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. | ||||
February 11, 2016 | By: | /s/ John C. Rickel | ||
Date | John C. Rickel, Senior Vice President and Chief Financial Officer |
▪ | Total revenue increased 5.3 percent (8.2 percent on a constant currency basis), to $2.7 billion. |
▪ | Total gross profit grew 3.9 percent, to $380.1 million. |
▪ | New vehicle revenues increased 3.2 percent on 3.0 percent higher unit sales. New vehicle gross profit decreased 3.7 percent, to $80.1 million, as margins decreased 6.6 percent or $130 per unit, to $1,843. |
▪ | Retail used vehicle revenues increased 11.0 percent on increased unit sales of 10.0 percent. Retail used vehicle gross profit was flat at $40.7 million, as margins decreased 9.2 percent or $136 per unit, to $1,346. |
▪ | Parts and service gross profit increased 8.7 percent on revenue growth of 5.7 percent. Same Store parts and service gross profit increased 5.4 percent, with U.S. Same Store parts and service gross profit up 7.3 percent. |
▪ | Finance and Insurance (F&I) gross profit per retail unit was flat at $1,374 per unit. |
▪ | Adjusted Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 260 basis points, to 75.3 percent. |
▪ | Quarter-to-date fully weighted common shares outstanding averaged 23.6 million shares, down 3.2 percent. |
▪ | Total gross profit grew 5.9 percent on 7.0 percent higher revenues of $10.6 billion. |
▪ | New vehicle gross profit decreased 1.8 percent on 4.5 percent higher revenues, as the Company retailed 174,614 new vehicles in 2015. |
▪ | Retail used vehicle gross profit was 3.4 percent higher on a 13.5 percent revenue increase, as the Company retailed 124,153 used units in 2015, a 13 percent increase over 2014 levels. |
▪ | Parts and service gross profit rose 8.1 percent on 5.4 percent higher revenues. |
▪ | F&I revenues rose 11.5 percent on 7.9 percent more retail unit sales; gross profit per retail unit was $1,368, an increase of $44 over 2014. U.S. Same Store F&I profit per retail unit grew $41, to $1,522. |
▪ | Adjusted SG&A expenses as a percent of gross profit improved 50 basis points, to 73.4 percent, while Same Store SG&A (adjusted) as a percent of gross profit increased 40 basis points, to 73.2 percent. |
▪ | Operating margin (adjusted) remained flat at 3.4 percent. |
▪ | United States: |
▪ | United Kingdom: |
▪ | Brazil: |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,533,108 | $ | 1,485,473 | 3.2 | |||||||
Used vehicle retail sales | 645,844 | 581,797 | 11.0 | |||||||||
Used vehicle wholesale sales | 95,064 | 94,652 | 0.4 | |||||||||
Parts and service | 297,254 | 281,354 | 5.7 | |||||||||
Finance and insurance | 101,332 | 95,664 | 5.9 | |||||||||
Total revenues | 2,672,602 | 2,538,940 | 5.3 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 1,452,982 | 1,402,238 | 3.6 | |||||||||
Used vehicle retail sales | 605,137 | 541,053 | 11.8 | |||||||||
Used vehicle wholesale sales | 96,896 | 95,390 | 1.6 | |||||||||
Parts and service | 137,454 | 134,300 | 2.3 | |||||||||
Total cost of sales | 2,292,469 | 2,172,981 | 5.5 | |||||||||
GROSS PROFIT | 380,133 | 365,959 | 3.9 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 279,785 | 268,203 | 4.3 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 11,798 | 10,920 | 8.0 | |||||||||
ASSET IMPAIRMENTS | 85,606 | 30,426 | 181.4 | |||||||||
OPERATING INCOME | 2,944 | 56,410 | (94.8 | ) | ||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (10,216 | ) | (9,919 | ) | 3.0 | |||||||
Other interest expense, net | (14,843 | ) | (13,367 | ) | 11.0 | |||||||
(LOSS) INCOME BEFORE INCOME TAXES | (22,115 | ) | 33,124 | (166.8 | ) | |||||||
PROVISION FOR INCOME TAXES | (11,272 | ) | (14,447 | ) | (22.0 | ) | ||||||
NET (LOSS) INCOME | $ | (33,387 | ) | $ | 18,677 | (278.8 | ) | |||||
Less: (Loss) earnings allocated to participating securities | $ | (1,279 | ) | $ | 695 | (284.0 | ) | |||||
(Loss) earnings available to diluted common shares | $ | (32,108 | ) | $ | 17,982 | (278.6 | ) | |||||
DILUTED (LOSS) EARNINGS PER SHARE | $ | (1.41 | ) | $ | 0.77 | (283.1 | ) | |||||
Weighted average dilutive common shares outstanding | 22,718 | 23,466 | (3.2 | ) | ||||||||
Weighted average participating securities | 897 | 925 | (3.0 | ) | ||||||||
Total weighted average shares outstanding | 23,615 | 24,391 | (3.2 | ) |
Twelve Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 6,001,306 | $ | 5,741,619 | 4.5 | |||||||
Used vehicle retail sales | 2,638,969 | 2,324,868 | 13.5 | |||||||||
Used vehicle wholesale sales | 397,251 | 379,143 | 4.8 | |||||||||
Parts and service | 1,186,193 | 1,125,694 | 5.4 | |||||||||
Finance and insurance | 408,786 | 366,565 | 11.5 | |||||||||
Total revenues | 10,632,505 | 9,937,889 | 7.0 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 5,695,829 | 5,430,402 | 4.9 | |||||||||
Used vehicle retail sales | 2,459,499 | 2,151,346 | 14.3 | |||||||||
Used vehicle wholesale sales | 399,171 | 376,824 | 5.9 | |||||||||
Parts and service | 544,034 | 531,379 | 2.4 | |||||||||
Total cost of sales | 9,098,533 | 8,489,951 | 7.2 | |||||||||
GROSS PROFIT | 1,533,972 | 1,447,938 | 5.9 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,120,833 | 1,061,964 | 5.5 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 47,239 | 42,344 | 11.6 | |||||||||
ASSET IMPAIRMENTS | 87,562 | 41,520 | 110.9 | |||||||||
OPERATING INCOME | 278,338 | 302,110 | (7.9 | ) | ||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (39,264 | ) | (41,614 | ) | (5.6 | ) | ||||||
Other interest expense, net | (56,903 | ) | (49,693 | ) | 14.5 | |||||||
Loss on extinguishment of long-term debt | — | (46,403 | ) | (100.0 | ) | |||||||
INCOME BEFORE INCOME TAXES | 182,171 | 164,400 | 10.8 | |||||||||
PROVISION FOR INCOME TAXES | (88,172 | ) | (71,396 | ) | 23.5 | |||||||
NET INCOME | $ | 93,999 | $ | 93,004 | 1.1 | |||||||
Less: Earnings allocated to participating securities | $ | 3,595 | $ | 3,468 | 3.7 | |||||||
Earnings available to diluted common shares | $ | 90,404 | $ | 89,536 | 1.0 | |||||||
DILUTED EARNINGS PER SHARE | $ | 3.90 | $ | 3.60 | 8.3 | |||||||
Weighted average dilutive common shares outstanding | 23,152 | 24,885 | (7.0 | ) | ||||||||
Weighted average participating securities | 924 | 961 | (3.9 | ) | ||||||||
Total weighted average shares outstanding | 24,076 | 25,846 | (6.8 | ) |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(Dollars in thousands) | ||||||||||||
December 31, 2015 | December 31, 2014 | % Increase/ (Decrease) | ||||||||||
(Unaudited) | ||||||||||||
ASSETS: | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 13,037 | $ | 40,975 | (68.2 | ) | ||||||
Contracts in transit and vehicle receivables, net | 252,438 | 237,448 | 6.3 | |||||||||
Accounts and notes receivable, net | 157,768 | 151,330 | 4.3 | |||||||||
Inventories, net | 1,737,751 | 1,556,705 | 11.6 | |||||||||
Deferred income taxes | 14,109 | 11,062 | 27.5 | |||||||||
Prepaid expenses and other current assets | 27,852 | 37,699 | (26.1 | ) | ||||||||
Total current assets | 2,202,955 | 2,035,219 | 8.2 | |||||||||
PROPERTY AND EQUIPMENT, net | 1,033,981 | 950,388 | 8.8 | |||||||||
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS | 1,162,503 | 1,134,324 | 2.5 | |||||||||
OTHER ASSETS | 15,490 | 21,561 | (28.2 | ) | ||||||||
Total assets | $ | 4,414,929 | $ | 4,141,492 | 6.6 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Floorplan notes payable - credit facility and other | $ | 1,265,719 | $ | 1,143,246 | 10.7 | |||||||
Offset account related to floorplan notes payable - credit facility | (110,759 | ) | (39,616 | ) | 179.6 | |||||||
Floorplan notes payable - manufacturer affiliates | 389,071 | 307,656 | 26.5 | |||||||||
Offset account related to floorplan notes payable - manufacturer affiliates | (25,500 | ) | (22,500 | ) | 13.3 | |||||||
Current maturities of long-term debt and short-term financing | 55,193 | 72,630 | (24.0 | ) | ||||||||
Accounts payable | 280,423 | 288,320 | (2.7 | ) | ||||||||
Accrued expenses | 185,323 | 172,463 | 7.5 | |||||||||
Total current liabilities | 2,039,470 | 1,922,199 | 6.1 | |||||||||
5.00% SENIOR NOTES (principal of $550,000 at December 31, 2015 and 2014, respectively) | 541,252 | 540,100 | 0.2 | |||||||||
5.25% SENIOR NOTES (principal of $300,000 at December 31, 2015) | 296,274 | — | 100.0 | |||||||||
REAL ESTATE CREDIT FACILITY, net of current maturities | 25,567 | 27,099 | (5.7 | ) | ||||||||
ACQUISITION LINE | — | 69,713 | (100.0 | ) | ||||||||
OTHER REAL ESTATE RELATED AND LONG-TERM DEBT, net of current maturities | 292,188 | 319,984 | (8.7 | ) | ||||||||
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities | 48,155 | 51,941 | (7.3 | ) | ||||||||
DEFERRED INCOME TAXES | 150,753 | 141,239 | 6.7 | |||||||||
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | 31,153 | 25,311 | 23.1 | |||||||||
OTHER LIABILITIES | 71,865 | 65,896 | 9.1 | |||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Common stock | 257 | 257 | — | |||||||||
Additional paid-in capital | 291,092 | 286,854 | 1.5 | |||||||||
Retained earnings | 926,169 | 852,057 | 8.7 | |||||||||
Accumulated other comprehensive loss | (137,984 | ) | (81,984 | ) | 68.3 | |||||||
Treasury stock | (161,282 | ) | (79,174 | ) | 103.7 | |||||||
Total stockholders' equity | 918,252 | 978,010 | (6.1 | ) | ||||||||
Total liabilities and stockholders' equity | 4,414,929 | 4,141,492 | 6.6 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Consolidated | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2015 (%) | 2014 (%) | 2015 (%) | 2014 (%) | |||||||||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | ||||||||||||||
Region | Geographic Market | |||||||||||||
East | Massachusetts | 5.7 | 5.6 | 6.0 | 5.8 | |||||||||
Georgia | 4.4 | 4.2 | 4.5 | 4.6 | ||||||||||
Florida | 2.6 | 1.3 | 2.1 | 1.4 | ||||||||||
New Jersey | 2.2 | 2.7 | 2.3 | 3.1 | ||||||||||
New Hampshire | 2.0 | 1.9 | 2.0 | 2.1 | ||||||||||
Louisiana | 1.5 | 1.5 | 1.6 | 1.7 | ||||||||||
South Carolina | 1.5 | 1.7 | 1.4 | 1.5 | ||||||||||
Mississippi | 1.3 | 1.3 | 1.5 | 1.4 | ||||||||||
Alabama | 0.9 | 0.8 | 0.8 | 0.8 | ||||||||||
Maryland | 0.6 | 0.6 | 0.5 | 0.5 | ||||||||||
New York | — | — | — | 1.3 | ||||||||||
22.7 | 21.6 | 22.7 | 24.2 | |||||||||||
West | Texas | 39.0 | 39.2 | 38.7 | 36.2 | |||||||||
California | 10.0 | 9.2 | 9.7 | 9.5 | ||||||||||
Oklahoma | 7.5 | 7.9 | 7.6 | 8.3 | ||||||||||
Kansas | 2.0 | 2.1 | 2.1 | 2.3 | ||||||||||
Louisiana | 0.6 | 0.6 | 0.7 | 0.6 | ||||||||||
59.1 | 59.0 | 58.8 | 56.9 | |||||||||||
International | United Kingdom | 9.9 | 8.4 | 10.7 | 8.8 | |||||||||
Brazil | 8.3 | 11.0 | 7.8 | 10.1 | ||||||||||
100.0 | 100.0 | 100.0 | 100.0 | |||||||||||
NEW VEHICLE UNIT SALES BRAND MIX: | ||||||||||||||
Toyota/Scion/Lexus | 26.2 | 25.4 | 26.5 | 26.7 | ||||||||||
BMW/MINI | 12.3 | 12.2 | 11.6 | 11.5 | ||||||||||
Honda/Acura | 11.0 | 11.5 | 10.9 | 11.3 | ||||||||||
Ford/Lincoln | 10.9 | 10.3 | 11.4 | 10.9 | ||||||||||
Nissan | 8.1 | 9.7 | 8.4 | 9.4 | ||||||||||
Chevrolet/GMC/Buick/Cadillac | 8.0 | 7.6 | 7.6 | 6.4 | ||||||||||
Volkswagen/Audi/Porsche | 6.7 | 5.6 | 6.9 | 6.1 | ||||||||||
Hyundai/Kia | 5.0 | 5.3 | 5.6 | 5.5 | ||||||||||
Mercedes-Benz/smart/Sprinter | 4.9 | 5.2 | 4.3 | 4.5 | ||||||||||
Chrysler/Dodge/Jeep/RAM | 4.4 | 4.1 | 4.6 | 4.4 | ||||||||||
Other | 2.5 | 3.1 | 2.2 | 3.3 | ||||||||||
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 December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,295,513 | $ | 1,220,209 | 6.2 | |||||||
Used vehicle retail sales | 542,796 | 483,267 | 12.3 | |||||||||
Used vehicle wholesale sales | 72,548 | 70,682 | 2.6 | |||||||||
Total used | 615,344 | 553,949 | 11.1 | |||||||||
Parts and service | 260,974 | 242,833 | 7.5 | |||||||||
Finance and insurance | 92,645 | 87,423 | 6.0 | |||||||||
Total | $ | 2,264,476 | $ | 2,104,414 | 7.6 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.0 | 5.4 | ||||||||||
Used vehicle retail sales | 6.6 | 7.3 | ||||||||||
Used vehicle wholesale sales | (1.6 | ) | (0.7 | ) | ||||||||
Total used | 5.6 | 6.3 | ||||||||||
Parts and service | 54.3 | 53.0 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 14.7 | 15.1 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 64,947 | $ | 66,459 | (2.3 | ) | ||||||
Used vehicle retail sales | 35,746 | 35,329 | 1.2 | |||||||||
Used vehicle wholesale sales | (1,167 | ) | (508 | ) | (129.7 | ) | ||||||
Total used | 34,579 | 34,821 | (0.7 | ) | ||||||||
Parts and service | 141,789 | 128,759 | 10.1 | |||||||||
Finance and insurance | 92,645 | 87,423 | 6.0 | |||||||||
Total | $ | 333,960 | $ | 317,462 | 5.2 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 35,605 | 34,020 | 4.7 | |||||||||
Retail used vehicles sold | 25,564 | 23,446 | 9.0 | |||||||||
Wholesale used vehicles sold | 10,768 | 10,956 | (1.7 | ) | ||||||||
Total used | 36,332 | 34,402 | 5.6 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 36,386 | $ | 35,867 | 1.4 | |||||||
Used vehicle retail | $ | 21,233 | $ | 20,612 | 3.0 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,824 | $ | 1,954 | (6.7 | ) | ||||||
Used vehicle retail sales | 1,398 | 1,507 | (7.2 | ) | ||||||||
Used vehicle wholesale sales | (108 | ) | (46 | ) | (134.8 | ) | ||||||
Total used | 952 | 1,012 | (5.9 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,515 | $ | 1,521 | (0.4 | ) | ||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 247,203 | $ | 225,168 | 9.8 | |||||||
SG&A as % revenues | 10.9 | 10.7 | ||||||||||
SG&A as % gross profit | 74.0 | 70.9 | ||||||||||
Operating margin % | 3.4 | 3.9 | ||||||||||
Pretax margin % | 2.3 | 2.9 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest expense | $ | (9,622 | ) | $ | (8,571 | ) | 12.3 | |||||
Floorplan assistance | 13,128 | 11,525 | 13.9 | |||||||||
Net floorplan income | $ | 3,506 | $ | 2,954 | 18.7 | |||||||
Other interest expense, net | $ | (13,744 | ) | $ | (12,189 | ) | 12.8 |
Twelve Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 4,989,290 | $ | 4,669,512 | 6.8 | |||||||
Used vehicle retail sales | 2,204,728 | 1,923,740 | 14.6 | |||||||||
Used vehicle wholesale sales | 289,580 | 279,074 | 3.8 | |||||||||
Total used | 2,494,308 | 2,202,814 | 13.2 | |||||||||
Parts and service | 1,032,960 | 966,672 | 6.9 | |||||||||
Finance and insurance | 377,432 | 336,243 | 12.2 | |||||||||
Total | $ | 8,893,990 | $ | 8,175,241 | 8.8 | |||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 4.8 | 5.2 | ||||||||||
Used vehicle retail sales | 7.2 | 7.8 | ||||||||||
Used vehicle wholesale sales | (0.5 | ) | 0.5 | |||||||||
Total used | 6.3 | 6.9 | ||||||||||
Parts and service | 54.7 | 53.5 | ||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||
Total | 15.1 | 15.2 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 240,496 | $ | 241,465 | (0.4 | ) | ||||||
Used vehicle retail sales | 157,652 | 149,942 | 5.1 | |||||||||
Used vehicle wholesale sales | (1,334 | ) | 1,456 | (191.6 | ) | |||||||
Total used | 156,318 | 151,398 | 3.2 | |||||||||
Parts and service | 564,701 | 516,801 | 9.3 | |||||||||
Finance and insurance | 377,432 | 336,243 | 12.2 | |||||||||
Total | $ | 1,338,947 | $ | 1,245,907 | 7.5 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 142,256 | 135,301 | 5.1 | |||||||||
Retail used vehicles sold | 105,211 | 93,813 | 12.1 | |||||||||
Wholesale used vehicles sold | 44,310 | 43,351 | 2.2 | |||||||||
Total used | 149,521 | 137,164 | 9.0 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 35,073 | $ | 34,512 | 1.6 | |||||||
Used vehicle retail | $ | 20,955 | $ | 20,506 | 2.2 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,691 | $ | 1,785 | (5.3 | ) | ||||||
Used vehicle retail sales | 1,498 | 1,598 | (6.3 | ) | ||||||||
Used vehicle wholesale sales | (30 | ) | 34 | (188.2 | ) | |||||||
Total used | 1,045 | 1,104 | (5.3 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 1,525 | $ | 1,468 | 3.9 | |||||||
OTHER: (1) | ||||||||||||
SG&A expenses | $ | 964,911 | $ | 902,311 | 6.9 | |||||||
SG&A as % revenues | 10.8 | 11.0 | ||||||||||
SG&A as % gross profit | 72.1 | 72.4 | ||||||||||
Operating margin % | 3.7 | 3.8 | ||||||||||
Pretax margin % | 2.7 | 2.8 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest expense | $ | (36,062 | ) | $ | (34,060 | ) | 5.9 | |||||
Floorplan assistance | 49,631 | 44,494 | 11.5 | |||||||||
Net floorplan income | $ | 13,569 | $ | 10,434 | 30.0 | |||||||
Other interest expense, net | $ | (52,277 | ) | $ | (46,516 | ) | 12.4 |
Group 1 Automotive, Inc. | |||||||||||||||
Additional Information - U.K. | |||||||||||||||
(Unaudited) | |||||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 149,465 | $ | 121,874 | 22.6 | 27.9 | |||||||||
Used vehicle retail sales | 81,682 | 68,247 | 19.7 | 24.8 | |||||||||||
Used vehicle wholesale sales | 22,013 | 19,931 | 10.4 | 14.9 | |||||||||||
Total used | 103,695 | 88,178 | 17.6 | 22.6 | |||||||||||
Parts and service | 25,200 | 20,904 | 20.6 | 25.7 | |||||||||||
Finance and insurance | 6,706 | 5,070 | 32.3 | 38.1 | |||||||||||
Total | $ | 285,066 | $ | 236,026 | 20.8 | 25.9 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 6.4 | 6.2 | |||||||||||||
Used vehicle retail sales | 5.1 | 6.0 | |||||||||||||
Used vehicle wholesale sales | (3.2 | ) | (2.6 | ) | |||||||||||
Total used | 3.3 | 4.0 | |||||||||||||
Parts and service | 54.1 | 53.2 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 11.7 | 11.6 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 9,506 | $ | 7,552 | 25.9 | 31.3 | |||||||||
Used vehicle retail sales | 4,172 | 4,088 | 2.1 | 6.2 | |||||||||||
Used vehicle wholesale sales | (699 | ) | (528 | ) | (32.4 | ) | (37.8 | ) | |||||||
Total used | 3,473 | 3,560 | (2.4 | ) | 1.5 | ||||||||||
Parts and service | 13,624 | 11,117 | 22.6 | 27.8 | |||||||||||
Finance and insurance | 6,706 | 5,070 | 32.3 | 38.1 | |||||||||||
Total | $ | 33,309 | $ | 27,299 | 22.0 | 27.3 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 4,293 | 3,545 | 21.1 | ||||||||||||
Retail used vehicles sold | 3,211 | 2,664 | 20.5 | ||||||||||||
Wholesale used vehicles sold | 2,678 | 2,237 | 19.7 | ||||||||||||
Total used | 5,889 | 4,901 | 20.2 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 34,816 | $ | 34,379 | 1.3 | 5.6 | |||||||||
Used vehicle retail | $ | 25,438 | $ | 25,618 | (0.7 | ) | 3.5 | ||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 2,214 | $ | 2,130 | 3.9 | 8.4 | |||||||||
Used vehicle retail sales | 1,299 | 1,535 | (15.4 | ) | (11.9 | ) | |||||||||
Used vehicle wholesale sales | (261 | ) | (236 | ) | (10.6 | ) | (15.1 | ) | |||||||
Total used | 590 | 726 | (18.7 | ) | (15.5 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 894 | $ | 817 | 9.4 | 14.3 | |||||||||
OTHER: (1) | |||||||||||||||
SG&A expenses | $ | 27,191 | $ | 23,176 | 17.3 | 22.3 | |||||||||
SG&A as % revenues | 9.5 | 9.8 | |||||||||||||
SG&A as % gross profit | 81.6 | 84.9 | |||||||||||||
Operating margin % | 1.7 | 1.3 | |||||||||||||
Pretax margin % | 1.3 | 0.9 | |||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Floorplan interest expense | $ | (587 | ) | $ | (474 | ) | 23.8 | 29.0 | |||||||
Floorplan assistance | 259 | 146 | 77.4 | 84.1 | |||||||||||
Net floorplan expense | $ | (328 | ) | $ | (328 | ) | — | 4.3 | |||||||
Other interest expense, net | $ | (796 | ) | $ | (663 | ) | 20.1 | 25.1 |
Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 641,888 | $ | 519,137 | 23.6 | 33.3 | |||||||||
Used vehicle retail sales | 351,311 | 283,147 | 24.1 | 33.7 | |||||||||||
Used vehicle wholesale sales | 100,706 | 82,235 | 22.5 | 32.0 | |||||||||||
Total used | 452,017 | 365,382 | 23.7 | 33.3 | |||||||||||
Parts and service | 102,183 | 83,747 | 22.0 | 31.4 | |||||||||||
Finance and insurance | 24,117 | 18,986 | 27.0 | 36.8 | |||||||||||
Total | $ | 1,220,205 | $ | 987,252 | 23.6 | 33.2 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 6.3 | 6.6 | |||||||||||||
Used vehicle retail sales | 5.2 | 5.9 | |||||||||||||
Used vehicle wholesale sales | (1.1 | ) | (0.6 | ) | |||||||||||
Total used | 3.8 | 4.4 | |||||||||||||
Parts and service | 54.8 | 54.7 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 11.3 | 11.7 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 40,308 | $ | 34,395 | 17.2 | 26.4 | |||||||||
Used vehicle retail sales | 18,335 | 16,772 | 9.3 | 17.8 | |||||||||||
Used vehicle wholesale sales | (1,083 | ) | (532 | ) | (103.6 | ) | (113.8 | ) | |||||||
Total used | 17,252 | 16,240 | 6.2 | 14.6 | |||||||||||
Parts and service | 55,969 | 45,772 | 22.3 | 31.8 | |||||||||||
Finance and insurance | 24,117 | 18,986 | 27.0 | 36.8 | |||||||||||
Total | $ | 137,646 | $ | 115,393 | 19.3 | 28.6 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 18,701 | 14,689 | 27.3 | ||||||||||||
Retail used vehicles sold | 14,074 | 10,772 | 30.7 | ||||||||||||
Wholesale used vehicles sold | 11,360 | 8,776 | 29.4 | ||||||||||||
Total used | 25,434 | 19,548 | 30.1 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 34,324 | $ | 35,342 | (2.9 | ) | 4.7 | ||||||||
Used vehicle retail | $ | 24,962 | $ | 26,285 | (5.0 | ) | 2.3 | ||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 2,155 | $ | 2,342 | (8.0 | ) | (0.7 | ) | |||||||
Used vehicle retail sales | 1,303 | 1,557 | (16.3 | ) | (9.8 | ) | |||||||||
Used vehicle wholesale sales | (95 | ) | (61 | ) | (55.7 | ) | (65.2 | ) | |||||||
Total used | 678 | 831 | (18.4 | ) | (11.9 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 736 | $ | 746 | (1.3 | ) | 6.3 | ||||||||
OTHER: (1) | |||||||||||||||
SG&A expenses | $ | 108,511 | $ | 90,239 | 20.2 | 29.5 | |||||||||
SG&A as % revenues | 8.9 | 9.1 | |||||||||||||
SG&A as % gross profit | 78.8 | 78.2 | |||||||||||||
Operating margin % | 2.0 | 2.2 | |||||||||||||
Pretax margin % | 1.6 | 1.8 | |||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Floorplan interest expense | $ | (2,276 | ) | $ | (1,662 | ) | 36.9 | 47.0 | |||||||
Floorplan assistance | 843 | 651 | 29.5 | 40.0 | |||||||||||
Net floorplan expense | $ | (1,433 | ) | $ | (1,011 | ) | 41.7 | 51.6 | |||||||
Other interest expense, net | $ | (3,135 | ) | $ | (2,065 | ) | 51.8 | 62.9 |
Group 1 Automotive, Inc. | ||||||||||||||||
Additional Information - Brazil | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | |||||||||||||
REVENUES: | ||||||||||||||||
New vehicle retail sales | $ | 88,130 | $ | 143,390 | (38.5 | ) | (7.0 | ) | ||||||||
Used vehicle retail sales | 21,366 | 30,283 | (29.4 | ) | 7.2 | |||||||||||
Used vehicle wholesale sales | 503 | 4,039 | (87.5 | ) | (81.1 | ) | ||||||||||
Total used | 21,869 | 34,322 | (36.3 | ) | (3.2 | ) | ||||||||||
Parts and service | 11,080 | 17,617 | (37.1 | ) | (4.4 | ) | ||||||||||
Finance and insurance | 1,981 | 3,171 | (37.5 | ) | (5.2 | ) | ||||||||||
Total | $ | 123,060 | $ | 198,500 | (38.0 | ) | (6.1 | ) | ||||||||
GROSS MARGIN %: | ||||||||||||||||
New vehicle retail sales | 6.4 | 6.4 | ||||||||||||||
Used vehicle retail sales | 3.7 | 4.4 | ||||||||||||||
Used vehicle wholesale sales | 6.8 | 7.4 | ||||||||||||||
Total used | 3.8 | 4.7 | ||||||||||||||
Parts and service | 39.6 | 40.7 | ||||||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||||||
Total | 10.5 | 10.7 | ||||||||||||||
GROSS PROFIT: | ||||||||||||||||
New vehicle retail sales | $ | 5,673 | $ | 9,224 | (38.5 | ) | (6.9 | ) | ||||||||
Used vehicle retail sales | 789 | 1,327 | (40.5 | ) | (8.8 | ) | ||||||||||
Used vehicle wholesale sales | 34 | 298 | (88.6 | ) | (82.5 | ) | ||||||||||
Total used | 823 | 1,625 | (49.4 | ) | (22.3 | ) | ||||||||||
Parts and service | 4,387 | 7,178 | (38.9 | ) | (7.1 | ) | ||||||||||
Finance and insurance | 1,981 | 3,171 | (37.5 | ) | (5.2 | ) | ||||||||||
Total | $ | 12,864 | $ | 21,198 | (39.3 | ) | (7.9 | ) | ||||||||
UNITS SOLD: | ||||||||||||||||
Retail new vehicles sold | 3,586 | 4,632 | (22.6 | ) | ||||||||||||
Retail used vehicles sold | 1,465 | 1,389 | 5.5 | |||||||||||||
Wholesale used vehicles sold | 287 | 645 | (55.5 | ) | ||||||||||||
Total used | 1,752 | 2,034 | (13.9 | ) | ||||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||||
New vehicle retail | $ | 24,576 | $ | 30,956 | (20.6 | ) | 20.2 | |||||||||
Used vehicle retail | $ | 14,584 | $ | 21,802 | (33.1 | ) | 1.7 | |||||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||||
New vehicle retail sales | $ | 1,582 | $ | 1,991 | (20.5 | ) | 20.3 | |||||||||
Used vehicle retail sales | 539 | 955 | (43.6 | ) | (13.5 | ) | ||||||||||
Used vehicle wholesale sales | 118 | 462 | (74.5 | ) | (60.7 | ) | ||||||||||
Total used | 470 | 799 | (41.2 | ) | (9.8 | ) | ||||||||||
Finance and insurance (per retail unit) | $ | 392 | $ | 527 | (25.6 | ) | 13.0 | |||||||||
OTHER: (1) | ||||||||||||||||
SG&A expenses | $ | 11,847 | $ | 17,810 | (33.5 | ) | 1.0 | |||||||||
SG&A as % revenues | 9.6 | 9.0 | ||||||||||||||
SG&A as % gross profit | 92.1 | 84.0 | ||||||||||||||
Operating margin % | 0.6 | 1.4 | ||||||||||||||
Pretax margin % | 0.3 | 0.7 | ||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Floorplan interest expense | $ | (7 | ) | $ | (874 | ) | (99.2 | ) | (98.6 | ) | ||||||
Floorplan assistance | — | — | — | — | ||||||||||||
Net floorplan expense | $ | (7 | ) | $ | (874 | ) | (99.2 | ) | (98.6 | ) | ||||||
Other interest expense, net | $ | (303 | ) | $ | (515 | ) | (41.2 | ) | (10.2 | ) |
Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 370,128 | $ | 552,970 | (33.1 | ) | (5.8 | ) | |||||||
Used vehicle retail sales | 82,930 | 117,981 | (29.7 | ) | (0.7 | ) | |||||||||
Used vehicle wholesale sales | 6,965 | 17,834 | (60.9 | ) | (48.4 | ) | |||||||||
Total used | 89,895 | 135,815 | (33.8 | ) | (7.0 | ) | |||||||||
Parts and service | 51,050 | 75,275 | (32.2 | ) | (4.7 | ) | |||||||||
Finance and insurance | 7,237 | 11,336 | (36.2 | ) | (9.5 | ) | |||||||||
Total | $ | 518,310 | $ | 775,396 | (33.2 | ) | (6.0 | ) | |||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 6.7 | 6.4 | |||||||||||||
Used vehicle retail sales | 4.2 | 5.8 | |||||||||||||
Used vehicle wholesale sales | 7.1 | 7.8 | |||||||||||||
Total used | 4.4 | 6.0 | |||||||||||||
Parts and service | 42.1 | 42.2 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 11.1 | 11.2 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 24,673 | $ | 35,357 | (30.2 | ) | (2.1 | ) | |||||||
Used vehicle retail sales | 3,483 | 6,808 | (48.8 | ) | (27.6 | ) | |||||||||
Used vehicle wholesale sales | 497 | 1,395 | (64.4 | ) | (53.3 | ) | |||||||||
Total used | 3,980 | 8,203 | (51.5 | ) | (32.0 | ) | |||||||||
Parts and service | 21,489 | 31,742 | (32.3 | ) | (5.3 | ) | |||||||||
Finance and insurance | 7,237 | 11,336 | (36.2 | ) | (9.5 | ) | |||||||||
Total | $ | 57,379 | $ | 86,638 | (33.8 | ) | (7.1 | ) | |||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 13,657 | 16,906 | (19.2 | ) | |||||||||||
Retail used vehicles sold | 4,868 | 5,288 | (7.9 | ) | |||||||||||
Wholesale used vehicles sold | 1,556 | 2,475 | (37.1 | ) | |||||||||||
Total used | 6,424 | 7,763 | (17.2 | ) | |||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 27,102 | $ | 32,709 | (17.1 | ) | 16.6 | ||||||||
Used vehicle retail | $ | 17,036 | $ | 22,311 | (23.6 | ) | 7.8 | ||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 1,807 | $ | 2,091 | (13.6 | ) | 21.1 | ||||||||
Used vehicle retail sales | 715 | 1,287 | (44.4 | ) | (21.4 | ) | |||||||||
Used vehicle wholesale sales | 319 | 564 | (43.4 | ) | (25.8 | ) | |||||||||
Total used | 620 | 1,057 | (41.3 | ) | (17.8 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 391 | $ | 511 | (23.5 | ) | 8.5 | ||||||||
OTHER: (1) | |||||||||||||||
SG&A expenses | $ | 52,760 | $ | 78,152 | (32.5 | ) | (5.3 | ) | |||||||
SG&A as % revenues | 10.2 | 10.1 | |||||||||||||
SG&A as % gross profit | 92.0 | 90.2 | |||||||||||||
Operating margin % | 0.6 | 0.8 | |||||||||||||
Pretax margin % | 0.1 | (0.1 | ) | ||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Floorplan interest expense | $ | (926 | ) | $ | (5,892 | ) | (84.3 | ) | (79.8 | ) | |||||
Floorplan assistance | — | — | — | — | |||||||||||
Net floorplan expense | $ | (926 | ) | $ | (5,892 | ) | (84.3 | ) | (79.8 | ) | |||||
Other interest expense, net | $ | (1,491 | ) | $ | (1,112 | ) | 34.1 | 85.6 | |||||||
(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. |
Group 1 Automotive, Inc. | |||||||||||||||
Additional Information - Consolidated | |||||||||||||||
(Unaudited) | |||||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 1,533,108 | $ | 1,485,473 | 3.2 | 6.7 | |||||||||
Used vehicle retail sales | 645,844 | 581,797 | 11.0 | 13.5 | |||||||||||
Used vehicle wholesale sales | 95,064 | 94,652 | 0.4 | 1.7 | |||||||||||
Total used | 740,908 | 676,449 | 9.5 | 11.9 | |||||||||||
Parts and service | 297,254 | 281,354 | 5.7 | 8.1 | |||||||||||
Finance and insurance | 101,332 | 95,664 | 5.9 | 7.3 | |||||||||||
Total | $ | 2,672,602 | $ | 2,538,940 | 5.3 | 8.2 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 5.2 | 5.6 | |||||||||||||
Used vehicle retail sales | 6.3 | 7.0 | |||||||||||||
Used vehicle wholesale sales | (1.9 | ) | (0.8 | ) | |||||||||||
Total used | 5.2 | 5.9 | |||||||||||||
Parts and service | 53.8 | 52.3 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 14.2 | 14.4 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 80,126 | $ | 83,235 | (3.7 | ) | 0.3 | ||||||||
Used vehicle retail sales | 40,707 | 40,744 | (0.1 | ) | 1.4 | ||||||||||
Used vehicle wholesale sales | (1,832 | ) | (738 | ) | (148.2 | ) | (149.7 | ) | |||||||
Total used | 38,875 | 40,006 | (2.8 | ) | (1.4 | ) | |||||||||
Parts and service | 159,800 | 147,054 | 8.7 | 10.6 | |||||||||||
Finance and insurance | 101,332 | 95,664 | 5.9 | 7.3 | |||||||||||
Total | $ | 380,133 | $ | 365,959 | 3.9 | 6.1 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 43,484 | 42,197 | 3.0 | ||||||||||||
Retail used vehicles sold | 30,240 | 27,499 | 10.0 | ||||||||||||
Wholesale used vehicles sold | 13,733 | 13,838 | (0.8 | ) | |||||||||||
Total used | 43,973 | 41,337 | 6.4 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 35,257 | $ | 35,203 | 0.2 | 3.5 | |||||||||
Used vehicle retail | $ | 21,357 | $ | 21,157 | 0.9 | 3.2 | |||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 1,843 | $ | 1,973 | (6.6 | ) | (2.7 | ) | |||||||
Used vehicle retail sales | 1,346 | 1,482 | (9.2 | ) | (7.8 | ) | |||||||||
Used vehicle wholesale sales | (133 | ) | (53 | ) | (150.9 | ) | (151.6 | ) | |||||||
Total used | 884 | 968 | (8.7 | ) | (7.3 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 1,374 | $ | 1,373 | 0.1 | 1.4 | |||||||||
OTHER: (1) | |||||||||||||||
SG&A expenses | $ | 286,240 | $ | 266,154 | 7.5 | 10.3 | |||||||||
SG&A as % revenues | 10.7 | 10.5 | |||||||||||||
SG&A as % gross profit | 75.3 | 72.7 | |||||||||||||
Operating margin % | 3.1 | 3.5 | |||||||||||||
Pretax margin % | 2.1 | 2.6 | |||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Floorplan interest expense | $ | (10,216 | ) | $ | (9,919 | ) | 3.0 | 3.3 | |||||||
Floorplan assistance | 13,387 | 11,672 | 14.7 | 14.7 | |||||||||||
Net floorplan expense | $ | 3,171 | $ | 1,753 | 80.9 | 79.3 | |||||||||
Other interest expense, net | $ | (14,843 | ) | $ | (13,367 | ) | 11.0 | 12.5 |
Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 6,001,306 | $ | 5,741,619 | 4.5 | 8.0 | |||||||||
Used vehicle retail sales | 2,638,969 | 2,324,868 | 13.5 | 16.2 | |||||||||||
Used vehicle wholesale sales | 397,251 | 379,143 | 4.8 | 7.4 | |||||||||||
Total used | 3,036,220 | 2,704,011 | 12.3 | 14.9 | |||||||||||
Parts and service | 1,186,193 | 1,125,694 | 5.4 | 7.9 | |||||||||||
Finance and insurance | 408,786 | 366,565 | 11.5 | 12.8 | |||||||||||
Total | $ | 10,632,505 | $ | 9,937,889 | 7.0 | 10.1 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 5.1 | 5.4 | |||||||||||||
Used vehicle retail sales | 6.8 | 7.5 | |||||||||||||
Used vehicle wholesale sales | (0.5 | ) | 0.6 | ||||||||||||
Total used | 5.8 | 6.5 | |||||||||||||
Parts and service | 54.1 | 52.8 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 14.4 | 14.6 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 305,477 | $ | 311,217 | (1.8 | ) | 2.4 | ||||||||
Used vehicle retail sales | 179,470 | 173,522 | 3.4 | 5.1 | |||||||||||
Used vehicle wholesale sales | (1,920 | ) | 2,319 | (182.8 | ) | (178.5 | ) | ||||||||
Total used | 177,550 | 175,841 | 1.0 | 2.7 | |||||||||||
Parts and service | 642,159 | 594,315 | 8.1 | 10.2 | |||||||||||
Finance and insurance | 408,786 | 366,565 | 11.5 | 12.8 | |||||||||||
Total | $ | 1,533,972 | $ | 1,447,938 | 5.9 | 8.3 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 174,614 | 166,896 | 4.6 | ||||||||||||
Retail used vehicles sold | 124,153 | 109,873 | 13.0 | ||||||||||||
Wholesale used vehicles sold | 57,226 | 54,602 | 4.8 | ||||||||||||
Total used | 181,379 | 164,475 | 10.3 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 34,369 | $ | 34,402 | (0.1 | ) | 3.2 | ||||||||
Used vehicle retail | $ | 21,256 | $ | 21,160 | 0.5 | 2.8 | |||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 1,749 | $ | 1,865 | (6.2 | ) | (2.2 | ) | |||||||
Used vehicle retail sales | 1,446 | 1,579 | (8.4 | ) | (7.0 | ) | |||||||||
Used vehicle wholesale sales | (34 | ) | 42 | (181.0 | ) | (174.9 | ) | ||||||||
Total used | 979 | 1,069 | (8.4 | ) | (6.9 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 1,368 | $ | 1,324 | 3.3 | 4.5 | |||||||||
OTHER: (1) | |||||||||||||||
SG&A expenses | $ | 1,126,182 | $ | 1,070,701 | 5.2 | 7.9 | |||||||||
SG&A as % revenues | 10.6 | 10.8 | |||||||||||||
SG&A as % gross profit | 73.4 | 73.9 | |||||||||||||
Operating margin % | 3.4 | 3.4 | |||||||||||||
Pretax margin % | 2.5 | 2.5 | |||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Floorplan interest expense | $ | (39,264 | ) | $ | (41,614 | ) | (5.6 | ) | (4.6 | ) | |||||
Floorplan assistance | 50,474 | 45,145 | 11.8 | 11.8 | |||||||||||
Net floorplan expense | $ | 11,210 | $ | 3,531 | 217.5 | 205.3 | |||||||||
Other interest expense, net | $ | (56,903 | ) | $ | (49,693 | ) | 14.5 | 16.1 | |||||||
(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 December 31, | |||||||||||
2015 | 2014 | % Increase/ (Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,244,957 | $ | 1,209,869 | 2.9 | ||||||
Used vehicle retail sales | 525,560 | 479,760 | 9.5 | ||||||||
Used vehicle wholesale sales | 69,780 | 69,946 | (0.2 | ) | |||||||
Total used | 595,340 | 549,706 | 8.3 | ||||||||
Parts and service | 252,253 | 241,313 | 4.5 | ||||||||
Finance and insurance | 90,306 | 87,131 | 3.6 | ||||||||
Total | $ | 2,182,856 | $ | 2,088,019 | 4.5 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 5.0 | 5.4 | |||||||||
Used vehicle retail sales | 6.6 | 7.3 | |||||||||
Used vehicle wholesale sales | (1.7 | ) | (0.5 | ) | |||||||
Total used | 5.6 | 6.3 | |||||||||
Parts and service | 54.4 | 53.0 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 14.8 | 15.1 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 62,570 | $ | 65,838 | (5.0 | ) | |||||
Used vehicle retail sales | 34,738 | 35,158 | (1.2 | ) | |||||||
Used vehicle wholesale sales | (1,158 | ) | (323 | ) | (258.5 | ) | |||||
Total used | 33,580 | 34,835 | (3.6 | ) | |||||||
Parts and service | 137,198 | 127,921 | 7.3 | ||||||||
Finance and insurance | 90,306 | 87,131 | 3.6 | ||||||||
Total | $ | 323,654 | $ | 315,725 | 2.5 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 34,526 | 33,813 | 2.1 | ||||||||
Retail used vehicles sold | 24,977 | 23,311 | 7.1 | ||||||||
Wholesale used vehicles sold | 10,533 | 10,891 | (3.3 | ) | |||||||
Total used | 35,510 | 34,202 | 3.8 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 36,059 | $ | 35,781 | 0.8 | ||||||
Used vehicle retail | $ | 21,042 | $ | 20,581 | 2.2 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,812 | $ | 1,947 | (6.9 | ) | |||||
Used vehicle retail sales | 1,391 | 1,508 | (7.8 | ) | |||||||
Used vehicle wholesale sales | (110 | ) | (30 | ) | (266.7 | ) | |||||
Total used | 946 | 1,019 | (7.2 | ) | |||||||
Finance and insurance (per retail unit) | $ | 1,518 | $ | 1,525 | (0.5 | ) | |||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 238,646 | $ | 222,730 | 7.1 | ||||||
SG&A as % revenues | 10.9 | 10.7 | |||||||||
SG&A as % gross profit | 73.7 | 70.5 | |||||||||
Operating margin % | 3.4 | 4.0 |
Twelve Months Ended December 31, | |||||||||||
2015 | 2014 | % Increase/ (Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 4,722,491 | $ | 4,501,913 | 4.9 | ||||||
Used vehicle retail sales | 2,075,497 | 1,864,698 | 11.3 | ||||||||
Used vehicle wholesale sales | 266,864 | 267,799 | (0.3 | ) | |||||||
Total used | 2,342,361 | 2,132,497 | 9.8 | ||||||||
Parts and service | 987,762 | 930,597 | 6.1 | ||||||||
Finance and insurance | 359,439 | 330,132 | 8.9 | ||||||||
Total | $ | 8,412,053 | $ | 7,895,139 | 6.5 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.8 | 5.2 | |||||||||
Used vehicle retail sales | 7.2 | 7.9 | |||||||||
Used vehicle wholesale sales | (0.4 | ) | 0.7 | ||||||||
Total used | 6.3 | 7.0 | |||||||||
Parts and service | 54.4 | 53.4 | |||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||
Total | 15.1 | 15.3 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 224,561 | $ | 232,997 | (3.6 | ) | |||||
Used vehicle retail sales | 149,006 | 147,001 | 1.4 | ||||||||
Used vehicle wholesale sales | (1,016 | ) | 1,777 | (157.2 | ) | ||||||
Total used | 147,990 | 148,778 | (0.5 | ) | |||||||
Parts and service | 537,701 | 497,265 | 8.1 | ||||||||
Finance and insurance | 359,439 | 330,132 | 8.9 | ||||||||
Total | $ | 1,269,691 | $ | 1,209,172 | 5.0 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 135,994 | 131,249 | 3.6 | ||||||||
Retail used vehicles sold | 100,176 | 91,606 | 9.4 | ||||||||
Wholesale used vehicles sold | 42,065 | 42,120 | (0.1 | ) | |||||||
Total used | 142,241 | 133,726 | 6.4 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 34,726 | $ | 34,301 | 1.2 | ||||||
Used vehicle retail | $ | 20,719 | $ | 20,356 | 1.8 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,651 | $ | 1,775 | (7.0 | ) | |||||
Used vehicle retail sales | 1,487 | 1,605 | (7.4 | ) | |||||||
Used vehicle wholesale sales | (24 | ) | 42 | (157.1 | ) | ||||||
Total used | 1,040 | 1,113 | (6.6 | ) | |||||||
Finance and insurance (per retail unit) | $ | 1,522 | $ | 1,481 | 2.8 | ||||||
OTHER: (2) | |||||||||||
SG&A expenses | $ | 914,520 | $ | 863,534 | 5.9 | ||||||
SG&A as % revenues | 10.9 | 10.9 | |||||||||
SG&A as % gross profit | 72.0 | 71.4 | |||||||||
Operating margin % | 3.7 | 3.9 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store U.K. (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 123,981 | $ | 111,083 | 11.6 | 16.5 | ||||||||
Used vehicle retail sales | 69,759 | 63,215 | 10.4 | 15.2 | ||||||||||
Used vehicle wholesale sales | 17,680 | 17,586 | 0.5 | 4.8 | ||||||||||
Total used | 87,439 | 80,801 | 8.2 | 12.9 | ||||||||||
Parts and service | 19,993 | 19,288 | 3.7 | 8.2 | ||||||||||
Finance and insurance | 5,610 | 4,798 | 16.9 | 22.1 | ||||||||||
Total | $ | 237,023 | $ | 215,970 | 9.7 | 14.6 | ||||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 6.7 | 6.3 | ||||||||||||
Used vehicle retail sales | 5.3 | 6.3 | ||||||||||||
Used vehicle wholesale sales | (2.6 | ) | (2.3 | ) | ||||||||||
Total used | 3.7 | 4.4 | ||||||||||||
Parts and service | 55.9 | 53.6 | ||||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||||
Total | 11.9 | 11.9 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 8,257 | $ | 6,977 | 18.3 | 23.5 | ||||||||
Used vehicle retail sales | 3,679 | 3,964 | (7.2 | ) | (3.4 | ) | ||||||||
Used vehicle wholesale sales | (462 | ) | (402 | ) | (14.9 | ) | (20.0 | ) | ||||||
Total used | 3,217 | 3,562 | (9.7 | ) | (6.0 | ) | ||||||||
Parts and service | 11,173 | 10,339 | 8.1 | 12.8 | ||||||||||
Finance and insurance | 5,610 | 4,798 | 16.9 | 22.1 | ||||||||||
Total | $ | 28,257 | $ | 25,676 | 10.1 | 14.9 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 3,636 | 3,268 | 11.3 | |||||||||||
Retail used vehicles sold | 2,781 | 2,480 | 12.1 | |||||||||||
Wholesale used vehicles sold | 2,233 | 2,079 | 7.4 | |||||||||||
Total used | 5,014 | 4,559 | 10.0 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 34,098 | $ | 33,991 | 0.3 | 4.7 | ||||||||
Used vehicle retail | $ | 25,084 | $ | 25,490 | (1.6 | ) | 2.7 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 2,271 | $ | 2,135 | 6.4 | 11.0 | ||||||||
Used vehicle retail sales | 1,323 | 1,598 | (17.2 | ) | (13.8 | ) | ||||||||
Used vehicle wholesale sales | (207 | ) | (193 | ) | (7.3 | ) | (11.8 | ) | ||||||
Total used | 642 | 781 | (17.8 | ) | (14.5 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 874 | $ | 835 | 4.7 | 9.4 | ||||||||
OTHER: (2) | ||||||||||||||
SG&A expenses | $ | 22,353 | $ | 21,418 | 4.4 | 8.9 | ||||||||
SG&A as % revenues | 9.4 | 9.9 | ||||||||||||
SG&A as % gross profit | 79.1 | 83.4 | ||||||||||||
Operating margin % | 2.1 | 1.6 |
Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 534,117 | $ | 508,345 | 5.1 | 13.4 | ||||||||
Used vehicle retail sales | 295,667 | 278,116 | 6.3 | 14.7 | ||||||||||
Used vehicle wholesale sales | 77,846 | 79,891 | (2.6 | ) | 5.2 | |||||||||
Total used | 373,513 | 358,007 | 4.3 | 12.6 | ||||||||||
Parts and service | 80,625 | 82,126 | (1.8 | ) | 5.8 | |||||||||
Finance and insurance | 20,653 | 18,713 | 10.4 | 18.9 | ||||||||||
Total | $ | 1,008,908 | $ | 967,191 | 4.3 | 12.6 | ||||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 6.4 | 6.7 | ||||||||||||
Used vehicle retail sales | 5.3 | 6.0 | ||||||||||||
Used vehicle wholesale sales | (0.8 | ) | (0.5 | ) | ||||||||||
Total used | 4.0 | 4.5 | ||||||||||||
Parts and service | 56.6 | 54.8 | ||||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||||
Total | 11.4 | 11.8 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 33,967 | $ | 33,820 | 0.4 | 8.4 | ||||||||
Used vehicle retail sales | 15,546 | 16,648 | (6.6 | ) | 0.7 | |||||||||
Used vehicle wholesale sales | (632 | ) | (406 | ) | (55.7 | ) | (63.3 | ) | ||||||
Total used | 14,914 | 16,242 | (8.2 | ) | (0.9 | ) | ||||||||
Parts and service | 45,652 | 44,990 | 1.5 | 9.4 | ||||||||||
Finance and insurance | 20,653 | 18,713 | 10.4 | 18.9 | ||||||||||
Total | $ | 115,186 | $ | 113,765 | 1.2 | 9.2 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 15,974 | 14,412 | 10.8 | |||||||||||
Retail used vehicles sold | 12,083 | 10,588 | 14.1 | |||||||||||
Wholesale used vehicles sold | 9,379 | 8,618 | 8.8 | |||||||||||
Total used | 21,462 | 19,206 | 11.7 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 33,437 | $ | 35,272 | (5.2 | ) | 2.3 | |||||||
Used vehicle retail | $ | 24,470 | $ | 26,267 | (6.8 | ) | 0.5 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 2,126 | $ | 2,347 | (9.4 | ) | (2.2 | ) | ||||||
Used vehicle retail sales | 1,287 | 1,572 | (18.1 | ) | (11.8 | ) | ||||||||
Used vehicle wholesale sales | (67 | ) | (47 | ) | (42.6 | ) | (50.1 | ) | ||||||
Total used | 695 | 846 | (17.8 | ) | (11.3 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 736 | $ | 749 | (1.7 | ) | 6.0 | |||||||
OTHER: (2) | ||||||||||||||
SG&A expenses | $ | 88,767 | $ | 88,482 | 0.3 | 8.1 | ||||||||
SG&A as % revenues | 8.8 | 9.1 | ||||||||||||
SG&A as % gross profit | 77.1 | 77.8 | ||||||||||||
Operating margin % | 2.3 | 2.3 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store Brazil (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 88,131 | $ | 139,763 | (36.9 | ) | (4.6 | ) | ||||||
Used vehicle retail sales | 21,366 | 28,620 | (25.3 | ) | 13.4 | |||||||||
Used vehicle wholesale sales | 502 | 3,666 | (86.3 | ) | (79.2 | ) | ||||||||
Total used | 21,868 | 32,286 | (32.3 | ) | 2.9 | |||||||||
Parts and service | 11,080 | 15,387 | (28.0 | ) | 9.3 | |||||||||
Finance and insurance | 1,967 | 3,086 | (36.3 | ) | (3.3 | ) | ||||||||
Total | $ | 123,046 | $ | 190,522 | (35.4 | ) | (2.2 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 6.4 | 6.6 | ||||||||||||
Used vehicle retail sales | 3.7 | 4.5 | ||||||||||||
Used vehicle wholesale sales | 6.8 | 7.6 | ||||||||||||
Total used | 3.8 | 4.8 | ||||||||||||
Parts and service | 39.6 | 43.5 | ||||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||||
Total | 10.4 | 10.8 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 5,672 | $ | 9,232 | (38.6 | ) | (7.0 | ) | ||||||
Used vehicle retail sales | 791 | 1,284 | (38.4 | ) | (5.9 | ) | ||||||||
Used vehicle wholesale sales | 34 | 279 | (87.8 | ) | (81.3 | ) | ||||||||
Total used | 825 | 1,563 | (47.2 | ) | (19.3 | ) | ||||||||
Parts and service | 4,387 | 6,700 | (34.5 | ) | (0.6 | ) | ||||||||
Finance and insurance | 1,967 | 3,086 | (36.3 | ) | (3.3 | ) | ||||||||
Total | $ | 12,851 | $ | 20,581 | (37.6 | ) | (5.3 | ) | ||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 3,586 | 4,434 | (19.1 | ) | ||||||||||
Retail used vehicles sold | 1,465 | 1,275 | 14.9 | |||||||||||
Wholesale used vehicles sold | 287 | 559 | (48.7 | ) | ||||||||||
Total used | 1,752 | 1,834 | (4.5 | ) | ||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 24,576 | $ | 31,521 | (22.0 | ) | 18.0 | |||||||
Used vehicle retail | $ | 14,584 | $ | 22,447 | (35.0 | ) | (1.3 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,582 | $ | 2,082 | (24.0 | ) | 15.0 | |||||||
Used vehicle retail sales | 540 | 1,007 | (46.4 | ) | (18.1 | ) | ||||||||
Used vehicle wholesale sales | 118 | 499 | (76.4 | ) | (63.6 | ) | ||||||||
Total used | 471 | 852 | (44.7 | ) | (15.5 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 389 | $ | 541 | (28.1 | ) | 9.3 | |||||||
OTHER: (2) | ||||||||||||||
SG&A expenses | $ | 11,809 | $ | 16,024 | (26.3 | ) | 11.7 | |||||||
SG&A as % revenues | 9.6 | 8.4 | ||||||||||||
SG&A as % gross profit | 91.9 | 77.9 | ||||||||||||
Operating margin % | 0.6 | 2.2 |
Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 360,092 | $ | 519,809 | (30.7 | ) | (2.6 | ) | ||||||
Used vehicle retail sales | 82,242 | 110,867 | (25.8 | ) | 4.7 | |||||||||
Used vehicle wholesale sales | 6,939 | 14,808 | (53.1 | ) | (38.3 | ) | ||||||||
Total used | 89,181 | 125,675 | (29.0 | ) | (0.4 | ) | ||||||||
Parts and service | 50,607 | 66,213 | (23.6 | ) | 7.3 | |||||||||
Finance and insurance | 7,138 | 10,511 | (32.1 | ) | (3.8 | ) | ||||||||
Total | $ | 507,018 | $ | 722,208 | (29.8 | ) | (1.3 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 6.6 | 6.3 | ||||||||||||
Used vehicle retail sales | 4.2 | 5.7 | ||||||||||||
Used vehicle wholesale sales | 7.2 | 7.6 | ||||||||||||
Total used | 4.5 | 6.0 | ||||||||||||
Parts and service | 42.1 | 43.8 | ||||||||||||
Finance and insurance | 100.0 | 100.0 | ||||||||||||
Total | 11.1 | 11.1 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 23,915 | $ | 32,879 | (27.3 | ) | 1.9 | |||||||
Used vehicle retail sales | 3,482 | 6,372 | (45.4 | ) | (22.8 | ) | ||||||||
Used vehicle wholesale sales | 497 | 1,122 | (55.7 | ) | (42.1 | ) | ||||||||
Total used | 3,979 | 7,494 | (46.9 | ) | (25.7 | ) | ||||||||
Parts and service | 21,295 | 28,992 | (26.5 | ) | 2.7 | |||||||||
Finance and insurance | 7,138 | 10,511 | (32.1 | ) | (3.8 | ) | ||||||||
Total | $ | 56,327 | $ | 79,876 | (29.5 | ) | (1.2 | ) | ||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 13,460 | 15,180 | (11.3 | ) | ||||||||||
Retail used vehicles sold | 4,844 | 4,798 | 1.0 | |||||||||||
Wholesale used vehicles sold | 1,552 | 2,002 | (22.5 | ) | ||||||||||
Total used | 6,396 | 6,800 | (5.9 | ) | ||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 26,753 | $ | 34,243 | (21.9 | ) | 9.9 | |||||||
Used vehicle retail | $ | 16,978 | $ | 23,107 | (26.5 | ) | 3.7 | |||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,777 | $ | 2,166 | (18.0 | ) | 14.9 | |||||||
Used vehicle retail sales | 719 | 1,328 | (45.9 | ) | (23.5 | ) | ||||||||
Used vehicle wholesale sales | 320 | 560 | (42.9 | ) | (25.4 | ) | ||||||||
Total used | 622 | 1,102 | (43.6 | ) | (21.0 | ) | ||||||||
Finance and insurance (per retail unit) | $ | 390 | $ | 526 | (25.9 | ) | 4.9 | |||||||
OTHER: (2) | ||||||||||||||
SG&A expenses | $ | 51,237 | $ | 68,759 | (25.5 | ) | 4.7 | |||||||
SG&A as % revenues | 10.1 | 9.5 | ||||||||||||
SG&A as % gross profit | 91.0 | 86.1 | ||||||||||||
Operating margin % | 0.7 | 1.3 |
Group 1 Automotive, Inc. | |||||||||||||||
Additional Information - Same Store Consolidated (1) | |||||||||||||||
(Unaudited) | |||||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||||
Three Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 1,457,069 | $ | 1,460,715 | (0.2 | ) | 3.2 | ||||||||
Used vehicle retail sales | 616,685 | 571,595 | 7.9 | 10.4 | |||||||||||
Used vehicle wholesale sales | 87,962 | 91,198 | (3.5 | ) | (2.4 | ) | |||||||||
Total used | 704,647 | 662,793 | 6.3 | 8.6 | |||||||||||
Parts and service | 283,326 | 275,988 | 2.7 | 5.1 | |||||||||||
Finance and insurance | 97,883 | 95,015 | 3.0 | 4.4 | |||||||||||
Total | $ | 2,542,925 | $ | 2,494,511 | 1.9 | 4.9 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 5.3 | 5.6 | |||||||||||||
Used vehicle retail sales | 6.4 | 7.1 | |||||||||||||
Used vehicle wholesale sales | (1.8 | ) | (0.5 | ) | |||||||||||
Total used | 5.3 | 6.0 | |||||||||||||
Parts and service | 53.9 | 52.5 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 14.3 | 14.5 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 76,499 | $ | 82,047 | (6.8 | ) | (2.8 | ) | |||||||
Used vehicle retail sales | 39,208 | 40,406 | (3.0 | ) | (1.6 | ) | |||||||||
Used vehicle wholesale sales | (1,586 | ) | (446 | ) | (255.6 | ) | (255.7 | ) | |||||||
Total used | 37,622 | 39,960 | (5.9 | ) | (4.4 | ) | |||||||||
Parts and service | 152,758 | 144,960 | 5.4 | 7.3 | |||||||||||
Finance and insurance | 97,883 | 95,015 | 3.0 | 4.4 | |||||||||||
Total | $ | 364,762 | $ | 361,982 | 0.8 | 2.9 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 41,748 | 41,515 | 0.6 | ||||||||||||
Retail used vehicles sold | 29,223 | 27,066 | 8.0 | ||||||||||||
Wholesale used vehicles sold | 13,053 | 13,529 | (3.5 | ) | |||||||||||
Total used | 42,276 | 40,595 | 4.1 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 34,902 | $ | 35,185 | (0.8 | ) | 2.6 | ||||||||
Used vehicle retail | $ | 21,103 | $ | 21,119 | (0.1 | ) | 2.2 | ||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 1,832 | $ | 1,976 | (7.3 | ) | (3.3 | ) | |||||||
Used vehicle retail sales | 1,342 | 1,493 | (10.1 | ) | (8.8 | ) | |||||||||
Used vehicle wholesale sales | (122 | ) | (33 | ) | (269.7 | ) | (268.7 | ) | |||||||
Total used | 890 | 984 | (9.6 | ) | (8.2 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 1,379 | $ | 1,385 | (0.4 | ) | 0.8 | ||||||||
OTHER: (2) | |||||||||||||||
SG&A expenses | $ | 272,808 | $ | 260,172 | 4.9 | 7.6 | |||||||||
SG&A as % revenues | 10.7 | 10.4 | |||||||||||||
SG&A as % gross profit | 74.8 | 71.9 | |||||||||||||
Operating margin % | 3.2 | 3.7 |
Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | % Increase/ (Decrease) | Local Currency % Increase/ (Decrease) | ||||||||||||
REVENUES: | |||||||||||||||
New vehicle retail sales | $ | 5,616,700 | $ | 5,530,067 | 1.6 | 5.0 | |||||||||
Used vehicle retail sales | 2,453,406 | 2,253,681 | 8.9 | 11.4 | |||||||||||
Used vehicle wholesale sales | 351,649 | 362,498 | (3.0 | ) | (0.7 | ) | |||||||||
Total used | 2,805,055 | 2,616,179 | 7.2 | 9.7 | |||||||||||
Parts and service | 1,118,994 | 1,078,936 | 3.7 | 6.2 | |||||||||||
Finance and insurance | 387,230 | 359,356 | 7.8 | 9.0 | |||||||||||
Total | $ | 9,927,979 | $ | 9,584,538 | 3.6 | 6.6 | |||||||||
GROSS MARGIN %: | |||||||||||||||
New vehicle retail sales | 5.0 | 5.4 | |||||||||||||
Used vehicle retail sales | 6.8 | 7.5 | |||||||||||||
Used vehicle wholesale sales | (0.3 | ) | 0.7 | ||||||||||||
Total used | 5.9 | 6.6 | |||||||||||||
Parts and service | 54.0 | 52.9 | |||||||||||||
Finance and insurance | 100.0 | 100.0 | |||||||||||||
Total | 14.5 | 14.6 | |||||||||||||
GROSS PROFIT: | |||||||||||||||
New vehicle retail sales | $ | 282,443 | $ | 299,696 | (5.8 | ) | (1.7 | ) | |||||||
Used vehicle retail sales | 168,034 | 170,021 | (1.2 | ) | 0.4 | ||||||||||
Used vehicle wholesale sales | (1,151 | ) | 2,493 | (146.2 | ) | (141.4 | ) | ||||||||
Total used | 166,883 | 172,514 | (3.3 | ) | (1.7 | ) | |||||||||
Parts and service | 604,648 | 571,247 | 5.8 | 8.0 | |||||||||||
Finance and insurance | 387,230 | 359,356 | 7.8 | 9.0 | |||||||||||
Total | $ | 1,441,204 | $ | 1,402,813 | 2.7 | 5.0 | |||||||||
UNITS SOLD: | |||||||||||||||
Retail new vehicles sold | 165,428 | 160,841 | 2.9 | ||||||||||||
Retail used vehicles sold | 117,103 | 106,992 | 9.5 | ||||||||||||
Wholesale used vehicles sold | 52,996 | 52,740 | 0.5 | ||||||||||||
Total used | 170,099 | 159,732 | 6.5 | ||||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||||
New vehicle retail | $ | 33,953 | $ | 34,382 | (1.2 | ) | 2.1 | ||||||||
Used vehicle retail | $ | 20,951 | $ | 21,064 | (0.5 | ) | 1.8 | ||||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||||
New vehicle retail sales | $ | 1,707 | $ | 1,863 | (8.4 | ) | (4.4 | ) | |||||||
Used vehicle retail sales | 1,435 | 1,589 | (9.7 | ) | (8.3 | ) | |||||||||
Used vehicle wholesale sales | (22 | ) | 47 | (146.8 | ) | (141.2 | ) | ||||||||
Total used | 981 | 1,080 | (9.2 | ) | (7.7 | ) | |||||||||
Finance and insurance (per retail unit) | $ | 1,371 | $ | 1,342 | 2.2 | 3.4 | |||||||||
OTHER: (2) | |||||||||||||||
SG&A expenses | $ | 1,054,524 | $ | 1,020,775 | 3.3 | 6.0 | |||||||||
SG&A as % revenues | 10.6 | 10.7 | |||||||||||||
SG&A as % gross profit | 73.2 | 72.8 | |||||||||||||
Operating margin % | 3.4 | 3.6 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 240,001 | $ | 226,146 | 6.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (637 | ) | — | |||||||||
Gain (loss) on real estate and dealership transactions | 7,839 | (978 | ) | |||||||||
Adjusted SG&A (1) | $ | 247,203 | $ | 225,168 | 9.8 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.6 | 10.7 | ||||||||||
Adjusted (1) | 10.9 | 10.7 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 71.9 | 71.2 | ||||||||||
Adjusted (1) | 74.0 | 70.9 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.9 | 3.4 | ||||||||||
Adjusted (1),(2) | 3.4 | 3.9 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.9 | 2.4 | ||||||||||
Adjusted (1),(3) | 2.3 | 2.9 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 239,738 | $ | 223,907 | 7.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (637 | ) | — | |||||||||
Gain (loss) on real estate and dealership transactions | (455 | ) | (1,177 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 238,646 | $ | 222,730 | 7.1 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 11.0 | 10.7 | ||||||||||
Adjusted (1) | 10.9 | 10.7 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 74.1 | 70.9 | ||||||||||
Adjusted (1) | 73.7 | 70.5 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.6 | 3.5 | ||||||||||
Adjusted (1),(4) | 3.4 | 4.0 |
Twelve Months Ended December 31, | |||||||||||
2015 | 2014 | % Increase/ (Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 958,608 | $ | 891,693 | 7.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,588 | ) | (2,775 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 8,891 | 13,835 | |||||||||
Legal settlements | (1,000 | ) | (442 | ) | |||||||
Adjusted SG&A (1) | $ | 964,911 | $ | 902,311 | 6.9 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.8 | 10.9 | |||||||||
Adjusted (1) | 10.8 | 11.0 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 71.6 | 71.6 | |||||||||
Adjusted (1) | 72.1 | 72.4 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.6 | 3.7 | |||||||||
Adjusted (1),(2) | 3.7 | 3.8 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 2.6 | 2.1 | |||||||||
Adjusted (1),(3) | 2.7 | 2.8 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 917,927 | $ | 867,951 | 5.8 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,588 | ) | (2,775 | ) | |||||||
Gain (loss) on real estate and dealership transactions | (819 | ) | (1,200 | ) | |||||||
Legal settlements | (1,000 | ) | (442 | ) | |||||||
Adjusted Same Store SG&A (1) | $ | 914,520 | $ | 863,534 | 5.9 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.9 | 11.0 | |||||||||
Adjusted (1) | 10.9 | 10.9 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 72.3 | 71.8 | |||||||||
Adjusted (1) | 72.0 | 71.4 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.5 | 3.7 | |||||||||
Adjusted (1),(4) | 3.7 | 3.9 | |||||||||
(1) | We have included certain non-GAAP financial measures as defined under SEC rules, which exclude certain items. These adjusted measures are not measures of financial performance under GAAP. As required by SEC rules, we provide reconciliations of these adjusted measures to the most directly comparable GAAP measures. We believe that these adjusted financial measures are relevant and useful to investors because they improve the transparency of our disclosure, provide a meaningful presentation of results from our core business operations and improve period-to-period comparability of our results from our core business operations. | ||||||||||
(2) | Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $18,197 and $18,983 for the three and twelve months ended December 31, 2015, respectively, and $9,596 and $15,570 for the three and twelve months ended December 31, 2014, respectively. | ||||||||||
(3) | Excludes the impact of SG&A reconciling items above, loss on redemption of long-term debt of $46,403 for the twelve months ended December 31, 2014, as well as non-cash asset impairment charges of $18,197 and $18,983 for the three and twelve months ended December 31, 2015 and $9,596 and $15,570 for the three and twelve months ended December 31, 2014, respectively. | ||||||||||
(4) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $17,908 and $18,694 for the three and twelve months ended December 31, 2015, respectively, and $9,596 and $11,610 for the three and twelve months ended December 31, 2014, respectively. |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 27,191 | $ | 23,364 | 16.4 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted SG&A (1) | $ | 27,191 | $ | 23,176 | 17.3 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 9.5 | 9.9 | ||||||||||
Adjusted (1) | 9.5 | 9.8 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 81.6 | 85.6 | ||||||||||
Adjusted (1) | 81.6 | 84.9 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 1.7 | 1.3 | ||||||||||
Adjusted (1),(2) | 1.7 | 1.3 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.3 | 0.8 | ||||||||||
Adjusted (1),(2) | 1.3 | 0.9 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 22,353 | $ | 21,606 | 3.5 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted SG&A (1) | $ | 22,353 | $ | 21,418 | 4.4 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 9.4 | 10.0 | ||||||||||
Adjusted (1) | 9.4 | 9.9 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 79.1 | 84.1 | ||||||||||
Adjusted (1) | 79.1 | 83.4 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.1 | 1.5 | ||||||||||
Adjusted (1),(3) | 2.1 | 1.6 |
Twelve Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 108,719 | $ | 90,427 | 20.2 | |||||||
Pre-tax adjustments: | ||||||||||||
Severance costs | (208 | ) | — | |||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted SG&A (1) | $ | 108,511 | $ | 90,239 | 20.2 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 8.9 | 9.2 | ||||||||||
Adjusted (1) | 8.9 | 9.1 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 79.0 | 78.4 | ||||||||||
Adjusted (1) | 78.8 | 78.2 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.0 | 2.2 | ||||||||||
Adjusted (1),(2) | 2.0 | 2.2 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.5 | 1.8 | ||||||||||
Adjusted (1),(2) | 1.6 | 1.8 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 88,767 | $ | 88,670 | 0.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 88,767 | $ | 88,482 | 0.3 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 8.8 | 9.2 | ||||||||||
Adjusted (1) | 8.8 | 9.1 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 77.1 | 77.9 | ||||||||||
Adjusted (1) | 77.1 | 77.8 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.3 | 2.3 | ||||||||||
Adjusted (1),(3) | 2.3 | 2.3 | ||||||||||
(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 $333 for the twelve months ended December 31, 2015. | |||||||||||
(3) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $333 for the twelve months ended December 31, 2015. |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended December 31, | |||||||||||
2015 | 2014 | % Increase/ (Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 12,593 | $ | 18,693 | (32.6 | ) | |||||
Pre-tax adjustments: | |||||||||||
Gain (loss) on real estate and dealership transactions | (520 | ) | (495 | ) | |||||||
Severance costs | (226 | ) | (388 | ) | |||||||
Adjusted SG&A (1) | $ | 11,847 | $ | 17,810 | (33.5 | ) | |||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.2 | 9.4 | |||||||||
Adjusted (1) | 9.6 | 9.0 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 97.9 | 88.2 | |||||||||
Adjusted (1) | 92.1 | 84.0 | |||||||||
OPERATING MARGIN % | |||||||||||
Unadjusted | (54.8 | ) | (9.5 | ) | |||||||
Adjusted (1),(2) | 0.6 | 1.4 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | (55.0 | ) | (10.2 | ) | |||||||
Adjusted (1),(2) | 0.3 | 0.7 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 12,035 | $ | 16,064 | (25.1 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | (226 | ) | (40 | ) | |||||||
Adjusted Same Store SG&A (1) | $ | 11,809 | $ | 16,024 | (26.3 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 9.8 | 8.4 | |||||||||
Adjusted (1) | 9.6 | 8.4 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 93.7 | 78.1 | |||||||||
Adjusted (1) | 91.9 | 77.9 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | (54.4 | ) | (8.7 | ) | |||||||
Adjusted (1),(3) | 0.6 | 2.2 |
Twelve Months Ended December 31, | |||||||||||
2015 | 2014 | % Increase/ (Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 53,506 | $ | 79,844 | (33.0 | ) | |||||
Pre-tax adjustments: | |||||||||||
Gain (loss) on real estate and dealership transactions | (520 | ) | (495 | ) | |||||||
Severance costs | (226 | ) | (781 | ) | |||||||
Foreign transaction tax | — | (416 | ) | ||||||||
Adjusted SG&A (1) | $ | 52,760 | $ | 78,152 | (32.5 | ) | |||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.3 | 10.3 | |||||||||
Adjusted (1) | 10.2 | 10.1 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 93.3 | 92.2 | |||||||||
Adjusted (1) | 92.0 | 90.2 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | (12.8 | ) | (2.8 | ) | |||||||
Adjusted (1),(2) | 0.6 | 0.8 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | (13.2 | ) | (3.7 | ) | |||||||
Adjusted (1),(2) | 0.1 | (0.1 | ) | ||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 51,463 | $ | 69,504 | (26.0 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | (226 | ) | (329 | ) | |||||||
Foreign transaction tax | — | (416 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 51,237 | $ | 68,759 | (25.5 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.2 | 9.6 | |||||||||
Adjusted (1) | 10.1 | 9.5 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 91.4 | 87.0 | |||||||||
Adjusted (1) | 91.0 | 86.1 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | (12.7 | ) | (1.7 | ) | |||||||
Adjusted (1),(3) | 0.7 | 1.3 | |||||||||
(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 $67,410 and $68,249 for the three and twelve months ended December 31, 2015, respectively, and $20,829 and $25,950 for the three and twelve months ended December 31, 2014, respectively. | ||||||||||
(3) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $67,410 and $67,708 for the three and twelve months ended December 31, 2015, respectively, and $20,778 for the three and twelve months ended December 31, 2014. |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
NET (LOSS) INCOME RECONCILIATION: | ||||||||||||
As reported | $ | (33,387 | ) | $ | 18,677 | (278.8 | ) | |||||
After-tax adjustments: | ||||||||||||
Catastrophic events (5) | 398 | — | ||||||||||
(Gain) loss on real estate and dealership transactions (6) | (4,357 | ) | 1,550 | |||||||||
Severance costs (7) | 220 | 385 | ||||||||||
Acquisition costs including related tax impact | — | 188 | ||||||||||
Non-cash asset impairment (10) | 72,798 | 19,878 | ||||||||||
Adjusted net income (1) | $ | 35,672 | $ | 40,678 | (12.3 | ) | ||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income (1) | $ | 35,672 | $ | 40,678 | (12.3 | ) | ||||||
Less: Adjusted earnings allocated to participating securities | 1,344 | 1,529 | (12.1 | ) | ||||||||
Adjusted net income available to diluted common shares (1) | $ | 34,328 | $ | 39,149 | (12.3 | ) | ||||||
DILUTED (LOSS) INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | (1.41 | ) | $ | 0.77 | (283.1 | ) | |||||
After-tax adjustments: | ||||||||||||
Catastrophic events | 0.02 | — | ||||||||||
(Gain) loss on real estate and dealership transactions | (0.18 | ) | 0.06 | |||||||||
Severance costs | 0.01 | 0.02 | ||||||||||
Acquisition costs including related tax impact | — | 0.01 | ||||||||||
Non-cash asset impairment | 3.07 | 0.81 | ||||||||||
Adjusted diluted income per share (1) | $ | 1.51 | $ | 1.67 | (9.6 | ) | ||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 279,785 | $ | 268,203 | 4.3 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (637 | ) | — | |||||||||
Gain (loss) on real estate and dealership transactions | 7,318 | (1,473 | ) | |||||||||
Severance costs | (226 | ) | (388 | ) | ||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted SG&A (1) | $ | 286,240 | $ | 266,154 | 7.5 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.5 | 10.6 | ||||||||||
Adjusted (1) | 10.7 | 10.5 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.6 | 73.3 | ||||||||||
Adjusted (1) | 75.3 | 72.7 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 0.1 | 2.2 | ||||||||||
Adjusted (1),(2) | 3.1 | 3.5 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | (0.8 | ) | 1.3 | |||||||||
Adjusted (1),(3) | 2.1 | 2.6 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 274,126 | $ | 261,577 | 4.8 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (637 | ) | — | |||||||||
Loss on real estate and dealership transactions | (455 | ) | (1,177 | ) | ||||||||
Severance costs | (226 | ) | (40 | ) | ||||||||
Acquisition costs | — | (188 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 272,808 | $ | 260,172 | 4.9 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.8 | 10.5 | ||||||||||
Adjusted (1) | 10.7 | 10.4 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 75.2 | 72.3 | ||||||||||
Adjusted (1) | 74.8 | 71.9 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | (0.2 | ) | 2.4 | |||||||||
Adjusted (1),(4) | 3.2 | 3.7 |
Twelve Months Ended December 31, | ||||||||||||
2015 | 2014 | % Increase/ (Decrease) | ||||||||||
NET INCOME RECONCILIATION: | ||||||||||||
As reported | $ | 93,999 | $ | 93,004 | 1.1 | |||||||
After-tax adjustments: | ||||||||||||
Catastrophic events (5) | 991 | 1,710 | ||||||||||
Gain on real estate and dealership transactions (6) | (4,959 | ) | (7,337 | ) | ||||||||
Severance costs (7) | 387 | 773 | ||||||||||
Acquisition costs including related tax impact | — | 188 | ||||||||||
Legal settlements (8) | 610 | 274 | ||||||||||
Foreign transaction tax (9) | — | 274 | ||||||||||
Non-cash asset impairment (10) | 74,422 | 27,504 | ||||||||||
Loss on extinguishment of long-term debt (11) | — | 38,711 | ||||||||||
Non-deductible goodwill | — | (3,358 | ) | |||||||||
Adjusted net income (1) | $ | 165,450 | $ | 151,743 | 9.0 | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income (1) | $ | 165,450 | $ | 151,743 | 9.0 | |||||||
Less: Adjusted earnings allocated to participating securities | 6,338 | 5,652 | 12.1 | |||||||||
Adjusted net income available to diluted common shares (1) | $ | 159,112 | $ | 146,091 | 8.9 | |||||||
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | 3.90 | $ | 3.60 | 8.3 | |||||||
After-tax adjustments: | ||||||||||||
Catastrophic events | 0.04 | 0.07 | ||||||||||
Gain on real estate and dealership transactions | (0.21 | ) | (0.28 | ) | ||||||||
Severance costs | 0.02 | 0.03 | ||||||||||
Acquisition costs including related tax impact | — | 0.01 | ||||||||||
Legal settlements | 0.03 | 0.01 | ||||||||||
Foreign transaction tax | — | 0.01 | ||||||||||
Non-cash asset impairment | 3.09 | 1.05 | ||||||||||
Loss on extinguishment of long-term debt | — | 1.50 | ||||||||||
Non-deductible goodwill | — | (0.13 | ) | |||||||||
Adjusted diluted income per share (1) | $ | 6.87 | $ | 5.87 | 17.0 | |||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 1,120,833 | $ | 1,061,964 | 5.5 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,588 | ) | (2,775 | ) | ||||||||
Gain on real estate and dealership transactions | 8,372 | 13,339 | ||||||||||
Severance costs | (435 | ) | (781 | ) | ||||||||
Acquisition costs | — | (188 | ) | |||||||||
Legal settlements | (1,000 | ) | (442 | ) | ||||||||
Foreign transaction tax | — | (416 | ) | |||||||||
Adjusted SG&A (1) | $ | 1,126,182 | $ | 1,070,701 | 5.2 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.5 | 10.7 | ||||||||||
Adjusted (1) | 10.6 | 10.8 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.1 | 73.3 |
Adjusted (1) | 73.4 | 73.9 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.6 | 3.0 | ||||||||||
Adjusted (1),(2) | 3.4 | 3.4 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.7 | 1.7 | ||||||||||
Adjusted (1),(3) | 2.5 | 2.5 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 1,058,157 | $ | 1,026,125 | 3.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | (1,588 | ) | (2,775 | ) | ||||||||
Loss on real estate and dealership transactions | (819 | ) | (1,200 | ) | ||||||||
Severance costs | (226 | ) | (329 | ) | ||||||||
Acquisition costs | — | (188 | ) | |||||||||
Legal settlements | (1,000 | ) | (442 | ) | ||||||||
Foreign transaction tax | — | (416 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 1,054,524 | $ | 1,020,775 | 3.3 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.7 | 10.7 | ||||||||||
Adjusted (1) | 10.6 | 10.7 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.4 | 73.1 | ||||||||||
Adjusted (1) | 73.2 | 72.8 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.5 | 3.2 | ||||||||||
Adjusted (1),(4) | 3.4 | 3.6 | ||||||||||
(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 redemption of long-term debt of $46,403 for the twelve months ended December 31, 2014. | |||||||||||
(4) | Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $85,318 and $86,735 for the three and twelve months ended December 31, 2015, respectively, and $30,374 and $32,388 for the three and twelve months ended December 31, 2014, respectively. | |||||||||||
(5) | Adjustment is net of tax benefit of $239 and $597 for the three and twelve months ended December 31, 2015, respectively, and $1,065 for the twelve months ended December 31, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(6) | Adjustment is net of tax provision of $2,962 and $3,413 for the three and twelve months ended December 31, 2015, respectively, and $77 and $6,002 for the three and twelve months ended December 31, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(7) | Adjustment is net of tax benefit of $7 and $48 for the three and twelve months ended December 31, 2015, respectively, and $3 and $8 for the three and twelve months ended December 31, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(8) | Adjustment is net of tax benefit of $390 for the twelve months ended December 31, 2015, and $168 for the twelve months ended December 31, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(9) | Adjustment is net of tax benefit of $141 for the twelve months ended December 31, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(10) | Adjustment is net of tax benefit of $12,809 and $13,143 for the three and twelve months ended December 31, 2015, respectively, and $10,547 and $14,016 for the three and twelve months ended December 31, 2014, respectively, calculated utilizing the applicable federal and state tax rates for adjustment. | |||||||||||
(11) | Adjustment is net of tax benefit of $7,692 for the twelve months ended December 31, 2014, calculated utilizing the applicable federal and state tax rates for adjustment. |