- Current quarter diluted earnings per common share from
continuing operations of $8.68 and
current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) of $9.90
- Gross profit of $852.7
million from total revenues of $5.2
billion, both quarterly records, and an 8.4% and 11.0%
increase, respectively, over the comparable prior year
period
HOUSTON, Oct. 30,
2024 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250
automotive retailer with 260 dealerships located in the U.S. and
U.K., today reported financial results for the third quarter of
2024 ("current quarter").
Current quarter net income from continuing operations was
$117.1 million. Current quarter
adjusted net income from continuing operations (a non-GAAP measure)
was $133.5 million. Current quarter
diluted earnings per common share from continuing operations was
$8.68. Current quarter adjusted
diluted earnings per common share from continuing operations (a
non-GAAP measure) was $9.90. Current
quarter adjusted diluted earnings per common share from continuing
operations excludes $14.8 million in
pre-tax acquisition costs incurred during the current quarter.
"We continue to grow revenues through acquisitions. During the
quarter, we executed strategic U.K. transactions which added 58
dealerships. We are excited to expand our operations across the
broader U.K. with great brands, and will continue to explore
growth-oriented opportunities," said Daryl
Kenningham, Group 1's President and Chief Executive Officer.
"We were pleased to have set quarterly records for new and used
vehicle units sold, while GPUs only declined $161 and $63,
sequentially from the second quarter, for new and used vehicles,
respectively. Global stop sales on certain vehicle models with
luxury manufacturers BMW and Lexus impacted sales during the
quarter. Weather events in Texas
early in the quarter and in the southeast later in the quarter also
impacted our business."
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 $5.2 billion, a 11.0% increase compared to
$4.7 billion for the third quarter of
2023 ("prior year quarter").
Net income from continuing operations for the current quarter
was $117.1 million, a 28.6% decrease
compared to $164.1 million for the
prior year quarter. Current quarter adjusted net income from
continuing operations (a non-GAAP measure) was $133.5 million, a 21.4% decrease compared to
$169.8 million for the prior year
quarter. In the current quarter, net income from continuing
operations and adjusted net income from continuing operations were
primarily impacted by higher interest expense and depreciation
versus the prior year quarter.
Current quarter diluted earnings per common share from
continuing operations was $8.68, a
25.6% decrease compared to $11.67 for
the prior year quarter. Current quarter adjusted diluted earnings
per common share from continuing operations (a non-GAAP measure)
was $9.90, an 18.0% decrease compared
to $12.07 for the prior year
quarter.
|
Third
Quarter 2024
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
|
Reported:
|
3Q24
|
Change
|
3Q24
|
Change
|
|
Total
revenues
|
$5.2B
|
+11.0 %
|
$4.5B
|
(1.8) %
|
|
Total gross profit
("GP")
|
$852.7M
|
+8.4 %
|
$737.5M
|
(3.5) %
|
|
NV units
sold
|
53,775
|
+18.6 %
|
44,411
|
+0.5 %
|
|
NV GP per retail unit
("PRU")
|
$3,407
|
(20.5) %
|
$3,449
|
(19.5) %
|
|
Used vehicle ("UV")
retail units sold
|
55,907
|
+10.1 %
|
47,635
|
(3.3) %
|
|
UV retail GP
PRU
|
$1,574
|
(1.7) %
|
$1,530
|
(5.3) %
|
|
Parts & service
("P&S") GP
|
$367.0M
|
+17.0 %
|
$318.8M
|
+4.9 %
|
|
P&S Gross Margin
("GM")
|
55.6 %
|
+0.3 %
|
55.1 %
|
(0.2) %
|
|
Finance and Insurance
("F&I") revenues
|
$214.1M
|
+7.4 %
|
$192.6M
|
(0.6) %
|
|
F&I GP
PRU
|
$1,952
|
(5.9) %
|
$2,093
|
+0.9 %
|
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
69.4 %
|
+621 bps
|
68.4 %
|
+456 bps
|
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
67.5 %
|
+410 bps
|
66.2 %
|
+313 bps
|
Corporate Development
We remain focused on quickly and efficiently integrating our
acquisitions into our existing operations to drive incremental
value creation for our shareholders.
In July 2024, the Company acquired
four Mercedes-Benz dealerships located in the U.K.
This acquisition is expected to generate $105.0 million in annual revenues with new car
sales recorded as net revenue under the agency model.
In August 2024, the Company
completed the acquisition of Inchcape Retail automotive operations
in the U.K. This acquisition is expected to generate
$2.7 billion in annual
revenues.
In October 2024, the Company
acquired a BMW/MINI dealership located in the U.K. This acquisition
is expected to generate approximately $125.0
million in annual revenues.
Year-to-date, the Company has successfully acquired and is in
the process of integrating dealership operations with total
expected annual revenues of approximately $3.9 billion.
During the current quarter, the Company disposed of one
dealership located in California.
This disposed dealership generated approximately $65.0 million in annual revenues, bringing
year-to-date total disposed annual revenues for the Company to
$400.0 million.
Share Repurchases
During the current quarter, the Company repurchased 85,245
shares at an average price per common share of $349.55, for a total of $29.8 million, excluding excise taxes of
$0.3 million.
During the nine months ended September 30, 2024, the
Company repurchased 438,165 shares, representing approximately 3.2%
of the Company's outstanding common shares at January 1 of the current year, at an average
price per common share of $295.80,
for a total of $129.6 million,
excluding excise taxes of $1.1
million.
As of September 30, 2024, the
Company had an aggregate 13.3 million outstanding common shares and
unvested restricted stock awards. As of September 30, 2024, the Company had $174.8 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 2024 Earnings Conference Call
Details
Group 1's senior management will host a conference call today at
10:00 a.m. ET to discuss the third
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:
|
2417011
|
A telephonic replay will be available following the call through
November 6, 2024, by dialing:
|
Domestic:
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay Code:
|
5473305
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 260 automotive dealerships,
338 franchises, and 44 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,
and www.facebook.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, on a timely
basis, if at all and the risks associated therewith, (h) our
ability to successfully integrate recent and future acquisitions
and realize the expected benefits from consummated acquisitions,
(i) foreign exchange controls and currency fluctuations, (j) the
armed conflicts in Ukraine and the Middle East, (k) the impacts of
continued inflation and potential changes in U.S. trade policy,
including the imposition of tariffs and the resulting consequences,
(l) our ability to maintain sufficient liquidity to operate, (m) a
material failure in or breach of our vendors' information
technology systems and other cybersecurity incidents, and (n) the
receipt of any insurance or other recoveries. For additional
information regarding known material factors that could cause our
actual results to differ from our projected results, please see our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date hereof. We undertake no obligation to publicly update
or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or
otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER
DATA
In addition to evaluating the financial condition and results
of our operations in accordance with U.S. GAAP, from time to time
our management evaluates and analyzes results and any impact on the
Company of strategic decisions and actions relating to, among other
things, cost reduction, growth, profitability improvement
initiatives, and other events outside of normal, or "core,"
business and operations, by considering alternative financial
measures not prepared in accordance with U.S. GAAP. In our
evaluation of results from time to time, we exclude items that do
not arise directly from core operations, such as non-cash asset
impairment charges, out-of-period adjustments, legal matters, gains
and losses on dealership franchise or real estate transactions, and
catastrophic events, such as hailstorms, hurricanes, snow-storm,
and employment compensation costs associated with the CDK outage.
Because these non-core charges and gains materially affect the
Company's financial condition or results in the specific period in
which they are recognized, management also evaluates, and makes
resource allocation and performance evaluation decisions based on,
the related non-GAAP measures excluding such items. This includes
evaluating measures such as adjusted selling, general and
administrative expenses, adjusted net income, adjusted diluted
earnings per share, and constant currency. These adjusted measures
are not measures of financial performance under U.S. GAAP, but are
instead considered non-GAAP financial performance measures.
Non-GAAP measures do not have definitions under U.S. GAAP and may
be defined differently by, and not be comparable to similarly
titled measures used by, other companies. As a result, any non-GAAP
financial measures considered and evaluated by management are
reviewed in conjunction with a review of the most directly
comparable measures calculated in accordance with U.S. GAAP. We
caution investors not to place undue reliance on such non-GAAP
measures, but also to consider them with the most directly
comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate
results in a specific period, management believes that such
measures may provide more complete and consistent comparisons of
operational performance on a period-over-period historical basis
and a better indication of expected future trends. Our management
also uses these adjusted measures in conjunction with U.S. GAAP
financial measures to assess our business, including communication
with our Board of Directors, investors, and industry analysts
concerning financial performance. We disclose these non-GAAP
measures, and the related reconciliations, because we believe
investors use these metrics in evaluating longer-term
period-over-period performance, and to allow investors to better
understand and evaluate the information used by management to
assess operating performance. The exclusion of certain expenses in
the calculation of non-GAAP financial measures should not be
construed as an inference that these costs are unusual or
infrequent. We anticipate excluding these expenses in the future
presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an
as reported and a constant currency basis. The constant currency
presentation, which is a non-GAAP measure, excludes the impact of
fluctuations in foreign currency exchange rates. We believe
providing constant currency information provides valuable
supplemental information regarding our underlying business and
results of operations, consistent with how we evaluate our
performance. We calculate constant currency percentages by
converting our current period reported results for entities
reporting in currencies other than U.S. dollars using comparative
period exchange rates rather than the actual exchange rates in
effect during the respective periods. The constant currency
performance measures should not be considered a substitute for, or
superior to, the measures of financial performance prepared in
accordance with U.S. GAAP. The Same Store amounts presented include
the results of dealerships for the identical months in each period
presented in comparison, commencing with the first full month in
which the dealership was owned by us and, in the case of
dispositions, ending with the last full month it was owned by us.
Same Store results also include the activities of our corporate
headquarters.
Certain amounts in the financial statements may not compute
due to rounding. All computations have been calculated using
unrounded amounts for all periods presented.
Investor contacts:
Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Financial Services and Manufacturer
Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@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,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,567.6
|
|
$
2,264.5
|
|
$
303.0
|
|
13.4 %
|
|
Used vehicle retail
sales
|
|
1,656.5
|
|
1,559.6
|
|
96.9
|
|
6.2 %
|
|
Used vehicle wholesale
sales
|
|
123.2
|
|
114.7
|
|
8.5
|
|
7.4 %
|
|
Parts and service
sales
|
|
660.0
|
|
566.9
|
|
93.1
|
|
16.4 %
|
|
Finance, insurance and
other, net
|
|
214.1
|
|
199.4
|
|
14.7
|
|
7.4 %
|
|
Total
revenues
|
|
5,221.4
|
|
4,705.1
|
|
516.3
|
|
11.0 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,384.4
|
|
2,070.2
|
|
314.1
|
|
15.2 %
|
|
Used vehicle retail
sales
|
|
1,568.5
|
|
1,478.2
|
|
90.3
|
|
6.1 %
|
|
Used vehicle wholesale
sales
|
|
122.8
|
|
117.1
|
|
5.7
|
|
4.9 %
|
|
Parts and service
sales
|
|
293.1
|
|
253.4
|
|
39.6
|
|
15.6 %
|
|
Total cost of
sales
|
|
4,368.7
|
|
3,918.9
|
|
449.8
|
|
11.5 %
|
|
GROSS
PROFIT
|
|
852.7
|
|
786.2
|
|
66.4
|
|
8.4 %
|
|
Selling, general and
administrative expenses
|
|
591.6
|
|
496.7
|
|
94.9
|
|
19.1 %
|
|
Depreciation and
amortization expense
|
|
29.5
|
|
23.1
|
|
6.4
|
|
27.8 %
|
|
Asset
impairments
|
|
—
|
|
4.8
|
|
(4.8)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
231.6
|
|
261.6
|
|
(30.0)
|
|
(11.5) %
|
|
Floorplan interest
expense
|
|
31.1
|
|
16.5
|
|
14.6
|
|
88.7 %
|
|
Other interest expense,
net
|
|
39.8
|
|
26.5
|
|
13.3
|
|
50.1 %
|
|
Other expense
(income)
|
|
1.1
|
|
(1.9)
|
|
3.0
|
|
157.2 %
|
|
INCOME BEFORE INCOME
TAXES
|
|
159.6
|
|
220.5
|
|
(60.9)
|
|
(27.6) %
|
|
Provision for income
taxes
|
|
42.5
|
|
56.4
|
|
(13.9)
|
|
(24.7) %
|
|
Net income from
continuing operations
|
|
117.1
|
|
164.1
|
|
(47.0)
|
|
(28.6) %
|
|
Net income (loss) from
discontinued operations
|
|
0.2
|
|
(0.2)
|
|
0.4
|
|
178.8 %
|
|
NET
INCOME
|
|
$
117.3
|
|
$
163.9
|
|
$
(46.6)
|
|
(28.4) %
|
|
Less: Earnings
allocated to participating securities
|
|
2.4
|
|
4.0
|
|
(1.6)
|
|
(40.6) %
|
|
Net income available to
diluted common shares
|
|
$
114.9
|
|
$
159.9
|
|
$
(45.0)
|
|
(28.1) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
8.68
|
|
$
11.67
|
|
$
(2.99)
|
|
(25.6) %
|
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.01
|
|
$
(0.02)
|
|
$
0.03
|
|
182.2 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
8.69
|
|
$
11.65
|
|
$
(2.96)
|
|
(25.4) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.2
|
|
13.7
|
|
(0.5)
|
|
(3.7) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.3
|
|
(0.1)
|
|
(20.4) %
|
|
Total weighted average
shares
|
|
13.5
|
|
14.1
|
|
(0.6)
|
|
(4.1) %
|
|
Effective tax rate on
continuing operations
|
|
26.6 %
|
|
25.6 %
|
|
1.0 %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
7,114.3
|
|
$
6,463.4
|
|
$
650.9
|
|
10.1 %
|
|
Used vehicle retail
sales
|
|
4,526.5
|
|
4,359.0
|
|
167.4
|
|
3.8 %
|
|
Used vehicle wholesale
sales
|
|
333.5
|
|
339.2
|
|
(5.6)
|
|
(1.7) %
|
|
Parts and service
sales
|
|
1,810.8
|
|
1,677.3
|
|
133.5
|
|
8.0 %
|
|
Finance, insurance and
other, net
|
|
603.1
|
|
554.8
|
|
48.3
|
|
8.7 %
|
|
Total
revenues
|
|
14,388.3
|
|
13,393.7
|
|
994.6
|
|
7.4 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6,601.6
|
|
5,880.9
|
|
720.7
|
|
12.3 %
|
|
Used vehicle retail
sales
|
|
4,275.7
|
|
4,122.2
|
|
153.6
|
|
3.7 %
|
|
Used vehicle wholesale
sales
|
|
335.2
|
|
338.6
|
|
(3.5)
|
|
(1.0) %
|
|
Parts and service
sales
|
|
814.0
|
|
762.3
|
|
51.6
|
|
6.8 %
|
|
Total cost of
sales
|
|
12,026.5
|
|
11,104.0
|
|
922.5
|
|
8.3 %
|
|
GROSS
PROFIT
|
|
2,361.8
|
|
2,289.7
|
|
72.2
|
|
3.2 %
|
|
Selling, general and
administrative expenses
|
|
1,564.9
|
|
1,439.4
|
|
125.5
|
|
8.7 %
|
|
Depreciation and
amortization expense
|
|
81.6
|
|
68.6
|
|
12.9
|
|
18.8 %
|
|
Asset
impairments
|
|
—
|
|
7.7
|
|
(7.7)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
715.4
|
|
773.9
|
|
(58.5)
|
|
(7.6) %
|
|
Floorplan interest
expense
|
|
76.3
|
|
44.7
|
|
31.6
|
|
70.6 %
|
|
Other interest expense,
net
|
|
102.5
|
|
72.1
|
|
30.4
|
|
42.1 %
|
|
Other
expense
|
|
0.7
|
|
2.3
|
|
(1.6)
|
|
(69.4) %
|
|
INCOME BEFORE INCOME
TAXES
|
|
535.8
|
|
654.8
|
|
(118.9)
|
|
(18.2) %
|
|
Provision for income
taxes
|
|
133.5
|
|
161.6
|
|
(28.1)
|
|
(17.4) %
|
|
Net income from
continuing operations
|
|
402.4
|
|
493.2
|
|
(90.8)
|
|
(18.4) %
|
|
Net income (loss) from
discontinued operations
|
|
1.0
|
|
(0.3)
|
|
1.3
|
|
405.1 %
|
|
NET
INCOME
|
|
$
403.3
|
|
$
492.9
|
|
$
(89.5)
|
|
(18.2) %
|
|
Less: Earnings
allocated to participating securities
|
|
8.6
|
|
12.2
|
|
(3.6)
|
|
(29.5) %
|
|
Net income available to
diluted common shares
|
|
$
394.7
|
|
$
480.6
|
|
$
(85.9)
|
|
(17.9) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
29.61
|
|
$
34.81
|
|
$
(5.20)
|
|
(14.9) %
|
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.07
|
|
$
(0.02)
|
|
$
0.09
|
|
418.1 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
29.68
|
|
$
34.79
|
|
$
(5.11)
|
|
(14.7) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.3
|
|
13.8
|
|
(0.5)
|
|
(3.7) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.4
|
|
(0.1)
|
|
(17.3) %
|
|
Total weighted average
shares
|
|
13.6
|
|
14.2
|
|
(0.6)
|
|
(4.1) %
|
|
Effective tax rate on
continuing operations
|
|
24.9 %
|
|
24.7 %
|
|
0.2 %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Additional
Information — Consolidated
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
58.7
|
|
$
57.2
|
|
$
1.5
|
|
2.6 %
|
|
Inventories,
net
|
|
$
2,752.2
|
|
$
1,963.4
|
|
$
788.8
|
|
40.2 %
|
|
Floorplan notes
payable, net (1)
|
|
$
2,269.5
|
|
$
1,565.4
|
|
$
704.1
|
|
45.0 %
|
|
Total debt
|
|
$
2,891.1
|
|
$
2,098.8
|
|
$
792.3
|
|
37.8 %
|
|
Total equity
|
|
$
2,976.2
|
|
$
2,674.4
|
|
$
301.8
|
|
11.3 %
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts
are net of offset accounts of $99.8 and $275.2,
respectively.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
|
United
States
|
|
73.8 %
|
|
81.8 %
|
|
78.4 %
|
|
80.7 %
|
|
United
Kingdom
|
|
26.2 %
|
|
18.2 %
|
|
21.6 %
|
|
19.3 %
|
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
|
Toyota/Lexus
|
|
23.8 %
|
|
24.0 %
|
|
25.2 %
|
|
23.1 %
|
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
16.3 %
|
|
15.5 %
|
|
14.5 %
|
|
15.9 %
|
|
BMW/MINI
|
|
9.6 %
|
|
10.7 %
|
|
10.6 %
|
|
11.4 %
|
|
Honda/Acura
|
|
9.4 %
|
|
7.4 %
|
|
9.4 %
|
|
7.6 %
|
|
Chevrolet/GMC/Buick
|
|
9.0 %
|
|
10.2 %
|
|
9.2 %
|
|
8.8 %
|
|
Ford/Lincoln
|
|
6.9 %
|
|
7.3 %
|
|
7.1 %
|
|
7.8 %
|
|
Mercedes-Benz/Sprinter
|
|
8.9 %
|
|
6.0 %
|
|
6.9 %
|
|
6.3 %
|
|
Hyundai/Kia/Genesis
|
|
5.3 %
|
|
5.7 %
|
|
5.6 %
|
|
5.3 %
|
|
Subaru
|
|
3.2 %
|
|
2.8 %
|
|
3.3 %
|
|
2.7 %
|
|
Chrysler/Dodge/Jeep/RAM
|
|
1.9 %
|
|
3.7 %
|
|
2.3 %
|
|
4.0 %
|
|
Nissan
|
|
1.9 %
|
|
3.7 %
|
|
2.3 %
|
|
3.9 %
|
|
Jaguar/Land
Rover
|
|
2.3 %
|
|
1.6 %
|
|
2.1 %
|
|
1.7 %
|
|
Mazda
|
|
1.2 %
|
|
1.2 %
|
|
1.2 %
|
|
1.2 %
|
|
Other
|
|
0.2 %
|
|
0.4 %
|
|
0.2 %
|
|
0.4 %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
September 30,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
43
|
|
37
|
|
28
|
|
Used vehicle
inventory
|
|
38
|
|
35
|
|
34
|
|
U.S.
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
56
|
|
36
|
|
30
|
|
Used vehicle
inventory
|
|
30
|
|
29
|
|
29
|
|
U.K.
|
|
|
|
|
|
|
|
New vehicle
inventory
|
|
23
|
|
48
|
|
22
|
|
Used vehicle
inventory
|
|
54
|
|
58
|
|
48
|
|
(1) Days'
supply in inventory is calculated based on inventory unit levels
and 30-day total unit sales volumes, both at the end of each
reporting period.
|
|
Group 1 Automotive, Inc.
|
|
Reported Operating Data —
Consolidated
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
Three Months Ended September
30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency % Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,567.6
|
|
$
2,264.5
|
|
$ 303.0
|
|
13.4 %
|
|
|
$
19.9
|
|
12.5 %
|
|
Used vehicle retail
sales
|
1,656.5
|
|
1,559.6
|
|
96.9
|
|
6.2 %
|
|
|
14.2
|
|
5.3 %
|
|
Used vehicle wholesale
sales
|
123.2
|
|
114.7
|
|
8.5
|
|
7.4 %
|
|
|
1.1
|
|
6.4 %
|
|
Total used
|
1,779.7
|
|
1,674.3
|
|
105.4
|
|
6.3 %
|
|
|
15.4
|
|
5.4 %
|
|
Parts and service
sales
|
660.0
|
|
566.9
|
|
93.1
|
|
16.4 %
|
|
|
3.7
|
|
15.8 %
|
|
F&I,
net
|
214.1
|
|
199.4
|
|
14.7
|
|
7.4 %
|
|
|
0.9
|
|
6.9 %
|
|
Total
revenues
|
$
5,221.4
|
|
$
4,705.1
|
|
$ 516.3
|
|
11.0 %
|
|
|
$
39.8
|
|
10.1 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 183.2
|
|
$ 194.3
|
|
$ (11.1)
|
|
(5.7) %
|
|
|
$
1.7
|
|
(6.6) %
|
|
Used vehicle retail
sales
|
88.0
|
|
81.4
|
|
6.6
|
|
8.2 %
|
|
|
0.7
|
|
7.3 %
|
|
Used vehicle wholesale
sales
|
0.4
|
|
(2.3)
|
|
2.7
|
|
117.2 %
|
|
|
—
|
|
118.0 %
|
|
Total used
|
88.4
|
|
79.0
|
|
9.4
|
|
11.9 %
|
|
|
0.7
|
|
11.0 %
|
|
Parts and service
sales
|
367.0
|
|
313.5
|
|
53.4
|
|
17.0 %
|
|
|
2.2
|
|
16.3 %
|
|
F&I,
net
|
214.1
|
|
199.4
|
|
14.7
|
|
7.4 %
|
|
|
0.9
|
|
6.9 %
|
|
Total gross
profit
|
$ 852.7
|
|
$ 786.2
|
|
$
66.4
|
|
8.4 %
|
|
|
$
5.6
|
|
7.7 %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.1 %
|
|
8.6 %
|
|
(1.4) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.2 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
0.3 %
|
|
(2.0) %
|
|
2.4 %
|
|
|
|
|
|
|
|
|
Total used
|
5.0 %
|
|
4.7 %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.6 %
|
|
55.3 %
|
|
0.3 %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3 %
|
|
16.7 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
53,775
|
|
45,350
|
|
8,425
|
|
18.6 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
55,907
|
|
50,799
|
|
5,108
|
|
10.1 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
14,220
|
|
11,740
|
|
2,480
|
|
21.1 %
|
|
|
|
|
|
|
Total used
|
70,127
|
|
62,539
|
|
7,588
|
|
12.1 %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
48,390
|
|
$
50,300
|
|
$
(1,910)
|
|
(3.8) %
|
|
|
$
372
|
|
(4.5) %
|
|
Used vehicle
retail
|
$
29,630
|
|
$
30,701
|
|
$
(1,071)
|
|
(3.5) %
|
|
|
$
254
|
|
(4.3) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,407
|
|
$ 4,285
|
|
$
(878)
|
|
(20.5) %
|
|
|
$
32
|
|
(21.2) %
|
|
Used vehicle retail
sales
|
$ 1,574
|
|
$ 1,602
|
|
$
(28)
|
|
(1.7) %
|
|
|
$
13
|
|
(2.5) %
|
|
Used vehicle wholesale
sales
|
$
28
|
|
$
(199)
|
|
$
227
|
|
114.2 %
|
|
|
$
(1)
|
|
114.9 %
|
|
Total used
|
$ 1,261
|
|
$ 1,264
|
|
$
(3)
|
|
(0.3) %
|
|
|
$
10
|
|
(1.0) %
|
|
F&I PRU
|
$ 1,952
|
|
$ 2,073
|
|
$
(121)
|
|
(5.9) %
|
|
|
$
9
|
|
(6.3) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 591.6
|
|
$ 496.7
|
|
$
94.9
|
|
19.1 %
|
|
|
$
4.3
|
|
18.2 %
|
|
Adjusted SG&A
expenses (2)
|
$ 575.9
|
|
$ 498.8
|
|
$
77.1
|
|
15.5 %
|
|
|
$
4.1
|
|
14.6 %
|
|
SG&A as % gross
profit
|
69.4 %
|
|
63.2 %
|
|
6.2 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.5 %
|
|
63.4 %
|
|
4.1 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.4 %
|
|
5.6 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.8 %
|
|
5.6 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
3.1 %
|
|
4.7 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.4 %
|
|
4.8 %
|
|
(1.4) %
|
|
|
|
|
|
|
|
|
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
31.1
|
|
$
16.5
|
|
$
14.6
|
|
88.7 %
|
|
|
$
0.2
|
|
87.6 %
|
|
Less: Floorplan
assistance (3)
|
24.1
|
|
18.8
|
|
5.3
|
|
28.2 %
|
|
|
—
|
|
28.1 %
|
|
Net floorplan
expense
|
$
7.0
|
|
$
(2.3)
|
|
$
9.3
|
|
|
|
|
$
0.2
|
|
|
|
(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.
|
|
(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 —
Consolidated
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
7,114.3
|
|
$
6,463.4
|
|
$ 650.9
|
|
10.1 %
|
|
|
$
41.2
|
|
9.4 %
|
|
Used vehicle retail
sales
|
4,526.5
|
|
4,359.0
|
|
167.4
|
|
3.8 %
|
|
|
32.7
|
|
3.1 %
|
|
Used vehicle wholesale
sales
|
333.5
|
|
339.2
|
|
(5.6)
|
|
(1.7) %
|
|
|
2.6
|
|
(2.4) %
|
|
Total used
|
4,860.0
|
|
4,698.2
|
|
161.8
|
|
3.4 %
|
|
|
35.3
|
|
2.7 %
|
|
Parts and service
sales
|
1,810.8
|
|
1,677.3
|
|
133.5
|
|
8.0 %
|
|
|
8.7
|
|
7.4 %
|
|
F&I,
net
|
603.1
|
|
554.8
|
|
48.3
|
|
8.7 %
|
|
|
2.0
|
|
8.4 %
|
|
Total
revenues
|
$ 14,388.3
|
|
$ 13,393.7
|
|
$ 994.6
|
|
7.4 %
|
|
|
$
87.0
|
|
6.8 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 512.8
|
|
$ 582.5
|
|
$ (69.8)
|
|
(12.0) %
|
|
|
$
3.3
|
|
(12.5) %
|
|
Used vehicle retail
sales
|
250.8
|
|
236.9
|
|
13.9
|
|
5.9 %
|
|
|
1.7
|
|
5.1 %
|
|
Used vehicle wholesale
sales
|
(1.6)
|
|
0.5
|
|
(2.2)
|
|
NM
|
|
|
—
|
|
NM
|
|
Total used
|
249.1
|
|
237.4
|
|
11.7
|
|
4.9 %
|
|
|
1.7
|
|
4.2 %
|
|
Parts and service
sales
|
996.8
|
|
915.0
|
|
81.9
|
|
8.9 %
|
|
|
5.0
|
|
8.4 %
|
|
F&I,
net
|
603.1
|
|
554.8
|
|
48.3
|
|
8.7 %
|
|
|
2.0
|
|
8.4 %
|
|
Total gross
profit
|
$
2,361.8
|
|
$
2,289.7
|
|
$
72.2
|
|
3.2 %
|
|
|
$
12.0
|
|
2.6 %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.0 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
5.4 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.5) %
|
|
0.2 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Total used
|
5.1 %
|
|
5.1 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.0 %
|
|
54.6 %
|
|
0.5 %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.4 %
|
|
17.1 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
145,738
|
|
129,739
|
|
15,999
|
|
12.3 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
154,350
|
|
143,000
|
|
11,350
|
|
7.9 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
37,867
|
|
32,607
|
|
5,260
|
|
16.1 %
|
|
|
|
|
|
|
Total used
|
192,217
|
|
175,607
|
|
16,610
|
|
9.5 %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
49,318
|
|
$
50,172
|
|
$
(854)
|
|
(1.7) %
|
|
|
$
285
|
|
(2.3) %
|
|
Used vehicle
retail
|
$
29,326
|
|
$
30,483
|
|
$
(1,157)
|
|
(3.8) %
|
|
|
$
212
|
|
(4.5) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,518
|
|
$ 4,490
|
|
$
(972)
|
|
(21.6) %
|
|
|
$
23
|
|
(22.1) %
|
|
Used vehicle retail
sales
|
$ 1,625
|
|
$ 1,657
|
|
$
(32)
|
|
(1.9) %
|
|
|
$
11
|
|
(2.6) %
|
|
Used vehicle wholesale
sales
|
$
(43)
|
|
$
16
|
|
$
(59)
|
|
NM
|
|
|
$
(1)
|
|
NM
|
|
Total used
|
$ 1,296
|
|
$ 1,352
|
|
$
(56)
|
|
(4.1) %
|
|
|
$
9
|
|
(4.8) %
|
|
F&I PRU
|
$ 2,010
|
|
$ 2,034
|
|
$
(24)
|
|
(1.2) %
|
|
|
$
7
|
|
(1.5) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,564.9
|
|
$
1,439.4
|
|
$
125.5
|
|
8.7 %
|
|
|
$
9.3
|
|
8.1 %
|
|
Adjusted SG&A
expenses (2)
|
$
1,584.2
|
|
$
1,452.7
|
|
$
131.6
|
|
9.1 %
|
|
|
$
9.0
|
|
8.4 %
|
|
SG&A as % gross
profit
|
66.3 %
|
|
62.9 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.1 %
|
|
63.4 %
|
|
3.6 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
5.0 %
|
|
5.8 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.7 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
3.7 %
|
|
4.9 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.6 %
|
|
4.8 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Floorplan expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
76.3
|
|
$
44.7
|
|
$
31.6
|
|
70.6 %
|
|
|
$
0.4
|
|
69.8 %
|
|
Less: Floorplan
assistance (3)
|
63.4
|
|
51.9
|
|
11.6
|
|
22.3 %
|
|
|
—
|
|
22.2 %
|
|
Net floorplan
expense
|
$
12.9
|
|
$
(7.1)
|
|
$
20.0
|
|
|
|
|
$
0.3
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
|
(3)
Floorplan assistance is included within New vehicle retail Gross
profit above and New vehicle retail Cost of sales in our Condensed
Consolidated Statements of Operations.
|
|
NM - not
meaningful
|
|
Group 1 Automotive, Inc.
|
|
Reported Operating Data — U.S.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 2,016.8
|
|
$ 1,920.2
|
|
$
96.6
|
|
5.0 %
|
|
Used vehicle retail
sales
|
|
1,158.4
|
|
1,223.5
|
|
(65.2)
|
|
(5.3) %
|
|
Used vehicle wholesale
sales
|
|
82.9
|
|
80.1
|
|
2.8
|
|
3.5 %
|
|
Total used
|
|
1,241.2
|
|
1,303.6
|
|
(62.4)
|
|
(4.8) %
|
|
Parts and service
sales
|
|
528.4
|
|
494.4
|
|
34.0
|
|
6.9 %
|
|
F&I,
net
|
|
184.6
|
|
181.5
|
|
3.2
|
|
1.8 %
|
|
Total
revenues
|
|
$ 3,971.1
|
|
$ 3,899.7
|
|
$
71.5
|
|
1.8 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
140.2
|
|
$
164.9
|
|
$
(24.7)
|
|
(15.0) %
|
|
Used vehicle retail
sales
|
|
61.2
|
|
65.7
|
|
(4.5)
|
|
(6.8) %
|
|
Used vehicle wholesale
sales
|
|
1.3
|
|
(0.4)
|
|
1.7
|
|
NM
|
|
Total used
|
|
62.5
|
|
65.3
|
|
(2.8)
|
|
(4.3) %
|
|
Parts and service
sales
|
|
290.8
|
|
271.0
|
|
19.7
|
|
7.3 %
|
|
F&I,
net
|
|
184.6
|
|
181.5
|
|
3.2
|
|
1.8 %
|
|
Total gross
profit
|
|
$
678.1
|
|
$
682.7
|
|
$
(4.6)
|
|
(0.7) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.0 %
|
|
8.6 %
|
|
(1.6) %
|
|
|
|
Used vehicle retail
sales
|
|
5.3 %
|
|
5.4 %
|
|
(0.1) %
|
|
|
|
Used vehicle wholesale
sales
|
|
1.5 %
|
|
(0.5) %
|
|
2.1 %
|
|
|
|
Total used
|
|
5.0 %
|
|
5.0 %
|
|
— %
|
|
|
|
Parts and service
sales
|
|
55.0 %
|
|
54.8 %
|
|
0.2 %
|
|
|
|
Total gross
margin
|
|
17.1 %
|
|
17.5 %
|
|
(0.4) %
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
39,700
|
|
37,079
|
|
2,621
|
|
7.1 %
|
|
Retail used vehicles
sold
|
|
38,775
|
|
39,676
|
|
(901)
|
|
(2.3) %
|
|
Wholesale used
vehicles sold
|
|
9,577
|
|
8,380
|
|
1,197
|
|
14.3 %
|
|
Total used
|
|
48,352
|
|
48,056
|
|
296
|
|
0.6 %
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
50,801
|
|
$
51,786
|
|
$
(985)
|
|
(1.9) %
|
|
Used vehicle
retail
|
|
$
29,874
|
|
$
30,838
|
|
$
(964)
|
|
(3.1) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,532
|
|
$
4,449
|
|
$
(917)
|
|
(20.6) %
|
|
Used vehicle retail
sales
|
|
$
1,579
|
|
$
1,656
|
|
$
(77)
|
|
(4.7) %
|
|
Used vehicle wholesale
sales
|
|
$
133
|
|
$
(51)
|
|
$
184
|
|
NM
|
|
Total used
|
|
$
1,293
|
|
$
1,359
|
|
$
(66)
|
|
(4.9) %
|
|
F&I PRU
|
|
$
2,353
|
|
$
2,364
|
|
$
(11)
|
|
(0.5) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
445.4
|
|
$
417.4
|
|
$
28.0
|
|
6.7 %
|
|
Adjusted SG&A
expenses (1)
|
|
$
436.2
|
|
$
419.5
|
|
$
16.7
|
|
4.0 %
|
|
SG&A as % gross
profit
|
|
65.7 %
|
|
61.1 %
|
|
4.5 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
64.3 %
|
|
61.4 %
|
|
2.9 %
|
|
|
|
(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.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive, Inc.
|
|
Reported Operating Data — U.S.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$ 5,826.2
|
|
$ 5,444.3
|
|
$
381.9
|
|
7.0 %
|
|
Used vehicle retail
sales
|
|
3,409.7
|
|
3,393.5
|
|
16.3
|
|
0.5 %
|
|
Used vehicle wholesale
sales
|
|
241.2
|
|
242.2
|
|
(1.0)
|
|
(0.4) %
|
|
Total used
|
|
3,650.9
|
|
3,635.7
|
|
15.2
|
|
0.4 %
|
|
Parts and service
sales
|
|
1,521.0
|
|
1,459.4
|
|
61.6
|
|
4.2 %
|
|
F&I,
net
|
|
539.9
|
|
502.3
|
|
37.6
|
|
7.5 %
|
|
Total
revenues
|
|
$
11,538.0
|
|
$
11,041.7
|
|
$
496.4
|
|
4.5 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
416.4
|
|
$
489.7
|
|
$
(73.4)
|
|
(15.0) %
|
|
Used vehicle retail
sales
|
|
193.7
|
|
187.5
|
|
6.2
|
|
3.3 %
|
|
Used vehicle wholesale
sales
|
|
3.9
|
|
3.0
|
|
0.9
|
|
30.8 %
|
|
Total used
|
|
197.6
|
|
190.5
|
|
7.1
|
|
3.7 %
|
|
Parts and service
sales
|
|
831.1
|
|
787.4
|
|
43.7
|
|
5.5 %
|
|
F&I,
net
|
|
539.9
|
|
502.3
|
|
37.6
|
|
7.5 %
|
|
Total gross
profit
|
|
$ 1,985.0
|
|
$ 1,970.0
|
|
$
15.0
|
|
0.8 %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.1 %
|
|
9.0 %
|
|
(1.8) %
|
|
|
|
Used vehicle retail
sales
|
|
5.7 %
|
|
5.5 %
|
|
0.2 %
|
|
|
|
Used vehicle wholesale
sales
|
|
1.6 %
|
|
1.2 %
|
|
0.4 %
|
|
|
|
Total used
|
|
5.4 %
|
|
5.2 %
|
|
0.2 %
|
|
|
|
Parts and service
sales
|
|
54.6 %
|
|
54.0 %
|
|
0.7 %
|
|
|
|
Total gross
margin
|
|
17.2 %
|
|
17.8 %
|
|
(0.6) %
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
114,314
|
|
104,657
|
|
9,657
|
|
9.2 %
|
|
Retail used vehicles
sold
|
|
115,271
|
|
110,422
|
|
4,849
|
|
4.4 %
|
|
Wholesale used
vehicles sold
|
|
27,629
|
|
23,296
|
|
4,333
|
|
18.6 %
|
|
Total used
|
|
142,900
|
|
133,718
|
|
9,182
|
|
6.9 %
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
50,967
|
|
$
52,020
|
|
$
(1,053)
|
|
(2.0) %
|
|
Used vehicle
retail
|
|
$
29,580
|
|
$
30,732
|
|
$
(1,152)
|
|
(3.7) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,642
|
|
$
4,679
|
|
$
(1,037)
|
|
(22.2) %
|
|
Used vehicle retail
sales
|
|
$
1,680
|
|
$
1,698
|
|
$
(18)
|
|
(1.1) %
|
|
Used vehicle wholesale
sales
|
|
$
143
|
|
$
130
|
|
$
13
|
|
10.3 %
|
|
Total used
|
|
$
1,383
|
|
$
1,425
|
|
$
(42)
|
|
(2.9) %
|
|
F&I PRU
|
|
$
2,352
|
|
$
2,335
|
|
$
16
|
|
0.7 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$ 1,257.9
|
|
$ 1,209.8
|
|
$
48.1
|
|
4.0 %
|
|
Adjusted SG&A
expenses (1)
|
|
$ 1,286.2
|
|
$ 1,222.1
|
|
$
64.1
|
|
5.2 %
|
|
SG&A as % gross
profit
|
|
63.4 %
|
|
61.4 %
|
|
2.0 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
64.8 %
|
|
62.0 %
|
|
2.8 %
|
|
|
|
(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)
|
|
|
|
Three Months Ended September
30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 550.7
|
|
$ 344.4
|
|
$ 206.4
|
|
59.9 %
|
|
|
$
19.9
|
|
54.2 %
|
|
Used vehicle retail
sales
|
498.2
|
|
336.1
|
|
162.1
|
|
48.2 %
|
|
|
14.2
|
|
44.0 %
|
|
Used vehicle wholesale
sales
|
40.3
|
|
34.6
|
|
5.7
|
|
16.4 %
|
|
|
1.1
|
|
13.1 %
|
|
Total used
|
538.5
|
|
370.7
|
|
167.8
|
|
45.3 %
|
|
|
15.4
|
|
41.1 %
|
|
Parts and service
sales
|
131.6
|
|
72.5
|
|
59.1
|
|
81.4 %
|
|
|
3.7
|
|
76.3 %
|
|
F&I,
net
|
29.4
|
|
17.9
|
|
11.6
|
|
64.6 %
|
|
|
0.9
|
|
59.3 %
|
|
Total
revenues
|
$
1,250.3
|
|
$ 805.5
|
|
$ 444.8
|
|
55.2 %
|
|
|
$
39.8
|
|
50.3 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
43.0
|
|
$
29.4
|
|
$
13.6
|
|
46.4 %
|
|
|
$
1.7
|
|
40.6 %
|
|
Used vehicle retail
sales
|
26.8
|
|
15.7
|
|
11.1
|
|
71.0 %
|
|
|
0.7
|
|
66.4 %
|
|
Used vehicle wholesale
sales
|
(0.9)
|
|
(1.9)
|
|
1.0
|
|
54.3 %
|
|
|
—
|
|
55.2 %
|
|
Total used
|
25.9
|
|
13.8
|
|
12.2
|
|
88.3 %
|
|
|
0.7
|
|
83.2 %
|
|
Parts and service
sales
|
76.2
|
|
42.5
|
|
33.7
|
|
79.3 %
|
|
|
2.2
|
|
74.0 %
|
|
F&I,
net
|
29.4
|
|
17.9
|
|
11.6
|
|
64.6 %
|
|
|
0.9
|
|
59.3 %
|
|
Total gross
profit
|
$ 174.5
|
|
$ 103.5
|
|
$
71.0
|
|
68.6 %
|
|
|
$
5.6
|
|
63.2 %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.8 %
|
|
8.5 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.4 %
|
|
4.7 %
|
|
0.7 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(2.2) %
|
|
(5.5) %
|
|
3.3 %
|
|
|
|
|
|
|
|
|
Total used
|
4.8 %
|
|
3.7 %
|
|
1.1 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.9 %
|
|
58.6 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
14.0 %
|
|
12.9 %
|
|
1.1 %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
14,075
|
|
8,271
|
|
5,804
|
|
70.2 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
17,132
|
|
11,123
|
|
6,009
|
|
54.0 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
4,643
|
|
3,360
|
|
1,283
|
|
38.2 %
|
|
|
|
|
|
|
Total used
|
21,775
|
|
14,483
|
|
7,292
|
|
50.3 %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
41,188
|
|
$
43,342
|
|
$
(2,154)
|
|
(5.0) %
|
|
|
$
1,485
|
|
(8.4) %
|
|
Used vehicle
retail
|
$
29,078
|
|
$
30,213
|
|
$
(1,135)
|
|
(3.8) %
|
|
|
$
829
|
|
(6.5) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,055
|
|
$ 3,551
|
|
$
(497)
|
|
(14.0) %
|
|
|
$
121
|
|
(17.4) %
|
|
Used vehicle retail
sales
|
$ 1,563
|
|
$ 1,408
|
|
$
155
|
|
11.0 %
|
|
|
$
42
|
|
8.0 %
|
|
Used vehicle wholesale
sales
|
$
(187)
|
|
$
(566)
|
|
$
379
|
|
66.9 %
|
|
|
$
(4)
|
|
67.6 %
|
|
Total used
|
$ 1,190
|
|
$
950
|
|
$
240
|
|
25.3 %
|
|
|
$
32
|
|
21.8 %
|
|
F&I PRU
|
$
944
|
|
$
922
|
|
$
21
|
|
2.3 %
|
|
|
$
30
|
|
(1.0) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 146.1
|
|
$
79.3
|
|
$
66.9
|
|
84.4 %
|
|
|
$
4.3
|
|
79.0 %
|
|
Adjusted SG&A
expenses (2)
|
$ 139.6
|
|
$
79.3
|
|
$
60.4
|
|
76.2 %
|
|
|
$
4.1
|
|
71.0 %
|
|
SG&A as % gross
profit
|
83.7 %
|
|
76.6 %
|
|
7.1 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
80.0 %
|
|
76.6 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive, Inc.
|
|
Reported Operating Data — U.K.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,288.2
|
|
$
1,019.1
|
|
$ 269.0
|
|
26.4 %
|
|
|
$
41.2
|
|
22.4 %
|
|
Used vehicle retail
sales
|
1,116.7
|
|
965.6
|
|
151.2
|
|
15.7 %
|
|
|
32.7
|
|
12.3 %
|
|
Used vehicle wholesale
sales
|
92.3
|
|
96.9
|
|
(4.6)
|
|
(4.8) %
|
|
|
2.6
|
|
(7.4) %
|
|
Total used
|
1,209.1
|
|
1,062.5
|
|
146.6
|
|
13.8 %
|
|
|
35.3
|
|
10.5 %
|
|
Parts and service
sales
|
289.8
|
|
217.9
|
|
71.9
|
|
33.0 %
|
|
|
8.7
|
|
29.0 %
|
|
F&I,
net
|
63.2
|
|
52.5
|
|
10.7
|
|
20.5 %
|
|
|
2.0
|
|
16.7 %
|
|
Total
revenues
|
$
2,850.2
|
|
$
2,352.0
|
|
$ 498.2
|
|
21.2 %
|
|
|
$
87.0
|
|
17.5 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
96.4
|
|
$
92.8
|
|
$
3.6
|
|
3.9 %
|
|
|
$
3.3
|
|
0.3 %
|
|
Used vehicle retail
sales
|
57.1
|
|
49.4
|
|
7.7
|
|
15.6 %
|
|
|
1.7
|
|
12.1 %
|
|
Used vehicle wholesale
sales
|
(5.6)
|
|
(2.5)
|
|
(3.1)
|
|
(124.2) %
|
|
|
—
|
|
(122.4) %
|
|
Total used
|
51.5
|
|
46.9
|
|
4.6
|
|
9.8 %
|
|
|
1.7
|
|
6.2 %
|
|
Parts and service
sales
|
165.7
|
|
127.5
|
|
38.2
|
|
30.0 %
|
|
|
5.0
|
|
26.0 %
|
|
F&I,
net
|
63.2
|
|
52.5
|
|
10.7
|
|
20.5 %
|
|
|
2.0
|
|
16.7 %
|
|
Total gross
profit
|
$ 376.8
|
|
$ 319.7
|
|
$
57.2
|
|
17.9 %
|
|
|
$
12.0
|
|
14.1 %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.5 %
|
|
9.1 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.1 %
|
|
5.1 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(6.0) %
|
|
(2.6) %
|
|
(3.5) %
|
|
|
|
|
|
|
|
|
Total used
|
4.3 %
|
|
4.4 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.2 %
|
|
58.5 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
13.2 %
|
|
13.6 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
31,424
|
|
25,082
|
|
6,342
|
|
25.3 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
39,079
|
|
32,578
|
|
6,501
|
|
20.0 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
10,238
|
|
9,311
|
|
927
|
|
10.0 %
|
|
|
|
|
|
|
Total used
|
49,317
|
|
41,889
|
|
7,428
|
|
17.7 %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
43,001
|
|
$
42,149
|
|
$
852
|
|
2.0 %
|
|
|
$
1,375
|
|
(1.2) %
|
|
Used vehicle
retail
|
$
28,577
|
|
$
29,639
|
|
$
(1,062)
|
|
(3.6) %
|
|
|
$
837
|
|
(6.4) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,067
|
|
$ 3,699
|
|
$
(632)
|
|
(17.1) %
|
|
|
$
106
|
|
(19.9) %
|
|
Used vehicle retail
sales
|
$ 1,461
|
|
$ 1,516
|
|
$
(55)
|
|
(3.7) %
|
|
|
$
44
|
|
(6.6) %
|
|
Used vehicle wholesale
sales
|
$
(545)
|
|
$
(267)
|
|
$
(278)
|
|
(103.9) %
|
|
|
$
(4)
|
|
(102.2) %
|
|
Total used
|
$ 1,044
|
|
$ 1,120
|
|
$
(75)
|
|
(6.7) %
|
|
|
$
34
|
|
(9.8) %
|
|
F&I PRU
|
$
897
|
|
$
910
|
|
$
(13)
|
|
(1.5) %
|
|
|
$
28
|
|
(4.6) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 307.0
|
|
$ 229.6
|
|
$
77.4
|
|
33.7 %
|
|
|
$
9.3
|
|
29.7 %
|
|
Adjusted SG&A
expenses (2)
|
$ 298.0
|
|
$ 230.5
|
|
$
67.5
|
|
29.3 %
|
|
|
$
9.0
|
|
25.4 %
|
|
SG&A as % gross
profit
|
81.5 %
|
|
71.8 %
|
|
9.6 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
79.1 %
|
|
72.1 %
|
|
7.0 %
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
|
Group 1 Automotive, Inc.
|
|
Same Store Operating Data —
Consolidated
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,209.3
|
|
$
2,208.6
|
|
$
0.7
|
|
— %
|
|
|
$
12.0
|
|
(0.5) %
|
|
Used vehicle retail
sales
|
1,411.1
|
|
1,514.0
|
|
(102.8)
|
|
(6.8) %
|
|
|
8.3
|
|
(7.3) %
|
|
Used vehicle wholesale
sales
|
100.6
|
|
110.5
|
|
(9.9)
|
|
(8.9) %
|
|
|
0.7
|
|
(9.5) %
|
|
Total used
|
1,511.8
|
|
1,624.5
|
|
(112.7)
|
|
(6.9) %
|
|
|
9.0
|
|
(7.5) %
|
|
Parts and service
sales
|
578.8
|
|
549.7
|
|
29.1
|
|
5.3 %
|
|
|
2.1
|
|
4.9 %
|
|
F&I,
net
|
192.6
|
|
193.8
|
|
(1.1)
|
|
(0.6) %
|
|
|
0.5
|
|
(0.9) %
|
|
Total
revenues
|
$
4,492.5
|
|
$
4,576.5
|
|
$ (84.0)
|
|
(1.8) %
|
|
|
$
23.5
|
|
(2.4) %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 153.2
|
|
$ 189.4
|
|
$ (36.2)
|
|
(19.1) %
|
|
|
$
0.9
|
|
(19.6) %
|
|
Used vehicle retail
sales
|
72.9
|
|
79.6
|
|
(6.7)
|
|
(8.4) %
|
|
|
0.4
|
|
(8.9) %
|
|
Used vehicle wholesale
sales
|
—
|
|
(2.2)
|
|
2.3
|
|
102.0 %
|
|
|
—
|
|
103.2 %
|
|
Total used
|
72.9
|
|
77.3
|
|
(4.4)
|
|
(5.7) %
|
|
|
0.3
|
|
(6.1) %
|
|
Parts and service
sales
|
318.8
|
|
303.9
|
|
14.9
|
|
4.9 %
|
|
|
1.3
|
|
4.5 %
|
|
F&I,
net
|
192.6
|
|
193.8
|
|
(1.1)
|
|
(0.6) %
|
|
|
0.5
|
|
(0.9) %
|
|
Total gross
profit
|
$ 737.5
|
|
$ 764.4
|
|
$ (26.8)
|
|
(3.5) %
|
|
|
$
3.1
|
|
(3.9) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.9 %
|
|
8.6 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.2 %
|
|
5.3 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
— %
|
|
(2.0) %
|
|
2.1 %
|
|
|
|
|
|
|
|
|
Total used
|
4.8 %
|
|
4.8 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.1 %
|
|
55.3 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.4 %
|
|
16.7 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
44,411
|
|
44,185
|
|
226
|
|
0.5 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
47,635
|
|
49,252
|
|
(1,617)
|
|
(3.3) %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,682
|
|
11,349
|
|
333
|
|
2.9 %
|
|
|
|
|
|
|
Total used
|
59,317
|
|
60,601
|
|
(1,284)
|
|
(2.1) %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
50,295
|
|
$
50,360
|
|
$
(66)
|
|
(0.1) %
|
|
|
$
272
|
|
(0.7) %
|
|
Used vehicle
retail
|
$
29,624
|
|
$
30,739
|
|
$
(1,115)
|
|
(3.6) %
|
|
|
$
174
|
|
(4.2) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,449
|
|
$ 4,287
|
|
$
(837)
|
|
(19.5) %
|
|
|
$
21
|
|
(20.0) %
|
|
Used vehicle retail
sales
|
$ 1,530
|
|
$ 1,615
|
|
$
(85)
|
|
(5.3) %
|
|
|
$
8
|
|
(5.8) %
|
|
Used vehicle wholesale
sales
|
$
4
|
|
$
(196)
|
|
$
200
|
|
101.9 %
|
|
|
$
(2)
|
|
103.1 %
|
|
Total used
|
$ 1,229
|
|
$ 1,276
|
|
$
(47)
|
|
(3.7) %
|
|
|
$
6
|
|
(4.1) %
|
|
F&I PRU
|
$ 2,093
|
|
$ 2,074
|
|
$
19
|
|
0.9 %
|
|
|
$
6
|
|
0.6 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 504.3
|
|
$ 487.8
|
|
$
16.5
|
|
3.4 %
|
|
|
$
2.4
|
|
2.9 %
|
|
Adjusted SG&A
expenses (2)
|
$ 488.1
|
|
$ 481.9
|
|
$
6.2
|
|
1.3 %
|
|
|
$
2.2
|
|
0.8 %
|
|
SG&A as % gross
profit
|
68.4 %
|
|
63.8 %
|
|
4.6 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.2 %
|
|
63.0 %
|
|
3.1 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.6 %
|
|
5.5 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
5.0 %
|
|
5.7 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
(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
|
|
Group 1 Automotive, Inc.
|
|
Same Store Operating Data —
Consolidated
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
6,344.2
|
|
$
6,251.4
|
|
$
92.8
|
|
1.5 %
|
|
|
$
30.6
|
|
1.0 %
|
|
Used vehicle retail
sales
|
4,112.2
|
|
4,200.1
|
|
(87.9)
|
|
(2.1) %
|
|
|
23.7
|
|
(2.7) %
|
|
Used vehicle wholesale
sales
|
297.5
|
|
323.3
|
|
(25.8)
|
|
(8.0) %
|
|
|
1.9
|
|
(8.6) %
|
|
Total used
|
4,409.6
|
|
4,523.4
|
|
(113.7)
|
|
(2.5) %
|
|
|
25.5
|
|
(3.1) %
|
|
Parts and service
sales
|
1,665.8
|
|
1,613.5
|
|
52.4
|
|
3.2 %
|
|
|
6.1
|
|
2.9 %
|
|
F&I,
net
|
551.3
|
|
534.6
|
|
16.7
|
|
3.1 %
|
|
|
1.4
|
|
2.9 %
|
|
Total
revenues
|
$ 12,971.0
|
|
$ 12,922.9
|
|
$
48.2
|
|
0.4 %
|
|
|
$
63.5
|
|
(0.1) %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 452.3
|
|
$ 564.9
|
|
$
(112.6)
|
|
(19.9) %
|
|
|
$
2.3
|
|
(20.3) %
|
|
Used vehicle retail
sales
|
225.6
|
|
229.2
|
|
(3.6)
|
|
(1.6) %
|
|
|
1.1
|
|
(2.1) %
|
|
Used vehicle wholesale
sales
|
(2.4)
|
|
0.7
|
|
(3.1)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
|
Total used
|
223.2
|
|
229.9
|
|
(6.7)
|
|
(2.9) %
|
|
|
1.1
|
|
(3.4) %
|
|
Parts and service
sales
|
909.4
|
|
879.3
|
|
30.0
|
|
3.4 %
|
|
|
3.5
|
|
3.0 %
|
|
F&I,
net
|
551.3
|
|
534.6
|
|
16.7
|
|
3.1 %
|
|
|
1.4
|
|
2.9 %
|
|
Total gross
profit
|
$
2,136.2
|
|
$
2,208.7
|
|
$ (72.5)
|
|
(3.3) %
|
|
|
$
8.3
|
|
(3.7) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.1 %
|
|
9.0 %
|
|
(1.9) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
5.5 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.8) %
|
|
0.2 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Total used
|
5.1 %
|
|
5.1 %
|
|
— %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.6 %
|
|
54.5 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.5 %
|
|
17.1 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
128,043
|
|
125,426
|
|
2,617
|
|
2.1 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
140,568
|
|
137,539
|
|
3,029
|
|
2.2 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
33,668
|
|
31,281
|
|
2,387
|
|
7.6 %
|
|
|
|
|
|
|
Total used
|
174,236
|
|
168,820
|
|
5,416
|
|
3.2 %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
50,037
|
|
$
50,207
|
|
$
(170)
|
|
(0.3) %
|
|
|
$
241
|
|
(0.8) %
|
|
Used vehicle
retail
|
$
29,254
|
|
$
30,537
|
|
$
(1,283)
|
|
(4.2) %
|
|
|
$
169
|
|
(4.8) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,533
|
|
$ 4,504
|
|
$
(971)
|
|
(21.6) %
|
|
|
$
18
|
|
(22.0) %
|
|
Used vehicle retail
sales
|
$ 1,605
|
|
$ 1,667
|
|
$
(62)
|
|
(3.7) %
|
|
|
$
8
|
|
(4.2) %
|
|
Used vehicle wholesale
sales
|
$
(71)
|
|
$
21
|
|
$
(93)
|
|
NM
|
|
|
$
(2)
|
|
NM
|
|
Total used
|
$ 1,281
|
|
$ 1,362
|
|
$
(81)
|
|
(5.9) %
|
|
|
$
6
|
|
(6.4) %
|
|
F&I PRU
|
$ 2,052
|
|
$ 2,033
|
|
$
19
|
|
1.0 %
|
|
|
$
5
|
|
0.7 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,461.2
|
|
$
1,398.6
|
|
$
62.6
|
|
4.5 %
|
|
|
$
6.4
|
|
4.0 %
|
|
Adjusted SG&A
expenses (2)
|
$
1,427.5
|
|
$
1,392.4
|
|
$
35.1
|
|
2.5 %
|
|
|
$
6.0
|
|
2.1 %
|
|
SG&A as % gross
profit
|
68.4 %
|
|
63.3 %
|
|
5.1 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.8 %
|
|
63.0 %
|
|
3.8 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.6 %
|
|
5.7 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.8 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
(1) Retail new vehicle units
sold include new vehicle agency units. The agency units and related
revenues are excluded from the calculation of the average sales
price per unit sold for new vehicles due to their net presentation
within revenues. The agency units and related net revenues are
included in the calculation of gross profit per unit
sold.
|
|
(2) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
|
NM - not
meaningful
|
|
Group 1 Automotive, Inc.
|
|
Same Store Operating Data —
U.S.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 1,854.5
|
|
$ 1,864.2
|
|
$
(9.8)
|
|
(0.5) %
|
|
Used vehicle retail
sales
|
1,099.1
|
|
1,177.9
|
|
(78.8)
|
|
(6.7) %
|
|
Used vehicle wholesale
sales
|
76.0
|
|
75.9
|
|
0.1
|
|
0.1 %
|
|
Total used
|
1,175.1
|
|
1,253.8
|
|
(78.7)
|
|
(6.3) %
|
|
Parts and service
sales
|
498.9
|
|
479.9
|
|
19.0
|
|
4.0 %
|
|
F&I,
net
|
174.7
|
|
175.9
|
|
(1.2)
|
|
(0.7) %
|
|
Total
revenues
|
$ 3,703.2
|
|
$ 3,773.8
|
|
$
(70.6)
|
|
(1.9) %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
128.4
|
|
$
160.0
|
|
$
(31.6)
|
|
(19.8) %
|
|
Used vehicle retail
sales
|
58.3
|
|
63.9
|
|
(5.6)
|
|
(8.8) %
|
|
Used vehicle wholesale
sales
|
1.2
|
|
(0.3)
|
|
1.6
|
|
NM
|
|
Total used
|
59.5
|
|
63.6
|
|
(4.1)
|
|
(6.4) %
|
|
Parts and service
sales
|
272.8
|
|
262.7
|
|
10.2
|
|
3.9 %
|
|
F&I,
net
|
174.7
|
|
175.9
|
|
(1.2)
|
|
(0.7) %
|
|
Total gross
profit
|
$
635.5
|
|
$
662.1
|
|
$
(26.7)
|
|
(4.0) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.9 %
|
|
8.6 %
|
|
(1.7) %
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.4 %
|
|
(0.1) %
|
|
|
|
Used vehicle wholesale
sales
|
1.6 %
|
|
(0.4) %
|
|
2.0 %
|
|
|
|
Total used
|
5.1 %
|
|
5.1 %
|
|
— %
|
|
|
|
Parts and service
sales
|
54.7 %
|
|
54.7 %
|
|
— %
|
|
|
|
Total gross
margin
|
17.2 %
|
|
17.5 %
|
|
(0.4) %
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
36,031
|
|
35,914
|
|
117
|
|
0.3 %
|
|
Retail used vehicles
sold
|
36,597
|
|
38,129
|
|
(1,532)
|
|
(4.0) %
|
|
Wholesale used
vehicles sold
|
8,753
|
|
7,989
|
|
764
|
|
9.6 %
|
|
Total used
|
45,350
|
|
46,118
|
|
(768)
|
|
(1.7) %
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,468
|
|
$
51,908
|
|
$
(440)
|
|
(0.8) %
|
|
Used vehicle
retail
|
$
30,033
|
|
$
30,893
|
|
$
(860)
|
|
(2.8) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,563
|
|
$
4,456
|
|
$
(893)
|
|
(20.0) %
|
|
Used vehicle retail
sales
|
$
1,593
|
|
$
1,676
|
|
$
(83)
|
|
(5.0) %
|
|
Used vehicle wholesale
sales
|
$
141
|
|
$
(41)
|
|
$
181
|
|
NM
|
|
Total used
|
$
1,312
|
|
$
1,378
|
|
$
(66)
|
|
(4.8) %
|
|
F&I PRU
|
$
2,406
|
|
$
2,375
|
|
$
30
|
|
1.3 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
417.9
|
|
$
409.8
|
|
$
8.1
|
|
2.0 %
|
|
Adjusted SG&A
expenses (1)
|
$
408.1
|
|
$
403.9
|
|
$
4.2
|
|
1.0 %
|
|
SG&A as % gross
profit
|
65.8 %
|
|
61.9 %
|
|
3.9 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.2 %
|
|
61.0 %
|
|
3.2 %
|
|
|
|
(1) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive, Inc.
|
|
Same Store Operating Data —
U.S.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 5,252.0
|
|
$ 5,232.3
|
|
$
19.7
|
|
0.4 %
|
|
Used vehicle retail
sales
|
3,181.6
|
|
3,234.5
|
|
(52.9)
|
|
(1.6) %
|
|
Used vehicle wholesale
sales
|
220.8
|
|
226.3
|
|
(5.6)
|
|
(2.5) %
|
|
Total used
|
3,402.4
|
|
3,460.9
|
|
(58.5)
|
|
(1.7) %
|
|
Parts and service
sales
|
1,433.6
|
|
1,404.1
|
|
29.5
|
|
2.1 %
|
|
F&I,
net
|
499.6
|
|
482.1
|
|
17.5
|
|
3.6 %
|
|
Total
revenues
|
$
10,587.6
|
|
$
10,579.3
|
|
$
8.2
|
|
0.1 %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
374.1
|
|
$
472.1
|
|
$
(98.0)
|
|
(20.8) %
|
|
Used vehicle retail
sales
|
180.7
|
|
179.8
|
|
0.9
|
|
0.5 %
|
|
Used vehicle wholesale
sales
|
3.5
|
|
3.2
|
|
0.3
|
|
10.8 %
|
|
Total used
|
184.2
|
|
183.0
|
|
1.2
|
|
0.7 %
|
|
Parts and service
sales
|
776.5
|
|
755.7
|
|
20.8
|
|
2.8 %
|
|
F&I,
net
|
499.6
|
|
482.1
|
|
17.5
|
|
3.6 %
|
|
Total gross
profit
|
$ 1,834.5
|
|
$ 1,892.9
|
|
$
(58.4)
|
|
(3.1) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.1 %
|
|
9.0 %
|
|
(1.9) %
|
|
|
|
Used vehicle retail
sales
|
5.7 %
|
|
5.6 %
|
|
0.1 %
|
|
|
|
Used vehicle wholesale
sales
|
1.6 %
|
|
1.4 %
|
|
0.2 %
|
|
|
|
Total used
|
5.4 %
|
|
5.3 %
|
|
0.1 %
|
|
|
|
Parts and service
sales
|
54.2 %
|
|
53.8 %
|
|
0.3 %
|
|
|
|
Total gross
margin
|
17.3 %
|
|
17.9 %
|
|
(0.6) %
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
102,314
|
|
100,344
|
|
1,970
|
|
2.0 %
|
|
Retail used vehicles
sold
|
107,583
|
|
104,961
|
|
2,622
|
|
2.5 %
|
|
Wholesale used
vehicles sold
|
25,144
|
|
21,970
|
|
3,174
|
|
14.4 %
|
|
Total used
|
132,727
|
|
126,931
|
|
5,796
|
|
4.6 %
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,332
|
|
$
52,143
|
|
$
(811)
|
|
(1.6) %
|
|
Used vehicle
retail
|
$
29,573
|
|
$
30,816
|
|
$
(1,243)
|
|
(4.0) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,657
|
|
$
4,705
|
|
$
(1,048)
|
|
(22.3) %
|
|
Used vehicle retail
sales
|
$
1,680
|
|
$
1,713
|
|
$
(34)
|
|
(2.0) %
|
|
Used vehicle wholesale
sales
|
$
139
|
|
$
144
|
|
$
(5)
|
|
(3.2) %
|
|
Total used
|
$
1,388
|
|
$
1,442
|
|
$
(54)
|
|
(3.7) %
|
|
F&I PRU
|
$
2,380
|
|
$
2,348
|
|
$
32
|
|
1.4 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 1,216.7
|
|
$ 1,171.9
|
|
$
44.9
|
|
3.8 %
|
|
Adjusted SG&A
expenses (1)
|
$ 1,192.1
|
|
$ 1,165.7
|
|
$
26.4
|
|
2.3 %
|
|
SG&A as % gross
profit
|
66.3 %
|
|
61.9 %
|
|
4.4 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
65.0 %
|
|
61.6 %
|
|
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 September
30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 354.9
|
|
$ 344.4
|
|
$
10.5
|
|
3.0 %
|
|
|
$
12.0
|
|
(0.4) %
|
|
Used vehicle retail
sales
|
312.0
|
|
336.1
|
|
(24.0)
|
|
(7.2) %
|
|
|
8.3
|
|
(9.6) %
|
|
Used vehicle wholesale
sales
|
24.7
|
|
34.6
|
|
(10.0)
|
|
(28.8) %
|
|
|
0.7
|
|
(30.7) %
|
|
Total used
|
336.7
|
|
370.7
|
|
(34.0)
|
|
(9.2) %
|
|
|
9.0
|
|
(11.6) %
|
|
Parts and service
sales
|
79.9
|
|
69.8
|
|
10.1
|
|
14.4 %
|
|
|
2.1
|
|
11.4 %
|
|
F&I,
net
|
17.9
|
|
17.9
|
|
—
|
|
0.1 %
|
|
|
0.5
|
|
(2.9) %
|
|
Total
revenues
|
$ 789.3
|
|
$ 802.7
|
|
$ (13.4)
|
|
(1.7) %
|
|
|
$
23.5
|
|
(4.6) %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
24.8
|
|
$
29.4
|
|
$
(4.6)
|
|
(15.5) %
|
|
|
$
0.9
|
|
(18.8) %
|
|
Used vehicle retail
sales
|
14.6
|
|
15.7
|
|
(1.1)
|
|
(6.9) %
|
|
|
0.4
|
|
(9.2) %
|
|
Used vehicle wholesale
sales
|
(1.2)
|
|
(1.9)
|
|
0.7
|
|
37.7 %
|
|
|
—
|
|
39.0 %
|
|
Total used
|
13.4
|
|
13.8
|
|
(0.4)
|
|
(2.6) %
|
|
|
0.3
|
|
(5.1) %
|
|
Parts and service
sales
|
46.0
|
|
41.2
|
|
4.8
|
|
11.5 %
|
|
|
1.3
|
|
8.5 %
|
|
F&I,
net
|
17.9
|
|
17.9
|
|
—
|
|
0.1 %
|
|
|
0.5
|
|
(2.9) %
|
|
Total gross
profit
|
$ 102.1
|
|
$ 102.2
|
|
$
(0.2)
|
|
(0.2) %
|
|
|
$
3.1
|
|
(3.2) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.0 %
|
|
8.5 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.7 %
|
|
4.7 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(4.8) %
|
|
(5.5) %
|
|
0.7 %
|
|
|
|
|
|
|
|
|
Total used
|
4.0 %
|
|
3.7 %
|
|
0.3 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.6 %
|
|
59.1 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
12.9 %
|
|
12.7 %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
8,380
|
|
8,271
|
|
109
|
|
1.3 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
11,038
|
|
11,123
|
|
(85)
|
|
(0.8) %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,929
|
|
3,360
|
|
(431)
|
|
(12.8) %
|
|
|
|
|
|
|
Total used
|
13,967
|
|
14,483
|
|
(516)
|
|
(3.6) %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
44,920
|
|
$
43,342
|
|
$
1,578
|
|
3.6 %
|
|
|
$
1,517
|
|
0.1 %
|
|
Used vehicle
retail
|
$
28,267
|
|
$
30,213
|
|
$
(1,946)
|
|
(6.4) %
|
|
|
$
753
|
|
(8.9) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 2,960
|
|
$ 3,551
|
|
$
(591)
|
|
(16.6) %
|
|
|
$
113
|
|
(19.8) %
|
|
Used vehicle retail
sales
|
$ 1,322
|
|
$ 1,408
|
|
$
(87)
|
|
(6.1) %
|
|
|
$
34
|
|
(8.5) %
|
|
Used vehicle wholesale
sales
|
$
(405)
|
|
$
(566)
|
|
$
161
|
|
28.5 %
|
|
|
$
(9)
|
|
30.1 %
|
|
Total used
|
$
960
|
|
$
950
|
|
$
9
|
|
1.0 %
|
|
|
$
25
|
|
(1.6) %
|
|
F&I PRU
|
$
922
|
|
$
922
|
|
$
(1)
|
|
(0.1) %
|
|
|
$
28
|
|
(3.1) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
86.4
|
|
$
78.0
|
|
$
8.4
|
|
10.8 %
|
|
|
$
2.4
|
|
7.8 %
|
|
Adjusted SG&A
expenses (2)
|
$
79.9
|
|
$
78.0
|
|
$
2.0
|
|
2.5 %
|
|
|
$
2.2
|
|
(0.3) %
|
|
SG&A as % gross
profit
|
84.7 %
|
|
76.3 %
|
|
8.4 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
78.3 %
|
|
76.3 %
|
|
2.0 %
|
|
|
|
|
|
|
|
|
(1) Retail
new vehicle units sold include new vehicle agency units. The agency
units and related revenues are excluded from the calculation of the
average sales price per unit sold for new vehicles due to their net
presentation within revenues. The agency units and related net
revenues are included in the calculation of gross profit per unit
sold.
|
|
(2) See the
section in this release titled "Reconciliation of Certain Non-GAAP
Financial Measures" for the GAAP to non-GAAP reconciliation of
these figures.
|
|
Group 1 Automotive, Inc.
|
|
Same Store Operating Data —
U.K.
|
|
(Unaudited)
|
|
(In millions, except unit data)
|
|
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
% Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,092.3
|
|
$
1,019.1
|
|
$
73.1
|
|
7.2 %
|
|
|
$
30.6
|
|
4.2 %
|
|
Used vehicle retail
sales
|
930.6
|
|
965.6
|
|
(35.0)
|
|
(3.6) %
|
|
|
23.7
|
|
(6.1) %
|
|
Used vehicle wholesale
sales
|
76.7
|
|
96.9
|
|
(20.3)
|
|
(20.9) %
|
|
|
1.9
|
|
(22.8) %
|
|
Total used
|
1,007.3
|
|
1,062.5
|
|
(55.2)
|
|
(5.2) %
|
|
|
25.5
|
|
(7.6) %
|
|
Parts and service
sales
|
232.2
|
|
209.4
|
|
22.8
|
|
10.9 %
|
|
|
6.1
|
|
8.0 %
|
|
F&I,
net
|
51.7
|
|
52.5
|
|
(0.8)
|
|
(1.5) %
|
|
|
1.4
|
|
(4.2) %
|
|
Total
revenues
|
$
2,383.4
|
|
$
2,343.5
|
|
$
39.9
|
|
1.7 %
|
|
|
$
63.5
|
|
(1.0) %
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
78.2
|
|
$
92.8
|
|
$ (14.6)
|
|
(15.7) %
|
|
|
$
2.3
|
|
(18.2) %
|
|
Used vehicle retail
sales
|
44.9
|
|
49.4
|
|
(4.5)
|
|
(9.1) %
|
|
|
1.1
|
|
(11.4) %
|
|
Used vehicle wholesale
sales
|
(5.9)
|
|
(2.5)
|
|
(3.4)
|
|
(136.9) %
|
|
|
(0.1)
|
|
(134.7) %
|
|
Total used
|
39.0
|
|
46.9
|
|
(7.9)
|
|
(16.8) %
|
|
|
1.1
|
|
(19.2) %
|
|
Parts and service
sales
|
132.8
|
|
123.6
|
|
9.2
|
|
7.4 %
|
|
|
3.5
|
|
4.6 %
|
|
F&I,
net
|
51.7
|
|
52.5
|
|
(0.8)
|
|
(1.5) %
|
|
|
1.4
|
|
(4.2) %
|
|
Total gross
profit
|
$ 301.7
|
|
$ 315.8
|
|
$ (14.1)
|
|
(4.5) %
|
|
|
$
8.3
|
|
(7.1) %
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.1 %
|
|
(1.9) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
5.1 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(7.7) %
|
|
(2.6) %
|
|
(5.1) %
|
|
|
|
|
|
|
|
|
Total used
|
3.9 %
|
|
4.4 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.2 %
|
|
59.0 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
12.7 %
|
|
13.5 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Units sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
25,729
|
|
25,082
|
|
647
|
|
2.6 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
32,985
|
|
32,578
|
|
407
|
|
1.2 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
8,524
|
|
9,311
|
|
(787)
|
|
(8.5) %
|
|
|
|
|
|
|
Total used
|
41,509
|
|
41,889
|
|
(380)
|
|
(0.9) %
|
|
|
|
|
|
|
Average sales price per unit
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$
44,608
|
|
$
42,149
|
|
$
2,458
|
|
5.8 %
|
|
|
$
1,251
|
|
2.9 %
|
|
Used vehicle
retail
|
$
28,213
|
|
$
29,639
|
|
$
(1,426)
|
|
(4.8) %
|
|
|
$
718
|
|
(7.2) %
|
|
Gross profit per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$ 3,039
|
|
$ 3,699
|
|
$
(660)
|
|
(17.8) %
|
|
|
$
91
|
|
(20.3) %
|
|
Used vehicle retail
sales
|
$ 1,361
|
|
$ 1,516
|
|
$
(155)
|
|
(10.2) %
|
|
|
$
35
|
|
(12.5) %
|
|
Used vehicle wholesale
sales
|
$
(692)
|
|
$
(267)
|
|
$
(424)
|
|
NM
|
|
|
$
(6)
|
|
NM
|
|
Total used
|
$
940
|
|
$ 1,120
|
|
$
(180)
|
|
(16.1) %
|
|
|
$
26
|
|
(18.4) %
|
|
F&I PRU
|
$
880
|
|
$
910
|
|
$
(30)
|
|
(3.3) %
|
|
|
$
24
|
|
(5.9) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$ 244.4
|
|
$ 226.7
|
|
$
17.7
|
|
7.8 %
|
|
|
$
6.4
|
|
5.0 %
|
|
Adjusted SG&A
expenses (2)
|
$ 235.4
|
|
$ 226.7
|
|
$
8.7
|
|
3.9 %
|
|
|
$
6.0
|
|
1.2 %
|
|
SG&A as % gross
profit
|
81.0 %
|
|
71.8 %
|
|
9.2 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
78.0 %
|
|
71.8 %
|
|
6.2 %
|
|
|
|
|
|
|
|
|
(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 September 30,
2024
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$ 591.6
|
|
$
(0.7)
|
|
$
0.6
|
|
$
(0.4)
|
|
$
(14.8)
|
|
$
(0.3)
|
|
$
—
|
|
$ 575.9
|
|
Depreciation and
amortization expense
|
|
$ 29.5
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.3)
|
|
$ 28.2
|
|
Income (loss) from
operations
|
|
$ 231.6
|
|
$
0.7
|
|
$
(0.6)
|
|
$
0.4
|
|
$
14.8
|
|
$
0.3
|
|
$
1.3
|
|
$ 248.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$ 159.6
|
|
$
0.7
|
|
$
(0.6)
|
|
$
0.4
|
|
$
14.8
|
|
$
0.3
|
|
$
1.3
|
|
$ 176.6
|
|
Less: Provision
(benefit) for income taxes
|
|
42.5
|
|
0.2
|
|
(0.8)
|
|
0.1
|
|
0.7
|
|
0.1
|
|
0.3
|
|
43.1
|
|
Net income from
continuing operations
|
|
117.1
|
|
0.6
|
|
0.2
|
|
0.3
|
|
14.2
|
|
0.2
|
|
1.0
|
|
133.5
|
|
Less: Earnings
allocated to participating securities
|
|
2.4
|
|
—
|
|
—
|
|
—
|
|
0.3
|
|
—
|
|
—
|
|
2.7
|
|
Net income from
continuing operations available to diluted common shares
|
|
$ 114.7
|
|
$
0.5
|
|
$
0.2
|
|
$
0.3
|
|
$
13.9
|
|
$
0.2
|
|
$
1.0
|
|
$ 130.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from continuing operations
|
|
$ 8.68
|
|
$
0.04
|
|
$
0.01
|
|
$
0.02
|
|
$
1.05
|
|
$
0.02
|
|
$
0.07
|
|
$ 9.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
26.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
69.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.5 %
|
|
Operating margin
(2)
|
|
4.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 %
|
|
Pretax margin
(3)
|
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 504.3
|
|
$
(0.7)
|
|
$
—
|
|
$
(0.4)
|
|
$
(14.8)
|
|
$
(0.3)
|
|
$
—
|
|
$ 488.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
68.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$ 208.1
|
|
$
0.7
|
|
$
—
|
|
$
0.4
|
|
$
14.8
|
|
$
0.3
|
|
$
1.3
|
|
$ 225.7
|
|
Same Store operating
margin (2)
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.0 %
|
|
|
U.S. GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
|
|
|
|
|
|
|
Net income
|
|
$
117.3
|
|
$
16.4
|
|
$
133.7
|
|
Less: Earnings
allocated to participating securities
|
|
2.4
|
|
0.3
|
|
2.7
|
|
Net income available to
diluted common shares
|
|
$
114.9
|
|
$
16.1
|
|
$
131.0
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.01
|
|
$
—
|
|
$
0.01
|
|
Diluted earnings per
common share from continuing operations
|
|
8.68
|
|
1.22
|
|
9.90
|
|
Diluted earnings per
common share
|
|
$
8.69
|
|
$
1.22
|
|
$
9.91
|
|
(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
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 September 30,
2023
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership and
real estate
transactions
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
496.7
|
|
$
(1.5)
|
|
$
7.9
|
|
$
(4.4)
|
|
$
—
|
|
$
498.8
|
|
Depreciation and
amortization expense
|
|
$
23.1
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.3)
|
|
$
22.8
|
|
Asset
impairments
|
|
$
4.8
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(4.8)
|
|
$
—
|
|
Income (loss) from
operations
|
|
$
261.6
|
|
$
1.5
|
|
$
(7.9)
|
|
$
4.4
|
|
$
5.2
|
|
$
264.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
220.5
|
|
$
1.5
|
|
$
(7.9)
|
|
$
4.4
|
|
$
5.2
|
|
$
223.6
|
|
Less: Provision
(benefit) for income taxes
|
|
56.4
|
|
0.4
|
|
(5.4)
|
|
1.1
|
|
1.3
|
|
53.8
|
|
Net income (loss) from
continuing operations
|
|
164.1
|
|
1.1
|
|
(2.6)
|
|
3.3
|
|
3.9
|
|
169.8
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
4.0
|
|
—
|
|
(0.1)
|
|
0.1
|
|
0.1
|
|
4.2
|
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$
160.1
|
|
$
1.1
|
|
$
(2.5)
|
|
$
3.2
|
|
$
3.8
|
|
$
165.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
11.67
|
|
$
0.08
|
|
$
(0.18)
|
|
$
0.23
|
|
$
0.28
|
|
$
12.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
25.6 %
|
|
|
|
|
|
|
|
|
|
24.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
63.2 %
|
|
|
|
|
|
|
|
|
|
63.4 %
|
|
Operating margin
(2)
|
|
5.6 %
|
|
|
|
|
|
|
|
|
|
5.6 %
|
|
Pretax margin
(3)
|
|
4.7 %
|
|
|
|
|
|
|
|
|
|
4.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
487.8
|
|
$
(1.5)
|
|
$
—
|
|
$
(4.4)
|
|
$
—
|
|
$
481.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
63.8 %
|
|
|
|
|
|
|
|
|
|
63.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
249.6
|
|
$
1.5
|
|
$
—
|
|
$
4.4
|
|
$
5.2
|
|
$
260.7
|
|
Same Store operating
margin (2)
|
|
5.5 %
|
|
|
|
|
|
|
|
|
|
5.7 %
|
|
|
U.S. GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net loss from
discontinued operations
|
|
$
(0.2)
|
|
$
—
|
|
$
(0.2)
|
|
Less: Loss allocated to
participating securities
|
|
—
|
|
—
|
|
—
|
|
Net loss from
discontinued operations available to diluted common
shares
|
|
$
(0.2)
|
|
$
—
|
|
$
(0.2)
|
|
|
|
|
|
|
|
|
Net income
|
|
$
163.9
|
|
$
5.7
|
|
$
169.6
|
|
Less: Earnings
allocated to participating securities
|
|
4.0
|
|
0.1
|
|
4.2
|
|
Net income available to
diluted common shares
|
|
$
159.9
|
|
$
5.5
|
|
$
165.4
|
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
(0.02)
|
|
$
—
|
|
$
(0.02)
|
|
Diluted earnings per
common share from continuing operations
|
|
11.67
|
|
0.40
|
|
12.07
|
|
Diluted earnings per
common share
|
|
$
11.65
|
|
$
0.40
|
|
$
12.06
|
|
(1) Adjusted
SG&A as % of gross profit excludes the impact of SG&A
reconciling items above.
|
|
(2) Adjusted
operating margin excludes the impact of SG&A reconciling items,
accelerated depreciation expense and asset impairment
charges.
|
|
(3) Adjusted
pretax margin excludes the impact of SG&A reconciling items,
accelerated depreciation expense and asset impairment
charges.
|
|
Group 1 Automotive, Inc.
|
|
Reconciliation of Certain Non-GAAP Financial Measures
— Consolidated
|
|
(Unaudited)
|
|
(In millions, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2024
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,564.9
|
|
$
(9.8)
|
|
$
52.9
|
|
$
(1.0)
|
|
$
(19.3)
|
|
$
(3.5)
|
|
$
—
|
|
$
1,584.2
|
|
Depreciation and
amortization expense
|
|
$
81.6
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(5.5)
|
|
$
76.1
|
|
Income (loss) from
operations
|
|
$
715.4
|
|
$
9.8
|
|
$
(52.9)
|
|
$
1.0
|
|
$
19.3
|
|
$
3.5
|
|
$
5.5
|
|
$
701.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
535.8
|
|
$
9.8
|
|
$
(52.9)
|
|
$
1.0
|
|
$
19.3
|
|
$
3.5
|
|
$
5.5
|
|
$
522.0
|
|
Less: Provision
(benefit) for income taxes
|
|
133.5
|
|
2.4
|
|
(14.2)
|
|
0.2
|
|
1.3
|
|
0.9
|
|
1.3
|
|
125.3
|
|
Net income (loss) from
continuing operations
|
|
402.4
|
|
7.5
|
|
(38.7)
|
|
0.7
|
|
18.0
|
|
2.7
|
|
4.2
|
|
396.7
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
8.6
|
|
0.2
|
|
(0.8)
|
|
—
|
|
0.4
|
|
0.1
|
|
0.1
|
|
8.5
|
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$
393.8
|
|
$
7.3
|
|
$
(37.9)
|
|
$
0.7
|
|
$
17.6
|
|
$
2.6
|
|
$
4.1
|
|
$
388.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
29.61
|
|
$
0.55
|
|
$
(2.85)
|
|
$
0.05
|
|
$
1.33
|
|
$
0.20
|
|
$
0.31
|
|
$
29.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
66.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.1 %
|
|
Operating margin
(2)
|
|
5.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
Pretax margin
(3)
|
|
3.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,461.2
|
|
$
(9.8)
|
|
$
—
|
|
$
(1.0)
|
|
$
(19.3)
|
|
$
(3.5)
|
|
$
—
|
|
$ 1,427.5
|
|
Same Store SG&A as
% gross profit (1)
|
|
68.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
601.0
|
|
$
9.8
|
|
$
—
|
|
$
1.0
|
|
$
19.3
|
|
$
3.5
|
|
$
5.5
|
|
$
640.1
|
|
Same Store operating
margin (2)
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S. GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
1.0
|
|
$
—
|
|
$
1.0
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.9
|
|
$
—
|
|
$
0.9
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
403.3
|
|
$
(5.7)
|
|
$
397.7
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
8.6
|
|
(0.1)
|
|
8.5
|
|
Net income (loss)
available to diluted common shares
|
|
$
394.7
|
|
$
(5.5)
|
|
$
389.2
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.07
|
|
$
—
|
|
$
0.07
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
29.61
|
|
(0.42)
|
|
29.19
|
|
Diluted earnings (loss)
per common share
|
|
$
29.68
|
|
$
(0.42)
|
|
$
29.26
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2023
|
|
|
U.S. GAAP
|
|
Non-cash
gain on
interest rate
swaps
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,439.4
|
|
$
—
|
|
$
(1.5)
|
|
$
19.4
|
|
$
(0.3)
|
|
$
(4.4)
|
|
$
—
|
|
$
1,452.7
|
|
Depreciation and
amortization expense
|
|
$ 68.6
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.9)
|
|
$ 67.8
|
|
Asset
impairments
|
|
$
7.7
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(7.7)
|
|
$
—
|
|
Income (loss) from
operations
|
|
$ 773.9
|
|
$
—
|
|
$
1.5
|
|
$
(19.4)
|
|
$
0.3
|
|
$
4.4
|
|
$
8.6
|
|
$ 769.2
|
|
Other interest expense,
net
|
|
$ 72.1
|
|
$
4.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ 76.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$ 654.8
|
|
$
(4.0)
|
|
$
1.5
|
|
$
(19.4)
|
|
$
0.3
|
|
$
4.4
|
|
$
8.6
|
|
$ 646.1
|
|
Less: Provision
(benefit) for income taxes
|
|
161.6
|
|
(0.9)
|
|
0.4
|
|
(10.3)
|
|
0.1
|
|
1.1
|
|
2.1
|
|
154.0
|
|
Net income (loss) from
continuing operations
|
|
493.2
|
|
(3.1)
|
|
1.1
|
|
(9.1)
|
|
0.2
|
|
3.3
|
|
6.5
|
|
492.1
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
12.2
|
|
(0.1)
|
|
—
|
|
(0.2)
|
|
—
|
|
0.1
|
|
0.2
|
|
12.2
|
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$ 480.9
|
|
$
(3.0)
|
|
$
1.1
|
|
$
(8.9)
|
|
$
0.2
|
|
$
3.2
|
|
$
6.3
|
|
$ 479.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$ 34.81
|
|
$
(0.22)
|
|
$
0.08
|
|
$
(0.64)
|
|
$
0.01
|
|
$
0.23
|
|
$
0.46
|
|
$ 34.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
62.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63.4 %
|
|
Operating margin
(2)
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.7 %
|
|
Pretax margin
(3)
|
|
4.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,398.6
|
|
$
—
|
|
$
(1.5)
|
|
$
—
|
|
$
(0.3)
|
|
$
(4.4)
|
|
$
—
|
|
$
1,392.4
|
|
Same Store SG&A as
% gross profit (1)
|
|
63.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$ 737.6
|
|
$
—
|
|
$
1.5
|
|
$
—
|
|
$
0.3
|
|
$
4.4
|
|
$
8.6
|
|
$ 752.3
|
|
Same Store operating
margin (2)
|
|
5.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 %
|
|
|
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)
|
|
$
492.9
|
|
$
(1.1)
|
|
$
491.7
|
|
Less: Earnings
allocated to participating securities
|
|
12.2
|
|
—
|
|
12.2
|
|
Net income (loss)
available to diluted common shares
|
|
$
480.6
|
|
$
(1.1)
|
|
$
479.5
|
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
(0.02)
|
|
$
—
|
|
$
(0.02)
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
34.81
|
|
(0.08)
|
|
34.73
|
|
Diluted earnings (loss)
per common share
|
|
$
34.79
|
|
$
(0.08)
|
|
$
34.71
|
|
(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 September 30,
2024
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$ 445.4
|
|
$
(0.7)
|
|
$
0.6
|
|
$
(8.7)
|
|
$
(0.3)
|
|
$ 436.2
|
|
SG&A as % gross
profit (1)
|
|
65.7 %
|
|
|
|
|
|
|
|
|
|
64.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 417.9
|
|
$
(0.7)
|
|
$
—
|
|
$
(8.7)
|
|
$
(0.3)
|
|
$ 408.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
65.8 %
|
|
|
|
|
|
|
|
|
|
64.2 %
|
|
|
Three Months Ended September 30,
2023
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
417.4
|
|
$
(1.5)
|
|
$
7.9
|
|
$
(4.4)
|
|
$
419.5
|
|
SG&A as % gross
profit (1)
|
|
61.1 %
|
|
|
|
|
|
|
|
61.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
409.8
|
|
$
(1.5)
|
|
$
—
|
|
$
(4.4)
|
|
$
403.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
61.9 %
|
|
|
|
|
|
|
|
61.0 %
|
|
|
Nine Months Ended September 30,
2024
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,257.9
|
|
$
(9.8)
|
|
$
52.9
|
|
$
(11.3)
|
|
$
(3.5)
|
|
$
1,286.2
|
|
SG&A as % gross
profit (1)
|
|
63.4 %
|
|
|
|
|
|
|
|
|
|
64.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,216.7
|
|
$
(9.8)
|
|
$
—
|
|
$
(11.3)
|
|
$
(3.5)
|
|
$
1,192.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
66.3 %
|
|
|
|
|
|
|
|
|
|
65.0 %
|
|
|
Nine Months Ended September 30,
2023
|
|
|
U.S. GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,209.8
|
|
$
(1.5)
|
|
$
18.4
|
|
$
(0.3)
|
|
$
(4.4)
|
|
$
1,222.1
|
|
SG&A as % gross
profit (1)
|
|
61.4 %
|
|
|
|
|
|
|
|
|
|
62.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,171.9
|
|
$
(1.5)
|
|
$
—
|
|
$
(0.3)
|
|
$
(4.4)
|
|
$
1,165.7
|
|
Same Store SG&A as
% gross profit (1)
|
|
61.9 %
|
|
|
|
|
|
|
|
|
|
61.6 %
|
|
(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,
2024
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Acquisition costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
146.1
|
|
$
(0.4)
|
|
$
(6.1)
|
|
$
139.6
|
|
SG&A as % gross
profit (1)
|
|
83.7 %
|
|
|
|
|
|
80.0 %
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
86.4
|
|
$
(0.4)
|
|
$
(6.1)
|
|
$
79.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
84.7 %
|
|
|
|
|
|
78.3 %
|
|
|
Nine Months Ended September 30,
2024
|
|
|
U.S. GAAP
|
|
Severance costs
|
|
Acquisition costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
307.0
|
|
$
(1.0)
|
|
$
(8.0)
|
|
$
298.0
|
|
SG&A as % gross
profit (1)
|
|
81.5 %
|
|
|
|
|
|
79.1 %
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
244.4
|
|
$
(1.0)
|
|
$
(8.0)
|
|
$
235.4
|
|
Same Store SG&A as
% gross profit (1)
|
|
81.0 %
|
|
|
|
|
|
78.0 %
|
|
|
Nine Months Ended September 30,
2023
|
|
|
U.S. GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
229.6
|
|
$
0.9
|
|
$
230.5
|
|
SG&A as % gross
profit (1)
|
|
71.8 %
|
|
|
|
72.1 %
|
|
(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-third-quarter-2024-financial-results-302290898.html
SOURCE Group 1 Automotive, Inc.