Exhibit 99.1

gp1logoa11.gif                     
                                        
FOR IMMEDIATE RELEASE

Group 1 Automotive Announces Fourth Quarter & Full Year 2019 Financial Results
▪
Reports Record Fourth Quarter and Full Year 2019 Revenues of $3.1B & $12.0B
▪
Delivers Fourth Quarter Double-Digit Gross Profit Growth for Total Used Vehicles and Parts & Service
▪
Grows U.S. Same Store Total Gross Profit By +9% for the Third Consecutive Quarter
HOUSTON, February 5, 2020 - Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2019 fourth quarter net income of $48.1 million, diluted earnings per common share of $2.57, adjusted net income (a non-GAAP measure) of $56.3 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.01. The Company’s 2019 fourth quarter total revenue was a fourth quarter record of $3.1 billion.
For the full year of 2019, net income increased 10.3 percent from the comparable prior-year period, to $174.0 million; and diluted earnings per common share increased 19.3 percent, to $9.34. Full year 2019 adjusted net income (a non-GAAP measure) increased 13.4 percent, to $203.6 million; and adjusted diluted earnings per common share (a non-GAAP measure) increased 22.7 percent, to $10.93. Total revenue grew 3.8 percent to a record $12.0 billion.
Adjusted net income and diluted earnings per share excluded net after-tax adjustments of $8.2 million, or $0.44 per share, in fourth quarter 2019, and $13.1 million, or $0.69 per share, in fourth quarter 2018. The after-tax adjustments in both periods primarily related to non-cash impairments of certain intangible assets. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
“We are delighted to report a record year based on an extremely strong performance by our U.S. operating team,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “Despite a softer U.S. and U.K. market for new vehicles, we drove our company forward with strong focus on used vehicles, service, finance & insurance, and cost control. Growing our adjusted earnings by 13.4 percent and adjusted EPS by 22.7 percent demonstrates the strength of our business model and our operating team.”
Consolidated Results for Fourth Quarter 2019 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:
▪
Total revenue increased 7.0 percent (7.3 percent), to a fourth quarter record of $3.1 billion.
▪
Total gross profit increased 7.5 percent (7.7 percent), to $464.6 million.
▪
New vehicle revenues increased 6.9 percent (7.3 percent) on a 3.0 percent increase in unit sales. New vehicle gross profit increased 3.8 percent (4.0 percent), to $84.3 million. U.S. Same Store new unit sales increased 2.5 percent.
▪
Retail used vehicle revenues increased 8.8 percent (9.0 percent) on 7.1 percent higher unit sales. Retail used vehicle gross profit increased 11.9 percent (12.2 percent), to $46.0 million. Total used vehicle gross profit grew 12.4 percent (12.8 percent), to $46.3 million. U.S. Same Store retail used vehicle revenue increased 9.3 percent, driven by a 7.9 percent increase in unit sales; and retail used gross profit increased 13.1 percent, reflecting the volume growth and a $56 per unit improvement in gross profit, to $1,224 per unit.
▪
Parts and service gross profit grew 10.1 percent (10.3 percent) on revenue growth of 6.9 percent (7.2 percent). U.S. Same Store parts and service revenues and gross profit grew 8.1 percent and 11.9 percent, respectively.
▪
Finance and Insurance (F&I) gross profit per retail unit (PRU) decreased 0.3 percent (decreased 0.2 percent), to $1,578. U.S. Same Store F&I gross profit PRU grew $47, to $1,843.
▪
Selling, General and Administrative (SG&A) expenses as a percent of gross profit decreased 220 basis points, to 72.8 percent. Adjusted SG&A as a percent of gross profit decreased 190 basis points, to 72.9 percent.

1

Consolidated Results for Full Year 2019 (year-over-year comparable basis)
▪
Total revenue increased 3.8 percent (5.1 percent), to a record $12.0 billion.
▪
Total gross profit grew 5.3 percent (6.2 percent), to a record $1.8 billion.
▪
New vehicle gross profit decreased 3.2 percent (decreased 2.1 percent). The Company retailed 169,136 new vehicles in 2019, which represented a 0.8 percent decrease in new vehicle unit sales from 2018, reflecting weaker industry sales in the U.S. and U.K.
▪
Retail used vehicle gross profit increased 8.3 percent (9.4 percent) on a revenue increase of 6.3 percent (7.7 percent). The Company retailed 158,549 used vehicles in 2019, a 7.1 percent increase over 2018.
▪
Parts and service gross profit rose 7.4 percent (8.3 percent) on 6.6 percent (7.6 percent) higher revenues.
▪
F&I revenues rose 6.5 percent (7.1 percent). U.S. F&I gross profit PRU increased $72, to $1,782.
▪
SG&A expenses as a percent of gross profit increased 100 basis points, to 74.8 percent. Adjusted SG&A expenses as a percent of gross profit decreased 60 basis points, to 74.0 percent. Adjusted U.S. Same Store SG&A expenses as a percent of gross profit decreased 70 basis points to 70.8 percent.
▪
Operating margin increased 10 basis points to 3.0 percent. Adjusted operating margin increased 10 basis points to 3.3 percent.
Segment Results for Fourth Quarter 2019 (year-over-year comparable basis)
▪United States:
The Company’s U.S. operations accounted for 77.8 percent of total revenues and 82.7 percent of total gross profit. Total U.S. revenues grew 6.8 percent, to $2.4 billion. Total gross profit grew 9.0 percent, to $384.3 million. Same store U.S. total gross profit has now increased by approximately 9.0 percent for three consecutive quarters.
◦
New vehicle gross profit increased 3.7 percent on a revenue increase of 5.6 percent. Same Store new vehicle gross profit grew 2.0 percent, to $62.7 million, reflecting a 2.5 percent growth in unit sales, partially offset by an $8 decrease in gross profit PRU, to $1,963.
◦
Retail used gross profit grew 13.5 percent, on a revenue increase of 9.2 percent. Same Store retail used vehicle gross profit grew 13.1 percent, to $35.8 million, reflecting a 7.9 percent growth in units and a $56 increase in gross profit PRU, to $1,224.
◦
Parts and service revenues increased 7.5 percent and gross profit increased by 11.6 percent. Same Store parts and service gross profit grew 11.9 percent, to $166.5 million, driven by a 13.4 percent increase in customer pay gross profit. These results were enabled by the continued growth of Same Store service advisor and technician headcount, which increased by 11.0 percent.
◦
F&I revenues increased 7.4 percent, to $113.9 million. F&I gross profit PRU grew $57, to $1,835, reflecting strong product penetration and increased income per contract. Same Store F&I gross profit PRU increased $47, to $1,843.
◦
SG&A expenses as a percent of gross profit decreased 250 basis points, to 69.2 percent. Adjusted SG&A expenses as a percent of gross profit decreased 200 basis points, to 69.4 percent.
▪United Kingdom:
The Company’s U.K. operations accounted for 18.4 percent of total revenues and 14.3 percent of total gross profit. Total Same Store U.K. revenues increased 3.6 percent (3.6 percent), to $519.9 million. Same Store total gross profit decreased 3.3 percent (decreased 3.7 percent), to $59.8 million. Same Store SG&A expenses as a percent of gross profit increased 70 basis points, to 89.5 percent.

2

▪Brazil:
The Company’s Brazilian operations accounted for 3.8 percent of total revenues and 3.0 percent of total gross profit. The Company’s Same Store new vehicle revenues increased 3.0 percent (11.2 percent), with units up 2.8 percent. Same Store total revenues increased 4.9 percent (13.3 percent), with the increase driven by constant currency revenue growth of 28.2 percent in total used vehicles, 11.2 percent in new vehicles, and 8.4 percent in parts and service. Same Store SG&A expenses as a percent of gross profit decreased 380 basis points, to 77.8 percent.
Share Repurchase Authorization
Since October 24, 2019, the Company has repurchased 163,484 shares at an average price per common share of $98.28, for a total of $16.1 million. During 2019, the Company repurchased 14,200 shares at an average price of $99.98, for a total of $1.4 million. Year-to-date 2020, the Company repurchased 149,284 shares at an average price of $98.12, for a total of $14.7 million. As of February 5, 2020, the Company has $58.9 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.
Corporate Development
As previously announced in December 2019, the Company acquired two Lexus dealerships in New Mexico, which are the only Lexus franchises in the state and expected to generate an estimated $90 million in annual revenues. The addition of these stores increases Group 1’s total representation in New Mexico to nine automotive luxury brand franchises, which include BMW/MINI, BMW Motorrad (motorcycles), Lexus, and Jaguar/Land Rover.
During 2019, the Company acquired a total of 15 franchises, which are expected to generate an estimated $430 million in annual revenues; and the Company has disposed of 12 franchises that generated approximately $240 million in trailing-twelve-month revenues.
Fourth Quarter 2019 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the fourth quarter and full year 2019 financial results and the Company’s outlook and strategy.
The conference call will be simulcast live on the Internet at www.group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: http://www.group1corp.com/events. A webcast replay will be available for 30 days.
The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:
Domestic:     1-888-317-6003
International:     1-412-317-6061
Conference ID:    6623265
A telephonic replay will be available following the call through February 12, 2020 by dialing:
Domestic:     1-877-344-7529
International:     1-412-317-0088
Replay ID:    10138507

3

ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 186 automotive dealerships, 242 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions 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) our ability to retain key personnel, and (j) uncertainty of the outcome and potential impact of Brexit. 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, 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.

4

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP.
The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain disclosures are reported as zero balances or may not compute due to rounding.
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


5

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
REVENUES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
1,681.9

 
$
1,572.7

 
$
109.2

 
6.9
 %
Used vehicle retail sales
 
838.8

 
771.2

 
67.6

 
8.8
 %
Used vehicle wholesale sales
 
81.8

 
86.1

 
(4.3
)
 
(5.0
)%
Parts and service sales
 
379.2

 
354.7

 
24.5

 
6.9
 %
Finance, insurance and other, net
 
129.7

 
124.0

 
5.7

 
4.6
 %
Total revenues
 
3,111.4

 
2,908.8

 
202.6

 
7.0
 %
COST OF SALES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
1,597.6

 
1,491.5

 
106.1

 
7.1
 %
Used vehicle retail sales
 
792.8

 
730.2

 
62.7

 
8.6
 %
Used vehicle wholesale sales
 
81.5

 
86.0

 
(4.6
)
 
(5.3
)%
Parts and service sales
 
174.9

 
169.1

 
5.8

 
3.4
 %
Total cost of sales
 
2,646.8

 
2,476.7

 
170.0

 
6.9
 %
GROSS PROFIT
 
464.6

 
432.1

 
32.6

 
7.5
 %
Selling, general and administrative expenses
 
338.1

 
323.8

 
14.2

 
4.4
 %
Depreciation and amortization expense
 
18.6

 
17.1

 
1.5

 
8.6
 %
Asset impairments
 
11.5

 
16.5

 
(5.0
)
 
(30.4
)%
INCOME (LOSS) FROM OPERATIONS
 
96.5

 
74.7

 
21.9

 
29.3
 %
INTEREST EXPENSE
 
 
 
 
 
 
 
 
Floorplan interest expense
 
14.6

 
16.5

 
(1.9
)
 
(11.6
)%
Other interest expense, net
 
19.0

 
18.4

 
0.6

 
3.4
 %
INCOME (LOSS) BEFORE INCOME TAXES
 
62.9

 
39.7

 
23.2

 
58.4
 %
(Benefit) provision for income taxes
 
14.8

 
9.0

 
5.8

 
64.9
 %
NET INCOME (LOSS)
 
$
48.1

 
$
30.7

 
$
17.4

 
56.5
 %
Less: Earnings (loss) allocated to participating securities
 
1.7

 
1.1

 
0.6

 
58.8
 %
Net income (loss) available to diluted common shares
 
$
46.3

 
$
29.6

 
$
16.7

 
56.4
 %
DILUTED EARNINGS (LOSS) PER SHARE
 
$
2.57

 
$
1.62

 
$
0.95

 
58.7
 %
Weighted average dilutive common shares outstanding
 
18.0

 
18.3

 
(0.2
)
 
(1.3
)%
Weighted average participating securities
 
0.7

 
0.7

 
—

 
0.2
 %
Total weighted average shares
 
18.7

 
18.9

 
(0.2
)
 
(1.2
)%
Effective tax rate
 
23.5
%
 
22.6
%
 
0.9
%
 





1

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
REVENUES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
6,314.1

 
$
6,181.4

 
$
132.7

 
2.1
 %
Used vehicle retail sales
 
3,366.6

 
3,166.1

 
200.6

 
6.3
 %
Used vehicle wholesale sales
 
355.2

 
369.6

 
(14.4
)
 
(3.9
)%
Parts and service sales
 
1,510.0

 
1,416.9

 
93.1

 
6.6
 %
Finance, insurance and other, net
 
497.9

 
467.5

 
30.4

 
6.5
 %
Total revenues
 
12,043.8

 
11,601.4

 
442.4

 
3.8
 %
COST OF SALES
 
 
 
 
 
 
 
 
New vehicle retail sales
 
6,013.3

 
5,870.5

 
142.8

 
2.4
 %
Used vehicle retail sales
 
3,165.3

 
2,980.1

 
185.2

 
6.2
 %
Used vehicle wholesale sales
 
354.1

 
367.9

 
(13.7
)
 
(3.7
)%
Parts and service sales
 
695.0

 
657.7

 
37.3

 
5.7
 %
Total cost of sales
 
10,227.8

 
9,876.3

 
351.5

 
3.6
 %
GROSS PROFIT
 
1,816.0

 
1,725.1

 
90.9

 
5.3
 %
Selling, general and administrative expenses
 
1,358.4

 
1,273.1

 
85.3

 
6.7
 %
Depreciation and amortization expense
 
71.6

 
67.1

 
4.6

 
6.8
 %
Asset impairments
 
22.2

 
43.9

 
(21.6
)
 
(49.3
)%
INCOME (LOSS) FROM OPERATIONS
 
363.7

 
341.1

 
22.6

 
6.6
 %
INTEREST EXPENSE
 
 
 
 
 
 
 
 
Floorplan interest expense
 
61.6

 
59.9

 
1.7

 
2.8
 %
Other interest expense, net
 
74.9

 
75.8

 
(0.9
)
 
(1.2
)%
INCOME (LOSS) BEFORE INCOME TAXES
 
227.3

 
205.4

 
21.9

 
10.6
 %
(Benefit) provision for income taxes
 
53.3

 
47.6

 
5.6

 
11.8
 %
NET INCOME (LOSS)
 
$
174.0

 
$
157.8

 
$
16.2

 
10.3
 %
Less: Earnings (loss) allocated to participating securities
 
6.4

 
5.4

 
1.0

 
18.8
 %
Net income (loss) available to diluted common shares
 
$
167.6

 
$
152.4

 
$
15.2

 
10.0
 %
DILUTED EARNINGS (LOSS) PER SHARE
 
$
9.34

 
$
7.83

 
$
1.51

 
19.3
 %
Weighted average dilutive common shares outstanding
 
17.9

 
19.5

 
(1.5
)
 
(7.8
)%
Weighted average participating securities
 
0.7

 
0.7

 
—

 
(0.5
)%
Total weighted average shares
 
18.6

 
20.2

 
(1.5
)
 
(7.6
)%
Effective tax rate
 
23.4
%
 
23.2
%
 
0.2
%
 





2

Group 1 Automotive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
December 31,
2019
 
December 31, 2018
 
Increase/(Decrease)
 
% Change
ASSETS
CURRENT ASSETS
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
23.8

 
$
15.9

 
$
7.8

 
49.1
 %
Contracts in transit and vehicle receivables, net
 
253.8

 
265.7

 
(11.8
)
 
(4.5
)%
Accounts and notes receivable, net
 
225.1

 
194.0

 
31.1

 
16.0
 %
Inventories, net
 
1,901.7

 
1,844.1

 
57.7

 
3.1
 %
Prepaid expenses
 
96.4

 
56.3

 
40.1

 
71.3
 %
Other current assets
 
15.5

 
26.4

 
(10.9
)
 
(41.3
)%
TOTAL CURRENT ASSETS
 
2,516.3

 
2,402.4

 
114.0

 
4.7
 %
Property and equipment, net
 
1,547.1

 
1,347.8

 
199.3

 
14.8
 %
Operating lease assets
 
220.1

 
—

 
220.1

 
100.0
 %
Goodwill
 
1,008.3

 
963.9

 
44.4

 
4.6
 %
Intangible franchise rights
 
253.5

 
259.6

 
(6.1
)
 
(2.3
)%
Other long-term assets
 
24.8

 
27.3

 
(2.5
)
 
(9.2
)%
TOTAL ASSETS
 
$
5,570.2

 
$
5,001.1

 
$
569.1

 
11.4
 %
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
Floorplan notes payable — credit facility and other, net of offset account of $106.8 and $33.6, respectively
 
$
1,144.4

 
$
1,258.8

 
$
(114.4
)
 
(9.1
)%
Floorplan notes payable — manufacturer affiliates, net of offset account of $4.1 and $0.1, respectively
 
459.9

 
417.8

 
42.0

 
10.1
 %
Current maturities of long-term debt
 
59.1

 
93.0

 
(33.8
)
 
(36.4
)%
Current operating lease liabilities
 
24.6

 
—

 
24.6

 
100.0
 %
Accounts payable
 
527.5

 
419.4

 
108.1

 
25.8
 %
Accrued expenses and other current liabilities
 
206.7

 
197.6

 
9.1

 
4.6
 %
TOTAL CURRENT LIABILITIES
 
2,422.3

 
2,386.6

 
35.7

 
1.5
 %
Long-term debt, net of current maturities
 
1,432.1

 
1,281.5

 
150.6

 
11.8
 %
Operating lease liabilities, net of current portion
 
210.7

 
—

 
210.7

 
100.0
 %
Deferred income taxes
 
145.7

 
134.7

 
11.0

 
8.2
 %
Other long-term liabilities
 
103.6

 
102.6

 
1.0

 
1.0
 %
Commitments and Contingencies
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY
 
 
 
 
 

 
 
Common stock
 
0.3

 
0.3

 
—

 
—
 %
Additional paid-in capital
 
295.3

 
292.8

 
2.6

 
0.9
 %
Retained earnings
 
1,542.4

 
1,394.8

 
147.6

 
10.6
 %
Accumulated other comprehensive income (loss)
 
(147.0
)
 
(137.8
)
 
(9.2
)
 
6.7
 %
Treasury stock
 
(435.3
)
 
(454.4
)
 
19.0

 
(4.2
)%
TOTAL STOCKHOLDERS’ EQUITY
 
1,255.7

 
1,095.7

 
160.0

 
14.6
 %
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
5,570.2

 
$
5,001.1

 
$
569.1

 
11.4
 %

3

Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Year Ended December 31,
 
 
 
2019 (%)
 
2018 (%)
 
2019 (%)
 
2018 (%)
New vehicle unit sales geographic mix
 
 
 
 
 
 
 
Region
Geographic Market
 
 
 
 
 
 
 
 
United States
Texas
 
37.8
 
38.6
 
36.3
 
36.4
 
Oklahoma
 
6.9
 
6.7
 
6.8
 
6.3
 
California
 
5.3
 
6.0
 
5.5
 
6.2
 
Massachusetts
 
4.7
 
4.7
 
4.7
 
4.9
 
Georgia
 
4.7
 
4.7
 
4.6
 
4.5
 
Florida
 
3.1
 
2.7
 
2.7
 
2.7
 
Louisiana
 
2.2
 
2.5
 
2.4
 
2.1
 
New Hampshire
 
1.8
 
1.8
 
1.8
 
1.8
 
New Jersey
 
1.9
 
1.7
 
1.8
 
1.6
 
South Carolina
 
1.8
 
1.9
 
1.7
 
1.6
 
Mississippi
 
1.0
 
1.1
 
1.1
 
1.2
 
Kansas
 
1.2
 
1.3
 
1.1
 
1.4
 
Alabama
 
0.6
 
0.7
 
0.7
 
0.7
 
Maryland
 
0.5
 
0.5
 
0.5
 
0.5
 
New Mexico
 
0.8
 
0.2
 
0.5
 
0.2
 
 
 
74.3
 
75.1
 
72.2
 
72.1
 
 
 
 
 
 
 
 
 
 
International
United Kingdom
 
19.8
 
19.0
 
22.2
 
22.7
 
Brazil
 
5.9
 
5.9
 
5.6
 
5.2
 
 
 
100.0
 
100.0
 
100.0
 
100.0
 
 
 
 
 
 
 
 
 
New vehicle unit sales brand mix
 
 
 
 
 
 
 
Toyota/Lexus
 
25.1
 
25.9
 
24.7
 
25.2
Volkswagen/Audi/Porsche/SEAT/SKODA
 
14.6
 
11.4
 
14.1
 
13.4
BMW/MINI
 
12.0
 
11.8
 
12.0
 
12.0
Honda/Acura
 
10.8
 
10.7
 
10.7
 
9.7
Ford/Lincoln
 
9.9
 
10.2
 
10.4
 
10.9
Chevrolet/GMC/Buick/Cadillac
 
6.8
 
7.1
 
6.6
 
6.1
Nissan
 
5.3
 
6.5
 
5.9
 
6.5
Mercedes-Benz/Smart/Sprinter
 
5.4
 
5.1
 
5.2
 
4.8
Hyundai/Kia/Genesis
 
3.5
 
3.7
 
3.7
 
3.9
Chrysler/Dodge/Jeep/RAM
 
3.4
 
3.7
 
3.4
 
4.0
Jaguar/Land Rover
 
1.9
 
2.0
 
2.0
 
1.9
Other
 
1.3
 
1.9
 
1.3
 
1.6
 
 
100.0
 
100.0
 
100.0
 
100.0


4


Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
1,319.9

 
$
1,249.4

 
$
70.5

 
5.6
 %
Used vehicle retail sales
 
632.4

 
579.2

 
53.2

 
9.2
 %
Used vehicle wholesale sales
 
41.5

 
41.4

 
0.1

 
0.3
 %
Total used
 
673.9

 
620.6

 
53.3

 
8.6
 %
Parts and service sales
 
312.3

 
290.5

 
21.8

 
7.5
 %
F&I, net
 
113.9

 
106.0

 
7.8

 
7.4
 %
Total revenues
 
$
2,419.9

 
$
2,266.5

 
$
153.4

 
6.8
 %
Gross profit
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
64.6

 
$
62.3

 
$
2.3

 
3.7
 %
Used vehicle retail sales
 
36.5

 
32.2

 
4.3

 
13.5
 %
Used vehicle wholesale sales
 
0.1

 
0.4

 
(0.3
)
 
(76.2
)%
Total used
 
36.6

 
32.5

 
4.1

 
12.5
 %
Parts and service sales
 
169.2

 
151.6

 
17.6

 
11.6
 %
F&I, net
 
113.9

 
106.0

 
7.8

 
7.4
 %
Total gross profit
 
$
384.3

 
$
352.5

 
$
31.8

 
9.0
 %
Gross margin
 
 
 
 
 
 
 

New vehicle retail sales
 
4.9
%
 
5.0
%
 
(0.1
)%
 

Used vehicle retail sales
 
5.8
%
 
5.6
%
 
0.2
 %
 

Used vehicle wholesale sales
 
0.2
%
 
0.9
%
 
(0.7
)%
 

Total used
 
5.4
%
 
5.2
%
 
0.2
 %
 

Parts and service sales
 
54.2
%
 
52.2
%
 
2.0
 %
 

F&I, net
 
100.0
%
 
100.0
%
 
—
 %
 

Total gross margin
 
15.9
%
 
15.6
%
 
0.3
 %
 

Units sold
 
 
 
 
 
 
 

Retail new vehicles sold
 
32,347

 
31,754

 
593

 
1.9
 %
Retail used vehicles sold
 
29,717

 
27,887

 
1,830

 
6.6
 %
Wholesale used vehicles sold
 
7,034

 
6,832

 
202

 
3.0
 %
Total used
 
36,751

 
34,719

 
2,032

 
5.9
 %
Average sales price per unit sold
 
 
 
 
 
 
 

New vehicle retail
 
$
40,804

 
$
39,347

 
$
1,457

 
3.7
 %
Used vehicle retail
 
$
21,280

 
$
20,768

 
$
512

 
2.5
 %
Gross profit per unit sold
 
 
 
 
 
 
 

New vehicle retail sales
 
$
1,998

 
$
1,962

 
$
36

 
1.8
 %
Used vehicle retail sales
 
$
1,229

 
$
1,154

 
$
75

 
6.5
 %
Used vehicle wholesale sales
 
$
12

 
$
53

 
$
(41
)
 
(76.9
)%
Total used
 
$
996

 
$
937

 
$
59

 
6.3
 %
F&I PRU
 
$
1,835

 
$
1,778

 
$
57

 
3.2
 %
Other
 
 
 
 
 
 
 
 
SG&A expenses
 
$
266.1

 
$
252.6

 
$
13.4

 
5.3
 %
Adjusted SG&A expenses (1)
 
$
266.8

 
$
251.0

 
$
15.8

 
6.3
 %
SG&A as % gross profit
 
69.2
%
 
71.7
%
 
(2.5
)%
 

Adjusted SG&A as % gross profit (1)
 
69.4
%
 
71.4
%
 
(2.0
)%
 

Interest expense
 
 
 
 
 
 
 

Floorplan interest expense
 
$
12.5

 
$
14.7

 
$
(2.2
)
 
(15.0
)%
Less: Floorplan assistance
 
13.3

 
12.6

 
0.6

 
5.1
 %
Net floorplan expense
 
$
(0.8
)
 
$
2.1

 
$
(2.9
)
 
(136.2
)%
Other interest expense, net
 
$
17.0

 
$
16.5

 
$
0.6

 
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.

5

Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
4,832.2

 
$
4,682.8

 
$
149.4

 
3.2
 %
Used vehicle retail sales
 
2,509.9

 
2,307.0

 
202.9

 
8.8
 %
Used vehicle wholesale sales
 
174.5

 
178.9

 
(4.4
)
 
(2.5
)%
Total used
 
2,684.4

 
2,485.9

 
198.5

 
8.0
 %
Parts and service sales
 
1,234.4

 
1,153.3

 
81.2

 
7.0
 %
F&I, net
 
433.2

 
401.3

 
32.0

 
8.0
 %
Total revenues
 
$
9,184.2

 
$
8,723.3

 
$
461.0

 
5.3
 %
Gross profit
 
 
 
 
 
 
 
 
New vehicle retail sales
 
$
228.8

 
$
229.1

 
$
(0.2
)
 
(0.1
)%
Used vehicle retail sales
 
161.7

 
141.7

 
20.0

 
14.1
 %
Used vehicle wholesale sales
 
2.5

 
3.8

 
(1.2
)
 
(33.1
)%
Total used
 
164.2

 
145.5

 
18.8

 
12.9
 %
Parts and service sales
 
668.5

 
615.5

 
53.0

 
8.6
 %
F&I, net
 
433.2

 
401.3

 
32.0

 
8.0
 %
Total gross profit
 
$
1,494.8

 
$
1,391.3

 
$
103.5

 
7.4
 %
Gross margin
 
 
 
 
 
 
 

New vehicle retail sales
 
4.7
%
 
4.9
%
 
(0.2
)%
 

Used vehicle retail sales
 
6.4
%
 
6.1
%
 
0.3
 %
 

Used vehicle wholesale sales
 
1.4
%
 
2.1
%
 
(0.7
)%
 

Total used
 
6.1
%
 
5.9
%
 
0.3
 %
 

Parts and service sales
 
54.2
%
 
53.4
%
 
0.8
 %
 

F&I, net
 
100.0
%
 
100.0
%
 
—
 %
 

Total gross margin
 
16.3
%
 
15.9
%
 
0.3
 %
 

Units sold
 
 
 
 
 
 
 

Retail new vehicles sold
 
122,096

 
122,873

 
(777
)
 
(0.6
)%
Retail used vehicles sold
 
121,016

 
111,806

 
9,210

 
8.2
 %
Wholesale used vehicles sold
 
28,577

 
30,625

 
(2,048
)
 
(6.7
)%
Total used
 
149,593

 
142,431

 
7,162

 
5.0
 %
Average sales price per unit sold
 

 
 
 
 
 

New vehicle retail
 
$
39,577

 
$
38,111

 
$
1,466

 
3.8
 %
Used vehicle retail
 
$
20,740

 
$
20,634

 
$
106

 
0.5
 %
Gross profit per unit sold
 
 
 
 
 

 

New vehicle retail sales
 
$
1,874

 
$
1,864

 
$
10

 
0.5
 %
Used vehicle retail sales
 
$
1,336

 
$
1,267

 
$
69

 
5.4
 %
Used vehicle wholesale sales
 
$
88

 
$
122

 
$
(35
)
 
(28.3
)%
Total used
 
$
1,098

 
$
1,021

 
$
76

 
7.5
 %
F&I PRU
 
$
1,782

 
$
1,710

 
$
72

 
4.2
 %
Other
 
 
 
 
 
 
 
 
SG&A expenses
 
$
1,075.6

 
$
982.1

 
$
93.5

 
9.5
 %
Adjusted SG&A expenses (1)
 
$
1,061.1

 
$
999.5

 
$
61.5

 
6.2
 %
SG&A as % gross profit
 
72.0
%
 
70.6
%
 
1.4
 %
 

Adjusted SG&A as % gross profit (1)
 
71.0
%
 
71.9
%
 
(0.9
)%
 

Interest expense
 
 
 
 
 
 
 

Floorplan interest expense
 
$
53.7

 
$
52.8

 
$
1.0

 
1.8
 %
Less: Floorplan assistance
 
48.5

 
46.3

 
2.2

 
4.7
 %
Net floorplan expense
 
$
5.2

 
$
6.5

 
$
(1.2
)
 
(18.9
)%
Other interest expense, net
 
$
67.5

 
$
68.1

 
$
(0.6
)
 
(0.9
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




6

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
283.5

 
$
246.1

 
$
37.5

 
15.2
 %
 
 
$
—

 
15.3
 %
Used vehicle retail sales
184.5

 
171.0

 
13.5

 
7.9
 %
 
 
(0.2
)
 
8.0
 %
Used vehicle wholesale sales
35.2

 
39.4

 
(4.2
)
 
(10.5
)%
 
 
(0.1
)
 
(10.3
)%
Total used
219.7

 
210.4

 
9.3

 
4.4
 %
 
 
(0.3
)
 
4.6
 %
Parts and service sales
55.4

 
52.6

 
2.8

 
5.3
 %
 
 
(0.1
)
 
5.5
 %
F&I, net
13.8

 
15.0

 
(1.1
)
 
(7.5
)%
 
 
0.1

 
(8.2
)%
Total revenues
$
572.5

 
$
524.0

 
$
48.5

 
9.2
 %
 
 
$
(0.4
)
 
9.3
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
14.6

 
$
14.0

 
$
0.5

 
3.9
 %
 
 
$
0.2

 
2.3
 %
Used vehicle retail sales
8.2

 
7.6

 
0.6

 
8.3
 %
 
 
—

 
8.7
 %
Used vehicle wholesale sales
(0.1
)
 
(0.5
)
 
0.4

 
83.3
 %
 
 
—

 
86.1
 %
Total used
8.2

 
7.1

 
1.1

 
15.0
 %
 
 
—

 
15.6
 %
Parts and service sales
29.9

 
28.8

 
1.1

 
3.7
 %
 
 
(0.1
)
 
3.8
 %
F&I, net
13.8

 
15.0

 
(1.1
)
 
(7.5
)%
 
 
0.1

 
(8.2
)%
Total gross profit
$
66.5

 
$
64.9

 
$
1.5

 
2.4
 %
 
 
$
0.2

 
2.0
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
5.1
 %
 
5.7
 %
 
(0.6
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.5
 %
 
4.5
 %
 
—
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
(0.2
)%
 
(1.3
)%
 
1.1
 %
 
 
 
 
 
 
 
Total used
3.7
 %
 
3.4
 %
 
0.3
 %
 
 
 
 
 
 
 
Parts and service sales
54.0
 %
 
54.8
 %
 
(0.8
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.6
 %
 
12.4
 %
 
(0.8
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
8,626

 
8,019

 
607

 
7.6
 %
 
 
 
 
 
Retail used vehicles sold
7,837

 
7,148

 
689

 
9.6
 %
 
 
 
 
 
Wholesale used vehicles sold
4,661

 
4,742

 
(81
)
 
(1.7
)%
 
 
 
 
 
Total used
12,498

 
11,890

 
608

 
5.1
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
32,871

 
$
30,683

 
$
2,188

 
7.1
 %
 
 
$
(4
)
 
7.1
 %
Used vehicle retail
$
23,539

 
$
23,923

 
$
(385
)
 
(1.6
)%
 
 
$
(27
)
 
(1.5
)%
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,690

 
$
1,750

 
$
(60
)
 
(3.4
)%
 
 
$
25

 
(4.9
)%
Used vehicle retail sales
$
1,052

 
$
1,065

 
$
(13
)
 
(1.2
)%
 
 
$
(4
)
 
(0.9
)%
Used vehicle wholesale sales
$
(18
)
 
$
(109
)
 
$
90

 
83.0
 %
 
 
$
(3
)
 
85.9
 %
Total used
$
653

 
$
597

 
$
56

 
9.4
 %
 
 
$
(3
)
 
10.0
 %
F&I PRU
$
840

 
$
986

 
$
(146
)
 
(14.8
)%
 
 
$
6

 
(15.4
)%
Other
 
 
 
 


 
 
 
 
 
 
 
SG&A expenses
$
61.0

 
$
58.8

 
$
2.2

 
3.7
 %
 
 
$
0.1

 
3.6
 %
SG&A as % gross profit
91.9
 %
 
90.6
 %
 
1.3
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
2.0

 
$
1.6

 
$
0.3

 
20.1
 %
 
 
$
—

 
19.8
 %
Less: Floorplan assistance
0.3

 
0.1

 
0.1

 
100.7
 %
 
 
—

 
100.4
 %
Net floorplan expense
$
1.7

 
$
1.5

 
$
0.2

 
12.5
 %
 
 
$
—

 
12.2
 %
Other interest expense, net
$
1.9

 
$
1.8

 
$
0.1

 
5.8
 %
 
 
$
—

 
5.7
 %





7

Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,195.1

 
$
1,217.1

 
$
(22.1
)
 
(1.8
)%
 
 
$
(58.3
)
 
3.0
 %
Used vehicle retail sales
771.3

 
771.7

 
(0.4
)
 
(0.1
)%
 
 
(35.6
)
 
4.6
 %
Used vehicle wholesale sales
162.3

 
173.8

 
(11.4
)
 
(6.6
)%
 
 
(7.4
)
 
(2.3
)%
Total used
933.7

 
945.5

 
(11.8
)
 
(1.3
)%
 
 
(43.1
)
 
3.3
 %
Parts and service sales
227.9

 
217.6

 
10.3

 
4.8
 %
 
 
(10.4
)
 
9.6
 %
F&I, net
57.0

 
57.2

 
(0.2
)
 
(0.3
)%
 
 
(2.4
)
 
3.9
 %
Total revenues
$
2,413.7

 
$
2,437.4

 
$
(23.7
)
 
(1.0
)%
 
 
$
(114.2
)
 
3.7
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
54.2

 
$
63.6

 
$
(9.4
)
 
(14.7
)%
 
 
$
(2.2
)
 
(11.3
)%
Used vehicle retail sales
33.7

 
38.9

 
(5.2
)
 
(13.3
)%
 
 
(1.6
)
 
(9.1
)%
Used vehicle wholesale sales
(2.7
)
 
(2.7
)
 
—

 
(0.3
)%
 
 
0.1

 
(2.8
)%
Total used
31.0

 
36.2

 
(5.2
)
 
(14.3
)%
 
 
(1.6
)
 
(10.0
)%
Parts and service sales
125.4

 
123.0

 
2.5

 
2.0
 %
 
 
(5.7
)
 
6.7
 %
F&I, net
57.0

 
57.2

 
(0.2
)
 
(0.3
)%
 
 
(2.4
)
 
3.9
 %
Total gross profit
$
267.7

 
$
279.9

 
$
(12.2
)
 
(4.4
)%
 
 
$
(11.9
)
 
(0.1
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.5
 %
 
5.2
 %
 
(0.7
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.4
 %
 
5.0
 %
 
(0.7
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(1.7
)%
 
(1.6
)%
 
(0.1
)%
 
 
 
 
 
 
 
Total used
3.3
 %
 
3.8
 %
 
(0.5
)%
 
 
 
 
 
 
 
Parts and service sales
55.0
 %
 
56.5
 %
 
(1.5
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.1
 %
 
11.5
 %
 
(0.4
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
37,565

 
38,716

 
(1,151
)
 
(3.0
)%
 
 
 
 
 
Retail used vehicles sold
33,121

 
31,966

 
1,155

 
3.6
 %
 
 
 
 
 
Wholesale used vehicles sold
20,694

 
21,666

 
(972
)
 
(4.5
)%
 
 
 
 
 
Total used
53,815

 
53,632

 
183

 
0.3
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
31,814

 
$
31,438

 
$
376

 
1.2
 %
 
 
$
(1,551
)
 
6.1
 %
Used vehicle retail
$
23,288

 
$
24,142

 
$
(854
)
 
(3.5
)%
 
 
$
(1,075
)
 
0.9
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,443

 
$
1,642

 
$
(199
)
 
(12.1
)%
 
 
$
(57
)
 
(8.6
)%
Used vehicle retail sales
$
1,018

 
$
1,217

 
$
(199
)
 
(16.3
)%
 
 
$
(49
)
 
(12.3
)%
Used vehicle wholesale sales
$
(131
)
 
$
(125
)
 
$
(6
)
 
(5.0
)%
 
 
$
3

 
(7.7
)%
Total used
$
576

 
$
675

 
$
(99
)
 
(14.6
)%
 
 
$
(29
)
 
(10.3
)%
F&I PRU
$
806

 
$
809

 
$
(2
)
 
(0.3
)%
 
 
$
(34
)
 
3.9
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
236.9

 
$
240.4

 
$
(3.6
)
 
(1.5
)%
 
 
$
(10.7
)
 
3.0
 %
Adjusted SG&A expenses (1)
$
236.4

 
$
240.4

 
$
(4.0
)
 
(1.7
)%
 
 
$
(10.6
)
 
2.7
 %
SG&A as % gross profit
88.5
 %
 
85.9
 %
 
2.6
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
88.3
 %
 
85.9
 %
 
2.4
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
7.2

 
$
6.3

 
$
0.8

 
13.2
 %
 
 
$
(0.3
)
 
18.3
 %
Less: Floorplan assistance
0.6

 
1.0

 
(0.3
)
 
(34.2
)%
 
 
—

 
(31.2
)%
Net floorplan expense
$
6.5

 
$
5.4

 
$
1.2

 
21.8
 %
 
 
$
(0.3
)
 
27.2
 %
Other interest expense, net
$
7.3

 
$
6.8

 
$
0.5

 
7.4
 %
 
 
$
(0.3
)
 
12.5
 %
(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.




8

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
78.5

 
$
77.2

 
$
1.2

 
1.6
 %
 
 
$
(6.2
)
 
9.7
 %
Used vehicle retail sales
22.0

 
21.1

 
0.9

 
4.2
 %
 
 
(1.8
)
 
12.6
 %
Used vehicle wholesale sales
5.0

 
5.3

 
(0.3
)
 
(5.6
)%
 
 
(0.4
)
 
1.7
 %
Total used
27.0

 
26.4

 
0.6

 
2.2
 %
 
 
(2.2
)
 
10.4
 %
Parts and service sales
11.5

 
11.6

 
(0.1
)
 
(0.7
)%
 
 
(0.9
)
 
7.4
 %
F&I, net
2.0

 
3.0

 
(1.0
)
 
(32.7
)%
 
 
(0.2
)
 
(27.1
)%
Total revenues
$
119.0

 
$
118.2

 
$
0.7

 
0.6
 %
 
 
$
(9.5
)
 
8.7
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
5.1

 
$
4.9

 
$
0.2

 
3.9
 %
 
 
$
(0.4
)
 
12.4
 %
Used vehicle retail sales
1.2

 
1.3

 
(0.1
)
 
(5.2
)%
 
 
(0.1
)
 
2.3
 %
Used vehicle wholesale sales
0.3

 
0.3

 
0.1

 
23.1
 %
 
 
—

 
32.9
 %
Total used
1.5

 
1.5

 
—

 
(0.3
)%
 
 
(0.1
)
 
7.6
 %
Parts and service sales
5.2

 
5.2

 
—

 
0.9
 %
 
 
(0.4
)
 
9.1
 %
F&I, net
2.0

 
3.0

 
(1.0
)
 
(32.7
)%
 
 
(0.2
)
 
(27.1
)%
Total gross profit
$
13.9

 
$
14.7

 
$
(0.7
)
 
(5.1
)%
 
 
$
(1.1
)
 
2.7
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.5
%
 
6.4
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle retail sales
5.5
%
 
6.1
%
 
(0.5
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.5
%
 
5.0
%
 
1.5
 %
 
 
 
 
 
 
 
Total used
5.7
%
 
5.9
%
 
(0.1
)%
 
 
 
 
 
 
 
Parts and service sales
45.4
%
 
44.6
%
 
0.7
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.7
%
 
12.4
%
 
(0.7
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
2,564

 
2,499

 
65

 
2.6
 %
 
 
 
 
 
Retail used vehicles sold
1,117

 
1,064

 
53

 
5.0
 %
 
 
 
 
 
Wholesale used vehicles sold
548

 
515

 
33

 
6.4
 %
 
 
 
 
 
Total used
1,665

 
1,579

 
86

 
5.4
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,601

 
$
30,904

 
$
(303
)
 
(1.0
)%
 
 
$
(2,437
)
 
6.9
 %
Used vehicle retail
$
19,666

 
$
19,819

 
$
(152
)
 
(0.8
)%
 
 
$
(1,584
)
 
7.2
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
2,002

 
$
1,976

 
$
26

 
1.3
 %
 
 
$
(163
)
 
9.6
 %
Used vehicle retail sales
$
1,088

 
$
1,205

 
$
(117
)
 
(9.7
)%
 
 
$
(87
)
 
(2.5
)%
Used vehicle wholesale sales
$
595

 
$
515

 
$
81

 
15.7
 %
 
 
$
(47
)
 
24.9
 %
Total used
$
926

 
$
980

 
$
(54
)
 
(5.5
)%
 
 
$
(74
)
 
2.0
 %
F&I PRU
$
549

 
$
843

 
$
(294
)
 
(34.8
)%
 
 
$
(45
)
 
(29.5
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
11.0

 
$
12.4

 
$
(1.4
)
 
(11.4
)%
 
 
$
(0.9
)
 
(4.2
)%
SG&A as % gross profit
78.8
%
 
84.4
%
 
(5.6
)%
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
0.1

 
$
0.2

 
$
—

 
(20.7
)%
 
 
$
—

 
(14.0
)%
Other interest expense, net
$
0.1

 
$
0.2

 
$
(0.1
)
 
(28.9
)%
 
 
$
—

 
(23.0
)%




9

Group 1 Automotive, Inc.
Reported Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Year Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
286.8

 
$
281.4

 
$
5.4

 
1.9
 %
 
 
$
(24.0
)
 
10.5
 %
Used vehicle retail sales
85.4

 
87.4

 
(2.0
)
 
(2.2
)%
 
 
(7.4
)
 
6.3
 %
Used vehicle wholesale sales
18.3

 
16.9

 
1.5

 
8.7
 %
 
 
(1.3
)
 
16.4
 %
Total used
103.7

 
104.2

 
(0.5
)
 
(0.5
)%
 
 
(8.7
)
 
7.9
 %
Parts and service sales
47.6

 
46.0

 
1.6

 
3.5
 %
 
 
(3.9
)
 
11.9
 %
F&I, net
7.6

 
9.0

 
(1.4
)
 
(15.3
)%
 
 
(0.5
)
 
(9.2
)%
Total revenues
$
445.9

 
$
440.7

 
$
5.2

 
1.2
 %
 
 
$
(37.2
)
 
9.6
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
17.8

 
$
18.2

 
$
(0.5
)
 
(2.6
)%
 
 
$
(1.4
)
 
4.8
 %
Used vehicle retail sales
5.9

 
5.3

 
0.6

 
10.8
 %
 
 
(0.5
)
 
20.2
 %
Used vehicle wholesale sales
1.2

 
0.6

 
0.6

 
86.5
 %
 
 
(0.1
)
 
100.7
 %
Total used
7.1

 
6.0

 
1.1

 
19.0
 %
 
 
(0.6
)
 
28.9
 %
Parts and service sales
21.0

 
20.7

 
0.4

 
1.9
 %
 
 
(1.7
)
 
10.2
 %
F&I, net
7.6

 
9.0

 
(1.4
)
 
(15.3
)%
 
 
(0.5
)
 
(9.2
)%
Total gross profit
$
53.5

 
$
53.9

 
$
(0.3
)
 
(0.6
)%
 
 
$
(4.2
)
 
7.2
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.2
%
 
6.5
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.9
%
 
6.1
%
 
0.8
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.6
%
 
3.8
%
 
2.8
 %
 
 
 
 
 
 
 
Total used
6.8
%
 
5.7
%
 
1.1
 %
 
 
 
 
 
 
 
Parts and service sales
44.2
%
 
44.9
%
 
(0.7
)%
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.0
%
 
12.2
%
 
(0.2
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
9,475

 
8,928

 
547

 
6.1
 %
 
 
 
 
 
Retail used vehicles sold
4,412

 
4,227

 
185

 
4.4
 %
 
 
 
 
 
Wholesale used vehicles sold
1,934

 
1,596

 
338

 
21.2
 %
 
 
 
 
 
Total used
6,346

 
5,823

 
523

 
9.0
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,274

 
$
31,521

 
$
(1,246
)
 
(4.0
)%
 
 
$
(2,536
)
 
4.1
 %
Used vehicle retail
$
19,356

 
$
20,665

 
$
(1,309
)
 
(6.3
)%
 
 
$
(1,684
)
 
1.8
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,874

 
$
2,042

 
$
(168
)
 
(8.2
)%
 
 
$
(143
)
 
(1.3
)%
Used vehicle retail sales
$
1,336

 
$
1,259

 
$
77

 
6.1
 %
 
 
$
(113
)
 
15.1
 %
Used vehicle wholesale sales
$
625

 
$
406

 
$
219

 
53.9
 %
 
 
$
(48
)
 
65.6
 %
Total used
$
1,120

 
$
1,025

 
$
94

 
9.2
 %
 
 
$
(93
)
 
18.3
 %
F&I PRU
$
551

 
$
686

 
$
(136
)
 
(19.7
)%
 
 
$
(40
)
 
(14.0
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
46.0

 
$
50.6

 
$
(4.6
)
 
(9.1
)%
 
 
$
(3.2
)
 
(2.8
)%
Adjusted SG&A expenses (1)
$
46.0

 
$
46.9

 
$
(1.0
)
 
(2.1
)%
 
 
$
(3.6
)
 
5.7
 %
SG&A as % gross profit
85.8
%
 
93.9
%
 
(8.1
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
85.8
%
 
87.1
%
 
(1.3
)%
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
0.7

 
$
0.8

 
$
(0.1
)
 
(13.8
)%
 
 
$
(0.1
)
 
(6.2
)%
Other interest expense, net
$
0.1

 
$
0.9

 
$
(0.8
)
 
(86.4
)%
 
 
$
—

 
(84.7
)%
(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.



10

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,681.9

 
$
1,572.7

 
$
109.2

 
6.9
 %
 
 
$
(6.3
)
 
7.3
 %
Used vehicle retail sales
838.8

 
771.2

 
67.6

 
8.8
 %
 
 
(2.0
)
 
9.0
 %
Used vehicle wholesale sales
81.8

 
86.1

 
(4.3
)
 
(5.0
)%
 
 
(0.5
)
 
(4.5
)%
Total used
920.6

 
857.4

 
63.2

 
7.4
 %
 
 
(2.5
)
 
7.7
 %
Parts and service sales
379.2

 
354.7

 
24.5

 
6.9
 %
 
 
(1.1
)
 
7.2
 %
F&I, net
129.7

 
124.0

 
5.7

 
4.6
 %
 
 
(0.1
)
 
4.7
 %
Total revenues
$
3,111.4

 
$
2,908.8

 
$
202.6

 
7.0
 %
 
 
$
(9.9
)
 
7.3
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
84.3

 
$
81.3

 
$
3.1

 
3.8
 %
 
 
$
(0.2
)
 
4.0
 %
Used vehicle retail sales
46.0

 
41.1

 
4.9

 
11.9
 %
 
 
(0.1
)
 
12.2
 %
Used vehicle wholesale sales
0.3

 
0.1

 
0.2

 
189.6
 %
 
 
—

 
225.1
 %
Total used
46.3

 
41.2

 
5.1

 
12.4
 %
 
 
(0.2
)
 
12.8
 %
Parts and service sales
204.3

 
185.6

 
18.7

 
10.1
 %
 
 
(0.5
)
 
10.3
 %
F&I, net
129.7

 
124.0

 
5.7

 
4.6
 %
 
 
(0.1
)
 
4.7
 %
Total gross profit
$
464.6

 
$
432.1

 
$
32.6

 
7.5
 %
 
 
$
(0.9
)
 
7.7
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
5.0
%
 
5.2
%
 
(0.2
)%
 
 
 
 
 
 
 
Used vehicle retail sales
5.5
%
 
5.3
%
 
0.2
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.4
%
 
0.1
%
 
0.3
 %
 
 
 
 
 
 
 
Total used
5.0
%
 
4.8
%
 
0.2
 %
 
 
 
 
 
 
 
Parts and service sales
53.9
%
 
52.3
%
 
1.5
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
14.9
%
 
14.9
%
 
0.1
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
43,537

 
42,272

 
1,265

 
3.0
 %
 
 
 
 
 
Retail used vehicles sold
38,671

 
36,099

 
2,572

 
7.1
 %
 
 
 
 
 
Wholesale used vehicles sold
12,243

 
12,089

 
154

 
1.3
 %
 
 
 
 
 
Total used
50,914

 
48,188

 
2,726

 
5.7
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
38,632

 
$
37,205

 
$
1,427

 
3.8
 %
 
 
$
(144
)
 
4.2
 %
Used vehicle retail
$
21,691

 
$
21,365

 
$
326

 
1.5
 %
 
 
$
(51
)
 
1.8
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,937

 
$
1,922

 
$
15

 
0.8
 %
 
 
$
(5
)
 
1.0
 %
Used vehicle retail sales
$
1,189

 
$
1,138

 
$
51

 
4.5
 %
 
 
$
(3
)
 
4.8
 %
Used vehicle wholesale sales
$
27

 
$
9

 
$
17

 
186.0
 %
 
 
$
(3
)
 
221.0
 %
Total used
$
909

 
$
855

 
$
55

 
6.4
 %
 
 
$
(3
)
 
6.8
 %
F&I PRU
$
1,578

 
$
1,582

 
$
(4
)
 
(0.3
)%
 
 
$
(1
)
 
(0.2
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
338.1

 
$
323.8

 
$
14.2

 
4.4
 %
 
 
$
(0.8
)
 
4.6
 %
Adjusted SG&A expenses (1)
$
338.8

 
$
322.2

 
$
16.6

 
5.1
 %
 
 
$
(0.8
)
 
5.4
 %
SG&A as % gross profit
72.8
%
 
75.0
%
 
(2.2
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
72.9
%
 
74.8
%
 
(1.9
)%
 
 
 
 
 
 
 
Operating margin %
3.1
%
 
2.6
%
 
0.5
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.4
%
 
3.2
%
 
0.2
 %
 
 
 
 
 
 
 
Pretax margin %
2.0
%
 
1.4
%
 
0.6
 %
 
 
 
 
 
 
 
Adjusted pretax margin % (1)
2.4
%
 
1.9
%
 
0.5
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
14.6

 
$
16.5

 
$
(1.9
)
 
(11.6
)%
 
 
$
—

 
(11.6
)%
Less: Floorplan assistance
13.6

 
12.8

 
0.8

 
6.2
 %
 
 
—

 
6.2
 %
Net floorplan expense
$
1.1

 
$
3.8

 
$
(2.7
)
 
(71.7
)%
 
 
$
—

 
(71.5
)%
Other interest expense, net
$
19.0

 
$
18.4

 
$
0.6

 
3.4
 %
 
 
$
—

 
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.

11

Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Year Ended December 31,
 
2019

2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
6,314.1

 
$
6,181.4

 
$
132.7

 
2.1
 %
 
 
$
(82.3
)
 
3.5
 %
Used vehicle retail sales
3,366.6

 
3,166.1

 
200.6

 
6.3
 %
 
 
(43.0
)
 
7.7
 %
Used vehicle wholesale sales
355.2

 
369.6

 
(14.4
)
 
(3.9
)%
 
 
(8.8
)
 
(1.5
)%
Total used
3,721.8

 
3,535.6

 
186.1

 
5.3
 %
 
 
(51.8
)
 
6.7
 %
Parts and service sales
1,510.0

 
1,416.9

 
93.1

 
6.6
 %
 
 
(14.3
)
 
7.6
 %
F&I, net
497.9

 
467.5

 
30.4

 
6.5
 %
 
 
(2.9
)
 
7.1
 %
Total revenues
$
12,043.8

 
$
11,601.4

 
$
442.4

 
3.8
 %
 
 
$
(151.4
)
 
5.1
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
300.8

 
$
310.9

 
$
(10.1
)
 
(3.2
)%
 
 
$
(3.5
)
 
(2.1
)%
Used vehicle retail sales
201.3

 
185.9

 
15.4

 
8.3
 %
 
 
(2.1
)
 
9.4
 %
Used vehicle wholesale sales
1.0

 
1.7

 
(0.7
)
 
(40.6
)%
 
 
—

 
(39.2
)%
Total used
202.3

 
187.6

 
14.7

 
7.8
 %
 
 
(2.1
)
 
9.0
 %
Parts and service sales
815.0

 
759.1

 
55.8

 
7.4
 %
 
 
(7.5
)
 
8.3
 %
F&I, net
497.9

 
467.5

 
30.4

 
6.5
 %
 
 
(2.9
)
 
7.1
 %
Total gross profit
$
1,816.0

 
$
1,725.1

 
$
90.9

 
5.3
 %
 
 
$
(16.1
)
 
6.2
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.8
%
 
5.0
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.0
%
 
5.9
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.3
%
 
0.5
%
 
(0.2
)%
 
 
 
 
 
 
 
Total used
5.4
%
 
5.3
%
 
0.1
 %
 
 
 
 
 
 
 
Parts and service sales
54.0
%
 
53.6
%
 
0.4
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.1
%
 
14.9
%
 
0.2
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
169,136

 
170,517

 
(1,381
)
 
(0.8
)%
 
 
 
 
 
Retail used vehicles sold
158,549

 
147,999

 
10,550

 
7.1
 %
 
 
 
 
 
Wholesale used vehicles sold
51,205

 
53,887

 
(2,682
)
 
(5.0
)%
 
 
 
 
 
Total used
209,754

 
201,886

 
7,868

 
3.9
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,332

 
$
36,251

 
$
1,081

 
3.0
 %
 
 
$
(486
)
 
4.3
 %
Used vehicle retail
$
21,234

 
$
21,393

 
$
(158
)
 
(0.7
)%
 
 
$
(271
)
 
0.5
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,778

 
$
1,823

 
$
(45
)
 
(2.4
)%
 
 
$
(21
)
 
(1.3
)%
Used vehicle retail sales
$
1,270

 
$
1,256

 
$
13

 
1.1
 %
 
 
$
(13
)
 
2.1
 %
Used vehicle wholesale sales
$
20

 
$
31

 
$
(12
)
 
(37.4
)%
 
 
$
—

 
(36.0
)%
Total used
$
965

 
$
929

 
$
35

 
3.8
 %
 
 
$
(10
)
 
4.9
 %
F&I PRU
$
1,519

 
$
1,468

 
$
52

 
3.5
 %
 
 
$
(9
)
 
4.1
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
1,358.4

 
$
1,273.1

 
$
85.3

 
6.7
 %
 
 
$
(13.9
)
 
7.8
 %
Adjusted SG&A expenses (1)
$
1,343.4

 
$
1,286.9

 
$
56.5

 
4.4
 %
 
 
$
(14.3
)
 
5.5
 %
SG&A as % gross profit
74.8
%
 
73.8
%
 
1.0
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
74.0
%
 
74.6
%
 
(0.6
)%
 
 
 
 
 
 
 
Operating margin %
3.0
%
 
2.9
%
 
0.1
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.3
%
 
3.2
%
 
0.1
 %
 
 
 
 
 
 
 
Pretax margin %
1.9
%
 
1.8
%
 
0.1
 %
 
 
 
 
 
 
 
Adjusted pretax margin % (1)
2.2
%
 
2.0
%
 
0.2
 %
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Floorplan interest expense
$
61.6

 
$
59.9

 
$
1.7

 
2.8
 %
 
 
$
(0.4
)
 
3.5
 %
Less: Floorplan assistance
49.1

 
47.3

 
1.9

 
4.0
 %
 
 
—

 
4.0
 %
Net floorplan expense
$
12.4

 
$
12.6

 
$
(0.2
)
 
(1.3
)%
 
 
$
(0.4
)
 
1.5
 %
Other interest expense, net
$
74.9

 
$
75.8

 
$
(0.9
)
 
(1.2
)%
 
 
$
(0.4
)
 
(0.7
)%
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

12


Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
New vehicle retail sales
$
1,297.9

 
$
1,230.8

 
$
67.1

 
5.4
 %
Used vehicle retail sales
620.2

 
567.3

 
52.9

 
9.3
 %
Used vehicle wholesale sales
41.3

 
40.0

 
1.2

 
3.1
 %
Total used
661.5

 
607.3

 
54.2

 
8.9
 %
Parts and service sales
307.3

 
284.3

 
23.1

 
8.1
 %
F&I, net
112.8

 
104.7

 
8.1

 
7.7
 %
Total revenues
$
2,379.5

 
$
2,227.1

 
$
152.4

 
6.8
 %
Gross profit
 
 
 
 
 
 
 
New vehicle retail sales
$
62.7

 
$
61.4

 
$
1.3

 
2.0
 %
Used vehicle retail sales
35.8

 
31.7

 
4.2

 
13.1
 %
Used vehicle wholesale sales
0.1

 
0.4

 
(0.3
)
 
(75.4
)%
Total used
35.9

 
32.0

 
3.9

 
12.1
 %
Parts and service sales
166.5

 
148.8

 
17.7

 
11.9
 %
F&I, net
112.8

 
104.7

 
8.1

 
7.7
 %
Total gross profit
$
377.9

 
$
347.0

 
$
30.9

 
8.9
 %
Gross margin
 
 
 
 
 
 
 
New vehicle retail sales
4.8
%
 
5.0
%
 
(0.2
)%
 
 
Used vehicle retail sales
5.8
%
 
5.6
%
 
0.2
 %
 
 
Used vehicle wholesale sales
0.2
%
 
0.9
%
 
(0.7
)%
 
 
Total used
5.4
%
 
5.3
%
 
0.2
 %
 
 
Parts and service sales
54.2
%
 
52.4
%
 
1.8
 %
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
Total gross margin
15.9
%
 
15.6
%
 
0.3
 %
 
 
Units sold
 
 
 
 
 
 
 
Retail new vehicles sold
31,934

 
31,168

 
766

 
2.5
 %
Retail used vehicles sold
29,257

 
27,108

 
2,149

 
7.9
 %
Wholesale used vehicles sold
6,982

 
6,592

 
390

 
5.9
 %
Total used
36,239

 
33,700

 
2,539

 
7.5
 %
Average sales price per unit sold
 
 
 
 
 
 
 
New vehicle retail
$
40,643

 
$
39,490

 
$
1,153

 
2.9
 %
Used vehicle retail
$
21,199

 
$
20,927

 
$
272

 
1.3
 %
Gross profit per unit sold
 
 
 
 
 
 
 
New vehicle retail sales
$
1,963

 
$
1,971

 
$
(8
)
 
(0.4
)%
Used vehicle retail sales
$
1,224

 
$
1,168

 
$
56

 
4.8
 %
Used vehicle wholesale sales
$
13

 
$
57

 
$
(44
)
 
(76.8
)%
Total used
$
991

 
$
950

 
$
40

 
4.2
 %
F&I PRU
$
1,843

 
$
1,796

 
$
47

 
2.6
 %
Other
 
 
 
 
 
 
 
SG&A expenses
$
261.3

 
$
246.5

 
$
14.8

 
6.0
 %
Adjusted SG&A expenses (1)
$
262.0

 
$
244.9

 
$
17.1

 
7.0
 %
SG&A as % gross profit
69.1
%
 
71.0
%
 
(1.9
)%
 
 
Adjusted SG&A as % gross profit (1)
69.3
%
 
70.8
%
 
(1.5
)%
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




13

Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2019
 
2018
 
Increase/(Decrease)
 
% Change
Revenues
 
 
 
 
 
 
 
New vehicle retail sales
$
4,727.9

 
$
4,579.0

 
$
148.9

 
3.3
 %
Used vehicle retail sales
2,448.7

 
2,254.4

 
194.3

 
8.6
 %
Used vehicle wholesale sales
171.5

 
173.7

 
(2.2
)
 
(1.3
)%
Total used
2,620.2

 
2,428.1

 
192.0

 
7.9
 %
Parts and service sales
1,217.6

 
1,120.5

 
97.1

 
8.7
 %
F&I, net
424.8

 
393.6

 
31.1

 
7.9
 %
Total revenues
$
8,990.4

 
$
8,521.3

 
$
469.1

 
5.5
 %
Gross profit
 
 
 
 
 
 
 
New vehicle retail sales
$
221.8

 
$
223.9

 
$
(2.2
)
 
(1.0
)%
Used vehicle retail sales
158.3

 
138.6

 
19.8

 
14.3
 %
Used vehicle wholesale sales
2.6

 
3.8

 
(1.2
)
 
(31.3
)%
Total used
160.9

 
142.4

 
18.6

 
13.0
 %
Parts and service sales
657.6

 
600.5

 
57.1

 
9.5
 %
F&I, net
424.8

 
393.6

 
31.1

 
7.9
 %
Total gross profit
$
1,465.1

 
$
1,360.5

 
$
104.6

 
7.7
 %
Gross margin
 
 
 
 
 
 
 
New vehicle retail sales
4.7
%
 
4.9
%
 
(0.2
)%
 
 
Used vehicle retail sales
6.5
%
 
6.1
%
 
0.3
 %
 
 
Used vehicle wholesale sales
1.5
%
 
2.2
%
 
(0.7
)%
 
 
Total used
6.1
%
 
5.9
%
 
0.3
 %
 
 
Parts and service sales
54.0
%
 
53.6
%
 
0.4
 %
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
Total gross margin
16.3
%
 
16.0
%
 
0.3
 %
 
 
Units sold
 
 
 
 
 
 
 
Retail new vehicles sold
119,303

 
120,081

 
(778
)
 
(0.6
)%
Retail used vehicles sold
118,083

 
108,954

 
9,129

 
8.4
 %
Wholesale used vehicles sold
27,922

 
29,750

 
(1,828
)
 
(6.1
)%
Total used
146,005

 
138,704

 
7,301

 
5.3
 %
Average sales price per unit sold
 
 
 
 
 
 
 
New vehicle retail
$
39,630

 
$
38,133

 
$
1,497

 
3.9
 %
Used vehicle retail
$
20,737

 
$
20,692

 
$
46

 
0.2
 %
Gross profit per unit sold
 
 
 
 
 
 
 
New vehicle retail sales
$
1,859

 
$
1,865

 
$
(6
)
 
(0.3
)%
Used vehicle retail sales
$
1,341

 
$
1,272

 
$
69

 
5.4
 %
Used vehicle wholesale sales
$
94

 
$
128

 
$
(34
)
 
(26.9
)%
Total used
$
1,102

 
$
1,027

 
$
76

 
7.4
 %
F&I PRU
$
1,789

 
$
1,719

 
$
71

 
4.1
 %
Other
 
 
 
 
 
 
 
SG&A expenses
$
1,055.6

 
$
974.9

 
$
80.8

 
8.3
 %
Adjusted SG&A expenses (1)
$
1,037.4

 
$
971.8

 
$
65.5

 
6.7
 %
SG&A as % gross profit
72.1
%
 
71.7
%
 
0.4
 %
 
 
Adjusted SG&A as % gross profit (1)
70.8
%
 
71.5
%
 
(0.7
)%
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.




14

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
258.1

 
$
236.5

 
$
21.6

 
9.1
 %
 
 
$
—

 
9.1
 %
Used vehicle retail sales
168.8

 
164.8

 
4.0

 
2.4
 %
 
 
(0.2
)
 
2.5
 %
Used vehicle wholesale sales
31.9

 
37.8

 
(5.9
)
 
(15.6
)%
 
 
(0.1
)
 
(15.3
)%
Total used
200.7

 
202.6

 
(1.9
)
 
(0.9
)%
 
 
(0.3
)
 
(0.8
)%
Parts and service sales
48.5

 
48.5

 
—

 
0.1
 %
 
 
(0.1
)
 
0.3
 %
F&I, net
12.6

 
14.4

 
(1.8
)
 
(12.3
)%
 
 
0.1

 
(13.0
)%
Total revenues
$
519.9

 
$
501.9

 
$
18.0

 
3.6
 %
 
 
$
(0.3
)
 
3.6
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
13.6

 
$
13.5

 
$
—

 
0.4
 %
 
 
$
0.2

 
(1.2
)%
Used vehicle retail sales
7.4

 
7.4

 
—

 
(0.6
)%
 
 
—

 
(0.4
)%
Used vehicle wholesale sales
—

 
(0.3
)
 
0.3

 
97.5
 %
 
 
—

 
101.4
 %
Total used
7.4

 
7.1

 
0.3

 
3.8
 %
 
 
—

 
4.3
 %
Parts and service sales
26.2

 
26.8

 
(0.6
)
 
(2.3
)%
 
 
—

 
(2.1
)%
F&I, net
12.6

 
14.4

 
(1.8
)
 
(12.3
)%
 
 
0.1

 
(13.0
)%
Total gross profit
$
59.8

 
$
61.8

 
$
(2.1
)
 
(3.3
)%
 
 
$
0.2

 
(3.7
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
5.3
 %
 
5.7
 %
 
(0.5
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.4
 %
 
4.5
 %
 
(0.1
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
—
 %
 
(0.9
)%
 
0.8
 %
 
 
 
 
 
 
 
Total used
3.7
 %
 
3.5
 %
 
0.2
 %
 
 
 
 
 
 
 
Parts and service sales
54.1
 %
 
55.4
 %
 
(1.3
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.5
 %
 
12.3
 %
 
(0.8
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
7,714

 
7,358

 
356

 
4.8
 %
 
 
 
 
 
Retail used vehicles sold
7,075

 
6,838

 
237

 
3.5
 %
 
 
 
 
 
Wholesale used vehicles sold
4,132

 
4,545

 
(413
)
 
(9.1
)%
 
 
 
 
 
Total used
11,207

 
11,383

 
(176
)
 
(1.5
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
33,457

 
$
32,142

 
$
1,315

 
4.1
 %
 
 
$
1

 
4.1
 %
Used vehicle retail
$
23,858

 
$
24,098

 
$
(241
)
 
(1.0
)%
 
 
$
(24
)
 
(0.9
)%
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,758

 
$
1,837

 
$
(79
)
 
(4.3
)%
 
 
$
27

 
(5.7
)%
Used vehicle retail sales
$
1,043

 
$
1,086

 
$
(43
)
 
(4.0
)%
 
 
$
(3
)
 
(3.7
)%
Used vehicle wholesale sales
$
(2
)
 
$
(72
)
 
$
70

 
97.2
 %
 
 
$
(3
)
 
101.5
 %
Total used
$
658

 
$
624

 
$
34

 
5.4
 %
 
 
$
(3
)
 
5.9
 %
F&I PRU
$
853

 
$
1,014

 
$
(160
)
 
(15.8
)%
 
 
$
7

 
(16.5
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
53.5

 
$
54.9

 
$
(1.4
)
 
(2.6
)%
 
 
$
0.1

 
(2.7
)%
SG&A as % gross profit
89.5
 %
 
88.8
 %
 
0.7
 %
 
 
 
 
 
 
 





15

Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Year Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,111.2

 
$
1,160.3

 
$
(49.1
)
 
(4.2
)%
 
 
$
(54.1
)
 
0.4
 %
Used vehicle retail sales
714.9

 
745.0

 
(30.1
)
 
(4.0
)%
 
 
(33.1
)
 
0.4
 %
Used vehicle wholesale sales
152.5

 
168.0

 
(15.5
)
 
(9.2
)%
 
 
(7.1
)
 
(5.0
)%
Total used
867.4

 
913.0

 
(45.6
)
 
(5.0
)%
 
 
(40.2
)
 
(0.6
)%
Parts and service sales
203.2

 
201.3

 
1.9

 
1.0
 %
 
 
(9.3
)
 
5.6
 %
F&I, net
53.0

 
55.0

 
(2.0
)
 
(3.7
)%
 
 
(2.2
)
 
0.4
 %
Total revenues
$
2,234.8

 
$
2,329.6

 
$
(94.8
)
 
(4.1
)%
 
 
$
(105.8
)
 
0.5
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
51.0

 
$
61.6

 
$
(10.6
)
 
(17.2
)%
 
 
$
(2.0
)
 
(13.9
)%
Used vehicle retail sales
30.8

 
37.7

 
(7.0
)
 
(18.4
)%
 
 
(1.5
)
 
(14.5
)%
Used vehicle wholesale sales
(2.3
)
 
(2.1
)
 
(0.2
)
 
(10.8
)%
 
 
0.1

 
(13.8
)%
Total used
28.4

 
35.6

 
(7.2
)
 
(20.2
)%
 
 
(1.4
)
 
(16.2
)%
Parts and service sales
112.2

 
114.8

 
(2.6
)
 
(2.3
)%
 
 
(5.2
)
 
2.2
 %
F&I, net
53.0

 
55.0

 
(2.0
)
 
(3.7
)%
 
 
(2.2
)
 
0.4
 %
Total gross profit
$
244.6

 
$
267.0

 
$
(22.4
)
 
(8.4
)%
 
 
$
(10.8
)
 
(4.3
)%
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.6
 %
 
5.3
 %
 
(0.7
)%
 
 
 
 
 
 
 
Used vehicle retail sales
4.3
 %
 
5.1
 %
 
(0.8
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
(1.5
)%
 
(1.3
)%
 
(0.3
)%
 
 
 
 
 
 
 
Total used
3.3
 %
 
3.9
 %
 
(0.6
)%
 
 
 
 
 
 
 
Parts and service sales
55.2
 %
 
57.0
 %
 
(1.8
)%
 
 
 
 
 
 
 
F&I, net
100.0
 %
 
100.0
 %
 
—
 %
 
 
 
 
 
 
 
Total gross margin
10.9
 %
 
11.5
 %
 
(0.5
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
34,645

 
35,951

 
(1,306
)
 
(3.6
)%
 
 
 
 
 
Retail used vehicles sold
30,320

 
30,620

 
(300
)
 
(1.0
)%
 
 
 
 
 
Wholesale used vehicles sold
19,209

 
20,887

 
(1,678
)
 
(8.0
)%
 
 
 
 
 
Total used
49,529

 
51,507

 
(1,978
)
 
(3.8
)%
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
32,075

 
$
32,275

 
$
(201
)
 
(0.6
)%
 
 
$
(1,561
)
 
4.2
 %
Used vehicle retail
$
23,579

 
$
24,331

 
$
(752
)
 
(3.1
)%
 
 
$
(1,093
)
 
1.4
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,471

 
$
1,712

 
$
(241
)
 
(14.1
)%
 
 
$
(58
)
 
(10.7
)%
Used vehicle retail sales
$
1,015

 
$
1,232

 
$
(217
)
 
(17.6
)%
 
 
$
(49
)
 
(13.7
)%
Used vehicle wholesale sales
$
(122
)
 
$
(101
)
 
$
(21
)
 
(20.5
)%
 
 
$
3

 
(23.7
)%
Total used
$
574

 
$
692

 
$
(118
)
 
(17.0
)%
 
 
$
(29
)
 
(12.8
)%
F&I PRU
$
816

 
$
827

 
$
(11
)
 
(1.3
)%
 
 
$
(34
)
 
2.8
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
213.0

 
$
225.7

 
$
(12.7
)
 
(5.6
)%
 
 
$
(9.6
)
 
(1.4
)%
SG&A as % gross profit
87.1
 %
 
84.5
 %
 
2.6
 %
 
 
 
 
 
 
 




16

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
77.0

 
$
74.8

 
$
2.3

 
3.0
 %
 
 
$
(6.1
)
 
11.2
 %
Used vehicle retail sales
21.5

 
18.6

 
2.9

 
15.9
 %
 
 
(1.7
)
 
25.2
 %
Used vehicle wholesale sales
5.0

 
3.8

 
1.2

 
32.8
 %
 
 
(0.4
)
 
43.0
 %
Total used
26.6

 
22.4

 
4.2

 
18.7
 %
 
 
(2.1
)
 
28.2
 %
Parts and service sales
11.4

 
11.4

 
—

 
0.2
 %
 
 
(0.9
)
 
8.4
 %
F&I, net
2.0

 
3.0

 
(1.0
)
 
(34.0
)%
 
 
(0.2
)
 
(28.5
)%
Total revenues
$
117.0

 
$
111.5

 
$
5.5

 
4.9
 %
 
 
$
(9.3
)
 
13.3
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
5.1

 
$
4.9

 
$
0.2

 
3.3
 %
 
 
$
(0.4
)
 
11.7
 %
Used vehicle retail sales
1.2

 
1.3

 
(0.1
)
 
(7.0
)%
 
 
(0.1
)
 
0.4
 %
Used vehicle wholesale sales
0.3

 
0.2

 
0.1

 
84.3
 %
 
 
—

 
98.3
 %
Total used
1.5

 
1.4

 
0.1

 
4.3
 %
 
 
(0.1
)
 
12.5
 %
Parts and service sales
5.2

 
5.1

 
0.1

 
1.8
 %
 
 
(0.4
)
 
10.0
 %
F&I, net
2.0

 
3.0

 
(1.0
)
 
(34.0
)%
 
 
(0.2
)
 
(28.5
)%
Total gross profit
$
13.7

 
$
14.4

 
$
(0.7
)
 
(4.8
)%
 
 
$
(1.1
)
 
2.9
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.6
%
 
6.5
%
 
—
 %
 
 
 
 
 
 
 
Used vehicle retail sales
5.4
%
 
6.8
%
 
(1.3
)%
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.5
%
 
4.7
%
 
1.8
 %
 
 
 
 
 
 
 
Total used
5.6
%
 
6.4
%
 
(0.8
)%
 
 
 
 
 
 
 
Parts and service sales
45.4
%
 
44.7
%
 
0.7
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
11.7
%
 
12.9
%
 
(1.2
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
2,496

 
2,428

 
68

 
2.8
 %
 
 
 
 
 
Retail used vehicles sold
1,076

 
1,007

 
69

 
6.9
 %
 
 
 
 
 
Wholesale used vehicles sold
548

 
455

 
93

 
20.4
 %
 
 
 
 
 
Total used
1,624

 
1,462

 
162

 
11.1
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,860

 
$
30,794

 
$
66

 
0.2
 %
 
 
$
(2,457
)
 
8.2
 %
Used vehicle retail
$
20,009

 
$
18,452

 
$
1,557

 
8.4
 %
 
 
$
(1,607
)
 
17.1
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
2,026

 
$
2,016

 
$
10

 
0.5
 %
 
 
$
(164
)
 
8.6
 %
Used vehicle retail sales
$
1,090

 
$
1,252

 
$
(162
)
 
(12.9
)%
 
 
$
(87
)
 
(6.0
)%
Used vehicle wholesale sales
$
595

 
$
389

 
$
206

 
53.0
 %
 
 
$
(45
)
 
64.7
 %
Total used
$
923

 
$
984

 
$
(60
)
 
(6.1
)%
 
 
$
(73
)
 
1.3
 %
F&I PRU
$
548

 
$
864

 
$
(315
)
 
(36.5
)%
 
 
$
(45
)
 
(31.3
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
10.7

 
$
11.7

 
$
(1.1
)
 
(9.2
)%
 
 
$
(0.9
)
 
(1.9
)%
SG&A as % gross profit
77.8
%
 
81.5
%
 
(3.8
)%
 
 
 
 
 
 
 




17

Group 1 Automotive, Inc.
Same Store Operating Data - Brazil
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
Year Ended December 31,
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
270.6

 
$
277.4

 
$
(6.8
)
 
(2.5
)%
 
 
$
(23.2
)
 
5.9
 %
Used vehicle retail sales
81.7

 
81.2

 
0.5

 
0.6
 %
 
 
(7.6
)
 
10.0
 %
Used vehicle wholesale sales
17.8

 
14.2

 
3.6

 
25.4
 %
 
 
(1.4
)
 
35.7
 %
Total used
99.5

 
95.4

 
4.1

 
4.3
 %
 
 
(9.1
)
 
13.8
 %
Parts and service sales
46.1

 
45.6

 
0.5

 
1.1
 %
 
 
(3.8
)
 
9.4
 %
F&I, net
7.0

 
8.9

 
(1.9
)
 
(21.3
)%
 
 
(0.5
)
 
(15.5
)%
Total revenues
$
423.2

 
$
427.3

 
$
(4.1
)
 
(1.0
)%
 
 
$
(36.6
)
 
7.6
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
16.9

 
$
18.1

 
$
(1.2
)
 
(6.6
)%
 
 
$
(1.3
)
 
0.6
 %
Used vehicle retail sales
5.5

 
5.1

 
0.4

 
7.5
 %
 
 
(0.5
)
 
17.0
 %
Used vehicle wholesale sales
1.2

 
0.6

 
0.7

 
117.2
 %
 
 
(0.1
)
 
135.8
 %
Total used
6.7

 
5.7

 
1.0

 
18.3
 %
 
 
(0.6
)
 
28.7
 %
Parts and service sales
20.4

 
20.4

 
—

 
(0.2
)%
 
 
(1.7
)
 
8.2
 %
F&I, net
7.0

 
8.9

 
(1.9
)
 
(21.3
)%
 
 
(0.5
)
 
(15.5
)%
Total gross profit
$
51.1

 
$
53.2

 
$
(2.1
)
 
(3.9
)%
 
 
$
(4.1
)
 
3.8
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
6.3
%
 
6.5
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.7
%
 
6.3
%
 
0.4
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
6.8
%
 
3.9
%
 
2.9
 %
 
 
 
 
 
 
 
Total used
6.7
%
 
5.9
%
 
0.8
 %
 
 
 
 
 
 
 
Parts and service sales
44.3
%
 
44.9
%
 
(0.6
)%
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
12.1
%
 
12.4
%
 
(0.4
)%
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
8,792

 
8,818

 
(26
)
 
(0.3
)%
 
 
 
 
 
Retail used vehicles sold
4,159

 
4,095

 
64

 
1.6
 %
 
 
 
 
 
Wholesale used vehicles sold
1,801

 
1,498

 
303

 
20.2
 %
 
 
 
 
 
Total used
5,960

 
5,593

 
367

 
6.6
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
30,775

 
$
31,460

 
$
(685
)
 
(2.2
)%
 
 
$
(2,640
)
 
6.2
 %
Used vehicle retail
$
19,653

 
$
19,836

 
$
(183
)
 
(0.9
)%
 
 
$
(1,830
)
 
8.3
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,925

 
$
2,055

 
$
(130
)
 
(6.3
)%
 
 
$
(149
)
 
0.9
 %
Used vehicle retail sales
$
1,321

 
$
1,249

 
$
73

 
5.8
 %
 
 
$
(117
)
 
15.2
 %
Used vehicle wholesale sales
$
673

 
$
373

 
$
301

 
80.7
 %
 
 
$
(58
)
 
96.1
 %
Total used
$
1,126

 
$
1,014

 
$
112

 
11.0
 %
 
 
$
(99
)
 
20.8
 %
F&I PRU
$
544

 
$
693

 
$
(149
)
 
(21.5
)%
 
 
$
(40
)
 
(15.7
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
44.1

 
$
48.5

 
$
(4.4
)
 
(9.0
)%
 
 
$
(3.2
)
 
(2.4
)%
Adjusted SG&A expenses (1)
$
44.1

 
$
45.6

 
$
(1.5
)
 
(3.3
)%
 
 
$
(3.5
)
 
4.5
 %
SG&A as % gross profit
86.3
%
 
91.1
%
 
(4.8
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
86.3
%
 
85.7
%
 
0.6
 %
 
 
 
 
 
 
 
(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.



18

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,633.0

 
$
1,542.1

 
$
90.9

 
5.9
 %
 
 
$
(6.1
)
 
6.3
 %
Used vehicle retail sales
810.6

 
750.7

 
59.9

 
8.0
 %
 
 
(1.9
)
 
8.2
 %
Used vehicle wholesale sales
78.2

 
81.6

 
(3.4
)
 
(4.2
)%
 
 
(0.5
)
 
(3.6
)%
Total used
888.7

 
832.3

 
56.5

 
6.8
 %
 
 
(2.4
)
 
7.1
 %
Parts and service sales
367.3

 
344.1

 
23.1

 
6.7
 %
 
 
(1.0
)
 
7.0
 %
F&I, net
127.4

 
122.0

 
5.3

 
4.4
 %
 
 
(0.1
)
 
4.4
 %
Total revenues
$
3,016.4

 
$
2,840.5

 
$
175.9

 
6.2
 %
 
 
$
(9.6
)
 
6.5
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
81.3

 
$
79.8

 
$
1.5

 
1.8
 %
 
 
$
(0.2
)
 
2.1
 %
Used vehicle retail sales
44.4

 
40.3

 
4.0

 
10.0
 %
 
 
(0.1
)
 
10.3
 %
Used vehicle wholesale sales
0.4

 
0.2

 
0.2

 
80.7
 %
 
 
—

 
97.2
 %
Total used
44.8

 
40.6

 
4.2

 
10.4
 %
 
 
(0.2
)
 
10.7
 %
Parts and service sales
197.9

 
180.8

 
17.1

 
9.5
 %
 
 
(0.5
)
 
9.7
 %
F&I, net
127.4

 
122.0

 
5.3

 
4.4
 %
 
 
(0.1
)
 
4.4
 %
Total gross profit
$
451.4

 
$
423.2

 
$
28.1

 
6.6
 %
 
 
$
(0.9
)
 
6.9
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
5.0
%
 
5.2
%
 
(0.2
)%
 
 
 
 
 
 
 
Used vehicle retail sales
5.5
%
 
5.4
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.5
%
 
0.3
%
 
0.2
 %
 
 
 
 
 
 
 
Total used
5.0
%
 
4.9
%
 
0.2
 %
 
 
 
 
 
 
 
Parts and service sales
53.9
%
 
52.5
%
 
1.4
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.0
%
 
14.9
%
 
0.1
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
42,144

 
40,954

 
1,190

 
2.9
 %
 
 
 
 
 
Retail used vehicles sold
37,408

 
34,953

 
2,455

 
7.0
 %
 
 
 
 
 
Wholesale used vehicles sold
11,662

 
11,592

 
70

 
0.6
 %
 
 
 
 
 
Total used
49,070

 
46,545

 
2,525

 
5.4
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
38,748

 
$
37,654

 
$
1,094

 
2.9
 %
 
 
$
(145
)
 
3.3
 %
Used vehicle retail
$
21,668

 
$
21,476

 
$
192

 
0.9
 %
 
 
$
(51
)
 
1.1
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,929

 
$
1,950

 
$
(20
)
 
(1.0
)%
 
 
$
(5
)
 
(0.8
)%
Used vehicle retail sales
$
1,186

 
$
1,154

 
$
32

 
2.8
 %
 
 
$
(3
)
 
3.0
 %
Used vehicle wholesale sales
$
35

 
$
20

 
$
16

 
79.6
 %
 
 
$
(3
)
 
96.0
 %
Total used
$
912

 
$
872

 
$
41

 
4.7
 %
 
 
$
(3
)
 
5.0
 %
F&I PRU
$
1,601

 
$
1,608

 
$
(7
)
 
(0.4
)%
 
 
$
(1
)
 
(0.4
)%
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
325.4

 
$
313.1

 
$
12.3

 
3.9
 %
 
 
$
(0.8
)
 
4.2
 %
Adjusted SG&A expenses (1)
$
326.2

 
$
311.6

 
$
14.6

 
4.7
 %
 
 
$
(0.8
)
 
4.9
 %
SG&A as % gross profit
72.1
%
 
74.0
%
 
(1.9
)%
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
72.3
%
 
73.8
%
 
(1.5
)%
 
 
 
 
 
 
 
Operating margin %
3.2
%
 
2.7
%
 
0.5
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.6
%
 
3.3
%
 
0.3
 %
 
 
 
 
 
 
 
(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.



19

Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(Dollars in millions, except per unit amounts)
 
 
 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
Increase/ (Decrease)
 
% Change
 
 
Currency Impact on Current Period Results
 
Constant Currency % Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
6,109.7

 
$
6,016.7

 
$
93.0

 
1.5
 %
 
 
$
(77.3
)
 
2.8
 %
Used vehicle retail sales
3,245.3

 
3,080.7

 
164.7

 
5.3
 %
 
 
(40.7
)
 
6.7
 %
Used vehicle wholesale sales
341.7

 
355.9

 
(14.2
)
 
(4.0
)%
 
 
(8.5
)
 
(1.6
)%
Total used
3,587.1

 
3,436.5

 
150.5

 
4.4
 %
 
 
(49.3
)
 
5.8
 %
Parts and service sales
1,466.8

 
1,367.4

 
99.5

 
7.3
 %
 
 
(13.1
)
 
8.2
 %
F&I, net
484.8

 
457.6

 
27.2

 
5.9
 %
 
 
(2.7
)
 
6.5
 %
Total revenues
$
11,648.4

 
$
11,278.3

 
$
370.2

 
3.3
 %
 
 
$
(142.4
)
 
4.5
 %
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
289.7

 
$
303.6

 
$
(13.9
)
 
(4.6
)%
 
 
$
(3.3
)
 
(3.5
)%
Used vehicle retail sales
194.6

 
181.4

 
13.2

 
7.3
 %
 
 
(2.0
)
 
8.3
 %
Used vehicle wholesale sales
1.5

 
2.3

 
(0.8
)
 
(34.1
)%
 
 
—

 
(32.2
)%
Total used
196.1

 
183.7

 
12.4

 
6.8
 %
 
 
(2.0
)
 
7.9
 %
Parts and service sales
790.2

 
735.8

 
54.4

 
7.4
 %
 
 
(6.9
)
 
8.3
 %
F&I, net
484.8

 
457.6

 
27.2

 
5.9
 %
 
 
(2.7
)
 
6.5
 %
Total gross profit
$
1,760.8

 
$
1,680.7

 
$
80.1

 
4.8
 %
 
 
$
(14.9
)
 
5.7
 %
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
4.7
%
 
5.0
%
 
(0.3
)%
 
 
 
 
 
 
 
Used vehicle retail sales
6.0
%
 
5.9
%
 
0.1
 %
 
 
 
 
 
 
 
Used vehicle wholesale sales
0.4
%
 
0.6
%
 
(0.2
)%
 
 
 
 
 
 
 
Total used
5.5
%
 
5.3
%
 
0.1
 %
 
 
 
 
 
 
 
Parts and service sales
53.9
%
 
53.8
%
 
0.1
 %
 
 
 
 
 
 
 
F&I, net
100.0
%
 
100.0
%
 
—
 %
 
 
 
 
 
 
 
Total gross margin
15.1
%
 
14.9
%
 
0.2
 %
 
 
 
 
 
 
 
Units sold
 
 
 
 
 
 
 
 
 
 
 
 
Retail new vehicles sold
162,740

 
164,850

 
(2,110
)
 
(1.3
)%
 
 
 
 
 
Retail used vehicles sold
152,562

 
143,669

 
8,893

 
6.2
 %
 
 
 
 
 
Wholesale used vehicles sold
48,932

 
52,135

 
(3,203
)
 
(6.1
)%
 
 
 
 
 
Total used
201,494

 
195,804

 
5,690

 
2.9
 %
 
 
 
 
 
Average sales price per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
$
37,543

 
$
36,498

 
$
1,045

 
2.9
 %
 
 
$
(475
)
 
4.2
 %
Used vehicle retail
$
21,272

 
$
21,443

 
$
(171
)
 
(0.8
)%
 
 
$
(267
)
 
0.5
 %
Gross profit per unit sold
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail sales
$
1,780

 
$
1,842

 
$
(62
)
 
(3.4
)%
 
 
$
(20
)
 
(2.2
)%
Used vehicle retail sales
$
1,276

 
$
1,263

 
$
13

 
1.0
 %
 
 
$
(13
)
 
2.0
 %
Used vehicle wholesale sales
$
30

 
$
43

 
$
(13
)
 
(29.8
)%
 
 
$
(1
)
 
(27.8
)%
Total used
$
973

 
$
938

 
$
35

 
3.7
 %
 
 
$
(10
)
 
4.8
 %
F&I PRU
$
1,538

 
$
1,483

 
$
54

 
3.7
 %
 
 
$
(9
)
 
4.2
 %
Other
 
 
 
 
 
 
 
 
 
 
 
 
SG&A expenses
$
1,312.7

 
$
1,249.0

 
$
63.7

 
5.1
 %
 
 
$
(12.8
)
 
6.1
 %
Adjusted SG&A expenses (1)
$
1,294.5

 
$
1,243.1

 
$
51.3

 
4.1
 %
 
 
$
(13.2
)
 
5.2
 %
SG&A as % gross profit
74.6
%
 
74.3
%
 
0.2
 %
 
 
 
 
 
 
 
Adjusted SG&A as % gross profit (1)
73.5
%
 
74.0
%
 
(0.5
)%
 
 
 
 
 
 
 
Operating margin %
3.1
%
 
2.9
%
 
0.2
 %
 
 
 
 
 
 
 
Adjusted operating margin % (1)
3.4
%
 
3.3
%
 
0.1
 %
 
 
 
 
 
 
 
(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.



20


Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
Three Months Ended December 31, 2019
 
 
U.S. GAAP
 
Legal matters
 
Non-cash asset impairments
 
Non-GAAP adjusted
SG&A expenses
 
$
338.1

 
$
0.7

 
$
—

 
$
338.8

Asset impairments
 
11.5

 
—

 
(11.5
)
 
—

Income (loss) from operations
 
96.5

 
(0.7
)
 
11.5

 
107.3

 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
62.9

 
$
(0.7
)
 
$
11.5

 
$
73.6

Less: (Benefit) provision for income taxes
 
14.8

 
(0.2
)
 
2.7

 
17.3

Net income (loss)
 
48.1

 
(0.5
)
 
8.8

 
56.3

Less: Earnings (loss) allocated to participating securities
 
1.7

 
—

 
0.3

 
2.0

Net income (loss) available to diluted common shares
 
$
46.3

 
$
(0.5
)
 
$
8.5

 
$
54.3

 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
2.57

 
$
(0.03
)
 
$
0.47

 
$
3.01

 
 
 
 
 
 
 
 
 
Effective tax rate
 
23.5
%
 
 
 
 
 
23.5
%
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
72.8
%
 
 
 
 
 
72.9
%
Operating margin (2)
 
3.1
%
 
 
 
 
 
3.4
%
Pretax margin (2)
 
2.0
%
 
 
 
 
 
2.4
%
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
325.4

 
$
0.7

 
$
—

 
$
326.2

Same Store SG&A as % gross profit (1)
 
72.1
%
 
 
 
 
 
72.3
%
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
97.0

 
$
(0.7
)
 
$
11.5

 
$
107.7

Same Store operating margin (2)
 
3.2
%
 
 
 
 
 
3.6
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.




21

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
Three Months Ended December 31, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-Cash asset impairments
 
Non-GAAP adjusted
F&I, net
 
$
124.0

 
$
(1.1
)
 
$
—

 
$
—

 
$
—

 
$
122.9

SG&A expenses
 
323.8

 
(0.6
)
 
(0.3
)
 
(0.7
)
 
—

 
322.2

Asset impairments
 
16.5

 
—

 
—

 
—

 
(16.5
)
 
—

Income (loss) from operations
 
74.7

 
(0.5
)
 
0.3

 
0.7

 
16.5

 
91.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
39.7

 
$
(0.5
)
 
$
0.3

 
$
0.7

 
$
16.5

 
$
56.7

Less: (Benefit) provision for income taxes
 
9.0

 
(0.1
)
 
0.1

 
0.2

 
3.8

 
12.9

Net income (loss)
 
30.7

 
(0.4
)
 
0.2

 
0.5

 
12.7

 
43.8

Less: Earnings (loss) allocated to participating securities
 
1.1

 
—

 
—

 
—

 
0.5

 
1.6

Net income (loss) available to diluted common shares
 
$
29.6

 
$
(0.3
)
 
$
0.2

 
$
0.5

 
$
12.2

 
$
42.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
1.62

 
$
(0.02
)
 
$
0.01

 
$
0.03

 
$
0.67

 
$
2.31

 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
22.6
%
 
 
 
 
 
 
 
 
 
22.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
75.0
%
 
 
 
 
 
 
 
 
 
74.8
%
Operating margin (2)
 
2.6
%
 
 
 
 
 
 
 
 
 
3.2
%
Pretax margin (2)
 
1.4
%
 
 
 
 
 
 
 
 
 
1.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store F&I, net
 
$
122.0

 
$
(1.1
)
 
$
—

 
$
—

 
$
—

 
$
121.0

Same Store SG&A
 
$
313.1

 
$
(0.6
)
 
$
(0.2
)
 
$
(0.7
)
 
$
—

 
$
311.6

Same Store SG&A as % gross profit (1)
 
74.0
%
 
 
 
 
 
 
 
 
 
73.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
77.6

 
$
(0.5
)
 
$
0.2

 
$
0.7

 
$
15.8

 
$
93.8

Same Store operating margin (2)
 
2.7
%
 
 
 
 
 
 
 
 
 
3.3
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of F&I, net and SG&A reconciling items above, as well as non-cash asset impairment charges.





22

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2019
 
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-cash asset impairments
 
Non-GAAP adjusted
SG&A expenses
 
$
1,358.4

 
$
(17.8
)
 
$
4.1

 
$
(1.3
)
 
$
—

 
$
1,343.4

Asset impairments
 
22.2

 
—

 
—

 
—

 
(22.2
)
 
—

Income (loss) from operations
 
363.7

 
17.8

 
(4.1
)
 
1.3

 
22.2

 
401.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
227.3

 
$
17.8

 
$
(4.1
)
 
$
1.3

 
$
22.2

 
$
264.5

Less: (Benefit) provision for income taxes
 
53.3

 
4.4

 
(1.7
)
 
0.3

 
4.7

 
61.0

Net income (loss)
 
174.0

 
13.4

 
(2.5
)
 
1.0

 
17.6

 
203.6

Less: Earnings (loss) allocated to participating securities
 
6.4

 
0.5

 
(0.1
)
 
—

 
0.7

 
7.5

Net income (loss) available to diluted common shares
 
$
167.6

 
$
12.9

 
$
(2.4
)
 
$
1.0

 
$
16.9

 
$
196.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
9.34

 
$
0.72

 
$
(0.13
)
 
$
0.05

 
$
0.94

 
$
10.93

 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
23.4
%
 
 
 
 
 
 
 
 
 
23.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
74.8
%
 
 
 
 
 
 
 
 
 
74.0
%
Operating margin (2)
 
3.0
%
 
 
 
 
 
 
 
 
 
3.3
%
Pretax margin (2)
 
1.9
%
 
 
 
 
 
 
 
 
 
2.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
1,312.7

 
$
(17.8
)
 
$
0.7

 
$
(1.1
)
 
$
—

 
$
1,294.5

Same Store SG&A as % gross profit (1)
 
74.6
%
 
 
 
 
 
 
 
 
 
73.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
357.6

 
$
17.8

 
$
(0.7
)
 
$
1.1

 
$
22.2

 
$
398.0

Same Store operating margin (2)
 
3.1
%
 
 
 
 
 
 
 
 
 
3.4
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of SG&A reconciling items above, as well as non-cash asset impairment charges.



23

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
 (Dollars in millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-cash asset impairments
 
Tax rate changes
 
Non-GAAP adjusted
F&I, net
 
$
467.5

 
$
(1.1
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
466.4

SG&A expenses
 
1,273.1

 
(6.4
)
 
25.2

 
(5.0
)
 
—

 
—

 
1,286.9

Asset impairments
 
43.9

 
—

 
—

 
—

 
(43.9
)
 
—

 
—

Income (loss) from operations
 
341.1

 
5.3

 
(25.2
)
 
5.0

 
43.9

 
—

 
370.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
205.4

 
$
5.3

 
$
(25.2
)
 
$
5.0

 
$
43.9

 
$
—

 
$
234.4

Less: (Benefit) provision for income taxes
 
47.6

 
1.3

 
(6.1
)
 
0.9

 
10.4

 
0.7

 
54.8

Net income (loss)
 
157.8

 
4.0

 
(19.1
)
 
4.1

 
33.5

 
(0.7
)
 
179.6

Less: Earnings (loss) allocated to participating securities
 
5.4

 
0.1

 
(0.7
)
 
0.1

 
1.2

 
—

 
6.2

Net income (loss) available to diluted common shares
 
$
152.4

 
$
3.9

 
$
(18.4
)
 
$
4.0

 
$
32.4

 
$
(0.7
)
 
$
173.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share
 
$
7.83

 
$
0.20

 
$
(0.95
)
 
$
0.21

 
$
1.65

 
$
(0.03
)
 
$
8.91

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
 
23.2
%
 
 
 
 
 
 
 
 
 
 
 
23.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG&A as % gross profit (1)
 
73.8
%
 
 
 
 
 
 
 
 
 
 
 
74.6
%
Operating margin (2)
 
2.9
%
 
 
 
 
 
 
 
 
 
 
 
3.2
%
Pretax margin (2)
 
1.8
%
 
 
 
 
 
 
 
 
 
 
 
2.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store F&I, net
 
$
457.6

 
$
(1.1
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
456.6

Same Store SG&A
 
$
1,249.0

 
$
(6.4
)
 
$
4.7

 
$
(4.2
)
 
$
—

 
$
—

 
$
1,243.1

Same Store SG&A as % gross profit (1)
 
74.3
%
 
 
 
 
 
 
 
 
 
 
 
74.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store income (loss) from operations
 
$
326.0

 
$
5.3

 
$
(4.7
)
 
$
4.2

 
$
41.1

 
$
—

 
$
371.9

Same Store operating margin (2)
 
2.9
%
 
 
 
 
 
 
 
 
 
 
 
3.3
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin and pretax margin excludes the impact of F&I, net and SG&A reconciling items above, as well as non-cash asset impairment charges.




24

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(Dollars in millions)
 
 
 
 
 
Three Months Ended December 31, 2019
 
 
U.S. GAAP
 
Legal settlements
 
Non-GAAP adjusted
SG&A expenses
 
$
266.1

 
$
0.7

 
$
266.8

SG&A as % gross profit (1)
 
69.2
%
 
 
 
69.4
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
261.3

 
$
0.7

 
$
262.0

Same Store SG&A as % gross profit (1)
 
69.1
%
 
 
 
69.3
%
 
 
Three Months Ended December 31, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
F&I, net
 
$
106.0

 
$
(1.1
)
 
$
—

 
$
—

 
$
105.0

SG&A expenses
 
$
252.6

 
$
(0.6
)
 
$
(0.3
)
 
$
(0.7
)
 
$
251.0

SG&A as % gross profit (1)
 
71.7
%
 
 
 
 
 
 
 
71.4
%
 
 
 
 
 
 
 
 
 
 
 
Same Store F&I, net
 
$
104.7

 
$
(1.1
)
 
$
—

 
$
—

 
$
103.6

Same Store SG&A
 
$
246.5

 
$
(0.6
)
 
$
(0.2
)
 
$
(0.7
)
 
$
244.9

Same Store SG&A as % gross profit (1)
 
71.0
%
 
 
 
 
 
 
 
70.8
%
 
 
Year Ended December 31, 2019
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
1,075.6

 
$
(17.8
)
 
$
4.4

 
$
(1.1
)
 
$
1,061.1

SG&A as % gross profit (1)
 
72.0
%
 
 
 
 
 
 
 
71.0
%
 
 
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
1,055.6

 
$
(17.8
)
 
$
0.7

 
$
(1.1
)
 
$
1,037.4

Same Store SG&A as % gross profit (1)
 
72.1
%
 
 
 
 
 
 
 
70.8
%
 
 
Year Ended December 31, 2018
 
 
U.S. GAAP
 
Catastrophic events
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
F&I, net
 
$
401.3

 
$
(1.1
)
 
$
—

 
$
—

 
$
400.2

SG&A expenses
 
$
982.1

 
$
(6.4
)
 
$
25.2

 
$
(1.3
)
 
$
999.5

SG&A as % gross profit (1)
 
70.6
%
 
 
 
 
 
 
 
71.9
%
 
 
 
 
 
 
 
 
 
 
 
Same Store F&I, net
 
$
393.6

 
$
(1.1
)
 
$
—

 
$
—

 
$
392.6

Same Store SG&A
 
$
974.9

 
$
(6.4
)
 
$
4.7

 
$
(1.3
)
 
$
971.8

Same Store SG&A as % gross profit (1)
 
71.7
%
 
 
 
 
 
 
 
71.5
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.




25

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
(Unaudited)
 (Dollars in millions)
 
 
 
 
 
Year Ended December 31, 2019
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Non-GAAP Adjusted
SG&A expenses
 
$
236.9

 
$
(0.5
)
 
$
236.4

SG&A as % gross profit (1)
 
88.5
%
 
 
 
88.3
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
213.0

 
$
—

 
$
213.0

Same Store SG&A as % gross profit (1)
 
87.1
%
 
 
 
87.1
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.




26

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Brazil
(Unaudited)
 (Dollars in millions)
 
 
 
 
 
Year Ended December 31, 2019
 
 
U.S. GAAP
 
Dealership and real estate transactions
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
46.0

 
$
0.2

 
$
(0.2
)
 
$
46.0

SG&A as % gross profit (1)
 
85.8
%
 
 
 
 
 
85.8
%
 
 
 
 
 
 
 
 
 
Same Store SG&A
 
$
44.1

 
$
—

 
$
—

 
$
44.1

Same Store SG&A as % gross profit (1)
 
86.3
%
 
 
 
 
 
86.3
%
 
 
Year Ended December 31, 2018
 
 
U.S. GAAP
 
Legal matters
 
Non-GAAP adjusted
SG&A expenses
 
$
50.6

 
$
(3.7
)
 
$
46.9

SG&A as % gross profit (1)
 
93.9
%
 
 
 
87.1
%
 
 
 
 
 
 
 
Same Store SG&A
 
$
48.5

 
$
(2.9
)
 
$
45.6

Same Store SG&A as % gross profit (1)
 
91.1
%
 
 
 
85.7
%
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.





27