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Asbury Automotive Group Inc (ABG) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Asbury Automotive Group Inc

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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 FIRST QUARTER 2021 FINANCIAL RESULTS

First quarter EPS of $4.78 per diluted share,
up 373% over prior year EPS

First quarter adjusted EPS of $4.68 per diluted share (a non-GAAP measure),
up 160% over prior year adjusted EPS

First quarter revenue increased 36% and
gross profit increased 40% over prior year quarter

DULUTH, GA, April 27, 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 first quarter 2021 of $92.8 million ($4.78 per diluted share). This compares to net income of $19.5 million ($1.01 per diluted share) in the prior year quarter.
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 first quarter of 2021 was very active for us. In addition to posting record performance, we successfully launched our online car buying platform, Clicklane, across our entire store base. Although we are only one quarter into our five-year plan, we feel more confident than ever in our strategic direction and the future growth of Asbury,” said David Hult, Asbury’s President and Chief Executive Officer.
The Company reported adjusted net income (a non-GAAP measure) for the first quarter 2021 of $90.7 million ($4.68 per diluted share) compared to $34.7 million ($1.80 per diluted share) in the prior year quarter.
Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share) and other real estate related charges of $1.8 million ($0.07 per diluted share).
Net income for the first quarter 2020 was adjusted for the following pre-tax items: gain on dealership divestitures of $33.7 million ($1.30 per diluted share), legal settlement gain of $0.9 million ($0.03 per diluted share), gain on the sale of vacant property of $0.3 million or ($0.01 per diluted share), franchise rights impairment of $23.0 million ($0.89 per diluted share), loss on debt extinguishment of $20.7 million ($0.79 per diluted share), and Park Place deal termination costs of $11.6 million ($0.45 per diluted share).
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The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, April 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

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Inside Asbury Automotive Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Consolidated Statements Of Shareholders??? Equity
Consolidated Statements Of Shareholders??? Equity (Parenthetical)
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 (Purchase Price Allocation) (Details)
Acquisitions And Divestitures (Tables)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (Assets Held For Sale And Liabilities Associated With The Assets) (Details)
Assets And Liabilities Held For Sale (Narrative) (Details)
Assets And Liabilities 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 (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
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
Floor Plan Notes Payable (Narrative) (Details)
Floor Plan Notes Payable (Schedule) (Details)
Floor Plan Notes Payable (Tables)
Goodwill And Intangible Franchise Rights
Goodwill And Intangible Franchise Rights (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Notes) (Details)
Long-Term Debt (Schedule Of Debt) (Details)
Long-Term Debt (Tables)
Revenue Recognition
Revenue Recognition (Contract Assets) (Details)
Revenue Recognition (Disaggregation Of Revenue) (Details)
Revenue Recognition (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)

Material Contracts, Statements, Certifications & more

Asbury Automotive Group Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: ABG
CIK: 1144980
Form Type: 10-Q Quarterly Report
Accession Number: 0001144980-21-000102
Submitted to the SEC: Tue Apr 27 2021 5:01:44 PM EST
Accepted by the SEC: Tue Apr 27 2021
Period: Wednesday, March 31, 2021
Industry: Retail Auto Dealers And Gasoline Stations

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