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v3.20.2

Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
REVENUES | $ 2,131.2 | $ 3,005.7 | $ 4,822.0 | $ 5,814.1
COST OF SALES | 1,772.4 | 2,551.4 | 4,046.7 | 4,928.3
GROSS PROFIT | 358.8 | 454.3 | 775.3 | 885.8
Selling, general and administrative expenses | 237.2 | 338.7 | 565.1 | 666.4
Depreciation and amortization expense | 18.8 | 17.9 | 37.4 | 34.9
Asset impairments | 23.8 | 0.5 | 23.8 | 0.5
INCOME (LOSS) FROM OPERATIONS | 79.0 | 97.1 | 148.9 | 183.9
Floorplan interest expense | 10.1 | 15.9 | 23.0 | 31.6
Other interest expense, net | 16.2 | 18.0 | 34.3 | 36.9
(Gain) loss on extinguishment of debt | 10.4 | 0.0 | 10.4 | 0.0
INCOME (LOSS) BEFORE INCOME TAXES | 42.3 | 63.2 | 81.2 | 115.4
(Benefit) provision for income taxes | 12.2 | 14.0 | 21.3 | 27.5
NET INCOME (LOSS) | $ 30.2 | $ 49.2 | $ 60.0 | $ 87.9
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) | $ 1.64 | $ 2.65 | $ 3.25 | $ 4.74
Weighted average common shares outstanding (in shares) | 17,771,447 | 17,908,039 | 17,767,449 | 17,852,985
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) | $ 1.63 | $ 2.64 | $ 3.25 | $ 4.73
Weighted average dilutive common shares outstanding (in shares) | 17,811,613 | 17,930,280 | 17,809,937 | 17,877,676
New vehicle retail sales |  |  |  |
REVENUES | $ 1,062.7 | $ 1,565.4 | $ 2,404.8 | $ 2,979.9
COST OF SALES | 998.9 | 1,495.7 | 2,278.3 | 2,838.8
Used vehicle retail sales |  |  |  |
REVENUES | 641.2 | 838.9 | 1,420.3 | 1,658.1
COST OF SALES | 594.9 | 785.6 | 1,331.8 | 1,557.0
Used vehicle wholesale sales |  |  |  |
REVENUES | 48.7 | 96.0 | 135.2 | 188.1
COST OF SALES | 46.6 | 96.1 | 132.1 | 187.8
Parts and service sales |  |  |  |
REVENUES | 282.0 | 378.2 | 652.6 | 747.3
COST OF SALES | 132.0 | 174.1 | 304.5 | 344.8
Finance, insurance and other, net |  |  |  |
REVENUES | $ 96.7 | $ 127.3 | $ 209.2 | $ 240.6

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- Definition Interest expense incurred on borrowings under the floorplan line of the credit facility and arrangements with vehicle manufacturer affiliates for the financing of specific new, used and rental vehicle inventory. Interest expense also includes the net impact of interest rate swap settlements during the period, which are designed to hedge exposure to variable interest rates. + References No definition available. + Details
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