- Current quarter diluted earnings per common share from
continuing operations of $10.76 and
current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) of $9.49
- Total revenues of $4.5
billion, a first quarter record and 8.2% increase over the
comparable prior year period
- Parts and service revenues of $576.2 million, a quarterly record and 5.1%
increase over the comparable prior year period
- U.K. total revenues of $824.8
million, a quarterly record and 4.7% increase over the
comparable prior year period
HOUSTON, April 24,
2024 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), a Fortune 300
automotive retailer with 203 dealerships located in the U.S. and
U.K., today reported financial results for the first quarter of
2024 ("current quarter").
Current quarter net income from continuing operations was
$147.4 million. Current quarter
adjusted net income from continuing operations (a non-GAAP measure)
was $130.0 million. Current quarter
diluted earnings per common share from continuing operations was
$10.76. Current quarter adjusted
diluted earnings per common share from continuing operations (a
non-GAAP measure) was $9.49.
"We continue to execute well in the U.S., with double digit
volume growth in new and used vehicle sales and F&I growth over
16% from the prior year. At the same time, we added incremental
scale through our nine dealership acquisitions in the first
quarter, with expected combined annual revenues of $1.0 billion," said Daryl
Kenningham, Group 1's President and Chief Executive Officer.
"Our U.K. team rebounded nicely from the challenging fourth quarter
of 2023, producing record quarterly revenues from parts and service
and new vehicles, as well as increasing used vehicle sales volumes
over 19% sequentially. We saw some of the benefits of our U.K. cost
reduction efforts in the first quarter of 2024; however, we expect
to realize the full benefit of our cost reduction efforts in the
second quarter and beyond. We believe the U.K. business is well
positioned and look forward to the expansion of our U.K. operations
with the pending acquisition of Inchcape's U.K. retail automotive
business planned for Q3 2024."
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 $4.5 billion, an 8.2% increase compared to
$4.1 billion for the first quarter of
2023 ("prior year quarter").
Net income from continuing operations for the current quarter
was $147.4 million, a 7.2% decrease
compared to $158.8 million for the
prior year quarter. Current quarter adjusted net income from
continuing operations (a non-GAAP measure) was $130.0 million, a 16.7% decrease compared to
$156.1 million for the prior year
quarter.
Current quarter diluted earnings per common share from
continuing operations was $10.76, a
3.2% decrease compared to $11.12 for
the prior year quarter. Current quarter adjusted diluted earnings
per common share from continuing operations (a non-GAAP measure)
was $9.49, a 13.2% decrease compared
to $10.93 for the prior year
quarter.
First
Quarter 2024
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
1Q24
|
Change
|
1Q24
|
Change
|
Total
revenues
|
$4.5B
|
+8.2 %
|
$4.2B
|
+4.6 %
|
Total gross profit
("GP")
|
$742.6M
|
+2.0 %
|
$695.6M
|
(1.1) %
|
NV units
sold
|
44,302
|
+11.7 %
|
40,898
|
+6.4 %
|
NV GP per retail unit
("PRU")
|
$3,601
|
(23.5) %
|
$3,584
|
(24.2) %
|
Used vehicle ("UV")
retail units sold
|
49,183
|
+8.2 %
|
46,763
|
+6.9 %
|
UV retail GP
PRU
|
$1,669
|
(1.2) %
|
$1,657
|
(2.9) %
|
Parts & service
("P&S") GP
|
$313.0M
|
+5.3 %
|
$297.4M
|
+4.2 %
|
P&S Gross Margin
("GM")
|
54.3 %
|
+0.1 %
|
54.1 %
|
(0.1) %
|
Finance and Insurance
("F&I") revenues
|
$188.9M
|
+14.4 %
|
$175.2M
|
+10.0 %
|
F&I GP
PRU
|
$2,020
|
+4.1 %
|
$1,999
|
+3.1 %
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
64.1 %
|
+53 bps
|
68.6 %
|
+514
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
67.4 %
|
+367
bps
|
67.7 %
|
+432
bps
|
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 the current quarter, the Company
successfully acquired and integrated dealership operations with
total expected annual revenues of approximately $1.0 billion.
In the current quarter, the Company disposed of six dealerships
located in Beaumont, Texas. These
dealerships generated approximately $260.0
million in annual revenues.
Share Repurchases
During the current quarter, the Company repurchased 203,350
shares at an average price per common share of $264.41, for a total of $53.8 million, excluding excise taxes of
$0.4 million. During the period
of January 1, 2023 to March 31, 2024, the Company repurchased 932,932
shares, at an average price per common share of $242.80, for a total of $226.5 million, representing approximately 6.5%
of the common shares outstanding at the commencement of the
period.
As of March 31, 2024, the Company
had an aggregate 13.5 million outstanding common shares and
unvested restricted stock awards. The Company currently has
$89.6 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.
First Quarter 2024 Earnings Conference Call
Details
Group 1's senior management will host a conference call today at
9:00 a.m. ET to discuss the first
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:
|
5588569
|
A telephonic replay will be available following the call through
May 1, 2024, by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Code:
|
3755599
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 203 automotive dealerships,
265 franchises, and 43 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 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, 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:
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
March 31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,182.6
|
|
$
1,955.7
|
|
$
226.9
|
|
11.6 %
|
Used vehicle retail
sales
|
|
1,416.8
|
|
1,348.9
|
|
67.9
|
|
5.0 %
|
Used vehicle wholesale
sales
|
|
106.0
|
|
112.0
|
|
(5.9)
|
|
(5.3) %
|
Parts and service
sales
|
|
576.2
|
|
548.3
|
|
27.9
|
|
5.1 %
|
Finance, insurance and
other, net
|
|
188.9
|
|
165.1
|
|
23.8
|
|
14.4 %
|
Total
revenues
|
|
4,470.5
|
|
4,130.0
|
|
340.5
|
|
8.2 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,023.1
|
|
1,769.0
|
|
254.1
|
|
14.4 %
|
Used vehicle retail
sales
|
|
1,334.7
|
|
1,272.1
|
|
62.5
|
|
4.9 %
|
Used vehicle wholesale
sales
|
|
106.9
|
|
110.0
|
|
(3.0)
|
|
(2.8) %
|
Parts and service
sales
|
|
263.2
|
|
251.0
|
|
12.2
|
|
4.9 %
|
Total cost of
sales
|
|
3,727.9
|
|
3,402.1
|
|
325.8
|
|
9.6 %
|
GROSS
PROFIT
|
|
742.6
|
|
727.9
|
|
14.7
|
|
2.0 %
|
Selling, general and
administrative expenses
|
|
476.1
|
|
462.8
|
|
13.3
|
|
2.9 %
|
Depreciation and
amortization expense
|
|
23.8
|
|
22.4
|
|
1.4
|
|
6.2 %
|
Asset
impairments
|
|
—
|
|
1.1
|
|
(1.1)
|
|
(100.0) %
|
INCOME FROM
OPERATIONS
|
|
242.6
|
|
241.5
|
|
1.1
|
|
0.5 %
|
Floorplan interest
expense
|
|
20.5
|
|
12.6
|
|
7.9
|
|
62.6 %
|
Other interest expense,
net
|
|
29.3
|
|
19.7
|
|
9.6
|
|
48.9 %
|
Other (income)
expense
|
|
(0.5)
|
|
2.8
|
|
(3.3)
|
|
(116.8) %
|
INCOME BEFORE INCOME
TAXES
|
|
193.3
|
|
206.4
|
|
(13.1)
|
|
(6.4) %
|
Provision for income
taxes
|
|
45.8
|
|
47.6
|
|
(1.7)
|
|
(3.7) %
|
Net income from
continuing operations
|
|
147.4
|
|
158.8
|
|
(11.4)
|
|
(7.2) %
|
Net income (loss) from
discontinued operations
|
|
0.5
|
|
(0.3)
|
|
0.8
|
|
249.2 %
|
NET
INCOME
|
|
$
147.9
|
|
$
158.4
|
|
$
(10.5)
|
|
(6.7) %
|
Less: Earnings
allocated to participating securities
|
|
3.3
|
|
4.1
|
|
(0.7)
|
|
(17.7) %
|
Net income available to
diluted common shares
|
|
$
144.6
|
|
$
154.4
|
|
$
(9.8)
|
|
(6.4) %
|
Diluted earnings per
share from continuing operations
|
|
$
10.76
|
|
$
11.12
|
|
$
(0.36)
|
|
(3.2) %
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.04
|
|
$
(0.02)
|
|
$
0.06
|
|
255.5 %
|
DILUTED EARNINGS PER
SHARE
|
|
$
10.80
|
|
$
11.10
|
|
$
(0.30)
|
|
(2.7) %
|
Weighted average
dilutive common shares outstanding
|
|
13.4
|
|
13.9
|
|
(0.5)
|
|
(3.8) %
|
Weighted average
participating securities
|
|
0.3
|
|
0.4
|
|
(0.1)
|
|
(15.6) %
|
Total weighted
average shares
|
|
13.7
|
|
14.3
|
|
(0.6)
|
|
(4.1) %
|
Effective tax rate on
continuing operations
|
|
23.7 %
|
|
23.1 %
|
|
0.7 %
|
|
|
Group 1 Automotive,
Inc.
|
Additional
Information — Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
41.9
|
|
$
57.2
|
|
$
(15.3)
|
|
(26.7) %
|
Inventories,
net
|
|
$
2,101.4
|
|
$
1,963.4
|
|
$
138.0
|
|
7.0 %
|
Floorplan notes
payable, net (1)
|
|
$
1,629.5
|
|
$
1,565.4
|
|
$
64.1
|
|
4.1 %
|
Total debt
|
|
$
2,572.9
|
|
$
2,098.8
|
|
$
474.2
|
|
22.6 %
|
Total equity
|
|
$
2,772.4
|
|
$
2,674.4
|
|
$
98.0
|
|
3.7 %
|
|
(1)
Amounts are net of offset accounts of
$210.2 and $275.2, respectively.
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
United
States
|
|
79.8 %
|
|
77.9 %
|
United
Kingdom
|
|
20.2 %
|
|
22.1 %
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
Toyota/Lexus
|
|
25.4 %
|
|
22.1 %
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
13.8 %
|
|
17.7 %
|
BMW/MINI
|
|
11.9 %
|
|
12.3 %
|
Chevrolet/GMC/Buick
|
|
9.0 %
|
|
6.7 %
|
Honda/Acura
|
|
8.6 %
|
|
7.2 %
|
Ford/Lincoln
|
|
7.4 %
|
|
8.3 %
|
Mercedes-Benz/Sprinter
|
|
5.9 %
|
|
6.5 %
|
Hyundai/Kia/Genesis
|
|
5.5 %
|
|
5.1 %
|
Subaru
|
|
3.4 %
|
|
2.8 %
|
Nissan
|
|
2.6 %
|
|
4.1 %
|
Chrysler/Dodge/Jeep/RAM
|
|
2.6 %
|
|
3.6 %
|
Jaguar/Land
Rover
|
|
2.2 %
|
|
2.0 %
|
Mazda
|
|
1.3 %
|
|
1.2 %
|
Other
|
|
0.3 %
|
|
0.4 %
|
|
|
100.0 %
|
|
100.0 %
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
New vehicle
inventory
|
|
37
|
|
37
|
|
25
|
Used vehicle
inventory
|
|
30
|
|
35
|
|
30
|
U.S.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
43
|
|
36
|
|
27
|
Used vehicle
inventory
|
|
26
|
|
29
|
|
25
|
U.K.
|
|
|
|
|
|
|
New vehicle
inventory
|
|
20
|
|
48
|
|
19
|
Used vehicle
inventory
|
|
46
|
|
58
|
|
44
|
|
(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
March 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,182.6
|
|
$
1,955.7
|
|
$
226.9
|
|
11.6 %
|
|
|
$
16.2
|
|
10.8 %
|
Used vehicle retail
sales
|
1,416.8
|
|
1,348.9
|
|
67.9
|
|
5.0 %
|
|
|
13.4
|
|
4.0 %
|
Used vehicle wholesale
sales
|
106.0
|
|
112.0
|
|
(5.9)
|
|
(5.3) %
|
|
|
1.1
|
|
(6.3) %
|
Total
used
|
1,522.8
|
|
1,460.9
|
|
61.9
|
|
4.2 %
|
|
|
14.5
|
|
3.2 %
|
Parts and service
sales
|
576.2
|
|
548.3
|
|
27.9
|
|
5.1 %
|
|
|
3.4
|
|
4.5 %
|
F&I,
net
|
188.9
|
|
165.1
|
|
23.8
|
|
14.4 %
|
|
|
0.7
|
|
13.9 %
|
Total
revenues
|
$
4,470.5
|
|
$
4,130.0
|
|
$
340.5
|
|
8.2 %
|
|
|
$
34.9
|
|
7.4 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
159.5
|
|
$
186.7
|
|
$
(27.2)
|
|
(14.6) %
|
|
|
$
1.2
|
|
(15.2) %
|
Used vehicle retail
sales
|
82.1
|
|
76.7
|
|
5.3
|
|
6.9 %
|
|
|
0.6
|
|
6.1 %
|
Used vehicle wholesale
sales
|
(0.9)
|
|
2.0
|
|
(2.9)
|
|
(144.6) %
|
|
|
(0.1)
|
|
(141.0) %
|
Total
used
|
81.2
|
|
78.8
|
|
2.4
|
|
3.1 %
|
|
|
0.6
|
|
2.3 %
|
Parts and service
sales
|
313.0
|
|
297.3
|
|
15.7
|
|
5.3 %
|
|
|
1.9
|
|
4.6 %
|
F&I,
net
|
188.9
|
|
165.1
|
|
23.8
|
|
14.4 %
|
|
|
0.7
|
|
13.9 %
|
Total gross
profit
|
$
742.6
|
|
$
727.9
|
|
$
14.7
|
|
2.0 %
|
|
|
$
4.4
|
|
1.4 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.3 %
|
|
9.5 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8 %
|
|
5.7 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.8) %
|
|
1.8 %
|
|
(2.6) %
|
|
|
|
|
|
|
|
Total
used
|
5.3 %
|
|
5.4 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.3 %
|
|
54.2 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Total gross
margin
|
16.6 %
|
|
17.6 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
44,302
|
|
39,649
|
|
4,653
|
|
11.7 %
|
|
|
|
|
|
Retail used vehicles
sold
|
49,183
|
|
45,437
|
|
3,746
|
|
8.2 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,828
|
|
10,374
|
|
1,454
|
|
14.0 %
|
|
|
|
|
|
Total
used
|
61,011
|
|
55,811
|
|
5,200
|
|
9.3 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,709
|
|
$ 49,651
|
|
$
58
|
|
0.1 %
|
|
|
$
369
|
|
(0.6) %
|
Used vehicle
retail
|
$ 28,806
|
|
$ 29,687
|
|
$
(881)
|
|
(3.0) %
|
|
|
$
272
|
|
(3.9) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,601
|
|
$
4,710
|
|
$ (1,109)
|
|
(23.5) %
|
|
|
$
27
|
|
(24.1) %
|
Used vehicle retail
sales
|
$
1,669
|
|
$
1,689
|
|
$
(20)
|
|
(1.2) %
|
|
|
$
13
|
|
(2.0) %
|
Used vehicle wholesale
sales
|
$
(76)
|
|
$
194
|
|
$
(270)
|
|
(139.2) %
|
|
|
$
(6)
|
|
(135.9) %
|
Total
used
|
$
1,331
|
|
$
1,411
|
|
$
(81)
|
|
(5.7) %
|
|
|
$
9
|
|
(6.4) %
|
F&I PRU
|
$
2,020
|
|
$
1,940
|
|
$
80
|
|
4.1 %
|
|
|
$
8
|
|
3.7 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
476.1
|
|
$
462.8
|
|
$
13.3
|
|
2.9 %
|
|
|
$
3.4
|
|
2.1 %
|
Adjusted SG&A
expenses (2)
|
$
500.2
|
|
$
463.6
|
|
$
36.6
|
|
7.9 %
|
|
|
$
3.4
|
|
7.2 %
|
SG&A as % gross
profit
|
64.1 %
|
|
63.6 %
|
|
0.5 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.4 %
|
|
63.7 %
|
|
3.7 %
|
|
|
|
|
|
|
|
Operating margin
%
|
5.4 %
|
|
5.8 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.9 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
4.3 %
|
|
5.0 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.8 %
|
|
4.9 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
20.5
|
|
$
12.6
|
|
$
7.9
|
|
62.6 %
|
|
|
$
0.1
|
|
61.6 %
|
Less: Floorplan
assistance (3)
|
18.4
|
|
14.6
|
|
3.8
|
|
26.1 %
|
|
|
—
|
|
26.1 %
|
Net floorplan
expense
|
$
2.2
|
|
$
(1.9)
|
|
$
4.1
|
|
|
|
|
$
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.
|
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,799.8
|
|
$
1,608.6
|
|
$
191.3
|
|
11.9 %
|
Used vehicle retail
sales
|
|
1,099.5
|
|
1,030.1
|
|
69.4
|
|
6.7 %
|
Used vehicle wholesale
sales
|
|
79.9
|
|
82.4
|
|
(2.5)
|
|
(3.0) %
|
Total
used
|
|
1,179.3
|
|
1,112.4
|
|
66.9
|
|
6.0 %
|
Parts and service
sales
|
|
495.1
|
|
473.8
|
|
21.4
|
|
4.5 %
|
F&I,
net
|
|
171.4
|
|
147.6
|
|
23.8
|
|
16.1 %
|
Total
revenues
|
|
$
3,645.7
|
|
$
3,342.4
|
|
$
303.3
|
|
9.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
131.9
|
|
$
154.1
|
|
$
(22.3)
|
|
(14.4) %
|
Used vehicle retail
sales
|
|
66.6
|
|
59.8
|
|
6.8
|
|
11.4 %
|
Used vehicle wholesale
sales
|
|
1.4
|
|
2.2
|
|
(0.8)
|
|
(36.9) %
|
Total
used
|
|
68.0
|
|
62.0
|
|
6.0
|
|
9.7 %
|
Parts and service
sales
|
|
267.8
|
|
253.8
|
|
14.0
|
|
5.5 %
|
F&I,
net
|
|
171.4
|
|
147.6
|
|
23.8
|
|
16.1 %
|
Total gross
profit
|
|
$
639.1
|
|
$
617.6
|
|
$
21.5
|
|
3.5 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.3 %
|
|
9.6 %
|
|
(2.3) %
|
|
|
Used vehicle retail
sales
|
|
6.1 %
|
|
5.8 %
|
|
0.3 %
|
|
|
Used vehicle wholesale
sales
|
|
1.8 %
|
|
2.7 %
|
|
(0.9) %
|
|
|
Total
used
|
|
5.8 %
|
|
5.6 %
|
|
0.2 %
|
|
|
Parts and service
sales
|
|
54.1 %
|
|
53.6 %
|
|
0.5 %
|
|
|
Total gross
margin
|
|
17.5 %
|
|
18.5 %
|
|
(0.9) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
35,341
|
|
30,883
|
|
4,458
|
|
14.4 %
|
Retail used vehicles
sold
|
|
37,885
|
|
34,440
|
|
3,445
|
|
10.0 %
|
Wholesale used
vehicles sold
|
|
9,088
|
|
7,480
|
|
1,608
|
|
21.5 %
|
Total
used
|
|
46,973
|
|
41,920
|
|
5,053
|
|
12.1 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
50,928
|
|
$
52,086
|
|
$
(1,158)
|
|
(2.2) %
|
Used vehicle
retail
|
|
$
29,021
|
|
$
29,909
|
|
$
(888)
|
|
(3.0) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,731
|
|
$
4,991
|
|
$
(1,260)
|
|
(25.2) %
|
Used vehicle retail
sales
|
|
$
1,758
|
|
$
1,736
|
|
$
22
|
|
1.3 %
|
Used vehicle wholesale
sales
|
|
$
155
|
|
$
299
|
|
$
(143)
|
|
(48.0) %
|
Total
used
|
|
$
1,448
|
|
$
1,480
|
|
$
(32)
|
|
(2.1) %
|
F&I PRU
|
|
$
2,340
|
|
$
2,260
|
|
$
81
|
|
3.6 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
394.9
|
|
$
388.7
|
|
$
6.2
|
|
1.6 %
|
Adjusted SG&A
expenses (1)
|
|
$
420.1
|
|
$
389.4
|
|
$
30.6
|
|
7.9 %
|
SG&A as % gross
profit
|
|
61.8 %
|
|
62.9 %
|
|
(1.1) %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
65.7 %
|
|
63.1 %
|
|
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
March 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
382.8
|
|
$
347.1
|
|
$
35.6
|
|
10.3 %
|
|
|
$
16.2
|
|
5.6 %
|
Used vehicle retail
sales
|
317.3
|
|
318.8
|
|
(1.5)
|
|
(0.5) %
|
|
|
13.4
|
|
(4.7) %
|
Used vehicle wholesale
sales
|
26.2
|
|
29.6
|
|
(3.5)
|
|
(11.7) %
|
|
|
1.1
|
|
(15.5) %
|
Total
used
|
343.5
|
|
348.4
|
|
(5.0)
|
|
(1.4) %
|
|
|
14.5
|
|
(5.6) %
|
Parts and service
sales
|
81.1
|
|
74.6
|
|
6.5
|
|
8.8 %
|
|
|
3.4
|
|
4.2 %
|
F&I,
net
|
17.5
|
|
17.5
|
|
—
|
|
(0.1) %
|
|
|
0.7
|
|
(4.3) %
|
Total
revenues
|
$
824.8
|
|
$
787.7
|
|
$
37.1
|
|
4.7 %
|
|
|
$
34.9
|
|
0.3 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
27.6
|
|
$
32.6
|
|
$
(5.0)
|
|
(15.2) %
|
|
|
$
1.2
|
|
(18.8) %
|
Used vehicle retail
sales
|
15.5
|
|
17.0
|
|
(1.5)
|
|
(8.8) %
|
|
|
0.6
|
|
(12.6) %
|
Used vehicle wholesale
sales
|
(2.3)
|
|
(0.2)
|
|
(2.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
Total
used
|
13.2
|
|
16.7
|
|
(3.6)
|
|
(21.3) %
|
|
|
0.6
|
|
(24.8) %
|
Parts and service
sales
|
45.2
|
|
43.5
|
|
1.7
|
|
3.9 %
|
|
|
1.9
|
|
(0.5) %
|
F&I,
net
|
17.5
|
|
17.5
|
|
—
|
|
(0.1) %
|
|
|
0.7
|
|
(4.3) %
|
Total gross
profit
|
$
103.5
|
|
$
110.4
|
|
$
(6.9)
|
|
(6.2) %
|
|
|
$
4.4
|
|
(10.2) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.4 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.3 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(8.8) %
|
|
(0.8) %
|
|
(8.1) %
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.7 %
|
|
58.4 %
|
|
(2.6) %
|
|
|
|
|
|
|
|
Total gross
margin
|
12.5 %
|
|
14.0 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
8,961
|
|
8,766
|
|
195
|
|
2.2 %
|
|
|
|
|
|
Retail used vehicles
sold
|
11,298
|
|
10,997
|
|
301
|
|
2.7 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,740
|
|
2,894
|
|
(154)
|
|
(5.3) %
|
|
|
|
|
|
Total
used
|
14,038
|
|
13,891
|
|
147
|
|
1.1 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,669
|
|
$ 40,795
|
|
$
3,874
|
|
9.5 %
|
|
|
$
1,894
|
|
4.9 %
|
Used vehicle
retail
|
$ 28,084
|
|
$ 28,991
|
|
$
(907)
|
|
(3.1) %
|
|
|
$
1,183
|
|
(7.2) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,085
|
|
$
3,719
|
|
$
(634)
|
|
(17.0) %
|
|
|
$
132
|
|
(20.6) %
|
Used vehicle retail
sales
|
$
1,370
|
|
$
1,542
|
|
$
(173)
|
|
(11.2) %
|
|
|
$
57
|
|
(14.9) %
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(77)
|
|
$
(765)
|
|
NM
|
|
|
$
(27)
|
|
NM
|
Total
used
|
$
938
|
|
$
1,205
|
|
$
(267)
|
|
(22.2) %
|
|
|
$
41
|
|
(25.5) %
|
F&I PRU
|
$
863
|
|
$
886
|
|
$
(23)
|
|
(2.6) %
|
|
|
$
36
|
|
(6.7) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
81.3
|
|
$
74.2
|
|
$
7.1
|
|
9.6 %
|
|
|
$
3.4
|
|
4.9 %
|
Adjusted SG&A
expenses (2)
|
$
80.1
|
|
$
74.2
|
|
$
5.9
|
|
8.0 %
|
|
|
$
3.4
|
|
3.5 %
|
SG&A as % gross
profit
|
78.5 %
|
|
67.2 %
|
|
11.3 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
77.4 %
|
|
67.2 %
|
|
10.2 %
|
|
|
|
|
|
|
|
|
(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.
|
Same Store Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,008.8
|
|
$
1,896.6
|
|
$
112.2
|
|
5.9 %
|
|
|
$
16.2
|
|
5.1 %
|
Used vehicle retail
sales
|
1,340.6
|
|
1,303.6
|
|
37.1
|
|
2.8 %
|
|
|
13.4
|
|
1.8 %
|
Used vehicle wholesale
sales
|
99.9
|
|
106.1
|
|
(6.2)
|
|
(5.8) %
|
|
|
1.1
|
|
(6.9) %
|
Total used
|
1,440.5
|
|
1,409.6
|
|
30.9
|
|
2.2 %
|
|
|
14.5
|
|
1.2 %
|
Parts and service
sales
|
549.4
|
|
526.2
|
|
23.2
|
|
4.4 %
|
|
|
3.3
|
|
3.8 %
|
F&I,
net
|
175.2
|
|
159.4
|
|
15.9
|
|
10.0 %
|
|
|
0.7
|
|
9.5 %
|
Total
revenues
|
$
4,174.0
|
|
$
3,991.8
|
|
$
182.2
|
|
4.6 %
|
|
|
$
34.7
|
|
3.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
146.6
|
|
$
181.7
|
|
$
(35.1)
|
|
(19.3) %
|
|
|
$
1.2
|
|
(20.0) %
|
Used vehicle retail
sales
|
77.5
|
|
74.6
|
|
2.9
|
|
3.9 %
|
|
|
0.6
|
|
3.0 %
|
Used vehicle wholesale
sales
|
(1.1)
|
|
2.0
|
|
(3.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
Total used
|
76.4
|
|
76.6
|
|
(0.2)
|
|
(0.3) %
|
|
|
0.6
|
|
(1.1) %
|
Parts and service
sales
|
297.4
|
|
285.3
|
|
12.1
|
|
4.2 %
|
|
|
1.8
|
|
3.6 %
|
F&I,
net
|
175.2
|
|
159.4
|
|
15.9
|
|
10.0 %
|
|
|
0.7
|
|
9.5 %
|
Total gross
profit
|
$
695.6
|
|
$
703.0
|
|
$
(7.4)
|
|
(1.1) %
|
|
|
$
4.3
|
|
(1.7) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.3 %
|
|
9.6 %
|
|
(2.3) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.8 %
|
|
5.7 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.1) %
|
|
1.9 %
|
|
(3.0) %
|
|
|
|
|
|
|
|
Total
used
|
5.3 %
|
|
5.4 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.1 %
|
|
54.2 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Total gross
margin
|
16.7 %
|
|
17.6 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
40,898
|
|
38,426
|
|
2,472
|
|
6.4 %
|
|
|
|
|
|
Retail used vehicles
sold
|
46,763
|
|
43,725
|
|
3,038
|
|
6.9 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,123
|
|
9,939
|
|
1,184
|
|
11.9 %
|
|
|
|
|
|
Total
used
|
57,886
|
|
53,664
|
|
4,222
|
|
7.9 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,595
|
|
$ 49,692
|
|
$
(97)
|
|
(0.2) %
|
|
|
$
400
|
|
(1.0) %
|
Used vehicle
retail
|
$ 28,669
|
|
$ 29,813
|
|
$ (1,144)
|
|
(3.8) %
|
|
|
$
286
|
|
(4.8) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,584
|
|
$
4,730
|
|
$ (1,145)
|
|
(24.2) %
|
|
|
$
29
|
|
(24.8) %
|
Used vehicle retail
sales
|
$
1,657
|
|
$
1,706
|
|
$
(49)
|
|
(2.9) %
|
|
|
$
14
|
|
(3.7) %
|
Used vehicle wholesale
sales
|
$
(100)
|
|
$
201
|
|
$
(301)
|
|
(149.7) %
|
|
|
$
(7)
|
|
(146.4) %
|
Total
used
|
$
1,319
|
|
$
1,427
|
|
$
(108)
|
|
(7.6) %
|
|
|
$
10
|
|
(8.3) %
|
F&I PRU
|
$
1,999
|
|
$
1,940
|
|
$
59
|
|
3.1 %
|
|
|
$
8
|
|
2.6 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
477.4
|
|
$
446.4
|
|
$
31.0
|
|
6.9 %
|
|
|
$
3.4
|
|
6.2 %
|
Adjusted SG&A
expenses (2)
|
$
470.6
|
|
$
445.3
|
|
$
25.3
|
|
5.7 %
|
|
|
$
3.3
|
|
4.9 %
|
SG&A as % gross
profit
|
68.6 %
|
|
63.5 %
|
|
5.1 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.7 %
|
|
63.3 %
|
|
4.3 %
|
|
|
|
|
|
|
|
Operating margin
%
|
4.7 %
|
|
5.9 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.9 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,626.0
|
|
$
1,549.4
|
|
$
76.6
|
|
4.9 %
|
Used vehicle retail
sales
|
1,023.3
|
|
984.8
|
|
38.6
|
|
3.9 %
|
Used vehicle wholesale
sales
|
73.7
|
|
76.4
|
|
(2.7)
|
|
(3.6) %
|
Total
used
|
1,097.0
|
|
1,061.2
|
|
35.9
|
|
3.4 %
|
Parts and service
sales
|
471.3
|
|
454.6
|
|
16.7
|
|
3.7 %
|
F&I,
net
|
157.7
|
|
141.9
|
|
15.9
|
|
11.2 %
|
Total
revenues
|
$
3,352.1
|
|
$
3,207.1
|
|
$
145.1
|
|
4.5 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
118.9
|
|
$
149.1
|
|
$
(30.2)
|
|
(20.2) %
|
Used vehicle retail
sales
|
62.0
|
|
57.6
|
|
4.3
|
|
7.5 %
|
Used vehicle wholesale
sales
|
1.2
|
|
2.2
|
|
(1.0)
|
|
(46.1) %
|
Total
used
|
63.2
|
|
59.9
|
|
3.3
|
|
5.6 %
|
Parts and service
sales
|
253.6
|
|
243.1
|
|
10.5
|
|
4.3 %
|
F&I,
net
|
157.7
|
|
141.9
|
|
15.9
|
|
11.2 %
|
Total gross
profit
|
$
593.4
|
|
$
593.9
|
|
$
(0.5)
|
|
(0.1) %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.3 %
|
|
9.6 %
|
|
(2.3) %
|
|
|
Used vehicle retail
sales
|
6.1 %
|
|
5.9 %
|
|
0.2 %
|
|
|
Used vehicle wholesale
sales
|
1.6 %
|
|
2.9 %
|
|
(1.3) %
|
|
|
Total
used
|
5.8 %
|
|
5.6 %
|
|
0.1 %
|
|
|
Parts and service
sales
|
53.8 %
|
|
53.5 %
|
|
0.3 %
|
|
|
Total gross
margin
|
17.7 %
|
|
18.5 %
|
|
(0.8) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
31,937
|
|
29,660
|
|
2,277
|
|
7.7 %
|
Retail used vehicles
sold
|
35,465
|
|
32,728
|
|
2,737
|
|
8.4 %
|
Wholesale used
vehicles sold
|
8,383
|
|
7,045
|
|
1,338
|
|
19.0 %
|
Total
used
|
43,848
|
|
39,773
|
|
4,075
|
|
10.2 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
50,913
|
|
$
52,240
|
|
$
(1,326)
|
|
(2.5) %
|
Used vehicle
retail
|
$
28,855
|
|
$
30,089
|
|
$
(1,234)
|
|
(4.1) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,724
|
|
$
5,028
|
|
$
(1,304)
|
|
(25.9) %
|
Used vehicle retail
sales
|
$
1,748
|
|
$
1,761
|
|
$
(13)
|
|
(0.8) %
|
Used vehicle wholesale
sales
|
$
143
|
|
$
315
|
|
$
(172)
|
|
(54.7) %
|
Total
used
|
$
1,441
|
|
$
1,505
|
|
$
(64)
|
|
(4.3) %
|
F&I PRU
|
$
2,340
|
|
$
2,274
|
|
$
67
|
|
2.9 %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
397.6
|
|
$
373.5
|
|
$
24.1
|
|
6.5 %
|
Adjusted SG&A
expenses (1)
|
$
391.9
|
|
$
372.4
|
|
$
19.6
|
|
5.3 %
|
SG&A as % gross
profit
|
67.0 %
|
|
62.9 %
|
|
4.1 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
66.0 %
|
|
62.7 %
|
|
3.4 %
|
|
|
|
(1) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
382.8
|
|
$
347.1
|
|
$
35.6
|
|
10.3 %
|
|
|
$
16.2
|
|
5.6 %
|
Used vehicle retail
sales
|
317.3
|
|
318.8
|
|
(1.5)
|
|
(0.5) %
|
|
|
13.4
|
|
(4.7) %
|
Used vehicle wholesale
sales
|
26.2
|
|
29.6
|
|
(3.5)
|
|
(11.7) %
|
|
|
1.1
|
|
(15.5) %
|
Total
used
|
343.5
|
|
348.4
|
|
(5.0)
|
|
(1.4) %
|
|
|
14.5
|
|
(5.6) %
|
Parts and service
sales
|
78.1
|
|
71.6
|
|
6.5
|
|
9.1 %
|
|
|
3.3
|
|
4.5 %
|
F&I,
net
|
17.5
|
|
17.5
|
|
—
|
|
(0.1) %
|
|
|
0.7
|
|
(4.3) %
|
Total
revenues
|
$
821.8
|
|
$
784.7
|
|
$
37.1
|
|
4.7 %
|
|
|
$
34.7
|
|
0.3 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
27.6
|
|
$
32.6
|
|
$
(5.0)
|
|
(15.2) %
|
|
|
$
1.2
|
|
(18.8) %
|
Used vehicle retail
sales
|
15.5
|
|
17.0
|
|
(1.5)
|
|
(8.7) %
|
|
|
0.6
|
|
(12.5) %
|
Used vehicle wholesale
sales
|
(2.3)
|
|
(0.2)
|
|
(2.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
Total
used
|
13.2
|
|
16.7
|
|
(3.6)
|
|
(21.3) %
|
|
|
0.6
|
|
(24.7) %
|
Parts and service
sales
|
43.8
|
|
42.2
|
|
1.6
|
|
3.8 %
|
|
|
1.8
|
|
(0.6) %
|
F&I,
net
|
17.5
|
|
17.5
|
|
—
|
|
(0.1) %
|
|
|
0.7
|
|
(4.3) %
|
Total gross
profit
|
$
102.1
|
|
$
109.1
|
|
$
(6.9)
|
|
(6.3) %
|
|
|
$
4.3
|
|
(10.3) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.4 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.3 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(8.8) %
|
|
(0.8) %
|
|
(8.1) %
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.8 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
56.1 %
|
|
58.9 %
|
|
(2.9) %
|
|
|
|
|
|
|
|
Total gross
margin
|
12.4 %
|
|
13.9 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
8,961
|
|
8,766
|
|
195
|
|
2.2 %
|
|
|
|
|
|
Retail used vehicles
sold
|
11,298
|
|
10,997
|
|
301
|
|
2.7 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,740
|
|
2,894
|
|
(154)
|
|
(5.3) %
|
|
|
|
|
|
Total
used
|
14,038
|
|
13,891
|
|
147
|
|
1.1 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,669
|
|
$ 40,795
|
|
$
3,874
|
|
9.5 %
|
|
|
$
1,894
|
|
4.9 %
|
Used vehicle
retail
|
$ 28,084
|
|
$ 28,991
|
|
$
(907)
|
|
(3.1) %
|
|
|
$
1,183
|
|
(7.2) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,085
|
|
$
3,719
|
|
$
(634)
|
|
(17.0) %
|
|
|
$
132
|
|
(20.6) %
|
Used vehicle retail
sales
|
$
1,371
|
|
$
1,542
|
|
$
(172)
|
|
(11.1) %
|
|
|
$
57
|
|
(14.8) %
|
Used vehicle wholesale
sales
|
$
(842)
|
|
$
(77)
|
|
$
(765)
|
|
NM
|
|
|
$
(27)
|
|
NM
|
Total used
|
$
939
|
|
$
1,205
|
|
$
(266)
|
|
(22.1) %
|
|
|
$
41
|
|
(25.5) %
|
F&I PRU
|
$
863
|
|
$
886
|
|
$
(23)
|
|
(2.5) %
|
|
|
$
36
|
|
(6.6) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
79.8
|
|
$
73.0
|
|
$
6.9
|
|
9.4 %
|
|
|
$
3.4
|
|
4.8 %
|
Adjusted SG&A
expenses (2)
|
$
78.7
|
|
$
73.0
|
|
$
5.7
|
|
7.9 %
|
|
|
$
3.3
|
|
3.3 %
|
SG&A as % gross
profit
|
78.2 %
|
|
66.9 %
|
|
11.3 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
77.1 %
|
|
66.9 %
|
|
10.2 %
|
|
|
|
|
|
|
|
|
(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
March 31, 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
|
|
$
476.1
|
|
$
(0.5)
|
|
$
30.9
|
|
$
(0.4)
|
|
$
(2.8)
|
|
$
(3.1)
|
|
$
—
|
|
$
500.2
|
Depreciation and
amortization
expense
|
|
$ 23.8
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.4)
|
|
$ 23.4
|
Income (loss) from
operations
|
|
$
242.6
|
|
$
0.5
|
|
$
(30.9)
|
|
$
0.4
|
|
$
2.8
|
|
$
3.1
|
|
$
0.4
|
|
$
219.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income
taxes
|
|
$
193.3
|
|
$
0.5
|
|
$
(30.9)
|
|
$
0.4
|
|
$
2.8
|
|
$
3.1
|
|
$
0.4
|
|
$
169.6
|
Less: Provision
(benefit) for
income taxes
|
|
45.8
|
|
0.1
|
|
(7.8)
|
|
0.1
|
|
0.5
|
|
0.7
|
|
0.1
|
|
39.6
|
Net income (loss)
from
continuing operations
|
|
147.4
|
|
0.4
|
|
(23.0)
|
|
0.3
|
|
2.3
|
|
2.4
|
|
0.3
|
|
130.0
|
Less: Earnings (loss)
allocated
to participating securities
|
|
3.3
|
|
—
|
|
(0.5)
|
|
—
|
|
0.1
|
|
0.1
|
|
—
|
|
2.9
|
Net income (loss)
from
continuing operations available
to diluted common shares
|
|
$
144.1
|
|
$
0.3
|
|
$
(22.5)
|
|
$
0.3
|
|
$
2.2
|
|
$
2.3
|
|
$
0.3
|
|
$
127.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per
common share from continuing
operations
|
|
$
10.76
|
|
$
0.03
|
|
$
(1.68)
|
|
$
0.02
|
|
$
0.17
|
|
$
0.17
|
|
$
0.02
|
|
$ 9.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
64.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.4 %
|
Operating margin
(2)
|
|
5.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
Pretax margin
(3)
|
|
4.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
477.4
|
|
$
(0.5)
|
|
$
—
|
|
$
(0.4)
|
|
$
(2.8)
|
|
$
(3.1)
|
|
$
—
|
|
$
470.6
|
Same Store SG&A as
% gross
profit (1)
|
|
68.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
from
operations
|
|
$
195.5
|
|
$
0.5
|
|
$
—
|
|
$
0.4
|
|
$
2.8
|
|
$
3.1
|
|
$
0.4
|
|
$
202.8
|
Same Store operating
margin (2)
|
|
4.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
0.5
|
|
$
—
|
|
$
0.5
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.5
|
|
$
—
|
|
$
0.5
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
147.9
|
|
$
(17.4)
|
|
$
130.5
|
Less: Earnings (loss)
allocated to participating securities
|
|
3.3
|
|
(0.4)
|
|
2.9
|
Net income (loss)
available to diluted common shares
|
|
$
144.6
|
|
$
(17.0)
|
|
$
127.6
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.04
|
|
$
—
|
|
$
0.04
|
Diluted earnings (loss)
per common share from continuing operations
|
|
10.76
|
|
(1.27)
|
|
9.49
|
Diluted earnings (loss)
per common share
|
|
$
10.80
|
|
$
(1.27)
|
|
$
9.53
|
|
(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
March 31, 2023
|
|
|
U.S.
GAAP
|
|
Non-cash gain
on interest
rate swaps
|
|
Dealership and
real estate
transactions
|
|
Legal
matters
|
|
Asset
impairments
and accelerated
depreciation
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
462.8
|
|
$
—
|
|
$
1.9
|
|
$
(1.1)
|
|
$
—
|
|
$
463.6
|
Depreciation and
amortization expense
|
|
$
22.4
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.2)
|
|
$
22.2
|
Asset
impairments
|
|
$
1.1
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.1)
|
|
$
—
|
Income (loss) from
operations
|
|
$
241.5
|
|
$
—
|
|
$
(1.9)
|
|
$
1.1
|
|
$
1.4
|
|
$
242.1
|
Other interest expense,
net
|
|
$
19.7
|
|
$
4.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
23.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
206.4
|
|
$
(4.0)
|
|
$
(1.9)
|
|
$
1.1
|
|
$
1.4
|
|
$
202.9
|
Less: Provision
(benefit) for income taxes
|
|
47.6
|
|
(0.9)
|
|
(0.4)
|
|
0.3
|
|
0.3
|
|
46.8
|
Net income (loss) from
continuing operations
|
|
158.8
|
|
(3.1)
|
|
(1.4)
|
|
0.9
|
|
1.0
|
|
156.1
|
Less: Earnings (loss)
allocated to participating
securities
|
|
4.1
|
|
(0.1)
|
|
—
|
|
—
|
|
—
|
|
4.0
|
Net income (loss) from
continuing operations
available to diluted common shares
|
|
$
154.7
|
|
$
(3.0)
|
|
$
(1.4)
|
|
$
0.8
|
|
$
1.0
|
|
$
152.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from
continuing operations
|
|
$
11.12
|
|
$
(0.22)
|
|
$
(0.10)
|
|
$
0.06
|
|
$
0.07
|
|
$
10.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.1 %
|
|
|
|
|
|
|
|
|
|
23.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
63.6 %
|
|
|
|
|
|
|
|
|
|
63.7 %
|
Operating margin
(2)
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
5.9 %
|
Pretax margin
(3)
|
|
5.0 %
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
446.4
|
|
$
—
|
|
$
—
|
|
$
(1.1)
|
|
$
—
|
|
$
445.3
|
Same Store SG&A as
% gross profit (1)
|
|
63.5 %
|
|
|
|
|
|
|
|
|
|
63.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
234.3
|
|
$
—
|
|
$
—
|
|
$
1.1
|
|
$
1.4
|
|
$
236.8
|
Same Store operating
margin (2)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
5.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net loss from
discontinued operations
|
|
$
(0.3)
|
|
$
—
|
|
$
(0.3)
|
Less: Loss allocated to
participating securities
|
|
—
|
|
—
|
|
—
|
Net loss from
discontinued operations available to diluted common
shares
|
|
$
(0.3)
|
|
$
—
|
|
$
(0.3)
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
158.4
|
|
$
(2.6)
|
|
$
155.8
|
Less: Earnings (loss)
allocated to participating securities
|
|
4.1
|
|
(0.1)
|
|
4.0
|
Net income (loss)
available to diluted common shares
|
|
$
154.4
|
|
$
(2.6)
|
|
$
151.8
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
(0.02)
|
|
$
—
|
|
$
(0.02)
|
Diluted earnings (loss)
per common share from continuing operations
|
|
11.12
|
|
(0.19)
|
|
10.93
|
Diluted earnings (loss)
per common share
|
|
$
11.10
|
|
$
(0.19)
|
|
$
10.91
|
|
(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,
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
March 31, 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
|
|
$
394.9
|
|
$
(0.5)
|
|
$
30.9
|
|
$
(2.1)
|
|
$
(3.1)
|
|
$
420.1
|
SG&A as % gross
profit (1)
|
|
61.8 %
|
|
|
|
|
|
|
|
|
|
65.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
397.6
|
|
$
(0.5)
|
|
$
—
|
|
$
(2.1)
|
|
$
(3.1)
|
|
$
391.9
|
Same Store SG&A as
% gross profit (1)
|
|
67.0 %
|
|
|
|
|
|
|
|
|
|
66.0 %
|
|
|
Three Months Ended
March 31, 2023
|
|
|
U.S.
GAAP
|
|
Dealership
and real estate
transactions
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
388.7
|
|
$
1.9
|
|
$
(1.1)
|
|
$
389.4
|
SG&A as % gross
profit (1)
|
|
62.9 %
|
|
|
|
|
|
63.1 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
373.5
|
|
$
—
|
|
$
(1.1)
|
|
$
372.4
|
Same Store SG&A as
% gross profit (1)
|
|
62.9 %
|
|
|
|
|
|
62.7 %
|
|
(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
March 31, 2024
|
|
|
U.S.
GAAP
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
81.3
|
|
$
(0.4)
|
|
$
(0.7)
|
|
$
80.1
|
SG&A as % gross
profit (1)
|
|
78.5 %
|
|
|
|
|
|
77.4 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
79.8
|
|
$
(0.4)
|
|
$
(0.7)
|
|
$
78.7
|
Same Store SG&A as
% gross profit (1)
|
|
78.2 %
|
|
|
|
|
|
77.1 %
|
|
(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-first-quarter-2024-financial-results-302125297.html
SOURCE Group 1 Automotive, Inc.