- Full year revenues reach all-time high of $17.9 billion; a 10.2% increase over the
comparable prior year period
- Current quarter new vehicle units sold increased 14.8%
over the comparable prior year period
- Current quarter diluted earnings per common share from
continuing operations of $7.87 and
current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) of $9.50
HOUSTON, Jan. 31,
2024 /PRNewswire/ -- Group 1 Automotive,
Inc. (NYSE: GPI) ("Group 1" or the "Company"), an
international, Fortune 300 automotive retailer with 199 dealerships
located in the U.S. and U.K., today reported financial
results for the fourth quarter of 2023 ("current quarter") and full
year 2023 ("current year").
Current quarter net income from continuing operations was
$108.8 million. Current quarter
adjusted net income from continuing operations (a non-GAAP measure)
was $131.2 million. Current quarter
diluted earnings per common share from continuing operations was
$7.87. Current quarter adjusted
diluted earnings per common share from continuing operations (a
non-GAAP measure) was $9.50. Current
quarter new vehicle revenues were a record of $2.3 billion and parts and service continued to
produce year-over-year growth.
Current year total revenues of $17.9
billion were the highest in Company history, with growth
across all lines of business. Current year total gross profit
exceeded $3.0 billion, an all-time
record driven by gross profit of $1.2
billion by our parts and service business. In addition, the
Company delivered record new and used vehicle units sold for the
current year. The U.K. delivered record current year revenues of
$3.1 billion, driven by all lines of
service and record gross profit, driven by new vehicles and parts
and service.
"Our U.S. team produced another strong quarter and full year
results. We continue to execute well in this evolving U.S. market.
We experienced challenges in our U.K. operations during the current
quarter with used vehicles and recognize we have some work ahead of
us to bring our costs back in-line with recent trends," said
Daryl Kenningham, Group 1's
President and Chief Executive Officer. "We are focused on reducing
costs in the U.K. in the first quarter of 2024, with an expectation
of reducing our U.K. headcount by approximately 10%."
Reconciliations for financial results, non-GAAP metrics, and
diluted earnings per common share between continuing and
discontinued operations are included in the accompanying financial
tables.
Current Quarter Results Overview
Total revenues for the current quarter were $4.5 billion, a 10.1% increase compared to
$4.1 billion for the fourth quarter
of 2022 ("prior year quarter").
Net income from continuing operations for the current quarter
was $108.8 million, a 30.6% decrease
compared to $156.7 million for the
prior year quarter. Current quarter adjusted net income from
continuing operations (a non-GAAP measure) was $131.2 million, a 17.2% decrease compared to
$158.4 million for the prior year
quarter.
Current quarter diluted earnings per common share from
continuing operations was $7.87, a
26.8% decrease compared to $10.75 for
the prior year quarter. Current quarter adjusted diluted earnings
per common share from continuing operations (a non-GAAP measure)
was $9.50, a 12.6% decrease compared
to $10.86 for the prior year
quarter.
New vehicle units sold increased 14.8%. However, declining new
vehicle margins, increased SG&A as a percentage of gross profit
and higher interest expense pressured net income and earnings per
common share versus the prior year quarter. Specifically, SG&A
as a percentage of gross profit increased 7.5% in the U.K., driven
by higher SG&A expenses and lower margins on new and used
vehicles. During the current quarter, our U.K. operations began a
rebalancing of our used vehicle inventory in response to market
changes, which generated losses on used vehicle wholesale sales in
the current quarter, which are expected to continue into the
quarterly period ended March 31,
2024. Despite the current quarter challenges, our U.K. team,
delivered record current year revenues, driven by all lines of
service and record gross profit, driven by new vehicles and parts
and service.
Fourth
Quarter 2023
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
4Q23
|
Change
|
4Q23
|
Change
|
Total
revenues
|
$4.5B
|
+10.1 %
|
$4.2B
|
+6.2 %
|
Total gross profit
("GP")
|
$730.6M
|
+1.6 %
|
$690.0M
|
(1.5) %
|
NV units
sold
|
45,827
|
+14.8 %
|
43,087
|
+10.6 %
|
NV GP per retail unit
("PRU")
|
$4,025
|
(22.5) %
|
$3,986
|
(23.3) %
|
Used vehicle ("UV")
retail units sold
|
44,656
|
+2.5 %
|
42,534
|
+0.4 %
|
UV retail GP
PRU
|
$1,434
|
+3.5 %
|
$1,413
|
+1.2 %
|
Parts & service
("P&S") GP
|
$299.3M
|
+6.5 %
|
$287.0M
|
+5.6 %
|
P&S Gross Margin
("GM")
|
54.9 %
|
+0.7 %
|
54.6 %
|
0.3 %
|
Finance and Insurance
("F&I") revenues
|
$187.1M
|
+8.4 %
|
$175.6M
|
+4.1 %
|
F&I GP
PRU
|
$2,068
|
0.0 %
|
$2,051
|
(1.1) %
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
66.7 %
|
+364
bps
|
67.4 %
|
+454
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
66.5 %
|
+353
bps
|
66.8 %
|
+404
bps
|
Full Year 2023 Results Overview
Current year total revenues were a record $17.9 billion, a 10.2% increase compared to
$16.2 billion for the full year 2022
("prior year").
Current year net income from continuing operations was
$602.0 million, a 20.2% decrease
compared to $754.2 million for the
prior year. Current year adjusted net income from continuing
operations (a non-GAAP measure) was $623.3
million, a 14.5% decrease compared to $728.7 million for the prior year.
Current year diluted earnings per common share from continuing
operations was $42.75, a 9.6%
decrease compared to $47.31 for the
prior year. Current year adjusted diluted earnings per common share
from continuing operations (a non-GAAP measure) was $44.27, a 3.2% decrease compared to $45.71 for the prior year. Current year and prior
year adjusted diluted earnings per common share from continuing
operations exclude adjusted diluted (loss) earnings per common
share from discontinued operations of $(0.03) and $0.14,
respectively.
As a result of lower new and used vehicle margins, increased
SG&A expenses, and higher interest costs, net income and
earnings per common share were adversely impacted versus the prior
year.
Full Year
2023
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
FY23
|
Change
|
FY23
|
Change
|
Total
revenues
|
$17.9B
|
+10.2 %
|
$16.8B
|
+6.1 %
|
Total GP
|
$3.0B
|
+1.9 %
|
$2.9B
|
(1.2) %
|
NV units
sold
|
175,566
|
+13.5 %
|
165,659
|
10.0 %
|
NV GP PRU
|
$4,369
|
(18.1) %
|
$4,312
|
(19.4) %
|
UV retail units
sold
|
187,656
|
+1.6 %
|
178,782
|
(0.8) %
|
UV retail GP
PRU
|
$1,604
|
(5.6) %
|
$1,596
|
(6.5) %
|
P&S GP
|
$1.2B
|
+10.0 %
|
$1,159.8M
|
+8.1 %
|
P&S GM
|
54.6 %
|
(0.3) %
|
54.5 %
|
(0.4) %
|
F&I
revenues
|
$741.9M
|
+2.7 %
|
$700.4M
|
(0.7) %
|
F&I GP
PRU
|
$2,043
|
(4.0) %
|
$2,033
|
(4.6) %
|
SG&A expenses as a
% of GP
|
63.8 %
|
+365
bps
|
64.6 %
|
+336
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
64.2 %
|
+283
bps
|
64.2 %
|
+310
bps
|
Corporate Development
A major contributor to our success and a driver of incremental
value creation for our shareholders is the speed and efficiency at
which we have been able to integrate new acquisitions into our
existing operations. In the current year, the Company successfully
acquired and integrated dealership operations with total expected
annual revenues of approximately $1.1 billion, including the resolution in
the current quarter of the previously pending acquisition of a
Subaru dealership in New
Hampshire. This acquisition is expected to generate
$65.0 million of annual revenues.
In the current quarter, the Company disposed of a Land Rover and
Volvo dealership in Louisiana.
These dealerships generated approximately $45.0 million in annual revenues.
Share Repurchases
During the current quarter, the Company repurchased 160,968
shares at an average price per common share of $262.25, for a total of $42.2 million, excluding excise taxes of
$0.4 million. During the current
year, the Company repurchased 729,582 shares, representing
approximately 5.1% of the Company's outstanding common shares at
January 1 of the current year, at an
average price per common share of $236.78, for a total of $172.8 million, excluding excise taxes of
$1.5 million. During the period
January 1, 2022 to December 31, 2023, the Company repurchased
3,750,605 shares, at an average price per common share of
$185.04, for a total of $694.0 million, representing approximately 21.8%
of the common shares outstanding at the commencement of the
period.
As of December 31, 2023, the
Company had an aggregate 13.7 million outstanding common
shares and unvested restricted stock awards. The Company currently
has $143.3 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.
Fourth Quarter and Full Year 2023 Earnings
Conference Call Details
Group 1's senior management will host a conference call today at
10:00 a.m. ET to discuss the fourth
quarter and full year 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. 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:
1057644
A telephonic replay will be available following the call through
February 7, 2024, by dialing:
Domestic:
1-877-344-7529
International: 1-412-317-0088
Replay Code: 5094882
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 199 automotive dealerships,
267 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, (j) the impacts of 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.
ir@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial
Services and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Group 1 Automotive,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,311.2
|
|
$
1,972.8
|
|
$
338.4
|
|
17.2 %
|
Used vehicle retail
sales
|
|
1,334.5
|
|
1,319.4
|
|
15.1
|
|
1.1 %
|
Used vehicle wholesale
sales
|
|
102.3
|
|
85.7
|
|
16.6
|
|
19.3 %
|
Parts and service
sales
|
|
545.0
|
|
518.4
|
|
26.5
|
|
5.1 %
|
Finance, insurance and
other, net
|
|
187.1
|
|
172.7
|
|
14.5
|
|
8.4 %
|
Total
revenues
|
|
4,480.0
|
|
4,069.0
|
|
411.1
|
|
10.1 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,126.7
|
|
1,765.4
|
|
361.3
|
|
20.5 %
|
Used vehicle retail
sales
|
|
1,270.4
|
|
1,259.0
|
|
11.4
|
|
0.9 %
|
Used vehicle wholesale
sales
|
|
106.6
|
|
87.8
|
|
18.8
|
|
21.4 %
|
Parts and service
sales
|
|
245.7
|
|
237.3
|
|
8.4
|
|
3.5 %
|
Total
cost of sales
|
|
3,749.4
|
|
3,349.5
|
|
399.9
|
|
11.9 %
|
GROSS
PROFIT
|
|
730.6
|
|
719.4
|
|
11.2
|
|
1.6 %
|
Selling, general and
administrative expenses
|
|
487.4
|
|
453.8
|
|
33.7
|
|
7.4 %
|
Depreciation and
amortization expense
|
|
23.4
|
|
22.4
|
|
0.9
|
|
4.2 %
|
Asset
impairments
|
|
25.1
|
|
1.3
|
|
23.8
|
|
1,801.5 %
|
INCOME FROM
OPERATIONS
|
|
194.7
|
|
241.9
|
|
(47.2)
|
|
(19.5) %
|
Floorplan interest
expense
|
|
19.4
|
|
9.6
|
|
9.7
|
|
101.4 %
|
Other interest expense,
net
|
|
27.7
|
|
22.0
|
|
5.7
|
|
25.8 %
|
Other
expense
|
|
2.2
|
|
4.6
|
|
(2.4)
|
|
(52.2) %
|
INCOME BEFORE INCOME
TAXES
|
|
145.4
|
|
205.7
|
|
(60.2)
|
|
(29.3) %
|
Provision for income
taxes
|
|
36.6
|
|
48.9
|
|
(12.3)
|
|
(25.1) %
|
Net income from
continuing operations
|
|
108.8
|
|
156.7
|
|
(47.9)
|
|
(30.6) %
|
Net (loss) income from
discontinued operations
|
|
—
|
|
0.2
|
|
(0.3)
|
|
(122.3) %
|
NET
INCOME
|
|
$
108.8
|
|
$
157.0
|
|
$
(48.2)
|
|
(30.7) %
|
Less: Earnings
allocated to participating securities
|
|
2.6
|
|
4.6
|
|
(2.0)
|
|
(43.5) %
|
Net income available to
diluted common shares
|
|
$
106.2
|
|
$
152.4
|
|
$
(46.2)
|
|
(30.3) %
|
Diluted earnings per
share from continuing operations
|
|
$
7.87
|
|
$
10.75
|
|
$
(2.88)
|
|
(26.8) %
|
Diluted (loss) earnings
per share from discontinued operations
|
|
$
—
|
|
$
0.01
|
|
$
(0.02)
|
|
(123.5) %
|
DILUTED EARNINGS PER
SHARE
|
|
$
7.87
|
|
$
10.76
|
|
$
(2.89)
|
|
(26.9) %
|
Weighted average
dilutive common shares outstanding
|
|
13.5
|
|
14.2
|
|
(0.7)
|
|
(4.7) %
|
Weighted average
participating securities
|
|
0.3
|
|
0.4
|
|
(0.1)
|
|
(22.6) %
|
Total weighted average shares
|
|
13.8
|
|
14.6
|
|
(0.8)
|
|
(5.2) %
|
Effective tax rate on
continuing operations
|
|
25.2 %
|
|
23.8 %
|
|
1.4 %
|
|
|
Group 1 Automotive,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
8,774.6
|
|
$
7,452.5
|
|
$
1,322.0
|
|
17.7 %
|
Used vehicle retail
sales
|
|
5,693.5
|
|
5,673.3
|
|
20.2
|
|
0.4 %
|
Used vehicle wholesale
sales
|
|
441.4
|
|
364.6
|
|
76.9
|
|
21.1 %
|
Parts and service
sales
|
|
2,222.3
|
|
2,009.5
|
|
212.7
|
|
10.6 %
|
Finance, insurance and
other, net
|
|
741.9
|
|
722.2
|
|
19.7
|
|
2.7 %
|
Total
revenues
|
|
17,873.7
|
|
16,222.1
|
|
1,651.6
|
|
10.2 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
8,007.6
|
|
6,627.0
|
|
1,380.6
|
|
20.8 %
|
Used vehicle retail
sales
|
|
5,392.6
|
|
5,359.6
|
|
33.0
|
|
0.6 %
|
Used vehicle wholesale
sales
|
|
445.2
|
|
364.6
|
|
80.7
|
|
22.1 %
|
Parts and service
sales
|
|
1,008.0
|
|
905.8
|
|
102.2
|
|
11.3 %
|
Total
cost of sales
|
|
14,853.4
|
|
13,256.9
|
|
1,596.5
|
|
12.0 %
|
GROSS
PROFIT
|
|
3,020.3
|
|
2,965.2
|
|
55.1
|
|
1.9 %
|
Selling, general and
administrative expenses
|
|
1,926.8
|
|
1,783.3
|
|
143.4
|
|
8.0 %
|
Depreciation and
amortization expense
|
|
92.0
|
|
88.4
|
|
3.7
|
|
4.1 %
|
Asset
impairments
|
|
32.9
|
|
2.1
|
|
30.7
|
|
1,440.6 %
|
INCOME FROM
OPERATIONS
|
|
968.6
|
|
1,091.4
|
|
(122.7)
|
|
(11.2) %
|
Floorplan interest
expense
|
|
64.1
|
|
27.3
|
|
36.8
|
|
134.9 %
|
Other interest expense,
net
|
|
99.8
|
|
77.5
|
|
22.3
|
|
28.7 %
|
Other expense (income),
net
|
|
4.5
|
|
1.2
|
|
3.3
|
|
273.4 %
|
INCOME BEFORE INCOME
TAXES
|
|
800.2
|
|
985.3
|
|
(185.1)
|
|
(18.8) %
|
Provision for income
taxes
|
|
198.2
|
|
231.1
|
|
(32.9)
|
|
(14.2) %
|
Net income from
continuing operations
|
|
602.0
|
|
754.2
|
|
(152.3)
|
|
(20.2) %
|
Net loss from
discontinued operations
|
|
(0.4)
|
|
(2.7)
|
|
2.3
|
|
(86.6) %
|
NET
INCOME
|
|
$
601.6
|
|
$
751.5
|
|
$
(149.9)
|
|
(19.9) %
|
Less: Earnings
allocated to participating securities
|
|
14.8
|
|
21.2
|
|
(6.4)
|
|
(30.4) %
|
Net income available to
diluted common shares
|
|
$
586.9
|
|
$
730.3
|
|
$
(143.5)
|
|
(19.6) %
|
Diluted earnings per
share from continuing operations
|
|
$
42.75
|
|
$
47.31
|
|
$
(4.55)
|
|
(9.6) %
|
Diluted loss per share
from discontinued operations
|
|
$
(0.03)
|
|
$
(0.17)
|
|
$
0.14
|
|
(84.8) %
|
DILUTED EARNINGS PER
SHARE
|
|
$
42.73
|
|
$
47.14
|
|
$
(4.41)
|
|
(9.4) %
|
Weighted average
dilutive common shares outstanding
|
|
13.7
|
|
15.5
|
|
(1.8)
|
|
(11.4) %
|
Weighted average
participating securities
|
|
0.3
|
|
0.5
|
|
(0.1)
|
|
(23.2) %
|
Total
weighted average shares
|
|
14.1
|
|
15.9
|
|
(1.9)
|
|
(11.7) %
|
Effective tax rate on
continuing operations
|
|
24.8 %
|
|
23.5 %
|
|
1.3 %
|
|
|
Group 1 Automotive,
Inc.
|
Additional
Information — Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Increase/(Decrease)
|
|
%
Change
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
57.2
|
|
$
47.9
|
|
$
9.4
|
|
19.5 %
|
Inventories,
net
|
|
$
1,963.4
|
|
$
1,356.6
|
|
$
606.8
|
|
44.7 %
|
Floorplan notes
payable, net (1)
|
|
$
1,565.4
|
|
$
1,005.2
|
|
$
560.3
|
|
55.7 %
|
Total debt
|
|
$
2,098.8
|
|
$
2,082.5
|
|
$
16.3
|
|
0.8 %
|
Total equity
|
|
$
2,674.4
|
|
$
2,237.5
|
|
$
436.9
|
|
19.5 %
|
(1) Amounts
are net of offset accounts of $275.2 and $153.6,
respectively.
|
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
United
States
|
|
83.3 %
|
|
80.3 %
|
|
81.3 %
|
|
80.8 %
|
United
Kingdom
|
|
16.7 %
|
|
19.7 %
|
|
18.7 %
|
|
19.2 %
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
Toyota/Lexus
|
|
26.7 %
|
|
24.5 %
|
|
24.0 %
|
|
24.4 %
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
13.4 %
|
|
15.2 %
|
|
15.2 %
|
|
15.6 %
|
BMW/MINI
|
|
12.8 %
|
|
14.7 %
|
|
11.8 %
|
|
13.3 %
|
Chevrolet/GMC/Buick
|
|
9.3 %
|
|
7.0 %
|
|
9.0 %
|
|
6.6 %
|
Ford/Lincoln
|
|
6.9 %
|
|
8.1 %
|
|
7.5 %
|
|
8.2 %
|
Honda/Acura
|
|
7.3 %
|
|
6.7 %
|
|
7.5 %
|
|
6.8 %
|
Mercedes-Benz/Sprinter
|
|
6.0 %
|
|
5.9 %
|
|
6.2 %
|
|
6.1 %
|
Hyundai/Kia/Genesis
|
|
5.1 %
|
|
4.6 %
|
|
5.2 %
|
|
4.8 %
|
Chrysler/Dodge/Jeep/RAM
|
|
3.1 %
|
|
3.8 %
|
|
3.7 %
|
|
4.8 %
|
Nissan
|
|
2.9 %
|
|
3.8 %
|
|
3.6 %
|
|
3.7 %
|
Subaru
|
|
3.3 %
|
|
2.6 %
|
|
2.9 %
|
|
2.6 %
|
Jaguar/Land
Rover
|
|
1.6 %
|
|
1.6 %
|
|
1.7 %
|
|
1.6 %
|
Mazda
|
|
1.3 %
|
|
1.2 %
|
|
1.2 %
|
|
1.2 %
|
Other
|
|
0.3 %
|
|
0.3 %
|
|
0.3 %
|
|
0.3 %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
December 31,
2023
|
|
December 31,
2022
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
Consolidated
|
|
|
|
|
New vehicle
inventory
|
|
37
|
|
24
|
Used vehicle
inventory
|
|
35
|
|
34
|
U.S.
|
|
|
|
|
New vehicle
inventory
|
|
36
|
|
21
|
Used vehicle
inventory
|
|
29
|
|
28
|
U.K.
|
|
|
|
|
New vehicle
inventory
|
|
48
|
|
36
|
Used vehicle
inventory
|
|
58
|
|
63
|
(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
December 31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,311.2
|
|
$
1,972.8
|
|
$
338.4
|
|
17.2 %
|
|
|
$
17.7
|
|
16.3 %
|
Used vehicle retail
sales
|
1,334.5
|
|
1,319.4
|
|
15.1
|
|
1.1 %
|
|
|
15.2
|
|
— %
|
Used vehicle wholesale
sales
|
102.3
|
|
85.7
|
|
16.6
|
|
19.3 %
|
|
|
1.6
|
|
17.5 %
|
Total
used
|
1,436.8
|
|
1,405.1
|
|
31.7
|
|
2.3 %
|
|
|
16.8
|
|
1.1 %
|
Parts and service
sales
|
545.0
|
|
518.4
|
|
26.5
|
|
5.1 %
|
|
|
3.9
|
|
4.4 %
|
F&I,
net
|
187.1
|
|
172.7
|
|
14.5
|
|
8.4 %
|
|
|
0.9
|
|
7.9 %
|
Total
revenues
|
$
4,480.0
|
|
$
4,069.0
|
|
$
411.1
|
|
10.1 %
|
|
|
$
39.2
|
|
9.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
184.5
|
|
$
207.4
|
|
$
(22.9)
|
|
(11.1) %
|
|
|
$
1.4
|
|
(11.7) %
|
Used vehicle retail
sales
|
64.1
|
|
60.4
|
|
3.7
|
|
6.1 %
|
|
|
0.6
|
|
5.1 %
|
Used vehicle wholesale
sales
|
(4.3)
|
|
(2.1)
|
|
(2.2)
|
|
(108.0) %
|
|
|
(0.1)
|
|
(102.7) %
|
Total used
|
59.8
|
|
58.3
|
|
1.5
|
|
2.5 %
|
|
|
0.5
|
|
1.7 %
|
Parts and service
sales
|
299.3
|
|
281.1
|
|
18.2
|
|
6.5 %
|
|
|
2.2
|
|
5.7 %
|
F&I,
net
|
187.1
|
|
172.7
|
|
14.5
|
|
8.4 %
|
|
|
0.9
|
|
7.9 %
|
Total
gross profit
|
$
730.6
|
|
$
719.4
|
|
$
11.2
|
|
1.6 %
|
|
|
$
4.8
|
|
0.9 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.0 %
|
|
10.5 %
|
|
(2.5) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
4.6 %
|
|
0.2 %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(4.2) %
|
|
(2.4) %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Total used
|
4.2 %
|
|
4.1 %
|
|
— %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.9 %
|
|
54.2 %
|
|
0.7 %
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3 %
|
|
17.7 %
|
|
(1.4) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
45,827
|
|
39,922
|
|
5,905
|
|
14.8 %
|
|
|
|
|
|
Retail used vehicles
sold
|
44,656
|
|
43,560
|
|
1,096
|
|
2.5 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,156
|
|
9,003
|
|
2,153
|
|
23.9 %
|
|
|
|
|
|
Total
used
|
55,812
|
|
52,563
|
|
3,249
|
|
6.2 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 50,760
|
|
$ 49,416
|
|
$
1,344
|
|
2.7 %
|
|
|
$
713
|
|
1.3 %
|
Used vehicle
retail
|
$ 29,884
|
|
$ 30,289
|
|
$
(405)
|
|
(1.3) %
|
|
|
$
340
|
|
(2.5) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,025
|
|
$
5,195
|
|
$
(1,170)
|
|
(22.5) %
|
|
|
$
30
|
|
(23.1) %
|
Used vehicle retail
sales
|
$
1,434
|
|
$
1,386
|
|
$
49
|
|
3.5 %
|
|
|
$
13
|
|
2.5 %
|
Used vehicle wholesale
sales
|
$
(386)
|
|
$
(230)
|
|
$
(156)
|
|
(67.9) %
|
|
|
$
(10)
|
|
(63.6) %
|
Total
used
|
$
1,071
|
|
$
1,109
|
|
$
(39)
|
|
(3.5) %
|
|
|
$
9
|
|
(4.3) %
|
F&I PRU
|
$
2,068
|
|
$
2,068
|
|
$
—
|
|
— %
|
|
|
$
9
|
|
(0.5) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
487.4
|
|
$
453.8
|
|
$
33.7
|
|
7.4 %
|
|
|
$
3.9
|
|
6.6 %
|
Adjusted SG&A
expenses (2)
|
$
485.7
|
|
$
452.9
|
|
$
32.8
|
|
7.2 %
|
|
|
$
4.1
|
|
6.3 %
|
SG&A as % gross
profit
|
66.7 %
|
|
63.1 %
|
|
3.6 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.5 %
|
|
62.9 %
|
|
3.5 %
|
|
|
|
|
|
|
|
Operating margin
%
|
4.3 %
|
|
5.9 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
5.0 %
|
|
6.0 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
3.2 %
|
|
5.1 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.9 %
|
|
5.1 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
19.4
|
|
$
9.6
|
|
$
9.7
|
|
101.4 %
|
|
|
$
0.1
|
|
99.8 %
|
Less: Floorplan
assistance (3)
|
19.3
|
|
13.9
|
|
5.5
|
|
39.3 %
|
|
|
—
|
|
39.3 %
|
Net
floorplan expense
|
$
—
|
|
$
(4.3)
|
|
$
4.3
|
|
|
|
|
$
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 — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
8,774.6
|
|
$
7,452.5
|
|
$
1,322.0
|
|
17.7 %
|
|
|
$
13.9
|
|
17.6 %
|
Used vehicle retail
sales
|
5,693.5
|
|
5,673.3
|
|
20.2
|
|
0.4 %
|
|
|
3.7
|
|
0.3 %
|
Used vehicle wholesale
sales
|
441.4
|
|
364.6
|
|
76.9
|
|
21.1 %
|
|
|
0.1
|
|
21.1 %
|
Total
used
|
6,135.0
|
|
6,037.9
|
|
97.1
|
|
1.6 %
|
|
|
3.8
|
|
1.5 %
|
Parts and service
sales
|
2,222.3
|
|
2,009.5
|
|
212.7
|
|
10.6 %
|
|
|
2.5
|
|
10.5 %
|
F&I,
net
|
741.9
|
|
722.2
|
|
19.7
|
|
2.7 %
|
|
|
0.4
|
|
2.7 %
|
Total
revenues
|
$
17,873.7
|
|
$
16,222.1
|
|
$
1,651.6
|
|
10.2 %
|
|
|
$
20.4
|
|
10.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
767.0
|
|
$
825.6
|
|
$
(58.6)
|
|
(7.1) %
|
|
|
$
1.5
|
|
(7.3) %
|
Used vehicle retail
sales
|
300.9
|
|
313.8
|
|
(12.8)
|
|
(4.1) %
|
|
|
0.1
|
|
(4.1) %
|
Used vehicle wholesale
sales
|
(3.8)
|
|
—
|
|
(3.8)
|
|
NM
|
|
|
—
|
|
NM
|
Total
used
|
297.2
|
|
313.8
|
|
(16.6)
|
|
(5.3) %
|
|
|
—
|
|
(5.3) %
|
Parts and service
sales
|
1,214.2
|
|
1,103.7
|
|
110.5
|
|
10.0 %
|
|
|
1.3
|
|
9.9 %
|
F&I,
net
|
741.9
|
|
722.2
|
|
19.7
|
|
2.7 %
|
|
|
0.4
|
|
2.7 %
|
Total
gross profit
|
$
3,020.3
|
|
$
2,965.2
|
|
$
55.1
|
|
1.9 %
|
|
|
$
3.1
|
|
1.8 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
11.1 %
|
|
(2.3) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.5 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
— %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Total
used
|
4.8 %
|
|
5.2 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.6 %
|
|
54.9 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
Total
gross margin
|
16.9 %
|
|
18.3 %
|
|
(1.4) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
175,566
|
|
154,714
|
|
20,852
|
|
13.5 %
|
|
|
|
|
|
Retail used vehicles
sold
|
187,656
|
|
184,700
|
|
2,956
|
|
1.6 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
43,763
|
|
37,072
|
|
6,691
|
|
18.0 %
|
|
|
|
|
|
Total
used
|
231,419
|
|
221,772
|
|
9,647
|
|
4.3 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 50,325
|
|
$ 48,170
|
|
$
2,156
|
|
4.5 %
|
|
|
$
426
|
|
3.6 %
|
Used vehicle
retail
|
$ 30,340
|
|
$ 30,716
|
|
$
(376)
|
|
(1.2) %
|
|
|
$
20
|
|
(1.3) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,369
|
|
$
5,336
|
|
$
(967)
|
|
(18.1) %
|
|
|
$
9
|
|
(18.3) %
|
Used vehicle retail
sales
|
$
1,604
|
|
$
1,699
|
|
$
(95)
|
|
(5.6) %
|
|
|
$
—
|
|
(5.6) %
|
Used vehicle wholesale
sales
|
$
(86)
|
|
$
—
|
|
$
(86)
|
|
NM
|
|
|
$
(1)
|
|
NM
|
Total
used
|
$
1,284
|
|
$
1,415
|
|
$
(131)
|
|
(9.2) %
|
|
|
$
—
|
|
(9.2) %
|
F&I PRU
|
$
2,043
|
|
$
2,128
|
|
$
(85)
|
|
(4.0) %
|
|
|
$
1
|
|
(4.1) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,926.8
|
|
$
1,783.3
|
|
$
143.4
|
|
8.0 %
|
|
|
$
2.7
|
|
7.9 %
|
Adjusted SG&A
expenses (2)
|
$
1,938.4
|
|
$
1,819.2
|
|
$
119.2
|
|
6.5 %
|
|
|
$
2.5
|
|
6.4 %
|
SG&A as % gross
profit
|
63.8 %
|
|
60.1 %
|
|
3.7 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
64.2 %
|
|
61.4 %
|
|
2.8 %
|
|
|
|
|
|
|
|
Operating margin
%
|
5.4 %
|
|
6.7 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
5.5 %
|
|
6.5 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
4.5 %
|
|
6.1 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
4.6 %
|
|
5.9 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
64.1
|
|
$
27.3
|
|
$
36.8
|
|
134.9 %
|
|
|
$
0.1
|
|
134.5 %
|
Less: Floorplan
assistance (3)
|
71.2
|
|
56.0
|
|
15.2
|
|
27.2 %
|
|
|
—
|
|
27.2 %
|
Net
floorplan expense
|
$
(7.1)
|
|
$
(28.7)
|
|
$
21.6
|
|
|
|
|
$
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.
|
NM - not
meaningful
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,989.3
|
|
$
1,656.7
|
|
$
332.6
|
|
20.1 %
|
Used vehicle retail
sales
|
|
1,065.2
|
|
1,083.9
|
|
(18.7)
|
|
(1.7) %
|
Used vehicle wholesale
sales
|
|
72.2
|
|
61.1
|
|
11.1
|
|
18.1 %
|
Total
used
|
|
1,137.4
|
|
1,145.0
|
|
(7.6)
|
|
(0.7) %
|
Parts and service
sales
|
|
473.9
|
|
453.6
|
|
20.3
|
|
4.5 %
|
F&I,
net
|
|
172.0
|
|
158.8
|
|
13.1
|
|
8.3 %
|
Total
revenues
|
|
$
3,772.5
|
|
$
3,414.2
|
|
$
358.3
|
|
10.5 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
156.4
|
|
$
175.0
|
|
$
(18.6)
|
|
(10.6) %
|
Used vehicle retail
sales
|
|
53.3
|
|
47.3
|
|
5.9
|
|
12.5 %
|
Used vehicle wholesale
sales
|
|
(0.5)
|
|
(1.2)
|
|
0.8
|
|
62.0 %
|
Total
used
|
|
52.8
|
|
46.1
|
|
6.7
|
|
14.5 %
|
Parts and service
sales
|
|
259.0
|
|
245.9
|
|
13.1
|
|
5.3 %
|
F&I,
net
|
|
172.0
|
|
158.8
|
|
13.1
|
|
8.3 %
|
Total
gross profit
|
|
$
640.2
|
|
$
625.8
|
|
$
14.3
|
|
2.3 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.9 %
|
|
10.6 %
|
|
(2.7) %
|
|
|
Used vehicle retail
sales
|
|
5.0 %
|
|
4.4 %
|
|
0.6 %
|
|
|
Used vehicle wholesale
sales
|
|
(0.6) %
|
|
(2.0) %
|
|
1.4 %
|
|
|
Total
used
|
|
4.6 %
|
|
4.0 %
|
|
0.6 %
|
|
|
Parts and service
sales
|
|
54.7 %
|
|
54.2 %
|
|
0.5 %
|
|
|
Total
gross margin
|
|
17.0 %
|
|
18.3 %
|
|
(1.4) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
38,152
|
|
32,064
|
|
6,088
|
|
19.0 %
|
Retail used vehicles
sold
|
|
35,195
|
|
34,997
|
|
198
|
|
0.6 %
|
Wholesale used
vehicles sold
|
|
8,160
|
|
6,563
|
|
1,597
|
|
24.3 %
|
Total
used
|
|
43,355
|
|
41,560
|
|
1,795
|
|
4.3 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
52,141
|
|
$
51,670
|
|
$
472
|
|
0.9 %
|
Used vehicle
retail
|
|
$
30,266
|
|
$
30,971
|
|
$
(705)
|
|
(2.3) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
4,099
|
|
$
5,458
|
|
$
(1,358)
|
|
(24.9) %
|
Used vehicle retail
sales
|
|
$
1,513
|
|
$
1,353
|
|
$
161
|
|
11.9 %
|
Used vehicle wholesale
sales
|
|
$
(57)
|
|
$
(188)
|
|
$
130
|
|
69.5 %
|
Total
used
|
|
$
1,218
|
|
$
1,110
|
|
$
108
|
|
9.7 %
|
F&I PRU
|
|
$
2,345
|
|
$
2,369
|
|
$
(24)
|
|
(1.0) %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
413.1
|
|
$
383.8
|
|
$
29.2
|
|
7.6 %
|
Adjusted SG&A
expenses (1)
|
|
$
408.7
|
|
$
383.0
|
|
$
25.7
|
|
6.7 %
|
SG&A as % gross
profit
|
|
64.5 %
|
|
61.3 %
|
|
3.2 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
63.8 %
|
|
61.2 %
|
|
2.6 %
|
|
|
|
(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.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
7,433.6
|
|
$
6,238.5
|
|
$
1,195.0
|
|
19.2 %
|
Used vehicle retail
sales
|
|
4,458.7
|
|
4,531.5
|
|
(72.8)
|
|
(1.6) %
|
Used vehicle wholesale
sales
|
|
314.4
|
|
238.8
|
|
75.6
|
|
31.7 %
|
Total
used
|
|
4,773.1
|
|
4,770.2
|
|
2.8
|
|
0.1 %
|
Parts and service
sales
|
|
1,933.3
|
|
1,761.4
|
|
171.9
|
|
9.8 %
|
F&I,
net
|
|
674.3
|
|
656.9
|
|
17.3
|
|
2.6 %
|
Total
revenues
|
|
$ 14,814.2
|
|
$ 13,427.1
|
|
$
1,387.1
|
|
10.3 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
646.1
|
|
$
713.5
|
|
$
(67.4)
|
|
(9.4) %
|
Used vehicle retail
sales
|
|
240.8
|
|
250.3
|
|
(9.5)
|
|
(3.8) %
|
Used vehicle wholesale
sales
|
|
2.6
|
|
2.6
|
|
—
|
|
(1.9) %
|
Total
used
|
|
243.3
|
|
252.9
|
|
(9.6)
|
|
(3.8) %
|
Parts and service
sales
|
|
1,046.4
|
|
959.0
|
|
87.5
|
|
9.1 %
|
F&I,
net
|
|
674.3
|
|
656.9
|
|
17.3
|
|
2.6 %
|
Total
gross profit
|
|
$
2,610.1
|
|
$
2,582.3
|
|
$
27.8
|
|
1.1 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
8.7 %
|
|
11.4 %
|
|
(2.7) %
|
|
|
Used vehicle retail
sales
|
|
5.4 %
|
|
5.5 %
|
|
(0.1) %
|
|
|
Used vehicle wholesale
sales
|
|
0.8 %
|
|
1.1 %
|
|
(0.3) %
|
|
|
Total
used
|
|
5.1 %
|
|
5.3 %
|
|
(0.2) %
|
|
|
Parts and service
sales
|
|
54.1 %
|
|
54.4 %
|
|
(0.3) %
|
|
|
Total
gross margin
|
|
17.6 %
|
|
19.2 %
|
|
(1.6) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
142,809
|
|
124,934
|
|
17,875
|
|
14.3 %
|
Retail used vehicles
sold
|
|
145,617
|
|
145,632
|
|
(15)
|
|
— %
|
Wholesale used
vehicles sold
|
|
31,456
|
|
25,076
|
|
6,380
|
|
25.4 %
|
Total
used
|
|
177,073
|
|
170,708
|
|
6,365
|
|
3.7 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
52,052
|
|
$
49,934
|
|
$
2,118
|
|
4.2 %
|
Used vehicle
retail
|
|
$
30,619
|
|
$
31,116
|
|
$
(497)
|
|
(1.6) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
4,524
|
|
$
5,711
|
|
$
(1,187)
|
|
(20.8) %
|
Used vehicle retail
sales
|
|
$
1,653
|
|
$
1,719
|
|
$
(65)
|
|
(3.8) %
|
Used vehicle wholesale
sales
|
|
$
81
|
|
$
104
|
|
$
(23)
|
|
(21.8) %
|
Total
used
|
|
$
1,374
|
|
$
1,481
|
|
$
(107)
|
|
(7.3) %
|
F&I PRU
|
|
$
2,338
|
|
$
2,428
|
|
$
(90)
|
|
(3.7) %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
1,622.9
|
|
$
1,516.9
|
|
$
106.0
|
|
7.0 %
|
Adjusted SG&A
expenses (1)
|
|
$
1,630.8
|
|
$
1,551.3
|
|
$
79.5
|
|
5.1 %
|
SG&A as % gross
profit
|
|
62.2 %
|
|
58.7 %
|
|
3.4 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
62.5 %
|
|
60.1 %
|
|
2.4 %
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Three Months Ended
December 31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
321.9
|
|
$
316.0
|
|
$
5.8
|
|
1.8 %
|
|
|
$
17.7
|
|
(3.8) %
|
Used vehicle retail
sales
|
269.3
|
|
235.5
|
|
33.8
|
|
14.3 %
|
|
|
15.2
|
|
7.9 %
|
Used vehicle wholesale
sales
|
30.1
|
|
24.6
|
|
5.5
|
|
22.5 %
|
|
|
1.6
|
|
15.9 %
|
Total
used
|
299.4
|
|
260.1
|
|
39.3
|
|
15.1 %
|
|
|
16.8
|
|
8.7 %
|
Parts and service
sales
|
71.1
|
|
64.8
|
|
6.3
|
|
9.7 %
|
|
|
3.9
|
|
3.6 %
|
F&I,
net
|
15.2
|
|
13.8
|
|
1.3
|
|
9.7 %
|
|
|
0.9
|
|
3.5 %
|
Total
revenues
|
$
707.5
|
|
$
654.8
|
|
$
52.7
|
|
8.1 %
|
|
|
$
39.2
|
|
2.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
28.1
|
|
$
32.4
|
|
$
(4.3)
|
|
(13.4) %
|
|
|
$
1.4
|
|
(17.6) %
|
Used vehicle retail
sales
|
10.8
|
|
13.0
|
|
(2.2)
|
|
(17.1) %
|
|
|
0.6
|
|
(21.7) %
|
Used vehicle wholesale
sales
|
(3.8)
|
|
(0.8)
|
|
(3.0)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
Total
used
|
7.0
|
|
12.2
|
|
(5.2)
|
|
(42.9) %
|
|
|
0.5
|
|
(46.9) %
|
Parts and service
sales
|
40.3
|
|
35.2
|
|
5.1
|
|
14.4 %
|
|
|
2.2
|
|
8.0 %
|
F&I,
net
|
15.2
|
|
13.8
|
|
1.3
|
|
9.7 %
|
|
|
0.9
|
|
3.5 %
|
Total
gross profit
|
$
90.5
|
|
$
93.6
|
|
$
(3.2)
|
|
(3.4) %
|
|
|
$
4.8
|
|
(8.5) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
10.2 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.0 %
|
|
5.5 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(12.7) %
|
|
(3.4) %
|
|
(9.3) %
|
|
|
|
|
|
|
|
Total
used
|
2.3 %
|
|
4.7 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
56.7 %
|
|
54.3 %
|
|
2.3 %
|
|
|
|
|
|
|
|
Total
gross margin
|
12.8 %
|
|
14.3 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
7,675
|
|
7,858
|
|
(183)
|
|
(2.3) %
|
|
|
|
|
|
Retail used vehicles
sold
|
9,461
|
|
8,563
|
|
898
|
|
10.5 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,996
|
|
2,440
|
|
556
|
|
22.8 %
|
|
|
|
|
|
Total
used
|
12,457
|
|
11,003
|
|
1,454
|
|
13.2 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 43,599
|
|
$ 40,220
|
|
$
3,380
|
|
8.4 %
|
|
|
$
2,395
|
|
2.4 %
|
Used vehicle
retail
|
$ 28,461
|
|
$ 27,501
|
|
$
960
|
|
3.5 %
|
|
|
$
1,603
|
|
(2.3) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,656
|
|
$
4,122
|
|
$
(466)
|
|
(11.3) %
|
|
|
$
179
|
|
(15.6) %
|
Used vehicle retail
sales
|
$
1,141
|
|
$
1,521
|
|
$
(380)
|
|
(25.0) %
|
|
|
$
64
|
|
(29.2) %
|
Used vehicle wholesale
sales
|
$
(1,281)
|
|
$
(343)
|
|
$
(937)
|
|
NM
|
|
|
$
(37)
|
|
NM
|
Total
used
|
$
559
|
|
$
1,108
|
|
$
(549)
|
|
(49.6) %
|
|
|
$
40
|
|
(53.1) %
|
F&I PRU
|
$
885
|
|
$
841
|
|
$
43
|
|
5.2 %
|
|
|
$
50
|
|
(0.8) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
74.3
|
|
$
69.9
|
|
$
4.4
|
|
6.3 %
|
|
|
$
3.9
|
|
0.7 %
|
Adjusted SG&A
expenses (2)
|
$
77.0
|
|
$
69.9
|
|
$
7.1
|
|
10.1 %
|
|
|
$
4.1
|
|
4.3 %
|
SG&A as % gross
profit
|
82.2 %
|
|
74.7 %
|
|
7.5 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
85.1 %
|
|
74.7 %
|
|
10.4 %
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,341.0
|
|
$
1,214.0
|
|
$
127.0
|
|
10.5 %
|
|
|
$
13.9
|
|
9.3 %
|
Used vehicle retail
sales
|
1,234.8
|
|
1,141.8
|
|
93.0
|
|
8.1 %
|
|
|
3.7
|
|
7.8 %
|
Used vehicle wholesale
sales
|
127.1
|
|
125.8
|
|
1.3
|
|
1.0 %
|
|
|
0.1
|
|
0.9 %
|
Total
used
|
1,361.9
|
|
1,267.6
|
|
94.3
|
|
7.4 %
|
|
|
3.8
|
|
7.1 %
|
Parts and service
sales
|
289.0
|
|
248.2
|
|
40.8
|
|
16.4 %
|
|
|
2.5
|
|
15.4 %
|
F&I,
net
|
67.6
|
|
65.2
|
|
2.4
|
|
3.7 %
|
|
|
0.4
|
|
3.1 %
|
Total
revenues
|
$
3,059.5
|
|
$
2,795.1
|
|
$
264.4
|
|
9.5 %
|
|
|
$
20.4
|
|
8.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
120.8
|
|
$
112.0
|
|
$
8.8
|
|
7.9 %
|
|
|
$
1.5
|
|
6.5 %
|
Used vehicle retail
sales
|
60.2
|
|
63.5
|
|
(3.3)
|
|
(5.1) %
|
|
|
0.1
|
|
(5.2) %
|
Used vehicle wholesale
sales
|
(6.3)
|
|
(2.6)
|
|
(3.7)
|
|
(142.5) %
|
|
|
—
|
|
(141.2) %
|
Total
used
|
53.9
|
|
60.9
|
|
(7.0)
|
|
(11.5) %
|
|
|
—
|
|
(11.5) %
|
Parts and service
sales
|
167.8
|
|
144.7
|
|
23.1
|
|
15.9 %
|
|
|
1.3
|
|
15.1 %
|
F&I,
net
|
67.6
|
|
65.2
|
|
2.4
|
|
3.7 %
|
|
|
0.4
|
|
3.1 %
|
Total
gross profit
|
$
410.1
|
|
$
382.9
|
|
$
27.3
|
|
7.1 %
|
|
|
$
3.1
|
|
6.3 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.0 %
|
|
9.2 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.6 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(5.0) %
|
|
(2.1) %
|
|
(2.9) %
|
|
|
|
|
|
|
|
Total
used
|
4.0 %
|
|
4.8 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.1 %
|
|
58.3 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Total
gross margin
|
13.4 %
|
|
13.7 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
32,757
|
|
29,780
|
|
2,977
|
|
10.0 %
|
|
|
|
|
|
Retail used vehicles
sold
|
42,039
|
|
39,068
|
|
2,971
|
|
7.6 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
12,307
|
|
11,996
|
|
311
|
|
2.6 %
|
|
|
|
|
|
Total
used
|
54,346
|
|
51,064
|
|
3,282
|
|
6.4 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 42,488
|
|
$ 40,766
|
|
$
1,722
|
|
4.2 %
|
|
|
$
439
|
|
3.1 %
|
Used vehicle
retail
|
$ 29,373
|
|
$ 29,227
|
|
$
147
|
|
0.5 %
|
|
|
$
88
|
|
0.2 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,689
|
|
$
3,762
|
|
$
(73)
|
|
(1.9) %
|
|
|
$
47
|
|
(3.2) %
|
Used vehicle retail
sales
|
$
1,432
|
|
$
1,624
|
|
$
(193)
|
|
(11.9) %
|
|
|
$
1
|
|
(11.9) %
|
Used vehicle wholesale
sales
|
$
(514)
|
|
$
(217)
|
|
$
(297)
|
|
(136.4) %
|
|
|
$
(3)
|
|
(135.1) %
|
Total
used
|
$
991
|
|
$
1,192
|
|
$
(201)
|
|
(16.8) %
|
|
|
$
—
|
|
(16.9) %
|
F&I PRU
|
$
904
|
|
$
948
|
|
$
(44)
|
|
(4.6) %
|
|
|
$
5
|
|
(5.1) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
303.9
|
|
$
266.5
|
|
$
37.4
|
|
14.0 %
|
|
|
$
2.7
|
|
13.0 %
|
Adjusted SG&A
expenses (2)
|
$
307.5
|
|
$
267.9
|
|
$
39.7
|
|
14.8 %
|
|
|
$
2.5
|
|
13.9 %
|
SG&A as % gross
profit
|
74.1 %
|
|
69.6 %
|
|
4.5 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
75.0 %
|
|
70.0 %
|
|
5.0 %
|
|
|
|
|
|
|
|
|
(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 — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,148.6
|
|
$
1,924.2
|
|
$
224.5
|
|
11.7 %
|
|
|
$
17.7
|
|
10.7 %
|
Used vehicle retail
sales
|
1,261.1
|
|
1,286.6
|
|
(25.5)
|
|
(2.0) %
|
|
|
15.2
|
|
(3.2) %
|
Used vehicle wholesale
sales
|
96.2
|
|
83.1
|
|
13.1
|
|
15.8 %
|
|
|
1.6
|
|
13.9 %
|
Total
used
|
1,357.3
|
|
1,369.6
|
|
(12.3)
|
|
(0.9) %
|
|
|
16.8
|
|
(2.1) %
|
Parts and service
sales
|
525.5
|
|
500.8
|
|
24.7
|
|
4.9 %
|
|
|
3.8
|
|
4.2 %
|
F&I,
net
|
175.6
|
|
168.6
|
|
7.0
|
|
4.1 %
|
|
|
0.9
|
|
3.6 %
|
Total
revenues
|
$
4,207.0
|
|
$
3,963.1
|
|
$
243.8
|
|
6.2 %
|
|
|
$
39.1
|
|
5.2 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
171.8
|
|
$
202.6
|
|
$
(30.9)
|
|
(15.2) %
|
|
|
$
1.4
|
|
(15.9) %
|
Used vehicle retail
sales
|
60.1
|
|
59.2
|
|
0.9
|
|
1.6 %
|
|
|
0.6
|
|
0.6 %
|
Used vehicle wholesale
sales
|
(4.5)
|
|
(2.0)
|
|
(2.5)
|
|
(127.5) %
|
|
|
(0.1)
|
|
(121.9) %
|
Total
used
|
55.6
|
|
57.2
|
|
(1.6)
|
|
(2.7) %
|
|
|
0.5
|
|
(3.6) %
|
Parts and service
sales
|
287.0
|
|
271.9
|
|
15.1
|
|
5.6 %
|
|
|
2.2
|
|
4.8 %
|
F&I,
net
|
175.6
|
|
168.6
|
|
7.0
|
|
4.1 %
|
|
|
0.9
|
|
3.6 %
|
Total
gross profit
|
$
690.0
|
|
$
700.3
|
|
$
(10.3)
|
|
(1.5) %
|
|
|
$
4.8
|
|
(2.2) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.0 %
|
|
10.5 %
|
|
(2.5) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
4.6 %
|
|
0.2 %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(4.6) %
|
|
(2.4) %
|
|
(2.3) %
|
|
|
|
|
|
|
|
Total
used
|
4.1 %
|
|
4.2 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.6 %
|
|
54.3 %
|
|
0.3 %
|
|
|
|
|
|
|
|
Total
gross margin
|
16.4 %
|
|
17.7 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
43,087
|
|
38,975
|
|
4,112
|
|
10.6 %
|
|
|
|
|
|
Retail used vehicles
sold
|
42,534
|
|
42,367
|
|
167
|
|
0.4 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
10,595
|
|
8,724
|
|
1,871
|
|
21.4 %
|
|
|
|
|
|
Total
used
|
53,129
|
|
51,091
|
|
2,038
|
|
4.0 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 50,211
|
|
$ 49,369
|
|
$
842
|
|
1.7 %
|
|
|
$
755
|
|
0.2 %
|
Used vehicle
retail
|
$ 29,648
|
|
$ 30,367
|
|
$
(718)
|
|
(2.4) %
|
|
|
$
356
|
|
(3.5) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,986
|
|
$
5,199
|
|
$
(1,212)
|
|
(23.3) %
|
|
|
$
32
|
|
(23.9) %
|
Used vehicle retail
sales
|
$
1,413
|
|
$
1,396
|
|
$
17
|
|
1.2 %
|
|
|
$
14
|
|
0.2 %
|
Used vehicle wholesale
sales
|
$
(421)
|
|
$
(225)
|
|
$
(196)
|
|
(87.4) %
|
|
|
$
(10)
|
|
(82.7) %
|
Total
used
|
$
1,047
|
|
$
1,119
|
|
$
(72)
|
|
(6.5) %
|
|
|
$
9
|
|
(7.3) %
|
F&I PRU
|
$
2,051
|
|
$
2,073
|
|
$
(22)
|
|
(1.1) %
|
|
|
$
10
|
|
(1.6) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
465.0
|
|
$
440.2
|
|
$
24.9
|
|
5.6 %
|
|
|
$
4.0
|
|
4.7 %
|
Adjusted SG&A
expenses (2)
|
$
460.7
|
|
$
439.3
|
|
$
21.4
|
|
4.9 %
|
|
|
$
4.0
|
|
4.0 %
|
SG&A as % gross
profit
|
67.4 %
|
|
62.9 %
|
|
4.5 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.8 %
|
|
62.7 %
|
|
4.0 %
|
|
|
|
|
|
|
|
Operating margin
%
|
4.2 %
|
|
6.0 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
6.0 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
(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.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
8,191.2
|
|
$
7,277.5
|
|
$
913.7
|
|
12.6 %
|
|
|
$
13.7
|
|
12.4 %
|
Used vehicle retail
sales
|
5,378.4
|
|
5,553.7
|
|
(175.3)
|
|
(3.2) %
|
|
|
3.7
|
|
(3.2) %
|
Used vehicle wholesale
sales
|
411.9
|
|
355.5
|
|
56.5
|
|
15.9 %
|
|
|
0.1
|
|
15.9 %
|
Total
used
|
5,790.3
|
|
5,909.1
|
|
(118.8)
|
|
(2.0) %
|
|
|
3.8
|
|
(2.1) %
|
Parts and service
sales
|
2,128.9
|
|
1,952.6
|
|
176.3
|
|
9.0 %
|
|
|
2.4
|
|
8.9 %
|
F&I,
net
|
700.4
|
|
705.4
|
|
(5.1)
|
|
(0.7) %
|
|
|
0.4
|
|
(0.8) %
|
Total
revenues
|
$
16,810.8
|
|
$
15,844.6
|
|
$
966.2
|
|
6.1 %
|
|
|
$
20.1
|
|
6.0 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
714.3
|
|
$
806.1
|
|
$
(91.7)
|
|
(11.4) %
|
|
|
$
1.5
|
|
(11.6) %
|
Used vehicle retail
sales
|
285.4
|
|
307.6
|
|
(22.2)
|
|
(7.2) %
|
|
|
0.1
|
|
(7.2) %
|
Used vehicle wholesale
sales
|
(3.7)
|
|
0.2
|
|
(4.0)
|
|
NM
|
|
|
—
|
|
NM
|
Total
used
|
281.7
|
|
307.8
|
|
(26.2)
|
|
(8.5) %
|
|
|
—
|
|
(8.5) %
|
Parts and service
sales
|
1,159.8
|
|
1,072.4
|
|
87.4
|
|
8.1 %
|
|
|
1.2
|
|
8.0 %
|
F&I,
net
|
700.4
|
|
705.4
|
|
(5.1)
|
|
(0.7) %
|
|
|
0.4
|
|
(0.8) %
|
Total
gross profit
|
$
2,856.2
|
|
$
2,891.7
|
|
$
(35.5)
|
|
(1.2) %
|
|
|
$
3.0
|
|
(1.3) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
11.1 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.5 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
0.1 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Total
used
|
4.9 %
|
|
5.2 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.5 %
|
|
54.9 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Total
gross margin
|
17.0 %
|
|
18.3 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
165,659
|
|
150,652
|
|
15,007
|
|
10.0 %
|
|
|
|
|
|
Retail used vehicles
sold
|
178,782
|
|
180,164
|
|
(1,382)
|
|
(0.8) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
41,458
|
|
35,934
|
|
5,524
|
|
15.4 %
|
|
|
|
|
|
Total
used
|
220,240
|
|
216,098
|
|
4,142
|
|
1.9 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,810
|
|
$ 48,307
|
|
$
1,503
|
|
3.1 %
|
|
|
$
446
|
|
2.2 %
|
Used vehicle
retail
|
$ 30,083
|
|
$ 30,826
|
|
$
(742)
|
|
(2.4) %
|
|
|
$
21
|
|
(2.5) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,312
|
|
$
5,350
|
|
$
(1,038)
|
|
(19.4) %
|
|
|
$
9
|
|
(19.6) %
|
Used vehicle retail
sales
|
$
1,596
|
|
$
1,707
|
|
$
(111)
|
|
(6.5) %
|
|
|
$
—
|
|
(6.5) %
|
Used vehicle wholesale
sales
|
$
(89)
|
|
$
7
|
|
$
(96)
|
|
NM
|
|
|
$
(1)
|
|
NM
|
Total
used
|
$
1,279
|
|
$
1,424
|
|
$
(146)
|
|
(10.2) %
|
|
|
$
—
|
|
(10.2) %
|
F&I PRU
|
$
2,033
|
|
$
2,132
|
|
$
(99)
|
|
(4.6) %
|
|
|
$
1
|
|
(4.7) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,845.4
|
|
$
1,771.1
|
|
$
74.3
|
|
4.2 %
|
|
|
$
2.5
|
|
4.1 %
|
Adjusted SG&A
expenses (2)
|
$
1,834.9
|
|
$
1,768.2
|
|
$
66.8
|
|
3.8 %
|
|
|
$
2.4
|
|
3.6 %
|
SG&A as % gross
profit
|
64.6 %
|
|
61.2 %
|
|
3.4 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
64.2 %
|
|
61.1 %
|
|
3.1 %
|
|
|
|
|
|
|
|
Operating margin
%
|
5.3 %
|
|
6.5 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
5.6 %
|
|
6.6 %
|
|
(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.
|
NM - not
meaningful
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,826.8
|
|
$
1,608.1
|
|
$
218.7
|
|
13.6 %
|
Used vehicle retail
sales
|
991.8
|
|
1,051.1
|
|
(59.3)
|
|
(5.6) %
|
Used vehicle wholesale
sales
|
66.1
|
|
58.5
|
|
7.6
|
|
13.0 %
|
Total
used
|
1,057.9
|
|
1,109.5
|
|
(51.6)
|
|
(4.7) %
|
Parts and service
sales
|
456.9
|
|
438.5
|
|
18.5
|
|
4.2 %
|
F&I,
net
|
160.4
|
|
154.8
|
|
5.6
|
|
3.6 %
|
Total
revenues
|
$
3,502.0
|
|
$
3,310.9
|
|
$
191.1
|
|
5.8 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
143.7
|
|
$
170.2
|
|
$
(26.5)
|
|
(15.6) %
|
Used vehicle retail
sales
|
49.3
|
|
46.1
|
|
3.2
|
|
6.9 %
|
Used vehicle wholesale
sales
|
(0.6)
|
|
(1.1)
|
|
0.5
|
|
44.4 %
|
Total
used
|
48.7
|
|
45.0
|
|
3.7
|
|
8.2 %
|
Parts and service
sales
|
247.9
|
|
237.8
|
|
10.1
|
|
4.3 %
|
F&I,
net
|
160.4
|
|
154.8
|
|
5.6
|
|
3.6 %
|
Total
gross profit
|
$
600.7
|
|
$
607.8
|
|
$
(7.1)
|
|
(1.2) %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.9 %
|
|
10.6 %
|
|
(2.7) %
|
|
|
Used vehicle retail
sales
|
5.0 %
|
|
4.4 %
|
|
0.6 %
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
(1.9) %
|
|
1.0 %
|
|
|
Total
used
|
4.6 %
|
|
4.1 %
|
|
0.5 %
|
|
|
Parts and service
sales
|
54.3 %
|
|
54.2 %
|
|
— %
|
|
|
Total
gross margin
|
17.2 %
|
|
18.4 %
|
|
(1.2) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
35,412
|
|
31,117
|
|
4,295
|
|
13.8 %
|
Retail used vehicles
sold
|
33,073
|
|
33,804
|
|
(731)
|
|
(2.2) %
|
Wholesale used
vehicles sold
|
7,599
|
|
6,284
|
|
1,315
|
|
20.9 %
|
Total
used
|
40,672
|
|
40,088
|
|
584
|
|
1.5 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,586
|
|
$
51,679
|
|
$
(93)
|
|
(0.2) %
|
Used vehicle
retail
|
$
29,988
|
|
$
31,093
|
|
$
(1,105)
|
|
(3.6) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,058
|
|
$
5,470
|
|
$
(1,412)
|
|
(25.8) %
|
Used vehicle retail
sales
|
$
1,491
|
|
$
1,365
|
|
$
126
|
|
9.2 %
|
Used vehicle wholesale
sales
|
$
(82)
|
|
$
(179)
|
|
$
96
|
|
54.0 %
|
Total
used
|
$
1,197
|
|
$
1,123
|
|
$
74
|
|
6.6 %
|
F&I PRU
|
$
2,342
|
|
$
2,384
|
|
$
(42)
|
|
(1.8) %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
389.4
|
|
$
371.4
|
|
$
18.0
|
|
4.8 %
|
Adjusted SG&A
expenses (1)
|
$
385.1
|
|
$
370.6
|
|
$
14.5
|
|
3.9 %
|
SG&A as % gross
profit
|
64.8 %
|
|
61.1 %
|
|
3.7 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.1 %
|
|
61.0 %
|
|
3.1 %
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
6,869.4
|
|
$
6,065.6
|
|
$
803.8
|
|
13.3 %
|
Used vehicle retail
sales
|
4,167.2
|
|
4,416.8
|
|
(249.5)
|
|
(5.6) %
|
Used vehicle wholesale
sales
|
287.0
|
|
230.1
|
|
56.8
|
|
24.7 %
|
Total
used
|
4,454.2
|
|
4,646.9
|
|
(192.7)
|
|
(4.1) %
|
Parts and service
sales
|
1,858.5
|
|
1,715.4
|
|
143.1
|
|
8.3 %
|
F&I,
net
|
633.8
|
|
640.5
|
|
(6.7)
|
|
(1.0) %
|
Total
revenues
|
$ 13,815.9
|
|
$ 13,068.4
|
|
$
747.5
|
|
5.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
595.5
|
|
$
694.2
|
|
$
(98.7)
|
|
(14.2) %
|
Used vehicle retail
sales
|
227.0
|
|
244.5
|
|
(17.5)
|
|
(7.1) %
|
Used vehicle wholesale
sales
|
2.7
|
|
2.8
|
|
(0.2)
|
|
(5.6) %
|
Total
used
|
229.7
|
|
247.3
|
|
(17.6)
|
|
(7.1) %
|
Parts and service
sales
|
1,000.4
|
|
932.9
|
|
67.5
|
|
7.2 %
|
F&I,
net
|
633.8
|
|
640.5
|
|
(6.7)
|
|
(1.0) %
|
Total
gross profit
|
$
2,459.4
|
|
$
2,514.9
|
|
$
(55.5)
|
|
(2.2) %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
11.4 %
|
|
(2.8) %
|
|
|
Used vehicle retail
sales
|
5.4 %
|
|
5.5 %
|
|
(0.1) %
|
|
|
Used vehicle wholesale
sales
|
0.9 %
|
|
1.2 %
|
|
(0.3) %
|
|
|
Total
used
|
5.2 %
|
|
5.3 %
|
|
(0.2) %
|
|
|
Parts and service
sales
|
53.8 %
|
|
54.4 %
|
|
(0.6) %
|
|
|
Total
gross margin
|
17.8 %
|
|
19.2 %
|
|
(1.4) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
133,330
|
|
120,958
|
|
12,372
|
|
10.2 %
|
Retail used vehicles
sold
|
137,605
|
|
141,355
|
|
(3,750)
|
|
(2.7) %
|
Wholesale used
vehicles sold
|
29,312
|
|
24,023
|
|
5,289
|
|
22.0 %
|
Total
used
|
166,917
|
|
165,378
|
|
1,539
|
|
0.9 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,522
|
|
$
50,146
|
|
$
1,375
|
|
2.7 %
|
Used vehicle
retail
|
$
30,284
|
|
$
31,246
|
|
$
(962)
|
|
(3.1) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,466
|
|
$
5,739
|
|
$
(1,273)
|
|
(22.2) %
|
Used vehicle retail
sales
|
$
1,650
|
|
$
1,729
|
|
$
(80)
|
|
(4.6) %
|
Used vehicle wholesale
sales
|
$
91
|
|
$
118
|
|
$
(27)
|
|
(22.6) %
|
Total
used
|
$
1,376
|
|
$
1,495
|
|
$
(119)
|
|
(8.0) %
|
F&I PRU
|
$
2,339
|
|
$
2,442
|
|
$
(102)
|
|
(4.2) %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,548.8
|
|
$
1,507.6
|
|
$
41.2
|
|
2.7 %
|
Adjusted SG&A
expenses (1)
|
$
1,538.3
|
|
$
1,505.9
|
|
$
32.5
|
|
2.2 %
|
SG&A as % gross
profit
|
63.0 %
|
|
59.9 %
|
|
3.0 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
62.6 %
|
|
59.9 %
|
|
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.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
321.9
|
|
$
316.0
|
|
$
5.8
|
|
1.8 %
|
|
|
$
17.7
|
|
(3.8) %
|
Used vehicle retail
sales
|
269.3
|
|
235.5
|
|
33.8
|
|
14.3 %
|
|
|
15.2
|
|
7.9 %
|
Used vehicle wholesale
sales
|
30.1
|
|
24.6
|
|
5.5
|
|
22.5 %
|
|
|
1.6
|
|
15.9 %
|
Total
used
|
299.4
|
|
260.1
|
|
39.3
|
|
15.1 %
|
|
|
16.8
|
|
8.7 %
|
Parts and service
sales
|
68.6
|
|
62.3
|
|
6.3
|
|
10.0 %
|
|
|
3.8
|
|
4.0 %
|
F&I,
net
|
15.2
|
|
13.8
|
|
1.3
|
|
9.6 %
|
|
|
0.9
|
|
3.4 %
|
Total
revenues
|
$
705.0
|
|
$
652.3
|
|
$
52.7
|
|
8.1 %
|
|
|
$
39.1
|
|
2.1 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
28.1
|
|
$
32.4
|
|
$
(4.3)
|
|
(13.4) %
|
|
|
$
1.4
|
|
(17.6) %
|
Used vehicle retail
sales
|
10.8
|
|
13.0
|
|
(2.2)
|
|
(17.1) %
|
|
|
0.6
|
|
(21.8) %
|
Used vehicle wholesale
sales
|
(3.8)
|
|
(0.8)
|
|
(3.0)
|
|
NM
|
|
|
(0.1)
|
|
NM
|
Total
used
|
7.0
|
|
12.2
|
|
(5.2)
|
|
(42.9) %
|
|
|
0.5
|
|
(47.0) %
|
Parts and service
sales
|
39.1
|
|
34.1
|
|
5.0
|
|
14.6 %
|
|
|
2.2
|
|
8.2 %
|
F&I,
net
|
15.2
|
|
13.8
|
|
1.3
|
|
9.6 %
|
|
|
0.9
|
|
3.4 %
|
Total
gross profit
|
$
89.3
|
|
$
92.5
|
|
$
(3.2)
|
|
(3.5) %
|
|
|
$
4.8
|
|
(8.7) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.7 %
|
|
10.2 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.0 %
|
|
5.5 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(12.7) %
|
|
(3.4) %
|
|
(9.3) %
|
|
|
|
|
|
|
|
Total
used
|
2.3 %
|
|
4.7 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
57.1 %
|
|
54.8 %
|
|
2.3 %
|
|
|
|
|
|
|
|
Total
gross margin
|
12.7 %
|
|
14.2 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
7,675
|
|
7,858
|
|
(183)
|
|
(2.3) %
|
|
|
|
|
|
Retail used vehicles
sold
|
9,461
|
|
8,563
|
|
898
|
|
10.5 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,996
|
|
2,440
|
|
556
|
|
22.8 %
|
|
|
|
|
|
Total
used
|
12,457
|
|
11,003
|
|
1,454
|
|
13.2 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 43,599
|
|
$ 40,220
|
|
$
3,379
|
|
8.4 %
|
|
|
$
2,395
|
|
2.4 %
|
Used vehicle
retail
|
$ 28,461
|
|
$ 27,501
|
|
$
960
|
|
3.5 %
|
|
|
$
1,603
|
|
(2.3) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,656
|
|
$
4,122
|
|
$
(466)
|
|
(11.3) %
|
|
|
$
179
|
|
(15.6) %
|
Used vehicle retail
sales
|
$
1,141
|
|
$
1,521
|
|
$
(380)
|
|
(25.0) %
|
|
|
$
64
|
|
(29.2) %
|
Used vehicle wholesale
sales
|
$
(1,281)
|
|
$
(343)
|
|
$
(937)
|
|
NM
|
|
|
$
(37)
|
|
NM
|
Total
used
|
$
558
|
|
$
1,108
|
|
$
(549)
|
|
(49.6) %
|
|
|
$
39
|
|
(53.2) %
|
F&I PRU
|
$
884
|
|
$
842
|
|
$
43
|
|
5.1 %
|
|
|
$
50
|
|
(0.9) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
75.6
|
|
$
68.7
|
|
$
6.9
|
|
10.0 %
|
|
|
$
4.0
|
|
4.2 %
|
SG&A as % gross
profit
|
84.7 %
|
|
74.3 %
|
|
10.4 %
|
|
|
|
|
|
|
|
|
(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.
|
NM — Not
Meaningful
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,321.9
|
|
$
1,211.9
|
|
$
109.9
|
|
9.1 %
|
|
|
$
13.7
|
|
7.9 %
|
Used vehicle retail
sales
|
1,211.2
|
|
1,136.9
|
|
74.3
|
|
6.5 %
|
|
|
3.7
|
|
6.2 %
|
Used vehicle wholesale
sales
|
125.0
|
|
125.3
|
|
(0.4)
|
|
(0.3) %
|
|
|
0.1
|
|
(0.3) %
|
Total
used
|
1,336.1
|
|
1,262.2
|
|
73.9
|
|
5.9 %
|
|
|
3.8
|
|
5.6 %
|
Parts and service
sales
|
270.4
|
|
237.2
|
|
33.2
|
|
14.0 %
|
|
|
2.4
|
|
13.0 %
|
F&I,
net
|
66.5
|
|
64.9
|
|
1.6
|
|
2.5 %
|
|
|
0.4
|
|
1.9 %
|
Total
revenues
|
$
2,995.0
|
|
$
2,776.3
|
|
$
218.7
|
|
7.9 %
|
|
|
$
20.1
|
|
7.2 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
118.9
|
|
$
111.9
|
|
$
7.0
|
|
6.2 %
|
|
|
$
1.5
|
|
4.9 %
|
Used vehicle retail
sales
|
58.4
|
|
63.1
|
|
(4.7)
|
|
(7.5) %
|
|
|
0.1
|
|
(7.6) %
|
Used vehicle wholesale
sales
|
(6.4)
|
|
(2.6)
|
|
(3.8)
|
|
(147.2) %
|
|
|
—
|
|
(145.7) %
|
Total
used
|
52.0
|
|
60.5
|
|
(8.5)
|
|
(14.1) %
|
|
|
—
|
|
(14.1) %
|
Parts and service
sales
|
159.4
|
|
139.5
|
|
19.9
|
|
14.3 %
|
|
|
1.2
|
|
13.4 %
|
F&I,
net
|
66.5
|
|
64.9
|
|
1.6
|
|
2.5 %
|
|
|
0.4
|
|
1.9 %
|
Total
gross profit
|
$
396.8
|
|
$
376.8
|
|
$
20.0
|
|
5.3 %
|
|
|
$
3.0
|
|
4.5 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.0 %
|
|
9.2 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
5.6 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(5.1) %
|
|
(2.1) %
|
|
(3.0) %
|
|
|
|
|
|
|
|
Total
used
|
3.9 %
|
|
4.8 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
59.0 %
|
|
58.8 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Total
gross margin
|
13.2 %
|
|
13.6 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
32,329
|
|
29,694
|
|
2,635
|
|
8.9 %
|
|
|
|
|
|
Retail used vehicles
sold
|
41,177
|
|
38,809
|
|
2,368
|
|
6.1 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
12,146
|
|
11,911
|
|
235
|
|
2.0 %
|
|
|
|
|
|
Total
used
|
53,323
|
|
50,720
|
|
2,603
|
|
5.1 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 42,458
|
|
$ 40,814
|
|
$
1,644
|
|
4.0 %
|
|
|
$
440
|
|
3.0 %
|
Used vehicle
retail
|
$ 29,413
|
|
$ 29,294
|
|
$
119
|
|
0.4 %
|
|
|
$
90
|
|
0.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,676
|
|
$
3,767
|
|
$
(91)
|
|
(2.4) %
|
|
|
$
47
|
|
(3.6) %
|
Used vehicle retail
sales
|
$
1,418
|
|
$
1,626
|
|
$
(209)
|
|
(12.8) %
|
|
|
$
1
|
|
(12.9) %
|
Used vehicle wholesale
sales
|
$
(525)
|
|
$
(216)
|
|
$
(308)
|
|
(142.4) %
|
|
|
$
(3)
|
|
(140.9) %
|
Total
used
|
$
975
|
|
$
1,194
|
|
$
(218)
|
|
(18.3) %
|
|
|
$
—
|
|
(18.3) %
|
F&I PRU
|
$
905
|
|
$
948
|
|
$
(42)
|
|
(4.5) %
|
|
|
$
5
|
|
(5.0) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
296.6
|
|
$
263.6
|
|
$
33.0
|
|
12.5 %
|
|
|
$
2.5
|
|
11.6 %
|
SG&A as % gross
profit
|
74.7 %
|
|
69.9 %
|
|
4.8 %
|
|
|
|
|
|
|
|
|
(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.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
|
U.S.
GAAP
|
|
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
|
|
$
487.4
|
|
$
(2.0)
|
|
$
2.6
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
—
|
|
$
485.7
|
Depreciation and
amortization expense
|
|
23.4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.3)
|
|
23.1
|
Asset
impairments
|
|
25.1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(25.1)
|
|
—
|
Income (loss) from
operations
|
|
194.7
|
|
2.0
|
|
(2.6)
|
|
0.6
|
|
1.7
|
|
25.4
|
|
221.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
145.4
|
|
$
2.0
|
|
$
(2.6)
|
|
$
0.6
|
|
$
1.7
|
|
$
25.4
|
|
$
172.6
|
Less: Provision
(benefit) for income
taxes
|
|
36.6
|
|
0.5
|
|
(2.6)
|
|
0.2
|
|
0.4
|
|
6.3
|
|
41.4
|
Net income from
continuing operations
|
|
108.8
|
|
1.5
|
|
—
|
|
0.5
|
|
1.3
|
|
19.1
|
|
131.2
|
Less: Earnings
allocated to participating
securities
|
|
2.6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.5
|
|
3.1
|
Net income from
continuing operations
available to diluted common shares
|
|
$
106.2
|
|
$
1.4
|
|
$
—
|
|
$
0.5
|
|
$
1.3
|
|
$
18.7
|
|
$
128.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from
continuing operations
|
|
$ 7.87
|
|
$
0.11
|
|
$
—
|
|
$
0.03
|
|
$
0.09
|
|
$
1.39
|
|
$ 9.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
25.2 %
|
|
|
|
|
|
|
|
|
|
|
|
24.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
66.7 %
|
|
|
|
|
|
|
|
|
|
|
|
66.5 %
|
Operating margin
(2)
|
|
4.3 %
|
|
|
|
|
|
|
|
|
|
|
|
5.0 %
|
Pretax margin
(3)
|
|
3.2 %
|
|
|
|
|
|
|
|
|
|
|
|
3.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
465.0
|
|
$
(2.0)
|
|
$
—
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
—
|
|
$
460.7
|
Same Store SG&A as
% gross profit (1)
|
|
67.4 %
|
|
|
|
|
|
|
|
|
|
|
|
66.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
177.4
|
|
$
2.0
|
|
$
—
|
|
$
0.6
|
|
$
1.7
|
|
$
25.4
|
|
$
207.1
|
Same Store operating
margin (2)
|
|
4.2 %
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net loss from
discontinued operations
|
|
$
—
|
|
$
—
|
|
$
—
|
Less: Loss allocated to
participating securities
|
|
—
|
|
—
|
|
—
|
Net loss from
discontinued operations available to diluted common
shares
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
Net income
|
|
$
108.8
|
|
$
22.4
|
|
$
131.2
|
Less: Earnings
allocated to participating securities
|
|
2.6
|
|
0.5
|
|
3.1
|
Net income available to
diluted common shares
|
|
$
106.2
|
|
$
21.9
|
|
$
128.1
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
—
|
|
$
—
|
|
$
—
|
Diluted earnings per
common share from continuing operations
|
|
7.87
|
|
1.62
|
|
9.50
|
Diluted earnings per
common share
|
|
$
7.87
|
|
$
1.62
|
|
$
9.49
|
|
(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
December 31, 2022
|
|
|
U.S.
GAAP
|
|
Acquisition
Costs
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
453.8
|
|
$
(0.9)
|
|
$
—
|
|
$
452.9
|
Asset
impairments
|
|
$
1.3
|
|
$
—
|
|
$
(1.3)
|
|
$
—
|
Income from
operations
|
|
$
241.9
|
|
$
0.9
|
|
$
1.3
|
|
$
244.1
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
205.7
|
|
$
0.9
|
|
$
1.3
|
|
$
207.9
|
Less: Provision for
income taxes
|
|
48.9
|
|
0.2
|
|
0.3
|
|
49.4
|
Net income from
continuing operations
|
|
156.7
|
|
0.7
|
|
1.0
|
|
158.4
|
Less: Earnings
allocated to participating securities
|
|
4.6
|
|
—
|
|
—
|
|
4.6
|
Net income from
continuing operations available to diluted
common shares
|
|
$
152.2
|
|
$
0.6
|
|
$
1.0
|
|
$
153.8
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from continuing
operations
|
|
$
10.75
|
|
$
0.05
|
|
$
0.07
|
|
$
10.86
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.8 %
|
|
|
|
|
|
23.8 %
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
63.1 %
|
|
|
|
|
|
62.9 %
|
Operating margin
(2)
|
|
5.9 %
|
|
|
|
|
|
6.0 %
|
Pretax margin
(3)
|
|
5.1 %
|
|
|
|
|
|
5.1 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
440.2
|
|
$
(0.9)
|
|
$
—
|
|
$
439.3
|
Same Store SG&A as
% gross profit (1)
|
|
62.9 %
|
|
|
|
|
|
62.7 %
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
238.2
|
|
$
0.9
|
|
$
0.6
|
|
$
239.6
|
Same Store operating
margin (2)
|
|
6.0 %
|
|
|
|
|
|
6.0 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
|
|
|
|
|
|
Net income
|
|
$
157.0
|
|
$
1.7
|
|
$
158.6
|
Less: Earnings
allocated to participating securities
|
|
4.6
|
|
—
|
|
4.6
|
Net income available to
diluted common shares
|
|
$
152.4
|
|
$
1.6
|
|
$
154.0
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.01
|
|
$
—
|
|
$
0.01
|
Diluted earnings per
common share from continuing operations
|
|
10.75
|
|
0.11
|
|
10.86
|
Diluted earnings per
common share
|
|
$
10.76
|
|
$
0.11
|
|
$
10.88
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 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
|
|
$
1,926.8
|
|
$
—
|
|
$
(3.4)
|
|
$
22.0
|
|
$ (0.9)
|
|
$
(6.1)
|
|
$
—
|
|
$ 1,938.4
|
Depreciation and
amortization expense
|
|
92.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.2)
|
|
90.8
|
Asset
impairments
|
|
32.9
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(32.9)
|
|
—
|
Income (loss) from
operations
|
|
968.6
|
|
—
|
|
3.4
|
|
(22.0)
|
|
0.9
|
|
6.1
|
|
34.0
|
|
991.1
|
Other interest expense,
net
|
|
99.8
|
|
4.0
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
103.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
800.2
|
|
$
(4.0)
|
|
$
3.4
|
|
$
(21.9)
|
|
$
0.9
|
|
$
6.1
|
|
$
34.0
|
|
$
818.7
|
Less: Provision
(benefit) for
income taxes
|
|
198.2
|
|
(0.9)
|
|
0.8
|
|
(12.8)
|
|
0.2
|
|
1.5
|
|
8.4
|
|
195.4
|
Net income (loss) from
continuing
operations
|
|
602.0
|
|
(3.1)
|
|
2.6
|
|
(9.1)
|
|
0.7
|
|
4.6
|
|
25.6
|
|
623.3
|
Less: Earnings (loss)
allocated to
participating securities
|
|
14.8
|
|
(0.1)
|
|
0.1
|
|
(0.2)
|
|
—
|
|
0.1
|
|
0.6
|
|
15.3
|
Net income (loss) from
continuing
operations available to diluted
common shares
|
|
$
587.2
|
|
$
(3.0)
|
|
$
2.5
|
|
$
(8.9)
|
|
$
0.7
|
|
$
4.5
|
|
$
25.0
|
|
$
608.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per
common share from continuing
operations
|
|
$
42.75
|
|
$ (0.22)
|
|
$
0.18
|
|
$
(0.65)
|
|
$ 0.05
|
|
$
0.33
|
|
$
1.82
|
|
$
44.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
63.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64.2 %
|
Operating margin
(2)
|
|
5.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.5 %
|
Pretax margin
(3)
|
|
4.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 1,845.4
|
|
$
—
|
|
$
(3.4)
|
|
$
—
|
|
$ (0.9)
|
|
$
(6.1)
|
|
$
—
|
|
$
1,834.9
|
Same Store SG&A as
% gross
profit (1)
|
|
64.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
890.4
|
|
$
—
|
|
$
3.4
|
|
$
—
|
|
$
0.9
|
|
$
6.1
|
|
$
33.8
|
|
$ 934.6
|
Same Store operating
margin (2)
|
|
5.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net loss from
discontinued operations
|
|
$
(0.4)
|
|
$
—
|
|
$
(0.4)
|
Less: Loss allocated to
participating securities
|
|
—
|
|
—
|
|
—
|
Net loss from
discontinued operations available to diluted common
shares
|
|
$
(0.4)
|
|
$
—
|
|
$
(0.4)
|
|
|
|
|
|
|
|
Net income
|
|
$
601.6
|
|
$
21.3
|
|
$
622.9
|
Less: Earnings
allocated to participating securities
|
|
14.8
|
|
0.5
|
|
15.3
|
Net income available to
diluted common shares
|
|
$
586.9
|
|
$
20.8
|
|
$
607.6
|
|
|
|
|
|
|
|
Diluted loss per common
share from discontinued operations
|
|
$
(0.03)
|
|
$
—
|
|
$
(0.03)
|
Diluted earnings per
common share from continuing operations
|
|
42.75
|
|
1.51
|
|
44.27
|
Diluted earnings per
common share
|
|
$
42.73
|
|
$
1.51
|
|
$
44.24
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
1,783.3
|
|
$
38.8
|
|
$
(2.2)
|
|
$
(0.8)
|
|
$
—
|
|
$
1,819.2
|
Asset
impairments
|
|
2.1
|
|
—
|
|
—
|
|
—
|
|
(2.1)
|
|
—
|
Income (loss) from
operations
|
|
1,091.4
|
|
(38.8)
|
|
2.2
|
|
0.8
|
|
2.1
|
|
1,057.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
985.3
|
|
$
(38.8)
|
|
$
2.2
|
|
$
0.8
|
|
$
2.1
|
|
$
951.6
|
Less: Provision
(benefit) for income taxes
|
|
231.1
|
|
(9.1)
|
|
0.2
|
|
0.2
|
|
0.5
|
|
222.9
|
Net income (loss) from
continuing operations
|
|
754.2
|
|
(29.7)
|
|
1.9
|
|
0.6
|
|
1.6
|
|
728.7
|
Less: Earnings (loss)
allocated to participating securities
|
|
21.3
|
|
(0.8)
|
|
0.1
|
|
—
|
|
—
|
|
20.6
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$
733.0
|
|
$
(28.9)
|
|
$
1.9
|
|
$
0.6
|
|
$
1.6
|
|
$
708.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
47.31
|
|
$
(1.86)
|
|
$
0.12
|
|
$ 0.04
|
|
$
0.10
|
|
$
45.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.5 %
|
|
|
|
|
|
|
|
|
|
23.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
61.4 %
|
Operating margin
(2)
|
|
6.7 %
|
|
|
|
|
|
|
|
|
|
6.5 %
|
Pretax margin
(3)
|
|
6.1 %
|
|
|
|
|
|
|
|
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,771.1
|
|
$
—
|
|
$
(2.2)
|
|
$
(0.8)
|
|
$
—
|
|
$
1,768.2
|
Same Store SG&A as
% gross profit (1)
|
|
61.2 %
|
|
|
|
|
|
|
|
|
|
61.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
1,034.6
|
|
$
—
|
|
$
2.2
|
|
$
0.8
|
|
$
1.4
|
|
$
1,038.9
|
Same Store operating
margin (2)
|
|
6.5 %
|
|
|
|
|
|
|
|
|
|
6.6 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(2.7)
|
|
$
5.0
|
|
$
2.3
|
Less: (Loss) earnings
allocated to participating securities
|
|
(0.1)
|
|
0.1
|
|
0.1
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(2.6)
|
|
$
4.9
|
|
$
2.2
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
751.5
|
|
$
(20.5)
|
|
$
731.0
|
Less: Earnings (loss)
allocated to participating securities
|
|
21.2
|
|
(0.6)
|
|
20.6
|
Net income (loss)
available to diluted common shares
|
|
$
730.3
|
|
$
(20.0)
|
|
$
710.4
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(0.17)
|
|
$
0.31
|
|
$
0.14
|
Diluted earnings (loss)
per common share from continuing operations
|
|
47.31
|
|
(1.60)
|
|
45.71
|
Diluted earnings (loss)
per common share
|
|
$
47.14
|
|
$
(1.29)
|
|
$
45.85
|
|
(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
December 31, 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
|
|
$
413.1
|
|
$
(2.0)
|
|
$
(0.1)
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
408.7
|
SG&A as % gross
profit (1)
|
|
64.5 %
|
|
|
|
|
|
|
|
|
|
63.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
389.4
|
|
$
(2.0)
|
|
$
—
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
385.1
|
Same Store SG&A as
% gross profit (1)
|
|
64.8 %
|
|
|
|
|
|
|
|
|
|
64.1 %
|
|
|
Three Months Ended
December 31, 2022
|
|
|
U.S.
GAAP
|
|
Acquisition
costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
383.8
|
|
$
(0.9)
|
|
$
383.0
|
SG&A as % gross
profit (1)
|
|
61.3 %
|
|
|
|
61.2 %
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
371.4
|
|
$
(0.9)
|
|
$
370.6
|
Same Store SG&A as
% gross profit (1)
|
|
61.1 %
|
|
|
|
61.0 %
|
|
|
Year Ended December
31, 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
|
|
$
1,622.9
|
|
$
(3.4)
|
|
$
18.3
|
|
$
(0.9)
|
|
$
(6.1)
|
|
$
1,630.8
|
SG&A as % gross
profit (1)
|
|
62.2 %
|
|
|
|
|
|
|
|
|
|
62.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,548.8
|
|
$
(3.4)
|
|
$
—
|
|
$
(0.9)
|
|
$
(6.1)
|
|
$
1,538.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A as
% gross profit (1)
|
|
63.0 %
|
|
|
|
|
|
|
|
|
|
62.6 %
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
1,516.9
|
|
$
36.1
|
|
$
(0.9)
|
|
$
(0.8)
|
|
$
1,551.3
|
SG&A as % gross
profit (1)
|
|
58.7 %
|
|
|
|
|
|
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,507.6
|
|
$
—
|
|
$
(0.9)
|
|
$
(0.8)
|
|
$
1,505.9
|
Same Store SG&A as
% gross profit (1)
|
|
59.9 %
|
|
|
|
|
|
|
|
59.9 %
|
|
(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
December 31, 2023
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
74.3
|
|
$
2.7
|
|
$
77.0
|
SG&A as % gross
profit (1)
|
|
82.2 %
|
|
|
|
85.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
303.9
|
|
$
3.6
|
|
$
307.5
|
SG&A as % gross
profit (1)
|
|
74.1 %
|
|
|
|
75.0 %
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
266.5
|
|
$
2.7
|
|
$
(1.3)
|
|
$
267.9
|
SG&A as % gross
profit (1)
|
|
69.6 %
|
|
|
|
|
|
70.0 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
263.6
|
|
$
—
|
|
$
(1.3)
|
|
$
262.3
|
Same Store SG&A as
% gross profit (1)
|
|
69.9 %
|
|
|
|
|
|
69.6 %
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-fourth-quarter-and-full-year-2023-financial-results-302048655.html
SOURCE Group 1 Automotive, Inc.