v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Revenues $ 2,111,886,000 $ 2,614,081,000 $ 4,419,942,000 $ 5,003,219,000
Cost of Sales:        
Cost of Sales (1,804,503,000) (2,232,770,000) (3,761,981,000) (4,262,897,000)
Gross profit 307,383,000 381,311,000 657,961,000 740,322,000
Selling, general and administrative expenses (230,359,000) (294,532,000) (512,515,000) (541,626,000)
Impairment charges (833,000) 0 (268,833,000) (1,952,000)
Depreciation and amortization (22,647,000) (23,806,000) (44,944,000) (46,456,000)
Operating income (loss) 53,544,000 62,973,000 (168,331,000) 150,288,000
Other income (expense):        
Interest expense, floor plan (6,314,000) (12,518,000) (16,822,000) (25,744,000)
Interest expense, other, net (9,797,000) (13,628,000) (20,762,000) (26,481,000)
Other income (expense), net 0 (5,000) 100,000 95,000
Total other income (expense) (16,111,000) (26,151,000) (37,484,000) (52,130,000)
Income (loss) from continuing operations before taxes 37,433,000 36,822,000 (205,815,000) 98,158,000
Provision for income taxes for continuing operations - benefit (expense) (6,437,000) (10,071,000) 37,680,000 (29,058,000)
Income (loss) from continuing operations 30,996,000 26,751,000 (168,135,000) 69,100,000
Discontinued operations:        
Income (loss) from discontinued operations before taxes (289,000) (213,000) (573,000) (393,000)
Provision for income taxes for discontinued operations - benefit (expense) 84,000 61,000 166,000 114,000
Income (loss) from discontinued operations (205,000) (152,000) (407,000) (279,000)
Net income (loss) $ 30,791,000 $ 26,599,000 $ (168,542,000) $ 68,821,000
Basic earnings (loss) per common share:        
Earnings (loss) per share from continuing operations (usd per share) $ 0.72 $ 0.62 $ (3.93) $ 1.61
Earnings (loss) per share from discontinued operations (usd per share) 0 0 (0.01) (0.01)
Earnings (loss) per common share (usd per share) $ 0.72 $ 0.62 $ (3.94) $ 1.60
Weighted average common shares outstanding 42,940 43,066 42,779 42,953
Diluted earnings (loss) per common share:        
Earnings (loss) per share from continuing operations (usd per share) $ 0.71 $ 0.62 $ (3.93) $ 1.60
Earnings (loss) per share from discontinued operations (usd per share) 0 (0.01) (0.01) 0
Earnings (loss) per common share (usd per share) $ 0.71 $ 0.61 $ (3.94) $ 1.60
Weighted average common shares outstanding 43,575 43,230 42,779 43,060
Total vehicles        
Revenues:        
Revenues $ 1,742,055,000 $ 2,140,420,000 $ 3,600,140,000 $ 4,081,890,000
Cost of Sales:        
Cost of Sales (1,669,724,000) (2,048,004,000) (3,450,421,000) (3,899,937,000)
New vehicles        
Revenues:        
Revenues 900,003,000 1,204,754,000 1,859,492,000 2,271,088,000
Cost of Sales:        
Cost of Sales (854,617,000) (1,148,354,000) (1,768,690,000) (2,160,892,000)
Used vehicles        
Revenues:        
Revenues 808,877,000 885,627,000 1,658,930,000 1,705,992,000
Cost of Sales:        
Cost of Sales (781,506,000) (848,898,000) (1,599,428,000) (1,632,256,000)
Wholesale vehicles        
Revenues:        
Revenues 33,175,000 50,039,000 81,718,000 104,810,000
Cost of Sales:        
Cost of Sales (33,601,000) (50,752,000) (82,303,000) (106,789,000)
Parts, service and collision repair        
Revenues:        
Revenues 259,058,000 355,312,000 593,738,000 696,742,000
Cost of Sales:        
Cost of Sales (134,779,000) (184,766,000) (311,560,000) (362,960,000)
Finance, insurance and other, net        
Revenues:        
Revenues $ 110,773,000 $ 118,349,000 $ 226,064,000 $ 224,587,000

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