HOUSTON, April 26, 2018 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group
1" or the "Company"), an international, Fortune 500 automotive
retailer, today reported 2018 first quarter net income of
$35.8 million, and diluted earnings
per common share of $1.70. There were
no non-GAAP adjustments for the first quarter of 2018.
In comparison, Group 1 generated $33.9
million of net income, $32.8
million of adjusted net income (a non-GAAP measure),
$1.58 of diluted earnings per common
share and $1.53 of adjusted diluted
earnings per common share (a non-GAAP measure) for the first
quarter of 2017. 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.
"An acceleration of our U.S. business in March allowed us to
deliver record first quarter revenue of $2.9
billion, which coupled with the benefits from the new U.S.
tax law, drove record first quarter earnings per share of
$1.70," said Earl J. Hesterberg, Group 1's president and
chief executive officer. "We also received a major contribution
from our U.K. operations despite an extremely weak new vehicle
sales market, which declined 12.4 percent in the first quarter. We
generated a 26 percent increase in overall gross profit for the
quarter in the U.K. on a constant currency basis, driven by an
impressive 5 percent increase in same store used vehicle unit sales
and the efficient integration of two recent dealer group
acquisitions. Additionally, we are pleased to report continued
recovery in the Brazilian market, where Same Store total revenue
increased 20 percent on a constant currency basis."
Consolidated Results for First Quarter 2018
(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 grew 13.5 percent (10.8 percent) to $2.9 billion.
- Total gross profit grew 9.4 percent (7.5 percent), to
$419.8 million.
- New vehicle revenues increased 13.2 percent (10.4 percent) on
7.6 percent higher unit sales. New vehicle gross profit improved
9.0 percent (6.1 percent), to $75.4
million.
- Retail used vehicle revenues increased 18.1 percent (15.0
percent) on 14.7 percent higher unit sales. Retail used vehicle
gross profit decreased 3.4 percent (decreased 5.3 percent), to
$43.5 million, with the decline more
than offset by stronger wholesale used vehicle gross profit, which
increased $1.6 million. Total used
vehicle gross profit was up slightly, to $45.2 million.
- Parts and service gross profit increased 8.4 percent (6.6
percent) on revenue growth of 9.3 percent (7.6 percent). Same Store
parts and service gross profit increased 3.3 percent (1.9 percent)
on revenue growth of 4.6 percent (3.3 percent).
- Finance and Insurance (F&I) gross profit per retail unit
(PRU) increased 4.7 percent (3.3 percent), to $1,451 and total F&I gross profit increased
$15.5 million, or 16.0 percent (14.4
percent), reflecting strong new and used retail unit growth, as
well as the improvement in PRU.
- Selling, General and Administrative (SG&A) expenses as a
percent of gross profit increased 170 basis points, to 77.3
percent. Compared with adjusted 2017 SG&A expense levels,
SG&A as a percent of gross profit increased 130 basis points,
to 77.3 percent. As disclosed in the Company's press release on
March 19, 2018, included within the
2018 first quarter results are $3
million of costs associated with a one-time bonus to
qualified U.S. employees and approximately $3 million of costs associated with the Company's
new strategic initiatives.
- Provision for income taxes declined 40.0 percent to
$10.4 million, or 22.4 percent of
income before income taxes, primarily reflecting the impact of the
U.S. Tax Reform Bill that reduced the U.S. corporate income tax
rate.
Segment Results for First Quarter 2018
(year-over-year comparable basis)
- United States:
The
Company's U.S. operations accounted for 73.0 percent of total
revenues and 80.0 percent of total gross profit. Total U.S.
revenues were $2.1 billion, an
increase of 6.1 percent, driven by increases in new vehicle revenue
(up 7.0 percent), used retail (up 8.0 percent), parts and service
(up 4.9 percent), and a 12.1 percent increase in F&I revenue.
F&I gross profit PRU grew $81, or
4.9 percent per unit, to an all-time record of $1,718; and total gross profit grew 4.7 percent,
to $335.7 million.
New vehicle retail gross profit PRU decreased $9, to $1,853. Used
vehicle retail gross profit PRU declined $296, to $1,226.
This decline was significantly more pronounced in our luxury
brands, and primarily in our certified pre-owned (CPO) business as
we work with our OEM partners to absorb an increased supply of
off-lease and loaner vehicles. Additionally, a portion of the
decline relates to the continuing shift in consumer demand from
cars to trucks.
SG&A expenses as a percent of gross profit increased 170 basis
points to 75.4 percent and operating margin decreased 40 basis
points to 3.3 percent. These costs include $3 million for the one-time bonus paid to our
U.S. non-managerial staff, as well as approximately $3 million associated with our new initiatives in
used and parts and service.
"As we announced in March, we have launched several important
strategic initiatives in our U.S. market that are designed to
expand our used car sales and further strengthen our parts and
service operations. Although it is still very early, we are
encouraged by the initial results," said Daryl Kenningham, Group 1's president of U.S.
operations. "Same Store used retail unit sales increased 7.7
percent in the U.S. during the quarter, the highest growth we have
seen in ten quarters. In addition, we have installed our new work
schedule in 65 of our U.S. dealerships as of March 31, 2018, and we are already seeing an
improvement in retention and hiring, with a 17 percent increase in
our service advisor headcount from the same period last year.
Although these actions have added some costs in the near-term, we
remain confident these investments will allow us to accelerate
growth later this year and going forward."
- United Kingdom:
The
Company's U.K. operations accounted for 23.1 percent of total
revenues and 17.0 percent of total gross profit. Total U.K.
revenues increased 46.7 percent (30.3 percent), to $660.5 million, driven by double-digit revenue
growth across each business segment, despite the industry
decreasing by over 12 percent. Total gross profit increased 42.1
percent (26.2 percent), to $71.5
million.
SG&A expenses as a percent of gross profit increased 60 basis
points to 83.4 percent and operating margin decreased 30 basis
points to 1.3 percent.
- Brazil:
The
Company's Brazilian operations were approximately breakeven during
the first quarter (traditionally the weakest quarter of the year)
and accounted for 3.9 percent of total revenues and 3.0 percent of
total gross profit. The Company's Same Store new vehicle revenue
grew 23.5 percent on a constant currency basis, with units up 23.3
percent, which significantly outpaced the industry's unit sales
increase of 14.7 percent. On a Same Store basis, total revenues
grew 19.9 percent, driven by revenue growth of the aforementioned
23.5 percent in new vehicles, 16.6 percent in total used vehicles,
10.4 percent in parts & service, and 8.5 percent in
F&I.
SG&A expenses as a percent of gross profit improved 60 basis
points to 93.5 percent.
Share Repurchase Authorization
For the first quarter of 2018, the Company repurchased 135,605
shares at an average price per common share of $67.83 for a total of $9.2
million. As of April 26, 2018,
$40.4 million remains available under
the Company's common stock share repurchase authorization.
Future repurchases may be made from time to time, based on
market conditions, legal requirements and other corporate
considerations, in the open market or in privately negotiated
transactions, and subject to Board approval and covenant
restrictions.
Corporate Development
As previously announced in 2018, the Company:
- Acquired Toyota Alpha Trevo Automoveis Ltda in western São
Paulo of Brazil in April 2018, which will operate as T-Drive Toyota
Alphaville, and is expected to generate approximately $45 million in annualized revenues;
- Acquired five Mercedes-Benz franchises and three Smart
franchises northeast of London in
the U.K. at the end of February 2018,
which are expected to generate approximately $260 million in annualized revenues;
- Acquired Audi El Paso and
Subaru El Paso in January 2018 in West
Texas, which are expected to generate approximately
$65 million in annualized revenues;
and
- Opened a Land Rover franchise in January
2018 in Watford, a
North London suburb in the U.K.,
which is expected to generate approximately $35 million in annualized revenues.
Year-to-date 2018, the Company has acquired a total of 12
franchises, which are expected to generate an estimated
$405 million in annual revenues.
First Quarter 2018 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 financial results and the Company's outlook and
strategy.
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:
|
6796253
|
A telephonic replay will be available following the call through
May 3, 2018 by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay ID:
|
10118929
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 181 automotive dealerships,
239 franchises, and 48 collision
centers in the United
States, the United
Kingdom and Brazil that offer 32 brands of
automobiles. Through its dealerships, the Company sells new and
used cars and light trucks; arranges related vehicle financing;
sells service contracts; provides automotive maintenance and repair
services; and sells vehicle parts.
Investors please visit www.group1corp.com,
www.group1auto.com,
www.group1collision.com,
www.facebook.com/group1auto, and
www.twitter.com/group1auto, where Group 1 discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING 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
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.
|
Consolidated
Statements of Operations
|
(Unaudited)
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,513,590
|
|
$
1,337,213
|
|
13.2
|
Used vehicle retail
sales
|
780,570
|
|
660,927
|
|
18.1
|
Used vehicle
wholesale sales
|
104,029
|
|
104,157
|
|
(0.1)
|
Parts and
service
|
349,515
|
|
319,698
|
|
9.3
|
Finance, insurance
and other, net
|
112,322
|
|
96,834
|
|
16.0
|
Total
revenues
|
2,860,026
|
|
2,518,829
|
|
13.5
|
|
|
|
|
|
|
COST OF
SALES:
|
|
|
|
|
|
New vehicle retail
sales
|
1,438,163
|
|
1,267,986
|
|
13.4
|
Used vehicle retail
sales
|
737,075
|
|
615,922
|
|
19.7
|
Used vehicle
wholesale sales
|
102,374
|
|
104,057
|
|
(1.6)
|
Parts and
service
|
162,651
|
|
147,342
|
|
10.4
|
Total cost of
sales
|
2,440,263
|
|
2,135,307
|
|
14.3
|
|
|
|
|
|
|
GROSS
PROFIT
|
419,763
|
|
383,522
|
|
9.4
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
324,347
|
|
289,779
|
|
11.9
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION EXPENSE
|
16,342
|
|
13,606
|
|
20.1
|
|
|
|
|
|
|
OPERATING
INCOME
|
79,074
|
|
80,137
|
|
(1.3)
|
|
|
|
|
|
|
OTHER
EXPENSE:
|
|
|
|
|
|
Floorplan interest
expense
|
(14,087)
|
|
(11,942)
|
|
18.0
|
Other interest
expense, net
|
(18,820)
|
|
(16,999)
|
|
10.7
|
INCOME BEFORE
INCOME TAXES
|
46,167
|
|
51,196
|
|
(9.8)
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
(10,353)
|
|
(17,257)
|
|
(40.0)
|
|
|
|
|
|
|
NET
INCOME
|
$
35,814
|
|
$
33,939
|
|
5.5
|
Less: Earnings
allocated to participating securities
|
$
1,208
|
|
$
1,250
|
|
(3.4)
|
Earnings available to
diluted common shares
|
$
34,606
|
|
$
32,689
|
|
5.9
|
DILUTED EARNINGS
PER SHARE
|
$
1.70
|
|
$
1.58
|
|
7.6
|
Weighted average
dilutive common shares outstanding
|
20,307
|
|
20,698
|
|
(1.9)
|
Weighted average
participating securities
|
715
|
|
818
|
|
(12.6)
|
Total weighted
average shares outstanding
|
21,022
|
|
21,516
|
|
(2.3)
|
Group 1
Automotive, Inc.
|
Consolidated
Balance Sheets
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
March 31,
2018
|
|
December 31,
2017
|
|
% Increase/
(Decrease)
|
ASSETS:
|
(Unaudited)
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
33,090
|
|
$
28,787
|
|
14.9
|
Contracts in
transit and vehicle receivables, net
|
297,885
|
|
306,433
|
|
(2.8)
|
Accounts and
notes receivable, net
|
200,159
|
|
188,611
|
|
6.1
|
Inventories,
net
|
1,804,176
|
|
1,763,293
|
|
2.3
|
Prepaid
expenses and other current assets
|
77,888
|
|
42,062
|
|
85.2
|
Total current
assets
|
2,413,198
|
|
2,329,186
|
|
3.6
|
PROPERTY AND
EQUIPMENT, net
|
1,357,870
|
|
1,318,959
|
|
3.0
|
GOODWILL AND
INTANGIBLE FRANCHISE RIGHTS
|
1,255,736
|
|
1,198,666
|
|
4.8
|
OTHER
ASSETS
|
31,674
|
|
24,254
|
|
30.6
|
Total
assets
|
$
5,058,478
|
|
$
4,871,065
|
|
3.8
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Floorplan notes
payable - credit facility and other
|
$
1,199,741
|
|
$
1,240,695
|
|
(3.3)
|
Offset account
related to floorplan notes payable - credit
facility
|
(74,359)
|
|
(86,547)
|
|
(14.1)
|
Floorplan notes
payable - manufacturer affiliates
|
420,315
|
|
397,183
|
|
5.8
|
Offset account
related to floorplan notes payable - manufacturer
affiliates
|
(24,000)
|
|
(22,500)
|
|
6.7
|
Current
maturities of long-term debt and short-term
financing
|
58,195
|
|
77,609
|
|
(25.0)
|
Current
liabilities from interest rate risk management
activities
|
1,177
|
|
1,996
|
|
(41.0)
|
Accounts
payable
|
491,841
|
|
412,981
|
|
19.1
|
Accrued
expenses
|
194,248
|
|
177,070
|
|
9.7
|
Total current
liabilities
|
2,267,158
|
|
2,198,487
|
|
3.1
|
5.00% SENIOR
NOTES (principal of $550,000 at March 31, 2018 and December 31,
2017, respectively)
|
542,474
|
|
542,063
|
|
0.1
|
5.25% SENIOR
NOTES (principal of $300,000 at March 31, 2018 and December 31,
2017, respectively)
|
296,295
|
|
296,151
|
|
-
|
ACQUISITION
LINE
|
28,035
|
|
26,988
|
|
3.9
|
REAL ESTATE
RELATED AND OTHER LONG-TERM DEBT, net of current
maturities
|
447,540
|
|
405,950
|
|
10.2
|
CAPITAL LEASE
OBLIGATIONS RELATED TO REAL ESTATE, net of current
maturities
|
62,426
|
|
47,032
|
|
32.7
|
DEFERRED INCOME
TAXES
|
134,800
|
|
124,404
|
|
8.4
|
LIABILITIES
FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES
|
3,512
|
|
8,583
|
|
(59.1)
|
OTHER
LIABILITIES
|
98,159
|
|
97,125
|
|
1.1
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
Common
stock
|
255
|
|
255
|
|
-
|
Additional
paid-in capital
|
286,244
|
|
291,461
|
|
(1.8)
|
Retained
earnings
|
1,288,052
|
|
1,246,323
|
|
3.3
|
Accumulated
other comprehensive loss
|
(105,950)
|
|
(123,226)
|
|
(14.0)
|
Treasury
stock
|
(290,522)
|
|
(290,531)
|
|
-
|
Total
stockholders' equity
|
1,178,079
|
|
1,124,282
|
|
4.8
|
Total
liabilities and stockholders' equity
|
$
5,058,478
|
|
$
4,871,065
|
|
3.8
|
|
|
|
|
|
|
Group 1
Automotive, Inc.
|
Additional
Information - Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2018
(%)
|
|
2017
(%)
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
Region
|
Geographic
Market
|
|
|
|
United
States
|
Texas
|
34.9
|
|
34.8
|
|
California
|
6.5
|
|
7.9
|
|
Oklahoma
|
6.0
|
|
6.4
|
|
Massachusetts
|
4.8
|
|
4.2
|
|
Georgia
|
4.3
|
|
4.5
|
|
Florida
|
2.5
|
|
2.5
|
|
Louisiana
|
1.8
|
|
2.1
|
|
New
Hampshire
|
1.8
|
|
1.8
|
|
New Jersey
|
1.6
|
|
1.6
|
|
South
Carolina
|
1.5
|
|
1.3
|
|
Kansas
|
1.4
|
|
1.6
|
|
Mississippi
|
1.2
|
|
1.5
|
|
Alabama
|
0.7
|
|
1.2
|
|
Maryland
|
0.5
|
|
0.4
|
|
New
Mexico
|
0.1
|
|
—
|
|
|
69.6
|
|
71.8
|
|
|
|
|
|
International
|
United
Kingdom
|
25.4
|
|
23.6
|
|
Brazil
|
5.0
|
|
4.6
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
Toyota/Scion/Lexus
|
24.1
|
|
23.2
|
Volkswagen/Audi/Porsche
|
13.6
|
|
12.5
|
BMW/MINI
|
12.7
|
|
14.3
|
Ford/Lincoln
|
11.3
|
|
12.8
|
Honda/Acura
|
9.5
|
|
9.1
|
Nissan
|
6.7
|
|
8.2
|
Chevrolet/GMC/Buick/Cadillac
|
5.8
|
|
6.7
|
Mercedes-Benz/smart/Sprinter
|
4.7
|
|
3.9
|
Chrysler/Dodge/Jeep/RAM
|
4.1
|
|
3.7
|
Hyundai/Kia
|
3.9
|
|
3.4
|
Other
|
3.6
|
|
2.2
|
|
|
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,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,089,953
|
|
$
1,018,249
|
|
7.0
|
Used vehicle retail
sales
|
563,830
|
|
521,947
|
|
8.0
|
Used vehicle
wholesale sales
|
54,002
|
|
70,545
|
|
(23.5)
|
Total used
|
617,832
|
|
592,492
|
|
4.3
|
Parts and
service
|
284,514
|
|
271,159
|
|
4.9
|
Finance, insurance
and other, net
|
96,187
|
|
85,819
|
|
12.1
|
Total
|
$
2,088,486
|
|
$
1,967,719
|
|
6.1
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
New vehicle retail
sales
|
4.9
|
|
5.0
|
|
|
Used vehicle retail
sales
|
5.9
|
|
7.3
|
|
|
Used vehicle
wholesale sales
|
2.7
|
|
(0.5)
|
|
|
Total used
|
5.7
|
|
6.3
|
|
|
Parts and
service
|
53.2
|
|
53.8
|
|
|
Finance, insurance
and other, net
|
100.0
|
|
100.0
|
|
|
Total
|
16.1
|
|
16.3
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
New vehicle retail
sales
|
$
53,135
|
|
$
51,209
|
|
3.8
|
Used vehicle retail
sales
|
33,485
|
|
37,932
|
|
(11.7)
|
Used vehicle
wholesale sales
|
1,434
|
|
(362)
|
|
496.1
|
Total used
|
34,919
|
|
37,570
|
|
(7.1)
|
Parts and
service
|
151,444
|
|
145,998
|
|
3.7
|
Finance, insurance
and other, net
|
96,187
|
|
85,819
|
|
12.1
|
Total
|
$
335,685
|
|
$
320,596
|
|
4.7
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
Retail new vehicles
sold
|
28,673
|
|
27,498
|
|
4.3
|
Retail used vehicles
sold
|
27,310
|
|
24,929
|
|
9.6
|
Wholesale used
vehicles sold
|
9,383
|
|
9,981
|
|
(6.0)
|
Total used
|
36,693
|
|
34,910
|
|
5.1
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
New vehicle
retail
|
$
38,013
|
|
$
37,030
|
|
2.7
|
Used vehicle
retail
|
$
20,646
|
|
$
20,937
|
|
(1.4)
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,853
|
|
$
1,862
|
|
(0.5)
|
Used vehicle retail
sales
|
1,226
|
|
1,522
|
|
(19.4)
|
Used vehicle
wholesale sales
|
153
|
|
(36)
|
|
525.0
|
Total used
|
952
|
|
1,076
|
|
(11.5)
|
Finance, insurance
and other, net (per retail unit)
|
$
1,718
|
|
$
1,637
|
|
4.9
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
SG&A
expenses
|
$
252,941
|
|
$
236,273
|
|
7.1
|
Adjusted SG&A
expenses (1)
|
$
252,941
|
|
$
238,106
|
|
6.2
|
SG&A as %
revenues
|
12.1
|
|
12.0
|
|
|
Adjusted SG&A as
% revenues (1)
|
12.1
|
|
12.1
|
|
|
SG&A as % gross
profit
|
75.4
|
|
73.7
|
|
|
Adjusted SG&A as
% gross profit (1)
|
75.4
|
|
74.3
|
|
|
Operating margin
%
|
3.3
|
|
3.7
|
|
|
Adjusted operating
margin % (1)
|
3.3
|
|
3.6
|
|
|
Pretax margin
%
|
1.9
|
|
2.3
|
|
|
Adjusted pretax
margin %(1)
|
1.9
|
|
2.2
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
Floorplan interest
expense
|
$
(12,337)
|
|
$
(10,878)
|
|
13.4
|
Floorplan
assistance
|
10,750
|
|
10,284
|
|
4.5
|
Net floorplan
expense
|
$
(1,587)
|
|
$
(594)
|
|
167.2
|
Other interest
expense, net
|
$
(17,016)
|
|
$
(16,272)
|
|
4.6
|
|
|
|
|
|
|
(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 - U.K.
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(1) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
354,404
|
|
$
258,640
|
|
37.0
|
|
21.6
|
Used vehicle retail
sales
|
192,549
|
|
115,369
|
|
66.9
|
|
48.5
|
Used vehicle
wholesale sales
|
46,185
|
|
30,509
|
|
51.4
|
|
34.7
|
Total used
|
238,734
|
|
145,878
|
|
63.7
|
|
45.7
|
Parts and
service
|
53,141
|
|
36,781
|
|
44.5
|
|
28.6
|
Finance, insurance
and other, net
|
14,263
|
|
9,028
|
|
58.0
|
|
40.3
|
Total
|
$
660,542
|
|
$
450,327
|
|
46.7
|
|
30.3
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.2
|
|
5.6
|
|
|
|
|
Used vehicle retail
sales
|
4.4
|
|
4.7
|
|
|
|
|
Used vehicle
wholesale sales
|
0.2
|
|
0.7
|
|
|
|
|
Total used
|
3.6
|
|
3.9
|
|
|
|
|
Parts and
service
|
56.5
|
|
57.7
|
|
|
|
|
Finance, insurance
and other, net
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
10.8
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
18,511
|
|
$
14,401
|
|
28.5
|
|
13.9
|
Used vehicle retail
sales
|
8,560
|
|
5,429
|
|
57.7
|
|
40.3
|
Used vehicle
wholesale sales
|
70
|
|
211
|
|
(66.8)
|
|
(72.7)
|
Total used
|
8,630
|
|
5,640
|
|
53.0
|
|
36.1
|
Parts and
service
|
30,047
|
|
21,225
|
|
41.6
|
|
26.0
|
Finance, insurance
and other, net
|
14,263
|
|
9,028
|
|
58.0
|
|
40.3
|
Total
|
$
71,451
|
|
$
50,294
|
|
42.1
|
|
26.2
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
10,450
|
|
9,018
|
|
15.9
|
|
|
Retail used vehicles
sold
|
7,835
|
|
5,611
|
|
39.6
|
|
|
Wholesale used
vehicles sold
|
5,587
|
|
4,169
|
|
34.0
|
|
|
Total used
|
13,422
|
|
9,780
|
|
37.2
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
33,914
|
|
$
28,680
|
|
18.2
|
|
4.9
|
Used vehicle
retail
|
$
24,575
|
|
$
20,561
|
|
19.5
|
|
6.4
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,771
|
|
$
1,597
|
|
10.9
|
|
(1.7)
|
Used vehicle retail
sales
|
1,093
|
|
968
|
|
12.9
|
|
0.5
|
Used vehicle
wholesale sales
|
13
|
|
51
|
|
(74.5)
|
|
(79.6)
|
Total used
|
643
|
|
577
|
|
11.4
|
|
(0.8)
|
Finance, insurance
and other, net (per retail unit)
|
$
780
|
|
$
617
|
|
26.4
|
|
12.3
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
59,596
|
|
$
41,624
|
|
43.2
|
|
27.4
|
SG&A as %
revenues
|
9.0
|
|
9.2
|
|
|
|
|
SG&A as % gross
profit
|
83.4
|
|
82.8
|
|
|
|
|
Operating margin
%
|
1.3
|
|
1.6
|
|
|
|
|
Pretax margin
%
|
0.9
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
(1,514)
|
|
$
(1,034)
|
|
46.4
|
|
30.4
|
Floorplan
assistance
|
285
|
|
229
|
|
24.5
|
|
10.6
|
Net floorplan
expense
|
$
(1,229)
|
|
$
(805)
|
|
52.7
|
|
36.0
|
Other interest
expense, net
|
$
(1,532)
|
|
$
(581)
|
|
163.7
|
|
135.6
|
|
|
|
|
|
|
|
|
(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 - Brazil
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(1) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
69,233
|
|
$
60,324
|
|
14.8
|
|
18.8
|
Used vehicle retail
sales
|
24,191
|
|
23,611
|
|
2.5
|
|
5.9
|
Used vehicle
wholesale sales
|
3,842
|
|
3,103
|
|
23.8
|
|
28.4
|
Total used
|
28,033
|
|
26,714
|
|
4.9
|
|
8.5
|
Parts and
service
|
11,860
|
|
11,758
|
|
0.9
|
|
4.1
|
Finance, insurance
and other, net
|
1,872
|
|
1,987
|
|
(5.8)
|
|
(2.4)
|
Total
|
$ 110,998
|
|
$ 100,783
|
|
10.1
|
|
13.9
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.5
|
|
6.0
|
|
|
|
|
Used vehicle retail
sales
|
6.0
|
|
7.0
|
|
|
|
|
Used vehicle
wholesale sales
|
3.9
|
|
8.1
|
|
|
|
|
Total used
|
5.7
|
|
7.1
|
|
|
|
|
Parts and
service
|
45.3
|
|
43.7
|
|
|
|
|
Finance, insurance
and other, net
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
11.4
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,781
|
|
$
3,617
|
|
4.5
|
|
8.2
|
Used vehicle retail
sales
|
1,450
|
|
1,644
|
|
(11.8)
|
|
(8.9)
|
Used vehicle
wholesale sales
|
151
|
|
251
|
|
(39.8)
|
|
(37.4)
|
Total used
|
1,601
|
|
1,895
|
|
(15.5)
|
|
(12.7)
|
Parts and
service
|
5,373
|
|
5,133
|
|
4.7
|
|
8.1
|
Finance, insurance
and other, net
|
1,872
|
|
1,987
|
|
(5.8)
|
|
(2.4)
|
Total
|
$
12,627
|
|
$
12,632
|
|
-
|
|
3.4
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
2,067
|
|
1,774
|
|
16.5
|
|
|
Retail used vehicles
sold
|
1,071
|
|
1,026
|
|
4.4
|
|
|
Wholesale used
vehicles sold
|
357
|
|
379
|
|
(5.8)
|
|
|
Total used
|
1,428
|
|
1,405
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
33,494
|
|
$
34,005
|
|
(1.5)
|
|
2.0
|
Used vehicle
retail
|
$
22,587
|
|
$
23,013
|
|
(1.8)
|
|
1.5
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,829
|
|
$
2,039
|
|
(10.3)
|
|
(7.1)
|
Used vehicle retail
sales
|
1,354
|
|
1,602
|
|
(15.5)
|
|
(12.7)
|
Used vehicle
wholesale sales
|
423
|
|
662
|
|
(36.1)
|
|
(33.5)
|
Total used
|
1,121
|
|
1,349
|
|
(16.9)
|
|
(14.1)
|
Finance, insurance
and other, net (per retail unit)
|
$
597
|
|
$
710
|
|
(15.9)
|
|
(12.9)
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
11,810
|
|
$
11,882
|
|
(0.6)
|
|
2.6
|
SG&A as %
revenues
|
10.6
|
|
11.8
|
|
|
|
|
SG&A as % gross
profit
|
93.5
|
|
94.1
|
|
|
|
|
Operating margin
%
|
0.4
|
|
0.4
|
|
|
|
|
Pretax margin
%
|
(0.1)
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
(236)
|
|
$
(30)
|
|
686.7
|
|
722.5
|
Floorplan
assistance
|
—
|
|
—
|
|
-
|
|
-
|
Net floorplan
expense
|
$
(236)
|
|
$
(30)
|
|
686.7
|
|
722.5
|
Other interest
expense, net
|
$
(272)
|
|
$
(146)
|
|
86.3
|
|
91.0
|
|
|
|
|
|
|
|
|
(1) See
the section of this release entitled "Non-GAAP Financial Measures"
and the tables attached hereto for information regarding certain
selected items that the Company believes impact comparability of
financial results between reporting periods, as well as for
information regarding non-GAAP financial measures and their
reconciliation to the most directly comparable measures as reported
in accordance with U.S. GAAP.
|
Group 1
Automotive, Inc.
|
Additional
Information - Consolidated
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
%(1) Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,513,590
|
|
$
1,337,213
|
|
13.2
|
|
10.4
|
Used vehicle retail
sales
|
780,570
|
|
660,927
|
|
18.1
|
|
15.0
|
Used vehicle
wholesale sales
|
104,029
|
|
104,157
|
|
(0.1)
|
|
(4.9)
|
Total used
|
884,599
|
|
765,084
|
|
15.6
|
|
12.3
|
Parts and
service
|
349,515
|
|
319,698
|
|
9.3
|
|
7.6
|
Finance, insurance
and other, net
|
112,322
|
|
96,834
|
|
16.0
|
|
14.4
|
Total
|
$
2,860,026
|
|
$
2,518,829
|
|
13.5
|
|
10.8
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.0
|
|
5.2
|
|
|
|
|
Used vehicle retail
sales
|
5.6
|
|
6.8
|
|
|
|
|
Used vehicle
wholesale sales
|
1.6
|
|
0.1
|
|
|
|
|
Total used
|
5.1
|
|
5.9
|
|
|
|
|
Parts and
service
|
53.5
|
|
53.9
|
|
|
|
|
Finance, insurance
and other, net
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
14.7
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
75,427
|
|
$
69,227
|
|
9.0
|
|
6.1
|
Used vehicle retail
sales
|
43,495
|
|
45,005
|
|
(3.4)
|
|
(5.3)
|
Used vehicle
wholesale sales
|
1,655
|
|
100
|
|
1,555.0
|
|
1,549.1
|
Total used
|
45,150
|
|
45,105
|
|
0.1
|
|
(1.9)
|
Parts and
service
|
186,864
|
|
172,356
|
|
8.4
|
|
6.6
|
Finance, insurance
and other, net
|
112,322
|
|
96,834
|
|
16.0
|
|
14.4
|
Total
|
$
419,763
|
|
$
383,522
|
|
9.4
|
|
7.5
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
41,190
|
|
38,290
|
|
7.6
|
|
|
Retail used vehicles
sold
|
36,216
|
|
31,566
|
|
14.7
|
|
|
Wholesale used
vehicles sold
|
15,327
|
|
14,529
|
|
5.5
|
|
|
Total used
|
51,543
|
|
46,095
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
36,747
|
|
$
34,923
|
|
5.2
|
|
2.6
|
Used vehicle
retail
|
$
21,553
|
|
$
20,938
|
|
2.9
|
|
0.3
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,831
|
|
$
1,808
|
|
1.3
|
|
(1.4)
|
Used vehicle retail
sales
|
1,201
|
|
1,426
|
|
(15.8)
|
|
(17.5)
|
Used vehicle
wholesale sales
|
108
|
|
7
|
|
1,442.9
|
|
1,463.3
|
Total used
|
876
|
|
979
|
|
(10.5)
|
|
(12.3)
|
Finance, insurance
and other, net (per retail unit)
|
$
1,451
|
|
$
1,386
|
|
4.7
|
|
3.3
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
324,347
|
|
$
289,779
|
|
11.9
|
|
9.8
|
Adjusted SG&A
expenses (1)
|
$
324,347
|
|
$
291,612
|
|
11.2
|
|
9.1
|
SG&A as %
revenues
|
11.3
|
|
11.5
|
|
|
|
|
Adjusted SG&A as
% revenues (1)
|
11.3
|
|
11.6
|
|
|
|
|
SG&A as % gross
profit
|
77.3
|
|
75.6
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
77.3
|
|
76.0
|
|
|
|
|
Operating margin
%
|
2.8
|
|
3.2
|
|
|
|
|
Adjusted operating
margin % (1)
|
2.8
|
|
3.1
|
|
|
|
|
Pretax margin
%
|
1.6
|
|
2.0
|
|
|
|
|
Adjusted pretax
margin % (1)
|
1.6
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
(14,087)
|
|
$
(11,942)
|
|
18.0
|
|
16.7
|
Floorplan
assistance
|
11,035
|
|
10,513
|
|
5.0
|
|
4.7
|
Net floorplan
expense
|
$
(3,052)
|
|
$
(1,429)
|
|
113.6
|
|
104.9
|
Other interest
expense, net
|
$
(18,820)
|
|
$
(16,999)
|
|
10.7
|
|
9.8
|
|
|
|
|
|
|
|
|
(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,
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
REVENUES:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,068,221
|
|
$
1,018,249
|
|
4.9
|
Used vehicle retail
sales
|
553,733
|
|
521,945
|
|
6.1
|
Used vehicle
wholesale sales
|
52,779
|
|
70,544
|
|
(25.2)
|
Total used
|
606,512
|
|
592,489
|
|
2.4
|
Parts and
service
|
280,403
|
|
271,159
|
|
3.4
|
Finance, insurance
and other, net
|
94,151
|
|
85,391
|
|
10.3
|
Total
|
$
2,049,287
|
|
$
1,967,288
|
|
4.2
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
New vehicle retail
sales
|
4.9
|
|
5.0
|
|
|
Used vehicle retail
sales
|
6.0
|
|
7.3
|
|
|
Used vehicle
wholesale sales
|
2.7
|
|
(0.5)
|
|
|
Total used
|
5.7
|
|
6.3
|
|
|
Parts and
service
|
53.1
|
|
53.8
|
|
|
Finance, insurance
and other, net
|
100.0
|
|
100.0
|
|
|
Total
|
16.1
|
|
16.3
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
New vehicle retail
sales
|
$
52,071
|
|
$
51,207
|
|
1.7
|
Used vehicle retail
sales
|
33,028
|
|
37,931
|
|
(12.9)
|
Used vehicle
wholesale sales
|
1,425
|
|
(345)
|
|
513.0
|
Total used
|
34,453
|
|
37,586
|
|
(8.3)
|
Parts and
service
|
148,910
|
|
145,998
|
|
2.0
|
Finance, insurance
and other, net
|
94,151
|
|
85,391
|
|
10.3
|
Total
|
$
329,585
|
|
$
320,182
|
|
2.9
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
Retail new vehicles
sold
|
28,150
|
|
27,498
|
|
2.4
|
Retail used vehicles
sold
|
26,858
|
|
24,929
|
|
7.7
|
Wholesale used
vehicles sold
|
9,223
|
|
9,981
|
|
(7.6)
|
Total used
|
36,081
|
|
34,910
|
|
3.4
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
New vehicle
retail
|
$
37,947
|
|
$
37,030
|
|
2.5
|
Used vehicle
retail
|
$
20,617
|
|
$
20,937
|
|
(1.5)
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,850
|
|
$
1,862
|
|
(0.6)
|
Used vehicle retail
sales
|
1,230
|
|
1,522
|
|
(19.2)
|
Used vehicle
wholesale sales
|
155
|
|
(35)
|
|
542.9
|
Total used
|
955
|
|
1,077
|
|
(11.3)
|
Finance, insurance
and other, net (per retail unit)
|
$
1,712
|
|
$
1,629
|
|
5.1
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
SG&A
expenses
|
$
247,611
|
|
$
236,051
|
|
4.9
|
Adjusted SG&A
expenses(2)
|
$
247,611
|
|
$
237,884
|
|
4.1
|
SG&A as %
revenues
|
12.1
|
|
12.0
|
|
|
Adjusted SG&A as
% revenues (2)
|
12.1
|
|
12.1
|
|
|
SG&A as % gross
profit
|
75.1
|
|
73.7
|
|
|
Adjusted SG&A as
% gross profit (2)
|
75.1
|
|
74.3
|
|
|
Operating margin
%
|
3.4
|
|
3.7
|
|
|
Adjusted operating
margin % (2)
|
3.4
|
|
3.6
|
|
|
|
|
|
|
|
|
(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 U.K. (1)
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 270,060
|
|
$ 256,703
|
|
5.2
|
|
(6.6)
|
Used vehicle retail
sales
|
|
146,240
|
|
114,806
|
|
27.4
|
|
13.4
|
Used vehicle
wholesale sales
|
|
36,073
|
|
30,415
|
|
18.6
|
|
5.6
|
Total used
|
|
182,313
|
|
145,221
|
|
25.5
|
|
11.7
|
Parts and
service
|
|
41,225
|
|
36,446
|
|
13.1
|
|
0.7
|
Finance, insurance
and other, net
|
|
10,635
|
|
8,973
|
|
18.5
|
|
5.3
|
Total
|
|
$ 504,233
|
|
$ 447,343
|
|
12.7
|
|
0.2
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.4
|
|
5.6
|
|
|
|
|
Used vehicle retail
sales
|
|
4.6
|
|
4.7
|
|
|
|
|
Used vehicle
wholesale sales
|
|
(0.1)
|
|
0.7
|
|
|
|
|
Total used
|
|
3.6
|
|
3.9
|
|
|
|
|
Parts and
service
|
|
57.0
|
|
57.8
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
11.0
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
14,584
|
|
$
14,296
|
|
2.0
|
|
(9.6)
|
Used vehicle retail
sales
|
|
6,671
|
|
5,383
|
|
23.9
|
|
10.3
|
Used vehicle
wholesale sales
|
|
(50)
|
|
212
|
|
(123.6)
|
|
(123.5)
|
Total used
|
|
6,621
|
|
5,595
|
|
18.3
|
|
5.2
|
Parts and
service
|
|
23,505
|
|
21,073
|
|
11.5
|
|
(0.7)
|
Finance, insurance
and other, net
|
|
10,635
|
|
8,973
|
|
18.5
|
|
5.3
|
Total
|
|
$
55,345
|
|
$
49,937
|
|
10.8
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
8,012
|
|
8,904
|
|
(10.0)
|
|
|
Retail used vehicles
sold
|
|
5,864
|
|
5,578
|
|
5.1
|
|
|
Wholesale used
vehicles sold
|
|
4,333
|
|
4,142
|
|
4.6
|
|
|
Total used
|
|
10,197
|
|
9,720
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
33,707
|
|
$
28,830
|
|
16.9
|
|
3.8
|
Used vehicle
retail
|
|
$
24,939
|
|
$
20,582
|
|
21.2
|
|
7.9
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,820
|
|
$
1,606
|
|
13.3
|
|
0.5
|
Used vehicle retail
sales
|
|
1,138
|
|
965
|
|
17.9
|
|
4.9
|
Used vehicle
wholesale sales
|
|
(12)
|
|
51
|
|
(123.5)
|
|
(122.4)
|
Total used
|
|
649
|
|
576
|
|
12.7
|
|
0.3
|
Finance, insurance
and other, net (per retail unit)
|
|
$
766
|
|
$
620
|
|
23.5
|
|
9.9
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
46,816
|
|
$
40,929
|
|
14.4
|
|
1.8
|
SG&A as %
revenues
|
|
9.3
|
|
9.1
|
|
|
|
|
SG&A as % gross
profit
|
|
84.6
|
|
82.0
|
|
|
|
|
Operating margin
%
|
|
1.2
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
69,233
|
|
$ 58,086
|
|
19.2
|
|
23.5
|
Used vehicle retail
sales
|
|
24,191
|
|
21,801
|
|
11.0
|
|
14.9
|
Used vehicle
wholesale sales
|
|
3,842
|
|
3,087
|
|
24.5
|
|
29.0
|
Total used
|
|
28,033
|
|
24,888
|
|
12.6
|
|
16.6
|
Parts and
service
|
|
11,860
|
|
11,098
|
|
6.9
|
|
10.4
|
Finance, insurance
and other, net
|
|
1,872
|
|
1,790
|
|
4.6
|
|
8.5
|
Total
|
|
$ 110,998
|
|
$ 95,862
|
|
15.8
|
|
19.9
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.5
|
|
6.1
|
|
|
|
|
Used vehicle retail
sales
|
|
6.0
|
|
7.3
|
|
|
|
|
Used vehicle
wholesale sales
|
|
3.9
|
|
8.2
|
|
|
|
|
Total used
|
|
5.7
|
|
7.4
|
|
|
|
|
Parts and
service
|
|
45.3
|
|
45.4
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
11.4
|
|
12.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,781
|
|
$
3,520
|
|
7.4
|
|
11.3
|
Used vehicle retail
sales
|
|
1,452
|
|
1,591
|
|
(8.7)
|
|
(5.7)
|
Used vehicle
wholesale sales
|
|
151
|
|
252
|
|
(40.1)
|
|
(37.4)
|
Total used
|
|
1,603
|
|
1,843
|
|
(13.0)
|
|
(10.0)
|
Parts and
service
|
|
5,373
|
|
5,042
|
|
6.6
|
|
10.1
|
Finance, insurance
and other, net
|
|
1,872
|
|
1,790
|
|
4.6
|
|
8.5
|
Total
|
|
$
12,629
|
|
$ 12,195
|
|
3.6
|
|
7.1
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
2,067
|
|
1,676
|
|
23.3
|
|
|
Retail used vehicles
sold
|
|
1,071
|
|
981
|
|
9.2
|
|
|
Wholesale used
vehicles sold
|
|
357
|
|
269
|
|
32.7
|
|
|
Total used
|
|
1,428
|
|
1,250
|
|
14.2
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
33,494
|
|
$ 34,658
|
|
(3.4)
|
|
0.1
|
Used vehicle
retail
|
|
$
22,587
|
|
$ 22,223
|
|
1.6
|
|
5.2
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,829
|
|
$
2,100
|
|
(12.9)
|
|
(9.8)
|
Used vehicle retail
sales
|
|
1,356
|
|
1,622
|
|
(16.4)
|
|
(13.6)
|
Used vehicle
wholesale sales
|
|
423
|
|
937
|
|
(54.9)
|
|
(52.9)
|
Total used
|
|
1,123
|
|
1,474
|
|
(23.8)
|
|
(21.3)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
597
|
|
$
674
|
|
(11.4)
|
|
(8.1)
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
11,773
|
|
$ 11,315
|
|
4.0
|
|
7.5
|
SG&A as %
revenues
|
|
10.6
|
|
11.8
|
|
|
|
|
SG&A as % gross
profit
|
|
93.2
|
|
92.8
|
|
|
|
|
Operating margin
%
|
|
0.4
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same
store amounts include the results for the identical months in each
period presented in the comparison, commencing with the first full
month we owned the dealership and, in the case of dispositions,
ending with the last full month we owned it. Same store results
also include the activities of our corporate office.
|
(2) See
the section of this release entitled "Non-GAAP Financial Measures"
and the tables attached hereto for information regarding certain
selected items that the Company believes impact comparability of
financial results between reporting periods, as well as for
information regarding non-GAAP financial measures and their
reconciliation to the most directly comparable measures as reported
in accordance with U.S. GAAP.
|
Group 1
Automotive, Inc.
|
Additional
Information - Same Store Consolidated (1)
|
(Unaudited)
|
(Dollars in
thousands, except per unit amounts)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
Constant Currency
(2) % Increase/ (Decrease)
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,407,514
|
|
$
1,333,038
|
|
5.6
|
|
3.5
|
Used vehicle retail
sales
|
|
724,164
|
|
658,552
|
|
10.0
|
|
7.7
|
Used vehicle
wholesale sales
|
|
92,694
|
|
104,046
|
|
(10.9)
|
|
(14.6)
|
Total used
|
|
816,858
|
|
762,598
|
|
7.1
|
|
4.6
|
Parts and
service
|
|
333,488
|
|
318,703
|
|
4.6
|
|
3.3
|
Finance, insurance
and other, net
|
|
106,658
|
|
96,154
|
|
10.9
|
|
9.8
|
Total
|
|
$
2,664,518
|
|
$
2,510,493
|
|
6.1
|
|
4.1
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
%:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.0
|
|
5.2
|
|
|
|
|
Used vehicle retail
sales
|
|
5.7
|
|
6.8
|
|
|
|
|
Used vehicle
wholesale sales
|
|
1.6
|
|
0.1
|
|
|
|
|
Total used
|
|
5.2
|
|
5.9
|
|
|
|
|
Parts and
service
|
|
53.3
|
|
54.0
|
|
|
|
|
Finance, insurance
and other, net
|
|
100.0
|
|
100.0
|
|
|
|
|
Total
|
|
14.9
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
70,436
|
|
$
69,023
|
|
2.0
|
|
(0.2)
|
Used vehicle retail
sales
|
|
41,151
|
|
44,905
|
|
(8.4)
|
|
(9.9)
|
Used vehicle
wholesale sales
|
|
1,526
|
|
119
|
|
1,182.4
|
|
1,181.5
|
Total used
|
|
42,677
|
|
45,024
|
|
(5.2)
|
|
(6.7)
|
Parts and
service
|
|
177,788
|
|
172,113
|
|
3.3
|
|
1.9
|
Finance, insurance
and other, net
|
|
106,658
|
|
96,154
|
|
10.9
|
|
9.8
|
Total
|
|
$
397,559
|
|
$
382,314
|
|
4.0
|
|
2.5
|
|
|
|
|
|
|
|
|
|
UNITS
SOLD:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
38,229
|
|
38,078
|
|
0.4
|
|
|
Retail used vehicles
sold
|
|
33,793
|
|
31,488
|
|
7.3
|
|
|
Wholesale used
vehicles sold
|
|
13,913
|
|
14,392
|
|
(3.3)
|
|
|
Total used
|
|
47,706
|
|
45,880
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE RETAIL
SALES PRICE:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
36,818
|
|
$
35,008
|
|
5.2
|
|
3.1
|
Used vehicle
retail
|
|
$
21,429
|
|
$
20,914
|
|
2.5
|
|
0.3
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT PER
UNIT SOLD:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,842
|
|
$
1,813
|
|
1.6
|
|
(0.6)
|
Used vehicle retail
sales
|
|
1,218
|
|
1,426
|
|
(14.6)
|
|
(16.0)
|
Used vehicle
wholesale sales
|
|
110
|
|
8
|
|
1,275.0
|
|
1,225.6
|
Total used
|
|
895
|
|
981
|
|
(8.8)
|
|
(10.3)
|
Finance, insurance
and other, net (per retail unit)
|
|
$
1,481
|
|
$
1,382
|
|
7.2
|
|
6.0
|
|
|
|
|
|
|
|
|
|
OTHER:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
306,200
|
|
$
288,295
|
|
6.2
|
|
4.6
|
Adjusted SG&A
expenses(2)
|
|
$
306,200
|
|
$
290,128
|
|
5.5
|
|
3.9
|
SG&A as %
revenues
|
|
11.5
|
|
11.5
|
|
|
|
|
Adjusted SG&A as
% revenues (2)
|
|
11.5
|
|
11.6
|
|
|
|
|
SG&A as % gross
profit
|
|
77.0
|
|
75.4
|
|
|
|
|
Adjusted SG&A as
% gross profit (2)
|
|
77.0
|
|
75.9
|
|
|
|
|
Operating margin
%
|
|
2.9
|
|
3.2
|
|
|
|
|
Adjusted operating
margin % (2)
|
|
2.9
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same
store amounts include the results for the identical months in each
period presented in the comparison, commencing with the first full
month we owned the dealership and, in the case of dispositions,
ending with the last full month we owned it. Same store results
also include the activities of our corporate office.
|
(2) See
the section of this release entitled "Non-GAAP Financial Measures"
and the tables attached hereto for information regarding certain
selected items that the Company believes impact comparability of
financial results between reporting periods, as well as for
information regarding non-GAAP financial measures and their
reconciliation to the most directly comparable measures as reported
in accordance with U.S. GAAP.
|
Group 1
Automotive, Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.S.
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 252,941
|
|
$ 236,273
|
|
7.1
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
-
|
|
1,833
|
|
|
|
Adjusted SG&A
(1)
|
$ 252,941
|
|
$ 238,106
|
|
6.2
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.1
|
|
12.0
|
|
|
|
Adjusted
(1)
|
12.1
|
|
12.1
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
75.4
|
|
73.7
|
|
|
|
Adjusted
(1)
|
75.4
|
|
74.3
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
3.3
|
|
3.7
|
|
|
|
Adjusted
(1)
|
3.3
|
|
3.6
|
|
|
PRETAX MARGIN
%:
|
|
|
|
|
|
|
Unadjusted
|
1.9
|
|
2.3
|
|
|
|
Adjusted
(1)
|
1.9
|
|
2.2
|
|
|
|
|
|
|
|
|
|
SAME STORE
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 247,611
|
|
$ 236,051
|
|
4.9
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
-
|
|
1,833
|
|
|
|
Adjusted Same Store
SG&A(1)
|
$ 247,611
|
|
$ 237,884
|
|
4.1
|
|
|
|
|
|
|
|
SAME STORE
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
12.1
|
|
12.0
|
|
|
|
Adjusted
(1)
|
12.1
|
|
12.1
|
|
|
SAME STORE
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
75.1
|
|
73.7
|
|
|
|
Adjusted
(1)
|
75.1
|
|
74.3
|
|
|
SAME STORE
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
3.4
|
|
3.7
|
|
|
|
Adjusted
(1)
|
3.4
|
|
3.6
|
|
|
|
|
|
|
|
|
|
(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)
|
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 - CONSOLIDATED
|
(Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
% Increase/
(Decrease)
|
|
|
|
|
|
|
|
NET INCOME
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
|
|
|
|
|
|
Pretax Net
Income
|
$
46,167
|
|
$
51,196
|
|
|
|
Income
Tax Provision
|
(10,353)
|
|
(17,257)
|
|
|
|
Net
Income
|
$
35,814
|
|
$
33,939
|
|
5.5
|
|
Effective Tax
Rate
|
22.4%
|
|
33.7%
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
|
|
|
|
|
|
Pre-tax
|
-
|
|
(1,833)
|
|
|
|
Tax
impact
|
-
|
|
696
|
|
|
|
Adjusted
|
|
|
|
|
|
|
Pretax
Net Income
|
$
46,167
|
|
$
49,363
|
|
|
|
Income
Tax Provision
|
(10,353)
|
|
(16,561)
|
|
|
|
Adjusted net income (1)
|
$
35,814
|
|
$
32,802
|
|
9.2
|
|
Effective Tax
Rate
|
22.4%
|
|
33.6%
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME ATTRIBUTABLE TO DILUTED
|
|
|
|
|
|
|
COMMON SHARES
RECONCILIATION:
|
|
|
|
|
|
|
Adjusted net income
(1)
|
$
35,814
|
|
$
32,802
|
|
9.2
|
|
Less: Adjusted
earnings allocated to participating securities
|
1,208
|
|
1,206
|
|
0.2
|
|
Adjusted net income
available to diluted common shares (1)
|
$
34,606
|
|
$
31,596
|
|
9.5
|
|
|
|
|
|
|
|
DILUTED
INCOME PER COMMON SHARE RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$
1.70
|
|
$
1.58
|
|
7.6
|
|
After-tax
adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
-
|
|
(0.05)
|
|
|
|
Adjusted diluted
income per share (1)
|
$
1.70
|
|
$
1.53
|
|
11.1
|
|
|
|
|
|
|
|
SG&A
RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 324,347
|
|
$ 289,779
|
|
11.9
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
-
|
|
1,833
|
|
|
|
Adjusted SG&A
(1)
|
$ 324,347
|
|
$ 291,612
|
|
11.2
|
|
|
|
|
|
|
|
SG&A AS %
REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.3
|
|
11.5
|
|
|
|
Adjusted
(1)
|
11.3
|
|
11.6
|
|
|
SG&A AS %
GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
77.3
|
|
75.6
|
|
|
|
Adjusted
(1)
|
77.3
|
|
76.0
|
|
|
OPERATING MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
2.8
|
|
3.2
|
|
|
|
Adjusted
(1)
|
2.8
|
|
3.1
|
|
|
PRETAX MARGIN
%
|
|
|
|
|
|
|
Unadjusted
|
1.6
|
|
2.0
|
|
|
|
Adjusted
(1)
|
1.6
|
|
2.0
|
|
|
|
|
|
|
|
|
|
SAME STORE
SG&A RECONCILIATION:
|
|
|
|
|
|
|
As
reported
|
$ 306,200
|
|
$ 288,295
|
|
6.2
|
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
Legal settlements
(2)
|
-
|
|
1,833
|
|
|
|
Adjusted Same Store
SG&A (1)
|
$ 306,200
|
|
$ 290,128
|
|
5.5
|
|
|
|
|
|
|
|
SAME STORE
SG&A AS % REVENUES:
|
|
|
|
|
|
|
Unadjusted
|
11.5
|
|
11.5
|
|
|
|
Adjusted(1)
|
11.5
|
|
11.6
|
|
|
SAME STORE
SG&A AS % GROSS PROFIT:
|
|
|
|
|
|
|
Unadjusted
|
77.0
|
|
75.4
|
|
|
|
Adjusted(1)
|
77.0
|
|
75.9
|
|
|
SAME STORE
OPERATING MARGIN %
|
|
|
|
|
|
|
Unadjusted
|
2.9
|
|
3.2
|
|
|
|
Adjusted
(1)
|
2.9
|
|
3.1
|
|
|
|
|
|
|
|
|
|
(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)
|
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.
|
View original
content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-first-quarter-2018-financial-results-300637002.html
SOURCE Group 1 Automotive, Inc.