Last10K.com

Asbury Automotive Group Inc (ABG) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Asbury Automotive Group Inc

CIK: 1144980 Ticker: ABG

Exhibit 99.1
companylogoa271a.jpg
Investors & Reporters May Contact:
Matt Pettoni
VP of Finance & Treasurer
(770) 418-8219
ir@asburyauto.com

 

ASBURY AUTOMOTIVE GROUP ANNOUNCES
FOURTH QUARTER FINANCIAL RESULTS

Record fourth quarter EPS of $4.59 per diluted share,
up 103% over prior year quarter

Record full year EPS of $13.18, up 38% over prior year

Fourth quarter revenue increased 18% and gross profit increased 23% over prior year quarter


DULUTH, GA, February 2, 2021 - 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 2020 of $89.1 million ($4.59 per diluted share). This compares to net income of $43.6 million ($2.26 per diluted share) in the prior year quarter, a 104% increase.

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

“The fourth quarter of 2020 was a pivotal period for us where we launched our online car buying platform Clicklane and also unveiled our five year strategic plan to reach $20 billion of revenue by 2025,” said David Hult, Asbury’s President and Chief Executive Officer. “On top of this, we posted the best quarterly results in our company’s history with adjusted earnings of $4.44 per share, up 76%.”

The Company reported adjusted net income (a non-GAAP measure) for the fourth quarter 2020 of $86.2 million ($4.44 per diluted share) compared to $48.9 million ($2.53 per diluted share) in the prior year quarter, a 76% increase.

Net income for the fourth quarter 2020 was adjusted for a $3.9 million pre-tax gain from a dealership divestiture ($0.15 per diluted share). Net income for the fourth quarter 2019 was adjusted for a $7.1 million pre-tax charge for franchise rights impairments ($0.27 per diluted share), a $0.6 million pre-tax charge for real estate related charges ($0.03 per diluted share), and a $0.6 million pre-tax gain from a legal settlement ($0.03 per diluted share).

1

The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, February 2, 2021 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.

View differences made from one year to another to evaluate Asbury Automotive Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Asbury Automotive Group Inc.

Continue

Assess how Asbury Automotive Group Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Asbury Automotive Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Other
Filter by Subcategory:
All
Cash Flow
Earnings
Geography
Shares
Product
Expense
Income
Debt
Other
Inside Asbury Automotive Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

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 (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 (Park Place- 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 (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 (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)
Lease Obligations
Lease Obligations (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 (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 (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)
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)
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: 0001144980-21-000075
Submitted to the SEC: Mon Mar 01 2021 4:39:29 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Retail Auto Dealers And Gasoline Stations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/abg/0001144980-21-000075.htm