Group 1 Automotive Reports Second Quarter 2017 Financial Results
Acquires Land Rover and Jaguar dealerships in New Mexico Repurchases 3% of Outstanding Share Float
Tweet
Share
E-mailGet Alerts GPI Hot Sheet
Join SI Premium – FREE
HOUSTON, July 27, 2017 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI),("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported 2017 second quarter net income of $39.1 million, diluted earnings per common share of $1.84, adjusted net income (a non-GAAP measure) of $39.8 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $1.87.
Second quarter 2017 adjusted net income and diluted earnings per share exclude approximately $681 thousand of net after-tax adjustments, or $0.03 per share, related to catastrophic events and acquisition costs. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
"While we had a strong quarter in Brazil, solid growth in aftersales revenue, and a new record in U.S. F&I performance, these factors were not enough to offset ongoing weakness in vehicle sales in our energy-price-impacted markets. Combined new and used sales dropped seven percent in the quarter for our Texas and Oklahoma stores," said Earl J. Hesterberg, Group 1's president and chief executive officer. "Our single largest market of Houston was extremely volatile in the second quarter with Houston total industry auto sales dropping 24 percent in June after an increase in May. Group 1's Houston sales only decreased 12 percent in June, but this is indicative of the headwinds we continue to face in much of Texas and Oklahoma. As for our overseas businesses, the U.K. market did experience some deceleration as a result of the increased road tax enacted in April, with the overall market declining about 10 percent in the second quarter. However, we were able to significantly outperform the market with our new vehicle unit sales only contracting 1.4 percent and overall same store revenue on a constant currency basis growing 2.5 percent. In addition, Brazil delivered another quarter of profitability, with gross profit up 18 percent on a constant currency basis, reflecting double-digit growth in used, aftersales, and F&I. The team has us well positioned for further improvements as the Brazilian economy begins to rebound."
Consolidated Results for Second Quarter 2017 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:
- Total revenue decreased 4.0 percent (decreased 2.4 percent) to $2.7 billion; total gross profit decreased 1.3 percent (decreased 0.1 percent) to $404.9 million.
- New vehicle revenues decreased 6.0 percent (decreased 4.6 percent) on a 6.3 percent decrease in unit sales. New vehicle gross profit decreased 7.7 percent (decreased 6.1 percent) to $74.9 million. U.S. Same Store new vehicle margins were down 1.0 percent, or $18 per unit, to $1,858.
- Retail used vehicle revenues decreased 4.2 percent (decreased 2.2 percent) on a 2.9 percent decrease in unit sales. Retail used vehicle gross profit decreased 6.9 percent (decreased 5.5 percent) to $44.9 million reflecting the impact of lower margins, down $62 per unit, in combination with the volume decline.
- Parts and service gross profit increased 3.3 percent (increased 4.5 percent) on revenue growth of 3.0 percent (increased 4.1 percent). Same Store parts and service gross profit increased 4.2 percent (increased 5.4 percent) on revenue growth of 4.2 percent (increased 5.3 percent). U.S. Same Store parts & service revenue increased 5.6 percent.
- Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 4.1 percent (increased 5.0 percent) to $1,461 per retail unit. U.S. F&I gross profit per unit increased 5.4 percent, or $86, to a record $1,688.
- Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 80 basis points to 73.7 percent. Adjusted SG&A expenses as a percent of gross profit (a non-GAAP measure) increased 130 basis points to 73.5 percent.
Segment Results for Second Quarter 2017 (year-over-year comparable basis)
- United States:The Company's U.S. operations accounted for 79.5 percent of total revenues and 84.1 percent of total gross profit. On a Same Store basis, U.S. revenues were $2.1 billion, a decrease of 2.7 percent, and total Same Store gross profit was essentially flat. The revenue decrease reflects 5.7 percent and 4.9 percent declines in Same Store retail new and used unit sales, respectively. The vast majority of the sales decline came from the Company's oil-impacted markets of Texas and Oklahoma.
- United Kingdom:The Company's U.K. operations accounted for 16.4 percent of total revenues and 12.6 percent of total gross profit. Although the overall U.K. new vehicle industry sales decreased 10 percent in the quarter, the Company's Same Store new vehicle unit sales outperformed the market with only a slight decrease of 1.4 percent. Total Same Store revenue grew 2.5 percent and total Same Store gross profit grew 2.6 percent, both on a constant currency basis. The gross profit growth was driven by a 4.2 percent increase in aftersales gross profit on a constant currency basis, and a 7.5 percent increase in F&I per retail unit on a constant currency basis.
- Brazil:The Company's Brazilian operations were profitable again this quarter and accounted for 4.1 percent of total revenues and 3.3 percent of total gross profit. Total Same Store revenue grew 10.8 percent (increased 1.7 percent) and total Same Store gross profit increased 28.5 percent (increased 18.0 percent), reflecting strong growth in Same Store total used vehicles gross profit of 46.9 percent (increased 35.2 percent) and a 42.4 percent increase (increased 30.6 percent) in Same Store aftersales gross profit. In addition, Same Store F&I gross profit PRU increased 43.5 percent (increased 32.0 percent). SG&A as a percentage of gross profit improved 440 basis points to 88.3 percent.
Corporate Development
The Company is pleased to announce it has acquired its first Jaguar and Land Rover dealerships in the U.S., which are located in Albuquerque and Santa Fe, New Mexico, and have projected annualized revenues of $40 million. The addition of these two stores expands the Company's global network to seven Land Rover and seven Jaguar franchises. The dealerships, which operate as Jaguar Land Rover Albuquerque and Land Rover Santa Fe, are the only Jaguar and Land Rover dealerships in the state of New Mexico, and expand the Company's presence to 15 states in the U.S.
As previously announced in April, the Company opened Cedar Park Nissan in Austin, Texas, which has an expected annualized revenue of $30 million. This new point of representation for Nissan was awarded to Group 1 by Nissan Motor Corporation U.S.A. Additionally, as previously announced in July 2017, the Company acquired Beadles Group Ltd in the U.K., which expands the dealership footprint in the region to 43 stores. With expected annual revenues of $330 million, the Beadles acquisition increases the Company's projected U.K. annual revenue base to over $2 billion.
Year-to-date 2017, the Company has acquired 16 dealerships, which are expected to generate an estimated $435 million in annualized revenues, and the Company has disposed of two dealerships in Brazil, which generated approximately $25 million in trailing-twelve-month revenues.
Share Repurchase Authorization
During the second quarter, the Company repurchased 629,298 shares, or approximately three percent of its previously outstanding common shares, at an average price per common share of $62.01 for a total of $39.0 million. As of June 30, 2017, $50.7 million remains available under the Company's current common stock share repurchase authorization, which was reset in May 2017.
Purchases may be made from time to time in the open market or in privately negotiated transactions, based on market conditions, legal requirements and other corporate considerations and subject to Board approval and covenant restrictions.
Second Quarter 2017 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter financial results and the Company's outlook and strategy.
The conference call will be simulcast live on the Internet at www.group1auto.com. Click on 'Investor Relations' and then 'Events' or through this link: 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: |
1-888-317-6003 |
|
International: |
1-412-317-6061 |
|
Conference ID: |
1935170 |
A telephonic replay will be available following the call through August 3, 2017 by dialing:
|
Domestic: |
1-877-344-7529 |
|
International: |
1-412-317-0088 |
|
Replay ID: |
10110617 |
About Group 1 Automotive, Inc.Group 1 owns and operates 173 automotive dealerships, 227 franchises, and 47 collision centers in the United States, the United Kingdom and Brazil that offer 32 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 STATEMENTSThis 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 often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain 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) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, and (i) our ability to retain key personnel. 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
In addition to evaluating the financial condition and results of our operations in accordance with 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, and profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with GAAP. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income and adjusted diluted earnings per share. 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 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 GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. 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, gains and losses on dealership franchise or real estate transactions, and catastrophic weather events such as hail storms, 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.
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 United States 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.
Investor contacts:Sheila RothManager, Investor RelationsGroup 1 Automotive, Inc.713-647-5741 | [email protected]
Media contacts:Pete DeLongchampsV.P. Manufacturer Relations, Financial Services and Public AffairsGroup 1 Automotive, Inc.713-647-5770 | [email protected]orClint WoodsPierpont Communications, Inc.713-627-2223 | [email protected]
|
Group 1 Automotive, Inc. | |||||
|
Consolidated Statements of Operations | |||||
|
(Unaudited) | |||||
|
(In thousands, except per share amounts) | |||||
|
Three Months Ended June 30, | |||||
|
2017 |
2016 |
% Increase/(Decrease) | |||
|
REVENUES: |
|||||
|
New vehicle retail sales |
$ 1,448,768 |
$ 1,540,759 |
(6.0) | ||
|
Used vehicle retail sales |
685,949 |
715,778 |
(4.2) | ||
|
Used vehicle wholesale sales |
99,377 |
96,279 |
3.2 | ||
|
Parts and service |
331,631 |
322,073 |
3.0 | ||
|
Finance, insurance and other, net |
106,470 |
107,560 |
(1.0) | ||
|
Total revenues |
2,672,195 |
2,782,449 |
(4.0) | ||
|
COST OF SALES: |
|||||
|
New vehicle retail sales |
1,373,857 |
1,459,611 |
(5.9) | ||
|
Used vehicle retail sales |
641,036 |
667,513 |
(4.0) | ||
|
Used vehicle wholesale sales |
99,644 |
96,331 |
3.4 | ||
|
Parts and service |
152,766 |
148,875 |
2.6 | ||
|
Total cost of sales |
2,267,303 |
2,372,330 |
(4.4) | ||
|
GROSS PROFIT |
404,892 |
410,119 |
(1.3) | ||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
298,568 |
299,022 |
(0.2) | ||
|
DEPRECIATION AND AMORTIZATION EXPENSE |
14,093 |
12,713 |
10.9 | ||
|
ASSET IMPAIRMENTS |
- |
1,024 |
(100.0) | ||
|
OPERATING INCOME |
92,231 |
97,360 |
(5.3) | ||
|
OTHER EXPENSE: |
|||||
|
Floorplan interest expense |
(13,226) |
(11,593) |
14.1 | ||
|
Other interest expense, net |
(17,315) |
(16,705) |
3.7 | ||
|
INCOME BEFORE INCOME TAXES |
61,690 |
69,062 |
(10.7) | ||
|
PROVISION FOR INCOME TAXES |
(22,557) |
(22,482) |
0.3 | ||
|
NET INCOME |
$ 39,133 |
$ 46,580 |
(16.0) | ||
|
Less: Earnings allocated to participating securities |
$ 1,389 |
$ 1,884 |
(26.3) | ||
|
Earnings available to diluted common shares |
$ 37,744 |
$ 44,696 |
(15.6) | ||
|
DILUTED EARNINGS PER SHARE |
$ 1.84 |
$ 2.12 |
(13.2) | ||
|
Weighted average dilutive common shares outstanding |
20,522 |
21,070 |
(2.6) | ||
|
Weighted average participating securities |
761 |
892 |
(14.7) | ||
|
Total weighted average shares outstanding |
21,283 |
21,962 |
(3.1) | ||
|
Six Months Ended June 30, | |||||
|
2017 |
2016 |
% Increase/(Decrease) | |||
|
REVENUES: |
|||||
|
New vehicle retail sales |
$ 2,785,981 |
$ 2,950,609 |
(5.6) | ||
|
Used vehicle retail sales |
1,346,876 |
1,403,949 |
(4.1) | ||
|
Used vehicle wholesale sales |
203,534 |
197,871 |
2.9 | ||
|
Parts and service |
651,329 |
630,665 |
3.3 | ||
|
Finance, insurance and other, net |
203,304 |
207,710 |
(2.1) | ||
|
Total revenues |
5,191,024 |
5,390,804 |
(3.7) | ||
|
COST OF SALES: |
|||||
|
New vehicle retail sales |
2,641,843 |
2,797,734 |
(5.6) | ||
|
Used vehicle retail sales |
1,256,958 |
1,306,484 |
(3.8) | ||
|
Used vehicle wholesale sales |
203,701 |
196,474 |
3.7 | ||
|
Parts and service |
300,108 |
290,891 |
3.2 | ||
|
Total cost of sales |
4,402,610 |
4,591,583 |
(4.1) | ||
|
GROSS PROFIT |
788,414 |
799,221 |
(1.4) | ||
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
588,347 |
592,687 |
(0.7) | ||
|
DEPRECIATION AND AMORTIZATION EXPENSE |
27,699 |
25,177 |
10.0 | ||
|
ASSET IMPAIRMENTS |
- |
1,956 |
(100.0) | ||
|
OPERATING INCOME |
172,368 |
179,401 |
(3.9) | ||
|
OTHER EXPENSE: |
|||||
|
Floorplan interest expense |
(25,168) |
(22,603) |
11.3 | ||
|
Other interest expense, net |
(34,314) |
(33,634) |
2.0 | ||
|
INCOME BEFORE INCOME TAXES |
112,886 |
123,164 |
(8.3) | ||
|
PROVISION FOR INCOME TAXES |
(39,814) |
(42,293) |
(5.9) | ||
|
NET INCOME |
$ 73,072 |
$ 80,871 |
(9.6) | ||
|
Less: Earnings allocated to participating securities |
$ 2,645 |
$ 3,223 |
(17.9) | ||
|
Earnings available to diluted common shares |
$ 70,427 |
$ 77,648 |
(9.3) | ||
|
DILUTED EARNINGS PER SHARE |
$ 3.42 |
$ 3.57 |
(4.2) | ||
|
Weighted average dilutive common shares outstanding |
20,609 |
21,762 |
(5.3) | ||
|
Weighted average participating securities |
789 |
907 |
(13.0) | ||
|
Total weighted average shares outstanding |
21,398 |
22,669 |
(5.6) | ||
|
Group 1 Automotive, Inc. | ||||||
|
Consolidated Balance Sheets | ||||||
|
(Dollars in thousands) | ||||||
|
June 30, 2017 |
December 31,2016 |
% Increase/ (Decrease) | ||||
|
ASSETS: |
(Unaudited) |
|||||
|
CURRENT ASSETS: |
||||||
|
Cash and cash equivalents |
$ 26,573 |
$ 20,992 |
26.6 | |||
|
Contracts in transit and vehicle receivables, net |
217,378 |
269,508 |
(19.3) | |||
|
Accounts and notes receivable, net |
158,542 |
173,364 |
(8.5) | |||
|
Inventories, net |
1,803,909 |
1,651,815 |
9.2 | |||
|
Prepaid expenses and other current assets |
87,470 |
34,908 |
150.6 | |||
|
Total current assets |
2,293,872 |
2,150,587 |
6.7 | |||
|
PROPERTY AND EQUIPMENT, net |
1,167,345 |
1,125,883 |
3.7 | |||
|
GOODWILL AND INTANGIBLE FRANCHISE RIGHTS |
1,164,465 |
1,161,639 |
0.2 | |||
|
OTHER ASSETS |
18,903 |
23,794 |
(20.6) | |||
|
Total assets |
$ 4,644,585 |
$ 4,461,903 |
4.1 | |||
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
||||||
|
CURRENT LIABILITIES: |
||||||
|
Floorplan notes payable - credit facility and other |
$ 1,214,084 |
$ 1,136,654 |
6.8 | |||
|
Offset account related to floorplan notes payable - credit facility |
(55,579) |
(59,626) |
(6.8) | |||
|
Floorplan notes payable - manufacturer affiliates |
430,619 |
392,661 |
9.7 | |||
|
Offset account related to floorplan notes payable - manufacturer affiliates |
(21,000) |
(25,500) |
(17.6) | |||
|
Current maturities of long-term debt and short-term financing |
53,184 |
72,419 |
(26.6) | |||
|
Current liabilities from interest rate risk management activities |
1,626 |
3,941 |
(58.7) | |||
|
Accounts payable |
330,747 |
356,099 |
(7.1) | |||
|
Accrued expenses |
173,173 |
176,469 |
(1.9) | |||
|
Total current liabilities |
2,126,854 |
2,053,117 |
3.6 | |||
|
5.00% SENIOR NOTES (principal of $550,000 at December 31, 2016 and December 31, 2015, respectively) |
541,256 |
540,465 |
0.1 | |||
|
5.25% SENIOR NOTES (principal of $300,000 at December 31, 2016 and December 31, 2015, respectively) |
295,869 |
295,591 |
0.1 | |||
|
ACQUISITION LINE |
32,509 |
— |
100.0 | |||
|
REAL ESTATE RELATED AND OTHER LONG-TERM DEBT, net of current maturities |
352,872 |
333,326 |
5.9 | |||
|
CAPITAL LEASE OBLIGATIONS RELATED TO REAL ESTATE, net of current maturities |
41,339 |
43,427 |
(4.8) | |||
|
DEFERRED INCOME TAXES |
174,220 |
161,502 |
7.9 | |||
|
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES |
18,065 |
20,470 |
(11.7) | |||
|
OTHER LIABILITIES |
89,953 |
83,805 |
7.3 | |||
|
STOCKHOLDERS' EQUITY: |
||||||
|
Common stock |
256 |
257 |
(0.4) | |||
|
Additional paid-in capital |
287,410 |
290,899 |
(1.2) | |||
|
Retained earnings |
1,116,195 |
1,053,301 |
6.0 | |||
|
Accumulated other comprehensive loss |
(136,268) |
(146,944) |
(7.3) | |||
|
Treasury stock |
(295,945) |
(267,313) |
10.7 | |||
|
Total stockholders' equity |
$ 971,648 |
$ 930,200 |
4.5 | |||
|
Total liabilities and stockholders' equity |
$ 4,644,585 |
$ 4,461,903 |
4.1 | |||
|
Group 1 Automotive, Inc. | |||||||||
|
Additional Information - Consolidated | |||||||||
|
(Unaudited) | |||||||||
|
Three Months Ended |
Six Months Ended | ||||||||
|
June 30, |
June 30, | ||||||||
|
2017 (%) |
2016 (%) |
2017 (%) |
2016 (%) | ||||||
|
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: |
|||||||||
|
Region |
Geographic Market |
||||||||
|
United States |
Texas |
36.6 |
36.5 |
35.6 |
36.6 | ||||
|
California |
7.9 |
9.3 |
7.9 |
9.2 | |||||
|
Oklahoma |
6.5 |
6.8 |
6.5 |
7.0 | |||||
|
Massachusetts |
4.9 |
5.0 |
4.7 |
4.9 | |||||
|
Georgia |
4.8 |
4.1 |
4.7 |
4.0 | |||||
|
Florida |
2.5 |
2.6 |
2.5 |
2.5 | |||||
|
New Hampshire |
2.3 |
1.9 |
2.0 |
1.8 | |||||
|
New Jersey |
1.9 |
1.6 |
1.7 |
1.6 | |||||
|
Louisiana |
1.9 |
2.0 |
2.0 |
2.0 | |||||
|
Kansas |
1.8 |
1.9 |
1.7 |
1.9 | |||||
|
South Carolina |
1.5 |
1.4 |
1.4 |
1.4 | |||||
|
Mississippi |
1.3 |
1.6 |
1.4 |
1.5 | |||||
|
Alabama |
1.1 |
0.9 |
1.1 |
0.9 | |||||
|
Maryland |
0.4 |
0.5 |
0.4 |
0.5 | |||||
|
75.4 |
76.1 |
73.6 |
75.8 | ||||||
|
International |
United Kingdom |
19.3 |
18.0 |
21.4 |
18.0 | ||||
|
Brazil |
5.3 |
5.9 |
5.0 |
6.2 | |||||
|
100.0 |
100.0 |
100.0 |
100.0 | ||||||
|
NEW VEHICLE UNIT SALES BRAND MIX: |
|||||||||
|
Toyota/Scion/Lexus |
25.4 |
24.8 |
24.4 |
24.3 | |||||
|
BMW/MINI |
13.1 |
13.5 |
13.7 |
13.3 | |||||
|
Volkswagen/Audi/Porsche |
12.3 |
10.9 |
12.4 |
10.8 | |||||
|
Ford/Lincoln |
11.3 |
10.9 |
12.1 |
11.2 | |||||
|
Honda/Acura |
9.6 |
10.4 |
9.3 |
10.4 | |||||
|
Nissan |
7.6 |
6.2 |
7.9 |
7.0 | |||||
|
Chevrolet/GMC/Buick/Cadillac |
5.9 |
7.6 |
6.3 |
7.7 | |||||
|
Hyundai/Kia |
4.3 |
4.3 |
3.9 |
4.5 | |||||
|
Mercedes-Benz/smart/Sprinter |
4.2 |
4.3 |
4.1 |
4.0 | |||||
|
Chrysler/Dodge/Jeep/RAM |
4.1 |
4.1 |
3.9 |
4.1 | |||||
|
Other |
2.2 |
3.0 |
2.0 |
2.7 | |||||
|
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 June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
REVENUES: |
||||||
|
New vehicle retail sales |
$ 1,143,771 |
$ 1,203,311 |
(4.9) | |||
|
Used vehicle retail sales |
536,193 |
575,280 |
(6.8) | |||
|
Used vehicle wholesale sales |
66,476 |
62,062 |
7.1 | |||
|
Total used |
602,669 |
637,342 |
(5.4) | |||
|
Parts and service |
282,698 |
270,525 |
4.5 | |||
|
Finance, insurance and other, net |
94,552 |
96,204 |
(1.7) | |||
|
Total |
$ 2,123,690 |
$ 2,207,382 |
(3.8) | |||
|
GROSS MARGIN %: |
||||||
|
New vehicle retail sales |
5.0 |
5.1 |
||||
|
Used vehicle retail sales |
6.8 |
7.0 |
||||
|
Used vehicle wholesale sales |
0.4 |
— |
||||
|
Total used |
6.1 |
6.3 |
||||
|
Parts and service |
53.8 |
54.2 |
||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||
|
Total |
16.0 |
15.6 |
||||
|
GROSS PROFIT: |
||||||
|
New vehicle retail sales |
$ 57,000 |
$ 61,640 |
(7.5) | |||
|
Used vehicle retail sales |
36,704 |
40,184 |
(8.7) | |||
|
Used vehicle wholesale sales |
246 |
27 |
811.1 | |||
|
Total used |
36,950 |
40,211 |
(8.1) | |||
|
Parts and service |
151,971 |
146,541 |
3.7 | |||
|
Finance, insurance and other, net |
94,552 |
96,204 |
(1.7) | |||
|
Total |
$ 340,473 |
$ 344,596 |
(1.2) | |||
|
UNITS SOLD: |
||||||
|
Retail new vehicles sold |
30,802 |
33,191 |
(7.2) | |||
|
Retail used vehicles sold |
25,202 |
26,856 |
(6.2) | |||
|
Wholesale used vehicles sold |
9,701 |
9,476 |
2.4 | |||
|
Total used |
34,903 |
36,332 |
(3.9) | |||
|
AVERAGE RETAIL SALES PRICE: |
||||||
|
New vehicle retail |
$ 37,133 |
$ 36,254 |
2.4 | |||
|
Used vehicle retail |
$ 21,276 |
$ 21,421 |
(0.7) | |||
|
GROSS PROFIT PER UNIT SOLD: |
||||||
|
New vehicle retail sales |
$ 1,851 |
$ 1,857 |
(0.3) | |||
|
Used vehicle retail sales |
1,456 |
1,496 |
(2.7) | |||
|
Used vehicle wholesale sales |
25 |
3 |
733.3 | |||
|
Total used |
1,059 |
1,107 |
(4.3) | |||
|
Finance, insurance and other, net (per retail unit) |
$ 1,688 |
$ 1,602 |
5.4 | |||
|
OTHER: |
||||||
|
SG&A expenses |
$ 243,844 |
$ 245,389 |
(0.6) | |||
|
Adjusted SG&A expenses(1) |
$ 243,201 |
$ 242,370 |
0.3 | |||
|
SG&A as % revenues |
11.5 |
11.1 |
||||
|
Adjusted SG&A as % revenues (1) |
11.5 |
11.0 |
||||
|
SG&A as % gross profit |
71.6 |
71.2 |
||||
|
Adjusted SG&A as % gross profit (1) |
71.4 |
70.3 |
||||
|
Operating margin % |
4.0 |
4.0 |
||||
|
Adjusted operating margin % (1) |
4.0 |
4.1 |
||||
|
Pretax margin % |
2.6 |
2.8 |
||||
|
Adjusted pretax margin % (1) |
2.7 |
3.0 |
||||
|
INTEREST EXPENSE: |
||||||
|
Floorplan interest expense |
$ (12,062) |
$ (10,401) |
16.0 | |||
|
Floorplan assistance |
11,452 |
12,100 |
(5.4) | |||
|
Net floorplan (expenses) income |
$ (610) |
$ 1,699 |
(135.9) | |||
|
Other interest expense, net |
$ (16,572) |
$ (15,357) |
7.9 | |||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
REVENUES: |
||||||
|
New vehicle retail sales |
$ 2,162,020 |
$ 2,303,703 |
(6.2) | |||
|
Used vehicle retail sales |
1,058,140 |
1,134,044 |
(6.7) | |||
|
Used vehicle wholesale sales |
137,021 |
130,935 |
4.6 | |||
|
Total used |
1,195,161 |
1,264,979 |
(5.5) | |||
|
Parts and service |
553,857 |
533,983 |
3.7 | |||
|
Finance, insurance and other, net |
180,371 |
186,350 |
(3.2) | |||
|
Total |
$ 4,091,409 |
$ 4,289,015 |
(4.6) | |||
|
GROSS MARGIN %: |
||||||
|
New vehicle retail sales |
5.0 |
5.0 |
||||
|
Used vehicle retail sales |
7.1 |
7.4 |
||||
|
Used vehicle wholesale sales |
(0.1) |
0.7 |
||||
|
Total used |
6.2 |
6.7 |
||||
|
Parts and service |
53.8 |
54.4 |
||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||
|
Total |
16.2 |
15.8 |
||||
|
GROSS PROFIT: |
||||||
|
New vehicle retail sales |
$ 108,209 |
$ 115,787 |
(6.5) | |||
|
Used vehicle retail sales |
74,636 |
83,639 |
(10.8) | |||
|
Used vehicle wholesale sales |
(116) |
871 |
(113.3) | |||
|
Total used |
74,520 |
84,510 |
(11.8) | |||
|
Parts and service |
297,969 |
290,660 |
2.5 | |||
|
Finance, insurance and other, net |
180,371 |
186,350 |
(3.2) | |||
|
Total |
$ 661,069 |
$ 677,307 |
(2.4) | |||
|
UNITS SOLD: |
||||||
|
Retail new vehicles sold |
58,300 |
63,992 |
(8.9) | |||
|
Retail used vehicles sold |
50,131 |
53,687 |
(6.6) | |||
|
Wholesale used vehicles sold |
19,682 |
19,889 |
(1.0) | |||
|
Total used |
69,813 |
73,576 |
(5.1) | |||
|
AVERAGE RETAIL SALES PRICE: |
||||||
|
New vehicle retail |
$ 37,084 |
$ 36,000 |
3.0 | |||
|
Used vehicle retail |
$ 21,107 |
$ 21,123 |
(0.1) | |||
|
GROSS PROFIT PER UNIT SOLD: |
||||||
|
New vehicle retail sales |
$ 1,856 |
$ 1,809 |
2.6 | |||
|
Used vehicle retail sales |
1,489 |
1,558 |
(4.4) | |||
|
Used vehicle wholesale sales |
(6) |
44 |
(113.6) | |||
|
Total used |
1,067 |
1,149 |
(7.1) | |||
|
Finance, insurance and other, net (per retail unit) |
$ 1,663 |
$ 1,584 |
5.0 | |||
|
OTHER: |
||||||
|
SG&A expenses |
$ 480,117 |
$ 491,229 |
(2.3) | |||
|
Adjusted SG&A expenses(1) |
$ 481,307 |
$ 486,456 |
(1.1) | |||
|
SG&A as % revenues |
11.7 |
11.5 |
||||
|
Adjusted SG&A as % revenues (1) |
11.8 |
11.3 |
||||
|
SG&A as % gross profit |
72.6 |
72.5 |
||||
|
Adjusted SG&A as % gross profit (1) |
72.8 |
71.8 |
||||
|
Operating margin % |
3.8 |
3.8 |
||||
|
Adjusted operating margin % (1) |
3.8 |
4.0 |
||||
|
Pretax margin % |
2.5 |
2.6 |
||||
|
Adjusted pretax margin % (1) |
2.5 |
2.8 |
||||
|
INTEREST EXPENSE: |
||||||
|
Floorplan interest expense |
$ (22,940) |
$ (20,449) |
12.2 | |||
|
Floorplan assistance |
21,736 |
23,351 |
(6.9) | |||
|
Net floorplan (expense) income |
$ (1,204) |
$ 2,902 |
(141.5) | |||
|
Other interest expense, net |
$ (32,844) |
$ (30,870) |
6.4 | |||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - U.K. | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (1) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 231,415 |
$ 262,028 |
(11.7) |
(1.0) | ||||
|
Used vehicle retail sales |
128,406 |
122,827 |
4.5 |
17.2 | ||||
|
Used vehicle wholesale sales |
30,448 |
33,367 |
(8.7) |
2.2 | ||||
|
Total used |
158,854 |
156,194 |
1.7 |
14.0 | ||||
|
Parts and service |
37,050 |
39,949 |
(7.3) |
3.9 | ||||
|
Finance, insurance and other, net |
9,784 |
9,621 |
1.7 |
13.9 | ||||
|
Total |
$ 437,103 |
$ 467,792 |
(6.6) |
4.7 | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.9 |
5.9 |
||||||
|
Used vehicle retail sales |
5.2 |
5.6 |
||||||
|
Used vehicle wholesale sales |
(2.3) |
(0.3) |
||||||
|
Total used |
3.8 |
4.3 |
||||||
|
Parts and service |
57.9 |
56.3 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
11.7 |
11.6 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 13,744 |
$ 15,462 |
(11.1) |
(0.6) | ||||
|
Used vehicle retail sales |
6,679 |
6,854 |
(2.6) |
9.4 | ||||
|
Used vehicle wholesale sales |
(715) |
(114) |
(527.2) |
(585.0) | ||||
|
Total used |
5,964 |
6,740 |
(11.5) |
(0.3) | ||||
|
Parts and service |
21,440 |
22,505 |
(4.7) |
6.7 | ||||
|
Finance, insurance and other, net |
9,784 |
9,621 |
1.7 |
13.9 | ||||
|
Total |
$ 50,932 |
$ 54,328 |
(6.3) |
5.0 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
7,894 |
7,868 |
0.3 |
|||||
|
Retail used vehicles sold |
5,813 |
5,006 |
16.1 |
|||||
|
Wholesale used vehicles sold |
4,137 |
3,997 |
3.5 |
|||||
|
Total used |
9,950 |
9,003 |
10.5 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 29,315 |
$ 33,303 |
(12.0) |
(1.4) | ||||
|
Used vehicle retail |
$ 22,089 |
$ 24,536 |
(10.0) |
1.0 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,741 |
$ 1,965 |
(11.4) |
(0.9) | ||||
|
Used vehicle retail sales |
1,149 |
1,369 |
(16.1) |
(5.8) | ||||
|
Used vehicle wholesale sales |
(173) |
(29) |
(496.6) |
(561.8) | ||||
|
Total used |
599 |
749 |
(20.0) |
(9.8) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 714 |
$ 747 |
(4.4) |
7.0 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 42,456 |
$ 42,109 |
0.8 |
13.1 | ||||
|
Adjusted SG&A expenses(1) |
$ 42,168 |
$ 42,109 |
0.1 |
12.3 | ||||
|
SG&A as % revenues |
9.7 |
9.0 |
||||||
|
Adjusted SG&A as % revenues (1) |
9.6 |
9.0 |
||||||
|
SG&A as % gross profit |
83.4 |
77.5 |
||||||
|
Adjusted SG&A as % gross profit (1) |
82.8 |
77.5 |
||||||
|
Operating margin % |
1.5 |
2.2 |
||||||
|
Adjusted operating margin % (1) |
1.6 |
2.2 |
||||||
|
Pretax margin % |
1.1 |
1.7 |
||||||
|
Adjusted pretax margin % (1) |
1.2 |
1.7 |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (1,053) |
$ (1,134) |
(7.1) |
4.1 | ||||
|
Floorplan assistance |
220 |
225 |
(2.2) |
9.7 | ||||
|
Net floorplan expense |
$ (833) |
$ (909) |
(8.4) |
2.8 | ||||
|
Other interest expense, net |
$ (684) |
$ (1,385) |
(50.6) |
(44.2) | ||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (1) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 490,055 |
$ 508,564 |
(3.6) |
9.8 | ||||
|
Used vehicle retail sales |
243,775 |
232,944 |
4.6 |
19.1 | ||||
|
Used vehicle wholesale sales |
60,957 |
65,399 |
(6.8) |
6.1 | ||||
|
Total used |
304,732 |
298,343 |
2.1 |
16.2 | ||||
|
Parts and service |
73,831 |
74,498 |
(0.9) |
12.8 | ||||
|
Finance, insurance and other, net |
18,812 |
18,283 |
2.9 |
17.0 | ||||
|
Total |
$ 887,430 |
$ 899,688 |
(1.4) |
12.3 | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.7 |
5.8 |
||||||
|
Used vehicle retail sales |
5.0 |
5.2 |
||||||
|
Used vehicle wholesale sales |
(0.8) |
0.7 |
||||||
|
Total used |
3.8 |
4.2 |
||||||
|
Parts and service |
57.8 |
55.0 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
11.4 |
11.2 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 28,145 |
$ 29,316 |
(4.0) |
9.2 | ||||
|
Used vehicle retail sales |
12,108 |
12,064 |
0.4 |
14.2 | ||||
|
Used vehicle wholesale sales |
(504) |
458 |
(210.0) |
(220.6) | ||||
|
Total used |
11,604 |
12,522 |
(7.3) |
5.6 | ||||
|
Parts and service |
42,665 |
40,953 |
4.2 |
18.6 | ||||
|
Finance, insurance and other, net |
18,812 |
18,283 |
2.9 |
17.0 | ||||
|
Total |
$ 101,226 |
$ 101,074 |
0.2 |
14.0 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
16,912 |
15,226 |
11.1 |
|||||
|
Retail used vehicles sold |
11,424 |
9,601 |
19.0 |
|||||
|
Wholesale used vehicles sold |
8,306 |
7,639 |
8.7 |
|||||
|
Total used |
19,730 |
17,240 |
14.4 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 28,977 |
$ 33,401 |
(13.2) |
(1.1) | ||||
|
Used vehicle retail |
$ 21,339 |
$ 24,262 |
(12.0) |
0.1 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,664 |
$ 1,925 |
(13.6) |
(1.7) | ||||
|
Used vehicle retail sales |
1,060 |
1,257 |
(15.7) |
(4.0) | ||||
|
Used vehicle wholesale sales |
(61) |
60 |
(201.7) |
(210.9) | ||||
|
Total used |
588 |
726 |
(19.0) |
(7.7) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 664 |
$ 736 |
(9.8) |
2.5 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 84,080 |
$ 79,545 |
5.7 |
20.3 | ||||
|
Adjusted SG&A expenses(1) |
$ 83,792 |
$ 78,984 |
6.1 |
20.8 | ||||
|
SG&A as % revenues |
9.5 |
8.8 |
||||||
|
Adjusted SG&A as % revenues (1) |
9.4 |
8.8 |
||||||
|
SG&A as % gross profit |
83.1 |
78.7 |
||||||
|
Adjusted SG&A as % gross profit (1) |
82.8 |
78.1 |
||||||
|
Operating margin % |
1.5 |
2.0 |
||||||
|
Adjusted operating margin % (1) |
1.6 |
2.1 |
||||||
|
Pretax margin % |
1.2 |
1.5 |
||||||
|
Adjusted pretax margin % (1) |
1.2 |
1.6 |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (2,087) |
$ (2,054) |
1.6 |
15.6 | ||||
|
Floorplan assistance |
449 |
488 |
(8.0) |
4.8 | ||||
|
Net floorplan expense |
$ (1,638) |
$ (1,566) |
4.6 |
19.0 | ||||
|
Other interest expense, net |
$ (1,265) |
$ (2,667) |
(52.6) |
(46.0) | ||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - Brazil | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (1) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 73,582 |
$ 75,420 |
(2.4) |
(10.5) | ||||
|
Used vehicle retail sales |
21,350 |
17,671 |
20.8 |
11.0 | ||||
|
Used vehicle wholesale sales |
2,453 |
850 |
188.6 |
166.2 | ||||
|
Total used |
23,803 |
18,521 |
28.5 |
18.1 | ||||
|
Parts and service |
11,883 |
11,599 |
2.4 |
(6.0) | ||||
|
Finance, insurance and other, net |
2,134 |
1,735 |
23.0 |
12.9 | ||||
|
Total |
$ 111,402 |
$ 107,275 |
3.8 |
(4.7) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.7 |
5.4 |
||||||
|
Used vehicle retail sales |
7.2 |
6.9 |
||||||
|
Used vehicle wholesale sales |
8.2 |
4.1 |
||||||
|
Total used |
7.3 |
6.8 |
||||||
|
Parts and service |
45.9 |
35.8 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
12.1 |
10.4 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 4,167 |
$ 4,046 |
3.0 |
(5.5) | ||||
|
Used vehicle retail sales |
1,530 |
1,227 |
24.7 |
14.6 | ||||
|
Used vehicle wholesale sales |
202 |
35 |
477.1 |
422.2 | ||||
|
Total used |
1,732 |
1,262 |
37.2 |
26.0 | ||||
|
Parts and service |
5,454 |
4,152 |
31.4 |
20.4 | ||||
|
Finance, insurance and other, net |
2,134 |
1,735 |
23.0 |
12.9 | ||||
|
Total |
$ 13,487 |
$ 11,195 |
20.5 |
10.5 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
2,180 |
2,585 |
(15.7) |
|||||
|
Retail used vehicles sold |
988 |
1,089 |
(9.3) |
|||||
|
Wholesale used vehicles sold |
237 |
211 |
12.3 |
|||||
|
Total used |
1,225 |
1,300 |
(5.8) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 33,753 |
$ 29,176 |
15.7 |
6.1 | ||||
|
Used vehicle retail |
$ 21,609 |
$ 16,227 |
33.2 |
22.3 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,911 |
$ 1,565 |
22.1 |
12.1 | ||||
|
Used vehicle retail sales |
1,549 |
1,127 |
37.4 |
26.3 | ||||
|
Used vehicle wholesale sales |
852 |
166 |
413.3 |
364.9 | ||||
|
Total used |
1,414 |
971 |
45.6 |
33.7 | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 674 |
$ 472 |
42.8 |
30.9 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 12,268 |
$ 11,524 |
6.5 |
(2.3) | ||||
|
SG&A as % revenues |
11.0 |
10.7 |
||||||
|
SG&A as % gross profit |
91.0 |
102.9 |
||||||
|
Operating margin % |
0.8 |
(0.6) |
||||||
|
Pretax margin % |
0.6 |
(0.6) |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (111) |
$ (58) |
91.4 |
76.6 | ||||
|
Floorplan assistance |
- |
- |
- |
- | ||||
|
Net floorplan expense |
$ (111) |
$ (58) |
91.4 |
76.6 | ||||
|
Other interest expense, net |
$ (59) |
$ 37 |
(259.5) |
(248.2) | ||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/ (Decrease) |
Constant Currency (1)% Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 133,906 |
$ 138,342 |
(3.2) |
(16.3) | ||||
|
Used vehicle retail sales |
44,961 |
36,961 |
21.6 |
4.2 | ||||
|
Used vehicle wholesale sales |
5,556 |
1,537 |
261.5 |
212.1 | ||||
|
Total used |
50,517 |
38,498 |
31.2 |
12.5 | ||||
|
Parts and service |
23,641 |
22,184 |
6.6 |
(8.1) | ||||
|
Finance, insurance and other, net |
4,121 |
3,077 |
33.9 |
15.8 | ||||
|
Total |
$ 212,185 |
$ 202,101 |
5.0 |
(9.4) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.8 |
5.6 |
||||||
|
Used vehicle retail sales |
7.1 |
4.8 |
||||||
|
Used vehicle wholesale sales |
8.2 |
4.4 |
||||||
|
Total used |
7.2 |
4.8 |
||||||
|
Parts and service |
44.8 |
36.8 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
12.3 |
10.3 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 7,784 |
$ 7,772 |
0.2 |
(13.8) | ||||
|
Used vehicle retail sales |
3,174 |
1,762 |
80.1 |
58.0 | ||||
|
Used vehicle wholesale sales |
453 |
68 |
566.2 |
468.8 | ||||
|
Total used |
3,627 |
1,830 |
98.2 |
73.2 | ||||
|
Parts and service |
10,587 |
8,161 |
29.7 |
11.6 | ||||
|
Finance, insurance and other, net |
4,121 |
3,077 |
33.9 |
15.8 | ||||
|
Total |
$ 26,119 |
$ 20,840 |
25.3 |
8.1 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
3,954 |
5,207 |
(24.1) |
|||||
|
Retail used vehicles sold |
2,014 |
2,454 |
(17.9) |
|||||
|
Wholesale used vehicles sold |
616 |
522 |
18.0 |
|||||
|
Total used |
2,630 |
2,976 |
(11.6) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 33,866 |
$ 26,568 |
27.5 |
10.2 | ||||
|
Used vehicle retail |
$ 22,324 |
$ 15,062 |
48.2 |
27.0 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,969 |
$ 1,493 |
31.9 |
13.5 | ||||
|
Used vehicle retail sales |
1,576 |
718 |
119.5 |
92.5 | ||||
|
Used vehicle wholesale sales |
735 |
130 |
465.4 |
382.0 | ||||
|
Total used |
1,379 |
615 |
124.2 |
96.0 | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 691 |
$ 402 |
71.9 |
48.6 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 24,150 |
$ 21,913 |
10.2 |
(5.1) | ||||
|
Adjusted SG&A expenses(1) |
$ 24,150 |
$ 21,542 |
12.1 |
(3.4) | ||||
|
SG&A as % revenues |
11.4 |
10.8 |
||||||
|
Adjusted SG&A as % revenues (1) |
11.4 |
10.7 |
||||||
|
SG&A as % gross profit |
92.5 |
105.2 |
||||||
|
Adjusted SG&A as % gross profit (1) |
92.5 |
103.4 |
||||||
|
Operating margin % |
0.6 |
(1.0) |
||||||
|
Adjusted operating margin % (1) |
0.6 |
(0.6) |
||||||
|
Pretax margin % |
0.4 |
(1.1) |
||||||
|
Adjusted pretax margin % (1) |
0.4 |
(0.7) |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (141) |
$ (100) |
41.0 |
23.7 | ||||
|
Floorplan assistance |
- |
- |
- |
- | ||||
|
Net floorplan expense |
$ (141) |
$ (100) |
41.0 |
23.7 | ||||
|
Other interest expense, net |
$ (205) |
$ (97) |
111.3 |
61.0 | ||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - Consolidated | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency % (1)Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 1,448,768 |
$ 1,540,759 |
(6.0) |
(4.6) | ||||
|
Used vehicle retail sales |
685,949 |
715,778 |
(4.2) |
(2.2) | ||||
|
Used vehicle wholesale sales |
99,377 |
96,279 |
3.2 |
6.8 | ||||
|
Total used |
785,326 |
812,057 |
(3.3) |
(1.2) | ||||
|
Parts and service |
331,631 |
322,073 |
3.0 |
4.1 | ||||
|
Finance, insurance and other, net |
106,470 |
107,560 |
(1.0) |
(0.1) | ||||
|
Total |
$ 2,672,195 |
$ 2,782,449 |
(4.0) |
(2.4) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.2 |
5.3 |
||||||
|
Used vehicle retail sales |
6.5 |
6.7 |
||||||
|
Used vehicle wholesale sales |
(0.3) |
(0.1) |
||||||
|
Total used |
5.7 |
5.9 |
||||||
|
Parts and service |
53.9 |
53.8 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
15.2 |
14.7 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 74,911 |
$ 81,148 |
(7.7) |
(6.1) | ||||
|
Used vehicle retail sales |
44,913 |
48,265 |
(6.9) |
(5.5) | ||||
|
Used vehicle wholesale sales |
(267) |
(52) |
(413.5) |
(570.2) | ||||
|
Total used |
44,646 |
48,213 |
(7.4) |
(6.1) | ||||
|
Parts and service |
178,865 |
173,198 |
3.3 |
4.5 | ||||
|
Finance, insurance and other, net |
106,470 |
107,560 |
(1.0) |
(0.1) | ||||
|
Total |
$ 404,892 |
$ 410,119 |
(1.3) |
(0.1) | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
40,876 |
43,644 |
(6.3) |
|||||
|
Retail used vehicles sold |
32,003 |
32,951 |
(2.9) |
|||||
|
Wholesale used vehicles sold |
14,075 |
13,684 |
2.9 |
|||||
|
Total used |
46,078 |
46,635 |
(1.2) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 35,443 |
$ 35,303 |
0.4 |
1.9 | ||||
|
Used vehicle retail |
$ 21,434 |
$ 21,722 |
(1.3) |
0.7 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,833 |
$ 1,859 |
(1.4) |
0.3 | ||||
|
Used vehicle retail sales |
1,403 |
1,465 |
(4.2) |
(2.7) | ||||
|
Used vehicle wholesale sales |
(19) |
(4) |
(375.0) |
(551.6) | ||||
|
Total used |
969 |
1,034 |
(6.3) |
(5.0) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 1,461 |
$ 1,404 |
4.1 |
5.0 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 298,568 |
$ 299,022 |
(0.2) |
1.2 | ||||
|
Adjusted SG&A expenses(1) |
$ 297,637 |
$ 296,003 |
0.6 |
1.9 | ||||
|
SG&A as % revenues |
11.2 |
10.7 |
||||||
|
Adjusted SG&A as % revenues (1) |
11.1 |
10.6 |
||||||
|
SG&A as % gross profit |
73.7 |
72.9 |
||||||
|
Adjusted SG&A as % gross profit (1) |
73.5 |
72.2 |
||||||
|
Operating margin % |
3.5 |
3.5 |
||||||
|
Adjusted operating margin % (1) |
3.5 |
3.6 |
||||||
|
Pretax margin % |
2.3 |
2.5 |
||||||
|
Adjusted pretax margin % (1) |
2.3 |
2.6 |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (13,226) |
$ (11,593) |
14.1 |
15.1 | ||||
|
Floorplan assistance |
11,672 |
12,325 |
(5.3) |
(5.1) | ||||
|
Net floorplan income |
$ (1,554) |
$ 732 |
(312.3) |
(324.9) | ||||
|
Other interest expense, net |
$ (17,315) |
$ (16,705) |
3.7 |
4.2 | ||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency % (1) Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 2,785,981 |
$ 2,950,609 |
(5.6) |
(3.9) | ||||
|
Used vehicle retail sales |
1,346,876 |
1,403,949 |
(4.1) |
(2.1) | ||||
|
Used vehicle wholesale sales |
203,534 |
197,871 |
2.9 |
6.7 | ||||
|
Total used |
1,550,410 |
1,601,820 |
(3.2) |
(1.0) | ||||
|
Parts and service |
651,329 |
630,665 |
3.3 |
4.4 | ||||
|
Finance, insurance and other, net |
203,304 |
207,710 |
(2.1) |
(1.1) | ||||
|
Total |
$ 5,191,024 |
$ 5,390,804 |
(3.7) |
(2.0) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.2 |
5.2 |
||||||
|
Used vehicle retail sales |
6.7 |
6.9 |
||||||
|
Used vehicle wholesale sales |
(0.1) |
0.7 |
||||||
|
Total used |
5.8 |
6.2 |
||||||
|
Parts and service |
53.9 |
53.9 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
15.2 |
14.8 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 144,138 |
$ 152,875 |
(5.7) |
(3.9) | ||||
|
Used vehicle retail sales |
89,918 |
97,465 |
(7.7) |
(6.4) | ||||
|
Used vehicle wholesale sales |
(167) |
1,397 |
(112.0) |
(120.2) | ||||
|
Total used |
89,751 |
98,862 |
(9.2) |
(8.0) | ||||
|
Parts and service |
351,221 |
339,774 |
3.4 |
4.7 | ||||
|
Finance, insurance and other, net |
203,304 |
207,710 |
(2.1) |
(1.1) | ||||
|
Total |
$ 788,414 |
$ 799,221 |
(1.4) |
(0.1) | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
79,166 |
84,425 |
(6.2) |
|||||
|
Retail used vehicles sold |
63,569 |
65,742 |
(3.3) |
|||||
|
Wholesale used vehicles sold |
28,604 |
28,050 |
2.0 |
|||||
|
Total used |
92,173 |
93,792 |
(1.7) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 35,192 |
$ 34,949 |
0.7 |
2.5 | ||||
|
Used vehicle retail |
$ 21,188 |
$ 21,355 |
(0.8) |
1.2 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,821 |
$ 1,811 |
0.6 |
2.5 | ||||
|
Used vehicle retail sales |
1,414 |
1,483 |
(4.7) |
(3.2) | ||||
|
Used vehicle wholesale sales |
(6) |
50 |
(112.0) |
(119.8) | ||||
|
Total used |
974 |
1,054 |
(7.6) |
(6.4) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 1,424 |
$ 1,383 |
3.0 |
4.0 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 588,347 |
$ 592,687 |
(0.7) |
0.7 | ||||
|
Adjusted SG&A expenses(1) |
$ 589,249 |
$ 586,983 |
0.4 |
1.8 | ||||
|
SG&A as % revenues |
11.3 |
11.0 |
||||||
|
Adjusted SG&A as % revenues (1) |
11.4 |
10.9 |
||||||
|
SG&A as % gross profit |
74.6 |
74.2 |
||||||
|
Adjusted SG&A as % gross profit (1) |
74.7 |
73.4 |
||||||
|
Operating margin % |
3.3 |
3.3 |
||||||
|
Adjusted operating margin % (1) |
3.3 |
3.5 |
||||||
|
Pretax margin % |
2.2 |
2.3 |
||||||
|
Adjusted pretax margin % (1) |
2.2 |
2.4 |
||||||
|
INTEREST EXPENSE: |
||||||||
|
Floorplan interest expense |
$ (25,168) |
$ (22,603) |
11.3 |
12.5 | ||||
|
Floorplan assistance |
22,185 |
23,839 |
(6.9) |
(6.7) | ||||
|
Net floorplan (expense) income |
$ (2,983) |
$ 1,236 |
(341.3) |
(358.0) | ||||
|
Other interest expense, net |
$ (34,314) |
$ (33,634) |
2.0 |
2.4 | ||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||
|
Additional Information - Same Store U.S. (1) | ||||||
|
(Unaudited) | ||||||
|
(Dollars in thousands, except per unit amounts) | ||||||
|
Three Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
REVENUES: |
||||||
|
New vehicle retail sales |
$ 1,140,004 |
$ 1,185,994 |
(3.9) | |||
|
Used vehicle retail sales |
535,010 |
566,676 |
(5.6) | |||
|
Used vehicle wholesale sales |
66,221 |
61,222 |
8.2 | |||
|
Total used |
601,231 |
627,898 |
(4.2) | |||
|
Parts and service |
282,293 |
267,248 |
5.6 | |||
|
Finance, insurance and other, net |
93,879 |
94,601 |
(0.8) | |||
|
Total |
$ 2,117,407 |
$ 2,175,741 |
(2.7) | |||
|
GROSS MARGIN %: |
||||||
|
New vehicle retail sales |
5.0 |
5.1 |
||||
|
Used vehicle retail sales |
6.8 |
7.0 |
||||
|
Used vehicle wholesale sales |
0.4 |
0.0 |
||||
|
Total used |
6.1 |
6.3 |
||||
|
Parts and service |
53.8 |
54.1 |
||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||
|
Total |
16.0 |
15.6 |
||||
|
GROSS PROFIT: |
||||||
|
New vehicle retail sales |
$ 56,994 |
$ 61,049 |
(6.6) | |||
|
Used vehicle retail sales |
36,641 |
39,778 |
(7.9) | |||
|
Used vehicle wholesale sales |
248 |
23 |
978.3 | |||
|
Total used |
36,889 |
39,801 |
(7.3) | |||
|
Parts and service |
151,781 |
144,602 |
5.0 | |||
|
Finance, insurance and other, net |
93,879 |
94,601 |
(0.8) | |||
|
Total |
$ 339,543 |
$ 340,053 |
(0.1) | |||
|
UNITS SOLD: |
||||||
|
Retail new vehicles sold |
30,675 |
32,534 |
(5.7) | |||
|
Retail used vehicles sold |
25,134 |
26,430 |
(4.9) | |||
|
Wholesale used vehicles sold |
9,662 |
9,326 |
3.6 | |||
|
Total used |
34,796 |
35,756 |
(2.7) | |||
|
AVERAGE RETAIL SALES PRICE: |
||||||
|
New vehicle retail |
$ 37,164 |
$ 36,454 |
1.9 | |||
|
Used vehicle retail |
$ 21,286 |
$ 21,441 |
(0.7) | |||
|
GROSS PROFIT PER UNIT SOLD: |
||||||
|
New vehicle retail sales |
$ 1,858 |
$ 1,876 |
(1.0) | |||
|
Used vehicle retail sales |
1,458 |
1,505 |
(3.1) | |||
|
Used vehicle wholesale sales |
26 |
2 |
1,200.0 | |||
|
Total used |
1,060 |
1,113 |
(4.8) | |||
|
Finance, insurance and other, net (per retail unit) |
$ 1,682 |
$ 1,604 |
4.9 | |||
|
OTHER: |
||||||
|
SG&A expenses |
$ 242,734 |
$ 240,987 |
0.7 | |||
|
Adjusted SG&A expenses(2) |
$ 242,091 |
$ 237,968 |
1.7 | |||
|
SG&A as % revenues |
11.5 |
11.1 |
||||
|
Adjusted SG&A as % revenues (2) |
11.4 |
10.9 |
||||
|
SG&A as % gross profit |
71.5 |
70.9 |
||||
|
Adjusted SG&A as % gross profit (2) |
71.3 |
70.0 |
||||
|
Operating margin % |
4.0 |
4.0 |
||||
|
Adjusted operating margin % (2) |
4.1 |
4.2 |
||||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
REVENUES: |
||||||
|
New vehicle retail sales |
$ 2,158,251 |
$ 2,267,346 |
(4.8) | |||
|
Used vehicle retail sales |
1,056,956 |
1,116,531 |
(5.3) | |||
|
Used vehicle wholesale sales |
136,766 |
127,983 |
6.9 | |||
|
Total used |
1,193,722 |
1,244,514 |
(4.1) | |||
|
Parts and service |
553,453 |
527,383 |
4.9 | |||
|
Finance, insurance and other, net |
179,269 |
183,233 |
(2.2) | |||
|
Total |
$ 4,084,695 |
$ 4,222,476 |
(3.3) | |||
|
GROSS MARGIN %: |
||||||
|
New vehicle retail sales |
5.0 |
5.0 |
||||
|
Used vehicle retail sales |
7.1 |
7.4 |
||||
|
Used vehicle wholesale sales |
(0.1) |
1.0 |
||||
|
Total used |
6.2 |
6.7 |
||||
|
Parts and service |
53.8 |
54.4 |
||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||
|
Total |
16.2 |
15.8 |
||||
|
GROSS PROFIT: |
||||||
|
New vehicle retail sales |
$ 108,198 |
$ 114,285 |
(5.3) | |||
|
Used vehicle retail sales |
74,576 |
82,131 |
(9.2) | |||
|
Used vehicle wholesale sales |
(95) |
1,264 |
(107.5) | |||
|
Total used |
74,481 |
83,395 |
(10.7) | |||
|
Parts and service |
297,781 |
286,664 |
3.9 | |||
|
Finance, insurance and other, net |
179,269 |
183,233 |
(2.2) | |||
|
Total |
$ 659,729 |
$ 667,577 |
(1.2) | |||
|
UNITS SOLD: |
||||||
|
Retail new vehicles sold |
58,173 |
62,596 |
(7.1) | |||
|
Retail used vehicles sold |
50,063 |
52,787 |
(5.2) | |||
|
Wholesale used vehicles sold |
19,643 |
19,439 |
1.0 | |||
|
Total used |
69,706 |
72,226 |
(3.5) | |||
|
AVERAGE RETAIL SALES PRICE: |
||||||
|
New vehicle retail |
$ 37,101 |
$ 36,222 |
2.4 | |||
|
Used vehicle retail |
$ 21,113 |
$ 21,152 |
(0.2) | |||
|
GROSS PROFIT PER UNIT SOLD: |
||||||
|
New vehicle retail sales |
$ 1,860 |
$ 1,826 |
1.9 | |||
|
Used vehicle retail sales |
1,490 |
1,556 |
(4.2) | |||
|
Used vehicle wholesale sales |
(5) |
65 |
(107.7) | |||
|
Total used |
1,069 |
1,155 |
(7.4) | |||
|
Finance, insurance and other, net (per retail unit) |
$ 1,656 |
$ 1,588 |
4.3 | |||
|
OTHER: |
||||||
|
SG&A expenses |
$ 478,685 |
$ 482,012 |
(0.7) | |||
|
Adjusted SG&A expenses(2) |
$ 479,875 |
$ 476,174 |
0.8 | |||
|
SG&A as % revenues |
11.7 |
11.4 |
||||
|
Adjusted SG&A as % revenues (2) |
11.7 |
11.3 |
||||
|
SG&A as % gross profit |
72.6 |
72.2 |
||||
|
Adjusted SG&A as % gross profit (2) |
72.7 |
71.3 |
||||
|
Operating margin % |
3.9 |
3.9 |
||||
|
Adjusted operating margin % (2) |
3.8 |
4.0 |
||||
|
(1) |
Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office. | ||||||
|
(2) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - Same Store U.K. (1) | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (2)% Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 226,002 |
$ 259,904 |
(13.0) |
(2.6) | ||||
|
Used vehicle retail sales |
121,817 |
120,775 |
0.9 |
13.1 | ||||
|
Used vehicle wholesale sales |
29,604 |
32,669 |
(9.4) |
1.5 | ||||
|
Total used |
151,421 |
153,444 |
(1.3) |
10.6 | ||||
|
Parts and service |
35,900 |
39,566 |
(9.3) |
1.7 | ||||
|
Finance, insurance and other, net |
9,394 |
9,513 |
(1.3) |
10.6 | ||||
|
Total |
$ 422,717 |
$ 462,427 |
(8.6) |
2.5 | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.9 |
5.9 |
||||||
|
Used vehicle retail sales |
5.2 |
5.5 |
||||||
|
Used vehicle wholesale sales |
(2.2) |
(0.3) |
||||||
|
Total used |
3.7 |
4.3 |
||||||
|
Parts and service |
57.7 |
56.3 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
11.6 |
11.6 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 13,424 |
$ 15,342 |
(12.5) |
(2.1) | ||||
|
Used vehicle retail sales |
6,335 |
6,694 |
(5.4) |
6.3 | ||||
|
Used vehicle wholesale sales |
(661) |
(97) |
(581.4) |
(641.0) | ||||
|
Total used |
5,674 |
6,597 |
(14.0) |
(3.1) | ||||
|
Parts and service |
20,704 |
22,262 |
(7.0) |
4.2 | ||||
|
Finance, insurance and other, net |
9,394 |
9,513 |
(1.3) |
10.6 | ||||
|
Total |
$ 49,196 |
$ 53,714 |
(8.4) |
2.6 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
7,630 |
7,741 |
(1.4) |
|||||
|
Retail used vehicles sold |
5,329 |
4,860 |
9.7 |
|||||
|
Wholesale used vehicles sold |
3,883 |
3,879 |
0.1 |
|||||
|
Total used |
9,212 |
8,739 |
5.4 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 29,620 |
$ 33,575 |
(11.8) |
(1.1) | ||||
|
Used vehicle retail |
$ 22,859 |
$ 24,851 |
(8.0) |
3.2 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,759 |
$ 1,982 |
(11.3) |
(0.7) | ||||
|
Used vehicle retail sales |
1,189 |
1,377 |
(13.7) |
(3.1) | ||||
|
Used vehicle wholesale sales |
(170) |
(25) |
(580.0) |
(640.2) | ||||
|
Total used |
616 |
755 |
(18.4) |
(8.1) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 725 |
$ 755 |
(4.0) |
7.5 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 40,612 |
$ 41,306 |
(1.7) |
10.2 | ||||
|
Adjusted SG&A expenses(2) |
$ 40,324 |
$ 41,306 |
(2.4) |
9.5 | ||||
|
SG&A as % revenues |
9.6 |
8.9 |
||||||
|
Adjusted SG&A as % revenues (2) |
9.5 |
8.9 |
||||||
|
SG&A as % gross profit |
82.6 |
76.9 |
||||||
|
Adjusted SG&A as % gross profit (2) |
82.0 |
76.9 |
||||||
|
Operating margin % |
1.6 |
2.3 |
||||||
|
Adjusted operating margin % (2) |
1.7 |
2.3 |
||||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (2)% Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 448,307 |
$ 492,143 |
(8.9) |
3.7 | ||||
|
Used vehicle retail sales |
215,868 |
221,449 |
(2.5) |
10.8 | ||||
|
Used vehicle wholesale sales |
54,000 |
61,469 |
(12.2) |
(0.2) | ||||
|
Total used |
269,868 |
282,918 |
(4.6) |
8.4 | ||||
|
Parts and service |
64,119 |
69,672 |
(8.0) |
4.6 | ||||
|
Finance, insurance and other, net |
17,012 |
17,704 |
(3.9) |
9.2 | ||||
|
Total |
$ 799,306 |
$ 862,437 |
(7.3) |
5.4 | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.8 |
5.8 |
||||||
|
Used vehicle retail sales |
5.1 |
5.4 |
||||||
|
Used vehicle wholesale sales |
(0.3) |
0.8 |
||||||
|
Total used |
4.0 |
4.4 |
||||||
|
Parts and service |
57.3 |
54.9 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
11.4 |
11.3 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 26,123 |
$ 28,786 |
(9.3) |
3.2 | ||||
|
Used vehicle retail sales |
11,078 |
11,892 |
(6.8) |
5.9 | ||||
|
Used vehicle wholesale sales |
(162) |
500 |
(132.4) |
(132.2) | ||||
|
Total used |
10,916 |
12,392 |
(11.9) |
0.4 | ||||
|
Parts and service |
36,763 |
38,220 |
(3.8) |
9.3 | ||||
|
Finance, insurance and other, net |
17,012 |
17,704 |
(3.9) |
9.2 | ||||
|
Total |
$ 90,814 |
$ 97,102 |
(6.5) |
6.3 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
15,280 |
14,625 |
4.5 |
|||||
|
Retail used vehicles sold |
9,921 |
9,075 |
9.3 |
|||||
|
Wholesale used vehicles sold |
7,244 |
7,240 |
0.1 |
|||||
|
Total used |
17,165 |
16,315 |
5.2 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 29,339 |
$ 33,651 |
(12.8) |
(0.7) | ||||
|
Used vehicle retail |
$ 21,759 |
$ 24,402 |
(10.8) |
1.4 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,710 |
$ 1,968 |
(13.1) |
(1.3) | ||||
|
Used vehicle retail sales |
1,117 |
1,310 |
(14.7) |
(3.1) | ||||
|
Used vehicle wholesale sales |
(22) |
69 |
(131.9) |
(132.2) | ||||
|
Total used |
636 |
760 |
(16.3) |
(4.6) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 675 |
$ 747 |
(9.6) |
2.7 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 71,800 |
$ 73,323 |
(2.1) |
11.3 | ||||
|
Adjusted SG&A expenses(2) |
$ 71,512 |
$ 72,762 |
(1.7) |
11.7 | ||||
|
SG&A as % revenues |
9.0 |
8.5 |
||||||
|
Adjusted SG&A as % revenues (2) |
8.9 |
8.4 |
||||||
|
SG&A as % gross profit |
79.1 |
75.5 |
||||||
|
Adjusted SG&A as % gross profit (2) |
78.7 |
74.9 |
||||||
|
Operating margin % |
2.0 |
2.4 |
||||||
|
Adjusted operating margin % (2) |
2.0 |
2.5 |
||||||
|
(1) |
Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office. | ||||||||
|
(2) |
See the section of this release entitled "Non-GAAP Financial Measures " and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - Same Store Brazil (1) | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (2) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 72,041 |
$ 70,868 |
1.7 |
(6.7) | ||||
|
Used vehicle retail sales |
20,874 |
15,677 |
33.2 |
22.3 | ||||
|
Used vehicle wholesale sales |
2,419 |
618 |
291.4 |
260.4 | ||||
|
Total used |
23,293 |
16,295 |
42.9 |
31.4 | ||||
|
Parts and service |
11,605 |
9,735 |
19.2 |
9.5 | ||||
|
Finance, insurance and other, net |
2,065 |
1,512 |
36.6 |
25.4 | ||||
|
Total |
$ 109,004 |
$ 98,410 |
10.8 |
1.7 | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.7 |
5.4 |
||||||
|
Used vehicle retail sales |
7.2 |
7.1 |
||||||
|
Used vehicle wholesale sales |
8.2 |
7.3 |
||||||
|
Total used |
7.3 |
7.1 |
||||||
|
Parts and service |
46.3 |
38.7 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
12.1 |
10.5 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 4,106 |
$ 3,861 |
6.3 |
(2.4) | ||||
|
Used vehicle retail sales |
1,505 |
1,115 |
35.0 |
24.2 | ||||
|
Used vehicle wholesale sales |
199 |
45 |
342.2 |
308.5 | ||||
|
Total used |
1,704 |
1,160 |
46.9 |
35.2 | ||||
|
Parts and service |
5,368 |
3,769 |
42.4 |
30.6 | ||||
|
Finance, insurance and other, net |
2,065 |
1,512 |
36.6 |
25.4 | ||||
|
Total |
$ 13,243 |
$ 10,302 |
28.5 |
18.0 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
2,130 |
2,331 |
(8.6) |
|||||
|
Retail used vehicles sold |
969 |
931 |
4.1 |
|||||
|
Wholesale used vehicles sold |
234 |
147 |
59.2 |
|||||
|
Total used |
1,203 |
1,078 |
11.6 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 33,822 |
$ 30,402 |
11.2 |
2.1 | ||||
|
Used vehicle retail |
$ 21,542 |
$ 16,839 |
27.9 |
17.5 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,928 |
$ 1,656 |
16.4 |
6.8 | ||||
|
Used vehicle retail sales |
1,553 |
1,198 |
29.6 |
19.3 | ||||
|
Used vehicle wholesale sales |
850 |
306 |
177.8 |
156.6 | ||||
|
Total used |
1,416 |
1,076 |
31.6 |
21.1 | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 666 |
$ 464 |
43.5 |
32.0 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 11,695 |
$ 9,551 |
22.4 |
12.4 | ||||
|
SG&A as % revenues |
10.7 |
9.7 |
||||||
|
SG&A as % gross profit |
88.3 |
92.7 |
||||||
|
Operating margin % |
1.1 |
0.4 |
||||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/ (Decrease) |
Constant Currency (2) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 125,953 |
$ 128,078 |
(1.7) |
(14.8) | ||||
|
Used vehicle retail sales |
41,279 |
32,077 |
28.7 |
10.5 | ||||
|
Used vehicle wholesale sales |
5,430 |
1,060 |
412.3 |
344.4 | ||||
|
Total used |
46,709 |
33,137 |
41.0 |
21.1 | ||||
|
Parts and service |
21,849 |
17,868 |
22.3 |
5.8 | ||||
|
Finance, insurance and other, net |
3,755 |
2,583 |
45.4 |
26.0 | ||||
|
Total |
$ 198,266 |
$ 181,666 |
9.1 |
(5.6) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.9 |
5.6 |
||||||
|
Used vehicle retail sales |
7.3 |
4.9 |
||||||
|
Used vehicle wholesale sales |
8.1 |
7.5 |
||||||
|
Total used |
7.4 |
5.0 |
||||||
|
Parts and service |
46.0 |
39.1 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
12.4 |
10.2 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 7,395 |
$ 7,211 |
2.6 |
(11.5) | ||||
|
Used vehicle retail sales |
3,019 |
1,585 |
90.5 |
67.1 | ||||
|
Used vehicle wholesale sales |
438 |
80 |
447.5 |
376.9 | ||||
|
Total used |
3,457 |
1,665 |
107.6 |
81.9 | ||||
|
Parts and service |
10,057 |
6,989 |
43.9 |
24.3 | ||||
|
Finance, insurance and other, net |
3,755 |
2,583 |
45.4 |
26.0 | ||||
|
Total |
$ 24,664 |
$ 18,448 |
33.7 |
15.6 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
3,709 |
4,538 |
(18.3) |
|||||
|
Retail used vehicles sold |
1,897 |
1,979 |
(4.1) |
|||||
|
Wholesale used vehicles sold |
481 |
351 |
37.0 |
|||||
|
Total used |
2,378 |
2,330 |
2.1 |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 33,959 |
$ 28,223 |
20.3 |
4.2 | ||||
|
Used vehicle retail |
$ 21,760 |
$ 16,209 |
34.2 |
15.2 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,994 |
$ 1,589 |
25.5 |
8.3 | ||||
|
Used vehicle retail sales |
1,591 |
801 |
98.6 |
74.4 | ||||
|
Used vehicle wholesale sales |
911 |
228 |
299.6 |
248.0 | ||||
|
Total used |
1,454 |
715 |
103.4 |
78.3 | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 670 |
$ 396 |
69.2 |
46.5 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 21,947 |
$ 17,429 |
25.9 |
8.8 | ||||
|
SG&A as % revenues |
11.1 |
9.6 |
||||||
|
SG&A as % gross profit |
89.0 |
94.5 |
||||||
|
Operating margin % |
1.0 |
0.2 |
||||||
|
(1) |
Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office. | ||||||||
|
(2) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||||
|
Additional Information - Same Store Consolidated (1) | ||||||||
|
(Unaudited) | ||||||||
|
(Dollars in thousands, except per unit amounts) | ||||||||
|
Three Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (2) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 1,438,047 |
$ 1,516,766 |
(5.2) |
(3.8) | ||||
|
Used vehicle retail sales |
677,701 |
703,128 |
(3.6) |
(1.8) | ||||
|
Used vehicle wholesale sales |
98,244 |
94,509 |
4.0 |
7.5 | ||||
|
Total used |
775,945 |
797,637 |
(2.7) |
(0.7) | ||||
|
Parts and service |
329,798 |
316,549 |
4.2 |
5.3 | ||||
|
Finance, insurance and other, net |
105,338 |
105,626 |
(0.3) |
0.6 | ||||
|
Total |
$ 2,649,128 |
$ 2,736,578 |
(3.2) |
(1.7) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.2 |
5.3 |
||||||
|
Used vehicle retail sales |
6.6 |
6.8 |
||||||
|
Used vehicle wholesale sales |
(0.2) |
— |
||||||
|
Total used |
5.7 |
6.0 |
||||||
|
Parts and service |
53.9 |
53.9 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
15.2 |
14.8 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 74,524 |
$ 80,252 |
(7.1) |
(5.6) | ||||
|
Used vehicle retail sales |
44,481 |
47,587 |
(6.5) |
(5.1) | ||||
|
Used vehicle wholesale sales |
(214) |
(29) |
(637.9) |
(894.7) | ||||
|
Total used |
44,267 |
47,558 |
(6.9) |
(5.7) | ||||
|
Parts and service |
177,853 |
170,633 |
4.2 |
5.4 | ||||
|
Finance, insurance and other, net |
105,338 |
105,626 |
(0.3) |
0.6 | ||||
|
Total |
$ 401,982 |
$ 404,069 |
(0.5) |
0.7 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
40,435 |
42,606 |
(5.1) |
|||||
|
Retail used vehicles sold |
31,432 |
32,221 |
(2.4) |
|||||
|
Wholesale used vehicles sold |
13,779 |
13,352 |
3.2 |
|||||
|
Total used |
45,211 |
45,573 |
(0.8) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 35,564 |
$ 35,600 |
(0.1) |
1.4 | ||||
|
Used vehicle retail |
$ 21,561 |
$ 21,822 |
(1.2) |
0.7 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,843 |
$ 1,884 |
(2.2) |
(0.5) | ||||
|
Used vehicle retail sales |
1,415 |
1,477 |
(4.2) |
(2.8) | ||||
|
Used vehicle wholesale sales |
(16) |
(2) |
(700.0) |
(863.9) | ||||
|
Total used |
979 |
1,044 |
(6.2) |
(4.9) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 1,466 |
$ 1,412 |
3.8 |
4.8 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 295,041 |
$ 291,844 |
1.1 |
2.5 | ||||
|
Adjusted SG&A expenses(2) |
$ 294,110 |
$ 288,825 |
1.8 |
3.2 | ||||
|
SG&A as % revenues |
11.1 |
10.7 |
||||||
|
Adjusted SG&A as % revenues (2) |
11.1 |
10.6 |
||||||
|
SG&A as % gross profit |
73.4 |
72.2 |
||||||
|
Adjusted SG&A as % gross profit (2) |
73.2 |
71.5 |
||||||
|
Operating margin % |
3.5 |
3.6 |
||||||
|
Adjusted operating margin % (2) |
3.6 |
3.8 |
||||||
|
Six Months Ended June 30, | ||||||||
|
2017 |
2016 |
% Increase/(Decrease) |
Constant Currency (2) % Increase/ (Decrease) | |||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 2,732,511 |
$ 2,887,567 |
(5.4) |
(3.8) | ||||
|
Used vehicle retail sales |
1,314,103 |
1,370,057 |
(4.1) |
(2.4) | ||||
|
Used vehicle wholesale sales |
196,196 |
190,512 |
3.0 |
6.5 | ||||
|
Total used |
1,510,299 |
1,560,569 |
(3.2) |
(1.3) | ||||
|
Parts and service |
639,421 |
614,923 |
4.0 |
4.9 | ||||
|
Finance, insurance and other, net |
200,036 |
203,520 |
(1.7) |
(0.8) | ||||
|
Total |
$ 5,082,267 |
$ 5,266,579 |
(3.5) |
(1.9) | ||||
|
GROSS MARGIN %: |
||||||||
|
New vehicle retail sales |
5.2 |
5.2 |
||||||
|
Used vehicle retail sales |
6.7 |
7.0 |
||||||
|
Used vehicle wholesale sales |
0.1 |
1.0 |
||||||
|
Total used |
5.9 |
6.2 |
||||||
|
Parts and service |
53.9 |
54.0 |
||||||
|
Finance, insurance and other, net |
100.0 |
100.0 |
||||||
|
Total |
15.3 |
14.9 |
||||||
|
GROSS PROFIT: |
||||||||
|
New vehicle retail sales |
$ 141,716 |
$ 150,282 |
(5.7) |
(4.0) | ||||
|
Used vehicle retail sales |
88,673 |
95,608 |
(7.3) |
(6.0) | ||||
|
Used vehicle wholesale sales |
181 |
1,844 |
(90.2) |
(93.3) | ||||
|
Total used |
88,854 |
97,452 |
(8.8) |
(7.7) | ||||
|
Parts and service |
344,601 |
331,873 |
3.8 |
4.9 | ||||
|
Finance, insurance and other, net |
200,036 |
203,520 |
(1.7) |
(0.8) | ||||
|
Total |
$ 775,207 |
$ 783,127 |
(1.0) |
0.1 | ||||
|
UNITS SOLD: |
||||||||
|
Retail new vehicles sold |
77,162 |
81,759 |
(5.6) |
|||||
|
Retail used vehicles sold |
61,881 |
63,841 |
(3.1) |
|||||
|
Wholesale used vehicles sold |
27,368 |
27,030 |
1.3 |
|||||
|
Total used |
89,249 |
90,871 |
(1.8) |
|||||
|
AVERAGE RETAIL SALES PRICE: |
||||||||
|
New vehicle retail |
$ 35,413 |
$ 35,318 |
0.3 |
1.9 | ||||
|
Used vehicle retail |
$ 21,236 |
$ 21,460 |
(1.0) |
0.7 | ||||
|
GROSS PROFIT PER UNIT SOLD: |
||||||||
|
New vehicle retail sales |
$ 1,837 |
$ 1,838 |
(0.1) |
1.7 | ||||
|
Used vehicle retail sales |
1,433 |
1,498 |
(4.3) |
(3.1) | ||||
|
Used vehicle wholesale sales |
7 |
68 |
(89.7) |
(93.4) | ||||
|
Total used |
996 |
1,072 |
(7.1) |
(6.0) | ||||
|
Finance, insurance and other, net (per retail unit) |
$ 1,439 |
$ 1,398 |
2.9 |
3.9 | ||||
|
OTHER: |
||||||||
|
SG&A expenses |
$ 572,432 |
$ 572,764 |
(0.1) |
1.1 | ||||
|
Adjusted SG&A expenses(2) |
$ 573,334 |
$ 566,365 |
1.2 |
2.4 | ||||
|
SG&A as % revenues |
11.3 |
10.9 |
||||||
|
Adjusted SG&A as % revenues (2) |
11.3 |
10.8 |
||||||
|
SG&A as % gross profit |
73.8 |
73.1 |
||||||
|
Adjusted SG&A as % gross profit (2) |
74.0 |
72.3 |
||||||
|
Operating margin % |
3.5 |
3.5 |
||||||
|
Adjusted operating margin % (2) |
3.4 |
3.7 |
||||||
|
(1) |
Same store amounts include the results for the identical months in each period presented in the comparison, commencing with the first full month we owned the dealership and, in the case of dispositions, ending with the last full month we owned it. Same store results also include the activities of our corporate office. | ||||||||
|
(2) |
See the section of this release entitled "Non-GAAP Financial Measures" and the tables attached hereto for information regarding certain selected items that the Company believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures and their reconciliation to the most directly comparable measures as reported in accordance with U.S. GAAP. | ||||||||
|
Group 1 Automotive, Inc. | ||||||
|
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | ||||||
|
(Unaudited) | ||||||
|
(Dollars in thousands) | ||||||
|
Three Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 243,844 |
$ 245,389 |
(0.6) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(2,769) |
||||
|
Loss on real estate and dealership transactions |
- |
(250) |
||||
|
Adjusted SG&A (1) |
$ 243,201 |
$ 242,370 |
0.3 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.5 |
11.1 |
||||
|
Adjusted (1) |
11.5 |
11.0 |
||||
|
SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
71.6 |
71.2 |
||||
|
Adjusted (1) |
71.4 |
70.3 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
4.0 |
4.0 |
||||
|
Adjusted (1), (2) |
4.0 |
4.1 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
2.6 |
2.8 |
||||
|
Adjusted (1), (2) |
2.7 |
3.0 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 242,734 |
$ 240,987 |
0.7 | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(2,769) |
||||
|
Loss on real estate and dealership transactions |
- |
(250) |
||||
|
Adjusted Same Store SG&A (1) |
$ 242,091 |
$ 237,968 |
1.7 | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.5 |
11.1 |
||||
|
Adjusted (1) |
11.4 |
10.9 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
71.5 |
70.9 |
||||
|
Adjusted (1) |
71.3 |
70.0 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
4.0 |
4.0 |
||||
|
Adjusted (1), (3) |
4.1 |
4.2 |
||||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 480,117 |
$ 491,229 |
(2.3) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(5,423) |
||||
|
Gain on real estate and dealership transactions |
- |
680 |
||||
|
Acquisition costs |
- |
(30) |
||||
|
Legal settlements (4) |
1,833 |
- |
||||
|
Adjusted SG&A (1) |
$ 481,307 |
$ 486,456 |
(1.1) | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.7 |
11.5 |
||||
|
Adjusted (1) |
11.8 |
11.3 |
||||
|
SG&A AS % OF GROSS PROFIT: |
||||||
|
Unadjusted |
72.6 |
72.5 |
||||
|
Adjusted (1) |
72.8 |
71.8 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.8 |
3.8 |
||||
|
Adjusted (1), (2) |
3.8 |
4.0 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
2.5 |
2.6 |
||||
|
Adjusted (1), (2) |
2.5 |
2.8 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 478,685 |
$ 482,012 |
(0.7) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(5,423) |
||||
|
Loss on real estate and dealership transactions |
- |
(385) |
||||
|
Acquisition costs |
- |
(30) |
||||
|
Legal settlements (4) |
1,833 |
- |
||||
|
Adjusted Same Store SG&A (1) |
$ 479,875 |
$ 476,174 |
0.8 | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.7 |
11.4 |
||||
|
Adjusted (1) |
11.7 |
11.3 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
72.6 |
72.2 |
||||
|
Adjusted (1) |
72.7 |
71.3 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.9 |
3.9 |
||||
|
Adjusted (1), (3) |
3.8 |
4.0 |
||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures " for information regarding non-GAAP financial measures and certain selected items that the Company believes impact comparability of financial results between reporting periods. | |||||
|
(2) |
Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $1,024 and $1,534 for the three and six months ended June 30, 2016, respectively. | |||||
|
(3) |
Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $1,024 and $1,534 for the three and six months ended June 30, 2016, respectively. | |||||
|
(4) |
For the six months ended June 30, 2017, the Company recognized a net pre-tax gain related to a settlement with an OEM of $1.8 million. | |||||
|
Group 1 Automotive, Inc. | ||||||
|
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||
|
(Unaudited) | ||||||
|
(Dollars in thousands) | ||||||
|
Three Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 42,456 |
$ 42,109 |
0.8 | |||
|
Pre-tax adjustments: |
||||||
|
Acquisition costs |
(288) |
- |
||||
|
Adjusted SG&A (1) |
$ 42,168 |
$ 42,109 |
0.1 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
9.7 |
9.0 |
||||
|
Adjusted (1) |
9.6 |
9.0 |
||||
|
SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
83.4 |
77.5 |
||||
|
Adjusted (1) |
82.8 |
77.5 |
||||
|
OPERATING MARGIN % |
||||||
|
Unadjusted |
1.5 |
2.2 |
||||
|
Adjusted (1) |
1.6 |
2.2 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
1.1 |
1.7 |
||||
|
Adjusted (1) |
1.2 |
1.7 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 40,612 |
$ 41,306 |
(1.7) | |||
|
Pre-tax adjustments: |
||||||
|
Acquisition costs |
(288) |
- |
||||
|
Adjusted Same Store SG&A (1) |
$ 40,324 |
$ 41,306 |
(2.4) | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
9.6 |
8.9 |
||||
|
Adjusted (1) |
9.5 |
8.9 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
82.6 |
76.9 |
||||
|
Adjusted (1) |
82.0 |
76.9 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
1.6 |
2.3 |
||||
|
Adjusted (1) |
1.7 |
2.3 |
||||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 84,080 |
$ 79,545 |
5.7 | |||
|
Pre-tax adjustments: |
||||||
|
Acquisition costs |
(288) |
(561) |
||||
|
Adjusted SG&A (1) |
$ 83,792 |
$ 78,984 |
6.1 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
9.5 |
8.8 |
||||
|
Adjusted (1) |
9.4 |
8.8 |
||||
|
SG&A AS % OF GROSS PROFIT: |
||||||
|
Unadjusted |
83.1 |
78.7 |
||||
|
Adjusted (1) |
82.8 |
78.1 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
1.5 |
2.0 |
||||
|
Adjusted (1) |
1.6 |
2.1 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
1.2 |
1.5 |
||||
|
Adjusted (1) |
1.2 |
1.6 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 71,800 |
$ 73,323 |
(2.1) | |||
|
Pre-tax adjustments: |
||||||
|
Acquisition costs |
(288) |
(561) |
||||
|
Adjusted Same Store SG&A (1) |
$ 71,512 |
$ 72,762 |
(1.7) | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
9.0 |
8.5 |
||||
|
Adjusted (1) |
8.9 |
8.4 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
79.1 |
75.5 |
||||
|
Adjusted (1) |
78.7 |
74.9 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
2.0 |
2.4 |
||||
|
Adjusted (1) |
2.0 |
2.5 |
||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" for information regarding non-GAAP financial measures and certain selected items that the Company believes impact comparability of financial results between reporting periods. | |||||
|
Group 1 Automotive, Inc. | ||||||
|
Reconciliation of Certain Non-GAAP Financial Measures - Brazil | ||||||
|
(Unaudited) | ||||||
|
(Dollars in thousands) | ||||||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 24,150 |
$ 21,913 |
10.2 | |||
|
Pre-tax adjustments: |
||||||
|
Loss on real estate and dealership transactions |
- |
(371) |
||||
|
Adjusted SG&A (1) |
$ 24,150 |
$ 21,542 |
12.1 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.4 |
10.8 |
||||
|
Adjusted (1) |
11.4 |
10.7 |
||||
|
SG&A AS % OF GROSS PROFIT: |
||||||
|
Unadjusted |
92.5 |
105.2 |
||||
|
Adjusted (1) |
92.5 |
103.4 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
0.6 |
(1.0) |
||||
|
Adjusted (1), (2) |
0.6 |
(0.6) |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
0.4 |
(1.1) |
||||
|
Adjusted (1), (2) |
0.4 |
(0.7) |
||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures" for information regarding non-GAAP financial measures and certain selected items that the Company believes impact comparability of financial results between reporting periods. | |||||
|
(2) |
Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $423 for the six months ended June 30, 2016. | |||||
|
Group 1 Automotive, Inc. | ||||||
|
Reconciliation of Certain Non-GAAP Financial Measures - CONSOLIDATED | ||||||
|
(Unaudited) | ||||||
|
(Dollars in thousands, except per share amounts) | ||||||
|
Three Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
NET INCOME RECONCILIATION: |
||||||
|
As reported |
$ 39,133 |
$ 46,580 |
(16.0) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
||||||
|
Pre-tax |
643 |
2,769 |
||||
|
Tax impact |
(250) |
(1,042) |
||||
|
Loss on real estate and dealership transactions |
||||||
|
Pre-tax |
- |
250 |
||||
|
Tax impact |
- |
(94) |
||||
|
Acquisition costs |
||||||
|
Pre-tax |
288 |
- |
||||
|
Tax impact |
- |
- |
||||
|
Non-cash asset impairment |
||||||
|
Pre-tax |
- |
1,024 |
||||
|
Tax impact |
- |
(391) |
||||
|
Foreign deferred income tax benefit |
||||||
|
Tax impact |
- |
(1,686) |
||||
|
Adjusted net income (1) |
$ 39,814 |
$ 47,410 |
(16.0) | |||
|
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED |
||||||
|
COMMON SHARES RECONCILIATION: |
||||||
|
Adjusted net income (1) |
$ 39,814 |
$ 47,410 |
(16.0) | |||
|
Less: Adjusted earnings allocated to participating securities |
1,413 |
1,918 |
(26.3) | |||
|
Adjusted net income available to diluted common shares (1) |
$ 38,401 |
$ 45,492 |
(15.6) | |||
|
DILUTED INCOME PER COMMON SHARE RECONCILIATION: |
||||||
|
As reported |
$ 1.84 |
$ 2.12 |
(13.2) | |||
|
After-tax adjustments: |
||||||
|
Catastrophic events |
0.02 |
0.08 |
||||
|
Loss on real estate and dealership transactions |
- |
0.01 |
||||
|
Acquisition costs |
0.01 |
- |
||||
|
Non-cash asset impairment |
- |
0.03 |
||||
|
Foreign deferred income tax benefit |
- |
(0.08) |
||||
|
Adjusted diluted income per share (1) |
$ 1.87 |
$ 2.16 |
(13.4) | |||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 298,568 |
$ 299,022 |
(0.2) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(2,769) |
||||
|
Loss on real estate and dealership transactions |
- |
(250) |
||||
|
Acquisition costs |
(288) |
- |
||||
|
Adjusted SG&A (1) |
$ 297,637 |
$ 296,003 |
0.6 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.2 |
10.7 |
||||
|
Adjusted (1) |
11.1 |
10.6 |
||||
|
SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
73.7 |
72.9 |
||||
|
Adjusted (1) |
73.5 |
72.2 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.5 |
3.5 |
||||
|
Adjusted (1), (2) |
3.5 |
3.6 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
2.3 |
2.5 |
||||
|
Adjusted (1), (2) |
2.3 |
2.6 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 295,041 |
$ 291,844 |
1.1 | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(2,769) |
||||
|
Loss on real estate and dealership transactions |
- |
(250) |
||||
|
Acquisition costs |
(288) |
- |
||||
|
Adjusted Same Store SG&A (1) |
$ 294,110 |
$ 288,825 |
1.8 | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.1 |
10.7 |
||||
|
Adjusted (1) |
11.1 |
10.6 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
73.4 |
72.2 |
||||
|
Adjusted (1) |
73.2 |
71.5 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.5 |
3.6 |
||||
|
Adjusted (1), (3) |
3.6 |
3.8 |
||||
|
Six Months Ended June 30, | ||||||
|
2017 |
2016 |
% Increase/(Decrease) | ||||
|
NET INCOME RECONCILIATION: |
||||||
|
As reported |
$ 73,072 |
$ 80,871 |
(9.6) | |||
|
Adjustments: |
||||||
|
Catastrophic events |
||||||
|
Pre-tax |
643 |
5,423 |
||||
|
Tax impact |
(250) |
(2,038) |
||||
|
Loss on real estate and dealership transactions |
||||||
|
Pre-tax |
- |
113 |
||||
|
Tax impact |
- |
255 |
||||
|
Acquisition costs |
||||||
|
Pre-tax |
288 |
591 |
||||
|
Tax impact |
- |
(11) |
||||
|
Legal settlements (4) |
||||||
|
Pre-tax |
(1,833) |
- |
||||
|
Tax impact |
696 |
- |
||||
|
Non-cash asset impairment |
||||||
|
Pre-tax |
- |
1,533 |
||||
|
Tax impact |
- |
(586) |
||||
|
Foreign deferred income tax benefit |
||||||
|
Tax impact |
- |
(1,686) |
||||
|
Adjusted net income (1) |
$ 72,616 |
$ 84,465 |
(14.0) | |||
|
ADJUSTED NET INCOME ATTRIBUTABLE TO DILUTED |
||||||
|
COMMON SHARES RECONCILIATION: |
||||||
|
Adjusted net income (1) |
$ 72,616 |
$ 84,465 |
(14.0) | |||
|
Less: Adjusted earnings allocated to participating securities |
2,628 |
3,367 |
(21.9) | |||
|
Adjusted net income available to diluted common shares (1) |
$ 69,988 |
$ 81,098 |
(13.7) | |||
|
DILUTED INCOME PER COMMON SHARE RECONCILIATION: |
||||||
|
As reported |
$ 3.42 |
$ 3.57 |
(4.2) | |||
|
After-tax adjustments: |
||||||
|
Catastrophic events |
0.02 |
0.15 |
||||
|
Loss on real estate and dealership transactions |
- |
0.02 |
||||
|
Acquisition costs |
0.01 |
0.02 |
||||
|
Legal settlements (4) |
(0.05) |
- |
||||
|
Non-cash asset impairment |
- |
0.04 |
||||
|
Foreign deferred income tax benefit |
- |
(0.07) |
||||
|
Adjusted diluted income per share (1) |
$ 3.40 |
$ 3.73 |
(8.8) | |||
|
SG&A RECONCILIATION: |
||||||
|
As reported |
$ 588,347 |
$ 592,687 |
(0.7) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(5,423) |
||||
|
Gain on real estate and dealership transactions |
- |
310 |
||||
|
Acquisition costs |
(288) |
(591) |
||||
|
Legal settlements (4) |
1,833 |
- |
||||
|
Adjusted SG&A (1) |
$ 589,249 |
$ 586,983 |
0.4 | |||
|
SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.3 |
11.0 |
||||
|
Adjusted (1) |
11.4 |
10.9 |
||||
|
SG&A AS % OF GROSS PROFIT: |
||||||
|
Unadjusted |
74.6 |
74.2 |
||||
|
Adjusted (1) |
74.7 |
73.4 |
||||
|
OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.3 |
3.3 |
||||
|
Adjusted (1), (2) |
3.3 |
3.5 |
||||
|
PRETAX MARGIN %: |
||||||
|
Unadjusted |
2.2 |
2.3 |
||||
|
Adjusted (1), (2) |
2.2 |
2.4 |
||||
|
SAME STORE SG&A RECONCILIATION: |
||||||
|
As reported |
$ 572,432 |
$ 572,764 |
(0.1) | |||
|
Pre-tax adjustments: |
||||||
|
Catastrophic events |
(643) |
(5,423) |
||||
|
Loss on real estate and dealership transactions |
- |
(385) |
||||
|
Acquisition costs |
(288) |
(591) |
||||
|
Legal settlements (4) |
1,833 |
- |
||||
|
Adjusted Same Store SG&A (1) |
$ 573,334 |
$ 566,365 |
1.2 | |||
|
SAME STORE SG&A AS % REVENUES: |
||||||
|
Unadjusted |
11.3 |
10.9 |
||||
|
Adjusted (1) |
11.3 |
10.8 |
||||
|
SAME STORE SG&A AS % GROSS PROFIT: |
||||||
|
Unadjusted |
73.8 |
73.1 |
||||
|
Adjusted (1) |
74.0 |
72.3 |
||||
|
SAME STORE OPERATING MARGIN %: |
||||||
|
Unadjusted |
3.5 |
3.5 |
||||
|
Adjusted (1), (3) |
3.4 |
3.7 |
||||
|
(1) |
See the section of this release entitled "Non-GAAP Financial Measures " for information regarding non-GAAP financial measures and certain selected items that the Company believes impact comparability of financial results between reporting periods. | |||||
|
(2) |
Excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges of $1,024 and $1,956 for the three and six months ended June 30, 2016, respectively. | |||||
|
(3) |
Excludes the impact of Same Store SG&A reconciling items above, as well as non-cash asset impairment charges of $1,024 and $1,534 for the three and six months ended June 30, 2016, respectively. | |||||
|
(4) |
For the six months ended June 30, 2017, the Company recognized a net pre-tax gain related to a settlement with an OEM of $1.8 million. | |||||
View original content:http://www.prnewswire.com/news-releases/group-1-automotive-reports-second-quarter-2017-financial-results-300495085.html
SOURCE Group 1 Automotive, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Diana Shipping withdraws bid to acquire Genco Shipping
- Exzeo Group authorizes $25 million share repurchase program
- Realty Income closes $1B convertible notes offering
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
Chrysler LLC, Twitter, Stock Buyback, Earnings, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
