0001019849-19-000012.txt : 20190425 0001019849-19-000012.hdr.sgml : 20190425 20190425120026 ACCESSION NUMBER: 0001019849-19-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20190425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190425 DATE AS OF CHANGE: 20190425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENSKE AUTOMOTIVE GROUP, INC. CENTRAL INDEX KEY: 0001019849 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 223086739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12297 FILM NUMBER: 19766464 BUSINESS ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 BUSINESS PHONE: 248-648-2500 MAIL ADDRESS: STREET 1: 2555 TELEGRAPH RD CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48302-0954 FORMER COMPANY: FORMER CONFORMED NAME: UNITED AUTO GROUP INC DATE OF NAME CHANGE: 19960726 8-K 1 pag-20190425x8k.htm 8-K PAG 8-K Q1 2019 Earnings

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

Date of Report (Date of Earliest Event Reported):

April 25, 2019

 

Penske Automotive Group, Inc.

 

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Delaware

    

1-12297

    

22-3086739

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

 

 

 

2555 Telegraph Road, Bloomfield Hills,
Michigan

 

 

 

48302

(Address of principal executive offices)

 

 

 

(Zip Code)

 

 

 

 

 

Registrant’s telephone number, including area code:

 

248-648-2500

 

 

 

 

 

Not Applicable

 

 

Former name or former address, if changed since last report

 

 

 

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On April 25, 2019, we issued a press release announcing our first quarter 2019 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.

 

Item 7.01 Regulation FD Disclosure.

 

The following information is furnished pursuant to Item 7.01 “Regulation FD Disclosure.”

 

On April 25, 2019, we issued a press release announcing our first quarter 2019 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.

 

Item 8.01 Other Events.

 

Investors and others should note that we announce material financial information using our company website (www.penskeautomotive.com), our investor relations website (investors.penskeautomotive.com), SEC filings, press releases, public conference calls and webcasts. Information about Penske Automotive, its business, and its results of operations may also be announced by posts on the following social media channels:

 

·

Penske Automotive’s Twitter feed (www.twitter.com/penskecarscorp)

·

Penske Automotive’s Facebook page (www.facebook.com/penskecars)

·

Penske Automotive’s Social website (www.penskesocial.com)

 

The information that we post on these social media channels could be deemed to be material information. As a result, we encourage investors, the media, and others interested in Penske Automotive to review the information that we post on these social media channels. These channels may be updated from time to time on Penske Automotive’s investor relations website.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit 99.1     Press Release.

 

 

 

Exhibit Index

 

 

 

 

Exhibit No.

 

Description

99.1

 

Press Release.

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

    

Penske Automotive Group, Inc.

 

 

 

April 25, 2019

 

By: 

/s/ Shane M. Spradlin

 

 

 

Name: Shane M. Spradlin

 

 

 

Title: Executive Vice President

 

 

EX-99.1 2 pag-20190425ex991e1f0dd.htm EX-99.1 PAG Exhibit 991

 

 

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Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954

 

 

FOR IMMEDIATE RELEASE

               Picture 4    Picture 8    Picture 1    Picture 3    C:\Users\014dbryan\Desktop\IG_Glyph_Fill.jpg

 

 

PENSKE AUTOMOTIVE REPORTS FIRST QUARTER 2019 RESULTS

 

Income From Continuing Operations of $100.1 million, and Related Earnings Per Share of $1.19

 

Used to New Units Sold Ratio Increases to 1.34 to 1

 

Retail Commercial Truck Same-Store Revenue Increases 12.4%

 

1.3 Million Shares Repurchased During First Quarter

 

 

BLOOMFIELD HILLS, MI, April 25, 2019 –  Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company,  today announced first quarter 2019 results. For the three months ended March 31, 2019,  the company reported income from continuing operations attributable to common shareholders of $100.1 million, or $1.19 per share, compared to $108.0 million, or $1.26 per share in the prior year. 

During the three months ended March 31, 2019, income from continuing operations and related earnings per share were negatively impacted by $7.6 million after taxes, or $0.09 per share, from net restructuring charges and product availability shortages related to Worldwide Light Vehicle Testing Protocol (WLTP). These costs were partially offset by $2.4 million after taxes, or $0.03 per share, related to the favorable outcome of a litigation matter at Penske Truck Leasing. Foreign exchange negatively affected earnings per share by $0.04 in the first quarter 2019.

The results for the three months ended March 31, 2018 include a net benefit totaling $1.0 million or $0.01 per share, related to strategic dealership actions. On January 1, 2019, the company adopted ASC 842 for lease recognition and recorded operating lease right-of-use assets and operating lease liabilities of approximately $2.3 billion each on our balance sheet as of March 31, 2019.

Chairman Roger Penske said, “I am pleased with our first quarter performance and optimistic about the remainder of the year. We repurchased 1.5%, or 1.3 million, of our outstanding shares while holding long-term debt flat with December last year. Further, I am particularly pleased to see the 5.6% increase in

 

 

 

 

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same-store service and parts revenue when excluding the impact of foreign exchange and the increase in our used to new ratio. As I look forward, the product availability issues created by WLTP have improved, and I am encouraged by the strong order book in the U.K., the continued strength in our retail truck operations, and the resilience shown by our dealership operations.”

 Automotive Retail Highlights of the First Quarter

·

Same-Store Retail Unit Sales -3.8% to 124,725 

 

Ø

New Retail Units -8.5%

 

Ø

Used Retail Units +0.1%

 

·

Same-Store Retail Revenue -4.5%;  Excluding Foreign Exchange -1.4%

 

 

 

 

 

Actual

Excl. F/X

New Vehicles

-9.4%

-6.9%

Used Vehicles

-0.5%

+3.4%

Finance & Insurance

-0.4%

+2.8%

Service & Parts

+3.0%

+5.6%

 

·

Same-Store Average Gross Profit Per Unit

 

 

 

 

 

 

New

Used

F & I

Actual
$
3,153
$
1,301
$
1,262

Change

+$49

-$209

+$42

 

 

 

 

Excl. Foreign Exchange
$
3,253
$
1,347
$
1,303

Change

+$149

-$163

+$83

 

Used Supercenter Operations

For the three months ended March 31, 2019, the used supercenters retailed 18,040 used units and generated $314.4 million in revenue. The company expects to open four additional used vehicle supercenters during the second half of 2019, including two sites in the U.S. and another two in the U.K.

Retail Commercial Truck Operations

For the three months ended March 31, 2019, total medium and heavy duty truck units retailed increased 9.4% and revenue increased 13.6% to $332.3 million.  Same-store units retailed increased 7.7% and revenue increased 12.4%. Service and parts represented 27.5% of revenue and 66.4% of gross profit.  Same-store service and parts revenue increased 1.1%. 

Penske Truck Leasing

Penske Truck Leasing Co., L.P. (“PTL”) is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three months ended March 31, 2019,  the company

 

 

 

 

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recorded $25.8 million in earnings from this investment compared to $16.0 million for the same period last year.

Dividend and Share Repurchases

On January 30, 2019, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.38 per share, the 31st consecutive increase in the quarterly dividend.

During the three months ended March 31, 2019, the company repurchased approximately 1.5% of its outstanding shares, representing 1,258,348 shares, for $54.3 million, or an average of $43.19 per share. As of March 31, 2019, the company had remaining share repurchase authorization of approximately $145.7 million.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2019 on Thursday,  April 25,  2019, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1093 [International, please dial (612) 332-0107]. The call will also be simultaneously broadcast over the Internet through the Investor’s section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2019 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, Canada, 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 27,000 people worldwide and is a member of the Fortune 500 and Russell 2000, and is ranked among the World’s Most Admired Companies by Fortune Magazine. 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”). 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,

 

 

 

 

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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 product availability, future sales and earnings 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,  changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom’s potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, 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 Group’s business, markets, conditions and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10‑K for the year ended December 31, 2018, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group 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/penskecars

Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

 

Inquiries should contact:

 

 

J.D. Carlson

Anthony R. Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

jcarlson@penskeautomotive.com

tpordon@penskeautomotive.com

 

# # #

 

 

 

 

 

 

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2019

 

2018

 

Change

 

 

Revenue

 

$

5,564.4

 

$

5,746.9

 

(3.2)

%  

 

 

Cost of Sales

 

 

4,712.9

 

 

4,882.5

 

(3.5)

%  

 

 

Gross Profit

 

$

851.5

 

$

864.4

 

(1.5)

%  

 

 

SG&A Expenses

 

 

666.4

 

 

663.1

 

0.5

%  

 

 

Depreciation

 

 

26.4

 

 

25.6

 

3.1

%  

 

 

Operating Income

 

$

158.7

 

$

175.7

 

(9.7)

%  

 

 

Floor Plan Interest Expense

 

 

(21.8)

 

 

(18.9)

 

15.3

%  

 

 

Other Interest Expense

 

 

(29.9)

 

 

(29.8)

 

0.3

%  

 

 

Equity in Earnings of Affiliates

 

 

26.8

 

 

17.3

 

54.9

%  

 

 

Income from Continuing Operations Before Income Taxes

 

$

133.8

 

$

144.3

 

(7.3)

%  

 

 

Income Taxes

 

 

(34.7)

 

 

(36.6)

 

(5.2)

%  

 

 

Income from Continuing Operations

 

$

99.1

 

$

107.7

 

(8.0)

%  

 

 

Income from Discontinued Operations, net of tax

 

 

0.1

 

 

0.1

 

nm

 

 

 

Net Income

 

$

99.2

 

$

107.8

 

(8.0)

%  

 

 

Less: Loss Attributable to Non-Controlling Interests

 

 

(1.0)

 

 

(0.3)

 

nm

 

 

 

Net Income Attributable to Common Shareholders

 

$

100.2

 

$

108.1

 

(7.3)

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Attributable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

Reported Income from Continuing Operations

 

$

99.1

 

$

107.7

 

(8.0)

%  

 

 

Less: Loss Attributable to Non-Controlling Interests

 

 

(1.0)

 

 

(0.3)

 

nm

 

 

 

Income from Continuing Operations, net of tax

 

$

100.1

 

$

108.0

 

(7.3)

%  

 

 

Income from Discontinued Operations, net of tax

 

 

0.1

 

 

0.1

 

nm

 

 

 

Net Income Attributable to Common Shareholders

 

$

100.2

 

$

108.1

 

(7.3)

%  

 

 

Income from Continuing Operations Per Share

 

$

1.19

 

$

1.26

 

(5.6)

%  

 

 

Income Per Share

 

$

1.19

 

$

1.26

 

(5.6)

%  

 

 

Weighted Average Shares Outstanding

 

 

84.4

 

 

86.0

 

(1.9)

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nm – not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)

 

 

 

 

 

 

 

 

    

March 31,

    

December 31,

 

 

2019

 

2018

Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

43.5

 

$

39.4

Accounts Receivable, Net

 

 

1,034.1

 

 

929.1

Inventories

 

 

4,104.1

 

 

4,040.1

Other Current Assets

 

 

101.5

 

 

86.6

Total Current Assets

 

 

5,283.2

 

 

5,095.2

Property and Equipment, Net

 

 

2,276.1

 

 

2,250.0

Operating Lease Right-of-Use Assets

 

 

2,340.6

 

 

 —

Intangibles

 

 

2,247.9

 

 

2,238.2

Other Long-Term Assets

 

 

1,351.3

 

 

1,321.1

Total Assets

 

$

13,499.1

 

$

10,904.5

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

Floor Plan Notes Payable

 

$

2,419.2

 

$

2,362.2

Floor Plan Notes Payable – Non-Trade

 

 

1,488.7

 

 

1,428.6

Accounts Payable

 

 

668.5

 

 

598.2

Accrued Expenses and Other Current Liabilities

 

 

698.7

 

 

566.6

Current Portion Long-Term Debt

 

 

94.5

 

 

92.0

Liabilities Held for Sale

 

 

0.5

 

 

0.7

Total Current Liabilities

 

 

5,370.1

 

 

5,048.3

Long-Term Debt

 

 

2,118.3

 

 

2,124.7

Long-Term Operating Lease Liabilities

 

 

2,308.4

 

 

 —

Other Long-Term Liabilities

 

 

1,040.6

 

 

1,096.8

Total Liabilities

 

 

10,837.4

 

 

8,269.8

Equity

 

 

2,661.7

 

 

2,634.7

Total Liabilities and Equity

 

$

13,499.1

 

$

10,904.5

 

 

 

 

 

 

 

Supplemental Balance Sheet Information

 

 

 

 

 

 

New vehicle days' supply

 

 
62

 

 
72

Used vehicle days' supply

 

 
41

 

 
57

 

 

 

 

 

6

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

    

2019

    

2018

    

Geographic Revenue Mix:

 

 

 

 

 

 

 

North America

 

 

54.9

%  

 

53.0

%  

U.K.

 

 

36.7

%  

 

38.2

%  

Other International

 

 

8.4

%  

 

8.8

%  

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

Revenue: (Amounts in Millions)

 

 

 

 

 

 

 

Retail Automotive

 

$

5,091.2

 

$

5,296.0

 

Retail Commercial Trucks

 

 

332.3

 

 

292.4

 

Commercial Vehicles Australia/Power Systems and Other

 

 

140.9

 

 

158.5

 

Total

 

$

5,564.4

 

$

5,746.9

 

 

 

 

 

 

 

 

 

Gross Profit: (Amounts in Millions)

 

 

 

 

 

 

 

Retail Automotive

 

$

761.5

 

$

778.3

 

Retail Commercial Trucks

 

 

54.4

 

 

46.6

 

Commercial Vehicles Australia/Power Systems and Other

 

 

35.6

 

 

39.5

 

Total

 

$

851.5

 

$

864.4

 

 

 

 

 

 

 

 

 

Gross Margin:

 

 

 

 

 

 

 

Retail Automotive

 

 

15.0

%  

 

14.7

%  

Retail Commercial Trucks

 

 

16.4

%  

 

15.9

%

Commercial Vehicles Australia/Power Systems and Other

 

 

25.3

%  

 

24.9

%  

Total

 

 

15.3

%  

 

15.0

%  

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

    

 

    

 

    

 

 

 

2019

 

2018

 

 

Operating Items as a Percentage of Revenue:

 

 

 

 

 

 

Gross Profit

 

15.3

%  

15.0

%  

 

Selling, General and Administrative Expenses

 

12.0

%  

11.5

%  

 

Operating Income

 

2.9

%  

3.1

%  

 

Income from Continuing Operations Before Income Taxes

 

2.4

%  

2.5

%  

 

 

 

 

 

 

 

 

Operating Items as a Percentage of Total Gross Profit:

 

 

 

 

 

 

Selling, General and Administrative Expenses

 

78.3

%  

76.7

%  

 

Operating Income

 

18.6

%  

20.3

%  

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

    

 

 

    

 

 

(Amounts in Millions)

 

2019

 

2018

 

 

 

 

 

 

 

EBITDA*

 

$

190.1

 

$

199.7

Floorplan Credits

 

$

8.5

 

$

8.5

Rent Expense

 

$

57.2

 

$

57.9

Capital Expenditures

 

$

63.1

 

$

64.7

Stock Repurchases

 

$

54.3

 

$

50.0

* See the following Non-GAAP reconciliation table.

 

 

 

 

 

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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data – Revenue and Gross Profit Mix

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

    

2019

    

2018

    

Retail Automotive Revenue Mix:

 

 

 

 

 

Premium:

 

 

 

 

 

BMW / MINI

 

22

%  

22

%  

Audi

 

12

%  

14

%  

Mercedes-Benz

 

10

%  

10

%  

Land Rover / Jaguar

 

10

%  

 9

%  

Porsche

 

 5

%  

 6

%  

Ferrari / Maserati

 

 3

%  

 3

%  

Lexus

 

 3

%  

 2

%  

Acura

 

 1

%  

 1

%  

Bentley

 

 1

%  

 1

%  

Others

 

 3

%  

 2

%  

Total Premium

 

70

%  

70

%  

Volume Non-U.S.:

 

 

 

 

 

Toyota

 

 9

%  

 9

%  

Honda

 

 6

%  

 6

%  

Volkswagen

 

 4

%  

 4

%  

Nissan

 

 1

%  

 1

%  

Others

 

 2

%  

 2

%  

Total Volume Non-U.S.

 

22

%  

22

%  

U.S.:

 

 

 

 

 

General Motors / Chrysler / Ford

 

 2

%  

 2

%  

Stand-Alone Used

 

 6

%  

 6

%  

Total

 

100

%  

100

%  

 

 

 

 

 

 

Retail Automotive Geographic Revenue Mix:

 

 

 

 

 

U.S.

 

54

%  

52

%  

U.K.

 

40

%  

41

%  

Other International

 

 6

%  

 7

%  

Total

 

100

%  

100

%  

 

 

 

 

 

 

Retail Automotive Geographic Gross Profit Mix:

 

 

 

 

 

U.S.

 

58

%  

57

%  

U.K.

 

37

%  

37

%  

Other International

 

 5

%  

 6

%  

Total

 

100

%  

100

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

C:\Users\109186\Desktop\Capture1.PNG

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

    

2019

    

2018

 

Change

Retail Automotive Units:

 

 

 

 

 

 

 

 

 

New Retail

 

 

54,370

 

 

59,262

 

(8.3)

%  

Used Retail

 

 

72,744

 

 

73,228

 

(0.7)

%  

Total

 

 

127,114

 

 

132,490

 

(4.1)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Revenue: (Amounts in Millions)

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

2,231.2

 

$

2,446.8

 

(8.8)

%  

Used Vehicles

 

 

1,852.0

 

 

1,866.8

 

(0.8)

%  

Finance and Insurance, Net

 

 

160.0

 

 

160.8

 

(0.5)

%  

Service and Parts

 

 

559.8

 

 

543.5

 

3.0

%  

Fleet and Wholesale

 

 

288.2

 

 

278.1

 

3.6

%  

Total Revenue

 

$

5,091.2

 

$

5,296.0

 

(3.9)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Gross Profit: (Amounts in Millions)

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

172.7

 

$

183.2

 

(5.7)

%  

Used Vehicles

 

 

92.9

 

 

109.7

 

(15.3)

%  

Finance and Insurance, Net

 

 

160.0

 

 

160.8

 

(0.5)

%  

Service and Parts

 

 

331.4

 

 

318.1

 

4.2

%  

Fleet and Wholesale

 

 

4.5

 

 

6.5

 

(30.8)

%  

Total Gross Profit

 

$

761.5

 

$

778.3

 

(2.2)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Revenue Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

41,037

 

$

41,288

 

(0.6)

%  

Used Vehicles

 

 

25,459

 

 

25,493

 

(0.1)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Gross Profit Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

3,176

 

$

3,091

 

2.7

%  

Used Vehicles

 

 

1,278

 

 

1,498

 

(14.7)

%  

Finance and Insurance

 

 

1,259

 

 

1,213

 

3.8

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Gross Margin:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

7.7

%  

 

7.5

%  

 +20

bps

Used Vehicles

 

 

5.0

%  

 

5.9

%  

 -90 

bps

Service and Parts

 

 

59.2

%  

 

58.5

%  

 +70

bps

Fleet and Wholesale

 

 

1.6

%  

 

2.3

%  

 -70 

bps

Total Gross Margin

 

 

15.0

%  

 

14.7

%  

 +30

bps

 

 

 

 

 

 

 

 

 

 

Retail Automotive Revenue Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

43.8

%  

 

46.2

%  

 -240 

bps

Used Vehicles

 

 

36.4

%  

 

35.2

%  

 +120

bps

Finance and Insurance, Net

 

 

3.1

%  

 

3.0

%  

 +10

bps

Service and Parts

 

 

11.0

%  

 

10.3

%  

 +70

bps

Fleet and Wholesale

 

 

5.7

%  

 

5.3

%  

 +40

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

 

 

 

 

Retail Automotive Gross Profit Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

22.7

%  

 

23.5

%  

 -80 

bps

Used Vehicles

 

 

12.2

%  

 

14.1

%  

 -190 

bps

Finance and Insurance, Net

 

 

21.0

%  

 

20.7

%  

 +30

bps

Service and Parts

 

 

43.5

%  

 

40.9

%  

 +260

bps

Fleet and Wholesale

 

 

0.6

%  

 

0.8

%  

 -20 

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

9

C:\Users\109186\Desktop\Capture1.PNG

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

Selected Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

    

2019

    

2018

 

Change

Retail Automotive Same-Store Units:

 

 

 

 

 

 

 

 

 

New Retail

 

 

53,112

 

 

58,062

 

(8.5)

%  

Used Retail

 

 

71,613

 

 

71,532

 

0.1

%  

Total

 

 

124,725

 

 

129,594

 

(3.8)

%  

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

2,171.2

 

$

2,397.3

 

(9.4)

%  

Used Vehicles

 

 

1,823.4

 

 

1,832.1

 

(0.5)

%  

Finance and Insurance, Net

 

 

157.5

 

 

158.2

 

(0.4)

%  

Service and Parts

 

 

547.5

 

 

531.4

 

3.0

%  

Fleet and Wholesale

 

 

280.2

 

 

271.6

 

3.2

%  

Total Revenue

 

$

4,979.8

 

$

5,190.6

 

(4.1)

%  

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

167.5

 

$

180.2

 

(7.0)

%  

Used Vehicles

 

 

93.1

 

 

108.0

 

(13.8)

%  

Finance and Insurance, Net

 

 

157.5

 

 

158.2

 

(0.4)

%  

Service and Parts

 

 

323.9

 

 

310.8

 

4.2

%  

Fleet and Wholesale

 

 

4.5

 

 

6.7

 

(32.8)

%  

Total Gross Profit

 

$

746.5

 

$

763.9

 

(2.3)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Same-Store Revenue Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

40,880

 

$

41,288

 

(1.0)

%  

Used Vehicles

 

 

25,462

 

 

25,612

 

(0.6)

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

3,153

 

$

3,104

 

1.6

%  

Used Vehicles

 

 

1,301

 

 

1,510

 

(13.8)

%  

Finance and Insurance

 

 

1,262

 

 

1,220

 

3.4

%  

 

 

 

 

 

 

 

 

 

 

Retail Automotive Same-Store Gross Margin:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

7.7

%  

 

7.5

%  

 +20

bps

Used Vehicles

 

 

5.1

%  

 

5.9

%  

 -80 

bps

Service and Parts

 

 

59.2

%  

 

58.5

%  

 +70

bps

Fleet and Wholesale

 

 

1.6

%  

 

2.5

%  

 -90 

bps

Total Gross Margin

 

 

15.0

%  

 

14.7

%  

 +30

bps

 

 

 

 

 

 

 

 

 

 

Retail Automotive Revenue Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

43.6

%  

 

46.2

%  

 -260 

bps

Used Vehicles

 

 

36.6

%  

 

35.3

%  

 +130

bps

Finance and Insurance, Net

 

 

3.2

%  

 

3.0

%  

 +20

bps

Service and Parts

 

 

11.0

%  

 

10.2

%  

 +80

bps

Fleet and Wholesale

 

 

5.6

%  

 

5.3

%  

 +30

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

 

 

 

 

Retail Automotive Gross Profit Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

22.4

%  

 

23.6

%  

 -120 

bps

Used Vehicles

 

 

12.5

%  

 

14.1

%  

 -160 

bps

Finance and Insurance, Net

 

 

21.1

%  

 

20.7

%  

 +40

bps

Service and Parts

 

 

43.4

%  

 

40.7

%  

 +270

bps

Fleet and Wholesale

 

 

0.6

%  

 

0.9

%  

 -30 

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

10

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PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

    

2019

    

2018

 

Change

Retail Commercial Truck Units:

 

 

 

 

 

 

 

 

 

New Retail

 

 

1,887

 

 

1,655

 

14.0

%  

Used Retail

 

 

416

 

 

451

 

(7.8)

%  

Total

 

 

2,303

 

 

2,106

 

9.4

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Revenue: (Amounts in Millions)

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

207.4

 

$

170.4

 

21.7

%  

Used Vehicles

 

 

24.1

 

 

26.5

 

(9.1)

%  

Finance and Insurance, Net

 

 

3.0

 

 

3.2

 

(6.3)

%  

Service and Parts

 

 

91.5

 

 

90.4

 

1.2

%  

Other

 

 

6.3

 

 

1.9

 

231.6

%  

Total Revenue

 

$

332.3

 

$

292.4

 

13.6

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Gross Profit: (Amounts in Millions)

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

10.2

 

$

6.7

 

52.2

%  

Used Vehicles

 

 

2.7

 

 

2.7

 

 —

%  

Finance and Insurance, Net

 

 

3.0

 

 

3.2

 

(6.3)

%  

Service and Parts

 

 

36.1

 

 

34.0

 

6.2

%  

Other

 

 

2.4

 

 

 —

 

nm

 

Total Gross Profit

 

$

54.4

 

$

46.6

 

16.7

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Revenue Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

109,887

 

$

102,978

 

6.7

%  

Used Vehicles

 

 

58,032

 

 

58,708

 

(1.2)

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Gross Profit Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

5,391

 

$

4,067

 

32.6

%  

Used Vehicles

 

 

6,557

 

 

5,829

 

12.5

%  

Finance and Insurance

 

 

1,309

 

 

1,520

 

(13.9)

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Gross Margin:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

4.9

%  

 

3.9

%  

 +100

bps

Used Vehicles

 

 

11.2

%  

 

10.2

%  

 +100

bps

Service and Parts

 

 

39.5

%  

 

37.6

%  

 +190

bps

Total Gross Margin

 

 

16.4

%  

 

15.9

%  

 +50

bps

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Revenue Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

62.4

%  

 

58.3

%  

 +410

bps

Used Vehicles

 

 

7.3

%  

 

9.1

%  

 -180 

bps

Finance and Insurance, Net

 

 

0.9

%  

 

1.1

%  

 -20 

bps

Service and Parts

 

 

27.5

%  

 

30.9

%  

 -340 

bps

Other

 

 

1.9

%  

 

0.6

%  

 +130

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Gross Profit Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

18.8

%  

 

14.4

%  

 +440

bps

Used Vehicles

 

 

5.0

%  

 

5.8

%  

 -80 

bps

Finance and Insurance, Net

 

 

5.5

%  

 

6.8

%  

 -130 

bps

Service and Parts

 

 

66.4

%  

 

73.0

%  

 -660 

bps

Other

 

 

4.3

%  

 

 —

%  

 +430

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

11

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PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

Selected Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

    

2019

    

2018

 

Change

Retail Commercial Truck Same-Store Units:

 

 

 

 

 

 

 

 

 

New Retail

 

 

1,859

 

 

1,655

 

12.3

%  

Used Retail

 

 

409

 

 

451

 

(9.3)

%  

Total

 

 

2,268

 

 

2,106

 

7.7

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

204.0

 

$

170.4

 

19.7

%  

Used Vehicles

 

 

24.4

 

 

26.5

 

(7.9)

%  

Finance and Insurance, Net

 

 

4.8

 

 

3.2

 

50.0

%  

Service and Parts

 

 

90.8

 

 

89.8

 

1.1

%  

Other

 

 

4.0

 

 

1.9

 

110.5

%  

Total Revenue

 

$

328.0

 

$

291.8

 

12.4

%  

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

9.9

 

$

6.7

 

47.8

%  

Used Vehicles

 

 

3.2

 

 

2.7

 

18.5

%  

Finance and Insurance, Net

 

 

4.8

 

 

3.2

 

50.0

%  

Service and Parts

 

 

35.8

 

 

33.8

 

5.9

%  

Other

 

 

 —

 

 

 —

 

nm

 

Total Gross Profit

 

$

53.7

 

$

46.4

 

15.7

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

109,762

 

$

102,978

 

6.6

%  

Used Vehicles

 

 

59,682

 

 

58,708

 

1.7

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:

 

 

 

 

 

 

 

 

 

New Vehicles

 

$

5,332

 

$

4,067

 

31.1

%  

Used Vehicles

 

 

7,864

 

 

5,829

 

34.9

%  

Finance and Insurance

 

 

2,115

 

 

1,520

 

39.1

%  

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Same-Store Gross Margin:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

4.9

%  

 

3.9

%  

 +100

bps

Used Vehicles

 

 

13.1

%  

 

10.2

%  

 +290

bps

Service and Parts

 

 

39.4

%  

 

37.6

%  

 +180

bps

Total Gross Margin

 

 

16.4

%  

 

15.9

%  

 +50

bps

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Revenue Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

62.2

%  

 

58.4

%  

 +380

bps

Used Vehicles

 

 

7.4

%  

 

9.1

%  

 -170 

bps

Finance and Insurance, Net

 

 

1.5

%  

 

1.1

%  

 +40

bps

Service and Parts

 

 

27.7

%  

 

30.8

%  

 -310 

bps

Other

 

 

1.2

%  

 

0.6

%  

 +60

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

 

 

 

 

 

 

Retail Commercial Truck Gross Profit Mix Percentages:

 

 

 

 

 

 

 

 

 

New Vehicles

 

 

18.4

%  

 

14.4

%  

 +400

bps

Used Vehicles

 

 

6.0

%  

 

5.8

%  

 +20

bps

Finance and Insurance, Net

 

 

8.9

%  

 

6.9

%  

 +200

bps

Service and Parts

 

 

66.7

%  

 

72.9

%  

 -620 

bps

Other

 

 

 —

%  

 

 —

%  

---

bps

Total

 

 

100.0

%  

 

100.0

%  

 

 

 

 

 

 

12

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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”) for the three months ended March 31, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

March 31,

 

2019 vs. 2018

(Amounts in Millions)

 

2019

 

2018

 

Change

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

99.2

 

$

107.8

 

$

(8.6)

 

(8.0)

%

Add: Depreciation

 

 

26.4

 

 

25.6

 

 

0.8

 

3.1

%

Other Interest Expense

 

 

29.9

 

 

29.8

 

 

0.1

 

0.3

%

Income Taxes

 

 

34.7

 

 

36.6

 

 

(1.9)

 

(5.2)

%

Income from Discontinued Operations, net of tax

 

 

(0.1)

 

 

(0.1)

 

 

 —

 

 —

 

EBITDA

 

$

190.1

 

$

199.7

 

$

(9.6)

 

(4.8)

%

 

 

nm – not meaningful

 

 

# # # # # # #

 

 

 

 

13

C:\Users\109186\Desktop\Capture1.PNG

 

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