STOCK TITAN
  1. Home
  2. News
  3. GPI

Group 1 Automotive Reports Fourth Quarter and Full Year 2023 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
earnings
Rhea-AI Summary
Group 1 Automotive, Inc. (NYSE: GPI) reported full year revenues of $17.9 billion, a 10.2% increase over the prior year. The current quarter saw a 14.8% increase in new vehicle units sold and a record new vehicle revenue of $2.3 billion. However, net income from continuing operations decreased by 30.6% compared to the prior year quarter. The U.K. operations experienced challenges with used vehicles, leading to a 10% reduction in headcount. The full year 2023 results showed a 20.2% decrease in net income from continuing operations compared to the prior year.
Positive
  • Full year revenues reached an all-time high of $17.9 billion, marking a 10.2% increase over the prior year
  • Current quarter new vehicle units sold increased by 14.8% compared to the prior year
  • Record new vehicle revenue of $2.3 billion in the current quarter
  • The Company successfully acquired and integrated dealership operations with total expected annual revenues of approximately $1.1 billion
  • Share repurchases amounted to $694.0 million, representing approximately 21.8% of the common shares outstanding at the commencement of the period
Negative
  • Net income from continuing operations decreased by 30.6% compared to the prior year quarter
  • U.K. operations experienced challenges with used vehicles, leading to a 10% reduction in headcount
  • Full year 2023 results showed a 20.2% decrease in net income from continuing operations compared to the prior year

Insights

The full year and fourth quarter financial results of Group 1 Automotive highlight a significant increase in revenues, with a record $17.9 billion for the full year, marking a 10.2% growth over the prior year. This is indicative of the company's ability to grow its top-line in a competitive automotive retail market. However, the increase in revenues did not translate to higher net income, with a 30.6% decrease in the current quarter and a 20.2% decrease for the full year, compared to the previous year.

From a market perspective, the decline in net income suggests margin pressures, particularly noted in the new vehicle segment where gross profit per unit sold has decreased significantly. The reported increase in Selling, General and Administrative (SG&A) expenses, particularly in the U.K., where it rose by 7.5% as a percentage of gross profit, further exacerbates the margin compression. These financial metrics are critical for investors as they reflect the operational efficiency and profitability of the company.

Additionally, the company's share repurchase activity, with a significant percentage of common shares bought back over a two-year period, indicates a strategic use of capital to return value to shareholders. The remaining $143.3 million on the authorized share repurchase program shows a commitment to this strategy, although it is subject to market conditions and corporate considerations.

The reported decline in net income and earnings per share, despite revenue growth, suggests that Group 1 Automotive is experiencing challenges in cost management and possibly facing headwinds in the automotive market. The specific mention of challenges in the U.K. operations with used vehicles and the intention to reduce U.K. headcount by approximately 10% are strategic moves aimed at cost optimization.

Investors should note the company's performance in parts and service, which continued to show year-over-year growth, contributing significantly to the gross profit. This diversification within the company's revenue streams could be a stabilizing factor and may offset some of the volatility seen in new and used vehicle sales.

It is also important to consider the company's acquisitions, which have added approximately $1.1 billion in expected annual revenues. The integration of these acquisitions and their contribution to the company's overall performance will be a critical factor for long-term growth and shareholder value.

The automotive retail industry is sensitive to economic cycles and Group 1 Automotive's financial results may reflect broader economic trends, such as consumer spending patterns and interest rate fluctuations. The report indicates higher interest expenses, which could be a result of the rising interest rate environment, impacting both the company's cost of capital and consumer financing for vehicle purchases.

Furthermore, the rebalancing of used vehicle inventory in the U.K. in response to market changes suggests a strategic adjustment to shifting market demand or economic conditions. The potential continuation of losses on used vehicle wholesale sales into the next quarter could be an indicator of a saturated or declining market for used vehicles, which could have broader implications for the automotive sector.

The company's performance, particularly in the U.K., will need to be monitored for its ability to adapt to these economic challenges and maintain profitability in a potentially tightening economic environment.

  • 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.

 

Cision 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.

FAQ

What is the ticker symbol for Group 1 Automotive, Inc.?

The ticker symbol for Group 1 Automotive, Inc. is GPI.

What was the percentage increase in new vehicle units sold in the current quarter?

New vehicle units sold increased by 14.8% in the current quarter.

What was the total full year revenue for Group 1 Automotive, Inc.?

The full year revenue for Group 1 Automotive, Inc. was $17.9 billion.

What was the percentage decrease in net income from continuing operations for the current quarter compared to the prior year?

Net income from continuing operations decreased by 30.6% compared to the prior year quarter.

What challenges did the U.K. operations face in the current quarter?

The U.K. operations faced challenges with used vehicles, leading to a 10% reduction in headcount.

Stock GPI logo
Group 1 Automotive, Inc.

NYSE:GPI

GPI Rankings

#1223 Ranked by Market Cap
#2040 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

GPI Stock Data

5.51B
13.32M
2.27%
107.55%
13.96%
Auto & Truck Dealerships
Retail-auto Dealers & Gasoline Stations
Link
United States of America
HOUSTON