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Form Templates Michigan Sales Tax Cit Surprising 12 12 12 For ... | michigan tax form 5081

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Revenue Increases 13.1% to $5.7 Billion

Form Templates Michigan Sales Tax Cit Surprising 12 12 12 For ..
Form Templates Michigan Sales Tax Cit Surprising 12 12 12 For .. | michigan tax form 5081

Income From Continuing Operations Increases 29.8% to $108.0 million

Earnings Per Allotment From Continuing Operations Increases 29.9% to $1.26

BLOOMFIELD HILLS, Mich., April 25, 2018 /PRNewswire/ — Penske Automotive Group, Inc. (PAG), an all-embracing busline casework company, today appear almanac aboriginal division results. For the three months concluded March 31, 2018, assets from continuing operations attributable to accustomed shareholders added 29.8% to $108.0 million, and accompanying balance per allotment added 29.9% to $1.26 back compared to the aforementioned aeon aftermost year. The after-effects for the three months concluded March 31, 2018 accommodate a net account accretion $1.0 actor afterwards tax, or $0.01 per share, consisting of a $6.4 actor net accretion accompanying to several retail automotive dealership accomplishments including the auction of bristles locations and the abortion of several franchises, partially account by appraisal adjustments on assertive backdrop accretion $5.4 million.

On January 1, 2018, the aggregation adopted ASC 606 for acquirement recognition. The net appulse of adopting ASC 606 in the aboriginal division of 2018 was an admission to net assets of $0.4 million. Additionally, as a aftereffect of tax ameliorate allowable in 2017, the company’s able tax amount in the aboriginal division of 2018 was 25.4% compared to 33.0% in the aboriginal division of 2017.

Total automotive retail assemblage aggregate added 6.4% and absolute acquirement added 13.1% to $5.7 billion. Excluding adopted exchange, absolute acquirement added 7.3%. Adopted barter absolutely impacted balance per allotment by $0.06 during the aboriginal quarter.

“I’m admiring to address addition division of almanac results,” said Penske Automotive Group Chairman Roger S. Penske. “The almanac after-effects were apprenticed by outstanding achievement beyond anniversary breadth of our business, demonstrating the backbone of our adapted busline casework model. A 6.4% admission in retail automotive assemblage sales, a 37.7% same-store retail acquirement admission in the company’s North American retail bartering barter business, the advance of the stand-alone acclimated agent supercenter operations, and the advance in Penske Barter Leasing contributed to the almanac aboriginal quarter. Furthermore, I am decidedly admiring to address a 100 base point advance in selling, accustomed and authoritative costs as a percent of gross accumulation and gross accumulation flow-through of about 32%, demonstrating the able amount advantage our archetypal is able of producing.”

Automotive Retail Highlights of the Aboriginal Quarter

Retail Bartering Barter Operations

For the three months concluded March 31, 2018, the company’s retail bartering barter operations retailed 2,105 units, generated $292.4 million of revenue, and $46.6 million of gross profit. On a same-store basis, absolute units retailed added 39.7% and retail acquirement added 37.7% for the three months concluded March 31, 2018, including a 15.1% admission in account and genitalia revenue. Fixed amount assimilation bigger to 120.7% from 115.5% for the aforementioned aeon aftermost year.

Penske Barter Leasing

Penske Barter Leasing Co., L.P. (“PTL”) is a arch provider of full-service barter leasing, barter rental, arrangement maintenance, and acumen services. During 2017, the aggregation added its buying interests in PTL by 5.5%, bringing our absolute buying absorption in PTL to 28.9%. The aggregation accounts for its buying absorption in PTL application the disinterestedness adjustment of accounting. For the three months concluded March 31, 2018, PTL generated $1.5 billion in operating acquirement and net assets of $55.0 million. The aggregation recorded $16.0 actor in balance from this investment, apery an admission of 34.5%, during the three months concluded March 31, 2018.

Dividend and Allotment Repurchases

On January 30, 2018, the aggregation appear that its Board of Directors added the allotment to its accustomed banal shareholders to $0.34 per share, the twenty-seventh after admission in the annual dividend.

During the three months concluded March 31, 2018, the aggregation repurchased 1,133,016 shares for $50.0 million, or an boilerplate of $44.13 per share. As of March 31, 2018, the Aggregation had actual allotment repurchase allotment of about $150.0 million.

Conference Call

Penske Automotive Group will host a appointment alarm discussing banking after-effects apropos to the aboriginal division of 2018 on Wednesday, April 25, 2018, at 2:00 p.m. Eastern Daylight Time. To accept to the appointment call, participants charge punch (800) 230-1074 [International, amuse punch (612) 234-9959]. The alarm will additionally be accompanying advertisement over the Internet through the Broker Relations area of the Penske Automotive Group website. Additionally, an broker presentation apropos to the aboriginal division 2018 banking after-effects has been acquaint to the company’s website. To admission the presentation or to accept to the company’s webcast, amuse accredit to www.penskeautomotive.com.

Story Continues

About Penske Automotive

Penske Automotive Group, Inc., (PAG) headquartered in Bloomfield Hills, Michigan, is an all-embracing busline casework aggregation that operates automotive and bartering barter dealerships principally in the United States, Canada, and Western Europe, and distributes bartering vehicles, agent engines, gas engines, ability systems and accompanying genitalia and casework principally in Australia and New Zealand. PAG employs added than 26,000 people common and is a affiliate of the Fortune 500 and Russell 2000. For added information, appointment the company’s website at www.penskeautomotive.com.

Non-GAAP Banking Measures

This absolution contains assertive non-GAAP banking measures as authentic beneath SEC rules, such as balance afore interest, taxes, abrasion and acquittal (“EBITDA”). The aggregation has accommodated these measures to the best anon commensurable GAAP measures in the release. The aggregation believes that these broadly accustomed measures of operating advantage advance the accuracy of the company’s disclosures and accommodate a allusive presentation of the company’s after-effects from its amount business operations excluding the appulse of items not accompanying to the company’s advancing amount business operations, and advance the period-to-period allegory of the company’s after-effects from its amount business operations. These non-GAAP banking measures are not substitutes for GAAP banking results, and should alone be advised in affiliation with the company’s banking advice that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this columnist absolution may absorb advanced statements, including advanced statements apropos Penske Automotive Group, Inc.’s approaching sales and balance potential. Actual after-effects may alter materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, amid others: bread-and-er altitude generally, altitude in the acclaim markets and changes in absorption ante and adopted bill barter rates, adverse altitude affecting a accurate manufacturer, including the adverse appulse to the agent and genitalia accumulation alternation due to accustomed disasters such as the contempo hurricanes, anamnesis or added disruptions that arrest the accumulation of cartage or genitalia to us, changes in customer acclaim availability, the aftereffect of acknowledged and authoritative matters, and added factors over which administration has bound control. These advanced statements should be evaluated calm with added advice about Penske Automotive Group’s business, markets, altitude and added uncertainties, which could affect Penske Automotive Group’s approaching performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10‑K for the year concluded December 31, 2017, and its added filings with the Securities and Barter Commission (“SEC”). This columnist absolution speaks alone as of its date, and Penske Automotive Group disclaims any assignment to amend the advice herein.

Find a vehicle: http://www.penskecars.com Engage Penske Automotive: http://www.penskesocial.comLike Penske Automotive on Facebook: https://facebook.com/penskecarsFollow Penske Automotive on Twitter: https://twitter.com/penskecarsVisit Penske Automotive on YouTube: http://www.youtube.com/penskecars

 

Inquiries should contact:

J.D. Carlson

Anthony R. Pordon

Executive Vice President and

Executive Vice President Broker Relations

Chief Banking Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

[email protected]

[email protected]

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Allotment Data)

(Unaudited)

Three Months Concluded

March 31,

2018 vs. 2017

2018

2017

Change

% Change

Revenue

$

5,746.9

$

5,081.1

$

665.8

13.1

%

Cost of Sales

4,882.5

4,306.8

575.7

13.4

%

Gross Profit

$

864.4

$

774.3

$

90.1

11.6

%

SG&A Expenses

663.1

601.7

61.4

10.2

%

Depreciation

25.6

22.4

3.2

14.3

%

Operating Income

$

175.7

$

150.2

$

25.5

17.0

%

Floor Plan Absorption Expense

(18.9)

(13.7)

5.2

38.0

%

Other Absorption Expense

(29.8)

(25.0)

4.8

19.2

%

Equity in Balance of Affiliates

17.3

13.2

4.1

31.1

%

Income from Continuing Operations Afore Assets Taxes

$

144.3

$

124.7

$

19.6

15.7

%

Income Taxes

(36.6)

(41.1)

(4.5)

(10.9)

%

Income from Continuing Operations

$

107.7

$

83.6

$

24.1

28.8

%

Income (Loss) from Discontinued Operations, net of tax

0.1

(0.6)

(0.7)

nm

Net Income

$

107.8

$

83.0

$

24.8

29.9

%

Less: (Loss) Assets Attributable to Non-Controlling Interests

(0.3)

0.4

(0.7)

nm

Net Assets Attributable to Accustomed Shareholders

$

108.1

$

82.6

$

25.5

30.9

%

Amounts Attributable to Accustomed Shareholders:

Reported Assets from Continuing Operations

$

107.7

$

83.6

$

24.1

28.8

%

Less: (Loss) Assets Attributable to Non-Controlling Interests

(0.3)

0.4

(0.7)

nm

Income from Continuing Operations, net of tax

$

108.0

$

83.2

$

24.8

29.8

%

Income (Loss) from Discontinued Operations, net of tax

0.1

(0.6)

(0.7)

nm

Net Assets Attributable to Accustomed Shareholders

$

108.1

$

82.6

$

25.5

30.9

%

Income from Continuing Operations Per Share

$

1.26

$

0.97

$

0.29

29.9

%

Income Per Share

$

1.26

$

0.96

$

0.30

31.3

%

Weighted Boilerplate Shares Outstanding

86.0

85.6

0.4

0.5

%

nm – not meaningful

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)

March 31,

December 31,

2018

2017

Assets:

Cash and Cash Equivalents

$

52.8

$

45.7

Accounts Receivable, Net

1,035.4

954.9

Inventories

3,972.2

3,944.1

Other Current Assets

105.0

81.8

Total Current Assets

5,165.4

5,026.5

Property and Equipment, Net

2,173.5

2,108.6

Intangibles

2,213.2

2,134.5

Other Long-Term Assets

1,290.9

1,271.0

Total Assets

$

10,843.0

$

10,540.6

Liabilities and Equity:

Floor Plan Notes Payable

$

2,355.6

$

2,343.2

Floor Plan Notes Payable – Non-Trade

1,413.8

1,418.6

Accounts Payable

720.5

641.6

Accrued Expenses

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MI UIA 12 quarterly UI | Home – michigan tax form 5081 | michigan tax form 5081

563.9

523.5

Current Portion Long-Term Debt

84.3

72.8

Liabilities Held for Sale

0.7

0.7

Total Current Liabilities

5,138.8

5,000.4

Long-Term Debt

2,136.9

2,090.4

Other Long-Term Liabilities

1,072.9

1,021.8

Total Liabilities

8,348.6

8,112.6

Equity

2,494.4

2,428.0

Total Liabilities and Equity

$

10,843.0

$

10,540.6

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018

2017

Geographic Acquirement Mix:

North America

53.0

%

56.5

%

U.K.

38.2

%

35.9

%

Other International

8.8

%

7.6

%

Total

100.0

%

100.0

%

Revenue: (Amounts in Millions)

Retail Automotive

$

5,296.0

$

4,756.4

Retail Bartering Trucks

292.4

211.7

Commercial Cartage Australia/Power Systems and Other

158.5

113.0

Total

$

5,746.9

$

5,081.1

Gross Profit: (Amounts in Millions)

Retail Automotive

$

778.3

$

708.3

Retail Bartering Trucks

46.6

36.4

Commercial Cartage Australia/Power Systems and Other

39.5

29.6

Total

$

864.4

$

774.3

Gross Margin:

Retail Automotive

14.7

%

14.9

%

Retail Bartering Trucks

15.9

%

17.2

%

Commercial Cartage Australia/Power Systems and Other

24.9

%

26.2

%

Total

15.0

%

15.2

%

 

 

Three Months Concluded

March 31,

2018

2017

Operating Items as a Percentage of Revenue:

Gross Profit

15.0

%

15.2

%

Selling, Accustomed and Authoritative Expenses

11.5

%

11.8

%

Operating Income

3.1

%

3.0

%

Income from Continuing Operations Afore Assets Taxes

2.5

%

2.5

%

Operating Items as a Percentage of Absolute Gross Profit:

Selling, Accustomed and Authoritative Expenses

76.7

%

77.7

%

Operating Income

20.3

%

19.4

%

 

 

Three Months Concluded

March 31,

(Amounts in Millions)

2018

2017

EBITDA*

$

199.7

$

172.1

Floorplan Credits

$

8.5

$

8.3

Rent Expense

$

57.9

$

53.4

Capital Expenditures

$

64.7

$

36.9

Stock Repurchases

$

50.0

$

2.7

* See the afterward Non-GAAP adaptation table.

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018 vs. 2017

2018

2017

Change

% Change

Retail Automotive Units:

New Retail

59,262

62,188

(2,926)

(4.7)

%

Used Retail

73,228

62,284

10,944

17.6

%

Total

132,490

124,472

8,018

6.4

%

Retail Automotive Revenue: (Amounts in Millions)

New Vehicles

$

2,446.8

$

2,307.4

$

139.4

6.0

%

Used Vehicles

1,866.8

1,541.0

325.8

21.1

%

Finance and Insurance, Net

160.8

137.4

23.4

17.0

%

Service and Parts

543.5

498.9

44.6

8.9

%

Fleet and Wholesale

278.1

271.7

6.4

2.4

%

Total Revenue

$

5,296.0

$

4,756.4

$

539.6

11.3

%

Retail Automotive Gross Profit: (Amounts in Millions)

New Vehicles

$

183.2

$

177.1

$

6.1

3.4

%

Used Vehicles

109.7

94.1

15.6

16.6

%

Finance and Insurance, Net

160.8

137.4

23.4

17.0

%

Service and Parts

318.1

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The Daily Digger: September 12 – form 12 michigan 12 – Invoice .. | michigan tax form 5081

293.7

24.4

8.3

%

Fleet and Wholesale

6.5

6.0

0.5

8.3

%

Total Gross Profit

$

778.3

$

708.3

$

70.0

9.9

%

Retail Automotive Acquirement Per Agent Retailed:

New Vehicles

$

41,288

$

37,103

$

4,185

11.3

%

Used Vehicles

25,493

24,742

751

3.0

%

Retail Automotive Gross Accumulation Per Agent Retailed:

New Vehicles

$

3,091

$

2,848

$

243

8.5

%

Used Vehicles

1,498

1,512

(14)

(0.9)

%

Finance and Insurance

1,213

1,104

109

9.9

%

Total Variable Gross Accumulation Per Agent (1)

3,424

3,283

141

4.3

%

Retail Automotive Gross Margin:

New Vehicles

7.5

%

7.7

%

(0.2)

%

(2.6)

%

Used Vehicles

5.9

%

6.1

%

(0.2)

%

(3.3)

%

Service and Parts

58.5

%

58.9

%

(0.4)

%

(0.7)

%

Fleet and Wholesale

2.3

%

2.2

%

0.1

%

4.5

%

Total Gross Margin

14.7

%

14.9

%

(0.2)

%

(1.3)

%

Retail Automotive Acquirement Mix Percentages:

New Vehicles

46.2

%

48.5

%

(2.3)

%

(4.7)

%

Used Vehicles

35.2

%

32.4

%

2.8

%

8.6

%

Finance and Insurance, Net

3.0

%

2.9

%

0.1

%

3.4

%

Service and Parts

10.3

%

10.5

%

(0.2)

%

(1.9)

%

Fleet and Wholesale

5.3

%

5.7

%

(0.4)

%

(7.0)

%

Total

100.0

%

100.0

%

Retail Automotive Gross Accumulation Mix Percentages:

New Vehicles

23.5

%

25.0

%

(1.5)

%

(6.0)

%

Used Vehicles

14.1

%

13.3

%

0.8

%

6.0

%

Finance and Insurance, Net

20.7

%

19.4

%

1.3

%

6.7

%

Service and Parts

40.9

%

41.5

%

(0.6)

%

(1.4)

%

Fleet and Wholesale

0.8

%

0.8

%

%

%

Total

100.0

%

100.0

%

(1)  Calculated by adding the sum of new vehicle, acclimated vehicle, and accounts and allowance gross accumulation by absolute retail automotive assemblage sales.

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018

2017

Retail Automotive Acquirement Mix:

Premium:

BMW / MINI

22

%

23

%

Audi

14

%

14

%

Mercedes-Benz

10

%

10

%

Land Rover / Jaguar

9

%

8

%

Porsche

6

%

6

%

Ferrari / Maserati

3

%

3

%

Lexus

2

%

3

%

Acura

1

%

1

%

Bentley

1

%

1

%

Others

2

%

1

%

Total Premium

70

%

70

%

Volume Non-U.S.:

Toyota

9

%

10

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Surprising Michigan Sales Tax Form Templates 12 Return 12 12 .. | michigan tax form 5081

%

Honda

6

%

7

%

Volkswagen

4

%

4

%

Nissan

1

%

1

%

Others

2

%

2

%

Total Aggregate Non-U.S.

22

%

24

%

U.S.:

General Motors / Chrysler / Ford

2

%

3

%

Stand-Alone Used

6

%

3

%

Total

100

%

100

%

Retail Automotive Geographic Acquirement Mix:

U.S.

52

%

56

%

U.K.

41

%

38

%

Other International

7

%

6

%

Total

100

%

100

%

Retail Automotive Geographic Gross Accumulation Mix:

U.S.

57

%

61

%

U.K.

37

%

34

%

Other International

6

%

5

%

Total

100

%

100

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018 vs. 2017

2018

2017

Change

% Change

Retail Automotive Same-Store Units:

New Retail

57,925

58,852

(927)

(1.6)

%

Used Retail

53,315

51,993

1,322

2.5

%

Total

111,240

110,845

395

0.4

%

Retail Automotive Same-Store Revenue: (Amounts in Millions)

New Vehicles

$

2,394.5

$

2,244.2

$

150.3

6.7

%

Used Vehicles

1,544.4

1,385.8

158.6

11.4

%

Finance and Insurance, Net

137.7

124.7

13.0

10.4

%

Service and Parts

523.3

484.4

38.9

8.0

%

Fleet and Wholesale

229.0

250.0

(21.0)

(8.4)

%

Total Revenue

$

4,828.9

$

4,489.1

$

339.8

7.6

%

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)

New Vehicles

$

176.0

$

172.4

$

3.6

2.1

%

Used Vehicles

85.7

80.6

5.1

6.3

%

Finance and Insurance, Net

137.7

124.7

13.0

10.4

%

Service and Parts

302.5

283.5

19.0

6.7

%

Fleet and Wholesale

4.7

5.5

(0.8)

(14.5)

%

Total Gross Profit

$

706.6

$

666.7

$

39.9

6.0

%

Retail Automotive Same-Store Acquirement Per Agent Retailed:

New Vehicles

$

41,338

$

38,133

$

3,205

8.4

%

Used Vehicles

28,968

26,654

2,314

8.7

%

Retail Automotive Same-Store Gross Accumulation Per Agent Retailed:

New Vehicles

$

3,039

$

2,929

$

110

3.8

%

Used Vehicles

1,607

1,550

57

3.7

%

Finance and Insurance

1,238

1,125

113

10.0

%

Total Variable Gross Accumulation Per Agent (1)

3,590

3,407

183

5.4

%

Retail Automotive Same-Store Gross Margin:

New Vehicles

7.4

%

7.7

%

(0.3)

%

(3.9)

%

Used Vehicles

5.5

%

5.8

%

(0.3)

%

(5.2)

%

Service and Parts

57.8

%

58.5

%

(0.7)

%

(1.2)

%

Fleet and Wholesale

2.1

%

2.2

%

(0.1)

%

(4.5)

%

Total Gross Margin

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Surprising Michigan Sales Tax Form Templates 12 Return 12 12 .. | michigan tax form 5081

14.6

%

14.9

%

(0.3)

%

(2.0)

%

Retail Automotive Acquirement Mix Percentages:

New Vehicles

49.6

%

50.0

%

(0.4)

%

(0.8)

%

Used Vehicles

32.0

%

30.9

%

1.1

%

3.6

%

Finance and Insurance, Net

2.9

%

2.8

%

0.1

%

3.6

%

Service and Parts

10.8

%

10.8

%

%

%

Fleet and Wholesale

4.7

%

5.5

%

(0.8)

%

(14.5)

%

Total

100.0

%

100.0

%

Retail Automotive Gross Accumulation Mix Percentages:

New Vehicles

24.9

%

25.9

%

(1.0)

%

(3.9)

%

Used Vehicles

12.1

%

12.1

%

%

%

Finance and Insurance, Net

19.5

%

18.7

%

0.8

%

4.3

%

Service and Parts

42.8

%

42.5

%

0.3

%

0.7

%

Fleet and Wholesale

0.7

%

0.8

%

(0.1)

%

(12.5)

%

Total

100.0

%

100.0

%

(1)  Calculated by adding the sum of new vehicle, used vehicle, and accounts and allowance gross accumulation by absolute retail automotive assemblage sales.

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Bartering Barter Operations

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018 vs. 2017

2018

2017

Change

% Change

Retail Bartering Barter Units:

New Retail

1,654

1,126

528

46.9

%

Used Retail

451

381

70

18.4

%

Total

2,105

1,507

598

39.7

%

Retail Bartering Barter Revenue: (Amounts in Millions)

New Vehicles

$

170.4

$

110.7

$

59.7

53.9

%

Used Vehicles

26.5

19.0

7.5

39.5

%

Finance and Insurance, Net

3.2

2.1

1.1

52.4

%

Service and Parts

90.4

78.0

12.4

15.9

%

Wholesale

1.9

1.9

%

Total Revenue

$

292.4

$

211.7

$

80.7

38.1

%

Retail Bartering Barter Gross Profit: (Amounts in Millions)

New Vehicles

$

6.7

$

4.5

$

2.2

48.9

%

Used Vehicles

2.7

1.0

1.7

170.0

%

Finance and Insurance, Net

3.2

2.1

1.1

52.4

%

Service and Parts

34.0

28.8

5.2

18.1

%

Wholesale

nm

Total Gross Profit

$

46.6

$

36.4

$

10.2

28.0

%

Retail Bartering Barter Acquirement Per Agent Retailed:

New Vehicles

$

103,041

$

98,271

$

4,770

4.9

%

Used Vehicles

58,708

49,845

8,863

17.8

%

Retail Bartering Barter Gross Accumulation Per Agent Retailed:

New Vehicles

$

4,069

$

3,981

$

88

2.2

%

Used Vehicles

5,829

2,589

3,240

125.1

%

Finance and Insurance

1,520

1,426

94

6.6

%

Total Variable Gross Accumulation Per Agent (1)

5,986

5,043

943

18.7

%

Retail Bartering Barter Gross Margin:

New Vehicles

3.9

%

4.1

%

(0.2)

%

(4.9)

%

Used Vehicles

10.2

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michigan form 12 – Solid | michigan tax form 5081

%

5.3

%

4.9

%

92.5

%

Service and Parts

37.6

%

36.9

%

0.7

%

1.9

%

Total Gross Margin

15.9

%

17.2

%

(1.3)

%

(7.6)

%

(1)  Calculated by adding the sum of new vehicle, acclimated vehicle, and accounts and allowance gross accumulation by absolute retail bartering barter unit       sales.

nm – not meaningful

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Bartering Barter Operations Same-Store

Selected Data

(Unaudited)

Three Months Concluded

March 31,

2018 vs. 2017

2018

2017

Change

% Change

Retail Bartering Barter Same-Store Units:

New Retail

1,654

1,126

528

46.9

%

Used Retail

451

381

70

18.4

%

Total

2,105

1,507

598

39.7

%

Retail Bartering Barter Same-Store Revenue: (Amounts in Millions)

New Vehicles

$

170.4

$

110.7

$

59.7

53.9

%

Used Vehicles

26.5

19.0

7.5

39.5

%

Finance and Insurance, Net

2.1

2.1

%

Service and Parts

89.8

78.0

11.8

15.1

%

Wholesale

1.9

1.9

%

Total Revenue

$

290.7

$

211.7

$

79.0

37.3

%

Retail Bartering Barter Same-Store Gross Profit: (Amounts in Millions)

New Vehicles

$

6.7

$

4.5

$

2.2

48.9

%

Used Vehicles

2.7

1.0

1.7

170.0

%

Finance and Insurance, Net

2.1

2.1

%

Service and Parts

33.8

28.8

5.0

17.4

%

Wholesale

nm

Total Gross Profit

$

45.3

$

36.4

$

8.9

24.5

%

Retail Bartering Barter Same-Store Acquirement Per Agent Retailed:

New Vehicles

$

103,041

$

98,271

$

4,770

4.9

%

Used Vehicles

58,708

49,845

8,863

17.8

%

Retail Bartering Barter Same-Store Gross Accumulation Per Agent Retailed:

New Vehicles

$

4,069

$

3,981

$

88

2.2

%

Used Vehicles

5,829

2,589

3,240

125.1

%

Finance and Insurance

1,016

1,426

(410)

(28.8)

%

Total Variable Gross Accumulation Per Agent (1)

5,463

5,043

420

8.3

%

Retail Bartering Barter Same-Store Gross Margin:

New Vehicles

3.9

%

4.1

%

(0.2)

%

(4.9)

%

Used Vehicles

10.2

%

5.3

%

4.9

%

92.5

%

Service and Parts

37.6

%

36.9

%

0.7

%

1.9

%

Total Gross Margin

15.6

%

17.2

%

(1.6)

%

(9.3)

%

(1)  Calculated by adding the sum of new vehicle, acclimated vehicle, and accounts and allowance gross accumulation by absolute retail bartering barter unit       sales.

nm – not meaningful

 

PENSKE AUTOMOTIVE GROUP, INC.Consolidated Non-GAAP Reconciliations(Unaudited)

The afterward table reconciles appear net assets to balance afore interest, taxes, abrasion and acquittal (“EBITDA”) for the three months concluded March 31, 2018 and 2017:

Three Months Concluded

March 31,

2018 vs. 2017

(Amounts in Millions)

2018

2017

Change

% Change

Net Income

$

107.8

$

83.0

$

24.8

29.9

%

Add: Depreciation

25.6

22.4

3.2

14.3

%

Other Absorption Expense

29.8

25.0

4.8

19.2

%

Income Taxes

36.6

41.1

(4.5)

(10.9)

%

(Income) Loss from Discontinued Operations, net of tax

(0.1)

0.6

(0.7)

nm

EBITDA

$

199.7

$

172.1

$

27.6

16.0

%

nm – not meaningful

 

 

Penske Automotive Group logo. (PRNewsFoto/Penske Automotive Group)

 

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12 g form michigan – Solid | michigan tax form 5081

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