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- Record quarterly revenues of $4.7 billion, a 13.0% increase over the comparable prior year period
- Parts and Service revenues reach all-time high for 10th consecutive quarter, a 10.0% increase over the comparable prior year period
- Current quarter diluted earnings per common share from continuing operations of $11.67 and record current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $12.07
HOUSTON, Oct. 25, 2023 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), an international, Fortune 300 automotive retailer with 201 dealerships located in the U.S. and U.K., today reported record financial results for the third quarter of 2023 (“current quarter”), highlighted by all-time record quarterly total revenues of $4.7 billion and total gross profit of $786.2 million.
Current quarter total revenues were the highest in Company history, driven by record new vehicle and parts and service revenues, providing for increases of 20.2% and 10.0%, respectively. In addition, used vehicle retail revenues increased 4.8% to a quarterly high, driven by increased units sold. The record current quarter gross profit of $786.2 million, a 4.5% increase over the comparable prior year period, was led by all-time highs in gross profit for parts and service and F&I, which increased 10.0% and 7.0%, respectively.
“Our team produced another record quarter, continuing to showcase our ability to deliver across all lines of business. Consolidated parts and service revenues and gross profit, were stand outs, with double digit growth. The sizable increase in vehicles sold, allowed our F&I team to deliver record F&I revenues,” said Daryl Kenningham, Group 1’s President and Chief Executive Officer. “Our return-focused capital allocation strategy continues to benefit our shareholders by generating record adjusted diluted earnings per share in the quarter.”
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 13.0% increase compared to $4.2 billion for the third quarter of 2022 (“prior year quarter”).
Net income from continuing operations for the current quarter was $164.1 million, a 16.7% decrease compared to $197.1 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $169.8 million, a 9.7% decrease compared to $188.1 million for the prior year quarter.
Current quarter diluted earnings per common share from continuing operations was $11.67, a 7.1% decrease compared to $12.57 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was a record of $12.07, a 0.6% increase over the prior year quarter of $12.00. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations exclude adjusted diluted earnings per common share from discontinued operations of $(0.02) and $(0.09), respectively.
|
Third Quarter 2023 Key Performance Metrics (year-over-year comparable period basis) |
Consolidated |
Same Store (a non-GAAP measure) |
||
|
Reported: |
3Q23 |
Change |
3Q23 |
Change |
|
Total revenues |
$4.7B |
+13.0 % |
$4.4B |
+8.3 % |
|
Total gross profit (“GP”) |
$786.2M |
+4.5 % |
$740.9M |
+1.1 % |
|
NV units sold |
45,350 |
+15.6 % |
42,550 |
+11.2 % |
|
NV GP per retail unit (“PRU”) |
$4,285 |
(18.6) % |
$4,213 |
(20.2) % |
|
Used vehicle (“UV”) retail units sold |
50,799 |
+4.9 % |
48,240 |
+2.5 % |
|
UV retail GP PRU |
$1,602 |
+2.0 % |
$1,604 |
+1.5 % |
|
Parts & service (“P&S”) GP |
$313.5M |
+10.0 % |
$299.0M |
+8.4 % |
|
P&S Gross Margin (“GM”) |
55.3 % |
— % |
55.0 % |
(0.3) % |
|
Finance and Insurance (“F&I”) revenues |
$199.4M |
+7.0 % |
$187.3M |
+3.0 % |
|
F&I GP PRU |
$2,073 |
(2.4) % |
$2,063 |
(3.3) % |
|
Selling, General and Administrative (“SG&A”) expenses as a % of GP |
63.2 % |
+325 bps |
64.4 % |
+271 bps |
|
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP |
63.4 % |
+190 bps |
63.6 % |
+220 bps |
Corporate Development
A major contributor to our success and driver of incremental value creation for our shareholders is the speed at which we have been able to integrate new acquisitions into our existing operations. Year-to-date, the Company has successfully acquired dealership operations with total expected annual revenues of approximately $1.0 billion.
In the current quarter, the Company disposed of a Volkswagen and Chrysler Dodge Jeep Ram dealership in Maine, a Nissan dealership in Alabama, a Mini and Nissan dealership in Texas and terminated a Jaguar franchise in Louisiana. These dealerships and franchise generated approximately $205.0 million in annual revenues.
From January 1, 2021 to September 30, 2023, the Company actively pursued growth opportunities, acquiring dealership operations with total expected annual revenues of approximately $4.4 billion. Over the same period, portfolio optimization activities resulted in opportunistic dispositions of certain dealerships, with annual revenues of $795.0 million, based on the most recent annual period prior to disposition.
In October 2023, the Company consummated a pending acquisition of a Subaru dealership in New Hampshire. This acquisition is expected to generate $65.0 million of annual revenues.
Share Repurchases
During the current quarter, the Company repurchased 246,433 shares at an average price per common share of $261.89, for a total of $64.5 million, excluding excise taxes of $0.6 million. During the nine months ended September 30, 2023, the Company repurchased 568,614 shares, representing approximately 4.0% of the Company’s outstanding common shares at January 1 of the current year, at an average price per common share of $229.57, for a total of $130.5 million, excluding excise taxes of $1.1 million. During the period January 1, 2022 to September 30, 2023, the Company repurchased 3,589,637 shares, at an average price per common share of $181.57, for a total of $651.8 million, representing approximately 20.9% of the common shares outstanding at the commencement of the period.
As of September 30, 2023, the Company had an aggregate 13.8 million outstanding common shares and unvested restricted stock awards. The Company currently has $184.9 million remaining on its Board authorized common share repurchase program.
Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.
Third Quarter 2023 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 9:00 a.m. ET to discuss the third quarter 2023 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.
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: 5081681
A telephonic replay will be available following the call through November 1, 2023, by dialing:
Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay Code: 3099394
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 201 automotive dealerships, 269 franchises, and 41 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may” or “will” and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the armed conflicts in Ukraine and the Middle East and the ongoing labor strike in the U.S. involving automobile workers in the United Auto Workers labor union on our business and the supply chains upon which our business is dependent, (j) the impacts of continued inflation and any potential global recession, (k) our ability to maintain sufficient liquidity to operate, and (l) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or “core,” business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
Investor contacts:
Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
[email protected]
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 September 30, |
||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
|||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 2,264.5 |
$ 1,883.3 |
$ 381.2 |
20.2 % |
||||
|
Used vehicle retail sales |
1,559.6 |
1,488.6 |
70.9 |
4.8 % |
||||
|
Used vehicle wholesale sales |
114.7 |
89.6 |
25.2 |
28.1 % |
||||
|
Parts and service sales |
566.9 |
515.6 |
51.4 |
10.0 % |
||||
|
Finance, insurance and other, net |
199.4 |
186.3 |
13.0 |
7.0 % |
||||
|
Total revenues |
4,705.1 |
4,163.4 |
541.7 |
13.0 % |
||||
|
COST OF SALES: |
||||||||
|
New vehicle retail sales |
2,070.2 |
1,676.7 |
393.5 |
23.5 % |
||||
|
Used vehicle retail sales |
1,478.2 |
1,412.6 |
65.6 |
4.6 % |
||||
|
Used vehicle wholesale sales |
117.1 |
91.1 |
26.0 |
28.5 % |
||||
|
Parts and service sales |
253.4 |
230.5 |
23.0 |
10.0 % |
||||
|
Total cost of sales |
3,918.9 |
3,410.8 |
508.1 |
14.9 % |
||||
|
GROSS PROFIT |
786.2 |
752.6 |
33.6 |
4.5 % |
||||
|
Selling, general and administrative expenses |
496.7 |
450.9 |
45.7 |
10.1 % |
||||
|
Depreciation and amortization expense |
23.1 |
21.8 |
1.3 |
6.2 % |
||||
|
Asset impairments |
4.8 |
— |
4.8 |
100.0 % |
||||
|
INCOME FROM OPERATIONS |
261.6 |
279.9 |
(18.3) |
(6.5) % |
||||
|
Floorplan interest expense |
16.5 |
6.5 |
10.0 |
153.1 % |
||||
|
Other interest expense, net |
26.5 |
19.6 |
6.9 |
35.3 % |
||||
|
Other income |
(1.9) |
(3.4) |
1.5 |
(44.4) % |
||||
|
INCOME BEFORE INCOME TAXES |
220.5 |
257.2 |
(36.7) |
(14.3) % |
||||
|
Provision for income taxes |
56.4 |
60.2 |
(3.8) |
(6.2) % |
||||
|
Net income from continuing operations |
164.1 |
197.1 |
(32.9) |
(16.7) % |
||||
|
Net loss from discontinued operations |
(0.2) |
(1.3) |
1.1 |
(83.7) % |
||||
|
NET INCOME |
$ 163.9 |
$ 195.7 |
$ (31.8) |
(16.3) % |
||||
|
Less: Earnings allocated to participating securities |
4.0 |
5.4 |
(1.4) |
(25.5) % |
||||
|
Net income available to diluted common shares |
$ 159.9 |
$ 190.3 |
$ (30.4) |
(16.0) % |
||||
|
Diluted earnings per share from continuing operations |
$ 11.67 |
$ 12.57 |
$ (0.90) |
(7.1) % |
||||
|
Diluted loss per share from discontinued operations |
$ (0.02) |
$ (0.09) |
$ 0.07 |
(81.8) % |
||||
|
DILUTED EARNINGS PER SHARE |
$ 11.65 |
$ 12.48 |
$ (0.83) |
(6.6) % |
||||
|
Weighted average dilutive common shares outstanding |
13.7 |
15.2 |
(1.5) |
(10.0) % |
||||
|
Weighted average participating securities |
0.3 |
0.4 |
(0.1) |
(20.2) % |
||||
|
Total weighted average shares |
14.1 |
15.7 |
(1.6) |
(10.3) % |
||||
|
Effective tax rate on continuing operations |
25.6 % |
23.4 % |
2.2 % |
|||||
|
Group 1 Automotive, Inc. |
||||||||
|
Condensed Consolidated Statements of Operations |
||||||||
|
(Unaudited) |
||||||||
|
(In millions, except per share data) |
||||||||
|
Nine Months Ended September 30, |
||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
|||||
|
REVENUES: |
||||||||
|
New vehicle retail sales |
$ 6,463.4 |
$ 5,479.8 |
$ 983.6 |
18.0 % |
||||
|
Used vehicle retail sales |
4,359.0 |
4,353.9 |
5.1 |
0.1 % |
||||
|
Used vehicle wholesale sales |
339.2 |
278.9 |
60.3 |
21.6 % |
||||
|
Parts and service sales |
1,677.3 |
1,491.1 |
186.2 |
12.5 % |
||||
|
Finance, insurance and other, net |
554.8 |
549.5 |
5.3 |
1.0 % |
||||
|
Total revenues |
13,393.7 |
12,153.1 |
1,240.5 |
10.2 % |
||||
|
COST OF SALES: |
||||||||
|
New vehicle retail sales |
5,880.9 |
4,861.6 |
1,019.3 |
21.0 % |
||||
|
Used vehicle retail sales |
4,122.2 |
4,100.6 |
21.6 |
0.5 % |
||||
|
Used vehicle wholesale sales |
338.6 |
276.8 |
61.8 |
22.3 % |
||||
|
Parts and service sales |
762.3 |
668.5 |
93.8 |
14.0 % |
||||
|
Total cost of sales |
11,104.0 |
9,907.4 |
1,196.6 |
12.1 % |
||||
|
GROSS PROFIT |
2,289.7 |
2,245.8 |
43.9 |
2.0 % |
||||
|
Selling, general and administrative expenses |
1,439.4 |
1,329.6 |
109.8 |
8.3 % |
||||
|
Depreciation and amortization expense |
68.6 |
65.9 |
2.7 |
4.1 % |
||||
|
Asset impairments |
7.7 |
0.8 |
6.9 |
853.1 % |
||||
|
INCOME FROM OPERATIONS |
773.9 |
849.4 |
(75.5) |
(8.9) % |
||||
|
Floorplan interest expense |
44.7 |
17.7 |
27.1 |
153.1 % |
||||
|
Other interest expense, net |
72.1 |
55.5 |
16.6 |
29.9 % |
||||
|
Other expense (income), net |
2.3 |
(3.4) |
5.7 |
166.8 % |
||||
|
INCOME BEFORE INCOME TAXES |
654.8 |
779.6 |
(124.9) |
(16.0) % |
||||
|
Provision for income taxes |
161.6 |
182.1 |
(20.6) |
(11.3) % |
||||
|
Net income from continuing operations |
493.2 |
597.5 |
(104.3) |
(17.5) % |
||||
|
Net loss from discontinued operations |
(0.3) |
(2.9) |
2.6 |
(89.1) % |
||||
|
NET INCOME |
$ 492.9 |
$ 594.6 |
$ (101.7) |
(17.1) % |
||||
|
Less: Earnings allocated to participating securities |
12.2 |
16.6 |
(4.4) |
(26.4) % |
||||
|
Net income available to diluted common shares |
$ 480.6 |
$ 578.0 |
$ (97.3) |
(16.8) % |
||||
|
Diluted earnings per share from continuing operations |
$ 34.81 |
$ 36.43 |
$ (1.62) |
(4.4) % |
||||
|
Diluted loss per share from discontinued operations |
$ (0.02) |
$ (0.18) |
$ 0.15 |
(87.4) % |
||||
|
DILUTED EARNINGS PER SHARE |
$ 34.79 |
$ 36.25 |
$ (1.46) |
(4.0) % |
||||
|
Weighted average dilutive common shares outstanding |
13.8 |
15.9 |
(2.1) |
(13.3) % |
||||
|
Weighted average participating securities |
0.4 |
0.5 |
(0.1) |
(23.3) % |
||||
|
Total weighted average shares |
14.2 |
16.4 |
(2.2) |
(13.6) % |
||||
|
Effective tax rate on continuing operations |
24.7 % |
23.4 % |
1.3 % |
|||||
|
Group 1 Automotive, Inc. |
||||||||
|
Additional Information — Consolidated |
||||||||
|
(Unaudited) |
||||||||
|
September 30, 2023 |
December 31, 2022 |
Increase/ (Decrease) |
% Change |
|||||
|
SELECTED BALANCE SHEET INFORMATION: |
||||||||
|
(In millions) |
||||||||
|
Cash and cash equivalents |
$ 52.9 |
$ 47.9 |
$ 5.1 |
10.6 % |
||||
|
Inventories, net |
$ 1,722.3 |
$ 1,356.6 |
$ 365.8 |
27.0 % |
||||
|
Floorplan notes payable, net (1) |
$ 1,242.4 |
$ 1,005.2 |
$ 237.2 |
23.6 % |
||||
|
Total debt |
$ 2,118.2 |
$ 2,082.5 |
$ 35.7 |
1.7 % |
||||
|
Total equity |
$ 2,611.4 |
$ 2,237.5 |
$ 373.9 |
16.7 % |
||||
|
(1) Amounts are net of offset accounts of $210.7 and $153.6, respectively. |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2023 |
2022 |
2023 |
2022 |
|||||
|
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: |
||||||||
|
United States |
81.8 % |
80.9 % |
80.7 % |
80.9 % |
||||
|
United Kingdom |
18.2 % |
19.1 % |
19.3 % |
19.1 % |
||||
|
NEW VEHICLE UNIT SALES BRAND MIX: |
||||||||
|
Toyota/Lexus |
24.0 % |
25.2 % |
23.1 % |
24.3 % |
||||
|
Volkswagen/Audi/Porsche/SEAT/SKODA |
15.5 % |
16.1 % |
15.9 % |
15.7 % |
||||
|
BMW/MINI |
10.7 % |
12.9 % |
11.4 % |
12.7 % |
||||
|
Chevrolet/GMC/Buick |
10.2 % |
7.0 % |
8.8 % |
6.5 % |
||||
|
Ford/Lincoln |
7.3 % |
7.7 % |
7.8 % |
8.2 % |
||||
|
Honda/Acura |
7.4 % |
6.1 % |
7.6 % |
6.9 % |
||||
|
Mercedes-Benz/Sprinter |
6.0 % |
6.2 % |
6.3 % |
6.2 % |
||||
|
Hyundai/Kia/Genesis |
5.7 % |
4.8 % |
5.3 % |
4.9 % |
||||
|
Chrysler/Dodge/Jeep/RAM |
3.7 % |
5.2 % |
4.0 % |
5.1 % |
||||
|
Nissan |
3.7 % |
2.9 % |
3.9 % |
3.6 % |
||||
|
Subaru |
2.8 % |
2.7 % |
2.7 % |
2.7 % |
||||
|
Jaguar/Land Rover |
1.6 % |
1.7 % |
1.7 % |
1.5 % |
||||
|
Mazda |
1.2 % |
1.3 % |
1.2 % |
1.2 % |
||||
|
Other |
0.4 % |
0.3 % |
0.4 % |
0.3 % |
||||
|
100.0 % |
100.0 % |
100.0 % |
100.0 % |
|||||
|
September 30, 2023 |
December 31, 2022 |
September 30, 2022 |
||||
|
DAYS’ SUPPLY IN INVENTORY (1): |
||||||
|
Consolidated |
||||||
|
New vehicle inventory |
28 |
24 |
16 |
|||
|
Used vehicle inventory |
34 |
34 |
34 |
|||
|
U.S. |
||||||
|
New vehicle inventory |
30 |
21 |
15 |
|||
|
Used vehicle inventory |
29 |
28 |
31 |
|||
|
U.K. |
||||||
|
New vehicle inventory |
22 |
36 |
20 |
|||
|
Used vehicle inventory |
48 |
63 |
46 |
|
(1) Days’ supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period. |
|
Group 1 Automotive, Inc. |
||||||||||||
|
Reported Operating Data — Consolidated |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In millions, except unit data) |
||||||||||||
|
Three Months Ended September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 2,264.5 |
$ 1,883.3 |
$ 381.2 |
20.2 % |
$ 25.6 |
18.9 % |
||||||
|
Used vehicle retail sales |
1,559.6 |
1,488.6 |
70.9 |
4.8 % |
23.6 |
3.2 % |
||||||
|
Used vehicle wholesale sales |
114.7 |
89.6 |
25.2 |
28.1 % |
2.4 |
25.4 % |
||||||
|
Total used |
1,674.3 |
1,578.2 |
96.1 |
6.1 % |
26.0 |
4.4 % |
||||||
|
Parts and service sales |
566.9 |
515.6 |
51.4 |
10.0 % |
5.2 |
8.9 % |
||||||
|
F&I, net |
199.4 |
186.3 |
13.0 |
7.0 % |
1.3 |
6.3 % |
||||||
|
Total revenues |
$ 4,705.1 |
$ 4,163.4 |
$ 541.7 |
13.0 % |
$ 58.2 |
11.6 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 194.3 |
$ 206.7 |
$ (12.3) |
(6.0) % |
$ 2.3 |
(7.1) % |
||||||
|
Used vehicle retail sales |
81.4 |
76.1 |
5.3 |
7.0 % |
1.1 |
5.5 % |
||||||
|
Used vehicle wholesale sales |
(2.3) |
(1.5) |
(0.8) |
(52.2) % |
(0.1) |
(44.3) % |
||||||
|
Total used |
79.0 |
74.5 |
4.5 |
6.1 % |
1.0 |
4.7 % |
||||||
|
Parts and service sales |
313.5 |
285.1 |
28.4 |
10.0 % |
3.1 |
8.9 % |
||||||
|
F&I, net |
199.4 |
186.3 |
13.0 |
7.0 % |
1.3 |
6.3 % |
||||||
|
Total gross profit |
$ 786.2 |
$ 752.6 |
$ 33.6 |
4.5 % |
$ 7.7 |
3.4 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
8.6 % |
11.0 % |
(2.4) % |
|||||||||
|
Used vehicle retail sales |
5.2 % |
5.1 % |
0.1 % |
|||||||||
|
Used vehicle wholesale sales |
(2.0) % |
(1.7) % |
(0.3) % |
|||||||||
|
Total used |
4.7 % |
4.7 % |
— % |
|||||||||
|
Parts and service sales |
55.3 % |
55.3 % |
— % |
|||||||||
|
Total gross margin |
16.7 % |
18.1 % |
(1.4) % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
45,350 |
39,237 |
6,113 |
15.6 % |
||||||||
|
Retail used vehicles sold |
50,799 |
48,427 |
2,372 |
4.9 % |
||||||||
|
Wholesale used vehicles sold |
11,740 |
9,456 |
2,284 |
24.2 % |
||||||||
|
Total used |
62,539 |
57,883 |
4,656 |
8.0 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 50,300 |
$ 47,999 |
$ 2,301 |
4.8 % |
$ 930 |
2.9 % |
||||||
|
Used vehicle retail |
$ 30,701 |
$ 30,740 |
$ (39) |
(0.1) % |
$ 464 |
(1.6) % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 4,285 |
$ 5,267 |
$ (982) |
(18.6) % |
$ 51 |
(19.6) % |
||||||
|
Used vehicle retail sales |
$ 1,602 |
$ 1,571 |
$ 31 |
2.0 % |
$ 22 |
0.6 % |
||||||
|
Used vehicle wholesale sales |
$ (199) |
$ (162) |
$ (37) |
(22.6) % |
$ (10) |
(16.2) % |
||||||
|
Total used |
$ 1,264 |
$ 1,288 |
$ (24) |
(1.8) % |
$ 16 |
(3.1) % |
||||||
|
F&I PRU |
$ 2,073 |
$ 2,125 |
$ (52) |
(2.4) % |
$ 13 |
(3.1) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 496.7 |
$ 450.9 |
$ 45.7 |
10.1 % |
$ 5.7 |
8.9 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 498.8 |
$ 463.1 |
$ 35.6 |
7.7 % |
$ 5.7 |
6.5 % |
||||||
|
SG&A as % gross profit |
63.2 % |
59.9 % |
3.3 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
63.4 % |
61.5 % |
1.9 % |
|||||||||
|
Operating margin % |
5.6 % |
6.7 % |
(1.2) % |
|||||||||
|
Adjusted operating margin % (2) |
5.6 % |
6.4 % |
(0.8) % |
|||||||||
|
Pretax margin % |
4.7 % |
6.2 % |
(1.5) % |
|||||||||
|
Adjusted pretax margin % (2) |
4.8 % |
5.9 % |
(1.1) % |
|||||||||
|
Floorplan expense: |
||||||||||||
|
Floorplan interest expense |
$ 16.5 |
$ 6.5 |
$ 10.0 |
153.1 % |
$ 0.2 |
149.9 % |
||||||
|
Less: Floorplan assistance (3) |
18.8 |
13.9 |
4.9 |
35.1 % |
— |
35.1 % |
||||||
|
Net floorplan expense |
$ (2.3) |
$ (7.4) |
$ 5.1 |
$ 0.2 |
||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
(3) |
Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
|
Group 1 Automotive, Inc. |
||||||||||||
|
Reported Operating Data — Consolidated |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In millions, except unit data) |
||||||||||||
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 6,463.4 |
$ 5,479.8 |
$ 983.6 |
18.0 % |
$ (6.6) |
18.1 % |
||||||
|
Used vehicle retail sales |
4,359.0 |
4,353.9 |
5.1 |
0.1 % |
(11.4) |
0.4 % |
||||||
|
Used vehicle wholesale sales |
339.2 |
278.9 |
60.3 |
21.6 % |
(1.3) |
22.1 % |
||||||
|
Total used |
4,698.2 |
4,632.8 |
65.4 |
1.4 % |
(12.7) |
1.7 % |
||||||
|
Parts and service sales |
1,677.3 |
1,491.1 |
186.2 |
12.5 % |
(1.9) |
12.6 % |
||||||
|
F&I, net |
554.8 |
549.5 |
5.3 |
1.0 % |
(0.5) |
1.0 % |
||||||
|
Total revenues |
$ 13,393.7 |
$ 12,153.1 |
$ 1,240.5 |
10.2 % |
$ (22.0) |
10.4 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 582.5 |
$ 618.2 |
$ (35.7) |
(5.8) % |
$ (0.2) |
(5.7) % |
||||||
|
Used vehicle retail sales |
236.9 |
253.4 |
(16.5) |
(6.5) % |
(0.7) |
(6.2) % |
||||||
|
Used vehicle wholesale sales |
0.5 |
2.1 |
(1.5) |
(74.3) % |
— |
(74.5) % |
||||||
|
Total used |
237.4 |
255.5 |
(18.0) |
(7.1) % |
(0.7) |
(6.8) % |
||||||
|
Parts and service sales |
915.0 |
822.6 |
92.4 |
11.2 % |
(1.1) |
11.4 % |
||||||
|
F&I, net |
554.8 |
549.5 |
5.3 |
1.0 % |
(0.5) |
1.0 % |
||||||
|
Total gross profit |
$ 2,289.7 |
$ 2,245.8 |
$ 43.9 |
2.0 % |
$ (2.7) |
2.1 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
9.0 % |
11.3 % |
(2.3) % |
|||||||||
|
Used vehicle retail sales |
5.4 % |
5.8 % |
(0.4) % |
|||||||||
|
Used vehicle wholesale sales |
0.2 % |
0.7 % |
(0.6) % |
|||||||||
|
Total used |
5.1 % |
5.5 % |
(0.5) % |
|||||||||
|
Parts and service sales |
54.6 % |
55.2 % |
(0.6) % |
|||||||||
|
Total gross margin |
17.1 % |
18.5 % |
(1.4) % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
129,739 |
114,792 |
14,947 |
13.0 % |
||||||||
|
Retail used vehicles sold |
143,000 |
141,140 |
1,860 |
1.3 % |
||||||||
|
Wholesale used vehicles sold |
32,607 |
28,069 |
4,538 |
16.2 % |
||||||||
|
Total used |
175,607 |
169,209 |
6,398 |
3.8 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 50,172 |
$ 47,736 |
$ 2,436 |
5.1 % |
$ 303 |
4.5 % |
||||||
|
Used vehicle retail |
$ 30,483 |
$ 30,848 |
$ (366) |
(1.2) % |
$ (80) |
(0.9) % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 4,490 |
$ 5,385 |
$ (895) |
(16.6) % |
$ (2) |
(16.6) % |
||||||
|
Used vehicle retail sales |
$ 1,657 |
$ 1,795 |
$ (139) |
(7.7) % |
$ (5) |
(7.5) % |
||||||
|
Used vehicle wholesale sales |
$ 16 |
$ 73 |
$ (57) |
(77.9) % |
$ — |
(78.1) % |
||||||
|
Total used |
$ 1,352 |
$ 1,510 |
$ (158) |
(10.4) % |
$ (4) |
(10.2) % |
||||||
|
F&I PRU |
$ 2,034 |
$ 2,147 |
$ (113) |
(5.3) % |
$ (2) |
(5.2) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 1,439.4 |
$ 1,329.6 |
$ 109.8 |
8.3 % |
$ (1.8) |
8.4 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 1,452.7 |
$ 1,366.3 |
$ 86.3 |
6.3 % |
$ (2.1) |
6.5 % |
||||||
|
SG&A as % gross profit |
62.9 % |
59.2 % |
3.7 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
63.4 % |
60.8 % |
2.6 % |
|||||||||
|
Operating margin % |
5.8 % |
7.0 % |
(1.2) % |
|||||||||
|
Adjusted operating margin % (2) |
5.7 % |
6.7 % |
(1.0) % |
|||||||||
|
Pretax margin % |
4.9 % |
6.4 % |
(1.5) % |
|||||||||
|
Adjusted pretax margin % (2) |
4.8 % |
6.1 % |
(1.3) % |
|||||||||
|
Floorplan expense: |
||||||||||||
|
Floorplan interest expense |
$ 44.7 |
$ 17.7 |
$ 27.1 |
153.1 % |
$ (0.1) |
153.5 % |
||||||
|
Less: Floorplan assistance (3) |
51.9 |
42.1 |
9.8 |
23.2 % |
— |
23.2 % |
||||||
|
Net floorplan expense |
$ (7.1) |
$ (24.4) |
$ 17.3 |
$ (0.1) |
||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
(3) |
Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
|
Group 1 Automotive, Inc. |
||||||||
|
Reported Operating Data — U.S. |
||||||||
|
(Unaudited) |
||||||||
|
(In millions, except unit data) |
||||||||
|
Three Months Ended September 30, |
||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
|||||
|
Revenues: |
||||||||
|
New vehicle retail sales |
$ 1,920.2 |
$ 1,586.9 |
$ 333.3 |
21.0 % |
||||
|
Used vehicle retail sales |
1,223.5 |
1,212.1 |
11.4 |
0.9 % |
||||
|
Used vehicle wholesale sales |
80.1 |
61.3 |
18.8 |
30.7 % |
||||
|
Total used |
1,303.6 |
1,273.4 |
30.2 |
2.4 % |
||||
|
Parts and service sales |
494.4 |
453.8 |
40.7 |
9.0 % |
||||
|
F&I, net |
181.5 |
170.2 |
11.2 |
6.6 % |
||||
|
Total revenues |
$ 3,899.7 |
$ 3,484.3 |
$ 415.4 |
11.9 % |
||||
|
Gross profit: |
||||||||
|
New vehicle retail sales |
$ 164.9 |
$ 180.7 |
$ (15.8) |
(8.7) % |
||||
|
Used vehicle retail sales |
65.7 |
60.6 |
5.1 |
8.4 % |
||||
|
Used vehicle wholesale sales |
(0.4) |
(1.3) |
0.8 |
66.2 % |
||||
|
Total used |
65.3 |
59.3 |
5.9 |
10.0 % |
||||
|
Parts and service sales |
271.0 |
249.0 |
22.0 |
8.9 % |
||||
|
F&I, net |
181.5 |
170.2 |
11.2 |
6.6 % |
||||
|
Total gross profit |
$ 682.7 |
$ 659.3 |
$ 23.4 |
3.6 % |
||||
|
Gross margin: |
||||||||
|
New vehicle retail sales |
8.6 % |
11.4 % |
(2.8) % |
|||||
|
Used vehicle retail sales |
5.4 % |
5.0 % |
0.4 % |
|||||
|
Used vehicle wholesale sales |
(0.5) % |
(2.1) % |
1.5 % |
|||||
|
Total used |
5.0 % |
4.7 % |
0.3 % |
|||||
|
Parts and service sales |
54.8 % |
54.9 % |
(0.1) % |
|||||
|
Total gross margin |
17.5 % |
18.9 % |
(1.4) % |
|||||
|
Units sold: |
||||||||
|
Retail new vehicles sold |
37,079 |
31,745 |
5,334 |
16.8 % |
||||
|
Retail used vehicles sold |
39,676 |
38,172 |
1,504 |
3.9 % |
||||
|
Wholesale used vehicles sold |
8,380 |
6,453 |
1,927 |
29.9 % |
||||
|
Total used |
48,056 |
44,625 |
3,431 |
7.7 % |
||||
|
Average sales price per unit sold: |
||||||||
|
New vehicle retail |
$ 51,786 |
$ 49,990 |
$ 1,796 |
3.6 % |
||||
|
Used vehicle retail |
$ 30,838 |
$ 31,754 |
$ (916) |
(2.9) % |
||||
|
Gross profit per unit sold: |
||||||||
|
New vehicle retail sales |
$ 4,449 |
$ 5,693 |
$ (1,244) |
(21.9) % |
||||
|
Used vehicle retail sales |
$ 1,656 |
$ 1,588 |
$ 68 |
4.3 % |
||||
|
Used vehicle wholesale sales |
$ (51) |
$ (197) |
$ 146 |
74.0 % |
||||
|
Total used |
$ 1,359 |
$ 1,330 |
$ 29 |
2.2 % |
||||
|
F&I PRU |
$ 2,364 |
$ 2,435 |
$ (71) |
(2.9) % |
||||
|
Other: |
||||||||
|
SG&A expenses |
$ 417.4 |
$ 385.8 |
$ 31.6 |
8.2 % |
||||
|
Adjusted SG&A expenses (1) |
$ 419.5 |
$ 399.3 |
$ 20.2 |
5.1 % |
||||
|
SG&A as % gross profit |
61.1 % |
58.5 % |
2.6 % |
|||||
|
Adjusted SG&A as % gross profit (1) |
61.4 % |
60.6 % |
0.9 % |
|||||
|
(1) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
||||||||
|
Reported Operating Data — U.S. |
||||||||
|
(Unaudited) |
||||||||
|
(In millions, except unit data) |
||||||||
|
Nine Months Ended September 30, |
||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
|||||
|
Revenues: |
||||||||
|
New vehicle retail sales |
$ 5,444.3 |
$ 4,581.8 |
$ 862.5 |
18.8 % |
||||
|
Used vehicle retail sales |
3,393.5 |
3,447.6 |
(54.1) |
(1.6) % |
||||
|
Used vehicle wholesale sales |
242.2 |
177.6 |
64.6 |
36.3 % |
||||
|
Total used |
3,635.7 |
3,625.3 |
10.4 |
0.3 % |
||||
|
Parts and service sales |
1,459.4 |
1,307.7 |
151.7 |
11.6 % |
||||
|
F&I, net |
502.3 |
498.1 |
4.2 |
0.8 % |
||||
|
Total revenues |
$ 11,041.7 |
$ 10,012.8 |
$ 1,028.8 |
10.3 % |
||||
|
Gross profit: |
||||||||
|
New vehicle retail sales |
$ 489.7 |
$ 538.5 |
$ (48.8) |
(9.1) % |
||||
|
Used vehicle retail sales |
187.5 |
203.0 |
(15.5) |
(7.6) % |
||||
|
Used vehicle wholesale sales |
3.0 |
3.8 |
(0.8) |
(21.2) % |
||||
|
Total used |
190.5 |
206.8 |
(16.3) |
(7.9) % |
||||
|
Parts and service sales |
787.4 |
713.1 |
74.3 |
10.4 % |
||||
|
F&I, net |
502.3 |
498.1 |
4.2 |
0.8 % |
||||
|
Total gross profit |
$ 1,970.0 |
$ 1,956.5 |
$ 13.5 |
0.7 % |
||||
|
Gross margin: |
||||||||
|
New vehicle retail sales |
9.0 % |
11.8 % |
(2.8) % |
|||||
|
Used vehicle retail sales |
5.5 % |
5.9 % |
(0.4) % |
|||||
|
Used vehicle wholesale sales |
1.2 % |
2.2 % |
(0.9) % |
|||||
|
Total used |
5.2 % |
5.7 % |
(0.5) % |
|||||
|
Parts and service sales |
54.0 % |
54.5 % |
(0.6) % |
|||||
|
Total gross margin |
17.8 % |
19.5 % |
(1.7) % |
|||||
|
Units sold: |
||||||||
|
Retail new vehicles sold |
104,657 |
92,870 |
11,787 |
12.7 % |
||||
|
Retail used vehicles sold |
110,422 |
110,635 |
(213) |
(0.2) % |
||||
|
Wholesale used vehicles sold |
23,296 |
18,513 |
4,783 |
25.8 % |
||||
|
Total used |
133,718 |
129,148 |
4,570 |
3.5 % |
||||
|
Average sales price per unit sold: |
||||||||
|
New vehicle retail |
$ 52,020 |
$ 49,335 |
$ 2,685 |
5.4 % |
||||
|
Used vehicle retail |
$ 30,732 |
$ 31,162 |
$ (430) |
(1.4) % |
||||
|
Gross profit per unit sold: |
||||||||
|
New vehicle retail sales |
$ 4,679 |
$ 5,799 |
$ (1,119) |
(19.3) % |
||||
|
Used vehicle retail sales |
$ 1,698 |
$ 1,834 |
$ (137) |
(7.4) % |
||||
|
Used vehicle wholesale sales |
$ 130 |
$ 207 |
$ (77) |
(37.4) % |
||||
|
Total used |
$ 1,425 |
$ 1,601 |
$ (176) |
(11.0) % |
||||
|
F&I PRU |
$ 2,335 |
$ 2,448 |
$ (112) |
(4.6) % |
||||
|
Other: |
||||||||
|
SG&A expenses |
$ 1,209.8 |
$ 1,133.0 |
$ 76.8 |
6.8 % |
||||
|
Adjusted SG&A expenses (1) |
$ 1,222.1 |
$ 1,168.4 |
$ 53.8 |
4.6 % |
||||
|
SG&A as % gross profit |
61.4 % |
57.9 % |
3.5 % |
|||||
|
Adjusted SG&A as % gross profit (1) |
62.0 % |
59.7 % |
2.3 % |
|||||
|
(1) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
||||||||||||
|
Reported Operating Data — U.K. |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In millions, except unit data) |
||||||||||||
|
Three Months Ended September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 344.4 |
$ 296.4 |
$ 47.9 |
16.2 % |
$ 25.6 |
7.5 % |
||||||
|
Used vehicle retail sales |
336.1 |
276.5 |
59.5 |
21.5 % |
23.6 |
13.0 % |
||||||
|
Used vehicle wholesale sales |
34.6 |
28.3 |
6.4 |
22.5 % |
2.4 |
14.0 % |
||||||
|
Total used |
370.7 |
304.8 |
65.9 |
21.6 % |
26.0 |
13.1 % |
||||||
|
Parts and service sales |
72.5 |
61.8 |
10.7 |
17.3 % |
5.2 |
8.9 % |
||||||
|
F&I, net |
17.9 |
16.1 |
1.8 |
11.3 % |
1.3 |
3.3 % |
||||||
|
Total revenues |
$ 805.5 |
$ 679.1 |
$ 126.4 |
18.6 % |
$ 58.2 |
10.0 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 29.4 |
$ 25.9 |
$ 3.4 |
13.2 % |
$ 2.3 |
4.2 % |
||||||
|
Used vehicle retail sales |
15.7 |
15.5 |
0.2 |
1.4 % |
1.1 |
(5.9) % |
||||||
|
Used vehicle wholesale sales |
(1.9) |
(0.3) |
(1.6) |
NM |
(0.1) |
NM |
||||||
|
Total used |
13.8 |
15.2 |
(1.4) |
(9.4) % |
1.0 |
(16.0) % |
||||||
|
Parts and service sales |
42.5 |
36.1 |
6.4 |
17.6 % |
3.1 |
9.1 % |
||||||
|
F&I, net |
17.9 |
16.1 |
1.8 |
11.3 % |
1.3 |
3.3 % |
||||||
|
Total gross profit |
$ 103.5 |
$ 93.3 |
$ 10.2 |
10.9 % |
$ 7.7 |
2.7 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
8.5 % |
8.8 % |
(0.2) % |
|||||||||
|
Used vehicle retail sales |
4.7 % |
5.6 % |
(0.9) % |
|||||||||
|
Used vehicle wholesale sales |
(5.5) % |
(0.9) % |
(4.6) % |
|||||||||
|
Total used |
3.7 % |
5.0 % |
(1.3) % |
|||||||||
|
Parts and service sales |
58.6 % |
58.4 % |
0.1 % |
|||||||||
|
Total gross margin |
12.9 % |
13.7 % |
(0.9) % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
8,271 |
7,492 |
779 |
10.4 % |
||||||||
|
Retail used vehicles sold |
11,123 |
10,255 |
868 |
8.5 % |
||||||||
|
Wholesale used vehicles sold |
3,360 |
3,003 |
357 |
11.9 % |
||||||||
|
Total used |
14,483 |
13,258 |
1,225 |
9.2 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 43,342 |
$ 39,563 |
$ 3,779 |
9.6 % |
$ 3,225 |
1.4 % |
||||||
|
Used vehicle retail |
$ 30,213 |
$ 26,967 |
$ 3,246 |
12.0 % |
$ 2,121 |
4.2 % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 3,551 |
$ 3,464 |
$ 88 |
2.5 % |
$ 281 |
(5.6) % |
||||||
|
Used vehicle retail sales |
$ 1,408 |
$ 1,507 |
$ (99) |
(6.5) % |
$ 101 |
(13.3) % |
||||||
|
Used vehicle wholesale sales |
$ (566) |
$ (87) |
$ (479) |
NM |
$ (36) |
NM |
||||||
|
Total used |
$ 950 |
$ 1,146 |
$ (196) |
(17.1) % |
$ 69 |
(23.1) % |
||||||
|
F&I PRU |
$ 922 |
$ 905 |
$ 17 |
1.9 % |
$ 66 |
(5.4) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 79.3 |
$ 65.1 |
$ 14.1 |
21.7 % |
$ 5.7 |
13.0 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 79.3 |
$ 63.8 |
$ 15.4 |
24.2 % |
$ 5.7 |
15.3 % |
||||||
|
SG&A as % gross profit |
76.6 % |
69.8 % |
6.8 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
76.6 % |
68.4 % |
8.2 % |
|||||||||
|
(1) |
Retail new vehicle units sold for 2023 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) |
||||||||||||
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 1,019.1 |
$ 898.0 |
$ 121.2 |
13.5 % |
$ (6.6) |
14.2 % |
||||||
|
Used vehicle retail sales |
965.6 |
906.3 |
59.2 |
6.5 % |
(11.4) |
7.8 % |
||||||
|
Used vehicle wholesale sales |
96.9 |
101.2 |
(4.3) |
(4.2) % |
(1.3) |
(3.0) % |
||||||
|
Total used |
1,062.5 |
1,007.5 |
55.0 |
5.5 % |
(12.7) |
6.7 % |
||||||
|
Parts and service sales |
217.9 |
183.4 |
34.5 |
18.8 % |
(1.9) |
19.9 % |
||||||
|
F&I, net |
52.5 |
51.4 |
1.0 |
2.0 % |
(0.5) |
3.0 % |
||||||
|
Total revenues |
$ 2,352.0 |
$ 2,140.3 |
$ 211.7 |
9.9 % |
$ (22.0) |
10.9 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 92.8 |
$ 79.6 |
$ 13.1 |
16.5 % |
$ (0.2) |
16.8 % |
||||||
|
Used vehicle retail sales |
49.4 |
50.4 |
(1.0) |
(2.1) % |
(0.7) |
(0.6) % |
||||||
|
Used vehicle wholesale sales |
(2.5) |
(1.8) |
(0.7) |
(40.6) % |
— |
(40.9) % |
||||||
|
Total used |
46.9 |
48.7 |
(1.8) |
(3.6) % |
(0.7) |
(2.2) % |
||||||
|
Parts and service sales |
127.5 |
109.5 |
18.0 |
16.5 % |
(1.1) |
17.5 % |
||||||
|
F&I, net |
52.5 |
51.4 |
1.0 |
2.0 % |
(0.5) |
3.0 % |
||||||
|
Total gross profit |
$ 319.7 |
$ 289.2 |
$ 30.4 |
10.5 % |
$ (2.7) |
11.4 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
9.1 % |
8.9 % |
0.2 % |
|||||||||
|
Used vehicle retail sales |
5.1 % |
5.6 % |
(0.4) % |
|||||||||
|
Used vehicle wholesale sales |
(2.6) % |
(1.7) % |
(0.8) % |
|||||||||
|
Total used |
4.4 % |
4.8 % |
(0.4) % |
|||||||||
|
Parts and service sales |
58.5 % |
59.7 % |
(1.2) % |
|||||||||
|
Total gross margin |
13.6 % |
13.5 % |
0.1 % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
25,082 |
21,922 |
3,160 |
14.4 % |
||||||||
|
Retail used vehicles sold |
32,578 |
30,505 |
2,073 |
6.8 % |
||||||||
|
Wholesale used vehicles sold |
9,311 |
9,556 |
(245) |
(2.6) % |
||||||||
|
Total used |
41,889 |
40,061 |
1,828 |
4.6 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 42,149 |
$ 40,962 |
$ 1,187 |
2.9 % |
$ (272) |
3.6 % |
||||||
|
Used vehicle retail |
$ 29,639 |
$ 29,711 |
$ (73) |
(0.2) % |
$ (351) |
0.9 % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 3,699 |
$ 3,633 |
$ 66 |
1.8 % |
$ (10) |
2.1 % |
||||||
|
Used vehicle retail sales |
$ 1,516 |
$ 1,653 |
$ (137) |
(8.3) % |
$ (22) |
(7.0) % |
||||||
|
Used vehicle wholesale sales |
$ (267) |
$ (185) |
$ (82) |
(44.3) % |
$ 1 |
(44.6) % |
||||||
|
Total used |
$ 1,120 |
$ 1,215 |
$ (95) |
(7.8) % |
$ (17) |
(6.4) % |
||||||
|
F&I PRU |
$ 910 |
$ 981 |
$ (71) |
(7.2) % |
$ (8) |
(6.4) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 229.6 |
$ 196.6 |
$ 33.0 |
16.8 % |
$ (1.8) |
17.7 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 230.5 |
$ 197.9 |
$ 32.6 |
16.5 % |
$ (2.1) |
17.5 % |
||||||
|
SG&A as % gross profit |
71.8 % |
68.0 % |
3.9 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
72.1 % |
68.4 % |
3.7 % |
|||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
|||||||||||||
|
Same Store Operating Data — Consolidated |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
(In millions, except unit data) |
|||||||||||||
|
Three Months Ended September 30, |
|||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
||||||||
|
Revenues: |
|||||||||||||
|
New vehicle retail sales |
$ 2,095.3 |
$ 1,838.6 |
$ 256.7 |
14.0 % |
$ 25.3 |
12.6 % |
|||||||
|
Used vehicle retail sales |
1,462.9 |
1,451.6 |
11.3 |
0.8 % |
23.1 |
(0.8) % |
|||||||
|
Used vehicle wholesale sales |
105.9 |
86.9 |
19.0 |
21.8 % |
2.4 |
19.1 % |
|||||||
|
Total used |
1,568.8 |
1,538.5 |
30.3 |
2.0 % |
25.4 |
0.3 % |
|||||||
|
Parts and service sales |
543.9 |
498.6 |
45.4 |
9.1 % |
4.9 |
8.1 % |
|||||||
|
F&I, net |
187.3 |
181.9 |
5.4 |
3.0 % |
1.3 |
2.3 % |
|||||||
|
Total revenues |
$ 4,395.3 |
$ 4,057.6 |
$ 337.7 |
8.3 % |
$ 57.0 |
6.9 % |
|||||||
|
Gross profit: |
|||||||||||||
|
New vehicle retail sales |
$ 179.3 |
$ 202.1 |
$ (22.8) |
(11.3) % |
$ 2.3 |
(12.4) % |
|||||||
|
Used vehicle retail sales |
77.4 |
74.3 |
3.0 |
4.1 % |
1.1 |
2.6 % |
|||||||
|
Used vehicle wholesale sales |
(2.1) |
(1.4) |
(0.7) |
(50.4) % |
(0.1) |
(41.3) % |
|||||||
|
Total used |
75.3 |
73.0 |
2.4 |
3.2 % |
1.0 |
1.9 % |
|||||||
|
Parts and service sales |
299.0 |
275.8 |
23.2 |
8.4 % |
2.9 |
7.4 % |
|||||||
|
F&I, net |
187.3 |
181.9 |
5.4 |
3.0 % |
1.3 |
2.3 % |
|||||||
|
Total gross profit |
$ 740.9 |
$ 732.8 |
$ 8.2 |
1.1 % |
$ 7.4 |
0.1 % |
|||||||
|
Gross margin: |
|||||||||||||
|
New vehicle retail sales |
8.6 % |
11.0 % |
(2.4) % |
||||||||||
|
Used vehicle retail sales |
5.3 % |
5.1 % |
0.2 % |
||||||||||
|
Used vehicle wholesale sales |
(2.0) % |
(1.6) % |
(0.4) % |
||||||||||
|
Total used |
4.8 % |
4.7 % |
0.1 % |
||||||||||
|
Parts and service sales |
55.0 % |
55.3 % |
(0.3) % |
||||||||||
|
Total gross margin |
16.9 % |
18.1 % |
(1.2) % |
||||||||||
|
Units sold: |
|||||||||||||
|
Retail new vehicles sold (1) |
42,550 |
38,252 |
4,298 |
11.2 % |
|||||||||
|
Retail used vehicles sold |
48,240 |
47,050 |
1,190 |
2.5 % |
|||||||||
|
Wholesale used vehicles sold |
11,028 |
9,141 |
1,887 |
20.6 % |
|||||||||
|
Total used |
59,268 |
56,191 |
3,077 |
5.5 % |
|||||||||
|
Average sales price per unit sold: |
|||||||||||||
|
New vehicle retail (1) |
$ 49,626 |
$ 48,065 |
$ 1,561 |
3.2 % |
$ 979 |
1.2 % |
|||||||
|
Used vehicle retail |
$ 30,325 |
$ 30,852 |
$ (527) |
(1.7) % |
$ 478 |
(3.3) % |
|||||||
|
Gross profit per unit sold: |
|||||||||||||
|
New vehicle retail sales |
$ 4,213 |
$ 5,282 |
$ (1,069) |
(20.2) % |
$ 54 |
(21.3) % |
|||||||
|
Used vehicle retail sales |
$ 1,604 |
$ 1,580 |
$ 24 |
1.5 % |
$ 23 |
0.1 % |
|||||||
|
Used vehicle wholesale sales |
$ (188) |
$ (151) |
$ (37) |
(24.7) % |
$ (11) |
(17.2) % |
|||||||
|
Total used |
$ 1,271 |
$ 1,299 |
$ (28) |
(2.1) % |
$ 16 |
(3.4) % |
|||||||
|
F&I PRU |
$ 2,063 |
$ 2,133 |
$ (69) |
(3.3) % |
$ 14 |
(3.9) % |
|||||||
|
Other: |
|||||||||||||
|
SG&A expenses |
$ 477.3 |
$ 452.2 |
$ 25.1 |
5.5 % |
$ 5.5 |
4.3 % |
|||||||
|
Adjusted SG&A expenses (2) |
$ 471.4 |
$ 450.1 |
$ 21.3 |
4.7 % |
$ 5.4 |
3.5 % |
|||||||
|
SG&A as % gross profit |
64.4 % |
61.7 % |
2.7 % |
||||||||||
|
Adjusted SG&A as % gross profit (2) |
63.6 % |
61.4 % |
2.2 % |
||||||||||
|
Operating margin % |
5.4 % |
6.4 % |
(1.0) % |
||||||||||
|
Adjusted operating margin % (2) |
5.6 % |
6.5 % |
(0.8) % |
||||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
|||||||||||||
|
Same Store Operating Data — Consolidated |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
(In millions, except unit data) |
|||||||||||||
|
Nine Months Ended September 30, |
|||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
||||||||
|
Revenues: |
|||||||||||||
|
New vehicle retail sales |
$ 6,042.6 |
$ 5,353.4 |
$ 689.3 |
12.9 % |
$ (6.5) |
13.0 % |
|||||||
|
Used vehicle retail sales |
4,117.3 |
4,267.1 |
(149.8) |
(3.5) % |
(11.1) |
(3.2) % |
|||||||
|
Used vehicle wholesale sales |
315.7 |
272.4 |
43.3 |
15.9 % |
(1.2) |
16.4 % |
|||||||
|
Total used |
4,433.0 |
4,539.5 |
(106.5) |
(2.3) % |
(12.4) |
(2.1) % |
|||||||
|
Parts and service sales |
1,603.4 |
1,451.8 |
151.6 |
10.4 % |
(1.8) |
10.6 % |
|||||||
|
F&I, net |
524.8 |
536.8 |
(12.0) |
(2.2) % |
(0.5) |
(2.2) % |
|||||||
|
Total revenues |
$ 12,603.9 |
$ 11,881.5 |
$ 722.4 |
6.1 % |
$ (21.4) |
6.3 % |
|||||||
|
Gross profit: |
|||||||||||||
|
New vehicle retail sales |
$ 542.6 |
$ 603.4 |
$ (60.9) |
(10.1) % |
$ (0.2) |
(10.0) % |
|||||||
|
Used vehicle retail sales |
225.3 |
248.4 |
(23.1) |
(9.3) % |
(0.7) |
(9.0) % |
|||||||
|
Used vehicle wholesale sales |
0.8 |
2.2 |
(1.5) |
(65.7) % |
— |
(65.8) % |
|||||||
|
Total used |
226.0 |
250.6 |
(24.6) |
(9.8) % |
(0.7) |
(9.5) % |
|||||||
|
Parts and service sales |
872.8 |
800.5 |
72.3 |
9.0 % |
(1.1) |
9.2 % |
|||||||
|
F&I, net |
524.8 |
536.8 |
(12.0) |
(2.2) % |
(0.5) |
(2.2) % |
|||||||
|
Total gross profit |
$ 2,166.2 |
$ 2,191.4 |
$ (25.2) |
(1.1) % |
$ (2.5) |
(1.0) % |
|||||||
|
Gross margin: |
|||||||||||||
|
New vehicle retail sales |
9.0 % |
11.3 % |
(2.3) % |
||||||||||
|
Used vehicle retail sales |
5.5 % |
5.8 % |
(0.4) % |
||||||||||
|
Used vehicle wholesale sales |
0.2 % |
0.8 % |
(0.6) % |
||||||||||
|
Total used |
5.1 % |
5.5 % |
(0.4) % |
||||||||||
|
Parts and service sales |
54.4 % |
55.1 % |
(0.7) % |
||||||||||
|
Total gross margin |
17.2 % |
18.4 % |
(1.3) % |
||||||||||
|
Units sold: |
|||||||||||||
|
Retail new vehicles sold (1) |
122,572 |
111,677 |
10,895 |
9.8 % |
|||||||||
|
Retail used vehicles sold |
136,248 |
137,797 |
(1,549) |
(1.1) % |
|||||||||
|
Wholesale used vehicles sold |
30,863 |
27,210 |
3,653 |
13.4 % |
|||||||||
|
Total used |
167,111 |
165,007 |
2,104 |
1.3 % |
|||||||||
|
Average sales price per unit sold: |
|||||||||||||
|
New vehicle retail (1) |
$ 49,669 |
$ 47,936 |
$ 1,733 |
3.6 % |
$ 317 |
3.0 % |
|||||||
|
Used vehicle retail |
$ 30,219 |
$ 30,967 |
$ (747) |
(2.4) % |
$ (82) |
(2.1) % |
|||||||
|
Gross profit per unit sold: |
|||||||||||||
|
New vehicle retail sales |
$ 4,427 |
$ 5,403 |
$ (977) |
(18.1) % |
$ (2) |
(18.0) % |
|||||||
|
Used vehicle retail sales |
$ 1,653 |
$ 1,803 |
$ (149) |
(8.3) % |
$ (5) |
(8.0) % |
|||||||
|
Used vehicle wholesale sales |
$ 25 |
$ 81 |
$ (57) |
(69.7) % |
$ — |
(69.8) % |
|||||||
|
Total used |
$ 1,353 |
$ 1,519 |
$ (166) |
(10.9) % |
$ (4) |
(10.7) % |
|||||||
|
F&I PRU |
$ 2,028 |
$ 2,152 |
$ (124) |
(5.8) % |
$ (2) |
(5.7) % |
|||||||
|
Other: |
|||||||||||||
|
SG&A expenses |
$ 1,380.3 |
$ 1,330.9 |
$ 49.4 |
3.7 % |
$ (1.9) |
3.9 % |
|||||||
|
Adjusted SG&A expenses (2) |
$ 1,374.2 |
$ 1,328.8 |
$ 45.4 |
3.4 % |
$ (2.0) |
3.6 % |
|||||||
|
SG&A as % gross profit |
63.7 % |
60.7 % |
3.0 % |
||||||||||
|
Adjusted SG&A as % gross profit (2) |
63.4 % |
60.6 % |
2.8 % |
||||||||||
|
Operating margin % |
5.7 % |
6.7 % |
(1.0) % |
||||||||||
|
Adjusted operating margin % (2) |
5.8 % |
6.7 % |
(1.0) % |
||||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
|||||||
|
Same Store Operating Data — U.S. |
|||||||
|
(Unaudited) |
|||||||
|
(In millions, except unit data) |
|||||||
|
Three Months Ended September 30, |
|||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
||||
|
Revenues: |
|||||||
|
New vehicle retail sales |
$ 1,754.3 |
$ 1,542.8 |
$ 211.5 |
13.7 % |
|||
|
Used vehicle retail sales |
1,133.4 |
1,176.4 |
(43.0) |
(3.7) % |
|||
|
Used vehicle wholesale sales |
71.8 |
58.8 |
13.0 |
22.1 % |
|||
|
Total used |
1,205.2 |
1,235.2 |
(30.0) |
(2.4) % |
|||
|
Parts and service sales |
475.8 |
439.5 |
36.3 |
8.2 % |
|||
|
F&I, net |
169.7 |
165.9 |
3.8 |
2.3 % |
|||
|
Total revenues |
$ 3,605.1 |
$ 3,383.5 |
$ 221.6 |
6.5 % |
|||
|
Gross profit: |
|||||||
|
New vehicle retail sales |
$ 150.1 |
$ 176.2 |
$ (26.0) |
(14.8) % |
|||
|
Used vehicle retail sales |
62.2 |
59.0 |
3.2 |
5.4 % |
|||
|
Used vehicle wholesale sales |
(0.1) |
(1.1) |
1.0 |
87.7 % |
|||
|
Total used |
62.0 |
57.9 |
4.2 |
7.2 % |
|||
|
Parts and service sales |
258.6 |
241.0 |
17.5 |
7.3 % |
|||
|
F&I, net |
169.7 |
165.9 |
3.8 |
2.3 % |
|||
|
Total gross profit |
$ 640.5 |
$ 641.0 |
$ (0.5) |
(0.1) % |
|||
|
Gross margin: |
|||||||
|
New vehicle retail sales |
8.6 % |
11.4 % |
(2.9) % |
||||
|
Used vehicle retail sales |
5.5 % |
5.0 % |
0.5 % |
||||
|
Used vehicle wholesale sales |
(0.2) % |
(1.9) % |
1.7 % |
||||
|
Total used |
5.1 % |
4.7 % |
0.5 % |
||||
|
Parts and service sales |
54.3 % |
54.8 % |
(0.5) % |
||||
|
Total gross margin |
17.8 % |
18.9 % |
(1.2) % |
||||
|
Units sold: |
|||||||
|
Retail new vehicles sold |
34,348 |
30,790 |
3,558 |
11.6 % |
|||
|
Retail used vehicles sold |
37,345 |
36,875 |
470 |
1.3 % |
|||
|
Wholesale used vehicles sold |
7,722 |
6,163 |
1,559 |
25.3 % |
|||
|
Total used |
45,067 |
43,038 |
2,029 |
4.7 % |
|||
|
Average sales price per unit sold: |
|||||||
|
New vehicle retail |
$ 51,076 |
$ 50,108 |
$ 967 |
1.9 % |
|||
|
Used vehicle retail |
$ 30,350 |
$ 31,902 |
$ (1,552) |
(4.9) % |
|||
|
Gross profit per unit sold: |
|||||||
|
New vehicle retail sales |
$ 4,371 |
$ 5,721 |
$ (1,350) |
(23.6) % |
|||
|
Used vehicle retail sales |
$ 1,665 |
$ 1,600 |
$ 66 |
4.1 % |
|||
|
Used vehicle wholesale sales |
$ (18) |
$ (180) |
$ 163 |
90.2 % |
|||
|
Total used |
$ 1,377 |
$ 1,345 |
$ 32 |
2.4 % |
|||
|
F&I PRU |
$ 2,367 |
$ 2,452 |
$ (85) |
(3.5) % |
|||
|
Other: |
|||||||
|
SG&A expenses |
$ 400.7 |
$ 388.5 |
$ 12.2 |
3.1 % |
|||
|
Adjusted SG&A expenses (1) |
$ 394.9 |
$ 387.7 |
$ 7.2 |
1.8 % |
|||
|
SG&A as % gross profit |
62.6 % |
60.6 % |
2.0 % |
||||
|
Adjusted SG&A as % gross profit (1) |
61.7 % |
60.5 % |
1.2 % |
||||
|
(1) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
|||||||
|
Same Store Operating Data — U.S. |
|||||||
|
(Unaudited) |
|||||||
|
(In millions, except unit data) |
|||||||
|
Nine Months Ended September 30, |
|||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
||||
|
Revenues: |
|||||||
|
New vehicle retail sales |
$ 5,042.6 |
$ 4,457.5 |
$ 585.1 |
13.1 % |
|||
|
Used vehicle retail sales |
3,175.4 |
3,365.7 |
(190.3) |
(5.7) % |
|||
|
Used vehicle wholesale sales |
220.9 |
171.7 |
49.2 |
28.7 % |
|||
|
Total used |
3,396.3 |
3,537.4 |
(141.1) |
(4.0) % |
|||
|
Parts and service sales |
1,401.5 |
1,276.9 |
124.6 |
9.8 % |
|||
|
F&I, net |
473.4 |
485.7 |
(12.3) |
(2.5) % |
|||
|
Total revenues |
$ 10,313.9 |
$ 9,757.5 |
$ 556.4 |
5.7 % |
|||
|
Gross profit: |
|||||||
|
New vehicle retail sales |
$ 451.8 |
$ 524.0 |
$ (72.2) |
(13.8) % |
|||
|
Used vehicle retail sales |
177.7 |
198.3 |
(20.6) |
(10.4) % |
|||
|
Used vehicle wholesale sales |
3.3 |
3.9 |
(0.7) |
(16.6) % |
|||
|
Total used |
181.0 |
202.3 |
(21.3) |
(10.5) % |
|||
|
Parts and service sales |
752.5 |
695.1 |
57.3 |
8.2 % |
|||
|
F&I, net |
473.4 |
485.7 |
(12.3) |
(2.5) % |
|||
|
Total gross profit |
$ 1,858.7 |
$ 1,907.1 |
$ (48.4) |
(2.5) % |
|||
|
Gross margin: |
|||||||
|
New vehicle retail sales |
9.0 % |
11.8 % |
(2.8) % |
||||
|
Used vehicle retail sales |
5.6 % |
5.9 % |
(0.3) % |
||||
|
Used vehicle wholesale sales |
1.5 % |
2.3 % |
(0.8) % |
||||
|
Total used |
5.3 % |
5.7 % |
(0.4) % |
||||
|
Parts and service sales |
53.7 % |
54.4 % |
(0.7) % |
||||
|
Total gross margin |
18.0 % |
19.5 % |
(1.5) % |
||||
|
Units sold: |
|||||||
|
Retail new vehicles sold |
97,918 |
89,841 |
8,077 |
9.0 % |
|||
|
Retail used vehicles sold |
104,532 |
107,551 |
(3,019) |
(2.8) % |
|||
|
Wholesale used vehicles sold |
21,713 |
17,739 |
3,974 |
22.4 % |
|||
|
Total used |
126,245 |
125,290 |
955 |
0.8 % |
|||
|
Average sales price per unit sold: |
|||||||
|
New vehicle retail |
$ 51,498 |
$ 49,615 |
$ 1,883 |
3.8 % |
|||
|
Used vehicle retail |
$ 30,378 |
$ 31,294 |
$ (916) |
(2.9) % |
|||
|
Gross profit per unit sold: |
|||||||
|
New vehicle retail sales |
$ 4,614 |
$ 5,832 |
$ (1,218) |
(20.9) % |
|||
|
Used vehicle retail sales |
$ 1,700 |
$ 1,844 |
$ (144) |
(7.8) % |
|||
|
Used vehicle wholesale sales |
$ 152 |
$ 223 |
$ (71) |
(31.9) % |
|||
|
Total used |
$ 1,434 |
$ 1,615 |
$ (181) |
(11.2) % |
|||
|
F&I PRU |
$ 2,338 |
$ 2,461 |
$ (122) |
(5.0) % |
|||
|
Other: |
|||||||
|
SG&A expenses |
$ 1,159.4 |
$ 1,136.1 |
$ 23.3 |
2.0 % |
|||
|
Adjusted SG&A expenses (1) |
$ 1,153.3 |
$ 1,135.3 |
$ 17.9 |
1.6 % |
|||
|
SG&A as % gross profit |
62.4 % |
59.6 % |
2.8 % |
||||
|
Adjusted SG&A as % gross profit (1) |
62.0 % |
59.5 % |
2.5 % |
||||
|
(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 September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 340.9 |
$ 295.7 |
$ 45.2 |
15.3 % |
$ 25.3 |
6.7 % |
||||||
|
Used vehicle retail sales |
329.5 |
275.2 |
54.3 |
19.7 % |
23.1 |
11.3 % |
||||||
|
Used vehicle wholesale sales |
34.1 |
28.1 |
6.0 |
21.3 % |
2.4 |
12.9 % |
||||||
|
Total used |
363.6 |
303.3 |
60.3 |
19.9 % |
25.4 |
11.5 % |
||||||
|
Parts and service sales |
68.1 |
59.0 |
9.1 |
15.4 % |
4.9 |
7.1 % |
||||||
|
F&I, net |
17.6 |
16.0 |
1.6 |
10.1 % |
1.3 |
2.2 % |
||||||
|
Total revenues |
$ 790.2 |
$ 674.1 |
$ 116.2 |
17.2 % |
$ 57.0 |
8.8 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 29.1 |
$ 25.9 |
$ 3.2 |
12.4 % |
$ 2.3 |
3.6 % |
||||||
|
Used vehicle retail sales |
15.2 |
15.4 |
(0.2) |
(1.0) % |
1.1 |
(8.1) % |
||||||
|
Used vehicle wholesale sales |
(1.9) |
(0.3) |
(1.7) |
NM |
(0.1) |
NM |
||||||
|
Total used |
13.3 |
15.1 |
(1.8) |
(12.1) % |
1.0 |
(18.5) % |
||||||
|
Parts and service sales |
40.4 |
34.8 |
5.7 |
16.3 % |
2.9 |
7.9 % |
||||||
|
F&I, net |
17.6 |
16.0 |
1.6 |
10.1 % |
1.3 |
2.2 % |
||||||
|
Total gross profit |
$ 100.4 |
$ 91.8 |
$ 8.7 |
9.5 % |
$ 7.4 |
1.4 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
8.5 % |
8.8 % |
(0.2) % |
|||||||||
|
Used vehicle retail sales |
4.6 % |
5.6 % |
(1.0) % |
|||||||||
|
Used vehicle wholesale sales |
(5.7) % |
(0.9) % |
(4.7) % |
|||||||||
|
Total used |
3.7 % |
5.0 % |
(1.3) % |
|||||||||
|
Parts and service sales |
59.3 % |
58.9 % |
0.4 % |
|||||||||
|
Total gross margin |
12.7 % |
13.6 % |
(0.9) % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
8,202 |
7,462 |
740 |
9.9 % |
||||||||
|
Retail used vehicles sold |
10,895 |
10,175 |
720 |
7.1 % |
||||||||
|
Wholesale used vehicles sold |
3,306 |
2,978 |
328 |
11.0 % |
||||||||
|
Total used |
14,201 |
13,153 |
1,048 |
8.0 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 43,284 |
$ 39,632 |
$ 3,652 |
9.2 % |
$ 3,213 |
1.1 % |
||||||
|
Used vehicle retail |
$ 30,241 |
$ 27,047 |
$ 3,194 |
11.8 % |
$ 2,117 |
4.0 % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 3,551 |
$ 3,471 |
$ 80 |
2.3 % |
$ 280 |
(5.8) % |
||||||
|
Used vehicle retail sales |
$ 1,396 |
$ 1,510 |
$ (114) |
(7.5) % |
$ 100 |
(14.2) % |
||||||
|
Used vehicle wholesale sales |
$ (585) |
$ (89) |
$ (496) |
NM |
$ (38) |
NM |
||||||
|
Total used |
$ 935 |
$ 1,148 |
$ (213) |
(18.6) % |
$ 68 |
(24.5) % |
||||||
|
F&I PRU |
$ 922 |
$ 906 |
$ 15 |
1.7 % |
$ 66 |
(5.6) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 76.5 |
$ 63.7 |
$ 12.9 |
20.2 % |
$ 5.5 |
11.6 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 76.5 |
$ 62.4 |
$ 14.1 |
22.7 % |
$ 5.4 |
13.9 % |
||||||
|
SG&A as % gross profit |
76.2 % |
69.4 % |
6.8 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
76.2 % |
68.0 % |
8.2 % |
|||||||||
|
(1) |
Retail new vehicle units sold for 2023 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) |
||||||||||||
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
2022 |
Increase/ (Decrease) |
% Change |
Currency Impact on Current Period Results |
Constant Currency % Change |
|||||||
|
Revenues: |
||||||||||||
|
New vehicle retail sales |
$ 1,000.0 |
$ 895.9 |
$ 104.1 |
11.6 % |
$ (6.5) |
12.3 % |
||||||
|
Used vehicle retail sales |
941.9 |
901.4 |
40.5 |
4.5 % |
(11.1) |
5.7 % |
||||||
|
Used vehicle wholesale sales |
94.9 |
100.7 |
(5.9) |
(5.8) % |
(1.2) |
(4.6) % |
||||||
|
Total used |
1,036.7 |
1,002.1 |
34.6 |
3.5 % |
(12.4) |
4.7 % |
||||||
|
Parts and service sales |
201.8 |
174.9 |
26.9 |
15.4 % |
(1.8) |
16.4 % |
||||||
|
F&I, net |
51.4 |
51.1 |
0.3 |
0.6 % |
(0.5) |
1.5 % |
||||||
|
Total revenues |
$ 2,290.0 |
$ 2,124.0 |
$ 166.0 |
7.8 % |
$ (21.4) |
8.8 % |
||||||
|
Gross profit: |
||||||||||||
|
New vehicle retail sales |
$ 90.8 |
$ 79.5 |
$ 11.3 |
14.2 % |
$ (0.2) |
14.5 % |
||||||
|
Used vehicle retail sales |
47.6 |
50.1 |
(2.5) |
(5.0) % |
(0.7) |
(3.6) % |
||||||
|
Used vehicle wholesale sales |
(2.5) |
(1.7) |
(0.8) |
(45.7) % |
— |
(45.9) % |
||||||
|
Total used |
45.0 |
48.3 |
(3.3) |
(6.8) % |
(0.7) |
(5.4) % |
||||||
|
Parts and service sales |
120.3 |
105.4 |
14.9 |
14.2 % |
(1.1) |
15.2 % |
||||||
|
F&I, net |
51.4 |
51.1 |
0.3 |
0.6 % |
(0.5) |
1.5 % |
||||||
|
Total gross profit |
$ 307.5 |
$ 284.3 |
$ 23.2 |
8.2 % |
$ (2.5) |
9.1 % |
||||||
|
Gross margin: |
||||||||||||
|
New vehicle retail sales |
9.1 % |
8.9 % |
0.2 % |
|||||||||
|
Used vehicle retail sales |
5.1 % |
5.6 % |
(0.5) % |
|||||||||
|
Used vehicle wholesale sales |
(2.7) % |
(1.7) % |
(0.9) % |
|||||||||
|
Total used |
4.3 % |
4.8 % |
(0.5) % |
|||||||||
|
Parts and service sales |
59.6 % |
60.2 % |
(0.6) % |
|||||||||
|
Total gross margin |
13.4 % |
13.4 % |
— % |
|||||||||
|
Units sold: |
||||||||||||
|
Retail new vehicles sold (1) |
24,654 |
21,836 |
2,818 |
12.9 % |
||||||||
|
Retail used vehicles sold |
31,716 |
30,246 |
1,470 |
4.9 % |
||||||||
|
Wholesale used vehicles sold |
9,150 |
9,471 |
(321) |
(3.4) % |
||||||||
|
Total used |
40,866 |
39,717 |
1,149 |
2.9 % |
||||||||
|
Average sales price per unit sold: |
||||||||||||
|
New vehicle retail (1) |
$ 42,103 |
$ 41,027 |
$ 1,076 |
2.6 % |
$ (272) |
3.3 % |
||||||
|
Used vehicle retail |
$ 29,697 |
$ 29,802 |
$ (105) |
(0.4) % |
$ (351) |
0.8 % |
||||||
|
Gross profit per unit sold: |
||||||||||||
|
New vehicle retail sales |
$ 3,683 |
$ 3,640 |
$ 43 |
1.2 % |
$ (10) |
1.4 % |
||||||
|
Used vehicle retail sales |
$ 1,500 |
$ 1,656 |
$ (156) |
(9.4) % |
$ (22) |
(8.1) % |
||||||
|
Used vehicle wholesale sales |
$ (277) |
$ (184) |
$ (93) |
(50.9) % |
$ — |
(51.0) % |
||||||
|
Total used |
$ 1,102 |
$ 1,217 |
$ (115) |
(9.5) % |
$ (17) |
(8.1) % |
||||||
|
F&I PRU |
$ 912 |
$ 981 |
$ (70) |
(7.1) % |
$ (8) |
(6.2) % |
||||||
|
Other: |
||||||||||||
|
SG&A expenses |
$ 221.0 |
$ 194.8 |
$ 26.1 |
13.4 % |
$ (1.9) |
14.4 % |
||||||
|
Adjusted SG&A expenses (2) |
$ 221.0 |
$ 193.5 |
$ 27.4 |
14.2 % |
$ (2.0) |
15.2 % |
||||||
|
SG&A as % gross profit |
71.9 % |
68.5 % |
3.3 % |
|||||||||
|
Adjusted SG&A as % gross profit (2) |
71.9 % |
68.1 % |
3.8 % |
|||||||||
|
(1) |
Retail new vehicle units sold for 2023 include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
|
(2) |
See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures. |
|
Group 1 Automotive, Inc. |
||||||||||||
|
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In millions, except per share data) |
||||||||||||
|
Three Months Ended September 30, 2023 |
||||||||||||
|
U.S. GAAP |
Catastrophic events |
Dealership and real estate transactions |
Legal items and other professional fees |
Asset impairments and accelerated depreciation |
Non-GAAP adjusted |
|||||||
|
SG&A expenses |
$ 496.7 |
$ (1.5) |
$ 7.9 |
$ (4.4) |
$ — |
$ 498.8 |
||||||
|
Depreciation and amortization expense |
$ 23.1 |
$ — |
$ — |
$ — |
$ (0.3) |
$ 22.8 |
||||||
|
Asset impairments |
$ 4.8 |
$ — |
$ — |
$ — |
$ (4.8) |
$ — |
||||||
|
Income (loss) from operations |
$ 261.6 |
$ 1.5 |
$ (7.9) |
$ 4.4 |
$ 5.2 |
$ 264.7 |
||||||
|
Income (loss) before income taxes |
$ 220.5 |
$ 1.5 |
$ (7.9) |
$ 4.4 |
$ 5.2 |
$ 223.6 |
||||||
|
Less: Provision (benefit) for income taxes |
56.4 |
0.4 |
(5.4) |
1.1 |
1.3 |
53.8 |
||||||
|
Net income (loss) from continuing operations |
164.1 |
1.1 |
(2.6) |
3.3 |
3.9 |
169.8 |
||||||
|
Less: Earnings (loss) allocated to participating securities |
4.0 |
— |
(0.1) |
0.1 |
0.1 |
4.2 |
||||||
|
Net income (loss) from continuing operations available to diluted common shares |
$ 160.1 |
$ 1.1 |
$ (2.5) |
$ 3.2 |
$ 3.8 |
$ 165.6 |
||||||
|
Diluted earnings (loss) per common share from continuing operations |
$ 11.67 |
$ 0.08 |
$ (0.18) |
$ 0.23 |
$ 0.28 |
$ 12.07 |
||||||
|
Effective tax rate |
25.6 % |
24.0 % |
||||||||||
|
SG&A as % gross profit (1) |
63.2 % |
63.4 % |
||||||||||
|
Operating margin (2) |
5.6 % |
5.6 % |
||||||||||
|
Pretax margin (3) |
4.7 % |
4.8 % |
||||||||||
|
Same Store SG&A expenses |
$ 477.3 |
$ (1.5) |
$ — |
$ (4.4) |
$ — |
$ 471.4 |
||||||
|
Same Store SG&A as % gross profit (1) |
64.4 % |
63.6 % |
||||||||||
|
Same Store income from operations |
$ 236.8 |
$ 1.5 |
$ — |
$ 4.4 |
$ 5.2 |
$ 247.8 |
||||||
|
Same Store operating margin (2) |
5.4 % |
5.6 % |
||||||||||
|
U.S. GAAP |
Non-GAAP adjustments |
Non-GAAP adjusted |
||||
|
Net loss from discontinued operations |
$ (0.2) |
$ — |
$ (0.2) |
|||
|
Less: Loss allocated to participating securities |
— |
— |
— |
|||
|
Net loss from discontinued operations available to diluted common shares |
$ (0.2) |
$ — |
$ (0.2) |
|||
|
Net income |
$ 163.9 |
$ 5.7 |
$ 169.6 |
|||
|
Less: Earnings allocated to participating securities |
4.0 |
0.1 |
4.2 |
|||
|
Net income available to diluted common shares |
$ 159.9 |
$ 5.5 |
$ 165.4 |
|||
|
Diluted loss per common share from discontinued operations |
$ (0.02) |
$ — |
$ (0.02) |
|||
|
Diluted earnings per common share from continuing operations |
11.67 |
0.40 |
12.07 |
|||
|
Diluted earnings per common share |
$ 11.65 |
$ 0.40 |
$ 12.06 |
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
|
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
|
Group 1 Automotive, Inc. |
||||||||||
|
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||
|
(Unaudited) |
||||||||||
|
(In millions, except per share data) |
||||||||||
|
Three Months Ended September 30, 2022 |
||||||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Acquisition Costs |
Legal matters |
Non-GAAP adjusted |
||||||
|
SG&A expenses |
$ 450.9 |
$ 14.3 |
$ (1.3) |
$ (0.8) |
$ 463.1 |
|||||
|
Income (loss) from operations |
$ 279.9 |
$ (14.3) |
$ 1.3 |
$ 0.8 |
$ 267.7 |
|||||
|
Income (loss) before income taxes |
$ 257.2 |
$ (14.3) |
$ 1.3 |
$ 0.8 |
$ 245.0 |
|||||
|
Less: Provision (benefit) for income taxes |
60.2 |
(3.4) |
— |
0.2 |
56.9 |
|||||
|
Net income (loss) from continuing operations |
197.1 |
(10.8) |
1.3 |
0.6 |
188.1 |
|||||
|
Less: Earnings (loss) allocated to participating securities |
5.4 |
(0.3) |
— |
— |
5.2 |
|||||
|
Net income (loss) from continuing operations available to diluted common shares |
$ 191.6 |
$ (10.5) |
$ 1.2 |
$ 0.6 |
$ 182.9 |
|||||
|
Diluted earnings (loss) per common share from continuing operations |
$ 12.57 |
$ (0.69) |
$ 0.08 |
$ 0.04 |
$ 12.00 |
|||||
|
Effective tax rate |
23.4 % |
23.2 % |
||||||||
|
SG&A as % gross profit (1) |
59.9 % |
61.5 % |
||||||||
|
Operating margin (2) |
6.7 % |
6.4 % |
||||||||
|
Pretax margin (3) |
6.2 % |
5.9 % |
||||||||
|
Same Store SG&A expenses |
$ 452.2 |
$ — |
$ (1.3) |
$ (0.8) |
$ 450.1 |
|||||
|
Same Store SG&A as % gross profit (1) |
61.7 % |
61.4 % |
||||||||
|
Same Store income from operations |
$ 260.1 |
$ — |
$ 1.3 |
$ 0.8 |
$ 262.2 |
|||||
|
Same Store operating margin (2) |
6.4 % |
6.5 % |
||||||||
|
U.S. GAAP |
Non-GAAP adjustments |
Non-GAAP adjusted |
||||
|
Net loss from discontinued operations |
$ (1.3) |
$ — |
$ (1.3) |
|||
|
Less: Loss allocated to participating securities |
— |
— |
— |
|||
|
Net loss from discontinued operations available to diluted common shares |
$ (1.3) |
$ — |
$ (1.3) |
|||
|
Net income (loss) |
$ 195.7 |
$ (8.9) |
$ 186.8 |
|||
|
Less: Earnings (loss) allocated to participating securities |
5.4 |
(0.2) |
5.1 |
|||
|
Net income (loss) available to diluted common shares |
$ 190.3 |
$ (8.7) |
$ 181.6 |
|||
|
Diluted loss per common share from discontinued operations |
$ (0.09) |
$ — |
$ (0.09) |
|||
|
Diluted earnings (loss) per common share from continuing operations |
12.57 |
(0.57) |
12.00 |
|||
|
Diluted earnings (loss) per common share |
$ 12.48 |
$ (0.57) |
$ 11.91 |
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items above. |
|
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items above. |
|
Group 1 Automotive, Inc. |
||||||||||||||||
|
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In millions, except per share data) |
||||||||||||||||
|
Nine Months Ended September 30, 2023 |
||||||||||||||||
|
U.S. GAAP |
Non-cash gain on interest rate swaps |
Catastrophic events |
Dealership and real estate transactions |
Acquisition costs |
Legal items and other professional fees |
Asset impairments and accelerated depreciation |
Non-GAAP adjusted |
|||||||||
|
SG&A expenses |
$ 1,439.4 |
$ — |
$ (1.5) |
$ 19.4 |
$ (0.3) |
$ (4.4) |
$ — |
$ 1,452.7 |
||||||||
|
Depreciation and amortization expense |
$ 68.6 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ (0.9) |
$ 67.8 |
||||||||
|
Asset impairments |
$ 7.7 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ (7.7) |
$ — |
||||||||
|
Income (loss) from operations |
$ 773.9 |
$ — |
$ 1.5 |
$ (19.4) |
$ 0.3 |
$ 4.4 |
$ 8.6 |
$ 769.2 |
||||||||
|
Other interest expense, net |
$ 72.1 |
$ 4.0 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 76.2 |
||||||||
|
Income (loss) before income taxes |
$ 654.8 |
$ (4.0) |
$ 1.5 |
$ (19.4) |
$ 0.3 |
$ 4.4 |
$ 8.6 |
$ 646.1 |
||||||||
|
Less: Provision (benefit) for income taxes |
161.6 |
(0.9) |
0.4 |
(10.3) |
0.1 |
1.1 |
2.1 |
154.0 |
||||||||
|
Net income (loss) from continuing operations |
493.2 |
(3.1) |
1.1 |
(9.1) |
0.2 |
3.3 |
6.5 |
492.1 |
||||||||
|
Less: Earnings (loss) allocated to participating securities |
12.2 |
(0.1) |
— |
(0.2) |
— |
0.1 |
0.2 |
12.2 |
||||||||
|
Net income (loss) from continuing operations available to diluted common shares |
$ 480.9 |
$ (3.0) |
$ 1.1 |
$ (8.9) |
$ 0.2 |
$ 3.2 |
$ 6.3 |
$ 479.8 |
||||||||
|
Diluted earnings (loss) per common share from continuing operations |
$ 34.81 |
$ (0.22) |
$ 0.08 |
$ (0.64) |
$ 0.01 |
$ 0.23 |
$ 0.46 |
$ 34.73 |
||||||||
|
Effective tax rate |
24.7 % |
23.8 % |
||||||||||||||
|
SG&A as % gross profit (1) |
62.9 % |
63.4 % |
||||||||||||||
|
Operating margin (2) |
5.8 % |
5.7 % |
||||||||||||||
|
Pretax margin (3) |
4.9 % |
4.8 % |
||||||||||||||
|
Same Store SG&A expenses |
$ 1,380.3 |
$ — |
$ (1.5) |
$ — |
$ (0.3) |
$ (4.4) |
$ — |
$ 1,374.2 |
||||||||
|
Same Store SG&A as % gross profit (1) |
63.7 % |
63.4 % |
||||||||||||||
|
Same Store income from operations |
$ 713.0 |
$ — |
$ 1.5 |
$ — |
$ 0.3 |
$ 4.4 |
$ 8.3 |
$ 727.5 |
||||||||
|
Same Store operating margin (2) |
5.7 % |
5.8 % |
||||||||||||||
|
U.S. GAAP |
Non-GAAP adjustments |
Non-GAAP adjusted |
||||
|
Net loss from discontinued operations |
$ (0.3) |
$ — |
$ (0.3) |
|||
|
Less: Loss allocated to participating securities |
— |
— |
— |
|||
|
Net loss from discontinued operations available to diluted common shares |
$ (0.3) |
$ — |
$ (0.3) |
|||
|
Net income (loss) |
$ 492.9 |
$ (1.1) |
$ 491.7 |
|||
|
Less: Earnings allocated to participating securities |
12.2 |
— |
12.2 |
|||
|
Net income (loss) available to diluted common shares |
$ 480.6 |
$ (1.1) |
$ 479.5 |
|||
|
Diluted loss per common share from discontinued operations |
$ (0.02) |
$ — |
$ (0.02) |
|||
|
Diluted earnings (loss) per common share from continuing operations |
34.81 |
(0.08) |
34.73 |
|||
|
Diluted earnings (loss) per common share |
$ 34.79 |
$ (0.08) |
$ 34.71 |
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
|
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and a non-cash gain on interest rate swaps. |
|
Group 1 Automotive, Inc. |
||||||||||||
|
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(In millions, except per share data) |
||||||||||||
|
Nine Months Ended September 30, 2022 |
||||||||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Acquisition costs |
Legal matters |
Asset impairments |
Non-GAAP adjusted |
|||||||
|
SG&A expenses |
$ 1,329.6 |
$ 38.8 |
$ (1.3) |
$ (0.8) |
$ — |
$ 1,366.3 |
||||||
|
Asset impairments |
$ 0.8 |
$ — |
$ — |
$ — |
$ (0.8) |
$ — |
||||||
|
Income (loss) from operations |
$ 849.4 |
$ (38.8) |
$ 1.3 |
$ 0.8 |
$ 0.8 |
$ 813.5 |
||||||
|
Income (loss) before income taxes |
$ 779.6 |
$ (38.8) |
$ 1.3 |
$ 0.8 |
$ 0.8 |
$ 743.7 |
||||||
|
Less: Provision (benefit) for income taxes |
182.1 |
(9.1) |
— |
0.2 |
0.2 |
173.4 |
||||||
|
Net income (loss) from continuing operations |
597.5 |
(29.7) |
1.3 |
0.6 |
0.6 |
570.3 |
||||||
|
Less: Earnings (loss) allocated to participating securities |
16.7 |
(0.8) |
— |
— |
— |
15.9 |
||||||
|
Net income (loss) from continuing operations available to diluted common shares |
$ 580.8 |
$ (28.9) |
$ 1.2 |
$ 0.6 |
$ 0.6 |
$ 554.3 |
||||||
|
Diluted earnings (loss) per common share from continuing operations |
$ 36.43 |
$ (1.81) |
$ 0.08 |
$ 0.04 |
$ 0.04 |
$ 34.77 |
||||||
|
Effective tax rate |
23.4 % |
23.3 % |
||||||||||
|
SG&A as % gross profit (1) |
59.2 % |
60.8 % |
||||||||||
|
Operating margin (2) |
7.0 % |
6.7 % |
||||||||||
|
Pretax margin (3) |
6.4 % |
6.1 % |
||||||||||
|
Same Store SG&A expenses |
$ 1,330.9 |
$ — |
$ (1.3) |
$ (0.8) |
$ — |
$ 1,328.8 |
||||||
|
Same Store SG&A as % gross profit (1) |
60.7 % |
60.6 % |
||||||||||
|
Same Store income from operations |
$ 796.4 |
$ — |
$ 1.3 |
$ 0.8 |
$ 0.8 |
$ 799.3 |
||||||
|
Same Store operating margin (2) |
6.7 % |
6.7 % |
||||||||||
|
U.S. GAAP |
Non-GAAP adjustments |
Non-GAAP adjusted |
||||
|
Net (loss) income from discontinued operations |
$ (2.9) |
$ 5.0 |
$ 2.1 |
|||
|
Less: (Loss) earnings allocated to participating securities |
(0.1) |
0.1 |
0.1 |
|||
|
Net (loss) income from discontinued operations available to diluted common shares |
$ (2.8) |
$ 4.9 |
$ 2.0 |
|||
|
Net income (loss) |
$ 594.6 |
$ (22.2) |
$ 572.4 |
|||
|
Less: Earnings (loss) allocated to participating securities |
16.6 |
(0.6) |
16.0 |
|||
|
Net income (loss) available to diluted common shares |
$ 578.0 |
$ (21.6) |
$ 556.4 |
|||
|
Diluted (loss) earnings per common share from discontinued operations |
$ (0.18) |
$ 0.30 |
$ 0.13 |
|||
|
Diluted earnings (loss) per common share from continuing operations |
36.43 |
(1.66) |
34.77 |
|||
|
Diluted earnings (loss) per common share |
$ 36.25 |
$ (1.35) |
$ 34.90 |
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
(2) |
Adjusted operating margin excludes the impact of SG&A reconciling items and asset impairment charges. |
|
(3) |
Adjusted pretax margin excludes the impact of SG&A reconciling items and asset impairment charges. |
|
Group 1 Automotive, Inc. |
||||||||||
|
Reconciliation of Certain Non-GAAP Financial Measures — U.S. |
||||||||||
|
(Unaudited) |
||||||||||
|
(In millions) |
||||||||||
|
Three Months Ended September 30, 2023 |
||||||||||
|
U.S. GAAP |
Catastrophic events |
Dealership and real estate transactions |
Legal items and other professional fees |
Non-GAAP adjusted |
||||||
|
SG&A expenses |
$ 417.4 |
$ (1.5) |
$ 7.9 |
$ (4.4) |
$ 419.5 |
|||||
|
SG&A as % gross profit (1) |
61.1 % |
61.4 % |
||||||||
|
Same Store SG&A expenses |
$ 400.7 |
$ (1.5) |
$ — |
$ (4.4) |
$ 394.9 |
|||||
|
Same Store SG&A as % gross profit (1) |
62.6 % |
61.7 % |
||||||||
|
Three Months Ended September 30, 2022 |
||||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Legal matters |
Non-GAAP adjusted |
|||||
|
SG&A expenses |
$ 385.8 |
$ 14.3 |
$ (0.8) |
$ 399.3 |
||||
|
SG&A as % gross profit (1) |
58.5 % |
60.6 % |
||||||
|
Same Store SG&A expenses |
$ 388.5 |
$ — |
$ (0.8) |
$ 387.7 |
||||
|
Same Store SG&A as % gross profit (1) |
60.6 % |
60.5 % |
||||||
|
Nine Months Ended September 30, 2023 |
||||||||||||
|
U.S. GAAP |
Catastrophic events |
Dealership and real estate transactions |
Acquisition costs |
Legal items and other professional fees |
Non-GAAP adjusted |
|||||||
|
SG&A expenses |
$ 1,209.8 |
$ (1.5) |
$ 18.4 |
$ (0.3) |
$ (4.4) |
$ 1,222.1 |
||||||
|
SG&A as % gross profit (1) |
61.4 % |
62.0 % |
||||||||||
|
Same Store SG&A expenses |
$ 1,159.4 |
$ (1.5) |
$ — |
$ (0.3) |
$ (4.4) |
$ 1,153.3 |
||||||
|
Same Store SG&A as % gross profit (1) |
62.4 % |
62.0 % |
||||||||||
|
Nine Months Ended September 30, 2022 |
||||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Legal matters |
Non-GAAP adjusted |
|||||
|
SG&A expenses |
$ 1,133.0 |
$ 36.1 |
$ (0.8) |
$ 1,168.4 |
||||
|
SG&A as % gross profit (1) |
57.9 % |
59.7 % |
||||||
|
Same Store SG&A expenses |
$ 1,136.1 |
$ — |
$ (0.8) |
$ 1,135.3 |
||||
|
Same Store SG&A as % gross profit (1) |
59.6 % |
59.5 % |
||||||
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
Group 1 Automotive, Inc. |
||||||
|
Reconciliation of Certain Non-GAAP Financial Measures – U.K. |
||||||
|
(Unaudited) |
||||||
|
(In millions) |
||||||
|
Three Months Ended September 30, 2022 |
||||||
|
U.S. GAAP |
Acquisition costs |
Non-GAAP Adjusted |
||||
|
SG&A expenses |
$ 65.1 |
$ (1.3) |
$ 63.8 |
|||
|
SG&A as % gross profit (1) |
69.8 % |
68.4 % |
||||
|
Same Store SG&A expenses |
$ 63.7 |
$ (1.3) |
$ 62.4 |
|||
|
Same Store SG&A as % gross profit (1) |
69.4 % |
68.0 % |
||||
|
Nine Months Ended September 30, 2023 |
||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Non-GAAP Adjusted |
||||
|
SG&A expenses |
$ 229.6 |
$ 0.9 |
$ 230.5 |
|||
|
SG&A as % gross profit (1) |
71.8 % |
72.1 % |
||||
|
Nine Months Ended September 30, 2022 |
||||||||
|
U.S. GAAP |
Dealership and real estate transactions |
Acquisition costs |
Non-GAAP Adjusted |
|||||
|
SG&A expenses |
$ 196.6 |
$ 2.7 |
$ (1.3) |
$ 197.9 |
||||
|
SG&A as % gross profit (1) |
68.0 % |
68.4 % |
||||||
|
Same Store SG&A expenses |
$ 194.8 |
$ — |
$ (1.3) |
$ 193.5 |
||||
|
Same Store SG&A as % gross profit (1) |
68.5 % |
68.1 % |
||||||
|
(1) |
Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
SOURCE Group 1 Automotive, Inc.
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