Price | 46.27 | EPS | 5 | |
Shares | 83 | P/E | 9 | |
MCap | 3,841 | P/FCF | 6 | |
Net Debt | 2,302 | EBIT | 552 | |
TEV | 6,143 | TEV/EBIT | 11 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-10-27 |
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 | 2020-11-20 | |
8-K | 2020-11-02 | |
8-K | 2020-10-22 | |
8-K | 2020-10-19 | |
8-K | 2020-10-14 | |
8-K | 2020-10-01 | |
8-K | 2020-08-20 | |
8-K | 2020-08-04 | |
8-K | 2020-08-04 | |
8-K | 2020-08-04 | |
8-K | 2020-07-29 | |
8-K | 2020-07-16 | |
8-K | 2020-07-06 | |
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 |
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-22 | pag-20200930xex22.htm |
EX-31.1 | pag-20200930xex31d1.htm |
EX-31.2 | pag-20200930xex31d2.htm |
EX-32 | pag-20200930xex32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(
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 |
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.
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).
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.
☒ | 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
As of October 26, 2020, there were
TABLE OF CONTENTS
2
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
| September 30, |
| December 31, | ||||
2020 | 2019 | ||||||
(Unaudited) | |||||||
(In millions, except share | |||||||
and per share amounts) | |||||||
ASSETS |
| ||||||
Cash and cash equivalents | $ | | $ | | |||
Accounts receivable, net of allowance for doubtful accounts of $ |
| |
| | |||
Inventories |
| |
| | |||
Other current assets |
| |
| | |||
Total current assets |
| |
| | |||
Property and equipment, net |
| |
| | |||
Operating lease right-of-use assets |
| |
| | |||
Goodwill |
| |
| | |||
Other indefinite-lived intangible assets |
| |
| | |||
Equity method investments |
| |
| | |||
Other long-term assets |
| |
| | |||
Total assets | $ | | $ | | |||
LIABILITIES AND EQUITY | |||||||
Floor plan notes payable | $ | | $ | | |||
Floor plan notes payable — non-trade |
| |
| | |||
Accounts payable |
| |
| | |||
Accrued expenses and other current liabilities |
| |
| | |||
Current portion of long-term debt |
| |
| | |||
Liabilities held for sale |
| |
| | |||
Total current liabilities |
| |
| | |||
Long-term debt |
| |
| | |||
Long-term operating lease liabilities |
| |
| | |||
Deferred tax liabilities |
| |
| | |||
Other long-term liabilities |
| |
| | |||
Total liabilities |
| |
| | |||
Commitments and contingent liabilities (Note 12) | |||||||
Equity | |||||||
Penske Automotive Group stockholders’ equity: | |||||||
Preferred Stock, $ |
|
| |||||
Common Stock, $ |
|
| |||||
Non-voting Common Stock, $ |
|
| |||||
Class C Common Stock, $ |
|
| |||||
Additional paid-in capital |
| |
| | |||
Retained earnings |
| |
| | |||
Accumulated other comprehensive income (loss) |
| ( |
| ( | |||
Total Penske Automotive Group stockholders’ equity |
| |
| | |||
Non-controlling interest |
| |
| | |||
Total equity |
| |
| | |||
Total liabilities and equity | $ | | $ | |
See Notes to Consolidated Condensed Financial Statements
3
PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, |
| |||||||||||
| 2020 |
| 2019 | 2020 |
| 2019 | |||||||
(Unaudited) | |||||||||||||
(In millions, except per share amounts) | |||||||||||||
Revenue: | |||||||||||||
Retail automotive dealership | $ | | $ | | $ | | $ | | |||||
Retail commercial truck dealership |
| |
| |
| |
| | |||||
Commercial vehicle distribution and other |
| |
| |
| |
| | |||||
Total revenues | | | | | |||||||||
Cost of sales: | |||||||||||||
Retail automotive dealership |
| |
| |
| |
| | |||||
Retail commercial truck dealership |
| |
| |
| |
| | |||||
Commercial vehicle distribution and other |
| |
| |
| |
| | |||||
Total cost of sales |
| |
| |
| |
| | |||||
Gross profit |
| |
| |
| |
| | |||||
Selling, general and administrative expenses |
| |
| |
| |
| | |||||
Depreciation |
| |
| |
| |
| | |||||
Operating income |
| |
| |
| |
| | |||||
Floor plan interest expense |
| ( |
| ( |
| ( |
| ( | |||||
Other interest expense |
| ( |
| ( |
| ( |
| ( | |||||
Equity in earnings of affiliates |
| |
| |
| |
| | |||||
Income from continuing operations before income taxes |
| |
| |
| |
| | |||||
Income taxes |
| ( |
| ( |
| ( |
| ( | |||||
Income from continuing operations |
| |
| |
| |
| | |||||
Income from discontinued operations, net of tax |
| |
| |
| |
| | |||||
Net income |
| |
| |
| |
| | |||||
Less: Income (loss) attributable to non-controlling interests |
| |
| ( |
| |
| ( | |||||
Net income attributable to Penske Automotive Group common stockholders | $ | | $ | | $ | | $ | | |||||
Basic earnings per share attributable to Penske Automotive Group common stockholders: | |||||||||||||
Continuing operations | $ | | $ | | $ | | $ | | |||||
Discontinued operations | |||||||||||||
Net income attributable to Penske Automotive Group common stockholders | $ | | $ | | $ | | $ | | |||||
Shares used in determining basic earnings per share |
| |
| |
| |
| | |||||
Diluted earnings per share attributable to Penske Automotive Group common stockholders: | |||||||||||||
Continuing operations | $ | | $ | | $ | | $ | | |||||
Discontinued operations | |||||||||||||
Net income attributable to Penske Automotive Group common stockholders | $ | | $ | | $ | | $ | | |||||
Shares used in determining diluted earnings per share |
| |
| |
| |
| | |||||
Amounts attributable to Penske Automotive Group common stockholders: | |||||||||||||
Income from continuing operations | $ | | $ | | $ | | $ | | |||||
Less: Income (Loss) attributable to non-controlling interests |
| |
| ( |
| |
| ( | |||||
Income from continuing operations, net of tax |
| |
| |
| |
| | |||||
Income from discontinued operations, net of tax |
| |
| |
| |
| | |||||
Net income attributable to Penske Automotive Group common stockholders | $ | | $ | | $ | | $ | | |||||
Cash dividends per share | $ | — | $ | | $ | | $ | |
See Notes to Consolidated Condensed Financial Statements
4
PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
| 2020 |
| 2019 | 2020 |
| 2019 | |||||||
(Unaudited) | |||||||||||||
(In millions) | |||||||||||||
Net income | $ | | $ | | $ | | $ | |
| ||||
Other comprehensive income: | |||||||||||||
Foreign currency translation adjustment |
| |
| ( |
| ( |
| ( | |||||
Unrealized gain (loss) on interest rate swaps: | |||||||||||||
Unrealized gain (loss) arising during the period, net of tax provision (benefit) of $ |
| |
| — |
| ( |
| — | |||||
Reclassification adjustment for loss included in floor plan interest expense, net of tax benefit of $ |
| ( |
| — |
| ( |
| — | |||||
Unrealized gain (loss) on interest rate swaps, net of tax |
| |
| — |
| ( |
| — | |||||
Other adjustments to comprehensive income, net |
| |
| ( |
| |
| | |||||
Other comprehensive income (loss), net of tax |
| |
| ( |
| ( |
| ( | |||||
Comprehensive income |
| |
| |
| |
| | |||||
Less: Comprehensive income (loss) attributable to non-controlling interests |
| |
| ( |
| |
| ( | |||||
Comprehensive income attributable to Penske Automotive Group common stockholders | $ | | $ | | $ | | $ | |
See Notes to Consolidated Condensed Financial Statements
5
PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended | |||||||
September 30, | |||||||
| 2020 |
| 2019 | ||||
(Unaudited) | |||||||
(In millions) | |||||||
Operating Activities: |
| ||||||
Net income | $ | | $ | | |||
Adjustments to reconcile net income to net cash from continuing operating activities: | |||||||
Depreciation |
| |
| | |||
Earnings of equity method investments |
| ( |
| ( | |||
Income from discontinued operations, net of tax |
| ( |
| ( | |||
Deferred income taxes |
| |
| | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable |
| |
| ( | |||
Inventories |
| |
| | |||
Floor plan notes payable |
| ( |
| | |||
Accounts payable and accrued expenses |
| |
| | |||
Other |
| ( |
| ( | |||
Net cash provided by continuing operating activities |
| |
| | |||
Investing Activities: | |||||||
Purchase of equipment and improvements |
| ( |
| ( | |||
Proceeds from sale of dealerships | | | |||||
Proceeds from sale-leaseback transactions | — | | |||||
Proceeds from sale of equipment and improvements | | | |||||
Acquisitions net, including repayment of sellers’ floor plan notes payable of $ |
| — |
| ( | |||
Other | ( | ( | |||||
Net cash used in continuing investing activities |
| ( |
| ( | |||
Financing Activities: | |||||||
Proceeds from borrowings under U.S. credit agreement revolving credit line |
| |
| | |||
Repayments under U.S. credit agreement revolving credit line |
| ( |
| ( | |||
Issuance of | | — | |||||
Repayment of | ( | — | |||||
Net (repayments) borrowings of other long-term debt |
| ( |
| | |||
Net repayments of floor plan notes payable — non-trade |
| ( |
| ( | |||
Payments for contingent consideration | ( | — | |||||
Repurchases of common stock |
| ( |
| ( | |||
Dividends |
| ( |
| ( | |||
Payment of deferred financing fees | ( | — | |||||
Other | ( | | |||||
Net cash used in continuing financing activities |
| ( |
| ( | |||
Discontinued operations: | |||||||
Net cash provided by discontinued operating activities |
| |
| | |||
Net cash provided by discontinued investing activities |
|
| |||||
Net cash provided by discontinued financing activities |
|
| |||||
Net cash provided by discontinued operations |
| |
| | |||
Effect of exchange rate changes on cash and cash equivalents | | ( | |||||
Net change in cash and cash equivalents |
| |
| | |||
Cash and cash equivalents, beginning of period |
| |
| | |||
Cash and cash equivalents, end of period | $ | | $ | | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for: | |||||||
Interest | $ | | $ | | |||
Income taxes |
| |
| | |||
Non cash activities: | |||||||
Contingent consideration | $ | — | |
See Notes to Consolidated Condensed Financial Statements
6
PENSKE AUTOMOTIVE GROUP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
Three Months Ended September 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, June 30, 2020 |
| | $ | — | $ | | $ | | $ | ( | $ | | $ | | $ | | ||||||||
Equity compensation |
| |
| — |
| |
| — |
| — |
| |
| — |
| | ||||||||
Repurchases of common stock | ( |
| — |
| ( |
| — |
| — |
| ( |
| — |
| ( | |||||||||
Interest rate swaps | — | — | — | — | | | — | | ||||||||||||||||
Foreign currency translation |
| — |
| — |
| — |
| — |
| |
| |
| |
| | ||||||||
Other |
| — |
| — |
| — |
| — |
| |
| |
| |
| | ||||||||
Net income |
|