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Asbury Automotive (ABG)

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 91 dealerships, consisting of 112 franchises, representing 31 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.

Company profile

Ticker
ABG
Exchange
CEO
David Hult
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
AF Motors, L.L.C. • ANL, L.P. • Arkansas Automotive Services, L.L.C. • Asbury AR Niss L.L.C. • Asbury Arlington MB, LLC • Asbury Atlanta AC L.L.C. • Asbury Atlanta AU L.L.C. • Asbury Atlanta BM L.L.C. • Asbury Atlanta CHEV, LLC • Asbury Atlanta Chevrolet L.L.C. ...
IRS number
10609375

ABG stock data

Analyst ratings and price targets

Last 3 months

Calendar

28 Jul 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 100.1M 100.1M 100.1M 100.1M 100.1M 100.1M
Cash burn (monthly) 61.4M 183.33K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 181.23M 541.12K n/a n/a n/a n/a
Cash remaining -81.13M 99.56M n/a n/a n/a n/a
Runway (months of cash) -1.3 543.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Aug 22 James Juanita T Common Stock Gift Dispose G No No 0 100 0 6,761
9 Aug 22 Michael Welch Common Stock Payment of exercise Dispose F No No 180.61 260 46.96K 3,951
5 May 22 William Frederick Stax Common Stock Sell Dispose S No No 196.16 500 98.08K 2,482
3 May 22 Jed Milstein Common Stock Sell Dispose S No No 195.51 1,201 234.81K 11,342
3 May 22 Jed Milstein Common Stock Sell Dispose S No No 194.98 1,188 231.64K 12,543
3 May 22 Jed Milstein Common Stock Sell Dispose S No No 194.51 962 187.12K 13,731
3 May 22 Jed Milstein Common Stock Sell Dispose S No No 193.38 800 154.7K 14,693
2 May 22 James Juanita T Common Stock Gift Dispose G No No 0 43 0 6,861
13F holders Current Prev Q Change
Total holders 267 281 -5.0%
Opened positions 38 47 -19.1%
Closed positions 52 41 +26.8%
Increased positions 69 105 -34.3%
Reduced positions 127 94 +35.1%
13F shares Current Prev Q Change
Total value 3.95B 3.84B +2.7%
Total shares 23.32M 23.76M -1.9%
Total puts 53.2K 79.9K -33.4%
Total calls 67.3K 98.1K -31.4%
Total put/call ratio 0.8 0.8 -2.9%
Largest owners Shares Value Change
BLK Blackrock 3.46M $585.43M -5.4%
Vanguard 2.47M $418.72M -4.1%
Impactive Capital 2.2M $372.53M +25.7%
Abrams Capital Management 2.12M $358.7M 0.0%
ATAC Neuberger Berman 1.36M $229.96M -6.0%
STT State Street 798.56K $135.23M -1.1%
Capital Research Global Investors 761.1K $128.89M 0.0%
Congress Asset Management 738.51K $125.06M -1.3%
Dimensional Fund Advisors 634.6K $107.47M -8.6%
Simcoe Capital Management 633.15K $107.22M +7.6%
Largest transactions Shares Bought/sold Change
Impactive Capital 2.2M +450.02K +25.7%
TROW T. Rowe Price 125.34K -202.56K -61.8%
BLK Blackrock 3.46M -198.38K -5.4%
GS Goldman Sachs 241.84K +189.33K +360.5%
River Road Asset Management 181.77K +181.77K NEW
SAMG Silvercrest Asset Management 212.09K -114.31K -35.0%
Schonfeld Strategic Advisors 114.19K +114.19K NEW
Vanguard 2.47M -104.61K -4.1%
Eminence Capital 425.1K +103.63K +32.2%
Assenagon Asset Management 53.4K -100.71K -65.3%

Financial report summary

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Risks
  • The novel coronavirus disease (COVID-19) global pandemic had, and may continue to have, a material impact on our business, financial condition and results of operations.
  • Property loss or other uninsured liabilities could have a material adverse impact on our results of operations.
  • If we are unable to acquire and successfully integrate additional dealerships into our business, our revenue and earnings growth may be adversely affected.
  • We are a holding company and as a result are dependent on our operating subsidiaries to generate sufficient cash and distribute cash to us to service our indebtedness and fund our ongoing operations.
  • Goodwill and manufacturer franchise rights comprise a significant portion of our total assets. We must test our goodwill and manufacturer franchise rights for impairment at least annually, which could result in a material, non-cash write-down of goodwill or manufacturer franchise rights and could have a material adverse effect on our results of operations and stockholders’ equity.
  • The loss of key personnel and limited management and personnel resources could adversely affect our business.
  • We may be unable to realize the anticipated cost savings or operational improvements or may incur additional and/or unexpected costs in order to realize them.
  • The automotive retail industry is sensitive to unfavorable changes in general economic conditions and various other factors that could affect demand for our products and services, which could have a material adverse effect on our business, our ability to implement our strategy and our results of operations.
  • Adverse conditions affecting one or more of the vehicle manufacturers with which we hold franchises or their inability to deliver a desirable mix of vehicles that our consumers demand could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Substantial competition in automobile sales and services may have a material adverse effect on our results of operations.
  • We are dependent upon our relationships with the manufacturers of vehicles that we sell and are subject to restrictions imposed by, and significant influence from, these vehicle manufacturers. Any of these restrictions or any changes or deterioration of these relationships could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • If vehicle manufacturers reduce or discontinue sales incentive, warranty or other promotional programs, our financial condition, results of operations and cash flows may be materially adversely affected.
  • Technological advances, including electrification of vehicles and adoption of autonomous vehicles in the long-term, could have a material adverse effect on our business.
  • Our outstanding indebtedness, ability to incur additional debt and the provisions in the agreements governing our debt, and certain other agreements, could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
  • Our business, financial condition and results of operations may be materially adversely affected by increases in interest rates.
  • Our vehicle sales, financial condition and results of operations may be materially adversely affected by changes in costs or availability of consumer financing.
  • If state laws that protect automotive retailers are repealed, weakened, or superseded by our framework agreements with manufacturers, our dealerships will be more susceptible to termination, non-renewal, or renegotiation of their dealer agreements, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • New laws, regulations, or governmental policies in response to climate change, including fuel economy and greenhouse gas emission standards, or changes to existing standards, could adversely impact our business, results of operations, financial condition, cash flow, and prospects.
  • A failure of any of our information systems or those of our third-party service providers, or a data security breach with regard to personally identifiable information ("PII") about our customers or employees, could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Our operations are subject to extensive governmental laws and regulations. If we are found to be in purported violation of or subject to liabilities under any of these laws or regulations, or if new laws or regulations are enacted that adversely affect our operations, our business, results of operations, financial condition, cash flows, reputation and prospects could suffer.
  • We are subject to risks related to the provision of employee health care benefits, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • We are, and expect to continue to be, subject to legal and administrative proceedings, which, if the outcomes are adverse to us, could have a material adverse effect on our business, results of operations, financial condition, cash flows, reputation and prospects.
  • A decline in our credit rating or a general disruption in the credit markets could negatively impact our liquidity and ability to conduct our operations.
  • We are subject to risks associated with imported product restrictions or limitations, foreign trade and currency valuations.
Management Discussion
  • Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
  • This MD&A should be read in conjunction with the accompanying audited consolidated financial statements and notes. Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements"] and Part I, Item 1A. Risk Factors for a discussion of these risks and uncertainties. The discussion of our financial condition and results of operations for the year ended December 31, 2019 is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2020.
  • We are one of the largest automotive retailers in the United States. As of December 31, 2021, through our Dealerships segment, we owned and operated 205 new vehicle franchises (155 dealership locations), representing 31 brands of automobiles, 35 collision centers, seven stand-alone used vehicle dealerships, one used vehicle wholesale business and one auto auction, within 15 states. Our stores offer an extensive range of automotive products and services, including new and used vehicles; parts and service, which include repair and maintenance services, replacement parts, and collision repair service; and finance and insurance products. The finance and insurance products are provided by independent third parties and our recently acquired F&I product provider, TCA. The F&I products offered by TCA are primarily sold through LHM Dealerships. For the year ended December 31, 2021, our new vehicle revenue brand mix consisted of 39% imports, 44% luxury, and 17% domestic brands. As a result of the LHM Acquisition on December 17, 2021, as outlined below, the Company now reflects its operations in two reportable segments: Dealerships and TCA.

Content analysis

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