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Group 1 Automotive

800 Gessner
Houston, TX 77024

  • Sales: (713) 647-5700
Investor Relations

Group 1 Automotive Announces Record 4Q21 & FY21 Financial Results

- Record Quarterly Revenues; 19.4% Increase

- Record Quarterly Diluted Earnings Per Common Share from Continuing Operations; 69.0% Increase

- Completed Largest Acquisition in Company History

- FY21 Common Share Repurchases of 1,103,417 Common Shares for $210.6 Million; ~6.0% of Common Shares

HOUSTON, Feb. 10, 2022 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 202 dealerships located in the U.S. and U.K., today reported the highest fourth quarter revenue and earnings per share in company history.

"The record profits achieved in 2021 were a function of an agile management team responding to constant challenges created by the pandemic, along with a very powerful service operation and strong cost control," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer.  "Despite these choppy operational waters, I am very pleased that we were able to dramatically increase the size of our company with the acquisition of $2.5 billion in additional annual revenues, while at the same time returning significant capital to our shareholders via share repurchases.  The acquisition of the Prime Auto Group in the northeastern U.S., along with the pending sale of our Brazilian operations, which is scheduled to close in Q2, puts us in a strong position to continue this type of flexible capital allocation in the year ahead."

Financial Reporting Revisions for Pending Disposition of Brazilian Operations

On November 12, 2021, the Company announced the expected disposition of its Brazilian operations. Until closing, the related assets, liabilities and operating results will be reported as discontinued operations and excluded from continuing operations for all periods presented. As a result of the transaction, the Company will no longer report Brazil as a separate reportable segment and will only present the remaining United States and United Kingdom reportable segments. Corporate-related overhead costs are recorded separately and included in consolidated continuing operations.  The sale is expected to result in a non-cash loss of $77.5 million, due to non-cash historical foreign exchange translation adjustments of $125.7 million recorded within Accumulated Other Comprehensive Income, which are required to be recognized in earnings upon sale of a foreign entity. The Brazilian Real ("BRL") to U.S. Dollar ("USD") foreign exchange rate devalued from the date of our original acquisition, from approximately $1 USD to $2 BRL in February 2013 to approximately $1 USD to $5 BRL in December 2021.

Fourth Quarter 2021 and Full Year 2021 Results Overview – Continuing and Discontinued Operations

Fourth quarter 2021 ("current quarter") and full year 2021 ("current year") net income were $87.1 million and $552.1 million, respectively. Current quarter and current year adjusted net income (a non-GAAP measure) were $171.7 million and $642.1 million, respectively. 

Current quarter and current year diluted earnings per common share were $4.84 and $30.11, respectively. Current quarter and current year adjusted diluted earnings per common share (a non-GAAP measure) were $9.54 and $35.02, respectively. 

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables. 

Fourth Quarter 2021 Results Overview – Continuing Operations

Current quarter total revenues were $3.5 billion, a 19.4% increase compared to total revenues of $2.9 billion for the fourth quarter of 2020 ("prior year quarter"). 

Current quarter net income from continuing operations was $163.2 million, a 65.2% increase compared to net income from continuing operations of $98.8 million for the prior year quarter.  Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $169.9 million, a 64.8% increase compared to adjusted net income from continuing operations of $103.1 million for the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was $9.06, a 69.0% increase over diluted earnings per common share from continuing operations of $5.36 for the prior year quarter.  Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was an all-time quarterly record of $9.43, a 68.6% increase over adjusted diluted earnings per common share from continuing operations of $5.59 for the prior year quarter. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.10 and $0.07, respectively.

Fourth Quarter 2021

Key Performance Metrics      

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP

measure)

Reported:

4Q21

Change

4Q21

Change

Total revenues

$3.5B

+19.4%

$3.1B

+9.3%

Total gross profit ("GP")

$671.2M

+42.5%

$607.1M

+30.8%

New Vehicle ("NV") Gross Margin ("GM")

11.5%

+5.0%

11.6%

+5.1%

NV units sold

35,573

(3.5)%

31,441

(13.6)%

NV GP per retail unit ("PRU")

$5,441

+98.5%

$5,473

+100.3%

Used vehicle ("UV") GM

8.0%

+2.0%

7.9%

+1.9%

UV units sold

37,298

+10.2%

34,088

+2.2%

UV GP PRU

$2,428

+71.4%

$2,421

+69.4%

Parts & service ("P&S") GP $

$232.2M

+20.5%

$210.6M

+11.2%

P&S GM

52.9%

(1.8)%

52.7%

(1.9)%

Finance and Insurance ("F&I") revenues

$150.1M

+17.6%

$137.6M

+9.0%

F&I GP PRU

$2,060

+14.1%

$2,099

+16.0%

Selling, General and Administrative ("SG&A") expenses as a % of GP

62.7%

+107bps

62.3%

-26bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

61.9%

-141bps

61.2%

-189bps

Full Year 2021 Results Overview — Continuing Operations

Current year total revenues were $13.5 billion, a 27.2% increase compared to total revenues of $10.6 billion for the full year 2020 ("prior year"). 

Current year net income from continuing operations was $625.4 million, a 110.8% increase compared to net income from continuing operations of $296.7 million for the prior year.  Full year 2021 adjusted net income from continuing operations (a non-GAAP measure) was $633.7 million, a 90.3% increase compared to adjusted net income from continuing operations of $333.0 million for the prior year.

Current year diluted earnings per common share from continuing operations was $34.11, a 112.3% increase over  diluted earnings per common share from continuing operations of $16.06 for the prior year. Current year adjusted net income per diluted common share from continuing operations (a non-GAAP measure) was $34.55, a 91.6% increase over adjusted diluted earnings per common share from continuing operations of $18.03 for the prior year.  Current year and prior year adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.46 and $0.03, respectively.

Full Year 2021

Key Performance Metrics      

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP
measure)

Reported:

FY21

Change

FY21

Change

Total revenues

$13.5B

+27.2%

$13.0B

+24.1%

Total GP

$2.4B

+40.7%

$2.4B

+37.4%

NV GM

9.4%

+3.5%

9.3%

+3.5%

NV units sold

146,072

+8.4%

140,113

+5.2%

NV GP PRU

$4,181

+76.4%

$4,167

+75.9%

UV GM

8.0%

+1.3%

8.0%

+1.2%

UV units sold

161,857

+17.7%

156,251

+15.3%

UV GP PRU

$2,189

+46.8%

$2,182

+45.4%

P&S GP

$869.4M

+18.0%

$836.3M

+15.5%

P&S GM

54.6%

+0.4%

54.6%

+0.4%

F&I revenues

$581.4M

+25.6%

$565.1M

+23.4%

F&I GP PRU

$1,888

+11.0%

$1,907

+11.9%

SG&A expenses as a % of GP

60.5%

-512bps

60.2%

-541bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

60.3%

-517bps

59.9%

-525bps

Share Repurchase

During the current quarter, the Company repurchased 978,348 shares at an average price per common share of $196.20, for a total of $191.9 million.  During the current year, the Company repurchased 1,103,417 common shares, representing approximately 6.0% of the Company's outstanding common shares, at an average price of $190.82, for a total of $210.6 million.  The Company has $74.3 million remaining on its Board authorized common share repurchase program.  As of December 31, 2021, the Company had 17.2 million common shares outstanding.  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 - Fourth Quarter 2021

In October 2021, the Company acquired two dealerships in Texas and one in California, which are expected to generate approximately $235 million in annualized revenues.

In November 2021, the Company completed the purchase of substantially all the assets, including real estate, of 28 Prime Automotive Group dealerships (41 franchises) and three collision centers.  These stores are anticipated to generate $1.8 billion in annual revenues.  The Company also announced the pending sale of its Brazilian operations in November 2021.  This sale is scheduled to close in the second quarter of 2022. 

Corporate Development - Full Year 2021

In the current year, Group 1 has completed acquisitions representing an expected $2.5 billion of acquired annual revenues, inclusive of the activity noted above, growing the Company's portfolio by 58 franchises, and the Company also disposed of six franchises, which generated approximately $155 million in trailing-twelve-month revenues.  These transactions represent a net $2.3 billion of expected acquired annual revenues.

Fourth Quarter & Full Year 2021 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 & full year 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:

7489926

A telephonic replay will be available following the call through February 17, 2022, by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay ID:

5383151

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 202 automotive dealerships, 268 franchises, and 46 collision centers in the United States and the United Kingdom that offer 34 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com

Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended December 31,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$

1,676.2

   

$

1,552.0

   

$

124.1

   

8.0

%

Used vehicle retail sales

 

1,136.6

   

806.5

   

330.0

   

40.9

%

Used vehicle wholesale sales

 

87.7

   

83.1

   

4.6

   

5.6

%

Parts and service sales

 

439.0

   

352.7

   

86.3

   

24.5

%

Finance, insurance and other, net

 

150.1

   

127.7

   

22.4

   

17.6

%

Total revenues

 

3,489.6

   

2,922.0

   

567.6

   

19.4

%

COST OF SALES:

               

New vehicle retail sales

 

1,482.6

   

1,451.0

   

31.6

   

2.2

%

Used vehicle retail sales

 

1,046.0

   

758.6

   

287.4

   

37.9

%

Used vehicle wholesale sales

 

82.9

   

81.4

   

1.5

   

1.9

%

Parts and service sales

 

206.8

   

159.9

   

46.8

   

29.3

%

Total cost of sales

 

2,818.3

   

2,450.9

   

367.4

   

15.0

%

GROSS PROFIT

 

671.2

   

471.1

   

200.1

   

42.5

%

Selling, general and administrative expenses

 

420.9

   

290.4

   

130.5

   

44.9

%

Depreciation and amortization expense

 

20.6

   

18.7

   

1.9

   

10.1

%

Asset impairments

 

   

13.9

   

(13.9)

   

(100.0)

%

INCOME FROM OPERATIONS

 

229.7

   

148.1

   

81.6

   

55.1

%

Floorplan interest expense

 

7.2

   

8.4

   

(1.2)

   

(14.7)

%

Other interest expense, net

 

16.0

   

13.4

   

2.6

   

19.3

%

INCOME BEFORE INCOME TAXES

 

206.5

   

126.2

   

80.3

   

63.6

%

Provision for income taxes

 

43.3

   

27.4

   

15.9

   

57.8

%

Net income from continuing operations

 

163.2

   

98.8

   

64.4

   

65.2

%

Net (loss) income from discontinued operations

 

(76.1)

   

1.3

   

(77.4)

   

(5,973.6)

%

NET INCOME

 

$

87.1

   

$

100.1

   

$

(13.0)

   

(13.0)

%

Less: Earnings allocated to participating securities

 

2.9

   

3.6

   

(0.6)

   

(18.0)

%

Net income available to diluted common shares

 

$

84.2

   

$

96.5

   

$

(12.4)

   

(12.8)

%

Diluted earnings per share from continuing operations

 

$

9.06

   

$

5.36

   

$

3.70

   

69.0

%

Diluted (loss) earnings per share from discontinued operations

 

$

(4.23)

   

$

0.07

   

$

(4.31)

   

(6,121.9)

%

DILUTED EARNINGS PER SHARE

 

$

4.84

   

$

5.43

   

$

(0.60)

   

(11.0)

%

Weighted average dilutive common shares outstanding

 

17.4

   

17.8

   

(0.4)

   

(2.1)

%

Weighted average participating securities

 

0.6

   

0.7

   

   

(7.4)

%

Total weighted average shares

 

18.0

   

18.4

   

(0.4)

   

(2.3)

%

Effective tax rate on continuing operations

 

21.0

%

 

21.7

%

 

(0.8)

%

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                   
   

Years Ended December 31,

 
   

2021

 

2020

 

Increase/(Decrease)

 

% Change

REVENUES:

                 

New vehicle retail sales

 

$

6,504.8

   

$

5,428.4

   

$

1,076.3

   

19.8

%

Used vehicle retail sales

 

4,438.8

   

3,055.6

   

1,383.2

   

45.3

%

Used vehicle wholesale sales

 

365.7

   

295.8

   

69.9

   

23.6

%

Parts and service sales

 

1,591.2

   

1,357.4

   

233.7

   

17.2

%

Finance, insurance and other, net

 

581.4

   

463.0

   

118.5

   

25.6

%

Total revenues

 

13,481.9

   

10,600.2

   

2,881.7

   

27.2

%

COST OF SALES:

                   

New vehicle retail sales

 

5,894.0

   

5,109.1

   

784.9

   

15.4

%

Used vehicle retail sales

 

4,084.6

   

2,850.7

   

1,233.9

   

43.3

%

Used vehicle wholesale sales

 

340.9

   

285.6

   

55.3

   

19.3

%

Parts and service sales

 

721.8

   

620.8

   

101.0

   

16.3

%

Total cost of sales

 

11,041.2

   

8,866.1

   

2,175.1

   

24.5

%

GROSS PROFIT

 

2,440.7

   

1,734.1

   

706.6

   

40.7

%

Selling, general and administrative expenses

 

1,477.2

   

1,138.2

   

338.9

   

29.8

%

Depreciation and amortization expense

 

77.4

   

73.5

   

3.9

   

5.3

%

Asset impairments

 

1.7

   

26.7

   

(25.0)

   

(93.6)

%

INCOME FROM OPERATIONS

 

884.4

   

495.7

   

388.7

   

78.4

%

Floorplan interest expense

 

27.6

   

39.2

   

(11.6)

   

(29.5)

%

Other interest expense, net

 

55.8

   

61.9

   

(6.1)

   

(9.8)

%

Loss on extinguishment of debt

 

   

13.7

   

(13.7)

   

(100.0)

%

INCOME BEFORE INCOME TAXES

 

800.9

   

380.8

   

420.1

   

110.3

%

Provision for income taxes

 

175.5

   

84.2

   

91.3

   

108.5

%

Net income from continuing operations

 

625.4

   

296.7

   

328.8

   

110.8

%

Net loss from discontinued operations

 

(73.3)

   

(10.2)

   

(63.1)

   

619.6

%

NET INCOME

 

$

552.1

   

$

286.5

   

$

265.6

   

92.7

%

Less: Earnings allocated to participating securities

 

18.5

   

10.3

   

8.3

   

80.4

%

Net income available to diluted common shares

 

$

533.6

   

$

276.2

   

$

257.4

   

93.2

%

Diluted earnings per share from continuing operations

 

$

34.11

   

$

16.06

   

$

18.04

   

112.3

%

Diluted loss per share from discontinued operations

 

$

(4.00)

   

$

(0.55)

   

$

(3.45)

   

623.5

%

DILUTED EARNINGS PER SHARE

 

$

30.11

   

$

15.51

   

$

14.60

   

94.1

%

Weighted average dilutive common shares outstanding

 

17.7

   

17.8

   

(0.1)

   

(0.5)

%

Weighted average participating securities

 

0.6

   

0.7

   

   

(6.9)

%

Total weighted average shares

 

18.3

   

18.5

   

(0.1)

   

(0.7)

%

Effective tax rate on continuing operations

 

21.9

%

 

22.1

%

 

(0.2)

%

     

 

Group 1 Automotive, Inc.

Additional Information - Consolidated

(Unaudited)

                 
   

December 31, 2021

 

December 31, 2020

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$

14.9

 

$

69.0

 

$

(54.0)

 

(78.4)

%

Inventories, net

 

$

1,073.1

 

$

1,446.4

 

$

(373.3)

 

(25.8)

%

Floorplan notes payable, net (1)

 

$

531.0

 

$

1,087.2

 

$

(556.2)

 

(51.2)

%

Total debt

 

$

2,035.7

 

$

1,336.6

 

$

699.2

 

52.3

%

Total equity

 

$

1,825.2

 

$

1,449.6

 

$

375.7

 

25.9

%

(1) Amounts are net of offset accounts of $271.9 and $176.4, respectively.

 

   

Three Months Ended December 31,

 

Years Ended December 31,

   

2021

 

2020

 

2021

 

2020

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

81.6

%

 

83.0

%

 

80.9

%

 

78.0

%

United Kingdom

 

18.4

%

 

17.0

%

 

19.1

%

 

22.0

%

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

21.5

%

 

26.3

%

 

24.6

%

 

23.6

%

Volkswagen/Audi/Porsche/SEAT/SKODA

 

13.8

%

 

13.8

%

 

15.4

%

 

15.5

%

BMW/MINI

 

15.5

%

 

11.1

%

 

12.3

%

 

11.0

%

Ford/Lincoln

 

9.7

%

 

10.3

%

 

8.9

%

 

10.9

%

Honda/Acura

 

8.5

%

 

8.2

%

 

8.6

%

 

8.1

%

Chevrolet/GMC/Buick/Cadillac

 

5.7

%

 

8.4

%

 

6.6

%

 

7.9

%

Nissan

 

6.1

%

 

4.9

%

 

5.8

%

 

5.3

%

Hyundai/Kia/Genesis

 

4.7

%

 

4.5

%

 

5.3

%

 

4.5

%

Mercedes-Benz/smart/Sprinter

 

5.3

%

 

5.0

%

 

4.8

%

 

5.4

%

Chrysler/Dodge/Jeep/RAM

 

5.0

%

 

4.6

%

 

4.3

%

 

4.3

%

Jaguar/Land Rover

 

1.1

%

 

1.6

%

 

1.6

%

 

2.0

%

Other

 

3.0

%

 

1.4

%

 

1.8

%

 

1.5

%

   

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

 

   

December 31, 2021

 

December 31, 2020

DAYS' SUPPLY IN INVENTORY (1):

       

Consolidated

       

New vehicle inventory

 

12

 

53

Used vehicle inventory

 

42

 

36

U.S.

       

New vehicle inventory

 

9

 

48

Used vehicle inventory

 

36

 

32

U.K.

       

New vehicle inventory

 

33

 

102

Used vehicle inventory

 

66

 

52

(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 December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period Results

 

Constant
Currency % Change

Revenues:

                       

New vehicle retail sales

$

1,676.2

   

$

1,552.0

   

$

124.1

   

8.0

%

   

$

6.4

 

7.6

%

Used vehicle retail sales

1,136.6

   

806.5

   

330.0

   

40.9

%

     

6.2

 

40.2

%

Used vehicle wholesale sales

87.7

   

83.1

   

4.6

   

5.6

%

     

0.8

 

4.7

%

Total used

1,224.3

   

889.6

   

334.7

   

37.6

%

     

7.0

 

36.8

%

Parts and service sales

439.0

   

352.7

   

86.3

   

24.5

%

     

1.3

 

24.1

%

F&I, net

150.1

   

127.7

   

22.4

   

17.6

%

     

0.3

 

17.4

%

Total revenues

$

3,489.6

   

$

2,922.0

   

$

567.6

   

19.4

%

   

$

14.9

 

18.9

%

Gross profit:

                       

New vehicle retail sales

$

193.6

   

$

101.1

   

$

92.5

   

91.5

%

   

$

0.3

 

91.2

%

Used vehicle retail sales

90.6

   

47.9

   

42.6

   

88.9

%

     

0.5

 

87.9

%

Used vehicle wholesale sales

4.8

   

1.7

   

3.1

   

NM

       

0.1

 

NM

 

Total used

95.4

   

49.6

   

45.7

   

92.2

%

     

0.6

 

90.9

%

Parts and service sales

232.2

   

192.7

   

39.5

   

20.5

%

     

0.8

 

20.1

%

F&I, net

150.1

   

127.7

   

22.4

   

17.6

%

     

0.3

 

17.4

%

Total gross profit

$

671.2

   

$

471.1

   

$

200.1

   

42.5

%

   

$

1.9

 

42.1

%

Gross margin:

                       

New vehicle retail sales

11.5

%

 

6.5

%

 

5.0

%

             

Used vehicle retail sales

8.0

%

 

5.9

%

 

2.0

%

             

Used vehicle wholesale sales

5.5

%

 

2.0

%

 

3.4

%

             

Total used

7.8

%

 

5.6

%

 

2.2

%

             

Parts and service sales

52.9

%

 

54.6

%

 

(1.8)

%

             

Total gross margin

19.2

%

 

16.1

%

 

3.1

%

             

Units sold:

                       

Retail new vehicles sold

35,573

   

36,870

   

(1,297)

   

(3.5)

%

         

Retail used vehicles sold

37,298

   

33,843

   

3,455

   

10.2

%

         

Wholesale used vehicles sold

8,218

   

10,441

   

(2,223)

   

(21.3)

%

         

Total used

45,516

   

44,284

   

1,232

   

2.8

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

47,119

   

$

42,095

   

$

5,024

   

11.9

%

   

$

179

 

11.5

%

Used vehicle retail

$

30,472

   

$

23,831

   

$

6,641

   

27.9

%

   

$

166

 

27.2

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

5,441

   

$

2,741

   

$

2,700

   

98.5

%

   

$

8

 

98.2

%

Used vehicle retail sales

$

2,428

   

$

1,416

   

$

1,012

   

71.4

%

   

$

13

 

70.5

%

Used vehicle wholesale sales

$

585

   

$

161

   

$

423

   

NM

     

$

16

 

NM

 

Total used

$

2,095

   

$

1,120

   

$

975

   

87.0

%

   

$

14

 

85.8

%

F&I PRU

$

2,060

   

$

1,806

   

$

254

   

14.1

%

   

$

3

 

13.9

%

Other:

                       

SG&A expenses

$

420.9

   

$

290.4

   

$

130.5

   

44.9

%

   

$

1.5

 

44.4

%

Adjusted SG&A expenses (1)

$

415.8

   

$

298.5

   

$

117.3

   

39.3

%

   

$

1.4

 

38.8

%

SG&A as % gross profit

62.7

%

 

61.6

%

 

1.1

%

             

Adjusted SG&A as % gross profit (1)

61.9

%

 

63.4

%

 

(1.4)

%

             

Operating margin %

6.6

%

 

5.1

%

 

1.5

%

             

Adjusted operating margin % (1)

6.7

%

 

5.3

%

 

1.5

%

             

Pretax margin %

5.9

%

 

4.3

%

 

1.6

%

             

Adjusted pretax margin % (1)

6.2

%

 

4.5

%

 

1.6

%

             

Floorplan expense:

                       

Floorplan interest expense

$

7.2

   

$

8.4

   

$

(1.2)

   

(14.7)

%

   

$

 

(15.0)

%

Less: Floorplan assistance (2)

13.6

   

14.3

   

(0.7)

   

(5.0)

%

     

 

(5.0)

%

Net floorplan expense

$

(6.4)

   

$

(5.9)

   

$

(0.5)

         

$

   

Adjusted floorplan interest expense (1)

$

3.8

   

$

8.4

   

$

(4.6)

   

(54.8)

%

   

$

 

(55.0)

%

 

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

(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)

   
 

Years Ended December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on Current
Period
Results

 

Constant Currency
% Change

Revenues:

                         

New vehicle retail sales

$

6,504.8

   

$

5,428.4

   

$

1,076.3

   

19.8

%

   

$

77.3

 

18.4

%

Used vehicle retail sales

4,438.8

   

3,055.6

   

1,383.2

   

45.3

%

   

68.2

 

43.0

%

Used vehicle wholesale sales

365.7

   

295.8

   

69.9

   

23.6

%

   

8.1

 

20.9

%

Total used

4,804.6

   

3,351.4

   

1,453.1

   

43.4

%

   

76.3

 

41.1

%

Parts and service sales

1,591.2

   

1,357.4

   

233.7

   

17.2

%

   

14.0

 

16.2

%

F&I, net

581.4

   

463.0

   

118.5

   

25.6

%

   

3.6

 

24.8

%

Total revenues

$

13,481.9

   

$

10,600.2

   

$

2,881.7

   

27.2

%

   

$

172.1

 

25.6

%

Gross profit:

                         

New vehicle retail sales

$

610.8

   

$

319.4

   

$

291.4

   

91.3

%

   

$

4.9

 

89.7

%

Used vehicle retail sales

354.2

   

205.0

   

149.3

   

72.8

%

   

4.5

 

70.6

%

Used vehicle wholesale sales

24.9

   

10.2

   

14.7

   

144.2

%

   

0.6

 

138.7

%

Total used

379.1

   

215.1

   

164.0

   

76.2

%

   

5.1

 

73.9

%

Parts and service sales

869.4

   

736.7

   

132.7

   

18.0

%

   

8.4

 

16.9

%

F&I, net

581.4

   

463.0

   

118.5

   

25.6

%

   

3.6

 

24.8

%

Total gross profit

$

2,440.7

   

$

1,734.1

   

$

706.6

   

40.7

%

   

$

21.9

 

39.5

%

Gross margin:

                         

New vehicle retail sales

9.4

%

 

5.9

%

 

3.5

%

               

Used vehicle retail sales

8.0

%

 

6.7

%

 

1.3

%

               

Used vehicle wholesale sales

6.8

%

 

3.4

%

 

3.4

%

               

Total used

7.9

%

 

6.4

%

 

1.5

%

               

Parts and service sales

54.6

%

 

54.3

%

 

0.4

%

               

Total gross margin

18.1

%

 

16.4

%

 

1.7

%

               

Units sold:

                         

Retail new vehicles sold

146,072

   

134,706

   

11,366

   

8.4

%

         

Retail used vehicles sold

161,857

   

137,502

   

24,355

   

17.7

%

         

Wholesale used vehicles sold

39,486

   

40,330

   

(844)

   

(2.1)

%

         

Total used

201,343

   

177,832

   

23,511

   

13.2

%

         

Average sales price per unit sold:

                         

New vehicle retail

$

44,531

   

$

40,298

   

$

4,233

   

10.5

%

   

$

529

 

9.2

%

Used vehicle retail

$

27,424

   

$

22,223

   

$

5,202

   

23.4

%

   

$

421

 

21.5

%

Gross profit per unit sold:

                         

New vehicle retail sales

$

4,181

   

$

2,371

   

$

1,811

   

76.4

%

   

$

34

 

75.0

%

Used vehicle retail sales

$

2,189

   

$

1,491

   

$

698

   

46.8

%

   

$

28

 

45.0

%

Used vehicle wholesale sales

$

630

   

$

253

   

$

377

   

149.4

%

   

$

14

 

143.8

%

Total used

$

1,883

   

$

1,210

   

$

673

   

55.6

%

   

$

25

 

53.6

%

F&I PRU

$

1,888

   

$

1,701

   

$

187

   

11.0

%

   

$

12

 

10.3

%

Other:

                         

SG&A expenses

$

1,477.2

   

$

1,138.2

   

$

338.9

   

29.8

%

   

$

15.2

 

28.4

%

Adjusted SG&A expenses (1)

$

1,470.7

   

$

1,134.5

   

$

336.2

   

29.6

%

   

$

15.0

 

28.3

%

SG&A as % gross profit

60.5

%

 

65.6

%

 

(5.1)

%

               

Adjusted SG&A as % gross profit (1)

60.3

%

 

65.4

%

 

(5.2)

%

               

Operating margin %

6.6

%

 

4.7

%

 

1.9

%

               

Adjusted operating margin % (1)

6.6

%

 

5.0

%

 

1.7

%

               

Pretax margin %

5.9

%

 

3.6

%

 

2.3

%

               

Adjusted pretax margin % (1)

6.0

%

 

4.0

%

 

2.0

%

               

Floorplan expense:

                         

Floorplan interest expense

$

27.6

   

$

39.2

   

$

(11.6)

   

(29.5)

%

   

$

0.4

 

(30.5)

%

Less: Floorplan assistance (2)

54.2

   

47.3

   

6.9

   

14.5

%

     

 

14.5

%

Net floorplan expense

$

(26.5)

   

$

(8.1)

   

$

(18.5)

           

$

0.4

   

Adjusted floorplan interest expense (1)

$

22.9

   

$

39.2

   

$

(16.4)

   

(41.8)

%

   

$

0.4

 

(42.8)

%

 

(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.

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended December 31,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

1,412.5

   

$

1,330.3

   

$

82.3

   

6.2

%

Used vehicle retail sales

 

874.6

   

629.1

   

245.5

   

39.0

%

Used vehicle wholesale sales

 

52.6

   

47.3

   

5.3

   

11.1

%

Total used

 

927.2

   

676.4

   

250.8

   

37.1

%

Parts and service sales

 

379.4

   

297.4

   

82.0

   

27.6

%

F&I, net

 

135.6

   

116.1

   

19.4

   

16.7

%

Total revenues

 

$

2,854.7

   

$

2,420.1

   

$

434.5

   

18.0

%

Gross profit:

               

New vehicle retail sales

 

$

170.8

   

$

88.8

   

$

82.0

   

92.3

%

Used vehicle retail sales

 

71.0

   

37.1

   

33.9

   

91.5

%

Used vehicle wholesale sales

 

3.7

   

1.6

   

2.2

   

139.6

%

Total used

 

74.8

   

38.6

   

36.1

   

93.4

%

Parts and service sales

 

197.1

   

161.3

   

35.7

   

22.1

%

F&I, net

 

135.6

   

116.1

   

19.4

   

16.7

%

Total gross profit

 

$

578.1

   

$

404.9

   

$

173.2

   

42.8

%

Gross margin:

               

New vehicle retail sales

 

12.1

%

 

6.7

%

 

5.4

%

   

Used vehicle retail sales

 

8.1

%

 

5.9

%

 

2.2

%

   

Used vehicle wholesale sales

 

7.1

%

 

3.3

%

 

3.8

%

   

Total used

 

8.1

%

 

5.7

%

 

2.3

%

   

Parts and service sales

 

51.9

%

 

54.3

%

 

(2.3)

%

   

Total gross margin

 

20.3

%

 

16.7

%

 

3.5

%

   

Units sold:

               

Retail new vehicles sold

 

29,028

   

30,610

   

(1,582)

   

(5.2)

%

Retail used vehicles sold

 

29,266

   

26,917

   

2,349

   

8.7

%

Wholesale used vehicles sold

 

4,986

   

6,307

   

(1,321)

   

(20.9)

%

Total used

 

34,252

   

33,224

   

1,028

   

3.1

%

Average sales price per unit sold:

               

New vehicle retail

 

$

48,661

   

$

43,459

   

$

5,202

   

12.0

%

Used vehicle retail

 

$

29,883

   

$

23,371

   

$

6,513

   

27.9

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

5,883

   

$

2,901

   

$

2,982

   

102.8

%

Used vehicle retail sales

 

$

2,427

   

$

1,378

   

$

1,049

   

76.1

%

Used vehicle wholesale sales

 

$

748

   

$

247

   

$

501

   

NM

 

Total used

 

$

2,182

   

$

1,163

   

$

1,019

   

87.6

%

F&I PRU

 

$

2,325

   

$

2,018

   

$

307

   

15.2

%

Other:

               

SG&A expenses

 

$

352.0

   

$

241.0

   

$

110.9

   

46.0

%

Adjusted SG&A expenses (1)

 

$

346.8

   

$

246.9

   

$

99.9

   

40.5

%

SG&A as % gross profit

 

60.9

%

 

59.5

%

 

1.4

%

   

Adjusted SG&A as % gross profit (1)

 

60.0

%

 

61.0

%

 

(1.0)

%

   
 

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Years Ended December 31,

   

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$

5,371.4

   

$

4,406.6

   

$

964.9

   

21.9

%

Used vehicle retail sales

 

3,356.3

   

2,348.5

   

1,007.8

   

42.9

%

Used vehicle wholesale sales

 

232.2

   

169.4

   

62.7

   

37.0

%

Total used

 

3,588.5

   

2,517.9

   

1,070.5

   

42.5

%

Parts and service sales

 

1,361.4

   

1,162.6

   

198.8

   

17.1

%

F&I, net

 

525.0

   

416.3

   

108.6

   

26.1

%

Total revenues

 

$

10,846.3

   

$

8,503.4

   

$

2,342.9

   

27.6

%

Gross profit:

               

New vehicle retail sales

 

$

533.4

   

$

272.4

   

$

261.0

   

95.8

%

Used vehicle retail sales

 

281.8

   

162.8

   

118.9

   

73.0

%

Used vehicle wholesale sales

 

17.3

   

7.7

   

9.6

   

123.9

%

Total used

 

299.0

   

170.5

   

128.5

   

75.3

%

Parts and service sales

 

732.1

   

626.8

   

105.4

   

16.8

%

F&I, net

 

525.0

   

416.3

   

108.6

   

26.1

%

Total gross profit

 

$

2,089.5

   

$

1,486.0

   

$

603.5

   

40.6

%

Gross margin:

               

New vehicle retail sales

 

9.9

%

 

6.2

%

 

3.7

%

   

Used vehicle retail sales

 

8.4

%

 

6.9

%

 

1.5

%

   

Used vehicle wholesale sales

 

7.4

%

 

4.6

%

 

2.9

%

   

Total used

 

8.3

%

 

6.8

%

 

1.6

%

   

Parts and service sales

 

53.8

%

 

53.9

%

 

(0.1)

%

   

Total gross margin

 

19.3

%

 

17.5

%

 

1.8

%

   

Units sold:

               

Retail new vehicles sold

 

118,211

   

105,022

   

13,189

   

12.6

%

Retail used vehicles sold

 

125,409

   

108,411

   

16,998

   

15.7

%

Wholesale used vehicles sold

 

24,790

   

24,679

   

111

   

0.4

%

Total used

 

150,199

   

133,090

   

17,109

   

12.9

%

Average sales price per unit sold:

               

New vehicle retail

 

$

45,439

   

$

41,959

   

$

3,481

   

8.3

%

Used vehicle retail

 

$

26,763

   

$

21,663

   

$

5,100

   

23.5

%

Gross profit per unit sold:

               

New vehicle retail sales

 

$

4,512

   

$

2,593

   

$

1,918

   

74.0

%

Used vehicle retail sales

 

$

2,247

   

$

1,502

   

$

745

   

49.6

%

Used vehicle wholesale sales

 

$

697

   

$

313

   

$

384

   

122.9

%

Total used

 

$

1,991

   

$

1,281

   

$

710

   

55.4

%

F&I PRU

 

$

2,155

   

$

1,951

   

$

204

   

10.5

%

Other:

               

SG&A expenses

 

$

1,234.9

   

$

947.0

   

$

287.9

   

30.4

%

Adjusted SG&A expenses (1)

 

$

1,229.6

   

$

942.3

   

$

287.3

   

30.5

%

SG&A as % gross profit

 

59.1

%

 

63.7

%

 

(4.6)

%

   

Adjusted SG&A as % gross profit (1)

 

58.8

%

 

63.4

%

 

(4.6)

%

   
 

(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.

 

Group 1 Automotive, Inc.

Reported Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

263.6

   

$

221.7

   

$

41.9

   

18.9

%

   

$

6.4

 

16.0

%

Used vehicle retail sales

262.0

   

177.4

   

84.5

   

47.6

%

   

6.2

 

44.1

%

Used vehicle wholesale sales

35.2

   

35.8

   

(0.6)

   

(1.7)

%

   

0.8

 

(3.9)

%

Total used

297.1

   

213.2

   

83.9

   

39.4

%

   

7.0

 

36.1

%

Parts and service sales

59.6

   

55.3

   

4.3

   

7.7

%

   

1.3

 

5.3

%

F&I, net

14.6

   

11.6

   

3.0

   

25.9

%

   

0.3

 

23.7

%

Total revenues

$

634.9

   

$

501.9

   

$

133.1

   

26.5

%

   

$

14.9

 

23.5

%

Gross profit:

                       

New vehicle retail sales

$

22.8

   

$

12.3

   

$

10.5

   

85.8

%

   

$

0.3

 

83.5

%

Used vehicle retail sales

19.5

   

10.8

   

8.7

   

80.1

%

   

0.5

 

75.5

%

Used vehicle wholesale sales

1.1

   

0.1

   

0.9

   

NM

     

0.1

 

NM

 

Total used

20.6

   

11.0

   

9.6

   

87.7

%

   

0.6

 

82.0

%

Parts and service sales

35.1

   

31.4

   

3.7

   

11.9

%

   

0.8

 

9.5

%

F&I, net

14.6

   

11.6

   

3.0

   

25.9

%

   

0.3

 

23.7

%

Total gross profit

$

93.1

   

$

66.2

   

$

26.9

   

40.6

%

   

$

1.9

 

37.8

%

Gross margin:

                       

New vehicle retail sales

8.6

%

 

5.5

%

 

3.1

%

             

Used vehicle retail sales

7.5

%

 

6.1

%

 

1.3

%

             

Used vehicle wholesale sales

3.1

%

 

0.4

%

 

2.7

%

             

Total used

6.9

%

 

5.1

%

 

1.8

%

             

Parts and service sales

59.0

%

 

56.7

%

 

2.2

%

             

Total gross margin

14.7

%

 

13.2

%

 

1.5

%

             

Units sold:

                       

Retail new vehicles sold

6,545

   

6,260

   

285

   

4.6

%

         

Retail used vehicles sold

8,032

   

6,926

   

1,106

   

16.0

%

         

Wholesale used vehicles sold

3,232

   

4,134

   

(902)

   

(21.8)

%

         

Total used

11,264

   

11,060

   

204

   

1.8

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,279

   

$

35,423

   

$

4,856

   

13.7

%

   

$

971

 

11.0

%

Used vehicle retail

$

32,619

   

$

25,620

   

$

6,998

   

27.3

%

   

$

772

 

24.3

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,482

   

$

1,959

   

$

1,522

   

77.7

%

   

$

43

 

75.5

%

Used vehicle retail sales

$

2,431

   

$

1,566

   

$

866

   

55.3

%

   

$

61

 

51.3

%

Used vehicle wholesale sales

$

333

   

$

32

   

$

302

   

NM

     

$

41

 

NM

 

Total used

$

1,829

   

$

992

   

$

837

   

84.3

%

   

$

56

 

78.7

%

F&I PRU

$

999

   

$

878

   

$

122

   

13.9

%

   

$

17

 

11.9

%

Other:

                       

SG&A expenses

$

69.0

   

$

49.4

   

$

19.6

   

39.7

%

   

$

1.5

 

36.7

%

Adjusted SG&A expenses (1)

$

69.0

   

$

51.6

   

$

17.4

   

33.7

%

   

$

1.4

 

31.0

%

SG&A as % gross profit

74.1

%

 

74.6

%

 

(0.5)

%

             

Adjusted SG&A as % gross profit (1)

74.1

%

 

77.9

%

 

(3.8)

%

             
 

(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)

                         
 

Years Ended December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

1,133.3

   

$

1,021.8

   

$

111.5

   

10.9

%

   

$

77.3

 

3.3

%

Used vehicle retail sales

1,082.5

   

707.2

   

375.4

   

53.1

%

   

68.2

 

43.4

%

Used vehicle wholesale sales

133.6

   

126.4

   

7.2

   

5.7

%

   

8.1

 

(0.7)

%

Total used

1,216.1

   

833.5

   

382.6

   

45.9

%

   

76.3

 

36.7

%

Parts and service sales

229.8

   

194.8

   

34.9

   

17.9

%

   

14.0

 

10.7

%

F&I, net

56.4

   

46.6

   

9.8

   

21.0

%

   

3.6

 

13.3

%

Total revenues

$

2,635.6

   

$

2,096.8

   

$

538.8

   

25.7

%

   

$

172.1

 

17.5

%

Gross profit:

                       

New vehicle retail sales

$

77.4

   

$

47.0

   

$

30.4

   

64.8

%

   

$

4.9

 

54.3

%

Used vehicle retail sales

72.5

   

42.1

   

30.4

   

72.1

%

   

4.5

 

61.4

%

Used vehicle wholesale sales

7.6

   

2.5

   

5.1

   

NM

     

0.6

 

NM

 

Total used

80.1

   

44.6

   

35.5

   

79.6

%

   

5.1

 

68.2

%

Parts and service sales

137.3

   

109.9

   

27.4

   

24.9

%

   

8.4

 

17.3

%

F&I, net

56.4

   

46.6

   

9.8

   

21.0

%

   

3.6

 

13.3

%

Total gross profit

$

351.2

   

$

248.1

   

$

103.1

   

41.5

%

   

$

21.9

 

32.7

%

Gross margin:

                       

New vehicle retail sales

6.8

%

 

4.6

%

 

2.2

%

             

Used vehicle retail sales

6.7

%

 

6.0

%

 

0.7

%

             

Used vehicle wholesale sales

5.7

%

 

1.9

%

 

3.7

%

             

Total used

6.6

%

 

5.3

%

 

1.2

%

             

Parts and service sales

59.7

%

 

56.4

%

 

3.3

%

             

Total gross margin

13.3

%

 

11.8

%

 

1.5

%

             

Units sold:

                       

Retail new vehicles sold

27,861

   

29,684

   

(1,823)

   

(6.1)

%

         

Retail used vehicles sold

36,448

   

29,091

   

7,357

   

25.3

%

         

Wholesale used vehicles sold

14,696

   

15,651

   

(955)

   

(6.1)

%

         

Total used

51,144

   

44,742

   

6,402

   

14.3

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

40,678

   

$

34,424

   

$

6,254

   

18.2

%

   

$

2,776

 

10.1

%

Used vehicle retail

$

29,701

   

$

24,309

   

$

5,392

   

22.2

%

   

$

1,871

 

14.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,779

   

$

1,583

   

$

1,196

   

75.6

%

   

$

177

 

64.4

%

Used vehicle retail sales

$

1,988

   

$

1,448

   

$

540

   

37.3

%

   

$

124

 

28.8

%

Used vehicle wholesale sales

$

516

   

$

157

   

$

359

   

NM

     

$

38

 

NM

 

Total used

$

1,565

   

$

997

   

$

569

   

57.1

%

   

$

99

 

47.1

%

F&I PRU

$

878

   

$

793

   

$

84

   

10.6

%

   

$

56

 

3.5

%

Other:

                       

SG&A expenses

$

242.2

   

$

191.2

   

$

51.0

   

26.7

%

   

$

15.2

 

18.7

%

Adjusted SG&A expenses (1)

$

241.1

   

$

192.2

   

$

48.9

   

25.4

%

   

$

15.0

 

17.6

%

SG&A as % gross profit

69.0

%

 

77.1

%

 

(8.1)

%

             

Adjusted SG&A as % gross profit (1)

68.7

%

 

77.5

%

 

(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.

Same Store Operating Data - Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended December 31,

   

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

1,485.2

   

$

1,529.5

   

$

(44.4)

   

(2.9)

%

   

$

5.8

 

(3.3)

%

Used vehicle retail sales

1,041.9

   

795.8

   

246.1

   

30.9

%

   

5.5

 

30.2

%

Used vehicle wholesale sales

82.6

   

81.9

   

0.7

   

0.8

%

   

0.7

 

%

Total used

1,124.5

   

877.7

   

246.8

   

28.1

%

   

6.2

 

27.4

%

Parts and service sales

399.5

   

346.7

   

52.8

   

15.2

%

   

1.2

 

14.9

%

F&I, net

137.6

   

126.2

   

11.4

   

9.0

%

   

0.2

 

8.8

%

Total revenues

$

3,146.7

   

$

2,880.1

   

$

266.6

   

9.3

%

   

$

13.4

 

8.8

%

Gross profit:

                       

New vehicle retail sales

$

172.1

   

$

99.4

   

$

72.7

   

73.1

%

   

$

0.2

 

72.8

%

Used vehicle retail sales

82.5

   

47.7

   

34.9

   

73.1

%

   

0.4

 

72.2

%

Used vehicle wholesale sales

4.3

   

1.6

   

2.7

   

NM

     

0.1

 

NM

 

Total used

86.9

   

49.3

   

37.6

   

76.2

%

   

0.6

 

75.1

%

Parts and service sales

210.6

   

189.3

   

21.2

   

11.2

%

   

0.7

 

10.9

%

F&I, net

137.6

   

126.2

   

11.4

   

9.0

%

   

0.2

 

8.8

%

Total gross profit

$

607.1

   

$

464.2

   

$

142.8

   

30.8

%

   

$

1.7

 

30.4

%

Gross margin:

                       

New vehicle retail sales

11.6

%

 

6.5

%

 

5.1

%

             

Used vehicle retail sales

7.9

%

 

6.0

%

 

1.9

%

             

Used vehicle wholesale sales

5.2

%

 

2.0

%

 

3.3

%

             

Total used

7.7

%

 

5.6

%

 

2.1

%

             

Parts and service sales

52.7

%

 

54.6

%

 

(1.9)

%

             

Total gross margin

19.3

%

 

16.1

%

 

3.2

%

             

Units sold:

                       

Retail new vehicles sold

31,441

   

36,391

   

(4,950)

   

(13.6)

%

         

Retail used vehicles sold

34,088

   

33,361

   

727

   

2.2

%

         

Wholesale used vehicles sold

7,487

   

10,291

   

(2,804)

   

(27.2)

%

         

Total used

41,575

   

43,652

   

(2,077)

   

(4.8)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

47,237

   

$

42,031

   

$

5,206

   

12.4

%

   

$

183

 

11.9

%

Used vehicle retail

$

30,565

   

$

23,854

   

$

6,710

   

28.1

%

   

$

162

 

27.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

5,473

   

$

2,732

   

$

2,741

   

100.3

%

   

$

8

 

100.0

%

Used vehicle retail sales

$

2,421

   

$

1,429

   

$

992

   

69.4

%

   

$

13

 

68.5

%

Used vehicle wholesale sales

$

579

   

$

158

   

$

421

   

NM

     

$

17

 

NM

 

Total used

$

2,089

   

$

1,129

   

$

960

   

85.0

%

   

$

14

 

83.8

%

F&I PRU

$

2,099

   

$

1,809

   

$

290

   

16.0

%

   

$

4

 

15.8

%

Other:

                       

SG&A expenses

$

377.9

   

$

290.2

   

$

87.7

   

30.2

%

   

$

1.2

 

29.8

%

Adjusted SG&A expenses (1)

$

371.6

   

$

292.9

   

$

78.6

   

26.8

%

   

$

1.2

 

26.4

%

SG&A as % gross profit

62.3

%

 

62.5

%

 

(0.3)

%

             

Adjusted SG&A as % gross profit (1)

61.2

%

 

63.1

%

 

(1.9)

%

             

Operating margin %

6.7

%

 

5.1

%

 

1.6

%

             

Adjusted operating margin % (1)

6.9

%

 

5.3

%

 

1.6

%

             
 

(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 - Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Years Ended December 31,

   

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

6,249.4

   

$

5,367.7

   

$

881.7

   

16.4

%

   

$

74.1

 

15.0

%

Used vehicle retail sales

4,287.7

   

3,018.1

   

1,269.6

   

42.1

%

   

64.3

 

39.9

%

Used vehicle wholesale sales

355.6

   

292.0

   

63.6

   

21.8

%

   

7.8

 

19.1

%

Total used

4,643.3

   

3,310.1

   

1,333.2

   

40.3

%

   

72.1

 

38.1

%

Parts and service sales

1,531.5

   

1,334.7

   

196.8

   

14.7

%

   

12.9

 

13.8

%

F&I, net

565.1

   

457.9

   

107.2

   

23.4

%

   

3.5

 

22.7

%

Total revenues

$

12,989.3

   

$

10,470.4

   

$

2,518.9

   

24.1

%

   

$

163.4

 

22.5

%

Gross profit:

                       

New vehicle retail sales

$

583.8

   

$

315.4

   

$

268.4

   

85.1

%

   

$

4.7

 

83.6

%

Used vehicle retail sales

340.9

   

203.3

   

137.6

   

67.7

%

   

4.3

 

65.6

%

Used vehicle wholesale sales

23.9

   

10.1

   

13.9

   

138.0

%

   

0.6

 

132.4

%

Total used

364.8

   

213.4

   

151.5

   

71.0

%

   

4.8

 

68.7

%

Parts and service sales

836.3

   

724.1

   

112.2

   

15.5

%

   

7.8

 

14.4

%

F&I, net

565.1

   

457.9

   

107.2

   

23.4

%

   

3.5

 

22.7

%

Total gross profit

$

2,350.1

   

$

1,710.8

   

$

639.2

   

37.4

%

   

$

20.7

 

36.2

%

Gross margin:

                       

New vehicle retail sales

9.3

%

 

5.9

%

 

3.5

%

             

Used vehicle retail sales

8.0

%

 

6.7

%

 

1.2

%

             

Used vehicle wholesale sales

6.7

%

 

3.4

%

 

3.3

%

             

Total used

7.9

%

 

6.4

%

 

1.4

%

             

Parts and service sales

54.6

%

 

54.3

%

 

0.4

%

             

Total gross margin

18.1

%

 

16.3

%

 

1.8

%

             

Units sold:

                       

Retail new vehicles sold

140,113

   

133,155

   

6,958

   

5.2

%

         

Retail used vehicles sold

156,251

   

135,521

   

20,730

   

15.3

%

         

Wholesale used vehicles sold

37,943

   

39,763

   

(1,820)

   

(4.6)

%

         

Total used

194,194

   

175,284

   

18,910

   

10.8

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

44,602

   

$

40,312

   

$

4,291

   

10.6

%

   

$

529

 

9.3

%

Used vehicle retail

$

27,441

   

$

22,271

   

$

5,171

   

23.2

%

   

$

412

 

21.4

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

4,167

   

$

2,369

   

$

1,798

   

75.9

%

   

$

33

 

74.5

%

Used vehicle retail sales

$

2,182

   

$

1,500

   

$

682

   

45.4

%

   

$

27

 

43.6

%

Used vehicle wholesale sales

$

630

   

$

253

   

$

378

   

149.4

%

   

$

15

 

143.6

%

Total used

$

1,879

   

$

1,217

   

$

662

   

54.4

%

   

$

25

 

52.3

%

F&I PRU

$

1,907

   

$

1,704

   

$

203

   

11.9

%

   

$

12

 

11.2

%

Other:

                       

SG&A expenses

$

1,415.9

   

$

1,123.3

   

$

292.6

   

26.0

%

   

$

14.0

 

24.8

%

Adjusted SG&A expenses (1)

$

1,407.1

   

$

1,114.2

   

$

292.8

   

26.3

%

   

$

13.9

 

25.0

%

SG&A as % gross profit

60.2

%

 

65.7

%

 

(5.4)

%

             

Adjusted SG&A as % gross profit (1)

59.9

%

 

65.1

%

 

(5.3)

%

             

Operating margin %

6.6

%

 

4.7

%

 

1.9

%

             

Adjusted operating margin % (1)

6.7

%

 

5.0

%

 

1.7

%

             
 

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

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended December 31,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

1,246.1

   

$

1,309.3

   

$

(63.2)

   

(4.8)

%

Used vehicle retail sales

808.1

   

620.0

   

188.1

   

30.3

%

Used vehicle wholesale sales

49.5

   

46.3

   

3.2

   

6.9

%

Total used

857.6

   

666.3

   

191.3

   

28.7

%

Parts and service sales

346.9

   

294.4

   

52.4

   

17.8

%

F&I, net

123.9

   

114.8

   

9.2

   

8.0

%

Total revenues

$

2,574.5

   

$

2,384.8

   

$

189.7

   

8.0

%

Gross profit:

             

New vehicle retail sales

$

151.7

   

$

87.2

   

$

64.4

   

73.9

%

Used vehicle retail sales

65.1

   

36.9

   

28.1

   

76.2

%

Used vehicle wholesale sales

3.3

   

1.5

   

1.8

   

122.4

%

Total used

68.4

   

38.4

   

30.0

   

78.0

%

Parts and service sales

179.7

   

159.4

   

20.3

   

12.7

%

F&I, net

123.9

   

114.8

   

9.2

   

8.0

%

Total gross profit

$

523.7

   

$

399.8

   

$

123.9

   

31.0

%

Gross margin:

             

New vehicle retail sales

12.2

%

 

6.7

%

 

5.5

%

   

Used vehicle retail sales

8.1

%

 

6.0

%

 

2.1

%

   

Used vehicle wholesale sales

6.7

%

 

3.2

%

 

3.5

%

   

Total used

8.0

%

 

5.8

%

 

2.2

%

   

Parts and service sales

51.8

%

 

54.1

%

 

(2.3)

%

   

Total gross margin

20.3

%

 

16.8

%

 

3.6

%

   

Units sold:

             

Retail new vehicles sold

25,621

   

30,194

   

(4,573)

   

(15.1)

%

Retail used vehicles sold

27,197

   

26,539

   

658

   

2.5

%

Wholesale used vehicles sold

4,587

   

6,194

   

(1,607)

   

(25.9)

%

Total used

31,784

   

32,733

   

(949)

   

(2.9)

%

Average sales price per unit sold:

             

New vehicle retail

$

48,636

   

$

43,364

   

$

5,273

   

12.2

%

Used vehicle retail

$

29,714

   

$

23,361

   

$

6,353

   

27.2

%

Gross profit per unit sold:

             

New vehicle retail sales

$

5,920

   

$

2,889

   

$

3,031

   

104.9

%

Used vehicle retail sales

$

2,392

   

$

1,391

   

$

1,001

   

71.9

%

Used vehicle wholesale sales

$

727

   

$

242

   

$

485

   

NM

 

Total used

$

2,152

   

$

1,174

   

$

978

   

83.3

%

F&I PRU

$

2,346

   

$

2,023

   

$

324

   

16.0

%

Other:

             

SG&A expenses

$

317.7

   

$

240.2

   

$

77.5

   

32.3

%

Adjusted SG&A expenses (1)

$

311.3

   

$

242.9

   

$

68.4

   

28.2

%

SG&A as % gross profit

60.7

%

 

60.1

%

 

0.6

%

   

Adjusted SG&A as % gross profit (1)

59.4

%

 

60.8

%

 

(1.3)

%

   
 

(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)

               
 

Years Ended December 31,

 

2021

 

2020

 

Increase/(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$

5,169.5

   

$

4,351.4

   

$

818.2

   

18.8

%

Used vehicle retail sales

3,274.3

   

2,316.7

   

957.6

   

41.3

%

Used vehicle wholesale sales

227.7

   

166.1

   

61.6

   

37.1

%

Total used

3,502.0

   

2,482.8

   

1,019.3

   

41.1

%

Parts and service sales

1,321.2

   

1,150.3

   

170.9

   

14.9

%

F&I, net

510.9

   

411.8

   

99.1

   

24.1

%

Total revenues

$

10,503.6

   

$

8,396.2

   

$

2,107.5

   

25.1

%

Gross profit:

             

New vehicle retail sales

$

510.7

   

$

268.7

   

$

242.0

   

90.1

%

Used vehicle retail sales

273.0

   

161.6

   

111.4

   

69.0

%

Used vehicle wholesale sales

16.5

   

7.6

   

8.9

   

116.6

%

Total used

289.4

   

169.2

   

120.3

   

71.1

%

Parts and service sales

710.0

   

619.1

   

90.9

   

14.7

%

F&I, net

510.9

   

411.8

   

99.1

   

24.1

%

Total gross profit

$

2,021.0

   

$

1,468.8

   

$

552.3

   

37.6

%

Gross margin:

             

New vehicle retail sales

9.9

%

 

6.2

%

 

3.7

%

   

Used vehicle retail sales

8.3

%

 

7.0

%

 

1.4

%

   

Used vehicle wholesale sales

7.2

%

 

4.6

%

 

2.7

%

   

Total used

8.3

%

 

6.8

%

 

1.5

%

   

Parts and service sales

53.7

%

 

53.8

%

 

(0.1)

%

   

Total gross margin

19.2

%

 

17.5

%

 

1.7

%

   

Units sold:

             

Retail new vehicles sold

113,854

   

103,722

   

10,132

   

9.8

%

Retail used vehicles sold

122,653

   

106,809

   

15,844

   

14.8

%

Wholesale used vehicles sold

24,125

   

24,251

   

(126)

   

(0.5)

%

Total used

146,778

   

131,060

   

15,718

   

12.0

%

Average sales price per unit sold:

             

New vehicle retail

$

45,405

   

$

41,952

   

$

3,453

   

8.2

%

Used vehicle retail

$

26,696

   

$

21,690

   

$

5,006

   

23.1

%

Gross profit per unit sold:

             

New vehicle retail sales

$

4,486

   

$

2,591

   

$

1,895

   

73.1

%

Used vehicle retail sales

$

2,225

   

$

1,513

   

$

713

   

47.1

%

Used vehicle wholesale sales

$

683

   

$

314

   

$

369

   

117.8

%

Total used

$

1,972

   

$

1,291

   

$

681

   

52.8

%

F&I PRU

$

2,160

   

$

1,956

   

$

204

   

10.4

%

Other:

             

SG&A expenses

$

1,193.6

   

$

936.0

   

$

257.7

   

27.5

%

Adjusted SG&A expenses (1)

$

1,185.4

   

$

928.1

   

$

257.3

   

27.7

%

SG&A as % gross profit

59.1

%

 

63.7

%

 

(4.7)

%

   

Adjusted SG&A as % gross profit (1)

58.7

%

 

63.2

%

 

(4.5)

%

   
 

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

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

239.0

   

$

220.2

   

$

18.8

   

8.6

%

   

$

5.8

 

5.9

%

Used vehicle retail sales

233.8

   

175.8

   

57.9

   

33.0

%

   

5.5

 

29.8

%

Used vehicle wholesale sales

33.1

   

35.6

   

(2.5)

   

(7.0)

%

   

0.7

 

(9.0)

%

Total used

266.9

   

211.4

   

55.4

   

26.2

%

   

6.2

 

23.3

%

Parts and service sales

52.6

   

52.3

   

0.4

   

0.7

%

   

1.2

 

(1.6)

%

F&I, net

13.6

   

11.4

   

2.2

   

19.3

%

   

0.2

 

17.3

%

Total revenues

$

572.2

   

$

495.3

   

$

76.8

   

15.5

%

   

$

13.4

 

12.8

%

Gross profit:

                       

New vehicle retail sales

$

20.4

   

$

12.2

   

$

8.2

   

67.3

%

   

$

0.2

 

65.3

%

Used vehicle retail sales

17.5

   

10.7

   

6.7

   

62.7

%

   

0.4

 

58.6

%

Used vehicle wholesale sales

1.0

   

0.1

   

0.9

   

NM

     

0.1

 

NM

 

Total used

18.5

   

10.9

   

7.6

   

70.0

%

   

0.6

 

64.7

%

Parts and service sales

30.8

   

29.9

   

0.9

   

3.1

%

   

0.7

 

0.8

%

F&I, net

13.6

   

11.4

   

2.2

   

19.3

%

   

0.2

 

17.3

%

Total gross profit

$

83.4

   

$

64.4

   

$

18.9

   

29.4

%

   

$

1.7

 

26.8

%

Gross margin:

                       

New vehicle retail sales

8.5

%

 

5.5

%

 

3.0

%

             

Used vehicle retail sales

7.5

%

 

6.1

%

 

1.4

%

             

Used vehicle wholesale sales

3.0

%

 

0.4

%

 

2.7

%

             

Total used

6.9

%

 

5.1

%

 

1.8

%

             

Parts and service sales

58.6

%

 

57.2

%

 

1.4

%

             

Total gross margin

14.6

%

 

13.0

%

 

1.6

%

             

Units sold:

                       

Retail new vehicles sold

5,820

   

6,197

   

(377)

   

(6.1)

%

         

Retail used vehicles sold

6,891

   

6,822

   

69

   

1.0

%

         

Wholesale used vehicles sold

2,900

   

4,097

   

(1,197)

   

(29.2)

%

         

Total used

9,791

   

10,919

   

(1,128)

   

(10.3)

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,074

   

$

35,536

   

$

5,538

   

15.6

%

   

$

988

 

12.8

%

Used vehicle retail

$

33,925

   

$

25,775

   

$

8,150

   

31.6

%

   

$

802

 

28.5

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

3,509

   

$

1,970

   

$

1,539

   

78.1

%

   

$

42

 

76.0

%

Used vehicle retail sales

$

2,535

   

$

1,574

   

$

961

   

61.1

%

   

$

64

 

57.0

%

Used vehicle wholesale sales

$

344

   

$

32

   

$

313

   

NM

     

$

43

 

NM

 

Total used

$

1,886

   

$

995

   

$

891

   

89.6

%

   

$

58

 

83.7

%

F&I PRU

$

1,073

   

$

878

   

$

195

   

22.2

%

   

$

18

 

20.1

%

Other:

                       

SG&A expenses

$

60.2

   

$

50.0

   

$

10.2

   

20.5

%

   

$

1.2

 

18.0

%

SG&A as % gross profit

72.2

%

 

77.6

%

 

(5.4)

%

             
 

 NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data - U.K.

(Unaudited)

(In millions, except unit data)

   
 

Years Ended December 31,

 

2021

 

2020

 

Increase/ (Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$

1,079.8

   

$

1,016.3

   

$

63.5

   

6.2

%

   

$

74.1

 

(1.0)

%

Used vehicle retail sales

1,013.4

   

701.5

   

312.0

   

44.5

%

   

64.3

 

35.3

%

Used vehicle wholesale sales

127.9

   

125.9

   

1.9

   

1.5

%

   

7.8

 

(4.7)

%

Total used

1,141.3

   

827.4

   

313.9

   

37.9

%

   

72.1

 

29.2

%

Parts and service sales

210.3

   

184.4

   

25.9

   

14.0

%

   

12.9

 

7.0

%

F&I, net

54.3

   

46.1

   

8.1

   

17.6

%

   

3.5

 

10.0

%

Total revenues

$

2,485.7

   

$

2,074.3

   

$

411.4

   

19.8

%

   

$

163.4

 

12.0

%

Gross profit:

                       

New vehicle retail sales

$

73.1

   

$

46.7

   

$

26.4

   

56.4

%

   

$

4.7

 

46.4

%

Used vehicle retail sales

68.0

   

41.7

   

26.2

   

62.8

%

   

4.3

 

52.6

%

Used vehicle wholesale sales

7.4

   

2.4

   

5.0

   

NM

     

0.6

 

NM

 

Total used

75.4

   

44.2

   

31.2

   

70.6

%

   

4.8

 

59.7

%

Parts and service sales

126.3

   

105.0

   

21.3

   

20.2

%

   

7.8

 

12.8

%

F&I, net

54.3

   

46.1

   

8.1

   

17.6

%

   

3.5

 

10.0

%

Total gross profit

$

329.0

   

$

242.1

   

$

86.9

   

35.9

%

   

$

20.7

 

27.4

%

Gross margin:

                       

New vehicle retail sales

6.8

%

 

4.6

%

 

2.2

%

             

Used vehicle retail sales

6.7

%

 

6.0

%

 

0.8

%

             

Used vehicle wholesale sales

5.8

%

 

1.9

%

 

3.9

%

             

Total used

6.6

%

 

5.3

%

 

1.3

%

             

Parts and service sales

60.0

%

 

56.9

%

 

3.1

%

             

Total gross margin

13.2

%

 

11.7

%

 

1.6

%

             

Units sold:

                       

Retail new vehicles sold

26,259

   

29,433

   

(3,174)

   

(10.8)

%

         

Retail used vehicles sold

33,598

   

28,712

   

4,886

   

17.0

%

         

Wholesale used vehicles sold

13,818

   

15,512

   

(1,694)

   

(10.9)

%

         

Total used

47,416

   

44,224

   

3,192

   

7.2

%

         

Average sales price per unit sold:

                       

New vehicle retail

$

41,123

   

$

34,530

   

$

6,592

   

19.1

%

   

$

2,823

 

10.9

%

Used vehicle retail

$

30,163

   

$

24,431

   

$

5,732

   

23.5

%

   

$

1,914

 

15.6

%

Gross profit per unit sold:

                       

New vehicle retail sales

$

2,783

   

$

1,588

   

$

1,196

   

75.3

%

   

$

178

 

64.1

%

Used vehicle retail sales

$

2,023

   

$

1,454

   

$

569

   

39.1

%

   

$

127

 

30.4

%

Used vehicle wholesale sales

$

539

   

$

158

   

$

381

   

NM

     

$

40

 

NM

 

Total used

$

1,590

   

$

999

   

$

591

   

59.2

%

   

$

102

 

49.0

%

F&I PRU

$

907

   

$

794

   

$

113

   

14.2

%

   

$

58

 

6.9

%

Other:

                       

SG&A expenses

$

222.2

   

$

187.3

   

$

34.9

   

18.6

%

   

$

14.0

 

11.2

%

Adjusted SG&A expenses (1)

$

221.7

   

$

186.1

   

$

35.6

   

19.1

%

   

$

13.9

 

11.6

%

SG&A as % gross profit

67.5

%

 

77.4

%

 

(9.8)

%

             

Adjusted SG&A as % gross profit (1)

67.4

%

 

76.9

%

 

(9.5)

%

             
 

(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.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended December 31, 2021

   

U.S. GAAP

 

Loss on interest rate
swaps

 

Dealership
and real
estate transactions

 

Acquisition costs

 

Legal matters

 

Non-GAAP adjusted

SG&A expenses

 

$

420.9

   

$

 

$

3.3

 

$

(9.1)

 

$

0.7

 

$

415.8

 

Income (loss) from operations

 

$

229.7

   

$

 

$

(3.3)

 

$

9.1

 

$

(0.7)

 

$

234.8

 

Floorplan interest expense

 

$

7.2

   

$

(3.4)

 

$

 

$

 

$

 

$

3.8

 
                         

Income (loss) before income taxes

 

$

206.5

   

$

3.4

 

$

(3.3)

 

$

9.1

 

$

(0.7)

 

$

215.0

 

Less: Provision (benefit) for income taxes

 

43.3

   

0.7

 

(0.8)

 

2.0

 

(0.2)

 

45.2

 

Net income (loss) from continuing operations

 

163.2

   

2.6

 

(2.6)

 

7.1

 

(0.5)

 

169.9

 

Less: Earnings (loss) allocated to participating securities

 

5.5

   

0.1

 

(0.1)

 

0.2

 

 

5.7

 

Net income (loss) from continuing operations available to diluted common shares

 

$

157.7

   

$

2.5

 

$

(2.5)

 

$

6.8

 

$

(0.5)

 

$

164.1

 
                         

Diluted earnings (loss) per common share from continuing operations

 

$

9.06

   

$

0.15

 

$

(0.14)

 

$

0.39

 

$

(0.03)

 

$

9.43

 
                         

Effective tax rate

 

21.0

%

                 

21.0

%

                         

SG&A as % gross profit (1)

 

62.7

%

                 

61.9

%

Operating margin (2)

 

6.6

%

                 

6.7

%

Pretax margin (3)

 

5.9

%

                 

6.2

%

                         

Same Store SG&A expenses

 

$

377.9

   

$

 

$

2.1

 

$

(9.1)

 

$

0.7

 

$

371.6

 

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

 

62.3

%

                 

61.2

%

                         

Same Store income (loss) from operations

 

$

210.4

   

$

 

$

(2.1)

 

$

9.1

 

$

(0.7)

 

$

216.8

 

Same Store operating margin (2)

 

6.7

%

                 

6.9

%

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net (loss) income from discontinued operations

 

$

(76.1)

 

$

78.0

 

$

1.9

Less: (loss) earnings allocated to participating securities

 

(2.6)

 

2.6

 

0.1

Net (loss) income from discontinued operations available to diluted common shares

 

$

(73.5)

 

$

75.3

 

$

1.8

             

Net income

 

$

87.1

 

$

84.6

 

$

171.7

Less: earnings allocated to participating securities

   

2.9

   

2.9

   

5.8

Net income available to diluted common shares

 

$

84.2

 

$

81.8

 

$

165.9

                   

Diluted (loss) earnings per common share from discontinued operations

 

$

(4.23)

 

$

4.34

 

$

0.10

Diluted earnings per common share from continuing operations

 

9.06

 

0.37

 

9.43

Diluted earnings per common share

 

$

4.84

 

$

4.70

 

$

9.54

 

(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 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 December 31, 2020

   

U.S. GAAP

 

Dealership
and real
estate transactions

 

Legal matters

 

Asset impairments

 

Non-GAAP adjusted

SG&A expenses

 

$

290.4

   

$

5.3

 

$

2.7

 

$

 

$

298.5

 

Asset impairments

 

$

13.9

   

$

 

$

 

$

(13.9)

 

$

 

Income (loss) from operations

 

$

148.1

   

$

(5.3)

 

$

(2.7)

 

$

13.9

 

$

153.9

 
                     

Income (loss) before income taxes

 

$

126.2

   

$

(5.3)

 

$

(2.7)

 

$

13.9

 

$

132.1

 

Less: Provision (benefit) for income taxes

 

27.4

   

(1.1)

 

(0.6)

 

3.3

 

29.0

 

Net income (loss) from continuing operations

 

98.8

   

(4.2)

 

(2.1)

 

10.6

 

103.1

 

Less: Earnings (loss) allocated to participating securities

 

3.5

   

(0.1)

 

(0.1)

 

0.4

 

3.7

 

Net income (loss) from continuing operations available to diluted common shares

 

$

95.3

   

$

(4.0)

 

$

(2.1)

 

$

10.2

 

$

99.4

 
                     

Diluted earnings (loss) per common share from continuing operations

 

$

5.36

   

$

(0.23)

 

$

(0.12)

 

$

0.58

 

$

5.59

 
                     

Effective tax rate

 

21.7

%

             

22.0

%

                     

SG&A as % gross profit (1)

 

61.6

%

             

63.4

%

Operating margin (2)

 

5.1

%

             

5.3

%

Pretax margin (3)

 

4.3

%

             

4.5

%

                     

Same Store SG&A expenses

 

$

290.2

   

$

 

$

2.7

 

$

 

$

292.9

 

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

 

62.5

%

             

63.1

%

                     

Same Store income (loss) from operations

 

$

146.6

   

$

 

$

(2.7)

 

$

9.1

 

$

153.0

 

Same Store operating margin (2)

 

5.1

%

             

5.3

%

 

   

U.S. GAAP

 

Non-GAAP

adjustments

 

Non-GAAP

adjusted

Net income from discontinued operations

 

$              1.3

 

$               —

 

$              1.3

Less: earnings allocated to participating securities

 

 

 

Net income from discontinued operations available to diluted common shares

 

$              1.2

 

$               —

 

$              1.2

             

Net income

 

$          100.1

 

$              4.3

 

$          104.4

Less: earnings allocated to participating securities

 

3.6

 

0.2

 

3.7

Net income available to diluted common shares

 

$            96.5

 

$              4.1

 

$          100.7

             

Diluted earnings per common share from discontinued operations

 

$            0.07

 

$               —

 

$            0.07

Diluted earnings per common share from continuing operations

 

5.36

 

0.23

 

5.59

Diluted earnings per common share

 

$            5.43

 

$            0.23

 

$            5.66

 

 

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

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

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above and asset impairment charges.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

                                     
   

Year Ended December 31, 2021

   

U.S.
GAAP

 

Loss on interest rate swaps

 

Catastrophic events

 

Dealership and real estate transactions

 

Acquisition costs

 

Legal matters

 

Asset impairments

 

Tax rate changes

 

Non-
GAAP
adjusted

SG&A expenses

 

$

1,477.2

   

$

 

$

(2.8)

 

$

4.4

 

$

(13.4)

 

$

5.3

 

$

 

$

 

$

1,470.7

 

Asset impairments

 

$

1.7

   

$

 

$

 

$

 

$

 

$

 

$

(1.7)

 

$

 

$

 

Income (loss) from operations

 

$

884.4

   

$

 

$

2.8

 

$

(4.4)

 

$

13.4

 

$

(5.3)

 

$

1.7

 

$

 

$

892.6

 

Floorplan interest expense

 

$

27.6

   

$

(4.8)

 

$

 

$

 

$

 

$

 

$

 

$

 

$

22.9

 
                                     

Income (loss) before income taxes

 

$

800.9

   

$

4.8

 

$

2.8

 

$

(4.4)

 

$

13.4

 

$

(5.3)

 

$

1.7

 

$

 

$

813.9

 

Less: Provision (benefit) for income taxes

 

175.5

   

1.1

   

0.6

 

(1.0)

 

3.0

 

(1.2)

 

0.4

 

1.9

 

180.3

 

Net income (loss) from continuing operations

 

625.4

   

3.7

   

2.2

 

(3.4)

 

10.5

 

(4.2)

 

1.3

 

(1.9)

 

633.7

 

Less: Earnings (loss) allocated to participating securities

 

21.0

   

0.1

   

0.1

 

(0.1)

 

0.4

 

(0.1)

 

 

(0.1)

 

21.3

 

Net income (loss) from continuing operations available to diluted common shares

 

$

604.4

   

$

3.6

 

$

2.1

 

$

(3.3)

 

$

10.1

 

$

(4.0)

 

$

1.3

 

$

(1.8)

 

$

612.4

 
                                     

Diluted earnings (loss) per common share from continuing operations

 

$

34.11

   

$

0.20

 

$

0.12

 

$

(0.19)

 

$

0.57

 

$

(0.23)

 

$

0.07

 

$

(0.10)

 

$

34.55

 
                                     

Effective tax rate

 

21.9

%

                             

22.1

%

                                     

SG&A as % gross profit (1)

 

60.5

%

                             

60.3

%

Operating margin (2)

 

6.6

%

                             

6.6

%

Pretax margin (3)

 

5.9

%

                             

6.0

%

                                     

Same Store SG&A expenses

 

$

1,415.9

   

$

 

$

(2.8)

 

$

2.1

 

$

(13.4)

 

$

5.3

 

$

 

$

 

$

1,407.1

 

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

 

60.2

%

                             

59.9

%

                                     

Same Store income (loss) from operations

 

$

858.0

   

$

 

$

2.8

 

$

(2.1)

 

$

13.4

 

$

(5.3)

 

$

1.7

 

$

 

$

868.5

 

Same Store operating margin (2)

 

6.6

%

                             

6.7

%

 

   

U.S. GAAP

 

Non-GAAP

adjustments

 

Non-GAAP

adjusted

Net (loss) income from discontinued operations

 

$               (73.3)

 

$                 81.8

 

$                   8.5

Less: (loss) earnings allocated to participating securities

 

(2.5)

 

2.8

 

0.3

Net (loss) income from discontinued operations available to diluted common shares

 

$               (70.9)

 

$                 79.1

 

$                   8.2

             

Net income

 

$               552.1

 

$                 90.0

 

$               642.1

Less: earnings allocated to participating securities

 

18.5

 

3.0

 

21.6

Net income available to diluted common shares

 

$               533.6

 

$                 87.0

 

$               620.6

             

Diluted (loss) earnings per common share from discontinued operations

 

$               (4.00)

 

$                 4.47

 

$                 0.46

Diluted earnings per common share from continuing operations

 

34.11

 

0.45

 

34.55

Diluted earnings per common share

 

$               30.11

 

$                 4.91

 

$               35.02

 

 

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

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

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items above, asset impairment charges and a loss on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures - Consolidated

(Unaudited)

 (In millions, except per share data)

                                 
   

Year Ended December 31, 2020

   

U.S. GAAP

 

Dealership and real estate transactions

 

Severance costs

 

Legal matters

 

Out-of-period adjustment

 

Asset impairments

 

Loss on extinguishment of debt

 

Non-GAAP adjusted

SG&A expenses

 

$

1,138.2

   

$

5.3

 

$

(1.2)

 

$

2.7

 

$

(10.6)

 

$

 

$

 

$

1,134.5

 

Asset impairments

 

$

26.7

   

$

 

$

 

$

 

$

 

$

(26.7)

 

$

 

$

 

Income (loss) from operations

 

$

495.7

   

$

(5.3)

 

$

1.2

 

$

(2.7)

 

$

10.6

 

$

26.7

 

$

 

$

526.1

 

Loss on extinguishment of debt

 

$

13.7

   

$

 

$

 

$

 

$

 

$

 

$

(13.7)

 

$

 
                                 

Income (loss) before income taxes

 

$

380.8

   

$

(5.3)

 

$

1.2

 

$

(2.7)

 

$

10.6

 

$

26.7

 

$

13.7

 

$

424.9

 

Less: Provision (benefit) for income taxes

 

84.2

   

(1.1)

 

0.2

 

(0.6)

 

0.8

 

5.5

 

3.0

 

92.0

 

Net income (loss) from continuing operations

 

296.7

   

(4.2)

 

1.0

 

(2.1)

 

9.7

 

21.2

 

10.7

 

333.0

 

Less: Earnings (loss) allocated to participating securities

 

10.6

   

(0.2)

 

 

(0.1)

 

0.3

 

0.8

 

0.4

 

11.9

 

Net income (loss) from continuing operations available to diluted common shares

 

$

286.0

   

$

(4.0)

 

$

1.0

 

$

(2.1)

 

$

9.4

 

$

20.4

 

$

10.3

 

$

321.0

 
                                 

Diluted earnings (loss) per common share from continuing operations

 

$

16.06

   

$

(0.23)

 

$

0.05

 

$

(0.12)

 

$

0.53

 

$

1.15

 

$

0.58

 

$

18.03

 
                                 

Effective tax rate

 

22.1

%

                         

21.6

%

                                 

SG&A as % gross profit (1)

 

65.6

%

                         

65.4

%

Operating margin (2)

 

4.7

%

                         

5.0

%

Pretax margin (3)

 

3.6

%

                         

4.0

%

                                 

Same Store SG&A expenses

 

$

1,123.3

   

$

 

$

(1.2)

 

$

2.7

 

$

(10.6)

 

$

 

$

 

$

1,114.2

 

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

 

65.7

%

                         

65.1

%

                                 

Same Store income (loss) from operations

 

$

493.8

   

$

 

$

1.2

 

$

(2.7)

 

$

10.6

 

$

21.9

 

$

 

$

524.7

 

Same Store operating margin (2)

 

4.7

%

                         

5.0

%

 

   

U.S. GAAP

 

Non-GAAP

adjustments

 

Non-GAAP

adjusted

Net (loss) income from discontinued operations

 

$               (10.2)

 

$                 10.8

 

$                   0.6

Less: (loss) earnings allocated to participating securities

 

(0.4)

 

0.4

 

Net (loss) income from discontinued operations available to diluted common shares

 

$                 (9.8)

 

$                 10.4

 

$                   0.6

             

Net income

 

$               286.5

 

$                 47.1

 

$               333.5

Less: earnings allocated to participating securities

 

10.3

 

1.7

 

12.0

Net income available to diluted common shares

 

$               276.2

 

$                 45.4

 

$               321.6

             

Diluted (loss) earnings per common share from discontinued operations

 

$               (0.55)

 

$                 0.58

 

$                 0.03

Diluted earnings per common share from continuing operations

 

16.06

 

1.97

 

18.03

Diluted earnings per common share

 

$               15.51

 

$                 2.55

 

$               18.06

 

 

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

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

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

 

Group 1 Automotive, Inc.

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

(Unaudited)

(In millions)

     
   

Three Months Ended December 31, 2021

   

U.S. GAAP

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal
matters

 

Non-GAAP
adjusted

SG&A expenses

 

$

352.0

   

$

3.3

 

$

(9.1)

 

$

0.7

 

$

346.8

 

SG&A as % gross profit (1)

 

60.9

%

             

60.0

%

                     

Same Store SG&A expenses

 

$

317.7

   

$

2.1

 

$

(9.1)

 

$

0.7

 

$

311.3

 

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

 

60.7

%

             

59.4

%

 

   

Three Months Ended December 31, 2020

   

U.S. GAAP

 

Dealership
and real
estate
transactions

 

Legal
matters

 

Non-GAAP
adjusted

SG&A expenses

 

$

241.0

   

$

3.1

 

$

2.7

 

$

246.9

 

SG&A as % gross profit (1)

 

59.5

%

         

61.0

%

                 

Same Store SG&A expenses

 

$

240.2

   

$

 

$

2.7

 

$

242.9

 

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

 

60.1

%

         

60.8

%

 

   

Year Ended December 31, 2021

   

U.S. GAAP

 

Catastrophic events

 

Dealership
and real
estate transactions

 

Acquisition costs

 

Legal matters

 

Non-GAAP adjusted

SG&A expenses

 

$

1,234.9

   

$

(2.8)

 

$

5.0

 

$

(12.9)

 

$

5.3

 

$

1,229.6

 

SG&A as % gross profit (1)

 

59.1

%

                 

58.8

%

                         

Same Store SG&A expenses

 

$

1,193.6

   

$

(2.8)

 

$

2.1

 

$

(12.9)

 

$

5.3

 

$

1,185.4

 

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

 

59.1

%

                 

58.7

%

 

   

Year Ended December 31, 2020

   

U.S. GAAP

 

Dealership
and real
estate
transactions

 

Legal
matters

 

Out-of-
period
adjustment

 

Non-GAAP
adjusted

SG&A expenses

 

$

947.0

   

$

3.1

 

$

2.7

 

$

(10.6)

 

$

942.3

 

SG&A as % gross profit (1)

 

63.7

%

             

63.4

%

                     

Same Store SG&A expenses

 

$

936.0

   

$

 

$

2.7

 

$

(10.6)

 

$

928.1

 

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

 

63.7

%

             

63.2

%

 

(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 December 31, 2020

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

Non-GAAP
Adjusted

SG&A expenses

 

$

49.4

   

$

2.2

 

$

51.6

 

SG&A as % gross profit (1)

 

74.6

%

     

77.9

%

             

Same Store SG&A expenses

 

$

50.0

   

$

 

$

50.0

 

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

 

77.6

%

     

77.6

%

 

   

Year Ended December 31, 2021

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

Acquisition costs

 

Non-GAAP
Adjusted

SG&A expenses

 

$

242.2

   

$

(0.6)

 

$

(0.6)

 

$

241.1

 

SG&A as % gross profit (1)

 

69.0

%

         

68.7

%

                 

Same Store SG&A expenses

 

$

222.2

   

$

 

$

(0.6)

 

$

221.7

 

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

 

67.5

%

         

67.4

%

 

   

Year Ended December 31, 2020

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

Severance costs

 

Non-GAAP
Adjusted

SG&A expenses

 

$

191.2

   

$

2.2

 

$

(1.2)

 

$

192.2

 

SG&A as % gross profit (1)

 

77.1

%

         

77.5

%

                 

Same Store SG&A expenses

 

$

187.3

   

$

 

$

(1.2)

 

$

186.1

 

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

 

77.4

%

         

76.9

%

 

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

 

SOURCE Group 1 Automotive, Inc.