- Record Quarterly Diluted Earnings Per Common Share from
Continuing Operations; $11.78 per
share
- Record Net Income from Continuing Operations; $201.1 million or 99.3% Increase
HOUSTON, April 27,
2022 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), an
international, Fortune 300 automotive retailer with 202 dealerships
located in the U.S. and U.K., today reported record first quarter
2022 financial results.
Current Quarter Results Overview — Continuing and
Discontinued Operations
First quarter 2022 ("current quarter") net income was
$202.9 million. Current quarter
adjusted net income (a non-GAAP measure) was $186.4 million.
Current quarter diluted earnings per common share was
$11.88. Current quarter adjusted
diluted earnings per common share (a non-GAAP measure) was
$10.92.
"Our record profit performance this quarter was the result of
continued strong consumer demand and outstanding operational
performance across all business segments in the U.S. and U.K. Our
2021 acquisitions, especially the Prime Auto Group, performed far
above our expectations in the first quarter and our U.K. operations
achieved an all-time profit record. Service growth and cost
leverage were noteworthy in both the U.S. and U.K. with U.S.
service growth of 18.6% over last year on a same store basis and
consolidated adjusted SG&A down 381 bps over last year. We
expect our strong vehicle sales margins to continue this year in
both markets as new vehicle supply is expected to remain
constrained for the remainder of this year," said Earl J. Hesterberg, Group 1's President and
Chief Executive Officer.
Reconciliations for financial results, non-GAAP metrics, and
diluted earnings per common share between continuing and
discontinued operations are included in the accompanying financial
tables.
Current Quarter Results Overview — Continuing
Operations
Current quarter total revenues were an all-time record of
$3.8 billion, a 30.1% increase
compared to total revenues of $3.0
billion for the first quarter of 2021 ("prior year
quarter").
Current quarter net income from continuing operations was an
all-time record of $201.1 million, a
99.3% increase compared to net income from continuing operations of
$100.9 million for the prior year
quarter. Current quarter adjusted net income from continuing
operations (a non-GAAP measure) was $184.6
million, an 81.6% increase compared to adjusted net income
from continuing operations of $101.7
million for the prior year quarter.
Current quarter diluted earnings per common share from
continuing operations was an all-time record of $11.78, a 115.3% increase over diluted earnings
per common share from continuing operations of $5.47 for the prior year quarter. Current quarter
adjusted diluted earnings per common share from continuing
operations (a non-GAAP measure) was also an all-time record of
$10.81, a 96.2% increase over
adjusted diluted earnings per common share from continuing
operations of $5.51 for the prior
year quarter. Current quarter and prior year quarter adjusted
diluted earnings per common share from continuing operations
excludes adjusted diluted earnings per common share from
discontinued operations of $0.11 and
$0.06, respectively.
First Quarter
2022
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
1Q22
|
Change
|
1Q22
|
Change
|
Total
revenues
|
$3.8B
|
+30.1%
|
$3.2B
|
+11.0%
|
Total gross profit
("GP")
|
$724.7M
|
+50.6%
|
$606.9M
|
+27.8%
|
New Vehicle ("NV")
Gross Margin ("GM")
|
11.5%
|
+5.2%
|
11.4%
|
+5.0%
|
NV units
sold
|
36,733
|
+2.9%
|
30,260
|
(14.2)%
|
NV GP per retail unit
("PRU")
|
$5,479
|
+104.4%
|
$5,407
|
+101.5%
|
Used vehicle ("UV")
GM
|
6.5%
|
(0.1)%
|
6.4%
|
(0.2)%
|
UV retail units
sold
|
43,806
|
+16.7%
|
37,415
|
+0.9%
|
UV retail GP
PRU
|
$2,005
|
+28.7%
|
$1,975
|
+26.4%
|
Parts & service
("P&S") GP
|
$259.8M
|
+31.4%
|
$218.9M
|
+12.4%
|
P&S GM
|
54.9%
|
(1.1)%
|
54.0%
|
(2.0)%
|
Finance and Insurance
("F&I") revenues
|
$173.0M
|
+37.7%
|
$148.7M
|
+20.0%
|
F&I GP
PRU
|
$2,148
|
+25.2%
|
$2,197
|
+28.3%
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
57.7%
|
(695) bps
|
60.5%
|
(406) bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
60.7%
|
(381) bps
|
60.5%
|
(380) bps
|
Corporate Development
In March 2022, the Company
acquired Toyota of North Austin,
which is ranked in the top 20 nationally in Toyota new vehicle
volume. The dealership is expected to generate $435.0 million in annualized revenues. In
April 2022, the Company acquired a
Toyota dealership in New Mexico,
which is expected to generate $115.0
million in annualized revenues, bringing year-to-date total
acquired expected revenues for the Company to $550.0 million.
"The acquisition of these two large Toyota dealerships in
growing markets where we already operate is a major growth
opportunity for our U.S. operations. We can integrate and leverage
these new businesses immediately," said Daryl A. Kenningham, Group 1's President of U.S.
Operations.
In February 2022, the Company
disposed of one Honda and one Toyota dealership in the New England
area. These stores generated approximately $125.0 million in annualized revenues.
The Company also announced the pending sale of its Brazilian
operations in November 2021. This
sale is expected to close in the second quarter of 2022.
Share Repurchase
During the current quarter, the Company repurchased 638,696
shares, representing approximately 4.0% of the Company's current
quarter beginning outstanding common shares, at an average price
per common share of $180.30, for a
total of $115.2 million. The Company
has $103.3 million remaining on its
Board authorized common share repurchase program. As of
March 31, 2022, the Company had an
aggregate 16.7 million outstanding common shares and unvested
restricted stock awards. 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.
First Quarter 2022 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 2022 financial results. The conference call will be
simulcast live on the Internet at group1auto.com, then click on
'Investor Relations' and then 'Events' or through this link:
group1corp.com/events. A webcast replay will be available for
30 days.
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic:
International:
Conference
ID:
|
1-888-317-6003
1-412-317-6061
9657751
|
A telephonic replay will be available following the call through
May 4, 2022, by dialing:
Domestic:
International:
Replay ID:
|
1-877-344-7529
1-412-317-0088
2983745
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 202 automotive dealerships,
268 franchises, and 46 collision centers in
the United States and the
United Kingdom that offer
34 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.
Group 1 discloses additional information about the Company,
its business, and its results of operations at www.group1corp.com,
www.group1auto.com, www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto, and
www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding
our business, the economy and other future conditions. In this
context, the forward-looking statements often include statements
regarding our strategic investments, goals, plans, projections and
guidance regarding our financial position, results of operations
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, (i) the impacts of
COVID-19 on our business, (j) the impacts of any potential global
recession, (k) our ability to maintain sufficient liquidity to
operate, (l) the risk that proposed transactions will not be
consummated in a timely manner, (m) our ability to successfully
integrate recent and future acquisitions, and (n) the impacts on
our business resulting from Russia's military action in Ukraine and
the imposition of sanctions on Russia. 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 Securities and Exchange Commission, including our
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update
or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or
otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER
DATA
In addition to evaluating the financial condition and results
of our operations in accordance with U.S. GAAP, from time to time
our management evaluates and analyzes results and any impact on the
Company of strategic decisions and actions relating to, among other
things, cost reduction, growth, profitability improvement
initiatives, and other events outside of normal, or "core,"
business and operations, by considering alternative financial
measures not prepared in accordance with U.S. GAAP. In our
evaluation of results from time to time, we exclude items that do
not arise directly from core operations, such as non-cash asset
impairment charges, out-of-period adjustments, legal matters, gains
and losses on dealership franchise or real estate transactions, and
catastrophic events, such as hailstorms, hurricanes, and snow
storms. Because these non-core charges and gains materially affect
the Company's financial condition or results in the specific period
in which they are recognized, management also evaluates, and makes
resource allocation and performance evaluation decisions based on,
the related non-GAAP measures excluding such items. This includes
evaluating measures such as adjusted selling, general and
administrative expenses, adjusted net income, adjusted diluted
earnings per share, and constant currency. These adjusted measures
are not measures of financial performance under U.S. GAAP, but are
instead considered non-GAAP financial performance measures.
Non-GAAP measures do not have definitions under U.S. GAAP and may
be defined differently by, and not be comparable to similarly
titled measures used by, other companies. As a result, any non-GAAP
financial measures considered and evaluated by management are
reviewed in conjunction with a review of the most directly
comparable measures calculated in accordance with U.S. GAAP. We
caution investors not to place undue reliance on such non-GAAP
measures, but also to consider them with the most directly
comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate
results in a specific period, management believes that such
measures may provide more complete and consistent comparisons of
operational performance on a period-over-period historical basis
and a better indication of expected future trends. Our management
also uses these adjusted measures in conjunction with U.S. GAAP
financial measures to assess our business, including communication
with our Board of Directors, investors, and industry analysts
concerning financial performance. We disclose these non-GAAP
measures, and the related reconciliations, because we believe
investors use these metrics in evaluating longer-term
period-over-period performance, and to allow investors to better
understand and evaluate the information used by management to
assess operating performance. The exclusion of certain expenses in
the calculation of non-GAAP financial measures should not be
construed as an inference that these costs are unusual or
infrequent. We anticipate excluding these expenses in the future
presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an
as reported and a constant currency basis. The constant currency
presentation, which is a non-GAAP measure, excludes the impact of
fluctuations in foreign currency exchange rates. We believe
providing constant currency information provides valuable
supplemental information regarding our underlying business and
results of operations, consistent with how we evaluate our
performance. We calculate constant currency percentages by
converting our current period reported results for entities
reporting in currencies other than U.S. dollars using comparative
period exchange rates rather than the actual exchange rates in
effect during the respective periods. The constant currency
performance measures should not be considered a substitute for, or
superior to, the measures of financial performance prepared in
accordance with U.S. GAAP. The Same Store amounts presented include
the results of dealerships for the identical months in each period
presented in comparison, commencing with the first full month in
which the dealership was owned by us and, in the case of
dispositions, ending with the last full month it was owned by us.
Same Store results also include the activities of our corporate
headquarters.
Certain amounts in the financial statements may not compute
due to rounding. All computations have been calculated using
unrounded amounts for all periods presented.
Investor contacts:
Jason
Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
713-647-5759 | jbabbitt@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Group 1 Automotive, Inc.
|
Condensed Consolidated Statements of
Operations
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
$
1,745.1
|
|
$
1,509.2
|
|
$
235.9
|
|
15.6 %
|
Used vehicle retail sales
|
|
1,359.9
|
|
888.1
|
|
471.8
|
|
53.1 %
|
Used vehicle wholesale sales
|
|
93.5
|
|
78.2
|
|
15.2
|
|
19.5 %
|
Parts and service sales
|
|
472.9
|
|
352.8
|
|
120.1
|
|
34.0 %
|
Finance, insurance and other, net
|
|
173.0
|
|
125.6
|
|
47.4
|
|
37.7 %
|
Total revenues
|
|
3,844.4
|
|
2,953.9
|
|
890.4
|
|
30.1 %
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
1,543.9
|
|
1,413.6
|
|
130.3
|
|
9.2 %
|
Used vehicle retail sales
|
|
1,272.0
|
|
829.6
|
|
442.4
|
|
53.3 %
|
Used vehicle wholesale sales
|
|
90.6
|
|
74.5
|
|
16.2
|
|
21.7 %
|
Parts and service sales
|
|
213.1
|
|
155.0
|
|
58.0
|
|
37.4 %
|
Total cost of sales
|
|
3,119.7
|
|
2,472.7
|
|
647.0
|
|
26.2 %
|
GROSS PROFIT
|
|
724.7
|
|
481.3
|
|
243.4
|
|
50.6 %
|
Selling, general and
administrative expenses
|
|
418.5
|
|
311.4
|
|
107.1
|
|
34.4 %
|
Depreciation and
amortization expense
|
|
21.2
|
|
19.2
|
|
2.0
|
|
10.3 %
|
INCOME FROM OPERATIONS
|
|
285.0
|
|
150.7
|
|
134.3
|
|
89.1 %
|
Floorplan interest
expense
|
|
5.3
|
|
7.5
|
|
(2.2)
|
|
(29.9) %
|
Other interest expense,
net
|
|
17.4
|
|
13.2
|
|
4.3
|
|
32.5 %
|
INCOME BEFORE INCOME TAXES
|
|
262.3
|
|
130.0
|
|
132.3
|
|
101.8 %
|
Provision for income
taxes
|
|
61.2
|
|
29.1
|
|
32.1
|
|
110.4 %
|
Net income from
continuing operations
|
|
201.1
|
|
100.9
|
|
100.2
|
|
99.3 %
|
Net income from
discontinued operations
|
|
1.8
|
|
1.0
|
|
0.8
|
|
77.9 %
|
NET INCOME
|
|
$
202.9
|
|
$
101.9
|
|
$
101.0
|
|
99.1 %
|
Less: Earnings
allocated to participating securities
|
|
5.9
|
|
3.5
|
|
2.4
|
|
69.6 %
|
Net income available to
diluted common shares
|
|
$
197.1
|
|
$
98.5
|
|
$
98.6
|
|
100.1 %
|
Diluted earnings per
share from continuing operations
|
|
$
11.78
|
|
$
5.47
|
|
$
6.31
|
|
115.3 %
|
Diluted earnings per
share from discontinued operations
|
|
$
0.11
|
|
$
0.06
|
|
$
0.05
|
|
92.2 %
|
DILUTED EARNINGS PER SHARE
|
|
$
11.88
|
|
$
5.52
|
|
$
6.36
|
|
115.0 %
|
Weighted average
dilutive common shares outstanding
|
|
16.6
|
|
17.8
|
|
(1.2)
|
|
(6.9) %
|
Weighted average
participating securities
|
|
0.5
|
|
0.6
|
|
(0.1)
|
|
(21.4) %
|
Total weighted average shares
|
|
17.1
|
|
18.5
|
|
(1.4)
|
|
(7.4) %
|
Effective tax rate on
continuing operations
|
|
23.3 %
|
|
22.4 %
|
|
1.0 %
|
|
|
Group 1 Automotive, Inc.
|
Additional Information —
Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
Increase/(Decrease)
|
|
% Change
|
SELECTED BALANCE SHEET
INFORMATION:
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
16.6
|
|
$
14.9
|
|
$
1.7
|
|
11.1 %
|
Inventories,
net
|
|
$
1,096.4
|
|
$
1,073.1
|
|
$
23.3
|
|
2.2 %
|
Floorplan notes
payable, net (1)
|
|
$
704.7
|
|
$
531.0
|
|
$
173.7
|
|
32.7 %
|
Total debt
|
|
$
1,988.7
|
|
$
2,035.7
|
|
$
(47.0)
|
|
(2.3) %
|
Total equity
|
|
$
1,949.2
|
|
$
1,825.2
|
|
$
124.0
|
|
6.8 %
|
(1) Amounts are net of offset accounts
of $199.6 and $271.9, respectively.
|
|
|
Three Months Ended March 31,
|
|
|
2022
|
|
2021
|
NEW VEHICLE UNIT SALES GEOGRAPHIC
MIX:
|
|
|
United
States
|
|
80.3 %
|
|
81.7 %
|
United
Kingdom
|
|
19.7 %
|
|
18.3 %
|
|
|
|
|
|
NEW VEHICLE UNIT SALES BRAND
MIX:
|
|
|
Toyota/Lexus
|
|
23.0 %
|
|
25.8 %
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
15.3 %
|
|
14.7 %
|
BMW/MINI
|
|
13.1 %
|
|
10.1 %
|
Ford/Lincoln
|
|
8.2 %
|
|
10.0 %
|
Honda/Acura
|
|
8.0 %
|
|
8.6 %
|
Chevrolet/GMC/Buick/Cadillac
|
|
6.2 %
|
|
7.4 %
|
Mercedes-Benz/smart/Sprinter
|
|
5.9 %
|
|
5.2 %
|
Chrysler/Dodge/Jeep/RAM
|
|
5.2 %
|
|
4.3 %
|
Nissan
|
|
4.6 %
|
|
5.3 %
|
Hyundai/Kia/Genesis
|
|
4.3 %
|
|
4.9 %
|
Subaru
|
|
3.0 %
|
|
1.6 %
|
Jaguar/Land
Rover
|
|
1.4 %
|
|
2.1 %
|
Mazda
|
|
1.4 %
|
|
— %
|
Other
|
|
0.3 %
|
|
— %
|
|
|
100.0 %
|
|
100.0 %
|
|
|
March 31, 2022
|
|
December 31, 2021
|
|
March 31, 2021
|
DAYS' SUPPLY IN INVENTORY
(1):
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
New
vehicle inventory
|
|
11
|
|
12
|
|
33
|
Used vehicle inventory
|
|
33
|
|
42
|
|
28
|
U.S.
|
|
|
|
|
|
|
New
vehicle inventory
|
|
9
|
|
9
|
|
34
|
Used vehicle inventory
|
|
28
|
|
36
|
|
23
|
U.K.
|
|
|
|
|
|
|
New
vehicle inventory
|
|
17
|
|
33
|
|
28
|
Used vehicle inventory
|
|
52
|
|
66
|
|
44
|
(1) Days' supply in inventory is
calculated based on inventory unit levels and 30-day total unit
sales volumes, both at the end of each reporting period.
|
Group 1 Automotive, Inc.
|
Reported Operating Data —
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
1,745.1
|
|
$
1,509.2
|
|
$
235.9
|
|
15.6 %
|
|
|
$
(11.1)
|
|
16.4 %
|
Used vehicle retail sales
|
1,359.9
|
|
888.1
|
|
471.8
|
|
53.1 %
|
|
|
(9.5)
|
|
54.2 %
|
Used vehicle wholesale sales
|
93.5
|
|
78.2
|
|
15.2
|
|
19.5 %
|
|
|
(1.0)
|
|
20.8 %
|
Total used
|
1,453.4
|
|
966.3
|
|
487.0
|
|
50.4 %
|
|
|
(10.5)
|
|
51.5 %
|
Parts and service sales
|
472.9
|
|
352.8
|
|
120.1
|
|
34.0 %
|
|
|
(1.9)
|
|
34.6 %
|
F&I, net
|
173.0
|
|
125.6
|
|
47.4
|
|
37.7 %
|
|
|
(0.6)
|
|
38.2 %
|
Total revenues
|
$
3,844.4
|
|
$
2,953.9
|
|
$
890.4
|
|
30.1 %
|
|
|
$
(24.1)
|
|
31.0 %
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
201.3
|
|
$
95.7
|
|
$
105.6
|
|
110.4 %
|
|
|
$
(1.1)
|
|
111.5 %
|
Used vehicle retail sales
|
87.8
|
|
58.5
|
|
29.4
|
|
50.2 %
|
|
|
(0.6)
|
|
51.1 %
|
Used vehicle wholesale sales
|
2.8
|
|
3.8
|
|
(0.9)
|
|
(25.1) %
|
|
|
—
|
|
(25.6) %
|
Total used
|
90.7
|
|
62.3
|
|
28.4
|
|
45.6 %
|
|
|
(0.5)
|
|
46.5 %
|
Parts and service sales
|
259.8
|
|
197.7
|
|
62.1
|
|
31.4 %
|
|
|
(1.2)
|
|
32.0 %
|
F&I, net
|
173.0
|
|
125.6
|
|
47.4
|
|
37.7 %
|
|
|
(0.6)
|
|
38.2 %
|
Total gross profit
|
$
724.7
|
|
$
481.3
|
|
$
243.4
|
|
50.6 %
|
|
|
$
(3.4)
|
|
51.3 %
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
11.5 %
|
|
6.3 %
|
|
5.2 %
|
|
|
|
|
|
|
|
Used vehicle retail sales
|
6.5 %
|
|
6.6 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Used vehicle wholesale sales
|
3.0 %
|
|
4.8 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Total used
|
6.2 %
|
|
6.4 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Parts and service sales
|
54.9 %
|
|
56.1 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
Total gross margin
|
18.9 %
|
|
16.3 %
|
|
2.6 %
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
36,733
|
|
35,692
|
|
1,041
|
|
2.9 %
|
|
|
|
|
|
Retail used vehicles sold
|
43,806
|
|
37,543
|
|
6,263
|
|
16.7 %
|
|
|
|
|
|
Wholesale used vehicles sold
|
9,099
|
|
9,578
|
|
(479)
|
|
(5.0) %
|
|
|
|
|
|
Total used
|
52,905
|
|
47,121
|
|
5,784
|
|
12.3 %
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
$ 47,509
|
|
$ 42,285
|
|
$
5,224
|
|
12.4 %
|
|
|
$
(301)
|
|
13.1 %
|
Used vehicle retail
|
$ 31,043
|
|
$ 23,656
|
|
$
7,387
|
|
31.2 %
|
|
|
$
(217)
|
|
32.1 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
5,479
|
|
$
2,680
|
|
$
2,799
|
|
104.4 %
|
|
|
$
(30)
|
|
105.5 %
|
Used vehicle retail sales
|
$
2,005
|
|
$
1,558
|
|
$
447
|
|
28.7 %
|
|
|
$
(13)
|
|
29.5 %
|
Used vehicle wholesale sales
|
$
310
|
|
$
394
|
|
$
(83)
|
|
(21.2) %
|
|
|
$
2
|
|
(21.7) %
|
Total used
|
$
1,714
|
|
$
1,321
|
|
$
392
|
|
29.7 %
|
|
|
$
(10)
|
|
30.5 %
|
F&I PRU
|
$
2,148
|
|
$
1,715
|
|
$
432
|
|
25.2 %
|
|
|
$
(8)
|
|
25.7 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
$
418.5
|
|
$
311.4
|
|
$
107.1
|
|
34.4 %
|
|
|
$
(1.8)
|
|
35.0 %
|
Adjusted SG&A expenses (1)
|
$
439.8
|
|
$
310.4
|
|
$
129.4
|
|
41.7 %
|
|
|
$
(1.9)
|
|
42.3 %
|
SG&A as % gross profit
|
57.7 %
|
|
64.7 %
|
|
(6.9) %
|
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
60.7 %
|
|
64.5 %
|
|
(3.8) %
|
|
|
|
|
|
|
|
Operating margin %
|
7.4 %
|
|
5.1 %
|
|
2.3 %
|
|
|
|
|
|
|
|
Adjusted operating margin % (1)
|
6.9 %
|
|
5.1 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Pretax margin %
|
6.8 %
|
|
4.4 %
|
|
2.4 %
|
|
|
|
|
|
|
|
Adjusted pretax margin % (1)
|
6.3 %
|
|
4.4 %
|
|
1.8 %
|
|
|
|
|
|
|
|
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense
|
$
5.3
|
|
$
7.5
|
|
$
(2.2)
|
|
(29.9) %
|
|
|
$
—
|
|
(29.3) %
|
Less: Floorplan assistance (2)
|
14.0
|
|
13.2
|
|
0.8
|
|
6.3 %
|
|
|
—
|
|
6.3 %
|
Net floorplan
expense
|
$
(8.8)
|
|
$
(5.7)
|
|
$
(3.1)
|
|
|
|
|
$
—
|
|
|
(1)
|
See the section in this
release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
(2)
|
Floorplan
assistance is included within New vehicle retail Gross profit above
and New vehicle retail Cost of sales in our Condensed Consolidated
Statements of Operations.
|
Group 1 Automotive, Inc.
|
Reported Operating Data — U.S.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
$
1,433.1
|
|
$
1,246.0
|
|
$
187.1
|
|
15.0 %
|
Used vehicle retail sales
|
|
1,037.9
|
|
696.5
|
|
341.4
|
|
49.0 %
|
Used vehicle wholesale sales
|
|
57.2
|
|
50.4
|
|
6.8
|
|
13.5 %
|
Total used
|
|
1,095.1
|
|
746.9
|
|
348.2
|
|
46.6 %
|
Parts and service sales
|
|
408.4
|
|
296.3
|
|
112.1
|
|
37.8 %
|
F&I, net
|
|
154.7
|
|
115.1
|
|
39.7
|
|
34.5 %
|
Total revenues
|
|
$
3,091.3
|
|
$
2,404.3
|
|
$
687.0
|
|
28.6 %
|
Gross profit:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
$
173.3
|
|
$
80.9
|
|
$
92.5
|
|
114.3 %
|
Used vehicle retail sales
|
|
68.7
|
|
50.3
|
|
18.3
|
|
36.5 %
|
Used vehicle wholesale sales
|
|
3.2
|
|
3.9
|
|
(0.7)
|
|
(17.5) %
|
Total used
|
|
71.9
|
|
54.3
|
|
17.7
|
|
32.5 %
|
Parts and service sales
|
|
221.0
|
|
165.1
|
|
55.9
|
|
33.8 %
|
F&I, net
|
|
154.7
|
|
115.1
|
|
39.7
|
|
34.5 %
|
Total gross profit
|
|
$
620.9
|
|
$
415.3
|
|
$
205.6
|
|
49.5 %
|
Gross margin:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
12.1 %
|
|
6.5 %
|
|
5.6 %
|
|
|
Used vehicle retail sales
|
|
6.6 %
|
|
7.2 %
|
|
(0.6) %
|
|
|
Used vehicle wholesale sales
|
|
5.7 %
|
|
7.8 %
|
|
(2.1) %
|
|
|
Total used
|
|
6.6 %
|
|
7.3 %
|
|
(0.7) %
|
|
|
Parts and service sales
|
|
54.1 %
|
|
55.7 %
|
|
(1.6) %
|
|
|
Total gross margin
|
|
20.1 %
|
|
17.3 %
|
|
2.8 %
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
|
29,498
|
|
29,152
|
|
346
|
|
1.2 %
|
Retail used vehicles sold
|
|
33,940
|
|
30,431
|
|
3,509
|
|
11.5 %
|
Wholesale used vehicles sold
|
|
6,001
|
|
6,440
|
|
(439)
|
|
(6.8) %
|
Total used
|
|
39,941
|
|
36,871
|
|
3,070
|
|
8.3 %
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
|
$
48,583
|
|
$
42,743
|
|
$
5,840
|
|
13.7 %
|
Used vehicle retail
|
|
$
30,580
|
|
$
22,888
|
|
$
7,692
|
|
33.6 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
|
$
5,876
|
|
$
2,774
|
|
$
3,102
|
|
111.8 %
|
Used vehicle retail sales
|
|
$
2,023
|
|
$
1,654
|
|
$
369
|
|
22.3 %
|
Used vehicle wholesale sales
|
|
$
540
|
|
$
610
|
|
$
(70)
|
|
(11.5) %
|
Total used
|
|
$
1,800
|
|
$
1,471
|
|
$
329
|
|
22.4 %
|
F&I PRU
|
|
$
2,439
|
|
$
1,931
|
|
$
508
|
|
26.3 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A expenses
|
|
$
353.6
|
|
$
261.7
|
|
$
91.9
|
|
35.1 %
|
Adjusted SG&A expenses (1)
|
|
$
372.3
|
|
$
261.4
|
|
$
110.9
|
|
42.4 %
|
SG&A as % gross profit
|
|
56.9 %
|
|
63.0 %
|
|
(6.1) %
|
|
|
Adjusted SG&A as % gross profit (1)
|
|
60.0 %
|
|
62.9 %
|
|
(3.0) %
|
|
|
(1)
|
See the section in this
release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reported Operating Data — U.K.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
312.0
|
|
$
263.2
|
|
$
48.9
|
|
18.6 %
|
|
|
$
(11.1)
|
|
22.8 %
|
Used vehicle retail sales
|
322.0
|
|
191.6
|
|
130.4
|
|
68.1 %
|
|
|
(9.5)
|
|
73.0 %
|
Used vehicle wholesale sales
|
36.3
|
|
27.8
|
|
8.4
|
|
30.3 %
|
|
|
(1.0)
|
|
33.9 %
|
Total used
|
358.3
|
|
219.4
|
|
138.8
|
|
63.3 %
|
|
|
(10.5)
|
|
68.0 %
|
Parts and service sales
|
64.5
|
|
56.5
|
|
8.0
|
|
14.2 %
|
|
|
(1.9)
|
|
17.5 %
|
F&I, net
|
18.3
|
|
10.6
|
|
7.7
|
|
72.9 %
|
|
|
(0.6)
|
|
78.7 %
|
Total revenues
|
$
753.0
|
|
$
549.6
|
|
$
203.4
|
|
37.0 %
|
|
|
$
(24.1)
|
|
41.4 %
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
27.9
|
|
$
14.8
|
|
$
13.2
|
|
89.0 %
|
|
|
$
(1.1)
|
|
96.3 %
|
Used vehicle retail sales
|
19.2
|
|
8.2
|
|
11.0
|
|
134.7 %
|
|
|
(0.6)
|
|
141.4 %
|
Used vehicle wholesale sales
|
(0.4)
|
|
(0.2)
|
|
(0.3)
|
|
NM
|
|
|
—
|
|
NM
|
Total used
|
18.8
|
|
8.0
|
|
10.7
|
|
134.1 %
|
|
|
(0.5)
|
|
140.8 %
|
Parts and service sales
|
38.8
|
|
32.6
|
|
6.2
|
|
19.0 %
|
|
|
(1.2)
|
|
22.6 %
|
F&I, net
|
18.3
|
|
10.6
|
|
7.7
|
|
72.9 %
|
|
|
(0.6)
|
|
78.7 %
|
Total gross profit
|
$
103.8
|
|
$
66.0
|
|
$
37.8
|
|
57.3 %
|
|
|
$
(3.4)
|
|
62.5 %
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
9.0 %
|
|
5.6 %
|
|
3.3 %
|
|
|
|
|
|
|
|
Used vehicle retail sales
|
6.0 %
|
|
4.3 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Used vehicle wholesale sales
|
(1.2) %
|
|
(0.6) %
|
|
(0.6) %
|
|
|
|
|
|
|
|
Total used
|
5.2 %
|
|
3.7 %
|
|
1.6 %
|
|
|
|
|
|
|
|
Parts and service sales
|
60.2 %
|
|
57.8 %
|
|
2.4 %
|
|
|
|
|
|
|
|
Total gross margin
|
13.8 %
|
|
12.0 %
|
|
1.8 %
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
7,235
|
|
6,540
|
|
695
|
|
10.6 %
|
|
|
|
|
|
Retail used vehicles sold
|
9,866
|
|
7,112
|
|
2,754
|
|
38.7 %
|
|
|
|
|
|
Wholesale used vehicles sold
|
3,098
|
|
3,138
|
|
(40)
|
|
(1.3) %
|
|
|
|
|
|
Total used
|
12,964
|
|
10,250
|
|
2,714
|
|
26.5 %
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
$ 43,129
|
|
$ 40,240
|
|
$
2,889
|
|
7.2 %
|
|
|
$
(1,528)
|
|
11.0 %
|
Used vehicle retail
|
$ 32,638
|
|
$ 26,941
|
|
$
5,697
|
|
21.1 %
|
|
|
$
(962)
|
|
24.7 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
3,861
|
|
$
2,261
|
|
$
1,600
|
|
70.8 %
|
|
|
$
(150)
|
|
77.4 %
|
Used vehicle retail sales
|
$
1,944
|
|
$
1,149
|
|
$
795
|
|
69.2 %
|
|
|
$
(56)
|
|
74.0 %
|
Used vehicle wholesale sales
|
$
(135)
|
|
$
(51)
|
|
$
(84)
|
|
NM
|
|
|
$
6
|
|
NM
|
Total used
|
$
1,447
|
|
$
782
|
|
$
666
|
|
85.1 %
|
|
|
$
(41)
|
|
90.4 %
|
F&I PRU
|
$
1,068
|
|
$
773
|
|
$
294
|
|
38.1 %
|
|
|
$
(36)
|
|
42.7 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
$
64.9
|
|
$
49.6
|
|
$
15.2
|
|
30.7 %
|
|
|
$
(1.8)
|
|
34.3 %
|
Adjusted SG&A expenses (1)
|
$
67.5
|
|
$
49.1
|
|
$
18.5
|
|
37.7 %
|
|
|
$
(1.9)
|
|
41.6 %
|
SG&A as % gross profit
|
62.5 %
|
|
75.2 %
|
|
(12.7) %
|
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
65.1 %
|
|
74.3 %
|
|
(9.3) %
|
|
|
|
|
|
|
|
(1)
|
See the section in this
release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
NM — Not
Meaningful
|
Group 1 Automotive, Inc.
|
Same Store Operating Data —
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
1,440.7
|
|
$
1,490.4
|
|
$
(49.6)
|
|
(3.3) %
|
|
|
$
(10.1)
|
|
(2.7) %
|
Used vehicle retail sales
|
1,163.1
|
|
878.3
|
|
284.8
|
|
32.4 %
|
|
|
(8.4)
|
|
33.4 %
|
Used vehicle wholesale sales
|
79.6
|
|
77.5
|
|
2.1
|
|
2.8 %
|
|
|
(0.9)
|
|
4.0 %
|
Total used
|
1,242.7
|
|
955.8
|
|
287.0
|
|
30.0 %
|
|
|
(9.3)
|
|
31.0 %
|
Parts and service sales
|
405.0
|
|
347.1
|
|
57.9
|
|
16.7 %
|
|
|
(1.7)
|
|
17.2 %
|
F&I, net
|
148.7
|
|
123.9
|
|
24.8
|
|
20.0 %
|
|
|
(0.6)
|
|
20.4 %
|
Total revenues
|
$
3,237.2
|
|
$
2,917.1
|
|
$
320.1
|
|
11.0 %
|
|
|
$
(21.7)
|
|
11.7 %
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
163.6
|
|
$
94.6
|
|
$
69.0
|
|
72.9 %
|
|
|
$
(1.0)
|
|
74.0 %
|
Used vehicle retail sales
|
73.9
|
|
58.0
|
|
15.9
|
|
27.5 %
|
|
|
(0.5)
|
|
28.3 %
|
Used vehicle wholesale sales
|
1.8
|
|
3.8
|
|
(2.0)
|
|
(51.8) %
|
|
|
—
|
|
(52.3) %
|
Total used
|
75.7
|
|
61.7
|
|
14.0
|
|
22.7 %
|
|
|
(0.5)
|
|
23.4 %
|
Parts and service sales
|
218.9
|
|
194.7
|
|
24.2
|
|
12.4 %
|
|
|
(1.1)
|
|
13.0 %
|
F&I, net
|
148.7
|
|
123.9
|
|
24.8
|
|
20.0 %
|
|
|
(0.6)
|
|
20.4 %
|
Total gross profit
|
$
606.9
|
|
$
474.9
|
|
$
132.0
|
|
27.8 %
|
|
|
$
(3.1)
|
|
28.4 %
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
11.4 %
|
|
6.3 %
|
|
5.0 %
|
|
|
|
|
|
|
|
Used vehicle retail sales
|
6.4 %
|
|
6.6 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Used vehicle wholesale sales
|
2.3 %
|
|
4.9 %
|
|
(2.6) %
|
|
|
|
|
|
|
|
Total used
|
6.1 %
|
|
6.5 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Parts and service sales
|
54.0 %
|
|
56.1 %
|
|
(2.0) %
|
|
|
|
|
|
|
|
Total gross margin
|
18.7 %
|
|
16.3 %
|
|
2.5 %
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
30,260
|
|
35,263
|
|
(5,003)
|
|
(14.2) %
|
|
|
|
|
|
Retail used vehicles sold
|
37,415
|
|
37,092
|
|
323
|
|
0.9 %
|
|
|
|
|
|
Wholesale used vehicles sold
|
7,377
|
|
9,457
|
|
(2,080)
|
|
(22.0) %
|
|
|
|
|
|
Total used
|
44,792
|
|
46,549
|
|
(1,757)
|
|
(3.8) %
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
$ 47,612
|
|
$ 42,264
|
|
$
5,348
|
|
12.7 %
|
|
|
$
(334)
|
|
13.4 %
|
Used vehicle retail
|
$ 31,087
|
|
$ 23,679
|
|
$
7,408
|
|
31.3 %
|
|
|
$
(224)
|
|
32.2 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
5,407
|
|
$
2,683
|
|
$
2,724
|
|
101.5 %
|
|
|
$
(33)
|
|
102.8 %
|
Used vehicle retail sales
|
$
1,975
|
|
$
1,563
|
|
$
412
|
|
26.4 %
|
|
|
$
(13)
|
|
27.2 %
|
Used vehicle wholesale sales
|
$
246
|
|
$
398
|
|
$
(152)
|
|
(38.2) %
|
|
|
$
2
|
|
(38.8) %
|
Total used
|
$
1,691
|
|
$
1,326
|
|
$
364
|
|
27.5 %
|
|
|
$
(10)
|
|
28.3 %
|
F&I PRU
|
$
2,197
|
|
$
1,712
|
|
$
484
|
|
28.3 %
|
|
|
$
(8)
|
|
28.8 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
$
367.0
|
|
$
306.5
|
|
$
60.5
|
|
19.7 %
|
|
|
$
(1.8)
|
|
20.3 %
|
Adjusted SG&A expenses (1)
|
$
367.0
|
|
$
305.3
|
|
$
61.8
|
|
20.2 %
|
|
|
$
(1.8)
|
|
20.8 %
|
SG&A as % gross profit
|
60.5 %
|
|
64.5 %
|
|
(4.1) %
|
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (1)
|
60.5 %
|
|
64.3 %
|
|
(3.8) %
|
|
|
|
|
|
|
|
Operating margin %
|
6.8 %
|
|
5.1 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Adjusted operating margin % (1)
|
6.8 %
|
|
5.2 %
|
|
1.7 %
|
|
|
|
|
|
|
|
(1)
|
See the section in this
release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Same Store Operating Data —
U.S.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
1,155.8
|
|
$
1,227.6
|
|
$
(71.8)
|
|
(5.8) %
|
Used vehicle retail sales
|
878.0
|
|
687.7
|
|
190.4
|
|
27.7 %
|
Used vehicle wholesale sales
|
46.3
|
|
49.7
|
|
(3.4)
|
|
(6.9) %
|
Total used
|
924.4
|
|
737.4
|
|
187.0
|
|
25.4 %
|
Parts and service sales
|
347.8
|
|
293.3
|
|
54.5
|
|
18.6 %
|
F&I, net
|
131.9
|
|
113.4
|
|
18.5
|
|
16.3 %
|
Total revenues
|
$
2,559.8
|
|
$
2,371.6
|
|
$
188.2
|
|
7.9 %
|
Gross profit:
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
138.3
|
|
$
79.9
|
|
$
58.5
|
|
73.2 %
|
Used vehicle retail sales
|
57.0
|
|
49.8
|
|
7.2
|
|
14.4 %
|
Used vehicle wholesale sales
|
2.2
|
|
3.9
|
|
(1.7)
|
|
(42.9) %
|
Total used
|
59.3
|
|
53.7
|
|
5.5
|
|
10.3 %
|
Parts and service sales
|
184.4
|
|
163.2
|
|
21.2
|
|
13.0 %
|
F&I, net
|
131.9
|
|
113.4
|
|
18.5
|
|
16.3 %
|
Total gross profit
|
$
513.9
|
|
$
410.2
|
|
$
103.7
|
|
25.3 %
|
Gross margin:
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
12.0 %
|
|
6.5 %
|
|
5.5 %
|
|
|
Used vehicle retail sales
|
6.5 %
|
|
7.2 %
|
|
(0.8) %
|
|
|
Used vehicle wholesale sales
|
4.8 %
|
|
7.8 %
|
|
(3.0) %
|
|
|
Total used
|
6.4 %
|
|
7.3 %
|
|
(0.9) %
|
|
|
Parts and service sales
|
53.0 %
|
|
55.7 %
|
|
(2.6) %
|
|
|
Total gross margin
|
20.1 %
|
|
17.3 %
|
|
2.8 %
|
|
|
Units sold:
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
23,769
|
|
28,739
|
|
(4,970)
|
|
(17.3) %
|
Retail used vehicles sold
|
28,901
|
|
30,037
|
|
(1,136)
|
|
(3.8) %
|
Wholesale used vehicles sold
|
4,639
|
|
6,344
|
|
(1,705)
|
|
(26.9) %
|
Total used
|
33,540
|
|
36,381
|
|
(2,841)
|
|
(7.8) %
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
New
vehicle retail
|
$
48,625
|
|
$
42,714
|
|
$
5,912
|
|
13.8 %
|
Used vehicle retail
|
$
30,381
|
|
$
22,894
|
|
$
7,488
|
|
32.7 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
5,819
|
|
$
2,779
|
|
$
3,041
|
|
109.4 %
|
Used vehicle retail sales
|
$
1,974
|
|
$
1,660
|
|
$
314
|
|
18.9 %
|
Used vehicle wholesale sales
|
$
477
|
|
$
611
|
|
$
(134)
|
|
(21.9) %
|
Total used
|
$
1,767
|
|
$
1,477
|
|
$
290
|
|
19.7 %
|
F&I PRU
|
$
2,504
|
|
$
1,929
|
|
$
575
|
|
29.8 %
|
Other:
|
|
|
|
|
|
|
|
SG&A expenses
|
$
306.5
|
|
$
258.7
|
|
$
47.9
|
|
18.5 %
|
Adjusted SG&A expenses (1)
|
$
306.5
|
|
$
257.4
|
|
$
49.1
|
|
19.1 %
|
SG&A as % gross profit
|
59.6 %
|
|
63.1 %
|
|
(3.4) %
|
|
|
Adjusted SG&A as % gross profit (1)
|
59.6 %
|
|
62.8 %
|
|
(3.1) %
|
|
|
(1)
|
See the section in this
release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Same Store Operating Data —
U.K.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
285.0
|
|
$
262.8
|
|
$
22.2
|
|
8.4 %
|
|
|
$
(10.1)
|
|
12.3 %
|
Used vehicle retail sales
|
285.1
|
|
190.6
|
|
94.4
|
|
49.5 %
|
|
|
(8.4)
|
|
53.9 %
|
Used vehicle wholesale sales
|
33.3
|
|
27.7
|
|
5.6
|
|
20.1 %
|
|
|
(0.9)
|
|
23.4 %
|
Total used
|
318.4
|
|
218.4
|
|
100.0
|
|
45.8 %
|
|
|
(9.3)
|
|
50.1 %
|
Parts and service sales
|
57.3
|
|
53.9
|
|
3.4
|
|
6.3 %
|
|
|
(1.7)
|
|
9.4 %
|
F&I, net
|
16.8
|
|
10.5
|
|
6.2
|
|
59.4 %
|
|
|
(0.6)
|
|
64.8 %
|
Total revenues
|
$
677.3
|
|
$
545.5
|
|
$
131.8
|
|
24.2 %
|
|
|
$
(21.7)
|
|
28.1 %
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
25.3
|
|
$
14.8
|
|
$
10.5
|
|
71.4 %
|
|
|
$
(1.0)
|
|
78.1 %
|
Used vehicle retail sales
|
16.9
|
|
8.1
|
|
8.7
|
|
107.5 %
|
|
|
(0.5)
|
|
113.4 %
|
Used vehicle wholesale sales
|
(0.4)
|
|
(0.1)
|
|
(0.3)
|
|
NM
|
|
|
—
|
|
NM
|
Total used
|
16.5
|
|
8.0
|
|
8.4
|
|
105.4 %
|
|
|
(0.5)
|
|
111.2 %
|
Parts and service sales
|
34.4
|
|
31.4
|
|
3.0
|
|
9.5 %
|
|
|
(1.1)
|
|
12.9 %
|
F&I, net
|
16.8
|
|
10.5
|
|
6.2
|
|
59.4 %
|
|
|
(0.6)
|
|
64.8 %
|
Total gross profit
|
$
93.0
|
|
$
64.7
|
|
$
28.2
|
|
43.6 %
|
|
|
$
(3.1)
|
|
48.4 %
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
8.9 %
|
|
5.6 %
|
|
3.3 %
|
|
|
|
|
|
|
|
Used vehicle retail sales
|
5.9 %
|
|
4.3 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Used vehicle wholesale sales
|
(1.2) %
|
|
(0.4) %
|
|
(0.8) %
|
|
|
|
|
|
|
|
Total used
|
5.2 %
|
|
3.7 %
|
|
1.5 %
|
|
|
|
|
|
|
|
Parts and service sales
|
60.1 %
|
|
58.4 %
|
|
1.8 %
|
|
|
|
|
|
|
|
Total gross margin
|
13.7 %
|
|
11.9 %
|
|
1.9 %
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold
|
6,491
|
|
6,524
|
|
(33)
|
|
(0.5) %
|
|
|
|
|
|
Retail used vehicles sold
|
8,514
|
|
7,055
|
|
1,459
|
|
20.7 %
|
|
|
|
|
|
Wholesale used vehicles sold
|
2,738
|
|
3,113
|
|
(375)
|
|
(12.0) %
|
|
|
|
|
|
Total used
|
11,252
|
|
10,168
|
|
1,084
|
|
10.7 %
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail
|
$ 43,903
|
|
$ 40,282
|
|
$
3,621
|
|
9.0 %
|
|
|
$
(1,557)
|
|
12.9 %
|
Used vehicle retail
|
$ 33,483
|
|
$ 27,023
|
|
$
6,460
|
|
23.9 %
|
|
|
$
(986)
|
|
27.6 %
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle retail sales
|
$
3,898
|
|
$
2,262
|
|
$
1,635
|
|
72.3 %
|
|
|
$
(153)
|
|
79.0 %
|
Used vehicle retail sales
|
$
1,981
|
|
$
1,152
|
|
$
829
|
|
71.9 %
|
|
|
$
(57)
|
|
76.8 %
|
Used vehicle wholesale sales
|
$
(146)
|
|
$
(36)
|
|
$
(110)
|
|
NM
|
|
|
$
6
|
|
NM
|
Total used
|
$
1,463
|
|
$
788
|
|
$
675
|
|
85.6 %
|
|
|
$
(41)
|
|
90.8 %
|
F&I PRU
|
$
1,117
|
|
$
774
|
|
$
343
|
|
44.3 %
|
|
|
$
(38)
|
|
49.1 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses
|
$
60.5
|
|
$
47.9
|
|
$
12.7
|
|
26.4 %
|
|
|
$
(1.8)
|
|
30.1 %
|
SG&A as % gross profit
|
65.1 %
|
|
73.9 %
|
|
(8.8) %
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
— Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
Three Months Ended March 31,
2022
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
418.5
|
|
$
21.4
|
|
$
439.8
|
Income (loss) from
operations
|
|
$
285.0
|
|
$
(21.4)
|
|
$
263.7
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
262.3
|
|
$
(21.4)
|
|
$
240.9
|
Less: Provision
(benefit) for income taxes
|
|
61.2
|
|
(4.9)
|
|
56.3
|
Net income (loss) from
continuing operations
|
|
201.1
|
|
(16.5)
|
|
184.6
|
Less: Earnings (loss)
allocated to participating securities
|
|
5.8
|
|
(0.5)
|
|
5.3
|
Net income (loss) from
continuing operations available to diluted
common shares
|
|
$
195.3
|
|
$
(16.0)
|
|
$
179.3
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
11.78
|
|
$
(0.97)
|
|
$
10.81
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.3 %
|
|
|
|
23.4 %
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
57.7 %
|
|
|
|
60.7 %
|
Operating margin
(2)
|
|
7.4 %
|
|
|
|
6.9 %
|
Pretax margin
(3)
|
|
6.8 %
|
|
|
|
6.3 %
|
|
|
U.S. GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
1.8
|
|
$
—
|
|
$
1.8
|
Less: earnings
allocated to participating securities
|
|
0.1
|
|
—
|
|
0.1
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
1.8
|
|
$
—
|
|
$
1.8
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
202.9
|
|
$
(16.5)
|
|
$
186.4
|
Less: earnings (loss)
allocated to participating securities
|
|
5.9
|
|
(0.5)
|
|
5.4
|
Net income (loss)
available to diluted common shares
|
|
$
197.1
|
|
$
(16.0)
|
|
$
181.0
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.11
|
|
$
—
|
|
$
0.11
|
Diluted earnings (loss)
per common share from continuing operations
|
|
11.78
|
|
(0.97)
|
|
10.81
|
Diluted earnings (loss)
per common share
|
|
$
11.88
|
|
$
(0.97)
|
|
$
10.92
|
(1)
|
Adjusted SG&A as %
of gross profit excludes the impact of SG&A reconciling items
above.
|
(2)
|
Adjusted operating
margin excludes the impact of SG&A reconciling items
above.
|
(3)
|
Adjusted pretax margin
excludes the impact of SG&A reconciling items above.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
— Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
Three Months Ended March 31,
2021
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
311.4
|
|
$
(2.2)
|
|
$
0.3
|
|
$
1.0
|
|
$
310.4
|
Income (loss) from
operations
|
|
$
150.7
|
|
$
2.2
|
|
$
(0.3)
|
|
$
(1.0)
|
|
$
151.6
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
130.0
|
|
$
2.2
|
|
$
(0.3)
|
|
$
(1.0)
|
|
$
130.9
|
Less: Provision
(benefit) for income taxes
|
|
29.1
|
|
0.5
|
|
(0.1)
|
|
(0.2)
|
|
29.3
|
Net income (loss) from
continuing operations
|
|
100.9
|
|
1.7
|
|
(0.2)
|
|
(0.8)
|
|
101.7
|
Less: Earnings
allocated to participating securities
|
|
3.4
|
|
0.1
|
|
—
|
|
—
|
|
3.5
|
Net income (loss) from
continuing operations
available to diluted common shares
|
|
$
97.5
|
|
$
1.7
|
|
$
(0.2)
|
|
$
(0.7)
|
|
$
98.2
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from
continuing operations
|
|
$
5.47
|
|
$
0.09
|
|
$
(0.01)
|
|
$
(0.04)
|
|
$
5.51
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
22.4 %
|
|
|
|
|
|
|
|
22.4 %
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
64.7 %
|
|
|
|
|
|
|
|
64.5 %
|
Operating margin
(2)
|
|
5.1 %
|
|
|
|
|
|
|
|
5.1 %
|
Pretax margin
(3)
|
|
4.4 %
|
|
|
|
|
|
|
|
4.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
306.5
|
|
$
(2.2)
|
|
$
—
|
|
$
1.0
|
|
$
305.3
|
Same Store SG&A as
% gross profit (1)
|
|
64.5 %
|
|
|
|
|
|
|
|
64.3 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
149.7
|
|
$
2.2
|
|
$
—
|
|
$
(1.0)
|
|
$
150.9
|
Same Store operating
margin (2)
|
|
5.1 %
|
|
|
|
|
|
|
|
5.2 %
|
|
|
U.S. GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
1.0
|
|
$
—
|
|
$
1.0
|
Less: earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
1.0
|
|
$
—
|
|
$
1.0
|
|
|
|
|
|
|
|
Net income
|
|
$
101.9
|
|
$
0.7
|
|
$
102.7
|
Less: earnings
allocated to participating securities
|
|
3.5
|
|
—
|
|
3.5
|
Net income available to
diluted common shares
|
|
$
98.5
|
|
$
0.7
|
|
$
99.2
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.06
|
|
$
—
|
|
$
0.06
|
Diluted earnings per
common share from continuing operations
|
|
5.47
|
|
0.04
|
|
5.51
|
Diluted earnings per
common share
|
|
$
5.52
|
|
$
0.04
|
|
$
5.57
|
(1)
|
Adjusted SG&A as %
of gross profit excludes the impact of SG&A reconciling items
above.
|
(2)
|
Adjusted operating
margin excludes the impact of SG&A reconciling items
above.
|
(3)
|
Adjusted pretax margin
excludes the impact of SG&A reconciling items above.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
— U.S.
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
Three Months Ended March 31,
2022
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
353.6
|
|
$
18.7
|
|
$
372.3
|
SG&A as % gross
profit (1)
|
|
56.9 %
|
|
|
|
60.0 %
|
|
|
Three Months Ended March 31,
2021
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
261.7
|
|
$
(2.2)
|
|
$
0.9
|
|
$
1.0
|
|
$
261.4
|
SG&A as % gross
profit (1)
|
|
63.0 %
|
|
|
|
|
|
|
|
62.9 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
258.7
|
|
$
(2.2)
|
|
$
—
|
|
$
1.0
|
|
$
257.4
|
Same Store SG&A as
% gross profit (1)
|
|
63.1 %
|
|
|
|
|
|
|
|
62.8 %
|
(1)
|
Adjusted SG&A as %
of gross profit excludes the impact of SG&A reconciling items
above.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
— U.K.
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2022
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
64.9
|
|
$
2.7
|
|
$
67.5
|
SG&A as % gross
profit (1)
|
|
62.5 %
|
|
|
|
65.1 %
|
|
|
Three Months Ended March 31,
2021
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
49.6
|
|
$
(0.6)
|
|
$
49.1
|
SG&A as % gross
profit (1)
|
|
75.2 %
|
|
|
|
74.3 %
|
(1)
|
Adjusted SG&A as %
of gross profit excludes the impact of SG&A reconciling items
above.
|
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-first-quarter-2022-financial-results-301533531.html
SOURCE Group 1 Automotive, Inc.