08/05/2024 | Press release | Distributed by Public on 08/05/2024 06:50
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except per share amounts) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | 1,552.6 | $ | 1,608.2 | (3) | % | $ | 3,008.4 | $ | 3,051.0 | (1) | % |
Fleet new vehicles | 26.2 | 28.3 | (7) | % | 45.8 | 47.1 | (3) | % | ||||
Total new vehicles | 1,578.8 | 1,636.5 | (4) | % | 3,054.2 | 3,098.1 | (1) | % | ||||
Used vehicles | 1,186.2 | 1,305.9 | (9) | % | 2,401.8 | 2,650.8 | (9) | % | ||||
Wholesale vehicles | 71.3 | 91.5 | (22) | % | 148.6 | 177.0 | (16) | % | ||||
Total vehicles | 2,836.3 | 3,033.9 | (7) | % | 5,604.6 | 5,925.9 | (5) | % | ||||
Parts, service and collision repair | 444.1 | 443.7 | - | % | 890.8 | 874.2 | 2 | % | ||||
Finance, insurance and other, net | 172.6 | 175.3 | (2) | % | 341.6 | 344.0 | (1) | % | ||||
Total revenues | 3,453.0 | 3,652.9 | (5) | % | 6,837.0 | 7,144.1 | (4) | % | ||||
Cost of sales: | ||||||||||||
Retail new vehicles | (1,454.8) | (1,466.8) | 1 | % | (2,814.2) | (2,771.5) | (2) | % | ||||
Fleet new vehicles | (25.2) | (27.0) | 7 | % | (44.1) | (45.0) | 2 | % | ||||
Total new vehicles | (1,480.0) | (1,493.8) | 1 | % | (2,858.3) | (2,816.5) | (1) | % | ||||
Used vehicles | (1,141.5) | (1,274.4) | 10 | % | (2,310.1) | (2,589.3) | 11 | % | ||||
Wholesale vehicles | (71.9) | (92.5) | 22 | % | (149.9) | (174.9) | 14 | % | ||||
Total vehicles | (2,693.4) | (2,860.7) | 6 | % | (5,318.3) | (5,580.7) | 5 | % | ||||
Parts, service and collision repair | (220.5) | (223.3) | 1 | % | (443.4) | (440.9) | (1) | % | ||||
Total cost of sales | (2,913.9) | (3,084.0) | 6 | % | (5,761.7) | (6,021.6) | 4 | % | ||||
Gross profit | 539.1 | 568.9 | (5) | % | 1,075.3 | 1,122.5 | (4) | % | ||||
Selling, general and administrative expenses | (393.0) | (391.9) | - | % | (785.3) | (804.7) | 2 | % | ||||
Impairment charges | (1.4) | (62.6) | NM | (2.4) | (62.6) | NM | ||||||
Depreciation and amortization | (37.0) | (36.1) | (2) | % | (73.2) | (70.5) | (4) | % | ||||
Operating income (loss) | 107.7 | 78.3 | 38 | % | 214.4 | 184.7 | 16 | % | ||||
Other income (expense): | ||||||||||||
Interest expense, floor plan | (22.2) | (17.0) | (31) | % | (42.5) | (31.5) | (35) | % | ||||
Interest expense, other, net | (29.3) | (28.9) | (1) | % | (58.3) | (57.3) | (2) | % | ||||
Other income (expense), net | (0.5) | 0.1 | NM | (0.4) | 0.2 | NM | ||||||
Total other income (expense) | (52.0) | (45.8) | (14) | % | (101.2) | (88.6) | (14) | % | ||||
Income (loss) before taxes | 55.7 | 32.5 | 71 | % | 113.2 | 96.1 | 18 | % | ||||
Provision for income taxes - benefit (expense) | (14.5) | (9.1) | (59) | % | (30.0) | (25.0) | (20) | % | ||||
Net income (loss) | $ | 41.2 | $ | 23.4 | 76 | % | $ | 83.2 | $ | 71.1 | 17 | % |
Basic earnings (loss) per common share | $ | 1.21 | $ | 0.66 | 83 | % | $ | 2.45 | $ | 2.00 | 23 | % |
Basic weighted-average common shares outstanding | 34.0 | 35.3 | 4 | % | 34.0 | 35.6 | 4 | % | ||||
Diluted earnings (loss) per common share | $ | 1.18 | $ | 0.65 | 82 | % | $ | 2.39 | $ | 1.95 | 23 | % |
Diluted weighted-average common shares outstanding | 34.9 | 36.0 | 3 | % | 34.8 | 36.5 | 5 | % | ||||
Dividends declared per common share | $ | 0.30 | $ | 0.29 | 3 | % | $ | 0.60 | $ | 0.57 | 5 | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | 1,530.9 | $ | 1,583.3 | (3) | % | $ | 2,970.8 | $ | 3,004.3 | (1) | % |
Fleet new vehicles | 26.2 | 28.3 | (7) | % | 45.8 | 47.1 | (3) | % | ||||
Total new vehicles | 1,557.1 | 1,611.6 | (3) | % | 3,016.6 | 3,051.4 | (1) | % | ||||
Used vehicles | 732.1 | 774.5 | (5) | % | 1,461.4 | 1,542.0 | (5) | % | ||||
Wholesale vehicles | 48.4 | 55.6 | (13) | % | 96.9 | 114.0 | (15) | % | ||||
Total vehicles | 2,337.6 | 2,441.7 | (4) | % | 4,574.9 | 4,707.4 | (3) | % | ||||
Parts, service and collision repair | 434.4 | 433.4 | - | % | 874.3 | 857.2 | 2 | % | ||||
Finance, insurance and other, net | 124.2 | 132.2 | (6) | % | 243.8 | 249.4 | (2) | % | ||||
Total revenues | 2,896.2 | 3,007.3 | (4) | % | 5,693.0 | 5,814.0 | (2) | % | ||||
Gross Profit: | ||||||||||||
Retail new vehicles | 94.9 | 136.9 | (31) | % | 189.0 | 270.9 | (30) | % | ||||
Fleet new vehicles | 1.0 | 1.3 | (23) | % | 1.7 | 2.1 | (19) | % | ||||
Total new vehicles | 95.9 | 138.2 | (31) | % | 190.7 | 273.0 | (30) | % | ||||
Used vehicles | 38.7 | 44.5 | (13) | % | 79.6 | 85.3 | (7) | % | ||||
Wholesale vehicles | (0.5) | (1.0) | 50 | % | (0.7) | 1.0 | (170) | % | ||||
Total vehicles | 134.1 | 181.7 | (26) | % | 269.6 | 359.3 | (25) | % | ||||
Parts, service and collision repair | 219.0 | 215.4 | 2 | % | 439.7 | 425.0 | 3 | % | ||||
Finance, insurance and other, net | 124.2 | 132.2 | (6) | % | 243.8 | 249.4 | (2) | % | ||||
Total gross profit | 477.3 | 529.3 | (10) | % | 953.1 | 1,033.7 | (8) | % | ||||
Selling, general and administrative expenses | (347.9) | (316.1) | (10) | % | (686.4) | (647.3) | (6) | % | ||||
Impairment charges | - | - | NM | (1.0) | - | NM | ||||||
Depreciation and amortization | (30.4) | (27.9) | (9) | % | (60.2) | (54.5) | (10) | % | ||||
Operating income (loss) | 99.0 | 185.3 | (47) | % | 205.5 | 331.9 | (38) | % | ||||
Other income (expense): | ||||||||||||
Interest expense, floor plan | (18.0) | (11.9) | (51) | % | (34.0) | (21.8) | (56) | % | ||||
Interest expense, other, net | (27.8) | (27.5) | (1) | % | (55.6) | (54.4) | (2) | % | ||||
Other income (expense), net | (0.5) | - | NM | (0.5) | 0.1 | NM | ||||||
Total other income (expense) | (46.3) | (39.4) | (18) | % | (90.1) | (76.1) | (18) | % | ||||
Income (loss) before taxes | 52.7 | 145.9 | (64) | % | 115.4 | 255.8 | (55) | % | ||||
Add: Impairment charges | - | - | NM | 1.0 | - | NM | ||||||
Segment income (loss) | $ | 52.7 | $ | 145.9 | (64) | % | $ | 116.4 | $ | 255.8 | (54) | % |
Unit Sales Volume: | ||||||||||||
Retail new vehicles | 26,512 | 27,358 | (3) | % | 51,809 | 51,897 | - | % | ||||
Fleet new vehicles | 514 | 590 | (13) | % | 893 | 1,031 | (13) | % | ||||
Total new vehicles | 27,026 | 27,948 | (3) | % | 52,702 | 52,928 | - | % | ||||
Used vehicles | 25,668 | 25,197 | 2 | % | 51,334 | 50,304 | 2 | % | ||||
Wholesale vehicles | 5,248 | 5,516 | (5) | % | 10,353 | 10,999 | (6) | % | ||||
Retail new & used vehicles | 52,180 | 52,555 | (1) | % | 103,143 | 102,201 | 1 | % | ||||
Used-to-New Ratio | 0.97 | 0.92 | 5 | % | 0.99 | 0.97 | 2 | % | ||||
Gross Profit Per Unit: | ||||||||||||
Retail new vehicles | $ | 3,579 | $ | 5,003 | (28) | % | $ | 3,649 | $ | 5,221 | (30) | % |
Fleet new vehicles | $ | 1,885 | $ | 2,099 | (10) | % | $ | 1,809 | $ | 2,065 | (12) | % |
New vehicles | $ | 3,547 | $ | 4,942 | (28) | % | $ | 3,618 | $ | 5,159 | (30) | % |
Used vehicles | $ | 1,508 | $ | 1,765 | (15) | % | $ | 1,550 | $ | 1,695 | (9) | % |
Finance, insurance and other, net | $ | 2,380 | $ | 2,516 | (5) | % | $ | 2,364 | $ | 2,440 | (3) | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | 1,530.6 | $ | 1,566.5 | (2) | % | $ | 2,964.6 | $ | 2,964.3 | - | % |
Fleet new vehicles | 26.2 | 28.4 | (8) | % | 45.8 | 47.2 | (3) | % | ||||
Total new vehicles | 1,556.8 | 1,594.9 | (2) | % | 3,010.4 | 3,011.5 | - | % | ||||
Used vehicles | 731.9 | 766.2 | (4) | % | 1,457.0 | 1,519.8 | (4) | % | ||||
Wholesale vehicles | 48.3 | 54.7 | (12) | % | 96.5 | 112.1 | (14) | % | ||||
Total vehicles | 2,337.0 | 2,415.8 | (3) | % | 4,563.9 | 4,643.4 | (2) | % | ||||
Parts, service and collision repair | 434.3 | 430.0 | 1 | % | 872.6 | 847.5 | 3 | % | ||||
Finance, insurance and other, net | 124.2 | 130.9 | (5) | % | 243.4 | 246.2 | (1) | % | ||||
Total revenues | 2,895.5 | 2,976.7 | (3) | % | 5,679.9 | 5,737.1 | (1) | % | ||||
Gross Profit: | ||||||||||||
Retail new vehicles | 95.1 | 135.7 | (30) | % | 188.8 | 267.8 | (29) | % | ||||
Fleet new vehicles | 1.0 | 1.2 | (17) | % | 1.6 | 2.1 | (24) | % | ||||
Total new vehicles | 96.1 | 136.9 | (30) | % | 190.4 | 269.9 | (29) | % | ||||
Used vehicles | 39.1 | 44.3 | (12) | % | 79.6 | 84.3 | (6) | % | ||||
Wholesale vehicles | (0.5) | (0.5) | - | % | (0.6) | 1.4 | (143) | % | ||||
Total vehicles | 134.7 | 180.7 | (25) | % | 269.4 | 355.6 | (24) | % | ||||
Parts, service and collision repair | 218.8 | 213.5 | 2 | % | 438.2 | 419.6 | 4 | % | ||||
Finance, insurance and other, net | 124.2 | 130.9 | (5) | % | 243.4 | 246.2 | (1) | % | ||||
Total gross profit | $ | 477.7 | $ | 525.1 | (9) | % | $ | 951.0 | $ | 1,021.4 | (7) | % |
Unit Sales Volume: | ||||||||||||
Retail new vehicles | 26,505 | 26,953 | (2) | % | 51,688 | 50,975 | 1 | % | ||||
Fleet new vehicles | 514 | 590 | (13) | % | 893 | 1,031 | (13) | % | ||||
Total new vehicles | 27,019 | 27,543 | (2) | % | 52,581 | 52,006 | 1 | % | ||||
Used vehicles | 25,660 | 24,873 | 3 | % | 51,169 | 49,454 | 3 | % | ||||
Wholesale vehicles | 5,243 | 5,430 | (3) | % | 10,317 | 10,812 | (5) | % | ||||
Retail new & used vehicles | 52,165 | 51,826 | 1 | % | 102,857 | 100,429 | 2 | % | ||||
Used-to-New Ratio | 0.97 | 0.90 | 8 | % | 0.99 | 0.95 | 4 | % | ||||
Gross Profit Per Unit: | ||||||||||||
Retail new vehicles | $ | 3,590 | $ | 5,033 | (29) | % | $ | 3,653 | $ | 5,254 | (30) | % |
Fleet new vehicles | $ | 1,885 | $ | 2,099 | (10) | % | $ | 1,809 | $ | 2,065 | (12) | % |
New vehicles | $ | 3,557 | $ | 4,970 | (28) | % | $ | 3,622 | $ | 5,191 | (30) | % |
Used vehicles | $ | 1,524 | $ | 1,779 | (14) | % | $ | 1,555 | $ | 1,705 | (9) | % |
Finance, insurance and other, net | $ | 2,380 | $ | 2,526 | (6) | % | $ | 2,366 | $ | 2,451 | (3) | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | - | $ | - | - | % | $ | - | $ | 1.0 | (100) | % |
Used vehicles | 448.9 | 524.0 | (14) | % | 931.7 | 1,096.5 | (15) | % | ||||
Wholesale vehicles | 21.9 | 35.5 | (38) | % | 50.7 | 62.5 | (19) | % | ||||
Total vehicles | 470.8 | 559.5 | (16) | % | 982.4 | 1,160.0 | (15) | % | ||||
Finance, insurance and other, net | 46.5 | 41.1 | 13 | % | 94.3 | 91.1 | 4 | % | ||||
Total revenues | 517.3 | 600.6 | (14) | % | 1,076.7 | 1,251.1 | (14) | % | ||||
Gross Profit: | ||||||||||||
Retail new vehicles | - | - | - | % | - | 0.1 | (100) | % | ||||
Used vehicles | 4.7 | (14.3) | 133 | % | 10.0 | (26.2) | 138 | % | ||||
Wholesale vehicles | (0.1) | - | (100) | % | (0.6) | 1.2 | (150) | % | ||||
Total vehicles | 4.6 | (14.3) | 132 | % | 9.4 | (24.9) | 138 | % | ||||
Finance, insurance and other, net | 46.5 | 41.1 | 13 | % | 94.3 | 91.1 | 4 | % | ||||
Total gross profit | 51.1 | 26.8 | 91 | % | 103.7 | 66.2 | 57 | % | ||||
Selling, general and administrative expenses | (37.2) | (66.6) | 44 | % | (82.8) | (140.4) | 41 | % | ||||
Impairment charges | (1.4) | (62.6) | NM | (1.4) | (62.6) | NM | ||||||
Depreciation and amortization | (5.6) | (7.4) | 24 | % | (11.1) | (14.4) | 23 | % | ||||
Operating income (loss) | 6.9 | (109.8) | 106 | % | 8.4 | (151.2) | 106 | % | ||||
Other income (expense): | ||||||||||||
Interest expense, floor plan | (3.8) | (4.8) | 21 | % | (7.6) | (9.3) | 18 | % | ||||
Interest expense, other, net | (0.7) | (0.9) | 22 | % | (1.3) | (1.8) | 28 | % | ||||
Other income (expense), net | 0.1 | 0.1 | NM | - | - | NM | ||||||
Total other income (expense) | 4.4 | (5.6) | 179 | % | 8.9 | (11.1) | 180 | % | ||||
Income (loss) before taxes | 2.5 | (115.4) | 102 | % | (0.5) | (162.3) | 100 | % | ||||
Add: Impairment charges | 1.4 | 62.6 | NM | 1.4 | 62.6 | NM | ||||||
Segment income (loss) | $ | 3.9 | $ | (52.8) | 107 | % | $ | 0.9 | $ | (99.7) | 101 | % |
Unit Sales Volume: | ||||||||||||
Retail new vehicles | - | - | - | % | - | 11 | (100) | % | ||||
Used vehicles | 16,641 | 17,084 | (3) | % | 34,622 | 37,064 | (7) | % | ||||
Wholesale vehicles | 2,593 | 3,235 | (20) | % | 5,587 | 6,151 | (9) | % | ||||
Gross Profit Per Unit: | ||||||||||||
Total used vehicle and F&I | $ | 3,078 | $ | 1,569 | 96 | % | $ | 3,014 | $ | 1,750 | 72 | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Used vehicles | $ | 448.9 | $ | 410.0 | 9 | % | $ | 922.1 | $ | 843.7 | 9 | % |
Wholesale vehicles | 21.9 | 26.3 | (17) | % | 47.4 | 44.2 | 7 | % | ||||
Total vehicles | 470.8 | 436.3 | 8 | % | 969.5 | 887.9 | 9 | % | ||||
Finance, insurance and other, net | 47.3 | 32.6 | 45 | % | 94.8 | 70.9 | 34 | % | ||||
Total revenues | 518.1 | 468.9 | 10 | % | 1,064.3 | 958.8 | 11 | % | ||||
Gross Profit: | ||||||||||||
Used vehicles | 4.8 | (4.3) | 212 | % | 10.4 | (14.1) | 174 | % | ||||
Wholesale vehicles | (0.2) | 0.4 | (150) | % | - | 1.6 | (100) | % | ||||
Total vehicles | 4.6 | (3.9) | 218 | % | 10.4 | (12.5) | 183 | % | ||||
Finance, insurance and other, net | 47.3 | 32.6 | 45 | % | 94.8 | 70.9 | 34 | % | ||||
Total gross profit | $ | 51.9 | $ | 28.7 | 81 | % | $ | 105.2 | $ | 58.4 | 80 | % |
Unit Sales Volume: | ||||||||||||
Used vehicles | 16,641 | 13,529 | 23 | % | 34,259 | 29,080 | 18 | % | ||||
Wholesale vehicles | 2,593 | 2,402 | 8 | % | 5,378 | 4,521 | 19 | % | ||||
Gross Profit Per Unit: | ||||||||||||
Total used vehicle and F&I | $ | 3,127 | $ | 2,091 | 50 | % | $ | 3,071 | $ | 1,953 | 57 | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | 21.7 | $ | 24.9 | (13) | % | $ | 37.5 | $ | 45.7 | (18) | % |
Used vehicles | 5.3 | 7.4 | (28) | % | 8.7 | 12.3 | (29) | % | ||||
Wholesale vehicles | 0.9 | 0.4 | 125 | % | 1.1 | 0.5 | 120 | % | ||||
Total vehicles | 27.9 | 32.7 | (15) | % | 47.3 | 58.5 | (19) | % | ||||
Parts, service and collision repair | 9.7 | 10.3 | (6) | % | 16.5 | 17.0 | (3) | % | ||||
Finance, insurance and other, net | 2.0 | 2.0 | - | % | 3.5 | 3.5 | - | % | ||||
Total revenues | 39.6 | 45.0 | (12) | % | 67.3 | 79.0 | (15) | % | ||||
Gross Profit: | ||||||||||||
Retail new vehicles | 2.9 | 4.5 | (36) | % | 5.2 | 8.5 | (39) | % | ||||
Used vehicles | 1.3 | 1.3 | - | % | 2.2 | 2.4 | (8) | % | ||||
Wholesale vehicles | (0.1) | - | (100) | % | (0.1) | (0.1) | - | % | ||||
Total vehicles | 4.1 | 5.8 | (29) | % | 7.3 | 10.8 | (32) | % | ||||
Parts, service and collision repair | 4.6 | 5.0 | (8) | % | 7.7 | 8.3 | (7) | % | ||||
Finance, insurance and other, net | 2.0 | 2.0 | - | % | 3.5 | 3.5 | - | % | ||||
Total gross profit | 10.7 | 12.8 | (16) | % | 18.5 | 22.6 | (18) | % | ||||
Selling, general and administrative expenses | (7.9) | (9.2) | 14 | % | (16.0) | (17.0) | 6 | % | ||||
Depreciation and amortization | (1.0) | (0.8) | (25) | % | (2.0) | (1.6) | (25) | % | ||||
Operating income (loss) | 1.8 | 2.8 | (36) | % | 0.5 | 4.0 | (88) | % | ||||
Other income (expense): | ||||||||||||
Interest expense, floor plan | (0.5) | (0.3) | (67) | % | (1.0) | (0.4) | (150) | % | ||||
Interest expense, other, net | (0.8) | (0.5) | (60) | % | (1.3) | (1.1) | (18) | % | ||||
Other income (expense), net | - | - | NM | 0.1 | 0.1 | NM | ||||||
Total other income (expense) | (1.3) | (0.8) | (63) | % | (2.2) | (1.4) | (57) | % | ||||
Income (loss) before taxes | 0.5 | 2.0 | (75) | % | (1.7) | 2.6 | (165) | % | ||||
Add: Impairment charges | - | - | NM | - | - | NM | ||||||
Segment income (loss) | $ | 0.5 | $ | 2.0 | (75) | % | $ | (1.7) | $ | 2.6 | (165) | % |
Unit Sales Volume: | ||||||||||||
Retail new vehicles | 1,193 | 1,396 | (15) | % | 2,038 | 2,503 | (19) | % | ||||
Used vehicles | 522 | 691 | (24) | % | 931 | 1,135 | (18) | % | ||||
Wholesale vehicles | 18 | 50 | (64) | % | 31 | 57 | (46) | % | ||||
Gross Profit Per Unit: | ||||||||||||
Retail new vehicles | $ | 2,466 | $ | 3,235 | (24) | % | $ | 2,553 | $ | 3,385 | (25) | % |
Used vehicles | $ | 2,423 | $ | 1,942 | 25 | % | $ | 2,318 | $ | 2,093 | 11 | % |
Finance, insurance and other, net | $ | 1,153 | $ | 952 | 21 | % | $ | 1,172 | $ | 964 | 22 | % |
Three Months Ended June 30, | Better / (Worse) | Six Months Ended June 30, | Better / (Worse) | |||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions, except unit and per unit data) | ||||||||||||
Revenues: | ||||||||||||
Retail new vehicles | $ | 21.7 | $ | 24.9 | (13) | % | $ | 37.0 | $ | 45.5 | (19) | % |
Used vehicles | 5.3 | 7.4 | (28) | % | 8.0 | 11.8 | (32) | % | ||||
Wholesale vehicles | 0.9 | 0.4 | 125 | % | 1.2 | 0.5 | 140 | % | ||||
Total vehicles | 27.9 | 32.7 | (15) | % | 46.2 | 57.8 | (20) | % | ||||
Parts, service and collision repair | 9.7 | 10.3 | (6) | % | 15.8 | 16.7 | (5) | % | ||||
Finance, insurance and other, net | 2.0 | 2.0 | - | % | 3.4 | 3.5 | (3) | % | ||||
Total revenues | 39.6 | 45.0 | (12) | % | 65.4 | 78.0 | (16) | % | ||||
Gross Profit: | ||||||||||||
Retail new vehicles | 2.9 | 4.5 | (36) | % | 5.1 | 8.4 | (39) | % | ||||
Used vehicles | 1.3 | 1.3 | - | % | 2.0 | 2.3 | (13) | % | ||||
Wholesale vehicles | (0.1) | - | (100) | % | (0.1) | (0.1) | - | % | ||||
Total vehicles | 4.1 | 5.8 | (29) | % | 7.0 | 10.6 | (34) | % | ||||
Parts, service and collision repair | 4.6 | 5.0 | (8) | % | 7.4 | 8.2 | (10) | % | ||||
Finance, insurance and other, net | 2.0 | 2.0 | - | % | 3.4 | 3.5 | (3) | % | ||||
Total gross profit | $ | 10.7 | $ | 12.8 | (16) | % | $ | 17.8 | $ | 22.3 | (20) | % |
Unit Sales Volume: | ||||||||||||
Retail new vehicles | 1,193 | 1,396 | (15) | % | 2,021 | 2,496 | (19) | % | ||||
Used vehicles | 522 | 691 | (24) | % | 858 | 1,092 | (21) | % | ||||
Wholesale vehicles | 18 | 50 | (64) | % | 28 | 56 | (50) | % | ||||
Retail new & used vehicles | 1,715 | 2,087 | (18) | % | 2,879 | 3,588 | (20) | % | ||||
Used-to-New Ratio | 0.44 | 0.49 | (10) | % | 0.42 | 0.44 | (5) | % | ||||
Gross Profit Per Unit: | ||||||||||||
Retail new vehicles | $ | 2,466 | $ | 3,235 | (24) | % | $ | 2,502 | $ | 3,373 | (26) | % |
Used vehicles | $ | 2,423 | $ | 1,942 | 25 | % | $ | 2,336 | $ | 2,064 | 13 | % |
Finance, insurance and other, net | $ | 1,153 | $ | 952 | 21 | % | $ | 1,182 | $ | 964 | 23 | % |
Three Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 250.9 | $ | 261.0 | $ | 10.1 | 4 | % |
Advertising | 21.6 | 22.8 | 1.2 | 5 | % | |||
Rent | 7.7 | 11.5 | 3.8 | 33 | % | |||
Other | 112.8 | 96.6 | (16.2) | (17) | % | |||
Total SG&A expenses | $ | 393.0 | $ | 391.9 | $ | (1.1) | - | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | 0.6 | $ | 20.7 | ||||
Excess compensation related to CDK outage | (9.6) | - | ||||||
Hail and storm damage charges | (3.6) | (1.9) | ||||||
Gain (loss) on exit of leased dealerships | 3.0 | (0.4) | ||||||
Severance and long-term compensation charges | (0.7) | (2.2) | ||||||
Total SG&A adjustments | $ | (10.3) | $ | 16.2 | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 382.7 | $ | 408.1 | $ | 25.4 | 6 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 46.5 | % | 45.9 | % | (60) | bps | ||
Advertising | 4.0 | % | 4.0 | % | - | bps | ||
Rent | 1.4 | % | 2.0 | % | 60 | bps | ||
Other | 21.0 | % | 17.0 | % | (400) | bps | ||
Total SG&A expenses as a % of gross profit | 72.9 | % | 68.9 | % | (400) | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | 0.1 | % | 2.0 | % | ||||
Excess compensation related to CDK outage | (2.1) | % | - | % | ||||
Hail and storm damage charges | (0.7) | % | (0.2) | % | ||||
Gain (loss) on exit of leased dealerships | 0.6 | % | - | % | ||||
Severance and long-term compensation charges | (0.1) | % | (0.2) | % | ||||
Total effect of adjustments | (2.2) | % | 1.6 | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 70.7 | % | 70.5 | % | (20) | bps | ||
Reported: | ||||||||
Total gross profit | $ | 539.1 | $ | 568.9 | $ | (29.8) | (5) | % |
Adjustments: | ||||||||
Excess compensation related to CDK outage | $ | 2.0 | $ | - | ||||
Used vehicle inventory valuation adjustment | - | 10.0 | ||||||
Total adjustments | $ | 2.0 | $ | 10.0 | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 541.1 | $ | 578.9 | $ | (37.8) | (7) | % |
Six Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 498.1 | $ | 519.7 | $ | 21.6 | 4 | % |
Advertising | 43.9 | 48.9 | 5.0 | 10 | % | |||
Rent | 17.1 | 22.8 | 5.7 | 25 | % | |||
Other | 226.2 | 213.3 | (12.9) | (6) | % | |||
Total SG&A expenses | $ | 785.3 | $ | 804.7 | $ | 19.4 | 2 | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | 0.6 | $ | 20.7 | ||||
Closed store accrued expenses | (2.1) | - | ||||||
Excess compensation related to CDK outage | (9.6) | - | ||||||
Hail and storm damage charges | (3.6) | (1.9) | ||||||
Gain (loss) on exit of leased dealerships | 3.0 | (0.4) | ||||||
Severance and long-term compensation charges | (5.0) | (4.2) | ||||||
Total SG&A adjustments | $ | (16.7) | $ | 14.2 | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 768.6 | $ | 818.9 | $ | 50.3 | 6 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 46.3 | % | 46.3 | % | - | bps | ||
Advertising | 4.1 | % | 4.4 | % | 30 | bps | ||
Rent | 1.6 | % | 2.0 | % | 40 | bps | ||
Other | 21.0 | % | 19.0 | % | (200) | bps | ||
Total SG&A expenses as a % of gross profit | 73.0 | % | 71.7 | % | (130) | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | 0.1 | % | 0.9 | % | ||||
Closed store accrued expenses | (0.2) | % | - | % | ||||
Excess compensation related to CDK outage | (1.0) | % | - | % | ||||
Hail and storm damage charges | (0.4) | % | (0.1) | % | ||||
Gain (loss) on exit of leased dealerships | 0.3 | % | - | % | ||||
Severance and long-term compensation charges | (0.5) | % | (0.2) | % | ||||
Total effect of adjustments | (1.7) | % | 0.6 | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 71.3 | % | 72.3 | % | 80 | bps | ||
Reported: | ||||||||
Total gross profit | $ | 1,075.3 | $ | 1,122.5 | $ | (47.2) | (4) | % |
Adjustments: | ||||||||
Excess compensation related to CDK outage | $ | 2.0 | $ | - | ||||
Used vehicle inventory valuation adjustment | - | 10.0 | ||||||
Total adjustments | $ | 2.0 | $ | 10.0 | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 1,077.3 | $ | 1,132.5 | $ | (55.2) | (5) | % |
Three Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 221.9 | $ | 219.0 | $ | (2.9) | (1) | % |
Advertising | 14.3 | 8.7 | (5.6) | (64) | % | |||
Rent | 10.3 | 9.4 | (0.9) | (10) | % | |||
Other | 101.4 | 79.0 | (22.4) | (28) | % | |||
Total SG&A expenses | $ | 347.9 | $ | 316.1 | $ | (31.8) | (10) | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | - | $ | 20.9 | ||||
Excess compensation related to CDK outage | (9.2) | - | ||||||
Hail and storm damage charges | (3.6) | (1.9) | ||||||
Total SG&A adjustments | $ | (12.8) | $ | 19.0 | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 335.1 | $ | 335.1 | $ | - | - | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 46.5 | % | 41.4 | % | (510) | bps | ||
Advertising | 3.0 | % | 1.6 | % | (140) | bps | ||
Rent | 2.2 | % | 1.8 | % | (40) | bps | ||
Other | 21.2 | % | 14.9 | % | (630) | bps | ||
Total SG&A expenses as a % of gross profit | 72.9 | % | 59.7 | % | (1,320) | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | - | % | 4.0 | % | ||||
Excess compensation related to CDK outage | (2.2) | % | - | % | ||||
Hail and storm damage charges | (0.8) | % | (0.4) | % | ||||
Total effect of adjustments | (3.0) | % | 3.6 | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 69.9 | % | 63.3 | % | (660) | bps | ||
Reported: | ||||||||
Total gross profit | $ | 477.3 | $ | 529.3 | $ | (52.0) | (10) | % |
Adjustments: | ||||||||
Excess compensation related to CDK outage | $ | 2.0 | $ | - | ||||
Total adjustments | $ | 2.0 | $ | - | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 479.3 | $ | 529.3 | $ | (50.0) | (9) | % |
Six Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 438.3 | $ | 432.8 | $ | (5.5) | (1) | % |
Advertising | 29.6 | 18.6 | (11.0) | (59) | % | |||
Rent | 20.4 | 19.5 | (0.9) | (5) | % | |||
Other | 198.1 | 176.4 | (21.7) | (12) | % | |||
Total SG&A expenses | $ | 686.4 | $ | 647.3 | $ | (39.1) | (6) | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | - | $ | 20.9 | ||||
Excess compensation related to CDK outage | (9.2) | - | ||||||
Hail and storm damage charges | (3.6) | (1.9) | ||||||
Severance and long-term compensation charges | (2.2) | - | ||||||
Total SG&A adjustments | $ | (15.0) | $ | 19.0 | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 671.4 | $ | 666.3 | $ | (5.1) | (1) | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 46.0 | % | 41.9 | % | (410) | bps | ||
Advertising | 3.1 | % | 1.8 | % | (130) | bps | ||
Rent | 2.1 | % | 1.9 | % | (20) | bps | ||
Other | 20.8 | % | 17.0 | % | (380) | bps | ||
Total SG&A expenses as a % of gross profit | 72.0 | % | 62.6 | % | (940) | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | - | % | 2.1 | % | ||||
Excess compensation related to CDK outage | (1.1) | % | - | % | ||||
Hail and storm damage charges | (0.4) | % | (0.2) | % | ||||
Severance and long-term compensation charges | (0.2) | % | - | % | ||||
Total effect of adjustments | (1.7) | % | 1.9 | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 70.3 | % | 64.5 | % | (580) | bps | ||
Reported: | ||||||||
Total gross profit | $ | 953.1 | $ | 1,033.7 | $ | (80.6) | (8) | % |
Adjustments: | ||||||||
Excess compensation related to CDK outage | $ | 2.0 | $ | - | ||||
Total adjustments | $ | 2.0 | $ | - | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 955.1 | $ | 1,033.7 | $ | (78.6) | (8) | % |
Three Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 23.3 | $ | 35.4 | $ | 12.1 | 34 | % |
Advertising | 7.0 | 13.7 | 6.7 | 49 | % | |||
Rent | (2.7) | 2.1 | 4.8 | 229 | % | |||
Other | 9.6 | 15.4 | 5.8 | 38 | % | |||
Total SG&A expenses | $ | 37.2 | $ | 66.6 | $ | 29.4 | 44 | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | 0.6 | $ | (0.2) | ||||
Excess compensation related to CDK outage | (0.4) | - | ||||||
Gain (loss) on exit of leased dealerships | 3.0 | (0.4) | ||||||
Severance and long-term compensation charges | (0.7) | (2.2) | ||||||
Total SG&A adjustments | $ | 2.5 | $ | (2.8) | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 39.7 | $ | 63.8 | $ | 24.1 | 38 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 45.6 | % | 132.2 | % | 8,660 | bps | ||
Advertising | 13.6 | % | 51.2 | % | 3,760 | bps | ||
Rent | (5.2) | % | 8.0 | % | 1,320 | bps | ||
Other | 18.9 | % | 57.1 | % | 3,820 | bps | ||
Total SG&A expenses as a % of gross profit | 72.9 | % | 248.5 | % | 17,560 | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | 1.2 | % | (5.4) | % | ||||
Excess compensation related to CDK outage | (0.8) | % | - | % | ||||
Gain (loss) on exit of leased dealerships | 5.7 | % | (10.7) | % | ||||
Severance and long-term compensation charges | (1.3) | % | (58.9) | % | ||||
Total effect of adjustments | 4.8 | % | (75.0) | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 77.7 | % | 173.5 | % | 9,580 | bps | ||
Reported: | ||||||||
Total gross profit | $ | 51.1 | $ | 26.8 | $ | 24.3 | 91 | % |
Adjustments: | ||||||||
Used vehicle inventory valuation adjustment | $ | - | $ | 10.0 | ||||
Total adjustments | $ | - | $ | 10.0 | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 51.1 | $ | 36.8 | $ | 14.3 | 39 | % |
Six Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 48.5 | $ | 75.1 | $ | 26.6 | 35 | % |
Advertising | 13.6 | 29.5 | 15.9 | 54 | % | |||
Rent | (3.4) | 3.2 | 6.6 | 206 | % | |||
Other | 24.1 | 32.6 | 8.5 | 26 | % | |||
Total SG&A expenses | $ | 82.8 | $ | 140.4 | $ | 57.6 | 41 | % |
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | $ | 0.6 | $ | (0.2) | ||||
Closed store accrued expenses | (2.1) | - | ||||||
Excess compensation related to CDK outage | (0.4) | - | ||||||
Gain (loss) on exit of leased dealerships | 3.0 | (0.4) | ||||||
Severance and long-term compensation charges | (2.8) | (4.2) | ||||||
Total SG&A adjustments | $ | (1.7) | $ | (4.8) | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses | $ | 81.1 | $ | 135.6 | $ | 54.5 | 40 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 46.7 | % | 113.4 | % | 6,670 | bps | ||
Advertising | 13.1 | % | 44.5 | % | 3,140 | bps | ||
Rent | (3.3) | % | 4.9 | % | 820 | bps | ||
Other | 23.4 | % | 49.2 | % | 2,580 | bps | ||
Total SG&A expenses as a % of gross profit | 79.9 | % | 212.0 | % | 13,210 | bps | ||
Adjustments: | ||||||||
Acquisition and disposition-related gain (loss) | 0.6 | % | (1.4) | % | ||||
Closed store accrued expenses | (2.1) | % | - | % | ||||
Excess compensation related to CDK outage | (0.4) | % | - | % | ||||
Gain (loss) on exit of leased dealerships | 3.0 | % | (2.8) | % | ||||
Severance and long-term compensation charges | (2.8) | % | (29.9) | % | ||||
Total effect of adjustments | (1.7) | % | (34.1) | % | ||||
Adjusted: | ||||||||
Total adjusted SG&A expenses as a % of gross profit | 78.2 | % | 177.9 | % | 9,970 | bps | ||
Reported: | ||||||||
Total gross profit | $ | 103.7 | $ | 66.2 | $ | 37.5 | 57 | % |
Adjustments: | ||||||||
Used vehicle inventory valuation adjustment | $ | - | $ | 10.0 | ||||
Total adjustments | $ | - | $ | 10.0 | ||||
Adjusted: | ||||||||
Total adjusted gross profit | $ | 103.7 | $ | 76.2 | $ | 27.5 | 36 | % |
Three Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 5.7 | $ | 6.6 | $ | 0.9 | 14 | % |
Advertising | 0.4 | 0.4 | - | - | % | |||
Rent | 0.1 | - | (0.1) | - | % | |||
Other | 1.7 | 2.2 | 0.5 | 23 | % | |||
Total SG&A expenses | $ | 7.9 | $ | 9.2 | $ | 1.3 | 14 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 53.2 | % | 51.3 | % | (190) | bps | ||
Advertising | 3.8 | % | 2.9 | % | (90) | bps | ||
Rent | 0.9 | % | 0.2 | % | (70) | bps | ||
Other | 15.8 | % | 17.2 | % | 140 | bps | ||
Total SG&A expenses as a % of gross profit | 73.7 | % | 71.6 | % | (210) | bps | ||
Reported: | ||||||||
Total gross profit | $ | 10.7 | $ | 12.8 | $ | (2.1) | (16) | % |
Six Months Ended June 30, | Better / (Worse) | |||||||
2024 | 2023 | Change | % Change | |||||
(In millions) | ||||||||
Reported: | ||||||||
Compensation | $ | 11.4 | $ | 11.8 | $ | 0.4 | 3 | % |
Advertising | 0.8 | 0.8 | - | - | % | |||
Rent | 0.1 | 0.1 | - | - | % | |||
Other | 3.7 | 4.3 | 0.6 | 14 | % | |||
Total SG&A expenses | $ | 16.0 | $ | 17.0 | $ | 1.0 | 6 | % |
Reported: | ||||||||
SG&A expenses as a % of gross profit: | ||||||||
Compensation | 61.4 | % | 52.4 | % | (900) | bps | ||
Advertising | 4.3 | % | 3.5 | % | (80) | bps | ||
Rent | 0.7 | % | 0.3 | % | (40) | bps | ||
Other | 20.3 | % | 19.0 | % | (130) | bps | ||
Total SG&A expenses as a % of gross profit | 86.7 | % | 75.2 | % | (1,150) | bps | ||
Reported: | ||||||||
Total gross profit | $ | 18.5 | $ | 22.6 | $ | (4.1) | (18) | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions) | ||||||||||||
Reported: | ||||||||||||
Income (loss) before taxes | $ | 52.7 | $ | 145.9 | (64) | % | $ | 115.4 | $ | 255.8 | (55) | % |
Add: Impairment charges | - | - | 1.0 | - | ||||||||
Segment income (loss) | $ | 52.7 | $ | 145.9 | (64) | % | $ | 116.4 | $ | 255.8 | (54) | % |
Adjustments: | ||||||||||||
Acquisition and disposition-related (gain) loss | $ | - | $ | (20.9) | $ | - | $ | (20.9) | ||||
Excess compensation related to CDK outage | 11.2 | - | 11.2 | - | ||||||||
Hail and storm damage charges | 3.6 | 1.9 | 3.6 | 1.9 | ||||||||
Severance and long-term compensation charges | - | - | 2.2 | - | ||||||||
Total pre-tax adjustments | $ | 14.8 | $ | (19.0) | $ | 17.0 | $ | (19.0) | ||||
Adjusted: | ||||||||||||
Segment income (loss) | $ | 67.5 | $ | 126.9 | (47) | % | $ | 133.4 | $ | 236.8 | (44) | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions) | ||||||||||||
Reported: | ||||||||||||
Income (loss) before taxes | $ | 2.5 | $ | (115.4) | 102 | % | $ | (0.5) | $ | (162.3) | 100 | % |
Add: Impairment charges | 1.4 | 62.6 | 1.4 | 62.6 | ||||||||
Segment income (loss) | $ | 3.9 | $ | (52.8) | 107 | % | $ | 0.9 | $ | (99.7) | 101 | % |
Adjustments: | ||||||||||||
Acquisition and disposition-related (gain) loss | $ | (0.6) | $ | 0.2 | $ | (0.6) | $ | 0.2 | ||||
Closed store accrued expenses | - | - | 2.1 | - | ||||||||
Excess compensation related to CDK outage | 0.4 | - | 0.4 | - | ||||||||
Loss (gain) on exit of leased dealerships | (3.0) | 0.4 | (3.0) | 0.4 | ||||||||
Severance and long-term compensation charges | 0.7 | 2.2 | 2.8 | 4.2 | ||||||||
Used vehicle inventory valuation adjustment | - | 10.0 | - | 10.0 | ||||||||
Total pre-tax adjustments | $ | (2.5) | $ | 12.8 | $ | 1.7 | $ | 14.8 | ||||
Adjusted: | ||||||||||||
Segment income (loss) | $ | 1.4 | $ | (40.0) | 104 | % | $ | 2.6 | $ | (84.9) | 103 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
(In millions) | ||||||||||||
Reported: | ||||||||||||
Income (loss) before taxes | $ | 0.5 | $ | 2.0 | (75) | % | $ | (1.7) | $ | 2.6 | (165) | % |
Add: Impairment charges | - | - | - | - | ||||||||
Segment income (loss) | $ | 0.5 | $ | 2.0 | (75) | % | $ | (1.7) | $ | 2.6 | (165) | % |
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||
Weighted- Average Shares |
Amount |
Per Share Amount |
Weighted- Average Shares |
Amount |
Per Share Amount |
|||||
(In millions, except per share amounts) | ||||||||||
Reported net income (loss), diluted shares, and diluted earnings (loss) per share | 34.9 | $ | 41.2 | $ | 1.18 | 36.0 | $ | 23.4 | $ | 0.65 |
Adjustments: | ||||||||||
Acquisition and disposition-related gain (loss) | $ | (0.6) | $ | (20.7) | ||||||
Excess compensation related to CDK outage | 11.6 | - | ||||||||
Hail and storm damage charges | 3.6 | 1.9 | ||||||||
Impairment charges | 1.4 | 62.6 | ||||||||
Loss (gain) on exit of leased dealerships | (3.0) | 0.4 | ||||||||
Severance and long-term compensation charges | 0.7 | 2.2 | ||||||||
Used vehicle inventory valuation adjustment | - | 10.0 | ||||||||
Total pre-tax adjustments | $ | 13.7 | $ | 56.4 | ||||||
Tax effect of above items | (3.6) | (13.8) | ||||||||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share | 34.9 | $ | 51.3 | $ | 1.47 | 36.0 | $ | 66.0 | $ | 1.83 |
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||
Weighted- Average Shares |
Net Income (Loss) |
Per Share Amount |
Weighted- Average Shares |
Net Income (Loss) |
Per Share Amount |
|||||
(In millions, except per share amounts) | ||||||||||
Reported net income (loss), diluted shares, and diluted earnings (loss) per share | 34.8 | $ | 83.2 | $ | 2.39 | 36.5 | $ | 71.1 | $ | 1.95 |
Adjustments: | ||||||||||
Acquisition and disposition-related gain (loss) | $ | (0.6) | $ | (20.7) | ||||||
Closed store accrued expenses | 2.1 | - | ||||||||
Excess compensation related to CDK outage | 11.6 | - | ||||||||
Hail and storm damage charges | 3.6 | 1.9 | ||||||||
Impairment charges | 2.4 | 62.6 | ||||||||
Loss (gain) on exit of leased dealerships | (3.0) | 0.4 | ||||||||
Severance and long-term compensation charges | 5.0 | 4.2 | ||||||||
Used vehicle inventory valuation adjustment | - | 10.0 | ||||||||
Total pre-tax adjustments | $ | 21.1 | $ | 58.4 | ||||||
Tax effect of above items | (5.6) | (14.3) | ||||||||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share | 34.8 | $ | 98.7 | $ | 2.84 | 36.5 | $ | 115.2 | $ | 3.16 |
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||||||
Franchised Dealerships Segment | EchoPark Segment | Powersports Segment | Total | Franchised Dealerships Segment | EchoPark Segment | Powersports Segment | Total | |||||||||
(In millions) | ||||||||||||||||
Net income (loss) | $ | 41.2 | $ | 23.4 | ||||||||||||
Provision for income taxes | 14.5 | 9.1 | ||||||||||||||
Income (loss) before taxes | $ | 52.7 | $ | 2.5 | $ | 0.5 | $ | 55.7 | $ | 145.9 | $ | (115.4) | $ | 2.0 | $ | 32.5 |
Non-floor plan interest (1) | 26.5 | 0.7 | 0.8 | 28.0 | 25.8 | 0.8 | 0.6 | 27.2 | ||||||||
Depreciation and amortization (2) | 31.6 | 5.4 | 1.0 | 38.0 | 29.5 | 7.4 | 0.8 | 37.7 | ||||||||
Stock-based compensation expense | 5.9 | - | - | 5.9 | 5.6 | - | - | 5.6 | ||||||||
Loss (gain) on exit of leased dealerships | - | (3.0) | - | (3.0) | - | 0.4 | - | 0.4 | ||||||||
Impairment charges | - | 1.4 | - | 1.4 | - | 62.6 | - | 62.6 | ||||||||
Loss on debt extinguishment | 0.6 | - | - | 0.6 | - | - | - | - | ||||||||
Severance and long-term compensation charges | - | 0.8 | - | 0.8 | - | 2.2 | - | 2.2 | ||||||||
Excess compensation related to CDK outage | 11.2 | 0.4 | - | 11.6 | - | - | - | - | ||||||||
Acquisition and disposition related (gain) loss | (0.3) | (1.0) | - | (1.3) | (20.9) | 0.2 | - | (20.7) | ||||||||
Hail and storm damage charges | 3.6 | - | - | 3.6 | 1.9 | - | - | 1.9 | ||||||||
Used vehicle inventory valuation adjustment | - | - | - | - | - | 10.0 | - | 10.0 | ||||||||
Adjusted EBITDA | $ | 131.8 | $ | 7.2 | $ | 2.3 | $ | 141.3 | $ | 187.8 | $ | (31.8) | $ | 3.4 | $ | 159.4 |
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||||||
Franchised Dealerships Segment | EchoPark Segment | Powersports Segment | Total | Franchised Dealerships Segment | EchoPark Segment | Powersports Segment | Total | |||||||||
(In millions) | ||||||||||||||||
Net income (loss) | $ | 83.2 | $ | 71.1 | ||||||||||||
Provision for income taxes | 30.0 | 25.0 | ||||||||||||||
Income (loss) before taxes | $ | 115.4 | $ | (0.5) | $ | (1.7) | $ | 113.2 | $ | 255.8 | $ | (162.3) | $ | 2.6 | $ | 96.1 |
Non-floor plan interest (1) | 52.8 | 1.3 | 1.3 | 55.4 | 51.2 | 1.7 | 1.2 | 54.1 | ||||||||
Depreciation & amortization (2) | 63.1 | 10.8 | 2.0 | 75.9 | 57.7 | 14.4 | 1.5 | 73.6 | ||||||||
Stock-based compensation expense | 10.3 | - | - | 10.3 | 10.6 | - | - | 10.6 | ||||||||
Loss (gain) on exit of leased dealerships | - | (3.0) | - | (3.0) | - | 0.4 | - | 0.4 | ||||||||
Impairment charges | 1.0 | 1.4 | - | 2.4 | - | 62.6 | - | 62.6 | ||||||||
Loss on debt extinguishment | 0.6 | - | - | 0.6 | - | - | - | - | ||||||||
Severance and long-term compensation charges | 2.2 | 2.9 | - | 5.1 | - | 4.2 | - | 4.2 | ||||||||
Excess compensation related to CDK outage | 11.2 | 0.4 | - | 11.6 | - | - | - | - | ||||||||
Acquisition and disposition related (gain) loss | (0.3) | (1.0) | - | (1.3) | (20.9) | 0.2 | - | (20.7) | ||||||||
Hail and storm damage charges | 3.6 | - | - | 3.6 | 1.9 | - | - | 1.9 | ||||||||
Used vehicle inventory valuation adjustment | - | - | - | - | - | 10.0 | - | 10.0 | ||||||||
Closed store accrued expenses | $ | - | $ | 2.1 | $ | - | $ | 2.1 | $ | - | $ | - | $ | - | $ | - |
Adjusted EBITDA | $ | 259.9 | $ | 14.4 | $ | 1.6 | $ | 275.9 | $ | 356.3 | $ | (68.8) | $ | 5.3 | $ | 292.8 |
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Better / (Worse) % Change | ||||||||||||||||
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
||||||||||
(In millions, except unit and per unit data) | ||||||||||||||||||
Total revenues | $ | 518.1 | $ | (0.8) | $ | 517.3 | $ | 468.9 | $ | 131.7 | $ | 600.6 | 10 | % | (101) | % | (14) | % |
Total gross profit | $ | 51.9 | $ | (0.8) | $ | 51.1 | $ | 18.8 | $ | 8.0 | $ | 26.8 | 176 | % | (110) | % | 91 | % |
Income (loss) before taxes | $ | 2.7 | $ | (0.2) | $ | 2.5 | $ | (32.0) | $ | (83.4) | $ | (115.4) | 108 | % | 100 | % | 102 | % |
Non-floor plan interest (1) | 0.9 | (0.2) | 0.7 | 0.4 | 0.4 | 0.8 | NM | NM | NM | |||||||||
Depreciation and amortization (2) | 5.4 | - | 5.4 | 5.5 | 1.9 | 7.4 | NM | NM | NM | |||||||||
Acquisition and disposition-related (gain) loss | - | (1.0) | (1.0) | - | 0.2 | 0.2 | NM | NM | NM | |||||||||
Impairment charges | - | 1.4 | 1.4 | - | 62.6 | 62.6 | NM | NM | NM | |||||||||
Loss (gain) on exit of leased dealerships | - | (3.0) | (3.0) | - | 0.4 | 0.4 | NM | NM | NM | |||||||||
Severance and long-term compensation charges | - | 0.8 | 0.8 | - | 2.2 | 2.2 | NM | NM | NM | |||||||||
Excess compensation related to CDK outage | 0.4 | 0.4 | - | - | - | NM | NM | NM | ||||||||||
Used vehicle inventory valuation adjustment | - | - | - | 7.7 | 2.3 | 10.0 | NM | NM | NM | |||||||||
Adjusted EBITDA | $ | 9.0 | $ | (1.8) | $ | 7.2 | $ | (18.4) | $ | (13.4) | $ | (31.8) | 149 | % | 87 | % | 123 | % |
Used vehicle unit sales volume | 16,641 | - | 16,641 | 13,529 | 3,555 | 17,084 | 23 | % | (100) | % | (3) | % | ||||||
Total used vehicle and F&I gross profit per unit | $ | 3,127 | $ | - | $ | 3,078 | $ | 2,091 | $ | 2,387 | $ | 1,569 | 50 | % | (100) | % | 96 | % |
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Better / (Worse) % Change | ||||||||||||||||
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
EchoPark Operations |
Closed Stores |
Total EchoPark Segment |
||||||||||
(In millions, except unit and per unit data) | ||||||||||||||||||
Total revenues | $ | 1,064.3 | $ | 12.4 | $ | 1,076.7 | $ | 958.8 | $ | 292.3 | $ | 1,251.1 | 11 | % | (96) | % | (14) | % |
Total gross profit | $ | 105.0 | $ | (1.3) | $ | 103.7 | $ | 47.9 | $ | 18.3 | $ | 66.2 | 119 | % | (107) | % | 57 | % |
Income (loss) before taxes | $ | 6.0 | $ | (6.5) | $ | (0.5) | $ | (60.1) | $ | (102.2) | $ | (162.3) | 110 | % | 94 | % | 100 | % |
Non-floor plan interest (1) | 1.1 | 0.2 | 1.3 | 1.0 | 0.7 | 1.7 | NM | NM | NM | |||||||||
Depreciation and amortization (2) | 10.8 | - | 10.8 | 10.8 | 3.6 | 14.4 | NM | NM | NM | |||||||||
Acquisition and disposition-related (gain) loss | - | (1.0) | (1.0) | - | 0.2 | 0.2 | NM | NM | NM | |||||||||
Closed store accrued expenses | - | 2.1 | 2.1 | - | - | - | NM | NM | NM | |||||||||
Impairment charges | - | 1.4 | 1.4 | - | 62.6 | 62.6 | NM | NM | NM | |||||||||
Loss (gain) on exit of leased dealerships | - | (3.0) | (3.0) | - | 0.4 | 0.4 | NM | NM | NM | |||||||||
Severance and long-term compensation charges | - | 2.9 | 2.9 | - | 4.2 | 4.2 | NM | NM | NM | |||||||||
Excess compensation related to CDK outage | 0.4 | - | 0.4 | - | - | - | NM | NM | NM | |||||||||
Used vehicle inventory valuation adjustment | - | - | - | 7.7 | 2.3 | 10.0 | NM | NM | NM | |||||||||
Adjusted EBITDA | $ | 18.3 | $ | (3.9) | $ | 14.4 | $ | (40.6) | $ | (28.2) | $ | (68.8) | 145 | % | 86 | % | 121 | % |
Used vehicle unit sales volume | 34,259 | 363 | 34,622 | 29,080 | 7,984 | 37,064 | 18 | % | (95) | % | (7) | % | ||||||
Total used vehicle and F&I gross profit per unit | $ | 3,071 | $ | (1,954) | $ | 3,014 | $ | 1,953 | $ | 2,333 | $ | 1,750 | 57 | % | (184) | % | 72 | % |