“For the year, I am pleased to report all-time record profitability including a 127% increase in earnings before taxes to over $1.6 billion and a 118% increase in income from continuing operations to $1.2 billion. Over the last two years we have paid down nearly $900 million in non-vehicle debt, reduced our debt to total capitalization to 26% from 46%, and improved our leverage ratio from 2.9x to 0.8x and as of December 31, 2021, returned over $530 million to shareholders through share repurchases and cash dividends,” said CEO Roger Penske.