--- schema_version: "secwatch.filing_event.v1" accession: "0001144980-23-000122" form_type: "8-K" ticker: "ABG" cik: "0001144980" company_name: "ASBURY AUTOMOTIVE GROUP INC" filed_at: "2023-10-24T23:59:59+00:00" generated_at: "2026-06-09T13:25:35.314600+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Asbury Q3 net income $169M (-17% YoY); announces $3B+ Koons acquisition; credit facility upsized to $2.8B ## Summary - Revenue $3.7B down 5% YoY; net income $169M ($8.19 diluted EPS) vs $205M ($9.23) in Q3 2022. - Adjusted EPS $8.12 vs $9.23; adjusted net income $168M down 18% YoY. - Definitive agreement to acquire Jim Koons Automotive Companies (over $3B annual revenue). - Credit facility renewed and upsized to $2.80B from $2.55B, extended maturity to Oct 2028. - Clicklane sold 11,661 vehicles (record); liquidity ~$1.7B; adjusted net leverage 1.7x. ## SEC filing metadata - accession: 0001144980-23-000122 - form_type: 8-K - ticker: ABG - cik: 0001144980 - company_name: ASBURY AUTOMOTIVE GROUP INC - filed_at: 2023-10-24T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.02, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/abg-20231020.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001144980-23-000122 - JSON: https://secwatch.observer/filing/0001144980-23-000122.json - Plain text: https://secwatch.observer/filing/0001144980-23-000122.txt ## Key facts - Debt Financings ASBURY AUTOMOTIVE GROUP INC incurred revolving credit with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% maturing October 20, 2028. - Instrument: revolving credit - Counterparty: Bank of America, N.A., as administrative agent - Rate: Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% - Maturity: October 20, 2028 - Event: incurrence source text: Applicable Rate means with respect to the Revolving Credit Facility, a range from 1.00% to 2.00% for Daily Simple SOFR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio. evidence_url: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm - Debt Financings ASBURY AUTOMOTIVE GROUP INC incurred revolving credit with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% maturing October 20, 2028. - Instrument: revolving credit - Counterparty: Bank of America, N.A., as administrative agent - Rate: Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% - Maturity: October 20, 2028 - Event: incurrence source text: Borrowings under the Used Vehicle Floorplan Facility bear interest, at the option of the Company, based on Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40%. evidence_url: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm - Debt Financings ASBURY AUTOMOTIVE GROUP INC incurred credit facility with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.10% maturing October 20, 2028. - Instrument: credit facility - Counterparty: Bank of America, N.A., as administrative agent - Rate: Daily Simple SOFR plus 1.10% - Maturity: October 20, 2028 - Event: incurrence source text: The 2023 Senior Credit Facility provides for the following, in each case subject to limitations on availability as set forth therein: • a $500.0 million revolving credit facility (the “Revolving Credit Facility”); • a $1,925.0 million new vehicle revolving floorplan facility (the “New Vehicle Floorplan Facility”); and • a $375.0 million used vehicle revolving floorplan facility (the “Used Vehicle Floorplan Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm - Earnings Releases ASBURY AUTOMOTIVE GROUP INC reported the three and nine months ended September 30, 2023 results: revenue $3.7 billion, net income $169 million, EPS $8.19 per diluted share. - Period: the three and nine months ended September 30, 2023 - Revenue: $3.7 billion - Net income: $169 million - EPS: $8.19 per diluted share - Result: reported results source text: Reporters May Contact: Joe Sorice Manager, Investor Relations (770) 418-8211 ir@asburyauto.com Asbury Automotive Group Reports Third Quarter 2023 Financial Results • Revenue of $3.7 billion • Gross profit of $674 million • SG&A as a percentage of gross profit of 58.2%; adjusted SG&A as a percentage of gross profit, a non-GAAP measure, of 58.4% • Operating margin of evidence_url: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm - Material Agreements ASBURY AUTOMOTIVE GROUP INC amended 2023 Senior Credit Facility with Bank of America, N.A. and the other lenders party thereto (effective 2023-10-20). - Action: amendment - Agreement: credit facility - Counterparty: Bank of America, N.A. and the other lenders party thereto - Effective: 2023-10-20 source text: On October 20, 2023, Asbury Automotive Group Inc. (the “Company”) and certain of its subsidiaries entered into a fourth amended and restated credit agreement with Bank of America, N.A. (“Bank of America”), as administrative agent, and the other lenders party thereto (the “2023 Senior Credit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/1144980/000114498023000122/0001144980-23-000122-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.