07/27/2021 | Press release | Distributed by Public on 07/27/2021 04:41
$ in millions, except EPS | Selected GAAP Financial | |||||||||
For the Three Months Ended June 30, | ||||||||||
2021 | 2020 | 2019 | YoY | 2021 vs. 2019 | ||||||
Revenue | $ | 2,584.0 | $ | 1,445.1 | $ | 1,803.5 | 79 | % | 43 | % |
Gross Profit | $ | 497.2 | $ | 242.8 | $ | 295.0 | 105 | % | 69 | % |
Gross Margin | 19.2 | % | 16.8 | % | 16.4 | % | 240 bps | 280 bps | ||
New Units | 31,725 | 20,060 | 26,449 | 58 | % | 20 | % | |||
Used Retail Units | 26,856 | 18,400 | 22,259 | 46 | % | 21 | % | |||
New Margin | 9.1 | % | 5.1 | % | 4.0 | % | 400 bps | 510 bps | ||
Used Retail Margin | 9.7 | % | 7.7 | % | 7.1 | % | 200 bps | 260 bps | ||
F&I Gross Profit | $ | 107.0 | $ | 66.6 | $ | 80.2 | 61 | % | 33 | % |
Parts & Service Gross Profit | $ | 182.6 | $ | 100.5 | $ | 140.6 | 82 | % | 30 | % |
SG&A % of Gross Profit | 54.2 | % | 62.7 | % | 68.0 | % | -850bps | -1,380 bps | ||
Operating Income | $ | 218.4 | $ | 82.2 | $ | 85.9 | 166 | % | 154 | % |
Operating Margin | 8.5 | % | 5.7 | % | 4.8 | % | 280 bps | 370 bps | ||
EPS | $ | 7.80 | $ | 2.57 | $ | 2.84 | 204 | % | 175 | % |
$ in millions, except EPS | Selected GAAP Financial | |||||||||
For the Three Months Ended June 30, | ||||||||||
2021 | 2020 | 2019 | YoY | 2021 vs. 2019 | ||||||
Adjusted Operating Income | $ | 217.9 | $ | 81.0 | $ | 85.6 | 169 | % | 155 | % |
Adjusted Operating Margin | 8.4 | % | 5.6 | % | 4.7 | % | 280 bps | 370 bps | ||
Adjusted EPS | $ | 7.78 | $ | 2.52 | $ | 2.38 | 209 | % | 227 | % |
For the Three Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
REVENUE: | ||||||||
New vehicle | $ | 1,368.4 | $ | 761.8 | $ | 606.6 | 80 | % |
Used vehicle: | ||||||||
Retail | 759.4 | 412.6 | 346.8 | 84 | % | |||
Wholesale | 56.8 | 34.9 | 21.9 | 63 | % | |||
Total used vehicle | 816.2 | 447.5 | 368.7 | 82 | % | |||
Parts and service | 292.4 | 169.2 | 123.2 | 73 | % | |||
Finance and insurance, net | 107.0 | 66.6 | 40.4 | 61 | % | |||
TOTAL REVENUE | 2,584.0 | 1,445.1 | 1,138.9 | 79 | % | |||
GROSS PROFIT: | ||||||||
New vehicle | 124.1 | 38.6 | 85.5 | 222 | % | |||
Used vehicle: | ||||||||
Retail | 73.5 | 31.6 | 41.9 | 133 | % | |||
Wholesale | 10.0 | 5.5 | 4.5 | 82 | % | |||
Total used vehicle | 83.5 | 37.1 | 46.4 | 125 | % | |||
Parts and service | 182.6 | 100.5 | 82.1 | 82 | % | |||
Finance and insurance, net | 107.0 | 66.6 | 40.4 | 61 | % | |||
TOTAL GROSS PROFIT | 497.2 | 242.8 | 254.4 | 105 | % | |||
OPERATING EXPENSES: | ||||||||
Selling, general and administrative | 269.7 | 152.2 | 117.5 | 77 | % | |||
Depreciation and amortization | 10.1 | 9.7 | 0.4 | 4 | % | |||
Other operating (income), net | (1.0) | (1.3) | 0.3 | 23 | % | |||
INCOME FROM OPERATIONS | 218.4 | 82.2 | 136.2 | 166 | % | |||
OTHER EXPENSES: | ||||||||
Floor plan interest expense | 2.1 | 4.1 | (2.0) | (49) | % | |||
Other interest expense, net | 14.4 | 11.8 | 2.6 | 22 | % | |||
Total other expenses, net | 16.5 | 15.9 | 0.6 | 4 | % | |||
INCOME BEFORE INCOME TAXES | 201.9 | 66.3 | 135.6 | 205 | % | |||
Income tax expense | 49.8 | 16.7 | 33.1 | 198 | % | |||
NET INCOME | $ | 152.1 | $ | 49.6 | $ | 102.5 | 207 | % |
EARNINGS PER COMMON SHARE: | ||||||||
Basic- | ||||||||
Net income | $ | 7.88 | $ | 2.58 | $ | 5.30 | 205 | % |
Diluted- | ||||||||
Net income | $ | 7.80 | $ | 2.57 | $ | 5.23 | 204 | % |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
Basic | 19.3 | 19.2 | 0.1 | |||||
Restricted stock | 0.1 | - | 0.1 | |||||
Performance share units | 0.1 | 0.1 | - | |||||
Diluted | 19.5 | 19.3 | 0.2 |
For the Three Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Unit sales | ||||||||
New vehicle: | ||||||||
Luxury | 10,085 | 4,359 | 5,726 | 131 | % | |||
Import | 17,257 | 11,610 | 5,647 | 49 | % | |||
Domestic | 4,383 | 4,091 | 292 | 7 | % | |||
Total new vehicle | 31,725 | 20,060 | 11,665 | 58 | % | |||
Used vehicle retail | 26,856 | 18,400 | 8,456 | 46 | % | |||
Used to new ratio | 84.7 | % | 91.7 | % | (700) bps | |||
Average selling price | ||||||||
New vehicle | $ | 43,133 | $ | 37,976 | $ | 5,157 | 14 | % |
Used vehicle retail | 28,277 | 22,424 | 5,853 | 26 | % | |||
Average gross profit per unit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 6,138 | $ | 3,854 | $ | 2,284 | 59 | % |
Import | 2,550 | 1,077 | 1,473 | 137 | % | |||
Domestic | 4,152 | 2,273 | 1,879 | 83 | % | |||
Total new vehicle | 3,912 | 1,924 | 1,988 | 103 | % | |||
Used vehicle retail | 2,737 | 1,717 | 1,020 | 59 | % | |||
Finance and insurance, net | 1,827 | 1,732 | 95 | 5 | % | |||
Front end yield (1) | 5,200 | 3,557 | 1,643 | 46 | % | |||
Gross margin | ||||||||
New vehicle: | ||||||||
Luxury | 10.2 | % | 6.9 | % | 330 bps | |||
Import | 7.9 | % | 3.7 | % | 420 bps | |||
Domestic | 8.9 | % | 5.3 | % | 360 bps | |||
Total new vehicle | 9.1 | % | 5.1 | % | 400 bps | |||
Used vehicle retail | 9.7 | % | 7.7 | % | 200 bps | |||
Parts and service | 62.4 | % | 59.4 | % | 300 bps | |||
Total gross profit margin | 19.2 | % | 16.8 | % | 240 bps | |||
SG&A metrics | ||||||||
Rent expense | $ | 9.1 | $ | 5.9 | $ | 3.2 | 54 | % |
SG&A as a percentage of gross profit | 54.2 | % | 62.7 | % | (850) bps | |||
SG&A, excluding rent expense as a percentage of gross profit | 52.4 | % | 60.3 | % | (790) bps | |||
Operating metrics | ||||||||
Income from operations as a percentage of revenue | 8.5 | % | 5.7 | % | 280 bps | |||
Income from operations as a percentage of gross profit | 43.9 | % | 33.9 | % | 1,000 bps | |||
Adjusted income from operations as a percentage of revenue | 8.4 | % | 5.6 | % | 280 bps | |||
Adjusted income from operations as a percentage of gross profit | 43.8 | % | 33.4 | % | 1,040 bps | |||
Revenue mix | ||||||||
New vehicle | 53.0 | % | 52.7 | % | ||||
Used vehicle retail | 29.4 | % | 28.6 | % | ||||
Used vehicle wholesale | 2.2 | % | 2.4 | % | ||||
Parts and service | 11.3 | % | 11.7 | % | ||||
Finance and insurance | 4.1 | % | 4.6 | % | ||||
Total revenue | 100.0 | % | 100.0 | % | ||||
Gross profit mix | ||||||||
New vehicle | 25.0 | % | 15.9 | % | ||||
Used vehicle retail | 14.8 | % | 13.0 | % | ||||
Used vehicle wholesale | 2.0 | % | 2.3 | % | ||||
Parts and service | 36.7 | % | 41.4 | % | ||||
Finance and insurance | 21.5 | % | 27.4 | % | ||||
Total gross profit | 100.0 | % | 100.0 | % |
For the Three Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Revenue | ||||||||
New vehicle: | ||||||||
Luxury | $ | 381.0 | $ | 236.2 | $ | 144.8 | 61 | % |
Import | 553.4 | 341.8 | 211.6 | 62 | % | |||
Domestic | 204.1 | 168.8 | 35.3 | 21 | % | |||
Total new vehicle | 1,138.5 | 746.8 | 391.7 | 52 | % | |||
Used Vehicle: | ||||||||
Retail | 615.4 | 403.5 | 211.9 | 53 | % | |||
Wholesale | 32.3 | 34.4 | (2.1) | (6) | % | |||
Total used vehicle | 647.7 | 437.9 | 209.8 | 48 | % | |||
Parts and service | 234.6 | 166.5 | 68.1 | 41 | % | |||
Finance and insurance | 97.5 | 65.7 | 31.8 | 48 | % | |||
Total revenue | $ | 2,118.3 | $ | 1,416.9 | $ | 701.4 | 50 | % |
Gross profit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 36.1 | $ | 16.3 | $ | 19.8 | 121 | % |
Import | 43.9 | 12.4 | 31.5 | 254 | % | |||
Domestic | 18.2 | 8.8 | 9.4 | 107 | % | |||
Total new vehicle | 98.2 | 37.5 | 60.7 | 162 | % | |||
Used Vehicle: | ||||||||
Retail | 61.3 | 31.2 | 30.1 | 96 | % | |||
Wholesale | 6.4 | 5.5 | 0.9 | 16 | % | |||
Total used vehicle | 67.7 | 36.7 | 31.0 | 84 | % | |||
Parts and service: | ||||||||
Customer pay | 84.1 | 52.8 | 31.3 | 59 | % | |||
Warranty | 20.2 | 17.6 | 2.6 | 15 | % | |||
Wholesale parts | 6.6 | 4.8 | 1.8 | 38 | % | |||
Parts and service, excluding reconditioning and preparation | 110.9 | 75.2 | 35.7 | 47 | % | |||
Reconditioning and preparation | 35.2 | 23.6 | 11.6 | 49 | % | |||
Total parts and service | 146.1 | 98.8 | 47.3 | 48 | % | |||
Finance and insurance | 97.5 | 65.7 | 31.8 | 48 | % | |||
Total gross profit | $ | 409.5 | $ | 238.7 | $ | 170.8 | 72 | % |
SG&A expense | $ | 227.5 | $ | 149.8 | $ | 77.7 | 52 | % |
SG&A expense as a percentage of gross profit | 55.6 | % | 62.8 | % | (720) bps |
For the Three Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Unit sales | ||||||||
New vehicle: | ||||||||
Luxury | 6,505 | 4,218 | 2,287 | 54 | % | |||
Import | 17,205 | 11,610 | 5,595 | 48 | % | |||
Domestic | 4,383 | 3,936 | 447 | 11 | % | |||
Total new vehicle | 28,093 | 19,764 | 8,329 | 42 | % | |||
Used vehicle retail | 23,267 | 18,033 | 5,234 | 29 | % | |||
Used to new ratio | 82.8 | % | 91.2 | % | (840) bps | |||
Average selling price | ||||||||
New vehicle | $ | 40,526 | $ | 37,786 | $ | 2,740 | 7 | % |
Used vehicle retail | 26,449 | 22,376 | 4,073 | 18 | % | |||
Average gross profit per unit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 5,550 | $ | 3,864 | $ | 1,686 | 44 | % |
Import | 2,552 | 1,068 | 1,484 | 139 | % | |||
Domestic | 4,152 | 2,236 | 1,916 | 86 | % | |||
Total new vehicle | 3,496 | 1,897 | 1,599 | 84 | % | |||
Used vehicle retail | 2,635 | 1,730 | 905 | 52 | % | |||
Finance and insurance, net | 1,898 | 1,738 | 160 | 9 | % | |||
Front end yield (1) | 5,004 | 3,556 | 1,448 | 41 | % | |||
Gross margin | ||||||||
New vehicle: | ||||||||
Luxury | 9.5 | % | 6.9 | % | 260 bps | |||
Import | 7.9 | % | 3.6 | % | 430 bps | |||
Domestic | 8.9 | % | 5.2 | % | 370 bps | |||
Total new vehicle | 8.6 | % | 5.0 | % | 360 bps | |||
Used vehicle retail | 10.0 | % | 7.7 | % | 230 bps | |||
Parts and service: | ||||||||
Parts and service, excluding reconditioning and preparation | 47.3 | % | 45.2 | % | 210 bps | |||
Parts and service, including reconditioning and preparation | 62.3 | % | 59.3 | % | 300 bps | |||
Total gross profit margin | 19.3 | % | 16.8 | % | 250 bps |
For the Six Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
REVENUE: | ||||||||
New vehicle | $ | 2,520.1 | $ | 1,583.9 | $ | 936.2 | 59 | % |
Used vehicle: | ||||||||
Retail | 1,366.9 | 858.6 | 508.3 | 59 | % | |||
Wholesale | 140.2 | 82.1 | 58.1 | 71 | % | |||
Total used vehicle | 1,507.1 | 940.7 | 566.4 | 60 | % | |||
Parts and service | 554.4 | 390.8 | 163.6 | 42 | % | |||
Finance and insurance, net | 195.3 | 137.0 | 58.3 | 43 | % | |||
TOTAL REVENUE | 4,776.9 | 3,052.4 | 1,724.5 | 56 | % | |||
GROSS PROFIT: | ||||||||
New vehicle | 199.6 | 75.0 | 124.6 | 166 | % | |||
Used vehicle: | ||||||||
Retail | 121.0 | 62.8 | 58.2 | 93 | % | |||
Wholesale | 18.3 | 5.0 | 13.3 | 266 | % | |||
Total used vehicle | 139.3 | 67.8 | 71.5 | 105 | % | |||
Parts and service | 345.7 | 235.4 | 110.3 | 47 | % | |||
Finance and insurance, net | 195.3 | 137.0 | 58.3 | 43 | % | |||
TOTAL GROSS PROFIT | 879.9 | 515.2 | 364.7 | 71 | % | |||
OPERATING EXPENSES: | ||||||||
Selling, general and administrative | 509.5 | 346.9 | 162.6 | 47 | % | |||
Depreciation and amortization | 19.9 | 19.2 | 0.7 | 4 | % | |||
Franchise rights impairment | - | 23.0 | (23.0) | (100) | % | |||
Other operating (income) expense, net | (4.2) | 8.9 | (13.1) | (147) | % | |||
INCOME FROM OPERATIONS | 354.7 | 117.2 | 237.5 | 203 | % | |||
OTHER EXPENSES (INCOME): | ||||||||
Floor plan interest expense | 5.0 | 11.1 | (6.1) | (55) | % | |||
Other interest expense, net | 28.4 | 28.8 | (0.4) | (1) | % | |||
Loss on extinguishment of long-term debt, net | - | 20.6 | (20.6) | (100) | % | |||
Gain on dealership divestitures, net | - | (33.7) | 33.7 | 100 | % | |||
Total other expenses, net | 33.4 | 26.8 | 6.6 | 25 | % | |||
INCOME BEFORE INCOME TAXES | 321.3 | 90.4 | 230.9 | 255 | % | |||
Income tax expense | 76.4 | 21.3 | 55.1 | 259 | % | |||
NET INCOME | $ | 244.9 | $ | 69.1 | $ | 175.8 | 254 | % |
EARNINGS PER COMMON SHARE: | ||||||||
Basic- | ||||||||
Net income | $ | 12.69 | $ | 3.60 | $ | 9.09 | 253 | % |
Diluted- | ||||||||
Net income | $ | 12.56 | $ | 3.58 | $ | 8.98 | 251 | % |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
Basic | 19.3 | 19.2 | 0.1 | |||||
Restricted stock | 0.1 | - | 0.1 | |||||
Performance share units | 0.1 | 0.1 | - | |||||
Diluted | 19.5 | 19.3 | 0.2 |
For the Six Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Unit sales | ||||||||
New vehicle: | ||||||||
Luxury | 18,596 | 9,351 | 9,245 | 99 | % | |||
Import | 31,634 | 24,068 | 7,566 | 31 | % | |||
Domestic | 8,754 | 8,618 | 136 | 2 | % | |||
Total new vehicle | 58,984 | 42,037 | 16,947 | 40 | % | |||
Used vehicle retail | 50,375 | 38,687 | 11,688 | 30 | % | |||
Used to new ratio | 85.4 | % | 92.0 | % | (660) bps | |||
Average selling price | ||||||||
New vehicle | $ | 42,725 | $ | 37,679 | $ | 5,046 | 13 | % |
Used vehicle retail | 27,134 | 22,194 | 4,940 | 22 | % | |||
Average gross profit per unit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 5,732 | $ | 3,604 | $ | 2,128 | 59 | % |
Import | 1,963 | 964 | 999 | 104 | % | |||
Domestic | 3,530 | 2,100 | 1,430 | 68 | % | |||
Total new vehicle | 3,384 | 1,784 | 1,600 | 90 | % | |||
Used vehicle retail | 2,402 | 1,623 | 779 | 48 | % | |||
Finance and insurance, net | 1,786 | 1,697 | 89 | 5 | % | |||
Front end yield (1) | 4,717 | 3,404 | 1,313 | 39 | % | |||
Gross margin | ||||||||
New vehicle: | ||||||||
Luxury | 9.5 | % | 6.5 | % | 300 bps | |||
Import | 6.2 | % | 3.3 | % | 290 bps | |||
Domestic | 7.8 | % | 5.0 | % | 280 bps | |||
Total new vehicle | 7.9 | % | 4.7 | % | 320 bps | |||
Used vehicle retail | 8.9 | % | 7.3 | % | 160 bps | |||
Parts and service | 62.4 | % | 60.2 | % | 220 bps | |||
Total gross profit margin | 18.4 | % | 16.9 | % | 150 bps | |||
SG&A metrics | ||||||||
Rent expense | $ | 20.3 | $ | 12.7 | $ | 7.6 | 60 | % |
SG&A as a percentage of gross profit | 57.9 | % | 67.3 | % | (940) bps | |||
SG&A, excluding rent expense as a percentage of gross profit | 55.6 | % | 64.9 | % | (930) bps | |||
Operating metrics | ||||||||
Income from operations as a percentage of revenue | 7.4 | % | 3.8 | % | 360 bps | |||
Income from operations as a percentage of gross profit | 40.3 | % | 22.7 | % | 1,760 bps | |||
Adjusted income from operations as a percentage of revenue | 7.4 | % | 4.9 | % | 250 bps | |||
Adjusted income from operations as a percentage of gross profit | 39.9 | % | 29.0 | % | 1,090 bps | |||
Revenue mix | ||||||||
New vehicle | 52.8 | % | 51.9 | % | ||||
Used vehicle retail | 28.6 | % | 28.1 | % | ||||
Used vehicle wholesale | 2.9 | % | 2.7 | % | ||||
Parts and service | 11.6 | % | 12.8 | % | ||||
Finance and insurance | 4.1 | % | 4.5 | % | ||||
Total revenue | 100.0 | % | 100.0 | % | ||||
Gross profit mix | ||||||||
New vehicle | 22.7 | % | 14.6 | % | ||||
Used vehicle retail | 13.7 | % | 12.1 | % | ||||
Used vehicle wholesale | 2.1 | % | 1.0 | % | ||||
Parts and service | 39.3 | % | 45.7 | % | ||||
Finance and insurance | 22.2 | % | 26.6 | % | ||||
Total gross profit | 100.0 | % | 100.0 | % |
For the Six Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Revenue | ||||||||
New vehicle: | ||||||||
Luxury | $ | 703.2 | $ | 503.5 | $ | 199.7 | 40 | % |
Import | 991.5 | 684.2 | 307.3 | 45 | % | |||
Domestic | 393.6 | 340.2 | 53.4 | 16 | % | |||
Total new vehicle | 2,088.3 | 1,527.9 | 560.4 | 37 | % | |||
Used Vehicle: | ||||||||
Retail | 1,115.2 | 820.4 | 294.8 | 36 | % | |||
Wholesale | 89.6 | 79.2 | 10.4 | 13 | % | |||
Total used vehicle | 1,204.8 | 899.6 | 305.2 | 34 | % | |||
Parts and service | 446.7 | 377.6 | 69.1 | 18 | % | |||
Finance and insurance, net | 178.2 | 132.9 | 45.3 | 34 | % | |||
Total revenue | $ | 3,918.0 | $ | 2,938.0 | $ | 980.0 | 33 | % |
Gross profit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 60.7 | $ | 32.5 | $ | 28.2 | 87 | % |
Import | 62.0 | 22.8 | 39.2 | 172 | % | |||
Domestic | 30.6 | 16.9 | 13.7 | 81 | % | |||
Total new vehicle | 153.3 | 72.2 | 81.1 | 112 | % | |||
Used Vehicle: | ||||||||
Retail | 101.3 | 60.8 | 40.5 | 67 | % | |||
Wholesale | 12.8 | 5.1 | 7.7 | 151 | % | |||
Total used vehicle | 114.1 | 65.9 | 48.2 | 73 | % | |||
Parts and service: | ||||||||
Customer pay | 161.1 | 127.6 | 33.5 | 26 | % | |||
Warranty | 38.5 | 38.7 | (0.2) | (1) | % | |||
Wholesale parts | 12.5 | 9.5 | 3.0 | 32 | % | |||
Parts and service, excluding reconditioning and preparation | 212.1 | 175.8 | 36.3 | 21 | % | |||
Reconditioning and preparation | 65.1 | 51.6 | 13.5 | 26 | % | |||
Total parts and service | 277.2 | 227.4 | 49.8 | 22 | % | |||
Finance and insurance | 178.2 | 132.9 | 45.3 | 34 | % | |||
Total gross profit | $ | 722.8 | $ | 498.4 | $ | 224.4 | 45 | % |
SG&A expense | $ | 427.1 | $ | 334.9 | $ | 92.2 | 28 | % |
SG&A expense as a percentage of gross profit | 59.1 | % | 67.2 | % | (810) bps |
For the Six Months Ended June 30, |
Increase (Decrease) |
% Change |
||||||
2021 | 2020 | |||||||
Unit sales | ||||||||
New vehicle: | ||||||||
Luxury | 12,031 | 9,038 | 2,993 | 33 | % | |||
Import | 31,556 | 23,565 | 7,991 | 34 | % | |||
Domestic | 8,653 | 8,094 | 559 | 7 | % | |||
Total new vehicle | 52,240 | 40,697 | 11,543 | 28 | % | |||
Used vehicle retail | 44,007 | 37,012 | 6,995 | 19 | % | |||
Used to new ratio | 84.2 | % | 90.9 | % | (670) bps | |||
Average selling price | ||||||||
New vehicle | $ | 39,975 | $ | 37,543 | $ | 2,432 | 6 | % |
Used vehicle retail | 25,341 | 22,166 | 3,175 | 14 | % | |||
Average gross profit per unit | ||||||||
New vehicle: | ||||||||
Luxury | $ | 5,045 | $ | 3,596 | $ | 1,449 | 40 | % |
Import | 1,965 | 968 | 997 | 103 | % | |||
Domestic | 3,536 | 2,088 | 1,448 | 69 | % | |||
Total new vehicle | 2,935 | 1,774 | 1,161 | 65 | % | |||
Used vehicle retail | 2,302 | 1,643 | 659 | 40 | % | |||
Finance and insurance, net | 1,851 | 1,710 | 141 | 8 | % | |||
Front end yield (1) | 4,497 | 3,422 | 1,075 | 31 | % | |||
Gross margin | ||||||||
New vehicle: | ||||||||
Luxury | 8.6 | % | 6.5 | % | 210 bps | |||
Import | 6.3 | % | 3.3 | % | 300 bps | |||
Domestic | 7.8 | % | 5.0 | % | 280 bps | |||
Total new vehicle | 7.3 | % | 4.7 | % | 260 bps | |||
Used vehicle retail | 9.1 | % | 7.4 | % | 170 bps | |||
Parts and service: | ||||||||
Parts and service, excluding reconditioning and preparation | 47.5 | % | 46.6 | % | 90 bps | |||
Parts and service, including reconditioning and preparation | 62.1 | % | 60.2 | % | 190 bps | |||
Total gross profit margin | 18.4 | % | 17.0 | % | 140 bps |
June 30, 2021 | December 31, 2020 |
Increase (Decrease) |
% Change | ||||||||
SELECTED BALANCE SHEET DATA | |||||||||||
Cash and cash equivalents | $ | 102.3 | $ | 1.4 | $ | 100.9 | NM | ||||
New vehicle inventory (a) | 224.2 | 640.0 | (415.8) | (65) | % | ||||||
Used vehicle inventory (b) | 284.4 | 188.5 | 95.9 | 51 | % | ||||||
Parts inventory (c) | 51.6 | 46.7 | 4.9 | 10 | % | ||||||
Total current assets | 1,132.5 | 1,405.7 | (273.2) | (19) | % | ||||||
Floor plan notes payable (d) | 241.5 | 702.2 | (460.7) | (66) | % | ||||||
Total current liabilities | 759.3 | 1,223.4 | (464.1) | (38) | % | ||||||
CAPITALIZATION: | |||||||||||
Long-term debt (including current portion) (e) | $ | 1,378.2 | $ | 1,201.8 | $ | 176.4 | 15 | % | |||
Shareholders' equity | 1,148.3 | 905.5 | 242.8 | 27 | % | ||||||
Total | $ | 2,526.5 | $ | 2,107.3 | $ | 419.2 | 20 | % |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |
DAYS SUPPLY | |||
New vehicle inventory | 17 | 40 | 52 |
Used vehicle inventory | 37 | 31 | 26 |
For the Six Months Ended June 30, | |||||
2021 | 2020 | ||||
Luxury: | |||||
Mercedes-Benz | 12 | % | 8 | % | |
Lexus | 12 | % | 6 | % | |
BMW | 5 | % | 6 | % | |
Acura | 4 | % | 4 | % | |
Range Rover | 3 | % | 2 | % | |
Audi | 2 | % | 2 | % | |
Porsche | 2 | % | - | % | |
Other luxury | 5 | % | 5 | % | |
Total luxury | 45 | % | 33 | % | |
Imports: | |||||
Honda | 16 | % | 18 | % | |
Toyota | 12 | % | 13 | % | |
Nissan | 5 | % | 6 | % | |
Other imports | 6 | % | 7 | % | |
Total imports | 39 | % | 44 | % | |
Domestic: | |||||
Ford | 6 | % | 10 | % | |
Chevrolet | 4 | % | 6 | % | |
Dodge | 3 | % | 4 | % | |
Other domestics | 3 | % | 3 | % | |
Total domestic | 16 | % | 23 | % | |
Total New Vehicle Revenue | 100 | % | 100 | % |
For the Twelve Months Ended | ||||
June 30, 2021 | March 31, 2021 | |||
(Dollars in millions) | ||||
Adjusted leverage ratio: | ||||
Long-term debt (including current portion) | $ | 1,378.2 | $ | 1,194.1 |
Debt included in Liabilities held for sale | 2.3 | 2.3 | ||
Cash and floor plan offset | (177.3) | (173.2) | ||
Availability under our used vehicle revolving floor plan facility | (160.0) | (138.8) | ||
Adjusted long-term net debt | $ | 1,043.2 | $ | 884.4 |
Calculation of earnings before interest, taxes, depreciation and amortization ('EBITDA'): | ||||
Net Income | $ | 430.1 | $ | 327.6 |
Depreciation and amortization | 39.2 | 38.8 | ||
Income tax expense | 138.9 | 105.9 | ||
Swap and other interest expense | 56.4 | 54.2 | ||
Earnings before interest, taxes, depreciation and amortization ('EBITDA') | $ | 664.6 | $ | 526.5 |
Non-core items - expense (income): | ||||
Gain on dealership divestitures | $ | (28.6) | $ | (28.6) |
Legal settlements | (3.5) | (4.7) | ||
Gain on sale of real estate | (1.9) | (1.1) | ||
Park Place related costs | 1.3 | 1.3 | ||
Real estate-related charges | 2.8 | 2.5 | ||
Total non-core items | (29.9) | (30.6) | ||
Adjusted EBITDA | $ | 634.7 | $ | 495.9 |
Adjusted net leverage ratio | 1.6 | 1.8 |
For the Three Months Ended June 30, | |||||||
2021 | 2020 | 2019 | |||||
(In millions, except per share data) | |||||||
Adjusted income from operations: | |||||||
Income from operations | $ | 218.4 | $ | 82.2 | $ | 85.9 | |
Legal settlements | - | (1.2) | - | ||||
Gain on sale of real estate | (0.8) | - | (0.3) | ||||
Real estate-related charges | 0.3 | - | - | ||||
Adjusted income from operations | $ | 217.9 | $ | 81.0 | $ | 85.6 | |
Adjusted operating margin: | |||||||
Adjusted income from operations | $ | 217.9 | $ | 81.0 | $ | 85.6 | |
Total revenue | 2,584.0 | 1,445.1 | 1,803.5 | ||||
Adjusted operating margin | 8.4% | 5.6% | 4.7% | ||||
Adjusted net income: | |||||||
Net income | $ | 152.1 | $ | 49.6 | $ | 54.9 | |
Non-core items - (income) expense: | |||||||
Gain on dealership divestiture | - | - | (11.7) | ||||
Legal settlements | - | (1.2) | - | ||||
Gain on sale of real estate | (0.8) | - | (0.3) | ||||
Real estate-related charges | 0.3 | - | |||||
Income tax effect on non-core items above | 0.1 | 0.3 | 3.0 | ||||
Total non-core items | (0.4) | (0.9) | (9.0) | ||||
Adjusted net income | $ | 151.7 | $ | 48.7 | $ | 45.9 | |
Adjusted diluted earnings per share (EPS): | |||||||
Diluted EPS | $ | 7.80 | $ | 2.57 | $ | 2.84 | |
Total non-core items | (0.02) | (0.05) | (0.46) | ||||
Adjusted diluted EPS | $ | 7.78 | $ | 2.52 | $ | 2.38 | |
Weighted average common shares outstanding - diluted | 19.5 | 19.3 | 19.3 |
For the Six Months Ended June 30, | |||||
2021 | 2020 | ||||
(In millions, except per share data) | |||||
Adjusted income from operations: | |||||
Income from operations | $ | 354.7 | $ | 117.2 | |
Legal settlements | (3.5) | (2.1) | |||
Gain on sale of real estate | (1.9) | (0.3) | |||
Real estate related charges | 2.1 | - | |||
Park Place related costs | - | 11.6 | |||
Franchise rights impairment | - | 23.0 | |||
Adjusted income from operations | $ | 351.4 | $ | 149.4 | |
Adjusted net income: | |||||
Net income | $ | 244.9 | $ | 69.1 | |
Non-core items - (income) expense: | |||||
Legal settlements | (3.5) | (2.1) | |||
Gain on sale of real estate | (1.9) | (0.3) | |||
Real estate related charges | 2.1 | - | |||
Gain on dealership divestitures | - | (33.7) | |||
Loss on extinguishment of debt | - | 20.7 | |||
Franchise rights impairment | - | 23.0 | |||
Park Place deal termination costs | - | 11.6 | |||
Income tax effect on non-core items above | 0.8 | (4.9) | |||
Total non-core items | (2.5) | 14.3 | |||
Adjusted net income | $ | 242.4 | $ | 83.4 | |
Adjusted diluted earnings per share (EPS): | |||||
Diluted EPS | $ | 12.56 | $ | 3.58 | |
Total non-core items | (0.13) | 0.74 | |||
Adjusted diluted EPS | $ | 12.43 | $ | 4.32 | |
Weighted average common shares outstanding - diluted | 19.5 | 19.3 |