PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY AND FULL YEAR 2023 RESULTS
Completes Third Most Profitable Year in Company History
Fourth Quarter Revenue Increased 4% to
Fourth Quarter Retail Automotive Same-Store Revenue Increased 4%, Including a 7% Increase in Service & Parts
Fourth Quarter Profitability Impacted by Non-Cash Impairment Charge, Lower Equity Earnings From PTS, and Higher Interest Expense
Goodwill Impairment
We are required to assess goodwill and other indefinite-lived intangible assets for impairment at least annually. In the fourth quarter of 2023 in connection with our annual budget and planning process for 2024, which drives certain assumptions used in our annual goodwill impairment testing, we determined the carrying value of goodwill in our used vehicle dealerships international reporting unit was greater than its estimated fair value. Accordingly, we recorded a non-cash goodwill impairment charge of
Fourth Quarter 2023 Performance
The Company's results for the fourth quarter of 2023 were driven by continued strong performance in retail automotive and retail commercial truck operations, including an 8% increase in retail automotive new units delivered and a 7% increase in same-store service and parts gross profit. Income from continuing operations before income taxes, net income, and income per share, however, were negatively impacted by higher interest costs of
Commenting on the Company's fourth quarter financial results, Chair and CEO
Penske continued, "Our diversified business achieved the third best year of profitability of all-time." For the twelve months ended
Full Year 2023 Operating Highlights Compared to Full Year 2022
-
Retail Automotive Same-Store Revenue – increased 5%
- New Vehicle +12%; Used Vehicle -2%; Finance & Insurance -2%; Service & Parts +9%
-
Retail Automotive Same-Store Gross Profit – decreased 0.4%
- New Vehicle -2%; Used Vehicle -21%; Finance & Insurance -2%; Service & Parts +9%
-
Retail Commercial Truck Same-Store Revenue – increased 1%
- New Vehicle +4%; Used Vehicle -25%; Finance & Insurance +2%; Service & Parts +3%
-
Retail Commercial Truck Same-Store Gross Profit – increased 3%
- New Vehicle +11%; Used Vehicle -10%; Finance & Insurance +2%; Service & Parts +3%
Retail Automotive Dealerships
For the three months ended
Beginning in 2023, we transitioned our
Retail Commercial Truck Dealerships
As of
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 439,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts.
Corporate Development and Capital Allocation
Based on the Company's strong earnings and cash flow, the Board of Directors has consistently increased the Company's quarterly dividend, most recently approving a 10% increase in the quarterly dividend to
As previously announced, in
Conference Call
About
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding
Inquiries should contact:
|
|
Executive Vice President and |
Executive Vice President Investor Relations |
Chief Financial Officer |
and Corporate Development |
|
|
248-648-2812 |
248-648-2540 |
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
Revenue |
$ 7,272.1 |
|
$ 7,011.8 |
|
3.7 % |
|
|
|
|
|
6.2 % |
Cost of Sales |
6,084.0 |
|
5,828.6 |
|
4.4 % |
|
24,593.6 |
|
22,976.0 |
|
7.0 % |
Gross Profit |
$ 1,188.1 |
|
$ 1,183.2 |
|
0.4 % |
|
$ 4,933.8 |
|
$ 4,838.8 |
|
2.0 % |
SG&A Expenses |
844.1 |
|
815.5 |
|
3.5 % |
|
3,400.6 |
|
3,223.7 |
|
5.5 % |
Impairment Charges |
40.7 |
|
— |
|
nm |
|
40.7 |
|
— |
|
nm |
Depreciation |
37.6 |
|
32.2 |
|
16.8 % |
|
141.0 |
|
127.3 |
|
10.8 % |
Operating Income |
$ 265.7 |
|
$ 335.5 |
|
(20.8) % |
|
$ 1,351.5 |
|
$ 1,487.8 |
|
(9.2) % |
Floor Plan Interest Expense |
(38.9) |
|
(22.1) |
|
76.0 % |
|
(133.1) |
|
(52.4) |
|
154.0 % |
Other Interest Expense |
(23.1) |
|
(19.0) |
|
21.6 % |
|
(92.6) |
|
(70.4) |
|
31.5 % |
Equity in Earnings of Affiliates |
52.1 |
|
100.4 |
|
(48.1) % |
|
293.7 |
|
494.2 |
|
(40.6) % |
Income from Continuing Operations Before Income Taxes |
$ 255.8 |
|
$ 394.8 |
|
(35.2) % |
|
$ 1,419.5 |
|
$ 1,859.2 |
|
(23.6) % |
Income Taxes |
(63.8) |
|
(95.5) |
|
(33.2) % |
|
(360.9) |
|
(473.0) |
|
(23.7) % |
Income from Continuing Operations |
$ 192.0 |
|
$ 299.3 |
|
(35.9) % |
|
$ 1,058.6 |
|
$ 1,386.2 |
|
(23.6) % |
Income from Discontinued Operations, net of tax |
— |
|
— |
|
nm |
|
— |
|
— |
|
nm |
Net Income |
$ 192.0 |
|
$ 299.3 |
|
(35.9) % |
|
$ 1,058.6 |
|
$ 1,386.2 |
|
(23.6) % |
Less: Income Attributable to Non-Controlling Interests |
1.3 |
|
1.3 |
|
— % |
|
5.4 |
|
6.2 |
|
(12.9) % |
Net Income Attributable to Common Stockholders |
$ 190.7 |
|
$ 298.0 |
|
(36.0) % |
|
$ 1,053.2 |
|
$ 1,380.0 |
|
(23.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Attributable to Common Stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Reported Income from Continuing Operations |
$ 192.0 |
|
$ 299.3 |
|
(35.9) % |
|
$ 1,058.6 |
|
$ 1,386.2 |
|
(23.6) % |
Less: Income Attributable to Non-Controlling Interests |
1.3 |
|
1.3 |
|
— % |
|
5.4 |
|
6.2 |
|
(12.9) % |
Income from Continuing Operations, net of tax |
$ 190.7 |
|
$ 298.0 |
|
(36.0) % |
|
$ 1,053.2 |
|
$ 1,380.0 |
|
(23.7) % |
Income from Discontinued Operations, net of tax |
— |
|
— |
|
nm |
|
— |
|
— |
|
nm |
Net Income Attributable to Common Stockholders |
$ 190.7 |
|
$ 298.0 |
|
(36.0) % |
|
$ 1,053.2 |
|
$ 1,380.0 |
|
(23.7) % |
Income from Continuing Operations Per Share |
$ 2.84 |
|
$ 4.21 |
|
(32.5) % |
|
$ 15.50 |
|
$ 18.55 |
|
(16.4) % |
Income Per Share |
$ 2.84 |
|
$ 4.21 |
|
(32.5) % |
|
$ 15.50 |
|
$ 18.55 |
|
(16.4) % |
Weighted Average Shares Outstanding |
67.2 |
|
70.8 |
|
(5.1) % |
|
68.0 |
|
74.4 |
|
(8.6) % |
|
|
|
|
|
|
|
|
|
|
|
|
nm – not meaningful |
|
|
|
|
|
|
|
|
|
|
|
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) |
||||||
|
||||||
|
|
|
|
|
||
|
|
2023 |
|
2022 |
||
Assets: |
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ 96.4 |
|
$ 106.5 |
||
Accounts Receivable, Net |
|
|
1,114.6 |
|
|
906.7 |
Inventories |
|
|
4,293.1 |
|
|
3,509.1 |
Other Current Assets |
|
|
175.6 |
|
|
141.9 |
Total Current Assets |
|
|
5,679.7 |
|
|
4,664.2 |
Property and Equipment, Net |
|
|
2,765.2 |
|
|
2,496.5 |
Operating Lease Right-of-Use Assets |
|
|
2,405.5 |
|
|
2,416.1 |
Intangibles |
|
|
2,983.1 |
|
|
2,845.6 |
Other Long-Term Assets |
|
|
1,838.0 |
|
|
1,692.2 |
Total Assets |
|
$ 15,671.5 |
|
$ 14,114.6 |
||
|
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
|
|
Floor Plan Notes Payable |
|
$ 2,255.6 |
|
$ 1,565.7 |
||
Floor Plan Notes Payable – Non-Trade |
|
|
1,515.9 |
|
|
1,430.6 |
Accounts Payable |
|
|
866.9 |
|
|
853.5 |
Accrued Expenses and Other Current Liabilities |
|
|
809.8 |
|
|
788.1 |
Current Portion Long-Term Debt |
|
|
209.7 |
|
|
75.2 |
Total Current Liabilities |
|
|
5,657.9 |
|
|
4,713.1 |
Long-Term Debt |
|
|
1,419.5 |
|
|
1,546.9 |
Long-Term Operating Lease Liabilities |
|
|
2,336.0 |
|
|
2,335.7 |
Other Long-Term Liabilities |
|
|
1,502.5 |
|
|
1,344.1 |
Total Liabilities |
|
|
10,915.9 |
|
|
9,939.8 |
Equity |
|
|
4,755.6 |
|
|
4,174.8 |
Total Liabilities and Equity |
|
$ 15,671.5 |
|
$ 14,114.6 |
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
|
|
|
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Geographic Revenue Mix: |
|
|
|
|
|
|
|
|
62.6 % |
|
64.0 % |
|
60.4 % |
|
62.0 % |
|
28.3 % |
|
28.3 % |
|
31.3 % |
|
30.4 % |
Other International |
9.1 % |
|
7.7 % |
|
8.3 % |
|
7.6 % |
Total |
100.0 % |
|
100.0 % |
|
100.0 % |
|
100.0 % |
|
|
|
|
|
|
|
|
Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
$ 6,177.9 |
|
$ 5,910.4 |
|
|
|
|
Retail Commercial Truck |
904.8 |
|
960.8 |
|
3,684.3 |
|
3,541.3 |
Commercial Vehicle Distribution and Other |
189.4 |
|
140.6 |
|
634.0 |
|
578.8 |
Total |
$ 7,272.1 |
|
$ 7,011.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
$ 1,002.4 |
|
$ 1,008.8 |
|
$ 4,176.2 |
|
$ 4,126.4 |
Retail Commercial Truck |
143.2 |
|
138.2 |
|
592.4 |
|
555.1 |
Commercial Vehicle Distribution and Other |
42.5 |
|
36.2 |
|
165.2 |
|
157.3 |
Total |
$ 1,188.1 |
|
$ 1,183.2 |
|
$ 4,933.8 |
|
$ 4,838.8 |
|
|
|
|
|
|
|
|
Gross Margin: |
|
|
|
|
|
|
|
|
16.2 % |
|
17.1 % |
|
16.6 % |
|
17.4 % |
Retail Commercial Truck |
15.8 % |
|
14.4 % |
|
16.1 % |
|
15.7 % |
Commercial Vehicle Distribution and Other |
22.4 % |
|
25.7 % |
|
26.1 % |
|
27.2 % |
Total |
16.3 % |
|
16.9 % |
|
16.7 % |
|
17.4 % |
|
Three Months Ended |
|
Twelve Months Ended |
||||
|
|
|
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating Items as a Percentage of Revenue: |
|
|
|
|
|
|
|
Gross Profit |
16.3 % |
|
16.9 % |
|
16.7 % |
|
17.4 % |
Selling, General and Administrative Expenses |
11.6 % |
|
11.6 % |
|
11.5 % |
|
11.6 % |
Operating Income |
3.7 % |
|
4.8 % |
|
4.6 % |
|
5.3 % |
Income from Continuing Operations Before Income Taxes |
3.5 % |
|
5.6 % |
|
4.8 % |
|
6.7 % |
|
|
|
|
|
|
|
|
Operating Items as a Percentage of Total Gross Profit: |
|
|
|
|
|
|
|
Selling, General and Administrative Expenses |
71.0 % |
|
68.9 % |
|
68.9 % |
|
66.6 % |
Operating Income |
22.4 % |
|
28.4 % |
|
27.4 % |
|
30.7 % |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
||||||||
(Amounts in Millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
$ 316.5 |
|
$ 446.0 |
|
$ 1,653.1 |
|
$ 2,056.9 |
||||
Floor Plan Credits |
$ 12.5 |
|
$ 10.3 |
|
$ 45.2 |
|
$ 40.3 |
||||
Rent Expense |
$ 62.4 |
|
$ 61.2 |
|
$ 247.9 |
|
$ 243.3 |
||||
_______________________ |
|
|
|
|
|
|
|
|
|
|
|
(1) See the following Non-GAAP reconciliation table. |
|
|
|
|
|
|
|
|
|
|
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||
Retail Automotive Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
51,786 |
|
|
50,342 |
|
2.9 % |
|
|
197,070 |
|
|
185,831 |
|
6.0 % |
Used Retail |
|
57,490 |
|
|
57,991 |
|
(0.9) % |
|
|
256,721 |
|
|
261,739 |
|
(1.9) % |
Total Retail |
|
109,276 |
|
|
108,333 |
|
0.9 % |
|
|
453,791 |
|
|
447,570 |
|
1.4 % |
|
|
8,113 |
|
|
— |
|
nm |
|
|
32,672 |
|
|
— |
|
nm |
|
|
117,389 |
|
|
108,333 |
|
8.4 % |
|
|
486,463 |
|
|
447,570 |
|
8.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
2,989.2 |
|
$ |
2,763.8 |
|
8.2 % |
|
$ |
11,273.3 |
|
$ |
10,050.5 |
|
12.2 % |
Used Vehicles |
|
1,970.0 |
|
|
1,992.1 |
|
(1.1) % |
|
|
8,919.5 |
|
|
9,011.6 |
|
(1.0) % |
Finance and Insurance, Net |
|
207.6 |
|
|
201.3 |
|
3.1 % |
|
|
838.6 |
|
|
848.1 |
|
(1.1) % |
Service and Parts |
|
680.9 |
|
|
633.7 |
|
7.4 % |
|
|
2,734.3 |
|
|
2,426.7 |
|
12.7 % |
Fleet and Wholesale |
|
330.2 |
|
|
319.5 |
|
3.3 % |
|
|
1,443.4 |
|
|
1,357.8 |
|
6.3 % |
Total Revenue |
$ |
6,177.9 |
|
$ |
5,910.4 |
|
4.5 % |
|
$ |
25,209.1 |
|
$ |
23,694.7 |
|
6.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
301.9 |
|
$ |
325.6 |
|
(7.3) % |
|
$ |
1,238.5 |
|
$ |
1,246.1 |
|
(0.6) % |
Used Vehicles |
|
83.3 |
|
|
100.8 |
|
(17.4) % |
|
|
432.4 |
|
|
543.1 |
|
(20.4) % |
Finance and Insurance, Net |
|
207.6 |
|
|
201.3 |
|
3.1 % |
|
|
838.6 |
|
|
848.1 |
|
(1.1) % |
Service and Parts |
|
395.9 |
|
|
370.3 |
|
6.9 % |
|
|
1,605.7 |
|
|
1,439.4 |
|
11.6 % |
Fleet and Wholesale |
|
13.7 |
|
|
10.8 |
|
26.9 % |
|
|
61.0 |
|
|
49.7 |
|
22.7 % |
Total Gross Profit |
$ |
1,002.4 |
|
$ |
1,008.8 |
|
(0.6) % |
|
$ |
4,176.2 |
|
$ |
4,126.4 |
|
1.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
57,364 |
|
$ |
54,900 |
|
4.5 % |
|
$ |
56,857 |
|
$ |
54,084 |
|
5.1 % |
Used Vehicles |
|
34,266 |
|
|
34,352 |
|
(0.3) % |
|
|
34,744 |
|
|
34,430 |
|
0.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
5,531 |
|
$ |
6,467 |
|
(14.5) % |
|
$ |
5,967 |
|
$ |
6,705 |
|
(11.0) % |
Used Vehicles |
|
1,448 |
|
|
1,739 |
|
(16.7) % |
|
|
1,685 |
|
|
2,075 |
|
(18.8) % |
Finance and Insurance (excluding agency) |
|
1,876 |
|
|
1,858 |
|
1.0 % |
|
|
1,825 |
|
|
1,895 |
|
(3.7) % |
Agency |
|
2,232 |
|
|
— |
|
nm |
|
|
2,233 |
|
|
— |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
10.1 % |
|
|
11.8 % |
|
(170)bps |
|
|
11.0 % |
|
|
12.4 % |
|
(140)bps |
Used Vehicles |
|
4.2 % |
|
|
5.1 % |
|
(90)bps |
|
|
4.8 % |
|
|
6.0 % |
|
(120)bps |
Service and Parts |
|
58.1 % |
|
|
58.4 % |
|
(30)bps |
|
|
58.7 % |
|
|
59.3 % |
|
(60)bps |
Fleet and Wholesale |
|
4.1 % |
|
|
3.4 % |
|
+70bps |
|
|
4.2 % |
|
|
3.7 % |
|
+50bps |
Total Gross Margin |
|
16.2 % |
|
|
17.1 % |
|
(90)bps |
|
|
16.6 % |
|
|
17.4 % |
|
(80)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
48.4 % |
|
|
46.8 % |
|
+160bps |
|
|
44.7 % |
|
|
42.4 % |
|
+230bps |
Used Vehicles |
|
31.9 % |
|
|
33.7 % |
|
(180)bps |
|
|
35.4 % |
|
|
38.0 % |
|
(260)bps |
Finance and Insurance, Net |
|
3.4 % |
|
|
3.4 % |
|
—bps |
|
|
3.3 % |
|
|
3.6 % |
|
(30)bps |
Service and Parts |
|
11.0 % |
|
|
10.7 % |
|
+30bps |
|
|
10.8 % |
|
|
10.2 % |
|
+60bps |
Fleet and Wholesale |
|
5.3 % |
|
|
5.4 % |
|
(10)bps |
|
|
5.8 % |
|
|
5.8 % |
|
—bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
30.1 % |
|
|
32.3 % |
|
(220)bps |
|
|
29.7 % |
|
|
30.2 % |
|
(50)bps |
Used Vehicles |
|
8.3 % |
|
|
10.0 % |
|
(170)bps |
|
|
10.4 % |
|
|
13.2 % |
|
(280)bps |
Finance and Insurance, Net |
|
20.7 % |
|
|
20.0 % |
|
+70bps |
|
|
20.1 % |
|
|
20.6 % |
|
(50)bps |
Service and Parts |
|
39.5 % |
|
|
36.7 % |
|
+280bps |
|
|
38.4 % |
|
|
34.9 % |
|
+350bps |
Fleet and Wholesale |
|
1.4 % |
|
|
1.0 % |
|
+40bps |
|
|
1.4 % |
|
|
1.1 % |
|
+30bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
nm – not meaningful |
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||
Retail Automotive Same-Store Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
51,510 |
|
|
50,221 |
|
2.6 % |
|
|
191,039 |
|
|
179,703 |
|
6.3 % |
Used Retail |
|
57,029 |
|
|
57,076 |
|
(0.1) % |
|
|
245,107 |
|
|
252,458 |
|
(2.9) % |
Total Retail |
|
108,539 |
|
|
107,297 |
|
1.2 % |
|
|
436,146 |
|
|
432,161 |
|
0.9 % |
|
|
8,113 |
|
|
— |
|
nm |
|
|
27,563 |
|
|
— |
|
nm |
|
|
116,652 |
|
|
107,297 |
|
8.7 % |
|
|
463,709 |
|
|
432,161 |
|
7.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
2,968.5 |
|
$ |
2,759.7 |
|
7.6 % |
|
$ |
10,946.9 |
|
$ |
9,765.9 |
|
12.1 % |
Used Vehicles |
|
1,952.0 |
|
|
1,971.0 |
|
(1.0) % |
|
|
8,529.1 |
|
|
8,742.2 |
|
(2.4) % |
Finance and Insurance, Net |
|
206.6 |
|
|
200.2 |
|
3.2 % |
|
|
812.0 |
|
|
828.7 |
|
(2.0) % |
Service and Parts |
|
672.1 |
|
|
629.8 |
|
6.7 % |
|
|
2,571.1 |
|
|
2,350.9 |
|
9.4 % |
Fleet and Wholesale |
|
327.9 |
|
|
316.7 |
|
3.5 % |
|
|
1,397.3 |
|
|
1,321.1 |
|
5.8 % |
Total Revenue |
$ |
6,127.1 |
|
$ |
5,877.4 |
|
4.2 % |
|
$ |
24,256.4 |
|
$ |
23,008.8 |
|
5.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
299.7 |
|
$ |
325.2 |
|
(7.8) % |
|
$ |
1,200.1 |
|
$ |
1,219.4 |
|
(1.6) % |
Used Vehicles |
|
82.3 |
|
|
100.5 |
|
(18.1) % |
|
|
417.5 |
|
|
531.8 |
|
(21.5) % |
Finance and Insurance, Net |
|
206.6 |
|
|
200.2 |
|
3.2 % |
|
|
812.0 |
|
|
828.7 |
|
(2.0) % |
Service and Parts |
|
392.3 |
|
|
367.9 |
|
6.6 % |
|
|
1,522.5 |
|
|
1,398.7 |
|
8.9 % |
Fleet and Wholesale |
|
13.7 |
|
|
10.7 |
|
28.0 % |
|
|
60.8 |
|
|
49.5 |
|
22.8 % |
Total Gross Profit |
$ |
994.6 |
|
$ |
1,004.5 |
|
(1.0) % |
|
$ |
4,012.9 |
|
$ |
4,028.1 |
|
(0.4) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
57,269 |
|
$ |
54,951 |
|
4.2 % |
|
$ |
57,013 |
|
$ |
54,345 |
|
4.9 % |
Used Vehicles |
|
34,228 |
|
|
34,533 |
|
(0.9) % |
|
|
34,797 |
|
|
34,628 |
|
0.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles (excluding agency) |
$ |
5,518 |
|
$ |
6,474 |
|
(14.8) % |
|
$ |
6,024 |
|
$ |
6,786 |
|
(11.2) % |
Used Vehicles |
|
1,443 |
|
|
1,761 |
|
(18.1) % |
|
|
1,703 |
|
|
2,106 |
|
(19.1) % |
Finance and Insurance (excluding agency) |
|
1,897 |
|
|
1,866 |
|
1.7 % |
|
|
1,861 |
|
|
1,918 |
|
(3.0) % |
Agency |
|
2,001 |
|
|
— |
|
nm |
|
|
1,805 |
|
|
— |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
10.1 % |
|
|
11.8 % |
|
(170)bps |
|
|
11.0 % |
|
|
12.5 % |
|
(150)bps |
Used Vehicles |
|
4.2 % |
|
|
5.1 % |
|
(90)bps |
|
|
4.9 % |
|
|
6.1 % |
|
(120)bps |
Service and Parts |
|
58.4 % |
|
|
58.4 % |
|
—bps |
|
|
59.2 % |
|
|
59.5 % |
|
(30)bps |
Fleet and Wholesale |
|
4.2 % |
|
|
3.4 % |
|
+80bps |
|
|
4.4 % |
|
|
3.7 % |
|
+70bps |
Total Gross Margin |
|
16.2 % |
|
|
17.1 % |
|
(90)bps |
|
|
16.5 % |
|
|
17.5 % |
|
(100)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
48.4 % |
|
|
47.0 % |
|
+140bps |
|
|
45.1 % |
|
|
42.4 % |
|
+270bps |
Used Vehicles |
|
31.9 % |
|
|
33.5 % |
|
(160)bps |
|
|
35.2 % |
|
|
38.0 % |
|
(280)bps |
Finance and Insurance, Net |
|
3.4 % |
|
|
3.4 % |
|
—bps |
|
|
3.3 % |
|
|
3.6 % |
|
(30)bps |
Service and Parts |
|
11.0 % |
|
|
10.7 % |
|
+30bps |
|
|
10.6 % |
|
|
10.2 % |
|
+40bps |
Fleet and Wholesale |
|
5.3 % |
|
|
5.4 % |
|
(10)bps |
|
|
5.8 % |
|
|
5.8 % |
|
—bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Automotive Same-Store Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
30.1 % |
|
|
32.4 % |
|
(230)bps |
|
|
29.9 % |
|
|
30.3 % |
|
(40)bps |
Used Vehicles |
|
8.3 % |
|
|
10.0 % |
|
(170)bps |
|
|
10.4 % |
|
|
13.2 % |
|
(280)bps |
Finance and Insurance, Net |
|
20.8 % |
|
|
19.9 % |
|
+90bps |
|
|
20.2 % |
|
|
20.6 % |
|
(40)bps |
Service and Parts |
|
39.4 % |
|
|
36.6 % |
|
+280bps |
|
|
37.9 % |
|
|
34.7 % |
|
+320bps |
Fleet and Wholesale |
|
1.4 % |
|
|
1.1 % |
|
+30bps |
|
|
1.6 % |
|
|
1.2 % |
|
+40bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
nm – not meaningful |
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||
Retail Commercial Truck Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
4,513 |
|
|
5,181 |
|
(12.9) % |
|
|
18,242 |
|
|
17,932 |
|
1.7 % |
Used Retail |
|
896 |
|
|
523 |
|
71.3 % |
|
|
3,138 |
|
|
2,669 |
|
17.6 % |
Total |
|
5,409 |
|
|
5,704 |
|
(5.2) % |
|
|
21,380 |
|
|
20,601 |
|
3.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
619.2 |
|
$ |
685.0 |
|
(9.6) % |
|
$ |
2,480.2 |
|
$ |
2,308.7 |
|
7.4 % |
Used Vehicles |
|
59.6 |
|
|
48.1 |
|
23.9 % |
|
|
229.9 |
|
|
301.3 |
|
(23.7) % |
Finance and Insurance, Net |
|
6.0 |
|
|
4.2 |
|
42.9 % |
|
|
21.9 |
|
|
20.5 |
|
6.8 % |
Service and Parts |
|
212.2 |
|
|
211.7 |
|
0.2 % |
|
|
907.3 |
|
|
852.2 |
|
6.5 % |
Wholesale and Other |
|
7.8 |
|
|
11.8 |
|
(33.9) % |
|
|
45.0 |
|
|
58.6 |
|
(23.2) % |
Total Revenue |
$ |
904.8 |
|
$ |
960.8 |
|
(5.8) % |
|
$ |
3,684.3 |
|
$ |
3,541.3 |
|
4.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
38.0 |
|
$ |
34.5 |
|
10.1 % |
|
$ |
148.2 |
|
$ |
126.4 |
|
17.2 % |
Used Vehicles |
|
5.5 |
|
|
4.5 |
|
22.2 % |
|
|
19.6 |
|
|
22.0 |
|
(10.9) % |
Finance and Insurance, Net |
|
6.0 |
|
|
4.2 |
|
42.9 % |
|
|
21.9 |
|
|
20.5 |
|
6.8 % |
Service and Parts |
|
90.3 |
|
|
89.1 |
|
1.3 % |
|
|
383.6 |
|
|
360.5 |
|
6.4 % |
Wholesale and Other |
|
3.4 |
|
|
5.9 |
|
(42.4) % |
|
|
19.1 |
|
|
25.7 |
|
(25.7) % |
Total Gross Profit |
$ |
143.2 |
|
$ |
138.2 |
|
3.6 % |
|
$ |
592.4 |
|
$ |
555.1 |
|
6.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
137,197 |
|
$ |
132,217 |
|
3.8 % |
|
$ |
135,959 |
|
$ |
128,750 |
|
5.6 % |
Used Vehicles |
|
66,464 |
|
|
91,927 |
|
(27.7) % |
|
|
73,263 |
|
|
112,900 |
|
(35.1) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
8,412 |
|
$ |
6,663 |
|
26.2 % |
|
$ |
8,126 |
|
$ |
7,048 |
|
15.3 % |
Used Vehicles |
|
6,104 |
|
|
8,658 |
|
(29.5) % |
|
|
6,251 |
|
|
8,247 |
|
(24.2) % |
Finance and Insurance |
|
1,102 |
|
|
732 |
|
50.5 % |
|
|
1,022 |
|
|
997 |
|
2.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
6.1 % |
|
|
5.0 % |
|
+110bps |
|
|
6.0 % |
|
|
5.5 % |
|
+50bps |
Used Vehicles |
|
9.2 % |
|
|
9.4 % |
|
(20)bps |
|
|
8.5 % |
|
|
7.3 % |
|
+120bps |
Service and Parts |
|
42.6 % |
|
|
42.1 % |
|
+50bps |
|
|
42.3 % |
|
|
42.3 % |
|
—bps |
Wholesale and Other |
|
43.6 % |
|
|
50.0 % |
|
(640)bps |
|
|
42.4 % |
|
|
43.9 % |
|
(150)bps |
Total Gross Margin |
|
15.8 % |
|
|
14.4 % |
|
+140bps |
|
|
16.1 % |
|
|
15.7 % |
|
+40bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
68.4 % |
|
|
71.3 % |
|
(290)bps |
|
|
67.3 % |
|
|
65.2 % |
|
+210bps |
Used Vehicles |
|
6.6 % |
|
|
5.0 % |
|
+160bps |
|
|
6.2 % |
|
|
8.5 % |
|
(230)bps |
Finance and Insurance, Net |
|
0.7 % |
|
|
0.4 % |
|
+30bps |
|
|
0.6 % |
|
|
0.6 % |
|
—bps |
Service and Parts |
|
23.5 % |
|
|
22.0 % |
|
+150bps |
|
|
24.6 % |
|
|
24.1 % |
|
+50bps |
Wholesale and Other |
|
0.8 % |
|
|
1.3 % |
|
(50)bps |
|
|
1.3 % |
|
|
1.6 % |
|
(30)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
26.5 % |
|
|
25.0 % |
|
+150bps |
|
|
25.0 % |
|
|
22.8 % |
|
+220bps |
Used Vehicles |
|
3.8 % |
|
|
3.3 % |
|
+50bps |
|
|
3.3 % |
|
|
4.0 % |
|
(70)bps |
Finance and Insurance, Net |
|
4.2 % |
|
|
3.0 % |
|
+120bps |
|
|
3.7 % |
|
|
3.7 % |
|
—bps |
Service and Parts |
|
63.1 % |
|
|
64.5 % |
|
(140)bps |
|
|
64.8 % |
|
|
64.9 % |
|
(10)bps |
Wholesale and Other |
|
2.4 % |
|
|
4.2 % |
|
(180)bps |
|
|
3.2 % |
|
|
4.6 % |
|
(140)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store (Unaudited) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
||||
Retail Commercial Truck Same-Store Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Retail |
|
4,344 |
|
|
5,181 |
|
(16.2) % |
|
|
16,988 |
|
|
17,220 |
|
(1.3) % |
Used Retail |
|
885 |
|
|
523 |
|
69.2 % |
|
|
3,046 |
|
|
2,630 |
|
15.8 % |
Total |
|
5,229 |
|
|
5,704 |
|
(8.3) % |
|
|
20,034 |
|
|
19,850 |
|
0.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
593.1 |
|
$ |
685.0 |
|
(13.4) % |
|
$ |
2,312.8 |
|
$ |
2,227.7 |
|
3.8 % |
Used Vehicles |
|
58.9 |
|
|
48.1 |
|
22.5 % |
|
|
224.2 |
|
|
298.3 |
|
(24.8) % |
Finance and Insurance, Net |
|
5.6 |
|
|
4.2 |
|
33.3 % |
|
|
20.4 |
|
|
20.0 |
|
2.0 % |
Service and Parts |
|
202.4 |
|
|
211.7 |
|
(4.4) % |
|
|
829.5 |
|
|
807.9 |
|
2.7 % |
Wholesale and Other |
|
7.9 |
|
|
11.8 |
|
(33.1) % |
|
|
44.8 |
|
|
58.1 |
|
(22.9) % |
Total Revenue |
$ |
867.9 |
|
$ |
960.8 |
|
(9.7) % |
|
$ |
3,431.7 |
|
$ |
3,412.0 |
|
0.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
35.8 |
|
$ |
34.5 |
|
3.8 % |
|
$ |
133.8 |
|
$ |
120.9 |
|
10.7 % |
Used Vehicles |
|
5.6 |
|
|
4.5 |
|
24.4 % |
|
|
19.5 |
|
|
21.6 |
|
(9.7) % |
Finance and Insurance, Net |
|
5.6 |
|
|
4.2 |
|
33.3 % |
|
|
20.4 |
|
|
20.0 |
|
2.0 % |
Service and Parts |
|
86.6 |
|
|
89.1 |
|
(2.8) % |
|
|
352.5 |
|
|
343.3 |
|
2.7 % |
Wholesale and Other |
|
3.4 |
|
|
5.6 |
|
(39.3) % |
|
|
18.2 |
|
|
24.9 |
|
(26.9) % |
Total Gross Profit |
$ |
137.0 |
|
$ |
137.9 |
|
(0.7) % |
|
$ |
544.4 |
|
$ |
530.7 |
|
2.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
136,528 |
|
$ |
132,217 |
|
3.3 % |
|
$ |
136,144 |
|
$ |
129,364 |
|
5.2 % |
Used Vehicles |
|
66,555 |
|
|
91,927 |
|
(27.6) % |
|
|
73,593 |
|
|
113,416 |
|
(35.1) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
$ |
8,250 |
|
$ |
6,663 |
|
23.8 % |
|
$ |
7,877 |
|
$ |
7,018 |
|
12.2 % |
Used Vehicles |
|
6,306 |
|
|
8,658 |
|
(27.2) % |
|
|
6,395 |
|
|
8,207 |
|
(22.1) % |
Finance and Insurance |
|
1,069 |
|
|
732 |
|
46.0 % |
|
|
1,018 |
|
|
1,008 |
|
1.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
6.0 % |
|
|
5.0 % |
|
+100bps |
|
|
5.8 % |
|
|
5.4 % |
|
+40bps |
Used Vehicles |
|
9.5 % |
|
|
9.4 % |
|
+10bps |
|
|
8.7 % |
|
|
7.2 % |
|
+150bps |
Service and Parts |
|
42.8 % |
|
|
42.1 % |
|
+70bps |
|
|
42.5 % |
|
|
42.5 % |
|
—bps |
Wholesale and Other |
|
43.0 % |
|
|
47.5 % |
|
(450)bps |
|
|
40.6 % |
|
|
42.9 % |
|
(230)bps |
Total Gross Margin |
|
15.8 % |
|
|
14.4 % |
|
+140bps |
|
|
15.9 % |
|
|
15.6 % |
|
+30bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Revenue Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
68.3 % |
|
|
71.3 % |
|
(300)bps |
|
|
67.4 % |
|
|
65.3 % |
|
+210bps |
Used Vehicles |
|
6.8 % |
|
|
5.0 % |
|
+180bps |
|
|
6.5 % |
|
|
8.7 % |
|
(220)bps |
Finance and Insurance, Net |
|
0.6 % |
|
|
0.4 % |
|
+20bps |
|
|
0.6 % |
|
|
0.6 % |
|
—bps |
Service and Parts |
|
23.3 % |
|
|
22.0 % |
|
+130bps |
|
|
24.2 % |
|
|
23.7 % |
|
+50bps |
Wholesale and Other |
|
1.0 % |
|
|
1.3 % |
|
(30)bps |
|
|
1.3 % |
|
|
1.7 % |
|
(40)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Commercial Truck Same-Store Gross Profit Mix Percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Vehicles |
|
26.1 % |
|
|
25.0 % |
|
+110bps |
|
|
24.6 % |
|
|
22.8 % |
|
+180bps |
Used Vehicles |
|
4.1 % |
|
|
3.3 % |
|
+80bps |
|
|
3.6 % |
|
|
4.1 % |
|
(50)bps |
Finance and Insurance, Net |
|
4.1 % |
|
|
3.0 % |
|
+110bps |
|
|
3.7 % |
|
|
3.8 % |
|
(10)bps |
Service and Parts |
|
63.2 % |
|
|
64.6 % |
|
(140)bps |
|
|
64.8 % |
|
|
64.7 % |
|
+10bps |
Wholesale and Other |
|
2.5 % |
|
|
4.1 % |
|
(160)bps |
|
|
3.3 % |
|
|
4.6 % |
|
(130)bps |
Total |
|
100.0 % |
|
|
100.0 % |
|
|
|
|
100.0 % |
|
|
100.0 % |
|
|
PENSKE AUTOMOTIVE GROUP, INC. Supplemental Data (Unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
|
|
|
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Retail Automotive Revenue Mix: |
|
|
|
|
|
|
|
Premium: |
|
|
|
|
|
|
|
BMW / MINI |
27 % |
|
27 % |
|
26 % |
|
26 % |
Audi |
10 % |
|
10 % |
|
11 % |
|
11 % |
Mercedes-Benz |
9 % |
|
11 % |
|
9 % |
|
10 % |
Land Rover / Jaguar |
7 % |
|
7 % |
|
7 % |
|
7 % |
Porsche |
9 % |
|
8 % |
|
8 % |
|
7 % |
Ferrari / Maserati |
2 % |
|
3 % |
|
3 % |
|
3 % |
Lexus |
3 % |
|
2 % |
|
3 % |
|
3 % |
Acura |
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
|
1 % |
Others |
3 % |
|
3 % |
|
2 % |
|
2 % |
Total Premium |
72 % |
|
73 % |
|
71 % |
|
71 % |
Volume Non- |
|
|
|
|
|
|
|
Toyota |
11 % |
|
11 % |
|
10 % |
|
11 % |
Honda |
6 % |
|
6 % |
|
6 % |
|
5 % |
|
2 % |
|
1 % |
|
2 % |
|
2 % |
Hyundai |
1 % |
|
1 % |
|
1 % |
|
1 % |
Others |
1 % |
|
1 % |
|
2 % |
|
2 % |
Total Volume Non- |
21 % |
|
20 % |
|
21 % |
|
21 % |
|
|
|
|
|
|
|
|
General Motors / Stellantis |
1 % |
|
1 % |
|
1 % |
|
1 % |
CarShop Used Vehicle Centers |
6 % |
|
6 % |
|
7 % |
|
7 % |
Total |
100 % |
|
100 % |
|
100 % |
|
100 % |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
Capital Expenditures / Stock Repurchases: |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
(Amounts in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
|
103.2 |
|
$ |
|
86.8 |
|
$ |
|
375.3 |
|
$ |
|
282.5 |
Cash paid for acquisitions, net of cash acquired |
$ |
|
3.6 |
|
$ |
|
— |
|
$ |
|
214.9 |
|
$ |
|
393.4 |
Stock repurchases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase price |
$ |
|
17.6 |
|
$ |
|
284.5 |
|
$ |
|
382.2 |
|
$ |
|
886.5 |
Shares repurchased |
|
|
0.1 |
|
|
|
2.5 |
|
|
|
2.8 |
|
|
|
8.2 |
Balance Sheet and Other Highlights: |
|
|
|
||
(Amounts in Millions) |
|
|
|
|
|
Cash and Cash Equivalents |
$ |
96.4 |
|
$ |
106.5 |
Inventories |
$ |
4,293.1 |
|
$ |
3,509.1 |
Total Floor Plan Notes Payable |
$ |
3,771.5 |
|
$ |
2,996.3 |
Total Long-Term Debt |
$ |
1,629.2 |
|
$ |
1,622.1 |
Equity |
$ |
4,755.6 |
|
$ |
4,174.8 |
|
|
|
|
|
|
Debt to Total Capitalization Ratio |
|
25.5 % |
|
|
28.0 % |
Leverage Ratio (1) |
|
1.0x |
|
|
0.8x |
New vehicle days' supply |
|
39 days |
|
|
25 days |
Used vehicle days' supply |
|
48 days |
|
|
53 days |
__________________________ |
|||||
(1) See the following Non-GAAP reconciliation table |
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) |
|||||||||||||||
|
|||||||||||||||
The following tables reconcile reported income from continuing operations and earnings per share to adjusted income from continuing |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Amounts in Millions) |
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||
Amounts Attributable to Common Stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations |
$ |
190.7 |
|
$ |
298.0 |
|
(36.0) % |
|
$ |
1,053.2 |
|
$ |
1,380.0 |
|
(23.7) % |
Impairment Charges (1) |
|
40.7 |
|
|
— |
|
nm |
|
|
40.7 |
|
|
— |
|
nm |
Adjusted Income from Continuing Operations |
$ |
231.4 |
|
$ |
298.0 |
|
(22.3) % |
|
$ |
1,093.9 |
|
$ |
1,380.0 |
|
(20.7) % |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||
Amounts Attributable to Common Stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share from Continuing Operations |
$ |
2.84 |
|
$ |
4.21 |
|
(32.5) % |
|
$ |
15.50 |
|
$ |
18.55 |
|
(16.4) % |
Impairment Charges (1) |
|
0.61 |
|
|
— |
|
nm |
|
|
0.60 |
|
|
— |
|
nm |
Adjusted Earnings Per Share from Continuing Operations |
$ |
3.45 |
|
$ |
4.21 |
|
(18.1) % |
|
$ |
16.10 |
|
$ |
18.55 |
|
(13.2) % |
The following table reconciles income from continuing operations before taxes (EBT) to adjusted income from continuing |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Amounts in Millions) |
|
|
|
||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations Before Taxes |
$ |
255.8 |
|
$ |
394.8 |
|
(35.2) % |
|
$ |
1,419.5 |
|
$ |
1,859.2 |
|
(23.6) % |
Impairment Charges (1) |
|
40.7 |
|
|
— |
|
nm |
|
|
40.7 |
|
|
— |
|
nm |
Adjusted Income from Continuing Operations Before Taxes |
$ |
296.5 |
|
$ |
394.8 |
|
(24.9) % |
|
$ |
1,460.2 |
|
$ |
1,859.2 |
|
(21.5) % |
__________________________ |
|||||||||||||||
(1)
Impairment charges relate to our |
|
nm – not meaningful |
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) |
||||||||||
|
||||||||||
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and |
||||||||||
|
||||||||||
|
Three Months Ended |
|
|
|
|
|
||||
|
|
|
2023 vs. 2022 |
|||||||
(Amounts in Millions) |
2023 |
|
2022 |
|
Change |
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
192.0 |
|
$ |
299.3 |
|
$ |
(107.3) |
|
(35.9) % |
Add: Depreciation |
|
37.6 |
|
|
32.2 |
|
|
5.4 |
|
16.8 % |
Other Interest Expense |
|
23.1 |
|
|
19.0 |
|
|
4.1 |
|
21.6 % |
Income Taxes |
|
63.8 |
|
|
95.5 |
|
|
(31.7) |
|
(33.2) % |
EBITDA |
$ |
316.5 |
|
$ |
446.0 |
|
$ |
(129.5) |
|
(29.0) % |
Add: Impairment Charges (1) |
|
40.7 |
|
|
— |
|
|
40.7 |
|
nm |
Adjusted EBITDA |
$ |
357.2 |
|
$ |
446.0 |
|
$ |
(88.8) |
|
(19.9) % |
|
Twelve Months Ended |
|
|
|
|
|
||||
|
|
|
2023 vs. 2022 |
|||||||
(Amounts in Millions) |
2023 |
|
2022 |
|
Change |
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,058.6 |
|
$ |
1,386.2 |
|
$ |
(327.6) |
|
(23.6) % |
Add: Depreciation |
|
141.0 |
|
|
127.3 |
|
|
13.7 |
|
10.8 % |
Other Interest Expense |
|
92.6 |
|
|
70.4 |
|
|
22.2 |
|
31.5 % |
Income Taxes |
|
360.9 |
|
|
473.0 |
|
|
(112.1) |
|
(23.7) % |
EBITDA |
$ |
1,653.1 |
|
$ |
2,056.9 |
|
$ |
(403.8) |
|
(19.6) % |
Add: Impairment Charges (1) |
|
40.7 |
|
|
— |
|
|
40.7 |
|
nm |
Adjusted EBITDA |
$ |
1,693.8 |
|
$ |
2,056.9 |
|
$ |
(363.1) |
|
(17.7) % |
|
nm – not meaningful |
The following table reconciles the leverage ratio as of |
|||||
|
|||||
|
Twelve |
|
Twelve |
||
|
Months Ended |
|
Months Ended |
||
(Amounts in Millions) |
|
|
|
||
|
|
|
|
|
|
Net Income |
$ 1,058.6 |
|
$ 1,386.2 |
||
Add: Depreciation |
|
141.0 |
|
|
127.3 |
Other Interest Expense |
|
92.6 |
|
|
70.4 |
Income Taxes |
|
360.9 |
|
|
473.0 |
EBITDA |
$ 1,653.1 |
|
$ 2,056.9 |
||
Add: Impairment Charges (1) |
|
40.7 |
|
|
— |
Adjusted EBITDA |
$ 1,693.8 |
|
$ 2,056.9 |
||
|
|
|
|
|
|
Total Non-Vehicle Long-Term Debt |
$ 1,629.2 |
|
$ 1,622.1 |
||
Leverage Ratio |
|
1.0x |
|
|
0.8x |
__________________________ |
|||||
(1)
Impairment charges relate to our |
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