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Press Release

Penske Automotive Reports Third Quarter And Nine Months Results
Record Third Quarter Income from Continuing Operations and Earnings per Share
Operating Margin Increases 30 Basis Points
Earnings per Share from Continuing Operations Rises 21.7% to $0.73 Compared to Adjusted 2012

BLOOMFIELD HILLS, Mich. , Oct. 29, 2013 /PRNewswire/ --

Penske Automotive Group, Inc.  (NYSE:PAG), an international transportation services company, announced today the highest third quarter and nine months income from continuing operations and related earnings per share in company history.   For the third quarter 2013, income from continuing operations attributable to common shareholders increased 21.0% to $66.0 million and related earnings per share increased 21.7% to $0.73 per share when compared to adjusted figures for the same period last year which exclude debt redemption costs of $13.0 million after taxes, or $0.14 per share, as shown in the attached tables.  Income from continuing operations and related earnings per share for the third quarter 2013 includes approximately $1.9 million , or $0.014 per share, of acquisition-related costs associated with the company's commercial vehicle group acquisition.  

(Logo:  http://photos.prnewswire.com/prnh/20130530/MM23675LOGO )

Total revenue increased 14.6% to $3.8 billion , including a same-store retail revenue increase of 12.0%. The revenue increase was driven by a 13.5% increase in total retail unit sales, including an 11.9% increase on a same-store basis. Gross profit improved 15.6% to $579.9 million while operating income increased 25.3% to $109.9 million .

"Our business produced another outstanding quarter. We remain confident in our ability to continue growing our business, and we expect both the U.S. and U.K. markets to continue to perform well," said Chairman Roger Penske. "On a same-store basis, retail revenue improved 11.3% in the U.S. and 13.3% in our international markets demonstrating the strength and resiliency of our key markets. We improved service and parts margin by 230 basis points and continued to demonstrate expense leverage as the ratio of selling, general and administrative expenses as a percentage of gross profit improved by 150 basis points, contributing to a 30 basis point increase in operating margin."

Highlights of the Third Quarter

  • Total Retail Unit Sales increased 13.5% to 97,027
    • +13.8% in the United States ; +13.0% Internationally
    • New unit retail sales +13.4%
    • Used unit retail sales +13.7%
  • Same-store Retail Revenue increased 12.0%
    • New +13.8%; Used +11.5%; Finance & Insurance +17.4%; Service and Parts +3.4%
    • +11.3% in the United States; +13.3% Internationally
  • Average Transaction Price Per Unit
    • New $37,299 ; +1.3%
    • Used $25,242 ; -0.3%
  • Average Gross Profit Per Unit
    • New $2,791 , - $58 /unit;  Gross Margin 7.5%, -20 basis points
    • Used $1,870 , $19 /unit; Gross Margin 7.4%, +10 basis points
    • Finance & Insurance $1,028 , +$49/unit

For the nine months ended September 30, 2013 , total revenue increased 11.3% to $10.9 billion , income from continuing operations attributable to common shareholders increased 20.9% to $186.9 million and related earnings per share increased 21.1% to $2.07 per share when compared to adjusted figures for the same period last year as shown in the attached tables.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the third quarter of 2013 on October 29, 2013 , at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 700-7414 [International, please dial (651) 291-0618]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the third quarter 2013 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc ., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan , is an international transportation services company, operating retail automotive dealerships, Hertz car rental franchises and commercial vehicle distribution. The company currently operates principally in the United States , Western Europe , Australia and New Zealand , employs approximately 17,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations, earnings before interest, taxes, depreciation and amortization ("EBITDA" and adjusted "EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential and potential earnings outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, completion of closing conditions, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2012 , and its other filings with the Securities and Exchange Commission (" SEC "). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

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Inquiries should contact:


David K. Jones
Executive Vice President and

Chief Financial Officer

Penske Automotive Group, Inc.
248-648-2800
dave.jones@penskeautomotive.com

Anthony R. Pordon
Executive Vice President Investor Relations

and Corporate Development

Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2013


2012


2013


2012

Revenues:








New Vehicle

$    1,995,836


$    1,736,131


$    5,674,658


$    4,997,923

Used Vehicle

1,098,484


969,130


3,182,822


2,841,403

Finance and Insurance, Net

99,758


83,650


282,353


242,892

Service and Parts

381,485


365,351


1,158,404


1,088,665

Fleet and Wholesale

182,629


181,758


541,924


643,901

Commercial Vehicle and Car Rental

65,951


--


87,756


---

Total Revenues

$    3,824,143


$    3,336,020


$  10,927,917


$    9,814,784

Cost of Sales:








New Vehicle

$    1,846,504


$    1,601,762


$    5,245,533


$    4,596,274

Used Vehicle

1,017,109


898,264


2,941,273


2,622,055

Service and Parts

152,033


154,203


469,229


457,205

Fleet and Wholesale

180,162


180,307


532,391


637,831

Commercial Vehicle and Car Rental

48,427


--


56,353


--

Total Cost of Sales

$   3,244,235


$   2,834,536


$   9,244,779


$    8,313,365

Gross Profit

579,908


501,484


1,683,138


1,501,419

SG&A Expenses

454,188


400,039


1,308,958


1,188,658

Depreciation

15,784


13,704


45,300


40,014

Operating Income

109,936


87,741


328,880


272,747

Floor Plan Interest Expense

(10,840)


(9,951)


(32,008)


(29,319)

Other Interest Expense

(12,370)


(11,583)


(36,163)


(35,155)

Equity in Earnings of Affiliates

11,240


8,814


22,489


21,392

Debt Redemption Costs

--


(17,753)


--


(17,753)

Income from Continuing Operations Before Income Taxes

97,966


57,268


283,198


211,912

Income Taxes

(31,692)


(15,421)


(95,263)


(69,347)

Income from Continuing Operations

66,274


41,847


187,935


142,565

Loss from Discontinued Operations, Net of Tax

(742)


(534)


(1,889)


(4,634)

Net Income

65,532


41,313


186,046


137,931

Less: Income Attributable to Non-Controlling Interests

(257)


(282)


(1,065)


(990)

Net Income Attributable to Common Shareholders

$         65,275


$         41,031


$       184,981


$       136,941

Income from Continuing Operations Per Share

$             0.73


$             0.46


$             2.07


$             1.57

Income Per Share

$             0.72


$             0.45


$             2.05


$             1.52

Weighted Average Shares Outstanding

90,237


90,296


90,334


90,362

Amounts Attributable to Common Shareholders:








Reported Income from Continuing Operations

$          66,274


$          41,847


$        187,935


$        142,565

Less:  Income Attributable to Non-Controlling Interests

(257)


(282)


(1,065)


(990)

Income from Continuing Operations, net of tax

$          66,017


$          41,565


$        186,870


$        141,575

Loss from Discontinued Operations, net of tax

(742)


(534)


(1,889)


(4,634)

Net Income

$          65,275


$          41,031


$        184,981


$        136,941

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Thousands)

(Unaudited)



September 30,


December 31,


2013


2012

Assets




Cash and Cash Equivalents

$                     71,101


$                     43,447

Accounts Receivable, Net

588,311


554,851

Inventories

2,293,390


2,000,206

Other Current Assets

83,508


90,485

Assets Held for Sale

1,065


73,398

Total Current Assets

3,037,375


2,762,387

Property and Equipment, Net

1,211,020


1,031,188

Intangibles

1,401,497


1,261,299

Other Long-Term Assets

360,912


324,116

Total Assets

$                6,010,804


$                5,378,990





Liabilities and Equity




Floor Plan Notes Payable

$                1,537,185


$                1,408,362

Floor Plan Notes Payable – Non-Trade

802,051


725,526

Accounts Payable

380,000


263,881

Accrued Expenses

275,483


223,972

Current Portion Long-Term Debt

46,894


19,493

Liabilities Held for Sale

2,592


51,279

Total Current Liabilities

3,044,205


2,692,513

Long-Term Debt

1,014,070


918,024

Other Long-Term Liabilities

495,138


452,132

Total Liabilities

4,553,413


4,062,669

Equity

1,457,391


1,316,321

Total Liabilities and Equity

$                6,010,804


$                5,378,990

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Three Months Ended



September 30,



2013


2012


% Increase/

(Decrease)

Revenues:






New Vehicle

$    1,995,836


$    1,736,131


15.0%

Used Vehicle

1,098,484


969,130


13.3%

Finance and Insurance, Net

99,758


83,650


19.3%

Service and Parts

381,485


365,351


4.4%

Fleet and Wholesale

182,629


181,758


0.5%

Commercial Vehicle and Car Rental

65,951


--


               NM

Total Revenues

$    3,824,143


$    3,336,020


14.6%

Cost of Sales:






New Vehicle

$    1,846,504


$    1,601,762


15.3%

Used Vehicle

1,017,109


898,264


13.2%

Service and Parts

152,033


154,203


-1.4%

Fleet and Wholesale

180,162


180,307


--

Commercial Vehicle and Car Rental

48,427


--


               NM

Total Cost of Sales

$   3,244,235


$   2,834,536


14.5%

Gross Profit

579,908


501,484


15.6%

SG&A Expenses

454,188


400,039


13.5%

Depreciation

15,784


13,704


15.2%

Operating Income

109,936


87,741


25.3%

Floor Plan Interest Expense

(10,840)


(9,951)


8.9%

Other Interest Expense

(12,370)


(11,583)


6.8%

Equity in Earnings of Affiliates

11,240


8,814


27.5%

Debt Redemption Costs

--


(17,753)


               NM

Income from Continuing Operations Before Income Taxes

97,966


57,268


71.1%

Income Taxes

(31,692)


(15,421)


105.5%

Income from Continuing Operations

66,274


41,847


58.4%

Loss from Discontinued Operations, Net of Tax

(742)


(534)


39.0%

Net Income

65,532


41,313


58.6%

Less: Income Attributable to Non-Controlling Interests

(257)


(282)


-8.9%

Net Income Attributable to Common Shareholders

$         65,275


$         41,031


59.1%

Income from Continuing Operations Per Share

$             0.73


$             0.46


58.7%

Income Per Share

$             0.72


$             0.45


60.0%

Weighted Average Shares Outstanding

90,237


90,296


--

Amounts Attributable to Common Shareholders:






Reported Income from Continuing Operations

$          66,274


$          41,847


58.4%

Less:  Income Attributable to Non-Controlling Interests

(257)


(282)


-8.9%

Income from Continuing Operations, net of tax

$          66,017


$          41,565


58.8%

Loss from Discontinued Operations, net of tax

(742)


(534)


39.0%

Net Income

$          65,275


$          41,031


59.1%








NM – not meaningful

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Nine Months Ended


September 30,


2013


2012


% Increase/

(Decrease)

Revenues:






New Vehicle

$    5,674,658


$    4,997,923


13.5%

Used Vehicle

3,182,822


2,841,403


12.0%

Finance and Insurance, Net

282,353


242,892


16.2%

Service and Parts

1,158,404


1,088,665


6.4%

Fleet and Wholesale

541,924


643,901


-15.8%

Commercial Vehicle and Car Rental

87,756


--


               NM

Total Revenues

$  10,927,917


$    9,814,784


11.3%

Cost of Sales:






New Vehicle

$    5,245,533


$    4,596,274


14.1%

Used Vehicle

2,941,273


2,622,055


12.2%

Service and Parts

469,229


457,205


2.6%

Fleet and Wholesale

532,391


637,831


-16.5%

Commercial Vehicle and Car Rental

56,353


--


               NM

Total Cost of Sales

$   9,244,779


$    8,313,365


11.2%

Gross Profit

1,683,138


1,501,419


12.1%

SG&A Expenses

1,308,958


1,188,658


10.1%

Depreciation

45,300


40,014


13.2%

Operating Income

328,880


272,747


20.6%

Floor Plan Interest Expense

(32,008)


(29,319)


9.2%

Other Interest Expense

(36,163)


(35,155)


2.9%

Equity in Earnings of Affiliates

22,489


21,392


5.1%

Debt Redemption Costs

--


(17,753)


               NM

Income from Continuing Operations Before Income Taxes

283,198


211,912


33.6%

Income Taxes

(95,263)


(69,347)


37.4%

Income from Continuing Operations

187,935


142,565


31.8%

Loss from Discontinued Operations, Net of Tax

(1,889)


(4,634)


-59.2%

Net Income

186,046


137,931


34.9%

Less: Income Attributable to Non-Controlling Interests

(1,065)


(990)


7.6%

Net Income Attributable to Common Shareholders

$       184,981


$       136,941


35.1%

Income from Continuing Operations Per Share

$             2.07


$             1.57


31.8%

Income Per Share

$             2.05


$             1.52


34.9%

Weighted Average Shares Outstanding

90,334


90,362


--

Amounts Attributable to Common Shareholders:






Reported Income from Continuing Operations

$        187,935


$        142,565


31.8%

Less:  Income Attributable to Non-Controlling Interests

(1,065)


(990)


7.6%

Income from Continuing Operations, net of tax

$        186,870


$        141,575


32.0%

Loss from Discontinued Operations, net of tax

(1,889)


(4,634)


-59.2%

Net Income

$        184,981


$        136,941


35.1%


NM – not meaningful

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2013


2012


2013


2012

Revenue Mix:








Premium:








BMW

24%


25%


24%


25%

Audi

12%


13%


12%


12%

Mercedes-Benz

10%


11%


11%


11%

Lexus

4%


4%


4%


4%

Land Rover

4%


4%


4%


4%

Porsche

4%


4%


4%


4%

Ferrari / Maserati

3%


3%


3%


3%

Acura

2%


2%


2%


2%

Other

4%


3%


4%


4%

Total Premium

67%


69%


68%


69%

Foreign:








Toyota

11%


10%


11%


10%

Honda

10%


11%


10%


11%

Nissan

2%


2%


2%


2%

Volkswagen

2%


2%


2%


2%

Other

2%


2%


2%


2%

Total Foreign

27%


27%


27%


27%

Domestic Big 3:








General Motors / Chrysler / Ford

4%


4%


4%


4%

Commercial Vehicle and Car Rental

2%


--


1%


--









Revenue Mix:








U.S.

63%


64%


64%


63%

U.K.

35%


35%


34%


35%

Other International

2%


1%


2%


2%

Total 

100%


100%


100%


100%









Gross Profit Mix:








New Vehicles

25.8%


26.8%


25.5%


26.8%

Used Vehicles

14.0%


14.1%


14.4%


14.6%

Service and Parts

39.6%


42.1%


40.9%


42.1%

Finance and Insurance

17.2%


16.7%


16.8%


16.2%

Fleet and Wholesale

0.4%


0.3%


0.6%


0.3%

Commercial Vehicle and Car Rental

3.0%


--


1.8%


--

Total

100.0%


100.0%


100.0%


100.0%

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2013


2012


Increase/ (Decrease)


2013


2012


Increase/ (Decrease)

Operating items as a percentage of revenue:












New Vehicle Gross Profit

7.5%


7.7%


-20 bps


7.6%


8.0%


-40 bps

Used Vehicle Gross Profit

7.4%


7.3%


10 bps


7.6%


7.7%


-10 bps

Service and Parts Gross Profit

60.1%


57.8%


230 bps


59.5%


58.0%


150 bps

Fleet and Wholesale Gross Profit

1.4%


0.8%


60 bps


1.8%


0.9%


90 bps

Commercial Vehicle and Car Rental Gross Profit

26.6%


--


         NM


35.8%


--


         NM

Total Gross Profit

15.2%


15.0%


20 bps


15.4%


15.3%


10 bps

Selling, General and Admin. Expenses

11.9%


12.0%


-10 bps


12.0%


12.1%


-10 bps

Operating Income

2.9%


2.6%


30 bps


3.0%


2.8%


20 bps

Inc. From Cont. Ops. Before Inc. Taxes

2.6%


1.7%


90 bps


2.6%


2.2%


40 bps













Operating items as a percentage of total gross profit:












Selling, General and Administrative Expenses

78.3%


79.8%


-150 bps


77.8%


79.2%


-140 bps

Operating Income

19.0%


17.5%


150 bps


19.5%


18.2%


130 bps














 

 


Three Months Ended


Nine Months Ended


September 30,


September 30,


2013


2012


% Increase/

(Decrease)


2013


2012


% Increase/

(Decrease)













Other (Amounts in Thousands):












    EBITDA*

$   126,120


$     82,555


52.8%


$   364,661


$  287,081


27.0%

Adjusted EBITDA*

126,120


100,308


25.7%


364,661


304,834


19.6%

Rent Expense

45,753


43,330


5.6%


135,213


129,451


4.5%

Floorplan Credits

7,575


5,842


29.7%


20,220


17,047


18.6%




* See the following Non-GAAP reconciliation tables






NM – not meaningful



 

 

PENSKE AUTOMOTIVE GROUP, INC.

Automotive Retail Operations Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2013


2012


% Increase/

(Decrease)


2013


2012


% Increase/

(Decrease)

Total Retail Units:












New Retail

53,509


47,166


13.4%


150,779


135,080


11.6%

Used Retail

43,518


38,287


13.7%


125,947


110,806


13.7%

Total Retail

97,027


85,453


13.5%


276,726


245,886


12.5%













Same-Store Retail Units:












New Same-Store Retail

52,327


46,684


12.1%


145,947


133,002


9.7%

Used Same-Store Retail

42,231


37,783


11.8%


121,139


109,271


10.9%

Total Same-Store Retail

94,558


84,467


11.9%


267,086


242,273


10.2%













Same-Store Retail Revenue: (Amounts in thousands)












New Vehicles

$    1,953,386


$    1,716,232


13.8%


$    5,503,322


$    4,922,867


11.8%

Used Vehicles

1,071,757


960,866


11.5%


3,084,186


2,815,415


9.5%

Finance and Insurance, Net

97,918


83,398


17.4%


275,636


240,799


14.5%

Service and Parts

372,608


360,314


3.4%


1,120,400


1,075,410


4.2%

Total Same-Store Retail

$    3,495,669


$    3,120,810


12.0%


$    9,983,544


$    9,054,491


10.3%













Retail Revenue Mix:












New Vehicles

55.8%


55.0%


80 bps


55.1%


54.5%


60 bps

Used Vehicles

30.7%


30.7%


--


30.9%


31.0%


-10 bps

Finance and Insurance, Net

2.8%


2.7%


10 bps


2.7%


2.6%


10 bps

Service and Parts

10.7%


11.6%


-90 bps


11.3%


11.9%


-60 bps













Average Revenue per Vehicle Retailed:












New Vehicles

$         37,299


$         36,809


1.3%


$         37,636


$         37,000


1.7%

Used Vehicles

25,242


25,312


-0.3%


25,271


25,643


-1.5%













Gross Profit per Vehicle Retailed:












New Vehicles

$           2,791


$           2,849


-2.0%


$           2,846


$           2,973


-4.3%

Used Vehicles

1,870


1,851


1.0%


1,918


1,980


-3.1%

Finance and Insurance

1,028


979


5.0%


1,020


988


3.3%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliation

(Unaudited)


Reconciliation of reported income from continuing operations net of taxes and earnings per share to adjusted income from continuing operations net of taxes and earnings per share for the three months and nine months ended September 30, 2013 and 2012:



Income


Earnings Per Share


Three Months Ended


Three Months Ended


September 30,


September 30,

(Amounts in Thousands)

2013


2012


% Increase/

(Decrease)


2013


2012


% Increase/

(Decrease)













Income from Continuing  Operations

Net of Tax and Earnings per share

$     66,017


$     41,565


58.8%


$            0.73


$              0.46


58.7%

Debt Redemption Costs (1)

--


12,974


         NM


--


0.14


         NM

Adjusted Income from Continuing

Operations and Adjusted Earnings

Per Share

$     66,017


$     54,539


21.0%


$            0.73


$              0.60


21.7%

 


Income


Earnings Per Share


Nine Months Ended


Nine Months Ended


September 30,


September 30,

(Amounts in Thousands)

2013


2012


% Increase/

(Decrease)


2013


2012


% Increase/

(Decrease)













Income from Continuing Operations

Net of Tax and Earnings per Share

$   186,870


$   141,575


32.0%


$            2.07


$              1.57


31.8%

Debt Redemption Costs (1)

--


12,974


         NM


--


0.14


         NM

Adjusted Income from Continuing

Operations and Adjusted Earnings

Per Share

$   186,870


$   154,549


20.9%


$            2.07


$              1.71


21.1%


(1) Costs associated with the redemption of the Company's $375 million of 7.75% senior subordinated notes due 2016 of $17,753 million ($12,974 million net of taxes), or $0.14 per share.


NM – not meaningful

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliation

(Unaudited)


Reconciliation of reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA) and adjusted EBITDA for the three months and nine months ended September 30, 2013 and 2012:



Three Months Ended


Nine Months Ended


September 30,


September 30,

(Amounts in Thousands)

2013


2012


% Increase/

(Decrease)


2013


2012


% Increase/

(Decrease)













Net Income

$    65,532


$     41,313


58.6%


$   186,046


$   137,931


34.9%

Depreciation

15,784


13,704


15.2%


45,300


40,014


13.2%

Other Interest Expense

12,370


11,583


6.8%


36,163


35,155


2.9%

Income Taxes

31,692


15,421


105.5%


95,263


69,347


37.4%

Loss from Discontinued Operations, net

742


534


39.0%


1,889


4,634


-59.2%

EBITDA

$  126,120


$     82,555


52.8%


$   364,661


$   287,081


27.0%

Add Back: Debt redemption costs (1)

--


17,753


         NM


--


17,753


         NM

Adjusted EBITDA

$  126,120


$   100,308


25.7%


$   364,661


$   304,834


19.6%


(1) Costs associated with the redemption of the Company's $375 million of 7.75% senior subordinated notes due 2016 of $17,753 million ($12,974 million net of taxes), or $0.14 per share.


NM – not meaningful

 

SOURCE Penske Automotive Group, Inc.