– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
HOUSTON, April 27, 2022 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 202 dealerships located in the U.S. and U.K., today reported record first quarter 2022 financial results.
Current Quarter Results Overview — Continuing and Discontinued Operations
First quarter 2022 ("current quarter") net income was $202.9 million. Current quarter adjusted net income (a non-GAAP measure) was $186.4 million.
Current quarter diluted earnings per common share was $11.88. Current quarter adjusted diluted earnings per common share (a non-GAAP measure) was $10.92.
"Our record profit performance this quarter was the result of continued strong consumer demand and outstanding operational performance across all business segments in the U.S. and U.K. Our 2021 acquisitions, especially the Prime Auto Group, performed far above our expectations in the first quarter and our U.K. operations achieved an all-time profit record. Service growth and cost leverage were noteworthy in both the U.S. and U.K. with U.S. service growth of 18.6% over last year on a same store basis and consolidated adjusted SG&A down 381 bps over last year. We expect our strong vehicle sales margins to continue this year in both markets as new vehicle supply is expected to remain constrained for the remainder of this year," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer.
Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables.
Current Quarter Results Overview — Continuing Operations
Current quarter total revenues were an all-time record of $3.8 billion, a 30.1% increase compared to total revenues of $3.0 billion for the first quarter of 2021 ("prior year quarter").
Current quarter net income from continuing operations was an all-time record of $201.1 million, a 99.3% increase compared to net income from continuing operations of $100.9 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $184.6 million, an 81.6% increase compared to adjusted net income from continuing operations of $101.7 million for the prior year quarter.
Current quarter diluted earnings per common share from continuing operations was an all-time record of $11.78, a 115.3% increase over diluted earnings per common share from continuing operations of $5.47 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was also an all-time record of $10.81, a 96.2% increase over adjusted diluted earnings per common share from continuing operations of $5.51 for the prior year quarter. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.11 and $0.06, respectively.
First Quarter 2022 Key Performance Metrics (year-over-year comparable period basis) |
Consolidated |
Same Store (a non-GAAP |
||
Reported: |
1Q22 |
Change |
1Q22 |
Change |
Total revenues |
$3.8B |
+30.1% |
$3.2B |
+11.0% |
Total gross profit ("GP") |
$724.7M |
+50.6% |
$606.9M |
+27.8% |
New Vehicle ("NV") Gross Margin ("GM") |
11.5% |
+5.2% |
11.4% |
+5.0% |
NV units sold |
36,733 |
+2.9% |
30,260 |
(14.2)% |
NV GP per retail unit ("PRU") |
$5,479 |
+104.4% |
$5,407 |
+101.5% |
Used vehicle ("UV") GM |
6.5% |
(0.1)% |
6.4% |
(0.2)% |
UV retail units sold |
43,806 |
+16.7% |
37,415 |
+0.9% |
UV retail GP PRU |
$2,005 |
+28.7% |
$1,975 |
+26.4% |
Parts & service ("P&S") GP |
$259.8M |
+31.4% |
$218.9M |
+12.4% |
P&S GM |
54.9% |
(1.1)% |
54.0% |
(2.0)% |
Finance and Insurance ("F&I") revenues |
$173.0M |
+37.7% |
$148.7M |
+20.0% |
F&I GP PRU |
$2,148 |
+25.2% |
$2,197 |
+28.3% |
Selling, General and Administrative ("SG&A") expenses as a % of GP |
57.7% |
(695) bps |
60.5% |
(406) bps |
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP |
60.7% |
(381) bps |
60.5% |
(380) bps |
Corporate Development
In March 2022, the Company acquired Toyota of North Austin, which is ranked in the top 20 nationally in Toyota new vehicle volume. The dealership is expected to generate $435.0 million in annualized revenues. In April 2022, the Company acquired a Toyota dealership in New Mexico, which is expected to generate $115.0 million in annualized revenues, bringing year-to-date total acquired expected revenues for the Company to $550.0 million.
"The acquisition of these two large Toyota dealerships in growing markets where we already operate is a major growth opportunity for our U.S. operations. We can integrate and leverage these new businesses immediately," said Daryl A. Kenningham, Group 1's President of U.S. Operations.
In February 2022, the Company disposed of one Honda and one Toyota dealership in the New England area. These stores generated approximately $125.0 million in annualized revenues.
The Company also announced the pending sale of its Brazilian operations in November 2021. This sale is expected to close in the second quarter of 2022.
Share Repurchase
During the current quarter, the Company repurchased 638,696 shares, representing approximately 4.0% of the Company's current quarter beginning outstanding common shares, at an average price per common share of $180.30, for a total of $115.2 million. The Company has $103.3 million remaining on its Board authorized common share repurchase program. As of March 31, 2022, the Company had an aggregate 16.7 million outstanding common shares and unvested restricted stock awards. Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.
First Quarter 2022 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the first quarter 2022 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:
Domestic: International: Conference ID: |
1-888-317-6003 1-412-317-6061 9657751 |
A telephonic replay will be available following the call through May 4, 2022, by dialing:
Domestic: International: Replay ID: |
1-877-344-7529 1-412-317-0088 |
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 202 automotive dealerships, 268 franchises, and 46 collision centers in the United States and the United Kingdom that offer 34 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 on our business, (j) the impacts of any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, (m) our ability to successfully integrate recent and future acquisitions, and (n) the impacts on our business resulting from Russia's military action in Ukraine and the imposition of sanctions on Russia. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
Investor contacts:Jason BabbittVice President, TreasurerGroup 1 Automotive, Inc.713-647-5759 | [email protected]
Media contacts:Pete DeLongchampsSenior Vice President, Manufacturer Relations, Financial Services and Public AffairsGroup 1 Automotive, Inc.713-647-5770 | [email protected]orClint WoodsPierpont Communications, Inc.713-627-2223 | [email protected]
Group 1 Automotive, Inc. |
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(Unaudited) |
||||||||
(In millions, except per share data) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
Increase/ |
% Change |
|||||
REVENUES: |
||||||||
New vehicle retail sales |
$ 1,745.1 |
$ 1,509.2 |
$ 235.9 |
15.6 % |
||||
Used vehicle retail sales |
1,359.9 |
888.1 |
471.8 |
53.1 % |
||||
Used vehicle wholesale sales |
93.5 |
78.2 |
15.2 |
19.5 % |
||||
Parts and service sales |
472.9 |
352.8 |
120.1 |
34.0 % |
||||
Finance, insurance and other, net |
173.0 |
125.6 |
47.4 |
37.7 % |
||||
Total revenues |
3,844.4 |
2,953.9 |
890.4 |
30.1 % |
||||
COST OF SALES: |
||||||||
New vehicle retail sales |
1,543.9 |
1,413.6 |
130.3 |
9.2 % |
||||
Used vehicle retail sales |
1,272.0 |
829.6 |
442.4 |
53.3 % |
||||
Used vehicle wholesale sales |
90.6 |
74.5 |
16.2 |
21.7 % |
||||
Parts and service sales |
213.1 |
155.0 |
58.0 |
37.4 % |
||||
Total cost of sales |
3,119.7 |
2,472.7 |
647.0 |
26.2 % |
||||
GROSS PROFIT |
724.7 |
481.3 |
243.4 |
50.6 % |
||||
Selling, general and administrative expenses |
418.5 |
311.4 |
107.1 |
34.4 % |
||||
Depreciation and amortization expense |
21.2 |
19.2 |
2.0 |
10.3 % |
||||
INCOME FROM OPERATIONS |
285.0 |
150.7 |
134.3 |
89.1 % |
||||
Floorplan interest expense |
5.3 |
7.5 |
(2.2) |
(29.9) % |
||||
Other interest expense, net |
17.4 |
13.2 |
4.3 |
32.5 % |
||||
INCOME BEFORE INCOME TAXES |
262.3 |
130.0 |
132.3 |
101.8 % |
||||
Provision for income taxes |
61.2 |
29.1 |
32.1 |
110.4 % |
||||
Net income from continuing operations |
201.1 |
100.9 |
100.2 |
99.3 % |
||||
Net income from discontinued operations |
1.8 |
1.0 |
0.8 |
77.9 % |
||||
NET INCOME |
$ 202.9 |
$ 101.9 |
$ 101.0 |
99.1 % |
||||
Less: Earnings allocated to participating securities |
5.9 |
3.5 |
2.4 |
69.6 % |
||||
Net income available to diluted common shares |
$ 197.1 |
$ 98.5 |
$ 98.6 |
100.1 % |
||||
Diluted earnings per share from continuing operations |
$ 11.78 |
$ 5.47 |
$ 6.31 |
115.3 % |
||||
Diluted earnings per share from discontinued operations |
$ 0.11 |
$ 0.06 |
$ 0.05 |
92.2 % |
||||
DILUTED EARNINGS PER SHARE |
$ 11.88 |
$ 5.52 |
$ 6.36 |
115.0 % |
||||
Weighted average dilutive common shares outstanding |
16.6 |
17.8 |
(1.2) |
(6.9) % |
||||
Weighted average participating securities |
0.5 |
0.6 |
(0.1) |
(21.4) % |
||||
Total weighted average shares |
17.1 |
18.5 |
(1.4) |
(7.4) % |
||||
Effective tax rate on continuing operations |
23.3 % |
22.4 % |
1.0 % |
|||||
Group 1 Automotive, Inc. |
||||||||
Additional Information — Consolidated |
||||||||
(Unaudited) |
||||||||
March 31, 2022 |
December 31, 2021 |
Increase/(Decrease) |
% Change |
|||||
SELECTED BALANCE SHEET INFORMATION: |
||||||||
(In millions) |
||||||||
Cash and cash equivalents |
$ 16.6 |
$ 14.9 |
$ 1.7 |
11.1 % |
||||
Inventories, net |
$ 1,096.4 |
$ 1,073.1 |
$ 23.3 |
2.2 % |
||||
Floorplan notes payable, net (1) |
$ 704.7 |
$ 531.0 |
$ 173.7 |
32.7 % |
||||
Total debt |
$ 1,988.7 |
$ 2,035.7 |
$ (47.0) |
(2.3) % |
||||
Total equity |
$ 1,949.2 |
$ 1,825.2 |
$ 124.0 |
6.8 % |
||||
(1) Amounts are net of offset accounts of $199.6 and $271.9, respectively. |
||||||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: |
||||
United States |
80.3 % |
81.7 % |
||
United Kingdom |
19.7 % |
18.3 % |
||
NEW VEHICLE UNIT SALES BRAND MIX: |
||||
Toyota/Lexus |
23.0 % |
25.8 % |
||
Volkswagen/Audi/Porsche/SEAT/SKODA |
15.3 % |
14.7 % |
||
BMW/MINI |
13.1 % |
10.1 % |
||
Ford/Lincoln |
8.2 % |
10.0 % |
||
Honda/Acura |
8.0 % |
8.6 % |
||
Chevrolet/GMC/Buick/Cadillac |
6.2 % |
7.4 % |
||
Mercedes-Benz/smart/Sprinter |
5.9 % |
5.2 % |
||
Chrysler/Dodge/Jeep/RAM |
5.2 % |
4.3 % |
||
Nissan |
4.6 % |
5.3 % |
||
Hyundai/Kia/Genesis |
4.3 % |
4.9 % |
||
Subaru |
3.0 % |
1.6 % |
||
Jaguar/Land Rover |
1.4 % |
2.1 % |
||
Mazda |
1.4 % |
— % |
||
Other |
0.3 % |
— % |
||
100.0 % |
100.0 % |
|||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
||||
DAYS' SUPPLY IN INVENTORY (1): |
||||||
Consolidated |
||||||
New vehicle inventory |
11 |
12 |
33 |
|||
Used vehicle inventory |
33 |
42 |
28 |
|||
U.S. |
||||||
New vehicle inventory |
9 |
9 |
34 |
|||
Used vehicle inventory |
28 |
36 |
23 |
|||
U.K. |
||||||
New vehicle inventory |
17 |
33 |
28 |
|||
Used vehicle inventory |
52 |
66 |
44 |
|||
(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period. |
||||||
Group 1 Automotive, Inc. |
||||||||||||
Reported Operating Data — Consolidated |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 1,745.1 |
$ 1,509.2 |
$ 235.9 |
15.6 % |
$ (11.1) |
16.4 % |
||||||
Used vehicle retail sales |
1,359.9 |
888.1 |
471.8 |
53.1 % |
(9.5) |
54.2 % |
||||||
Used vehicle wholesale sales |
93.5 |
78.2 |
15.2 |
19.5 % |
(1.0) |
20.8 % |
||||||
Total used |
1,453.4 |
966.3 |
487.0 |
50.4 % |
(10.5) |
51.5 % |
||||||
Parts and service sales |
472.9 |
352.8 |
120.1 |
34.0 % |
(1.9) |
34.6 % |
||||||
F&I, net |
173.0 |
125.6 |
47.4 |
37.7 % |
(0.6) |
38.2 % |
||||||
Total revenues |
$ 3,844.4 |
$ 2,953.9 |
$ 890.4 |
30.1 % |
$ (24.1) |
31.0 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 201.3 |
$ 95.7 |
$ 105.6 |
110.4 % |
$ (1.1) |
111.5 % |
||||||
Used vehicle retail sales |
87.8 |
58.5 |
29.4 |
50.2 % |
(0.6) |
51.1 % |
||||||
Used vehicle wholesale sales |
2.8 |
3.8 |
(0.9) |
(25.1) % |
— |
(25.6) % |
||||||
Total used |
90.7 |
62.3 |
28.4 |
45.6 % |
(0.5) |
46.5 % |
||||||
Parts and service sales |
259.8 |
197.7 |
62.1 |
31.4 % |
(1.2) |
32.0 % |
||||||
F&I, net |
173.0 |
125.6 |
47.4 |
37.7 % |
(0.6) |
38.2 % |
||||||
Total gross profit |
$ 724.7 |
$ 481.3 |
$ 243.4 |
50.6 % |
$ (3.4) |
51.3 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
11.5 % |
6.3 % |
5.2 % |
|||||||||
Used vehicle retail sales |
6.5 % |
6.6 % |
(0.1) % |
|||||||||
Used vehicle wholesale sales |
3.0 % |
4.8 % |
(1.8) % |
|||||||||
Total used |
6.2 % |
6.4 % |
(0.2) % |
|||||||||
Parts and service sales |
54.9 % |
56.1 % |
(1.1) % |
|||||||||
Total gross margin |
18.9 % |
16.3 % |
2.6 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
36,733 |
35,692 |
1,041 |
2.9 % |
||||||||
Retail used vehicles sold |
43,806 |
37,543 |
6,263 |
16.7 % |
||||||||
Wholesale used vehicles sold |
9,099 |
9,578 |
(479) |
(5.0) % |
||||||||
Total used |
52,905 |
47,121 |
5,784 |
12.3 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 47,509 |
$ 42,285 |
$ 5,224 |
12.4 % |
$ (301) |
13.1 % |
||||||
Used vehicle retail |
$ 31,043 |
$ 23,656 |
$ 7,387 |
31.2 % |
$ (217) |
32.1 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 5,479 |
$ 2,680 |
$ 2,799 |
104.4 % |
$ (30) |
105.5 % |
||||||
Used vehicle retail sales |
$ 2,005 |
$ 1,558 |
$ 447 |
28.7 % |
$ (13) |
29.5 % |
||||||
Used vehicle wholesale sales |
$ 310 |
$ 394 |
$ (83) |
(21.2) % |
$ 2 |
(21.7) % |
||||||
Total used |
$ 1,714 |
$ 1,321 |
$ 392 |
29.7 % |
$ (10) |
30.5 % |
||||||
F&I PRU |
$ 2,148 |
$ 1,715 |
$ 432 |
25.2 % |
$ (8) |
25.7 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 418.5 |
$ 311.4 |
$ 107.1 |
34.4 % |
$ (1.8) |
35.0 % |
||||||
Adjusted SG&A expenses (1) |
$ 439.8 |
$ 310.4 |
$ 129.4 |
41.7 % |
$ (1.9) |
42.3 % |
||||||
SG&A as % gross profit |
57.7 % |
64.7 % |
(6.9) % |
|||||||||
Adjusted SG&A as % gross profit (1) |
60.7 % |
64.5 % |
(3.8) % |
|||||||||
Operating margin % |
7.4 % |
5.1 % |
2.3 % |
|||||||||
Adjusted operating margin % (1) |
6.9 % |
5.1 % |
1.7 % |
|||||||||
Pretax margin % |
6.8 % |
4.4 % |
2.4 % |
|||||||||
Adjusted pretax margin % (1) |
6.3 % |
4.4 % |
1.8 % |
|||||||||
Floorplan expense: |
||||||||||||
Floorplan interest expense |
$ 5.3 |
$ 7.5 |
$ (2.2) |
(29.9) % |
$ — |
(29.3) % |
||||||
Less: Floorplan assistance (2) |
14.0 |
13.2 |
0.8 |
6.3 % |
— |
6.3 % |
||||||
Net floorplan expense |
$ (8.8) |
$ (5.7) |
$ (3.1) |
$ — |
||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
(2) |
Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
Group 1 Automotive, Inc. |
||||||||
Reported Operating Data — U.S. |
||||||||
(Unaudited) |
||||||||
(In millions, except unit data) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
Increase/ |
% Change |
|||||
Revenues: |
||||||||
New vehicle retail sales |
$ 1,433.1 |
$ 1,246.0 |
$ 187.1 |
15.0 % |
||||
Used vehicle retail sales |
1,037.9 |
696.5 |
341.4 |
49.0 % |
||||
Used vehicle wholesale sales |
57.2 |
50.4 |
6.8 |
13.5 % |
||||
Total used |
1,095.1 |
746.9 |
348.2 |
46.6 % |
||||
Parts and service sales |
408.4 |
296.3 |
112.1 |
37.8 % |
||||
F&I, net |
154.7 |
115.1 |
39.7 |
34.5 % |
||||
Total revenues |
$ 3,091.3 |
$ 2,404.3 |
$ 687.0 |
28.6 % |
||||
Gross profit: |
||||||||
New vehicle retail sales |
$ 173.3 |
$ 80.9 |
$ 92.5 |
114.3 % |
||||
Used vehicle retail sales |
68.7 |
50.3 |
18.3 |
36.5 % |
||||
Used vehicle wholesale sales |
3.2 |
3.9 |
(0.7) |
(17.5) % |
||||
Total used |
71.9 |
54.3 |
17.7 |
32.5 % |
||||
Parts and service sales |
221.0 |
165.1 |
55.9 |
33.8 % |
||||
F&I, net |
154.7 |
115.1 |
39.7 |
34.5 % |
||||
Total gross profit |
$ 620.9 |
$ 415.3 |
$ 205.6 |
49.5 % |
||||
Gross margin: |
||||||||
New vehicle retail sales |
12.1 % |
6.5 % |
5.6 % |
|||||
Used vehicle retail sales |
6.6 % |
7.2 % |
(0.6) % |
|||||
Used vehicle wholesale sales |
5.7 % |
7.8 % |
(2.1) % |
|||||
Total used |
6.6 % |
7.3 % |
(0.7) % |
|||||
Parts and service sales |
54.1 % |
55.7 % |
(1.6) % |
|||||
Total gross margin |
20.1 % |
17.3 % |
2.8 % |
|||||
Units sold: |
||||||||
Retail new vehicles sold |
29,498 |
29,152 |
346 |
1.2 % |
||||
Retail used vehicles sold |
33,940 |
30,431 |
3,509 |
11.5 % |
||||
Wholesale used vehicles sold |
6,001 |
6,440 |
(439) |
(6.8) % |
||||
Total used |
39,941 |
36,871 |
3,070 |
8.3 % |
||||
Average sales price per unit sold: |
||||||||
New vehicle retail |
$ 48,583 |
$ 42,743 |
$ 5,840 |
13.7 % |
||||
Used vehicle retail |
$ 30,580 |
$ 22,888 |
$ 7,692 |
33.6 % |
||||
Gross profit per unit sold: |
||||||||
New vehicle retail sales |
$ 5,876 |
$ 2,774 |
$ 3,102 |
111.8 % |
||||
Used vehicle retail sales |
$ 2,023 |
$ 1,654 |
$ 369 |
22.3 % |
||||
Used vehicle wholesale sales |
$ 540 |
$ 610 |
$ (70) |
(11.5) % |
||||
Total used |
$ 1,800 |
$ 1,471 |
$ 329 |
22.4 % |
||||
F&I PRU |
$ 2,439 |
$ 1,931 |
$ 508 |
26.3 % |
||||
Other: |
||||||||
SG&A expenses |
$ 353.6 |
$ 261.7 |
$ 91.9 |
35.1 % |
||||
Adjusted SG&A expenses (1) |
$ 372.3 |
$ 261.4 |
$ 110.9 |
42.4 % |
||||
SG&A as % gross profit |
56.9 % |
63.0 % |
(6.1) % |
|||||
Adjusted SG&A as % gross profit (1) |
60.0 % |
62.9 % |
(3.0) % |
|||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
||||||||||||
Reported Operating Data — U.K. |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 312.0 |
$ 263.2 |
$ 48.9 |
18.6 % |
$ (11.1) |
22.8 % |
||||||
Used vehicle retail sales |
322.0 |
191.6 |
130.4 |
68.1 % |
(9.5) |
73.0 % |
||||||
Used vehicle wholesale sales |
36.3 |
27.8 |
8.4 |
30.3 % |
(1.0) |
33.9 % |
||||||
Total used |
358.3 |
219.4 |
138.8 |
63.3 % |
(10.5) |
68.0 % |
||||||
Parts and service sales |
64.5 |
56.5 |
8.0 |
14.2 % |
(1.9) |
17.5 % |
||||||
F&I, net |
18.3 |
10.6 |
7.7 |
72.9 % |
(0.6) |
78.7 % |
||||||
Total revenues |
$ 753.0 |
$ 549.6 |
$ 203.4 |
37.0 % |
$ (24.1) |
41.4 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 27.9 |
$ 14.8 |
$ 13.2 |
89.0 % |
$ (1.1) |
96.3 % |
||||||
Used vehicle retail sales |
19.2 |
8.2 |
11.0 |
134.7 % |
(0.6) |
141.4 % |
||||||
Used vehicle wholesale sales |
(0.4) |
(0.2) |
(0.3) |
NM |
— |
NM |
||||||
Total used |
18.8 |
8.0 |
10.7 |
134.1 % |
(0.5) |
140.8 % |
||||||
Parts and service sales |
38.8 |
32.6 |
6.2 |
19.0 % |
(1.2) |
22.6 % |
||||||
F&I, net |
18.3 |
10.6 |
7.7 |
72.9 % |
(0.6) |
78.7 % |
||||||
Total gross profit |
$ 103.8 |
$ 66.0 |
$ 37.8 |
57.3 % |
$ (3.4) |
62.5 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
9.0 % |
5.6 % |
3.3 % |
|||||||||
Used vehicle retail sales |
6.0 % |
4.3 % |
1.7 % |
|||||||||
Used vehicle wholesale sales |
(1.2) % |
(0.6) % |
(0.6) % |
|||||||||
Total used |
5.2 % |
3.7 % |
1.6 % |
|||||||||
Parts and service sales |
60.2 % |
57.8 % |
2.4 % |
|||||||||
Total gross margin |
13.8 % |
12.0 % |
1.8 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
7,235 |
6,540 |
695 |
10.6 % |
||||||||
Retail used vehicles sold |
9,866 |
7,112 |
2,754 |
38.7 % |
||||||||
Wholesale used vehicles sold |
3,098 |
3,138 |
(40) |
(1.3) % |
||||||||
Total used |
12,964 |
10,250 |
2,714 |
26.5 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 43,129 |
$ 40,240 |
$ 2,889 |
7.2 % |
$ (1,528) |
11.0 % |
||||||
Used vehicle retail |
$ 32,638 |
$ 26,941 |
$ 5,697 |
21.1 % |
$ (962) |
24.7 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 3,861 |
$ 2,261 |
$ 1,600 |
70.8 % |
$ (150) |
77.4 % |
||||||
Used vehicle retail sales |
$ 1,944 |
$ 1,149 |
$ 795 |
69.2 % |
$ (56) |
74.0 % |
||||||
Used vehicle wholesale sales |
$ (135) |
$ (51) |
$ (84) |
NM |
$ 6 |
NM |
||||||
Total used |
$ 1,447 |
$ 782 |
$ 666 |
85.1 % |
$ (41) |
90.4 % |
||||||
F&I PRU |
$ 1,068 |
$ 773 |
$ 294 |
38.1 % |
$ (36) |
42.7 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 64.9 |
$ 49.6 |
$ 15.2 |
30.7 % |
$ (1.8) |
34.3 % |
||||||
Adjusted SG&A expenses (1) |
$ 67.5 |
$ 49.1 |
$ 18.5 |
37.7 % |
$ (1.9) |
41.6 % |
||||||
SG&A as % gross profit |
62.5 % |
75.2 % |
(12.7) % |
|||||||||
Adjusted SG&A as % gross profit (1) |
65.1 % |
74.3 % |
(9.3) % |
|||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
|
Group 1 Automotive, Inc. |
|||||||||||||
Same Store Operating Data — Consolidated |
|||||||||||||
(Unaudited) |
|||||||||||||
(In millions, except unit data) |
|||||||||||||
Three Months Ended March 31, |
|||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
||||||||
Revenues: |
|||||||||||||
New vehicle retail sales |
$ 1,440.7 |
$ 1,490.4 |
$ (49.6) |
(3.3) % |
$ (10.1) |
(2.7) % |
|||||||
Used vehicle retail sales |
1,163.1 |
878.3 |
284.8 |
32.4 % |
(8.4) |
33.4 % |
|||||||
Used vehicle wholesale sales |
79.6 |
77.5 |
2.1 |
2.8 % |
(0.9) |
4.0 % |
|||||||
Total used |
1,242.7 |
955.8 |
287.0 |
30.0 % |
(9.3) |
31.0 % |
|||||||
Parts and service sales |
405.0 |
347.1 |
57.9 |
16.7 % |
(1.7) |
17.2 % |
|||||||
F&I, net |
148.7 |
123.9 |
24.8 |
20.0 % |
(0.6) |
20.4 % |
|||||||
Total revenues |
$ 3,237.2 |
$ 2,917.1 |
$ 320.1 |
11.0 % |
$ (21.7) |
11.7 % |
|||||||
Gross profit: |
|||||||||||||
New vehicle retail sales |
$ 163.6 |
$ 94.6 |
$ 69.0 |
72.9 % |
$ (1.0) |
74.0 % |
|||||||
Used vehicle retail sales |
73.9 |
58.0 |
15.9 |
27.5 % |
(0.5) |
28.3 % |
|||||||
Used vehicle wholesale sales |
1.8 |
3.8 |
(2.0) |
(51.8) % |
— |
(52.3) % |
|||||||
Total used |
75.7 |
61.7 |
14.0 |
22.7 % |
(0.5) |
23.4 % |
|||||||
Parts and service sales |
218.9 |
194.7 |
24.2 |
12.4 % |
(1.1) |
13.0 % |
|||||||
F&I, net |
148.7 |
123.9 |
24.8 |
20.0 % |
(0.6) |
20.4 % |
|||||||
Total gross profit |
$ 606.9 |
$ 474.9 |
$ 132.0 |
27.8 % |
$ (3.1) |
28.4 % |
|||||||
Gross margin: |
|||||||||||||
New vehicle retail sales |
11.4 % |
6.3 % |
5.0 % |
||||||||||
Used vehicle retail sales |
6.4 % |
6.6 % |
(0.2) % |
||||||||||
Used vehicle wholesale sales |
2.3 % |
4.9 % |
(2.6) % |
||||||||||
Total used |
6.1 % |
6.5 % |
(0.4) % |
||||||||||
Parts and service sales |
54.0 % |
56.1 % |
(2.0) % |
||||||||||
Total gross margin |
18.7 % |
16.3 % |
2.5 % |
||||||||||
Units sold: |
|||||||||||||
Retail new vehicles sold |
30,260 |
35,263 |
(5,003) |
(14.2) % |
|||||||||
Retail used vehicles sold |
37,415 |
37,092 |
323 |
0.9 % |
|||||||||
Wholesale used vehicles sold |
7,377 |
9,457 |
(2,080) |
(22.0) % |
|||||||||
Total used |
44,792 |
46,549 |
(1,757) |
(3.8) % |
|||||||||
Average sales price per unit sold: |
|||||||||||||
New vehicle retail |
$ 47,612 |
$ 42,264 |
$ 5,348 |
12.7 % |
$ (334) |
13.4 % |
|||||||
Used vehicle retail |
$ 31,087 |
$ 23,679 |
$ 7,408 |
31.3 % |
$ (224) |
32.2 % |
|||||||
Gross profit per unit sold: |
|||||||||||||
New vehicle retail sales |
$ 5,407 |
$ 2,683 |
$ 2,724 |
101.5 % |
$ (33) |
102.8 % |
|||||||
Used vehicle retail sales |
$ 1,975 |
$ 1,563 |
$ 412 |
26.4 % |
$ (13) |
27.2 % |
|||||||
Used vehicle wholesale sales |
$ 246 |
$ 398 |
$ (152) |
(38.2) % |
$ 2 |
(38.8) % |
|||||||
Total used |
$ 1,691 |
$ 1,326 |
$ 364 |
27.5 % |
$ (10) |
28.3 % |
|||||||
F&I PRU |
$ 2,197 |
$ 1,712 |
$ 484 |
28.3 % |
$ (8) |
28.8 % |
|||||||
Other: |
|||||||||||||
SG&A expenses |
$ 367.0 |
$ 306.5 |
$ 60.5 |
19.7 % |
$ (1.8) |
20.3 % |
|||||||
Adjusted SG&A expenses (1) |
$ 367.0 |
$ 305.3 |
$ 61.8 |
20.2 % |
$ (1.8) |
20.8 % |
|||||||
SG&A as % gross profit |
60.5 % |
64.5 % |
(4.1) % |
||||||||||
Adjusted SG&A as % gross profit (1) |
60.5 % |
64.3 % |
(3.8) % |
||||||||||
Operating margin % |
6.8 % |
5.1 % |
1.7 % |
||||||||||
Adjusted operating margin % (1) |
6.8 % |
5.2 % |
1.7 % |
||||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
|||||||
Same Store Operating Data — U.S. |
|||||||
(Unaudited) |
|||||||
(In millions, except unit data) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
Increase/ |
% Change |
||||
Revenues: |
|||||||
New vehicle retail sales |
$ 1,155.8 |
$ 1,227.6 |
$ (71.8) |
(5.8) % |
|||
Used vehicle retail sales |
878.0 |
687.7 |
190.4 |
27.7 % |
|||
Used vehicle wholesale sales |
46.3 |
49.7 |
(3.4) |
(6.9) % |
|||
Total used |
924.4 |
737.4 |
187.0 |
25.4 % |
|||
Parts and service sales |
347.8 |
293.3 |
54.5 |
18.6 % |
|||
F&I, net |
131.9 |
113.4 |
18.5 |
16.3 % |
|||
Total revenues |
$ 2,559.8 |
$ 2,371.6 |
$ 188.2 |
7.9 % |
|||
Gross profit: |
|||||||
New vehicle retail sales |
$ 138.3 |
$ 79.9 |
$ 58.5 |
73.2 % |
|||
Used vehicle retail sales |
57.0 |
49.8 |
7.2 |
14.4 % |
|||
Used vehicle wholesale sales |
2.2 |
3.9 |
(1.7) |
(42.9) % |
|||
Total used |
59.3 |
53.7 |
5.5 |
10.3 % |
|||
Parts and service sales |
184.4 |
163.2 |
21.2 |
13.0 % |
|||
F&I, net |
131.9 |
113.4 |
18.5 |
16.3 % |
|||
Total gross profit |
$ 513.9 |
$ 410.2 |
$ 103.7 |
25.3 % |
|||
Gross margin: |
|||||||
New vehicle retail sales |
12.0 % |
6.5 % |
5.5 % |
||||
Used vehicle retail sales |
6.5 % |
7.2 % |
(0.8) % |
||||
Used vehicle wholesale sales |
4.8 % |
7.8 % |
(3.0) % |
||||
Total used |
6.4 % |
7.3 % |
(0.9) % |
||||
Parts and service sales |
53.0 % |
55.7 % |
(2.6) % |
||||
Total gross margin |
20.1 % |
17.3 % |
2.8 % |
||||
Units sold: |
|||||||
Retail new vehicles sold |
23,769 |
28,739 |
(4,970) |
(17.3) % |
|||
Retail used vehicles sold |
28,901 |
30,037 |
(1,136) |
(3.8) % |
|||
Wholesale used vehicles sold |
4,639 |
6,344 |
(1,705) |
(26.9) % |
|||
Total used |
33,540 |
36,381 |
(2,841) |
(7.8) % |
|||
Average sales price per unit sold: |
|||||||
New vehicle retail |
$ 48,625 |
$ 42,714 |
$ 5,912 |
13.8 % |
|||
Used vehicle retail |
$ 30,381 |
$ 22,894 |
$ 7,488 |
32.7 % |
|||
Gross profit per unit sold: |
|||||||
New vehicle retail sales |
$ 5,819 |
$ 2,779 |
$ 3,041 |
109.4 % |
|||
Used vehicle retail sales |
$ 1,974 |
$ 1,660 |
$ 314 |
18.9 % |
|||
Used vehicle wholesale sales |
$ 477 |
$ 611 |
$ (134) |
(21.9) % |
|||
Total used |
$ 1,767 |
$ 1,477 |
$ 290 |
19.7 % |
|||
F&I PRU |
$ 2,504 |
$ 1,929 |
$ 575 |
29.8 % |
|||
Other: |
|||||||
SG&A expenses |
$ 306.5 |
$ 258.7 |
$ 47.9 |
18.5 % |
|||
Adjusted SG&A expenses (1) |
$ 306.5 |
$ 257.4 |
$ 49.1 |
19.1 % |
|||
SG&A as % gross profit |
59.6 % |
63.1 % |
(3.4) % |
||||
Adjusted SG&A as % gross profit (1) |
59.6 % |
62.8 % |
(3.1) % |
||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
||||||||||||
Same Store Operating Data — U.K. |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 285.0 |
$ 262.8 |
$ 22.2 |
8.4 % |
$ (10.1) |
12.3 % |
||||||
Used vehicle retail sales |
285.1 |
190.6 |
94.4 |
49.5 % |
(8.4) |
53.9 % |
||||||
Used vehicle wholesale sales |
33.3 |
27.7 |
5.6 |
20.1 % |
(0.9) |
23.4 % |
||||||
Total used |
318.4 |
218.4 |
100.0 |
45.8 % |
(9.3) |
50.1 % |
||||||
Parts and service sales |
57.3 |
53.9 |
3.4 |
6.3 % |
(1.7) |
9.4 % |
||||||
F&I, net |
16.8 |
10.5 |
6.2 |
59.4 % |
(0.6) |
64.8 % |
||||||
Total revenues |
$ 677.3 |
$ 545.5 |
$ 131.8 |
24.2 % |
$ (21.7) |
28.1 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 25.3 |
$ 14.8 |
$ 10.5 |
71.4 % |
$ (1.0) |
78.1 % |
||||||
Used vehicle retail sales |
16.9 |
8.1 |
8.7 |
107.5 % |
(0.5) |
113.4 % |
||||||
Used vehicle wholesale sales |
(0.4) |
(0.1) |
(0.3) |
NM |
— |
NM |
||||||
Total used |
16.5 |
8.0 |
8.4 |
105.4 % |
(0.5) |
111.2 % |
||||||
Parts and service sales |
34.4 |
31.4 |
3.0 |
9.5 % |
(1.1) |
12.9 % |
||||||
F&I, net |
16.8 |
10.5 |
6.2 |
59.4 % |
(0.6) |
64.8 % |
||||||
Total gross profit |
$ 93.0 |
$ 64.7 |
$ 28.2 |
43.6 % |
$ (3.1) |
48.4 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
8.9 % |
5.6 % |
3.3 % |
|||||||||
Used vehicle retail sales |
5.9 % |
4.3 % |
1.7 % |
|||||||||
Used vehicle wholesale sales |
(1.2) % |
(0.4) % |
(0.8) % |
|||||||||
Total used |
5.2 % |
3.7 % |
1.5 % |
|||||||||
Parts and service sales |
60.1 % |
58.4 % |
1.8 % |
|||||||||
Total gross margin |
13.7 % |
11.9 % |
1.9 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
6,491 |
6,524 |
(33) |
(0.5) % |
||||||||
Retail used vehicles sold |
8,514 |
7,055 |
1,459 |
20.7 % |
||||||||
Wholesale used vehicles sold |
2,738 |
3,113 |
(375) |
(12.0) % |
||||||||
Total used |
11,252 |
10,168 |
1,084 |
10.7 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 43,903 |
$ 40,282 |
$ 3,621 |
9.0 % |
$ (1,557) |
12.9 % |
||||||
Used vehicle retail |
$ 33,483 |
$ 27,023 |
$ 6,460 |
23.9 % |
$ (986) |
27.6 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 3,898 |
$ 2,262 |
$ 1,635 |
72.3 % |
$ (153) |
79.0 % |
||||||
Used vehicle retail sales |
$ 1,981 |
$ 1,152 |
$ 829 |
71.9 % |
$ (57) |
76.8 % |
||||||
Used vehicle wholesale sales |
$ (146) |
$ (36) |
$ (110) |
NM |
$ 6 |
NM |
||||||
Total used |
$ 1,463 |
$ 788 |
$ 675 |
85.6 % |
$ (41) |
90.8 % |
||||||
F&I PRU |
$ 1,117 |
$ 774 |
$ 343 |
44.3 % |
$ (38) |
49.1 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 60.5 |
$ 47.9 |
$ 12.7 |
26.4 % |
$ (1.8) |
30.1 % |
||||||
SG&A as % gross profit |
65.1 % |
73.9 % |
(8.8) % |
|||||||||
NM — Not Meaningful |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||
(Unaudited) |
||||||
(In millions, except per share data) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 418.5 |
$ 21.4 |
$ 439.8 |
|||
Income (loss) from operations |
$ 285.0 |
$ (21.4) |
$ 263.7 |
|||
Income (loss) before income taxes |
$ 262.3 |
$ (21.4) |
$ 240.9 |
|||
Less: Provision (benefit) for income taxes |
61.2 |
(4.9) |
56.3 |
|||
Net income (loss) from continuing operations |
201.1 |
(16.5) |
184.6 |
|||
Less: Earnings (loss) allocated to participating securities |
5.8 |
(0.5) |
5.3 |
|||
Net income (loss) from continuing operations available to diluted |
$ 195.3 |
$ (16.0) |
$ 179.3 |
|||
Diluted earnings (loss) per common share from continuing operations |
$ 11.78 |
$ (0.97) |
$ 10.81 |
|||
Effective tax rate |
23.3 % |
23.4 % |
||||
SG&A as % gross profit (1) |
57.7 % |
60.7 % |
||||
Operating margin (2) |
7.4 % |
6.9 % |
||||
Pretax margin (3) |
6.8 % |
6.3 % |
||||
U.S. GAAP |
Non-GAAP |
Non-GAAP |
||||
Net income from discontinued operations |
$ 1.8 |
$ — |
$ 1.8 |
|||
Less: earnings allocated to participating securities |
0.1 |
— |
0.1 |
|||
Net income from discontinued operations available to diluted common shares |
$ 1.8 |
$ — |
$ 1.8 |
|||
Net income (loss) |
$ 202.9 |
$ (16.5) |
$ 186.4 |
|||
Less: earnings (loss) allocated to participating securities |
5.9 |
(0.5) |
5.4 |
|||
Net income (loss) available to diluted common shares |
$ 197.1 |
$ (16.0) |
$ 181.0 |
|||
Diluted earnings per common share from discontinued operations |
$ 0.11 |
$ — |
$ 0.11 |
|||
Diluted earnings (loss) per common share from continuing operations |
11.78 |
(0.97) |
10.81 |
|||
Diluted earnings (loss) per common share |
$ 11.88 |
$ (0.97) |
$ 10.92 |
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items above. |
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||
(Unaudited) |
||||||||||
(In millions, except per share data) |
||||||||||
Three Months Ended March 31, 2021 |
||||||||||
U.S. GAAP |
Catastrophic |
Dealership and |
Legal matters |
Non-GAAP |
||||||
SG&A expenses |
$ 311.4 |
$ (2.2) |
$ 0.3 |
$ 1.0 |
$ 310.4 |
|||||
Income (loss) from operations |
$ 150.7 |
$ 2.2 |
$ (0.3) |
$ (1.0) |
$ 151.6 |
|||||
Income (loss) before income taxes |
$ 130.0 |
$ 2.2 |
$ (0.3) |
$ (1.0) |
$ 130.9 |
|||||
Less: Provision (benefit) for income taxes |
29.1 |
0.5 |
(0.1) |
(0.2) |
29.3 |
|||||
Net income (loss) from continuing operations |
100.9 |
1.7 |
(0.2) |
(0.8) |
101.7 |
|||||
Less: Earnings allocated to participating securities |
3.4 |
0.1 |
— |
— |
3.5 |
|||||
Net income (loss) from continuing operations |
$ 97.5 |
$ 1.7 |
$ (0.2) |
$ (0.7) |
$ 98.2 |
|||||
Diluted earnings (loss) per common share from |
$ 5.47 |
$ 0.09 |
$ (0.01) |
$ (0.04) |
$ 5.51 |
|||||
Effective tax rate |
22.4 % |
22.4 % |
||||||||
SG&A as % gross profit (1) |
64.7 % |
64.5 % |
||||||||
Operating margin (2) |
5.1 % |
5.1 % |
||||||||
Pretax margin (3) |
4.4 % |
4.4 % |
||||||||
Same Store SG&A expenses |
$ 306.5 |
$ (2.2) |
$ — |
$ 1.0 |
$ 305.3 |
|||||
Same Store SG&A as % gross profit (1) |
64.5 % |
64.3 % |
||||||||
Same Store income (loss) from operations |
$ 149.7 |
$ 2.2 |
$ — |
$ (1.0) |
$ 150.9 |
|||||
Same Store operating margin (2) |
5.1 % |
5.2 % |
||||||||
U.S. GAAP |
Non-GAAP |
Non-GAAP |
||||
Net income from discontinued operations |
$ 1.0 |
$ — |
$ 1.0 |
|||
Less: earnings allocated to participating securities |
— |
— |
— |
|||
Net income from discontinued operations available to diluted common shares |
$ 1.0 |
$ — |
$ 1.0 |
|||
Net income |
$ 101.9 |
$ 0.7 |
$ 102.7 |
|||
Less: earnings allocated to participating securities |
3.5 |
— |
3.5 |
|||
Net income available to diluted common shares |
$ 98.5 |
$ 0.7 |
$ 99.2 |
|||
Diluted earnings per common share from discontinued operations |
$ 0.06 |
$ — |
$ 0.06 |
|||
Diluted earnings per common share from continuing operations |
5.47 |
0.04 |
5.51 |
|||
Diluted earnings per common share |
$ 5.52 |
$ 0.04 |
$ 5.57 |
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items above. |
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — U.S. |
||||||
(Unaudited) |
||||||
(In millions) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 353.6 |
$ 18.7 |
$ 372.3 |
|||
SG&A as % gross profit (1) |
56.9 % |
60.0 % |
||||
Three Months Ended March 31, 2021 |
||||||||||
U.S. GAAP |
Catastrophic |
Dealership and |
Legal matters |
Non-GAAP |
||||||
SG&A expenses |
$ 261.7 |
$ (2.2) |
$ 0.9 |
$ 1.0 |
$ 261.4 |
|||||
SG&A as % gross profit (1) |
63.0 % |
62.9 % |
||||||||
Same Store SG&A expenses |
$ 258.7 |
$ (2.2) |
$ — |
$ 1.0 |
$ 257.4 |
|||||
Same Store SG&A as % gross profit (1) |
63.1 % |
62.8 % |
||||||||
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — U.K. |
||||||
(Unaudited) |
||||||
(In millions) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 64.9 |
$ 2.7 |
$ 67.5 |
|||
SG&A as % gross profit (1) |
62.5 % |
65.1 % |
||||
Three Months Ended March 31, 2021 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 49.6 |
$ (0.6) |
$ 49.1 |
|||
SG&A as % gross profit (1) |
75.2 % |
74.3 % |
||||
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
SOURCE Group 1 Automotive, Inc.
ХЬЮСТОН, 27 апреля 2022 г. /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Группа 1" или "Компания"), международный автомобильный ритейлер из списка Fortune 300 с 202 дилерскими центрами, расположенными в США и Великобритании, сегодня сообщила о рекордных финансовых результатах за первый квартал 2022 года.
Обзор результатов текущего квартала — Продолжающаяся и Прекращенная деятельность
В первом квартале 2022 года ("текущий квартал") чистая прибыль составила 202,9 миллиона долларов. Скорректированная чистая прибыль за текущий квартал (показатель, не учитывающий ОПБУ) составила 186,4 миллиона долларов.
Разводненная прибыль на одну обыкновенную акцию за текущий квартал составила 11,88 доллара США. Скорректированная разводненная прибыль на одну обыкновенную акцию за текущий квартал (показатель, не учитывающий ОПБУ) составила 10,92 доллара США.
"Наши рекордные показатели прибыли в этом квартале стали результатом сохраняющегося высокого потребительского спроса и выдающихся операционных показателей во всех сегментах бизнеса в США и Великобритании. Наши приобретения в 2021 году, особенно Prime Auto Group, значительно превзошли наши ожидания в первом квартале, а наши операции в Великобритании достигли рекордной прибыли. Рост услуг и увеличение затрат были примечательны как в США, так и в Великобритании: рост услуг в США составил 18,6% по сравнению с прошлым годом на основе того же магазина, а консолидированные скорректированные SG & A снизились на 381 б.п. по сравнению с прошлым годом. Мы ожидаем, что наша высокая рентабельность продаж автомобилей сохранится в этом году на обоих рынках, поскольку ожидается, что предложение новых автомобилей останется ограниченным до конца этого года", - сказал Эрл Дж. Хестерберг, президент и главный исполнительный директор Group 1.
Сверки финансовых результатов, показателей, не относящихся к GAAP, и разводненной прибыли на одну обыкновенную акцию между продолжающейся и прекращенной деятельностью включены в прилагаемые финансовые таблицы.
Обзор результатов Текущего Квартала — Продолжающиеся операции
Общая выручка за текущий квартал составила рекордные 3,8 миллиарда долларов, что на 30,1% больше по сравнению с общей выручкой в 3,0 миллиарда долларов за первый квартал 2021 года ("квартал предыдущего года").
Чистая прибыль от продолжающейся деятельности в текущем квартале достигла рекордного уровня в 201,1 млн долларов, что на 99,3% больше по сравнению с чистой прибылью от продолжающейся деятельности в размере 100,9 млн долларов за квартал предыдущего года. Скорректированная чистая прибыль от продолжающейся деятельности за текущий квартал (показатель, не учитывающий ОПБУ) составила 184,6 млн долларов США, что на 81,6% больше по сравнению с скорректированной чистой прибылью от продолжающейся деятельности в размере 101,7 млн долларов США за квартал предыдущего года.
Разводненная прибыль на одну обыкновенную акцию от продолжающейся деятельности в текущем квартале составила рекордные 11,78 доллара США, что на 115,3% больше, чем разводненная прибыль на одну обыкновенную акцию от продолжающейся деятельности в размере 5,47 доллара США за квартал предыдущего года. Скорректированная разводненная прибыль на одну обыкновенную акцию в текущем квартале от продолжающейся деятельности (показатель, не учитывающий ОПБУ) также стала рекордной за все время и составила 10,81 доллара США, что на 96,2% больше скорректированной разводненной прибыли на одну обыкновенную акцию от продолжающейся деятельности в размере 5,51 доллара США за квартал предыдущего года. Скорректированная разводненная прибыль на одну обыкновенную акцию за текущий квартал и квартал предыдущего года от продолжающейся деятельности исключает скорректированную разводненную прибыль на одну обыкновенную акцию от прекращенной деятельности в размере 0,11 и 0,06 долл. США соответственно.
First Quarter 2022 Key Performance Metrics (year-over-year comparable period basis) |
Consolidated |
Same Store (a non-GAAP |
||
Reported: |
1Q22 |
Change |
1Q22 |
Change |
Total revenues |
$3.8B |
+30.1% |
$3.2B |
+11.0% |
Total gross profit ("GP") |
$724.7M |
+50.6% |
$606.9M |
+27.8% |
New Vehicle ("NV") Gross Margin ("GM") |
11.5% |
+5.2% |
11.4% |
+5.0% |
NV units sold |
36,733 |
+2.9% |
30,260 |
(14.2)% |
NV GP per retail unit ("PRU") |
$5,479 |
+104.4% |
$5,407 |
+101.5% |
Used vehicle ("UV") GM |
6.5% |
(0.1)% |
6.4% |
(0.2)% |
UV retail units sold |
43,806 |
+16.7% |
37,415 |
+0.9% |
UV retail GP PRU |
$2,005 |
+28.7% |
$1,975 |
+26.4% |
Parts & service ("P&S") GP |
$259.8M |
+31.4% |
$218.9M |
+12.4% |
P&S GM |
54.9% |
(1.1)% |
54.0% |
(2.0)% |
Finance and Insurance ("F&I") revenues |
$173.0M |
+37.7% |
$148.7M |
+20.0% |
F&I GP PRU |
$2,148 |
+25.2% |
$2,197 |
+28.3% |
Selling, General and Administrative ("SG&A") expenses as a % of GP |
57.7% |
(695) bps |
60.5% |
(406) bps |
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP |
60.7% |
(381) bps |
60.5% |
(380) bps |
Корпоративное развитие
В марте 2022 года компания приобрела Toyota из Северного Остина, которая входит в топ-20 по объему продаж новых автомобилей Toyota в стране. Ожидается, что годовой доход дилерского центра составит 435,0 млн долларов. В апреле 2022 года Компания приобрела дилерский центр Toyota в Нью-Мексико, годовой доход которого, как ожидается, составит 115,0 млн долларов, в результате чего общая ожидаемая выручка Компании за год составит 550,0 млн долларов.
"Приобретение этих двух крупных дилерских центров Toyota на растущих рынках, где мы уже работаем, является важной возможностью для роста наших операций в США. Мы можем немедленно интегрировать и использовать эти новые предприятия", - сказал Дэрил А. Кеннингем, президент группы 1 по операциям в США.
В феврале 2022 года компания ликвидировала один дилерский центр Honda и один дилерский центр Toyota в районе Новой Англии. Выручка этих магазинов в годовом исчислении составила около 125,0 миллионов долларов.
Компания также объявила о предстоящей продаже своих бразильских операций в ноябре 2021 года. Ожидается, что эта продажа завершится во втором квартале 2022 года.
Выкуп Акций
В течение текущего квартала Компания выкупила 638,696 акций, что составляет примерно 4,0% от общего количества обыкновенных акций Компании, находящихся в обращении в текущем квартале, по средней цене за одну обыкновенную акцию в размере 180,30 долларов США, на общую сумму 115,2 миллиона долларов. У Компании осталось 103,3 миллиона долларов в рамках утвержденной Советом директоров программы обратного выкупа обыкновенных акций. По состоянию на 31 марта 2022 года Компания имела в общей сложности 16,7 миллиона обыкновенных акций в обращении и неинвестированные ограниченные премии по акциям. Будущие выкупы могут осуществляться время от времени, исходя из рыночных условий, требований законодательства и других корпоративных соображений, на открытом рынке или в рамках сделок, заключенных в частном порядке, и при условии одобрения Советом директоров и ограничений по соглашению.
Подробности конференц-звонка о доходах за Первый Квартал 2022 года
Высшее руководство группы 1 проведет селекторное совещание сегодня в 10 утра по восточному времени, чтобы обсудить финансовые результаты за первый квартал 2022 года. Конференц-связь будет транслироваться в прямом эфире в Интернете по адресу group1auto.com , затем нажмите "Отношения с инвесторами", а затем "События" или по этой ссылке: group1corp.com/events . Повтор веб-трансляции будет доступен в течение 30 дней.
Конференц-связь также будет доступна в режиме реального времени, если набрать номер за 10 минут до начала разговора по адресу:
Domestic: International: Conference ID: |
1-888-317-6003 1-412-317-6061 9657751 |
Повтор телефонного разговора будет доступен после звонка до 4 мая 2022 года, набрав:
Domestic: International: Replay ID: |
1-877-344-7529 1-412-317-0088 |
о компании Group 1 Automotive, inc.
Группа 1 владеет и управляет 202 автомобильными дилерскими центрами, 268 франшизами и 46 центрами обслуживания в Соединенных Штатах и Соединенном Королевстве, предлагающими автомобили 34 марок. Через свои дилерские центры Компания продает новые и подержанные автомобили и легкие грузовики; организует финансирование соответствующих транспортных средств; продает сервисные контракты; предоставляет услуги по техническому обслуживанию и ремонту автомобилей; и продает запчасти для автомобилей.
Группа 1 раскрывает дополнительную информацию о Компании, ее бизнесе и результатах ее деятельности на www.group1corp.com , www.group1auto.com , www.group1collision.com , www.acceleride.com , www.facebook.com/group1auto , и www.twitter.com/group1auto .
прогнозные заявления
Этот пресс-релиз содержит "прогнозные заявления" по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, которые являются заявлениями, относящимися к будущим, а не прошлым событиям, и основаны на наших текущих ожиданиях и предположениях относительно нашего бизнеса, экономики и других будущих условий. В этом контексте заявления прогнозного характера часто включают заявления о наших стратегических инвестициях, целях, планах, прогнозах и рекомендациях относительно нашего финансового положения, результатов деятельности и бизнес-стратегии и часто содержат такие слова, как "ожидает", "ожидает", "намеревается", "планирует", "полагает, "стремится", "должен", "предвидеть", "может" или "будет" и подобные выражения. Хотя руководство считает, что эти прогнозные заявления являются обоснованными в том виде, в каком они были сделаны, нет никакой гарантии, что будущие события, влияющие на нас, будут такими, какие мы ожидаем. Любые такие прогнозные заявления не являются гарантией будущих результатов и связаны с рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые изложены в заявлениях. Эти риски и неопределенности включают, среди прочего, (а) общие экономические и деловые условия, (б) уровень стимулов производителей, (в) будущую нормативно-правовую базу, (г) нашу способность получать инвентаризацию желаемых новых и подержанных транспортных средств, (д) наши отношения с нашими автомобильными производителей и готовность производителей одобрить будущие приобретения, (f) стоимость нашего финансирования и доступность кредитов для потребителей, (g) наша способность завершать приобретения и продажи и связанные с этим риски, (h) валютный контроль и колебания валютных курсов, (i) последствия COVID-19 на наш бизнес, (j) последствия любой потенциальной глобальной рецессии, (k) наша способность поддерживать достаточную ликвидность для работы, (l) риск того, что предлагаемые сделки не будут завершены своевременно, (m) наша способность успешно интегрировать недавние и будущие приобретения, и (n) последствия для нашего бизнеса в результате военных действий России на Украине и введения санкций в отношении России. Для получения дополнительной информации об известных существенных факторах, которые могут привести к тому, что наши фактические результаты будут отличаться от наших прогнозируемых результатов, пожалуйста, ознакомьтесь с нашими документами в Комиссию по ценным бумагам и биржам, включая наш Годовой отчет по форме 10-K, Квартальные отчеты по форме 10-Q и Текущие отчеты по Форме 8-K. Читателей предостерегают от чрезмерного доверия к прогнозным заявлениям, которые действуют только на дату настоящего Документа. Мы не берем на себя никаких обязательств по публичному обновлению или пересмотру любых прогнозных заявлений после даты их публикации, будь то в результате новой информации, будущих событий или иным образом.
финансовые показатели, не относящиеся к gaap, данные того же хранилища и другие данные
В дополнение к оценке финансового состояния и результатов нашей деятельности в соответствии с ОПБУ США, время от времени наше руководство оценивает и анализирует результаты и любое влияние на Компанию стратегических решений и действий, связанных, среди прочего, со снижением затрат, ростом, инициативами по повышению прибыльности и другими событиями за пределами Компании. обычный, или "основной", бизнес и операции, путем рассмотрения альтернативных финансовых показателей, не подготовленных в соответствии с ОПБУ США. Время от времени при оценке результатов мы исключаем статьи, которые не связаны непосредственно с основной деятельностью, такие как расходы на обесценение неденежных активов, корректировки вне периода, юридические вопросы, прибыли и убытки от франшизы дилерских центров или сделок с недвижимостью, а также катастрофические события, такие как град, ураганы и снежные бури. Поскольку эти непрофильные расходы и доходы существенно влияют на финансовое состояние или результаты Компании в конкретном периоде, в котором они признаются, руководство также оценивает и принимает решения о распределении ресурсов и оценке эффективности на основе соответствующих показателей, не относящихся к GAAP, исключая такие статьи. Это включает в себя оценку таких показателей, как скорректированные продажи, общие и административные расходы, скорректированная чистая прибыль, скорректированная разводненная прибыль на акцию и постоянная валюта. Эти скорректированные показатели не являются показателями финансовых показателей в соответствии с ОПБУ США, а вместо этого считаются показателями финансовых показателей, не относящимися к ОПБУ. Показатели, не относящиеся к GAAP, не имеют определений в соответствии с ОПБУ США и могут быть определены другими компаниями по-другому и не сопоставимы с аналогичными показателями, используемыми другими компаниями. В результате любые финансовые показатели, не относящиеся к ОПБУ, рассмотренные и оцененные руководством, пересматриваются в сочетании с анализом наиболее непосредственно сопоставимых показателей, рассчитанных в соответствии с ОПБУ США. Мы предостерегаем инвесторов не полагаться чрезмерно на такие показатели, не относящиеся к GAAP, но также рассматривать их с наиболее непосредственно сопоставимыми показателями GAAP США.
В дополнение к использованию таких показателей, не относящихся к GAAP, для оценки результатов за определенный период, руководство считает, что такие показатели могут обеспечить более полное и последовательное сравнение операционных показателей на исторической основе за период и лучшее представление об ожидаемых будущих тенденциях. Наше руководство также использует эти скорректированные показатели в сочетании с финансовыми показателями по ОПБУ США для оценки нашего бизнеса, включая общение с нашим Советом директоров, инвесторами и отраслевыми аналитиками относительно финансовых показателей. Мы раскрываем эти показатели, не относящиеся к GAAP, и связанные с ними выверки, поскольку считаем, что инвесторы используют эти показатели для оценки долгосрочных показателей за период, а также для того, чтобы позволить инвесторам лучше понимать и оценивать информацию, используемую руководством для оценки операционных показателей. Исключение определенных расходов при расчете финансовых показателей, не относящихся к GAAP, не должно толковаться как вывод о том, что эти расходы являются необычными или редкими. Мы предполагаем исключить эти расходы в будущем представлении наших финансовых показателей, не относящихся к ОПБУ.
Кроме того, мы оцениваем результаты нашей деятельности как по состоянию на отчетную дату, так и на постоянной валютной основе. Представление в постоянной валюте, которое не является показателем GAAP, исключает влияние колебаний валютных курсов. Мы считаем, что предоставление постоянной информации о валюте предоставляет ценную дополнительную информацию о нашем базовом бизнесе и результатах деятельности в соответствии с тем, как мы оцениваем наши результаты. Мы рассчитываем проценты в постоянных валютах путем преобразования наших результатов за текущий период для организаций, отчитывающихся в валютах, отличных от долларов США, с использованием обменных курсов за сравнительный период, а не фактических обменных курсов, действовавших в течение соответствующих периодов. Показатели эффективности в постоянной валюте не следует рассматривать как замену или превосходящие показатели финансовых показателей, подготовленные в соответствии с ОПБУ США. Представленные одинаковые суммы магазина включают результаты дилерских центров за идентичные месяцы в каждом периоде, представленном для сравнения, начиная с первого полного месяца, в течение которого дилерский центр принадлежал нам, и, в случае продажи, заканчивая последним полным месяцем, когда он принадлежал нам. Те же результаты магазина также включают деятельность нашей корпоративной штаб-квартиры.
Некоторые суммы в финансовой отчетности могут быть не рассчитаны из-за округления. Все расчеты были рассчитаны с использованием неоконченных сумм за все представленные периоды.
Контакты для инвесторов: Джейсон Бэббитвайс, президент, казначей группы 1 Automotive, Inc.713-647-5759 | [email protected]
Контакты для СМИ:Пит Делонгчамп, старший вице-президент по связям с производителями, финансовым услугам и связям с общественностью, Группа 1 Automotive, Inc.713-647-5770 | [email protected]или Клинт Вудспирпонт Коммуникейшнс, Inc.713-627-2223 | [email protected]
Group 1 Automotive, Inc. |
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(Unaudited) |
||||||||
(In millions, except per share data) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
Increase/ |
% Change |
|||||
REVENUES: |
||||||||
New vehicle retail sales |
$ 1,745.1 |
$ 1,509.2 |
$ 235.9 |
15.6 % |
||||
Used vehicle retail sales |
1,359.9 |
888.1 |
471.8 |
53.1 % |
||||
Used vehicle wholesale sales |
93.5 |
78.2 |
15.2 |
19.5 % |
||||
Parts and service sales |
472.9 |
352.8 |
120.1 |
34.0 % |
||||
Finance, insurance and other, net |
173.0 |
125.6 |
47.4 |
37.7 % |
||||
Total revenues |
3,844.4 |
2,953.9 |
890.4 |
30.1 % |
||||
COST OF SALES: |
||||||||
New vehicle retail sales |
1,543.9 |
1,413.6 |
130.3 |
9.2 % |
||||
Used vehicle retail sales |
1,272.0 |
829.6 |
442.4 |
53.3 % |
||||
Used vehicle wholesale sales |
90.6 |
74.5 |
16.2 |
21.7 % |
||||
Parts and service sales |
213.1 |
155.0 |
58.0 |
37.4 % |
||||
Total cost of sales |
3,119.7 |
2,472.7 |
647.0 |
26.2 % |
||||
GROSS PROFIT |
724.7 |
481.3 |
243.4 |
50.6 % |
||||
Selling, general and administrative expenses |
418.5 |
311.4 |
107.1 |
34.4 % |
||||
Depreciation and amortization expense |
21.2 |
19.2 |
2.0 |
10.3 % |
||||
INCOME FROM OPERATIONS |
285.0 |
150.7 |
134.3 |
89.1 % |
||||
Floorplan interest expense |
5.3 |
7.5 |
(2.2) |
(29.9) % |
||||
Other interest expense, net |
17.4 |
13.2 |
4.3 |
32.5 % |
||||
INCOME BEFORE INCOME TAXES |
262.3 |
130.0 |
132.3 |
101.8 % |
||||
Provision for income taxes |
61.2 |
29.1 |
32.1 |
110.4 % |
||||
Net income from continuing operations |
201.1 |
100.9 |
100.2 |
99.3 % |
||||
Net income from discontinued operations |
1.8 |
1.0 |
0.8 |
77.9 % |
||||
NET INCOME |
$ 202.9 |
$ 101.9 |
$ 101.0 |
99.1 % |
||||
Less: Earnings allocated to participating securities |
5.9 |
3.5 |
2.4 |
69.6 % |
||||
Net income available to diluted common shares |
$ 197.1 |
$ 98.5 |
$ 98.6 |
100.1 % |
||||
Diluted earnings per share from continuing operations |
$ 11.78 |
$ 5.47 |
$ 6.31 |
115.3 % |
||||
Diluted earnings per share from discontinued operations |
$ 0.11 |
$ 0.06 |
$ 0.05 |
92.2 % |
||||
DILUTED EARNINGS PER SHARE |
$ 11.88 |
$ 5.52 |
$ 6.36 |
115.0 % |
||||
Weighted average dilutive common shares outstanding |
16.6 |
17.8 |
(1.2) |
(6.9) % |
||||
Weighted average participating securities |
0.5 |
0.6 |
(0.1) |
(21.4) % |
||||
Total weighted average shares |
17.1 |
18.5 |
(1.4) |
(7.4) % |
||||
Effective tax rate on continuing operations |
23.3 % |
22.4 % |
1.0 % |
|||||
Group 1 Automotive, Inc. |
||||||||
Additional Information — Consolidated |
||||||||
(Unaudited) |
||||||||
March 31, 2022 |
December 31, 2021 |
Increase/(Decrease) |
% Change |
|||||
SELECTED BALANCE SHEET INFORMATION: |
||||||||
(In millions) |
||||||||
Cash and cash equivalents |
$ 16.6 |
$ 14.9 |
$ 1.7 |
11.1 % |
||||
Inventories, net |
$ 1,096.4 |
$ 1,073.1 |
$ 23.3 |
2.2 % |
||||
Floorplan notes payable, net (1) |
$ 704.7 |
$ 531.0 |
$ 173.7 |
32.7 % |
||||
Total debt |
$ 1,988.7 |
$ 2,035.7 |
$ (47.0) |
(2.3) % |
||||
Total equity |
$ 1,949.2 |
$ 1,825.2 |
$ 124.0 |
6.8 % |
||||
(1) Amounts are net of offset accounts of $199.6 and $271.9, respectively. |
||||||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: |
||||
United States |
80.3 % |
81.7 % |
||
United Kingdom |
19.7 % |
18.3 % |
||
NEW VEHICLE UNIT SALES BRAND MIX: |
||||
Toyota/Lexus |
23.0 % |
25.8 % |
||
Volkswagen/Audi/Porsche/SEAT/SKODA |
15.3 % |
14.7 % |
||
BMW/MINI |
13.1 % |
10.1 % |
||
Ford/Lincoln |
8.2 % |
10.0 % |
||
Honda/Acura |
8.0 % |
8.6 % |
||
Chevrolet/GMC/Buick/Cadillac |
6.2 % |
7.4 % |
||
Mercedes-Benz/smart/Sprinter |
5.9 % |
5.2 % |
||
Chrysler/Dodge/Jeep/RAM |
5.2 % |
4.3 % |
||
Nissan |
4.6 % |
5.3 % |
||
Hyundai/Kia/Genesis |
4.3 % |
4.9 % |
||
Subaru |
3.0 % |
1.6 % |
||
Jaguar/Land Rover |
1.4 % |
2.1 % |
||
Mazda |
1.4 % |
— % |
||
Other |
0.3 % |
— % |
||
100.0 % |
100.0 % |
|||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
||||
DAYS' SUPPLY IN INVENTORY (1): |
||||||
Consolidated |
||||||
New vehicle inventory |
11 |
12 |
33 |
|||
Used vehicle inventory |
33 |
42 |
28 |
|||
U.S. |
||||||
New vehicle inventory |
9 |
9 |
34 |
|||
Used vehicle inventory |
28 |
36 |
23 |
|||
U.K. |
||||||
New vehicle inventory |
17 |
33 |
28 |
|||
Used vehicle inventory |
52 |
66 |
44 |
|||
(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period. |
||||||
Group 1 Automotive, Inc. |
||||||||||||
Reported Operating Data — Consolidated |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 1,745.1 |
$ 1,509.2 |
$ 235.9 |
15.6 % |
$ (11.1) |
16.4 % |
||||||
Used vehicle retail sales |
1,359.9 |
888.1 |
471.8 |
53.1 % |
(9.5) |
54.2 % |
||||||
Used vehicle wholesale sales |
93.5 |
78.2 |
15.2 |
19.5 % |
(1.0) |
20.8 % |
||||||
Total used |
1,453.4 |
966.3 |
487.0 |
50.4 % |
(10.5) |
51.5 % |
||||||
Parts and service sales |
472.9 |
352.8 |
120.1 |
34.0 % |
(1.9) |
34.6 % |
||||||
F&I, net |
173.0 |
125.6 |
47.4 |
37.7 % |
(0.6) |
38.2 % |
||||||
Total revenues |
$ 3,844.4 |
$ 2,953.9 |
$ 890.4 |
30.1 % |
$ (24.1) |
31.0 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 201.3 |
$ 95.7 |
$ 105.6 |
110.4 % |
$ (1.1) |
111.5 % |
||||||
Used vehicle retail sales |
87.8 |
58.5 |
29.4 |
50.2 % |
(0.6) |
51.1 % |
||||||
Used vehicle wholesale sales |
2.8 |
3.8 |
(0.9) |
(25.1) % |
— |
(25.6) % |
||||||
Total used |
90.7 |
62.3 |
28.4 |
45.6 % |
(0.5) |
46.5 % |
||||||
Parts and service sales |
259.8 |
197.7 |
62.1 |
31.4 % |
(1.2) |
32.0 % |
||||||
F&I, net |
173.0 |
125.6 |
47.4 |
37.7 % |
(0.6) |
38.2 % |
||||||
Total gross profit |
$ 724.7 |
$ 481.3 |
$ 243.4 |
50.6 % |
$ (3.4) |
51.3 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
11.5 % |
6.3 % |
5.2 % |
|||||||||
Used vehicle retail sales |
6.5 % |
6.6 % |
(0.1) % |
|||||||||
Used vehicle wholesale sales |
3.0 % |
4.8 % |
(1.8) % |
|||||||||
Total used |
6.2 % |
6.4 % |
(0.2) % |
|||||||||
Parts and service sales |
54.9 % |
56.1 % |
(1.1) % |
|||||||||
Total gross margin |
18.9 % |
16.3 % |
2.6 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
36,733 |
35,692 |
1,041 |
2.9 % |
||||||||
Retail used vehicles sold |
43,806 |
37,543 |
6,263 |
16.7 % |
||||||||
Wholesale used vehicles sold |
9,099 |
9,578 |
(479) |
(5.0) % |
||||||||
Total used |
52,905 |
47,121 |
5,784 |
12.3 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 47,509 |
$ 42,285 |
$ 5,224 |
12.4 % |
$ (301) |
13.1 % |
||||||
Used vehicle retail |
$ 31,043 |
$ 23,656 |
$ 7,387 |
31.2 % |
$ (217) |
32.1 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 5,479 |
$ 2,680 |
$ 2,799 |
104.4 % |
$ (30) |
105.5 % |
||||||
Used vehicle retail sales |
$ 2,005 |
$ 1,558 |
$ 447 |
28.7 % |
$ (13) |
29.5 % |
||||||
Used vehicle wholesale sales |
$ 310 |
$ 394 |
$ (83) |
(21.2) % |
$ 2 |
(21.7) % |
||||||
Total used |
$ 1,714 |
$ 1,321 |
$ 392 |
29.7 % |
$ (10) |
30.5 % |
||||||
F&I PRU |
$ 2,148 |
$ 1,715 |
$ 432 |
25.2 % |
$ (8) |
25.7 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 418.5 |
$ 311.4 |
$ 107.1 |
34.4 % |
$ (1.8) |
35.0 % |
||||||
Adjusted SG&A expenses (1) |
$ 439.8 |
$ 310.4 |
$ 129.4 |
41.7 % |
$ (1.9) |
42.3 % |
||||||
SG&A as % gross profit |
57.7 % |
64.7 % |
(6.9) % |
|||||||||
Adjusted SG&A as % gross profit (1) |
60.7 % |
64.5 % |
(3.8) % |
|||||||||
Operating margin % |
7.4 % |
5.1 % |
2.3 % |
|||||||||
Adjusted operating margin % (1) |
6.9 % |
5.1 % |
1.7 % |
|||||||||
Pretax margin % |
6.8 % |
4.4 % |
2.4 % |
|||||||||
Adjusted pretax margin % (1) |
6.3 % |
4.4 % |
1.8 % |
|||||||||
Floorplan expense: |
||||||||||||
Floorplan interest expense |
$ 5.3 |
$ 7.5 |
$ (2.2) |
(29.9) % |
$ — |
(29.3) % |
||||||
Less: Floorplan assistance (2) |
14.0 |
13.2 |
0.8 |
6.3 % |
— |
6.3 % |
||||||
Net floorplan expense |
$ (8.8) |
$ (5.7) |
$ (3.1) |
$ — |
||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
(2) |
Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
Group 1 Automotive, Inc. |
||||||||
Reported Operating Data — U.S. |
||||||||
(Unaudited) |
||||||||
(In millions, except unit data) |
||||||||
Three Months Ended March 31, |
||||||||
2022 |
2021 |
Increase/ |
% Change |
|||||
Revenues: |
||||||||
New vehicle retail sales |
$ 1,433.1 |
$ 1,246.0 |
$ 187.1 |
15.0 % |
||||
Used vehicle retail sales |
1,037.9 |
696.5 |
341.4 |
49.0 % |
||||
Used vehicle wholesale sales |
57.2 |
50.4 |
6.8 |
13.5 % |
||||
Total used |
1,095.1 |
746.9 |
348.2 |
46.6 % |
||||
Parts and service sales |
408.4 |
296.3 |
112.1 |
37.8 % |
||||
F&I, net |
154.7 |
115.1 |
39.7 |
34.5 % |
||||
Total revenues |
$ 3,091.3 |
$ 2,404.3 |
$ 687.0 |
28.6 % |
||||
Gross profit: |
||||||||
New vehicle retail sales |
$ 173.3 |
$ 80.9 |
$ 92.5 |
114.3 % |
||||
Used vehicle retail sales |
68.7 |
50.3 |
18.3 |
36.5 % |
||||
Used vehicle wholesale sales |
3.2 |
3.9 |
(0.7) |
(17.5) % |
||||
Total used |
71.9 |
54.3 |
17.7 |
32.5 % |
||||
Parts and service sales |
221.0 |
165.1 |
55.9 |
33.8 % |
||||
F&I, net |
154.7 |
115.1 |
39.7 |
34.5 % |
||||
Total gross profit |
$ 620.9 |
$ 415.3 |
$ 205.6 |
49.5 % |
||||
Gross margin: |
||||||||
New vehicle retail sales |
12.1 % |
6.5 % |
5.6 % |
|||||
Used vehicle retail sales |
6.6 % |
7.2 % |
(0.6) % |
|||||
Used vehicle wholesale sales |
5.7 % |
7.8 % |
(2.1) % |
|||||
Total used |
6.6 % |
7.3 % |
(0.7) % |
|||||
Parts and service sales |
54.1 % |
55.7 % |
(1.6) % |
|||||
Total gross margin |
20.1 % |
17.3 % |
2.8 % |
|||||
Units sold: |
||||||||
Retail new vehicles sold |
29,498 |
29,152 |
346 |
1.2 % |
||||
Retail used vehicles sold |
33,940 |
30,431 |
3,509 |
11.5 % |
||||
Wholesale used vehicles sold |
6,001 |
6,440 |
(439) |
(6.8) % |
||||
Total used |
39,941 |
36,871 |
3,070 |
8.3 % |
||||
Average sales price per unit sold: |
||||||||
New vehicle retail |
$ 48,583 |
$ 42,743 |
$ 5,840 |
13.7 % |
||||
Used vehicle retail |
$ 30,580 |
$ 22,888 |
$ 7,692 |
33.6 % |
||||
Gross profit per unit sold: |
||||||||
New vehicle retail sales |
$ 5,876 |
$ 2,774 |
$ 3,102 |
111.8 % |
||||
Used vehicle retail sales |
$ 2,023 |
$ 1,654 |
$ 369 |
22.3 % |
||||
Used vehicle wholesale sales |
$ 540 |
$ 610 |
$ (70) |
(11.5) % |
||||
Total used |
$ 1,800 |
$ 1,471 |
$ 329 |
22.4 % |
||||
F&I PRU |
$ 2,439 |
$ 1,931 |
$ 508 |
26.3 % |
||||
Other: |
||||||||
SG&A expenses |
$ 353.6 |
$ 261.7 |
$ 91.9 |
35.1 % |
||||
Adjusted SG&A expenses (1) |
$ 372.3 |
$ 261.4 |
$ 110.9 |
42.4 % |
||||
SG&A as % gross profit |
56.9 % |
63.0 % |
(6.1) % |
|||||
Adjusted SG&A as % gross profit (1) |
60.0 % |
62.9 % |
(3.0) % |
|||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
||||||||||||
Reported Operating Data — U.K. |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 312.0 |
$ 263.2 |
$ 48.9 |
18.6 % |
$ (11.1) |
22.8 % |
||||||
Used vehicle retail sales |
322.0 |
191.6 |
130.4 |
68.1 % |
(9.5) |
73.0 % |
||||||
Used vehicle wholesale sales |
36.3 |
27.8 |
8.4 |
30.3 % |
(1.0) |
33.9 % |
||||||
Total used |
358.3 |
219.4 |
138.8 |
63.3 % |
(10.5) |
68.0 % |
||||||
Parts and service sales |
64.5 |
56.5 |
8.0 |
14.2 % |
(1.9) |
17.5 % |
||||||
F&I, net |
18.3 |
10.6 |
7.7 |
72.9 % |
(0.6) |
78.7 % |
||||||
Total revenues |
$ 753.0 |
$ 549.6 |
$ 203.4 |
37.0 % |
$ (24.1) |
41.4 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 27.9 |
$ 14.8 |
$ 13.2 |
89.0 % |
$ (1.1) |
96.3 % |
||||||
Used vehicle retail sales |
19.2 |
8.2 |
11.0 |
134.7 % |
(0.6) |
141.4 % |
||||||
Used vehicle wholesale sales |
(0.4) |
(0.2) |
(0.3) |
NM |
— |
NM |
||||||
Total used |
18.8 |
8.0 |
10.7 |
134.1 % |
(0.5) |
140.8 % |
||||||
Parts and service sales |
38.8 |
32.6 |
6.2 |
19.0 % |
(1.2) |
22.6 % |
||||||
F&I, net |
18.3 |
10.6 |
7.7 |
72.9 % |
(0.6) |
78.7 % |
||||||
Total gross profit |
$ 103.8 |
$ 66.0 |
$ 37.8 |
57.3 % |
$ (3.4) |
62.5 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
9.0 % |
5.6 % |
3.3 % |
|||||||||
Used vehicle retail sales |
6.0 % |
4.3 % |
1.7 % |
|||||||||
Used vehicle wholesale sales |
(1.2) % |
(0.6) % |
(0.6) % |
|||||||||
Total used |
5.2 % |
3.7 % |
1.6 % |
|||||||||
Parts and service sales |
60.2 % |
57.8 % |
2.4 % |
|||||||||
Total gross margin |
13.8 % |
12.0 % |
1.8 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
7,235 |
6,540 |
695 |
10.6 % |
||||||||
Retail used vehicles sold |
9,866 |
7,112 |
2,754 |
38.7 % |
||||||||
Wholesale used vehicles sold |
3,098 |
3,138 |
(40) |
(1.3) % |
||||||||
Total used |
12,964 |
10,250 |
2,714 |
26.5 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 43,129 |
$ 40,240 |
$ 2,889 |
7.2 % |
$ (1,528) |
11.0 % |
||||||
Used vehicle retail |
$ 32,638 |
$ 26,941 |
$ 5,697 |
21.1 % |
$ (962) |
24.7 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 3,861 |
$ 2,261 |
$ 1,600 |
70.8 % |
$ (150) |
77.4 % |
||||||
Used vehicle retail sales |
$ 1,944 |
$ 1,149 |
$ 795 |
69.2 % |
$ (56) |
74.0 % |
||||||
Used vehicle wholesale sales |
$ (135) |
$ (51) |
$ (84) |
NM |
$ 6 |
NM |
||||||
Total used |
$ 1,447 |
$ 782 |
$ 666 |
85.1 % |
$ (41) |
90.4 % |
||||||
F&I PRU |
$ 1,068 |
$ 773 |
$ 294 |
38.1 % |
$ (36) |
42.7 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 64.9 |
$ 49.6 |
$ 15.2 |
30.7 % |
$ (1.8) |
34.3 % |
||||||
Adjusted SG&A expenses (1) |
$ 67.5 |
$ 49.1 |
$ 18.5 |
37.7 % |
$ (1.9) |
41.6 % |
||||||
SG&A as % gross profit |
62.5 % |
75.2 % |
(12.7) % |
|||||||||
Adjusted SG&A as % gross profit (1) |
65.1 % |
74.3 % |
(9.3) % |
|||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
|
Group 1 Automotive, Inc. |
|||||||||||||
Same Store Operating Data — Consolidated |
|||||||||||||
(Unaudited) |
|||||||||||||
(In millions, except unit data) |
|||||||||||||
Three Months Ended March 31, |
|||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
||||||||
Revenues: |
|||||||||||||
New vehicle retail sales |
$ 1,440.7 |
$ 1,490.4 |
$ (49.6) |
(3.3) % |
$ (10.1) |
(2.7) % |
|||||||
Used vehicle retail sales |
1,163.1 |
878.3 |
284.8 |
32.4 % |
(8.4) |
33.4 % |
|||||||
Used vehicle wholesale sales |
79.6 |
77.5 |
2.1 |
2.8 % |
(0.9) |
4.0 % |
|||||||
Total used |
1,242.7 |
955.8 |
287.0 |
30.0 % |
(9.3) |
31.0 % |
|||||||
Parts and service sales |
405.0 |
347.1 |
57.9 |
16.7 % |
(1.7) |
17.2 % |
|||||||
F&I, net |
148.7 |
123.9 |
24.8 |
20.0 % |
(0.6) |
20.4 % |
|||||||
Total revenues |
$ 3,237.2 |
$ 2,917.1 |
$ 320.1 |
11.0 % |
$ (21.7) |
11.7 % |
|||||||
Gross profit: |
|||||||||||||
New vehicle retail sales |
$ 163.6 |
$ 94.6 |
$ 69.0 |
72.9 % |
$ (1.0) |
74.0 % |
|||||||
Used vehicle retail sales |
73.9 |
58.0 |
15.9 |
27.5 % |
(0.5) |
28.3 % |
|||||||
Used vehicle wholesale sales |
1.8 |
3.8 |
(2.0) |
(51.8) % |
— |
(52.3) % |
|||||||
Total used |
75.7 |
61.7 |
14.0 |
22.7 % |
(0.5) |
23.4 % |
|||||||
Parts and service sales |
218.9 |
194.7 |
24.2 |
12.4 % |
(1.1) |
13.0 % |
|||||||
F&I, net |
148.7 |
123.9 |
24.8 |
20.0 % |
(0.6) |
20.4 % |
|||||||
Total gross profit |
$ 606.9 |
$ 474.9 |
$ 132.0 |
27.8 % |
$ (3.1) |
28.4 % |
|||||||
Gross margin: |
|||||||||||||
New vehicle retail sales |
11.4 % |
6.3 % |
5.0 % |
||||||||||
Used vehicle retail sales |
6.4 % |
6.6 % |
(0.2) % |
||||||||||
Used vehicle wholesale sales |
2.3 % |
4.9 % |
(2.6) % |
||||||||||
Total used |
6.1 % |
6.5 % |
(0.4) % |
||||||||||
Parts and service sales |
54.0 % |
56.1 % |
(2.0) % |
||||||||||
Total gross margin |
18.7 % |
16.3 % |
2.5 % |
||||||||||
Units sold: |
|||||||||||||
Retail new vehicles sold |
30,260 |
35,263 |
(5,003) |
(14.2) % |
|||||||||
Retail used vehicles sold |
37,415 |
37,092 |
323 |
0.9 % |
|||||||||
Wholesale used vehicles sold |
7,377 |
9,457 |
(2,080) |
(22.0) % |
|||||||||
Total used |
44,792 |
46,549 |
(1,757) |
(3.8) % |
|||||||||
Average sales price per unit sold: |
|||||||||||||
New vehicle retail |
$ 47,612 |
$ 42,264 |
$ 5,348 |
12.7 % |
$ (334) |
13.4 % |
|||||||
Used vehicle retail |
$ 31,087 |
$ 23,679 |
$ 7,408 |
31.3 % |
$ (224) |
32.2 % |
|||||||
Gross profit per unit sold: |
|||||||||||||
New vehicle retail sales |
$ 5,407 |
$ 2,683 |
$ 2,724 |
101.5 % |
$ (33) |
102.8 % |
|||||||
Used vehicle retail sales |
$ 1,975 |
$ 1,563 |
$ 412 |
26.4 % |
$ (13) |
27.2 % |
|||||||
Used vehicle wholesale sales |
$ 246 |
$ 398 |
$ (152) |
(38.2) % |
$ 2 |
(38.8) % |
|||||||
Total used |
$ 1,691 |
$ 1,326 |
$ 364 |
27.5 % |
$ (10) |
28.3 % |
|||||||
F&I PRU |
$ 2,197 |
$ 1,712 |
$ 484 |
28.3 % |
$ (8) |
28.8 % |
|||||||
Other: |
|||||||||||||
SG&A expenses |
$ 367.0 |
$ 306.5 |
$ 60.5 |
19.7 % |
$ (1.8) |
20.3 % |
|||||||
Adjusted SG&A expenses (1) |
$ 367.0 |
$ 305.3 |
$ 61.8 |
20.2 % |
$ (1.8) |
20.8 % |
|||||||
SG&A as % gross profit |
60.5 % |
64.5 % |
(4.1) % |
||||||||||
Adjusted SG&A as % gross profit (1) |
60.5 % |
64.3 % |
(3.8) % |
||||||||||
Operating margin % |
6.8 % |
5.1 % |
1.7 % |
||||||||||
Adjusted operating margin % (1) |
6.8 % |
5.2 % |
1.7 % |
||||||||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
|||||||
Same Store Operating Data — U.S. |
|||||||
(Unaudited) |
|||||||
(In millions, except unit data) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
Increase/ |
% Change |
||||
Revenues: |
|||||||
New vehicle retail sales |
$ 1,155.8 |
$ 1,227.6 |
$ (71.8) |
(5.8) % |
|||
Used vehicle retail sales |
878.0 |
687.7 |
190.4 |
27.7 % |
|||
Used vehicle wholesale sales |
46.3 |
49.7 |
(3.4) |
(6.9) % |
|||
Total used |
924.4 |
737.4 |
187.0 |
25.4 % |
|||
Parts and service sales |
347.8 |
293.3 |
54.5 |
18.6 % |
|||
F&I, net |
131.9 |
113.4 |
18.5 |
16.3 % |
|||
Total revenues |
$ 2,559.8 |
$ 2,371.6 |
$ 188.2 |
7.9 % |
|||
Gross profit: |
|||||||
New vehicle retail sales |
$ 138.3 |
$ 79.9 |
$ 58.5 |
73.2 % |
|||
Used vehicle retail sales |
57.0 |
49.8 |
7.2 |
14.4 % |
|||
Used vehicle wholesale sales |
2.2 |
3.9 |
(1.7) |
(42.9) % |
|||
Total used |
59.3 |
53.7 |
5.5 |
10.3 % |
|||
Parts and service sales |
184.4 |
163.2 |
21.2 |
13.0 % |
|||
F&I, net |
131.9 |
113.4 |
18.5 |
16.3 % |
|||
Total gross profit |
$ 513.9 |
$ 410.2 |
$ 103.7 |
25.3 % |
|||
Gross margin: |
|||||||
New vehicle retail sales |
12.0 % |
6.5 % |
5.5 % |
||||
Used vehicle retail sales |
6.5 % |
7.2 % |
(0.8) % |
||||
Used vehicle wholesale sales |
4.8 % |
7.8 % |
(3.0) % |
||||
Total used |
6.4 % |
7.3 % |
(0.9) % |
||||
Parts and service sales |
53.0 % |
55.7 % |
(2.6) % |
||||
Total gross margin |
20.1 % |
17.3 % |
2.8 % |
||||
Units sold: |
|||||||
Retail new vehicles sold |
23,769 |
28,739 |
(4,970) |
(17.3) % |
|||
Retail used vehicles sold |
28,901 |
30,037 |
(1,136) |
(3.8) % |
|||
Wholesale used vehicles sold |
4,639 |
6,344 |
(1,705) |
(26.9) % |
|||
Total used |
33,540 |
36,381 |
(2,841) |
(7.8) % |
|||
Average sales price per unit sold: |
|||||||
New vehicle retail |
$ 48,625 |
$ 42,714 |
$ 5,912 |
13.8 % |
|||
Used vehicle retail |
$ 30,381 |
$ 22,894 |
$ 7,488 |
32.7 % |
|||
Gross profit per unit sold: |
|||||||
New vehicle retail sales |
$ 5,819 |
$ 2,779 |
$ 3,041 |
109.4 % |
|||
Used vehicle retail sales |
$ 1,974 |
$ 1,660 |
$ 314 |
18.9 % |
|||
Used vehicle wholesale sales |
$ 477 |
$ 611 |
$ (134) |
(21.9) % |
|||
Total used |
$ 1,767 |
$ 1,477 |
$ 290 |
19.7 % |
|||
F&I PRU |
$ 2,504 |
$ 1,929 |
$ 575 |
29.8 % |
|||
Other: |
|||||||
SG&A expenses |
$ 306.5 |
$ 258.7 |
$ 47.9 |
18.5 % |
|||
Adjusted SG&A expenses (1) |
$ 306.5 |
$ 257.4 |
$ 49.1 |
19.1 % |
|||
SG&A as % gross profit |
59.6 % |
63.1 % |
(3.4) % |
||||
Adjusted SG&A as % gross profit (1) |
59.6 % |
62.8 % |
(3.1) % |
||||
(1) |
See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. |
||||||||||||
Same Store Operating Data — U.K. |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
Three Months Ended March 31, |
||||||||||||
2022 |
2021 |
Increase/ |
% Change |
Currency |
Constant |
|||||||
Revenues: |
||||||||||||
New vehicle retail sales |
$ 285.0 |
$ 262.8 |
$ 22.2 |
8.4 % |
$ (10.1) |
12.3 % |
||||||
Used vehicle retail sales |
285.1 |
190.6 |
94.4 |
49.5 % |
(8.4) |
53.9 % |
||||||
Used vehicle wholesale sales |
33.3 |
27.7 |
5.6 |
20.1 % |
(0.9) |
23.4 % |
||||||
Total used |
318.4 |
218.4 |
100.0 |
45.8 % |
(9.3) |
50.1 % |
||||||
Parts and service sales |
57.3 |
53.9 |
3.4 |
6.3 % |
(1.7) |
9.4 % |
||||||
F&I, net |
16.8 |
10.5 |
6.2 |
59.4 % |
(0.6) |
64.8 % |
||||||
Total revenues |
$ 677.3 |
$ 545.5 |
$ 131.8 |
24.2 % |
$ (21.7) |
28.1 % |
||||||
Gross profit: |
||||||||||||
New vehicle retail sales |
$ 25.3 |
$ 14.8 |
$ 10.5 |
71.4 % |
$ (1.0) |
78.1 % |
||||||
Used vehicle retail sales |
16.9 |
8.1 |
8.7 |
107.5 % |
(0.5) |
113.4 % |
||||||
Used vehicle wholesale sales |
(0.4) |
(0.1) |
(0.3) |
NM |
— |
NM |
||||||
Total used |
16.5 |
8.0 |
8.4 |
105.4 % |
(0.5) |
111.2 % |
||||||
Parts and service sales |
34.4 |
31.4 |
3.0 |
9.5 % |
(1.1) |
12.9 % |
||||||
F&I, net |
16.8 |
10.5 |
6.2 |
59.4 % |
(0.6) |
64.8 % |
||||||
Total gross profit |
$ 93.0 |
$ 64.7 |
$ 28.2 |
43.6 % |
$ (3.1) |
48.4 % |
||||||
Gross margin: |
||||||||||||
New vehicle retail sales |
8.9 % |
5.6 % |
3.3 % |
|||||||||
Used vehicle retail sales |
5.9 % |
4.3 % |
1.7 % |
|||||||||
Used vehicle wholesale sales |
(1.2) % |
(0.4) % |
(0.8) % |
|||||||||
Total used |
5.2 % |
3.7 % |
1.5 % |
|||||||||
Parts and service sales |
60.1 % |
58.4 % |
1.8 % |
|||||||||
Total gross margin |
13.7 % |
11.9 % |
1.9 % |
|||||||||
Units sold: |
||||||||||||
Retail new vehicles sold |
6,491 |
6,524 |
(33) |
(0.5) % |
||||||||
Retail used vehicles sold |
8,514 |
7,055 |
1,459 |
20.7 % |
||||||||
Wholesale used vehicles sold |
2,738 |
3,113 |
(375) |
(12.0) % |
||||||||
Total used |
11,252 |
10,168 |
1,084 |
10.7 % |
||||||||
Average sales price per unit sold: |
||||||||||||
New vehicle retail |
$ 43,903 |
$ 40,282 |
$ 3,621 |
9.0 % |
$ (1,557) |
12.9 % |
||||||
Used vehicle retail |
$ 33,483 |
$ 27,023 |
$ 6,460 |
23.9 % |
$ (986) |
27.6 % |
||||||
Gross profit per unit sold: |
||||||||||||
New vehicle retail sales |
$ 3,898 |
$ 2,262 |
$ 1,635 |
72.3 % |
$ (153) |
79.0 % |
||||||
Used vehicle retail sales |
$ 1,981 |
$ 1,152 |
$ 829 |
71.9 % |
$ (57) |
76.8 % |
||||||
Used vehicle wholesale sales |
$ (146) |
$ (36) |
$ (110) |
NM |
$ 6 |
NM |
||||||
Total used |
$ 1,463 |
$ 788 |
$ 675 |
85.6 % |
$ (41) |
90.8 % |
||||||
F&I PRU |
$ 1,117 |
$ 774 |
$ 343 |
44.3 % |
$ (38) |
49.1 % |
||||||
Other: |
||||||||||||
SG&A expenses |
$ 60.5 |
$ 47.9 |
$ 12.7 |
26.4 % |
$ (1.8) |
30.1 % |
||||||
SG&A as % gross profit |
65.1 % |
73.9 % |
(8.8) % |
|||||||||
NM — Not Meaningful |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||
(Unaudited) |
||||||
(In millions, except per share data) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 418.5 |
$ 21.4 |
$ 439.8 |
|||
Income (loss) from operations |
$ 285.0 |
$ (21.4) |
$ 263.7 |
|||
Income (loss) before income taxes |
$ 262.3 |
$ (21.4) |
$ 240.9 |
|||
Less: Provision (benefit) for income taxes |
61.2 |
(4.9) |
56.3 |
|||
Net income (loss) from continuing operations |
201.1 |
(16.5) |
184.6 |
|||
Less: Earnings (loss) allocated to participating securities |
5.8 |
(0.5) |
5.3 |
|||
Net income (loss) from continuing operations available to diluted |
$ 195.3 |
$ (16.0) |
$ 179.3 |
|||
Diluted earnings (loss) per common share from continuing operations |
$ 11.78 |
$ (0.97) |
$ 10.81 |
|||
Effective tax rate |
23.3 % |
23.4 % |
||||
SG&A as % gross profit (1) |
57.7 % |
60.7 % |
||||
Operating margin (2) |
7.4 % |
6.9 % |
||||
Pretax margin (3) |
6.8 % |
6.3 % |
||||
U.S. GAAP |
Non-GAAP |
Non-GAAP |
||||
Net income from discontinued operations |
$ 1.8 |
$ — |
$ 1.8 |
|||
Less: earnings allocated to participating securities |
0.1 |
— |
0.1 |
|||
Net income from discontinued operations available to diluted common shares |
$ 1.8 |
$ — |
$ 1.8 |
|||
Net income (loss) |
$ 202.9 |
$ (16.5) |
$ 186.4 |
|||
Less: earnings (loss) allocated to participating securities |
5.9 |
(0.5) |
5.4 |
|||
Net income (loss) available to diluted common shares |
$ 197.1 |
$ (16.0) |
$ 181.0 |
|||
Diluted earnings per common share from discontinued operations |
$ 0.11 |
$ — |
$ 0.11 |
|||
Diluted earnings (loss) per common share from continuing operations |
11.78 |
(0.97) |
10.81 |
|||
Diluted earnings (loss) per common share |
$ 11.88 |
$ (0.97) |
$ 10.92 |
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items above. |
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||
(Unaudited) |
||||||||||
(In millions, except per share data) |
||||||||||
Three Months Ended March 31, 2021 |
||||||||||
U.S. GAAP |
Catastrophic |
Dealership and |
Legal matters |
Non-GAAP |
||||||
SG&A expenses |
$ 311.4 |
$ (2.2) |
$ 0.3 |
$ 1.0 |
$ 310.4 |
|||||
Income (loss) from operations |
$ 150.7 |
$ 2.2 |
$ (0.3) |
$ (1.0) |
$ 151.6 |
|||||
Income (loss) before income taxes |
$ 130.0 |
$ 2.2 |
$ (0.3) |
$ (1.0) |
$ 130.9 |
|||||
Less: Provision (benefit) for income taxes |
29.1 |
0.5 |
(0.1) |
(0.2) |
29.3 |
|||||
Net income (loss) from continuing operations |
100.9 |
1.7 |
(0.2) |
(0.8) |
101.7 |
|||||
Less: Earnings allocated to participating securities |
3.4 |
0.1 |
— |
— |
3.5 |
|||||
Net income (loss) from continuing operations |
$ 97.5 |
$ 1.7 |
$ (0.2) |
$ (0.7) |
$ 98.2 |
|||||
Diluted earnings (loss) per common share from |
$ 5.47 |
$ 0.09 |
$ (0.01) |
$ (0.04) |
$ 5.51 |
|||||
Effective tax rate |
22.4 % |
22.4 % |
||||||||
SG&A as % gross profit (1) |
64.7 % |
64.5 % |
||||||||
Operating margin (2) |
5.1 % |
5.1 % |
||||||||
Pretax margin (3) |
4.4 % |
4.4 % |
||||||||
Same Store SG&A expenses |
$ 306.5 |
$ (2.2) |
$ — |
$ 1.0 |
$ 305.3 |
|||||
Same Store SG&A as % gross profit (1) |
64.5 % |
64.3 % |
||||||||
Same Store income (loss) from operations |
$ 149.7 |
$ 2.2 |
$ — |
$ (1.0) |
$ 150.9 |
|||||
Same Store operating margin (2) |
5.1 % |
5.2 % |
||||||||
U.S. GAAP |
Non-GAAP |
Non-GAAP |
||||
Net income from discontinued operations |
$ 1.0 |
$ — |
$ 1.0 |
|||
Less: earnings allocated to participating securities |
— |
— |
— |
|||
Net income from discontinued operations available to diluted common shares |
$ 1.0 |
$ — |
$ 1.0 |
|||
Net income |
$ 101.9 |
$ 0.7 |
$ 102.7 |
|||
Less: earnings allocated to participating securities |
3.5 |
— |
3.5 |
|||
Net income available to diluted common shares |
$ 98.5 |
$ 0.7 |
$ 99.2 |
|||
Diluted earnings per common share from discontinued operations |
$ 0.06 |
$ — |
$ 0.06 |
|||
Diluted earnings per common share from continuing operations |
5.47 |
0.04 |
5.51 |
|||
Diluted earnings per common share |
$ 5.52 |
$ 0.04 |
$ 5.57 |
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items above. |
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — U.S. |
||||||
(Unaudited) |
||||||
(In millions) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 353.6 |
$ 18.7 |
$ 372.3 |
|||
SG&A as % gross profit (1) |
56.9 % |
60.0 % |
||||
Three Months Ended March 31, 2021 |
||||||||||
U.S. GAAP |
Catastrophic |
Dealership and |
Legal matters |
Non-GAAP |
||||||
SG&A expenses |
$ 261.7 |
$ (2.2) |
$ 0.9 |
$ 1.0 |
$ 261.4 |
|||||
SG&A as % gross profit (1) |
63.0 % |
62.9 % |
||||||||
Same Store SG&A expenses |
$ 258.7 |
$ (2.2) |
$ — |
$ 1.0 |
$ 257.4 |
|||||
Same Store SG&A as % gross profit (1) |
63.1 % |
62.8 % |
||||||||
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. |
||||||
Reconciliation of Certain Non-GAAP Financial Measures — U.K. |
||||||
(Unaudited) |
||||||
(In millions) |
||||||
Three Months Ended March 31, 2022 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 64.9 |
$ 2.7 |
$ 67.5 |
|||
SG&A as % gross profit (1) |
62.5 % |
65.1 % |
||||
Three Months Ended March 31, 2021 |
||||||
U.S. GAAP |
Dealership and |
Non-GAAP |
||||
SG&A expenses |
$ 49.6 |
$ (0.6) |
$ 49.1 |
|||
SG&A as % gross profit (1) |
75.2 % |
74.3 % |
||||
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
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