- Record Quarterly Revenues of $4.2
billion, a 22.0% Increase
- Record Quarterly Diluted Earnings Per Common Share from
Continuing Operations of $12.57 per
share, a 34.4% Increase
HOUSTON, Oct. 26,
2022 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), an
international, Fortune 300 automotive retailer with 203 dealerships
located in the U.S. and U.K., today reported record quarterly
financial results for the third quarter 2022.
Current quarter total revenues of $4.2
billion and diluted earnings per common share from
continuing operations of $12.57 were
the highest in Company history. Current quarter total revenues
represent a 22.0% increase compared to prior year quarter total
revenues of $3.4 billion. Current
quarter diluted earnings per common share achieved a 34.4% increase
over prior year quarter diluted earnings per common share from
continuing operations of $9.35.
"Our team delivered another record quarter featuring substantial
revenue and profit growth. Our consolidated vehicle and aftersales
revenue growth for the quarter was well over 20% and our
consolidated aftersales gross profit growth exceeded 25%. Our
capital allocation also continues to fuel our strong performance
with acquisitions in both of our operating markets during the
quarter, bringing total revenues added to $3.1 billion over the past 18 months, and our
share repurchase level is now over 20% of our total outstanding
shares over the past 12 months," said Earl
J. Hesterberg, Group 1's Chief Executive Officer.
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 third quarter of 2022 ("current quarter")
were a record of $4.2 billion, a
22.0% increase compared to total revenues of $3.4 billion for the third quarter of 2021
("prior year quarter").
Net income from continuing operations for the current quarter
was $197.1 million, a 14.2% increase
compared to net income from continuing operations of $172.5 million for the prior year quarter.
Current quarter adjusted net income from continuing operations (a
non-GAAP measure) was $188.1 million,
an 8.0% increase compared to adjusted net income from continuing
operations of $174.1 million for the
prior year quarter.
Current quarter diluted earnings per common share from
continuing operations was a record of $12.57, a 34.4% increase over diluted
earnings per common share from continuing operations of
$9.35 for the prior year quarter.
Current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) was $12.00, a 27.1% increase over adjusted diluted
earnings per common share from continuing operations of
$9.44 for the prior year quarter.
Current quarter adjusted net income from continuing operations and
adjusted diluted earnings per share from continuing operations
excluded $10.8 million of after-tax
gains on disposition activities. Current quarter and prior year
quarter adjusted diluted earnings per common share from continuing
operations excludes adjusted diluted earnings per common share from
discontinued operations of $(0.09)
and $0.18, respectively.
Third Quarter
2022
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
3Q22
|
Change
|
3Q22
|
Change
|
Total
revenues
|
$4.2B
|
+22.0 %
|
$3.5B
|
+3.6 %
|
Total gross profit
("GP")
|
$752.6M
|
+17.8 %
|
$621.2M
|
(0.9) %
|
NV units
sold
|
39,237
|
+17.6 %
|
32,249
|
(1.5) %
|
NV GP per retail unit
("PRU")
|
$5,267
|
+8.8 %
|
$5,078
|
+5.1 %
|
Used vehicle ("UV")
retail units sold
|
48,427
|
+13.9 %
|
41,684
|
(0.4) %
|
UV retail GP
PRU
|
$1,571
|
(31.2) %
|
$1,536
|
(33.2) %
|
Parts & service
("P&S") GP
|
$285.1M
|
+25.7 %
|
$239.0M
|
+7.6 %
|
P&S Gross
Margin
|
55.3 %
|
+0.9 %
|
54.5 %
|
+0.1 %
|
Finance and Insurance
("F&I") revenues
|
$186.3M
|
+27.6 %
|
$155.6M
|
+8.8 %
|
F&I GP
PRU
|
$2,125
|
+10.4 %
|
$2,105
|
+9.8 %
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
59.9 %
|
+101
bps
|
62.2 %
|
+342
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
61.5 %
|
+281
bps
|
61.9 %
|
+328
bps
|
Corporate Development
In July 2022, the Company acquired
three dealerships and a collision center in Louisiana, consisting of Mercedes-Benz,
Sprinter, Land Rover, Jaguar, and Volvo franchises. This
acquisition is expected to generate $110.0
million in annual revenues. In September 2022, the Company acquired a BMW/MINI
dealership and a collision center in the U.K. This acquisition is
expected to generate $80.0 million in
annual revenues, bringing year-to-date total acquired expected
annual revenues for the Company to $740.0
million. For the period January 1,
2021 to September 30, 2022,
the Company has acquired total expected annual revenues of
$3.2 billion.
In September 2022, the Company
disposed of one dealership in Massachusetts and terminated one dealership in
the U.K. These stores generated approximately $65.0 million in annualized revenues.
In July 2022, the Company closed
on the disposition of its Brazilian operations.
Share Repurchase
During the current quarter, the Company repurchased 609,929
shares, representing approximately 3.6% of the Company's current
year beginning outstanding common shares, at an average price per
common share of $172.84, for a total
of $105.4 million. During the nine
months ended September 30, 2022
("current year"), the Company repurchased 2,047,658 shares,
representing approximately 11.9% of the Company's current year
beginning outstanding common shares, at an average price per common
share of $175.58, for a total of
$359.5 million. As of September 30, 2022, the Company had an aggregate
15.2 million outstanding common shares and unvested restricted
stock awards.
During the current quarter, the Company adopted a Rule 10b5-1
trading plan that was effective from October
3, 2022 to October 19, 2022.
Under the plan, the Company repurchased an additional 638,072
shares subsequent to September 30,
2022, at an average price of $156.70, for a total cost of $100.0 million. After giving effect to share
repurchases subsequent to September 30,
2022, our aggregate outstanding common shares and unvested
restricted stock awards approximates 14.6 million shares. The
Company currently has $64.1 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.
Third Quarter 2022 Earnings Conference Call Details
Group 1's senior management will host a conference call today at
10 a.m. ET to discuss the third
quarter 2022 financial results. The conference call will be
simulcast live on the Internet at group1auto.com, then click on
'Investor Relations' and then 'Events' or through this link:
group1corp.com/events. A webcast replay will be available for 30
days.
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic:
|
1-888-317-6003
|
International:
|
1-412-317-6061
|
Passcode:
|
6646921
|
A telephonic replay will be available following the call through
November 2, 2022, by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Code:
|
8172086
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 203 automotive dealerships,
273 franchises, and 47 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 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 and the risks
associated therewith, (h) foreign exchange controls and currency
fluctuations, (i) the impacts of COVID-19 and the armed conflict in
Ukraine on our business and the supply chains upon which our
business is dependent, (j) the impacts of continued inflation and
any potential global recession, (k) our ability to maintain
sufficient liquidity to operate, (l) the risk that proposed
transactions will not be consummated in a timely manner, and (m)
our ability to successfully integrate recent and future
acquisitions. For additional information regarding known material
factors that could cause our actual results to differ from our
projected results, please see our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER
DATA
In addition to evaluating the financial condition and results
of our operations in accordance with U.S. GAAP, from time to time
our management evaluates and analyzes results and any impact on the
Company of strategic decisions and actions relating to, among other
things, cost reduction, growth, profitability improvement
initiatives, and other events outside of normal, or "core,"
business and operations, by considering alternative financial
measures not prepared in accordance with U.S. GAAP. In our
evaluation of results from time to time, we exclude items that do
not arise directly from core operations, such as non-cash asset
impairment charges, out-of-period adjustments, legal matters, gains
and losses on dealership franchise or real estate transactions, and
catastrophic events, such as hailstorms, hurricanes, and snow
storms. Because these non-core charges and gains materially affect
the Company's financial condition or results in the specific period
in which they are recognized, management also evaluates, and makes
resource allocation and performance evaluation decisions based on,
the related non-GAAP measures excluding such items. This includes
evaluating measures such as adjusted selling, general and
administrative expenses, adjusted net income, adjusted diluted
earnings per share, and constant currency. These adjusted measures
are not measures of financial performance under U.S. GAAP, but are
instead considered non-GAAP financial performance measures.
Non-GAAP measures do not have definitions under U.S. GAAP and may
be defined differently by, and not be comparable to similarly
titled measures used by, other companies. As a result, any non-GAAP
financial measures considered and evaluated by management are
reviewed in conjunction with a review of the most directly
comparable measures calculated in accordance with U.S. GAAP. We
caution investors not to place undue reliance on such non-GAAP
measures, but also to consider them with the most directly
comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate
results in a specific period, management believes that such
measures may provide more complete and consistent comparisons of
operational performance on a period-over-period historical basis
and a better indication of expected future trends. Our management
also uses these adjusted measures in conjunction with U.S. GAAP
financial measures to assess our business, including communication
with our Board of Directors, investors, and industry analysts
concerning financial performance. We disclose these non-GAAP
measures, and the related reconciliations, because we believe
investors use these metrics in evaluating longer-term
period-over-period performance, and to allow investors to better
understand and evaluate the information used by management to
assess operating performance. The exclusion of certain expenses in
the calculation of non-GAAP financial measures should not be
construed as an inference that these costs are unusual or
infrequent. We anticipate excluding these expenses in the future
presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an
as reported and a constant currency basis. The constant currency
presentation, which is a non-GAAP measure, excludes the impact of
fluctuations in foreign currency exchange rates. We believe
providing constant currency information provides valuable
supplemental information regarding our underlying business and
results of operations, consistent with how we evaluate our
performance. We calculate constant currency percentages by
converting our current period reported results for entities
reporting in currencies other than U.S. dollars using comparative
period exchange rates rather than the actual exchange rates in
effect during the respective periods. The constant currency
performance measures should not be considered a substitute for, or
superior to, the measures of financial performance prepared in
accordance with U.S. GAAP. The Same Store amounts presented include
the results of dealerships for the identical months in each period
presented in comparison, commencing with the first full month in
which the dealership was owned by us and, in the case of
dispositions, ending with the last full month it was owned by us.
Same Store results also include the activities of our corporate
headquarters.
Certain amounts in the financial statements may not compute
due to rounding. All computations have been calculated using
unrounded amounts for all periods presented.
Investor contacts:
Jason
Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
jbabbitt@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
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,883.3
|
|
$
1,513.9
|
|
$
369.5
|
|
24.4 %
|
Used vehicle retail
sales
|
|
1,488.6
|
|
1,230.4
|
|
258.3
|
|
21.0 %
|
Used vehicle wholesale
sales
|
|
89.6
|
|
106.0
|
|
(16.5)
|
|
(15.5) %
|
Parts and service
sales
|
|
515.6
|
|
416.5
|
|
99.1
|
|
23.8 %
|
Finance, insurance and
other, net
|
|
186.3
|
|
146.0
|
|
40.3
|
|
27.6 %
|
Total
revenues
|
|
4,163.4
|
|
3,412.8
|
|
750.6
|
|
22.0 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
1,676.7
|
|
1,352.4
|
|
324.3
|
|
24.0 %
|
Used vehicle retail
sales
|
|
1,412.6
|
|
1,133.3
|
|
279.2
|
|
24.6 %
|
Used vehicle wholesale
sales
|
|
91.1
|
|
98.7
|
|
(7.6)
|
|
(7.7) %
|
Parts and service
sales
|
|
230.5
|
|
189.7
|
|
40.8
|
|
21.5 %
|
Total cost of
sales
|
|
3,410.8
|
|
2,774.1
|
|
636.7
|
|
23.0 %
|
GROSS
PROFIT
|
|
752.6
|
|
638.7
|
|
113.9
|
|
17.8 %
|
Selling, general and
administrative expenses
|
|
450.9
|
|
376.3
|
|
74.7
|
|
19.8 %
|
Depreciation and
amortization expense
|
|
21.8
|
|
19.2
|
|
2.6
|
|
13.5 %
|
Asset
impairments
|
|
—
|
|
1.7
|
|
(1.7)
|
|
(100.0) %
|
INCOME FROM
OPERATIONS
|
|
279.9
|
|
241.5
|
|
38.4
|
|
15.9 %
|
Floorplan interest
expense
|
|
6.5
|
|
4.3
|
|
2.2
|
|
50.1 %
|
Other interest expense,
net
|
|
19.6
|
|
13.1
|
|
6.5
|
|
49.9 %
|
Other income
|
|
(3.4)
|
|
—
|
|
(3.4)
|
|
(100.0) %
|
INCOME BEFORE INCOME
TAXES
|
|
257.2
|
|
224.1
|
|
33.1
|
|
14.8 %
|
Provision for income
taxes
|
|
60.2
|
|
51.6
|
|
8.6
|
|
16.6 %
|
Net income from
continuing operations
|
|
197.1
|
|
172.5
|
|
24.5
|
|
14.2 %
|
Net loss from
discontinued operations
|
|
(1.3)
|
|
(0.4)
|
|
(0.9)
|
|
216.9 %
|
NET
INCOME
|
|
$
195.7
|
|
$
172.1
|
|
$
23.6
|
|
13.7 %
|
Less: Earnings
allocated to participating securities
|
|
5.4
|
|
5.7
|
|
(0.3)
|
|
(5.3) %
|
Net income available to
diluted common shares
|
|
$
190.3
|
|
$
166.4
|
|
$
23.9
|
|
14.4 %
|
Diluted earnings per
share from continuing operations
|
|
$
12.57
|
|
$
9.35
|
|
$
3.21
|
|
34.4 %
|
Diluted loss per share
from discontinued operations
|
|
$
(0.09)
|
|
$
(0.02)
|
|
$
(0.06)
|
|
272.6 %
|
DILUTED EARNINGS PER
SHARE
|
|
$
12.48
|
|
$
9.33
|
|
$
3.15
|
|
33.8 %
|
Weighted average
dilutive common shares outstanding
|
|
15.2
|
|
17.8
|
|
(2.6)
|
|
(14.5) %
|
Weighted average
participating securities
|
|
0.4
|
|
0.6
|
|
(0.2)
|
|
(29.5) %
|
Total weighted average
shares
|
|
15.7
|
|
18.4
|
|
(2.8)
|
|
(15.0) %
|
Effective tax rate on
continuing operations
|
|
23.4 %
|
|
23.0 %
|
|
0.4 %
|
|
|
Group 1 Automotive,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
5,479.8
|
|
$
4,828.6
|
|
$
651.1
|
|
13.5 %
|
Used vehicle retail
sales
|
|
4,353.9
|
|
3,302.3
|
|
1,051.7
|
|
31.8 %
|
Used vehicle wholesale
sales
|
|
278.9
|
|
278.0
|
|
0.9
|
|
0.3 %
|
Parts and service
sales
|
|
1,491.1
|
|
1,152.2
|
|
338.9
|
|
29.4 %
|
Finance, insurance and
other, net
|
|
549.5
|
|
431.3
|
|
118.2
|
|
27.4 %
|
Total
revenues
|
|
12,153.1
|
|
9,992.3
|
|
2,160.8
|
|
21.6 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
4,861.6
|
|
4,411.4
|
|
450.2
|
|
10.2 %
|
Used vehicle retail
sales
|
|
4,100.6
|
|
3,038.6
|
|
1,062.0
|
|
34.9 %
|
Used vehicle wholesale
sales
|
|
276.8
|
|
257.9
|
|
18.9
|
|
7.3 %
|
Parts and service
sales
|
|
668.5
|
|
515.0
|
|
153.5
|
|
29.8 %
|
Total cost of
sales
|
|
9,907.4
|
|
8,222.9
|
|
1,684.5
|
|
20.5 %
|
GROSS
PROFIT
|
|
2,245.8
|
|
1,769.5
|
|
476.3
|
|
26.9 %
|
Selling, general and
administrative expenses
|
|
1,329.6
|
|
1,056.2
|
|
273.3
|
|
25.9 %
|
Depreciation and
amortization expense
|
|
65.9
|
|
56.8
|
|
9.1
|
|
16.1 %
|
Asset
impairments
|
|
0.8
|
|
1.7
|
|
(0.9)
|
|
(52.6) %
|
INCOME FROM
OPERATIONS
|
|
849.4
|
|
654.7
|
|
194.7
|
|
29.7 %
|
Floorplan interest
expense
|
|
17.7
|
|
20.5
|
|
(2.8)
|
|
(13.7) %
|
Other interest expense,
net
|
|
55.5
|
|
39.8
|
|
15.7
|
|
39.5 %
|
Other income
|
|
(3.4)
|
|
—
|
|
(3.4)
|
|
(100.0) %
|
INCOME BEFORE INCOME
TAXES
|
|
779.6
|
|
594.4
|
|
185.2
|
|
31.2 %
|
Provision for income
taxes
|
|
182.1
|
|
132.2
|
|
50.0
|
|
37.8 %
|
Net income from
continuing operations
|
|
597.5
|
|
462.2
|
|
135.3
|
|
29.3 %
|
Net (loss) income from
discontinued operations
|
|
(2.9)
|
|
2.8
|
|
(5.7)
|
|
(204.0) %
|
NET
INCOME
|
|
$
594.6
|
|
$
465.0
|
|
$
129.6
|
|
27.9 %
|
Less: Earnings
allocated to participating securities
|
|
16.6
|
|
15.6
|
|
1.0
|
|
6.5 %
|
Net income available to
diluted common shares
|
|
$
578.0
|
|
$
449.4
|
|
$
128.5
|
|
28.6 %
|
Diluted earnings per
share from continuing operations
|
|
$
36.43
|
|
$
25.05
|
|
$
11.37
|
|
45.4 %
|
Diluted (loss) earnings
per share from discontinued operations
|
|
$
(0.18)
|
|
$
0.15
|
|
$
(0.33)
|
|
(217.4) %
|
DILUTED EARNINGS PER
SHARE
|
|
$
36.25
|
|
$
25.21
|
|
$
11.04
|
|
43.8 %
|
Weighted average
dilutive common shares outstanding
|
|
15.9
|
|
17.8
|
|
(1.9)
|
|
(10.6) %
|
Weighted average
participating securities
|
|
0.5
|
|
0.6
|
|
(0.2)
|
|
(26.2) %
|
Total weighted average
shares
|
|
16.4
|
|
18.5
|
|
(2.0)
|
|
(11.1) %
|
Effective tax rate on
continuing operations
|
|
23.4 %
|
|
22.2 %
|
|
1.1 %
|
|
|
Group 1 Automotive,
Inc.
|
Additional
Information — Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
December 31,
2021
|
|
Increase/(Decrease)
|
|
%
Change
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
20.5
|
|
$
14.9
|
|
$
5.6
|
|
37.7 %
|
Inventories,
net
|
|
$
1,185.6
|
|
$
1,073.1
|
|
$
112.5
|
|
10.5 %
|
Floorplan notes
payable, net (1)
|
|
$
745.9
|
|
$
531.0
|
|
$
214.9
|
|
40.5 %
|
Total debt
|
|
$
1,942.4
|
|
$
2,035.7
|
|
$
(93.3)
|
|
(4.6) %
|
Total equity
|
|
$
2,214.1
|
|
$
1,825.2
|
|
$
388.9
|
|
21.3 %
|
(1) Amounts
are net of offset accounts of $218.5 and $271.9,
respectively.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
United
States
|
|
80.9 %
|
|
77.9 %
|
|
80.9 %
|
|
80.7 %
|
United
Kingdom
|
|
19.1 %
|
|
22.1 %
|
|
19.1 %
|
|
19.3 %
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
Toyota/Lexus
|
|
25.2 %
|
|
25.9 %
|
|
24.3 %
|
|
25.6 %
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
16.1 %
|
|
17.3 %
|
|
15.7 %
|
|
15.9 %
|
BMW/MINI
|
|
12.9 %
|
|
12.1 %
|
|
12.7 %
|
|
11.2 %
|
Ford/Lincoln
|
|
7.7 %
|
|
8.2 %
|
|
8.2 %
|
|
8.6 %
|
Honda/Acura
|
|
6.1 %
|
|
7.9 %
|
|
6.9 %
|
|
8.7 %
|
Chevrolet/GMC/Buick/Cadillac
|
|
7.0 %
|
|
6.2 %
|
|
6.5 %
|
|
6.9 %
|
Mercedes-Benz/Sprinter
|
|
6.2 %
|
|
4.1 %
|
|
6.2 %
|
|
4.7 %
|
Chrysler/Dodge/Jeep/RAM
|
|
5.2 %
|
|
3.9 %
|
|
5.1 %
|
|
4.1 %
|
Hyundai/Kia/Genesis
|
|
4.8 %
|
|
5.4 %
|
|
4.9 %
|
|
5.4 %
|
Nissan
|
|
2.9 %
|
|
5.8 %
|
|
3.6 %
|
|
5.7 %
|
Subaru
|
|
2.7 %
|
|
1.5 %
|
|
2.7 %
|
|
1.4 %
|
Jaguar/Land
Rover
|
|
1.7 %
|
|
1.5 %
|
|
1.5 %
|
|
1.7 %
|
Mazda
|
|
1.3 %
|
|
— %
|
|
1.2 %
|
|
— %
|
Other
|
|
0.3 %
|
|
0.1 %
|
|
0.3 %
|
|
— %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
September 30,
2022
|
|
December 31,
2021
|
|
September 30,
2021
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
New vehicle
inventory
|
|
16
|
|
12
|
|
13
|
Used vehicle
inventory
|
|
34
|
|
42
|
|
30
|
U.S.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
15
|
|
9
|
|
11
|
Used vehicle
inventory
|
|
31
|
|
36
|
|
25
|
U.K.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
20
|
|
33
|
|
19
|
Used vehicle
inventory
|
|
46
|
|
66
|
|
42
|
(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
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,883.3
|
|
$
1,513.9
|
|
$
369.5
|
|
24.4 %
|
|
|
$
(53.8)
|
|
28.0 %
|
Used vehicle retail
sales
|
1,488.6
|
|
1,230.4
|
|
258.3
|
|
21.0 %
|
|
|
(47.3)
|
|
24.8 %
|
Used vehicle wholesale
sales
|
89.6
|
|
106.0
|
|
(16.5)
|
|
(15.5) %
|
|
|
(4.9)
|
|
(11.0) %
|
Total used
|
1,578.2
|
|
1,336.4
|
|
241.8
|
|
18.1 %
|
|
|
(52.2)
|
|
22.0 %
|
Parts and service
sales
|
515.6
|
|
416.5
|
|
99.1
|
|
23.8 %
|
|
|
(10.7)
|
|
26.4 %
|
F&I,
net
|
186.3
|
|
146.0
|
|
40.3
|
|
27.6 %
|
|
|
(2.8)
|
|
29.5 %
|
Total
revenues
|
$
4,163.4
|
|
$
3,412.8
|
|
$
750.6
|
|
22.0 %
|
|
|
$
(119.5)
|
|
25.5 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
206.7
|
|
$
161.5
|
|
$
45.2
|
|
28.0 %
|
|
|
$
(4.9)
|
|
31.0 %
|
Used vehicle retail
sales
|
76.1
|
|
97.0
|
|
(21.0)
|
|
(21.6) %
|
|
|
(2.7)
|
|
(18.9) %
|
Used vehicle wholesale
sales
|
(1.5)
|
|
7.4
|
|
(8.9)
|
|
(120.8) %
|
|
|
—
|
|
(121.4) %
|
Total used
|
74.5
|
|
104.4
|
|
(29.9)
|
|
(28.6) %
|
|
|
(2.6)
|
|
(26.1) %
|
Parts and service
sales
|
285.1
|
|
226.8
|
|
58.4
|
|
25.7 %
|
|
|
(6.3)
|
|
28.5 %
|
F&I,
net
|
186.3
|
|
146.0
|
|
40.3
|
|
27.6 %
|
|
|
(2.8)
|
|
29.5 %
|
Total gross
profit
|
$
752.6
|
|
$
638.7
|
|
$
113.9
|
|
17.8 %
|
|
|
$
(16.6)
|
|
20.4 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.0 %
|
|
10.7 %
|
|
0.3 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.1 %
|
|
7.9 %
|
|
(2.8) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.7) %
|
|
7.0 %
|
|
(8.7) %
|
|
|
|
|
|
|
|
Total used
|
4.7 %
|
|
7.8 %
|
|
(3.1) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.3 %
|
|
54.4 %
|
|
0.9 %
|
|
|
|
|
|
|
|
Total gross
margin
|
18.1 %
|
|
18.7 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
39,237
|
|
33,365
|
|
5,872
|
|
17.6 %
|
|
|
|
|
|
Retail used vehicles
sold
|
48,427
|
|
42,514
|
|
5,913
|
|
13.9 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
9,456
|
|
10,960
|
|
(1,504)
|
|
(13.7) %
|
|
|
|
|
|
Total used
|
57,883
|
|
53,474
|
|
4,409
|
|
8.2 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 47,999
|
|
$ 45,373
|
|
$
2,626
|
|
5.8 %
|
|
|
$
(1,370)
|
|
8.8 %
|
Used vehicle
retail
|
$ 30,740
|
|
$ 28,941
|
|
$
1,799
|
|
6.2 %
|
|
|
$
(977)
|
|
9.6 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,267
|
|
$
4,840
|
|
$
427
|
|
8.8 %
|
|
|
$
(125)
|
|
11.4 %
|
Used vehicle retail
sales
|
$
1,571
|
|
$
2,282
|
|
$
(712)
|
|
(31.2) %
|
|
|
$
(55)
|
|
(28.8) %
|
Used vehicle wholesale
sales
|
$
(162)
|
|
$
673
|
|
$
(835)
|
|
(124.1) %
|
|
|
$
5
|
|
(124.8) %
|
Total used
|
$
1,288
|
|
$
1,953
|
|
$
(665)
|
|
(34.1) %
|
|
|
$
(45)
|
|
(31.7) %
|
F&I PRU
|
$
2,125
|
|
$
1,925
|
|
$
201
|
|
10.4 %
|
|
|
$
(32)
|
|
12.1 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
450.9
|
|
$
376.3
|
|
$
74.7
|
|
19.8 %
|
|
|
$
(11.3)
|
|
22.9 %
|
Adjusted SG&A
expenses (1)
|
$
463.1
|
|
$
375.1
|
|
$
88.1
|
|
23.5 %
|
|
|
$
(11.1)
|
|
26.4 %
|
SG&A as % gross
profit
|
59.9 %
|
|
58.9 %
|
|
1.0 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
61.5 %
|
|
58.7 %
|
|
2.8 %
|
|
|
|
|
|
|
|
Operating margin
%
|
6.7 %
|
|
7.1 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.4 %
|
|
7.2 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
6.2 %
|
|
6.6 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
5.9 %
|
|
6.6 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
6.5
|
|
$
4.3
|
|
$
2.2
|
|
50.1 %
|
|
|
$
(0.2)
|
|
55.1 %
|
Less: Floorplan
assistance (2)
|
13.9
|
|
12.2
|
|
1.8
|
|
14.4 %
|
|
|
—
|
|
14.4 %
|
Net floorplan
expense
|
$
(7.4)
|
|
$
(7.8)
|
|
$
0.4
|
|
|
|
|
$
(0.2)
|
|
|
Adjusted floorplan
interest expense (1)
|
$
6.5
|
|
$
5.2
|
|
$
1.3
|
|
24.7 %
|
|
|
$
(0.2)
|
|
28.8 %
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
(2) Floorplan assistance is included
within New vehicle retail Gross profit above and New vehicle retail
Cost of sales in our Condensed Consolidated Statements of
Operations.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,479.8
|
|
$
4,828.6
|
|
$
651.1
|
|
13.5 %
|
|
|
$
(97.6)
|
|
15.5 %
|
Used vehicle retail
sales
|
4,353.9
|
|
3,302.3
|
|
1,051.7
|
|
31.8 %
|
|
|
(91.5)
|
|
34.6 %
|
Used vehicle wholesale
sales
|
278.9
|
|
278.0
|
|
0.9
|
|
0.3 %
|
|
|
(10.0)
|
|
3.9 %
|
Total used
|
4,632.8
|
|
3,580.3
|
|
1,052.5
|
|
29.4 %
|
|
|
(101.4)
|
|
32.2 %
|
Parts and service
sales
|
1,491.1
|
|
1,152.2
|
|
338.9
|
|
29.4 %
|
|
|
(19.0)
|
|
31.1 %
|
F&I,
net
|
549.5
|
|
431.3
|
|
118.2
|
|
27.4 %
|
|
|
(5.4)
|
|
28.7 %
|
Total
revenues
|
$
12,153.1
|
|
$
9,992.3
|
|
$
2,160.8
|
|
21.6 %
|
|
|
$
(223.4)
|
|
23.9 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
618.2
|
|
$
417.2
|
|
$
201.0
|
|
48.2 %
|
|
|
$
(9.0)
|
|
50.3 %
|
Used vehicle retail
sales
|
253.4
|
|
263.7
|
|
(10.3)
|
|
(3.9) %
|
|
|
(5.0)
|
|
(2.0) %
|
Used vehicle wholesale
sales
|
2.1
|
|
20.1
|
|
(18.0)
|
|
(89.7) %
|
|
|
0.2
|
|
(90.6) %
|
Total used
|
255.5
|
|
283.7
|
|
(28.3)
|
|
(10.0) %
|
|
|
(4.8)
|
|
(8.3) %
|
Parts and service
sales
|
822.6
|
|
637.2
|
|
185.4
|
|
29.1 %
|
|
|
(11.3)
|
|
30.9 %
|
F&I,
net
|
549.5
|
|
431.3
|
|
118.2
|
|
27.4 %
|
|
|
(5.4)
|
|
28.7 %
|
Total gross
profit
|
$
2,245.8
|
|
$
1,769.5
|
|
$
476.3
|
|
26.9 %
|
|
|
$
(30.6)
|
|
28.6 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.3 %
|
|
8.6 %
|
|
2.6 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8 %
|
|
8.0 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
0.7 %
|
|
7.2 %
|
|
(6.5) %
|
|
|
|
|
|
|
|
Total used
|
5.5 %
|
|
7.9 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.2 %
|
|
55.3 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Total gross
margin
|
18.5 %
|
|
17.7 %
|
|
0.8 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
114,792
|
|
110,499
|
|
4,293
|
|
3.9 %
|
|
|
|
|
|
Retail used vehicles
sold
|
141,140
|
|
124,559
|
|
16,581
|
|
13.3 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
28,069
|
|
31,268
|
|
(3,199)
|
|
(10.2) %
|
|
|
|
|
|
Total used
|
169,209
|
|
155,827
|
|
13,382
|
|
8.6 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 47,736
|
|
$ 43,698
|
|
$
4,038
|
|
9.2 %
|
|
|
$
(850)
|
|
11.2 %
|
Used vehicle
retail
|
$ 30,848
|
|
$ 26,512
|
|
$
4,337
|
|
16.4 %
|
|
|
$
(648)
|
|
18.8 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,385
|
|
$
3,776
|
|
$
1,609
|
|
42.6 %
|
|
|
$
(79)
|
|
44.7 %
|
Used vehicle retail
sales
|
$
1,795
|
|
$
2,117
|
|
$
(322)
|
|
(15.2) %
|
|
|
$
(35)
|
|
(13.5) %
|
Used vehicle wholesale
sales
|
$
73
|
|
$
642
|
|
$
(568)
|
|
(88.6) %
|
|
|
$
6
|
|
(89.5) %
|
Total used
|
$
1,510
|
|
$
1,821
|
|
$
(311)
|
|
(17.1) %
|
|
|
$
(29)
|
|
(15.5) %
|
F&I PRU
|
$
2,147
|
|
$
1,835
|
|
$
312
|
|
17.0 %
|
|
|
$
(21)
|
|
18.2 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,329.6
|
|
$
1,056.2
|
|
$
273.3
|
|
25.9 %
|
|
|
$
(20.6)
|
|
27.8 %
|
Adjusted SG&A
expenses (1)
|
$
1,366.3
|
|
$
1,054.9
|
|
$
311.4
|
|
29.5 %
|
|
|
$
(20.4)
|
|
31.5 %
|
SG&A as % gross
profit
|
59.2 %
|
|
59.7 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.8 %
|
|
59.6 %
|
|
1.2 %
|
|
|
|
|
|
|
|
Operating margin
%
|
7.0 %
|
|
6.6 %
|
|
0.4 %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.7 %
|
|
6.6 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Pretax margin
%
|
6.4 %
|
|
5.9 %
|
|
0.5 %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
6.1 %
|
|
6.0 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
17.7
|
|
$
20.5
|
|
$
(2.8)
|
|
(13.7) %
|
|
|
$
(0.4)
|
|
(11.7) %
|
Less: Floorplan
assistance (2)
|
42.1
|
|
40.6
|
|
1.5
|
|
3.6 %
|
|
|
—
|
|
3.6 %
|
Net floorplan
expense
|
$
(24.4)
|
|
$
(20.1)
|
|
$
(4.3)
|
|
|
|
|
$
(0.4)
|
|
|
Adjusted floorplan
interest expense (1)
|
$
17.7
|
|
$
19.1
|
|
$
(1.4)
|
|
(7.2) %
|
|
|
$
(0.4)
|
|
(5.0) %
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
(2) Floorplan assistance is included
within New vehicle retail Gross profit above and New vehicle retail
Cost of sales in our Condensed Consolidated Statements of
Operations.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,586.9
|
|
$
1,208.5
|
|
$
378.4
|
|
31.3 %
|
Used vehicle retail
sales
|
|
1,212.1
|
|
902.3
|
|
309.8
|
|
34.3 %
|
Used vehicle wholesale
sales
|
|
61.3
|
|
68.0
|
|
(6.7)
|
|
(9.8) %
|
Total used
|
|
1,273.4
|
|
970.3
|
|
303.1
|
|
31.2 %
|
Parts and service
sales
|
|
453.8
|
|
353.1
|
|
100.7
|
|
28.5 %
|
F&I,
net
|
|
170.2
|
|
130.5
|
|
39.8
|
|
30.5 %
|
Total
revenues
|
|
$
3,484.3
|
|
$
2,662.4
|
|
$
821.9
|
|
30.9 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
180.7
|
|
$
140.0
|
|
$
40.7
|
|
29.1 %
|
Used vehicle retail
sales
|
|
60.6
|
|
73.1
|
|
(12.5)
|
|
(17.1) %
|
Used vehicle wholesale
sales
|
|
(1.3)
|
|
3.2
|
|
(4.5)
|
|
(139.3) %
|
Total used
|
|
59.3
|
|
76.3
|
|
(17.0)
|
|
(22.2) %
|
Parts and service
sales
|
|
249.0
|
|
188.2
|
|
60.7
|
|
32.3 %
|
F&I,
net
|
|
170.2
|
|
130.5
|
|
39.8
|
|
30.5 %
|
Total gross
profit
|
|
$
659.3
|
|
$
535.0
|
|
$
124.3
|
|
23.2 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
11.4 %
|
|
11.6 %
|
|
(0.2) %
|
|
|
Used vehicle retail
sales
|
|
5.0 %
|
|
8.1 %
|
|
(3.1) %
|
|
|
Used vehicle wholesale
sales
|
|
(2.1) %
|
|
4.8 %
|
|
(6.8) %
|
|
|
Total used
|
|
4.7 %
|
|
7.9 %
|
|
(3.2) %
|
|
|
Parts and service
sales
|
|
54.9 %
|
|
53.3 %
|
|
1.6 %
|
|
|
Total gross
margin
|
|
18.9 %
|
|
20.1 %
|
|
(1.2) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
31,745
|
|
25,984
|
|
5,761
|
|
22.2 %
|
Retail used vehicles
sold
|
|
38,172
|
|
31,704
|
|
6,468
|
|
20.4 %
|
Wholesale used
vehicles sold
|
|
6,453
|
|
6,758
|
|
(305)
|
|
(4.5) %
|
Total used
|
|
44,625
|
|
38,462
|
|
6,163
|
|
16.0 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
49,990
|
|
$
46,510
|
|
$
3,480
|
|
7.5 %
|
Used vehicle
retail
|
|
$
31,754
|
|
$
28,461
|
|
$
3,293
|
|
11.6 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
5,693
|
|
$
5,388
|
|
$
304
|
|
5.7 %
|
Used vehicle retail
sales
|
|
$
1,588
|
|
$
2,305
|
|
$
(717)
|
|
(31.1) %
|
Used vehicle wholesale
sales
|
|
$
(197)
|
|
$
478
|
|
$
(675)
|
|
(141.2) %
|
Total used
|
|
$
1,330
|
|
$
1,984
|
|
$
(654)
|
|
(33.0) %
|
F&I PRU
|
|
$
2,435
|
|
$
2,261
|
|
$
174
|
|
7.7 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
385.8
|
|
$
308.7
|
|
$
77.1
|
|
25.0 %
|
Adjusted SG&A
expenses (1)
|
|
$
399.3
|
|
$
308.1
|
|
$
91.2
|
|
29.6 %
|
SG&A as % gross
profit
|
|
58.5 %
|
|
57.7 %
|
|
0.8 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
60.6 %
|
|
57.6 %
|
|
3.0 %
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
4,581.8
|
|
$
3,958.9
|
|
$
622.9
|
|
15.7 %
|
Used vehicle retail
sales
|
|
3,447.6
|
|
2,481.7
|
|
965.9
|
|
38.9 %
|
Used vehicle wholesale
sales
|
|
177.6
|
|
179.6
|
|
(1.9)
|
|
(1.1) %
|
Total used
|
|
3,625.3
|
|
2,661.3
|
|
963.9
|
|
36.2 %
|
Parts and service
sales
|
|
1,307.7
|
|
982.0
|
|
325.7
|
|
33.2 %
|
F&I,
net
|
|
498.1
|
|
389.4
|
|
108.7
|
|
27.9 %
|
Total
revenues
|
|
$ 10,012.8
|
|
$
7,991.6
|
|
$
2,021.2
|
|
25.3 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
538.5
|
|
$
362.6
|
|
$
175.9
|
|
48.5 %
|
Used vehicle retail
sales
|
|
203.0
|
|
210.7
|
|
(7.8)
|
|
(3.7) %
|
Used vehicle wholesale
sales
|
|
3.8
|
|
13.6
|
|
(9.7)
|
|
(71.7) %
|
Total used
|
|
206.8
|
|
224.3
|
|
(17.5)
|
|
(7.8) %
|
Parts and service
sales
|
|
713.1
|
|
535.1
|
|
178.0
|
|
33.3 %
|
F&I,
net
|
|
498.1
|
|
389.4
|
|
108.7
|
|
27.9 %
|
Total gross
profit
|
|
$
1,956.5
|
|
$
1,511.4
|
|
$
445.1
|
|
29.5 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
11.8 %
|
|
9.2 %
|
|
2.6 %
|
|
|
Used vehicle retail
sales
|
|
5.9 %
|
|
8.5 %
|
|
(2.6) %
|
|
|
Used vehicle wholesale
sales
|
|
2.2 %
|
|
7.6 %
|
|
(5.4) %
|
|
|
Total used
|
|
5.7 %
|
|
8.4 %
|
|
(2.7) %
|
|
|
Parts and service
sales
|
|
54.5 %
|
|
54.5 %
|
|
— %
|
|
|
Total gross
margin
|
|
19.5 %
|
|
18.9 %
|
|
0.6 %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
92,870
|
|
89,183
|
|
3,687
|
|
4.1 %
|
Retail used vehicles
sold
|
|
110,635
|
|
96,143
|
|
14,492
|
|
15.1 %
|
Wholesale used
vehicles sold
|
|
18,513
|
|
19,804
|
|
(1,291)
|
|
(6.5) %
|
Total used
|
|
129,148
|
|
115,947
|
|
13,201
|
|
11.4 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
49,335
|
|
$
44,391
|
|
$
4,945
|
|
11.1 %
|
Used vehicle
retail
|
|
$
31,162
|
|
$
25,813
|
|
$
5,349
|
|
20.7 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
5,799
|
|
$
4,066
|
|
$
1,733
|
|
42.6 %
|
Used vehicle retail
sales
|
|
$
1,834
|
|
$
2,192
|
|
$
(357)
|
|
(16.3) %
|
Used vehicle wholesale
sales
|
|
$
207
|
|
$
685
|
|
$
(478)
|
|
(69.8) %
|
Total used
|
|
$
1,601
|
|
$
1,934
|
|
$
(333)
|
|
(17.2) %
|
F&I PRU
|
|
$
2,448
|
|
$
2,101
|
|
$
346
|
|
16.5 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
1,133.0
|
|
$
883.0
|
|
$
250.1
|
|
28.3 %
|
Adjusted SG&A
expenses (1)
|
|
$
1,168.4
|
|
$
882.8
|
|
$
285.6
|
|
32.3 %
|
SG&A as % gross
profit
|
|
57.9 %
|
|
58.4 %
|
|
(0.5) %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
59.7 %
|
|
58.4 %
|
|
1.3 %
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Three Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
296.4
|
|
$
305.4
|
|
$
(9.0)
|
|
(2.9) %
|
|
|
$
(53.8)
|
|
14.7 %
|
Used vehicle retail
sales
|
276.5
|
|
328.0
|
|
(51.5)
|
|
(15.7) %
|
|
|
(47.3)
|
|
(1.3) %
|
Used vehicle wholesale
sales
|
28.3
|
|
38.1
|
|
(9.8)
|
|
(25.7) %
|
|
|
(4.9)
|
|
(12.9) %
|
Total used
|
304.8
|
|
366.1
|
|
(61.3)
|
|
(16.7) %
|
|
|
(52.2)
|
|
(2.5) %
|
Parts and service
sales
|
61.8
|
|
63.4
|
|
(1.5)
|
|
(2.4) %
|
|
|
(10.7)
|
|
14.5 %
|
F&I,
net
|
16.1
|
|
15.6
|
|
0.5
|
|
3.1 %
|
|
|
(2.8)
|
|
21.1 %
|
Total
revenues
|
$
679.1
|
|
$
750.4
|
|
$
(71.3)
|
|
(9.5) %
|
|
|
$
(119.5)
|
|
6.4 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
25.9
|
|
$
21.5
|
|
$
4.5
|
|
20.8 %
|
|
|
$
(4.9)
|
|
43.7 %
|
Used vehicle retail
sales
|
15.5
|
|
23.9
|
|
(8.5)
|
|
(35.5) %
|
|
|
(2.7)
|
|
(24.4) %
|
Used vehicle wholesale
sales
|
(0.3)
|
|
4.1
|
|
(4.4)
|
|
(106.3) %
|
|
|
—
|
|
(107.4) %
|
Total used
|
15.2
|
|
28.1
|
|
(12.9)
|
|
(45.9) %
|
|
|
(2.6)
|
|
(36.6) %
|
Parts and service
sales
|
36.1
|
|
38.5
|
|
(2.4)
|
|
(6.2) %
|
|
|
(6.3)
|
|
10.1 %
|
F&I,
net
|
16.1
|
|
15.6
|
|
0.5
|
|
3.1 %
|
|
|
(2.8)
|
|
21.1 %
|
Total gross
profit
|
$
93.3
|
|
$
103.7
|
|
$
(10.3)
|
|
(10.0) %
|
|
|
$
(16.6)
|
|
6.0 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.8 %
|
|
7.0 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.6 %
|
|
7.3 %
|
|
(1.7) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
10.9 %
|
|
(11.8) %
|
|
|
|
|
|
|
|
Total used
|
5.0 %
|
|
7.7 %
|
|
(2.7) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.4 %
|
|
60.8 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.7 %
|
|
13.8 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,492
|
|
7,381
|
|
111
|
|
1.5 %
|
|
|
|
|
|
Retail used vehicles
sold
|
10,255
|
|
10,810
|
|
(555)
|
|
(5.1) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
3,003
|
|
4,202
|
|
(1,199)
|
|
(28.5) %
|
|
|
|
|
|
Total used
|
13,258
|
|
15,012
|
|
(1,754)
|
|
(11.7) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 39,563
|
|
$ 41,370
|
|
$ (1,808)
|
|
(4.4) %
|
|
|
$
(7,177)
|
|
13.0 %
|
Used vehicle
retail
|
$ 26,967
|
|
$ 30,346
|
|
$ (3,380)
|
|
(11.1) %
|
|
|
$
(4,611)
|
|
4.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,464
|
|
$
2,910
|
|
$
554
|
|
19.0 %
|
|
|
$
(655)
|
|
41.6 %
|
Used vehicle retail
sales
|
$
1,507
|
|
$
2,215
|
|
$
(709)
|
|
(32.0) %
|
|
|
$
(259)
|
|
(20.3) %
|
Used vehicle wholesale
sales
|
$
(87)
|
|
$
987
|
|
$ (1,074)
|
|
(108.8) %
|
|
|
$
15
|
|
(110.3) %
|
Total used
|
$
1,146
|
|
$
1,872
|
|
$
(726)
|
|
(38.8) %
|
|
|
$
(197)
|
|
(28.2) %
|
F&I PRU
|
$
905
|
|
$
857
|
|
$
49
|
|
5.7 %
|
|
|
$
(158)
|
|
24.1 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
65.1
|
|
$
67.6
|
|
$
(2.5)
|
|
(3.6) %
|
|
|
$
(11.3)
|
|
13.1 %
|
Adjusted SG&A
expenses (1)
|
$
63.8
|
|
$
67.0
|
|
$
(3.2)
|
|
(4.7) %
|
|
|
$
(11.1)
|
|
11.8 %
|
SG&A as % gross
profit
|
69.8 %
|
|
65.2 %
|
|
4.6 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
68.4 %
|
|
64.6 %
|
|
3.8 %
|
|
|
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
898.0
|
|
$
869.7
|
|
$
28.3
|
|
3.3 %
|
|
|
$
(97.6)
|
|
14.5 %
|
Used vehicle retail
sales
|
906.3
|
|
820.5
|
|
85.8
|
|
10.5 %
|
|
|
(91.5)
|
|
21.6 %
|
Used vehicle wholesale
sales
|
101.2
|
|
98.4
|
|
2.8
|
|
2.8 %
|
|
|
(10.0)
|
|
12.9 %
|
Total used
|
1,007.5
|
|
919.0
|
|
88.6
|
|
9.6 %
|
|
|
(101.4)
|
|
20.7 %
|
Parts and service
sales
|
183.4
|
|
170.2
|
|
13.2
|
|
7.7 %
|
|
|
(19.0)
|
|
18.9 %
|
F&I,
net
|
51.4
|
|
41.9
|
|
9.6
|
|
22.8 %
|
|
|
(5.4)
|
|
35.7 %
|
Total
revenues
|
$
2,140.3
|
|
$
2,000.7
|
|
$
139.6
|
|
7.0 %
|
|
|
$
(223.4)
|
|
18.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
79.6
|
|
$
54.6
|
|
$
25.0
|
|
45.8 %
|
|
|
$
(9.0)
|
|
62.3 %
|
Used vehicle retail
sales
|
50.4
|
|
52.9
|
|
(2.5)
|
|
(4.7) %
|
|
|
(5.0)
|
|
4.7 %
|
Used vehicle wholesale
sales
|
(1.8)
|
|
6.5
|
|
(8.3)
|
|
(127.2) %
|
|
|
0.2
|
|
(129.9) %
|
Total used
|
48.7
|
|
59.5
|
|
(10.8)
|
|
(18.1) %
|
|
|
(4.8)
|
|
(10.0) %
|
Parts and service
sales
|
109.5
|
|
102.1
|
|
7.4
|
|
7.2 %
|
|
|
(11.3)
|
|
18.3 %
|
F&I,
net
|
51.4
|
|
41.9
|
|
9.6
|
|
22.8 %
|
|
|
(5.4)
|
|
35.7 %
|
Total gross
profit
|
$
289.2
|
|
$
258.1
|
|
$
31.2
|
|
12.1 %
|
|
|
$
(30.6)
|
|
23.9 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.9 %
|
|
6.3 %
|
|
2.6 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.6 %
|
|
6.5 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.7) %
|
|
6.6 %
|
|
(8.4) %
|
|
|
|
|
|
|
|
Total used
|
4.8 %
|
|
6.5 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
59.7 %
|
|
60.0 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.5 %
|
|
12.9 %
|
|
0.6 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
21,922
|
|
21,316
|
|
606
|
|
2.8 %
|
|
|
|
|
|
Retail used vehicles
sold
|
30,505
|
|
28,416
|
|
2,089
|
|
7.4 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
9,556
|
|
11,464
|
|
(1,908)
|
|
(16.6) %
|
|
|
|
|
|
Total used
|
40,061
|
|
39,880
|
|
181
|
|
0.5 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 40,962
|
|
$ 40,800
|
|
$
162
|
|
0.4 %
|
|
|
$
(4,452)
|
|
11.3 %
|
Used vehicle
retail
|
$ 29,711
|
|
$ 28,876
|
|
$
835
|
|
2.9 %
|
|
|
$
(2,999)
|
|
13.3 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,633
|
|
$
2,563
|
|
$
1,070
|
|
41.8 %
|
|
|
$
(412)
|
|
57.8 %
|
Used vehicle retail
sales
|
$
1,653
|
|
$
1,863
|
|
$
(210)
|
|
(11.3) %
|
|
|
$
(164)
|
|
(2.5) %
|
Used vehicle wholesale
sales
|
$
(185)
|
|
$
568
|
|
$
(753)
|
|
(132.6) %
|
|
|
$
19
|
|
(135.9) %
|
Total used
|
$
1,215
|
|
$
1,491
|
|
$
(276)
|
|
(18.5) %
|
|
|
$
(121)
|
|
(10.4) %
|
F&I PRU
|
$
981
|
|
$
842
|
|
$
139
|
|
16.5 %
|
|
|
$
(103)
|
|
28.7 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
196.6
|
|
$
173.3
|
|
$
23.3
|
|
13.4 %
|
|
|
$
(20.6)
|
|
25.3 %
|
Adjusted SG&A
expenses (1)
|
$
197.9
|
|
$
172.1
|
|
$
25.8
|
|
15.0 %
|
|
|
$
(20.4)
|
|
26.9 %
|
SG&A as % gross
profit
|
68.0 %
|
|
67.1 %
|
|
0.8 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
68.4 %
|
|
66.7 %
|
|
1.7 %
|
|
|
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,534.6
|
|
$
1,487.1
|
|
$
47.5
|
|
3.2 %
|
|
|
$
(52.8)
|
|
6.7 %
|
Used vehicle retail
sales
|
1,271.4
|
|
1,213.6
|
|
57.8
|
|
4.8 %
|
|
|
(46.8)
|
|
8.6 %
|
Used vehicle wholesale
sales
|
76.5
|
|
104.6
|
|
(28.2)
|
|
(26.9) %
|
|
|
(4.8)
|
|
(22.3) %
|
Total used
|
1,347.9
|
|
1,318.3
|
|
29.6
|
|
2.2 %
|
|
|
(51.6)
|
|
6.2 %
|
Parts and service
sales
|
438.8
|
|
408.6
|
|
30.2
|
|
7.4 %
|
|
|
(10.1)
|
|
9.9 %
|
F&I,
net
|
155.6
|
|
143.0
|
|
12.6
|
|
8.8 %
|
|
|
(2.8)
|
|
10.8 %
|
Total
revenues
|
$
3,476.9
|
|
$
3,357.0
|
|
$
119.9
|
|
3.6 %
|
|
|
$
(117.4)
|
|
7.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
163.7
|
|
$
158.1
|
|
$
5.6
|
|
3.6 %
|
|
|
$
(4.8)
|
|
6.6 %
|
Used vehicle retail
sales
|
64.0
|
|
96.3
|
|
(32.2)
|
|
(33.5) %
|
|
|
(2.6)
|
|
(30.8) %
|
Used vehicle wholesale
sales
|
(1.2)
|
|
7.3
|
|
(8.5)
|
|
(115.9) %
|
|
|
—
|
|
(116.5) %
|
Total used
|
62.9
|
|
103.6
|
|
(40.7)
|
|
(39.3) %
|
|
|
(2.6)
|
|
(36.9) %
|
Parts and service
sales
|
239.0
|
|
222.1
|
|
16.8
|
|
7.6 %
|
|
|
(6.0)
|
|
10.3 %
|
F&I,
net
|
155.6
|
|
143.0
|
|
12.6
|
|
8.8 %
|
|
|
(2.8)
|
|
10.8 %
|
Total gross
profit
|
$
621.2
|
|
$
626.9
|
|
$
(5.7)
|
|
(0.9) %
|
|
|
$
(16.2)
|
|
1.7 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.7 %
|
|
10.6 %
|
|
— %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.0 %
|
|
7.9 %
|
|
(2.9) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.5) %
|
|
7.0 %
|
|
(8.5) %
|
|
|
|
|
|
|
|
Total used
|
4.7 %
|
|
7.9 %
|
|
(3.2) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.5 %
|
|
54.4 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Total gross
margin
|
17.9 %
|
|
18.7 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
32,249
|
|
32,734
|
|
(485)
|
|
(1.5) %
|
|
|
|
|
|
Retail used vehicles
sold
|
41,684
|
|
41,866
|
|
(182)
|
|
(0.4) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,911
|
|
10,755
|
|
(2,844)
|
|
(26.4) %
|
|
|
|
|
|
Total used
|
49,595
|
|
52,621
|
|
(3,026)
|
|
(5.8) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 47,586
|
|
$ 45,431
|
|
$
2,155
|
|
4.7 %
|
|
|
$
(1,638)
|
|
8.3 %
|
Used vehicle
retail
|
$ 30,502
|
|
$ 28,988
|
|
$
1,513
|
|
5.2 %
|
|
|
$
(1,122)
|
|
9.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,078
|
|
$
4,831
|
|
$
247
|
|
5.1 %
|
|
|
$
(149)
|
|
8.2 %
|
Used vehicle retail
sales
|
$
1,536
|
|
$
2,299
|
|
$
(764)
|
|
(33.2) %
|
|
|
$
(62)
|
|
(30.5) %
|
Used vehicle wholesale
sales
|
$
(147)
|
|
$
682
|
|
$
(829)
|
|
(121.6) %
|
|
|
$
6
|
|
(122.4) %
|
Total used
|
$
1,267
|
|
$
1,969
|
|
$
(702)
|
|
(35.6) %
|
|
|
$
(52)
|
|
(33.0) %
|
F&I PRU
|
$
2,105
|
|
$
1,917
|
|
$
188
|
|
9.8 %
|
|
|
$
(38)
|
|
11.8 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
386.3
|
|
$
368.4
|
|
$
17.9
|
|
4.9 %
|
|
|
$
(11.1)
|
|
7.9 %
|
Adjusted SG&A
expenses (1)
|
$
384.2
|
|
$
367.2
|
|
$
17.0
|
|
4.6 %
|
|
|
$
(10.8)
|
|
7.6 %
|
SG&A as % gross
profit
|
62.2 %
|
|
58.8 %
|
|
3.4 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
61.9 %
|
|
58.6 %
|
|
3.3 %
|
|
|
|
|
|
|
|
Operating margin
%
|
6.2 %
|
|
7.1 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.3 %
|
|
7.2 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,468.0
|
|
$
4,759.1
|
|
$ (291.2)
|
|
(6.1) %
|
|
|
$
(93.3)
|
|
(4.2) %
|
Used vehicle retail
sales
|
3,701.3
|
|
3,262.1
|
|
439.2
|
|
13.5 %
|
|
|
(86.0)
|
|
16.1 %
|
Used vehicle wholesale
sales
|
234.9
|
|
275.0
|
|
(40.1)
|
|
(14.6) %
|
|
|
(9.5)
|
|
(11.1) %
|
Total used
|
3,936.2
|
|
3,537.1
|
|
399.1
|
|
11.3 %
|
|
|
(95.5)
|
|
14.0 %
|
Parts and service
sales
|
1,271.6
|
|
1,132.4
|
|
139.2
|
|
12.3 %
|
|
|
(17.5)
|
|
13.8 %
|
F&I,
net
|
462.2
|
|
424.3
|
|
37.8
|
|
8.9 %
|
|
|
(5.2)
|
|
10.1 %
|
Total
revenues
|
$
10,137.8
|
|
$
9,852.9
|
|
$
284.9
|
|
2.9 %
|
|
|
$
(211.5)
|
|
5.0 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
493.9
|
|
$
410.4
|
|
$
83.6
|
|
20.4 %
|
|
|
$
(8.6)
|
|
22.5 %
|
Used vehicle retail
sales
|
212.9
|
|
261.2
|
|
(48.3)
|
|
(18.5) %
|
|
|
(4.7)
|
|
(16.7) %
|
Used vehicle wholesale
sales
|
1.0
|
|
19.9
|
|
(18.9)
|
|
(94.9) %
|
|
|
0.2
|
|
(95.7) %
|
Total used
|
213.9
|
|
281.1
|
|
(67.2)
|
|
(23.9) %
|
|
|
(4.5)
|
|
(22.3) %
|
Parts and service
sales
|
688.9
|
|
625.8
|
|
63.1
|
|
10.1 %
|
|
|
(10.6)
|
|
11.8 %
|
F&I,
net
|
462.2
|
|
424.3
|
|
37.8
|
|
8.9 %
|
|
|
(5.2)
|
|
10.1 %
|
Total gross
profit
|
$
1,858.9
|
|
$
1,741.6
|
|
$
117.3
|
|
6.7 %
|
|
|
$
(28.9)
|
|
8.4 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.1 %
|
|
8.6 %
|
|
2.4 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8 %
|
|
8.0 %
|
|
(2.3) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
0.4 %
|
|
7.2 %
|
|
(6.8) %
|
|
|
|
|
|
|
|
Total used
|
5.4 %
|
|
7.9 %
|
|
(2.5) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.2 %
|
|
55.3 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
Total gross
margin
|
18.3 %
|
|
17.7 %
|
|
0.7 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
93,713
|
|
108,897
|
|
(15,184)
|
|
(13.9) %
|
|
|
|
|
|
Retail used vehicles
sold
|
120,077
|
|
122,933
|
|
(2,856)
|
|
(2.3) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
22,885
|
|
30,827
|
|
(7,942)
|
|
(25.8) %
|
|
|
|
|
|
Total used
|
142,962
|
|
153,760
|
|
(10,798)
|
|
(7.0) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 47,677
|
|
$ 43,703
|
|
$
3,974
|
|
9.1 %
|
|
|
$
(995)
|
|
11.4 %
|
Used vehicle
retail
|
$ 30,824
|
|
$ 26,535
|
|
$
4,289
|
|
16.2 %
|
|
|
$
(716)
|
|
18.9 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,271
|
|
$
3,769
|
|
$
1,502
|
|
39.9 %
|
|
|
$
(92)
|
|
42.3 %
|
Used vehicle retail
sales
|
$
1,773
|
|
$
2,124
|
|
$
(352)
|
|
(16.6) %
|
|
|
$
(39)
|
|
(14.7) %
|
Used vehicle wholesale
sales
|
$
44
|
|
$
646
|
|
$
(601)
|
|
(93.1) %
|
|
|
$
7
|
|
(94.2) %
|
Total used
|
$
1,496
|
|
$
1,828
|
|
$
(332)
|
|
(18.2) %
|
|
|
$
(32)
|
|
(16.4) %
|
F&I PRU
|
$
2,162
|
|
$
1,830
|
|
$
331
|
|
18.1 %
|
|
|
$
(24)
|
|
19.4 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,133.4
|
|
$
1,038.2
|
|
$
95.2
|
|
9.2 %
|
|
|
$
(19.5)
|
|
11.0 %
|
Adjusted SG&A
expenses (1)
|
$
1,131.3
|
|
$
1,035.7
|
|
$
95.6
|
|
9.2 %
|
|
|
$
(19.2)
|
|
11.1 %
|
SG&A as % gross
profit
|
61.0 %
|
|
59.6 %
|
|
1.4 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.9 %
|
|
59.5 %
|
|
1.4 %
|
|
|
|
|
|
|
|
Operating margin
%
|
6.6 %
|
|
6.6 %
|
|
— %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.6 %
|
|
6.6 %
|
|
— %
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,242.6
|
|
$
1,181.8
|
|
$
60.8
|
|
5.1 %
|
Used vehicle retail
sales
|
997.2
|
|
885.6
|
|
111.6
|
|
12.6 %
|
Used vehicle wholesale
sales
|
48.4
|
|
66.6
|
|
(18.2)
|
|
(27.3) %
|
Total used
|
1,045.6
|
|
952.2
|
|
93.4
|
|
9.8 %
|
Parts and service
sales
|
380.2
|
|
348.0
|
|
32.1
|
|
9.2 %
|
F&I,
net
|
139.6
|
|
127.4
|
|
12.2
|
|
9.6 %
|
Total
revenues
|
$
2,808.0
|
|
$
2,609.4
|
|
$
198.6
|
|
7.6 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
138.2
|
|
$
136.7
|
|
$
1.6
|
|
1.2 %
|
Used vehicle retail
sales
|
48.8
|
|
72.3
|
|
(23.5)
|
|
(32.5) %
|
Used vehicle wholesale
sales
|
(0.9)
|
|
3.2
|
|
(4.1)
|
|
(128.4) %
|
Total used
|
47.9
|
|
75.5
|
|
(27.6)
|
|
(36.6) %
|
Parts and service
sales
|
204.1
|
|
184.9
|
|
19.2
|
|
10.4 %
|
F&I,
net
|
139.6
|
|
127.4
|
|
12.2
|
|
9.6 %
|
Total gross
profit
|
$
529.9
|
|
$
524.5
|
|
$
5.4
|
|
1.0 %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.1 %
|
|
11.6 %
|
|
(0.4) %
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
8.2 %
|
|
(3.3) %
|
|
|
Used vehicle wholesale
sales
|
(1.9) %
|
|
4.8 %
|
|
(6.7) %
|
|
|
Total used
|
4.6 %
|
|
7.9 %
|
|
(3.3) %
|
|
|
Parts and service
sales
|
53.7 %
|
|
53.1 %
|
|
0.6 %
|
|
|
Total gross
margin
|
18.9 %
|
|
20.1 %
|
|
(1.2) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
24,854
|
|
25,353
|
|
(499)
|
|
(2.0) %
|
Retail used vehicles
sold
|
31,518
|
|
31,056
|
|
462
|
|
1.5 %
|
Wholesale used
vehicles sold
|
4,925
|
|
6,553
|
|
(1,628)
|
|
(24.8) %
|
Total used
|
36,443
|
|
37,609
|
|
(1,166)
|
|
(3.1) %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
49,996
|
|
$
46,613
|
|
$
3,383
|
|
7.3 %
|
Used vehicle
retail
|
$
31,640
|
|
$
28,516
|
|
$
3,124
|
|
11.0 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,562
|
|
$
5,390
|
|
$
172
|
|
3.2 %
|
Used vehicle retail
sales
|
$
1,549
|
|
$
2,329
|
|
$
(780)
|
|
(33.5) %
|
Used vehicle wholesale
sales
|
$
(184)
|
|
$
486
|
|
$
(670)
|
|
(137.8) %
|
Total used
|
$
1,315
|
|
$
2,008
|
|
$
(693)
|
|
(34.5) %
|
F&I PRU
|
$
2,477
|
|
$
2,259
|
|
$
218
|
|
9.7 %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
322.7
|
|
$
302.0
|
|
$
20.7
|
|
6.9 %
|
Adjusted SG&A
expenses (1)
|
$
321.9
|
|
$
301.4
|
|
$
20.5
|
|
6.8 %
|
SG&A as % gross
profit
|
60.9 %
|
|
57.6 %
|
|
3.3 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.7 %
|
|
57.5 %
|
|
3.3 %
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,623.5
|
|
$
3,889.8
|
|
$
(266.3)
|
|
(6.8) %
|
Used vehicle retail
sales
|
2,869.8
|
|
2,442.5
|
|
427.3
|
|
17.5 %
|
Used vehicle wholesale
sales
|
139.9
|
|
176.7
|
|
(36.8)
|
|
(20.8) %
|
Total used
|
3,009.7
|
|
2,619.2
|
|
390.5
|
|
14.9 %
|
Parts and service
sales
|
1,104.8
|
|
970.4
|
|
134.4
|
|
13.9 %
|
F&I,
net
|
413.6
|
|
382.5
|
|
31.1
|
|
8.1 %
|
Total
revenues
|
$
8,151.7
|
|
$
7,861.9
|
|
$
289.7
|
|
3.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
419.5
|
|
$
355.8
|
|
$
63.7
|
|
17.9 %
|
Used vehicle retail
sales
|
166.9
|
|
208.3
|
|
(41.3)
|
|
(19.9) %
|
Used vehicle wholesale
sales
|
2.6
|
|
13.3
|
|
(10.8)
|
|
(80.7) %
|
Total used
|
169.5
|
|
221.6
|
|
(52.1)
|
|
(23.5) %
|
Parts and service
sales
|
589.0
|
|
527.5
|
|
61.4
|
|
11.6 %
|
F&I,
net
|
413.6
|
|
382.5
|
|
31.1
|
|
8.1 %
|
Total gross
profit
|
$
1,591.5
|
|
$
1,487.4
|
|
$
104.1
|
|
7.0 %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.6 %
|
|
9.1 %
|
|
2.4 %
|
|
|
Used vehicle retail
sales
|
5.8 %
|
|
8.5 %
|
|
(2.7) %
|
|
|
Used vehicle wholesale
sales
|
1.8 %
|
|
7.6 %
|
|
(5.7) %
|
|
|
Total used
|
5.6 %
|
|
8.5 %
|
|
(2.8) %
|
|
|
Parts and service
sales
|
53.3 %
|
|
54.4 %
|
|
(1.1) %
|
|
|
Total gross
margin
|
19.5 %
|
|
18.9 %
|
|
0.6 %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
73,307
|
|
87,597
|
|
(14,290)
|
|
(16.3) %
|
Retail used vehicles
sold
|
92,490
|
|
94,574
|
|
(2,084)
|
|
(2.2) %
|
Wholesale used
vehicles sold
|
14,104
|
|
19,388
|
|
(5,284)
|
|
(27.3) %
|
Total used
|
106,594
|
|
113,962
|
|
(7,368)
|
|
(6.5) %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
49,429
|
|
$
44,406
|
|
$
5,024
|
|
11.3 %
|
Used vehicle
retail
|
$
31,029
|
|
$
25,826
|
|
$
5,202
|
|
20.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,722
|
|
$
4,062
|
|
$
1,660
|
|
40.9 %
|
Used vehicle retail
sales
|
$
1,805
|
|
$
2,202
|
|
$
(397)
|
|
(18.0) %
|
Used vehicle wholesale
sales
|
$
182
|
|
$
688
|
|
$
(506)
|
|
(73.5) %
|
Total used
|
$
1,590
|
|
$
1,945
|
|
$
(355)
|
|
(18.2) %
|
F&I PRU
|
$
2,495
|
|
$
2,100
|
|
$
395
|
|
18.8 %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
949.8
|
|
$
869.0
|
|
$
80.8
|
|
9.3 %
|
Adjusted SG&A
expenses (1)
|
$
949.0
|
|
$
867.1
|
|
$
81.9
|
|
9.4 %
|
SG&A as % gross
profit
|
59.7 %
|
|
58.4 %
|
|
1.3 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
59.6 %
|
|
58.3 %
|
|
1.3 %
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
292.0
|
|
$
305.4
|
|
$
(13.4)
|
|
(4.4) %
|
|
|
$
(52.8)
|
|
12.9 %
|
Used vehicle retail
sales
|
274.2
|
|
328.0
|
|
(53.8)
|
|
(16.4) %
|
|
|
(46.8)
|
|
(2.2) %
|
Used vehicle wholesale
sales
|
28.1
|
|
38.1
|
|
(10.0)
|
|
(26.2) %
|
|
|
(4.8)
|
|
(13.5) %
|
Total used
|
302.3
|
|
366.1
|
|
(63.8)
|
|
(17.4) %
|
|
|
(51.6)
|
|
(3.3) %
|
Parts and service
sales
|
58.7
|
|
60.5
|
|
(1.9)
|
|
(3.1) %
|
|
|
(10.1)
|
|
13.6 %
|
F&I,
net
|
16.0
|
|
15.6
|
|
0.4
|
|
2.5 %
|
|
|
(2.8)
|
|
20.4 %
|
Total
revenues
|
$
668.9
|
|
$
747.6
|
|
$
(78.7)
|
|
(10.5) %
|
|
|
$
(117.4)
|
|
5.2 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
25.5
|
|
$
21.5
|
|
$
4.0
|
|
18.7 %
|
|
|
$
(4.8)
|
|
41.1 %
|
Used vehicle retail
sales
|
15.2
|
|
23.9
|
|
(8.7)
|
|
(36.5) %
|
|
|
(2.6)
|
|
(25.6) %
|
Used vehicle wholesale
sales
|
(0.3)
|
|
4.1
|
|
(4.4)
|
|
(106.3) %
|
|
|
—
|
|
(107.3) %
|
Total used
|
14.9
|
|
28.1
|
|
(13.1)
|
|
(46.8) %
|
|
|
(2.6)
|
|
(37.7) %
|
Parts and service
sales
|
34.8
|
|
37.2
|
|
(2.4)
|
|
(6.4) %
|
|
|
(6.0)
|
|
9.8 %
|
F&I,
net
|
16.0
|
|
15.6
|
|
0.4
|
|
2.5 %
|
|
|
(2.8)
|
|
20.4 %
|
Total gross
profit
|
$
91.2
|
|
$
102.4
|
|
$
(11.1)
|
|
(10.9) %
|
|
|
$
(16.2)
|
|
5.0 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
7.0 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
7.3 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
10.9 %
|
|
(11.8) %
|
|
|
|
|
|
|
|
Total used
|
4.9 %
|
|
7.7 %
|
|
(2.7) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
59.4 %
|
|
61.5 %
|
|
(2.1) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.6 %
|
|
13.7 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,395
|
|
7,381
|
|
14
|
|
0.2 %
|
|
|
|
|
|
Retail used vehicles
sold
|
10,166
|
|
10,810
|
|
(644)
|
|
(6.0) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,986
|
|
4,202
|
|
(1,216)
|
|
(28.9) %
|
|
|
|
|
|
Total used
|
13,152
|
|
15,012
|
|
(1,860)
|
|
(12.4) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 39,485
|
|
$ 41,370
|
|
$ (1,886)
|
|
(4.6) %
|
|
|
$
(7,141)
|
|
12.7 %
|
Used vehicle
retail
|
$ 26,972
|
|
$ 30,346
|
|
$ (3,374)
|
|
(11.1) %
|
|
|
$
(4,602)
|
|
4.0 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,448
|
|
$
2,910
|
|
$
539
|
|
18.5 %
|
|
|
$
(650)
|
|
40.9 %
|
Used vehicle retail
sales
|
$
1,496
|
|
$
2,215
|
|
$
(719)
|
|
(32.5) %
|
|
|
$
(256)
|
|
(20.9) %
|
Used vehicle wholesale
sales
|
$
(87)
|
|
$
987
|
|
$ (1,074)
|
|
(108.8) %
|
|
|
$
15
|
|
(110.3) %
|
Total used
|
$
1,137
|
|
$
1,872
|
|
$
(735)
|
|
(39.3) %
|
|
|
$
(195)
|
|
(28.9) %
|
F&I PRU
|
$
909
|
|
$
857
|
|
$
53
|
|
6.1 %
|
|
|
$
(159)
|
|
24.7 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
63.6
|
|
$
66.4
|
|
$
(2.8)
|
|
(4.2) %
|
|
|
$
(11.1)
|
|
12.4 %
|
Adjusted SG&A
expenses (1)
|
$
62.3
|
|
$
65.9
|
|
$
(3.5)
|
|
(5.3) %
|
|
|
$
(10.8)
|
|
11.0 %
|
SG&A as % gross
profit
|
69.7 %
|
|
64.9 %
|
|
4.8 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
68.3 %
|
|
64.3 %
|
|
4.0 %
|
|
|
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
844.5
|
|
$
869.3
|
|
$
(24.9)
|
|
(2.9) %
|
|
|
$
(93.3)
|
|
7.9 %
|
Used vehicle retail
sales
|
831.4
|
|
819.6
|
|
11.8
|
|
1.4 %
|
|
|
(86.0)
|
|
11.9 %
|
Used vehicle wholesale
sales
|
95.0
|
|
98.3
|
|
(3.3)
|
|
(3.3) %
|
|
|
(9.5)
|
|
6.3 %
|
Total used
|
926.4
|
|
917.9
|
|
8.6
|
|
0.9 %
|
|
|
(95.5)
|
|
11.3 %
|
Parts and service
sales
|
166.7
|
|
161.9
|
|
4.8
|
|
3.0 %
|
|
|
(17.5)
|
|
13.8 %
|
F&I,
net
|
48.5
|
|
41.8
|
|
6.7
|
|
16.0 %
|
|
|
(5.2)
|
|
28.4 %
|
Total
revenues
|
$
1,986.2
|
|
$
1,991.0
|
|
$
(4.8)
|
|
(0.2) %
|
|
|
$
(211.5)
|
|
10.4 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
74.5
|
|
$
54.6
|
|
$
19.9
|
|
36.4 %
|
|
|
$
(8.6)
|
|
52.2 %
|
Used vehicle retail
sales
|
46.0
|
|
52.9
|
|
(6.9)
|
|
(13.1) %
|
|
|
(4.7)
|
|
(4.3) %
|
Used vehicle wholesale
sales
|
(1.6)
|
|
6.6
|
|
(8.1)
|
|
(123.7) %
|
|
|
0.2
|
|
(126.1) %
|
Total used
|
44.4
|
|
59.5
|
|
(15.0)
|
|
(25.3) %
|
|
|
(4.5)
|
|
(17.7) %
|
Parts and service
sales
|
99.9
|
|
98.3
|
|
1.6
|
|
1.6 %
|
|
|
(10.6)
|
|
12.4 %
|
F&I,
net
|
48.5
|
|
41.8
|
|
6.7
|
|
16.0 %
|
|
|
(5.2)
|
|
28.4 %
|
Total gross
profit
|
$
267.4
|
|
$
254.2
|
|
$
13.2
|
|
5.2 %
|
|
|
$
(28.9)
|
|
16.5 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.8 %
|
|
6.3 %
|
|
2.5 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
6.5 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.6) %
|
|
6.7 %
|
|
(8.3) %
|
|
|
|
|
|
|
|
Total used
|
4.8 %
|
|
6.5 %
|
|
(1.7) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
59.9 %
|
|
60.7 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.5 %
|
|
12.8 %
|
|
0.7 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
20,406
|
|
21,300
|
|
(894)
|
|
(4.2) %
|
|
|
|
|
|
Retail used vehicles
sold
|
27,587
|
|
28,359
|
|
(772)
|
|
(2.7) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
8,781
|
|
11,439
|
|
(2,658)
|
|
(23.2) %
|
|
|
|
|
|
Total used
|
36,368
|
|
39,798
|
|
(3,430)
|
|
(8.6) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 41,383
|
|
$ 40,813
|
|
$
569
|
|
1.4 %
|
|
|
$
(4,571)
|
|
12.6 %
|
Used vehicle
retail
|
$ 30,138
|
|
$ 28,900
|
|
$
1,238
|
|
4.3 %
|
|
|
$
(3,118)
|
|
15.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,650
|
|
$
2,563
|
|
$
1,087
|
|
42.4 %
|
|
|
$
(422)
|
|
58.9 %
|
Used vehicle retail
sales
|
$
1,666
|
|
$
1,865
|
|
$
(199)
|
|
(10.7) %
|
|
|
$
(169)
|
|
(1.6) %
|
Used vehicle wholesale
sales
|
$
(177)
|
|
$
573
|
|
$
(750)
|
|
(130.9) %
|
|
|
$
18
|
|
(133.9) %
|
Total used
|
$
1,221
|
|
$
1,494
|
|
$
(273)
|
|
(18.3) %
|
|
|
$
(124)
|
|
(9.9) %
|
F&I PRU
|
$
1,011
|
|
$
842
|
|
$
169
|
|
20.1 %
|
|
|
$
(108)
|
|
32.9 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
183.6
|
|
$
169.2
|
|
$
14.4
|
|
8.5 %
|
|
|
$
(19.5)
|
|
20.0 %
|
Adjusted SG&A
expenses (1)
|
$
182.3
|
|
$
168.7
|
|
$
13.7
|
|
8.1 %
|
|
|
$
(19.2)
|
|
19.5 %
|
SG&A as % gross
profit
|
68.7 %
|
|
66.6 %
|
|
2.1 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
68.2 %
|
|
66.3 %
|
|
1.8 %
|
|
|
|
|
|
|
|
1) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
450.9
|
|
$
14.3
|
|
$
(1.3)
|
|
$
(0.8)
|
|
$
463.1
|
Income (loss) from
operations
|
|
$
279.9
|
|
$
(14.3)
|
|
$
1.3
|
|
$
0.8
|
|
$
267.7
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
257.2
|
|
$
(14.3)
|
|
$
1.3
|
|
$
0.8
|
|
$
245.0
|
Less: Provision
(benefit) for income taxes
|
|
60.2
|
|
(3.4)
|
|
—
|
|
0.2
|
|
56.9
|
Net income (loss) from
continuing operations
|
|
197.1
|
|
(10.8)
|
|
1.3
|
|
0.6
|
|
188.1
|
Less: Earnings (loss)
allocated to participating
securities
|
|
5.4
|
|
(0.3)
|
|
—
|
|
—
|
|
5.2
|
Net income (loss) from
continuing operations
available to diluted common shares
|
|
$
191.6
|
|
$
(10.5)
|
|
$
1.2
|
|
$
0.6
|
|
$
182.9
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from
continuing operations
|
|
$
12.57
|
|
$
(0.69)
|
|
$
0.08
|
|
$
0.04
|
|
$
12.00
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.4 %
|
|
|
|
|
|
|
|
23.2 %
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
59.9 %
|
|
|
|
|
|
|
|
61.5 %
|
Operating margin
(2)
|
|
6.7 %
|
|
|
|
|
|
|
|
6.4 %
|
Pretax margin
(3)
|
|
6.2 %
|
|
|
|
|
|
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
386.3
|
|
$
—
|
|
$
(1.3)
|
|
$
(0.8)
|
|
$
384.2
|
Same Store SG&A as
% gross profit (1)
|
|
62.2 %
|
|
|
|
|
|
|
|
61.9 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
216.3
|
|
$
—
|
|
$
1.3
|
|
$
0.8
|
|
$
218.4
|
Same Store operating
margin (2)
|
|
6.2 %
|
|
|
|
|
|
|
|
6.3 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net loss from
discontinued operations
|
|
$
(1.3)
|
|
$
—
|
|
$
(1.3)
|
Less: earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
Net loss from
discontinued operations available to diluted common
shares
|
|
$
(1.3)
|
|
$
—
|
|
$
(1.3)
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
195.7
|
|
$
(8.9)
|
|
$
186.8
|
Less: earnings (loss)
allocated to participating securities
|
|
5.4
|
|
(0.2)
|
|
5.1
|
Net income (loss)
available to diluted common shares
|
|
$
190.3
|
|
$
(8.7)
|
|
$
181.6
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(0.09)
|
|
$
—
|
|
$
(0.09)
|
Diluted earnings (loss)
per common share from continuing operations
|
|
12.57
|
|
(0.57)
|
|
12.00
|
Diluted earnings (loss)
per common share
|
|
$
12.48
|
|
$
(0.57)
|
|
$
11.91
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items above.
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items above.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
U.S.
GAAP
|
|
Non-cash
gain on
interest rate
swaps
|
|
Catastrophic
events
|
|
Acquisition
Costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
376.3
|
|
$
—
|
|
$
(0.6)
|
|
$
(4.3)
|
|
$
3.7
|
|
$
—
|
|
$
375.1
|
Asset
impairments
|
|
$
1.7
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.7)
|
|
$
—
|
Income (loss) from
operations
|
|
$
241.5
|
|
$
—
|
|
$
0.6
|
|
$
4.3
|
|
$
(3.7)
|
|
$
1.7
|
|
$
244.5
|
Floorplan interest
expense
|
|
$
4.3
|
|
$
0.9
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
224.1
|
|
$
(0.9)
|
|
$
0.6
|
|
$
4.3
|
|
$
(3.7)
|
|
$
1.7
|
|
$
226.2
|
Less: Provision
(benefit) for income
taxes
|
|
51.6
|
|
(0.2)
|
|
0.1
|
|
0.9
|
|
(0.8)
|
|
0.4
|
|
52.0
|
Net income (loss) from
continuing
operations
|
|
172.5
|
|
(0.7)
|
|
0.4
|
|
3.4
|
|
(2.9)
|
|
1.3
|
|
174.1
|
Less: Earnings (loss)
allocated to
participating securities
|
|
5.7
|
|
—
|
|
—
|
|
0.1
|
|
(0.1)
|
|
—
|
|
5.8
|
Net income (loss) from
continuing
operations available to diluted
common shares
|
|
$
166.8
|
|
$
(0.7)
|
|
$
0.4
|
|
$
3.3
|
|
$
(2.8)
|
|
$
1.3
|
|
$ 168.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common
share from continuing operations
|
|
$
9.35
|
|
$
(0.04)
|
|
$
0.02
|
|
$
0.18
|
|
$
(0.16)
|
|
$
0.07
|
|
$
9.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.0 %
|
|
|
|
|
|
|
|
|
|
|
|
23.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
58.9 %
|
|
|
|
|
|
|
|
|
|
|
|
58.7 %
|
Operating margin
(2)
|
|
7.1 %
|
|
|
|
|
|
|
|
|
|
|
|
7.2 %
|
Pretax margin
(3)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
368.4
|
|
$
—
|
|
$
(0.6)
|
|
$
(4.3)
|
|
$
3.7
|
|
$
—
|
|
$
367.2
|
Same Store SG&A as
% gross profit (1)
|
|
58.8 %
|
|
|
|
|
|
|
|
|
|
|
|
58.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from
operations
|
|
$
239.5
|
|
$
—
|
|
$
0.6
|
|
$
4.3
|
|
$
(3.7)
|
|
$
1.6
|
|
$
242.3
|
Same Store operating
margin (2)
|
|
7.1 %
|
|
|
|
|
|
|
|
|
|
|
|
7.2 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(0.4)
|
|
$
3.8
|
|
$
3.4
|
Less: earnings
allocated to participating securities
|
|
—
|
|
0.1
|
|
0.1
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(0.4)
|
|
$
3.7
|
|
$
3.3
|
|
|
|
|
|
|
|
Net income
|
|
$
172.1
|
|
$
5.4
|
|
$
177.5
|
Less: earnings
allocated to participating securities
|
|
5.7
|
|
0.2
|
|
5.9
|
Net income available to
diluted common shares
|
|
$
166.4
|
|
$
5.2
|
|
$
171.7
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(0.02)
|
|
$
0.21
|
|
$
0.18
|
Diluted earnings per
common share from continuing operations
|
|
9.35
|
|
0.09
|
|
9.44
|
Diluted earnings per
common share
|
|
$
9.33
|
|
$
0.29
|
|
$
9.62
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items above and asset
impairment charges.
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items, asset impairment charges
and a non-cash gain on interest rate swaps.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
1,329.6
|
|
$
38.8
|
|
$
(1.3)
|
|
$
(0.8)
|
|
$
—
|
|
$
1,366.3
|
Asset
impairments
|
|
$
0.8
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.8)
|
|
$
—
|
Income (loss) from
operations
|
|
$
849.4
|
|
$
(38.8)
|
|
$
1.3
|
|
$
0.8
|
|
$
0.8
|
|
$
813.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
779.6
|
|
$
(38.8)
|
|
$
1.3
|
|
$
0.8
|
|
$
0.8
|
|
$
743.7
|
Less: Provision
(benefit) for income taxes
|
|
182.1
|
|
(9.1)
|
|
—
|
|
0.2
|
|
0.2
|
|
173.4
|
Net income (loss) from
continuing
operations
|
|
597.5
|
|
(29.7)
|
|
1.3
|
|
0.6
|
|
0.6
|
|
570.3
|
Less: Earnings (loss)
allocated to
participating securities
|
|
16.7
|
|
(0.8)
|
|
—
|
|
—
|
|
—
|
|
15.9
|
Net income (loss) from
continuing
operations available to diluted common
shares
|
|
$
580.8
|
|
$
(28.9)
|
|
$
1.2
|
|
$
0.6
|
|
$
0.6
|
|
$
554.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share
from continuing operations
|
|
$
36.43
|
|
$
(1.81)
|
|
$
0.08
|
|
$
0.04
|
|
$
0.04
|
|
$
34.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.4 %
|
|
|
|
|
|
|
|
|
|
23.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
59.2 %
|
|
|
|
|
|
|
|
|
|
60.8 %
|
Operating margin
(2)
|
|
7.0 %
|
|
|
|
|
|
|
|
|
|
6.7 %
|
Pretax margin
(3)
|
|
6.4 %
|
|
|
|
|
|
|
|
|
|
6.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,133.4
|
|
$
—
|
|
$
(1.3)
|
|
$
(0.8)
|
|
$
—
|
|
$ 1,131.3
|
Same Store SG&A as
% gross profit (1)
|
|
61.0 %
|
|
|
|
|
|
|
|
|
|
60.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
668.2
|
|
$
—
|
|
$
1.3
|
|
$
0.8
|
|
$
0.8
|
|
$
671.0
|
Same Store operating
margin (2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
6.6 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(2.9)
|
|
$
5.0
|
|
$
2.1
|
Less: (loss) earnings
allocated to participating securities
|
|
(0.1)
|
|
0.1
|
|
0.1
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(2.8)
|
|
$
4.9
|
|
$
2.0
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
594.6
|
|
$
(22.2)
|
|
$
572.4
|
Less: earnings (loss)
allocated to participating securities
|
|
16.6
|
|
(0.6)
|
|
16.0
|
Net income (loss)
available to diluted common shares
|
|
$
578.0
|
|
$
(21.6)
|
|
$
556.4
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(0.18)
|
|
$
0.31
|
|
$
0.13
|
Diluted earnings (loss)
per common share from continuing operations
|
|
36.43
|
|
(1.66)
|
|
34.77
|
Diluted earnings (loss)
per common share
|
|
$
36.25
|
|
$
(1.35)
|
|
$
34.90
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items above and asset
impairment charges.
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items above and asset impairment
charges.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
U.S.
GAAP
|
|
Non-cash
loss on
interest
rate swaps
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Tax rate
changes
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$ 1,056.2
|
|
$
—
|
|
$
(2.8)
|
|
$
1.1
|
|
$
(4.3)
|
|
$ 4.7
|
|
$
—
|
|
$ —
|
|
$
1,054.9
|
Asset
impairments
|
|
$
1.7
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.7)
|
|
$ —
|
|
$
—
|
Income (loss) from
operations
|
|
$
654.7
|
|
$
—
|
|
$
2.8
|
|
$
(1.1)
|
|
$
4.3
|
|
$
(4.7)
|
|
$
1.7
|
|
$ —
|
|
$
657.8
|
Floorplan interest
expense
|
|
$
20.5
|
|
$
(1.4)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ —
|
|
$
19.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before
income taxes
|
|
$
594.4
|
|
$
1.4
|
|
$
2.8
|
|
$
(1.1)
|
|
$
4.3
|
|
$ (4.7)
|
|
$
1.7
|
|
$ —
|
|
$
598.9
|
Less: Provision
(benefit)
for income
taxes
|
|
132.2
|
|
0.3
|
|
0.6
|
|
(0.3)
|
|
0.9
|
|
(1.0)
|
|
0.4
|
|
1.9
|
|
135.1
|
Net income (loss)
from
continuing operations
|
|
462.2
|
|
1.1
|
|
2.2
|
|
(0.8)
|
|
3.4
|
|
(3.7)
|
|
1.3
|
|
(1.9)
|
|
463.8
|
Less: Earnings
(loss)
allocated to participating
securities
|
|
15.5
|
|
—
|
|
0.1
|
|
—
|
|
0.1
|
|
(0.1)
|
|
—
|
|
(0.1)
|
|
15.6
|
Net income (loss)
from
continuing operations
available to diluted
common shares
|
|
$
446.7
|
|
$
1.1
|
|
$
2.1
|
|
$
(0.8)
|
|
$
3.3
|
|
$ (3.5)
|
|
$
1.3
|
|
$ (1.8)
|
|
$
448.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per
common share from
continuing operations
|
|
$
25.05
|
|
$
0.06
|
|
$
0.12
|
|
$
(0.05)
|
|
$
0.18
|
|
$
(0.20)
|
|
$
0.07
|
|
$
(0.10)
|
|
$
25.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
22.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
59.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59.6 %
|
Operating margin
(2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6 %
|
Pretax margin
(3)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,038.2
|
|
$
—
|
|
$
(2.8)
|
|
$
—
|
|
$
(4.3)
|
|
$ 4.7
|
|
$
—
|
|
$ —
|
|
$
1,035.7
|
Same Store SG&A as
%
gross profit (1)
|
|
59.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss)
from operations
|
|
$
647.8
|
|
$
—
|
|
$
2.8
|
|
$
—
|
|
$
4.3
|
|
$ (4.7)
|
|
$
1.6
|
|
$ —
|
|
$
651.8
|
Same Store operating
margin (2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
2.8
|
|
$
3.8
|
|
$
6.6
|
Less: earnings
allocated to participating securities
|
|
0.1
|
|
0.1
|
|
0.2
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
2.7
|
|
$
3.7
|
|
$
6.4
|
|
|
|
|
|
|
|
Net income
|
|
$
465.0
|
|
$
5.4
|
|
$
470.4
|
Less: earnings
allocated to participating securities
|
|
15.6
|
|
0.2
|
|
15.8
|
Net income available to
diluted common shares
|
|
$
449.4
|
|
$
5.2
|
|
$
454.6
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.15
|
|
$
0.21
|
|
$
0.36
|
Diluted earnings per
common share from continuing operations
|
|
25.05
|
|
0.08
|
|
25.14
|
Diluted earnings per
common share
|
|
$
25.21
|
|
$
0.29
|
|
$
25.50
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items above and
asset impairment charges.
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items above, asset impairment
charges and a non-cash loss on interest rate swaps.
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — U.S.
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
385.8
|
|
$
14.3
|
|
$
(0.8)
|
|
$
399.3
|
|
SG&A as % gross
profit (1)
|
|
58.5 %
|
|
|
|
|
|
60.6 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
322.7
|
|
$
—
|
|
$
(0.8)
|
|
$
321.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
60.9 %
|
|
|
|
|
|
60.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
308.7
|
|
$
(0.6)
|
|
$
(3.8)
|
|
$
3.7
|
|
$
308.1
|
|
SG&A as % gross
profit (1)
|
|
57.7 %
|
|
|
|
|
|
|
|
57.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
302.0
|
|
$
(0.6)
|
|
$
(3.8)
|
|
$
3.7
|
|
$
301.4
|
|
Same Store SG&A as
% gross profit (1)
|
|
57.6 %
|
|
|
|
|
|
|
|
57.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,133.0
|
|
$
36.1
|
|
$
(0.8)
|
|
$
1,168.4
|
|
SG&A as % gross
profit (1)
|
|
57.9 %
|
|
|
|
|
|
59.7 %
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
949.8
|
|
$
—
|
|
$
(0.8)
|
|
$
949.0
|
|
Same Store SG&A as
% gross profit (1)
|
|
59.7 %
|
|
|
|
|
|
59.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$ 883.0
|
|
$
(2.8)
|
|
$
1.7
|
|
$
(3.8)
|
|
$
4.7
|
|
$ 882.8
|
|
SG&A as % gross
profit (1)
|
|
58.4 %
|
|
|
|
|
|
|
|
|
|
58.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 869.0
|
|
$
(2.8)
|
|
$
—
|
|
$
(3.8)
|
|
$
4.7
|
|
$ 867.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
58.4 %
|
|
|
|
|
|
|
|
|
|
58.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
September 30, 2022
|
|
|
U.S.
GAAP
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
65.1
|
|
$
(1.3)
|
|
$
63.8
|
SG&A as % gross
profit (1)
|
|
69.8 %
|
|
|
|
68.4 %
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
63.6
|
|
$
(1.3)
|
|
$
62.3
|
Same Store SG&A as
% gross profit (1)
|
|
69.7 %
|
|
|
|
68.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
U.S.
GAAP
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
67.6
|
|
$
(0.6)
|
|
$
67.0
|
SG&A as % gross
profit (1)
|
|
65.2 %
|
|
|
|
64.6 %
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
66.4
|
|
$
(0.6)
|
|
$
65.9
|
Same Store SG&A as
% gross profit (1)
|
|
64.9 %
|
|
|
|
64.3 %
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
196.6
|
|
$
2.7
|
|
$
(1.3)
|
|
$
197.9
|
SG&A as % gross
profit (1)
|
|
68.0 %
|
|
|
|
|
|
68.4 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
183.6
|
|
$
—
|
|
$
(1.3)
|
|
$
182.3
|
Same Store SG&A as
% gross profit (1)
|
|
68.7 %
|
|
|
|
|
|
68.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
173.3
|
|
$
(0.6)
|
|
$
(0.6)
|
|
$
172.1
|
SG&A as % gross
profit (1)
|
|
67.1 %
|
|
|
|
|
|
66.7 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
169.2
|
|
$
—
|
|
$
(0.6)
|
|
$
168.7
|
Same Store SG&A as
% gross profit (1)
|
|
66.6 %
|
|
|
|
|
|
66.3 %
|
|
|
|
|
|
|
|
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
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content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-third-quarter-2022-financial-results-301658856.html
SOURCE Group 1 Automotive, Inc.