- Current quarter diluted earnings per common share from
continuing operations of $10.15 and
current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) of $9.80
- Total revenues of $4.7
billion, a second quarter record and 3.0% increase over the
comparable prior year period, driven by consolidated new vehicle
revenues of $2.4 billion, a quarterly
high
- U.S. new vehicle, parts and service, and finance and
insurance revenues achieve quarterly all-time records of
$2.0 billion, $497.4 million, and $183.9
million, respectively
HOUSTON, July 24,
2024 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250
automotive retailer with 206 dealerships located in the U.S. and
U.K., today reported financial results for the second quarter of
2024 ("current quarter").
Current quarter net income from continuing operations was
$137.9 million. Current quarter
adjusted net income from continuing operations (a non-GAAP measure)
was $133.1 million. Current quarter
diluted earnings per common share from continuing operations was
$10.15. Current quarter adjusted
diluted earnings per common share from continuing operations (a
non-GAAP measure) was $9.80.
"Our U.S. team persevered in the face of adversity this quarter.
From extreme weather events in Texas and Oklahoma to the CDK outage, we experienced
exemplary teamwork, focused on caring for our communities and team
members and serving our valued customers efficiently and
effectively. Despite these challenges, the U.S. team produced
record quarterly new vehicle, parts and service and F&I
revenues," said Daryl Kenningham,
Group 1's President and Chief Executive Officer. "Our U.K. team
remains focused on the acquisition of Inchcape's U.K. retail
automotive business planned for Q3 2024, and we look forward to the
successful completion of the transaction which will further
strengthen our U.K. presence through the addition of quality assets
with an expanded geographic footprint."
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.
Current Quarter Results Overview
Total revenues for the current quarter were $4.7 billion, a 3.0% increase compared to
$4.6 billion for the second quarter
of 2023 ("prior year quarter").
Net income from continuing operations for the current quarter
was $137.9 million, a 19.0% decrease
compared to $170.3 million for the
prior year quarter. Current quarter adjusted net income from
continuing operations (a non-GAAP measure) was $133.1 million, a 19.9% decrease compared to
$166.1 million for the prior year
quarter.
Current quarter diluted earnings per common share from
continuing operations was $10.15, a
15.6% decrease compared to $12.02 for
the prior year quarter. Current quarter adjusted diluted earnings
per common share from continuing operations (a non-GAAP measure)
was $9.80, a 16.4% decrease compared
to $11.73 for the prior year
quarter.
|
Second
Quarter 2024
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
|
Reported:
|
2Q24
|
Change
|
2Q24
|
Change
|
|
Total
revenues
|
$4.7B
|
+3.0 %
|
$4.3B
|
(1.1) %
|
|
Total gross profit
("GP")
|
$766.5M
|
(1.2) %
|
$703.1M
|
(5.2) %
|
|
NV units
sold
|
47,661
|
+6.5 %
|
42,734
|
(0.2) %
|
|
NV GP per retail unit
("PRU")
|
$3,568
|
(20.8) %
|
$3,570
|
(21.1) %
|
|
Used vehicle ("UV")
retail units sold
|
49,260
|
+5.3 %
|
46,170
|
+3.6 %
|
|
UV retail GP
PRU
|
$1,638
|
(2.8) %
|
$1,630
|
(3.2) %
|
|
Parts & service
("P&S") GP
|
$316.8M
|
+4.2 %
|
$293.2M
|
+1.0 %
|
|
P&S Gross Margin
("GM")
|
55.1 %
|
+1.0 %
|
54.5 %
|
+0.6 %
|
|
Finance and Insurance
("F&I") revenues
|
$200.1M
|
+5.2 %
|
$183.5M
|
+1.1 %
|
|
F&I GP
PRU
|
$2,065
|
(0.7) %
|
$2,063
|
(0.7) %
|
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
64.9 %
|
+299 bps
|
68.2 %
|
+555 bps
|
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
66.3 %
|
+307 bps
|
66.7 %
|
+393 bps
|
CDK Outage
On June 19, 2024, the Company was
informed of a cybersecurity incident experienced by CDK Global LLC
("CDK"), which resulted in service outages on CDK's dealers'
systems (the "CDK incident"). CDK provides clients in the
automotive industry, including Group 1 dealerships in the U.S.,
with a software as a service platform used by dealerships in
managing customer relationships, sales, financing, service,
inventory and back-office operations. The CDK incident temporarily
disrupted the Company's business applications and processes in its
U.S. operations that rely on CDK's dealers' systems. On
June 26, 2024, CDK restored service
to the Company for the core dealer management system ("DMS"), at
which time, subject to certain modified procedures, we resumed
processing transactions through the CDK DMS.
Corporate Development
The speed and efficiency at which we have integrated new
acquisitions into our existing operations has been a consistent
contributor to our success and a driver of incremental value
creation for our shareholders. In July
2024, the Company acquired four Mercedes-Benz dealerships
located north of London in the
county of Hertfordshire. This
acquisition is expected to generate $105.0
million in annual revenues with new car sales recorded as
net revenue under the agency model.
Year-to-date, the Company has successfully acquired and
integrated dealership operations with total expected annual
revenues of approximately $1.1 billion.
In the current quarter, the Company disposed of one dealership
located in New Hampshire and one
collision center located in South
Carolina. These disposals generated approximately
$75.0 million in annual revenues,
bringing year-to-date total disposed annual revenues for the
Company to $335.0 million.
Share Repurchases
During the current quarter, the Company repurchased 149,570
shares at an average price per common share of $307.82, for a total of $46.0 million, excluding excise taxes of
$0.4 million. During the six
months ended June 30, 2024, the Company repurchased 352,920
shares, representing approximately 2.6% of the Company's
outstanding common shares at January
1 of the current year, at an average price per common share
of $282.81, for a total of
$99.8 million, excluding excise taxes
of $0.8 million.
As of June 30, 2024, the Company had an aggregate
13.4 million outstanding common shares and unvested restricted
stock awards. The Company currently has $204.6 million remaining on its Board
authorized common share repurchase program.
Future repurchases may be made from time to time, based on
market conditions, legal requirements, and other corporate
considerations, in the open market or in privately negotiated
transactions, and subject to Board approval and covenant
restrictions.
Second Quarter 2024 Earnings Conference Call
Details
Group 1's senior management will host a conference call today at
10:00 a.m. ET to discuss the second
quarter 2024 financial results. The conference call will be
simulcast live on the Internet at group1corp.com/events. A webcast
replay will be available for 30 days. A copy of the Company's
presentation will also be made available at
http://www.group1corp.com/company-presentations.
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
|
Domestic:
|
1-888-317-6003
|
|
|
International:
|
1-412-317-6061
|
|
|
Passcode:
|
2878625
|
|
A telephonic replay will be available following the call through
July 31, 2024, by dialing:
|
Domestic:
|
1-877-344-7529
|
|
|
International:
|
1-412-317-0088
|
|
|
Replay Code:
|
3906572
|
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 206 automotive
dealerships, 270 franchises, and 42 collision centers
in the United States and the
United Kingdom that offer
35 brands of automobiles. Through its dealerships and
omni-channel platform, the Company sells new and used cars and
light trucks; arranges related vehicle financing; sells service
contracts; provides automotive maintenance and repair services; and
sells vehicle parts.
Group 1 discloses additional information about the Company,
its business, and its results of operations at www.group1corp.com,
www.group1auto.com, www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto,
and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding
our business, the economy and other future conditions. In this
context, the forward-looking statements often include statements
regarding our ability to complete the acquisition of the Inchcape
dealerships at any time or at all, our ability to realize the
anticipated benefits of the acquisition and our future financial
position following such acquisition, as well as impact of
cyberattacks or other privacy/data security incidents, our
strategic investments, goals, plans, projections and guidance
regarding our financial position, results of operations and
business strategy, including the annualized revenues of recently
completed acquisitions or dispositions and other benefits of such
currently anticipated or recently completed acquisitions or
dispositions. These forward-looking statements 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, on a timely
basis, if at all and the risks associated therewith, (h) our
ability to realize the benefits expected from proposed
acquisitions, including any anticipated cost reductions,(i) foreign
exchange controls and currency fluctuations, (j) the armed
conflicts in Ukraine and the Middle East, (k) the impacts of
continued inflation and any potential global recession, (l) our
ability to maintain sufficient liquidity to operate, (m) our
ability to successfully integrate recent and future acquisitions,
(n) a material failure in or breach of our vendors' information
technology systems and other cybersecurity incidents, and (o) the
receipt of any insurance or other recoveries. 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, snow-storm,
and employment compensation costs associated with the CDK outage.
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:
Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
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
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,364.2
|
|
$
2,243.2
|
|
$
121.0
|
|
5.4 %
|
|
Used vehicle retail
sales
|
|
1,453.2
|
|
1,450.6
|
|
2.6
|
|
0.2 %
|
|
Used vehicle wholesale
sales
|
|
104.3
|
|
112.5
|
|
(8.2)
|
|
(7.3) %
|
|
Parts and service
sales
|
|
574.5
|
|
562.0
|
|
12.6
|
|
2.2 %
|
|
Finance, insurance and
other, net
|
|
200.1
|
|
190.3
|
|
9.8
|
|
5.2 %
|
|
Total
revenues
|
|
4,696.4
|
|
4,558.5
|
|
137.9
|
|
3.0 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,194.1
|
|
2,041.7
|
|
152.4
|
|
7.5 %
|
|
Used vehicle retail
sales
|
|
1,372.6
|
|
1,371.8
|
|
0.7
|
|
0.1 %
|
|
Used vehicle wholesale
sales
|
|
105.4
|
|
111.6
|
|
(6.2)
|
|
(5.5) %
|
|
Parts and service
sales
|
|
257.7
|
|
257.9
|
|
(0.2)
|
|
(0.1) %
|
|
Total
cost of sales
|
|
3,929.8
|
|
3,783.0
|
|
146.8
|
|
3.9 %
|
|
GROSS
PROFIT
|
|
766.5
|
|
775.5
|
|
(9.0)
|
|
(1.2) %
|
|
Selling, general and
administrative expenses
|
|
497.2
|
|
479.9
|
|
17.4
|
|
3.6 %
|
|
Depreciation and
amortization expense
|
|
28.2
|
|
23.1
|
|
5.1
|
|
22.1 %
|
|
Asset
impairments
|
|
—
|
|
1.8
|
|
(1.8)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
241.1
|
|
270.8
|
|
(29.6)
|
|
(10.9) %
|
|
Floorplan interest
expense
|
|
24.7
|
|
15.6
|
|
9.0
|
|
58.0 %
|
|
Other interest expense,
net
|
|
33.4
|
|
25.9
|
|
7.4
|
|
28.7 %
|
|
Other
expense
|
|
0.1
|
|
1.3
|
|
(1.3)
|
|
(93.4) %
|
|
INCOME BEFORE INCOME
TAXES
|
|
183.0
|
|
227.9
|
|
(44.9)
|
|
(19.7) %
|
|
Provision for income
taxes
|
|
45.2
|
|
57.6
|
|
(12.4)
|
|
(21.6) %
|
|
Net income from
continuing operations
|
|
137.9
|
|
170.3
|
|
(32.4)
|
|
(19.0) %
|
|
Net income from
discontinued operations
|
|
0.3
|
|
0.2
|
|
0.1
|
|
24.5 %
|
|
NET
INCOME
|
|
$
138.2
|
|
$
170.5
|
|
$
(32.4)
|
|
(19.0) %
|
|
Less: Earnings
allocated to participating securities
|
|
2.9
|
|
4.1
|
|
(1.2)
|
|
(29.3) %
|
|
Net income available to
diluted common shares
|
|
$
135.2
|
|
$
166.4
|
|
$
(31.2)
|
|
(18.7) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
10.15
|
|
$
12.02
|
|
$
(1.87)
|
|
(15.6) %
|
|
Diluted earnings per
share from discontinued operations
|
|
$
0.02
|
|
$
0.02
|
|
$
—
|
|
29.8 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
10.17
|
|
$
12.04
|
|
$
(1.87)
|
|
(15.5) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.3
|
|
13.8
|
|
(0.5)
|
|
(3.8) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.3
|
|
(0.1)
|
|
(16.1) %
|
|
Total weighted average
shares
|
|
13.6
|
|
14.2
|
|
(0.6)
|
|
(4.1) %
|
|
Effective tax rate on
continuing operations
|
|
24.7 %
|
|
25.3 %
|
|
(0.6) %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
4,546.8
|
|
$
4,198.9
|
|
$
347.9
|
|
8.3 %
|
|
Used vehicle retail
sales
|
|
2,870.0
|
|
2,799.5
|
|
70.5
|
|
2.5 %
|
|
Used vehicle wholesale
sales
|
|
210.3
|
|
224.4
|
|
(14.1)
|
|
(6.3) %
|
|
Parts and service
sales
|
|
1,150.8
|
|
1,110.3
|
|
40.4
|
|
3.6 %
|
|
Finance, insurance and
other, net
|
|
389.0
|
|
355.4
|
|
33.6
|
|
9.4 %
|
|
Total
revenues
|
|
9,166.9
|
|
8,688.5
|
|
478.4
|
|
5.5 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
4,217.2
|
|
3,810.7
|
|
406.6
|
|
10.7 %
|
|
Used vehicle retail
sales
|
|
2,707.2
|
|
2,644.0
|
|
63.3
|
|
2.4 %
|
|
Used vehicle wholesale
sales
|
|
212.4
|
|
221.6
|
|
(9.2)
|
|
(4.2) %
|
|
Parts and service
sales
|
|
520.9
|
|
508.9
|
|
12.0
|
|
2.4 %
|
|
Total
cost of sales
|
|
7,657.7
|
|
7,185.1
|
|
472.6
|
|
6.6 %
|
|
GROSS
PROFIT
|
|
1,509.1
|
|
1,503.4
|
|
5.7
|
|
0.4 %
|
|
Selling, general and
administrative expenses
|
|
973.3
|
|
942.7
|
|
30.6
|
|
3.3 %
|
|
Depreciation and
amortization expense
|
|
52.0
|
|
45.5
|
|
6.5
|
|
14.2 %
|
|
Asset
impairments
|
|
—
|
|
2.9
|
|
(2.9)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
483.8
|
|
512.3
|
|
(28.5)
|
|
(5.6) %
|
|
Floorplan interest
expense
|
|
45.2
|
|
28.2
|
|
17.0
|
|
60.0 %
|
|
Other interest expense,
net
|
|
62.7
|
|
45.6
|
|
17.1
|
|
37.5 %
|
|
Other (income) expense,
net
|
|
(0.4)
|
|
4.2
|
|
(4.6)
|
|
(109.2) %
|
|
INCOME BEFORE INCOME
TAXES
|
|
376.3
|
|
434.2
|
|
(58.0)
|
|
(13.3) %
|
|
Provision for income
taxes
|
|
91.0
|
|
105.2
|
|
(14.2)
|
|
(13.5) %
|
|
Net income from
continuing operations
|
|
285.3
|
|
329.1
|
|
(43.8)
|
|
(13.3) %
|
|
Net income (loss) from
discontinued operations
|
|
0.8
|
|
(0.1)
|
|
0.9
|
|
926.3 %
|
|
NET
INCOME
|
|
$
286.1
|
|
$
329.0
|
|
$
(42.9)
|
|
(13.0) %
|
|
Less: Earnings
allocated to participating securities
|
|
6.3
|
|
8.2
|
|
(1.9)
|
|
(23.7) %
|
|
Net income available to
diluted common shares
|
|
$
279.8
|
|
$
320.7
|
|
$
(41.0)
|
|
(12.8) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
20.91
|
|
$
23.14
|
|
$
(2.23)
|
|
(9.6) %
|
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.06
|
|
$
(0.01)
|
|
$
0.06
|
|
961.5 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
20.97
|
|
$
23.13
|
|
$
(2.16)
|
|
(9.3) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.3
|
|
13.9
|
|
(0.5)
|
|
(3.8) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.4
|
|
(0.1)
|
|
(15.8) %
|
|
Total weighted average
shares
|
|
13.6
|
|
14.2
|
|
(0.6)
|
|
(4.1) %
|
|
Effective tax rate on
continuing operations
|
|
24.2 %
|
|
24.2 %
|
|
— %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Additional
Information — Consolidated
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
64.4
|
|
$
57.2
|
|
$
7.2
|
|
12.5 %
|
|
Inventories,
net
|
|
$
2,356.8
|
|
$
1,963.4
|
|
$
393.4
|
|
20.0 %
|
|
Floorplan notes
payable, net (1)
|
|
$
2,099.9
|
|
$
1,565.4
|
|
$
534.5
|
|
34.1 %
|
|
Total debt
|
|
$
2,450.0
|
|
$
2,098.8
|
|
$
351.2
|
|
16.7 %
|
|
Total equity
|
|
$
2,866.3
|
|
$
2,674.4
|
|
$
191.9
|
|
7.2 %
|
|
|
(1) Amounts
are net of offset accounts of $94.1 and $275.2,
respectively.
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
|
|
|
United
States
|
|
82.4 %
|
|
82.0 %
|
|
81.1 %
|
|
80.1 %
|
|
United
Kingdom
|
|
17.6 %
|
|
18.0 %
|
|
18.9 %
|
|
19.9 %
|
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
|
Toyota/Lexus
|
|
26.5 %
|
|
23.1 %
|
|
26.0 %
|
|
22.7 %
|
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
13.2 %
|
|
14.7 %
|
|
13.5 %
|
|
16.1 %
|
|
BMW/MINI
|
|
10.6 %
|
|
11.3 %
|
|
11.2 %
|
|
11.8 %
|
|
Honda/Acura
|
|
10.1 %
|
|
8.0 %
|
|
9.4 %
|
|
7.6 %
|
|
Chevrolet/GMC/Buick
|
|
9.6 %
|
|
9.4 %
|
|
9.3 %
|
|
8.1 %
|
|
Ford/Lincoln
|
|
7.1 %
|
|
7.7 %
|
|
7.2 %
|
|
8.0 %
|
|
Hyundai/Kia/Genesis
|
|
6.0 %
|
|
5.0 %
|
|
5.7 %
|
|
5.0 %
|
|
Mercedes-Benz/Sprinter
|
|
5.6 %
|
|
6.5 %
|
|
5.7 %
|
|
6.5 %
|
|
Subaru
|
|
3.4 %
|
|
2.6 %
|
|
3.4 %
|
|
2.7 %
|
|
Chrysler/Dodge/Jeep/RAM
|
|
2.4 %
|
|
4.6 %
|
|
2.5 %
|
|
4.1 %
|
|
Nissan
|
|
2.4 %
|
|
4.0 %
|
|
2.5 %
|
|
4.1 %
|
|
Jaguar/Land
Rover
|
|
1.7 %
|
|
1.6 %
|
|
1.9 %
|
|
1.8 %
|
|
Mazda
|
|
1.2 %
|
|
1.3 %
|
|
1.3 %
|
|
1.2 %
|
|
Other
|
|
0.2 %
|
|
0.3 %
|
|
0.2 %
|
|
0.4 %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
June 30,
2023
|
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
56
|
|
37
|
|
27
|
|
Used vehicle
inventory
|
|
34
|
|
35
|
|
35
|
|
U.S.
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
62
|
|
36
|
|
27
|
|
Used vehicle
inventory
|
|
30
|
|
29
|
|
31
|
|
U.K.
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
35
|
|
48
|
|
29
|
|
Used vehicle
inventory
|
|
49
|
|
58
|
|
48
|
|
|
(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
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,364.2
|
|
$
2,243.2
|
|
$
121.0
|
|
5.4 %
|
|
|
$
2.7
|
|
5.3 %
|
|
Used vehicle retail
sales
|
1,453.2
|
|
1,450.6
|
|
2.6
|
|
0.2 %
|
|
|
2.3
|
|
— %
|
|
Used vehicle wholesale
sales
|
104.3
|
|
112.5
|
|
(8.2)
|
|
(7.3) %
|
|
|
0.2
|
|
(7.4) %
|
|
Total
used
|
1,557.5
|
|
1,563.0
|
|
(5.5)
|
|
(0.4) %
|
|
|
2.5
|
|
(0.5) %
|
|
Parts and service
sales
|
574.5
|
|
562.0
|
|
12.6
|
|
2.2 %
|
|
|
0.6
|
|
2.1 %
|
|
F&I,
net
|
200.1
|
|
190.3
|
|
9.8
|
|
5.2 %
|
|
|
0.1
|
|
5.1 %
|
|
Total
revenues
|
$
4,696.4
|
|
$
4,558.5
|
|
$
137.9
|
|
3.0 %
|
|
|
$
5.8
|
|
2.9 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
170.0
|
|
$
201.5
|
|
$
(31.4)
|
|
(15.6) %
|
|
|
$
0.2
|
|
(15.7) %
|
|
Used vehicle retail
sales
|
80.7
|
|
78.8
|
|
1.9
|
|
2.4 %
|
|
|
0.1
|
|
2.3 %
|
|
Used vehicle wholesale
sales
|
(1.1)
|
|
0.9
|
|
(2.0)
|
|
NM
|
|
|
—
|
|
NM
|
|
Total
used
|
79.5
|
|
79.6
|
|
(0.1)
|
|
(0.1) %
|
|
|
0.1
|
|
(0.3) %
|
|
Parts and service
sales
|
316.8
|
|
304.1
|
|
12.7
|
|
4.2 %
|
|
|
0.3
|
|
4.1 %
|
|
F&I,
net
|
200.1
|
|
190.3
|
|
9.8
|
|
5.2 %
|
|
|
0.1
|
|
5.1 %
|
|
Total
gross profit
|
$
766.5
|
|
$
775.5
|
|
$
(9.0)
|
|
(1.2) %
|
|
|
$
0.7
|
|
(1.3) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.0 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.6 %
|
|
5.4 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.1) %
|
|
0.8 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
|
Total
used
|
5.1 %
|
|
5.1 %
|
|
— %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.1 %
|
|
54.1 %
|
|
1.0 %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
16.3 %
|
|
17.0 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
47,661
|
|
44,740
|
|
2,921
|
|
6.5 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
49,260
|
|
46,764
|
|
2,496
|
|
5.3 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,819
|
|
10,493
|
|
1,326
|
|
12.6 %
|
|
|
|
|
|
|
Total
used
|
61,079
|
|
57,257
|
|
3,822
|
|
6.7 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,996
|
|
$ 50,504
|
|
$
(508)
|
|
(1.0) %
|
|
|
$
56
|
|
(1.1) %
|
|
Used vehicle
retail
|
$ 29,501
|
|
$ 31,019
|
|
$
(1,518)
|
|
(4.9) %
|
|
|
$
46
|
|
(5.0) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,568
|
|
$
4,503
|
|
$
(935)
|
|
(20.8) %
|
|
|
$
4
|
|
(20.9) %
|
|
Used vehicle retail
sales
|
$
1,638
|
|
$
1,684
|
|
$
(47)
|
|
(2.8) %
|
|
|
$
2
|
|
(2.9) %
|
|
Used vehicle wholesale
sales
|
$
(96)
|
|
$
81
|
|
$
(177)
|
|
NM
|
|
|
$
—
|
|
NM
|
|
Total
used
|
$
1,302
|
|
$
1,390
|
|
$
(88)
|
|
(6.4) %
|
|
|
$
2
|
|
(6.5) %
|
|
F&I PRU
|
$
2,065
|
|
$
2,080
|
|
$
(15)
|
|
(0.7) %
|
|
|
$
1
|
|
(0.8) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
497.2
|
|
$
479.9
|
|
$
17.4
|
|
3.6 %
|
|
|
$
0.6
|
|
3.5 %
|
|
Adjusted SG&A
expenses (2)
|
$
508.2
|
|
$
490.3
|
|
$
17.9
|
|
3.6 %
|
|
|
$
0.6
|
|
3.5 %
|
|
SG&A as % gross
profit
|
64.9 %
|
|
61.9 %
|
|
3.0 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.3 %
|
|
63.2 %
|
|
3.1 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
5.1 %
|
|
5.9 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
5.0 %
|
|
5.8 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
3.9 %
|
|
5.0 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.7 %
|
|
4.8 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
24.7
|
|
$
15.6
|
|
$
9.0
|
|
58.0 %
|
|
|
$
—
|
|
57.8 %
|
|
Less: Floorplan
assistance (3)
|
21.0
|
|
18.5
|
|
2.5
|
|
13.3 %
|
|
|
—
|
|
13.3 %
|
|
Net
floorplan expense
|
$
3.7
|
|
$
(2.9)
|
|
$
6.6
|
|
|
|
|
$
—
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
(3) 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)
|
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,546.8
|
|
$
4,198.9
|
|
$
347.9
|
|
8.3 %
|
|
|
$
19.0
|
|
7.8 %
|
|
Used vehicle retail
sales
|
2,870.0
|
|
2,799.5
|
|
70.5
|
|
2.5 %
|
|
|
15.7
|
|
2.0 %
|
|
Used vehicle wholesale
sales
|
210.3
|
|
224.4
|
|
(14.1)
|
|
(6.3) %
|
|
|
1.3
|
|
(6.8) %
|
|
Total
used
|
3,080.3
|
|
3,023.9
|
|
56.4
|
|
1.9 %
|
|
|
16.9
|
|
1.3 %
|
|
Parts and service
sales
|
1,150.8
|
|
1,110.3
|
|
40.4
|
|
3.6 %
|
|
|
4.0
|
|
3.3 %
|
|
F&I,
net
|
389.0
|
|
355.4
|
|
33.6
|
|
9.4 %
|
|
|
0.9
|
|
9.2 %
|
|
Total
revenues
|
$
9,166.9
|
|
$
8,688.5
|
|
$
478.4
|
|
5.5 %
|
|
|
$
40.8
|
|
5.0 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
329.6
|
|
$
388.2
|
|
$
(58.6)
|
|
(15.1) %
|
|
|
$
1.4
|
|
(15.5) %
|
|
Used vehicle retail
sales
|
162.7
|
|
155.5
|
|
7.2
|
|
4.7 %
|
|
|
0.8
|
|
4.2 %
|
|
Used vehicle wholesale
sales
|
(2.0)
|
|
2.9
|
|
(4.9)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
|
Total
used
|
160.7
|
|
158.4
|
|
2.3
|
|
1.5 %
|
|
|
0.7
|
|
1.0 %
|
|
Parts and service
sales
|
629.9
|
|
601.4
|
|
28.4
|
|
4.7 %
|
|
|
2.3
|
|
4.4 %
|
|
F&I,
net
|
389.0
|
|
355.4
|
|
33.6
|
|
9.4 %
|
|
|
0.9
|
|
9.2 %
|
|
Total
gross profit
|
$
1,509.1
|
|
$
1,503.4
|
|
$
5.7
|
|
0.4 %
|
|
|
$
5.2
|
|
— %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.2 %
|
|
(2.0) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.7 %
|
|
5.6 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.0) %
|
|
1.3 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
|
Total
used
|
5.2 %
|
|
5.2 %
|
|
— %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.7 %
|
|
54.2 %
|
|
0.6 %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
16.5 %
|
|
17.3 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
91,963
|
|
84,389
|
|
7,574
|
|
9.0 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
98,443
|
|
92,201
|
|
6,242
|
|
6.8 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
23,647
|
|
20,867
|
|
2,780
|
|
13.3 %
|
|
|
|
|
|
|
Total
used
|
122,090
|
|
113,068
|
|
9,022
|
|
8.0 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,858
|
|
$ 50,103
|
|
$
(245)
|
|
(0.5) %
|
|
|
$
208
|
|
(0.9) %
|
|
Used vehicle
retail
|
$ 29,154
|
|
$ 30,363
|
|
$
(1,209)
|
|
(4.0) %
|
|
|
$
159
|
|
(4.5) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,584
|
|
$
4,600
|
|
$
(1,017)
|
|
(22.1) %
|
|
|
$
15
|
|
(22.4) %
|
|
Used vehicle retail
sales
|
$
1,653
|
|
$
1,687
|
|
$
(33)
|
|
(2.0) %
|
|
|
$
8
|
|
(2.4) %
|
|
Used vehicle wholesale
sales
|
$
(86)
|
|
$
137
|
|
$
(223)
|
|
NM
|
|
|
$
(2)
|
|
NM
|
|
Total
used
|
$
1,316
|
|
$
1,401
|
|
$
(84)
|
|
(6.0) %
|
|
|
$
6
|
|
(6.4) %
|
|
F&I PRU
|
$
2,043
|
|
$
2,013
|
|
$
30
|
|
1.5 %
|
|
|
$
5
|
|
1.3 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
973.3
|
|
$
942.7
|
|
$
30.6
|
|
3.3 %
|
|
|
$
4.0
|
|
2.8 %
|
|
Adjusted SG&A
expenses (2)
|
$
1,008.3
|
|
$
953.9
|
|
$
54.5
|
|
5.7 %
|
|
|
$
4.0
|
|
5.3 %
|
|
SG&A as % gross
profit
|
64.5 %
|
|
62.7 %
|
|
1.8 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.8 %
|
|
63.4 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
5.3 %
|
|
5.9 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.8 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
4.1 %
|
|
5.0 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.8 %
|
|
4.9 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
45.2
|
|
$
28.2
|
|
$
17.0
|
|
60.0 %
|
|
|
$
0.1
|
|
59.5 %
|
|
Less: Floorplan
assistance (3)
|
39.3
|
|
33.1
|
|
6.3
|
|
18.9 %
|
|
|
—
|
|
18.9 %
|
|
Net
floorplan expense
|
$
5.9
|
|
$
(4.8)
|
|
$
10.7
|
|
|
|
|
$
0.1
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
(3) 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 — U.S.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,009.5
|
|
$
1,915.5
|
|
$
94.0
|
|
4.9 %
|
|
Used vehicle retail
sales
|
|
1,151.9
|
|
1,139.9
|
|
12.0
|
|
1.1 %
|
|
Used vehicle wholesale
sales
|
|
78.4
|
|
79.8
|
|
(1.3)
|
|
(1.7) %
|
|
Total
used
|
|
1,230.4
|
|
1,219.7
|
|
10.7
|
|
0.9 %
|
|
Parts and service
sales
|
|
497.4
|
|
491.2
|
|
6.2
|
|
1.3 %
|
|
F&I,
net
|
|
183.9
|
|
173.2
|
|
10.6
|
|
6.1 %
|
|
Total
revenues
|
|
$
3,921.2
|
|
$
3,799.6
|
|
$
121.6
|
|
3.2 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
144.3
|
|
$
170.7
|
|
$
(26.4)
|
|
(15.5) %
|
|
Used vehicle retail
sales
|
|
65.8
|
|
62.0
|
|
3.8
|
|
6.2 %
|
|
Used vehicle wholesale
sales
|
|
1.3
|
|
1.2
|
|
0.1
|
|
4.3 %
|
|
Total
used
|
|
67.1
|
|
63.2
|
|
3.9
|
|
6.2 %
|
|
Parts and service
sales
|
|
272.5
|
|
262.6
|
|
9.9
|
|
3.8 %
|
|
F&I,
net
|
|
183.9
|
|
173.2
|
|
10.6
|
|
6.1 %
|
|
Total
gross profit
|
|
$
667.7
|
|
$
669.7
|
|
$
(1.9)
|
|
(0.3) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.2 %
|
|
8.9 %
|
|
(1.7) %
|
|
|
|
Used vehicle retail
sales
|
|
5.7 %
|
|
5.4 %
|
|
0.3 %
|
|
|
|
Used vehicle wholesale
sales
|
|
1.6 %
|
|
1.5 %
|
|
0.1 %
|
|
|
|
Total
used
|
|
5.5 %
|
|
5.2 %
|
|
0.3 %
|
|
|
|
Parts and service
sales
|
|
54.8 %
|
|
53.5 %
|
|
1.3 %
|
|
|
|
Total
gross margin
|
|
17.0 %
|
|
17.6 %
|
|
(0.6) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
39,273
|
|
36,695
|
|
2,578
|
|
7.0 %
|
|
Retail used vehicles
sold
|
|
38,611
|
|
36,306
|
|
2,305
|
|
6.3 %
|
|
Wholesale used
vehicles sold
|
|
8,964
|
|
7,436
|
|
1,528
|
|
20.5 %
|
|
Total
used
|
|
47,575
|
|
43,742
|
|
3,833
|
|
8.8 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
51,169
|
|
$
52,201
|
|
$
(1,032)
|
|
(2.0) %
|
|
Used vehicle
retail
|
|
$
29,834
|
|
$
31,397
|
|
$
(1,562)
|
|
(5.0) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,674
|
|
$
4,651
|
|
$
(977)
|
|
(21.0) %
|
|
Used vehicle retail
sales
|
|
$
1,705
|
|
$
1,707
|
|
$
(2)
|
|
(0.1) %
|
|
Used vehicle wholesale
sales
|
|
$
141
|
|
$
163
|
|
$
(22)
|
|
(13.5) %
|
|
Total
used
|
|
$
1,410
|
|
$
1,445
|
|
$
(34)
|
|
(2.4) %
|
|
F&I PRU
|
|
$
2,361
|
|
$
2,373
|
|
$
(12)
|
|
(0.5) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
417.6
|
|
$
403.7
|
|
$
13.9
|
|
3.4 %
|
|
Adjusted SG&A
expenses (1)
|
|
$
429.9
|
|
$
413.2
|
|
$
16.8
|
|
4.1 %
|
|
SG&A as % gross
profit
|
|
62.5 %
|
|
60.3 %
|
|
2.3 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
64.4 %
|
|
61.7 %
|
|
2.7 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
Group 1 Automotive,
Inc.
|
|
Reported Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,809.4
|
|
$
3,524.1
|
|
$
285.3
|
|
8.1 %
|
|
Used vehicle retail
sales
|
|
2,251.4
|
|
2,170.0
|
|
81.4
|
|
3.8 %
|
|
Used vehicle wholesale
sales
|
|
158.3
|
|
162.1
|
|
(3.8)
|
|
(2.3) %
|
|
Total
used
|
|
2,409.7
|
|
2,332.1
|
|
77.6
|
|
3.3 %
|
|
Parts and service
sales
|
|
992.6
|
|
965.0
|
|
27.6
|
|
2.9 %
|
|
F&I,
net
|
|
355.2
|
|
320.8
|
|
34.4
|
|
10.7 %
|
|
Total
revenues
|
|
$
7,566.9
|
|
$
7,142.0
|
|
$
424.9
|
|
5.9 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
276.2
|
|
$
324.8
|
|
$
(48.6)
|
|
(15.0) %
|
|
Used vehicle retail
sales
|
|
132.4
|
|
121.8
|
|
10.7
|
|
8.8 %
|
|
Used vehicle wholesale
sales
|
|
2.7
|
|
3.4
|
|
(0.8)
|
|
(22.4) %
|
|
Total
used
|
|
135.1
|
|
125.2
|
|
9.9
|
|
7.9 %
|
|
Parts and service
sales
|
|
540.3
|
|
516.4
|
|
23.9
|
|
4.6 %
|
|
F&I,
net
|
|
355.2
|
|
320.8
|
|
34.4
|
|
10.7 %
|
|
Total
gross profit
|
|
$
1,306.8
|
|
$
1,287.2
|
|
$
19.6
|
|
1.5 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.2 %
|
|
9.2 %
|
|
(2.0) %
|
|
|
|
Used vehicle retail
sales
|
|
5.9 %
|
|
5.6 %
|
|
0.3 %
|
|
|
|
Used vehicle wholesale
sales
|
|
1.7 %
|
|
2.1 %
|
|
(0.4) %
|
|
|
|
Total
used
|
|
5.6 %
|
|
5.4 %
|
|
0.2 %
|
|
|
|
Parts and service
sales
|
|
54.4 %
|
|
53.5 %
|
|
0.9 %
|
|
|
|
Total
gross margin
|
|
17.3 %
|
|
18.0 %
|
|
(0.8) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
74,614
|
|
67,578
|
|
7,036
|
|
10.4 %
|
|
Retail used vehicles
sold
|
|
76,496
|
|
70,746
|
|
5,750
|
|
8.1 %
|
|
Wholesale used
vehicles sold
|
|
18,052
|
|
14,916
|
|
3,136
|
|
21.0 %
|
|
Total
used
|
|
94,548
|
|
85,662
|
|
8,886
|
|
10.4 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
51,054
|
|
$
52,148
|
|
$
(1,094)
|
|
(2.1) %
|
|
Used vehicle
retail
|
|
$
29,431
|
|
$
30,672
|
|
$
(1,241)
|
|
(4.0) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,701
|
|
$
4,806
|
|
$
(1,105)
|
|
(23.0) %
|
|
Used vehicle retail
sales
|
|
$
1,731
|
|
$
1,721
|
|
$
10
|
|
0.6 %
|
|
Used vehicle wholesale
sales
|
|
$
148
|
|
$
231
|
|
$
(83)
|
|
(35.9) %
|
|
Total
used
|
|
$
1,429
|
|
$
1,462
|
|
$
(33)
|
|
(2.2) %
|
|
F&I PRU
|
|
$
2,351
|
|
$
2,320
|
|
$
31
|
|
1.4 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
812.5
|
|
$
792.4
|
|
$
20.1
|
|
2.5 %
|
|
Adjusted SG&A
expenses (1)
|
|
$
850.0
|
|
$
802.6
|
|
$
47.4
|
|
5.9 %
|
|
SG&A as % gross
profit
|
|
62.2 %
|
|
61.6 %
|
|
0.6 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
65.0 %
|
|
62.4 %
|
|
2.7 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
Group 1 Automotive,
Inc.
|
|
Reported Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
Three Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
354.6
|
|
$
327.6
|
|
$
27.0
|
|
8.2 %
|
|
|
$
2.7
|
|
7.4 %
|
|
Used vehicle retail
sales
|
301.3
|
|
310.7
|
|
(9.4)
|
|
(3.0) %
|
|
|
2.3
|
|
(3.8) %
|
|
Used vehicle wholesale
sales
|
25.9
|
|
32.7
|
|
(6.8)
|
|
(20.9) %
|
|
|
0.2
|
|
(21.4) %
|
|
Total
used
|
327.1
|
|
343.4
|
|
(16.2)
|
|
(4.7) %
|
|
|
2.5
|
|
(5.4) %
|
|
Parts and service
sales
|
77.1
|
|
70.8
|
|
6.3
|
|
9.0 %
|
|
|
0.6
|
|
8.1 %
|
|
F&I,
net
|
16.3
|
|
17.1
|
|
(0.8)
|
|
(4.7) %
|
|
|
0.1
|
|
(5.4) %
|
|
Total
revenues
|
$
775.2
|
|
$
758.9
|
|
$
16.3
|
|
2.1 %
|
|
|
$
5.8
|
|
1.4 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
25.7
|
|
$
30.8
|
|
$
(5.1)
|
|
(16.4) %
|
|
|
$
0.2
|
|
(17.1) %
|
|
Used vehicle retail
sales
|
14.8
|
|
16.8
|
|
(1.9)
|
|
(11.6) %
|
|
|
0.1
|
|
(12.3) %
|
|
Used vehicle wholesale
sales
|
(2.4)
|
|
(0.4)
|
|
(2.0)
|
|
NM
|
|
|
—
|
|
NM
|
|
Total
used
|
12.4
|
|
16.4
|
|
(4.0)
|
|
(24.3) %
|
|
|
0.1
|
|
(25.0) %
|
|
Parts and service
sales
|
44.4
|
|
41.5
|
|
2.8
|
|
6.8 %
|
|
|
0.3
|
|
6.0 %
|
|
F&I,
net
|
16.3
|
|
17.1
|
|
(0.8)
|
|
(4.7) %
|
|
|
0.1
|
|
(5.4) %
|
|
Total
gross profit
|
$
98.8
|
|
$
105.8
|
|
$
(7.0)
|
|
(6.6) %
|
|
|
$
0.7
|
|
(7.3) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.3 %
|
|
9.4 %
|
|
(2.1) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.4 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(9.3) %
|
|
(1.1) %
|
|
(8.2) %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.5 %
|
|
58.7 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
12.7 %
|
|
13.9 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
8,388
|
|
8,045
|
|
343
|
|
4.3 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
10,649
|
|
10,458
|
|
191
|
|
1.8 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,855
|
|
3,057
|
|
(202)
|
|
(6.6) %
|
|
|
|
|
|
|
Total
used
|
13,504
|
|
13,515
|
|
(11)
|
|
(0.1) %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,235
|
|
$ 42,416
|
|
$
1,818
|
|
4.3 %
|
|
|
$
332
|
|
3.5 %
|
|
Used vehicle
retail
|
$ 28,293
|
|
$ 29,708
|
|
$
(1,416)
|
|
(4.8) %
|
|
|
$
215
|
|
(5.5) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,069
|
|
$
3,829
|
|
$
(759)
|
|
(19.8) %
|
|
|
$
24
|
|
(20.5) %
|
|
Used vehicle retail
sales
|
$
1,392
|
|
$
1,604
|
|
$
(211)
|
|
(13.2) %
|
|
|
$
11
|
|
(13.8) %
|
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(119)
|
|
$
(723)
|
|
NM
|
|
|
$
1
|
|
NM
|
|
Total
used
|
$
920
|
|
$
1,214
|
|
$
(294)
|
|
(24.2) %
|
|
|
$
9
|
|
(24.9) %
|
|
F&I PRU
|
$
855
|
|
$
923
|
|
$
(68)
|
|
(7.3) %
|
|
|
$
7
|
|
(8.1) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
79.6
|
|
$
76.1
|
|
$
3.4
|
|
4.5 %
|
|
|
$
0.6
|
|
3.7 %
|
|
Adjusted SG&A
expenses (2)
|
$
78.2
|
|
$
77.1
|
|
$
1.1
|
|
1.5 %
|
|
|
$
0.6
|
|
0.7 %
|
|
SG&A as % gross
profit
|
80.5 %
|
|
71.9 %
|
|
8.6 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
79.1 %
|
|
72.8 %
|
|
6.3 %
|
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
737.4
|
|
$
674.8
|
|
$
62.6
|
|
9.3 %
|
|
|
$
19.0
|
|
6.5 %
|
|
Used vehicle retail
sales
|
618.6
|
|
629.5
|
|
(10.9)
|
|
(1.7) %
|
|
|
15.7
|
|
(4.2) %
|
|
Used vehicle wholesale
sales
|
52.0
|
|
62.3
|
|
(10.3)
|
|
(16.5) %
|
|
|
1.3
|
|
(18.5) %
|
|
Total
used
|
670.6
|
|
691.8
|
|
(21.2)
|
|
(3.1) %
|
|
|
16.9
|
|
(5.5) %
|
|
Parts and service
sales
|
158.2
|
|
145.3
|
|
12.9
|
|
8.9 %
|
|
|
4.0
|
|
6.1 %
|
|
F&I,
net
|
33.8
|
|
34.6
|
|
(0.8)
|
|
(2.4) %
|
|
|
0.9
|
|
(4.8) %
|
|
Total
revenues
|
$
1,600.0
|
|
$
1,546.5
|
|
$
53.4
|
|
3.5 %
|
|
|
$
40.8
|
|
0.8 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
53.4
|
|
$
63.4
|
|
$
(10.0)
|
|
(15.8) %
|
|
|
$
1.4
|
|
(18.0) %
|
|
Used vehicle retail
sales
|
30.3
|
|
33.7
|
|
(3.4)
|
|
(10.2) %
|
|
|
0.8
|
|
(12.4) %
|
|
Used vehicle wholesale
sales
|
(4.7)
|
|
(0.6)
|
|
(4.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
|
Total
used
|
25.6
|
|
33.1
|
|
(7.6)
|
|
(22.8) %
|
|
|
0.7
|
|
(24.9) %
|
|
Parts and service
sales
|
89.6
|
|
85.1
|
|
4.5
|
|
5.3 %
|
|
|
2.3
|
|
2.6 %
|
|
F&I,
net
|
33.8
|
|
34.6
|
|
(0.8)
|
|
(2.4) %
|
|
|
0.9
|
|
(4.8) %
|
|
Total
gross profit
|
$
202.3
|
|
$
216.2
|
|
$
(13.9)
|
|
(6.4) %
|
|
|
$
5.2
|
|
(8.8) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.4 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.4 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(9.1) %
|
|
(0.9) %
|
|
(8.1) %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
56.6 %
|
|
58.5 %
|
|
(1.9) %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
12.6 %
|
|
14.0 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
17,349
|
|
16,811
|
|
538
|
|
3.2 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
21,947
|
|
21,455
|
|
492
|
|
2.3 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
5,595
|
|
5,951
|
|
(356)
|
|
(6.0) %
|
|
|
|
|
|
|
Total
used
|
27,542
|
|
27,406
|
|
136
|
|
0.5 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,459
|
|
$ 41,566
|
|
$
2,893
|
|
7.0 %
|
|
|
$
1,145
|
|
4.2 %
|
|
Used vehicle
retail
|
$ 28,185
|
|
$ 29,341
|
|
$
(1,155)
|
|
(3.9) %
|
|
|
$
715
|
|
(6.4) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,078
|
|
$
3,772
|
|
$
(694)
|
|
(18.4) %
|
|
|
$
80
|
|
(20.5) %
|
|
Used vehicle retail
sales
|
$
1,381
|
|
$
1,572
|
|
$
(192)
|
|
(12.2) %
|
|
|
$
35
|
|
(14.4) %
|
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(99)
|
|
$
(743)
|
|
NM
|
|
|
$
(10)
|
|
NM
|
|
Total
used
|
$
929
|
|
$
1,209
|
|
$
(280)
|
|
(23.2) %
|
|
|
$
26
|
|
(25.3) %
|
|
F&I PRU
|
$
859
|
|
$
904
|
|
$
(44)
|
|
(4.9) %
|
|
|
$
22
|
|
(7.3) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
160.8
|
|
$
150.3
|
|
$
10.5
|
|
7.0 %
|
|
|
$
4.0
|
|
4.3 %
|
|
Adjusted SG&A
expenses (2)
|
$
158.3
|
|
$
151.3
|
|
$
7.1
|
|
4.7 %
|
|
|
$
4.0
|
|
2.1 %
|
|
SG&A as % gross
profit
|
79.5 %
|
|
69.5 %
|
|
10.0 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
78.3 %
|
|
70.0 %
|
|
8.3 %
|
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — Consolidated
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,126.2
|
|
$
2,146.3
|
|
$
(20.1)
|
|
(0.9) %
|
|
|
$
2.7
|
|
(1.1) %
|
|
Used vehicle retail
sales
|
1,360.4
|
|
1,382.5
|
|
(22.1)
|
|
(1.6) %
|
|
|
2.3
|
|
(1.8) %
|
|
Used vehicle wholesale
sales
|
97.0
|
|
106.7
|
|
(9.8)
|
|
(9.2) %
|
|
|
0.2
|
|
(9.3) %
|
|
Total
used
|
1,457.4
|
|
1,489.3
|
|
(31.9)
|
|
(2.1) %
|
|
|
2.5
|
|
(2.3) %
|
|
Parts and service
sales
|
537.6
|
|
537.5
|
|
—
|
|
— %
|
|
|
0.6
|
|
(0.1) %
|
|
F&I,
net
|
183.5
|
|
181.5
|
|
2.0
|
|
1.1 %
|
|
|
0.1
|
|
1.0 %
|
|
Total
revenues
|
$
4,304.5
|
|
$
4,354.6
|
|
$
(50.0)
|
|
(1.1) %
|
|
|
$
5.8
|
|
(1.3) %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
152.6
|
|
$
193.8
|
|
$
(41.2)
|
|
(21.3) %
|
|
|
$
0.2
|
|
(21.4) %
|
|
Used vehicle retail
sales
|
75.3
|
|
75.1
|
|
0.2
|
|
0.2 %
|
|
|
0.1
|
|
0.1 %
|
|
Used vehicle wholesale
sales
|
(1.3)
|
|
0.9
|
|
(2.2)
|
|
NM
|
|
|
—
|
|
NM
|
|
Total
used
|
73.9
|
|
76.0
|
|
(2.0)
|
|
(2.7) %
|
|
|
0.1
|
|
(2.8) %
|
|
Parts and service
sales
|
293.2
|
|
290.1
|
|
3.0
|
|
1.0 %
|
|
|
0.3
|
|
0.9 %
|
|
F&I,
net
|
183.5
|
|
181.5
|
|
2.0
|
|
1.1 %
|
|
|
0.1
|
|
1.0 %
|
|
Total
gross profit
|
$
703.1
|
|
$
741.4
|
|
$
(38.3)
|
|
(5.2) %
|
|
|
$
0.7
|
|
(5.3) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.0 %
|
|
(1.9) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
5.4 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.4) %
|
|
0.8 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
|
Total
used
|
5.1 %
|
|
5.1 %
|
|
— %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.5 %
|
|
54.0 %
|
|
0.6 %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
16.3 %
|
|
17.0 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
42,734
|
|
42,815
|
|
(81)
|
|
(0.2) %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
46,170
|
|
44,562
|
|
1,608
|
|
3.6 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
10,863
|
|
9,993
|
|
870
|
|
8.7 %
|
|
|
|
|
|
|
Total
used
|
57,033
|
|
54,555
|
|
2,478
|
|
4.5 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 50,192
|
|
$ 50,512
|
|
$
(320)
|
|
(0.6) %
|
|
|
$
63
|
|
(0.8) %
|
|
Used vehicle
retail
|
$ 29,465
|
|
$ 31,025
|
|
$ (1,560)
|
|
(5.0) %
|
|
|
$
50
|
|
(5.2) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,570
|
|
$
4,525
|
|
$
(956)
|
|
(21.1) %
|
|
|
$
5
|
|
(21.2) %
|
|
Used vehicle retail
sales
|
$
1,630
|
|
$
1,685
|
|
$
(55)
|
|
(3.2) %
|
|
|
$
2
|
|
(3.4) %
|
|
Used vehicle wholesale
sales
|
$
(122)
|
|
$
90
|
|
$
(213)
|
|
NM
|
|
|
$
—
|
|
NM
|
|
Total
used
|
$
1,296
|
|
$
1,393
|
|
$
(96)
|
|
(6.9) %
|
|
|
$
2
|
|
(7.1) %
|
|
F&I PRU
|
$
2,063
|
|
$
2,077
|
|
$
(14)
|
|
(0.7) %
|
|
|
$
1
|
|
(0.7) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
479.4
|
|
$
464.4
|
|
$
15.1
|
|
3.2 %
|
|
|
$
0.6
|
|
3.1 %
|
|
Adjusted SG&A
expenses (2)
|
$
468.9
|
|
$
465.2
|
|
$
3.6
|
|
0.8 %
|
|
|
$
0.6
|
|
0.7 %
|
|
SG&A as % gross
profit
|
68.2 %
|
|
62.6 %
|
|
5.5 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.7 %
|
|
62.8 %
|
|
3.9 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.6 %
|
|
5.8 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.9 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — Consolidated
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,134.9
|
|
$
4,042.8
|
|
$
92.1
|
|
2.3 %
|
|
|
$
19.0
|
|
1.8 %
|
|
Used vehicle retail
sales
|
2,701.1
|
|
2,686.1
|
|
14.9
|
|
0.6 %
|
|
|
15.7
|
|
— %
|
|
Used vehicle wholesale
sales
|
196.8
|
|
212.8
|
|
(16.0)
|
|
(7.5) %
|
|
|
1.3
|
|
(8.1) %
|
|
Total
used
|
2,897.9
|
|
2,898.9
|
|
(1.0)
|
|
— %
|
|
|
16.9
|
|
(0.6) %
|
|
Parts and service
sales
|
1,087.0
|
|
1,063.8
|
|
23.2
|
|
2.2 %
|
|
|
3.9
|
|
1.8 %
|
|
F&I,
net
|
358.7
|
|
340.9
|
|
17.8
|
|
5.2 %
|
|
|
0.9
|
|
5.0 %
|
|
Total
revenues
|
$
8,478.5
|
|
$
8,346.3
|
|
$
132.2
|
|
1.6 %
|
|
|
$
40.7
|
|
1.1 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
299.1
|
|
$
375.5
|
|
$
(76.4)
|
|
(20.3) %
|
|
|
$
1.4
|
|
(20.7) %
|
|
Used vehicle retail
sales
|
152.7
|
|
149.7
|
|
3.1
|
|
2.0 %
|
|
|
0.8
|
|
1.5 %
|
|
Used vehicle wholesale
sales
|
(2.4)
|
|
2.9
|
|
(5.3)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
|
Total
used
|
150.3
|
|
152.6
|
|
(2.3)
|
|
(1.5) %
|
|
|
0.7
|
|
(2.0) %
|
|
Parts and service
sales
|
590.5
|
|
575.4
|
|
15.1
|
|
2.6 %
|
|
|
2.2
|
|
2.2 %
|
|
F&I,
net
|
358.7
|
|
340.9
|
|
17.8
|
|
5.2 %
|
|
|
0.9
|
|
5.0 %
|
|
Total
gross profit
|
$
1,398.7
|
|
$
1,444.4
|
|
$
(45.7)
|
|
(3.2) %
|
|
|
$
5.1
|
|
(3.5) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.3 %
|
|
(2.1) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.7 %
|
|
5.6 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.2) %
|
|
1.4 %
|
|
(2.6) %
|
|
|
|
|
|
|
|
|
Total
used
|
5.2 %
|
|
5.3 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.3 %
|
|
54.1 %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
16.5 %
|
|
17.3 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
83,632
|
|
81,241
|
|
2,391
|
|
2.9 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
92,933
|
|
88,287
|
|
4,646
|
|
5.3 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
21,986
|
|
19,932
|
|
2,054
|
|
10.3 %
|
|
|
|
|
|
|
Total
used
|
114,919
|
|
108,219
|
|
6,700
|
|
6.2 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,901
|
|
$ 50,124
|
|
$
(224)
|
|
(0.4) %
|
|
|
$
229
|
|
(0.9) %
|
|
Used vehicle
retail
|
$ 29,065
|
|
$ 30,425
|
|
$
(1,360)
|
|
(4.5) %
|
|
|
$
169
|
|
(5.0) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,577
|
|
$
4,622
|
|
$
(1,045)
|
|
(22.6) %
|
|
|
$
17
|
|
(23.0) %
|
|
Used vehicle retail
sales
|
$
1,643
|
|
$
1,695
|
|
$
(52)
|
|
(3.1) %
|
|
|
$
8
|
|
(3.5) %
|
|
Used vehicle wholesale
sales
|
$
(111)
|
|
$
145
|
|
$
(256)
|
|
NM
|
|
|
$
(3)
|
|
NM
|
|
Total
used
|
$
1,308
|
|
$
1,410
|
|
$
(102)
|
|
(7.2) %
|
|
|
$
6
|
|
(7.7) %
|
|
F&I PRU
|
$
2,031
|
|
$
2,011
|
|
$
21
|
|
1.0 %
|
|
|
$
5
|
|
0.8 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
956.8
|
|
$
910.8
|
|
$
46.1
|
|
5.1 %
|
|
|
$
4.0
|
|
4.6 %
|
|
Adjusted SG&A
expenses (2)
|
$
939.5
|
|
$
910.5
|
|
$
28.9
|
|
3.2 %
|
|
|
$
3.9
|
|
2.8 %
|
|
SG&A as % gross
profit
|
68.4 %
|
|
63.1 %
|
|
5.4 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.2 %
|
|
63.0 %
|
|
4.1 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.6 %
|
|
5.8 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.9 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
|
(1) Retail new vehicle units
sold include new vehicle agency units. The agency units and related
revenues are excluded from the calculation of the average sales
price per unit sold for new vehicles due to their net presentation
within revenues. The agency units and related net revenues are
included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
NM - not
meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,771.5
|
|
$
1,818.6
|
|
$
(47.1)
|
|
(2.6) %
|
|
Used vehicle retail
sales
|
1,059.1
|
|
1,071.8
|
|
(12.7)
|
|
(1.2) %
|
|
Used vehicle wholesale
sales
|
71.1
|
|
74.0
|
|
(2.9)
|
|
(4.0) %
|
|
Total
used
|
1,130.2
|
|
1,145.9
|
|
(15.7)
|
|
(1.4) %
|
|
Parts and service
sales
|
463.3
|
|
469.5
|
|
(6.2)
|
|
(1.3) %
|
|
F&I,
net
|
167.2
|
|
164.4
|
|
2.8
|
|
1.7 %
|
|
Total
revenues
|
$
3,532.3
|
|
$
3,598.5
|
|
$
(66.2)
|
|
(1.8) %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
126.8
|
|
$
163.0
|
|
$
(36.2)
|
|
(22.2) %
|
|
Used vehicle retail
sales
|
60.4
|
|
58.3
|
|
2.1
|
|
3.7 %
|
|
Used vehicle wholesale
sales
|
1.1
|
|
1.3
|
|
(0.2)
|
|
(15.1) %
|
|
Total
used
|
61.5
|
|
59.6
|
|
1.9
|
|
3.3 %
|
|
Parts and service
sales
|
250.1
|
|
249.9
|
|
0.2
|
|
0.1 %
|
|
F&I,
net
|
167.2
|
|
164.4
|
|
2.8
|
|
1.7 %
|
|
Total
gross profit
|
$
605.6
|
|
$
636.9
|
|
$
(31.3)
|
|
(4.9) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.0 %
|
|
(1.8) %
|
|
|
|
Used vehicle retail
sales
|
5.7 %
|
|
5.4 %
|
|
0.3 %
|
|
|
|
Used vehicle wholesale
sales
|
1.5 %
|
|
1.7 %
|
|
(0.2) %
|
|
|
|
Total
used
|
5.4 %
|
|
5.2 %
|
|
0.2 %
|
|
|
|
Parts and service
sales
|
54.0 %
|
|
53.2 %
|
|
0.8 %
|
|
|
|
Total
gross margin
|
17.1 %
|
|
17.7 %
|
|
(0.6) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
34,346
|
|
34,770
|
|
(424)
|
|
(1.2) %
|
|
Retail used vehicles
sold
|
35,521
|
|
34,104
|
|
1,417
|
|
4.2 %
|
|
Wholesale used
vehicles sold
|
8,008
|
|
6,936
|
|
1,072
|
|
15.5 %
|
|
Total
used
|
43,529
|
|
41,040
|
|
2,489
|
|
6.1 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,578
|
|
$
52,304
|
|
$
(726)
|
|
(1.4) %
|
|
Used vehicle
retail
|
$
29,817
|
|
$
31,429
|
|
$
(1,612)
|
|
(5.1) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,692
|
|
$
4,687
|
|
$
(995)
|
|
(21.2) %
|
|
Used vehicle retail
sales
|
$
1,701
|
|
$
1,710
|
|
$
(8)
|
|
(0.5) %
|
|
Used vehicle wholesale
sales
|
$
134
|
|
$
182
|
|
$
(48)
|
|
(26.5) %
|
|
Total
used
|
$
1,413
|
|
$
1,451
|
|
$
(38)
|
|
(2.6) %
|
|
F&I PRU
|
$
2,393
|
|
$
2,387
|
|
$
5
|
|
0.2 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
401.2
|
|
$
388.6
|
|
$
12.6
|
|
3.3 %
|
|
Adjusted SG&A
expenses (1)
|
$
392.0
|
|
$
389.4
|
|
$
2.6
|
|
0.7 %
|
|
SG&A as % gross
profit
|
66.3 %
|
|
61.0 %
|
|
5.2 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.7 %
|
|
61.1 %
|
|
3.6 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,397.5
|
|
$
3,368.1
|
|
$
29.5
|
|
0.9 %
|
|
Used vehicle retail
sales
|
2,082.5
|
|
2,056.6
|
|
25.9
|
|
1.3 %
|
|
Used vehicle wholesale
sales
|
144.8
|
|
150.5
|
|
(5.7)
|
|
(3.8) %
|
|
Total
used
|
2,227.3
|
|
2,207.1
|
|
20.2
|
|
0.9 %
|
|
Parts and service
sales
|
934.6
|
|
924.2
|
|
10.5
|
|
1.1 %
|
|
F&I,
net
|
324.9
|
|
306.3
|
|
18.6
|
|
6.1 %
|
|
Total
revenues
|
$
6,884.4
|
|
$
6,805.6
|
|
$
78.8
|
|
1.2 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
245.7
|
|
$
312.1
|
|
$
(66.3)
|
|
(21.3) %
|
|
Used vehicle retail
sales
|
122.4
|
|
115.9
|
|
6.5
|
|
5.6 %
|
|
Used vehicle wholesale
sales
|
2.3
|
|
3.5
|
|
(1.2)
|
|
(34.8) %
|
|
Total
used
|
124.7
|
|
119.4
|
|
5.3
|
|
4.4 %
|
|
Parts and service
sales
|
503.7
|
|
493.0
|
|
10.6
|
|
2.2 %
|
|
F&I,
net
|
324.9
|
|
306.3
|
|
18.6
|
|
6.1 %
|
|
Total
gross profit
|
$
1,199.0
|
|
$
1,230.8
|
|
$
(31.8)
|
|
(2.6) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.3 %
|
|
(2.0) %
|
|
|
|
Used vehicle retail
sales
|
5.9 %
|
|
5.6 %
|
|
0.2 %
|
|
|
|
Used vehicle wholesale
sales
|
1.6 %
|
|
2.3 %
|
|
(0.7) %
|
|
|
|
Total
used
|
5.6 %
|
|
5.4 %
|
|
0.2 %
|
|
|
|
Parts and service
sales
|
53.9 %
|
|
53.3 %
|
|
0.5 %
|
|
|
|
Total
gross margin
|
17.4 %
|
|
18.1 %
|
|
(0.7) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
66,283
|
|
64,430
|
|
1,853
|
|
2.9 %
|
|
Retail used vehicles
sold
|
70,986
|
|
66,832
|
|
4,154
|
|
6.2 %
|
|
Wholesale used
vehicles sold
|
16,391
|
|
13,981
|
|
2,410
|
|
17.2 %
|
|
Total
used
|
87,377
|
|
80,813
|
|
6,564
|
|
8.1 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,258
|
|
$
52,275
|
|
$
(1,017)
|
|
(1.9) %
|
|
Used vehicle
retail
|
$
29,336
|
|
$
30,773
|
|
$
(1,436)
|
|
(4.7) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,707
|
|
$
4,844
|
|
$
(1,136)
|
|
(23.5) %
|
|
Used vehicle retail
sales
|
$
1,724
|
|
$
1,735
|
|
$
(10)
|
|
(0.6) %
|
|
Used vehicle wholesale
sales
|
$
138
|
|
$
249
|
|
$
(111)
|
|
(44.4) %
|
|
Total
used
|
$
1,427
|
|
$
1,478
|
|
$
(51)
|
|
(3.4) %
|
|
F&I PRU
|
$
2,367
|
|
$
2,333
|
|
$
34
|
|
1.4 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
798.8
|
|
$
762.1
|
|
$
36.8
|
|
4.8 %
|
|
Adjusted SG&A
expenses (1)
|
$
784.0
|
|
$
761.8
|
|
$
22.2
|
|
2.9 %
|
|
SG&A as % gross
profit
|
66.6 %
|
|
61.9 %
|
|
4.7 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
65.4 %
|
|
61.9 %
|
|
3.5 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
354.6
|
|
$
327.6
|
|
$
27.0
|
|
8.2 %
|
|
|
$
2.7
|
|
7.4 %
|
|
Used vehicle retail
sales
|
301.3
|
|
310.7
|
|
(9.4)
|
|
(3.0) %
|
|
|
2.3
|
|
(3.8) %
|
|
Used vehicle wholesale
sales
|
25.9
|
|
32.7
|
|
(6.8)
|
|
(20.9) %
|
|
|
0.2
|
|
(21.4) %
|
|
Total
used
|
327.1
|
|
343.4
|
|
(16.2)
|
|
(4.7) %
|
|
|
2.5
|
|
(5.4) %
|
|
Parts and service
sales
|
74.2
|
|
68.0
|
|
6.2
|
|
9.2 %
|
|
|
0.6
|
|
8.3 %
|
|
F&I,
net
|
16.3
|
|
17.1
|
|
(0.8)
|
|
(4.7) %
|
|
|
0.1
|
|
(5.4) %
|
|
Total
revenues
|
$
772.3
|
|
$
756.1
|
|
$
16.2
|
|
2.1 %
|
|
|
$
5.8
|
|
1.4 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
25.7
|
|
$
30.8
|
|
$
(5.1)
|
|
(16.4) %
|
|
|
$
0.2
|
|
(17.1) %
|
|
Used vehicle retail
sales
|
14.8
|
|
16.8
|
|
(1.9)
|
|
(11.6) %
|
|
|
0.1
|
|
(12.3) %
|
|
Used vehicle wholesale
sales
|
(2.4)
|
|
(0.4)
|
|
(2.0)
|
|
NM
|
|
|
—
|
|
NM
|
|
Total
used
|
12.4
|
|
16.4
|
|
(4.0)
|
|
(24.3) %
|
|
|
0.1
|
|
(25.0) %
|
|
Parts and service
sales
|
43.0
|
|
40.2
|
|
2.8
|
|
7.1 %
|
|
|
0.3
|
|
6.3 %
|
|
F&I,
net
|
16.3
|
|
17.1
|
|
(0.8)
|
|
(4.7) %
|
|
|
0.1
|
|
(5.4) %
|
|
Total
gross profit
|
$
97.5
|
|
$
104.5
|
|
$
(7.0)
|
|
(6.7) %
|
|
|
$
0.7
|
|
(7.4) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.3 %
|
|
9.4 %
|
|
(2.1) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.4 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(9.3) %
|
|
(1.1) %
|
|
(8.2) %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.0 %
|
|
59.1 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
12.6 %
|
|
13.8 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
8,388
|
|
8,045
|
|
343
|
|
4.3 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
10,649
|
|
10,458
|
|
191
|
|
1.8 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,855
|
|
3,057
|
|
(202)
|
|
(6.6) %
|
|
|
|
|
|
|
Total
used
|
13,504
|
|
13,515
|
|
(11)
|
|
(0.1) %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,235
|
|
$ 42,416
|
|
$
1,818
|
|
4.3 %
|
|
|
$
332
|
|
3.5 %
|
|
Used vehicle
retail
|
$ 28,293
|
|
$ 29,708
|
|
$
(1,416)
|
|
(4.8) %
|
|
|
$
215
|
|
(5.5) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,069
|
|
$
3,829
|
|
$
(759)
|
|
(19.8) %
|
|
|
$
24
|
|
(20.5) %
|
|
Used vehicle retail
sales
|
$
1,392
|
|
$
1,604
|
|
$
(211)
|
|
(13.2) %
|
|
|
$
11
|
|
(13.8) %
|
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(119)
|
|
$
(723)
|
|
NM
|
|
|
$
1
|
|
NM
|
|
Total
used
|
$
920
|
|
$
1,214
|
|
$
(294)
|
|
(24.2) %
|
|
|
$
9
|
|
(24.9) %
|
|
F&I PRU
|
$
855
|
|
$
923
|
|
$
(68)
|
|
(7.3) %
|
|
|
$
7
|
|
(8.0) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
78.2
|
|
$
75.8
|
|
$
2.4
|
|
3.2 %
|
|
|
$
0.6
|
|
2.4 %
|
|
Adjusted SG&A
expenses (2)
|
$
76.8
|
|
$
75.8
|
|
$
1.0
|
|
1.4 %
|
|
|
$
0.6
|
|
0.6 %
|
|
SG&A as % gross
profit
|
80.2 %
|
|
72.5 %
|
|
7.7 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
78.8 %
|
|
72.5 %
|
|
6.3 %
|
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
737.4
|
|
$
674.8
|
|
$
62.6
|
|
9.3 %
|
|
|
$
19.0
|
|
6.5 %
|
|
Used vehicle retail
sales
|
618.6
|
|
629.5
|
|
(10.9)
|
|
(1.7) %
|
|
|
15.7
|
|
(4.2) %
|
|
Used vehicle wholesale
sales
|
52.0
|
|
62.3
|
|
(10.3)
|
|
(16.5) %
|
|
|
1.3
|
|
(18.5) %
|
|
Total
used
|
670.6
|
|
691.8
|
|
(21.2)
|
|
(3.1) %
|
|
|
16.9
|
|
(5.5) %
|
|
Parts and service
sales
|
152.4
|
|
139.6
|
|
12.8
|
|
9.1 %
|
|
|
3.9
|
|
6.3 %
|
|
F&I,
net
|
33.8
|
|
34.6
|
|
(0.8)
|
|
(2.3) %
|
|
|
0.9
|
|
(4.8) %
|
|
Total
revenues
|
$
1,594.1
|
|
$
1,540.8
|
|
$
53.3
|
|
3.5 %
|
|
|
$
40.7
|
|
0.8 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
53.4
|
|
$
63.4
|
|
$
(10.0)
|
|
(15.8) %
|
|
|
$
1.4
|
|
(18.0) %
|
|
Used vehicle retail
sales
|
30.3
|
|
33.7
|
|
(3.4)
|
|
(10.1) %
|
|
|
0.8
|
|
(12.4) %
|
|
Used vehicle wholesale
sales
|
(4.7)
|
|
(0.6)
|
|
(4.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
|
Total
used
|
25.6
|
|
33.1
|
|
(7.5)
|
|
(22.8) %
|
|
|
0.7
|
|
(24.9) %
|
|
Parts and service
sales
|
86.9
|
|
82.4
|
|
4.5
|
|
5.4 %
|
|
|
2.2
|
|
2.7 %
|
|
F&I,
net
|
33.8
|
|
34.6
|
|
(0.8)
|
|
(2.3) %
|
|
|
0.9
|
|
(4.8) %
|
|
Total
gross profit
|
$
199.6
|
|
$
213.5
|
|
$
(13.9)
|
|
(6.5) %
|
|
|
$
5.1
|
|
(8.9) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.4 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.4 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(9.1) %
|
|
(0.9) %
|
|
(8.1) %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.0 %
|
|
59.0 %
|
|
(2.0) %
|
|
|
|
|
|
|
|
|
Total
gross margin
|
12.5 %
|
|
13.9 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
17,349
|
|
16,811
|
|
538
|
|
3.2 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
21,947
|
|
21,455
|
|
492
|
|
2.3 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
5,595
|
|
5,951
|
|
(356)
|
|
(6.0) %
|
|
|
|
|
|
|
Total
used
|
27,542
|
|
27,406
|
|
136
|
|
0.5 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,459
|
|
$ 41,566
|
|
$
2,893
|
|
7.0 %
|
|
|
$
1,145
|
|
4.2 %
|
|
Used vehicle
retail
|
$ 28,185
|
|
$ 29,341
|
|
$
(1,155)
|
|
(3.9) %
|
|
|
$
715
|
|
(6.4) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,078
|
|
$
3,772
|
|
$
(694)
|
|
(18.4) %
|
|
|
$
80
|
|
(20.5) %
|
|
Used vehicle retail
sales
|
$
1,381
|
|
$
1,572
|
|
$
(191)
|
|
(12.1) %
|
|
|
$
35
|
|
(14.4) %
|
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(99)
|
|
$
(743)
|
|
NM
|
|
|
$
(10)
|
|
NM
|
|
Total
used
|
$
930
|
|
$
1,209
|
|
$
(280)
|
|
(23.1) %
|
|
|
$
26
|
|
(25.3) %
|
|
F&I PRU
|
$
859
|
|
$
904
|
|
$
(44)
|
|
(4.9) %
|
|
|
$
22
|
|
(7.3) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
158.0
|
|
$
148.7
|
|
$
9.3
|
|
6.2 %
|
|
|
$
4.0
|
|
3.6 %
|
|
Adjusted SG&A
expenses (2)
|
$
155.5
|
|
$
148.7
|
|
$
6.8
|
|
4.6 %
|
|
|
$
3.9
|
|
1.9 %
|
|
SG&A as % gross
profit
|
79.2 %
|
|
69.7 %
|
|
9.5 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
77.9 %
|
|
69.7 %
|
|
8.2 %
|
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
497.2
|
|
$
(8.6)
|
|
$
21.5
|
|
$
(0.1)
|
|
$
(1.7)
|
|
$
(0.2)
|
|
$
—
|
|
$
508.2
|
|
Depreciation and
amortization
expense
|
|
$ 28.2
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(3.7)
|
|
$ 24.5
|
|
Income (loss) from
operations
|
|
$
241.1
|
|
$
8.6
|
|
$
(21.5)
|
|
$
0.1
|
|
$
1.7
|
|
$
0.2
|
|
$
3.7
|
|
$
233.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income
taxes
|
|
$
183.0
|
|
$
8.6
|
|
$
(21.5)
|
|
$
0.1
|
|
$
1.7
|
|
$
0.2
|
|
$
3.7
|
|
$
175.8
|
|
Less: Provision
(benefit) for
income taxes
|
|
45.2
|
|
2.1
|
|
(5.6)
|
|
—
|
|
0.1
|
|
—
|
|
0.9
|
|
42.7
|
|
Net income (loss)
from
continuing operations
|
|
137.9
|
|
6.5
|
|
(15.9)
|
|
0.1
|
|
1.6
|
|
0.1
|
|
2.8
|
|
133.1
|
|
Less: Earnings (loss)
allocated
to participating securities
|
|
2.9
|
|
0.1
|
|
(0.3)
|
|
—
|
|
—
|
|
—
|
|
0.1
|
|
2.8
|
|
Net income (loss)
from
continuing operations available
to diluted common shares
|
|
$
134.9
|
|
$
6.4
|
|
$
(15.5)
|
|
$
0.1
|
|
$
1.5
|
|
$
0.1
|
|
$
2.8
|
|
$
130.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per
common share from continuing
operations
|
|
$
10.15
|
|
$
0.48
|
|
$
(1.17)
|
|
$
0.01
|
|
$
0.12
|
|
$
0.01
|
|
$
0.21
|
|
$ 9.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
64.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.3 %
|
|
Operating margin
(2)
|
|
5.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.0 %
|
|
Pretax margin
(3)
|
|
3.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
479.4
|
|
$
(8.6)
|
|
$
—
|
|
$
(0.1)
|
|
$
(1.7)
|
|
$
(0.2)
|
|
$
—
|
|
$
468.9
|
|
Same Store SG&A as
% gross
profit (1)
|
|
68.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
from
operations
|
|
$
197.4
|
|
$
8.6
|
|
$
—
|
|
$
0.1
|
|
$
1.7
|
|
$
0.2
|
|
$
3.7
|
|
$
211.7
|
|
Same Store operating
margin (2)
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
0.3
|
|
$
—
|
|
$
0.3
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.3
|
|
$
—
|
|
$
0.3
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
138.2
|
|
$
(4.7)
|
|
$
133.4
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
2.9
|
|
(0.1)
|
|
2.8
|
|
Net income (loss)
available to diluted common shares
|
|
$
135.2
|
|
$
(4.6)
|
|
$
130.6
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.02
|
|
$
—
|
|
$
0.02
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
10.15
|
|
(0.35)
|
|
9.80
|
|
Diluted earnings (loss)
per common share
|
|
$
10.17
|
|
$
(0.35)
|
|
$
9.82
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items and accelerated
depreciation expense.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items and accelerated
depreciation expense.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Acquisition
Costs
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
479.9
|
|
$
9.6
|
|
$
(0.3)
|
|
$
1.1
|
|
$
—
|
|
$
490.3
|
|
Depreciation and
amortization expense
|
|
$
23.1
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.3)
|
|
$
22.8
|
|
Asset
impairments
|
|
$
1.8
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.8)
|
|
$
—
|
|
Income (loss) from
operations
|
|
$
270.8
|
|
$
(9.6)
|
|
$
0.3
|
|
$
(1.1)
|
|
$
2.1
|
|
$
262.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
227.9
|
|
$
(9.6)
|
|
$
0.3
|
|
$
(1.1)
|
|
$
2.1
|
|
$
219.6
|
|
Less: Provision
(benefit) for income taxes
|
|
57.6
|
|
(4.5)
|
|
0.1
|
|
(0.3)
|
|
0.5
|
|
53.5
|
|
Net income (loss) from
continuing operations
|
|
170.3
|
|
(5.1)
|
|
0.2
|
|
(0.9)
|
|
1.6
|
|
166.1
|
|
Less: Earnings (loss)
allocated to participating
securities
|
|
4.1
|
|
(0.1)
|
|
—
|
|
—
|
|
—
|
|
4.0
|
|
Net income (loss) from
continuing operations
available to diluted common shares
|
|
$
166.1
|
|
$
(5.0)
|
|
$
0.2
|
|
$
(0.8)
|
|
$
1.5
|
|
$
162.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from
continuing operations
|
|
$
12.02
|
|
$
(0.36)
|
|
$
0.01
|
|
$
(0.06)
|
|
$
0.11
|
|
$
11.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
25.3 %
|
|
|
|
|
|
|
|
|
|
24.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
61.9 %
|
|
|
|
|
|
|
|
|
|
63.2 %
|
|
Operating margin
(2)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
5.8 %
|
|
Pretax margin
(3)
|
|
5.0 %
|
|
|
|
|
|
|
|
|
|
4.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
464.4
|
|
$
—
|
|
$
(0.3)
|
|
$
1.1
|
|
$
—
|
|
$
465.2
|
|
Same Store SG&A as
% gross profit (1)
|
|
62.6 %
|
|
|
|
|
|
|
|
|
|
62.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
253.6
|
|
$
—
|
|
$
0.3
|
|
$
(1.1)
|
|
$
2.1
|
|
$
254.8
|
|
Same Store operating
margin (2)
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
5.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
170.5
|
|
$
(4.2)
|
|
$
166.4
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
4.1
|
|
(0.1)
|
|
4.0
|
|
Net income (loss)
available to diluted common shares
|
|
$
166.4
|
|
$
(4.1)
|
|
$
162.3
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.02
|
|
$
—
|
|
$
0.02
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
12.02
|
|
(0.29)
|
|
11.73
|
|
Diluted earnings (loss)
per common share
|
|
$
12.04
|
|
$
(0.29)
|
|
$
11.75
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items, accelerated
depreciation expense and asset impairment charges.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items, accelerated depreciation
expense and asset impairment charges.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$ 973.3
|
|
$
(9.1)
|
|
$
52.4
|
|
$
(0.6)
|
|
$
(4.5)
|
|
$
(3.3)
|
|
$
—
|
|
$ 1,008.3
|
|
Depreciation and
amortization
expense
|
|
$
52.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(4.2)
|
|
$
47.9
|
|
Income (loss) from
operations
|
|
$ 483.8
|
|
$
9.1
|
|
$
(52.4)
|
|
$
0.6
|
|
$
4.5
|
|
$
3.3
|
|
$
4.2
|
|
$
452.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income
taxes
|
|
$ 376.3
|
|
$
9.1
|
|
$
(52.4)
|
|
$
0.6
|
|
$
4.5
|
|
$
3.3
|
|
$
4.2
|
|
$
345.4
|
|
Less: Provision
(benefit) for
income taxes
|
|
91.0
|
|
2.2
|
|
(13.4)
|
|
0.1
|
|
0.6
|
|
0.8
|
|
1.0
|
|
82.2
|
|
Net income (loss)
from
continuing operations
|
|
285.3
|
|
6.9
|
|
(38.9)
|
|
0.4
|
|
3.9
|
|
2.5
|
|
3.2
|
|
263.2
|
|
Less: Earnings (loss)
allocated
to participating securities
|
|
6.3
|
|
0.2
|
|
(0.9)
|
|
—
|
|
0.1
|
|
0.1
|
|
0.1
|
|
5.8
|
|
Net income (loss)
from
continuing operations available
to diluted common shares
|
|
$ 279.0
|
|
$
6.7
|
|
$
(38.1)
|
|
$
0.4
|
|
$
3.8
|
|
$
2.4
|
|
$
3.1
|
|
$
257.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per
common share from continuing
operations
|
|
$ 20.91
|
|
$
0.51
|
|
$
(2.85)
|
|
$
0.03
|
|
$
0.28
|
|
$
0.18
|
|
$
0.23
|
|
$
19.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
64.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.8 %
|
|
Operating margin
(2)
|
|
5.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
Pretax margin
(3)
|
|
4.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 956.8
|
|
$
(9.1)
|
|
$
—
|
|
$
(0.6)
|
|
$
(4.5)
|
|
$
(3.3)
|
|
$
—
|
|
$
939.5
|
|
Same Store SG&A as
% gross
profit (1)
|
|
68.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
from
operations
|
|
$ 392.9
|
|
$
9.1
|
|
$
—
|
|
$
0.6
|
|
$
4.5
|
|
$
3.3
|
|
$
4.2
|
|
$
414.4
|
|
Same Store operating
margin (2)
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
0.8
|
|
$
—
|
|
$
0.8
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.8
|
|
$
—
|
|
$
0.8
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
286.1
|
|
$
(22.1)
|
|
$
264.0
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
6.3
|
|
(0.5)
|
|
5.8
|
|
Net income (loss)
available to diluted common shares
|
|
$
279.8
|
|
$
(21.6)
|
|
$
258.2
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.06
|
|
$
—
|
|
$
0.06
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
20.91
|
|
(1.62)
|
|
19.29
|
|
Diluted earnings (loss)
per common share
|
|
$
20.97
|
|
$
(1.62)
|
|
$
19.35
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items and accelerated
depreciation expense.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items and accelerated
depreciation expense.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Non-cash gain
on interest
rate swaps
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
942.7
|
|
$
—
|
|
$
11.4
|
|
$
(0.3)
|
|
$
—
|
|
$
—
|
|
$
953.9
|
|
Depreciation and
amortization
expense
|
|
$ 45.5
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.6)
|
|
$
45.0
|
|
Asset
impairments
|
|
$
2.9
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(2.9)
|
|
$
—
|
|
Income (loss) from
operations
|
|
$
512.3
|
|
$
—
|
|
$
(11.4)
|
|
$
0.3
|
|
$
—
|
|
$
3.5
|
|
$
504.6
|
|
Other interest expense,
net
|
|
$ 45.6
|
|
$
4.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
49.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
434.3
|
|
$
(4.0)
|
|
$
(11.4)
|
|
$
0.3
|
|
$
—
|
|
$
3.5
|
|
$
422.5
|
|
Less: Provision
(benefit) for income
taxes
|
|
105.2
|
|
(0.9)
|
|
(4.9)
|
|
0.1
|
|
—
|
|
0.8
|
|
100.2
|
|
Net income (loss) from
continuing
operations
|
|
329.1
|
|
(3.1)
|
|
(6.5)
|
|
0.2
|
|
—
|
|
2.6
|
|
322.3
|
|
Less: Earnings (loss)
allocated to
participating securities
|
|
8.2
|
|
(0.1)
|
|
(0.2)
|
|
—
|
|
—
|
|
0.1
|
|
8.1
|
|
Net income (loss) from
continuing
operations available to diluted
common shares
|
|
$
320.8
|
|
$
(3.0)
|
|
$
(6.4)
|
|
$
0.2
|
|
$
—
|
|
$
2.6
|
|
$
314.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common
share from continuing operations
|
|
$
23.14
|
|
$
(0.22)
|
|
$
(0.46)
|
|
$
0.01
|
|
$
—
|
|
$
0.18
|
|
$
22.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.2 %
|
|
|
|
|
|
|
|
|
|
|
|
23.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
62.7 %
|
|
|
|
|
|
|
|
|
|
|
|
63.4 %
|
|
Operating margin
(2)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
5.8 %
|
|
Pretax margin
(3)
|
|
5.0 %
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
910.8
|
|
$
—
|
|
$
—
|
|
$
(0.3)
|
|
$
—
|
|
$
—
|
|
$
910.5
|
|
Same Store SG&A as
% gross profit (1)
|
|
63.1 %
|
|
|
|
|
|
|
|
|
|
|
|
63.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
487.9
|
|
$
—
|
|
$
—
|
|
$
0.3
|
|
$
—
|
|
$
3.5
|
|
$
491.6
|
|
Same Store operating
margin (2)
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
|
|
5.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net loss from
discontinued operations
|
|
$
(0.1)
|
|
$
—
|
|
$
(0.1)
|
|
Less: Loss allocated to
participating securities
|
|
—
|
|
—
|
|
—
|
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(0.1)
|
|
$
—
|
|
$
(0.1)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
329.0
|
|
$
(6.8)
|
|
$
322.2
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
8.2
|
|
(0.2)
|
|
8.0
|
|
Net income (loss)
available to diluted common shares
|
|
$
320.7
|
|
$
(6.6)
|
|
$
314.1
|
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
(0.01)
|
|
$
—
|
|
$
(0.01)
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
23.14
|
|
(0.48)
|
|
22.66
|
|
Diluted earnings (loss)
per common share
|
|
$
23.13
|
|
$
(0.48)
|
|
$
22.65
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items, accelerated
depreciation expense and asset impairment charges.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items, accelerated depreciation
expense, asset impairment charges and a non-cash gain on interest
rate swaps.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — U.S.
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
417.6
|
|
$
(8.6)
|
|
$
21.5
|
|
$
(0.4)
|
|
$
(0.2)
|
|
$
429.9
|
|
SG&A as % gross
profit (1)
|
|
62.5 %
|
|
|
|
|
|
|
|
|
|
64.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
401.2
|
|
$
(8.6)
|
|
$
—
|
|
$
(0.4)
|
|
$
(0.2)
|
|
$
392.0
|
|
Same Store SG&A as
% gross profit (1)
|
|
66.3 %
|
|
|
|
|
|
|
|
|
|
64.7 %
|
|
|
Three Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
403.7
|
|
$
8.6
|
|
$
(0.3)
|
|
$
1.1
|
|
$
413.2
|
|
SG&A as % gross
profit (1)
|
|
60.3 %
|
|
|
|
|
|
|
|
61.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
388.6
|
|
$
—
|
|
$
(0.3)
|
|
$
1.1
|
|
$
389.4
|
|
Same Store SG&A as
% gross profit (1)
|
|
61.0 %
|
|
|
|
|
|
|
|
61.1 %
|
|
|
Six Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
812.5
|
|
$
(9.1)
|
|
$
52.4
|
|
$
(2.5)
|
|
$
(3.3)
|
|
$
850.0
|
|
SG&A as % gross
profit (1)
|
|
62.2 %
|
|
|
|
|
|
|
|
|
|
65.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
798.8
|
|
$
(9.1)
|
|
$
—
|
|
$
(2.5)
|
|
$
(3.3)
|
|
$
784.0
|
|
Same Store SG&A as
% gross profit (1)
|
|
66.6 %
|
|
|
|
|
|
|
|
|
|
65.4 %
|
|
|
Six Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
792.4
|
|
$
10.5
|
|
$
(0.3)
|
|
$
—
|
|
$
802.6
|
|
SG&A as % gross
profit (1)
|
|
61.6 %
|
|
|
|
|
|
|
|
62.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
762.1
|
|
$
—
|
|
$
(0.3)
|
|
$
—
|
|
$
761.8
|
|
Same Store SG&A as
% gross profit (1)
|
|
61.9 %
|
|
|
|
|
|
|
|
61.9 %
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — U.K.
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
79.6
|
|
$
(0.1)
|
|
$
(1.2)
|
|
$
78.2
|
|
SG&A as % gross
profit (1)
|
|
80.5 %
|
|
|
|
|
|
79.1 %
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
78.2
|
|
$
(0.1)
|
|
$
(1.2)
|
|
$
76.8
|
|
Same Store SG&A as
% gross profit (1)
|
|
80.2 %
|
|
|
|
|
|
78.8 %
|
|
|
Three Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
76.1
|
|
$
0.9
|
|
$
77.1
|
|
SG&A as % gross
profit (1)
|
|
71.9 %
|
|
|
|
72.8 %
|
|
|
Six Months Ended
June 30, 2024
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
160.8
|
|
$
(0.6)
|
|
$
(1.9)
|
|
$
158.3
|
|
SG&A as % gross
profit (1)
|
|
79.5 %
|
|
|
|
|
|
78.3 %
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
158.0
|
|
$
(0.6)
|
|
$
(1.9)
|
|
$
155.5
|
|
Same Store SG&A as
% gross profit (1)
|
|
79.2 %
|
|
|
|
|
|
77.9 %
|
|
|
Six Months Ended
June 30, 2023
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
150.3
|
|
$
0.9
|
|
$
151.3
|
|
SG&A as % gross
profit (1)
|
|
69.5 %
|
|
|
|
70.0 %
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-second-quarter-2024-financial-results-302204628.html
SOURCE Group 1 Automotive, Inc.