Penske Automotive Reports Record Third Quarter Results

News provided by

Penske Automotive Group, Inc.

29 Oct, 2015, 10:55 GMT

BLOOMFIELD HILLS, Michigan, Oct. 29, 2015 /PRNewswire/ --

Third Quarter 2015

Nine Months 2015
  • Revenue Increases 12.8% to $5.0 Billion
  • Revenue Increases 12.2% to $14.4 Billion
  • Same-store Retail Revenue Increases 5.2%, Excluding Foreign Exchange 8.5%
  • Same-store Retail Revenue Increases 5.3%, Excluding Foreign Exchange 9.3%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 13.0% to $86.7 Million
  • Income from Continuing Operations Attributable to Common Shareholders Increases 15.7% to $256.9 Million
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 12.9% to $0.96
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 15.9% to $2.85
  • EBITDA Increases 12.7% to $165.4 Million
  • EBITDA Increases 15.8% to $495.1 Million

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record third quarter results.  For the three months ended September 30, 2015, income from continuing operations attributable to common shareholders increased 13.0% to $86.7 million, and related earnings per share increased 12.9% to $0.96 when compared to the same period last year. During the third quarter, foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.04.

Total revenue increased 12.8% to $5.0 billion while same-store retail revenue increased 5.2%. Excluding foreign exchange, total revenue increased 16.9%, while same-store retail revenue increased 8.5%.  Operating income increased 14.1% to $146.0 million as selling, general and administrative expenses as a percentage of gross profit improved 30 basis points to 77.3% from 77.6% in the same period last year.

"We are pleased to deliver another record quarter, including double-digit growth in revenues, income from continuing operations and earnings per share," said Chairman Roger S. Penske. "The diversification offered by our business highlights the opportunity we have for continued growth. At current levels, the year-over-year decline in exchange rates begins to subside during the fourth quarter which, coupled with the strong sales environment in both the U.S. and U.K. vehicle markets, and a robust medium and heavy-duty truck market in the U.S.,  we expect will continue to drive our business forward."

Automotive Retail Highlights of the Third Quarter

  • Total Retail Unit Sales Increased 7.3% to 112,072
    • +1.9% in the United States; +18.8% Internationally
    • New unit retail sales +7.0%
    • Used unit retail sales +7.7%
  • Same-store Retail Revenue Increased 5.2%
    • New +5.6%; Used +4.7%; Finance & Insurance +7.3%; Service and Parts +4.5%
    • +3.3% in the United States; +8.4% Internationally
    • Excluding f/x, same-store retail revenue increased 8.5%
  • Average Transaction Price Per Unit
    • New $39,034; -0.1%
    • Used $27,332; -0.7%
  • Average Gross Profit Per Unit
    • New $2,916, -$89;  Gross Margin 7.5%, -20 basis points
      • Excluding f/x $3,020, +$15; Gross Margin 7.5%, -20 basis points
    • Used $1,652, -$155; Gross Margin 6.0%, -60 basis points
      • Excluding f/x $1,716, -$91; Gross Margin 6.0%, -60 basis points
    • Finance & Insurance $1,098, +$2
      • Excluding f/x $1,127, +$31

Note: f/x = foreign exchange

For the nine months ended September 30, 2015, total revenue increased 12.2% to $14.4 billion while same-store retail revenue increased 5.3%.  Excluding foreign exchange, total revenue increased 16.7%, while same-store retail revenue increased 9.3%. Total retail unit volume increased 7.2%, including 5.7% on a same-store basis.  Income from continuing operations attributable to common shareholders increased 15.7% to $256.9 million and related earnings per share increased 15.9% to $2.85 when compared to the same period last year. On a year-to-date basis, exchange rates have negatively impacted earnings per share attributable to common shareholders by $0.14.

U.S. Commercial Truck Operations
The company operates sixteen U.S. commercial truck dealerships under the "Premier Truck Group" brand name.  These dealerships represent primarily the Freightliner and Western Star brands and are principally located in Texas, Oklahoma, New Mexico and Tennessee.  For the three and nine months ended September 30, 2015, Premier Truck Group generated $268.5 million and $703.1 million of revenue, and $40.0 million and $111.1 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/parts sales. Service and parts gross profit represents approximately 70.5% and 71.4% of total Premier Truck Group gross profit, respectively, and the return on sales for Premier Truck Group was 3.8% for the three months and 4.0% for the nine months ended September 30, 2015.

Conference Call
Penske Automotive will host a conference call discussing financial results relating to the third quarter of 2015 on October 29, 2015, at 11:00 a.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 288-9626 - [International, please dial (612) 332-0345]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the third quarter 2015 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.

About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 22,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.

Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2014, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

Find a vehicle:  http://www.penskecars.com
Engage Penske Automotive:  http://www.penskesocial.com
Like Penske Automotive on Facebook:  https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter:  https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube:  http://www.youtube.com/penskecars

Inquiries should contact:

J.D. Carlson
Executive Vice President and

Chief Financial Officer

Penske Automotive Group, Inc.
248-648-2810
jcarlson@penskeautomotive.com

Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development

Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

Increase/

(Decrease)

2015

2014

Increase/

(Decrease)

Revenue

$  4,960.1

$  4,396.7

12.8%

$ 14,363.6

$ 12,806.4

12.2%

Cost of Sales

4,230.9

3,749.1

12.9%

12,213.2

10,887.3

12.2%

Gross Profit

$     729.2

$     647.6

12.6%

$  2,150.4

$  1,919.1

12.1%

SG&A Expenses

563.4

502.3

12.2%

1,652.3

1,486.0

11.2%

Depreciation

19.8

17.3

14.5%

57.7

50.6

14.0%

    Operating Income

$    146.0

$     128.0

14.1%

$     440.4

$    382.5

15.1%

Floor Plan Interest Expense

(11.4)

(11.3)

0.9%

(32.7)

(34.2)

-4.4%

Other Interest Expense

(16.3)

(12.4)

31.5%

(49.0)

(37.2)

31.7%

Equity in Earnings of Affiliates

11.0

12.7

-13.4%

29.7

28.7

3.5%

    Income from Continuing Operations Before Income Taxes

$     129.3

$     117.0

10.5%

$     388.4

$     339.8

14.3%

Income Taxes

(41.7)

(39.7)

5.0%

(128.2)

(115.7)

10.8%

    Income from Continuing Operations

$       87.6

$       77.3

13.3%

$     260.2

$     224.1

16.1%

Loss from Discontinued Operations, net of tax

(0.1)

(2.2)

           nm

(1.1)

(7.2)

           nm

    Net Income

$       87.5

$       75.1

16.5%

$     259.1

$     216.9

19.5%

Less: Income Attributable to Non-Controlling Interests

0.9

0.6

50.0%

3.3

2.0

65.0%

    Net Income Attributable to Common Shareholders

$       86.6

$       74.5

16.2%

$     255.8

$     214.9

19.0%












Amounts Attributable to Common Shareholders:










Reported Income from Continuing Operations

$       87.6

$       77.3

13.3%

$     260.2

$     224.1

16.1%

Less: Income Attributable to Non-Controlling Interests

0.9

0.6

50.0%

3.3

2.0

65.0%

Income from Continuing Operations, net of tax

$       86.7

$       76.7

13.0%

$     256.9

$     222.1

15.7%

Loss from Discontinued Operations, net of tax

(0.1)

(2.2)

           nm

(1.1)

(7.2)

           nm

Net Income Attributable to Common Shareholders

$       86.6

$       74.5

16.2%

$     255.8

$     214.9

19.0%

Income from Continuing Operations Per Share

$       0.96

$       0.85

12.9%

$       2.85

$       2.46

15.9%

Income Per Share

$       0.96

$       0.83

15.7%

$       2.84

$       2.38

19.3%

Weighted Average Shares Outstanding

90.1

90.3

-0.2%

90.2

90.4

-0.2%

nm – not meaningful

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)


September 30,

December 31,

2015

2014

Assets:


Cash and Cash Equivalents

$           49.7

$           36.3

Accounts Receivable, Net

775.5

707.1

Inventories

3,188.4

2,836.4

Other Current Assets

109.0

124.8

Assets Held for Sale

15.3

156.1

Total Current Assets

4,137.9

3,860.7

Property and Equipment, Net

1,476.9

1,331.6

Intangibles

1,690.4

1,656.5

Other Long-Term Assets

369.7

379.4

Total Assets

$      7,674.9

$      7,228.2




Liabilities and Equity:


Floor Plan Notes Payable

$      2,096.0

$      1,812.6

Floor Plan Notes Payable – Non-Trade

1,072.6

933.8

Accounts Payable

482.4

422.5

Accrued Expenses

358.3

316.0

Current Portion Long-Term Debt

29.7

37.2

Liabilities Held for Sale

8.3

108.2

Total Current Liabilities

4,047.3

3,630.3

Long-Term Debt

1,155.2

1,316.0

Other Long-Term Liabilities

651.3

600.7

Total Liabilities

5,853.8

5,547.0

Equity

1,821.1

1,681.2

Total Liabilities and Equity

$        7,674.9

$        7,228.2

PENSKE AUTOMOTIVE GROUP, INC

Consolidated Operations

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Geographic Revenue Mix:






U.S

61%

61%

61%

60%

U.K

34%

35%

34%

36%

Other International

5%

4%

5%

4%

Total

100.0%

100.0%

100.0%

100.0%








Revenue: (Amounts in Millions)






Retail Automotive

$      4,585.8

$      4,295.6

$    13,327.5

$    12,495.3

U.S. Commercial Trucks

268.5

--

703.1

--

Commercial Vehicles Australia/Power Systems and Other

105.8

101.1

333.0

311.1

Total

$      4,960.1

$      4,396.7

$    14,363.6

$    12,806.4








Gross Profit: (Amounts in Millions)






Retail Automotive

$         662.4

$         630.6

$      1,954.3

$      1,867.1

U.S. Commercial Trucks

40.0

--

111.1

--

Commercial Vehicles Australia/Power Systems and Other

26.8

17.0

85.0

52.0

Total

$         729.2

$         647.6

$      2,150.4

$      1,919.1








Gross Margin:






Retail Automotive

14.4%

14.7%

14.7%

14.9%

U.S. Commercial Trucks

14.9%

--

15.8%

--

Commercial Vehicles Australia/Power Systems and Other

25.3%

16.8%

25.5%

16.7%

Total

14.7%

14.7%

15.0%

15.0%

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

Increase/

(Decrease)

2015

2014

Increase/

(Decrease)

Operating Items as a Percentage of Revenue:










Gross Profit

14.7%

14.7%

---

15.0%

15.0%

---

Selling, General and Administrative Expenses

11.4%

11.4%

---

11.5%

11.6%

-10 bps

Operating Income

2.9%

2.9%

---

3.1%

3.0%

+10 bps

Inc. From Cont. Ops. Before Inc. Taxes

2.6%

2.7%

-10 bps

2.7%

2.7%

---












Operating Items as a Percentage of Total Gross Profit:









Selling, General and Administrative Expenses

77.3%

77.6%

-30 bps

76.8%

77.4%

-60 bps

Operating Income

20.0%

19.8%

+20 bps

20.5%

19.9%

+60 bps

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

Increase/ (Decrease)

2015

2014

Increase/ (Decrease)

(Amounts in Millions)










EBITDA*

$        165.4

$        146.7

12.7%

$        495.1

$        427.6

15.8%

Rent Expense

$          50.6

$          47.5

6.5%

$        149.9

$        142.2

5.4%

Floorplan Credits

$            8.8

$            7.8

12.8%

$          23.8

$          21.9

8.7%

* See the following Non-GAAP reconciliation table.

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Retail Automotive Units:






New Retail

61,041

57,066

173,160

162,391

Used Retail

51,031

47,363

148,718

137,973

Total

112,072

104,429

321,878

300,364








Retail Automotive Revenue: (Amounts in Millions)






New Vehicles

$        2,382.7

$        2,228.9

$        6,870.5

$        6,488.9

Used Vehicles

1,394.8

1,303.2

4,060.7

3,773.8

Finance and Insurance, Net

123.1

114.4

356.1

330.8

Service and Parts

463.3

434.1

1,357.8

1,285.0

Fleet and Wholesale

221.9

215.0

682.4

616.8

Total Revenue

$        4,585.8

$        4,295.6

$      13,327.5

$      12,495.3








Retail Automotive Gross Profit: (Amounts in Millions)





New Vehicles

$           178.0

$           171.5

$           522.7

$           501.5

Used Vehicles

84.3

85.6

257.6

262.4

Finance and Insurance, Net

123.1

114.4

356.1

330.8

Service and Parts

275.2

257.8

810.3

763.8

Fleet and Wholesale

1.8

1.3

7.6

8.6

Total Gross Profit

$           662.4

$           630.6

$        1,954.3

$        1,867.1








Retail Automotive Revenue Per Vehicle Retailed:






New Vehicles

$         39,034

$         39,058

$         39,677

$         39,959

Used Vehicles

27,332

27,514

27,304

27,351








Retail Automotive Gross Profit Per Vehicle Retailed:






New Vehicles

$           2,916

$           3,005

$           3,019

$           3,089

Used Vehicles

1,652

1,807

1,732

1,902

Finance & Insurance

1,098

1,096

1,106

1,101

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Retail Automotive Revenue Mix Percentages:






New Vehicles

52.0%

51.9%

51.6%

51.9%

Used Vehicles

30.4%

30.3%

30.5%

30.2%

Finance and Insurance, Net

2.7%

2.7%

2.7%

2.6%

Service and Parts

10.1%

10.1%

10.2%

10.3%

Fleet and Wholesale

4.8%

5.0%

5.0%

5.0%

Total

100.0%

100.0%

100.0%

100.0%








Retail Automotive Gross Profit Mix Percentages:






New Vehicles

26.9%

27.2%

26.7%

26.9%

Used Vehicles

12.7%

13.6%

13.2%

14.1%

Finance and Insurance, Net

18.6%

18.1%

18.2%

17.7%

Service and Parts

41.5%

40.9%

41.5%

40.9%

Fleet and Wholesale

0.3%

0.2%

0.4%

0.4%

Total

100.0%

100.0%

100.0%

100.0%

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

Increase/

(Decrease)

2015

2014

Increase/

(Decrease)

Retail Automotive Gross Margin:










New Vehicles

7.5%

7.7%

-20 bps

7.6%

7.7%

-10 bps

Used Vehicles

6.0%

6.6%

-60 bps

6.3%

7.0%

-70 bps

Service and Parts

59.4%

59.4%

---

59.7%

59.4%

+30 bps

Fleet and Wholesale

0.8%

0.6%

+20 bps

1.1%

1.4%

-30 bps

Total Gross Margin

14.4%

14.7%

-30 bps

14.7%

14.9%

-20 bps

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Retail Automotive Revenue Mix:






Premium:






BMW / MINI

26%

26%

26%

26%

Audi

13%

13%

13%

13%

Mercedes-Benz

10%

10%

10%

10%

Land Rover

6%

6%

6%

6%

Porsche

5%

5%

5%

5%

Lexus

4%

4%

4%

4%

Ferrari / Maserati

3%

3%

3%

3%

Acura

1%

1%

2%

1%

Bentley

1%

1%

1%

1%

Others

2%

2%

2%

2%

Total Premium

71%

71%

72%

71%

Volume Non-U.S.:






Toyota

12%

12%

12%

12%

Honda

7%

8%

7%

8%

Volkswagen

3%

2%

2%

2%

Nissan

1%

1%

1%

1%

Others

2%

2%

2%

2%

Total Volume Non-U.S.

25%

25%

24%

25%

U.S.:






General Motors / Chrysler / Ford

4%

4%

4%

4%

Total

100%

100%

100%

100%








Retail Automotive Geographic Revenue Mix:






U.S.

60%

62%

60%

61%

U.K.

37%

36%

37%

37%

Other International

3%

2%

3%

2%

Total

100.0%

100.0%

100.0%

100.0%

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Same-Store

Selected Data

(Unaudited)


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Retail Automotive Same-Store Units:






New Retail

59,769

57,066

169,072

160,563

Used Retail

49,495

47,363

145,053

136,686

Total

109,264

104,429

314,125

297,249








Retail Automotive Same-Store Revenue: (Amounts in Millions)





New Vehicles

$        2,353.2

$        2,228.9

$        6,712.9

$        6,406.2

Used Vehicles

1,364.3

1,303.2

3,978.4

3,742.4

Finance and Insurance, Net

122.7

114.4

351.4

328.3

Service and Parts

453.7

434.1

1,321.6

1,269.6

Fleet and Wholesale

221.1

214.9

671.7

612.9

Total Revenue

$        4,515.0

$        4,295.5

$      13,036.0

$      12,359.4








Retail Automotive Same-Store Gross Profit: (Amounts in Millions)



New Vehicles

$           173.8

$           171.5

$           509.8

$           496.0

Used Vehicles

83.4

85.6

253.6

260.5

Finance and Insurance, Net

122.7

114.4

351.4

328.3

Service and Parts

271.9

257.8

792.5

755.4

Fleet and Wholesale

1.8

1.2

7.5

8.5

Total Gross Profit

$           653.6

$           630.5

$        1,914.8

$        1,848.7








Retail Automotive Same-Store Revenue Per Vehicle Retailed:





New Vehicles

$         39,371

$         39,058

$         39,704

$         39,898

Used Vehicles

27,563

27,514

27,427

27,379








Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:





New Vehicles

$           2,908

$           3,005

$           3,015

$           3,089

Used Vehicles

1,685

1,807

1,749

1,906

Finance & Insurance

1,123

1,096

1,119

1,104

PENSKE AUTOMOTIVE GROUP, INC.

U.S. Commercial Truck Operations

Selected Data

(Unaudited)

Note: The Company's U.S. Commercial Truck Operations were acquired in November 2014; therefore, comparative results are not applicable and results shown are for only the three and nine month periods ending September 30, 2015.


Three Months Ended

Nine Months Ended

September 30, 2015

September 30, 2015

U.S. Commercial Truck Units:


New Retail

1,712

4,242

Used Retail

286

880

Total Truck Units

1,998

5,122




 U.S. Commercial Truck Revenue: (Amounts in Millions)


New Vehicles

$                  169.8

$                  418.3

Used Vehicles

15.3

46.8

Finance and Insurance, Net

2.1

5.0

Service and Parts

77.9

216.0

Lease, Rental & Wholesale

3.4

17.0

Total Revenue

$                  268.5

$                  703.1




 U.S. Commercial Truck Gross Profit: (Amounts in Millions)


New Vehicles

$                      7.9

$                    19.7

Used Vehicles

1.4

4.7

Finance and Insurance, Net

2.1

5.0

Service and Parts

28.2

79.3

Lease, Rental & Wholesale

0.4

2.4

Total Gross Profit

$                    40.0

$                  111.1




U.S. Commercial Truck Revenue per Vehicle Retailed:


New Vehicles

$                99,208

$                98,626

Used Vehicles

53,420

53,167




 U.S. Commercial Truck Gross Profit per Vehicle Retailed:


New Vehicles

$                  4,600

$                  4,638

Used Vehicles

4,986

5,448

Finance and Insurance

1,027

978




U.S. Commercial Truck Gross Margin:


   New Vehicle

4.7%

4.7%

   Used Vehicle

9.2%

10.0%

   Service and Parts

36.2%

36.7%

   Lease, Rental & Wholesale

11.8%

14.1%

   Total Gross Margin

14.9%

15.8%

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following table reconciles reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR") for the three and nine months ended September 30, 2015, and 2014:


Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

Increase/

(Decrease)

2015

2014

Increase/

(Decrease)

(Amounts in Millions)










Net Income

$       87.5

$       75.1

16.5%

$     259.1

$     216.9

19.5%

Add: Depreciation

19.8

17.3

14.5%

57.7

50.6

14.0%

     Other Interest Expense

16.3

12.4

31.5%

49.0

37.2

31.7%

     Income Taxes

41.7

39.7

5.0%

128.2

115.7

10.8%

     Loss from Discontinued Operations, net of tax

0.1

2.2

           nm

1.1

7.2

           nm

EBITDA

$     165.4

$     146.7

12.7%

$     495.1

$     427.6

15.8%

Add:  Rent Expense

50.6

47.5

6.5%

149.9

142.2

5.4%

EBITDAR

$     216.0

$     194.2

11.2%

$     645.0

$     569.8

13.2%

nm – not meaningful

Logo - http://photos.prnewswire.com/prnh/20130530/MM23675LOGO

Related Links

http://www.penskeautomotive.com