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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Group 1 Automotive Inc | NYSE:GPI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.85 | 0.97% | 295.38 | 299.03 | 293.12 | 298.97 | 46,463 | 19:44:01 |
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large accelerated filer
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þ
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¨
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Accelerated filer
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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¨
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Smaller reporting company
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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March 31, 2016
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December 31, 2015
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||||
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(Unaudited, in thousands, except per share amounts)
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||||||
ASSETS
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||||||||
CURRENT ASSETS:
|
|
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|
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||||
Cash and cash equivalents
|
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$
|
22,381
|
|
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$
|
13,037
|
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Contracts-in-transit and vehicle receivables, net
|
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209,542
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|
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252,438
|
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||
Accounts and notes receivable, net
|
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154,162
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157,768
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||
Inventories, net
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1,826,531
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1,737,751
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||
Prepaid expenses and other current assets
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41,463
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27,376
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Total current assets
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2,254,079
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2,188,370
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PROPERTY AND EQUIPMENT, net
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1,063,852
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|
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1,033,981
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GOODWILL
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886,293
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854,915
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INTANGIBLE FRANCHISE RIGHTS
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319,895
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307,588
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OTHER ASSETS
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9,727
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11,862
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Total assets
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$
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4,533,846
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$
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4,396,716
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
CURRENT LIABILITIES:
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Floorplan notes payable - credit facility and other
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$
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1,239,792
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$
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1,265,719
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Offset account related to floorplan notes payable - credit facility
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(104,081
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)
|
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(110,759
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)
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||
Floorplan notes payable - manufacturer affiliates
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437,672
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389,071
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Offset account related to floorplan notes payable - manufacturer affiliates
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(30,000
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)
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(25,500
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)
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Current maturities of long-term debt and short-term financing
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37,506
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54,991
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Accounts payable
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327,594
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280,423
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Accrued expenses
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194,870
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|
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185,323
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Total current liabilities
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2,103,353
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2,039,268
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LONG-TERM DEBT, net of current maturities
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1,256,679
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1,199,534
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DEFERRED INCOME TAXES
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138,984
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|
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136,644
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LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES
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43,122
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31,153
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OTHER LIABILITIES
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78,915
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71,865
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STOCKHOLDERS’ EQUITY:
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Preferred stock, $0.01 par value, 1,000 shares authorized; none issued or outstanding
|
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—
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—
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Common stock, $0.01 par value, 50,000 shares authorized; 25,708 and 25,706 issued, respectively
|
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257
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|
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257
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Additional paid-in capital
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283,196
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291,092
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Retained earnings
|
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955,326
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926,169
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Accumulated other comprehensive loss
|
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(144,856
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)
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(137,984
|
)
|
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Treasury stock, at cost; 2,700 and 2,291 shares, respectively
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(181,130
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)
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(161,282
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)
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Total stockholders’ equity
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912,793
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918,252
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Total liabilities and stockholders’ equity
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$
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4,533,846
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$
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4,396,716
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Three Months Ended March 31,
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2016
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2015
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(Unaudited, in thousands, except per share amounts)
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||||||
REVENUES:
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New vehicle retail sales
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$
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1,409,851
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$
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1,332,724
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Used vehicle retail sales
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688,171
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623,193
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Used vehicle wholesale sales
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101,592
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100,192
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Parts and service sales
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308,592
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282,189
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Finance, insurance and other, net
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100,149
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94,556
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Total revenues
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2,608,355
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2,432,854
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COST OF SALES:
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New vehicle retail sales
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1,338,124
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1,262,993
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Used vehicle retail sales
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638,971
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|
577,072
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Used vehicle wholesale sales
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100,143
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97,513
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Parts and service sales
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142,016
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131,392
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Total cost of sales
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2,219,254
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2,068,970
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GROSS PROFIT
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389,101
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363,884
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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293,664
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271,469
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DEPRECIATION AND AMORTIZATION EXPENSE
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12,464
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11,684
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ASSET IMPAIRMENTS
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932
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|
|
—
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INCOME FROM OPERATIONS
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82,041
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80,731
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OTHER EXPENSE:
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Floorplan interest expense
|
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(11,010
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)
|
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(9,348
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)
|
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Other interest expense, net
|
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(16,929
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)
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(13,911
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)
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INCOME BEFORE INCOME TAXES
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54,102
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|
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57,472
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PROVISION FOR INCOME TAXES
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(19,811
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)
|
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(21,657
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)
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NET INCOME
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$
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34,291
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|
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$
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35,815
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BASIC EARNINGS PER SHARE
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$
|
1.47
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|
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$
|
1.47
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Weighted average common shares outstanding
|
|
22,448
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|
|
23,443
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DILUTED EARNINGS PER SHARE
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$
|
1.47
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|
|
$
|
1.47
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Weighted average common shares outstanding
|
|
22,453
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|
|
23,446
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CASH DIVIDENDS PER COMMON SHARE
|
|
$
|
0.22
|
|
|
$
|
0.20
|
|
|
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Three Months Ended March 31,
|
||||||
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2016
|
|
2015
|
||||
|
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(Unaudited, in thousands)
|
||||||
NET INCOME
|
|
$
|
34,291
|
|
|
$
|
35,815
|
|
Other comprehensive loss, net of taxes:
|
|
|
|
|
||||
Foreign currency translation adjustment
|
|
2,155
|
|
|
(30,594
|
)
|
||
Net unrealized loss on interest rate risk management activities:
|
|
|
|
|
||||
Unrealized loss arising during the period, net of tax benefit of $6,685 and $3,907, respectively
|
|
(11,141
|
)
|
|
(6,513
|
)
|
||
Reclassification adjustment for loss included in interest expense, net of tax provision of $1,269 and $1,180, respectively
|
|
2,114
|
|
|
1,967
|
|
||
Net unrealized loss on interest rate risk management activities, net of tax
|
|
(9,027
|
)
|
|
(4,546
|
)
|
||
OTHER COMPREHENSIVE LOSS, NET OF TAXES
|
|
(6,872
|
)
|
|
(35,140
|
)
|
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COMPREHENSIVE INCOME
|
|
$
|
27,419
|
|
|
$
|
675
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Loss
|
|
Treasury Stock
|
|
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
|||||||||||||||||
|
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(Unaudited, in thousands)
|
|||||||||||||||||||||||||
BALANCE, December 31, 2015
|
|
25,706
|
|
|
$
|
257
|
|
|
$
|
291,092
|
|
|
$
|
926,169
|
|
|
$
|
(137,984
|
)
|
|
$
|
(161,282
|
)
|
|
$
|
918,252
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,291
|
|
|
—
|
|
|
—
|
|
|
34,291
|
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,872
|
)
|
|
—
|
|
|
(6,872
|
)
|
||||||
Purchases of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,945
|
)
|
|
(31,945
|
)
|
||||||
Net issuance of treasury shares to employee stock compensation plans
|
|
2
|
|
|
—
|
|
|
(13,340
|
)
|
|
—
|
|
|
—
|
|
|
12,097
|
|
|
(1,243
|
)
|
||||||
Stock-based compensation, including tax effect of $53
|
|
—
|
|
|
—
|
|
|
5,444
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,444
|
|
||||||
Cash dividends, net of estimated forfeitures relative to participating securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,134
|
)
|
|
—
|
|
|
—
|
|
|
(5,134
|
)
|
||||||
BALANCE, March 31, 2016
|
|
25,708
|
|
|
$
|
257
|
|
|
$
|
283,196
|
|
|
$
|
955,326
|
|
|
$
|
(144,856
|
)
|
|
$
|
(181,130
|
)
|
|
$
|
912,793
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(Unaudited, in thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income
|
|
$
|
34,291
|
|
|
$
|
35,815
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
12,464
|
|
|
11,684
|
|
||
Deferred income taxes
|
|
5,000
|
|
|
3,320
|
|
||
Asset impairments
|
|
932
|
|
|
—
|
|
||
Stock-based compensation
|
|
5,511
|
|
|
4,888
|
|
||
Amortization of debt discount and issue costs
|
|
484
|
|
|
899
|
|
||
Gain on disposition of assets
|
|
(590
|
)
|
|
8
|
|
||
Tax effect from stock-based compensation
|
|
53
|
|
|
(1,004
|
)
|
||
Other
|
|
666
|
|
|
1,729
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
32,180
|
|
|
(10,329
|
)
|
||
Accounts and notes receivable
|
|
10,804
|
|
|
6,275
|
|
||
Inventories
|
|
(55,737
|
)
|
|
(1,469
|
)
|
||
Contracts-in-transit and vehicle receivables
|
|
50,262
|
|
|
10,487
|
|
||
Prepaid expenses and other assets
|
|
4,476
|
|
|
2,589
|
|
||
Floorplan notes payable - manufacturer affiliates
|
|
15,410
|
|
|
(6,589
|
)
|
||
Deferred revenues
|
|
(131
|
)
|
|
(136
|
)
|
||
Net cash provided by operating activities
|
|
116,075
|
|
|
58,167
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Cash paid in acquisitions, net of cash received
|
|
(51,110
|
)
|
|
(50,142
|
)
|
||
Proceeds from disposition of franchises, property and equipment
|
|
13,871
|
|
|
1,171
|
|
||
Purchases of property and equipment, including real estate
|
|
(33,702
|
)
|
|
(23,157
|
)
|
||
Other
|
|
(106
|
)
|
|
287
|
|
||
Net cash used in investing activities
|
|
(71,047
|
)
|
|
(71,841
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Borrowings on credit facility - floorplan line and other
|
|
1,648,527
|
|
|
1,597,034
|
|
||
Repayments on credit facility - floorplan line and other
|
|
(1,666,103
|
)
|
|
(1,641,072
|
)
|
||
Borrowings on credit facility - acquisition line
|
|
40,000
|
|
|
189,933
|
|
||
Repayment on credit facility - acquisition line
|
|
(40,000
|
)
|
|
(135,907
|
)
|
||
Borrowings on other debt
|
|
7,415
|
|
|
13,678
|
|
||
Principal payments on other debt
|
|
(12,768
|
)
|
|
(10,644
|
)
|
||
Borrowings on debt related to real estate, net of debt issue costs
|
|
30,331
|
|
|
17,600
|
|
||
Principal payments on debt related to real estate
|
|
(5,538
|
)
|
|
(6,458
|
)
|
||
Employee stock purchase plan purchases, net of employee tax withholdings
|
|
(1,243
|
)
|
|
(2,140
|
)
|
||
Repurchases of common stock, amounts based on settlement date
|
|
(31,945
|
)
|
|
(16,175
|
)
|
||
Tax effect from stock-based compensation
|
|
(53
|
)
|
|
1,004
|
|
||
Dividends paid
|
|
(5,148
|
)
|
|
(4,892
|
)
|
||
Net cash (used in) provided by financing activities
|
|
(36,525
|
)
|
|
1,961
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
841
|
|
|
(2,983
|
)
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
9,344
|
|
|
(14,696
|
)
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
|
13,037
|
|
|
40,975
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
|
$
|
22,381
|
|
|
$
|
26,279
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
||||
Purchases of property and equipment, including real estate, accrued in accounts payable
|
|
$
|
22,274
|
|
|
$
|
10,035
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Current assets
|
|
$
|
17,596
|
|
|
$
|
12,849
|
|
Non-current assets
|
|
12,106
|
|
|
11,022
|
|
||
Total assets
|
|
$
|
29,702
|
|
|
$
|
23,871
|
|
Current liabilities
|
|
$
|
13,950
|
|
|
$
|
8,257
|
|
Non-current liabilities
|
|
18,820
|
|
|
17,064
|
|
||
Total liabilities
|
|
$
|
32,770
|
|
|
$
|
25,321
|
|
|
|
Amount of Unrealized Loss, Net of Tax, Recognized in Other Comprehensive Income (Loss)
|
||||||
|
|
Three Months Ended March 31,
|
||||||
Derivatives in Cash Flow Hedging Relationship
|
|
2016
|
|
2015
|
||||
|
|
(In thousands)
|
||||||
Interest rate swap contracts
|
|
$
|
(11,141
|
)
|
|
$
|
(6,513
|
)
|
|
|
|
|
|
||||
|
|
Amount of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
||||||
Location of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
|||||
|
|
(In thousands)
|
||||||
Floorplan interest expense
|
|
$
|
(2,758
|
)
|
|
$
|
(2,708
|
)
|
Other interest expense
|
|
(625
|
)
|
|
(439
|
)
|
|
|
Awards
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested at December 31, 2015
|
|
893,360
|
|
|
$
|
69.16
|
|
Granted
|
|
193,070
|
|
|
52.69
|
|
|
Vested
|
|
(185,220
|
)
|
|
56.51
|
|
|
Forfeited
|
|
(5,780
|
)
|
|
77.32
|
|
|
Nonvested at March 31, 2016
|
|
895,430
|
|
|
$
|
68.17
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(In thousands, except per share amounts)
|
||||||
Weighted average basic common shares outstanding
|
|
22,448
|
|
|
23,443
|
|
||
Dilutive effect of employee stock purchases, net of assumed repurchase of treasury stock
|
|
5
|
|
|
3
|
|
||
Weighted average dilutive common shares outstanding
|
|
22,453
|
|
|
23,446
|
|
||
Basic:
|
|
|
|
|
||||
Net Income
|
|
$
|
34,291
|
|
|
$
|
35,815
|
|
Less: Earnings allocated to participating securities
|
|
1,348
|
|
|
1,388
|
|
||
Earnings available to basic common shares
|
|
$
|
32,943
|
|
|
$
|
34,427
|
|
Basic earnings per common share
|
|
$
|
1.47
|
|
|
$
|
1.47
|
|
Diluted:
|
|
|
|
|
||||
Net Income
|
|
$
|
34,291
|
|
|
$
|
35,815
|
|
Less: Earnings allocated to participating securities
|
|
1,348
|
|
|
1,388
|
|
||
Earnings available to diluted common shares
|
|
$
|
32,943
|
|
|
$
|
34,427
|
|
Diluted earnings per common share
|
|
$
|
1.47
|
|
|
$
|
1.47
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(unaudited)
|
|
|
||||
|
|
(In thousands)
|
||||||
Amounts due from manufacturers
|
|
$
|
89,279
|
|
|
$
|
93,206
|
|
Parts and service receivables
|
|
34,793
|
|
|
32,479
|
|
||
Finance and insurance receivables
|
|
19,892
|
|
|
22,374
|
|
||
Other
|
|
12,988
|
|
|
12,913
|
|
||
Total accounts and notes receivable
|
|
156,952
|
|
|
160,972
|
|
||
Less allowance for doubtful accounts
|
|
2,790
|
|
|
3,204
|
|
||
Accounts and notes receivable, net
|
|
$
|
154,162
|
|
|
$
|
157,768
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(unaudited)
|
|
|
||||
|
|
(In thousands)
|
||||||
New vehicles
|
|
$
|
1,304,103
|
|
|
$
|
1,262,797
|
|
Used vehicles
|
|
309,969
|
|
|
275,508
|
|
||
Rental vehicles
|
|
145,780
|
|
|
134,509
|
|
||
Parts, accessories and other
|
|
74,133
|
|
|
72,917
|
|
||
Total inventories
|
|
1,833,985
|
|
|
1,745,731
|
|
||
Less lower of cost or market reserves
|
|
7,454
|
|
|
7,980
|
|
||
Inventories, net
|
|
$
|
1,826,531
|
|
|
$
|
1,737,751
|
|
|
|
Estimated Useful Lives in Years
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(unaudited)
|
||||||||
|
|
|
|
(dollars in thousands)
|
||||||
Land
|
|
—
|
|
$
|
374,545
|
|
|
$
|
364,475
|
|
Buildings
|
|
30 to 50
|
|
511,857
|
|
|
505,414
|
|
||
Leasehold improvements
|
|
varies
|
|
159,267
|
|
|
155,585
|
|
||
Machinery and equipment
|
|
7 to 20
|
|
95,613
|
|
|
90,993
|
|
||
Furniture and fixtures
|
|
3 to 10
|
|
86,683
|
|
|
82,688
|
|
||
Company vehicles
|
|
3 to 5
|
|
11,890
|
|
|
11,603
|
|
||
Construction in progress
|
|
—
|
|
68,178
|
|
|
58,361
|
|
||
Total
|
|
|
|
1,308,033
|
|
|
1,269,119
|
|
||
Less accumulated depreciation
|
|
|
|
244,181
|
|
|
235,138
|
|
||
Property and equipment, net
|
|
|
|
$
|
1,063,852
|
|
|
$
|
1,033,981
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(dollars in thousands)
|
||||||
5.00% Senior Notes (aggregate principal of $550,000 at March 31, 2016 and December 31, 2015)
|
|
$
|
539,309
|
|
|
$
|
538,933
|
|
5.25% Senior Notes (aggregate principal of $300,000 at March 31, 2016 and December 31, 2015)
|
|
295,186
|
|
|
295,156
|
|
||
Real Estate Related and Other Long-Term Debt
|
|
398,509
|
|
|
365,564
|
|
||
Capital lease obligations related to real estate, maturing in varying amounts through June 2034 with a weighted average interest rate of 9.7% and 9.8%, respectively
|
|
50,883
|
|
|
51,902
|
|
||
|
|
1,283,887
|
|
|
1,251,555
|
|
||
Less current maturities of other long-term debt
|
|
27,208
|
|
|
52,021
|
|
||
|
|
$
|
1,256,679
|
|
|
$
|
1,199,534
|
|
|
|
As of March 31, 2016
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||
Investments
|
|
$
|
—
|
|
|
$
|
4,332
|
|
|
$
|
4,332
|
|
Demand obligations
|
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
131
|
|
Total
|
|
$
|
—
|
|
|
$
|
4,463
|
|
|
$
|
4,463
|
|
Liabilities:
|
|
|
|
|
|
|
||||||
Interest rate derivative financial instruments
|
|
$
|
—
|
|
|
$
|
45,566
|
|
|
$
|
45,566
|
|
Total
|
|
$
|
—
|
|
|
$
|
45,566
|
|
|
$
|
45,566
|
|
|
|
As of December 31, 2015
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||
Investments
|
|
$
|
—
|
|
|
$
|
4,235
|
|
|
$
|
4,235
|
|
Demand obligations
|
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
131
|
|
Interest rate derivative financial instruments
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
31
|
|
Total
|
|
$
|
—
|
|
|
$
|
4,397
|
|
|
$
|
4,397
|
|
Liabilities:
|
|
|
|
|
|
|
||||||
Interest rate derivative financial instruments
|
|
$
|
—
|
|
|
$
|
31,153
|
|
|
$
|
31,153
|
|
Total
|
|
$
|
—
|
|
|
$
|
31,153
|
|
|
$
|
31,153
|
|
|
Intangible Franchise Rights
|
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
||||||||
|
(In thousands)
|
|
||||||||||||||
BALANCE, December 31, 2015
|
$
|
285,659
|
|
|
$
|
7,773
|
|
|
$
|
14,156
|
|
|
$
|
307,588
|
|
|
Additions through acquisitions
|
—
|
|
|
11,258
|
|
|
—
|
|
|
11,258
|
|
|
||||
Currency translation
|
—
|
|
|
(403
|
)
|
|
1,452
|
|
|
1,049
|
|
|
||||
BALANCE, March 31, 2016
|
$
|
285,659
|
|
|
$
|
18,628
|
|
|
$
|
15,608
|
|
|
$
|
319,895
|
|
|
|
Goodwill
|
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
||||||||
|
(In thousands)
|
|
||||||||||||||
BALANCE, December 31, 2015
|
$
|
809,775
|
|
|
$
|
35,320
|
|
|
$
|
9,820
|
|
|
$
|
854,915
|
|
(1)
|
Additions through acquisitions
|
—
|
|
|
34,123
|
|
|
—
|
|
|
34,123
|
|
|
||||
Purchase price allocation adjustments
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
||||
Disposals
|
(2,035
|
)
|
|
—
|
|
|
(191
|
)
|
|
(2,226
|
)
|
|
||||
Currency translation
|
—
|
|
|
(1,566
|
)
|
|
1,002
|
|
|
(564
|
)
|
|
||||
Tax adjustments
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
||||
BALANCE, March 31, 2016
|
$
|
807,785
|
|
|
$
|
67,877
|
|
|
$
|
10,631
|
|
|
$
|
886,293
|
|
(1)
|
|
|
Three Months Ended March 31, 2016
|
||||||||||
|
|
Accumulated foreign currency translation loss
|
|
Accumulated loss on interest rate swaps
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Balance, December 31, 2015
|
|
$
|
(118,532
|
)
|
|
$
|
(19,452
|
)
|
|
$
|
(137,984
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
2,155
|
|
|
(17,826
|
)
|
|
(15,671
|
)
|
|||
Tax effect
|
|
—
|
|
|
6,685
|
|
|
6,685
|
|
|||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
|
|||||
Floorplan interest expense
|
|
—
|
|
|
2,758
|
|
|
2,758
|
|
|||
Other interest expense
|
|
—
|
|
|
625
|
|
|
625
|
|
|||
Tax effect
|
|
—
|
|
|
(1,269
|
)
|
|
(1,269
|
)
|
|||
Net current period other comprehensive income (loss)
|
|
2,155
|
|
|
(9,027
|
)
|
|
(6,872
|
)
|
|||
Balance, March 31, 2016
|
|
$
|
(116,377
|
)
|
|
$
|
(28,479
|
)
|
|
$
|
(144,856
|
)
|
|
|
Three Months Ended March 31, 2015
|
||||||||||
|
|
Accumulated foreign currency translation loss
|
|
Accumulated loss on interest rate swaps
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Balance, December 31, 2014
|
|
$
|
(64,075
|
)
|
|
$
|
(17,909
|
)
|
|
$
|
(81,984
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
||||||
Pre-tax
|
|
(30,594
|
)
|
|
(10,420
|
)
|
|
(41,014
|
)
|
|||
Tax effect
|
|
—
|
|
|
3,907
|
|
|
3,907
|
|
|||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
|
||||||
Floorplan interest expense
|
|
—
|
|
|
2,708
|
|
|
2,708
|
|
|||
Other interest expense
|
|
—
|
|
|
439
|
|
|
439
|
|
|||
Tax effect
|
|
—
|
|
|
(1,180
|
)
|
|
(1,180
|
)
|
|||
Net current period other comprehensive loss
|
|
(30,594
|
)
|
|
(4,546
|
)
|
|
(35,140
|
)
|
|||
Balance, March 31, 2015
|
|
$
|
(94,669
|
)
|
|
$
|
(22,455
|
)
|
|
$
|
(117,124
|
)
|
|
Three Months Ended March 31, 2016
|
|
|||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
|||||||||
|
(In thousands)
|
|
|||||||||||||||
Total revenues
|
$
|
2,081,632
|
|
|
$
|
431,896
|
|
|
$
|
94,827
|
|
|
$
|
2,608,355
|
|
|
|
Income (loss) before income taxes
|
50,204
|
|
|
5,520
|
|
|
(1,622
|
)
|
|
54,102
|
|
|
|||||
(Provision) benefit for income taxes
|
(18,830
|
)
|
|
(1,170
|
)
|
|
189
|
|
|
(19,811
|
)
|
|
|||||
Net income (loss)
|
$
|
31,374
|
|
(1
|
)
|
$
|
4,350
|
|
|
$
|
(1,433
|
)
|
|
$
|
34,291
|
|
|
|
Three Months Ended March 31, 2015
|
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
||||||||
|
(In thousands)
|
|
||||||||||||||
Total revenues
|
$
|
1,998,500
|
|
|
$
|
299,541
|
|
|
$
|
134,813
|
|
|
$
|
2,432,854
|
|
|
Income (loss) before income taxes
|
53,156
|
|
|
5,121
|
|
|
(805
|
)
|
|
57,472
|
|
|
||||
Provision for income taxes
|
(20,361
|
)
|
|
(999
|
)
|
|
(297
|
)
|
|
(21,657
|
)
|
|
||||
Net income (loss)
|
$
|
32,795
|
|
|
$
|
4,122
|
|
|
$
|
(1,102
|
)
|
|
$
|
35,815
|
|
|
|
As of March 31, 2016
|
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
||||||||
|
(In thousands)
|
|
||||||||||||||
Total assets
|
$
|
3,871,312
|
|
|
$
|
538,473
|
|
|
$
|
124,061
|
|
|
$
|
4,533,846
|
|
|
|
As of December 31, 2015
|
|
||||||||||||||
|
U.S.
|
|
U.K.
|
|
Brazil
|
|
Total
|
|
||||||||
|
(In thousands)
|
|
||||||||||||||
Total assets
|
$
|
3,923,001
|
|
|
$
|
358,476
|
|
|
$
|
115,239
|
|
|
$
|
4,396,716
|
|
|
|
Group 1 Automotive, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Elimination
|
|
Total Company
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
REVENUES:
|
$
|
—
|
|
|
$
|
2,081,633
|
|
|
$
|
526,722
|
|
|
$
|
—
|
|
|
$
|
2,608,355
|
|
COST OF SALES:
|
—
|
|
|
1,748,923
|
|
|
470,331
|
|
|
—
|
|
|
2,219,254
|
|
|||||
GROSS PROFIT
|
—
|
|
|
332,710
|
|
|
56,391
|
|
|
—
|
|
|
389,101
|
|
|||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
1,203
|
|
|
243,014
|
|
|
49,447
|
|
|
—
|
|
|
293,664
|
|
|||||
DEPRECIATION AND AMORTIZATION EXPENSE
|
—
|
|
|
10,596
|
|
|
1,868
|
|
|
—
|
|
|
12,464
|
|
|||||
ASSET IMPAIRMENTS
|
—
|
|
|
509
|
|
|
423
|
|
|
—
|
|
|
932
|
|
|||||
INCOME FROM OPERATIONS
|
(1,203
|
)
|
|
78,591
|
|
|
4,653
|
|
|
—
|
|
|
82,041
|
|
|||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
|
|
||||||||||
Floorplan interest expense
|
—
|
|
|
(10,048
|
)
|
|
(962
|
)
|
|
—
|
|
|
(11,010
|
)
|
|||||
Other interest expense, net
|
—
|
|
|
(16,052
|
)
|
|
(877
|
)
|
|
—
|
|
|
(16,929
|
)
|
|||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES
|
(1,203
|
)
|
|
52,491
|
|
|
2,814
|
|
|
—
|
|
|
54,102
|
|
|||||
BENEFIT (PROVISION) FOR INCOME TAXES
|
450
|
|
|
(19,281
|
)
|
|
(980
|
)
|
|
—
|
|
|
(19,811
|
)
|
|||||
EQUITY IN EARNINGS OF SUBSIDIARIES
|
35,044
|
|
|
—
|
|
|
—
|
|
|
(35,044
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
34,291
|
|
|
$
|
33,210
|
|
|
$
|
1,834
|
|
|
$
|
(35,044
|
)
|
|
$
|
34,291
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
|
—
|
|
|
(9,027
|
)
|
|
2,155
|
|
|
—
|
|
|
(6,872
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT
|
$
|
34,291
|
|
|
$
|
24,183
|
|
|
$
|
3,989
|
|
|
$
|
(35,044
|
)
|
|
$
|
27,419
|
|
|
Group 1 Automotive, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Elimination
|
|
Total Company
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
REVENUES:
|
$
|
—
|
|
|
$
|
1,998,500
|
|
|
$
|
434,354
|
|
|
$
|
—
|
|
|
$
|
2,432,854
|
|
COST OF SALES:
|
—
|
|
|
1,684,012
|
|
|
384,958
|
|
|
—
|
|
|
2,068,970
|
|
|||||
GROSS PROFIT
|
—
|
|
|
314,488
|
|
|
49,396
|
|
|
—
|
|
|
363,884
|
|
|||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
1,231
|
|
|
227,472
|
|
|
42,766
|
|
|
—
|
|
|
271,469
|
|
|||||
DEPRECIATION AND AMORTIZATION EXPENSE
|
—
|
|
|
10,118
|
|
|
1,566
|
|
|
—
|
|
|
11,684
|
|
|||||
ASSET IMPAIRMENTS
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
INCOME FROM OPERATIONS
|
(1,231
|
)
|
|
76,898
|
|
|
5,064
|
|
|
—
|
|
|
80,731
|
|
|||||
OTHER EXPENSE:
|
|
|
|
|
|
|
|
|
|
||||||||||
Floorplan interest expense
|
—
|
|
|
(8,519
|
)
|
|
(829
|
)
|
|
—
|
|
|
(9,348
|
)
|
|||||
Other interest expense, net
|
592
|
|
|
(12,723
|
)
|
|
(1,780
|
)
|
|
—
|
|
|
(13,911
|
)
|
|||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES
|
(639
|
)
|
|
55,656
|
|
|
2,455
|
|
|
—
|
|
|
57,472
|
|
|||||
BENEFIT (PROVISION) FOR INCOME TAXES
|
240
|
|
|
(20,602
|
)
|
|
(1,295
|
)
|
|
—
|
|
|
(21,657
|
)
|
|||||
EQUITY IN EARNINGS OF SUBSIDIARIES
|
36,214
|
|
|
—
|
|
|
—
|
|
|
(36,214
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
$
|
35,815
|
|
|
$
|
35,054
|
|
|
$
|
1,160
|
|
|
$
|
(36,214
|
)
|
|
$
|
35,815
|
|
OTHER COMPREHENSIVE LOSS, NET OF TAXES
|
—
|
|
|
(4,546
|
)
|
|
(30,594
|
)
|
|
—
|
|
|
(35,140
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT
|
$
|
35,815
|
|
|
$
|
30,508
|
|
|
$
|
(29,434
|
)
|
|
$
|
(36,214
|
)
|
|
$
|
675
|
|
|
Group 1 Automotive, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Company
|
||||||||
|
(In thousands)
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities
|
$
|
34,292
|
|
|
$
|
85,665
|
|
|
$
|
(3,882
|
)
|
|
$
|
116,075
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Cash paid in acquisitions, net of cash received
|
—
|
|
|
—
|
|
|
(51,110
|
)
|
|
(51,110
|
)
|
||||
Proceeds from disposition of franchises, property and equipment
|
—
|
|
|
12,681
|
|
|
1,190
|
|
|
13,871
|
|
||||
Purchases of property and equipment, including real estate
|
—
|
|
|
(29,121
|
)
|
|
(4,581
|
)
|
|
(33,702
|
)
|
||||
Other
|
—
|
|
|
(255
|
)
|
|
149
|
|
|
(106
|
)
|
||||
Net cash used in investing activities
|
—
|
|
|
(16,695
|
)
|
|
(54,352
|
)
|
|
(71,047
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Borrowings on credit facility - floorplan line and other
|
—
|
|
|
1,648,527
|
|
|
—
|
|
|
1,648,527
|
|
||||
Repayments on credit facility - floorplan line and other
|
—
|
|
|
(1,666,103
|
)
|
|
—
|
|
|
(1,666,103
|
)
|
||||
Borrowings on credit facility - acquisition line
|
40,000
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
||||
Repayment on credit facility - acquisition line
|
(40,000
|
)
|
|
—
|
|
|
—
|
|
|
(40,000
|
)
|
||||
Borrowings on other debt
|
—
|
|
|
—
|
|
|
7,415
|
|
|
7,415
|
|
||||
Principal payments on other debt
|
—
|
|
|
(230
|
)
|
|
(12,538
|
)
|
|
(12,768
|
)
|
||||
Borrowings on debt related to real estate, net of debt issue costs
|
—
|
|
|
30,331
|
|
|
—
|
|
|
30,331
|
|
||||
Principal payments on debt related to real estate
|
—
|
|
|
(4,325
|
)
|
|
(1,213
|
)
|
|
(5,538
|
)
|
||||
Employee stock purchase plan purchases, net of employee tax withholdings
|
(1,243
|
)
|
|
—
|
|
|
—
|
|
|
(1,243
|
)
|
||||
Repurchases of common stock, amounts based on settlement date
|
(31,945
|
)
|
|
—
|
|
|
—
|
|
|
(31,945
|
)
|
||||
Tax effect from stock-based compensation
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
(53
|
)
|
||||
Dividends paid
|
(5,148
|
)
|
|
—
|
|
|
—
|
|
|
(5,148
|
)
|
||||
Borrowings (repayments) with subsidiaries
|
150,983
|
|
|
(152,665
|
)
|
|
1,682
|
|
|
—
|
|
||||
Investment in subsidiaries
|
(146,939
|
)
|
|
74,576
|
|
|
72,363
|
|
|
—
|
|
||||
Distributions to parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net cash (used in) provided by financing activities
|
(34,292
|
)
|
|
(69,942
|
)
|
|
67,709
|
|
|
(36,525
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
—
|
|
|
—
|
|
|
841
|
|
|
841
|
|
||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
—
|
|
|
(972
|
)
|
|
10,316
|
|
|
9,344
|
|
||||
CASH AND CASH EQUIVALENTS, beginning of period
|
—
|
|
|
6,338
|
|
|
6,699
|
|
|
13,037
|
|
||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
—
|
|
|
$
|
5,366
|
|
|
$
|
17,015
|
|
|
$
|
22,381
|
|
|
Group 1 Automotive, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Company
|
||||||||
|
(In thousands)
|
||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Net cash (used in) provided by operating activities
|
$
|
(399
|
)
|
|
$
|
57,971
|
|
|
$
|
595
|
|
|
$
|
58,167
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Cash paid in acquisitions, net of cash received
|
—
|
|
|
(50,142
|
)
|
|
—
|
|
|
(50,142
|
)
|
||||
Proceeds from disposition of franchises, property and equipment
|
—
|
|
|
816
|
|
|
355
|
|
|
1,171
|
|
||||
Purchases of property and equipment, including real estate
|
—
|
|
|
(16,949
|
)
|
|
(6,208
|
)
|
|
(23,157
|
)
|
||||
Other
|
—
|
|
|
287
|
|
|
—
|
|
|
287
|
|
||||
Net cash used in investing activities
|
—
|
|
|
(65,988
|
)
|
|
(5,853
|
)
|
|
(71,841
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Borrowings on credit facility - floorplan line and other
|
—
|
|
|
1,597,034
|
|
|
—
|
|
|
1,597,034
|
|
||||
Repayments on credit facility - floorplan line and other
|
—
|
|
|
(1,641,072
|
)
|
|
—
|
|
|
(1,641,072
|
)
|
||||
Borrowings on credit facility - acquisition line
|
189,933
|
|
|
—
|
|
|
—
|
|
|
189,933
|
|
||||
Repayment on credit facility - acquisition line
|
(135,907
|
)
|
|
—
|
|
|
—
|
|
|
(135,907
|
)
|
||||
Borrowings on other debt
|
—
|
|
|
—
|
|
|
13,678
|
|
|
13,678
|
|
||||
Principal payments on other debt
|
—
|
|
|
—
|
|
|
(10,644
|
)
|
|
(10,644
|
)
|
||||
Borrowings on debt related to real estate, net of debt issue costs
|
—
|
|
|
—
|
|
|
17,600
|
|
|
17,600
|
|
||||
Principal payments on debt related to real estate
|
—
|
|
|
(5,938
|
)
|
|
(520
|
)
|
|
(6,458
|
)
|
||||
Employee stock purchase plan purchases, net of employee tax withholdings
|
(2,140
|
)
|
|
—
|
|
|
—
|
|
|
(2,140
|
)
|
||||
Repurchases of common stock, amounts based on settlement date
|
(16,175
|
)
|
|
—
|
|
|
—
|
|
|
(16,175
|
)
|
||||
Tax effect from stock-based compensation
|
—
|
|
|
1,004
|
|
|
—
|
|
|
1,004
|
|
||||
Dividends paid
|
(4,892
|
)
|
|
—
|
|
|
—
|
|
|
(4,892
|
)
|
||||
Borrowings (repayments) with subsidiaries
|
9,831
|
|
|
9,239
|
|
|
(19,070
|
)
|
|
—
|
|
||||
Investment in subsidiaries
|
(40,251
|
)
|
|
26,820
|
|
|
13,431
|
|
|
—
|
|
||||
Distributions to parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net cash provided by (used in) financing activities
|
399
|
|
|
(12,913
|
)
|
|
14,475
|
|
|
1,961
|
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
—
|
|
|
—
|
|
|
(2,983
|
)
|
|
(2,983
|
)
|
||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
—
|
|
|
(20,930
|
)
|
|
6,234
|
|
|
(14,696
|
)
|
||||
CASH AND CASH EQUIVALENTS, beginning of period
|
—
|
|
|
25,379
|
|
|
15,596
|
|
|
40,975
|
|
||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
—
|
|
|
$
|
4,449
|
|
|
$
|
21,830
|
|
|
$
|
26,279
|
|
(1)
|
Selling, general and administrative expenses.
|
(2)
|
See "Non-GAAP Financial Measures" for more details.
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Revenues
|
|
|
|
|
|
|
||||
New vehicle retail
|
|
$
|
1,295,908
|
|
|
(1.1)%
|
|
$
|
1,310,053
|
|
Used vehicle retail
|
|
649,059
|
|
|
6.1%
|
|
611,905
|
|
||
Used vehicle wholesale
|
|
90,453
|
|
|
(7.5)%
|
|
97,837
|
|
||
Parts and service
|
|
290,999
|
|
|
5.4%
|
|
276,014
|
|
||
Finance, insurance and other
|
|
95,617
|
|
|
2.2%
|
|
93,561
|
|
||
Total revenues
|
|
$
|
2,422,036
|
|
|
1.4%
|
|
$
|
2,389,370
|
|
Cost of Sales
|
|
|
|
|
|
|
||||
New vehicle retail
|
|
$
|
1,229,986
|
|
|
(0.9)%
|
|
$
|
1,241,586
|
|
Used vehicle retail
|
|
602,256
|
|
|
6.3%
|
|
566,396
|
|
||
Used vehicle wholesale
|
|
88,740
|
|
|
(6.8)%
|
|
95,226
|
|
||
Parts and service
|
|
133,665
|
|
|
4.2%
|
|
128,312
|
|
||
Total cost of sales
|
|
$
|
2,054,647
|
|
|
1.1%
|
|
$
|
2,031,520
|
|
Gross profit
|
|
$
|
367,389
|
|
|
2.7%
|
|
$
|
357,850
|
|
SG&A
|
|
$
|
275,326
|
|
|
4.3%
|
|
$
|
263,881
|
|
Adjusted SG&A
(1)
|
|
$
|
271,946
|
|
|
3.1%
|
|
$
|
263,881
|
|
Depreciation and amortization expenses
|
|
$
|
11,763
|
|
|
5.1%
|
|
$
|
11,194
|
|
Floorplan interest expense
|
|
$
|
10,421
|
|
|
11.7%
|
|
$
|
9,326
|
|
Gross Margin
|
|
|
|
|
|
|
||||
New vehicle retail
|
|
5.1
|
%
|
|
|
|
5.2
|
%
|
||
Total used vehicle
|
|
6.6
|
%
|
|
|
|
6.8
|
%
|
||
Parts and service
|
|
54.1
|
%
|
|
|
|
53.5
|
%
|
||
Total gross margin
|
|
15.2
|
%
|
|
|
|
15.0
|
%
|
||
SG&A as a % of gross profit
|
|
74.9
|
%
|
|
|
|
73.7
|
%
|
||
Adjusted SG&A as a % of gross profit
(1)
|
|
74.0
|
%
|
|
|
|
73.7
|
%
|
||
Operating margin
|
|
3.3
|
%
|
|
|
|
3.5
|
%
|
||
Adjusted Operating margin
(1)
|
|
3.5
|
%
|
|
|
|
3.5
|
%
|
||
Finance and insurance revenues per retail unit sold
|
|
$
|
1,385
|
|
|
0.7%
|
|
$
|
1,376
|
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Retail Unit Sales
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
29,972
|
|
|
(3.1)%
|
|
30,939
|
|
||
U.K.
|
|
5,121
|
|
|
13.6%
|
|
4,509
|
|
||
Brazil
|
|
2,559
|
|
|
(16.9)%
|
|
3,079
|
|
||
Total Same Stores
|
|
37,652
|
|
|
(2.3)%
|
|
38,527
|
|
||
Transactions
|
|
3,129
|
|
|
|
|
712
|
|
||
Total
|
|
40,781
|
|
|
3.9%
|
|
39,239
|
|
||
Retail Sales Revenues
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,061,126
|
|
|
(0.7)%
|
|
$
|
1,068,403
|
|
U.K.
|
|
172,612
|
|
|
14.2%
|
|
151,211
|
|
||
Brazil
|
|
62,170
|
|
|
(31.3)%
|
|
90,439
|
|
||
Total Same Stores
|
|
1,295,908
|
|
|
(1.1)%
|
|
1,310,053
|
|
||
Transactions
|
|
113,943
|
|
|
|
|
22,671
|
|
||
Total
|
|
$
|
1,409,851
|
|
|
5.8%
|
|
$
|
1,332,724
|
|
Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
51,842
|
|
|
(1.5)%
|
|
$
|
52,647
|
|
U.K.
|
|
10,291
|
|
|
3.4%
|
|
9,952
|
|
||
Brazil
|
|
3,789
|
|
|
(35.4)%
|
|
5,868
|
|
||
Total Same Stores
|
|
65,922
|
|
|
(3.7)%
|
|
68,467
|
|
||
Transactions
|
|
5,805
|
|
|
|
|
1,264
|
|
||
Total
|
|
$
|
71,727
|
|
|
2.9%
|
|
$
|
69,731
|
|
Gross Profit per Retail Unit Sold
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,730
|
|
|
1.6%
|
|
$
|
1,702
|
|
U.K.
|
|
$
|
2,010
|
|
|
(8.9)%
|
|
$
|
2,207
|
|
Brazil
|
|
$
|
1,481
|
|
|
(22.3)%
|
|
$
|
1,906
|
|
Total Same Stores
|
|
$
|
1,751
|
|
|
(1.5)%
|
|
$
|
1,777
|
|
Transactions
|
|
$
|
1,855
|
|
|
|
|
$
|
1,775
|
|
Total
|
|
$
|
1,759
|
|
|
(1.0)%
|
|
$
|
1,777
|
|
Gross Margin
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
4.9
|
%
|
|
|
|
4.9
|
%
|
||
U.K.
|
|
6.0
|
%
|
|
|
|
6.6
|
%
|
||
Brazil
|
|
6.1
|
%
|
|
|
|
6.5
|
%
|
||
Total Same Stores
|
|
5.1
|
%
|
|
|
|
5.2
|
%
|
||
Transactions
|
|
5.1
|
%
|
|
|
|
5.6
|
%
|
||
Total
|
|
5.1
|
%
|
|
|
|
5.2
|
%
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
% Change
|
|
2015
|
||
Toyota/Scion/Lexus
|
|
9,701
|
|
|
(3.6)%
|
|
10,066
|
|
BMW/MINI
|
|
4,732
|
|
|
3.3%
|
|
4,581
|
|
Ford/Lincoln
|
|
4,681
|
|
|
(0.7)%
|
|
4,714
|
|
Honda/Acura
|
|
4,295
|
|
|
2.0%
|
|
4,212
|
|
Chevrolet/GMC/Buick/Cadillac
|
|
3,199
|
|
|
9.2%
|
|
2,929
|
|
Nissan
|
|
3,153
|
|
|
(9.4)%
|
|
3,482
|
|
Volkswagen/Audi/Porsche
|
|
2,337
|
|
|
5.0%
|
|
2,226
|
|
Hyundai/Kia
|
|
1,937
|
|
|
(12.7)%
|
|
2,218
|
|
Chrysler/Dodge/Jeep/RAM
|
|
1,623
|
|
|
(7.7)%
|
|
1,759
|
|
Mercedes-Benz/smart/Sprinter
|
|
1,321
|
|
|
(8.1)%
|
|
1,438
|
|
Other
|
|
673
|
|
|
(25.4)%
|
|
902
|
|
Total
|
|
37,652
|
|
|
(2.3)%
|
|
38,527
|
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Retail Unit Sales
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
26,148
|
|
|
5.6%
|
|
24,761
|
|
||
U.K.
|
|
3,896
|
|
|
6.9%
|
|
3,643
|
|
||
Brazil
|
|
1,317
|
|
|
23.1%
|
|
1,070
|
|
||
Total Same Stores
|
|
31,361
|
|
|
6.4%
|
|
29,474
|
|
||
Transactions
|
|
1,430
|
|
|
|
|
509
|
|
||
Total
|
|
32,791
|
|
|
9.4%
|
|
29,983
|
|
||
Retail Sales Revenues
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
538,622
|
|
|
7.3%
|
|
$
|
502,064
|
|
U.K.
|
|
91,515
|
|
|
2.7%
|
|
89,136
|
|
||
Brazil
|
|
18,922
|
|
|
(8.6)%
|
|
20,705
|
|
||
Total Same Stores
|
|
649,059
|
|
|
6.1%
|
|
611,905
|
|
||
Transactions
|
|
39,112
|
|
|
|
|
11,288
|
|
||
Total
|
|
$
|
688,171
|
|
|
10.4%
|
|
$
|
623,193
|
|
Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
41,795
|
|
|
4.5%
|
|
$
|
40,009
|
|
U.K.
|
|
4,442
|
|
|
(4.2)%
|
|
4,637
|
|
||
Brazil
|
|
566
|
|
|
(34.4)%
|
|
863
|
|
||
Total Same Stores
|
|
46,803
|
|
|
2.8%
|
|
45,509
|
|
||
Transactions
|
|
2,397
|
|
|
|
|
612
|
|
||
Total
|
|
$
|
49,200
|
|
|
6.7%
|
|
$
|
46,121
|
|
Gross Profit per Unit Sold
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,598
|
|
|
(1.1)%
|
|
$
|
1,616
|
|
U.K.
|
|
$
|
1,140
|
|
|
(10.4)%
|
|
$
|
1,273
|
|
Brazil
|
|
$
|
430
|
|
|
(46.7)%
|
|
$
|
807
|
|
Total Same Stores
|
|
$
|
1,492
|
|
|
(3.4)%
|
|
$
|
1,544
|
|
Transactions
|
|
$
|
1,676
|
|
|
|
|
$
|
1,202
|
|
Total
|
|
$
|
1,500
|
|
|
(2.5)%
|
|
$
|
1,538
|
|
Gross Margin
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
7.8
|
%
|
|
|
|
8.0
|
%
|
||
U.K.
|
|
4.9
|
%
|
|
|
|
5.2
|
%
|
||
Brazil
|
|
3.0
|
%
|
|
|
|
4.2
|
%
|
||
Total Same Stores
|
|
7.2
|
%
|
|
|
|
7.4
|
%
|
||
Transactions
|
|
6.1
|
%
|
|
|
|
5.4
|
%
|
||
Total
|
|
7.1
|
%
|
|
|
|
7.4
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Wholesale Unit Sales
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
10,112
|
|
|
(2.4)%
|
|
10,356
|
|
||
U.K.
|
|
3,039
|
|
|
3.5%
|
|
2,935
|
|
||
Brazil
|
|
291
|
|
|
(24.2)%
|
|
384
|
|
||
Total Same Stores
|
|
13,442
|
|
|
(1.7)%
|
|
13,675
|
|
||
Transactions
|
|
924
|
|
|
|
|
265
|
|
||
Total
|
|
14,366
|
|
|
3.1%
|
|
13,940
|
|
||
Wholesale Sales Revenues
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
65,078
|
|
|
(3.4)%
|
|
$
|
67,380
|
|
U.K.
|
|
24,788
|
|
|
(11.7)%
|
|
28,078
|
|
||
Brazil
|
|
587
|
|
|
(75.3)%
|
|
2,379
|
|
||
Total Same Stores
|
|
90,453
|
|
|
(7.5)%
|
|
97,837
|
|
||
Transactions
|
|
11,139
|
|
|
|
|
2,355
|
|
||
Total
|
|
$
|
101,592
|
|
|
1.4%
|
|
$
|
100,192
|
|
Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,091
|
|
|
(48.3)%
|
|
$
|
2,110
|
|
U.K.
|
|
587
|
|
|
83.4%
|
|
320
|
|
||
Brazil
|
|
35
|
|
|
(80.7)%
|
|
181
|
|
||
Total Same Stores
|
|
1,713
|
|
|
(34.4)%
|
|
2,611
|
|
||
Transactions
|
|
(264
|
)
|
|
|
|
68
|
|
||
Total
|
|
$
|
1,449
|
|
|
(45.9)%
|
|
$
|
2,679
|
|
Gross Profit per Wholesale Unit Sold
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
108
|
|
|
(47.1)%
|
|
$
|
204
|
|
U.K.
|
|
$
|
193
|
|
|
77.1%
|
|
$
|
109
|
|
Brazil
|
|
$
|
120
|
|
|
(74.5)%
|
|
$
|
471
|
|
Total Same Stores
|
|
$
|
127
|
|
|
(33.5)%
|
|
$
|
191
|
|
Transactions
|
|
$
|
(286
|
)
|
|
|
|
$
|
257
|
|
Total
|
|
$
|
101
|
|
|
(47.4)%
|
|
$
|
192
|
|
Gross Margin
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
1.7
|
%
|
|
|
|
3.1
|
%
|
||
U.K.
|
|
2.4
|
%
|
|
|
|
1.1
|
%
|
||
Brazil
|
|
6.0
|
%
|
|
|
|
7.6
|
%
|
||
Total Same Stores
|
|
1.9
|
%
|
|
|
|
2.7
|
%
|
||
Transactions
|
|
(2.4
|
)%
|
|
|
|
2.9
|
%
|
||
Total
|
|
1.4
|
%
|
|
|
|
2.7
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Used Vehicle Unit Sales
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
36,260
|
|
|
3.3%
|
|
35,117
|
|
||
U.K.
|
|
6,935
|
|
|
5.4%
|
|
6,578
|
|
||
Brazil
|
|
1,608
|
|
|
10.6%
|
|
1,454
|
|
||
Total Same Stores
|
|
44,803
|
|
|
3.8%
|
|
43,149
|
|
||
Transactions
|
|
2,354
|
|
|
|
|
774
|
|
||
Total
|
|
47,157
|
|
|
7.4%
|
|
43,923
|
|
||
Sales Revenues
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
603,700
|
|
|
6.0%
|
|
$
|
569,444
|
|
U.K.
|
|
116,303
|
|
|
(0.8)%
|
|
117,214
|
|
||
Brazil
|
|
19,509
|
|
|
(15.5)%
|
|
23,084
|
|
||
Total Same Stores
|
|
739,512
|
|
|
4.2%
|
|
709,742
|
|
||
Transactions
|
|
50,251
|
|
|
|
|
13,643
|
|
||
Total
|
|
$
|
789,763
|
|
|
9.2%
|
|
$
|
723,385
|
|
Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
42,886
|
|
|
1.8%
|
|
$
|
42,119
|
|
U.K.
|
|
5,029
|
|
|
1.5%
|
|
4,957
|
|
||
Brazil
|
|
601
|
|
|
(42.4)%
|
|
1,044
|
|
||
Total Same Stores
|
|
48,516
|
|
|
0.8%
|
|
48,120
|
|
||
Transactions
|
|
2,133
|
|
|
|
|
680
|
|
||
Total
|
|
$
|
50,649
|
|
|
3.8%
|
|
$
|
48,800
|
|
Gross Profit per Unit Sold
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,183
|
|
|
(1.3)%
|
|
$
|
1,199
|
|
U.K.
|
|
$
|
725
|
|
|
(3.8)%
|
|
$
|
754
|
|
Brazil
|
|
$
|
374
|
|
|
(47.9)%
|
|
$
|
718
|
|
Total Same Stores
|
|
$
|
1,083
|
|
|
(2.9)%
|
|
$
|
1,115
|
|
Transactions
|
|
$
|
906
|
|
|
|
|
$
|
879
|
|
Total
|
|
$
|
1,074
|
|
|
(3.3)%
|
|
$
|
1,111
|
|
Gross Margin
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
7.1
|
%
|
|
|
|
7.4
|
%
|
||
U.K.
|
|
4.3
|
%
|
|
|
|
4.2
|
%
|
||
Brazil
|
|
3.1
|
%
|
|
|
|
4.5
|
%
|
||
Total Same Stores
|
|
6.6
|
%
|
|
|
|
6.8
|
%
|
||
Transactions
|
|
4.2
|
%
|
|
|
|
5.0
|
%
|
||
Total
|
|
6.4
|
%
|
|
|
|
6.7
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Parts and Services Revenue
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
254,955
|
|
|
7.3%
|
|
$
|
237,698
|
|
U.K.
|
|
25,737
|
|
|
0.6%
|
|
25,588
|
|
||
Brazil
|
|
10,307
|
|
|
(19.0)%
|
|
12,728
|
|
||
Total Same Stores
|
|
290,999
|
|
|
5.4%
|
|
276,014
|
|
||
Transactions
|
|
17,593
|
|
|
|
|
6,175
|
|
||
Total
|
|
$
|
308,592
|
|
|
9.4%
|
|
$
|
282,189
|
|
Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
139,381
|
|
|
8.6%
|
|
$
|
128,286
|
|
U.K.
|
|
14,030
|
|
|
2.3%
|
|
13,721
|
|
||
Brazil
|
|
3,923
|
|
|
(31.1)%
|
|
5,695
|
|
||
Total Same Stores
|
|
157,334
|
|
|
6.5%
|
|
147,702
|
|
||
Transactions
|
|
9,242
|
|
|
|
|
3,095
|
|
||
Total
|
|
$
|
166,576
|
|
|
10.5%
|
|
$
|
150,797
|
|
Gross Margin
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
54.7
|
%
|
|
|
|
54.0
|
%
|
||
U.K.
|
|
54.5
|
%
|
|
|
|
53.6
|
%
|
||
Brazil
|
|
38.1
|
%
|
|
|
|
44.7
|
%
|
||
Total Same Stores
|
|
54.1
|
%
|
|
|
|
53.5
|
%
|
||
Transactions
|
|
52.5
|
%
|
|
|
|
50.1
|
%
|
||
Total
|
|
54.0
|
%
|
|
|
|
53.4
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Retail New and Used Unit Sales
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
56,120
|
|
|
0.8%
|
|
55,700
|
|
||
U.K.
|
|
9,017
|
|
|
10.6%
|
|
8,152
|
|
||
Brazil
|
|
3,876
|
|
|
(6.6)%
|
|
4,149
|
|
||
Total Same Stores
|
|
69,013
|
|
|
1.5%
|
|
68,001
|
|
||
Transactions
|
|
4,559
|
|
|
|
|
1,221
|
|
||
Total
|
|
73,572
|
|
|
6.3%
|
|
69,222
|
|
||
Retail Finance Fees
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
28,796
|
|
|
4.7%
|
|
$
|
27,508
|
|
U.K.
|
|
3,959
|
|
|
19.3%
|
|
3,318
|
|
||
Brazil
|
|
316
|
|
|
(41.5)%
|
|
540
|
|
||
Total Same Stores
|
|
33,071
|
|
|
5.4%
|
|
31,366
|
|
||
Transactions
|
|
1,860
|
|
|
|
|
440
|
|
||
Total
|
|
$
|
34,931
|
|
|
9.8%
|
|
$
|
31,806
|
|
Vehicle Service Contract Fees
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
33,791
|
|
|
(1.7)%
|
|
$
|
34,361
|
|
U.K.
|
|
136
|
|
|
(32.7)%
|
|
202
|
|
||
Brazil
|
|
—
|
|
|
—%
|
|
—
|
|
||
Total Same Stores
|
|
33,927
|
|
|
(1.8)%
|
|
34,563
|
|
||
Transactions
|
|
448
|
|
|
|
|
183
|
|
||
Total
|
|
$
|
34,375
|
|
|
(1.1)%
|
|
$
|
34,746
|
|
Insurance and Other
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
25,011
|
|
|
3.2%
|
|
$
|
24,237
|
|
U.K.
|
|
2,592
|
|
|
29.1%
|
|
2,008
|
|
||
Brazil
|
|
1,016
|
|
|
(26.7)%
|
|
1,387
|
|
||
Total Same Stores
|
|
28,619
|
|
|
3.6%
|
|
27,632
|
|
||
Transactions
|
|
2,224
|
|
|
|
|
372
|
|
||
Total
|
|
$
|
30,843
|
|
|
10.1%
|
|
$
|
28,004
|
|
Total Finance and Insurance Revenues
|
|
|
|
|
|
|
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
87,598
|
|
|
1.7%
|
|
$
|
86,106
|
|
U.K.
|
|
6,687
|
|
|
21.0%
|
|
5,528
|
|
||
Brazil
|
|
1,332
|
|
|
(30.9)%
|
|
1,927
|
|
||
Total Same Stores
|
|
95,617
|
|
|
2.2%
|
|
93,561
|
|
||
Transactions
|
|
4,532
|
|
|
|
|
995
|
|
||
Total
|
|
$
|
100,149
|
|
|
5.9%
|
|
$
|
94,556
|
|
Finance and Insurance Revenues per Retail Unit Sold
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
1,561
|
|
|
1.0%
|
|
$
|
1,546
|
|
U.K.
|
|
$
|
742
|
|
|
9.4%
|
|
$
|
678
|
|
Brazil
|
|
$
|
344
|
|
|
(25.9)%
|
|
$
|
464
|
|
Total Same Stores
|
|
$
|
1,385
|
|
|
0.7%
|
|
$
|
1,376
|
|
Transactions
|
|
$
|
994
|
|
|
|
|
$
|
815
|
|
Total
|
|
$
|
1,361
|
|
|
(0.4)%
|
|
$
|
1,366
|
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Personnel
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
151,840
|
|
|
5.7%
|
|
$
|
143,708
|
|
U.K.
|
|
16,953
|
|
|
5.2%
|
|
16,108
|
|
||
Brazil
|
|
5,258
|
|
|
(19.2)%
|
|
6,511
|
|
||
Total Same Stores
|
|
174,051
|
|
|
4.6%
|
|
166,327
|
|
||
Transactions
|
|
9,908
|
|
|
|
|
3,775
|
|
||
Total
|
|
$
|
183,959
|
|
|
8.1%
|
|
$
|
170,102
|
|
Advertising
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
15,147
|
|
|
(2.8)%
|
|
$
|
15,587
|
|
U.K.
|
|
1,017
|
|
|
(4.7)%
|
|
1,067
|
|
||
Brazil
|
|
294
|
|
|
17.6%
|
|
250
|
|
||
Total Same Stores
|
|
16,458
|
|
|
(2.6)%
|
|
16,904
|
|
||
Transactions
|
|
661
|
|
|
|
|
346
|
|
||
Total
|
|
$
|
17,119
|
|
|
(0.8)%
|
|
$
|
17,250
|
|
Rent and Facility Costs
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
20,035
|
|
|
0.3%
|
|
$
|
19,978
|
|
U.K.
|
|
2,433
|
|
|
(10.0)%
|
|
2,704
|
|
||
Brazil
|
|
2,021
|
|
|
(22.9)%
|
|
2,622
|
|
||
Total Same Stores
|
|
24,489
|
|
|
(3.2)%
|
|
25,304
|
|
||
Transactions
|
|
2,896
|
|
|
|
|
1,354
|
|
||
Total
|
|
$
|
27,385
|
|
|
2.7%
|
|
$
|
26,658
|
|
Other SG&A
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
48,265
|
|
|
7.1%
|
|
$
|
45,069
|
|
U.K.
|
|
6,496
|
|
|
(5.6)%
|
|
6,884
|
|
||
Brazil
|
|
2,187
|
|
|
(35.5)%
|
|
3,393
|
|
||
Total Same Stores
|
|
56,948
|
|
|
2.9%
|
|
55,346
|
|
||
Transactions
|
|
5,569
|
|
|
|
|
2,113
|
|
||
Total
|
|
$
|
62,517
|
|
|
8.8%
|
|
$
|
57,459
|
|
Total SG&A
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
235,287
|
|
|
4.9%
|
|
$
|
224,342
|
|
U.K.
|
|
26,899
|
|
|
0.5%
|
|
26,763
|
|
||
Brazil
|
|
9,760
|
|
|
(23.6)%
|
|
12,776
|
|
||
Total Same Stores
|
|
271,946
|
|
|
3.1%
|
|
263,881
|
|
||
Transactions
|
|
19,034
|
|
|
|
|
7,588
|
|
||
Total
|
|
$
|
290,980
|
|
|
7.2%
|
|
$
|
271,469
|
|
Total Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
321,707
|
|
|
4.1%
|
|
$
|
309,158
|
|
U.K.
|
|
36,037
|
|
|
5.5%
|
|
34,158
|
|
||
Brazil
|
|
9,645
|
|
|
(33.6)%
|
|
14,534
|
|
||
Total Same Stores
|
|
367,389
|
|
|
2.7%
|
|
357,850
|
|
||
Transactions
|
|
21,712
|
|
|
|
|
6,034
|
|
||
Total
|
|
$
|
389,101
|
|
|
6.9%
|
|
$
|
363,884
|
|
SG&A as a % of Gross Profit
|
|
|
|
|
|
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
73.1
|
%
|
|
|
|
72.6
|
%
|
||
U.K.
|
|
74.6
|
%
|
|
|
|
78.3
|
%
|
||
Brazil
|
|
101.2
|
%
|
|
|
|
87.9
|
%
|
||
Total Same Stores
|
|
74.0
|
%
|
|
|
|
73.7
|
%
|
||
Transactions
|
|
87.7
|
%
|
|
|
|
125.8
|
%
|
||
Total
|
|
74.8
|
%
|
|
|
|
74.6
|
%
|
||
|
|
|
|
|
|
|
||||
Employees
|
|
12,800
|
|
|
|
|
12,200
|
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
10,334
|
|
|
5.3%
|
|
$
|
9,810
|
|
U.K.
|
|
1,154
|
|
|
12.1%
|
|
1,029
|
|
||
Brazil
|
|
275
|
|
|
(22.5)%
|
|
355
|
|
||
Total Same Stores
|
|
11,763
|
|
|
5.1%
|
|
11,194
|
|
||
Transactions
|
|
701
|
|
|
|
|
490
|
|
||
Total
|
|
$
|
12,464
|
|
|
6.7%
|
|
$
|
11,684
|
|
|
|
Three Months Ended March 31,
|
||||||||
|
|
2016
|
|
% Change
|
|
2015
|
||||
Same Stores
|
|
|
|
|
|
|
||||
U.S.
|
|
$
|
9,810
|
|
|
16.7%
|
|
$
|
8,403
|
|
U.K.
|
|
551
|
|
|
8.0%
|
|
510
|
|
||
Brazil
|
|
60
|
|
|
(85.5)%
|
|
413
|
|
||
Total Same Stores
|
|
10,421
|
|
|
11.7%
|
|
9,326
|
|
||
Transactions
|
|
589
|
|
|
|
|
22
|
|
||
Total
|
|
$
|
11,010
|
|
|
17.8%
|
|
$
|
9,348
|
|
Memo:
|
|
|
|
|
|
|
||||
Total manufacturer’s assistance
|
|
$
|
11,514
|
|
|
7.0%
|
|
$
|
10,761
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(In thousands)
|
||||||
Adjusted net cash provided by operating activities
|
|
$
|
98,648
|
|
|
$
|
51,684
|
|
Adjusted net cash used in investing activities
|
|
(75,469
|
)
|
|
(67,583
|
)
|
||
Adjusted net cash provided by (used in) financing activities
|
|
(14,676
|
)
|
|
4,186
|
|
||
Effect of exchange rate changes on cash
|
|
841
|
|
|
(2,983
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
9,344
|
|
|
$
|
(14,696
|
)
|
|
As of March 31, 2016
|
|||
|
Required
|
|
Actual
|
|
Senior Secured Adjusted Leverage Ratio
|
< 3.75
|
|
1.75
|
|
Total Adjusted Leverage Ratio
|
< 5.50
|
|
3.86
|
|
Fixed Charge Coverage Ratio
|
> 1.35
|
|
2.00
|
|
|
|
As of March 31, 2016
|
||||||||||
U.S. Credit Facilities
|
|
Total
Commitment
|
|
Outstanding
|
|
Available
|
||||||
|
|
|
|
(In thousands)
|
|
|
||||||
Floorplan Line
(1)
|
|
$
|
1,380,000
|
|
|
$
|
1,133,271
|
|
|
$
|
246,729
|
|
Acquisition Line
(2)
|
|
320,000
|
|
|
37,139
|
|
|
282,861
|
|
|||
Total Revolving Credit Facility
|
|
1,700,000
|
|
|
1,170,410
|
|
|
529,590
|
|
|||
FMCC Facility
(3)
|
|
300,000
|
|
|
182,933
|
|
|
117,067
|
|
|||
Total U.S. Credit Facilities
(4)
|
|
$
|
2,000,000
|
|
|
$
|
1,353,343
|
|
|
$
|
646,657
|
|
(1)
|
The available balance at
March 31, 2016
includes
$104.1 million
of immediately available funds.
|
(2)
|
The outstanding balance of
$37.1 million
is related to outstanding letters of credit.
|
(3)
|
The available balance at
March 31, 2016
includes $
30.0 million
of immediately available funds.
|
(4)
|
The outstanding balance excludes
$227.2 million
of borrowings with manufacturer-affiliates and third-party financial institutions for foreign and rental vehicle financing not associated with any of our U.S. credit facilities.
|
|
|
|
|
Adjustments for:
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
|
|||||||||||||||||||
|
|
U.S. GAAP
|
|
Catastrophic events
|
|
Gain / loss on real estate and dealership transactions
|
|
Acquisition costs
|
|
Non-cash asset impairment
|
|
Adjusted
|
||||||||||||
U.S.
|
||||||||||||||||||||||||
Selling, general and administrative expenses
|
|
$
|
245,838
|
|
|
$
|
(2,655
|
)
|
|
$
|
933
|
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
244,086
|
|
Asset impairments
|
|
509
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(509
|
)
|
|
—
|
|
||||||
Income from operations
|
|
75,766
|
|
|
2,655
|
|
|
(933
|
)
|
|
30
|
|
|
509
|
|
|
78,027
|
|
||||||
Income before income taxes
|
|
50,204
|
|
|
2,655
|
|
|
(933
|
)
|
|
30
|
|
|
509
|
|
|
52,465
|
|
||||||
Provision for income taxes
|
|
(18,830
|
)
|
|
(996
|
)
|
|
351
|
|
|
(13
|
)
|
|
(194
|
)
|
|
(19,682
|
)
|
||||||
Net income
|
|
$
|
31,374
|
|
|
$
|
1,659
|
|
|
$
|
(582
|
)
|
|
$
|
17
|
|
|
$
|
315
|
|
|
$
|
32,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as % Gross Profit:
|
|
73.9
|
|
|
|
|
|
|
|
|
|
|
73.4
|
|
||||||||||
Operating Margin %:
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
3.7
|
|
||||||||||
Pretax Margin %:
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
2.5
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store SG&A
|
|
$
|
238,106
|
|
|
$
|
(2,655
|
)
|
|
$
|
(134
|
)
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
235,287
|
|
Same Store SG&A as % Gross Profit:
|
|
74.0
|
|
|
|
|
|
|
|
|
|
|
73.1
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store income from operations
|
|
$
|
72,758
|
|
|
$
|
2,655
|
|
|
$
|
134
|
|
|
$
|
30
|
|
|
$
|
509
|
|
|
$
|
76,086
|
|
Same Store Operating Margin %:
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
3.8
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.K.
|
||||||||||||||||||||||||
Selling, general and administrative expenses
|
|
$
|
37,436
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(561
|
)
|
|
$
|
—
|
|
|
$
|
36,875
|
|
Income from operations
|
|
7,722
|
|
|
—
|
|
|
—
|
|
|
561
|
|
|
—
|
|
|
8,283
|
|
||||||
Income before income taxes
|
|
5,520
|
|
|
—
|
|
|
—
|
|
|
561
|
|
|
—
|
|
|
6,081
|
|
||||||
Net income
|
|
$
|
4,350
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
561
|
|
|
$
|
—
|
|
|
$
|
4,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as % Gross Profit:
|
|
80.1
|
|
|
|
|
|
|
|
|
|
|
78.9
|
|
||||||||||
Operating Margin %:
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
1.9
|
|
||||||||||
Pretax Margin %:
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
1.4
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store SG&A
|
|
$
|
27,460
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(561
|
)
|
|
$
|
—
|
|
|
$
|
26,899
|
|
Same Store SG&A as % Gross Profit:
|
|
76.2
|
|
|
|
|
|
|
|
|
|
|
74.6
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store income from operations
|
|
$
|
7,423
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
561
|
|
|
$
|
—
|
|
|
$
|
7,984
|
|
Same Store Operating Margin %:
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
2.5
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
BRAZIL
|
||||||||||||||||||||||||
Selling, general and administrative expenses
|
|
$
|
10,390
|
|
|
$
|
—
|
|
|
$
|
(371
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,019
|
|
Asset impairments
|
|
423
|
|
|
—
|
|
|
(423
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Income from operations
|
|
(1,447
|
)
|
|
—
|
|
|
794
|
|
|
—
|
|
|
—
|
|
|
(653
|
)
|
||||||
Income before income taxes
|
|
(1,622
|
)
|
|
—
|
|
|
794
|
|
|
—
|
|
|
—
|
|
|
(828
|
)
|
||||||
Net loss
|
|
$
|
(1,433
|
)
|
|
$
|
—
|
|
|
$
|
794
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(639
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as % Gross Profit:
|
|
107.7
|
|
|
|
|
|
|
|
|
|
|
103.9
|
|
||||||||||
Operating Margin %:
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
|
|
(0.7
|
)
|
||||||||||
Pretax Margin %:
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
(0.9
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from operations
|
|
$
|
(813
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
423
|
|
|
$
|
(390
|
)
|
Same Store Operating Margin %:
|
|
(0.9
|
)
|
|
|
|
|
|
|
|
|
|
(0.4
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CONSOLIDATED
|
||||||||||||||||||||||||
Selling, general and administrative expenses
|
|
$
|
293,664
|
|
|
$
|
(2,655
|
)
|
|
$
|
562
|
|
|
$
|
(591
|
)
|
|
$
|
—
|
|
|
$
|
290,980
|
|
Asset impairments
|
|
932
|
|
|
—
|
|
|
(423
|
)
|
|
—
|
|
|
(509
|
)
|
|
—
|
|
||||||
Income from operations
|
|
82,041
|
|
|
2,655
|
|
|
(139
|
)
|
|
591
|
|
|
509
|
|
|
85,657
|
|
||||||
Income before income taxes
|
|
54,102
|
|
|
2,655
|
|
|
(139
|
)
|
|
591
|
|
|
509
|
|
|
57,718
|
|
||||||
Provision for income taxes
|
|
(19,811
|
)
|
|
(996
|
)
|
|
351
|
|
|
(13
|
)
|
|
(194
|
)
|
|
(20,663
|
)
|
||||||
Net income
|
|
$
|
34,291
|
|
|
$
|
1,659
|
|
|
$
|
212
|
|
|
$
|
578
|
|
|
$
|
315
|
|
|
$
|
37,055
|
|
Less: Adjusted earnings allocated to participating securities
|
|
1,348
|
|
|
65
|
|
|
8
|
|
|
23
|
|
|
13
|
|
|
1,457
|
|
||||||
Adjusted net income available to diluted common shares
|
|
$
|
32,943
|
|
|
$
|
1,594
|
|
|
$
|
204
|
|
|
$
|
555
|
|
|
$
|
302
|
|
|
$
|
35,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted income per common share
|
|
$
|
1.47
|
|
|
$
|
0.07
|
|
|
$
|
0.01
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
1.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SG&A as % Gross Profit:
|
|
75.5
|
|
|
|
|
|
|
|
|
|
|
74.8
|
|
||||||||||
Operating Margin %:
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
3.3
|
|
||||||||||
Pretax Margin %:
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
2.2
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store SG&A
|
|
$
|
275,326
|
|
|
$
|
(2,655
|
)
|
|
$
|
(134
|
)
|
|
$
|
(591
|
)
|
|
$
|
—
|
|
|
$
|
271,946
|
|
Same Store SG&A as % Gross Profit:
|
|
74.9
|
|
|
|
|
|
|
|
|
|
|
74.0
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Same Store income from operations
|
|
$
|
79,368
|
|
|
$
|
2,655
|
|
|
$
|
134
|
|
|
$
|
591
|
|
|
$
|
932
|
|
|
$
|
83,680
|
|
Same Store Operating Margin %:
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
3.5
|
|
|
|
Three Months Ended March 31,
|
|||||||||
|
|
2016
|
|
2015
|
|
% Change
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities
|
|
$
|
116,075
|
|
|
$
|
58,167
|
|
|
99.6
|
|
Change in floorplan notes payable-credit facilities, excluding floorplan offset account and net acquisition and disposition related activity
|
|
(21,927
|
)
|
|
(4,983
|
)
|
|
|
|||
Change in floorplan notes payable-manufacturer affiliates associated with net acquisition and disposition related activity
|
|
4,500
|
|
|
(1,500
|
)
|
|
|
|||
Adjusted net cash provided by operating activities
|
|
$
|
98,648
|
|
|
$
|
51,684
|
|
|
90.9
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|||||
Net cash used in investing activities
|
|
$
|
(71,047
|
)
|
|
$
|
(71,841
|
)
|
|
(1.1
|
)
|
Change in cash paid for acquisitions, associated with floorplan notes payable
|
|
—
|
|
|
5,014
|
|
|
|
|||
Change in proceeds from disposition of franchises, property and equipment, associated with floorplan notes payable
|
|
(4,422
|
)
|
|
(756
|
)
|
|
|
|||
Adjusted net cash used in investing activities
|
|
$
|
(75,469
|
)
|
|
$
|
(67,583
|
)
|
|
11.7
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||||
Net cash (used in) provided by financing activities
|
|
$
|
(36,525
|
)
|
|
$
|
1,961
|
|
|
(1,962.6
|
)
|
Change in net borrowings and repayments on floorplan notes payable-credit facilities, excluding net activity associated with our floorplan offset account
|
|
21,849
|
|
|
2,225
|
|
|
|
|||
Adjusted net cash provided by (used in) financing activities
|
|
$
|
(14,676
|
)
|
|
$
|
4,186
|
|
|
(450.6
|
)
|
|
|
Q1 2016
|
|
Q2 2016
|
|
Q3 2016
|
|
Q4 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
||||||||||||||||||||||
Weighted average notional amount in effect during the period
|
|
$
|
594
|
|
|
$
|
617
|
|
|
$
|
616
|
|
|
$
|
621
|
|
|
$
|
814
|
|
|
$
|
811
|
|
|
$
|
908
|
|
|
$
|
555
|
|
|
$
|
299
|
|
|
$
|
38
|
|
|
$
|
4
|
|
Weighted average interest rate during the period
|
|
2.69
|
%
|
|
2.64
|
%
|
|
2.64
|
%
|
|
2.64
|
%
|
|
2.54
|
%
|
|
2.60
|
%
|
|
2.28
|
%
|
|
2.19
|
%
|
|
1.72
|
%
|
|
1.43
|
%
|
|
1.35
|
%
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(1)
|
||||||
|
|
|
|
|
|
|
|
(In thousands, excluding commissions)
|
||||||
January 1 - January 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
78,176
|
|
February 1 - February 29, 2016
|
|
235,129
|
|
|
$
|
52.38
|
|
|
235,129
|
|
|
$
|
137,685
|
|
March 1 - March 31, 2016
|
|
341,101
|
|
|
$
|
57.55
|
|
|
341,101
|
|
|
$
|
118,055
|
|
Total
|
|
576,230
|
|
|
$
|
55.44
|
|
|
576,230
|
|
|
|
|
|
|
|
|
Group 1 Automotive, Inc.
|
|
|
|
|
By:
|
/s/ John C. Rickel
|
|
|
John C. Rickel
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Duly Authorized Officer and Principal Financial
|
|
|
and Accounting Officer)
|
|
|
|
|
|
Exhibit
Number
|
|
|
|
Description
|
|
|
|
|
|
3.1
|
|
—
|
|
Amended and Restated Certificate of Incorporation of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.1 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015)
|
3.2
|
|
—
|
|
Second Amended and Restated Bylaws of Group 1 Automotive, Inc. (incorporated by reference to Exhibit 3.2 of Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed May 22, 2015)
|
10.1†
|
|
—
|
|
Group 1 Automotive, Inc. 2016 Short Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Group 1 Automotive, Inc.’s Current Report on Form 8-K (File No. 001-13461) filed February 19, 2016)
|
31.1*
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2*
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1*
|
|
—
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2*
|
|
—
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
|
—
|
|
XBRL Instance Document
|
101.SCH*
|
|
—
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
—
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
—
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
—
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
—
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
|
Filed or furnished herewith
|
†
|
|
Management contract or compensatory plan or arrangement
|
1 Year Group 1 Automotive Chart |
1 Month Group 1 Automotive Chart |
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