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)) |
Exhibit No. | Description | |||
Press release of Group 1 Automotive, Inc., dated as of October 25, 2018. |
Group 1 Automotive, Inc. | ||||
October 25, 2018 | By: | /s/ John C. Rickel | ||
Date | John C. Rickel, Senior Vice President and Chief Financial Officer |
▪ | Total revenue decreased 4.1 percent (decreased 3.1 percent) to $2.9 billion. |
▪ | Total gross profit increased 0.9 percent (increased 1.8 percent), to $435.1 million. |
▪ | New vehicle revenues decreased 10.0 percent (decreased 8.9 percent) on a 9.8 percent decrease in unit sales, reflecting difficult year-over-year comparisons as a result of very strong replacement demand from Hurricane Harvey in the third quarter 2017 and emission testing-related supply constraints in the UK in September 2018. New vehicle gross profit decreased 12.1 percent (decreased 10.5 percent), to $77.6 million. |
▪ | Retail used vehicle revenues increased 6.6 percent (7.5 percent) on 9.7 percent higher unit sales. Retail used vehicle gross profit increased 6.4 percent (7.2 percent), to $50.2 million. Total used vehicle gross profit was up 6.2 percent (7.1 percent), to $49.8 million. |
▪ | Parts and service gross profit increased 3.5 percent (4.2 percent) on revenue growth of 3.3 percent (4.2 percent). Same Store parts and service gross profit increased 1.8 percent (2.5 percent) on Same Store parts and service revenue growth of 2.0 percent (2.9 percent). |
▪ | Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 6.4 percent (7.0 percent), to $1,429. |
▪ | Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 330 basis points, to 72.8 percent. Adjusted Same Store SG&A as a percent of gross profit increased 110 basis points, to 73.3 percent. |
▪ | 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, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,539,498 | $ | 1,710,241 | (10.0 | ) | |||||
Used vehicle retail sales | 792,405 | 743,038 | 6.6 | ||||||||
Used vehicle wholesale sales | 86,570 | 104,827 | (17.4 | ) | |||||||
Parts and service | 354,501 | 343,193 | 3.3 | ||||||||
Finance, insurance and other, net | 116,084 | 110,993 | 4.6 | ||||||||
Total revenues | 2,889,058 | 3,012,292 | (4.1 | ) | |||||||
COST OF SALES: | |||||||||||
New vehicle retail sales | 1,461,896 | 1,621,909 | (9.9 | ) | |||||||
Used vehicle retail sales | 742,250 | 695,915 | 6.7 | ||||||||
Used vehicle wholesale sales | 86,884 | 105,012 | (17.3 | ) | |||||||
Parts and service | 162,927 | 158,036 | 3.1 | ||||||||
Total cost of sales | 2,453,957 | 2,580,872 | (4.9 | ) | |||||||
GROSS PROFIT | 435,101 | 431,420 | 0.9 | ||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 316,771 | 328,327 | (3.5 | ) | |||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 16,981 | 15,059 | 12.8 | ||||||||
ASSET IMPAIRMENTS | 23,159 | 9,526 | 143.1 | ||||||||
OPERATING INCOME | 78,190 | 78,508 | (0.4 | ) | |||||||
OTHER EXPENSE: | |||||||||||
Floorplan interest expense | (14,685 | ) | (13,491 | ) | 8.9 | ||||||
Other interest expense, net | (19,140 | ) | (17,874 | ) | 7.1 | ||||||
INCOME BEFORE INCOME TAXES | 44,365 | 47,143 | (5.9 | ) | |||||||
PROVISION FOR INCOME TAXES | (9,587 | ) | (17,262 | ) | (44.5 | ) | |||||
NET INCOME | $ | 34,778 | $ | 29,881 | 16.4 | ||||||
Less: Earnings allocated to participating securities | $ | 1,181 | $ | 1,023 | 15.4 | ||||||
Earnings available to diluted common shares | $ | 33,597 | $ | 28,858 | 16.4 | ||||||
DILUTED EARNINGS PER SHARE | $ | 1.74 | $ | 1.43 | 21.7 | ||||||
Weighted average dilutive common shares outstanding | 19,261 | 20,225 | (4.8 | ) | |||||||
Weighted average participating securities | 684 | 724 | (5.5 | ) | |||||||
Total weighted average shares outstanding | 19,945 | 20,949 | (4.8 | ) |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 4,608,658 | $ | 4,496,222 | 2.5 | |||||||
Used vehicle retail sales | 2,394,828 | 2,089,914 | 14.6 | |||||||||
Used vehicle wholesale sales | 283,453 | 308,361 | (8.1 | ) | ||||||||
Parts and service | 1,062,145 | 994,522 | 6.8 | |||||||||
Finance, insurance and other, net | 343,462 | 314,297 | 9.3 | |||||||||
Total revenues | 8,692,546 | 8,203,316 | 6.0 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 4,379,047 | 4,263,752 | 2.7 | |||||||||
Used vehicle retail sales | 2,249,964 | 1,952,873 | 15.2 | |||||||||
Used vehicle wholesale sales | 281,871 | 308,713 | (8.7 | ) | ||||||||
Parts and service | 488,637 | 458,144 | 6.7 | |||||||||
Total cost of sales | 7,399,519 | 6,983,482 | 6.0 | |||||||||
GROSS PROFIT | 1,293,027 | 1,219,834 | 6.0 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 949,210 | 916,674 | 3.5 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 49,961 | 42,758 | 16.8 | |||||||||
ASSET IMPAIRMENTS | 27,427 | 9,526 | 187.9 | |||||||||
OPERATING INCOME | 266,429 | 250,876 | 6.2 | |||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (43,335 | ) | (38,659 | ) | 12.1 | |||||||
Other interest expense, net | (57,374 | ) | (52,188 | ) | 9.9 | |||||||
INCOME BEFORE INCOME TAXES | 165,720 | 160,029 | 3.6 | |||||||||
PROVISION FOR INCOME TAXES | (38,666 | ) | (57,076 | ) | (32.3 | ) | ||||||
NET INCOME | $ | 127,054 | $ | 102,953 | 23.4 | |||||||
Less: Earnings allocated to participating securities | $ | 4,306 | $ | 3,659 | 17.7 | |||||||
Earnings available to diluted common shares | $ | 122,748 | $ | 99,294 | 23.6 | |||||||
DILUTED EARNINGS PER SHARE | $ | 6.18 | $ | 4.85 | 27.4 | |||||||
Weighted average dilutive common shares outstanding | 19,868 | 20,480 | (3.0 | ) | ||||||||
Weighted average participating securities | 702 | 767 | (8.5 | ) | ||||||||
Total weighted average shares outstanding | 20,570 | 21,247 | (3.2 | ) |
Group 1 Automotive, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
September 30, 2018 | December 31, 2017 | % Increase/(Decrease) | |||||||||
ASSETS: | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 32,027 | $ | 28,787 | 11.3 | ||||||
Contracts in transit and vehicle receivables, net | 235,609 | 306,433 | (23.1 | ) | |||||||
Accounts and notes receivable, net | 169,318 | 188,611 | (10.2 | ) | |||||||
Inventories, net | 1,733,756 | 1,763,293 | (1.7 | ) | |||||||
Prepaid expenses and other current assets | 77,996 | 42,062 | 85.4 | ||||||||
Total current assets | 2,248,706 | 2,329,186 | (3.5 | ) | |||||||
PROPERTY AND EQUIPMENT, net | 1,350,929 | 1,318,959 | 2.4 | ||||||||
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS | 1,245,056 | 1,198,666 | 3.9 | ||||||||
OTHER ASSETS | 36,175 | 24,254 | 49.2 | ||||||||
Total assets | $ | 4,880,866 | $ | 4,871,065 | 0.2 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Floorplan notes payable - credit facility and other | $ | 1,155,034 | $ | 1,240,695 | (6.9 | ) | |||||
Offset account related to floorplan notes payable - credit facility | (71,397 | ) | (86,547 | ) | (17.5 | ) | |||||
Floorplan notes payable - manufacturer affiliates | 415,615 | 397,183 | 4.6 | ||||||||
Offset account related to floorplan notes payable - manufacturer affiliates | (20,500 | ) | (22,500 | ) | (8.9 | ) | |||||
Current maturities of long-term debt and short-term financing | 76,080 | 77,609 | (2.0 | ) | |||||||
Current liabilities from interest rate risk management activities | 311 | 1,996 | (84.4 | ) | |||||||
Accounts payable | 428,441 | 412,981 | 3.7 | ||||||||
Accrued expenses | 207,082 | 177,070 | 16.9 | ||||||||
Total current liabilities | 2,190,666 | 2,198,487 | (0.4 | ) | |||||||
5.00% SENIOR NOTES (principal of $550,000 at September 30, 2018 and December 31, 2017, respectively) | 543,306 | 542,063 | 0.2 | ||||||||
5.25% SENIOR NOTES (principal of $300,000 at September 30, 2018 and December 31, 2017, respectively) | 296,587 | 296,151 | 0.1 | ||||||||
ACQUISITION LINE | 32,584 | 26,988 | 20.7 | ||||||||
REAL ESTATE RELATED AND OTHER LONG-TERM DEBT, net of current maturities | 384,541 | 405,950 | (5.3 | ) | |||||||
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities | 47,109 | 47,032 | 0.2 | ||||||||
DEFERRED INCOME TAXES | 137,826 | 124,404 | 10.8 | ||||||||
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | 444 | 8,583 | (94.8 | ) | |||||||
OTHER LIABILITIES | 99,457 | 97,125 | 2.4 | ||||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Common stock | 255 | 255 | — | ||||||||
Additional paid-in capital | 290,668 | 291,461 | (0.3 | ) | |||||||
Retained earnings | 1,368,946 | 1,246,323 | 9.8 | ||||||||
Accumulated other comprehensive loss | (128,894 | ) | (123,226 | ) | 4.6 | ||||||
Treasury stock | (382,629 | ) | (290,531 | ) | 31.7 | ||||||
Total stockholders' equity | 1,148,346 | 1,124,282 | 2.1 | ||||||||
Total liabilities and stockholders' equity | $ | 4,880,866 | $ | 4,871,065 | 0.2 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2018 (%) | 2017 (%) | 2018 (%) | 2017 (%) | ||||||||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | |||||||||||||
Region | Geographic Market | ||||||||||||
United States | Texas | 37.2 | 37.8 | 35.8 | 36.5 | ||||||||
Oklahoma | 6.7 | 5.7 | 6.2 | 6.2 | |||||||||
California | 5.8 | 7.0 | 6.2 | 7.6 | |||||||||
Massachusetts | 5.2 | 4.8 | 4.9 | 4.7 | |||||||||
Georgia | 4.7 | 4.4 | 4.5 | 4.6 | |||||||||
Florida | 2.9 | 2.4 | 2.6 | 2.5 | |||||||||
Louisiana | 2.2 | 1.9 | 2.0 | 2.0 | |||||||||
New Hampshire | 2.0 | 1.9 | 1.9 | 2.0 | |||||||||
South Carolina | 1.6 | 1.3 | 1.6 | 1.3 | |||||||||
New Jersey | 1.5 | 1.7 | 1.6 | 1.7 | |||||||||
Kansas | 1.4 | 1.5 | 1.4 | 1.6 | |||||||||
Mississippi | 1.2 | 1.2 | 1.2 | 1.3 | |||||||||
Alabama | 0.7 | 0.9 | 0.7 | 1.0 | |||||||||
Maryland | 0.4 | 0.3 | 0.4 | 0.4 | |||||||||
New Mexico | 0.1 | 0.1 | 0.1 | — | |||||||||
73.6 | 72.9 | 71.1 | 73.4 | ||||||||||
International | United Kingdom | 21.4 | 22.6 | 23.9 | 21.8 | ||||||||
Brazil | 5.0 | 4.5 | 5.0 | 4.8 | |||||||||
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||
NEW VEHICLE UNIT SALES BRAND MIX: | |||||||||||||
Toyota/Lexus | 27.1 | 26.7 | 25.0 | 25.3 | |||||||||
Volkswagen/Audi/Porsche | 11.8 | 13.9 | 13.0 | 13.0 | |||||||||
BMW/MINI | 11.5 | 11.5 | 12.1 | 12.8 | |||||||||
Ford/Lincoln | 11.0 | 10.6 | 11.1 | 11.5 | |||||||||
Honda/Acura | 9.5 | 9.0 | 9.3 | 9.2 | |||||||||
Nissan | 6.8 | 7.0 | 6.5 | 7.5 | |||||||||
Chevrolet/GMC/Buick/Cadillac | 5.6 | 6.1 | 5.7 | 6.2 | |||||||||
Mercedes-Benz/smart/Sprinter | 4.2 | 3.4 | 4.7 | 3.8 | |||||||||
Chrysler/Dodge/Jeep/RAM | 3.9 | 3.9 | 4.0 | 3.9 | |||||||||
Hyundai/Kia | 4.0 | 4.2 | 3.9 | 4.0 | |||||||||
Jaguar/Land Rover | 1.7 | 1.6 | 1.8 | 0.8 | |||||||||
Other | 2.9 | 2.1 | 2.9 | 2.0 | |||||||||
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, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,196,551 | $ | 1,296,267 | (7.7 | ) | ||||||
Used vehicle retail sales | 572,011 | 562,031 | 1.8 | |||||||||
Used vehicle wholesale sales | 40,724 | 63,363 | (35.7 | ) | ||||||||
Total used | 612,735 | 625,394 | (2.0 | ) | ||||||||
Parts and service | 289,334 | 283,915 | 1.9 | |||||||||
Finance, insurance and other, net | 101,610 | 96,383 | 5.4 | |||||||||
Total | $ | 2,200,230 | $ | 2,301,959 | (4.4 | ) | ||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 4.8 | 5.1 | ||||||||||
Used vehicle retail sales | 6.5 | 6.8 | ||||||||||
Used vehicle wholesale sales | 1.0 | (0.1 | ) | |||||||||
Total used | 6.1 | 6.1 | ||||||||||
Parts and service | 53.9 | 53.8 | ||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||
Total | 16.0 | 15.4 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 57,278 | $ | 66,622 | (14.0 | ) | ||||||
Used vehicle retail sales | 37,241 | 37,962 | (1.9 | ) | ||||||||
Used vehicle wholesale sales | 400 | (54 | ) | 840.7 | ||||||||
Total used | 37,641 | 37,908 | (0.7 | ) | ||||||||
Parts and service | 155,942 | 152,654 | 2.2 | |||||||||
Finance, insurance and other, net | 101,610 | 96,383 | 5.4 | |||||||||
Total | $ | 352,471 | $ | 353,567 | (0.3 | ) | ||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 32,058 | 35,233 | (9.0 | ) | ||||||||
Retail used vehicles sold | 28,125 | 26,304 | 6.9 | |||||||||
Wholesale used vehicles sold | 7,118 | 9,786 | (27.3 | ) | ||||||||
Total used | 35,243 | 36,090 | (2.3 | ) | ||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 37,325 | $ | 36,791 | 1.5 | |||||||
Used vehicle retail | $ | 20,338 | $ | 21,367 | (4.8 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,787 | $ | 1,891 | (5.5 | ) | ||||||
Used vehicle retail sales | 1,324 | 1,443 | (8.2 | ) | ||||||||
Used vehicle wholesale sales | 56 | (6 | ) | 1,033.3 | ||||||||
Total used | 1,068 | 1,050 | 1.7 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,688 | $ | 1,566 | 7.8 | |||||||
OTHER: | ||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 101,610 | $ | 102,933 | (1.3 | ) | ||||||
Adjusted Total Revenue (1) | $ | 2,200,230 | $ | 2,308,509 | (4.7 | ) | ||||||
Adjusted Total Gross Profit (1) | $ | 352,471 | $ | 360,117 | (2.1 | ) | ||||||
Adjusted Total Gross Margin (1) | 16.0 | 15.6 | ||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,688 | $ | 1,673 | 0.9 | |||||||
SG&A expenses | $ | 242,210 | $ | 261,787 | (7.5 | ) | ||||||
Adjusted SG&A expenses (1) | $ | 249,000 | $ | 252,120 | (1.2 | ) | ||||||
SG&A as % revenues | 11.0 | 11.4 | ||||||||||
Adjusted SG&A as % revenues (1) | 11.3 | 11.0 | ||||||||||
SG&A as % gross profit | 68.7 | 74.0 | ||||||||||
Adjusted SG&A as % gross profit (1) | 70.6 | 70.0 | ||||||||||
Operating margin % | 3.3 | 3.0 | ||||||||||
Adjusted operating margin % (1) | 4.1 | 4.1 | ||||||||||
Pretax margin % | 2.0 | 1.8 | ||||||||||
Adjusted pretax margin % (1) | 2.7 | 2.9 |
INTEREST EXPENSE: | ||||||||||||
Floorplan interest expense | $ | (12,904 | ) | $ | (12,014 | ) | 7.4 | |||||
Floorplan assistance | 11,736 | 13,295 | (11.7 | ) | ||||||||
Net floorplan (expense) income | $ | (1,168 | ) | $ | 1,281 | (191.2 | ) | |||||
Other interest expense, net | $ | (17,273 | ) | $ | (16,727 | ) | 3.3 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - U.S. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 3,433,386 | $ | 3,458,287 | (0.7 | ) | |||||
Used vehicle retail sales | 1,727,848 | 1,620,171 | 6.6 | ||||||||
Used vehicle wholesale sales | 137,507 | 200,384 | (31.4 | ) | |||||||
Total used | 1,865,355 | 1,820,555 | 2.5 | ||||||||
Parts and service | 862,737 | 837,772 | 3.0 | ||||||||
Finance, insurance and other, net | 295,239 | 276,754 | 6.7 | ||||||||
Total | $ | 6,456,717 | $ | 6,393,368 | 1.0 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.9 | 5.1 | |||||||||
Used vehicle retail sales | 6.3 | 6.9 | |||||||||
Used vehicle wholesale sales | 2.5 | (0.1 | ) | ||||||||
Total used | 6.1 | 6.2 | |||||||||
Parts and service | 53.8 | 53.8 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 16.1 | 15.9 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 166,771 | $ | 174,831 | (4.6 | ) | |||||
Used vehicle retail sales | 109,535 | 112,598 | (2.7 | ) | |||||||
Used vehicle wholesale sales | 3,387 | (170 | ) | 2,092.4 | |||||||
Total used | 112,922 | 112,428 | 0.4 | ||||||||
Parts and service | 463,894 | 450,623 | 2.9 | ||||||||
Finance, insurance and other, net | 295,239 | 276,754 | 6.7 | ||||||||
Total | $ | 1,038,826 | $ | 1,014,636 | 2.4 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 91,119 | 93,533 | (2.6 | ) | |||||||
Retail used vehicles sold | 83,919 | 76,435 | 9.8 | ||||||||
Wholesale used vehicles sold | 23,793 | 29,468 | (19.3 | ) | |||||||
Total used | 107,712 | 105,903 | 1.7 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 37,680 | $ | 36,974 | 1.9 | ||||||
Used vehicle retail | $ | 20,589 | $ | 21,197 | (2.9 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,830 | $ | 1,869 | (2.1 | ) | |||||
Used vehicle retail sales | 1,305 | 1,473 | (11.4 | ) | |||||||
Used vehicle wholesale sales | 142 | (6 | ) | 2,466.7 | |||||||
Total used | 1,048 | 1,062 | (1.3 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 1,687 | $ | 1,628 | 3.6 | ||||||
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 295,239 | $ | 283,304 | 4.2 | ||||||
Adjusted Total revenue (1) | $ | 6,456,717 | $ | 6,399,918 | 0.9 | ||||||
Adjusted Total gross profit (1) | $ | 1,038,826 | $ | 1,021,186 | 1.7 | ||||||
Adjusted Total gross margin (1) | 16.1 | 16.0 | |||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,687 | $ | 1,667 | 1.2 | ||||||
SG&A expenses | $ | 729,430 | $ | 741,904 | (1.7 | ) | |||||
Adjusted SG&A expenses (1) | $ | 748,527 | $ | 733,427 | 2.1 | ||||||
SG&A as % revenues | 11.3 | 11.6 | |||||||||
Adjusted SG&A as % revenues (1) | 11.6 | 11.5 | |||||||||
SG&A as % gross profit | 70.2 | 73.1 | |||||||||
Adjusted SG&A as % gross profit (1) | 72.1 | 71.8 | |||||||||
Operating margin % | 3.8 | 3.6 | |||||||||
Adjusted operating margin % (1) | 3.9 | 3.9 | |||||||||
Pretax margin % | 2.4 | 2.2 | |||||||||
Adjusted pretax margin % (1) | 2.5 | 2.6 |
INTEREST EXPENSE: | |||||||||||
Floorplan interest expense | $ | (38,050 | ) | $ | (34,954 | ) | 8.9 | ||||
Floorplan assistance | 33,692 | 35,031 | (3.8 | ) | |||||||
Net floorplan (expense) income | $ | (4,358 | ) | $ | 77 | (5,759.7 | ) | ||||
Other interest expense, net | $ | (51,621 | ) | $ | (49,571 | ) | 4.1 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - U.K. | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 278,046 | $ | 334,772 | (16.9 | ) | (16.1 | ) | ||||||
Used vehicle retail sales | 200,058 | 158,076 | 26.6 | 27.2 | ||||||||||
Used vehicle wholesale sales | 41,696 | 38,647 | 7.9 | 8.5 | ||||||||||
Total used | 241,754 | 196,723 | 22.9 | 23.6 | ||||||||||
Parts and service | 53,817 | 46,783 | 15.0 | 15.6 | ||||||||||
Finance, insurance and other, net | 12,319 | 12,448 | (1.0 | ) | (0.2 | ) | ||||||||
Total | $ | 585,936 | $ | 590,726 | (0.8 | ) | — | |||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.4 | 5.1 | ||||||||||||
Used vehicle retail sales | 5.8 | 4.7 | ||||||||||||
Used vehicle wholesale sales | (2.1 | ) | (0.9 | ) | ||||||||||
Total used | 4.4 | 3.6 | ||||||||||||
Parts and service | 56.7 | 57.3 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 11.7 | 10.8 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 15,128 | $ | 17,205 | (12.1 | ) | (10.8 | ) | ||||||
Used vehicle retail sales | 11,625 | 7,471 | 55.6 | 56.6 | ||||||||||
Used vehicle wholesale sales | (880 | ) | (347 | ) | (153.6 | ) | (148.1 | ) | ||||||
Total used | 10,745 | 7,124 | 50.8 | 52.1 | ||||||||||
Parts and service | 30,530 | 26,823 | 13.8 | 14.4 | ||||||||||
Finance, insurance and other, net | 12,319 | 12,448 | (1.0 | ) | (0.2 | ) | ||||||||
Total | $ | 68,722 | $ | 63,600 | 8.1 | 9.0 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 9,333 | 10,909 | (14.4 | ) | ||||||||||
Retail used vehicles sold | 8,482 | 7,011 | 21.0 | |||||||||||
Wholesale used vehicles sold | 5,382 | 4,939 | 9.0 | |||||||||||
Total used | 13,864 | 11,950 | 16.0 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 29,792 | $ | 30,688 | (2.9 | ) | (1.9 | ) | ||||||
Used vehicle retail | $ | 23,586 | $ | 22,547 | 4.6 | 5.2 | ||||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,621 | $ | 1,577 | 2.8 | 4.2 | ||||||||
Used vehicle retail sales | 1,371 | 1,066 | 28.6 | 29.4 | ||||||||||
Used vehicle wholesale sales | (164 | ) | (70 | ) | (134.3 | ) | (127.7 | ) | ||||||
Total used | 775 | 596 | 30.0 | 31.1 | ||||||||||
Finance, insurance and other, net (per retail unit) | $ | 691 | $ | 695 | (0.6 | ) | 0.4 | |||||||
OTHER: | ||||||||||||||
SG&A expenses | $ | 59,704 | $ | 53,395 | 11.8 | 12.4 | ||||||||
SG&A as % revenues | 10.2 | 9.0 | ||||||||||||
SG&A as % gross profit | 86.9 | 84.0 | ||||||||||||
Operating margin % | 1.0 | 1.3 | ||||||||||||
Pretax margin % | 0.5 | 0.9 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||
Floorplan interest expense | $ | (1,556 | ) | $ | (1,336 | ) | 16.5 | 17.3 | ||||||
Floorplan assistance | 299 | 265 | 12.8 | 13.6 | ||||||||||
Net floorplan expense | $ | (1,257 | ) | $ | (1,071 | ) | 17.4 | 18.3 | ||||||
Other interest expense, net | $ | (1,693 | ) | $ | (1,121 | ) | 51.0 | 52.0 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - U.K. | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 971,085 | $ | 824,827 | 17.7 | 11.3 | |||||||
Used vehicle retail sales | 600,715 | 401,851 | 49.5 | 41.6 | |||||||||
Used vehicle wholesale sales | 134,408 | 99,604 | 34.9 | 27.5 | |||||||||
Total used | 735,123 | 501,455 | 46.6 | 38.8 | |||||||||
Parts and service | 164,954 | 120,614 | 36.8 | 29.4 | |||||||||
Finance, insurance and other, net | 42,199 | 31,260 | 35.0 | 27.9 | |||||||||
Total | $ | 1,913,361 | $ | 1,478,156 | 29.4 | 22.4 | |||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.1 | 5.5 | |||||||||||
Used vehicle retail sales | 5.2 | 4.9 | |||||||||||
Used vehicle wholesale sales | (1.6 | ) | (0.9 | ) | |||||||||
Total used | 4.0 | 3.7 | |||||||||||
Parts and service | 57.1 | 57.6 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 11.2 | 11.2 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 49,546 | $ | 45,350 | 9.3 | 3.5 | |||||||
Used vehicle retail sales | 31,288 | 19,579 | 59.8 | 51.4 | |||||||||
Used vehicle wholesale sales | (2,188 | ) | (851 | ) | (157.1 | ) | (149.7 | ) | |||||
Total used | 29,100 | 18,728 | 55.4 | 47.0 | |||||||||
Parts and service | 94,132 | 69,488 | 35.5 | 28.2 | |||||||||
Finance, insurance and other, net | 42,199 | 31,260 | 35.0 | 27.9 | |||||||||
Total | $ | 214,977 | $ | 164,826 | 30.4 | 23.5 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 30,697 | 27,821 | 10.3 | ||||||||||
Retail used vehicles sold | 24,818 | 18,435 | 34.6 | ||||||||||
Wholesale used vehicles sold | 16,924 | 13,245 | 27.8 | ||||||||||
Total used | 41,742 | 31,680 | 31.8 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,635 | $ | 29,648 | 6.7 | 0.8 | |||||||
Used vehicle retail | $ | 24,205 | $ | 21,798 | 11.0 | 5.2 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,614 | $ | 1,630 | (1.0 | ) | (6.2 | ) | |||||
Used vehicle retail sales | 1,261 | 1,062 | 18.7 | 12.5 | |||||||||
Used vehicle wholesale sales | (129 | ) | (64 | ) | (101.6 | ) | (95.4 | ) | |||||
Total used | 697 | 591 | 17.9 | 11.5 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 760 | $ | 676 | 12.4 | 6.5 | |||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 181,558 | $ | 137,475 | 32.1 | 24.9 | |||||||
Adjusted SG&A expenses (1) | $ | 181,558 | $ | 137,187 | 32.3 | 25.2 | |||||||
SG&A as % revenues | 9.5 | 9.3 | |||||||||||
Adjusted SG&A as % revenues (1) | 9.5 | 9.3 | |||||||||||
SG&A as % gross profit | 84.5 | 83.4 | |||||||||||
Adjusted SG&A as % gross profit (1) | 84.5 | 83.2 | |||||||||||
Operating margin % | 1.3 | 1.5 | |||||||||||
Adjusted operating margin % (1) | 1.3 | 1.5 | |||||||||||
Pretax margin % | 0.8 | 1.1 | |||||||||||
Adjusted pretax margin % (1) | 0.8 | 1.1 |
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (4,687 | ) | $ | (3,423 | ) | 36.9 | 29.7 | |||||
Floorplan assistance | 824 | 714 | 15.4 | 9.3 | |||||||||
Net floorplan expense | $ | (3,863 | ) | $ | (2,709 | ) | 42.6 | 35.1 | |||||
Other interest expense, net | $ | (5,015 | ) | $ | (2,386 | ) | 110.2 | 99.7 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Brazil | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 64,901 | $ | 79,202 | (18.1 | ) | 2.3 | ||||||
Used vehicle retail sales | 20,336 | 22,931 | (11.3 | ) | 10.3 | ||||||||
Used vehicle wholesale sales | 4,150 | 2,817 | 47.3 | 84.7 | |||||||||
Total used | 24,486 | 25,748 | (4.9 | ) | 18.4 | ||||||||
Parts and service | 11,350 | 12,495 | (9.2 | ) | 13.1 | ||||||||
Finance, insurance and other, net | 2,155 | 2,162 | (0.3 | ) | 24.5 | ||||||||
Total | $ | 102,892 | $ | 119,607 | (14.0 | ) | 7.3 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 8.0 | 5.7 | |||||||||||
Used vehicle retail sales | 6.3 | 7.4 | |||||||||||
Used vehicle wholesale sales | 4.0 | 7.7 | |||||||||||
Total used | 5.9 | 7.4 | |||||||||||
Parts and service | 45.0 | 45.5 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 13.5 | 11.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 5,196 | $ | 4,505 | 15.3 | 43.8 | |||||||
Used vehicle retail sales | 1,289 | 1,690 | (23.7 | ) | (5.5 | ) | |||||||
Used vehicle wholesale sales | 166 | 216 | (23.1 | ) | (3.6 | ) | |||||||
Total used | 1,455 | 1,906 | (23.7 | ) | (5.2 | ) | |||||||
Parts and service | 5,102 | 5,680 | (10.2 | ) | 11.9 | ||||||||
Finance, insurance and other, net | 2,155 | 2,162 | (0.3 | ) | 24.5 | ||||||||
Total | $ | 13,908 | $ | 14,253 | (2.4 | ) | 21.6 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 2,193 | 2,179 | 0.6 | ||||||||||
Retail used vehicles sold | 1,069 | 1,034 | 3.4 | ||||||||||
Wholesale used vehicles sold | 402 | 242 | 66.1 | ||||||||||
Total used | 1,471 | 1,276 | 15.3 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 29,595 | $ | 36,348 | (18.6 | ) | 1.6 | ||||||
Used vehicle retail | $ | 19,023 | $ | 22,177 | (14.2 | ) | 6.7 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,369 | $ | 2,067 | 14.6 | 42.8 | |||||||
Used vehicle retail sales | 1,206 | 1,634 | (26.2 | ) | (8.5 | ) | |||||||
Used vehicle wholesale sales | 413 | 893 | (53.8 | ) | (42.0 | ) | |||||||
Total used | 989 | 1,494 | (33.8 | ) | (17.8 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 661 | $ | 673 | (1.8 | ) | 22.6 | ||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 14,857 | $ | 13,145 | 13.0 | 42.2 | |||||||
Adjusted SG&A expenses (1) | $ | 11,737 | $ | 13,145 | (10.7 | ) | 11.4 | ||||||
SG&A as % revenues | 14.4 | 11.0 | |||||||||||
Adjusted SG&A as % revenues (1) | 11.4 | 11.0 | |||||||||||
SG&A as % gross profit | 106.8 | 92.2 | |||||||||||
Adjusted SG&A as % gross profit (1) | 84.4 | 92.2 | |||||||||||
Operating margin % | (1.3 | ) | 0.6 | ||||||||||
Adjusted operating margin % (1) | 1.8 | 0.6 | |||||||||||
Pretax margin % | (1.7 | ) | 0.5 | ||||||||||
Adjusted pretax margin % (1) | 1.4 | 0.5 |
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (225 | ) | $ | (141 | ) | 59.6 | 99.7 | |||||
Floorplan assistance | — | — | — | — | |||||||||
Net floorplan expense | $ | (225 | ) | $ | (141 | ) | 59.6 | 99.7 | |||||
Other interest expense, net | $ | (174 | ) | $ | (26 | ) | 569.2 | 697.6 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Brazil | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 204,187 | $ | 213,108 | (4.2 | ) | 8.3 | ||||||
Used vehicle retail sales | 66,265 | 67,892 | (2.4 | ) | 9.8 | ||||||||
Used vehicle wholesale sales | 11,538 | 8,373 | 37.8 | 57.8 | |||||||||
Total used | 77,803 | 76,265 | 2.0 | 15.1 | |||||||||
Parts and service | 34,454 | 36,136 | (4.7 | ) | 7.8 | ||||||||
Finance, insurance and other, net | 6,024 | 6,283 | (4.1 | ) | 9.2 | ||||||||
Total | $ | 322,468 | $ | 331,792 | (2.8 | ) | 9.8 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.5 | 5.8 | |||||||||||
Used vehicle retail sales | 6.1 | 7.2 | |||||||||||
Used vehicle wholesale sales | 3.3 | 8.0 | |||||||||||
Total used | 5.7 | 7.3 | |||||||||||
Parts and service | 44.9 | 45.0 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.2 | 12.2 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 13,294 | $ | 12,289 | 8.2 | 23.7 | |||||||
Used vehicle retail sales | 4,041 | 4,864 | (16.9 | ) | (6.4 | ) | |||||||
Used vehicle wholesale sales | 383 | 669 | (42.8 | ) | (35.5 | ) | |||||||
Total used | 4,424 | 5,533 | (20.0 | ) | (10.0 | ) | |||||||
Parts and service | 15,482 | 16,267 | (4.8 | ) | 7.5 | ||||||||
Finance, insurance and other, net | 6,024 | 6,283 | (4.1 | ) | 9.2 | ||||||||
Total | $ | 39,224 | $ | 40,372 | (2.8 | ) | 10.3 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 6,429 | 6,133 | 4.8 | ||||||||||
Retail used vehicles sold | 3,163 | 3,048 | 3.8 | ||||||||||
Wholesale used vehicles sold | 1,081 | 858 | 26.0 | ||||||||||
Total used | 4,244 | 3,906 | 8.7 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,760 | $ | 34,748 | (8.6 | ) | 3.3 | ||||||
Used vehicle retail | $ | 20,950 | $ | 22,274 | (5.9 | ) | 5.8 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,068 | $ | 2,004 | 3.2 | 18.0 | |||||||
Used vehicle retail sales | 1,278 | 1,596 | (19.9 | ) | (9.8 | ) | |||||||
Used vehicle wholesale sales | 354 | 780 | (54.6 | ) | (48.8 | ) | |||||||
Total used | 1,042 | 1,417 | (26.5 | ) | (17.1 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 628 | $ | 684 | (8.2 | ) | 4.5 | ||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 38,222 | $ | 37,295 | 2.5 | 17.4 | |||||||
Adjusted SG&A expenses (1) | $ | 34,552 | $ | 37,295 | (7.4 | ) | 4.9 | ||||||
SG&A as % revenues | 11.9 | 11.2 | |||||||||||
Adjusted SG&A as % revenues (1) | 10.7 | 11.2 | |||||||||||
SG&A as % gross profit | 97.4 | 92.4 | |||||||||||
Adjusted SG&A as % gross profit (1) | 88.1 | 92.4 | |||||||||||
Operating margin % | (0.1 | ) | 0.6 | ||||||||||
Adjusted operating margin % (1) | 1.1 | 0.6 | |||||||||||
Pretax margin % | (0.5 | ) | 0.4 | ||||||||||
Adjusted pretax margin % (1) | 0.7 | 0.4 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (598 | ) | $ | (282 | ) | 112.1 | 139.1 | |||||
Floorplan assistance | — | — | — | — | |||||||||
Net floorplan expense | $ | (598 | ) | $ | (282 | ) | 112.1 | 139.1 | |||||
Other interest expense, net | $ | (738 | ) | $ | (231 | ) | 219.5 | 252.3 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Consolidated | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 1,539,498 | $ | 1,710,241 | (10.0 | ) | (8.9 | ) | ||||||
Used vehicle retail sales | 792,405 | 743,038 | 6.6 | 7.5 | ||||||||||
Used vehicle wholesale sales | 86,570 | 104,827 | (17.4 | ) | (16.2 | ) | ||||||||
Total used | 878,975 | 847,865 | 3.7 | 4.5 | ||||||||||
Parts and service | 354,501 | 343,193 | 3.3 | 4.2 | ||||||||||
Finance, insurance and other, net | 116,084 | 110,993 | 4.6 | 5.2 | ||||||||||
Total | $ | 2,889,058 | $ | 3,012,292 | (4.1 | ) | (3.1 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.0 | 5.2 | ||||||||||||
Used vehicle retail sales | 6.3 | 6.3 | ||||||||||||
Used vehicle wholesale sales | (0.4 | ) | (0.2 | ) | ||||||||||
Total used | 5.7 | 5.5 | ||||||||||||
Parts and service | 54.0 | 54.0 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 15.1 | 14.3 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 77,602 | $ | 88,332 | (12.1 | ) | (10.5 | ) | ||||||
Used vehicle retail sales | 50,155 | 47,123 | 6.4 | 7.2 | ||||||||||
Used vehicle wholesale sales | (314 | ) | (185 | ) | (69.7 | ) | (36.3 | ) | ||||||
Total used | 49,841 | 46,938 | 6.2 | 7.1 | ||||||||||
Parts and service | 191,574 | 185,157 | 3.5 | 4.2 | ||||||||||
Finance, insurance and other, net | 116,084 | 110,993 | 4.6 | 5.2 | ||||||||||
Total | $ | 435,101 | $ | 431,420 | 0.9 | 1.8 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 43,584 | 48,321 | (9.8 | ) | ||||||||||
Retail used vehicles sold | 37,676 | 34,349 | 9.7 | |||||||||||
Wholesale used vehicles sold | 12,902 | 14,967 | (13.8 | ) | ||||||||||
Total used | 50,578 | 49,316 | 2.6 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 35,323 | $ | 35,393 | (0.2 | ) | 1.0 | |||||||
Used vehicle retail | $ | 21,032 | $ | 21,632 | (2.8 | ) | (2.0 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,781 | $ | 1,828 | (2.6 | ) | (0.7 | ) | ||||||
Used vehicle retail sales | 1,331 | 1,372 | (3.0 | ) | (2.2 | ) | ||||||||
Used vehicle wholesale sales | (24 | ) | (12 | ) | (100.0 | ) | (58.2 | ) | ||||||
Total used | 985 | 952 | 3.5 | 4.5 | ||||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,429 | $ | 1,343 | 6.4 | 7.0 | ||||||||
OTHER: | ||||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 116,084 | $ | 117,543 | (1.2 | ) | (0.7 | ) | ||||||
Adjusted Total revenue (1) | $ | 2,889,058 | $ | 3,018,842 | (4.3 | ) | (3.3 | ) | ||||||
Adjusted Total gross profit (1) | $ | 435,101 | $ | 437,970 | (0.7 | ) | 0.3 | |||||||
Adjusted Total gross margin (1) | 15.1 | 14.5 | ||||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,429 | $ | 1,422 | 0.5 | 1.0 | ||||||||
SG&A expenses | $ | 316,771 | $ | 328,327 | (3.5 | ) | (2.3 | ) | ||||||
Adjusted SG&A expenses (1) | $ | 320,441 | $ | 318,660 | 0.6 | 1.6 | ||||||||
SG&A as % revenues | 11.0 | 10.9 | ||||||||||||
Adjusted SG&A as % revenues (1) | 11.1 | 10.6 | ||||||||||||
SG&A as % gross profit | 72.8 | 76.1 | ||||||||||||
Adjusted SG&A as % gross profit (1) | 73.6 | 72.8 | ||||||||||||
Operating margin % | 2.7 | 2.6 | ||||||||||||
Adjusted operating margin % (1) | 3.4 | 3.5 | ||||||||||||
Pretax margin % | 1.5 | 1.6 | ||||||||||||
Adjusted pretax margin % (1) | 2.2 | 2.4 |
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (14,685 | ) | $ | (13,491 | ) | 8.9 | 9.4 | |||||
Floorplan assistance | 12,034 | 13,561 | (11.3 | ) | (11.2 | ) | |||||||
Net floorplan (expense) income | $ | (2,651 | ) | $ | 70 | (3,887.1 | ) | (4,015.3 | ) | ||||
Other interest expense, net | $ | (19,140 | ) | $ | (17,874 | ) | 7.1 | 7.4 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 4,608,658 | $ | 4,496,222 | 2.5 | 1.9 | |||||||
Used vehicle retail sales | 2,394,828 | 2,089,914 | 14.6 | 13.5 | |||||||||
Used vehicle wholesale sales | 283,453 | 308,361 | (8.1 | ) | (9.9 | ) | |||||||
Total used | 2,678,281 | 2,398,275 | 11.7 | 10.5 | |||||||||
Parts and service | 1,062,145 | 994,522 | 6.8 | 6.4 | |||||||||
Finance, insurance and other, net | 343,462 | 314,297 | 9.3 | 8.8 | |||||||||
Total | $ | 8,692,546 | $ | 8,203,316 | 6.0 | 5.2 | |||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.0 | 5.2 | |||||||||||
Used vehicle retail sales | 6.0 | 6.6 | |||||||||||
Used vehicle wholesale sales | 0.6 | (0.1 | ) | ||||||||||
Total used | 5.5 | 5.7 | |||||||||||
Parts and service | 54.0 | 53.9 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 14.9 | 14.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 229,611 | $ | 232,470 | (1.2 | ) | (1.5 | ) | |||||
Used vehicle retail sales | 144,864 | 137,041 | 5.7 | 4.9 | |||||||||
Used vehicle wholesale sales | 1,582 | (352 | ) | 549.4 | 581.5 | ||||||||
Total used | 146,446 | 136,689 | 7.1 | 6.4 | |||||||||
Parts and service | 573,508 | 536,378 | 6.9 | 6.4 | |||||||||
Finance, insurance and other, net | 343,462 | 314,297 | 9.3 | 8.8 | |||||||||
Total | $ | 1,293,027 | $ | 1,219,834 | 6.0 | 5.5 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 128,245 | 127,487 | 0.6 | ||||||||||
Retail used vehicles sold | 111,900 | 97,918 | 14.3 | ||||||||||
Wholesale used vehicles sold | 41,798 | 43,571 | (4.1 | ) | |||||||||
Total used | 153,698 | 141,489 | 8.6 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 35,936 | $ | 35,268 | 1.9 | 1.3 | |||||||
Used vehicle retail | $ | 21,402 | $ | 21,344 | 0.3 | (0.7 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,790 | $ | 1,823 | (1.8 | ) | (2.1 | ) | |||||
Used vehicle retail sales | 1,295 | 1,400 | (7.5 | ) | (8.2 | ) | |||||||
Used vehicle wholesale sales | 38 | (8 | ) | 575.0 | 601.9 | ||||||||
Total used | 953 | 966 | (1.3 | ) | (2.1 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 1,430 | $ | 1,394 | 2.6 | 2.2 | |||||||
OTHER: | |||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 343,462 | $ | 320,847 | 7.0 | 6.6 | |||||||
Adjusted Total revenue (1) | $ | 8,692,546 | $ | 8,209,866 | 5.9 | 5.1 | |||||||
Adjusted Total gross profit (1) | $ | 1,293,027 | $ | 1,226,384 | 5.4 | 4.9 | |||||||
Adjusted Total gross margin (1) | 14.9 | 14.9 | |||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,430 | $ | 1,423 | 0.5 | 0.1 | |||||||
SG&A expenses | $ | 949,210 | $ | 916,674 | 3.5 | 3.1 | |||||||
Adjusted SG&A expenses (1) | $ | 964,637 | $ | 907,909 | 6.2 | 5.7 | |||||||
SG&A as % revenues | 10.9 | 11.2 | |||||||||||
Adjusted SG&A as % revenues (1) | 11.1 | 11.1 | |||||||||||
SG&A as % gross profit | 73.4 | 75.1 | |||||||||||
Adjusted SG&A as % gross profit (1) | 74.6 | 74.0 | |||||||||||
Operating margin % | 3.1 | 3.1 | |||||||||||
Adjusted operating margin % (1) | 3.2 | 3.4 | |||||||||||
Pretax margin % | 1.9 | 2.0 | |||||||||||
Adjusted pretax margin % (1) | 2.0 | 2.3 |
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (43,335 | ) | $ | (38,659 | ) | 12.1 | 11.7 | |||||
Floorplan assistance | 34,516 | 35,745 | (3.4 | ) | (3.6 | ) | |||||||
Net floorplan expense | $ | (8,819 | ) | $ | (2,914 | ) | 202.6 | 198.3 | |||||
Other interest expense, net | $ | (57,374 | ) | $ | (52,188 | ) | 9.9 | 9.6 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store U.S. (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Three Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,168,356 | $ | 1,277,933 | (8.6 | ) | |||||
Used vehicle retail sales | 556,910 | 552,925 | 0.7 | ||||||||
Used vehicle wholesale sales | 39,451 | 61,896 | (36.3 | ) | |||||||
Total used | 596,361 | 614,821 | (3.0 | ) | |||||||
Parts and service | 285,334 | 279,191 | 2.2 | ||||||||
Finance, insurance and other, net | 98,868 | 95,016 | 4.1 | ||||||||
Total | $ | 2,148,919 | $ | 2,266,961 | (5.2 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.8 | 5.1 | |||||||||
Used vehicle retail sales | 6.6 | 6.7 | |||||||||
Used vehicle wholesale sales | 1.0 | (0.2 | ) | ||||||||
Total used | 6.2 | 6.0 | |||||||||
Parts and service | 53.9 | 53.8 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 16.1 | 15.3 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 55,745 | $ | 65,518 | (14.9 | ) | |||||
Used vehicle retail sales | 36,505 | 37,316 | (2.2 | ) | |||||||
Used vehicle wholesale sales | 409 | (130 | ) | 414.6 | |||||||
Total used | 36,914 | 37,186 | (0.7 | ) | |||||||
Parts and service | 153,657 | 150,073 | 2.4 | ||||||||
Finance, insurance and other, net | 98,868 | 95,016 | 4.1 | ||||||||
Total | $ | 345,184 | $ | 347,793 | (0.8 | ) | |||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 31,275 | 34,860 | (10.3 | ) | |||||||
Retail used vehicles sold | 27,406 | 25,980 | 5.5 | ||||||||
Wholesale used vehicles sold | 6,932 | 9,638 | (28.1 | ) | |||||||
Total used | 34,338 | 35,618 | (3.6 | ) | |||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 37,358 | $ | 36,659 | 1.9 | ||||||
Used vehicle retail | $ | 20,321 | $ | 21,283 | (4.5 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,782 | $ | 1,879 | (5.2 | ) | |||||
Used vehicle retail sales | 1,332 | 1,436 | (7.2 | ) | |||||||
Used vehicle wholesale sales | 59 | (13 | ) | 553.8 | |||||||
Total used | 1,075 | 1,044 | 3.0 | ||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,685 | $ | 1,562 | 7.9 |
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 98,868 | $ | 101,566 | (2.7 | ) | |||||
Adjusted Total revenue (2) | $ | 2,148,919 | $ | 2,273,511 | (5.5 | ) | |||||
Adjusted Total gross profit (2) | $ | 345,184 | $ | 354,343 | (2.6 | ) | |||||
Adjusted Total gross margin (2) | 16.1 | 15.6 | — | ||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,685 | $ | 1,669 | 1.0 | ||||||
SG&A expenses | $ | 239,268 | $ | 257,330 | (7.0 | ) | |||||
Adjusted SG&A expenses (2) | $ | 243,036 | $ | 247,663 | (1.9 | ) | |||||
SG&A as % revenues | 11.1 | 11.4 | |||||||||
Adjusted SG&A as % revenues (2) | 11.3 | 10.9 | |||||||||
SG&A as % gross profit | 69.3 | 74.0 | |||||||||
Adjusted SG&A as % gross profit (2) | 70.4 | 69.9 | |||||||||
Operating margin % | 3.3 | 3.0 | |||||||||
Adjusted operating margin % (2) | 4.1 | 4.2 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store U.S. (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 3,357,715 | $ | 3,435,980 | (2.3 | ) | |||||
Used vehicle retail sales | 1,690,460 | 1,609,804 | 5.0 | ||||||||
Used vehicle wholesale sales | 133,389 | 198,628 | (32.8 | ) | |||||||
Total used | 1,823,849 | 1,808,432 | 0.9 | ||||||||
Parts and service | 850,231 | 831,905 | 2.2 | ||||||||
Finance, insurance and other, net | 288,317 | 274,338 | 5.1 | ||||||||
Total | $ | 6,320,112 | $ | 6,350,655 | (0.5 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.8 | 5.0 | |||||||||
Used vehicle retail sales | 6.3 | 7.0 | |||||||||
Used vehicle wholesale sales | 2.5 | (0.1 | ) | ||||||||
Total used | 6.1 | 6.2 | |||||||||
Parts and service | 53.7 | 53.8 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 16.1 | 15.9 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 162,465 | $ | 173,509 | (6.4 | ) | |||||
Used vehicle retail sales | 107,251 | 111,896 | (4.2 | ) | |||||||
Used vehicle wholesale sales | 3,395 | (220 | ) | 1,643.2 | |||||||
Total used | 110,646 | 111,676 | (0.9 | ) | |||||||
Parts and service | 456,654 | 447,420 | 2.1 | ||||||||
Finance, insurance and other, net | 288,317 | 274,338 | 5.1 | ||||||||
Total | $ | 1,018,082 | $ | 1,006,943 | 1.1 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 89,255 | 93,088 | (4.1 | ) | |||||||
Retail used vehicles sold | 82,235 | 76,078 | 8.1 | ||||||||
Wholesale used vehicles sold | 23,288 | 29,300 | (20.5 | ) | |||||||
Total used | 105,523 | 105,378 | 0.1 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 37,619 | $ | 36,911 | 1.9 | ||||||
Used vehicle retail | $ | 20,556 | $ | 21,160 | (2.9 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,820 | $ | 1,864 | (2.4 | ) | |||||
Used vehicle retail sales | 1,304 | 1,471 | (11.4 | ) | |||||||
Used vehicle wholesale sales | 146 | (8 | ) | 1,925.0 | |||||||
Total used | 1,049 | 1,060 | (1.0 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 1,681 | $ | 1,622 | 3.6 |
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 288,317 | $ | 280,888 | 2.6 | ||||||
Adjusted Total revenue (2) | $ | 6,320,112 | $ | 6,357,205 | (0.6 | ) | |||||
Adjusted Total gross profit (2) | $ | 1,018,082 | $ | 1,013,493 | 0.5 | ||||||
Adjusted Total gross margin (2) | 16.1 | 15.9 | |||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,681 | $ | 1,660 | 1.3 | ||||||
SG&A expenses | $ | 735,914 | $ | 735,942 | — | ||||||
Adjusted SG&A expenses (2) | $ | 731,870 | $ | 727,465 | 0.6 | ||||||
SG&A as % revenues | 11.6 | 11.6 | |||||||||
Adjusted SG&A as % revenues (2) | 11.6 | 11.4 | |||||||||
SG&A as % gross profit | 72.3 | 73.1 | |||||||||
Adjusted SG&A as % gross profit (2) | 71.9 | 71.8 | |||||||||
Operating margin % | 3.4 | 3.6 | |||||||||
Adjusted operating margin % (2) | 3.9 | 3.9 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store U.K. (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 236,127 | $ | 319,782 | (26.2 | ) | (25.3 | ) | |||||
Used vehicle retail sales | 166,503 | 146,611 | 13.6 | 14.3 | |||||||||
Used vehicle wholesale sales | 36,763 | 35,808 | 2.7 | 3.4 | |||||||||
Total used | 203,266 | 182,419 | 11.4 | 12.2 | |||||||||
Parts and service | 46,187 | 43,851 | 5.3 | 5.9 | |||||||||
Finance, insurance and other, net | 10,809 | 11,706 | (7.7 | ) | (6.7 | ) | |||||||
Total | $ | 496,389 | $ | 557,758 | (11.0 | ) | (10.1 | ) | |||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.6 | 5.2 | |||||||||||
Used vehicle retail sales | 5.4 | 5.0 | |||||||||||
Used vehicle wholesale sales | (1.7 | ) | (0.8 | ) | |||||||||
Total used | 4.1 | 3.9 | |||||||||||
Parts and service | 55.6 | 57.5 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 11.7 | 10.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 13,224 | $ | 16,625 | (20.5 | ) | (19.3 | ) | |||||
Used vehicle retail sales | 8,918 | 7,384 | 20.8 | 21.5 | |||||||||
Used vehicle wholesale sales | (623 | ) | (280 | ) | (122.5 | ) | (117.2 | ) | |||||
Total used | 8,295 | 7,104 | 16.8 | 17.7 | |||||||||
Parts and service | 25,701 | 25,208 | 2.0 | 2.6 | |||||||||
Finance, insurance and other, net | 10,809 | 11,706 | (7.7 | ) | (6.7 | ) | |||||||
Total | $ | 58,029 | $ | 60,643 | (4.3 | ) | (3.4 | ) | |||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 8,121 | 10,341 | (21.5 | ) | |||||||||
Retail used vehicles sold | 6,982 | 6,483 | 7.7 | ||||||||||
Wholesale used vehicles sold | 4,697 | 4,594 | 2.2 | ||||||||||
Total used | 11,679 | 11,077 | 5.4 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 29,076 | $ | 30,924 | (6.0 | ) | (4.9 | ) | |||||
Used vehicle retail | $ | 23,847 | $ | 22,615 | 5.4 | 6.1 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,628 | $ | 1,608 | 1.2 | 2.8 | |||||||
Used vehicle retail sales | 1,277 | 1,139 | 12.1 | 12.8 | |||||||||
Used vehicle wholesale sales | (133 | ) | (61 | ) | (118.0 | ) | (112.4 | ) | |||||
Total used | 710 | 641 | 10.8 | 11.7 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 716 | $ | 696 | 2.9 | 3.9 | |||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 50,901 | $ | 49,651 | 2.5 | 3.2 | |||||||
SG&A as % revenues | 10.3 | 8.9 | |||||||||||
SG&A as % gross profit | 87.7 | 81.9 | |||||||||||
Operating margin % | 0.9 | 1.6 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store U.K. (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 760,304 | $ | 806,364 | (5.7 | ) | (10.8 | ) | |||||
Used vehicle retail sales | 462,087 | 388,892 | 18.8 | 12.7 | |||||||||
Used vehicle wholesale sales | 107,775 | 96,470 | 11.7 | 5.7 | |||||||||
Total used | 569,862 | 485,362 | 17.4 | 11.3 | |||||||||
Parts and service | 130,198 | 117,105 | 11.2 | 5.3 | |||||||||
Finance, insurance and other, net | 33,339 | 30,413 | 9.6 | 4.0 | |||||||||
Total | $ | 1,493,703 | $ | 1,439,244 | 3.8 | (1.7 | ) | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.4 | 5.5 | |||||||||||
Used vehicle retail sales | 5.1 | 5.0 | |||||||||||
Used vehicle wholesale sales | (1.5 | ) | (0.8 | ) | |||||||||
Total used | 3.9 | 3.8 | |||||||||||
Parts and service | 56.9 | 57.7 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 11.4 | 11.2 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 41,058 | $ | 44,623 | (8.0 | ) | (12.7 | ) | |||||
Used vehicle retail sales | 23,563 | 19,404 | 21.4 | 15.1 | |||||||||
Used vehicle wholesale sales | (1,601 | ) | (764 | ) | (109.6 | ) | (102.7 | ) | |||||
Total used | 21,962 | 18,640 | 17.8 | 11.5 | |||||||||
Parts and service | 74,110 | 67,596 | 9.6 | 3.9 | |||||||||
Finance, insurance and other, net | 33,339 | 30,413 | 9.6 | 4.0 | |||||||||
Total | $ | 170,469 | $ | 161,272 | 5.7 | 0.2 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 24,507 | 27,057 | (9.4 | ) | |||||||||
Retail used vehicles sold | 18,844 | 17,819 | 5.8 | ||||||||||
Wholesale used vehicles sold | 13,517 | 12,840 | 5.3 | ||||||||||
Total used | 32,361 | 30,659 | 5.6 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,024 | $ | 29,802 | 4.1 | (1.5 | ) | ||||||
Used vehicle retail | $ | 24,522 | $ | 21,825 | 12.4 | 6.5 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,675 | $ | 1,649 | 1.6 | (3.7 | ) | ||||||
Used vehicle retail sales | 1,250 | 1,089 | 14.8 | 8.9 | |||||||||
Used vehicle wholesale sales | (118 | ) | (60 | ) | (96.7 | ) | (92.5 | ) | |||||
Total used | 679 | 608 | 11.7 | 5.7 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 769 | $ | 678 | 13.4 | 7.7 | |||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 144,035 | $ | 132,667 | 8.6 | 2.8 | |||||||
Adjusted SG&A expenses (2) | $ | 144,035 | $ | 132,379 | 8.8 | 3.0 | |||||||
SG&A as % revenues | 9.6 | 9.2 | |||||||||||
Adjusted SG&A as % revenues (2) | 9.6 | 9.2 | |||||||||||
SG&A as % gross profit | 84.5 | 82.3 | |||||||||||
Adjusted SG&A as % gross profit (2) | 84.5 | 82.1 | |||||||||||
Operating margin % | 1.3 | 1.6 | |||||||||||
Adjusted operating margin % (2) | 1.3 | 1.6 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store Brazil (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 59,951 | $ | 79,203 | (24.3 | ) | (5.5 | ) | |||||
Used vehicle retail sales | 19,679 | 22,930 | (14.2 | ) | 6.7 | ||||||||
Used vehicle wholesale sales | 3,957 | 2,818 | 40.4 | 76.1 | |||||||||
Total used | 23,636 | 25,748 | (8.2 | ) | 14.3 | ||||||||
Parts and service | 10,802 | 12,495 | (13.5 | ) | 7.6 | ||||||||
Finance, insurance and other, net | 2,029 | 2,162 | (6.2 | ) | 17.2 | ||||||||
Total | $ | 96,418 | $ | 119,608 | (19.4 | ) | 0.5 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 8.2 | 5.7 | |||||||||||
Used vehicle retail sales | 6.5 | 7.4 | |||||||||||
Used vehicle wholesale sales | 3.9 | 7.7 | |||||||||||
Total used | 6.1 | 7.4 | |||||||||||
Parts and service | 44.3 | 45.5 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 13.7 | 11.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 4,930 | $ | 4,505 | 9.4 | 36.4 | |||||||
Used vehicle retail sales | 1,283 | 1,693 | (24.2 | ) | (6.1 | ) | |||||||
Used vehicle wholesale sales | 155 | 216 | (28.2 | ) | (10.2 | ) | |||||||
Total used | 1,438 | 1,909 | (24.7 | ) | (6.6 | ) | |||||||
Parts and service | 4,787 | 5,681 | (15.7 | ) | 4.9 | ||||||||
Finance, insurance and other, net | 2,029 | 2,162 | (6.2 | ) | 17.2 | ||||||||
Total | $ | 13,184 | $ | 14,257 | (7.5 | ) | 15.2 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 1,986 | 2,179 | (8.9 | ) | |||||||||
Retail used vehicles sold | 1,027 | 1,034 | (0.7 | ) | |||||||||
Wholesale used vehicles sold | 359 | 242 | 48.3 | ||||||||||
Total used | 1,386 | 1,276 | 8.6 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 30,187 | $ | 36,348 | (17.0 | ) | 3.6 | ||||||
Used vehicle retail | $ | 19,162 | $ | 22,176 | (13.6 | ) | 7.4 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,482 | $ | 2,067 | 20.1 | 49.7 | |||||||
Used vehicle retail sales | 1,249 | 1,637 | (23.7 | ) | (5.5 | ) | |||||||
Used vehicle wholesale sales | 432 | 893 | (51.6 | ) | (39.4 | ) | |||||||
Total used | 1,038 | 1,496 | (30.6 | ) | (14.0 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 673 | $ | 673 | — | 25.0 | |||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 13,725 | $ | 12,794 | 7.3 | 34.8 | |||||||
Adjusted SG&A expenses (2) | $ | 11,218 | $ | 12,794 | (12.3 | ) | 9.4 | ||||||
SG&A as % revenues | 14.2 | 10.7 | |||||||||||
Adjusted SG&A as % revenues (2) | 11.6 | 10.7 | |||||||||||
SG&A as % gross profit | 104.1 | 89.7 | |||||||||||
Adjusted SG&A as % gross profit (2) | 85.1 | 89.7 | |||||||||||
Operating margin % | (0.9 | ) | 0.9 | ||||||||||
Adjusted operating margin % (2) | 1.7 | 0.9 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store Brazil (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 196,338 | $ | 210,873 | (6.9 | ) | 4.9 | ||||||
Used vehicle retail sales | 65,139 | 66,081 | (1.4 | ) | 10.8 | ||||||||
Used vehicle wholesale sales | 11,345 | 8,357 | 35.8 | 55.2 | |||||||||
Total used | 76,484 | 74,438 | 2.7 | 15.8 | |||||||||
Parts and service | 33,593 | 35,480 | (5.3 | ) | 6.8 | ||||||||
Finance, insurance and other, net | 5,868 | 6,043 | (2.9 | ) | 10.4 | ||||||||
Total | $ | 312,283 | $ | 326,834 | (4.5 | ) | 7.7 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.6 | 5.8 | |||||||||||
Used vehicle retail sales | 6.2 | 7.3 | |||||||||||
Used vehicle wholesale sales | 3.3 | 8.0 | |||||||||||
Total used | 5.7 | 7.4 | |||||||||||
Parts and service | 44.6 | 45.6 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.2 | 12.2 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 12,879 | $ | 12,193 | 5.6 | 20.6 | |||||||
Used vehicle retail sales | 4,011 | 4,821 | (16.8 | ) | (6.3 | ) | |||||||
Used vehicle wholesale sales | 372 | 669 | (44.4 | ) | (37.7 | ) | |||||||
Total used | 4,383 | 5,490 | (20.2 | ) | (10.1 | ) | |||||||
Parts and service | 14,990 | 16,180 | (7.4 | ) | 4.4 | ||||||||
Finance, insurance and other, net | 5,868 | 6,043 | (2.9 | ) | 10.4 | ||||||||
Total | $ | 38,120 | $ | 39,906 | (4.5 | ) | 8.3 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 6,116 | 6,035 | 1.3 | ||||||||||
Retail used vehicles sold | 3,094 | 3,003 | 3.0 | ||||||||||
Wholesale used vehicles sold | 1,030 | 748 | 37.7 | ||||||||||
Total used | 4,124 | 3,751 | 9.9 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 32,102 | $ | 34,942 | (8.1 | ) | 3.5 | ||||||
Used vehicle retail | $ | 21,053 | $ | 22,005 | (4.3 | ) | 7.6 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,106 | $ | 2,020 | 4.3 | 19.0 | |||||||
Used vehicle retail sales | 1,296 | 1,605 | (19.3 | ) | (9.1 | ) | |||||||
Used vehicle wholesale sales | 361 | 894 | (59.6 | ) | (54.7 | ) | |||||||
Total used | 1,063 | 1,464 | (27.4 | ) | (18.3 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 637 | $ | 669 | (4.8 | ) | 8.4 | ||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 36,578 | $ | 36,139 | 1.2 | 15.7 | |||||||
Adjusted SG&A expenses (2) | $ | 33,644 | $ | 36,139 | (6.9 | ) | 5.3 | ||||||
SG&A as % revenues | 11.7 | 11.1 | |||||||||||
Adjusted SG&A as % revenues (2) | 10.8 | 11.1 | |||||||||||
SG&A as % gross profit | 96.0 | 90.6 | |||||||||||
Adjusted SG&A as % gross profit (2) | 88.3 | 90.6 | |||||||||||
Operating margin % | 0.1 | 0.8 | |||||||||||
Adjusted operating margin % (2) | 1.0 | 0.8 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store Consolidated (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 1,464,434 | $ | 1,676,918 | (12.7 | ) | (11.6 | ) | ||||||
Used vehicle retail sales | 743,092 | 722,466 | 2.9 | 3.7 | ||||||||||
Used vehicle wholesale sales | 80,171 | 100,522 | (20.2 | ) | (19.0 | ) | ||||||||
Total used | 823,263 | 822,988 | — | 0.9 | ||||||||||
Parts and service | 342,323 | 335,537 | 2.0 | 2.9 | ||||||||||
Finance, insurance and other, net | 111,706 | 108,884 | 2.6 | 3.2 | ||||||||||
Total | $ | 2,741,726 | $ | 2,944,327 | (6.9 | ) | (5.9 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.0 | 5.2 | ||||||||||||
Used vehicle retail sales | 6.3 | 6.4 | ||||||||||||
Used vehicle wholesale sales | (0.1 | ) | (0.2 | ) | ||||||||||
Total used | 5.7 | 5.6 | ||||||||||||
Parts and service | 53.8 | 53.9 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 15.2 | 14.4 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 73,899 | $ | 86,648 | (14.7 | ) | (13.1 | ) | ||||||
Used vehicle retail sales | 46,706 | 46,393 | 0.7 | 1.5 | ||||||||||
Used vehicle wholesale sales | (59 | ) | (194 | ) | 69.6 | 97.7 | ||||||||
Total used | 46,647 | 46,199 | 1.0 | 1.9 | ||||||||||
Parts and service | 184,145 | 180,962 | 1.8 | 2.5 | ||||||||||
Finance, insurance and other, net | 111,706 | 108,884 | 2.6 | 3.2 | ||||||||||
Total | $ | 416,397 | $ | 422,693 | (1.5 | ) | (0.6 | ) | ||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 41,382 | 47,380 | (12.7 | ) | ||||||||||
Retail used vehicles sold | 35,415 | 33,497 | 5.7 | |||||||||||
Wholesale used vehicles sold | 11,988 | 14,474 | (17.2 | ) | ||||||||||
Total used | 47,403 | 47,971 | (1.2 | ) | ||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 35,388 | $ | 35,393 | — | 1.2 | ||||||||
Used vehicle retail | $ | 20,982 | $ | 21,568 | (2.7 | ) | (1.9 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,786 | $ | 1,829 | (2.4 | ) | (0.5 | ) | ||||||
Used vehicle retail sales | 1,319 | 1,385 | (4.8 | ) | (4.0 | ) | ||||||||
Used vehicle wholesale sales | (5 | ) | (13 | ) | 61.5 | 97.3 | ||||||||
Total used | 984 | 963 | 2.2 | 3.1 | ||||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,455 | $ | 1,346 | 8.1 | 8.6 |
OTHER: | ||||||||||||||
Adjusted Finance, insurance and other revenue, net(2), (3) | $ | 111,706 | $ | 115,434 | (3.2 | ) | (2.7 | ) | ||||||
Adjusted Total revenue (2) | $ | 2,741,726 | $ | 2,950,877 | (7.1 | ) | (6.1 | ) | ||||||
Adjusted Total gross profit (2) | $ | 416,397 | $ | 429,243 | (3.0 | ) | (2.1 | ) | ||||||
Adjusted Total gross margin (2) | 15.2 | 14.5 | ||||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,455 | $ | 1,427 | 2.0 | 2.5 | ||||||||
SG&A expenses | $ | 303,894 | $ | 319,775 | (5.0 | ) | (3.8 | ) | ||||||
Adjusted SG&A expenses (2) | $ | 305,155 | $ | 310,108 | (1.6 | ) | (0.6 | ) | ||||||
SG&A as % revenues | 11.1 | 10.9 | ||||||||||||
Adjusted SG&A as % revenues (2) | 11.1 | 10.5 | ||||||||||||
SG&A as % gross profit | 73.0 | 75.7 | ||||||||||||
Adjusted SG&A as % gross profit (2) | 73.3 | 72.2 | ||||||||||||
Operating margin % | 2.7 | 2.7 | ||||||||||||
Adjusted operating margin % (2) | 3.5 | 3.5 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store Consolidated (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | % Increase/ (Decrease) | Constant Currency (2) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 4,314,357 | $ | 4,453,217 | (3.1 | ) | (3.5 | ) | ||||||
Used vehicle retail sales | 2,217,686 | 2,064,777 | 7.4 | 6.6 | ||||||||||
Used vehicle wholesale sales | 252,509 | 303,455 | (16.8 | ) | (18.2 | ) | ||||||||
Total used | 2,470,195 | 2,368,232 | 4.3 | 3.5 | ||||||||||
Parts and service | 1,014,022 | 984,490 | 3.0 | 2.7 | ||||||||||
Finance, insurance and other, net | 327,524 | 310,794 | 5.4 | 5.1 | ||||||||||
Total | $ | 8,126,098 | $ | 8,116,733 | 0.1 | (0.4 | ) | |||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.0 | 5.2 | ||||||||||||
Used vehicle retail sales | 6.1 | 6.6 | ||||||||||||
Used vehicle wholesale sales | 0.9 | (0.1 | ) | |||||||||||
Total used | 5.5 | 5.7 | ||||||||||||
Parts and service | 53.8 | 54.0 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 15.1 | 14.9 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 216,402 | $ | 230,325 | (6.0 | ) | (6.2 | ) | ||||||
Used vehicle retail sales | 134,825 | 136,121 | (1.0 | ) | (1.5 | ) | ||||||||
Used vehicle wholesale sales | 2,166 | (315 | ) | 787.6 | 819.3 | |||||||||
Total used | 136,991 | 135,806 | 0.9 | 0.4 | ||||||||||
Parts and service | 545,754 | 531,196 | 2.7 | 2.4 | ||||||||||
Finance, insurance and other, net | 327,524 | 310,794 | 5.4 | 5.1 | ||||||||||
Total | $ | 1,226,671 | $ | 1,208,121 | 1.5 | 1.2 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 119,878 | 126,180 | (5.0 | ) | ||||||||||
Retail used vehicles sold | 104,173 | 96,900 | 7.5 | |||||||||||
Wholesale used vehicles sold | 37,835 | 42,888 | (11.8 | ) | ||||||||||
Total used | 142,008 | 139,788 | 1.6 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 35,990 | $ | 35,293 | 2.0 | 1.6 | ||||||||
Used vehicle retail | $ | 21,288 | $ | 21,308 | (0.1 | ) | (0.8 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,805 | $ | 1,825 | (1.1 | ) | (1.2 | ) | ||||||
Used vehicle retail sales | 1,294 | 1,405 | (7.9 | ) | (8.4 | ) | ||||||||
Used vehicle wholesale sales | 57 | (7 | ) | 914.3 | 915.3 | |||||||||
Total used | 965 | 972 | (0.7 | ) | (1.2 | ) | ||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,462 | $ | 1,393 | 5.0 | 4.6 |
OTHER: | ||||||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 327,524 | $ | 317,344 | 3.2 | 2.9 | ||||||||
Adjusted Total revenue (2) | $ | 8,126,098 | $ | 8,123,283 | — | (0.4 | ) | |||||||
Adjusted Total gross profit (2) | $ | 1,226,671 | $ | 1,214,671 | 1.0 | 0.7 | ||||||||
Adjusted Total gross margin (2) | 15.1 | 15.0 | ||||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,462 | $ | 1,423 | 2.7 | 2.5 | ||||||||
SG&A expenses | $ | 916,527 | $ | 904,748 | 1.3 | 1.0 | ||||||||
Adjusted SG&A expenses (2) | $ | 909,549 | $ | 895,983 | 1.5 | 1.2 | ||||||||
SG&A as % revenues | 11.3 | 11.1 | ||||||||||||
Adjusted SG&A as % revenues (2) | 11.2 | 11.0 | ||||||||||||
SG&A as % gross profit | 74.7 | 74.9 | ||||||||||||
Adjusted SG&A as % gross profit (2) | 74.1 | 73.8 | ||||||||||||
Operating margin % | 2.9 | 3.1 | ||||||||||||
Adjusted operating margin % (2) | 3.3 | 3.4 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 101,610 | $ | 96,383 | 5.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 101,610 | $ | 102,933 | (1.3 | ) | |||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,200,230 | $ | 2,301,959 | (4.4 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 2,200,230 | $ | 2,308,509 | (4.7 | ) | |||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 352,471 | $ | 353,567 | (0.3 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 352,471 | $ | 360,117 | (2.1 | ) | |||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 242,210 | $ | 261,787 | (7.5 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | (8,149 | ) | ||||||||
Gain (loss) on real estate and dealership transactions | 5,394 | (798 | ) | ||||||||
Legal settlements | 1,396 | (720 | ) | ||||||||
Adjusted SG&A (1) | $ | 249,000 | $ | 252,120 | (1.2 | ) | |||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 16.0 | 15.4 | |||||||||
Adjusted (1) | 16.0 | 15.6 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,688 | $ | 1,566 | 7.8 | ||||||
Adjusted (1) | $ | 1,688 | $ | 1,673 | 0.9 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.0 | 11.4 | |||||||||
Adjusted (1) | 11.3 | 11.0 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 68.7 | 74.0 | |||||||||
Adjusted (1) | 70.6 | 70.0 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.3 | 3.0 | |||||||||
Adjusted (1), (2) | 4.1 | 4.1 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 2.0 | 1.8 | |||||||||
Adjusted (1), (2) | 2.7 | 2.9 |
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 98,868 | $ | 95,016 | 4.1 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 98,868 | $ | 101,566 | (2.7 | ) | |||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,148,919 | $ | 2,266,961 | (5.2 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 2,148,919 | $ | 2,273,511 | (5.5 | ) | |||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 345,184 | $ | 347,793 | (0.8 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 345,184 | $ | 354,343 | (2.6 | ) | |||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 239,268 | $ | 257,330 | (7.0 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | (8,149 | ) | ||||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | ||||||||
Legal settlements | 1,396 | (720 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 243,036 | $ | 247,663 | (1.9 | ) | |||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 16.1 | 15.3 | |||||||||
Adjusted (1) | 16.1 | 15.6 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,685 | $ | 1,562 | 7.9 | ||||||
Adjusted (1) | $ | 1,685 | $ | 1,669 | 1.0 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.1 | 11.4 | |||||||||
Adjusted (1) | 11.3 | 10.9 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 69.3 | 74.0 | |||||||||
Adjusted (1) | 70.4 | 69.9 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.3 | 3.0 | |||||||||
Adjusted (1), (3) | 4.1 | 4.2 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 295,239 | $ | 276,754 | 6.7 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 295,239 | $ | 283,304 | 4.2 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 6,456,717 | $ | 6,393,368 | 1.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 6,456,717 | $ | 6,399,918 | 0.9 | ||||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,038,826 | $ | 1,014,636 | 2.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 1,038,826 | $ | 1,021,186 | 1.7 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 729,430 | $ | 741,904 | (1.7 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (5,812 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 25,513 | (798 | ) | ||||||||
Legal settlements | (604 | ) | 1,113 | ||||||||
Adjusted SG&A (1) | $ | 748,527 | $ | 733,427 | 2.1 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 16.1 | 15.9 | |||||||||
Adjusted (1) | 16.1 | 16.0 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,687 | $ | 1,628 | 3.6 | ||||||
Adjusted (1) | $ | 1,687 | $ | 1,667 | 1.2 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.3 | 11.6 | |||||||||
Adjusted (1) | 11.6 | 11.5 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 70.2 | 73.1 | |||||||||
Adjusted (1) | 72.1 | 71.8 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.8 | 3.6 | |||||||||
Adjusted (1), (2) | 3.9 | 3.9 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 2.4 | 2.2 | |||||||||
Adjusted (1), (2) | 2.5 | 2.6 |
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 288,317 | $ | 274,338 | 5.1 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 288,317 | $ | 280,888 | 2.6 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 6,320,112 | $ | 6,350,655 | (0.5 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 6,320,112 | $ | 6,357,205 | (0.6 | ) | |||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,018,082 | $ | 1,006,943 | 1.1 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 1,018,082 | $ | 1,013,493 | 0.5 | ||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 735,914 | $ | 735,942 | — | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (5,812 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | ||||||||
Legal settlements | (604 | ) | 1,113 | ||||||||
Adjusted Same Store SG&A (1) | $ | 731,870 | $ | 727,465 | 0.6 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 16.1 | 15.9 | |||||||||
Adjusted (1) | 16.1 | 15.9 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,681 | $ | 1,622 | 3.6 | ||||||
Adjusted (1) | $ | 1,681 | $ | 1,660 | 1.3 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.6 | 11.6 | |||||||||
Adjusted (1) | 11.6 | 11.4 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 72.3 | 73.1 | |||||||||
Adjusted (1) | 71.9 | 71.8 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.4 | 3.6 | |||||||||
Adjusted (1), (3) | 3.9 | 3.9 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 181,558 | $ | 137,475 | 32.1 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (288 | ) | |||||||||
Adjusted SG&A (1) | $ | 181,558 | $ | 137,187 | 32.3 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 9.5 | 9.3 | ||||||||||
Adjusted (1) | 9.5 | 9.3 | ||||||||||
SG&A AS % OF GROSS PROFIT: | ||||||||||||
Unadjusted | 84.5 | 83.4 | ||||||||||
Adjusted (1) | 84.5 | 83.2 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 1.3 | 1.5 | ||||||||||
Adjusted (1) | 1.3 | 1.5 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 0.8 | 1.1 | ||||||||||
Adjusted (1) | 0.8 | 1.1 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 144,035 | $ | 132,667 | 8.6 | |||||||
Pre-tax adjustments: | ||||||||||||
Acquisition costs | — | (288 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 144,035 | $ | 132,379 | 8.8 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 9.6 | 9.2 | ||||||||||
Adjusted (1) | 9.6 | 9.2 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 84.5 | 82.3 | ||||||||||
Adjusted (1) | 84.5 | 82.1 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 1.3 | 1.6 | ||||||||||
Adjusted (1) | 1.3 | 1.6 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 14,857 | $ | 13,145 | 13.0 | |||||||
Pre-tax adjustments: | ||||||||||||
Legal settlements | (3,120 | ) | — | |||||||||
Adjusted SG&A (1) | $ | 11,737 | $ | 13,145 | (10.7 | ) | ||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 14.4 | 11.0 | ||||||||||
Adjusted (1) | 11.4 | 11.0 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 106.8 | 92.2 | ||||||||||
Adjusted (1) | 84.4 | 92.2 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | (1.3 | ) | 0.6 | |||||||||
Adjusted (1) | 1.8 | 0.6 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | (1.7 | ) | 0.5 | |||||||||
Adjusted (1) | 1.4 | 0.5 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 13,725 | $ | 12,794 | 7.3 | |||||||
Pre-tax adjustments: | ||||||||||||
Legal settlements | (2,507 | ) | — | |||||||||
Adjusted Same Store SG&A (1) | $ | 11,218 | $ | 12,794 | (12.3 | ) | ||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 14.2 | 10.7 | ||||||||||
Adjusted (1) | 11.6 | 10.7 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 104.1 | 89.7 | ||||||||||
Adjusted (1) | 85.1 | 89.7 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | (0.9 | ) | 0.9 | |||||||||
Adjusted (1) | 1.7 | 0.9 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 38,222 | $ | 37,295 | 2.5 | ||||||
Pre-tax adjustments: | |||||||||||
Legal settlements | (3,670 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 34,552 | $ | 37,295 | (7.4 | ) | |||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.9 | 11.2 | |||||||||
Adjusted (1) | 10.7 | 11.2 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 97.4 | 92.4 | |||||||||
Adjusted (1) | 88.1 | 92.4 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | (0.1 | ) | 0.6 | ||||||||
Adjusted (1) | 1.1 | 0.6 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | (0.5 | ) | 0.4 | ||||||||
Adjusted (1) | 0.7 | 0.4 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 36,578 | $ | 36,139 | 1.2 | ||||||
Pre-tax adjustments: | |||||||||||
Legal settlements | (2,934 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 33,644 | $ | 36,139 | (6.9 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.7 | 11.1 | |||||||||
Adjusted (1) | 10.8 | 11.1 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 96.0 | 90.6 | |||||||||
Adjusted (1) | 88.3 | 90.6 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 0.1 | 0.8 | |||||||||
Adjusted (1) | 1.0 | 0.8 |
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, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
NET INCOME RECONCILIATION: | ||||||||||||
As reported | ||||||||||||
Pretax Net Income | $ | 44,365 | $ | 47,143 | ||||||||
Income Tax Provision | (9,587 | ) | (17,262 | ) | ||||||||
Net Income | $ | 34,778 | $ | 29,881 | 16.4 | |||||||
Effective Tax Rate | 21.6 | % | 36.6 | % | ||||||||
Adjustments: | ||||||||||||
Catastrophic events | ||||||||||||
Pre-tax | — | 14,699 | ||||||||||
Tax impact | — | (5,677 | ) | |||||||||
(Gain) loss on real estate and dealership transactions | ||||||||||||
Pre-tax | (5,394 | ) | 798 | |||||||||
Tax impact | 1,249 | (301 | ) | |||||||||
Legal settlements | ||||||||||||
Pre-tax | 1,724 | 720 | ||||||||||
Tax impact | (118 | ) | (270 | ) | ||||||||
Non-cash asset impairment | ||||||||||||
Pre-tax | 23,159 | 9,526 | ||||||||||
Tax impact | (5,504 | ) | (3,579 | ) | ||||||||
Allowance for uncertain tax positions | ||||||||||||
Pre-tax | — | — | ||||||||||
Tax impact | — | 834 | ||||||||||
Tax rate changes | ||||||||||||
Pre-tax | — | — | ||||||||||
Tax impact | (705 | ) | — | |||||||||
Adjusted | ||||||||||||
Pretax Net Income | $ | 63,854 | $ | 72,886 | ||||||||
Income Tax Provision | (14,665 | ) | (26,255 | ) | ||||||||
Adjusted net income (1) | $ | 49,189 | $ | 46,631 | 5.5 | |||||||
Effective Tax Rate | 23.0 | % | 36.0 | % | ||||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED | ||||||||||||
COMMON SHARES RECONCILIATION: | ||||||||||||
Adjusted net income (1) | $ | 49,189 | $ | 46,631 | 5.5 | |||||||
Less: Adjusted earnings allocated to participating securities | 1,676 | 1,603 | 4.6 | |||||||||
Adjusted net income available to diluted common shares (1) | $ | 47,513 | $ | 45,028 | 5.5 | |||||||
DILUTED (LOSS) INCOME PER COMMON SHARE RECONCILIATION: | ||||||||||||
As reported | $ | 1.74 | $ | 1.43 | 21.7 | |||||||
After-tax adjustments: | ||||||||||||
Catastrophic events | — | 0.44 | ||||||||||
(Gain) loss on real estate and dealership transactions | (0.21 | ) | 0.02 | |||||||||
Legal settlements | 0.08 | 0.02 | ||||||||||
Non-cash asset impairment | 0.89 | 0.28 | ||||||||||
Allowance for uncertain tax positions | — | 0.04 | ||||||||||
Tax rate changes | (0.03 | ) | — | |||||||||
Adjusted diluted income per share (1) | $ | 2.47 | $ | 2.23 | 10.8 |
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | ||||||||||||
As reported | $ | 116,084 | $ | 110,993 | 4.6 | |||||||
Pre-tax adjustments: | — | — | ||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 116,084 | $ | 117,543 | (1.2 | ) | ||||||
TOTAL REVENUES RECONCILIATION: | ||||||||||||
As reported | $ | 2,889,058 | $ | 3,012,292 | (4.1 | ) | ||||||
Pre-tax adjustments: | — | — | ||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Total Revenues (1) | $ | 2,889,058 | $ | 3,018,842 | (4.3 | ) | ||||||
TOTAL GROSS PROFIT RECONCILIATION: | ||||||||||||
As reported | $ | 435,101 | $ | 431,420 | 0.9 | |||||||
Pre-tax adjustments: | — | — | ||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Total Gross Profit (1) | $ | 435,101 | $ | 437,970 | (0.7 | ) | ||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 316,771 | $ | 328,327 | (3.5 | ) | ||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | — | (8,149 | ) | |||||||||
Gain (loss) on real estate and dealership transactions | 5,394 | (798 | ) | |||||||||
Legal settlements | (1,724 | ) | (720 | ) | ||||||||
Adjusted SG&A (1) | $ | 320,441 | $ | 318,660 | 0.6 | |||||||
TOTAL GROSS MARGIN %: | ||||||||||||
Unadjusted | 15.1 | 14.3 | ||||||||||
Adjusted (1) | 15.1 | 14.5 | ||||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | ||||||||||||
Unadjusted | $ | 1,429 | $ | 1,343 | 6.4 | |||||||
Adjusted (1) | $ | 1,429 | $ | 1,422 | 0.5 | |||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 11.0 | 10.9 | ||||||||||
Adjusted (1) | 11.1 | 10.6 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 72.8 | 76.1 | ||||||||||
Adjusted (1) | 73.6 | 72.8 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.7 | 2.6 | ||||||||||
Adjusted (1), (2) | 3.4 | 3.5 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.5 | 1.6 | ||||||||||
Adjusted (1), (2) | 2.2 | 2.4 | ||||||||||
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | ||||||||||||
As reported | $ | 111,706 | $ | 108,884 | 2.6 | |||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 111,706 | $ | 115,434 | (3.2 | ) | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | ||||||||||||
As reported | $ | 2,741,726 | $ | 2,944,327 | (6.9 | ) | ||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Total Revenues (1) | $ | 2,741,726 | $ | 2,950,877 | (7.1 | ) | ||||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | ||||||||||||
As reported | $ | 416,397 | $ | 422,693 | (1.5 | ) | ||||||
Pre-tax adjustments: | — | — | ||||||||||
Catastrophic events | — | 6,550 | ||||||||||
Adjusted Total Gross Profit (1) | $ | 416,397 | $ | 429,243 | (3.0 | ) |
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 303,894 | $ | 319,775 | (5.0 | ) | ||||||
Pre-tax adjustments: | ||||||||||||
Catastrophic events | — | (8,149 | ) | |||||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | |||||||||
Legal settlements | (1,111 | ) | (720 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 305,155 | $ | 310,108 | (1.6 | ) | ||||||
SAME STORE TOTAL GROSS MARGIN %: | ||||||||||||
Unadjusted | 15.2 | 14.4 | ||||||||||
Adjusted (1) | 15.2 | 14.5 | ||||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | ||||||||||||
Unadjusted | $ | 1,455 | $ | 1,346 | 8.1 | |||||||
Adjusted (1) | $ | 1,455 | $ | 1,427 | 2.0 | |||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 11.1 | 10.9 | ||||||||||
Adjusted (1) | 11.1 | 10.5 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 73.0 | 75.7 | ||||||||||
Adjusted (1) | 73.3 | 72.2 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 2.7 | 2.7 | ||||||||||
Adjusted (1), (3) | 3.5 | 3.5 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Nine Months Ended September 30, 2018 | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
NET INCOME RECONCILIATION: | |||||||||||
As reported | |||||||||||
Pretax Net Income | $ | 165,720 | $ | 160,029 | |||||||
Income Tax Provision | (38,666 | ) | (57,076 | ) | |||||||
Net Income | $ | 127,054 | $ | 102,953 | 23.4 | ||||||
Effective Tax Rate | 23.3 | % | 35.7 | % | |||||||
Adjustments: | |||||||||||
Catastrophic events | |||||||||||
Pre-tax | 5,812 | 15,341 | |||||||||
Tax impact | (1,444 | ) | (5,926 | ) | |||||||
(Gain) loss on real estate and dealership transactions | |||||||||||
Pre-tax | (25,513 | ) | 798 | ||||||||
Tax impact | 6,166 | (301 | ) | ||||||||
Acquisition costs | |||||||||||
Pre-tax | — | 288 | |||||||||
Tax impact | — | — | |||||||||
Legal settlements | |||||||||||
Pre-tax | 4,274 | (1,113 | ) | ||||||||
Tax impact | (687 | ) | 426 | ||||||||
Non-cash asset impairment | |||||||||||
Pre-tax | 27,427 | 9,526 | |||||||||
Tax impact | (6,593 | ) | (3,579 | ) | |||||||
Allowance for uncertain tax positions | |||||||||||
Pre-tax | — | — | |||||||||
Tax impact | — | 834 | |||||||||
Tax rate changes | |||||||||||
Pre-tax | |||||||||||
Tax impact | (705 | ) | — | ||||||||
Adjusted | |||||||||||
Pretax Net Income | $ | 177,720 | $ | 184,869 | |||||||
Income Tax Provision | (41,929 | ) | (65,622 | ) | |||||||
Adjusted net income (1) | $ | 135,791 | $ | 119,247 | 13.9 | ||||||
Effective Tax Rate | 23.6 | % | 35.5 | % | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED | |||||||||||
COMMON SHARES RECONCILIATION: | |||||||||||
Adjusted net income (1) | $ | 135,791 | $ | 119,247 | 13.9 | ||||||
Less: Adjusted earnings allocated to participating securities | 4,605 | 4,248 | 8.4 | ||||||||
Adjusted net income available to diluted common shares (1) | $ | 131,186 | $ | 114,999 | 14.1 | ||||||
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | |||||||||||
As reported | $ | 6.18 | $ | 4.85 | 27.4 | ||||||
After-tax adjustments: | |||||||||||
Catastrophic events | 0.21 | 0.44 | |||||||||
(Gain) loss on real estate and dealership transactions | (0.94 | ) | 0.03 | ||||||||
Acquisition costs including related tax impact | — | 0.02 | |||||||||
Legal settlements | 0.18 | (0.03 | ) | ||||||||
Non-cash asset impairment | 1.00 | 0.27 | |||||||||
Allowance for uncertain tax positions | — | 0.04 | |||||||||
Tax rate changes | (0.03 | ) | — | ||||||||
Adjusted diluted income per share (1) | $ | 6.60 | $ | 5.62 | 17.4 |
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 343,462 | $ | 314,297 | 9.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 343,462 | $ | 320,847 | 7.0 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 8,692,546 | $ | 8,203,316 | 6.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 8,692,546 | $ | 8,209,866 | 5.9 | ||||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,293,027 | $ | 1,219,834 | 6.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 1,293,027 | $ | 1,226,384 | 5.4 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 949,210 | $ | 916,674 | 3.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (5,812 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 25,513 | (798 | ) | ||||||||
Acquisition costs | — | (288 | ) | ||||||||
Legal settlements | (4,274 | ) | 1,113 | ||||||||
Adjusted SG&A (1) | $ | 964,637 | $ | 907,909 | 6.2 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 14.9 | 14.9 | |||||||||
Adjusted (1) | 14.9 | 14.9 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,430 | $ | 1,394 | 2.6 | ||||||
Adjusted (1) | $ | 1,430 | $ | 1,423 | 0.5 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.9 | 11.2 | |||||||||
Adjusted (1) | 11.1 | 11.1 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 73.4 | 75.1 | |||||||||
Adjusted (1) | 74.6 | 74.0 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.1 | 3.1 | |||||||||
Adjusted (1), (2) | 3.2 | 3.4 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 1.9 | 2.0 | |||||||||
Adjusted (1), (2) | 2.0 | 2.3 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 327,524 | $ | 310,794 | 5.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 327,524 | $ | 317,344 | 3.2 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 8,126,098 | $ | 8,116,733 | 0.1 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Revenues (1) | $ | 8,126,098 | $ | 8,123,283 | — | ||||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,226,671 | $ | 1,208,121 | 1.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | — | 6,550 | |||||||||
Adjusted Total Gross Profit (1) | $ | 1,226,671 | $ | 1,214,671 | 1.0 |
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 916,527 | $ | 904,748 | 1.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (5,812 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | ||||||||
Acquisition costs | — | (288 | ) | ||||||||
Legal settlements | (3,538 | ) | 1,113 | ||||||||
Adjusted Same Store SG&A (1) | $ | 909,549 | $ | 895,983 | 1.5 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.1 | 14.9 | |||||||||
Adjusted (1) | 15.1 | 15.0 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,462 | $ | 1,393 | 5.0 | ||||||
Adjusted (1) | $ | 1,462 | $ | 1,423 | 2.7 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.3 | 11.1 | |||||||||
Adjusted (1) | 11.2 | 11.0 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 74.7 | 74.9 | |||||||||
Adjusted (1) | 74.1 | 73.8 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 2.9 | 3.1 | |||||||||
Adjusted (1), (3) | 3.3 | 3.4 |
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