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Business Combinations
 6 Months Ended
Jun. 30, 2015
Business Combinations  
Business Combinations

 

3. Business Combinations

 

We acquired one retail automotive franchise and two retail commercial truck dealerships during the six months ended June 30, 2015. During the six months ended June 30, 2014, we acquired two retail automotive franchises as well as made an additional investment in an entity previously accounted for under the equity method. Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed financial statements, and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the six months ended June 30, 2015 and 2014 follows:

 

 

 

June 30,

 

 

 

2015

 

2014

 

Accounts receivable

 

$

—

 

$
0.7

 

Inventory

 
46.8

 
29.1

 

Other current assets

 
0.2

 
1.2

 

Property and equipment

 
4.4

 
4.1

 

Indefinite-lived intangibles

 
38.8

 
57.1

 

Current liabilities

 
(1.2

)
(2.6

)

Non-current liabilities

 

—

 
(2.2

)

 

 

 

 

 

 

Total consideration

 
89.0

 
87.4

 

Seller financed/assumed debt

 
(2.6

)
(1.2

)

 

 

 

 

 

 

Total cash used in acquisitions

 

$
86.4

 

$
86.2

 

 

 

 

 

 

 

 

 

 

The following unaudited consolidated pro forma results of operations of PAG for the three and six months ended June 30, 2015 and 2014 give effect to acquisitions consummated during 2015 and 2014 as if they had occurred effective at the beginning of the periods:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenues

 

$
4,904.4 

 

$
4,668.2 

 

$
9,402.2 

 

$
9,030.1 

 

Income from continuing operations

 
94.4 

 
82.9 

 
171.2 

 
152.6 

 

Net income

 
94.0 

 
75.3 

 
169.6 

 
145.3 

 

Income from continuing operations per diluted common share

 

$
1.05 

 

$
0.92 

 

$
1.90 

 

$
1.69 

 

Net income per diluted common share

 

$
1.04 

 

$
0.83 

 

$
1.88 

 

$
1.61