24/07/2024 | Press release | Distributed by Public on 24/07/2024 11:13
Second Quarter 2024
Key Performance Metrics
(year-over-year comparable period basis)
|
Consolidated |
Same Store
(a non-GAAP measure)
|
||
Reported: |
2Q24
|
Change
|
2Q24
|
Change
|
Total revenues |
$4.7B
|
+3.0%
|
$4.3B
|
(1.1)%
|
Total gross profit ("GP") |
$766.5M
|
(1.2)%
|
$703.1M
|
(5.2)%
|
NV units sold |
47,661
|
+6.5%
|
42,734
|
(0.2)%
|
NV GP per retail unit ("PRU") |
$3,568
|
(20.8)%
|
$3,570
|
(21.1)%
|
Used vehicle ("UV") retail units sold |
49,260
|
+5.3%
|
46,170
|
+3.6%
|
UV retail GP PRU |
$1,638
|
(2.8)%
|
$1,630
|
(3.2)%
|
Parts & service ("P&S") GP |
$316.8M
|
+4.2%
|
$293.2M
|
+1.0%
|
P&S Gross Margin ("GM") |
55.1%
|
+1.0%
|
54.5%
|
+0.6%
|
Finance and Insurance ("F&I") revenues |
$200.1M
|
+5.2%
|
$183.5M
|
+1.1%
|
F&I GP PRU |
$2,065
|
(0.7)%
|
$2,063
|
(0.7)%
|
Selling, General and Administrative ("SG&A") expenses as a % of GP |
64.9%
|
+299 bps
|
68.2%
|
+555 bps
|
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP |
66.3%
|
+307 bps
|
66.7%
|
+393 bps
|
Group 1 Automotive, Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
(In millions, except per share data) | ||||||||
Three Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
REVENUES: | ||||||||
New vehicle retail sales | $ | 2,364.2 | $ | 2,243.2 | $ | 121.0 | 5.4 | % |
Used vehicle retail sales | 1,453.2 | 1,450.6 | 2.6 | 0.2 | % | |||
Used vehicle wholesale sales | 104.3 | 112.5 | (8.2) | (7.3) | % | |||
Parts and service sales | 574.5 | 562.0 | 12.6 | 2.2 | % | |||
Finance, insurance and other, net | 200.1 | 190.3 | 9.8 | 5.2 | % | |||
Total revenues | 4,696.4 | 4,558.5 | 137.9 | 3.0 | % | |||
COST OF SALES: | ||||||||
New vehicle retail sales | 2,194.1 | 2,041.7 | 152.4 | 7.5 | % | |||
Used vehicle retail sales | 1,372.6 | 1,371.8 | 0.7 | 0.1 | % | |||
Used vehicle wholesale sales | 105.4 | 111.6 | (6.2) | (5.5) | % | |||
Parts and service sales | 257.7 | 257.9 | (0.2) | (0.1) | % | |||
Total cost of sales | 3,929.8 | 3,783.0 | 146.8 | 3.9 | % | |||
GROSS PROFIT | 766.5 | 775.5 | (9.0) | (1.2) | % | |||
Selling, general and administrative expenses | 497.2 | 479.9 | 17.4 | 3.6 | % | |||
Depreciation and amortization expense | 28.2 | 23.1 | 5.1 | 22.1 | % | |||
Asset impairments | - | 1.8 | (1.8) | (100.0) | % | |||
INCOME FROM OPERATIONS | 241.1 | 270.8 | (29.6) | (10.9) | % | |||
Floorplan interest expense | 24.7 | 15.6 | 9.0 | 58.0 | % | |||
Other interest expense, net | 33.4 | 25.9 | 7.4 | 28.7 | % | |||
Other expense | 0.1 | 1.3 | (1.3) | (93.4) | % | |||
INCOME BEFORE INCOME TAXES | 183.0 | 227.9 | (44.9) | (19.7) | % | |||
Provision for income taxes | 45.2 | 57.6 | (12.4) | (21.6) | % | |||
Net income from continuing operations | 137.9 | 170.3 | (32.4) | (19.0) | % | |||
Net income from discontinued operations | 0.3 | 0.2 | 0.1 | 24.5 | % | |||
NET INCOME | $ | 138.2 | $ | 170.5 | $ | (32.4) | (19.0) | % |
Less: Earnings allocated to participating securities | 2.9 | 4.1 | (1.2) | (29.3) | % | |||
Net income available to diluted common shares | $ | 135.2 | $ | 166.4 | $ | (31.2) | (18.7) | % |
Diluted earnings per share from continuing operations | $ | 10.15 | $ | 12.02 | $ | (1.87) | (15.6) | % |
Diluted earnings per share from discontinued operations | $ | 0.02 | $ | 0.02 | $ | - | 29.8 | % |
DILUTED EARNINGS PER SHARE | $ | 10.17 | $ | 12.04 | $ | (1.87) | (15.5) | % |
Weighted average dilutive common shares outstanding | 13.3 | 13.8 | (0.5) | (3.8) | % | |||
Weighted average participating securities | 0.3 | 0.3 | (0.1) | (16.1) | % | |||
Total weighted average shares | 13.6 | 14.2 | (0.6) | (4.1) | % | |||
Effective tax rate on continuing operations | 24.7 | % | 25.3 | % | (0.6) | % |
Group 1 Automotive, Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
(In millions, except per share data) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
REVENUES: | ||||||||
New vehicle retail sales | $ | 4,546.8 | $ | 4,198.9 | $ | 347.9 | 8.3 | % |
Used vehicle retail sales | 2,870.0 | 2,799.5 | 70.5 | 2.5 | % | |||
Used vehicle wholesale sales | 210.3 | 224.4 | (14.1) | (6.3) | % | |||
Parts and service sales | 1,150.8 | 1,110.3 | 40.4 | 3.6 | % | |||
Finance, insurance and other, net | 389.0 | 355.4 | 33.6 | 9.4 | % | |||
Total revenues | 9,166.9 | 8,688.5 | 478.4 | 5.5 | % | |||
COST OF SALES: | ||||||||
New vehicle retail sales | 4,217.2 | 3,810.7 | 406.6 | 10.7 | % | |||
Used vehicle retail sales | 2,707.2 | 2,644.0 | 63.3 | 2.4 | % | |||
Used vehicle wholesale sales | 212.4 | 221.6 | (9.2) | (4.2) | % | |||
Parts and service sales | 520.9 | 508.9 | 12.0 | 2.4 | % | |||
Total cost of sales | 7,657.7 | 7,185.1 | 472.6 | 6.6 | % | |||
GROSS PROFIT | 1,509.1 | 1,503.4 | 5.7 | 0.4 | % | |||
Selling, general and administrative expenses | 973.3 | 942.7 | 30.6 | 3.3 | % | |||
Depreciation and amortization expense | 52.0 | 45.5 | 6.5 | 14.2 | % | |||
Asset impairments | - | 2.9 | (2.9) | (100.0) | % | |||
INCOME FROM OPERATIONS | 483.8 | 512.3 | (28.5) | (5.6) | % | |||
Floorplan interest expense | 45.2 | 28.2 | 17.0 | 60.0 | % | |||
Other interest expense, net | 62.7 | 45.6 | 17.1 | 37.5 | % | |||
Other (income) expense, net | (0.4) | 4.2 | (4.6) | (109.2) | % | |||
INCOME BEFORE INCOME TAXES | 376.3 | 434.2 | (58.0) | (13.3) | % | |||
Provision for income taxes | 91.0 | 105.2 | (14.2) | (13.5) | % | |||
Net income from continuing operations | 285.3 | 329.1 | (43.8) | (13.3) | % | |||
Net income (loss) from discontinued operations | 0.8 | (0.1) | 0.9 | 926.3 | % | |||
NET INCOME | $ | 286.1 | $ | 329.0 | $ | (42.9) | (13.0) | % |
Less: Earnings allocated to participating securities | 6.3 | 8.2 | (1.9) | (23.7) | % | |||
Net income available to diluted common shares | $ | 279.8 | $ | 320.7 | $ | (41.0) | (12.8) | % |
Diluted earnings per share from continuing operations | $ | 20.91 | $ | 23.14 | $ | (2.23) | (9.6) | % |
Diluted earnings (loss) per share from discontinued operations | $ | 0.06 | $ | (0.01) | $ | 0.06 | 961.5 | % |
DILUTED EARNINGS PER SHARE | $ | 20.97 | $ | 23.13 | $ | (2.16) | (9.3) | % |
Weighted average dilutive common shares outstanding | 13.3 | 13.9 | (0.5) | (3.8) | % | |||
Weighted average participating securities | 0.3 | 0.4 | (0.1) | (15.8) | % | |||
Total weighted average shares | 13.6 | 14.2 | (0.6) | (4.1) | % | |||
Effective tax rate on continuing operations | 24.2 | % | 24.2 | % | - | % |
Group 1 Automotive, Inc. | ||||||||
Additional Information - Consolidated | ||||||||
(Unaudited) | ||||||||
June 30, 2024 | December 31, 2023 | Increase/(Decrease) | % Change | |||||
SELECTED BALANCE SHEET INFORMATION: | ||||||||
(In millions) | ||||||||
Cash and cash equivalents | $ | 64.4 | $ | 57.2 | $ | 7.2 | 12.5 | % |
Inventories, net | $ | 2,356.8 | $ | 1,963.4 | $ | 393.4 | 20.0 | % |
Floorplan notes payable, net (1)
|
$ | 2,099.9 | $ | 1,565.4 | $ | 534.5 | 34.1 | % |
Total debt | $ | 2,450.0 | $ | 2,098.8 | $ | 351.2 | 16.7 | % |
Total equity | $ | 2,866.3 | $ | 2,674.4 | $ | 191.9 | 7.2 | % |
(1) Amounts are net of offset accounts of $94.1 and $275.2, respectively.
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | ||||||||
United States | 82.4 | % | 82.0 | % | 81.1 | % | 80.1 | % |
United Kingdom | 17.6 | % | 18.0 | % | 18.9 | % | 19.9 | % |
NEW VEHICLE UNIT SALES BRAND MIX: | ||||||||
Toyota/Lexus | 26.5 | % | 23.1 | % | 26.0 | % | 22.7 | % |
Volkswagen/Audi/Porsche/SEAT/SKODA | 13.2 | % | 14.7 | % | 13.5 | % | 16.1 | % |
BMW/MINI | 10.6 | % | 11.3 | % | 11.2 | % | 11.8 | % |
Honda/Acura | 10.1 | % | 8.0 | % | 9.4 | % | 7.6 | % |
Chevrolet/GMC/Buick | 9.6 | % | 9.4 | % | 9.3 | % | 8.1 | % |
Ford/Lincoln | 7.1 | % | 7.7 | % | 7.2 | % | 8.0 | % |
Hyundai/Kia/Genesis | 6.0 | % | 5.0 | % | 5.7 | % | 5.0 | % |
Mercedes-Benz/Sprinter | 5.6 | % | 6.5 | % | 5.7 | % | 6.5 | % |
Subaru | 3.4 | % | 2.6 | % | 3.4 | % | 2.7 | % |
Chrysler/Dodge/Jeep/RAM | 2.4 | % | 4.6 | % | 2.5 | % | 4.1 | % |
Nissan | 2.4 | % | 4.0 | % | 2.5 | % | 4.1 | % |
Jaguar/Land Rover | 1.7 | % | 1.6 | % | 1.9 | % | 1.8 | % |
Mazda | 1.2 | % | 1.3 | % | 1.3 | % | 1.2 | % |
Other | 0.2 | % | 0.3 | % | 0.2 | % | 0.4 | % |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
June 30, 2024 | December 31, 2023 | June 30, 2023 | |
DAYS' SUPPLY IN INVENTORY (1):
|
|||
Consolidated | |||
New vehicle inventory | 56 | 37 | 27 |
Used vehicle inventory | 34 | 35 | 35 |
U.S. | |||
New vehicle inventory | 62 | 36 | 27 |
Used vehicle inventory | 30 | 29 | 31 |
U.K. | |||
New vehicle inventory | 35 | 48 | 29 |
Used vehicle inventory | 49 | 58 | 48 |
(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.
|
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 2,364.2 | $ | 2,243.2 | $ | 121.0 | 5.4 | % | $ | 2.7 | 5.3 | % |
Used vehicle retail sales | 1,453.2 | 1,450.6 | 2.6 | 0.2 | % | 2.3 | - | % | ||||
Used vehicle wholesale sales | 104.3 | 112.5 | (8.2) | (7.3) | % | 0.2 | (7.4) | % | ||||
Total used | 1,557.5 | 1,563.0 | (5.5) | (0.4) | % | 2.5 | (0.5) | % | ||||
Parts and service sales | 574.5 | 562.0 | 12.6 | 2.2 | % | 0.6 | 2.1 | % | ||||
F&I, net | 200.1 | 190.3 | 9.8 | 5.2 | % | 0.1 | 5.1 | % | ||||
Total revenues | $ | 4,696.4 | $ | 4,558.5 | $ | 137.9 | 3.0 | % | $ | 5.8 | 2.9 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 170.0 | $ | 201.5 | $ | (31.4) | (15.6) | % | $ | 0.2 | (15.7) | % |
Used vehicle retail sales | 80.7 | 78.8 | 1.9 | 2.4 | % | 0.1 | 2.3 | % | ||||
Used vehicle wholesale sales | (1.1) | 0.9 | (2.0) | NM | - | NM | ||||||
Total used | 79.5 | 79.6 | (0.1) | (0.1) | % | 0.1 | (0.3) | % | ||||
Parts and service sales | 316.8 | 304.1 | 12.7 | 4.2 | % | 0.3 | 4.1 | % | ||||
F&I, net | 200.1 | 190.3 | 9.8 | 5.2 | % | 0.1 | 5.1 | % | ||||
Total gross profit | $ | 766.5 | $ | 775.5 | $ | (9.0) | (1.2) | % | $ | 0.7 | (1.3) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.0 | % | (1.8) | % | ||||||
Used vehicle retail sales | 5.6 | % | 5.4 | % | 0.1 | % | ||||||
Used vehicle wholesale sales | (1.1) | % | 0.8 | % | (1.8) | % | ||||||
Total used | 5.1 | % | 5.1 | % | - | % | ||||||
Parts and service sales | 55.1 | % | 54.1 | % | 1.0 | % | ||||||
Total gross margin | 16.3 | % | 17.0 | % | (0.7) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
47,661 | 44,740 | 2,921 | 6.5 | % | |||||||
Retail used vehicles sold | 49,260 | 46,764 | 2,496 | 5.3 | % | |||||||
Wholesale used vehicles sold | 11,819 | 10,493 | 1,326 | 12.6 | % | |||||||
Total used | 61,079 | 57,257 | 3,822 | 6.7 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 49,996 | $ | 50,504 | $ | (508) | (1.0) | % | $ | 56 | (1.1) | % |
Used vehicle retail | $ | 29,501 | $ | 31,019 | $ | (1,518) | (4.9) | % | $ | 46 | (5.0) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,568 | $ | 4,503 | $ | (935) | (20.8) | % | $ | 4 | (20.9) | % |
Used vehicle retail sales | $ | 1,638 | $ | 1,684 | $ | (47) | (2.8) | % | $ | 2 | (2.9) | % |
Used vehicle wholesale sales | $ | (96) | $ | 81 | $ | (177) | NM | $ | - | NM | ||
Total used | $ | 1,302 | $ | 1,390 | $ | (88) | (6.4) | % | $ | 2 | (6.5) | % |
F&I PRU | $ | 2,065 | $ | 2,080 | $ | (15) | (0.7) | % | $ | 1 | (0.8) | % |
Other: | ||||||||||||
SG&A expenses | $ | 497.2 | $ | 479.9 | $ | 17.4 | 3.6 | % | $ | 0.6 | 3.5 | % |
Adjusted SG&A expenses (2)
|
$ | 508.2 | $ | 490.3 | $ | 17.9 | 3.6 | % | $ | 0.6 | 3.5 | % |
SG&A as % gross profit | 64.9 | % | 61.9 | % | 3.0 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
66.3 | % | 63.2 | % | 3.1 | % | ||||||
Operating margin % | 5.1 | % | 5.9 | % | (0.8) | % | ||||||
Adjusted operating margin % (2)
|
5.0 | % | 5.8 | % | (0.8) | % | ||||||
Pretax margin % | 3.9 | % | 5.0 | % | (1.1) | % | ||||||
Adjusted pretax margin % (2)
|
3.7 | % | 4.8 | % | (1.1) | % | ||||||
Floorplan expense: | ||||||||||||
Floorplan interest expense | $ | 24.7 | $ | 15.6 | $ | 9.0 | 58.0 | % | $ | - | 57.8 | % |
Less: Floorplan assistance (3)
|
21.0 | 18.5 | 2.5 | 13.3 | % | - | 13.3 | % | ||||
Net floorplan expense | $ | 3.7 | $ | (2.9) | $ | 6.6 | $ | - |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 4,546.8 | $ | 4,198.9 | $ | 347.9 | 8.3 | % | $ | 19.0 | 7.8 | % |
Used vehicle retail sales | 2,870.0 | 2,799.5 | 70.5 | 2.5 | % | 15.7 | 2.0 | % | ||||
Used vehicle wholesale sales | 210.3 | 224.4 | (14.1) | (6.3) | % | 1.3 | (6.8) | % | ||||
Total used | 3,080.3 | 3,023.9 | 56.4 | 1.9 | % | 16.9 | 1.3 | % | ||||
Parts and service sales | 1,150.8 | 1,110.3 | 40.4 | 3.6 | % | 4.0 | 3.3 | % | ||||
F&I, net | 389.0 | 355.4 | 33.6 | 9.4 | % | 0.9 | 9.2 | % | ||||
Total revenues | $ | 9,166.9 | $ | 8,688.5 | $ | 478.4 | 5.5 | % | $ | 40.8 | 5.0 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 329.6 | $ | 388.2 | $ | (58.6) | (15.1) | % | $ | 1.4 | (15.5) | % |
Used vehicle retail sales | 162.7 | 155.5 | 7.2 | 4.7 | % | 0.8 | 4.2 | % | ||||
Used vehicle wholesale sales | (2.0) | 2.9 | (4.9) | NM | (0.1) | NM | ||||||
Total used | 160.7 | 158.4 | 2.3 | 1.5 | % | 0.7 | 1.0 | % | ||||
Parts and service sales | 629.9 | 601.4 | 28.4 | 4.7 | % | 2.3 | 4.4 | % | ||||
F&I, net | 389.0 | 355.4 | 33.6 | 9.4 | % | 0.9 | 9.2 | % | ||||
Total gross profit | $ | 1,509.1 | $ | 1,503.4 | $ | 5.7 | 0.4 | % | $ | 5.2 | - | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.2 | % | (2.0) | % | ||||||
Used vehicle retail sales | 5.7 | % | 5.6 | % | 0.1 | % | ||||||
Used vehicle wholesale sales | (1.0) | % | 1.3 | % | (2.2) | % | ||||||
Total used | 5.2 | % | 5.2 | % | - | % | ||||||
Parts and service sales | 54.7 | % | 54.2 | % | 0.6 | % | ||||||
Total gross margin | 16.5 | % | 17.3 | % | (0.8) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
91,963 | 84,389 | 7,574 | 9.0 | % | |||||||
Retail used vehicles sold | 98,443 | 92,201 | 6,242 | 6.8 | % | |||||||
Wholesale used vehicles sold | 23,647 | 20,867 | 2,780 | 13.3 | % | |||||||
Total used | 122,090 | 113,068 | 9,022 | 8.0 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 49,858 | $ | 50,103 | $ | (245) | (0.5) | % | $ | 208 | (0.9) | % |
Used vehicle retail | $ | 29,154 | $ | 30,363 | $ | (1,209) | (4.0) | % | $ | 159 | (4.5) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,584 | $ | 4,600 | $ | (1,017) | (22.1) | % | $ | 15 | (22.4) | % |
Used vehicle retail sales | $ | 1,653 | $ | 1,687 | $ | (33) | (2.0) | % | $ | 8 | (2.4) | % |
Used vehicle wholesale sales | $ | (86) | $ | 137 | $ | (223) | NM | $ | (2) | NM | ||
Total used | $ | 1,316 | $ | 1,401 | $ | (84) | (6.0) | % | $ | 6 | (6.4) | % |
F&I PRU | $ | 2,043 | $ | 2,013 | $ | 30 | 1.5 | % | $ | 5 | 1.3 | % |
Other: | ||||||||||||
SG&A expenses | $ | 973.3 | $ | 942.7 | $ | 30.6 | 3.3 | % | $ | 4.0 | 2.8 | % |
Adjusted SG&A expenses (2)
|
$ | 1,008.3 | $ | 953.9 | $ | 54.5 | 5.7 | % | $ | 4.0 | 5.3 | % |
SG&A as % gross profit | 64.5 | % | 62.7 | % | 1.8 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
66.8 | % | 63.4 | % | 3.4 | % | ||||||
Operating margin % | 5.3 | % | 5.9 | % | (0.6) | % | ||||||
Adjusted operating margin % (2)
|
4.9 | % | 5.8 | % | (0.9) | % | ||||||
Pretax margin % | 4.1 | % | 5.0 | % | (0.9) | % | ||||||
Adjusted pretax margin % (2)
|
3.8 | % | 4.9 | % | (1.1) | % | ||||||
Floorplan expense: | ||||||||||||
Floorplan interest expense | $ | 45.2 | $ | 28.2 | $ | 17.0 | 60.0 | % | $ | 0.1 | 59.5 | % |
Less: Floorplan assistance (3)
|
39.3 | 33.1 | 6.3 | 18.9 | % | - | 18.9 | % | ||||
Net floorplan expense | $ | 5.9 | $ | (4.8) | $ | 10.7 | $ | 0.1 |
Group 1 Automotive, Inc. | ||||||||
Reported Operating Data - U.S. | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Three Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ | 2,009.5 | $ | 1,915.5 | $ | 94.0 | 4.9 | % |
Used vehicle retail sales | 1,151.9 | 1,139.9 | 12.0 | 1.1 | % | |||
Used vehicle wholesale sales | 78.4 | 79.8 | (1.3) | (1.7) | % | |||
Total used | 1,230.4 | 1,219.7 | 10.7 | 0.9 | % | |||
Parts and service sales | 497.4 | 491.2 | 6.2 | 1.3 | % | |||
F&I, net | 183.9 | 173.2 | 10.6 | 6.1 | % | |||
Total revenues | $ | 3,921.2 | $ | 3,799.6 | $ | 121.6 | 3.2 | % |
Gross profit: | ||||||||
New vehicle retail sales | $ | 144.3 | $ | 170.7 | $ | (26.4) | (15.5) | % |
Used vehicle retail sales | 65.8 | 62.0 | 3.8 | 6.2 | % | |||
Used vehicle wholesale sales | 1.3 | 1.2 | 0.1 | 4.3 | % | |||
Total used | 67.1 | 63.2 | 3.9 | 6.2 | % | |||
Parts and service sales | 272.5 | 262.6 | 9.9 | 3.8 | % | |||
F&I, net | 183.9 | 173.2 | 10.6 | 6.1 | % | |||
Total gross profit | $ | 667.7 | $ | 669.7 | $ | (1.9) | (0.3) | % |
Gross margin: | ||||||||
New vehicle retail sales | 7.2 | % | 8.9 | % | (1.7) | % | ||
Used vehicle retail sales | 5.7 | % | 5.4 | % | 0.3 | % | ||
Used vehicle wholesale sales | 1.6 | % | 1.5 | % | 0.1 | % | ||
Total used | 5.5 | % | 5.2 | % | 0.3 | % | ||
Parts and service sales | 54.8 | % | 53.5 | % | 1.3 | % | ||
Total gross margin | 17.0 | % | 17.6 | % | (0.6) | % | ||
Units sold: | ||||||||
Retail new vehicles sold | 39,273 | 36,695 | 2,578 | 7.0 | % | |||
Retail used vehicles sold | 38,611 | 36,306 | 2,305 | 6.3 | % | |||
Wholesale used vehicles sold | 8,964 | 7,436 | 1,528 | 20.5 | % | |||
Total used | 47,575 | 43,742 | 3,833 | 8.8 | % | |||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ | 51,169 | $ | 52,201 | $ | (1,032) | (2.0) | % |
Used vehicle retail | $ | 29,834 | $ | 31,397 | $ | (1,562) | (5.0) | % |
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ | 3,674 | $ | 4,651 | $ | (977) | (21.0) | % |
Used vehicle retail sales | $ | 1,705 | $ | 1,707 | $ | (2) | (0.1) | % |
Used vehicle wholesale sales | $ | 141 | $ | 163 | $ | (22) | (13.5) | % |
Total used | $ | 1,410 | $ | 1,445 | $ | (34) | (2.4) | % |
F&I PRU | $ | 2,361 | $ | 2,373 | $ | (12) | (0.5) | % |
Other: | ||||||||
SG&A expenses | $ | 417.6 | $ | 403.7 | $ | 13.9 | 3.4 | % |
Adjusted SG&A expenses (1)
|
$ | 429.9 | $ | 413.2 | $ | 16.8 | 4.1 | % |
SG&A as % gross profit | 62.5 | % | 60.3 | % | 2.3 | % | ||
Adjusted SG&A as % gross profit (1)
|
64.4 | % | 61.7 | % | 2.7 | % |
Group 1 Automotive, Inc. | ||||||||
Reported Operating Data - U.S. | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ | 3,809.4 | $ | 3,524.1 | $ | 285.3 | 8.1 | % |
Used vehicle retail sales | 2,251.4 | 2,170.0 | 81.4 | 3.8 | % | |||
Used vehicle wholesale sales | 158.3 | 162.1 | (3.8) | (2.3) | % | |||
Total used | 2,409.7 | 2,332.1 | 77.6 | 3.3 | % | |||
Parts and service sales | 992.6 | 965.0 | 27.6 | 2.9 | % | |||
F&I, net | 355.2 | 320.8 | 34.4 | 10.7 | % | |||
Total revenues | $ | 7,566.9 | $ | 7,142.0 | $ | 424.9 | 5.9 | % |
Gross profit: | ||||||||
New vehicle retail sales | $ | 276.2 | $ | 324.8 | $ | (48.6) | (15.0) | % |
Used vehicle retail sales | 132.4 | 121.8 | 10.7 | 8.8 | % | |||
Used vehicle wholesale sales | 2.7 | 3.4 | (0.8) | (22.4) | % | |||
Total used | 135.1 | 125.2 | 9.9 | 7.9 | % | |||
Parts and service sales | 540.3 | 516.4 | 23.9 | 4.6 | % | |||
F&I, net | 355.2 | 320.8 | 34.4 | 10.7 | % | |||
Total gross profit | $ | 1,306.8 | $ | 1,287.2 | $ | 19.6 | 1.5 | % |
Gross margin: | ||||||||
New vehicle retail sales | 7.2 | % | 9.2 | % | (2.0) | % | ||
Used vehicle retail sales | 5.9 | % | 5.6 | % | 0.3 | % | ||
Used vehicle wholesale sales | 1.7 | % | 2.1 | % | (0.4) | % | ||
Total used | 5.6 | % | 5.4 | % | 0.2 | % | ||
Parts and service sales | 54.4 | % | 53.5 | % | 0.9 | % | ||
Total gross margin | 17.3 | % | 18.0 | % | (0.8) | % | ||
Units sold: | ||||||||
Retail new vehicles sold | 74,614 | 67,578 | 7,036 | 10.4 | % | |||
Retail used vehicles sold | 76,496 | 70,746 | 5,750 | 8.1 | % | |||
Wholesale used vehicles sold | 18,052 | 14,916 | 3,136 | 21.0 | % | |||
Total used | 94,548 | 85,662 | 8,886 | 10.4 | % | |||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ | 51,054 | $ | 52,148 | $ | (1,094) | (2.1) | % |
Used vehicle retail | $ | 29,431 | $ | 30,672 | $ | (1,241) | (4.0) | % |
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ | 3,701 | $ | 4,806 | $ | (1,105) | (23.0) | % |
Used vehicle retail sales | $ | 1,731 | $ | 1,721 | $ | 10 | 0.6 | % |
Used vehicle wholesale sales | $ | 148 | $ | 231 | $ | (83) | (35.9) | % |
Total used | $ | 1,429 | $ | 1,462 | $ | (33) | (2.2) | % |
F&I PRU | $ | 2,351 | $ | 2,320 | $ | 31 | 1.4 | % |
Other: | ||||||||
SG&A expenses | $ | 812.5 | $ | 792.4 | $ | 20.1 | 2.5 | % |
Adjusted SG&A expenses (1)
|
$ | 850.0 | $ | 802.6 | $ | 47.4 | 5.9 | % |
SG&A as % gross profit | 62.2 | % | 61.6 | % | 0.6 | % | ||
Adjusted SG&A as % gross profit (1)
|
65.0 | % | 62.4 | % | 2.7 | % |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 354.6 | $ | 327.6 | $ | 27.0 | 8.2 | % | $ | 2.7 | 7.4 | % |
Used vehicle retail sales | 301.3 | 310.7 | (9.4) | (3.0) | % | 2.3 | (3.8) | % | ||||
Used vehicle wholesale sales | 25.9 | 32.7 | (6.8) | (20.9) | % | 0.2 | (21.4) | % | ||||
Total used | 327.1 | 343.4 | (16.2) | (4.7) | % | 2.5 | (5.4) | % | ||||
Parts and service sales | 77.1 | 70.8 | 6.3 | 9.0 | % | 0.6 | 8.1 | % | ||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) | % | 0.1 | (5.4) | % | ||||
Total revenues | $ | 775.2 | $ | 758.9 | $ | 16.3 | 2.1 | % | $ | 5.8 | 1.4 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 25.7 | $ | 30.8 | $ | (5.1) | (16.4) | % | $ | 0.2 | (17.1) | % |
Used vehicle retail sales | 14.8 | 16.8 | (1.9) | (11.6) | % | 0.1 | (12.3) | % | ||||
Used vehicle wholesale sales | (2.4) | (0.4) | (2.0) | NM | - | NM | ||||||
Total used | 12.4 | 16.4 | (4.0) | (24.3) | % | 0.1 | (25.0) | % | ||||
Parts and service sales | 44.4 | 41.5 | 2.8 | 6.8 | % | 0.3 | 6.0 | % | ||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) | % | 0.1 | (5.4) | % | ||||
Total gross profit | $ | 98.8 | $ | 105.8 | $ | (7.0) | (6.6) | % | $ | 0.7 | (7.3) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.3 | % | 9.4 | % | (2.1) | % | ||||||
Used vehicle retail sales | 4.9 | % | 5.4 | % | (0.5) | % | ||||||
Used vehicle wholesale sales | (9.3) | % | (1.1) | % | (8.2) | % | ||||||
Total used | 3.8 | % | 4.8 | % | (1.0) | % | ||||||
Parts and service sales | 57.5 | % | 58.7 | % | (1.2) | % | ||||||
Total gross margin | 12.7 | % | 13.9 | % | (1.2) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
8,388 | 8,045 | 343 | 4.3 | % | |||||||
Retail used vehicles sold | 10,649 | 10,458 | 191 | 1.8 | % | |||||||
Wholesale used vehicles sold | 2,855 | 3,057 | (202) | (6.6) | % | |||||||
Total used | 13,504 | 13,515 | (11) | (0.1) | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 44,235 | $ | 42,416 | $ | 1,818 | 4.3 | % | $ | 332 | 3.5 | % |
Used vehicle retail | $ | 28,293 | $ | 29,708 | $ | (1,416) | (4.8) | % | $ | 215 | (5.5) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,069 | $ | 3,829 | $ | (759) | (19.8) | % | $ | 24 | (20.5) | % |
Used vehicle retail sales | $ | 1,392 | $ | 1,604 | $ | (211) | (13.2) | % | $ | 11 | (13.8) | % |
Used vehicle wholesale sales | $ | (842) | $ | (119) | $ | (723) | NM | $ | 1 | NM | ||
Total used | $ | 920 | $ | 1,214 | $ | (294) | (24.2) | % | $ | 9 | (24.9) | % |
F&I PRU | $ | 855 | $ | 923 | $ | (68) | (7.3) | % | $ | 7 | (8.1) | % |
Other: | ||||||||||||
SG&A expenses | $ | 79.6 | $ | 76.1 | $ | 3.4 | 4.5 | % | $ | 0.6 | 3.7 | % |
Adjusted SG&A expenses (2)
|
$ | 78.2 | $ | 77.1 | $ | 1.1 | 1.5 | % | $ | 0.6 | 0.7 | % |
SG&A as % gross profit | 80.5 | % | 71.9 | % | 8.6 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
79.1 | % | 72.8 | % | 6.3 | % |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 737.4 | $ | 674.8 | $ | 62.6 | 9.3 | % | $ | 19.0 | 6.5 | % |
Used vehicle retail sales | 618.6 | 629.5 | (10.9) | (1.7) | % | 15.7 | (4.2) | % | ||||
Used vehicle wholesale sales | 52.0 | 62.3 | (10.3) | (16.5) | % | 1.3 | (18.5) | % | ||||
Total used | 670.6 | 691.8 | (21.2) | (3.1) | % | 16.9 | (5.5) | % | ||||
Parts and service sales | 158.2 | 145.3 | 12.9 | 8.9 | % | 4.0 | 6.1 | % | ||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.4) | % | 0.9 | (4.8) | % | ||||
Total revenues | $ | 1,600.0 | $ | 1,546.5 | $ | 53.4 | 3.5 | % | $ | 40.8 | 0.8 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 53.4 | $ | 63.4 | $ | (10.0) | (15.8) | % | $ | 1.4 | (18.0) | % |
Used vehicle retail sales | 30.3 | 33.7 | (3.4) | (10.2) | % | 0.8 | (12.4) | % | ||||
Used vehicle wholesale sales | (4.7) | (0.6) | (4.1) | NM | (0.1) | NM | ||||||
Total used | 25.6 | 33.1 | (7.6) | (22.8) | % | 0.7 | (24.9) | % | ||||
Parts and service sales | 89.6 | 85.1 | 4.5 | 5.3 | % | 2.3 | 2.6 | % | ||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.4) | % | 0.9 | (4.8) | % | ||||
Total gross profit | $ | 202.3 | $ | 216.2 | $ | (13.9) | (6.4) | % | $ | 5.2 | (8.8) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.4 | % | (2.2) | % | ||||||
Used vehicle retail sales | 4.9 | % | 5.4 | % | (0.5) | % | ||||||
Used vehicle wholesale sales | (9.1) | % | (0.9) | % | (8.1) | % | ||||||
Total used | 3.8 | % | 4.8 | % | (1.0) | % | ||||||
Parts and service sales | 56.6 | % | 58.5 | % | (1.9) | % | ||||||
Total gross margin | 12.6 | % | 14.0 | % | (1.3) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
17,349 | 16,811 | 538 | 3.2 | % | |||||||
Retail used vehicles sold | 21,947 | 21,455 | 492 | 2.3 | % | |||||||
Wholesale used vehicles sold | 5,595 | 5,951 | (356) | (6.0) | % | |||||||
Total used | 27,542 | 27,406 | 136 | 0.5 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 44,459 | $ | 41,566 | $ | 2,893 | 7.0 | % | $ | 1,145 | 4.2 | % |
Used vehicle retail | $ | 28,185 | $ | 29,341 | $ | (1,155) | (3.9) | % | $ | 715 | (6.4) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,078 | $ | 3,772 | $ | (694) | (18.4) | % | $ | 80 | (20.5) | % |
Used vehicle retail sales | $ | 1,381 | $ | 1,572 | $ | (192) | (12.2) | % | $ | 35 | (14.4) | % |
Used vehicle wholesale sales | $ | (842) | $ | (99) | $ | (743) | NM | $ | (10) | NM | ||
Total used | $ | 929 | $ | 1,209 | $ | (280) | (23.2) | % | $ | 26 | (25.3) | % |
F&I PRU | $ | 859 | $ | 904 | $ | (44) | (4.9) | % | $ | 22 | (7.3) | % |
Other: | ||||||||||||
SG&A expenses | $ | 160.8 | $ | 150.3 | $ | 10.5 | 7.0 | % | $ | 4.0 | 4.3 | % |
Adjusted SG&A expenses (2)
|
$ | 158.3 | $ | 151.3 | $ | 7.1 | 4.7 | % | $ | 4.0 | 2.1 | % |
SG&A as % gross profit | 79.5 | % | 69.5 | % | 10.0 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
78.3 | % | 70.0 | % | 8.3 | % |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 2,126.2 | $ | 2,146.3 | $ | (20.1) | (0.9) | % | $ | 2.7 | (1.1) | % |
Used vehicle retail sales | 1,360.4 | 1,382.5 | (22.1) | (1.6) | % | 2.3 | (1.8) | % | ||||
Used vehicle wholesale sales | 97.0 | 106.7 | (9.8) | (9.2) | % | 0.2 | (9.3) | % | ||||
Total used | 1,457.4 | 1,489.3 | (31.9) | (2.1) | % | 2.5 | (2.3) | % | ||||
Parts and service sales | 537.6 | 537.5 | - | - | % | 0.6 | (0.1) | % | ||||
F&I, net | 183.5 | 181.5 | 2.0 | 1.1 | % | 0.1 | 1.0 | % | ||||
Total revenues | $ | 4,304.5 | $ | 4,354.6 | $ | (50.0) | (1.1) | % | $ | 5.8 | (1.3) | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 152.6 | $ | 193.8 | $ | (41.2) | (21.3) | % | $ | 0.2 | (21.4) | % |
Used vehicle retail sales | 75.3 | 75.1 | 0.2 | 0.2 | % | 0.1 | 0.1 | % | ||||
Used vehicle wholesale sales | (1.3) | 0.9 | (2.2) | NM | - | NM | ||||||
Total used | 73.9 | 76.0 | (2.0) | (2.7) | % | 0.1 | (2.8) | % | ||||
Parts and service sales | 293.2 | 290.1 | 3.0 | 1.0 | % | 0.3 | 0.9 | % | ||||
F&I, net | 183.5 | 181.5 | 2.0 | 1.1 | % | 0.1 | 1.0 | % | ||||
Total gross profit | $ | 703.1 | $ | 741.4 | $ | (38.3) | (5.2) | % | $ | 0.7 | (5.3) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.0 | % | (1.9) | % | ||||||
Used vehicle retail sales | 5.5 | % | 5.4 | % | 0.1 | % | ||||||
Used vehicle wholesale sales | (1.4) | % | 0.8 | % | (2.2) | % | ||||||
Total used | 5.1 | % | 5.1 | % | - | % | ||||||
Parts and service sales | 54.5 | % | 54.0 | % | 0.6 | % | ||||||
Total gross margin | 16.3 | % | 17.0 | % | (0.7) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
42,734 | 42,815 | (81) | (0.2) | % | |||||||
Retail used vehicles sold | 46,170 | 44,562 | 1,608 | 3.6 | % | |||||||
Wholesale used vehicles sold | 10,863 | 9,993 | 870 | 8.7 | % | |||||||
Total used | 57,033 | 54,555 | 2,478 | 4.5 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 50,192 | $ | 50,512 | $ | (320) | (0.6) | % | $ | 63 | (0.8) | % |
Used vehicle retail | $ | 29,465 | $ | 31,025 | $ | (1,560) | (5.0) | % | $ | 50 | (5.2) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,570 | $ | 4,525 | $ | (956) | (21.1) | % | $ | 5 | (21.2) | % |
Used vehicle retail sales | $ | 1,630 | $ | 1,685 | $ | (55) | (3.2) | % | $ | 2 | (3.4) | % |
Used vehicle wholesale sales | $ | (122) | $ | 90 | $ | (213) | NM | $ | - | NM | ||
Total used | $ | 1,296 | $ | 1,393 | $ | (96) | (6.9) | % | $ | 2 | (7.1) | % |
F&I PRU | $ | 2,063 | $ | 2,077 | $ | (14) | (0.7) | % | $ | 1 | (0.7) | % |
Other: | ||||||||||||
SG&A expenses | $ | 479.4 | $ | 464.4 | $ | 15.1 | 3.2 | % | $ | 0.6 | 3.1 | % |
Adjusted SG&A expenses (2)
|
$ | 468.9 | $ | 465.2 | $ | 3.6 | 0.8 | % | $ | 0.6 | 0.7 | % |
SG&A as % gross profit | 68.2 | % | 62.6 | % | 5.5 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
66.7 | % | 62.8 | % | 3.9 | % | ||||||
Operating margin % | 4.6 | % | 5.8 | % | (1.2) | % | ||||||
Adjusted operating margin % (2)
|
4.9 | % | 5.9 | % | (0.9) | % |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 4,134.9 | $ | 4,042.8 | $ | 92.1 | 2.3 | % | $ | 19.0 | 1.8 | % |
Used vehicle retail sales | 2,701.1 | 2,686.1 | 14.9 | 0.6 | % | 15.7 | - | % | ||||
Used vehicle wholesale sales | 196.8 | 212.8 | (16.0) | (7.5) | % | 1.3 | (8.1) | % | ||||
Total used | 2,897.9 | 2,898.9 | (1.0) | - | % | 16.9 | (0.6) | % | ||||
Parts and service sales | 1,087.0 | 1,063.8 | 23.2 | 2.2 | % | 3.9 | 1.8 | % | ||||
F&I, net | 358.7 | 340.9 | 17.8 | 5.2 | % | 0.9 | 5.0 | % | ||||
Total revenues | $ | 8,478.5 | $ | 8,346.3 | $ | 132.2 | 1.6 | % | $ | 40.7 | 1.1 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 299.1 | $ | 375.5 | $ | (76.4) | (20.3) | % | $ | 1.4 | (20.7) | % |
Used vehicle retail sales | 152.7 | 149.7 | 3.1 | 2.0 | % | 0.8 | 1.5 | % | ||||
Used vehicle wholesale sales | (2.4) | 2.9 | (5.3) | NM | (0.1) | NM | ||||||
Total used | 150.3 | 152.6 | (2.3) | (1.5) | % | 0.7 | (2.0) | % | ||||
Parts and service sales | 590.5 | 575.4 | 15.1 | 2.6 | % | 2.2 | 2.2 | % | ||||
F&I, net | 358.7 | 340.9 | 17.8 | 5.2 | % | 0.9 | 5.0 | % | ||||
Total gross profit | $ | 1,398.7 | $ | 1,444.4 | $ | (45.7) | (3.2) | % | $ | 5.1 | (3.5) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.3 | % | (2.1) | % | ||||||
Used vehicle retail sales | 5.7 | % | 5.6 | % | 0.1 | % | ||||||
Used vehicle wholesale sales | (1.2) | % | 1.4 | % | (2.6) | % | ||||||
Total used | 5.2 | % | 5.3 | % | (0.1) | % | ||||||
Parts and service sales | 54.3 | % | 54.1 | % | 0.2 | % | ||||||
Total gross margin | 16.5 | % | 17.3 | % | (0.8) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
83,632 | 81,241 | 2,391 | 2.9 | % | |||||||
Retail used vehicles sold | 92,933 | 88,287 | 4,646 | 5.3 | % | |||||||
Wholesale used vehicles sold | 21,986 | 19,932 | 2,054 | 10.3 | % | |||||||
Total used | 114,919 | 108,219 | 6,700 | 6.2 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 49,901 | $ | 50,124 | $ | (224) | (0.4) | % | $ | 229 | (0.9) | % |
Used vehicle retail | $ | 29,065 | $ | 30,425 | $ | (1,360) | (4.5) | % | $ | 169 | (5.0) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,577 | $ | 4,622 | $ | (1,045) | (22.6) | % | $ | 17 | (23.0) | % |
Used vehicle retail sales | $ | 1,643 | $ | 1,695 | $ | (52) | (3.1) | % | $ | 8 | (3.5) | % |
Used vehicle wholesale sales | $ | (111) | $ | 145 | $ | (256) | NM | $ | (3) | NM | ||
Total used | $ | 1,308 | $ | 1,410 | $ | (102) | (7.2) | % | $ | 6 | (7.7) | % |
F&I PRU | $ | 2,031 | $ | 2,011 | $ | 21 | 1.0 | % | $ | 5 | 0.8 | % |
Other: | ||||||||||||
SG&A expenses | $ | 956.8 | $ | 910.8 | $ | 46.1 | 5.1 | % | $ | 4.0 | 4.6 | % |
Adjusted SG&A expenses (2)
|
$ | 939.5 | $ | 910.5 | $ | 28.9 | 3.2 | % | $ | 3.9 | 2.8 | % |
SG&A as % gross profit | 68.4 | % | 63.1 | % | 5.4 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
67.2 | % | 63.0 | % | 4.1 | % | ||||||
Operating margin % | 4.6 | % | 5.8 | % | (1.2) | % | ||||||
Adjusted operating margin % (2)
|
4.9 | % | 5.9 | % | (1.0) | % |
Group 1 Automotive, Inc. | ||||||||
Same Store Operating Data - U.S. | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Three Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ | 1,771.5 | $ | 1,818.6 | $ | (47.1) | (2.6) | % |
Used vehicle retail sales | 1,059.1 | 1,071.8 | (12.7) | (1.2) | % | |||
Used vehicle wholesale sales | 71.1 | 74.0 | (2.9) | (4.0) | % | |||
Total used | 1,130.2 | 1,145.9 | (15.7) | (1.4) | % | |||
Parts and service sales | 463.3 | 469.5 | (6.2) | (1.3) | % | |||
F&I, net | 167.2 | 164.4 | 2.8 | 1.7 | % | |||
Total revenues | $ | 3,532.3 | $ | 3,598.5 | $ | (66.2) | (1.8) | % |
Gross profit: | ||||||||
New vehicle retail sales | $ | 126.8 | $ | 163.0 | $ | (36.2) | (22.2) | % |
Used vehicle retail sales | 60.4 | 58.3 | 2.1 | 3.7 | % | |||
Used vehicle wholesale sales | 1.1 | 1.3 | (0.2) | (15.1) | % | |||
Total used | 61.5 | 59.6 | 1.9 | 3.3 | % | |||
Parts and service sales | 250.1 | 249.9 | 0.2 | 0.1 | % | |||
F&I, net | 167.2 | 164.4 | 2.8 | 1.7 | % | |||
Total gross profit | $ | 605.6 | $ | 636.9 | $ | (31.3) | (4.9) | % |
Gross margin: | ||||||||
New vehicle retail sales | 7.2 | % | 9.0 | % | (1.8) | % | ||
Used vehicle retail sales | 5.7 | % | 5.4 | % | 0.3 | % | ||
Used vehicle wholesale sales | 1.5 | % | 1.7 | % | (0.2) | % | ||
Total used | 5.4 | % | 5.2 | % | 0.2 | % | ||
Parts and service sales | 54.0 | % | 53.2 | % | 0.8 | % | ||
Total gross margin | 17.1 | % | 17.7 | % | (0.6) | % | ||
Units sold: | ||||||||
Retail new vehicles sold | 34,346 | 34,770 | (424) | (1.2) | % | |||
Retail used vehicles sold | 35,521 | 34,104 | 1,417 | 4.2 | % | |||
Wholesale used vehicles sold | 8,008 | 6,936 | 1,072 | 15.5 | % | |||
Total used | 43,529 | 41,040 | 2,489 | 6.1 | % | |||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ | 51,578 | $ | 52,304 | $ | (726) | (1.4) | % |
Used vehicle retail | $ | 29,817 | $ | 31,429 | $ | (1,612) | (5.1) | % |
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ | 3,692 | $ | 4,687 | $ | (995) | (21.2) | % |
Used vehicle retail sales | $ | 1,701 | $ | 1,710 | $ | (8) | (0.5) | % |
Used vehicle wholesale sales | $ | 134 | $ | 182 | $ | (48) | (26.5) | % |
Total used | $ | 1,413 | $ | 1,451 | $ | (38) | (2.6) | % |
F&I PRU | $ | 2,393 | $ | 2,387 | $ | 5 | 0.2 | % |
Other: | ||||||||
SG&A expenses | $ | 401.2 | $ | 388.6 | $ | 12.6 | 3.3 | % |
Adjusted SG&A expenses (1)
|
$ | 392.0 | $ | 389.4 | $ | 2.6 | 0.7 | % |
SG&A as % gross profit | 66.3 | % | 61.0 | % | 5.2 | % | ||
Adjusted SG&A as % gross profit (1)
|
64.7 | % | 61.1 | % | 3.6 | % |
Group 1 Automotive, Inc. | ||||||||
Same Store Operating Data - U.S. | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | Increase/(Decrease) | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ | 3,397.5 | $ | 3,368.1 | $ | 29.5 | 0.9 | % |
Used vehicle retail sales | 2,082.5 | 2,056.6 | 25.9 | 1.3 | % | |||
Used vehicle wholesale sales | 144.8 | 150.5 | (5.7) | (3.8) | % | |||
Total used | 2,227.3 | 2,207.1 | 20.2 | 0.9 | % | |||
Parts and service sales | 934.6 | 924.2 | 10.5 | 1.1 | % | |||
F&I, net | 324.9 | 306.3 | 18.6 | 6.1 | % | |||
Total revenues | $ | 6,884.4 | $ | 6,805.6 | $ | 78.8 | 1.2 | % |
Gross profit: | ||||||||
New vehicle retail sales | $ | 245.7 | $ | 312.1 | $ | (66.3) | (21.3) | % |
Used vehicle retail sales | 122.4 | 115.9 | 6.5 | 5.6 | % | |||
Used vehicle wholesale sales | 2.3 | 3.5 | (1.2) | (34.8) | % | |||
Total used | 124.7 | 119.4 | 5.3 | 4.4 | % | |||
Parts and service sales | 503.7 | 493.0 | 10.6 | 2.2 | % | |||
F&I, net | 324.9 | 306.3 | 18.6 | 6.1 | % | |||
Total gross profit | $ | 1,199.0 | $ | 1,230.8 | $ | (31.8) | (2.6) | % |
Gross margin: | ||||||||
New vehicle retail sales | 7.2 | % | 9.3 | % | (2.0) | % | ||
Used vehicle retail sales | 5.9 | % | 5.6 | % | 0.2 | % | ||
Used vehicle wholesale sales | 1.6 | % | 2.3 | % | (0.7) | % | ||
Total used | 5.6 | % | 5.4 | % | 0.2 | % | ||
Parts and service sales | 53.9 | % | 53.3 | % | 0.5 | % | ||
Total gross margin | 17.4 | % | 18.1 | % | (0.7) | % | ||
Units sold: | ||||||||
Retail new vehicles sold | 66,283 | 64,430 | 1,853 | 2.9 | % | |||
Retail used vehicles sold | 70,986 | 66,832 | 4,154 | 6.2 | % | |||
Wholesale used vehicles sold | 16,391 | 13,981 | 2,410 | 17.2 | % | |||
Total used | 87,377 | 80,813 | 6,564 | 8.1 | % | |||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ | 51,258 | $ | 52,275 | $ | (1,017) | (1.9) | % |
Used vehicle retail | $ | 29,336 | $ | 30,773 | $ | (1,436) | (4.7) | % |
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ | 3,707 | $ | 4,844 | $ | (1,136) | (23.5) | % |
Used vehicle retail sales | $ | 1,724 | $ | 1,735 | $ | (10) | (0.6) | % |
Used vehicle wholesale sales | $ | 138 | $ | 249 | $ | (111) | (44.4) | % |
Total used | $ | 1,427 | $ | 1,478 | $ | (51) | (3.4) | % |
F&I PRU | $ | 2,367 | $ | 2,333 | $ | 34 | 1.4 | % |
Other: | ||||||||
SG&A expenses | $ | 798.8 | $ | 762.1 | $ | 36.8 | 4.8 | % |
Adjusted SG&A expenses (1)
|
$ | 784.0 | $ | 761.8 | $ | 22.2 | 2.9 | % |
SG&A as % gross profit | 66.6 | % | 61.9 | % | 4.7 | % | ||
Adjusted SG&A as % gross profit (1)
|
65.4 | % | 61.9 | % | 3.5 | % |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 354.6 | $ | 327.6 | $ | 27.0 | 8.2 | % | $ | 2.7 | 7.4 | % |
Used vehicle retail sales | 301.3 | 310.7 | (9.4) | (3.0) | % | 2.3 | (3.8) | % | ||||
Used vehicle wholesale sales | 25.9 | 32.7 | (6.8) | (20.9) | % | 0.2 | (21.4) | % | ||||
Total used | 327.1 | 343.4 | (16.2) | (4.7) | % | 2.5 | (5.4) | % | ||||
Parts and service sales | 74.2 | 68.0 | 6.2 | 9.2 | % | 0.6 | 8.3 | % | ||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) | % | 0.1 | (5.4) | % | ||||
Total revenues | $ | 772.3 | $ | 756.1 | $ | 16.2 | 2.1 | % | $ | 5.8 | 1.4 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 25.7 | $ | 30.8 | $ | (5.1) | (16.4) | % | $ | 0.2 | (17.1) | % |
Used vehicle retail sales | 14.8 | 16.8 | (1.9) | (11.6) | % | 0.1 | (12.3) | % | ||||
Used vehicle wholesale sales | (2.4) | (0.4) | (2.0) | NM | - | NM | ||||||
Total used | 12.4 | 16.4 | (4.0) | (24.3) | % | 0.1 | (25.0) | % | ||||
Parts and service sales | 43.0 | 40.2 | 2.8 | 7.1 | % | 0.3 | 6.3 | % | ||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) | % | 0.1 | (5.4) | % | ||||
Total gross profit | $ | 97.5 | $ | 104.5 | $ | (7.0) | (6.7) | % | $ | 0.7 | (7.4) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.3 | % | 9.4 | % | (2.1) | % | ||||||
Used vehicle retail sales | 4.9 | % | 5.4 | % | (0.5) | % | ||||||
Used vehicle wholesale sales | (9.3) | % | (1.1) | % | (8.2) | % | ||||||
Total used | 3.8 | % | 4.8 | % | (1.0) | % | ||||||
Parts and service sales | 58.0 | % | 59.1 | % | (1.1) | % | ||||||
Total gross margin | 12.6 | % | 13.8 | % | (1.2) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
8,388 | 8,045 | 343 | 4.3 | % | |||||||
Retail used vehicles sold | 10,649 | 10,458 | 191 | 1.8 | % | |||||||
Wholesale used vehicles sold | 2,855 | 3,057 | (202) | (6.6) | % | |||||||
Total used | 13,504 | 13,515 | (11) | (0.1) | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 44,235 | $ | 42,416 | $ | 1,818 | 4.3 | % | $ | 332 | 3.5 | % |
Used vehicle retail | $ | 28,293 | $ | 29,708 | $ | (1,416) | (4.8) | % | $ | 215 | (5.5) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,069 | $ | 3,829 | $ | (759) | (19.8) | % | $ | 24 | (20.5) | % |
Used vehicle retail sales | $ | 1,392 | $ | 1,604 | $ | (211) | (13.2) | % | $ | 11 | (13.8) | % |
Used vehicle wholesale sales | $ | (842) | $ | (119) | $ | (723) | NM | $ | 1 | NM | ||
Total used | $ | 920 | $ | 1,214 | $ | (294) | (24.2) | % | $ | 9 | (24.9) | % |
F&I PRU | $ | 855 | $ | 923 | $ | (68) | (7.3) | % | $ | 7 | (8.0) | % |
Other: | ||||||||||||
SG&A expenses | $ | 78.2 | $ | 75.8 | $ | 2.4 | 3.2 | % | $ | 0.6 | 2.4 | % |
Adjusted SG&A expenses (2)
|
$ | 76.8 | $ | 75.8 | $ | 1.0 | 1.4 | % | $ | 0.6 | 0.6 | % |
SG&A as % gross profit | 80.2 | % | 72.5 | % | 7.7 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
78.8 | % | 72.5 | % | 6.3 | % |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data - U.K. | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ (Decrease) | % Change | Currency Impact on Current Period Results | Constant Currency % Change | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ | 737.4 | $ | 674.8 | $ | 62.6 | 9.3 | % | $ | 19.0 | 6.5 | % |
Used vehicle retail sales | 618.6 | 629.5 | (10.9) | (1.7) | % | 15.7 | (4.2) | % | ||||
Used vehicle wholesale sales | 52.0 | 62.3 | (10.3) | (16.5) | % | 1.3 | (18.5) | % | ||||
Total used | 670.6 | 691.8 | (21.2) | (3.1) | % | 16.9 | (5.5) | % | ||||
Parts and service sales | 152.4 | 139.6 | 12.8 | 9.1 | % | 3.9 | 6.3 | % | ||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.3) | % | 0.9 | (4.8) | % | ||||
Total revenues | $ | 1,594.1 | $ | 1,540.8 | $ | 53.3 | 3.5 | % | $ | 40.7 | 0.8 | % |
Gross profit: | ||||||||||||
New vehicle retail sales | $ | 53.4 | $ | 63.4 | $ | (10.0) | (15.8) | % | $ | 1.4 | (18.0) | % |
Used vehicle retail sales | 30.3 | 33.7 | (3.4) | (10.1) | % | 0.8 | (12.4) | % | ||||
Used vehicle wholesale sales | (4.7) | (0.6) | (4.1) | NM | (0.1) | NM | ||||||
Total used | 25.6 | 33.1 | (7.5) | (22.8) | % | 0.7 | (24.9) | % | ||||
Parts and service sales | 86.9 | 82.4 | 4.5 | 5.4 | % | 2.2 | 2.7 | % | ||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.3) | % | 0.9 | (4.8) | % | ||||
Total gross profit | $ | 199.6 | $ | 213.5 | $ | (13.9) | (6.5) | % | $ | 5.1 | (8.9) | % |
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 | % | 9.4 | % | (2.2) | % | ||||||
Used vehicle retail sales | 4.9 | % | 5.4 | % | (0.5) | % | ||||||
Used vehicle wholesale sales | (9.1) | % | (0.9) | % | (8.1) | % | ||||||
Total used | 3.8 | % | 4.8 | % | (1.0) | % | ||||||
Parts and service sales | 57.0 | % | 59.0 | % | (2.0) | % | ||||||
Total gross margin | 12.5 | % | 13.9 | % | (1.3) | % | ||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1)
|
17,349 | 16,811 | 538 | 3.2 | % | |||||||
Retail used vehicles sold | 21,947 | 21,455 | 492 | 2.3 | % | |||||||
Wholesale used vehicles sold | 5,595 | 5,951 | (356) | (6.0) | % | |||||||
Total used | 27,542 | 27,406 | 136 | 0.5 | % | |||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1)
|
$ | 44,459 | $ | 41,566 | $ | 2,893 | 7.0 | % | $ | 1,145 | 4.2 | % |
Used vehicle retail | $ | 28,185 | $ | 29,341 | $ | (1,155) | (3.9) | % | $ | 715 | (6.4) | % |
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ | 3,078 | $ | 3,772 | $ | (694) | (18.4) | % | $ | 80 | (20.5) | % |
Used vehicle retail sales | $ | 1,381 | $ | 1,572 | $ | (191) | (12.1) | % | $ | 35 | (14.4) | % |
Used vehicle wholesale sales | $ | (842) | $ | (99) | $ | (743) | NM | $ | (10) | NM | ||
Total used | $ | 930 | $ | 1,209 | $ | (280) | (23.1) | % | $ | 26 | (25.3) | % |
F&I PRU | $ | 859 | $ | 904 | $ | (44) | (4.9) | % | $ | 22 | (7.3) | % |
Other: | ||||||||||||
SG&A expenses | $ | 158.0 | $ | 148.7 | $ | 9.3 | 6.2 | % | $ | 4.0 | 3.6 | % |
Adjusted SG&A expenses (2)
|
$ | 155.5 | $ | 148.7 | $ | 6.8 | 4.6 | % | $ | 3.9 | 1.9 | % |
SG&A as % gross profit | 79.2 | % | 69.7 | % | 9.5 | % | ||||||
Adjusted SG&A as % gross profit (2)
|
77.9 | % | 69.7 | % | 8.2 | % |
Group 1 Automotive, Inc. | ||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Severance costs | Acquisition costs | Legal items and other professional fees | Accelerated depreciation | Non-GAAP adjusted | |||||||||
SG&A expenses | $ | 497.2 | $ | (8.6) | $ | 21.5 | $ | (0.1) | $ | (1.7) | $ | (0.2) | $ | - | $ | 508.2 |
Depreciation and amortization expense | $ | 28.2 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (3.7) | $ | 24.5 |
Income (loss) from operations | $ | 241.1 | $ | 8.6 | $ | (21.5) | $ | 0.1 | $ | 1.7 | $ | 0.2 | $ | 3.7 | $ | 233.9 |
Income (loss) before income taxes | $ | 183.0 | $ | 8.6 | $ | (21.5) | $ | 0.1 | $ | 1.7 | $ | 0.2 | $ | 3.7 | $ | 175.8 |
Less: Provision (benefit) for income taxes | 45.2 | 2.1 | (5.6) | - | 0.1 | - | 0.9 | 42.7 | ||||||||
Net income (loss) from continuing operations | 137.9 | 6.5 | (15.9) | 0.1 | 1.6 | 0.1 | 2.8 | 133.1 | ||||||||
Less: Earnings (loss) allocated to participating securities | 2.9 | 0.1 | (0.3) | - | - | - | 0.1 | 2.8 | ||||||||
Net income (loss) from continuing operations available to diluted common shares | $ | 134.9 | $ | 6.4 | $ | (15.5) | $ | 0.1 | $ | 1.5 | $ | 0.1 | $ | 2.8 | $ | 130.3 |
Diluted earnings (loss) per common share from continuing operations | $ | 10.15 | $ | 0.48 | $ | (1.17) | $ | 0.01 | $ | 0.12 | $ | 0.01 | $ | 0.21 | $ | 9.80 |
Effective tax rate | 24.7 | % | 24.3 | % | ||||||||||||
SG&A as % gross profit (1)
|
64.9 | % | 66.3 | % | ||||||||||||
Operating margin (2)
|
5.1 | % | 5.0 | % | ||||||||||||
Pretax margin (3)
|
3.9 | % | 3.7 | % | ||||||||||||
Same Store SG&A expenses | $ | 479.4 | $ | (8.6) | $ | - | $ | (0.1) | $ | (1.7) | $ | (0.2) | $ | - | $ | 468.9 |
Same Store SG&A as % gross profit (1)
|
68.2 | % | 66.7 | % | ||||||||||||
Same Store income from operations | $ | 197.4 | $ | 8.6 | $ | - | $ | 0.1 | $ | 1.7 | $ | 0.2 | $ | 3.7 | $ | 211.7 |
Same Store operating margin (2)
|
4.6 | % | 4.9 | % |
U.S. GAAP | Non-GAAP adjustments | Non-GAAP adjusted | ||||
Net income from discontinued operations | $ | 0.3 | $ | - | $ | 0.3 |
Less: Earnings allocated to participating securities | - | - | - | |||
Net income from discontinued operations available to diluted common shares | $ | 0.3 | $ | - | $ | 0.3 |
Net income (loss) | $ | 138.2 | $ | (4.7) | $ | 133.4 |
Less: Earnings (loss) allocated to participating securities | 2.9 | (0.1) | 2.8 | |||
Net income (loss) available to diluted common shares | $ | 135.2 | $ | (4.6) | $ | 130.6 |
Diluted earnings per common share from discontinued operations | $ | 0.02 | $ | - | $ | 0.02 |
Diluted earnings (loss) per common share from continuing operations | 10.15 | (0.35) | 9.80 | |||
Diluted earnings (loss) per common share | $ | 10.17 | $ | (0.35) | $ | 9.82 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except per share data) | ||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||
U.S. GAAP | Dealership and real estate transactions | Acquisition Costs | Legal items and other professional fees | Asset impairments and accelerated depreciation | Non-GAAP adjusted | |||||||
SG&A expenses | $ | 479.9 | $ | 9.6 | $ | (0.3) | $ | 1.1 | $ | - | $ | 490.3 |
Depreciation and amortization expense | $ | 23.1 | $ | - | $ | - | $ | - | $ | (0.3) | $ | 22.8 |
Asset impairments | $ | 1.8 | $ | - | $ | - | $ | - | $ | (1.8) | $ | - |
Income (loss) from operations | $ | 270.8 | $ | (9.6) | $ | 0.3 | $ | (1.1) | $ | 2.1 | $ | 262.5 |
Income (loss) before income taxes | $ | 227.9 | $ | (9.6) | $ | 0.3 | $ | (1.1) | $ | 2.1 | $ | 219.6 |
Less: Provision (benefit) for income taxes | 57.6 | (4.5) | 0.1 | (0.3) | 0.5 | 53.5 | ||||||
Net income (loss) from continuing operations | 170.3 | (5.1) | 0.2 | (0.9) | 1.6 | 166.1 | ||||||
Less: Earnings (loss) allocated to participating securities | 4.1 | (0.1) | - | - | - | 4.0 | ||||||
Net income (loss) from continuing operations available to diluted common shares | $ | 166.1 | $ | (5.0) | $ | 0.2 | $ | (0.8) | $ | 1.5 | $ | 162.1 |
Diluted earnings (loss) per common share from continuing operations | $ | 12.02 | $ | (0.36) | $ | 0.01 | $ | (0.06) | $ | 0.11 | $ | 11.73 |
Effective tax rate | 25.3 | % | 24.3 | % | ||||||||
SG&A as % gross profit (1)
|
61.9 | % | 63.2 | % | ||||||||
Operating margin (2)
|
5.9 | % | 5.8 | % | ||||||||
Pretax margin (3)
|
5.0 | % | 4.8 | % | ||||||||
Same Store SG&A expenses | $ | 464.4 | $ | - | $ | (0.3) | $ | 1.1 | $ | - | $ | 465.2 |
Same Store SG&A as % gross profit (1)
|
62.6 | % | 62.8 | % | ||||||||
Same Store income (loss) from operations
|
$ | 253.6 | $ | - | $ | 0.3 | $ | (1.1) | $ | 2.1 | $ | 254.8 |
Same Store operating margin (2)
|
5.8 | % | 5.9 | % |
U.S. GAAP | Non-GAAP adjustments | Non-GAAP adjusted | ||||
Net income from discontinued operations | $ | 0.2 | $ | - | $ | 0.2 |
Less: Earnings allocated to participating securities | - | - | - | |||
Net income from discontinued operations available to diluted common shares | $ | 0.2 | $ | - | $ | 0.2 |
Net income (loss) | $ | 170.5 | $ | (4.2) | $ | 166.4 |
Less: Earnings (loss) allocated to participating securities | 4.1 | (0.1) | 4.0 | |||
Net income (loss) available to diluted common shares | $ | 166.4 | $ | (4.1) | $ | 162.3 |
Diluted earnings per common share from discontinued operations | $ | 0.02 | $ | - | $ | 0.02 |
Diluted earnings (loss) per common share from continuing operations | 12.02 | (0.29) | 11.73 | |||
Diluted earnings (loss) per common share | $ | 12.04 | $ | (0.29) | $ | 11.75 |
Group 1 Automotive, Inc. | ||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Severance costs | Acquisition costs | Legal items and other professional fees | Accelerated depreciation | Non-GAAP adjusted | |||||||||
SG&A expenses | $ | 973.3 | $ | (9.1) | $ | 52.4 | $ | (0.6) | $ | (4.5) | $ | (3.3) | $ | - | $ | 1,008.3 |
Depreciation and amortization expense | $ | 52.0 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (4.2) | $ | 47.9 |
Income (loss) from operations | $ | 483.8 | $ | 9.1 | $ | (52.4) | $ | 0.6 | $ | 4.5 | $ | 3.3 | $ | 4.2 | $ | 452.9 |
Income (loss) before income taxes | $ | 376.3 | $ | 9.1 | $ | (52.4) | $ | 0.6 | $ | 4.5 | $ | 3.3 | $ | 4.2 | $ | 345.4 |
Less: Provision (benefit) for income taxes | 91.0 | 2.2 | (13.4) | 0.1 | 0.6 | 0.8 | 1.0 | 82.2 | ||||||||
Net income (loss) from continuing operations | 285.3 | 6.9 | (38.9) | 0.4 | 3.9 | 2.5 | 3.2 | 263.2 | ||||||||
Less: Earnings (loss) allocated to participating securities | 6.3 | 0.2 | (0.9) | - | 0.1 | 0.1 | 0.1 | 5.8 | ||||||||
Net income (loss) from continuing operations available to diluted common shares | $ | 279.0 | $ | 6.7 | $ | (38.1) | $ | 0.4 | $ | 3.8 | $ | 2.4 | $ | 3.1 | $ | 257.4 |
Diluted earnings (loss) per common share from continuing operations | $ | 20.91 | $ | 0.51 | $ | (2.85) | $ | 0.03 | $ | 0.28 | $ | 0.18 | $ | 0.23 | $ | 19.29 |
Effective tax rate | 24.2 | % | 23.8 | % | ||||||||||||
SG&A as % gross profit (1)
|
64.5 | % | 66.8 | % | ||||||||||||
Operating margin (2)
|
5.3 | % | 4.9 | % | ||||||||||||
Pretax margin (3)
|
4.1 | % | 3.8 | % | ||||||||||||
Same Store SG&A expenses | $ | 956.8 | $ | (9.1) | $ | - | $ | (0.6) | $ | (4.5) | $ | (3.3) | $ | - | $ | 939.5 |
Same Store SG&A as % gross profit (1)
|
68.4 | % | 67.2 | % | ||||||||||||
Same Store income from operations | $ | 392.9 | $ | 9.1 | $ | - | $ | 0.6 | $ | 4.5 | $ | 3.3 | $ | 4.2 | $ | 414.4 |
Same Store operating margin (2)
|
4.6 | % | 4.9 | % |
U.S. GAAP | Non-GAAP adjustments | Non-GAAP adjusted | ||||
Net income from discontinued operations | $ | 0.8 | $ | - | $ | 0.8 |
Less: Earnings allocated to participating securities | - | - | - | |||
Net income from discontinued operations available to diluted common shares | $ | 0.8 | $ | - | $ | 0.8 |
Net income (loss) | $ | 286.1 | $ | (22.1) | $ | 264.0 |
Less: Earnings (loss) allocated to participating securities | 6.3 | (0.5) | 5.8 | |||
Net income (loss) available to diluted common shares | $ | 279.8 | $ | (21.6) | $ | 258.2 |
Diluted earnings per common share from discontinued operations | $ | 0.06 | $ | - | $ | 0.06 |
Diluted earnings (loss) per common share from continuing operations | 20.91 | (1.62) | 19.29 | |||
Diluted earnings (loss) per common share | $ | 20.97 | $ | (1.62) | $ | 19.35 |
Group 1 Automotive, Inc. | ||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated | ||||||||||||||
(Unaudited) | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||
U.S. GAAP | Non-cash gain on interest rate swaps | Dealership and real estate transactions | Acquisition costs | Legal items and other professional fees | Asset impairments and accelerated depreciation | Non-GAAP adjusted | ||||||||
SG&A expenses | $ | 942.7 | $ | - | $ | 11.4 | $ | (0.3) | $ | - | $ | - | $ | 953.9 |
Depreciation and amortization expense | $ | 45.5 | $ | - | $ | - | $ | - | $ | - | $ | (0.6) | $ | 45.0 |
Asset impairments | $ | 2.9 | $ | - | $ | - | $ | - | $ | - | $ | (2.9) | $ | - |
Income (loss) from operations | $ | 512.3 | $ | - | $ | (11.4) | $ | 0.3 | $ | - | $ | 3.5 | $ | 504.6 |
Other interest expense, net | $ | 45.6 | $ | 4.0 | $ | - | $ | - | $ | - | $ | - | $ | 49.6 |
Income (loss) before income taxes | $ | 434.3 | $ | (4.0) | $ | (11.4) | $ | 0.3 | $ | - | $ | 3.5 | $ | 422.5 |
Less: Provision (benefit) for income taxes | 105.2 | (0.9) | (4.9) | 0.1 | - | 0.8 | 100.2 | |||||||
Net income (loss) from continuing operations | 329.1 | (3.1) | (6.5) | 0.2 | - | 2.6 | 322.3 | |||||||
Less: Earnings (loss) allocated to participating securities | 8.2 | (0.1) | (0.2) | - | - | 0.1 | 8.1 | |||||||
Net income (loss) from continuing operations available to diluted common shares | $ | 320.8 | $ | (3.0) | $ | (6.4) | $ | 0.2 | $ | - | $ | 2.6 | $ | 314.2 |
Diluted earnings (loss) per common share from continuing operations | $ | 23.14 | $ | (0.22) | $ | (0.46) | $ | 0.01 | $ | - | $ | 0.18 | $ | 22.66 |
Effective tax rate | 24.2 | % | 23.7 | % | ||||||||||
SG&A as % gross profit (1)
|
62.7 | % | 63.4 | % | ||||||||||
Operating margin (2)
|
5.9 | % | 5.8 | % | ||||||||||
Pretax margin (3)
|
5.0 | % | 4.9 | % | ||||||||||
Same Store SG&A expenses | $ | 910.8 | $ | - | $ | - | $ | (0.3) | $ | - | $ | - | $ | 910.5 |
Same Store SG&A as % gross profit (1)
|
63.1 | % | 63.0 | % | ||||||||||
Same Store income from operations | $ | 487.9 | $ | - | $ | - | $ | 0.3 | $ | - | $ | 3.5 | $ | 491.6 |
Same Store operating margin (2)
|
5.8 | % | 5.9 | % |
U.S. GAAP | Non-GAAP adjustments | Non-GAAP adjusted | ||||
Net loss from discontinued operations | $ | (0.1) | $ | - | $ | (0.1) |
Less: Loss allocated to participating securities | - | - | - | |||
Net (loss) income from discontinued operations available to diluted common shares | $ | (0.1) | $ | - | $ | (0.1) |
Net income (loss) | $ | 329.0 | $ | (6.8) | $ | 322.2 |
Less: Earnings (loss) allocated to participating securities | 8.2 | (0.2) | 8.0 | |||
Net income (loss) available to diluted common shares | $ | 320.7 | $ | (6.6) | $ | 314.1 |
Diluted loss per common share from discontinued operations | $ | (0.01) | $ | - | $ | (0.01) |
Diluted earnings (loss) per common share from continuing operations | 23.14 | (0.48) | 22.66 | |||
Diluted earnings (loss) per common share | $ | 23.13 | $ | (0.48) | $ | 22.65 |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.S. | ||||||||||||
(Unaudited) | ||||||||||||
(In millions) | ||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Acquisition costs | Legal items and other professional fees | Non-GAAP adjusted | |||||||
SG&A expenses | $ | 417.6 | $ | (8.6) | $ | 21.5 | $ | (0.4) | $ | (0.2) | $ | 429.9 |
SG&A as % gross profit (1)
|
62.5 | % | 64.4 | % | ||||||||
Same Store SG&A expenses | $ | 401.2 | $ | (8.6) | $ | - | $ | (0.4) | $ | (0.2) | $ | 392.0 |
Same Store SG&A as % gross profit (1)
|
66.3 | % | 64.7 | % |
Three Months Ended June 30, 2023 | ||||||||||
U.S. GAAP | Dealership and real estate transactions | Acquisition costs | Legal items and other professional fees | Non-GAAP adjusted | ||||||
SG&A expenses | $ | 403.7 | $ | 8.6 | $ | (0.3) | $ | 1.1 | $ | 413.2 |
SG&A as % gross profit (1)
|
60.3 | % | 61.7 | % | ||||||
Same Store SG&A expenses | $ | 388.6 | $ | - | $ | (0.3) | $ | 1.1 | $ | 389.4 |
Same Store SG&A as % gross profit (1)
|
61.0 | % | 61.1 | % |
Six Months Ended June 30, 2024 | ||||||||||||
U.S. GAAP | Catastrophic events | Dealership and real estate transactions | Acquisition costs | Legal items and other professional fees | Non-GAAP adjusted | |||||||
SG&A expenses | $ | 812.5 | $ | (9.1) | $ | 52.4 | $ | (2.5) | $ | (3.3) | $ | 850.0 |
SG&A as % gross profit (1)
|
62.2 | % | 65.0 | % | ||||||||
Same Store SG&A expenses | $ | 798.8 | $ | (9.1) | $ | - | $ | (2.5) | $ | (3.3) | $ | 784.0 |
Same Store SG&A as % gross profit (1)
|
66.6 | % | 65.4 | % |
Six Months Ended June 30, 2023 | ||||||||||
U.S. GAAP | Dealership and real estate transactions | Acquisition costs | Legal items and other professional fees | Non-GAAP adjusted | ||||||
SG&A expenses | $ | 792.4 | $ | 10.5 | $ | (0.3) | $ | - | $ | 802.6 |
SG&A as % gross profit (1)
|
61.6 | % | 62.4 | % | ||||||
Same Store SG&A expenses | $ | 762.1 | $ | - | $ | (0.3) | $ | - | $ | 761.8 |
Same Store SG&A as % gross profit (1)
|
61.9 | % | 61.9 | % |
Group 1 Automotive, Inc. | ||||||||
Reconciliation of Certain Non-GAAP Financial Measures - U.K. | ||||||||
(Unaudited) | ||||||||
(In millions) | ||||||||
Three Months Ended June 30, 2024 | ||||||||
U.S. GAAP | Severance costs | Acquisition costs | Non-GAAP Adjusted | |||||
SG&A expenses | $ | 79.6 | $ | (0.1) | $ | (1.2) | $ | 78.2 |
SG&A as % gross profit (1)
|
80.5 | % | 79.1 | % | ||||
Same Store SG&A expenses | $ | 78.2 | $ | (0.1) | $ | (1.2) | $ | 76.8 |
Same Store SG&A as % gross profit (1)
|
80.2 | % | 78.8 | % |
Three Months Ended June 30, 2023 | ||||||
U.S. GAAP | Dealership and real estate transactions | Non-GAAP Adjusted | ||||
SG&A expenses | $ | 76.1 | $ | 0.9 | $ | 77.1 |
SG&A as % gross profit (1)
|
71.9 | % | 72.8 | % |
Six Months Ended June 30, 2024 | ||||||||
U.S. GAAP | Severance costs | Acquisition costs | Non-GAAP Adjusted | |||||
SG&A expenses | $ | 160.8 | $ | (0.6) | $ | (1.9) | $ | 158.3 |
SG&A as % gross profit (1)
|
79.5 | % | 78.3 | % | ||||
Same Store SG&A expenses | $ | 158.0 | $ | (0.6) | $ | (1.9) | $ | 155.5 |
Same Store SG&A as % gross profit (1)
|
79.2 | % | 77.9 | % |
Six Months Ended June 30, 2023 | ||||||
U.S. GAAP | Dealership and real estate transactions | Non-GAAP Adjusted | ||||
SG&A expenses | $ | 150.3 | $ | 0.9 | $ | 151.3 |
SG&A as % gross profit (1)
|
69.5 | % | 70.0 | % |