- Current quarter diluted earnings per common share from
continuing operations of $7.08 and
current quarter adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) of $10.02
- Full year all-time record retail new and used vehicle
units sold of 413,364, a 13.8% increase over the comparable prior
year period
- Gross profit of $879.2
million from total revenues of $5.5
billion, both quarterly records, and a 20.3% and 23.8%
increase, respectively, over the comparable prior year
period
HOUSTON, Jan. 29,
2025 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250
automotive retailer with 259 dealerships located in the U.S. and
U.K., today reported financial results for the fourth quarter of
2024 ("current quarter") and full year 2024 ("current year").
"Our U.S. team continues to execute at a high level. Our parts
and service revenue growth of 12.2% was the best quarter in the
last four quarters. SG&A leverage was outstanding, and our new
vehicle PRUs were up sequentially on a U.S. as reported basis.
Also, we are realizing the benefits of some exceptional
acquisitions and prudent divestitures. Over the last year, because
of our excellent relationships with our OEM partners, we've added
great brands like Lexus, Honda, Mercedes-Benz, and Toyota in some
great U.S. markets," said Daryl
Kenningham, Group 1's President and Chief Executive
Officer.
"Our U.K. team is better positioned today than at any time in
our history, with exceptional brand partners and a portfolio of
dealerships that provide us geographic diversification across a
broader U.K. market," said Daryl
Kenningham. "Our ongoing restructuring actions to integrate
Inchcape Retail stores which began in the fourth quarter of 2024
will ultimately position us to capture the full value of this
acquisition."
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 $5.5 billion, a 23.8% increase compared to
$4.5 billion for the fourth quarter
of 2023 ("prior year quarter").
- Net income from continuing operations for the current quarter
was $94.6 million, a 13.1% decrease
compared to $108.8 million for the
prior year quarter.
- Current quarter adjusted net income from continuing operations
(a non-GAAP measure) was $133.9
million, a 2.1% increase compared to $131.2 million for the prior year quarter. Net
income from continuing operations for the current quarter included
impairment charges of $33.0 million
primarily attributable to franchise rights intangible assets for
four dealerships in the U.S.
- Current quarter diluted earnings per common share from
continuing operations was $7.08, a
10.1% decrease compared to $7.87 for
the prior year quarter. Current quarter adjusted diluted earnings
per common share from continuing operations (a non-GAAP measure)
was $10.02, a 5.5% increase compared
to $9.50 for the prior year
quarter.
|
Fourth
Quarter 2024
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
|
Reported:
|
4Q24
|
Change
|
4Q24
|
Change
|
|
Total
revenues
|
$5.5B
|
+23.8 %
|
$4.7B
|
+6.8 %
|
|
Total gross profit
("GP")
|
$879.2M
|
+20.3 %
|
$743.1M
|
+4.5 %
|
|
NV units
sold
|
57,939
|
+26.4 %
|
47,354
|
+6.0 %
|
|
NV GP per retail unit
("PRU")
|
$3,540
|
(12.0) %
|
$3,486
|
(13.6) %
|
|
Used vehicle ("UV")
retail units sold
|
55,337
|
+23.9 %
|
44,926
|
+3.5 %
|
|
UV retail GP
PRU
|
$1,433
|
(0.1) %
|
$1,434
|
0.0 %
|
|
Parts & service
("P&S") GP
|
$370.9M
|
+23.9 %
|
$312.6M
|
+7.6 %
|
|
P&S Gross Margin
("GM")
|
54.5 %
|
(0.4) %
|
54.2 %
|
(0.6) %
|
|
Finance and Insurance
("F&I") revenues
|
$225.5M
|
+20.5 %
|
$201.9M
|
+10.9 %
|
|
F&I GP
PRU
|
$1,991
|
(3.7) %
|
$2,188
|
+5.9 %
|
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
69.9 %
|
+316 bps
|
67.2 %
|
+36 bps
|
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
70.1 %
|
+362 bps
|
67.0 %
|
+78 bps
|
|
Full Year 2024 Results Overview
- Current year total revenues were a record $19.9 billion, an 11.5% increase compared to
$17.9 billion for the full year 2023
("prior year").
- Current year net income from continuing operations was
$497.0 million, a 17.4% decrease
compared to $602.0 million for the
prior year. Current year adjusted net income from continuing
operations (a non-GAAP measure) was $530.6
million, a 14.9% decrease compared to $623.3 million for the prior year.
- Current year diluted earnings per common share from continuing
operations was $36.72, a 14.1%
decrease compared to $42.75 for the
prior year. Current year adjusted diluted earnings per common share
from continuing operations (a non-GAAP measure) was $39.21, an 11.4% decrease compared to
$44.27 for the prior year.
|
Full Year
2024
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
|
Reported:
|
FY24
|
Change
|
FY24
|
Change
|
|
Total
revenues
|
$19.9B
|
+11.5 %
|
$17.6B
|
+2.0 %
|
|
Total GP
|
$3.2B
|
+7.3 %
|
$2.9B
|
(1.4) %
|
|
NV units
sold
|
203,677
|
+16.0 %
|
175,397
|
3.1 %
|
|
NV GP PRU
|
$3,525
|
(19.3) %
|
$3,520
|
(19.7) %
|
|
UV retail units
sold
|
209,687
|
+11.7 %
|
185,494
|
+2.5 %
|
|
UV retail GP
PRU
|
$1,574
|
(1.9) %
|
$1,563
|
(2.9) %
|
|
P&S GP
|
$1.4B
|
+12.6 %
|
$1.2B
|
+4.5 %
|
|
P&S GM
|
54.9 %
|
+0.3 %
|
54.5 %
|
(0.1) %
|
|
F&I
revenues
|
$828.7M
|
+11.7 %
|
$753.2M
|
+5.1 %
|
|
F&I GP
PRU
|
$2,005
|
(1.9) %
|
$2,087
|
+2.2 %
|
|
SG&A expenses as a
% of GP
|
67.2 %
|
+344 bps
|
68.1 %
|
+391 bps
|
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
67.9 %
|
+372 bps
|
66.9 %
|
+305 bps
|
|
U.K. Update
The previously announced consummation of the Inchcape Retail
acquisition in the third quarter of 2024, added 54 dealerships in
key hubs such as the Midlands, the
Northwest of England, and
Wales. The added scale and
geographic diversification, combined with a great portfolio of
brand partners, will enable us to better meet the demands of U.K.
consumers. Integration activities began immediately, including the
initiation of a U.K. wide restructuring plan during the current
quarter consisting of workforce realignment, strategic closing of
certain facilities and systems integrations. In the current
quarter, we made significant progress in the conversion of the
legacy Inchcape dealer management system ("DMS") to our existing
U.K. DMS. This conversion hampered our operations for a
period of time as we completed the in-store conversions. As a
result of these restructuring and integration actions, the Company
recognized $16.7 million in
restructuring charges in the current quarter. We expect a
significant number of restructuring activities to be completed by
the end of the first quarter of 2025.
Corporate Development
In October 2024, the Company
acquired a BMW/MINI dealership located in the U.K. This acquisition
is expected to generate approximately $125.0 million in annual revenues.
During the current year, the Company has successfully acquired
and integrated dealership operations with total expected annual
revenues of approximately $3.9
billion. We remain focused on quickly and efficiently
integrating our acquisitions into our existing operations to drive
incremental value creation for shareholders.
Share Repurchases
During the current quarter, the Company repurchased 80,300
shares at an average price per common share of $398.30, for a total of $32.0 million, excluding excise taxes of
$0.3 million.
During the current year, the Company repurchased 518,465 shares,
representing approximately 3.8% of the Company's outstanding common
shares at January 1 of the current
year, at an average price per common share of $311.67, for a total of $161.6 million, excluding excise taxes of
$1.4 million.
As of December 31, 2024, the Company had an aggregate
13.3 million outstanding common shares and unvested restricted
stock awards. As of December 31, 2024, the Company had
$476.1 million remaining on its
Board authorized common share repurchase program.
Future repurchases may be made from time to time, based on
market conditions, legal requirements, and other corporate
considerations, in the open market or in privately negotiated
transactions, and subject to Board approval and covenant
restrictions.
Fourth Quarter and Full Year 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 fourth
quarter and full year 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:
|
2497585
|
|
|
A telephonic replay will be available following the call through
February 5, 2025, by dialing:
|
Domestic:
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay Code:
|
5939241
|
|
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 259 automotive dealerships,
331 franchises, and 39 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,
and www.facebook.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, including any changes thereto
relating to the U.S. presidential transition (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 successfully integrate recent and future acquisitions
and realize the expected benefits from consummated acquisitions,
(i) foreign exchange controls and currency fluctuations, (j) the
armed conflicts in Ukraine and the Middle East, (k) the impacts of
sustained levels of inflation and potential changes in U.S. trade
policy, including the imposition of tariffs and the resulting
consequences, (l) our ability to maintain sufficient liquidity to
operate, (m) a material failure in or breach of our vendors'
information technology systems and other cybersecurity incidents,
and (n) the receipt of any insurance or other recoveries. 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, and employment compensation costs associated with the
cybersecurity incident recently experienced by third-party software
provider, CDK Global LLC.. 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, Financial Services and Manufacturer
Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@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,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,858.0
|
|
$
2,311.2
|
|
$
546.9
|
|
23.7 %
|
|
Used vehicle retail
sales
|
|
1,653.4
|
|
1,334.5
|
|
318.9
|
|
23.9 %
|
|
Used vehicle wholesale
sales
|
|
128.9
|
|
102.3
|
|
26.6
|
|
26.0 %
|
|
Parts and service
sales
|
|
680.2
|
|
545.0
|
|
135.2
|
|
24.8 %
|
|
Finance, insurance and
other, net
|
|
225.5
|
|
187.1
|
|
38.4
|
|
20.5 %
|
|
Total
revenues
|
|
5,546.0
|
|
4,480.0
|
|
1,066.0
|
|
23.8 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
2,652.9
|
|
2,126.7
|
|
526.2
|
|
24.7 %
|
|
Used vehicle retail
sales
|
|
1,574.1
|
|
1,270.4
|
|
303.7
|
|
23.9 %
|
|
Used vehicle wholesale
sales
|
|
130.5
|
|
106.6
|
|
23.9
|
|
22.5 %
|
|
Parts and service
sales
|
|
309.3
|
|
245.7
|
|
63.6
|
|
25.9 %
|
|
Total cost of
sales
|
|
4,666.8
|
|
3,749.4
|
|
917.4
|
|
24.5 %
|
|
GROSS
PROFIT
|
|
879.2
|
|
730.6
|
|
148.6
|
|
20.3 %
|
|
Selling, general and
administrative expenses
|
|
614.3
|
|
487.4
|
|
126.9
|
|
26.0 %
|
|
Depreciation and
amortization expense
|
|
31.5
|
|
23.4
|
|
8.2
|
|
34.9 %
|
|
Asset
impairments
|
|
33.0
|
|
25.1
|
|
7.8
|
|
31.2 %
|
|
Restructuring
charges
|
|
16.7
|
|
—
|
|
16.7
|
|
100.0 %
|
|
Other operating
(income) expense
|
|
(10.0)
|
|
—
|
|
(10.0)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
193.7
|
|
194.7
|
|
(1.0)
|
|
(0.5) %
|
|
Floorplan interest
expense
|
|
32.2
|
|
19.4
|
|
12.9
|
|
66.4 %
|
|
Other interest expense,
net
|
|
38.8
|
|
27.7
|
|
11.1
|
|
40.2 %
|
|
Other
expense
|
|
—
|
|
2.2
|
|
(2.2)
|
|
(98.5) %
|
|
INCOME BEFORE INCOME
TAXES
|
|
122.6
|
|
145.4
|
|
(22.8)
|
|
(15.7) %
|
|
Provision for income
taxes
|
|
28.0
|
|
36.6
|
|
(8.6)
|
|
(23.5) %
|
|
Net income from
continuing operations
|
|
94.6
|
|
108.8
|
|
(14.2)
|
|
(13.1) %
|
|
Net income (loss) from
discontinued operations
|
|
0.2
|
|
—
|
|
0.3
|
|
562.4 %
|
|
NET
INCOME
|
|
$
94.8
|
|
$
108.8
|
|
$
(13.9)
|
|
(12.8) %
|
|
Less: Earnings
allocated to participating securities
|
|
1.9
|
|
2.6
|
|
(0.7)
|
|
(27.2) %
|
|
Net income available to
diluted common shares
|
|
$
92.9
|
|
$
106.2
|
|
$
(13.2)
|
|
(12.5) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
7.08
|
|
$
7.87
|
|
$
(0.80)
|
|
(10.1) %
|
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.02
|
|
$
—
|
|
$
0.02
|
|
578.1 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
7.09
|
|
$
7.87
|
|
$
(0.78)
|
|
(9.9) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.1
|
|
13.5
|
|
(0.4)
|
|
(2.9) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.3
|
|
(0.1)
|
|
(19.3) %
|
|
Total weighted average
shares
|
|
13.4
|
|
13.8
|
|
(0.5)
|
|
(3.3) %
|
|
Effective tax rate on
continuing operations
|
|
22.9 %
|
|
25.2 %
|
|
(2.3) %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
9,972.4
|
|
$
8,774.6
|
|
$
1,197.8
|
|
13.7 %
|
|
Used vehicle retail
sales
|
|
6,179.9
|
|
5,693.5
|
|
486.3
|
|
8.5 %
|
|
Used vehicle wholesale
sales
|
|
462.4
|
|
441.4
|
|
21.0
|
|
4.7 %
|
|
Parts and service
sales
|
|
2,491.0
|
|
2,222.3
|
|
268.7
|
|
12.1 %
|
|
Finance, insurance and
other, net
|
|
828.7
|
|
741.9
|
|
86.8
|
|
11.7 %
|
|
Total
revenues
|
|
19,934.3
|
|
17,873.7
|
|
2,060.6
|
|
11.5 %
|
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
9,254.5
|
|
8,007.6
|
|
1,246.9
|
|
15.6 %
|
|
Used vehicle retail
sales
|
|
5,849.9
|
|
5,392.6
|
|
457.3
|
|
8.5 %
|
|
Used vehicle wholesale
sales
|
|
465.7
|
|
445.2
|
|
20.5
|
|
4.6 %
|
|
Parts and service
sales
|
|
1,123.2
|
|
1,008.0
|
|
115.2
|
|
11.4 %
|
|
Total cost of
sales
|
|
16,693.3
|
|
14,853.4
|
|
1,839.9
|
|
12.4 %
|
|
GROSS
PROFIT
|
|
3,241.0
|
|
3,020.3
|
|
220.7
|
|
7.3 %
|
|
Selling, general and
administrative expenses
|
|
2,179.2
|
|
1,926.8
|
|
252.4
|
|
13.1 %
|
|
Depreciation and
amortization expense
|
|
113.1
|
|
92.0
|
|
21.1
|
|
22.9 %
|
|
Asset
impairments
|
|
33.0
|
|
32.9
|
|
0.1
|
|
0.3 %
|
|
Restructuring
charges
|
|
16.7
|
|
—
|
|
16.7
|
|
100.0 %
|
|
Other operating
(income) expense
|
|
(10.0)
|
|
—
|
|
(10.0)
|
|
(100.0) %
|
|
INCOME FROM
OPERATIONS
|
|
909.1
|
|
968.6
|
|
(59.6)
|
|
(6.1) %
|
|
Floorplan interest
expense
|
|
108.5
|
|
64.1
|
|
44.4
|
|
69.3 %
|
|
Other interest expense,
net
|
|
141.3
|
|
99.8
|
|
41.5
|
|
41.6 %
|
|
Other
expense
|
|
0.7
|
|
4.5
|
|
(3.8)
|
|
(83.7) %
|
|
INCOME BEFORE INCOME
TAXES
|
|
658.5
|
|
800.2
|
|
(141.7)
|
|
(17.7) %
|
|
Provision for income
taxes
|
|
161.5
|
|
198.2
|
|
(36.7)
|
|
(18.5) %
|
|
Net income from
continuing operations
|
|
497.0
|
|
602.0
|
|
(105.0)
|
|
(17.4) %
|
|
Net income (loss) from
discontinued operations
|
|
1.2
|
|
(0.4)
|
|
1.5
|
|
425.1 %
|
|
NET
INCOME
|
|
$
498.1
|
|
$
601.6
|
|
$
(103.5)
|
|
(17.2) %
|
|
Less: Earnings
allocated to participating securities
|
|
10.5
|
|
14.8
|
|
(4.3)
|
|
(29.2) %
|
|
Net income available to
diluted common shares
|
|
$
487.7
|
|
$
586.9
|
|
$
(99.2)
|
|
(16.9) %
|
|
Diluted earnings per
share from continuing operations
|
|
$
36.72
|
|
$
42.75
|
|
$
(6.03)
|
|
(14.1) %
|
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.09
|
|
$
(0.03)
|
|
$
0.11
|
|
438.2 %
|
|
DILUTED EARNINGS PER
SHARE
|
|
$
36.81
|
|
$
42.73
|
|
$
(5.92)
|
|
(13.9) %
|
|
Weighted average
dilutive common shares outstanding
|
|
13.2
|
|
13.7
|
|
(0.5)
|
|
(3.5) %
|
|
Weighted average
participating securities
|
|
0.3
|
|
0.3
|
|
(0.1)
|
|
(17.8) %
|
|
Total weighted
average shares
|
|
13.5
|
|
14.1
|
|
(0.5)
|
|
(3.9) %
|
|
Effective tax rate on
continuing operations
|
|
24.5 %
|
|
24.8 %
|
|
(0.2) %
|
|
|
|
Group 1 Automotive,
Inc.
|
|
Additional
Information — Consolidated
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
34.4
|
|
$
57.2
|
|
$
(22.8)
|
|
(39.9) %
|
|
Inventories,
net
|
|
$
2,636.8
|
|
$
1,963.4
|
|
$
673.4
|
|
34.3 %
|
|
Floorplan notes
payable, net (1)
|
|
$
2,022.1
|
|
$
1,565.4
|
|
$
456.6
|
|
29.2 %
|
|
Total debt
|
|
$
2,913.1
|
|
$
2,098.8
|
|
$
814.4
|
|
38.8 %
|
|
Total equity
|
|
$
2,974.3
|
|
$
2,674.4
|
|
$
299.9
|
|
11.2 %
|
|
(1) Amounts
are net of offset accounts of $288.2 and $275.2,
respectively.
|
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
|
United
States
|
|
74.8 %
|
|
83.3 %
|
|
77.4 %
|
|
81.3 %
|
|
United
Kingdom
|
|
25.2 %
|
|
16.7 %
|
|
22.6 %
|
|
18.7 %
|
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
|
Toyota/Lexus
|
|
24.2 %
|
|
26.7 %
|
|
24.9 %
|
|
24.0 %
|
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
13.4 %
|
|
13.4 %
|
|
14.2 %
|
|
15.2 %
|
|
BMW/MINI
|
|
14.1 %
|
|
12.8 %
|
|
11.6 %
|
|
11.8 %
|
|
Honda/Acura
|
|
8.6 %
|
|
7.3 %
|
|
9.2 %
|
|
7.5 %
|
|
Chevrolet/GMC/Buick
|
|
9.0 %
|
|
9.3 %
|
|
9.1 %
|
|
9.0 %
|
|
Mercedes-Benz/Sprinter
|
|
9.1 %
|
|
6.0 %
|
|
7.5 %
|
|
6.2 %
|
|
Ford/Lincoln
|
|
6.9 %
|
|
6.9 %
|
|
7.0 %
|
|
7.5 %
|
|
Hyundai/Kia/Genesis
|
|
4.8 %
|
|
5.1 %
|
|
5.4 %
|
|
5.2 %
|
|
Subaru
|
|
3.0 %
|
|
3.3 %
|
|
3.2 %
|
|
2.9 %
|
|
Nissan
|
|
1.9 %
|
|
2.9 %
|
|
2.2 %
|
|
3.6 %
|
|
Chrysler/Dodge/Jeep/RAM
|
|
1.7 %
|
|
3.1 %
|
|
2.1 %
|
|
3.7 %
|
|
Jaguar/Land
Rover
|
|
2.0 %
|
|
1.6 %
|
|
2.0 %
|
|
1.7 %
|
|
Mazda
|
|
1.0 %
|
|
1.3 %
|
|
1.2 %
|
|
1.2 %
|
|
Other
|
|
0.2 %
|
|
0.3 %
|
|
0.2 %
|
|
0.3 %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
New vehicle
inventory
|
|
44
|
|
37
|
|
Used vehicle
inventory
|
|
39
|
|
35
|
|
U.S.
|
|
|
|
|
|
New vehicle
inventory
|
|
43
|
|
36
|
|
Used vehicle
inventory
|
|
29
|
|
29
|
|
U.K.
|
|
|
|
|
|
New vehicle
inventory
|
|
45
|
|
48
|
|
Used vehicle
inventory
|
|
67
|
|
58
|
|
|
(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,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,858.0
|
|
$
2,311.2
|
|
$
546.9
|
|
23.7 %
|
|
|
$
18.6
|
|
22.9 %
|
|
Used vehicle retail
sales
|
1,653.4
|
|
1,334.5
|
|
318.9
|
|
23.9 %
|
|
|
17.8
|
|
22.6 %
|
|
Used vehicle wholesale
sales
|
128.9
|
|
102.3
|
|
26.6
|
|
26.0 %
|
|
|
1.6
|
|
24.4 %
|
|
Total
used
|
1,782.3
|
|
1,436.8
|
|
345.5
|
|
24.0 %
|
|
|
19.4
|
|
22.7 %
|
|
Parts and service
sales
|
680.2
|
|
545.0
|
|
135.2
|
|
24.8 %
|
|
|
5.0
|
|
23.9 %
|
|
F&I,
net
|
225.5
|
|
187.1
|
|
38.4
|
|
20.5 %
|
|
|
1.0
|
|
20.0 %
|
|
Total
revenues
|
$
5,546.0
|
|
$
4,480.0
|
|
$
1,066.0
|
|
23.8 %
|
|
|
$
44.0
|
|
22.8 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
205.1
|
|
$
184.5
|
|
$
20.7
|
|
11.2 %
|
|
|
$
1.4
|
|
10.5 %
|
|
Used vehicle retail
sales
|
79.3
|
|
64.1
|
|
15.2
|
|
23.8 %
|
|
|
0.9
|
|
22.4 %
|
|
Used vehicle wholesale
sales
|
(1.7)
|
|
(4.3)
|
|
2.6
|
|
61.4 %
|
|
|
—
|
|
62.2 %
|
|
Total
used
|
77.6
|
|
59.8
|
|
17.9
|
|
29.9 %
|
|
|
0.8
|
|
28.5 %
|
|
Parts and service
sales
|
370.9
|
|
299.3
|
|
71.6
|
|
23.9 %
|
|
|
2.7
|
|
23.0 %
|
|
F&I,
net
|
225.5
|
|
187.1
|
|
38.4
|
|
20.5 %
|
|
|
1.0
|
|
20.0 %
|
|
Total gross
profit
|
$
879.2
|
|
$
730.6
|
|
$
148.6
|
|
20.3 %
|
|
|
$
5.9
|
|
19.5 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
8.0 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
4.8 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(1.3) %
|
|
(4.2) %
|
|
2.9 %
|
|
|
|
|
|
|
|
|
Total
used
|
4.4 %
|
|
4.2 %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.5 %
|
|
54.9 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
15.9 %
|
|
16.3 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
57,939
|
|
45,827
|
|
12,112
|
|
26.4 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
55,337
|
|
44,656
|
|
10,681
|
|
23.9 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
14,733
|
|
11,156
|
|
3,577
|
|
32.1 %
|
|
|
|
|
|
|
Total
used
|
70,070
|
|
55,812
|
|
14,258
|
|
25.5 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 51,106
|
|
$ 50,760
|
|
$
347
|
|
0.7 %
|
|
|
$
330
|
|
— %
|
|
Used vehicle
retail
|
$ 29,879
|
|
$ 29,884
|
|
$
(5)
|
|
— %
|
|
|
$
322
|
|
(1.1) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,540
|
|
$
4,025
|
|
$
(485)
|
|
(12.0) %
|
|
|
$
24
|
|
(12.6) %
|
|
Used vehicle retail
sales
|
$
1,433
|
|
$
1,434
|
|
$
(2)
|
|
(0.1) %
|
|
|
$
16
|
|
(1.2) %
|
|
Used vehicle wholesale
sales
|
$
(113)
|
|
$
(386)
|
|
$
273
|
|
70.7 %
|
|
|
$
(2)
|
|
71.4 %
|
|
Total
used
|
$
1,108
|
|
$
1,071
|
|
$
37
|
|
3.5 %
|
|
|
$
12
|
|
2.3 %
|
|
F&I PRU
|
$
1,991
|
|
$
2,068
|
|
$
(77)
|
|
(3.7) %
|
|
|
$
9
|
|
(4.1) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
614.3
|
|
$
487.4
|
|
$
126.9
|
|
26.0 %
|
|
|
$
5.5
|
|
24.9 %
|
|
Adjusted SG&A
expenses (2)
|
$
616.3
|
|
$
485.7
|
|
$
130.6
|
|
26.9 %
|
|
|
$
5.3
|
|
25.8 %
|
|
SG&A as % gross
profit
|
69.9 %
|
|
66.7 %
|
|
3.2 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
70.1 %
|
|
66.5 %
|
|
3.6 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
3.6 %
|
|
4.3 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.2 %
|
|
5.0 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
2.2 %
|
|
3.2 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.1 %
|
|
3.9 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
32.2
|
|
$
19.4
|
|
$
12.9
|
|
66.4 %
|
|
|
$
0.2
|
|
65.2 %
|
|
Less: Floorplan
assistance (3)
|
25.0
|
|
19.3
|
|
5.7
|
|
29.3 %
|
|
|
—
|
|
29.1 %
|
|
Net floorplan
expense
|
$
7.2
|
|
$
—
|
|
$
7.2
|
|
|
|
|
$
0.2
|
|
|
|
|
(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.
|
|
(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,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
9,972.4
|
|
$
8,774.6
|
|
$
1,197.8
|
|
13.7 %
|
|
|
$
59.6
|
|
13.0 %
|
|
Used vehicle retail
sales
|
6,179.9
|
|
5,693.5
|
|
486.3
|
|
8.5 %
|
|
|
49.9
|
|
7.7 %
|
|
Used vehicle wholesale
sales
|
462.4
|
|
441.4
|
|
21.0
|
|
4.7 %
|
|
|
4.1
|
|
3.8 %
|
|
Total
used
|
6,642.3
|
|
6,135.0
|
|
507.3
|
|
8.3 %
|
|
|
54.0
|
|
7.4 %
|
|
Parts and service
sales
|
2,491.0
|
|
2,222.3
|
|
268.7
|
|
12.1 %
|
|
|
13.6
|
|
11.5 %
|
|
F&I,
net
|
828.7
|
|
741.9
|
|
86.8
|
|
11.7 %
|
|
|
3.0
|
|
11.3 %
|
|
Total
revenues
|
$
19,934.3
|
|
$
17,873.7
|
|
$
2,060.6
|
|
11.5 %
|
|
|
$
130.1
|
|
10.8 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
717.9
|
|
$
767.0
|
|
$
(49.1)
|
|
(6.4) %
|
|
|
$
4.7
|
|
(7.0) %
|
|
Used vehicle retail
sales
|
330.0
|
|
300.9
|
|
29.1
|
|
9.7 %
|
|
|
2.5
|
|
8.8 %
|
|
Used vehicle wholesale
sales
|
(3.3)
|
|
(3.8)
|
|
0.5
|
|
12.7 %
|
|
|
(0.1)
|
|
15.4 %
|
|
Total
used
|
326.7
|
|
297.2
|
|
29.6
|
|
9.9 %
|
|
|
2.4
|
|
9.1 %
|
|
Parts and service
sales
|
1,367.7
|
|
1,214.2
|
|
153.5
|
|
12.6 %
|
|
|
7.7
|
|
12.0 %
|
|
F&I,
net
|
828.7
|
|
741.9
|
|
86.8
|
|
11.7 %
|
|
|
3.0
|
|
11.3 %
|
|
Total gross
profit
|
$
3,241.0
|
|
$
3,020.3
|
|
$
220.7
|
|
7.3 %
|
|
|
$
17.9
|
|
6.7 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
8.7 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.3 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.7) %
|
|
(0.9) %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Total
used
|
4.9 %
|
|
4.8 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.9 %
|
|
54.6 %
|
|
0.3 %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3 %
|
|
16.9 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
203,677
|
|
175,566
|
|
28,111
|
|
16.0 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
209,687
|
|
187,656
|
|
22,031
|
|
11.7 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
52,600
|
|
43,763
|
|
8,837
|
|
20.2 %
|
|
|
|
|
|
|
Total
used
|
262,287
|
|
231,419
|
|
30,868
|
|
13.3 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 49,817
|
|
$ 50,325
|
|
$
(508)
|
|
(1.0) %
|
|
|
$
296
|
|
(1.6) %
|
|
Used vehicle
retail
|
$ 29,472
|
|
$ 30,340
|
|
$
(868)
|
|
(2.9) %
|
|
|
$
238
|
|
(3.6) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,525
|
|
$
4,369
|
|
$
(844)
|
|
(19.3) %
|
|
|
$
23
|
|
(19.9) %
|
|
Used vehicle retail
sales
|
$
1,574
|
|
$
1,604
|
|
$
(30)
|
|
(1.9) %
|
|
|
$
12
|
|
(2.6) %
|
|
Used vehicle wholesale
sales
|
$
(63)
|
|
$
(86)
|
|
$
24
|
|
27.4 %
|
|
|
$
(2)
|
|
29.7 %
|
|
Total
used
|
$
1,246
|
|
$
1,284
|
|
$
(38)
|
|
(3.0) %
|
|
|
$
9
|
|
(3.7) %
|
|
F&I PRU
|
$
2,005
|
|
$
2,043
|
|
$
(38)
|
|
(1.9) %
|
|
|
$
7
|
|
(2.2) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
2,179.2
|
|
$
1,926.8
|
|
$
252.4
|
|
13.1 %
|
|
|
$
14.6
|
|
12.3 %
|
|
Adjusted SG&A
expenses (2)
|
$
2,200.5
|
|
$
1,938.4
|
|
$
262.1
|
|
13.5 %
|
|
|
$
14.2
|
|
12.8 %
|
|
SG&A as % gross
profit
|
67.2 %
|
|
63.8 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.9 %
|
|
64.2 %
|
|
3.7 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.6 %
|
|
5.4 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.7 %
|
|
5.5 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Pretax margin
%
|
3.3 %
|
|
4.5 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (2)
|
3.5 %
|
|
4.6 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
108.5
|
|
$
64.1
|
|
$
44.4
|
|
69.3 %
|
|
|
$
0.6
|
|
68.4 %
|
|
Less: Floorplan
assistance (3)
|
88.4
|
|
71.2
|
|
17.2
|
|
24.2 %
|
|
|
0.1
|
|
24.1 %
|
|
Net floorplan
expense
|
$
20.1
|
|
$
(7.1)
|
|
$
27.2
|
|
|
|
|
$
0.5
|
|
|
|
|
(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.
|
|
Group 1
Automotive, Inc.
|
|
Reported Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
2,283.9
|
|
$
1,989.3
|
|
$
294.6
|
|
14.8 %
|
|
Used vehicle retail
sales
|
|
1,140.9
|
|
1,065.2
|
|
75.7
|
|
7.1 %
|
|
Used vehicle wholesale
sales
|
|
82.6
|
|
72.2
|
|
10.5
|
|
14.5 %
|
|
Total
used
|
|
1,223.5
|
|
1,137.4
|
|
86.2
|
|
7.6 %
|
|
Parts and service
sales
|
|
531.7
|
|
473.9
|
|
57.8
|
|
12.2 %
|
|
F&I,
net
|
|
195.7
|
|
172.0
|
|
23.7
|
|
13.8 %
|
|
Total
revenues
|
|
$
4,234.8
|
|
$
3,772.5
|
|
$
462.3
|
|
12.3 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
155.5
|
|
$
156.4
|
|
$
(0.9)
|
|
(0.6) %
|
|
Used vehicle retail
sales
|
|
55.5
|
|
53.3
|
|
2.3
|
|
4.3 %
|
|
Used vehicle wholesale
sales
|
|
0.6
|
|
(0.5)
|
|
1.0
|
|
NM
|
|
Total
used
|
|
56.1
|
|
52.8
|
|
3.3
|
|
6.3 %
|
|
Parts and service
sales
|
|
288.6
|
|
259.0
|
|
29.6
|
|
11.4 %
|
|
F&I,
net
|
|
195.7
|
|
172.0
|
|
23.7
|
|
13.8 %
|
|
Total gross
profit
|
|
$
695.9
|
|
$
640.2
|
|
$
55.7
|
|
8.7 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6.8 %
|
|
7.9 %
|
|
(1.1) %
|
|
|
|
Used vehicle retail
sales
|
|
4.9 %
|
|
5.0 %
|
|
(0.1) %
|
|
|
|
Used vehicle wholesale
sales
|
|
0.7 %
|
|
(0.6) %
|
|
1.3 %
|
|
|
|
Total
used
|
|
4.6 %
|
|
4.6 %
|
|
(0.1) %
|
|
|
|
Parts and service
sales
|
|
54.3 %
|
|
54.7 %
|
|
(0.4) %
|
|
|
|
Total gross
margin
|
|
16.4 %
|
|
17.0 %
|
|
(0.5) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
43,348
|
|
38,152
|
|
5,196
|
|
13.6 %
|
|
Retail used vehicles
sold
|
|
37,699
|
|
35,195
|
|
2,504
|
|
7.1 %
|
|
Wholesale used
vehicles sold
|
|
9,594
|
|
8,160
|
|
1,434
|
|
17.6 %
|
|
Total
used
|
|
47,293
|
|
43,355
|
|
3,938
|
|
9.1 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
52,688
|
|
$
52,141
|
|
$
547
|
|
1.0 %
|
|
Used vehicle
retail
|
|
$
30,264
|
|
$
30,266
|
|
$
(2)
|
|
— %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,587
|
|
$
4,099
|
|
$
(512)
|
|
(12.5) %
|
|
Used vehicle retail
sales
|
|
$
1,473
|
|
$
1,513
|
|
$
(40)
|
|
(2.6) %
|
|
Used vehicle wholesale
sales
|
|
$
58
|
|
$
(57)
|
|
$
116
|
|
NM
|
|
Total
used
|
|
$
1,186
|
|
$
1,218
|
|
$
(31)
|
|
(2.6) %
|
|
F&I PRU
|
|
$
2,415
|
|
$
2,345
|
|
$
70
|
|
3.0 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
446.1
|
|
$
413.1
|
|
$
33.0
|
|
8.0 %
|
|
Adjusted SG&A
expenses (1)
|
|
$
449.5
|
|
$
408.7
|
|
$
40.8
|
|
10.0 %
|
|
SG&A as % gross
profit
|
|
64.1 %
|
|
64.5 %
|
|
(0.4) %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
64.6 %
|
|
63.8 %
|
|
0.8 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Reported Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
8,110.1
|
|
$
7,433.6
|
|
$
676.6
|
|
9.1 %
|
|
Used vehicle retail
sales
|
|
4,550.7
|
|
4,458.7
|
|
92.0
|
|
2.1 %
|
|
Used vehicle wholesale
sales
|
|
323.8
|
|
314.4
|
|
9.4
|
|
3.0 %
|
|
Total
used
|
|
4,874.5
|
|
4,773.1
|
|
101.4
|
|
2.1 %
|
|
Parts and service
sales
|
|
2,052.7
|
|
1,933.3
|
|
119.4
|
|
6.2 %
|
|
F&I,
net
|
|
735.6
|
|
674.3
|
|
61.3
|
|
9.1 %
|
|
Total
revenues
|
|
$ 15,772.9
|
|
$ 14,814.2
|
|
$
958.7
|
|
6.5 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
571.8
|
|
$
646.1
|
|
$
(74.3)
|
|
(11.5) %
|
|
Used vehicle retail
sales
|
|
249.2
|
|
240.8
|
|
8.5
|
|
3.5 %
|
|
Used vehicle wholesale
sales
|
|
4.5
|
|
2.6
|
|
2.0
|
|
76.7 %
|
|
Total
used
|
|
253.7
|
|
243.3
|
|
10.4
|
|
4.3 %
|
|
Parts and service
sales
|
|
1,119.7
|
|
1,046.4
|
|
73.3
|
|
7.0 %
|
|
F&I,
net
|
|
735.6
|
|
674.3
|
|
61.3
|
|
9.1 %
|
|
Total gross
profit
|
|
$
2,680.9
|
|
$
2,610.1
|
|
$
70.7
|
|
2.7 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
7.1 %
|
|
8.7 %
|
|
(1.6) %
|
|
|
|
Used vehicle retail
sales
|
|
5.5 %
|
|
5.4 %
|
|
0.1 %
|
|
|
|
Used vehicle wholesale
sales
|
|
1.4 %
|
|
0.8 %
|
|
0.6 %
|
|
|
|
Total
used
|
|
5.2 %
|
|
5.1 %
|
|
0.1 %
|
|
|
|
Parts and service
sales
|
|
54.5 %
|
|
54.1 %
|
|
0.4 %
|
|
|
|
Total gross
margin
|
|
17.0 %
|
|
17.6 %
|
|
(0.6) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
157,662
|
|
142,809
|
|
14,853
|
|
10.4 %
|
|
Retail used vehicles
sold
|
|
152,970
|
|
145,617
|
|
7,353
|
|
5.0 %
|
|
Wholesale used
vehicles sold
|
|
37,223
|
|
31,456
|
|
5,767
|
|
18.3 %
|
|
Total
used
|
|
190,193
|
|
177,073
|
|
13,120
|
|
7.4 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
51,440
|
|
$
52,052
|
|
$
(613)
|
|
(1.2) %
|
|
Used vehicle
retail
|
|
$
29,749
|
|
$
30,619
|
|
$
(871)
|
|
(2.8) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
3,627
|
|
$
4,524
|
|
$
(897)
|
|
(19.8) %
|
|
Used vehicle retail
sales
|
|
$
1,629
|
|
$
1,653
|
|
$
(24)
|
|
(1.5) %
|
|
Used vehicle wholesale
sales
|
|
$
121
|
|
$
81
|
|
$
40
|
|
49.3 %
|
|
Total
used
|
|
$
1,334
|
|
$
1,374
|
|
$
(40)
|
|
(2.9) %
|
|
F&I PRU
|
|
$
2,368
|
|
$
2,338
|
|
$
30
|
|
1.3 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
1,704.0
|
|
$
1,622.9
|
|
$
81.1
|
|
5.0 %
|
|
Adjusted SG&A
expenses (1)
|
|
$
1,735.8
|
|
$
1,630.8
|
|
$
105.0
|
|
6.4 %
|
|
SG&A as % gross
profit
|
|
63.6 %
|
|
62.2 %
|
|
1.4 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
64.7 %
|
|
62.5 %
|
|
2.3 %
|
|
|
|
|
(1) See the section in
this release titled "Reconciliation of Certain Non-GAAP Financial
Measures" for the GAAP to non-GAAP reconciliation of these
figures.
|
|
Group 1 Automotive,
Inc.
|
|
Reported Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
Three Months Ended
December 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
574.1
|
|
$
321.9
|
|
$
252.3
|
|
78.4 %
|
|
|
$
18.6
|
|
72.6 %
|
|
Used vehicle retail
sales
|
512.5
|
|
269.3
|
|
243.2
|
|
90.3 %
|
|
|
17.8
|
|
83.7 %
|
|
Used vehicle wholesale
sales
|
46.3
|
|
30.1
|
|
16.1
|
|
53.6 %
|
|
|
1.6
|
|
48.3 %
|
|
Total
used
|
558.7
|
|
299.4
|
|
259.3
|
|
86.6 %
|
|
|
19.4
|
|
80.1 %
|
|
Parts and service
sales
|
148.5
|
|
71.1
|
|
77.4
|
|
108.9 %
|
|
|
5.0
|
|
101.9 %
|
|
F&I,
net
|
29.8
|
|
15.2
|
|
14.7
|
|
96.8 %
|
|
|
1.0
|
|
90.2 %
|
|
Total
revenues
|
$
1,311.2
|
|
$
707.5
|
|
$
603.7
|
|
85.3 %
|
|
|
$
44.0
|
|
79.1 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
49.6
|
|
$
28.1
|
|
$
21.6
|
|
76.9 %
|
|
|
$
1.4
|
|
72.1 %
|
|
Used vehicle retail
sales
|
23.7
|
|
10.8
|
|
12.9
|
|
119.8 %
|
|
|
0.9
|
|
111.7 %
|
|
Used vehicle wholesale
sales
|
(2.2)
|
|
(3.8)
|
|
1.6
|
|
42.0 %
|
|
|
—
|
|
43.0 %
|
|
Total
used
|
21.5
|
|
7.0
|
|
14.5
|
|
208.9 %
|
|
|
0.8
|
|
196.9 %
|
|
Parts and service
sales
|
82.3
|
|
40.3
|
|
42.0
|
|
104.4 %
|
|
|
2.7
|
|
97.5 %
|
|
F&I,
net
|
29.8
|
|
15.2
|
|
14.7
|
|
96.8 %
|
|
|
1.0
|
|
90.2 %
|
|
Total gross
profit
|
$
183.3
|
|
$
90.5
|
|
$
92.8
|
|
102.6 %
|
|
|
$
5.9
|
|
96.1 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
8.6 %
|
|
8.7 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.6 %
|
|
4.0 %
|
|
0.6 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(4.8) %
|
|
(12.7) %
|
|
7.9 %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
2.3 %
|
|
1.5 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.4 %
|
|
56.7 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
14.0 %
|
|
12.8 %
|
|
1.2 %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
14,591
|
|
7,675
|
|
6,916
|
|
90.1 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
17,638
|
|
9,461
|
|
8,177
|
|
86.4 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
5,139
|
|
2,996
|
|
2,143
|
|
71.5 %
|
|
|
|
|
|
|
Total
used
|
22,777
|
|
12,457
|
|
10,320
|
|
82.8 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 45,597
|
|
$ 43,599
|
|
$
1,997
|
|
4.6 %
|
|
|
$
1,478
|
|
1.2 %
|
|
Used vehicle
retail
|
$ 29,055
|
|
$ 28,461
|
|
$
594
|
|
2.1 %
|
|
|
$
1,009
|
|
(1.5) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,403
|
|
$
3,656
|
|
$
(253)
|
|
(6.9) %
|
|
|
$
93
|
|
(9.5) %
|
|
Used vehicle retail
sales
|
$
1,345
|
|
$
1,141
|
|
$
204
|
|
17.9 %
|
|
|
$
49
|
|
13.6 %
|
|
Used vehicle wholesale
sales
|
$
(433)
|
|
$
(1,281)
|
|
$
848
|
|
66.2 %
|
|
|
$
(7)
|
|
66.8 %
|
|
Total
used
|
$
944
|
|
$
559
|
|
$
385
|
|
69.0 %
|
|
|
$
37
|
|
62.4 %
|
|
F&I PRU
|
$
926
|
|
$
885
|
|
$
41
|
|
4.7 %
|
|
|
$
31
|
|
1.1 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
168.2
|
|
$
74.3
|
|
$
93.9
|
|
126.4 %
|
|
|
$
5.5
|
|
118.9 %
|
|
Adjusted SG&A
expenses (2)
|
$
166.7
|
|
$
77.0
|
|
$
89.7
|
|
116.5 %
|
|
|
$
5.3
|
|
109.6 %
|
|
SG&A as % gross
profit
|
91.8 %
|
|
82.2 %
|
|
9.6 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
91.0 %
|
|
85.1 %
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive,
Inc.
|
|
Reported Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,862.3
|
|
$
1,341.0
|
|
$
521.3
|
|
38.9 %
|
|
|
$
59.6
|
|
34.4 %
|
|
Used vehicle retail
sales
|
1,629.2
|
|
1,234.8
|
|
394.4
|
|
31.9 %
|
|
|
49.9
|
|
27.9 %
|
|
Used vehicle wholesale
sales
|
138.6
|
|
127.1
|
|
11.5
|
|
9.1 %
|
|
|
4.1
|
|
5.8 %
|
|
Total
used
|
1,767.8
|
|
1,361.9
|
|
405.9
|
|
29.8 %
|
|
|
54.0
|
|
25.8 %
|
|
Parts and service
sales
|
438.3
|
|
289.0
|
|
149.3
|
|
51.7 %
|
|
|
13.6
|
|
47.0 %
|
|
F&I,
net
|
93.0
|
|
67.6
|
|
25.4
|
|
37.6 %
|
|
|
3.0
|
|
33.2 %
|
|
Total
revenues
|
$
4,161.5
|
|
$
3,059.5
|
|
$
1,102.0
|
|
36.0 %
|
|
|
$
130.1
|
|
31.8 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
146.0
|
|
$
120.8
|
|
$
25.2
|
|
20.9 %
|
|
|
$
4.7
|
|
16.9 %
|
|
Used vehicle retail
sales
|
80.8
|
|
60.2
|
|
20.6
|
|
34.3 %
|
|
|
2.5
|
|
30.0 %
|
|
Used vehicle wholesale
sales
|
(7.8)
|
|
(6.3)
|
|
(1.5)
|
|
(23.4) %
|
|
|
(0.1)
|
|
(21.7) %
|
|
Total
used
|
73.0
|
|
53.9
|
|
19.1
|
|
35.5 %
|
|
|
2.4
|
|
31.0 %
|
|
Parts and service
sales
|
248.0
|
|
167.8
|
|
80.2
|
|
47.8 %
|
|
|
7.7
|
|
43.2 %
|
|
F&I,
net
|
93.0
|
|
67.6
|
|
25.4
|
|
37.6 %
|
|
|
3.0
|
|
33.2 %
|
|
Total gross
profit
|
$
560.1
|
|
$
410.1
|
|
$
150.0
|
|
36.6 %
|
|
|
$
17.9
|
|
32.2 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.8 %
|
|
9.0 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.0 %
|
|
4.9 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(5.6) %
|
|
(5.0) %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
Total
used
|
4.1 %
|
|
4.0 %
|
|
0.2 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
56.6 %
|
|
58.1 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
13.5 %
|
|
13.4 %
|
|
0.1 %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
46,015
|
|
32,757
|
|
13,258
|
|
40.5 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
56,717
|
|
42,039
|
|
14,678
|
|
34.9 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
15,377
|
|
12,307
|
|
3,070
|
|
24.9 %
|
|
|
|
|
|
|
Total
used
|
72,094
|
|
54,346
|
|
17,748
|
|
32.7 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 43,765
|
|
$ 42,488
|
|
$
1,277
|
|
3.0 %
|
|
|
$
1,401
|
|
(0.3) %
|
|
Used vehicle
retail
|
$ 28,725
|
|
$ 29,373
|
|
$
(648)
|
|
(2.2) %
|
|
|
$
880
|
|
(5.2) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,174
|
|
$
3,689
|
|
$
(515)
|
|
(14.0) %
|
|
|
$
103
|
|
(16.8) %
|
|
Used vehicle retail
sales
|
$
1,425
|
|
$
1,432
|
|
$
(7)
|
|
(0.5) %
|
|
|
$
45
|
|
(3.6) %
|
|
Used vehicle wholesale
sales
|
$
(508)
|
|
$
(514)
|
|
$
6
|
|
1.3 %
|
|
|
$
(7)
|
|
2.6 %
|
|
Total
used
|
$
1,013
|
|
$
991
|
|
$
22
|
|
2.2 %
|
|
|
$
34
|
|
(1.2) %
|
|
F&I PRU
|
$
906
|
|
$
904
|
|
$
2
|
|
0.2 %
|
|
|
$
29
|
|
(3.0) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
475.2
|
|
$
303.9
|
|
$
171.3
|
|
56.4 %
|
|
|
$
14.6
|
|
51.5 %
|
|
Adjusted SG&A
expenses (2)
|
$
464.7
|
|
$
307.5
|
|
$
157.2
|
|
51.1 %
|
|
|
$
14.2
|
|
46.5 %
|
|
SG&A as % gross
profit
|
84.8 %
|
|
74.1 %
|
|
10.7 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
83.0 %
|
|
75.0 %
|
|
8.0 %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — Consolidated
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,440.8
|
|
$
2,256.2
|
|
$
184.6
|
|
8.2 %
|
|
|
$
10.1
|
|
7.7 %
|
|
Used vehicle retail
sales
|
1,342.2
|
|
1,298.9
|
|
43.3
|
|
3.3 %
|
|
|
9.0
|
|
2.6 %
|
|
Used vehicle wholesale
sales
|
101.5
|
|
99.2
|
|
2.3
|
|
2.3 %
|
|
|
0.8
|
|
1.5 %
|
|
Total
used
|
1,443.7
|
|
1,398.2
|
|
45.5
|
|
3.3 %
|
|
|
9.8
|
|
2.6 %
|
|
Parts and service
sales
|
576.4
|
|
529.6
|
|
46.8
|
|
8.8 %
|
|
|
2.5
|
|
8.4 %
|
|
F&I,
net
|
201.9
|
|
182.0
|
|
19.9
|
|
10.9 %
|
|
|
0.5
|
|
10.6 %
|
|
Total
revenues
|
$
4,662.7
|
|
$
4,366.0
|
|
$
296.8
|
|
6.8 %
|
|
|
$
23.0
|
|
6.3 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
165.1
|
|
$
180.4
|
|
$
(15.3)
|
|
(8.5) %
|
|
|
$
0.6
|
|
(8.8) %
|
|
Used vehicle retail
sales
|
64.4
|
|
62.2
|
|
2.2
|
|
3.5 %
|
|
|
0.4
|
|
2.8 %
|
|
Used vehicle wholesale
sales
|
(0.9)
|
|
(4.3)
|
|
3.3
|
|
78.0 %
|
|
|
—
|
|
78.7 %
|
|
Total
used
|
63.5
|
|
57.9
|
|
5.5
|
|
9.6 %
|
|
|
0.4
|
|
8.9 %
|
|
Parts and service
sales
|
312.6
|
|
290.4
|
|
22.2
|
|
7.6 %
|
|
|
1.4
|
|
7.2 %
|
|
F&I,
net
|
201.9
|
|
182.0
|
|
19.9
|
|
10.9 %
|
|
|
0.5
|
|
10.6 %
|
|
Total gross
profit
|
$
743.1
|
|
$
710.8
|
|
$
32.3
|
|
4.5 %
|
|
|
$
2.9
|
|
4.1 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.8 %
|
|
8.0 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
4.8 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.9) %
|
|
(4.3) %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
Total
used
|
4.4 %
|
|
4.1 %
|
|
0.3 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.2 %
|
|
54.8 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
15.9 %
|
|
16.3 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
47,354
|
|
44,693
|
|
2,661
|
|
6.0 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
44,926
|
|
43,407
|
|
1,519
|
|
3.5 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,742
|
|
10,860
|
|
882
|
|
8.1 %
|
|
|
|
|
|
|
Total
used
|
56,668
|
|
54,267
|
|
2,401
|
|
4.4 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 52,072
|
|
$ 50,819
|
|
$
1,253
|
|
2.5 %
|
|
|
$
215
|
|
2.0 %
|
|
Used vehicle
retail
|
$ 29,876
|
|
$ 29,925
|
|
$
(49)
|
|
(0.2) %
|
|
|
$
200
|
|
(0.8) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,486
|
|
$
4,037
|
|
$
(551)
|
|
(13.6) %
|
|
|
$
12
|
|
(13.9) %
|
|
Used vehicle retail
sales
|
$
1,434
|
|
$
1,433
|
|
$
—
|
|
— %
|
|
|
$
10
|
|
(0.7) %
|
|
Used vehicle wholesale
sales
|
$
(80)
|
|
$
(395)
|
|
$
315
|
|
79.7 %
|
|
|
$
(2)
|
|
80.3 %
|
|
Total
used
|
$
1,120
|
|
$
1,067
|
|
$
53
|
|
4.9 %
|
|
|
$
7
|
|
4.2 %
|
|
F&I PRU
|
$
2,188
|
|
$
2,066
|
|
$
122
|
|
5.9 %
|
|
|
$
6
|
|
5.6 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
499.3
|
|
$
475.0
|
|
$
24.2
|
|
5.1 %
|
|
|
$
2.6
|
|
4.6 %
|
|
Adjusted SG&A
expenses (2)
|
$
497.9
|
|
$
470.7
|
|
$
27.2
|
|
5.8 %
|
|
|
$
2.5
|
|
5.2 %
|
|
SG&A as % gross
profit
|
67.2 %
|
|
66.8 %
|
|
0.4 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
67.0 %
|
|
66.2 %
|
|
0.8 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.0 %
|
|
4.3 %
|
|
(0.3) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.8 %
|
|
5.0 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — Consolidated
|
|
(Unaudited)
|
|
(In millions, except
unit data)
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
8,785.0
|
|
$
8,507.7
|
|
$
277.4
|
|
3.3 %
|
|
|
$
40.8
|
|
2.8 %
|
|
Used vehicle retail
sales
|
5,454.4
|
|
5,499.0
|
|
(44.6)
|
|
(0.8) %
|
|
|
32.7
|
|
(1.4) %
|
|
Used vehicle wholesale
sales
|
398.9
|
|
422.5
|
|
(23.6)
|
|
(5.6) %
|
|
|
2.7
|
|
(6.2) %
|
|
Total
used
|
5,853.3
|
|
5,921.5
|
|
(68.2)
|
|
(1.2) %
|
|
|
35.4
|
|
(1.7) %
|
|
Parts and service
sales
|
2,242.2
|
|
2,143.0
|
|
99.2
|
|
4.6 %
|
|
|
8.6
|
|
4.2 %
|
|
F&I,
net
|
753.2
|
|
716.6
|
|
36.6
|
|
5.1 %
|
|
|
1.9
|
|
4.8 %
|
|
Total
revenues
|
$
17,633.7
|
|
$
17,288.8
|
|
$
344.9
|
|
2.0 %
|
|
|
$
86.6
|
|
1.5 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
617.4
|
|
$
745.3
|
|
$
(127.9)
|
|
(17.2) %
|
|
|
$
2.9
|
|
(17.6) %
|
|
Used vehicle retail
sales
|
290.0
|
|
291.4
|
|
(1.4)
|
|
(0.5) %
|
|
|
1.6
|
|
(1.0) %
|
|
Used vehicle wholesale
sales
|
(3.3)
|
|
(3.6)
|
|
0.3
|
|
7.8 %
|
|
|
(0.1)
|
|
10.8 %
|
|
Total
used
|
286.7
|
|
287.8
|
|
(1.1)
|
|
(0.4) %
|
|
|
1.5
|
|
(0.9) %
|
|
Parts and service
sales
|
1,222.0
|
|
1,169.8
|
|
52.2
|
|
4.5 %
|
|
|
4.9
|
|
4.0 %
|
|
F&I,
net
|
753.2
|
|
716.6
|
|
36.6
|
|
5.1 %
|
|
|
1.9
|
|
4.8 %
|
|
Total gross
profit
|
$
2,879.3
|
|
$
2,919.5
|
|
$
(40.2)
|
|
(1.4) %
|
|
|
$
11.2
|
|
(1.8) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.0 %
|
|
8.8 %
|
|
(1.7) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.3 %
|
|
5.3 %
|
|
— %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.8) %
|
|
(0.9) %
|
|
— %
|
|
|
|
|
|
|
|
|
Total
used
|
4.9 %
|
|
4.9 %
|
|
— %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.5 %
|
|
54.6 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
16.3 %
|
|
16.9 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
175,397
|
|
170,119
|
|
5,278
|
|
3.1 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
185,494
|
|
180,946
|
|
4,548
|
|
2.5 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
45,410
|
|
42,141
|
|
3,269
|
|
7.8 %
|
|
|
|
|
|
|
Total
used
|
230,904
|
|
223,087
|
|
7,817
|
|
3.5 %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 50,586
|
|
$ 50,368
|
|
$
218
|
|
0.4 %
|
|
|
$
234
|
|
— %
|
|
Used vehicle
retail
|
$ 29,405
|
|
$ 30,390
|
|
$
(986)
|
|
(3.2) %
|
|
|
$
176
|
|
(3.8) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,520
|
|
$
4,381
|
|
$
(861)
|
|
(19.7) %
|
|
|
$
17
|
|
(20.0) %
|
|
Used vehicle retail
sales
|
$
1,563
|
|
$
1,611
|
|
$
(47)
|
|
(2.9) %
|
|
|
$
8
|
|
(3.5) %
|
|
Used vehicle wholesale
sales
|
$
(74)
|
|
$
(86)
|
|
$
12
|
|
14.4 %
|
|
|
$
(2)
|
|
17.3 %
|
|
Total
used
|
$
1,242
|
|
$
1,290
|
|
$
(49)
|
|
(3.8) %
|
|
|
$
6
|
|
(4.3) %
|
|
F&I PRU
|
$
2,087
|
|
$
2,041
|
|
$
46
|
|
2.2 %
|
|
|
$
5
|
|
2.0 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,960.4
|
|
$
1,873.6
|
|
$
86.8
|
|
4.6 %
|
|
|
$
8.9
|
|
4.2 %
|
|
Adjusted SG&A
expenses (2)
|
$
1,925.4
|
|
$
1,863.1
|
|
$
62.3
|
|
3.3 %
|
|
|
$
8.6
|
|
2.9 %
|
|
SG&A as % gross
profit
|
68.1 %
|
|
64.2 %
|
|
3.9 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
66.9 %
|
|
63.8 %
|
|
3.1 %
|
|
|
|
|
|
|
|
|
Operating margin
%
|
4.5 %
|
|
5.4 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
|
Adjusted operating
margin % (2)
|
4.9 %
|
|
5.6 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
2,126.3
|
|
$
1,934.4
|
|
$
192.0
|
|
9.9 %
|
|
Used vehicle retail
sales
|
1,081.9
|
|
1,029.7
|
|
52.2
|
|
5.1 %
|
|
Used vehicle wholesale
sales
|
77.2
|
|
69.1
|
|
8.1
|
|
11.8 %
|
|
Total
used
|
1,159.1
|
|
1,098.8
|
|
60.4
|
|
5.5 %
|
|
Parts and service
sales
|
501.0
|
|
461.0
|
|
40.0
|
|
8.7 %
|
|
F&I,
net
|
186.1
|
|
166.8
|
|
19.3
|
|
11.5 %
|
|
Total
revenues
|
$
3,972.6
|
|
$
3,661.0
|
|
$
311.6
|
|
8.5 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
142.5
|
|
$
152.4
|
|
$
(9.9)
|
|
(6.5) %
|
|
Used vehicle retail
sales
|
52.6
|
|
51.4
|
|
1.2
|
|
2.3 %
|
|
Used vehicle wholesale
sales
|
0.6
|
|
(0.5)
|
|
1.0
|
|
NM
|
|
Total
used
|
53.2
|
|
51.0
|
|
2.2
|
|
4.3 %
|
|
Parts and service
sales
|
270.5
|
|
251.3
|
|
19.2
|
|
7.6 %
|
|
F&I,
net
|
186.1
|
|
166.8
|
|
19.3
|
|
11.5 %
|
|
Total gross
profit
|
$
652.2
|
|
$
621.5
|
|
$
30.7
|
|
4.9 %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
6.7 %
|
|
7.9 %
|
|
(1.2) %
|
|
|
|
Used vehicle retail
sales
|
4.9 %
|
|
5.0 %
|
|
(0.1) %
|
|
|
|
Used vehicle wholesale
sales
|
0.7 %
|
|
(0.7) %
|
|
1.4 %
|
|
|
|
Total
used
|
4.6 %
|
|
4.6 %
|
|
(0.1) %
|
|
|
|
Parts and service
sales
|
54.0 %
|
|
54.5 %
|
|
(0.5) %
|
|
|
|
Total gross
margin
|
16.4 %
|
|
17.0 %
|
|
(0.6) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
39,998
|
|
37,018
|
|
2,980
|
|
8.1 %
|
|
Retail used vehicles
sold
|
35,643
|
|
33,946
|
|
1,697
|
|
5.0 %
|
|
Wholesale used
vehicles sold
|
8,866
|
|
7,864
|
|
1,002
|
|
12.7 %
|
|
Total
used
|
44,509
|
|
41,810
|
|
2,699
|
|
6.5 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
53,161
|
|
$
52,255
|
|
$
906
|
|
1.7 %
|
|
Used vehicle
retail
|
$
30,354
|
|
$
30,333
|
|
$
21
|
|
0.1 %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,562
|
|
$
4,116
|
|
$
(554)
|
|
(13.5) %
|
|
Used vehicle retail
sales
|
$
1,475
|
|
$
1,515
|
|
$
(39)
|
|
(2.6) %
|
|
Used vehicle wholesale
sales
|
$
64
|
|
$
(58)
|
|
$
122
|
|
NM
|
|
Total
used
|
$
1,194
|
|
$
1,219
|
|
$
(25)
|
|
(2.0) %
|
|
F&I PRU
|
$
2,460
|
|
$
2,351
|
|
$
109
|
|
4.6 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
419.8
|
|
$
399.4
|
|
$
20.4
|
|
5.1 %
|
|
Adjusted SG&A
expenses (1)
|
$
419.8
|
|
$
395.1
|
|
$
24.7
|
|
6.3 %
|
|
SG&A as % gross
profit
|
64.4 %
|
|
64.3 %
|
|
0.1 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.4 %
|
|
63.6 %
|
|
0.8 %
|
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
|
|
NM — Not
Meaningful
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.S.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
7,378.3
|
|
$
7,166.7
|
|
$
211.7
|
|
3.0 %
|
|
Used vehicle retail
sales
|
4,263.5
|
|
4,264.2
|
|
(0.7)
|
|
— %
|
|
Used vehicle wholesale
sales
|
298.0
|
|
295.4
|
|
2.6
|
|
0.9 %
|
|
Total
used
|
4,561.5
|
|
4,559.6
|
|
1.9
|
|
— %
|
|
Parts and service
sales
|
1,934.6
|
|
1,865.1
|
|
69.5
|
|
3.7 %
|
|
F&I,
net
|
685.8
|
|
649.0
|
|
36.8
|
|
5.7 %
|
|
Total
revenues
|
$ 14,560.2
|
|
$ 14,240.3
|
|
$
319.8
|
|
2.2 %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
516.6
|
|
$
624.5
|
|
$
(107.9)
|
|
(17.3) %
|
|
Used vehicle retail
sales
|
233.3
|
|
231.3
|
|
2.0
|
|
0.9 %
|
|
Used vehicle wholesale
sales
|
4.1
|
|
2.7
|
|
1.4
|
|
50.6 %
|
|
Total
used
|
237.4
|
|
234.0
|
|
3.4
|
|
1.5 %
|
|
Parts and service
sales
|
1,047.0
|
|
1,007.0
|
|
40.0
|
|
4.0 %
|
|
F&I,
net
|
685.8
|
|
649.0
|
|
36.8
|
|
5.7 %
|
|
Total gross
profit
|
$
2,486.7
|
|
$
2,514.4
|
|
$
(27.7)
|
|
(1.1) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.0 %
|
|
8.7 %
|
|
(1.7) %
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
5.4 %
|
|
— %
|
|
|
|
Used vehicle wholesale
sales
|
1.4 %
|
|
0.9 %
|
|
0.5 %
|
|
|
|
Total
used
|
5.2 %
|
|
5.1 %
|
|
0.1 %
|
|
|
|
Parts and service
sales
|
54.1 %
|
|
54.0 %
|
|
0.1 %
|
|
|
|
Total gross
margin
|
17.1 %
|
|
17.7 %
|
|
(0.6) %
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
142,312
|
|
137,362
|
|
4,950
|
|
3.6 %
|
|
Retail used vehicles
sold
|
143,226
|
|
138,907
|
|
4,319
|
|
3.1 %
|
|
Wholesale used
vehicles sold
|
34,010
|
|
29,834
|
|
4,176
|
|
14.0 %
|
|
Total
used
|
177,236
|
|
168,741
|
|
8,495
|
|
5.0 %
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,846
|
|
$
52,173
|
|
$
(327)
|
|
(0.6) %
|
|
Used vehicle
retail
|
$
29,768
|
|
$
30,698
|
|
$
(931)
|
|
(3.0) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,630
|
|
$
4,546
|
|
$
(916)
|
|
(20.2) %
|
|
Used vehicle retail
sales
|
$
1,629
|
|
$
1,665
|
|
$
(36)
|
|
(2.2) %
|
|
Used vehicle wholesale
sales
|
$
120
|
|
$
91
|
|
$
29
|
|
32.1 %
|
|
Total
used
|
$
1,339
|
|
$
1,386
|
|
$
(47)
|
|
(3.4) %
|
|
F&I PRU
|
$
2,402
|
|
$
2,349
|
|
$
52
|
|
2.2 %
|
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,636.5
|
|
$
1,571.2
|
|
$
65.3
|
|
4.2 %
|
|
Adjusted SG&A
expenses (1)
|
$
1,611.9
|
|
$
1,560.8
|
|
$
51.1
|
|
3.3 %
|
|
SG&A as % gross
profit
|
65.8 %
|
|
62.5 %
|
|
3.3 %
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
64.8 %
|
|
62.1 %
|
|
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,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
314.4
|
|
$
321.9
|
|
$
(7.4)
|
|
(2.3) %
|
|
|
$
10.1
|
|
(5.5) %
|
|
Used vehicle retail
sales
|
260.3
|
|
269.3
|
|
(9.0)
|
|
(3.3) %
|
|
|
9.0
|
|
(6.7) %
|
|
Used vehicle wholesale
sales
|
24.2
|
|
30.1
|
|
(5.9)
|
|
(19.6) %
|
|
|
0.8
|
|
(22.3) %
|
|
Total
used
|
284.5
|
|
299.4
|
|
(14.9)
|
|
(5.0) %
|
|
|
9.8
|
|
(8.2) %
|
|
Parts and service
sales
|
75.4
|
|
68.6
|
|
6.9
|
|
10.0 %
|
|
|
2.5
|
|
6.3 %
|
|
F&I,
net
|
15.8
|
|
15.2
|
|
0.6
|
|
4.1 %
|
|
|
0.5
|
|
0.6 %
|
|
Total
revenues
|
$
690.2
|
|
$
705.0
|
|
$
(14.8)
|
|
(2.1) %
|
|
|
$
23.0
|
|
(5.4) %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
22.6
|
|
$
28.1
|
|
$
(5.4)
|
|
(19.4) %
|
|
|
$
0.6
|
|
(21.4) %
|
|
Used vehicle retail
sales
|
11.8
|
|
10.8
|
|
1.0
|
|
9.5 %
|
|
|
0.4
|
|
5.5 %
|
|
Used vehicle wholesale
sales
|
(1.5)
|
|
(3.8)
|
|
2.3
|
|
60.5 %
|
|
|
—
|
|
61.3 %
|
|
Total
used
|
10.3
|
|
7.0
|
|
3.4
|
|
48.1 %
|
|
|
0.4
|
|
42.3 %
|
|
Parts and service
sales
|
42.2
|
|
39.1
|
|
3.0
|
|
7.7 %
|
|
|
1.4
|
|
4.2 %
|
|
F&I,
net
|
15.8
|
|
15.2
|
|
0.6
|
|
4.1 %
|
|
|
0.5
|
|
0.6 %
|
|
Total gross
profit
|
$
90.9
|
|
$
89.3
|
|
$
1.6
|
|
1.7 %
|
|
|
$
2.9
|
|
(1.5) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
8.7 %
|
|
(1.5) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.5 %
|
|
4.0 %
|
|
0.5 %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(6.2) %
|
|
(12.7) %
|
|
6.5 %
|
|
|
|
|
|
|
|
|
Total
used
|
3.6 %
|
|
2.3 %
|
|
1.3 %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.9 %
|
|
57.1 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
13.2 %
|
|
12.7 %
|
|
0.5 %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
7,356
|
|
7,675
|
|
(319)
|
|
(4.2) %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
9,283
|
|
9,461
|
|
(178)
|
|
(1.9) %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,876
|
|
2,996
|
|
(120)
|
|
(4.0) %
|
|
|
|
|
|
|
Total
used
|
12,159
|
|
12,457
|
|
(298)
|
|
(2.4) %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 45,710
|
|
$ 43,599
|
|
$
2,111
|
|
4.8 %
|
|
|
$
1,474
|
|
1.5 %
|
|
Used vehicle
retail
|
$ 28,041
|
|
$ 28,461
|
|
$
(420)
|
|
(1.5) %
|
|
|
$
970
|
|
(4.9) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,076
|
|
$
3,656
|
|
$
(580)
|
|
(15.9) %
|
|
|
$
77
|
|
(18.0) %
|
|
Used vehicle retail
sales
|
$
1,274
|
|
$
1,141
|
|
$
133
|
|
11.6 %
|
|
|
$
47
|
|
7.5 %
|
|
Used vehicle wholesale
sales
|
$
(526)
|
|
$
(1,281)
|
|
$
754
|
|
58.9 %
|
|
|
$
(10)
|
|
59.7 %
|
|
Total
used
|
$
848
|
|
$
559
|
|
$
289
|
|
51.8 %
|
|
|
$
34
|
|
45.8 %
|
|
F&I PRU
|
$
948
|
|
$
884
|
|
$
63
|
|
7.2 %
|
|
|
$
32
|
|
3.6 %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
79.5
|
|
$
75.6
|
|
$
3.8
|
|
5.1 %
|
|
|
$
2.6
|
|
1.7 %
|
|
Adjusted SG&A
expenses (2)
|
$
78.1
|
|
$
75.6
|
|
$
2.5
|
|
3.3 %
|
|
|
$
2.5
|
|
(0.1) %
|
|
SG&A as % gross
profit
|
87.5 %
|
|
84.7 %
|
|
2.8 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
85.9 %
|
|
84.7 %
|
|
1.3 %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Group 1 Automotive,
Inc.
|
|
Same Store Operating
Data — U.K.
|
|
(Unaudited)
|
|
(In millions,
except unit data)
|
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,406.7
|
|
$
1,341.0
|
|
$
65.7
|
|
4.9 %
|
|
|
$
40.8
|
|
1.9 %
|
|
Used vehicle retail
sales
|
1,190.9
|
|
1,234.8
|
|
(43.9)
|
|
(3.6) %
|
|
|
32.7
|
|
(6.2) %
|
|
Used vehicle wholesale
sales
|
100.9
|
|
127.1
|
|
(26.2)
|
|
(20.6) %
|
|
|
2.7
|
|
(22.7) %
|
|
Total
used
|
1,291.8
|
|
1,361.9
|
|
(70.1)
|
|
(5.1) %
|
|
|
35.4
|
|
(7.7) %
|
|
Parts and service
sales
|
307.7
|
|
278.0
|
|
29.7
|
|
10.7 %
|
|
|
8.6
|
|
7.6 %
|
|
F&I,
net
|
67.4
|
|
67.6
|
|
(0.2)
|
|
(0.3) %
|
|
|
1.9
|
|
(3.1) %
|
|
Total
revenues
|
$
3,073.6
|
|
$
3,048.5
|
|
$
25.1
|
|
0.8 %
|
|
|
$
86.6
|
|
(2.0) %
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
100.8
|
|
$
120.8
|
|
$
(20.0)
|
|
(16.6) %
|
|
|
$
2.9
|
|
(19.0) %
|
|
Used vehicle retail
sales
|
56.7
|
|
60.2
|
|
(3.5)
|
|
(5.8) %
|
|
|
1.6
|
|
(8.4) %
|
|
Used vehicle wholesale
sales
|
(7.4)
|
|
(6.3)
|
|
(1.1)
|
|
(17.1) %
|
|
|
(0.1)
|
|
(15.4) %
|
|
Total
used
|
49.3
|
|
53.9
|
|
(4.6)
|
|
(8.4) %
|
|
|
1.5
|
|
(11.2) %
|
|
Parts and service
sales
|
175.0
|
|
162.8
|
|
12.2
|
|
7.5 %
|
|
|
4.9
|
|
4.5 %
|
|
F&I,
net
|
67.4
|
|
67.6
|
|
(0.2)
|
|
(0.3) %
|
|
|
1.9
|
|
(3.1) %
|
|
Total gross
profit
|
$
392.6
|
|
$
405.1
|
|
$
(12.5)
|
|
(3.1) %
|
|
|
$
11.2
|
|
(5.8) %
|
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
7.2 %
|
|
9.0 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.8 %
|
|
4.9 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(7.3) %
|
|
(5.0) %
|
|
(2.4) %
|
|
|
|
|
|
|
|
|
Total
used
|
3.8 %
|
|
4.0 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
|
Parts and service
sales
|
56.9 %
|
|
58.6 %
|
|
(1.7) %
|
|
|
|
|
|
|
|
|
Total gross
margin
|
12.8 %
|
|
13.3 %
|
|
(0.5) %
|
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold (1)
|
33,085
|
|
32,757
|
|
328
|
|
1.0 %
|
|
|
|
|
|
|
Retail used vehicles
sold
|
42,268
|
|
42,039
|
|
229
|
|
0.5 %
|
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,400
|
|
12,307
|
|
(907)
|
|
(7.4) %
|
|
|
|
|
|
|
Total
used
|
53,668
|
|
54,346
|
|
(678)
|
|
(1.2) %
|
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
(1)
|
$ 44,849
|
|
$ 42,488
|
|
$
2,361
|
|
5.6 %
|
|
|
$
1,301
|
|
2.5 %
|
|
Used vehicle
retail
|
$ 28,175
|
|
$ 29,373
|
|
$ (1,199)
|
|
(4.1) %
|
|
|
$
774
|
|
(6.7) %
|
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,047
|
|
$
3,689
|
|
$
(641)
|
|
(17.4) %
|
|
|
$
88
|
|
(19.8) %
|
|
Used vehicle retail
sales
|
$
1,342
|
|
$
1,432
|
|
$
(90)
|
|
(6.3) %
|
|
|
$
37
|
|
(8.9) %
|
|
Used vehicle wholesale
sales
|
$
(650)
|
|
$
(514)
|
|
$
(136)
|
|
(26.5) %
|
|
|
$
(10)
|
|
(24.6) %
|
|
Total
used
|
$
919
|
|
$
991
|
|
$
(72)
|
|
(7.3) %
|
|
|
$
27
|
|
(10.0) %
|
|
F&I PRU
|
$
895
|
|
$
904
|
|
$
(9)
|
|
(1.0) %
|
|
|
$
26
|
|
(3.8) %
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
323.9
|
|
$
302.3
|
|
$
21.6
|
|
7.1 %
|
|
|
$
8.9
|
|
4.2 %
|
|
Adjusted SG&A
expenses (2)
|
$
313.5
|
|
$
302.3
|
|
$
11.2
|
|
3.7 %
|
|
|
$
8.6
|
|
0.9 %
|
|
SG&A as % gross
profit
|
82.5 %
|
|
74.6 %
|
|
7.9 %
|
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (2)
|
79.9 %
|
|
74.6 %
|
|
5.2 %
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In
millions, except per share data)
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Restructuring
charges
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
614.3
|
|
$
0.4
|
|
$
3.4
|
|
$
—
|
|
$
(1.7)
|
|
$
(0.1)
|
|
$
—
|
|
$
616.3
|
|
Depreciation and
amortization expense
|
|
$
31.5
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.8)
|
|
$
29.7
|
|
Asset
impairments
|
|
$
33.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(33.0)
|
|
$
—
|
|
Restructuring
charges
|
|
$
16.7
|
|
$
—
|
|
$
—
|
|
$
(16.7)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Income (loss) from
operations
|
|
$
193.7
|
|
$
(0.4)
|
|
$
(3.4)
|
|
$
16.7
|
|
$
1.7
|
|
$
0.1
|
|
$
34.8
|
|
$
243.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
122.6
|
|
$
(0.4)
|
|
$
(3.4)
|
|
$
16.7
|
|
$
1.7
|
|
$
0.1
|
|
$
34.8
|
|
$
172.1
|
|
Less: Provision
(benefit) for income taxes
|
|
28.0
|
|
(0.1)
|
|
(2.2)
|
|
4.2
|
|
—
|
|
—
|
|
8.3
|
|
38.2
|
|
Net income (loss)
from continuing operations
|
|
94.6
|
|
(0.3)
|
|
(1.1)
|
|
12.5
|
|
1.7
|
|
0.1
|
|
26.5
|
|
133.9
|
|
Less: Earnings
allocated to participating securities
|
|
1.9
|
|
—
|
|
—
|
|
0.2
|
|
—
|
|
—
|
|
0.5
|
|
2.6
|
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$
92.7
|
|
$
(0.3)
|
|
$
(1.1)
|
|
$
12.3
|
|
$
1.7
|
|
$
0.1
|
|
$
25.9
|
|
$
131.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
7.08
|
|
$
(0.02)
|
|
$
(0.08)
|
|
$
0.94
|
|
$
0.13
|
|
$
0.01
|
|
$
1.98
|
|
$
10.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
22.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
69.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.1 %
|
|
Operating margin
(2)
|
|
3.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2 %
|
|
Pretax margin
(3)
|
|
2.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
499.3
|
|
$
0.4
|
|
$
—
|
|
$
—
|
|
$
(1.7)
|
|
$
(0.1)
|
|
$
—
|
|
$
497.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
67.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
195.4
|
|
$
(0.4)
|
|
$
—
|
|
$
—
|
|
$
1.7
|
|
$
0.1
|
|
$
34.8
|
|
$
231.6
|
|
Same Store operating
margin (2)
|
|
4.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 %
|
|
|
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
|
|
$
94.8
|
|
$
39.3
|
|
$
134.1
|
|
Less: Earnings
allocated to participating securities
|
|
1.9
|
|
0.8
|
|
2.7
|
|
Net income available to
diluted common shares
|
|
$
92.9
|
|
$
38.6
|
|
$
131.5
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.02
|
|
$
—
|
|
$
0.02
|
|
Diluted earnings per
common share from continuing operations
|
|
7.08
|
|
2.94
|
|
10.02
|
|
Diluted earnings per
common share
|
|
$
7.09
|
|
$
2.94
|
|
$
10.04
|
|
|
(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, asset impairment charges and restructuring
charges.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items, accelerated depreciation
expense, asset impairment charges and restructuring
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, 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
|
|
$
475.0
|
|
$
(2.0)
|
|
$
—
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
—
|
|
$
470.7
|
|
Same Store SG&A as
% gross profit (1)
|
|
66.8 %
|
|
|
|
|
|
|
|
|
|
|
|
66.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
188.0
|
|
$
2.0
|
|
$
—
|
|
$
0.6
|
|
$
1.7
|
|
$
25.4
|
|
$
217.8
|
|
Same Store operating
margin (2)
|
|
4.3 %
|
|
|
|
|
|
|
|
|
|
|
|
5.0 %
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Restructuring
charges
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Asset
impairments
and
accelerated
depreciation
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$ 2,179.2
|
|
$
(9.4)
|
|
$
56.3
|
|
$
(1.0)
|
|
$
—
|
|
$
(21.0)
|
|
$
(3.6)
|
|
$
—
|
|
$ 2,200.5
|
|
Depreciation and
amortization expense
|
|
$ 113.1
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(7.3)
|
|
$
105.8
|
|
Asset
impairments
|
|
$ 33.0
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(33.0)
|
|
$
—
|
|
Restructuring
charges
|
|
$ 16.7
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(16.7)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
Income (loss) from
operations
|
|
$ 909.1
|
|
$
9.4
|
|
$
(56.3)
|
|
$
1.0
|
|
$
16.7
|
|
$
21.0
|
|
$
3.6
|
|
$
40.3
|
|
$
944.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$ 658.5
|
|
$
9.4
|
|
$
(56.3)
|
|
$
1.0
|
|
$
16.7
|
|
$
21.0
|
|
$
3.6
|
|
$
40.3
|
|
$
694.2
|
|
Less: Provision
(benefit) for income taxes
|
|
161.5
|
|
2.2
|
|
(16.4)
|
|
0.2
|
|
4.2
|
|
1.3
|
|
0.9
|
|
9.7
|
|
163.5
|
|
Net income (loss) from
continuing operations
|
|
497.0
|
|
7.1
|
|
(39.9)
|
|
0.7
|
|
12.5
|
|
19.8
|
|
2.8
|
|
30.6
|
|
530.6
|
|
Less: Earnings (loss)
allocated to participating securities
|
|
10.4
|
|
0.1
|
|
(0.8)
|
|
—
|
|
0.3
|
|
0.4
|
|
0.1
|
|
0.6
|
|
11.1
|
|
Net income (loss) from
continuing operations available to diluted common shares
|
|
$ 486.5
|
|
$
7.0
|
|
$
(39.0)
|
|
$
0.7
|
|
$
12.2
|
|
$
19.4
|
|
$
2.7
|
|
$
30.0
|
|
$
519.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$ 36.72
|
|
$
0.53
|
|
$
(2.94)
|
|
$
0.05
|
|
$
0.92
|
|
$
1.46
|
|
$
0.20
|
|
$
2.26
|
|
$
39.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
24.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
67.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.9 %
|
|
Operating margin
(2)
|
|
4.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.7 %
|
|
Pretax margin
(3)
|
|
3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 1,960.4
|
|
$
(9.4)
|
|
$
—
|
|
$
(1.0)
|
|
$
—
|
|
$
(21.0)
|
|
$
(3.6)
|
|
$
—
|
|
$
1,925.4
|
|
Same Store SG&A as
% gross profit (1)
|
|
68.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$ 796.4
|
|
$
9.4
|
|
$
—
|
|
$
1.0
|
|
$
—
|
|
$
21.0
|
|
$
3.6
|
|
$
40.3
|
|
$ 871.7
|
|
Same Store operating
margin (2)
|
|
4.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
|
Net income from
discontinued operations
|
|
$
1.2
|
|
$
—
|
|
$
1.2
|
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
|
Net income from
discontinued operations available to diluted common
shares
|
|
$
1.2
|
|
$
—
|
|
$
1.2
|
|
|
|
|
|
|
|
|
Net income
|
|
$
498.1
|
|
$
33.7
|
|
$
531.8
|
|
Less: Earnings
allocated to participating securities
|
|
10.5
|
|
0.7
|
|
11.2
|
|
Net income available to
diluted common shares
|
|
$
487.7
|
|
$
33.0
|
|
$
520.6
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued operations
|
|
$
0.09
|
|
$
—
|
|
$
0.09
|
|
Diluted earnings per
common share from continuing operations
|
|
36.72
|
|
2.49
|
|
39.21
|
|
Diluted earnings per
common share
|
|
$
36.81
|
|
$
2.49
|
|
$
39.29
|
|
|
(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, asset impairment charges and restructuring
charges.
|
|
(3) Adjusted pretax margin excludes
the impact of SG&A reconciling items, accelerated depreciation
expense, asset impairment charges and restructuring
charges.
|
|
Group 1 Automotive,
Inc.
|
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
|
(Unaudited)
|
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years 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
|
|
$ 1,873.6
|
|
$
—
|
|
$
(3.4)
|
|
$
—
|
|
$
(0.9)
|
|
$
(6.1)
|
|
$
—
|
|
$ 1,863.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
64.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
925.6
|
|
$
—
|
|
$
3.4
|
|
$
—
|
|
$
0.9
|
|
$
6.1
|
|
$
34.0
|
|
$
970.1
|
|
Same Store operating
margin (2)
|
|
5.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 — U.S.
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
December 31, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
446.1
|
|
$
0.4
|
|
$
3.5
|
|
$
(0.4)
|
|
$
(0.1)
|
|
$
449.5
|
|
SG&A as % gross
profit (1)
|
|
64.1 %
|
|
|
|
|
|
|
|
|
|
64.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
419.8
|
|
$
0.4
|
|
$
—
|
|
$
(0.4)
|
|
$
(0.1)
|
|
$
419.8
|
|
Same Store SG&A as
% gross profit (1)
|
|
64.4 %
|
|
|
|
|
|
|
|
|
|
64.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
399.4
|
|
$
(2.0)
|
|
$
—
|
|
$
(0.6)
|
|
$
(1.7)
|
|
$
395.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
64.3 %
|
|
|
|
|
|
|
|
|
|
63.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31, 2024
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real estate
transactions
|
|
Acquisition
costs
|
|
Legal items
and other
professional
fees
|
|
Non-GAAP
adjusted
|
|
SG&A
expenses
|
|
$
1,704.0
|
|
$
(9.4)
|
|
$
56.4
|
|
$
(11.6)
|
|
$
(3.6)
|
|
$
1,735.8
|
|
SG&A as % gross
profit (1)
|
|
63.6 %
|
|
|
|
|
|
|
|
|
|
64.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,636.5
|
|
$
(9.4)
|
|
$
—
|
|
$
(11.6)
|
|
$
(3.6)
|
|
$
1,611.9
|
|
Same Store SG&A as
% gross profit (1)
|
|
65.8 %
|
|
|
|
|
|
|
|
|
|
64.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years 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
|
|
$
1,571.2
|
|
$
(3.4)
|
|
$
—
|
|
$
(0.9)
|
|
$
(6.1)
|
|
$
1,560.8
|
|
Same Store SG&A as
% gross profit (1)
|
|
62.5 %
|
|
|
|
|
|
|
|
|
|
62.1 %
|
|
|
(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, 2024
|
|
|
U.S.
GAAP
|
|
Dealership and
real estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
168.2
|
|
$
(0.1)
|
|
$
(1.4)
|
|
$
166.7
|
|
SG&A as % gross
profit (1)
|
|
91.8 %
|
|
|
|
|
|
91.0 %
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
79.5
|
|
$
—
|
|
$
(1.4)
|
|
$
78.1
|
|
Same Store SG&A as
% gross profit (1)
|
|
87.5 %
|
|
|
|
|
|
85.9 %
|
|
|
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 %
|
|
|
Years Ended December
31, 2024
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Severance
costs
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
|
SG&A
expenses
|
|
$
475.2
|
|
$
(0.1)
|
|
$
(1.0)
|
|
$
(9.4)
|
|
$
464.7
|
|
SG&A as % gross
profit (1)
|
|
84.8 %
|
|
|
|
|
|
|
|
83.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
323.9
|
|
$
—
|
|
$
(1.0)
|
|
$
(9.4)
|
|
$
313.5
|
|
Same Store SG&A as
% gross profit (1)
|
|
82.5 %
|
|
|
|
|
|
|
|
79.9 %
|
|
|
Years 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 %
|
|
|
(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-2024-fourth-quarter-financial-results-and-record-full-year-revenues-of-19-9-billion-302362708.html
SOURCE Group 1 Automotive, Inc.
