FOR IMMEDIATE RELEASE
Group 1 Automotive Announces Second Quarter 2019 Financial Results
Strong Results Driven by Significant Increase in U.S. Same Store Parts & Service Revenue and Record U.S. F&I Profit per Unit Performance
HOUSTON, July 25, 2019 - Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2019 second quarter net income of $49.2 million, diluted earnings per common share of $2.64, adjusted net income (a non-GAAP measure) of $52.8 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $2.83.
Second quarter 2019 adjusted net income and diluted earnings per share exclude approximately $3.5 million net after-tax adjustments, or $0.19 per common share. These adjustments consist primarily of $3.0 million related to catastrophic weather events, or $0.16 per common share; and non-cash asset impairments of $0.5 million, or $0.03 per common share.
“We delivered a strong quarter based on exceptional results in the U.S. despite a soft new vehicle sales market. Record Same Store parts and service revenue growth of more than 10 percent and record F&I per retail unit profitability drove Same Store gross profit growth of 8.5 percent,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “This performance demonstrates that we can continue to increase profits in a less than optimal new vehicle sales environment.”
“In contrast to our strong U.S. performance, we saw significant weakness in our U.K. operations. Weak overall market conditions stemming from BREXIT uncertainty were compounded by a decline in used vehicle market values. We are in the midst of a significant cost reduction effort in the U.K. to respond to these market fluctuations,” added Hesterberg.
Consolidated Results for Second Quarter 2019 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:
| |
| ▪ | Total revenue grew 2.1 percent (3.7 percent), to $3.0 billion. |
| |
| ▪ | Total gross profit grew 3.7 percent (4.8 percent), to $454.3 million. |
| |
| ▪ | New vehicle revenues increased 0.6 percent (2.2 percent), despite a slight decrease in unit sales. New vehicle gross profit decreased 9.0 percent (decreased 7.7 percent), to $69.7 million, largely explained by the decision to forego certain OEM volume bonuses in the U.K. by not self-registering vehicles this quarter. |
| |
| ▪ | Retail used vehicle revenues increased 2.1 percent (3.7 percent) on 4.6 percent higher unit sales. Retail used vehicle gross profit increased 4.1 percent (5.4 percent), to $53.3 million. Total used vehicle gross profit was up 3.4 percent (4.7 percent), to $53.2 million. In the U.S., the Val-u-Line® initiative the Company launched last year has continued to build momentum, with Same Store used retail unit sales increasing 7.0 percent, and Val-u-Line® units growing to over 11 percent of the mix. |
| |
| ▪ | Parts and service gross profit increased 4.6 percent (5.8 percent), to $204.1 million, on revenue growth of 5.6 percent (6.8 percent). Same Store parts and service gross profit increased 6.0 percent (7.2 percent) on Same Store parts and service revenue growth of 7.9 percent (9.1 percent). U.S. Same Store parts and service revenue increased by 10.1 percent, establishing a new all-time quarterly growth record. |
| |
| ▪ | Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 10.1 percent (11.0 percent), to $1,555 and total F&I gross profit increased $12.2 million, or 10.6 percent (11.5 percent), to $127.3 million. Same Store U.S. F&I PRU increased $161, or 9.7 percent, to a new all-time record of $1,821 per unit. |
| |
| ▪ | Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 430 basis points, to 74.6 percent. Adjusted Same Store SG&A as a percent of gross profit increased 80 basis points, to 73.6 percent, which is more than explained by gross profit deterioration in the U.K., partially offset by U.S. Same Store SG&A as a percent of gross profit, which decreased 60 basis points, to 71.1 percent, and adjusted Same Store U.S. SG&A as a percent of gross profit, which decreased 40 basis points, to 70.0 percent. |
Segment Results for Second Quarter 2019 (year-over-year comparable basis)
The Company’s U.S. operations accounted for 75.8 percent of total revenues and 82.9 percent of total gross profit. Total Same Store U.S. revenues were up 6.1 percent. These results were driven by double-digit growth in Same Store F&I revenue (up 13.4 percent), parts and service revenue (up 10.1 percent), as well as mid-single digit gains in used retail revenue (up 5.9 percent), and new vehicle retail revenue (up 4.6 percent). Same Store F&I gross profit PRU increased $161, or 9.7 percent per unit, to $1,821, and Same Store total gross profit grew 8.5 percent.
Same Store new vehicle retail gross profit PRU declined $39, to $1,810. Same Store total used vehicle gross profit PRU increased 5.6 percent, or $63, to $1,197, reflecting the impact of the used vehicle initiatives we launched last year.
Same Store operating margin increased 30 basis points, to 4.2 percent and adjusted Same Store operating margin increased 20 basis points, to 4.4 percent.
“We are very pleased with our U.S. performance as the numerous initiatives we have implemented across our used vehicle and service departments continue to gain traction and deliver strong Same Store growth,” said Daryl Kenningham, Group 1’s president of U.S. operations. “We are particularly pleased with the increased level of hiring and retention of service technicians and advisors, with Same Store headcount for both positions increasing by double-digit percentage points compared to the prior year period. This has driven the highest level of quarterly growth in U.S. Same Store parts and service revenue that we have ever seen.”
The Company’s U.K. operations accounted for 20.4 percent of total revenues and 14.1 percent of total gross profit. Total Same Store U.K. revenues decreased 7.5 percent (decreased 2.1 percent), to $603.7 million. Same Store new vehicle units sold decreased 11.5 percent. Same Store total gross profit decreased 15.1 percent (decreased 10.3 percent), to $61.9 million.
Same Store SG&A expenses as a percent of gross profit increased 10.2 percentage points, to 92.1 percent; and operating margin decreased 120 basis points, to 0.3 percent.
The Company’s Brazilian operations accounted for 3.8 percent of total revenues and 3.0 percent of total gross profit. The Company’s Same Store new vehicle revenue grew 9.1 percent on a constant currency basis, with units up 7.0 percent. On a Same Store constant currency basis, total revenues grew 8.0 percent, driven by revenue growth of the aforementioned 9.1 percent in new vehicles, 3.9 percent in total used vehicles, and 14.0 percent in parts & service.
SG&A expenses as a percent of gross profit improved 500 basis points, to 86.1 percent. Adjusted Same Store SG&A expenses as a percent of gross profit increased 400 basis points, to 90.5 percent.
Corporate Development
As previously announced in July 2019, the Company acquired two BMW and two MINI franchises in New Mexico, which are expected to generate approximately $100 million in annualized revenues.
Additionally, as recently announced in July 2019, the Company acquired five Volkswagen franchise dealerships in the County of Essex, northeast of London. This transaction includes four Volkswagen and one Volkswagen Commercial Vehicle franchises and adds further scale to Group 1’s numerous existing operations in Essex. Specifically, the acquired operations are located in the cities of Chelmsford, Colchester, Romford and Southend. This acquisition is expected to generate approximately $115 million in annualized revenues. The addition of these stores increases the Company's U.K. operations to 49 dealerships (65 franchises), which includes 11 existing brands (Audi, BMW, Ford, Jaguar, Kia, Land Rover, MINI, SEAT, Skoda, Toyota, and Volkswagen Commercial Vehicles).
In June 2019, the Company disposed of four franchises, which included BMW and MINI franchises in Watford (U.K.), a Volkswagen Commercial Vehicle franchise in Hatfield (U.K.), as well as a Mercedes-Benz franchise in Campo Grande (Brazil). These four franchises generated approximately $80 million in trailing-twelve-month revenues.
Year-to-date 2019, the Company has acquired a total of 11 franchises, which are expected to generate an estimated $255 million in annual revenues; and the Company has disposed of 11 franchises, which generated approximately $200 million in trailing-twelve-month revenues.
Second Quarter 2019 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 9 a.m. ET to discuss the second quarter financial results and the Company’s outlook and strategy.
The conference call will be simulcast live on the Internet at www.group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:
Domestic: 1-888-317-6003
International: 1-412-317-6061
Conference ID: 4859924
A telephonic replay will be available following the call through August 1, 2019 by dialing:
Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay ID: 10133445
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 184 automotive dealerships, 239 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may” or “will” and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES AND SAME STORE DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or “core,” business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted income per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP.
The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
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| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Condensed Consolidated Statements of Operations |
| (Unaudited) |
| (In thousands, except per share amounts) |
| | | | | | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | | |
| New vehicle retail sales | | $ | 1,565,375 |
| | $ | 1,555,570 |
| | 0.6 |
|
| Used vehicle retail sales | | 838,896 |
| | 821,853 |
| | 2.1 |
|
| Used vehicle wholesale sales | | 95,996 |
| | 92,854 |
| | 3.4 |
|
| Parts and service sales | | 378,167 |
| | 358,129 |
| | 5.6 |
|
| Finance, insurance and other, net | | 127,255 |
| | 115,056 |
| | 10.6 |
|
| Total revenues | | 3,005,689 |
| | 2,943,462 |
| | 2.1 |
|
| COST OF SALES | | | | | | |
| New vehicle retail sales | | 1,495,671 |
| | 1,478,988 |
| | 1.1 |
|
| Used vehicle retail sales | | 785,604 |
| | 770,639 |
| | 1.9 |
|
| Used vehicle wholesale sales | | 96,089 |
| | 92,613 |
| | 3.8 |
|
| Parts and service sales | | 174,072 |
| | 163,059 |
| | 6.8 |
|
| Total cost of sales | | 2,551,436 |
| | 2,505,299 |
| | 1.8 |
|
| GROSS PROFIT | | 454,253 |
| | 438,163 |
| | 3.7 |
|
| Selling, general and administrative expenses | | 338,715 |
| | 308,092 |
| | 9.9 |
|
| Depreciation and amortization expense | | 17,864 |
| | 16,638 |
| | 7.4 |
|
| Asset impairments | | 537 |
| | 4,268 |
| | (87.4 | ) |
| INCOME (LOSS) FROM OPERATIONS | | 97,137 |
| | 109,165 |
| | (11.0 | ) |
| OTHER INCOME (EXPENSE) | | | | | | |
| Floorplan interest expense | | (15,943 | ) | | (14,563 | ) | | 9.5 |
|
| Other interest expense, net | | (17,961 | ) | | (19,414 | ) | | (7.5 | ) |
| INCOME (LOSS) BEFORE INCOME TAXES | | 63,233 |
| | 75,188 |
| | (15.9 | ) |
| Benefit (provision) for income taxes | | (14,008 | ) | | (18,725 | ) | | (25.2 | ) |
| NET INCOME (LOSS) | | $ | 49,225 |
| | $ | 56,463 |
| | (12.8 | ) |
| Less: earnings allocated to participating securities | | $ | 1,842 |
| | $ | 1,916 |
| | (3.9 | ) |
| Earnings available to diluted common shares | | $ | 47,383 |
| | $ | 54,547 |
| | (13.1 | ) |
| DILUTED EARNINGS (LOSS) PER SHARE | | $ | 2.64 |
| | $ | 2.72 |
| | (2.9 | ) |
| Weighted average dilutive common shares outstanding | | 17,930 |
| | 20,046 |
| | (10.6 | ) |
| Weighted average participating securities | | 702 |
| | 708 |
| | (0.8 | ) |
| Total weighted average shares | | 18,632 |
| | 20,754 |
| | (10.2 | ) |
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Condensed Consolidated Statements of Operations |
| (Unaudited) |
| (In thousands, except per share amounts) |
| | | | | | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | | |
| New vehicle retail sales | | $ | 2,979,860 |
| | $ | 3,069,160 |
| | (2.9 | ) |
| Used vehicle retail sales | | 1,658,099 |
| | 1,602,423 |
| | 3.5 |
|
| Used vehicle wholesale sales | | 188,134 |
| | 196,883 |
| | (4.4 | ) |
| Parts and service sales | | 747,341 |
| | 707,644 |
| | 5.6 |
|
| Finance, insurance and other, net | | 240,631 |
| | 227,378 |
| | 5.8 |
|
| Total revenues | | 5,814,065 |
| | 5,803,488 |
| | 0.2 |
|
| COST OF SALES | | | | | | |
| New vehicle retail sales | | 2,838,765 |
| | 2,917,151 |
| | (2.7 | ) |
| Used vehicle retail sales | | 1,556,998 |
| | 1,507,714 |
| | 3.3 |
|
| Used vehicle wholesale sales | | 187,776 |
| | 194,987 |
| | (3.7 | ) |
| Parts and service sales | | 344,770 |
| | 325,710 |
| | 5.9 |
|
| Total cost of sales | | 4,928,309 |
| | 4,945,562 |
| | (0.3 | ) |
| GROSS PROFIT | | 885,756 |
| | 857,926 |
| | 3.2 |
|
| Selling, general and administrative expenses | | 666,423 |
| | 632,439 |
| | 5.4 |
|
| Depreciation and amortization expense | | 34,861 |
| | 32,980 |
| | 5.7 |
|
| Asset impairments | | 537 |
| | 4,268 |
| | (87.4 | ) |
| INCOME (LOSS) FROM OPERATIONS | | 183,935 |
| | 188,239 |
| | (2.3 | ) |
| OTHER INCOME (EXPENSE) | | | | | | |
| Floorplan interest expense | | (31,646 | ) | | (28,650 | ) | | 10.5 |
|
| Other interest expense, net | | (36,880 | ) | | (38,234 | ) | | (3.5 | ) |
| INCOME (LOSS) BEFORE INCOME TAXES | | 115,409 |
| | 121,355 |
| | (4.9 | ) |
| Benefit (provision) for income taxes | | (27,536 | ) | | (29,078 | ) | | (5.3 | ) |
| NET INCOME (LOSS) | | $ | 87,873 |
| | $ | 92,277 |
| | (4.8 | ) |
| Less: earnings allocated to participating securities | | $ | 3,299 |
| | $ | 3,123 |
| | 5.6 |
|
| Earnings available to diluted common shares | | $ | 84,574 |
| | $ | 89,154 |
| | (5.1 | ) |
| DILUTED EARNINGS (LOSS) PER SHARE | | $ | 4.73 |
| | $ | 4.42 |
| | 7.0 |
|
| Weighted average dilutive common shares outstanding | | 17,878 |
| | 20,176 | | (11.4 | ) |
| Weighted average participating securities | | 702 |
| | 712 | | (1.4 | ) |
| Total weighted average shares | | 18,580 |
| | 20,888 |
| | (11.0 | ) |
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Condensed Consolidated Balance Sheets |
| (Unaudited) |
| (Dollars in thousands) |
| | | | | | | |
| | | June 30, 2019 | | December 31, 2018 | | % Increase/(Decrease) |
| ASSETS |
| CURRENT ASSETS | | | | | | |
| Cash and cash equivalents | | $ | 37,740 |
| | $ | 15,932 |
| | 136.9 |
|
| Contracts in transit and vehicle receivables, net | | 252,529 |
| | 265,660 |
| | (4.9 | ) |
| Accounts and notes receivable, net | | 188,489 |
| | 193,981 |
| | (2.8 | ) |
| Inventories, net | | 1,793,671 |
| | 1,844,059 |
| | (2.7 | ) |
| Prepaid expenses and other current assets | | 89,705 |
| | 82,734 |
| | 8.4 |
|
| TOTAL CURRENT ASSETS | | 2,362,134 |
| | 2,402,366 |
| | (1.7 | ) |
| Property and equipment, net | | 1,422,986 |
| | 1,347,835 |
| | 5.6 |
|
| Operating lease assets | | 202,719 |
| | — |
| | 100.0 |
|
| Goodwill | | 963,502 |
| | 963,925 |
| | — |
|
| Intangible franchise rights | | 259,540 |
| | 259,630 |
| | — |
|
| Other assets | | 14,880 |
| | 27,319 |
| | (45.5 | ) |
| TOTAL ASSETS | | $ | 5,225,761 |
| | $ | 5,001,075 |
| | 4.5 |
|
| | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| CURRENT LIABILITIES | | | | | | |
| Floorplan notes payable - credit facility and other | | $ | 1,199,184 |
| | $ | 1,292,452 |
| | (7.2 | ) |
| Offset account related to floorplan notes payable - credit facility | | (69,307 | ) | | (33,637 | ) | | 106.0 |
|
| Floorplan notes payable - manufacturer affiliates | | 426,636 |
| | 417,924 |
| | 2.1 |
|
| Offset account related to floorplan notes payable - manufacturer affiliates | | (150 | ) | | (100 | ) | | 50.0 |
|
| Current maturities of long-term debt | | 71,548 |
| | 92,967 |
| | (23.0 | ) |
| Current operating lease liabilities | | 23,504 |
| | — |
| | 100.0 |
|
| Accounts payable | | 485,908 |
| | 419,350 |
| | 15.9 |
|
| Accrued expenses and other current liabilities | | 198,017 |
| | 197,609 |
| | 0.2 |
|
| TOTAL CURRENT LIABILITIES | | 2,335,340 |
| | 2,386,565 |
| | (2.1 | ) |
| 5.00% Senior Notes (principal of $550,000) | | 544,591 |
| | 543,730 |
| | 0.2 |
|
| 5.25% Senior Notes (principal of $300,000) | | 297,035 |
| | 296,735 |
| | 0.1 |
|
| Acquisition line | | 38,113 |
| | 31,842 |
| | 19.7 |
|
| Real estate related and other long-term debt, net of current maturities | | 367,843 |
| | 366,723 |
| | 0.3 |
|
| Finance leases, net of current maturities | | 48,138 |
| | 42,459 |
| | 13.4 |
|
| Operating lease liabilities, net of current portion | | 193,421 |
| | — |
| | 100.0 |
|
| Deferred income taxes | | 134,649 |
| | 134,683 |
| | — |
|
| Other liabilities | | 102,566 |
| | 102,644 |
| | (0.1 | ) |
| STOCKHOLDERS’ EQUITY | | | | | | |
| Common stock | | 255 |
| | 255 |
| | — |
|
| Additional paid-in capital | | 288,197 |
| | 292,774 |
| | (1.6 | ) |
| Retained earnings | | 1,466,963 |
| | 1,394,817 |
| | 5.2 |
|
| Accumulated other comprehensive income (loss) | | (152,530 | ) | | (137,772 | ) | | 10.7 |
|
| Treasury stock | | (438,820 | ) | | (454,380 | ) | | (3.4 | ) |
| TOTAL STOCKHOLDERS’ EQUITY | | 1,164,065 |
| | 1,095,694 |
| | 6.2 |
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 5,225,761 |
| | $ | 5,001,075 |
| | 4.5 |
|
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - Consolidated |
| (Unaudited) |
| | | | | | | | | | |
| | | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | | 2019 (%) | | 2018 (%) | | 2019 (%) | | 2018 (%) |
| NEW VEHICLE UNIT SALES GEOGRAPHIC MIX | | | | | | | |
| Region | Geographic Market | | | | | | | | |
| United States | Texas | | 36.0 |
| | 35.2 |
| | 35.0 |
| | 35.4 |
|
| | Oklahoma | | 6.8 |
| | 5.9 |
| | 6.5 |
| | 5.9 |
|
| | California | | 5.8 |
| | 6.4 |
| | 5.6 |
| | 6.5 |
|
| | Massachusetts | | 4.7 |
| | 4.7 |
| | 4.5 |
| | 4.7 |
|
| | Georgia | | 4.6 |
| | 4.4 |
| | 4.4 |
| | 4.3 |
|
| | Florida | | 2.5 |
| | 2.5 |
| | 2.6 |
| | 2.5 |
|
| | Louisiana | | 2.7 |
| | 1.9 |
| | 2.5 |
| | 1.8 |
|
| | New Jersey | | 1.7 |
| | 1.7 |
| | 1.8 |
| | 1.6 |
|
| | New Hampshire | | 1.8 |
| | 1.8 |
| | 1.7 |
| | 1.8 |
|
| �� | South Carolina | | 1.7 |
| | 1.6 |
| | 1.7 |
| | 1.6 |
|
| | Mississippi | | 1.2 |
| | 1.2 |
| | 1.2 |
| | 1.2 |
|
| | Kansas | | 1.1 |
| | 1.3 |
| | 1.1 |
| | 1.3 |
|
| | Alabama | | 0.7 |
| | 0.6 |
| | 0.7 |
| | 0.6 |
|
| | Maryland | | 0.5 |
| | 0.5 |
| | 0.5 |
| | 0.5 |
|
| | New Mexico | | 0.2 |
| | 0.2 |
| | 0.2 |
| | 0.1 |
|
| | | | 72.0 |
| | 69.9 |
| | 70.0 |
| | 69.8 |
|
| | | | | | | | | | |
| International | United Kingdom | | 22.0 |
| | 25.1 |
| | 24.2 |
| | 25.2 |
|
| | Brazil | | 6.0 |
| | 5.0 |
| | 5.8 |
| | 5.0 |
|
| | | | 100.0 |
| | 100.0 |
| | 100.0 |
| | 100.0 |
|
| | | | | | | | | |
| NEW VEHICLE UNIT SALES BRAND MIX | | | | | | | |
| Toyota/Lexus | | 24.9 |
| | 23.9 |
| | 24.0 |
| | 24.0 |
|
| Volkswagen/Audi/Porsche/SEAT/SKODA | | 13.4 |
| | 15.2 |
| | 14.2 |
| | 14.7 |
|
| BMW/MINI | | 11.9 |
| | 12.2 |
| | 12.2 |
| | 12.4 |
|
| Honda/Acura | | 10.6 |
| | 8.9 |
| | 10.7 |
| | 9.2 |
|
| Ford/Lincoln | | 10.6 |
| | 11.0 |
| | 10.6 |
| | 11.2 |
|
| Chevrolet/GMC/Buick/Cadillac | | 6.7 |
| | 5.7 |
| | 6.5 |
| | 5.8 |
|
| Nissan | | 6.3 |
| | 6.0 |
| | 6.1 |
| | 6.4 |
|
| Mercedes-Benz/smart/Sprinter | | 5.1 |
| | 5.4 |
| | 5.3 |
| | 5.0 |
|
| Hyundai/Kia | | 3.9 |
| | 3.8 |
| | 3.7 |
| | 3.9 |
|
| Chrysler/Dodge/Jeep/RAM | | 3.3 |
| | 4.1 |
| | 3.2 |
| | 4.1 |
|
| Jaguar/Land Rover | | 1.7 |
| | 1.9 |
| | 2.1 |
| | 1.9 |
|
| Other | | 1.6 |
| | 1.9 |
| | 1.4 |
| | 1.4 |
|
| | | 100.0 |
| | 100.0 |
| | 100.0 |
| | 100.0 |
|
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - U.S. |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | | |
| New vehicle retail sales | | $ | 1,188,792 |
| | $ | 1,146,882 |
| | 3.7 |
|
| Used vehicle retail sales | | 625,452 |
| | 592,007 |
| | 5.6 |
|
| Used vehicle wholesale sales | | 44,285 |
| | 42,781 |
| | 3.5 |
|
| Total used | | 669,737 |
| | 634,788 |
| | 5.5 |
|
| Parts and service sales | | 309,645 |
| | 288,889 |
| | 7.2 |
|
| Finance, insurance and other, net | | 110,506 |
| | 97,442 |
| | 13.4 |
|
| Total revenues | | $ | 2,278,680 |
| | $ | 2,168,001 |
| | 5.1 |
|
| GROSS MARGIN % | | | | | |
|
| New vehicle retail sales | | 4.6 |
| | 4.9 |
| |
|
| Used vehicle retail sales | | 6.9 |
| | 6.6 |
| |
|
| Used vehicle wholesale sales | | 2.1 |
| | 3.6 |
| |
|
| Total used | | 6.6 |
| | 6.4 |
| |
|
| Parts and service sales | | 54.0 |
| | 54.2 |
| |
|
| Finance, insurance and other, net | | 100.0 |
| | 100.0 |
| |
|
| Total gross margin | | 16.5 |
| | 16.2 |
| |
|
| GROSS PROFIT | | | | | |
|
| New vehicle retail sales | | $ | 54,752 |
| | $ | 56,358 |
| | (2.8 | ) |
| Used vehicle retail sales | | 43,330 |
| | 38,809 |
| | 11.6 |
|
| Used vehicle wholesale sales | | 921 |
| | 1,553 |
| | (40.7 | ) |
| Total used | | 44,251 |
| | 40,362 |
| | 9.6 |
|
| Parts and service sales | | 167,201 |
| | 156,508 |
| | 6.8 |
|
| Finance, insurance and other, net | | 110,506 |
| | 97,442 |
| | 13.4 |
|
| Total gross profit | | $ | 376,710 |
| | $ | 350,670 |
| | 7.4 |
|
| UNITS SOLD | | | | | |
|
| Retail new vehicles sold | | 30,318 |
| | 30,388 |
| | (0.2 | ) |
| Retail used vehicles sold | | 30,477 |
| | 28,484 |
| | 7.0 |
|
| Wholesale used vehicles sold | | 6,828 |
| | 7,292 |
| | (6.4 | ) |
| Total used | | 37,305 |
| | 35,776 |
| | 4.3 |
|
| AVERAGE RETAIL SALES PRICE | | | | | |
|
| New vehicle retail | | $ | 39,211 |
| | $ | 37,741 |
| | 3.9 |
|
| Used vehicle retail | | $ | 20,522 |
| | $ | 20,784 |
| | (1.3 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | |
|
| New vehicle retail sales | | $ | 1,806 |
| | $ | 1,855 |
| | (2.6 | ) |
| Used vehicle retail sales | | $ | 1,422 |
| | $ | 1,362 |
| | 4.4 |
|
| Used vehicle wholesale sales | | $ | 135 |
| | $ | 213 |
| | (36.6 | ) |
| Total used | | $ | 1,186 |
| | $ | 1,128 |
| | 5.1 |
|
| Finance, insurance and other, net (per retail unit) | | $ | 1,818 |
| | $ | 1,655 |
| | 9.8 |
|
| OTHER | | | | | | |
| SG&A expenses | | $ | 268,077 |
| | $ | 234,279 |
| | 14.4 |
|
Adjusted SG&A expenses (1) | | $ | 264,085 |
| | $ | 246,586 |
| | 7.1 |
|
| SG&A as % revenues | | 11.8 |
| | 10.8 |
| |
|
Adjusted SG&A as % revenues (1) | | 11.6 |
| | 11.4 |
| |
|
| SG&A as % gross profit | | 71.2 |
| | 66.8 |
| |
|
Adjusted SG&A as % gross profit (1) | | 70.1 |
| | 70.3 |
| |
|
| Operating margin % | | 4.1 |
| | 4.6 |
| |
|
Adjusted operating margin % (1) | | 4.3 |
| | 4.2 |
| |
|
| Pretax margin % | | 2.8 |
| | 3.2 |
| |
|
Adjusted pretax margin % (1) | | 3.0 |
| | 2.8 |
| |
|
| INTEREST EXPENSE | | | | | |
|
| Floorplan interest expense | | $ | (14,001 | ) | | $ | (12,809 | ) | | 9.3 |
|
| Floorplan assistance | | 11,712 |
| | 11,206 |
| | 4.5 |
|
| Net floorplan expense | | $ | (2,289 | ) | | $ | (1,603 | ) | | 42.8 |
|
| Other interest expense, net | | $ | (16,611 | ) | | $ | (17,332 | ) | | (4.2 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - U.S. |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | | |
| New vehicle retail sales | | $ | 2,220,534 |
| | $ | 2,236,835 |
| | (0.7 | ) |
| Used vehicle retail sales | | 1,219,870 |
| | 1,155,837 |
| | 5.5 |
|
| Used vehicle wholesale sales | | 87,112 |
| | 96,783 |
| | (10.0 | ) |
| Total used | | 1,306,982 |
| | 1,252,620 |
| | 4.3 |
|
| Parts and service sales | | 607,247 |
| | 573,403 |
| | 5.9 |
|
| Finance, insurance and other, net | | 206,699 |
| | 193,629 |
| | 6.8 |
|
| Total revenues | | $ | 4,341,462 |
| | $ | 4,256,487 |
| | 2.0 |
|
| GROSS MARGIN % | | | | | |
|
| New vehicle retail sales | | 4.8 |
| | 4.9 |
| |
|
| Used vehicle retail sales | | 6.7 |
| | 6.3 |
| |
|
| Used vehicle wholesale sales | | 2.4 |
| | 3.1 |
| |
|
| Total used | | 6.4 |
| | 6.0 |
| |
|
| Parts and service sales | | 54.0 |
| | 53.7 |
| |
|
| Finance, insurance and other, net | | 100.0 |
| | 100.0 |
| |
|
| Total gross margin | | 16.7 |
| | 16.1 |
| |
|
| GROSS PROFIT | | | | | |
|
| New vehicle retail sales | | $ | 105,556 |
| | $ | 109,493 |
| | (3.6 | ) |
| Used vehicle retail sales | | 81,614 |
| | 72,294 |
| | 12.9 |
|
| Used vehicle wholesale sales | | 2,085 |
| | 2,987 |
| | (30.2 | ) |
| Total used | | 83,699 |
| | 75,281 |
| | 11.2 |
|
| Parts and service sales | | 327,673 |
| | 307,952 |
| | 6.4 |
|
| Finance, insurance and other, net | | 206,699 |
| | 193,629 |
| | 6.8 |
|
| Total gross profit | | $ | 723,627 |
| | $ | 686,355 |
| | 5.4 |
|
| UNITS SOLD | | | | | |
|
| Retail new vehicles sold | | 56,708 |
| | 59,061 |
| | (4.0 | ) |
| Retail used vehicles sold | | 59,794 |
| | 55,794 |
| | 7.2 |
|
| Wholesale used vehicles sold | | 13,978 |
| | 16,675 |
| | (16.2 | ) |
| Total used | | 73,772 |
| | 72,469 |
| | 1.8 |
|
| AVERAGE RETAIL SALES PRICE | |
| | | |
|
| New vehicle retail | | $ | 39,157 |
| | $ | 37,873 |
| | 3.4 |
|
| Used vehicle retail | | $ | 20,401 |
| | $ | 20,716 |
| | (1.5 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | |
|
| New vehicle retail sales | | $ | 1,861 |
| | $ | 1,854 |
| | 0.4 |
|
| Used vehicle retail sales | | $ | 1,365 |
| | $ | 1,296 |
| | 5.3 |
|
| Used vehicle wholesale sales | | $ | 149 |
| | $ | 179 |
| | (16.8 | ) |
| Total used | | $ | 1,135 |
| | $ | 1,039 |
| | 9.2 |
|
| Finance, insurance and other, net (per retail unit) | | $ | 1,774 |
| | $ | 1,686 |
| | 5.2 |
|
| OTHER | | | | | | |
| SG&A expenses | | $ | 524,230 |
| | $ | 487,220 |
| | 7.6 |
|
Adjusted SG&A expenses (1) | | $ | 521,652 |
| | $ | 499,527 |
| | 4.4 |
|
| SG&A as % revenues | | 12.1 |
| | 11.4 |
| |
|
Adjusted SG&A as % revenues (1) | | 12.0 |
| | 11.7 |
| |
|
| SG&A as % gross profit | | 72.4 |
| | 71.0 |
| |
|
Adjusted SG&A as % gross profit (1) | | 72.1 |
| | 72.8 |
| |
|
| Operating margin % | | 4.0 |
| | 4.0 |
| |
|
Adjusted operating margin % (1) | | 4.0 |
| | 3.8 |
| |
|
| Pretax margin % | | 2.5 |
| | 2.6 |
| |
|
Adjusted pretax margin % (1) | | 2.6 |
| | 2.4 |
| |
|
| INTEREST EXPENSE | | | | | |
|
| Floorplan interest expense | | $ | (27,989 | ) | | $ | (25,146 | ) | | 11.3 |
|
| Floorplan assistance | | 22,038 |
| | 21,956 |
| | 0.4 |
|
| Net floorplan expense | | $ | (5,951 | ) | | $ | (3,190 | ) | | 86.6 |
|
| Other interest expense, net | | $ | (33,786 | ) | | $ | (34,348 | ) | | (1.6 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - U.K. |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 302,224 |
| | $ | 338,635 |
| | (10.8 | ) | | (5.5 | ) |
| Used vehicle retail sales | 194,007 |
| | 208,108 |
| | (6.8 | ) | | (1.4 | ) |
| Used vehicle wholesale sales | 46,882 |
| | 46,527 |
| | 0.8 |
| | 6.6 |
|
| Total used | 240,889 |
| | 254,635 |
| | (5.4 | ) | | 0.1 |
|
| Parts and service sales | 56,360 |
| | 57,996 |
| | (2.8 | ) | | 2.8 |
|
| Finance, insurance and other, net | 14,961 |
| | 15,617 |
| | (4.2 | ) | | 1.3 |
|
| Total revenues | $ | 614,434 |
| | $ | 666,883 |
| | (7.9 | ) | | (2.5 | ) |
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 3.5 |
| | 4.7 |
| | | | |
| Used vehicle retail sales | 4.3 |
| | 5.3 |
| | | | |
| Used vehicle wholesale sales | (2.7 | ) | | (3.0 | ) | | | | |
| Total used | 2.9 |
| | 3.8 |
| | | | |
| Parts and service sales | 55.9 |
| | 57.9 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 10.4 |
| | 11.2 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 10,625 |
| | $ | 15,907 |
| | (33.2 | ) | | (29.6 | ) |
| Used vehicle retail sales | 8,289 |
| | 11,103 |
| | (25.3 | ) | | (20.7 | ) |
| Used vehicle wholesale sales | (1,287 | ) | | (1,378 | ) | | 6.6 |
| | 1.6 |
|
| Total used | 7,002 |
| | 9,725 |
| | (28.0 | ) | | (23.4 | ) |
| Parts and service sales | 31,483 |
| | 33,555 |
| | (6.2 | ) | | (0.9 | ) |
| Finance, insurance and other, net | 14,961 |
| | 15,617 |
| | (4.2 | ) | | 1.3 |
|
| Total gross profit | $ | 64,071 |
| | $ | 74,804 |
| | (14.3 | ) | | (9.5 | ) |
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 9,266 |
| | 10,914 |
| | (15.1 | ) | | |
| Retail used vehicles sold | 8,280 |
| | 8,501 |
| | (2.6 | ) | | |
| Wholesale used vehicles sold | 5,772 |
| | 5,955 |
| | (3.1 | ) | | |
| Total used | 14,052 |
| | 14,456 |
| | (2.8 | ) | | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 32,616 |
| | $ | 31,028 |
| | 5.1 |
| | 11.3 |
|
| Used vehicle retail | $ | 23,431 |
| | $ | 24,480 |
| | (4.3 | ) | | 1.2 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,147 |
| | $ | 1,457 |
| | (21.3 | ) | | (17.1 | ) |
| Used vehicle retail sales | $ | 1,001 |
| | $ | 1,306 |
| | (23.4 | ) | | (18.6 | ) |
| Used vehicle wholesale sales | $ | (223 | ) | | $ | (231 | ) | | 3.5 |
| | (1.5 | ) |
| Total used | $ | 498 |
| | $ | 673 |
| | (26.0 | ) | | (21.2 | ) |
| Finance, insurance and other, net (per retail unit) | $ | 853 |
| | $ | 804 |
| | 6.1 |
| | 12.1 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 59,036 |
| | $ | 62,258 |
| | (5.2 | ) | | 0.4 |
|
| SG&A as % revenues | 9.6 |
| | 9.3 |
| | | | |
| SG&A as % gross profit | 92.1 |
| | 83.2 |
| | | | |
| Operating margin % | 0.3 |
| | 1.4 |
| | | | |
| Pretax margin % | (0.3 | ) | | 0.9 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (1,738 | ) | | $ | (1,617 | ) | | 7.5 |
| | 13.9 |
|
| Floorplan assistance | 100 |
| | 240 |
| | (58.3 | ) | | (55.9 | ) |
| Net floorplan expense | $ | (1,638 | ) | | $ | (1,377 | ) | | 19.0 |
| | 26.1 |
|
| Other interest expense, net | $ | (1,566 | ) | | $ | (1,790 | ) | | (12.5 | ) | | (7.4 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - U.K. |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 620,795 |
| | $ | 693,039 |
| | (10.4 | ) | | (4.9 | ) |
| Used vehicle retail sales | 397,568 |
| | 400,657 |
| | (0.8 | ) | | 5.4 |
|
| Used vehicle wholesale sales | 92,143 |
| | 92,712 |
| | (0.6 | ) | | 5.7 |
|
| Total used | 489,711 |
| | 493,369 |
| | (0.7 | ) | | 5.5 |
|
| Parts and service sales | 115,926 |
| | 111,137 |
| | 4.3 |
| | 10.8 |
|
| Finance, insurance and other, net | 30,160 |
| | 29,880 |
| | 0.9 |
| | 7.1 |
|
| Total revenues | $ | 1,256,592 |
| | $ | 1,327,425 |
| | (5.3 | ) | | 0.6 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.4 |
| | 5.0 |
| | | | |
| Used vehicle retail sales | 4.2 |
| | 4.9 |
| | | | |
| Used vehicle wholesale sales | (2.5 | ) | | (1.4 | ) | | | | |
| Total used | 2.9 |
| | 3.7 |
| | | | |
| Parts and service sales | 55.4 |
| | 57.2 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 10.8 |
| | 11.0 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 27,397 |
| | $ | 34,418 |
| | (20.4 | ) | | (15.9 | ) |
| Used vehicle retail sales | 16,577 |
| | 19,663 |
| | (15.7 | ) | | (10.3 | ) |
| Used vehicle wholesale sales | (2,297 | ) | | (1,308 | ) | | (75.6 | ) | | (84.0 | ) |
| Total used | 14,280 |
| | 18,355 |
| | (22.2 | ) | | (17.0 | ) |
| Parts and service sales | 64,229 |
| | 63,602 |
| | 1.0 |
| | 7.2 |
|
| Finance, insurance and other, net | 30,160 |
| | 29,880 |
| | 0.9 |
| | 7.1 |
|
| Total gross profit | $ | 136,066 |
| | $ | 146,255 |
| | (7.0 | ) | | (1.3 | ) |
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 19,610 |
| | 21,364 |
| | (8.2 | ) | | |
| Retail used vehicles sold | 16,711 |
| | 16,336 |
| | 2.3 |
| | |
| Wholesale used vehicles sold | 11,139 |
| | 11,542 |
| | (3.5 | ) | | |
| Total used | 27,850 |
| | 27,878 |
| | (0.1 | ) | | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 31,657 |
| | $ | 32,440 |
| | (2.4 | ) | | 3.7 |
|
| Used vehicle retail | $ | 23,791 |
| | $ | 24,526 |
| | (3.0 | ) | | 3.0 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,397 |
| | $ | 1,611 |
| | (13.3 | ) | | (8.3 | ) |
| Used vehicle retail sales | $ | 992 |
| | $ | 1,204 |
| | (17.6 | ) | | (12.3 | ) |
| Used vehicle wholesale sales | $ | (206 | ) | | $ | (113 | ) | | (82.3 | ) | | (90.7 | ) |
| Total used | $ | 513 |
| | $ | 658 |
| | (22.0 | ) | | (16.9 | ) |
| Finance, insurance and other, net (per retail unit) | $ | 830 |
| | $ | 793 |
| | 4.7 |
| | 11.1 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 118,228 |
| | $ | 121,854 |
| | (3.0 | ) | | 3.1 |
|
| SG&A as % revenues | 9.4 |
| | 9.2 |
| | | | |
| SG&A as % gross profit | 86.9 |
| | 83.3 |
| | | | |
| Operating margin % | 0.9 |
| | 1.4 |
| | | | |
| Pretax margin % | 0.4 |
| | 0.9 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (3,352 | ) | | $ | (3,131 | ) | | 7.1 |
| | 13.9 |
|
| Floorplan assistance | 256 |
| | 526 |
| | (51.3 | ) | | (48.1 | ) |
| Net floorplan expense | $ | (3,096 | ) | | $ | (2,605 | ) | | 18.8 |
| | 26.4 |
|
| Other interest expense, net | $ | (3,150 | ) | | $ | (3,322 | ) | | (5.2 | ) | | 0.7 |
|
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - Brazil |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 74,359 |
| | $ | 70,053 |
| | 6.1 |
| | 16.2 |
|
| Used vehicle retail sales | 19,437 |
| | 21,738 |
| | (10.6 | ) | | (2.4 | ) |
| Used vehicle wholesale sales | 4,829 |
| | 3,546 |
| | 36.2 |
| | 47.0 |
|
| Total used | 24,266 |
| | 25,284 |
| | (4.0 | ) | | 4.6 |
|
| Parts and service sales | 12,162 |
| | 11,244 |
| | 8.2 |
| | 18.1 |
|
| Finance, insurance and other, net | 1,788 |
| | 1,997 |
| | (10.5 | ) | | (2.2 | ) |
| Total revenues | $ | 112,575 |
| | $ | 108,578 |
| | 3.7 |
| | 13.4 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 5.8 |
| | 6.2 |
| | | | |
| Used vehicle retail sales | 8.6 |
| | 6.0 |
| | | | |
| Used vehicle wholesale sales | 5.7 |
| | 1.9 |
| | | | |
| Total used | 8.0 |
| | 5.4 |
| | | | |
| Parts and service sales | 44.5 |
| | 44.5 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 12.0 |
| | 11.7 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 4,327 |
| | $ | 4,317 |
| | 0.2 |
| | 9.7 |
|
| Used vehicle retail sales | 1,673 |
| | 1,302 |
| | 28.5 |
| | 40.1 |
|
| Used vehicle wholesale sales | 273 |
| | 66 |
| | 313.6 |
| | 393.3 |
|
| Total used | 1,946 |
| | 1,368 |
| | 42.3 |
| | 57.2 |
|
| Parts and service sales | 5,411 |
| | 5,007 |
| | 8.1 |
| | 18.1 |
|
| Finance, insurance and other, net | 1,788 |
| | 1,997 |
| | (10.5 | ) | | (2.2 | ) |
| Total gross profit | $ | 13,472 |
| | $ | 12,689 |
| | 6.2 |
| | 16.1 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 2,509 |
| | 2,169 |
| | 15.7 |
| | |
| Retail used vehicles sold | 988 |
| | 1,023 |
| | (3.4 | ) | | |
| Wholesale used vehicles sold | 484 |
| | 322 |
| | 50.3 |
| | |
| Total used | 1,472 |
| | 1,345 |
| | 9.4 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 29,637 |
| | $ | 32,297 |
| | (8.2 | ) | | 0.5 |
|
| Used vehicle retail | $ | 19,673 |
| | $ | 21,249 |
| | (7.4 | ) | | 1.1 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,725 |
| | $ | 1,990 |
| | (13.3 | ) | | (5.2 | ) |
| Used vehicle retail sales | $ | 1,693 |
| | $ | 1,273 |
| | 33.0 |
| | 45.1 |
|
| Used vehicle wholesale sales | $ | 564 |
| | $ | 205 |
| | 175.1 |
| | 228.2 |
|
| Total used | $ | 1,322 |
| | $ | 1,017 |
| | 30.0 |
| | 43.7 |
|
| Finance, insurance and other, net (per retail unit) | $ | 511 |
| | $ | 626 |
| | (18.4 | ) | | (10.8 | ) |
| OTHER | | | | | | | |
| SG&A expenses | $ | 11,602 |
| | $ | 11,555 |
| | 0.4 |
| | 9.7 |
|
Adjusted SG&A expenses (1) | $ | 12,162 |
| | $ | 11,005 |
| | 10.5 |
| | 20.9 |
|
| SG&A as % revenues | 10.3 |
| | 10.6 |
| | | | |
Adjusted SG&A as % revenues (1) | 10.8 |
| | 10.1 |
| | | | |
| SG&A as % gross profit | 86.1 |
| | 91.1 |
| | | | |
Adjusted SG&A as % gross profit (1) | 90.3 |
| | 86.7 |
| | | | |
| Operating margin % | 0.8 |
| | 0.6 |
| | | | |
Adjusted operating margin % (1) | 0.8 |
| | 1.1 |
| | | | |
| Pretax margin % | 0.8 |
| | 0.2 |
| | | | |
Adjusted pretax margin % (1) | 0.8 |
| | 0.7 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (204 | ) | | $ | (137 | ) | | 48.9 |
| | 63.3 |
|
| Other interest income (expense), net | $ | 216 |
| | $ | (292 | ) | | (174.0 | ) | | (181.2 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - Brazil |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 138,531 |
| | $ | 139,286 |
| | (0.5 | ) | | 12.1 |
|
| Used vehicle retail sales | 40,661 |
| | 45,929 |
| | (11.5 | ) | | (0.3 | ) |
| Used vehicle wholesale sales | 8,879 |
| | 7,388 |
| | 20.2 |
| | 35.2 |
|
| Total used | 49,540 |
| | 53,317 |
| | (7.1 | ) | | 4.6 |
|
| Parts and service sales | 24,168 |
| | 23,104 |
| | 4.6 |
| | 17.8 |
|
| Finance, insurance and other, net | 3,772 |
| | 3,869 |
| | (2.5 | ) | | 9.2 |
|
| Total revenues | $ | 216,011 |
| | $ | 219,576 |
| | (1.6 | ) | | 10.8 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 5.9 |
| | 5.8 |
| | | | |
| Used vehicle retail sales | 7.2 |
| | 6.0 |
| | | | |
| Used vehicle wholesale sales | 6.4 |
| | 2.9 |
| | | | |
| Total used | 7.0 |
| | 5.6 |
| | | | |
| Parts and service sales | 44.1 |
| | 44.9 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 12.1 |
| | 11.5 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 8,142 |
| | $ | 8,098 |
| | 0.5 |
| | 12.9 |
|
| Used vehicle retail sales | 2,910 |
| | 2,752 |
| | 5.7 |
| | 19.5 |
|
| Used vehicle wholesale sales | 570 |
| | 217 |
| | 162.7 |
| | 209.1 |
|
| Total used | 3,480 |
| | 2,969 |
| | 17.2 |
| | 33.4 |
|
| Parts and service sales | 10,669 |
| | 10,380 |
| | 2.8 |
| | 15.8 |
|
| Finance, insurance and other, net | 3,772 |
| | 3,869 |
| | (2.5 | ) | | 9.2 |
|
| Total gross profit | $ | 26,063 |
| | $ | 25,316 |
| | 3.0 |
| | 15.9 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 4,649 |
| | 4,236 |
| | 9.7 |
| | |
| Retail used vehicles sold | 2,076 |
| | 2,094 |
| | (0.9 | ) | | |
| Wholesale used vehicles sold | 956 |
| | 679 |
| | 40.8 |
| | |
| Total used | 3,032 |
| | 2,773 |
| | 9.3 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 29,798 |
| | $ | 32,881 |
| | (9.4 | ) | | 2.2 |
|
| Used vehicle retail | $ | 19,586 |
| | $ | 21,934 |
| | (10.7 | ) | | 0.5 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,751 |
| | $ | 1,912 |
| | (8.4 | ) | | 2.9 |
|
| Used vehicle retail sales | $ | 1,402 |
| | $ | 1,314 |
| | 6.7 |
| | 20.6 |
|
| Used vehicle wholesale sales | $ | 596 |
| | $ | 320 |
| | 86.3 |
| | 119.6 |
|
| Total used | $ | 1,148 |
| | $ | 1,071 |
| | 7.2 |
| | 22.0 |
|
| Finance, insurance and other, net (per retail unit) | $ | 561 |
| | $ | 611 |
| | (8.2 | ) | | 2.8 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 23,965 |
| | $ | 23,365 |
| | 2.6 |
| | 15.4 |
|
Adjusted SG&A expenses (1) | $ | 23,953 |
| | $ | 22,815 |
| | 5.0 |
| | 18.4 |
|
| SG&A as % revenues | 11.1 |
| | 10.6 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.1 |
| | 10.4 |
| | | | |
| SG&A as % gross profit | 91.9 |
| | 92.3 |
| | | | |
Adjusted SG&A as % gross profit (1) | 91.9 |
| | 90.1 |
| | | | |
| Operating margin % | 0.3 |
| | 0.5 |
| | | | |
Adjusted operating margin % (1) | 0.6 |
| | 0.7 |
| | | | |
| Pretax margin % | 0.2 |
| | 0.1 |
| | | | |
Adjusted pretax margin % (1) | 0.5 |
| | 0.3 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (305 | ) | | $ | (373 | ) | | (18.2 | ) | | (5.6 | ) |
| Other interest income (expense), net | $ | 56 |
| | $ | (564 | ) | | (109.9 | ) | | (112.5 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - Consolidated |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 1,565,375 |
| | $ | 1,555,570 |
| | 0.6 |
| | 2.2 |
|
| Used vehicle retail sales | 838,896 |
| | 821,853 |
| | 2.1 |
| | 3.7 |
|
| Used vehicle wholesale sales | 95,996 |
| | 92,854 |
| | 3.4 |
| | 6.7 |
|
| Total used | 934,892 |
| | 914,707 |
| | 2.2 |
| | 4.0 |
|
| Parts and service sales | 378,167 |
| | 358,129 |
| | 5.6 |
| | 6.8 |
|
| Finance, insurance and other, net | 127,255 |
| | 115,056 |
| | 10.6 |
| | 11.5 |
|
| Total revenues | $ | 3,005,689 |
| | $ | 2,943,462 |
| | 2.1 |
| | 3.7 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.5 |
| | 4.9 |
| | | | |
| Used vehicle retail sales | 6.4 |
| | 6.2 |
| | | | |
| Used vehicle wholesale sales | (0.1 | ) | | 0.3 |
| | | | |
| Total used | 5.7 |
| | 5.6 |
| | | | |
| Parts and service sales | 54.0 |
| | 54.5 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 15.1 |
| | 14.9 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 69,704 |
| | $ | 76,582 |
| | (9.0 | ) | | (7.7 | ) |
| Used vehicle retail sales | 53,292 |
| | 51,214 |
| | 4.1 |
| | 5.4 |
|
| Used vehicle wholesale sales | (93 | ) | | 241 |
| | (138.6 | ) | | (145.0 | ) |
| Total used | 53,199 |
| | 51,455 |
| | 3.4 |
| | 4.7 |
|
| Parts and service sales | 204,095 |
| | 195,070 |
| | 4.6 |
| | 5.8 |
|
| Finance, insurance and other, net | 127,255 |
| | 115,056 |
| | 10.6 |
| | 11.5 |
|
| Total gross profit | $ | 454,253 |
| | $ | 438,163 |
| | 3.7 |
| | 4.8 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 42,093 |
| | 43,471 |
| | (3.2 | ) | | |
| Retail used vehicles sold | 39,745 |
| | 38,008 |
| | 4.6 |
| | |
| Wholesale used vehicles sold | 13,084 |
| | 13,569 |
| | (3.6 | ) | | |
| Total used | 52,829 |
| | 51,577 |
| | 2.4 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 37,188 |
| | $ | 35,784 |
| | 3.9 |
| | 5.6 |
|
| Used vehicle retail | $ | 21,107 |
| | $ | 21,623 |
| | (2.4 | ) | | (0.9 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,656 |
| | $ | 1,762 |
| | (6.0 | ) | | (4.7 | ) |
| Used vehicle retail sales | $ | 1,341 |
| | $ | 1,347 |
| | (0.4 | ) | | 0.8 |
|
| Used vehicle wholesale sales | $ | (7 | ) | | $ | 18 |
| | (138.9 | ) | | (146.7 | ) |
| Total used | $ | 1,007 |
| | $ | 998 |
| | 0.9 |
| | 2.2 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,555 |
| | $ | 1,412 |
| | 10.1 |
| | 11.0 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 338,715 |
| | $ | 308,092 |
| | 9.9 |
| | 11.4 |
|
Adjusted SG&A expenses (1) | $ | 335,283 |
| | $ | 319,849 |
| | 4.8 |
| | 6.3 |
|
| SG&A as % revenues | 11.3 |
| | 10.5 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.2 |
| | 10.9 |
| | | | |
| SG&A as % gross profit | 74.6 |
| | 70.3 |
| | | | |
Adjusted SG&A as % gross profit (1) | 73.8 |
| | 73.0 |
| | | | |
| Operating margin % | 3.2 |
| | 3.7 |
| | | | |
Adjusted operating margin % (1) | 3.4 |
| | 3.5 |
| | | | |
| Pretax margin % | 2.1 |
| | 2.6 |
| | | | |
Adjusted pretax margin % (1) | 2.2 |
| | 2.3 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (15,943 | ) | | $ | (14,563 | ) | | 9.5 |
| | 10.3 |
|
| Floorplan assistance | 11,812 |
| | 11,447 |
| | 3.2 |
| | 3.2 |
|
| Net floorplan expense | $ | (4,131 | ) | | $ | (3,116 | ) | | 32.6 |
| | 36.3 |
|
| Other interest expense, net | $ | (17,961 | ) | | $ | (19,414 | ) | | (7.5 | ) | | (7.1 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
| Additional Information - Consolidated |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 2,979,860 |
| | $ | 3,069,160 |
| | (2.9 | ) | | (1.1 | ) |
| Used vehicle retail sales | 1,658,099 |
| | 1,602,423 |
| | 3.5 |
| | 5.3 |
|
| Used vehicle wholesale sales | 188,134 |
| | 196,883 |
| | (4.4 | ) | | (0.9 | ) |
| Total used | 1,846,233 |
| | 1,799,306 |
| | 2.6 |
| | 4.7 |
|
| Parts and service sales | 747,341 |
| | 707,644 |
| | 5.6 |
| | 7.1 |
|
| Finance, insurance and other, net | 240,631 |
| | 227,378 |
| | 5.8 |
| | 6.8 |
|
| Total revenues | $ | 5,814,065 |
| | $ | 5,803,488 |
| | 0.2 |
| | 2.0 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.7 |
| | 5.0 |
| | | | |
| Used vehicle retail sales | 6.1 |
| | 5.9 |
| | | | |
| Used vehicle wholesale sales | 0.2 |
| | 1.0 |
| | | | |
| Total used | 5.5 |
| | 5.4 |
| | | | |
| Parts and service sales | 53.9 |
| | 54.0 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 15.2 |
| | 14.8 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 141,095 |
| | $ | 152,009 |
| | (7.2 | ) | | (5.5 | ) |
| Used vehicle retail sales | 101,101 |
| | 94,709 |
| | 6.7 |
| | 8.3 |
|
| Used vehicle wholesale sales | 358 |
| | 1,896 |
| | (81.1 | ) | | (81.5 | ) |
| Total used | 101,459 |
| | 96,605 |
| | 5.0 |
| | 6.5 |
|
| Parts and service sales | 402,571 |
| | 381,934 |
| | 5.4 |
| | 6.8 |
|
| Finance, insurance and other, net | 240,631 |
| | 227,378 |
| | 5.8 |
| | 6.8 |
|
| Total gross profit | $ | 885,756 |
| | $ | 857,926 |
| | 3.2 |
| | 4.6 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 80,967 |
| | 84,661 |
| | (4.4 | ) | | |
| Retail used vehicles sold | 78,581 |
| | 74,224 |
| | 5.9 |
| | |
| Wholesale used vehicles sold | 26,073 |
| | 28,896 |
| | (9.8 | ) | | |
| Total used | 104,654 |
| | 103,120 |
| | 1.5 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 36,803 |
| | $ | 36,252 |
| | 1.5 |
| | 3.4 |
|
| Used vehicle retail | $ | 21,101 |
| | $ | 21,589 |
| | (2.3 | ) | | (0.5 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,743 |
| | $ | 1,796 |
| | (3.0 | ) | | (1.2 | ) |
| Used vehicle retail sales | $ | 1,287 |
| | $ | 1,276 |
| | 0.9 |
| | 2.3 |
|
| Used vehicle wholesale sales | $ | 14 |
| | $ | 66 |
| | (78.8 | ) | | (79.5 | ) |
| Total used | $ | 969 |
| | $ | 937 |
| | 3.4 |
| | 4.9 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,508 |
| | $ | 1,431 |
| | 5.4 |
| | 6.4 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 666,423 |
| | $ | 632,439 |
| | 5.4 |
| | 7.0 |
|
Adjusted SG&A expenses (1) | $ | 663,833 |
| | $ | 644,196 |
| | 3.0 |
| | 4.7 |
|
| SG&A as % revenues | 11.5 |
| | 10.9 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.4 |
| | 11.1 |
| | | | |
| SG&A as % gross profit | 75.2 |
| | 73.7 |
| | | | |
Adjusted SG&A as % gross profit (1) | 74.9 |
| | 75.1 |
| | | | |
| Operating margin % | 3.2 |
| | 3.2 |
| | | | |
Adjusted operating margin % (1) | 3.2 |
| | 3.1 |
| | | | |
| Pretax margin % | 2.0 |
| | 2.1 |
| | | | |
Adjusted pretax margin % (1) | 2.0 |
| | 2.0 |
| | | | |
| INTEREST EXPENSE | | | | | | | |
| Floorplan interest expense | $ | (31,646 | ) | | $ | (28,650 | ) | | 10.5 |
| | 11.4 |
|
| Floorplan assistance | 22,294 |
| | 22,482 |
| | (0.8 | ) | | (0.8 | ) |
| Net floorplan expense | $ | (9,352 | ) | | $ | (6,168 | ) | | 51.6 |
| | 55.6 |
|
| Other interest expense, net | $ | (36,880 | ) | | $ | (38,234 | ) | | (3.5 | ) | | (3.1 | ) |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store U.S. (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | |
| New vehicle retail sales | $ | 1,165,371 |
| | $ | 1,114,450 |
| | 4.6 |
|
| Used vehicle retail sales | 611,756 |
| | 577,855 |
| | 5.9 |
|
| Used vehicle wholesale sales | 43,391 |
| | 41,368 |
| | 4.9 |
|
| Total used | 655,147 |
| | 619,223 |
| | 5.8 |
|
| Parts and service sales | 307,085 |
| | 278,881 |
| | 10.1 |
|
| Finance, insurance and other, net | 108,102 |
| | 95,304 |
| | 13.4 |
|
| Total revenues | $ | 2,235,705 |
| | $ | 2,107,858 |
| | 6.1 |
|
| GROSS MARGIN % | | | | | |
| New vehicle retail sales | 4.6 |
| | 4.9 |
| | |
| Used vehicle retail sales | 7.0 |
| | 6.6 |
| | |
| Used vehicle wholesale sales | 2.2 |
| | 3.9 |
| | |
| Total used | 6.6 |
| | 6.4 |
| | |
| Parts and service sales | 53.8 |
| | 54.5 |
| | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | |
| Total gross margin | 16.6 |
| | 16.2 |
| | |
| GROSS PROFIT | | | | | |
| New vehicle retail sales | $ | 53,566 |
| | $ | 54,730 |
| | (2.1 | ) |
| Used vehicle retail sales | 42,602 |
| | 37,937 |
| | 12.3 |
|
| Used vehicle wholesale sales | 952 |
| | 1,613 |
| | (41.0 | ) |
| Total used | 43,554 |
| | 39,550 |
| | 10.1 |
|
| Parts and service sales | 165,177 |
| | 151,895 |
| | 8.7 |
|
| Finance, insurance and other, net | 108,102 |
| | 95,304 |
| | 13.4 |
|
| Total gross profit | $ | 370,399 |
| | $ | 341,479 |
| | 8.5 |
|
| UNITS SOLD | | | | | |
| Retail new vehicles sold | 29,588 |
| | 29,595 |
| | — |
|
| Retail used vehicles sold | 29,773 |
| | 27,815 |
| | 7.0 |
|
| Wholesale used vehicles sold | 6,618 |
| | 7,058 |
| | (6.2 | ) |
| Total used | 36,391 |
| | 34,873 |
| | 4.4 |
|
| AVERAGE RETAIL SALES PRICE | | | | | |
| New vehicle retail | $ | 39,387 |
| | $ | 37,657 |
| | 4.6 |
|
| Used vehicle retail | $ | 20,547 |
| | $ | 20,775 |
| | (1.1 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | |
| New vehicle retail sales | $ | 1,810 |
| | $ | 1,849 |
| | (2.1 | ) |
| Used vehicle retail sales | $ | 1,431 |
| | $ | 1,364 |
| | 4.9 |
|
| Used vehicle wholesale sales | $ | 144 |
| | $ | 229 |
| | (37.1 | ) |
| Total used | $ | 1,197 |
| | $ | 1,134 |
| | 5.6 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,821 |
| | $ | 1,660 |
| | 9.7 |
|
| OTHER | | | | | |
| SG&A expenses | $ | 263,184 |
| | $ | 244,896 |
| | 7.5 |
|
Adjusted SG&A expenses (1) | $ | 259,192 |
| | $ | 240,302 |
| | 7.9 |
|
| SG&A as % revenues | 11.8 |
| | 11.6 |
| | |
Adjusted SG&A as % revenues (1) | 11.6 |
| | 11.4 |
| | |
| SG&A as % gross profit | 71.1 |
| | 71.7 |
| | |
Adjusted SG&A as % gross profit (1) | 70.0 |
| | 70.4 |
| | |
| Operating margin % | 4.2 |
| | 3.9 |
| | |
Adjusted operating margin % (1) | 4.4 |
| | 4.2 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store U.S. (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) |
| REVENUES | | | | | |
| New vehicle retail sales | $ | 2,170,350 |
| | $ | 2,175,744 |
| | (0.2 | ) |
| Used vehicle retail sales | 1,189,401 |
| | 1,127,097 |
| | 5.5 |
|
| Used vehicle wholesale sales | 85,265 |
| | 93,907 |
| | (9.2 | ) |
| Total used | 1,274,666 |
| | 1,221,004 |
| | 4.4 |
|
| Parts and service sales | 601,064 |
| | 554,170 |
| | 8.5 |
|
| Finance, insurance and other, net | 201,812 |
| | 189,410 |
| | 6.5 |
|
| Total revenues | $ | 4,247,892 |
| | $ | 4,140,328 |
| | 2.6 |
|
| GROSS MARGIN % | | | | | |
| New vehicle retail sales | 4.7 |
| | 4.9 |
| | |
| Used vehicle retail sales | 6.7 |
| | 6.3 |
| | |
| Used vehicle wholesale sales | 2.5 |
| | 3.2 |
| | |
| Total used | 6.4 |
| | 6.0 |
| | |
| Parts and service sales | 53.8 |
| | 53.9 |
| | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | |
| Total gross margin | 16.7 |
| | 16.1 |
| | |
| GROSS PROFIT | | | | | |
| New vehicle retail sales | $ | 102,973 |
| | $ | 106,199 |
| | (3.0 | ) |
| Used vehicle retail sales | 79,937 |
| | 70,528 |
| | 13.3 |
|
| Used vehicle wholesale sales | 2,151 |
| | 3,041 |
| | (29.3 | ) |
| Total used | 82,088 |
| | 73,569 |
| | 11.6 |
|
| Parts and service sales | 323,200 |
| | 298,872 |
| | 8.1 |
|
| Finance, insurance and other, net | 201,812 |
| | 189,410 |
| | 6.5 |
|
| Total gross profit | $ | 710,073 |
| | $ | 668,050 |
| | 6.3 |
|
| UNITS SOLD | | | | | |
| Retail new vehicles sold | 55,157 |
| | 57,602 |
| | (4.2 | ) |
| Retail used vehicles sold | 58,162 |
| | 54,450 |
| | 6.8 |
|
| Wholesale used vehicles sold | 13,539 |
| | 16,229 |
| | (16.6 | ) |
| Total used | 71,701 |
| | 70,679 |
| | 1.4 |
|
| AVERAGE RETAIL SALES PRICE | | | | | |
| New vehicle retail | $ | 39,349 |
| | $ | 37,772 |
| | 4.2 |
|
| Used vehicle retail | $ | 20,450 |
| | $ | 20,700 |
| | (1.2 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | |
| New vehicle retail sales | $ | 1,867 |
| | $ | 1,844 |
| | 1.2 |
|
| Used vehicle retail sales | $ | 1,374 |
| | $ | 1,295 |
| | 6.1 |
|
| Used vehicle wholesale sales | $ | 159 |
| | $ | 187 |
| | (15.0 | ) |
| Total used | $ | 1,145 |
| | $ | 1,041 |
| | 10.0 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,781 |
| | $ | 1,690 |
| | 5.4 |
|
| OTHER | | | | | |
| SG&A expenses | $ | 516,471 |
| | $ | 489,849 |
| | 5.4 |
|
Adjusted SG&A expenses (1) | $ | 509,754 |
| | $ | 485,256 |
| | 5.0 |
|
| SG&A as % revenues | 12.2 |
| | 11.8 |
| | |
Adjusted SG&A as % revenues (1) | 12.0 |
| | 11.7 |
| | |
| SG&A as % gross profit | 72.7 |
| | 73.3 |
| | |
Adjusted SG&A as % gross profit (1) | 71.8 |
| | 72.6 |
| | |
| Operating margin % | 3.9 |
| | 3.6 |
| | |
Adjusted operating margin % (1) | 4.0 |
| | 3.8 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store U.K. (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 298,728 |
| | $ | 332,439 |
| | (10.1 | ) | | (4.8 | ) |
| Used vehicle retail sales | 190,782 |
| | 204,358 |
| | (6.6 | ) | | (1.3 | ) |
| Used vehicle wholesale sales | 45,990 |
| | 45,797 |
| | 0.4 |
| | 6.3 |
|
| Total used | 236,772 |
| | 250,155 |
| | (5.3 | ) | | 0.1 |
|
| Parts and service sales | 53,528 |
| | 54,970 |
| | (2.6 | ) | | 3.0 |
|
| Finance, insurance and other, net | 14,649 |
| | 15,373 |
| | (4.7 | ) | | 0.7 |
|
| Total revenues | $ | 603,677 |
| | $ | 652,937 |
| | (7.5 | ) | | (2.1 | ) |
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 3.5 |
| | 4.7 |
| | | | |
| Used vehicle retail sales | 4.2 |
| | 5.3 |
| | | | |
| Used vehicle wholesale sales | (2.7 | ) | | (2.5 | ) | | | | |
| Total used | 2.9 |
| | 3.9 |
| | | | |
| Parts and service sales | 55.8 |
| | 58.2 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 10.2 |
| | 11.2 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 10,465 |
| | $ | 15,785 |
| | (33.7 | ) | | (30.2 | ) |
| Used vehicle retail sales | 8,088 |
| | 10,823 |
| | (25.3 | ) | | (20.6 | ) |
| Used vehicle wholesale sales | (1,225 | ) | | (1,127 | ) | | (8.7 | ) | | (14.6 | ) |
| Total used | 6,863 |
| | 9,696 |
| | (29.2 | ) | | (24.7 | ) |
| Parts and service sales | 29,880 |
| | 32,019 |
| | (6.7 | ) | | (1.4 | ) |
| Finance, insurance and other, net | 14,649 |
| | 15,373 |
| | (4.7 | ) | | 0.7 |
|
| Total gross profit | $ | 61,857 |
| | $ | 72,873 |
| | (15.1 | ) | | (10.3 | ) |
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 9,109 |
| | 10,290 |
| | (11.5 | ) | | |
| Retail used vehicles sold | 8,052 |
| | 8,285 |
| | (2.8 | ) | | |
| Wholesale used vehicles sold | 5,604 |
| | 5,818 |
| | (3.7 | ) | | |
| Total used | 13,656 |
| | 14,103 |
| | (3.2 | ) | | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 32,795 |
| | $ | 32,307 |
| | 1.5 |
| | 7.5 |
|
| Used vehicle retail | $ | 23,694 |
| | $ | 24,666 |
| | (3.9 | ) | | 1.6 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,149 |
| | $ | 1,534 |
| | (25.1 | ) | | (21.1 | ) |
| Used vehicle retail sales | $ | 1,004 |
| | $ | 1,306 |
| | (23.1 | ) | | (18.3 | ) |
| Used vehicle wholesale sales | $ | (219 | ) | | $ | (194 | ) | | (12.9 | ) | | (18.9 | ) |
| Total used | $ | 503 |
| | $ | 688 |
| | (26.9 | ) | | (22.3 | ) |
| Finance, insurance and other, net (per retail unit) | $ | 854 |
| | $ | 828 |
| | 3.1 |
| | 9.0 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 56,998 |
| | $ | 59,703 |
| | (4.5 | ) | | 1.0 |
|
| SG&A as % revenues | 9.4 |
| | 9.1 |
| | | | |
| SG&A as % gross profit | 92.1 |
| | 81.9 |
| | | | |
| Operating margin % | 0.3 |
| | 1.5 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store U.K. (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 578,891 |
| | $ | 657,700 |
| | (12.0 | ) | | (6.5 | ) |
| Used vehicle retail sales | 368,637 |
| | 387,276 |
| | (4.8 | ) | | 1.1 |
|
| Used vehicle wholesale sales | 87,211 |
| | 90,365 |
| | (3.5 | ) | | 2.6 |
|
| Total used | 455,848 |
| | 477,641 |
| | (4.6 | ) | | 1.4 |
|
| Parts and service sales | 104,274 |
| | 103,193 |
| | 1.0 |
| | 7.3 |
|
| Finance, insurance and other, net | 28,307 |
| | 28,841 |
| | (1.9 | ) | | 4.1 |
|
| Total revenues | $ | 1,167,320 |
| | $ | 1,267,375 |
| | (7.9 | ) | | (2.1 | ) |
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.5 |
| | 5.1 |
| | | | |
| Used vehicle retail sales | 4.1 |
| | 4.9 |
| | | | |
| Used vehicle wholesale sales | (2.3 | ) | | (1.1 | ) | | | | |
| Total used | 2.9 |
| | 3.8 |
| | | | |
| Parts and service sales | 55.4 |
| | 57.7 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 10.7 |
| | 11.0 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 25,956 |
| | $ | 33,291 |
| | (22.0 | ) | | (17.6 | ) |
| Used vehicle retail sales | 15,161 |
| | 19,143 |
| | (20.8 | ) | | (15.7 | ) |
| Used vehicle wholesale sales | (2,013 | ) | | (1,029 | ) | | (95.6 | ) | | (105.0 | ) |
| Total used | 13,148 |
| | 18,114 |
| | (27.4 | ) | | (22.5 | ) |
| Parts and service sales | 57,724 |
| | 59,518 |
| | (3.0 | ) | | 2.9 |
|
| Finance, insurance and other, net | 28,307 |
| | 28,841 |
| | (1.9 | ) | | 4.1 |
|
| Total gross profit | $ | 125,135 |
| | $ | 139,764 |
| | (10.5 | ) | | (5.0 | ) |
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 18,324 |
| | 19,947 |
| | (8.1 | ) | | |
| Retail used vehicles sold | 15,343 |
| | 15,654 |
| | (2.0 | ) | | |
| Wholesale used vehicles sold | 10,474 |
| | 11,209 |
| | (6.6 | ) | | |
| Total used | 25,817 |
| | 26,863 |
| | (3.9 | ) | | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 31,592 |
| | $ | 32,972 |
| | (4.2 | ) | | 1.8 |
|
| Used vehicle retail | $ | 24,026 |
| | $ | 24,740 |
| | (2.9 | ) | | 3.2 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,417 |
| | $ | 1,669 |
| | (15.1 | ) | | (10.3 | ) |
| Used vehicle retail sales | $ | 988 |
| | $ | 1,223 |
| | (19.2 | ) | | (14.0 | ) |
| Used vehicle wholesale sales | $ | (192 | ) | | $ | (92 | ) | | (108.7 | ) | | (119.4 | ) |
| Total used | $ | 509 |
| | $ | 674 |
| | (24.5 | ) | | (19.4 | ) |
| Finance, insurance and other, net (per retail unit) | $ | 841 |
| | $ | 810 |
| | 3.8 |
| | 10.1 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 108,286 |
| | $ | 114,985 |
| | (5.8 | ) | | 0.1 |
|
| SG&A as % revenues | 9.3 |
| | 9.1 |
| | | | |
| SG&A as % gross profit | 86.5 |
| | 82.3 |
| | | | |
| Operating margin % | 0.9 |
| | 1.5 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store Brazil (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | | |
| | Three Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 69,103 |
| | $ | 69,393 |
| | (0.4 | ) | | 9.1 |
|
| Used vehicle retail sales | 18,707 |
| | 21,014 |
| | (11.0 | ) | | (2.6 | ) |
| Used vehicle wholesale sales | 4,238 |
| | 3,124 |
| | 35.7 |
| | 47.6 |
|
| Total used | 22,945 |
| | 24,138 |
| | (4.9 | ) | | 3.9 |
|
| Parts and service sales | 11,683 |
| | 11,189 |
| | 4.4 |
| | 14.0 |
|
| Finance, insurance and other, net | 1,618 |
| | 1,990 |
| | (18.7 | ) | | (11.2 | ) |
| Total revenues | $ | 105,349 |
| | $ | 106,710 |
| | (1.3 | ) | | 8.0 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 5.9 |
| | 6.2 |
| | | | |
| Used vehicle retail sales | 8.2 |
| | 5.9 |
| | | | |
| Used vehicle wholesale sales | 6.6 |
| | 2.7 |
| | | | |
| Total used | 7.9 |
| | 5.4 |
| | | | |
| Parts and service sales | 44.5 |
| | 44.6 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 12.1 |
| | 11.8 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 4,091 |
| | $ | 4,284 |
| | (4.5 | ) | | 4.5 |
|
| Used vehicle retail sales | 1,528 |
| | 1,230 |
| | 24.2 |
| | 35.8 |
|
| Used vehicle wholesale sales | 278 |
| | 85 |
| | 227.1 |
| | 274.0 |
|
| Total used | 1,806 |
| | 1,315 |
| | 37.3 |
| | 51.4 |
|
| Parts and service sales | 5,196 |
| | 4,994 |
| | 4.0 |
| | 13.8 |
|
| Finance, insurance and other, net | 1,618 |
| | 1,990 |
| | (18.7 | ) | | (11.2 | ) |
| Total gross profit | $ | 12,711 |
| | $ | 12,583 |
| | 1.0 |
| | 10.5 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 2,301 |
| | 2,150 |
| | 7.0 |
| | |
| Retail used vehicles sold | 928 |
| | 1,007 |
| | (7.8 | ) | | |
| Wholesale used vehicles sold | 426 |
| | 313 |
| | 36.1 |
| | |
| Total used | 1,354 |
| | 1,320 |
| | 2.6 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 30,032 |
| | $ | 32,276 |
| | (7.0 | ) | | 1.9 |
|
| Used vehicle retail | $ | 20,158 |
| | $ | 20,868 |
| | (3.4 | ) | | 5.6 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,778 |
| | $ | 1,993 |
| | (10.8 | ) | | (2.3 | ) |
| Used vehicle retail sales | $ | 1,647 |
| | $ | 1,221 |
| | 34.9 |
| | 47.4 |
|
| Used vehicle wholesale sales | $ | 653 |
| | $ | 272 |
| | 140.1 |
| | 174.8 |
|
| Total used | $ | 1,334 |
| | $ | 996 |
| | 33.9 |
| | 47.6 |
|
| Finance, insurance and other, net (per retail unit) | $ | 501 |
| | $ | 630 |
| | (20.5 | ) | | (13.1 | ) |
| OTHER | | | | | | | |
| SG&A expenses | $ | 11,506 |
| | $ | 11,307 |
| | 1.8 |
| | 11.0 |
|
Adjusted SG&A expenses (1) | $ | 11,506 |
| | $ | 10,880 |
| | 5.8 |
| | 15.6 |
|
| SG&A as % revenues | 10.9 |
| | 10.6 |
| | | | |
Adjusted SG&A as % revenues (1) | 10.9 |
| | 10.2 |
| | | | |
| SG&A as % gross profit | 90.5 |
| | 89.9 |
| | | | |
Adjusted SG&A as % gross profit (1) | 90.5 |
| | 86.5 |
| | | | |
| Operating margin % | 0.2 |
| | 0.8 |
| | | | |
Adjusted operating margin % (1) | 0.8 |
| | 1.2 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store Brazil (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 126,019 |
| | $ | 138,626 |
| | (9.1 | ) | | 2.6 |
|
| Used vehicle retail sales | 38,150 |
| | 45,205 |
| | (15.6 | ) | | (4.8 | ) |
| Used vehicle wholesale sales | 8,288 |
| | 6,966 |
| | 19.0 |
| | 34.6 |
|
| Total used | 46,438 |
| | 52,171 |
| | (11.0 | ) | | 0.5 |
|
| Parts and service sales | 22,953 |
| | 23,049 |
| | (0.4 | ) | | 12.2 |
|
| Finance, insurance and other, net | 3,333 |
| | 3,861 |
| | (13.7 | ) | | (3.3 | ) |
| Total revenues | $ | 198,743 |
| | $ | 217,707 |
| | (8.7 | ) | | 3.0 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 6.0 |
| | 5.8 |
| | | | |
| Used vehicle retail sales | 6.9 |
| | 5.9 |
| | | | |
| Used vehicle wholesale sales | 6.9 |
| | 3.4 |
| | | | |
| Total used | 6.9 |
| | 5.6 |
| | | | |
| Parts and service sales | 44.0 |
| | 45.0 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 12.1 |
| | 11.6 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 7,507 |
| | $ | 8,065 |
| | (6.9 | ) | | 4.6 |
|
| Used vehicle retail sales | 2,630 |
| | 2,681 |
| | (1.9 | ) | | 11.2 |
|
| Used vehicle wholesale sales | 574 |
| | 237 |
| | 142.2 |
| | 182.1 |
|
| Total used | 3,204 |
| | 2,918 |
| | 9.8 |
| | 25.1 |
|
| Parts and service sales | 10,102 |
| | 10,367 |
| | (2.6 | ) | | 9.9 |
|
| Finance, insurance and other, net | 3,333 |
| | 3,861 |
| | (13.7 | ) | | (3.3 | ) |
| Total gross profit | $ | 24,146 |
| | $ | 25,211 |
| | (4.2 | ) | | 7.9 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 4,151 |
| | 4,217 |
| | (1.6 | ) | | |
| Retail used vehicles sold | 1,919 |
| | 2,078 |
| | (7.7 | ) | | |
| Wholesale used vehicles sold | 837 |
| | 670 |
| | 24.9 |
| | |
| Total used | 2,756 |
| | 2,748 |
| | 0.3 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 30,359 |
| | $ | 32,873 |
| | (7.6 | ) | | 4.2 |
|
| Used vehicle retail | $ | 19,880 |
| | $ | 21,754 |
| | (8.6 | ) | | 3.1 |
|
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,808 |
| | $ | 1,912 |
| | (5.4 | ) | | 6.3 |
|
| Used vehicle retail sales | $ | 1,371 |
| | $ | 1,290 |
| | 6.3 |
| | 20.4 |
|
| Used vehicle wholesale sales | $ | 686 |
| | $ | 354 |
| | 93.8 |
| | 125.8 |
|
| Total used | $ | 1,163 |
| | $ | 1,062 |
| | 9.5 |
| | 24.7 |
|
| Finance, insurance and other, net (per retail unit) | $ | 549 |
| | $ | 613 |
| | (10.4 | ) | | 0.3 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 22,568 |
| | $ | 23,038 |
| | (2.0 | ) | | 10.2 |
|
Adjusted SG&A expenses (1) | $ | 22,568 |
| | $ | 22,611 |
| | (0.2 | ) | | 12.5 |
|
| SG&A as % revenues | 11.4 |
| | 10.6 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.4 |
| | 10.4 |
| | | | |
| SG&A as % gross profit | 93.5 |
| | 91.4 |
| | | | |
Adjusted SG&A as % gross profit (1) | 93.5 |
| | 89.7 |
| | | | |
| Operating margin % | 0.1 |
| | 0.6 |
| | | | |
Adjusted operating margin % (1) | 0.4 |
| | 0.8 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store Consolidated (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | | | | | | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 1,533,202 |
| | $ | 1,516,282 |
| | 1.1 |
| | 2.7 |
|
| Used vehicle retail sales | 821,245 |
| | 803,227 |
| | 2.2 |
| | 3.8 |
|
| Used vehicle wholesale sales | 93,619 |
| | 90,289 |
| | 3.7 |
| | 7.1 |
|
| Total used | 914,864 |
| | 893,516 |
| | 2.4 |
| | 4.2 |
|
| Parts and service sales | 372,296 |
| | 345,040 |
| | 7.9 |
| | 9.1 |
|
| Finance, insurance and other, net | 124,369 |
| | 112,667 |
| | 10.4 |
| | 11.3 |
|
| Total revenues | $ | 2,944,731 |
| | $ | 2,867,505 |
| | 2.7 |
| | 4.3 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.4 |
| | 4.9 |
| | | | |
| Used vehicle retail sales | 6.4 |
| | 6.2 |
| | | | |
| Used vehicle wholesale sales | — |
| | 0.6 |
| | | | |
| Total used | 5.7 |
| | 5.7 |
| | | | |
| Parts and service sales | 53.8 |
| | 54.7 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 15.1 |
| | 14.9 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 68,122 |
| | $ | 74,799 |
| | (8.9 | ) | | (7.7 | ) |
| Used vehicle retail sales | 52,218 |
| | 49,990 |
| | 4.5 |
| | 5.8 |
|
| Used vehicle wholesale sales | 5 |
| | 571 |
| | (99.1 | ) | | (103.3 | ) |
| Total used | 52,223 |
| | 50,561 |
| | 3.3 |
| | 4.5 |
|
| Parts and service sales | 200,253 |
| | 188,908 |
| | 6.0 |
| | 7.2 |
|
| Finance, insurance and other, net | 124,369 |
| | 112,667 |
| | 10.4 |
| | 11.3 |
|
| Total gross profit | $ | 444,967 |
| | $ | 426,935 |
| | 4.2 |
| | 5.3 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 40,998 |
| | 42,035 |
| | (2.5 | ) | | |
| Retail used vehicles sold | 38,753 |
| | 37,107 |
| | 4.4 |
| | |
| Wholesale used vehicles sold | 12,648 |
| | 13,189 |
| | (4.1 | ) | | |
| Total used | 51,401 |
| | 50,296 |
| | 2.2 |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 37,397 |
| | $ | 36,072 |
| | 3.7 |
| | 5.3 |
|
| Used vehicle retail | $ | 21,192 |
| | $ | 21,646 |
| | (2.1 | ) | | (0.6 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,662 |
| | $ | 1,779 |
| | (6.6 | ) | | (5.3 | ) |
| Used vehicle retail sales | $ | 1,347 |
| | $ | 1,347 |
| | — |
| | 1.3 |
|
| Used vehicle wholesale sales | $ | — |
| | $ | 43 |
| | (100.0 | ) | | (103.4 | ) |
| Total used | $ | 1,016 |
| | $ | 1,005 |
| | 1.1 |
| | 2.3 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,559 |
| | $ | 1,424 |
| | 9.5 |
| | 10.4 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 331,688 |
| | $ | 315,906 |
| | 5.0 |
| | 6.4 |
|
Adjusted SG&A expenses (1) | $ | 327,696 |
| | $ | 310,885 |
| | 5.4 |
| | 6.8 |
|
| SG&A as % revenues | 11.3 |
| | 11.0 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.1 |
| | 10.8 |
| | | | |
| SG&A as % gross profit | 74.5 |
| | 74.0 |
| | | | |
Adjusted SG&A as % gross profit (1) | 73.6 |
| | 72.8 |
| | | | |
| Operating margin % | 3.2 |
| | 3.2 |
| | | | |
Adjusted operating margin % (1) | 3.4 |
| | 3.5 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Additional Information - Same Store Consolidated (1) |
| (Unaudited) |
| (Dollars in thousands, except per unit amounts) |
| | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/ (Decrease) | | Constant Currency (1) % Increase/(Decrease) |
| REVENUES | | | | | | | |
| New vehicle retail sales | $ | 2,875,260 |
| | $ | 2,972,070 |
| | (3.3 | ) | | (1.5 | ) |
| Used vehicle retail sales | 1,596,188 |
| | 1,559,578 |
| | 2.3 |
| | 4.1 |
|
| Used vehicle wholesale sales | 180,764 |
| | 191,238 |
| | (5.5 | ) | | (2.0 | ) |
| Total used | 1,776,952 |
| | 1,750,816 |
| | 1.5 |
| | 3.5 |
|
| Parts and service sales | 728,291 |
| | 680,412 |
| | 7.0 |
| | 8.4 |
|
| Finance, insurance and other, net | 233,452 |
| | 222,112 |
| | 5.1 |
| | 6.1 |
|
| Total revenues | $ | 5,613,955 |
| | $ | 5,625,410 |
| | (0.2 | ) | | 1.5 |
|
| GROSS MARGIN % | | | | | | | |
| New vehicle retail sales | 4.7 |
| | 5.0 |
| | | | |
| Used vehicle retail sales | 6.1 |
| | 5.9 |
| | | | |
| Used vehicle wholesale sales | 0.4 |
| | 1.2 |
| | | | |
| Total used | 5.5 |
| | 5.4 |
| | | | |
| Parts and service sales | 53.7 |
| | 54.2 |
| | | | |
| Finance, insurance and other, net | 100.0 |
| | 100.0 |
| | | | |
| Total gross margin | 15.3 |
| | 14.8 |
| | | | |
| GROSS PROFIT | | | | | | | |
| New vehicle retail sales | $ | 136,436 |
| | $ | 147,555 |
| | (7.5 | ) | | (5.9 | ) |
| Used vehicle retail sales | 97,728 |
| | 92,352 |
| | 5.8 |
| | 7.3 |
|
| Used vehicle wholesale sales | 712 |
| | 2,249 |
| | (68.3 | ) | | (68.5 | ) |
| Total used | 98,440 |
| | 94,601 |
| | 4.1 |
| | 5.5 |
|
| Parts and service sales | 391,026 |
| | 368,757 |
| | 6.0 |
| | 7.4 |
|
| Finance, insurance and other, net | 233,452 |
| | 222,112 |
| | 5.1 |
| | 6.1 |
|
| Total gross profit | $ | 859,354 |
| | $ | 833,025 |
| | 3.2 |
| | 4.4 |
|
| UNITS SOLD | | | | | | | |
| Retail new vehicles sold | 77,632 |
| | 81,766 |
| | (5.1 | ) | | |
| Retail used vehicles sold | 75,424 |
| | 72,182 |
| | 4.5 |
| | |
| Wholesale used vehicles sold | 24,850 |
| | 28,108 |
| | (11.6 | ) | | |
| Total used | 100,274 |
| | 100,290 |
| | — |
| | |
| AVERAGE RETAIL SALES PRICE | | | | | | | |
| New vehicle retail | $ | 37,037 |
| | $ | 36,348 |
| | 1.9 |
| | 3.7 |
|
| Used vehicle retail | $ | 21,163 |
| | $ | 21,606 |
| | (2.1 | ) | | (0.3 | ) |
| GROSS PROFIT PER UNIT SOLD | | | | | | | |
| New vehicle retail sales | $ | 1,757 |
| | $ | 1,805 |
| | (2.7 | ) | | (0.9 | ) |
| Used vehicle retail sales | $ | 1,296 |
| | $ | 1,279 |
| | 1.3 |
| | 2.7 |
|
| Used vehicle wholesale sales | $ | 29 |
| | $ | 80 |
| | (63.8 | ) | | (64.3 | ) |
| Total used | $ | 982 |
| | $ | 943 |
| | 4.1 |
| | 5.5 |
|
| Finance, insurance and other, net (per retail unit) | $ | 1,525 |
| | $ | 1,443 |
| | 5.7 |
| | 6.7 |
|
| OTHER | | | | | | | |
| SG&A expenses | $ | 647,325 |
| | $ | 627,872 |
| | 3.1 |
| | 4.6 |
|
Adjusted SG&A expenses (1) | $ | 640,607 |
| | $ | 622,851 |
| | 2.9 |
| | 4.4 |
|
| SG&A as % revenues | 11.5 |
| | 11.2 |
| | | | |
Adjusted SG&A as % revenues (1) | 11.4 |
| | 11.1 |
| | | | |
| SG&A as % gross profit | 75.3 |
| | 75.4 |
| | | | |
Adjusted SG&A as % gross profit (1) | 74.5 |
| | 74.8 |
| | | | |
| Operating margin % | 3.2 |
| | 3.0 |
| | | | |
Adjusted operating margin % (1) | 3.3 |
| | 3.2 |
| | | | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
|
| | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - U.S. (1) |
| (Unaudited) |
| (Dollars in thousands) |
| | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/ (Decrease) |
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 268,077 |
| | $ | 234,279 |
| | 14.4 |
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (3,992 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | — |
| | 20,119 |
| | |
| | Legal matters | — |
| | (2,000 | ) | | |
| | Adjusted SG&A | $ | 264,085 |
| | $ | 246,586 |
| | 7.1 |
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.8 |
| | 10.8 |
| | |
| | Adjusted | 11.6 |
| | 11.4 |
| | |
| SG&A AS % GROSS PROFIT: | | | | | |
| | Unadjusted | 71.2 |
| | 66.8 |
| | |
| | Adjusted | 70.1 |
| | 70.3 |
| | |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 4.1 |
| | 4.6 |
| | |
| | Adjusted (2) | 4.3 |
| | 4.2 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 2.8 |
| | 3.2 |
| | |
| | Adjusted (2) | 3.0 |
| | 2.8 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 263,184 |
| | $ | 244,896 |
| | 7.5 |
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (3,992 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | — |
| | 3,218 |
| | |
| | Legal matters | — |
| | (2,000 | ) | | |
| | Adjusted Same Store SG&A | $ | 259,192 |
| | $ | 240,302 |
| | 7.9 |
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.8 |
| | 11.6 |
| | |
| | Adjusted | 11.6 |
| | 11.4 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 71.1 |
| | 71.7 |
| | |
| | Adjusted | 70.0 |
| | 70.4 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 4.2 |
| | 3.9 |
| | |
| | Adjusted (3) | 4.4 |
| | 4.2 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as a non-cash asset impairment charge of $4.3 million for the three months ended June 30, 2018.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as a non-cash asset impairment charge of $2.9 million for the three months ended June 30, 2018.
|
| | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - U.S. (1) |
| (Unaudited) |
| (Dollars in thousands) |
| | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/ (Decrease) |
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 524,230 |
| | $ | 487,220 |
| | 7.6 |
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (5,965 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | 5,216 |
| | 20,119 |
| | |
| | Legal matters | (1,829 | ) | | (2,000 | ) | | |
| | Adjusted SG&A | $ | 521,652 |
| | $ | 499,527 |
| | 4.4 |
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 12.1 |
| | 11.4 |
| | |
| | Adjusted | 12.0 |
| | 11.7 |
| | |
| SG&A AS % OF GROSS PROFIT | | | | | |
| | Unadjusted | 72.4 |
| | 71.0 |
| | |
| | Adjusted | 72.1 |
| | 72.8 |
| | |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 4.0 |
| | 4.0 |
| | |
| | Adjusted (2) | 4.0 |
| | 3.8 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 2.5 |
| | 2.6 |
| | |
| | Adjusted (2) | 2.6 |
| | 2.4 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 516,471 |
| | $ | 489,849 |
| | 5.4 |
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (5,964 | ) | | (5,811 | ) | | |
| | Gain (loss) on real estate and dealership transactions | 1,076 |
| | 3,218 |
| | |
| | Legal matters | (1,829 | ) | | (2,000 | ) | | |
| | Adjusted Same Store SG&A | $ | 509,754 |
| | $ | 485,256 |
| | 5.0 |
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 12.2 |
| | 11.8 |
| | |
| | Adjusted | 12.0 |
| | 11.7 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 72.7 |
| | 73.3 |
| | |
| | Adjusted | 71.8 |
| | 72.6 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 3.9 |
| | 3.6 |
| | |
| | Adjusted (3) | 4.1 |
| | 3.8 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as a non-cash asset impairment charge of $4.3 million for the six months ended June 30, 2018.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as a non-cash asset impairment charge of $2.9 million for the six months ended June 30, 2018.
|
| | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Brazil (1) |
| (Unaudited) |
| (Dollars in thousands) |
| | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 11,602 |
| | $ | 11,555 |
| | 0.4 |
| | Pre-tax adjustments: |
|
| |
|
| | |
| | Gain (loss) on real estate and dealership transactions | 182 |
| | — |
| | |
| | Legal matters | 378 |
| | (550 | ) | | |
| | Adjusted SG&A | $ | 12,162 |
| | $ | 11,005 |
| | 10.5 |
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 10.3 |
| | 10.6 |
| | |
| | Adjusted | 10.8 |
| | 10.1 |
| | |
| SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 86.1 |
| | 91.1 |
| | |
| | Adjusted | 90.3 |
| | 86.7 |
| | |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 0.8 |
| | 0.6 |
| | |
| | Adjusted (2) | 0.8 |
| | 1.1 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 0.8 |
| | 0.2 |
| | |
| | Adjusted (2) | 0.8 |
| | 0.7 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 11,506 |
| | $ | 11,307 |
| | 1.8 |
| | Pre-tax adjustments: | | | | | |
| | Legal matters | — |
| | (427 | ) | | |
| | Adjusted Same Store SG&A | $ | 11,506 |
| | $ | 10,880 |
| | 5.8 |
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 10.9 |
| | 10.6 |
| | |
| | Adjusted | 10.9 |
| | 10.2 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 90.5 |
| | 89.9 |
| | |
| | Adjusted | 90.5 |
| | 86.5 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 0.2 |
| | 0.8 |
| | |
| | Adjusted (3) | 0.8 |
| | 1.2 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as a non-cash asset impairment charge of $0.5 million for the three months ended June 30, 2019.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as a non-cash asset impairment charge of $0.5 million for the three months ended June 30, 2019.
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Brazil (1) |
| (Unaudited) |
| (Dollars in thousands) |
| | | | | | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/ (Decrease) |
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 23,965 |
| | $ | 23,365 |
| | 2.6 |
|
| | Pre-tax adjustments: | | | | | |
| | Gain (loss) on real estate and dealership transactions | 182 |
| | — |
| | |
| | Legal matters | (194 | ) | | (550 | ) | | |
| | Adjusted SG&A | $ | 23,953 |
| | $ | 22,815 |
| | 5.0 |
|
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.1 |
| | 10.6 |
| | |
| | Adjusted | 11.1 |
| | 10.4 |
| | |
| SG&A AS % OF GROSS PROFIT | | | | | |
| | Unadjusted | 91.9 |
| | 92.3 |
| | |
| | Adjusted | 91.9 |
| | 90.1 |
| | |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 0.3 |
| | 0.5 |
| | |
| | Adjusted (2) | 0.6 |
| | 0.7 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 0.2 |
| | 0.1 |
| | |
| | Adjusted (2) | 0.5 |
| | 0.3 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 22,568 |
| | $ | 23,038 |
| | (2.0 | ) |
| | Pre-tax adjustments: | | | | | |
| | Legal matters | — |
| | (427 | ) | | |
| | Adjusted Same Store SG&A | $ | 22,568 |
| | $ | 22,611 |
| | (0.2 | ) |
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.4 |
| | 10.6 |
| | |
| | Adjusted | 11.4 |
| | 10.4 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 93.5 |
| | 91.4 |
| | |
| | Adjusted | 93.5 |
| | 89.7 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 0.1 |
| | 0.6 |
| | |
| | Adjusted (3) | 0.4 |
| | 0.8 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as a non-cash asset impairment charge of $0.5 million for the six months ended June 30, 2019.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as a non-cash asset impairment charge of $0.5 million for the six months ended June 30, 2019.
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated (1) |
| (Unaudited) |
| (Dollars in thousands, except per share amounts) |
| | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| NET INCOME (LOSS) RECONCILIATION | | | | | |
| | As reported | | | | | |
| | Pretax net income (loss) | $ | 63,233 |
| | $ | 75,188 |
| | |
| | Income tax benefit (provision) | (14,008 | ) | | (18,725 | ) | | |
| | Net income (loss) | $ | 49,225 |
| | $ | 56,463 |
| | (12.8 | ) |
| | Effective tax rate | 22.2 | % | | 24.9 | % | | |
| | Adjustments: | | | | | |
| | Catastrophic events | | | | | |
| | Pre-tax | $ | 3,992 |
| | $ | 5,812 |
| | |
| | Tax impact | $ | (963 | ) | | $ | (1,444 | ) | | |
| | (Gain) loss on real estate and dealership transactions | | | | | |
| | Pre-tax | $ | (182 | ) | | $ | (20,119 | ) | | |
| | Tax impact | $ | 533 |
| | $ | 4,917 |
| | |
| | Legal matters |
|
| |
|
| | |
| | Pre-tax | $ | (378 | ) | | $ | 2,550 |
| | |
| | Tax impact | $ | — |
| | $ | (568 | ) | | |
| | Non-cash asset impairment |
|
| |
|
| | |
| | Pre-tax | $ | 537 |
| | $ | 4,268 |
| | |
| | Tax impact | $ | — |
| | $ | (1,089 | ) | | |
| | Adjusted |
|
| |
|
| | |
| | Pretax net income (loss) | $ | 67,202 |
| | $ | 67,699 |
| | |
| | Income tax benefit (provision) | (14,438 | ) | | (16,909 | ) | | |
| | Adjusted net income (loss) | $ | 52,764 |
| | $ | 50,790 |
| | 3.9 |
|
| | Effective tax rate | 21.5 | % | | 25.0 | % | | |
| ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO DILUTED | | | | | |
| | COMMON SHARES RECONCILIATION | | | | | |
| | Adjusted net income (loss) | $ | 52,764 |
| | $ | 50,790 |
| | 3.9 |
|
| | Less: Adjusted earnings allocated to participating securities | 1,975 |
| | 1,722 |
| | 14.7 |
|
| | Adjusted net income (loss) available to diluted common shares | $ | 50,789 |
| | $ | 49,068 |
| | 3.5 |
|
| DILUTED INCOME (LOSS) PER COMMON SHARE RECONCILIATION | | | | | |
| | As reported | $ | 2.64 |
| | $ | 2.72 |
| | (2.9 | ) |
| | After-tax adjustments: | | | | | |
| | Catastrophic events | 0.16 |
| | 0.21 |
| | |
| | (Gain) loss on real estate and dealership transactions | 0.02 |
| | (0.73 | ) | | |
| | Legal matters | (0.02 | ) | | 0.10 |
| | |
| | Non-cash asset impairment | 0.03 |
| | 0.15 |
| | |
| | Adjusted diluted income (loss) per share | $ | 2.83 |
| | $ | 2.45 |
| | 15.5 |
|
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 338,715 |
| | $ | 308,092 |
| | 9.9 |
|
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (3,992 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | 182 |
| | 20,119 |
| | |
| | Legal matters | 378 |
| | (2,550 | ) | | |
| | Adjusted SG&A | $ | 335,283 |
| | $ | 319,849 |
| | 4.8 |
|
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.3 |
| | 10.5 |
| | |
| | Adjusted | 11.2 |
| | 10.9 |
| | |
| SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 74.6 |
| | 70.3 |
| | |
| | Adjusted | 73.8 |
| | 73.0 |
| | |
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated - (Continued) (1) |
| (Unaudited) |
| (Dollars in thousands, except per share amounts) |
| | | | | | | |
| | | Three Months Ended June 30, |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 3.2 |
| | 3.7 |
| | |
| | Adjusted (2) | 3.4 |
| | 3.5 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 2.1 |
| | 2.6 |
| | |
| | Adjusted (2) | 2.2 |
| | 2.3 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 331,688 |
| | $ | 315,906 |
| | 5.0 |
|
| | Pre-tax adjustments: | | | | | |
| | Catastrophic events | (3,992 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | — |
| | 3,218 |
| | |
| | Legal matters | — |
| | (2,427 | ) | | |
| | Adjusted Same Store SG&A | $ | 327,696 |
| | $ | 310,885 |
| | 5.4 |
|
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.3 |
| | 11.0 |
| | |
| | Adjusted | 11.1 |
| | 10.8 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 74.5 |
| | 74.0 |
| | |
| | Adjusted | 73.6 |
| | 72.8 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 3.2 |
| | 3.2 |
| | |
| | Adjusted (3) | 3.4 |
| | 3.5 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $0.5 million and $4.3 million for the three months ended June 30, 2019 and 2018.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $0.5 million and $2.9 million for the three months ended June 30, 2019 and 2018.
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated (1) |
| (Unaudited) |
| (Dollars in thousands, except per share amounts) |
| | | |
| | | Six Months Ended June 30, 2019 |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| NET INCOME (LOSS) RECONCILIATION | | | | | |
| | As reported | | | | | |
| | Pretax net income (loss) | $ | 115,409 |
| | $ | 121,355 |
| | |
| | Income tax benefit (provision) | (27,536 | ) | | (29,078 | ) | | |
| | Net income (loss) | $ | 87,873 |
| | $ | 92,277 |
| | (4.8 | ) |
| | Effective tax rate | 23.9 | % | | 24.0 | % | | |
| | Adjustments: | | | | | |
| | Catastrophic events |
|
| |
|
| | |
| | Pre-tax | $ | 5,965 |
| | $ | 5,812 |
| | |
| | Tax impact | $ | (1,482 | ) | | $ | (1,444 | ) | | |
| | (Gain) loss on real estate and dealership transactions |
|
| |
|
| | |
| | Pre-tax | $ | (5,398 | ) | | $ | (20,119 | ) | | |
| | Tax impact | $ | 1,914 |
| | $ | 4,917 |
| | |
| | Legal matters |
|
| |
|
| | |
| | Pre-tax | $ | 2,023 |
| | $ | 2,550 |
| | |
| | Tax impact | $ | (481 | ) | | $ | (568 | ) | | |
| | Non-cash asset impairment |
|
| |
|
| | |
| | Pre-tax | $ | 537 |
| | $ | 4,268 |
| | |
| | Tax impact | $ | — |
| | $ | (1,089 | ) | | |
| | Adjusted |
|
| |
|
| | |
| | Pretax net income (loss) | $ | 118,536 |
| | $ | 113,866 |
| | |
| | Income tax benefit (provision) | (27,585 | ) | | (27,262 | ) | | |
| | Adjusted net income (loss) | $ | 90,951 |
| | $ | 86,604 |
| | 5.0 |
|
| | Effective tax rate | 23.3 | % | | 23.9 | % | | |
| ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO DILUTED | | | | | |
| | COMMON SHARES RECONCILIATION | | | | | |
| | Adjusted net income (loss) | $ | 90,951 |
| | $ | 86,604 |
| | 5.0 |
|
| | Less: Adjusted earnings allocated to participating securities | 3,415 |
| | 2,930 |
| | 16.6 |
|
| | Adjusted net income (loss) available to diluted common shares | $ | 87,536 |
| | $ | 83,674 |
| | 4.6 |
|
| DILUTED INCOME (LOSS) PER COMMON SHARE RECONCILIATION | | | | | |
| | As reported | $ | 4.73 |
| | $ | 4.42 |
| | 7.0 |
|
| | After-tax adjustments: | | | | | |
| | Catastrophic events | 0.25 |
| | 0.21 |
| | |
| | (Gain) loss on real estate and dealership transactions | (0.19 | ) | | (0.73 | ) | | |
| | Legal matters | 0.08 |
| | 0.10 |
| | |
| | Non-cash asset impairment | 0.03 |
| | 0.15 |
| | |
| | Adjusted diluted income (loss) per share | $ | 4.90 |
| | $ | 4.15 |
| | 18.1 |
|
| SG&A RECONCILIATION | | | | | |
| | As reported | $ | 666,423 |
| | $ | 632,439 |
| | 5.4 |
|
| | Pre-tax adjustments: |
|
| |
|
| | |
| | Catastrophic events | (5,965 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | 5,398 |
| | 20,119 |
| | |
| | Legal matters | (2,023 | ) | | (2,550 | ) | | |
| | Adjusted SG&A | $ | 663,833 |
| | $ | 644,196 |
| | 3.0 |
|
| SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.5 |
| | 10.9 |
| | |
| | Adjusted | 11.4 |
| | 11.1 |
| | |
| SG&A AS % OF GROSS PROFIT | | | | | |
| | Unadjusted | 75.2 |
| | 73.7 |
| | |
| | Adjusted | 74.9 |
| | 75.1 |
| | |
|
| | | | | | | | | | | |
| Group 1 Automotive, Inc. |
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated - (Continued) (1) |
| (Unaudited) |
| (Dollars in thousands, except per share amounts) |
| | | | | | | |
| | | Six Months Ended June 30, 2019 |
| | | 2019 | | 2018 | | % Increase/(Decrease) |
| OPERATING MARGIN % | | | | | |
| | Unadjusted | 3.2 |
| | 3.2 |
| | |
| | Adjusted (2) | 3.2 |
| | 3.1 |
| | |
| PRETAX MARGIN % | | | | | |
| | Unadjusted | 2.0 |
| | 2.1 |
| | |
| | Adjusted (2) | 2.0 |
| | 2.0 |
| | |
| SAME STORE SG&A RECONCILIATION | | | | | |
| | As reported | $ | 647,325 |
| | $ | 627,872 |
| | 3.1 |
|
| | Pre-tax adjustments: |
|
| |
|
| | |
| | Catastrophic events | (5,965 | ) | | (5,812 | ) | | |
| | Gain (loss) on real estate and dealership transactions | 1,076 |
| | 3,218 |
| | |
| | Legal matters | (1,829 | ) | | (2,427 | ) | | |
| | Adjusted Same Store SG&A | $ | 640,607 |
| | $ | 622,851 |
| | 2.9 |
|
| SAME STORE SG&A AS % REVENUES | | | | | |
| | Unadjusted | 11.5 |
| | 11.2 |
| | |
| | Adjusted | 11.4 |
| | 11.1 |
| | |
| SAME STORE SG&A AS % GROSS PROFIT | | | | | |
| | Unadjusted | 75.3 |
| | 75.4 |
| | |
| | Adjusted | 74.5 |
| | 74.8 |
| | |
| SAME STORE OPERATING MARGIN % | | | | | |
| | Unadjusted | 3.2 |
| | 3.0 |
| | |
| | Adjusted (3) | 3.3 |
| | 3.2 |
| | |
(1) See the section of this release titled “Non-GAAP Financial Measures and Same Store Data.”
(2) Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $0.5 million and $4.3 million for the six months ended June 30, 2019 and 2018.
(3) Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $0.5 million and $2.9 million for the six months ended June 30, 2019 and 2018.
