GPI
$200.51
Group 1 Automotive
$1.55
.78%
Earnings Details
2nd Quarter June 2021
Thursday, July 29, 2021 7:07:00 AM
Tweet Share Watch
Summary

Group 1 Automotive Misses

Group 1 Automotive (GPI) reported 2nd Quarter June 2021 earnings of $10.31 per share on revenue of $3.7 billion. The consensus earnings estimate was $10.10 per share on revenue of $3.1 billion. The Earnings Whisper number was $10.70 per share. Revenue grew 73.6% on a year-over-year basis.

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

Results
Reported Earnings
$10.31
Earnings Whisper
$10.70
Consensus Estimate
$10.10
Reported Revenue
$3.70 Bil
Revenue Estimate
$3.12 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Group 1 Automotive Announces Record Second Quarter 2021 Financial Results

HOUSTON, July 29, 2021 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today reported record second quarter 2021 financial results. 

Second quarter 2021 net income per diluted share was an all-time quarterly record of $10.35, a 533.9 percent increase from $1.63 per diluted share as reported for second quarter 2020.  Second quarter 2021 adjusted net income per diluted share (a non-GAAP measure) was $10.31, a 173.6 percent increase from $3.77 per diluted share as reported for second quarter 2020.  Second quarter 2021 net income was $191.0 million, a 532.9 percent increase compared to net income of $30.2 million in the same period of 2020.  Second quarter 2021 adjusted net income (a non-GAAP measure) was $190.2 million, a 173.2 percent increase compared to adjusted net income of $69.6 million for the same period of 2020.  The Company's second quarter 2021 total revenues were $3.7 billion, a 73.6 percent increase compared to total revenues of $2.1 billion in the same period of 2020. 

Second quarter 2021 adjusted net income and diluted earnings per share excluded net after-tax adjustments totaling $0.8 million, or $0.04 per common share. The adjustments consist of gains on dealership and real estate transactions and a tax benefit related to the revaluation of deferred tax items in the U.K., partially offset by a non-cash loss associated with certain interest rate swaps due to decreased vehicle inventory levels. Second quarter 2020 adjusted net income and diluted earnings per share excluded net after-tax adjustments of $39.4 million, or $2.13 per share, primarily related to non-cash asset impairment charges, out-of-period adjustments to accelerate stock-based compensation expense, loss on debt extinguishment and severance costs. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.

"Although the new vehicle supply disruption continues to impact our vehicle sales volume in all three of our markets, our operating teams continue to navigate this challenge with great success," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. "Our aftersales business is recovering extremely well, and our cost control has been outstanding."

Consolidated Operating Highlights for Second Quarter 2021 (year-over-year comparable basis)

Reported:

  • Total revenues increased 73.6 percent, to $3.7 billion. Total gross profit increased 84.3 percent, to $661.3 million.
  • New vehicle revenues increased 74.6 percent, as units sold increased 62.0 percent. New vehicle gross profit per retail unit (PRU) increased 59.9 percent, to $3,853.
  • Used vehicle retail revenues increased 86.5 percent, as units increased 47.4 percent. Used vehicle retail gross profit PRU increased 59.9 percent, to $2,425.
  • Parts and service gross profit increased 44.5 percent, on a 39.1 percent increase in revenue.
  • Finance and Insurance (F&I) gross profit PRU increased 8.0 percent, to $1,832.
  • Selling, General and Administrative (SG&A) expenses as a percentage of gross profit decreased 913 basis points, to 57.0 percent. Adjusted SG&A expenses (a non-GAAP measure) as a percentage of gross profit decreased 573 basis points, to 57.1 percent.

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

  • Total revenues increased 70.6 percent. Total gross profit increased 81.6 percent.
  • New vehicle gross profit increased 156.2 percent, as units increased 62.4 percent. New vehicle gross profit PRU increased 57.8 percent.
  • Used vehicle retail gross profit increased 130.7 percent, as units increased 48.8 percent. Used vehicle retail gross profit PRU increased 55.0 percent.
  • Parts and service gross profit increased 41.6 percent.
  • F&I gross profit PRU increased 6.8 percent.
  • SG&A expenses as a percentage of gross profit decreased 880 basis points. Adjusted SG&A expenses as a percentage of gross profit decreased 548 basis points.

Share Repurchase Authorization

During the second quarter of 2021, the Company repurchased approximately 125,000 shares at an average price of $148.79, for a total of approximately $18.6 million.  The Company has approximately $150 million remaining on its Board authorized common stock share repurchase program. 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.  While the Company's first priority for capital allocation remains M&A, it continues to be open to returning cash to shareholders in the form of both share repurchases and the increase of our quarterly dividend.

Corporate Development

As previously announced in July 2021, the Company acquired nine franchises in the U.K., which will contribute approximately $300 million in incremental annual revenues, and which increased the Company's U.K. portfolio count to 75 franchises.  Hesterberg added, "We believe this is an excellent time to expand our U.K. business.  Pent-up vehicle demand resulting from both Brexit and the pandemic should drive higher sales in the next several years."

Year-to-date, the Company has acquired 11 franchises, which are expected to generate $420 million in incremental annual revenues, and disposed of four franchises, which generated approximately $70 million in trailing-twelve-month revenues.

Second Quarter 2021 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter 2021 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: group1corp.com/events.  A webcast replay will be available for 30 days.

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

Domestic:

1-888-317-6003

International:

1-412-317-6061

Conference ID:

3896520

A telephonic replay will be available following the call through May 6, 2021 by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay ID:

10158175

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 188 automotive dealerships, 242 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer 32 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Investors please visit group1corp.com, group1auto.com, group1collision.com, acceleride.com, facebook.com/group1auto, and twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles and the impact of supply chain disruptions which occur from time to time, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain vehicle margins, implement and maintain expense controls, and maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

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

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

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

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

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

SOURCE: Group 1 Automotive, Inc.

Investor contacts:

Sheila Roth

Manager, Investor Relations

Group 1 Automotive, Inc.

713-647-5741 | sroth@group1auto.com

Media contacts:

Pete DeLongchamps

Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs

Group 1 Automotive, Inc.

713-647-5770 | pdelongchamps@group1auto.com

or

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | cwoods@piercom.com

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Three Months Ended June 30,



2021


2020


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

1,855.3



$

1,062.7



$

792.6



74.6

%

Used vehicle retail sales


1,195.6



641.2



554.4



86.5

%

Used vehicle wholesale sales


96.4



48.7



47.7



98.0

%

Parts and service sales


392.1



282.0



110.2



39.1

%

Finance, insurance and other, net


161.0



96.7



64.3



66.5

%

  Total revenues


3,700.4



2,131.2



1,569.2



73.6

%

COST OF SALES:









New vehicle retail sales


1,690.0



998.9



691.1



69.2

%

Used vehicle retail sales


1,086.5



594.9



491.6



82.6

%

Used vehicle wholesale sales


87.2



46.6



40.6



87.1

%

Parts and service sales


175.4



132.0



43.4



32.9

%

  Total cost of sales


3,039.2



1,772.4



1,266.8



71.5

%

GROSS PROFIT


661.3



358.8



302.4



84.3

%

Selling, general and administrative expenses


376.7



237.2



139.5



58.8

%

Depreciation and amortization expense


18.8



18.8





0.2

%

Asset impairments




23.8



(23.8)



(100.0)

%

INCOME FROM OPERATIONS


265.8



79.0



186.7



236.3

%

Floorplan interest expense


8.8



10.1



(1.3)



(13.2)

%

Other interest expense, net


13.7



16.2



(2.5)



(15.3)

%

Loss on extinguishment of debt




10.4



(10.4)



(100.0)

%

INCOME BEFORE INCOME TAXES


243.2



42.3



200.9



474.6

%

Provision for income taxes


52.3



12.2



40.1



329.9

%

NET INCOME


$

191.0



$

30.2



$

160.8



532.9

%

Less: Earnings allocated to participating securities


6.4



1.1



5.3



490.0

%

Net income available to diluted common shares


$

184.5



$

29.1



$

155.5



534.5

%

DILUTED EARNINGS PER SHARE


$

10.35



$

1.63



$

8.72



533.9

%

Weighted average dilutive common shares outstanding


17.8



17.8





0.1

%

Weighted average participating securities


0.6



0.7





(6.6)

%

Total weighted average shares


18.5



18.5





(0.1)

%

Effective tax rate


21.5

%


28.7

%


(7.2)

%



 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Six Months Ended June 30,



2021


2020


Increase/(Decrease)


% Change

REVENUES:









New vehicle retail sales


$

3,398.7



$

2,404.8



$

993.8



41.3

%

Used vehicle retail sales


2,094.4



1,420.3



674.1



47.5

%

Used vehicle wholesale sales


176.6



135.2



41.4



30.7

%

Parts and service sales


752.8



652.6



100.2



15.4

%

Finance, insurance and other, net


288.0



209.2



78.8



37.7

%

  Total revenues


6,710.5



4,822.0



1,888.4



39.2

%

COST OF SALES:









New vehicle retail sales


3,134.4



2,278.3



856.1



37.6

%

Used vehicle retail sales


1,925.7



1,331.8



593.8



44.6

%

Used vehicle wholesale sales


163.5



132.1



31.4



23.8

%

Parts and service sales


335.0



304.5



30.4



10.0

%

  Total cost of sales


5,558.5



4,046.7



1,511.8



37.4

%

GROSS PROFIT


1,151.9



775.3



376.7



48.6

%

Selling, general and administrative expenses


695.2



565.1



130.0



23.0

%

Depreciation and amortization expense


38.3



37.4



0.9



2.4

%

Asset impairments




23.8



(23.8)



(100.0)

%

INCOME FROM OPERATIONS


418.5



148.9



269.6



181.0

%

Floorplan interest expense


16.4



23.0



(6.6)



(28.8)

%

Other interest expense, net


27.5



34.3



(6.8)



(19.9)

%

Loss on extinguishment of debt




10.4



(10.4)



(100.0)

%

INCOME BEFORE INCOME TAXES


374.6



81.2



293.4



361.2

%

Provision for income taxes


81.7



21.3



60.4



284.1

%

NET INCOME


$

292.9



$

60.0



$

233.0



388.6

%

Less: Earnings allocated to participating securities


9.9



2.1



7.8



361.1

%

Net income available to diluted common shares


$

283.0



$

57.8



$

225.2



389.6

%

DILUTED EARNINGS PER SHARE


$

15.88



$

3.25



$

12.63



389.1

%

Weighted average dilutive common shares outstanding


17.8



17.8





0.1

%

Weighted average participating securities


0.6



0.7





(6.4)

%

  Total weighted average shares


18.5



18.5





(0.1)

%

Effective tax rate


21.8

%


26.2

%


(4.4)

%



 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)












June 30, 2021


December 31, 2020


Increase/(Decrease)


% Change

SELECTED BALANCE SHEET INFORMATION:







(In millions)









Cash and cash equivalents


$

198.7



$

87.3



$

111.4



127.7

%

Inventories, net


$

1,030.2



$

1,468.0



$

(437.8)



(29.8)

%

Floorplan notes payable, net (1)


$

498.5



$

1,095.0



$

(596.5)



(54.5)

%

Total debt


$

1,381.3



$

1,351.4



$

29.9



2.2

%

Total equity


$

1,754.0



$

1,449.6



$

304.4



21.0

%

(1) Amounts are net of offset accounts of $326.1 and $176.4, respectively.

 



Three Months Ended June 30,


Six Months Ended June 30,



2021


2020


2021


2020

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:







United States


79.4

%


82.9

%


79.2

%


75.1

%

United Kingdom


17.2

%


14.5

%


17.5

%


20.6

%

Brazil


3.4

%


2.6

%


3.3

%


4.3

%










NEW VEHICLE UNIT SALES BRAND MIX:







Toyota/Lexus


25.8

%


22.8

%


25.9

%


23.1

%

Volkswagen/Audi/Porsche/SEAT/SKODA


15.3

%


11.7

%


14.8

%


14.2

%

BMW/MINI


11.7

%


10.5

%


11.1

%


11.2

%

Honda/Acura


10.3

%


9.9

%


10.0

%


9.6

%

Ford/Lincoln


7.6

%


12.3

%


8.5

%


11.1

%

Chevrolet/GMC/Buick/Cadillac


6.6

%


8.7

%


6.9

%


7.6

%

Nissan


5.8

%


5.9

%


5.5

%


5.6

%

Hyundai/Kia/Genesis


5.7

%


4.8

%


5.3

%


4.4

%

Mercedes-Benz/smart/Sprinter


4.5

%


5.3

%


4.8

%


5.3

%

Chrysler/Dodge/Jeep/RAM


3.9

%


4.9

%


4.0

%


4.1

%

Jaguar/Land Rover


1.7

%


1.7

%


2.0

%


2.2

%

Other


1.1

%


1.6

%


1.3

%


1.7

%



100.0

%


100.0

%


100.0

%


100.0

%

 



June 30, 2021


December 31, 2020


June 30, 2020

DAYS' SUPPLY IN INVENTORY (1):







Consolidated







New vehicle inventory


20


52


61

Used vehicle inventory


32


37


29

U.S.







New vehicle inventory


16


48


64

Used vehicle inventory


29


32


25

U.K.







New vehicle inventory


31


102


49

Used vehicle inventory


39


52


38

Brazil







New vehicle inventory


32


27


81

Used vehicle inventory


54


51


61

(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 June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

1,855.3



$

1,062.7



$

792.6



74.6

%



$

33.6



71.4

%

Used vehicle retail sales

1,195.6



641.2



554.4



86.5

%



32.8



81.3

%

Used vehicle wholesale sales

96.4



48.7



47.7



98.0

%



3.6



90.6

%

  Total used

1,292.0



689.9



602.1



87.3

%



36.5



82.0

%

Parts and service sales

392.1



282.0



110.2



39.1

%



5.6



37.1

%

F&I, net

161.0



96.7



64.3



66.5

%



1.7



64.7

%

  Total revenues

$

3,700.4



$

2,131.2



$

1,569.2



73.6

%



$

77.4



70.0

%

Gross profit:













New vehicle retail sales

$

165.3



$

63.8



$

101.5



159.2

%



$

2.1



155.9

%

Used vehicle retail sales

109.1



46.3



62.8



135.8

%



2.3



130.9

%

Used vehicle wholesale sales

9.1



2.0



7.1



NM



0.3



NM

  Total used

118.2



48.3



69.9



144.7

%



2.5



139.5

%

Parts and service sales

216.7



150.0



66.7



44.5

%



3.4



42.2

%

F&I, net

161.0



96.7



64.3



66.5

%



1.7



64.7

%

  Total gross profit

$

661.3



$

358.8



$

302.4



84.3

%



$

9.8



81.6

%

Gross margin:













New vehicle retail sales

8.9

%


6.0

%


2.9

%








Used vehicle retail sales

9.1

%


7.2

%


1.9

%








Used vehicle wholesale sales

9.5

%


4.2

%


5.3

%








  Total used

9.2

%


7.0

%


2.1

%








Parts and service sales

55.3

%


53.2

%


2.1

%








  Total gross margin

17.9

%


16.8

%


1.0

%








Units sold:













Retail new vehicles sold

42,893



26,472



16,421



62.0

%






Retail used vehicles sold

45,002



30,528



14,474



47.4

%






Wholesale used vehicles sold

10,965



7,303



3,662



50.1

%






  Total used

55,967



37,831



18,136



47.9

%






Average sales price per unit sold:













New vehicle retail

$

43,254



$

40,143



$

3,111



7.8

%



$

783



5.8

%

Used vehicle retail

$

26,568



$

21,004



$

5,564



26.5

%



$

729



23.0

%

Gross profit per unit sold:













New vehicle retail sales

$

3,853



$

2,409



$

1,444



59.9

%



$

48



58.0

%

Used vehicle retail sales

$

2,425



$

1,516



$

909



59.9

%



$

50



56.6

%

Used vehicle wholesale sales

$

832



$

278



$

554



NM



$

24



NM

  Total used

$

2,113



$

1,277



$

836



65.4

%



$

45



61.9

%

F&I PRU

$

1,832



$

1,697



$

135



8.0

%



$

20



6.8

%

Other:













SG&A expenses

$

376.7



$

237.2



$

139.5



58.8

%



$

6.3



56.2

%

Adjusted SG&A expenses (1)

$

377.5



$

225.4



$

152.1



67.5

%



$

6.3



64.7

%

SG&A as % gross profit

57.0

%


66.1

%


(9.1)

%








Adjusted SG&A as % gross profit (1)

57.1

%


62.8

%


(5.7)

%








Operating margin %

7.2

%


3.7

%


3.5

%








Adjusted operating margin % (1)

7.2

%


5.4

%


1.8

%








Pretax margin %

6.6

%


2.0

%


4.6

%








Adjusted pretax margin % (1)

6.6

%


4.1

%


2.5

%








Floorplan expense:













Floorplan interest expense

$

8.8



$

10.1



$

(1.3)



(13.2)

%



$

0.2



(14.9)

%

Less: Floorplan assistance (2)

15.3



9.8



5.4



55.5

%





55.5

%

Net floorplan expense

$

(6.5)



$

0.3



$

(6.8)






$

0.2




Adjusted floorplan interest expense (1)

$

6.5



$

10.1



$

(3.7)



(36.1)

%



$

0.2



(37.8)

%

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

(2) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

3,398.7



$

2,404.8



$

993.8



41.3

%



$

39.9



39.7

%

Used vehicle retail sales

2,094.4



1,420.3



674.1



47.5

%



38.4



44.8

%

Used vehicle wholesale sales

176.6



135.2



41.4



30.7

%



4.5



27.3

%

  Total used

2,271.0



1,555.4



715.6



46.0

%



42.9



43.2

%

Parts and service sales

752.8



652.6



100.2



15.4

%



6.7



14.3

%

F&I, net

288.0



209.2



78.8



37.7

%



1.9



36.8

%

  Total revenues

$

6,710.5



$

4,822.0



$

1,888.4



39.2

%



$

91.9



37.3

%

Gross profit:













New vehicle retail sales

$

264.3



$

126.6



$

137.7



108.8

%



$

2.0



107.2

%

Used vehicle retail sales

168.7



88.4



80.3



90.8

%



2.2



88.3

%

Used vehicle wholesale sales

13.1



3.0



10.0



NM



0.2



NM

  Total used

181.8



91.5



90.3



98.7

%



2.4



96.1

%

Parts and service sales

417.8



348.0



69.8



20.0

%



4.4



18.8

%

F&I, net

288.0



209.2



78.8



37.7

%



1.9



36.8

%

  Total gross profit

$

1,151.9



$

775.3



$

376.7



48.6

%



$

10.8



47.2

%

Gross margin:













New vehicle retail sales

7.8

%


5.3

%


2.5

%








Used vehicle retail sales

8.1

%


6.2

%


1.8

%








Used vehicle wholesale sales

7.4

%


2.2

%


5.2

%








  Total used

8.0

%


5.9

%


2.1

%








Parts and service sales

55.5

%


53.3

%


2.2

%








  Total gross margin

17.2

%


16.1

%


1.1

%








Units sold:













Retail new vehicles sold

79,756



61,832



17,924



29.0

%






Retail used vehicles sold

83,061



67,318



15,743



23.4

%






Wholesale used vehicles sold

20,777



19,389



1,388



7.2

%






  Total used

103,838



86,707



17,131



19.8

%






Average sales price per unit sold:













New vehicle retail

$

42,613



$

38,893



$

3,720



9.6

%



$

500



8.3

%

Used vehicle retail

$

25,215



$

21,098



$

4,117



19.5

%



$

462



17.3

%

Gross profit per unit sold:













New vehicle retail sales

$

3,314



$

2,047



$

1,267



61.9

%



$

25



60.6

%

Used vehicle retail sales

$

2,031



$

1,314



$

718



54.6

%



$

27



52.6

%

Used vehicle wholesale sales

$

628



$

156



$

472



NM



$

8



NM

  Total used

$

1,751



$

1,055



$

696



66.0

%



$

23



63.8

%

F&I PRU

$

1,769



$

1,620



$

149



9.2

%



$

12



8.5

%

Other:













SG&A expenses

$

695.2



$

565.1



$

130.0



23.0

%



$

7.3



21.7

%

Adjusted SG&A expenses (1)

$

695.0



$

552.5



$

142.5



25.8

%



$

7.2



24.5

%

SG&A as % gross profit

60.3

%


72.9

%


(12.5)

%








Adjusted SG&A as % gross profit (1)

60.3

%


71.3

%


(10.9)

%








Operating margin %

6.2

%


3.1

%


3.1

%








Adjusted operating margin % (1)

6.2

%


3.8

%


2.4

%








Pretax margin %

5.6

%


1.7

%


3.9

%








Adjusted pretax margin % (1)

5.6

%


2.7

%


3.0

%








Floorplan expense:













Floorplan interest expense

$

16.4



$

23.0



$

(6.6)



(28.8)

%



$

0.3



(30.0)

%

Less: Floorplan assistance (2)

28.5



20.4



8.1



39.6

%





39.6

%

Net floorplan expense

$

(12.1)



$

2.6



$

(14.7)






$

0.3




Adjusted floorplan interest expense (1)

$

14.0



$

23.0



$

(9.0)



(38.9)

%



$

0.3



(40.1)

%

(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.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)












Three Months Ended June 30,



2021


2020


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

1,504.4



$

915.7



$

588.7



64.3

%

Used vehicle retail sales


882.9



540.9



342.0



63.2

%

Used vehicle wholesale sales


61.2



30.5



30.7



100.5

%

  Total used


944.1



571.4



372.7



65.2

%

Parts and service sales


332.6



254.2



78.4



30.8

%

F&I, net


143.9



89.8



54.1



60.3

%

  Total revenues


$

2,924.9



$

1,831.1



$

1,093.8



59.7

%

Gross profit:









New vehicle retail sales


$

141.7



$

56.5



$

85.2



150.7

%

Used vehicle retail sales


87.3



41.0



46.4



113.2

%

Used vehicle wholesale sales


6.4



1.6



4.8



NM

  Total used


93.7



42.6



51.2



120.2

%

Parts and service sales


181.7



135.6



46.1



34.0

%

F&I, net


143.9



89.8



54.1



60.3

%

  Total gross profit


$

561.1



$

324.5



$

236.6



72.9

%

Gross margin:









New vehicle retail sales


9.4

%


6.2

%


3.2

%



Used vehicle retail sales


9.9

%


7.6

%


2.3

%



Used vehicle wholesale sales


10.5

%


5.2

%


5.2

%



  Total used


9.9

%


7.4

%


2.5

%



Parts and service sales


54.6

%


53.3

%


1.3

%



  Total gross margin


19.2

%


17.7

%


1.5

%



Units sold:









Retail new vehicles sold


34,047



21,937



12,110



55.2

%

Retail used vehicles sold


34,008



26,132



7,876



30.1

%

Wholesale used vehicles sold


6,606



5,150



1,456



28.3

%

  Total used


40,614



31,282



9,332



29.8

%

Average sales price per unit sold:









New vehicle retail


$

44,185



$

41,742



$

2,443



5.9

%

Used vehicle retail


$

25,962



$

20,699



$

5,263



25.4

%

Gross profit per unit sold:









New vehicle retail sales


$

4,162



$

2,576



$

1,586



61.6

%

Used vehicle retail sales


$

2,568



$

1,568



$

1,000



63.8

%

Used vehicle wholesale sales


$

969



$

311



$

658



NM

  Total used


$

2,308



$

1,361



$

947



69.6

%

F&I PRU


$

2,114



$

1,868



$

247



13.2

%

Other:









SG&A expenses


$

312.6



$

203.3



$

109.3



53.8

%

Adjusted SG&A expenses (1)


$

313.4



$

192.7



$

120.7



62.6

%

SG&A as % gross profit


55.7

%


62.6

%


(6.9)

%



Adjusted SG&A as % gross profit (1)


55.9

%


59.4

%


(3.5)

%



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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)












Six Months Ended June 30,



2021


2020


Increase/(Decrease)


% Change

Revenues:









New vehicle retail sales


$

2,750.4



$

1,904.1



$

846.3



44.4

%

Used vehicle retail sales


1,579.4



1,111.2



468.2



42.1

%

Used vehicle wholesale sales


111.6



77.3



34.2



44.3

%

  Total used


1,691.0



1,188.6



502.4



42.3

%

Parts and service sales


628.9



558.9



70.0



12.5

%

F&I, net


259.0



187.2



71.8



38.3

%

  Total revenues


$

5,329.3



$

3,838.7



$

1,490.6



38.8

%

Gross profit:









New vehicle retail sales


$

222.6



$

103.8



$

118.8



114.5

%

Used vehicle retail sales


137.6



72.9



64.7



88.8

%

Used vehicle wholesale sales


10.3



2.4



7.9



NM

  Total used


148.0



75.3



72.6



96.4

%

Parts and service sales


346.8



299.1



47.7



16.0

%

F&I, net


259.0



187.2



71.8



38.3

%

  Total gross profit


$

976.3



$

665.4



$

310.9



46.7

%

Gross margin:









New vehicle retail sales


8.1

%


5.5

%


2.6

%



Used vehicle retail sales


8.7

%


6.6

%


2.2

%



Used vehicle wholesale sales


9.3

%


3.1

%


6.1

%



  Total used


8.8

%


6.3

%


2.4

%



Parts and service sales


55.1

%


53.5

%


1.6

%



  Total gross margin


18.3

%


17.3

%


1.0

%



Units sold:









Retail new vehicles sold


63,199



46,432



16,767



36.1

%

Retail used vehicles sold


64,439



53,800



10,639



19.8

%

Wholesale used vehicles sold


13,046



12,177



869



7.1

%

  Total used


77,485



65,977



11,508



17.4

%

Average sales price per unit sold:









New vehicle retail


$

43,520



$

41,008



$

2,512



6.1

%

Used vehicle retail


$

24,510



$

20,655



$

3,855



18.7

%

Gross profit per unit sold:









New vehicle retail sales


$

3,522



$

2,235



$

1,287



57.6

%

Used vehicle retail sales


$

2,136



$

1,355



$

781



57.6

%

Used vehicle wholesale sales


$

792



$

199



$

592



NM

  Total used


$

1,910



$

1,142



$

768



67.3

%

F&I PRU


$

2,029



$

1,868



$

161



8.6

%

Other:









SG&A expenses


$

574.3



$

460.8



$

113.5



24.6

%

Adjusted SG&A expenses (1)


$

574.7



$

450.2



$

124.5



27.7

%

SG&A as % gross profit


58.8

%


69.2

%


(10.4)

%



Adjusted SG&A as % gross profit (1)


58.9

%


67.7

%


(8.8)

%



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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)




Three Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

301.2



$

127.2



$

174.0



136.8

%



$

32.9



110.9

%

Used vehicle retail sales

300.9



92.8



208.1



224.1

%



32.7



188.9

%

Used vehicle wholesale sales

32.5



15.3



17.3



113.2

%



3.6



89.9

%

  Total used

333.4



108.1



225.3



208.5

%



36.3



174.9

%

Parts and service sales

50.3



21.8



28.5



130.5

%



5.5



105.4

%

F&I, net

15.7



6.4



9.4



147.1

%



1.7



120.3

%

  Total revenues

$

700.7



$

263.5



$

437.2



165.9

%



$

76.4



136.9

%

Gross profit:













New vehicle retail sales

$

18.4



$

5.9



$

12.5



213.2

%



$

2.0



179.0

%

Used vehicle retail sales

20.8



4.9



15.9



326.2

%



2.3



280.1

%

Used vehicle wholesale sales

2.5



0.4



2.2



NM



0.3



NM

  Total used

23.3



5.2



18.1



345.7

%



2.5



297.7

%

Parts and service sales

31.0



11.9



19.0



159.2

%



3.4



131.1

%

F&I, net

15.7



6.4



9.4



147.1

%



1.7



120.3

%

  Total gross profit

$

88.4



$

29.4



$

59.0



200.6

%



$

9.6



167.9

%

Gross margin:













New vehicle retail sales

6.1

%


4.6

%


1.5

%








Used vehicle retail sales

6.9

%


5.3

%


1.7

%








Used vehicle wholesale sales

7.7

%


2.3

%


5.4

%








  Total used

7.0

%


4.8

%


2.2

%








Parts and service sales

61.5

%


54.7

%


6.8

%








  Total gross margin

12.6

%


11.2

%


1.5

%








Units sold:













Retail new vehicles sold

7,395



3,841



3,554



92.5

%






Retail used vehicles sold

10,494



4,040



6,454



159.8

%






Wholesale used vehicles sold

4,124



1,829



2,295



125.5

%






  Total used

14,618



5,869



8,749



149.1

%






Average sales price per unit sold:













New vehicle retail

$

40,727



$

33,119



$

7,608



23.0

%



$

4,455



9.5

%

Used vehicle retail

$

28,672



$

22,978



$

5,694



24.8

%



$

3,114



11.2

%

Gross profit per unit sold:













New vehicle retail sales

$

2,484



$

1,527



$

957



62.7

%



$

271



44.9

%

Used vehicle retail sales

$

1,984



$

1,209



$

775



64.1

%



$

215



46.3

%

Used vehicle wholesale sales

$

611



$

192



$

419



NM



$

64



NM

  Total used

$

1,597



$

892



$

705



79.0

%



$

172



59.7

%

F&I PRU

$

879



$

808



$

72



8.9

%



$

95



(2.9)

%

Other:













SG&A expenses

$

56.0



$

28.3



$

27.7



98.0

%



$

6.2



76.0

%

Adjusted SG&A expenses (1)

$

56.0



$

27.1



$

29.0



106.9

%



$

6.2



83.9

%

SG&A as % gross profit

63.4

%


96.2

%


(32.8)

%








Adjusted SG&A as % gross profit (1)

63.4

%


92.1

%


(28.7)

%








(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.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)















Six Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

564.3



$

423.5



$

140.8



33.3

%



$

52.3



20.9

%

Used vehicle retail sales

492.5



281.6



210.9



74.9

%



41.7



60.1

%

Used vehicle wholesale sales

60.4



51.1



9.3



18.1

%



5.0



8.3

%

  Total used

552.8



332.7



220.1



66.2

%



46.7



52.1

%

Parts and service sales

106.8



78.3



28.5



36.5

%



8.8



25.2

%

F&I, net

26.3



19.7



6.6



33.6

%



2.4



21.5

%

  Total revenues

$

1,250.3



$

854.2



$

396.1



46.4

%



$

110.7



33.4

%

Gross profit:













New vehicle retail sales

$

33.2



$

17.9



$

15.2



85.0

%



$

3.2



66.9

%

Used vehicle retail sales

29.0



14.0



15.0



106.5

%



2.6



88.3

%

Used vehicle wholesale sales

2.4



0.3



2.0



NM



0.2



NM

  Total used

31.4



14.4



17.0



118.3

%



2.8



99.0

%

Parts and service sales

63.6



42.3



21.3



50.5

%



5.3



37.9

%

F&I, net

26.3



19.7



6.6



33.6

%



2.4



21.5

%

  Total gross profit

$

154.4



$

94.2



$

60.2



63.8

%



$

13.7



49.3

%

Gross margin:













New vehicle retail sales

5.9

%


4.2

%


1.6

%








Used vehicle retail sales

5.9

%


5.0

%


0.9

%








Used vehicle wholesale sales

3.9

%


0.6

%


3.3

%








  Total used

5.7

%


4.3

%


1.4

%








Parts and service sales

59.5

%


54.0

%


5.5

%








  Total gross margin

12.3

%


11.0

%


1.3

%








Units sold:













Retail new vehicles sold

13,935



12,735



1,200



9.4

%






Retail used vehicles sold

17,606



12,064



5,542



45.9

%






Wholesale used vehicles sold

7,262



6,413



849



13.2

%






  Total used

24,868



18,477



6,391



34.6

%






Average sales price per unit sold:













New vehicle retail

$

40,498



$

33,255



$

7,243



21.8

%



$

3,750



10.5

%

Used vehicle retail

$

27,973



$

23,344



$

4,629



19.8

%



$

2,371



9.7

%

Gross profit per unit sold:













New vehicle retail sales

$

2,379



$

1,407



$

972



69.1

%



$

233



52.5

%

Used vehicle retail sales

$

1,647



$

1,164



$

483



41.5

%



$

145



29.0

%

Used vehicle wholesale sales

$

325



$

50



$

275



NM



$

30



NM

  Total used

$

1,261



$

777



$

483



62.2

%



$

111



47.9

%

F&I PRU

$

834



$

794



$

40



5.0

%



$

75



(4.5)

%

Other:













SG&A expenses

$

105.7



$

88.2



$

17.5



19.9

%



$

9.2



9.5

%

Adjusted SG&A expenses (1)

$

105.1



$

86.9



$

18.2



20.9

%



$

9.1



10.4

%

SG&A as % gross profit

68.4

%


93.5

%


(25.1)

%








Adjusted SG&A as % gross profit (1)

68.1

%


92.2

%


(24.2)

%








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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)















Three Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

49.8



$

19.8



$

30.0



151.8

%



$

0.6



148.5

%

Used vehicle retail sales

11.8



7.5



4.4



58.4

%



0.1



56.6

%

Used vehicle wholesale sales

2.6



2.9



(0.2)



(8.3)

%



0.1



(10.9)

%

  Total used

14.5



10.3



4.1



39.9

%



0.2



37.7

%

Parts and service sales

9.2



5.9



3.3



55.9

%



0.1



53.4

%

F&I, net

1.4



0.6



0.8



139.1

%





136.2

%

  Total revenues

$

74.8



$

36.6



$

38.2



104.5

%



$

1.0



101.6

%

Gross profit:













New vehicle retail sales

$

5.2



$

1.4



$

3.8



274.3

%



$

0.1



270.4

%

Used vehicle retail sales

1.0



0.4



0.5



126.0

%





124.6

%

Used vehicle wholesale sales

0.2



0.1



0.1



149.8

%





145.5

%

  Total used

1.2



0.5



0.7



129.7

%





127.9

%

Parts and service sales

4.0



2.5



1.6



63.9

%



0.1



61.5

%

F&I, net

1.4



0.6



0.8



139.1

%





136.2

%

  Total gross profit

$

11.8



$

4.9



$

6.8



138.6

%



$

0.2



135.5

%

Gross margin:













New vehicle retail sales

10.4

%


7.0

%


3.4

%








Used vehicle retail sales

8.2

%


5.8

%


2.5

%








Used vehicle wholesale sales

7.6

%


2.8

%


4.8

%








  Total used

8.1

%


4.9

%


3.2

%








Parts and service sales

43.9

%


41.8

%


2.2

%








  Total gross margin

15.7

%


13.5

%


2.3

%








Units sold:













Retail new vehicles sold

1,451



694



757



109.1

%






Retail used vehicles sold

500



356



144



40.4

%






Wholesale used vehicles sold

235



324



(89)



(27.5)

%






  Total used

735



680



55



8.1

%






Average sales price per unit sold:













New vehicle retail

$

34,313



$

28,495



$

5,818



20.4

%



$

438



18.9

%

Used vehicle retail

$

23,671



$

20,983



$

2,687



12.8

%



$

271



11.5

%

Gross profit per unit sold:













New vehicle retail sales

$

3,578



$

1,999



$

1,579



79.0

%



$

38



77.1

%

Used vehicle retail sales

$

1,951



$

1,213



$

739



60.9

%



$

12



59.9

%

Used vehicle wholesale sales

$

850



$

247



$

603



NM



$

15



NM

  Total used

$

1,599



$

752



$

847



112.6

%



$

13



110.8

%

F&I PRU

$

707



$

550



$

158



28.7

%



$

8



27.1

%

Other:













SG&A expenses

$

8.1



$

5.6



$

2.5



44.0

%



$

0.1



42.2

%

SG&A as % gross profit

68.8

%


114.0

%


(45.2)

%








NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant
Currency %

Change

Revenues:













New vehicle retail sales

$

83.9



$

77.3



$

6.7



8.6

%



$

(12.4)



24.7

%

Used vehicle retail sales

22.5



27.4



(4.9)



(17.9)

%



(3.4)



(5.6)

%

Used vehicle wholesale sales

4.6



6.7



(2.1)



(30.8)

%



(0.5)



(23.3)

%

  Total used

27.1



34.1



(7.0)



(20.5)

%



(3.9)



(9.1)

%

Parts and service sales

17.1



15.5



1.6



10.4

%



(2.1)



24.2

%

F&I, net

2.8



2.3



0.5



20.1

%



(0.4)



38.8

%

  Total revenues

$

130.9



$

129.1



$

1.8



1.4

%



$

(18.8)



15.9

%

Gross profit:













New vehicle retail sales

$

8.6



$

4.9



$

3.7



75.1

%



$

(1.2)



100.2

%

Used vehicle retail sales

2.1



1.5



0.6



40.6

%



(0.3)



61.1

%

Used vehicle wholesale sales

0.4



0.3



0.1



30.0

%



(0.1)



47.8

%

  Total used

2.5



1.8



0.7



38.9

%



(0.4)



59.0

%

Parts and service sales

7.4



6.7



0.7



10.8

%



(0.9)



25.0

%

F&I, net

2.8



2.3



0.5



20.1

%



(0.4)



38.8

%

  Total gross profit

$

21.2



$

15.6



$

5.5



35.5

%



$

(2.9)



54.3

%

Gross margin:













New vehicle retail sales

10.2

%


6.3

%


3.9

%








Used vehicle retail sales

9.3

%


5.4

%


3.9

%








Used vehicle wholesale sales

7.9

%


4.2

%


3.7

%








  Total used

9.0

%


5.2

%


3.9

%








Parts and service sales

43.3

%


43.1

%


0.2

%








  Total gross margin

16.2

%


12.1

%


4.1

%








Units sold:













Retail new vehicles sold

2,622



2,665



(43)



(1.6)

%






Retail used vehicles sold

1,016



1,454



(438)



(30.1)

%






Wholesale used vehicles sold

469



799



(330)



(41.3)

%






  Total used

1,485



2,253



(768)



(34.1)

%






Average sales price per unit sold:













New vehicle retail

$

32,011



$

28,994



$

3,017



10.4

%



$

(4,728)



26.7

%

Used vehicle retail

$

22,143



$

18,847



$

3,296



17.5

%



$

(3,331)



35.2

%

Gross profit per unit sold:













New vehicle retail sales

$

3,273



$

1,839



$

1,434



78.0

%



$

(469)



103.5

%

Used vehicle retail sales

$

2,051



$

1,019



$

1,032



101.2

%



$

(300)



130.6

%

Used vehicle wholesale sales

$

788



$

356



$

432



NM



$

(108)



NM

  Total used

$

1,652



$

784



$

868



110.7

%



$

(239)



141.2

%

F&I PRU

$

758



$

557



$

200



35.9

%



$

(118)



57.2

%

Other:













SG&A expenses

$

15.2



$

16.2



$

(1.0)



(6.4)

%



$

(1.9)



5.5

%

Adjusted SG&A expenses (1)

$

15.2



$

15.3



$

(0.1)



(1.0)

%



$

(1.9)



11.7

%

SG&A as % gross profit

71.7

%


103.8

%


(32.1)

%








Adjusted SG&A as % gross profit (1)

71.7

%


98.2

%


(26.4)

%








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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

















Three Months Ended June 30,



2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

1,837.5



$

1,049.8



$

787.7



75.0

%



$

33.6



71.8

%

Used vehicle retail sales

1,188.2



632.5



555.7



87.9

%



32.8



82.7

%

Used vehicle wholesale sales

95.8



48.2



47.6



98.7

%



3.6



91.2

%

  Total used

1,284.0



680.7



603.3



88.6

%



36.5



83.3

%

Parts and service sales

385.5



278.5



107.0



38.4

%



5.3



36.5

%

F&I, net

159.9



95.5



64.4



67.4

%



1.7



65.6

%

  Total revenues

$

3,666.9



$

2,104.5



$

1,562.4



74.2

%



$

77.1



70.6

%

Gross profit:













New vehicle retail sales

$

163.6



$

63.1



$

100.6



159.4

%



$

2.1



156.2

%

Used vehicle retail sales

107.8



45.8



62.1



135.6

%



2.3



130.7

%

Used vehicle wholesale sales

8.9



2.0



6.9



NM



0.3



NM

  Total used

116.8



47.8



69.0



144.4

%



2.5



139.1

%

Parts and service sales

212.9



148.1



64.9



43.8

%



3.2



41.6

%

F&I, net

159.9



95.5



64.4



67.4

%



1.7



65.6

%

  Total gross profit

$

653.3



$

354.4



$

298.8



84.3

%



$

9.6



81.6

%

Gross margin:













New vehicle retail sales

8.9

%


6.0

%


2.9

%








Used vehicle retail sales

9.1

%


7.2

%


1.8

%








Used vehicle wholesale sales

9.3

%


4.1

%


5.2

%








  Total used

9.1

%


7.0

%


2.1

%








Parts and service sales

55.2

%


53.2

%


2.1

%








  Total gross margin

17.8

%


16.8

%


1.0

%








Units sold:













Retail new vehicles sold

42,409



26,116



16,293



62.4

%






Retail used vehicles sold

44,659



30,016



14,643



48.8

%






Wholesale used vehicles sold

10,846



7,217



3,629



50.3

%






  Total used

55,505



37,233



18,272



49.1

%






Average sales price per unit sold:













New vehicle retail

$

43,329



$

40,199



$

3,131



7.8

%



$

792



5.8

%

Used vehicle retail

$

26,606



$

21,072



$

5,534



26.3

%



$

735



22.8

%

Gross profit per unit sold:













New vehicle retail sales

$

3,858



$

2,415



$

1,443



59.8

%



$

49



57.8

%

Used vehicle retail sales

$

2,415



$

1,525



$

890



58.4

%



$

51



55.0

%

Used vehicle wholesale sales

$

823



$

277



$

546



NM



$

25



NM

  Total used

$

2,104



$

1,283



$

821



64.0

%



$

46



60.4

%

F&I PRU

$

1,837



$

1,702



$

135



7.9

%



$

20



6.8

%

Other:













SG&A expenses

$

372.3



$

233.2



$

139.1



59.7

%



$

6.2



57.0

%

Adjusted SG&A expenses (1)

$

372.3



$

221.4



$

150.9



68.1

%



$

6.2



65.3

%

SG&A as % gross profit

57.0

%


65.8

%


(8.8)

%








Adjusted SG&A as % gross profit (1)

57.0

%


62.5

%


(5.5)

%








Operating margin %

7.2

%


3.8

%


3.4

%








Adjusted operating margin % (1)

7.2

%


5.4

%


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.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)






Six Months Ended June 30,



2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

3,380.4



$

2,381.9



$

998.6



41.9

%



$

39.8



40.3

%

Used vehicle retail sales

2,086.4



1,403.0



683.4



48.7

%



38.3



46.0

%

Used vehicle wholesale sales

176.0



133.7



42.2



31.6

%



4.5



28.2

%

  Total used

2,262.4



1,536.8



725.6



47.2

%



42.8



44.4

%

Parts and service sales

743.6



642.6



101.0



15.7

%



6.3



14.7

%

F&I, net

286.9



207.0



79.9



38.6

%



1.9



37.7

%

  Total revenues

$

6,673.3



$

4,768.3



$

1,905.0



40.0

%



$

91.4



38.0

%

Gross profit:













New vehicle retail sales

$

262.7



$

125.2



$

137.5



109.8

%



$

2.0



108.2

%

Used vehicle retail sales

167.4



87.7



79.8



91.0

%



2.2



88.5

%

Used vehicle wholesale sales

12.9



3.0



9.9



NM



0.2



NM

  Total used

180.4



90.7



89.7



98.9

%



2.4



96.3

%

Parts and service sales

412.9



342.8



70.1



20.5

%



4.2



19.2

%

F&I, net

286.9



207.0



79.9



38.6

%



1.9



37.7

%

  Total gross profit

$

1,142.9



$

765.7



$

377.2



49.3

%



$

10.6



47.9

%

Gross margin:













New vehicle retail sales

7.8

%


5.3

%


2.5

%








Used vehicle retail sales

8.0

%


6.2

%


1.8

%








Used vehicle wholesale sales

7.3

%


2.3

%


5.1

%








  Total used

8.0

%


5.9

%


2.1

%








Parts and service sales

55.5

%


53.3

%


2.2

%








  Total gross margin

17.1

%


16.1

%


1.1

%








Units sold:













Retail new vehicles sold

79,260



61,198



18,062



29.5

%






Retail used vehicles sold

82,686



66,347



16,339



24.6

%






Wholesale used vehicles sold

20,645



19,138



1,507



7.9

%






Total used

103,331



85,485



17,846



20.9

%






Average sales price per unit sold:













New vehicle retail

$

42,650



$

38,921



$

3,729



9.6

%



$

503



8.3

%

Used vehicle retail

$

25,233



$

21,147



$

4,086



19.3

%



$

463



17.1

%

Gross profit per unit sold:













New vehicle retail sales

$

3,315



$

2,046



$

1,268



62.0

%



$

25



60.7

%

Used vehicle retail sales

$

2,025



$

1,321



$

704



53.3

%



$

27



51.2

%

Used vehicle wholesale sales

$

626



$

157



$

469



NM



$

8



NM

  Total used

$

1,745



$

1,061



$

685



64.6

%



$

23



62.4

%

F&I PRU

$

1,772



$

1,623



$

149



9.2

%



$

12



8.4

%

Other:













SG&A expenses

$

689.6



$

555.5



$

134.2



24.2

%



$

7.1



22.9

%

Adjusted SG&A expenses (1)

$

688.4



$

542.8



$

145.6



26.8

%



$

7.0



25.5

%

SG&A as % gross profit

60.3

%


72.5

%


(12.2)

%








Adjusted SG&A as % gross profit (1)

60.2

%


70.9

%


(10.7)

%








Operating margin %

6.2

%


3.1

%


3.1

%








Adjusted operating margin % (1)

6.2

%


3.9

%


2.3

%








(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 - U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended June 30,


2021


2020


Increase/(Decrease)


% Change

Revenues:








New vehicle retail sales

$

1,486.6



$

903.9



$

582.7



64.5

%

Used vehicle retail sales

875.5



533.2



342.2



64.2

%

Used vehicle wholesale sales

60.6



30.1



30.5



101.2

%

  Total used

936.1



563.4



372.7



66.2

%

Parts and service sales

329.3



251.2



78.1



31.1

%

F&I, net

142.8



88.7



54.1



61.0

%

  Total revenues

$

2,894.8



$

1,807.1



$

1,087.7



60.2

%

Gross profit:








New vehicle retail sales

$

140.1



$

55.9



$

84.2



150.7

%

Used vehicle retail sales

86.0



40.5



45.5



112.3

%

Used vehicle wholesale sales

6.2



1.6



4.6



NM

  Total used

92.2



42.1



50.2



119.1

%

Parts and service sales

179.6



133.9



45.8



34.2

%

F&I, net

142.8



88.7



54.1



61.0

%

  Total gross profit

$

554.8



$

320.5



$

234.3



73.1

%

Gross margin:








New vehicle retail sales

9.4

%


6.2

%


3.2

%



Used vehicle retail sales

9.8

%


7.6

%


2.2

%



Used vehicle wholesale sales

10.2

%


5.2

%


5.0

%



  Total used

9.9

%


7.5

%


2.4

%



Parts and service sales

54.6

%


53.3

%


1.3

%



  Total gross margin

19.2

%


17.7

%


1.4

%



Units sold:








Retail new vehicles sold

33,563



21,631



11,932



55.2

%

Retail used vehicles sold

33,665



25,691



7,974



31.0

%

Wholesale used vehicles sold

6,487



5,084



1,403



27.6

%

  Total used

40,152



30,775



9,377



30.5

%

Average sales price per unit sold:








New vehicle retail

$

44,292



$

41,786



$

2,506



6.0

%

Used vehicle retail

$

26,005



$

20,756



$

5,249



25.3

%

Gross profit per unit sold:








New vehicle retail sales

$

4,173



$

2,583



$

1,591



61.6

%

Used vehicle retail sales

$

2,556



$

1,577



$

978



62.0

%

Used vehicle wholesale sales

$

956



$

309



$

648



NM

  Total used

$

2,297



$

1,368



$

930



68.0

%

F&I PRU

$

2,125



$

1,874



$

250



13.4

%

Other:








SG&A expenses

$

309.4



$

200.2



$

109.2



54.6

%

Adjusted SG&A expenses (1)

$

309.4



$

189.7



$

119.8



63.2

%

SG&A as % gross profit

55.8

%


62.5

%


(6.7)

%



Adjusted SG&A as % gross profit (1)

55.8

%


59.2

%


(3.4)

%



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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)










Six Months Ended June 30,


2021


2020


Increase/(Decrease)


% Change

Revenues:








New vehicle retail sales

$

2,732.3



$

1,883.2



$

849.1



45.1

%

Used vehicle retail sales

1,571.9



1,096.1



475.8



43.4

%

Used vehicle wholesale sales

111.0



76.0



35.0



46.0

%

  Total used

1,682.9



1,172.1



510.8



43.6

%

Parts and service sales

624.8



553.1



71.7



13.0

%

F&I, net

257.9



185.2



72.6



39.2

%

  Total revenues

$

5,297.9



$

3,793.6



$

1,504.3



39.7

%

Gross profit:








New vehicle retail sales

$

221.0



$

102.5



$

118.5



115.6

%

Used vehicle retail sales

136.4



72.3



64.1



88.7

%

Used vehicle wholesale sales

10.1



2.4



7.7



NM

  Total used

146.5



74.7



71.8



96.2

%

Parts and service sales

344.3



295.6



48.7



16.5

%

F&I, net

257.9



185.2



72.6



39.2

%

  Total gross profit

$

969.7



$

658.1



$

311.6



47.4

%

Gross margin:








New vehicle retail sales

8.1

%


5.4

%


2.6

%



Used vehicle retail sales

8.7

%


6.6

%


2.1

%



Used vehicle wholesale sales

9.1

%


3.2

%


6.0

%



  Total used

8.7

%


6.4

%


2.3

%



Parts and service sales

55.1

%


53.5

%


1.7

%



  Total gross margin

18.3

%


17.3

%


1.0

%



Units sold:








Retail new vehicles sold

62,711



45,902



16,809



36.6

%

Retail used vehicles sold

64,090



52,971



11,119



21.0

%

Wholesale used vehicles sold

12,927



11,981



946



7.9

%

  Total used

77,017



64,952



12,065



18.6

%

Average sales price per unit sold:








New vehicle retail

$

43,570



$

41,026



$

2,544



6.2

%

Used vehicle retail

$

24,526



$

20,692



$

3,835



18.5

%

Gross profit per unit sold:








New vehicle retail sales

$

3,524



$

2,234



$

1,291



57.8

%

Used vehicle retail sales

$

2,128



$

1,364



$

764



56.0

%

Used vehicle wholesale sales

$

785



$

201



$

583



NM

  Total used

$

1,903



$

1,150



$

753



65.5

%

F&I PRU

$

2,034



$

1,874



$

160



8.6

%

Other:








SG&A expenses

$

571.5



$

454.1



$

117.3



25.8

%

Adjusted SG&A expenses (1)

$

570.2



$

443.6



$

126.6



28.5

%

SG&A as % gross profit

58.9

%


69.0

%


(10.1)

%



Adjusted SG&A as % gross profit (1)

58.8

%


67.4

%


(8.6)

%



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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)















Three Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

301.2



$

126.2



$

175.0



138.7

%



$

32.9



112.6

%

Used vehicle retail sales

300.9



91.8



209.1



227.7

%



32.7



192.1

%

Used vehicle wholesale sales

32.5



15.2



17.3



113.9

%



3.6



90.5

%

  Total used

333.4



107.0



226.4



211.6

%



36.3



177.7

%

Parts and service sales

47.0



21.4



25.6



119.7

%



5.1



95.8

%

F&I, net

15.7



6.3



9.5



151.1

%



1.7



123.9

%

  Total revenues

$

697.3



$

260.9



$

436.5



167.3

%



$

76.0



138.2

%

Gross profit:













New vehicle retail sales

$

18.4



$

5.8



$

12.6



215.9

%



$

2.0



181.4

%

Used vehicle retail sales

20.8



4.8



16.0



331.9

%



2.3



285.1

%

Used vehicle wholesale sales

2.5



0.3



2.2



NM



0.3



NM

  Total used

23.3



5.2



18.2



351.5

%



2.5



302.9

%

Parts and service sales

29.2



11.7



17.5



149.3

%



3.2



122.2

%

F&I, net

15.7



6.3



9.5



151.1

%



1.7



123.9

%

  Total gross profit

$

86.7



$

29.0



$

57.7



199.1

%



$

9.4



166.6

%

Gross margin:













New vehicle retail sales

6.1

%


4.6

%


1.5

%








Used vehicle retail sales

6.9

%


5.3

%


1.7

%








Used vehicle wholesale sales

7.7

%


2.3

%


5.5

%








  Total used

7.0

%


4.8

%


2.2

%








Parts and service sales

62.2

%


54.8

%


7.4

%








  Total gross margin

12.4

%


11.1

%


1.3

%








Units sold:













Retail new vehicles sold

7,395



3,791



3,604



95.1

%






Retail used vehicles sold

10,494



3,969



6,525



164.4

%






Wholesale used vehicles sold

4,124



1,809



2,315



128.0

%






  Total used

14,618



5,778



8,840



153.0

%






Average sales price per unit sold:













New vehicle retail

$

40,727



$

33,284



$

7,443



22.4

%



$

4,455



9.0

%

Used vehicle retail

$

28,672



$

23,131



$

5,541



24.0

%



$

3,114



10.5

%

Gross profit per unit sold:













New vehicle retail sales

$

2,484



$

1,533



$

950



62.0

%



$

271



44.3

%

Used vehicle retail sales

$

1,984



$

1,215



$

770



63.3

%



$

215



45.7

%

Used vehicle wholesale sales

$

611



$

192



$

419



NM



$

64



NM

  Total used

$

1,597



$

895



$

702



78.5

%



$

172



59.2

%

F&I PRU

$

879



$

807



$

72



8.9

%



$

95



(2.9)

%

Other:













SG&A expenses

$

54.9



$

27.3



$

27.5



100.7

%



$

6.1



78.4

%

Adjusted SG&A expenses (1)

$

54.9



$

26.1



$

28.8



110.1

%



$

6.1



86.7

%

SG&A as % gross profit

63.3

%


94.4

%


(31.1)

%








Adjusted SG&A as % gross profit (1)

63.3

%


90.2

%


(26.8)

%








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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

564.2



$

421.4



$

142.8



33.9

%



$

52.2



21.5

%

Used vehicle retail sales

492.0



279.6



212.4



76.0

%



41.7



61.1

%

Used vehicle wholesale sales

60.3



51.0



9.3



18.3

%



5.0



8.5

%

  Total used

552.3



330.6



221.7



67.1

%



46.7



53.0

%

Parts and service sales

101.8



74.1



27.7



37.3

%



8.4



25.9

%

F&I, net

26.3



19.5



6.8



35.0

%



2.4



22.8

%

  Total revenues

$

1,244.5



$

845.5



$

399.0



47.2

%



$

110.2



34.2

%

Gross profit:













New vehicle retail sales

$

33.1



$

17.8



$

15.3



86.1

%



$

3.2



67.9

%

Used vehicle retail sales

29.0



13.9



15.1



108.3

%



2.5



90.0

%

Used vehicle wholesale sales

2.4



0.3



2.1



NM



0.2



NM

  Total used

31.4



14.2



17.2



120.7

%



2.8



101.2

%

Parts and service sales

61.2



40.5



20.7



51.2

%



5.1



38.6

%

F&I, net

26.3



19.5



6.8



35.0

%



2.4



22.8

%

  Total gross profit

$

152.0



$

92.0



$

60.0



65.3

%



$

13.5



50.6

%

Gross margin:













New vehicle retail sales

5.9

%


4.2

%


1.6

%








Used vehicle retail sales

5.9

%


5.0

%


0.9

%








Used vehicle wholesale sales

4.0

%


0.6

%


3.4

%








  Total used

5.7

%


4.3

%


1.4

%








Parts and service sales

60.2

%


54.6

%


5.5

%








  Total gross margin

12.2

%


10.9

%


1.3

%








Units sold:













Retail new vehicles sold

13,927



12,631



1,296



10.3

%






Retail used vehicles sold

17,580



11,922



5,658



47.5

%






Wholesale used vehicles sold

7,249



6,358



891



14.0

%






  Total used

24,829



18,280



6,549



35.8

%






Average sales price per unit sold:













New vehicle retail

$

40,509



$

33,363



$

7,146



21.4

%



$

3,750



10.2

%

Used vehicle retail

$

27,988



$

23,452



$

4,536



19.3

%



$

2,370



9.2

%

Gross profit per unit sold:













New vehicle retail sales

$

2,379



$

1,409



$

969



68.8

%



$

232



52.3

%

Used vehicle retail sales

$

1,648



$

1,167



$

481



41.3

%



$

145



28.8

%

Used vehicle wholesale sales

$

333



$

49



$

284



NM



$

31



NM

  Total used

$

1,264



$

778



$

486



62.5

%



$

112



48.1

%

F&I PRU

$

834



$

793



$

41



5.2

%



$

75



(4.3)

%

Other:













SG&A expenses

$

103.1



$

85.1



$

17.9



21.0

%



$

9.0



10.5

%

Adjusted SG&A expenses (1)

$

103.1



$

83.9



$

19.1



22.8

%



$

9.0



12.1

%

SG&A as % gross profit

67.8

%


92.6

%


(24.8)

%








Adjusted SG&A as % gross profit (1)

67.8

%


91.3

%


(23.5)

%








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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)















Three Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

49.8



$

19.8



$

30.0



151.8

%



$

0.6



148.5

%

Used vehicle retail sales

11.8



7.4



4.4



59.0

%



0.1



57.2

%

Used vehicle wholesale sales

2.6



2.9



(0.2)



(8.3)

%



0.1



(10.9)

%

  Total used

14.5



10.3



4.2



40.3

%



0.2



38.1

%

Parts and service sales

9.2



5.9



3.3



55.9

%



0.1



53.4

%

F&I, net

1.4



0.6



0.8



139.1

%





136.2

%

  Total revenues

$

74.8



$

36.6



$

38.3



104.6

%



$

1.0



101.8

%

Gross profit:













New vehicle retail sales

$

5.2



$

1.4



$

3.8



274.3

%



$

0.1



270.4

%

Used vehicle retail sales

1.0



0.4



0.6



128.5

%





127.1

%

Used vehicle wholesale sales

0.2



0.1



0.1



149.8

%





145.5

%

  Total used

1.2



0.5



0.7



131.8

%





130.0

%

Parts and service sales

4.0



2.5



1.6



63.9

%



0.1



61.5

%

F&I, net

1.4



0.6



0.8



139.1

%





136.2

%

  Total gross profit

$

11.8



$

4.9



$

6.9



138.8

%



$

0.2



135.7

%

Gross margin:













New vehicle retail sales

10.4

%


7.0

%


3.4

%








Used vehicle retail sales

8.3

%


5.8

%


2.5

%








Used vehicle wholesale sales

7.6

%


2.8

%


4.8

%








  Total used

8.2

%


4.9

%


3.2

%








Parts and service sales

43.9

%


41.8

%


2.2

%








  Total gross margin

15.8

%


13.5

%


2.3

%








Units sold:













Retail new vehicles sold

1,451



694



757



109.1

%






Retail used vehicles sold

500



356



144



40.4

%






Wholesale used vehicles sold

235



324



(89)



(27.5)

%






  Total used

735



680



55



8.1

%






Average sales price per unit sold:













New vehicle retail

$

34,313



$

28,495



$

5,818



20.4

%



$

438



18.9

%

Used vehicle retail

$

23,671



$

20,905



$

2,766



13.2

%



$

273



11.9

%

Gross profit per unit sold:













New vehicle retail sales

$

3,578



$

1,999



$

1,579



79.0

%



$

38



77.1

%

Used vehicle retail sales

$

1,959



$

1,204



$

755



62.7

%



$

12



61.7

%

Used vehicle wholesale sales

$

850



$

247



$

603



NM



$

15



NM

  Total used

$

1,605



$

748



$

856



114.5

%



$

13



112.8

%

F&I PRU

$

707



$

550



$

158



28.7

%



$

8



27.1

%

Other:













SG&A expenses

$

8.0



$

5.6



$

2.3



41.7

%



$

0.1



39.9

%

SG&A as % gross profit

67.6

%


114.0

%


(46.4)

%








NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - Brazil

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2021


2020


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency %

Change

Revenues:













New vehicle retail sales

$

83.9



$

77.3



$

6.7



8.6

%



$

(12.4)



24.7

%

Used vehicle retail sales

22.5



27.4



(4.9)



(17.8)

%



(3.4)



(5.4)

%

Used vehicle wholesale sales

4.6



6.7



(2.1)



(30.8)

%



(0.5)



(23.3)

%

  Total used

27.1



34.1



(7.0)



(20.4)

%



(3.9)



(9.0)

%

Parts and service sales

17.1



15.5



1.6



10.4

%



(2.1)



24.2

%

F&I, net

2.8



2.3



0.5



20.1

%



(0.4)



38.8

%

  Total revenues

$

130.9



$

129.1



$

1.8



1.4

%



$

(18.8)



16.0

%

Gross profit:













New vehicle retail sales

$

8.6



$

4.9



$

3.7



75.1

%



$

(1.2)



100.2

%

Used vehicle retail sales

2.1



1.5



0.6



41.1

%



(0.3)



61.8

%

Used vehicle wholesale sales

0.4



0.3



0.1



30.0

%



(0.1)



47.8

%

  Total used

2.5



1.8



0.7



39.3

%



(0.4)



59.5

%

Parts and service sales

7.4



6.7



0.7



10.8

%



(0.9)



25.0

%

F&I, net

2.8



2.3



0.5



20.1

%



(0.4)



38.8

%

  Total gross profit

$

21.2



$

15.6



$

5.6



35.5

%



$

(2.9)



54.3

%

Gross margin:













New vehicle retail sales

10.2

%


6.3

%


3.9

%








Used vehicle retail sales

9.3

%


5.4

%


3.9

%








Used vehicle wholesale sales

7.9

%


4.2

%


3.7

%








  Total used

9.1

%


5.2

%


3.9

%








Parts and service sales

43.3

%


43.1

%


0.1

%








  Total gross margin

16.2

%


12.1

%


4.1

%








Units sold:













Retail new vehicles sold

2,622



2,665



(43)



(1.6)

%






Retail used vehicles sold

1,016



1,454



(438)



(30.1)

%






Wholesale used vehicles sold

469



799



(330)



(41.3)

%






  Total used

1,485



2,253



(768)



(34.1)

%






Average sales price per unit sold:













New vehicle retail

$

32,011



$

28,994



$

3,017



10.4

%



$

(4,728)



26.7

%

Used vehicle retail

$

22,143



$

18,828



$

3,315



17.6

%



$

(3,334)



35.3

%

Gross profit per unit sold:













New vehicle retail sales

$

3,273



$

1,839



$

1,434



78.0

%



$

(469)



103.5

%

Used vehicle retail sales

$

2,055



$

1,018



$

1,037



101.9

%



$

(301)



131.5

%

Used vehicle wholesale sales

$

788



$

356



$

432



NM



$

(108)



NM

  Total used

$

1,655



$

783



$

872



111.4

%



$

(240)



142.0

%

F&I PRU

$

758



$

557



$

200



35.9

%



$

(118)



57.2

%

Other:













SG&A expenses

$

15.1



$

16.2



$

(1.0)



(6.5)

%



$

(1.9)



5.3

%

Adjusted SG&A expenses (1)

$

15.1



$

15.3



$

(0.2)



(1.1)

%



$

(1.9)



11.6

%

SG&A as % gross profit

71.4

%


103.5

%


(32.1)

%








Adjusted SG&A as % gross profit (1)

71.4

%


97.8

%


(26.4)

%








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

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 June 30, 2021



U.S. GAAP


Non-cash loss

on interest rate

swaps


Dealership and

real estate

transactions


Tax rate

changes


Non-GAAP

adjusted

SG&A expenses


$

376.7



$



$

0.8



$



$

377.5


Income (loss) from operations


$

265.8



$



$

(0.8)



$



$

264.9


Floorplan interest expense


$

8.8



$

(2.3)



$



$



$

6.5













Income (loss) before income taxes


$

243.2



$

2.3



$

(0.8)



$



$

244.8


Less: Provision (benefit) for income taxes


52.3



0.5



(0.2)



1.9



54.6


Net income (loss)


191.0



1.8



(0.6)



(1.9)



190.2


Less: Earnings (loss) allocated to participating securities


6.4



0.1





(0.1)



6.4


Net income (loss) available to diluted common shares


$

184.5



$

1.7



$

(0.6)



$

(1.8)



$

183.8













Diluted income (loss) per common share


$

10.35



$

0.10



$

(0.03)



$

(0.10)



$

10.31













Effective tax rate


21.5

%








22.3

%












SG&A as % gross profit (1)


57.0

%








57.1

%

Operating margin (2)


7.2

%








7.2

%

Pretax margin (3)


6.6

%








6.6

%

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items above.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above and a non-cash loss on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended June 30, 2020



U.S. GAAP


Severance

costs


Out-of-period

adjustment


Asset

impairments


Loss on

extinguishment

of debt


Non-GAAP

adjusted

SG&A expenses


$

237.2



$

(1.2)



$

(10.6)



$



$



$

225.4


Asset impairments


$

23.8



$



$



$

(23.8)



$



$


Income from operations


$

79.0



$

1.2



$

10.6



$

23.8



$



$

114.6


Loss on extinguishment of debt


$

10.4



$



$



$



$

(10.4)



$















Income before income taxes


$

42.3



$

1.2



$

10.6



$

23.8



$

10.4



$

88.3


Less: Provision for income taxes


12.2



0.2



0.8



3.3



2.2



18.7


Net income


30.2



1.0



9.7



20.6



8.1



69.6


Less: Earnings allocated to participating securities


1.1





0.4



0.7



0.3



2.5


Net income available to diluted common shares


$

29.1



$

1.0



$

9.4



$

19.8



$

7.8



$

67.1















Diluted income per common share


$

1.63



$

0.05



$

0.53



$

1.11



$

0.44



$

3.77















Effective tax rate


28.7

%










21.2

%














SG&A as % gross profit (1)


66.1

%










62.8

%

Operating margin (2)


3.7

%










5.4

%

Pretax margin (3)


2.0

%










4.1

%














Same Store SG&A expenses


$

233.2



$

(1.2)



$

(10.6)



$



$



$

221.4


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


65.8

%










62.5

%














Same Store income from operations


$

79.1



$

1.2



$

10.6



$

23.8



$



$

114.7


Same Store operating margin (2)


3.8

%










5.4

%

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items above, as well as asset impairment charges.

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)


















Six Months Ended June 30, 2021



U.S. GAAP


Non-cash

loss on

interest rate

swaps


Catastrophic

events


Dealership

and real

estate

transactions


Legal

matters


Tax rate

changes


Non-GAAP

adjusted

SG&A expenses


$

695.2



$



$

(2.2)



$

1.1



$

1.0



$



$

695.0


Income (loss) from operations


$

418.5



$



$

2.2



$

(1.1)



$

(1.0)



$



$

418.6


Floorplan interest expense


$

16.4



$

(2.3)



$



$



$



$



$

14.0

















Income (loss) before income taxes


$

374.6



$

2.3



$

2.2



$

(1.1)



$

(1.0)



$



$

377.1


Less: Provision (benefit) for income taxes


81.7



0.5



0.5



(0.3)



(0.2)



1.9



84.2


Net income (loss)


292.9



1.8



1.7



(0.8)



(0.8)



(1.9)



292.9


Less: Earnings (loss) allocated to participating securities


9.9



0.1



0.1







(0.1)



9.9


Net income (loss) available to diluted common shares


$

283.0



$

1.7



$

1.7



$

(0.8)



$

(0.7)



$

(1.8)



$

283.0

















Diluted income (loss) per common share


$

15.88



$

0.10



$

0.09



$

(0.05)



$

(0.04)



$

(0.10)



$

15.87

















Effective tax rate


21.8

%












22.3

%
















SG&A as % gross profit (1)


60.3

%












60.3

%

Operating margin (2)


6.2

%












6.2

%

Pretax margin (3)


5.6

%












5.6

%
















Same Store SG&A expenses


$

689.6



$



$

(2.2)



$



$

1.0



$



$

688.4


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


60.3

%












60.2

%
















Same Store income (loss) from operations


$

415.6



$



$

2.2



$



$

(1.0)



$



$

416.8


Same Store operating margin (2)


6.2

%












6.2

%

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items above.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above and a non-cash loss on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)
















Six Months Ended June 30, 2020



U.S. GAAP


Severance

costs


Out-of-period

adjustment


Asset

impairments


Loss on

extinguishment

of debt


Non-GAAP

adjusted

SG&A expenses


$

565.1



$

(2.1)



$

(10.6)



$



$



$

552.5


Asset impairments


$

23.8



$



$



$

(23.8)



$



$


Income from operations


$

148.9



$

2.1



$

10.6



$

23.8



$



$

185.4


Loss on extinguishment of debt


$

10.4



$



$



$



$

(10.4)



$















Income before income taxes


$

81.2



$

2.1



$

10.6



$

23.8



$

10.4



$

128.1


Less: Provision for income taxes


21.3



0.3



0.8



3.3



2.2



27.9


Net income


60.0



1.8



9.7



20.6



8.1



100.2


Less: Earnings allocated to participating securities


2.1



0.1



0.4



0.7



0.3



3.6


Net income available to diluted common shares


$

57.8



$

1.7



$

9.4



$

19.8



$

7.8



$

96.6















Diluted income per common share


$

3.25



$

0.10



$

0.53



$

1.11



$

0.44



$

5.42















Effective tax rate


26.2

%










21.8

%














SG&A as % gross profit (1)


72.9

%










71.3

%

Operating margin (2)


3.1

%










3.8

%

Pretax margin (3)


1.7

%










2.7

%














Same Store SG&A expenses


$

555.5



$

(2.1)



$

(10.6)



$



$



$

542.8


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


72.5

%










70.9

%














Same Store income from operations


$

149.8



$

2.1



$

10.6



$

23.8



$



$

186.3


Same Store operating margin (2)


3.1

%










3.9

%

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

(2) Adjusted operating margin excludes the impact of  SG&A reconciling items above, as well as asset impairment charges.

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

 

Group 1 Automotive, Inc.

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

(Unaudited)

(In millions)






Three Months Ended June 30, 2021



U.S. GAAP


Dealership and

real estate

transactions


Non-GAAP

adjusted

SG&A expenses


$

312.6



$

0.8



$

313.4


SG&A as % gross profit (1)


55.7

%




55.9

%








Same Store SG&A expenses


$

309.4



$



$

309.4


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


55.8

%




55.8

%




Three Months Ended June 30, 2020



U.S. GAAP


Out-of-period

adjustment


Non-GAAP

adjusted

SG&A expenses


$

203.3



$

(10.6)



$

192.7


SG&A as % gross profit (1)


62.6

%




59.4

%








Same Store SG&A expenses


$

200.2



$

(10.6)



$

189.7


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


62.5

%




59.2

%




Six Months Ended June 30, 2021



U.S. GAAP


Catastrophic

events


Dealership and

real estate

transactions


Legal matters


Non-GAAP

adjusted

SG&A expenses


$

574.3



$

(2.2)



$

1.7



$

1.0



$

574.7


SG&A as % gross profit (1)


58.8

%








58.9

%












Same Store SG&A expenses


$

571.5



$

(2.2)



$



$

1.0



$

570.2


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


58.9

%








58.8

%




Six Months Ended June 30, 2020



U.S. GAAP


Out-of-period

adjustment


Non-GAAP

adjusted

SG&A expenses


$

460.8



$

(10.6)



$

450.2


SG&A as % gross profit (1)


69.2

%




67.7

%








Same Store SG&A expenses


$

454.1



$

(10.6)



$

443.6


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


69.0

%




67.4

%

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

 

Group 1 Automotive, Inc.

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

(Unaudited)

 (In millions)









Three Months Ended June 30, 2020



U.S. GAAP


Severance costs


Non-GAAP

Adjusted

SG&A expenses


$

28.3



$

(1.2)



$

27.1


SG&A as % gross profit (1)


96.2

%




92.1

%








Same Store SG&A expenses


$

27.3



$

(1.2)



$

26.1


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


94.4

%




90.2

%




Six Months Ended June 30, 2021



U.S. GAAP


Dealership and

real estate

transactions


Non-GAAP

Adjusted

SG&A expenses


$

105.7



$

(0.6)



$

105.1


SG&A as % gross profit (1)


68.4

%




68.1

%








Same Store SG&A expenses


$

103.1



$



$

103.1


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


67.8

%




67.8

%




Six Months Ended June 30, 2020



U.S. GAAP


Severance costs


Non-GAAP

Adjusted

SG&A expenses


$

88.2



$

(1.2)



$

86.9


SG&A as % gross profit (1)


93.5

%




92.2

%








Same Store SG&A expenses


$

85.1



$

(1.2)



$

83.9


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


92.6

%




91.3

%

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Brazil

(Unaudited)

 (In millions)






Six Months Ended June 30, 2020



U.S. GAAP


Severance costs


Non-GAAP

adjusted

SG&A expenses


$

16.2



$

(0.9)



$

15.3


SG&A as % gross profit (1)


103.8

%




98.2

%








Same Store SG&A expenses


$

16.2



$

(0.9)



$

15.3


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


103.5

%




97.8

%

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

 

 

Cision View original content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-second-quarter-2021-financial-results-301343858.html

SOURCE Group 1 Automotive, Inc.