Bulletin
Investor Alert

press release

Feb. 10, 2022, 7:07 a.m. EST

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.  /zigman2/quotes/202697225/composite GPI +1.41%   ("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 Consolidated Same Store
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 Consolidated Same Store
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 , , , , , and .

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