Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Revenues $ 2,702,720,000 $ 2,470,849,000 $ 7,705,939,000 $ 7,377,372,000
Cost of Sales:        
Cost of Sales (2,315,909,000) (2,110,313,000) (6,578,806,000) (6,301,962,000)
Gross profit 386,811,000 360,536,000 1,127,133,000 1,075,410,000
Selling, general and administrative expenses (296,826,000) (289,022,000) (838,453,000) (871,410,000)
Impairment charges (1,124,000) 0 (3,076,000) (13,961,000)
Depreciation and amortization (23,665,000) (23,377,000) (70,120,000) (71,067,000)
Operating income (loss) 65,196,000 48,137,000 215,484,000 118,972,000
Other income (expense):        
Interest expense, floor plan (11,638,000) (12,192,000) (37,382,000) (34,815,000)
Interest expense, other, net (13,013,000) (13,313,000) (39,494,000) (40,144,000)
Other income (expense), net (5,000) 0 90,000 107,000
Total other income (expense) (24,656,000) (25,505,000) (76,786,000) (74,852,000)
Income (loss) from continuing operations before taxes 40,540,000 22,632,000 138,698,000 44,120,000
Provision for income taxes for continuing operations - benefit (expense) (11,372,000) (7,331,000) (40,430,000) (13,711,000)
Income (loss) from continuing operations 29,168,000 15,301,000 98,268,000 30,409,000
Discontinued operations:        
Income (loss) from discontinued operations before taxes (223,000) (252,000) (616,000) (797,000)
Provision for income taxes for discontinued operations - benefit (expense) 65,000 69,000 179,000 218,000
Income (loss) from discontinued operations (158,000) (183,000) (437,000) (579,000)
Net income (loss) $ 29,010,000 $ 15,118,000 $ 97,831,000 $ 29,830,000
Basic earnings (loss) per common share:        
Earnings (loss) per share from continuing operations (usd per share) $ 0.68 $ 0.36 $ 2.28 $ 0.71
Earnings (loss) per share from discontinued operations (usd per share) (0.01) (0.01) (0.01) (0.01)
Earnings (loss) per common share (usd per share) $ 0.67 $ 0.35 $ 2.27 $ 0.70
Weighted average common shares outstanding 43,078 42,673 42,995 42,708
Diluted earnings (loss) per common share:        
Earnings (loss) per share from continuing operations (usd per share) $ 0.66 $ 0.36 $ 2.26 $ 0.71
Earnings (loss) per share from discontinued operations (usd per share) 0 (0.01) (0.01) (0.02)
Earnings (loss) per common share (usd per share) $ 0.66 $ 0.35 $ 2.25 $ 0.69
Weighted average common shares outstanding 44,203 42,994 43,456 42,964
Total vehicles        
Revenues:        
Revenues $ 2,223,832,000 $ 2,029,670,000 $ 6,305,721,000 $ 6,039,852,000
Cost of Sales:        
Cost of Sales (2,132,802,000) (1,934,011,000) (6,032,739,000) (5,763,827,000)
New vehicles        
Revenues:        
Revenues 1,258,018,000 1,235,094,000 3,529,106,000 3,654,510,000
Cost of Sales:        
Cost of Sales (1,202,710,000) (1,173,453,000) (3,363,603,000) (3,478,802,000)
Used vehicles        
Revenues:        
Revenues 914,272,000 745,998,000 2,620,264,000 2,217,616,000
Cost of Sales:        
Cost of Sales (877,444,000) (710,681,000) (2,509,699,000) (2,108,219,000)
Wholesale vehicles        
Revenues:        
Revenues 51,542,000 48,578,000 156,351,000 167,726,000
Cost of Sales:        
Cost of Sales (52,648,000) (49,877,000) (159,437,000) (176,806,000)
Parts, service and collision repair        
Revenues:        
Revenues 352,047,000 343,118,000 1,048,789,000 1,041,630,000
Cost of Sales:        
Cost of Sales (183,107,000) (176,302,000) (546,067,000) (538,135,000)
Finance, insurance and other, net        
Revenues:        
Revenues $ 126,841,000 $ 98,061,000 $ 351,429,000 $ 295,890,000