Attached files
| file | filename |
|---|---|
| 8-K - 8-K/A - GROUP 1 AUTOMOTIVE INC | a20174thquarterearningsrel.htm |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2017 | 2016 | % Increase/(Decrease) | ||||||||||
NET INCOME RECONCILIATION: | ||||||||||||
As reported | ||||||||||||
Pretax Net Income | $ | 58,974 | $ | 48,520 | ||||||||
Income Tax Benefit (Provision) | 51,515 | (17,692 | ) | |||||||||
Net Income | $ | 110,489 | $ | 30,828 | 258.4 | |||||||
Effective Tax Rate | (87.4 | )% | 36.5 | % | ||||||||
Adjustments: | ||||||||||||
(Gain) loss on real estate and dealership transactions | ||||||||||||
Pre-tax | — | (529 | ) | |||||||||
Tax impact | — | 264 | ||||||||||
Severance costs | ||||||||||||
Pre-tax | 475 | 1,959 | ||||||||||
Tax impact | (122 | ) | (710 | ) | ||||||||
Legal settlements (4) | ||||||||||||
Pre-tax | — | (11,671 | ) | |||||||||
Tax impact | — | 4,359 | ||||||||||
Non-cash asset impairment | ||||||||||||
Pre-tax | 9,979 | 19,797 | ||||||||||
Tax impact | (3,515 | ) | (7,041 | ) | ||||||||
Tax rate changes | ||||||||||||
Pre-tax | — | — | ||||||||||
Tax impact | (73,028 | ) | — | |||||||||
Adjusted | ||||||||||||
Pretax Net Income | $ | 69,428 | $ | 58,076 | ||||||||
Income Tax Provision | (25,150 | ) | (20,820 | ) | ||||||||
Adjusted net income (1) | $ | 44,278 | $ | 37,256 | 18.8 | |||||||
Effective Tax Rate | 36.2 | % | 35.8 | % | ||||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income (1) | $ | 44,278 | $ | 37,256 | 18.8 | |||||||
Less: Adjusted earnings allocated to participating securities | 1,483 | 1,477 | 0.4 | |||||||||
Adjusted net income available to diluted common shares (1) | $ | 42,795 | $ | 35,779 | 19.6 | |||||||
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | 5.27 | $ | 1.44 | 266.0 | |||||||
After-tax adjustments: | ||||||||||||
Gain on real estate and dealership transactions | — | (0.01 | ) | |||||||||
Severance costs | 0.02 | 0.06 | ||||||||||
Legal settlements | — | (0.34 | ) | |||||||||
Non-cash asset impairment | 0.30 | 0.59 | ||||||||||
Tax rate changes | (3.48 | ) | — | |||||||||
Adjusted diluted income per share (1) | $ | 2.11 | $ | 1.74 | 21.3 | |||||||
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