HOUSTON, Oct. 27, 2015 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today reported record third quarter 2015 adjusted net income of $46.0 million, a 15.7 percent increase over the prior year. Adjusted diluted earnings per share of $1.91 were also a third quarter record, reflecting a 21.7 percent increase from the comparable, adjusted prior-year period.
These third quarter results exclude approximately $800 thousand of net, after-tax charges related to non-cash asset impairments. GAAP net income and diluted earnings per share were $45.3 million and $1.88, respectively. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
"We are delighted to announce an all-time quarterly revenue record of $2.8 billion," said Earl J. Hesterberg, Group 1's president and chief executive officer. "Continued expense leverage in the United States and strong top-line growth in both the U.S. and U.K. delivered a record third quarter adjusted diluted EPS of $1.91. We were particularly pleased with the double-digit growth in used vehicle unit Same Store sales that all three of our markets delivered this quarter. In addition, our U.K. operations had an outstanding quarter, with revenue up 39.6 percent on a constant currency basis. Finally, while overall market conditions continue to be challenging in Brazil, with new vehicle industry volumes declining over 25 percent on a year-over-year basis, our team in Brazil grew Same Store revenue by 7.1 percent on a constant currency basis and delivered another profitable quarter," Hesterberg added.
Consolidated Results for Third Quarter 2015 (year-over-year comparable basis)
- Total revenue increased 6.6 percent to an all-time quarterly record of $2.8 billion; total gross profit grew 6.3 percent, to $398.4 million, also an all-time quarterly record. On a constant currency basis, revenues were up 10.2 percent.
- New vehicle revenue increased 5.3 percent, reflecting 5.9 percent higher unit sales. On a Same Store basis, new unit sales increased 19.1 percent in the U.K., 4.4 percent in the U.S., and 1.3 percent in Brazil.
- Used vehicle retail revenue increased 11.6 percent, primarily reflecting 12.9 percent higher used retail unit sales. On a Same Store basis, used retail unit sales increased 10.3 percent in the U.S., 19.0 percent in the U.K., and 15.3 percent in Brazil.
- Parts and service gross profit increased 7.8 percent on revenue growth of 4.0 percent (7.0 percent on a constant currency basis). U.S. Same Store parts and service gross profit increased 9.4 percent on revenue growth of 6.6 percent.
- Finance and Insurance (F&I) gross profit increased 10.9 percent, as total retail units sold increased 8.7 percent and F&I per retail unit improved $27, to $1,352. U.S. Same Store F&I gross profit grew 10.8 percent, as F&I per retail unit improved $55, to $1,518.
- Adjusted selling, general and administrative (SG&A) expenses as a percent of gross profit improved 140 basis points, to 72.5 percent. On a GAAP basis, SG&A expenses as a percent of gross profit increased 200 basis points, to 72.5 percent.
- Adjusted operating margin improved 20 basis points, to 3.5 percent. On a GAAP basis, operating margin improved 10 basis points, to 3.5 percent.
Segment Results for Third Quarter 2015 (year-over-year comparable basis)
- United States:
The Company's U.S. operations accounted for 83.7 percent of total revenues and 87.4 percent of total gross profit. Total U.S. revenues increased 7.7 percent, to $2.3 billion. This increase reflects improvements in all areas of the business, including growth of 6.6 percent and 10.2 percent in new and total used vehicle sales, respectively, and a 12.0 percent increase in F&I revenue, driven by the increase in volume and improved income per retail unit of $65 to $1,515. In addition, parts and service revenue increased 6.1 percent. The higher revenue and expanded parts and service gross margin of 180 basis points drove total U.S. gross profit growth of 8.2 percent.
On a comparable basis, adjusted SG&A expenses as a percent of gross margin improved 150 basis points to 71.4 percent and adjusted operating margin grew 20 basis points to 3.8 percent.
- United Kingdom:
The Company's U.K. operations accounted for 11.7 percent of total revenues and 9.1 percent of total gross profit. Total revenue increased 29.8 percent (39.6 percent on a constant currency basis) to $327.4 million, and gross profit increased 21.5 percent (30.5 percent on a constant currency basis). The revenue increase was driven by new vehicle retail growth of 34.2 percent, total used vehicle growth of 25.1 percent, parts and service growth of 23.1 percent, and an F&I revenue increase of 27.0 percent.
- Brazil: The Company's Brazil operations accounted for 4.6 percent of total revenues and 3.5 percent of total gross profit. On a Same Store constant currency basis, revenues increased 7.1 percent, driven by a 1.3 percent increase in new vehicle retail unit sales, a 15.3 percent increase in used retail unit sales, and a 3.7 percent increase in parts and service revenues.
Corporate Development
During the third quarter of 2015, the Company acquired Mercedes-Benz, Sprinter, and Smart franchises within the greater metropolitan area of Austin, Texas that are expected to generate approximately $100 million in annual revenues.
Year to date, the Company has acquired five franchises that are expected to generate approximately $340 million in annual revenues and disposed of four franchises that generated trailing-twelve-month revenues of approximately $30 million.
Share Repurchase Authorization
During the quarter, the Company repurchased 443,447 shares at an average price per share of $85.69 for a total of $38.0 million. Year to date, the Company has repurchased approximately 850,000 shares at an average price of $83.67 for a total of $71.1 million. As of September 30, 2015, $28.3 million remains available under the Company's prior common stock share repurchase authorization. Future repurchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions.
Third Quarter Earnings Conference Call Details
The Company's senior management will host a conference call today at 10 a.m. ET to discuss the third 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
|
|
Access Code:
|
5636460
|
A telephonic replay will be available following the call through November 20, 2015 at 11:59 p.m. ET by dialing:
|
Domestic:
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Access Code:
|
10074627
|
About Group 1 Automotive, Inc.
Group 1 owns and operates 153 automotive dealerships, 200 franchises, and 35 collision centers in the United States, the United Kingdom and Brazil that offer 32 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
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.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. 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
|
Group 1 Automotive, Inc.
|
|
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
New vehicle retail sales
|
$ 1,601,213
|
|
$ 1,521,246
|
|
5.3
|
|
Used vehicle retail sales
|
687,637
|
|
615,924
|
|
11.6
|
|
Used vehicle wholesale sales
|
100,483
|
|
100,347
|
|
0.1
|
|
Parts and service
|
303,557
|
|
291,816
|
|
4.0
|
|
Finance and insurance
|
107,679
|
|
97,115
|
|
10.9
|
|
Total revenues
|
2,800,569
|
|
2,626,448
|
|
6.6
|
|
|
|
|
|
|
|
COST OF SALES:
|
|
|
|
|
|
|
New vehicle retail sales
|
1,521,721
|
|
1,441,016
|
|
5.6
|
|
Used vehicle retail sales
|
641,055
|
|
571,613
|
|
12.1
|
|
Used vehicle wholesale sales
|
102,318
|
|
101,643
|
|
0.7
|
|
Parts and service
|
137,093
|
|
137,467
|
|
(0.3)
|
|
Total cost of sales
|
2,402,187
|
|
2,251,739
|
|
6.7
|
|
|
|
|
|
|
|
GROSS PROFIT
|
398,382
|
|
374,709
|
|
6.3
|
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
289,012
|
|
264,233
|
|
9.4
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION EXPENSE
|
11,811
|
|
10,746
|
|
9.9
|
|
|
|
|
|
|
|
ASSET IMPAIRMENTS
|
916
|
|
9,373
|
|
(90.2)
|
|
|
|
|
|
|
|
OPERATING INCOME
|
96,643
|
|
90,357
|
|
7.0
|
|
|
|
|
|
|
|
OTHER EXPENSE:
|
|
|
|
|
|
|
Floorplan interest expense
|
(9,685)
|
|
(10,452)
|
|
(7.3)
|
|
Other interest expense, net
|
(13,922)
|
|
(13,246)
|
|
5.1
|
|
Loss on extinguishment of long-term debt
|
—
|
|
(22,790)
|
|
(100.0)
|
|
INCOME BEFORE INCOME TAXES
|
73,036
|
|
43,869
|
|
66.5
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
(27,775)
|
|
(17,707)
|
|
56.9
|
|
|
|
|
|
|
|
NET INCOME
|
$ 45,261
|
|
$ 26,162
|
|
73.0
|
|
Earnings allocated to participating securities
|
$ (1,729)
|
|
$ (1,000)
|
|
72.9
|
|
Earnings available to diluted common shares
|
$ 43,532
|
|
$ 25,162
|
|
73.0
|
|
DILUTED EARNINGS PER SHARE
|
$ 1.88
|
|
$ 1.03
|
|
82.5
|
|
Weighted average dilutive common shares outstanding
|
23,137
|
|
24,432
|
|
(5.3)
|
|
Weighted average participating securities
|
925
|
|
971
|
|
(4.7)
|
|
Total weighted average shares outstanding
|
24,062
|
|
25,403
|
|
(5.3)
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
New vehicle retail sales
|
$ 4,468,200
|
|
$ 4,256,146
|
|
5.0
|
|
Used vehicle retail sales
|
1,993,124
|
|
1,743,071
|
|
14.3
|
|
Used vehicle wholesale sales
|
302,186
|
|
284,491
|
|
6.2
|
|
Parts and service
|
888,939
|
|
844,340
|
|
5.3
|
|
Finance and insurance
|
307,454
|
|
270,901
|
|
13.5
|
|
Total revenues
|
7,959,903
|
|
7,398,949
|
|
7.6
|
|
|
|
|
|
|
|
COST OF SALES:
|
|
|
|
|
|
|
New vehicle retail sales
|
4,242,847
|
|
4,028,164
|
|
5.3
|
|
Used vehicle retail sales
|
1,854,361
|
|
1,610,293
|
|
15.2
|
|
Used vehicle wholesale sales
|
302,276
|
|
281,434
|
|
7.4
|
|
Parts and service
|
406,580
|
|
397,079
|
|
2.4
|
|
Total cost of sales
|
6,806,064
|
|
6,316,970
|
|
7.7
|
|
|
|
|
|
|
|
GROSS PROFIT
|
1,153,839
|
|
1,081,979
|
|
6.6
|
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
841,050
|
|
793,761
|
|
6.0
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION EXPENSE
|
35,441
|
|
31,424
|
|
12.8
|
|
|
|
|
|
|
|
ASSET IMPAIRMENTS
|
1,955
|
|
11,094
|
|
(82.4)
|
|
|
|
|
|
|
|
OPERATING INCOME
|
275,393
|
|
245,700
|
|
12.1
|
|
|
|
|
|
|
|
OTHER EXPENSE:
|
|
|
|
|
|
|
Floorplan interest expense
|
(29,046)
|
|
(31,695)
|
|
(8.4)
|
|
Other interest expense, net
|
(42,061)
|
|
(36,326)
|
|
15.8
|
|
Loss on extinguishment of long-term debt
|
—
|
|
(46,403)
|
|
(100.0)
|
|
INCOME BEFORE INCOME TAXES
|
204,286
|
|
131,276
|
|
55.6
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
(76,901)
|
|
(56,949)
|
|
35.0
|
|
|
|
|
|
|
|
NET INCOME
|
$ 127,385
|
|
$ 74,327
|
|
71.4
|
|
Earnings allocated to participating securities
|
$ (4,905)
|
|
$ (2,769)
|
|
77.1
|
|
Earnings available to diluted common shares
|
$ 122,480
|
|
$ 71,558
|
|
71.2
|
|
DILUTED EARNINGS PER SHARE
|
$ 5.26
|
|
$ 2.82
|
|
86.5
|
|
Weighted average dilutive common shares outstanding
|
23,298
|
|
25,363
|
|
(8.1)
|
|
Weighted average participating securities
|
934
|
|
973
|
|
(4.0)
|
|
Total weighted average shares outstanding
|
24,232
|
|
26,336
|
|
(8.0)
|
|
Group 1 Automotive, Inc.
|
|
Consolidated Balance Sheets
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
ASSETS:
|
|
(Unaudited)
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 21,968
|
|
$ 40,975
|
|
(46.4)
|
|
Contracts in transit and vehicle receivables, net
|
|
205,636
|
|
237,448
|
|
(13.4)
|
|
Accounts and notes receivable, net
|
|
147,110
|
|
151,330
|
|
(2.8)
|
|
Inventories, net
|
|
1,634,421
|
|
1,556,705
|
|
5.0
|
|
Deferred income taxes
|
|
13,099
|
|
11,062
|
|
18.4
|
|
Prepaid expenses and other current assets
|
|
22,556
|
|
37,699
|
|
(40.2)
|
|
Total current assets
|
|
2,044,790
|
|
2,035,219
|
|
0.5
|
|
PROPERTY AND EQUIPMENT, net
|
|
978,892
|
|
950,388
|
|
3.0
|
|
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS
|
|
1,252,402
|
|
1,134,324
|
|
10.4
|
|
OTHER ASSETS
|
|
15,966
|
|
21,561
|
|
(25.9)
|
|
Total assets
|
|
$ 4,292,050
|
|
$ 4,141,492
|
|
3.6
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Floorplan notes payable - credit facility and other
|
|
$ 1,177,513
|
|
$ 1,143,246
|
|
3.0
|
|
Offset account related to floorplan notes payable - credit facility
|
|
(28,073)
|
|
(39,616)
|
|
(29.1)
|
|
Floorplan notes payable - manufacturer affiliates
|
|
347,657
|
|
307,656
|
|
13.0
|
|
Offset account related to floorplan notes payable - manufacturer affiliates
|
|
(20,001)
|
|
(22,500)
|
|
(11.1)
|
|
Current maturities of long-term debt
|
|
55,959
|
|
72,630
|
|
(23.0)
|
|
Accounts payable
|
|
290,509
|
|
288,320
|
|
0.8
|
|
Accrued expenses
|
|
158,283
|
|
172,463
|
|
(8.2)
|
|
Total current liabilities
|
|
1,981,847
|
|
1,922,199
|
|
3.1
|
|
5.00% SENIOR NOTES (aggregate principal of $550,000 at September 30, 2015 and December 31, 2014)
|
|
540,957
|
|
540,100
|
|
0.2
|
|
REAL ESTATE CREDIT FACILITY, net of current maturities
|
|
24,594
|
|
27,099
|
|
(9.2)
|
|
ACQUISITION LINE
|
|
138,201
|
|
69,713
|
|
98.2
|
|
OTHER REAL ESTATE RELATED AND LONG-TERM DEBT, net of current maturities
|
|
331,194
|
|
319,984
|
|
3.5
|
|
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities
|
|
49,215
|
|
51,941
|
|
(5.2)
|
|
DEFERRED INCOME TAXES
|
|
147,296
|
|
141,239
|
|
4.3
|
|
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES
|
|
39,724
|
|
25,311
|
|
56.9
|
|
OTHER LIABILITIES
|
|
69,694
|
|
65,896
|
|
5.8
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
Common stock
|
|
257
|
|
257
|
|
-
|
|
Additional paid-in capital
|
|
288,754
|
|
286,854
|
|
0.7
|
|
Retained earnings
|
|
964,703
|
|
852,057
|
|
13.2
|
|
Accumulated other comprehensive loss
|
|
(145,805)
|
|
(81,984)
|
|
77.8
|
|
Treasury stock
|
|
(138,581)
|
|
(79,174)
|
|
75.0
|
|
Total stockholders' equity
|
|
969,328
|
|
978,010
|
|
(0.9)
|
|
Total liabilities and stockholders' equity
|
|
$ 4,292,050
|
|
$ 4,141,492
|
|
3.6
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Consolidated
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2015 (%)
|
|
2014 (%)
|
|
2015 (%)
|
|
2014 (%)
|
|
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
|
|
Region
|
Geographic Market
|
|
|
|
|
|
|
|
|
|
East
|
Massachusetts
|
|
6.0
|
|
6.6
|
|
6.1
|
|
5.9
|
|
Georgia
|
|
4.5
|
|
4.8
|
|
4.6
|
|
4.7
|
|
New Jersey
|
|
2.3
|
|
2.7
|
|
2.3
|
|
3.2
|
|
Florida
|
|
2.3
|
|
1.4
|
|
2.0
|
|
1.4
|
|
New Hampshire
|
|
2.1
|
|
2.1
|
|
2.0
|
|
2.2
|
|
Louisiana
|
|
1.5
|
|
1.6
|
|
1.6
|
|
1.7
|
|
Mississippi
|
|
1.5
|
|
1.4
|
|
1.5
|
|
1.4
|
|
South Carolina
|
|
1.4
|
|
1.6
|
|
1.4
|
|
1.5
|
|
Alabama
|
|
0.6
|
|
0.7
|
|
0.7
|
|
0.8
|
|
Maryland
|
|
0.5
|
|
0.5
|
|
0.5
|
|
0.5
|
|
New York
|
|
—
|
|
1.2
|
|
—
|
|
1.7
|
|
|
|
22.7
|
|
24.6
|
|
22.7
|
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
West
|
Texas
|
|
38.6
|
|
37.1
|
|
38.4
|
|
35.4
|
|
California
|
|
9.5
|
|
9.3
|
|
9.7
|
|
9.6
|
|
Oklahoma
|
|
7.8
|
|
8.6
|
|
7.7
|
|
8.4
|
|
Kansas
|
|
2.0
|
|
2.1
|
|
2.1
|
|
2.3
|
|
Louisiana
|
|
0.7
|
|
0.6
|
|
0.7
|
|
0.6
|
|
|
|
58.6
|
|
57.7
|
|
58.6
|
|
56.3
|
|
|
|
|
|
|
|
|
|
|
|
International
|
United Kingdom
|
|
11.1
|
|
8.5
|
|
11.0
|
|
8.9
|
|
Brazil
|
|
7.6
|
|
9.2
|
|
7.7
|
|
9.8
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT SALES BRAND MIX:
|
|
|
|
|
|
|
|
|
|
Toyota/Scion/Lexus
|
|
26.6
|
|
28.3
|
|
26.6
|
|
27.2
|
|
Ford/Lincoln
|
|
11.6
|
|
10.4
|
|
11.6
|
|
11.1
|
|
BMW/MINI
|
|
11.3
|
|
10.7
|
|
11.4
|
|
11.2
|
|
Honda/Acura
|
|
11.1
|
|
10.5
|
|
10.9
|
|
11.2
|
|
Nissan
|
|
8.0
|
|
8.9
|
|
8.4
|
|
9.3
|
|
Chevrolet/GMC/Buick/Cadillac
|
|
7.8
|
|
7.0
|
|
7.5
|
|
6.0
|
|
Volkswagen/Audi/Porsche
|
|
7.7
|
|
6.2
|
|
7.0
|
|
6.3
|
|
Hyundai/Kia
|
|
5.4
|
|
5.7
|
|
5.8
|
|
5.5
|
|
Chrysler/Dodge/Jeep/RAM
|
|
4.6
|
|
4.4
|
|
4.6
|
|
4.4
|
|
Mercedes-Benz/smart/Sprinter
|
|
3.8
|
|
4.2
|
|
4.1
|
|
4.2
|
|
Other
|
|
2.1
|
|
3.7
|
|
2.1
|
|
3.6
|
|
|
|
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 September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,327,049
|
|
$ 1,245,430
|
|
6.6
|
|
Used vehicle retail sales
|
|
577,426
|
|
515,911
|
|
11.9
|
|
Used vehicle wholesale sales
|
|
74,161
|
|
75,272
|
|
(1.5)
|
|
Total used
|
|
651,587
|
|
591,183
|
|
10.2
|
|
Parts and service
|
|
264,979
|
|
249,724
|
|
6.1
|
|
Finance and insurance
|
|
99,952
|
|
89,268
|
|
12.0
|
|
Total
|
|
$ 2,343,567
|
|
$ 2,175,605
|
|
7.7
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
4.7
|
|
5.0
|
|
|
|
Used vehicle retail sales
|
|
7.1
|
|
7.4
|
|
|
|
Used vehicle wholesale sales
|
|
(2.5)
|
|
(1.9)
|
|
|
|
Total used
|
|
6.0
|
|
6.2
|
|
|
|
Parts and service
|
|
55.4
|
|
53.6
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
14.9
|
|
14.8
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 62,428
|
|
$ 61,975
|
|
0.7
|
|
Used vehicle retail sales
|
|
41,053
|
|
38,251
|
|
7.3
|
|
Used vehicle wholesale sales
|
|
(1,855)
|
|
(1,431)
|
|
29.6
|
|
Total used
|
|
39,198
|
|
36,820
|
|
6.5
|
|
Parts and service
|
|
146,737
|
|
133,874
|
|
9.6
|
|
Finance and insurance
|
|
99,952
|
|
89,268
|
|
12.0
|
|
Total
|
|
$ 348,315
|
|
$ 321,937
|
|
8.2
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
38,331
|
|
36,649
|
|
4.6
|
|
Retail used vehicles sold
|
|
27,664
|
|
24,917
|
|
11.0
|
|
Wholesale used vehicles sold
|
|
11,733
|
|
11,984
|
|
(2.1)
|
|
Total used
|
|
39,397
|
|
36,901
|
|
6.8
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,621
|
|
$ 33,983
|
|
1.9
|
|
Used vehicle retail
|
|
$ 20,873
|
|
$ 20,705
|
|
0.8
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,629
|
|
$ 1,691
|
|
(3.7)
|
|
Used vehicle retail sales
|
|
1,484
|
|
1,535
|
|
(3.3)
|
|
Used vehicle wholesale sales
|
|
(158)
|
|
(119)
|
|
32.8
|
|
Total used
|
|
995
|
|
998
|
|
(0.3)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,515
|
|
$ 1,450
|
|
4.5
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 248,771
|
|
$ 234,849
|
|
5.9
|
|
SG&A as % revenues
|
|
10.6
|
|
10.8
|
|
|
|
SG&A as % gross profit
|
|
71.4
|
|
72.9
|
|
|
|
Operating margin %
|
|
3.8
|
|
3.6
|
|
|
|
Pretax margin %
|
|
2.9
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (8,964)
|
|
$ (8,543)
|
|
4.9
|
|
Floorplan assistance
|
|
13,344
|
|
11,876
|
|
12.4
|
|
Net floorplan income
|
|
$ 4,380
|
|
$ 3,333
|
|
31.4
|
|
Other interest expense, net
|
|
$ (12,737)
|
|
$ (12,265)
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 3,693,777
|
|
$ 3,449,303
|
|
7.1
|
|
Used vehicle retail sales
|
|
1,661,932
|
|
1,440,473
|
|
15.4
|
|
Used vehicle wholesale sales
|
|
217,032
|
|
208,392
|
|
4.1
|
|
Total used
|
|
1,878,964
|
|
1,648,865
|
|
14.0
|
|
Parts and service
|
|
771,986
|
|
723,839
|
|
6.7
|
|
Finance and insurance
|
|
284,787
|
|
248,820
|
|
14.5
|
|
Total
|
|
$ 6,629,514
|
|
$ 6,070,827
|
|
9.2
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
4.8
|
|
5.1
|
|
|
|
Used vehicle retail sales
|
|
7.3
|
|
8.0
|
|
|
|
Used vehicle wholesale sales
|
|
(0.1)
|
|
0.9
|
|
|
|
Total used
|
|
6.5
|
|
7.1
|
|
|
|
Parts and service
|
|
54.8
|
|
53.6
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
15.2
|
|
15.3
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 175,549
|
|
$ 175,006
|
|
0.3
|
|
Used vehicle retail sales
|
|
121,906
|
|
114,613
|
|
6.4
|
|
Used vehicle wholesale sales
|
|
(167)
|
|
1,964
|
|
(108.5)
|
|
Total used
|
|
121,739
|
|
116,577
|
|
4.4
|
|
Parts and service
|
|
422,912
|
|
388,042
|
|
9.0
|
|
Finance and insurance
|
|
284,787
|
|
248,820
|
|
14.5
|
|
Total
|
|
$ 1,004,987
|
|
$ 928,445
|
|
8.2
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
106,651
|
|
101,281
|
|
5.3
|
|
Retail used vehicles sold
|
|
79,647
|
|
70,367
|
|
13.2
|
|
Wholesale used vehicles sold
|
|
33,542
|
|
32,395
|
|
3.5
|
|
Total used
|
|
113,189
|
|
102,762
|
|
10.1
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,634
|
|
$ 34,057
|
|
1.7
|
|
Used vehicle retail
|
|
$ 20,866
|
|
$ 20,471
|
|
1.9
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,646
|
|
$ 1,728
|
|
(4.7)
|
|
Used vehicle retail sales
|
|
1,531
|
|
1,629
|
|
(6.0)
|
|
Used vehicle wholesale sales
|
|
(5)
|
|
61
|
|
(108.2)
|
|
Total used
|
|
1,076
|
|
1,134
|
|
(5.1)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,529
|
|
$ 1,450
|
|
5.4
|
|
|
|
|
|
|
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 717,708
|
|
$ 677,142
|
|
6.0
|
|
SG&A as % revenues
|
|
10.8
|
|
11.2
|
|
|
|
SG&A as % gross profit
|
|
71.4
|
|
72.9
|
|
|
|
Operating margin %
|
|
3.9
|
|
3.7
|
|
|
|
Pretax margin %
|
|
2.9
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (26,440)
|
|
$ (25,489)
|
|
3.7
|
|
Floorplan assistance
|
|
36,503
|
|
32,969
|
|
10.7
|
|
Net floorplan income
|
|
$ 10,063
|
|
$ 7,480
|
|
34.5
|
|
Other interest expense, net
|
|
$ (38,534)
|
|
$ (34,327)
|
|
12.3
|
|
|
|
|
|
|
|
|
(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - U.K.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 180,967
|
|
$ 134,859
|
|
34.2
|
|
44.0
|
|
Used vehicle retail sales
|
|
89,321
|
|
70,163
|
|
27.3
|
|
37.1
|
|
Used vehicle wholesale sales
|
|
24,859
|
|
21,110
|
|
17.8
|
|
27.0
|
|
Total used
|
|
114,180
|
|
91,273
|
|
25.1
|
|
34.8
|
|
Parts and service
|
|
26,193
|
|
21,272
|
|
23.1
|
|
32.7
|
|
Finance and insurance
|
|
6,091
|
|
4,797
|
|
27.0
|
|
36.6
|
|
Total
|
|
$ 327,431
|
|
$ 252,201
|
|
29.8
|
|
39.6
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.1
|
|
6.9
|
|
|
|
|
|
Used vehicle retail sales
|
|
5.2
|
|
5.9
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(0.3)
|
|
(0.8)
|
|
|
|
|
|
Total used
|
|
4.0
|
|
4.4
|
|
|
|
|
|
Parts and service
|
|
55.6
|
|
55.2
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.1
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 11,060
|
|
$ 9,305
|
|
18.9
|
|
27.0
|
|
Used vehicle retail sales
|
|
4,631
|
|
4,165
|
|
11.2
|
|
19.5
|
|
Used vehicle wholesale sales
|
|
(73)
|
|
(174)
|
|
(58.0)
|
|
(53.4)
|
|
Total used
|
|
4,558
|
|
3,991
|
|
14.2
|
|
22.7
|
|
Parts and service
|
|
14,554
|
|
11,746
|
|
23.9
|
|
33.5
|
|
Finance and insurance
|
|
6,091
|
|
4,797
|
|
27.0
|
|
36.6
|
|
Total
|
|
$ 36,263
|
|
$ 29,839
|
|
21.5
|
|
30.5
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
5,213
|
|
3,773
|
|
38.2
|
|
|
|
Retail used vehicles sold
|
|
3,582
|
|
2,649
|
|
35.2
|
|
|
|
Wholesale used vehicles sold
|
|
2,791
|
|
2,183
|
|
27.9
|
|
|
|
Total used
|
|
6,373
|
|
4,832
|
|
31.9
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,715
|
|
$ 35,743
|
|
(2.9)
|
|
4.2
|
|
Used vehicle retail
|
|
$ 24,936
|
|
$ 26,487
|
|
(5.9)
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,122
|
|
$ 2,466
|
|
(13.9)
|
|
(8.1)
|
|
Used vehicle retail sales
|
|
1,293
|
|
1,572
|
|
(17.7)
|
|
(11.6)
|
|
Used vehicle wholesale sales
|
|
(26)
|
|
(80)
|
|
(67.5)
|
|
(63.5)
|
|
Total used
|
|
715
|
|
826
|
|
(13.4)
|
|
(6.9)
|
|
Finance and insurance (per retail unit)
|
|
$ 693
|
|
$ 747
|
|
(7.2)
|
|
(0.2)
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 28,124
|
|
$ 22,275
|
|
26.3
|
|
36.0
|
|
SG&A as % revenues
|
|
8.6
|
|
8.8
|
|
|
|
|
|
SG&A as % gross profit
|
|
77.6
|
|
74.7
|
|
|
|
|
|
Operating margin %
|
|
2.2
|
|
2.7
|
|
|
|
|
|
Pretax margin %
|
|
1.7
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (625)
|
|
$ (419)
|
|
49.2
|
|
|
|
Floorplan assistance
|
|
201
|
|
246
|
|
(18.3)
|
|
|
|
Net floorplan expense
|
|
$ (424)
|
|
$ (173)
|
|
145.1
|
|
|
|
Other interest expense, net
|
|
$ (780)
|
|
$ (442)
|
|
76.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 492,424
|
|
$ 397,263
|
|
24.0
|
|
35.1
|
|
Used vehicle retail sales
|
|
269,629
|
|
214,900
|
|
25.5
|
|
36.7
|
|
Used vehicle wholesale sales
|
|
78,692
|
|
62,304
|
|
26.3
|
|
37.8
|
|
Total used
|
|
348,321
|
|
277,204
|
|
25.7
|
|
37.0
|
|
Parts and service
|
|
76,983
|
|
62,843
|
|
22.5
|
|
33.4
|
|
Finance and insurance
|
|
17,411
|
|
13,916
|
|
25.1
|
|
36.3
|
|
Total
|
|
$ 935,139
|
|
$ 751,226
|
|
24.5
|
|
35.6
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.3
|
|
6.8
|
|
|
|
|
|
Used vehicle retail sales
|
|
5.3
|
|
5.9
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(0.5)
|
|
—
|
|
|
|
|
|
Total used
|
|
4.0
|
|
4.6
|
|
|
|
|
|
Parts and service
|
|
55.0
|
|
55.1
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.2
|
|
11.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 30,802
|
|
$ 26,843
|
|
14.7
|
|
25.0
|
|
Used vehicle retail sales
|
|
14,164
|
|
12,684
|
|
11.7
|
|
21.7
|
|
Used vehicle wholesale sales
|
|
(385)
|
|
(4)
|
|
9,525.0
|
|
9,647.3
|
|
Total used
|
|
13,779
|
|
12,680
|
|
8.7
|
|
18.5
|
|
Parts and service
|
|
42,345
|
|
34,655
|
|
22.2
|
|
33.1
|
|
Finance and insurance
|
|
17,411
|
|
13,916
|
|
25.1
|
|
36.3
|
|
Total
|
|
$ 104,337
|
|
$ 88,094
|
|
18.4
|
|
29.0
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
14,408
|
|
11,144
|
|
29.3
|
|
|
|
Retail used vehicles sold
|
|
10,863
|
|
8,108
|
|
34.0
|
|
|
|
Wholesale used vehicles sold
|
|
8,682
|
|
6,539
|
|
32.8
|
|
|
|
Total used
|
|
19,545
|
|
14,647
|
|
33.4
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,177
|
|
$ 35,648
|
|
(4.1)
|
|
4.5
|
|
Used vehicle retail
|
|
$ 24,821
|
|
$ 26,505
|
|
(6.4)
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,138
|
|
$ 2,409
|
|
(11.2)
|
|
(3.3)
|
|
Used vehicle retail sales
|
|
1,304
|
|
1,564
|
|
(16.6)
|
|
(9.1)
|
|
Used vehicle wholesale sales
|
|
(44)
|
|
(1)
|
|
4,300.0
|
|
7,241.4
|
|
Total used
|
|
705
|
|
866
|
|
(18.6)
|
|
(11.2)
|
|
Finance and insurance (per retail unit)
|
|
$ 689
|
|
$ 723
|
|
(4.7)
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
OTHER:(1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 81,320
|
|
$ 67,063
|
|
21.3
|
|
32.1
|
|
SG&A as % revenues
|
|
8.7
|
|
8.9
|
|
|
|
|
|
SG&A as % gross profit
|
|
77.9
|
|
76.1
|
|
|
|
|
|
Operating margin %
|
|
2.1
|
|
2.5
|
|
|
|
|
|
Pretax margin %
|
|
1.7
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (1,689)
|
|
$ (1,188)
|
|
42.2
|
|
|
|
Floorplan assistance
|
|
584
|
|
504
|
|
15.9
|
|
|
|
Net floorplan expense
|
|
$ (1,105)
|
|
$ (684)
|
|
61.5
|
|
|
|
Other interest expense, net
|
|
$ (2,339)
|
|
$ (1,402)
|
|
66.8
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Brazil
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 93,197
|
|
$ 140,957
|
|
(33.9)
|
|
1.8
|
|
Used vehicle retail sales
|
|
20,890
|
|
29,850
|
|
(30.0)
|
|
8.1
|
|
Used vehicle wholesale sales
|
|
1,463
|
|
3,965
|
|
(63.1)
|
|
(44.5)
|
|
Total used
|
|
22,353
|
|
33,815
|
|
(33.9)
|
|
2.0
|
|
Parts and service
|
|
12,385
|
|
20,820
|
|
(40.5)
|
|
(8.1)
|
|
Finance and insurance
|
|
1,636
|
|
3,050
|
|
(46.4)
|
|
(15.7)
|
|
Total
|
|
$ 129,571
|
|
$ 198,642
|
|
(34.8)
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.4
|
|
6.3
|
|
|
|
|
|
Used vehicle retail sales
|
|
4.3
|
|
6.3
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
6.4
|
|
7.8
|
|
|
|
|
|
Total used
|
|
4.4
|
|
6.5
|
|
|
|
|
|
Parts and service
|
|
41.8
|
|
41.9
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
10.7
|
|
11.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 6,004
|
|
$ 8,950
|
|
(32.9)
|
|
2.7
|
|
Used vehicle retail sales
|
|
898
|
|
1,895
|
|
(52.6)
|
|
(26.8)
|
|
Used vehicle wholesale sales
|
|
93
|
|
309
|
|
(69.9)
|
|
(55.1)
|
|
Total used
|
|
991
|
|
2,204
|
|
(55.0)
|
|
(30.8)
|
|
Parts and service
|
|
5,173
|
|
8,729
|
|
(40.7)
|
|
(8.5)
|
|
Finance and insurance
|
|
1,636
|
|
3,050
|
|
(46.4)
|
|
(15.7)
|
|
Total
|
|
$ 13,804
|
|
$ 22,933
|
|
(39.8)
|
|
(7.2)
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
3,582
|
|
4,072
|
|
(12.0)
|
|
|
|
Retail used vehicles sold
|
|
1,245
|
|
1,210
|
|
2.9
|
|
|
|
Wholesale used vehicles sold
|
|
402
|
|
583
|
|
(31.0)
|
|
|
|
Total used
|
|
1,647
|
|
1,793
|
|
(8.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 26,018
|
|
$ 34,616
|
|
(24.8)
|
|
15.7
|
|
Used vehicle retail
|
|
$ 16,779
|
|
$ 24,669
|
|
(32.0)
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,676
|
|
$ 2,198
|
|
(23.7)
|
|
16.7
|
|
Used vehicle retail sales
|
|
721
|
|
1,566
|
|
(54.0)
|
|
(28.9)
|
|
Used vehicle wholesale sales
|
|
231
|
|
530
|
|
(56.4)
|
|
(34.8)
|
|
Total used
|
|
602
|
|
1,229
|
|
(51.0)
|
|
(24.7)
|
|
Finance and insurance (per retail unit)
|
|
$ 339
|
|
$ 577
|
|
(41.2)
|
|
(7.8)
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 12,117
|
|
$ 19,920
|
|
(39.2)
|
|
(6.3)
|
|
SG&A as % revenues
|
|
9.4
|
|
10.0
|
|
|
|
|
|
SG&A as % gross profit
|
|
87.8
|
|
86.9
|
|
|
|
|
|
Operating margin %
|
|
1.0
|
|
1.2
|
|
|
|
|
|
Pretax margin %
|
|
0.6
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (96)
|
|
$ (1,490)
|
|
(93.6)
|
|
|
|
Floorplan assistance
|
|
—
|
|
—
|
|
—
|
|
|
|
Net floorplan expense
|
|
$ (96)
|
|
$ (1,490)
|
|
(93.6)
|
|
|
|
Other interest expense, net
|
|
$ (405)
|
|
$ (539)
|
|
(24.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 281,999
|
|
$ 409,580
|
|
(31.1)
|
|
(5.4)
|
|
Used vehicle retail sales
|
|
61,563
|
|
87,698
|
|
(29.8)
|
|
(3.8)
|
|
Used vehicle wholesale sales
|
|
6,462
|
|
13,795
|
|
(53.2)
|
|
(37.9)
|
|
Total used
|
|
68,025
|
|
101,493
|
|
(33.0)
|
|
(8.4)
|
|
Parts and service
|
|
39,970
|
|
57,658
|
|
(30.7)
|
|
(4.9)
|
|
Finance and insurance
|
|
5,256
|
|
8,165
|
|
(35.6)
|
|
(11.3)
|
|
Total
|
|
$ 395,250
|
|
$ 576,896
|
|
(31.5)
|
|
(6.0)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.7
|
|
6.4
|
|
|
|
|
|
Used vehicle retail sales
|
|
4.4
|
|
6.2
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
7.1
|
|
8.0
|
|
|
|
|
|
Total used
|
|
4.6
|
|
6.5
|
|
|
|
|
|
Parts and service
|
|
42.8
|
|
42.6
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.3
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 19,002
|
|
$ 26,133
|
|
(27.3)
|
|
(0.3)
|
|
Used vehicle retail sales
|
|
2,693
|
|
5,481
|
|
(50.9)
|
|
(32.9)
|
|
Used vehicle wholesale sales
|
|
462
|
|
1,097
|
|
(57.9)
|
|
(44.6)
|
|
Total used
|
|
3,155
|
|
6,578
|
|
(52.0)
|
|
(34.8)
|
|
Parts and service
|
|
17,102
|
|
24,564
|
|
(30.4)
|
|
(4.7)
|
|
Finance and insurance
|
|
5,256
|
|
8,165
|
|
(35.6)
|
|
(11.3)
|
|
Total
|
|
$ 44,515
|
|
$ 65,440
|
|
(32.0)
|
|
(6.8)
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
10,071
|
|
12,274
|
|
(17.9)
|
|
|
|
Retail used vehicles sold
|
|
3,403
|
|
3,899
|
|
(12.7)
|
|
|
|
Wholesale used vehicles sold
|
|
1,269
|
|
1,830
|
|
(30.7)
|
|
|
|
Total used
|
|
4,672
|
|
5,729
|
|
(18.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 28,001
|
|
$ 33,370
|
|
(16.1)
|
|
15.3
|
|
Used vehicle retail
|
|
$ 18,091
|
|
$ 22,492
|
|
(19.6)
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,887
|
|
$ 2,129
|
|
(11.4)
|
|
21.5
|
|
Used vehicle retail sales
|
|
791
|
|
1,406
|
|
(43.7)
|
|
(23.1)
|
|
Used vehicle wholesale sales
|
|
364
|
|
599
|
|
(39.2)
|
|
(20.0)
|
|
Total used
|
|
675
|
|
1,148
|
|
(41.2)
|
|
(20.1)
|
|
Finance and insurance (per retail unit)
|
|
$ 390
|
|
$ 505
|
|
(22.8)
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 40,915
|
|
$ 60,342
|
|
(32.2)
|
|
(7.4)
|
|
SG&A as % revenues
|
|
10.4
|
|
10.5
|
|
|
|
|
|
SG&A as % gross profit
|
|
91.9
|
|
92.2
|
|
|
|
|
|
Operating margin %
|
|
0.6
|
|
0.6
|
|
|
|
|
|
Pretax margin %
|
|
—
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (917)
|
|
$ (5,018)
|
|
(81.7)
|
|
|
|
Floorplan assistance
|
|
—
|
|
—
|
|
—
|
|
|
|
Net floorplan expense
|
|
$ (917)
|
|
$ (5,018)
|
|
(81.7)
|
|
|
|
Other interest expense, net
|
|
$ (1,188)
|
|
$ (597)
|
|
99.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Consolidated
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,601,213
|
|
$ 1,521,246
|
|
5.3
|
|
9.4
|
|
Used vehicle retail sales
|
|
687,637
|
|
615,924
|
|
11.6
|
|
14.6
|
|
Used vehicle wholesale sales
|
|
100,483
|
|
100,347
|
|
0.1
|
|
2.8
|
|
Total used
|
|
788,120
|
|
716,271
|
|
10.0
|
|
13.0
|
|
Parts and service
|
|
303,557
|
|
291,816
|
|
4.0
|
|
7.0
|
|
Finance and insurance
|
|
107,679
|
|
97,115
|
|
10.9
|
|
12.3
|
|
Total
|
|
$ 2,800,569
|
|
$ 2,626,448
|
|
6.6
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.0
|
|
5.3
|
|
|
|
|
|
Used vehicle retail sales
|
|
6.8
|
|
7.2
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(1.8)
|
|
(1.3)
|
|
|
|
|
|
Total used
|
|
5.7
|
|
6.0
|
|
|
|
|
|
Parts and service
|
|
54.8
|
|
52.9
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
14.2
|
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 79,492
|
|
$ 80,230
|
|
(0.9)
|
|
4.0
|
|
Used vehicle retail sales
|
|
46,582
|
|
44,311
|
|
5.1
|
|
7.0
|
|
Used vehicle wholesale sales
|
|
(1,835)
|
|
(1,296)
|
|
41.6
|
|
38.8
|
|
Total used
|
|
44,747
|
|
43,015
|
|
4.0
|
|
6.1
|
|
Parts and service
|
|
166,464
|
|
154,349
|
|
7.8
|
|
10.4
|
|
Finance and insurance
|
|
107,679
|
|
97,115
|
|
10.9
|
|
12.3
|
|
Total
|
|
$ 398,382
|
|
$ 374,709
|
|
6.3
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
47,126
|
|
44,494
|
|
5.9
|
|
|
|
Retail used vehicles sold
|
|
32,491
|
|
28,776
|
|
12.9
|
|
|
|
Wholesale used vehicles sold
|
|
14,926
|
|
14,750
|
|
1.2
|
|
|
|
Total used
|
|
47,417
|
|
43,526
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 33,977
|
|
$ 34,190
|
|
(0.6)
|
|
3.3
|
|
Used vehicle retail
|
|
$ 21,164
|
|
$ 21,404
|
|
(1.1)
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,687
|
|
$ 1,803
|
|
(6.4)
|
|
(1.8)
|
|
Used vehicle retail sales
|
|
1,434
|
|
1,540
|
|
(6.9)
|
|
(5.2)
|
|
Used vehicle wholesale sales
|
|
(123)
|
|
(88)
|
|
39.8
|
|
37.1
|
|
Total used
|
|
944
|
|
988
|
|
(4.5)
|
|
(2.6)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,352
|
|
$ 1,325
|
|
2.0
|
|
3.4
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 289,012
|
|
$ 277,044
|
|
4.3
|
|
7.5
|
|
SG&A as % revenues
|
|
10.3
|
|
10.5
|
|
|
|
|
|
SG&A as % gross profit
|
|
72.5
|
|
73.9
|
|
|
|
|
|
Operating margin %
|
|
3.5
|
|
3.3
|
|
|
|
|
|
Pretax margin %
|
|
2.6
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (9,685)
|
|
$ (10,452)
|
|
(7.3)
|
|
|
|
Floorplan assistance
|
|
13,545
|
|
12,122
|
|
11.7
|
|
|
|
Net floorplan expense
|
|
$ 3,860
|
|
$ 1,670
|
|
131.1
|
|
|
|
Other interest expense, net
|
|
$ (13,922)
|
|
$ (13,246)
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 4,468,200
|
|
$ 4,256,146
|
|
5.0
|
|
8.5
|
|
Used vehicle retail sales
|
|
1,993,124
|
|
1,743,071
|
|
14.3
|
|
17.0
|
|
Used vehicle wholesale sales
|
|
302,186
|
|
284,491
|
|
6.2
|
|
9.5
|
|
Total used
|
|
2,295,310
|
|
2,027,562
|
|
13.2
|
|
16.0
|
|
Parts and service
|
|
888,939
|
|
844,340
|
|
5.3
|
|
7.9
|
|
Finance and insurance
|
|
307,454
|
|
270,901
|
|
13.5
|
|
14.8
|
|
Total
|
|
$ 7,959,903
|
|
$ 7,398,949
|
|
7.6
|
|
10.7
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.0
|
|
5.4
|
|
|
|
|
|
Used vehicle retail sales
|
|
7.0
|
|
7.6
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
—
|
|
1.1
|
|
|
|
|
|
Total used
|
|
6.0
|
|
6.7
|
|
|
|
|
|
Parts and service
|
|
54.3
|
|
53.0
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
14.5
|
|
14.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 225,353
|
|
$ 227,982
|
|
(1.2)
|
|
3.1
|
|
Used vehicle retail sales
|
|
138,763
|
|
132,778
|
|
4.5
|
|
6.2
|
|
Used vehicle wholesale sales
|
|
(90)
|
|
3,057
|
|
(102.9)
|
|
(99.2)
|
|
Total used
|
|
138,673
|
|
135,835
|
|
2.1
|
|
3.8
|
|
Parts and service
|
|
482,359
|
|
447,261
|
|
7.8
|
|
10.1
|
|
Finance and insurance
|
|
307,454
|
|
270,901
|
|
13.5
|
|
14.8
|
|
Total
|
|
$ 1,153,839
|
|
$ 1,081,979
|
|
6.6
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
131,130
|
|
124,699
|
|
5.2
|
|
|
|
Retail used vehicles sold
|
|
93,913
|
|
82,374
|
|
14.0
|
|
|
|
Wholesale used vehicles sold
|
|
43,493
|
|
40,764
|
|
6.7
|
|
|
|
Total used
|
|
137,406
|
|
123,138
|
|
11.6
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,075
|
|
$ 34,131
|
|
(0.2)
|
|
3.2
|
|
Used vehicle retail
|
|
$ 21,223
|
|
$ 21,160
|
|
0.3
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,719
|
|
$ 1,828
|
|
(6.0)
|
|
(1.9)
|
|
Used vehicle retail sales
|
|
1,478
|
|
1,612
|
|
(8.3)
|
|
(6.8)
|
|
Used vehicle wholesale sales
|
|
(2)
|
|
75
|
|
(102.7)
|
|
(99.2)
|
|
Total used
|
|
1,009
|
|
1,103
|
|
(8.5)
|
|
(6.9)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,366
|
|
$ 1,308
|
|
4.4
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
OTHER: (1)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 839,944
|
|
$ 804,547
|
|
4.4
|
|
7.2
|
|
SG&A as % revenues
|
|
10.6
|
|
10.9
|
|
|
|
|
|
SG&A as % gross profit
|
|
72.8
|
|
74.4
|
|
|
|
|
|
Operating margin %
|
|
3.5
|
|
3.3
|
|
|
|
|
|
Pretax margin %
|
|
2.6
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
|
|
$ (29,046)
|
|
$ (31,695)
|
|
(8.4)
|
|
|
|
Floorplan assistance
|
|
37,087
|
|
33,473
|
|
10.8
|
|
|
|
Net floorplan expense
|
|
$ 8,041
|
|
$ 1,778
|
|
352.2
|
|
|
|
Other interest expense, net
|
|
$ (42,061)
|
|
$ (36,326)
|
|
15.8
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Same Store U.S. (1)
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,272,198
|
|
$ 1,199,736
|
|
6.0
|
|
Used vehicle retail sales
|
|
552,722
|
|
497,814
|
|
11.0
|
|
Used vehicle wholesale sales
|
|
66,731
|
|
72,359
|
|
(7.8)
|
|
Total used
|
|
619,453
|
|
570,173
|
|
8.6
|
|
Parts and service
|
|
255,710
|
|
239,943
|
|
6.6
|
|
Finance and insurance
|
|
96,952
|
|
87,504
|
|
10.8
|
|
Total
|
|
$ 2,244,313
|
|
$ 2,097,356
|
|
7.0
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
4.7
|
|
5.0
|
|
|
|
Used vehicle retail sales
|
|
7.2
|
|
7.5
|
|
|
|
Used vehicle wholesale sales
|
|
(2.6)
|
|
(1.8)
|
|
|
|
Total used
|
|
6.1
|
|
6.3
|
|
|
|
Parts and service
|
|
55.1
|
|
53.7
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
14.9
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 59,341
|
|
$ 59,963
|
|
(1.0)
|
|
Used vehicle retail sales
|
|
39,733
|
|
37,492
|
|
6.0
|
|
Used vehicle wholesale sales
|
|
(1,745)
|
|
(1,305)
|
|
33.7
|
|
Total used
|
|
37,988
|
|
36,187
|
|
5.0
|
|
Parts and service
|
|
141,020
|
|
128,879
|
|
9.4
|
|
Finance and insurance
|
|
96,952
|
|
87,504
|
|
10.8
|
|
Total
|
|
$ 335,301
|
|
$ 312,533
|
|
7.3
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
37,132
|
|
35,567
|
|
4.4
|
|
Retail used vehicles sold
|
|
26,756
|
|
24,261
|
|
10.3
|
|
Wholesale used vehicles sold
|
|
11,224
|
|
11,645
|
|
(3.6)
|
|
Total used
|
|
37,980
|
|
35,906
|
|
5.8
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,261
|
|
$ 33,732
|
|
1.6
|
|
Used vehicle retail
|
|
$ 20,658
|
|
$ 20,519
|
|
0.7
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,598
|
|
$ 1,686
|
|
(5.2)
|
|
Used vehicle retail sales
|
|
1,485
|
|
1,545
|
|
(3.9)
|
|
Used vehicle wholesale sales
|
|
(155)
|
|
(112)
|
|
38.4
|
|
Total used
|
|
1,000
|
|
1,008
|
|
(0.8)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,518
|
|
$ 1,463
|
|
3.8
|
|
|
|
|
|
|
|
|
OTHER:(2)
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 239,585
|
|
$ 224,114
|
|
6.9
|
|
SG&A as % revenues
|
|
10.7
|
|
10.7
|
|
|
|
SG&A as % gross profit
|
|
71.5
|
|
71.7
|
|
|
|
Operating margin %
|
|
3.8
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 3,477,534
|
|
$ 3,292,040
|
|
5.6
|
|
Used vehicle retail sales
|
|
1,549,938
|
|
1,384,939
|
|
11.9
|
|
Used vehicle wholesale sales
|
|
197,083
|
|
197,854
|
|
(0.4)
|
|
Total used
|
|
1,747,021
|
|
1,582,793
|
|
10.4
|
|
Parts and service
|
|
735,509
|
|
689,284
|
|
6.7
|
|
Finance and insurance
|
|
269,132
|
|
243,002
|
|
10.8
|
|
Total
|
|
$ 6,229,196
|
|
$ 5,807,119
|
|
7.3
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
4.7
|
|
5.1
|
|
|
|
Used vehicle retail sales
|
|
7.4
|
|
8.1
|
|
|
|
Used vehicle wholesale sales
|
|
0.1
|
|
1.1
|
|
|
|
Total used
|
|
6.5
|
|
7.2
|
|
|
|
Parts and service
|
|
54.5
|
|
53.6
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
15.2
|
|
15.4
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 161,991
|
|
$ 167,156
|
|
(3.1)
|
|
Used vehicle retail sales
|
|
114,268
|
|
111,843
|
|
2.2
|
|
Used vehicle wholesale sales
|
|
142
|
|
2,101
|
|
(93.2)
|
|
Total used
|
|
114,410
|
|
113,944
|
|
0.4
|
|
Parts and service
|
|
400,502
|
|
369,343
|
|
8.4
|
|
Finance and insurance
|
|
269,132
|
|
243,002
|
|
10.8
|
|
Total
|
|
$ 946,035
|
|
$ 893,445
|
|
5.9
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
101,468
|
|
97,436
|
|
4.1
|
|
Retail used vehicles sold
|
|
75,199
|
|
68,295
|
|
10.1
|
|
Wholesale used vehicles sold
|
|
31,532
|
|
31,229
|
|
1.0
|
|
Total used
|
|
106,731
|
|
99,524
|
|
7.2
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,272
|
|
$ 33,787
|
|
1.4
|
|
Used vehicle retail
|
|
$ 20,611
|
|
$ 20,279
|
|
1.6
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,596
|
|
$ 1,716
|
|
(7.0)
|
|
Used vehicle retail sales
|
|
1,520
|
|
1,638
|
|
(7.2)
|
|
Used vehicle wholesale sales
|
|
5
|
|
67
|
|
(92.5)
|
|
Total used
|
|
1,072
|
|
1,145
|
|
(6.4)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,523
|
|
$ 1,466
|
|
3.9
|
|
|
|
|
|
|
|
|
OTHER: (2)
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 675,873
|
|
$ 640,801
|
|
5.5
|
|
SG&A as % revenues
|
|
10.9
|
|
11.0
|
|
|
|
SG&A as % gross profit
|
|
71.4
|
|
71.7
|
|
|
|
Operating margin %
|
|
3.9
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.
|
|
|
(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
|
|
Additional Information - Same Store U.K. (1)
|
|
|
|
(Unaudited)
|
|
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 151,967
|
|
$ 134,858
|
|
12.7
|
|
21.0
|
|
Used vehicle retail sales
|
|
77,395
|
|
70,164
|
|
10.3
|
|
18.8
|
|
Used vehicle wholesale sales
|
|
19,303
|
|
21,110
|
|
(8.6)
|
|
(1.4)
|
|
Total used
|
|
96,698
|
|
91,274
|
|
5.9
|
|
14.1
|
|
Parts and service
|
|
20,728
|
|
21,272
|
|
(2.6)
|
|
5.0
|
|
Finance and insurance
|
|
5,289
|
|
4,797
|
|
10.3
|
|
18.6
|
|
Total
|
|
$ 274,682
|
|
$ 252,201
|
|
8.9
|
|
17.1
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.3
|
|
6.9
|
|
|
|
|
|
Used vehicle retail sales
|
|
5.2
|
|
5.9
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(0.2)
|
|
(0.8)
|
|
|
|
|
|
Total used
|
|
4.1
|
|
4.4
|
|
|
|
|
|
Parts and service
|
|
57.4
|
|
55.2
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.2
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 9,572
|
|
$ 9,303
|
|
2.9
|
|
9.9
|
|
Used vehicle retail sales
|
|
4,048
|
|
4,166
|
|
(2.8)
|
|
4.5
|
|
Used vehicle wholesale sales
|
|
(48)
|
|
(175)
|
|
(72.6)
|
|
(68.8)
|
|
Total used
|
|
4,000
|
|
3,991
|
|
0.2
|
|
7.7
|
|
Parts and service
|
|
11,898
|
|
11,748
|
|
1.3
|
|
9.1
|
|
Finance and insurance
|
|
5,289
|
|
4,797
|
|
10.3
|
|
18.6
|
|
Total
|
|
$ 30,759
|
|
$ 29,839
|
|
3.1
|
|
10.7
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
4,494
|
|
3,773
|
|
19.1
|
|
|
|
Retail used vehicles sold
|
|
3,153
|
|
2,649
|
|
19.0
|
|
|
|
Wholesale used vehicles sold
|
|
2,328
|
|
2,183
|
|
6.6
|
|
|
|
Total used
|
|
5,481
|
|
4,832
|
|
13.4
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 33,816
|
|
$ 35,743
|
|
(5.4)
|
|
1.5
|
|
Used vehicle retail
|
|
$ 24,546
|
|
$ 26,487
|
|
(7.3)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,130
|
|
$ 2,466
|
|
(13.6)
|
|
(7.7)
|
|
Used vehicle retail sales
|
|
1,284
|
|
1,573
|
|
(18.4)
|
|
(12.2)
|
|
Used vehicle wholesale sales
|
|
(21)
|
|
(80)
|
|
(73.8)
|
|
(70.7)
|
|
Total used
|
|
730
|
|
826
|
|
(11.6)
|
|
(5.1)
|
|
Finance and insurance (per retail unit)
|
|
$ 692
|
|
$ 747
|
|
(7.4)
|
|
(0.4)
|
|
OTHER: (2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 23,100
|
|
$ 22,278
|
|
3.7
|
|
11.7
|
|
SG&A as % revenues
|
|
8.4
|
|
8.8
|
|
|
|
|
|
SG&A as % gross profit
|
|
75.1
|
|
74.7
|
|
|
|
|
|
Operating margin %
|
|
2.5
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 410,135
|
|
$ 397,264
|
|
3.2
|
|
12.5
|
|
Used vehicle retail sales
|
|
225,908
|
|
214,900
|
|
5.1
|
|
14.5
|
|
Used vehicle wholesale sales
|
|
60,167
|
|
62,304
|
|
(3.4)
|
|
5.3
|
|
Total used
|
|
286,075
|
|
277,204
|
|
3.2
|
|
12.4
|
|
Parts and service
|
|
60,632
|
|
62,838
|
|
(3.5)
|
|
5.1
|
|
Finance and insurance
|
|
15,043
|
|
13,915
|
|
8.1
|
|
17.8
|
|
Total
|
|
$ 771,885
|
|
$ 751,221
|
|
2.8
|
|
12.0
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.3
|
|
6.8
|
|
|
|
|
|
Used vehicle retail sales
|
|
5.3
|
|
5.9
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(0.3)
|
|
—
|
|
|
|
|
|
Total used
|
|
4.1
|
|
4.6
|
|
|
|
|
|
Parts and service
|
|
56.9
|
|
55.1
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.3
|
|
11.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 25,708
|
|
$ 26,844
|
|
(4.2)
|
|
4.3
|
|
Used vehicle retail sales
|
|
11,868
|
|
12,684
|
|
(6.4)
|
|
2.0
|
|
Used vehicle wholesale sales
|
|
(169)
|
|
(5)
|
|
3,280.0
|
|
4,130.0
|
|
Total used
|
|
11,699
|
|
12,679
|
|
(7.7)
|
|
0.6
|
|
Parts and service
|
|
34,480
|
|
34,651
|
|
(0.5)
|
|
8.4
|
|
Finance and insurance
|
|
15,043
|
|
13,915
|
|
8.1
|
|
17.8
|
|
Total
|
|
$ 86,930
|
|
$ 88,089
|
|
(1.3)
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
12,338
|
|
11,144
|
|
10.7
|
|
|
|
Retail used vehicles sold
|
|
9,302
|
|
8,108
|
|
14.7
|
|
|
|
Wholesale used vehicles sold
|
|
7,146
|
|
6,539
|
|
9.3
|
|
|
|
Total used
|
|
16,448
|
|
14,647
|
|
12.3
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 33,242
|
|
$ 35,648
|
|
(6.8)
|
|
1.6
|
|
Used vehicle retail
|
|
$ 24,286
|
|
$ 26,505
|
|
(8.4)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,084
|
|
$ 2,409
|
|
(13.5)
|
|
(5.8)
|
|
Used vehicle retail sales
|
|
1,276
|
|
1,564
|
|
(18.4)
|
|
(11.1)
|
|
Used vehicle wholesale sales
|
|
(24)
|
|
(1)
|
|
2,300.0
|
|
3,770.7
|
|
Total used
|
|
711
|
|
866
|
|
(17.9)
|
|
(10.4)
|
|
Finance and insurance (per retail unit)
|
|
$ 695
|
|
$ 723
|
|
(3.9)
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
OTHER: (2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 66,414
|
|
$ 67,064
|
|
(1.0)
|
|
7.9
|
|
SG&A as % revenues
|
|
8.6
|
|
8.9
|
|
|
|
|
|
SG&A as % gross profit
|
|
76.4
|
|
76.1
|
|
|
|
|
|
Operating margin %
|
|
2.4
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.
|
|
|
(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
|
|
Additional Information - Same Store Brazil (1)
|
|
|
|
(Unaudited)
|
|
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 90,002
|
|
$ 129,007
|
|
(30.2)
|
|
7.4
|
|
Used vehicle retail sales
|
|
20,342
|
|
27,499
|
|
(26.0)
|
|
14.4
|
|
Used vehicle wholesale sales
|
|
1,463
|
|
3,159
|
|
(53.7)
|
|
(30.4)
|
|
Total used
|
|
21,805
|
|
30,658
|
|
(28.9)
|
|
9.7
|
|
Parts and service
|
|
12,193
|
|
18,163
|
|
(32.9)
|
|
3.7
|
|
Finance and insurance
|
|
1,594
|
|
2,857
|
|
(44.2)
|
|
(12.4)
|
|
Total
|
|
$ 125,594
|
|
$ 180,685
|
|
(30.5)
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.4
|
|
6.4
|
|
|
|
|
|
Used vehicle retail sales
|
|
4.4
|
|
6.3
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
6.4
|
|
7.3
|
|
|
|
|
|
Total used
|
|
4.5
|
|
6.4
|
|
|
|
|
|
Parts and service
|
|
41.7
|
|
43.1
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
10.7
|
|
11.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 5,728
|
|
$ 8,257
|
|
(30.6)
|
|
6.2
|
|
Used vehicle retail sales
|
|
889
|
|
1,721
|
|
(48.3)
|
|
(20.0)
|
|
Used vehicle wholesale sales
|
|
93
|
|
231
|
|
(59.7)
|
|
(39.8)
|
|
Total used
|
|
982
|
|
1,952
|
|
(49.7)
|
|
(22.4)
|
|
Parts and service
|
|
5,079
|
|
7,825
|
|
(35.1)
|
|
0.2
|
|
Finance and insurance
|
|
1,594
|
|
2,857
|
|
(44.2)
|
|
(12.4)
|
|
Total
|
|
$ 13,383
|
|
$ 20,891
|
|
(35.9)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
3,511
|
|
3,465
|
|
1.3
|
|
|
|
Retail used vehicles sold
|
|
1,228
|
|
1,065
|
|
15.3
|
|
|
|
Wholesale used vehicles sold
|
|
401
|
|
454
|
|
(11.7)
|
|
|
|
Total used
|
|
1,629
|
|
1,519
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 25,634
|
|
$ 37,231
|
|
(31.1)
|
|
6.0
|
|
Used vehicle retail
|
|
$ 16,565
|
|
$ 25,821
|
|
(35.8)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,631
|
|
$ 2,383
|
|
(31.6)
|
|
4.8
|
|
Used vehicle retail sales
|
|
724
|
|
1,616
|
|
(55.2)
|
|
(30.6)
|
|
Used vehicle wholesale sales
|
|
232
|
|
509
|
|
(54.4)
|
|
(31.9)
|
|
Total used
|
|
603
|
|
1,285
|
|
(53.1)
|
|
(27.6)
|
|
Finance and insurance (per retail unit)
|
|
$ 336
|
|
$ 631
|
|
(46.8)
|
|
(16.2)
|
|
|
|
|
|
|
|
|
|
|
OTHER:(2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 11,911
|
|
$ 17,277
|
|
(31.1)
|
|
6.3
|
|
SG&A as % revenues
|
|
9.5
|
|
9.6
|
|
|
|
|
|
SG&A as % gross profit
|
|
89.0
|
|
82.7
|
|
|
|
|
|
Operating margin %
|
|
0.9
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 271,960
|
|
$ 380,047
|
|
(28.4)
|
|
(1.7)
|
|
Used vehicle retail sales
|
|
60,876
|
|
82,247
|
|
(26.0)
|
|
1.4
|
|
Used vehicle wholesale sales
|
|
6,437
|
|
11,142
|
|
(42.2)
|
|
(23.4)
|
|
Total used
|
|
67,313
|
|
93,389
|
|
(27.9)
|
|
(1.6)
|
|
Parts and service
|
|
39,527
|
|
50,825
|
|
(22.2)
|
|
6.7
|
|
Finance and insurance
|
|
5,172
|
|
7,425
|
|
(30.3)
|
|
(4.1)
|
|
Total
|
|
$ 383,972
|
|
$ 531,686
|
|
(27.8)
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.7
|
|
6.2
|
|
|
|
|
|
Used vehicle retail sales
|
|
4.4
|
|
6.2
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
7.2
|
|
7.6
|
|
|
|
|
|
Total used
|
|
4.7
|
|
6.4
|
|
|
|
|
|
Parts and service
|
|
42.8
|
|
43.9
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.3
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 18,242
|
|
$ 23,647
|
|
(22.9)
|
|
5.7
|
|
Used vehicle retail sales
|
|
2,691
|
|
5,088
|
|
(47.1)
|
|
(27.8)
|
|
Used vehicle wholesale sales
|
|
463
|
|
843
|
|
(45.1)
|
|
(27.8)
|
|
Total used
|
|
3,154
|
|
5,931
|
|
(46.8)
|
|
(27.8)
|
|
Parts and service
|
|
16,908
|
|
22,292
|
|
(24.2)
|
|
3.7
|
|
Finance and insurance
|
|
5,172
|
|
7,425
|
|
(30.3)
|
|
(4.1)
|
|
Total
|
|
$ 43,476
|
|
$ 59,295
|
|
(26.7)
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
9,874
|
|
10,746
|
|
(8.1)
|
|
|
|
Retail used vehicles sold
|
|
3,379
|
|
3,523
|
|
(4.1)
|
|
|
|
Wholesale used vehicles sold
|
|
1,265
|
|
1,443
|
|
(12.3)
|
|
|
|
Total used
|
|
4,644
|
|
4,966
|
|
(6.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 27,543
|
|
$ 35,366
|
|
(22.1)
|
|
7.0
|
|
Used vehicle retail
|
|
$ 18,016
|
|
$ 23,346
|
|
(22.8)
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,847
|
|
$ 2,201
|
|
(16.1)
|
|
15.1
|
|
Used vehicle retail sales
|
|
796
|
|
1,444
|
|
(44.9)
|
|
(24.7)
|
|
Used vehicle wholesale sales
|
|
366
|
|
584
|
|
(37.3)
|
|
(17.6)
|
|
Total used
|
|
679
|
|
1,194
|
|
(43.1)
|
|
(22.8)
|
|
Finance and insurance (per retail unit)
|
|
$ 390
|
|
$ 520
|
|
(25.0)
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
OTHER: (2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 39,429
|
|
$ 52,736
|
|
(25.2)
|
|
2.3
|
|
SG&A as % revenues
|
|
10.3
|
|
9.9
|
|
|
|
|
|
SG&A as % gross profit
|
|
90.7
|
|
88.9
|
|
|
|
|
|
Operating margin %
|
|
0.7
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.
|
|
|
(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
|
|
Additional Information - Same Store Consolidated (1)
|
|
|
|
(Unaudited)
|
|
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,514,167
|
|
$ 1,463,601
|
|
3.5
|
|
7.5
|
|
Used vehicle retail sales
|
|
650,459
|
|
595,477
|
|
9.2
|
|
12.1
|
|
Used vehicle wholesale sales
|
|
87,497
|
|
96,628
|
|
(9.4)
|
|
(7.1)
|
|
Total used
|
|
737,956
|
|
692,105
|
|
6.6
|
|
9.4
|
|
Parts and service
|
|
288,631
|
|
279,378
|
|
3.3
|
|
6.3
|
|
Finance and insurance
|
|
103,835
|
|
95,158
|
|
9.1
|
|
10.5
|
|
Total
|
|
$ 2,644,589
|
|
$ 2,530,242
|
|
4.5
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
4.9
|
|
5.3
|
|
|
|
|
|
Used vehicle retail sales
|
|
6.9
|
|
7.3
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
(1.9)
|
|
(1.3)
|
|
|
|
|
|
Total used
|
|
5.8
|
|
6.1
|
|
|
|
|
|
Parts and service
|
|
54.7
|
|
53.1
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
14.3
|
|
14.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 74,641
|
|
$ 77,523
|
|
(3.7)
|
|
1.0
|
|
Used vehicle retail sales
|
|
44,670
|
|
43,379
|
|
3.0
|
|
4.8
|
|
Used vehicle wholesale sales
|
|
(1,700)
|
|
(1,249)
|
|
36.1
|
|
32.9
|
|
Total used
|
|
42,970
|
|
42,130
|
|
2.0
|
|
4.0
|
|
Parts and service
|
|
157,997
|
|
148,452
|
|
6.4
|
|
8.9
|
|
Finance and insurance
|
|
103,835
|
|
95,158
|
|
9.1
|
|
10.5
|
|
Total
|
|
$ 379,443
|
|
$ 363,263
|
|
4.5
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
45,137
|
|
42,805
|
|
5.4
|
|
|
|
Retail used vehicles sold
|
|
31,137
|
|
27,975
|
|
11.3
|
|
|
|
Wholesale used vehicles sold
|
|
13,953
|
|
14,282
|
|
(2.3)
|
|
|
|
Total used
|
|
45,090
|
|
42,257
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 33,546
|
|
$ 34,192
|
|
(1.9)
|
|
2.0
|
|
Used vehicle retail
|
|
$ 20,890
|
|
$ 21,286
|
|
(1.9)
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,654
|
|
$ 1,811
|
|
(8.7)
|
|
(4.2)
|
|
Used vehicle retail sales
|
|
1,435
|
|
1,551
|
|
(7.5)
|
|
(5.8)
|
|
Used vehicle wholesale sales
|
|
(122)
|
|
(87)
|
|
40.2
|
|
36.1
|
|
Total used
|
|
953
|
|
997
|
|
(4.4)
|
|
(2.6)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,361
|
|
$ 1,344
|
|
1.3
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
OTHER:(2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 274,596
|
|
$ 263,669
|
|
4.1
|
|
7.3
|
|
SG&A as % revenues
|
|
10.4
|
|
10.4
|
|
|
|
|
|
SG&A as % gross profit
|
|
72.4
|
|
72.6
|
|
|
|
|
|
Operating margin %
|
|
3.5
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
Local Currency
% Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 4,159,629
|
|
$ 4,069,351
|
|
2.2
|
|
5.6
|
|
Used vehicle retail sales
|
|
1,836,722
|
|
1,682,086
|
|
9.2
|
|
11.7
|
|
Used vehicle wholesale sales
|
|
263,687
|
|
271,300
|
|
(2.8)
|
|
-
|
|
Total used
|
|
2,100,409
|
|
1,953,386
|
|
7.5
|
|
10.1
|
|
Parts and service
|
|
835,668
|
|
802,947
|
|
4.1
|
|
6.6
|
|
Finance and insurance
|
|
289,347
|
|
264,342
|
|
9.5
|
|
10.7
|
|
Total
|
|
$ 7,385,053
|
|
$ 7,090,026
|
|
4.2
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.0
|
|
5.3
|
|
|
|
|
|
Used vehicle retail sales
|
|
7.0
|
|
7.7
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
0.2
|
|
1.1
|
|
|
|
|
|
Total used
|
|
6.2
|
|
6.8
|
|
|
|
|
|
Parts and service
|
|
54.1
|
|
53.1
|
|
|
|
|
|
Finance and insurance
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
14.6
|
|
14.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 205,941
|
|
$ 217,647
|
|
(5.4)
|
|
(1.2)
|
|
Used vehicle retail sales
|
|
128,827
|
|
129,615
|
|
(0.6)
|
|
1.0
|
|
Used vehicle wholesale sales
|
|
436
|
|
2,939
|
|
(85.2)
|
|
(80.6)
|
|
Total used
|
|
129,263
|
|
132,554
|
|
(2.5)
|
|
(0.8)
|
|
Parts and service
|
|
451,890
|
|
426,286
|
|
6.0
|
|
8.2
|
|
Finance and insurance
|
|
289,347
|
|
264,342
|
|
9.5
|
|
10.7
|
|
Total
|
|
$ 1,076,441
|
|
$ 1,040,829
|
|
3.4
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
123,680
|
|
119,326
|
|
3.6
|
|
|
|
Retail used vehicles sold
|
|
87,880
|
|
79,926
|
|
10.0
|
|
|
|
Wholesale used vehicles sold
|
|
39,943
|
|
39,211
|
|
1.9
|
|
|
|
Total used
|
|
127,823
|
|
119,137
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 33,632
|
|
$ 34,103
|
|
(1.4)
|
|
1.9
|
|
Used vehicle retail
|
|
$ 20,900
|
|
$ 21,046
|
|
(0.7)
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,665
|
|
$ 1,824
|
|
(8.7)
|
|
(4.7)
|
|
Used vehicle retail sales
|
|
1,466
|
|
1,622
|
|
(9.6)
|
|
(8.2)
|
|
Used vehicle wholesale sales
|
|
11
|
|
75
|
|
(85.3)
|
|
(81.0)
|
|
Total used
|
|
1,011
|
|
1,113
|
|
(9.2)
|
|
(7.6)
|
|
Finance and insurance (per retail unit)
|
|
$ 1,368
|
|
$ 1,327
|
|
3.1
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
OTHER: (2)
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 781,716
|
|
$ 760,602
|
|
2.8
|
|
5.5
|
|
SG&A as % revenues
|
|
10.6
|
|
10.7
|
|
|
|
|
|
SG&A as % gross profit
|
|
72.6
|
|
73.1
|
|
|
|
|
|
Operating margin %
|
|
3.5
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office.
|
|
|
(2)These amounts have been adjusted to exclude the impact of certain items to provide additional information regarding the performance of our operations and improve period-to-period comparability. Refer to our Reconciliation of Certain Non-GAAP Financial Measures for a description of the aforementioned adjustments.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 248,771
|
|
$ 221,645
|
|
12.2
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
—
|
|
(1,099)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
—
|
|
14,303
|
|
|
|
Adjusted SG&A (1)
|
$ 248,771
|
|
$ 234,849
|
|
5.9
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.6
|
|
10.2
|
|
|
|
Adjusted (1)
|
10.6
|
|
10.8
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
71.4
|
|
68.8
|
|
|
|
Adjusted (1)
|
71.4
|
|
72.9
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.8
|
|
4.0
|
|
|
|
Adjusted (1), (2)
|
3.8
|
|
3.6
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.9
|
|
2.0
|
|
|
|
Adjusted (1), (3)
|
2.9
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 239,585
|
|
$ 225,236
|
|
6.4
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
—
|
|
(1,099)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
—
|
|
(23)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 239,585
|
|
$ 224,114
|
|
6.9
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.7
|
|
10.7
|
|
|
|
Adjusted (1)
|
10.7
|
|
10.7
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
71.5
|
|
72.1
|
|
|
|
Adjusted (1)
|
71.5
|
|
71.7
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.8
|
|
3.7
|
|
|
|
Adjusted (1), (4)
|
3.8
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 718,607
|
|
$ 665,547
|
|
8.0
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
(951)
|
|
(2,775)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
1,052
|
|
14,812
|
|
|
|
Legal settlements
|
(1,000)
|
|
(442)
|
|
|
|
Adjusted SG&A (1)
|
$ 717,708
|
|
$ 677,142
|
|
6.0
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.8
|
|
11.0
|
|
|
|
Adjusted (1)
|
10.8
|
|
11.2
|
|
|
|
SG&A AS % OF GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
71.5
|
|
71.7
|
|
|
|
Adjusted (1)
|
71.4
|
|
72.9
|
|
|
|
OPERATING MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
3.8
|
|
3.8
|
|
|
|
Adjusted (1), (2)
|
3.9
|
|
3.7
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.9
|
|
2.0
|
|
|
|
Adjusted (1), (3)
|
2.9
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 678,188
|
|
$ 644,041
|
|
5.3
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
(951)
|
|
(2,775)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
(364)
|
|
(23)
|
|
|
|
Legal settlements
|
(1,000)
|
|
(442)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 675,873
|
|
$ 640,801
|
|
5.5
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.9
|
|
11.1
|
|
|
|
Adjusted (1)
|
10.9
|
|
11.0
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
71.7
|
|
72.1
|
|
|
|
Adjusted (1)
|
71.4
|
|
71.7
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.8
|
|
3.8
|
|
|
|
Adjusted (1), (4)
|
3.9
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items. These adjusted measures are not measures of financial performance under GAAP. As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures. We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations.
|
|
|
|
(2)
|
Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $288 and $786 for the three and nine months ended September 30, 2015, respectively, and $4,252 and $5,973 for the three and nine months ended September 30, 2014, respectively.
|
|
|
|
(3)
|
Excludes the impact of SG&A reconciling items above, loss on redemption of long-term debt of $22,790 and $46,403 for the three and nine months ended September 30, 2014, respectively, as well as non-cash asset impairment charges of $288 and $786 for the three and nine months ended September 30, 2015 and $4,252 and $5,973 for the three and nine months ended September 30, 2014, respectively.
|
|
|
|
(4)
|
Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $288 and $786 for the three and nine months ended September 30, 2015, respectively, and $293 and $2,014 for the three and nine months ended September 30, 2014, respectively.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.1
|
|
2.7
|
|
|
|
Adjusted (1), (3)
|
2.2
|
|
2.7
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
1.6
|
|
2.3
|
|
|
|
Adjusted (1), (3)
|
1.7
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.4
|
|
2.7
|
|
|
|
Adjusted (1), (3)
|
2.5
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 81,528
|
|
$ 67,063
|
|
21.6
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Severance costs
|
(208)
|
|
—
|
|
|
|
Adjusted SG&A (1)
|
$ 81,320
|
|
$ 67,063
|
|
21.3
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
8.7
|
|
8.9
|
|
|
|
Adjusted (1)
|
8.7
|
|
8.9
|
|
|
|
SG&A AS % OF GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
78.1
|
|
76.1
|
|
|
|
Adjusted (1)
|
77.9
|
|
76.1
|
|
|
|
OPERATING MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.1
|
|
2.5
|
|
|
|
Adjusted (1), (2)
|
2.1
|
|
2.5
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
1.6
|
|
2.1
|
|
|
|
Adjusted (1), (2)
|
1.7
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.3
|
|
2.5
|
|
|
|
Adjusted (1), (3)
|
2.4
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items. These adjusted measures are not measures of financial performance under GAAP. As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures. We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations.
|
|
|
|
(2)
|
Excludes the impact of SG&A reconciling item above, as well as non-cash asset impairment charges of $333 for the three and nine months ended September 30, 2015.
|
|
|
|
(3)
|
Excludes the impact of non-cash asset impairment charges of $333 for the three and nine months ended September 30, 2015.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 12,117
|
|
$ 20,313
|
|
(40.3)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Severance costs
|
—
|
|
(393)
|
|
|
|
Adjusted SG&A (1)
|
$ 12,117
|
|
$ 19,920
|
|
(39.2)
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
9.4
|
|
10.2
|
|
|
|
Adjusted (1)
|
9.4
|
|
10.0
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
87.8
|
|
88.6
|
|
|
|
Adjusted (1)
|
87.8
|
|
86.9
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
0.8
|
|
(1.6)
|
|
|
|
Adjusted (1), (2)
|
1.0
|
|
1.2
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
0.4
|
|
(2.6)
|
|
|
|
Adjusted (1), (2)
|
0.6
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 11,911
|
|
$ 17,566
|
|
(32.2)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Severance costs
|
—
|
|
(289)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 11,911
|
|
$ 17,277
|
|
(31.1)
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
9.5
|
|
9.7
|
|
|
|
Adjusted (1)
|
9.5
|
|
9.6
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
89.0
|
|
84.1
|
|
|
|
Adjusted (1)
|
89.0
|
|
82.7
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
0.7
|
|
1.6
|
|
|
|
Adjusted (1), (3)
|
0.9
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 40,915
|
|
$ 61,151
|
|
(33.1)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Severance costs
|
—
|
|
(393)
|
|
|
|
Foreign transaction tax
|
—
|
|
(416)
|
|
|
|
Adjusted SG&A (1)
|
$ 40,915
|
|
$ 60,342
|
|
(32.2)
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.4
|
|
10.6
|
|
|
|
Adjusted (1)
|
10.4
|
|
10.5
|
|
|
|
SG&A AS % OF GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
91.9
|
|
93.4
|
|
|
|
Adjusted (1)
|
91.9
|
|
92.2
|
|
|
|
OPERATING MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
0.3
|
|
(0.4)
|
|
|
|
Adjusted (1), (2)
|
0.6
|
|
0.6
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
(0.2)
|
|
(1.4)
|
|
|
|
Adjusted (1), (2)
|
—
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 39,429
|
|
$ 53,441
|
|
(26.2)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Severance costs
|
—
|
|
(289)
|
|
|
|
Foreign transaction tax
|
—
|
|
(416)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 39,429
|
|
$ 52,736
|
|
(25.2)
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.3
|
|
10.1
|
|
|
|
Adjusted (1)
|
10.3
|
|
9.9
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
90.7
|
|
90.1
|
|
|
|
Adjusted (1)
|
90.7
|
|
88.9
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
0.6
|
|
0.8
|
|
|
|
Adjusted (1), (3)
|
0.7
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items. These adjusted measures are not measures of financial performance under GAAP. As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures. We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations.
|
|
|
|
(2)
|
Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $298 and $839 for the three and nine months ended September 30, 2015, respectively, and $5,121 for the three and nine months ended September 30, 2014.
|
|
|
|
(3)
|
Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $298 for the three and nine months ended September 30, 2015.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - CONSOLIDATED
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
|
|
|
|
|
|
NET INCOME RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 45,261
|
|
$ 26,162
|
|
73.0
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events (5)
|
—
|
|
671
|
|
|
|
(Gain) loss on real estate and dealership transactions (6)
|
—
|
|
(8,572)
|
|
|
|
Severance costs (7)
|
—
|
|
388
|
|
|
|
Non-cash asset impairment (10)
|
776
|
|
6,559
|
|
|
|
Loss on extinguishment of long-term debt (11)
|
—
|
|
17,934
|
|
|
|
Non-deductible goodwill
|
—
|
|
(3,358)
|
|
|
|
Adjusted net income (1)
|
$ 46,037
|
|
$ 39,784
|
|
15.7
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED
|
|
|
|
|
|
|
COMMON SHARES RECONCILIATION:
|
|
|
|
|
|
|
Adjusted net income (1)
|
$ 46,037
|
|
$ 39,784
|
|
15.7
|
|
Less: Adjusted earnings allocated to participating securities
|
1,759
|
|
1,520
|
|
15.7
|
|
Adjusted net income available to diluted common shares (1)
|
$ 44,278
|
|
$ 38,264
|
|
15.7
|
|
|
|
|
|
|
|
|
DILUTED INCOME PER COMMON SHARE RECONCILIATION:
|
|
|
|
|
|
As reported
|
$ 1.88
|
|
$ 1.03
|
|
82.5
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
—
|
|
0.03
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
—
|
|
(0.34)
|
|
|
|
Severance costs
|
—
|
|
0.01
|
|
|
|
Non-cash asset impairment
|
0.03
|
|
0.26
|
|
|
|
Loss on extinguishment of long-term debt
|
—
|
|
0.71
|
|
|
|
Non-deductible goodwill
|
—
|
|
(0.13)
|
|
|
|
Adjusted diluted income per share (1)
|
$ 1.91
|
|
$ 1.57
|
|
21.7
|
|
|
|
|
|
|
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 289,012
|
|
$ 264,233
|
|
9.4
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
—
|
|
(1,099)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
—
|
|
14,303
|
|
|
|
Severance costs
|
—
|
|
(393)
|
|
|
|
Adjusted SG&A (1)
|
$ 289,012
|
|
$ 277,044
|
|
4.3
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.3
|
|
10.1
|
|
|
|
Adjusted (1)
|
10.3
|
|
10.5
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
72.5
|
|
70.5
|
|
|
|
Adjusted (1)
|
72.5
|
|
73.9
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.5
|
|
3.4
|
|
|
|
Adjusted (1), (2)
|
3.5
|
|
3.3
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.6
|
|
1.7
|
|
|
|
Adjusted (1), (3)
|
2.6
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 274,596
|
|
$ 265,080
|
|
3.6
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
—
|
|
(1,099)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
—
|
|
(23)
|
|
|
|
Severance costs
|
—
|
|
(289)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 274,596
|
|
$ 263,669
|
|
4.1
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.4
|
|
10.5
|
|
|
|
Adjusted (1)
|
10.4
|
|
10.4
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
72.4
|
|
73.0
|
|
|
|
Adjusted (1)
|
72.4
|
|
72.6
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.5
|
|
3.5
|
|
|
|
Adjusted (1), (4)
|
3.5
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
% Change
|
|
NET INCOME RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 127,385
|
|
$ 74,327
|
|
71.4
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events (5)
|
593
|
|
1,710
|
|
|
|
(Gain) loss on real estate and dealership transactions (6)
|
(601)
|
|
(8,887)
|
|
|
|
Severance costs (7)
|
167
|
|
388
|
|
|
|
Legal settlements (8)
|
610
|
|
274
|
|
|
|
Foreign transaction tax (9)
|
—
|
|
274
|
|
|
|
Non-cash asset impairment (10)
|
1,624
|
|
7,626
|
|
|
|
Loss on extinguishment of long-term debt (11)
|
—
|
|
38,711
|
|
|
|
Non-deductible goodwill
|
—
|
|
(3,358)
|
|
|
|
Adjusted net income (1)
|
$ 129,778
|
|
$ 111,065
|
|
16.8
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED
|
|
|
|
|
|
|
COMMON SHARES RECONCILIATION:
|
|
|
|
|
|
|
Adjusted net income (1)
|
$ 129,778
|
|
$ 111,065
|
|
16.8
|
|
Less: Adjusted earnings allocated to participating securities
|
4,997
|
|
4,126
|
|
21.1
|
|
Adjusted net income available to diluted common shares (1)
|
$ 124,781
|
|
$ 106,939
|
|
16.7
|
|
|
|
|
|
|
|
|
DILUTED INCOME PER COMMON SHARE RECONCILIATION:
|
|
|
|
|
|
As reported
|
$ 5.26
|
|
$ 2.82
|
|
86.5
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
0.02
|
|
0.07
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
(0.02)
|
|
(0.33)
|
|
|
|
Severance costs
|
0.01
|
|
0.01
|
|
|
|
Legal settlements
|
0.02
|
|
0.01
|
|
|
|
Foreign transaction tax
|
—
|
|
0.01
|
|
|
|
Non-cash asset impairment
|
0.07
|
|
0.29
|
|
|
|
Loss on extinguishment of long-term debt
|
—
|
|
1.47
|
|
|
|
Non-deductible goodwill
|
—
|
|
(0.13)
|
|
|
|
Adjusted diluted income per share (1)
|
$ 5.36
|
|
$ 4.22
|
|
27.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 841,050
|
|
$ 793,761
|
|
6.0
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
(951)
|
|
(2,775)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
1,053
|
|
14,812
|
|
|
|
Severance costs
|
(208)
|
|
(393)
|
|
|
|
Legal settlements
|
(1,000)
|
|
(442)
|
|
|
|
Foreign transaction tax
|
—
|
|
(416)
|
|
|
|
Adjusted SG&A (1)
|
$ 839,944
|
|
$ 804,547
|
|
4.4
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.6
|
|
10.7
|
|
|
|
Adjusted (1)
|
10.6
|
|
10.9
|
|
|
|
SG&A AS % OF GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
72.9
|
|
73.4
|
|
|
|
Adjusted (1)
|
72.8
|
|
74.4
|
|
|
|
OPERATING MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
3.5
|
|
3.3
|
|
|
|
Adjusted (1), (2)
|
3.5
|
|
3.3
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.6
|
|
1.8
|
|
|
|
Adjusted (1), (3)
|
2.6
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 784,031
|
|
$ 764,546
|
|
2.5
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
(951)
|
|
(2,774)
|
|
|
|
Gain (loss) on real estate and dealership transactions
|
(364)
|
|
(23)
|
|
|
|
Severance costs
|
—
|
|
(289)
|
|
|
|
Legal settlements
|
(1,000)
|
|
(442)
|
|
|
|
Foreign transaction tax
|
—
|
|
(416)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 781,716
|
|
$ 760,602
|
|
2.8
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
10.6
|
|
10.8
|
|
|
|
Adjusted (1)
|
10.6
|
|
10.7
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
72.8
|
|
73.5
|
|
|
|
Adjusted (1)
|
72.6
|
|
73.1
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.5
|
|
3.4
|
|
|
|
Adjusted (1), (4)
|
3.5
|
|
3.5
|
|
|
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(1)
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We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items. These adjusted measures are not measures of financial performance under GAAP. As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures. We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations.
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(2)
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Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges for all periods.
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(3)
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Excludes the impact of SG&A reconciling items above, non-cash asset impairment charges for all periods, as well as loss on redemption of long-term debt of $22,790 and $46,403 for the three and nine months ended September 30, 2014, respectively.
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(4)
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Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $916 and $1,418 for the three and nine months ended September 30, 2015, respectively, and $293 and $2,014 for the three and nine months ended September 30, 2014, respectively.
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(5)
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Adjustment is net of tax benefit of $359 for the nine months ended September 30, 2015, and $428 and $1,065 for the three and nine months ended September 30, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment.
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(6)
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Adjustment is net of tax provision of $452 for the nine months ended September 30, 2015, and $5,731 and $5,925 for the three and nine months ended September 30, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment.
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(7)
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Adjustment is net of tax benefit of $42 for the nine months ended September 30, 2015, and $5 for the three and nine months ended September 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment.
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(8)
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Adjustment is net of tax benefit of $390 for the nine months ended September 30, 2015, and $168 for the nine months ended September 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment.
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(9)
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Adjustment is net of tax benefit of $141 for the nine months ended September 30, 2014, calculated utilizing the applicable federal and state tax rates for adjustment.
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(10)
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Adjustment is net of tax benefit of $143 and $334 for the three and nine months ended September 30, 2015, respectively, and $2,815 and $3,469 for the three and nine months ended September 30, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment.
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(11)
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Adjustment is net of tax benefit of $4,856 and $7,692 for the three and nine months ended September 30, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment.
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SOURCE Group 1 Automotive, Inc.