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Asbury Automotive Group Inc (ABG) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

Asbury Automotive Group Inc

CIK: 1144980 Ticker: ABG

Exhibit 99.1
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Investors & Reporters May Contact:
Karen Reid
VP & Treasurer
(770) 418-8211
ir@asburyauto.com


Asbury Automotive Group Announces
Record Financial Results for Fourth Quarter and Full Year 2021
and Increase in Share Repurchase Authorization

Fourth quarter EPS of $6.44 per diluted share, up 40% over prior year EPS
Fourth quarter adjusted EPS of $7.46 per diluted share (a non-GAAP measure), up 68% over prior year adjusted EPS
Fourth quarter revenue increased 19% and gross profit increased 46% over prior year quarter; operating margin of 8.9%
Fourth quarter SG&A as a percentage of gross profit decreased 690 bps over prior year to 54.5%, while adjusted SG&A decreased 710 bps to 54.3%
Full year revenue increased 38% and gross profit increased 55% over prior year and adjusted EBITDA (a non-GAAP measure) increased 94% to $828 million
Increase in the Company’s share repurchase authorization by $100 million, to $200 million

DULUTH, GA, February 15, 2022 – Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported record net income for the fourth quarter 2021 of $141 million ($6.44 per diluted share). This result compares to net income of $89 million ($4.59 per diluted share) in the prior year quarter.
“In the fourth quarter, we closed on the transformative acquisitions of:
Larry H. Miller Dealerships and Total Care Auto, Powered by Landcar (“TCA”, collectively, “LHM Acquisition”), in seven Western states,
Stevinson Automotive Group in Colorado,
Arapahoe Hyundai-Genesis in the Denver market and
Kahlo CDJR in the Indianapolis market.
“We established a coast-to-coast presence and built scale in several strategic high-growth markets through these acquisitions. More importantly, all of these dealerships share Asbury's vision of being the most guest-centric auto retailer in the country. While we acquired approximately $6.6 billion in annualized revenue, we still ended the year with a strong balance sheet with an adjusted net leverage ratio of 2.7x,” said David Hult, Asbury’s President and Chief Executive Officer. “We’ll be working together with our new team members to integrate these acquisitions over the next few quarters.
“Though a supply/demand imbalance remains ongoing with vehicle sales, our incredible team members outperformed once again, achieving record fourth quarter levels in revenue, operating margins, SG&A as a percentage of gross profit, net income and EPS. As we continue to excel on our same store results and
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The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, February 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Asbury Automotive Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Condensed Consolidated Statements Of Cash Flows
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders??? Equity
Consolidated Statements Of Shareholders??? Equity (Parenthetical)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Details)
Accounts Payable And Accrued Liabilities (Tables)
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Acquisitions- Narrative) (Details)
Acquisitions And Divestitures (Divestitures- Narrative) (Details)
Acquisitions And Divestitures (Lhm Acquisition - Narrative) (Details)
Acquisitions And Divestitures (Lhm Acquisition) (Details)
Acquisitions And Divestitures (Park Place Acquisition) (Details)
Acquisitions And Divestitures (Park Place- Allocation Of Purchase Price) (Details)
Acquisitions And Divestitures (Park Place- Preliminary Purchase Price) (Details)
Acquisitions And Divestitures (Pro Forma Information) (Details)
Acquisitions And Divestitures (Schedule Of Business Acquisitions) (Details)
Acquisitions And Divestitures (Tables)
Assets Held For Sale
Assets Held For Sale (Assets Held For Sale And Liabilities Associated With The Assets) (Details)
Assets Held For Sale (Narrative) (Details)
Assets Held For Sale (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Description) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Schedule Of Property And Equipment Useful Lives) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Schedule Of Revenues By Major Brand) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Financial Instruments And Fair Value
Financial Instruments And Fair Value (Interest Rate Swap Agreements) (Details)
Financial Instruments And Fair Value (Narrative) (Details)
Financial Instruments And Fair Value (Schedule Of Derivative Instruments Effect On The Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (Details)
Financial Instruments And Fair Value (Schedule Of Fair Value Of Interest Rate Swaps) (Details)
Financial Instruments And Fair Value (Schedule Of Investments At Fair Value) (Details)
Financial Instruments And Fair Value (Summary Of Carrying Values And Fair Values Of Debt) (Details)
Financial Instruments And Fair Value (Tables)
Floor Plan Notes Payable???Non-Trade
Floor Plan Notes Payable???Non-Trade (Consist Of) (Details)
Floor Plan Notes Payable???Non-Trade (Narrative) (Details)
Floor Plan Notes Payable???Non-Trade (Tables)
Floor Plan Notes Payable???Trade
Floor Plan Notes Payable???Trade (Details)
Floor Plan Notes Payable???Trade (Tables)
Goodwill And Intangible Franchise Rights
Goodwill And Intangible Franchise Rights (Franchise Rights) (Details)
Goodwill And Intangible Franchise Rights (Goodwill) (Details)
Goodwill And Intangible Franchise Rights (Narrative) (Details)
Goodwill And Intangible Franchise Rights (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense) (Details)
Income Taxes (Schedule Of Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Investments
Investments (Tables)
Investments - Amortized Cost And Fair Value Of Tca's Investment (Details)
Investments - Carrying Amounts Of Investments (Details)
Investments - Schedule Of Gross Realized Gains And Losses (Details)
Leases
Leases (Balance Sheets) (Details)
Leases (Cost) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (2013 Bofa Real Estate Facility) (Details)
Long-Term Debt (2015 Wells Fargo Master Loan Facility) (Details)
Long-Term Debt (2018 Bofa Real Estate Facility) (Details)
Long-Term Debt (2018 Wells Fargo Master Loan Facility) (Details)
Long-Term Debt (2021 Bofa Real Estate Facility) (Details)
Long-Term Debt (2021 Real Estate Facility) (Details)
Long-Term Debt (6.0% Senior Subordinated Notes Due 2024) (Details)
Long-Term Debt (Mortgage Notes Payable) (Details)
Long-Term Debt (New Senior Notes And Seller Notes) (Details)
Long-Term Debt (Revolving Credit Facility And Stock Restrictions) (Details)
Long-Term Debt (Schedule Of Aggregate Maturities Of Long-Term Debt) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Schedule Of Mortgage Notes Payable) (Details)
Long-Term Debt (Stock Repurchase And Dividend Restrictions) (Details)
Long-Term Debt (Tables)
Other Current Assets
Other Current Assets (Details)
Other Current Assets (Tables)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Tables)
Property And Equipment, Net
Property And Equipment, Net (Narrative) (Details)
Property And Equipment, Net (Schedule Of Property And Equipment, Net) (Details)
Property And Equipment, Net (Tables)
Revenue Recognition
Revenue Recognition (Contract Assets) (Details)
Revenue Recognition (Disaggregation Of Revenue) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation And Employee Benefit Plans
Share-Based Compensation And Employee Benefit Plans (Employee Benefit Plans) (Details)
Share-Based Compensation And Employee Benefit Plans (Schedule Of Performance Share Units) (Details)
Share-Based Compensation And Employee Benefit Plans (Schedule Of Restricted Stock) (Details)
Share-Based Compensation And Employee Benefit Plans (Share-Based Compensation) (Details)
Share-Based Compensation And Employee Benefit Plans (Tables)
Subsequent Events
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Narrative) (Details)
Supplemental Cash Flow Information (Schedule Of Other Adjustments To Reconcile Net Income To Cash Flow From Operating Activities) (Details) (Details)
Supplemental Cash Flow Information (Tables)
Ticker: ABG
CIK: 1144980
Form Type: 10-K Annual Report
Accession Number: 0001144980-22-000079
Submitted to the SEC: Tue Mar 01 2022 4:09:34 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Retail Auto Dealers And Gasoline Stations

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