Business Combinations

6 Months Ended

Jun. 30, 2021

Business Combinations

Business Combinations

5. Business Combinations

During the six months ended June 30, 2021, we acquired one retail automotive franchise in the U.S. We also acquired Kansas City Freightliner (“KCFL”), adding four full-service dealerships, four parts and service centers, and two collision centers to PTG’s existing operations. During the six months ended June 30, 2020, we made no acquisitions. Our financial statements include the results of operations of the acquired entity from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed financial statements and may be subject to adjustment pending completion of final valuation. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the six months ended June 30, 2021:

	June 30,
	2021
Accounts receivable	$	—
Inventories		37.0
Other current assets		0.1
Property and equipment		62.8
Indefinite-lived intangibles		184.7
Other noncurrent assets		—
Current liabilities		(2.8)
Noncurrent liabilities		(3.8)
Total cash used in acquisitions	$	278.0

The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2021, and 2020 give effect to acquisitions consummated during 2021 and 2020 as if they had occurred effective at the beginning of the periods:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues	$	7,023.4	$	3,772.9	$	12,866.9	$	8,841.3
Income from continuing operations		340.2		48.8		524.1		101.4
Net income		340.3		48.9		524.2		101.5
Income from continuing operations per diluted common share	$	4.21	$	0.61	$	6.50	$	1.26
Net income per diluted common share	$	4.21	$	0.61	$	6.50	$	1.26