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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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| Revenues: | ||||
| New vehicles | $ 1,035,272 | $ 896,034 | $ 2,016,018 | $ 1,674,279 |
| Used vehicles | 536,196 | 466,659 | 1,018,228 | 885,508 |
| Wholesale vehicles | 41,480 | 29,934 | 76,839 | 60,739 |
| Total vehicles | 1,612,948 | 1,392,627 | 3,111,085 | 2,620,526 |
| Parts, service and collision repair | 299,523 | 283,785 | 591,293 | 558,957 |
| Finance, insurance and other | 55,781 | 45,614 | 105,249 | 86,208 |
| Total revenues | 1,968,252 | 1,722,026 | 3,807,627 | 3,265,691 |
| Cost of Sales: | ||||
| New vehicles | (966,760) | (836,742) | (1,887,447) | (1,562,406) |
| Used vehicles | (496,636) | (429,073) | (940,424) | (813,145) |
| Wholesale vehicles | (43,386) | (31,754) | (79,202) | (63,216) |
| Total vehicles | (1,506,782) | (1,297,569) | (2,907,073) | (2,438,767) |
| Parts, service and collision repair | (151,738) | (141,981) | (299,653) | (278,570) |
| Total cost of sales | (1,658,520) | (1,439,550) | (3,206,726) | (2,717,337) |
| Gross profit | 309,732 | 282,476 | 600,901 | 548,354 |
| Selling, general and administrative expenses | (240,439) | (225,558) | (472,953) | (446,211) |
| Impairment charges | (41) | (1) | (58) | (45) |
| Depreciation and amortization | (9,767) | (8,581) | (19,760) | (16,998) |
| Operating income | 59,485 | 48,336 | 108,130 | 85,100 |
| Other income (expense): | ||||
| Interest expense, floor plan | (4,983) | (5,387) | (10,418) | (10,185) |
| Interest expense, other, net | (15,422) | (15,647) | (30,869) | (32,798) |
| Interest expense, non-cash, convertible debt | (1,715) | (1,730) | (3,409) | (3,406) |
| Interest expense / amortization, non-cash, cash flow swaps | (464) | (2,235) | (286) | (3,918) |
| Other income (expense), net | 17 | (7,235) | 89 | (7,173) |
| Total other expense | (22,567) | (32,234) | (44,893) | (57,480) |
| Income from continuing operations before taxes | 36,918 | 16,102 | 63,237 | 27,620 |
| Provision for income taxes | (14,767) | (6,510) | (25,295) | (11,462) |
| Income from continuing operations | 22,151 | 9,592 | 37,942 | 16,158 |
| Discontinued operations: | ||||
| Loss from operations and the sale of discontinued franchises | (1,229) | (1,536) | (2,503) | (5,516) |
| Income tax benefit | 429 | 380 | 876 | 1,948 |
| Loss from discontinued operations | (800) | (1,156) | (1,627) | (3,568) |
| Net income | $ 21,351 | $ 8,436 | $ 36,315 | $ 12,590 |
| Basic earnings (loss) per common share: | ||||
| Earnings per share from continuing operations | $ 0.42 | $ 0.18 | $ 0.71 | $ 0.31 |
| Loss per share from discontinued operations | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.07) |
| Earnings per common share | $ 0.40 | $ 0.16 | $ 0.68 | $ 0.24 |
| Weighted average common shares outstanding | 52,461 | 52,249 | 52,438 | 52,070 |
| Diluted earnings (loss) per common share: | ||||
| Earnings per share from continuing operations | $ 0.37 | $ 0.18 | $ 0.64 | $ 0.30 |
| Loss per share from discontinued operations | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.06) |
| Earnings per common share | $ 0.35 | $ 0.16 | $ 0.61 | $ 0.24 |
| Weighted average common shares outstanding | 65,936 | 65,807 | 65,943 | 52,749 |
| Dividends declared per common share | $ 0.025 | $ 0.05 | ||
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Interest expense, floor plan
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Interest expense / amortization, non-cash, cash flow swaps
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Interest expense, non-cash, convertible debt
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- Definition
New vehicles
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New vehicles
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- Definition
Used vehicles
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Wholesale vehicles
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- Definition
Used vehicles
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- Definition
Wholesale vehicles
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- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs related to services rendered by an entity during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The aggregate financial services revenue and operating interest income earned during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues.
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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