GPI
$183.58
Group 1 Automotive
($3.81)
(2.03%)
Earnings Details
3rd Quarter September 2021
Thursday, October 28, 2021 7:07:00 AM
Tweet Share Watch
Summary

Group 1 Automotive Beats

Group 1 Automotive (GPI) reported 3rd Quarter September 2021 earnings of $9.62 per share on revenue of $3.5 billion. The consensus earnings estimate was $9.08 per share on revenue of $3.5 billion. The Earnings Whisper number was $9.48 per share. Revenue grew 15.4% on a year-over-year basis.

Group 1 Automotive Inc sells new and used cars and light trucks; it also arranges the related vehicle financing. It’s activities include sale service and insurance contracts; provides automotive maintenance and repair services; and sell vehicle parts.

Results
Reported Earnings
$9.62
Earnings Whisper
$9.48
Consensus Estimate
$9.08
Reported Revenue
$3.51 Bil
Revenue Estimate
$3.53 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Group 1 Automotive Announces Record Third Quarter 2021 Financial Results

HOUSTON, Oct. 28, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, with 191 dealerships located in the U.S., U.K., and Brazil, today reported an all-time record third quarter 2021 ("current quarter") net income per diluted share of $9.33, a 36.5% increase from $6.83 per diluted share as reported for third quarter 2020 ("prior year quarter"). 

Current quarter adjusted net income per diluted share (a non-GAAP measure) was an all-time quarterly record of $9.62, a 38.0% increase from $6.97 adjusted net income per diluted share for the prior year quarter, and an increase of 219.1% over the pre-pandemic third quarter of 2019.  Current quarter net income was $172.1 million, a 36.1% increase compared to net income of $126.4 million in the prior year quarter.  Current quarter adjusted net income (a non-GAAP measure) was $177.5 million, a 37.6% increase compared to adjusted net income of $129.0 million for the prior year quarter.  The Company's current quarter total revenues were $3.5 billion, a 15.4% increase compared to total revenues of $3.0 billion in the prior year quarter. 

"Continued strong vehicle margins, further improvement in our service volume, and diligent cost control delivered this quarter's impressive results," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. "We continue to sell most new vehicles almost immediately upon manufacturer delivery.  Assuming no material change in consumer demand, this dynamic should continue throughout the fourth quarter and into 2022.  In addition to the recently announced dealership acquisition in the Dallas and Sacramento markets, we remain on track to close the purchase of the Prime Auto Group in November."

Current quarter adjusted net income and diluted earnings per share excluded net after-tax adjustments of $5.4 million, or $0.29 per common share, related to a loss on debt extinguishment of $3.8 million, or $0.21 per common share; acquisition costs of $3.4 million, or $0.18 per common share; an asset impairment charge of $1.3 million, or $0.07 per common share; and hurricane related losses of $0.4 million or $0.02 per common share.  These adjustments were partially offset by favorable legal settlements of $2.9 million, or $0.16 per common share; and a non-cash gain associated with certain interest rate swaps of $0.7 million, or $0.04 per common share.  Prior year quarter adjusted net income and diluted earnings per share excluded a net after-tax adjustment related to a loss on debt redemption of $2.6 million, or $0.14 per common share.  Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.

Consolidated Operating Highlights for Current Quarter (year-over-year comparable basis)

Reported:

  • Total revenues increased 15.4%, to $3.5 billion.
  • Total gross profit increased 27.6%, to $653.2 million.
  • New vehicle revenues only decreased 0.3%, despite an 11.9% decline in units sold, driven by an increase in gross profit per retail unit (PRU) of 91.8%, to $4,773
  • Used vehicle retail revenues increased 44.0%, driven by a 12.8% increase in units sold, and an increase in used vehicle retail gross profit PRU of 23.0%, to $2,279.
  • Parts and service gross profit increased 12.3%, on a 13.8% increase in revenue.
  • Finance and Insurance (F&I) gross profit PRU increased 13.9%, to $1,885.
  • Selling, General and Administrative (SG&A) expenses as a percentage of gross profit decreased 77 basis points, to 59.0%.  Adjusted SG&A expenses (a non-GAAP measure) as a percentage of gross profit decreased 96 basis points, to 58.8%.

Same Store on a Constant Currency Basis (a non-GAAP measure):

  • Total revenues increased 11.5%. 
  • Total gross profit increased 24.6%.
  • New vehicle gross profit increased 65.1%, despite a 14.3% decrease in units sold, driven by an increase in new vehicle gross profit PRU of 92.7%.
  • Used vehicle retail gross profit increased 32.2%, as units sold increased 9.0%, and used vehicle retail gross profit PRU increased 21.3%.
  • Parts and service gross profit increased 10.1%.
  • F&I gross profit PRU increased 15.9%.
  • SG&A expenses as a percentage of gross profit decreased 98 basis points.  Adjusted SG&A expenses as a percentage of gross profit decreased 116 basis points.

Corporate Development

As previously announced in September 2021, the Company entered into a definitive agreement to purchase substantially all the assets, including real estate, of Prime Automotive Group, which includes 30 dealerships and three collision centers in the Northeastern U.S.  In 2020, the corresponding Prime dealerships generated $1.8 billion in annual revenues.  As previously announced in October 2021, the Company acquired two dealerships in Texas and one in California, which are expected to generate approximately $235 million in annualized revenues.

Year-to-date, Group 1 has completed transactions representing $655.0 million of acquired annual revenues, growing the Company's portfolio by 17 franchises.  With the Company's previously announced pending acquisition of Prime Automotive Group expected to close in November 2021, the Company's total acquired revenues are expected to be approximately $2.5 billion at the anticipated closing date, and Group 1's total dealership count would increase to 221 locations globally, which would include 150 U.S. locations. 

Year-to-date, the Company has disposed of four franchises, which generated approximately $70 million in trailing-twelve-month revenues.

Third Quarter 2021 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 2021 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: group1corp.com/events.  A webcast replay will be available for 30 days.

The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:

Domestic:    

1-888-317-6003

International:

1-412-317-6061

Conference ID: 

3636071

A telephonic replay will be available following the call through November 4, 2021 by dialing:

Domestic:   

1-877-344-7529

International:

1-412-317-0088

Replay ID:      

10160522

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 191 automotive dealerships, 248 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 33 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 group1corp.com, group1auto.com, group1collision.com, acceleride.com, facebook.com/group1auto, and 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 and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, (m) risks that any of the closing conditions to the Prime Acquisition may not be satisfied or may not be satisfied in a timely manner, and (n) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.

Certain amounts in the financial statements may not compute due to rounding.  All computations have been calculated using unrounded amounts for all periods presented.

Investor contacts:
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,



2021


2020


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

1,576.2



$

1,580.7



$

(4.5)



(0.3)

%

Used vehicle retail sales


1,248.3



867.2



381.1



44.0

%

Used vehicle wholesale sales


109.4



86.7



22.7



26.2

%

Parts and service sales


427.6



375.6



52.0



13.8

%

Finance, insurance and other, net


147.7



129.5



18.2



14.1

%

  Total revenues


3,509.2



3,039.6



469.6



15.4

%

COST OF SALES:









New vehicle retail sales


1,408.5



1,481.5



(72.9)



(4.9)

%

Used vehicle retail sales


1,149.8



796.1



353.7



44.4

%

Used vehicle wholesale sales


101.8



80.7



21.0



26.0

%

Parts and service sales


195.9



169.4



26.6



15.7

%

  Total cost of sales


2,856.0



2,527.7



328.3



13.0

%

GROSS PROFIT


653.2



512.0



141.3



27.6

%

Selling, general and administrative expenses


385.1



305.8



79.3



25.9

%

Depreciation and amortization expense


19.6



19.1



0.5



2.5

%

Asset impairments


1.7





1.7



%

INCOME FROM OPERATIONS


246.8



187.1



59.7



31.9

%

Floorplan interest expense


4.8



8.1



(3.3)



(40.9)

%

Other interest expense, net


13.2



14.6



(1.5)



(10.1)

%

Loss on extinguishment of debt


3.8



3.3



0.5



15.2

%

INCOME BEFORE INCOME TAXES


225.0



161.0



64.0



39.8

%

Provision for income taxes


52.9



34.6



18.3



53.1

%

NET INCOME


$

172.1



$

126.4



$

45.7



36.1

%

Less: Earnings allocated to participating securities


5.7



4.5



1.2



25.5

%

Net income available to diluted common shares


$

166.4



$

121.9



$

44.5



36.5

%

DILUTED EARNINGS PER SHARE


$

9.33



$

6.83



$

2.50



36.5

%

Weighted average dilutive common shares outstanding


17.8



17.8





%

Weighted average participating securities


0.6



0.7



(0.1)



(7.7)

%

  Total weighted average shares


18.4



18.5



(0.1)



(0.3)

%

Effective tax rate


23.5

%


21.5

%


2.0

%



 

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Nine Months Ended September 30,



2021


2020


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

4,974.9



$

3,985.5



$

989.3



24.8

%

Used vehicle retail sales


3,342.7



2,287.4



1,055.3



46.1

%

Used vehicle wholesale sales


286.0



221.9



64.1



28.9

%

Parts and service sales


1,180.4



1,028.2



152.2



14.8

%

Finance, insurance and other, net


435.7



338.7



97.1



28.7

%

  Total revenues


10,219.7



7,861.7



2,358.0



30.0

%

COST OF SALES:









New vehicle retail sales


4,542.9



3,759.7



783.2



20.8

%

Used vehicle retail sales


3,075.5



2,127.9



947.5



44.5

%

Used vehicle wholesale sales


265.3



212.9



52.4



24.6

%

Parts and service sales


530.9



473.9



57.0



12.0

%

  Total cost of sales


8,414.5



6,574.4



1,840.1



28.0

%

GROSS PROFIT


1,805.1



1,287.2



517.9



40.2

%

Selling, general and administrative expenses


1,080.3



870.9



209.3



24.0

%

Depreciation and amortization expense


57.9



56.5



1.4



2.4

%

Asset impairments


1.7



23.8



(22.1)



(92.8)

%

INCOME FROM OPERATIONS


665.3



336.0



329.3



98.0

%

Floorplan interest expense


21.2



31.1



(9.9)



(32.0)

%

Other interest expense, net


40.7



49.0



(8.3)



(17.0)

%

Loss on extinguishment of debt


3.8



13.7



(9.9)



(72.0)

%

INCOME BEFORE INCOME TAXES


599.6



242.2



357.4



147.6

%

Provision for income taxes


134.6



55.8



78.8



141.1

%

NET INCOME


$

465.0



$

186.4



$

278.7



149.5

%

Less: Earnings allocated to participating securities


15.6



6.7



8.9



132.8

%

Net income available to diluted common shares


$

449.4



$

179.7



$

269.7



150.1

%

DILUTED EARNINGS PER SHARE


$

25.21



$

10.08



$

15.12



150.0

%

Weighted average dilutive common shares outstanding


17.8



17.8





0.1

%

Weighted average participating securities


0.6



0.7





(6.8)

%

  Total weighted average shares


18.5



18.5





(0.2)

%

Effective tax rate


22.4

%


23.1

%


(0.6)

%



 

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)












September 30, 2021


December 31, 2020


Increase/(Decrease)


% Change

SELECTED BALANCE SHEET INFORMATION:







(In millions)









Cash and cash equivalents


$

296.9



$

87.3



$

209.7



240.3

%

Inventories, net


$

850.8



$

1,468.0



$

(617.2)



(42.0)

%

Floorplan notes payable, net (1)


$

317.9



$

1,095.0



$

(777.1)



(71.0)

%

Total debt


$

1,333.9



$

1,351.4



$

(17.5)



(1.3)

%

Total equity


$

1,918.6



$

1,449.6



$

469.0



32.4

%

(1) Amounts are net of offset accounts of $334.7 and $176.4, respectively.

 



Three Months Ended September 30,


Nine Months Ended September 30,



2021


2020


2021


2020

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:







United States


74.0

%


70.2

%


77.6

%


73.2

%

United Kingdom


21.0

%


26.8

%


18.6

%


23.0

%

Brazil


5.0

%


3.0

%


3.8

%


3.8

%










NEW VEHICLE UNIT SALES BRAND MIX:







Toyota/Lexus


26.5

%


22.7

%


26.1

%


22.9

%

Volkswagen/Audi/Porsche/SEAT/SKODA


16.4

%


17.7

%


15.3

%


15.6

%

BMW/MINI


12.6

%


11.8

%


11.6

%


11.4

%

Honda/Acura


9.4

%


8.5

%


9.8

%


9.2

%

Ford/Lincoln


7.8

%


10.1

%


8.3

%


10.7

%

Chevrolet/GMC/Buick/Cadillac


5.9

%


7.1

%


6.6

%


7.4

%

Nissan


5.5

%


4.7

%


5.5

%


5.3

%

Hyundai/Kia/Genesis


5.1

%


4.3

%


5.2

%


4.4

%

Mercedes-Benz/smart/Sprinter


3.9

%


5.3

%


4.5

%


5.3

%

Chrysler/Dodge/Jeep/RAM


3.7

%


4.0

%


3.9

%


4.0

%

Jaguar/Land Rover


1.6

%


2.5

%


1.8

%


2.3

%

Other


1.5

%


1.3

%


1.4

%


1.5

%



100.0

%


100.0

%


100.0

%


100.0

%

 



September 30, 2021


December 31, 2020


September 30, 2020

DAYS' SUPPLY IN INVENTORY (1):







Consolidated







New vehicle inventory


14


52


41

Used vehicle inventory


30


37


35

U.S.







New vehicle inventory


11


48


52

Used vehicle inventory


25


32


33

U.K.







New vehicle inventory


19


102


20

Used vehicle inventory


42


52


37

Brazil







New vehicle inventory


23


27


41

Used vehicle inventory


49


51


44


(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)




Three Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

1,576.2



$

1,580.7



$

(4.5)



(0.3)

%



$

21.4



(1.6)

%

Used vehicle retail sales

1,248.3



867.2



381.1



44.0

%



21.4



41.5

%

Used vehicle wholesale sales

109.4



86.7



22.7



26.2

%



2.5



23.3

%

  Total used

1,357.7



953.9



403.8



42.3

%



23.9



39.8

%

Parts and service sales

427.6



375.6



52.0



13.8

%



4.3



12.7

%

F&I, net

147.7



129.5



18.2



14.1

%



1.0



13.3

%

  Total revenues

$

3,509.2



$

3,039.6



$

469.6



15.4

%



$

50.8



13.8

%

Gross profit:













New vehicle retail sales

$

167.7



$

99.2



$

68.4



69.0

%



$

1.5



67.4

%

Used vehicle retail sales

98.6



71.1



27.5



38.6

%



1.5



36.5

%

Used vehicle wholesale sales

7.6



5.9



1.7



28.1

%



0.3



23.4

%

  Total used

106.2



77.0



29.1



37.8

%



1.8



35.5

%

Parts and service sales

231.7



206.2



25.5



12.3

%



2.6



11.1

%

F&I, net

147.7



129.5



18.2



14.1

%



1.0



13.3

%

  Total gross profit

$

653.2



$

512.0



$

141.3



27.6

%



$

7.0



26.2

%

Gross margin:













New vehicle retail sales

10.6

%


6.3

%


4.4

%








Used vehicle retail sales

7.9

%


8.2

%


(0.3)

%








Used vehicle wholesale sales

7.0

%


6.9

%


0.1

%








  Total used

7.8

%


8.1

%


(0.3)

%








Parts and service sales

54.2

%


54.9

%


(0.7)

%








  Total gross margin

18.6

%


16.8

%


1.8

%








Units sold:













Retail new vehicles sold

35,126



39,869



(4,743)



(11.9)

%






Retail used vehicles sold

43,240



38,347



4,893



12.8

%






Wholesale used vehicles sold

11,261



11,581



(320)



(2.8)

%






  Total used

54,501



49,928



4,573



9.2

%






Average sales price per unit sold:













New vehicle retail

$

44,872



$

39,647



$

5,226



13.2

%



$

609



11.6

%

Used vehicle retail

$

28,870



$

22,614



$

6,256



27.7

%



$

494



25.5

%

Gross profit per unit sold:













New vehicle retail sales

$

4,773



$

2,489



$

2,285



91.8

%



$

43



90.1

%

Used vehicle retail sales

$

2,279



$

1,854



$

425



23.0

%



$

36



21.0

%

Used vehicle wholesale sales

$

676



$

513



$

163



31.7

%



$

25



26.9

%

  Total used

$

1,948



$

1,543



$

405



26.3

%



$

33



24.1

%

F&I PRU

$

1,885



$

1,655



$

229



13.9

%



$

13



13.1

%

Other:













SG&A expenses

$

385.1



$

305.8



$

79.3



25.9

%



$

4.5



24.5

%

Adjusted SG&A expenses (1)

$

383.9



$

305.8



$

78.1



25.5

%



$

4.5



24.1

%

SG&A as % gross profit

59.0

%


59.7

%


(0.8)

%








Adjusted SG&A as % gross profit (1)

58.8

%


59.7

%


(1.0)

%








Operating margin %

7.0

%


6.2

%


0.9

%








Adjusted operating margin % (1)

7.1

%


6.2

%


1.0

%








Pretax margin %

6.4

%


5.3

%


1.1

%








Adjusted pretax margin % (1)

6.6

%


5.4

%


1.2

%








Floorplan expense:













Floorplan interest expense

$

4.8



$

8.1



$

(3.3)



(40.9)

%



$

0.1



(42.4)

%

Less: Floorplan assistance (2)

12.2



12.7



(0.5)



(4.0)

%





(4.0)

%

  Net floorplan expense

$

(7.4)



$

(4.6)



$

(2.8)






$

0.1




Adjusted floorplan interest expense (1)

$

5.7



$

8.1



$

(2.4)



(30.0)

%



$

0.1



(31.5)

%


(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.

(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,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

4,974.9



$

3,985.5



$

989.3



24.8

%



$

57.2



23.4

%

Used vehicle retail sales

3,342.7



2,287.4



1,055.3



46.1

%



58.3



43.6

%

Used vehicle wholesale sales

286.0



221.9



64.1



28.9

%



6.9



25.8

%

  Total used

3,628.7



2,509.3



1,119.4



44.6

%



65.2



42.0

%

Parts and service sales

1,180.4



1,028.2



152.2



14.8

%



10.8



13.7

%

F&I, net

435.7



338.7



97.1



28.7

%



2.9



27.8

%

  Total revenues

$

10,219.7



$

7,861.7



$

2,358.0



30.0

%



$

136.9



28.3

%

Gross profit:













New vehicle retail sales

$

432.0



$

225.8



$

206.2



91.3

%



$

3.4



89.8

%

Used vehicle retail sales

267.3



159.5



107.8



67.6

%



3.7



65.2

%

Used vehicle wholesale sales

20.7



9.0



11.7



130.3

%



0.4



125.4

%

  Total used

287.9



168.5



119.5



70.9

%



4.2



68.4

%

Parts and service sales

649.5



554.2



95.2



17.2

%



6.8



15.9

%

F&I, net

435.7



338.7



97.1



28.7

%



2.9



27.8

%

  Total gross profit

$

1,805.1



$

1,287.2



$

517.9



40.2

%



$

17.3



38.9

%

Gross margin:













New vehicle retail sales

8.7

%


5.7

%


3.0

%








Used vehicle retail sales

8.0

%


7.0

%


1.0

%








Used vehicle wholesale sales

7.2

%


4.0

%


3.2

%








  Total used

7.9

%


6.7

%


1.2

%








Parts and service sales

55.0

%


53.9

%


1.1

%








  Total gross margin

17.7

%


16.4

%


1.3

%








Units sold:













Retail new vehicles sold

114,882



101,701



13,181



13.0

%






Retail used vehicles sold

126,301



105,665



20,636



19.5

%






Wholesale used vehicles sold

32,038



30,970



1,068



3.4

%






  Total used

158,339



136,635



21,704



15.9

%






Average sales price per unit sold:













New vehicle retail

$

43,304



$

39,189



$

4,115



10.5

%



$

498



9.2

%

Used vehicle retail

$

26,466



$

21,648



$

4,818



22.3

%



$

462



20.1

%

Gross profit per unit sold:













New vehicle retail sales

$

3,760



$

2,220



$

1,540



69.3

%



$

29



68.0

%

Used vehicle retail sales

$

2,116



$

1,510



$

607



40.2

%



$

29



38.2

%

Used vehicle wholesale sales

$

645



$

290



$

355



122.6

%



$

14



117.9

%

  Total used

$

1,819



$

1,233



$

585



47.5

%



$

26



45.3

%

F&I PRU

$

1,807



$

1,633



$

174



10.6

%



$

12



9.9

%

Other:













SG&A expenses

$

1,080.3



$

870.9



$

209.3



24.0

%



$

11.7



22.7

%

Adjusted SG&A expenses (1)

$

1,078.9



$

858.3



$

220.7



25.7

%



$

11.6



24.4

%

SG&A as % gross profit

59.8

%


67.7

%


(7.8)

%








Adjusted SG&A as % gross profit (1)

59.8

%


66.7

%


(6.9)

%








Operating margin %

6.5

%


4.3

%


2.2

%








Adjusted operating margin % (1)

6.5

%


4.7

%


1.8

%








Pretax margin %

5.9

%


3.1

%


2.8

%








Adjusted pretax margin % (1)

5.9

%


3.7

%


2.2

%








Floorplan expense:













Floorplan interest expense

$

21.2



$

31.1



$

(9.9)



(32.0)

%



$

0.3



(33.1)

%

Less: Floorplan assistance (2)

40.6



33.0



7.6



22.9

%





22.9

%

  Net floorplan expense

$

(19.5)



$

(1.9)



$

(17.5)






$

0.3




Adjusted floorplan interest expense (1)

$

19.7



$

31.1



$

(11.4)



(36.6)

%



$

0.3



(37.7)

%


(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.

(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,



2021


2020


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

1,208.5



$

1,172.2



$

36.3



3.1

%

Used vehicle retail sales


902.3



608.2



294.1



48.4

%

Used vehicle wholesale sales


68.0



44.8



23.2



51.8

%

  Total used


970.3



653.0



317.4



48.6

%

Parts and service sales


353.1



306.4



46.7



15.3

%

F&I, net


130.5



113.0



17.4



15.4

%

  Total revenues


$

2,662.4



$

2,244.6



$

417.8



18.6

%

Gross profit:









New vehicle retail sales


$

140.0



$

79.8



$

60.2



75.5

%

Used vehicle retail sales


73.1



52.8



20.2



38.3

%

Used vehicle wholesale sales


3.2



3.7



(0.5)



(13.6)

%

  Total used


76.3



56.6



19.7



34.9

%

Parts and service sales


188.2



166.3



21.9



13.2

%

F&I, net


130.5



113.0



17.4



15.4

%

  Total gross profit


$

535.0



$

415.7



$

119.3



28.7

%

Gross margin:









New vehicle retail sales


11.6

%


6.8

%


4.8

%



Used vehicle retail sales


8.1

%


8.7

%


(0.6)

%



Used vehicle wholesale sales


4.8

%


8.3

%


(3.6)

%



  Total used


7.9

%


8.7

%


(0.8)

%



Parts and service sales


53.3

%


54.3

%


(1.0)

%



  Total gross margin


20.1

%


18.5

%


1.6

%



Units sold:









Retail new vehicles sold


25,984



27,980



(1,996)



(7.1)

%

Retail used vehicles sold


31,704



27,694



4,010



14.5

%

Wholesale used vehicles sold


6,758



6,195



563



9.1

%

  Total used


38,462



33,889



4,573



13.5

%

Average sales price per unit sold:









New vehicle retail


$

46,510



$

41,895



$

4,614



11.0

%

Used vehicle retail


$

28,461



$

21,961



$

6,500



29.6

%

Gross profit per unit sold:









New vehicle retail sales


$

5,388



$

2,852



$

2,536



88.9

%

Used vehicle retail sales


$

2,305



$

1,908



$

397



20.8

%

Used vehicle wholesale sales


$

478



$

603



$

(125)



(20.8)

%

  Total used


$

1,984



$

1,669



$

315



18.9

%

F&I PRU


$

2,261



$

2,030



$

231



11.4

%

Other:









SG&A expenses


$

308.7



$

245.2



$

63.5



25.9

%

Adjusted SG&A expenses (1)


$

308.1



$

245.2



$

62.8



25.6

%

SG&A as % gross profit


57.7

%


59.0

%


(1.3)

%



Adjusted SG&A as % gross profit (1)


57.6

%


59.0

%


(1.4)

%




(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.S.

(Unaudited)

(In millions, except unit data)












Nine Months Ended September 30,



2021


2020


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

3,958.9



$

3,076.3



$

882.6



28.7

%

Used vehicle retail sales


2,481.7



1,719.4



762.3



44.3

%

Used vehicle wholesale sales


179.6



122.1



57.5



47.0

%

  Total used


2,661.3



1,841.5



819.8



44.5

%

Parts and service sales


982.0



865.2



116.8



13.5

%

F&I, net


389.4



300.2



89.2



29.7

%

  Total revenues


$

7,991.6



$

6,083.3



$

1,908.4



31.4

%

Gross profit:









New vehicle retail sales


$

362.6



$

183.6



$

179.0



97.5

%

Used vehicle retail sales


210.7



125.7



85.0



67.6

%

Used vehicle wholesale sales


13.6



6.2



7.4



119.9

%

  Total used


224.3



131.9



92.4



70.0

%

Parts and service sales


535.1



465.4



69.7



15.0

%

F&I, net


389.4



300.2



89.2



29.7

%

  Total gross profit


$

1,511.4



$

1,081.1



$

430.3



39.8

%

Gross margin:









New vehicle retail sales


9.2

%


6.0

%


3.2

%



Used vehicle retail sales


8.5

%


7.3

%


1.2

%



Used vehicle wholesale sales


7.6

%


5.0

%


2.5

%



  Total used


8.4

%


7.2

%


1.3

%



Parts and service sales


54.5

%


53.8

%


0.7

%



  Total gross margin


18.9

%


17.8

%


1.1

%



Units sold:









Retail new vehicles sold


89,183



74,412



14,771



19.9

%

Retail used vehicles sold


96,143



81,494



14,649



18.0

%

Wholesale used vehicles sold


19,804



18,372



1,432



7.8

%

  Total used


115,947



99,866



16,081



16.1

%

Average sales price per unit sold:









New vehicle retail


$

44,391



$

41,342



$

3,049



7.4

%

Used vehicle retail


$

25,813



$

21,099



$

4,714



22.3

%

Gross profit per unit sold:









New vehicle retail sales


$

4,066



$

2,467



$

1,599



64.8

%

Used vehicle retail sales


$

2,192



$

1,543



$

649



42.1

%

Used vehicle wholesale sales


$

685



$

336



$

349



104.0

%

  Total used


$

1,934



$

1,321



$

614



46.5

%

F&I PRU


$

2,101



$

1,926



$

176



9.1

%

Other:









SG&A expenses


$

883.0



$

706.0



$

177.0



25.1

%

Adjusted SG&A expenses (1)


$

882.8



$

695.4



$

187.3



26.9

%

SG&A as % gross profit


58.4

%


65.3

%


(6.9)

%



Adjusted SG&A as % gross profit (1)


58.4

%


64.3

%


(5.9)

%




(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,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

305.4



$

376.6



$

(71.2)



(18.9)

%



$

19.8



(24.2)

%

Used vehicle retail sales

328.0



248.1



80.0



32.2

%



20.9



23.8

%

Used vehicle wholesale sales

38.1



39.5



(1.4)



(3.6)

%



2.4



(9.8)

%

  Total used

366.1



287.6



78.5



27.3

%



23.3



19.2

%

Parts and service sales

63.4



61.3



2.1



3.4

%



4.0



(3.2)

%

F&I, net

15.6



15.4



0.2



1.4

%



1.0



(5.1)

%

  Total revenues

$

750.4



$

740.8



$

9.6



1.3

%



$

48.2



(5.2)

%

Gross profit:













New vehicle retail sales

$

21.5



$

16.8



$

4.7



27.9

%



$

1.4



19.7

%

Used vehicle retail sales

23.9



17.2



6.7



39.0

%



1.5



30.3

%

Used vehicle wholesale sales

4.1



2.0



2.1



106.1

%



0.3



92.7

%

  Total used

28.1



19.2



8.9



46.0

%



1.8



36.8

%

Parts and service sales

38.5



36.2



2.3



6.3

%



2.5



(0.5)

%

F&I, net

15.6



15.4



0.2



1.4

%



1.0



(5.1)

%

  Total gross profit

$

103.7



$

87.6



$

16.0



18.3

%



$

6.6



10.8

%

Gross margin:













New vehicle retail sales

7.0

%


4.5

%


2.6

%








Used vehicle retail sales

7.3

%


6.9

%


0.4

%








Used vehicle wholesale sales

10.9

%


5.1

%


5.8

%








  Total used

7.7

%


6.7

%


1.0

%








Parts and service sales

60.8

%


59.1

%


1.6

%








  Total gross margin

13.8

%


11.8

%


2.0

%








Units sold:













Retail new vehicles sold

7,381



10,689



(3,308)



(30.9)

%






Retail used vehicles sold

10,810



10,101



709



7.0

%






Wholesale used vehicles sold

4,202



5,104



(902)



(17.7)

%






  Total used

15,012



15,205



(193)



(1.3)

%






Average sales price per unit sold:













New vehicle retail

$

41,370



$

35,230



$

6,140



17.4

%



$

2,677



9.8

%

Used vehicle retail

$

30,346



$

24,561



$

5,785



23.6

%



$

1,932



15.7

%

Gross profit per unit sold:













New vehicle retail sales

$

2,910



$

1,571



$

1,338



85.2

%



$

185



73.4

%

Used vehicle retail sales

$

2,215



$

1,706



$

509



29.9

%



$

139



21.7

%

Used vehicle wholesale sales

$

987



$

394



$

593



NM




$

64



134.0

%

  Total used

$

1,872



$

1,266



$

606



47.9

%



$

118



38.6

%

F&I PRU

$

857



$

739



$

117



15.9

%



$

55



8.5

%

Other:













SG&A expenses

$

67.6



$

53.7



$

13.9



25.9

%



$

4.2



18.0

%

Adjusted SG&A expenses (1)

$

67.0



$

53.7



$

13.3



24.9

%



$

4.2



17.0

%

SG&A as % gross profit

65.2

%


61.2

%


3.9

%








Adjusted SG&A as % gross profit (1)

64.6

%


61.2

%


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.

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)















Nine Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

869.7



$

800.1



$

69.6



8.7

%



$

70.1



(0.1)

%

Used vehicle retail sales

820.5



529.7



290.8



54.9

%



62.0



43.2

%

Used vehicle wholesale sales

98.4



90.6



7.8



8.7

%



7.4



0.5

%

  Total used

919.0



620.3



298.7



48.1

%



69.4



37.0

%

Parts and service sales

170.2



139.5



30.6



22.0

%



12.8



12.8

%

F&I, net

41.9



35.1



6.8



19.5

%



3.3



10.0

%

  Total revenues

$

2,000.7



$

1,595.0



$

405.7



25.4

%



$

156.2



15.6

%

Gross profit:













New vehicle retail sales

$

54.6



$

34.7



$

19.9



57.4

%



$

4.5



44.4

%

Used vehicle retail sales

52.9



31.3



21.7



69.3

%



4.0



56.6

%

Used vehicle wholesale sales

6.5



2.3



4.2



NM




0.5



NM


  Total used

59.5



33.6



25.8



76.9

%



4.4



63.7

%

Parts and service sales

102.1



78.5



23.6



30.1

%



7.7



20.3

%

F&I, net

41.9



35.1



6.8



19.5

%



3.3



10.0

%

  Total gross profit

$

258.1



$

181.9



$

76.2



41.9

%



$

19.9



30.9

%

Gross margin:













New vehicle retail sales

6.3

%


4.3

%


1.9

%








Used vehicle retail sales

6.5

%


5.9

%


0.5

%








Used vehicle wholesale sales

6.6

%


2.6

%


4.0

%








  Total used

6.5

%


5.4

%


1.1

%








Parts and service sales

60.0

%


56.3

%


3.7

%








  Total gross margin

12.9

%


11.4

%


1.5

%








Units sold:













Retail new vehicles sold

21,316



23,424



(2,108)



(9.0)

%






Retail used vehicles sold

28,416



22,165



6,251



28.2

%






Wholesale used vehicles sold

11,464



11,517



(53)



(0.5)

%






  Total used

39,880



33,682



6,198



18.4

%






Average sales price per unit sold:













New vehicle retail

$

40,800



$

34,157



$

6,644



19.5

%



$

3,288



9.8

%

Used vehicle retail

$

28,876



$

23,899



$

4,977



20.8

%



$

2,181



11.7

%

Gross profit per unit sold:













New vehicle retail sales

$

2,563



$

1,482



$

1,081



72.9

%



$

211



58.7

%

Used vehicle retail sales

$

1,863



$

1,411



$

452



32.0

%



$

140



22.1

%

Used vehicle wholesale sales

$

568



$

203



$

365



NM




$

41



NM


  Total used

$

1,491



$

998



$

493



49.4

%



$

111



38.2

%

F&I PRU

$

842



$

769



$

73



9.5

%



$

67



0.8

%

Other:













SG&A expenses

$

173.3



$

141.8



$

31.4



22.2

%



$

13.5



12.6

%

Adjusted SG&A expenses (1)

$

172.1



$

140.6



$

31.5



22.4

%



$

13.4



12.9

%

SG&A as % gross profit

67.1

%


78.0

%


(10.8)

%








Adjusted SG&A as % gross profit (1)

66.7

%


77.3

%


(10.6)

%









(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.

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

62.3



$

31.9



$

30.5



95.6

%



$

1.6



90.5

%

Used vehicle retail sales

18.0



10.9



7.0



64.6

%



0.5



60.3

%

Used vehicle wholesale sales

3.3



2.4



0.9



36.7

%



0.1



33.2

%

  Total used

21.3



13.4



7.9



59.5

%



0.6



55.3

%

Parts and service sales

11.1



8.0



3.2



39.9

%



0.3



36.2

%

F&I, net

1.7



1.1



0.6



54.5

%





50.1

%

  Total revenues

$

96.4



$

54.3



$

42.2



77.7

%



$

2.5



73.0

%

Gross profit:













New vehicle retail sales

$

6.2



$

2.6



$

3.5



134.6

%



$

0.2



128.6

%

Used vehicle retail sales

1.5



1.0



0.5



49.4

%





45.2

%

Used vehicle wholesale sales

0.2



0.2





21.5

%





18.1

%

  Total used

1.8



1.2



0.5



44.9

%





40.9

%

Parts and service sales

4.9



3.7



1.2



33.3

%



0.1



29.7

%

F&I, net

1.7



1.1



0.6



54.5

%





50.1

%

  Total gross profit

$

14.5



$

8.6



$

5.9



68.7

%



$

0.4



64.1

%

Gross margin:













New vehicle retail sales

9.9

%


8.3

%


1.6

%








Used vehicle retail sales

8.4

%


9.3

%


(0.9)

%








Used vehicle wholesale sales

7.1

%


8.0

%


(0.9)

%








  Total used

8.2

%


9.1

%


(0.8)

%








Parts and service sales

43.9

%


46.1

%


(2.2)

%








  Total gross margin

15.0

%


15.8

%


(0.8)

%








Units sold:













Retail new vehicles sold

1,761



1,200



561



46.8

%






Retail used vehicles sold

726



552



174



31.5

%






Wholesale used vehicles sold

301



282



19



6.7

%






  Total used

1,027



834



193



23.1

%






Average sales price per unit sold:













New vehicle retail

$

35,394



$

26,558



$

8,836



33.3

%



$

924



29.8

%

Used vehicle retail

$

24,732



$

19,766



$

4,967



25.1

%



$

644



21.9

%

Gross profit per unit sold:













New vehicle retail sales

$

3,510



$

2,196



$

1,314



59.8

%



$

90



55.7

%

Used vehicle retail sales

$

2,090



$

1,840



$

250



13.6

%



$

58



10.4

%

Used vehicle wholesale sales

$

792



$

696



$

96



13.8

%



$

22



10.7

%

  Total used

$

1,709



$

1,453



$

256



17.6

%



$

47



14.4

%

F&I PRU

$

675



$

621



$

55



8.9

%



$

19



5.7

%

Other:













SG&A expenses

$

8.8



$

6.9



$

2.0



28.5

%



$

0.2



25.0

%

SG&A as % gross profit

60.9

%


79.9

%


(19.0)

%








 

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

146.3



$

109.1



$

37.1



34.0

%



$

(12.9)



45.9

%

Used vehicle retail sales

40.5



38.3



2.1



5.6

%



(3.7)



15.2

%

Used vehicle wholesale sales

8.0



9.2



(1.2)



(12.8)

%



(0.5)



(7.0)

%

  Total used

48.4



47.5



1.0



2.0

%



(4.2)



10.8

%

Parts and service sales

28.2



23.4



4.8



20.4

%



(1.9)



28.6

%

F&I, net

4.4



3.4



1.1



31.1

%



(0.4)



42.8

%

  Total revenues

$

227.3



$

183.4



$

43.9



23.9

%



$

(19.4)



34.5

%

Gross profit:













New vehicle retail sales

$

14.8



$

7.5



$

7.2



95.9

%



$

(1.1)



111.0

%

Used vehicle retail sales

3.6



2.5



1.1



44.2

%



(0.2)



54.1

%

Used vehicle wholesale sales

0.6



0.5



0.1



26.5

%





34.7

%

  Total used

4.2



3.0



1.2



41.3

%



(0.3)



51.0

%

Parts and service sales

12.3



10.3



1.9



18.8

%



(0.8)



26.8

%

F&I, net

4.4



3.4



1.1



31.1

%



(0.4)



42.8

%

  Total gross profit

$

35.7



$

24.2



$

11.5



47.3

%



$

(2.6)



58.1

%

Gross margin:













New vehicle retail sales

10.1

%


6.9

%


3.2

%








Used vehicle retail sales

8.9

%


6.5

%


2.4

%








Used vehicle wholesale sales

7.6

%


5.2

%


2.4

%








  Total used

8.7

%


6.3

%


2.4

%








Parts and service sales

43.5

%


44.1

%


(0.6)

%








  Total gross margin

15.7

%


13.2

%


2.5

%








Units sold:













Retail new vehicles sold

4,383



3,865



518



13.4

%






Retail used vehicles sold

1,742



2,006



(264)



(13.2)

%






Wholesale used vehicles sold

770



1,081



(311)



(28.8)

%






  Total used

2,512



3,087



(575)



(18.6)

%






Average sales price per unit sold:













New vehicle retail

$

33,370



$

28,238



$

5,133



18.2

%



$

(2,947)



28.6

%

Used vehicle retail

$

23,222



$

19,100



$

4,122



21.6

%



$

(2,106)



32.6

%

Gross profit per unit sold:













New vehicle retail sales

$

3,368



$

1,950



$

1,419



72.8

%



$

(260)



86.1

%

Used vehicle retail sales

$

2,067



$

1,245



$

822



66.0

%



$

(143)



77.5

%

Used vehicle wholesale sales

$

789



$

444



$

345



77.6

%



$

(51)



89.1

%

  Total used

$

1,676



$

965



$

711



73.7

%



$

(115)



85.6

%

F&I PRU

$

724



$

576



$

148



25.7

%



$

(64)



36.9

%

Other:













SG&A expenses

$

24.0



$

23.1



$

0.9



4.0

%



$

(1.8)



11.8

%

Adjusted SG&A expenses (1)

$

24.0



$

22.2



$

1.8



8.1

%



$

(1.8)



16.1

%

SG&A as % gross profit

67.3

%


95.3

%


(28.0)

%








Adjusted SG&A as % gross profit (1)

67.3

%


91.7

%


(24.4)

%









(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,



2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

1,530.1



$

1,565.4



$

(35.3)



(2.3)

%



$

19.5



(3.5)

%

Used vehicle retail sales

1,199.9



857.6



342.3



39.9

%



18.8



37.7

%

Used vehicle wholesale sales

105.0



85.5



19.5



22.8

%



2.3



20.1

%

  Total used

1,304.9



943.1



361.8



38.4

%



21.1



36.1

%

Parts and service sales

416.6



368.8



47.8



13.0

%



3.9



11.9

%

F&I, net

145.1



128.1



17.0



13.3

%



1.0



12.5

%

  Total revenues

$

3,396.7



$

3,005.4



$

391.2



13.0

%



$

45.5



11.5

%

Gross profit:













New vehicle retail sales

$

163.8



$

98.3



$

65.4



66.6

%



$

1.4



65.1

%

Used vehicle retail sales

94.6



70.5



24.1



34.2

%



1.4



32.2

%

Used vehicle wholesale sales

7.3



5.9



1.4



23.3

%



0.3



18.8

%

  Total used

101.8



76.4



25.5



33.3

%



1.7



31.2

%

Parts and service sales

225.1



202.3



22.7



11.2

%



2.3



10.1

%

F&I, net

145.1



128.1



17.0



13.3

%



1.0



12.5

%

  Total gross profit

$

635.8



$

505.1



$

130.6



25.9

%



$

6.3



24.6

%

Gross margin:













New vehicle retail sales

10.7

%


6.3

%


4.4

%








Used vehicle retail sales

7.9

%


8.2

%


(0.3)

%








Used vehicle wholesale sales

6.9

%


6.9

%


%








  Total used

7.8

%


8.1

%


(0.3)

%








Parts and service sales

54.0

%


54.9

%


(0.8)

%








  Total gross margin

18.7

%


16.8

%


1.9

%








Units sold:













Retail new vehicles sold

33,795



39,431



(5,636)



(14.3)

%






Retail used vehicles sold

41,219



37,819



3,400



9.0

%






Wholesale used vehicles sold

10,581



11,415



(834)



(7.3)

%






  Total used

51,800



49,234



2,566



5.2

%






Average sales price per unit sold:













New vehicle retail

$

45,275



$

39,700



$

5,575



14.0

%



$

578



12.6

%

Used vehicle retail

$

29,110



$

22,676



$

6,433



28.4

%



$

455



26.4

%

Gross profit per unit sold:













New vehicle retail sales

$

4,846



$

2,493



$

2,352



94.3

%



$

41



92.7

%

Used vehicle retail sales

$

2,294



$

1,863



$

431



23.1

%



$

34



21.3

%

Used vehicle wholesale sales

$

687



$

516



$

171



33.1

%



$

25



28.1

%

  Total used

$

1,966



$

1,551



$

415



26.7

%



$

32



24.7

%

F&I PRU

$

1,934



$

1,658



$

276



16.6

%



$

13



15.9

%

Other:













SG&A expenses

$

372.2



$

300.7



$

71.5



23.8

%



$

3.9



22.5

%

Adjusted SG&A expenses (1)

$

371.0



$

300.7



$

70.3



23.4

%



$

3.9



22.1

%

SG&A as % gross profit

58.5

%


59.5

%


(1.0)

%








Adjusted SG&A as % gross profit (1)

58.4

%


59.5

%


(1.2)

%








Operating margin %

7.1

%


6.2

%


1.0

%








Adjusted operating margin % (1)

7.2

%


6.2

%


1.1

%









(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)






Nine Months Ended September 30,



2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

4,910.5



$

3,947.3



$

963.2



24.4

%



$

55.0



23.0

%

Used vehicle retail sales

3,286.3



2,260.6



1,025.7



45.4

%



55.4



42.9

%

Used vehicle wholesale sales

281.0



219.3



61.7



28.1

%



6.6



25.1

%

  Total used

3,567.3



2,479.9



1,087.4



43.8

%



62.0



41.3

%

Parts and service sales

1,160.2



1,011.4



148.8



14.7

%



9.9



13.7

%

F&I, net

432.0



335.1



96.9



28.9

%



2.8



28.1

%

  Total revenues

$

10,070.0



$

7,773.7



$

2,296.3



29.5

%



$

130.5



27.9

%

Gross profit:













New vehicle retail sales

$

426.5



$

223.5



$

202.9



90.8

%



$

3.2



89.3

%

Used vehicle retail sales

262.0



158.1



103.9



65.7

%



3.6



63.4

%

Used vehicle wholesale sales

20.2



8.9



11.3



126.8

%



0.4



122.0

%

  Total used

282.2



167.0



115.2



68.9

%



4.0



66.6

%

Parts and service sales

638.0



545.1



92.9



17.0

%



6.4



15.9

%

F&I, net

432.0



335.1



96.9



28.9

%



2.8



28.1

%

  Total gross profit

$

1,778.7



$

1,270.8



$

507.9



40.0

%



$

16.4



38.7

%

Gross margin:













New vehicle retail sales

8.7

%


5.7

%


3.0

%








Used vehicle retail sales

8.0

%


7.0

%


1.0

%








Used vehicle wholesale sales

7.2

%


4.1

%


3.1

%








  Total used

7.9

%


6.7

%


1.2

%








Parts and service sales

55.0

%


53.9

%


1.1

%








  Total gross margin

17.7

%


16.3

%


1.3

%








Units sold:













Retail new vehicles sold

113,055



100,629



12,426



12.3

%






Retail used vehicles sold

123,905



104,166



19,739



18.9

%






Wholesale used vehicles sold

31,226



30,553



673



2.2

%






  Total used

155,131



134,719



20,412



15.2

%






Average sales price per unit sold:













New vehicle retail

$

43,434



$

39,226



$

4,208



10.7

%



$

486



9.5

%

Used vehicle retail

$

26,523



$

21,702



$

4,821



22.2

%



$

447



20.2

%

Gross profit per unit sold:













New vehicle retail sales

$

3,772



$

2,221



$

1,551



69.8

%



$

28



68.5

%

Used vehicle retail sales

$

2,115



$

1,518



$

596



39.3

%



$

29



37.4

%

Used vehicle wholesale sales

$

647



$

291



$

355



121.9

%



$

14



117.2

%

  Total used

$

1,819



$

1,240



$

579



46.7

%



$

26



44.6

%

F&I PRU

$

1,823



$

1,636



$

187



11.4

%



$

12



10.7

%

Other:













SG&A expenses

$

1,061.8



$

856.1



$

205.7



24.0

%



$

10.9



22.8

%

Adjusted SG&A expenses (1)

$

1,059.4



$

843.5



$

215.9



25.6

%



$

10.8



24.3

%

SG&A as % gross profit

59.7

%


67.4

%


(7.7)

%








Adjusted SG&A as % gross profit (1)

59.6

%


66.4

%


(6.8)

%








Operating margin %

6.5

%


4.3

%


2.2

%








Adjusted operating margin % (1)

6.6

%


4.8

%


1.8

%









(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.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended September 30,


2021


2020


Increase/(Decrease)


% Change

Revenues:








New vehicle retail sales

$

1,191.1



$

1,158.8



$

32.3



2.8

%

Used vehicle retail sales

894.3



600.7



293.6



48.9

%

Used vehicle wholesale sales

67.2



43.8



23.5



53.7

%

  Total used

961.5



644.4



317.1



49.2

%

Parts and service sales

349.6



302.8



46.8



15.5

%

F&I, net

129.0



111.8



17.3



15.5

%

  Total revenues

$

2,631.3



$

2,217.8



$

413.5



18.6

%

Gross profit:








New vehicle retail sales

$

138.0



$

79.0



$

59.1



74.8

%

Used vehicle retail sales

71.5



52.4



19.2



36.6

%

Used vehicle wholesale sales

3.0



3.7



(0.7)



(18.8)

%

  Total used

74.5



56.1



18.5



33.0

%

Parts and service sales

186.0



164.0



21.9



13.4

%

F&I, net

129.0



111.8



17.3



15.5

%

  Total gross profit

$

527.6



$

410.8



$

116.7



28.4

%

Gross margin:








New vehicle retail sales

11.6

%


6.8

%


4.8

%



Used vehicle retail sales

8.0

%


8.7

%


(0.7)

%



Used vehicle wholesale sales

4.5

%


8.4

%


(4.0)

%



  Total used

7.8

%


8.7

%


(0.9)

%



Parts and service sales

53.2

%


54.2

%


(1.0)

%



  Total gross margin

20.0

%


18.5

%


1.5

%



Units sold:








Retail new vehicles sold

25,522



27,626



(2,104)



(7.6)

%

Retail used vehicles sold

31,366



27,299



4,067



14.9

%

Wholesale used vehicles sold

6,611



6,076



535



8.8

%

  Total used

37,977



33,375



4,602



13.8

%

Average sales price per unit sold:








New vehicle retail

$

46,670



$

41,947



$

4,723



11.3

%

Used vehicle retail

$

28,512



$

22,003



$

6,509



29.6

%

Gross profit per unit sold:








New vehicle retail sales

$

5,409



$

2,858



$

2,551



89.2

%

Used vehicle retail sales

$

2,280



$

1,918



$

362



18.9

%

Used vehicle wholesale sales

$

454



$

608



$

(154)



(25.4)

%

  Total used

$

1,962



$

1,679



$

283



16.8

%

F&I PRU

$

2,268



$

2,035



$

234



11.5

%

Other:








SG&A expenses

$

304.5



$

241.6



$

62.9



26.0

%

Adjusted SG&A expenses (1)

$

303.9



$

241.6



$

62.3



25.8

%

SG&A as % gross profit

57.7

%


58.8

%


(1.1)

%



Adjusted SG&A as % gross profit (1)

57.6

%


58.8

%


(1.2)

%




(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,


2021


2020


Increase/(Decrease)


% Change

Revenues:








New vehicle retail sales

$

3,923.4



$

3,042.0



$

881.4



29.0

%

Used vehicle retail sales

2,466.2



1,696.7



769.5



45.4

%

Used vehicle wholesale sales

178.2



119.8



58.4



48.8

%

  Total used

2,644.4



1,816.5



827.9



45.6

%

Parts and service sales

974.3



855.8



118.5



13.8

%

F&I, net

386.9



297.0



89.9



30.3

%

  Total revenues

$

7,929.1



$

6,011.4



$

1,917.7



31.9

%

Gross profit:








New vehicle retail sales

$

359.0



$

181.5



$

177.6



97.8

%

Used vehicle retail sales

207.9



124.6



83.3



66.8

%

Used vehicle wholesale sales

13.1



6.1



7.0



115.2

%

  Total used

221.1



130.7



90.3



69.1

%

Parts and service sales

530.3



459.7



70.6



15.4

%

F&I, net

386.9



297.0



89.9



30.3

%

  Total gross profit

$

1,497.3



$

1,068.9



$

428.4



40.1

%

Gross margin:








New vehicle retail sales

9.2

%


6.0

%


3.2

%



Used vehicle retail sales

8.4

%


7.3

%


1.1

%



Used vehicle wholesale sales

7.4

%


5.1

%


2.3

%



  Total used

8.4

%


7.2

%


1.2

%



Parts and service sales

54.4

%


53.7

%


0.7

%



  Total gross margin

18.9

%


17.8

%


1.1

%



Units sold:








Retail new vehicles sold

88,233



73,528



14,705



20.0

%

Retail used vehicles sold

95,456



80,270



15,186



18.9

%

Wholesale used vehicles sold

19,538



18,057



1,481



8.2

%

  Total used

114,994



98,327



16,667



17.0

%

Average sales price per unit sold:








New vehicle retail

$

44,467



$

41,372



$

3,094



7.5

%

Used vehicle retail

$

25,836



$

21,138



$

4,698



22.2

%

Gross profit per unit sold:








New vehicle retail sales

$

4,069



$

2,468



$

1,601



64.9

%

Used vehicle retail sales

$

2,178



$

1,553



$

625



40.3

%

Used vehicle wholesale sales

$

673



$

338



$

334



98.9

%

  Total used

$

1,922



$

1,330



$

593



44.6

%

F&I PRU

$

2,106



$

1,931



$

175



9.1

%

Other:








SG&A expenses

$

875.9



$

695.8



$

180.2



25.9

%

Adjusted SG&A expenses (1)

$

874.1



$

685.2



$

188.9



27.6

%

SG&A as % gross profit

58.5

%


65.1

%


(6.6)

%



Adjusted SG&A as % gross profit (1)

58.4

%


64.1

%


(5.7)

%




(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)















Three Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

276.6



$

374.7



$

(98.1)



(26.2)

%



$

17.9



(31.0)

%

Used vehicle retail sales

287.6



246.0



41.6



16.9

%



18.3



9.5

%

Used vehicle wholesale sales

34.5



39.3



(4.9)



(12.4)

%



2.2



(18.0)

%

  Total used

322.1



285.4



36.7



12.9

%



20.5



5.7

%

Parts and service sales

55.9



58.1



(2.1)



(3.7)

%



3.6



(9.8)

%

F&I, net

14.4



15.3



(0.9)



(5.8)

%



0.9



(11.8)

%

  Total revenues

$

669.0



$

733.4



$

(64.4)



(8.8)

%



$

43.0



(14.6)

%

Gross profit:













New vehicle retail sales

$

19.5



$

16.7



$

2.8



16.8

%



$

1.2



9.4

%

Used vehicle retail sales

21.5



17.1



4.4



25.9

%



1.3



18.0

%

Used vehicle wholesale sales

4.0



2.0



2.0



101.1

%



0.3



88.0

%

  Total used

25.6



19.1



6.5



33.8

%



1.6



25.4

%

Parts and service sales

34.2



34.6



(0.4)



(1.2)

%



2.2



(7.5)

%

F&I, net

14.4



15.3



(0.9)



(5.8)

%



0.9



(11.8)

%

  Total gross profit

$

93.7



$

85.7



$

8.0



9.3

%



$

5.9



2.4

%

Gross margin:













New vehicle retail sales

7.1

%


4.5

%


2.6

%








Used vehicle retail sales

7.5

%


6.9

%


0.5

%








Used vehicle wholesale sales

11.7

%


5.1

%


6.6

%








  Total used

7.9

%


6.7

%


1.2

%








Parts and service sales

61.2

%


59.7

%


1.6

%








  Total gross margin

14.0

%


11.7

%


2.3

%








Units sold:













Retail new vehicles sold

6,512



10,605



(4,093)



(38.6)

%






Retail used vehicles sold

9,127



9,968



(841)



(8.4)

%






Wholesale used vehicles sold

3,669



5,057



(1,388)



(27.4)

%






  Total used

12,796



15,025



(2,229)



(14.8)

%






Average sales price per unit sold:













New vehicle retail

$

42,479



$

35,333



$

7,146



20.2

%



$

2,748



12.4

%

Used vehicle retail

$

31,513



$

24,681



$

6,831



27.7

%



$

2,006



19.6

%

Gross profit per unit sold:













New vehicle retail sales

$

3,000



$

1,577



$

1,423



90.3

%



$

190



78.2

%

Used vehicle retail sales

$

2,358



$

1,715



$

643



37.5

%



$

148



28.9

%

Used vehicle wholesale sales

$

1,099



$

396



$

703



NM




$

72



NM


  Total used

$

1,997



$

1,271



$

726



57.1

%



$

126



47.2

%

F&I PRU

$

919



$

742



$

177



23.9

%



$

58



16.0

%

Other:













SG&A expenses

$

58.9



$

52.2



$

6.8



12.9

%



$

3.7



5.8

%

Adjusted SG&A expenses (1)

$

58.4



$

52.2



$

6.2



11.9

%



$

3.7



4.8

%

SG&A as % gross profit

62.9

%


60.9

%


2.0

%








Adjusted SG&A as % gross profit (1)

62.3

%


60.9

%


1.4

%









(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.

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

840.8



$

796.1



$

44.7



5.6

%



$

67.9



(2.9)

%

Used vehicle retail sales

779.6



525.6



254.0



48.3

%



59.0



37.1

%

Used vehicle wholesale sales

94.7



90.3



4.4



4.9

%



7.1



(3.0)

%

  Total used

874.4



615.9



258.5



42.0

%



66.2



31.2

%

Parts and service sales

157.7



132.2



25.5



19.3

%



11.8



10.3

%

F&I, net

40.6



34.7



5.9



17.0

%



3.2



7.7

%

  Total revenues

$

1,913.5



$

1,578.9



$

334.6



21.2

%



$

149.8



11.7

%

Gross profit:













New vehicle retail sales

$

52.7



$

34.5



$

18.1



52.6

%



$

4.3



40.0

%

Used vehicle retail sales

50.5



31.0



19.5



62.8

%



3.8



50.6

%

Used vehicle wholesale sales

6.4



2.3



4.1



NM




0.5



NM


  Total used

56.9



33.3



23.6



70.9

%



4.3



58.0

%

Parts and service sales

95.5



75.1



20.3



27.1

%



7.2



17.5

%

F&I, net

40.6



34.7



5.9



17.0

%



3.2



7.7

%

  Total gross profit

$

245.7



$

177.7



$

68.0



38.3

%



$

19.0



27.6

%

Gross margin:













New vehicle retail sales

6.3

%


4.3

%


1.9

%








Used vehicle retail sales

6.5

%


5.9

%


0.6

%








Used vehicle wholesale sales

6.8

%


2.6

%


4.2

%








  Total used

6.5

%


5.4

%


1.1

%








Parts and service sales

60.5

%


56.8

%


3.7

%








  Total gross margin

12.8

%


11.3

%


1.6

%








Units sold:













Retail new vehicles sold

20,439



23,236



(2,797)



(12.0)

%






Retail used vehicles sold

26,707



21,890



4,817



22.0

%






Wholesale used vehicles sold

10,918



11,415



(497)



(4.4)

%






  Total used

37,625



33,305



4,320



13.0

%






Average sales price per unit sold:













New vehicle retail

$

41,137



$

34,262



$

6,875



20.1

%



$

3,322



10.4

%

Used vehicle retail

$

29,192



$

24,012



$

5,181



21.6

%



$

2,211



12.4

%

Gross profit per unit sold:













New vehicle retail sales

$

2,577



$

1,486



$

1,091



73.4

%



$

212



59.1

%

Used vehicle retail sales

$

1,890



$

1,416



$

474



33.5

%



$

142



23.4

%

Used vehicle wholesale sales

$

590



$

203



$

387



NM




$

43



NM


  Total used

$

1,513



$

1,001



$

513



51.2

%



$

113



39.9

%

F&I PRU

$

862



$

769



$

93



12.0

%



$

68



3.1

%

Other:













SG&A expenses

$

162.0



$

137.3



$

24.7



18.0

%



$

12.7



8.8

%

Adjusted SG&A expenses (1)

$

161.4



$

136.1



$

25.3



18.6

%



$

12.6



9.4

%

SG&A as % gross profit

65.9

%


77.3

%


(11.4)

%








Adjusted SG&A as % gross profit (1)

65.7

%


76.6

%


(10.9)

%









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

NM — Not Meaningful

 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

62.3



$

31.9



$

30.5



95.6

%



$

1.6



90.5

%

Used vehicle retail sales

18.0



10.9



7.0



64.6

%



0.5



60.3

%

Used vehicle wholesale sales

3.3



2.4



0.9



36.7

%



0.1



33.2

%

  Total used

21.3



13.4



7.9



59.5

%



0.6



55.3

%

Parts and service sales

11.1



7.9



3.2



39.9

%



0.3



36.2

%

F&I, net

1.7



1.1



0.6



54.5

%





50.1

%

  Total revenues

$

96.4



$

54.3



$

42.2



77.7

%



$

2.5



73.1

%

Gross profit:













New vehicle retail sales

$

6.2



$

2.6



$

3.5



134.6

%



$

0.2



128.6

%

Used vehicle retail sales

1.5



1.0



0.5



49.4

%





45.2

%

Used vehicle wholesale sales

0.2



0.2





21.5

%





18.1

%

  Total used

1.8



1.2



0.5



44.9

%





40.9

%

Parts and service sales

4.9



3.7



1.2



33.4

%



0.1



29.7

%

F&I, net

1.7



1.1



0.6



54.5

%





50.1

%

  Total gross profit

$

14.5



$

8.6



$

5.9



68.7

%



$

0.4



64.1

%

Gross margin:













New vehicle retail sales

9.9

%


8.3

%


1.6

%








Used vehicle retail sales

8.4

%


9.3

%


(0.9)

%








Used vehicle wholesale sales

7.1

%


8.0

%


(0.9)

%








  Total used

8.2

%


9.1

%


(0.8)

%








Parts and service sales

43.9

%


46.1

%


(2.2)

%








  Total gross margin

15.0

%


15.8

%


(0.8)

%








Units sold:













Retail new vehicles sold

1,761



1,200



561



46.8

%






Retail used vehicles sold

726



552



174



31.5

%






Wholesale used vehicles sold

301



282



19



6.7

%






  Total used

1,027



834



193



23.1

%






Average sales price per unit sold:













New vehicle retail

$

35,394



$

26,558



$

8,836



33.3

%



$

924



29.8

%

Used vehicle retail

$

24,732



$

19,766



$

4,967



25.1

%



$

644



21.9

%

Gross profit per unit sold:













New vehicle retail sales

$

3,510



$

2,196



$

1,314



59.8

%



$

90



55.7

%

Used vehicle retail sales

$

2,090



$

1,840



$

250



13.6

%



$

58



10.4

%

Used vehicle wholesale sales

$

792



$

696



$

96



13.8

%



$

22



10.7

%

  Total used

$

1,709



$

1,453



$

256



17.6

%



$

47



14.4

%

F&I PRU

$

675



$

621



$

55



8.9

%



$

19



5.7

%

Other:













SG&A expenses

$

8.8



$

6.9



$

1.9



27.7

%



$

0.2



24.2

%

SG&A as % gross profit

60.4

%


79.8

%


(19.4)

%








 

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Nine Months Ended September 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

146.3



$

109.1



$

37.1



34.0

%



$

(12.9)



45.9

%

Used vehicle retail sales

40.5



38.3



2.2



5.7

%



(3.7)



15.2

%

Used vehicle wholesale sales

8.0



9.2



(1.2)



(12.8)

%



(0.5)



(7.0)

%

  Total used

48.4



47.4



1.0



2.1

%



(4.2)



10.9

%

Parts and service sales

28.2



23.4



4.8



20.5

%



(1.9)



28.6

%

F&I, net

4.4



3.4



1.1



31.1

%



(0.4)



42.8

%

  Total revenues

$

227.3



$

183.4



$

44.0



24.0

%



$

(19.4)



34.5

%

Gross profit:













New vehicle retail sales

$

14.8



$

7.5



$

7.2



95.9

%



$

(1.1)



111.0

%

Used vehicle retail sales

3.6



2.5



1.1



44.5

%



(0.2)



54.5

%

Used vehicle wholesale sales

0.6



0.5



0.1



26.5

%





34.7

%

  Total used

4.2



3.0



1.2



41.6

%



(0.3)



51.3

%

Parts and service sales

12.3



10.3



1.9



18.8

%



(0.8)



26.8

%

F&I, net

4.4



3.4



1.1



31.1

%



(0.4)



42.8

%

  Total gross profit

$

35.7



$

24.2



$

11.5



47.3

%



$

(2.6)



58.1

%

Gross margin:













New vehicle retail sales

10.1

%


6.9

%


3.2

%








Used vehicle retail sales

8.9

%


6.5

%


2.4

%








Used vehicle wholesale sales

7.6

%


5.2

%


2.4

%








  Total used

8.7

%


6.3

%


2.4

%








Parts and service sales

43.5

%


44.1

%


(0.6)

%








  Total gross margin

15.7

%


13.2

%


2.5

%








Units sold:













Retail new vehicles sold

4,383



3,865



518



13.4

%






Retail used vehicles sold

1,742



2,006



(264)



(13.2)

%






Wholesale used vehicles sold

770



1,081



(311)



(28.8)

%






  Total used

2,512



3,087



(575)



(18.6)

%






Average sales price per unit sold:













New vehicle retail

$

33,370



$

28,238



$

5,133



18.2

%



$

(2,947)



28.6

%

Used vehicle retail

$

23,222



$

19,086



$

4,136



21.7

%



$

(2,107)



32.7

%

Gross profit per unit sold:













New vehicle retail sales

$

3,368



$

1,950



$

1,419



72.8

%



$

(260)



86.1

%

Used vehicle retail sales

$

2,070



$

1,244



$

826



66.4

%



$

(143)



77.9

%

Used vehicle wholesale sales

$

789



$

444



$

345



77.6

%



$

(51)



89.1

%

  Total used

$

1,677



$

964



$

713



74.0

%



$

(115)



85.9

%

F&I PRU

$

724



$

576



$

148



25.7

%



$

(64)



36.9

%

Other:













SG&A expenses

$

23.9



$

23.0



$

0.9



3.7

%



$

(1.8)



11.4

%

Adjusted SG&A expenses (1)

$

23.9



$

22.1



$

1.7



7.8

%



$

(1.8)



15.8

%

SG&A as % gross profit

66.9

%


95.1

%


(28.1)

%








Adjusted SG&A as % gross profit (1)

66.9

%


91.4

%


(24.5)

%









(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.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended September 30, 2021



U.S. GAAP


Non-cash

gain on interest rate swaps


Catastrophic events


Acquisition costs


Legal

matters


 Asset impairments


Loss on extinguishment of debt


Non-GAAP adjusted

SG&A expenses


$

385.1



$



$

(0.6)



$

(4.3)



$

3.7



$



$



$

383.9


Asset impairments


$

1.7



$



$



$



$



$

(1.7)



$



$


Income (loss) from operations


$

246.8



$



$

0.6



$

4.3



$

(3.7)



$

1.7



$



$

249.7


Floorplan interest expense


$

4.8



$

0.9



$



$



$



$



$



$

5.7


Loss on extinguishment of debt


$

3.8



$



$



$



$



$



$

(3.8)



$



















Income (loss) before income taxes


$

225.0



$

(0.9)



$

0.6



$

4.3



$

(3.7)



$

1.7



$

3.8



$

230.9


Less: Provision (benefit) for income taxes


52.9



(0.2)



0.1



0.9



(0.8)



0.4





53.4


Net income (loss)


172.1



(0.7)



0.4



3.4



(2.9)



1.3



3.8



177.5


Less: Earnings (loss) allocated to participating securities


5.7







0.1



(0.1)





0.1



5.9


Net income (loss) available to diluted common shares


$

166.4



$

(0.7)



$

0.4



$

3.3



$

(2.8)



$

1.3



$

3.7



$

171.7



















Diluted income (loss) per common share


$

9.33



$

(0.04)



$

0.02



$

0.18



$

(0.16)



$

0.07



$

0.21



$

9.62



















Effective tax rate


23.5

%














23.1

%


















SG&A as % gross profit (1)


59.0

%














58.8

%

Operating margin (2)


7.0

%














7.1

%

Pretax margin (3)


6.4

%














6.6

%


















Same Store SG&A expenses


$

372.2



$



$

(0.6)



$

(4.3)



$

3.7



$



$



$

371.0


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


58.5

%














58.4

%


















Same Store income (loss) from operations


$

242.8



$



$

0.6



$

4.3



$

(3.7)



$

1.7



$



$

245.7


Same Store operating margin (2)


7.1

%














7.2

%


(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, asset impairment charges, a non-cash gain on interest rate swaps and 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, 2020



U.S. GAAP


Loss on

extinguishment of

debt


Non-GAAP

adjusted

Loss on extinguishment of debt


$

3.3



$

(3.3)



$









Income before income taxes


$

161.0



$

3.3



$

164.3


Less: Provision for income taxes


34.6



0.8



35.3


Net income


126.4



2.6



129.0


Less: Earnings allocated to participating securities


4.5



0.1



4.6


Net income available to diluted common shares


$

121.9



$

2.6



$

124.4









Diluted income 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 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, 2021



U.S. GAAP


Non-cash loss on interest

rate swaps


Catastrophic events


Dealership and real estate transactions


Acquisition costs


Legal

matters


Asset impairments


Tax rate changes


Loss on extinguishment of debt


Non-GAAP adjusted

SG&A expenses


$

1,080.3



$



$

(2.8)



$

1.1



$

(4.3)



$

4.7



$



$



$



$

1,078.9


Asset impairments


$

1.7



$



$



$



$



$



$

(1.7)



$



$



$


Income (loss) from operations


$

665.3



$



$

2.8



$

(1.1)



$

4.3



$

(4.7)



$

1.7



$



$



$

668.3


Floorplan interest expense


$

21.2



$

(1.4)



$



$



$



$



$



$



$



$

19.7


Loss on extinguishment of debt


$

3.8



$



$



$



$



$



$



$



$

(3.8)



$























Income (loss) before income taxes


$

599.6



$

1.4



$

2.8



$

(1.1)



$

4.3



$

(4.7)



$

1.7



$



$

3.8



$

608.0


Less: Provision (benefit) for income taxes


134.6



0.3



0.6



(0.3)



0.9



(1.0)



0.4



1.9





137.5


Net income (loss)


465.0



1.1



2.2



(0.8)




3.4



(3.7)



1.3



(1.9)



3.8



470.4


Less: Earnings (loss) allocated to participating securities


15.6





0.1





0.1



(0.1)





(0.1)



0.1



15.8


Net income (loss) available to diluted common shares


$

449.4



$

1.1



$

2.1



$

(0.8)



$

3.3



$

(3.5)



$

1.3



$

(1.8)



$

3.7



$

454.6























Diluted income (loss) per common share


$

25.21



$

0.06



$

0.12



$

(0.05)



$

0.18



$

(0.20)



$

0.07



$

(0.10)



$

0.21



$

25.50























Effective tax rate


22.4

%


















22.6

%






















SG&A as % gross profit (1)


59.8

%


















59.8

%

Operating margin (2)


6.5

%


















6.5

%

Pretax margin (3)


5.9

%


















5.9

%






















Same Store SG&A expenses


$

1,061.8



$



$

(2.8)



$



$

(4.3)



$

4.7



$



$



$



$

1,059.4


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


59.7

%


















59.6

%






















Same Store income (loss) from operations


$

658.3



$



$

2.8



$



$

4.3



$

(4.7)



$

1.7



$



$



$

662.5


Same Store operating margin (2)


6.5

%


















6.6

%


(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, asset impairment charges, a non-cash loss on interest rate swaps and 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, 2020



U.S. GAAP


Severance costs


Out-of-period adjustment


Asset impairments


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 from operations


$

336.0



$

2.1



$

10.6



$

23.8



$



$

372.5


Loss on extinguishment of debt


$

13.7



$



$



$



$

(13.7)



$















Income before income taxes


$

242.2



$

2.1



$

10.6



$

23.8



$

13.7



$

292.4


Less: Provision for income taxes


55.8



0.3



0.8



3.3



3.0



63.3


Net income


186.4



1.8



9.7



20.6



10.7



229.2


Less: Earnings allocated to participating securities


6.7



0.1



0.4



0.7



0.4



8.2


Net income available to diluted common shares


$

179.7



$

1.7



$

9.4



$

19.8



$

10.3



$

220.9















Diluted income 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


$

856.1



$

(2.1)



$

(10.6)



$



$



$

843.5


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


67.4

%










66.4

%














Same Store income from operations


$

335.6



$

2.1



$

10.6



$

23.8



$



$

372.1


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 and asset impairment charges, as well as loss on extinguishment of debt.

 

 

Group 1 Automotive, Inc.

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

(Unaudited)

(In millions)






Three Months Ended September 30, 2021



U.S. GAAP


Catastrophic

events


Acquisition

costs


Legal

settlements


Non-GAAP

adjusted

SG&A expenses


$

308.7



$

(0.6)



$

(3.8)



$

3.7



$

308.1


SG&A as % gross profit (1)


57.7

%








57.6

%












Same Store SG&A expenses


$

304.5



$

(0.6)



$

(3.8)



$

3.7



$

303.9


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


57.7

%








57.6

%

 

 



Nine Months Ended September 30, 2021



U.S. GAAP


Catastrophic events


Dealership

and real estate

transactions


Acquisition

costs


Legal matters


Non-GAAP

adjusted

SG&A expenses


$

883.0



$

(2.8)



$

1.7



$

(3.8)



$

4.7



$

882.8


SG&A as % gross profit (1)


58.4

%










58.4

%














Same Store SG&A expenses


$

875.9



$

(2.8)



$



$

(3.8)



$

4.7



$

874.1


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


58.5

%










58.4

%

 

 



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


$

695.8



$

(10.6)



$

685.2


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


65.1

%




64.1

%


(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 September 30, 2021



U.S. GAAP


Acquisition costs


Non-GAAP

Adjusted

SG&A expenses


$

67.6



$

(0.6)



$

67.0


SG&A as % gross profit (1)


65.2

%




64.6

%








Same Store SG&A expenses


$

58.9



$

(0.6)



$

58.4


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


62.9

%




62.3

%

 

 



Nine Months Ended September 30, 2021



U.S. GAAP


Dealership

and real estate

transactions


Acquisition

costs


Non-GAAP

Adjusted

SG&A expenses


$

173.3



$

(0.6)



$

(0.6)



$

172.1


SG&A as % gross profit (1)


67.1

%






66.7

%










Same Store SG&A expenses


$

162.0



$



$

(0.6)



$

161.4


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


65.9

%






65.7

%

 

 



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


$

137.3



$

(1.2)



$

136.1


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


77.3

%




76.6

%


(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

%


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

 

Cision View original content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-third-quarter-2021-financial-results-301410401.html

SOURCE Group 1 Automotive, Inc.