HOUSTON, April 28, 2017 /PRNewswire/
-- Group 1 Automotive, Inc. (NYSE: GPI), ("Group
1" or the "Company"), an international, Fortune 500 automotive
retailer, today reported 2017 first quarter net income of
$33.9 million, diluted earnings per
common share of $1.58, adjusted net
income (a non-GAAP measure) of $32.8
million, and adjusted diluted earnings per common share (a
non-GAAP measure) of $1.53.
First quarter 2017 adjusted net income and diluted earnings per
share exclude a non-core benefit of approximately $1.1 million after-tax, or $0.05 per share, related to a settlement with an
Original Equipment Manufacturer (OEM). Reconciliations of non-GAAP
financial measures are included in the attached financial
tables.
"Although we had another strong performance in our U.S. new
vehicle margins, a record quarter in the U.K., and a profitable
quarter in Brazil, these factors
were not enough to offset extreme weakness in vehicle sales in our
energy price impacted markets. Combined new and used sales dropped
11 percent in Texas and
Oklahoma, with the new vehicle
industry declining 16 percent for the quarter in our largest single
market of Houston. With a decrease
of 13 percent in new vehicle sales at our Houston stores, we outperformed the local
market, but we still need to make further adjustments to our
businesses in the energy price impacted markets," said Earl J. Hesterberg, Group 1's president and
chief executive officer. "As for our overseas markets, our U.K.
operations had another record quarter, with revenue growth across
all business segments and gross profit up double digits on a
constant currency basis. And finally, in the face of continued
pressure on Brazil's new vehicle
industry during the quarter, we are also delighted to have achieved
profitability in our Brazil Region by growing gross profit 13
percent on a Same Store constant currency basis reflecting
tremendous performance in used vehicles, parts and service, and
F&I, and by significantly leveraging our costs."
Consolidated Results for First 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 3.4 percent ((1.5) percent) to
$2.5 billion; total gross profit
decreased 1.4 percent ((0.1) percent) to $383.5 million.
- New vehicle revenues decreased 5.2 percent ((3.1) percent) on a
6.1 percent decrease in unit sales. New vehicle gross profit
decreased 3.5 percent ((1.3) percent) to $69.2 million, as improved new vehicle margins
partially offset the volume decline. U.S. Same Store new vehicle
margins were up 5.1 percent or $91
per unit to $1,862.
- Retail used vehicle revenues decreased 4.0 percent ((2.0)
percent) on a 3.7 percent decrease in unit sales. Retail used
vehicle gross profit decreased 8.5 percent ((7.5) percent) to
$45.0 million reflecting the impact
of lower margins, down $74 per unit,
in combination with the volume decline.
- Parts and service gross profit increased 3.5 percent (4.9
percent) on revenue growth of 3.6 percent (4.7 percent). Same Store
parts and service gross profit increased 3.4 percent (4.4 percent)
on revenue growth of 3.8 percent (4.6 percent).
- Same Store Finance and Insurance (F&I) gross profit per
retail unit (PRU) increased 2.0 percent (2.8 percent) to
$1,410 per retail unit. U.S. F&I
gross profit per unit increased $73
to a first quarter record of $1,637.
- Selling, General and Administrative (SG&A) expenses as a
percent of gross profit increased 10 basis points to 75.6 percent.
Adjusted SG&A expenses as a percent of gross profit (a non-GAAP
measure) increased 120 basis points to 76.0 percent.
Segment Results for First Quarter 2017 (year-over-year
comparable basis)
- United States:
The
Company's U.S. operations accounted for 78.1 percent of total
revenues and 83.6 percent of total gross profit. U.S. revenues were
$2.0 billion, a decrease of 5.5
percent. The revenue decrease reflects 10.7 percent and 7.1 percent
decreases in retail new and used vehicle unit sales, respectively.
The vast majority of the sales decline came from the Company's
oil-impacted markets of Texas and
Oklahoma. Gross profit decreased
3.6 percent.
- United Kingdom:
The
Company's U.K. operations accounted for 17.9 percent of total
revenues and 13.1 percent of total gross profit. Despite a 14
percent weakening in the pound, total revenue grew 4.3 percent
(20.5 percent) to $450.3 million, and
gross profit increased 7.6 percent (24.3 percent). Revenue growth
was primarily driven by 22.6 percent and 22.1 percent increases in
new and used vehicle retail unit sales, respectively.
- Brazil:
The
Company's Brazilian operations accounted for 4.0 percent of total
revenues and 3.3 percent of total gross profit. Despite continued
weakness in Brazil's new vehicle
industry volumes, which contributed to decreased Same Store total
revenue of 13.4 percent on a constant currency basis, gross profit
increased 13.0 percent, reflecting strong growth in Same Store
total used vehicles gross profit (up almost 180 percent), and a
17.6 percent increase in Same Store parts and sales gross profit.
In addition, Same Store F&I gross profit PRU increased 64.5
percent on a constant currency basis. The increase in gross profit,
coupled with significantly improved cost leverage, allowed the
region to achieve profitability in the quarter.
Corporate Development
In January 2017, as previously
announced, the Company acquired a BMW motorcycle franchise in
Brazil, which is expected to
generate approximately $5 million in
annual revenues. In March 2017, the
Company opened Think Ford Reading, an add point in the U.K., which
is contiguous to our existing Ford market. This expands the
Company's U.K. Ford network to seven
dealerships. In April 2017, the
Company also opened Cedar Park Nissan, an add point in Austin, Texas. This addition increases Group
1's U.S. Nissan network to nine dealerships. These add points are
expected to generate approximately $60
million in annual revenues.
In February 2017, as previously
announced, the Company disposed of two Nissan dealerships in
Brazil. These stores generated
approximately $25 million in
trailing-twelve-month revenues.
Share Repurchase Authorization
As of April 28, 2017, $22.4 million remains available under the
Company's prior common stock share repurchase authorization.
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.
First Quarter 2017 Earnings Conference Call Details
Group 1's senior management will host a conference call today at
9 a.m. ET to discuss the first
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: 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:
|
7461950
|
A telephonic replay will be available following the call through
May 5, 2017 by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay
ID:
|
10105151
|
About Group 1 Automotive, Inc.
Group 1 owns
and operates 159 automotive dealerships,
210 franchises, and 45 collision
centers in the United
States, the United
Kingdom and Brazil that offer 30 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
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
Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete
DeLongchamps
V.P. 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.
|
Consolidated
Statements of Operations
|
(Unaudited)
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,337,213
|
|
$
1,409,851
|
|
(5.2)
|
Used vehicle retail
sales
|
660,927
|
|
688,171
|
|
(4.0)
|
Used vehicle
wholesale sales
|
104,157
|
|
101,592
|
|
2.5
|
Parts and
service
|
319,698
|
|
308,592
|
|
3.6
|
Finance, insurance
and other, net
|
96,834
|
|
100,149
|
|
(3.3)
|
Total
revenues
|
2,518,829
|
|
2,608,355
|
|
(3.4)
|
|
|
|
|
|
|
COST OF
SALES:
|
|
|
|
|
|
New vehicle retail
sales
|
1,267,986
|
|
1,338,124
|
|
(5.2)
|
Used vehicle retail
sales
|
615,922
|
|
638,971
|
|
(3.6)
|
Used vehicle
wholesale sales
|
104,057
|
|
100,143
|
|
3.9
|
Parts and
service
|
147,342
|
|
142,016
|
|
3.8
|
Total cost of
sales
|
2,135,307
|
|
2,219,254
|
|
(3.8)
|
|
|
|
|
|
|
GROSS
PROFIT
|
383,522
|
|
389,101
|
|
(1.4)
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
289,779
|
|
293,664
|
|
(1.3)
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION EXPENSE
|
13,606
|
|
12,464
|
|
9.2
|
|
|
|
|
|
|
ASSET
IMPAIRMENTS
|
-
|
|
932
|
|
(100.0)
|
|
|
|
|
|
|
OPERATING
INCOME
|
80,137
|
|
82,041
|
|
(2.3)
|
|
|
|
|
|
|
OTHER
EXPENSE:
|
|
|
|
|
|
Floorplan interest
expense
|
(11,942)
|
|
(11,010)
|
|
8.5
|
Other interest
expense, net
|
(16,999)
|
|
(16,929)
|
|
0.4
|
INCOME BEFORE
INCOME TAXES
|
51,196
|
|
54,102
|
|
(5.4)
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
(17,257)
|
|
(19,811)
|
|
(12.9)
|
|
|
|
|
|
|
NET
INCOME
|
$
33,939
|
|
$
34,291
|
|
(1.0)
|
Less: Earnings
allocated to participating securities
|
$
1,250
|
|
$
1,348
|
|
(7.3)
|
Earnings available to
diluted common shares
|
$
32,689
|
|
$
32,943
|
|
(0.8)
|
DILUTED EARNINGS
PER SHARE
|
$
1.58
|
|
$
1.47
|
|
7.5
|
Weighted average
dilutive common shares outstanding
|
20,698
|
|
22,453
|
|
(7.8)
|
Weighted average
participating securities
|
818
|
|
921
|
|
(11.2)
|
Total weighted
average shares outstanding
|
21,516
|
|
23,374
|
|
(7.9)
|
Group 1
Automotive, Inc.
|
Consolidated
Balance Sheets
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
% Increase/
(Decrease)
|
ASSETS:
|
|
(Unaudited)
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
33,770
|
|
$
20,992
|
|
60.9
|
Contracts in
transit and vehicle receivables, net
|
|
213,772
|
|
269,508
|
|
(20.7)
|
Accounts and
notes receivable, net
|
|
152,794
|
|
173,364
|
|
(11.9)
|
Inventories,
net
|
|
1,729,525
|
|
1,651,815
|
|
4.7
|
Prepaid
expenses and other current assets
|
|
23,216
|
|
34,908
|
|
(33.5)
|
Total current
assets
|
|
2,153,077
|
|
2,150,587
|
|
0.1
|
PROPERTY AND
EQUIPMENT, net
|
|
1,152,395
|
|
1,125,883
|
|
2.4
|
GOODWILL AND
INTANGIBLE FRANCHISE RIGHTS
|
|
1,162,351
|
|
1,161,639
|
|
0.1
|
OTHER
ASSETS
|
|
21,540
|
|
23,794
|
|
(9.5)
|
Total
assets
|
|
$
4,489,363
|
|
$
4,461,903
|
|
0.6
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Floorplan notes
payable - credit facility and other
|
|
$
1,170,383
|
|
$
1,136,654
|
|
3.0
|
Offset account
related to floorplan notes payable - credit
facility
|
|
(97,149)
|
|
(59,626)
|
|
62.9
|
Floorplan notes
payable - manufacturer affiliates
|
|
392,388
|
|
392,661
|
|
(0.1)
|
Offset account
related to floorplan notes payable - manufacturer
affiliates
|
|
(26,750)
|
|
(25,500)
|
|
4.9
|
Current
maturities of long-term debt and short-term
financing
|
|
46,340
|
|
72,419
|
|
(36.0)
|
Current
liabilities from interest rate risk management
activities
|
|
2,597
|
|
3,941
|
|
(34.1)
|
Accounts
payable
|
|
347,746
|
|
356,099
|
|
(2.3)
|
Accrued
expenses
|
|
185,720
|
|
176,469
|
|
5.2
|
Total current
liabilities
|
|
2,021,275
|
|
2,053,117
|
|
(1.6)
|
5.00% SENIOR
NOTES (principal of $550,000 at March 31, 2017 and December 31,
2016, respectively)
|
|
540,858
|
|
540,465
|
|
0.1
|
5.25% SENIOR
NOTES (principal of $300,000 at March 31, 2017 and December 31,
2016, respectively)
|
|
295,729
|
|
295,591
|
|
0.0
|
REAL ESTATE
RELATED AND OTHER LONG-TERM DEBT, net of current
maturities
|
|
345,775
|
|
333,326
|
|
3.7
|
CAPITAL LEASE
OBLIGATIONS RELATED TO REAL ESTATE, net of current
maturities
|
|
42,356
|
|
43,427
|
|
(2.5)
|
DEFERRED INCOME
TAXES
|
|
168,772
|
|
161,502
|
|
4.5
|
LIABILITIES
FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES
|
|
17,762
|
|
20,470
|
|
(13.2)
|
OTHER
LIABILITIES
|
|
87,876
|
|
83,805
|
|
4.9
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
Common
stock
|
|
256
|
|
257
|
|
(0.4)
|
Additional
paid-in capital
|
|
285,455
|
|
290,899
|
|
(1.9)
|
Retained
earnings
|
|
1,082,101
|
|
1,053,301
|
|
2.7
|
Accumulated
other comprehensive loss
|
|
(140,149)
|
|
(146,944)
|
|
(4.6)
|
Treasury
stock
|
|
(258,703)
|
|
(267,313)
|
|
(3.2)
|
Total
stockholders' equity
|
|
968,960
|
|
930,200
|
|
4.2
|
Total
liabilities and stockholders' equity
|
|
$
4,489,363
|
|
$
4,461,903
|
|
0.6
|
Group 1
Automotive, Inc.
|
Additional
Information - Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2017
(%)
|
|
2016
(%)
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
Region
|
Geographic
Market
|
|
|
|
|
East
|
Georgia
|
|
4.5
|
|
3.8
|
|
Massachusetts
|
|
4.2
|
|
5.0
|
|
Florida
|
|
2.5
|
|
2.4
|
|
New
Hampshire
|
|
1.8
|
|
1.7
|
|
New Jersey
|
|
1.6
|
|
1.6
|
|
Louisiana
|
|
1.6
|
|
1.4
|
|
Mississippi
|
|
1.5
|
|
1.5
|
|
South
Carolina
|
|
1.3
|
|
1.4
|
|
Alabama
|
|
1.2
|
|
0.8
|
|
Maryland
|
|
0.4
|
|
0.4
|
|
|
|
20.6
|
|
20.0
|
|
|
|
|
|
|
West
|
Texas
|
|
34.8
|
|
37.0
|
|
California
|
|
7.9
|
|
9.0
|
|
Oklahoma
|
|
6.4
|
|
7.2
|
|
Kansas
|
|
1.6
|
|
1.8
|
|
Louisiana
|
|
0.5
|
|
0.6
|
|
|
|
51.2
|
|
55.6
|
|
|
|
|
|
|
International
|
United
Kingdom
|
|
23.6
|
|
18.0
|
|
Brazil
|
|
4.6
|
|
6.4
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
Toyota/Scion/Lexus
|
|
23.2
|
|
23.8
|
BMW/MINI
|
|
14.3
|
|
13.1
|
Ford/Lincoln
|
|
12.8
|
|
11.5
|
Volkswagen/Audi/Porsche
|
|
12.5
|
|
10.6
|
Honda/Acura
|
|
9.1
|
|
10.5
|
Nissan
|
|
8.2
|
|
7.9
|
Chevrolet/GMC/Buick/Cadillac
|
|
6.7
|
|
7.8
|
Mercedes-Benz/smart/Sprinter
|
|
3.9
|
|
3.7
|
Chrysler/Dodge/Jeep/RAM
|
|
3.7
|
|
4.0
|
Hyundai/Kia
|
|
3.4
|
|
4.7
|
Other
|
|
2.2
|
|
2.4
|
|
|
|
100.0
|
|
100.0
|
Group 1
Automotive, Inc.
|
Additional
Information - U.S.
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,018,249
|
|
$
1,100,393
|
|
(7.5)
|
Used vehicle retail
sales
|
|
521,947
|
|
558,764
|
|
(6.6)
|
Used vehicle
wholesale sales
|
|
70,545
|
|
68,873
|
|
2.4
|
Total used
|
|
592,492
|
|
627,637
|
|
(5.6)
|
Parts and
service
|
|
271,159
|
|
263,458
|
|
2.9
|
Finance, insurance
and other, net
|
|
85,819
|
|
90,145
|
|
(4.8)
|
Total
|
|
$
1,967,719
|
|
$
2,081,633
|
|
(5.5)
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.0
|
|
4.9
|
|
|
Used vehicle retail
sales
|
|
7.3
|
|
7.8
|
|
|
Used vehicle
wholesale sales
|
|
(0.5)
|
|
1.2
|
|
|
Total used
|
|
6.3
|
|
7.1
|
|
|
Parts and
service
|
|
53.8
|
|
54.7
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
Total
|
|
16.3
|
|
16.0
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
51,209
|
|
$
54,146
|
|
(5.4)
|
Used vehicle retail
sales
|
|
37,932
|
|
43,455
|
|
(12.7)
|
Used vehicle
wholesale sales
|
|
(362)
|
|
844
|
|
(142.9)
|
Total used
|
|
37,570
|
|
44,299
|
|
(15.2)
|
Parts and
service
|
|
145,998
|
|
144,120
|
|
1.3
|
Finance, insurance
and other, net
|
|
85,819
|
|
90,145
|
|
(4.8)
|
Total
|
|
$
320,596
|
|
$
332,710
|
|
(3.6)
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
27,498
|
|
30,801
|
|
(10.7)
|
Retail used vehicles
sold
|
|
24,929
|
|
26,831
|
|
(7.1)
|
Wholesale used
vehicles sold
|
|
9,981
|
|
10,413
|
|
(4.1)
|
Total used
|
|
34,910
|
|
37,244
|
|
(6.3)
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
37,030
|
|
$
35,726
|
|
3.7
|
Used vehicle
retail
|
|
$
20,937
|
|
$
20,825
|
|
0.5
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,862
|
|
$
1,758
|
|
5.9
|
Used vehicle retail
sales
|
|
1,522
|
|
1,620
|
|
(6.0)
|
Used vehicle
wholesale sales
|
|
(36)
|
|
81
|
|
(144.4)
|
Total used
|
|
1,076
|
|
1,189
|
|
(9.5)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
1,637
|
|
$
1,564
|
|
4.7
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
236,273
|
|
$
245,838
|
|
(3.9)
|
Adjusted SG&A
expenses(1)
|
|
$
238,106
|
|
$
244,086
|
|
(2.4)
|
SG&A as %
revenues
|
|
12.0
|
|
11.8
|
|
|
Adjusted SG&A as
% revenues (1)
|
|
12.1
|
|
11.7
|
|
|
SG&A as % gross
profit
|
|
73.7
|
|
73.9
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
74.3
|
|
73.4
|
|
|
Operating margin
%
|
|
3.7
|
|
3.6
|
|
|
Adjusted operating
margin % (1)
|
|
3.6
|
|
3.7
|
|
|
Pretax margin
%
|
|
2.3
|
|
2.4
|
|
|
Adjusted pretax
margin % (1)
|
|
2.2
|
|
2.5
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
$
(10,878)
|
|
$
(10,049)
|
|
8.2
|
Floorplan
assistance
|
|
10,284
|
|
11,251
|
|
(8.6)
|
Net floorplan
(expense) income
|
|
$
(594)
|
|
$
1,202
|
|
(149.4)
|
Other interest
expense, net
|
|
$
(16,272)
|
|
$
(15,513)
|
|
4.9
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant
Currency(1) % Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 258,640
|
|
$ 246,536
|
|
4.9
|
|
21.3
|
Used vehicle retail
sales
|
|
115,369
|
|
110,117
|
|
4.8
|
|
21.1
|
Used vehicle
wholesale sales
|
|
30,509
|
|
32,032
|
|
(4.8)
|
|
10.1
|
Total used
|
|
145,878
|
|
142,149
|
|
2.6
|
|
18.6
|
Parts and
service
|
|
36,781
|
|
34,549
|
|
6.5
|
|
23.0
|
Finance, insurance
and other, net
|
|
9,028
|
|
8,662
|
|
4.2
|
|
20.5
|
Total
|
|
$ 450,327
|
|
$ 431,896
|
|
4.3
|
|
20.5
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.6
|
|
5.6
|
|
|
|
|
Used vehicle retail
sales
|
|
4.7
|
|
4.7
|
|
|
|
|
Used vehicle
wholesale sales
|
|
0.7
|
|
1.8
|
|
|
|
|
Total used
|
|
3.9
|
|
4.1
|
|
|
|
|
Parts and
service
|
|
57.7
|
|
53.4
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
11.2
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
14,401
|
|
$
13,854
|
|
3.9
|
|
20.2
|
Used vehicle retail
sales
|
|
5,429
|
|
5,210
|
|
4.2
|
|
20.5
|
Used vehicle
wholesale sales
|
|
211
|
|
572
|
|
(63.1)
|
|
(57.9)
|
Total used
|
|
5,640
|
|
5,782
|
|
(2.5)
|
|
12.7
|
Parts and
service
|
|
21,225
|
|
18,448
|
|
15.1
|
|
33.0
|
Finance, insurance
and other, net
|
|
9,028
|
|
8,662
|
|
4.2
|
|
20.5
|
Total
|
|
$
50,294
|
|
$
46,746
|
|
7.6
|
|
24.3
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
9,018
|
|
7,358
|
|
22.6
|
|
|
Retail used vehicles
sold
|
|
5,611
|
|
4,595
|
|
22.1
|
|
|
Wholesale used
vehicles sold
|
|
4,169
|
|
3,642
|
|
14.5
|
|
|
Total used
|
|
9,780
|
|
8,237
|
|
18.7
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
28,680
|
|
$
33,506
|
|
(14.4)
|
|
(1.1)
|
Used vehicle
retail
|
|
$
20,561
|
|
$
23,965
|
|
(14.2)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,597
|
|
$
1,883
|
|
(15.2)
|
|
(2.0)
|
Used vehicle retail
sales
|
|
968
|
|
1,134
|
|
(14.6)
|
|
(1.3)
|
Used vehicle
wholesale sales
|
|
51
|
|
157
|
|
(67.5)
|
|
(63.2)
|
Total used
|
|
577
|
|
702
|
|
(17.8)
|
|
(5.1)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
617
|
|
$
725
|
|
(14.9)
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
41,624
|
|
$
37,436
|
|
11.2
|
|
28.5
|
Adjusted SG&A
expenses(1)
|
|
$
41,624
|
|
$
36,875
|
|
12.9
|
|
30.4
|
SG&A as %
revenues
|
|
9.2
|
|
8.7
|
|
|
|
|
Adjusted SG&A as
% revenues (1)
|
|
9.2
|
|
8.5
|
|
|
|
|
SG&A as % gross
profit
|
|
82.8
|
|
80.1
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
82.8
|
|
78.9
|
|
|
|
|
Operating margin
%
|
|
1.6
|
|
1.8
|
|
|
|
|
Adjusted operating
margin % (1)
|
|
1.6
|
|
1.9
|
|
|
|
|
Pretax margin
%
|
|
1.2
|
|
1.3
|
|
|
|
|
Adjusted pretax
margin % (1)
|
|
1.2
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
$
(1,034)
|
|
$
(920)
|
|
12.4
|
|
29.7
|
Floorplan
assistance
|
|
229
|
|
263
|
|
(12.9)
|
|
0.5
|
Net floorplan
expense
|
|
$
(805)
|
|
$
(657)
|
|
22.5
|
|
41.5
|
Other interest
expense, net
|
|
$
(581)
|
|
$
(1,282)
|
|
(54.7)
|
|
(47.9)
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(1) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
60,324
|
|
$ 62,922
|
|
(4.1)
|
|
(22.5)
|
Used vehicle retail
sales
|
|
23,611
|
|
19,290
|
|
22.4
|
|
(1.3)
|
Used vehicle
wholesale sales
|
|
3,103
|
|
687
|
|
351.7
|
|
263.1
|
Total used
|
|
26,714
|
|
19,977
|
|
33.7
|
|
7.8
|
Parts and
service
|
|
11,758
|
|
10,585
|
|
11.1
|
|
(10.3)
|
Finance, insurance
and other, net
|
|
1,987
|
|
1,342
|
|
48.1
|
|
19.1
|
Total
|
|
$ 100,783
|
|
$ 94,826
|
|
6.3
|
|
(14.2)
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6.0
|
|
5.9
|
|
|
|
|
Used vehicle retail
sales
|
|
7.0
|
|
2.8
|
|
|
|
|
Used vehicle
wholesale sales
|
|
8.1
|
|
4.8
|
|
|
|
|
Total used
|
|
7.1
|
|
2.8
|
|
|
|
|
Parts and
service
|
|
43.7
|
|
37.9
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
12.5
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,617
|
|
$
3,727
|
|
(3.0)
|
|
(21.9)
|
Used vehicle retail
sales
|
|
1,644
|
|
535
|
|
207.3
|
|
147.2
|
Used vehicle
wholesale sales
|
|
251
|
|
33
|
|
660.6
|
|
514.3
|
Total used
|
|
1,895
|
|
568
|
|
233.6
|
|
168.3
|
Parts and
service
|
|
5,133
|
|
4,008
|
|
28.1
|
|
3.3
|
Finance, insurance
and other, net
|
|
1,987
|
|
1,342
|
|
48.1
|
|
19.1
|
Total
|
|
$
12,632
|
|
$
9,645
|
|
31.0
|
|
5.5
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
1,774
|
|
2,622
|
|
(32.3)
|
|
|
Retail used vehicles
sold
|
|
1,026
|
|
1,365
|
|
(24.8)
|
|
|
Wholesale used
vehicles sold
|
|
379
|
|
311
|
|
21.9
|
|
|
Total used
|
|
1,405
|
|
1,676
|
|
(16.2)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
34,005
|
|
$ 23,998
|
|
41.7
|
|
14.5
|
Used vehicle
retail
|
|
$
23,013
|
|
$ 14,132
|
|
62.8
|
|
31.3
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,039
|
|
$
1,421
|
|
43.5
|
|
15.5
|
Used vehicle retail
sales
|
|
1,602
|
|
392
|
|
308.7
|
|
228.9
|
Used vehicle
wholesale sales
|
|
662
|
|
106
|
|
524.5
|
|
404.1
|
Total used
|
|
1,349
|
|
339
|
|
297.9
|
|
220.0
|
Finance, insurance
and other, net (per retail unit)
|
|
$
710
|
|
$
337
|
|
110.7
|
|
69.7
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
11,882
|
|
$ 10,390
|
|
14.4
|
|
(7.9)
|
Adjusted SG&A
expenses(1)
|
|
$
11,882
|
|
$ 10,019
|
|
18.6
|
|
(4.5)
|
SG&A as %
revenues
|
|
11.8
|
|
11.0
|
|
|
|
|
Adjusted SG&A as
% revenues (1)
|
|
11.8
|
|
10.6
|
|
|
|
|
SG&A as % gross
profit
|
|
94.1
|
|
107.7
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
94.1
|
|
103.9
|
|
|
|
|
Operating margin
%
|
|
0.4
|
|
(1.5)
|
|
|
|
|
Adjusted operating
margin % (1)
|
|
0.4
|
|
(0.7)
|
|
|
|
|
Pretax margin
%
|
|
0.2
|
|
(1.7)
|
|
|
|
|
Adjusted pretax
margin % (1)
|
|
0.2
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
$
(30)
|
|
$
(41)
|
|
(26.8)
|
|
(42.6)
|
Floorplan
assistance
|
|
—
|
|
—
|
|
-
|
|
-
|
Net floorplan
expense
|
|
$
(30)
|
|
$
(41)
|
|
(26.8)
|
|
(42.6)
|
Other interest
expense, net
|
|
$
(146)
|
|
$
(134)
|
|
9.0
|
|
(13.6)
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency
% (1) Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,337,213
|
|
$
1,409,851
|
|
(5.2)
|
|
(3.1)
|
Used vehicle retail
sales
|
|
660,927
|
|
688,171
|
|
(4.0)
|
|
(2.0)
|
Used vehicle
wholesale sales
|
|
104,157
|
|
101,592
|
|
2.5
|
|
6.6
|
Total used
|
|
765,084
|
|
789,763
|
|
(3.1)
|
|
(0.9)
|
Parts and
service
|
|
319,698
|
|
308,592
|
|
3.6
|
|
4.7
|
Finance, insurance
and other, net
|
|
96,834
|
|
100,149
|
|
(3.3)
|
|
(2.3)
|
Total
|
|
$
2,518,829
|
|
$
2,608,355
|
|
(3.4)
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.2
|
|
5.1
|
|
|
|
|
Used vehicle retail
sales
|
|
6.8
|
|
7.1
|
|
|
|
|
Used vehicle
wholesale sales
|
|
0.1
|
|
1.4
|
|
|
|
|
Total used
|
|
5.9
|
|
6.4
|
|
|
|
|
Parts and
service
|
|
53.9
|
|
54.0
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
15.2
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
69,227
|
|
$
71,727
|
|
(3.5)
|
|
(1.3)
|
Used vehicle retail
sales
|
|
45,005
|
|
49,200
|
|
(8.5)
|
|
(7.5)
|
Used vehicle
wholesale sales
|
|
100
|
|
1,449
|
|
(93.1)
|
|
(94.6)
|
Total used
|
|
45,105
|
|
50,649
|
|
(10.9)
|
|
(9.9)
|
Parts and
service
|
|
172,356
|
|
166,576
|
|
3.5
|
|
4.9
|
Finance, insurance
and other, net
|
|
96,834
|
|
100,149
|
|
(3.3)
|
|
(2.3)
|
Total
|
|
$
383,522
|
|
$
389,101
|
|
(1.4)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
38,290
|
|
40,781
|
|
(6.1)
|
|
|
Retail used vehicles
sold
|
|
31,566
|
|
32,791
|
|
(3.7)
|
|
|
Wholesale used
vehicles sold
|
|
14,529
|
|
14,366
|
|
1.1
|
|
|
Total used
|
|
46,095
|
|
47,157
|
|
(2.3)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
34,923
|
|
$
34,571
|
|
1.0
|
|
3.2
|
Used vehicle
retail
|
|
$
20,938
|
|
$
20,987
|
|
(0.2)
|
|
1.8
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,808
|
|
$
1,759
|
|
2.8
|
|
5.1
|
Used vehicle retail
sales
|
|
1,426
|
|
1,500
|
|
(4.9)
|
|
(3.9)
|
Used vehicle
wholesale sales
|
|
7
|
|
101
|
|
(93.1)
|
|
(94.6)
|
Total used
|
|
979
|
|
1,074
|
|
(8.8)
|
|
(7.9)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
1,386
|
|
$
1,361
|
|
1.8
|
|
2.9
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
289,779
|
|
$
293,664
|
|
(1.3)
|
|
0.1
|
Adjusted SG&A
expenses(1)
|
|
$
291,612
|
|
$
290,980
|
|
0.2
|
|
1.6
|
SG&A as %
revenues
|
|
11.5
|
|
11.3
|
|
|
|
|
Adjusted SG&A as
% revenues (1)
|
|
11.6
|
|
11.2
|
|
|
|
|
SG&A as % gross
profit
|
|
75.6
|
|
75.5
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
76.0
|
|
74.8
|
|
|
|
|
Operating margin
%
|
|
3.2
|
|
3.1
|
|
|
|
|
Adjusted operating
margin % (1)
|
|
3.1
|
|
3.3
|
|
|
|
|
Pretax margin
%
|
|
2.0
|
|
2.1
|
|
|
|
|
Adjusted pretax
margin % (1)
|
|
2.0
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
$
(11,942)
|
|
$
(11,010)
|
|
8.5
|
|
9.9
|
Floorplan
assistance
|
|
10,513
|
|
11,514
|
|
(8.7)
|
|
(8.7)
|
Net floorplan
(expense) income
|
|
$
(1,429)
|
|
$
504
|
|
(383.5)
|
|
(413.7)
|
Other interest
expense, net
|
|
$
(16,999)
|
|
$
(16,929)
|
|
0.4
|
|
0.7
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,018,248
|
|
$
1,081,354
|
|
(5.8)
|
Used vehicle retail
sales
|
|
521,945
|
|
549,854
|
|
(5.1)
|
Used vehicle
wholesale sales
|
|
70,545
|
|
66,761
|
|
5.7
|
Total used
|
|
592,490
|
|
616,615
|
|
(3.9)
|
Parts and
service
|
|
271,160
|
|
260,134
|
|
4.2
|
Finance, insurance
and other, net
|
|
85,390
|
|
88,632
|
|
(3.7)
|
Total
|
|
$
1,967,288
|
|
$
2,046,735
|
|
(3.9)
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.0
|
|
4.9
|
|
|
Used vehicle retail
sales
|
|
7.3
|
|
7.7
|
|
|
Used vehicle
wholesale sales
|
|
(0.5)
|
|
1.9
|
|
|
Total used
|
|
6.3
|
|
7.1
|
|
|
Parts and
service
|
|
53.8
|
|
54.6
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
Total
|
|
16.3
|
|
16.0
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
51,206
|
|
$
53,237
|
|
(3.8)
|
Used vehicle retail
sales
|
|
37,934
|
|
42,352
|
|
(10.4)
|
Used vehicle
wholesale sales
|
|
(343)
|
|
1,242
|
|
(127.6)
|
Total used
|
|
37,591
|
|
43,594
|
|
(13.8)
|
Parts and
service
|
|
146,000
|
|
142,062
|
|
2.8
|
Finance, insurance
and other, net
|
|
85,390
|
|
88,632
|
|
(3.7)
|
Total
|
|
$
320,187
|
|
$
327,525
|
|
(2.2)
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
27,498
|
|
30,062
|
|
(8.5)
|
Retail used vehicles
sold
|
|
24,929
|
|
26,357
|
|
(5.4)
|
Wholesale used
vehicles sold
|
|
9,981
|
|
10,113
|
|
(1.3)
|
Total used
|
|
34,910
|
|
36,470
|
|
(4.3)
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
37,030
|
|
$
35,971
|
|
2.9
|
Used vehicle
retail
|
|
$
20,937
|
|
$
20,862
|
|
0.4
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,862
|
|
$
1,771
|
|
5.1
|
Used vehicle retail
sales
|
|
1,522
|
|
1,607
|
|
(5.3)
|
Used vehicle
wholesale sales
|
|
(34)
|
|
123
|
|
(127.6)
|
Total used
|
|
1,077
|
|
1,195
|
|
(9.9)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
1,629
|
|
$
1,571
|
|
3.7
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
235,953
|
|
$
241,027
|
|
(2.1)
|
Adjusted SG&A
expenses(2)
|
|
$
237,786
|
|
$
238,208
|
|
(0.2)
|
SG&A as %
revenues
|
|
12.0
|
|
11.8
|
|
|
Adjusted SG&A as
% revenues (2)
|
|
12.1
|
|
11.6
|
|
|
SG&A as % gross
profit
|
|
73.7
|
|
73.6
|
|
|
Adjusted SG&A as
% gross profit (2)
|
|
74.3
|
|
72.7
|
|
|
Operating margin
%
|
|
3.7
|
|
3.7
|
|
|
Adjusted operating
margin % (2)
|
|
3.6
|
|
3.9
|
|
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 222,305
|
|
$ 232,238
|
|
(4.3)
|
|
10.7
|
Used vehicle retail
sales
|
|
94,051
|
|
100,674
|
|
(6.6)
|
|
8.1
|
Used vehicle
wholesale sales
|
|
24,396
|
|
28,800
|
|
(15.3)
|
|
(2.0)
|
Total used
|
|
118,447
|
|
129,474
|
|
(8.5)
|
|
5.8
|
Parts and
service
|
|
28,219
|
|
30,107
|
|
(6.3)
|
|
8.4
|
Finance, insurance
and other, net
|
|
7,618
|
|
8,191
|
|
(7.0)
|
|
7.5
|
Total
|
|
$ 376,589
|
|
$ 400,010
|
|
(5.9)
|
|
8.9
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.7
|
|
5.8
|
|
|
|
|
Used vehicle retail
sales
|
|
5.0
|
|
5.2
|
|
|
|
|
Used vehicle
wholesale sales
|
|
2.0
|
|
2.1
|
|
|
|
|
Total used
|
|
4.4
|
|
4.5
|
|
|
|
|
Parts and
service
|
|
56.9
|
|
53.0
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
11.1
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
12,698
|
|
$
13,444
|
|
(5.5)
|
|
9.2
|
Used vehicle retail
sales
|
|
4,743
|
|
5,198
|
|
(8.8)
|
|
5.5
|
Used vehicle
wholesale sales
|
|
499
|
|
597
|
|
(16.4)
|
|
(4.3)
|
Total used
|
|
5,242
|
|
5,795
|
|
(9.5)
|
|
4.5
|
Parts and
service
|
|
16,059
|
|
15,958
|
|
0.6
|
|
16.4
|
Finance, insurance
and other, net
|
|
7,618
|
|
8,191
|
|
(7.0)
|
|
7.5
|
Total
|
|
$
41,617
|
|
$
43,388
|
|
(4.1)
|
|
10.9
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
7,650
|
|
6,884
|
|
11.1
|
|
|
Retail used vehicles
sold
|
|
4,592
|
|
4,215
|
|
8.9
|
|
|
Wholesale used
vehicles sold
|
|
3,361
|
|
3,361
|
|
-
|
|
|
Total used
|
|
7,953
|
|
7,576
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
29,059
|
|
$
33,736
|
|
(13.9)
|
|
(0.4)
|
Used vehicle
retail
|
|
$
20,481
|
|
$
23,885
|
|
(14.2)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,660
|
|
$
1,953
|
|
(15.0)
|
|
(1.8)
|
Used vehicle retail
sales
|
|
1,033
|
|
1,233
|
|
(16.2)
|
|
(3.1)
|
Used vehicle
wholesale sales
|
|
148
|
|
178
|
|
(16.9)
|
|
(4.3)
|
Total used
|
|
659
|
|
765
|
|
(13.9)
|
|
(0.4)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
622
|
|
$
738
|
|
(15.7)
|
|
(2.5)
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
31,186
|
|
$
32,015
|
|
(2.6)
|
|
12.6
|
Adjusted SG&A
expenses(2)
|
|
$
31,186
|
|
$
31,454
|
|
(0.9)
|
|
14.6
|
SG&A as %
revenues
|
|
8.3
|
|
8.0
|
|
|
|
|
Adjusted SG&A as
% revenues (2)
|
|
8.3
|
|
7.9
|
|
|
|
|
SG&A as % gross
profit
|
|
74.9
|
|
73.8
|
|
|
|
|
Adjusted SG&A as
% gross profit (2)
|
|
74.9
|
|
72.5
|
|
|
|
|
Operating margin
%
|
|
2.4
|
|
2.5
|
|
|
|
|
Adjusted operating
margin % (2)
|
|
2.4
|
|
2.6
|
|
|
|
|
|
(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
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 53,912
|
|
$ 57,210
|
|
(5.8)
|
|
(23.9)
|
Used vehicle retail
sales
|
|
20,406
|
|
16,400
|
|
24.4
|
|
0.3
|
Used vehicle
wholesale sales
|
|
3,010
|
|
442
|
|
581.0
|
|
450.3
|
Total used
|
|
23,416
|
|
16,842
|
|
39.0
|
|
12.1
|
Parts and
service
|
|
10,244
|
|
8,133
|
|
26.0
|
|
1.8
|
Finance, insurance
and other, net
|
|
1,690
|
|
1,071
|
|
57.8
|
|
26.7
|
Total
|
|
$ 89,262
|
|
$ 83,256
|
|
7.2
|
|
(13.4)
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6.1
|
|
5.9
|
|
|
|
|
Used vehicle retail
sales
|
|
7.4
|
|
2.9
|
|
|
|
|
Used vehicle
wholesale sales
|
|
7.9
|
|
7.7
|
|
|
|
|
Total used
|
|
7.5
|
|
3.0
|
|
|
|
|
Parts and
service
|
|
45.8
|
|
39.6
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
12.8
|
|
9.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,289
|
|
$
3,350
|
|
(1.8)
|
|
(20.9)
|
Used vehicle retail
sales
|
|
1,515
|
|
470
|
|
222.3
|
|
158.2
|
Used vehicle
wholesale sales
|
|
238
|
|
34
|
|
600.0
|
|
457.1
|
Total used
|
|
1,753
|
|
504
|
|
247.8
|
|
178.7
|
Parts and
service
|
|
4,689
|
|
3,220
|
|
45.6
|
|
17.6
|
Finance, insurance
and other, net
|
|
1,690
|
|
1,071
|
|
57.8
|
|
26.7
|
Total
|
|
$ 11,421
|
|
$
8,145
|
|
40.2
|
|
13.0
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
1,579
|
|
2,207
|
|
(28.5)
|
|
|
Retail used vehicles
sold
|
|
928
|
|
1,048
|
|
(11.5)
|
|
|
Wholesale used
vehicles sold
|
|
247
|
|
204
|
|
21.1
|
|
|
Total used
|
|
1,175
|
|
1,252
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$ 34,143
|
|
$ 25,922
|
|
31.7
|
|
6.4
|
Used vehicle
retail
|
|
$ 21,989
|
|
$ 15,649
|
|
40.5
|
|
13.2
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,083
|
|
$
1,518
|
|
37.2
|
|
10.6
|
Used vehicle retail
sales
|
|
1,633
|
|
448
|
|
264.5
|
|
191.5
|
Used vehicle
wholesale sales
|
|
964
|
|
167
|
|
477.2
|
|
360.1
|
Total used
|
|
1,492
|
|
403
|
|
270.2
|
|
196.9
|
Finance, insurance
and other, net (per retail unit)
|
|
$
674
|
|
$
329
|
|
104.9
|
|
64.5
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$ 10,252
|
|
$
7,878
|
|
30.1
|
|
4.9
|
SG&A as %
revenues
|
|
11.5
|
|
9.5
|
|
|
|
|
SG&A as % gross
profit
|
|
89.8
|
|
96.7
|
|
|
|
|
Operating margin
%
|
|
0.9
|
|
0.0
|
|
|
|
|
|
(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 Consolidated (1)
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2)) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,294,465
|
|
$
1,370,802
|
|
(5.6)
|
|
(3.8)
|
Used vehicle retail
sales
|
|
636,402
|
|
666,928
|
|
(4.6)
|
|
(3.0)
|
Used vehicle
wholesale sales
|
|
97,951
|
|
96,003
|
|
2.0
|
|
5.4
|
Total used
|
|
734,353
|
|
762,931
|
|
(3.7)
|
|
(1.9)
|
Parts and
service
|
|
309,623
|
|
298,374
|
|
3.8
|
|
4.6
|
Finance, insurance
and other, net
|
|
94,698
|
|
97,894
|
|
(3.3)
|
|
(2.4)
|
Total
|
|
$
2,433,139
|
|
$
2,530,001
|
|
(3.8)
|
|
(2.2)
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.2
|
|
5.1
|
|
|
|
|
Used vehicle retail
sales
|
|
6.9
|
|
7.2
|
|
|
|
|
Used vehicle
wholesale sales
|
|
0.4
|
|
2.0
|
|
|
|
|
Total used
|
|
6.1
|
|
6.5
|
|
|
|
|
Parts and
service
|
|
53.9
|
|
54.0
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
15.3
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
67,193
|
|
$
70,031
|
|
(4.1)
|
|
(2.1)
|
Used vehicle retail
sales
|
|
44,192
|
|
48,020
|
|
(8.0)
|
|
(7.1)
|
Used vehicle
wholesale sales
|
|
394
|
|
1,873
|
|
(79.0)
|
|
(77.5)
|
Total used
|
|
44,586
|
|
49,893
|
|
(10.6)
|
|
(9.7)
|
Parts and
service
|
|
166,748
|
|
161,240
|
|
3.4
|
|
4.4
|
Finance, insurance
and other, net
|
|
94,698
|
|
97,894
|
|
(3.3)
|
|
(2.4)
|
Total
|
|
$
373,225
|
|
$
379,058
|
|
(1.5)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
36,727
|
|
39,153
|
|
(6.2)
|
|
|
Retail used vehicles
sold
|
|
30,449
|
|
31,620
|
|
(3.7)
|
|
|
Wholesale used
vehicles sold
|
|
13,589
|
|
13,678
|
|
(0.7)
|
|
|
Total used
|
|
44,038
|
|
45,298
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
35,246
|
|
$
35,011
|
|
0.7
|
|
2.6
|
Used vehicle
retail
|
|
$
20,901
|
|
$
21,092
|
|
(0.9)
|
|
0.8
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,830
|
|
$
1,789
|
|
2.3
|
|
4.3
|
Used vehicle retail
sales
|
|
1,451
|
|
1,519
|
|
(4.5)
|
|
(3.5)
|
Used vehicle
wholesale sales
|
|
29
|
|
137
|
|
(78.8)
|
|
(77.4)
|
Total used
|
|
1,012
|
|
1,101
|
|
(8.1)
|
|
(7.1)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
1,410
|
|
$
1,383
|
|
2.0
|
|
2.8
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
277,391
|
|
$
280,920
|
|
(1.3)
|
|
(0.2)
|
Adjusted SG&A
expenses(2)
|
|
$
279,224
|
|
$
277,540
|
|
0.6
|
|
1.6
|
SG&A as %
revenues
|
|
11.4
|
|
11.1
|
|
|
|
|
Adjusted SG&A as
% revenues (2)
|
|
11.5
|
|
11.0
|
|
|
|
|
SG&A as % gross
profit
|
|
74.3
|
|
74.1
|
|
|
|
|
Adjusted SG&A as
% gross profit (2)
|
|
74.8
|
|
73.2
|
|
|
|
|
Operating margin
%
|
|
3.4
|
|
3.4
|
|
|
|
|
Adjusted operating
margin % (2)
|
|
3.3
|
|
3.5
|
|
|
|
|
|
(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.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.S.
|
(Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 236,273
|
|
$ 245,838
|
|
(3.9)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Gain on real estate and dealership
transactions
|
-
|
|
933
|
|
|
|
Acquisition costs
|
-
|
|
(30)
|
|
|
|
Legal
settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted SG&A
(1)
|
$ 238,106
|
|
$ 244,086
|
|
(2.4)
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.0
|
|
11.8
|
|
|
|
Adjusted
(1)
|
12.1
|
|
11.7
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
73.7
|
|
73.9
|
|
|
|
Adjusted
(1)
|
74.3
|
|
73.4
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
3.7
|
|
3.6
|
|
|
|
Adjusted (1),
(2)
|
3.6
|
|
3.7
|
|
|
PRETAX MARGIN
%:
|
|
|
|
|
|
|
Unadjusted
|
2.3
|
|
2.4
|
|
|
|
Adjusted (1),
(2)
|
2.2
|
|
2.5
|
|
|
|
|
|
|
|
|
|
SAME STORE
SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$ 235,953
|
|
$ 241,027
|
|
(2.1)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic events
|
-
|
|
(2,655)
|
|
|
|
Gain on real estate and dealership
transactions
|
-
|
|
(134)
|
|
|
|
Acquisition costs
|
-
|
|
(30)
|
|
|
|
Legal settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted Same Store
SG&A (1)
|
$ 237,786
|
|
$ 238,208
|
|
(0.2)
|
|
|
|
|
|
|
|
SAME STORE
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.0
|
|
11.8
|
|
|
|
Adjusted
(1)
|
12.1
|
|
11.6
|
|
|
SAME STORE
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
73.7
|
|
73.6
|
|
|
|
Adjusted
(1)
|
74.3
|
|
72.7
|
|
|
SAME STORE
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.7
|
|
3.7
|
|
|
|
Adjusted (1),
(3)
|
3.6
|
|
3.9
|
|
|
|
(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 $510 for three months March
31, 2016.
|
(3)
Excludes the impact of Same Store SG&A reconciling items above,
as well as non-cash asset impairment charges of $510 for three
months March 31, 2016.
|
(4) For
the three months ended March 31, 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, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 41,624
|
|
$ 37,436
|
|
11.2
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Acquisition costs
|
-
|
|
(561)
|
|
|
|
Adjusted SG&A
(1)
|
$ 41,624
|
|
$ 36,875
|
|
12.9
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
9.2
|
|
8.7
|
|
|
|
Adjusted
(1)
|
9.2
|
|
8.5
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
82.8
|
|
80.1
|
|
|
|
Adjusted
(1)
|
82.8
|
|
78.9
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
1.6
|
|
1.8
|
|
|
|
Adjusted (1),
(2)
|
1.6
|
|
1.9
|
|
|
PRETAX MARGIN
%:
|
|
|
|
|
|
|
Unadjusted
|
1.2
|
|
1.3
|
|
|
|
Adjusted (1),
(2)
|
1.2
|
|
1.4
|
|
|
|
|
|
|
|
|
|
SAME STORE
SG&A RECONCILIATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
$ 31,186
|
|
$ 32,015
|
|
(2.6)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Acquisition costs
|
-
|
|
(561)
|
|
|
|
Adjusted Same Store
SG&A (1)
|
$ 31,186
|
|
$ 31,454
|
|
(0.9)
|
|
|
|
|
|
|
|
SAME STORE
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
8.3
|
|
8.0
|
|
|
|
Adjusted
(1)
|
8.3
|
|
7.9
|
|
|
SAME STORE
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
74.9
|
|
73.8
|
|
|
|
Adjusted
(1)
|
74.9
|
|
72.5
|
|
|
SAME STORE
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.4
|
|
2.5
|
|
|
|
Adjusted (1),
(3)
|
2.4
|
|
2.6
|
|
|
|
(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.
|
(3)
Excludes the impact of Same Store SG&A reconciling items
above.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - Brazil
|
(Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$
11,882
|
|
$
10,390
|
|
14.4
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Loss on real
estate and dealership transactions
|
-
|
|
(371)
|
|
|
|
Adjusted SG&A
(1)
|
$
11,882
|
|
$
10,019
|
|
18.6
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.8
|
|
11.0
|
|
|
|
Adjusted
(1)
|
11.8
|
|
10.6
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
94.1
|
|
107.7
|
|
|
|
Adjusted
(1)
|
94.1
|
|
103.9
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
0.4
|
|
(1.5)
|
|
|
|
Adjusted (1),
(2)
|
0.4
|
|
(0.7)
|
|
|
PRETAX MARGIN
%:
|
|
|
|
|
|
|
Unadjusted
|
0.2
|
|
(1.7)
|
|
|
|
Adjusted (1),
(2)
|
0.2
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
(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 three months ended March 31,
2016.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - CONSOLIDATED
|
(Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
% Increase/
(Decrease)
|
|
|
|
|
|
|
|
NET INCOME
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$
33,939
|
|
$
34,291
|
|
(1.0)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic
events
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
2,655
|
|
|
|
Tax
impact
|
-
|
|
(996)
|
|
|
|
Gain on real
estate and dealership transactions
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
(137)
|
|
|
|
Tax
impact
|
-
|
|
349
|
|
|
|
Acquisition costs
including related tax impact
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
589
|
|
|
|
Tax
impact
|
-
|
|
(11)
|
|
|
|
Legal
settlements (4)
|
|
|
|
|
|
|
Pre-tax
|
(1,833)
|
|
-
|
|
|
|
Tax
impact
|
696
|
|
-
|
|
|
|
Non-cash asset
impairment
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
510
|
|
|
|
Tax
impact
|
-
|
|
(195)
|
|
|
|
Adjusted net income
(1)
|
$
32,802
|
|
$
37,055
|
|
(11.5)
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME ATTRIBUTABLE TO DILUTED
|
|
|
|
|
|
|
COMMON SHARES
RECONCILIATION:
|
|
|
|
|
|
|
Adjusted net income
(1)
|
$
32,802
|
|
$
37,055
|
|
(11.5)
|
|
Less: Adjusted
earnings allocated to participating securities
|
1,206
|
|
1,457
|
|
(17.2)
|
|
Adjusted net income
available to diluted common shares (1)
|
$
31,596
|
|
$
35,598
|
|
(11.2)
|
|
|
|
|
|
|
|
DILUTED
(LOSS) INCOME PER COMMON SHARE RECONCILIATION:
|
|
|
|
|
|
As
reported
|
$
1.58
|
|
$
1.47
|
|
7.5
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic
events
|
-
|
|
0.07
|
|
|
|
Gain on real
estate and dealership transactions
|
-
|
|
0.01
|
|
|
|
Acquisition costs
including related tax impact
|
-
|
|
0.03
|
|
|
|
Legal
settlements (4)
|
(0.05)
|
|
-
|
|
|
|
Non-cash asset
impairment
|
-
|
|
0.01
|
|
|
|
Adjusted diluted
income per share (1)
|
$
1.53
|
|
$
1.59
|
|
(3.8)
|
|
|
|
|
|
|
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 289,779
|
|
$ 293,664
|
|
(1.3)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic
events
|
-
|
|
(2,655)
|
|
|
|
Gain on real
estate and dealership transactions
|
-
|
|
562
|
|
|
|
Acquisition
costs
|
-
|
|
(591)
|
|
|
|
Legal
settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted SG&A
(1)
|
$ 291,612
|
|
$ 290,980
|
|
0.2
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.5
|
|
11.3
|
|
|
|
Adjusted
(1)
|
11.6
|
|
11.2
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
75.6
|
|
75.5
|
|
|
|
Adjusted
(1)
|
76.0
|
|
74.8
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
3.2
|
|
3.1
|
|
|
|
Adjusted (1),
(2)
|
3.1
|
|
3.3
|
|
|
PRETAX MARGIN
%:
|
|
|
|
|
|
|
Unadjusted
|
2.0
|
|
2.1
|
|
|
|
Adjusted (1),
(2)
|
2.0
|
|
2.2
|
|
|
|
|
|
|
|
|
|
SAME STORE
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 277,391
|
|
$ 280,920
|
|
(1.3)
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Catastrophic
events
|
-
|
|
(2,655)
|
|
|
|
Loss on real
estate and dealership transactions
|
-
|
|
(134)
|
|
|
|
Acquisition
costs
|
-
|
|
(591)
|
|
|
|
Legal
settlements (4)
|
1,833
|
|
-
|
|
|
|
Adjusted Same Store
SG&A (1)
|
$ 279,224
|
|
$ 277,540
|
|
0.6
|
|
|
|
|
|
|
|
SAME STORE
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.4
|
|
11.1
|
|
|
|
Adjusted
(1)
|
11.5
|
|
11.0
|
|
|
SAME STORE
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
74.3
|
|
74.1
|
|
|
|
Adjusted
(1)
|
74.8
|
|
73.2
|
|
|
SAME STORE
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.4
|
|
3.4
|
|
|
|
Adjusted (1),
(3)
|
3.3
|
|
3.5
|
|
|
|
|
|
|
|
|
|
(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.
|
(2)
|
Excludes the impact
of SG&A reconciling items above, as well as non-cash asset
impairment charges of $932 for the three months ended March 31,
2016.
|
(3)
|
Excludes the impact
of Same Store SG&A reconciling items above, as well as non-cash
asset impairment charges of $510 for the three months ended
March 31, 2016.
|
(4)
|
For the three months
ended March 31, 2017, the Company recognized a net pre-tax gain
related to a settlement with an OEM of $1.8 million.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/group-1-automotive-reports-first-quarter-2017-financial-results-300447808.html
SOURCE Group 1 Automotive, Inc.