Group 1 Automotive Reports Second Quarter 2024 Financial Results

  • Current quarter diluted earnings per common share from continuing operations of $10.15 and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $9.80
  • Total revenues of $4.7 billion, a second quarter record and 3.0% increase over the comparable prior year period, driven by consolidated new vehicle revenues of $2.4 billion, a quarterly high
  • U.S. new vehicle, parts and service, and finance and insurance revenues achieve quarterly all-time records of $2.0 billion, $497.4 million, and $183.9 million, respectively

HOUSTON, July 24, 2024 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), a Fortune 250 automotive retailer with 206 dealerships located in the U.S. and U.K., today reported financial results for the second quarter of 2024 (“current quarter”).

Current quarter net income from continuing operations was $137.9 million. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.1 million. Current quarter diluted earnings per common share from continuing operations was $10.15. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.80.

“Our U.S. team persevered in the face of adversity this quarter. From extreme weather events in Texas and Oklahoma to the CDK outage, we experienced exemplary teamwork, focused on caring for our communities and team members and serving our valued customers efficiently and effectively. Despite these challenges, the U.S. team produced record quarterly new vehicle, parts and service and F&I revenues,” said Daryl Kenningham, Group 1’s President and Chief Executive Officer. “Our U.K. team remains focused on the acquisition of Inchcape’s U.K. retail automotive business planned for Q3 2024, and we look forward to the successful completion of the transaction which will further strengthen our U.K. presence through the addition of quality assets with an expanded geographic footprint.”

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between  continuing and discontinued operations are included in the accompanying financial tables.

Current Quarter Results Overview

Total revenues for the current quarter were $4.7 billion, a 3.0% increase compared to $4.6 billion for the second quarter of 2023 (“prior year quarter”).

Net income from continuing operations for the current quarter was $137.9 million, a 19.0% decrease compared to $170.3 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.1 million, a 19.9% decrease compared to $166.1 million for the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was $10.15, a 15.6% decrease compared to $12.02 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.80, a 16.4% decrease compared to $11.73 for the prior year quarter.

Second Quarter 2024

Key Performance Metrics

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

2Q24

Change

2Q24

Change

Total revenues

$4.7B

+3.0 %

$4.3B

(1.1) %

Total gross profit (“GP”)

$766.5M

(1.2) %

$703.1M

(5.2) %

NV units sold

47,661

+6.5 %

42,734

(0.2) %

NV GP per retail unit (“PRU”)

$3,568

(20.8) %

$3,570

(21.1) %

Used vehicle (“UV”) retail units sold

49,260

+5.3 %

46,170

+3.6 %

UV retail GP PRU

$1,638

(2.8) %

$1,630

(3.2) %

Parts & service (“P&S”) GP

$316.8M

+4.2 %

$293.2M

+1.0 %

P&S Gross Margin (“GM”)

55.1 %

+1.0 %

54.5 %

+0.6 %

Finance and Insurance (“F&I”) revenues

$200.1M

+5.2 %

$183.5M

+1.1 %

F&I GP PRU

$2,065

(0.7) %

$2,063

(0.7) %

Selling, General and Administrative (“SG&A”) expenses as a % of GP

64.9 %

+299 bps

68.2 %

+555 bps

Adjusted SG&A expenses (a non-GAAP measure) as a % of GP

66.3 %

+307 bps

66.7 %

+393 bps

CDK Outage

On June 19, 2024, the Company was informed of a cybersecurity incident experienced by CDK Global LLC (“CDK”), which resulted in service outages on CDK’s dealers’ systems (the “CDK incident”). CDK provides clients in the automotive industry, including Group 1 dealerships in the U.S., with a software as a service platform used by dealerships in managing customer relationships, sales, financing, service, inventory and back-office operations. The CDK incident temporarily disrupted the Company’s business applications and processes in its U.S. operations that rely on CDK’s dealers’ systems. On June 26, 2024, CDK restored service to the Company for the core dealer management system (“DMS”), at which time, subject to certain modified procedures, we resumed processing transactions through the CDK DMS.

Corporate Development

The speed and efficiency at which we have integrated new acquisitions into our existing operations has been a consistent contributor to our success and a driver of incremental value creation for our shareholders. In July 2024, the Company acquired four Mercedes-Benz dealerships located north of London in the county of Hertfordshire. This acquisition is expected to generate $105.0 million in annual revenues with new car sales recorded as net revenue under the agency model.

Year-to-date, the Company has successfully acquired and integrated dealership operations with total expected annual revenues of approximately $1.1 billion.

In the current quarter, the Company disposed of one dealership located in New Hampshire and one collision center located in South Carolina. These disposals generated approximately $75.0 million in annual revenues, bringing year-to-date total disposed annual revenues for the Company to $335.0 million.

Share Repurchases

During the current quarter, the Company repurchased 149,570 shares at an average price per common share of $307.82, for a total of $46.0 million, excluding excise taxes of $0.4 million. During the six months ended June 30, 2024, the Company repurchased 352,920 shares, representing approximately 2.6% of the Company’s outstanding common shares at January 1 of the current year, at an average price per common share of $282.81, for a total of $99.8 million, excluding excise taxes of $0.8 million.

As of June 30, 2024, the Company had an aggregate 13.4 million outstanding common shares and unvested restricted stock awards. The Company currently has $204.6 million remaining on its Board authorized common share repurchase program.

Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

Second Quarter 2024 Earnings Conference Call Details

Group 1’s senior management will host a conference call today at 10:00 a.m. ET to discuss the second quarter 2024 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company’s presentation will also be made available at http://www.group1corp.com/company-presentations

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic:

1-888-317-6003


International:

1-412-317-6061


Passcode:

2878625


A telephonic replay will be available following the call through July 31, 2024, by dialing:

Domestic:

1-877-344-7529


International:

1-412-317-0088


Replay Code:

3906572


ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 206 automotive dealerships, 270 franchises, and 42 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our ability to complete the acquisition of the Inchcape dealerships at any time or at all, our ability to realize the anticipated benefits of the acquisition and our future financial position following such acquisition, as well as impact of cyberattacks or other privacy/data security incidents, our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may” or “will” and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) our ability to realize the benefits expected from proposed acquisitions, including any anticipated cost reductions,(i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in Ukraine and the Middle East, (k) the impacts of continued inflation and any potential global recession, (l) our ability to maintain sufficient liquidity to operate, (m) our ability to successfully integrate recent and future acquisitions, (n) a material failure in or breach of our vendors’ information technology systems and other cybersecurity incidents, and (o) the receipt of any insurance or other recoveries. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or “core,” business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, snow-storm, and employment compensation costs associated with the CDK outage. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.

Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.

Investor contacts:

Terry Bratton

Manager, Investor Relations

Group 1 Automotive, Inc.

ir@group1auto.com

Media contacts:

Pete DeLongchamps

Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs

Group 1 Automotive, Inc.

[email protected]

or

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | [email protected]

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Three Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       2,364.2


$       2,243.2


$          121.0


5.4 %

Used vehicle retail sales


1,453.2


1,450.6


2.6


0.2 %

Used vehicle wholesale sales


104.3


112.5


(8.2)


(7.3) %

Parts and service sales


574.5


562.0


12.6


2.2 %

Finance, insurance and other, net


200.1


190.3


9.8


5.2 %

   Total revenues


4,696.4


4,558.5


137.9


3.0 %

COST OF SALES:









New vehicle retail sales


2,194.1


2,041.7


152.4


7.5 %

Used vehicle retail sales


1,372.6


1,371.8


0.7


0.1 %

Used vehicle wholesale sales


105.4


111.6


(6.2)


(5.5) %

Parts and service sales


257.7


257.9


(0.2)


(0.1) %

   Total cost of sales


3,929.8


3,783.0


146.8


3.9 %

GROSS PROFIT


766.5


775.5


(9.0)


(1.2) %

Selling, general and administrative expenses


497.2


479.9


17.4


3.6 %

Depreciation and amortization expense


28.2


23.1


5.1


22.1 %

Asset impairments



1.8


(1.8)


(100.0) %

INCOME FROM OPERATIONS


241.1


270.8


(29.6)


(10.9) %

Floorplan interest expense


24.7


15.6


9.0


58.0 %

Other interest expense, net


33.4


25.9


7.4


28.7 %

Other expense


0.1


1.3


(1.3)


(93.4) %

INCOME BEFORE INCOME TAXES


183.0


227.9


(44.9)


(19.7) %

Provision for income taxes


45.2


57.6


(12.4)


(21.6) %

Net income from continuing operations


137.9


170.3


(32.4)


(19.0) %

Net income from discontinued operations


0.3


0.2


0.1


24.5 %

NET INCOME


$          138.2


$          170.5


$          (32.4)


(19.0) %

Less: Earnings allocated to participating securities


2.9


4.1


(1.2)


(29.3) %

Net income available to diluted common shares


$          135.2


$          166.4


$          (31.2)


(18.7) %

Diluted earnings per share from continuing operations


$          10.15


$          12.02


$          (1.87)


(15.6) %

Diluted earnings per share from discontinued operations


$            0.02


$            0.02


$               —


29.8 %

DILUTED EARNINGS PER SHARE


$          10.17


$          12.04


$          (1.87)


(15.5) %

Weighted average dilutive common shares outstanding


13.3


13.8


(0.5)


(3.8) %

Weighted average participating securities


0.3


0.3


(0.1)


(16.1) %

Total weighted average shares


13.6


14.2


(0.6)


(4.1) %

Effective tax rate on continuing operations


24.7 %


25.3 %


(0.6) %



 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Six Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       4,546.8


$       4,198.9


$          347.9


8.3 %

Used vehicle retail sales


2,870.0


2,799.5


70.5


2.5 %

Used vehicle wholesale sales


210.3


224.4


(14.1)


(6.3) %

Parts and service sales


1,150.8


1,110.3


40.4


3.6 %

Finance, insurance and other, net


389.0


355.4


33.6


9.4 %

   Total revenues


9,166.9


8,688.5


478.4


5.5 %

COST OF SALES:









New vehicle retail sales


4,217.2


3,810.7


406.6


10.7 %

Used vehicle retail sales


2,707.2


2,644.0


63.3


2.4 %

Used vehicle wholesale sales


212.4


221.6


(9.2)


(4.2) %

Parts and service sales


520.9


508.9


12.0


2.4 %

   Total cost of sales


7,657.7


7,185.1


472.6


6.6 %

GROSS PROFIT


1,509.1


1,503.4


5.7


0.4 %

Selling, general and administrative expenses


973.3


942.7


30.6


3.3 %

Depreciation and amortization expense


52.0


45.5


6.5


14.2 %

Asset impairments



2.9


(2.9)


(100.0) %

INCOME FROM OPERATIONS


483.8


512.3


(28.5)


(5.6) %

Floorplan interest expense


45.2


28.2


17.0


60.0 %

Other interest expense, net


62.7


45.6


17.1


37.5 %

Other (income) expense, net


(0.4)


4.2


(4.6)


(109.2) %

INCOME BEFORE INCOME TAXES


376.3


434.2


(58.0)


(13.3) %

Provision for income taxes


91.0


105.2


(14.2)


(13.5) %

Net income from continuing operations


285.3


329.1


(43.8)


(13.3) %

Net income (loss) from discontinued operations


0.8


(0.1)


0.9


926.3 %

NET INCOME


$          286.1


$          329.0


$          (42.9)


(13.0) %

Less: Earnings allocated to participating securities


6.3


8.2


(1.9)


(23.7) %

Net income available to diluted common shares


$          279.8


$          320.7


$          (41.0)


(12.8) %

Diluted earnings per share from continuing operations


$          20.91


$          23.14


$          (2.23)


(9.6) %

Diluted earnings (loss) per share from discontinued operations


$            0.06


$           (0.01)


$           0.06


961.5 %

DILUTED EARNINGS PER SHARE


$          20.97


$          23.13


$          (2.16)


(9.3) %

Weighted average dilutive common shares outstanding


13.3


13.9


(0.5)


(3.8) %

Weighted average participating securities


0.3


0.4


(0.1)


(15.8) %

Total weighted average shares


13.6


14.2


(0.6)


(4.1) %

Effective tax rate on continuing operations


24.2 %


24.2 %


— %



 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)












June 30, 2024


December 31, 2023


Increase/

(Decrease)


% Change

SELECTED BALANCE SHEET INFORMATION:







(In millions)









Cash and cash equivalents


$                        64.4


$                        57.2


$                       7.2


12.5 %

Inventories, net


$                   2,356.8


$                   1,963.4


$                   393.4


20.0 %

Floorplan notes payable, net (1)


$                   2,099.9


$                   1,565.4


$                   534.5


34.1 %

Total debt


$                   2,450.0


$                   2,098.8


$                   351.2


16.7 %

Total equity


$                   2,866.3


$                   2,674.4


$                   191.9


7.2 %


(1) Amounts are net of offset accounts of $94.1 and $275.2, respectively.

 



Three Months Ended June 30,


Six Months Ended June 30,



2024


2023


2024


2023

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:









United States


82.4 %


82.0 %


81.1 %


80.1 %

United Kingdom


17.6 %


18.0 %


18.9 %


19.9 %










NEW VEHICLE UNIT SALES BRAND MIX:







Toyota/Lexus


26.5 %


23.1 %


26.0 %


22.7 %

Volkswagen/Audi/Porsche/SEAT/SKODA


13.2 %


14.7 %


13.5 %


16.1 %

BMW/MINI


10.6 %


11.3 %


11.2 %


11.8 %

Honda/Acura


10.1 %


8.0 %


9.4 %


7.6 %

Chevrolet/GMC/Buick


9.6 %


9.4 %


9.3 %


8.1 %

Ford/Lincoln


7.1 %


7.7 %


7.2 %


8.0 %

Hyundai/Kia/Genesis


6.0 %


5.0 %


5.7 %


5.0 %

Mercedes-Benz/Sprinter


5.6 %


6.5 %


5.7 %


6.5 %

Subaru


3.4 %


2.6 %


3.4 %


2.7 %

Chrysler/Dodge/Jeep/RAM


2.4 %


4.6 %


2.5 %


4.1 %

Nissan


2.4 %


4.0 %


2.5 %


4.1 %

Jaguar/Land Rover


1.7 %


1.6 %


1.9 %


1.8 %

Mazda


1.2 %


1.3 %


1.3 %


1.2 %

Other


0.2 %


0.3 %


0.2 %


0.4 %



100.0 %


100.0 %


100.0 %


100.0 %

 



June 30, 2024


December 31, 2023


June 30, 2023

DAYS’ SUPPLY IN INVENTORY (1):







Consolidated







New vehicle inventory


56


37


27

Used vehicle inventory


34


35


35

U.S.







New vehicle inventory


62


36


27

Used vehicle inventory


30


29


31

U.K.







New vehicle inventory


35


48


29

Used vehicle inventory


49


58


48


(1) Days’ supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)




Three Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$    2,364.2


$    2,243.2


$       121.0


5.4 %



$              2.7


5.3 %

Used vehicle retail sales

1,453.2


1,450.6


2.6


0.2 %



2.3


— %

Used vehicle wholesale sales

104.3


112.5


(8.2)


(7.3) %



0.2


(7.4) %

   Total used

1,557.5


1,563.0


(5.5)


(0.4) %



2.5


(0.5) %

Parts and service sales

574.5


562.0


12.6


2.2 %



0.6


2.1 %

F&I, net

200.1


190.3


9.8


5.2 %



0.1


5.1 %

   Total revenues

$    4,696.4


$    4,558.5


$       137.9


3.0 %



$              5.8


2.9 %

Gross profit:













New vehicle retail sales

$       170.0


$       201.5


$        (31.4)


(15.6) %



$              0.2


(15.7) %

Used vehicle retail sales

80.7


78.8


1.9


2.4 %



0.1


2.3 %

Used vehicle wholesale sales

(1.1)


0.9


(2.0)


NM




NM

   Total used

79.5


79.6


(0.1)


(0.1) %



0.1


(0.3) %

Parts and service sales

316.8


304.1


12.7


4.2 %



0.3


4.1 %

F&I, net

200.1


190.3


9.8


5.2 %



0.1


5.1 %

   Total gross profit

$       766.5


$       775.5


$          (9.0)


(1.2) %



$              0.7


(1.3) %

Gross margin:













New vehicle retail sales

7.2 %


9.0 %


(1.8) %








Used vehicle retail sales

5.6 %


5.4 %


0.1 %








Used vehicle wholesale sales

(1.1) %


0.8 %


(1.8) %








   Total used

5.1 %


5.1 %


— %








Parts and service sales

55.1 %


54.1 %


1.0 %








   Total gross margin

16.3 %


17.0 %


(0.7) %








Units sold:













Retail new vehicles sold (1)

47,661


44,740


2,921


6.5 %






Retail used vehicles sold

49,260


46,764


2,496


5.3 %






Wholesale used vehicles sold

11,819


10,493


1,326


12.6 %






   Total used

61,079


57,257


3,822


6.7 %






Average sales price per unit sold:













New vehicle retail (1)

$     49,996


$     50,504


$         (508)


(1.0) %



$               56


(1.1) %

Used vehicle retail

$     29,501


$     31,019


$      (1,518)


(4.9) %



$               46


(5.0) %

Gross profit per unit sold:













New vehicle retail sales

$       3,568


$       4,503


$         (935)


(20.8) %



$                 4


(20.9) %

Used vehicle retail sales

$       1,638


$       1,684


$           (47)


(2.8) %



$                 2


(2.9) %

Used vehicle wholesale sales

$           (96)


$            81


$         (177)


NM



$               —


NM

   Total used

$       1,302


$       1,390


$           (88)


(6.4) %



$                 2


(6.5) %

F&I PRU

$       2,065


$       2,080


$           (15)


(0.7) %



$                 1


(0.8) %

Other:













SG&A expenses

$       497.2


$       479.9


$         17.4


3.6 %



$              0.6


3.5 %

Adjusted SG&A expenses (2)

$       508.2


$       490.3


$         17.9


3.6 %



$              0.6


3.5 %

SG&A as % gross profit

64.9 %


61.9 %


3.0 %








Adjusted SG&A as % gross profit (2)

66.3 %


63.2 %


3.1 %








Operating margin %

5.1 %


5.9 %


(0.8) %








Adjusted operating margin % (2)

5.0 %


5.8 %


(0.8) %








Pretax margin %

3.9 %


5.0 %


(1.1) %








Adjusted pretax margin % (2)

3.7 %


4.8 %


(1.1) %








Floorplan expense:













Floorplan interest expense

$         24.7


$         15.6


$           9.0


58.0 %



$               —


57.8 %

Less: Floorplan assistance (3)

21.0


18.5


2.5


13.3 %




13.3 %

   Net floorplan expense

$           3.7


$          (2.9)


$           6.6





$               —




(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

NM – not meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$    4,546.8


$    4,198.9


$       347.9


8.3 %



$            19.0


7.8 %

Used vehicle retail sales

2,870.0


2,799.5


70.5


2.5 %



15.7


2.0 %

Used vehicle wholesale sales

210.3


224.4


(14.1)


(6.3) %



1.3


(6.8) %

   Total used

3,080.3


3,023.9


56.4


1.9 %



16.9


1.3 %

Parts and service sales

1,150.8


1,110.3


40.4


3.6 %



4.0


3.3 %

F&I, net

389.0


355.4


33.6


9.4 %



0.9


9.2 %

   Total revenues

$    9,166.9


$    8,688.5


$       478.4


5.5 %



$            40.8


5.0 %

Gross profit:













New vehicle retail sales

$       329.6


$       388.2


$        (58.6)


(15.1) %



$              1.4


(15.5) %

Used vehicle retail sales

162.7


155.5


7.2


4.7 %



0.8


4.2 %

Used vehicle wholesale sales

(2.0)


2.9


(4.9)


NM



(0.1)


NM

   Total used

160.7


158.4


2.3


1.5 %



0.7


1.0 %

Parts and service sales

629.9


601.4


28.4


4.7 %



2.3


4.4 %

F&I, net

389.0


355.4


33.6


9.4 %



0.9


9.2 %

   Total gross profit

$    1,509.1


$    1,503.4


$           5.7


0.4 %



$              5.2


— %

Gross margin:













New vehicle retail sales

7.2 %


9.2 %


(2.0) %








Used vehicle retail sales

5.7 %


5.6 %


0.1 %








Used vehicle wholesale sales

(1.0) %


1.3 %


(2.2) %








   Total used

5.2 %


5.2 %


— %








Parts and service sales

54.7 %


54.2 %


0.6 %








   Total gross margin

16.5 %


17.3 %


(0.8) %








Units sold:













Retail new vehicles sold (1)

91,963


84,389


7,574


9.0 %






Retail used vehicles sold

98,443


92,201


6,242


6.8 %






Wholesale used vehicles sold

23,647


20,867


2,780


13.3 %






   Total used

122,090


113,068


9,022


8.0 %






Average sales price per unit sold:













New vehicle retail (1)

$     49,858


$     50,103


$         (245)


(0.5) %



$             208


(0.9) %

Used vehicle retail

$     29,154


$     30,363


$      (1,209)


(4.0) %



$             159


(4.5) %

Gross profit per unit sold:













New vehicle retail sales

$       3,584


$       4,600


$      (1,017)


(22.1) %



$               15


(22.4) %

Used vehicle retail sales

$       1,653


$       1,687


$           (33)


(2.0) %



$                 8


(2.4) %

Used vehicle wholesale sales

$           (86)


$          137


$         (223)


NM



$                (2)


NM

   Total used

$       1,316


$       1,401


$           (84)


(6.0) %



$                 6


(6.4) %

F&I PRU

$       2,043


$       2,013


$            30


1.5 %



$                 5


1.3 %

Other:













SG&A expenses

$       973.3


$       942.7


$         30.6


3.3 %



$              4.0


2.8 %

Adjusted SG&A expenses (2)

$    1,008.3


$       953.9


$         54.5


5.7 %



$              4.0


5.3 %

SG&A as % gross profit

64.5 %


62.7 %


1.8 %








Adjusted SG&A as % gross profit (2)

66.8 %


63.4 %


3.4 %








Operating margin %

5.3 %


5.9 %


(0.6) %








Adjusted operating margin % (2)

4.9 %


5.8 %


(0.9) %








Pretax margin %

4.1 %


5.0 %


(0.9) %








Adjusted pretax margin % (2)

3.8 %


4.9 %


(1.1) %








Floorplan expense:













Floorplan interest expense

$         45.2


$         28.2


$         17.0


60.0 %



$              0.1


59.5 %

Less: Floorplan assistance (3)

39.3


33.1


6.3


18.9 %




18.9 %

   Net floorplan expense

$           5.9


$          (4.8)


$         10.7





$              0.1




(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

NM – not meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)












Three Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change

Revenues:









New vehicle retail sales


$       2,009.5


$       1,915.5


$            94.0


4.9 %

Used vehicle retail sales


1,151.9


1,139.9


12.0


1.1 %

Used vehicle wholesale sales


78.4


79.8


(1.3)


(1.7) %

   Total used


1,230.4


1,219.7


10.7


0.9 %

Parts and service sales


497.4


491.2


6.2


1.3 %

F&I, net


183.9


173.2


10.6


6.1 %

   Total revenues


$       3,921.2


$       3,799.6


$          121.6


3.2 %

Gross profit:









New vehicle retail sales


$          144.3


$          170.7


$           (26.4)


(15.5) %

Used vehicle retail sales


65.8


62.0


3.8


6.2 %

Used vehicle wholesale sales


1.3


1.2


0.1


4.3 %

   Total used


67.1


63.2


3.9


6.2 %

Parts and service sales


272.5


262.6


9.9


3.8 %

F&I, net


183.9


173.2


10.6


6.1 %

   Total gross profit


$          667.7


$          669.7


$             (1.9)


(0.3) %

Gross margin:









New vehicle retail sales


7.2 %


8.9 %


(1.7) %



Used vehicle retail sales


5.7 %


5.4 %


0.3 %



Used vehicle wholesale sales


1.6 %


1.5 %


0.1 %



   Total used


5.5 %


5.2 %


0.3 %



Parts and service sales


54.8 %


53.5 %


1.3 %



   Total gross margin


17.0 %


17.6 %


(0.6) %



Units sold:









Retail new vehicles sold


39,273


36,695


2,578


7.0 %

Retail used vehicles sold


38,611


36,306


2,305


6.3 %

Wholesale used vehicles sold


8,964


7,436


1,528


20.5 %

   Total used


47,575


43,742


3,833


8.8 %

Average sales price per unit sold:









New vehicle retail


$        51,169


$        52,201


$         (1,032)


(2.0) %

Used vehicle retail


$        29,834


$        31,397


$         (1,562)


(5.0) %

Gross profit per unit sold:









New vehicle retail sales


$          3,674


$          4,651


$            (977)


(21.0) %

Used vehicle retail sales


$          1,705


$          1,707


$                (2)


(0.1) %

Used vehicle wholesale sales


$             141


$             163


$              (22)


(13.5) %

   Total used


$          1,410


$          1,445


$              (34)


(2.4) %

F&I PRU


$          2,361


$          2,373


$              (12)


(0.5) %

Other:









SG&A expenses


$          417.6


$          403.7


$            13.9


3.4 %

Adjusted SG&A expenses (1)


$          429.9


$          413.2


$            16.8


4.1 %

SG&A as % gross profit


62.5 %


60.3 %


2.3 %



Adjusted SG&A as % gross profit (1)


64.4 %


61.7 %


2.7 %




(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)












Six Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change

Revenues:









New vehicle retail sales


$       3,809.4


$       3,524.1


$          285.3


8.1 %

Used vehicle retail sales


2,251.4


2,170.0


81.4


3.8 %

Used vehicle wholesale sales


158.3


162.1


(3.8)


(2.3) %

   Total used


2,409.7


2,332.1


77.6


3.3 %

Parts and service sales


992.6


965.0


27.6


2.9 %

F&I, net


355.2


320.8


34.4


10.7 %

   Total revenues


$       7,566.9


$       7,142.0


$          424.9


5.9 %

Gross profit:









New vehicle retail sales


$          276.2


$          324.8


$           (48.6)


(15.0) %

Used vehicle retail sales


132.4


121.8


10.7


8.8 %

Used vehicle wholesale sales


2.7


3.4


(0.8)


(22.4) %

   Total used


135.1


125.2


9.9


7.9 %

Parts and service sales


540.3


516.4


23.9


4.6 %

F&I, net


355.2


320.8


34.4


10.7 %

   Total gross profit


$       1,306.8


$       1,287.2


$            19.6


1.5 %

Gross margin:









New vehicle retail sales


7.2 %


9.2 %


(2.0) %



Used vehicle retail sales


5.9 %


5.6 %


0.3 %



Used vehicle wholesale sales


1.7 %


2.1 %


(0.4) %



   Total used


5.6 %


5.4 %


0.2 %



Parts and service sales


54.4 %


53.5 %


0.9 %



   Total gross margin


17.3 %


18.0 %


(0.8) %



Units sold:









Retail new vehicles sold


74,614


67,578


7,036


10.4 %

Retail used vehicles sold


76,496


70,746


5,750


8.1 %

Wholesale used vehicles sold


18,052


14,916


3,136


21.0 %

   Total used


94,548


85,662


8,886


10.4 %

Average sales price per unit sold:









New vehicle retail


$        51,054


$        52,148


$         (1,094)


(2.1) %

Used vehicle retail


$        29,431


$        30,672


$         (1,241)


(4.0) %

Gross profit per unit sold:









New vehicle retail sales


$          3,701


$          4,806


$         (1,105)


(23.0) %

Used vehicle retail sales


$          1,731


$          1,721


$               10


0.6 %

Used vehicle wholesale sales


$             148


$             231


$              (83)


(35.9) %

   Total used


$          1,429


$          1,462


$              (33)


(2.2) %

F&I PRU


$          2,351


$          2,320


$               31


1.4 %

Other:









SG&A expenses


$          812.5


$          792.4


$            20.1


2.5 %

Adjusted SG&A expenses (1)


$          850.0


$          802.6


$            47.4


5.9 %

SG&A as % gross profit


62.2 %


61.6 %


0.6 %



Adjusted SG&A as % gross profit (1)


65.0 %


62.4 %


2.7 %




(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)




Three Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$       354.6


$       327.6


$         27.0


8.2 %



$              2.7


7.4 %

Used vehicle retail sales

301.3


310.7


(9.4)


(3.0) %



2.3


(3.8) %

Used vehicle wholesale sales

25.9


32.7


(6.8)


(20.9) %



0.2


(21.4) %

   Total used

327.1


343.4


(16.2)


(4.7) %



2.5


(5.4) %

Parts and service sales

77.1


70.8


6.3


9.0 %



0.6


8.1 %

F&I, net

16.3


17.1


(0.8)


(4.7) %



0.1


(5.4) %

   Total revenues

$       775.2


$       758.9


$         16.3


2.1 %



$              5.8


1.4 %

Gross profit:













New vehicle retail sales

$         25.7


$         30.8


$          (5.1)


(16.4) %



$              0.2


(17.1) %

Used vehicle retail sales

14.8


16.8


(1.9)


(11.6) %



0.1


(12.3) %

Used vehicle wholesale sales

(2.4)


(0.4)


(2.0)


NM




NM

   Total used

12.4


16.4


(4.0)


(24.3) %



0.1


(25.0) %

Parts and service sales

44.4


41.5


2.8


6.8 %



0.3


6.0 %

F&I, net

16.3


17.1


(0.8)


(4.7) %



0.1


(5.4) %

   Total gross profit

$         98.8


$       105.8


$          (7.0)


(6.6) %



$              0.7


(7.3) %

Gross margin:













New vehicle retail sales

7.3 %


9.4 %


(2.1) %








Used vehicle retail sales

4.9 %


5.4 %


(0.5) %








Used vehicle wholesale sales

(9.3) %


(1.1) %


(8.2) %








   Total used

3.8 %


4.8 %


(1.0) %








Parts and service sales

57.5 %


58.7 %


(1.2) %








   Total gross margin

12.7 %


13.9 %


(1.2) %








Units sold:













Retail new vehicles sold (1)

8,388


8,045


343


4.3 %






Retail used vehicles sold

10,649


10,458


191


1.8 %






Wholesale used vehicles sold

2,855


3,057


(202)


(6.6) %






   Total used

13,504


13,515


(11)


(0.1) %






Average sales price per unit sold:













New vehicle retail (1)

$     44,235


$     42,416


$       1,818


4.3 %



$             332


3.5 %

Used vehicle retail

$     28,293


$     29,708


$      (1,416)


(4.8) %



$             215


(5.5) %

Gross profit per unit sold:













New vehicle retail sales

$       3,069


$       3,829


$         (759)


(19.8) %



$               24


(20.5) %

Used vehicle retail sales

$       1,392


$       1,604


$         (211)


(13.2) %



$               11


(13.8) %

Used vehicle wholesale sales

$         (842)


$         (119)


$         (723)


NM



$                 1


NM

   Total used

$          920


$       1,214


$         (294)


(24.2) %



$                 9


(24.9) %

F&I PRU

$          855


$          923


$           (68)


(7.3) %



$                 7


(8.1) %

Other:













SG&A expenses

$         79.6


$         76.1


$           3.4


4.5 %



$              0.6


3.7 %

Adjusted SG&A expenses (2)

$         78.2


$         77.1


$           1.1


1.5 %



$              0.6


0.7 %

SG&A as % gross profit

80.5 %


71.9 %


8.6 %








Adjusted SG&A as % gross profit (2)

79.1 %


72.8 %


6.3 %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Six Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$       737.4


$       674.8


$         62.6


9.3 %



$            19.0


6.5 %

Used vehicle retail sales

618.6


629.5


(10.9)


(1.7) %



15.7


(4.2) %

Used vehicle wholesale sales

52.0


62.3


(10.3)


(16.5) %



1.3


(18.5) %

   Total used

670.6


691.8


(21.2)


(3.1) %



16.9


(5.5) %

Parts and service sales

158.2


145.3


12.9


8.9 %



4.0


6.1 %

F&I, net

33.8


34.6


(0.8)


(2.4) %



0.9


(4.8) %

   Total revenues

$    1,600.0


$    1,546.5


$         53.4


3.5 %



$            40.8


0.8 %

Gross profit:













New vehicle retail sales

$         53.4


$         63.4


$        (10.0)


(15.8) %



$              1.4


(18.0) %

Used vehicle retail sales

30.3


33.7


(3.4)


(10.2) %



0.8


(12.4) %

Used vehicle wholesale sales

(4.7)


(0.6)


(4.1)


NM



(0.1)


NM

   Total used

25.6


33.1


(7.6)


(22.8) %



0.7


(24.9) %

Parts and service sales

89.6


85.1


4.5


5.3 %



2.3


2.6 %

F&I, net

33.8


34.6


(0.8)


(2.4) %



0.9


(4.8) %

   Total gross profit

$       202.3


$       216.2


$        (13.9)


(6.4) %



$              5.2


(8.8) %

Gross margin:













New vehicle retail sales

7.2 %


9.4 %


(2.2) %








Used vehicle retail sales

4.9 %


5.4 %


(0.5) %








Used vehicle wholesale sales

(9.1) %


(0.9) %


(8.1) %








   Total used

3.8 %


4.8 %


(1.0) %








Parts and service sales

56.6 %


58.5 %


(1.9) %








   Total gross margin

12.6 %


14.0 %


(1.3) %








Units sold:













Retail new vehicles sold (1)

17,349


16,811


538


3.2 %






Retail used vehicles sold

21,947


21,455


492


2.3 %






Wholesale used vehicles sold

5,595


5,951


(356)


(6.0) %






   Total used

27,542


27,406


136


0.5 %






Average sales price per unit sold:













New vehicle retail (1)

$     44,459


$     41,566


$       2,893


7.0 %



$          1,145


4.2 %

Used vehicle retail

$     28,185


$     29,341


$      (1,155)


(3.9) %



$             715


(6.4) %

Gross profit per unit sold:













New vehicle retail sales

$       3,078


$       3,772


$         (694)


(18.4) %



$               80


(20.5) %

Used vehicle retail sales

$       1,381


$       1,572


$         (192)


(12.2) %



$               35


(14.4) %

Used vehicle wholesale sales

$         (842)


$           (99)


$         (743)


NM



$              (10)


NM

   Total used

$          929


$       1,209


$         (280)


(23.2) %



$               26


(25.3) %

F&I PRU

$          859


$          904


$           (44)


(4.9) %



$               22


(7.3) %

Other:













SG&A expenses

$       160.8


$       150.3


$         10.5


7.0 %



$              4.0


4.3 %

Adjusted SG&A expenses (2)

$       158.3


$       151.3


$           7.1


4.7 %



$              4.0


2.1 %

SG&A as % gross profit

79.5 %


69.5 %


10.0 %








Adjusted SG&A as % gross profit (2)

78.3 %


70.0 %


8.3 %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

















Three Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$    2,126.2


$    2,146.3


$       (20.1)


(0.9) %



$              2.7


(1.1) %

Used vehicle retail sales

1,360.4


1,382.5


(22.1)


(1.6) %



2.3


(1.8) %

Used vehicle wholesale sales

97.0


106.7


(9.8)


(9.2) %



0.2


(9.3) %

   Total used

1,457.4


1,489.3


(31.9)


(2.1) %



2.5


(2.3) %

Parts and service sales

537.6


537.5



— %



0.6


(0.1) %

F&I, net

183.5


181.5


2.0


1.1 %



0.1


1.0 %

   Total revenues

$    4,304.5


$    4,354.6


$       (50.0)


(1.1) %



$              5.8


(1.3) %

Gross profit:













New vehicle retail sales

$       152.6


$       193.8


$       (41.2)


(21.3) %



$              0.2


(21.4) %

Used vehicle retail sales

75.3


75.1


0.2


0.2 %



0.1


0.1 %

Used vehicle wholesale sales

(1.3)


0.9


(2.2)


NM




NM

   Total used

73.9


76.0


(2.0)


(2.7) %



0.1


(2.8) %

Parts and service sales

293.2


290.1


3.0


1.0 %



0.3


0.9 %

F&I, net

183.5


181.5


2.0


1.1 %



0.1


1.0 %

   Total gross profit

$       703.1


$       741.4


$       (38.3)


(5.2) %



$              0.7


(5.3) %

Gross margin:













New vehicle retail sales

7.2 %


9.0 %


(1.9) %








Used vehicle retail sales

5.5 %


5.4 %


0.1 %








Used vehicle wholesale sales

(1.4) %


0.8 %


(2.2) %








   Total used

5.1 %


5.1 %


— %








Parts and service sales

54.5 %


54.0 %


0.6 %








   Total gross margin

16.3 %


17.0 %


(0.7) %








Units sold:













Retail new vehicles sold (1)

42,734


42,815


(81)


(0.2) %






Retail used vehicles sold

46,170


44,562


1,608


3.6 %






Wholesale used vehicles sold

10,863


9,993


870


8.7 %






   Total used

57,033


54,555


2,478


4.5 %






Average sales price per unit sold:













New vehicle retail (1)

$     50,192


$     50,512


$        (320)


(0.6) %



$               63


(0.8) %

Used vehicle retail

$     29,465


$     31,025


$     (1,560)


(5.0) %



$               50


(5.2) %

Gross profit per unit sold:













New vehicle retail sales

$       3,570


$       4,525


$        (956)


(21.1) %



$                 5


(21.2) %

Used vehicle retail sales

$       1,630


$       1,685


$          (55)


(3.2) %



$                 2


(3.4) %

Used vehicle wholesale sales

$         (122)


$            90


$        (213)


NM



$               —


NM

   Total used

$       1,296


$       1,393


$          (96)


(6.9) %



$                 2


(7.1) %

F&I PRU

$       2,063


$       2,077


$          (14)


(0.7) %



$                 1


(0.7) %

Other:













SG&A expenses

$       479.4


$       464.4


$        15.1


3.2 %



$              0.6


3.1 %

Adjusted SG&A expenses (2)

$       468.9


$       465.2


$          3.6


0.8 %



$              0.6


0.7 %

SG&A as % gross profit

68.2 %


62.6 %


5.5 %








Adjusted SG&A as % gross profit (2)

66.7 %


62.8 %


3.9 %








Operating margin %

4.6 %


5.8 %


(1.2) %








Adjusted operating margin % (2)

4.9 %


5.9 %


(0.9) %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)






Six Months Ended June 30,



2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$    4,134.9


$    4,042.8


$         92.1


2.3 %



$            19.0


1.8 %

Used vehicle retail sales

2,701.1


2,686.1


14.9


0.6 %



15.7


— %

Used vehicle wholesale sales

196.8


212.8


(16.0)


(7.5) %



1.3


(8.1) %

   Total used

2,897.9


2,898.9


(1.0)


— %



16.9


(0.6) %

Parts and service sales

1,087.0


1,063.8


23.2


2.2 %



3.9


1.8 %

F&I, net

358.7


340.9


17.8


5.2 %



0.9


5.0 %

   Total revenues

$    8,478.5


$    8,346.3


$       132.2


1.6 %



$            40.7


1.1 %

Gross profit:













New vehicle retail sales

$       299.1


$       375.5


$        (76.4)


(20.3) %



$              1.4


(20.7) %

Used vehicle retail sales

152.7


149.7


3.1


2.0 %



0.8


1.5 %

Used vehicle wholesale sales

(2.4)


2.9


(5.3)


NM



(0.1)


NM

   Total used

150.3


152.6


(2.3)


(1.5) %



0.7


(2.0) %

Parts and service sales

590.5


575.4


15.1


2.6 %



2.2


2.2 %

F&I, net

358.7


340.9


17.8


5.2 %



0.9


5.0 %

   Total gross profit

$    1,398.7


$    1,444.4


$        (45.7)


(3.2) %



$              5.1


(3.5) %

Gross margin:













New vehicle retail sales

7.2 %


9.3 %


(2.1) %








Used vehicle retail sales

5.7 %


5.6 %


0.1 %








Used vehicle wholesale sales

(1.2) %


1.4 %


(2.6) %








   Total used

5.2 %


5.3 %


(0.1) %








Parts and service sales

54.3 %


54.1 %


0.2 %








   Total gross margin

16.5 %


17.3 %


(0.8) %








Units sold:













Retail new vehicles sold (1)

83,632


81,241


2,391


2.9 %






Retail used vehicles sold

92,933


88,287


4,646


5.3 %






Wholesale used vehicles sold

21,986


19,932


2,054


10.3 %






   Total used

114,919


108,219


6,700


6.2 %






Average sales price per unit sold:













New vehicle retail (1)

$     49,901


$     50,124


$         (224)


(0.4) %



$             229


(0.9) %

Used vehicle retail

$     29,065


$     30,425


$      (1,360)


(4.5) %



$             169


(5.0) %

Gross profit per unit sold:













New vehicle retail sales

$       3,577


$       4,622


$      (1,045)


(22.6) %



$               17


(23.0) %

Used vehicle retail sales

$       1,643


$       1,695


$           (52)


(3.1) %



$                 8


(3.5) %

Used vehicle wholesale sales

$         (111)


$          145


$         (256)


NM



$                (3)


NM

   Total used

$       1,308


$       1,410


$         (102)


(7.2) %



$                 6


(7.7) %

F&I PRU

$       2,031


$       2,011


$            21


1.0 %



$                 5


0.8 %

Other:













SG&A expenses

$       956.8


$       910.8


$         46.1


5.1 %



$              4.0


4.6 %

Adjusted SG&A expenses (2)

$       939.5


$       910.5


$         28.9


3.2 %



$              3.9


2.8 %

SG&A as % gross profit

68.4 %


63.1 %


5.4 %








Adjusted SG&A as % gross profit (2)

67.2 %


63.0 %


4.1 %








Operating margin %

4.6 %


5.8 %


(1.2) %








Adjusted operating margin % (2)

4.9 %


5.9 %


(1.0) %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM – not meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change

Revenues:








New vehicle retail sales

$       1,771.5


$       1,818.6


$          (47.1)


(2.6) %

Used vehicle retail sales

1,059.1


1,071.8


(12.7)


(1.2) %

Used vehicle wholesale sales

71.1


74.0


(2.9)


(4.0) %

   Total used

1,130.2


1,145.9


(15.7)


(1.4) %

Parts and service sales

463.3


469.5


(6.2)


(1.3) %

F&I, net

167.2


164.4


2.8


1.7 %

   Total revenues

$       3,532.3


$       3,598.5


$          (66.2)


(1.8) %

Gross profit:








New vehicle retail sales

$          126.8


$          163.0


$          (36.2)


(22.2) %

Used vehicle retail sales

60.4


58.3


2.1


3.7 %

Used vehicle wholesale sales

1.1


1.3


(0.2)


(15.1) %

   Total used

61.5


59.6


1.9


3.3 %

Parts and service sales

250.1


249.9


0.2


0.1 %

F&I, net

167.2


164.4


2.8


1.7 %

   Total gross profit

$          605.6


$          636.9


$          (31.3)


(4.9) %

Gross margin:








New vehicle retail sales

7.2 %


9.0 %


(1.8) %



Used vehicle retail sales

5.7 %


5.4 %


0.3 %



Used vehicle wholesale sales

1.5 %


1.7 %


(0.2) %



   Total used

5.4 %


5.2 %


0.2 %



Parts and service sales

54.0 %


53.2 %


0.8 %



   Total gross margin

17.1 %


17.7 %


(0.6) %



Units sold:








Retail new vehicles sold

34,346


34,770


(424)


(1.2) %

Retail used vehicles sold

35,521


34,104


1,417


4.2 %

Wholesale used vehicles sold

8,008


6,936


1,072


15.5 %

   Total used

43,529


41,040


2,489


6.1 %

Average sales price per unit sold:








New vehicle retail

$        51,578


$        52,304


$           (726)


(1.4) %

Used vehicle retail

$        29,817


$        31,429


$        (1,612)


(5.1) %

Gross profit per unit sold:








New vehicle retail sales

$          3,692


$          4,687


$           (995)


(21.2) %

Used vehicle retail sales

$          1,701


$          1,710


$               (8)


(0.5) %

Used vehicle wholesale sales

$             134


$             182


$             (48)


(26.5) %

   Total used

$          1,413


$          1,451


$             (38)


(2.6) %

F&I PRU

$          2,393


$          2,387


$                5


0.2 %

Other:








SG&A expenses

$          401.2


$          388.6


$           12.6


3.3 %

Adjusted SG&A expenses (1)

$          392.0


$          389.4


$             2.6


0.7 %

SG&A as % gross profit

66.3 %


61.0 %


5.2 %



Adjusted SG&A as % gross profit (1)

64.7 %


61.1 %


3.6 %




(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Six Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change

Revenues:








New vehicle retail sales

$       3,397.5


$       3,368.1


$           29.5


0.9 %

Used vehicle retail sales

2,082.5


2,056.6


25.9


1.3 %

Used vehicle wholesale sales

144.8


150.5


(5.7)


(3.8) %

   Total used

2,227.3


2,207.1


20.2


0.9 %

Parts and service sales

934.6


924.2


10.5


1.1 %

F&I, net

324.9


306.3


18.6


6.1 %

   Total revenues

$       6,884.4


$       6,805.6


$           78.8


1.2 %

Gross profit:








New vehicle retail sales

$          245.7


$          312.1


$          (66.3)


(21.3) %

Used vehicle retail sales

122.4


115.9


6.5


5.6 %

Used vehicle wholesale sales

2.3


3.5


(1.2)


(34.8) %

   Total used

124.7


119.4


5.3


4.4 %

Parts and service sales

503.7


493.0


10.6


2.2 %

F&I, net

324.9


306.3


18.6


6.1 %

   Total gross profit

$       1,199.0


$       1,230.8


$          (31.8)


(2.6) %

Gross margin:








New vehicle retail sales

7.2 %


9.3 %


(2.0) %



Used vehicle retail sales

5.9 %


5.6 %


0.2 %



Used vehicle wholesale sales

1.6 %


2.3 %


(0.7) %



   Total used

5.6 %


5.4 %


0.2 %



Parts and service sales

53.9 %


53.3 %


0.5 %



   Total gross margin

17.4 %


18.1 %


(0.7) %



Units sold:








Retail new vehicles sold

66,283


64,430


1,853


2.9 %

Retail used vehicles sold

70,986


66,832


4,154


6.2 %

Wholesale used vehicles sold

16,391


13,981


2,410


17.2 %

   Total used

87,377


80,813


6,564


8.1 %

Average sales price per unit sold:








New vehicle retail

$        51,258


$        52,275


$        (1,017)


(1.9) %

Used vehicle retail

$        29,336


$        30,773


$        (1,436)


(4.7) %

Gross profit per unit sold:








New vehicle retail sales

$          3,707


$          4,844


$        (1,136)


(23.5) %

Used vehicle retail sales

$          1,724


$          1,735


$             (10)


(0.6) %

Used vehicle wholesale sales

$             138


$             249


$           (111)


(44.4) %

   Total used

$          1,427


$          1,478


$             (51)


(3.4) %

F&I PRU

$          2,367


$          2,333


$              34


1.4 %

Other:








SG&A expenses

$          798.8


$          762.1


$           36.8


4.8 %

Adjusted SG&A expenses (1)

$          784.0


$          761.8


$           22.2


2.9 %

SG&A as % gross profit

66.6 %


61.9 %


4.7 %



Adjusted SG&A as % gross profit (1)

65.4 %


61.9 %


3.5 %




(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Three Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$       354.6


$       327.6


$         27.0


8.2 %



$              2.7


7.4 %

Used vehicle retail sales

301.3


310.7


(9.4)


(3.0) %



2.3


(3.8) %

Used vehicle wholesale sales

25.9


32.7


(6.8)


(20.9) %



0.2


(21.4) %

   Total used

327.1


343.4


(16.2)


(4.7) %



2.5


(5.4) %

Parts and service sales

74.2


68.0


6.2


9.2 %



0.6


8.3 %

F&I, net

16.3


17.1


(0.8)


(4.7) %



0.1


(5.4) %

   Total revenues

$       772.3


$       756.1


$         16.2


2.1 %



$              5.8


1.4 %

Gross profit:













New vehicle retail sales

$         25.7


$         30.8


$          (5.1)


(16.4) %



$              0.2


(17.1) %

Used vehicle retail sales

14.8


16.8


(1.9)


(11.6) %



0.1


(12.3) %

Used vehicle wholesale sales

(2.4)


(0.4)


(2.0)


NM




NM

   Total used

12.4


16.4


(4.0)


(24.3) %



0.1


(25.0) %

Parts and service sales

43.0


40.2


2.8


7.1 %



0.3


6.3 %

F&I, net

16.3


17.1


(0.8)


(4.7) %



0.1


(5.4) %

   Total gross profit

$         97.5


$       104.5


$          (7.0)


(6.7) %



$              0.7


(7.4) %

Gross margin:













New vehicle retail sales

7.3 %


9.4 %


(2.1) %








Used vehicle retail sales

4.9 %


5.4 %


(0.5) %








Used vehicle wholesale sales

(9.3) %


(1.1) %


(8.2) %








   Total used

3.8 %


4.8 %


(1.0) %








Parts and service sales

58.0 %


59.1 %


(1.1) %








   Total gross margin

12.6 %


13.8 %


(1.2) %








Units sold:













Retail new vehicles sold (1)

8,388


8,045


343


4.3 %






Retail used vehicles sold

10,649


10,458


191


1.8 %






Wholesale used vehicles sold

2,855


3,057


(202)


(6.6) %






   Total used

13,504


13,515


(11)


(0.1) %






Average sales price per unit sold:













New vehicle retail (1)

$     44,235


$     42,416


$       1,818


4.3 %



$             332


3.5 %

Used vehicle retail

$     28,293


$     29,708


$      (1,416)


(4.8) %



$             215


(5.5) %

Gross profit per unit sold:













New vehicle retail sales

$       3,069


$       3,829


$         (759)


(19.8) %



$               24


(20.5) %

Used vehicle retail sales

$       1,392


$       1,604


$         (211)


(13.2) %



$               11


(13.8) %

Used vehicle wholesale sales

$         (842)


$         (119)


$         (723)


NM



$                 1


NM

   Total used

$          920


$       1,214


$         (294)


(24.2) %



$                 9


(24.9) %

F&I PRU

$          855


$          923


$           (68)


(7.3) %



$                 7


(8.0) %

Other:













SG&A expenses

$         78.2


$         75.8


$           2.4


3.2 %



$              0.6


2.4 %

Adjusted SG&A expenses (2)

$         76.8


$         75.8


$           1.0


1.4 %



$              0.6


0.6 %

SG&A as % gross profit

80.2 %


72.5 %


7.7 %








Adjusted SG&A as % gross profit (2)

78.8 %


72.5 %


6.3 %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)




Six Months Ended June 30,


2024


2023


Increase/

(Decrease)


% Change



Currency

Impact on

Current

Period

Results


Constant

Currency

% Change

Revenues:













New vehicle retail sales

$       737.4


$       674.8


$         62.6


9.3 %



$            19.0


6.5 %

Used vehicle retail sales

618.6


629.5


(10.9)


(1.7) %



15.7


(4.2) %

Used vehicle wholesale sales

52.0


62.3


(10.3)


(16.5) %



1.3


(18.5) %

   Total used

670.6


691.8


(21.2)


(3.1) %



16.9


(5.5) %

Parts and service sales

152.4


139.6


12.8


9.1 %



3.9


6.3 %

F&I, net

33.8


34.6


(0.8)


(2.3) %



0.9


(4.8) %

   Total revenues

$    1,594.1


$    1,540.8


$         53.3


3.5 %



$            40.7


0.8 %

Gross profit:













New vehicle retail sales

$         53.4


$         63.4


$        (10.0)


(15.8) %



$              1.4


(18.0) %

Used vehicle retail sales

30.3


33.7


(3.4)


(10.1) %



0.8


(12.4) %

Used vehicle wholesale sales

(4.7)


(0.6)


(4.1)


NM



(0.1)


NM

   Total used

25.6


33.1


(7.5)


(22.8) %



0.7


(24.9) %

Parts and service sales

86.9


82.4


4.5


5.4 %



2.2


2.7 %

F&I, net

33.8


34.6


(0.8)


(2.3) %



0.9


(4.8) %

   Total gross profit

$       199.6


$       213.5


$        (13.9)


(6.5) %



$              5.1


(8.9) %

Gross margin:













New vehicle retail sales

7.2 %


9.4 %


(2.2) %








Used vehicle retail sales

4.9 %


5.4 %


(0.5) %








Used vehicle wholesale sales

(9.1) %


(0.9) %


(8.1) %








   Total used

3.8 %


4.8 %


(1.0) %








Parts and service sales

57.0 %


59.0 %


(2.0) %








   Total gross margin

12.5 %


13.9 %


(1.3) %








Units sold:













Retail new vehicles sold (1)

17,349


16,811


538


3.2 %






Retail used vehicles sold

21,947


21,455


492


2.3 %






Wholesale used vehicles sold

5,595


5,951


(356)


(6.0) %






   Total used

27,542


27,406


136


0.5 %






Average sales price per unit sold:













New vehicle retail (1)

$     44,459


$     41,566


$       2,893


7.0 %



$          1,145


4.2 %

Used vehicle retail

$     28,185


$     29,341


$      (1,155)


(3.9) %



$             715


(6.4) %

Gross profit per unit sold:













New vehicle retail sales

$       3,078


$       3,772


$         (694)


(18.4) %



$               80


(20.5) %

Used vehicle retail sales

$       1,381


$       1,572


$         (191)


(12.1) %



$               35


(14.4) %

Used vehicle wholesale sales

$         (842)


$           (99)


$         (743)


NM



$              (10)


NM

   Total used

$          930


$       1,209


$         (280)


(23.1) %



$               26


(25.3) %

F&I PRU

$          859


$          904


$           (44)


(4.9) %



$               22


(7.3) %

Other:













SG&A expenses

$       158.0


$       148.7


$           9.3


6.2 %



$              4.0


3.6 %

Adjusted SG&A expenses (2)

$       155.5


$       148.7


$           6.8


4.6 %



$              3.9


1.9 %

SG&A as % gross profit

79.2 %


69.7 %


9.5 %








Adjusted SG&A as % gross profit (2)

77.9 %


69.7 %


8.2 %









(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.

(2) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended June 30, 2024



U.S. GAAP


Catastrophic

events


Dealership

and real

estate

transactions


Severance

costs


Acquisition

costs


Legal items

and other

professional

fees


Accelerated

depreciation


Non-GAAP

adjusted

SG&A expenses


$    497.2


$            (8.6)


$          21.5


$         (0.1)


$          (1.7)


$           (0.2)


$              —


$    508.2

Depreciation and amortization

expense


$      28.2


$              —


$             —


$           —


$            —


$             —


$            (3.7)


$      24.5

Income (loss) from operations


$    241.1


$             8.6


$         (21.5)


$          0.1


$           1.7


$            0.2


$             3.7


$    233.9


















Income (loss) before income

taxes


$    183.0


$             8.6


$         (21.5)


$          0.1


$           1.7


$            0.2


$             3.7


$    175.8

Less: Provision (benefit) for

income taxes


45.2


2.1


(5.6)



0.1



0.9


42.7

Net income (loss) from

continuing operations


137.9


6.5


(15.9)


0.1


1.6


0.1


2.8


133.1

Less: Earnings (loss) allocated

to participating securities


2.9


0.1


(0.3)





0.1


2.8

Net income (loss) from

continuing operations available

to diluted common shares


$    134.9


$             6.4


$         (15.5)


$          0.1


$           1.5


$            0.1


$             2.8


$    130.3


















Diluted earnings (loss) per

common share from continuing

operations


$    10.15


$           0.48


$         (1.17)


$        0.01


$         0.12


$          0.01


$           0.21


$      9.80


















Effective tax rate


24.7 %














24.3 %


















SG&A as % gross profit (1)


64.9 %














66.3 %

Operating margin (2)


5.1 %














5.0 %

Pretax margin (3)


3.9 %














3.7 %


















Same Store SG&A expenses


$    479.4


$            (8.6)


$             —


$         (0.1)


$         (1.7)


$           (0.2)


$              —


$    468.9

Same Store SG&A as % gross

profit (1)


68.2 %














66.7 %


















Same Store income from

operations


$    197.4


$             8.6


$             —


$          0.1


$           1.7


$            0.2


$             3.7


$    211.7

Same Store operating margin (2)


4.6 %














4.9 %

 



U.S. GAAP


Non-GAAP

adjustments


Non-GAAP

adjusted

Net income from discontinued operations


$                   0.3


$                    —


$                   0.3

Less: Earnings allocated to participating securities




Net income from discontinued operations available to diluted common shares


$                   0.3


$                    —


$                   0.3








Net income (loss)


$               138.2


$                 (4.7)


$               133.4

Less: Earnings (loss) allocated to participating securities


2.9


(0.1)


2.8

Net income (loss) available to diluted common shares


$               135.2


$                 (4.6)


$               130.6








Diluted earnings per common share from discontinued operations


$                 0.02


$                    —


$                 0.02

Diluted earnings (loss) per common share from continuing operations


10.15


(0.35)


9.80

Diluted earnings (loss) per common share


$               10.17


$               (0.35)


$                 9.82


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)






Three Months Ended June 30, 2023



U.S. GAAP


Dealership and

real estate

transactions


Acquisition

Costs


Legal items

and other

professional

fees


Asset

impairments

and

accelerated

depreciation


Non-GAAP

adjusted

SG&A expenses


$         479.9


$                9.6


$              (0.3)


$            1.1


$                 —


$         490.3

Depreciation and amortization expense


$           23.1


$                 —


$                —


$             —


$               (0.3)


$           22.8

Asset impairments


$             1.8


$                 —


$                —


$             —


$               (1.8)


$              —

Income (loss) from operations


$         270.8


$               (9.6)


$               0.3


$           (1.1)


$                2.1


$         262.5














Income (loss) before income taxes


$         227.9


$               (9.6)


$               0.3


$           (1.1)


$                2.1


$         219.6

Less: Provision (benefit) for income taxes


57.6


(4.5)


0.1


(0.3)


0.5


53.5

Net income (loss) from continuing operations


170.3


(5.1)


0.2


(0.9)


1.6


166.1

Less: Earnings (loss) allocated to participating

securities


4.1


(0.1)





4.0

Net income (loss) from continuing operations

available to diluted common shares


$         166.1


$               (5.0)


$               0.2


$           (0.8)


$                1.5


$         162.1














Diluted earnings (loss) per common share from

continuing operations


$         12.02


$             (0.36)


$             0.01


$         (0.06)


$              0.11


$         11.73














Effective tax rate


25.3 %










24.3 %














SG&A as % gross profit (1)


61.9 %










63.2 %

Operating margin (2)


5.9 %










5.8 %

Pretax margin (3)


5.0 %










4.8 %














Same Store SG&A expenses


$         464.4


$                 —


$             (0.3)


$            1.1


$                 —


$         465.2

Same Store SG&A as % gross profit (1)


62.6 %










62.8 %














Same Store income (loss) from operations


$         253.6


$                 —


$               0.3


$          (1.1)


$                2.1


$         254.8

Same Store operating margin (2)


5.8 %










5.9 %

 



U.S. GAAP


Non-GAAP

adjustments


Non-GAAP

adjusted

Net income from discontinued operations


$                    0.2


$                     —


$                    0.2

Less: Earnings allocated to participating securities




Net income from discontinued operations available to diluted common shares


$                    0.2


$                     —


$                    0.2








Net income (loss)


$                170.5


$                  (4.2)


$                166.4

Less: Earnings (loss) allocated to participating securities


4.1


(0.1)


4.0

Net income (loss) available to diluted common shares


$                166.4


$                  (4.1)


$                162.3








Diluted earnings per common share from discontinued operations


$                  0.02


$                     —


$                  0.02

Diluted earnings (loss) per common share from continuing operations


12.02


(0.29)


11.73

Diluted earnings (loss) per common share


$                12.04


$                (0.29)


$                11.75


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)




















Six Months Ended June 30, 2024



U.S. GAAP


Catastrophic

events


Dealership

and real

estate

transactions


Severance

costs


Acquisition

costs


Legal items

and other

professional

fees


Accelerated

depreciation


Non-GAAP

adjusted

SG&A expenses


$      973.3


$            (9.1)


$           52.4


$          (0.6)


$          (4.5)


$           (3.3)


$              —


$     1,008.3

Depreciation and amortization

expense


$        52.0


$              —


$              —


$            —


$            —


$             —


$            (4.2)


$          47.9

Income (loss) from operations


$      483.8


$             9.1


$          (52.4)


$           0.6


$           4.5


$            3.3


$             4.2


$        452.9


















Income (loss) before income

taxes


$      376.3


$             9.1


$          (52.4)


$           0.6


$           4.5


$            3.3


$             4.2


$        345.4

Less: Provision (benefit) for

income taxes


91.0


2.2


(13.4)


0.1


0.6


0.8


1.0


82.2

Net income (loss) from

continuing operations


285.3


6.9


(38.9)


0.4


3.9


2.5


3.2


263.2

Less: Earnings (loss) allocated

to participating securities


6.3


0.2


(0.9)



0.1


0.1


0.1


5.8

Net income (loss) from

continuing operations available

to diluted common shares


$      279.0


$             6.7


$          (38.1)


$           0.4


$           3.8


$            2.4


$             3.1


$        257.4


















Diluted earnings (loss) per

common share from continuing

operations


$      20.91


$           0.51


$          (2.85)


$         0.03


$         0.28


$          0.18


$           0.23


$        19.29


















Effective tax rate


24.2 %














23.8 %


















SG&A as % gross profit (1)


64.5 %














66.8 %

Operating margin (2)


5.3 %














4.9 %

Pretax margin (3)


4.1 %














3.8 %


















Same Store SG&A expenses


$      956.8


$            (9.1)


$              —


$         (0.6)


$         (4.5)


$          (3.3)


$              —


$        939.5

Same Store SG&A as % gross

profit (1)


68.4 %














67.2 %


















Same Store income from

operations


$      392.9


$             9.1


$              —


$           0.6


$           4.5


$            3.3


$             4.2


$        414.4

Same Store operating margin (2)


4.6 %














4.9 %

 



U.S. GAAP


Non-GAAP

adjustments


Non-GAAP

adjusted

Net income from discontinued operations


$                   0.8


$                    —


$                   0.8

Less: Earnings allocated to participating securities




Net income from discontinued operations available to diluted common shares


$                   0.8


$                    —


$                   0.8








Net income (loss)


$               286.1


$               (22.1)


$               264.0

Less: Earnings (loss) allocated to participating securities


6.3


(0.5)


5.8

Net income (loss) available to diluted common shares


$               279.8


$               (21.6)


$               258.2








Diluted earnings per common share from discontinued operations


$                 0.06


$                    —


$                 0.06

Diluted earnings (loss) per common share from continuing operations


20.91


(1.62)


19.29

Diluted earnings (loss) per common share


$               20.97


$               (1.62)


$               19.35


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)


















Six Months Ended June 30, 2023



U.S. GAAP


Non-cash gain

on interest

rate swaps


Dealership

and real

estate

transactions


Acquisition

costs


Legal items

and other

professional

fees


Asset

impairments

and

accelerated

depreciation


Non-GAAP

adjusted

SG&A expenses


$    942.7


$                —


$           11.4


$           (0.3)


$             —


$                  —


$        953.9

Depreciation and amortization

expense


$      45.5


$                —


$              —


$             —


$             —


$                (0.6)


$          45.0

Asset impairments


$        2.9


$                —


$              —


$             —


$             —


$                (2.9)


$             —

Income (loss) from operations


$    512.3


$                —


$          (11.4)


$            0.3


$             —


$                 3.5


$        504.6

Other interest expense, net


$      45.6


$               4.0


$              —


$              —


$             —


$                  —


$          49.6
















Income (loss) before income taxes


$    434.3


$              (4.0)


$          (11.4)


$            0.3


$             —


$                 3.5


$        422.5

Less: Provision (benefit) for income

taxes


105.2


(0.9)


(4.9)


0.1



0.8


100.2

Net income (loss) from continuing

operations


329.1


(3.1)


(6.5)


0.2



2.6


322.3

Less: Earnings (loss) allocated to

participating securities


8.2


(0.1)


(0.2)




0.1


8.1

Net income (loss) from continuing

operations available to diluted

common shares


$    320.8


$              (3.0)


$            (6.4)


$            0.2


$             —


$                 2.6


$        314.2
















Diluted earnings (loss) per common

share from continuing operations


$    23.14


$            (0.22)


$          (0.46)


$          0.01


$             —


$               0.18


$        22.66
















Effective tax rate


24.2 %












23.7 %
















SG&A as % gross profit (1)


62.7 %












63.4 %

Operating margin (2)


5.9 %












5.8 %

Pretax margin (3)


5.0 %












4.9 %
















Same Store SG&A expenses


$    910.8


$                —


$              —


$           (0.3)


$             —


$                  —


$        910.5

Same Store SG&A as % gross profit (1)


63.1 %












63.0 %
















Same Store income from operations


$    487.9


$                —


$              —


$            0.3


$             —


$                 3.5


$        491.6

Same Store operating margin (2)


5.8 %












5.9 %

 



U.S. GAAP


Non-GAAP

adjustments


Non-GAAP

adjusted

Net loss from discontinued operations


$              (0.1)


$                 —


$              (0.1)

Less: Loss allocated to participating securities




Net (loss) income from discontinued operations available to diluted common shares


$              (0.1)


$                 —


$              (0.1)








Net income (loss)


$            329.0


$              (6.8)


$            322.2

Less: Earnings (loss) allocated to participating securities


8.2


(0.2)


8.0

Net income (loss) available to diluted common shares


$            320.7


$              (6.6)


$            314.1








Diluted loss per common share from discontinued operations


$            (0.01)


$                 —


$            (0.01)

Diluted earnings (loss) per common share from continuing operations


23.14


(0.48)


22.66

Diluted earnings (loss) per common share


$            23.13


$            (0.48)


$            22.65


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and a non-cash gain on interest rate swaps.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — U.S.

(Unaudited)

(In millions)






Three Months Ended June 30, 2024



U.S. GAAP


Catastrophic

events


Dealership

and real estate

transactions


Acquisition

costs


Legal items

and other

professional

fees


Non-GAAP

adjusted

SG&A expenses


$       417.6


$             (8.6)


$                21.5


$            (0.4)


$                (0.2)


$       429.9

SG&A as % gross profit (1)


62.5 %










64.4 %














Same Store SG&A expenses


$       401.2


$             (8.6)


$                   —


$            (0.4)


$                (0.2)


$       392.0

Same Store SG&A as % gross profit (1)


66.3 %










64.7 %

 



Three Months Ended June 30, 2023



U.S. GAAP


Dealership

and real estate

transactions


Acquisition

costs


Legal items

and other

professional

fees


Non-GAAP

adjusted

SG&A expenses


$        403.7


$               8.6


$             (0.3)


$               1.1


$        413.2

SG&A as % gross profit (1)


60.3 %








61.7 %












Same Store SG&A expenses


$        388.6


$                —


$             (0.3)


$               1.1


$        389.4

Same Store SG&A as % gross profit (1)


61.0 %








61.1 %

 



Six Months Ended June 30, 2024



U.S. GAAP


Catastrophic

events


Dealership

and real estate

transactions


Acquisition

costs


Legal items

and other

professional

fees


Non-GAAP

adjusted

SG&A expenses


$        812.5


$             (9.1)


$                52.4


$             (2.5)


$             (3.3)


$        850.0

SG&A as % gross profit (1)


62.2 %










65.0 %














Same Store SG&A expenses


$        798.8


$             (9.1)


$                   —


$             (2.5)


$             (3.3)


$        784.0

Same Store SG&A as % gross profit (1)


66.6 %










65.4 %

 



Six Months Ended June 30, 2023



U.S. GAAP


Dealership

and real estate

transactions


Acquisition

costs


Legal items

and other

professional

fees


Non-GAAP

adjusted

SG&A expenses


$        792.4


$             10.5


$             (0.3)


$                —


$        802.6

SG&A as % gross profit (1)


61.6 %








62.4 %












Same Store SG&A expenses


$        762.1


$                —


$             (0.3)


$                —


$        761.8

Same Store SG&A as % gross profit (1)


61.9 %








61.9 %


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — U.K.

(Unaudited)

 (In millions)












Three Months Ended June 30, 2024



U.S. GAAP


Severance costs


Acquisition costs


Non-GAAP

Adjusted

SG&A expenses


$                  79.6


$                      (0.1)


$                      (1.2)


$                  78.2

SG&A as % gross profit (1)


80.5 %






79.1 %










Same Store SG&A expenses


$                  78.2


$                      (0.1)


$                      (1.2)


$                  76.8

Same Store SG&A as % gross profit (1)


80.2 %






78.8 %

 



Three Months Ended June 30, 2023



U.S. GAAP


Dealership and

real estate

transactions


Non-GAAP

Adjusted

SG&A expenses


$                  76.1


$                        0.9


$                  77.1

SG&A as % gross profit (1)


71.9 %




72.8 %

 



Six Months Ended June 30, 2024



U.S. GAAP


Severance costs


Acquisition costs


Non-GAAP

Adjusted

SG&A expenses


$                160.8


$                      (0.6)


$                      (1.9)


$                158.3

SG&A as % gross profit (1)


79.5 %






78.3 %










Same Store SG&A expenses


$                158.0


$                      (0.6)


$                      (1.9)


$                155.5

Same Store SG&A as % gross profit (1)


79.2 %






77.9 %

 



Six Months Ended June 30, 2023



U.S. GAAP


Dealership and

real estate

transactions


Non-GAAP

Adjusted

SG&A expenses


$                150.3


$                        0.9


$                151.3

SG&A as % gross profit (1)


69.5 %




70.0 %


(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

 

Cision View original content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-second-quarter-2024-financial-results-302204628.html

SOURCE Group 1 Automotive, Inc.

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