Group 1 Automotive Reports Second Quarter 2024 Financial Results
Group 1 Automotive (NYSE: GPI) reported second quarter 2024 financial results with record total revenues of $4.7 billion, a 3.0% increase year-over-year. The company achieved quarterly all-time records in U.S. new vehicle ($2.0 billion), parts and service ($497.4 million), and finance and insurance ($183.9 million) revenues. Diluted earnings per share from continuing operations was $10.15, while adjusted EPS was $9.80.
Despite challenges including extreme weather events and a CDK outage, Group 1's U.S. team delivered strong performance. The company continues to focus on the acquisition of Inchcape's U.K. retail automotive business planned for Q3 2024. Year-to-date, Group 1 has acquired dealerships with expected annual revenues of $1.1 billion and disposed of operations generating $335.0 million in annual revenues.
Group 1 Automotive (NYSE: GPI) ha reso noti i risultati finanziari del secondo trimestre 2024, con ricavi totali record di 4,7 miliardi di dollari, con un incremento del 3,0% rispetto all’anno precedente. L'azienda ha raggiunto record storici trimestrali negli Stati Uniti per vendite di nuovi veicoli (2,0 miliardi di dollari), ricavi da parti e servizi (497,4 milioni di dollari) e ricavi da finanziamenti e assicurazioni (183,9 milioni di dollari). Earnings per share diluiti dalle operazioni continuative è stato di 10,15 dollari, mentre l'EPS rettificato è stato di 9,80 dollari.
Nonostante le sfide, inclusi eventi meteorologici estremi e un'interruzione della CDK, il team statunitense di Group 1 ha mostrato una forte performance. L'azienda continua a concentrarsi sull'acquisizione dell'attività di vendita al dettaglio automobilistico di Inchcape nel Regno Unito, prevista per il terzo trimestre del 2024. Da inizio anno, Group 1 ha acquisito concessionarie con ricavi annui previsti di 1,1 miliardi di dollari e ha dismesso operazioni generanti 335,0 milioni di dollari di ricavi annuali.
Group 1 Automotive (NYSE: GPI) informó sobre los resultados financieros del segundo trimestre de 2024, con ingresos totales récord de 4.7 mil millones de dólares, lo que representa un aumento del 3.0% en comparación con el año anterior. La compañía logró récords históricos trimestrales en ingresos por vehículos nuevos en EE. UU. (2.0 mil millones de dólares), partes y servicios (497.4 millones de dólares), y financiación y seguros (183.9 millones de dólares). El beneficio por acción diluido de las operaciones continuas fue de 10.15 dólares, mientras que el EPS ajustado fue de 9.80 dólares.
A pesar de los desafíos, incluyendo eventos climáticos extremos y una interrupción de CDK, el equipo de Group 1 en EE. UU. mostró un sólido rendimiento. La empresa sigue enfocándose en la adquisición del negocio minorista de automóviles de Inchcape en el Reino Unido, planeada para el tercer trimestre de 2024. Hasta la fecha, Group 1 ha adquirido concesionarios con ingresos anuales esperados de 1.1 mil millones de dólares y ha desinvertido operaciones que generan 335.0 millones de dólares en ingresos anuales.
Group 1 Automotive (NYSE: GPI)는 2024년 2분기 재무 결과를 발표하였으며, 총 수익이 47억 달러로 연간 3.0% 증가하여 기록을 세웠습니다. 이 회사는 미국 내에서 신규 차량 (20억 달러), 부품 및 서비스 (4억 9천7백40만 달러), 금융 및 보험 (1억 8천3백90만 달러)의 분기 역사상 최상의 기록을 달성하였습니다. 계속 운영에서의 희석 주당 순이익은 10.15달러였고, 조정된 EPS는 9.80달러였습니다.
극단적인 기후 사건과 CDK 중단과 같은 도전에도 불구하고, Group 1의 미국 팀은 강력한 성과를 보였습니다. 회사는 2024년 3분기에 예정된 Inchcape의 영국 소매 자동차 사업 인수에 계속 집중하고 있습니다. 올해 초부터 Group 1은 연간 예상 수익 11억 달러의 대리점을 인수하고, 연간 수익 3억 3천5백만 달러를 창출하는 운영을 매각하였습니다.
Group 1 Automotive (NYSE: GPI) a annoncé ses résultats financiers du deuxième trimestre 2024, avec des revenus totaux record de 4,7 milliards de dollars, soit une augmentation de 3,0 % par rapport à l’année précédente. L’entreprise a atteint des records trimestriels historiques aux États-Unis en matière de ventes de nouveaux véhicules (2,0 milliards de dollars), de pièces et de services (497,4 millions de dollars) ainsi que de revenus en finance et assurance (183,9 millions de dollars). Le bénéfice par action dilué des opérations poursuivies s’élevait à 10,15 dollars, tandis que le bénéfice par action ajusté était de 9,80 dollars.
Malgré les défis tels que des événements climatiques extrêmes et une panne de CDK, l’équipe américaine de Group 1 a affiché une performance solide. L’entreprise continue de se concentrer sur l’acquisition de l’activité de vente au détail automobile d’Inchcape prévue pour le troisième trimestre 2024. À ce jour, Group 1 a acquis des concessionnaires avec des revenus annuels prévus de 1,1 milliard de dollars et a cédé des opérations générant 335,0 millions de dollars de revenus annuels.
Group 1 Automotive (NYSE: GPI) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Rekordumsatz von 4,7 Milliarden US-Dollar, was einem Anstieg von 3,0 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte geschäftliche Rekordzahlen in den USA mit Neuverkaufszahlen von Fahrzeugen (2,0 Milliarden US-Dollar), dem Teile- und Servicegeschäft (497,4 Millionen US-Dollar) sowie im Finanz- und Versicherungsbereich (183,9 Millionen US-Dollar). Der verwässerte Gewinn pro Aktie aus fortgeführten Betrieben betrug 10,15 US-Dollar, während das bereinigte EPS bei 9,80 US-Dollar lag.
Trotz Herausforderungen wie extremen Wetterereignissen und einem Ausfall von CDK hat das US-Team von Group 1 starke Leistungen erbracht. Das Unternehmen konzentriert sich weiterhin auf die Akquisition des Einzelhandelsautomobilgeschäfts von Inchcape im Vereinigten Königreich, die für das dritte Quartal 2024 geplant ist. Bis heute hat Group 1 Händler übernommen, deren jährliche Einnahmen auf 1,1 Milliarden US-Dollar geschätzt werden, und Betriebe mit jährlichen Einnahmen von 335,0 Millionen US-Dollar verkauft.
- Record total revenues of $4.7 billion, a 3.0% increase year-over-year
- All-time quarterly records in U.S. new vehicle, parts and service, and finance and insurance revenues
- Acquisition of dealerships with expected annual revenues of $1.1 billion year-to-date
- Repurchased 352,920 shares for $99.8 million in the first half of 2024
- 19.0% decrease in net income from continuing operations compared to Q2 2023
- 15.6% decrease in diluted earnings per share from continuing operations year-over-year
- Same store total gross profit decreased by 5.2% compared to Q2 2023
- New vehicle gross profit per retail unit decreased by 20.8% year-over-year
Group 1 Automotive has delivered a mixed bag of results for the second quarter of 2024. From a financial perspective, the company posted diluted earnings per common share of
From a market perspective, Group 1 Automotive's performance highlights both strengths and weaknesses. The 3.0 percent increase in total revenues is a positive sign, showcasing the company's ability to drive sales even in challenging conditions. The all-time high in U.S. new vehicle, parts and service and finance and insurance revenues reflect strong consumer demand and effective market penetration strategies. However, the decline in gross profit by 1.2 percent and decreased earnings per share compared to the previous year indicate operational challenges. Investors should be cautious about the company's ability to maintain its market position while managing costs effectively. The acquisition of four Mercedes-Benz dealerships in the UK and ongoing efforts to integrate new acquisitions are positive steps toward market expansion, but the financial impact of these moves will need to be monitored closely.
The cybersecurity incident involving CDK Global LLC had a notable impact on Group 1 Automotive's operations, particularly its U.S. dealerships. This incident disrupted the company's business applications and processes, affecting its ability to manage customer relationships, sales, financing and inventory efficiently. While CDK restored service within a week, the incident highlights the vulnerability of automotive retailers to cyber threats. Investors should consider the potential risks associated with such disruptions and the measures Group 1 Automotive has in place to mitigate them in the future. The company's response and recovery from the incident will be important in assessing its operational resilience and overall risk management strategy.
- Current quarter diluted earnings per common share from continuing operations of
and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of$10.15 $9.80 - Total revenues of
, a second quarter record and$4.7 billion 3.0% increase over the comparable prior year period, driven by consolidated new vehicle revenues of , a quarterly high$2.4 billion U.S. new vehicle, parts and service, and finance and insurance revenues achieve quarterly all-time records of ,$2.0 billion , and$497.4 million , respectively$183.9 million
Current quarter net income from continuing operations was
"Our
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
Net income from continuing operations for the current quarter was
Current quarter diluted earnings per common share from continuing operations was
Second Quarter 2024 Key Performance Metrics (year-over-year comparable period basis) | Consolidated | Same Store (a non-GAAP measure) | ||
Reported: | 2Q24 | Change | 2Q24 | Change |
Total revenues | +3.0 % | (1.1) % | ||
Total gross profit ("GP") | (1.2) % | (5.2) % | ||
NV units sold | 47,661 | +6.5 % | 42,734 | (0.2) % |
NV GP per retail unit ("PRU") | (20.8) % | (21.1) % | ||
Used vehicle ("UV") retail units sold | 49,260 | +5.3 % | 46,170 | +3.6 % |
UV retail GP PRU | (2.8) % | (3.2) % | ||
Parts & service ("P&S") GP | +4.2 % | +1.0 % | ||
P&S Gross Margin ("GM") | 55.1 % | +1.0 % | 54.5 % | +0.6 % |
Finance and Insurance ("F&I") revenues | +5.2 % | +1.1 % | ||
F&I GP PRU | (0.7) % | (0.7) % | ||
Selling, General and Administrative ("SG&A") expenses as a % of GP | 64.9 % | +299 bps | 68.2 % | +555 bps |
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP | 66.3 % | +307 bps | 66.7 % | +393 bps |
CDK Outage
On June 19, 2024, the Company was informed of a cybersecurity incident experienced by CDK Global LLC ("CDK"), which resulted in service outages on CDK's dealers' systems (the "CDK incident"). CDK provides clients in the automotive industry, including Group 1 dealerships in the
Corporate Development
The speed and efficiency at which we have integrated new acquisitions into our existing operations has been a consistent contributor to our success and a driver of incremental value creation for our shareholders. In July 2024, the Company acquired four Mercedes-Benz dealerships located north of
Year-to-date, the Company has successfully acquired and integrated dealership operations with total expected annual revenues of approximately
In the current quarter, the Company disposed of one dealership located in
Share Repurchases
During the current quarter, the Company repurchased 149,570 shares at an average price per common share of
As of June 30, 2024, the Company had an aggregate 13.4 million outstanding common shares and unvested restricted stock awards. The Company currently has
Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.
Second Quarter 2024 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 10:00 a.m. ET to discuss the second quarter 2024 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations.
The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:
Domestic: | 1-888-317-6003 | |
International: | 1-412-317-6061 | |
Passcode: | 2878625 |
A telephonic replay will be available following the call through July 31, 2024, by dialing:
Domestic: | 1-877-344-7529 | |
International: | 1-412-317-0088 | |
Replay Code: | 3906572 |
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 206 automotive dealerships, 270 franchises, and 42 collision centers in
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our ability to complete the acquisition of the Inchcape dealerships at any time or at all, our ability to realize the anticipated benefits of the acquisition and our future financial position following such acquisition, as well as impact of cyberattacks or other privacy/data security incidents, our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) our ability to realize the benefits expected from proposed acquisitions, including any anticipated cost reductions,(i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in
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
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
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
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 June 30, | ||||||||
2024 | 2023 | Increase/ | % Change | |||||
REVENUES: | ||||||||
New vehicle retail sales | $ 2,364.2 | $ 2,243.2 | $ 121.0 | 5.4 % | ||||
Used vehicle retail sales | 1,453.2 | 1,450.6 | 2.6 | 0.2 % | ||||
Used vehicle wholesale sales | 104.3 | 112.5 | (8.2) | (7.3) % | ||||
Parts and service sales | 574.5 | 562.0 | 12.6 | 2.2 % | ||||
Finance, insurance and other, net | 200.1 | 190.3 | 9.8 | 5.2 % | ||||
Total revenues | 4,696.4 | 4,558.5 | 137.9 | 3.0 % | ||||
COST OF SALES: | ||||||||
New vehicle retail sales | 2,194.1 | 2,041.7 | 152.4 | 7.5 % | ||||
Used vehicle retail sales | 1,372.6 | 1,371.8 | 0.7 | 0.1 % | ||||
Used vehicle wholesale sales | 105.4 | 111.6 | (6.2) | (5.5) % | ||||
Parts and service sales | 257.7 | 257.9 | (0.2) | (0.1) % | ||||
Total cost of sales | 3,929.8 | 3,783.0 | 146.8 | 3.9 % | ||||
GROSS PROFIT | 766.5 | 775.5 | (9.0) | (1.2) % | ||||
Selling, general and administrative expenses | 497.2 | 479.9 | 17.4 | 3.6 % | ||||
Depreciation and amortization expense | 28.2 | 23.1 | 5.1 | 22.1 % | ||||
Asset impairments | — | 1.8 | (1.8) | (100.0) % | ||||
INCOME FROM OPERATIONS | 241.1 | 270.8 | (29.6) | (10.9) % | ||||
Floorplan interest expense | 24.7 | 15.6 | 9.0 | 58.0 % | ||||
Other interest expense, net | 33.4 | 25.9 | 7.4 | 28.7 % | ||||
Other expense | 0.1 | 1.3 | (1.3) | (93.4) % | ||||
INCOME BEFORE INCOME TAXES | 183.0 | 227.9 | (44.9) | (19.7) % | ||||
Provision for income taxes | 45.2 | 57.6 | (12.4) | (21.6) % | ||||
Net income from continuing operations | 137.9 | 170.3 | (32.4) | (19.0) % | ||||
Net income from discontinued operations | 0.3 | 0.2 | 0.1 | 24.5 % | ||||
NET INCOME | $ 138.2 | $ 170.5 | $ (32.4) | (19.0) % | ||||
Less: Earnings allocated to participating securities | 2.9 | 4.1 | (1.2) | (29.3) % | ||||
Net income available to diluted common shares | $ 135.2 | $ 166.4 | $ (31.2) | (18.7) % | ||||
Diluted earnings per share from continuing operations | $ 10.15 | $ 12.02 | $ (1.87) | (15.6) % | ||||
Diluted earnings per share from discontinued operations | $ 0.02 | $ 0.02 | $ — | 29.8 % | ||||
DILUTED EARNINGS PER SHARE | $ 10.17 | $ 12.04 | $ (1.87) | (15.5) % | ||||
Weighted average dilutive common shares outstanding | 13.3 | 13.8 | (0.5) | (3.8) % | ||||
Weighted average participating securities | 0.3 | 0.3 | (0.1) | (16.1) % | ||||
Total weighted average shares | 13.6 | 14.2 | (0.6) | (4.1) % | ||||
Effective tax rate on continuing operations | 24.7 % | 25.3 % | (0.6) % |
Group 1 Automotive, Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
(In millions, except per share data) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | Increase/ | % Change | |||||
REVENUES: | ||||||||
New vehicle retail sales | $ 4,546.8 | $ 4,198.9 | $ 347.9 | 8.3 % | ||||
Used vehicle retail sales | 2,870.0 | 2,799.5 | 70.5 | 2.5 % | ||||
Used vehicle wholesale sales | 210.3 | 224.4 | (14.1) | (6.3) % | ||||
Parts and service sales | 1,150.8 | 1,110.3 | 40.4 | 3.6 % | ||||
Finance, insurance and other, net | 389.0 | 355.4 | 33.6 | 9.4 % | ||||
Total revenues | 9,166.9 | 8,688.5 | 478.4 | 5.5 % | ||||
COST OF SALES: | ||||||||
New vehicle retail sales | 4,217.2 | 3,810.7 | 406.6 | 10.7 % | ||||
Used vehicle retail sales | 2,707.2 | 2,644.0 | 63.3 | 2.4 % | ||||
Used vehicle wholesale sales | 212.4 | 221.6 | (9.2) | (4.2) % | ||||
Parts and service sales | 520.9 | 508.9 | 12.0 | 2.4 % | ||||
Total cost of sales | 7,657.7 | 7,185.1 | 472.6 | 6.6 % | ||||
GROSS PROFIT | 1,509.1 | 1,503.4 | 5.7 | 0.4 % | ||||
Selling, general and administrative expenses | 973.3 | 942.7 | 30.6 | 3.3 % | ||||
Depreciation and amortization expense | 52.0 | 45.5 | 6.5 | 14.2 % | ||||
Asset impairments | — | 2.9 | (2.9) | (100.0) % | ||||
INCOME FROM OPERATIONS | 483.8 | 512.3 | (28.5) | (5.6) % | ||||
Floorplan interest expense | 45.2 | 28.2 | 17.0 | 60.0 % | ||||
Other interest expense, net | 62.7 | 45.6 | 17.1 | 37.5 % | ||||
Other (income) expense, net | (0.4) | 4.2 | (4.6) | (109.2) % | ||||
INCOME BEFORE INCOME TAXES | 376.3 | 434.2 | (58.0) | (13.3) % | ||||
Provision for income taxes | 91.0 | 105.2 | (14.2) | (13.5) % | ||||
Net income from continuing operations | 285.3 | 329.1 | (43.8) | (13.3) % | ||||
Net income (loss) from discontinued operations | 0.8 | (0.1) | 0.9 | 926.3 % | ||||
NET INCOME | $ 286.1 | $ 329.0 | $ (42.9) | (13.0) % | ||||
Less: Earnings allocated to participating securities | 6.3 | 8.2 | (1.9) | (23.7) % | ||||
Net income available to diluted common shares | $ 279.8 | $ 320.7 | $ (41.0) | (12.8) % | ||||
Diluted earnings per share from continuing operations | $ 20.91 | $ 23.14 | $ (2.23) | (9.6) % | ||||
Diluted earnings (loss) per share from discontinued operations | $ 0.06 | $ (0.01) | $ 0.06 | 961.5 % | ||||
DILUTED EARNINGS PER SHARE | $ 20.97 | $ 23.13 | $ (2.16) | (9.3) % | ||||
Weighted average dilutive common shares outstanding | 13.3 | 13.9 | (0.5) | (3.8) % | ||||
Weighted average participating securities | 0.3 | 0.4 | (0.1) | (15.8) % | ||||
Total weighted average shares | 13.6 | 14.2 | (0.6) | (4.1) % | ||||
Effective tax rate on continuing operations | 24.2 % | 24.2 % | — % |
Group 1 Automotive, Inc. | ||||||||
Additional Information — Consolidated | ||||||||
(Unaudited) | ||||||||
June 30, 2024 | December 31, 2023 | Increase/ | % Change | |||||
SELECTED BALANCE SHEET INFORMATION: | ||||||||
(In millions) | ||||||||
Cash and cash equivalents | $ 64.4 | $ 57.2 | $ 7.2 | 12.5 % | ||||
Inventories, net | $ 2,356.8 | $ 1,963.4 | $ 393.4 | 20.0 % | ||||
Floorplan notes payable, net (1) | $ 2,099.9 | $ 1,565.4 | $ 534.5 | 34.1 % | ||||
Total debt | $ 2,450.0 | $ 2,098.8 | $ 351.2 | 16.7 % | ||||
Total equity | $ 2,866.3 | $ 2,674.4 | $ 191.9 | 7.2 % |
(1) Amounts are net of offset accounts of |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: | ||||||||
82.4 % | 82.0 % | 81.1 % | 80.1 % | |||||
17.6 % | 18.0 % | 18.9 % | 19.9 % | |||||
NEW VEHICLE UNIT SALES BRAND MIX: | ||||||||
Toyota/Lexus | 26.5 % | 23.1 % | 26.0 % | 22.7 % | ||||
Volkswagen/Audi/Porsche/SEAT/SKODA | 13.2 % | 14.7 % | 13.5 % | 16.1 % | ||||
BMW/MINI | 10.6 % | 11.3 % | 11.2 % | 11.8 % | ||||
Honda/Acura | 10.1 % | 8.0 % | 9.4 % | 7.6 % | ||||
Chevrolet/GMC/Buick | 9.6 % | 9.4 % | 9.3 % | 8.1 % | ||||
Ford/ | 7.1 % | 7.7 % | 7.2 % | 8.0 % | ||||
Hyundai/Kia/Genesis | 6.0 % | 5.0 % | 5.7 % | 5.0 % | ||||
Mercedes-Benz/Sprinter | 5.6 % | 6.5 % | 5.7 % | 6.5 % | ||||
Subaru | 3.4 % | 2.6 % | 3.4 % | 2.7 % | ||||
Chrysler/Dodge/Jeep/RAM | 2.4 % | 4.6 % | 2.5 % | 4.1 % | ||||
Nissan | 2.4 % | 4.0 % | 2.5 % | 4.1 % | ||||
Jaguar/Land Rover | 1.7 % | 1.6 % | 1.9 % | 1.8 % | ||||
Mazda | 1.2 % | 1.3 % | 1.3 % | 1.2 % | ||||
Other | 0.2 % | 0.3 % | 0.2 % | 0.4 % | ||||
100.0 % | 100.0 % | 100.0 % | 100.0 % |
June 30, 2024 | December 31, 2023 | June 30, 2023 | ||||
DAYS' SUPPLY IN INVENTORY (1): | ||||||
Consolidated | ||||||
New vehicle inventory | 56 | 37 | 27 | |||
Used vehicle inventory | 34 | 35 | 35 | |||
New vehicle inventory | 62 | 36 | 27 | |||
Used vehicle inventory | 30 | 29 | 31 | |||
New vehicle inventory | 35 | 48 | 29 | |||
Used vehicle inventory | 49 | 58 | 48 |
(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period. |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data — Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 2,364.2 | $ 2,243.2 | $ 121.0 | 5.4 % | $ 2.7 | 5.3 % | ||||||
Used vehicle retail sales | 1,453.2 | 1,450.6 | 2.6 | 0.2 % | 2.3 | — % | ||||||
Used vehicle wholesale sales | 104.3 | 112.5 | (8.2) | (7.3) % | 0.2 | (7.4) % | ||||||
Total used | 1,557.5 | 1,563.0 | (5.5) | (0.4) % | 2.5 | (0.5) % | ||||||
Parts and service sales | 574.5 | 562.0 | 12.6 | 2.2 % | 0.6 | 2.1 % | ||||||
F&I, net | 200.1 | 190.3 | 9.8 | 5.2 % | 0.1 | 5.1 % | ||||||
Total revenues | $ 4,696.4 | $ 4,558.5 | $ 137.9 | 3.0 % | $ 5.8 | 2.9 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 170.0 | $ 201.5 | $ (31.4) | (15.6) % | $ 0.2 | (15.7) % | ||||||
Used vehicle retail sales | 80.7 | 78.8 | 1.9 | 2.4 % | 0.1 | 2.3 % | ||||||
Used vehicle wholesale sales | (1.1) | 0.9 | (2.0) | NM | — | NM | ||||||
Total used | 79.5 | 79.6 | (0.1) | (0.1) % | 0.1 | (0.3) % | ||||||
Parts and service sales | 316.8 | 304.1 | 12.7 | 4.2 % | 0.3 | 4.1 % | ||||||
F&I, net | 200.1 | 190.3 | 9.8 | 5.2 % | 0.1 | 5.1 % | ||||||
Total gross profit | $ 766.5 | $ 775.5 | $ (9.0) | (1.2) % | $ 0.7 | (1.3) % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 % | 9.0 % | (1.8) % | |||||||||
Used vehicle retail sales | 5.6 % | 5.4 % | 0.1 % | |||||||||
Used vehicle wholesale sales | (1.1) % | 0.8 % | (1.8) % | |||||||||
Total used | 5.1 % | 5.1 % | — % | |||||||||
Parts and service sales | 55.1 % | 54.1 % | 1.0 % | |||||||||
Total gross margin | 16.3 % | 17.0 % | (0.7) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 47,661 | 44,740 | 2,921 | 6.5 % | ||||||||
Retail used vehicles sold | 49,260 | 46,764 | 2,496 | 5.3 % | ||||||||
Wholesale used vehicles sold | 11,819 | 10,493 | 1,326 | 12.6 % | ||||||||
Total used | 61,079 | 57,257 | 3,822 | 6.7 % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 49,996 | $ 50,504 | $ (508) | (1.0) % | $ 56 | (1.1) % | ||||||
Used vehicle retail | $ 29,501 | $ 31,019 | $ (1,518) | (4.9) % | $ 46 | (5.0) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,568 | $ 4,503 | $ (935) | (20.8) % | $ 4 | (20.9) % | ||||||
Used vehicle retail sales | $ 1,638 | $ 1,684 | $ (47) | (2.8) % | $ 2 | (2.9) % | ||||||
Used vehicle wholesale sales | $ (96) | $ 81 | $ (177) | NM | $ — | NM | ||||||
Total used | $ 1,302 | $ 1,390 | $ (88) | (6.4) % | $ 2 | (6.5) % | ||||||
F&I PRU | $ 2,065 | $ 2,080 | $ (15) | (0.7) % | $ 1 | (0.8) % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 497.2 | $ 479.9 | $ 17.4 | 3.6 % | $ 0.6 | 3.5 % | ||||||
Adjusted SG&A expenses (2) | $ 508.2 | $ 490.3 | $ 17.9 | 3.6 % | $ 0.6 | 3.5 % | ||||||
SG&A as % gross profit | 64.9 % | 61.9 % | 3.0 % | |||||||||
Adjusted SG&A as % gross profit (2) | 66.3 % | 63.2 % | 3.1 % | |||||||||
Operating margin % | 5.1 % | 5.9 % | (0.8) % | |||||||||
Adjusted operating margin % (2) | 5.0 % | 5.8 % | (0.8) % | |||||||||
Pretax margin % | 3.9 % | 5.0 % | (1.1) % | |||||||||
Adjusted pretax margin % (2) | 3.7 % | 4.8 % | (1.1) % | |||||||||
Floorplan expense: | ||||||||||||
Floorplan interest expense | $ 24.7 | $ 15.6 | $ 9.0 | 58.0 % | $ — | 57.8 % | ||||||
Less: Floorplan assistance (3) | 21.0 | 18.5 | 2.5 | 13.3 % | — | 13.3 % | ||||||
Net floorplan expense | $ 3.7 | $ (2.9) | $ 6.6 | $ — |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
NM - not meaningful |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data — Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 4,546.8 | $ 4,198.9 | $ 347.9 | 8.3 % | $ 19.0 | 7.8 % | ||||||
Used vehicle retail sales | 2,870.0 | 2,799.5 | 70.5 | 2.5 % | 15.7 | 2.0 % | ||||||
Used vehicle wholesale sales | 210.3 | 224.4 | (14.1) | (6.3) % | 1.3 | (6.8) % | ||||||
Total used | 3,080.3 | 3,023.9 | 56.4 | 1.9 % | 16.9 | 1.3 % | ||||||
Parts and service sales | 1,150.8 | 1,110.3 | 40.4 | 3.6 % | 4.0 | 3.3 % | ||||||
F&I, net | 389.0 | 355.4 | 33.6 | 9.4 % | 0.9 | 9.2 % | ||||||
Total revenues | $ 9,166.9 | $ 8,688.5 | $ 478.4 | 5.5 % | $ 40.8 | 5.0 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 329.6 | $ 388.2 | $ (58.6) | (15.1) % | $ 1.4 | (15.5) % | ||||||
Used vehicle retail sales | 162.7 | 155.5 | 7.2 | 4.7 % | 0.8 | 4.2 % | ||||||
Used vehicle wholesale sales | (2.0) | 2.9 | (4.9) | NM | (0.1) | NM | ||||||
Total used | 160.7 | 158.4 | 2.3 | 1.5 % | 0.7 | 1.0 % | ||||||
Parts and service sales | 629.9 | 601.4 | 28.4 | 4.7 % | 2.3 | 4.4 % | ||||||
F&I, net | 389.0 | 355.4 | 33.6 | 9.4 % | 0.9 | 9.2 % | ||||||
Total gross profit | $ 1,509.1 | $ 1,503.4 | $ 5.7 | 0.4 % | $ 5.2 | — % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 % | 9.2 % | (2.0) % | |||||||||
Used vehicle retail sales | 5.7 % | 5.6 % | 0.1 % | |||||||||
Used vehicle wholesale sales | (1.0) % | 1.3 % | (2.2) % | |||||||||
Total used | 5.2 % | 5.2 % | — % | |||||||||
Parts and service sales | 54.7 % | 54.2 % | 0.6 % | |||||||||
Total gross margin | 16.5 % | 17.3 % | (0.8) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 91,963 | 84,389 | 7,574 | 9.0 % | ||||||||
Retail used vehicles sold | 98,443 | 92,201 | 6,242 | 6.8 % | ||||||||
Wholesale used vehicles sold | 23,647 | 20,867 | 2,780 | 13.3 % | ||||||||
Total used | 122,090 | 113,068 | 9,022 | 8.0 % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 49,858 | $ 50,103 | $ (245) | (0.5) % | $ 208 | (0.9) % | ||||||
Used vehicle retail | $ 29,154 | $ 30,363 | $ (1,209) | (4.0) % | $ 159 | (4.5) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,584 | $ 4,600 | $ (1,017) | (22.1) % | $ 15 | (22.4) % | ||||||
Used vehicle retail sales | $ 1,653 | $ 1,687 | $ (33) | (2.0) % | $ 8 | (2.4) % | ||||||
Used vehicle wholesale sales | $ (86) | $ 137 | $ (223) | NM | $ (2) | NM | ||||||
Total used | $ 1,316 | $ 1,401 | $ (84) | (6.0) % | $ 6 | (6.4) % | ||||||
F&I PRU | $ 2,043 | $ 2,013 | $ 30 | 1.5 % | $ 5 | 1.3 % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 973.3 | $ 942.7 | $ 30.6 | 3.3 % | $ 4.0 | 2.8 % | ||||||
Adjusted SG&A expenses (2) | $ 1,008.3 | $ 953.9 | $ 54.5 | 5.7 % | $ 4.0 | 5.3 % | ||||||
SG&A as % gross profit | 64.5 % | 62.7 % | 1.8 % | |||||||||
Adjusted SG&A as % gross profit (2) | 66.8 % | 63.4 % | 3.4 % | |||||||||
Operating margin % | 5.3 % | 5.9 % | (0.6) % | |||||||||
Adjusted operating margin % (2) | 4.9 % | 5.8 % | (0.9) % | |||||||||
Pretax margin % | 4.1 % | 5.0 % | (0.9) % | |||||||||
Adjusted pretax margin % (2) | 3.8 % | 4.9 % | (1.1) % | |||||||||
Floorplan expense: | ||||||||||||
Floorplan interest expense | $ 45.2 | $ 28.2 | $ 17.0 | 60.0 % | $ 0.1 | 59.5 % | ||||||
Less: Floorplan assistance (3) | 39.3 | 33.1 | 6.3 | 18.9 % | — | 18.9 % | ||||||
Net floorplan expense | $ 5.9 | $ (4.8) | $ 10.7 | $ 0.1 |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations. |
NM - not meaningful |
Group 1 Automotive, Inc. | ||||||||
Reported Operating Data — | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Three Months Ended June 30, | ||||||||
2024 | 2023 | Increase/ | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ 2,009.5 | $ 1,915.5 | $ 94.0 | 4.9 % | ||||
Used vehicle retail sales | 1,151.9 | 1,139.9 | 12.0 | 1.1 % | ||||
Used vehicle wholesale sales | 78.4 | 79.8 | (1.3) | (1.7) % | ||||
Total used | 1,230.4 | 1,219.7 | 10.7 | 0.9 % | ||||
Parts and service sales | 497.4 | 491.2 | 6.2 | 1.3 % | ||||
F&I, net | 183.9 | 173.2 | 10.6 | 6.1 % | ||||
Total revenues | $ 3,921.2 | $ 3,799.6 | $ 121.6 | 3.2 % | ||||
Gross profit: | ||||||||
New vehicle retail sales | $ 144.3 | $ 170.7 | $ (26.4) | (15.5) % | ||||
Used vehicle retail sales | 65.8 | 62.0 | 3.8 | 6.2 % | ||||
Used vehicle wholesale sales | 1.3 | 1.2 | 0.1 | 4.3 % | ||||
Total used | 67.1 | 63.2 | 3.9 | 6.2 % | ||||
Parts and service sales | 272.5 | 262.6 | 9.9 | 3.8 % | ||||
F&I, net | 183.9 | 173.2 | 10.6 | 6.1 % | ||||
Total gross profit | $ 667.7 | $ 669.7 | $ (1.9) | (0.3) % | ||||
Gross margin: | ||||||||
New vehicle retail sales | 7.2 % | 8.9 % | (1.7) % | |||||
Used vehicle retail sales | 5.7 % | 5.4 % | 0.3 % | |||||
Used vehicle wholesale sales | 1.6 % | 1.5 % | 0.1 % | |||||
Total used | 5.5 % | 5.2 % | 0.3 % | |||||
Parts and service sales | 54.8 % | 53.5 % | 1.3 % | |||||
Total gross margin | 17.0 % | 17.6 % | (0.6) % | |||||
Units sold: | ||||||||
Retail new vehicles sold | 39,273 | 36,695 | 2,578 | 7.0 % | ||||
Retail used vehicles sold | 38,611 | 36,306 | 2,305 | 6.3 % | ||||
Wholesale used vehicles sold | 8,964 | 7,436 | 1,528 | 20.5 % | ||||
Total used | 47,575 | 43,742 | 3,833 | 8.8 % | ||||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ 51,169 | $ 52,201 | $ (1,032) | (2.0) % | ||||
Used vehicle retail | $ 29,834 | $ 31,397 | $ (1,562) | (5.0) % | ||||
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ 3,674 | $ 4,651 | $ (977) | (21.0) % | ||||
Used vehicle retail sales | $ 1,705 | $ 1,707 | $ (2) | (0.1) % | ||||
Used vehicle wholesale sales | $ 141 | $ 163 | $ (22) | (13.5) % | ||||
Total used | $ 1,410 | $ 1,445 | $ (34) | (2.4) % | ||||
F&I PRU | $ 2,361 | $ 2,373 | $ (12) | (0.5) % | ||||
Other: | ||||||||
SG&A expenses | $ 417.6 | $ 403.7 | $ 13.9 | 3.4 % | ||||
Adjusted SG&A expenses (1) | $ 429.9 | $ 413.2 | $ 16.8 | 4.1 % | ||||
SG&A as % gross profit | 62.5 % | 60.3 % | 2.3 % | |||||
Adjusted SG&A as % gross profit (1) | 64.4 % | 61.7 % | 2.7 % |
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. | ||||||||
Reported Operating Data — | ||||||||
(Unaudited) | ||||||||
(In millions, except unit data) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | Increase/ | % Change | |||||
Revenues: | ||||||||
New vehicle retail sales | $ 3,809.4 | $ 3,524.1 | $ 285.3 | 8.1 % | ||||
Used vehicle retail sales | 2,251.4 | 2,170.0 | 81.4 | 3.8 % | ||||
Used vehicle wholesale sales | 158.3 | 162.1 | (3.8) | (2.3) % | ||||
Total used | 2,409.7 | 2,332.1 | 77.6 | 3.3 % | ||||
Parts and service sales | 992.6 | 965.0 | 27.6 | 2.9 % | ||||
F&I, net | 355.2 | 320.8 | 34.4 | 10.7 % | ||||
Total revenues | $ 7,566.9 | $ 7,142.0 | $ 424.9 | 5.9 % | ||||
Gross profit: | ||||||||
New vehicle retail sales | $ 276.2 | $ 324.8 | $ (48.6) | (15.0) % | ||||
Used vehicle retail sales | 132.4 | 121.8 | 10.7 | 8.8 % | ||||
Used vehicle wholesale sales | 2.7 | 3.4 | (0.8) | (22.4) % | ||||
Total used | 135.1 | 125.2 | 9.9 | 7.9 % | ||||
Parts and service sales | 540.3 | 516.4 | 23.9 | 4.6 % | ||||
F&I, net | 355.2 | 320.8 | 34.4 | 10.7 % | ||||
Total gross profit | $ 1,306.8 | $ 1,287.2 | $ 19.6 | 1.5 % | ||||
Gross margin: | ||||||||
New vehicle retail sales | 7.2 % | 9.2 % | (2.0) % | |||||
Used vehicle retail sales | 5.9 % | 5.6 % | 0.3 % | |||||
Used vehicle wholesale sales | 1.7 % | 2.1 % | (0.4) % | |||||
Total used | 5.6 % | 5.4 % | 0.2 % | |||||
Parts and service sales | 54.4 % | 53.5 % | 0.9 % | |||||
Total gross margin | 17.3 % | 18.0 % | (0.8) % | |||||
Units sold: | ||||||||
Retail new vehicles sold | 74,614 | 67,578 | 7,036 | 10.4 % | ||||
Retail used vehicles sold | 76,496 | 70,746 | 5,750 | 8.1 % | ||||
Wholesale used vehicles sold | 18,052 | 14,916 | 3,136 | 21.0 % | ||||
Total used | 94,548 | 85,662 | 8,886 | 10.4 % | ||||
Average sales price per unit sold: | ||||||||
New vehicle retail | $ 51,054 | $ 52,148 | $ (1,094) | (2.1) % | ||||
Used vehicle retail | $ 29,431 | $ 30,672 | $ (1,241) | (4.0) % | ||||
Gross profit per unit sold: | ||||||||
New vehicle retail sales | $ 3,701 | $ 4,806 | $ (1,105) | (23.0) % | ||||
Used vehicle retail sales | $ 1,731 | $ 1,721 | $ 10 | 0.6 % | ||||
Used vehicle wholesale sales | $ 148 | $ 231 | $ (83) | (35.9) % | ||||
Total used | $ 1,429 | $ 1,462 | $ (33) | (2.2) % | ||||
F&I PRU | $ 2,351 | $ 2,320 | $ 31 | 1.4 % | ||||
Other: | ||||||||
SG&A expenses | $ 812.5 | $ 792.4 | $ 20.1 | 2.5 % | ||||
Adjusted SG&A expenses (1) | $ 850.0 | $ 802.6 | $ 47.4 | 5.9 % | ||||
SG&A as % gross profit | 62.2 % | 61.6 % | 0.6 % | |||||
Adjusted SG&A as % gross profit (1) | 65.0 % | 62.4 % | 2.7 % |
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data — | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 354.6 | $ 327.6 | $ 27.0 | 8.2 % | $ 2.7 | 7.4 % | ||||||
Used vehicle retail sales | 301.3 | 310.7 | (9.4) | (3.0) % | 2.3 | (3.8) % | ||||||
Used vehicle wholesale sales | 25.9 | 32.7 | (6.8) | (20.9) % | 0.2 | (21.4) % | ||||||
Total used | 327.1 | 343.4 | (16.2) | (4.7) % | 2.5 | (5.4) % | ||||||
Parts and service sales | 77.1 | 70.8 | 6.3 | 9.0 % | 0.6 | 8.1 % | ||||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) % | 0.1 | (5.4) % | ||||||
Total revenues | $ 775.2 | $ 758.9 | $ 16.3 | 2.1 % | $ 5.8 | 1.4 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 25.7 | $ 30.8 | $ (5.1) | (16.4) % | $ 0.2 | (17.1) % | ||||||
Used vehicle retail sales | 14.8 | 16.8 | (1.9) | (11.6) % | 0.1 | (12.3) % | ||||||
Used vehicle wholesale sales | (2.4) | (0.4) | (2.0) | NM | — | NM | ||||||
Total used | 12.4 | 16.4 | (4.0) | (24.3) % | 0.1 | (25.0) % | ||||||
Parts and service sales | 44.4 | 41.5 | 2.8 | 6.8 % | 0.3 | 6.0 % | ||||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) % | 0.1 | (5.4) % | ||||||
Total gross profit | $ 98.8 | $ 105.8 | $ (7.0) | (6.6) % | $ 0.7 | (7.3) % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.3 % | 9.4 % | (2.1) % | |||||||||
Used vehicle retail sales | 4.9 % | 5.4 % | (0.5) % | |||||||||
Used vehicle wholesale sales | (9.3) % | (1.1) % | (8.2) % | |||||||||
Total used | 3.8 % | 4.8 % | (1.0) % | |||||||||
Parts and service sales | 57.5 % | 58.7 % | (1.2) % | |||||||||
Total gross margin | 12.7 % | 13.9 % | (1.2) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 8,388 | 8,045 | 343 | 4.3 % | ||||||||
Retail used vehicles sold | 10,649 | 10,458 | 191 | 1.8 % | ||||||||
Wholesale used vehicles sold | 2,855 | 3,057 | (202) | (6.6) % | ||||||||
Total used | 13,504 | 13,515 | (11) | (0.1) % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 44,235 | $ 42,416 | $ 1,818 | 4.3 % | $ 332 | 3.5 % | ||||||
Used vehicle retail | $ 28,293 | $ 29,708 | $ (1,416) | (4.8) % | $ 215 | (5.5) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,069 | $ 3,829 | $ (759) | (19.8) % | $ 24 | (20.5) % | ||||||
Used vehicle retail sales | $ 1,392 | $ 1,604 | $ (211) | (13.2) % | $ 11 | (13.8) % | ||||||
Used vehicle wholesale sales | $ (842) | $ (119) | $ (723) | NM | $ 1 | NM | ||||||
Total used | $ 920 | $ 1,214 | $ (294) | (24.2) % | $ 9 | (24.9) % | ||||||
F&I PRU | $ 855 | $ 923 | $ (68) | (7.3) % | $ 7 | (8.1) % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 79.6 | $ 76.1 | $ 3.4 | 4.5 % | $ 0.6 | 3.7 % | ||||||
Adjusted SG&A expenses (2) | $ 78.2 | $ 77.1 | $ 1.1 | 1.5 % | $ 0.6 | 0.7 % | ||||||
SG&A as % gross profit | 80.5 % | 71.9 % | 8.6 % | |||||||||
Adjusted SG&A as % gross profit (2) | 79.1 % | 72.8 % | 6.3 % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
Group 1 Automotive, Inc. | ||||||||||||
Reported Operating Data — | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 737.4 | $ 674.8 | $ 62.6 | 9.3 % | $ 19.0 | 6.5 % | ||||||
Used vehicle retail sales | 618.6 | 629.5 | (10.9) | (1.7) % | 15.7 | (4.2) % | ||||||
Used vehicle wholesale sales | 52.0 | 62.3 | (10.3) | (16.5) % | 1.3 | (18.5) % | ||||||
Total used | 670.6 | 691.8 | (21.2) | (3.1) % | 16.9 | (5.5) % | ||||||
Parts and service sales | 158.2 | 145.3 | 12.9 | 8.9 % | 4.0 | 6.1 % | ||||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.4) % | 0.9 | (4.8) % | ||||||
Total revenues | $ 1,600.0 | $ 1,546.5 | $ 53.4 | 3.5 % | $ 40.8 | 0.8 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 53.4 | $ 63.4 | $ (10.0) | (15.8) % | $ 1.4 | (18.0) % | ||||||
Used vehicle retail sales | 30.3 | 33.7 | (3.4) | (10.2) % | 0.8 | (12.4) % | ||||||
Used vehicle wholesale sales | (4.7) | (0.6) | (4.1) | NM | (0.1) | NM | ||||||
Total used | 25.6 | 33.1 | (7.6) | (22.8) % | 0.7 | (24.9) % | ||||||
Parts and service sales | 89.6 | 85.1 | 4.5 | 5.3 % | 2.3 | 2.6 % | ||||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.4) % | 0.9 | (4.8) % | ||||||
Total gross profit | $ 202.3 | $ 216.2 | $ (13.9) | (6.4) % | $ 5.2 | (8.8) % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 % | 9.4 % | (2.2) % | |||||||||
Used vehicle retail sales | 4.9 % | 5.4 % | (0.5) % | |||||||||
Used vehicle wholesale sales | (9.1) % | (0.9) % | (8.1) % | |||||||||
Total used | 3.8 % | 4.8 % | (1.0) % | |||||||||
Parts and service sales | 56.6 % | 58.5 % | (1.9) % | |||||||||
Total gross margin | 12.6 % | 14.0 % | (1.3) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 17,349 | 16,811 | 538 | 3.2 % | ||||||||
Retail used vehicles sold | 21,947 | 21,455 | 492 | 2.3 % | ||||||||
Wholesale used vehicles sold | 5,595 | 5,951 | (356) | (6.0) % | ||||||||
Total used | 27,542 | 27,406 | 136 | 0.5 % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 44,459 | $ 41,566 | $ 2,893 | 7.0 % | $ 1,145 | 4.2 % | ||||||
Used vehicle retail | $ 28,185 | $ 29,341 | $ (1,155) | (3.9) % | $ 715 | (6.4) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,078 | $ 3,772 | $ (694) | (18.4) % | $ 80 | (20.5) % | ||||||
Used vehicle retail sales | $ 1,381 | $ 1,572 | $ (192) | (12.2) % | $ 35 | (14.4) % | ||||||
Used vehicle wholesale sales | $ (842) | $ (99) | $ (743) | NM | $ (10) | NM | ||||||
Total used | $ 929 | $ 1,209 | $ (280) | (23.2) % | $ 26 | (25.3) % | ||||||
F&I PRU | $ 859 | $ 904 | $ (44) | (4.9) % | $ 22 | (7.3) % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 160.8 | $ 150.3 | $ 10.5 | 7.0 % | $ 4.0 | 4.3 % | ||||||
Adjusted SG&A expenses (2) | $ 158.3 | $ 151.3 | $ 7.1 | 4.7 % | $ 4.0 | 2.1 % | ||||||
SG&A as % gross profit | 79.5 % | 69.5 % | 10.0 % | |||||||||
Adjusted SG&A as % gross profit (2) | 78.3 % | 70.0 % | 8.3 % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
Group 1 Automotive, Inc. | |||||||||||||
Same Store Operating Data — Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
(In millions, except unit data) | |||||||||||||
Three Months Ended June 30, | |||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | ||||||||
Revenues: | |||||||||||||
New vehicle retail sales | $ 2,126.2 | $ 2,146.3 | $ (20.1) | (0.9) % | $ 2.7 | (1.1) % | |||||||
Used vehicle retail sales | 1,360.4 | 1,382.5 | (22.1) | (1.6) % | 2.3 | (1.8) % | |||||||
Used vehicle wholesale sales | 97.0 | 106.7 | (9.8) | (9.2) % | 0.2 | (9.3) % | |||||||
Total used | 1,457.4 | 1,489.3 | (31.9) | (2.1) % | 2.5 | (2.3) % | |||||||
Parts and service sales | 537.6 | 537.5 | — | — % | 0.6 | (0.1) % | |||||||
F&I, net | 183.5 | 181.5 | 2.0 | 1.1 % | 0.1 | 1.0 % | |||||||
Total revenues | $ 4,304.5 | $ 4,354.6 | $ (50.0) | (1.1) % | $ 5.8 | (1.3) % | |||||||
Gross profit: | |||||||||||||
New vehicle retail sales | $ 152.6 | $ 193.8 | $ (41.2) | (21.3) % | $ 0.2 | (21.4) % | |||||||
Used vehicle retail sales | 75.3 | 75.1 | 0.2 | 0.2 % | 0.1 | 0.1 % | |||||||
Used vehicle wholesale sales | (1.3) | 0.9 | (2.2) | NM | — | NM | |||||||
Total used | 73.9 | 76.0 | (2.0) | (2.7) % | 0.1 | (2.8) % | |||||||
Parts and service sales | 293.2 | 290.1 | 3.0 | 1.0 % | 0.3 | 0.9 % | |||||||
F&I, net | 183.5 | 181.5 | 2.0 | 1.1 % | 0.1 | 1.0 % | |||||||
Total gross profit | $ 703.1 | $ 741.4 | $ (38.3) | (5.2) % | $ 0.7 | (5.3) % | |||||||
Gross margin: | |||||||||||||
New vehicle retail sales | 7.2 % | 9.0 % | (1.9) % | ||||||||||
Used vehicle retail sales | 5.5 % | 5.4 % | 0.1 % | ||||||||||
Used vehicle wholesale sales | (1.4) % | 0.8 % | (2.2) % | ||||||||||
Total used | 5.1 % | 5.1 % | — % | ||||||||||
Parts and service sales | 54.5 % | 54.0 % | 0.6 % | ||||||||||
Total gross margin | 16.3 % | 17.0 % | (0.7) % | ||||||||||
Units sold: | |||||||||||||
Retail new vehicles sold (1) | 42,734 | 42,815 | (81) | (0.2) % | |||||||||
Retail used vehicles sold | 46,170 | 44,562 | 1,608 | 3.6 % | |||||||||
Wholesale used vehicles sold | 10,863 | 9,993 | 870 | 8.7 % | |||||||||
Total used | 57,033 | 54,555 | 2,478 | 4.5 % | |||||||||
Average sales price per unit sold: | |||||||||||||
New vehicle retail (1) | $ 50,192 | $ 50,512 | $ (320) | (0.6) % | $ 63 | (0.8) % | |||||||
Used vehicle retail | $ 29,465 | $ 31,025 | $ (1,560) | (5.0) % | $ 50 | (5.2) % | |||||||
Gross profit per unit sold: | |||||||||||||
New vehicle retail sales | $ 3,570 | $ 4,525 | $ (956) | (21.1) % | $ 5 | (21.2) % | |||||||
Used vehicle retail sales | $ 1,630 | $ 1,685 | $ (55) | (3.2) % | $ 2 | (3.4) % | |||||||
Used vehicle wholesale sales | $ (122) | $ 90 | $ (213) | NM | $ — | NM | |||||||
Total used | $ 1,296 | $ 1,393 | $ (96) | (6.9) % | $ 2 | (7.1) % | |||||||
F&I PRU | $ 2,063 | $ 2,077 | $ (14) | (0.7) % | $ 1 | (0.7) % | |||||||
Other: | |||||||||||||
SG&A expenses | $ 479.4 | $ 464.4 | $ 15.1 | 3.2 % | $ 0.6 | 3.1 % | |||||||
Adjusted SG&A expenses (2) | $ 468.9 | $ 465.2 | $ 3.6 | 0.8 % | $ 0.6 | 0.7 % | |||||||
SG&A as % gross profit | 68.2 % | 62.6 % | 5.5 % | ||||||||||
Adjusted SG&A as % gross profit (2) | 66.7 % | 62.8 % | 3.9 % | ||||||||||
Operating margin % | 4.6 % | 5.8 % | (1.2) % | ||||||||||
Adjusted operating margin % (2) | 4.9 % | 5.9 % | (0.9) % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
Group 1 Automotive, Inc. | |||||||||||||
Same Store Operating Data — Consolidated | |||||||||||||
(Unaudited) | |||||||||||||
(In millions, except unit data) | |||||||||||||
Six Months Ended June 30, | |||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | ||||||||
Revenues: | |||||||||||||
New vehicle retail sales | $ 4,134.9 | $ 4,042.8 | $ 92.1 | 2.3 % | $ 19.0 | 1.8 % | |||||||
Used vehicle retail sales | 2,701.1 | 2,686.1 | 14.9 | 0.6 % | 15.7 | — % | |||||||
Used vehicle wholesale sales | 196.8 | 212.8 | (16.0) | (7.5) % | 1.3 | (8.1) % | |||||||
Total used | 2,897.9 | 2,898.9 | (1.0) | — % | 16.9 | (0.6) % | |||||||
Parts and service sales | 1,087.0 | 1,063.8 | 23.2 | 2.2 % | 3.9 | 1.8 % | |||||||
F&I, net | 358.7 | 340.9 | 17.8 | 5.2 % | 0.9 | 5.0 % | |||||||
Total revenues | $ 8,478.5 | $ 8,346.3 | $ 132.2 | 1.6 % | $ 40.7 | 1.1 % | |||||||
Gross profit: | |||||||||||||
New vehicle retail sales | $ 299.1 | $ 375.5 | $ (76.4) | (20.3) % | $ 1.4 | (20.7) % | |||||||
Used vehicle retail sales | 152.7 | 149.7 | 3.1 | 2.0 % | 0.8 | 1.5 % | |||||||
Used vehicle wholesale sales | (2.4) | 2.9 | (5.3) | NM | (0.1) | NM | |||||||
Total used | 150.3 | 152.6 | (2.3) | (1.5) % | 0.7 | (2.0) % | |||||||
Parts and service sales | 590.5 | 575.4 | 15.1 | 2.6 % | 2.2 | 2.2 % | |||||||
F&I, net | 358.7 | 340.9 | 17.8 | 5.2 % | 0.9 | 5.0 % | |||||||
Total gross profit | $ 1,398.7 | $ 1,444.4 | $ (45.7) | (3.2) % | $ 5.1 | (3.5) % | |||||||
Gross margin: | |||||||||||||
New vehicle retail sales | 7.2 % | 9.3 % | (2.1) % | ||||||||||
Used vehicle retail sales | 5.7 % | 5.6 % | 0.1 % | ||||||||||
Used vehicle wholesale sales | (1.2) % | 1.4 % | (2.6) % | ||||||||||
Total used | 5.2 % | 5.3 % | (0.1) % | ||||||||||
Parts and service sales | 54.3 % | 54.1 % | 0.2 % | ||||||||||
Total gross margin | 16.5 % | 17.3 % | (0.8) % | ||||||||||
Units sold: | |||||||||||||
Retail new vehicles sold (1) | 83,632 | 81,241 | 2,391 | 2.9 % | |||||||||
Retail used vehicles sold | 92,933 | 88,287 | 4,646 | 5.3 % | |||||||||
Wholesale used vehicles sold | 21,986 | 19,932 | 2,054 | 10.3 % | |||||||||
Total used | 114,919 | 108,219 | 6,700 | 6.2 % | |||||||||
Average sales price per unit sold: | |||||||||||||
New vehicle retail (1) | $ 49,901 | $ 50,124 | $ (224) | (0.4) % | $ 229 | (0.9) % | |||||||
Used vehicle retail | $ 29,065 | $ 30,425 | $ (1,360) | (4.5) % | $ 169 | (5.0) % | |||||||
Gross profit per unit sold: | |||||||||||||
New vehicle retail sales | $ 3,577 | $ 4,622 | $ (1,045) | (22.6) % | $ 17 | (23.0) % | |||||||
Used vehicle retail sales | $ 1,643 | $ 1,695 | $ (52) | (3.1) % | $ 8 | (3.5) % | |||||||
Used vehicle wholesale sales | $ (111) | $ 145 | $ (256) | NM | $ (3) | NM | |||||||
Total used | $ 1,308 | $ 1,410 | $ (102) | (7.2) % | $ 6 | (7.7) % | |||||||
F&I PRU | $ 2,031 | $ 2,011 | $ 21 | 1.0 % | $ 5 | 0.8 % | |||||||
Other: | |||||||||||||
SG&A expenses | $ 956.8 | $ 910.8 | $ 46.1 | 5.1 % | $ 4.0 | 4.6 % | |||||||
Adjusted SG&A expenses (2) | $ 939.5 | $ 910.5 | $ 28.9 | 3.2 % | $ 3.9 | 2.8 % | |||||||
SG&A as % gross profit | 68.4 % | 63.1 % | 5.4 % | ||||||||||
Adjusted SG&A as % gross profit (2) | 67.2 % | 63.0 % | 4.1 % | ||||||||||
Operating margin % | 4.6 % | 5.8 % | (1.2) % | ||||||||||
Adjusted operating margin % (2) | 4.9 % | 5.9 % | (1.0) % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM - not meaningful |
Group 1 Automotive, Inc. | |||||||
Same Store Operating Data — | |||||||
(Unaudited) | |||||||
(In millions, except unit data) | |||||||
Three Months Ended June 30, | |||||||
2024 | 2023 | Increase/ | % Change | ||||
Revenues: | |||||||
New vehicle retail sales | $ 1,771.5 | $ 1,818.6 | $ (47.1) | (2.6) % | |||
Used vehicle retail sales | 1,059.1 | 1,071.8 | (12.7) | (1.2) % | |||
Used vehicle wholesale sales | 71.1 | 74.0 | (2.9) | (4.0) % | |||
Total used | 1,130.2 | 1,145.9 | (15.7) | (1.4) % | |||
Parts and service sales | 463.3 | 469.5 | (6.2) | (1.3) % | |||
F&I, net | 167.2 | 164.4 | 2.8 | 1.7 % | |||
Total revenues | $ 3,532.3 | $ 3,598.5 | $ (66.2) | (1.8) % | |||
Gross profit: | |||||||
New vehicle retail sales | $ 126.8 | $ 163.0 | $ (36.2) | (22.2) % | |||
Used vehicle retail sales | 60.4 | 58.3 | 2.1 | 3.7 % | |||
Used vehicle wholesale sales | 1.1 | 1.3 | (0.2) | (15.1) % | |||
Total used | 61.5 | 59.6 | 1.9 | 3.3 % | |||
Parts and service sales | 250.1 | 249.9 | 0.2 | 0.1 % | |||
F&I, net | 167.2 | 164.4 | 2.8 | 1.7 % | |||
Total gross profit | $ 605.6 | $ 636.9 | $ (31.3) | (4.9) % | |||
Gross margin: | |||||||
New vehicle retail sales | 7.2 % | 9.0 % | (1.8) % | ||||
Used vehicle retail sales | 5.7 % | 5.4 % | 0.3 % | ||||
Used vehicle wholesale sales | 1.5 % | 1.7 % | (0.2) % | ||||
Total used | 5.4 % | 5.2 % | 0.2 % | ||||
Parts and service sales | 54.0 % | 53.2 % | 0.8 % | ||||
Total gross margin | 17.1 % | 17.7 % | (0.6) % | ||||
Units sold: | |||||||
Retail new vehicles sold | 34,346 | 34,770 | (424) | (1.2) % | |||
Retail used vehicles sold | 35,521 | 34,104 | 1,417 | 4.2 % | |||
Wholesale used vehicles sold | 8,008 | 6,936 | 1,072 | 15.5 % | |||
Total used | 43,529 | 41,040 | 2,489 | 6.1 % | |||
Average sales price per unit sold: | |||||||
New vehicle retail | $ 51,578 | $ 52,304 | $ (726) | (1.4) % | |||
Used vehicle retail | $ 29,817 | $ 31,429 | $ (1,612) | (5.1) % | |||
Gross profit per unit sold: | |||||||
New vehicle retail sales | $ 3,692 | $ 4,687 | $ (995) | (21.2) % | |||
Used vehicle retail sales | $ 1,701 | $ 1,710 | $ (8) | (0.5) % | |||
Used vehicle wholesale sales | $ 134 | $ 182 | $ (48) | (26.5) % | |||
Total used | $ 1,413 | $ 1,451 | $ (38) | (2.6) % | |||
F&I PRU | $ 2,393 | $ 2,387 | $ 5 | 0.2 % | |||
Other: | |||||||
SG&A expenses | $ 401.2 | $ 388.6 | $ 12.6 | 3.3 % | |||
Adjusted SG&A expenses (1) | $ 392.0 | $ 389.4 | $ 2.6 | 0.7 % | |||
SG&A as % gross profit | 66.3 % | 61.0 % | 5.2 % | ||||
Adjusted SG&A as % gross profit (1) | 64.7 % | 61.1 % | 3.6 % |
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. | |||||||
Same Store Operating Data — | |||||||
(Unaudited) | |||||||
(In millions, except unit data) | |||||||
Six Months Ended June 30, | |||||||
2024 | 2023 | Increase/ | % Change | ||||
Revenues: | |||||||
New vehicle retail sales | $ 3,397.5 | $ 3,368.1 | $ 29.5 | 0.9 % | |||
Used vehicle retail sales | 2,082.5 | 2,056.6 | 25.9 | 1.3 % | |||
Used vehicle wholesale sales | 144.8 | 150.5 | (5.7) | (3.8) % | |||
Total used | 2,227.3 | 2,207.1 | 20.2 | 0.9 % | |||
Parts and service sales | 934.6 | 924.2 | 10.5 | 1.1 % | |||
F&I, net | 324.9 | 306.3 | 18.6 | 6.1 % | |||
Total revenues | $ 6,884.4 | $ 6,805.6 | $ 78.8 | 1.2 % | |||
Gross profit: | |||||||
New vehicle retail sales | $ 245.7 | $ 312.1 | $ (66.3) | (21.3) % | |||
Used vehicle retail sales | 122.4 | 115.9 | 6.5 | 5.6 % | |||
Used vehicle wholesale sales | 2.3 | 3.5 | (1.2) | (34.8) % | |||
Total used | 124.7 | 119.4 | 5.3 | 4.4 % | |||
Parts and service sales | 503.7 | 493.0 | 10.6 | 2.2 % | |||
F&I, net | 324.9 | 306.3 | 18.6 | 6.1 % | |||
Total gross profit | $ 1,199.0 | $ 1,230.8 | $ (31.8) | (2.6) % | |||
Gross margin: | |||||||
New vehicle retail sales | 7.2 % | 9.3 % | (2.0) % | ||||
Used vehicle retail sales | 5.9 % | 5.6 % | 0.2 % | ||||
Used vehicle wholesale sales | 1.6 % | 2.3 % | (0.7) % | ||||
Total used | 5.6 % | 5.4 % | 0.2 % | ||||
Parts and service sales | 53.9 % | 53.3 % | 0.5 % | ||||
Total gross margin | 17.4 % | 18.1 % | (0.7) % | ||||
Units sold: | |||||||
Retail new vehicles sold | 66,283 | 64,430 | 1,853 | 2.9 % | |||
Retail used vehicles sold | 70,986 | 66,832 | 4,154 | 6.2 % | |||
Wholesale used vehicles sold | 16,391 | 13,981 | 2,410 | 17.2 % | |||
Total used | 87,377 | 80,813 | 6,564 | 8.1 % | |||
Average sales price per unit sold: | |||||||
New vehicle retail | $ 51,258 | $ 52,275 | $ (1,017) | (1.9) % | |||
Used vehicle retail | $ 29,336 | $ 30,773 | $ (1,436) | (4.7) % | |||
Gross profit per unit sold: | |||||||
New vehicle retail sales | $ 3,707 | $ 4,844 | $ (1,136) | (23.5) % | |||
Used vehicle retail sales | $ 1,724 | $ 1,735 | $ (10) | (0.6) % | |||
Used vehicle wholesale sales | $ 138 | $ 249 | $ (111) | (44.4) % | |||
Total used | $ 1,427 | $ 1,478 | $ (51) | (3.4) % | |||
F&I PRU | $ 2,367 | $ 2,333 | $ 34 | 1.4 % | |||
Other: | |||||||
SG&A expenses | $ 798.8 | $ 762.1 | $ 36.8 | 4.8 % | |||
Adjusted SG&A expenses (1) | $ 784.0 | $ 761.8 | $ 22.2 | 2.9 % | |||
SG&A as % gross profit | 66.6 % | 61.9 % | 4.7 % | ||||
Adjusted SG&A as % gross profit (1) | 65.4 % | 61.9 % | 3.5 % |
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data — | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Three Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 354.6 | $ 327.6 | $ 27.0 | 8.2 % | $ 2.7 | 7.4 % | ||||||
Used vehicle retail sales | 301.3 | 310.7 | (9.4) | (3.0) % | 2.3 | (3.8) % | ||||||
Used vehicle wholesale sales | 25.9 | 32.7 | (6.8) | (20.9) % | 0.2 | (21.4) % | ||||||
Total used | 327.1 | 343.4 | (16.2) | (4.7) % | 2.5 | (5.4) % | ||||||
Parts and service sales | 74.2 | 68.0 | 6.2 | 9.2 % | 0.6 | 8.3 % | ||||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) % | 0.1 | (5.4) % | ||||||
Total revenues | $ 772.3 | $ 756.1 | $ 16.2 | 2.1 % | $ 5.8 | 1.4 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 25.7 | $ 30.8 | $ (5.1) | (16.4) % | $ 0.2 | (17.1) % | ||||||
Used vehicle retail sales | 14.8 | 16.8 | (1.9) | (11.6) % | 0.1 | (12.3) % | ||||||
Used vehicle wholesale sales | (2.4) | (0.4) | (2.0) | NM | — | NM | ||||||
Total used | 12.4 | 16.4 | (4.0) | (24.3) % | 0.1 | (25.0) % | ||||||
Parts and service sales | 43.0 | 40.2 | 2.8 | 7.1 % | 0.3 | 6.3 % | ||||||
F&I, net | 16.3 | 17.1 | (0.8) | (4.7) % | 0.1 | (5.4) % | ||||||
Total gross profit | $ 97.5 | $ 104.5 | $ (7.0) | (6.7) % | $ 0.7 | (7.4) % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.3 % | 9.4 % | (2.1) % | |||||||||
Used vehicle retail sales | 4.9 % | 5.4 % | (0.5) % | |||||||||
Used vehicle wholesale sales | (9.3) % | (1.1) % | (8.2) % | |||||||||
Total used | 3.8 % | 4.8 % | (1.0) % | |||||||||
Parts and service sales | 58.0 % | 59.1 % | (1.1) % | |||||||||
Total gross margin | 12.6 % | 13.8 % | (1.2) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 8,388 | 8,045 | 343 | 4.3 % | ||||||||
Retail used vehicles sold | 10,649 | 10,458 | 191 | 1.8 % | ||||||||
Wholesale used vehicles sold | 2,855 | 3,057 | (202) | (6.6) % | ||||||||
Total used | 13,504 | 13,515 | (11) | (0.1) % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 44,235 | $ 42,416 | $ 1,818 | 4.3 % | $ 332 | 3.5 % | ||||||
Used vehicle retail | $ 28,293 | $ 29,708 | $ (1,416) | (4.8) % | $ 215 | (5.5) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,069 | $ 3,829 | $ (759) | (19.8) % | $ 24 | (20.5) % | ||||||
Used vehicle retail sales | $ 1,392 | $ 1,604 | $ (211) | (13.2) % | $ 11 | (13.8) % | ||||||
Used vehicle wholesale sales | $ (842) | $ (119) | $ (723) | NM | $ 1 | NM | ||||||
Total used | $ 920 | $ 1,214 | $ (294) | (24.2) % | $ 9 | (24.9) % | ||||||
F&I PRU | $ 855 | $ 923 | $ (68) | (7.3) % | $ 7 | (8.0) % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 78.2 | $ 75.8 | $ 2.4 | 3.2 % | $ 0.6 | 2.4 % | ||||||
Adjusted SG&A expenses (2) | $ 76.8 | $ 75.8 | $ 1.0 | 1.4 % | $ 0.6 | 0.6 % | ||||||
SG&A as % gross profit | 80.2 % | 72.5 % | 7.7 % | |||||||||
Adjusted SG&A as % gross profit (2) | 78.8 % | 72.5 % | 6.3 % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
Group 1 Automotive, Inc. | ||||||||||||
Same Store Operating Data — | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except unit data) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2024 | 2023 | Increase/ | % Change | Currency | Constant | |||||||
Revenues: | ||||||||||||
New vehicle retail sales | $ 737.4 | $ 674.8 | $ 62.6 | 9.3 % | $ 19.0 | 6.5 % | ||||||
Used vehicle retail sales | 618.6 | 629.5 | (10.9) | (1.7) % | 15.7 | (4.2) % | ||||||
Used vehicle wholesale sales | 52.0 | 62.3 | (10.3) | (16.5) % | 1.3 | (18.5) % | ||||||
Total used | 670.6 | 691.8 | (21.2) | (3.1) % | 16.9 | (5.5) % | ||||||
Parts and service sales | 152.4 | 139.6 | 12.8 | 9.1 % | 3.9 | 6.3 % | ||||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.3) % | 0.9 | (4.8) % | ||||||
Total revenues | $ 1,594.1 | $ 1,540.8 | $ 53.3 | 3.5 % | $ 40.7 | 0.8 % | ||||||
Gross profit: | ||||||||||||
New vehicle retail sales | $ 53.4 | $ 63.4 | $ (10.0) | (15.8) % | $ 1.4 | (18.0) % | ||||||
Used vehicle retail sales | 30.3 | 33.7 | (3.4) | (10.1) % | 0.8 | (12.4) % | ||||||
Used vehicle wholesale sales | (4.7) | (0.6) | (4.1) | NM | (0.1) | NM | ||||||
Total used | 25.6 | 33.1 | (7.5) | (22.8) % | 0.7 | (24.9) % | ||||||
Parts and service sales | 86.9 | 82.4 | 4.5 | 5.4 % | 2.2 | 2.7 % | ||||||
F&I, net | 33.8 | 34.6 | (0.8) | (2.3) % | 0.9 | (4.8) % | ||||||
Total gross profit | $ 199.6 | $ 213.5 | $ (13.9) | (6.5) % | $ 5.1 | (8.9) % | ||||||
Gross margin: | ||||||||||||
New vehicle retail sales | 7.2 % | 9.4 % | (2.2) % | |||||||||
Used vehicle retail sales | 4.9 % | 5.4 % | (0.5) % | |||||||||
Used vehicle wholesale sales | (9.1) % | (0.9) % | (8.1) % | |||||||||
Total used | 3.8 % | 4.8 % | (1.0) % | |||||||||
Parts and service sales | 57.0 % | 59.0 % | (2.0) % | |||||||||
Total gross margin | 12.5 % | 13.9 % | (1.3) % | |||||||||
Units sold: | ||||||||||||
Retail new vehicles sold (1) | 17,349 | 16,811 | 538 | 3.2 % | ||||||||
Retail used vehicles sold | 21,947 | 21,455 | 492 | 2.3 % | ||||||||
Wholesale used vehicles sold | 5,595 | 5,951 | (356) | (6.0) % | ||||||||
Total used | 27,542 | 27,406 | 136 | 0.5 % | ||||||||
Average sales price per unit sold: | ||||||||||||
New vehicle retail (1) | $ 44,459 | $ 41,566 | $ 2,893 | 7.0 % | $ 1,145 | 4.2 % | ||||||
Used vehicle retail | $ 28,185 | $ 29,341 | $ (1,155) | (3.9) % | $ 715 | (6.4) % | ||||||
Gross profit per unit sold: | ||||||||||||
New vehicle retail sales | $ 3,078 | $ 3,772 | $ (694) | (18.4) % | $ 80 | (20.5) % | ||||||
Used vehicle retail sales | $ 1,381 | $ 1,572 | $ (191) | (12.1) % | $ 35 | (14.4) % | ||||||
Used vehicle wholesale sales | $ (842) | $ (99) | $ (743) | NM | $ (10) | NM | ||||||
Total used | $ 930 | $ 1,209 | $ (280) | (23.1) % | $ 26 | (25.3) % | ||||||
F&I PRU | $ 859 | $ 904 | $ (44) | (4.9) % | $ 22 | (7.3) % | ||||||
Other: | ||||||||||||
SG&A expenses | $ 158.0 | $ 148.7 | $ 9.3 | 6.2 % | $ 4.0 | 3.6 % | ||||||
Adjusted SG&A expenses (2) | $ 155.5 | $ 148.7 | $ 6.8 | 4.6 % | $ 3.9 | 1.9 % | ||||||
SG&A as % gross profit | 79.2 % | 69.7 % | 9.5 % | |||||||||
Adjusted SG&A as % gross profit (2) | 77.9 % | 69.7 % | 8.2 % |
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold. |
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
NM — Not Meaningful |
Group 1 Automotive, Inc. | ||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||
Catastrophic | Dealership | Severance | Acquisition | Legal items | Accelerated | Non-GAAP | ||||||||||
SG&A expenses | $ 497.2 | $ (8.6) | $ 21.5 | $ (0.1) | $ (1.7) | $ (0.2) | $ — | $ 508.2 | ||||||||
Depreciation and amortization | $ 28.2 | $ — | $ — | $ — | $ — | $ — | $ (3.7) | $ 24.5 | ||||||||
Income (loss) from operations | $ 241.1 | $ 8.6 | $ (21.5) | $ 0.1 | $ 1.7 | $ 0.2 | $ 3.7 | $ 233.9 | ||||||||
Income (loss) before income | $ 183.0 | $ 8.6 | $ (21.5) | $ 0.1 | $ 1.7 | $ 0.2 | $ 3.7 | $ 175.8 | ||||||||
Less: Provision (benefit) for | 45.2 | 2.1 | (5.6) | — | 0.1 | — | 0.9 | 42.7 | ||||||||
Net income (loss) from | 137.9 | 6.5 | (15.9) | 0.1 | 1.6 | 0.1 | 2.8 | 133.1 | ||||||||
Less: Earnings (loss) allocated | 2.9 | 0.1 | (0.3) | — | — | — | 0.1 | 2.8 | ||||||||
Net income (loss) from | $ 134.9 | $ 6.4 | $ (15.5) | $ 0.1 | $ 1.5 | $ 0.1 | $ 2.8 | $ 130.3 | ||||||||
Diluted earnings (loss) per | $ 10.15 | $ 0.48 | $ (1.17) | $ 0.01 | $ 0.12 | $ 0.01 | $ 0.21 | $ 9.80 | ||||||||
Effective tax rate | 24.7 % | 24.3 % | ||||||||||||||
SG&A as % gross profit (1) | 64.9 % | 66.3 % | ||||||||||||||
Operating margin (2) | 5.1 % | 5.0 % | ||||||||||||||
Pretax margin (3) | 3.9 % | 3.7 % | ||||||||||||||
Same Store SG&A expenses | $ 479.4 | $ (8.6) | $ — | $ (0.1) | $ (1.7) | $ (0.2) | $ — | $ 468.9 | ||||||||
Same Store SG&A as % gross | 68.2 % | 66.7 % | ||||||||||||||
Same Store income from | $ 197.4 | $ 8.6 | $ — | $ 0.1 | $ 1.7 | $ 0.2 | $ 3.7 | $ 211.7 | ||||||||
Same Store operating margin (2) | 4.6 % | 4.9 % |
Non-GAAP | Non-GAAP | |||||
Net income from discontinued operations | $ 0.3 | $ — | $ 0.3 | |||
Less: Earnings allocated to participating securities | — | — | — | |||
Net income from discontinued operations available to diluted common shares | $ 0.3 | $ — | $ 0.3 | |||
Net income (loss) | $ 138.2 | $ (4.7) | $ 133.4 | |||
Less: Earnings (loss) allocated to participating securities | 2.9 | (0.1) | 2.8 | |||
Net income (loss) available to diluted common shares | $ 135.2 | $ (4.6) | $ 130.6 | |||
Diluted earnings per common share from discontinued operations | $ 0.02 | $ — | $ 0.02 | |||
Diluted earnings (loss) per common share from continuing operations | 10.15 | (0.35) | 9.80 | |||
Diluted earnings (loss) per common share | $ 10.17 | $ (0.35) | $ 9.82 |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated | ||||||||||||
(Unaudited) | ||||||||||||
(In millions, except per share data) | ||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||
Dealership and | Acquisition | Legal items | Asset | Non-GAAP | ||||||||
SG&A expenses | $ 479.9 | $ 9.6 | $ (0.3) | $ 1.1 | $ — | $ 490.3 | ||||||
Depreciation and amortization expense | $ 23.1 | $ — | $ — | $ — | $ (0.3) | $ 22.8 | ||||||
Asset impairments | $ 1.8 | $ — | $ — | $ — | $ (1.8) | $ — | ||||||
Income (loss) from operations | $ 270.8 | $ (9.6) | $ 0.3 | $ (1.1) | $ 2.1 | $ 262.5 | ||||||
Income (loss) before income taxes | $ 227.9 | $ (9.6) | $ 0.3 | $ (1.1) | $ 2.1 | $ 219.6 | ||||||
Less: Provision (benefit) for income taxes | 57.6 | (4.5) | 0.1 | (0.3) | 0.5 | 53.5 | ||||||
Net income (loss) from continuing operations | 170.3 | (5.1) | 0.2 | (0.9) | 1.6 | 166.1 | ||||||
Less: Earnings (loss) allocated to participating | 4.1 | (0.1) | — | — | — | 4.0 | ||||||
Net income (loss) from continuing operations | $ 166.1 | $ (5.0) | $ 0.2 | $ (0.8) | $ 1.5 | $ 162.1 | ||||||
Diluted earnings (loss) per common share from | $ 12.02 | $ (0.36) | $ 0.01 | $ (0.06) | $ 0.11 | $ 11.73 | ||||||
Effective tax rate | 25.3 % | 24.3 % | ||||||||||
SG&A as % gross profit (1) | 61.9 % | 63.2 % | ||||||||||
Operating margin (2) | 5.9 % | 5.8 % | ||||||||||
Pretax margin (3) | 5.0 % | 4.8 % | ||||||||||
Same Store SG&A expenses | $ 464.4 | $ — | $ (0.3) | $ 1.1 | $ — | $ 465.2 | ||||||
Same Store SG&A as % gross profit (1) | 62.6 % | 62.8 % | ||||||||||
Same Store income (loss) from operations | $ 253.6 | $ — | $ 0.3 | $ (1.1) | $ 2.1 | $ 254.8 | ||||||
Same Store operating margin (2) | 5.8 % | 5.9 % |
Non-GAAP | Non-GAAP | |||||
Net income from discontinued operations | $ 0.2 | $ — | $ 0.2 | |||
Less: Earnings allocated to participating securities | — | — | — | |||
Net income from discontinued operations available to diluted common shares | $ 0.2 | $ — | $ 0.2 | |||
Net income (loss) | $ 170.5 | $ (4.2) | $ 166.4 | |||
Less: Earnings (loss) allocated to participating securities | 4.1 | (0.1) | 4.0 | |||
Net income (loss) available to diluted common shares | $ 166.4 | $ (4.1) | $ 162.3 | |||
Diluted earnings per common share from discontinued operations | $ 0.02 | $ — | $ 0.02 | |||
Diluted earnings (loss) per common share from continuing operations | 12.02 | (0.29) | 11.73 | |||
Diluted earnings (loss) per common share | $ 12.04 | $ (0.29) | $ 11.75 |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
Group 1 Automotive, Inc. | ||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||
Catastrophic | Dealership | Severance | Acquisition | Legal items | Accelerated | Non-GAAP | ||||||||||
SG&A expenses | $ 973.3 | $ (9.1) | $ 52.4 | $ (0.6) | $ (4.5) | $ (3.3) | $ — | $ 1,008.3 | ||||||||
Depreciation and amortization | $ 52.0 | $ — | $ — | $ — | $ — | $ — | $ (4.2) | $ 47.9 | ||||||||
Income (loss) from operations | $ 483.8 | $ 9.1 | $ (52.4) | $ 0.6 | $ 4.5 | $ 3.3 | $ 4.2 | $ 452.9 | ||||||||
Income (loss) before income | $ 376.3 | $ 9.1 | $ (52.4) | $ 0.6 | $ 4.5 | $ 3.3 | $ 4.2 | $ 345.4 | ||||||||
Less: Provision (benefit) for | 91.0 | 2.2 | (13.4) | 0.1 | 0.6 | 0.8 | 1.0 | 82.2 | ||||||||
Net income (loss) from | 285.3 | 6.9 | (38.9) | 0.4 | 3.9 | 2.5 | 3.2 | 263.2 | ||||||||
Less: Earnings (loss) allocated | 6.3 | 0.2 | (0.9) | — | 0.1 | 0.1 | 0.1 | 5.8 | ||||||||
Net income (loss) from | $ 279.0 | $ 6.7 | $ (38.1) | $ 0.4 | $ 3.8 | $ 2.4 | $ 3.1 | $ 257.4 | ||||||||
Diluted earnings (loss) per | $ 20.91 | $ 0.51 | $ (2.85) | $ 0.03 | $ 0.28 | $ 0.18 | $ 0.23 | $ 19.29 | ||||||||
Effective tax rate | 24.2 % | 23.8 % | ||||||||||||||
SG&A as % gross profit (1) | 64.5 % | 66.8 % | ||||||||||||||
Operating margin (2) | 5.3 % | 4.9 % | ||||||||||||||
Pretax margin (3) | 4.1 % | 3.8 % | ||||||||||||||
Same Store SG&A expenses | $ 956.8 | $ (9.1) | $ — | $ (0.6) | $ (4.5) | $ (3.3) | $ — | $ 939.5 | ||||||||
Same Store SG&A as % gross | 68.4 % | 67.2 % | ||||||||||||||
Same Store income from | $ 392.9 | $ 9.1 | $ — | $ 0.6 | $ 4.5 | $ 3.3 | $ 4.2 | $ 414.4 | ||||||||
Same Store operating margin (2) | 4.6 % | 4.9 % |
Non-GAAP | Non-GAAP | |||||
Net income from discontinued operations | $ 0.8 | $ — | $ 0.8 | |||
Less: Earnings allocated to participating securities | — | — | — | |||
Net income from discontinued operations available to diluted common shares | $ 0.8 | $ — | $ 0.8 | |||
Net income (loss) | $ 286.1 | $ (22.1) | $ 264.0 | |||
Less: Earnings (loss) allocated to participating securities | 6.3 | (0.5) | 5.8 | |||
Net income (loss) available to diluted common shares | $ 279.8 | $ (21.6) | $ 258.2 | |||
Diluted earnings per common share from discontinued operations | $ 0.06 | $ — | $ 0.06 | |||
Diluted earnings (loss) per common share from continuing operations | 20.91 | (1.62) | 19.29 | |||
Diluted earnings (loss) per common share | $ 20.97 | $ (1.62) | $ 19.35 |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
Group 1 Automotive, Inc. | ||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated | ||||||||||||||
(Unaudited) | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||
Non-cash gain | Dealership | Acquisition | Legal items | Asset | Non-GAAP | |||||||||
SG&A expenses | $ 942.7 | $ — | $ 11.4 | $ (0.3) | $ — | $ — | $ 953.9 | |||||||
Depreciation and amortization | $ 45.5 | $ — | $ — | $ — | $ — | $ (0.6) | $ 45.0 | |||||||
Asset impairments | $ 2.9 | $ — | $ — | $ — | $ — | $ (2.9) | $ — | |||||||
Income (loss) from operations | $ 512.3 | $ — | $ (11.4) | $ 0.3 | $ — | $ 3.5 | $ 504.6 | |||||||
Other interest expense, net | $ 45.6 | $ 4.0 | $ — | $ — | $ — | $ — | $ 49.6 | |||||||
Income (loss) before income taxes | $ 434.3 | $ (4.0) | $ (11.4) | $ 0.3 | $ — | $ 3.5 | $ 422.5 | |||||||
Less: Provision (benefit) for income | 105.2 | (0.9) | (4.9) | 0.1 | — | 0.8 | 100.2 | |||||||
Net income (loss) from continuing | 329.1 | (3.1) | (6.5) | 0.2 | — | 2.6 | 322.3 | |||||||
Less: Earnings (loss) allocated to | 8.2 | (0.1) | (0.2) | — | — | 0.1 | 8.1 | |||||||
Net income (loss) from continuing | $ 320.8 | $ (3.0) | $ (6.4) | $ 0.2 | $ — | $ 2.6 | $ 314.2 | |||||||
Diluted earnings (loss) per common | $ 23.14 | $ (0.22) | $ (0.46) | $ 0.01 | $ — | $ 0.18 | $ 22.66 | |||||||
Effective tax rate | 24.2 % | 23.7 % | ||||||||||||
SG&A as % gross profit (1) | 62.7 % | 63.4 % | ||||||||||||
Operating margin (2) | 5.9 % | 5.8 % | ||||||||||||
Pretax margin (3) | 5.0 % | 4.9 % | ||||||||||||
Same Store SG&A expenses | $ 910.8 | $ — | $ — | $ (0.3) | $ — | $ — | $ 910.5 | |||||||
Same Store SG&A as % gross profit (1) | 63.1 % | 63.0 % | ||||||||||||
Same Store income from operations | $ 487.9 | $ — | $ — | $ 0.3 | $ — | $ 3.5 | $ 491.6 | |||||||
Same Store operating margin (2) | 5.8 % | 5.9 % |
Non-GAAP | Non-GAAP | |||||
Net loss from discontinued operations | $ (0.1) | $ — | $ (0.1) | |||
Less: Loss allocated to participating securities | — | — | — | |||
Net (loss) income from discontinued operations available to diluted common shares | $ (0.1) | $ — | $ (0.1) | |||
Net income (loss) | $ 329.0 | $ (6.8) | $ 322.2 | |||
Less: Earnings (loss) allocated to participating securities | 8.2 | (0.2) | 8.0 | |||
Net income (loss) available to diluted common shares | $ 320.7 | $ (6.6) | $ 314.1 | |||
Diluted loss per common share from discontinued operations | $ (0.01) | $ — | $ (0.01) | |||
Diluted earnings (loss) per common share from continuing operations | 23.14 | (0.48) | 22.66 | |||
Diluted earnings (loss) per common share | $ 23.13 | $ (0.48) | $ 22.65 |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and a non-cash gain on interest rate swaps. |
Group 1 Automotive, Inc. | ||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — | ||||||||||||
(Unaudited) | ||||||||||||
(In millions) | ||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||
Catastrophic | Dealership | Acquisition | Legal items | Non-GAAP | ||||||||
SG&A expenses | $ 417.6 | $ (8.6) | $ 21.5 | $ (0.4) | $ (0.2) | $ 429.9 | ||||||
SG&A as % gross profit (1) | 62.5 % | 64.4 % | ||||||||||
Same Store SG&A expenses | $ 401.2 | $ (8.6) | $ — | $ (0.4) | $ (0.2) | $ 392.0 | ||||||
Same Store SG&A as % gross profit (1) | 66.3 % | 64.7 % |
Three Months Ended June 30, 2023 | ||||||||||
Dealership | Acquisition | Legal items | Non-GAAP | |||||||
SG&A expenses | $ 403.7 | $ 8.6 | $ (0.3) | $ 1.1 | $ 413.2 | |||||
SG&A as % gross profit (1) | 60.3 % | 61.7 % | ||||||||
Same Store SG&A expenses | $ 388.6 | $ — | $ (0.3) | $ 1.1 | $ 389.4 | |||||
Same Store SG&A as % gross profit (1) | 61.0 % | 61.1 % |
Six Months Ended June 30, 2024 | ||||||||||||
Catastrophic | Dealership | Acquisition | Legal items | Non-GAAP | ||||||||
SG&A expenses | $ 812.5 | $ (9.1) | $ 52.4 | $ (2.5) | $ (3.3) | $ 850.0 | ||||||
SG&A as % gross profit (1) | 62.2 % | 65.0 % | ||||||||||
Same Store SG&A expenses | $ 798.8 | $ (9.1) | $ — | $ (2.5) | $ (3.3) | $ 784.0 | ||||||
Same Store SG&A as % gross profit (1) | 66.6 % | 65.4 % |
Six Months Ended June 30, 2023 | ||||||||||
Dealership | Acquisition | Legal items | Non-GAAP | |||||||
SG&A expenses | $ 792.4 | $ 10.5 | $ (0.3) | $ — | $ 802.6 | |||||
SG&A as % gross profit (1) | 61.6 % | 62.4 % | ||||||||
Same Store SG&A expenses | $ 762.1 | $ — | $ (0.3) | $ — | $ 761.8 | |||||
Same Store SG&A as % gross profit (1) | 61.9 % | 61.9 % |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
Group 1 Automotive, Inc. | ||||||||
Reconciliation of Certain Non-GAAP Financial Measures — | ||||||||
(Unaudited) | ||||||||
(In millions) | ||||||||
Three Months Ended June 30, 2024 | ||||||||
Severance costs | Acquisition costs | Non-GAAP | ||||||
SG&A expenses | $ 79.6 | $ (0.1) | $ (1.2) | $ 78.2 | ||||
SG&A as % gross profit (1) | 80.5 % | 79.1 % | ||||||
Same Store SG&A expenses | $ 78.2 | $ (0.1) | $ (1.2) | $ 76.8 | ||||
Same Store SG&A as % gross profit (1) | 80.2 % | 78.8 % |
Three Months Ended June 30, 2023 | ||||||
Dealership and | Non-GAAP | |||||
SG&A expenses | $ 76.1 | $ 0.9 | $ 77.1 | |||
SG&A as % gross profit (1) | 71.9 % | 72.8 % |
Six Months Ended June 30, 2024 | ||||||||
Severance costs | Acquisition costs | Non-GAAP | ||||||
SG&A expenses | $ 160.8 | $ (0.6) | $ (1.9) | $ 158.3 | ||||
SG&A as % gross profit (1) | 79.5 % | 78.3 % | ||||||
Same Store SG&A expenses | $ 158.0 | $ (0.6) | $ (1.9) | $ 155.5 | ||||
Same Store SG&A as % gross profit (1) | 79.2 % | 77.9 % |
Six Months Ended June 30, 2023 | ||||||
Dealership and | Non-GAAP | |||||
SG&A expenses | $ 150.3 | $ 0.9 | $ 151.3 | |||
SG&A as % gross profit (1) | 69.5 % | 70.0 % |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
View original content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-second-quarter-2024-financial-results-302204628.html
SOURCE Group 1 Automotive, Inc.
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