001-31262 | 01-0609375 | |||
(Commission File Number) | (IRS Employer Identification No.) | |||
2905 Premiere Parkway NW Suite 300 Duluth, GA | 30097 | |||
(Address of principal executive offices) | (Zip Code) | |||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | ||
99.1 | Press Release dated July 22, 2014. |
ASBURY AUTOMOTIVE GROUP, INC. | |||
Date: July 22, 2014 | By: | /s/ Craig T. Monaghan | |
Name: | Craig T. Monaghan | ||
Title: | President and Chief Executive Officer |
Exhibit No. | Description | |
99.1 | Press Release dated July 22, 2014. |
• | Acquired a Hyundai franchise in Deland, FL; approximately $40 million of annualized revenues |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle | $ | 831.5 | $ | 743.5 | $ | 1,557.5 | $ | 1,408.0 | |||||||
Used vehicle | 445.3 | 395.5 | 862.2 | 761.8 | |||||||||||
Parts and service | 168.2 | 153.9 | 327.6 | 301.5 | |||||||||||
Finance and insurance, net | 58.4 | 52.4 | 111.8 | 99.4 | |||||||||||
Total revenues | 1,503.4 | 1,345.3 | 2,859.1 | 2,570.7 | |||||||||||
COST OF SALES: | |||||||||||||||
New vehicle | 779.7 | 698.4 | 1,460.3 | 1,322.2 | |||||||||||
Used vehicle | 411.9 | 364.6 | 794.8 | 699.6 | |||||||||||
Parts and service | 63.9 | 60.0 | 126.0 | 120.3 | |||||||||||
Total cost of sales | 1,255.5 | 1,123.0 | 2,381.1 | 2,142.1 | |||||||||||
GROSS PROFIT | 247.9 | 222.3 | 478.0 | 428.6 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling, general and administrative | 169.2 | 153.9 | 329.0 | 301.6 | |||||||||||
Depreciation and amortization | 6.4 | 5.9 | 12.7 | 11.8 | |||||||||||
Other operating (income) expense, net | 0.1 | 5.1 | (0.1 | ) | 5.2 | ||||||||||
Income from operations | 72.2 | 57.4 | 136.4 | 110.0 | |||||||||||
OTHER EXPENSES: | |||||||||||||||
Floor plan interest expense | (3.3 | ) | (3.1 | ) | (6.3 | ) | (6.2 | ) | |||||||
Other interest expense, net | (9.5 | ) | (9.5 | ) | (18.6 | ) | (18.7 | ) | |||||||
Swap interest expense | (0.4 | ) | (0.9 | ) | (1.0 | ) | (2.1 | ) | |||||||
Total other expenses, net | (13.2 | ) | (13.5 | ) | (25.9 | ) | (27.0 | ) | |||||||
Income before income taxes | 59.0 | 43.9 | 110.5 | 83.0 | |||||||||||
INCOME TAX EXPENSE | 22.8 | 16.7 | 42.8 | 31.9 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 36.2 | 27.2 | 67.7 | 51.1 | |||||||||||
DISCONTINUED OPERATIONS, net of tax | (0.3 | ) | (0.2 | ) | (0.4 | ) | 8.4 | ||||||||
NET INCOME | $ | 35.9 | $ | 27.0 | $ | 67.3 | $ | 59.5 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic— | |||||||||||||||
Continuing operations | $ | 1.19 | $ | 0.88 | $ | 2.23 | $ | 1.66 | |||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | 0.27 | |||||||||
Net income | $ | 1.18 | $ | 0.88 | $ | 2.22 | $ | 1.93 | |||||||
Diluted— | |||||||||||||||
Continuing operations | $ | 1.19 | $ | 0.87 | $ | 2.21 | $ | 1.64 | |||||||
Discontinued operations | (0.01 | ) | — | (0.01 | ) | 0.27 | |||||||||
Net income | $ | 1.18 | $ | 0.87 | $ | 2.20 | $ | 1.91 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 30.3 | 30.8 | 30.3 | 30.8 | |||||||||||
Restricted stock | 0.1 | 0.2 | 0.2 | 0.2 | |||||||||||
Performance share units | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||
Diluted | 30.5 | 31.1 | 30.6 | 31.1 |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
New vehicle revenue—same store(1) | ||||||||||||||
Luxury | $ | 300.8 | $ | 261.4 | $ | 39.4 | 15 | % | ||||||
Mid-line import | 386.4 | 373.6 | 12.8 | 3 | % | |||||||||
Mid-line domestic | 120.1 | 108.5 | 11.6 | 11 | % | |||||||||
Total new vehicle revenue—same store(1) | 807.3 | 743.5 | 63.8 | 9 | % | |||||||||
New vehicle revenue—acquisitions and new stores | 24.2 | — | ||||||||||||
New vehicle revenue, as reported | $ | 831.5 | $ | 743.5 | $ | 88.0 | 12 | % | ||||||
Gross profit: | ||||||||||||||
New vehicle gross profit—same store(1) | ||||||||||||||
Luxury | $ | 21.7 | $ | 18.5 | $ | 3.2 | 17 | % | ||||||
Mid-line import | 21.5 | 19.7 | 1.8 | 9 | % | |||||||||
Mid-line domestic | 7.4 | 6.9 | 0.5 | 7 | % | |||||||||
Total new vehicle gross profit—same store(1) | 50.6 | 45.1 | 5.5 | 12 | % | |||||||||
New vehicle gross profit—acquisitions and new stores | 1.2 | — | ||||||||||||
New vehicle gross profit, as reported | $ | 51.8 | $ | 45.1 | $ | 6.7 | 15 | % | ||||||
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
New vehicle units: | ||||||||||||||
New vehicle retail units—same store(1) | ||||||||||||||
Luxury | 5,895 | 5,202 | 693 | 13 | % | |||||||||
Mid-line import | 14,551 | 13,916 | 635 | 5 | % | |||||||||
Mid-line domestic | 3,030 | 2,964 | 66 | 2 | % | |||||||||
Total new vehicle retail units—same store(1) | 23,476 | 22,082 | 1,394 | 6 | % | |||||||||
Fleet vehicles | 636 | 363 | 273 | 75 | % | |||||||||
Total new vehicle units—same store(1) | 24,112 | 22,445 | 1,667 | 7 | % | |||||||||
New vehicle units—acquisitions and new stores | 925 | — | ||||||||||||
New vehicle units—actual | 25,037 | 22,445 | 2,592 | 12 | % |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
Revenue per new vehicle sold—same store(1) | $ | 33,481 | $ | 33,125 | $ | 356 | 1 | % | ||||||
Gross profit per new vehicle sold—same store(1) | $ | 2,099 | $ | 2,009 | $ | 90 | 4 | % | ||||||
New vehicle gross margin—same store(1) | 6.3 | % | 6.1 | % | 0.2 | % | 3 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
Used vehicle retail revenues—same store(1) | $ | 380.2 | $ | 351.0 | $ | 29.2 | 8 | % | ||||||
Used vehicle retail revenues—acquisitions and new stores | 12.8 | — | ||||||||||||
Total used vehicle retail revenues | 393.0 | 351.0 | 42.0 | 12 | % | |||||||||
Used vehicle wholesale revenues—same store(1) | 50.8 | 44.5 | 6.3 | 14 | % | |||||||||
Used vehicle wholesale revenues—acquisitions and new stores | 1.5 | — | ||||||||||||
Total used vehicle wholesale revenues | 52.3 | 44.5 | 7.8 | 18 | % | |||||||||
Used vehicle revenue, as reported | $ | 445.3 | $ | 395.5 | $ | 49.8 | 13 | % | ||||||
Gross profit: | ||||||||||||||
Used vehicle retail gross profit—same store(1) | $ | 32.8 | $ | 31.5 | $ | 1.3 | 4 | % | ||||||
Used vehicle retail gross profit—acquisitions and new stores | 0.9 | — | ||||||||||||
Total used vehicle retail gross profit | 33.7 | 31.5 | 2.2 | 7 | % | |||||||||
Used vehicle wholesale gross profit—same store(1) | (0.3 | ) | (0.6 | ) | 0.3 | 50 | % | |||||||
Used vehicle wholesale gross profit—acquisitions and new stores | — | — | ||||||||||||
Total used vehicle wholesale gross profit | (0.3 | ) | (0.6 | ) | 0.3 | 50 | % | |||||||
Used vehicle gross profit, as reported | $ | 33.4 | $ | 30.9 | $ | 2.5 | 8 | % | ||||||
Used vehicle retail units: | ||||||||||||||
Used vehicle retail units—same store(1) | 18,155 | 17,703 | 452 | 3 | % | |||||||||
Used vehicle retail units—acquisitions and new stores | 685 | — | ||||||||||||
Used vehicle retail units—actual | 18,840 | 17,703 | 1,137 | 6 | % |
For the Three Months Ended June 30, | Increase (Decrease) | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
Revenue per used vehicle retailed—same store(1) | $ | 20,942 | $ | 19,827 | $ | 1,115 | 6 | % | ||||||
Gross profit per used vehicle retailed—same store(1) | $ | 1,807 | $ | 1,779 | $ | 28 | 2 | % | ||||||
Used vehicle retail gross margin—same store(1) | 8.6 | % | 9.0 | % | (0.4 | )% | (4 | )% |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Revenue: | ||||||||||||||
Parts and service revenue—same store(1) | $ | 164.9 | $ | 153.9 | $ | 11.0 | 7 | % | ||||||
Parts and service revenues—acquisitions and new stores | 3.3 | — | ||||||||||||
Parts and service revenue, as reported | $ | 168.2 | $ | 153.9 | $ | 14.3 | 9 | % | ||||||
Gross profit: | ||||||||||||||
Parts and service gross profit—same store(1) | ||||||||||||||
Customer pay | $ | 58.5 | $ | 55.0 | $ | 3.5 | 6 | % | ||||||
Warranty | 13.6 | 12.2 | 1.4 | 11 | % | |||||||||
Reconditioning and preparation | 25.0 | 21.7 | 3.3 | 15 | % | |||||||||
Wholesale parts | 5.1 | 5.0 | 0.1 | 2 | % | |||||||||
Total parts and service gross profit—same store(1) | 102.2 | 93.9 | 8.3 | 9 | % | |||||||||
Parts and service gross profit—acquisitions and new stores | 2.1 | — | ||||||||||||
Parts and service gross profit, as reported | $ | 104.3 | $ | 93.9 | $ | 10.4 | 11 | % | ||||||
Parts and service gross margin—same store(1) | 62.0 | % | 61.0 | % | 1.0 | % | 2 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Finance and insurance, net—same store(1) | $ | 55.3 | $ | 52.4 | $ | 2.9 | 6 | % | ||||||
Finance and insurance, net—acquisitions and new stores | 3.1 | — | ||||||||||||
Finance and insurance, net as reported | $ | 58.4 | $ | 52.4 | $ | 6.0 | 11 | % | ||||||
Finance and insurance, net per vehicle sold—same store(1) | $ | 1,308 | $ | 1,305 | $ | 3 | — | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Three Months Ended June 30, | |||||
2014 | 2013 | ||||
REVENUE MIX PERCENTAGES: | |||||
New vehicles | 55.3 | % | 55.3 | % | |
Used retail vehicles | 26.1 | % | 26.1 | % | |
Used vehicle wholesale | 3.5 | % | 3.3 | % | |
Parts and service | 11.2 | % | 11.4 | % | |
Finance and insurance, net | 3.9 | % | 3.9 | % | |
Total revenue | 100.0 | % | 100.0 | % | |
GROSS PROFIT MIX PERCENTAGES: | |||||
New vehicles | 20.9 | % | 20.3 | % | |
Used retail vehicles | 13.5 | % | 14.2 | % | |
Used vehicle wholesale | (0.1 | )% | (0.3 | )% | |
Parts and service | 42.1 | % | 42.2 | % | |
Finance and insurance, net | 23.6 | % | 23.6 | % | |
Total gross profit | 100.0 | % | 100.0 | % | |
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT | 68.3 | % | 69.2 | % |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
New vehicle revenue—same store(1) | ||||||||||||||
Luxury | $ | 575.5 | $ | 500.7 | $ | 74.8 | 15 | % | ||||||
Mid-line import | 715.9 | 702.3 | 13.6 | 2 | % | |||||||||
Mid-line domestic | 225.1 | 205.0 | 20.1 | 10 | % | |||||||||
Total new vehicle revenue—same store(1) | 1,516.5 | 1,408.0 | 108.5 | 8 | % | |||||||||
New vehicle revenue—acquisitions and new stores | 41.0 | — | ||||||||||||
New vehicle revenue, as reported | $ | 1,557.5 | $ | 1,408.0 | $ | 149.5 | 11 | % | ||||||
Gross profit: | ||||||||||||||
New vehicle gross profit—same store(1) | ||||||||||||||
Luxury | $ | 41.9 | $ | 35.7 | $ | 6.2 | 17 | % | ||||||
Mid-line import | 38.9 | 36.7 | 2.2 | 6 | % | |||||||||
Mid-line domestic | 14.3 | 13.4 | 0.9 | 7 | % | |||||||||
Total new vehicle gross profit—same store(1) | 95.1 | 85.8 | 9.3 | 11 | % | |||||||||
New vehicle gross profit—acquisitions and new stores | 2.1 | — | ||||||||||||
New vehicle gross profit, as reported | $ | 97.2 | $ | 85.8 | $ | 11.4 | 13 | % | ||||||
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
New vehicle units: | ||||||||||||||
New vehicle retail units—same store(1) | ||||||||||||||
Luxury | 11,264 | 9,928 | 1,336 | 13 | % | |||||||||
Mid-line import | 26,930 | 26,208 | 722 | 3 | % | |||||||||
Mid-line domestic | 5,727 | 5,668 | 59 | 1 | % | |||||||||
Total new vehicle retail units—same store(1) | 43,921 | 41,804 | 2,117 | 5 | % | |||||||||
Fleet vehicles | 1,199 | 682 | 517 | 76 | % | |||||||||
Total new vehicle units—same store(1) | 45,120 | 42,486 | 2,634 | 6 | % | |||||||||
New vehicle units—acquisitions and new stores | 1,573 | — | ||||||||||||
New vehicle units—actual | 46,693 | 42,486 | 4,207 | 10 | % |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
Revenue per new vehicle sold—same store(1) | $ | 33,610 | $ | 33,140 | $ | 470 | 1 | % | ||||||
Gross profit per new vehicle sold—same store(1) | $ | 2,108 | $ | 2,019 | $ | 89 | 4 | % | ||||||
New vehicle gross margin—same store(1) | 6.3 | % | 6.1 | % | 0.2 | % | 3 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Revenue: | ||||||||||||||
Used vehicle retail revenues—same store(1) | $ | 738.1 | $ | 669.5 | $ | 68.6 | 10 | % | ||||||
Used vehicle retail revenues—acquisitions and new stores | 22.2 | — | ||||||||||||
Total used vehicle retail revenues | 760.3 | 669.5 | 90.8 | 14 | % | |||||||||
Used vehicle wholesale revenues—same store(1) | 99.5 | 92.3 | 7.2 | 8 | % | |||||||||
Used vehicle wholesale revenues—acquisitions and new stores | 2.4 | — | ||||||||||||
Total used vehicle wholesale revenues | 101.9 | 92.3 | 9.6 | 10 | % | |||||||||
Used vehicle revenue, as reported | $ | 862.2 | $ | 761.8 | $ | 100.4 | 13 | % | ||||||
Gross profit: | ||||||||||||||
Used vehicle retail gross profit—same store(1) | $ | 65.3 | $ | 62.0 | $ | 3.3 | 5 | % | ||||||
Used vehicle retail gross profit—acquisitions and new stores | 1.6 | — | ||||||||||||
Total used vehicle retail gross profit | 66.9 | 62.0 | 4.9 | 8 | % | |||||||||
Used vehicle wholesale gross profit—same store(1) | 0.5 | 0.2 | 0.3 | 150 | % | |||||||||
Used vehicle wholesale gross profit—acquisitions and new stores | — | — | ||||||||||||
Total used vehicle wholesale gross profit | 0.5 | 0.2 | 0.3 | 150 | % | |||||||||
Used vehicle gross profit, as reported | $ | 67.4 | $ | 62.2 | $ | 5.2 | 8 | % | ||||||
Used vehicle retail units: | ||||||||||||||
Used vehicle retail units—same store(1) | 36,137 | 34,046 | 2,091 | 6 | % | |||||||||
Used vehicle retail units—acquisitions and new stores | 1,206 | — | ||||||||||||
Used vehicle retail units—actual | 37,343 | 34,046 | 3,297 | 10 | % |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
Revenue per used vehicle retailed—same store(1) | $ | 20,425 | $ | 19,665 | $ | 760 | 4 | % | ||||||
Gross profit per used vehicle retailed—same store(1) | $ | 1,807 | $ | 1,821 | $ | (14 | ) | (1 | )% | |||||
Used vehicle retail gross margin—same store(1) | 8.8 | % | 9.3 | % | (0.5 | )% | (5 | )% |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Revenue: | ||||||||||||||
Parts and service revenue—same store(1) | $ | 321.6 | $ | 301.5 | $ | 20.1 | 7 | % | ||||||
Parts and service revenues—acquisitions and new stores | 6.0 | — | ||||||||||||
Parts and service revenue, as reported | $ | 327.6 | $ | 301.5 | $ | 26.1 | 9 | % | ||||||
Gross profit: | ||||||||||||||
Parts and service gross profit—same store(1) | ||||||||||||||
Customer pay | $ | 113.5 | $ | 107.0 | $ | 6.5 | 6 | % | ||||||
Warranty | 26.3 | 23.4 | 2.9 | 12 | % | |||||||||
Reconditioning and preparation | 47.7 | 40.9 | 6.8 | 17 | % | |||||||||
Wholesale parts | 10.2 | 9.9 | 0.3 | 3 | % | |||||||||
Total parts and service gross profit—same store(1) | 197.7 | 181.2 | 16.5 | 9 | % | |||||||||
Parts and service gross profit—acquisitions and new stores | 3.9 | — | ||||||||||||
Parts and service gross profit, as reported | $ | 201.6 | $ | 181.2 | $ | 20.4 | 11 | % | ||||||
Parts and service gross margin—same store(1) | 61.5 | % | 60.1 | % | 1.4 | % | 2 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | Increase | % Change | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in millions, except for per vehicle data) | ||||||||||||||
Finance and insurance, net—same store(1) | $ | 106.3 | $ | 99.4 | $ | 6.9 | 7 | % | ||||||
Finance and insurance, net—acquisitions and new stores | 5.5 | — | ||||||||||||
Finance and insurance, net as reported | $ | 111.8 | $ | 99.4 | $ | 12.4 | 12 | % | ||||||
Finance and insurance, net per vehicle sold—same store(1) | $ | 1,308 | $ | 1,299 | $ | 9 | 1 | % |
(1) | Same store amounts consist of information from dealerships for the identical months of each period presented in the comparison, commencing with the first full month in which the dealership was owned by us. |
For the Six Months Ended June 30, | |||||
2014 | 2013 | ||||
REVENUE MIX PERCENTAGES: | |||||
New vehicles | 54.5 | % | 54.8 | % | |
Used retail vehicles | 26.5 | % | 26.0 | % | |
Used vehicle wholesale | 3.6 | % | 3.6 | % | |
Parts and service | 11.5 | % | 11.7 | % | |
Finance and insurance, net | 3.9 | % | 3.9 | % | |
Total revenue | 100.0 | % | 100.0 | % | |
GROSS PROFIT MIX PERCENTAGES: | |||||
New vehicles | 20.3 | % | 20.0 | % | |
Used retail vehicles | 14.0 | % | 14.5 | % | |
Used vehicle wholesale | 0.1 | % | — | % | |
Parts and service | 42.2 | % | 42.3 | % | |
Finance and insurance, net | 23.4 | % | 23.2 | % | |
Total gross profit | 100.0 | % | 100.0 | % | |
SG&A EXPENSES AS A PERCENTAGE OF GROSS PROFIT | 68.8 | % | 70.4 | % |
June 30, 2014 | December 31, 2013 | Increase (Decrease) | % Change | |||||||||||
SELECTED BALANCE SHEET DATA | ||||||||||||||
Cash and cash equivalents | $ | 7.0 | $ | 5.4 | $ | 1.6 | 30 | % | ||||||
New vehicle inventory | 598.0 | 605.2 | (7.2 | ) | (1 | )% | ||||||||
Used vehicle inventory | 152.6 | 121.8 | 30.8 | 25 | % | |||||||||
Parts inventory | 42.5 | 40.7 | 1.8 | 4 | % | |||||||||
Total current assets | 1,123.5 | 1,108.6 | 14.9 | 1 | % | |||||||||
Floor plan notes payable | 610.7 | 609.5 | 1.2 | — | % | |||||||||
Total current liabilities | 848.2 | 834.2 | 14.0 | 2 | % | |||||||||
CAPITALIZATION: | ||||||||||||||
Long-term debt (including current portion) | $ | 548.9 | $ | 554.4 | $ | (5.5 | ) | (1 | )% | |||||
Shareholders' equity | 528.8 | 490.6 | 38.2 | 8 | % | |||||||||
Total | $ | 1,077.7 | $ | 1,045.0 | $ | 32.7 | 3 | % |
For the Six Months Ended June 30, | |||||
2014 | 2013 | ||||
Luxury | |||||
BMW | 9 | % | 9 | % | |
Mercedes-Benz | 7 | % | 6 | % | |
Lexus | 7 | % | 6 | % | |
Acura | 5 | % | 5 | % | |
Infiniti | 4 | % | 4 | % | |
Other luxury | 6 | % | 6 | % | |
Total luxury | 38 | % | 36 | % | |
Mid-Line Imports: | |||||
Honda | 18 | % | 21 | % | |
Nissan | 13 | % | 13 | % | |
Toyota | 12 | % | 12 | % | |
Other imports | 4 | % | 4 | % | |
Total imports | 47 | % | 50 | % | |
Mid-Line Domestic: | |||||
Ford | 8 | % | 7 | % | |
Dodge | 3 | % | 3 | % | |
Chevrolet | 2 | % | 2 | % | |
Other domestics | 2 | % | 2 | % | |
Total domestic | 15 | % | 14 | % | |
Total New Vehicle Revenue | 100 | % | 100 | % |
For the Three Months Ended June 30, | Increase (Decrease) | % of Gross Profit Decrease | ||||||||||||||||||
2014 | % of Gross Profit | 2013 | % of Gross Profit | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
SG&A, excluding rent expense | $ | 161.5 | 65.2 | % | $ | 145.6 | 65.5 | % | $ | 15.9 | (0.3 | )% | ||||||||
Rent expense | 7.7 | 3.1 | % | 8.3 | 3.7 | % | (0.6 | ) | (0.6 | )% | ||||||||||
SG&A-total | $ | 169.2 | 68.3 | % | $ | 153.9 | 69.2 | % | $ | 15.3 | (0.9 | )% | ||||||||
Gross profit | $ | 247.9 | $ | 222.3 |
For the Six Months Ended June 30, | Increase (Decrease) | % of Gross Profit Decrease | ||||||||||||||||||
2014 | % of Gross Profit | 2013 | % of Gross Profit | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
SG&A, excluding rent expense | $ | 313.7 | 65.6 | % | $ | 284.5 | 66.4 | % | $ | 29.2 | (0.8 | )% | ||||||||
Rent expense | 15.3 | 3.2 | % | 17.1 | 4.0 | % | (1.8 | ) | (0.8 | )% | ||||||||||
SG&A-total | $ | 329.0 | 68.8 | % | $ | 301.6 | 70.4 | % | $ | 27.4 | (1.6 | )% | ||||||||
Gross profit | $ | 478.0 | $ | 428.6 |
For the Twelve Months Ended | |||||||
June 30, 2014 | March 31, 2014 | ||||||
(Dollars in millions) | |||||||
Adjusted leverage ratio: | |||||||
Long-term debt (including current portion) | $ | 548.9 | $ | 551.8 | |||
Less: unamortized premium on 8.375% Senior Subordinated Notes due 2020 | (8.7 | ) | (8.9 | ) | |||
Adjusted long-term debt (including current portion) | $ | 540.2 | $ | 542.9 | |||
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"): | |||||||
Income from continuing operations | $ | 117.8 | $ | 108.7 | |||
Add: | |||||||
Depreciation and amortization | 25.1 | 24.7 | |||||
Income tax expense | 75.0 | 69.0 | |||||
Swap and other interest expense | 40.5 | 40.8 | |||||
Earnings before interest, taxes, depreciation and amortization ("EBITDA") | $ | 258.4 | $ | 243.2 | |||
Non-core items - expense: | |||||||
Real estate-related charges | 2.1 | 7.3 | |||||
Loss on extinguishment of long-term debt | 6.8 | 6.8 | |||||
Total non-core items | 8.9 | 14.1 | |||||
Adjusted EBITDA | $ | 267.3 | $ | 257.3 | |||
Adjusted leverage ratio | 2.0 | 2.1 |
For the Three Months Ended June 30, | |||||||
2014 | 2013 | ||||||
(In millions, except per share data) | |||||||
Adjusted income from continuing operations: | |||||||
Net income | $ | 35.9 | $ | 27.0 | |||
Discontinued operations, net of tax | 0.3 | 0.2 | |||||
Income from continuing operations | 36.2 | 27.2 | |||||
Non-core items - expense (income): | |||||||
Real estate-related charges | — | 5.2 | |||||
Tax benefit on non-core items above | — | (2.0 | ) | ||||
Total non-core items | — | 3.2 | |||||
Adjusted income from continuing operations | $ | 36.2 | $ | 30.4 | |||
Adjusted diluted earnings per share (EPS) from continuing operations: | |||||||
Net income | $ | 1.18 | $ | 0.87 | |||
Discontinued operations, net of tax | 0.01 | — | |||||
Income from continuing operations | $ | 1.19 | $ | 0.87 | |||
Total non-core items | — | 0.11 | |||||
Adjusted diluted EPS from continuing operations | $ | 1.19 | $ | 0.98 | |||
Weighted average common shares outstanding - diluted | 30.5 | 31.1 |
For the Six Months Ended June 30, | |||||||
2014 | 2013 | ||||||
(In millions, except per share data) | |||||||
Adjusted income from continuing operations: | |||||||
Net income | $ | 67.3 | $ | 59.5 | |||
Discontinued operations, net of tax | 0.4 | (8.4 | ) | ||||
Income from continuing operations | 67.7 | 51.1 | |||||
Non-core items - expense (income): | |||||||
Real estate-related charges | — | 5.2 | |||||
Tax benefit on non-core items above | — | (2.0 | ) | ||||
Total non-core items | — | 3.2 | |||||
Adjusted income from continuing operations | $ | 67.7 | $ | 54.3 | |||
Adjusted diluted earnings per share (EPS) from continuing operations: | |||||||
Net income | $ | 2.20 | $ | 1.91 | |||
Discontinued operations, net of tax | 0.01 | (0.27 | ) | ||||
Income from continuing operations | $ | 2.21 | $ | 1.64 | |||
Total non-core items | — | 0.11 | |||||
Adjusted diluted EPS from continuing operations | $ | 2.21 | $ | 1.75 | |||
Weighted average common shares outstanding - diluted | 30.6 | 31.1 |