Oct 29, 2020 SOURCE: PR NewsWire
Group 1 Automotive Announces All-Time Record Quarterly Earnings Per Share
HOUSTON, Oct. 29, 2020 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported 2020 third quarter net income of $126.4 million, diluted earnings per common share of $6.83, adjusted net income (a non-GAAP measure) of $129.0 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $6.97. This compares to diluted earnings per common share of $2.04 and adjusted diluted earnings per common share (a non-GAAP measure) of $3.02 in 2019. The Company's 2020 third quarter total revenue was $3.0 billion.
Third quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment related to a loss on debt redemption of $3.3 million, or $0.14 per share. Third quarter 2019 adjusted net income and diluted earnings per share excluded approximately $18.4 million net after-tax adjustments, or $0.98 per common share. These adjustments consist primarily of $9.0 million related to catastrophic weather events, or $0.48 per common share; non-cash asset impairments of $8.3 million, or $0.44 per common share; and $1.1 million related to dealership and real estate transactions, or $0.06 per common share. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.
"Our record earnings are a function of our hard working, resilient teammates and a responsive and creative management team that quickly reacted to the realities of the pandemic. As we rebuilt our U.S. and U.K. businesses from the extreme furlough levels in April, we targeted a 20% efficiency improvement in our sales and service processes, which drove our key cost metric, SG&A as a percent of gross profit, below 60% for the first time in our history. Lower U.S. vehicle sales were offset by improved F&I performance and higher margins supported by lower inventory levels. Additionally, our U.K. business turned in a record performance with year-over-year growth in service and vehicle sales," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer.
Liquidity & Capital Resources Update
As of September 30, 2020, the Company's total cash liquidity was $193 million. There was also $273 million of borrowing capacity on the Company's U.S. syndicated acquisition line, bringing total immediate liquidity to $466 million at the end of the third quarter 2020.
As previously announced, the Company redeemed all $550 million of its outstanding 5.00% notes due 2022 during the third quarter of 2020. This redemption was funded with $550 million of newly issued 4.00% notes due 2028. Along with the April 2020 redemption of the 5.25% notes due 2023, the Company now has no material debt maturities before its U.S. Credit Facility matures in June of 2024. The debt restructuring undertaken this year will save the Company over $15 million in annual interest expense.
During the third quarter of 2020, the Company generated $25 million of operating cash flow ($121 million of adjusted operating cash flow), which brings the year-to-date operating cash flow to $713 million ($358 million of adjusted operating cash flow). This cash generation has been partially used to reduce non-floorplan debt by $159 million since the end of 2019. Additionally, the Company's U.S. credit facility rent-adjusted leverage ratio was reduced to 2.5 times at the end of September 2020, or down from 3.3 times at the end of 2019.
Share Repurchase Authorization & Dividend
On October 6, 2020, the Company announced a new $200 million share repurchase program. Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions. The Company expects to reinstate a quarterly cash dividend following its board meeting in mid-November 2020, and payable in mid-December 2020.
Consolidated Results for Third Quarter 2020 (year-over-year comparable basis)
For ease of comparison, constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:
-- Total revenue decreased 2.5 percent (-2.9 percent), to $3.0 billion.
-- Total gross profit increased 10.0 percent (9.8 percent), to $512.0
million.
-- New vehicle revenues decreased 4.3 percent (-4.6 percent) on a 10.7
percent decrease in unit sales.
-- Retail used vehicle revenues decreased 0.3 percent (-1.1 percent) on 7.1
percent lower unit sales.
-- Parts and service gross profit decreased 0.9 percent (-1.1 percent) on
revenue decrease of 2.1 percent (-2.0 percent).
-- Finance and Insurance (F&I) gross profit per retail unit (PRU) increased
11.5 percent (11.3 percent), to $1,655.
-- Selling, General and Administrative (SG&A) expenses as a percent of
gross profit decreased 1,630 basis points, to 59.7 percent.
Segment Results for Third Quarter 2020 (year-over-year comparable basis)
-- United States:The Company's U.S. operations accounted for 73.8 percent
of total revenues and 81.1 percent of total gross profit. Total U.S.
revenues decreased 7.4 percent, to $2.2 billion. Total gross profit
increased 7.4 percent, to $415.7 million. Same Store U.S. total gross
profit increased 6.4 percent, to $409.5 million.
-- Same Store new vehicle revenue declined 9.9 percent, with units
decreasing 15.7 percent. New vehicle gross profit increased 34.3
percent as gross profit per unit increased $1,052, a 59.3 percent
increase, to $2,824, as higher new vehicle margins more than offset
the gross profit impact from lower volumes.
-- Same Store total used vehicle revenue declined 8.5 percent, with
total used units decreasing 13.9 percent, as inventory shortages
hampered sales later in the quarter. Same Store total used gross
profit increased 26.6 percent as higher gross profit per unit (used
retail gross profit per unit increased $510, a 36.7 percent
increase, to $1,898).
-- Parts and service revenues decreased 2.7 percent and gross profit
decreased by 3.1 percent. Same Store parts and service revenues
decreased 3.3 percent. Same Store parts and service gross profit
decreased 4.0 percent, to $163.8 million.
-- F&I revenues decreased 0.3 percent, to $113.0 million. F&I gross
profit PRU grew $285, to $2,030, or 16.3 percent. Same Store F&I
gross profit PRU increased $290, to $2,041, or 16.6 percent.
-- SG&A expenses as a percent of gross profit decreased 1,470 basis
points, to 59.0 percent.
-- United Kingdom:Constant currency metrics (a non-GAAP measure) are
included below (shown in parenthesis) and within the financial tables
that follow:The Company's U.K. operations accounted for 24.4 percent of
total revenues and 17.1 percent of total gross profit. Same Store total
revenues increased 22.6 percent (17.3 percent), to $707.0 million. Same
Store total gross profit increased 31.6 percent (25.7 percent), to $82.8
million. Same Store SG&A expenses as a percent of gross profit decreased
2,600 basis points, to 60.6 percent.
-- Brazil:Constant currency metrics (a non-GAAP measure) are included below
(shown in parenthesis) and within the financial tables that follow:The
Company's Brazilian operations accounted for 1.8 percent of total
revenues and 1.7 percent of total gross profit. Same Store total
revenues decreased 50.9 percent (-33.6 percent), driven by constant
currency revenue decreases of 54.4 percent (-38.3 percent) in new
vehicles, 50.6 percent (-33.1 percent) in total used vehicles, 41.1
percent (-20.3 percent) in F&I, and 32.5 percent (-8.4 percent) in parts
and service. The decreases were driven by local shelter-in-place orders
that, on average, completely closed the Company's Brazilian operations
for over a month during the quarter and continues to restrict operating
hours. Same Store SG&A expenses as a percent of gross profit decreased
290 basis points, to 79.8 percent.
Corporate Development
Year-to-date 2020, the Company disposed of a Nissan franchise in Mississippi during October, which generated approximately $30 million in trailing-twelve-month revenues.
Third Quarter 2020 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the third quarter 2020 financial results. The conference call will be simulcast live on the Internet at www.group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:
Domestic: 1-888-609-1607
International: 1-862-298-0705
Passcode: 56690934
A telephonic replay will be available following the call through November 6, 2020 by dialing:
Domestic: 1-888-539-4649
International: 1-754-333-7735
Replay ID: 153906
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 185 automotive dealerships, 241 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Three Months Ended September 30,
2020 2019 Increase/
(Decrease) % Change
REVENUES:
New vehicle retail sales $
1,580.7 $
1,652.3 $
(71.7) (4.3)
%
Used vehicle retail sales 867.2 869.7 (2.5) (0.3)
%
Used vehicle wholesale sales 86.7 85.2 1.5 1.7
%
Parts and service sales 375.6 383.5 (7.9) (2.1)
%
Finance, insurance and other, 129.5 127.5 2.0 1.5
net %
Total revenues 3,039.6 3,118.3 (78.7) (2.5)
%
COST OF SALES:
New vehicle retail sales 1,481.5 1,577.0 (95.5) (6.1)
%
Used vehicle retail sales 796.1 815.5 (19.4) (2.4)
%
Used vehicle wholesale sales 80.7 84.9 (4.2) (4.9)
%
Parts and service sales 169.4 175.4 (6.0) (3.4)
%
Total cost of sales 2,527.7 2,652.7 (125.0) (4.7)
%
GROSS PROFIT 512.0 465.6 46.3 10.0
%
Selling, general and 305.8 353.9 (48.1) (13.6)
administrative expenses %
Depreciation and amortization 19.1 18.2 0.9 5.2
expense %
Asset impairments 10.3 (10.3) (100.0)
%
INCOME (LOSS) FROM OPERATIONS 187.1 83.3 103.8 124.7
%
Floorplan interest expense 8.1 15.3 (7.2) (47.1)
%
Other interest expense, net 14.6 18.9 (4.3) (22.8)
%
(Gain) loss on extinguishment
of debt 3.3 3.3
%
INCOME (LOSS) BEFORE INCOME 161.0 49.0 112.0 228.6
TAXES %
(Benefit) provision for income 34.6 10.9 23.6 215.7
taxes %
NET INCOME (LOSS) $
126.4 $
38.0 $
88.4 232.3
%
Less: Earnings (loss) allocated 4.5 1.4 3.1 225.7
to participating securities %
Net income (loss) available to $
121.9 $
36.7 $
85.2 232.5
diluted common shares %
DILUTED EARNINGS (LOSS) PER $
6.83 $
2.04 $
4.80 235.2
SHARE %
Weighted average dilutive 17.8 18.0 (0.1) (0.8)
common shares outstanding %
Weighted average participating 0.7 0.7 (3.6)
securities %
Total weighted average shares 18.5 18.7 (0.2) (0.9)
%
Effective tax rate 21.5
% 22.3
% (0.9)
%
Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Nine Months Ended September 30,
2020 2019 Increase/
(Decrease) % Change
REVENUES:
New vehicle retail sales $
3,985.5 $
4,632.2 $
(646.7) (14.0)
%
Used vehicle retail sales 2,287.4 2,527.8 (240.4) (9.5)
%
Used vehicle wholesale sales 221.9 273.4 (51.5) (18.8)
%
Parts and service sales 1,028.2 1,130.8 (102.6) (9.1)
%
Finance, insurance and other, 338.7 368.2 (29.5) (8.0)
net
%
Total revenues 7,861.7 8,932.4 (1,070.7) (12.0)
%
COST OF SALES:
New vehicle retail sales 3,759.7 4,415.7 (656.0) (14.9)
%
Used vehicle retail sales 2,127.9 2,372.5 (244.5) (10.3)
%
Used vehicle wholesale sales 212.9 272.7 (59.8) (21.9)
%
Parts and service sales 473.9 520.1 (46.2) (8.9)
%
Total cost of sales 6,574.4 7,581.0 (1,006.6) (13.3)
%
GROSS PROFIT 1,287.2 1,351.4 (64.1) (4.7)
%
Selling, general and 870.9 1,020.3 (149.4) (14.6)
administrative expenses %
Depreciation and amortization 56.5 53.0 3.4 6.5
expense %
Asset impairments 23.8 10.8 13.0 120.9
%
INCOME (LOSS) FROM OPERATIONS 336.0 267.2 68.8 25.7
%
Floorplan interest expense 31.1 47.0 (15.9) (33.8)
%
Other interest expense, net 49.0 55.8 (6.9) (12.3)
%
(Gain) loss on extinguishment
of debt 13.7 13.7 %
INCOME (LOSS) BEFORE INCOME 242.2 164.4 77.8 47.3
TAXES %
(Benefit) provision for income 55.8 38.5 17.4 45.1
taxes %
NET INCOME (LOSS) $
186.4 $
125.9 $
60.5 48.0
%
Less: Earnings (loss) allocated 6.7 4.7 2.0 43.0
to participating securities %
Net income (loss) available to $
179.7 $
121.2 $
58.4 48.2
diluted common shares %
DILUTED EARNINGS (LOSS) PER $
10.08 $
6.77 $
3.31 48.9
SHARE %
Weighted average dilutive 17.8 17.9 (0.1) (0.5)
common shares outstanding
%
Weighted average participating 0.7 0.7 (4.3)
securities
%
Total weighted average shares 18.5 18.6 (0.1) (0.6)
%
Effective tax rate 23.1 23.4 (0.4)
% % %
Group 1 Automotive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
September 30, 2020 December 31, 2019 Increase/
(Decrease) % Change
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $
66.2 $
23.8 $
42.4 178.6
%
Contracts-in-transit and vehicle
receivables, net of allowance of $0.3 and %
$0.3, respectively 218.9 253.8 (35.0) (13.8)
Accounts and notes receivable, net of 193.5 225.1 (31.6) (14.1)
allowance of $3.6 and $2.8, respectively %
Inventories, net 1,375.7 1,901.7 (526.1) (27.7)
%
Prepaid expenses 39.8 96.4 (56.6) (58.7)
%
Other current assets 22.6 15.5 7.1 45.7
%
TOTAL CURRENT ASSETS 1,916.6 2,516.3 (599.7) (23.8)
%
Property and equipment, net of accumulated
depreciation of $441.9 and $400.2, %
respectively 1,592.0 1,547.1 44.9 2.9
Operating lease assets 209.9 220.1 (10.1) (4.6)
%
Goodwill 993.5 1,008.3 (14.8) (1.5)
%
Intangible franchise rights 241.3 253.5 (12.2) (4.8)
%
Other long-term assets 30.0 24.8 5.1 20.7
%
TOTAL ASSETS $
4,983.4 $
5,570.2 $
(586.8) (10.5)
%
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Floorplan notes payable -credit facility and
other, net of offset account of $108.2 and %
$106.8, respectively $
771.3 $
1,144.4 $
(373.2) (32.6)
Floorplan notes payable -manufacturer
affiliates, net of offset account of $18.5 %
and $4.1, respectively 314.8 459.9 (145.1) (31.5)
Current maturities of long-term debt 65.8 59.1 6.7 11.3
%
Current operating lease liabilities 21.5 24.6 (3.2) (12.8)
%
Accounts payable 408.3 527.5 (119.2) (22.6)
%
Accrued expenses and other current 230.4 206.7 23.7 11.5
liabilities %
TOTAL CURRENT LIABILITIES 1,812.1 2,422.3 (610.2) (25.2)
%
Long-term debt 1,307.8 1,432.1 (124.3) (8.7)
%
Long-term operating lease liabilities 207.1 210.7 (3.6) (1.7)
%
Deferred income taxes 135.4 145.7 (10.3) (7.1)
%
Long-term interest rate swap liabilities 49.4 4.4 45.0 1,024.2
%
Other long-term liabilities 114.8 99.2 15.6 15.7
%
STOCKHOLDERS' EQUITY:
Common stock 0.3 0.3 (0.2)
%
Additional paid-in capital 304.0 295.3 8.6 2.9
%
Retained earnings 1,723.3 1,542.4 180.8 11.7
%
Accumulated other comprehensive income (loss) (206.3) (147.0) (59.3) 40.4
%
Treasury stock (464.3) (435.3) (29.0) 6.7
%
TOTAL STOCKHOLDERS' EQUITY 1,356.9 1,255.7 101.2 8.1
%
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
4,983.4 $
5,570.2 $
(586.8) (10.5)
%
Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2020 (%) 2019 (%) 2020 (%) 2019 (%)
New vehicle unit sales geographic mix
---
Region Geographic Market
---
United States
Texas 34.7 36.9 36.8 35.8
Oklahoma 7.1 7.1 7.5 6.7
California 4.6 5.6 4.8 5.6
Georgia 4.3 4.8 4.6 4.5
Massachusetts 4.9 5.1 4.6 4.7
Florida 2.4 2.5 2.6 2.6
Louisiana 2.1 2.4 2.2 2.4
New Hampshire 1.8 2.0 1.9 1.8
New Jersey 1.9 1.8 1.8 1.8
South Carolina 1.6 1.8 1.7 1.7
New Mexico 1.3 0.7 1.3 0.4
Kansas 1.2 1.2 1.2 1.1
Mississippi 1.0 1.2 1.1 1.2
Alabama 0.7 0.7 0.7 0.7
Maryland 0.5 0.5 0.4 0.5
70.2 74.0 73.2 71.5
International
United Kingdom 26.8 20.9 23.0 23.0
Brazil 3.0 5.1 3.8 5.5
100.0 100.0 100.0 100.0
New vehicle unit sales brand mix
---
Toyota/Lexus 22.7 25.7 22.9 24.6
Volkswagen/Audi/Porsche/SEAT/SKODA 17.7 13.3 15.6 13.9
BMW/MINI 11.8 11.9 11.4 12.1
Ford/Lincoln 10.1 10.6 10.7 10.6
Honda/Acura 8.5 10.5 9.2 10.6
Chevrolet/GMC/Buick/Cadillac 7.1 6.7 7.4 6.6
Nissan 4.7 6.1 5.3 6.1
Mercedes-Benz/Smart/Sprinter 5.3 4.9 5.3 5.1
Hyundai/Kia/Genesis 4.3 3.9 4.4 3.8
Chrysler/Dodge/Jeep/RAM 4.0 3.7 4.0 3.4
Jaguar/Land Rover 2.5 1.8 2.3 2.0
Other 1.3 1.0 1.5 1.2
100.0 100.0 100.0 100.0
Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
Increase/ Currency
(Decrease) Impact on
Current
Period
2020 2019 % Change Results Constant
Currency
% Change
---
Revenues:
New vehicle $
1,580.7 $
1,652.3 $
(71.7) (4.3) $
4.6 (4.6)
retail sales % %
Used vehicle 867.2 869.7 (2.5) (0.3) 7.3 (1.1)
retail sales % %
Used vehicle
wholesale % %
sales 86.7 85.2 1.5 1.7 0.8 0.7
Total used 953.9 955.0 (1.1) (0.1) 8.1 (1.0)
% %
Parts and 375.6 383.5 (7.9) (2.1) (0.1) (2.0)
service sales % %
F&I, net 129.5 127.5 2.0 1.5 0.3 1.3
% %
Total revenues $
3,039.6 $
3,118.3 $
(78.7) (2.5) $
12.9 (2.9)
% %
Gross profit:
New vehicle $
99.2 $
75.4 $
23.8 31.6 $
(0.2) 31.9
retail sales % %
Used vehicle 71.1 54.3 16.8 31.0 0.5 30.2
retail sales % %
Used vehicle
wholesale % %
sales 5.9 0.3 5.6 1,745.3 1,743.5
Total used 77.0 54.6 22.5 41.2 0.5 40.3
% %
Parts and 206.2 208.1 (1.9) (0.9) 0.3 (1.1)
service sales % %
F&I, net 129.5 127.5 2.0 1.5 0.3 1.3
% %
Total gross $
512.0 $
465.6 $
46.3 10.0 $
0.8 9.8
profit % %
Gross margin:
New vehicle 6.3
% 4.6
% 1.7
retail sales %
Used vehicle 8.2
% 6.2
% 2.0
retail sales %
Used vehicle
wholesale %
sales 6.9
% 0.4
% 6.5
Total used 8.1
% 5.7
% 2.4
%
Parts and 54.9 54.3 0.6
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 16.8 14.9 1.9
margin % % %
Units sold:
Retail new 39,869 44,632 (4,763) (10.7)
vehicles sold %
Retail used 38,347 41,297 (2,950) (7.1)
vehicles sold %
Wholesale used 11,581 12,889 (1,308) (10.1)
vehicles sold %
Total used 49,928 54,186 (4,258) (7.9)
%
Average sales price per unit
sold:
New vehicle $
39,647 $
37,022 $
2,625 7.1 $
115 6.8
retail % %
Used vehicle $
22,614 $
21,060 $
1,554 7.4 $
190 6.5
retail % %
Gross profit per unit sold:
New vehicle $
2,489 $
1,689 $
800 47.4 $
(5) 47.6
retail sales % %
Used vehicle $
1,854 $
1,314 $
540 41.1 $
12 40.2
retail sales % %
Used vehicle
wholesale % %
sales $
513 $
25 $
488 1,953.7 $
1 1,951.7
Total used $
1,543 $
1,007 $
536 53.2 $
9 52.3
% %
F&I PRU $
1,655 $
1,484 $
171 11.5 $
4 11.3
% %
Other:
SG&A expenses $
305.8 $
353.9 $
(48.1) (13.6)
$ (13.6)
% %
Adjusted SG&A $
305.8 $
340.8 $
(35.0) (10.3)
$ (10.3)
expenses (1) % %
SG&A as % gross 59.7 76.0 (16.3)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 59.7 73.2 (13.5)
Operating 6.2
% 2.7
% 3.5
margin % %
Adjusted
operating %
margin % (1) 6.2
% 3.4
% 2.7
Pretax margin % 5.3
% 1.6
% 3.7
%
Adjusted pretax 5.4
% 2.3
% 3.1
margin % (1) %
Floorplan expense:
Floorplan
interest % %
expense $
8.1 $
15.3 $
(7.2) (47.1) $
0.1 (47.5)
Less: Floorplan 12.7 13.3 (0.6) (4.8) (4.8)
assistance (2) % %
Net floorplan $
(4.6) $
2.0 $
(6.6) (326.0) $
0.1 (328.6)
expense % %
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
(2) Floorplan assistance is included
within New vehicle retail Gross
profit above and New vehicle retail
Cost of sales in our Condensed
Consolidated Statements of
Operations.
()
Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
3,985.5 $
4,632.2 $
(646.7) (14.0) $
(28.3) (13.4)
retail sales % %
Used vehicle 2,287.4 2,527.8 (240.4) (9.5) (6.5) (9.3)
retail sales % %
Used vehicle
wholesale % %
sales 221.9 273.4 (51.5) (18.8) (2.2) (18.0)
Total used 2,509.3 2,801.2 (291.9) (10.4) (8.7) (10.1)
% %
Parts and 1,028.2 1,130.8 (102.6) (9.1) (5.8) (8.6)
service sales % %
F&I, net 338.7 368.2 (29.5) (8.0) (0.9) (7.8)
% %
Total revenues $
7,861.7 $
8,932.4 $
(1,070.7) (12.0) $
(43.7) (11.5)
% %
Gross profit:
New vehicle $
225.8 $
216.5 $
9.3 4.3 $
(2.2) 5.3
retail sales % %
Used vehicle 159.5 155.4 4.2 2.7 (0.4) 3.0
retail sales % %
Used vehicle
wholesale % %
sales 9.0 0.7 8.3 1,220.0 (0.1) 1,238.3
Total used 168.5 156.0 12.5 8.0 (0.6) 8.3
% %
Parts and 554.2 610.7 (56.4) (9.2) (2.5) (8.8)
service sales % %
F&I, net 338.7 368.2 (29.5) (8.0) (0.9) (7.8)
% %
Total gross $
1,287.2 $
1,351.4 $
(64.1) (4.7) $
(6.0) (4.3)
profit % %
Gross margin:
New vehicle
retail sales 5.7
% 4.7
% 1.0
%
Used vehicle
retail sales 7.0
% 6.1
% 0.8
%
Used vehicle
wholesale
sales 4.0
% 0.2
% 3.8
%
Total used 6.7
% 5.6
% 1.1
%
Parts and 53.9 54.0 (0.1)
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 16.4 15.1
margin % % 1.2
%
Units sold:
Retail new 101,701 125,599 (23,898) (19.0)
vehicles sold %
Retail used 105,665 119,878 (14,213) (11.9)
vehicles sold %
Wholesale used 30,970 38,962 (7,992) (20.5)
vehicles sold %
Total used 136,635 158,840 (22,205) (14.0)
%
Average sales price per unit
sold:
New vehicle $
39,189 $
36,881 $
2,308 6.3 $
(278) 7.0
retail % %
Used vehicle $
21,648 $
21,087 $
562 2.7 $
(61) 3.0
retail % %
Gross profit per unit sold:
New vehicle $
2,220 $
1,724 $
497 28.8 $
(21) 30.1
retail sales % %
Used vehicle $
1,510 $
1,296 $
214 16.5 $
(4) 16.8
retail sales % %
Used vehicle
wholesale % %
sales $
290 $
17 $
272 1,560.6 $
(4) 1,583.7
Total used $
1,233 $
982 $
251 25.5 $
(4) 26.0
% %
F&I PRU $
1,633 $
1,500 $
133 8.9 $
(4) 9.2
% %
Other:
SG&A expenses $
870.9 $
1,020.3 $
(149.4) (14.6) $
(6.0) (14.1)
% %
Adjusted SG&A $
858.3 $
1,004.6 $
(146.3) (14.6) $
(5.7) (14.0)
expenses (1) % %
SG&A as % gross 67.7 75.5 (7.8)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 66.7 74.3 (7.7)
Operating
margin % 4.3
% 3.0
% 1.3
%
Adjusted
operating
margin % (1) 4.7
% 3.3
% 1.4
%
Pretax margin % 3.1
% 1.8
% 1.2
%
Adjusted pretax
margin % (1) 3.7
% 2.1
% 1.6
%
Floorplan expense:
Floorplan
interest % %
expense $
31.1 $
47.0 $
(15.9) (33.8) $
(0.1) (33.6)
Less: Floorplan 33.0 35.6 (2.6) (7.2) (7.2)
assistance (2) % %
Net floorplan $
(1.9) $
11.4 $
(13.3) (117.1) $
(0.1) (116.2)
expense % %
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
(2) Floorplan assistance is included
within New vehicle retail Gross
profit above and New vehicle retail
Cost of sales in our Condensed
Consolidated Statements of
Operations.
()
Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/
(Decrease) % Change
Revenues:
New vehicle retail sales $
1,172.2 $
1,291.8 $
(119.5) (9.3)
%
Used vehicle retail sales 608.2 657.7 (49.5) (7.5)
%
Used vehicle wholesale 44.8 45.8 (1.1) (2.3)
sales %
Total used 653.0 703.5 (50.6) (7.2)
%
Parts and service sales 306.4 314.9 (8.5) (2.7)
%
F&I, net 113.0 112.7 0.4 0.3
%
Total revenues $
2,244.6 $
2,422.8 $
(178.2) (7.4)
%
Gross profit:
New vehicle retail sales $
79.8 $
58.7 $
21.1 36.0
%
Used vehicle retail sales 52.8 43.6 9.3 21.3
%
Used vehicle wholesale 3.7 0.3 3.4 1,003.9
sales %
Total used 56.6 43.9 12.7 28.8
%
Parts and service sales 166.3 171.7 (5.4) (3.1)
%
F&I, net 113.0 112.7 0.4 0.3
%
Total gross profit $
415.7 $
386.9 $
28.8 7.4
%
Gross margin:
New vehicle retail sales 6.8
% 4.5
% 2.3
%
Used vehicle retail sales 8.7
% 6.6
% 2.1
%
Used vehicle wholesale 8.3
% 0.7
% 7.6
sales %
Total used 8.7
% 6.2
% 2.4
%
Parts and service sales 54.3 54.5 (0.2)
% % %
F&I, net 100.0 100.0
% % %
Total gross margin 18.5 16.0 2.6
% % %
Units sold:
Retail new vehicles sold 27,980 33,041 (5,061) (15.3)
%
Retail used vehicles sold 27,694 31,505 (3,811) (12.1)
%
Wholesale used vehicles 6,195 7,565 (1,370) (18.1)
sold %
Total used 33,889 39,070 (5,181) (13.3)
%
Average sales price per
unit sold:
New vehicle retail $
41,895 $
39,096 $
2,800 7.2
%
Used vehicle retail $
21,961 $
20,875 $
1,086 5.2
%
Gross profit per unit
sold:
New vehicle retail sales $
2,852 $
1,775 $
1,077 60.6
%
Used vehicle retail sales $
1,908 $
1,383 $
525 37.9
%
Used vehicle wholesale $
603 $
45 $
559 1,248.0
sales %
Total used $
1,669 $
1,124 $
545 48.5
%
F&I PRU $
2,030 $
1,746 $
285 16.3
%
Other:
SG&A expenses $
245.2 $
285.3 $
(40.0) (14.0)
%
Adjusted SG&A expenses $
245.2 $
272.6 $
(27.4) (10.0)
(1) %
SG&A as % gross profit 59.0 73.7 (14.7)
% % %
Adjusted SG&A as % gross 59.0 70.5 (11.5)
profit (1) % % %
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/
(Decrease) % Change
Revenues:
New vehicle retail sales $
3,076.3 $
3,512.3 $
(436.0) (12.4)
%
Used vehicle retail sales 1,719.4 1,877.5 (158.1) (8.4)
%
Used vehicle wholesale 122.1 132.9 (10.8) (8.1)
sales
%
Total used 1,841.5 2,010.5 (169.0) (8.4)
%
Parts and service sales 865.2 922.1 (56.9) (6.2)
%
F&I, net 300.2 319.4 (19.2) (6.0)
%
Total revenues $
6,083.3 $
6,764.3 $
(681.0) (10.1)
%
Gross profit:
New vehicle retail sales $
183.6 $
164.2 $
19.4 11.8
%
Used vehicle retail sales 125.7 125.2 0.6 0.4
%
Used vehicle wholesale 6.2 2.4 3.7 154.3
sales
%
Total used 131.9 127.6 4.3 3.4
%
Parts and service sales 465.4 499.3 (33.9) (6.8)
%
F&I, net 300.2 319.4 (19.2) (6.0)
%
Total gross profit $
1,081.1 $
1,110.5 $
(29.4) (2.6)
%
Gross margin:
New vehicle retail sales 6.0
% 4.7
% 1.3
%
Used vehicle retail sales 7.3
% 6.7
% 0.6
%
Used vehicle wholesale 5.0
% 1.8
% 3.2
sales %
Total used 7.2
% 6.3
% 0.8
%
Parts and service sales 53.8 54.1 (0.4)
% % %
F&I, net 100.0 100.0
% % %
Total gross margin 17.8 16.4 1.4
% % %
Units sold:
Retail new vehicles sold 74,412 89,749 (15,337) (17.1)
%
Retail used vehicles sold 81,494 91,299 (9,805) (10.7)
%
Wholesale used vehicles 18,372 21,543 (3,171) (14.7)
sold %
Total used 99,866 112,842 (12,976) (11.5)
%
Average sales price per
unit sold:
New vehicle retail $
41,342 $
39,135 $
2,207 5.6
%
Used vehicle retail $
21,099 $
20,565 $
534 2.6
%
Gross profit per unit
sold:
New vehicle retail sales $
2,467 $
1,830 $
637 34.8
%
Used vehicle retail sales $
1,543 $
1,371 $
172 12.5
%
Used vehicle wholesale $
336 $
113 $
223 198.2
sales
%
Total used $
1,321 $
1,131 $
190 16.8
%
F&I PRU $
1,926 $
1,764 $
162 9.2
%
Other:
SG&A expenses $
706.0 $
809.5 $
(103.5) (12.8)
%
Adjusted SG&A expenses $
695.4 $
794.3 $
(98.8) (12.4)
(1) %
SG&A as % gross profit 65.3 72.9 (7.6)
% % %
Adjusted SG&A as % gross 64.3 71.5 (7.2)
profit (1) % % %
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
376.6 $
290.7 $
85.8 29.5 $
15.8 24.1
retail sales % %
Used vehicle 248.1 189.3 58.8 31.1 11.2 25.2
retail sales % %
Used vehicle
wholesale % %
sales 39.5 35.0 4.5 12.9 1.7 8.0
Total used 287.6 224.3 63.3 28.2 12.9 22.5
% %
Parts and 61.3 56.6 4.7 8.2 2.7 3.4
service sales % %
F&I, net 15.4 13.0 2.4 18.2 0.7 13.1
% %
Total revenues $
740.8 $
584.6 $
156.2 26.7 $
32.1 21.2
% %
Gross profit:
New vehicle $
16.8 $
12.2 $
4.5 37.1 $
0.7 31.1
retail sales % %
Used vehicle 17.2 8.9 8.3 93.4 0.8 84.2
retail sales % %
Used vehicle 2.0 (0.3) 2.3 713.0 0.1 690.0
wholesale
sales % %
Total used 19.2 8.6 10.7 124.3 0.9 113.8
% %
Parts and 36.2 31.3 4.9 15.7 1.6 10.6
service sales % %
F&I, net 15.4 13.0 2.4 18.2 0.7 13.1
% %
Total gross $
87.6 $
65.1 $
22.5 34.6 $
3.9 28.6
profit % %
Gross margin:
New vehicle 4.5 4.2
% 0.2
retail sales % %
Used vehicle 6.9 4.7
% 2.2
retail sales % %
Used vehicle
wholesale % % %
sales 5.1 (0.9) 6.0
Total used 6.7 3.8
% 2.9
% %
Parts and 59.1 55.3 3.8
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 11.8 11.1 0.7
margin % % %
Units sold:
Retail new 10,689 9,329 1,360 14.6
vehicles sold %
Retail used 10,101 8,573 1,528 17.8
vehicles sold %
Wholesale used 5,104 4,894 210 4.3
vehicles sold %
Total used 15,205 13,467 1,738 12.9
%
Average sales price per unit
sold:
New vehicle $
35,230 $
31,164 $
4,066 13.0 $
1,479 8.3
retail % %
Used vehicle $
24,561 $
22,077 $
2,484 11.2 $
1,105 6.2
retail % %
Gross profit per unit sold:
New vehicle $
1,571 $
1,313 $
258 19.7 $
69 14.4
retail sales % %
Used vehicle $
1,706 $
1,039 $
667 64.2 $
81 56.4
retail sales % %
Used vehicle $
394 $
(67) $
462 687.8 $
15 665.7
wholesale
sales % %
Total used $
1,266 $
637 $
629 98.7 $
59 89.4
% %
F&I PRU $
739 $
726 $
13 1.8 $
32 (2.6)
%
%
Other:
SG&A expenses $
53.7 $
57.6 $
(3.9) (6.8)
%
% $
2.4 (11.0)
Adjusted SG&A $
53.7 $
57.1 $
(3.4) (6.0)
expenses (1) %
% $
2.4 (10.3)
SG&A as % gross 61.2 88.4 (27.2)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 61.2 87.7 (26.4)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
Increase/ Currency Constant
(Decrease) Impact on Currency %
Current Change
Period
2020 2019 % Change Results
---
Revenues:
New vehicle $
800.1 $
911.5 $
(111.4) (12.2) $
(0.8) (12.1)
retail sales % %
Used vehicle 529.7 586.8 (57.1) (9.7)
retail sales %
% 3.1 (10.3)
Used vehicle
wholesale % %
sales 90.6 127.1 (36.6) (28.8) 0.3 (29.0)
Total used 620.3 714.0 (93.7) (13.1) 3.4 (13.6)
% %
Parts and 139.5 172.5 (33.0) (19.1) 0.8 (19.6)
service sales % %
F&I, net 35.1 43.2 (8.1) (18.8) (18.8)
% %
Total revenues $
1,595.0 $
1,841.2 $
(246.2) (13.4) $
3.3 (13.6)
% %
Gross profit:
New vehicle $
34.7 $
39.6 $
(4.9) (12.4) $
(0.2) (12.0)
retail sales % %
Used vehicle 31.3 25.5 5.8 22.7 0.3 21.7
retail sales % %
Used vehicle 2.3 (2.6) 5.0 188.8 188.4
wholesale
sales % %
Total used 33.6 22.9 10.8 47.0 0.3 45.9
% %
Parts and 78.5 95.5 (17.0) (17.8) 0.4 (18.3)
service sales % %
F&I, net 35.1 43.2 (8.1) (18.8) (18.8)
% %
Total gross $
181.9 $
201.2 $
(19.3) (9.6) $
0.6 (9.9)
profit
% %
Gross margin:
New vehicle
retail sales 4.3
% 4.3
% %
Used vehicle 5.9
% 4.3
% 1.6
retail sales %
Used vehicle
wholesale % %
sales 2.6
% (2.1) 4.6
Total used 5.4
% 3.2
% 2.2
%
Parts and 56.3 55.4 0.9
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 11.4 10.9 0.5
margin % % %
Units sold:
Retail new 23,424 28,939 (5,515) (19.1)
vehicles sold %
Retail used 22,165 25,284 (3,119) (12.3)
vehicles sold %
Wholesale used 11,517 16,033 (4,516) (28.2)
vehicles sold %
Total used 33,682 41,317 (7,635) (18.5)
%
Average sales price per unit
sold:
New vehicle $
34,157 $
31,498 $
2,658 8.4 $
(36) 8.6
retail % %
Used vehicle $
23,899 $
23,210 $
689 3.0 $
141 2.4
retail % %
Gross profit per unit sold:
New vehicle $
1,482 $
1,370 $
112 8.2 $
(8) 8.8
retail sales % %
Used vehicle $
1,411 $
1,008 $
403 40.0 $
12 38.9
retail sales % %
Used vehicle $
203 $
(164) $
366 223.7 $
1 223.1
wholesale
sales % %
Total used $
998 $
553 $
445 80.4 $
8 78.9
% %
F&I PRU $
769 $
796 $
(27) (3.4) $
1 (3.5)
% %
Other:
SG&A expenses $
141.8 $
175.8 $
(34.0) (19.3) $
0.4 (19.6)
% %
Adjusted SG&A $
140.6 $
175.3 $
(34.7) (19.8) $
0.4 (20.0)
expenses (1) % %
SG&A as % gross 78.0 87.4 (9.4)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 77.3 87.1 (9.8)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
31.9 $
69.9 $
(38.0) (54.4) $
(11.2) (38.3)
retail sales % %
Used vehicle 10.9 22.8 (11.9) (52.1) (3.9) (35.1)
retail sales % %
Used vehicle
wholesale % %
sales 2.4 4.4 (2.0) (44.8) (0.9) (24.8)
Total used 13.4 27.2 (13.8) (50.9) (4.7) (33.5)
% %
Parts and 8.0 12.0 (4.0) (33.6) (2.9) (9.7)
service sales %
%
F&I, net 1.1 1.9 (0.8) (41.4) (0.4) (20.2)
% %
Total revenues $
54.3 $
110.9 $
(56.6) (51.1) $
(19.2) (33.8)
% %
Gross profit:
New vehicle $
2.6 $
4.5 $
(1.8) (41.2) $
(0.9) (20.5)
retail sales % %
Used vehicle 1.0 1.8 (0.8) (42.6) (0.4) (22.0)
retail sales % %
Used vehicle
wholesale % %
sales 0.2 0.3 (0.1) (37.1) (0.1) (14.7)
Total used 1.2 2.1 (0.9) (41.8) (0.4) (20.9)
% %
Parts and 3.7 5.1 (1.5) (28.8) (1.3) (3.4)
service sales %
%
F&I, net 1.1 1.9 (0.8) (41.4) (0.4) (20.2)
% %
Total gross $
8.6 $
13.6 $
(5.0) (36.6) $
(3.1) (14.0)
profit % %
Gross margin:
New vehicle 8.3 6.4
% 1.9
retail sales % %
Used vehicle 9.3 7.8
% 1.5
retail sales % %
Used vehicle
wholesale % %
sales 8.0 7.1
% 1.0
Total used 9.1 7.7
% 1.4
% %
Parts and 46.1 43.0 3.1
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 15.8 12.2 3.6
margin % % %
Units sold:
Retail new 1,200 2,262 (1,062) (46.9)
vehicles sold %
Retail used 552 1,219 (667) (54.7)
vehicles sold %
Wholesale used 282 430 (148) (34.4)
vehicles sold %
Total used 834 1,649 (815) (49.4)
%
Average sales price per unit
sold:
New vehicle $
26,558 $
30,883 $
(4,325) (14.0) $
(9,343) 16.2
retail % %
Used vehicle $
19,766 $
18,681 $
1,085 5.8 $
(6,995) 43.3
retail % %
Gross profit per unit sold:
New vehicle $
2,196 $
1,980 $
216 10.9 $
(772) 49.9
retail sales % %
Used vehicle $
1,840 $
1,453 $
387 26.7 $
(661) 72.2
retail sales % %
Used vehicle $
696 $
726 $
(30) (4.1)
wholesale %
sales % $
(247) 30.0
Total used $
1,453 $
1,263 $
190 15.1 $
(521) 56.3
% %
F&I PRU $
621 $
533 $
88 16.5 $
(224) 58.5
% %
Other:
SG&A expenses $
6.9 $
11.0 $
(4.2) (37.8) $
(2.5) (15.5)
% %
SG&A as % gross 79.9 81.4 (1.5)
profit % % %
()
Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
109.1 $
208.4 $
(99.2) (47.6) $
(27.4) (34.5)
retail sales % %
Used vehicle 38.3 63.4 (25.1) (39.6) (9.6) (24.4)
retail sales % %
Used vehicle
wholesale % %
sales 9.2 13.3 (4.1) (31.1) (2.5) (12.2)
Total used 47.5 76.7 (29.3) (38.1) (12.1) (22.3)
% %
Parts and 23.4 36.1 (12.7) (35.2) (6.6) (17.0)
service sales % %
F&I, net 3.4 5.6 (2.2) (39.9) (0.9) (24.2)
% %
Total revenues $
183.4 $
326.9 $
(143.5) (43.9) $
(47.0) (29.5)
% %
Gross profit:
New vehicle $
7.5 $
12.6 $
(5.1) (40.3) $
(2.0) (24.6)
retail sales % %
Used vehicle 2.5 4.7 (2.2) (46.6) (0.7) (31.9)
retail sales % %
Used vehicle
wholesale % %
sales 0.5 0.9 (0.4) (45.6) (0.1) (30.1)
Total used 3.0 5.6 (2.6) (46.5) (0.8) (31.6)
% %
Parts and 10.3 15.8 (5.5) (34.7) (2.9) (16.4)
service sales % %
F&I, net 3.4 5.6 (2.2) (39.9) (0.9) (24.2)
% %
Total gross $
24.2 $
39.6 $
(15.4) (38.9) $
(6.6) (22.2)
profit % %
Gross margin:
New vehicle 6.9 6.1
% 0.8
retail sales % %
Used vehicle 6.5 7.4
% (0.9)
retail sales % %
Used vehicle
wholesale % %
sales 5.2 6.6
% (1.4)
Total used 6.3 7.3
% (1.0)
% %
Parts and 44.1 43.8 0.3
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 13.2 12.1 1.1
margin % % %
Units sold:
Retail new 3,865 6,911 (3,046) (44.1)
vehicles sold %
Retail used 2,006 3,295 (1,289) (39.1)
vehicles sold %
Wholesale used 1,081 1,386 (305) (22.0)
vehicles sold %
Total used 3,087 4,681 (1,594) (34.1)
%
Average sales price per unit
sold:
New vehicle $
28,238 $
30,153 $
(1,915) (6.4)
retail %
% $
(7,093) 17.2
Used vehicle $
19,100 $
19,251 $
(151) (0.8)
retail %
% $
(4,794) 24.1
Gross profit per unit sold:
New vehicle $
1,950 $
1,826 $
123 6.7 $
(514) 34.9
retail sales % %
Used vehicle $
1,245 $
1,421 $
(175) (12.3) $
(343) 11.8
retail sales % %
Used vehicle
wholesale % %
sales $
444 $
637 $
(192) (30.2) $
(126) (10.4)
Total used $
965 $
1,189 $
(224) (18.8) $
(267) 3.7
% %
F&I PRU $
576 $
551 $
25 4.5 $
(150) 31.8
% %
Other:
SG&A expenses $
23.1 $
35.0 $
(11.9) (34.0) $
(6.4) (15.8)
% %
Adjusted SG&A $
22.2 $
35.0 $
(12.8) (36.5) $
(6.2) (19.0)
expenses (1) % %
SG&A as % gross 95.3 88.3 7.0
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 91.7 88.3 3.4
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
Increase/ Currency Constant
(Decrease) Impact on Currency %
Current Change
Period
2020 2019 % Change Results
Revenues:
New vehicle $
1,549.8 $
1,644.4 $
(94.6) (5.8) $
4.1 (6.0)
retail sales % %
Used vehicle 843.8 864.0 (20.3) (2.3) 6.9 (3.1)
retail sales % %
Used vehicle
wholesale % %
sales 84.5 84.2 0.3 0.4 0.8 (0.5)
Total used 928.3 948.2 (19.9) (2.1) 7.7 (2.9)
% %
Parts and 367.3 377.0 (9.7) (2.6) (0.3) (2.5)
service sales % %
F&I, net 127.8 127.0 0.8 0.6 0.3 0.4
% %
Total revenues $
2,973.2 $
3,096.7 $
(123.5) (4.0) $
11.8 (4.4)
% %
Gross profit:
New vehicle $
96.9 $
74.9 $
22.0 29.4 $
(0.2) 29.7
retail sales % %
Used vehicle 69.3 54.0 15.3 28.3 0.4 27.5
retail sales % %
Used vehicle
wholesale % %
sales 5.8 0.3 5.5 1,635.0 1,634.2
Total used 75.1 54.3 20.8 38.3 0.4 37.5
% %
Parts and 201.0 205.1 (4.0) (2.0) 0.2 (2.1)
service sales % %
F&I, net 127.8 127.0 0.8 0.6 0.3 0.4
% %
Total gross $
500.8 $
461.3 $
39.5 8.6 $
0.7 8.4
profit % %
Gross margin:
New vehicle 6.3
% 4.6
% 1.7
retail sales %
Used vehicle 8.2
% 6.2
% 2.0
retail sales %
Used vehicle
wholesale %
sales 6.9
% 0.4
% 6.5
Total used 8.1
% 5.7
% 2.4
%
Parts and 54.7 54.4 0.3
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 16.8 14.9 1.9
margin % % %
Units sold:
Retail new 39,152 44,389 (5,237) (11.8)
vehicles sold %
Retail used 37,486 40,990 (3,504) (8.5)
vehicles sold %
Wholesale used 11,312 12,751 (1,439) (11.3)
vehicles sold %
Total used 48,798 53,741 (4,943) (9.2)
%
Average sales price per unit
sold:
New vehicle $
39,584 $
37,046 $
2,538 6.9 $
104 6.6
retail % %
Used vehicle $
22,509 $
21,079 $
1,430 6.8 $
185 5.9
retail % %
Gross profit per unit sold:
New vehicle $
2,475 $
1,687 $
788 46.7 $
(5) 47.0
retail sales % %
Used vehicle $
1,848 $
1,317 $
531 40.3 $
12 39.4
retail sales % %
Used vehicle
wholesale % %
sales $
516 $
26 $
490 1,855.7
$ 1,854.8
Total used $
1,539 $
1,011 $
528 52.3 $
9 51.4
% %
F&I PRU $
1,668 $
1,488 $
180 12.1 $
3 11.9
% %
Other:
SG&A expenses $
298.9 $
348.6 $
(49.7) (14.3) $
(0.1) (14.2)
% %
Adjusted SG&A $
298.9 $
336.0 $
(37.1) (11.0) $
(0.1) (11.0)
expenses (1) % %
SG&A as % gross 59.7 75.6 (15.9)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 59.7 72.8 (13.2)
Operating 6.2
% 2.7
% 3.4
margin % %
Adjusted
operating %
margin % (1) 6.2
% 3.5
% 2.7
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
Revenues:
New vehicle $
3,882.7 $
4,587.8 $
(705.1) (15.4) $
(27.7) (14.8)
retail sales % %
Used vehicle 2,216.8 2,495.1 (278.2) (11.2) (6.4) (10.9)
retail sales % %
Used vehicle
wholesale % %
sales 214.4 265.0 (50.6) (19.1) (2.2) (18.3)
Total used 2,431.2 2,760.1 (328.8) (11.9) (8.6) (11.6)
% %
Parts and 1,000.2 1,109.3 (109.1) (9.8) (5.9) (9.3)
service sales % %
F&I, net 333.5 365.4 (31.9) (8.7) (0.8) (8.5)
% %
Total revenues $
7,647.6 $
8,822.6 $
(1,175.0) (13.3) $
(43.0) (12.8)
% %
Gross profit:
New vehicle $
218.0 $
214.7 $
3.3 1.5 $
(2.1) 2.5
retail sales % %
Used vehicle 154.8 154.2 0.7 0.4 (0.4) 0.7
retail sales % %
Used vehicle
wholesale % %
sales 8.9 0.9 8.0 883.8 (0.1) 897.4
Total used 163.7 155.1 8.6 5.6 (0.6) 5.9
% %
Parts and 538.4 600.3 (61.9) (10.3) (2.5) (9.9)
service sales % %
F&I, net 333.5 365.4 (31.9) (8.7) (0.8) (8.5)
% %
Total gross $
1,253.6 $
1,335.5 $
(81.9) (6.1) $
(6.0) (5.7)
profit % %
Gross margin:
New vehicle
retail sales 5.6
% 4.7
% 0.9
%
Used vehicle
retail sales 7.0
% 6.2
% 0.8
%
Used vehicle
wholesale
sales 4.1
% 0.3
% 3.8
%
Total used 6.7
% 5.6
% 1.1
%
Parts and 53.8 54.1 (0.3)
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 16.4 15.1
margin % % 1.3
%
Units sold:
Retail new 99,073 123,927 (24,854) (20.1)
vehicles sold %
Retail used 102,802 118,142 (15,340) (13.0)
vehicles sold %
Wholesale used 30,030 38,135 (8,105) (21.3)
vehicles sold %
Total used 132,832 156,277 (23,445) (15.0)
%
Average sales price per unit
sold:
New vehicle $
39,190 $
37,020 $
2,170 5.9 $
(280) 6.6
retail % %
Used vehicle $
21,564 $
21,119 $
445 2.1 $
(62) 2.4
retail % %
Gross profit per unit sold:
New vehicle $
2,200 $
1,733 $
468 27.0 $
(22) 28.2
retail sales % %
Used vehicle $
1,506 $
1,305 $
201 15.4 $
(4) 15.7
retail sales % %
Used vehicle
wholesale % %
sales $
296 $
24 $
272 1,149.3 $
(4) 1,166.6
Total used $
1,232 $
992 $
240 24.2 $
(4) 24.6
% %
F&I PRU $
1,652 $
1,510 $
143 9.4 $
(4) 9.7
% %
Other:
SG&A expenses $
843.4 $
1,005.9 $
(162.5) (16.2) $
(5.9) (15.6)
% %
Adjusted SG&A $
830.7 $
986.6 $
(155.8) (15.8) $
(5.7) (15.2)
expenses (1) % %
SG&A as % gross 67.3 75.3 (8.0)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 66.3 73.9 (7.6)
Operating
margin % 4.3
% 3.0
% 1.3
%
Adjusted
operating
margin % (1) 4.8
% 3.4
% 1.5
%
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/ % Change
(Decrease)
---
Revenues:
New vehicle $
1,157.7 $
1,285.3 $
(127.6) (9.9)
retail sales %
Used vehicle 595.3 653.8 (58.5) (8.9)
retail sales %
Used vehicle
wholesale %
sales 44.2 45.3 (1.1) (2.3)
Total used 639.5 699.1 (59.5) (8.5)
%
Parts and 302.5 312.9 (10.4) (3.3)
service sales %
F&I, net 112.1 112.3 (0.2) (0.2)
%
Total revenues $
2,211.9 $
2,409.6 $
(197.7) (8.2)
%
Gross profit:
New vehicle $
78.2 $
58.2 $
20.0 34.3
retail sales %
Used vehicle 51.7 43.4 8.3 19.1
retail sales %
Used vehicle
wholesale %
sales 3.7 0.3 3.4 987.9
Total used 55.4 43.8 11.6 26.6
%
Parts and 163.8 170.6 (6.8) (4.0)
service sales %
F&I, net 112.1 112.3 (0.2) (0.2)
%
Total gross $
409.5 $
384.8 $
24.6 6.4
profit %
Gross margin:
New vehicle 6.8
% 4.5
% 2.2
retail sales %
Used vehicle 8.7
% 6.6
% 2.0
retail sales %
Used vehicle
wholesale %
sales 8.4
% 0.8
% 7.6
Total used 8.7
% 6.3
% 2.4
%
Parts and 54.1 54.5 (0.4)
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 18.5 16.0 2.5
margin % % %
Units sold:
Retail new 27,696 32,854 (5,158) (15.7)
vehicles sold %
Retail used 27,229 31,267 (4,038) (12.9)
vehicles sold %
Wholesale used 6,122 7,474 (1,352) (18.1)
vehicles sold %
Total used 33,351 38,741 (5,390) (13.9)
%
Average sales price per unit
sold:
New vehicle $
41,801 $
39,121 $
2,679 6.8
retail %
Used vehicle $
21,864 $
20,911 $
953 4.6
retail %
Gross profit per unit sold:
New vehicle $
2,824 $
1,772 $
1,052 59.3
retail sales %
Used vehicle $
1,898 $
1,388 $
510 36.7
retail sales %
Used vehicle
wholesale %
sales $
604 $
45 $
559 1,228.1
Total used $
1,661 $
1,129 $
531 47.0
%
F&I PRU $
2,041 $
1,751 $
290 16.6
%
Other:
SG&A expenses $
241.9 $
282.9 $
(41.0) (14.5)
%
Adjusted SG&A $
241.9 $
270.5 $
(28.6) (10.6)
expenses (1) %
SG&A as % gross 59.1 73.5 (14.4)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 59.1 70.3 (11.2)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/
(Decrease) % Change
---
Revenues:
New vehicle $
3,026.1 $
3,494.0 $
(467.9) (13.4)
retail sales %
Used vehicle 1,680.6 1,861.4 (180.8) (9.7)
retail sales
%
Used vehicle 120.4 130.2 (9.8) (7.5)
wholesale
sales %
Total used 1,801.0 1,991.6 (190.6) (9.6)
%
Parts and 850.3 914.6 (64.3) (7.0)
service sales
%
F&I, net 297.5 317.6 (20.1) (6.3)
%
Total revenues $
5,974.9 $
6,717.8 $
(742.9) (11.1)
%
Gross profit:
New vehicle $
178.0 $
163.2 $
14.7 9.0
retail sales %
Used vehicle 122.7 124.3 (1.7) (1.3)
retail sales
%
Used vehicle 6.1 2.5 3.7 150.6
wholesale
sales %
Total used 128.8 126.8 2.0 1.6
%
Parts and 456.7 495.5 (38.8) (7.8)
service sales
%
F&I, net 297.5 317.6 (20.1) (6.3)
%
Total gross $
1,061.0 $
1,103.2 $
(42.1) (3.8)
profit
%
Gross margin:
New vehicle 5.9
% 4.7
% 1.2
retail sales %
Used vehicle 7.3
% 6.7
% 0.6
retail sales %
Used vehicle
wholesale %
sales 5.1
% 1.9
% 3.2
Total used 7.2
% 6.4
% 0.8
%
Parts and 53.7 54.2 (0.5)
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 17.8 16.4 1.3
margin % % %
Units sold:
Retail new 73,433 89,170 (15,737) (17.6)
vehicles sold %
Retail used 80,055 90,190 (10,135) (11.2)
vehicles sold %
Wholesale used 18,169 21,159 (2,990) (14.1)
vehicles sold %
Total used 98,224 111,349 (13,125) (11.8)
%
Average sales price per unit
sold:
New vehicle $
41,209 $
39,183 $
2,026 5.2
retail %
Used vehicle $
20,993 $
20,639 $
354 1.7
retail %
Gross profit per unit sold:
New vehicle $
2,424 $
1,831 $
593 32.4
retail sales %
Used vehicle $
1,532 $
1,378 $
154 11.2
retail sales %
Used vehicle $
338 $
116 $
222 191.8
wholesale
sales %
Total used $
1,311 $
1,138 $
173 15.2
%
F&I PRU $
1,938 $
1,771 $
167 9.4
%
Other:
SG&A expenses $
693.1 $
805.5 $
(112.4) (14.0)
%
Adjusted SG&A $
682.5 $
786.3 $
(103.8) (13.2)
expenses (1) %
SG&A as % gross 65.3 73.0 (7.7)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 64.3 71.3 (7.0)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
360.2 $
289.3 $
70.9 24.5 $
15.3 19.2
retail sales % %
Used vehicle 237.5 187.6 50.0 26.6 10.8 20.9
retail sales % %
Used vehicle
wholesale % %
sales 37.9 34.5 3.4 9.8 1.7 4.9
Total used 275.4 222.1 53.3 24.0 12.5 18.4
% %
Parts and 56.8 52.3 4.5 8.6 2.5 3.8
service sales % %
F&I, net 14.6 12.9 1.7 13.3 0.6 8.3
% %
Total revenues $
707.0 $
576.5 $
130.5 22.6 $
30.9 17.3
% %
Gross profit:
New vehicle $
16.1 $
12.2 $
3.9 32.0 $
0.7 26.1
retail sales % %
Used vehicle 16.6 8.8 7.8 87.9 0.8 78.9
retail sales % %
Used vehicle 1.9 (0.3) 2.3 717.3 0.1 694.3
wholesale
sales % %
Total used 18.5 8.5 10.0 117.8 0.9 107.6
% %
Parts and 33.6 29.3 4.3 14.6 1.5 9.5
service sales % %
F&I, net 14.6 12.9 1.7 13.3 0.6 8.3
% %
Total gross $
82.8 $
62.9 $
19.9 31.6 $
3.7 25.7
profit % %
Gross margin:
New vehicle 4.5 4.2
% 0.3
retail sales % %
Used vehicle 7.0 4.7
% 2.3
retail sales % %
Used vehicle
wholesale % % %
sales 5.1 (0.9) 6.1
Total used 6.7 3.8
% 2.9
% %
Parts and 59.1 56.1 3.1
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 11.7 10.9 0.8
margin % % %
Units sold:
Retail new 10,256 9,273 983 10.6
vehicles sold %
Retail used 9,705 8,507 1,198 14.1
vehicles sold %
Wholesale used 4,908 4,847 61 1.3
vehicles sold %
Total used 14,613 13,354 1,259 9.4
%
Average sales price per unit
sold:
New vehicle $
35,123 $
31,195 $
3,927 12.6 $
1,490 7.8
retail % %
Used vehicle $
24,474 $
22,049 $
2,425 11.0 $
1,114 5.9
retail % %
Gross profit per unit sold:
New vehicle $
1,565 $
1,312 $
253 19.3 $
69 14.0
retail sales % %
Used vehicle $
1,708 $
1,037 $
671 64.7 $
82 56.8
retail sales % %
Used vehicle $
397 $
(65) $
462 709.7 $
15 686.9
wholesale
sales % %
Total used $
1,268 $
637 $
631 99.0 $
60 89.7
% %
F&I PRU $
732 $
725 $
7 0.9 $
32 (3.5)
%
%
Other:
SG&A expenses $
50.1 $
54.4 $
(4.3) (7.9)
%
% $
2.3 (12.1)
Adjusted SG&A $
50.1 $
54.2 $
(4.1) (7.6)
expenses (1) %
% $
2.3 (11.8)
SG&A as % gross 60.6 86.5 (26.0)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 60.6 86.2 (25.7)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
Increase/ Currency Constant
(Decrease) Impact on Currency %
Current Change
Period
2020 2019 % Change Results
---
Revenues:
New vehicle $
747.4 $
888.3 $
(140.9) (15.9) $
(0.3) (15.8)
retail sales % %
Used vehicle 498.0 573.0 (75.0) (13.1) 3.2 (13.7)
retail sales % %
Used vehicle
wholesale % %
sales 84.8 123.6 (38.8) (31.4) 0.3 (31.6)
Total used 582.8 696.6 (113.8) (16.3) 3.5 (16.8)
% %
Parts and 126.5 159.4 (32.8) (20.6) 0.7 (21.1)
service sales % %
F&I, net 32.6 42.2 (9.6) (22.7) (22.8)
% %
Total revenues $
1,489.3 $
1,786.4 $
(297.1) (16.6) $
3.9 (16.8)
% %
Gross profit:
New vehicle $
32.5 $
38.8 $
(6.4) (16.4) $
(0.2) (16.0)
retail sales % %
Used vehicle 29.7 25.2 4.5 17.9 0.3 16.9
retail sales % %
Used vehicle 2.2 (2.4) 4.7 193.0 192.5
wholesale
sales % %
Total used 31.9 22.7 9.2 40.3 0.3 39.1
% %
Parts and 71.3 89.3 (18.0) (20.1) 0.4 (20.6)
service sales % %
F&I, net 32.6 42.2 (9.6) (22.7) (22.8)
% %
Total gross $
168.4 $
193.1 $
(24.7) (12.8) $
0.6 (13.1)
profit % %
Gross margin:
New vehicle
retail sales 4.3
% 4.4
% %
Used vehicle 6.0
% 4.4
% 1.6
retail sales %
Used vehicle
wholesale % %
sales 2.7
% (2.0) 4.6
Total used 5.5
% 3.3
% 2.2
%
Parts and 56.4 56.0 0.4
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 11.3 10.8 0.5
margin % % %
Units sold:
Retail new 21,775 27,891 (6,116) (21.9)
vehicles sold %
Retail used 20,741 24,735 (3,994) (16.1)
vehicles sold %
Wholesale used 10,780 15,657 (4,877) (31.1)
vehicles sold %
Total used 31,521 40,392 (8,871) (22.0)
%
Average sales price per unit
sold:
New vehicle $
34,324 $
31,848 $
2,476 7.8 $
(15) 7.8
retail % %
Used vehicle $
24,008 $
23,165 $
843 3.6 $
155 3.0
retail % %
Gross profit per unit sold:
New vehicle $
1,491 $
1,393 $
98 7.1 $
(7) 7.6
retail sales % %
Used vehicle $
1,430 $
1,017 $
413 40.6 $
12 39.4
retail sales % %
Used vehicle $
209 $
(154) $
363 235.1 $
1 234.3
wholesale
sales % %
Total used $
1,012 $
563 $
449 79.8 $
8 78.3
% %
F&I PRU $
767 $
802 $
(35) (4.3) $
1 (4.4)
% %
Other:
SG&A expenses $
127.3 $
166.0 $
(38.7) (23.3) $
0.4 (23.6)
% %
Adjusted SG&A $
126.1 $
165.8 $
(39.8) (24.0) $
0.5 (24.3)
expenses (1) % %
SG&A as % gross 75.6 86.0 (10.4)
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 74.9 85.9 (11.0)
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
Three Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
31.9 $
69.9 $
(38.0) (54.4) $
(11.2) (38.3)
retail sales % %
Used vehicle 10.9 22.6 (11.7) (51.8) (3.9) (34.7)
retail sales % %
Used vehicle
wholesale % %
sales 2.4 4.4 (2.0) (44.8) (0.9) (24.8)
Total used 13.4 27.1 (13.7) (50.6) (4.7) (33.1)
% %
Parts and 7.9 11.8 (3.8) (32.5) (2.8) (8.4)
service sales %
%
F&I, net 1.1 1.9 (0.8) (41.4) (0.4) (20.3)
% %
Total revenues $
54.3 $
110.5 $
(56.3) (50.9) $
(19.2) (33.6)
% %
Gross profit:
New vehicle $
2.6 $
4.5 $
(1.9) (41.3) $
(0.9) (20.7)
retail sales % %
Used vehicle 1.0 1.8 (0.7) (42.3) (0.4) (21.5)
retail sales % %
Used vehicle
wholesale % %
sales 0.2 0.3 (0.1) (37.1) (0.1) (14.7)
Total used 1.2 2.1 (0.9) (41.5) (0.4) (20.5)
% %
Parts and 3.7 5.2 (1.5) (29.0) (1.3) (3.6)
service sales %
%
F&I, net 1.1 1.9 (0.8) (41.4) (0.4) (20.3)
% %
Total gross $
8.6 $
13.6 $
(5.0) (36.7) $
(3.1) (14.1)
profit % %
Gross margin:
New vehicle 8.3 6.4
% 1.8
retail sales % %
Used vehicle 9.3 7.8
% 1.5
retail sales % %
Used vehicle
wholesale % %
sales 8.0 7.1
% 1.0
Total used 9.1 7.7
% 1.4
% %
Parts and 46.1 43.8 2.3
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 15.8 12.3 3.6
margin % % %
Units sold:
Retail new 1,200 2,262 (1,062) (46.9)
vehicles sold %
Retail used 552 1,216 (664) (54.6)
vehicles sold %
Wholesale used 282 430 (148) (34.4)
vehicles sold %
Total used 834 1,646 (812) (49.3)
%
Average sales price per unit
sold:
New vehicle $
26,558 $
30,883 $
(4,325) (14.0) $
(9,343) 16.2
retail % %
Used vehicle $
19,766 $
18,613 $
1,152 6.2 $
(7,001) 43.8
retail % %
Gross profit per unit sold:
New vehicle $
2,196 $
1,985 $
211 10.6 $
(772) 49.5
retail sales % %
Used vehicle $
1,840 $
1,447 $
393 27.2 $
(662) 72.9
retail sales % %
Used vehicle $
696 $
726 $
(30) (4.1)
wholesale %
sales % $
(247) 30.0
Total used $
1,453 $
1,258 $
195 15.5 $
(522) 56.9
% %
F&I PRU $
621 $
533 $
87 16.3 $
(224) 58.3
% %
Other:
SG&A expenses $
6.9 $
11.2 $
(4.4) (38.9) $
(2.5) (17.0)
% %
SG&A as % gross 79.8 82.6 (2.9)
profit % % %
()
Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(In millions, except unit data)
Nine Months Ended September 30,
2020 2019 Increase/ % Change Currency Impact Constant
(Decrease) on Current Currency %
Period Results Change
---
Revenues:
New vehicle $
109.1 $
205.6 $
(96.4) (46.9) $
(27.4) (33.6)
retail sales % %
Used vehicle 38.3 60.7 (22.4) (36.9) (9.6) (21.1)
retail sales % %
Used vehicle
wholesale % %
sales 9.2 11.2 (2.0) (18.1) (2.5) 4.4
Total used 47.4 71.9 (24.4) (34.0) (12.1) (17.1)
% %
Parts and 23.4 35.4 (12.0) (33.9) (6.6) (15.2)
service sales % %
F&I, net 3.4 5.6 (2.2) (39.1) (0.9) (23.2)
% %
Total revenues $
183.4 $
318.3 $
(135.0) (42.4) $
(47.0) (27.7)
% %
Gross profit:
New vehicle $
7.5 $
12.6 $
(5.1) (40.3) $
(2.0) (24.6)
retail sales % %
Used vehicle 2.5 4.7 (2.2) (46.6) (0.7) (31.8)
retail sales % %
Used vehicle
wholesale % %
sales 0.5 0.9 (0.4) (44.5) (0.1) (28.8)
Total used 3.0 5.5 (2.6) (46.3) (0.8) (31.4)
% %
Parts and 10.3 15.5 (5.2) (33.4) (2.9) (14.7)
service sales % %
F&I, net 3.4 5.6 (2.2) (39.1) (0.9) (23.2)
% %
Total gross $
24.2 $
39.2 $
(15.0) (38.3) $
(6.6) (21.4)
profit % %
Gross margin:
New vehicle 6.9 6.1
% 0.8
retail sales % %
Used vehicle 6.5 7.7
% (1.2)
retail sales % %
Used vehicle
wholesale % %
sales 5.2 7.7
% (2.5)
Total used 6.3 7.7
% (1.4)
% %
Parts and 44.1 43.8 0.3
service sales % % %
F&I, net 100.0 100.0
% % %
Total gross 13.2 12.3 0.9
margin % % %
Units sold:
Retail new 3,865 6,866 (3,001) (43.7)
vehicles sold %
Retail used 2,006 3,217 (1,211) (37.6)
vehicles sold %
Wholesale used 1,081 1,319 (238) (18.0)
vehicles sold %
Total used 3,087 4,536 (1,449) (31.9)
%
Average sales price per unit
sold:
New vehicle $
28,238 $
29,938 $
(1,701) (5.7)
retail %
% $
(7,089) 18.0
Used vehicle $
19,086 $
18,861 $
225 1.2 $
(4,781) 26.5
retail % %
Gross profit per unit sold:
New vehicle $
1,950 $
1,839 $
110 6.0 $
(514) 33.9
retail sales % %
Used vehicle $
1,244 $
1,453 $
(210) (14.4) $
(345) 9.3
retail sales % %
Used vehicle
wholesale % %
sales $
444 $
656 $
(212) (32.3) $
(126) (13.1)
Total used $
964 $
1,222 $
(258) (21.1) $
(268) 0.9
% %
F&I PRU $
576 $
551 $
25 4.6 $
(150) 31.9
% %
Other:
SG&A expenses $
23.0 $
34.4 $
(11.4) (33.1) $
(6.4) (14.7)
% %
Adjusted SG&A $
22.1 $
34.4 $
(12.3) (35.7) $
(6.1) (17.9)
expenses (1) % %
SG&A as % gross 95.1 87.8 7.3
profit % % %
Adjusted SG&A
as % gross % % %
profit (1) 91.4 87.8 3.7
(1) See the section in this release
titled "Reconciliation of Certain
Non-GAAP Financial Measures" for
the GAAP to non-GAAP
reconciliation of these figures.
()
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Three Months Ended September 30, 2020
U.S. GAAP (Gain) loss on Non-GAAP
extinguishment of adjusted
debt
(Gain) loss on extinguishment
of debt $
3.3 $
(3.3)
$
Income (loss) before income
taxes $
161.0 $
3.3 $
164.3
Less: (Benefit) provision for
income taxes 34.6 0.8 35.3
Net income (loss) 126.4 2.6 129.0
Less: Earnings (loss) allocated
to participating securities 4.5 0.1 4.6
Net income (loss) available to
diluted common shares $
121.9 $
2.5 $
124.4
Diluted income (loss) per
common share $
6.83 $
0.14 $
6.97
Effective tax rate 21.5 21.5
% %
Pretax margin (1) 5.3 5.4
% %
(1) Adjusted pretax margin excludes the
impact of (gain) loss on
extinguishment of debt.
()
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Three Months Ended September 30, 2019
U.S. GAAP Catastrophic Dealership and Asset Non-GAAP
events real estate impairments adjusted
transactions
SG&A expenses $
353.9 $
(11.9) $
(1.3)
$ $
340.8
Asset impairments $
10.3
$
$ $
(10.3)
$
Income (loss) from
operations $
83.3 $
11.9 $
1.3 $
10.3 $
106.7
Income (loss) before
income taxes $
49.0 $
11.9 $
1.3 $
10.3 $
72.4
Less: (Benefit) provision
for income taxes 10.9 2.9 0.3 2.0 16.1
Net income (loss) 38.0 9.0 1.0 8.3 56.3
Less: Earnings (loss)
allocated to
participating securities 1.4 0.3 0.3 2.1
Net income (loss)
available to diluted
common shares $
36.7 $
8.6 $
1.0 $
8.0 $
54.2
Diluted income (loss) per
common share $
2.04 $
0.48 $
0.05 $
0.44 $
3.02
Effective tax rate 22.3 22.3
% %
SG&A as % gross profit 76.0 73.2
(1) % %
Operating margin (2) 2.7 3.4
% %
Pretax margin (2) 1.6 2.3
% %
Same Store SG&A expenses $
348.6 $
(11.9) $
(0.7)
$ $
336.0
Same Store SG&A as % 75.6 72.8
gross profit (1) % %
Same Store income (loss)
from operations $
84.6 $
11.9 $
0.7 $
10.2 $
107.4
Same Store operating 2.7 3.5
margin (2) % %
(1) Adjusted SG&A as % of gross
profit excludes the impact
of SG&A reconciling items
above.
(2) Adjusted operating margin and
pretax margin exclude the
impact of SG&A reconciling
items above and asset
impairment charges.
()
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Nine Months Ended September 30, 2020
U.S. GAAP Severance Out-of-period Asset (Gain) loss on Non-GAAP
costs adjustment impairments extinguishment adjusted
of debt
SG&A expenses $
870.9 $
(2.1) $
(10.6)
$
$ $
858.3
Asset impairments $
23.8
$
$ $
(23.8)
$
$
Income (loss) from operations $
336.0 $
2.1 $
10.6 $
23.8
$ $
372.5
(Gain) loss on extinguishment
of debt $
13.7
$
$
$ $
(13.7)
$
Income (loss) before income
taxes $
242.2 $
2.1 $
10.6 $
23.8 $
13.7 $
292.4
Less: (Benefit) provision for
income taxes 55.8 0.3 0.8 3.3 3.0 63.3
Net income (loss) 186.4 1.8 9.7 20.6 10.7 229.2
Less: Earnings (loss) allocated
to participating securities 6.7 0.1 0.4 0.7 0.4 8.2
Net income (loss) available to
diluted common shares $
179.7 $
1.7 $
9.4 $
19.8 $
10.3 $
220.9
Diluted income (loss) per
common share $
10.08 $
0.10 $
0.53 $
1.11 $
0.58 $
12.40
Effective tax rate 23.1 21.6
% %
SG&A as % gross profit (1) 67.7 66.7
% %
Operating margin (2) 4.3 4.7
% %
Pretax margin (3) 3.1 3.7
% %
Same Store SG&A expenses $
843.4 $
(2.1) $
(10.6)
$
$ $
830.7
Same Store SG&A as % gross 67.3 66.3
profit (1) % %
Same Store income (loss) from
operations $
332.3 $
2.1 $
10.6 $
23.8
$ $
368.8
Same Store operating margin (2) 4.3 4.8
% %
(1) Adjusted SG&A as % of gross profit
excludes the impact of SG&A
reconciling items above.
(2) Adjusted operating margin excludes
the impact of SG&A reconciling items
above and asset impairment charges.
(3) Adjusted pretax margin excludes the
impact of SG&A reconciling items
above, asset impairment charges and
(gain) loss on extinguishment of
debt.
()
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Nine Months Ended September 30, 2019
U.S. GAAP Catastrophic Dealership Legal Asset Non-GAAP
events and real matters impairments adjusted
estate
transactions
SG&A expenses $
1,020.3 $
(17.8) $
4.1 $
(2.0)
$ $
1,004.6
Asset impairments $
10.8
$
$
$ $
(10.8)
$
Income (loss) from
operations $
267.2 $
17.8 $
(4.1) $
2.0 $
10.8 $
293.7
Income (loss) before
income taxes $
164.4 $
17.8 $
(4.1) $
2.0 $
10.8 $
190.9
Less: (Benefit) provision
for income taxes 38.5 4.4 (1.7) 0.5 2.0 43.7
Net income (loss) 125.9 13.4 (2.5) 1.5 8.8 147.2
Less: Earnings (loss)
allocated to
participating securities 4.7 0.5 (0.1) 0.1 0.3 5.5
Net income (loss)
available to diluted
common shares $
121.2 $
12.9 $
(2.4) $
1.5 $
8.5 $
141.7
Diluted income (loss) per
common share $
6.77 $
0.72 $
(0.13) $
0.08 $
0.47 $
7.92
Effective tax rate 23.4 22.9
% %
SG&A as % gross profit 75.5 74.3
(1) % %
Operating margin (2) 3.0
% 3.3
%
Pretax margin (2) 1.8
% 2.1
%
Same Store SG&A expenses $
1,005.9 $
(17.8) $
0.4 $
(1.8)
$ $
986.6
Same Store SG&A as % 75.3 73.9
gross profit (1) % %
Same Store income (loss)
from operations $
266.5 $
17.8 $
(0.4) $
1.8 $
10.8 $
296.6
Same Store operating
margin (2) 3.0
% 3.4
%
(1) Adjusted SG&A as % of gross
profit excludes the impact
of SG&A reconciling items
above.
(2) Adjusted operating margin and
pretax margin exclude the
impact of SG&A reconciling
items above and asset
impairment charges.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(In millions)
Three Months Ended September 30, 2019
U.S. GAAP Catastrophic Dealership and Non-GAAP
events real estate adjusted
transactions
SG&A expenses $
285.3 $
(11.9) $
(0.8) $
272.6
SG&A as % gross 73.7 70.5
profit (1) % %
Same Store SG&A
expenses $
282.9 $
(11.9) $
(0.5) $
270.5
Same Store SG&A as % 73.5 70.3
gross profit (1) % %
Nine Months Ended September 30, 2020
U.S. GAAP Out-of-period Non-GAAP
adjustment adjusted
SG&A
expenses $
706.0 $
(10.6) $
695.4
SG&A as %
gross % %
profit (1) 65.3 64.3
Same Store
SG&A
expenses $
693.1 $
(10.6) $
682.5
Same Store
SG&A as % % %
gross
profit (1) 65.3 64.3
()
Nine Months Ended September 30, 2019
U.S. GAAP Catastrophic Dealership and Non-GAAP
events real estate adjusted
transactions Legal matters
SG&A
expenses $
809.5 $
(17.8) $
4.4 $
(1.8) $
794.3
SG&A as %
gross % %
profit (1) 72.9 71.5
Same Store
SG&A
expenses $
805.5 $
(17.8) $
0.5 $
(1.8) $
786.3
Same Store
SG&A as % % %
gross
profit (1) 73.0 71.3
(1) Adjusted SG&A as % of gross
profit excludes the impact
of SG&A reconciling items
above.
()
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
(Unaudited)
(Dollars in millions)
Three Months Ended September 30, 2019
U.S. GAAP Dealership and Non-GAAP
real estate Adjusted
transactions
SG&A expenses $
57.6 $
(0.5) $
57.1
SG&A as % gross 88.4 87.7
profit (1) % %
Same Store SG&A
expenses $
54.4 $
(0.2) $
54.2
Same Store SG&A as % 86.5 86.2
gross profit (1) % %
Nine Months Ended September 30, 2020
U.S. GAAP Severance Non-GAAP
costs Adjusted
SG&A expenses $
141.8 $
(1.2) $
140.6
SG&A as % gross 78.0 77.3
profit (1) % %
Same Store SG&A
expenses $
127.3 $
(1.2) $
126.1
Same Store SG&A as % 75.6 74.9
gross profit (1) % %
Nine Months Ended September 30, 2019
U.S. GAAP Dealership and Non-GAAP
real estate Adjusted
transactions
SG&A expenses $
175.8 $
(0.5) $
175.3
SG&A as % gross 87.4 87.1
profit (1) % %
Same Store SG&A
expenses $
166.0 $
(0.2) $
165.8
Same Store SG&A as % 86.0 85.9
gross profit (1) % %
(1) Adjusted SG&A as % of gross
profit excludes the impact
of SG&A reconciling items
above.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
(Unaudited)
(In millions)
Nine Months Ended September 30, 2020
U.S. GAAP Severance Non-GAAP
costs adjusted
SG&A expenses $
23.1 $
(0.9) $
22.2
SG&A as % gross 95.3 91.7
profit (1) % %
Same Store SG&A
expenses $
23.0 $
(0.9) $
22.1
Same Store SG&A as % 95.1 91.4
gross profit (1) % %
()
Nine Months Ended September 30, 2019
U.S. GAAP Dealership and Legal matters Non-GAAP
real estate adjusted
transactions
SG&A expenses $
35.0 $
0.2 $
(0.2) $
35.0
SG&A as % gross profit (1) 88.3 88.3
% %
(1) Adjusted SG&A as % of gross
profit excludes the impact
of SG&A reconciling items
above.
View original content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-all-time-record-quarterly-earnings-per-share-301162477.html
SOURCE Group 1 Automotive, Inc.
