Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
New vehicles $ 5,295,051 $ 5,234,505 $ 5,265,401
Used vehicles 2,622,053 2,533,122 2,512,024
Wholesale vehicles 171,064 211,048 155,339
Total vehicles 8,088,168 7,978,675 7,932,764
Parts, service and collision repair 1,416,010 1,409,819 1,364,947
Finance, insurance and other, net 363,030 343,285 326,588
Total revenues 9,867,208 9,731,779 9,624,299
Cost of Sales:      
New vehicles (5,030,125) (4,973,911) (4,997,472)
Used vehicles (2,467,150) (2,374,537) (2,349,982)
Wholesale vehicles (179,778) (218,364) (162,707)
Total vehicles (7,677,053) (7,566,812) (7,510,161)
Parts, service and collision repair (732,479) (735,693) (699,526)
Total cost of sales (8,409,532) (8,302,505) (8,209,687)
Gross profit 1,457,676 1,429,274 1,414,612
Selling, general and administrative expenses (1,147,773) (1,110,856) (1,110,565)
Impairment charges (9,394) (8,063) (17,955)
Depreciation and amortization (88,944) (77,446) (68,799)
Operating income (loss) 211,565 232,909 217,293
Other income (expense):      
Interest expense, floor plan (36,395) (27,716) (21,326)
Interest expense, other, net (52,524) (50,106) (50,910)
Other income (expense), net (14,522) 125 99
Total other income (expense) (103,441) (77,697) (72,137)
Income (loss) from continuing operations before taxes 108,124 155,212 145,156
Provision for income taxes for continuing operations - benefit (expense) (13,971) (60,696) (57,065)
Income (loss) from continuing operations 94,153 94,516 88,091
Discontinued operations:      
Income (loss) from discontinued operations before taxes (1,942) (2,121) (2,883)
Provision for income taxes for discontinued operations - benefit (expense) 772 798 1,103
Income (loss) from discontinued operations (1,170) (1,323) (1,780)
Net income (loss) $ 92,983 $ 93,193 $ 86,311
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 2.14 $ 2.07 $ 1.74
Earnings (loss) per share from discontinued operations (0.03) (0.03) (0.03)
Earnings (loss) per common share $ 2.11 $ 2.04 $ 1.71
Weighted average common shares outstanding 43,997 45,637 50,489
Diluted earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 2.12 $ 2.06 $ 1.73
Earnings (loss) per share from discontinued operations (0.03) (0.03) (0.03)
Earnings (loss) per common share $ 2.09 $ 2.03 $ 1.70
Weighted average common shares outstanding 44,358 45,948 50,883
Dividends declared per common share $ 0.20 $ 0.20 $ 0.11