Delaware | 1-13461 | 76-0506313 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Group 1 Automotive, Inc. | ||||
October 23, 2014 | By: | /s/ John C. Rickel | ||
Date | John C. Rickel, Senior Vice President and Chief Financial Officer |
▪ | Total revenue increased 12.2 percent to $2.6 billion, an all-time quarterly record. Total gross profit grew 13.7 percent to $374.7 million. |
▪ | New vehicle revenues increased 9.7 percent on 5.2 percent higher unit sales. New vehicle gross profit increased 9.5 percent to $80.2 million as margins rose 4.1 percent or $71 per unit, to $1,803. |
▪ | Retail used vehicle revenues increased 16.2 percent on increased unit sales of 10.4 percent. Retail used vehicle gross profit increased $6.8 million to $44.3 million, though gross profit per unit sold decreased 3.3 percent, or $52 per unit. |
▪ | Parts and service gross profit increased 15.5 percent on revenue growth of 14.3 percent. Same Store parts and service revenue increased 7.4 percent. |
▪ | Finance and Insurance (F&I) gross profit per retail unit increased 9.8 percent to $1,325 per unit. Same Store consolidated F&I gross profit per retail unit increased 9.3 percent to $1,336 per unit. U.S. Same Store F&I gross profit per retail unit increased 5.4 percent to a record $1,475 per unit. U.K. Same Store performance increased 20.3 percent to $747. Brazilian performance increased 47.6 percent to $586. |
▪ | Adjusted SG&A expenses as a percent of gross profit improved 120 basis points to 73.9 percent. Adjusted Same Store SG&A expenses as a percent of gross profit improved 240 basis points to 74.7 percent in the U.K., and 100 basis points to 71.8 percent in the U.S. |
▪ | Quarter-to-date fully diluted common shares outstanding averaged 24.4 million shares, down roughly 1.8 million shares from the second quarter, due to the Company’s redemption of outstanding convertible securities. |
▪ | United States: |
▪ | United Kingdom: |
▪ | Brazil: |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,521,246 | $ | 1,386,667 | 9.7 | |||||||
Used vehicle retail sales | 615,924 | 529,828 | 16.2 | |||||||||
Used vehicle wholesale sales | 100,347 | 85,800 | 17.0 | |||||||||
Parts and service | 291,816 | 255,316 | 14.3 | |||||||||
Finance and insurance | 97,115 | 82,536 | 17.7 | |||||||||
Total revenues | 2,626,448 | 2,340,147 | 12.2 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 1,441,016 | 1,313,372 | 9.7 | |||||||||
Used vehicle retail sales | 571,613 | 488,346 | 17.1 | |||||||||
Used vehicle wholesale sales | 101,643 | 87,334 | 16.4 | |||||||||
Parts and service | 137,467 | 121,633 | 13.0 | |||||||||
Total cost of sales | 2,251,739 | 2,010,685 | 12.0 | |||||||||
GROSS PROFIT | 374,709 | 329,462 | 13.7 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 264,233 | 246,863 | 7.0 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 10,746 | 9,093 | 18.2 | |||||||||
ASSET IMPAIRMENTS | 9,373 | 565 | 1,558.9 | |||||||||
OPERATING INCOME | 90,357 | 72,941 | 23.9 | |||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (10,452 | ) | (10,690 | ) | (2.2 | ) | ||||||
Other interest expense, net | (13,246 | ) | (9,971 | ) | 32.8 | |||||||
Loss on repurchase of long-term debt | (22,790 | ) | — | 100.0 | ||||||||
INCOME BEFORE INCOME TAXES | 43,869 | 52,280 | (16.1 | ) | ||||||||
PROVISION FOR INCOME TAXES | (17,707 | ) | (19,515 | ) | (9.3 | ) | ||||||
NET INCOME | $ | 26,162 | $ | 32,765 | (20.2 | ) | ||||||
Earnings allocated to participating securities | $ | (1,000 | ) | $ | (1,320 | ) | (24.2 | ) | ||||
Earnings available to diluted common shares | $ | 25,162 | $ | 31,445 | (20.0 | ) | ||||||
DILUTED EARNINGS PER SHARE | $ | 1.03 | $ | 1.19 | (13.4 | ) | ||||||
Weighted average dilutive common shares outstanding | 24,432 | 26,342 | (7.3 | ) | ||||||||
Weighted average participating securities | 971 | 1,100 | (11.7 | ) | ||||||||
Total weighted average shares outstanding | 25,403 | 27,442 | (7.4 | ) |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 4,256,146 | $ | 3,873,121 | 9.9 | |||||||
Used vehicle retail sales | 1,743,071 | 1,536,031 | 13.5 | |||||||||
Used vehicle wholesale sales | 284,491 | 243,667 | 16.8 | |||||||||
Parts and service | 844,340 | 753,776 | 12.0 | |||||||||
Finance and insurance | 270,901 | 232,494 | 16.5 | |||||||||
Total revenues | 7,398,949 | 6,639,089 | 11.4 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 4,028,164 | 3,656,825 | 10.2 | |||||||||
Used vehicle retail sales | 1,610,293 | 1,410,768 | 14.1 | |||||||||
Used vehicle wholesale sales | 281,434 | 242,267 | 16.2 | |||||||||
Parts and service | 397,079 | 358,004 | 10.9 | |||||||||
Total cost of sales | 6,316,970 | 5,667,864 | 11.5 | |||||||||
GROSS PROFIT | 1,081,979 | 971,225 | 11.4 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 793,761 | 731,455 | 8.5 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 31,424 | 26,390 | 19.1 | |||||||||
ASSET IMPAIRMENTS | 11,094 | 1,174 | 845.0 | |||||||||
OPERATING INCOME | 245,700 | 212,206 | 15.8 | |||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (31,695 | ) | (30,927 | ) | 2.5 | |||||||
Other interest expense, net | (36,326 | ) | (28,783 | ) | 26.2 | |||||||
Other expense, net | — | (789 | ) | (100.0 | ) | |||||||
Loss on repurchase of long-term debt | (46,403 | ) | — | 100.0 | ||||||||
INCOME BEFORE INCOME TAXES | 131,276 | 151,707 | (13.5 | ) | ||||||||
PROVISION FOR INCOME TAXES | (56,949 | ) | (59,436 | ) | (4.2 | ) | ||||||
NET INCOME | $ | 74,327 | $ | 92,271 | (19.4 | ) | ||||||
Earnings allocated to participating securities | $ | (2,769 | ) | $ | (3,843 | ) | (27.9 | ) | ||||
Earnings available to diluted common shares | $ | 71,558 | $ | 88,428 | (19.1 | ) | ||||||
DILUTED EARNINGS PER SHARE | $ | 2.82 | $ | 3.52 | (19.9 | ) | ||||||
Weighted average dilutive common shares outstanding | 25,363 | 25,153 | 0.8 | |||||||||
Weighted average participating securities | 973 | 1,095 | (11.1 | ) | ||||||||
Total weighted average shares outstanding | 26,336 | 26,248 | 0.3 |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(Dollars in thousands) | ||||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | % Change | ||||||||||
(Unaudited) | ||||||||||||
ASSETS: | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 50,652 | $ | 20,215 | 150.6 | |||||||
Contracts in transit and vehicle receivables, net | 190,641 | 225,156 | (15.3 | ) | ||||||||
Accounts and notes receivable, net | 138,735 | 135,058 | 2.7 | |||||||||
Inventories, net | 1,490,520 | 1,542,318 | (3.4 | ) | ||||||||
Deferred income taxes | 17,137 | 21,150 | (19.0 | ) | ||||||||
Prepaid expenses and other current assets | 41,570 | 24,041 | 72.9 | |||||||||
Total current assets | 1,929,255 | 1,967,938 | (2.0 | ) | ||||||||
PROPERTY AND EQUIPMENT, net | 859,339 | 796,356 | 7.9 | |||||||||
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS | 1,160,666 | 1,038,808 | 11.7 | |||||||||
OTHER ASSETS | 13,249 | 16,376 | (19.1 | ) | ||||||||
Total assets | $ | 3,962,509 | $ | 3,819,478 | 3.7 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Floorplan notes payable - credit facility and other | $ | 1,077,097 | $ | 1,143,104 | (5.8 | ) | ||||||
Offset account related to floorplan notes payable - credit facility | (37,516 | ) | (56,198 | ) | (33.2 | ) | ||||||
Floorplan notes payable - manufacturer affiliates | 293,846 | 346,572 | (15.2 | ) | ||||||||
Offset account related to floorplan notes payable - manufacturer affiliates | (25,000 | ) | — | 100.0 | ||||||||
Current maturities of long-term debt and short-term financing | 41,021 | 36,225 | 13.2 | |||||||||
Accounts payable | 292,971 | 254,930 | 14.9 | |||||||||
Accrued expenses | 160,220 | 140,543 | 14.0 | |||||||||
Total current liabilities | 1,802,639 | 1,865,176 | (3.4 | ) | ||||||||
2.25% CONVERTIBLE SENIOR NOTES (aggregate principal of $0 and $182,753 at September 30, 2014 and December 31, 2013, respectively) | — | 160,334 | (100.0 | ) | ||||||||
3.00% CONVERTIBLE SENIOR NOTES (aggregate principal of $0 and $115,000 at September 30, 2014 and December 31, 2013, respectively) | — | 84,305 | (100.0 | ) | ||||||||
5.00% SENIOR NOTES (aggregate principal of $550,000 at September 30, 2014) | 539,822 | — | 100.0 | |||||||||
MORTGAGE FACILITY, net of current maturities | 55,746 | 64,271 | (13.3 | ) | ||||||||
ACQUISITION LINE | — | 60,000 | (100.0 | ) | ||||||||
OTHER REAL ESTATE RELATED AND LONG-TERM DEBT, net of current maturities | 289,652 | 250,958 | 15.4 | |||||||||
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities | 53,279 | 43,821 | 21.6 | |||||||||
DEFERRED INCOME TAXES | 148,304 | 152,291 | (2.6 | ) | ||||||||
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | 23,483 | 26,078 | (10.0 | ) | ||||||||
OTHER LIABILITIES | 64,259 | 47,975 | 33.9 | |||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
TEMPORARY EQUITY - REDEEMABLE EQUITY PORTION OF THE 2.25% and 3.00% CONVERTIBLE SENIOR NOTES | — | 29,094 | (100.0 | ) | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Common stock | 258 | 257 | 0.4 | |||||||||
Additional paid-in capital | 286,354 | 368,641 | (22.3 | ) | ||||||||
Retained earnings | 838,174 | 776,101 | 8.0 | |||||||||
Accumulated other comprehensive loss | (59,500 | ) | (51,677 | ) | 15.1 | |||||||
Treasury stock | (79,961 | ) | (58,147 | ) | 37.5 | |||||||
Total stockholders' equity | 985,325 | 1,035,175 | (4.8 | ) | ||||||||
Total liabilities and stockholders' equity | $ | 3,962,509 | $ | 3,819,478 | 3.7 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Consolidated | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 (%) | 2013 (%) | 2014 (%) | 2013 (%) | |||||||||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | ||||||||||||||
Region | Geographic Market | |||||||||||||
East | Massachusetts | 6.6 | 5.5 | 5.9 | 5.9 | |||||||||
Georgia | 4.8 | 3.3 | 4.7 | 3.6 | ||||||||||
New Jersey | 2.7 | 4.1 | 3.2 | 4.2 | ||||||||||
New Hampshire | 2.1 | 2.6 | 2.2 | 2.4 | ||||||||||
Louisiana | 1.6 | 2.1 | 1.7 | 2.3 | ||||||||||
South Carolina | 1.6 | 1.5 | 1.5 | 1.5 | ||||||||||
Mississippi | 1.4 | 1.6 | 1.4 | 1.6 | ||||||||||
Florida | 1.4 | 1.3 | 1.4 | 1.3 | ||||||||||
New York | 1.2 | 2.4 | 1.7 | 2.7 | ||||||||||
Alabama | 0.7 | 0.8 | 0.8 | 0.8 | ||||||||||
Maryland | 0.5 | 0.6 | 0.5 | 0.6 | ||||||||||
24.6 | 25.8 | 25.0 | 26.9 | |||||||||||
West | Texas | 37.1 | 32.0 | 35.4 | 32.4 | |||||||||
California | 9.3 | 8.7 | 9.6 | 10.7 | ||||||||||
Oklahoma | 8.6 | 8.0 | 8.4 | 7.8 | ||||||||||
Kansas | 2.1 | 2.5 | 2.3 | 2.5 | ||||||||||
Louisiana | 0.6 | 0.7 | 0.6 | 0.3 | ||||||||||
57.7 | 51.9 | 56.3 | 53.7 | |||||||||||
International | Brazil | 9.2 | 12.1 | 9.8 | 10.2 | |||||||||
United Kingdom | 8.5 | 10.2 | 8.9 | 9.2 | ||||||||||
100.0 | 100.0 | 100.0 | 100.0 | |||||||||||
NEW VEHICLE UNIT SALES BRAND MIX: | ||||||||||||||
Toyota/Scion/Lexus | 28.3 | 26.9 | 27.2 | 27.0 | ||||||||||
BMW/MINI | 10.7 | 11.1 | 11.2 | 10.7 | ||||||||||
Honda/Acura | 10.5 | 11.6 | 11.2 | 12.1 | ||||||||||
Ford/Lincoln | 10.4 | 12.3 | 11.1 | 11.8 | ||||||||||
Nissan/Infiniti | 8.9 | 9.8 | 9.3 | 10.2 | ||||||||||
Chevrolet/GMC/Buick/Cadillac | 7.0 | 4.6 | 6.0 | 4.8 | ||||||||||
Volkswagen/Audi/Porsche | 6.2 | 6.6 | 6.3 | 6.5 | ||||||||||
Hyundai/Kia | 5.7 | 5.0 | 5.5 | 4.7 | ||||||||||
Chrysler/Dodge/Jeep/RAM | 4.4 | 3.9 | 4.4 | 4.0 | ||||||||||
Mercedes-Benz/smart/Sprinter | 4.2 | 3.8 | 4.2 | 4.2 | ||||||||||
Other | 3.7 | 4.4 | 3.6 | 4.0 | ||||||||||
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, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,245,430 | $ | 1,091,221 | 14.1 | |||||||
Used vehicle retail sales | 515,911 | 443,716 | 16.3 | |||||||||
Used vehicle wholesale sales | 75,272 | 59,833 | 25.8 | |||||||||
Total used | 591,183 | 503,549 | 17.4 | |||||||||
Parts and service | 249,724 | 218,880 | 14.1 | |||||||||
Finance and insurance | 89,268 | 75,728 | 17.9 | |||||||||
Total | $ | 2,175,605 | $ | 1,889,378 | 15.1 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.0 | 5.0 | ||||||||||
Used vehicle retail sales | 7.4 | 8.1 | ||||||||||
Used vehicle wholesale sales | (1.9 | ) | (2.3 | ) | ||||||||
Total used | 6.2 | 6.9 | ||||||||||
Parts and service | 53.6 | 52.9 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.8 | 14.8 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 61,975 | $ | 54,086 | 14.6 | |||||||
Used vehicle retail sales | 38,251 | 35,937 | 6.4 | |||||||||
Used vehicle wholesale sales | (1,431 | ) | (1,373 | ) | 4.2 | |||||||
Total used | 36,820 | 34,564 | 6.5 | |||||||||
Parts and service | 133,874 | 115,887 | 15.5 | |||||||||
Finance and insurance | 89,268 | 75,728 | 17.9 | |||||||||
Total | $ | 321,937 | $ | 280,265 | 14.9 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 36,649 | 32,866 | 11.5 | |||||||||
Retail used vehicles sold | 24,917 | 22,206 | 12.2 | |||||||||
Wholesale used vehicles sold | 11,984 | 10,455 | 14.6 | |||||||||
Total used | 36,901 | 32,661 | 13.0 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 33,983 | $ | 33,202 | 2.4 | |||||||
Used vehicle retail | $ | 20,705 | $ | 19,982 | 3.6 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,691 | $ | 1,646 | 2.7 | |||||||
Used vehicle retail sales | 1,535 | 1,618 | (5.1 | ) | ||||||||
Used vehicle wholesale sales | (119 | ) | (131 | ) | (9.2 | ) | ||||||
Total used | 998 | 1,058 | (5.7 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,450 | $ | 1,375 | 5.5 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 234,849 | $ | 207,494 | 13.2 | |||||||
SG&A as % revenues | 10.8 | 11.0 | ||||||||||
SG&A as % gross profit | 72.9 | 74.0 | ||||||||||
Operating margin % | 3.6 | 3.4 | ||||||||||
Pretax margin % | 2.6 | 2.5 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (8,543 | ) | $ | (8,087 | ) | 5.6 | |||||
Floorplan assistance | 11,876 | 10,108 | 17.5 | |||||||||
Net floorplan income | $ | 3,333 | $ | 2,021 | 64.9 | |||||||
Other interest expense, net | $ | (12,265 | ) | $ | (9,650 | ) | 27.1 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 3,449,303 | $ | 3,132,461 | 10.1 | |||||||
Used vehicle retail sales | 1,440,473 | 1,310,629 | 9.9 | |||||||||
Used vehicle wholesale sales | 208,392 | 174,227 | 19.6 | |||||||||
Total used | 1,648,865 | 1,484,856 | 11.0 | |||||||||
Parts and service | 723,839 | 659,318 | 9.8 | |||||||||
Finance and insurance | 248,820 | 216,184 | 15.1 | |||||||||
Total | $ | 6,070,827 | $ | 5,492,819 | 10.5 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.1 | 5.2 | ||||||||||
Used vehicle retail sales | 8.0 | 8.5 | ||||||||||
Used vehicle wholesale sales | 0.9 | 0.6 | ||||||||||
Total used | 7.1 | 7.6 | ||||||||||
Parts and service | 53.6 | 53.2 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 15.3 | 15.4 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 175,006 | $ | 163,994 | 6.7 | |||||||
Used vehicle retail sales | 114,613 | 111,897 | 2.4 | |||||||||
Used vehicle wholesale sales | 1,964 | 1,000 | 96.4 | |||||||||
Total used | 116,577 | 112,897 | 3.3 | |||||||||
Parts and service | 388,042 | 350,608 | 10.7 | |||||||||
Finance and insurance | 248,820 | 216,184 | 15.1 | |||||||||
Total | $ | 928,445 | $ | 843,683 | 10.0 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 101,281 | 94,233 | 7.5 | |||||||||
Retail used vehicles sold | 70,367 | 65,250 | 7.8 | |||||||||
Wholesale used vehicles sold | 32,395 | 30,052 | 7.8 | |||||||||
Total used | 102,762 | 95,302 | 7.8 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,057 | $ | 33,242 | 2.5 | |||||||
Used vehicle retail | $ | 20,471 | $ | 20,086 | 1.9 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,728 | $ | 1,740 | (0.7 | ) | ||||||
Used vehicle retail sales | 1,629 | 1,715 | (5.0 | ) | ||||||||
Used vehicle wholesale sales | 61 | 33 | 84.8 | |||||||||
Total used | 1,134 | 1,185 | (4.3 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,450 | $ | 1,356 | 6.9 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 677,142 | $ | 619,562 | 9.3 | |||||||
SG&A as % revenues | 11.2 | 11.3 | ||||||||||
SG&A as % gross profit | 72.9 | 73.4 | ||||||||||
Operating margin % | 3.7 | 3.7 | ||||||||||
Pretax margin % | 2.7 | 2.7 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (25,489 | ) | $ | (25,027 | ) | 1.8 | |||||
Floorplan assistance | 32,969 | 28,291 | 16.5 | |||||||||
Net floorplan income | $ | 7,480 | $ | 3,264 | 129.2 | |||||||
Other interest expense, net | $ | (34,327 | ) | $ | (27,991 | ) | 22.6 |
Group 1 Automotive, Inc. | ||||||||||||
Additional Information - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 134,859 | $ | 136,740 | (1.4 | ) | ||||||
Used vehicle retail sales | 70,163 | 59,508 | 17.9 | |||||||||
Used vehicle wholesale sales | 21,110 | 16,959 | 24.5 | |||||||||
Total used | 91,273 | 76,467 | 19.4 | |||||||||
Parts and service | 21,272 | 17,470 | 21.8 | |||||||||
Finance and insurance | 4,797 | 4,237 | 13.2 | |||||||||
Total | $ | 252,201 | $ | 234,914 | 7.4 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 6.9 | 5.7 | ||||||||||
Used vehicle retail sales | 5.9 | 6.5 | ||||||||||
Used vehicle wholesale sales | (0.8 | ) | (1.3 | ) | ||||||||
Total used | 4.4 | 4.8 | ||||||||||
Parts and service | 55.2 | 56.1 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 11.8 | 10.9 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 9,305 | $ | 7,848 | 18.6 | |||||||
Used vehicle retail sales | 4,165 | 3,849 | 8.2 | |||||||||
Used vehicle wholesale sales | (174 | ) | (214 | ) | (18.7 | ) | ||||||
Total used | 3,991 | 3,635 | 9.8 | |||||||||
Parts and service | 11,746 | 9,793 | 19.9 | |||||||||
Finance and insurance | 4,797 | 4,237 | 13.2 | |||||||||
Total | $ | 29,839 | $ | 25,513 | 17.0 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 3,773 | 4,306 | (12.4 | ) | ||||||||
Retail used vehicles sold | 2,649 | 2,510 | 5.5 | |||||||||
Wholesale used vehicles sold | 2,183 | 2,078 | 5.1 | |||||||||
Total used | 4,832 | 4,588 | 5.3 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 35,743 | $ | 31,756 | 12.6 | |||||||
Used vehicle retail | $ | 26,487 | $ | 23,708 | 11.7 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 2,466 | $ | 1,823 | 35.3 | |||||||
Used vehicle retail sales | 1,572 | 1,533 | 2.5 | |||||||||
Used vehicle wholesale sales | (80 | ) | (103 | ) | (22.3 | ) | ||||||
Total used | 826 | 792 | 4.3 | |||||||||
Finance and insurance (per retail unit) | $ | 747 | $ | 622 | 20.1 | |||||||
OTHER: | ||||||||||||
SG&A expenses | $ | 22,275 | $ | 19,656 | 13.3 | |||||||
SG&A as % revenues | 8.8 | 8.4 | ||||||||||
SG&A as % gross profit | 74.7 | 77.0 | ||||||||||
Operating margin % | 2.7 | 2.2 | ||||||||||
Pretax margin % | 2.3 | 1.9 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (419 | ) | $ | (425 | ) | (1.4 | ) | ||||
Floorplan assistance | 246 | 111 | 121.6 | |||||||||
Net floorplan expense | $ | (173 | ) | $ | (314 | ) | (44.9 | ) | ||||
Other interest expense, net | $ | (442 | ) | $ | (293 | ) | 50.9 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 397,263 | $ | 342,038 | 16.1 | |||||||
Used vehicle retail sales | 214,900 | 162,901 | 31.9 | |||||||||
Used vehicle wholesale sales | 62,304 | 48,682 | 28.0 | |||||||||
Total used | 277,204 | 211,583 | 31.0 | |||||||||
Parts and service | 62,843 | 49,265 | 27.6 | |||||||||
Finance and insurance | 13,916 | 10,542 | 32.0 | |||||||||
Total | $ | 751,226 | $ | 613,428 | 22.5 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 6.8 | 6.3 | ||||||||||
Used vehicle retail sales | 5.9 | 6.2 | ||||||||||
Used vehicle wholesale sales | — | (1.5 | ) | |||||||||
Total used | 4.6 | 4.4 | ||||||||||
Parts and service | 55.1 | 54.5 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 11.7 | 11.2 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 26,843 | $ | 21,641 | 24.0 | |||||||
Used vehicle retail sales | 12,684 | 10,117 | 25.4 | |||||||||
Used vehicle wholesale sales | (4 | ) | (743 | ) | (99.5 | ) | ||||||
Total used | 12,680 | 9,374 | 35.3 | |||||||||
Parts and service | 34,655 | 26,871 | 29.0 | |||||||||
Finance and insurance | 13,916 | 10,542 | 32.0 | |||||||||
Total | $ | 88,094 | $ | 68,428 | 28.7 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 11,144 | 10,738 | 3.8 | |||||||||
Retail used vehicles sold | 8,108 | 6,762 | 19.9 | |||||||||
Wholesale used vehicles sold | 6,539 | 5,772 | 13.3 | |||||||||
Total used | 14,647 | 12,534 | 16.9 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 35,648 | $ | 31,853 | 11.9 | |||||||
Used vehicle retail | $ | 26,505 | $ | 24,091 | 10.0 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 2,409 | $ | 2,015 | 19.6 | |||||||
Used vehicle retail sales | 1,564 | 1,496 | 4.5 | |||||||||
Used vehicle wholesale sales | (1 | ) | (129 | ) | (99.2 | ) | ||||||
Total used | 866 | 748 | 15.8 | |||||||||
Finance and insurance (per retail unit) | $ | 723 | $ | 602 | 20.1 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 67,063 | $ | 54,120 | 23.9 | |||||||
SG&A as % revenues | 8.9 | 8.8 | ||||||||||
SG&A as % gross profit | 76.1 | 79.1 | ||||||||||
Operating margin % | 2.5 | 2.0 | ||||||||||
Pretax margin % | 2.1 | 1.7 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (1,188 | ) | $ | (1,152 | ) | 3.1 | |||||
Floorplan assistance | 504 | 111 | 354.1 | |||||||||
Net floorplan expense | $ | (684 | ) | $ | (1,041 | ) | (34.3 | ) | ||||
Other interest expense, net | $ | (1,402 | ) | $ | (800 | ) | 75.3 |
Group 1 Automotive, Inc. | ||||||||||||
Additional Information - Brazil | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 140,957 | $ | 158,706 | (11.2 | ) | ||||||
Used vehicle retail sales | 29,850 | 26,604 | 12.2 | |||||||||
Used vehicle wholesale sales | 3,965 | 9,008 | (56.0 | ) | ||||||||
Total used | 33,815 | 35,612 | (5.0 | ) | ||||||||
Parts and service | 20,820 | 18,966 | 9.8 | |||||||||
Finance and insurance | 3,050 | 2,571 | 18.6 | |||||||||
Total | $ | 198,642 | $ | 215,855 | (8.0 | ) | ||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 6.3 | 7.2 | ||||||||||
Used vehicle retail sales | 6.3 | 6.4 | ||||||||||
Used vehicle wholesale sales | 7.8 | 0.6 | ||||||||||
Total used | 6.5 | 4.9 | ||||||||||
Parts and service | 41.9 | 42.2 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 11.5 | 11.0 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 8,950 | $ | 11,361 | (21.2 | ) | ||||||
Used vehicle retail sales | 1,895 | 1,696 | 11.7 | |||||||||
Used vehicle wholesale sales | 309 | 53 | 483.0 | |||||||||
Total used | 2,204 | 1,749 | 26.0 | |||||||||
Parts and service | 8,729 | 8,003 | 9.1 | |||||||||
Finance and insurance | 3,050 | 2,571 | 18.6 | |||||||||
Total | $ | 22,933 | $ | 23,684 | (3.2 | ) | ||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 4,072 | 5,139 | (20.8 | ) | ||||||||
Retail used vehicles sold | 1,210 | 1,343 | (9.9 | ) | ||||||||
Wholesale used vehicles sold | 583 | 912 | (36.1 | ) | ||||||||
Total used | 1,793 | 2,255 | (20.5 | ) | ||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,616 | $ | 30,883 | 12.1 | |||||||
Used vehicle retail | $ | 24,669 | $ | 19,809 | 24.5 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 2,198 | $ | 2,211 | (0.6 | ) | ||||||
Used vehicle retail sales | 1,566 | 1,263 | 24.0 | |||||||||
Used vehicle wholesale sales | 530 | 58 | 813.8 | |||||||||
Total used | 1,229 | 776 | 58.4 | |||||||||
Finance and insurance (per retail unit) | $ | 577 | $ | 397 | 45.3 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 19,920 | $ | 20,277 | (1.8 | ) | ||||||
SG&A as % revenues | 10.0 | 9.4 | ||||||||||
SG&A as % gross profit | 86.9 | 85.6 | ||||||||||
Operating margin % | 1.2 | 1.4 | ||||||||||
Pretax margin % | 0.2 | 0.3 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (1,490 | ) | $ | (2,178 | ) | (31.6 | ) | ||||
Floorplan assistance | — | — | — | |||||||||
Net floorplan expense | $ | (1,490 | ) | $ | (2,178 | ) | (31.6 | ) | ||||
Other interest expense, net | $ | (539 | ) | $ | (29 | ) | 1,758.6 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 (2) | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 409,580 | $ | 398,622 | 2.7 | |||||||
Used vehicle retail sales | 87,698 | 62,501 | 40.3 | |||||||||
Used vehicle wholesale sales | 13,795 | 20,758 | (33.5 | ) | ||||||||
Total used | 101,493 | 83,259 | 21.9 | |||||||||
Parts and service | 57,658 | 45,193 | 27.6 | |||||||||
Finance and insurance | 8,165 | 5,768 | 41.6 | |||||||||
Total | $ | 576,896 | $ | 532,842 | 8.3 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 6.4 | 7.7 | ||||||||||
Used vehicle retail sales | 6.2 | 5.2 | ||||||||||
Used vehicle wholesale sales | 8.0 | 5.5 | ||||||||||
Total used | 6.5 | 5.3 | ||||||||||
Parts and service | 42.6 | 40.5 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 11.3 | 11.1 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 26,133 | $ | 30,661 | (14.8 | ) | ||||||
Used vehicle retail sales | 5,481 | 3,249 | 68.7 | |||||||||
Used vehicle wholesale sales | 1,097 | 1,143 | (4.0 | ) | ||||||||
Total used | 6,578 | 4,392 | 49.8 | |||||||||
Parts and service | 24,564 | 18,293 | 34.3 | |||||||||
Finance and insurance | 8,165 | 5,768 | 41.6 | |||||||||
Total | $ | 65,440 | $ | 59,114 | 10.7 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 12,274 | 11,967 | 2.6 | |||||||||
Retail used vehicles sold | 3,899 | 2,919 | 33.6 | |||||||||
Wholesale used vehicles sold | 1,830 | 2,028 | (9.8 | ) | ||||||||
Total used | 5,729 | 4,947 | 15.8 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 33,370 | $ | 33,310 | 0.2 | |||||||
Used vehicle retail | $ | 22,492 | $ | 21,412 | 5.0 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 2,129 | $ | 2,562 | (16.9 | ) | ||||||
Used vehicle retail sales | 1,406 | 1,113 | 26.3 | |||||||||
Used vehicle wholesale sales | 599 | 564 | 6.2 | |||||||||
Total used | 1,148 | 888 | 29.3 | |||||||||
Finance and insurance (per retail unit) | $ | 505 | $ | 387 | 30.5 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 60,342 | $ | 48,748 | 23.8 | |||||||
SG&A as % revenues | 10.5 | 9.1 | ||||||||||
SG&A as % gross profit | 92.2 | 82.5 | ||||||||||
Operating margin % | 0.6 | 1.7 | ||||||||||
Pretax margin % | (0.4 | ) | 0.9 | |||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (5,018 | ) | $ | (4,748 | ) | 5.7 | |||||
Floorplan assistance | — | — | — | |||||||||
Net floorplan expense | $ | (5,018 | ) | $ | (4,748 | ) | 5.7 | |||||
Other interest (expense) income, net | $ | (597 | ) | $ | 7 | (8,628.6 | ) | |||||
(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 the description of aforementioned adjustments. | ||||||||||||
(2) Results are for the period from the date of acquisition (February 28, 2013) through September 30, 2013. |
Group 1 Automotive, Inc. | ||||||||||||
Additional Information - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,521,246 | $ | 1,386,667 | 9.7 | |||||||
Used vehicle retail sales | 615,924 | 529,828 | 16.2 | |||||||||
Used vehicle wholesale sales | 100,347 | 85,800 | 17.0 | |||||||||
Total used | 716,271 | 615,628 | 16.3 | |||||||||
Parts and service | 291,816 | 255,316 | 14.3 | |||||||||
Finance and insurance | 97,115 | 82,536 | 17.7 | |||||||||
Total | $ | 2,626,448 | $ | 2,340,147 | 12.2 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.3 | 5.3 | ||||||||||
Used vehicle retail sales | 7.2 | 7.8 | ||||||||||
Used vehicle wholesale sales | (1.3 | ) | (1.8 | ) | ||||||||
Total used | 6.0 | 6.5 | ||||||||||
Parts and service | 52.9 | 52.4 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.3 | 14.1 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 80,230 | $ | 73,295 | 9.5 | |||||||
Used vehicle retail sales | 44,311 | 41,482 | 6.8 | |||||||||
Used vehicle wholesale sales | (1,296 | ) | (1,534 | ) | (15.5 | ) | ||||||
Total used | 43,015 | 39,948 | 7.7 | |||||||||
Parts and service | 154,349 | 133,683 | 15.5 | |||||||||
Finance and insurance | 97,115 | 82,536 | 17.7 | |||||||||
Total | $ | 374,709 | $ | 329,462 | 13.7 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 44,494 | 42,311 | 5.2 | |||||||||
Retail used vehicles sold | 28,776 | 26,059 | 10.4 | |||||||||
Wholesale used vehicles sold | 14,750 | 13,445 | 9.7 | |||||||||
Total used | 43,526 | 39,504 | 10.2 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,190 | $ | 32,773 | 4.3 | |||||||
Used vehicle retail | $ | 21,404 | $ | 20,332 | 5.3 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,803 | $ | 1,732 | 4.1 | |||||||
Used vehicle retail sales | 1,540 | 1,592 | (3.3 | ) | ||||||||
Used vehicle wholesale sales | (88 | ) | (114 | ) | (22.8 | ) | ||||||
Total used | 988 | 1,011 | (2.3 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,325 | $ | 1,207 | 9.8 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 277,044 | $ | 247,427 | 12.0 | |||||||
SG&A as % revenues | 10.5 | 10.6 | ||||||||||
SG&A as % gross profit | 73.9 | 75.1 | ||||||||||
Operating margin % | 3.3 | 3.1 | ||||||||||
Pretax margin % | 2.4 | 2.2 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (10,452 | ) | $ | (10,690 | ) | (2.2 | ) | ||||
Floorplan assistance | 12,122 | 10,219 | 18.6 | |||||||||
Net floorplan income (expense) | $ | 1,670 | $ | (471 | ) | 454.6 | ||||||
Other interest expense, net | $ | (13,246 | ) | $ | (9,971 | ) | 32.8 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 4,256,146 | $ | 3,873,121 | 9.9 | |||||||
Used vehicle retail sales | 1,743,071 | 1,536,031 | 13.5 | |||||||||
Used vehicle wholesale sales | 284,491 | 243,667 | 16.8 | |||||||||
Total used | 2,027,562 | 1,779,698 | 13.9 | |||||||||
Parts and service | 844,340 | 753,776 | 12.0 | |||||||||
Finance and insurance | 270,901 | 232,494 | 16.5 | |||||||||
Total | $ | 7,398,949 | $ | 6,639,089 | 11.4 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.4 | 5.6 | ||||||||||
Used vehicle retail sales | 7.6 | 8.2 | ||||||||||
Used vehicle wholesale sales | 1.1 | 0.6 | ||||||||||
Total used | 6.7 | 7.1 | ||||||||||
Parts and service | 53.0 | 52.5 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.6 | 14.6 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 227,982 | $ | 216,296 | 5.4 | |||||||
Used vehicle retail sales | 132,778 | 125,263 | 6.0 | |||||||||
Used vehicle wholesale sales | 3,057 | 1,400 | 118.4 | |||||||||
Total used | 135,835 | 126,663 | 7.2 | |||||||||
Parts and service | 447,261 | 395,772 | 13.0 | |||||||||
Finance and insurance | 270,901 | 232,494 | 16.5 | |||||||||
Total | $ | 1,081,979 | $ | 971,225 | 11.4 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 124,699 | 116,938 | 6.6 | |||||||||
Retail used vehicles sold | 82,374 | 74,931 | 9.9 | |||||||||
Wholesale used vehicles sold | 40,764 | 37,852 | 7.7 | |||||||||
Total used | 123,138 | 112,783 | 9.2 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,131 | $ | 33,121 | 3.1 | |||||||
Used vehicle retail | $ | 21,160 | $ | 20,499 | 3.2 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,828 | $ | 1,850 | (1.2 | ) | ||||||
Used vehicle retail sales | 1,612 | 1,672 | (3.6 | ) | ||||||||
Used vehicle wholesale sales | 75 | 37 | 102.7 | |||||||||
Total used | 1,103 | 1,123 | (1.8 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,308 | $ | 1,212 | 7.9 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 804,547 | $ | 722,430 | 11.4 | |||||||
SG&A as % revenues | 10.9 | 10.9 | ||||||||||
SG&A as % gross profit | 74.4 | 74.4 | ||||||||||
Operating margin % | 3.3 | 3.3 | ||||||||||
Pretax margin % | 2.4 | 2.5 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest | $ | (31,695 | ) | $ | (30,927 | ) | 2.5 | |||||
Floorplan assistance | 33,473 | 28,402 | 17.9 | |||||||||
Net floorplan income (expense) | $ | 1,778 | $ | (2,525 | ) | 170.4 | ||||||
Other interest expense, net | $ | (36,326 | ) | $ | (28,783 | ) | 26.2 | |||||
(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, | |||||||||||
2014 | 2013 | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,120,864 | $ | 1,053,601 | 6.4 | ||||||
Used vehicle retail sales | 459,223 | 429,480 | 6.9 | ||||||||
Used vehicle wholesale sales | 67,404 | 57,456 | 17.3 | ||||||||
Total used | 526,627 | 486,936 | 8.2 | ||||||||
Parts and service | 225,737 | 212,800 | 6.1 | ||||||||
Finance and insurance | 81,553 | 74,479 | 9.5 | ||||||||
Total | $ | 1,954,781 | $ | 1,827,816 | 6.9 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.9 | 5.0 | |||||||||
Used vehicle retail sales | 7.5 | 8.2 | |||||||||
Used vehicle wholesale sales | (1.6 | ) | (1.6 | ) | |||||||
Total used | 6.3 | 7.0 | |||||||||
Parts and service | 53.6 | 52.8 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 14.9 | 15.0 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 55,456 | $ | 52,448 | 5.7 | ||||||
Used vehicle retail sales | 34,303 | 35,055 | (2.1 | ) | |||||||
Used vehicle wholesale sales | (1,091 | ) | (900 | ) | 21.2 | ||||||
Total used | 33,212 | 34,155 | (2.8 | ) | |||||||
Parts and service | 120,951 | 112,461 | 7.5 | ||||||||
Finance and insurance | 81,553 | 74,479 | 9.5 | ||||||||
Total | $ | 291,172 | $ | 273,543 | 6.4 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 33,100 | 31,717 | 4.4 | ||||||||
Retail used vehicles sold | 22,180 | 21,521 | 3.1 | ||||||||
Wholesale used vehicles sold | 10,800 | 10,128 | 6.6 | ||||||||
Total used | 32,980 | 31,649 | 4.2 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 33,863 | $ | 33,219 | 1.9 | ||||||
Used vehicle retail | $ | 20,704 | $ | 19,956 | 3.7 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,675 | $ | 1,654 | 1.3 | ||||||
Used vehicle retail sales | 1,547 | 1,629 | (5.0 | ) | |||||||
Used vehicle wholesale sales | (101 | ) | (89 | ) | 13.5 | ||||||
Total used | 1,007 | 1,079 | (6.7 | ) | |||||||
Finance and insurance (per retail unit) | $ | 1,475 | $ | 1,399 | 5.4 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 209,060 | $ | 199,003 | 5.1 | ||||||
SG&A as % revenues | 10.7 | 10.9 | |||||||||
SG&A as % gross profit | 71.8 | 72.8 | |||||||||
Operating margin % | 3.8 | 3.6 |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 3,179,584 | $ | 3,016,656 | 5.4 | ||||||
Used vehicle retail sales | 1,324,402 | 1,268,399 | 4.4 | ||||||||
Used vehicle wholesale sales | 192,324 | 166,340 | 15.6 | ||||||||
Total used | 1,516,726 | 1,434,739 | 5.7 | ||||||||
Parts and service | 669,764 | 634,049 | 5.6 | ||||||||
Finance and insurance | 233,426 | 210,726 | 10.8 | ||||||||
Total | $ | 5,599,500 | $ | 5,296,170 | 5.7 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 5.1 | 5.3 | |||||||||
Used vehicle retail sales | 7.9 | 8.6 | |||||||||
Used vehicle wholesale sales | 1.3 | 1.0 | |||||||||
Total used | 7.1 | 7.7 | |||||||||
Parts and service | 53.5 | 53.2 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 15.4 | 15.4 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 160,865 | $ | 159,600 | 0.8 | ||||||
Used vehicle retail sales | 104,774 | 108,705 | (3.6 | ) | |||||||
Used vehicle wholesale sales | 2,416 | 1,677 | 44.1 | ||||||||
Total used | 107,190 | 110,382 | (2.9 | ) | |||||||
Parts and service | 358,367 | 337,018 | 6.3 | ||||||||
Finance and insurance | 233,426 | 210,726 | 10.8 | ||||||||
Total | $ | 859,848 | $ | 817,726 | 5.2 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 93,447 | 90,283 | 3.5 | ||||||||
Retail used vehicles sold | 64,336 | 63,070 | 2.0 | ||||||||
Wholesale used vehicles sold | 30,203 | 28,766 | 5.0 | ||||||||
Total used | 94,539 | 91,836 | 2.9 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 34,026 | $ | 33,413 | 1.8 | ||||||
Used vehicle retail | $ | 20,586 | $ | 20,111 | 2.4 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,721 | $ | 1,768 | (2.7 | ) | |||||
Used vehicle retail sales | 1,629 | 1,724 | (5.5 | ) | |||||||
Used vehicle wholesale sales | 80 | 58 | 37.9 | ||||||||
Total used | 1,134 | 1,202 | (5.7 | ) | |||||||
Finance and insurance (per retail unit) | $ | 1,479 | $ | 1,374 | 7.6 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 620,825 | $ | 591,946 | 4.9 | ||||||
SG&A as % revenues | 11.1 | 11.2 | |||||||||
SG&A as % gross profit | 72.2 | 72.4 | |||||||||
Operating margin % | 3.8 | 3.8 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store U.K. (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Three Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 134,858 | $ | 136,738 | (1.4 | ) | |||||
Used vehicle retail sales | 70,164 | 59,508 | 17.9 | ||||||||
Used vehicle wholesale sales | 21,110 | 16,960 | 24.5 | ||||||||
Total used | 91,274 | 76,468 | 19.4 | ||||||||
Parts and service | 21,272 | 17,471 | 21.8 | ||||||||
Finance and insurance | 4,797 | 4,233 | 13.3 | ||||||||
Total | $ | 252,201 | $ | 234,910 | 7.4 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 6.9 | 5.7 | |||||||||
Used vehicle retail sales | 5.9 | 6.5 | |||||||||
Used vehicle wholesale sales | (0.8 | ) | (1.3 | ) | |||||||
Total used | 4.4 | 4.8 | |||||||||
Parts and service | 55.2 | 56.1 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 11.8 | 10.9 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 9,303 | $ | 7,848 | 18.5 | ||||||
Used vehicle retail sales | 4,166 | 3,848 | 8.3 | ||||||||
Used vehicle wholesale sales | (175 | ) | (213 | ) | (17.8 | ) | |||||
Total used | 3,991 | 3,635 | 9.8 | ||||||||
Parts and service | 11,748 | 9,794 | 20.0 | ||||||||
Finance and insurance | 4,797 | 4,233 | 13.3 | ||||||||
Total | $ | 29,839 | $ | 25,510 | 17.0 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 3,773 | 4,306 | (12.4 | ) | |||||||
Retail used vehicles sold | 2,649 | 2,510 | 5.5 | ||||||||
Wholesale used vehicles sold | 2,183 | 2,078 | 5.1 | ||||||||
Total used | 4,832 | 4,588 | 5.3 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 35,743 | $ | 31,755 | 12.6 | ||||||
Used vehicle retail | $ | 26,487 | $ | 23,708 | 11.7 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 2,466 | $ | 1,823 | 35.3 | ||||||
Used vehicle retail sales | 1,573 | 1,533 | 2.6 | ||||||||
Used vehicle wholesale sales | (80 | ) | (103 | ) | (22.3 | ) | |||||
Total used | 826 | 792 | 4.3 | ||||||||
Finance and insurance (per retail unit) | $ | 747 | $ | 621 | 20.3 | ||||||
OTHER: | |||||||||||
SG&A expenses | $ | 22,278 | $ | 19,662 | 13.3 | ||||||
SG&A as % revenues | 8.8 | 8.4 | |||||||||
SG&A as % gross profit | 74.7 | 77.1 | |||||||||
Operating margin % | 2.7 | 2.2 |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 388,921 | $ | 342,038 | 13.7 | ||||||
Used vehicle retail sales | 202,968 | 162,901 | 24.6 | ||||||||
Used vehicle wholesale sales | 60,407 | 48,682 | 24.1 | ||||||||
Total used | 263,375 | 211,583 | 24.5 | ||||||||
Parts and service | 59,860 | 49,265 | 21.5 | ||||||||
Finance and insurance | 13,281 | 10,530 | 26.1 | ||||||||
Total | $ | 725,437 | $ | 613,416 | 18.3 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 6.8 | 6.3 | |||||||||
Used vehicle retail sales | 5.9 | 6.2 | |||||||||
Used vehicle wholesale sales | (0.1 | ) | (1.5 | ) | |||||||
Total used | 4.5 | 4.4 | |||||||||
Parts and service | 55.3 | 54.5 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 11.7 | 11.1 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 26,514 | $ | 21,629 | 22.6 | ||||||
Used vehicle retail sales | 11,996 | 10,112 | 18.6 | ||||||||
Used vehicle wholesale sales | (44 | ) | (743 | ) | (94.1 | ) | |||||
Total used | 11,952 | 9,369 | 27.6 | ||||||||
Parts and service | 33,098 | 26,862 | 23.2 | ||||||||
Finance and insurance | 13,281 | 10,530 | 26.1 | ||||||||
Total | $ | 84,845 | $ | 68,390 | 24.1 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 10,728 | 10,738 | (0.1 | ) | |||||||
Retail used vehicles sold | 7,422 | 6,762 | 9.8 | ||||||||
Wholesale used vehicles sold | 6,102 | 5,772 | 5.7 | ||||||||
Total used | 13,524 | 12,534 | 7.9 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 36,253 | $ | 31,853 | 13.8 | ||||||
Used vehicle retail | $ | 27,347 | $ | 24,091 | 13.5 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 2,471 | $ | 2,014 | 22.7 | ||||||
Used vehicle retail sales | 1,616 | 1,495 | 8.1 | ||||||||
Used vehicle wholesale sales | (7 | ) | (129 | ) | (94.6 | ) | |||||
Total used | 884 | 747 | 18.3 | ||||||||
Finance and insurance (per retail unit) | $ | 732 | $ | 602 | 21.6 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 64,254 | $ | 54,117 | 18.7 | ||||||
SG&A as % revenues | 8.9 | 8.8 | |||||||||
SG&A as % gross profit | 75.7 | 79.1 | |||||||||
Operating margin % | 2.5 | 2.0 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store Brazil (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Three Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 139,640 | $ | 158,705 | (12.0 | ) | |||||
Used vehicle retail sales | 29,408 | 26,604 | 10.5 | ||||||||
Used vehicle wholesale sales | 3,965 | 9,008 | (56.0 | ) | |||||||
Total used | 33,373 | 35,612 | (6.3 | ) | |||||||
Parts and service | 20,560 | 18,966 | 8.4 | ||||||||
Finance and insurance | 3,051 | 2,571 | 18.7 | ||||||||
Total | $ | 196,624 | $ | 215,854 | (8.9 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 6.4 | 7.2 | |||||||||
Used vehicle retail sales | 6.3 | 6.4 | |||||||||
Used vehicle wholesale sales | 7.8 | 0.6 | |||||||||
Total used | 6.5 | 4.9 | |||||||||
Parts and service | 42.0 | 42.2 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 11.6 | 11.0 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 8,883 | $ | 11,359 | (21.8 | ) | |||||
Used vehicle retail sales | 1,862 | 1,697 | 9.7 | ||||||||
Used vehicle wholesale sales | 310 | 53 | 484.9 | ||||||||
Total used | 2,172 | 1,750 | 24.1 | ||||||||
Parts and service | 8,627 | 8,003 | 7.8 | ||||||||
Finance and insurance | 3,051 | 2,571 | 18.7 | ||||||||
Total | $ | 22,733 | $ | 23,683 | (4.0 | ) | |||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 4,013 | 5,139 | (21.9 | ) | |||||||
Retail used vehicles sold | 1,192 | 1,343 | (11.2 | ) | |||||||
Wholesale used vehicles sold | 571 | 912 | (37.4 | ) | |||||||
Total used | 1,763 | 2,255 | (21.8 | ) | |||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 34,797 | $ | 30,882 | 12.7 | ||||||
Used vehicle retail | $ | 24,671 | $ | 19,809 | 24.5 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 2,214 | $ | 2,210 | 0.2 | ||||||
Used vehicle retail sales | 1,562 | 1,264 | 23.6 | ||||||||
Used vehicle wholesale sales | 543 | 58 | 836.2 | ||||||||
Total used | 1,232 | 776 | 58.8 | ||||||||
Finance and insurance (per retail unit) | $ | 586 | $ | 397 | 47.6 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 19,499 | $ | 20,276 | (3.8 | ) | |||||
SG&A as % revenues | 9.9 | 9.4 | |||||||||
SG&A as % gross profit | 85.8 | 85.6 | |||||||||
Operating margin % | 1.4 | 1.4 |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 (3) | % Change | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 320,847 | $ | 398,622 | (19.5 | ) | |||||
Used vehicle retail sales | 65,774 | 62,501 | 5.2 | ||||||||
Used vehicle wholesale sales | 10,005 | 20,758 | (51.8 | ) | |||||||
Total used | 75,779 | 83,259 | (9.0 | ) | |||||||
Parts and service | 45,622 | 45,193 | 0.9 | ||||||||
Finance and insurance | 6,532 | 5,768 | 13.2 | ||||||||
Total | $ | 448,780 | $ | 532,842 | (15.8 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 6.4 | 7.7 | |||||||||
Used vehicle retail sales | 6.2 | 5.2 | |||||||||
Used vehicle wholesale sales | 8.0 | 5.5 | |||||||||
Total used | 6.4 | 5.3 | |||||||||
Parts and service | 42.0 | 40.5 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 11.4 | 11.1 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 20,598 | $ | 30,661 | (32.8 | ) | |||||
Used vehicle retail sales | 4,057 | 3,249 | 24.9 | ||||||||
Used vehicle wholesale sales | 802 | 1,143 | (29.8 | ) | |||||||
Total used | 4,859 | 4,392 | 10.6 | ||||||||
Parts and service | 19,150 | 18,293 | 4.7 | ||||||||
Finance and insurance | 6,532 | 5,768 | 13.2 | ||||||||
Total | $ | 51,139 | $ | 59,114 | (13.5 | ) | |||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 9,343 | 11,967 | (21.9 | ) | |||||||
Retail used vehicles sold | 2,797 | 2,919 | (4.2 | ) | |||||||
Wholesale used vehicles sold | 1,292 | 2,028 | (36.3 | ) | |||||||
Total used | 4,089 | 4,947 | (17.3 | ) | |||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 34,341 | $ | 33,310 | 3.1 | ||||||
Used vehicle retail | $ | 23,516 | $ | 21,412 | 9.8 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 2,205 | $ | 2,562 | (13.9 | ) | |||||
Used vehicle retail sales | 1,450 | 1,113 | 30.3 | ||||||||
Used vehicle wholesale sales | 621 | 564 | 10.1 | ||||||||
Total used | 1,188 | 888 | 33.8 | ||||||||
Finance and insurance (per retail unit) | $ | 538 | $ | 387 | 39.0 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 46,706 | $ | 48,748 | (4.2 | ) | |||||
SG&A as % revenues | 10.4 | 9.1 | |||||||||
SG&A as % gross profit | 91.3 | 82.5 | |||||||||
Operating margin % | 0.7 | 1.7 |
Group 1 Automotive, Inc. | ||||||||||||
Additional Information - Same Store Consolidated (1) | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,395,362 | $ | 1,349,044 | 3.4 | |||||||
Used vehicle retail sales | 558,795 | 515,592 | 8.4 | |||||||||
Used vehicle wholesale sales | 92,479 | 83,424 | 10.9 | |||||||||
Total used | 651,274 | 599,016 | 8.7 | |||||||||
Parts and service | 267,569 | 249,237 | 7.4 | |||||||||
Finance and insurance | 89,401 | 81,283 | 10.0 | |||||||||
Total | $ | 2,403,606 | $ | 2,278,580 | 5.5 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.3 | 5.3 | ||||||||||
Used vehicle retail sales | 7.2 | 7.9 | ||||||||||
Used vehicle wholesale sales | (1.0 | ) | (1.3 | ) | ||||||||
Total used | 6.0 | 6.6 | ||||||||||
Parts and service | 52.8 | 52.3 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.3 | 14.2 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 73,642 | $ | 71,655 | 2.8 | |||||||
Used vehicle retail sales | 40,331 | 40,600 | (0.7 | ) | ||||||||
Used vehicle wholesale sales | (956 | ) | (1,060 | ) | (9.8 | ) | ||||||
Total used | 39,375 | 39,540 | (0.4 | ) | ||||||||
Parts and service | 141,326 | 130,258 | 8.5 | |||||||||
Finance and insurance | 89,401 | 81,283 | 10.0 | |||||||||
Total | $ | 343,744 | $ | 322,736 | 6.5 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 40,886 | 41,162 | (0.7 | ) | ||||||||
Retail used vehicles sold | 26,021 | 25,374 | 2.5 | |||||||||
Wholesale used vehicles sold | 13,554 | 13,118 | 3.3 | |||||||||
Total used | 39,575 | 38,492 | 2.8 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,128 | $ | 32,774 | 4.1 | |||||||
Used vehicle retail | $ | 21,475 | $ | 20,320 | 5.7 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,801 | $ | 1,741 | 3.4 | |||||||
Used vehicle retail sales | 1,550 | 1,600 | (3.1 | ) | ||||||||
Used vehicle wholesale sales | (71 | ) | (81 | ) | (12.3 | ) | ||||||
Total used | 995 | 1,027 | (3.1 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,336 | $ | 1,222 | 9.3 | |||||||
OTHER: (2) | ||||||||||||
SG&A expenses | $ | 250,837 | $ | 238,941 | 5.0 | |||||||
SG&A as % revenues | 10.4 | 10.5 | ||||||||||
SG&A as % gross profit | 73.0 | 74.0 | ||||||||||
Operating margin % | 3.5 | 3.3 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 3,889,352 | $ | 3,757,316 | 3.5 | |||||||
Used vehicle retail sales | 1,593,144 | 1,493,801 | 6.7 | |||||||||
Used vehicle wholesale sales | 262,736 | 235,780 | 11.4 | |||||||||
Total used | 1,855,880 | 1,729,581 | 7.3 | |||||||||
Parts and service | 775,246 | 728,507 | 6.4 | |||||||||
Finance and insurance | 253,239 | 227,024 | 11.5 | |||||||||
Total | $ | 6,773,717 | $ | 6,442,428 | 5.1 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.3 | 5.6 | ||||||||||
Used vehicle retail sales | 7.6 | 8.2 | ||||||||||
Used vehicle wholesale sales | 1.2 | 0.9 | ||||||||||
Total used | 6.7 | 7.2 | ||||||||||
Parts and service | 53.0 | 52.5 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.7 | 14.7 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 207,977 | $ | 211,890 | (1.8 | ) | ||||||
Used vehicle retail sales | 120,827 | 122,066 | (1.0 | ) | ||||||||
Used vehicle wholesale sales | 3,174 | 2,077 | 52.8 | |||||||||
Total used | 124,001 | 124,143 | (0.1 | ) | ||||||||
Parts and service | 410,615 | 382,173 | 7.4 | |||||||||
Finance and insurance | 253,239 | 227,024 | 11.5 | |||||||||
Total | $ | 995,832 | $ | 945,230 | 5.4 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 113,518 | 112,988 | 0.5 | |||||||||
Retail used vehicles sold | 74,555 | 72,751 | 2.5 | |||||||||
Wholesale used vehicles sold | 37,597 | 36,566 | 2.8 | |||||||||
Total used | 112,152 | 109,317 | 2.6 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 34,262 | $ | 33,254 | 3.0 | |||||||
Used vehicle retail | $ | 21,369 | $ | 20,533 | 4.1 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,832 | $ | 1,875 | (2.3 | ) | ||||||
Used vehicle retail sales | 1,621 | 1,678 | (3.4 | ) | ||||||||
Used vehicle wholesale sales | 84 | 57 | 47.4 | |||||||||
Total used | 1,106 | 1,136 | (2.6 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,346 | $ | 1,222 | 10.1 | |||||||
OTHER: (2) | ||||||||||||
SG&A expenses | $ | 731,785 | $ | 694,811 | 5.3 | |||||||
SG&A as % revenues | 10.8 | 10.8 | ||||||||||
SG&A as % gross profit | 73.5 | 73.5 | ||||||||||
Operating margin % | 3.5 | 3.5 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 221,645 | $ | 206,635 | 7.3 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,099 | ) | (258 | ) | ||||||||
Gain on real estate and dealership transactions | 14,303 | 1,373 | ||||||||||
Severance costs | — | (256 | ) | |||||||||
Adjusted SG&A (1) | $ | 234,849 | $ | 207,494 | 13.2 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.2 | 10.9 | ||||||||||
Adjusted (1) | 10.8 | 11.0 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 68.8 | 73.7 | ||||||||||
Adjusted (1) | 72.9 | 74.0 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 4.0 | 3.4 | ||||||||||
Adjusted (1),(2) | 3.6 | 3.4 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 2.0 | 2.5 | ||||||||||
Adjusted (1),(3) | 2.6 | 2.5 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 210,182 | $ | 199,332 | 5.4 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,099 | ) | (258 | ) | ||||||||
Loss on real estate and dealership transactions | (23 | ) | — | |||||||||
Severance costs | — | (71 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 209,060 | $ | 199,003 | 5.1 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.8 | 10.9 | ||||||||||
Adjusted (1) | 10.7 | 10.9 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 72.2 | 72.9 | ||||||||||
Adjusted (1) | 71.8 | 72.8 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 3.7 | 3.6 | ||||||||||
Adjusted (1),(4) | 3.8 | 3.6 |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 665,547 | $ | 626,939 | 6.2 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (2,775 | ) | (12,158 | ) | |||||||
Gain on real estate and dealership transactions | 14,812 | 10,196 | |||||||||
Severance costs | — | (256 | ) | ||||||||
Acquisition costs | — | (5,159 | ) | ||||||||
Legal items | (442 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 677,142 | $ | 619,562 | 9.3 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.0 | 11.4 | |||||||||
Adjusted (1) | 11.2 | 11.3 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 71.7 | 74.3 | |||||||||
Adjusted (1) | 72.9 | 73.4 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.8 | 3.5 | |||||||||
Adjusted (1),(2) | 3.7 | 3.7 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 2.0 | 2.5 | |||||||||
Adjusted (1),(3) | 2.7 | 2.7 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 624,065 | $ | 609,534 | 2.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (2,775 | ) | (12,158 | ) | |||||||
Loss on real estate and dealership transactions | (23 | ) | (200 | ) | |||||||
Severance costs | — | (71 | ) | ||||||||
Acquisition costs | — | (5,159 | ) | ||||||||
Legal items | (442 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 620,825 | $ | 591,946 | 4.9 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.1 | 11.5 | |||||||||
Adjusted (1) | 11.1 | 11.2 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 72.6 | 74.5 | |||||||||
Adjusted (1) | 72.2 | 72.4 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.7 | 3.5 | |||||||||
Adjusted (1),(4) | 3.8 | 3.8 | |||||||||
(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 $4,252 and $5,973 for the three and nine months ended September 30, 2014, and $565 and $1,174 for the three and nine months ended September 30, 2013. | ||||||||||
(3) | Excludes the impact of SG&A reconciling items above, as well as loss on repurchase of long-term debt of $22,790 and $46,403 for the three and nine months ended September 30, 2014, non-cash asset impairment charges of $4,252 and $5,973 for the three and nine months ended September 30, 2014, and non-cash asset impairment charges of $565 and $1,174 for the three and nine months ended September 30, 2013. | ||||||||||
(4) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $293 and $2,014 for the three and nine months ended September 30, 2014, and $532 and $1,139 for the three and nine months ended September 30, 2013, respectively. |
Group 1 Automotive, Inc. | |||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | |||||||
(Unaudited) | |||||||
(Dollars in thousands) |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 67,063 | $ | 54,262 | 23.6 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (142 | ) | |||||||||
Adjusted SG&A (1) | $ | 67,063 | $ | 54,120 | 23.9 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 8.9 | 8.8 | ||||||||||
Adjusted (1) | 8.9 | 8.8 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 76.1 | 79.3 | ||||||||||
Adjusted (1) | 76.1 | 79.1 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.5 | 2.0 | ||||||||||
Adjusted (1),(2) | 2.5 | 2.0 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 2.1 | 1.7 | ||||||||||
Adjusted (1),(2) | 2.1 | 1.7 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 64,254 | $ | 54,259 | 18.4 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (142 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 64,254 | $ | 54,117 | 18.7 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 8.9 | 8.8 | ||||||||||
Adjusted (1) | 8.9 | 8.8 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 75.7 | 79.3 | ||||||||||
Adjusted (1) | 75.7 | 79.1 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.5 | 2.0 | ||||||||||
Adjusted (1),(2) | 2.5 | 2.0 | ||||||||||
(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 item above. |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended September 30, | |||||||||||
2014 | 2013 | % Change | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 20,313 | $ | 20,572 | (1.3 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | (393 | ) | (295 | ) | |||||||
Adjusted SG&A (1) | $ | 19,920 | $ | 20,277 | (1.8 | ) | |||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.2 | 9.5 | |||||||||
Adjusted (1) | 10.0 | 9.4 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 88.6 | 86.9 | |||||||||
Adjusted (1) | 86.9 | 85.6 | |||||||||
OPERATING MARGIN % | |||||||||||
Unadjusted | (1.6 | ) | 1.2 | ||||||||
Adjusted (1),(2) | 1.2 | 1.4 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | (2.6 | ) | 0.2 | ||||||||
Adjusted (1),(3) | 0.2 | 0.3 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 19,892 | $ | 20,571 | (3.3 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | (393 | ) | (295 | ) | |||||||
Adjusted Same Store SG&A (1) | $ | 19,499 | $ | 20,276 | (3.8 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.1 | 9.5 | |||||||||
Adjusted (1) | 9.9 | 9.4 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 87.5 | 86.9 | |||||||||
Adjusted (1) | 85.8 | 85.6 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | (1.4 | ) | 1.2 | ||||||||
Adjusted (1),(2) | 1.4 | 1.4 |
Nine Months Ended September 30, | |||||||||||
2014 | 2013 (4) | % Change | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 61,151 | $ | 50,254 | 21.7 | ||||||
Pre-tax adjustments: | |||||||||||
Severance costs | (393 | ) | (295 | ) | |||||||
Acquisition costs | — | (1,211 | ) | ||||||||
Foreign transaction tax | (416 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 60,342 | $ | 48,748 | 23.8 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.6 | 9.4 | |||||||||
Adjusted (1) | 10.5 | 9.1 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 93.4 | 85.0 | |||||||||
Adjusted (1) | 92.2 | 82.5 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | (0.4 | ) | 1.5 | ||||||||
Adjusted (1),(2) | 0.6 | 1.7 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | (1.4 | ) | 0.4 | ||||||||
Adjusted (1),(3) | (0.4 | ) | 0.9 | ||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 47,515 | $ | 50,254 | (5.5 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | (393 | ) | (295 | ) | |||||||
Acquisition costs | — | (1,211 | ) | ||||||||
Foreign transaction tax | (416 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 46,706 | $ | 48,748 | (4.2 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.6 | 9.4 | |||||||||
Adjusted (1) | 10.4 | 9.1 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 92.9 | 85.0 | |||||||||
Adjusted (1) | 91.3 | 82.5 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | (0.6 | ) | 1.5 | ||||||||
Adjusted (1),(2) | 0.7 | 1.7 | |||||||||
(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 $5,121 for the three and nine months ended September 30, 2014. | ||||||||||
(3) | Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $5,121 for the three and nine months ended September 30, 2014, and other expense, net of $789, for the period from the date of acquisition (February 28, 2013) through September 30, 2013. | ||||||||||
(4) | Results are for the period from the date of acquisition (February 28, 2013) through September 30, 2013. |
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, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
NET INCOME RECONCILIATION: | ||||||||||||
As reported | $ | 26,162 | $ | 32,765 | (20.2 | ) | ||||||
After-tax adjustments: | ||||||||||||
Catastrophic events (5) | 671 | 158 | ||||||||||
Gain on real estate and dealership transactions (6) | (8,572 | ) | (230 | ) | ||||||||
Severance costs (7) | 388 | 454 | ||||||||||
Acquisition costs including related tax impact (8) | — | (630 | ) | |||||||||
Non-cash asset impairment (11) | 6,559 | 349 | ||||||||||
Loss on repurchase of long-term debt (12) | 17,934 | — | ||||||||||
Tax impact of foreign deductible goodwill | (3,358 | ) | — | |||||||||
Adjusted net income (1) | $ | 39,784 | $ | 32,866 | 21.0 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income | $ | 39,784 | $ | 32,866 | 21.0 | |||||||
Less: Adjusted earnings allocated to participating securities | 1,520 | 1,324 | 14.8 | |||||||||
Adjusted net income available to diluted common shares | $ | 38,264 | $ | 31,542 | 21.3 | |||||||
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | 1.03 | $ | 1.19 | (13.4 | ) | ||||||
After-tax adjustments: | ||||||||||||
Catastrophic events | 0.03 | 0.01 | ||||||||||
Gain on real estate and dealership transactions | (0.34 | ) | (0.01 | ) | ||||||||
Severance costs | 0.01 | 0.02 | ||||||||||
Acquisition costs including related tax impact | — | (0.02 | ) | |||||||||
Non-cash asset impairment | 0.26 | 0.01 | ||||||||||
Loss on repurchase of long-term debt | 0.71 | — | ||||||||||
Tax impact of foreign deductible goodwill | (0.13 | ) | — | |||||||||
Adjusted diluted income per share (1) | $ | 1.57 | $ | 1.20 | 30.8 | |||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 264,233 | $ | 246,863 | 7.0 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,099 | ) | (258 | ) | ||||||||
Gain on real estate and dealership transactions | 14,303 | 1,373 | ||||||||||
Severance costs | (393 | ) | (551 | ) | ||||||||
Adjusted SG&A (1) | $ | 277,044 | $ | 247,427 | 12.0 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.1 | 10.5 | ||||||||||
Adjusted (1) | 10.5 | 10.6 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 70.5 | 74.9 | ||||||||||
Adjusted (1) | 73.9 | 75.1 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 3.4 | 3.1 | ||||||||||
Adjusted (1),(2) | 3.3 | 3.1 |
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.7 | 2.2 | ||||||||||
Adjusted (1),(3) | 2.4 | 2.2 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 252,352 | $ | 239,565 | 5.3 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,099 | ) | (258 | ) | ||||||||
Loss on real estate and dealership transactions | (23 | ) | — | |||||||||
Severance costs | (393 | ) | (366 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 250,837 | $ | 238,941 | 5.0 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.5 | 10.5 | ||||||||||
Adjusted (1) | 10.4 | 10.5 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.4 | 74.2 | ||||||||||
Adjusted (1) | 73.0 | 74.0 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 3.2 | 3.2 | ||||||||||
Adjusted (1),(4) | 3.5 | 3.3 |
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | % Change | ||||||||||
NET INCOME RECONCILIATION: | ||||||||||||
As reported | $ | 74,327 | $ | 92,271 | (19.4 | ) | ||||||
After-tax adjustments: | ||||||||||||
Catastrophic events (5) | 1,710 | 7,419 | ||||||||||
Gain on real estate and dealership transactions (6) | (8,887 | ) | (5,376 | ) | ||||||||
Severance costs (7) | 388 | 454 | ||||||||||
Acquisition costs including related tax impact (8) | — | 6,337 | ||||||||||
Legal items (9) | 274 | — | ||||||||||
Foreign transaction tax (10) | 274 | — | ||||||||||
Non-cash asset impairment (11) | 7,626 | 718 | ||||||||||
Loss on repurchase of long-term debt (12) | 38,711 | — | ||||||||||
Tax impact of foreign deductible goodwill | (3,358 | ) | — | |||||||||
Adjusted net income (1) | $ | 111,065 | $ | 101,823 | 9.1 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income | $ | 111,065 | $ | 101,823 | 9.1 | |||||||
Less: Adjusted earnings allocated to participating securities | 4,126 | 4,241 | (2.7 | ) | ||||||||
Adjusted net income available to diluted common shares | $ | 106,939 | $ | 97,582 | 9.6 | |||||||
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | 2.82 | $ | 3.52 | (19.9 | ) | ||||||
After-tax adjustments: | ||||||||||||
Catastrophic events | 0.07 | 0.28 | ||||||||||
Gain on real estate and dealership transactions | (0.33 | ) | (0.21 | ) | ||||||||
Severance costs | 0.01 | 0.02 | ||||||||||
Acquisition costs including related tax impact | — | 0.24 | ||||||||||
Legal items | 0.01 | — | ||||||||||
Foreign transaction tax | 0.01 | — | ||||||||||
Non-cash asset impairment | 0.29 | 0.03 | ||||||||||
Loss on repurchase of long-term debt | 1.47 | — | ||||||||||
Tax impact of foreign deductible goodwill | (0.13 | ) | — | |||||||||
Adjusted diluted income per share (1) | $ | 4.22 | $ | 3.88 | 8.8 | |||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 793,761 | $ | 731,455 | 8.5 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (2,775 | ) | (12,158 | ) | ||||||||
Gain on real estate and dealership transactions | 14,812 | 10,196 | ||||||||||
Severance costs | (393 | ) | (551 | ) | ||||||||
Acquisition costs | — | (6,512 | ) | |||||||||
Legal items | (442 | ) | — | |||||||||
Foreign transaction tax | (416 | ) | — | |||||||||
Adjusted SG&A (1) | $ | 804,547 | $ | 722,430 | 11.4 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.7 | 11.0 | ||||||||||
Adjusted (1) | 10.9 | 10.9 |
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.4 | 75.3 | ||||||||||
Adjusted (1) | 74.4 | 74.4 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 3.3 | 3.2 | ||||||||||
Adjusted (1),(2) | 3.3 | 3.3 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.8 | 2.3 | ||||||||||
Adjusted (1),(3) | 2.4 | 2.5 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 735,834 | $ | 714,047 | 3.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (2,775 | ) | (12,158 | ) | ||||||||
Loss on real estate and dealership transactions | (23 | ) | (200 | ) | ||||||||
Severance costs | (393 | ) | (366 | ) | ||||||||
Acquisition costs | — | (6,512 | ) | |||||||||
Legal items | (442 | ) | — | |||||||||
Foreign transaction tax | (416 | ) | — | |||||||||
Adjusted Same Store SG&A (1) | $ | 731,785 | $ | 694,811 | 5.3 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.9 | 11.1 | ||||||||||
Adjusted (1) | 10.8 | 10.8 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.9 | 75.5 | ||||||||||
Adjusted (1) | 73.5 | 73.5 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 3.3 | 3.2 | ||||||||||
Adjusted (1),(4) | 3.5 | 3.5 |
(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 items above, as well as non-cash asset impairment charges for all periods. | |||||
(3) | Excludes the impact of SG&A reconciling items above, non-cash asset impairment charges for all periods, as well as loss on repurchase of long-term debt of $22,790 and $46,403 for the three and nine months ended September 30, 2014, respectively, and other expense, net of $789, for the nine months ended September 30, 2013. | |||||
(4) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $5,414 and $7,135 for the three and nine months ended September 30, 2014, respectively, and $532 and $1,139 for the three and nine months ended September 30, 2013, respectively. | |||||
(5) | Adjustment is net of tax benefit of $428 and $1,065 for the three and nine months ended September 30, 2014, respectively, and $100 and $4,739 for the three and nine months ended September 30, 2013, respectively, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(6) | Adjustment is net of tax provision of $5,731 and $5,925 for the three and nine months ended September 30, 2014, respectively, and $1,143 and $4,820 for the three and nine months ended September 30, 2013, respectively, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(7) | Adjustment is net of tax benefit of $5 for the three and nine months ended September 30, 2014, and $97 for the three and nine months ended September 30, 2013, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(8) | Adjustment is net of tax benefit of $630 and $963 for the three and nine months ended September 30, 2013, respectively, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(9) | Adjustment is net of tax benefit of $168 for the nine months ended September 30, 2014, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(10) | 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 the adjustment. | |||||
(11) | Adjustment is net of tax benefit of $2,815 and $3,469 for the three and nine months ended September 30, 2014, respectively, and $216 and $456 for the three and nine months ended September 30, 2013, respectively, calculated utilizing the applicable federal and state tax rates for the adjustment. | |||||
(12) | 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 the adjustment. |