HOUSTON, May 5, 2020 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group 1" or the
"Company"), an international, Fortune 500 automotive retailer,
today reported 2020 first quarter net income of $29.8 million, diluted earnings per common share
of $1.61, adjusted net income (a
non-GAAP measure) of $30.6 million,
and adjusted diluted earnings per common share (a non-GAAP measure)
of $1.66. The Company's 2020
first quarter total revenue was $2.7
billion.
First quarter 2020 adjusted net income and diluted earnings per
share excluded a net after-tax adjustment of $0.8 million, or $0.05 per share, primarily related to severance
costs in Brazil associated with
downsizing the operation due to COVID-19. First quarter 2019
excluded a net after-tax gain of approximately $0.5 million, or $0.02
cents per common share, which was primarily comprised of
$3.8 million of net after-tax gains
related to dealership and real estate dispositions, partially
offset by $1.9 million in after-tax
losses related to legal matters, and $1.5
million in after-tax catastrophic losses related to hail
storms. Reconciliations of non-GAAP financial measures are
included in the attached financial tables. Certain
disclosures may not compute due to rounding.
"Beginning in early March 2020,
all three of our regions were negatively impacted by "shelter in
place" mandates in most of the cities where we operate. Up
until that time, we were operating at record sales and profit
levels in both the U.S. and the U.K.," said Earl J. Hesterberg, Group 1's president and
chief executive officer. "By mid-March, our U.K. operations were
virtually closed except for emergency service work and many of our
U.S. showrooms were closed. Although most of our U.S.
workshops remained open, service work declined dramatically as
customers stayed home as instructed by local governments. Our
Brazilian dealerships were entirely closed for much of March though
some workshops have been permitted to open in April. Since
the second week of March, our focus has turned to fulfilling
customer needs within local government mandates and re-sizing our
business to dramatically lower activity levels."
Consolidated Results for First Quarter 2020
(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 -4.2 percent (-3.2 percent), to
$2.7 billion.
- Total gross profit decreased -3.5 percent (-2.7 percent), to
$416.5 million.
- New vehicle revenues decreased -5.1 percent (-3.8 percent) on a
-9.0 percent decrease in unit sales.
- Retail used vehicle revenues decreased -4.9 percent (-4.2
percent) on -5.3 percent lower unit sales.
- Parts and service gross profit was about flat at -0.2 percent
(+0.4 percent) on revenue growth of +0.4 percent (+1.0 percent).
U.S. Same Store parts and service revenues and gross profit grew
+1.6 percent and +0.9 percent, respectively.
- Finance and Insurance (F&I) gross profit per retail unit
(PRU) increased +6.8 percent (+7.4 percent), to $1,559. U.S. Same Store F&I gross profit PRU
grew +8.3 percent, or $144, to
$1,880.
- Selling, General and Administrative (SG&A) expenses as a
percent of gross profit increased 280 basis points, to 78.7
percent. Adjusted SG&A as a percent of gross profit increased
240 basis points, to 78.5 percent.
Segment Results for First Quarter 2020 (year-over-year
comparable basis)
- United States:
The
Company's U.S. operations accounted for 74.6 percent of total
revenues and 81.8 percent of total gross profit. Total U.S.
revenues decreased -2.7 percent, to $2.0
billion. Total gross profit decreased -1.7 percent, to
$340.9 million. Same Store U.S. total
gross profit decreased -3.0 percent, to $333.6 million.
-
- Parts and service revenues increased +2.4 percent and gross
profit increased by +1.9 percent. Same Store parts and service
revenues grew +1.6 percent. Same Store part and service gross
profits increased +0.9 percent, to $160.0
million.
- F&I revenues increased +1.3 percent, to $97.4 million. F&I gross profit PRU grew
$141, to $1,868, or +8.2 percent. Same Store F&I gross
profit PRU increased $144, to
$1,880, or +8.3 percent.
- SG&A expenses as a percent of gross profit increased 170
basis points, to 75.5 percent. Adjusted SG&A expenses as a
percent of gross profit increased 130 basis points, to 75.5
percent.
- United Kingdom:
The
Company's U.K. operations accounted for 22.0 percent of total
revenues and 15.6 percent of total gross profit. Total Same Store
U.K. revenues decreased -12.4 percent (-10.5 percent), to
$539.9 million. Same Store total
gross profit decreased -14.7 percent (decreased -12.7 percent), to
$58.5 million. Same Store SG&A
expenses as a percent of gross profit increased 820 basis points,
to 89.5 percent.
- Brazil:
The
Company's Brazilian operations accounted for 3.4 percent of total
revenues and 2.6 percent of total gross profit. The Company's Same
Store new vehicle revenues decreased -9.0 percent (+7.1 percent),
with units down -7.3 percent. On a constant currency basis, Same
Store total revenues increased +8.7 percent, driven by constant
currency revenue growth of +20.3 percent in total used vehicles,
+7.1 percent in new vehicles, and +3.5 percent in F&I. Same
Store SG&A expenses as a percent of gross profit increased 780
basis points, to 98.7 percent. Adjusted Same Store SG&A as a
percent of gross profit decreased 50 basis points to 90.4
percent.
Operational Update: Pandemic Business Practices
Our primary focus is a commitment to the safety of our customers
and employees in order to provide essential services to those
needing vehicles and/or parts & service work during these
challenging times. Since mid-March
2020, almost all of our 119 U.S. dealerships and collision
centers have been deemed "essential businesses" in compliance with
applicable national, state, and/or municipal orders. In
almost all cases, our service operations are permitted to be open
to facilitate customer repairs and most of our stores are also able
to offer vehicle sales on an appointment or remote delivery
basis. The capabilities we have developed with our
Acceleride® platform to support online sales over the past 18
months are providing important benefits during this time of limited
showroom availability. In the U.K., we are following national
directives that have closed our 50 dealerships with the exception
of providing repair services to essential workers.
Brazil has allowed most of our
dealerships to re-open for aftersales operations after a period of
total closure, and we anticipate in-person sales resuming
shortly.
To protect our people and to be compliant with the evolving
nature of mandates across our markets in the U.S., U.K., and
Brazil, most of our office and
field support staff have transitioned to working from home.
To promote a productive and organized integration of telecommuting,
the Company established communication policies and methods to
facilitate secure, routine, and efficient access to information,
team members, and management.
For those employees that are not able to work remotely, we have
worked to implement a variety of standards to promote safety and to
provide protective equipment in our offices, dealership showrooms,
service departments, and collision centers.
The Company is actively monitoring government and CDC guidelines
to enhance and promote safety processes. Plexiglass shields
have been installed where needed to ensure proper distancing.
Hand sanitizer is supplied for staff and accessible for use in
customer areas. High-touch surfaces within Company facilities
are being frequently treated with disinfectant spray. The
Company's parts & service technicians are also provided with
disinfectant spray to clean accessed door handles, steering wheels,
vehicle levers, etc., of customer vehicles in which they are
working. Two cotton washable/reusable masks are being
provided to staff members in compliance with orders to reserve N95
masks for the medical community. While gloves are provided to
staff, the Company is also providing plastic seat covers and
steering wheel wraps as well as "sandwich" style bags to further
reduce risks of cross-contamination when interacting with small
items such as keys, levers within vehicles (gearbox, turn signal,
wipers, etc.) and pens. Many of our OEM's have provided
specific processes for cleaning and disinfecting customer service
vehicles.
The Company has also initiated several best practices for
promoting additional safety for both our staff and customers.
Reduced hours and split shifts are being assigned. Meetings are
being conducted by video and teleconference. Service techs
are occupying every other service bay or ramp (lift), and are
texting part orders needed for their service work, rather than
interacting at the shop-parts counters. Customer appointments
are also being scheduled in such a way to ensure space for social
distancing within the facility. If there is concern over
customer proximity in service department lounges, customers are
asked to wait in their vehicles before proceeding to those
areas. The Company is also offering free pickup and delivery
options at all of our U.S. stores for service work and at-home
purchase completion for vehicle sales delivery. Approximately
20 percent of our vehicle purchases are now being completed via
home deliveries.
While it is unknown when the pandemic crisis will end, for the
protection of our employees, customers, and the community, the
Company intends to continue with these protocols for the
foreseeable future.
Liquidity & Capital Resources Update
As of March 31, 2020, the Company
had $19 million of cash on hand and
another $83 million that was invested
in our floorplan-offset accounts, bringing total cash liquidity to
$102 million. In addition,
there was $258 million of additional
borrowing capacity on our U.S. syndicated acquisition line,
bringing total immediate liquidity to $360
million at the end of the first quarter 2020.
We currently have approximately $225
million in U.S. liquidity before an additional $50 million of mortgage funding in process, and
ample local liquidity in the U.K. and Brazil. We do not have
any material debt maturities before our 5.00% bonds are due in June
of 2022, and our $1.75 billion U.S.
credit facility was extended in 2019 through June of 2024.
The Company does not anticipate any material liquidity constraints
or issues with its ability to remain in compliance with its
revolving credit facility and debt covenants. Our U.S. credit
facility rent-adjusted leverage ratio was 3.31 at the end of the
first quarter, leaving plenty of cushion under the 5.50 limit.
As previously announced in April
2020, we redeemed all $300
million of our 5.25% bonds due 2023. This redemption
was funded through acquisition line borrowings, mortgage
borrowings, and cash on hand. We funded over $130 million of mortgages in April, with another
$50 million in process and planned to
be funded in May. Additionally, as also announced in
April 2020, the Company suspended its
dividend and canceled its share repurchase program, as well as
implemented capital expenditure deferrals, to preserve
liquidity.
Outlook
Prior to March, both the U.S. and the U.K. were on track for
record first quarter 2020 results, with U.S. Same Store revenues up
10.7 percent reflecting strength in all areas of the business and
U.K. Same Store revenue up 3.8 percent, including a very strong
order bank for March delivery. Only 65 percent of our sold
U.K. order bank was delivered prior to the shutdown order. As
the market shutdowns began to roll-out, March U.S. sales dropped
sharply, with new and used volumes dropping approximately 50
percent across most markets and parts and service revenues
declining about 50 percent as well. This pace continued in
early April, but recently has begun to show signs of improvement in
the U.S. For the last week of April, U.S. retail unit sales
were down approximately 25 percent and parts and services revenues
were down about 30 percent as compared with the same week a year
ago. In the U.K., shelter in place orders remain in effect
across the country and our stores are closed except for providing
service to essential workers' vehicles. This service does not
generate material gross profit. Expansion of operations
within the U.K. is not anticipated until sometime in mid-to-late
May.
In all regions, we have taken aggressive actions to reduce
costs, with about 4,800 employees furloughed in the U.S., 2,800
employees (over 90 percent of the workforce) furloughed in the
U.K., and over 450 employees terminated or furloughed in
Brazil. In addition, other costs have also been significantly
reduced in all three markets including cuts of as much as 50
percent in management, all remaining Board cash compensation, over
75 percent reduction in advertising expense, and cuts across all
other cost categories. As we are starting to see improvements
in our weekly sales pace in the U.S., we have begun to recall some
of our furloughed workers, with plans to add back 495 positions by
June.
While the potential long-term impact of COVID-19 pandemic is
difficult to predict, we expect our second quarter results to be
significantly lower than the prior year. Moving forward, we
anticipate service will recover more quickly than vehicle sales,
with both beginning to recover in the late spring and summer months
as shelter in place policies continue to be lifted and consumers
transition to more normal habits.
First 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 first
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:
|
1-888-317-6003
|
International:
|
1-412-317-6061
|
Conference
ID:
|
9778036
|
A telephonic replay will be available following the call through
May 12, 2020 by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay
ID:
|
10143292
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 186 automotive dealerships, 242
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 often include statements regarding
our strategic investments, goals, plans, projections and guidance
regarding our financial position, results of operations, 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, (i) our ability to retain key personnel, (j) the
impacts of COVID-19 on our business, (k) the impacts of any
potential global recession and (l) 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, 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
disclosures are reported as zero balances or may not compute due to
rounding.
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
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,342.2
|
|
|
$
|
1,414.5
|
|
|
$
|
(72.3)
|
|
|
(5.1)
|
%
|
Used vehicle retail
sales
|
|
779.0
|
|
|
819.2
|
|
|
(40.2)
|
|
|
(4.9)
|
%
|
Used vehicle
wholesale sales
|
|
86.5
|
|
|
92.1
|
|
|
(5.6)
|
|
|
(6.1)
|
%
|
Parts and service
sales
|
|
370.6
|
|
|
369.2
|
|
|
1.4
|
|
|
0.4
|
%
|
Finance, insurance
and other, net
|
|
112.5
|
|
|
113.4
|
|
|
(0.9)
|
|
|
(0.8)
|
%
|
Total
revenues
|
|
2,690.8
|
|
|
2,808.4
|
|
|
(117.6)
|
|
|
(4.2)
|
%
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
1,279.4
|
|
|
1,343.1
|
|
|
(63.7)
|
|
|
(4.7)
|
%
|
Used vehicle retail
sales
|
|
736.9
|
|
|
771.4
|
|
|
(34.5)
|
|
|
(4.5)
|
%
|
Used vehicle
wholesale sales
|
|
85.5
|
|
|
91.7
|
|
|
(6.2)
|
|
|
(6.7)
|
%
|
Parts and service
sales
|
|
172.6
|
|
|
170.7
|
|
|
1.9
|
|
|
1.1
|
%
|
Total cost of
sales
|
|
2,274.3
|
|
|
2,376.9
|
|
|
(102.5)
|
|
|
(4.3)
|
%
|
GROSS PROFIT
|
|
416.5
|
|
|
431.5
|
|
|
(15.1)
|
|
|
(3.5)
|
%
|
Selling, general and
administrative expenses
|
|
328.0
|
|
|
327.7
|
|
|
0.2
|
|
|
0.1
|
%
|
Depreciation and
amortization expense
|
|
18.6
|
|
|
17.0
|
|
|
1.6
|
|
|
9.5
|
%
|
INCOME (LOSS) FROM OPERATIONS
|
|
69.9
|
|
|
86.8
|
|
|
(16.9)
|
|
|
(19.5)
|
%
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
12.9
|
|
|
15.7
|
|
|
(2.8)
|
|
|
(18.1)
|
%
|
Other interest
expense, net
|
|
18.1
|
|
|
18.9
|
|
|
(0.8)
|
|
|
(4.1)
|
%
|
INCOME (LOSS) BEFORE INCOME
TAXES
|
|
38.9
|
|
|
52.2
|
|
|
(13.3)
|
|
|
(25.5)
|
%
|
(Benefit) provision
for income taxes
|
|
9.1
|
|
|
13.5
|
|
|
(4.4)
|
|
|
(32.6)
|
%
|
NET INCOME (LOSS)
|
|
$
|
29.8
|
|
|
$
|
38.6
|
|
|
$
|
(8.9)
|
|
|
(22.9)
|
%
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.1
|
|
|
1.5
|
|
|
(0.4)
|
|
|
(27.2)
|
%
|
Net income (loss)
available to diluted common shares
|
|
$
|
28.7
|
|
|
$
|
37.2
|
|
|
$
|
(8.5)
|
|
|
(22.8)
|
%
|
DILUTED EARNINGS (LOSS) PER
SHARE
|
|
$
|
1.61
|
|
|
$
|
2.08
|
|
|
$
|
(0.47)
|
|
|
(22.6)
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.8
|
|
|
—
|
|
|
(0.2)
|
%
|
Weighted average
participating securities
|
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
(4.4)
|
%
|
Total weighted
average shares
|
|
18.5
|
|
|
18.6
|
|
|
(0.1)
|
|
|
(0.4)
|
%
|
Effective tax
rate
|
|
23.4
|
%
|
|
25.9
|
%
|
|
(2.5)
|
%
|
|
|
Group 1
Automotive, Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
Increase/
(Decrease)
|
|
%
Change
|
ASSETS
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19.2
|
|
|
$
|
23.8
|
|
|
$
|
(4.6)
|
|
|
(19.4)
|
%
|
Contracts-in-transit
and vehicle receivables, net of allowance of $0.3 and $0.3,
respectively
|
|
115.5
|
|
|
253.8
|
|
|
(138.3)
|
|
|
(54.5)
|
%
|
Accounts and notes
receivable, net of allowance of $3.4 and $2.8,
respectively
|
|
177.1
|
|
|
225.1
|
|
|
(48.0)
|
|
|
(21.3)
|
%
|
Inventories,
net
|
|
1,992.6
|
|
|
1,901.7
|
|
|
90.8
|
|
|
4.8
|
%
|
Prepaid
expenses
|
|
82.6
|
|
|
96.4
|
|
|
(13.8)
|
|
|
(14.3)
|
%
|
Other current
assets
|
|
12.3
|
|
|
15.5
|
|
|
(3.2)
|
|
|
(20.5)
|
%
|
TOTAL CURRENT
ASSETS
|
|
2,399.3
|
|
|
2,516.3
|
|
|
(117.0)
|
|
|
(4.7)
|
%
|
Property and
equipment, net of accumulated depreciation of $405.7 and $400.2,
respectively
|
|
1,549.0
|
|
|
1,547.1
|
|
|
1.9
|
|
|
0.1
|
%
|
Operating lease
assets
|
|
218.7
|
|
|
220.1
|
|
|
(1.4)
|
|
|
(0.6)
|
%
|
Goodwill
|
|
999.8
|
|
|
1,008.3
|
|
|
(8.5)
|
|
|
(0.8)
|
%
|
Intangible franchise
rights
|
|
251.7
|
|
|
253.5
|
|
|
(1.9)
|
|
|
(0.7)
|
%
|
Other long-term
assets
|
|
22.5
|
|
|
24.8
|
|
|
(2.3)
|
|
|
(9.2)
|
%
|
TOTAL
ASSETS
|
|
$
|
5,441.1
|
|
|
$
|
5,570.2
|
|
|
$
|
(129.1)
|
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Floorplan notes
payable — credit facility and other, net of offset account of $82.6
and $106.8, respectively
|
|
$
|
1,168.6
|
|
|
$
|
1,144.4
|
|
|
$
|
24.2
|
|
|
2.1
|
%
|
Floorplan notes
payable — manufacturer affiliates, net of offset account of $0.2
and $4.1, respectively
|
|
484.9
|
|
|
459.9
|
|
|
25.0
|
|
|
5.4
|
%
|
Current maturities of
long-term debt
|
|
354.7
|
|
|
59.1
|
|
|
295.5
|
|
|
499.6
|
%
|
Current operating
lease liabilities
|
|
24.4
|
|
|
24.6
|
|
|
(0.2)
|
|
|
(1.0)
|
%
|
Accounts
payable
|
|
410.7
|
|
|
527.5
|
|
|
(116.8)
|
|
|
(22.1)
|
%
|
Accrued expenses and
other current liabilities
|
|
197.1
|
|
|
206.7
|
|
|
(9.6)
|
|
|
(4.6)
|
%
|
TOTAL CURRENT
LIABILITIES
|
|
2,640.4
|
|
|
2,422.3
|
|
|
218.1
|
|
|
9.0
|
%
|
Long-term
debt
|
|
1,137.7
|
|
|
1,432.1
|
|
|
(294.4)
|
|
|
(20.6)
|
%
|
Long-term operating
lease liabilities
|
|
208.9
|
|
|
210.7
|
|
|
(1.8)
|
|
|
(0.9)
|
%
|
Deferred income
taxes
|
|
135.8
|
|
|
145.7
|
|
|
(9.9)
|
|
|
(6.8)
|
%
|
Other long-term
liabilities
|
|
143.6
|
|
|
103.6
|
|
|
40.0
|
|
|
38.6
|
%
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
Common
stock
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
(0.2)
|
%
|
Additional paid-in
capital
|
|
287.8
|
|
|
295.3
|
|
|
(7.6)
|
|
|
(2.6)
|
%
|
Retained
earnings
|
|
1,566.7
|
|
|
1,542.4
|
|
|
24.3
|
|
|
1.6
|
%
|
Accumulated other
comprehensive income (loss)
|
|
(206.0)
|
|
|
(147.0)
|
|
|
(59.0)
|
|
|
40.2
|
%
|
Treasury
stock
|
|
(474.1)
|
|
|
(435.3)
|
|
|
(38.7)
|
|
|
8.9
|
%
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
1,174.6
|
|
|
1,255.7
|
|
|
(81.1)
|
|
|
(6.5)
|
%
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
5,441.1
|
|
|
$
|
5,570.2
|
|
|
$
|
(129.1)
|
|
|
(2.3)
|
%
|
Group 1 Automotive, Inc.
|
Additional Information -
Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2020
(%)
|
|
2019
(%)
|
New vehicle unit sales geographic
mix
|
|
|
|
Region
|
Geographic Market
|
|
|
|
|
United
States
|
Texas
|
|
34.9
|
|
|
34.3
|
|
|
Oklahoma
|
|
6.8
|
|
|
6.1
|
|
|
California
|
|
4.8
|
|
|
5.3
|
|
|
Georgia
|
|
4.5
|
|
|
4.2
|
|
|
Massachusetts
|
|
4.4
|
|
|
4.3
|
|
|
Florida
|
|
2.6
|
|
|
2.7
|
|
|
Louisiana
|
|
2.1
|
|
|
2.3
|
|
|
South
Carolina
|
|
1.8
|
|
|
1.6
|
|
|
New
Hampshire
|
|
1.7
|
|
|
1.6
|
|
|
New Jersey
|
|
1.6
|
|
|
1.8
|
|
|
Kansas
|
|
1.1
|
|
|
1.0
|
|
|
New Mexico
|
|
1.1
|
|
|
0.2
|
|
|
Mississippi
|
|
1.0
|
|
|
1.2
|
|
|
Alabama
|
|
0.5
|
|
|
0.7
|
|
|
Maryland
|
|
0.4
|
|
|
0.4
|
|
|
|
|
69.3
|
|
|
67.9
|
|
|
|
|
|
|
|
International
|
United
Kingdom
|
|
25.1
|
|
|
26.6
|
|
|
Brazil
|
|
5.6
|
|
|
5.5
|
|
|
|
|
100.0
|
|
|
100.0
|
|
|
|
|
|
|
New vehicle unit sales brand
mix
|
|
|
|
Toyota/Lexus
|
|
23.3
|
|
|
23.1
|
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
16.1
|
|
|
15.1
|
|
BMW/MINI
|
|
11.7
|
|
|
12.5
|
|
Ford/Lincoln
|
|
10.1
|
|
|
10.6
|
|
Honda/Acura
|
|
9.4
|
|
|
10.9
|
|
Chevrolet/GMC/Buick/Cadillac
|
|
6.8
|
|
|
6.3
|
|
Nissan
|
|
5.4
|
|
|
6.0
|
|
Mercedes-Benz/Smart/Sprinter
|
|
5.3
|
|
|
5.4
|
|
Hyundai/Kia/Genesis
|
|
4.1
|
|
|
3.5
|
|
Chrysler/Dodge/Jeep/RAM
|
|
3.5
|
|
|
3.1
|
|
Jaguar/Land
Rover
|
|
2.5
|
|
|
2.5
|
|
Other
|
|
1.7
|
|
|
1.0
|
|
|
|
100.0
|
|
|
100.0
|
|
Group 1 Automotive, Inc.
|
Reported Operating Data -
Consolidated
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,342.2
|
|
|
$
|
1,414.5
|
|
|
$
|
(72.3)
|
|
|
(5.1)
|
%
|
|
|
$
|
(19.2)
|
|
|
(3.8)
|
%
|
Used vehicle retail
sales
|
779.0
|
|
|
819.2
|
|
|
(40.2)
|
|
|
(4.9)
|
%
|
|
|
(5.7)
|
|
|
(4.2)
|
%
|
Used vehicle
wholesale sales
|
86.5
|
|
|
92.1
|
|
|
(5.6)
|
|
|
(6.1)
|
%
|
|
|
(1.0)
|
|
|
(5.0)
|
%
|
Total used
|
865.6
|
|
|
911.3
|
|
|
(45.8)
|
|
|
(5.0)
|
%
|
|
|
(6.7)
|
|
|
(4.3)
|
%
|
Parts and service
sales
|
370.6
|
|
|
369.2
|
|
|
1.4
|
|
|
0.4
|
%
|
|
|
(2.4)
|
|
|
1.0
|
%
|
F&I,
net
|
112.5
|
|
|
113.4
|
|
|
(0.9)
|
|
|
(0.8)
|
%
|
|
|
(0.6)
|
|
|
(0.3)
|
%
|
Total
revenues
|
$
|
2,690.8
|
|
|
$
|
2,808.4
|
|
|
$
|
(117.6)
|
|
|
(4.2)
|
%
|
|
|
$
|
(29.0)
|
|
|
(3.2)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
62.8
|
|
|
$
|
71.4
|
|
|
$
|
(8.6)
|
|
|
(12.0)
|
%
|
|
|
$
|
(1.1)
|
|
|
(10.5)
|
%
|
Used vehicle retail
sales
|
42.1
|
|
|
47.8
|
|
|
(5.7)
|
|
|
(11.8)
|
%
|
|
|
(0.3)
|
|
|
(11.2)
|
%
|
Used vehicle
wholesale sales
|
1.0
|
|
|
0.5
|
|
|
0.5
|
|
|
121.7
|
%
|
|
|
—
|
|
|
128.8
|
%
|
Total used
|
43.1
|
|
|
48.3
|
|
|
(5.1)
|
|
|
(10.6)
|
%
|
|
|
(0.4)
|
|
|
(9.9)
|
%
|
Parts and service
sales
|
198.0
|
|
|
198.5
|
|
|
(0.4)
|
|
|
(0.2)
|
%
|
|
|
(1.2)
|
|
|
0.4
|
%
|
F&I,
net
|
112.5
|
|
|
113.4
|
|
|
(0.9)
|
|
|
(0.8)
|
%
|
|
|
(0.6)
|
|
|
(0.3)
|
%
|
Total gross
profit
|
$
|
416.5
|
|
|
$
|
431.5
|
|
|
$
|
(15.1)
|
|
|
(3.5)
|
%
|
|
|
$
|
(3.3)
|
|
|
(2.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.7
|
%
|
|
5.0
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.4
|
%
|
|
5.8
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
1.2
|
%
|
|
0.5
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
Total used
|
5.0
|
%
|
|
5.3
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.4
|
%
|
|
53.8
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
15.5
|
%
|
|
15.4
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
35,360
|
|
|
38,874
|
|
|
(3,514)
|
|
|
(9.0)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
36,790
|
|
|
38,836
|
|
|
(2,046)
|
|
|
(5.3)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
12,086
|
|
|
12,989
|
|
|
(903)
|
|
|
(7.0)
|
%
|
|
|
|
|
|
Total used
|
48,876
|
|
|
51,825
|
|
|
(2,949)
|
|
|
(5.7)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
37,957
|
|
|
$
|
36,386
|
|
|
$
|
1,571
|
|
|
4.3
|
%
|
|
|
$
|
(544)
|
|
|
5.8
|
%
|
Used vehicle
retail
|
$
|
21,175
|
|
|
$
|
21,094
|
|
|
$
|
82
|
|
|
0.4
|
%
|
|
|
$
|
(155)
|
|
|
1.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,777
|
|
|
$
|
1,836
|
|
|
$
|
(60)
|
|
|
(3.3)
|
%
|
|
|
$
|
(31)
|
|
|
(1.6)
|
%
|
Used vehicle retail
sales
|
$
|
1,146
|
|
|
$
|
1,231
|
|
|
$
|
(85)
|
|
|
(6.9)
|
%
|
|
|
$
|
(9)
|
|
|
(6.2)
|
%
|
Used vehicle
wholesale sales
|
$
|
83
|
|
|
$
|
35
|
|
|
$
|
48
|
|
|
138.3
|
%
|
|
|
$
|
(3)
|
|
|
145.9
|
%
|
Total used
|
$
|
883
|
|
|
$
|
931
|
|
|
$
|
(48)
|
|
|
(5.2)
|
%
|
|
|
$
|
(7)
|
|
|
(4.4)
|
%
|
F&I
PRU
|
$
|
1,559
|
|
|
$
|
1,459
|
|
|
$
|
100
|
|
|
6.8
|
%
|
|
|
$
|
(9)
|
|
|
7.4
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
328.0
|
|
|
$
|
327.7
|
|
|
$
|
0.2
|
|
|
0.1
|
%
|
|
|
$
|
(3.0)
|
|
|
1.0
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
327.1
|
|
|
$
|
328.5
|
|
|
$
|
(1.5)
|
|
|
(0.5)
|
%
|
|
|
$
|
(2.7)
|
|
|
0.4
|
%
|
SG&A as % gross
profit
|
78.7
|
%
|
|
75.9
|
%
|
|
2.8
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
78.5
|
%
|
|
76.1
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
2.6
|
%
|
|
3.1
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
2.6
|
%
|
|
3.1
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
1.4
|
%
|
|
1.9
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Adjusted pretax
margin % (1)
|
1.5
|
%
|
|
1.8
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
12.9
|
|
|
$
|
15.7
|
|
|
$
|
(2.8)
|
|
|
(18.1)
|
%
|
|
|
$
|
—
|
|
|
(17.8)
|
%
|
Less: Floorplan
assistance
|
10.6
|
|
|
10.5
|
|
|
0.1
|
|
|
0.8
|
%
|
|
|
—
|
|
|
0.8
|
%
|
Net floorplan
expense
|
$
|
2.3
|
|
|
$
|
5.2
|
|
|
$
|
(2.9)
|
|
|
(56.0)
|
%
|
|
|
$
|
—
|
|
|
(55.2)
|
%
|
Other interest
expense, net
|
$
|
18.1
|
|
|
$
|
18.9
|
|
|
$
|
(0.8)
|
|
|
(4.1)
|
%
|
|
|
$
|
(0.1)
|
|
|
(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.
|
Reported Operating Data - U.S.
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle
retail sales
|
|
$
|
988.4
|
|
|
$
|
1,031.7
|
|
|
$
|
(43.4)
|
|
|
(4.2)
|
%
|
Used
vehicle retail sales
|
|
570.3
|
|
|
594.4
|
|
|
(24.1)
|
|
|
(4.1)
|
%
|
Used vehicle
wholesale sales
|
|
46.8
|
|
|
42.8
|
|
|
4.0
|
|
|
9.3
|
%
|
Total used
|
|
617.1
|
|
|
637.2
|
|
|
(20.1)
|
|
|
(3.2)
|
%
|
Parts and
service sales
|
|
304.6
|
|
|
297.6
|
|
|
7.0
|
|
|
2.4
|
%
|
F&I,
net
|
|
97.4
|
|
|
96.2
|
|
|
1.2
|
|
|
1.3
|
%
|
Total
revenues
|
|
$
|
2,007.6
|
|
|
$
|
2,062.8
|
|
|
$
|
(55.2)
|
|
|
(2.7)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
New vehicle
retail sales
|
|
$
|
47.3
|
|
|
$
|
50.8
|
|
|
$
|
(3.5)
|
|
|
(7.0)
|
%
|
Used
vehicle retail sales
|
|
31.9
|
|
|
38.3
|
|
|
(6.3)
|
|
|
(16.6)
|
%
|
Used vehicle
wholesale sales
|
|
0.8
|
|
|
1.2
|
|
|
(0.3)
|
|
|
(28.9)
|
%
|
Total used
|
|
32.8
|
|
|
39.4
|
|
|
(6.7)
|
|
|
(16.9)
|
%
|
Parts and
service sales
|
|
163.5
|
|
|
160.5
|
|
|
3.0
|
|
|
1.9
|
%
|
F&I,
net
|
|
97.4
|
|
|
96.2
|
|
|
1.2
|
|
|
1.3
|
%
|
Total
gross profit
|
|
$
|
340.9
|
|
|
$
|
346.9
|
|
|
$
|
(6.0)
|
|
|
(1.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
New vehicle
retail sales
|
|
4.8
|
%
|
|
4.9
|
%
|
|
(0.1)
|
%
|
|
|
Used
vehicle retail sales
|
|
5.6
|
%
|
|
6.4
|
%
|
|
(0.8)
|
%
|
|
|
Used vehicle
wholesale sales
|
|
1.8
|
%
|
|
2.7
|
%
|
|
(1.0)
|
%
|
|
|
Total used
|
|
5.3
|
%
|
|
6.2
|
%
|
|
(0.9)
|
%
|
|
|
Parts and
service sales
|
|
53.7
|
%
|
|
53.9
|
%
|
|
(0.2)
|
%
|
|
|
F&I,
net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total
gross margin
|
|
17.0
|
%
|
|
16.8
|
%
|
|
0.2
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new
vehicles sold
|
|
24,495
|
|
|
26,390
|
|
|
(1,895)
|
|
|
(7.2)
|
%
|
Retail
used vehicles sold
|
|
27,668
|
|
|
29,317
|
|
|
(1,649)
|
|
|
(5.6)
|
%
|
Wholesale
used vehicles sold
|
|
7,027
|
|
|
7,150
|
|
|
(123)
|
|
|
(1.7)
|
%
|
Total used
|
|
34,695
|
|
|
36,467
|
|
|
(1,772)
|
|
|
(4.9)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
|
$
|
40,350
|
|
|
$
|
39,096
|
|
|
$
|
1,254
|
|
|
3.2
|
%
|
Used vehicle
retail
|
|
$
|
20,613
|
|
|
$
|
20,276
|
|
|
$
|
338
|
|
|
1.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
$
|
1,929
|
|
|
$
|
1,925
|
|
|
$
|
4
|
|
|
0.2
|
%
|
Used
vehicle retail sales
|
|
$
|
1,154
|
|
|
$
|
1,306
|
|
|
$
|
(152)
|
|
|
(11.6)
|
%
|
Used
vehicle wholesale sales
|
|
$
|
118
|
|
|
$
|
163
|
|
|
$
|
(45)
|
|
|
(27.7)
|
%
|
Total used
|
|
$
|
944
|
|
|
$
|
1,082
|
|
|
$
|
(137)
|
|
|
(12.7)
|
%
|
F&I
PRU
|
|
$
|
1,868
|
|
|
$
|
1,727
|
|
|
$
|
141
|
|
|
8.2
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
257.5
|
|
|
$
|
256.2
|
|
|
$
|
1.4
|
|
|
0.5
|
%
|
Adjusted
SG&A expenses (1)
|
|
$
|
257.5
|
|
|
$
|
257.6
|
|
|
$
|
(0.1)
|
|
|
—
|
%
|
SG&A as %
gross profit
|
|
75.5
|
%
|
|
73.8
|
%
|
|
1.7
|
%
|
|
|
Adjusted
SG&A as % gross profit (1)
|
|
75.5
|
%
|
|
74.2
|
%
|
|
1.3
|
%
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
Floorplan
interest expense
|
|
$
|
11.0
|
|
|
$
|
14.0
|
|
|
$
|
(3.0)
|
|
|
(21.6)
|
%
|
Less: Floorplan
assistance
|
|
10.4
|
|
|
10.3
|
|
|
0.1
|
|
|
1.0
|
%
|
Net floorplan
expense
|
|
$
|
0.5
|
|
|
$
|
3.7
|
|
|
$
|
(3.1)
|
|
|
(85.4)
|
%
|
Other interest
expense, net
|
|
$
|
16.0
|
|
|
$
|
17.2
|
|
|
$
|
(1.2)
|
|
|
(6.8)
|
%
|
|
|
(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 - U.K.
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
296.3
|
|
|
$
|
318.6
|
|
|
$
|
(22.3)
|
|
|
(7.0)
|
%
|
|
|
$
|
(9.1)
|
|
|
(4.1)
|
%
|
Used vehicle retail
sales
|
188.8
|
|
|
203.6
|
|
|
(14.8)
|
|
|
(7.3)
|
%
|
|
|
(2.3)
|
|
|
(6.2)
|
%
|
Used vehicle
wholesale sales
|
35.8
|
|
|
45.3
|
|
|
(9.4)
|
|
|
(20.8)
|
%
|
|
|
(0.4)
|
|
|
(19.8)
|
%
|
Total used
|
224.6
|
|
|
248.8
|
|
|
(24.2)
|
|
|
(9.7)
|
%
|
|
|
(2.7)
|
|
|
(8.6)
|
%
|
Parts and service
sales
|
56.4
|
|
|
59.6
|
|
|
(3.1)
|
|
|
(5.3)
|
%
|
|
|
(0.8)
|
|
|
(3.9)
|
%
|
F&I,
net
|
13.3
|
|
|
15.2
|
|
|
(1.9)
|
|
|
(12.4)
|
%
|
|
|
(0.3)
|
|
|
(10.3)
|
%
|
Total
revenues
|
$
|
590.7
|
|
|
$
|
642.2
|
|
|
$
|
(51.5)
|
|
|
(8.0)
|
%
|
|
|
$
|
(12.9)
|
|
|
(6.0)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
12.1
|
|
|
$
|
16.8
|
|
|
$
|
(4.7)
|
|
|
(28.1)
|
%
|
|
|
$
|
(0.5)
|
|
|
(25.2)
|
%
|
Used vehicle retail
sales
|
9.2
|
|
|
8.3
|
|
|
0.9
|
|
|
10.5
|
%
|
|
|
(0.1)
|
|
|
12.1
|
%
|
Used vehicle
wholesale sales
|
—
|
|
|
(1.0)
|
|
|
1.0
|
|
|
96.9
|
%
|
|
|
—
|
|
|
96.4
|
%
|
Total used
|
9.1
|
|
|
7.3
|
|
|
1.9
|
|
|
25.4
|
%
|
|
|
(0.1)
|
|
|
27.2
|
%
|
Parts and service
sales
|
30.3
|
|
|
32.7
|
|
|
(2.4)
|
|
|
(7.4)
|
%
|
|
|
(0.5)
|
|
|
(5.9)
|
%
|
F&I,
net
|
13.3
|
|
|
15.2
|
|
|
(1.9)
|
|
|
(12.4)
|
%
|
|
|
(0.3)
|
|
|
(10.3)
|
%
|
Total gross
profit
|
$
|
64.8
|
|
|
$
|
72.0
|
|
|
$
|
(7.2)
|
|
|
(9.9)
|
%
|
|
|
$
|
(1.4)
|
|
|
(8.0)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.1
|
%
|
|
5.3
|
%
|
|
(1.2)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9
|
%
|
|
4.1
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
(0.1)
|
%
|
|
(2.2)
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Total used
|
4.1
|
%
|
|
2.9
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.7
|
%
|
|
55.0
|
%
|
|
(1.2)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.0
|
%
|
|
11.2
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
8,894
|
|
|
10,344
|
|
|
(1,450)
|
|
|
(14.0)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
8,024
|
|
|
8,431
|
|
|
(407)
|
|
|
(4.8)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
4,584
|
|
|
5,367
|
|
|
(783)
|
|
|
(14.6)
|
%
|
|
|
|
|
|
Total used
|
12,608
|
|
|
13,798
|
|
|
(1,190)
|
|
|
(8.6)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,314
|
|
|
$
|
30,798
|
|
|
$
|
2,517
|
|
|
8.2
|
%
|
|
|
$
|
(1,021)
|
|
|
11.5
|
%
|
Used vehicle
retail
|
$
|
23,528
|
|
|
$
|
24,144
|
|
|
$
|
(616)
|
|
|
(2.6)
|
%
|
|
|
$
|
(281)
|
|
|
(1.4)
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,356
|
|
|
$
|
1,621
|
|
|
$
|
(266)
|
|
|
(16.4)
|
%
|
|
|
$
|
(54)
|
|
|
(13.0)
|
%
|
Used vehicle retail
sales
|
$
|
1,141
|
|
|
$
|
983
|
|
|
$
|
158
|
|
|
16.1
|
%
|
|
|
$
|
(17)
|
|
|
17.8
|
%
|
Used vehicle
wholesale sales
|
$
|
(7)
|
|
|
$
|
(188)
|
|
|
$
|
181
|
|
|
96.4
|
%
|
|
|
$
|
1
|
|
|
95.8
|
%
|
Total used
|
$
|
724
|
|
|
$
|
527
|
|
|
$
|
197
|
|
|
37.3
|
%
|
|
|
$
|
(10)
|
|
|
39.2
|
%
|
F&I
PRU
|
$
|
787
|
|
|
$
|
810
|
|
|
$
|
(22)
|
|
|
(2.8)
|
%
|
|
|
$
|
(19)
|
|
|
(0.4)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
59.8
|
|
|
$
|
59.2
|
|
|
$
|
0.7
|
|
|
1.1
|
%
|
|
|
$
|
(1.0)
|
|
|
2.8
|
%
|
SG&A as % gross
profit
|
92.3
|
%
|
|
82.2
|
%
|
|
10.1
|
%
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
1.8
|
|
|
$
|
1.6
|
|
|
$
|
0.2
|
|
|
9.7
|
%
|
|
|
$
|
—
|
|
|
11.0
|
%
|
Less: Floorplan
assistance
|
0.1
|
|
|
0.2
|
|
|
—
|
|
|
(15.2)
|
%
|
|
|
—
|
|
|
(13.6)
|
%
|
Net floorplan
expense
|
$
|
1.6
|
|
|
$
|
1.5
|
|
|
$
|
0.2
|
|
|
12.3
|
%
|
|
|
$
|
—
|
|
|
13.6
|
%
|
Other interest
expense, net
|
$
|
1.9
|
|
|
$
|
1.6
|
|
|
$
|
0.3
|
|
|
22.1
|
%
|
|
|
$
|
—
|
|
|
24.6
|
%
|
Group 1 Automotive, Inc.
|
Reported Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
57.5
|
|
|
$
|
64.2
|
|
|
$
|
(6.7)
|
|
|
(10.4)
|
%
|
|
|
$
|
(10.2)
|
|
|
5.4
|
%
|
Used vehicle retail
sales
|
19.9
|
|
|
21.2
|
|
|
(1.3)
|
|
|
(6.1)
|
%
|
|
|
(3.4)
|
|
|
10.1
|
%
|
Used vehicle
wholesale sales
|
3.8
|
|
|
4.1
|
|
|
(0.2)
|
|
|
(5.0)
|
%
|
|
|
(0.6)
|
|
|
10.0
|
%
|
Total used
|
23.8
|
|
|
25.3
|
|
|
(1.5)
|
|
|
(5.9)
|
%
|
|
|
(4.1)
|
|
|
10.1
|
%
|
Parts and service
sales
|
9.6
|
|
|
12.0
|
|
|
(2.5)
|
|
|
(20.4)
|
%
|
|
|
(1.6)
|
|
|
(7.0)
|
%
|
F&I,
net
|
1.7
|
|
|
2.0
|
|
|
(0.3)
|
|
|
(13.4)
|
%
|
|
|
(0.3)
|
|
|
1.8
|
%
|
Total
revenues
|
$
|
92.5
|
|
|
$
|
103.4
|
|
|
$
|
(10.9)
|
|
|
(10.5)
|
%
|
|
|
$
|
(16.1)
|
|
|
5.1
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3.5
|
|
|
$
|
3.8
|
|
|
$
|
(0.3)
|
|
|
(7.9)
|
%
|
|
|
$
|
(0.6)
|
|
|
8.2
|
%
|
Used vehicle retail
sales
|
1.1
|
|
|
1.2
|
|
|
(0.2)
|
|
|
(15.1)
|
%
|
|
|
(0.2)
|
|
|
0.1
|
%
|
Used vehicle
wholesale sales
|
0.2
|
|
|
0.3
|
|
|
(0.1)
|
|
|
(31.3)
|
%
|
|
|
—
|
|
|
(18.7)
|
%
|
Total used
|
1.3
|
|
|
1.5
|
|
|
(0.3)
|
|
|
(18.2)
|
%
|
|
|
(0.2)
|
|
|
(3.5)
|
%
|
Parts and service
sales
|
4.2
|
|
|
5.3
|
|
|
(1.1)
|
|
|
(20.2)
|
%
|
|
|
(0.7)
|
|
|
(6.8)
|
%
|
F&I,
net
|
1.7
|
|
|
2.0
|
|
|
(0.3)
|
|
|
(13.4)
|
%
|
|
|
(0.3)
|
|
|
1.8
|
%
|
Total gross
profit
|
$
|
10.7
|
|
|
$
|
12.6
|
|
|
$
|
(1.9)
|
|
|
(15.2)
|
%
|
|
|
$
|
(1.8)
|
|
|
(0.5)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.1
|
%
|
|
5.9
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3
|
%
|
|
5.8
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
5.3
|
%
|
|
7.3
|
%
|
|
(2.0)
|
%
|
|
|
|
|
|
|
|
Total used
|
5.3
|
%
|
|
6.1
|
%
|
|
(0.8)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.9
|
%
|
|
43.8
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.5
|
%
|
|
12.2
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,971
|
|
|
2,140
|
|
|
(169)
|
|
|
(7.9)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,098
|
|
|
1,088
|
|
|
10
|
|
|
0.9
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
475
|
|
|
472
|
|
|
3
|
|
|
0.6
|
%
|
|
|
|
|
|
Total used
|
1,573
|
|
|
1,560
|
|
|
13
|
|
|
0.8
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
29,169
|
|
|
$
|
29,987
|
|
|
$
|
(817)
|
|
|
(2.7)
|
%
|
|
|
$
|
(5,154)
|
|
|
14.5
|
%
|
Used vehicle
retail
|
$
|
18,154
|
|
|
$
|
19,508
|
|
|
$
|
(1,353)
|
|
|
(6.9)
|
%
|
|
|
$
|
(3,137)
|
|
|
9.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,782
|
|
|
$
|
1,783
|
|
|
$
|
(1)
|
|
|
—
|
%
|
|
|
$
|
(313)
|
|
|
17.5
|
%
|
Used vehicle retail
sales
|
$
|
957
|
|
|
$
|
1,137
|
|
|
$
|
(181)
|
|
|
(15.9)
|
%
|
|
|
$
|
(172)
|
|
|
(0.8)
|
%
|
Used vehicle
wholesale sales
|
$
|
430
|
|
|
$
|
629
|
|
|
$
|
(199)
|
|
|
(31.7)
|
%
|
|
|
$
|
(78)
|
|
|
(19.2)
|
%
|
Total used
|
$
|
798
|
|
|
$
|
984
|
|
|
$
|
(186)
|
|
|
(18.9)
|
%
|
|
|
$
|
(143)
|
|
|
(4.3)
|
%
|
F&I
PRU
|
$
|
560
|
|
|
$
|
615
|
|
|
$
|
(55)
|
|
|
(8.9)
|
%
|
|
|
$
|
(98)
|
|
|
7.1
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
10.6
|
|
|
$
|
12.4
|
|
|
$
|
(1.8)
|
|
|
(14.3)
|
%
|
|
|
$
|
(1.9)
|
|
|
1.4
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
9.7
|
|
|
$
|
11.8
|
|
|
$
|
(2.1)
|
|
|
(17.7)
|
%
|
|
|
$
|
(1.7)
|
|
|
(3.3)
|
%
|
SG&A as % gross
profit
|
99.1
|
%
|
|
98.2
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
90.9
|
%
|
|
93.7
|
%
|
|
(2.8)
|
%
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
21.4
|
%
|
|
|
$
|
—
|
|
|
43.8
|
%
|
Other interest
expense, net
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
22.4
|
%
|
|
|
$
|
—
|
|
|
43.8
|
%
|
|
|
(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.
|
Same Store Operating Data -
Consolidated
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,298.4
|
|
|
$
|
1,393.8
|
|
|
$
|
(95.4)
|
|
|
(6.8)
|
%
|
|
|
$
|
(18.6)
|
|
|
(5.5)
|
%
|
Used vehicle retail
sales
|
752.8
|
|
|
803.9
|
|
|
(51.1)
|
|
|
(6.4)
|
%
|
|
|
(5.6)
|
|
|
(5.7)
|
%
|
Used vehicle
wholesale sales
|
82.9
|
|
|
88.6
|
|
|
(5.6)
|
|
|
(6.3)
|
%
|
|
|
(1.0)
|
|
|
(5.2)
|
%
|
Total used
|
835.7
|
|
|
892.5
|
|
|
(56.8)
|
|
|
(6.4)
|
%
|
|
|
(6.6)
|
|
|
(5.6)
|
%
|
Parts and service
sales
|
357.6
|
|
|
360.4
|
|
|
(2.8)
|
|
|
(0.8)
|
%
|
|
|
(2.3)
|
|
|
(0.1)
|
%
|
F&I,
net
|
110.4
|
|
|
112.2
|
|
|
(1.8)
|
|
|
(1.6)
|
%
|
|
|
(0.6)
|
|
|
(1.1)
|
%
|
Total
revenues
|
$
|
2,602.2
|
|
|
$
|
2,759.0
|
|
|
$
|
(156.8)
|
|
|
(5.7)
|
%
|
|
|
$
|
(28.1)
|
|
|
(4.7)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
59.7
|
|
|
$
|
70.5
|
|
|
$
|
(10.8)
|
|
|
(15.3)
|
%
|
|
|
$
|
(1.1)
|
|
|
(13.8)
|
%
|
Used vehicle retail
sales
|
40.6
|
|
|
47.3
|
|
|
(6.7)
|
|
|
(14.2)
|
%
|
|
|
(0.3)
|
|
|
(13.5)
|
%
|
Used vehicle
wholesale sales
|
1.0
|
|
|
0.6
|
|
|
0.4
|
|
|
63.8
|
%
|
|
|
—
|
|
|
69.1
|
%
|
Total used
|
41.6
|
|
|
48.0
|
|
|
(6.3)
|
|
|
(13.2)
|
%
|
|
|
(0.3)
|
|
|
(12.4)
|
%
|
Parts and service
sales
|
191.1
|
|
|
194.3
|
|
|
(3.2)
|
|
|
(1.6)
|
%
|
|
|
(1.1)
|
|
|
(1.1)
|
%
|
F&I,
net
|
110.4
|
|
|
112.2
|
|
|
(1.8)
|
|
|
(1.6)
|
%
|
|
|
(0.6)
|
|
|
(1.1)
|
%
|
Total gross
profit
|
$
|
402.8
|
|
|
$
|
424.9
|
|
|
$
|
(22.1)
|
|
|
(5.2)
|
%
|
|
|
$
|
(3.2)
|
|
|
(4.5)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.6
|
%
|
|
5.1
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.4
|
%
|
|
5.9
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
1.2
|
%
|
|
0.7
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Total used
|
5.0
|
%
|
|
5.4
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.4
|
%
|
|
53.9
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
15.5
|
%
|
|
15.4
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
34,154
|
|
|
37,906
|
|
|
(3,752)
|
|
|
(9.9)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
35,669
|
|
|
38,043
|
|
|
(2,374)
|
|
|
(6.2)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,615
|
|
|
12,592
|
|
|
(977)
|
|
|
(7.8)
|
%
|
|
|
|
|
|
Total used
|
47,284
|
|
|
50,635
|
|
|
(3,351)
|
|
|
(6.6)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
38,017
|
|
|
$
|
36,771
|
|
|
$
|
1,246
|
|
|
3.4
|
%
|
|
|
$
|
(544)
|
|
|
4.9
|
%
|
Used vehicle
retail
|
$
|
21,105
|
|
|
$
|
21,132
|
|
|
$
|
(27)
|
|
|
(0.1)
|
%
|
|
|
$
|
(156)
|
|
|
0.6
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,747
|
|
|
$
|
1,859
|
|
|
$
|
(112)
|
|
|
(6.0)
|
%
|
|
|
$
|
(31)
|
|
|
(4.3)
|
%
|
Used vehicle retail
sales
|
$
|
1,140
|
|
|
$
|
1,245
|
|
|
$
|
(105)
|
|
|
(8.4)
|
%
|
|
|
$
|
(9)
|
|
|
(7.7)
|
%
|
Used vehicle
wholesale sales
|
$
|
86
|
|
|
$
|
49
|
|
|
$
|
38
|
|
|
77.6
|
%
|
|
|
$
|
(3)
|
|
|
83.3
|
%
|
Total used
|
$
|
881
|
|
|
$
|
947
|
|
|
$
|
(66)
|
|
|
(7.0)
|
%
|
|
|
$
|
(7)
|
|
|
(6.2)
|
%
|
F&I
PRU
|
$
|
1,581
|
|
|
$
|
1,477
|
|
|
$
|
104
|
|
|
7.0
|
%
|
|
|
$
|
(9)
|
|
|
7.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
315.0
|
|
|
$
|
323.4
|
|
|
$
|
(8.4)
|
|
|
(2.6)
|
%
|
|
|
$
|
(2.9)
|
|
|
(1.7)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
314.1
|
|
|
$
|
320.6
|
|
|
$
|
(6.6)
|
|
|
(2.1)
|
%
|
|
|
$
|
(2.6)
|
|
|
(1.2)
|
%
|
SG&A as % gross
profit
|
78.2
|
%
|
|
76.1
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
78.0
|
%
|
|
75.5
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
2.7
|
%
|
|
3.1
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
2.7
|
%
|
|
3.2
|
%
|
|
(0.4)
|
%
|
|
|
|
|
|
|
|
|
|
(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 - U.S.
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
970.4
|
|
|
$
|
1,024.0
|
|
|
$
|
(53.6)
|
|
|
(5.2)
|
%
|
Used vehicle retail
sales
|
558.0
|
|
|
587.9
|
|
|
(29.9)
|
|
|
(5.1)
|
%
|
Used vehicle
wholesale sales
|
46.4
|
|
|
41.6
|
|
|
4.8
|
|
|
11.5
|
%
|
Total used
|
604.4
|
|
|
629.5
|
|
|
(25.1)
|
|
|
(4.0)
|
%
|
Parts and service
sales
|
298.4
|
|
|
293.6
|
|
|
4.7
|
|
|
1.6
|
%
|
F&I,
net
|
96.6
|
|
|
95.5
|
|
|
1.1
|
|
|
1.1
|
%
|
Total
revenues
|
$
|
1,969.7
|
|
|
$
|
2,042.6
|
|
|
$
|
(72.8)
|
|
|
(3.6)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
45.1
|
|
|
$
|
50.5
|
|
|
$
|
(5.4)
|
|
|
(10.6)
|
%
|
Used vehicle retail
sales
|
31.1
|
|
|
38.0
|
|
|
(6.9)
|
|
|
(18.1)
|
%
|
Used vehicle
wholesale sales
|
0.8
|
|
|
1.2
|
|
|
(0.3)
|
|
|
(29.2)
|
%
|
Total used
|
31.9
|
|
|
39.2
|
|
|
(7.2)
|
|
|
(18.5)
|
%
|
Parts and service
sales
|
160.0
|
|
|
158.7
|
|
|
1.4
|
|
|
0.9
|
%
|
F&I,
net
|
96.6
|
|
|
95.5
|
|
|
1.1
|
|
|
1.1
|
%
|
Total gross
profit
|
$
|
333.6
|
|
|
$
|
343.8
|
|
|
$
|
(10.2)
|
|
|
(3.0)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.6
|
%
|
|
4.9
|
%
|
|
(0.3)
|
%
|
|
|
Used vehicle retail
sales
|
5.6
|
%
|
|
6.5
|
%
|
|
(0.9)
|
%
|
|
|
Used vehicle
wholesale sales
|
1.8
|
%
|
|
2.9
|
%
|
|
(1.0)
|
%
|
|
|
Total used
|
5.3
|
%
|
|
6.2
|
%
|
|
(0.9)
|
%
|
|
|
Parts and service
sales
|
53.6
|
%
|
|
54.0
|
%
|
|
(0.4)
|
%
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
16.9
|
%
|
|
16.8
|
%
|
|
0.1
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
24,154
|
|
|
26,145
|
|
|
(1,991)
|
|
|
(7.6)
|
%
|
Retail used vehicles
sold
|
27,210
|
|
|
28,868
|
|
|
(1,658)
|
|
|
(5.7)
|
%
|
Wholesale used
vehicles sold
|
6,960
|
|
|
6,962
|
|
|
(2)
|
|
|
—
|
%
|
Total used
|
34,170
|
|
|
35,830
|
|
|
(1,660)
|
|
|
(4.6)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,175
|
|
|
$
|
39,164
|
|
|
$
|
1,010
|
|
|
2.6
|
%
|
Used vehicle
retail
|
$
|
20,509
|
|
|
$
|
20,365
|
|
|
$
|
144
|
|
|
0.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,867
|
|
|
$
|
1,930
|
|
|
$
|
(63)
|
|
|
(3.3)
|
%
|
Used vehicle retail
sales
|
$
|
1,142
|
|
|
$
|
1,315
|
|
|
$
|
(173)
|
|
|
(13.1)
|
%
|
Used vehicle
wholesale sales
|
$
|
121
|
|
|
$
|
171
|
|
|
$
|
(50)
|
|
|
(29.2)
|
%
|
Total used
|
$
|
934
|
|
|
$
|
1,093
|
|
|
$
|
(159)
|
|
|
(14.5)
|
%
|
F&I
PRU
|
$
|
1,880
|
|
|
$
|
1,736
|
|
|
$
|
144
|
|
|
8.3
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
252.0
|
|
|
$
|
256.2
|
|
|
$
|
(4.2)
|
|
|
(1.6)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
252.0
|
|
|
$
|
253.5
|
|
|
$
|
(1.5)
|
|
|
(0.6)
|
%
|
SG&A as % gross
profit
|
75.5
|
%
|
|
74.5
|
%
|
|
1.0
|
%
|
|
|
Adjusted SG&A as
% gross profit (1)
|
75.5
|
%
|
|
73.7
|
%
|
|
1.8
|
%
|
|
|
|
|
(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.
|
Same Store Operating Data -
U.K.
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
270.6
|
|
|
$
|
306.7
|
|
|
$
|
(36.1)
|
|
|
(11.8)
|
%
|
|
|
$
|
(8.4)
|
|
|
(9.0)
|
%
|
Used vehicle retail
sales
|
174.8
|
|
|
196.4
|
|
|
(21.6)
|
|
|
(11.0)
|
%
|
|
|
(2.1)
|
|
|
(9.9)
|
%
|
Used vehicle
wholesale sales
|
32.7
|
|
|
43.5
|
|
|
(10.8)
|
|
|
(24.8)
|
%
|
|
|
(0.4)
|
|
|
(23.8)
|
%
|
Total used
|
207.6
|
|
|
239.9
|
|
|
(32.3)
|
|
|
(13.5)
|
%
|
|
|
(2.5)
|
|
|
(12.4)
|
%
|
Parts and service
sales
|
49.7
|
|
|
55.1
|
|
|
(5.4)
|
|
|
(9.8)
|
%
|
|
|
(0.7)
|
|
|
(8.5)
|
%
|
F&I,
net
|
12.1
|
|
|
14.7
|
|
|
(2.6)
|
|
|
(17.9)
|
%
|
|
|
(0.3)
|
|
|
(15.9)
|
%
|
Total
revenues
|
$
|
539.9
|
|
|
$
|
616.4
|
|
|
$
|
(76.5)
|
|
|
(12.4)
|
%
|
|
|
$
|
(11.9)
|
|
|
(10.5)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
11.1
|
|
|
$
|
16.2
|
|
|
$
|
(5.1)
|
|
|
(31.6)
|
%
|
|
|
$
|
(0.5)
|
|
|
(28.8)
|
%
|
Used vehicle retail
sales
|
8.5
|
|
|
8.0
|
|
|
0.5
|
|
|
6.7
|
%
|
|
|
(0.1)
|
|
|
8.3
|
%
|
Used vehicle
wholesale sales
|
—
|
|
|
(0.9)
|
|
|
0.8
|
|
|
94.7
|
%
|
|
|
—
|
|
|
94.1
|
%
|
Total used
|
8.5
|
|
|
7.1
|
|
|
1.3
|
|
|
18.8
|
%
|
|
|
(0.1)
|
|
|
20.6
|
%
|
Parts and service
sales
|
26.9
|
|
|
30.5
|
|
|
(3.6)
|
|
|
(11.9)
|
%
|
|
|
(0.4)
|
|
|
(10.6)
|
%
|
F&I,
net
|
12.1
|
|
|
14.7
|
|
|
(2.6)
|
|
|
(17.9)
|
%
|
|
|
(0.3)
|
|
|
(15.9)
|
%
|
Total gross
profit
|
$
|
58.5
|
|
|
$
|
68.6
|
|
|
$
|
(10.1)
|
|
|
(14.7)
|
%
|
|
|
$
|
(1.3)
|
|
|
(12.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.1
|
%
|
|
5.3
|
%
|
|
(1.2)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9
|
%
|
|
4.1
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
(0.1)
|
%
|
|
(2.0)
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
Total used
|
4.1
|
%
|
|
3.0
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.1
|
%
|
|
55.4
|
%
|
|
(1.3)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
10.8
|
%
|
|
11.1
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
8,029
|
|
|
9,635
|
|
|
(1,606)
|
|
|
(16.7)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
7,361
|
|
|
8,117
|
|
|
(756)
|
|
|
(9.3)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
4,180
|
|
|
5,180
|
|
|
(1,000)
|
|
|
(19.3)
|
%
|
|
|
|
|
|
Total used
|
11,541
|
|
|
13,297
|
|
|
(1,756)
|
|
|
(13.2)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,699
|
|
|
$
|
31,834
|
|
|
$
|
1,865
|
|
|
5.9
|
%
|
|
|
$
|
(1,047)
|
|
|
9.1
|
%
|
Used vehicle
retail
|
$
|
23,749
|
|
|
$
|
24,195
|
|
|
$
|
(445)
|
|
|
(1.8)
|
%
|
|
|
$
|
(289)
|
|
|
(0.6)
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,379
|
|
|
$
|
1,680
|
|
|
$
|
(301)
|
|
|
(17.9)
|
%
|
|
|
$
|
(57)
|
|
|
(14.5)
|
%
|
Used vehicle retail
sales
|
$
|
1,157
|
|
|
$
|
983
|
|
|
$
|
173
|
|
|
17.6
|
%
|
|
|
$
|
(18)
|
|
|
19.4
|
%
|
Used vehicle
wholesale sales
|
$
|
(11)
|
|
|
$
|
(165)
|
|
|
$
|
154
|
|
|
93.4
|
%
|
|
|
$
|
1
|
|
|
92.7
|
%
|
Total used
|
$
|
734
|
|
|
$
|
536
|
|
|
$
|
198
|
|
|
36.9
|
%
|
|
|
$
|
(11)
|
|
|
38.9
|
%
|
F&I
PRU
|
$
|
786
|
|
|
$
|
830
|
|
|
$
|
(44)
|
|
|
(5.3)
|
%
|
|
|
$
|
(19)
|
|
|
(3.0)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
52.4
|
|
|
$
|
55.7
|
|
|
$
|
(3.3)
|
|
|
(6.0)
|
%
|
|
|
$
|
(0.9)
|
|
|
(4.4)
|
%
|
SG&A as % gross
profit
|
89.5
|
%
|
|
81.3
|
%
|
|
8.2
|
%
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
Same Store Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit and per unit
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
57.5
|
|
|
$
|
63.2
|
|
|
$
|
(5.7)
|
|
|
(9.0)
|
%
|
|
|
$
|
(10.2)
|
|
|
7.1
|
%
|
Used vehicle retail
sales
|
19.9
|
|
|
19.7
|
|
|
0.3
|
|
|
1.4
|
%
|
|
|
(3.4)
|
|
|
18.9
|
%
|
Used vehicle
wholesale sales
|
3.8
|
|
|
3.5
|
|
|
0.4
|
|
|
10.9
|
%
|
|
|
(0.6)
|
|
|
28.4
|
%
|
Total used
|
23.8
|
|
|
23.1
|
|
|
0.7
|
|
|
2.8
|
%
|
|
|
(4.1)
|
|
|
20.3
|
%
|
Parts and service
sales
|
9.6
|
|
|
11.7
|
|
|
(2.2)
|
|
|
(18.6)
|
%
|
|
|
(1.6)
|
|
|
(4.8)
|
%
|
F&I,
net
|
1.7
|
|
|
2.0
|
|
|
(0.2)
|
|
|
(11.9)
|
%
|
|
|
(0.3)
|
|
|
3.5
|
%
|
Total
revenues
|
$
|
92.5
|
|
|
$
|
100.0
|
|
|
$
|
(7.4)
|
|
|
(7.4)
|
%
|
|
|
$
|
(16.1)
|
|
|
8.7
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
3.5
|
|
|
$
|
3.8
|
|
|
$
|
(0.3)
|
|
|
(8.4)
|
%
|
|
|
$
|
(0.6)
|
|
|
7.7
|
%
|
Used vehicle retail
sales
|
1.1
|
|
|
1.4
|
|
|
(0.3)
|
|
|
(24.9)
|
%
|
|
|
(0.2)
|
|
|
(11.6)
|
%
|
Used vehicle
wholesale sales
|
0.2
|
|
|
0.3
|
|
|
(0.1)
|
|
|
(26.2)
|
%
|
|
|
—
|
|
|
(12.8)
|
%
|
Total used
|
1.3
|
|
|
1.7
|
|
|
(0.4)
|
|
|
(25.2)
|
%
|
|
|
(0.2)
|
|
|
(11.8)
|
%
|
Parts and service
sales
|
4.2
|
|
|
5.1
|
|
|
(0.9)
|
|
|
(17.6)
|
%
|
|
|
(0.7)
|
|
|
(3.8)
|
%
|
F&I,
net
|
1.7
|
|
|
2.0
|
|
|
(0.2)
|
|
|
(11.9)
|
%
|
|
|
(0.3)
|
|
|
3.5
|
%
|
Total gross
profit
|
$
|
10.7
|
|
|
$
|
12.6
|
|
|
$
|
(1.9)
|
|
|
(14.9)
|
%
|
|
|
$
|
(1.8)
|
|
|
(0.2)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.1
|
%
|
|
6.1
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3
|
%
|
|
7.1
|
%
|
|
(1.8)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
5.3
|
%
|
|
8.0
|
%
|
|
(2.7)
|
%
|
|
|
|
|
|
|
|
Total used
|
5.3
|
%
|
|
7.3
|
%
|
|
(2.0)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
44.0
|
%
|
|
43.5
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.5
|
%
|
|
12.6
|
%
|
|
(1.0)
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
1,971
|
|
|
2,126
|
|
|
(155)
|
|
|
(7.3)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,098
|
|
|
1,058
|
|
|
40
|
|
|
3.8
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
475
|
|
|
450
|
|
|
25
|
|
|
5.6
|
%
|
|
|
|
|
|
Total used
|
1,573
|
|
|
1,508
|
|
|
65
|
|
|
4.3
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
29,169
|
|
|
$
|
29,709
|
|
|
$
|
(540)
|
|
|
(1.8)
|
%
|
|
|
$
|
(5,158)
|
|
|
15.5
|
%
|
Used vehicle
retail
|
$
|
18,154
|
|
|
$
|
18,584
|
|
|
$
|
(429)
|
|
|
(2.3)
|
%
|
|
|
$
|
(3,141)
|
|
|
14.6
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,782
|
|
|
$
|
1,803
|
|
|
$
|
(21)
|
|
|
(1.1)
|
%
|
|
|
$
|
(312)
|
|
|
16.2
|
%
|
Used vehicle retail
sales
|
$
|
957
|
|
|
$
|
1,323
|
|
|
$
|
(366)
|
|
|
(27.7)
|
%
|
|
|
$
|
(171)
|
|
|
(14.8)
|
%
|
Used vehicle
wholesale sales
|
$
|
430
|
|
|
$
|
615
|
|
|
$
|
(185)
|
|
|
(30.1)
|
%
|
|
|
$
|
(78)
|
|
|
(17.4)
|
%
|
Total used
|
$
|
798
|
|
|
$
|
1,112
|
|
|
$
|
(314)
|
|
|
(28.3)
|
%
|
|
|
$
|
(143)
|
|
|
(15.4)
|
%
|
F&I
PRU
|
$
|
560
|
|
|
$
|
613
|
|
|
$
|
(53)
|
|
|
(8.6)
|
%
|
|
|
$
|
(98)
|
|
|
7.4
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
10.5
|
|
|
$
|
11.4
|
|
|
$
|
(0.9)
|
|
|
(7.7)
|
%
|
|
|
$
|
(1.9)
|
|
|
9.4
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
9.7
|
|
|
$
|
11.4
|
|
|
$
|
(1.8)
|
|
|
(15.4)
|
%
|
|
|
$
|
(1.7)
|
|
|
(0.6)
|
%
|
SG&A as % gross
profit
|
98.7
|
%
|
|
90.9
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
90.4
|
%
|
|
90.9
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
|
|
(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.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
amounts)
|
|
|
|
|
|
Three Months Ended March 31,
2020
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
328.0
|
|
|
$
|
(0.9)
|
|
|
$
|
327.1
|
|
Income (loss) from
operations
|
|
69.9
|
|
|
0.9
|
|
|
70.8
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
38.9
|
|
|
$
|
0.9
|
|
|
$
|
39.8
|
|
Less: (Benefit)
provision for income taxes
|
|
9.1
|
|
|
0.1
|
|
|
9.2
|
|
Net income
(loss)
|
|
29.8
|
|
|
0.8
|
|
|
30.6
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
28.7
|
|
|
$
|
0.8
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
1.61
|
|
|
$
|
0.04
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.4
|
%
|
|
|
|
23.2
|
%
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
78.7
|
%
|
|
|
|
78.5
|
%
|
Operating margin
(2)
|
|
2.6
|
%
|
|
|
|
2.6
|
%
|
Pretax margin
(2)
|
|
1.4
|
%
|
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
315.0
|
|
|
$
|
(0.9)
|
|
|
$
|
314.1
|
|
Same Store SG&A
as % gross profit (1)
|
|
78.2
|
%
|
|
|
|
78.0
|
%
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
70.1
|
|
|
$
|
0.9
|
|
|
$
|
71.0
|
|
Same Store operating
margin (2)
|
|
2.7
|
%
|
|
|
|
2.7
|
%
|
|
|
(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.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
amounts)
|
|
|
|
|
|
Three Months Ended March 31,
2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
327.7
|
|
|
$
|
(2.0)
|
|
|
$
|
5.2
|
|
|
$
|
(2.4)
|
|
|
$
|
328.5
|
|
Income (loss) from
operations
|
|
86.8
|
|
|
2.0
|
|
|
(5.2)
|
|
|
2.4
|
|
|
86.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
52.2
|
|
|
$
|
2.0
|
|
|
$
|
(5.2)
|
|
|
$
|
2.4
|
|
|
$
|
51.3
|
|
Less: (Benefit)
provision for income taxes
|
|
13.5
|
|
|
0.5
|
|
|
(1.4)
|
|
|
0.5
|
|
|
13.1
|
|
Net income
(loss)
|
|
38.6
|
|
|
1.5
|
|
|
(3.8)
|
|
|
1.9
|
|
|
38.2
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.5
|
|
|
0.1
|
|
|
(0.1)
|
|
|
0.1
|
|
|
1.4
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
37.2
|
|
|
$
|
1.4
|
|
|
$
|
(3.7)
|
|
|
$
|
1.8
|
|
|
$
|
36.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
2.08
|
|
|
$
|
0.08
|
|
|
$
|
(0.21)
|
|
|
$
|
0.10
|
|
|
$
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
25.9
|
%
|
|
|
|
|
|
|
|
25.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
75.9
|
%
|
|
|
|
|
|
|
|
76.1
|
%
|
Operating margin
(2)
|
|
3.1
|
%
|
|
|
|
|
|
|
|
3.1
|
%
|
Pretax margin
(2)
|
|
1.9
|
%
|
|
|
|
|
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
323.4
|
|
|
$
|
(2.0)
|
|
|
$
|
1.1
|
|
|
$
|
(1.8)
|
|
|
$
|
320.6
|
|
Same Store SG&A
as % gross profit (1)
|
|
76.1
|
%
|
|
|
|
|
|
|
|
75.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
84.8
|
|
|
$
|
2.0
|
|
|
$
|
(1.1)
|
|
|
$
|
1.8
|
|
|
$
|
87.5
|
|
Same Store operating
margin (2)
|
|
3.1
|
%
|
|
|
|
|
|
|
|
3.2
|
%
|
|
|
(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.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- U.S.
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
256.2
|
|
|
$
|
(2.0)
|
|
|
$
|
5.2
|
|
|
$
|
(1.8)
|
|
|
$
|
257.6
|
|
SG&A as % gross
profit (1)
|
|
73.8
|
%
|
|
|
|
|
|
|
|
74.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
256.2
|
|
|
$
|
(2.0)
|
|
|
$
|
1.1
|
|
|
$
|
(1.8)
|
|
|
$
|
253.5
|
|
Same Store SG&A
as % gross profit (1)
|
|
74.5
|
%
|
|
|
|
|
|
|
|
73.7
|
%
|
|
|
(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)
|
|
|
|
|
|
Three Months Ended March 31,
2020
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
10.6
|
|
|
$
|
(0.9)
|
|
|
$
|
9.7
|
|
SG&A as % gross
profit (1)
|
|
99.1
|
%
|
|
|
|
90.9
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
10.5
|
|
|
$
|
(0.9)
|
|
|
$
|
9.7
|
|
Same Store SG&A
as % gross profit (1)
|
|
98.7
|
%
|
|
|
|
90.4
|
%
|
|
|
|
|
|
Three Months Ended March 31,
2019
|
|
|
U.S. GAAP
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
12.4
|
|
|
$
|
(0.6)
|
|
|
$
|
11.8
|
|
SG&A as % gross
profit (1)
|
|
98.2
|
%
|
|
|
|
93.7
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
11.4
|
|
|
$
|
—
|
|
|
$
|
11.4
|
|
Same Store SG&A
as % gross profit (1)
|
|
90.9
|
%
|
|
|
|
90.9
|
%
|
|
|
(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-first-quarter-2020-financial-results-301052556.html
SOURCE Group 1 Automotive, Inc.