Group 1 Automotive Announces All-Time Record Quarterly Earnings Per Share

HOUSTON, Oct. 29, 2020 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported 2020 third quarter net income of $126.4 million, diluted earnings per common share of $6.83, adjusted net income (a non-GAAP measure) of $129.0 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $6.97.  This compares to diluted earnings per common share of $2.04 and adjusted diluted earnings per common share (a non-GAAP measure) of $3.02 in 2019.  The Company's 2020 third quarter total revenue was $3.0 billion.

Third quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment related to a loss on debt redemption of $3.3 million, or $0.14 per share.  Third quarter 2019 adjusted net income and diluted earnings per share excluded approximately $18.4 million net after-tax adjustments, or $0.98 per common share. These adjustments consist primarily of $9.0 million related to catastrophic weather events, or $0.48 per common share; non-cash asset impairments of $8.3 million, or $0.44 per common share; and $1.1 million related to dealership and real estate transactions, or $0.06 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 record earnings are a function of our hard working, resilient teammates and a responsive and creative management team that quickly reacted to the realities of the pandemic.  As we rebuilt our U.S. and U.K. businesses from the extreme furlough levels in April, we targeted a 20% efficiency improvement in our sales and service processes, which drove our key cost metric, SG&A as a percent of gross profit, below 60% for the first time in our history.  Lower U.S. vehicle sales were offset by improved F&I performance and higher margins supported by lower inventory levels.  Additionally, our U.K. business turned in a record performance with year-over-year growth in service and vehicle sales," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. 

Liquidity & Capital Resources Update

As of September 30, 2020, the Company's total cash liquidity was $193 million.  There was also $273 million of borrowing capacity on the Company's U.S. syndicated acquisition line, bringing total immediate liquidity to $466 million at the end of the third quarter 2020. 

As previously announced, the Company redeemed all $550 million of its outstanding 5.00% notes due 2022 during the third quarter of 2020.  This redemption was funded with $550 million of newly issued 4.00% notes due 2028.  Along with the April 2020 redemption of the 5.25% notes due 2023, the Company now has no material debt maturities before its U.S. Credit Facility matures in June of 2024.  The debt restructuring undertaken this year will save the Company over $15 million in annual interest expense. 

During the third quarter of 2020, the Company generated $25 million of operating cash flow ($121 million of adjusted operating cash flow), which brings the year-to-date operating cash flow to $713 million ($358 million of adjusted operating cash flow).  This cash generation has been partially used to reduce non-floorplan debt by $159 million since the end of 2019.  Additionally, the Company's U.S. credit facility rent-adjusted leverage ratio was reduced to 2.5 times at the end of September 2020, or down from 3.3 times at the end of 2019.

Share Repurchase Authorization & Dividend

On October 6, 2020, the Company announced a new $200 million share repurchase program.  Purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.  The Company expects to reinstate a quarterly cash dividend following its board meeting in mid-November 2020, and payable in mid-December 2020.

Consolidated Results for Third Quarter 2020 (year-over-year comparable basis)

For ease of comparison, constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:

  • Total revenue decreased 2.5 percent (-2.9 percent), to $3.0 billion.
  • Total gross profit increased 10.0 percent (9.8 percent), to $512.0 million.
  • New vehicle revenues decreased 4.3 percent (-4.6 percent) on a 10.7 percent decrease in unit sales.
  • Retail used vehicle revenues decreased 0.3 percent (-1.1 percent) on 7.1 percent lower unit sales.
  • Parts and service gross profit decreased 0.9 percent (-1.1 percent) on revenue decrease of 2.1 percent (-2.0 percent).
  • Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 11.5 percent (11.3 percent), to $1,655.
  • Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 1,630 basis points, to 59.7 percent.

Segment Results for Third Quarter 2020 (year-over-year comparable basis)

  • United States:

    The Company's U.S. operations accounted for 73.8 percent of total revenues and 81.1 percent of total gross profit. Total U.S. revenues decreased 7.4 percent, to $2.2 billion. Total gross profit increased 7.4 percent, to $415.7 million. Same Store U.S. total gross profit increased 6.4 percent, to $409.5 million.
    • Same Store new vehicle revenue declined 9.9 percent, with units decreasing 15.7 percent. New vehicle gross profit increased 34.3 percent as gross profit per unit increased $1,052, a 59.3 percent increase, to $2,824, as higher new vehicle margins more than offset the gross profit impact from lower volumes.
    • Same Store total used vehicle revenue declined 8.5 percent, with total used units decreasing 13.9 percent, as inventory shortages hampered sales later in the quarter. Same Store total used gross profit increased 26.6 percent as higher gross profit per unit (used retail gross profit per unit increased $510, a 36.7 percent increase, to $1,898).
    • Parts and service revenues decreased 2.7 percent and gross profit decreased by 3.1 percent. Same Store parts and service revenues decreased 3.3 percent. Same Store parts and service gross profit decreased 4.0 percent, to $163.8 million.
    • F&I revenues decreased 0.3 percent, to $113.0 million. F&I gross profit PRU grew $285, to $2,030, or 16.3 percent. Same Store F&I gross profit PRU increased $290, to $2,041, or 16.6 percent.
    • SG&A expenses as a percent of gross profit decreased 1,470 basis points, to 59.0 percent.

  • United Kingdom:

    Constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:

    The Company's U.K. operations accounted for 24.4 percent of total revenues and 17.1 percent of total gross profit. Same Store total revenues increased 22.6 percent (17.3 percent), to $707.0 million. Same Store total gross profit increased 31.6 percent (25.7 percent), to $82.8 million. Same Store SG&A expenses as a percent of gross profit decreased 2,600 basis points, to 60.6 percent.

  • Brazil:

    Constant currency metrics (a non-GAAP measure) are included below (shown in parenthesis) and within the financial tables that follow:

    The Company's Brazilian operations accounted for 1.8 percent of total revenues and 1.7 percent of total gross profit. Same Store total revenues decreased 50.9 percent (-33.6 percent), driven by constant currency revenue decreases of 54.4 percent (-38.3 percent) in new vehicles, 50.6 percent (-33.1 percent) in total used vehicles, 41.1 percent (-20.3 percent) in F&I, and 32.5 percent (-8.4 percent) in parts and service. The decreases were driven by local shelter-in-place orders that, on average, completely closed the Company's Brazilian operations for over a month during the quarter and continues to restrict operating hours. Same Store SG&A expenses as a percent of gross profit decreased 290 basis points, to 79.8 percent.

Corporate Development

Year-to-date 2020, the Company disposed of a Nissan franchise in Mississippi during October, which generated approximately $30 million in trailing-twelve-month revenues.

Third 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 third 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:         1-888-609-1607
International:    1-862-298-0705
Passcode:         56690934

A telephonic replay will be available following the call through November 6, 2020 by dialing:

Domestic:         1-888-539-4649
International:    1-754-333-7735
Replay ID:       153906

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 185 automotive dealerships, 241 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 include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include 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) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) 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 amounts in the financial statements may not compute due to rounding.  All computations have been calculated using unrounded amounts for all periods presented.

 

Investor contacts:
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 September 30,



2020


2019


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

1,580.7



$

1,652.3



$

(71.7)



(4.3)

%

Used vehicle retail sales


867.2



869.7



(2.5)



(0.3)

%

Used vehicle wholesale sales


86.7



85.2



1.5



1.7

%

Parts and service sales


375.6



383.5



(7.9)



(2.1)

%

Finance, insurance and other, net


129.5



127.5



2.0



1.5

%

Total revenues


3,039.6



3,118.3



(78.7)



(2.5)

%

COST OF SALES:









New vehicle retail sales


1,481.5



1,577.0



(95.5)



(6.1)

%

Used vehicle retail sales


796.1



815.5



(19.4)



(2.4)

%

Used vehicle wholesale sales


80.7



84.9



(4.2)



(4.9)

%

Parts and service sales


169.4



175.4



(6.0)



(3.4)

%

Total cost of sales


2,527.7



2,652.7



(125.0)



(4.7)

%

GROSS PROFIT


512.0



465.6



46.3



10.0

%

Selling, general and administrative expenses


305.8



353.9



(48.1)



(13.6)

%

Depreciation and amortization expense


19.1



18.2



0.9



5.2

%

Asset impairments




10.3



(10.3)



(100.0)

%

INCOME (LOSS) FROM OPERATIONS


187.1



83.3



103.8



124.7

%

Floorplan interest expense


8.1



15.3



(7.2)



(47.1)

%

Other interest expense, net


14.6



18.9



(4.3)



(22.8)

%

(Gain) loss on extinguishment of debt


3.3





3.3



%

INCOME (LOSS) BEFORE INCOME TAXES


161.0



49.0



112.0



228.6

%

(Benefit) provision for income taxes


34.6



10.9



23.6



215.7

%

NET INCOME (LOSS)


$

126.4



$

38.0



$

88.4



232.3

%

Less: Earnings (loss) allocated to participating securities


4.5



1.4



3.1



225.7

%

Net income (loss) available to diluted common shares


$

121.9



$

36.7



$

85.2



232.5

%

DILUTED EARNINGS (LOSS) PER SHARE


$

6.83



$

2.04



$

4.80



235.2

%

Weighted average dilutive common shares outstanding


17.8



18.0



(0.1)



(0.8)

%

Weighted average participating securities


0.7



0.7





(3.6)

%

Total weighted average shares


18.5



18.7



(0.2)



(0.9)

%

Effective tax rate


21.5

%


22.3

%


(0.9)

%



 

 


Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Nine Months Ended September 30,



2020


2019


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

3,985.5



$

4,632.2



$

(646.7)



(14.0)

%

Used vehicle retail sales


2,287.4



2,527.8



(240.4)



(9.5)

%

Used vehicle wholesale sales


221.9



273.4



(51.5)



(18.8)

%

Parts and service sales


1,028.2



1,130.8



(102.6)



(9.1)

%

Finance, insurance and other, net


338.7



368.2



(29.5)



(8.0)

%

Total revenues


7,861.7



8,932.4



(1,070.7)



(12.0)

%

COST OF SALES:









New vehicle retail sales


3,759.7



4,415.7



(656.0)



(14.9)

%

Used vehicle retail sales


2,127.9



2,372.5



(244.5)



(10.3)

%

Used vehicle wholesale sales


212.9



272.7



(59.8)



(21.9)

%

Parts and service sales


473.9



520.1



(46.2)



(8.9)

%

Total cost of sales


6,574.4



7,581.0



(1,006.6)



(13.3)

%

GROSS PROFIT


1,287.2



1,351.4



(64.1)



(4.7)

%

Selling, general and administrative expenses


870.9



1,020.3



(149.4)



(14.6)

%

Depreciation and amortization expense


56.5



53.0



3.4



6.5

%

Asset impairments


23.8



10.8



13.0



120.9

%

INCOME (LOSS) FROM OPERATIONS


336.0



267.2



68.8



25.7

%

Floorplan interest expense


31.1



47.0



(15.9)



(33.8)

%

Other interest expense, net


49.0



55.8



(6.9)



(12.3)

%

(Gain) loss on extinguishment of debt


13.7





13.7



%

INCOME (LOSS) BEFORE INCOME TAXES


242.2



164.4



77.8



47.3

%

(Benefit) provision for income taxes


55.8



38.5



17.4



45.1

%

NET INCOME (LOSS)


$

186.4



$

125.9



$

60.5



48.0

%

Less: Earnings (loss) allocated to participating securities


6.7



4.7



2.0



43.0

%

Net income (loss) available to diluted common shares


$

179.7



$

121.2



$

58.4



48.2

%

DILUTED EARNINGS (LOSS) PER SHARE


$

10.08



$

6.77



$

3.31



48.9

%

Weighted average dilutive common shares outstanding


17.8



17.9



(0.1)



(0.5)

%

Weighted average participating securities


0.7



0.7





(4.3)

%

Total weighted average shares


18.5



18.6



(0.1)



(0.6)

%

Effective tax rate


23.1

%


23.4

%


(0.4)

%



 

 


Group 1 Automotive, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)












September 30, 2020


December 31, 2019


Increase/(Decrease)


% Change

ASSETS

CURRENT ASSETS:









Cash and cash equivalents


$

66.2



$

23.8



$

42.4



178.6

%

Contracts-in-transit and vehicle receivables, net of allowance of $0.3 and $0.3, respectively


218.9



253.8



(35.0)



(13.8)

%

Accounts and notes receivable, net of allowance of $3.6 and $2.8, respectively


193.5



225.1



(31.6)



(14.1)

%

Inventories, net


1,375.7



1,901.7



(526.1)



(27.7)

%

Prepaid expenses


39.8



96.4



(56.6)



(58.7)

%

Other current assets


22.6



15.5



7.1



45.7

%

TOTAL CURRENT ASSETS


1,916.6



2,516.3



(599.7)



(23.8)

%

Property and equipment, net of accumulated depreciation of $441.9 and $400.2, respectively


1,592.0



1,547.1



44.9



2.9

%

Operating lease assets


209.9



220.1



(10.1)



(4.6)

%

Goodwill


993.5



1,008.3



(14.8)



(1.5)

%

Intangible franchise rights


241.3



253.5



(12.2)



(4.8)

%

Other long-term assets


30.0



24.8



5.1



20.7

%

TOTAL ASSETS


$

4,983.4



$

5,570.2



$

(586.8)



(10.5)

%










LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:









Floorplan notes payable — credit facility and other, net of offset account of $108.2 and $106.8, respectively


$

771.3



$

1,144.4



$

(373.2)



(32.6)

%

Floorplan notes payable — manufacturer affiliates, net of offset account of $18.5 and $4.1, respectively


314.8



459.9



(145.1)



(31.5)

%

Current maturities of long-term debt


65.8



59.1



6.7



11.3

%

Current operating lease liabilities


21.5



24.6



(3.2)



(12.8)

%

Accounts payable


408.3



527.5



(119.2)



(22.6)

%

Accrued expenses and other current liabilities


230.4



206.7



23.7



11.5

%

TOTAL CURRENT LIABILITIES


1,812.1



2,422.3



(610.2)



(25.2)

%

Long-term debt


1,307.8



1,432.1



(124.3)



(8.7)

%

Long-term operating lease liabilities


207.1



210.7



(3.6)



(1.7)

%

Deferred income taxes


135.4



145.7



(10.3)



(7.1)

%

Long-term interest rate swap liabilities


49.4



4.4



45.0



1,024.2

%

Other long-term liabilities


114.8



99.2



15.6



15.7

%

STOCKHOLDERS' EQUITY:









Common stock


0.3



0.3





(0.2)

%

Additional paid-in capital


304.0



295.3



8.6



2.9

%

Retained earnings


1,723.3



1,542.4



180.8



11.7

%

Accumulated other comprehensive income (loss)


(206.3)



(147.0)



(59.3)



40.4

%

Treasury stock


(464.3)



(435.3)



(29.0)



6.7

%

TOTAL STOCKHOLDERS' EQUITY


1,356.9



1,255.7



101.2



8.1

%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

4,983.4



$

5,570.2



$

(586.8)



(10.5)

%

 

 


Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)














Three Months Ended
September 30,


Nine Months Ended
September 30,




2020 (%)


2019 (%)


2020 (%)


2019 (%)

New vehicle unit sales geographic mix








Region

Geographic Market









United States

Texas


34.7



36.9



36.8



35.8



Oklahoma


7.1



7.1



7.5



6.7



California


4.6



5.6



4.8



5.6



Georgia


4.3



4.8



4.6



4.5



Massachusetts


4.9



5.1



4.6



4.7



Florida


2.4



2.5



2.6



2.6



Louisiana


2.1



2.4



2.2



2.4



New Hampshire


1.8



2.0



1.9



1.8



New Jersey


1.9



1.8



1.8



1.8



South Carolina


1.6



1.8



1.7



1.7



New Mexico


1.3



0.7



1.3



0.4



Kansas


1.2



1.2



1.2



1.1



Mississippi


1.0



1.2



1.1



1.2



Alabama


0.7



0.7



0.7



0.7



Maryland


0.5



0.5



0.4



0.5





70.2



74.0



73.2



71.5












International

United Kingdom


26.8



20.9



23.0



23.0



Brazil


3.0



5.1



3.8



5.5





100.0



100.0



100.0



100.0











New vehicle unit sales brand mix








Toyota/Lexus


22.7



25.7



22.9



24.6


Volkswagen/Audi/Porsche/SEAT/SKODA


17.7



13.3



15.6



13.9


BMW/MINI


11.8



11.9



11.4



12.1


Ford/Lincoln


10.1



10.6



10.7



10.6


Honda/Acura


8.5



10.5



9.2



10.6


Chevrolet/GMC/Buick/Cadillac


7.1



6.7



7.4



6.6


Nissan


4.7



6.1



5.3



6.1


Mercedes-Benz/Smart/Sprinter


5.3



4.9



5.3



5.1


Hyundai/Kia/Genesis


4.3



3.9



4.4



3.8


Chrysler/Dodge/Jeep/RAM


4.0



3.7



4.0



3.4


Jaguar/Land Rover


2.5



1.8



2.3



2.0


Other


1.3



1.0



1.5



1.2




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 September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$

1,580.7



$

1,652.3



$

(71.7)



(4.3)

%



$

4.6



(4.6)

%

Used vehicle retail sales

867.2



869.7



(2.5)



(0.3)

%



7.3



(1.1)

%

Used vehicle wholesale sales

86.7



85.2



1.5



1.7

%



0.8



0.7

%

Total used

953.9



955.0



(1.1)



(0.1)

%



8.1



(1.0)

%

Parts and service sales

375.6



383.5



(7.9)



(2.1)

%



(0.1)



(2.0)

%

F&I, net

129.5



127.5



2.0



1.5

%



0.3



1.3

%

Total revenues

$

3,039.6



$

3,118.3



$

(78.7)



(2.5)

%



$

12.9



(2.9)

%

Gross profit:













New vehicle retail sales

$

99.2



$

75.4



$

23.8



31.6

%



$

(0.2)



31.9

%

Used vehicle retail sales

71.1



54.3



16.8



31.0

%



0.5



30.2

%

Used vehicle wholesale sales

5.9



0.3



5.6



1,745.3

%





1,743.5

%

Total used

77.0



54.6



22.5



41.2

%



0.5



40.3

%

Parts and service sales

206.2



208.1



(1.9)



(0.9)

%



0.3



(1.1)

%

F&I, net

129.5



127.5



2.0



1.5

%



0.3



1.3

%

Total gross profit

$

512.0



$

465.6



$

46.3



10.0

%



$

0.8



9.8

%

Gross margin:













New vehicle retail sales

6.3

%


4.6

%


1.7

%








Used vehicle retail sales

8.2

%


6.2

%


2.0

%








Used vehicle wholesale sales

6.9

%


0.4

%


6.5

%








Total used

8.1

%


5.7

%


2.4

%








Parts and service sales

54.9

%


54.3

%


0.6

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

16.8

%


14.9

%


1.9

%








Units sold:













Retail new vehicles sold

39,869



44,632



(4,763)



(10.7)

%






Retail used vehicles sold

38,347



41,297



(2,950)



(7.1)

%






Wholesale used vehicles sold

11,581



12,889



(1,308)



(10.1)

%






Total used

49,928



54,186



(4,258)



(7.9)

%






Average sales price per unit sold:













New vehicle retail

$

39,647



$

37,022



$

2,625



7.1

%



$

115



6.8

%

Used vehicle retail

$

22,614



$

21,060



$

1,554



7.4

%



$

190



6.5

%

Gross profit per unit sold:













New vehicle retail sales

$

2,489



$

1,689



$

800



47.4

%



$

(5)



47.6

%

Used vehicle retail sales

$

1,854



$

1,314



$

540



41.1

%



$

12



40.2

%

Used vehicle wholesale sales

$

513



$

25



$

488



1,953.7

%



$

1



1,951.7

%

Total used

$

1,543



$

1,007



$

536



53.2

%



$

9



52.3

%

F&I PRU

$

1,655



$

1,484



$

171



11.5

%



$

4



11.3

%

Other:













SG&A expenses

$

305.8



$

353.9



$

(48.1)



(13.6)

%



$



(13.6)

%

Adjusted SG&A expenses (1)

$

305.8



$

340.8



$

(35.0)



(10.3)

%



$



(10.3)

%

SG&A as % gross profit

59.7

%


76.0

%


(16.3)

%








Adjusted SG&A as % gross profit (1)

59.7

%


73.2

%


(13.5)

%








Operating margin %

6.2

%


2.7

%


3.5

%








Adjusted operating margin % (1)

6.2

%


3.4

%


2.7

%








Pretax margin %

5.3

%


1.6

%


3.7

%








Adjusted pretax margin % (1)

5.4

%


2.3

%


3.1

%








Floorplan expense:













Floorplan interest expense

$

8.1



$

15.3



$

(7.2)



(47.1)

%



$

0.1



(47.5)

%

Less: Floorplan assistance (2)

12.7



13.3



(0.6)



(4.8)

%





(4.8)

%

Net floorplan expense

$

(4.6)



$

2.0



$

(6.6)



(326.0)

%



$

0.1



(328.6)

%



(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.

(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)




Nine Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

3,985.5



$

4,632.2



$

(646.7)



(14.0)

%



$

(28.3)



(13.4)

%

Used vehicle retail sales

2,287.4



2,527.8



(240.4)



(9.5)

%



(6.5)



(9.3)

%

Used vehicle wholesale sales

221.9



273.4



(51.5)



(18.8)

%



(2.2)



(18.0)

%

Total used

2,509.3



2,801.2



(291.9)



(10.4)

%



(8.7)



(10.1)

%

Parts and service sales

1,028.2



1,130.8



(102.6)



(9.1)

%



(5.8)



(8.6)

%

F&I, net

338.7



368.2



(29.5)



(8.0)

%



(0.9)



(7.8)

%

Total revenues

$

7,861.7



$

8,932.4



$

(1,070.7)



(12.0)

%



$

(43.7)



(11.5)

%

Gross profit:













New vehicle retail sales

$

225.8



$

216.5



$

9.3



4.3

%



$

(2.2)



5.3

%

Used vehicle retail sales

159.5



155.4



4.2



2.7

%



(0.4)



3.0

%

Used vehicle wholesale sales

9.0



0.7



8.3



1,220.0

%



(0.1)



1,238.3

%

Total used

168.5



156.0



12.5



8.0

%



(0.6)



8.3

%

Parts and service sales

554.2



610.7



(56.4)



(9.2)

%



(2.5)



(8.8)

%

F&I, net

338.7



368.2



(29.5)



(8.0)

%



(0.9)



(7.8)

%

Total gross profit

$

1,287.2



$

1,351.4



$

(64.1)



(4.7)

%



$

(6.0)



(4.3)

%

Gross margin:













New vehicle retail sales

5.7

%


4.7

%


1.0

%








Used vehicle retail sales

7.0

%


6.1

%


0.8

%








Used vehicle wholesale sales

4.0

%


0.2

%


3.8

%








Total used

6.7

%


5.6

%


1.1

%








Parts and service sales

53.9

%


54.0

%


(0.1)

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

16.4

%


15.1

%


1.2

%








Units sold:













Retail new vehicles sold

101,701



125,599



(23,898)



(19.0)

%






Retail used vehicles sold

105,665



119,878



(14,213)



(11.9)

%






Wholesale used vehicles sold

30,970



38,962



(7,992)



(20.5)

%






Total used

136,635



158,840



(22,205)



(14.0)

%






Average sales price per unit sold:













New vehicle retail

$

39,189



$

36,881



$

2,308



6.3

%



$

(278)



7.0

%

Used vehicle retail

$

21,648



$

21,087



$

562



2.7

%



$

(61)



3.0

%

Gross profit per unit sold:













New vehicle retail sales

$

2,220



$

1,724



$

497



28.8

%



$

(21)



30.1

%

Used vehicle retail sales

$

1,510



$

1,296



$

214



16.5

%



$

(4)



16.8

%

Used vehicle wholesale sales

$

290



$

17



$

272



1,560.6

%



$

(4)



1,583.7

%

Total used

$

1,233



$

982



$

251



25.5

%



$

(4)



26.0

%

F&I PRU

$

1,633



$

1,500



$

133



8.9

%



$

(4)



9.2

%

Other:













SG&A expenses

$

870.9



$

1,020.3



$

(149.4)



(14.6)

%



$

(6.0)



(14.1)

%

Adjusted SG&A expenses (1)

$

858.3



$

1,004.6



$

(146.3)



(14.6)

%



$

(5.7)



(14.0)

%

SG&A as % gross profit

67.7

%


75.5

%


(7.8)

%








Adjusted SG&A as % gross profit (1)

66.7

%


74.3

%


(7.7)

%








Operating margin %

4.3

%


3.0

%


1.3

%








Adjusted operating margin % (1)

4.7

%


3.3

%


1.4

%








Pretax margin %

3.1

%


1.8

%


1.2

%








Adjusted pretax margin % (1)

3.7

%


2.1

%


1.6

%








Floorplan expense:













Floorplan interest expense

$

31.1



$

47.0



$

(15.9)



(33.8)

%



$

(0.1)



(33.6)

%

Less: Floorplan assistance (2)

33.0



35.6



(2.6)



(7.2)

%





(7.2)

%

Net floorplan expense

$

(1.9)



$

11.4



$

(13.3)



(117.1)

%



$

(0.1)



(116.2)

%



(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.

(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 September 30,



2020


2019


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

1,172.2



$

1,291.8



$

(119.5)



(9.3)

%

Used vehicle retail sales


608.2



657.7



(49.5)



(7.5)

%

Used vehicle wholesale sales


44.8



45.8



(1.1)



(2.3)

%

Total used


653.0



703.5



(50.6)



(7.2)

%

Parts and service sales


306.4



314.9



(8.5)



(2.7)

%

F&I, net


113.0



112.7



0.4



0.3

%

Total revenues


$

2,244.6



$

2,422.8



$

(178.2)



(7.4)

%

Gross profit:









New vehicle retail sales


$

79.8



$

58.7



$

21.1



36.0

%

Used vehicle retail sales


52.8



43.6



9.3



21.3

%

Used vehicle wholesale sales


3.7



0.3



3.4



1,003.9

%

Total used


56.6



43.9



12.7



28.8

%

Parts and service sales


166.3



171.7



(5.4)



(3.1)

%

F&I, net


113.0



112.7



0.4



0.3

%

Total gross profit


$

415.7



$

386.9



$

28.8



7.4

%

Gross margin:









New vehicle retail sales


6.8

%


4.5

%


2.3

%



Used vehicle retail sales


8.7

%


6.6

%


2.1

%



Used vehicle wholesale sales


8.3

%


0.7

%


7.6

%



Total used


8.7

%


6.2

%


2.4

%



Parts and service sales


54.3

%


54.5

%


(0.2)

%



F&I, net


100.0

%


100.0

%


%



Total gross margin


18.5

%


16.0

%


2.6

%



Units sold:









Retail new vehicles sold


27,980



33,041



(5,061)



(15.3)

%

Retail used vehicles sold


27,694



31,505



(3,811)



(12.1)

%

Wholesale used vehicles sold


6,195



7,565



(1,370)



(18.1)

%

Total used


33,889



39,070



(5,181)



(13.3)

%

Average sales price per unit sold:









New vehicle retail


$

41,895



$

39,096



$

2,800



7.2

%

Used vehicle retail


$

21,961



$

20,875



$

1,086



5.2

%

Gross profit per unit sold:









New vehicle retail sales


$

2,852



$

1,775



$

1,077



60.6

%

Used vehicle retail sales


$

1,908



$

1,383



$

525



37.9

%

Used vehicle wholesale sales


$

603



$

45



$

559



1,248.0

%

Total used


$

1,669



$

1,124



$

545



48.5

%

F&I PRU


$

2,030



$

1,746



$

285



16.3

%

Other:









SG&A expenses


$

245.2



$

285.3



$

(40.0)



(14.0)

%

Adjusted SG&A expenses (1)


$

245.2



$

272.6



$

(27.4)



(10.0)

%

SG&A as % gross profit


59.0

%


73.7

%


(14.7)

%



Adjusted SG&A as % gross profit (1)


59.0

%


70.5

%


(11.5)

%





(1) 

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

 


Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)












Nine Months Ended September 30,



2020


2019


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

3,076.3



$

3,512.3



$

(436.0)



(12.4)

%

Used vehicle retail sales


1,719.4



1,877.5



(158.1)



(8.4)

%

Used vehicle wholesale sales


122.1



132.9



(10.8)



(8.1)

%

Total used


1,841.5



2,010.5



(169.0)



(8.4)

%

Parts and service sales


865.2



922.1



(56.9)



(6.2)

%

F&I, net


300.2



319.4



(19.2)



(6.0)

%

Total revenues


$

6,083.3



$

6,764.3



$

(681.0)



(10.1)

%

Gross profit:









New vehicle retail sales


$

183.6



$

164.2



$

19.4



11.8

%

Used vehicle retail sales


125.7



125.2



0.6



0.4

%

Used vehicle wholesale sales


6.2



2.4



3.7



154.3

%

Total used


131.9



127.6



4.3



3.4

%

Parts and service sales


465.4



499.3



(33.9)



(6.8)

%

F&I, net


300.2



319.4



(19.2)



(6.0)

%

Total gross profit


$

1,081.1



$

1,110.5



$

(29.4)



(2.6)

%

Gross margin:









New vehicle retail sales


6.0

%


4.7

%


1.3

%



Used vehicle retail sales


7.3

%


6.7

%


0.6

%



Used vehicle wholesale sales


5.0

%


1.8

%


3.2

%



Total used


7.2

%


6.3

%


0.8

%



Parts and service sales


53.8

%


54.1

%


(0.4)

%



F&I, net


100.0

%


100.0

%


%



Total gross margin


17.8

%


16.4

%


1.4

%



Units sold:









Retail new vehicles sold


74,412



89,749



(15,337)



(17.1)

%

Retail used vehicles sold


81,494



91,299



(9,805)



(10.7)

%

Wholesale used vehicles sold


18,372



21,543



(3,171)



(14.7)

%

Total used


99,866



112,842



(12,976)



(11.5)

%

Average sales price per unit sold:









New vehicle retail


$

41,342



$

39,135



$

2,207



5.6

%

Used vehicle retail


$

21,099



$

20,565



$

534



2.6

%

Gross profit per unit sold:









New vehicle retail sales


$

2,467



$

1,830



$

637



34.8

%

Used vehicle retail sales


$

1,543



$

1,371



$

172



12.5

%

Used vehicle wholesale sales


$

336



$

113



$

223



198.2

%

Total used


$

1,321



$

1,131



$

190



16.8

%

F&I PRU


$

1,926



$

1,764



$

162



9.2

%

Other:









SG&A expenses


$

706.0



$

809.5



$

(103.5)



(12.8)

%

Adjusted SG&A expenses (1)


$

695.4



$

794.3



$

(98.8)



(12.4)

%

SG&A as % gross profit


65.3

%


72.9

%


(7.6)

%



Adjusted SG&A as % gross profit (1)


64.3

%


71.5

%


(7.2)

%





(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.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)




Three Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

376.6



$

290.7



$

85.8



29.5

%



$

15.8



24.1

%

Used vehicle retail sales

248.1



189.3



58.8



31.1

%



11.2



25.2

%

Used vehicle wholesale sales

39.5



35.0



4.5



12.9

%



1.7



8.0

%

Total used

287.6



224.3



63.3



28.2

%



12.9



22.5

%

Parts and service sales

61.3



56.6



4.7



8.2

%



2.7



3.4

%

F&I, net

15.4



13.0



2.4



18.2

%



0.7



13.1

%

Total revenues

$

740.8



$

584.6



$

156.2



26.7

%



$

32.1



21.2

%

Gross profit:













New vehicle retail sales

$

16.8



$

12.2



$

4.5



37.1

%



$

0.7



31.1

%

Used vehicle retail sales

17.2



8.9



8.3



93.4

%



0.8



84.2

%

Used vehicle wholesale sales

2.0



(0.3)



2.3



713.0

%



0.1



690.0

%

Total used

19.2



8.6



10.7



124.3

%



0.9



113.8

%

Parts and service sales

36.2



31.3



4.9



15.7

%



1.6



10.6

%

F&I, net

15.4



13.0



2.4



18.2

%



0.7



13.1

%

Total gross profit

$

87.6



$

65.1



$

22.5



34.6

%



$

3.9



28.6

%

Gross margin:













New vehicle retail sales

4.5

%


4.2

%


0.2

%








Used vehicle retail sales

6.9

%


4.7

%


2.2

%








Used vehicle wholesale sales

5.1

%


(0.9)

%


6.0

%








Total used

6.7

%


3.8

%


2.9

%








Parts and service sales

59.1

%


55.3

%


3.8

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

11.8

%


11.1

%


0.7

%








Units sold:













Retail new vehicles sold

10,689



9,329



1,360



14.6

%






Retail used vehicles sold

10,101



8,573



1,528



17.8

%






Wholesale used vehicles sold

5,104



4,894



210



4.3

%






Total used

15,205



13,467



1,738



12.9

%






Average sales price per unit sold:













New vehicle retail

$

35,230



$

31,164



$

4,066



13.0

%



$

1,479



8.3

%

Used vehicle retail

$

24,561



$

22,077



$

2,484



11.2

%



$

1,105



6.2

%

Gross profit per unit sold:













New vehicle retail sales

$

1,571



$

1,313



$

258



19.7

%



$

69



14.4

%

Used vehicle retail sales

$

1,706



$

1,039



$

667



64.2

%



$

81



56.4

%

Used vehicle wholesale sales

$

394



$

(67)



$

462



687.8

%



$

15



665.7

%

Total used

$

1,266



$

637



$

629



98.7

%



$

59



89.4

%

F&I PRU

$

739



$

726



$

13



1.8

%



$

32



(2.6)

%

Other:













SG&A expenses

$

53.7



$

57.6



$

(3.9)



(6.8)

%



$

2.4



(11.0)

%

Adjusted SG&A expenses (1)

$

53.7



$

57.1



$

(3.4)



(6.0)

%



$

2.4



(10.3)

%

SG&A as % gross profit

61.2

%


88.4

%


(27.2)

%








Adjusted SG&A as % gross profit (1)

61.2

%


87.7

%


(26.4)

%










(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)















Nine Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

800.1



$

911.5



$

(111.4)



(12.2)

%



$

(0.8)



(12.1)

%

Used vehicle retail sales

529.7



586.8



(57.1)



(9.7)

%



3.1



(10.3)

%

Used vehicle wholesale sales

90.6



127.1



(36.6)



(28.8)

%



0.3



(29.0)

%

Total used

620.3



714.0



(93.7)



(13.1)

%



3.4



(13.6)

%

Parts and service sales

139.5



172.5



(33.0)



(19.1)

%



0.8



(19.6)

%

F&I, net

35.1



43.2



(8.1)



(18.8)

%





(18.8)

%

Total revenues

$

1,595.0



$

1,841.2



$

(246.2)



(13.4)

%



$

3.3



(13.6)

%

Gross profit:













New vehicle retail sales

$

34.7



$

39.6



$

(4.9)



(12.4)

%



$

(0.2)



(12.0)

%

Used vehicle retail sales

31.3



25.5



5.8



22.7

%



0.3



21.7

%

Used vehicle wholesale sales

2.3



(2.6)



5.0



188.8

%





188.4

%

Total used

33.6



22.9



10.8



47.0

%



0.3



45.9

%

Parts and service sales

78.5



95.5



(17.0)



(17.8)

%



0.4



(18.3)

%

F&I, net

35.1



43.2



(8.1)



(18.8)

%





(18.8)

%

Total gross profit

$

181.9



$

201.2



$

(19.3)



(9.6)

%



$

0.6



(9.9)

%

Gross margin:













New vehicle retail sales

4.3

%


4.3

%


%








Used vehicle retail sales

5.9

%


4.3

%


1.6

%








Used vehicle wholesale sales

2.6

%


(2.1)

%


4.6

%








Total used

5.4

%


3.2

%


2.2

%








Parts and service sales

56.3

%


55.4

%


0.9

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

11.4

%


10.9

%


0.5

%








Units sold:













Retail new vehicles sold

23,424



28,939



(5,515)



(19.1)

%






Retail used vehicles sold

22,165



25,284



(3,119)



(12.3)

%






Wholesale used vehicles sold

11,517



16,033



(4,516)



(28.2)

%






Total used

33,682



41,317



(7,635)



(18.5)

%






Average sales price per unit sold:













New vehicle retail

$

34,157



$

31,498



$

2,658



8.4

%



$

(36)



8.6

%

Used vehicle retail

$

23,899



$

23,210



$

689



3.0

%



$

141



2.4

%

Gross profit per unit sold:













New vehicle retail sales

$

1,482



$

1,370



$

112



8.2

%



$

(8)



8.8

%

Used vehicle retail sales

$

1,411



$

1,008



$

403



40.0

%



$

12



38.9

%

Used vehicle wholesale sales

$

203



$

(164)



$

366



223.7

%



$

1



223.1

%

Total used

$

998



$

553



$

445



80.4

%



$

8



78.9

%

F&I PRU

$

769



$

796



$

(27)



(3.4)

%



$

1



(3.5)

%

Other:













SG&A expenses

$

141.8



$

175.8



$

(34.0)



(19.3)

%



$

0.4



(19.6)

%

Adjusted SG&A expenses (1)

$

140.6



$

175.3



$

(34.7)



(19.8)

%



$

0.4



(20.0)

%

SG&A as % gross profit

78.0

%


87.4

%


(9.4)

%








Adjusted SG&A as % gross profit (1)

77.3

%


87.1

%


(9.8)

%










(1) 

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

31.9



$

69.9



$

(38.0)



(54.4)

%



$

(11.2)



(38.3)

%

Used vehicle retail sales

10.9



22.8



(11.9)



(52.1)

%



(3.9)



(35.1)

%

Used vehicle wholesale sales

2.4



4.4



(2.0)



(44.8)

%



(0.9)



(24.8)

%

Total used

13.4



27.2



(13.8)



(50.9)

%



(4.7)



(33.5)

%

Parts and service sales

8.0



12.0



(4.0)



(33.6)

%



(2.9)



(9.7)

%

F&I, net

1.1



1.9



(0.8)



(41.4)

%



(0.4)



(20.2)

%

Total revenues

$

54.3



$

110.9



$

(56.6)



(51.1)

%



$

(19.2)



(33.8)

%

Gross profit:













New vehicle retail sales

$

2.6



$

4.5



$

(1.8)



(41.2)

%



$

(0.9)



(20.5)

%

Used vehicle retail sales

1.0



1.8



(0.8)



(42.6)

%



(0.4)



(22.0)

%

Used vehicle wholesale sales

0.2



0.3



(0.1)



(37.1)

%



(0.1)



(14.7)

%

Total used

1.2



2.1



(0.9)



(41.8)

%



(0.4)



(20.9)

%

Parts and service sales

3.7



5.1



(1.5)



(28.8)

%



(1.3)



(3.4)

%

F&I, net

1.1



1.9



(0.8)



(41.4)

%



(0.4)



(20.2)

%

Total gross profit

$

8.6



$

13.6



$

(5.0)



(36.6)

%



$

(3.1)



(14.0)

%

Gross margin:













New vehicle retail sales

8.3

%


6.4

%


1.9

%








Used vehicle retail sales

9.3

%


7.8

%


1.5

%








Used vehicle wholesale sales

8.0

%


7.1

%


1.0

%








Total used

9.1

%


7.7

%


1.4

%








Parts and service sales

46.1

%


43.0

%


3.1

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

15.8

%


12.2

%


3.6

%








Units sold:













Retail new vehicles sold

1,200



2,262



(1,062)



(46.9)

%






Retail used vehicles sold

552



1,219



(667)



(54.7)

%






Wholesale used vehicles sold

282



430



(148)



(34.4)

%






Total used

834



1,649



(815)



(49.4)

%






Average sales price per unit sold:













New vehicle retail

$

26,558



$

30,883



$

(4,325)



(14.0)

%



$

(9,343)



16.2

%

Used vehicle retail

$

19,766



$

18,681



$

1,085



5.8

%



$

(6,995)



43.3

%

Gross profit per unit sold:













New vehicle retail sales

$

2,196



$

1,980



$

216



10.9

%



$

(772)



49.9

%

Used vehicle retail sales

$

1,840



$

1,453



$

387



26.7

%



$

(661)



72.2

%

Used vehicle wholesale sales

$

696



$

726



$

(30)



(4.1)

%



$

(247)



30.0

%

Total used

$

1,453



$

1,263



$

190



15.1

%



$

(521)



56.3

%

F&I PRU

$

621



$

533



$

88



16.5

%



$

(224)



58.5

%

Other:













SG&A expenses

$

6.9



$

11.0



$

(4.2)



(37.8)

%



$

(2.5)



(15.5)

%

SG&A as % gross profit

79.9

%


81.4

%


(1.5)

%








 


 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

109.1



$

208.4



$

(99.2)



(47.6)

%



$

(27.4)



(34.5)

%

Used vehicle retail sales

38.3



63.4



(25.1)



(39.6)

%



(9.6)



(24.4)

%

Used vehicle wholesale sales

9.2



13.3



(4.1)



(31.1)

%



(2.5)



(12.2)

%

Total used

47.5



76.7



(29.3)



(38.1)

%



(12.1)



(22.3)

%

Parts and service sales

23.4



36.1



(12.7)



(35.2)

%



(6.6)



(17.0)

%

F&I, net

3.4



5.6



(2.2)



(39.9)

%



(0.9)



(24.2)

%

Total revenues

$

183.4



$

326.9



$

(143.5)



(43.9)

%



$

(47.0)



(29.5)

%

Gross profit:













New vehicle retail sales

$

7.5



$

12.6



$

(5.1)



(40.3)

%



$

(2.0)



(24.6)

%

Used vehicle retail sales

2.5



4.7



(2.2)



(46.6)

%



(0.7)



(31.9)

%

Used vehicle wholesale sales

0.5



0.9



(0.4)



(45.6)

%



(0.1)



(30.1)

%

Total used

3.0



5.6



(2.6)



(46.5)

%



(0.8)



(31.6)

%

Parts and service sales

10.3



15.8



(5.5)



(34.7)

%



(2.9)



(16.4)

%

F&I, net

3.4



5.6



(2.2)



(39.9)

%



(0.9)



(24.2)

%

Total gross profit

$

24.2



$

39.6



$

(15.4)



(38.9)

%



$

(6.6)



(22.2)

%

Gross margin:













New vehicle retail sales

6.9

%


6.1

%


0.8

%








Used vehicle retail sales

6.5

%


7.4

%


(0.9)

%








Used vehicle wholesale sales

5.2

%


6.6

%


(1.4)

%








Total used

6.3

%


7.3

%


(1.0)

%








Parts and service sales

44.1

%


43.8

%


0.3

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

13.2

%


12.1

%


1.1

%








Units sold:













Retail new vehicles sold

3,865



6,911



(3,046)



(44.1)

%






Retail used vehicles sold

2,006



3,295



(1,289)



(39.1)

%






Wholesale used vehicles sold

1,081



1,386



(305)



(22.0)

%






Total used

3,087



4,681



(1,594)



(34.1)

%






Average sales price per unit sold:













New vehicle retail

$

28,238



$

30,153



$

(1,915)



(6.4)

%



$

(7,093)



17.2

%

Used vehicle retail

$

19,100



$

19,251



$

(151)



(0.8)

%



$

(4,794)



24.1

%

Gross profit per unit sold:













New vehicle retail sales

$

1,950



$

1,826



$

123



6.7

%



$

(514)



34.9

%

Used vehicle retail sales

$

1,245



$

1,421



$

(175)



(12.3)

%



$

(343)



11.8

%

Used vehicle wholesale sales

$

444



$

637



$

(192)



(30.2)

%



$

(126)



(10.4)

%

Total used

$

965



$

1,189



$

(224)



(18.8)

%



$

(267)



3.7

%

F&I PRU

$

576



$

551



$

25



4.5

%



$

(150)



31.8

%

Other:













SG&A expenses

$

23.1



$

35.0



$

(11.9)



(34.0)

%



$

(6.4)



(15.8)

%

Adjusted SG&A expenses (1)

$

22.2



$

35.0



$

(12.8)



(36.5)

%



$

(6.2)



(19.0)

%

SG&A as % gross profit

95.3

%


88.3

%


7.0

%








Adjusted SG&A as % gross profit (1)

91.7

%


88.3

%


3.4

%










(1) 

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 


 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

















Three Months Ended September 30,



2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

1,549.8



$

1,644.4



$

(94.6)



(5.8)

%



$

4.1



(6.0)

%

Used vehicle retail sales

843.8



864.0



(20.3)



(2.3)

%



6.9



(3.1)

%

Used vehicle wholesale sales

84.5



84.2



0.3



0.4

%



0.8



(0.5)

%

Total used

928.3



948.2



(19.9)



(2.1)

%



7.7



(2.9)

%

Parts and service sales

367.3



377.0



(9.7)



(2.6)

%



(0.3)



(2.5)

%

F&I, net

127.8



127.0



0.8



0.6

%



0.3



0.4

%

Total revenues

$

2,973.2



$

3,096.7



$

(123.5)



(4.0)

%



$

11.8



(4.4)

%

Gross profit:













New vehicle retail sales

$

96.9



$

74.9



$

22.0



29.4

%



$

(0.2)



29.7

%

Used vehicle retail sales

69.3



54.0



15.3



28.3

%



0.4



27.5

%

Used vehicle wholesale sales

5.8



0.3



5.5



1,635.0

%





1,634.2

%

Total used

75.1



54.3



20.8



38.3

%



0.4



37.5

%

Parts and service sales

201.0



205.1



(4.0)



(2.0)

%



0.2



(2.1)

%

F&I, net

127.8



127.0



0.8



0.6

%



0.3



0.4

%

Total gross profit

$

500.8



$

461.3



$

39.5



8.6

%



$

0.7



8.4

%

Gross margin:













New vehicle retail sales

6.3

%


4.6

%


1.7

%








Used vehicle retail sales

8.2

%


6.2

%


2.0

%








Used vehicle wholesale sales

6.9

%


0.4

%


6.5

%








Total used

8.1

%


5.7

%


2.4

%








Parts and service sales

54.7

%


54.4

%


0.3

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

16.8

%


14.9

%


1.9

%








Units sold:













Retail new vehicles sold

39,152



44,389



(5,237)



(11.8)

%






Retail used vehicles sold

37,486



40,990



(3,504)



(8.5)

%






Wholesale used vehicles sold

11,312



12,751



(1,439)



(11.3)

%






Total used

48,798



53,741



(4,943)



(9.2)

%






Average sales price per unit sold:













New vehicle retail

$

39,584



$

37,046



$

2,538



6.9

%



$

104



6.6

%

Used vehicle retail

$

22,509



$

21,079



$

1,430



6.8

%



$

185



5.9

%

Gross profit per unit sold:













New vehicle retail sales

$

2,475



$

1,687



$

788



46.7

%



$

(5)



47.0

%

Used vehicle retail sales

$

1,848



$

1,317



$

531



40.3

%



$

12



39.4

%

Used vehicle wholesale sales

$

516



$

26



$

490



1,855.7

%



$



1,854.8

%

Total used

$

1,539



$

1,011



$

528



52.3

%



$

9



51.4

%

F&I PRU

$

1,668



$

1,488



$

180



12.1

%



$

3



11.9

%

Other:













SG&A expenses

$

298.9



$

348.6



$

(49.7)



(14.3)

%



$

(0.1)



(14.2)

%

Adjusted SG&A expenses (1)

$

298.9



$

336.0



$

(37.1)



(11.0)

%



$

(0.1)



(11.0)

%

SG&A as % gross profit

59.7

%


75.6

%


(15.9)

%








Adjusted SG&A as % gross profit (1)

59.7

%


72.8

%


(13.2)

%








Operating margin %

6.2

%


2.7

%


3.4

%








Adjusted operating margin % (1)

6.2

%


3.5

%


2.7

%










(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 - Consolidated

(Unaudited)

(In millions, except unit data)






Nine Months Ended September 30,



2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

3,882.7



$

4,587.8



$

(705.1)



(15.4)

%



$

(27.7)



(14.8)

%

Used vehicle retail sales

2,216.8



2,495.1



(278.2)



(11.2)

%



(6.4)



(10.9)

%

Used vehicle wholesale sales

214.4



265.0



(50.6)



(19.1)

%



(2.2)



(18.3)

%

Total used

2,431.2



2,760.1



(328.8)



(11.9)

%



(8.6)



(11.6)

%

Parts and service sales

1,000.2



1,109.3



(109.1)



(9.8)

%



(5.9)



(9.3)

%

F&I, net

333.5



365.4



(31.9)



(8.7)

%



(0.8)



(8.5)

%

Total revenues

$

7,647.6



$

8,822.6



$

(1,175.0)



(13.3)

%



$

(43.0)



(12.8)

%

Gross profit:













New vehicle retail sales

$

218.0



$

214.7



$

3.3



1.5

%



$

(2.1)



2.5

%

Used vehicle retail sales

154.8



154.2



0.7



0.4

%



(0.4)



0.7

%

Used vehicle wholesale sales

8.9



0.9



8.0



883.8

%



(0.1)



897.4

%

Total used

163.7



155.1



8.6



5.6

%



(0.6)



5.9

%

Parts and service sales

538.4



600.3



(61.9)



(10.3)

%



(2.5)



(9.9)

%

F&I, net

333.5



365.4



(31.9)



(8.7)

%



(0.8)



(8.5)

%

Total gross profit

$

1,253.6



$

1,335.5



$

(81.9)



(6.1)

%



$

(6.0)



(5.7)

%

Gross margin:













New vehicle retail sales

5.6

%


4.7

%


0.9

%








Used vehicle retail sales

7.0

%


6.2

%


0.8

%








Used vehicle wholesale sales

4.1

%


0.3

%


3.8

%








Total used

6.7

%


5.6

%


1.1

%








Parts and service sales

53.8

%


54.1

%


(0.3)

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

16.4

%


15.1

%


1.3

%








Units sold:













Retail new vehicles sold

99,073



123,927



(24,854)



(20.1)

%






Retail used vehicles sold

102,802



118,142



(15,340)



(13.0)

%






Wholesale used vehicles sold

30,030



38,135



(8,105)



(21.3)

%






Total used

132,832



156,277



(23,445)



(15.0)

%






Average sales price per unit sold:













New vehicle retail

$

39,190



$

37,020



$

2,170



5.9

%



$

(280)



6.6

%

Used vehicle retail

$

21,564



$

21,119



$

445



2.1

%



$

(62)



2.4

%

Gross profit per unit sold:













New vehicle retail sales

$

2,200



$

1,733



$

468



27.0

%



$

(22)



28.2

%

Used vehicle retail sales

$

1,506



$

1,305



$

201



15.4

%



$

(4)



15.7

%

Used vehicle wholesale sales

$

296



$

24



$

272



1,149.3

%



$

(4)



1,166.6

%

Total used

$

1,232



$

992



$

240



24.2

%



$

(4)



24.6

%

F&I PRU

$

1,652



$

1,510



$

143



9.4

%



$

(4)



9.7

%

Other:













SG&A expenses

$

843.4



$

1,005.9



$

(162.5)



(16.2)

%



$

(5.9)



(15.6)

%

Adjusted SG&A expenses (1)

$

830.7



$

986.6



$

(155.8)



(15.8)

%



$

(5.7)



(15.2)

%

SG&A as % gross profit

67.3

%


75.3

%


(8.0)

%








Adjusted SG&A as % gross profit (1)

66.3

%


73.9

%


(7.6)

%








Operating margin %

4.3

%


3.0

%


1.3

%








Adjusted operating margin % (1)

4.8

%


3.4

%


1.5

%










(1) 

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 


 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended September 30,


2020


2019


Increase/
(Decrease)


% Change

Revenues:








New vehicle retail sales

$

1,157.7



$

1,285.3



$

(127.6)



(9.9)

%

Used vehicle retail sales

595.3



653.8



(58.5)



(8.9)

%

Used vehicle wholesale sales

44.2



45.3



(1.1)



(2.3)

%

Total used

639.5



699.1



(59.5)



(8.5)

%

Parts and service sales

302.5



312.9



(10.4)



(3.3)

%

F&I, net

112.1



112.3



(0.2)



(0.2)

%

Total revenues

$

2,211.9



$

2,409.6



$

(197.7)



(8.2)

%

Gross profit:








New vehicle retail sales

$

78.2



$

58.2



$

20.0



34.3

%

Used vehicle retail sales

51.7



43.4



8.3



19.1

%

Used vehicle wholesale sales

3.7



0.3



3.4



987.9

%

Total used

55.4



43.8



11.6



26.6

%

Parts and service sales

163.8



170.6



(6.8)



(4.0)

%

F&I, net

112.1



112.3



(0.2)



(0.2)

%

Total gross profit

$

409.5



$

384.8



$

24.6



6.4

%

Gross margin:








New vehicle retail sales

6.8

%


4.5

%


2.2

%



Used vehicle retail sales

8.7

%


6.6

%


2.0

%



Used vehicle wholesale sales

8.4

%


0.8

%


7.6

%



Total used

8.7

%


6.3

%


2.4

%



Parts and service sales

54.1

%


54.5

%


(0.4)

%



F&I, net

100.0

%


100.0

%


%



Total gross margin

18.5

%


16.0

%


2.5

%



Units sold:








Retail new vehicles sold

27,696



32,854



(5,158)



(15.7)

%

Retail used vehicles sold

27,229



31,267



(4,038)



(12.9)

%

Wholesale used vehicles sold

6,122



7,474



(1,352)



(18.1)

%

Total used

33,351



38,741



(5,390)



(13.9)

%

Average sales price per unit sold:








New vehicle retail

$

41,801



$

39,121



$

2,679



6.8

%

Used vehicle retail

$

21,864



$

20,911



$

953



4.6

%

Gross profit per unit sold:








New vehicle retail sales

$

2,824



$

1,772



$

1,052



59.3

%

Used vehicle retail sales

$

1,898



$

1,388



$

510



36.7

%

Used vehicle wholesale sales

$

604



$

45



$

559



1,228.1

%

Total used

$

1,661



$

1,129



$

531



47.0

%

F&I PRU

$

2,041



$

1,751



$

290



16.6

%

Other:








SG&A expenses

$

241.9



$

282.9



$

(41.0)



(14.5)

%

Adjusted SG&A expenses (1)

$

241.9



$

270.5



$

(28.6)



(10.6)

%

SG&A as % gross profit

59.1

%


73.5

%


(14.4)

%



Adjusted SG&A as % gross profit (1)

59.1

%


70.3

%


(11.2)

%





(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.S.

(Unaudited)

(In millions, except unit data)










Nine Months Ended September 30,


2020


2019


Increase/(Decrease)


% Change

Revenues:








New vehicle retail sales

$

3,026.1



$

3,494.0



$

(467.9)



(13.4)

%

Used vehicle retail sales

1,680.6



1,861.4



(180.8)



(9.7)

%

Used vehicle wholesale sales

120.4



130.2



(9.8)



(7.5)

%

Total used

1,801.0



1,991.6



(190.6)



(9.6)

%

Parts and service sales

850.3



914.6



(64.3)



(7.0)

%

F&I, net

297.5



317.6



(20.1)



(6.3)

%

Total revenues

$

5,974.9



$

6,717.8



$

(742.9)



(11.1)

%

Gross profit:








New vehicle retail sales

$

178.0



$

163.2



$

14.7



9.0

%

Used vehicle retail sales

122.7



124.3



(1.7)



(1.3)

%

Used vehicle wholesale sales

6.1



2.5



3.7



150.6

%

Total used

128.8



126.8



2.0



1.6

%

Parts and service sales

456.7



495.5



(38.8)



(7.8)

%

F&I, net

297.5



317.6



(20.1)



(6.3)

%

Total gross profit

$

1,061.0



$

1,103.2



$

(42.1)



(3.8)

%

Gross margin:








New vehicle retail sales

5.9

%


4.7

%


1.2

%



Used vehicle retail sales

7.3

%


6.7

%


0.6

%



Used vehicle wholesale sales

5.1

%


1.9

%


3.2

%



Total used

7.2

%


6.4

%


0.8

%



Parts and service sales

53.7

%


54.2

%


(0.5)

%



F&I, net

100.0

%


100.0

%


%



Total gross margin

17.8

%


16.4

%


1.3

%



Units sold:








Retail new vehicles sold

73,433



89,170



(15,737)



(17.6)

%

Retail used vehicles sold

80,055



90,190



(10,135)



(11.2)

%

Wholesale used vehicles sold

18,169



21,159



(2,990)



(14.1)

%

Total used

98,224



111,349



(13,125)



(11.8)

%

Average sales price per unit sold:








New vehicle retail

$

41,209



$

39,183



$

2,026



5.2

%

Used vehicle retail

$

20,993



$

20,639



$

354



1.7

%

Gross profit per unit sold:








New vehicle retail sales

$

2,424



$

1,831



$

593



32.4

%

Used vehicle retail sales

$

1,532



$

1,378



$

154



11.2

%

Used vehicle wholesale sales

$

338



$

116



$

222



191.8

%

Total used

$

1,311



$

1,138



$

173



15.2

%

F&I PRU

$

1,938



$

1,771



$

167



9.4

%

Other:








SG&A expenses

$

693.1



$

805.5



$

(112.4)



(14.0)

%

Adjusted SG&A expenses (1)

$

682.5



$

786.3



$

(103.8)



(13.2)

%

SG&A as % gross profit

65.3

%


73.0

%


(7.7)

%



Adjusted SG&A as % gross profit (1)

64.3

%


71.3

%


(7.0)

%





(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 - U.K.

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

360.2



$

289.3



$

70.9



24.5

%



$

15.3



19.2

%

Used vehicle retail sales

237.5



187.6



50.0



26.6

%



10.8



20.9

%

Used vehicle wholesale sales

37.9



34.5



3.4



9.8

%



1.7



4.9

%

Total used

275.4



222.1



53.3



24.0

%



12.5



18.4

%

Parts and service sales

56.8



52.3



4.5



8.6

%



2.5



3.8

%

F&I, net

14.6



12.9



1.7



13.3

%



0.6



8.3

%

Total revenues

$

707.0



$

576.5



$

130.5



22.6

%



$

30.9



17.3

%

Gross profit:













New vehicle retail sales

$

16.1



$

12.2



$

3.9



32.0

%



$

0.7



26.1

%

Used vehicle retail sales

16.6



8.8



7.8



87.9

%



0.8



78.9

%

Used vehicle wholesale sales

1.9



(0.3)



2.3



717.3

%



0.1



694.3

%

Total used

18.5



8.5



10.0



117.8

%



0.9



107.6

%

Parts and service sales

33.6



29.3



4.3



14.6

%



1.5



9.5

%

F&I, net

14.6



12.9



1.7



13.3

%



0.6



8.3

%

Total gross profit

$

82.8



$

62.9



$

19.9



31.6

%



$

3.7



25.7

%

Gross margin:













New vehicle retail sales

4.5

%


4.2

%


0.3

%








Used vehicle retail sales

7.0

%


4.7

%


2.3

%








Used vehicle wholesale sales

5.1

%


(0.9)

%


6.1

%








Total used

6.7

%


3.8

%


2.9

%








Parts and service sales

59.1

%


56.1

%


3.1

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

11.7

%


10.9

%


0.8

%








Units sold:













Retail new vehicles sold

10,256



9,273



983



10.6

%






Retail used vehicles sold

9,705



8,507



1,198



14.1

%






Wholesale used vehicles sold

4,908



4,847



61



1.3

%






Total used

14,613



13,354



1,259



9.4

%






Average sales price per unit sold:













New vehicle retail

$

35,123



$

31,195



$

3,927



12.6

%



$

1,490



7.8

%

Used vehicle retail

$

24,474



$

22,049



$

2,425



11.0

%



$

1,114



5.9

%

Gross profit per unit sold:













New vehicle retail sales

$

1,565



$

1,312



$

253



19.3

%



$

69



14.0

%

Used vehicle retail sales

$

1,708



$

1,037



$

671



64.7

%



$

82



56.8

%

Used vehicle wholesale sales

$

397



$

(65)



$

462



709.7

%



$

15



686.9

%

Total used

$

1,268



$

637



$

631



99.0

%



$

60



89.7

%

F&I PRU

$

732



$

725



$

7



0.9

%



$

32



(3.5)

%

Other:













SG&A expenses

$

50.1



$

54.4



$

(4.3)



(7.9)

%



$

2.3



(12.1)

%

Adjusted SG&A expenses (1)

$

50.1



$

54.2



$

(4.1)



(7.6)

%



$

2.3



(11.8)

%

SG&A as % gross profit

60.6

%


86.5

%


(26.0)

%








Adjusted SG&A as % gross profit (1)

60.6

%


86.2

%


(25.7)

%










(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.K.

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

747.4



$

888.3



$

(140.9)



(15.9)

%



$

(0.3)



(15.8)

%

Used vehicle retail sales

498.0



573.0



(75.0)



(13.1)

%



3.2



(13.7)

%

Used vehicle wholesale sales

84.8



123.6



(38.8)



(31.4)

%



0.3



(31.6)

%

Total used

582.8



696.6



(113.8)



(16.3)

%



3.5



(16.8)

%

Parts and service sales

126.5



159.4



(32.8)



(20.6)

%



0.7



(21.1)

%

F&I, net

32.6



42.2



(9.6)



(22.7)

%





(22.8)

%

Total revenues

$

1,489.3



$

1,786.4



$

(297.1)



(16.6)

%



$

3.9



(16.8)

%

Gross profit:













New vehicle retail sales

$

32.5



$

38.8



$

(6.4)



(16.4)

%



$

(0.2)



(16.0)

%

Used vehicle retail sales

29.7



25.2



4.5



17.9

%



0.3



16.9

%

Used vehicle wholesale sales

2.2



(2.4)



4.7



193.0

%





192.5

%

Total used

31.9



22.7



9.2



40.3

%



0.3



39.1

%

Parts and service sales

71.3



89.3



(18.0)



(20.1)

%



0.4



(20.6)

%

F&I, net

32.6



42.2



(9.6)



(22.7)

%





(22.8)

%

Total gross profit

$

168.4



$

193.1



$

(24.7)



(12.8)

%



$

0.6



(13.1)

%

Gross margin:













New vehicle retail sales

4.3

%


4.4

%


%








Used vehicle retail sales

6.0

%


4.4

%


1.6

%








Used vehicle wholesale sales

2.7

%


(2.0)

%


4.6

%








Total used

5.5

%


3.3

%


2.2

%








Parts and service sales

56.4

%


56.0

%


0.4

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

11.3

%


10.8

%


0.5

%








Units sold:













Retail new vehicles sold

21,775



27,891



(6,116)



(21.9)

%






Retail used vehicles sold

20,741



24,735



(3,994)



(16.1)

%






Wholesale used vehicles sold

10,780



15,657



(4,877)



(31.1)

%






Total used

31,521



40,392



(8,871)



(22.0)

%






Average sales price per unit sold:













New vehicle retail

$

34,324



$

31,848



$

2,476



7.8

%



$

(15)



7.8

%

Used vehicle retail

$

24,008



$

23,165



$

843



3.6

%



$

155



3.0

%

Gross profit per unit sold:













New vehicle retail sales

$

1,491



$

1,393



$

98



7.1

%



$

(7)



7.6

%

Used vehicle retail sales

$

1,430



$

1,017



$

413



40.6

%



$

12



39.4

%

Used vehicle wholesale sales

$

209



$

(154)



$

363



235.1

%



$

1



234.3

%

Total used

$

1,012



$

563



$

449



79.8

%



$

8



78.3

%

F&I PRU

$

767



$

802



$

(35)



(4.3)

%



$

1



(4.4)

%

Other:













SG&A expenses

$

127.3



$

166.0



$

(38.7)



(23.3)

%



$

0.4



(23.6)

%

Adjusted SG&A expenses (1)

$

126.1



$

165.8



$

(39.8)



(24.0)

%



$

0.5



(24.3)

%

SG&A as % gross profit

75.6

%


86.0

%


(10.4)

%








Adjusted SG&A as % gross profit (1)

74.9

%


85.9

%


(11.0)

%










(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 September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

31.9



$

69.9



$

(38.0)



(54.4)

%



$

(11.2)



(38.3)

%

Used vehicle retail sales

10.9



22.6



(11.7)



(51.8)

%



(3.9)



(34.7)

%

Used vehicle wholesale sales

2.4



4.4



(2.0)



(44.8)

%



(0.9)



(24.8)

%

Total used

13.4



27.1



(13.7)



(50.6)

%



(4.7)



(33.1)

%

Parts and service sales

7.9



11.8



(3.8)



(32.5)

%



(2.8)



(8.4)

%

F&I, net

1.1



1.9



(0.8)



(41.4)

%



(0.4)



(20.3)

%

Total revenues

$

54.3



$

110.5



$

(56.3)



(50.9)

%



$

(19.2)



(33.6)

%

Gross profit:













New vehicle retail sales

$

2.6



$

4.5



$

(1.9)



(41.3)

%



$

(0.9)



(20.7)

%

Used vehicle retail sales

1.0



1.8



(0.7)



(42.3)

%



(0.4)



(21.5)

%

Used vehicle wholesale sales

0.2



0.3



(0.1)



(37.1)

%



(0.1)



(14.7)

%

Total used

1.2



2.1



(0.9)



(41.5)

%



(0.4)



(20.5)

%

Parts and service sales

3.7



5.2



(1.5)



(29.0)

%



(1.3)



(3.6)

%

F&I, net

1.1



1.9



(0.8)



(41.4)

%



(0.4)



(20.3)

%

Total gross profit

$

8.6



$

13.6



$

(5.0)



(36.7)

%



$

(3.1)



(14.1)

%

Gross margin:













New vehicle retail sales

8.3

%


6.4

%


1.8

%








Used vehicle retail sales

9.3

%


7.8

%


1.5

%








Used vehicle wholesale sales

8.0

%


7.1

%


1.0

%








Total used

9.1

%


7.7

%


1.4

%








Parts and service sales

46.1

%


43.8

%


2.3

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

15.8

%


12.3

%


3.6

%








Units sold:













Retail new vehicles sold

1,200



2,262



(1,062)



(46.9)

%






Retail used vehicles sold

552



1,216



(664)



(54.6)

%






Wholesale used vehicles sold

282



430



(148)



(34.4)

%






Total used

834



1,646



(812)



(49.3)

%






Average sales price per unit sold:













New vehicle retail

$

26,558



$

30,883



$

(4,325)



(14.0)

%



$

(9,343)



16.2

%

Used vehicle retail

$

19,766



$

18,613



$

1,152



6.2

%



$

(7,001)



43.8

%

Gross profit per unit sold:













New vehicle retail sales

$

2,196



$

1,985



$

211



10.6

%



$

(772)



49.5

%

Used vehicle retail sales

$

1,840



$

1,447



$

393



27.2

%



$

(662)



72.9

%

Used vehicle wholesale sales

$

696



$

726



$

(30)



(4.1)

%



$

(247)



30.0

%

Total used

$

1,453



$

1,258



$

195



15.5

%



$

(522)



56.9

%

F&I PRU

$

621



$

533



$

87



16.3

%



$

(224)



58.3

%

Other:













SG&A expenses

$

6.9



$

11.2



$

(4.4)



(38.9)

%



$

(2.5)



(17.0)

%

SG&A as % gross profit

79.8

%


82.6

%


(2.9)

%








 


 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2020


2019


Increase/ (Decrease)


% Change



Currency Impact on Current Period Results


Constant Currency % Change

Revenues:













New vehicle retail sales

$

109.1



$

205.6



$

(96.4)



(46.9)

%



$

(27.4)



(33.6)

%

Used vehicle retail sales

38.3



60.7



(22.4)



(36.9)

%



(9.6)



(21.1)

%

Used vehicle wholesale sales

9.2



11.2



(2.0)



(18.1)

%



(2.5)



4.4

%

Total used

47.4



71.9



(24.4)



(34.0)

%



(12.1)



(17.1)

%

Parts and service sales

23.4



35.4



(12.0)



(33.9)

%



(6.6)



(15.2)

%

F&I, net

3.4



5.6



(2.2)



(39.1)

%



(0.9)



(23.2)

%

Total revenues

$

183.4



$

318.3



$

(135.0)



(42.4)

%



$

(47.0)



(27.7)

%

Gross profit:













New vehicle retail sales

$

7.5



$

12.6



$

(5.1)



(40.3)

%



$

(2.0)



(24.6)

%

Used vehicle retail sales

2.5



4.7



(2.2)



(46.6)

%



(0.7)



(31.8)

%

Used vehicle wholesale sales

0.5



0.9



(0.4)



(44.5)

%



(0.1)



(28.8)

%

Total used

3.0



5.5



(2.6)



(46.3)

%



(0.8)



(31.4)

%

Parts and service sales

10.3



15.5



(5.2)



(33.4)

%



(2.9)



(14.7)

%

F&I, net

3.4



5.6



(2.2)



(39.1)

%



(0.9)



(23.2)

%

Total gross profit

$

24.2



$

39.2



$

(15.0)



(38.3)

%



$

(6.6)



(21.4)

%

Gross margin:













New vehicle retail sales

6.9

%


6.1

%


0.8

%








Used vehicle retail sales

6.5

%


7.7

%


(1.2)

%








Used vehicle wholesale sales

5.2

%


7.7

%


(2.5)

%








Total used

6.3

%


7.7

%


(1.4)

%








Parts and service sales

44.1

%


43.8

%


0.3

%








F&I, net

100.0

%


100.0

%


%








Total gross margin

13.2

%


12.3

%


0.9

%








Units sold:













Retail new vehicles sold

3,865



6,866



(3,001)



(43.7)

%






Retail used vehicles sold

2,006



3,217



(1,211)



(37.6)

%






Wholesale used vehicles sold

1,081



1,319



(238)



(18.0)

%






Total used

3,087



4,536



(1,449)



(31.9)

%






Average sales price per unit sold:













New vehicle retail

$

28,238



$

29,938



$

(1,701)



(5.7)

%



$

(7,089)



18.0

%

Used vehicle retail

$

19,086



$

18,861



$

225



1.2

%



$

(4,781)



26.5

%

Gross profit per unit sold:













New vehicle retail sales

$

1,950



$

1,839



$

110



6.0

%



$

(514)



33.9

%

Used vehicle retail sales

$

1,244



$

1,453



$

(210)



(14.4)

%



$

(345)



9.3

%

Used vehicle wholesale sales

$

444



$

656



$

(212)



(32.3)

%



$

(126)



(13.1)

%

Total used

$

964



$

1,222



$

(258)



(21.1)

%



$

(268)



0.9

%

F&I PRU

$

576



$

551



$

25



4.6

%



$

(150)



31.9

%

Other:













SG&A expenses

$

23.0



$

34.4



$

(11.4)



(33.1)

%



$

(6.4)



(14.7)

%

Adjusted SG&A expenses (1)

$

22.1



$

34.4



$

(12.3)



(35.7)

%



$

(6.1)



(17.9)

%

SG&A as % gross profit

95.1

%


87.8

%


7.3

%








Adjusted SG&A as % gross profit (1)

91.4

%


87.8

%


3.7

%










(1) 

See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.

 


 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended September 30, 2020



U.S. GAAP


(Gain) loss on
extinguishment of
debt


Non-GAAP
adjusted

(Gain) loss on extinguishment of debt


$

3.3



$

(3.3)



$









Income (loss) before income taxes


$

161.0



$

3.3



$

164.3


Less: (Benefit) provision for income taxes


34.6



0.8



35.3


Net income (loss)


126.4



2.6



129.0


Less: Earnings (loss) allocated to participating securities


4.5



0.1



4.6


Net income (loss) available to diluted common shares


$

121.9



$

2.5



$

124.4









Diluted income (loss) per common share


$

6.83



$

0.14



$

6.97









Effective tax rate


21.5

%




21.5

%








Pretax margin (1)


5.3

%




5.4

%



(1) 

Adjusted pretax margin excludes the impact of (gain) 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 September 30, 2019



U.S. GAAP


Catastrophic
events


Dealership and
real estate
transactions


Asset
impairments


Non-GAAP
adjusted

SG&A expenses


$

353.9



$

(11.9)



$

(1.3)



$



$

340.8


Asset impairments


$

10.3



$



$



$

(10.3)



$


Income (loss) from operations


$

83.3



$

11.9



$

1.3



$

10.3



$

106.7













Income (loss) before income taxes


$

49.0



$

11.9



$

1.3



$

10.3



$

72.4


Less: (Benefit) provision for income taxes


10.9



2.9



0.3



2.0



16.1


Net income (loss)


38.0



9.0



1.0



8.3



56.3


Less: Earnings (loss) allocated to participating securities


1.4



0.3





0.3



2.1


Net income (loss) available to diluted common shares


$

36.7



$

8.6



$

1.0



$

8.0



$

54.2













Diluted income (loss) per common share


$

2.04



$

0.48



$

0.05



$

0.44



$

3.02













Effective tax rate


22.3

%








22.3

%












SG&A as % gross profit (1)


76.0

%








73.2

%

Operating margin (2)


2.7

%








3.4

%

Pretax margin (2)


1.6

%








2.3

%












Same Store SG&A expenses


$

348.6



$

(11.9)



$

(0.7)



$



$

336.0


Same Store SG&A as % gross profit (1)


75.6

%








72.8

%












Same Store income (loss) from operations


$

84.6



$

11.9



$

0.7



$

10.2



$

107.4


Same Store operating margin (2)


2.7

%








3.5

%



(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 and asset impairment charges.

 


 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

















Nine Months Ended September 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


$

870.9



$

(2.1)



$

(10.6)



$



$



$

858.3


Asset impairments


$

23.8



$



$



$

(23.8)



$



$


Income (loss) from operations


$

336.0



$

2.1



$

10.6



$

23.8



$



$

372.5


(Gain) loss on extinguishment of debt


$

13.7



$



$



$



$

(13.7)



$















Income (loss) before income taxes


$

242.2



$

2.1



$

10.6



$

23.8



$

13.7



$

292.4


Less: (Benefit) provision for income taxes


55.8



0.3



0.8



3.3



3.0



63.3


Net income (loss)


186.4



1.8



9.7



20.6



10.7



229.2


Less: Earnings (loss) allocated to participating securities


6.7



0.1



0.4



0.7



0.4



8.2


Net income (loss) available to diluted common shares


$

179.7



$

1.7



$

9.4



$

19.8



$

10.3



$

220.9















Diluted income (loss) per common share


$

10.08



$

0.10



$

0.53



$

1.11



$

0.58



$

12.40















Effective tax rate


23.1

%










21.6

%














SG&A as % gross profit (1)


67.7

%










66.7

%

Operating margin (2)


4.3

%










4.7

%

Pretax margin (3)


3.1

%










3.7

%














Same Store SG&A expenses


$

843.4



$

(2.1)



$

(10.6)



$



$



$

830.7


Same Store SG&A as % gross profit (1)


67.3

%










66.3

%














Same Store income (loss) from operations


$

332.3



$

2.1



$

10.6



$

23.8



$



$

368.8


Same Store operating margin (2)


4.3

%










4.8

%



(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 and asset impairment charges.

(3) 

Adjusted pretax margin excludes the impact of SG&A reconciling items above, asset impairment charges and (gain) loss on extinguishment of debt.

 


 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)
















Nine Months Ended September 30, 2019



U.S. GAAP


Catastrophic
events


Dealership
and real
estate
transactions


Legal
matters


Asset
impairments


Non-GAAP
adjusted

SG&A expenses


$

1,020.3



$

(17.8)



$

4.1



$

(2.0)



$



$

1,004.6


Asset impairments


$

10.8



$



$



$



$

(10.8)



$


Income (loss) from operations


$

267.2



$

17.8



$

(4.1)



$

2.0



$

10.8



$

293.7















Income (loss) before income taxes


$

164.4



$

17.8



$

(4.1)



$

2.0



$

10.8



$

190.9


Less: (Benefit) provision for income taxes


38.5



4.4



(1.7)



0.5



2.0



43.7


Net income (loss)


125.9



13.4



(2.5)



1.5



8.8



147.2


Less: Earnings (loss) allocated to participating securities


4.7



0.5



(0.1)



0.1



0.3



5.5


Net income (loss) available to diluted common shares


$

121.2



$

12.9



$

(2.4)



$

1.5



$

8.5



$

141.7















Diluted income (loss) per common share


$

6.77



$

0.72



$

(0.13)



$

0.08



$

0.47



$

7.92















Effective tax rate


23.4

%










22.9

%














SG&A as % gross profit (1)


75.5

%










74.3

%

Operating margin (2)


3.0

%










3.3

%

Pretax margin (2)


1.8

%










2.1

%














Same Store SG&A expenses


$

1,005.9



$

(17.8)



$

0.4



$

(1.8)



$



$

986.6


Same Store SG&A as % gross profit (1)


75.3

%










73.9

%














Same Store income (loss) from operations


$

266.5



$

17.8



$

(0.4)



$

1.8



$

10.8



$

296.6


Same Store operating margin (2)


3.0

%










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 and asset impairment charges.

 


 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - U.S.

(Unaudited)

(In millions)










Three Months Ended September 30, 2019



U.S. GAAP


Catastrophic events


Dealership and real estate transactions


Non-GAAP adjusted

SG&A expenses


$

285.3



$

(11.9)



$

(0.8)



$

272.6


SG&A as % gross profit (1)


73.7

%






70.5

%










Same Store SG&A expenses


$

282.9



$

(11.9)



$

(0.5)



$

270.5


Same Store SG&A as % gross profit (1)


73.5

%






70.3

%


 



Nine Months Ended September 30, 2020



U.S. GAAP


Out-of-period adjustment


Non-GAAP adjusted

SG&A expenses


$

706.0



$

(10.6)



$

695.4


SG&A as % gross profit (1)


65.3

%




64.3

%








Same Store SG&A expenses


$

693.1



$

(10.6)



$

682.5


Same Store SG&A as % gross profit (1)


65.3

%




64.3

%


 



Nine Months Ended September 30, 2019



U.S. GAAP


Catastrophic events


Dealership and real estate transactions


Legal matters


Non-GAAP adjusted

SG&A expenses


$

809.5



$

(17.8)



$

4.4



$

(1.8)



$

794.3


SG&A as % gross profit (1)


72.9

%








71.5

%












Same Store SG&A expenses


$

805.5



$

(17.8)



$

0.5



$

(1.8)



$

786.3


Same Store SG&A as % gross profit (1)


73.0

%








71.3

%



(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)

 (Dollars in millions)










Three Months Ended September 30, 2019



U.S. GAAP


Dealership and real estate transactions


Non-GAAP Adjusted

SG&A expenses


$

57.6



$

(0.5)



$

57.1


SG&A as % gross profit (1)


88.4

%




87.7

%








Same Store SG&A expenses


$

54.4



$

(0.2)



$

54.2


Same Store SG&A as % gross profit (1)


86.5

%




86.2

%



Nine Months Ended September 30, 2020



U.S. GAAP


Severance costs


Non-GAAP Adjusted

SG&A expenses


$

141.8



$

(1.2)



$

140.6


SG&A as % gross profit (1)


78.0

%




77.3

%








Same Store SG&A expenses


$

127.3



$

(1.2)



$

126.1


Same Store SG&A as % gross profit (1)


75.6

%




74.9

%



Nine Months Ended September 30, 2019



U.S. GAAP


Dealership and real estate transactions


Non-GAAP Adjusted

SG&A expenses


$

175.8



$

(0.5)



$

175.3


SG&A as % gross profit (1)


87.4

%




87.1

%








Same Store SG&A expenses


$

166.0



$

(0.2)



$

165.8


Same Store SG&A as % gross profit (1)


86.0

%




85.9

%



(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)






Nine Months Ended September 30, 2020



U.S. GAAP


Severance costs


Non-GAAP adjusted

SG&A expenses


$

23.1



$

(0.9)



$

22.2


SG&A as % gross profit (1)


95.3

%




91.7

%








Same Store SG&A expenses


$

23.0



$

(0.9)



$

22.1


Same Store SG&A as % gross profit (1)


95.1

%




91.4

%


 



Nine Months Ended September 30, 2019



U.S. GAAP


Dealership and
real estate
transactions


Legal matters


Non-GAAP
adjusted

SG&A expenses


$

35.0



$

0.2



$

(0.2)



$

35.0


SG&A as % gross profit (1)


88.3

%






88.3

%



(1) 

Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

 

Cision View original content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-all-time-record-quarterly-earnings-per-share-301162477.html

SOURCE Group 1 Automotive, Inc.

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