Attached files
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| 8-K - 8-K - GENERAL DYNAMICS CORP | gd-201409288k.htm |
Exhibit 99.1
2941 Fairview Park Drive | ||
Suite 100 | ||
Falls Church, VA 22042-4513 www.generaldynamics.com | News | |
October 22, 2014
Contact: Lucy Ryan
Tel: 703 876 3631
lryan@generaldynamics.com
General Dynamics Reports Third-Quarter 2014 Results
• Diluted EPS increases 11.4 percent over third-quarter 2013
• Operating margins expand to 12.9 percent
• Net cash provided by operating activities more than $2.5 billion
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today reported third-quarter 2014 net earnings from continuing operations of $694 million, or $2.05 per share on a diluted basis, on revenues of $7.75 billion. This compares to 2013 third-quarter net earnings from continuing operations of $652 million, or $1.84 per diluted share, on revenues of $7.74 billion. Third-quarter 2014 operating earnings rose $38 million to $999 million, a 4 percent increase over the year-ago quarter.
Margins
Company-wide operating margins for the third quarter of 2014 were 12.9 percent, 50 basis points higher than third-quarter 2013 margins.
Cash
Net cash provided by operating activities in third-quarter 2014 was $2.5 billion. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.3 billion in the quarter.
Backlog
Total backlog at the end of third-quarter 2014 was $74.4 billion, up 56 percent from the third quarter of 2013. The estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $26.7 billion. Total potential contract value, the sum of all backlog components, was $101.1 billion at the end of the quarter.
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The Aerospace group experienced continued demand in the quarter with order activity across its product portfolio. Significant awards received in the quarter from the company’s defense groups include a $5.9 billion contract to deliver SCOUT Specialist Vehicles to the British Army, $175 million from the U.S. Navy to provide planning and support services for nuclear submarines, $165 million for the U.S. Army’s Common Hardware Systems-4 program, and $140 million for maintenance and overhaul services for the Navy’s USS Pearl Harbor.
“General Dynamics had a very strong quarter, evident in our operating earnings, operating margins at 12.9 percent and solid cash performance,” said Phebe N. Novakovic, chairman and chief executive officer. “With a continued focus on operating performance and the company’s significant increase in backlog throughout 2014, we are well-positioned for the opportunities ahead.”
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 93,500 people worldwide. The company is a market leader in business aviation; combat vehicles, weapons systems and munitions; shipbuilding; and communication and information technology systems. More information about the company is available at www.generaldynamics.com.
Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
WEBCAST INFORMATION: General Dynamics will webcast its third-quarter securities analyst conference call at 9 a.m. EDT on Wednesday, October 22, 2014. The webcast will be a listen-only audio event, available at www.generaldynamics.com. An on-demand replay of the webcast will be available by 12 p.m. on October 22 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 888-286-8010 (international: 617-801-6888); passcode 59222775. The phone replay will be available from 1 p.m. October 22 through October 30, 2014.
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EXHIBIT A
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Third Quarter | Variance | ||||||||||||||
2013 | 2014 | $ | % | ||||||||||||
Revenues | $ | 7,735 | $ | 7,751 | $ | 16 | 0.2 | % | |||||||
Operating costs and expenses | 6,774 | 6,752 | 22 | ||||||||||||
Operating earnings | 961 | 999 | 38 | 4.0 | % | ||||||||||
Interest, net | (22 | ) | (21 | ) | 1 | ||||||||||
Other, net | 4 | 1 | (3 | ) | |||||||||||
Earnings before income tax | 943 | 979 | $ | 36 | 3.8 | % | |||||||||
Provision for income tax, net | 291 | 285 | 6 | ||||||||||||
Earnings from continuing operations | $ | 652 | $ | 694 | $ | 42 | 6.4 | % | |||||||
Discontinued operations, net of tax | (1 | ) | 2 | 3 | |||||||||||
Net earnings | $ | 651 | $ | 696 | 45 | 6.9 | % | ||||||||
Earnings per share—basic | |||||||||||||||
Continuing operations | $ | 1.86 | $ | 2.09 | $ | 0.23 | 12.4 | % | |||||||
Discontinued operations | $ | — | $ | 0.01 | $ | 0.01 | |||||||||
Earnings per share—basic | $ | 1.86 | $ | 2.10 | $ | 0.24 | 12.9 | % | |||||||
Basic weighted average shares outstanding | 349.3 | 331.8 | |||||||||||||
Earnings per share—diluted | |||||||||||||||
Continuing operations | $ | 1.84 | $ | 2.05 | $ | 0.21 | 11.4 | % | |||||||
Discontinued operations | $ | — | $ | 0.01 | $ | 0.01 | |||||||||
Earnings per share—diluted | $ | 1.84 | $ | 2.06 | $ | 0.22 | 12.0 | % | |||||||
Diluted weighted average shares outstanding | 352.9 | 338.2 | |||||||||||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT B
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Nine Months | Variance | ||||||||||||||
2013 | 2014 | $ | % | ||||||||||||
Revenues | $ | 22,883 | $ | 22,490 | $ | (393 | ) | (1.7 | )% | ||||||
Operating costs and expenses | 20,118 | 19,668 | 450 | ||||||||||||
Operating earnings | 2,765 | 2,822 | 57 | 2.1 | % | ||||||||||
Interest, net | (63 | ) | (67 | ) | (4 | ) | |||||||||
Other, net | 4 | 2 | (2 | ) | |||||||||||
Earnings before income tax | 2,706 | 2,757 | 51 | 1.9 | % | ||||||||||
Provision for income tax, net | 844 | 821 | 23 | ||||||||||||
Earnings from continuing operations | $ | 1,862 | $ | 1,936 | $ | 74 | 4.0 | % | |||||||
Discontinued operations, net of tax | — | (104 | ) | (104 | ) | ||||||||||
Net earnings | $ | 1,862 | $ | 1,832 | $ | (30 | ) | (1.6 | )% | ||||||
Earnings per share—basic | |||||||||||||||
Continuing operations | $ | 5.31 | $ | 5.75 | $ | 0.44 | 8.3 | % | |||||||
Discontinued operations | $ | — | $ | (0.31 | ) | $ | (0.31 | ) | |||||||
Net earnings | $ | 5.31 | $ | 5.44 | $ | 0.13 | 2.4 | % | |||||||
Basic weighted average shares outstanding | 350.8 | 336.9 | |||||||||||||
Earnings per share—diluted | |||||||||||||||
Continuing operations | $ | 5.27 | $ | 5.64 | $ | 0.37 | 7.0 | % | |||||||
Discontinued operations | $ | — | $ | (0.30 | ) | $ | (0.30 | ) | |||||||
Net earnings | $ | 5.27 | $ | 5.34 | $ | 0.07 | 1.3 | % | |||||||
Diluted weighted average shares outstanding | 353.1 | 343.1 | |||||||||||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT C
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Third Quarter | Variance | ||||||||||||||
2013 | 2014 | $ | % | ||||||||||||
Revenues: | |||||||||||||||
Aerospace | $ | 2,152 | $ | 2,289 | $ | 137 | 6.4 | % | |||||||
Combat Systems | 1,306 | 1,395 | 89 | 6.8 | % | ||||||||||
Marine Systems | 1,697 | 1,820 | 123 | 7.2 | % | ||||||||||
Information Systems and Technology | 2,580 | 2,247 | (333 | ) | (12.9 | )% | |||||||||
Total | $ | 7,735 | $ | 7,751 | $ | 16 | 0.2 | % | |||||||
Operating earnings: | |||||||||||||||
Aerospace | $ | 369 | $ | 411 | $ | 42 | 11.4 | % | |||||||
Combat Systems | 228 | 232 | 4 | 1.8 | % | ||||||||||
Marine Systems | 170 | 170 | — | — | % | ||||||||||
Information Systems and Technology | 216 | 202 | (14 | ) | (6.5 | )% | |||||||||
Corporate | (22 | ) | (16 | ) | 6 | 27.3 | % | ||||||||
Total | $ | 961 | $ | 999 | $ | 38 | 4.0 | % | |||||||
Operating margins: | |||||||||||||||
Aerospace | 17.1 | % | 18.0 | % | |||||||||||
Combat Systems | 17.5 | % | 16.6 | % | |||||||||||
Marine Systems | 10.0 | % | 9.3 | % | |||||||||||
Information Systems and Technology | 8.4 | % | 9.0 | % | |||||||||||
Total | 12.4 | % | 12.9 | % | |||||||||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT D
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months | Variance | ||||||||||||||
2013 | 2014 | $ | % | ||||||||||||
Revenues: | |||||||||||||||
Aerospace | $ | 5,983 | $ | 6,409 | $ | 426 | 7.1 | % | |||||||
Combat Systems | 4,241 | 4,118 | (123 | ) | (2.9 | )% | |||||||||
Marine Systems | 5,082 | 5,272 | 190 | 3.7 | % | ||||||||||
Information Systems and Technology | 7,577 | 6,691 | (886 | ) | (11.7 | )% | |||||||||
Total | $ | 22,883 | $ | 22,490 | $ | (393 | ) | (1.7 | )% | ||||||
Operating earnings: | |||||||||||||||
Aerospace | $ | 1,068 | $ | 1,199 | $ | 131 | 12.3 | % | |||||||
Combat Systems | 658 | 591 | (67 | ) | (10.2 | )% | |||||||||
Marine Systems | 507 | 510 | 3 | 0.6 | % | ||||||||||
Information Systems and Technology | 599 | 573 | (26 | ) | (4.3 | )% | |||||||||
Corporate | (67 | ) | (51 | ) | 16 | 23.9 | % | ||||||||
Total | $ | 2,765 | $ | 2,822 | $ | 57 | 2.1 | % | |||||||
Operating margins: | |||||||||||||||
Aerospace | 17.9 | % | 18.7 | % | |||||||||||
Combat Systems | 15.5 | % | 14.4 | % | |||||||||||
Marine Systems | 10.0 | % | 9.7 | % | |||||||||||
Information Systems and Technology | 7.9 | % | 8.6 | % | |||||||||||
Total | 12.1 | % | 12.5 | % | |||||||||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT E
CONSOLIDATED BALANCE SHEETS - (UNAUDITED)
DOLLARS IN MILLIONS
December 31, 2013 | September 28, 2014 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and equivalents | $ | 5,301 | $ | 5,105 | ||||
Accounts receivable | 4,370 | 4,181 | ||||||
Contracts in process | 4,780 | 4,436 | ||||||
Inventories | 2,890 | 3,139 | ||||||
Other current assets | 821 | 1,308 | ||||||
Total current assets | 18,162 | 18,169 | ||||||
Noncurrent assets: | ||||||||
Property, plant and equipment, net | 3,359 | 3,322 | ||||||
Intangible assets, net | 1,044 | 929 | ||||||
Goodwill | 11,932 | 11,756 | ||||||
Other assets | 997 | 1,135 | ||||||
Total noncurrent assets | 17,332 | 17,142 | ||||||
Total assets | $ | 35,494 | $ | 35,311 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt and current portion of long-term debt | $ | 1 | $ | 501 | ||||
Accounts payable | 2,216 | 2,390 | ||||||
Customer advances and deposits | 6,584 | 7,990 | ||||||
Other current liabilities | 3,458 | 3,789 | ||||||
Total current liabilities | 12,259 | 14,670 | ||||||
Noncurrent liabilities: | ||||||||
Long-term debt | 3,908 | 3,410 | ||||||
Other liabilities | 4,826 | 4,221 | ||||||
Total noncurrent liabilities | 8,734 | 7,631 | ||||||
Shareholders' equity: | ||||||||
Common stock | 482 | 482 | ||||||
Surplus | 2,226 | 2,467 | ||||||
Retained earnings | 19,428 | 20,631 | ||||||
Treasury stock | (6,450 | ) | (9,233 | ) | ||||
Accumulated other comprehensive loss | (1,185 | ) | (1,337 | ) | ||||
Total shareholders' equity | 14,501 | 13,010 | ||||||
Total liabilities and shareholders' equity | $ | 35,494 | $ | 35,311 | ||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT F
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended | ||||||||
September 29, 2013 | September 28, 2014 | |||||||
Cash flows from operating activities—continuing operations: | ||||||||
Net earnings | $ | 1,862 | $ | 1,832 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation of property, plant and equipment | 280 | 285 | ||||||
Amortization of intangible assets | 112 | 91 | ||||||
Stock-based compensation expense | 90 | 94 | ||||||
Excess tax benefit from stock-based compensation | (19 | ) | (66 | ) | ||||
Deferred income tax provision | 51 | 94 | ||||||
Discontinued operations, net of tax | — | 104 | ||||||
(Increase) decrease in assets, net of effects of business acquisitions: | ||||||||
Accounts receivable | (181 | ) | 189 | |||||
Contracts in process | (119 | ) | 380 | |||||
Inventories | (212 | ) | (259 | ) | ||||
Increase (decrease) in liabilities, net of effects of business acquisitions: | ||||||||
Accounts payable | (1 | ) | 174 | |||||
Customer advances and deposits | 16 | 1,231 | ||||||
Income taxes payable | 80 | 148 | ||||||
Other current and noncurrent liabilities | (183 | ) | (238 | ) | ||||
Other, net | (223 | ) | (261 | ) | ||||
Net cash provided by operating activities | 1,553 | 3,798 | ||||||
Cash flows from investing activities—continuing operations: | ||||||||
Purchases of held-to-maturity securities | — | (500 | ) | |||||
Capital expenditures | (267 | ) | (337 | ) | ||||
Other, net | 55 | 11 | ||||||
Net cash used by investing activities | (212 | ) | (826 | ) | ||||
Cash flows from financing activities—continuing operations: | ||||||||
Purchases of common stock | (696 | ) | (3,117 | ) | ||||
Dividends paid | (394 | ) | (618 | ) | ||||
Proceeds from option exercises | 484 | 475 | ||||||
Other | 46 | 66 | ||||||
Net cash used by financing activities | (560 | ) | (3,194 | ) | ||||
Net cash (used) provided by discontinued operations | (12 | ) | 26 | |||||
Net increase (decrease) in cash and equivalents | 769 | (196 | ) | |||||
Cash and equivalents at beginning of period | 3,296 | 5,301 | ||||||
Cash and equivalents at end of period | $ | 4,065 | $ | 5,105 | ||||
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT G
PRELIMINARY FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS
Third Quarter 2013 | Third Quarter 2014 | |||||||||||||||
Other Financial Information(a): | ||||||||||||||||
Debt-to-equity (b) | 31.2 | % | 30.1 | % | ||||||||||||
Debt-to-capital (c) | 23.8 | % | 23.1 | % | ||||||||||||
Book value per share (d) | $ | 35.79 | $ | 39.26 | ||||||||||||
Total taxes paid | $ | 245 | $ | 292 | ||||||||||||
Company-sponsored research and development (e) | $ | 74 | $ | 73 | ||||||||||||
Employment | 95,700 | 93,500 | ||||||||||||||
Sales per employee (f) | $ | 339,300 | $ | 328,300 | ||||||||||||
Shares outstanding | 352,198,231 | 331,389,741 | ||||||||||||||
Non-GAAP Financial Measures(a): | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Quarter | Year-to-date | Quarter | Year-to-date | |||||||||||||
Free cash flow from operations: | ||||||||||||||||
Net cash provided by operating activities | $ | 466 | $ | 1,553 | $ | 2,504 | $ | 3,798 | ||||||||
Capital expenditures | (102 | ) | (267 | ) | (175 | ) | (337 | ) | ||||||||
Free cash flow from operations (g) | $ | 364 | $ | 1,286 | $ | 2,329 | $ | 3,461 | ||||||||
(a) | Prior period information has been restated to reflect our axle business in discontinued operations. |
(b) | Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period. |
(c) | Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of the end of the period. |
(d) | Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period. |
(e) | Includes independent research and development and Gulfstream product-development costs. |
(f) | Sales per employee is calculated by dividing revenues for the latest 12-month period by our average number of employees during that period. |
(g) | We believe free cash flow from operations is a measurement that is useful to investors because it portrays our ability to generate cash from our core businesses for such purposes as repaying maturing debt, funding business acquisitions and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities. |
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EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
Funded | Unfunded | Total Backlog | Estimated Potential Contract Value* | Total Potential Contract Value | ||||||||||||||||
Third Quarter 2014 | ||||||||||||||||||||
Aerospace | $ | 11,924 | $ | 143 | $ | 12,067 | $ | 1,857 | $ | 13,924 | ||||||||||
Combat Systems | 20,879 | 732 | 21,611 | 5,760 | 27,371 | |||||||||||||||
Marine Systems | 14,308 | 17,574 | 31,882 | 2,524 | 34,406 | |||||||||||||||
Information Systems and Technology | 7,421 | 1,452 | 8,873 | 16,520 | 25,393 | |||||||||||||||
Total | $ | 54,532 | $ | 19,901 | $ | 74,433 | $ | 26,661 | $ | 101,094 | ||||||||||
Second Quarter 2014 | ||||||||||||||||||||
Aerospace | $ | 12,556 | $ | 172 | $ | 12,728 | $ | 1,920 | $ | 14,648 | ||||||||||
Combat Systems | 15,363 | 852 | 16,215 | 8,074 | 24,289 | |||||||||||||||
Marine Systems | 15,458 | 17,747 | 33,205 | 1,938 | 35,143 | |||||||||||||||
Information Systems and Technology | 7,343 | 1,602 | 8,945 | 16,477 | 25,422 | |||||||||||||||
Total | $ | 50,720 | $ | 20,373 | $ | 71,093 | $ | 28,409 | $ | 99,502 | ||||||||||
Third Quarter 2013 | ||||||||||||||||||||
Aerospace | $ | 13,653 | $ | 170 | $ | 13,823 | $ | — | $ | 13,823 | ||||||||||
Combat Systems | 6,032 | 954 | 6,986 | 3,622 | 10,608 | |||||||||||||||
Marine Systems | 12,228 | 5,337 | 17,565 | 3,389 | 20,954 | |||||||||||||||
Information Systems and Technology | 7,950 | 1,485 | 9,435 | 20,433 | 29,868 | |||||||||||||||
Total | $ | 39,863 | $ | 7,946 | $ | 47,809 | $ | 27,444 | $ | 75,253 | ||||||||||
* | The estimated potential contract value represents management's estimate of our future contract value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options to purchase new aircraft and long-term agreements with fleet customers, as applicable. Because the value in the unfunded IDIQ arrangements is subject to the customer's future exercise of an indeterminate quantity of orders, we recognize these contracts in backlog only when they are funded. Unexercised options are recognized in backlog when the customer exercises the option and establishes a firm order. |
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT H-1
BACKLOG AND ESTIMATED CONTRACT VALUE - (UNAUDITED)
DOLLARS IN MILLIONS
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
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EXHIBIT I
THIRD QUARTER 2014 SIGNIFICANT ORDERS (UNAUDITED)
DOLLARS IN MILLIONS
We received the following significant orders during the third quarter of 2014:
Combat Systems
• | $5.9 billion from the U.K. Ministry of Defence to deliver SCOUT Specialist Vehicle (SV) platforms to the British Army between 2017 and 2024. |
• | $75 from the U.S. Army for Hydra-70 rockets. |
• | $60 from the U.S. Marine Corps for egress upgrade kits for the Cougar vehicle in support of the Mine Resistant, Ambush Protected (MRAP) program. |
• | $60 from the Peruvian Ministry of Defence for light armored vehicles. |
Marine Systems
• | $175 from the U.S. Navy to provide planning yard work, engineering and technical support for nuclear submarines. |
• | $140 from the Navy for maintenance and overhaul services on the USS Pearl Harbor. |
• | $60 from the Navy for Advanced Nuclear Plant Studies in support of development for the next-generation ballistic-missile submarine. |
Information Systems and Technology
• | $165 from the U.S. Army for ruggedized computing equipment under the Common Hardware Systems-4 (CHS-4) program. |
• | $80 from the Army under the Warfighter Field Operations Customer Support (FOCUS) program to provide support for live and virtual operations. |
• | $50 from the Army to provide logistics services to support information technology transport management. |
• | $50 from the U.S. Department of State to provide supply chain management services. |
• | An indefinite delivery, indefinite quantity (IDIQ) contract from the Navy for its next generation tactical afloat network designed to streamline and update shipboard networks. The program has a maximum potential value of $2.5 billion over eight years among five awardees. |
• | An IDIQ contract from the Commonwealth of Massachusetts to develop, implement and operate the Massachusetts Next Generation (NG9-1-1) emergency communications system. The program has a maximum potential value of $140 over five years. |
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EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
Third Quarter | Nine Months | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Gulfstream Green Deliveries (units): | ||||||||||||
Large-cabin aircraft | 28 | 32 | 83 | 87 | ||||||||
Mid-cabin aircraft | 6 | 6 | 16 | 19 | ||||||||
Total | 34 | 38 | 99 | 106 | ||||||||
Gulfstream Outfitted Deliveries (units): | ||||||||||||
Large-cabin aircraft | 32 | 25 | 87 | 84 | ||||||||
Mid-cabin aircraft | 6 | 6 | 16 | 24 | ||||||||
Total | 38 | 31 | 103 | 108 | ||||||||
Pre-owned Deliveries (units): | 4 | 3 | 9 | 3 | ||||||||
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