
830.5
|
|
|
$
|
726.0
|
|
|
Used
vehicle
|
473.4
|
|
|
416.9
|
|
|
Parts and
service
|
176.7
|
|
|
159.4
|
|
|
Finance and
insurance, net
|
61.2
|
|
|
53.4
|
|
|
Total
revenues
|
1,541.8
|
|
|
1,355.7
|
|
|
COST OF
SALES:
|
|
|
|
|
New
vehicle
|
780.9
|
|
|
680.6
|
|
|
Used
vehicle
|
438.1
|
|
|
382.9
|
|
|
Parts and
service
|
66.4
|
|
|
62.1
|
|
|
Total cost of
sales
|
1,285.4
|
|
|
1,125.6
|
|
|
GROSS
PROFIT
|
256.4
|
|
|
230.1
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
Selling, general and
administrative
|
175.7
|
|
|
159.8
|
|
|
Depreciation and
amortization
|
7.3
|
|
|
6.3
|
|
|
Other operating
expense, net
|
0.3
|
|
|
(0.2)
|
|
|
Income from
operations
|
73.1
|
|
|
64.2
|
|
|
OTHER
EXPENSES:
|
|
|
|
|
Floor plan interest
expense
|
(3.9)
|
|
|
(3.0)
|
|
|
Other interest
expense, net
|
(10.3)
|
|
|
(9.1)
|
|
|
Swap interest
expense
|
(0.5)
|
|
|
(0.6)
|
|
|
Total other expenses,
net
|
(14.7)
|
|
|
(12.7)
|
|
|
Income before income
taxes
|
58.4
|
|
|
51.5
|
|
|
INCOME TAX
EXPENSE
|
22.5
|
|
|
20.0
|
|
|
INCOME FROM
CONTINUING OPERATIONS
|
35.9
|
|
|
31.5
|
|
|
DISCONTINUED
OPERATIONS, net of tax
|
—
|
|
|
(0.1)
|
|
|
NET INCOME
|
$
|
35.9
|
|
|
$
|
31.4
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
Basic—
|
|
|
|
|
Continuing
operations
|
$
|
1.31
|
|
|
$
|
1.04
|
|
|
Discontinued
operations
|
—
|
|
|
(0.01)
|
|
|
Net income
|
$
|
1.31
|
|
|
$
|
1.03
|
|
|
Diluted—
|
|
|
|
|
Continuing
operations
|
$
|
1.30
|
|
|
$
|
1.03
|
|
|
Discontinued
operations
|
—
|
|
|
(0.01)
|
|
|
Net income
|
$
|
1.30
|
|
|
$
|
1.02
|
|
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
Basic
|
27.5
|
|
|
30.4
|
|
|
Restricted
stock
|
0.1
|
|
|
0.2
|
|
|
Performance share
units
|
0.1
|
|
|
0.1
|
|
|
Diluted
|
27.7
|
|
|
30.7
|
|
|
New
Vehicle-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
(Dollars in
millions, except for per vehicle data)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
New vehicle
revenue—same store(1)
|
|
|
|
|
|
|
|
|
Luxury
|
$
|
303.3
|
|
|
$
|
276.3
|
|
|
$
|
27.0
|
|
|
10
|
%
|
|
Mid-line
import
|
373.1
|
|
|
344.7
|
|
|
28.4
|
|
|
8
|
%
|
|
Mid-line
domestic
|
113.7
|
|
|
105.0
|
|
|
8.7
|
|
|
8
|
%
|
|
Total new vehicle
revenue—same store(1)
|
790.1
|
|
|
726.0
|
|
|
64.1
|
|
|
9
|
%
|
|
New vehicle
revenue—acquisitions
|
40.4
|
|
|
—
|
|
|
|
|
|
|
New vehicle revenue,
as reported
|
$
|
830.5
|
|
|
$
|
726.0
|
|
|
$
|
104.5
|
|
|
14
|
%
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle gross
profit—same store(1)
|
|
|
|
|
|
|
|
|
Luxury
|
$
|
21.9
|
|
|
$
|
20.5
|
|
|
$
|
1.4
|
|
|
7
|
%
|
|
Mid-line
import
|
18.0
|
|
|
18.1
|
|
|
(0.1)
|
|
|
(1)
|
%
|
|
Mid-line
domestic
|
7.1
|
|
|
6.8
|
|
|
0.3
|
|
|
4
|
%
|
|
Total new vehicle
gross profit—same store(1)
|
47.0
|
|
|
45.4
|
|
|
1.6
|
|
|
4
|
%
|
|
New vehicle gross
profit—acquisitions
|
2.6
|
|
|
—
|
|
|
|
|
|
|
New vehicle gross
profit, as reported
|
$
|
49.6
|
|
|
$
|
45.4
|
|
|
$
|
4.2
|
|
|
9
|
%
|
|
|
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
New vehicle
units:
|
|
|
|
|
|
|
|
|
New vehicle retail
units—same store(1)
|
|
|
|
|
|
|
|
|
Luxury
|
5,875
|
|
|
5,388
|
|
|
487
|
|
|
9
|
%
|
|
Mid-line
import
|
13,812
|
|
|
13,008
|
|
|
804
|
|
|
6
|
%
|
|
Mid-line
domestic
|
3,021
|
|
|
2,697
|
|
|
324
|
|
|
12
|
%
|
|
Total new vehicle
retail units—same store(1)
|
22,708
|
|
|
21,093
|
|
|
1,615
|
|
|
8
|
%
|
|
Fleet
vehicles
|
223
|
|
|
563
|
|
|
(340)
|
|
|
(60)
|
%
|
|
Total new vehicle
units—same store(1)
|
22,931
|
|
|
21,656
|
|
|
1,275
|
|
|
6
|
%
|
|
New
vehicle units—acquisitions
|
1,127
|
|
|
—
|
|
|
|
|
|
|
New vehicle
units—actual
|
24,058
|
|
|
21,656
|
|
|
2,402
|
|
|
11
|
%
|
|
New Vehicle
Metrics-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
Revenue per new
vehicle sold—same store(1)
|
$
|
34,456
|
|
|
$
|
33,524
|
|
|
$
|
932
|
|
|
3
|
%
|
|
Gross profit per new
vehicle sold—same store(1)
|
$
|
2,050
|
|
|
$
|
2,096
|
|
|
$
|
(46)
|
|
|
(2)
|
%
|
|
New vehicle gross
margin—same store(1)
|
5.9
|
%
|
|
6.3
|
%
|
|
(0.4)
|
%
|
|
(6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store
amounts consist of information from dealerships for the identical
months of each period presented in the comparison, commencing with
the first full month in which the dealership was owned by
us.
|
|
Used
Vehicle-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
(Dollars in
millions, except for per vehicle data)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Used vehicle retail
revenues—same store(1)
|
$
|
391.5
|
|
|
$
|
367.3
|
|
|
$
|
24.2
|
|
|
7
|
%
|
|
Used vehicle retail
revenues—acquisitions and new stores
|
27.7
|
|
|
—
|
|
|
|
|
|
|
Total used vehicle
retail revenues
|
419.2
|
|
|
367.3
|
|
|
51.9
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
Used vehicle
wholesale revenues—same store(1)
|
51.4
|
|
|
49.6
|
|
|
1.8
|
|
|
4
|
%
|
|
Used vehicle
wholesale revenues—acquisitions and new stores
|
2.8
|
|
|
—
|
|
|
|
|
|
|
Total used vehicle
wholesale revenues
|
54.2
|
|
|
49.6
|
|
|
4.6
|
|
|
9
|
%
|
|
Used vehicle revenue,
as reported
|
$
|
473.4
|
|
|
$
|
416.9
|
|
|
$
|
56.5
|
|
|
14
|
%
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
Used vehicle retail
gross profit—same store(1)
|
$
|
33.3
|
|
|
$
|
33.2
|
|
|
$
|
0.1
|
|
|
—
|
%
|
|
Used vehicle retail
gross profit—acquisitions and new stores
|
2.1
|
|
|
—
|
|
|
|
|
|
|
Total used vehicle
retail gross profit
|
35.4
|
|
|
33.2
|
|
|
2.2
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
Used vehicle
wholesale gross profit—same store(1)
|
0.1
|
|
|
0.8
|
|
|
(0.7)
|
|
|
(88)
|
%
|
|
Used vehicle
wholesale gross profit—acquisitions and new stores
|
(0.2)
|
|
|
—
|
|
|
|
|
|
|
Total used vehicle
wholesale gross profit
|
(0.1)
|
|
|
0.8
|
|
|
(0.9)
|
|
|
(113)
|
%
|
|
Used vehicle gross
profit, as reported
|
$
|
35.3
|
|
|
$
|
34.0
|
|
|
$
|
1.3
|
|
|
4
|
%
|
|
Used vehicle retail
units:
|
|
|
|
|
|
|
|
|
Used vehicle retail
units—same store(1)
|
19,048
|
|
|
18,503
|
|
|
545
|
|
|
3
|
%
|
|
Used vehicle retail
units—acquisitions and new stores
|
1,419
|
|
|
—
|
|
|
|
|
|
|
Used vehicle retail
units—actual
|
20,467
|
|
|
18,503
|
|
|
1,964
|
|
|
11
|
%
|
|
Used Vehicle
Metrics-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
Revenue per used
vehicle retailed—same store(1)
|
$
|
20,553
|
|
|
$
|
19,851
|
|
|
$
|
702
|
|
|
4
|
%
|
|
Gross profit per used
vehicle retailed—same store(1)
|
$
|
1,748
|
|
|
$
|
1,794
|
|
|
$
|
(46)
|
|
|
(3)
|
%
|
|
Used vehicle retail
gross margin—same store(1)
|
8.5
|
%
|
|
9.0
|
%
|
|
(0.5)
|
%
|
|
(6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store
amounts consist of information from dealerships for the identical
months of each period presented in the comparison, commencing with
the first full month in which the dealership was owned by
us.
|
|
Parts and
Service-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
(Dollars
in millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Parts and service
revenue—same store(1)
|
$
|
172.6
|
|
|
$
|
159.4
|
|
|
$
|
13.2
|
|
|
8
|
%
|
|
Parts and service
revenues—acquisitions and new stores
|
4.1
|
|
|
—
|
|
|
|
|
|
|
Parts and service
revenue, as reported
|
$
|
176.7
|
|
|
$
|
159.4
|
|
|
$
|
17.3
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
Parts and service
gross profit—same store(1)
|
|
|
|
|
|
|
|
|
Customer
pay
|
$
|
58.4
|
|
|
$
|
56.0
|
|
|
$
|
2.4
|
|
|
4
|
%
|
|
Reconditioning and
preparation
|
27.5
|
|
|
23.2
|
|
|
4.3
|
|
|
19
|
%
|
|
Warranty
|
16.3
|
|
|
12.9
|
|
|
3.4
|
|
|
26
|
%
|
|
Wholesale
parts
|
5.2
|
|
|
5.2
|
|
|
—
|
|
|
—
|
%
|
|
Total parts and
service gross profit—same store(1)
|
107.4
|
|
|
97.3
|
|
|
10.1
|
|
|
10
|
%
|
|
Parts and service
gross profit—acquisitions and new stores
|
2.9
|
|
|
—
|
|
|
|
|
|
|
Parts and service
gross profit, as reported
|
$
|
110.3
|
|
|
$
|
97.3
|
|
|
$
|
13.0
|
|
|
13
|
%
|
|
Parts and service
gross margin—same store(1)
|
62.2
|
%
|
|
61.0
|
%
|
|
1.2
|
%
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store
amounts consist of information from dealerships for the identical
months of each period presented in the comparison, commencing with
the first full month in which the dealership was owned by
us.
|
|
Finance and
Insurance, net-
|
|
|
For the Three
Months Ended
March 31,
|
|
Increase
(Decrease)
|
|
%
Change
|
|
2015
|
|
2014
|
|
|
|
(Dollars
in millions, except for per
vehicle data)
|
|
|
|
|
|
|
|
|
|
Finance and
insurance, net—same store(1)
|
$
|
57.3
|
|
|
$
|
53.4
|
|
|
$
|
3.9
|
|
|
7
|
%
|
|
Finance and
insurance, net—acquisitions and new stores
|
3.9
|
|
|
—
|
|
|
|
|
|
|
Finance and
insurance, net as reported
|
$
|
61.2
|
|
|
$
|
53.4
|
|
|
$
|
7.8
|
|
|
15
|
%
|
|
Finance and
insurance, net per vehicle sold—same store(1)
|
$
|
1,365
|
|
|
$
|
1,330
|
|
|
$
|
35
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store
amounts consist of information from dealerships for the identical
months of each period presented in the comparison, commencing with
the first full month in which the dealership was owned by
us.
|
|
For the Three
Months Ended
March 31,
|
|
2015
|
|
2014
|
|
REVENUE MIX
PERCENTAGES:
|
|
|
|
|
New
vehicles
|
53.9
|
%
|
|
53.6
|
%
|
|
Used retail
vehicles
|
27.1
|
%
|
|
27.0
|
%
|
|
Used vehicle
wholesale
|
3.5
|
%
|
|
3.7
|
%
|
|
Parts and
service
|
11.5
|
%
|
|
11.8
|
%
|
|
Finance and
insurance, net
|
4.0
|
%
|
|
3.9
|
%
|
|
Total
revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
GROSS PROFIT MIX
PERCENTAGES:
|
|
|
|
|
New
vehicles
|
19.3
|
%
|
|
19.7
|
%
|
|
Used retail
vehicles
|
13.8
|
%
|
|
14.5
|
%
|
|
Used vehicle
wholesale
|
—
|
%
|
|
0.3
|
%
|
|
Parts and
service
|
43.0
|
%
|
|
42.3
|
%
|
|
Finance and
insurance, net
|
23.9
|
%
|
|
23.2
|
%
|
|
Total gross
profit
|
100.0
|
%
|
|
100.0
|
%
|
|
SG&A EXPENSES AS
A PERCENTAGE OF GROSS PROFIT
|
68.5
|
%
|
|
69.4
|
%
|
|
ASBURY AUTOMOTIVE
GROUP, INC.
|
|
Additional
Disclosures
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
Increase
(Decrease)
|
|
% Change
|
|
SELECTED BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1.1
|
|
|
$
|
2.9
|
|
|
$
|
(1.8)
|
|
|
(62)
|
%
|
|
New vehicle
inventory
|
673.4
|
|
|
699.5
|
|
|
(26.1)
|
|
|
(4)
|
%
|
|
Used vehicle
inventory
|
153.0
|
|
|
141.7
|
|
|
11.3
|
|
|
8
|
%
|
|
Parts
inventory
|
44.1
|
|
|
44.8
|
|
|
(0.7)
|
|
|
(2)
|
%
|
|
Total current
assets
|
1,284.3
|
|
|
1,276.7
|
|
|
7.6
|
|
|
1
|
%
|
|
Floor plan notes
payable
|
777.6
|
|
|
766.8
|
|
|
10.8
|
|
|
1
|
%
|
|
Total current
liabilities
|
1,088.8
|
|
|
1,041.1
|
|
|
47.7
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION:
|
|
|
|
|
|
|
|
|
Long-term debt
(including current portion)
|
$
|
690.7
|
|
|
$
|
707.4
|
|
|
$
|
(16.7)
|
|
|
(2)
|
%
|
|
Shareholders'
equity
|
378.5
|
|
|
444.9
|
|
|
(66.4)
|
|
|
(15)
|
%
|
|
Total
|
$
|
1,069.2
|
|
|
$
|
1,152.3
|
|
|
$
|
(83.1)
|
|
|
(7)
|
%
|
|
Brand Mix - New
Vehicle Revenue by Brand-
|
|
|
|
For the Three
Months
Ended March 31,
|
|
2015
|
|
2014
|
|
Luxury
|
|
|
|
|
BMW
|
8
|
%
|
|
9
|
%
|
|
Mercedes-Benz
|
7
|
%
|
|
8
|
%
|
|
Lexus
|
7
|
%
|
|
7
|
%
|
|
Acura
|
5
|
%
|
|
5
|
%
|
|
Infiniti
|
4
|
%
|
|
4
|
%
|
|
Other
luxury
|
6
|
%
|
|
5
|
%
|
|
Total
luxury
|
37
|
%
|
|
38
|
%
|
|
Mid-Line
Imports:
|
|
|
|
|
Honda
|
16
|
%
|
|
18
|
%
|
|
Nissan
|
12
|
%
|
|
12
|
%
|
|
Toyota
|
12
|
%
|
|
12
|
%
|
|
Other
imports
|
5
|
%
|
|
6
|
%
|
|
Total
imports
|
45
|
%
|
|
48
|
%
|
|
Mid-Line
Domestic:
|
|
|
|
|
Ford
|
10
|
%
|
|
8
|
%
|
|
Dodge
|
3
|
%
|
|
3
|
%
|
|
Chevrolet
|
2
|
%
|
|
2
|
%
|
|
Other
domestics
|
3
|
%
|
|
1
|
%
|
|
Total
domestic
|
18
|
%
|
|
14
|
%
|
|
Total New Vehicle
Revenue
|
100
|
%
|
|
100
|
%
|
|
Selling, General
and Administrative Expense ("SG&A")-
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
|
Increase
(Decrease)
|
|
% of
Gross
Profit
Decrease
|
|
2015
|
|
% of Gross
Profit
|
|
2014
|
|
% of Gross
Profit
|
|
|
|
(Dollars in millions)
|
|
SG&A, excluding
rent expense
|
$
|
168.0
|
|
|
65.5
|
%
|
|
$
|
152.2
|
|
|
66.1
|
%
|
|
$
|
15.8
|
|
|
(0.6)
|
%
|
|
Rent
expense
|
7.7
|
|
|
3.0
|
%
|
|
7.6
|
|
|
3.3
|
%
|
|
0.1
|
|
|
(0.3)
|
%
|
|
SG&A-total
|
$
|
175.7
|
|
|
68.5
|
%
|
|
$
|
159.8
|
|
|
69.4
|
%
|
|
$
|
15.9
|
|
|
(0.9)
|
%
|
|
Gross
profit
|
$
|
256.4
|
|
|
|
|
$
|
230.1
|
|
|
|
|
|
|
|
|
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 income
from continuing operations," "Adjusted diluted earnings per share
("EPS") from continuing operations," "Adjusted EBITDA," "Adjusted
leverage ratio," and "Adjusted SG&A expense." 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.
|
|
|
For the Twelve
Months Ended
|
|
March 31,
2015
|
|
December 31,
2014
|
|
(Dollars in
millions)
|
|
Adjusted leverage
ratio:
|
|
|
|
|
Long-term debt
(including current portion)
|
$
|
690.7
|
|
|
$
|
707.4
|
|
|
|
|
|
|
Calculation of
earnings before interest, taxes, depreciation and amortization
("EBITDA"):
|
|
|
|
|
Income from
continuing operations
|
$
|
116.4
|
|
|
$
|
112.0
|
|
|
|
|
|
|
Add:
|
|
|
|
|
Depreciation and
amortization
|
27.4
|
|
|
26.4
|
|
|
Income tax
expense
|
73.6
|
|
|
71.0
|
|
|
Swap and other
interest expense
|
42.0
|
|
|
40.9
|
|
|
Earnings before
interest, taxes, depreciation and amortization
("EBITDA")
|
$
|
259.4
|
|
|
$
|
250.3
|
|
|
|
|
|
|
Non-core items -
expense:
|
|
|
|
|
Loss on
extinguishment of long-term debt
|
31.9
|
|
|
31.9
|
|
|
Total non-core
items
|
31.9
|
|
|
31.9
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
291.3
|
|
|
$
|
282.2
|
|
|
|
|
|
|
Adjusted leverage
ratio
|
2.4
|
|
|
2.5
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/asbury-automotive-group-announces-record-2015-first-quarter-financial-results-300068910.html
SOURCE Asbury Automotive Group, Inc.