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 February 5, 2019. |
Group 1 Automotive, Inc. | ||||
February 5, 2019 | By: | /s/ John C. Rickel | ||
Date | John C. Rickel, Senior Vice President and Chief Financial Officer |
▪ | Delivers All-Time Record Revenue of $11.6 Billion |
▪ | Repurchased 1.3 Million Shares During Fourth Quarter |
▪ | Total revenue was nearly flat at $2.9 billion against difficult prior year Hurricane Harvey driven comparisons and continued disruptions in the U.K. from WLTP legislation. |
▪ | Total gross profit grew 1.5 percent (2.6 percent), to $432.1 million. |
▪ | New vehicle revenues decreased 5.3 percent (decreased 4.1 percent) on 5.5 percent lower unit sales. New vehicle gross profit decreased 9.2 percent (decreased 7.7 percent), to $81.3 million. |
▪ | Retail used vehicle revenues increased 8.8 percent (10.0 percent) on 12.8 percent higher unit sales. Retail used vehicle gross profit increased 1.4 percent (2.4 percent), to $41.1 million. |
▪ | Parts and service gross profit increased 1.3 percent (2.2 percent) on revenue growth of 3.3 percent (4.3 percent). |
▪ | Finance and Insurance (F&I) gross profit PRU increased 5.8 percent (6.8 percent), to $1,582. U.S. F&I gross profit PRU increased $60, or 3.5 percent, to an all-time record of $1,760. Same Store U.S. F&I gross profit PRU increased $70, or 4.1 percent, to an all-time record of $1,767. |
▪ | Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 230 basis points, to 75.0 percent. Adjusted SG&A expenses as a percent of gross profit increased 220 basis points, to 74.8 percent. |
▪ | Total revenue increased 4.3 percent (4.1 percent), to a record $11.6 billion. |
▪ | Total gross profit grew 4.8 percent (4.8 percent). |
▪ | New vehicle gross profit decreased 3.5 percent (decreased 3.2 percent). The Company retailed 170,517 new vehicles in 2018, which represented a one-percent decrease of new vehicle unit sales from 2017. |
▪ | Retail used vehicle gross profit increased 4.7 percent (4.4 percent) on a revenue increase of 13.1 percent (12.6 percent). The Company retailed 147,999 used vehicles in 2018, a 13.9 percent increase over 2017. |
▪ | Parts and service gross profit rose 5.5 percent (5.3 percent) on 5.9 percent (5.8 percent) higher revenues. |
▪ | F&I revenues rose 9.0 percent (8.9 percent). U.S. F&I gross profit PRU increased $63, to $1,710. U.S. Same Store F&I gross profit PRU increased $66, to $1,707. |
▪ | SG&A expenses as a percent of gross profit decreased 70 basis points, to 73.8 percent. Adjusted SG&A expenses as a percent of gross profit increased 90 basis points, to 74.6 percent. Adjusted U.S. SG&A expenses as a percent of gross profit increased 80 basis points, to 71.9 percent. |
▪ | Operating margin decreased 20 basis points to 2.9 percent. Adjusted operating margin decreased 20 basis points to 3.2 percent. |
▪ | United States: |
▪ | United Kingdom: |
▪ | Brazil: |
▪ | Sterling McCall Acura Sugarland, an add point in greater Houston, Texas, which is expected to generate approximately $40 million in annualized revenues; |
▪ | Toyota Aricanduva in São Paulo, Brazil, which is expected to generate approximately $25 million in annualized revenues; |
▪ | Skoda Southend in East London, U.K., which is expected to generate approximately $20 million in annualized revenues. |
Group 1 Automotive, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | |||||||||||
Three Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,572,713 | $ | 1,661,309 | (5.3 | ) | |||||
Used vehicle retail sales | 771,242 | 709,072 | 8.8 | ||||||||
Used vehicle wholesale sales | 86,122 | 91,809 | (6.2 | ) | |||||||
Parts and service | 354,744 | 343,510 | 3.3 | ||||||||
Finance, insurance and other, net | 123,991 | 114,705 | 8.1 | ||||||||
Total revenues | 2,908,812 | 2,920,405 | (0.4 | ) | |||||||
COST OF SALES: | |||||||||||
New vehicle retail sales | 1,491,455 | 1,571,774 | (5.1 | ) | |||||||
Used vehicle retail sales | 730,178 | 668,558 | 9.2 | ||||||||
Used vehicle wholesale sales | 86,009 | 94,199 | (8.7 | ) | |||||||
Parts and service | 169,104 | 160,199 | 5.6 | ||||||||
Total cost of sales | 2,476,746 | 2,494,730 | (0.7 | ) | |||||||
GROSS PROFIT | 432,066 | 425,675 | 1.5 | ||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 323,847 | 309,521 | 4.6 | ||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 17,109 | 15,178 | 12.7 | ||||||||
ASSET IMPAIRMENTS | 16,456 | 9,980 | 64.9 | ||||||||
OPERATING INCOME (LOSS) | 74,654 | 90,996 | (18.0 | ) | |||||||
OTHER EXPENSE: | |||||||||||
Floorplan interest expense | (16,547 | ) | (13,713 | ) | 20.7 | ||||||
Other interest expense, net | (18,424 | ) | (18,309 | ) | 0.6 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 39,683 | 58,974 | (32.7 | ) | |||||||
BENEFIT (PROVISION) FOR INCOME TAXES | (8,965 | ) | 51,515 | (117.4 | ) | ||||||
NET INCOME (LOSS) | $ | 30,718 | $ | 110,489 | (72.2 | ) | |||||
Less: Earnings allocated to participating securities | $ | 1,096 | $ | 3,718 | (70.5 | ) | |||||
Earnings available to diluted common shares | $ | 29,622 | $ | 106,771 | (72.3 | ) | |||||
DILUTED EARNINGS PER SHARE | $ | 1.62 | $ | 5.27 | (69.3 | ) | |||||
Weighted average dilutive common shares outstanding | 18,255 | 20,261 | (9.9 | ) | |||||||
Weighted average participating securities | 681 | 708 | (3.8 | ) | |||||||
Total weighted average shares outstanding | 18,936 | 20,969 | (9.7 | ) |
Group 1 Automotive, Inc. | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Twelve Months Ended December 31, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 6,181,371 | $ | 6,157,531 | 0.4 | |||||||
Used vehicle retail sales | 3,166,070 | 2,798,986 | 13.1 | |||||||||
Used vehicle wholesale sales | 369,575 | 400,170 | (7.6 | ) | ||||||||
Parts and service | 1,416,889 | 1,338,032 | 5.9 | |||||||||
Finance, insurance and other, net | 467,453 | 429,002 | 9.0 | |||||||||
Total revenues | 11,601,358 | 11,123,721 | 4.3 | |||||||||
COST OF SALES: | ||||||||||||
New vehicle retail sales | 5,870,502 | 5,835,526 | 0.6 | |||||||||
Used vehicle retail sales | 2,980,142 | 2,621,431 | 13.7 | |||||||||
Used vehicle wholesale sales | 367,880 | 402,912 | (8.7 | ) | ||||||||
Parts and service | 657,741 | 618,343 | 6.4 | |||||||||
Total cost of sales | 9,876,265 | 9,478,212 | 4.2 | |||||||||
GROSS PROFIT | 1,725,093 | 1,645,509 | 4.8 | |||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,273,057 | 1,226,195 | 3.8 | |||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | 67,070 | 57,936 | 15.8 | |||||||||
ASSET IMPAIRMENTS | 43,883 | 19,506 | 125.0 | |||||||||
OPERATING INCOME (LOSS) | 341,083 | 341,872 | (0.2 | ) | ||||||||
OTHER EXPENSE: | ||||||||||||
Floorplan interest expense | (59,882 | ) | (52,372 | ) | 14.3 | |||||||
Other interest expense, net | (75,798 | ) | (70,497 | ) | 7.5 | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 205,403 | 219,003 | (6.2 | ) | ||||||||
BENEFIT (PROVISION) FOR INCOME TAXES | (47,631 | ) | (5,561 | ) | 756.5 | |||||||
NET INCOME (LOSS) | $ | 157,772 | $ | 213,442 | (26.1 | ) | ||||||
Less: Earnings allocated to participating securities | $ | 5,414 | $ | 7,511 | (27.9 | ) | ||||||
Earnings available to diluted common shares | $ | 152,358 | $ | 205,931 | (26.0 | ) | ||||||
DILUTED EARNINGS PER SHARE | $ | 7.83 | $ | 10.08 | (22.3 | ) | ||||||
Weighted average dilutive common shares outstanding | 19,461 | 20,425 | (4.7 | ) | ||||||||
Weighted average participating securities | 697 | 752 | (7.3 | ) | ||||||||
Total weighted average shares outstanding | 20,158 | 21,177 | (4.8 | ) |
Group 1 Automotive, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
As of December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
ASSETS: | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 15,932 | $ | 28,787 | (44.7 | ) | |||||
Contracts in transit and vehicle receivables, net | 265,660 | 306,433 | (13.3 | ) | |||||||
Accounts and notes receivable, net | 193,981 | 188,611 | 2.8 | ||||||||
Inventories, net | 1,844,059 | 1,763,293 | 4.6 | ||||||||
Prepaid expenses and other current assets | 82,734 | 42,062 | 96.7 | ||||||||
Total current assets | 2,402,366 | 2,329,186 | 3.1 | ||||||||
PROPERTY AND EQUIPMENT, net | 1,347,835 | 1,318,959 | 2.2 | ||||||||
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS | 1,223,555 | 1,198,666 | 2.1 | ||||||||
OTHER ASSETS | 27,319 | 24,254 | 12.6 | ||||||||
Total assets | $ | 5,001,075 | $ | 4,871,065 | 2.7 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Floorplan notes payable - credit facility and other | $ | 1,292,452 | $ | 1,240,695 | 4.2 | ||||||
Offset account related to floorplan notes payable - credit facility | (33,637 | ) | (86,547 | ) | (61.1 | ) | |||||
Floorplan notes payable - manufacturer affiliates | 417,924 | 397,183 | 5.2 | ||||||||
Offset account related to floorplan notes payable - manufacturer affiliates | (100 | ) | (22,500 | ) | (99.6 | ) | |||||
Current maturities of long-term debt and short-term financing | 92,967 | 77,609 | 19.8 | ||||||||
Current liabilities from interest rate risk management activities | 115 | 1,996 | (94.2 | ) | |||||||
Accounts payable | 419,350 | 412,981 | 1.5 | ||||||||
Accrued expenses | 197,494 | 177,070 | 11.5 | ||||||||
Total current liabilities | 2,386,565 | 2,198,487 | 8.6 | ||||||||
5.00% SENIOR NOTES (principal of $550,000 at December 31, 2018 and December 31, 2017, respectively) | 543,730 | 542,063 | 0.3 | ||||||||
5.25% SENIOR NOTES (principal of $300,000 at December 31, 2018 and December 31, 2017, respectively) | 296,735 | 296,151 | 0.2 | ||||||||
ACQUISITION LINE | 31,842 | 26,988 | 18.0 | ||||||||
REAL ESTATE RELATED AND OTHER LONG-TERM DEBT, net of current maturities | 366,723 | 405,950 | (9.7 | ) | |||||||
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities | 42,459 | 47,032 | (9.7 | ) | |||||||
DEFERRED INCOME TAXES | 134,683 | 124,404 | 8.3 | ||||||||
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | 1,696 | 8,583 | (80.2 | ) | |||||||
OTHER LIABILITIES | 100,948 | 97,125 | 3.9 | ||||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Common stock | 255 | 255 | — | ||||||||
Additional paid-in capital | 292,774 | 291,461 | 0.5 | ||||||||
Retained earnings | 1,394,817 | 1,246,323 | 11.9 | ||||||||
Accumulated other comprehensive income (loss) | (137,772 | ) | (123,226 | ) | 11.8 | ||||||
Treasury stock | (454,380 | ) | (290,531 | ) | 56.4 | ||||||
Total stockholders' equity | 1,095,694 | 1,124,282 | (2.5 | ) | |||||||
Total liabilities and stockholders' equity | $ | 5,001,075 | $ | 4,871,065 | 2.7 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2018 (%) | 2017 (%) | 2018 (%) | 2017 (%) | ||||||||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | |||||||||||||
Region | Geographic Market | ||||||||||||
United States | Texas | 38.6 | 39.2 | 36.4 | 37.0 | ||||||||
Oklahoma | 6.7 | 6.0 | 6.3 | 6.1 | |||||||||
California | 6.0 | 7.3 | 6.2 | 7.5 | |||||||||
Massachusetts | 4.7 | 4.5 | 4.9 | 4.6 | |||||||||
Georgia | 4.7 | 4.6 | 4.5 | 4.6 | |||||||||
Florida | 2.7 | 2.9 | 2.7 | 2.6 | |||||||||
Louisiana | 2.5 | 1.8 | 2.1 | 1.9 | |||||||||
New Hampshire | 1.8 | 1.9 | 1.8 | 2.0 | |||||||||
South Carolina | 1.9 | 1.6 | 1.6 | 1.4 | |||||||||
New Jersey | 1.7 | 1.6 | 1.6 | 1.7 | |||||||||
Kansas | 1.3 | 1.4 | 1.4 | 1.6 | |||||||||
Mississippi | 1.1 | 1.1 | 1.2 | 1.3 | |||||||||
Alabama | 0.7 | 0.8 | 0.7 | 1.0 | |||||||||
Maryland | 0.5 | 0.4 | 0.5 | 0.4 | |||||||||
New Mexico | 0.2 | 0.1 | 0.2 | 0.1 | |||||||||
75.1 | 75.2 | 72.1 | 73.8 | ||||||||||
International | United Kingdom | 19.0 | 19.5 | 22.7 | 21.3 | ||||||||
Brazil | 5.9 | 5.3 | 5.2 | 4.9 | |||||||||
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||
NEW VEHICLE UNIT SALES BRAND MIX: | |||||||||||||
Toyota/Lexus | 25.9 | 25.4 | 25.2 | 25.3 | |||||||||
Volkswagen/Audi/Porsche/SEAT/SKODA | 11.4 | 13.7 | 13.4 | 13.8 | |||||||||
BMW/MINI | 11.8 | 12.4 | 12.0 | 12.7 | |||||||||
Ford/Lincoln | 10.2 | 11.4 | 10.9 | 11.5 | |||||||||
Honda/Acura | 10.7 | 9.2 | 9.7 | 9.2 | |||||||||
Nissan | 6.5 | 7.0 | 6.5 | 7.4 | |||||||||
Chevrolet/GMC/Buick/Cadillac | 7.1 | 6.3 | 6.1 | 6.2 | |||||||||
Mercedes-Benz/smart/Sprinter | 5.1 | 4.4 | 4.8 | 4.0 | |||||||||
Chrysler/Dodge/Jeep/RAM | 3.7 | 3.9 | 4.0 | 3.9 | |||||||||
Hyundai/Kia | 3.7 | 3.8 | 3.9 | 3.9 | |||||||||
Jaguar/Land Rover | 2.0 | 1.2 | 1.9 | 0.9 | |||||||||
Other | 1.9 | 1.3 | 1.6 | 1.2 | |||||||||
100.0 | 100.0 | 100.0 | 100.0 |
Group 1 Automotive, Inc. | ||||||||||||
Additional Information - U.S. | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
REVENUES: | ||||||||||||
New vehicle retail sales | $ | 1,249,434 | $ | 1,310,577 | (4.7 | ) | ||||||
Used vehicle retail sales | 579,151 | 540,528 | 7.1 | |||||||||
Used vehicle wholesale sales | 41,403 | 50,284 | (17.7 | ) | ||||||||
Total used | 620,554 | 590,812 | 5.0 | |||||||||
Parts and service | 290,520 | 286,608 | 1.4 | |||||||||
Finance, insurance and other, net | 106,032 | 99,200 | 6.9 | |||||||||
Total | $ | 2,266,540 | $ | 2,287,197 | (0.9 | ) | ||||||
GROSS MARGIN %: | ||||||||||||
New vehicle retail sales | 5.0 | 5.3 | ||||||||||
Used vehicle retail sales | 5.6 | 5.9 | ||||||||||
Used vehicle wholesale sales | 0.9 | (4.5 | ) | |||||||||
Total used | 5.2 | 5.0 | ||||||||||
Parts and service | 52.2 | 53.2 | ||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||
Total | 15.6 | 15.3 | ||||||||||
GROSS PROFIT: | ||||||||||||
New vehicle retail sales | $ | 62,287 | $ | 69,455 | (10.3 | ) | ||||||
Used vehicle retail sales | 32,172 | 31,931 | 0.8 | |||||||||
Used vehicle wholesale sales | 364 | (2,257 | ) | 116.1 | ||||||||
Total used | 32,536 | 29,674 | 9.6 | |||||||||
Parts and service | 151,625 | 152,349 | (0.5 | ) | ||||||||
Finance, insurance and other, net | 106,032 | 99,200 | 6.9 | |||||||||
Total | $ | 352,480 | $ | 350,678 | 0.5 | |||||||
UNITS SOLD: | ||||||||||||
Retail new vehicles sold | 31,754 | 33,608 | (5.5 | ) | ||||||||
Retail used vehicles sold | 27,887 | 24,735 | 12.7 | |||||||||
Wholesale used vehicles sold | 6,832 | 8,194 | (16.6 | ) | ||||||||
Total used | 34,719 | 32,929 | 5.4 | |||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||
New vehicle retail | $ | 39,347 | $ | 38,996 | 0.9 | |||||||
Used vehicle retail | $ | 20,768 | $ | 21,853 | (5.0 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||
New vehicle retail sales | $ | 1,962 | $ | 2,067 | (5.1 | ) | ||||||
Used vehicle retail sales | 1,154 | 1,291 | (10.6 | ) | ||||||||
Used vehicle wholesale sales | 53 | (275 | ) | 119.3 | ||||||||
Total used | 937 | 901 | 4.0 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,778 | $ | 1,700 | 4.6 |
OTHER: | ||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 104,957 | $ | 99,200 | 5.8 | |||||||
Adjusted Total Revenue (1) | $ | 2,265,465 | $ | 2,287,197 | (1.0 | ) | ||||||
Adjusted Total Gross Profit (1) | $ | 351,405 | $ | 350,678 | 0.2 | |||||||
Adjusted Total Gross Margin (1) | 15.5 | 15.3 | ||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,760 | $ | 1,700 | 3.5 | |||||||
SG&A expenses | $ | 252,634 | $ | 242,070 | 4.4 | |||||||
Adjusted SG&A expenses (1) | $ | 251,020 | $ | 242,070 | 3.7 | |||||||
SG&A as % revenues | 11.1 | 10.6 | ||||||||||
Adjusted SG&A as % revenues (1) | 11.1 | 10.6 | ||||||||||
SG&A as % gross profit | 71.7 | 69.0 | ||||||||||
Adjusted SG&A as % gross profit (1) | 71.4 | 69.0 | ||||||||||
Operating margin % | 3.1 | 4.1 | ||||||||||
Adjusted operating margin % (1) | 3.8 | 4.2 | ||||||||||
Pretax margin % | 1.7 | 2.8 | ||||||||||
Adjusted pretax margin % (1) | 2.5 | 2.9 | ||||||||||
INTEREST EXPENSE: | ||||||||||||
Floorplan interest expense | $ | (14,723 | ) | $ | (12,267 | ) | 20.0 | |||||
Floorplan assistance | 12,621 | 12,952 | (2.6 | ) | ||||||||
Net floorplan income (expense) | $ | (2,102 | ) | $ | 685 | (406.9 | ) | |||||
Other interest expense, net | $ | (16,464 | ) | $ | (16,922 | ) | (2.7 | ) |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - U.S. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 4,682,820 | $ | 4,768,864 | (1.8 | ) | |||||
Used vehicle retail sales | 2,306,999 | 2,160,699 | 6.8 | ||||||||
Used vehicle wholesale sales | 178,910 | 250,668 | (28.6 | ) | |||||||
Total used | 2,485,909 | 2,411,367 | 3.1 | ||||||||
Parts and service | 1,153,257 | 1,124,380 | 2.6 | ||||||||
Finance, insurance and other, net | 401,271 | 375,954 | 6.7 | ||||||||
Total | $ | 8,723,257 | $ | 8,680,565 | 0.5 | ||||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.9 | 5.1 | |||||||||
Used vehicle retail sales | 6.1 | 6.7 | |||||||||
Used vehicle wholesale sales | 2.1 | (1.0 | ) | ||||||||
Total used | 5.9 | 5.9 | |||||||||
Parts and service | 53.4 | 53.6 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 15.9 | 15.7 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 229,058 | $ | 244,286 | (6.2 | ) | |||||
Used vehicle retail sales | 141,707 | 144,529 | (2.0 | ) | |||||||
Used vehicle wholesale sales | 3,751 | (2,427 | ) | 254.6 | |||||||
Total used | 145,458 | 142,102 | 2.4 | ||||||||
Parts and service | 615,519 | 602,972 | 2.1 | ||||||||
Finance, insurance and other, net | 401,271 | 375,954 | 6.7 | ||||||||
Total | $ | 1,391,306 | $ | 1,365,314 | 1.9 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 122,873 | 127,141 | (3.4 | ) | |||||||
Retail used vehicles sold | 111,806 | 101,170 | 10.5 | ||||||||
Wholesale used vehicles sold | 30,625 | 37,662 | (18.7 | ) | |||||||
Total used | 142,431 | 138,832 | 2.6 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 38,111 | $ | 37,508 | 1.6 | ||||||
Used vehicle retail | $ | 20,634 | $ | 21,357 | (3.4 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,864 | $ | 1,921 | (3.0 | ) | |||||
Used vehicle retail sales | 1,267 | 1,429 | (11.3 | ) | |||||||
Used vehicle wholesale sales | 122 | (64 | ) | 290.6 | |||||||
Total used | 1,021 | 1,024 | (0.3 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 1,710 | $ | 1,647 | 3.8 |
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 400,196 | $ | 382,504 | 4.6 | ||||||
Adjusted Total revenue (1) | $ | 8,722,182 | $ | 8,687,115 | 0.4 | ||||||
Adjusted Total gross profit (1) | $ | 1,390,231 | $ | 1,371,864 | 1.3 | ||||||
Adjusted Total gross margin (1) | 15.9 | 15.8 | |||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,705 | $ | 1,675 | 1.8 | ||||||
SG&A expenses | $ | 982,064 | $ | 983,974 | (0.2 | ) | |||||
Adjusted SG&A expenses (1) | $ | 999,548 | $ | 975,497 | 2.5 | ||||||
SG&A as % revenues | 11.3 | 11.3 | |||||||||
Adjusted SG&A as % revenues (1) | 11.5 | 11.2 | |||||||||
SG&A as % gross profit | 70.6 | 72.1 | |||||||||
Adjusted SG&A as % gross profit (1) | 71.9 | 71.1 | |||||||||
Operating margin % | 3.6 | 3.7 | |||||||||
Adjusted operating margin % (1) | 3.9 | 4.0 | |||||||||
Pretax margin % | 2.2 | 2.4 | |||||||||
Adjusted pretax margin % (1) | 2.5 | 2.7 | |||||||||
INTEREST EXPENSE: | |||||||||||
Floorplan interest expense | $ | (52,773 | ) | $ | (47,221 | ) | 11.8 | ||||
Floorplan assistance | 46,313 | 47,984 | (3.5 | ) | |||||||
Net floorplan income (expense) | $ | (6,460 | ) | $ | 763 | (946.7 | ) | ||||
Other interest expense, net | $ | (68,085 | ) | $ | (66,493 | ) | 2.4 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - U.K. | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 246,050 | $ | 267,785 | (8.1 | ) | (5.3 | ) | |||||
Used vehicle retail sales | 171,004 | 144,415 | 18.4 | 21.9 | |||||||||
Used vehicle wholesale sales | 39,375 | 37,243 | 5.7 | 8.7 | |||||||||
Total used | 210,379 | 181,658 | 15.8 | 19.2 | |||||||||
Parts and service | 52,640 | 45,141 | 16.6 | 20.1 | |||||||||
Finance, insurance and other, net | 14,955 | 13,263 | 12.8 | 17.0 | |||||||||
Total | $ | 524,024 | $ | 507,847 | 3.2 | 6.3 | |||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.7 | 5.7 | |||||||||||
Used vehicle retail sales | 4.5 | 4.6 | |||||||||||
Used vehicle wholesale sales | (1.3 | ) | (0.9 | ) | |||||||||
Total used | 3.4 | 3.5 | |||||||||||
Parts and service | 54.8 | 56.6 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.4 | 11.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 14,033 | $ | 15,231 | (7.9 | ) | (4.2 | ) | |||||
Used vehicle retail sales | 7,610 | 6,696 | 13.6 | 16.8 | |||||||||
Used vehicle wholesale sales | (516 | ) | (322 | ) | (60.2 | ) | (66.2 | ) | |||||
Total used | 7,094 | 6,374 | 11.3 | 14.3 | |||||||||
Parts and service | 28,843 | 25,559 | 12.8 | 16.2 | |||||||||
Finance, insurance and other, net | 14,955 | 13,263 | 12.8 | 17.0 | |||||||||
Total | $ | 64,925 | $ | 60,427 | 7.4 | 11.1 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 8,019 | 8,750 | (8.4 | ) | |||||||||
Retail used vehicles sold | 7,148 | 6,188 | 15.5 | ||||||||||
Wholesale used vehicles sold | 4,742 | 5,089 | (6.8 | ) | |||||||||
Total used | 11,890 | 11,277 | 5.4 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 30,683 | $ | 30,604 | 0.3 | 3.3 | |||||||
Used vehicle retail | $ | 23,923 | $ | 23,338 | 2.5 | 5.5 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,750 | $ | 1,741 | 0.5 | 4.5 | |||||||
Used vehicle retail sales | 1,065 | 1,082 | (1.6 | ) | 1.1 | ||||||||
Used vehicle wholesale sales | (109 | ) | (63 | ) | (73.0 | ) | (78.3 | ) | |||||
Total used | 597 | 565 | 5.7 | 8.4 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 986 | $ | 888 | 11.0 | 15.3 |
OTHER: | |||||||||||||
SG&A expenses | $ | 58,845 | $ | 54,095 | 8.8 | 12.3 | |||||||
SG&A as % revenues | 11.2 | 10.7 | |||||||||||
SG&A as % gross profit | 90.6 | 89.5 | |||||||||||
Operating margin % | 0.4 | 0.8 | |||||||||||
Adjusted operating margin % (1) | 0.5 | 0.8 | |||||||||||
Pretax margin % | (0.2 | ) | 0.3 | ||||||||||
Adjusted pretax margin % (1) | (0.1 | ) | 0.3 | ||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (1,635 | ) | $ | (1,304 | ) | 25.4 | 29.5 | |||||
Floorplan assistance | 141 | 237 | (40.5 | ) | (38.6 | ) | |||||||
Net floorplan expense | $ | (1,494 | ) | $ | (1,067 | ) | 40.0 | 44.6 | |||||
Other interest expense, net | $ | (1,782 | ) | $ | (1,278 | ) | 39.4 | 43.9 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - U.K. | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 1,217,135 | $ | 1,092,612 | 11.4 | 7.3 | |||||||
Used vehicle retail sales | 771,719 | 546,266 | 41.3 | 36.5 | |||||||||
Used vehicle wholesale sales | 173,783 | 136,847 | 27.0 | 22.6 | |||||||||
Total used | 945,502 | 683,113 | 38.4 | 33.7 | |||||||||
Parts and service | 217,594 | 165,755 | 31.3 | 26.9 | |||||||||
Finance, insurance and other, net | 57,154 | 44,523 | 28.4 | 24.7 | |||||||||
Total | $ | 2,437,385 | $ | 1,986,003 | 22.7 | 18.4 | |||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.2 | 5.5 | |||||||||||
Used vehicle retail sales | 5.0 | 4.8 | |||||||||||
Used vehicle wholesale sales | (1.6 | ) | (0.9 | ) | |||||||||
Total used | 3.8 | 3.7 | |||||||||||
Parts and service | 56.5 | 57.3 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 11.5 | 11.3 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 63,579 | $ | 60,581 | 4.9 | 1.6 | |||||||
Used vehicle retail sales | 38,898 | 26,275 | 48.0 | 42.9 | |||||||||
Used vehicle wholesale sales | (2,704 | ) | (1,173 | ) | (130.5 | ) | (127.1 | ) | |||||
Total used | 36,194 | 25,102 | 44.2 | 38.9 | |||||||||
Parts and service | 122,975 | 95,047 | 29.4 | 25.1 | |||||||||
Finance, insurance and other, net | 57,154 | 44,523 | 28.4 | 24.7 | |||||||||
Total | $ | 279,902 | $ | 225,253 | 24.3 | 20.3 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 38,716 | 36,571 | 5.9 | ||||||||||
Retail used vehicles sold | 31,966 | 24,623 | 29.8 | ||||||||||
Wholesale used vehicles sold | 21,666 | 18,334 | 18.2 | ||||||||||
Total used | 53,632 | 42,957 | 24.9 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,438 | $ | 29,876 | 5.2 | 1.4 | |||||||
Used vehicle retail | $ | 24,142 | $ | 22,185 | 8.8 | 5.2 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,642 | $ | 1,657 | (0.9 | ) | (4.0 | ) | |||||
Used vehicle retail sales | 1,217 | 1,067 | 14.1 | 10.0 | |||||||||
Used vehicle wholesale sales | (125 | ) | (64 | ) | (95.3 | ) | (92.2 | ) | |||||
Total used | 675 | 584 | 15.6 | 11.3 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 809 | $ | 728 | 11.1 | 8.0 |
OTHER: | |||||||||||||
SG&A expenses | $ | 240,403 | $ | 191,570 | 25.5 | 21.4 | |||||||
Adjusted SG&A expenses (1) | $ | 240,403 | $ | 191,282 | 25.7 | 21.6 | |||||||
SG&A as % revenues | 9.9 | 9.6 | |||||||||||
Adjusted SG&A as % revenues (1) | 9.9 | 9.6 | |||||||||||
SG&A as % gross profit | 85.9 | 85.0 | |||||||||||
Adjusted SG&A as % gross profit (1) | 85.9 | 84.9 | |||||||||||
Operating margin % | 1.1 | 1.3 | |||||||||||
Adjusted operating margin % (1) | 1.1 | 1.3 | |||||||||||
Pretax margin % | 0.5 | 0.9 | |||||||||||
Adjusted pretax margin % (1) | 0.6 | 0.9 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (6,322 | ) | $ | (4,727 | ) | 33.7 | 29.6 | |||||
Floorplan assistance | 965 | 951 | 1.5 | (2.3 | ) | ||||||||
Net floorplan expense | $ | (5,357 | ) | $ | (3,776 | ) | 41.9 | 37.7 | |||||
Other interest expense, net | $ | (6,797 | ) | $ | (3,664 | ) | 85.5 | 80.7 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Brazil | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 77,229 | $ | 82,947 | (6.9 | ) | 9.1 | ||||||
Used vehicle retail sales | 21,087 | 24,129 | (12.6 | ) | 2.4 | ||||||||
Used vehicle wholesale sales | 5,344 | 4,282 | 24.8 | 46.5 | |||||||||
Total used | 26,431 | 28,411 | (7.0 | ) | 9.1 | ||||||||
Parts and service | 11,584 | 11,761 | (1.5 | ) | 15.4 | ||||||||
Finance, insurance and other, net | 3,004 | 2,242 | 34.0 | 56.9 | |||||||||
Total | $ | 118,248 | $ | 125,361 | (5.7 | ) | 10.5 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.4 | 5.8 | |||||||||||
Used vehicle retail sales | 6.1 | 7.8 | |||||||||||
Used vehicle wholesale sales | 5.0 | 4.4 | |||||||||||
Total used | 5.9 | 7.3 | |||||||||||
Parts and service | 44.6 | 45.9 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.4 | 11.6 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 4,938 | $ | 4,849 | 1.8 | 19.0 | |||||||
Used vehicle retail sales | 1,282 | 1,887 | (32.1 | ) | (20.4 | ) | |||||||
Used vehicle wholesale sales | 265 | 189 | 40.2 | 64.6 | |||||||||
Total used | 1,547 | 2,076 | (25.5 | ) | (12.7 | ) | |||||||
Parts and service | 5,172 | 5,403 | (4.3 | ) | 12.2 | ||||||||
Finance, insurance and other, net | 3,004 | 2,242 | 34.0 | 56.9 | |||||||||
Total | $ | 14,661 | $ | 14,570 | 0.6 | 17.8 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 2,499 | 2,355 | 6.1 | ||||||||||
Retail used vehicles sold | 1,064 | 1,092 | (2.6 | ) | |||||||||
Wholesale used vehicles sold | 515 | 290 | 77.6 | ||||||||||
Total used | 1,579 | 1,382 | 14.3 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 30,904 | $ | 35,222 | (12.3 | ) | 2.8 | ||||||
Used vehicle retail | $ | 19,819 | $ | 22,096 | (10.3 | ) | 5.1 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,976 | $ | 2,059 | (4.0 | ) | 12.2 | ||||||
Used vehicle retail sales | 1,205 | 1,728 | (30.3 | ) | (18.3 | ) | |||||||
Used vehicle wholesale sales | 515 | 652 | (21.0 | ) | (7.3 | ) | |||||||
Total used | 980 | 1,502 | (34.8 | ) | (23.6 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 843 | $ | 650 | 29.7 | 51.8 |
OTHER: | |||||||||||||
SG&A expenses | $ | 12,368 | $ | 13,356 | (7.4 | ) | 8.5 | ||||||
Adjusted SG&A expenses (1) | $ | 12,368 | $ | 12,881 | (4.0 | ) | 12.6 | ||||||
SG&A as % revenues | 10.5 | 10.7 | |||||||||||
Adjusted SG&A as % revenues (1) | 10.5 | 10.3 | |||||||||||
SG&A as % gross profit | 84.4 | 91.7 | |||||||||||
Adjusted SG&A as % gross profit (1) | 84.4 | 88.4 | |||||||||||
Operating margin % | 1.6 | (4.7 | ) | ||||||||||
Adjusted operating margin % (1) | 1.6 | 1.1 | |||||||||||
Pretax margin % | 1.3 | (4.9 | ) | ||||||||||
Adjusted pretax margin % (1) | 1.3 | 0.9 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (189 | ) | $ | (142 | ) | 33.1 | 55.4 | |||||
Floorplan assistance | — | — | — | — | |||||||||
Net floorplan expense | $ | (189 | ) | $ | (142 | ) | 33.1 | 55.4 | |||||
Other interest expense, net | $ | (178 | ) | $ | (109 | ) | 63.3 | 90.0 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Brazil | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 281,416 | $ | 296,055 | (4.9 | ) | 8.5 | ||||||
Used vehicle retail sales | 87,352 | 92,021 | (5.1 | ) | 7.9 | ||||||||
Used vehicle wholesale sales | 16,882 | 12,655 | 33.4 | 53.9 | |||||||||
Total used | 104,234 | 104,676 | (0.4 | ) | 13.4 | ||||||||
Parts and service | 46,038 | 47,897 | (3.9 | ) | 9.7 | ||||||||
Finance, insurance and other, net | 9,028 | 8,525 | 5.9 | 22.0 | |||||||||
Total | $ | 440,716 | $ | 457,153 | (3.6 | ) | 10.0 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.5 | 5.8 | |||||||||||
Used vehicle retail sales | 6.1 | 7.3 | |||||||||||
Used vehicle wholesale sales | 3.8 | 6.8 | |||||||||||
Total used | 5.7 | 7.3 | |||||||||||
Parts and service | 44.9 | 45.2 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.2 | 12.0 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 18,232 | $ | 17,138 | 6.4 | 22.4 | |||||||
Used vehicle retail sales | 5,323 | 6,751 | (21.2 | ) | (10.4 | ) | |||||||
Used vehicle wholesale sales | 648 | 858 | (24.5 | ) | (13.0 | ) | |||||||
Total used | 5,971 | 7,609 | (21.5 | ) | (10.7 | ) | |||||||
Parts and service | 20,654 | 21,670 | (4.7 | ) | 8.7 | ||||||||
Finance, insurance and other, net | 9,028 | 8,525 | 5.9 | 22.0 | |||||||||
Total | $ | 53,885 | $ | 54,942 | (1.9 | ) | 12.3 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 8,928 | 8,488 | 5.2 | ||||||||||
Retail used vehicles sold | 4,227 | 4,140 | 2.1 | ||||||||||
Wholesale used vehicles sold | 1,596 | 1,148 | 39.0 | ||||||||||
Total used | 5,823 | 5,288 | 10.1 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,521 | $ | 34,879 | (9.6 | ) | 3.2 | ||||||
Used vehicle retail | $ | 20,665 | $ | 22,227 | (7.0 | ) | 5.6 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,042 | $ | 2,019 | 1.1 | 16.3 | |||||||
Used vehicle retail sales | 1,259 | 1,631 | (22.8 | ) | (12.3 | ) | |||||||
Used vehicle wholesale sales | 406 | 747 | (45.6 | ) | (37.4 | ) | |||||||
Total used | 1,025 | 1,439 | (28.8 | ) | (18.9 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 686 | $ | 675 | 1.6 | 17.1 |
OTHER: | |||||||||||||
SG&A expenses | $ | 50,590 | $ | 50,651 | (0.1 | ) | 15.0 | ||||||
Adjusted SG&A expenses (1) | $ | 46,920 | $ | 50,176 | (6.5 | ) | 6.9 | ||||||
SG&A as % revenues | 11.5 | 11.1 | |||||||||||
Adjusted SG&A as % revenues (1) | 10.6 | 11.0 | |||||||||||
SG&A as % gross profit | 93.9 | 92.2 | |||||||||||
Adjusted SG&A as % gross profit (1) | 87.1 | 91.3 | |||||||||||
Operating margin % | 0.4 | (0.9 | ) | ||||||||||
Adjusted operating margin % (1) | 1.2 | 0.7 | |||||||||||
Pretax margin % | — | (1.0 | ) | ||||||||||
Adjusted pretax margin % (1) | 0.8 | 0.6 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (787 | ) | $ | (424 | ) | 85.6 | 110.6 | |||||
Floorplan assistance | — | — | — | — | |||||||||
Net floorplan expense | $ | (787 | ) | $ | (424 | ) | 85.6 | 110.6 | |||||
Other interest expense, net | $ | (916 | ) | $ | (340 | ) | 169.4 | 199.6 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 1,572,713 | $ | 1,661,309 | (5.3 | ) | (4.1 | ) | |||||
Used vehicle retail sales | 771,242 | 709,072 | 8.8 | 10.0 | |||||||||
Used vehicle wholesale sales | 86,122 | 91,809 | (6.2 | ) | (4.0 | ) | |||||||
Total used | 857,364 | 800,881 | 7.1 | 8.4 | |||||||||
Parts and service | 354,744 | 343,510 | 3.3 | 4.3 | |||||||||
Finance, insurance and other, net | 123,991 | 114,705 | 8.1 | 9.0 | |||||||||
Total | $ | 2,908,812 | $ | 2,920,405 | (0.4 | ) | 0.8 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.2 | 5.4 | |||||||||||
Used vehicle retail sales | 5.3 | 5.7 | |||||||||||
Used vehicle wholesale sales | 0.1 | (2.6 | ) | ||||||||||
Total used | 4.8 | 4.8 | |||||||||||
Parts and service | 52.3 | 53.4 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 14.9 | 14.6 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 81,258 | $ | 89,535 | (9.2 | ) | (7.7 | ) | |||||
Used vehicle retail sales | 41,064 | 40,514 | 1.4 | 2.4 | |||||||||
Used vehicle wholesale sales | 113 | (2,390 | ) | 104.7 | 105.9 | ||||||||
Total used | 41,177 | 38,124 | 8.0 | 9.2 | |||||||||
Parts and service | 185,640 | 183,311 | 1.3 | 2.2 | |||||||||
Finance, insurance and other, net | 123,991 | 114,705 | 8.1 | 9.0 | |||||||||
Total | $ | 432,066 | $ | 425,675 | 1.5 | 2.6 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 42,272 | 44,713 | (5.5 | ) | |||||||||
Retail used vehicles sold | 36,099 | 32,015 | 12.8 | ||||||||||
Wholesale used vehicles sold | 12,089 | 13,573 | (10.9 | ) | |||||||||
Total used | 48,188 | 45,588 | 5.7 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 37,205 | $ | 37,155 | 0.1 | 1.5 | |||||||
Used vehicle retail | $ | 21,365 | $ | 22,148 | (3.5 | ) | (2.5 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,922 | $ | 2,002 | (4.0 | ) | (2.4 | ) | |||||
Used vehicle retail sales | 1,138 | 1,265 | (10.0 | ) | (9.2 | ) | |||||||
Used vehicle wholesale sales | 9 | (176 | ) | 105.1 | 106.6 | ||||||||
Total used | 855 | 836 | 2.3 | 3.3 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,582 | $ | 1,495 | 5.8 | 6.8 |
OTHER: | |||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 122,916 | $ | 114,705 | 7.2 | 8.1 | |||||||
Adjusted Total revenue (1) | $ | 2,907,737 | $ | 2,920,405 | (0.4 | ) | 0.8 | ||||||
Adjusted Total gross profit (1) | $ | 430,991 | $ | 425,675 | 1.2 | 2.3 | |||||||
Adjusted Total gross margin (1) | 14.8 | 14.6 | |||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,568 | $ | 1,495 | 4.9 | 5.8 | |||||||
SG&A expenses | $ | 323,847 | $ | 309,521 | 4.6 | 5.9 | |||||||
Adjusted SG&A expenses (1) | $ | 322,233 | $ | 309,046 | 4.3 | 5.6 | |||||||
SG&A as % revenues | 11.1 | 10.6 | |||||||||||
Adjusted SG&A as % revenues (1) | 11.1 | 10.6 | |||||||||||
SG&A as % gross profit | 75.0 | 72.7 | |||||||||||
Adjusted SG&A as % gross profit (1) | 74.8 | 72.6 | |||||||||||
Operating margin % | 2.6 | 3.1 | |||||||||||
Adjusted operating margin % (1) | 3.2 | 3.5 | |||||||||||
Pretax margin % | 1.4 | 2.0 | |||||||||||
Adjusted pretax margin % (1) | 1.9 | 2.4 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (16,547 | ) | $ | (13,713 | ) | 20.7 | 21.3 | |||||
Floorplan assistance | 12,761 | 13,189 | (3.2 | ) | (3.2 | ) | |||||||
Net floorplan expense | $ | (3,786 | ) | $ | (524 | ) | 622.5 | 638.1 | |||||
Other interest expense, net | $ | (18,424 | ) | $ | (18,309 | ) | (0.6 | ) | 1.1 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (1) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 6,181,371 | $ | 6,157,531 | 0.4 | 0.3 | |||||||
Used vehicle retail sales | 3,166,070 | 2,798,986 | 13.1 | 12.6 | |||||||||
Used vehicle wholesale sales | 369,575 | 400,170 | (7.6 | ) | (8.5 | ) | |||||||
Total used | 3,535,645 | 3,199,156 | 10.5 | 10.0 | |||||||||
Parts and service | 1,416,889 | 1,338,032 | 5.9 | 5.8 | |||||||||
Finance, insurance and other, net | 467,453 | 429,002 | 9.0 | 8.9 | |||||||||
Total | $ | 11,601,358 | $ | 11,123,721 | 4.3 | 4.1 | |||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.0 | 5.2 | |||||||||||
Used vehicle retail sales | 5.9 | 6.3 | |||||||||||
Used vehicle wholesale sales | 0.5 | (0.7 | ) | ||||||||||
Total used | 5.3 | 5.5 | |||||||||||
Parts and service | 53.6 | 53.8 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 14.9 | 14.8 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 310,869 | $ | 322,005 | (3.5 | ) | (3.2 | ) | |||||
Used vehicle retail sales | 185,928 | 177,555 | 4.7 | 4.4 | |||||||||
Used vehicle wholesale sales | 1,695 | (2,742 | ) | 161.8 | 166.9 | ||||||||
Total used | 187,623 | 174,813 | 7.3 | 7.0 | |||||||||
Parts and service | 759,148 | 719,689 | 5.5 | 5.3 | |||||||||
Finance, insurance and other, net | 467,453 | 429,002 | 9.0 | 8.9 | |||||||||
Total | $ | 1,725,093 | $ | 1,645,509 | 4.8 | 4.8 | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 170,517 | 172,200 | (1.0 | ) | |||||||||
Retail used vehicles sold | 147,999 | 129,933 | 13.9 | ||||||||||
Wholesale used vehicles sold | 53,887 | 57,144 | (5.7 | ) | |||||||||
Total used | 201,886 | 187,077 | 7.9 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 36,251 | $ | 35,758 | 1.4 | 1.3 | |||||||
Used vehicle retail | $ | 21,393 | $ | 21,542 | (0.7 | ) | (1.1 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,823 | $ | 1,870 | (2.5 | ) | (2.3 | ) | |||||
Used vehicle retail sales | 1,256 | 1,367 | (8.1 | ) | (8.4 | ) | |||||||
Used vehicle wholesale sales | 31 | (48 | ) | 164.6 | 171.0 | ||||||||
Total used | 929 | 934 | (0.5 | ) | (0.8 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 1,468 | $ | 1,420 | 3.4 | 3.3 |
OTHER: | |||||||||||||
Adjusted Finance, insurance and other revenue, net (1), (2) | $ | 466,378 | $ | 435,552 | 7.1 | 7.0 | |||||||
Adjusted Total revenue (1) | $ | 11,600,283 | $ | 11,130,271 | 4.2 | 4.0 | |||||||
Adjusted Total gross profit (1) | $ | 1,724,018 | $ | 1,652,059 | 4.4 | 4.3 | |||||||
Adjusted Total gross margin (1) | 14.9 | 14.8 | |||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (1) | $ | 1,464 | $ | 1,442 | 1.5 | 1.5 | |||||||
SG&A expenses | $ | 1,273,057 | $ | 1,226,195 | 3.8 | 3.8 | |||||||
Adjusted SG&A expenses (1) | $ | 1,286,871 | $ | 1,216,955 | 5.7 | 5.7 | |||||||
SG&A as % revenues | 11.0 | 11.0 | |||||||||||
Adjusted SG&A as % revenues (1) | 11.1 | 10.9 | |||||||||||
SG&A as % gross profit | 73.8 | 74.5 | |||||||||||
Adjusted SG&A as % gross profit (1) | 74.6 | 73.7 | |||||||||||
Operating margin % | 2.9 | 3.1 | |||||||||||
Adjusted operating margin % (1) | 3.2 | 3.4 | |||||||||||
Pretax margin % | 1.8 | 2.0 | |||||||||||
Adjusted pretax margin % (1) | 2.0 | 2.3 | |||||||||||
INTEREST EXPENSE: | |||||||||||||
Floorplan interest expense | $ | (59,882 | ) | $ | (52,372 | ) | 14.3 | 14.2 | |||||
Floorplan assistance | 47,277 | 48,935 | (3.4 | ) | (3.5 | ) | |||||||
Net floorplan expense | $ | (12,605 | ) | $ | (3,437 | ) | 266.7 | 265.1 | |||||
Other interest expense, net | $ | (75,798 | ) | $ | (70,497 | ) | 7.5 | 7.4 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store U.S. (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Three Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 1,219,825 | $ | 1,286,220 | (5.2 | ) | |||||
Used vehicle retail sales | 564,987 | 531,511 | 6.3 | ||||||||
Used vehicle wholesale sales | 40,580 | 49,224 | (17.6 | ) | |||||||
Total used | 605,567 | 580,735 | 4.3 | ||||||||
Parts and service | 287,610 | 281,730 | 2.1 | ||||||||
Finance, insurance and other, net | 103,412 | 97,593 | 6.0 | ||||||||
Total | $ | 2,216,414 | $ | 2,246,278 | (1.3 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 5.0 | 5.3 | |||||||||
Used vehicle retail sales | 5.6 | 5.9 | |||||||||
Used vehicle wholesale sales | 0.9 | (4.5 | ) | ||||||||
Total used | 5.2 | 5.0 | |||||||||
Parts and service | 52.1 | 53.2 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 15.6 | 15.3 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 60,834 | $ | 67,832 | (10.3 | ) | |||||
Used vehicle retail sales | 31,373 | 31,391 | (0.1 | ) | |||||||
Used vehicle wholesale sales | 352 | (2,191 | ) | 116.1 | |||||||
Total used | 31,725 | 29,200 | 8.6 | ||||||||
Parts and service | 149,750 | 149,765 | — | ||||||||
Finance, insurance and other, net | 103,412 | 97,593 | 6.0 | ||||||||
Total | $ | 345,721 | $ | 344,390 | 0.4 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 30,835 | 33,117 | (6.9 | ) | |||||||
Retail used vehicles sold | 27,097 | 24,397 | 11.1 | ||||||||
Wholesale used vehicles sold | 6,627 | 8,083 | (18.0 | ) | |||||||
Total used | 33,724 | 32,480 | 3.8 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 39,560 | $ | 38,839 | 1.9 | ||||||
Used vehicle retail | $ | 20,851 | $ | 21,786 | (4.3 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,973 | $ | 2,048 | (3.7 | ) | |||||
Used vehicle retail sales | 1,158 | 1,287 | (10.0 | ) | |||||||
Used vehicle wholesale sales | 53 | (271 | ) | 119.6 | |||||||
Total used | 941 | 899 | 4.7 | ||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,785 | $ | 1,697 | 5.2 |
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 102,337 | $ | 97,593 | 4.9 | ||||||
Adjusted Total revenue (2) | $ | 2,215,339 | $ | 2,246,278 | (1.4 | ) | |||||
Adjusted Total gross profit (2) | $ | 344,646 | $ | 344,390 | 0.1 | ||||||
Adjusted Total gross margin (2) | 15.6 | 15.3 | |||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,767 | $ | 1,697 | 4.1 | ||||||
SG&A expenses | $ | 243,619 | $ | 237,470 | 2.6 | ||||||
Adjusted SG&A expenses (2) | $ | 242,332 | $ | 237,470 | 2.0 | ||||||
SG&A as % revenues | 11.0 | 10.6 | |||||||||
Adjusted SG&A as % revenues (2) | 10.9 | 10.6 | |||||||||
SG&A as % gross profit | 70.5 | 69.0 | |||||||||
Adjusted SG&A as % gross profit (2) | 70.3 | 69.0 | |||||||||
Operating margin % | 3.3 | 4.2 | |||||||||
Adjusted operating margin % (2) | 4.0 | 4.2 |
Group 1 Automotive, Inc. | |||||||||||
Additional Information - Same Store U.S. (1) | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
REVENUES: | |||||||||||
New vehicle retail sales | $ | 4,577,539 | $ | 4,722,200 | (3.1 | ) | |||||
Used vehicle retail sales | 2,255,446 | 2,141,315 | 5.3 | ||||||||
Used vehicle wholesale sales | 173,968 | 247,852 | (29.8 | ) | |||||||
Total used | 2,429,414 | 2,389,167 | 1.7 | ||||||||
Parts and service | 1,137,841 | 1,113,635 | 2.2 | ||||||||
Finance, insurance and other, net | 391,730 | 371,932 | 5.3 | ||||||||
Total | $ | 8,536,524 | $ | 8,596,934 | (0.7 | ) | |||||
GROSS MARGIN %: | |||||||||||
New vehicle retail sales | 4.9 | 5.1 | |||||||||
Used vehicle retail sales | 6.1 | 6.7 | |||||||||
Used vehicle wholesale sales | 2.2 | (1.0 | ) | ||||||||
Total used | 5.9 | 5.9 | |||||||||
Parts and service | 53.3 | 53.6 | |||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||
Total | 16.0 | 15.7 | |||||||||
GROSS PROFIT: | |||||||||||
New vehicle retail sales | $ | 223,295 | $ | 241,341 | (7.5 | ) | |||||
Used vehicle retail sales | 138,623 | 143,287 | (3.3 | ) | |||||||
Used vehicle wholesale sales | 3,747 | (2,411 | ) | 255.4 | |||||||
Total used | 142,370 | 140,876 | 1.1 | ||||||||
Parts and service | 606,405 | 597,184 | 1.5 | ||||||||
Finance, insurance and other, net | 391,730 | 371,932 | 5.3 | ||||||||
Total | $ | 1,363,800 | $ | 1,351,333 | 0.9 | ||||||
UNITS SOLD: | |||||||||||
Retail new vehicles sold | 120,090 | 126,205 | (4.8 | ) | |||||||
Retail used vehicles sold | 109,332 | 100,475 | 8.8 | ||||||||
Wholesale used vehicles sold | 29,915 | 37,383 | (20.0 | ) | |||||||
Total used | 139,247 | 137,858 | 1.0 | ||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||
New vehicle retail | $ | 38,118 | $ | 37,417 | 1.9 | ||||||
Used vehicle retail | $ | 20,629 | $ | 21,312 | (3.2 | ) | |||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||
New vehicle retail sales | $ | 1,859 | $ | 1,912 | (2.8 | ) | |||||
Used vehicle retail sales | 1,268 | 1,426 | (11.1 | ) | |||||||
Used vehicle wholesale sales | 125 | (64 | ) | 295.3 | |||||||
Total used | 1,022 | 1,022 | — | ||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,707 | $ | 1,641 | 4.0 |
OTHER: | |||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 390,655 | $ | 378,482 | 3.2 | ||||||
Adjusted Total revenue (2) | $ | 8,535,449 | $ | 8,603,484 | (0.8 | ) | |||||
Adjusted Total gross profit (2) | $ | 1,362,725 | $ | 1,357,883 | 0.4 | ||||||
Adjusted Total gross margin (2) | 16.0 | 15.8 | |||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,703 | $ | 1,670 | 2.0 | ||||||
SG&A expenses | $ | 979,531 | $ | 973,412 | 0.6 | ||||||
Adjusted SG&A expenses (2) | $ | 974,201 | $ | 964,935 | 1.0 | ||||||
SG&A as % revenues | 11.5 | 11.3 | |||||||||
Adjusted SG&A as % revenues (2) | 11.4 | 11.2 | |||||||||
SG&A as % gross profit | 71.8 | 72.0 | |||||||||
Adjusted SG&A as % gross profit (2) | 71.5 | 71.1 | |||||||||
Operating margin % | 3.4 | 3.7 | |||||||||
Adjusted operating margin % (2) | 3.9 | 4.0 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store U.K. (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 218,569 | $ | 266,779 | (18.1 | ) | (15.6 | ) | |||||
Used vehicle retail sales | 150,220 | 143,577 | 4.6 | 7.7 | |||||||||
Used vehicle wholesale sales | 36,527 | 37,013 | (1.3 | ) | 1.5 | ||||||||
Total used | 186,747 | 180,590 | 3.4 | 6.4 | |||||||||
Parts and service | 46,881 | 44,619 | 5.1 | 8.2 | |||||||||
Finance, insurance and other, net | 12,449 | 13,171 | (5.5 | ) | (2.0 | ) | |||||||
Total | $ | 464,646 | $ | 505,159 | (8.0 | ) | (5.2 | ) | |||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.2 | 5.7 | |||||||||||
Used vehicle retail sales | 4.5 | 4.6 | |||||||||||
Used vehicle wholesale sales | (0.9 | ) | (0.9 | ) | |||||||||
Total used | 3.5 | 3.5 | |||||||||||
Parts and service | 53.9 | 56.6 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.4 | 11.9 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 13,548 | $ | 15,202 | (10.9 | ) | (7.3 | ) | |||||
Used vehicle retail sales | 6,824 | 6,669 | 2.3 | 5.2 | |||||||||
Used vehicle wholesale sales | (346 | ) | (325 | ) | (6.5 | ) | (10.9 | ) | |||||
Total used | 6,478 | 6,344 | 2.1 | 4.9 | |||||||||
Parts and service | 25,265 | 25,247 | 0.1 | 3.1 | |||||||||
Finance, insurance and other, net | 12,449 | 13,171 | (5.5 | ) | (2.0 | ) | |||||||
Total | $ | 57,740 | $ | 59,964 | (3.7 | ) | (0.5 | ) | |||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 7,270 | 8,694 | (16.4 | ) | |||||||||
Retail used vehicles sold | 6,246 | 6,121 | 2.0 | ||||||||||
Wholesale used vehicles sold | 4,366 | 5,031 | (13.2 | ) | |||||||||
Total used | 10,612 | 11,152 | (4.8 | ) | |||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 30,065 | $ | 30,685 | (2.0 | ) | 1.0 | ||||||
Used vehicle retail | $ | 24,051 | $ | 23,456 | 2.5 | 5.6 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,864 | $ | 1,749 | 6.6 | 10.8 | |||||||
Used vehicle retail sales | 1,093 | 1,090 | 0.3 | 3.1 | |||||||||
Used vehicle wholesale sales | (79 | ) | (65 | ) | (21.5 | ) | (27.8 | ) | |||||
Total used | 610 | 569 | 7.2 | 10.2 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 921 | $ | 889 | 3.6 | 7.4 | |||||||
OTHER: | |||||||||||||
SG&A expenses | $ | 52,863 | $ | 53,493 | (1.2 | ) | 2.0 | ||||||
SG&A as % revenues | 11.4 | 10.6 | |||||||||||
SG&A as % gross profit | 91.6 | 89.2 | |||||||||||
Operating margin % | 0.3 | 0.8 | |||||||||||
Adjusted operating margin % (2) | 0.4 | 0.8 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store U.K. (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 978,873 | $ | 1,073,144 | (8.8 | ) | (11.9 | ) | |||||
Used vehicle retail sales | 612,307 | 532,469 | 15.0 | 11.4 | |||||||||
Used vehicle wholesale sales | 144,303 | 133,483 | 8.1 | 4.6 | |||||||||
Total used | 756,610 | 665,952 | 13.6 | 10.0 | |||||||||
Parts and service | 177,079 | 161,723 | 9.5 | 6.1 | |||||||||
Finance, insurance and other, net | 45,788 | 43,584 | 5.1 | 2.2 | |||||||||
Total | $ | 1,958,350 | $ | 1,944,403 | 0.7 | (2.6 | ) | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 5.6 | 5.6 | |||||||||||
Used vehicle retail sales | 5.0 | 4.9 | |||||||||||
Used vehicle wholesale sales | (1.3 | ) | (0.8 | ) | |||||||||
Total used | 3.8 | 3.8 | |||||||||||
Parts and service | 56.1 | 57.4 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 11.7 | 11.4 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 54,607 | $ | 59,827 | (8.7 | ) | (11.4 | ) | |||||
Used vehicle retail sales | 30,387 | 26,072 | 16.6 | 12.6 | |||||||||
Used vehicle wholesale sales | (1,947 | ) | (1,089 | ) | (78.8 | ) | (75.7 | ) | |||||
Total used | 28,440 | 24,983 | 13.8 | 9.9 | |||||||||
Parts and service | 99,375 | 92,842 | 7.0 | 3.7 | |||||||||
Finance, insurance and other, net | 45,788 | 43,584 | 5.1 | 2.2 | |||||||||
Total | $ | 228,210 | $ | 221,236 | 3.2 | — | |||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 31,777 | 35,751 | (11.1 | ) | |||||||||
Retail used vehicles sold | 25,090 | 23,940 | 4.8 | ||||||||||
Wholesale used vehicles sold | 17,883 | 17,871 | 0.1 | ||||||||||
Total used | 42,973 | 41,811 | 2.8 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 30,804 | $ | 30,017 | 2.6 | (0.9 | ) | ||||||
Used vehicle retail | $ | 24,404 | $ | 22,242 | 9.7 | 6.3 | |||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 1,718 | $ | 1,673 | 2.7 | (0.3 | ) | ||||||
Used vehicle retail sales | 1,211 | 1,089 | 11.2 | 7.5 | |||||||||
Used vehicle wholesale sales | (109 | ) | (61 | ) | (78.7 | ) | (75.6 | ) | |||||
Total used | 662 | 598 | 10.7 | 6.9 | |||||||||
Finance, insurance and other, net (per retail unit) | $ | 805 | $ | 730 | 10.3 | 7.3 |
OTHER: | |||||||||||||
SG&A expenses | $ | 196,899 | $ | 186,160 | 5.8 | 2.6 | |||||||
Adjusted SG&A expenses (2) | $ | 196,899 | $ | 185,872 | 5.9 | 2.7 | |||||||
SG&A as % revenues | 10.1 | 9.6 | |||||||||||
Adjusted SG&A as % revenues (2) | 10.1 | 9.6 | |||||||||||
SG&A as % gross profit | 86.3 | 84.1 | |||||||||||
Adjusted SG&A as % gross profit (2) | 86.3 | 84.0 | |||||||||||
Operating margin % | 1.0 | 1.4 | |||||||||||
Adjusted operating margin % (2) | 1.1 | 1.4 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store Brazil (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 70,923 | $ | 82,946 | (14.5 | ) | 0.2 | ||||||
Used vehicle retail sales | 19,845 | 24,129 | (17.8 | ) | (3.6 | ) | |||||||
Used vehicle wholesale sales | 5,096 | 4,281 | 19.0 | 39.6 | |||||||||
Total used | 24,941 | 28,410 | (12.2 | ) | 2.9 | ||||||||
Parts and service | 11,003 | 11,762 | (6.5 | ) | 9.6 | ||||||||
Finance, insurance and other, net | 2,763 | 2,243 | 23.2 | 44.2 | |||||||||
Total | $ | 109,630 | $ | 125,361 | (12.5 | ) | 2.5 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.5 | 5.8 | |||||||||||
Used vehicle retail sales | 6.2 | 7.8 | |||||||||||
Used vehicle wholesale sales | 5.1 | 4.4 | |||||||||||
Total used | 6.0 | 7.3 | |||||||||||
Parts and service | 44.1 | 45.9 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.5 | 11.6 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 4,637 | $ | 4,849 | (4.4 | ) | 11.8 | ||||||
Used vehicle retail sales | 1,240 | 1,887 | (34.3 | ) | (23.0 | ) | |||||||
Used vehicle wholesale sales | 258 | 188 | 37.2 | 60.7 | |||||||||
Total used | 1,498 | 2,075 | (27.8 | ) | (15.4 | ) | |||||||
Parts and service | 4,854 | 5,404 | (10.2 | ) | 5.3 | ||||||||
Finance, insurance and other, net | 2,763 | 2,243 | 23.2 | 44.2 | |||||||||
Total | $ | 13,752 | $ | 14,571 | (5.6 | ) | 10.5 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 2,253 | 2,355 | (4.3 | ) | |||||||||
Retail used vehicles sold | 1,004 | 1,091 | (8.0 | ) | |||||||||
Wholesale used vehicles sold | 457 | 290 | 57.6 | ||||||||||
Total used | 1,461 | 1,381 | 5.8 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,479 | $ | 35,221 | (10.6 | ) | 4.7 | ||||||
Used vehicle retail | $ | 19,766 | $ | 22,116 | (10.6 | ) | 4.8 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,058 | $ | 2,059 | — | 16.8 | |||||||
Used vehicle retail sales | 1,235 | 1,730 | (28.6 | ) | (16.4 | ) | |||||||
Used vehicle wholesale sales | 565 | 648 | (12.8 | ) | 1.9 | ||||||||
Total used | 1,025 | 1,503 | (31.8 | ) | (20.1 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 848 | $ | 651 | 30.3 | 52.6 |
OTHER: | |||||||||||||
SG&A expenses | $ | 11,472 | $ | 13,459 | (14.8 | ) | (0.1 | ) | |||||
Adjusted SG&A expenses (2) | $ | 11,472 | $ | 12,984 | (11.6 | ) | 3.6 | ||||||
SG&A as % revenues | 10.5 | 10.7 | |||||||||||
Adjusted SG&A as % revenues (2) | 10.5 | 10.4 | |||||||||||
SG&A as % gross profit | 83.4 | 92.4 | |||||||||||
Adjusted SG&A as % gross profit (2) | 83.4 | 89.1 | |||||||||||
Operating margin % | 1.7 | (4.8 | ) | ||||||||||
Adjusted operating margin % (2) | 1.7 | 1.0 |
Group 1 Automotive, Inc. | |||||||||||||
Additional Information - Same Store Brazil (1) | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands, except per unit amounts) | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | ||||||||||
REVENUES: | |||||||||||||
New vehicle retail sales | $ | 267,261 | $ | 293,820 | (9.0 | ) | 3.6 | ||||||
Used vehicle retail sales | 84,985 | 90,210 | (5.8 | ) | 6.9 | ||||||||
Used vehicle wholesale sales | 16,441 | 12,638 | 30.1 | 49.8 | |||||||||
Total used | 101,426 | 102,848 | (1.4 | ) | 12.2 | ||||||||
Parts and service | 44,596 | 47,242 | (5.6 | ) | 7.5 | ||||||||
Finance, insurance and other, net | 8,630 | 8,285 | 4.2 | 19.7 | |||||||||
Total | $ | 421,913 | $ | 452,195 | (6.7 | ) | 6.2 | ||||||
GROSS MARGIN %: | |||||||||||||
New vehicle retail sales | 6.6 | 5.8 | |||||||||||
Used vehicle retail sales | 6.2 | 7.4 | |||||||||||
Used vehicle wholesale sales | 3.8 | 6.8 | |||||||||||
Total used | 5.8 | 7.4 | |||||||||||
Parts and service | 44.5 | 45.7 | |||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | |||||||||||
Total | 12.3 | 12.0 | |||||||||||
GROSS PROFIT: | |||||||||||||
New vehicle retail sales | $ | 17,516 | $ | 17,044 | 2.8 | 18.0 | |||||||
Used vehicle retail sales | 5,252 | 6,708 | (21.7 | ) | (11.1 | ) | |||||||
Used vehicle wholesale sales | 630 | 857 | (26.5 | ) | (15.6 | ) | |||||||
Total used | 5,882 | 7,565 | (22.2 | ) | (11.6 | ) | |||||||
Parts and service | 19,844 | 21,584 | (8.1 | ) | 4.6 | ||||||||
Finance, insurance and other, net | 8,630 | 8,285 | 4.2 | 19.7 | |||||||||
Total | $ | 51,872 | $ | 54,478 | (4.8 | ) | 8.9 | ||||||
UNITS SOLD: | |||||||||||||
Retail new vehicles sold | 8,369 | 8,390 | (0.3 | ) | |||||||||
Retail used vehicles sold | 4,098 | 4,094 | 0.1 | ||||||||||
Wholesale used vehicles sold | 1,487 | 1,038 | 43.3 | ||||||||||
Total used | 5,585 | 5,132 | 8.8 | ||||||||||
AVERAGE RETAIL SALES PRICE: | |||||||||||||
New vehicle retail | $ | 31,935 | $ | 35,020 | (8.8 | ) | 3.8 | ||||||
Used vehicle retail | $ | 20,738 | $ | 22,035 | (5.9 | ) | 6.8 | ||||||
GROSS PROFIT PER UNIT SOLD: | |||||||||||||
New vehicle retail sales | $ | 2,093 | $ | 2,031 | 3.1 | 18.3 | |||||||
Used vehicle retail sales | 1,282 | 1,638 | (21.7 | ) | (11.2 | ) | |||||||
Used vehicle wholesale sales | 424 | 826 | (48.7 | ) | (41.1 | ) | |||||||
Total used | 1,053 | 1,474 | (28.6 | ) | (18.8 | ) | |||||||
Finance, insurance and other, net (per retail unit) | $ | 692 | $ | 664 | 4.2 | 19.9 |
OTHER: | |||||||||||||
SG&A expenses | $ | 48,050 | $ | 49,599 | (3.1 | ) | 11.3 | ||||||
Adjusted SG&A expenses (2) | $ | 45,116 | $ | 49,124 | (8.2 | ) | 4.8 | ||||||
SG&A as % revenues | 11.4 | 11.0 | |||||||||||
Adjusted SG&A as % revenues (2) | 10.7 | 10.9 | |||||||||||
SG&A as % gross profit | 92.6 | 91.0 | |||||||||||
Adjusted SG&A as % gross profit (2) | 87.0 | 90.2 | |||||||||||
Operating margin % | 0.5 | (0.7 | ) | ||||||||||
Adjusted operating margin % (2) | 1.2 | 0.9 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store Consolidated (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2018 | 2017 | % Increase/(Decrease) | Constant Currency (2) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 1,509,317 | $ | 1,635,945 | (7.7 | ) | (6.6 | ) | ||||||
Used vehicle retail sales | 735,052 | 699,217 | 5.1 | 6.2 | ||||||||||
Used vehicle wholesale sales | 82,203 | 90,518 | (9.2 | ) | (7.1 | ) | ||||||||
Total used | 817,255 | 789,735 | 3.5 | 4.7 | ||||||||||
Parts and service | 345,494 | 338,111 | 2.2 | 3.2 | ||||||||||
Finance, insurance and other, net | 118,624 | 113,007 | 5.0 | 5.8 | ||||||||||
Total | $ | 2,790,690 | $ | 2,876,798 | (3.0 | ) | (1.9 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.2 | 5.4 | ||||||||||||
Used vehicle retail sales | 5.4 | 5.7 | ||||||||||||
Used vehicle wholesale sales | 0.3 | (2.6 | ) | |||||||||||
Total used | 4.9 | 4.8 | ||||||||||||
Parts and service | 52.1 | 53.4 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 15.0 | 14.6 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 79,019 | $ | 87,883 | (10.1 | ) | (8.6 | ) | ||||||
Used vehicle retail sales | 39,437 | 39,947 | (1.3 | ) | (0.3 | ) | ||||||||
Used vehicle wholesale sales | 264 | (2,328 | ) | 111.3 | 112.7 | |||||||||
Total used | 39,701 | 37,619 | 5.5 | 6.7 | ||||||||||
Parts and service | 179,869 | 180,416 | (0.3 | ) | 0.6 | |||||||||
Finance, insurance and other, net | 118,624 | 113,007 | 5.0 | 5.8 | ||||||||||
Total | $ | 417,213 | $ | 418,925 | (0.4 | ) | 0.6 | |||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 40,358 | 44,166 | (8.6 | ) | ||||||||||
Retail used vehicles sold | 34,347 | 31,609 | 8.7 | |||||||||||
Wholesale used vehicles sold | 11,450 | 13,404 | (14.6 | ) | ||||||||||
Total used | 45,797 | 45,013 | 1.7 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 37,398 | $ | 37,041 | 1.0 | 2.2 | ||||||||
Used vehicle retail | $ | 21,401 | $ | 22,121 | (3.3 | ) | (2.2 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,958 | $ | 1,990 | (1.6 | ) | — | |||||||
Used vehicle retail sales | 1,148 | 1,264 | (9.2 | ) | (8.2 | ) | ||||||||
Used vehicle wholesale sales | 23 | (174 | ) | 113.2 | 114.8 | |||||||||
Total used | 867 | 836 | 3.7 | 4.9 | ||||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,588 | $ | 1,491 | 6.5 | 7.3 |
OTHER: | ||||||||||||||
Adjusted Finance, insurance and other revenue, net(2), (3) | $ | 117,549 | $ | 113,007 | 4.0 | 4.8 | ||||||||
Adjusted Total revenue (2) | $ | 2,789,615 | $ | 2,876,798 | (3.0 | ) | (1.9 | ) | ||||||
Adjusted Total gross profit (2) | $ | 416,138 | $ | 418,925 | (0.7 | ) | 0.4 | |||||||
Adjusted Total gross margin (2) | 14.9 | 14.6 | ||||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,574 | $ | 1,491 | 5.6 | 6.3 | ||||||||
SG&A expenses | $ | 307,954 | $ | 304,422 | 1.2 | 2.4 | ||||||||
Adjusted SG&A expenses (2) | $ | 306,667 | $ | 303,947 | 0.9 | 2.1 | ||||||||
SG&A as % revenues | 11.0 | 10.6 | ||||||||||||
Adjusted SG&A as % revenues (2) | 11.0 | 10.6 | ||||||||||||
SG&A as % gross profit | 73.8 | 72.7 | ||||||||||||
Adjusted SG&A as % gross profit (2) | 73.7 | 72.6 | ||||||||||||
Operating margin % | 2.7 | 3.2 | ||||||||||||
Adjusted operating margin % (2) | 3.3 | 3.5 |
Group 1 Automotive, Inc. | ||||||||||||||
Additional Information - Same Store Consolidated (1) | ||||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | % Increase/ (Decrease) | Constant Currency (2) % Increase/(Decrease) | |||||||||||
REVENUES: | ||||||||||||||
New vehicle retail sales | $ | 5,823,673 | $ | 6,089,164 | (4.4 | ) | (4.3 | ) | ||||||
Used vehicle retail sales | 2,952,738 | 2,763,994 | 6.8 | 6.5 | ||||||||||
Used vehicle wholesale sales | 334,712 | 393,973 | (15.0 | ) | (15.6 | ) | ||||||||
Total used | 3,287,450 | 3,157,967 | 4.1 | 3.8 | ||||||||||
Parts and service | 1,359,516 | 1,322,600 | 2.8 | 2.8 | ||||||||||
Finance, insurance and other, net | 446,148 | 423,801 | 5.3 | 5.3 | ||||||||||
Total | $ | 10,916,787 | $ | 10,993,532 | (0.7 | ) | (0.8 | ) | ||||||
GROSS MARGIN %: | ||||||||||||||
New vehicle retail sales | 5.1 | 5.2 | ||||||||||||
Used vehicle retail sales | 5.9 | 6.4 | ||||||||||||
Used vehicle wholesale sales | 0.7 | (0.7 | ) | |||||||||||
Total used | 5.4 | 5.5 | ||||||||||||
Parts and service | 53.4 | 53.8 | ||||||||||||
Finance, insurance and other, net | 100.0 | 100.0 | ||||||||||||
Total | 15.1 | 14.8 | ||||||||||||
GROSS PROFIT: | ||||||||||||||
New vehicle retail sales | $ | 295,418 | $ | 318,212 | (7.2 | ) | (6.9 | ) | ||||||
Used vehicle retail sales | 174,262 | 176,067 | (1.0 | ) | (1.2 | ) | ||||||||
Used vehicle wholesale sales | 2,430 | (2,643 | ) | 191.9 | 196.8 | |||||||||
Total used | 176,692 | 173,424 | 1.9 | 1.8 | ||||||||||
Parts and service | 725,624 | 711,610 | 2.0 | 1.9 | ||||||||||
Finance, insurance and other, net | 446,148 | 423,801 | 5.3 | 5.3 | ||||||||||
Total | $ | 1,643,882 | $ | 1,627,047 | 1.0 | 1.1 | ||||||||
UNITS SOLD: | ||||||||||||||
Retail new vehicles sold | 160,236 | 170,346 | (5.9 | ) | ||||||||||
Retail used vehicles sold | 138,520 | 128,509 | 7.8 | |||||||||||
Wholesale used vehicles sold | 49,285 | 56,292 | (12.4 | ) | ||||||||||
Total used | 187,805 | 184,801 | 1.6 | |||||||||||
AVERAGE RETAIL SALES PRICE: | ||||||||||||||
New vehicle retail | $ | 36,344 | $ | 35,746 | 1.7 | 1.7 | ||||||||
Used vehicle retail | $ | 21,316 | $ | 21,508 | (0.9 | ) | (1.2 | ) | ||||||
GROSS PROFIT PER UNIT SOLD: | ||||||||||||||
New vehicle retail sales | $ | 1,844 | $ | 1,868 | (1.3 | ) | (1.0 | ) | ||||||
Used vehicle retail sales | 1,258 | 1,370 | (8.2 | ) | (8.3 | ) | ||||||||
Used vehicle wholesale sales | 49 | (47 | ) | 204.3 | 210.5 | |||||||||
Total used | 941 | 938 | 0.3 | 0.2 | ||||||||||
Finance, insurance and other, net (per retail unit) | $ | 1,493 | $ | 1,418 | 5.3 | 5.3 |
OTHER: | ||||||||||||||
Adjusted Finance, insurance and other revenue, net (2), (3) | $ | 445,073 | $ | 430,351 | 3.4 | 3.4 | ||||||||
Adjusted Total revenue (2) | $ | 10,915,712 | $ | 11,000,082 | (0.8 | ) | (0.8 | ) | ||||||
Adjusted Total gross profit (2) | $ | 1,642,807 | $ | 1,633,597 | 0.6 | 0.6 | ||||||||
Adjusted Total gross margin (2) | 15.0 | 14.9 | ||||||||||||
Adjusted Finance, insurance and other, net (per retail unit) (2) | $ | 1,490 | $ | 1,440 | 3.5 | 3.5 | ||||||||
SG&A expenses | $ | 1,224,480 | $ | 1,209,171 | 1.3 | 1.4 | ||||||||
Adjusted SG&A expenses (2) | $ | 1,216,215 | $ | 1,199,931 | 1.4 | 1.4 | ||||||||
SG&A as % revenues | 11.2 | 11.0 | ||||||||||||
Adjusted SG&A as % revenues (2) | 11.1 | 10.9 | ||||||||||||
SG&A as % gross profit | 74.5 | 74.3 | ||||||||||||
Adjusted SG&A as % gross profit (2) | 74.0 | 73.5 | ||||||||||||
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 December 31, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 106,032 | $ | 99,200 | 6.9 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 104,957 | $ | 99,200 | 5.8 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,266,540 | $ | 2,287,197 | (0.9 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Revenues (1) | $ | 2,265,465 | $ | 2,287,197 | (1.0 | ) | |||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 352,480 | $ | 350,678 | 0.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Gross Profit (1) | $ | 351,405 | $ | 350,678 | 0.2 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 252,634 | $ | 242,070 | 4.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (605 | ) | — | ||||||||
Gain (loss) on real estate and dealership transactions | (327 | ) | — | ||||||||
Legal settlements | (682 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 251,020 | $ | 242,070 | 3.7 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.6 | 15.3 | |||||||||
Adjusted (1) | 15.5 | 15.3 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,778 | $ | 1,700 | 4.6 | ||||||
Adjusted (1) | $ | 1,760 | $ | 1,700 | 3.5 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.1 | 10.6 | |||||||||
Adjusted (1) | 11.1 | 10.6 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 71.7 | 69.0 | |||||||||
Adjusted (1) | 71.4 | 69.0 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.1 | 4.1 | |||||||||
Adjusted (1), (2) | 3.8 | 4.2 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 1.7 | 2.8 | |||||||||
Adjusted (1), (2) | 2.5 | 2.9 |
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 103,412 | $ | 97,593 | 6.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 102,337 | $ | 97,593 | 4.9 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,216,414 | $ | 2,246,278 | (1.3 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Revenues (1) | $ | 2,215,339 | $ | 2,246,278 | (1.4 | ) | |||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 345,721 | $ | 344,390 | 0.4 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Gross Profit (1) | $ | 344,646 | $ | 344,390 | 0.1 | ||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 243,619 | $ | 237,470 | 2.6 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (605 | ) | — | ||||||||
Legal settlements | (682 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 242,332 | $ | 237,470 | 2.0 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.6 | 15.3 | |||||||||
Adjusted (1) | 15.6 | 15.3 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,785 | $ | 1,697 | 5.2 | ||||||
Adjusted (1) | $ | 1,767 | $ | 1,697 | 4.1 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.0 | 10.6 | |||||||||
Adjusted (1) | 10.9 | 10.6 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 70.5 | 69.0 | |||||||||
Adjusted (1) | 70.3 | 69.0 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.3 | 4.2 | |||||||||
Adjusted (1), (3) | 4.0 | 4.2 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 401,271 | $ | 375,954 | 6.7 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 400,196 | $ | 382,504 | 4.6 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 8,723,257 | $ | 8,680,565 | 0.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Revenues (1) | $ | 8,722,182 | $ | 8,687,115 | 0.4 | ||||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,391,306 | $ | 1,365,314 | 1.9 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Gross Profit (1) | $ | 1,390,231 | $ | 1,371,864 | 1.3 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 982,064 | $ | 983,974 | (0.2 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (6,417 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 25,186 | (798 | ) | ||||||||
Legal settlements | (1,285 | ) | 1,113 | ||||||||
Adjusted SG&A (1) | $ | 999,548 | $ | 975,497 | 2.5 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.9 | 15.7 | |||||||||
Adjusted (1) | 15.9 | 15.8 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,710 | $ | 1,647 | 3.8 | ||||||
Adjusted (1) | $ | 1,705 | $ | 1,675 | 1.8 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.3 | 11.3 | |||||||||
Adjusted (1) | 11.5 | 11.2 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 70.6 | 72.1 | |||||||||
Adjusted (1) | 71.9 | 71.1 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.6 | 3.7 | |||||||||
Adjusted (1), (2) | 3.9 | 4.0 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 2.2 | 2.4 | |||||||||
Adjusted (1), (2) | 2.5 | 2.7 |
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 391,730 | $ | 371,932 | 5.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 390,655 | $ | 378,482 | 3.2 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 8,536,524 | $ | 8,596,934 | (0.7 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Revenues (1) | $ | 8,535,449 | $ | 8,603,484 | (0.8 | ) | |||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,363,800 | $ | 1,351,333 | 0.9 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Gross Profit (1) | $ | 1,362,725 | $ | 1,357,883 | 0.4 | ||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 979,531 | $ | 973,412 | 0.6 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (6,417 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | ||||||||
Legal settlements | (1,285 | ) | 1,113 | ||||||||
Adjusted Same Store SG&A (1) | $ | 974,201 | $ | 964,935 | 1.0 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 16.0 | 15.7 | |||||||||
Adjusted (1) | 16.0 | 15.8 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,707 | $ | 1,641 | 4.0 | ||||||
Adjusted (1) | $ | 1,703 | $ | 1,670 | 2.0 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.5 | 11.3 | |||||||||
Adjusted (1) | 11.4 | 11.2 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 71.8 | 72.0 | |||||||||
Adjusted (1) | 71.5 | 71.1 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 3.4 | 3.7 | |||||||||
Adjusted (1), (3) | 3.9 | 4.0 |
Group 1 Automotive, Inc. | ||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||||
(Unaudited) | ||||||||
(Dollars in thousands) | ||||||||
Three Months Ended December 31, | ||||||||
2018 | 2017 | % Increase/ (Decrease) | ||||||
OPERATING MARGIN %: | ||||||||
Unadjusted | 0.4 | 0.8 | ||||||
Adjusted (1), (2) | 0.5 | 0.8 | ||||||
PRETAX MARGIN %: | ||||||||
Unadjusted | (0.2 | ) | 0.3 | |||||
Adjusted (1), (2) | (0.1 | ) | 0.3 | |||||
SAME STORE OPERATING MARGIN %: | ||||||||
Unadjusted | 0.3 | 0.8 | ||||||
Adjusted (1), (2) | 0.4 | 0.8 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 240,403 | $ | 191,570 | 25.5 | ||||||
Pre-tax adjustments: | |||||||||||
Acquisition costs | — | (288 | ) | ||||||||
Adjusted SG&A (1) | $ | 240,403 | $ | 191,282 | 25.7 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 9.9 | 9.6 | |||||||||
Adjusted (1) | 9.9 | 9.6 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 85.9 | 85.0 | |||||||||
Adjusted (1) | 85.9 | 84.9 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 1.1 | 1.3 | |||||||||
Adjusted (1), (2) | 1.1 | 1.3 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 0.5 | 0.9 | |||||||||
Adjusted (1), (2) | 0.6 | 0.9 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 196,899 | $ | 186,160 | 5.8 | ||||||
Pre-tax adjustments: | |||||||||||
Acquisition costs | — | (288 | ) | ||||||||
Adjusted Same Store SG&A (1) | $ | 196,899 | $ | 185,872 | 5.9 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 10.1 | 9.6 | |||||||||
Adjusted (1) | 10.1 | 9.6 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 86.3 | 84.1 | |||||||||
Adjusted (1) | 86.3 | 84.0 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 1.0 | 1.4 | |||||||||
Adjusted (1), (3) | 1.1 | 1.4 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2018 | 2017 | % Increase/(Decrease) | ||||||||||
SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 12,368 | $ | 13,356 | (7.4 | ) | ||||||
Severance costs | — | (475 | ) | |||||||||
Adjusted SG&A (1) | $ | 12,368 | $ | 12,881 | (4.0 | ) | ||||||
SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.5 | 10.7 | ||||||||||
Adjusted (1) | 10.5 | 10.3 | ||||||||||
SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 84.4 | 91.7 | ||||||||||
Adjusted (1) | 84.4 | 88.4 | ||||||||||
OPERATING MARGIN %: | ||||||||||||
Unadjusted | 1.6 | (4.7 | ) | |||||||||
Adjusted (1), (2) | 1.6 | 1.1 | ||||||||||
PRETAX MARGIN %: | ||||||||||||
Unadjusted | 1.3 | (4.9 | ) | |||||||||
Adjusted (1), (2) | 1.3 | 0.9 | ||||||||||
SAME STORE SG&A RECONCILIATION: | ||||||||||||
As reported | $ | 11,472 | $ | 13,459 | (14.8 | ) | ||||||
Pre-tax adjustments: | ||||||||||||
Severance costs | — | (475 | ) | |||||||||
Adjusted Same Store SG&A (1) | $ | 11,472 | $ | 12,984 | (11.6 | ) | ||||||
SAME STORE SG&A AS % REVENUES: | ||||||||||||
Unadjusted | 10.5 | 10.7 | ||||||||||
Adjusted (1) | 10.5 | 10.4 | ||||||||||
SAME STORE SG&A AS % GROSS PROFIT: | ||||||||||||
Unadjusted | 83.4 | 92.4 | ||||||||||
Adjusted (1) | 83.4 | 89.1 | ||||||||||
SAME STORE OPERATING MARGIN %: | ||||||||||||
Unadjusted | 1.7 | (4.8 | ) | |||||||||
Adjusted (1), (3) | 1.7 | 1.0 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/ (Decrease) | |||||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 50,590 | $ | 50,651 | (0.1 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | — | (475 | ) | ||||||||
Legal settlements | (3,670 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 46,920 | $ | 50,176 | (6.5 | ) | |||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.5 | 11.1 | |||||||||
Adjusted (1) | 10.6 | 11.0 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 93.9 | 92.2 | |||||||||
Adjusted (1) | 87.1 | 91.3 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 0.4 | (0.9 | ) | ||||||||
Adjusted (1), (2) | 1.2 | 0.7 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | — | (1.0 | ) | ||||||||
Adjusted (1), (2) | 0.8 | 0.6 | |||||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 48,050 | $ | 49,599 | (3.1 | ) | |||||
Pre-tax adjustments: | |||||||||||
Severance costs | — | (475 | ) | ||||||||
Legal settlements | (2,934 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 45,116 | $ | 49,124 | (8.2 | ) | |||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.4 | 11.0 | |||||||||
Adjusted (1) | 10.7 | 10.9 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 92.6 | 91.0 | |||||||||
Adjusted (1) | 87.0 | 90.2 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 0.5 | (0.7 | ) | ||||||||
Adjusted (1), (3) | 1.2 | 0.9 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Three Months Ended December 31, | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
NET INCOME RECONCILIATION: | |||||||||||
As reported | |||||||||||
Pretax Net Income | $ | 39,683 | $ | 58,974 | |||||||
Income Tax Provision | (8,965 | ) | 51,515 | ||||||||
Net Income | $ | 30,718 | $ | 110,489 | (72.2 | ) | |||||
Effective Tax Rate | 22.6 | % | (87.4 | )% | |||||||
Adjustments: | |||||||||||
Catastrophic events | |||||||||||
Pre-tax | (470 | ) | — | ||||||||
Tax impact | 114 | — | |||||||||
(Gain) loss on real estate and dealership transactions | |||||||||||
Pre-tax | 327 | — | |||||||||
Tax impact | (79 | ) | — | ||||||||
Severance costs | |||||||||||
Pre-tax | — | 475 | |||||||||
Tax impact | — | (122 | ) | ||||||||
Legal settlements | |||||||||||
Pre-tax | 682 | — | |||||||||
Tax impact | (167 | ) | — | ||||||||
Non-cash asset impairment | |||||||||||
Pre-tax | 16,456 | 9,979 | |||||||||
Tax impact | (3,775 | ) | (3,515 | ) | |||||||
Tax rate changes | |||||||||||
Pre-tax | — | — | |||||||||
Tax impact | — | (73,028 | ) | ||||||||
Adjusted | |||||||||||
Pretax Net Income | $ | 56,678 | $ | 69,428 | |||||||
Income Tax Provision | (12,872 | ) | (25,150 | ) | |||||||
Adjusted net income (1) | $ | 43,806 | $ | 44,278 | (1.1 | ) | |||||
Effective Tax Rate | 22.7 | % | 36.2 | % | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED | |||||||||||
COMMON SHARES RECONCILIATION: | |||||||||||
Adjusted net income (1) | $ | 43,806 | $ | 44,278 | (1.1 | ) | |||||
Less: Adjusted earnings allocated to participating securities | 1,567 | 1,483 | 5.6 | ||||||||
Adjusted net income available to diluted common shares (1) | $ | 42,239 | $ | 42,795 | (1.3 | ) | |||||
DILUTED (LOSS) INCOME PER COMMON SHARE RECONCILIATION: | |||||||||||
As reported | $ | 1.62 | $ | 5.27 | (69.3 | ) | |||||
After-tax adjustments: | |||||||||||
Catastrophic events | (0.02 | ) | — | ||||||||
(Gain) loss on real estate and dealership transactions | 0.01 | — | |||||||||
Severance costs | — | 0.02 | |||||||||
Legal settlements | 0.03 | — | |||||||||
Non-cash asset impairment | 0.67 | 0.30 | |||||||||
Tax rate changes | — | (3.48 | ) | ||||||||
Adjusted diluted income per share (1) | $ | 2.31 | $ | 2.11 | 9.5 |
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 123,991 | $ | 114,705 | 8.1 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 122,916 | $ | 114,705 | 7.2 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,908,812 | $ | 2,920,405 | (0.4 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Revenues (1) | $ | 2,907,737 | $ | 2,920,405 | (0.4 | ) | |||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 432,066 | $ | 425,675 | 1.5 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Gross Profit (1) | $ | 430,991 | $ | 425,675 | 1.2 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 323,847 | $ | 309,521 | 4.6 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (605 | ) | — | ||||||||
Gain (loss) on real estate and dealership transactions | (327 | ) | — | ||||||||
Severance costs | — | (475 | ) | ||||||||
Legal settlements | (682 | ) | — | ||||||||
Adjusted SG&A (1) | $ | 322,233 | $ | 309,046 | 4.3 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 14.9 | 14.6 | |||||||||
Adjusted (1) | 14.8 | 14.6 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,582 | $ | 1,495 | 5.8 | ||||||
Adjusted (1) | $ | 1,568 | $ | 1,495 | 4.9 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.1 | 10.6 | |||||||||
Adjusted (1) | 11.1 | 10.6 | |||||||||
SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 75.0 | 72.7 | |||||||||
Adjusted (1) | 74.8 | 72.6 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 2.6 | 3.1 | |||||||||
Adjusted (1), (2) | 3.2 | 3.5 | |||||||||
PRETAX MARGIN %: | |||||||||||
Unadjusted | 1.4 | 2.0 | |||||||||
Adjusted (1), (2) | 1.9 | 2.4 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 118,624 | $ | 113,007 | 5.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 117,549 | $ | 113,007 | 4.0 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 2,790,690 | $ | 2,876,798 | (3.0 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Revenues (1) | $ | 2,789,615 | $ | 2,876,798 | (3.0 | ) |
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 417,213 | $ | 418,925 | (0.4 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | — | ||||||||
Adjusted Total Gross Profit (1) | $ | 416,138 | $ | 418,925 | (0.7 | ) | |||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 307,954 | $ | 304,422 | 1.2 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (605 | ) | — | ||||||||
Severance costs | — | (475 | ) | ||||||||
Legal settlements | (682 | ) | — | ||||||||
Adjusted Same Store SG&A (1) | $ | 306,667 | $ | 303,947 | 0.9 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.0 | 14.6 | |||||||||
Adjusted (1) | 14.9 | 14.6 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,588 | $ | 1,491 | 6.5 | ||||||
Adjusted (1) | $ | 1,574 | $ | 1,491 | 5.6 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.0 | 10.6 | |||||||||
Adjusted (1) | 11.0 | 10.6 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 73.8 | 72.7 | |||||||||
Adjusted (1) | 73.7 | 72.6 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 2.7 | 3.2 | |||||||||
Adjusted (1), (3) | 3.3 | 3.5 |
Group 1 Automotive, Inc. | |||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Twelve Months Ended December 31, 2018 | |||||||||||
2018 | 2017 | % Increase/(Decrease) | |||||||||
NET INCOME RECONCILIATION: | |||||||||||
As reported | |||||||||||
Pretax Net Income | $ | 205,403 | $ | 219,003 | |||||||
Income Tax Provision | (47,631 | ) | (5,561 | ) | |||||||
Net Income | $ | 157,772 | $ | 213,442 | (26.1 | ) | |||||
Effective Tax Rate | 23.2 | % | 2.5 | % | |||||||
Adjustments: | |||||||||||
Catastrophic events | |||||||||||
Pre-tax | 5,342 | 15,342 | |||||||||
Tax impact | (1,330 | ) | (5,926 | ) | |||||||
(Gain) loss on real estate and dealership transactions | |||||||||||
Pre-tax | (25,186 | ) | 798 | ||||||||
Tax impact | 6,087 | (301 | ) | ||||||||
Severance costs | |||||||||||
Pre-tax | — | 475 | |||||||||
Tax impact | — | (122 | ) | ||||||||
Acquisition costs | |||||||||||
Pre-tax | — | 288 | |||||||||
Tax impact | — | — | |||||||||
Legal settlements | |||||||||||
Pre-tax | 4,955 | (1,113 | ) | ||||||||
Tax impact | (854 | ) | 426 | ||||||||
Non-cash asset impairment | |||||||||||
Pre-tax | 43,883 | 19,505 | |||||||||
Tax impact | (10,368 | ) | (7,094 | ) | |||||||
Allowance for uncertain tax positions | |||||||||||
Pre-tax | — | — | |||||||||
Tax impact | — | 834 | |||||||||
Tax rate changes | |||||||||||
Pre-tax | — | — | |||||||||
Tax impact | (705 | ) | (73,028 | ) | |||||||
Adjusted | |||||||||||
Pretax Net Income | $ | 234,397 | $ | 254,298 | |||||||
Income Tax Provision | (54,801 | ) | (90,772 | ) | |||||||
Adjusted net income (1) | $ | 179,596 | $ | 163,526 | 9.8 | ||||||
Effective Tax Rate | 23.4 | % | 35.7 | % | |||||||
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED | |||||||||||
COMMON SHARES RECONCILIATION: | |||||||||||
Adjusted net income (1) | $ | 179,596 | $ | 163,526 | 9.8 | ||||||
Less: Adjusted earnings allocated to participating securities | 6,169 | 5,738 | 7.5 | ||||||||
Adjusted net income available to diluted common shares (1) | $ | 173,427 | $ | 157,788 | 9.9 |
DILUTED INCOME PER COMMON SHARE RECONCILIATION: | |||||||||||
As reported | $ | 7.83 | $ | 10.08 | (22.3 | ) | |||||
After-tax adjustments: | |||||||||||
Catastrophic events | 0.20 | 0.45 | |||||||||
(Gain) loss on real estate and dealership transactions | (0.95 | ) | 0.03 | ||||||||
Severance costs | — | 0.01 | |||||||||
Acquisition costs including related tax impact | — | 0.01 | |||||||||
Legal settlements | 0.21 | (0.03 | ) | ||||||||
Non-cash asset impairment | 1.65 | 0.59 | |||||||||
Allowance for uncertain tax positions | — | 0.04 | |||||||||
Tax rate changes | (0.03 | ) | (3.45 | ) | |||||||
Adjusted diluted income per share (1) | $ | 8.91 | $ | 7.73 | 15.3 | ||||||
FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 467,453 | $ | 429,002 | 9.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 466,378 | $ | 435,552 | 7.1 | ||||||
TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 11,601,358 | $ | 11,123,721 | 4.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Revenues (1) | $ | 11,600,283 | $ | 11,130,271 | 4.2 | ||||||
TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,725,093 | $ | 1,645,509 | 4.8 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Gross Profit (1) | $ | 1,724,018 | $ | 1,652,059 | 4.4 | ||||||
SG&A RECONCILIATION: | |||||||||||
As reported | $ | 1,273,057 | $ | 1,226,195 | 3.8 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (6,417 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 25,186 | (798 | ) | ||||||||
Severance costs | — | (475 | ) | ||||||||
Acquisition costs | — | (288 | ) | ||||||||
Legal settlements | (4,955 | ) | 1,113 | ||||||||
Adjusted SG&A (1) | $ | 1,286,871 | $ | 1,216,955 | 5.7 | ||||||
TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 14.9 | 14.8 | |||||||||
Adjusted (1) | 14.9 | 14.8 | |||||||||
FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,468 | $ | 1,420 | 3.4 | ||||||
Adjusted (1) | $ | 1,464 | $ | 1,442 | 1.5 | ||||||
SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.0 | 11.0 | |||||||||
Adjusted (1) | 11.1 | 10.9 | |||||||||
SG&A AS % OF GROSS PROFIT: | |||||||||||
Unadjusted | 73.8 | 74.5 | |||||||||
Adjusted (1) | 74.6 | 73.7 | |||||||||
OPERATING MARGIN %: | |||||||||||
Unadjusted | 2.9 | 3.1 | |||||||||
Adjusted (1), (2) | 3.2 | 3.4 |
PRETAX MARGIN %: | |||||||||||
Unadjusted | 1.8 | 2.0 | |||||||||
Adjusted (1), (2) | 2.0 | 2.3 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER REVENUE, NET RECONCILIATION: | |||||||||||
As reported | $ | 446,148 | $ | 423,801 | 5.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Finance, insurance and other revenue, net (1) | $ | 445,073 | $ | 430,351 | 3.4 | ||||||
SAME STORE TOTAL REVENUES RECONCILIATION: | |||||||||||
As reported | $ | 10,916,787 | $ | 10,993,532 | (0.7 | ) | |||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Revenues (1) | $ | 10,915,712 | $ | 11,000,082 | (0.8 | ) | |||||
SAME STORE TOTAL GROSS PROFIT RECONCILIATION: | |||||||||||
As reported | $ | 1,643,882 | $ | 1,627,047 | 1.0 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (1,075 | ) | 6,550 | ||||||||
Adjusted Total Gross Profit (1) | $ | 1,642,807 | $ | 1,633,597 | 0.6 | ||||||
SAME STORE SG&A RECONCILIATION: | |||||||||||
As reported | $ | 1,224,480 | $ | 1,209,171 | 1.3 | ||||||
Pre-tax adjustments: | |||||||||||
Catastrophic events | (6,417 | ) | (8,792 | ) | |||||||
Gain (loss) on real estate and dealership transactions | 2,372 | (798 | ) | ||||||||
Severance costs | — | (475 | ) | ||||||||
Acquisition costs | — | (288 | ) | ||||||||
Legal settlements | (4,220 | ) | 1,113 | ||||||||
Adjusted Same Store SG&A (1) | $ | 1,216,215 | $ | 1,199,931 | 1.4 | ||||||
SAME STORE TOTAL GROSS MARGIN %: | |||||||||||
Unadjusted | 15.1 | 14.8 | |||||||||
Adjusted (1) | 15.0 | 14.9 | |||||||||
SAME STORE FINANCE, INSURANCE AND OTHER, NET (PER RETAIL UNIT): | |||||||||||
Unadjusted | $ | 1,493 | $ | 1,418 | 5.3 | ||||||
Adjusted (1) | $ | 1,490 | $ | 1,440 | 3.5 | ||||||
SAME STORE SG&A AS % REVENUES: | |||||||||||
Unadjusted | 11.2 | 11.0 | |||||||||
Adjusted (1) | 11.1 | 10.9 | |||||||||
SAME STORE SG&A AS % GROSS PROFIT: | |||||||||||
Unadjusted | 74.5 | 74.3 | |||||||||
Adjusted (1) | 74.0 | 73.5 | |||||||||
SAME STORE OPERATING MARGIN %: | |||||||||||
Unadjusted | 2.9 | 3.1 | |||||||||
Adjusted (1), (3) | 3.3 | 3.4 |
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