HOUSTON, July 30, 2020 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group 1" or the
"Company"), an international, Fortune 500 automotive retailer,
today reported 2020 second quarter net income of $30.2 million, diluted earnings per common share
of $1.63, adjusted net income (a
non-GAAP measure) of $69.6 million,
and adjusted diluted earnings per common share (a non-GAAP measure)
of $3.77. The Company's 2020
second quarter total revenue was $2.1
billion.
Second quarter 2020 adjusted net income and diluted earnings per
share excluded a net after-tax adjustment of $39.4 million, or $2.14 per share, primarily related to the
following: non-cash asset impairments of $20.6 million, or $1.11 per share; out-of-period adjustment to
accelerate stock-based compensation expense for retirement of
eligible employees of $9.7 million,
or $0.53 per share; loss on debt
extinguishment of $8.1 million, or
$0.44 per share; and U.K. severance
costs of $1.0 million, or
$0.05 per share. Second quarter
2019 adjusted net income and diluted earnings per share excluded
approximately $3.5 million net
after-tax adjustments, or $0.19 per
common share. These adjustments consist primarily of $3.0 million related to catastrophic weather
events, or $0.16 per common share;
and non-cash asset impairments of $0.5
million, or $0.03 per common
share. Reconciliations of non-GAAP financial measures are
included in the attached financial tables. Certain
disclosures may not compute due to rounding.
"Our ability to react quickly to uncertain, dramatically lower
levels of business activity resulting from the pandemic was
completely due to the hard work and commitment of our employees and
I must sincerely thank them for that. Rapid and deep cost
cuts, combined with a quicker-than-expected U.S. auto market
recovery, enabled us to achieve very strong operating results in
the second quarter," said Earl J.
Hesterberg, Group 1's President and Chief Executive
Officer. "Beginning in late March, we experienced sudden and
dramatic shutdowns in all three of our markets. By early
April, our U.S. sales and service business had dropped by 50% and
we were completely closed in the U.K., except for a small volume of
emergency service work. Due to this severe decline in
customer traffic, we had no choice but to execute a comprehensive
cost reduction plan across our entire company that touched all
areas of the business. Our U.S. business recovered steadily
in May and June led by our used vehicle and service
businesses. We benefited greatly during this time period from
the effectiveness of our online vehicle purchasing platform,
Acceleride, as online shopping increased in popularity. As
business improved, we began to call back some of our furloughed
employees and have currently returned to approximately 70% of our
Pre-COVID employment levels in both the U.S. and U.K. Our
U.S. and U.K. businesses are operating at their highest efficiency
levels ever and we expect this to carry forward."
Consolidated Results for Second Quarter 2020
(year-over-year comparable basis)
For ease of comparison, we have included constant currency
metrics (a non-GAAP measure) both below (shown in parenthesis) and
in the financial tables that follow:
- Total revenue decreased 29.1 percent (-28.4 percent), to
$2.1 billion.
- Total gross profit decreased 21.0 percent (-20.4 percent), to
$358.8 million.
- New vehicle revenues decreased 32.1 percent (-31.4 percent) on
a 37.1 percent decrease in unit sales.
- Retail used vehicle revenues decreased 23.6 percent (-22.9
percent) on 23.2 percent lower unit sales.
- Parts and service gross profit decreased 26.5 percent (-25.9
percent) on revenue decrease of 25.4 percent (-24.7 percent).
- Finance and Insurance (F&I) gross profit per retail unit
(PRU) increased 9.1 percent (+9.6 percent), to $1,697.
- Selling, General and Administrative (SG&A) expenses as a
percent of gross profit decreased 850.0 basis points, to 66.1
percent. Adjusted SG&A as a percent of gross profit decreased
1,100 basis points, to 62.8 percent.
Segment Results for Second Quarter 2020 (year-over-year
comparable basis)
The Company's U.S. operations
accounted for 85.9 percent of total revenues and 90.4 percent of
total gross profit. Total U.S. revenues decreased 19.6
percent, to $1.8 billion. Total
gross profit decreased 13.9 percent, to $324.5 million. Same Store U.S. total gross
profit decreased 15.1 percent, to $317.9
million.
- Same Store new vehicle revenue declined 24.2 percent, with
units decreasing 28.5 percent. New vehicle gross profit increased
0.2 percent as gross profit per unit increased $725, a 40.1 percent increase, to $2,533 and more than offset lower volumes.
- Same Store total used revenue declined 16 percent, with units
decreasing 16.5 percent, as inventory shortages hampered sales
later in the quarter. Same Store total used gross profit declined
5.4 percent as higher gross profit per unit (used retail gross
profit per unit increased $129 to
$1,557) partially offset the volume
decline.
- Parts and service revenues decreased 17.9 percent and gross
profit decreased by 18.9 percent. Same Store parts and service
revenues decreased 19.0 percent. Same Store parts and service gross
profits decreased 20.0 percent, to $133.0
million.
- F&I revenues decreased 18.8 percent, to $89.8 million. F&I gross profit PRU grew
$50, to $1,868, or 2.7 percent. Same Store F&I gross
profit PRU increased $58, to
$1,882, or 3.2 percent.
- SG&A expenses as a percent of gross profit decreased 850
basis points, to 62.6 percent. Adjusted SG&A expenses as a
percent of gross profit decreased 1,070 basis points, to 59.4
percent.
"The rapid action by our
dealership operating teams to significantly cut costs in late March
and the strong new and used vehicle margins in late May and June,
helped deliver an exceptional quarter for our U.S.
operations. Highlights include adjusted Same Store SG&A
as a percentage of gross profit, which came in at an all-time low
of 59.4% and delivering flat Same store new vehicle gross profit in
an environment where the new vehicle industry declined 34%. Our
aftersales business improved throughout the quarter. In June,
our customer pay service gross profit was up versus previous
year. Additionally, our U.S. omni-channel platform
AcceleRide® was instrumental in allowing us to connect with and
serve our customers from the comfort of their remote
locations. Second quarter AcceleRide® leads were up 203
percent and AcceleRide® sales were up 190 percent from a year ago
and we averaged close to 1,000 retail unit sales per month via this
channel. Also, our online service scheduling penetration had
strong growth from 25 percent to over 30 percent. Our
omni-channel initiatives are allowing us to do business with our
customers how and when they choose, and will allow us to stay at
the technological forefront as consumer preferences continue to
shift more towards online automotive retail," said Daryl Kenningham, Group 1's President of U.S.
and Brazilian Operations.
The Company's U.K. operations
accounted for 12.4 percent of total revenues and 8.2 percent of
total gross profit as stringent lockdown orders in the U.K.
halted service operations for six weeks and dealership sales for
two months. On as constant currency basis, Same Store total
revenues decreased -57.9 percent, to $242.4
million. Same Store total gross profit decreased 54.7
percent, to $27.1 million. Same
Store SG&A expenses as a percent of gross profit increased 90
basis points, to 91.5 percent. Adjusted Same Store SG&A
expenses as a percent of gross profit decreased 360 basis points,
to 87.0 percent.
Hesterberg added, "Our U.K.
businesses were almost completely shut down from late March until
May 18th when our workshops were
permitted to reopen. Our showrooms were closed for more than
two months and did not open until June 1st. This made it
impossible to generate a profit in either April or May in the
U.K. However, our decisive cost reduction actions minimized
the financial damage in the first two months of the quarter and
brought us back to a reasonable level of profit in June as the
market snapped back. Our momentum continued into July and I
believe our U.K. business is in the strongest position we have seen
in several years."
The Company's Brazilian operations
accounted for 1.7 percent of total revenues and 1.4 percent of
total gross profit. On a constant currency basis, Same Store
total revenues decreased 53.9 percent, driven by constant currency
revenue decreases of 63.0 percent in new vehicles, 55.0 percent in
F&I, 35.4 percent in total used vehicles, and 32.0 percent in
parts and service as various local shelter-in-place orders
completely closed our operations for over a month on average in the
quarter combined with restrictions on operating hours that continue
in force. Same Store SG&A expenses as a percent of gross
profit increased 2,390 basis points, to 114.0 percent. Although the
market was unprofitable for the quarter, aggressive cost reduction
actions and a slowly rebounding market allowed the operation to
generate a small profit in June.
"The challenges we faced in the second quarter required our
operating team to be responsive and resourceful. We have
proven that we can react to rapidly changing conditions in all of
our markets. In addition to dealing with the disruptions to the
U.S. market, our U.S. team was strong enough to offset the losses
generated by a more stringent shutdown in the U.K. and parts of
Brazil. Both our U.K. and U.S. teams have taken actions that
will put us in an even more competitive position in the future,"
commented Hesterberg.
Second Quarter 2020 Earnings Conference Call Details
Group 1's senior management will host a conference call today at
10 a.m. ET to discuss the second
quarter 2020 financial results. The conference call will be
simulcast live on the Internet at www.group1auto.com, then
click on 'Investor Relations' and then 'Events' or through this
link: http://www.group1corp.com/events. A webcast replay will
be available for 30 days.
The conference call will also be available live by dialing in 15
minutes prior to the start of the call at:
Domestic: 1-888-317-6003
International: 1-412-317-6061
Conference ID: 3487938
A telephonic replay will be available following the call through
May 12, 2020 by dialing:
Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay ID: 10146303
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 186 automotive dealerships, 242
franchises, and 49 collision centers in the
United States, the United
Kingdom and Brazil that offer 31 brands of
automobiles. Through its dealerships, the Company sells new and
used cars and light trucks; arranges related vehicle financing;
sells service contracts; provides automotive maintenance and repair
services; and sells vehicle parts.
Investors please visit www.group1corp.com,
www.group1auto.com, www.group1collision.com,
www.facebook.com/group1auto, and www.twitter.com/group1auto, where
Group 1 discloses additional information about the Company, its
business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
which are statements related to future, not past, events and are
based on our current expectations and assumptions regarding our
business, the economy and other future conditions. In this context,
the forward-looking statements often include statements regarding
our strategic investments, goals, plans, projections and guidance
regarding our financial position, results of operations, business
strategy, and often contain words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "should," "foresee," "may"
or "will" and similar expressions. While management believes that
these forward-looking statements are reasonable as and when made,
there can be no assurance that future developments affecting us
will be those that we anticipate. Any such forward-looking
statements are not assurances of future performance and involve
risks and uncertainties that may cause actual results to differ
materially from those set forth in the statements. These risks and
uncertainties include, among other things, (a) general economic and
business conditions, (b) the level of manufacturer incentives, (c)
the future regulatory environment, (d) our ability to obtain an
inventory of desirable new and used vehicles, (e) our relationship
with our automobile manufacturers and the willingness of
manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our
ability to complete acquisitions and dispositions and the risks
associated therewith, (h) foreign exchange controls and currency
fluctuations, (i) our ability to retain key personnel, (j) the
impacts of COVID-19 on our business, (k) the impacts of any
potential global recession and (l) our ability to maintain
sufficient liquidity to operate. For additional information
regarding known material factors that could cause our actual
results to differ from our projected results, please see our
filings with the SEC, including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER
DATA
In addition to evaluating the financial condition
and results of our operations in accordance with U.S. GAAP, from
time to time our management evaluates and analyzes results and any
impact on the Company of strategic decisions and actions relating
to, among other things, cost reduction, growth, profitability
improvement initiatives, and other events outside of normal, or
"core," business and operations, by considering alternative
financial measures not prepared in accordance with U.S. GAAP. In
our evaluation of results from time to time, we exclude items that
do not arise directly from core operations, such as non-cash asset
impairment charges, 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 disclosures are reported as zero balances or may not
compute due to rounding.
Investor contacts:
Sheila
Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Group 1 Automotive, Inc.
|
Condensed Consolidated Statements of
Operations
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,062.7
|
|
|
$
|
1,565.4
|
|
|
$
|
(502.7)
|
|
|
(32.1)
|
%
|
Used vehicle retail
sales
|
|
641.2
|
|
|
838.9
|
|
|
(197.7)
|
|
|
(23.6)
|
%
|
Used vehicle
wholesale sales
|
|
48.7
|
|
|
96.0
|
|
|
(47.3)
|
|
|
(49.3)
|
%
|
Parts and service
sales
|
|
282.0
|
|
|
378.2
|
|
|
(96.2)
|
|
|
(25.4)
|
%
|
Finance, insurance
and other, net
|
|
96.7
|
|
|
127.3
|
|
|
(30.5)
|
|
|
(24.0)
|
%
|
Total
revenues
|
|
2,131.2
|
|
|
3,005.7
|
|
|
(874.5)
|
|
|
(29.1)
|
%
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
998.9
|
|
|
1,495.7
|
|
|
(496.8)
|
|
|
(33.2)
|
%
|
Used vehicle retail
sales
|
|
594.9
|
|
|
785.6
|
|
|
(190.7)
|
|
|
(24.3)
|
%
|
Used vehicle
wholesale sales
|
|
46.6
|
|
|
96.1
|
|
|
(49.5)
|
|
|
(51.5)
|
%
|
Parts and service
sales
|
|
132.0
|
|
|
174.1
|
|
|
(42.1)
|
|
|
(24.2)
|
%
|
Total cost of
sales
|
|
1,772.4
|
|
|
2,551.4
|
|
|
(779.0)
|
|
|
(30.5)
|
%
|
GROSS PROFIT
|
|
358.8
|
|
|
454.3
|
|
|
(95.4)
|
|
|
(21.0)
|
%
|
Selling, general and
administrative expenses
|
|
237.2
|
|
|
338.7
|
|
|
(101.5)
|
|
|
(30.0)
|
%
|
Depreciation and
amortization expense
|
|
18.8
|
|
|
17.9
|
|
|
0.9
|
|
|
5.0
|
%
|
Asset
impairments
|
|
23.8
|
|
|
0.5
|
|
|
23.3
|
|
|
4,336.2
|
%
|
INCOME (LOSS) FROM OPERATIONS
|
|
79.0
|
|
|
97.1
|
|
|
(18.1)
|
|
|
(18.6)
|
%
|
Floorplan interest
expense
|
|
10.1
|
|
|
15.9
|
|
|
(5.8)
|
|
|
(36.4)
|
%
|
Other interest
expense, net
|
|
16.2
|
|
|
18.0
|
|
|
(1.8)
|
|
|
(9.8)
|
%
|
(Gain) loss on
extinguishment of debt
|
|
10.4
|
|
|
—
|
|
|
10.4
|
|
|
—
|
%
|
INCOME (LOSS) BEFORE INCOME
TAXES
|
|
42.3
|
|
|
63.2
|
|
|
(20.9)
|
|
|
(33.1)
|
%
|
(Benefit) provision
for income taxes
|
|
12.2
|
|
|
14.0
|
|
|
(1.8)
|
|
|
(13.2)
|
%
|
NET INCOME (LOSS)
|
|
$
|
30.2
|
|
|
$
|
49.2
|
|
|
$
|
(19.1)
|
|
|
(38.7)
|
%
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.1
|
|
|
1.8
|
|
|
(0.8)
|
|
|
(40.9)
|
%
|
Net income (loss)
available to diluted common shares
|
|
$
|
29.1
|
|
|
$
|
47.4
|
|
|
$
|
(18.3)
|
|
|
(38.6)
|
%
|
DILUTED EARNINGS (LOSS) PER
SHARE
|
|
$
|
1.63
|
|
|
$
|
2.64
|
|
|
$
|
(1.01)
|
|
|
(38.2)
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.9
|
|
|
(0.1)
|
|
|
(0.7)
|
%
|
Weighted average
participating securities
|
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
(5.0)
|
%
|
Total weighted
average shares
|
|
18.5
|
|
|
18.6
|
|
|
(0.2)
|
|
|
(0.8)
|
%
|
Effective tax
rate
|
|
28.7
|
%
|
|
22.2
|
%
|
|
6.6
|
%
|
|
|
Group 1 Automotive, Inc.
|
Condensed Consolidated Statements of
Operations
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
2,404.8
|
|
|
$
|
2,979.9
|
|
|
$
|
(575.0)
|
|
|
(19.3)
|
%
|
Used vehicle retail
sales
|
|
1,420.3
|
|
|
1,658.1
|
|
|
(237.8)
|
|
|
(14.3)
|
%
|
Used vehicle
wholesale sales
|
|
135.2
|
|
|
188.1
|
|
|
(53.0)
|
|
|
(28.2)
|
%
|
Parts and service
sales
|
|
652.6
|
|
|
747.3
|
|
|
(94.8)
|
|
|
(12.7)
|
%
|
Finance, insurance
and other, net
|
|
209.2
|
|
|
240.6
|
|
|
(31.5)
|
|
|
(13.1)
|
%
|
Total
revenues
|
|
4,822.0
|
|
|
5,814.1
|
|
|
(992.1)
|
|
|
(17.1)
|
%
|
COST OF SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,278.3
|
|
|
2,838.8
|
|
|
(560.5)
|
|
|
(19.7)
|
%
|
Used vehicle retail
sales
|
|
1,331.8
|
|
|
1,557.0
|
|
|
(225.2)
|
|
|
(14.5)
|
%
|
Used vehicle
wholesale sales
|
|
132.1
|
|
|
187.8
|
|
|
(55.6)
|
|
|
(29.6)
|
%
|
Parts and service
sales
|
|
304.5
|
|
|
344.8
|
|
|
(40.2)
|
|
|
(11.7)
|
%
|
Total cost of
sales
|
|
4,046.7
|
|
|
4,928.3
|
|
|
(881.6)
|
|
|
(17.9)
|
%
|
GROSS PROFIT
|
|
775.3
|
|
|
885.8
|
|
|
(110.5)
|
|
|
(12.5)
|
%
|
Selling, general and
administrative expenses
|
|
565.1
|
|
|
666.4
|
|
|
(101.3)
|
|
|
(15.2)
|
%
|
Depreciation and
amortization expense
|
|
37.4
|
|
|
34.9
|
|
|
2.5
|
|
|
7.2
|
%
|
Asset
impairments
|
|
23.8
|
|
|
0.5
|
|
|
23.3
|
|
|
4,336.2
|
%
|
INCOME (LOSS) FROM OPERATIONS
|
|
148.9
|
|
|
183.9
|
|
|
(35.0)
|
|
|
(19.0)
|
%
|
Floorplan interest
expense
|
|
23.0
|
|
|
31.6
|
|
|
(8.7)
|
|
|
(27.3)
|
%
|
Other interest
expense, net
|
|
34.3
|
|
|
36.9
|
|
|
(2.5)
|
|
|
(6.9)
|
%
|
(Gain) loss on
extinguishment of debt
|
|
10.4
|
|
|
—
|
|
|
10.4
|
|
|
—
|
%
|
INCOME (LOSS) BEFORE INCOME
TAXES
|
|
81.2
|
|
|
115.4
|
|
|
(34.2)
|
|
|
(29.6)
|
%
|
(Benefit) provision
for income taxes
|
|
21.3
|
|
|
27.5
|
|
|
(6.3)
|
|
|
(22.7)
|
%
|
NET INCOME (LOSS)
|
|
$
|
60.0
|
|
|
$
|
87.9
|
|
|
$
|
(27.9)
|
|
|
(31.8)
|
%
|
Less: Earnings (loss)
allocated to participating securities
|
|
2.1
|
|
|
3.3
|
|
|
(1.2)
|
|
|
(34.9)
|
%
|
Net income (loss)
available to diluted common shares
|
|
$
|
57.8
|
|
|
$
|
84.6
|
|
|
$
|
(26.8)
|
|
|
(31.7)
|
%
|
DILUTED EARNINGS (LOSS) PER
SHARE
|
|
$
|
3.25
|
|
|
$
|
4.73
|
|
|
$
|
(1.49)
|
|
|
(31.4)
|
%
|
Weighted average
dilutive common shares outstanding
|
|
17.8
|
|
|
17.9
|
|
|
(0.1)
|
|
|
(0.4)
|
%
|
Weighted average
participating securities
|
|
0.7
|
|
|
0.7
|
|
|
—
|
|
|
(4.7)
|
%
|
Total weighted
average shares
|
|
18.5
|
|
|
18.6
|
|
|
(0.1)
|
|
|
(0.5)
|
%
|
Effective tax
rate
|
|
26.2
|
%
|
|
23.9
|
%
|
|
2.3
|
%
|
|
|
Group 1 Automotive, Inc.
|
Condensed Consolidated Balance
Sheets
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
ASSETS
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
72.7
|
|
|
$
|
23.8
|
|
|
$
|
48.9
|
|
|
206.0
|
%
|
Contracts-in-transit
and vehicle receivables, net of allowance of $0.4 and $0.3,
respectively
|
|
173.3
|
|
|
253.8
|
|
|
(80.5)
|
|
|
(31.7)
|
%
|
Accounts and notes
receivable, net of allowance of $3.5 and $2.8,
respectively
|
|
152.5
|
|
|
225.1
|
|
|
(72.6)
|
|
|
(32.2)
|
%
|
Inventories,
net
|
|
1,327.1
|
|
|
1,901.7
|
|
|
(574.7)
|
|
|
(30.2)
|
%
|
Prepaid
expenses
|
|
88.0
|
|
|
96.4
|
|
|
(8.4)
|
|
|
(8.7)
|
%
|
Other current
assets
|
|
21.1
|
|
|
15.5
|
|
|
5.6
|
|
|
36.0
|
%
|
TOTAL CURRENT ASSETS
|
|
1,834.6
|
|
|
2,516.3
|
|
|
(681.7)
|
|
|
(27.1)
|
%
|
Property and
equipment, net of accumulated depreciation of $421.6 and $400.2,
respectively
|
|
1,548.9
|
|
|
1,547.1
|
|
|
1.8
|
|
|
0.1
|
%
|
Operating lease
assets
|
|
219.1
|
|
|
220.1
|
|
|
(1.0)
|
|
|
(0.5)
|
%
|
Goodwill
|
|
989.7
|
|
|
1,008.3
|
|
|
(18.6)
|
|
|
(1.8)
|
%
|
Intangible franchise
rights
|
|
240.5
|
|
|
253.5
|
|
|
(13.0)
|
|
|
(5.1)
|
%
|
Other long-term
assets
|
|
26.7
|
|
|
24.8
|
|
|
1.9
|
|
|
7.5
|
%
|
TOTAL ASSETS
|
|
$
|
4,859.6
|
|
|
$
|
5,570.2
|
|
|
$
|
(710.6)
|
|
|
(12.8)
|
%
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Floorplan notes
payable — credit facility and other, net of offset account of $99.7
and $106.8, respectively
|
|
$
|
696.6
|
|
|
$
|
1,144.4
|
|
|
$
|
(447.8)
|
|
|
(39.1)
|
%
|
Floorplan notes
payable — manufacturer affiliates, net of offset account of $8.1
and $4.1, respectively
|
|
357.7
|
|
|
459.9
|
|
|
(102.1)
|
|
|
(22.2)
|
%
|
Current maturities of
long-term debt
|
|
54.6
|
|
|
59.1
|
|
|
(4.6)
|
|
|
(7.7)
|
%
|
Current operating
lease liabilities
|
|
23.6
|
|
|
24.6
|
|
|
(1.0)
|
|
|
(4.2)
|
%
|
Accounts
payable
|
|
442.7
|
|
|
527.5
|
|
|
(84.8)
|
|
|
(16.1)
|
%
|
Accrued expenses and
other current liabilities
|
|
199.9
|
|
|
206.7
|
|
|
(6.8)
|
|
|
(3.3)
|
%
|
TOTAL CURRENT LIABILITIES
|
|
1,775.1
|
|
|
2,422.3
|
|
|
(647.2)
|
|
|
(26.7)
|
%
|
Long-term
debt
|
|
1,360.7
|
|
|
1,432.1
|
|
|
(71.4)
|
|
|
(5.0)
|
%
|
Long-term operating
lease liabilities
|
|
214.2
|
|
|
210.7
|
|
|
3.5
|
|
|
1.7
|
%
|
Deferred income
taxes
|
|
135.4
|
|
|
145.7
|
|
|
(10.3)
|
|
|
(7.1)
|
%
|
Long-term interest
rate swap liabilities
|
|
49.3
|
|
|
4.4
|
|
|
44.9
|
|
|
1,021.3
|
%
|
Other long-term
liabilities
|
|
109.0
|
|
|
99.2
|
|
|
9.7
|
|
|
9.8
|
%
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Common
stock
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
(0.2)
|
%
|
Additional paid-in
capital
|
|
300.0
|
|
|
295.3
|
|
|
4.7
|
|
|
1.6
|
%
|
Retained
earnings
|
|
1,596.9
|
|
|
1,542.4
|
|
|
54.4
|
|
|
3.5
|
%
|
Accumulated other
comprehensive income (loss)
|
|
(213.3)
|
|
|
(147.0)
|
|
|
(66.4)
|
|
|
45.2
|
%
|
Treasury
stock
|
|
(467.9)
|
|
|
(435.3)
|
|
|
(32.6)
|
|
|
7.5
|
%
|
TOTAL STOCKHOLDERS' EQUITY
|
|
1,215.9
|
|
|
1,255.7
|
|
|
(39.8)
|
|
|
(3.2)
|
%
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
$
|
4,859.6
|
|
|
$
|
5,570.2
|
|
|
$
|
(710.6)
|
|
|
(12.8)
|
%
|
Group 1 Automotive, Inc.
|
Additional Information -
Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
2020
(%)
|
|
2019
(%)
|
|
2020
(%)
|
|
2019
(%)
|
New vehicle unit sales geographic
mix
|
|
|
|
|
|
|
|
Region
|
Geographic Market
|
|
|
|
|
|
|
|
|
United
States
|
Texas
|
|
42.4
|
|
36.1
|
|
38.1
|
|
35.2
|
|
Oklahoma
|
|
9.0
|
|
6.8
|
|
7.7
|
|
6.5
|
|
California
|
|
5.1
|
|
5.8
|
|
4.9
|
|
5.6
|
|
Georgia
|
|
5.0
|
|
4.6
|
|
4.7
|
|
4.4
|
|
Massachusetts
|
|
4.3
|
|
4.7
|
|
4.3
|
|
4.5
|
|
Florida
|
|
3.0
|
|
2.5
|
|
2.8
|
|
2.6
|
|
Louisiana
|
|
2.6
|
|
2.7
|
|
2.3
|
|
2.5
|
|
New
Hampshire
|
|
2.2
|
|
1.8
|
|
1.9
|
|
1.7
|
|
New Jersey
|
|
1.9
|
|
1.7
|
|
1.8
|
|
1.8
|
|
South
Carolina
|
|
1.9
|
|
1.7
|
|
1.8
|
|
1.7
|
|
New Mexico
|
|
1.6
|
|
0.2
|
|
1.3
|
|
0.2
|
|
Kansas
|
|
1.2
|
|
1.1
|
|
1.1
|
|
1.1
|
|
Mississippi
|
|
1.3
|
|
1.2
|
|
1.1
|
|
1.2
|
|
Alabama
|
|
0.8
|
|
0.7
|
|
0.7
|
|
0.7
|
|
Maryland
|
|
0.4
|
|
0.5
|
|
0.4
|
|
0.5
|
|
|
|
82.9
|
|
72.0
|
|
75.1
|
|
70.0
|
|
|
|
|
|
|
|
|
|
|
International
|
United
Kingdom
|
|
14.5
|
|
22.0
|
|
20.6
|
|
24.3
|
|
Brazil
|
|
2.6
|
|
6.0
|
|
4.3
|
|
5.7
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
New vehicle unit sales brand
mix
|
|
|
|
|
|
|
|
Toyota/Lexus
|
|
22.8
|
|
24.9
|
|
23.1
|
|
24.0
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
11.7
|
|
13.4
|
|
14.2
|
|
14.2
|
BMW/MINI
|
|
10.5
|
|
11.9
|
|
11.2
|
|
12.2
|
Ford/Lincoln
|
|
12.3
|
|
10.6
|
|
11.1
|
|
10.6
|
Honda/Acura
|
|
9.9
|
|
10.6
|
|
9.6
|
|
10.7
|
Chevrolet/GMC/Buick/Cadillac
|
|
8.7
|
|
6.7
|
|
7.6
|
|
6.5
|
Nissan
|
|
5.9
|
|
6.3
|
|
5.6
|
|
6.1
|
Mercedes-Benz/Smart/Sprinter
|
|
5.3
|
|
5.1
|
|
5.3
|
|
5.3
|
Hyundai/Kia/Genesis
|
|
4.8
|
|
3.9
|
|
4.4
|
|
3.7
|
Chrysler/Dodge/Jeep/RAM
|
|
4.9
|
|
3.3
|
|
4.1
|
|
3.2
|
Jaguar/Land
Rover
|
|
1.7
|
|
1.7
|
|
2.2
|
|
2.1
|
Other
|
|
1.6
|
|
1.7
|
|
1.7
|
|
1.4
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
Group 1 Automotive, Inc.
|
Reported Operating Data -
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Three Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,062.7
|
|
|
$
|
1,565.4
|
|
|
$
|
(502.7)
|
|
|
(32.1)
|
%
|
|
|
$
|
(11.0)
|
|
|
(31.4)
|
%
|
Used vehicle retail
sales
|
641.2
|
|
|
838.9
|
|
|
(197.7)
|
|
|
(23.6)
|
%
|
|
|
(5.6)
|
|
|
(22.9)
|
%
|
Used vehicle
wholesale sales
|
48.7
|
|
|
96.0
|
|
|
(47.3)
|
|
|
(49.3)
|
%
|
|
|
(1.6)
|
|
|
(47.7)
|
%
|
Total used
|
689.9
|
|
|
934.9
|
|
|
(245.0)
|
|
|
(26.2)
|
%
|
|
|
(7.2)
|
|
|
(25.4)
|
%
|
Parts and service
sales
|
282.0
|
|
|
378.2
|
|
|
(96.2)
|
|
|
(25.4)
|
%
|
|
|
(2.9)
|
|
|
(24.7)
|
%
|
F&I,
net
|
96.7
|
|
|
127.3
|
|
|
(30.5)
|
|
|
(24.0)
|
%
|
|
|
(0.4)
|
|
|
(23.7)
|
%
|
Total
revenues
|
$
|
2,131.2
|
|
|
$
|
3,005.7
|
|
|
$
|
(874.5)
|
|
|
(29.1)
|
%
|
|
|
$
|
(21.4)
|
|
|
(28.4)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
63.8
|
|
|
$
|
69.7
|
|
|
$
|
(5.9)
|
|
|
(8.5)
|
%
|
|
|
$
|
(0.7)
|
|
|
(7.6)
|
%
|
Used vehicle retail
sales
|
46.3
|
|
|
53.3
|
|
|
(7.0)
|
|
|
(13.2)
|
%
|
|
|
(0.3)
|
|
|
(12.6)
|
%
|
Used vehicle
wholesale sales
|
2.0
|
|
|
(0.1)
|
|
|
2.1
|
|
|
2,271.7
|
%
|
|
|
—
|
|
|
2,312.8
|
%
|
Total used
|
48.3
|
|
|
53.2
|
|
|
(4.9)
|
|
|
(9.2)
|
%
|
|
|
(0.4)
|
|
|
(8.5)
|
%
|
Parts and service
sales
|
150.0
|
|
|
204.1
|
|
|
(54.1)
|
|
|
(26.5)
|
%
|
|
|
(1.3)
|
|
|
(25.9)
|
%
|
F&I,
net
|
96.7
|
|
|
127.3
|
|
|
(30.5)
|
|
|
(24.0)
|
%
|
|
|
(0.4)
|
|
|
(23.7)
|
%
|
Total gross
profit
|
$
|
358.8
|
|
|
$
|
454.3
|
|
|
$
|
(95.4)
|
|
|
(21.0)
|
%
|
|
|
$
|
(2.7)
|
|
|
(20.4)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.0
|
%
|
|
4.5
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
7.2
|
%
|
|
6.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
4.2
|
%
|
|
(0.1)
|
%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
Total used
|
7.0
|
%
|
|
5.7
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.2
|
%
|
|
54.0
|
%
|
|
(0.8)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.8
|
%
|
|
15.1
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
26,472
|
|
|
42,093
|
|
|
(15,621)
|
|
|
(37.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
30,528
|
|
|
39,745
|
|
|
(9,217)
|
|
|
(23.2)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,303
|
|
|
13,084
|
|
|
(5,781)
|
|
|
(44.2)
|
%
|
|
|
|
|
|
Total used
|
37,831
|
|
|
52,829
|
|
|
(14,998)
|
|
|
(28.4)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,143
|
|
|
$
|
37,189
|
|
|
$
|
2,955
|
|
|
7.9
|
%
|
|
|
$
|
(414)
|
|
|
9.1
|
%
|
Used vehicle
retail
|
$
|
21,004
|
|
|
$
|
21,107
|
|
|
$
|
(103)
|
|
|
(0.5)
|
%
|
|
|
$
|
(184)
|
|
|
0.4
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,409
|
|
|
$
|
1,656
|
|
|
$
|
753
|
|
|
45.5
|
%
|
|
|
$
|
(25)
|
|
|
47.0
|
%
|
Used vehicle retail
sales
|
$
|
1,516
|
|
|
$
|
1,341
|
|
|
$
|
175
|
|
|
13.1
|
%
|
|
|
$
|
(10)
|
|
|
13.8
|
%
|
Used vehicle
wholesale sales
|
$
|
278
|
|
|
$
|
(7)
|
|
|
$
|
285
|
|
|
3,990.7
|
%
|
|
|
$
|
(5)
|
|
|
4,064.4
|
%
|
Total used
|
$
|
1,277
|
|
|
$
|
1,007
|
|
|
$
|
270
|
|
|
26.8
|
%
|
|
|
$
|
(9)
|
|
|
27.7
|
%
|
F&I
PRU
|
$
|
1,697
|
|
|
$
|
1,555
|
|
|
$
|
142
|
|
|
9.1
|
%
|
|
|
$
|
(7)
|
|
|
9.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
237.2
|
|
|
$
|
338.7
|
|
|
$
|
(101.5)
|
|
|
(30.0)
|
%
|
|
|
$
|
(3.0)
|
|
|
(29.1)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
225.4
|
|
|
$
|
335.3
|
|
|
$
|
(109.9)
|
|
|
(32.8)
|
%
|
|
|
$
|
(3.0)
|
|
|
(31.9)
|
%
|
SG&A as % gross
profit
|
66.1
|
%
|
|
74.6
|
%
|
|
(8.5)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
62.8
|
%
|
|
73.8
|
%
|
|
(11.0)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
3.7
|
%
|
|
3.2
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
5.4
|
%
|
|
3.4
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
2.0
|
%
|
|
2.1
|
%
|
|
(0.1)
|
%
|
|
|
|
|
|
|
|
Adjusted pretax
margin % (1)
|
4.1
|
%
|
|
2.2
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
10.1
|
|
|
$
|
15.9
|
|
|
$
|
(5.8)
|
|
|
(36.4)
|
%
|
|
|
$
|
(0.1)
|
|
|
(35.5)
|
%
|
Less: Floorplan
assistance (2)
|
9.8
|
|
|
11.8
|
|
|
(2.0)
|
|
|
(16.9)
|
%
|
|
|
—
|
|
|
(16.9)
|
%
|
Net floorplan
expense
|
$
|
0.3
|
|
|
$
|
4.1
|
|
|
$
|
(3.8)
|
|
|
(92.3)
|
%
|
|
|
$
|
(0.1)
|
|
|
(88.8)
|
%
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
(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 -
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,404.8
|
|
|
$
|
2,979.9
|
|
|
$
|
(575.0)
|
|
|
(19.3)
|
%
|
|
|
$
|
(27.7)
|
|
|
(18.4)
|
%
|
Used vehicle retail
sales
|
1,420.3
|
|
|
1,658.1
|
|
|
(237.8)
|
|
|
(14.3)
|
%
|
|
|
(10.5)
|
|
|
(13.7)
|
%
|
Used vehicle
wholesale sales
|
135.2
|
|
|
188.1
|
|
|
(53.0)
|
|
|
(28.2)
|
%
|
|
|
(2.5)
|
|
|
(26.8)
|
%
|
Total used
|
1,555.4
|
|
|
1,846.2
|
|
|
(290.8)
|
|
|
(15.8)
|
%
|
|
|
(13.0)
|
|
|
(15.0)
|
%
|
Parts and service
sales
|
652.6
|
|
|
747.3
|
|
|
(94.8)
|
|
|
(12.7)
|
%
|
|
|
(5.0)
|
|
|
(12.0)
|
%
|
F&I,
net
|
209.2
|
|
|
240.6
|
|
|
(31.5)
|
|
|
(13.1)
|
%
|
|
|
(0.9)
|
|
|
(12.7)
|
%
|
Total
revenues
|
$
|
4,822.0
|
|
|
$
|
5,814.1
|
|
|
$
|
(992.1)
|
|
|
(17.1)
|
%
|
|
|
$
|
(46.6)
|
|
|
(16.3)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
126.6
|
|
|
$
|
141.1
|
|
|
$
|
(14.5)
|
|
|
(10.3)
|
%
|
|
|
$
|
(1.7)
|
|
|
(9.1)
|
%
|
Used vehicle retail
sales
|
88.4
|
|
|
101.1
|
|
|
(12.7)
|
|
|
(12.5)
|
%
|
|
|
(0.6)
|
|
|
(11.9)
|
%
|
Used vehicle
wholesale sales
|
3.0
|
|
|
0.4
|
|
|
2.7
|
|
|
747.0
|
%
|
|
|
(0.1)
|
|
|
766.1
|
%
|
Total used
|
91.5
|
|
|
101.5
|
|
|
(10.0)
|
|
|
(9.9)
|
%
|
|
|
(0.7)
|
|
|
(9.2)
|
%
|
Parts and service
sales
|
348.0
|
|
|
402.6
|
|
|
(54.5)
|
|
|
(13.5)
|
%
|
|
|
(2.3)
|
|
|
(13.0)
|
%
|
F&I,
net
|
209.2
|
|
|
240.6
|
|
|
(31.5)
|
|
|
(13.1)
|
%
|
|
|
(0.9)
|
|
|
(12.7)
|
%
|
Total gross
profit
|
$
|
775.3
|
|
|
$
|
885.8
|
|
|
$
|
(110.5)
|
|
|
(12.5)
|
%
|
|
|
$
|
(5.6)
|
|
|
(11.8)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.3
|
%
|
|
4.7
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.2
|
%
|
|
6.1
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.2
|
%
|
|
0.2
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
Total used
|
5.9
|
%
|
|
5.5
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.3
|
%
|
|
53.9
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.1
|
%
|
|
15.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
61,832
|
|
|
80,967
|
|
|
(19,135)
|
|
|
(23.6)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
67,318
|
|
|
78,581
|
|
|
(11,263)
|
|
|
(14.3)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
19,389
|
|
|
26,073
|
|
|
(6,684)
|
|
|
(25.6)
|
%
|
|
|
|
|
|
Total used
|
86,707
|
|
|
104,654
|
|
|
(17,947)
|
|
|
(17.1)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
38,893
|
|
|
$
|
36,803
|
|
|
$
|
2,090
|
|
|
5.7
|
%
|
|
|
$
|
(449)
|
|
|
6.9
|
%
|
Used vehicle
retail
|
$
|
21,098
|
|
|
$
|
21,101
|
|
|
$
|
(3)
|
|
|
—
|
%
|
|
|
$
|
(156)
|
|
|
0.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,047
|
|
|
$
|
1,743
|
|
|
$
|
305
|
|
|
17.5
|
%
|
|
|
$
|
(27)
|
|
|
19.1
|
%
|
Used vehicle retail
sales
|
$
|
1,314
|
|
|
$
|
1,287
|
|
|
$
|
27
|
|
|
2.1
|
%
|
|
|
$
|
(9)
|
|
|
2.8
|
%
|
Used vehicle
wholesale sales
|
$
|
156
|
|
|
$
|
14
|
|
|
$
|
143
|
|
|
1,039.0
|
%
|
|
|
$
|
(4)
|
|
|
1,064.6
|
%
|
Total used
|
$
|
1,055
|
|
|
$
|
969
|
|
|
$
|
85
|
|
|
8.8
|
%
|
|
|
$
|
(8)
|
|
|
9.6
|
%
|
F&I
PRU
|
$
|
1,620
|
|
|
$
|
1,508
|
|
|
$
|
111
|
|
|
7.4
|
%
|
|
|
$
|
(7)
|
|
|
7.9
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
565.1
|
|
|
$
|
666.4
|
|
|
$
|
(101.3)
|
|
|
(15.2)
|
%
|
|
|
$
|
(5.7)
|
|
|
(14.3)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
552.5
|
|
|
$
|
663.8
|
|
|
$
|
(111.3)
|
|
|
(16.8)
|
%
|
|
|
$
|
(5.4)
|
|
|
(16.0)
|
%
|
SG&A as % gross
profit
|
72.9
|
%
|
|
75.2
|
%
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
71.3
|
%
|
|
74.9
|
%
|
|
(3.7)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
3.1
|
%
|
|
3.2
|
%
|
|
(0.1)
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
3.8
|
%
|
|
3.2
|
%
|
|
0.6
|
%
|
|
|
|
|
|
|
|
Pretax margin
%
|
1.7
|
%
|
|
2.0
|
%
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
Adjusted pretax
margin % (1)
|
2.7
|
%
|
|
2.0
|
%
|
|
0.6
|
%
|
|
|
|
|
|
|
|
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
|
23.0
|
|
|
$
|
31.6
|
|
|
$
|
(8.7)
|
|
|
(27.3)
|
%
|
|
|
$
|
(0.2)
|
|
|
(26.7)
|
%
|
Less: Floorplan
assistance (2)
|
20.4
|
|
|
22.3
|
|
|
(1.9)
|
|
|
(8.6)
|
%
|
|
|
—
|
|
|
(8.6)
|
%
|
Net floorplan
expense
|
$
|
2.6
|
|
|
$
|
9.4
|
|
|
$
|
(6.7)
|
|
|
(72.0)
|
%
|
|
|
$
|
(0.2)
|
|
|
(70.0)
|
%
|
|
|
(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.
|
(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 June 30,
|
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
915.7
|
|
|
$
|
1,188.8
|
|
|
$
|
(273.1)
|
|
|
(23.0)
|
%
|
Used vehicle retail
sales
|
|
540.9
|
|
|
625.5
|
|
|
(84.5)
|
|
|
(13.5)
|
%
|
Used vehicle
wholesale sales
|
|
30.5
|
|
|
44.3
|
|
|
(13.8)
|
|
|
(31.1)
|
%
|
Total used
|
|
571.4
|
|
|
669.7
|
|
|
(98.3)
|
|
|
(14.7)
|
%
|
Parts and service
sales
|
|
254.2
|
|
|
309.6
|
|
|
(55.4)
|
|
|
(17.9)
|
%
|
F&I,
net
|
|
89.8
|
|
|
110.5
|
|
|
(20.7)
|
|
|
(18.8)
|
%
|
Total
revenues
|
|
$
|
1,831.1
|
|
|
$
|
2,278.7
|
|
|
$
|
(447.6)
|
|
|
(19.6)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
56.5
|
|
|
$
|
54.8
|
|
|
$
|
1.8
|
|
|
3.2
|
%
|
Used vehicle retail
sales
|
|
41.0
|
|
|
43.3
|
|
|
(2.4)
|
|
|
(5.5)
|
%
|
Used vehicle
wholesale sales
|
|
1.6
|
|
|
0.9
|
|
|
0.7
|
|
|
73.8
|
%
|
Total used
|
|
42.6
|
|
|
44.2
|
|
|
(1.7)
|
|
|
(3.8)
|
%
|
Parts and service
sales
|
|
135.6
|
|
|
167.2
|
|
|
(31.6)
|
|
|
(18.9)
|
%
|
F&I,
net
|
|
89.8
|
|
|
110.5
|
|
|
(20.7)
|
|
|
(18.8)
|
%
|
Total gross
profit
|
|
$
|
324.5
|
|
|
$
|
376.7
|
|
|
$
|
(52.2)
|
|
|
(13.9)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6.2
|
%
|
|
4.6
|
%
|
|
1.6
|
%
|
|
|
Used vehicle retail
sales
|
|
7.6
|
%
|
|
6.9
|
%
|
|
0.6
|
%
|
|
|
Used vehicle
wholesale sales
|
|
5.2
|
%
|
|
2.1
|
%
|
|
3.2
|
%
|
|
|
Total used
|
|
7.4
|
%
|
|
6.6
|
%
|
|
0.8
|
%
|
|
|
Parts and service
sales
|
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7)
|
%
|
|
|
F&I,
net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
|
17.7
|
%
|
|
16.5
|
%
|
|
1.2
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
21,937
|
|
|
30,318
|
|
|
(8,381)
|
|
|
(27.6)
|
%
|
Retail used vehicles
sold
|
|
26,132
|
|
|
30,477
|
|
|
(4,345)
|
|
|
(14.3)
|
%
|
Wholesale used
vehicles sold
|
|
5,150
|
|
|
6,828
|
|
|
(1,678)
|
|
|
(24.6)
|
%
|
Total used
|
|
31,282
|
|
|
37,305
|
|
|
(6,023)
|
|
|
(16.1)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
|
41,742
|
|
|
$
|
39,211
|
|
|
$
|
2,531
|
|
|
6.5
|
%
|
Used vehicle
retail
|
|
$
|
20,699
|
|
|
$
|
20,522
|
|
|
$
|
177
|
|
|
0.9
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
2,576
|
|
|
$
|
1,806
|
|
|
$
|
771
|
|
|
42.7
|
%
|
Used vehicle retail
sales
|
|
$
|
1,568
|
|
|
$
|
1,422
|
|
|
$
|
146
|
|
|
10.3
|
%
|
Used vehicle
wholesale sales
|
|
$
|
311
|
|
|
$
|
135
|
|
|
$
|
176
|
|
|
130.4
|
%
|
Total used
|
|
$
|
1,361
|
|
|
$
|
1,186
|
|
|
$
|
175
|
|
|
14.7
|
%
|
F&I
PRU
|
|
$
|
1,868
|
|
|
$
|
1,818
|
|
|
$
|
50
|
|
|
2.7
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
203.3
|
|
|
$
|
268.1
|
|
|
$
|
(64.8)
|
|
|
(24.2)
|
%
|
Adjusted SG&A
expenses (1)
|
|
$
|
192.7
|
|
|
$
|
264.1
|
|
|
$
|
(71.4)
|
|
|
(27.0)
|
%
|
SG&A as % gross
profit
|
|
62.6
|
%
|
|
71.2
|
%
|
|
(8.5)
|
%
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
59.4
|
%
|
|
70.1
|
%
|
|
(10.7)
|
%
|
|
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reported Operating Data - U.S.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2020
|
|
2019
|
|
Increase/(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
1,904.1
|
|
|
$
|
2,220.5
|
|
|
$
|
(316.5)
|
|
|
(14.3)
|
%
|
Used vehicle retail
sales
|
|
1,111.2
|
|
|
1,219.9
|
|
|
(108.6)
|
|
|
(8.9)
|
%
|
Used vehicle
wholesale sales
|
|
77.3
|
|
|
87.1
|
|
|
(9.8)
|
|
|
(11.2)
|
%
|
Total used
|
|
1,188.6
|
|
|
1,307.0
|
|
|
(118.4)
|
|
|
(9.1)
|
%
|
Parts and service
sales
|
|
558.9
|
|
|
607.2
|
|
|
(48.4)
|
|
|
(8.0)
|
%
|
F&I,
net
|
|
187.2
|
|
|
206.7
|
|
|
(19.5)
|
|
|
(9.4)
|
%
|
Total
revenues
|
|
$
|
3,838.7
|
|
|
$
|
4,341.5
|
|
|
$
|
(502.8)
|
|
|
(11.6)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
103.8
|
|
|
$
|
105.6
|
|
|
$
|
(1.8)
|
|
|
(1.7)
|
%
|
Used vehicle retail
sales
|
|
72.9
|
|
|
81.6
|
|
|
(8.7)
|
|
|
(10.7)
|
%
|
Used vehicle
wholesale sales
|
|
2.4
|
|
|
2.1
|
|
|
0.3
|
|
|
16.4
|
%
|
Total used
|
|
75.3
|
|
|
83.7
|
|
|
(8.4)
|
|
|
(10.0)
|
%
|
Parts and service
sales
|
|
299.1
|
|
|
327.7
|
|
|
(28.6)
|
|
|
(8.7)
|
%
|
F&I,
net
|
|
187.2
|
|
|
206.7
|
|
|
(19.5)
|
|
|
(9.4)
|
%
|
Total gross
profit
|
|
$
|
665.4
|
|
|
$
|
723.6
|
|
|
$
|
(58.2)
|
|
|
(8.0)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
5.5
|
%
|
|
4.8
|
%
|
|
0.7
|
%
|
|
|
Used vehicle retail
sales
|
|
6.6
|
%
|
|
6.7
|
%
|
|
(0.1)
|
%
|
|
|
Used vehicle
wholesale sales
|
|
3.1
|
%
|
|
2.4
|
%
|
|
0.7
|
%
|
|
|
Total used
|
|
6.3
|
%
|
|
6.4
|
%
|
|
(0.1)
|
%
|
|
|
Parts and service
sales
|
|
53.5
|
%
|
|
54.0
|
%
|
|
(0.4)
|
%
|
|
|
F&I,
net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
|
17.3
|
%
|
|
16.7
|
%
|
|
0.7
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
46,432
|
|
|
56,708
|
|
|
(10,276)
|
|
|
(18.1)
|
%
|
Retail used vehicles
sold
|
|
53,800
|
|
|
59,794
|
|
|
(5,994)
|
|
|
(10.0)
|
%
|
Wholesale used
vehicles sold
|
|
12,177
|
|
|
13,978
|
|
|
(1,801)
|
|
|
(12.9)
|
%
|
Total used
|
|
65,977
|
|
|
73,772
|
|
|
(7,795)
|
|
|
(10.6)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
|
41,008
|
|
|
$
|
39,157
|
|
|
$
|
1,850
|
|
|
4.7
|
%
|
Used vehicle
retail
|
|
$
|
20,655
|
|
|
$
|
20,401
|
|
|
$
|
254
|
|
|
1.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
|
2,235
|
|
|
$
|
1,861
|
|
|
$
|
374
|
|
|
20.1
|
%
|
Used vehicle retail
sales
|
|
$
|
1,355
|
|
|
$
|
1,365
|
|
|
$
|
(10)
|
|
|
(0.7)
|
%
|
Used vehicle
wholesale sales
|
|
$
|
199
|
|
|
$
|
149
|
|
|
$
|
50
|
|
|
33.6
|
%
|
Total used
|
|
$
|
1,142
|
|
|
$
|
1,135
|
|
|
$
|
7
|
|
|
0.6
|
%
|
F&I
PRU
|
|
$
|
1,868
|
|
|
$
|
1,774
|
|
|
$
|
93
|
|
|
5.3
|
%
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
|
460.8
|
|
|
$
|
524.2
|
|
|
$
|
(63.5)
|
|
|
(12.1)
|
%
|
Adjusted SG&A
expenses (1)
|
|
$
|
450.2
|
|
|
$
|
521.7
|
|
|
$
|
(71.4)
|
|
|
(13.7)
|
%
|
SG&A as % gross
profit
|
|
69.2
|
%
|
|
72.4
|
%
|
|
(3.2)
|
%
|
|
|
Adjusted SG&A as
% gross profit (1)
|
|
67.7
|
%
|
|
72.1
|
%
|
|
(4.4)
|
%
|
|
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reported Operating Data - U.K.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Three Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
127.2
|
|
|
$
|
302.2
|
|
|
$
|
(175.0)
|
|
|
(57.9)
|
%
|
|
|
$
|
(3.9)
|
|
|
(56.6)
|
%
|
Used vehicle retail
sales
|
92.8
|
|
|
194.0
|
|
|
(101.2)
|
|
|
(52.2)
|
%
|
|
|
(3.0)
|
|
|
(50.6)
|
%
|
Used vehicle
wholesale sales
|
15.3
|
|
|
46.9
|
|
|
(31.6)
|
|
|
(67.5)
|
%
|
|
|
(0.5)
|
|
|
(66.4)
|
%
|
Total used
|
108.1
|
|
|
240.9
|
|
|
(132.8)
|
|
|
(55.1)
|
%
|
|
|
(3.5)
|
|
|
(53.7)
|
%
|
Parts and service
sales
|
21.8
|
|
|
56.4
|
|
|
(34.5)
|
|
|
(61.3)
|
%
|
|
|
(0.7)
|
|
|
(60.0)
|
%
|
F&I,
net
|
6.4
|
|
|
15.0
|
|
|
(8.6)
|
|
|
(57.4)
|
%
|
|
|
(0.2)
|
|
|
(56.2)
|
%
|
Total
revenues
|
$
|
263.5
|
|
|
$
|
614.4
|
|
|
$
|
(350.9)
|
|
|
(57.1)
|
%
|
|
|
$
|
(8.3)
|
|
|
(55.8)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
5.9
|
|
|
$
|
10.6
|
|
|
$
|
(4.8)
|
|
|
(44.8)
|
%
|
|
|
$
|
(0.2)
|
|
|
(43.2)
|
%
|
Used vehicle retail
sales
|
4.9
|
|
|
8.3
|
|
|
(3.4)
|
|
|
(41.1)
|
%
|
|
|
(0.2)
|
|
|
(39.1)
|
%
|
Used vehicle
wholesale sales
|
0.4
|
|
|
(1.3)
|
|
|
1.6
|
|
|
127.3
|
%
|
|
|
—
|
|
|
128.0
|
%
|
Total used
|
5.2
|
|
|
7.0
|
|
|
(1.8)
|
|
|
(25.2)
|
%
|
|
|
(0.2)
|
|
|
(22.8)
|
%
|
Parts and service
sales
|
11.9
|
|
|
31.5
|
|
|
(19.5)
|
|
|
(62.1)
|
%
|
|
|
(0.4)
|
|
|
(60.9)
|
%
|
F&I,
net
|
6.4
|
|
|
15.0
|
|
|
(8.6)
|
|
|
(57.4)
|
%
|
|
|
(0.2)
|
|
|
(56.2)
|
%
|
Total gross
profit
|
$
|
29.4
|
|
|
$
|
64.1
|
|
|
$
|
(34.7)
|
|
|
(54.1)
|
%
|
|
|
$
|
(0.9)
|
|
|
(52.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.6
|
%
|
|
3.5
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3
|
%
|
|
4.3
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.3
|
%
|
|
(2.7)
|
%
|
|
5.0
|
%
|
|
|
|
|
|
|
|
Total used
|
4.8
|
%
|
|
2.9
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.7
|
%
|
|
55.9
|
%
|
|
(1.2)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.2
|
%
|
|
10.4
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
3,841
|
|
|
9,266
|
|
|
(5,425)
|
|
|
(58.5)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
4,040
|
|
|
8,280
|
|
|
(4,240)
|
|
|
(51.2)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
1,829
|
|
|
5,772
|
|
|
(3,943)
|
|
|
(68.3)
|
%
|
|
|
|
|
|
Total used
|
5,869
|
|
|
14,052
|
|
|
(8,183)
|
|
|
(58.2)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,119
|
|
|
$
|
32,617
|
|
|
$
|
502
|
|
|
1.5
|
%
|
|
|
$
|
(1,012)
|
|
|
4.6
|
%
|
Used vehicle
retail
|
$
|
22,978
|
|
|
$
|
23,431
|
|
|
$
|
(453)
|
|
|
(1.9)
|
%
|
|
|
$
|
(740)
|
|
|
1.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,527
|
|
|
$
|
1,147
|
|
|
$
|
380
|
|
|
33.2
|
%
|
|
|
$
|
(45)
|
|
|
37.1
|
%
|
Used vehicle retail
sales
|
$
|
1,209
|
|
|
$
|
1,001
|
|
|
$
|
208
|
|
|
20.8
|
%
|
|
|
$
|
(40)
|
|
|
24.8
|
%
|
Used vehicle
wholesale sales
|
$
|
192
|
|
|
$
|
(223)
|
|
|
$
|
415
|
|
|
186.1
|
%
|
|
|
$
|
(5)
|
|
|
188.2
|
%
|
Total used
|
$
|
892
|
|
|
$
|
498
|
|
|
$
|
394
|
|
|
79.1
|
%
|
|
|
$
|
(29)
|
|
|
84.9
|
%
|
F&I
PRU
|
$
|
808
|
|
|
$
|
853
|
|
|
$
|
(45)
|
|
|
(5.2)
|
%
|
|
|
$
|
(23)
|
|
|
(2.6)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
28.3
|
|
|
$
|
59.0
|
|
|
$
|
(30.7)
|
|
|
(52.1)
|
%
|
|
|
$
|
(1.0)
|
|
|
(50.4)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
27.1
|
|
|
$
|
59.0
|
|
|
$
|
(31.9)
|
|
|
(54.1)
|
%
|
|
|
$
|
(0.9)
|
|
|
(52.5)
|
%
|
SG&A as % gross
profit
|
96.2
|
%
|
|
92.1
|
%
|
|
4.1
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
92.1
|
%
|
|
92.1
|
%
|
|
(0.1)
|
%
|
|
|
|
|
|
|
|
|
|
(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.
|
Reported Operating Data - U.K.
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
423.5
|
|
|
$
|
620.8
|
|
|
$
|
(197.3)
|
|
|
(31.8)
|
%
|
|
|
$
|
(11.5)
|
|
|
(29.9)
|
%
|
Used vehicle retail
sales
|
281.6
|
|
|
397.6
|
|
|
(115.9)
|
|
|
(29.2)
|
%
|
|
|
(4.7)
|
|
|
(28.0)
|
%
|
Used vehicle
wholesale sales
|
51.1
|
|
|
92.1
|
|
|
(41.1)
|
|
|
(44.6)
|
%
|
|
|
(0.8)
|
|
|
(43.7)
|
%
|
Total used
|
332.7
|
|
|
489.7
|
|
|
(157.0)
|
|
|
(32.1)
|
%
|
|
|
(5.5)
|
|
|
(30.9)
|
%
|
Parts and service
sales
|
78.3
|
|
|
115.9
|
|
|
(37.7)
|
|
|
(32.5)
|
%
|
|
|
(1.3)
|
|
|
(31.4)
|
%
|
F&I,
net
|
19.7
|
|
|
30.2
|
|
|
(10.5)
|
|
|
(34.7)
|
%
|
|
|
(0.4)
|
|
|
(33.3)
|
%
|
Total
revenues
|
$
|
854.2
|
|
|
$
|
1,256.6
|
|
|
$
|
(402.4)
|
|
|
(32.0)
|
%
|
|
|
$
|
(18.7)
|
|
|
(30.5)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
17.9
|
|
|
$
|
27.4
|
|
|
$
|
(9.5)
|
|
|
(34.6)
|
%
|
|
|
$
|
(0.6)
|
|
|
(32.3)
|
%
|
Used vehicle retail
sales
|
14.0
|
|
|
16.6
|
|
|
(2.5)
|
|
|
(15.3)
|
%
|
|
|
(0.3)
|
|
|
(13.6)
|
%
|
Used vehicle
wholesale sales
|
0.3
|
|
|
(2.3)
|
|
|
2.6
|
|
|
113.9
|
%
|
|
|
—
|
|
|
114.1
|
%
|
Total used
|
14.4
|
|
|
14.3
|
|
|
0.1
|
|
|
0.6
|
%
|
|
|
(0.3)
|
|
|
2.5
|
%
|
Parts and service
sales
|
42.3
|
|
|
64.2
|
|
|
(22.0)
|
|
|
(34.2)
|
%
|
|
|
(0.7)
|
|
|
(33.1)
|
%
|
F&I,
net
|
19.7
|
|
|
30.2
|
|
|
(10.5)
|
|
|
(34.7)
|
%
|
|
|
(0.4)
|
|
|
(33.3)
|
%
|
Total gross
profit
|
$
|
94.2
|
|
|
$
|
136.1
|
|
|
$
|
(41.8)
|
|
|
(30.7)
|
%
|
|
|
$
|
(2.1)
|
|
|
(29.2)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.2
|
%
|
|
4.4
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.0
|
%
|
|
4.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
0.6
|
%
|
|
(2.5)
|
%
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Total used
|
4.3
|
%
|
|
2.9
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.0
|
%
|
|
55.4
|
%
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.0
|
%
|
|
10.8
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
12,735
|
|
|
19,610
|
|
|
(6,875)
|
|
|
(35.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
12,064
|
|
|
16,711
|
|
|
(4,647)
|
|
|
(27.8)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
6,413
|
|
|
11,139
|
|
|
(4,726)
|
|
|
(42.4)
|
%
|
|
|
|
|
|
Total used
|
18,477
|
|
|
27,850
|
|
|
(9,373)
|
|
|
(33.7)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,255
|
|
|
$
|
31,657
|
|
|
$
|
1,598
|
|
|
5.0
|
%
|
|
|
$
|
(900)
|
|
|
7.9
|
%
|
Used vehicle
retail
|
$
|
23,344
|
|
|
$
|
23,791
|
|
|
$
|
(447)
|
|
|
(1.9)
|
%
|
|
|
$
|
(388)
|
|
|
(0.2)
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,407
|
|
|
$
|
1,397
|
|
|
$
|
10
|
|
|
0.7
|
%
|
|
|
$
|
(50)
|
|
|
4.3
|
%
|
Used vehicle retail
sales
|
$
|
1,164
|
|
|
$
|
992
|
|
|
$
|
172
|
|
|
17.4
|
%
|
|
|
$
|
(23)
|
|
|
19.6
|
%
|
Used vehicle
wholesale sales
|
$
|
50
|
|
|
$
|
(206)
|
|
|
$
|
256
|
|
|
124.2
|
%
|
|
|
$
|
(1)
|
|
|
124.4
|
%
|
Total used
|
$
|
777
|
|
|
$
|
513
|
|
|
$
|
265
|
|
|
51.6
|
%
|
|
|
$
|
(15)
|
|
|
54.5
|
%
|
F&I
PRU
|
$
|
794
|
|
|
$
|
830
|
|
|
$
|
(37)
|
|
|
(4.4)
|
%
|
|
|
$
|
(18)
|
|
|
(2.3)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
88.2
|
|
|
$
|
118.2
|
|
|
$
|
(30.1)
|
|
|
(25.4)
|
%
|
|
|
$
|
(1.8)
|
|
|
(23.9)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
86.9
|
|
|
$
|
118.2
|
|
|
$
|
(31.3)
|
|
|
(26.5)
|
%
|
|
|
$
|
(1.7)
|
|
|
(25.0)
|
%
|
SG&A as % gross
profit
|
93.5
|
%
|
|
86.9
|
%
|
|
6.6
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
92.2
|
%
|
|
86.9
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reported Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
19.8
|
|
|
$
|
74.4
|
|
|
$
|
(54.6)
|
|
|
(73.4)
|
%
|
|
|
$
|
(7.1)
|
|
|
(63.9)
|
%
|
Used vehicle retail
sales
|
7.5
|
|
|
19.4
|
|
|
(12.0)
|
|
|
(61.6)
|
%
|
|
|
(2.6)
|
|
|
(48.0)
|
%
|
Used vehicle
wholesale sales
|
2.9
|
|
|
4.8
|
|
|
(2.0)
|
|
|
(40.5)
|
%
|
|
|
(1.1)
|
|
|
(18.5)
|
%
|
Total used
|
10.3
|
|
|
24.3
|
|
|
(13.9)
|
|
|
(57.4)
|
%
|
|
|
(3.7)
|
|
|
(42.1)
|
%
|
Parts and service
sales
|
5.9
|
|
|
12.2
|
|
|
(6.3)
|
|
|
(51.5)
|
%
|
|
|
(2.2)
|
|
|
(33.7)
|
%
|
F&I,
net
|
0.6
|
|
|
1.8
|
|
|
(1.2)
|
|
|
(67.7)
|
%
|
|
|
(0.2)
|
|
|
(56.0)
|
%
|
Total
revenues
|
$
|
36.6
|
|
|
$
|
112.6
|
|
|
$
|
(76.0)
|
|
|
(67.5)
|
%
|
|
|
$
|
(13.2)
|
|
|
(55.8)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1.4
|
|
|
$
|
4.3
|
|
|
$
|
(2.9)
|
|
|
(67.9)
|
%
|
|
|
$
|
(0.5)
|
|
|
(56.6)
|
%
|
Used vehicle retail
sales
|
0.4
|
|
|
1.7
|
|
|
(1.2)
|
|
|
(74.2)
|
%
|
|
|
(0.1)
|
|
|
(65.3)
|
%
|
Used vehicle
wholesale sales
|
0.1
|
|
|
0.3
|
|
|
(0.2)
|
|
|
(70.7)
|
%
|
|
|
—
|
|
|
(59.8)
|
%
|
Total used
|
0.5
|
|
|
1.9
|
|
|
(1.4)
|
|
|
(73.7)
|
%
|
|
|
(0.2)
|
|
|
(64.5)
|
%
|
Parts and service
sales
|
2.5
|
|
|
5.4
|
|
|
(2.9)
|
|
|
(54.5)
|
%
|
|
|
(0.9)
|
|
|
(37.8)
|
%
|
F&I,
net
|
0.6
|
|
|
1.8
|
|
|
(1.2)
|
|
|
(67.7)
|
%
|
|
|
(0.2)
|
|
|
(56.0)
|
%
|
Total gross
profit
|
$
|
4.9
|
|
|
$
|
13.5
|
|
|
$
|
(8.5)
|
|
|
(63.3)
|
%
|
|
|
$
|
(1.8)
|
|
|
(50.1)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.0
|
%
|
|
5.8
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8
|
%
|
|
8.6
|
%
|
|
(2.8)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.8
|
%
|
|
5.7
|
%
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
Total used
|
4.9
|
%
|
|
8.0
|
%
|
|
(3.1)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
41.8
|
%
|
|
44.5
|
%
|
|
(2.7)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
13.5
|
%
|
|
12.0
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
694
|
|
|
2,509
|
|
|
(1,815)
|
|
|
(72.3)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
356
|
|
|
988
|
|
|
(632)
|
|
|
(64.0)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
324
|
|
|
484
|
|
|
(160)
|
|
|
(33.1)
|
%
|
|
|
|
|
|
Total used
|
680
|
|
|
1,472
|
|
|
(792)
|
|
|
(53.8)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
28,495
|
|
|
$
|
29,637
|
|
|
$
|
(1,141)
|
|
|
(3.9)
|
%
|
|
|
$
|
(10,198)
|
|
|
30.6
|
%
|
Used vehicle
retail
|
$
|
20,983
|
|
|
$
|
19,673
|
|
|
$
|
1,311
|
|
|
6.7
|
%
|
|
|
$
|
(7,400)
|
|
|
44.3
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,999
|
|
|
$
|
1,725
|
|
|
$
|
274
|
|
|
15.9
|
%
|
|
|
$
|
(710)
|
|
|
57.0
|
%
|
Used vehicle retail
sales
|
$
|
1,213
|
|
|
$
|
1,693
|
|
|
$
|
(480)
|
|
|
(28.4)
|
%
|
|
|
$
|
(419)
|
|
|
(3.6)
|
%
|
Used vehicle
wholesale sales
|
$
|
247
|
|
|
$
|
565
|
|
|
$
|
(318)
|
|
|
(56.3)
|
%
|
|
|
$
|
(92)
|
|
|
(39.9)
|
%
|
Total used
|
$
|
752
|
|
|
$
|
1,322
|
|
|
$
|
(570)
|
|
|
(43.1)
|
%
|
|
|
$
|
(264)
|
|
|
(23.2)
|
%
|
F&I
PRU
|
$
|
550
|
|
|
$
|
511
|
|
|
$
|
39
|
|
|
7.5
|
%
|
|
|
$
|
(199)
|
|
|
46.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
5.6
|
|
|
$
|
11.6
|
|
|
$
|
(6.0)
|
|
|
(51.5)
|
%
|
|
|
$
|
(2.1)
|
|
|
(33.7)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
5.6
|
|
|
$
|
12.2
|
|
|
$
|
(6.5)
|
|
|
(53.7)
|
%
|
|
|
$
|
(2.1)
|
|
|
(36.8)
|
%
|
SG&A as % gross
profit
|
114.0
|
%
|
|
86.1
|
%
|
|
27.9
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
114.0
|
%
|
|
90.3
|
%
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reported Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
77.3
|
|
|
$
|
138.5
|
|
|
$
|
(61.3)
|
|
|
(44.2)
|
%
|
|
|
$
|
(16.3)
|
|
|
(32.5)
|
%
|
Used vehicle retail
sales
|
27.4
|
|
|
40.7
|
|
|
(13.3)
|
|
|
(32.6)
|
%
|
|
|
(5.8)
|
|
|
(18.3)
|
%
|
Used vehicle
wholesale sales
|
6.7
|
|
|
8.9
|
|
|
(2.2)
|
|
|
(24.3)
|
%
|
|
|
(1.6)
|
|
|
(5.7)
|
%
|
Total used
|
34.1
|
|
|
49.5
|
|
|
(15.4)
|
|
|
(31.1)
|
%
|
|
|
(7.5)
|
|
|
(16.0)
|
%
|
Parts and service
sales
|
15.5
|
|
|
24.2
|
|
|
(8.7)
|
|
|
(36.1)
|
%
|
|
|
(3.7)
|
|
|
(20.7)
|
%
|
F&I,
net
|
2.3
|
|
|
3.8
|
|
|
(1.5)
|
|
|
(39.1)
|
%
|
|
|
(0.5)
|
|
|
(26.2)
|
%
|
Total
revenues
|
$
|
129.1
|
|
|
$
|
216.0
|
|
|
$
|
(86.9)
|
|
|
(40.2)
|
%
|
|
|
$
|
(28.0)
|
|
|
(27.3)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
4.9
|
|
|
$
|
8.1
|
|
|
$
|
(3.2)
|
|
|
(39.8)
|
%
|
|
|
$
|
(1.1)
|
|
|
(26.9)
|
%
|
Used vehicle retail
sales
|
1.5
|
|
|
2.9
|
|
|
(1.4)
|
|
|
(49.1)
|
%
|
|
|
(0.3)
|
|
|
(38.1)
|
%
|
Used vehicle
wholesale sales
|
0.3
|
|
|
0.6
|
|
|
(0.3)
|
|
|
(50.2)
|
%
|
|
|
(0.1)
|
|
|
(38.8)
|
%
|
Total used
|
1.8
|
|
|
3.5
|
|
|
(1.7)
|
|
|
(49.2)
|
%
|
|
|
(0.4)
|
|
|
(38.2)
|
%
|
Parts and service
sales
|
6.7
|
|
|
10.7
|
|
|
(4.0)
|
|
|
(37.6)
|
%
|
|
|
(1.6)
|
|
|
(22.8)
|
%
|
F&I,
net
|
2.3
|
|
|
3.8
|
|
|
(1.5)
|
|
|
(39.1)
|
%
|
|
|
(0.5)
|
|
|
(26.2)
|
%
|
Total gross
profit
|
$
|
15.6
|
|
|
$
|
26.1
|
|
|
$
|
(10.4)
|
|
|
(40.1)
|
%
|
|
|
$
|
(3.5)
|
|
|
(26.6)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.3
|
%
|
|
5.9
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.4
|
%
|
|
7.2
|
%
|
|
(1.7)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
4.2
|
%
|
|
6.4
|
%
|
|
(2.2)
|
%
|
|
|
|
|
|
|
|
Total used
|
5.2
|
%
|
|
7.0
|
%
|
|
(1.8)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.1
|
%
|
|
44.1
|
%
|
|
(1.0)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.1
|
%
|
|
12.1
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
2,665
|
|
|
4,649
|
|
|
(1,984)
|
|
|
(42.7)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,454
|
|
|
2,076
|
|
|
(622)
|
|
|
(30.0)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
799
|
|
|
956
|
|
|
(157)
|
|
|
(16.4)
|
%
|
|
|
|
|
|
Total used
|
2,253
|
|
|
3,032
|
|
|
(779)
|
|
|
(25.7)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
28,994
|
|
|
$
|
29,798
|
|
|
$
|
(804)
|
|
|
(2.7)
|
%
|
|
|
$
|
(6,111)
|
|
|
17.8
|
%
|
Used vehicle
retail
|
$
|
18,847
|
|
|
$
|
19,586
|
|
|
$
|
(739)
|
|
|
(3.8)
|
%
|
|
|
$
|
(4,014)
|
|
|
16.7
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,839
|
|
|
$
|
1,752
|
|
|
$
|
87
|
|
|
5.0
|
%
|
|
|
$
|
(396)
|
|
|
27.6
|
%
|
Used vehicle retail
sales
|
$
|
1,019
|
|
|
$
|
1,402
|
|
|
$
|
(382)
|
|
|
(27.3)
|
%
|
|
|
$
|
(219)
|
|
|
(11.6)
|
%
|
Used vehicle
wholesale sales
|
$
|
356
|
|
|
$
|
597
|
|
|
$
|
(241)
|
|
|
(40.4)
|
%
|
|
|
$
|
(81)
|
|
|
(26.8)
|
%
|
Total used
|
$
|
784
|
|
|
$
|
1,148
|
|
|
$
|
(364)
|
|
|
(31.7)
|
%
|
|
|
$
|
(170)
|
|
|
(16.9)
|
%
|
F&I
PRU
|
$
|
557
|
|
|
$
|
561
|
|
|
$
|
(4)
|
|
|
(0.6)
|
%
|
|
|
$
|
(118)
|
|
|
20.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
16.2
|
|
|
$
|
24.0
|
|
|
$
|
(7.7)
|
|
|
(32.3)
|
%
|
|
|
$
|
(3.9)
|
|
|
(16.0)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
15.3
|
|
|
$
|
24.0
|
|
|
$
|
(8.6)
|
|
|
(36.0)
|
%
|
|
|
$
|
(3.7)
|
|
|
(20.6)
|
%
|
SG&A as % gross
profit
|
103.8
|
%
|
|
91.9
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
98.2
|
%
|
|
91.9
|
%
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
(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.
|
Group 1 Automotive, Inc.
|
Same Store Operating Data -
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,034.4
|
|
|
$
|
1,549.6
|
|
|
$
|
(515.1)
|
|
|
(33.2)
|
%
|
|
|
$
|
(10.6)
|
|
|
(32.6)
|
%
|
Used vehicle retail
sales
|
620.3
|
|
|
827.1
|
|
|
(206.8)
|
|
|
(25.0)
|
%
|
|
|
(5.4)
|
|
|
(24.4)
|
%
|
Used vehicle
wholesale sales
|
46.9
|
|
|
92.3
|
|
|
(45.3)
|
|
|
(49.1)
|
%
|
|
|
(1.5)
|
|
|
(47.4)
|
%
|
Total used
|
667.2
|
|
|
919.4
|
|
|
(252.1)
|
|
|
(27.4)
|
%
|
|
|
(6.9)
|
|
|
(26.7)
|
%
|
Parts and service
sales
|
275.3
|
|
|
371.9
|
|
|
(96.6)
|
|
|
(26.0)
|
%
|
|
|
(2.8)
|
|
|
(25.2)
|
%
|
F&I,
net
|
95.3
|
|
|
126.2
|
|
|
(30.9)
|
|
|
(24.5)
|
%
|
|
|
(0.4)
|
|
|
(24.2)
|
%
|
Total
revenues
|
$
|
2,072.2
|
|
|
$
|
2,966.9
|
|
|
$
|
(894.7)
|
|
|
(30.2)
|
%
|
|
|
$
|
(20.8)
|
|
|
(29.5)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
61.4
|
|
|
$
|
69.3
|
|
|
$
|
(7.9)
|
|
|
(11.5)
|
%
|
|
|
$
|
(0.7)
|
|
|
(10.5)
|
%
|
Used vehicle retail
sales
|
44.9
|
|
|
52.8
|
|
|
(7.9)
|
|
|
(15.0)
|
%
|
|
|
(0.3)
|
|
|
(14.4)
|
%
|
Used vehicle
wholesale sales
|
2.0
|
|
|
—
|
|
|
2.1
|
|
|
4,571.6
|
%
|
|
|
—
|
|
|
4,656.5
|
%
|
Total used
|
46.9
|
|
|
52.8
|
|
|
(5.8)
|
|
|
(11.1)
|
%
|
|
|
(0.3)
|
|
|
(10.4)
|
%
|
Parts and service
sales
|
146.3
|
|
|
201.0
|
|
|
(54.7)
|
|
|
(27.2)
|
%
|
|
|
(1.2)
|
|
|
(26.6)
|
%
|
F&I,
net
|
95.3
|
|
|
126.2
|
|
|
(30.9)
|
|
|
(24.5)
|
%
|
|
|
(0.4)
|
|
|
(24.2)
|
%
|
Total gross
profit
|
$
|
349.9
|
|
|
$
|
449.3
|
|
|
$
|
(99.3)
|
|
|
(22.1)
|
%
|
|
|
$
|
(2.6)
|
|
|
(21.5)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.9
|
%
|
|
4.5
|
%
|
|
1.5
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
7.2
|
%
|
|
6.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
4.3
|
%
|
|
—
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
Total used
|
7.0
|
%
|
|
5.7
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.1
|
%
|
|
54.0
|
%
|
|
(0.9)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.9
|
%
|
|
15.1
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
25,767
|
|
|
41,632
|
|
|
(15,865)
|
|
|
(38.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
29,647
|
|
|
39,109
|
|
|
(9,462)
|
|
|
(24.2)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,103
|
|
|
12,792
|
|
|
(5,689)
|
|
|
(44.5)
|
%
|
|
|
|
|
|
Total used
|
36,750
|
|
|
51,901
|
|
|
(15,151)
|
|
|
(29.2)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,145
|
|
|
$
|
37,220
|
|
|
$
|
2,925
|
|
|
7.9
|
%
|
|
|
$
|
(413)
|
|
|
9.0
|
%
|
Used vehicle
retail
|
$
|
20,921
|
|
|
$
|
21,148
|
|
|
$
|
(227)
|
|
|
(1.1)
|
%
|
|
|
$
|
(182)
|
|
|
(0.2)
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,383
|
|
|
$
|
1,666
|
|
|
$
|
717
|
|
|
43.1
|
%
|
|
|
$
|
(25)
|
|
|
44.6
|
%
|
Used vehicle retail
sales
|
$
|
1,514
|
|
|
$
|
1,350
|
|
|
$
|
164
|
|
|
12.1
|
%
|
|
|
$
|
(10)
|
|
|
12.9
|
%
|
Used vehicle
wholesale sales
|
$
|
286
|
|
|
$
|
(4)
|
|
|
$
|
290
|
|
|
8,153.1
|
%
|
|
|
$
|
(5)
|
|
|
8,305.9
|
%
|
Total used
|
$
|
1,277
|
|
|
$
|
1,017
|
|
|
$
|
260
|
|
|
25.6
|
%
|
|
|
$
|
(9)
|
|
|
26.5
|
%
|
F&I
PRU
|
$
|
1,720
|
|
|
$
|
1,563
|
|
|
$
|
157
|
|
|
10.1
|
%
|
|
|
$
|
(7)
|
|
|
10.5
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
229.5
|
|
|
$
|
333.9
|
|
|
$
|
(104.4)
|
|
|
(31.3)
|
%
|
|
|
$
|
(2.9)
|
|
|
(30.4)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
217.8
|
|
|
$
|
329.9
|
|
|
$
|
(112.2)
|
|
|
(34.0)
|
%
|
|
|
$
|
(2.9)
|
|
|
(33.1)
|
%
|
SG&A as % gross
profit
|
65.6
|
%
|
|
74.3
|
%
|
|
(8.7)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
62.2
|
%
|
|
73.4
|
%
|
|
(11.2)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
3.8
|
%
|
|
3.3
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
5.5
|
%
|
|
3.4
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
(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 -
Consolidated
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,332.9
|
|
|
$
|
2,943.4
|
|
|
$
|
(610.5)
|
|
|
(20.7)
|
%
|
|
|
$
|
(26.9)
|
|
|
(19.8)
|
%
|
Used vehicle retail
sales
|
1,373.1
|
|
|
1,631.0
|
|
|
(258.0)
|
|
|
(15.8)
|
%
|
|
|
(10.2)
|
|
|
(15.2)
|
%
|
Used vehicle
wholesale sales
|
129.9
|
|
|
180.8
|
|
|
(50.9)
|
|
|
(28.2)
|
%
|
|
|
(2.4)
|
|
|
(26.8)
|
%
|
Total used
|
1,502.9
|
|
|
1,811.9
|
|
|
(308.9)
|
|
|
(17.0)
|
%
|
|
|
(12.6)
|
|
|
(16.4)
|
%
|
Parts and service
sales
|
632.9
|
|
|
732.3
|
|
|
(99.4)
|
|
|
(13.6)
|
%
|
|
|
(4.9)
|
|
|
(12.9)
|
%
|
F&I,
net
|
205.7
|
|
|
238.4
|
|
|
(32.7)
|
|
|
(13.7)
|
%
|
|
|
(0.9)
|
|
|
(13.3)
|
%
|
Total
revenues
|
$
|
4,674.4
|
|
|
$
|
5,725.9
|
|
|
$
|
(1,051.5)
|
|
|
(18.4)
|
%
|
|
|
$
|
(45.3)
|
|
|
(17.6)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
121.1
|
|
|
$
|
139.8
|
|
|
$
|
(18.7)
|
|
|
(13.4)
|
%
|
|
|
$
|
(1.6)
|
|
|
(12.2)
|
%
|
Used vehicle retail
sales
|
85.5
|
|
|
100.2
|
|
|
(14.6)
|
|
|
(14.6)
|
%
|
|
|
(0.6)
|
|
|
(14.0)
|
%
|
Used vehicle
wholesale sales
|
3.0
|
|
|
0.6
|
|
|
2.5
|
|
|
436.5
|
%
|
|
|
(0.1)
|
|
|
448.6
|
%
|
Total used
|
88.6
|
|
|
100.7
|
|
|
(12.2)
|
|
|
(12.1)
|
%
|
|
|
(0.6)
|
|
|
(11.4)
|
%
|
Parts and service
sales
|
337.4
|
|
|
395.2
|
|
|
(57.9)
|
|
|
(14.6)
|
%
|
|
|
(2.2)
|
|
|
(14.1)
|
%
|
F&I,
net
|
205.7
|
|
|
238.4
|
|
|
(32.7)
|
|
|
(13.7)
|
%
|
|
|
(0.9)
|
|
|
(13.3)
|
%
|
Total gross
profit
|
$
|
752.8
|
|
|
$
|
874.2
|
|
|
$
|
(121.4)
|
|
|
(13.9)
|
%
|
|
|
$
|
(5.4)
|
|
|
(13.3)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.2
|
%
|
|
4.8
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
6.2
|
%
|
|
6.1
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.3
|
%
|
|
0.3
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
Total used
|
5.9
|
%
|
|
5.6
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
16.1
|
%
|
|
15.3
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
59,921
|
|
|
79,538
|
|
|
(19,617)
|
|
|
(24.7)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
65,316
|
|
|
77,152
|
|
|
(11,836)
|
|
|
(15.3)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
18,718
|
|
|
25,384
|
|
|
(6,666)
|
|
|
(26.3)
|
%
|
|
|
|
|
|
Total used
|
84,034
|
|
|
102,536
|
|
|
(18,502)
|
|
|
(18.0)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
38,932
|
|
|
$
|
37,006
|
|
|
$
|
1,926
|
|
|
5.2
|
%
|
|
|
$
|
(449)
|
|
|
6.4
|
%
|
Used vehicle
retail
|
$
|
21,022
|
|
|
$
|
21,140
|
|
|
$
|
(119)
|
|
|
(0.6)
|
%
|
|
|
$
|
(156)
|
|
|
0.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,021
|
|
|
$
|
1,758
|
|
|
$
|
263
|
|
|
14.9
|
%
|
|
|
$
|
(27)
|
|
|
16.5
|
%
|
Used vehicle retail
sales
|
$
|
1,310
|
|
|
$
|
1,298
|
|
|
$
|
11
|
|
|
0.9
|
%
|
|
|
$
|
(9)
|
|
|
1.6
|
%
|
Used vehicle
wholesale sales
|
$
|
162
|
|
|
$
|
22
|
|
|
$
|
140
|
|
|
627.6
|
%
|
|
|
$
|
(4)
|
|
|
643.9
|
%
|
Total used
|
$
|
1,054
|
|
|
$
|
982
|
|
|
$
|
72
|
|
|
7.3
|
%
|
|
|
$
|
(8)
|
|
|
8.1
|
%
|
F&I
PRU
|
$
|
1,643
|
|
|
$
|
1,521
|
|
|
$
|
121
|
|
|
8.0
|
%
|
|
|
$
|
(7)
|
|
|
8.4
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
544.5
|
|
|
$
|
657.3
|
|
|
$
|
(112.8)
|
|
|
(17.2)
|
%
|
|
|
$
|
(5.5)
|
|
|
(16.3)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
531.8
|
|
|
$
|
650.6
|
|
|
$
|
(118.8)
|
|
|
(18.3)
|
%
|
|
|
$
|
(5.2)
|
|
|
(17.5)
|
%
|
SG&A as % gross
profit
|
72.3
|
%
|
|
75.2
|
%
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
70.7
|
%
|
|
74.4
|
%
|
|
(3.8)
|
%
|
|
|
|
|
|
|
|
Operating margin
%
|
3.2
|
%
|
|
3.2
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
4.0
|
%
|
|
3.3
|
%
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
(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 June 30,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
898.0
|
|
|
$
|
1,184.7
|
|
|
$
|
(286.7)
|
|
|
(24.2)
|
%
|
Used vehicle retail
sales
|
527.2
|
|
|
619.7
|
|
|
(92.5)
|
|
|
(14.9)
|
%
|
Used vehicle
wholesale sales
|
29.9
|
|
|
43.4
|
|
|
(13.5)
|
|
|
(31.2)
|
%
|
Total used
|
557.1
|
|
|
663.1
|
|
|
(106.0)
|
|
|
(16.0)
|
%
|
Parts and service
sales
|
249.3
|
|
|
308.0
|
|
|
(58.6)
|
|
|
(19.0)
|
%
|
F&I,
net
|
88.8
|
|
|
109.8
|
|
|
(21.0)
|
|
|
(19.1)
|
%
|
Total
revenues
|
$
|
1,793.3
|
|
|
$
|
2,265.6
|
|
|
$
|
(472.4)
|
|
|
(20.8)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
54.7
|
|
|
$
|
54.5
|
|
|
$
|
0.1
|
|
|
0.2
|
%
|
Used vehicle retail
sales
|
39.9
|
|
|
42.9
|
|
|
(3.0)
|
|
|
(7.1)
|
%
|
Used vehicle
wholesale sales
|
1.6
|
|
|
0.9
|
|
|
0.7
|
|
|
73.9
|
%
|
Total used
|
41.5
|
|
|
43.9
|
|
|
(2.4)
|
|
|
(5.4)
|
%
|
Parts and service
sales
|
133.0
|
|
|
166.3
|
|
|
(33.3)
|
|
|
(20.0)
|
%
|
F&I,
net
|
88.8
|
|
|
109.8
|
|
|
(21.0)
|
|
|
(19.1)
|
%
|
Total gross
profit
|
$
|
317.9
|
|
|
$
|
374.5
|
|
|
$
|
(56.6)
|
|
|
(15.1)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.1
|
%
|
|
4.6
|
%
|
|
1.5
|
%
|
|
|
Used vehicle retail
sales
|
7.6
|
%
|
|
6.9
|
%
|
|
0.6
|
%
|
|
|
Used vehicle
wholesale sales
|
5.4
|
%
|
|
2.1
|
%
|
|
3.3
|
%
|
|
|
Total used
|
7.4
|
%
|
|
6.6
|
%
|
|
0.8
|
%
|
|
|
Parts and service
sales
|
53.3
|
%
|
|
54.0
|
%
|
|
(0.7)
|
%
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
17.7
|
%
|
|
16.5
|
%
|
|
1.2
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
21,583
|
|
|
30,171
|
|
|
(8,588)
|
|
|
(28.5)
|
%
|
Retail used vehicles
sold
|
25,616
|
|
|
30,055
|
|
|
(4,439)
|
|
|
(14.8)
|
%
|
Wholesale used
vehicles sold
|
5,087
|
|
|
6,723
|
|
|
(1,636)
|
|
|
(24.3)
|
%
|
Total used
|
30,703
|
|
|
36,778
|
|
|
(6,075)
|
|
|
(16.5)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
41,608
|
|
|
$
|
39,267
|
|
|
$
|
2,341
|
|
|
6.0
|
%
|
Used vehicle
retail
|
$
|
20,581
|
|
|
$
|
20,618
|
|
|
$
|
(37)
|
|
|
(0.2)
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,533
|
|
|
$
|
1,808
|
|
|
$
|
725
|
|
|
40.1
|
%
|
Used vehicle retail
sales
|
$
|
1,557
|
|
|
$
|
1,429
|
|
|
$
|
129
|
|
|
9.0
|
%
|
Used vehicle
wholesale sales
|
$
|
316
|
|
|
$
|
137
|
|
|
$
|
178
|
|
|
129.8
|
%
|
Total used
|
$
|
1,351
|
|
|
$
|
1,193
|
|
|
$
|
159
|
|
|
13.3
|
%
|
F&I
PRU
|
$
|
1,882
|
|
|
$
|
1,824
|
|
|
$
|
58
|
|
|
3.2
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
199.1
|
|
|
$
|
266.3
|
|
|
$
|
(67.1)
|
|
|
(25.2)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
188.6
|
|
|
$
|
262.3
|
|
|
$
|
(73.7)
|
|
|
(28.1)
|
%
|
SG&A as % gross
profit
|
62.6
|
%
|
|
71.1
|
%
|
|
(8.5)
|
%
|
|
|
Adjusted SG&A as
% gross profit (1)
|
59.3
|
%
|
|
70.0
|
%
|
|
(10.7)
|
%
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/
(Decrease)
|
|
% Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,868.4
|
|
|
$
|
2,208.7
|
|
|
$
|
(340.3)
|
|
|
(15.4)
|
%
|
Used vehicle retail
sales
|
1,085.2
|
|
|
1,207.6
|
|
|
(122.3)
|
|
|
(10.1)
|
%
|
Used vehicle
wholesale sales
|
76.2
|
|
|
85.0
|
|
|
(8.8)
|
|
|
(10.3)
|
%
|
Total used
|
1,161.5
|
|
|
1,292.5
|
|
|
(131.1)
|
|
|
(10.1)
|
%
|
Parts and service
sales
|
547.7
|
|
|
601.6
|
|
|
(53.9)
|
|
|
(9.0)
|
%
|
F&I,
net
|
185.4
|
|
|
205.4
|
|
|
(20.0)
|
|
|
(9.7)
|
%
|
Total
revenues
|
$
|
3,763.0
|
|
|
$
|
4,308.2
|
|
|
$
|
(545.2)
|
|
|
(12.7)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
99.8
|
|
|
$
|
105.0
|
|
|
$
|
(5.2)
|
|
|
(5.0)
|
%
|
Used vehicle retail
sales
|
71.0
|
|
|
80.9
|
|
|
(9.9)
|
|
|
(12.3)
|
%
|
Used vehicle
wholesale sales
|
2.4
|
|
|
2.1
|
|
|
0.3
|
|
|
15.9
|
%
|
Total used
|
73.4
|
|
|
83.0
|
|
|
(9.6)
|
|
|
(11.6)
|
%
|
Parts and service
sales
|
293.0
|
|
|
324.9
|
|
|
(31.9)
|
|
|
(9.8)
|
%
|
F&I,
net
|
185.4
|
|
|
205.4
|
|
|
(20.0)
|
|
|
(9.7)
|
%
|
Total gross
profit
|
$
|
651.6
|
|
|
$
|
718.3
|
|
|
$
|
(66.7)
|
|
|
(9.3)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
5.3
|
%
|
|
4.8
|
%
|
|
0.6
|
%
|
|
|
Used vehicle retail
sales
|
6.5
|
%
|
|
6.7
|
%
|
|
(0.2)
|
%
|
|
|
Used vehicle
wholesale sales
|
3.2
|
%
|
|
2.5
|
%
|
|
0.7
|
%
|
|
|
Total used
|
6.3
|
%
|
|
6.4
|
%
|
|
(0.1)
|
%
|
|
|
Parts and service
sales
|
53.5
|
%
|
|
54.0
|
%
|
|
(0.5)
|
%
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
Total gross
margin
|
17.3
|
%
|
|
16.7
|
%
|
|
0.6
|
%
|
|
|
Units sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
45,737
|
|
|
56,316
|
|
|
(10,579)
|
|
|
(18.8)
|
%
|
Retail used vehicles
sold
|
52,826
|
|
|
58,923
|
|
|
(6,097)
|
|
|
(10.3)
|
%
|
Wholesale used
vehicles sold
|
12,047
|
|
|
13,685
|
|
|
(1,638)
|
|
|
(12.0)
|
%
|
Total used
|
64,873
|
|
|
72,608
|
|
|
(7,735)
|
|
|
(10.7)
|
%
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
40,851
|
|
|
$
|
39,220
|
|
|
$
|
1,631
|
|
|
4.2
|
%
|
Used vehicle
retail
|
$
|
20,544
|
|
|
$
|
20,494
|
|
|
$
|
50
|
|
|
0.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
2,181
|
|
|
$
|
1,865
|
|
|
$
|
317
|
|
|
17.0
|
%
|
Used vehicle retail
sales
|
$
|
1,343
|
|
|
$
|
1,373
|
|
|
$
|
(30)
|
|
|
(2.2)
|
%
|
Used vehicle
wholesale sales
|
$
|
203
|
|
|
$
|
154
|
|
|
$
|
49
|
|
|
31.7
|
%
|
Total used
|
$
|
1,132
|
|
|
$
|
1,143
|
|
|
$
|
(12)
|
|
|
(1.0)
|
%
|
F&I
PRU
|
$
|
1,881
|
|
|
$
|
1,782
|
|
|
$
|
99
|
|
|
5.6
|
%
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
451.2
|
|
|
$
|
522.5
|
|
|
$
|
(71.3)
|
|
|
(13.7)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
440.6
|
|
|
$
|
515.8
|
|
|
$
|
(75.2)
|
|
|
(14.6)
|
%
|
SG&A as % gross
profit
|
69.2
|
%
|
|
72.7
|
%
|
|
(3.5)
|
%
|
|
|
Adjusted SG&A as
% gross profit (1)
|
67.6
|
%
|
|
71.8
|
%
|
|
(4.2)
|
%
|
|
|
|
|
(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 June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
116.6
|
|
|
$
|
292.3
|
|
|
$
|
(175.7)
|
|
|
(60.1)
|
%
|
|
|
$
|
(3.6)
|
|
|
(58.9)
|
%
|
Used vehicle retail
sales
|
85.6
|
|
|
189.0
|
|
|
(103.4)
|
|
|
(54.7)
|
%
|
|
|
(2.8)
|
|
|
(53.3)
|
%
|
Used vehicle
wholesale sales
|
14.2
|
|
|
45.6
|
|
|
(31.4)
|
|
|
(68.8)
|
%
|
|
|
(0.5)
|
|
|
(67.8)
|
%
|
Total used
|
99.8
|
|
|
234.6
|
|
|
(134.8)
|
|
|
(57.5)
|
%
|
|
|
(3.2)
|
|
|
(56.1)
|
%
|
Parts and service
sales
|
20.0
|
|
|
52.0
|
|
|
(32.0)
|
|
|
(61.5)
|
%
|
|
|
(0.6)
|
|
|
(60.2)
|
%
|
F&I,
net
|
5.9
|
|
|
14.6
|
|
|
(8.7)
|
|
|
(59.3)
|
%
|
|
|
(0.2)
|
|
|
(58.2)
|
%
|
Total
revenues
|
$
|
242.4
|
|
|
$
|
593.5
|
|
|
$
|
(351.1)
|
|
|
(59.2)
|
%
|
|
|
$
|
(7.6)
|
|
|
(57.9)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
5.3
|
|
|
$
|
10.5
|
|
|
$
|
(5.1)
|
|
|
(49.0)
|
%
|
|
|
$
|
(0.2)
|
|
|
(47.5)
|
%
|
Used vehicle retail
sales
|
4.6
|
|
|
8.4
|
|
|
(3.8)
|
|
|
(45.3)
|
%
|
|
|
(0.2)
|
|
|
(43.5)
|
%
|
Used vehicle
wholesale sales
|
0.3
|
|
|
(1.2)
|
|
|
1.6
|
|
|
127.8
|
%
|
|
|
—
|
|
|
128.5
|
%
|
Total used
|
4.9
|
|
|
7.1
|
|
|
(2.2)
|
|
|
(30.8)
|
%
|
|
|
(0.2)
|
|
|
(28.6)
|
%
|
Parts and service
sales
|
10.9
|
|
|
29.5
|
|
|
(18.6)
|
|
|
(63.1)
|
%
|
|
|
(0.3)
|
|
|
(61.9)
|
%
|
F&I,
net
|
5.9
|
|
|
14.6
|
|
|
(8.7)
|
|
|
(59.3)
|
%
|
|
|
(0.2)
|
|
|
(58.2)
|
%
|
Total gross
profit
|
$
|
27.1
|
|
|
$
|
61.6
|
|
|
$
|
(34.6)
|
|
|
(56.1)
|
%
|
|
|
$
|
(0.8)
|
|
|
(54.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.6
|
%
|
|
3.6
|
%
|
|
1.0
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3
|
%
|
|
4.4
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.4
|
%
|
|
(2.7)
|
%
|
|
5.2
|
%
|
|
|
|
|
|
|
|
Total used
|
4.9
|
%
|
|
3.0
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.3
|
%
|
|
56.6
|
%
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
11.2
|
%
|
|
10.4
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
3,490
|
|
|
8,983
|
|
|
(5,493)
|
|
|
(61.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
3,675
|
|
|
8,111
|
|
|
(4,436)
|
|
|
(54.7)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
1,692
|
|
|
5,630
|
|
|
(3,938)
|
|
|
(69.9)
|
%
|
|
|
|
|
|
Total used
|
5,367
|
|
|
13,741
|
|
|
(8,374)
|
|
|
(60.9)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,416
|
|
|
$
|
32,537
|
|
|
$
|
879
|
|
|
2.7
|
%
|
|
|
$
|
(1,022)
|
|
|
5.8
|
%
|
Used vehicle
retail
|
$
|
23,295
|
|
|
$
|
23,305
|
|
|
$
|
(10)
|
|
|
—
|
%
|
|
|
$
|
(749)
|
|
|
3.2
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,533
|
|
|
$
|
1,169
|
|
|
$
|
364
|
|
|
31.2
|
%
|
|
|
$
|
(45)
|
|
|
35.1
|
%
|
Used vehicle retail
sales
|
$
|
1,244
|
|
|
$
|
1,030
|
|
|
$
|
214
|
|
|
20.8
|
%
|
|
|
$
|
(41)
|
|
|
24.7
|
%
|
Used vehicle
wholesale sales
|
$
|
205
|
|
|
$
|
(221)
|
|
|
$
|
426
|
|
|
192.5
|
%
|
|
|
$
|
(5)
|
|
|
194.8
|
%
|
Total used
|
$
|
917
|
|
|
$
|
518
|
|
|
$
|
399
|
|
|
77.1
|
%
|
|
|
$
|
(30)
|
|
|
82.9
|
%
|
F&I
PRU
|
$
|
827
|
|
|
$
|
853
|
|
|
$
|
(26)
|
|
|
(3.0)
|
%
|
|
|
$
|
(23)
|
|
|
(0.3)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
24.8
|
|
|
$
|
55.9
|
|
|
$
|
(31.1)
|
|
|
(55.7)
|
%
|
|
|
$
|
(0.9)
|
|
|
(54.1)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
23.5
|
|
|
$
|
55.9
|
|
|
$
|
(32.3)
|
|
|
(57.8)
|
%
|
|
|
$
|
(0.8)
|
|
|
(56.4)
|
%
|
SG&A as % gross
profit
|
91.5
|
%
|
|
90.6
|
%
|
|
0.9
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
87.0
|
%
|
|
90.6
|
%
|
|
(3.6)
|
%
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
387.2
|
|
|
$
|
599.0
|
|
|
$
|
(211.8)
|
|
|
(35.4)
|
%
|
|
|
$
|
(10.6)
|
|
|
(33.6)
|
%
|
Used vehicle retail
sales
|
260.4
|
|
|
385.4
|
|
|
(125.0)
|
|
|
(32.4)
|
%
|
|
|
(4.3)
|
|
|
(31.3)
|
%
|
Used vehicle
wholesale sales
|
46.9
|
|
|
89.1
|
|
|
(42.1)
|
|
|
(47.3)
|
%
|
|
|
(0.8)
|
|
|
(46.5)
|
%
|
Total used
|
307.4
|
|
|
474.5
|
|
|
(167.1)
|
|
|
(35.2)
|
%
|
|
|
(5.1)
|
|
|
(34.1)
|
%
|
Parts and service
sales
|
69.7
|
|
|
107.1
|
|
|
(37.3)
|
|
|
(34.9)
|
%
|
|
|
(1.2)
|
|
|
(33.8)
|
%
|
F&I,
net
|
18.0
|
|
|
29.3
|
|
|
(11.3)
|
|
|
(38.5)
|
%
|
|
|
(0.4)
|
|
|
(37.1)
|
%
|
Total
revenues
|
$
|
782.3
|
|
|
$
|
1,209.9
|
|
|
$
|
(427.6)
|
|
|
(35.3)
|
%
|
|
|
$
|
(17.3)
|
|
|
(33.9)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
16.4
|
|
|
$
|
26.7
|
|
|
$
|
(10.3)
|
|
|
(38.5)
|
%
|
|
|
$
|
(0.6)
|
|
|
(36.2)
|
%
|
Used vehicle retail
sales
|
13.1
|
|
|
16.3
|
|
|
(3.3)
|
|
|
(19.9)
|
%
|
|
|
(0.3)
|
|
|
(18.3)
|
%
|
Used vehicle
wholesale sales
|
0.3
|
|
|
(2.1)
|
|
|
2.4
|
|
|
114.3
|
%
|
|
|
—
|
|
|
114.5
|
%
|
Total used
|
13.4
|
|
|
14.2
|
|
|
(0.9)
|
|
|
(6.0)
|
%
|
|
|
(0.3)
|
|
|
(4.2)
|
%
|
Parts and service
sales
|
37.7
|
|
|
60.0
|
|
|
(22.2)
|
|
|
(37.1)
|
%
|
|
|
(0.7)
|
|
|
(36.0)
|
%
|
F&I,
net
|
18.0
|
|
|
29.3
|
|
|
(11.3)
|
|
|
(38.5)
|
%
|
|
|
(0.4)
|
|
|
(37.1)
|
%
|
Total gross
profit
|
$
|
85.6
|
|
|
$
|
130.2
|
|
|
$
|
(44.6)
|
|
|
(34.3)
|
%
|
|
|
$
|
(1.9)
|
|
|
(32.8)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
4.2
|
%
|
|
4.5
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.0
|
%
|
|
4.2
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
0.6
|
%
|
|
(2.4)
|
%
|
|
3.0
|
%
|
|
|
|
|
|
|
|
Total used
|
4.4
|
%
|
|
3.0
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.1
|
%
|
|
56.0
|
%
|
|
(1.9)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
10.9
|
%
|
|
10.8
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
11,519
|
|
|
18,618
|
|
|
(7,099)
|
|
|
(38.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
11,036
|
|
|
16,228
|
|
|
(5,192)
|
|
|
(32.0)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
5,872
|
|
|
10,810
|
|
|
(4,938)
|
|
|
(45.7)
|
%
|
|
|
|
|
|
Total used
|
16,908
|
|
|
27,038
|
|
|
(10,130)
|
|
|
(37.5)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
33,613
|
|
|
$
|
32,173
|
|
|
$
|
1,440
|
|
|
4.5
|
%
|
|
|
$
|
(920)
|
|
|
7.3
|
%
|
Used vehicle
retail
|
$
|
23,598
|
|
|
$
|
23,750
|
|
|
$
|
(152)
|
|
|
(0.6)
|
%
|
|
|
$
|
(394)
|
|
|
1.0
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,425
|
|
|
$
|
1,433
|
|
|
$
|
(8)
|
|
|
(0.5)
|
%
|
|
|
$
|
(51)
|
|
|
3.0
|
%
|
Used vehicle retail
sales
|
$
|
1,186
|
|
|
$
|
1,007
|
|
|
$
|
179
|
|
|
17.8
|
%
|
|
|
$
|
(23)
|
|
|
20.1
|
%
|
Used vehicle
wholesale sales
|
$
|
51
|
|
|
$
|
(194)
|
|
|
$
|
246
|
|
|
126.4
|
%
|
|
|
$
|
(1)
|
|
|
126.7
|
%
|
Total used
|
$
|
792
|
|
|
$
|
527
|
|
|
$
|
265
|
|
|
50.4
|
%
|
|
|
$
|
(15)
|
|
|
53.3
|
%
|
F&I
PRU
|
$
|
799
|
|
|
$
|
841
|
|
|
$
|
(42)
|
|
|
(5.0)
|
%
|
|
|
$
|
(18)
|
|
|
(2.8)
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
77.1
|
|
|
$
|
111.6
|
|
|
$
|
(34.4)
|
|
|
(30.9)
|
%
|
|
|
$
|
(1.6)
|
|
|
(29.5)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
75.9
|
|
|
$
|
111.6
|
|
|
$
|
(35.7)
|
|
|
(32.0)
|
%
|
|
|
$
|
(1.5)
|
|
|
(30.6)
|
%
|
SG&A as % gross
profit
|
90.1
|
%
|
|
85.7
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
88.7
|
%
|
|
85.7
|
%
|
|
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.
|
Same Store Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
19.8
|
|
|
$
|
72.5
|
|
|
$
|
(52.8)
|
|
|
(72.7)
|
%
|
|
|
$
|
(7.1)
|
|
|
(63.0)
|
%
|
Used vehicle retail
sales
|
7.4
|
|
|
18.4
|
|
|
(10.9)
|
|
|
(59.5)
|
%
|
|
|
(2.6)
|
|
|
(45.2)
|
%
|
Used vehicle
wholesale sales
|
2.9
|
|
|
3.3
|
|
|
(0.4)
|
|
|
(12.8)
|
%
|
|
|
(1.1)
|
|
|
19.5
|
%
|
Total used
|
10.3
|
|
|
21.7
|
|
|
(11.4)
|
|
|
(52.4)
|
%
|
|
|
(3.7)
|
|
|
(35.4)
|
%
|
Parts and service
sales
|
5.9
|
|
|
11.9
|
|
|
(6.0)
|
|
|
(50.3)
|
%
|
|
|
(2.2)
|
|
|
(32.0)
|
%
|
F&I,
net
|
0.6
|
|
|
1.7
|
|
|
(1.2)
|
|
|
(67.0)
|
%
|
|
|
(0.2)
|
|
|
(55.0)
|
%
|
Total
revenues
|
$
|
36.6
|
|
|
$
|
107.8
|
|
|
$
|
(71.3)
|
|
|
(66.1)
|
%
|
|
|
$
|
(13.1)
|
|
|
(53.9)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1.4
|
|
|
$
|
4.3
|
|
|
$
|
(2.9)
|
|
|
(67.8)
|
%
|
|
|
$
|
(0.5)
|
|
|
(56.4)
|
%
|
Used vehicle retail
sales
|
0.4
|
|
|
1.5
|
|
|
(1.1)
|
|
|
(71.7)
|
%
|
|
|
(0.1)
|
|
|
(61.9)
|
%
|
Used vehicle
wholesale sales
|
0.1
|
|
|
0.3
|
|
|
(0.2)
|
|
|
(71.1)
|
%
|
|
|
—
|
|
|
(60.3)
|
%
|
Total used
|
0.5
|
|
|
1.8
|
|
|
(1.3)
|
|
|
(71.6)
|
%
|
|
|
(0.2)
|
|
|
(61.7)
|
%
|
Parts and service
sales
|
2.5
|
|
|
5.2
|
|
|
(2.8)
|
|
|
(53.1)
|
%
|
|
|
(0.9)
|
|
|
(35.9)
|
%
|
F&I,
net
|
0.6
|
|
|
1.7
|
|
|
(1.2)
|
|
|
(67.0)
|
%
|
|
|
(0.2)
|
|
|
(55.0)
|
%
|
Total gross
profit
|
$
|
4.9
|
|
|
$
|
13.1
|
|
|
$
|
(8.2)
|
|
|
(62.3)
|
%
|
|
|
$
|
(1.8)
|
|
|
(48.7)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.0
|
%
|
|
5.9
|
%
|
|
1.1
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8
|
%
|
|
8.3
|
%
|
|
(2.5)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
2.8
|
%
|
|
8.4
|
%
|
|
(5.6)
|
%
|
|
|
|
|
|
|
|
Total used
|
4.9
|
%
|
|
8.3
|
%
|
|
(3.3)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
41.8
|
%
|
|
44.2
|
%
|
|
(2.5)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
13.5
|
%
|
|
12.1
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
694
|
|
|
2,478
|
|
|
(1,784)
|
|
|
(72.0)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
356
|
|
|
943
|
|
|
(587)
|
|
|
(62.2)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
324
|
|
|
439
|
|
|
(115)
|
|
|
(26.2)
|
%
|
|
|
|
|
|
Total used
|
680
|
|
|
1,382
|
|
|
(702)
|
|
|
(50.8)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
28,495
|
|
|
$
|
29,272
|
|
|
$
|
(777)
|
|
|
(2.7)
|
%
|
|
|
$
|
(10,193)
|
|
|
32.2
|
%
|
Used vehicle
retail
|
$
|
20,905
|
|
|
$
|
19,490
|
|
|
$
|
1,415
|
|
|
7.3
|
%
|
|
|
$
|
(7,384)
|
|
|
45.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,999
|
|
|
$
|
1,738
|
|
|
$
|
261
|
|
|
15.0
|
%
|
|
|
$
|
(709)
|
|
|
55.8
|
%
|
Used vehicle retail
sales
|
$
|
1,204
|
|
|
$
|
1,608
|
|
|
$
|
(404)
|
|
|
(25.1)
|
%
|
|
|
$
|
(418)
|
|
|
0.9
|
%
|
Used vehicle
wholesale sales
|
$
|
247
|
|
|
$
|
630
|
|
|
$
|
(383)
|
|
|
(60.8)
|
%
|
|
|
$
|
(92)
|
|
|
(46.2)
|
%
|
Total used
|
$
|
748
|
|
|
$
|
1,297
|
|
|
$
|
(549)
|
|
|
(42.3)
|
%
|
|
|
$
|
(263)
|
|
|
(22.1)
|
%
|
F&I
PRU
|
$
|
550
|
|
|
$
|
511
|
|
|
$
|
39
|
|
|
7.6
|
%
|
|
|
$
|
(199)
|
|
|
46.6
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
5.6
|
|
|
$
|
11.8
|
|
|
$
|
(6.2)
|
|
|
(52.3)
|
%
|
|
|
$
|
(2.1)
|
|
|
(34.8)
|
%
|
SG&A as % gross
profit
|
114.0
|
%
|
|
90.1
|
%
|
|
23.9
|
%
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
Same Store Operating Data -
Brazil
|
(Unaudited)
|
(In millions, except unit data)
|
|
|
|
Six Months Ended June 30,
|
|
2020
|
|
2019
|
|
Increase/ (Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
77.3
|
|
|
$
|
135.7
|
|
|
$
|
(58.4)
|
|
|
(43.1)
|
%
|
|
|
$
|
(16.3)
|
|
|
(31.1)
|
%
|
Used vehicle retail
sales
|
27.4
|
|
|
38.0
|
|
|
(10.7)
|
|
|
(28.0)
|
%
|
|
|
(5.8)
|
|
|
(12.7)
|
%
|
Used vehicle
wholesale sales
|
6.7
|
|
|
6.8
|
|
|
—
|
|
|
(0.7)
|
%
|
|
|
(1.7)
|
|
|
24.0
|
%
|
Total used
|
34.1
|
|
|
44.8
|
|
|
(10.7)
|
|
|
(23.9)
|
%
|
|
|
(7.5)
|
|
|
(7.2)
|
%
|
Parts and service
sales
|
15.5
|
|
|
23.6
|
|
|
(8.1)
|
|
|
(34.5)
|
%
|
|
|
(3.7)
|
|
|
(18.8)
|
%
|
F&I,
net
|
2.3
|
|
|
3.7
|
|
|
(1.4)
|
|
|
(37.9)
|
%
|
|
|
(0.5)
|
|
|
(24.7)
|
%
|
Total
revenues
|
$
|
129.1
|
|
|
$
|
207.8
|
|
|
$
|
(78.7)
|
|
|
(37.9)
|
%
|
|
|
$
|
(28.0)
|
|
|
(24.4)
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
4.9
|
|
|
$
|
8.1
|
|
|
$
|
(3.2)
|
|
|
(39.8)
|
%
|
|
|
$
|
(1.1)
|
|
|
(26.8)
|
%
|
Used vehicle retail
sales
|
1.5
|
|
|
2.9
|
|
|
(1.4)
|
|
|
(49.3)
|
%
|
|
|
(0.3)
|
|
|
(38.2)
|
%
|
Used vehicle
wholesale sales
|
0.3
|
|
|
0.6
|
|
|
(0.3)
|
|
|
(48.6)
|
%
|
|
|
(0.1)
|
|
|
(37.0)
|
%
|
Total used
|
1.8
|
|
|
3.5
|
|
|
(1.7)
|
|
|
(49.2)
|
%
|
|
|
(0.4)
|
|
|
(38.0)
|
%
|
Parts and service
sales
|
6.7
|
|
|
10.3
|
|
|
(3.7)
|
|
|
(35.6)
|
%
|
|
|
(1.6)
|
|
|
(20.4)
|
%
|
F&I,
net
|
2.3
|
|
|
3.7
|
|
|
(1.4)
|
|
|
(37.9)
|
%
|
|
|
(0.5)
|
|
|
(24.7)
|
%
|
Total gross
profit
|
$
|
15.6
|
|
|
$
|
25.7
|
|
|
$
|
(10.0)
|
|
|
(39.1)
|
%
|
|
|
$
|
(3.5)
|
|
|
(25.4)
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.3
|
%
|
|
6.0
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.4
|
%
|
|
7.7
|
%
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
Used vehicle
wholesale sales
|
4.2
|
%
|
|
8.2
|
%
|
|
(3.9)
|
%
|
|
|
|
|
|
|
|
Total used
|
5.2
|
%
|
|
7.7
|
%
|
|
(2.6)
|
%
|
|
|
|
|
|
|
|
Parts and service
sales
|
43.1
|
%
|
|
43.9
|
%
|
|
(0.7)
|
%
|
|
|
|
|
|
|
|
F&I,
net
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Total gross
margin
|
12.1
|
%
|
|
12.3
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
2,665
|
|
|
4,604
|
|
|
(1,939)
|
|
|
(42.1)
|
%
|
|
|
|
|
|
Retail used vehicles
sold
|
1,454
|
|
|
2,001
|
|
|
(547)
|
|
|
(27.3)
|
%
|
|
|
|
|
|
Wholesale used
vehicles sold
|
799
|
|
|
889
|
|
|
(90)
|
|
|
(10.1)
|
%
|
|
|
|
|
|
Total used
|
2,253
|
|
|
2,890
|
|
|
(637)
|
|
|
(22.0)
|
%
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
|
28,994
|
|
|
$
|
29,474
|
|
|
$
|
(480)
|
|
|
(1.6)
|
%
|
|
|
$
|
(6,113)
|
|
|
19.1
|
%
|
Used vehicle
retail
|
$
|
18,828
|
|
|
$
|
19,011
|
|
|
$
|
(183)
|
|
|
(1.0)
|
%
|
|
|
$
|
(4,008)
|
|
|
20.1
|
%
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
|
1,839
|
|
|
$
|
1,768
|
|
|
$
|
71
|
|
|
4.0
|
%
|
|
|
$
|
(396)
|
|
|
26.4
|
%
|
Used vehicle retail
sales
|
$
|
1,018
|
|
|
$
|
1,458
|
|
|
$
|
(440)
|
|
|
(30.2)
|
%
|
|
|
$
|
(221)
|
|
|
(15.0)
|
%
|
Used vehicle
wholesale sales
|
$
|
356
|
|
|
$
|
622
|
|
|
$
|
(267)
|
|
|
(42.9)
|
%
|
|
|
$
|
(81)
|
|
|
(29.9)
|
%
|
Total used
|
$
|
783
|
|
|
$
|
1,201
|
|
|
$
|
(418)
|
|
|
(34.8)
|
%
|
|
|
$
|
(172)
|
|
|
(20.5)
|
%
|
F&I
PRU
|
$
|
557
|
|
|
$
|
560
|
|
|
$
|
(3)
|
|
|
(0.5)
|
%
|
|
|
$
|
(118)
|
|
|
20.7
|
%
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
|
16.2
|
|
|
$
|
23.2
|
|
|
$
|
(7.0)
|
|
|
(30.3)
|
%
|
|
|
$
|
(3.9)
|
|
|
(13.5)
|
%
|
Adjusted SG&A
expenses (1)
|
$
|
15.3
|
|
|
$
|
23.2
|
|
|
$
|
(7.9)
|
|
|
(34.2)
|
%
|
|
|
$
|
(3.7)
|
|
|
(18.3)
|
%
|
SG&A as % gross
profit
|
103.5
|
%
|
|
90.5
|
%
|
|
13.0
|
%
|
|
|
|
|
|
|
|
Adjusted SG&A as
% gross profit (1)
|
97.8
|
%
|
|
90.5
|
%
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
Three Months Ended June 30,
2020
|
|
|
U.S. GAAP
|
|
Severance
costs
|
|
Out-of-period
adjustment
|
|
Asset
impairments
|
|
(Gain) loss on
extinguishment
of debt
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
237.2
|
|
|
$
|
(1.2)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225.4
|
|
Asset
impairments
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(23.8)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Income (loss) from
operations
|
|
$
|
79.0
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
114.6
|
|
(Gain) loss on
extinguishment of debt
|
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10.4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
42.3
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
10.4
|
|
|
$
|
88.3
|
|
Less: (Benefit)
provision for income taxes
|
|
12.2
|
|
|
0.2
|
|
|
0.8
|
|
|
3.3
|
|
|
2.2
|
|
|
18.7
|
|
Net income
(loss)
|
|
30.2
|
|
|
1.0
|
|
|
9.7
|
|
|
20.6
|
|
|
8.1
|
|
|
69.6
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.1
|
|
|
—
|
|
|
0.4
|
|
|
0.7
|
|
|
0.3
|
|
|
2.5
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
29.1
|
|
|
$
|
1.0
|
|
|
$
|
9.4
|
|
|
$
|
19.8
|
|
|
$
|
7.8
|
|
|
$
|
67.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
1.63
|
|
|
$
|
0.05
|
|
|
$
|
0.53
|
|
|
$
|
1.11
|
|
|
$
|
0.44
|
|
|
$
|
3.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
28.7
|
%
|
|
|
|
|
|
|
|
|
|
21.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
66.1
|
%
|
|
|
|
|
|
|
|
|
|
62.8
|
%
|
Operating margin
(2)
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
5.4
|
%
|
Pretax margin
(3)
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
229.5
|
|
|
$
|
(1.2)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
65.6
|
%
|
|
|
|
|
|
|
|
|
|
62.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
78.6
|
|
|
$
|
1.2
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
114.2
|
|
Same Store operating
margin (2)
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
5.5
|
%
|
|
|
(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, as
well as asset impairment charges.
|
(3)
|
Adjusted pretax
margin excludes the impact of SG&A reconciling items and asset
impairment charges, as well as loss on extinguishment of
debt.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
Three Months Ended June 30,
2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
338.7
|
|
|
$
|
(4.0)
|
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
335.3
|
|
Asset
impairments
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.5)
|
|
|
$
|
—
|
|
Income (loss) from
operations
|
|
$
|
97.1
|
|
|
$
|
4.0
|
|
|
$
|
(0.2)
|
|
|
$
|
(0.4)
|
|
|
$
|
0.5
|
|
|
$
|
101.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
63.2
|
|
|
$
|
4.0
|
|
|
$
|
(0.2)
|
|
|
$
|
(0.4)
|
|
|
$
|
0.5
|
|
|
$
|
67.2
|
|
Less: (Benefit)
provision for income taxes
|
|
14.0
|
|
|
1.0
|
|
|
(0.5)
|
|
|
—
|
|
|
—
|
|
|
14.4
|
|
Net income
(loss)
|
|
49.2
|
|
|
3.0
|
|
|
0.4
|
|
|
(0.4)
|
|
|
0.5
|
|
|
52.8
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
1.8
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
47.4
|
|
|
$
|
2.9
|
|
|
$
|
0.3
|
|
|
$
|
(0.4)
|
|
|
$
|
0.5
|
|
|
$
|
50.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
2.64
|
|
|
$
|
0.16
|
|
|
$
|
0.02
|
|
|
$
|
(0.02)
|
|
|
$
|
0.03
|
|
|
$
|
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
21.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
74.6
|
%
|
|
|
|
|
|
|
|
|
|
73.8
|
%
|
Operating margin
(2)
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
3.4
|
%
|
Pretax margin
(2)
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
333.9
|
|
|
$
|
(4.0)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
329.9
|
|
Same Store SG&A
as % gross profit (1)
|
|
74.3
|
%
|
|
|
|
|
|
|
|
|
|
73.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
97.1
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
101.7
|
|
Same Store operating
margin (2)
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
3.4
|
%
|
|
|
(1)
|
Adjusted SG&A as
% of gross profit excludes the impact of SG&A reconciling items
above.
|
(2)
|
Adjusted operating
margin and pretax margin exclude the impact of SG&A reconciling
items above, as well as asset impairment charges.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020
|
|
|
|
U.S. GAAP
|
|
Severance
costs
|
|
Out-of-period
adjustment
|
|
Asset
impairments
|
|
(Gain) loss on
extinguishment
of debt
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
565.1
|
|
|
$
|
(2.1)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
552.5
|
|
Asset
impairments
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(23.8)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Income (loss) from
operations
|
|
$
|
148.9
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
185.4
|
|
(Gain) loss on
extinguishment of debt
|
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10.4)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
81.2
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
10.4
|
|
|
$
|
128.1
|
|
Less: (Benefit)
provision for income taxes
|
|
21.3
|
|
|
0.3
|
|
|
0.8
|
|
|
3.3
|
|
|
2.2
|
|
|
27.9
|
|
Net income
(loss)
|
|
60.0
|
|
|
1.8
|
|
|
9.7
|
|
|
20.6
|
|
|
8.1
|
|
|
100.2
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
2.1
|
|
|
0.1
|
|
|
0.4
|
|
|
0.7
|
|
|
0.3
|
|
|
3.6
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
57.8
|
|
|
$
|
1.7
|
|
|
$
|
9.4
|
|
|
$
|
19.8
|
|
|
$
|
7.8
|
|
|
$
|
96.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
3.25
|
|
|
$
|
0.10
|
|
|
$
|
0.53
|
|
|
$
|
1.11
|
|
|
$
|
0.44
|
|
|
$
|
5.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
26.2
|
%
|
|
|
|
|
|
|
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
72.9
|
%
|
|
|
|
|
|
|
|
|
|
71.3
|
%
|
Operating margin
(2)
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
3.8
|
%
|
Pretax margin
(3)
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
544.5
|
|
|
$
|
(2.1)
|
|
|
$
|
(10.6)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
531.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
72.3
|
%
|
|
|
|
|
|
|
|
|
|
70.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
148.7
|
|
|
$
|
2.1
|
|
|
$
|
10.6
|
|
|
$
|
23.8
|
|
|
$
|
—
|
|
|
$
|
185.2
|
|
Same Store operating
margin (2)
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
4.0
|
%
|
|
|
(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, as
well as asset impairment charges.
|
(3)
|
Adjusted pretax
margin excludes the impact of SG&A reconciling items and asset
impairment charges, as well as loss on extinguishment of
debt.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Consolidated
|
(Unaudited)
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
666.4
|
|
|
$
|
(6.0)
|
|
|
$
|
5.4
|
|
|
$
|
(2.0)
|
|
|
$
|
—
|
|
|
$
|
663.8
|
|
Asset
impairments
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.5)
|
|
|
$
|
—
|
|
Income (loss) from
operations
|
|
$
|
183.9
|
|
|
$
|
6.0
|
|
|
$
|
(5.4)
|
|
|
$
|
2.0
|
|
|
$
|
0.5
|
|
|
$
|
187.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
|
115.4
|
|
|
$
|
6.0
|
|
|
$
|
(5.4)
|
|
|
$
|
2.0
|
|
|
$
|
0.5
|
|
|
$
|
118.5
|
|
Less: (Benefit)
provision for income taxes
|
|
27.5
|
|
|
1.5
|
|
|
(1.9)
|
|
|
0.5
|
|
|
—
|
|
|
27.6
|
|
Net income
(loss)
|
|
87.9
|
|
|
4.5
|
|
|
(3.5)
|
|
|
1.5
|
|
|
0.5
|
|
|
91.0
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
3.3
|
|
|
0.2
|
|
|
(0.1)
|
|
|
0.1
|
|
|
—
|
|
|
3.4
|
|
Net income (loss)
available to diluted common shares
|
|
$
|
84.6
|
|
|
$
|
4.3
|
|
|
$
|
(3.4)
|
|
|
$
|
1.5
|
|
|
$
|
0.5
|
|
|
$
|
87.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share
|
|
$
|
4.73
|
|
|
$
|
0.24
|
|
|
$
|
(0.19)
|
|
|
$
|
0.08
|
|
|
$
|
0.03
|
|
|
$
|
4.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
23.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
75.2
|
%
|
|
|
|
|
|
|
|
|
|
74.9
|
%
|
Operating margin
(2)
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
3.2
|
%
|
Pretax margin
(2)
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
657.3
|
|
|
$
|
(6.0)
|
|
|
$
|
1.1
|
|
|
$
|
(1.8)
|
|
|
$
|
—
|
|
|
$
|
650.6
|
|
Same Store SG&A
as % gross profit (1)
|
|
75.2
|
%
|
|
|
|
|
|
|
|
|
|
74.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
|
181.9
|
|
|
$
|
6.0
|
|
|
$
|
(1.1)
|
|
|
$
|
1.8
|
|
|
$
|
0.6
|
|
|
$
|
189.2
|
|
Same Store operating
margin (2)
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
3.3
|
%
|
|
|
(1)
|
Adjusted SG&A as
% of gross profit excludes the impact of SG&A reconciling items
above.
|
(2)
|
Adjusted operating
margin and pretax margin excludes the impact of SG&A
reconciling items above, as well as asset impairment
charges.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- U.S.
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
Three Months Ended June 30,
2020
|
|
|
U.S. GAAP
|
|
Out-of-period
adjustment
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
203.3
|
|
|
$
|
(10.6)
|
|
|
$
|
192.7
|
|
SG&A as % gross
profit (1)
|
|
62.6
|
%
|
|
|
|
59.4
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
199.1
|
|
|
$
|
(10.6)
|
|
|
$
|
188.6
|
|
Same Store SG&A
as % gross profit (1)
|
|
62.6
|
%
|
|
|
|
59.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Non-GAAP adjusted
|
SG&A
expenses
|
|
$
|
268.1
|
|
|
$
|
(4.0)
|
|
|
$
|
264.1
|
|
SG&A as % gross
profit (1)
|
|
71.2
|
%
|
|
|
|
70.1
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
266.3
|
|
|
$
|
(4.0)
|
|
|
$
|
262.3
|
|
Same Store SG&A
as % gross profit (1)
|
|
71.1
|
%
|
|
|
|
70.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020
|
|
|
U.S. GAAP
|
|
Out-of-period adjustment
|
|
Non-GAAP adjusted
|
SG&A
expenses
|
|
$
|
460.8
|
|
|
$
|
(10.6)
|
|
|
$
|
450.2
|
|
SG&A as % gross
profit (1)
|
|
69.2
|
%
|
|
|
|
67.7
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
451.2
|
|
|
$
|
(10.6)
|
|
|
$
|
440.6
|
|
Same Store SG&A
as % gross profit (1)
|
|
69.2
|
%
|
|
|
|
67.6
|
%
|
|
|
Six Months Ended June 30, 2019
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
524.2
|
|
|
$
|
(6.0)
|
|
|
$
|
5.2
|
|
|
$
|
(1.8)
|
|
|
$
|
521.7
|
|
SG&A as % gross
profit (1)
|
|
72.4
|
%
|
|
|
|
|
|
|
|
72.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
522.5
|
|
|
$
|
(6.0)
|
|
|
$
|
1.1
|
|
|
$
|
(1.8)
|
|
|
$
|
515.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
72.7
|
%
|
|
|
|
|
|
|
|
71.8
|
%
|
|
|
(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 June 30,
2020
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
28.3
|
|
|
$
|
(1.2)
|
|
|
$
|
27.1
|
|
SG&A as % gross
profit (1)
|
|
96.2
|
%
|
|
|
|
92.1
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
24.8
|
|
|
$
|
(1.2)
|
|
|
$
|
23.5
|
|
Same Store SG&A
as % gross profit (1)
|
|
91.5
|
%
|
|
|
|
87.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
|
88.2
|
|
|
$
|
(1.2)
|
|
|
$
|
86.9
|
|
SG&A as % gross
profit (1)
|
|
93.5
|
%
|
|
|
|
92.2
|
%
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
77.1
|
|
|
$
|
(1.2)
|
|
|
$
|
75.9
|
|
Same Store SG&A
as % gross profit (1)
|
|
90.1
|
%
|
|
|
|
88.7
|
%
|
|
|
(1)
|
Adjusted SG&A as
% of gross profit excludes the impact of SG&A reconciling items
above.
|
Group 1 Automotive, Inc.
|
Reconciliation of Certain Non-GAAP Financial Measures
- Brazil
|
(Unaudited)
|
(In millions)
|
|
|
|
|
|
Three Months Ended June 30,
2019
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
11.6
|
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
12.2
|
|
SG&A as % gross
profit (1)
|
|
86.1
|
%
|
|
|
|
|
|
90.3
|
%
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
11.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11.8
|
|
Same Store SG&A
as % gross profit (1)
|
|
90.1
|
%
|
|
|
|
|
|
90.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020
|
|
|
|
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Non-GAAP adjusted
|
SG&A
expenses
|
|
|
|
|
|
$
|
16.2
|
|
|
$
|
(0.9)
|
|
|
$
|
15.3
|
|
SG&A as % gross
profit (1)
|
|
|
|
|
|
103.8
|
%
|
|
|
|
98.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
|
|
|
|
$
|
16.2
|
|
|
$
|
(0.9)
|
|
|
$
|
15.3
|
|
Same Store SG&A
as % gross profit (1)
|
|
|
|
|
|
103.5
|
%
|
|
|
|
97.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Legal matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
|
24.0
|
|
|
$
|
0.2
|
|
|
$
|
(0.2)
|
|
|
$
|
24.0
|
|
SG&A as % gross
profit (1)
|
|
91.9
|
%
|
|
|
|
|
|
91.9
|
%
|
|
|
|
|
|
|
|
|
|
Same Store
SG&A
|
|
$
|
23.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23.2
|
|
Same Store SG&A
as % gross profit (1)
|
|
90.5
|
%
|
|
|
|
|
|
90.5
|
%
|
|
|
(1)
|
Adjusted SG&A as
% of gross profit excludes the impact of SG&A reconciling items
above.
|
View original
content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-second-quarter-2020-financial-results-301102617.html
SOURCE Group 1 Automotive, Inc.