Penske Automotive     Print Page | Close Window

SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

 

 

 

2017

 

2016

 

 

 

(Unaudited)

 

 

 

(In millions, except share

 

 

 

and per share amounts)

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37.2

 

$

24.0

 

Accounts receivable, net of allowance for doubtful accounts of $5.9 and $4.5

 

 

938.8

 

 

879.0

 

Inventories

 

 

3,770.3

 

 

3,408.2

 

Other current assets

 

 

96.5

 

 

73.9

 

Assets held for sale

 

 

 —

 

 

8.4

 

Total current assets

 

 

4,842.8

 

 

4,393.5

 

Property and equipment, net

 

 

2,091.4

 

 

1,806.5

 

Goodwill

 

 

1,660.4

 

 

1,291.2

 

Other indefinite-lived intangible assets

 

 

473.3

 

 

420.1

 

Equity method investments

 

 

1,184.9

 

 

893.4

 

Other long-term assets

 

 

29.5

 

 

28.3

 

Total assets

 

$

10,282.3

 

$

8,833.0

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Floor plan notes payable

 

$

2,222.3

 

$

2,084.5

 

Floor plan notes payable — non-trade

 

 

1,388.5

 

 

1,233.3

 

Accounts payable

 

 

609.0

 

 

497.4

 

Accrued expenses

 

 

388.5

 

 

360.0

 

Current portion of long-term debt

 

 

67.6

 

 

48.3

 

Liabilities held for sale

 

 

0.7

 

 

6.1

 

Total current liabilities

 

 

4,676.6

 

 

4,229.6

 

Long-term debt

 

 

2,170.5

 

 

1,828.8

 

Deferred tax liabilities

 

 

771.6

 

 

564.6

 

Other long-term liabilities

 

 

551.6

 

 

430.5

 

Total liabilities

 

 

8,170.3

 

 

7,053.5

 

Commitments and contingent liabilities (Note 9)

 

 

 

 

 

 

 

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; 85,768,120 shares issued and outstanding at September 30, 2017; 85,214,345 shares issued and outstanding at December 31, 2016

 

 

 

 

 

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

 

 

523.0

 

 

497.1

 

Retained earnings

 

 

1,707.6

 

 

1,504.5

 

Accumulated other comprehensive income (loss)

 

 

(151.6)

 

 

(250.7)

 

Total Penske Automotive Group stockholders’ equity

 

 

2,079.0

 

 

1,750.9

 

Non-controlling interest

 

 

33.0

 

 

28.6

 

Total equity

 

 

2,112.0

 

 

1,779.5

 

Total liabilities and equity

 

$

10,282.3

 

$

8,833.0

 

See Notes to Consolidated Condensed Financial Statements

3