Group 1 Automotive Announces Fourth Quarter & Full Year 2019 Financial Results

HOUSTON, Feb. 5, 2020 /PRNewswire/ -- 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.

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.  
  • 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

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.

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.

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 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

%



 

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

%



 

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

%

 

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


 

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.

 

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.

 

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

%

 

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.

 

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)

%

 

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.

 

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.

 

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.


 

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.

 

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.

 

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

%








 

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

%








 

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)

%








 

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.

 

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.

 

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.


 

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

Cision View original content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-fourth-quarter--full-year-2019-financial-results-300999126.html

SOURCE Group 1 Automotive, Inc.

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