Company Quick10K Filing
Penske Automotive Group
Price46.27 EPS5
Shares83 P/E9
MCap3,841 P/FCF6
Net Debt2,302 EBIT552
TEV6,143 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-07-29 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-07-16 Other Events, Exhibits
8-K 2020-07-06 Enter Agreement, Exhibits
8-K 2020-06-09
8-K 2020-05-13
8-K 2020-05-06
8-K 2020-03-30
8-K 2020-02-12
8-K 2020-02-05
8-K 2019-12-18
8-K 2019-10-29
8-K 2019-10-16
8-K 2019-07-30
8-K 2019-07-12
8-K 2019-06-27
8-K 2019-05-09
8-K 2019-04-25
8-K 2019-04-24
8-K 2019-02-07
8-K 2019-01-30
8-K 2019-01-22
8-K 2018-12-17
8-K 2018-12-13
8-K 2018-10-25
8-K 2018-10-17
8-K 2018-07-26
8-K 2018-07-18
8-K 2018-05-10
8-K 2018-04-25
8-K 2018-02-08
8-K 2018-02-01

PAG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 pag-20200630ex1017ab6c2.htm
EX-22 pag-20200630xex22.htm
EX-31.1 pag-20200630ex311f9abe2.htm
EX-31.2 pag-20200630ex3124fc954.htm
EX-32 pag-20200630xex32.htm

Penske Automotive Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
0.40.20.0-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-12297

Penske Automotive Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware

22-3086739

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

2555 Telegraph Road

Bloomfield Hills, Michigan

48302-0954

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(248648-2500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Voting Common Stock, par value $0.0001 per share

PAG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of July 27, 2020, there were 80,337,759 shares of voting common stock outstanding.

Table of Contents

TABLE OF CONTENTS

Page

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Condensed Balance Sheets as of June 30, 2020 and December 31, 2019

3

Consolidated Condensed Statements of Income (Loss) for the three and six months ended June 30, 2020 and 2019

4

Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

5

Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2020 and 2019

6

Consolidated Condensed Statement of Equity for the three and six months ended June 30, 2020 and 2019

7

Notes to Consolidated Condensed Financial Statements

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3. Quantitative & Qualitative Disclosures About Market Risk

59

Item 4. Controls and Procedures

60

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

60

Item 1A. Risk Factors

60

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 6. Exhibits

62

2

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

    

June 30,

    

December 31,

2020

2019

(Unaudited)

(In millions, except share

and per share amounts)

ASSETS

 

Cash and cash equivalents

$

159.3

$

28.1

Accounts receivable, net of allowance for doubtful accounts of $5.6 and $5.7

 

756.6

 

960.3

Inventories

 

3,425.9

 

4,260.7

Other current assets

 

76.6

 

85.0

Total current assets

 

4,418.4

 

5,334.1

Property and equipment, net

 

2,293.7

 

2,366.4

Operating lease right-of-use assets

 

2,311.1

 

2,360.5

Goodwill

 

1,878.1

 

1,911.0

Other indefinite-lived intangible assets

 

545.6

 

552.2

Equity method investments

 

1,409.5

 

1,399.0

Other long-term assets

 

19.7

 

19.5

Total assets

$

12,876.1

$

13,942.7

LIABILITIES AND EQUITY

Floor plan notes payable

$

1,957.4

$

2,412.5

Floor plan notes payable — non-trade

 

1,284.1

 

1,594.0

Accounts payable

 

679.4

 

638.8

Accrued expenses and other current liabilities

 

684.8

 

701.9

Current portion of long-term debt

 

83.3

 

103.3

Liabilities held for sale

 

0.5

 

0.5

Total current liabilities

 

4,689.5

 

5,451.0

Long-term debt

 

2,054.1

 

2,257.0

Long-term operating lease liabilities

 

2,252.6

 

2,301.2

Deferred tax liabilities

 

689.2

 

677.9

Other long-term liabilities

 

413.1

 

444.0

Total liabilities

 

10,098.5

 

11,131.1

Commitments and contingent liabilities (Note 12)

Equity

Penske Automotive Group stockholders’ equity:

Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding

 

 

Common Stock, $0.0001 par value, 240,000,000 shares authorized; 80,339,909 shares issued and outstanding at June 30, 2020; 81,084,751 shares issued and outstanding at December 31, 2019

 

 

Non-voting Common Stock, $0.0001 par value; 7,125,000 shares authorized; none issued and outstanding

 

 

Class C Common Stock, $0.0001 par value; 20,000,000 shares authorized; none issued and outstanding

 

 

Additional paid-in capital

 

296.3

 

320.4

Retained earnings

 

2,738.4

 

2,675.8

Accumulated other comprehensive income (loss)

 

(274.8)

 

(202.8)

Total Penske Automotive Group stockholders’ equity

 

2,759.9

 

2,793.4

Non-controlling interest

 

17.7

 

18.2

Total equity

 

2,777.6

 

2,811.6

Total liabilities and equity

$

12,876.1

$

13,942.7

See Notes to Consolidated Condensed Financial Statements

3

Table of Contents

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

Three Months Ended

Six Months Ended

June 30,

June 30,

 

    

2020

    

2019

2020

    

2019

(Unaudited)

(In millions, except per share amounts)

Revenue:

Retail automotive dealership

$

3,153.5

$

5,196.3

$

7,570.1

$

10,287.5

Retail commercial truck dealership

 

399.2

 

426.8

 

890.6

 

759.1

Commercial vehicle distribution and other

 

98.4

 

132.7

 

199.5

 

273.6

Total revenues

3,651.1

5,755.8

8,660.2

11,320.2

Cost of sales:

Retail automotive dealership

 

2,687.2

 

4,421.4

 

6,425.7

 

8,751.1

Retail commercial truck dealership

 

339.0

 

368.3

 

761.6

 

646.2

Commercial vehicle distribution and other

 

72.0

 

98.3

 

143.3

 

203.6

Total cost of sales

 

3,098.2

 

4,888.0

 

7,330.6

 

9,600.9

Gross profit

 

552.9

 

867.8

 

1,329.6

 

1,719.3

Selling, general and administrative expenses

 

453.6

 

668.9

 

1,095.4

 

1,335.3

Depreciation

 

27.9

 

27.1

 

56.4

 

53.5

Operating income

 

71.4

 

171.8

 

177.8

 

330.5

Floor plan interest expense

 

(11.7)

 

(21.0)

 

(29.4)

 

(42.8)

Other interest expense

 

(28.4)

 

(30.4)

 

(60.1)

 

(60.3)

Equity in earnings of affiliates

 

29.9

 

39.5

 

44.4

 

66.3

Income from continuing operations before income taxes

 

61.2

 

159.9

 

132.7

 

293.7

Income taxes

 

(16.5)

 

(41.5)

 

(36.6)

 

(76.2)

Income from continuing operations

 

44.7

 

118.4

 

96.1

 

217.5

Income from discontinued operations, net of tax

 

0.1

 

0.1

 

0.2

 

0.2

Net income

 

44.8

 

118.5

 

96.3

 

217.7

Less: (Loss) Income attributable to non-controlling interests

 

(0.3)

 

0.7

 

(0.5)

 

(0.3)

Net income attributable to Penske Automotive Group common stockholders

$

45.1

$

117.8

$

96.8

$

218.0

Basic earnings per share attributable to Penske Automotive Group common stockholders:

Continuing operations

$

0.56

$

1.42

$

1.20

$

2.61

Discontinued operations

Net income attributable to Penske Automotive Group common stockholders

$

0.56

$

1.42

$

1.20

$

2.61

Shares used in determining basic earnings per share

 

80.4

 

82.9

 

80.7

 

83.6

Diluted earnings per share attributable to Penske Automotive Group common stockholders:

Continuing operations

$

0.56

$

1.42

$

1.20

$

2.60

Discontinued operations

Net income attributable to Penske Automotive Group common stockholders

$

0.56

$

1.42

$

1.20

$

2.61

Shares used in determining diluted earnings per share

 

80.5

 

82.9

 

80.8

 

83.7

Amounts attributable to Penske Automotive Group common stockholders:

Income from continuing operations

$

44.7

$

118.4

$

96.1

$

217.5

Less: (Loss) Income attributable to non-controlling interests

 

(0.3)

 

0.7

 

(0.5)

 

(0.3)

Income from continuing operations, net of tax

 

45.0

 

117.7

 

96.6

 

217.8

Income from discontinued operations, net of tax

 

0.1

 

0.1

 

0.2

 

0.2

Net income attributable to Penske Automotive Group common stockholders

$

45.1

$

117.8

$

96.8

$

218.0

Cash dividends per share

$

$

0.39

$

0.42

$

0.77

See Notes to Consolidated Condensed Financial Statements

4

Table of Contents

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

Six Months Ended

June 30,

June 30,

    

2020

    

2019

2020

    

2019

(Unaudited)

(In millions)

Net income

$

44.8

$

118.5

$

96.3

$

217.7

 

Other comprehensive income:

Foreign currency translation adjustment

 

27.6

 

(16.5)

 

(65.3)

 

(9.8)

Unrealized loss on interest rate swaps:

Unrealized loss arising during the period, net of tax benefit of $1.5, $0.0, $1.5 and $0.0, respectively

 

(4.1)

 

 

(4.1)

 

Reclassification adjustment for loss included in floor plan interest expense, net of tax provision of $0.0, $0.0, $0.0 and $0.0, respectively

 

 

 

 

Unrealized loss on interest rate swaps, net of tax

 

(4.1)

 

 

(4.1)

 

Other adjustments to comprehensive income, net

 

1.3

 

2.0

 

(2.7)

 

3.8

Other comprehensive income (loss), net of tax

 

24.8

 

(14.5)

 

(72.1)

 

(6.0)

Comprehensive income

 

69.6

 

104.0

 

24.2

 

211.7

Less: Comprehensive (loss) income attributable to non-controlling interests

 

(0.2)

 

0.8

 

(0.6)

 

(0.5)

Comprehensive income attributable to Penske Automotive Group common stockholders

$

69.8

$

103.2

$

24.8

$

212.2

See Notes to Consolidated Condensed Financial Statements

5

Table of Contents

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended

June 30,

    

2020

    

2019

(Unaudited)

(In millions)

Operating Activities:

 

Net income

$

96.3

$

217.7

Adjustments to reconcile net income to net cash from continuing operating activities:

Depreciation

 

56.4

 

53.5

Earnings of equity method investments

 

(37.6)

 

(53.4)

Income from discontinued operations, net of tax

 

(0.2)

 

(0.2)

Deferred income taxes

 

20.8

 

29.7

Changes in operating assets and liabilities:

Accounts receivable

 

203.9

 

(15.2)

Inventories

 

827.3

 

35.5

Floor plan notes payable

 

(452.6)

 

15.0

Accounts payable and accrued expenses

 

35.5

 

55.3

Other

 

34.6

 

(33.3)

Net cash provided by continuing operating activities

 

784.4

 

304.6

Investing Activities:

Purchase of equipment and improvements

 

(76.8)

 

(134.5)

Proceeds from sale of dealerships

10.3

7.2

Proceeds from sale-leaseback transactions

7.3

Proceeds from sale of equipment and improvements

19.8

5.2

Acquisitions net, including repayment of sellers’ floor plan notes payable of $0 and $0, respectively

 

 

(1.1)

Other

(1.1)

(6.1)

Net cash used in continuing investing activities

 

(47.8)

 

(122.0)

Financing Activities:

Proceeds from borrowings under U.S. credit agreement revolving credit line

 

580.0

 

821.0

Repayments under U.S. credit agreement revolving credit line

 

(625.0)

 

(851.0)

Net (repayments) borrowings of other long-term debt

 

(160.8)

 

39.8

Net (repayments) borrowings of floor plan notes payable — non-trade

 

(309.9)

 

6.8

Payments for contingent consideration

(21.1)

Repurchases of common stock

 

(29.4)

 

(130.6)

Dividends

 

(34.2)

 

(64.5)

Other

(4.8)

0.4

Net cash used in continuing financing activities

 

(605.2)

 

(178.1)

Discontinued operations:

Net cash provided by discontinued operating activities

 

0.1

 

Net cash provided by discontinued investing activities

 

 

Net cash provided by discontinued financing activities

 

 

Net cash provided by discontinued operations

 

0.1

 

Effect of exchange rate changes on cash and cash equivalents

(0.3)

(0.1)

Net change in cash and cash equivalents

 

131.2

 

4.4

Cash and cash equivalents, beginning of period

 

28.1

 

39.4

Cash and cash equivalents, end of period

$

159.3

$

43.8

Supplemental disclosures of cash flow information:

Cash paid for:

Interest

$

81.9

$

102.6

Income taxes

 

5.1

 

47.2

See Notes to Consolidated Condensed Financial Statements

6

Table of Contents

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY

Three Months Ended June 30, 2020

Accumulated

Total

 

Common Stock

Additional

Other

Penske

 

Issued

Paid-in

Retained

Comprehensive

Automotive Group

Non-controlling

Total

Shares

Amount

Capital

Earnings

Income (Loss)

Stockholders’ Equity

Interest

Equity

(Unaudited)

(Dollars in millions)

Balance, March 31, 2020

    

80,463,278

$

$

295.9

$

2,693.3

$

(299.5)

$

2,689.7

$

17.8

$

2,707.5

Equity compensation

 

9,724

 

 

5.2

 

 

 

5.2

 

 

5.2

Repurchases of common stock

(133,093)

 

 

(4.8)

 

 

 

(4.8)

 

 

(4.8)

Dividends

 

 

 

 

 

 

 

 

Purchase of subsidiary shares from non-controlling interest

Distributions to non-controlling interest

 

 

 

 

 

 

 

 

Interest rate swaps

(4.1)

(4.1)

(4.1)

Foreign currency translation

 

 

 

 

 

27.5

 

27.5

 

0.1

 

27.6

Other

 

 

 

 

 

1.3

 

1.3

 

0.1

 

1.4

Net income