HOUSTON, April 28, 2017 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the
"Company"), an international, Fortune 500 automotive retailer, today reported 2017 first quarter net income of $33.9 million, diluted earnings per common share of $1.58, adjusted net income (a
non-GAAP measure) of $32.8 million, and adjusted diluted earnings per common share (a non-GAAP
measure) of $1.53.
First quarter 2017 adjusted net income and diluted earnings per share exclude a non-core benefit of approximately $1.1 million after-tax, or $0.05 per share, related to a settlement with an
Original Equipment Manufacturer (OEM). Reconciliations of non-GAAP financial measures are included in the attached financial
tables.
"Although we had another strong performance in our U.S. new vehicle margins, a record quarter in the U.K., and a profitable
quarter in Brazil, these factors were not enough to offset extreme weakness in vehicle sales in
our energy price impacted markets. Combined new and used sales dropped 11 percent in Texas and
Oklahoma, with the new vehicle industry declining 16 percent for the quarter in our largest
single market of Houston. With a decrease of 13 percent in new vehicle sales at our Houston stores, we outperformed the local market, but we still need to make further adjustments to our
businesses in the energy price impacted markets," said Earl J. Hesterberg, Group 1's president and
chief executive officer. "As for our overseas markets, our U.K. operations had another record quarter, with revenue growth across
all business segments and gross profit up double digits on a constant currency basis. And finally, in the face of continued
pressure on Brazil's new vehicle industry during the quarter, we are also delighted to have
achieved profitability in our Brazil Region by growing gross profit 13 percent on a Same Store constant currency basis reflecting
tremendous performance in used vehicles, parts and service, and F&I, and by significantly leveraging our costs."
Consolidated Results for First Quarter 2017 (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 decreased 3.4 percent ((1.5) percent) to $2.5 billion; total gross profit
decreased 1.4 percent ((0.1) percent) to $383.5 million.
- New vehicle revenues decreased 5.2 percent ((3.1) percent) on a 6.1 percent decrease in unit sales. New vehicle gross
profit decreased 3.5 percent ((1.3) percent) to $69.2 million, as improved new vehicle margins
partially offset the volume decline. U.S. Same Store new vehicle margins were up 5.1 percent or $91 per unit to $1,862.
- Retail used vehicle revenues decreased 4.0 percent ((2.0) percent) on a 3.7 percent decrease in unit sales. Retail used
vehicle gross profit decreased 8.5 percent ((7.5) percent) to $45.0 million reflecting the impact
of lower margins, down $74 per unit, in combination with the volume decline.
- Parts and service gross profit increased 3.5 percent (4.9 percent) on revenue growth of 3.6 percent (4.7 percent). Same
Store parts and service gross profit increased 3.4 percent (4.4 percent) on revenue growth of 3.8 percent (4.6 percent).
- Same Store Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 2.0 percent (2.8 percent) to
$1,410 per retail unit. U.S. F&I gross profit per unit increased $73 to a first quarter record of $1,637.
- Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 10 basis points to 75.6
percent. Adjusted SG&A expenses as a percent of gross profit (a non-GAAP measure) increased 120 basis points to 76.0
percent.
Segment Results for First Quarter 2017 (year-over-year comparable basis)
- United States:
The Company's U.S. operations accounted for 78.1 percent of total revenues and 83.6 percent of total gross profit.
U.S. revenues were $2.0 billion, a decrease of 5.5 percent. The revenue decrease reflects 10.7
percent and 7.1 percent decreases in retail new and used vehicle unit sales, respectively. The vast majority of the sales
decline came from the Company's oil-impacted markets of Texas and Oklahoma. Gross profit decreased 3.6 percent.
- United Kingdom:
The Company's U.K. operations accounted for 17.9 percent of total revenues and 13.1 percent of total gross profit.
Despite a 14 percent weakening in the pound, total revenue grew 4.3 percent (20.5 percent) to $450.3
million, and gross profit increased 7.6 percent (24.3 percent). Revenue growth was primarily driven by 22.6 percent and
22.1 percent increases in new and used vehicle retail unit sales, respectively.
- Brazil:
The Company's Brazilian operations accounted for 4.0 percent of total revenues and 3.3 percent of total gross
profit. Despite continued weakness in Brazil's new vehicle industry volumes, which contributed
to decreased Same Store total revenue of 13.4 percent on a constant currency basis, gross profit increased 13.0 percent,
reflecting strong growth in Same Store total used vehicles gross profit (up almost 180 percent), and a 17.6 percent increase in
Same Store parts and sales gross profit. In addition, Same Store F&I gross profit PRU increased 64.5 percent on a constant
currency basis. The increase in gross profit, coupled with significantly improved cost leverage, allowed the region to achieve
profitability in the quarter.
Corporate Development
In January 2017, as previously announced, the Company acquired a BMW motorcycle franchise in
Brazil, which is expected to generate approximately $5 million in
annual revenues. In March 2017, the Company opened Think Ford Reading, an add point in the U.K.,
which is contiguous to our existing Ford market. This expands the Company's U.K. Ford network to
seven dealerships. In April 2017, the Company also opened Cedar Park Nissan, an add point in
Austin, Texas. This addition increases Group 1's U.S. Nissan network to nine dealerships. These
add points are expected to generate approximately $60 million in annual revenues.
In February 2017, as previously announced, the Company disposed of two Nissan dealerships in
Brazil. These stores generated approximately $25 million in
trailing-twelve-month revenues.
Share Repurchase Authorization
As of April 28, 2017, $22.4 million remains available under the
Company's prior common stock share repurchase authorization. Purchases may be made from time to time in the open market or in
privately negotiated transactions, based on market conditions, legal requirements and other corporate considerations and subject
to Board approval and covenant restrictions.
First Quarter 2017 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 9 a.m. ET to discuss the first
quarter financial results and the Company's outlook and strategy.
The conference call will be simulcast live on the Internet at www.group1auto.com. 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:
|
7461950
|
A telephonic replay will be available following the call through May 5, 2017 by dialing:
|
Domestic:
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay
ID:
|
10105151
|
About Group 1 Automotive, Inc.
Group 1 owns and operates 159 automotive dealerships , 210 franchises, and 45 collision centers in the United
States, the United Kingdom and Brazil that offer 30 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
In addition to evaluating the financial condition and results of our operations in accordance with 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, and profitability improvement initiatives, and other events outside of normal, or
"core," business and operations, by considering alternative financial measures not prepared in accordance with GAAP. This
includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income and adjusted
diluted earnings per share. 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 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 GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also
to consider them with the most directly comparable GAAP measures. 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, gains and losses on dealership
franchise or real estate transactions, and catastrophic weather events such as hail storms, 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.
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 United
States 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.
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 March 31,
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
New vehicle retail sales
|
$ 1,337,213
|
|
$ 1,409,851
|
|
(5.2)
|
|
Used vehicle retail sales
|
660,927
|
|
688,171
|
|
(4.0)
|
|
Used vehicle wholesale sales
|
104,157
|
|
101,592
|
|
2.5
|
|
Parts and service
|
319,698
|
|
308,592
|
|
3.6
|
|
Finance, insurance and other, net
|
96,834
|
|
100,149
|
|
(3.3)
|
|
Total revenues
|
2,518,829
|
|
2,608,355
|
|
(3.4)
|
|
|
|
|
|
|
|
COST OF SALES:
|
|
|
|
|
|
|
New vehicle retail sales
|
1,267,986
|
|
1,338,124
|
|
(5.2)
|
|
Used vehicle retail sales
|
615,922
|
|
638,971
|
|
(3.6)
|
|
Used vehicle wholesale sales
|
104,057
|
|
100,143
|
|
3.9
|
|
Parts and service
|
147,342
|
|
142,016
|
|
3.8
|
|
Total cost of sales
|
2,135,307
|
|
2,219,254
|
|
(3.8)
|
|
|
|
|
|
|
|
GROSS PROFIT
|
383,522
|
|
389,101
|
|
(1.4)
|
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
289,779
|
|
293,664
|
|
(1.3)
|
|
|
|
|
|
|
|
DEPRECIATION AND AMORTIZATION EXPENSE
|
13,606
|
|
12,464
|
|
9.2
|
|
|
|
|
|
|
|
ASSET IMPAIRMENTS
|
-
|
|
932
|
|
(100.0)
|
|
|
|
|
|
|
|
OPERATING INCOME
|
80,137
|
|
82,041
|
|
(2.3)
|
|
|
|
|
|
|
|
OTHER EXPENSE:
|
|
|
|
|
|
|
Floorplan interest expense
|
(11,942)
|
|
(11,010)
|
|
8.5
|
|
Other interest expense, net
|
(16,999)
|
|
(16,929)
|
|
0.4
|
|
INCOME BEFORE INCOME TAXES
|
51,196
|
|
54,102
|
|
(5.4)
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
(17,257)
|
|
(19,811)
|
|
(12.9)
|
|
|
|
|
|
|
|
NET INCOME
|
$ 33,939
|
|
$ 34,291
|
|
(1.0)
|
|
Less: Earnings allocated to participating securities
|
$ 1,250
|
|
$ 1,348
|
|
(7.3)
|
|
Earnings available to diluted common shares
|
$ 32,689
|
|
$ 32,943
|
|
(0.8)
|
|
DILUTED EARNINGS PER SHARE
|
$ 1.58
|
|
$ 1.47
|
|
7.5
|
|
Weighted average dilutive common shares outstanding
|
20,698
|
|
22,453
|
|
(7.8)
|
|
Weighted average participating securities
|
818
|
|
921
|
|
(11.2)
|
|
Total weighted average shares outstanding
|
21,516
|
|
23,374
|
|
(7.9)
|
|
Group 1 Automotive, Inc.
|
|
Consolidated Balance Sheets
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
% Increase/
(Decrease)
|
|
ASSETS:
|
|
(Unaudited)
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 33,770
|
|
$ 20,992
|
|
60.9
|
|
Contracts in transit and vehicle receivables, net
|
|
213,772
|
|
269,508
|
|
(20.7)
|
|
Accounts and notes receivable, net
|
|
152,794
|
|
173,364
|
|
(11.9)
|
|
Inventories, net
|
|
1,729,525
|
|
1,651,815
|
|
4.7
|
|
Prepaid expenses and other current assets
|
|
23,216
|
|
34,908
|
|
(33.5)
|
|
Total current assets
|
|
2,153,077
|
|
2,150,587
|
|
0.1
|
|
PROPERTY AND EQUIPMENT, net
|
|
1,152,395
|
|
1,125,883
|
|
2.4
|
|
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS
|
|
1,162,351
|
|
1,161,639
|
|
0.1
|
|
OTHER ASSETS
|
|
21,540
|
|
23,794
|
|
(9.5)
|
|
Total assets
|
|
$ 4,489,363
|
|
$ 4,461,903
|
|
0.6
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Floorplan notes payable - credit facility and other
|
|
$ 1,170,383
|
|
$ 1,136,654
|
|
3.0
|
|
Offset account related to floorplan notes payable - credit
facility
|
|
(97,149)
|
|
(59,626)
|
|
62.9
|
|
Floorplan notes payable - manufacturer affiliates
|
|
392,388
|
|
392,661
|
|
(0.1)
|
|
Offset account related to floorplan notes payable - manufacturer
affiliates
|
|
(26,750)
|
|
(25,500)
|
|
4.9
|
|
Current maturities of long-term debt and short-term
financing
|
|
46,340
|
|
72,419
|
|
(36.0)
|
|
Current liabilities from interest rate risk management
activities
|
|
2,597
|
|
3,941
|
|
(34.1)
|
|
Accounts payable
|
|
347,746
|
|
356,099
|
|
(2.3)
|
|
Accrued expenses
|
|
185,720
|
|
176,469
|
|
5.2
|
|
Total current liabilities
|
|
2,021,275
|
|
2,053,117
|
|
(1.6)
|
|
5.00% SENIOR NOTES (principal of $550,000 at March 31, 2017 and
December 31, 2016, respectively)
|
|
540,858
|
|
540,465
|
|
0.1
|
|
5.25% SENIOR NOTES (principal of $300,000 at March 31, 2017 and
December 31, 2016, respectively)
|
|
295,729
|
|
295,591
|
|
0.0
|
|
REAL ESTATE RELATED AND OTHER LONG-TERM DEBT, net of current
maturities
|
|
345,775
|
|
333,326
|
|
3.7
|
|
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current
maturities
|
|
42,356
|
|
43,427
|
|
(2.5)
|
|
DEFERRED INCOME TAXES
|
|
168,772
|
|
161,502
|
|
4.5
|
|
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT
ACTIVITIES
|
|
17,762
|
|
20,470
|
|
(13.2)
|
|
OTHER LIABILITIES
|
|
87,876
|
|
83,805
|
|
4.9
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
Common stock
|
|
256
|
|
257
|
|
(0.4)
|
|
Additional paid-in capital
|
|
285,455
|
|
290,899
|
|
(1.9)
|
|
Retained earnings
|
|
1,082,101
|
|
1,053,301
|
|
2.7
|
|
Accumulated other comprehensive loss
|
|
(140,149)
|
|
(146,944)
|
|
(4.6)
|
|
Treasury stock
|
|
(258,703)
|
|
(267,313)
|
|
(3.2)
|
|
Total stockholders' equity
|
|
968,960
|
|
930,200
|
|
4.2
|
|
Total liabilities and stockholders' equity
|
|
$ 4,489,363
|
|
$ 4,461,903
|
|
0.6
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Consolidated
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
|
|
|
|
|
Region
|
Geographic Market
|
|
|
|
|
|
East
|
Georgia
|
|
4.5
|
|
3.8
|
|
Massachusetts
|
|
4.2
|
|
5.0
|
|
Florida
|
|
2.5
|
|
2.4
|
|
New Hampshire
|
|
1.8
|
|
1.7
|
|
New Jersey
|
|
1.6
|
|
1.6
|
|
Louisiana
|
|
1.6
|
|
1.4
|
|
Mississippi
|
|
1.5
|
|
1.5
|
|
South Carolina
|
|
1.3
|
|
1.4
|
|
Alabama
|
|
1.2
|
|
0.8
|
|
Maryland
|
|
0.4
|
|
0.4
|
|
|
|
20.6
|
|
20.0
|
|
|
|
|
|
|
|
West
|
Texas
|
|
34.8
|
|
37.0
|
|
California
|
|
7.9
|
|
9.0
|
|
Oklahoma
|
|
6.4
|
|
7.2
|
|
Kansas
|
|
1.6
|
|
1.8
|
|
Louisiana
|
|
0.5
|
|
0.6
|
|
|
|
51.2
|
|
55.6
|
|
|
|
|
|
|
|
International
|
United Kingdom
|
|
23.6
|
|
18.0
|
|
Brazil
|
|
4.6
|
|
6.4
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT SALES BRAND MIX:
|
|
|
|
|
|
Toyota/Scion/Lexus
|
|
23.2
|
|
23.8
|
|
BMW/MINI
|
|
14.3
|
|
13.1
|
|
Ford/Lincoln
|
|
12.8
|
|
11.5
|
|
Volkswagen/Audi/Porsche
|
|
12.5
|
|
10.6
|
|
Honda/Acura
|
|
9.1
|
|
10.5
|
|
Nissan
|
|
8.2
|
|
7.9
|
|
Chevrolet/GMC/Buick/Cadillac
|
|
6.7
|
|
7.8
|
|
Mercedes-Benz/smart/Sprinter
|
|
3.9
|
|
3.7
|
|
Chrysler/Dodge/Jeep/RAM
|
|
3.7
|
|
4.0
|
|
Hyundai/Kia
|
|
3.4
|
|
4.7
|
|
Other
|
|
2.2
|
|
2.4
|
|
|
|
100.0
|
|
100.0
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - U.S.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,018,249
|
|
$ 1,100,393
|
|
(7.5)
|
|
Used vehicle retail sales
|
|
521,947
|
|
558,764
|
|
(6.6)
|
|
Used vehicle wholesale sales
|
|
70,545
|
|
68,873
|
|
2.4
|
|
Total used
|
|
592,492
|
|
627,637
|
|
(5.6)
|
|
Parts and service
|
|
271,159
|
|
263,458
|
|
2.9
|
|
Finance, insurance and other, net
|
|
85,819
|
|
90,145
|
|
(4.8)
|
|
Total
|
|
$ 1,967,719
|
|
$ 2,081,633
|
|
(5.5)
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.0
|
|
4.9
|
|
|
|
Used vehicle retail sales
|
|
7.3
|
|
7.8
|
|
|
|
Used vehicle wholesale sales
|
|
(0.5)
|
|
1.2
|
|
|
|
Total used
|
|
6.3
|
|
7.1
|
|
|
|
Parts and service
|
|
53.8
|
|
54.7
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
16.3
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 51,209
|
|
$ 54,146
|
|
(5.4)
|
|
Used vehicle retail sales
|
|
37,932
|
|
43,455
|
|
(12.7)
|
|
Used vehicle wholesale sales
|
|
(362)
|
|
844
|
|
(142.9)
|
|
Total used
|
|
37,570
|
|
44,299
|
|
(15.2)
|
|
Parts and service
|
|
145,998
|
|
144,120
|
|
1.3
|
|
Finance, insurance and other, net
|
|
85,819
|
|
90,145
|
|
(4.8)
|
|
Total
|
|
$ 320,596
|
|
$ 332,710
|
|
(3.6)
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
27,498
|
|
30,801
|
|
(10.7)
|
|
Retail used vehicles sold
|
|
24,929
|
|
26,831
|
|
(7.1)
|
|
Wholesale used vehicles sold
|
|
9,981
|
|
10,413
|
|
(4.1)
|
|
Total used
|
|
34,910
|
|
37,244
|
|
(6.3)
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 37,030
|
|
$ 35,726
|
|
3.7
|
|
Used vehicle retail
|
|
$ 20,937
|
|
$ 20,825
|
|
0.5
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,862
|
|
$ 1,758
|
|
5.9
|
|
Used vehicle retail sales
|
|
1,522
|
|
1,620
|
|
(6.0)
|
|
Used vehicle wholesale sales
|
|
(36)
|
|
81
|
|
(144.4)
|
|
Total used
|
|
1,076
|
|
1,189
|
|
(9.5)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 1,637
|
|
$ 1,564
|
|
4.7
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 236,273
|
|
$ 245,838
|
|
(3.9)
|
|
Adjusted SG&A expenses(1)
|
|
$ 238,106
|
|
$ 244,086
|
|
(2.4)
|
|
SG&A as % revenues
|
|
12.0
|
|
11.8
|
|
|
|
Adjusted SG&A as % revenues (1)
|
|
12.1
|
|
11.7
|
|
|
|
SG&A as % gross profit
|
|
73.7
|
|
73.9
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
|
74.3
|
|
73.4
|
|
|
|
Operating margin %
|
|
3.7
|
|
3.6
|
|
|
|
Adjusted operating margin % (1)
|
|
3.6
|
|
3.7
|
|
|
|
Pretax margin %
|
|
2.3
|
|
2.4
|
|
|
|
Adjusted pretax margin % (1)
|
|
2.2
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest expense
|
|
$ (10,878)
|
|
$ (10,049)
|
|
8.2
|
|
Floorplan assistance
|
|
10,284
|
|
11,251
|
|
(8.6)
|
|
Net floorplan (expense) income
|
|
$ (594)
|
|
$ 1,202
|
|
(149.4)
|
|
Other interest expense, net
|
|
$ (16,272)
|
|
$ (15,513)
|
|
4.9
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - U.K.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency (1)
% Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 258,640
|
|
$ 246,536
|
|
4.9
|
|
21.3
|
|
Used vehicle retail sales
|
|
115,369
|
|
110,117
|
|
4.8
|
|
21.1
|
|
Used vehicle wholesale sales
|
|
30,509
|
|
32,032
|
|
(4.8)
|
|
10.1
|
|
Total used
|
|
145,878
|
|
142,149
|
|
2.6
|
|
18.6
|
|
Parts and service
|
|
36,781
|
|
34,549
|
|
6.5
|
|
23.0
|
|
Finance, insurance and other, net
|
|
9,028
|
|
8,662
|
|
4.2
|
|
20.5
|
|
Total
|
|
$ 450,327
|
|
$ 431,896
|
|
4.3
|
|
20.5
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.6
|
|
5.6
|
|
|
|
|
|
Used vehicle retail sales
|
|
4.7
|
|
4.7
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
0.7
|
|
1.8
|
|
|
|
|
|
Total used
|
|
3.9
|
|
4.1
|
|
|
|
|
|
Parts and service
|
|
57.7
|
|
53.4
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.2
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 14,401
|
|
$ 13,854
|
|
3.9
|
|
20.2
|
|
Used vehicle retail sales
|
|
5,429
|
|
5,210
|
|
4.2
|
|
20.5
|
|
Used vehicle wholesale sales
|
|
211
|
|
572
|
|
(63.1)
|
|
(57.9)
|
|
Total used
|
|
5,640
|
|
5,782
|
|
(2.5)
|
|
12.7
|
|
Parts and service
|
|
21,225
|
|
18,448
|
|
15.1
|
|
33.0
|
|
Finance, insurance and other, net
|
|
9,028
|
|
8,662
|
|
4.2
|
|
20.5
|
|
Total
|
|
$ 50,294
|
|
$ 46,746
|
|
7.6
|
|
24.3
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
9,018
|
|
7,358
|
|
22.6
|
|
|
|
Retail used vehicles sold
|
|
5,611
|
|
4,595
|
|
22.1
|
|
|
|
Wholesale used vehicles sold
|
|
4,169
|
|
3,642
|
|
14.5
|
|
|
|
Total used
|
|
9,780
|
|
8,237
|
|
18.7
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 28,680
|
|
$ 33,506
|
|
(14.4)
|
|
(1.1)
|
|
Used vehicle retail
|
|
$ 20,561
|
|
$ 23,965
|
|
(14.2)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,597
|
|
$ 1,883
|
|
(15.2)
|
|
(2.0)
|
|
Used vehicle retail sales
|
|
968
|
|
1,134
|
|
(14.6)
|
|
(1.3)
|
|
Used vehicle wholesale sales
|
|
51
|
|
157
|
|
(67.5)
|
|
(63.2)
|
|
Total used
|
|
577
|
|
702
|
|
(17.8)
|
|
(5.1)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 617
|
|
$ 725
|
|
(14.9)
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 41,624
|
|
$ 37,436
|
|
11.2
|
|
28.5
|
|
Adjusted SG&A expenses(1)
|
|
$ 41,624
|
|
$ 36,875
|
|
12.9
|
|
30.4
|
|
SG&A as % revenues
|
|
9.2
|
|
8.7
|
|
|
|
|
|
Adjusted SG&A as % revenues (1)
|
|
9.2
|
|
8.5
|
|
|
|
|
|
SG&A as % gross profit
|
|
82.8
|
|
80.1
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
|
82.8
|
|
78.9
|
|
|
|
|
|
Operating margin %
|
|
1.6
|
|
1.8
|
|
|
|
|
|
Adjusted operating margin % (1)
|
|
1.6
|
|
1.9
|
|
|
|
|
|
Pretax margin %
|
|
1.2
|
|
1.3
|
|
|
|
|
|
Adjusted pretax margin % (1)
|
|
1.2
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense
|
|
$ (1,034)
|
|
$ (920)
|
|
12.4
|
|
29.7
|
|
Floorplan assistance
|
|
229
|
|
263
|
|
(12.9)
|
|
0.5
|
|
Net floorplan expense
|
|
$ (805)
|
|
$ (657)
|
|
22.5
|
|
41.5
|
|
Other interest expense, net
|
|
$ (581)
|
|
$ (1,282)
|
|
(54.7)
|
|
(47.9)
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Brazil
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency (1)
% Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 60,324
|
|
$ 62,922
|
|
(4.1)
|
|
(22.5)
|
|
Used vehicle retail sales
|
|
23,611
|
|
19,290
|
|
22.4
|
|
(1.3)
|
|
Used vehicle wholesale sales
|
|
3,103
|
|
687
|
|
351.7
|
|
263.1
|
|
Total used
|
|
26,714
|
|
19,977
|
|
33.7
|
|
7.8
|
|
Parts and service
|
|
11,758
|
|
10,585
|
|
11.1
|
|
(10.3)
|
|
Finance, insurance and other, net
|
|
1,987
|
|
1,342
|
|
48.1
|
|
19.1
|
|
Total
|
|
$ 100,783
|
|
$ 94,826
|
|
6.3
|
|
(14.2)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.0
|
|
5.9
|
|
|
|
|
|
Used vehicle retail sales
|
|
7.0
|
|
2.8
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
8.1
|
|
4.8
|
|
|
|
|
|
Total used
|
|
7.1
|
|
2.8
|
|
|
|
|
|
Parts and service
|
|
43.7
|
|
37.9
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
12.5
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 3,617
|
|
$ 3,727
|
|
(3.0)
|
|
(21.9)
|
|
Used vehicle retail sales
|
|
1,644
|
|
535
|
|
207.3
|
|
147.2
|
|
Used vehicle wholesale sales
|
|
251
|
|
33
|
|
660.6
|
|
514.3
|
|
Total used
|
|
1,895
|
|
568
|
|
233.6
|
|
168.3
|
|
Parts and service
|
|
5,133
|
|
4,008
|
|
28.1
|
|
3.3
|
|
Finance, insurance and other, net
|
|
1,987
|
|
1,342
|
|
48.1
|
|
19.1
|
|
Total
|
|
$ 12,632
|
|
$ 9,645
|
|
31.0
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
1,774
|
|
2,622
|
|
(32.3)
|
|
|
|
Retail used vehicles sold
|
|
1,026
|
|
1,365
|
|
(24.8)
|
|
|
|
Wholesale used vehicles sold
|
|
379
|
|
311
|
|
21.9
|
|
|
|
Total used
|
|
1,405
|
|
1,676
|
|
(16.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,005
|
|
$ 23,998
|
|
41.7
|
|
14.5
|
|
Used vehicle retail
|
|
$ 23,013
|
|
$ 14,132
|
|
62.8
|
|
31.3
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,039
|
|
$ 1,421
|
|
43.5
|
|
15.5
|
|
Used vehicle retail sales
|
|
1,602
|
|
392
|
|
308.7
|
|
228.9
|
|
Used vehicle wholesale sales
|
|
662
|
|
106
|
|
524.5
|
|
404.1
|
|
Total used
|
|
1,349
|
|
339
|
|
297.9
|
|
220.0
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 710
|
|
$ 337
|
|
110.7
|
|
69.7
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 11,882
|
|
$ 10,390
|
|
14.4
|
|
(7.9)
|
|
Adjusted SG&A expenses(1)
|
|
$ 11,882
|
|
$ 10,019
|
|
18.6
|
|
(4.5)
|
|
SG&A as % revenues
|
|
11.8
|
|
11.0
|
|
|
|
|
|
Adjusted SG&A as % revenues (1)
|
|
11.8
|
|
10.6
|
|
|
|
|
|
SG&A as % gross profit
|
|
94.1
|
|
107.7
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
|
94.1
|
|
103.9
|
|
|
|
|
|
Operating margin %
|
|
0.4
|
|
(1.5)
|
|
|
|
|
|
Adjusted operating margin % (1)
|
|
0.4
|
|
(0.7)
|
|
|
|
|
|
Pretax margin %
|
|
0.2
|
|
(1.7)
|
|
|
|
|
|
Adjusted pretax margin % (1)
|
|
0.2
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense
|
|
$ (30)
|
|
$ (41)
|
|
(26.8)
|
|
(42.6)
|
|
Floorplan assistance
|
|
—
|
|
—
|
|
-
|
|
-
|
|
Net floorplan expense
|
|
$ (30)
|
|
$ (41)
|
|
(26.8)
|
|
(42.6)
|
|
Other interest expense, net
|
|
$ (146)
|
|
$ (134)
|
|
9.0
|
|
(13.6)
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Consolidated
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency % (1)
Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,337,213
|
|
$ 1,409,851
|
|
(5.2)
|
|
(3.1)
|
|
Used vehicle retail sales
|
|
660,927
|
|
688,171
|
|
(4.0)
|
|
(2.0)
|
|
Used vehicle wholesale sales
|
|
104,157
|
|
101,592
|
|
2.5
|
|
6.6
|
|
Total used
|
|
765,084
|
|
789,763
|
|
(3.1)
|
|
(0.9)
|
|
Parts and service
|
|
319,698
|
|
308,592
|
|
3.6
|
|
4.7
|
|
Finance, insurance and other, net
|
|
96,834
|
|
100,149
|
|
(3.3)
|
|
(2.3)
|
|
Total
|
|
$ 2,518,829
|
|
$ 2,608,355
|
|
(3.4)
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.2
|
|
5.1
|
|
|
|
|
|
Used vehicle retail sales
|
|
6.8
|
|
7.1
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
0.1
|
|
1.4
|
|
|
|
|
|
Total used
|
|
5.9
|
|
6.4
|
|
|
|
|
|
Parts and service
|
|
53.9
|
|
54.0
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
15.2
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 69,227
|
|
$ 71,727
|
|
(3.5)
|
|
(1.3)
|
|
Used vehicle retail sales
|
|
45,005
|
|
49,200
|
|
(8.5)
|
|
(7.5)
|
|
Used vehicle wholesale sales
|
|
100
|
|
1,449
|
|
(93.1)
|
|
(94.6)
|
|
Total used
|
|
45,105
|
|
50,649
|
|
(10.9)
|
|
(9.9)
|
|
Parts and service
|
|
172,356
|
|
166,576
|
|
3.5
|
|
4.9
|
|
Finance, insurance and other, net
|
|
96,834
|
|
100,149
|
|
(3.3)
|
|
(2.3)
|
|
Total
|
|
$ 383,522
|
|
$ 389,101
|
|
(1.4)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
38,290
|
|
40,781
|
|
(6.1)
|
|
|
|
Retail used vehicles sold
|
|
31,566
|
|
32,791
|
|
(3.7)
|
|
|
|
Wholesale used vehicles sold
|
|
14,529
|
|
14,366
|
|
1.1
|
|
|
|
Total used
|
|
46,095
|
|
47,157
|
|
(2.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,923
|
|
$ 34,571
|
|
1.0
|
|
3.2
|
|
Used vehicle retail
|
|
$ 20,938
|
|
$ 20,987
|
|
(0.2)
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,808
|
|
$ 1,759
|
|
2.8
|
|
5.1
|
|
Used vehicle retail sales
|
|
1,426
|
|
1,500
|
|
(4.9)
|
|
(3.9)
|
|
Used vehicle wholesale sales
|
|
7
|
|
101
|
|
(93.1)
|
|
(94.6)
|
|
Total used
|
|
979
|
|
1,074
|
|
(8.8)
|
|
(7.9)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 1,386
|
|
$ 1,361
|
|
1.8
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 289,779
|
|
$ 293,664
|
|
(1.3)
|
|
0.1
|
|
Adjusted SG&A expenses(1)
|
|
$ 291,612
|
|
$ 290,980
|
|
0.2
|
|
1.6
|
|
SG&A as % revenues
|
|
11.5
|
|
11.3
|
|
|
|
|
|
Adjusted SG&A as % revenues (1)
|
|
11.6
|
|
11.2
|
|
|
|
|
|
SG&A as % gross profit
|
|
75.6
|
|
75.5
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
|
76.0
|
|
74.8
|
|
|
|
|
|
Operating margin %
|
|
3.2
|
|
3.1
|
|
|
|
|
|
Adjusted operating margin % (1)
|
|
3.1
|
|
3.3
|
|
|
|
|
|
Pretax margin %
|
|
2.0
|
|
2.1
|
|
|
|
|
|
Adjusted pretax margin % (1)
|
|
2.0
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense
|
|
$ (11,942)
|
|
$ (11,010)
|
|
8.5
|
|
9.9
|
|
Floorplan assistance
|
|
10,513
|
|
11,514
|
|
(8.7)
|
|
(8.7)
|
|
Net floorplan (expense) income
|
|
$ (1,429)
|
|
$ 504
|
|
(383.5)
|
|
(413.7)
|
|
Other interest expense, net
|
|
$ (16,999)
|
|
$ (16,929)
|
|
0.4
|
|
0.7
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Same Store U.S. (1)
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,018,248
|
|
$ 1,081,354
|
|
(5.8)
|
|
Used vehicle retail sales
|
|
521,945
|
|
549,854
|
|
(5.1)
|
|
Used vehicle wholesale sales
|
|
70,545
|
|
66,761
|
|
5.7
|
|
Total used
|
|
592,490
|
|
616,615
|
|
(3.9)
|
|
Parts and service
|
|
271,160
|
|
260,134
|
|
4.2
|
|
Finance, insurance and other, net
|
|
85,390
|
|
88,632
|
|
(3.7)
|
|
Total
|
|
$ 1,967,288
|
|
$ 2,046,735
|
|
(3.9)
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.0
|
|
4.9
|
|
|
|
Used vehicle retail sales
|
|
7.3
|
|
7.7
|
|
|
|
Used vehicle wholesale sales
|
|
(0.5)
|
|
1.9
|
|
|
|
Total used
|
|
6.3
|
|
7.1
|
|
|
|
Parts and service
|
|
53.8
|
|
54.6
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
Total
|
|
16.3
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 51,206
|
|
$ 53,237
|
|
(3.8)
|
|
Used vehicle retail sales
|
|
37,934
|
|
42,352
|
|
(10.4)
|
|
Used vehicle wholesale sales
|
|
(343)
|
|
1,242
|
|
(127.6)
|
|
Total used
|
|
37,591
|
|
43,594
|
|
(13.8)
|
|
Parts and service
|
|
146,000
|
|
142,062
|
|
2.8
|
|
Finance, insurance and other, net
|
|
85,390
|
|
88,632
|
|
(3.7)
|
|
Total
|
|
$ 320,187
|
|
$ 327,525
|
|
(2.2)
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
27,498
|
|
30,062
|
|
(8.5)
|
|
Retail used vehicles sold
|
|
24,929
|
|
26,357
|
|
(5.4)
|
|
Wholesale used vehicles sold
|
|
9,981
|
|
10,113
|
|
(1.3)
|
|
Total used
|
|
34,910
|
|
36,470
|
|
(4.3)
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 37,030
|
|
$ 35,971
|
|
2.9
|
|
Used vehicle retail
|
|
$ 20,937
|
|
$ 20,862
|
|
0.4
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,862
|
|
$ 1,771
|
|
5.1
|
|
Used vehicle retail sales
|
|
1,522
|
|
1,607
|
|
(5.3)
|
|
Used vehicle wholesale sales
|
|
(34)
|
|
123
|
|
(127.6)
|
|
Total used
|
|
1,077
|
|
1,195
|
|
(9.9)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 1,629
|
|
$ 1,571
|
|
3.7
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 235,953
|
|
$ 241,027
|
|
(2.1)
|
|
Adjusted SG&A expenses(2)
|
|
$ 237,786
|
|
$ 238,208
|
|
(0.2)
|
|
SG&A as % revenues
|
|
12.0
|
|
11.8
|
|
|
|
Adjusted SG&A as % revenues (2)
|
|
12.1
|
|
11.6
|
|
|
|
SG&A as % gross profit
|
|
73.7
|
|
73.6
|
|
|
|
Adjusted SG&A as % gross profit (2)
|
|
74.3
|
|
72.7
|
|
|
|
Operating margin %
|
|
3.7
|
|
3.7
|
|
|
|
Adjusted operating margin % (2)
|
|
3.6
|
|
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) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
|
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Same Store U.K. (1)
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency (2)
% Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 222,305
|
|
$ 232,238
|
|
(4.3)
|
|
10.7
|
|
Used vehicle retail sales
|
|
94,051
|
|
100,674
|
|
(6.6)
|
|
8.1
|
|
Used vehicle wholesale sales
|
|
24,396
|
|
28,800
|
|
(15.3)
|
|
(2.0)
|
|
Total used
|
|
118,447
|
|
129,474
|
|
(8.5)
|
|
5.8
|
|
Parts and service
|
|
28,219
|
|
30,107
|
|
(6.3)
|
|
8.4
|
|
Finance, insurance and other, net
|
|
7,618
|
|
8,191
|
|
(7.0)
|
|
7.5
|
|
Total
|
|
$ 376,589
|
|
$ 400,010
|
|
(5.9)
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.7
|
|
5.8
|
|
|
|
|
|
Used vehicle retail sales
|
|
5.0
|
|
5.2
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
2.0
|
|
2.1
|
|
|
|
|
|
Total used
|
|
4.4
|
|
4.5
|
|
|
|
|
|
Parts and service
|
|
56.9
|
|
53.0
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
11.1
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 12,698
|
|
$ 13,444
|
|
(5.5)
|
|
9.2
|
|
Used vehicle retail sales
|
|
4,743
|
|
5,198
|
|
(8.8)
|
|
5.5
|
|
Used vehicle wholesale sales
|
|
499
|
|
597
|
|
(16.4)
|
|
(4.3)
|
|
Total used
|
|
5,242
|
|
5,795
|
|
(9.5)
|
|
4.5
|
|
Parts and service
|
|
16,059
|
|
15,958
|
|
0.6
|
|
16.4
|
|
Finance, insurance and other, net
|
|
7,618
|
|
8,191
|
|
(7.0)
|
|
7.5
|
|
Total
|
|
$ 41,617
|
|
$ 43,388
|
|
(4.1)
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
7,650
|
|
6,884
|
|
11.1
|
|
|
|
Retail used vehicles sold
|
|
4,592
|
|
4,215
|
|
8.9
|
|
|
|
Wholesale used vehicles sold
|
|
3,361
|
|
3,361
|
|
-
|
|
|
|
Total used
|
|
7,953
|
|
7,576
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 29,059
|
|
$ 33,736
|
|
(13.9)
|
|
(0.4)
|
|
Used vehicle retail
|
|
$ 20,481
|
|
$ 23,885
|
|
(14.2)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,660
|
|
$ 1,953
|
|
(15.0)
|
|
(1.8)
|
|
Used vehicle retail sales
|
|
1,033
|
|
1,233
|
|
(16.2)
|
|
(3.1)
|
|
Used vehicle wholesale sales
|
|
148
|
|
178
|
|
(16.9)
|
|
(4.3)
|
|
Total used
|
|
659
|
|
765
|
|
(13.9)
|
|
(0.4)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 622
|
|
$ 738
|
|
(15.7)
|
|
(2.5)
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 31,186
|
|
$ 32,015
|
|
(2.6)
|
|
12.6
|
|
Adjusted SG&A expenses(2)
|
|
$ 31,186
|
|
$ 31,454
|
|
(0.9)
|
|
14.6
|
|
SG&A as % revenues
|
|
8.3
|
|
8.0
|
|
|
|
|
|
Adjusted SG&A as % revenues (2)
|
|
8.3
|
|
7.9
|
|
|
|
|
|
SG&A as % gross profit
|
|
74.9
|
|
73.8
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2)
|
|
74.9
|
|
72.5
|
|
|
|
|
|
Operating margin %
|
|
2.4
|
|
2.5
|
|
|
|
|
|
Adjusted operating margin % (2)
|
|
2.4
|
|
2.6
|
|
|
|
|
|
|
(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) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
|
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Same Store Brazil (1)
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency (2)
% Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 53,912
|
|
$ 57,210
|
|
(5.8)
|
|
(23.9)
|
|
Used vehicle retail sales
|
|
20,406
|
|
16,400
|
|
24.4
|
|
0.3
|
|
Used vehicle wholesale sales
|
|
3,010
|
|
442
|
|
581.0
|
|
450.3
|
|
Total used
|
|
23,416
|
|
16,842
|
|
39.0
|
|
12.1
|
|
Parts and service
|
|
10,244
|
|
8,133
|
|
26.0
|
|
1.8
|
|
Finance, insurance and other, net
|
|
1,690
|
|
1,071
|
|
57.8
|
|
26.7
|
|
Total
|
|
$ 89,262
|
|
$ 83,256
|
|
7.2
|
|
(13.4)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
6.1
|
|
5.9
|
|
|
|
|
|
Used vehicle retail sales
|
|
7.4
|
|
2.9
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
7.9
|
|
7.7
|
|
|
|
|
|
Total used
|
|
7.5
|
|
3.0
|
|
|
|
|
|
Parts and service
|
|
45.8
|
|
39.6
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
12.8
|
|
9.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 3,289
|
|
$ 3,350
|
|
(1.8)
|
|
(20.9)
|
|
Used vehicle retail sales
|
|
1,515
|
|
470
|
|
222.3
|
|
158.2
|
|
Used vehicle wholesale sales
|
|
238
|
|
34
|
|
600.0
|
|
457.1
|
|
Total used
|
|
1,753
|
|
504
|
|
247.8
|
|
178.7
|
|
Parts and service
|
|
4,689
|
|
3,220
|
|
45.6
|
|
17.6
|
|
Finance, insurance and other, net
|
|
1,690
|
|
1,071
|
|
57.8
|
|
26.7
|
|
Total
|
|
$ 11,421
|
|
$ 8,145
|
|
40.2
|
|
13.0
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
1,579
|
|
2,207
|
|
(28.5)
|
|
|
|
Retail used vehicles sold
|
|
928
|
|
1,048
|
|
(11.5)
|
|
|
|
Wholesale used vehicles sold
|
|
247
|
|
204
|
|
21.1
|
|
|
|
Total used
|
|
1,175
|
|
1,252
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 34,143
|
|
$ 25,922
|
|
31.7
|
|
6.4
|
|
Used vehicle retail
|
|
$ 21,989
|
|
$ 15,649
|
|
40.5
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 2,083
|
|
$ 1,518
|
|
37.2
|
|
10.6
|
|
Used vehicle retail sales
|
|
1,633
|
|
448
|
|
264.5
|
|
191.5
|
|
Used vehicle wholesale sales
|
|
964
|
|
167
|
|
477.2
|
|
360.1
|
|
Total used
|
|
1,492
|
|
403
|
|
270.2
|
|
196.9
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 674
|
|
$ 329
|
|
104.9
|
|
64.5
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 10,252
|
|
$ 7,878
|
|
30.1
|
|
4.9
|
|
SG&A as % revenues
|
|
11.5
|
|
9.5
|
|
|
|
|
|
SG&A as % gross profit
|
|
89.8
|
|
96.7
|
|
|
|
|
|
Operating margin %
|
|
0.9
|
|
0.0
|
|
|
|
|
|
|
(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) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
|
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
Additional Information - Same Store Consolidated
(1)
|
|
(Unaudited)
|
|
(Dollars in thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency (2))
% Increase/ (Decrease)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,294,465
|
|
$ 1,370,802
|
|
(5.6)
|
|
(3.8)
|
|
Used vehicle retail sales
|
|
636,402
|
|
666,928
|
|
(4.6)
|
|
(3.0)
|
|
Used vehicle wholesale sales
|
|
97,951
|
|
96,003
|
|
2.0
|
|
5.4
|
|
Total used
|
|
734,353
|
|
762,931
|
|
(3.7)
|
|
(1.9)
|
|
Parts and service
|
|
309,623
|
|
298,374
|
|
3.8
|
|
4.6
|
|
Finance, insurance and other, net
|
|
94,698
|
|
97,894
|
|
(3.3)
|
|
(2.4)
|
|
Total
|
|
$ 2,433,139
|
|
$ 2,530,001
|
|
(3.8)
|
|
(2.2)
|
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN %:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
5.2
|
|
5.1
|
|
|
|
|
|
Used vehicle retail sales
|
|
6.9
|
|
7.2
|
|
|
|
|
|
Used vehicle wholesale sales
|
|
0.4
|
|
2.0
|
|
|
|
|
|
Total used
|
|
6.1
|
|
6.5
|
|
|
|
|
|
Parts and service
|
|
53.9
|
|
54.0
|
|
|
|
|
|
Finance, insurance and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
|
Total
|
|
15.3
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 67,193
|
|
$ 70,031
|
|
(4.1)
|
|
(2.1)
|
|
Used vehicle retail sales
|
|
44,192
|
|
48,020
|
|
(8.0)
|
|
(7.1)
|
|
Used vehicle wholesale sales
|
|
394
|
|
1,873
|
|
(79.0)
|
|
(77.5)
|
|
Total used
|
|
44,586
|
|
49,893
|
|
(10.6)
|
|
(9.7)
|
|
Parts and service
|
|
166,748
|
|
161,240
|
|
3.4
|
|
4.4
|
|
Finance, insurance and other, net
|
|
94,698
|
|
97,894
|
|
(3.3)
|
|
(2.4)
|
|
Total
|
|
$ 373,225
|
|
$ 379,058
|
|
(1.5)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
UNITS SOLD:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
36,727
|
|
39,153
|
|
(6.2)
|
|
|
|
Retail used vehicles sold
|
|
30,449
|
|
31,620
|
|
(3.7)
|
|
|
|
Wholesale used vehicles sold
|
|
13,589
|
|
13,678
|
|
(0.7)
|
|
|
|
Total used
|
|
44,038
|
|
45,298
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL SALES PRICE:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
|
|
$ 35,246
|
|
$ 35,011
|
|
0.7
|
|
2.6
|
|
Used vehicle retail
|
|
$ 20,901
|
|
$ 21,092
|
|
(0.9)
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER UNIT SOLD:
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales
|
|
$ 1,830
|
|
$ 1,789
|
|
2.3
|
|
4.3
|
|
Used vehicle retail sales
|
|
1,451
|
|
1,519
|
|
(4.5)
|
|
(3.5)
|
|
Used vehicle wholesale sales
|
|
29
|
|
137
|
|
(78.8)
|
|
(77.4)
|
|
Total used
|
|
1,012
|
|
1,101
|
|
(8.1)
|
|
(7.1)
|
|
Finance, insurance and other, net (per retail unit)
|
|
$ 1,410
|
|
$ 1,383
|
|
2.0
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$ 277,391
|
|
$ 280,920
|
|
(1.3)
|
|
(0.2)
|
|
Adjusted SG&A expenses(2)
|
|
$ 279,224
|
|
$ 277,540
|
|
0.6
|
|
1.6
|
|
SG&A as % revenues
|
|
11.4
|
|
11.1
|
|
|
|
|
|
Adjusted SG&A as % revenues (2)
|
|
11.5
|
|
11.0
|
|
|
|
|
|
SG&A as % gross profit
|
|
74.3
|
|
74.1
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2)
|
|
74.8
|
|
73.2
|
|
|
|
|
|
Operating margin %
|
|
3.4
|
|
3.4
|
|
|
|
|
|
Adjusted operating margin % (2)
|
|
3.3
|
|
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) See the section of this release entitled "Non-GAAP Financial
Measures " and the tables attached hereto for information regarding certain selected items that the Company believes
impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP
financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S.
GAAP.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 236,273
|
|
$ 245,838
|
|
(3.9)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Gain on real estate and dealership
transactions
|
-
|
|
933
|
|
|
|
Acquisition costs
|
-
|
|
(30)
|
|
|
|
Legal settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted SG&A (1)
|
$ 238,106
|
|
$ 244,086
|
|
(2.4)
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.0
|
|
11.8
|
|
|
|
Adjusted (1)
|
12.1
|
|
11.7
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
73.7
|
|
73.9
|
|
|
|
Adjusted (1)
|
74.3
|
|
73.4
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.7
|
|
3.6
|
|
|
|
Adjusted (1), (2)
|
3.6
|
|
3.7
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.3
|
|
2.4
|
|
|
|
Adjusted (1), (2)
|
2.2
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 235,953
|
|
$ 241,027
|
|
(2.1)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Gain on real estate and dealership
transactions
|
-
|
|
(134)
|
|
|
|
Acquisition costs
|
-
|
|
(30)
|
|
|
|
Legal settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 237,786
|
|
$ 238,208
|
|
(0.2)
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.0
|
|
11.8
|
|
|
|
Adjusted (1)
|
12.1
|
|
11.6
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
73.7
|
|
73.6
|
|
|
|
Adjusted (1)
|
74.3
|
|
72.7
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.7
|
|
3.7
|
|
|
|
Adjusted (1), (3)
|
3.6
|
|
3.9
|
|
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " for information regarding non-GAAP financial measures and certain selected items that the Company believes
impact comparability of financial results between reporting periods.
|
|
(2) Excludes the impact of SG&A reconciling items above, as
well as non-cash asset impairment charges of $510 for three months March 31, 2016.
|
|
(3) Excludes the impact of Same Store SG&A reconciling items
above, as well as non-cash asset impairment charges of $510 for three months March 31, 2016.
|
|
(4) For the three months ended March 31, 2017, the Company
recognized a net pre-tax gain related to a settlement with an OEM of $1.8 million.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 41,624
|
|
$ 37,436
|
|
11.2
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Acquisition costs
|
-
|
|
(561)
|
|
|
|
Adjusted SG&A (1)
|
$ 41,624
|
|
$ 36,875
|
|
12.9
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
9.2
|
|
8.7
|
|
|
|
Adjusted (1)
|
9.2
|
|
8.5
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
82.8
|
|
80.1
|
|
|
|
Adjusted (1)
|
82.8
|
|
78.9
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
1.6
|
|
1.8
|
|
|
|
Adjusted (1), (2)
|
1.6
|
|
1.9
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
1.2
|
|
1.3
|
|
|
|
Adjusted (1), (2)
|
1.2
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 31,186
|
|
$ 32,015
|
|
(2.6)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Acquisition costs
|
-
|
|
(561)
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 31,186
|
|
$ 31,454
|
|
(0.9)
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
8.3
|
|
8.0
|
|
|
|
Adjusted (1)
|
8.3
|
|
7.9
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
74.9
|
|
73.8
|
|
|
|
Adjusted (1)
|
74.9
|
|
72.5
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.4
|
|
2.5
|
|
|
|
Adjusted (1), (3)
|
2.4
|
|
2.6
|
|
|
|
|
(1) See the section of this release entitled "Non-GAAP Financial
Measures " for information regarding non-GAAP financial measures and certain selected items that the Company believes
impact comparability of financial results between reporting periods.
|
|
(2) Excludes the impact of SG&A reconciling items
above.
|
|
(3) Excludes the impact of Same Store SG&A reconciling items
above.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures -
Brazil
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/ (Decrease)
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 11,882
|
|
$ 10,390
|
|
14.4
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Loss on real estate and dealership transactions
|
-
|
|
(371)
|
|
|
|
Adjusted SG&A (1)
|
$ 11,882
|
|
$ 10,019
|
|
18.6
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.8
|
|
11.0
|
|
|
|
Adjusted (1)
|
11.8
|
|
10.6
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
94.1
|
|
107.7
|
|
|
|
Adjusted (1)
|
94.1
|
|
103.9
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
0.4
|
|
(1.5)
|
|
|
|
Adjusted (1), (2)
|
0.4
|
|
(0.7)
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
0.2
|
|
(1.7)
|
|
|
|
Adjusted (1), (2)
|
0.2
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See the section of this release entitled "Non-GAAP Financial Measures " for
information regarding non-GAAP financial measures and certain selected items that the Company believes impact
comparability of financial results between reporting periods.
|
|
(2)
|
Excludes the impact of SG&A reconciling items above, as well as
non-cash asset impairment charges of $423 for the three months ended March 31, 2016.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures -
CONSOLIDATED
|
|
(Unaudited)
|
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/ (Decrease)
|
|
|
|
|
|
|
|
|
NET INCOME RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 33,939
|
|
$ 34,291
|
|
(1.0)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
2,655
|
|
|
|
Tax impact
|
-
|
|
(996)
|
|
|
|
Gain on real estate and dealership transactions
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
(137)
|
|
|
|
Tax impact
|
-
|
|
349
|
|
|
|
Acquisition costs including related tax impact
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
589
|
|
|
|
Tax impact
|
-
|
|
(11)
|
|
|
|
Legal settlements (4)
|
|
|
|
|
|
|
Pre-tax
|
(1,833)
|
|
-
|
|
|
|
Tax impact
|
696
|
|
-
|
|
|
|
Non-cash asset impairment
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
510
|
|
|
|
Tax impact
|
-
|
|
(195)
|
|
|
|
Adjusted net income (1)
|
$ 32,802
|
|
$ 37,055
|
|
(11.5)
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED
|
|
|
|
|
|
|
COMMON SHARES RECONCILIATION:
|
|
|
|
|
|
|
Adjusted net income (1)
|
$ 32,802
|
|
$ 37,055
|
|
(11.5)
|
|
Less: Adjusted earnings allocated to participating securities
|
1,206
|
|
1,457
|
|
(17.2)
|
|
Adjusted net income available to diluted common shares
(1)
|
$ 31,596
|
|
$ 35,598
|
|
(11.2)
|
|
|
|
|
|
|
|
|
DILUTED (LOSS) INCOME PER COMMON SHARE
RECONCILIATION:
|
|
|
|
|
|
As reported
|
$ 1.58
|
|
$ 1.47
|
|
7.5
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
0.07
|
|
|
|
Gain on real estate and dealership transactions
|
-
|
|
0.01
|
|
|
|
Acquisition costs including related tax impact
|
-
|
|
0.03
|
|
|
|
Legal settlements (4)
|
(0.05)
|
|
-
|
|
|
|
Non-cash asset impairment
|
-
|
|
0.01
|
|
|
|
Adjusted diluted income per share (1)
|
$ 1.53
|
|
$ 1.59
|
|
(3.8)
|
|
|
|
|
|
|
|
|
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 289,779
|
|
$ 293,664
|
|
(1.3)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Gain on real estate and dealership transactions
|
-
|
|
562
|
|
|
|
Acquisition costs
|
-
|
|
(591)
|
|
|
|
Legal settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted SG&A (1)
|
$ 291,612
|
|
$ 290,980
|
|
0.2
|
|
|
|
|
|
|
|
|
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.5
|
|
11.3
|
|
|
|
Adjusted (1)
|
11.6
|
|
11.2
|
|
|
|
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
75.6
|
|
75.5
|
|
|
|
Adjusted (1)
|
76.0
|
|
74.8
|
|
|
|
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.2
|
|
3.1
|
|
|
|
Adjusted (1), (2)
|
3.1
|
|
3.3
|
|
|
|
PRETAX MARGIN %:
|
|
|
|
|
|
|
Unadjusted
|
2.0
|
|
2.1
|
|
|
|
Adjusted (1), (2)
|
2.0
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
SAME STORE SG&A RECONCILIATION:
|
|
|
|
|
|
|
As reported
|
$ 277,391
|
|
$ 280,920
|
|
(1.3)
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Loss on real estate and dealership transactions
|
-
|
|
(134)
|
|
|
|
Acquisition costs
|
-
|
|
(591)
|
|
|
|
Legal settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted Same Store SG&A (1)
|
$ 279,224
|
|
$ 277,540
|
|
0.6
|
|
|
|
|
|
|
|
|
SAME STORE SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.4
|
|
11.1
|
|
|
|
Adjusted (1)
|
11.5
|
|
11.0
|
|
|
|
SAME STORE SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
74.3
|
|
74.1
|
|
|
|
Adjusted (1)
|
74.8
|
|
73.2
|
|
|
|
SAME STORE OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.4
|
|
3.4
|
|
|
|
Adjusted (1), (3)
|
3.3
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See the section of this release entitled "Non-GAAP Financial Measures " for
information regarding non-GAAP financial measures and certain selected items that the Company believes impact
comparability of financial results between reporting periods.
|
|
(2)
|
Excludes the impact of SG&A reconciling items above, as well as
non-cash asset impairment charges of $932 for the three months ended March 31, 2016.
|
|
(3)
|
Excludes the impact of Same Store SG&A reconciling items above, as well
as non-cash asset impairment charges of $510 for the three months ended March 31, 2016.
|
|
(4)
|
For the three months ended March 31, 2017, the Company recognized a net
pre-tax gain related to a settlement with an OEM of $1.8 million.
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/group-1-automotive-reports-first-quarter-2017-financial-results-300447808.html
SOURCE Group 1 Automotive, Inc.