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Group 1 Automotive Announces Record Third Quarter 2022 Financial Results

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Group 1 Automotive, Inc. (GPI) reported record quarterly revenues of $4.2 billion for Q3 2022, a 22.0% increase from $3.4 billion in Q3 2021. Diluted earnings per share from continuing operations reached $12.57, up 34.4% from $9.35. Net income rose 14.2% to $197.1 million. The company experienced significant growth in vehicle and aftersales revenues, alongside a share repurchase program totaling $459.5 million in the last 12 months. Acquisitions during the quarter are projected to generate an additional $190 million in annual revenues.

Positive
  • Record revenues of $4.2 billion, a 22.0% increase.
  • Diluted earnings per share of $12.57, a 34.4% increase.
  • Net income increased by 14.2% to $197.1 million.
  • Acquisitions in Q3 2022 expected to generate $190 million in annual revenues.
  • Share repurchase program totaling $459.5 million over the last 12 months.
Negative
  • Used vehicle retail GP per unit decreased by 31.2%.
  • SG&A expenses as a percentage of GP rose to 59.9%, an increase of 101 bps.
  • Record Quarterly Revenues of $4.2 billion, a 22.0% Increase
  • Record Quarterly Diluted Earnings Per Common Share from Continuing Operations of $12.57 per share, a 34.4% Increase

HOUSTON, Oct. 26, 2022 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 203 dealerships located in the U.S. and U.K., today reported record quarterly financial results for the third quarter 2022.

Current quarter total revenues of $4.2 billion and diluted earnings per common share from continuing operations of $12.57 were the highest in Company history. Current quarter total revenues represent a 22.0% increase compared to prior year quarter total revenues of $3.4 billion. Current quarter diluted earnings per common share achieved a 34.4% increase over prior year quarter diluted earnings per common share from continuing operations of $9.35.

"Our team delivered another record quarter featuring substantial revenue and profit growth. Our consolidated vehicle and aftersales revenue growth for the quarter was well over 20% and our consolidated aftersales gross profit growth exceeded 25%. Our capital allocation also continues to fuel our strong performance with acquisitions in both of our operating markets during the quarter, bringing total revenues added to $3.1 billion over the past 18 months, and our share repurchase level is now over 20% of our total outstanding shares over the past 12 months," said Earl J. Hesterberg, Group 1's Chief Executive Officer. 

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 third quarter of 2022 ("current quarter") were a record of $4.2 billion, a 22.0% increase compared to total revenues of $3.4 billion for the third quarter of 2021 ("prior year quarter").

Net income from continuing operations for the current quarter was $197.1 million, a 14.2% increase compared to net income from continuing operations of $172.5 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $188.1 million, an 8.0% increase compared to adjusted net income from continuing operations of $174.1 million for the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was a record of $12.57, a 34.4% increase over diluted earnings per common share from continuing operations of $9.35 for the prior year quarter.

Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $12.00, a 27.1% increase over adjusted diluted earnings per common share from continuing operations of $9.44 for the prior year quarter. Current quarter adjusted net income from continuing operations and adjusted diluted earnings per share from continuing operations excluded $10.8 million of after-tax gains on disposition activities. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $(0.09) and $0.18, respectively.

Third Quarter 2022

Key Performance Metrics      

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

3Q22

Change

3Q22

Change

Total revenues

$4.2B

+22.0 %

$3.5B

+3.6 %

Total gross profit ("GP")

$752.6M

+17.8 %

$621.2M

(0.9) %

NV units sold

39,237

+17.6 %

32,249

(1.5) %

NV GP per retail unit ("PRU")

$5,267

+8.8 %

$5,078

+5.1 %

Used vehicle ("UV") retail units sold

48,427

+13.9 %

41,684

(0.4) %

UV retail GP PRU

$1,571

(31.2) %

$1,536

(33.2) %

Parts & service ("P&S") GP

$285.1M

+25.7 %

$239.0M

+7.6 %

P&S Gross Margin

55.3 %

+0.9 %

54.5 %

+0.1 %

Finance and Insurance ("F&I") revenues

$186.3M

+27.6 %

$155.6M

+8.8 %

F&I GP PRU

$2,125

+10.4 %

$2,105

+9.8 %

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

59.9 %

+101 bps

62.2 %

+342 bps

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

61.5 %

+281 bps

61.9 %

+328 bps

Corporate Development

In July 2022, the Company acquired three dealerships and a collision center in Louisiana, consisting of Mercedes-Benz, Sprinter, Land Rover, Jaguar, and Volvo franchises. This acquisition is expected to generate $110.0 million in annual revenues. In September 2022, the Company acquired a BMW/MINI dealership and a collision center in the U.K. This acquisition is expected to generate $80.0 million in annual revenues, bringing year-to-date total acquired expected annual revenues for the Company to $740.0 million. For the period January 1, 2021 to September 30, 2022, the Company has acquired total expected annual revenues of $3.2 billion.

In September 2022, the Company disposed of one dealership in Massachusetts and terminated one dealership in the U.K. These stores generated approximately $65.0 million in annualized revenues.

In July 2022, the Company closed on the disposition of its Brazilian operations.

Share Repurchase

During the current quarter, the Company repurchased 609,929 shares, representing approximately 3.6% of the Company's current year beginning outstanding common shares, at an average price per common share of $172.84, for a total of $105.4 million. During the nine months ended September 30, 2022 ("current year"), the Company repurchased 2,047,658 shares, representing approximately 11.9% of the Company's current year beginning outstanding common shares, at an average price per common share of $175.58, for a total of $359.5 million. As of September 30, 2022, the Company had an aggregate 15.2 million outstanding common shares and unvested restricted stock awards.

During the current quarter, the Company adopted a Rule 10b5-1 trading plan that was effective from October 3, 2022 to October 19, 2022. Under the plan, the Company repurchased an additional 638,072 shares subsequent to September 30, 2022, at an average price of $156.70, for a total cost of $100.0 million. After giving effect to share repurchases subsequent to September 30, 2022, our aggregate outstanding common shares and unvested restricted stock awards approximates 14.6 million shares. The Company currently has $64.1 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 2022 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the third quarter 2022 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: 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:

6646921

A telephonic replay will be available following the call through November 2, 2022, by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay Code:

8172086

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 203 automotive dealerships, 273 franchises, and 47 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 and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 and the armed conflict in Ukraine 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, (l) the risk that proposed transactions will not be consummated in a timely manner, and (m) 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:
Jason Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
jbabbitt@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 September 30,



2022


2021


Increase/
(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       1,883.3


$       1,513.9


$          369.5


24.4 %

Used vehicle retail sales


1,488.6


1,230.4


258.3


21.0 %

Used vehicle wholesale sales


89.6


106.0


(16.5)


(15.5) %

Parts and service sales


515.6


416.5


99.1


23.8 %

Finance, insurance and other, net


186.3


146.0


40.3


27.6 %

Total revenues


4,163.4


3,412.8


750.6


22.0 %

COST OF SALES:









New vehicle retail sales


1,676.7


1,352.4


324.3


24.0 %

Used vehicle retail sales


1,412.6


1,133.3


279.2


24.6 %

Used vehicle wholesale sales


91.1


98.7


(7.6)


(7.7) %

Parts and service sales


230.5


189.7


40.8


21.5 %

Total cost of sales


3,410.8


2,774.1


636.7


23.0 %

GROSS PROFIT


752.6


638.7


113.9


17.8 %

Selling, general and administrative expenses


450.9


376.3


74.7


19.8 %

Depreciation and amortization expense


21.8


19.2


2.6


13.5 %

Asset impairments


—


1.7


(1.7)


(100.0) %

INCOME FROM OPERATIONS


279.9


241.5


38.4


15.9 %

Floorplan interest expense


6.5


4.3


2.2


50.1 %

Other interest expense, net


19.6


13.1


6.5


49.9 %

Other income


(3.4)


—


(3.4)


(100.0) %

INCOME BEFORE INCOME TAXES


257.2


224.1


33.1


14.8 %

Provision for income taxes


60.2


51.6


8.6


16.6 %

Net income from continuing operations


197.1


172.5


24.5


14.2 %

Net loss from discontinued operations


(1.3)


(0.4)


(0.9)


216.9 %

NET INCOME


$          195.7


$          172.1


$            23.6


13.7 %

Less: Earnings allocated to participating securities


5.4


5.7


(0.3)


(5.3) %

Net income available to diluted common shares


$          190.3


$          166.4


$            23.9


14.4 %

Diluted earnings per share from continuing operations


$          12.57


$            9.35


$            3.21


34.4 %

Diluted loss per share from discontinued operations


$           (0.09)


$           (0.02)


$           (0.06)


272.6 %

DILUTED EARNINGS PER SHARE


$          12.48


$            9.33


$            3.15


33.8 %

Weighted average dilutive common shares outstanding


15.2


17.8


(2.6)


(14.5) %

Weighted average participating securities


0.4


0.6


(0.2)


(29.5) %

Total weighted average shares


15.7


18.4


(2.8)


(15.0) %

Effective tax rate on continuing operations


23.4 %


23.0 %


0.4 %



 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)












Nine Months Ended September 30,



2022


2021


Increase/
(Decrease)


% Change

REVENUES:









New vehicle retail sales


$       5,479.8


$       4,828.6


$          651.1


13.5 %

Used vehicle retail sales


4,353.9


3,302.3


1,051.7


31.8 %

Used vehicle wholesale sales


278.9


278.0


0.9


0.3 %

Parts and service sales


1,491.1


1,152.2


338.9


29.4 %

Finance, insurance and other, net


549.5


431.3


118.2


27.4 %

Total revenues


12,153.1


9,992.3


2,160.8


21.6 %

COST OF SALES:









New vehicle retail sales


4,861.6


4,411.4


450.2


10.2 %

Used vehicle retail sales


4,100.6


3,038.6


1,062.0


34.9 %

Used vehicle wholesale sales


276.8


257.9


18.9


7.3 %

Parts and service sales


668.5


515.0


153.5


29.8 %

Total cost of sales


9,907.4


8,222.9


1,684.5


20.5 %

GROSS PROFIT


2,245.8


1,769.5


476.3


26.9 %

Selling, general and administrative expenses


1,329.6


1,056.2


273.3


25.9 %

Depreciation and amortization expense


65.9


56.8


9.1


16.1 %

Asset impairments


0.8


1.7


(0.9)


(52.6) %

INCOME FROM OPERATIONS


849.4


654.7


194.7


29.7 %

Floorplan interest expense


17.7


20.5


(2.8)


(13.7) %

Other interest expense, net


55.5


39.8


15.7


39.5 %

Other income


(3.4)


—


(3.4)


(100.0) %

INCOME BEFORE INCOME TAXES


779.6


594.4


185.2


31.2 %

Provision for income taxes


182.1


132.2


50.0


37.8 %

Net income from continuing operations


597.5


462.2


135.3


29.3 %

Net (loss) income from discontinued operations


(2.9)


2.8


(5.7)


(204.0) %

NET INCOME


$          594.6


$          465.0


$          129.6


27.9 %

Less: Earnings allocated to participating securities


16.6


15.6


1.0


6.5 %

Net income available to diluted common shares


$          578.0


$          449.4


$          128.5


28.6 %

Diluted earnings per share from continuing operations


$          36.43


$          25.05


$          11.37


45.4 %

Diluted (loss) earnings per share from discontinued operations


$           (0.18)


$            0.15


$           (0.33)


(217.4) %

DILUTED EARNINGS PER SHARE


$          36.25


$          25.21


$          11.04


43.8 %

Weighted average dilutive common shares outstanding


15.9


17.8


(1.9)


(10.6) %

Weighted average participating securities


0.5


0.6


(0.2)


(26.2) %

Total weighted average shares


16.4


18.5


(2.0)


(11.1) %

Effective tax rate on continuing operations


23.4 %


22.2 %


1.1 %



 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)












September 30, 2022


December 31, 2021


Increase/(Decrease)


% Change

SELECTED BALANCE SHEET INFORMATION:







(In millions)









Cash and cash equivalents


$                        20.5


$                        14.9


$                       5.6


37.7 %

Inventories, net


$                   1,185.6


$                   1,073.1


$                   112.5


10.5 %

Floorplan notes payable, net (1)


$                      745.9


$                      531.0


$                   214.9


40.5 %

Total debt


$                   1,942.4


$                   2,035.7


$                    (93.3)


(4.6) %

Total equity


$                   2,214.1


$                   1,825.2


$                   388.9


21.3 %

(1) Amounts are net of offset accounts of $218.5 and $271.9, respectively.

 



Three Months Ended September 30,


Nine Months Ended September 30,



2022


2021


2022


2021

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:







United States


80.9 %


77.9 %


80.9 %


80.7 %

United Kingdom


19.1 %


22.1 %


19.1 %


19.3 %










NEW VEHICLE UNIT SALES BRAND MIX:







Toyota/Lexus


25.2 %


25.9 %


24.3 %


25.6 %

Volkswagen/Audi/Porsche/SEAT/SKODA


16.1 %


17.3 %


15.7 %


15.9 %

BMW/MINI


12.9 %


12.1 %


12.7 %


11.2 %

Ford/Lincoln


7.7 %


8.2 %


8.2 %


8.6 %

Honda/Acura


6.1 %


7.9 %


6.9 %


8.7 %

Chevrolet/GMC/Buick/Cadillac


7.0 %


6.2 %


6.5 %


6.9 %

Mercedes-Benz/Sprinter


6.2 %


4.1 %


6.2 %


4.7 %

Chrysler/Dodge/Jeep/RAM


5.2 %


3.9 %


5.1 %


4.1 %

Hyundai/Kia/Genesis


4.8 %


5.4 %


4.9 %


5.4 %

Nissan


2.9 %


5.8 %


3.6 %


5.7 %

Subaru


2.7 %


1.5 %


2.7 %


1.4 %

Jaguar/Land Rover


1.7 %


1.5 %


1.5 %


1.7 %

Mazda


1.3 %


— %


1.2 %


— %

Other


0.3 %


0.1 %


0.3 %


— %



100.0 %


100.0 %


100.0 %


100.0 %

 



September 30, 2022


December 31, 2021


September 30, 2021

DAYS' SUPPLY IN INVENTORY (1):







Consolidated







New vehicle inventory


16


12


13

Used vehicle inventory


34


42


30

U.S.







New vehicle inventory


15


9


11

Used vehicle inventory


31


36


25

U.K.







New vehicle inventory


20


33


19

Used vehicle inventory


46


66


42

(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,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency %
Change

Revenues:













New vehicle retail sales

$    1,883.3


$    1,513.9


$      369.5


24.4 %



$          (53.8)


28.0 %

Used vehicle retail sales

1,488.6


1,230.4


258.3


21.0 %



(47.3)


24.8 %

Used vehicle wholesale sales

89.6


106.0


(16.5)


(15.5) %



(4.9)


(11.0) %

Total used

1,578.2


1,336.4


241.8


18.1 %



(52.2)


22.0 %

Parts and service sales

515.6


416.5


99.1


23.8 %



(10.7)


26.4 %

F&I, net

186.3


146.0


40.3


27.6 %



(2.8)


29.5 %

Total revenues

$    4,163.4


$    3,412.8


$      750.6


22.0 %



$        (119.5)


25.5 %

Gross profit:













New vehicle retail sales

$       206.7


$       161.5


$        45.2


28.0 %



$            (4.9)


31.0 %

Used vehicle retail sales

76.1


97.0


(21.0)


(21.6) %



(2.7)


(18.9) %

Used vehicle wholesale sales

(1.5)


7.4


(8.9)


(120.8) %



—


(121.4) %

Total used

74.5


104.4


(29.9)


(28.6) %



(2.6)


(26.1) %

Parts and service sales

285.1


226.8


58.4


25.7 %



(6.3)


28.5 %

F&I, net

186.3


146.0


40.3


27.6 %



(2.8)


29.5 %

Total gross profit

$       752.6


$       638.7


$      113.9


17.8 %



$          (16.6)


20.4 %

Gross margin:













New vehicle retail sales

11.0 %


10.7 %


0.3 %








Used vehicle retail sales

5.1 %


7.9 %


(2.8) %








Used vehicle wholesale sales

(1.7) %


7.0 %


(8.7) %








Total used

4.7 %


7.8 %


(3.1) %








Parts and service sales

55.3 %


54.4 %


0.9 %








Total gross margin

18.1 %


18.7 %


(0.6) %








Units sold:













Retail new vehicles sold

39,237


33,365


5,872


17.6 %






Retail used vehicles sold

48,427


42,514


5,913


13.9 %






Wholesale used vehicles sold

9,456


10,960


(1,504)


(13.7) %






Total used

57,883


53,474


4,409


8.2 %






Average sales price per unit sold:













New vehicle retail

$     47,999


$     45,373


$      2,626


5.8 %



$         (1,370)


8.8 %

Used vehicle retail

$     30,740


$     28,941


$      1,799


6.2 %



$            (977)


9.6 %

Gross profit per unit sold:













New vehicle retail sales

$       5,267


$       4,840


$         427


8.8 %



$            (125)


11.4 %

Used vehicle retail sales

$       1,571


$       2,282


$        (712)


(31.2) %



$              (55)


(28.8) %

Used vehicle wholesale sales

$         (162)


$          673


$        (835)


(124.1) %



$                 5


(124.8) %

Total used

$       1,288


$       1,953


$        (665)


(34.1) %



$              (45)


(31.7) %

F&I PRU

$       2,125


$       1,925


$         201


10.4 %



$              (32)


12.1 %

Other:













SG&A expenses

$       450.9


$       376.3


$        74.7


19.8 %



$           (11.3)


22.9 %

Adjusted SG&A expenses (1)

$       463.1


$       375.1


$        88.1


23.5 %



$           (11.1)


26.4 %

SG&A as % gross profit

59.9 %


58.9 %


1.0 %








Adjusted SG&A as % gross profit (1)

61.5 %


58.7 %


2.8 %








Operating margin %

6.7 %


7.1 %


(0.4) %








Adjusted operating margin % (1)

6.4 %


7.2 %


(0.7) %








Pretax margin %

6.2 %


6.6 %


(0.4) %








Adjusted pretax margin % (1)

5.9 %


6.6 %


(0.7) %








Floorplan expense:













Floorplan interest expense

$           6.5


$           4.3


$           2.2


50.1 %



$             (0.2)


55.1 %

Less: Floorplan assistance (2)

13.9


12.2


1.8


14.4 %



—


14.4 %

Net floorplan expense

$          (7.4)


$          (7.8)


$           0.4





$             (0.2)



Adjusted floorplan interest expense (1)

$           6.5


$           5.2


$           1.3


24.7 %



$             (0.2)


28.8 %

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

(2) 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,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$    5,479.8


$    4,828.6


$       651.1


13.5 %



$          (97.6)


15.5 %

Used vehicle retail sales

4,353.9


3,302.3


1,051.7


31.8 %



(91.5)


34.6 %

Used vehicle wholesale sales

278.9


278.0


0.9


0.3 %



(10.0)


3.9 %

Total used

4,632.8


3,580.3


1,052.5


29.4 %



(101.4)


32.2 %

Parts and service sales

1,491.1


1,152.2


338.9


29.4 %



(19.0)


31.1 %

F&I, net

549.5


431.3


118.2


27.4 %



(5.4)


28.7 %

Total revenues

$  12,153.1


$    9,992.3


$    2,160.8


21.6 %



$        (223.4)


23.9 %

Gross profit:













New vehicle retail sales

$       618.2


$       417.2


$       201.0


48.2 %



$            (9.0)


50.3 %

Used vehicle retail sales

253.4


263.7


(10.3)


(3.9) %



(5.0)


(2.0) %

Used vehicle wholesale sales

2.1


20.1


(18.0)


(89.7) %



0.2


(90.6) %

Total used

255.5


283.7


(28.3)


(10.0) %



(4.8)


(8.3) %

Parts and service sales

822.6


637.2


185.4


29.1 %



(11.3)


30.9 %

F&I, net

549.5


431.3


118.2


27.4 %



(5.4)


28.7 %

Total gross profit

$    2,245.8


$    1,769.5


$       476.3


26.9 %



$          (30.6)


28.6 %

Gross margin:













New vehicle retail sales

11.3 %


8.6 %


2.6 %








Used vehicle retail sales

5.8 %


8.0 %


(2.2) %








Used vehicle wholesale sales

0.7 %


7.2 %


(6.5) %








Total used

5.5 %


7.9 %


(2.4) %








Parts and service sales

55.2 %


55.3 %


(0.1) %








Total gross margin

18.5 %


17.7 %


0.8 %








Units sold:













Retail new vehicles sold

114,792


110,499


4,293


3.9 %






Retail used vehicles sold

141,140


124,559


16,581


13.3 %






Wholesale used vehicles sold

28,069


31,268


(3,199)


(10.2) %






Total used

169,209


155,827


13,382


8.6 %






Average sales price per unit sold:













New vehicle retail

$     47,736


$     43,698


$       4,038


9.2 %



$            (850)


11.2 %

Used vehicle retail

$     30,848


$     26,512


$       4,337


16.4 %



$            (648)


18.8 %

Gross profit per unit sold:













New vehicle retail sales

$       5,385


$       3,776


$       1,609


42.6 %



$              (79)


44.7 %

Used vehicle retail sales

$       1,795


$       2,117


$         (322)


(15.2) %



$              (35)


(13.5) %

Used vehicle wholesale sales

$            73


$          642


$         (568)


(88.6) %



$                 6


(89.5) %

Total used

$       1,510


$       1,821


$         (311)


(17.1) %



$              (29)


(15.5) %

F&I PRU

$       2,147


$       1,835


$          312


17.0 %



$              (21)


18.2 %

Other:













SG&A expenses

$    1,329.6


$    1,056.2


$       273.3


25.9 %



$           (20.6)


27.8 %

Adjusted SG&A expenses (1)

$    1,366.3


$    1,054.9


$       311.4


29.5 %



$           (20.4)


31.5 %

SG&A as % gross profit

59.2 %


59.7 %


(0.5) %








Adjusted SG&A as % gross profit (1)

60.8 %


59.6 %


1.2 %








Operating margin %

7.0 %


6.6 %


0.4 %








Adjusted operating margin % (1)

6.7 %


6.6 %


0.1 %








Pretax margin %

6.4 %


5.9 %


0.5 %








Adjusted pretax margin % (1)

6.1 %


6.0 %


0.1 %








Floorplan expense:













Floorplan interest expense

$         17.7


$         20.5


$         (2.8)


(13.7) %



$             (0.4)


(11.7) %

Less: Floorplan assistance (2)

42.1


40.6


1.5


3.6 %



—


3.6 %

Net floorplan expense

$        (24.4)


$        (20.1)


$         (4.3)





$             (0.4)



Adjusted floorplan interest expense (1)

$         17.7


$         19.1


$         (1.4)


(7.2) %



$             (0.4)


(5.0) %

(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.

(2) 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,



2022


2021


Increase/
(Decrease)


% Change

Revenues:









New vehicle retail sales


$       1,586.9


$       1,208.5


$          378.4


31.3 %

Used vehicle retail sales


1,212.1


902.3


309.8


34.3 %

Used vehicle wholesale sales


61.3


68.0


(6.7)


(9.8) %

Total used


1,273.4


970.3


303.1


31.2 %

Parts and service sales


453.8


353.1


100.7


28.5 %

F&I, net


170.2


130.5


39.8


30.5 %

Total revenues


$       3,484.3


$       2,662.4


$          821.9


30.9 %

Gross profit:









New vehicle retail sales


$          180.7


$          140.0


$            40.7


29.1 %

Used vehicle retail sales


60.6


73.1


(12.5)


(17.1) %

Used vehicle wholesale sales


(1.3)


3.2


(4.5)


(139.3) %

Total used


59.3


76.3


(17.0)


(22.2) %

Parts and service sales


249.0


188.2


60.7


32.3 %

F&I, net


170.2


130.5


39.8


30.5 %

Total gross profit


$          659.3


$          535.0


$          124.3


23.2 %

Gross margin:









New vehicle retail sales


11.4 %


11.6 %


(0.2) %



Used vehicle retail sales


5.0 %


8.1 %


(3.1) %



Used vehicle wholesale sales


(2.1) %


4.8 %


(6.8) %



Total used


4.7 %


7.9 %


(3.2) %



Parts and service sales


54.9 %


53.3 %


1.6 %



Total gross margin


18.9 %


20.1 %


(1.2) %



Units sold:









Retail new vehicles sold


31,745


25,984


5,761


22.2 %

Retail used vehicles sold


38,172


31,704


6,468


20.4 %

Wholesale used vehicles sold


6,453


6,758


(305)


(4.5) %

Total used


44,625


38,462


6,163


16.0 %

Average sales price per unit sold:









New vehicle retail


$        49,990


$        46,510


$          3,480


7.5 %

Used vehicle retail


$        31,754


$        28,461


$          3,293


11.6 %

Gross profit per unit sold:









New vehicle retail sales


$          5,693


$          5,388


$             304


5.7 %

Used vehicle retail sales


$          1,588


$          2,305


$            (717)


(31.1) %

Used vehicle wholesale sales


$            (197)


$             478


$            (675)


(141.2) %

Total used


$          1,330


$          1,984


$            (654)


(33.0) %

F&I PRU


$          2,435


$          2,261


$             174


7.7 %

Other:









SG&A expenses


$          385.8


$          308.7


$            77.1


25.0 %

Adjusted SG&A expenses (1)


$          399.3


$          308.1


$            91.2


29.6 %

SG&A as % gross profit


58.5 %


57.7 %


0.8 %



Adjusted SG&A as % gross profit (1)


60.6 %


57.6 %


3.0 %



(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,



2022


2021


Increase/
(Decrease)


% Change

Revenues:









New vehicle retail sales


$       4,581.8


$       3,958.9


$          622.9


15.7 %

Used vehicle retail sales


3,447.6


2,481.7


965.9


38.9 %

Used vehicle wholesale sales


177.6


179.6


(1.9)


(1.1) %

Total used


3,625.3


2,661.3


963.9


36.2 %

Parts and service sales


1,307.7


982.0


325.7


33.2 %

F&I, net


498.1


389.4


108.7


27.9 %

Total revenues


$     10,012.8


$       7,991.6


$       2,021.2


25.3 %

Gross profit:









New vehicle retail sales


$          538.5


$          362.6


$          175.9


48.5 %

Used vehicle retail sales


203.0


210.7


(7.8)


(3.7) %

Used vehicle wholesale sales


3.8


13.6


(9.7)


(71.7) %

Total used


206.8


224.3


(17.5)


(7.8) %

Parts and service sales


713.1


535.1


178.0


33.3 %

F&I, net


498.1


389.4


108.7


27.9 %

Total gross profit


$       1,956.5


$       1,511.4


$          445.1


29.5 %

Gross margin:









New vehicle retail sales


11.8 %


9.2 %


2.6 %



Used vehicle retail sales


5.9 %


8.5 %


(2.6) %



Used vehicle wholesale sales


2.2 %


7.6 %


(5.4) %



Total used


5.7 %


8.4 %


(2.7) %



Parts and service sales


54.5 %


54.5 %


— %



Total gross margin


19.5 %


18.9 %


0.6 %



Units sold:









Retail new vehicles sold


92,870


89,183


3,687


4.1 %

Retail used vehicles sold


110,635


96,143


14,492


15.1 %

Wholesale used vehicles sold


18,513


19,804


(1,291)


(6.5) %

Total used


129,148


115,947


13,201


11.4 %

Average sales price per unit sold:









New vehicle retail


$        49,335


$        44,391


$          4,945


11.1 %

Used vehicle retail


$        31,162


$        25,813


$          5,349


20.7 %

Gross profit per unit sold:









New vehicle retail sales


$          5,799


$          4,066


$          1,733


42.6 %

Used vehicle retail sales


$          1,834


$          2,192


$            (357)


(16.3) %

Used vehicle wholesale sales


$             207


$             685


$            (478)


(69.8) %

Total used


$          1,601


$          1,934


$            (333)


(17.2) %

F&I PRU


$          2,448


$          2,101


$             346


16.5 %

Other:









SG&A expenses


$       1,133.0


$          883.0


$          250.1


28.3 %

Adjusted SG&A expenses (1)


$       1,168.4


$          882.8


$          285.6


32.3 %

SG&A as % gross profit


57.9 %


58.4 %


(0.5) %



Adjusted SG&A as % gross profit (1)


59.7 %


58.4 %


1.3 %



(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,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$       296.4


$       305.4


$         (9.0)


(2.9) %



$          (53.8)


14.7 %

Used vehicle retail sales

276.5


328.0


(51.5)


(15.7) %



(47.3)


(1.3) %

Used vehicle wholesale sales

28.3


38.1


(9.8)


(25.7) %



(4.9)


(12.9) %

Total used

304.8


366.1


(61.3)


(16.7) %



(52.2)


(2.5) %

Parts and service sales

61.8


63.4


(1.5)


(2.4) %



(10.7)


14.5 %

F&I, net

16.1


15.6


0.5


3.1 %



(2.8)


21.1 %

Total revenues

$       679.1


$       750.4


$       (71.3)


(9.5) %



$        (119.5)


6.4 %

Gross profit:













New vehicle retail sales

$         25.9


$         21.5


$           4.5


20.8 %



$            (4.9)


43.7 %

Used vehicle retail sales

15.5


23.9


(8.5)


(35.5) %



(2.7)


(24.4) %

Used vehicle wholesale sales

(0.3)


4.1


(4.4)


(106.3) %



—


(107.4) %

Total used

15.2


28.1


(12.9)


(45.9) %



(2.6)


(36.6) %

Parts and service sales

36.1


38.5


(2.4)


(6.2) %



(6.3)


10.1 %

F&I, net

16.1


15.6


0.5


3.1 %



(2.8)


21.1 %

Total gross profit

$         93.3


$       103.7


$       (10.3)


(10.0) %



$          (16.6)


6.0 %

Gross margin:













New vehicle retail sales

8.8 %


7.0 %


1.7 %








Used vehicle retail sales

5.6 %


7.3 %


(1.7) %








Used vehicle wholesale sales

(0.9) %


10.9 %


(11.8) %








Total used

5.0 %


7.7 %


(2.7) %








Parts and service sales

58.4 %


60.8 %


(2.4) %








Total gross margin

13.7 %


13.8 %


(0.1) %








Units sold:













Retail new vehicles sold

7,492


7,381


111


1.5 %






Retail used vehicles sold

10,255


10,810


(555)


(5.1) %






Wholesale used vehicles sold

3,003


4,202


(1,199)


(28.5) %






Total used

13,258


15,012


(1,754)


(11.7) %






Average sales price per unit sold:













New vehicle retail

$     39,563


$     41,370


$     (1,808)


(4.4) %



$        (7,177)


13.0 %

Used vehicle retail

$     26,967


$     30,346


$     (3,380)


(11.1) %



$        (4,611)


4.1 %

Gross profit per unit sold:













New vehicle retail sales

$       3,464


$       2,910


$         554


19.0 %



$           (655)


41.6 %

Used vehicle retail sales

$       1,507


$       2,215


$        (709)


(32.0) %



$           (259)


(20.3) %

Used vehicle wholesale sales

$           (87)


$          987


$     (1,074)


(108.8) %



$              15


(110.3) %

Total used

$       1,146


$       1,872


$        (726)


(38.8) %



$           (197)


(28.2) %

F&I PRU

$          905


$          857


$           49


5.7 %



$           (158)


24.1 %

Other:













SG&A expenses

$         65.1


$         67.6


$         (2.5)


(3.6) %



$          (11.3)


13.1 %

Adjusted SG&A expenses (1)

$         63.8


$         67.0


$         (3.2)


(4.7) %



$          (11.1)


11.8 %

SG&A as % gross profit

69.8 %


65.2 %


4.6 %








Adjusted SG&A as % gross profit (1)

68.4 %


64.6 %


3.8 %








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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Nine Months Ended September 30,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$       898.0


$       869.7


$         28.3


3.3 %



$          (97.6)


14.5 %

Used vehicle retail sales

906.3


820.5


85.8


10.5 %



(91.5)


21.6 %

Used vehicle wholesale sales

101.2


98.4


2.8


2.8 %



(10.0)


12.9 %

Total used

1,007.5


919.0


88.6


9.6 %



(101.4)


20.7 %

Parts and service sales

183.4


170.2


13.2


7.7 %



(19.0)


18.9 %

F&I, net

51.4


41.9


9.6


22.8 %



(5.4)


35.7 %

Total revenues

$    2,140.3


$    2,000.7


$       139.6


7.0 %



$        (223.4)


18.1 %

Gross profit:













New vehicle retail sales

$         79.6


$         54.6


$         25.0


45.8 %



$            (9.0)


62.3 %

Used vehicle retail sales

50.4


52.9


(2.5)


(4.7) %



(5.0)


4.7 %

Used vehicle wholesale sales

(1.8)


6.5


(8.3)


(127.2) %



0.2


(129.9) %

Total used

48.7


59.5


(10.8)


(18.1) %



(4.8)


(10.0) %

Parts and service sales

109.5


102.1


7.4


7.2 %



(11.3)


18.3 %

F&I, net

51.4


41.9


9.6


22.8 %



(5.4)


35.7 %

Total gross profit

$       289.2


$       258.1


$         31.2


12.1 %



$          (30.6)


23.9 %

Gross margin:













New vehicle retail sales

8.9 %


6.3 %


2.6 %








Used vehicle retail sales

5.6 %


6.5 %


(0.9) %








Used vehicle wholesale sales

(1.7) %


6.6 %


(8.4) %








Total used

4.8 %


6.5 %


(1.6) %








Parts and service sales

59.7 %


60.0 %


(0.3) %








Total gross margin

13.5 %


12.9 %


0.6 %








Units sold:













Retail new vehicles sold

21,922


21,316


606


2.8 %






Retail used vehicles sold

30,505


28,416


2,089


7.4 %






Wholesale used vehicles sold

9,556


11,464


(1,908)


(16.6) %






Total used

40,061


39,880


181


0.5 %






Average sales price per unit sold:













New vehicle retail

$     40,962


$     40,800


$         162


0.4 %



$        (4,452)


11.3 %

Used vehicle retail

$     29,711


$     28,876


$         835


2.9 %



$        (2,999)


13.3 %

Gross profit per unit sold:













New vehicle retail sales

$       3,633


$       2,563


$      1,070


41.8 %



$           (412)


57.8 %

Used vehicle retail sales

$       1,653


$       1,863


$        (210)


(11.3) %



$           (164)


(2.5) %

Used vehicle wholesale sales

$         (185)


$          568


$        (753)


(132.6) %



$              19


(135.9) %

Total used

$       1,215


$       1,491


$        (276)


(18.5) %



$           (121)


(10.4) %

F&I PRU

$          981


$          842


$         139


16.5 %



$           (103)


28.7 %

Other:













SG&A expenses

$       196.6


$       173.3


$        23.3


13.4 %



$          (20.6)


25.3 %

Adjusted SG&A expenses (1)

$       197.9


$       172.1


$        25.8


15.0 %



$          (20.4)


26.9 %

SG&A as % gross profit

68.0 %


67.1 %


0.8 %








Adjusted SG&A as % gross profit (1)

68.4 %


66.7 %


1.7 %








(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 — Consolidated

(Unaudited)

(In millions, except unit data)

















Three Months Ended September 30,



2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$    1,534.6


$    1,487.1


$         47.5


3.2 %



$          (52.8)


6.7 %

Used vehicle retail sales

1,271.4


1,213.6


57.8


4.8 %



(46.8)


8.6 %

Used vehicle wholesale sales

76.5


104.6


(28.2)


(26.9) %



(4.8)


(22.3) %

Total used

1,347.9


1,318.3


29.6


2.2 %



(51.6)


6.2 %

Parts and service sales

438.8


408.6


30.2


7.4 %



(10.1)


9.9 %

F&I, net

155.6


143.0


12.6


8.8 %



(2.8)


10.8 %

Total revenues

$    3,476.9


$    3,357.0


$       119.9


3.6 %



$        (117.4)


7.1 %

Gross profit:













New vehicle retail sales

$       163.7


$       158.1


$           5.6


3.6 %



$            (4.8)


6.6 %

Used vehicle retail sales

64.0


96.3


(32.2)


(33.5) %



(2.6)


(30.8) %

Used vehicle wholesale sales

(1.2)


7.3


(8.5)


(115.9) %



—


(116.5) %

Total used

62.9


103.6


(40.7)


(39.3) %



(2.6)


(36.9) %

Parts and service sales

239.0


222.1


16.8


7.6 %



(6.0)


10.3 %

F&I, net

155.6


143.0


12.6


8.8 %



(2.8)


10.8 %

Total gross profit

$       621.2


$       626.9


$         (5.7)


(0.9) %



$          (16.2)


1.7 %

Gross margin:













New vehicle retail sales

10.7 %


10.6 %


— %








Used vehicle retail sales

5.0 %


7.9 %


(2.9) %








Used vehicle wholesale sales

(1.5) %


7.0 %


(8.5) %








Total used

4.7 %


7.9 %


(3.2) %








Parts and service sales

54.5 %


54.4 %


0.1 %








Total gross margin

17.9 %


18.7 %


(0.8) %








Units sold:













Retail new vehicles sold

32,249


32,734


(485)


(1.5) %






Retail used vehicles sold

41,684


41,866


(182)


(0.4) %






Wholesale used vehicles sold

7,911


10,755


(2,844)


(26.4) %






Total used

49,595


52,621


(3,026)


(5.8) %






Average sales price per unit sold:













New vehicle retail

$     47,586


$     45,431


$       2,155


4.7 %



$        (1,638)


8.3 %

Used vehicle retail

$     30,502


$     28,988


$       1,513


5.2 %



$        (1,122)


9.1 %

Gross profit per unit sold:













New vehicle retail sales

$       5,078


$       4,831


$          247


5.1 %



$           (149)


8.2 %

Used vehicle retail sales

$       1,536


$       2,299


$         (764)


(33.2) %



$             (62)


(30.5) %

Used vehicle wholesale sales

$         (147)


$          682


$         (829)


(121.6) %



$                6


(122.4) %

Total used

$       1,267


$       1,969


$         (702)


(35.6) %



$             (52)


(33.0) %

F&I PRU

$       2,105


$       1,917


$          188


9.8 %



$             (38)


11.8 %

Other:













SG&A expenses

$       386.3


$       368.4


$         17.9


4.9 %



$          (11.1)


7.9 %

Adjusted SG&A expenses (1)

$       384.2


$       367.2


$         17.0


4.6 %



$          (10.8)


7.6 %

SG&A as % gross profit

62.2 %


58.8 %


3.4 %








Adjusted SG&A as % gross profit (1)

61.9 %


58.6 %


3.3 %








Operating margin %

6.2 %


7.1 %


(0.9) %








Adjusted operating margin % (1)

6.3 %


7.2 %


(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.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)






Nine Months Ended September 30,



2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$    4,468.0


$    4,759.1


$     (291.2)


(6.1) %



$          (93.3)


(4.2) %

Used vehicle retail sales

3,701.3


3,262.1


439.2


13.5 %



(86.0)


16.1 %

Used vehicle wholesale sales

234.9


275.0


(40.1)


(14.6) %



(9.5)


(11.1) %

Total used

3,936.2


3,537.1


399.1


11.3 %



(95.5)


14.0 %

Parts and service sales

1,271.6


1,132.4


139.2


12.3 %



(17.5)


13.8 %

F&I, net

462.2


424.3


37.8


8.9 %



(5.2)


10.1 %

Total revenues

$  10,137.8


$    9,852.9


$       284.9


2.9 %



$        (211.5)


5.0 %

Gross profit:













New vehicle retail sales

$       493.9


$       410.4


$         83.6


20.4 %



$            (8.6)


22.5 %

Used vehicle retail sales

212.9


261.2


(48.3)


(18.5) %



(4.7)


(16.7) %

Used vehicle wholesale sales

1.0


19.9


(18.9)


(94.9) %



0.2


(95.7) %

Total used

213.9


281.1


(67.2)


(23.9) %



(4.5)


(22.3) %

Parts and service sales

688.9


625.8


63.1


10.1 %



(10.6)


11.8 %

F&I, net

462.2


424.3


37.8


8.9 %



(5.2)


10.1 %

Total gross profit

$    1,858.9


$    1,741.6


$       117.3


6.7 %



$          (28.9)


8.4 %

Gross margin:













New vehicle retail sales

11.1 %


8.6 %


2.4 %








Used vehicle retail sales

5.8 %


8.0 %


(2.3) %








Used vehicle wholesale sales

0.4 %


7.2 %


(6.8) %








Total used

5.4 %


7.9 %


(2.5) %








Parts and service sales

54.2 %


55.3 %


(1.1) %








Total gross margin

18.3 %


17.7 %


0.7 %








Units sold:













Retail new vehicles sold

93,713


108,897


(15,184)


(13.9) %






Retail used vehicles sold

120,077


122,933


(2,856)


(2.3) %






Wholesale used vehicles sold

22,885


30,827


(7,942)


(25.8) %






Total used

142,962


153,760


(10,798)


(7.0) %






Average sales price per unit sold:













New vehicle retail

$     47,677


$     43,703


$       3,974


9.1 %



$           (995)


11.4 %

Used vehicle retail

$     30,824


$     26,535


$       4,289


16.2 %



$           (716)


18.9 %

Gross profit per unit sold:













New vehicle retail sales

$       5,271


$       3,769


$       1,502


39.9 %



$             (92)


42.3 %

Used vehicle retail sales

$       1,773


$       2,124


$         (352)


(16.6) %



$             (39)


(14.7) %

Used vehicle wholesale sales

$            44


$          646


$         (601)


(93.1) %



$                7


(94.2) %

Total used

$       1,496


$       1,828


$         (332)


(18.2) %



$             (32)


(16.4) %

F&I PRU

$       2,162


$       1,830


$          331


18.1 %



$             (24)


19.4 %

Other:













SG&A expenses

$    1,133.4


$    1,038.2


$         95.2


9.2 %



$          (19.5)


11.0 %

Adjusted SG&A expenses (1)

$    1,131.3


$    1,035.7


$         95.6


9.2 %



$          (19.2)


11.1 %

SG&A as % gross profit

61.0 %


59.6 %


1.4 %








Adjusted SG&A as % gross profit (1)

60.9 %


59.5 %


1.4 %








Operating margin %

6.6 %


6.6 %


— %








Adjusted operating margin % (1)

6.6 %


6.6 %


— %








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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Three Months Ended September 30,


2022


2021


Increase/
(Decrease)


% Change

Revenues:








New vehicle retail sales

$       1,242.6


$       1,181.8


$            60.8


5.1 %

Used vehicle retail sales

997.2


885.6


111.6


12.6 %

Used vehicle wholesale sales

48.4


66.6


(18.2)


(27.3) %

Total used

1,045.6


952.2


93.4


9.8 %

Parts and service sales

380.2


348.0


32.1


9.2 %

F&I, net

139.6


127.4


12.2


9.6 %

Total revenues

$       2,808.0


$       2,609.4


$          198.6


7.6 %

Gross profit:








New vehicle retail sales

$          138.2


$          136.7


$              1.6


1.2 %

Used vehicle retail sales

48.8


72.3


(23.5)


(32.5) %

Used vehicle wholesale sales

(0.9)


3.2


(4.1)


(128.4) %

Total used

47.9


75.5


(27.6)


(36.6) %

Parts and service sales

204.1


184.9


19.2


10.4 %

F&I, net

139.6


127.4


12.2


9.6 %

Total gross profit

$          529.9


$          524.5


$              5.4


1.0 %

Gross margin:








New vehicle retail sales

11.1 %


11.6 %


(0.4) %



Used vehicle retail sales

4.9 %


8.2 %


(3.3) %



Used vehicle wholesale sales

(1.9) %


4.8 %


(6.7) %



Total used

4.6 %


7.9 %


(3.3) %



Parts and service sales

53.7 %


53.1 %


0.6 %



Total gross margin

18.9 %


20.1 %


(1.2) %



Units sold:








Retail new vehicles sold

24,854


25,353


(499)


(2.0) %

Retail used vehicles sold

31,518


31,056


462


1.5 %

Wholesale used vehicles sold

4,925


6,553


(1,628)


(24.8) %

Total used

36,443


37,609


(1,166)


(3.1) %

Average sales price per unit sold:








New vehicle retail

$        49,996


$        46,613


$          3,383


7.3 %

Used vehicle retail

$        31,640


$        28,516


$          3,124


11.0 %

Gross profit per unit sold:








New vehicle retail sales

$          5,562


$          5,390


$             172


3.2 %

Used vehicle retail sales

$          1,549


$          2,329


$            (780)


(33.5) %

Used vehicle wholesale sales

$            (184)


$             486


$            (670)


(137.8) %

Total used

$          1,315


$          2,008


$            (693)


(34.5) %

F&I PRU

$          2,477


$          2,259


$             218


9.7 %

Other:








SG&A expenses

$          322.7


$          302.0


$            20.7


6.9 %

Adjusted SG&A expenses (1)

$          321.9


$          301.4


$            20.5


6.8 %

SG&A as % gross profit

60.9 %


57.6 %


3.3 %



Adjusted SG&A as % gross profit (1)

60.7 %


57.5 %


3.3 %



(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.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)










Nine Months Ended September 30,


2022


2021


Increase/
(Decrease)


% Change

Revenues:








New vehicle retail sales

$       3,623.5


$       3,889.8


$        (266.3)


(6.8) %

Used vehicle retail sales

2,869.8


2,442.5


427.3


17.5 %

Used vehicle wholesale sales

139.9


176.7


(36.8)


(20.8) %

Total used

3,009.7


2,619.2


390.5


14.9 %

Parts and service sales

1,104.8


970.4


134.4


13.9 %

F&I, net

413.6


382.5


31.1


8.1 %

Total revenues

$       8,151.7


$       7,861.9


$          289.7


3.7 %

Gross profit:








New vehicle retail sales

$          419.5


$          355.8


$            63.7


17.9 %

Used vehicle retail sales

166.9


208.3


(41.3)


(19.9) %

Used vehicle wholesale sales

2.6


13.3


(10.8)


(80.7) %

Total used

169.5


221.6


(52.1)


(23.5) %

Parts and service sales

589.0


527.5


61.4


11.6 %

F&I, net

413.6


382.5


31.1


8.1 %

Total gross profit

$       1,591.5


$       1,487.4


$          104.1


7.0 %

Gross margin:








New vehicle retail sales

11.6 %


9.1 %


2.4 %



Used vehicle retail sales

5.8 %


8.5 %


(2.7) %



Used vehicle wholesale sales

1.8 %


7.6 %


(5.7) %



Total used

5.6 %


8.5 %


(2.8) %



Parts and service sales

53.3 %


54.4 %


(1.1) %



Total gross margin

19.5 %


18.9 %


0.6 %



Units sold:








Retail new vehicles sold

73,307


87,597


(14,290)


(16.3) %

Retail used vehicles sold

92,490


94,574


(2,084)


(2.2) %

Wholesale used vehicles sold

14,104


19,388


(5,284)


(27.3) %

Total used

106,594


113,962


(7,368)


(6.5) %

Average sales price per unit sold:








New vehicle retail

$        49,429


$        44,406


$          5,024


11.3 %

Used vehicle retail

$        31,029


$        25,826


$          5,202


20.1 %

Gross profit per unit sold:








New vehicle retail sales

$          5,722


$          4,062


$          1,660


40.9 %

Used vehicle retail sales

$          1,805


$          2,202


$            (397)


(18.0) %

Used vehicle wholesale sales

$             182


$             688


$            (506)


(73.5) %

Total used

$          1,590


$          1,945


$            (355)


(18.2) %

F&I PRU

$          2,495


$          2,100


$             395


18.8 %

Other:








SG&A expenses

$          949.8


$          869.0


$            80.8


9.3 %

Adjusted SG&A expenses (1)

$          949.0


$          867.1


$            81.9


9.4 %

SG&A as % gross profit

59.7 %


58.4 %


1.3 %



Adjusted SG&A as % gross profit (1)

59.6 %


58.3 %


1.3 %



(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.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)















Three Months Ended September 30,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$       292.0


$       305.4


$       (13.4)


(4.4) %



$          (52.8)


12.9 %

Used vehicle retail sales

274.2


328.0


(53.8)


(16.4) %



(46.8)


(2.2) %

Used vehicle wholesale sales

28.1


38.1


(10.0)


(26.2) %



(4.8)


(13.5) %

Total used

302.3


366.1


(63.8)


(17.4) %



(51.6)


(3.3) %

Parts and service sales

58.7


60.5


(1.9)


(3.1) %



(10.1)


13.6 %

F&I, net

16.0


15.6


0.4


2.5 %



(2.8)


20.4 %

Total revenues

$       668.9


$       747.6


$       (78.7)


(10.5) %



$        (117.4)


5.2 %

Gross profit:













New vehicle retail sales

$         25.5


$         21.5


$          4.0


18.7 %



$            (4.8)


41.1 %

Used vehicle retail sales

15.2


23.9


(8.7)


(36.5) %



(2.6)


(25.6) %

Used vehicle wholesale sales

(0.3)


4.1


(4.4)


(106.3) %



—


(107.3) %

Total used

14.9


28.1


(13.1)


(46.8) %



(2.6)


(37.7) %

Parts and service sales

34.8


37.2


(2.4)


(6.4) %



(6.0)


9.8 %

F&I, net

16.0


15.6


0.4


2.5 %



(2.8)


20.4 %

Total gross profit

$         91.2


$       102.4


$       (11.1)


(10.9) %



$          (16.2)


5.0 %

Gross margin:













New vehicle retail sales

8.7 %


7.0 %


1.7 %








Used vehicle retail sales

5.5 %


7.3 %


(1.8) %








Used vehicle wholesale sales

(0.9) %


10.9 %


(11.8) %








Total used

4.9 %


7.7 %


(2.7) %








Parts and service sales

59.4 %


61.5 %


(2.1) %








Total gross margin

13.6 %


13.7 %


(0.1) %








Units sold:













Retail new vehicles sold

7,395


7,381


14


0.2 %






Retail used vehicles sold

10,166


10,810


(644)


(6.0) %






Wholesale used vehicles sold

2,986


4,202


(1,216)


(28.9) %






Total used

13,152


15,012


(1,860)


(12.4) %






Average sales price per unit sold:













New vehicle retail

$     39,485


$     41,370


$     (1,886)


(4.6) %



$        (7,141)


12.7 %

Used vehicle retail

$     26,972


$     30,346


$     (3,374)


(11.1) %



$        (4,602)


4.0 %

Gross profit per unit sold:













New vehicle retail sales

$       3,448


$       2,910


$         539


18.5 %



$           (650)


40.9 %

Used vehicle retail sales

$       1,496


$       2,215


$        (719)


(32.5) %



$           (256)


(20.9) %

Used vehicle wholesale sales

$           (87)


$          987


$     (1,074)


(108.8) %



$              15


(110.3) %

Total used

$       1,137


$       1,872


$        (735)


(39.3) %



$           (195)


(28.9) %

F&I PRU

$          909


$          857


$           53


6.1 %



$           (159)


24.7 %

Other:













SG&A expenses

$         63.6


$         66.4


$         (2.8)


(4.2) %



$          (11.1)


12.4 %

Adjusted SG&A expenses (1)

$         62.3


$         65.9


$         (3.5)


(5.3) %



$          (10.8)


11.0 %

SG&A as % gross profit

69.7 %


64.9 %


4.8 %








Adjusted SG&A as % gross profit (1)

68.3 %


64.3 %


4.0 %








(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)




Nine Months Ended September 30,


2022


2021


Increase/
(Decrease)


% Change



Currency
Impact on
Current
Period
Results


Constant
Currency
% Change

Revenues:













New vehicle retail sales

$       844.5


$       869.3


$       (24.9)


(2.9) %



$          (93.3)


7.9 %

Used vehicle retail sales

831.4


819.6


11.8


1.4 %



(86.0)


11.9 %

Used vehicle wholesale sales

95.0


98.3


(3.3)


(3.3) %



(9.5)


6.3 %

Total used

926.4


917.9


8.6


0.9 %



(95.5)


11.3 %

Parts and service sales

166.7


161.9


4.8


3.0 %



(17.5)


13.8 %

F&I, net

48.5


41.8


6.7


16.0 %



(5.2)


28.4 %

Total revenues

$    1,986.2


$    1,991.0


$         (4.8)


(0.2) %



$        (211.5)


10.4 %

Gross profit:













New vehicle retail sales

$         74.5


$         54.6


$        19.9


36.4 %



$            (8.6)


52.2 %

Used vehicle retail sales

46.0


52.9


(6.9)


(13.1) %



(4.7)


(4.3) %

Used vehicle wholesale sales

(1.6)


6.6


(8.1)


(123.7) %



0.2


(126.1) %

Total used

44.4


59.5


(15.0)


(25.3) %



(4.5)


(17.7) %

Parts and service sales

99.9


98.3


1.6


1.6 %



(10.6)


12.4 %

F&I, net

48.5


41.8


6.7


16.0 %



(5.2)


28.4 %

Total gross profit

$       267.4


$       254.2


$        13.2


5.2 %



$          (28.9)


16.5 %

Gross margin:













New vehicle retail sales

8.8 %


6.3 %


2.5 %








Used vehicle retail sales

5.5 %


6.5 %


(0.9) %








Used vehicle wholesale sales

(1.6) %


6.7 %


(8.3) %








Total used

4.8 %


6.5 %


(1.7) %








Parts and service sales

59.9 %


60.7 %


(0.8) %








Total gross margin

13.5 %


12.8 %


0.7 %








Units sold:













Retail new vehicles sold

20,406


21,300


(894)


(4.2) %






Retail used vehicles sold

27,587


28,359


(772)


(2.7) %






Wholesale used vehicles sold

8,781


11,439


(2,658)


(23.2) %






Total used

36,368


39,798


(3,430)


(8.6) %






Average sales price per unit sold:













New vehicle retail

$     41,383


$     40,813


$          569


1.4 %



$        (4,571)


12.6 %

Used vehicle retail

$     30,138


$     28,900


$       1,238


4.3 %



$        (3,118)


15.1 %

Gross profit per unit sold:













New vehicle retail sales

$       3,650


$       2,563


$       1,087


42.4 %



$           (422)


58.9 %

Used vehicle retail sales

$       1,666


$       1,865


$         (199)


(10.7) %



$           (169)


(1.6) %

Used vehicle wholesale sales

$         (177)


$          573


$         (750)


(130.9) %



$              18


(133.9) %

Total used

$       1,221


$       1,494


$         (273)


(18.3) %



$           (124)


(9.9) %

F&I PRU

$       1,011


$          842


$          169


20.1 %



$           (108)


32.9 %

Other:













SG&A expenses

$       183.6


$       169.2


$         14.4


8.5 %



$          (19.5)


20.0 %

Adjusted SG&A expenses (1)

$       182.3


$       168.7


$         13.7


8.1 %



$          (19.2)


19.5 %

SG&A as % gross profit

68.7 %


66.6 %


2.1 %








Adjusted SG&A as % gross profit (1)

68.2 %


66.3 %


1.8 %








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

 

Group 1 Automotive, Inc.

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


$         386.3


$                 —


$               (1.3)


$               (0.8)


$         384.2

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


62.2 %








61.9 %












Same Store income from operations


$         216.3


$                 —


$                1.3


$                0.8


$         218.4

Same Store operating margin (2)


6.2 %








6.3 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net loss from discontinued operations


$                (1.3)


$                   —


$                (1.3)

Less: earnings 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) earnings 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)






Three Months Ended September 30, 2021



U.S. GAAP


Non-cash
gain on
interest rate
swaps


Catastrophic
events


Acquisition
Costs


Legal
matters


Asset
impairments


Non-GAAP
adjusted

SG&A expenses


$       376.3


$               —


$               (0.6)


$            (4.3)


$          3.7


$                —


$       375.1

Asset impairments


$           1.7


$               —


$                 —


$              —


$           —


$              (1.7)


$            —

Income (loss) from operations


$       241.5


$               —


$                0.6


$             4.3


$         (3.7)


$               1.7


$       244.5

Floorplan interest expense


$           4.3


$              0.9


$                 —


$              —


$           —


$                —


$           5.2
















Income (loss) before income taxes


$       224.1


$             (0.9)


$                0.6


$             4.3


$         (3.7)


$               1.7


$       226.2

Less: Provision (benefit) for income
taxes


51.6


(0.2)


0.1


0.9


(0.8)


0.4


52.0

Net income (loss) from continuing
operations


172.5


(0.7)


0.4


3.4


(2.9)


1.3


174.1

Less: Earnings (loss) allocated to
participating securities


5.7


—


—


0.1


(0.1)


—


5.8

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


$       166.8


$             (0.7)


$                0.4


$             3.3


$         (2.8)


$               1.3


$      168.4
















Diluted earnings (loss) per common
share from continuing operations


$        9.35


$           (0.04)


$              0.02


$           0.18


$       (0.16)


$             0.07


$        9.44
















Effective tax rate


23.0 %












23.0 %
















SG&A as % gross profit (1)


58.9 %












58.7 %

Operating margin (2)


7.1 %












7.2 %

Pretax margin (3)


6.6 %












6.6 %
















Same Store SG&A expenses


$       368.4


$               —


$               (0.6)


$            (4.3)


$          3.7


$                —


$       367.2

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


58.8 %












58.6 %
















Same Store income (loss) from
operations


$       239.5


$               —


$               0.6


$             4.3


$        (3.7)


$               1.6


$       242.3

Same Store operating margin (2)


7.1 %












7.2 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net (loss) income from discontinued operations


$                  (0.4)


$                    3.8


$                    3.4

Less: earnings allocated to participating securities


—


0.1


0.1

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


$                  (0.4)


$                    3.7


$                    3.3








Net income


$                172.1


$                    5.4


$                177.5

Less: earnings allocated to participating securities


5.7


0.2


5.9

Net income available to diluted common shares


$                166.4


$                    5.2


$                171.7








Diluted (loss) earnings per common share from discontinued operations


$                (0.02)


$                  0.21


$                  0.18

Diluted earnings per common share from continuing operations


9.35


0.09


9.44

Diluted earnings per common share


$                  9.33


$                  0.29


$                  9.62

(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 and asset impairment charges.

(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, 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


$    1,133.4


$                —


$              (1.3)


$              (0.8)


$                —


$     1,131.3

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


61.0 %










60.9 %














Same Store income from operations


$       668.2


$                —


$               1.3


$               0.8


$               0.8


$        671.0

Same Store operating margin (2)


6.6 %










6.6 %

 



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)


$                 0.31


$                 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 above and asset impairment charges.

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)






















Nine Months Ended September 30, 2021



U.S.
GAAP


Non-cash
loss on
interest
rate swaps


Catastrophic
events


Dealership
and real
estate
transactions


Acquisition
costs


Legal
matters


Asset
impairments


Tax rate
changes


Non-GAAP
adjusted

SG&A expenses


$ 1,056.2


$             —


$            (2.8)


$            1.1


$          (4.3)


$       4.7


$              —


$       —


$  1,054.9

Asset impairments


$        1.7


$             —


$              —


$             —


$            —


$        —


$            (1.7)


$       —


$          —

Income (loss) from
operations


$    654.7


$             —


$             2.8


$           (1.1)


$           4.3


$      (4.7)


$             1.7


$       —


$     657.8

Floorplan interest expense


$      20.5


$           (1.4)


$              —


$             —


$            —


$        —


$              —


$       —


$       19.1




















Income (loss) before
income taxes


$    594.4


$            1.4


$             2.8


$           (1.1)


$           4.3


$     (4.7)


$             1.7


$       —


$     598.9

Less: Provision (benefit)
for income
taxes


132.2


0.3


0.6


(0.3)


0.9


(1.0)


0.4


1.9


135.1

Net income (loss) from
continuing operations


462.2


1.1


2.2


(0.8)


3.4


(3.7)


1.3


(1.9)


463.8

Less: Earnings (loss)
allocated to participating
securities


15.5


—


0.1


—


0.1


(0.1)


—


(0.1)


15.6

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


$    446.7


$           1.1


$             2.1


$          (0.8)


$           3.3


$     (3.5)


$            1.3


$     (1.8)


$     448.2




















Diluted earnings (loss) per
common share from
continuing operations


$    25.05


$         0.06


$           0.12


$        (0.05)


$         0.18


$    (0.20)


$           0.07


$    (0.10)


$    25.14




















Effective tax rate


22.2 %
















22.6 %




















SG&A as % gross profit (1)


59.7 %
















59.6 %

Operating margin (2)


6.6 %
















6.6 %

Pretax margin (3)


5.9 %
















6.0 %




















Same Store SG&A
expenses


$  1,038.2


$           —


$            (2.8)


$             —


$          (4.3)


$       4.7


$              —


$       —


$  1,035.7

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


59.6 %
















59.5 %




















Same Store income (loss)
from operations


$     647.8


$           —


$             2.8


$             —


$           4.3


$     (4.7)


$             1.6


$       —


$    651.8

Same Store operating margin (2)


6.6 %
















6.6 %

 



U.S. GAAP


Non-GAAP
adjustments


Non-GAAP
adjusted

Net income from discontinued operations


$                2.8


$                3.8


$                6.6

Less: earnings allocated to participating securities


0.1


0.1


0.2

Net income from discontinued operations available to diluted common shares


$                2.7


$                3.7


$                6.4








Net income


$             465.0


$                5.4


$             470.4

Less: earnings allocated to participating securities


15.6


0.2


15.8

Net income available to diluted common shares


$             449.4


$                5.2


$             454.6








Diluted earnings per common share from discontinued operations


$              0.15


$              0.21


$              0.36

Diluted earnings per common share from continuing operations


25.05


0.08


25.14

Diluted earnings per common share


$             25.21


$              0.29


$             25.50

(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 and asset impairment charges.

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

 

Group 1 Automotive, Inc.


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


(Unaudited)


(In millions)










Three Months Ended September 30, 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


$          322.7


$                  —


$                (0.8)


$         321.9


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


60.9 %






60.7 %


































Three Months Ended September 30, 2021




U.S. GAAP


Catastrophic
events


Acquisition
costs


Legal matters


Non-GAAP
adjusted


SG&A expenses


$          308.7


$                (0.6)


$                (3.8)


$                 3.7


$          308.1


SG&A as % gross profit (1)


57.7 %








57.6 %














Same Store SG&A expenses


$          302.0


$                (0.6)


$                (3.8)


$                 3.7


$          301.4


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


57.6 %








57.5 %
































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


$          949.8


$                  —


$                (0.8)


$          949.0


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


59.7 %






59.6 %














Nine Months Ended September 30, 2021



U.S. GAAP


Catastrophic
events


Dealership
and real estate
transactions


Acquisition
costs


Legal matters


Non-GAAP
adjusted


SG&A expenses


$      883.0


$              (2.8)


$                  1.7


$            (3.8)


$             4.7


$      882.8


SG&A as % gross profit (1)


58.4 %










58.4 %
















Same Store SG&A expenses


$      869.0


$              (2.8)


$                   —


$            (3.8)


$             4.7


$      867.1


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


58.4 %










58.3 %


















(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


$                  63.6


$                      (1.3)


$                  62.3

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


69.7 %




68.3 %

















Three Months Ended September 30, 2021



U.S. GAAP


Acquisition costs


Non-GAAP Adjusted

SG&A expenses


$                  67.6


$                      (0.6)


$                  67.0

SG&A as % gross profit (1)


65.2 %




64.6 %








Same Store SG&A expenses


$                  66.4


$                      (0.6)


$                  65.9

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


64.9 %




64.3 %








 



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


$                183.6


$                         —


$                      (1.3)


$                182.3

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


68.7 %






68.2 %





















Nine Months Ended September 30, 2021



U.S. GAAP


Dealership and
real estate
transactions


Acquisition costs


Non-GAAP
Adjusted

SG&A expenses


$                173.3


$                      (0.6)


$                      (0.6)


$                172.1

SG&A as % gross profit (1)


67.1 %






66.7 %










Same Store SG&A expenses


$                169.2


$                        —


$                      (0.6)


$                168.7

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


66.6 %






66.3 %










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

 

 

Cision View original content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-third-quarter-2022-financial-results-301658856.html

SOURCE Group 1 Automotive, Inc.

FAQ

What were Group 1 Automotive's earnings for Q3 2022?

Group 1 Automotive reported diluted earnings per share of $12.57 for Q3 2022.

How much did Group 1 Automotive earn in revenue for Q3 2022?

The company achieved record revenues of $4.2 billion in Q3 2022.

What was the percentage increase in revenue compared to Q3 2021 for Group 1 Automotive?

Group 1 Automotive experienced a 22.0% increase in revenue compared to Q3 2021.

How much net income did Group 1 Automotive report for Q3 2022?

Net income from continuing operations for Q3 2022 was $197.1 million.

What acquisitions did Group 1 Automotive make in Q3 2022?

In Q3 2022, Group 1 acquired a BMW/MINI dealership and a collision center in the U.K., and three dealerships in Louisiana.

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Group 1 Automotive, Inc.

NYSE:GPI

GPI Rankings

#1210 Ranked by Market Cap
#2032 Ranked by Dividends

GPI Latest News

Nov 12, 2024
Group 1 Automotive Board Approves New Share Repurchase Authorization & Declares Quarterly Dividend
Oct 30, 2024
Group 1 Automotive Reports Third Quarter 2024 Financial Results
Oct 8, 2024
Group 1 Automotive Schedules Release of Third Quarter 2024 Financial Results
Oct 1, 2024
Group 1 Automotive Announces the Acquisition of Soper of Lincoln BMW/MINI in the U.K.
Oct 1, 2024
Group 1 Automotive Appoints Mark Raban as CEO of U.K. Operations

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