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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

 

Item 6.  Selected Financial Data

 

The following table sets forth our selected historical consolidated financial and other data as of and for each of the five years in the period ended December 31, 2016, which has been derived from our audited consolidated financial statements. During the periods presented, we made a number of acquisitions and have included the results of operations of the acquired dealerships from the date of acquisition. As a result, our period to period results of operations vary depending on the dates of the acquisitions. Accordingly, this selected financial data is not necessarily comparable or indicative of our future results. During the periods presented, we also sold or made available for sale certain entities which have been treated as discontinued operations in accordance with generally accepted accounting principles.  You should read this selected consolidated financial data in conjunction with our audited consolidated financial statements and related footnotes included elsewhere in this report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the Years Ended December 31, 

 

 

    

2016

    

2015

    

2014 (1)

    

2013

    

2012 (2)

 

 

 

(In millions, except share and per share data)

 

Consolidated Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

20,118.5

 

$

19,284.9

 

$

17,232.0

 

$

14,482.5

 

$

12,944.1

 

Gross profit

 

$

2,966.6

 

$

2,867.5

 

$

2,579.2

 

$

2,201.0

 

$

1,979.9

 

Income from continuing operations attributable to Penske Automotive Group common stockholders (3)

 

$

343.9

 

$

329.6

 

$

301.4

 

$

247.0

 

$

194.2

 

Net income attributable to Penske Automotive Group common stockholders

 

$

342.9

 

$

326.1

 

$

286.7

 

$

244.2

 

$

185.5

 

Diluted earnings per share from continuing operations attributable to Penske Automotive Group common stockholders

 

$

4.00

 

$

3.67

 

$

3.34

 

$

2.73

 

$

2.15

 

Diluted earnings per share attributable to Penske Automotive Group common stockholders

 

$

3.99

 

$

3.63

 

$

3.17

 

$

2.70

 

$

2.05

 

Shares used in computing diluted share data

 

 

86,000,754

 

 

89,759,626

 

 

90,354,839

 

 

90,330,621

 

 

90,342,315

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (4)

 

$

8,861.1

 

$

8,013.4

 

$

7,217.6

 

$

6,408.0

 

$

5,370.7

 

Total floor plan notes payable

 

$

3,317.8

 

$

3,379.6

 

$

2,746.4

 

$

2,579.7

 

$

2,095.4

 

Total debt (excluding floor plan notes payable) (4)

 

$

1,877.1

 

$

1,275.0

 

$

1,342.6

 

$

989.3

 

$

905.6

 

Total equity attributable to Penske Automotive Group common stockholders

 

$

1,750.9

 

$

1,790.2

 

$

1,652.8

 

$

1,504.4

 

$

1,304.2

 

Cash dividends per share

 

$

1.10

 

$

0.94

 

$

0.78

 

$

0.62

 

$

0.46

 

                                                 

(1)

Includes a gain of $16.0 million ($9.7 million after tax), or $0.10 per share, relating to the revaluation at fair value of a previously held non-controlling interest in PTG, of which we acquired a controlling interest in November 2014.

(2)

Includes charges of $17.8 million ($13.0 million after-tax), or $0.14 per share, relating to costs associated with the repurchase and redemption of our 7.75% senior subordinated notes.

(3)

Excludes income from continuing operations attributable to non-controlling interests of $3.5 million, $4.3 million, $3.4 million, $1.5 million, and $1.7 million in 2016, 2015, 2014, 2013, and 2012, respectively.

(4)

Includes reclassifications due to the retrospective application of Accounting Standards Update No. 2015-03, “Interest Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs” of $9.3 million, $10.6 million, $7.5 million, and $8.3 million in 2015, 2014, 2013, and 2012, respectively.

 

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