EDMONTON, March 15, 2018 /CNW/ - AutoCanada Inc. (TSX:
ACQ), a leading Canadian multi-location automobile dealership
group, today reported its financial results for the three and
twelve-months ended December 31,
2017.
- 2017 annual revenue reaches new threshold exceeding
$3 billion
- 2017 annual basic earnings per share of $2.11
- 3rd straight quarter of same store revenue and gross
profit growth
- Added two new brands to the portfolio
"This was a very good year for AutoCanada and we continue to
strengthen our foundation for future growth," said Steven J. Landry, President & Chief
Executive Officer. "In 2017, we established new relationships with
two OEMs, adding our first Mercedes-Benz and Mazda dealerships to
our portfolio. We also cemented our relationship with General
Motors, allowing us to exercise voting control over GM dealerships
for the first time. These changes are key to our long-term success
as they enable new acquisition opportunities, the cornerstone of
our growth agenda."
2017 Full Year Highlights
- Revenue was $3.1 billion, up 7.3%
compared with 2016. Revenue from same stores was up 2.0%
year-over-year.
- Sales of new vehicles were 43,773 in the year, up 9.3% over the
prior year. Revenue from the sale of new vehicles was $1.8 billion, up 10.6% from 2016. New vehicles
accounted for 58.9% of the Company's total revenue and 25.3% of
gross profit versus 57.2% of revenue and 24.3% of gross profit in
2016.
- Sales of used vehicles were 19,379 in 2017, down 1.0% from last
year. Revenue from used vehicle sales was $716.0 million, down 1.3% from the prior year.
Used vehicles accounted for 23.1% of the Company's total revenue
and 8.4% of gross profit, versus 25.1% of revenue and 9.7% of gross
profit in 2016.
- Parts, service and collision repair generated $416.7 million of revenue, up 8.8% from 2016.
This accounted for 13.4% of the Company's total revenue and 41.3%
of its gross profit, versus 13.2% of revenue and 41.4% of gross
profit in 2016.
- Finance and insurance generated $141.3
million of revenue, an improvement of 8.6% from 2016. This
accounted for 4.6% of the Company's total revenue and 25.0% of its
gross profit, up from 4.5% of revenue and 24.6% of profit in
2016.
- Gross profit was $518.6 million,
up 6.7% compared with 2016, with gross profit as a percentage of
revenue relatively flat at 16.7% from 16.8%.
- EBITDA attributable to AutoCanada shareholders increased by
$17.3 million or 18.3% to
$111.8 million from $94.5 million in the prior year.
- Operating expenses were $426.3
million as a percentage of gross profit improved to 82.2%
from 82.4% in 2016.
- The Company generated net earnings attributable to AutoCanada
shareholders of $57.8 million
($42.7 million on an adjusted basis),
or $2.11 per share ($1.56 adjusted) versus $2.6 million in 2016 ($39.9 million adjusted) or $0.09 per share ($1.46 adjusted).
Fourth Quarter Highlights
- Revenue was $733.1 million, up
16.5% compared with the fourth quarter of 2016. Same store revenue
growth was up 11.1% in the fourth quarter of this year.
- New vehicle sales were 9,822, up 16.3% from same period in
2016. Revenue from the sale of new vehicles was $417.6 million, up 20.0% from same period in
2016. The sale of new vehicles accounted for 57.0% of the Company's
total revenue and 24.0% of gross profit versus 55.3% of revenue and
21.4% of gross profit in the fourth quarter of 2016.
- Used vehicle sales were 4,653, up 4.3% from the same quarter
last year. Revenue from the sale of used vehicles sales was
$175.3 million, up 11.1% from same
time last year. The sale of used vehicles accounted for 23.4% of
the Company's total revenue and 6.0% of gross profit, versus 21.4%
of revenue and 8.6% of gross profit in the fourth quarter of
2016.
- Parts, service and collision repair generated $107.2 million of revenue, up 16.1% from same
time 2016. This accounted for 14.6% of the Company's total revenue
and 45.5% of its gross profit, versus 14.7% of revenue and 45.3% of
gross profit in the same quarter of 2016.
- Finance and insurance generated $33.0
million of revenue, an improvement of 6.1% from same period
in 2016. This accounted for 4.5% of the Company's total revenue and
24.5% of its gross profit, down from 4.9% of revenue and 24.6% of
profit in the fourth quarter of 2016.
- Gross profit was $125.2 million,
up 7.2% compared with the same quarter in 2016, with gross profit
as a percentage of revenue decreasing to 17.1% from 18.6%.
- EBITDA attributable to AutoCanada shareholders increased by
$2.9 million or 11.3% to $28.1 million from $25.3
million same time last year.
- Operating profit of $26.5 million
is up 27.7% from 20.7 million in the fourth quarter of 2016.
- Operating expenses were $104.6
million, as a percentage of gross profit were up to 83.6%
from 83.4% over the same period in 2016.
- The Company generated net earnings attributable to AutoCanada
shareholders of $17.1 million
($8.9 million on an adjusted basis),
or $0.62 per share ($0.33 adjusted) versus $13.8 million in 2016 ($7.5 million adjusted) or $0.50 per share ($0.28 adjusted).
"We continued our momentum in the second half and ended the year
strongly," said Chris Burrows,
Senior Vice-President and Chief Financial Officer. "Performance
across the business was very good in the fourth quarter, and we saw
double-digit year-over-year revenue growth at our same stores. With
the market poised for another good year of new vehicle sales, we
believe 2018 holds great promise for AutoCanada."
The following table summarizes the Company's results for the
quarter and year ended December 31,
2017:
|
|
|
|
|
Three Months Ended
December 31
|
|
Year Ended
December 31
|
|
Consolidated
Operational Data
|
2017
|
2016
|
%
Change
|
|
2017
|
2016
|
%
Change
|
|
EBITDA attributable
to AutoCanada shareholders1,2
|
28,127
|
25,260
|
11.3%
|
|
111,812
|
94,486
|
18.3%
|
|
Adjusted EBITDA
attributable to AutoCanada shareholders1,2
|
21,880
|
19,038
|
14.9%
|
|
95,410
|
88,809
|
7.4%
|
|
Net earnings
attributable to AutoCanada shareholders1,2
|
17,089
|
13,785
|
24.0%
|
|
57,844
|
2,596
|
2128.2%
|
|
Adjusted net earnings
attributable to AutoCanada shareholders1,2
|
8,935
|
7,536
|
18.6%
|
|
42,665
|
39,926
|
6.9%
|
|
Basic EPS
|
0.62
|
0.50
|
24.0%
|
|
2.11
|
0.09
|
2244.4%
|
|
Adjusted diluted
EPS2
|
0.33
|
0.27
|
22.2%
|
|
1.55
|
1.45
|
6.9%
|
|
Weighted average
number of shares – Basic
|
27,389,167
|
27,353,431
|
0.1%
|
|
27,379,193
|
27,350,555
|
0.1%
|
|
Weighted average
number of shares – Diluted
|
27,498,724
|
27,469,439
|
0.1%
|
|
27,473,995
|
27,455,686
|
0.1%
|
|
New retail vehicles
sold (units)
|
8,444
|
7,590
|
11.3%
|
|
36,076
|
32,991
|
9.4%
|
|
New fleet vehicles
sold (units)
|
1,378
|
859
|
60.4%
|
|
7,697
|
7,041
|
9.3%
|
|
Used retail vehicles
sold (units)
|
4,653
|
4,463
|
4.3%
|
|
19,379
|
19,561
|
-0.9%
|
|
Total vehicles
sold
|
14,475
|
12,912
|
12.1%
|
|
63,152
|
59,593
|
6.0%
|
|
Revenue
|
733,060
|
629,274
|
16.5%
|
|
3,101,560
|
2,891,581
|
7.3%
|
|
Gross
Profit
|
125,210
|
116,785
|
7.2%
|
|
518,629
|
486,133
|
6.7%
|
|
Gross Profit
%
|
17.1%
|
18.6%
|
-8.2%
|
|
16.7%
|
16.8%
|
-0.5%
|
|
Operating
expenses
|
104,626
|
97,397
|
7.4%
|
|
426,253
|
400,417
|
6.5%
|
|
Operating expenses %
of Gross Profit
|
83.6%
|
83.4%
|
0.2%
|
|
82.2%
|
82.4%
|
-0.3%
|
|
Operating
profit
|
26,505
|
20,761
|
27.7%
|
|
118,969
|
40,912
|
190.8%
|
|
Free cash
flow
|
29,496
|
23,424
|
25.9%
|
|
72,213
|
96,288
|
-25.0%
|
|
Adjusted free cash
flow
|
15,996
|
13,133
|
21.8%
|
|
90,786
|
68,566
|
32.4%
|
|
Same Store New retail
vehicles sold (units)
|
7,196
|
6,845
|
5.1%
|
|
31,402
|
30,422
|
3.2%
|
|
Same Store New fleet
vehicles sold (units)
|
1,349
|
808
|
67.0%
|
|
7,600
|
6,932
|
9.6%
|
|
Same Store Used
retail vehicles sold (units)
|
4,051
|
4,162
|
-2.7%
|
|
17,233
|
18,560
|
-7.1%
|
|
Same Store Total
vehicles sold
|
12,596
|
11,815
|
6.6%
|
|
56,235
|
55,914
|
0.6%
|
|
Same Store
Revenue
|
647,099
|
582,368
|
11.1%
|
|
2,784,999
|
2,730,659
|
2.0%
|
|
Same Store Gross
Profit
|
110,249
|
108,683
|
1.4%
|
|
467,030
|
459,984
|
1.5%
|
|
Same Store Gross
Profit %
|
17.0%
|
18.7%
|
-8.7%
|
|
16.8%
|
16.8%
|
-0.4%
|
|
*See the Company's
Management's Discussion and Analysis for the quarter ended December
31, 2017 for complete footnote disclosures.
|
Outlook
The Canadian vehicle market established a new record for sales
in 2017, surpassing the previous record set in 2016. Sales topped
two million for the first time, with SUVs and trucks accounting for
close to 7 out of 10 new vehicles sold in the country. Early
projections for 2018 speak of a strong Canadian market continuing -
the economy is doing well and interest rates continue to be low,
but are expected to increase. For AutoCanada, a strong economy with
low unemployment provides a healthy macro environment while the
preference for trucks and SUVs sits well with the Company's current
product mix.
AutoCanada will continue to add a wide range of new brands and
dealerships in new and growing markets. New vehicle sales continue
to be the initial touchpoint for building and growing customer
relationships, including resale of trade-ins, sale of third-party
service or insurance products and recurring service and repair
business. Each of the Company's business segments experienced gains
in the fourth quarter and throughout 2017, with the exception of a
slight downturn of used vehicle sales over the year.
The Company's continued focus on operational excellence resulted
in enhanced dealership performance in 2017 and should continue to
lead to further improvement in 2018. The Company's multi-location
model serves a diversified geographic customer and revenue base
while its cluster strategy enables other scalable benefits. The
Company's operations continue to be decentralized while it
centralizes administration and strategy. It is able to provide
strong support to its dealership network through brand team
platforms, which are better positioned to meet the needs of both
dealers and OEMs. The brand team platform approach had its first
full year of operation in 2017 and the Company saw same store sales
and profitability both increase.
Growth will continue to be driven by the Company's acquisition
strategy. Two single dealership businesses were acquired in 2017,
each adding a new OEM relationship (Mercedes-Benz and Mazda) and
both joining a cluster of dealerships in the same urban market
(Montreal). The Company also
strengthened its relationship with General Motors in 2017, a move
that should help foster further growth over the long term. A Public
Company Master Agreement (PCMA) permits AutoCanada's direct
ownership and voting control of GM Canada dealerships for the first
time. On January 2, 2018, the Company
closed an agreement with CanadaOne Auto Group, a company controlled
by Pat Priestner, the Company's
former CEO and founder. As part of that agreement, AutoCanada
assumed control of five of the nine dealerships where it held a
majority equity stake with no voting rights and CanadaOne bought
AutoCanada's interest in the remaining four. Related to this
agreement, AutoCanada will see decreases to Revenue, Gross Profit
and Unit sales figures, given its divestiture of the four
dealerships.
Acquiring new dealerships and effectively integrating them is
key to AutoCanada's long-term success. The Company has made
significant progress and will continue to look for further
incremental improvements related to integration, operating
efficiencies and deeper IT and analytical capabilities across its
entire network of dealerships. AutoCanada is actively looking to
replace General Motors volume and net earnings through GM
acquisitions.
In addition to acquisitions, the Company pursues opportunistic
growth through planned capital projects, such as new dealership
facilities, current dealership expansion and imaging requirements,
and select open point opportunities. As at December 31, 2017, the Company has earmarked
$142.7 million for contemplated
future capital projects.
While the Auto industry is experiencing disruption including
electric vehicles, ride sharing, autonomous vehicles and car ride
service providers, AutoCanada considers these changes in the
industry to be positive. The Company has indicated to our OEM
partners that we are prepared to pilot any new trends in the
disruption looking for opportunities to improve customer sales and
service interaction digitally and at our dealerships.
Dividends
Management reviews the Company's financial results on a monthly
basis. The Board of Directors reviews the financial results
periodically to determine whether a dividend shall be paid based on
a number of factors with a goal to efficiently allocate capital to
fuel AutoCanada's future growth while also rewarding and sharing
the company's success with our shareholders.
On February 23, 2018 the Board
declared a quarterly eligible dividend of $0.10 per common share on AutoCanada's
outstanding Class A common shares, payable on March 15, 2018 to shareholders of record at the
close of business on March 1,
2018.
For purposes of the enhanced dividend tax credit rules contained
in the Income Tax Act (Canada)
(the "ITA") and any corresponding provincial and territorial tax
legislation, all dividends paid by AutoCanada or any of its
subsidiaries in 2010 and thereafter are designated as "eligible
dividends" (as defined in 89(1) of the ITA), unless otherwise
indicated. Please consult with your own tax advisor for advice with
respect to the income tax consequences to you of AutoCanada Inc.
designating dividends as "eligible dividends".
SELECTED QUARTERLY INFORMATION
The following table shows the unaudited results of the Company
for each of the eight most recently completed quarters. The results
of operations for these periods are not necessarily indicative of
the results of operations to be expected in any given comparable
period.
|
|
|
|
|
|
|
|
|
|
(in thousands of
dollars, except Gross Profit %, Earnings per share, and Operating
Data)
|
Q4
2016
|
Q3
2017
|
Q2
2017
|
Q1
2017
|
Q4
2016
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
|
Income Statement
Data
|
|
|
|
|
|
|
|
|
|
New
vehicles
|
417,626
|
497,711
|
558,682
|
353,540
|
348,107
|
444,482
|
497,025
|
363,181
|
|
Used
vehicles
|
175,251
|
192,473
|
182,913
|
165,408
|
157,724
|
179,582
|
208,016
|
180,108
|
|
Parts, service and
collision
repair
|
107,156
|
104,816
|
113,983
|
90,735
|
92,310
|
95,585
|
100,317
|
94,721
|
|
Finance, insurance
and other
|
33,027
|
39,571
|
39,324
|
29,344
|
31,133
|
33,529
|
36,899
|
28,862
|
|
Revenue
|
733,060
|
834,571
|
894,902
|
639,027
|
629,274
|
753,178
|
842,257
|
666,872
|
|
New
vehicles
|
30,033
|
36,806
|
38,555
|
25,590
|
25,042
|
31,578
|
34,410
|
27,267
|
|
Used
vehicles
|
7,563
|
11,140
|
13,095
|
11,940
|
10,064
|
12,950
|
13,758
|
10,420
|
|
Parts, service and
collision repair
|
56,915
|
53,805
|
56,306
|
47,284
|
52,957
|
47,676
|
52,957
|
47,669
|
|
Finance, insurance
and other
|
30,699
|
36,218
|
35,867
|
26,813
|
28,722
|
30,733
|
33,577
|
26,353
|
|
Gross
profit
|
125,210
|
137,969
|
143,823
|
111,627
|
116,785
|
122,937
|
134,702
|
111,709
|
|
Gross Profit
%
|
17.1%
|
16.5%
|
16.1%
|
17.5%
|
18.6%
|
16.3%
|
16.0%
|
16.8%
|
|
Operating
expenses
|
104,626
|
110,560
|
112,897
|
98,170
|
97,397
|
99,041
|
107,932
|
96,047
|
|
Operating expenses as
a % of gross profit
|
83.6%
|
80.1%
|
78.5%
|
87.9%
|
83.4%
|
80.6%
|
80.1%
|
86.0%
|
|
Operating
profit2
|
26,505
|
30,287
|
46,539
|
15,638
|
20,761
|
(28,776)
|
28,442
|
20,483
|
|
Impairment (recovery)
of intangible assets and goodwill
|
(816)
|
-
|
-
|
-
|
-
|
54,096
|
-
|
-
|
|
Net earnings (loss)
attributable to AutoCanada shareholders
|
17,089
|
12,100
|
24,977
|
3,678
|
13,785
|
(32,619)
|
14,158
|
7,272
|
|
Adjusted net earnings
attributable to AutoCanada shareholders2,4
|
8,935
|
13,581
|
15,547
|
4,602
|
7,536
|
10,327
|
15,523
|
6,253
|
|
EBITDA attributable
to AutoCanada shareholders2
|
28,127
|
25,827
|
43,722
|
14,136
|
25,260
|
23,842
|
27,072
|
18,312
|
|
EBITDA % of
Sales2
|
3.8%
|
3.1%
|
4.9%
|
2.7%
|
4.5%
|
3.6%
|
3.7%
|
3.2%
|
|
Free cash
flow2
|
29,496
|
31,114
|
10,982
|
621
|
23,424
|
30,897
|
37,922
|
4,045
|
|
Adjusted free cash
flow2
|
15,996
|
23,296
|
36,277
|
15,217
|
13,133
|
27,766
|
21,632
|
6,035
|
|
Basic earnings per
share
|
0.62
|
0.44
|
0.91
|
0.13
|
0.50
|
(1.19)
|
0.53
|
0.27
|
|
Diluted earnings per
share
|
0.62
|
0.44
|
0.91
|
0.13
|
0.50
|
(1.19)
|
0.53
|
0.27
|
|
Basic adjusted
earnings per share2,4
|
0.33
|
0.50
|
0.57
|
0.17
|
0.28
|
0.38
|
0.57
|
0.23
|
|
Diluted adjusted
earnings per share2,4
|
0.33
|
0.50
|
0.57
|
0.17
|
0.27
|
0.38
|
0.57
|
0.23
|
|
Dividends declared
per share
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.25
|
|
Operating
Data
|
|
|
|
|
|
|
|
|
|
Vehicles (new and
used) sold3
|
14,475
|
17,132
|
18,490
|
13,055
|
12,912
|
15,955
|
17,425
|
13,301
|
|
New vehicles
sold3
|
9,822
|
12,014
|
13,429
|
8,508
|
8,449
|
10,983
|
12,098
|
8,502
|
|
New retail vehicles
sold3
|
8,444
|
10,334
|
10,545
|
6,753
|
7,590
|
8,949
|
9,374
|
7,078
|
|
New fleet vehicles
sold3
|
1,378
|
1,680
|
2,884
|
1,755
|
859
|
2,034
|
2,724
|
1,424
|
|
Used retail vehicles
sold3
|
4,653
|
5,118
|
5,061
|
4,547
|
4,463
|
4,972
|
5,327
|
4,799
|
|
# of
service/collision repair orders completed3
|
224,006
|
220,669
|
228,872
|
197,069
|
217,418
|
209,912
|
227,446
|
209,194
|
|
Absorption
rate2
|
90%
|
87%
|
87%
|
82%
|
86%
|
89%
|
90%
|
83%
|
|
# of dealerships at
period end
|
58
|
57
|
57
|
56
|
55
|
53
|
53
|
53
|
|
# of same stores
dealerships1
|
49
|
48
|
47
|
47
|
44
|
33
|
27
|
27
|
|
# of service bays at
period end
|
999
|
977
|
977
|
949
|
928
|
898
|
898
|
898
|
|
Same stores revenue
growth1
|
11.1%
|
2.9%
|
0.1%
|
(7.1)%
|
(10.0)%
|
(9.2)%
|
(3.2)%
|
(3.1)%
|
|
Same stores gross
profit growth1
|
1.4%
|
6.3%
|
1.1%
|
(1.2)%
|
(5.8)%
|
(11.0)%
|
(5.3)%
|
(5.5)%
|
|
*See the Company's
Management's Discussion and Analysis for the quarter ended December
31, 2017 for complete footnote disclosures.
|
The following tables summarizes the results for the quarter and
year ended December 31, 2017 on a
same store basis by revenue source and compares these results to
the same period in 2017.
Same Store Revenue and Vehicles Sold
|
Three Months Ended December 31
|
|
Year Ended
December 31
|
|
(in thousands of
dollars)
|
2017
|
2016
|
%
Change
|
|
2017
|
2016
|
%
Change
|
|
New vehicles ‑
Retail
|
305,414
|
263,304
|
16.0%
|
|
1,320,350
|
1,279,471
|
3.2%
|
|
New vehicles ‑
Fleet
|
60,883
|
55,818
|
9.1%
|
|
320,444
|
274,973
|
16.5%
|
|
Total New
vehicles
|
366,297
|
319,122
|
14.8%
|
|
1,640,794
|
1,554,444
|
5.6%
|
|
Used vehicles ‑
Retail
|
108,508
|
104,085
|
4.2%
|
|
451,736
|
459,887
|
(1.8)%
|
|
Used vehicles ‑
Wholesale
|
48,866
|
43,149
|
13.2%
|
|
196,014
|
230,598
|
(15.0)%
|
|
Total Used
vehicles
|
157,374
|
147,234
|
6.9%
|
|
647,750
|
690,485
|
(6.2)%
|
|
Finance, insurance
and other
|
30,367
|
29,409
|
3.3%
|
|
129,979
|
123,567
|
5.2%
|
|
Subtotal
|
554,038
|
495,765
|
11.8%
|
|
2,418,523
|
2,368,496
|
2.1%
|
|
Parts, service and
collision repair
|
93,061
|
86,603
|
7.5%
|
|
366,476
|
362,163
|
1.2%
|
|
Total
Revenue
|
647,099
|
582,368
|
11.1%
|
|
2,784,999
|
2,730,659
|
2.0%
|
|
New retail vehicles
sold (units)
|
7,196
|
6,845
|
5.1%
|
|
31,402
|
30,422
|
3.2%
|
|
New fleet vehicles
sold (units)
|
1,349
|
808
|
67.0%
|
|
7,600
|
6,932
|
9.6%
|
|
Used retail vehicles
sold (units)
|
4,051
|
4,162
|
(2.7)%
|
|
17,233
|
18,560
|
(7.1)%
|
|
Total
|
12,596
|
11,815
|
6.6%
|
|
56,235
|
55,914
|
0.6%
|
|
Total vehicles
retailed (units)
|
11,247
|
11,007
|
2.2%
|
|
48,635
|
48,982
|
(0.7)%
|
Same Store Gross Profit and Profit
Percentage
|
|
|
For the Three Months
Ended December 31
|
|
Revenue
Source
|
Gross
Profit
|
|
Gross Profit
%
|
|
(in thousands of
dollars)
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
|
New vehicles ‑
Retail
|
24,008
|
21,389
|
12.2%
|
|
7.9%
|
8.1%
|
|
New vehicles ‑
Fleet
|
1,677
|
1,580
|
6.1%
|
|
2.8%
|
2.8%
|
|
Total New
vehicles
|
25,685
|
22,969
|
11.8%
|
|
7.0%
|
7.2%
|
|
Used vehicles ‑
Retail
|
6,588
|
8,220
|
(19.9)%
|
|
6.1%
|
7.9%
|
|
Used vehicles ‑
Wholesale
|
1,088
|
1,146
|
(5.1)%
|
|
2.2%
|
2.7%
|
|
Total Used
vehicles
|
7,676
|
9,366
|
(18.0)%
|
|
4.9%
|
6.4%
|
|
Finance, insurance
and other
|
27,748
|
26,755
|
3.7%
|
|
91.4%
|
91.0%
|
|
Subtotal
|
61,109
|
59,090
|
3.4%
|
|
11.0%
|
11.9%
|
|
Parts, service and
collision repair
|
49,140
|
46,593
|
(0.9)%
|
|
52.8%
|
57.3%
|
|
Total Gross
Profit
|
110,249
|
108,683
|
1.4%
|
|
17.0%
|
18.7%
|
MD&A and Financial Statements
Information included in this press release is a summary of
results. It should be read in conjunction with AutoCanada's
consolidated financial statements and management's discussion and
analysis for the quarter ended December 31,
2017, which can be found on the company's website at
www.autocan.ca or on www.sedar.com.
Non-GAAP Measures
This press release contains certain financial measures that do
not have any standardized meaning prescribed by Canadian GAAP.
Therefore, these financial measures may not be comparable to
similar measures presented by other issuers. Investors are
cautioned these measures should not be construed as an alternative
to net earnings (loss) or to cash provided by (used in) operating,
investing, and financing activities determined in accordance with
Canadian GAAP, as indicators of our performance. We provide
these measures to assist investors in determining our ability to
generate earnings and cash provided by (used in) operating
activities and to provide additional information on how these cash
resources are used. The following "Non-GAAP Measures" are defined
in the annual MD&A; EBITDA; Adjusted EBITDA; Adjusted Net
Earnings and Adjusted Net Earnings per Share; EBIT; Free Cash Flow;
Adjusted Free Cash Flow; Adjusted Average Capital Employed;
Absorption Rate; Average Capital Employed; Return on Capital
Employed; and Adjusted Return on Capital Employed.
Conference Call
A conference call to discuss the results for the quarter and
year ended December 31, 2017 will be
held on March 16, 2018 at
9:00 am MT (11:00 am ET). To participate in the conference
call, please dial 1.888.231.8191 approximately 10 minutes prior to
the call.
This conference call will also be webcast live over the internet
and can be accessed by all interested parties at the following URL:
https://www.autocan.ca/investors/Q42017/.
About AutoCanada
AutoCanada is Canada's largest multi-location
automobile dealership group by volume, currently operating 54
franchised dealerships, comprised of 62 franchises, in eight
provinces and has over 3,500 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet,
GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru,
Mitsubishi, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW
and MINI branded vehicles. In 2017, our dealerships sold
approximately 63,000 vehicles and processed approximately 870,000
service and collision repair orders in our 999 service bays.
Additional information about AutoCanada Inc. is available
at www.sedar.com and the Company's website
at www.autocan.ca.
Forward Looking Statements
Certain statements contained in management's discussion and
analysis are forward‑looking statements and information
(collectively "forward‑looking statements"), within the meaning of
the applicable Canadian securities legislation. We hereby provide
cautionary statements identifying important factors that could
cause our actual results to differ materially from those projected
in these forward‑looking statements. Any statements that express,
or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but
not always, through the use of words or phrases such as "will
likely result", "are expected to", "will continue", "is
anticipated", "projection", "vision", "goals", "objective",
"target", "schedules", "outlook", "anticipate", "expect",
"estimate", "could", "should", "plan", "seek", "may", "intend",
"likely", "will", "believe" and similar expressions are not
historical facts and are forward‑looking and may involve estimates
and assumptions and are subject to risks, uncertainties and other
factors some of which are beyond our control and difficult to
predict. Accordingly, these factors could cause actual results or
outcomes to differ materially from those expressed in the
forward‑looking statements. Therefore, any such forward‑looking
statements are qualified in their entirety by reference to the
factors discussed throughout this document.
The Company's Annual Information Form and other documents filed
with securities regulatory authorities (accessible through the
SEDAR website www.sedar.com describe the risks, material
assumptions and other factors that could influence actual results
and which are incorporated herein by reference.
Further, any forward‑looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any
forward‑looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward‑looking statement.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.