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Group 1 Automotive Announces Record Second Quarter 2022 Financial Results
  • Record Quarterly Revenues of $4.1 billion, a 14.3% Increase
  • Record Quarterly Diluted Earnings Per Common Share from Continuing Operations of $12.11 per share, an 18.3% Increase

HOUSTON, July 27, 2022 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 204 dealerships located in the U.S. and U.K., today reported record quarterly financial results for the second quarter 2022.

Current quarter total revenues of $4.1 billion, gross profit of $768.4 million and diluted earnings per common share from continuing operations of $12.11 were the highest in Company history. Current quarter diluted earnings per common share from continuing operations of $12.11, represents an 18.3% increase over prior year quarter diluted earnings per common share from continuing operations of $10.23.

"Our record second quarter results were driven by record U.S. revenues and gross profits. Our strength was demonstrated across the breadth of our U.S. business as evidenced by a 34.0% growth in parts and service and a 20.3% increase in finance and insurance. A major contributing factor to our performance was the extreme speed at which we were able to integrate a large number of new acquisitions over the past 18 months which will provide more than $3.0 billion in expected annual additional revenues in the year ahead," said Earl J. Hesterberg, Group 1's President and Chief Executive Officer. 

Mr. Hesterberg also added, "New vehicle supply continues to be constrained, with no discernible change in the flow of new vehicle deliveries to our dealerships as compared to the most recent quarters.  In the U.S., we continue to see the majority of new vehicles either presold or sold shortly after delivery. In the U.K., we continue to maintain a forward order book for new vehicles which extends into 2023."

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 second quarter of 2022 ("current quarter") were a record of $4.1 billion, a 14.3% increase compared to total revenues of $3.6 billion for the second quarter of 2021 ("prior year quarter"). 

Current quarter net income from continuing operations was $199.3 million, a 5.6% increase compared to net income from continuing operations of $188.8 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was a record of $197.5 million, a 5.1% increase compared to adjusted net income from continuing operations of $188.0 million for the prior year quarter.

Current quarter diluted earnings per common share from continuing operations was a record of $12.11, an 18.3% increase over diluted earnings per common share from continuing operations of $10.23 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was also a record of $12.00, a 17.8% increase over adjusted diluted earnings per common share from continuing operations of $10.19 for the prior year quarter. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations excludes adjusted diluted earnings per common share from discontinued operations of $0.10 and $0.12, respectively.

Second Quarter 2022

Key Performance Metrics      

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP
measure)

Reported:

2Q22

Change

2Q22

Change

Total revenues

$4.1B

+14.3 %

$3.4B

(4.3) %

Total gross profit ("GP")

$768.4M

+18.3 %

$630.9M

(1.4) %

NV units sold

38,822

(6.3) %

31,204

(23.7) %

NV GP per retail unit ("PRU")

$5,416

+40.2 %

$5,338

+38.5 %

Used vehicle ("UV") retail units sold

48,907

+9.9 %

40,978

(6.8) %

UV retail GP PRU

$1,830

(24.7) %

$1,829

(24.8) %

Parts & service ("P&S") GP

$277.7M

+30.6 %

$231.1M

+10.6 %

P&S Gross Margin

55.2 %

(0.3) %

54.0 %

(1.5) %

Finance and Insurance ("F&I") revenues

$190.2M

+19.2 %

$157.9M

+0.3 %

F&I GP PRU

$2,168

+16.7 %

$2,187

+17.9 %

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

59.9 %

+313 bps

60.2 %

+347 bps

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

60.3 %

+342 bps

60.2 %

+347 bps

Corporate Development

In April 2022, the Company acquired a Toyota dealership in New Mexico, which is expected to generate $115.0 million in annualized revenues. In July 2022, the Company acquired three dealerships and a collision center in Louisiana, consisting of Mercedes-Benz, Sprinter, Land Rover, Jaguar, and Volvo franchises. This acquisition is expected to generate $110.0 million in annual revenues, bringing year-to-date total acquired expected annual revenues for the Company to $660.0 million.

In June 2022, the Company disposed of one dealership in Texas and one dealership in Massachusetts. These stores generated approximately $75.0 million in annualized revenues.

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

Share Repurchase

During the current quarter, the Company repurchased 799,033 shares, representing approximately 4.6% of the Company's current year beginning outstanding common shares, at an average price per common share of $173.90, for a total of $139.0 million. During the current year, the Company repurchased 1,437,729 shares, representing approximately 8.3% of the Company's current year beginning outstanding common shares, at an average price per common share of $176.74, for a total of $254.1 million. The Company has $139.0 million remaining on its Board authorized common share repurchase program. As of June 30, 2022, the Company had an aggregate 15.9 million outstanding common shares and unvested restricted stock awards. Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

Second Quarter 2022 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the second quarter 2022 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on 'Investor Relations' and then 'Events' or through this link: group1corp.com/events.  A webcast replay will be available for 30 days.

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic:

1-888-317-6003

International:

1-412-317-6061

Conference ID:

2917777

A telephonic replay will be available following the call through August 3, 2022, by dialing:

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay ID:

7058394

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 204 automotive dealerships, 273 franchises, and 47 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 and the armed conflict in Ukraine on our business and the supply chains upon which our business is dependent, (j) the impacts of continued inflation and any potential global recession, (k) our ability to maintain sufficient liquidity to operate, (l) the risk that proposed transactions will not be consummated in a timely manner, and (m) our ability to successfully integrate recent and future acquisitions. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.

Certain amounts in the financial statements may not compute due to rounding.  All computations have been calculated using unrounded amounts for all periods presented.

Investor contacts:
Jason Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
jbabbitt@group1auto.com

Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com

or

Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended June 30,

   

2022

 

2021

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       1,851.3

 

$       1,805.5

 

$            45.8

 

2.5 %

Used vehicle retail sales

 

1,505.4

 

1,183.8

 

321.6

 

27.2 %

Used vehicle wholesale sales

 

95.8

 

93.7

 

2.1

 

2.3 %

Parts and service sales

 

502.6

 

382.9

 

119.7

 

31.2 %

Finance, insurance and other, net

 

190.2

 

159.6

 

30.6

 

19.2 %

Total revenues

 

4,145.4

 

3,625.6

 

519.8

 

14.3 %

COST OF SALES:

               

New vehicle retail sales

 

1,641.0

 

1,645.4

 

(4.4)

 

(0.3) %

Used vehicle retail sales

 

1,415.9

 

1,075.6

 

340.3

 

31.6 %

Used vehicle wholesale sales

 

95.1

 

84.8

 

10.3

 

12.1 %

Parts and service sales

 

224.9

 

170.3

 

54.7

 

32.1 %

Total cost of sales

 

3,377.0

 

2,976.1

 

400.8

 

13.5 %

GROSS PROFIT

 

768.4

 

649.5

 

118.9

 

18.3 %

Selling, general and administrative expenses

 

460.2

 

368.6

 

91.5

 

24.8 %

Depreciation and amortization expense

 

23.0

 

18.4

 

4.6

 

24.9 %

Asset impairments

 

0.8

 

 

0.8

 

100.0 %

INCOME FROM OPERATIONS

 

284.5

 

262.5

 

22.0

 

8.4 %

Floorplan interest expense

 

5.9

 

8.6

 

(2.7)

 

(31.8) %

Other interest expense, net

 

18.5

 

13.6

 

4.9

 

36.1 %

INCOME BEFORE INCOME TAXES

 

260.1

 

240.3

 

19.8

 

8.3 %

Provision for income taxes

 

60.8

 

51.5

 

9.3

 

18.1 %

Net income from continuing operations

 

199.3

 

188.8

 

10.5

 

5.6 %

Net (loss) income from discontinued operations

 

(3.4)

 

2.2

 

(5.6)

 

(253.0) %

NET INCOME

 

$          195.9

 

$          191.0

 

$              5.0

 

2.6 %

Less: Earnings allocated to participating securities

 

5.4

 

6.4

 

(1.1)

 

(16.6) %

Net income available to diluted common shares

 

$          190.6

 

$          184.5

 

$              6.0

 

3.3 %

Diluted earnings per share from continuing operations

 

$          12.11

 

$          10.23

 

$            1.88

 

18.3 %

Diluted (loss) earnings per share from discontinued operations

 

$           (0.20)

 

$            0.12

 

$           (0.32)

 

(267.9) %

DILUTED EARNINGS PER SHARE

 

$          11.90

 

$          10.35

 

$            1.55

 

15.0 %

Weighted average dilutive common shares outstanding

 

16.0

 

17.8

 

(1.8)

 

(10.2) %

Weighted average participating securities

 

0.5

 

0.6

 

(0.2)

 

(27.7) %

Total weighted average shares

 

16.5

 

18.5

 

(2.0)

 

(10.8) %

Effective tax rate on continuing operations

 

23.4 %

 

21.4 %

 

1.9 %

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Six Months Ended June 30,

   

2022

 

2021

 

Increase/(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       3,596.4

 

$       3,314.7

 

$          281.7

 

8.5 %

Used vehicle retail sales

 

2,865.3

 

2,071.9

 

793.4

 

38.3 %

Used vehicle wholesale sales

 

189.3

 

172.0

 

17.4

 

10.1 %

Parts and service sales

 

975.5

 

735.7

 

239.8

 

32.6 %

Finance, insurance and other, net

 

363.2

 

285.3

 

78.0

 

27.3 %

Total revenues

 

7,989.7

 

6,579.6

 

1,410.2

 

21.4 %

COST OF SALES:

               

New vehicle retail sales

 

3,184.9

 

3,059.0

 

125.9

 

4.1 %

Used vehicle retail sales

 

2,688.0

 

1,905.3

 

782.7

 

41.1 %

Used vehicle wholesale sales

 

185.7

 

159.3

 

26.4

 

16.6 %

Parts and service sales

 

438.0

 

325.3

 

112.7

 

34.7 %

Total cost of sales

 

6,496.6

 

5,448.8

 

1,047.8

 

19.2 %

GROSS PROFIT

 

1,493.1

 

1,130.7

 

362.4

 

32.0 %

Selling, general and administrative expenses

 

878.6

 

680.0

 

198.7

 

29.2 %

Depreciation and amortization expense

 

44.2

 

37.6

 

6.6

 

17.5 %

Asset impairments

 

0.8

 

 

0.8

 

100.0 %

INCOME FROM OPERATIONS

 

569.5

 

413.2

 

156.3

 

37.8 %

Floorplan interest expense

 

11.2

 

16.1

 

(5.0)

 

(30.9) %

Other interest expense, net

 

35.9

 

26.7

 

9.2

 

34.3 %

INCOME BEFORE INCOME TAXES

 

522.4

 

370.3

 

152.1

 

41.1 %

Provision for income taxes

 

122.0

 

80.6

 

41.4

 

51.4 %

Net income from continuing operations

 

400.4

 

289.7

 

110.7

 

38.2 %

Net (loss) income from discontinued operations

 

(1.6)

 

3.2

 

(4.8)

 

(148.4) %

NET INCOME

 

$          398.9

 

$          292.9

 

$          106.0

 

36.2 %

Less: Earnings allocated to participating securities

 

11.2

 

9.9

 

1.3

 

13.4 %

Net income available to diluted common shares

 

$          387.6

 

$          283.0

 

$          104.6

 

37.0 %

Diluted earnings per share from continuing operations

 

$          23.88

 

$          15.70

 

$            8.18

 

52.1 %

Diluted (loss) earnings per share from discontinued operations

 

$           (0.09)

 

$            0.17

 

$           (0.27)

 

(153.4) %

DILUTED EARNINGS PER SHARE

 

$          23.79

 

$          15.88

 

$            7.91

 

49.8 %

Weighted average dilutive common shares outstanding

 

16.3

 

17.8

 

(1.5)

 

(8.6) %

Weighted average participating securities

 

0.5

 

0.6

 

(0.2)

 

(24.5) %

Total weighted average shares

 

16.8

 

18.5

 

(1.7)

 

(9.1) %

Effective tax rate on continuing operations

 

23.4 %

 

21.8 %

 

1.6 %

   

 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)

                 
   

June 30, 2022

 

December 31, 2021

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$                        26.3

 

$                        14.9

 

$                     11.3

 

75.9 %

Inventories, net

 

$                   1,125.5

 

$                   1,073.1

 

$                     52.4

 

4.9 %

Floorplan notes payable, net (1)

 

$                      780.9

 

$                      531.0

 

$                   249.9

 

47.1 %

Total debt

 

$                   1,970.4

 

$                   2,035.7

 

$                    (65.4)

 

(3.2) %

Total equity

 

$                   2,004.5

 

$                   1,825.2

 

$                   179.3

 

9.8 %

(1) Amounts are net of offset accounts of $83.4 and $271.9, respectively.

 

   

Three Months Ended June 30,

 

Six Months Ended June 30,

   

2022

 

2021

 

2022

 

2021

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

81.5 %

 

82.2 %

 

80.9 %

 

81.9 %

United Kingdom

 

18.5 %

 

17.8 %

 

19.1 %

 

18.1 %

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

24.7 %

 

25.1 %

 

23.9 %

 

25.4 %

Volkswagen/Audi/Porsche/SEAT/SKODA

 

15.8 %

 

15.8 %

 

15.5 %

 

15.3 %

BMW/MINI

 

12.3 %

 

11.5 %

 

12.7 %

 

10.8 %

Ford/Lincoln

 

8.6 %

 

7.8 %

 

8.4 %

 

8.8 %

Honda/Acura

 

6.6 %

 

9.4 %

 

7.3 %

 

9.0 %

Chevrolet/GMC/Buick/Cadillac

 

6.4 %

 

6.9 %

 

6.3 %

 

7.1 %

Mercedes-Benz/Sprinter

 

6.5 %

 

4.7 %

 

6.2 %

 

4.9 %

Chrysler/Dodge/Jeep/RAM

 

5.0 %

 

4.1 %

 

5.1 %

 

4.2 %

Hyundai/Kia/Genesis

 

5.4 %

 

5.9 %

 

4.9 %

 

5.5 %

Nissan

 

3.5 %

 

6.0 %

 

4.0 %

 

5.7 %

Subaru

 

2.4 %

 

1.3 %

 

2.6 %

 

1.4 %

Jaguar/Land Rover

 

1.5 %

 

1.6 %

 

1.4 %

 

1.8 %

Mazda

 

1.1 %

 

— %

 

1.2 %

 

— %

Other

 

0.3 %

 

— %

 

0.3 %

 

— %

   

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

   

June 30, 2022

 

December 31, 2021

 

June 30, 2021

DAYS' SUPPLY IN INVENTORY (1):

           

Consolidated

           

New vehicle inventory

 

15

 

12

 

19

Used vehicle inventory

 

35

 

42

 

32

U.S.

           

New vehicle inventory

 

11

 

9

 

16

Used vehicle inventory

 

32

 

36

 

29

U.K.

           

New vehicle inventory

 

31

 

33

 

31

Used vehicle inventory

 

43

 

66

 

39

(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    1,851.3

 

$    1,805.5

 

$         45.8

 

2.5 %

   

$           (32.5)

 

4.3 %

Used vehicle retail sales

1,505.4

 

1,183.8

 

321.6

 

27.2 %

   

(34.5)

 

30.1 %

Used vehicle wholesale sales

95.8

 

93.7

 

2.1

 

2.3 %

   

(4.1)

 

6.7 %

Total used

1,601.2

 

1,277.5

 

323.7

 

25.3 %

   

(38.7)

 

28.4 %

Parts and service sales

502.6

 

382.9

 

119.7

 

31.2 %

   

(6.4)

 

32.9 %

F&I, net

190.2

 

159.6

 

30.6

 

19.2 %

   

(1.9)

 

20.4 %

Total revenues

$    4,145.4

 

$    3,625.6

 

$       519.8

 

14.3 %

   

$           (79.5)

 

16.5 %

Gross profit:

                       

New vehicle retail sales

$       210.3

 

$       160.1

 

$         50.2

 

31.3 %

   

$             (3.0)

 

33.2 %

Used vehicle retail sales

89.5

 

108.1

 

(18.7)

 

(17.3) %

   

(1.7)

 

(15.6) %

Used vehicle wholesale sales

0.8

 

8.9

 

(8.1)

 

(91.4) %

   

0.1

 

(92.8) %

Total used

90.3

 

117.1

 

(26.8)

 

(22.9) %

   

(1.6)

 

(21.5) %

Parts and service sales

277.7

 

212.7

 

65.0

 

30.6 %

   

(3.9)

 

32.4 %

F&I, net

190.2

 

159.6

 

30.6

 

19.2 %

   

(1.9)

 

20.4 %

Total gross profit

$       768.4

 

$       649.5

 

$       118.9

 

18.3 %

   

$           (10.5)

 

19.9 %

Gross margin:

                       

New vehicle retail sales

11.4 %

 

8.9 %

 

2.5 %

             

Used vehicle retail sales

5.9 %

 

9.1 %

 

(3.2) %

             

Used vehicle wholesale sales

0.8 %

 

9.5 %

 

(8.7) %

             

Total used

5.6 %

 

9.2 %

 

(3.5) %

             

Parts and service sales

55.2 %

 

55.5 %

 

(0.3) %

             

Total gross margin

18.5 %

 

17.9 %

 

0.6 %

             

Units sold:

                       

Retail new vehicles sold

38,822

 

41,442

 

(2,620)

 

(6.3) %

         

Retail used vehicles sold

48,907

 

44,502

 

4,405

 

9.9 %

         

Wholesale used vehicles sold

9,514

 

10,730

 

(1,216)

 

(11.3) %

         

Total used

58,421

 

55,232

 

3,189

 

5.8 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,686

 

$     43,567

 

$       4,119

 

9.5 %

   

$            (837)

 

11.4 %

Used vehicle retail

$     30,781

 

$     26,601

 

$       4,180

 

15.7 %

   

$            (706)

 

18.4 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,416

 

$       3,863

 

$       1,553

 

40.2 %

   

$              (78)

 

42.2 %

Used vehicle retail sales

$       1,830

 

$       2,430

 

$        (600)

 

(24.7) %

   

$              (36)

 

(23.2) %

Used vehicle wholesale sales

$            81

 

$          831

 

$        (750)

 

(90.3) %

   

$               13

 

(91.9) %

Total used

$       1,545

 

$       2,119

 

$        (575)

 

(27.1) %

   

$              (28)

 

(25.8) %

F&I PRU

$       2,168

 

$       1,857

 

$          311

 

16.7 %

   

$              (22)

 

17.9 %

Other:

                       

SG&A expenses

$       460.2

 

$       368.6

 

$         91.5

 

24.8 %

   

$             (7.5)

 

26.9 %

Adjusted SG&A expenses (1)

$       463.3

 

$       369.4

 

$         93.9

 

25.4 %

   

$             (7.5)

 

27.4 %

SG&A as % gross profit

59.9 %

 

56.8 %

 

3.1 %

             

Adjusted SG&A as % gross profit (1)

60.3 %

 

56.9 %

 

3.4 %

             

Operating margin %

6.9 %

 

7.2 %

 

(0.4) %

             

Adjusted operating margin % (1)

6.8 %

 

7.2 %

 

(0.4) %

             

Pretax margin %

6.3 %

 

6.6 %

 

(0.4) %

             

Adjusted pretax margin % (1)

6.2 %

 

6.7 %

 

(0.5) %

             

Floorplan expense:

                       

Floorplan interest expense

$           5.9

 

$           8.6

 

$         (2.7)

 

(31.8) %

   

$             (0.2)

 

(30.0) %

Less: Floorplan assistance (2)

14.1

 

15.3

 

(1.1)

 

(7.4) %

   

 

(7.3) %

Net floorplan expense

$         (8.3)

 

$         (6.6)

 

$         (1.6)

       

$             (0.2)

   

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

(2) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    3,596.4

 

$    3,314.7

 

$       281.7

 

8.5 %

   

$           (43.8)

 

9.8 %

Used vehicle retail sales

2,865.3

 

2,071.9

 

793.4

 

38.3 %

   

(44.9)

 

40.5 %

Used vehicle wholesale sales

189.3

 

172.0

 

17.4

 

10.1 %

   

(5.2)

 

13.1 %

Total used

3,054.6

 

2,243.8

 

810.8

 

36.1 %

   

(50.0)

 

38.4 %

Parts and service sales

975.5

 

735.7

 

239.8

 

32.6 %

   

(8.3)

 

33.7 %

F&I, net

363.2

 

285.3

 

78.0

 

27.3 %

   

(2.6)

 

28.2 %

Total revenues

$    7,989.7

 

$    6,579.6

 

$    1,410.2

 

21.4 %

   

$         (104.7)

 

23.0 %

Gross profit:

                       

New vehicle retail sales

$       411.5

 

$       255.7

 

$       155.8

 

60.9 %

   

$             (4.2)

 

62.5 %

Used vehicle retail sales

177.3

 

166.6

 

10.7

 

6.4 %

   

(2.4)

 

7.9 %

Used vehicle wholesale sales

3.6

 

12.7

 

(9.1)

 

(71.7) %

   

0.1

 

(72.9) %

Total used

180.9

 

179.3

 

1.6

 

0.9 %

   

(2.3)

 

2.2 %

Parts and service sales

537.5

 

410.4

 

127.1

 

31.0 %

   

(5.1)

 

32.2 %

F&I, net

363.2

 

285.3

 

78.0

 

27.3 %

   

(2.6)

 

28.2 %

Total gross profit

$    1,493.1

 

$    1,130.7

 

$       362.4

 

32.0 %

   

$           (14.2)

 

33.3 %

Gross margin:

                       

New vehicle retail sales

11.4 %

 

7.7 %

 

3.7 %

             

Used vehicle retail sales

6.2 %

 

8.0 %

 

(1.9) %

             

Used vehicle wholesale sales

1.9 %

 

7.4 %

 

(5.5) %

             

Total used

5.9 %

 

8.0 %

 

(2.1) %

             

Parts and service sales

55.1 %

 

55.8 %

 

(0.7) %

             

Total gross margin

18.7 %

 

17.2 %

 

1.5 %

             

Units sold:

                       

Retail new vehicles sold

75,555

 

77,134

 

(1,579)

 

(2.0) %

         

Retail used vehicles sold

92,713

 

82,045

 

10,668

 

13.0 %

         

Wholesale used vehicles sold

18,613

 

20,308

 

(1,695)

 

(8.3) %

         

Total used

111,326

 

102,353

 

8,973

 

8.8 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,600

 

$     42,974

 

$       4,626

 

10.8 %

   

$            (580)

 

12.1 %

Used vehicle retail

$     30,905

 

$     25,253

 

$       5,652

 

22.4 %

   

$            (484)

 

24.3 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,446

 

$       3,316

 

$       2,131

 

64.3 %

   

$              (55)

 

65.9 %

Used vehicle retail sales

$       1,913

 

$       2,031

 

$        (118)

 

(5.8) %

   

$              (26)

 

(4.5) %

Used vehicle wholesale sales

$          193

 

$          625

 

$        (432)

 

(69.1) %

   

$                 8

 

(70.4) %

Total used

$       1,625

 

$       1,752

 

$        (127)

 

(7.2) %

   

$              (20)

 

(6.1) %

F&I PRU

$       2,159

 

$       1,792

 

$          367

 

20.5 %

   

$              (15)

 

21.3 %

Other:

                       

SG&A expenses

$       878.6

 

$       680.0

 

$       198.7

 

29.2 %

   

$             (9.3)

 

30.6 %

Adjusted SG&A expenses (1)

$       903.2

 

$       679.8

 

$       223.3

 

32.8 %

   

$             (9.4)

 

34.2 %

SG&A as % gross profit

58.8 %

 

60.1 %

 

(1.3) %

             

Adjusted SG&A as % gross profit (1)

60.5 %

 

60.1 %

 

0.4 %

             

Operating margin %

7.1 %

 

6.3 %

 

0.8 %

             

Adjusted operating margin % (1)

6.8 %

 

6.3 %

 

0.5 %

             

Pretax margin %

6.5 %

 

5.6 %

 

0.9 %

             

Adjusted pretax margin % (1)

6.2 %

 

5.7 %

 

0.6 %

             

Floorplan expense:

                       

Floorplan interest expense

$         11.2

 

$         16.1

 

$         (5.0)

 

(30.9) %

   

$             (0.2)

 

(29.7) %

Less: Floorplan assistance (2)

28.2

 

28.5

 

(0.3)

 

(1.0) %

   

 

(1.0) %

Net floorplan expense

$       (17.0)

 

$       (12.3)

 

$         (4.7)

       

$             (0.2)

   

Adjusted floorplan interest expense (1)

$         11.2

 

$         13.8

 

$         (2.7)

 

(19.3) %

   

$             (0.2)

 

(17.9) %

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

(2) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended June 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       1,561.7

 

$       1,504.4

 

$            57.4

 

3.8 %

Used vehicle retail sales

 

1,197.6

 

882.9

 

314.7

 

35.6 %

Used vehicle wholesale sales

 

59.1

 

61.2

 

(2.0)

 

(3.3) %

Total used

 

1,256.8

 

944.1

 

312.7

 

33.1 %

Parts and service sales

 

445.6

 

332.6

 

113.0

 

34.0 %

F&I, net

 

173.1

 

143.9

 

29.2

 

20.3 %

Total revenues

 

$       3,437.2

 

$       2,924.9

 

$          512.3

 

17.5 %

Gross profit:

               

New vehicle retail sales

 

$          184.5

 

$          141.7

 

$            42.8

 

30.2 %

Used vehicle retail sales

 

73.7

 

87.3

 

(13.6)

 

(15.6) %

Used vehicle wholesale sales

 

1.9

 

6.4

 

(4.5)

 

(70.9) %

Total used

 

75.5

 

93.7

 

(18.2)

 

(19.4) %

Parts and service sales

 

243.1

 

181.7

 

61.4

 

33.8 %

F&I, net

 

173.1

 

143.9

 

29.2

 

20.3 %

Total gross profit

 

$          676.3

 

$          561.1

 

$          115.2

 

20.5 %

Gross margin:

               

New vehicle retail sales

 

11.8 %

 

9.4 %

 

2.4 %

   

Used vehicle retail sales

 

6.2 %

 

9.9 %

 

(3.7) %

   

Used vehicle wholesale sales

 

3.1 %

 

10.5 %

 

(7.3) %

   

Total used

 

6.0 %

 

9.9 %

 

(3.9) %

   

Parts and service sales

 

54.6 %

 

54.6 %

 

(0.1) %

   

Total gross margin

 

19.7 %

 

19.2 %

 

0.5 %

   

Units sold:

               

Retail new vehicles sold

 

31,627

 

34,047

 

(2,420)

 

(7.1) %

Retail used vehicles sold

 

38,523

 

34,008

 

4,515

 

13.3 %

Wholesale used vehicles sold

 

6,059

 

6,606

 

(547)

 

(8.3) %

Total used

 

44,582

 

40,614

 

3,968

 

9.8 %

Average sales price per unit sold:

               

New vehicle retail

 

$        49,380

 

$        44,185

 

$          5,196

 

11.8 %

Used vehicle retail

 

$        31,089

 

$        25,962

 

$          5,127

 

19.7 %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          5,834

 

$          4,162

 

$          1,671

 

40.2 %

Used vehicle retail sales

 

$          1,913

 

$          2,568

 

$            (655)

 

(25.5) %

Used vehicle wholesale sales

 

$             307

 

$             969

 

$            (661)

 

(68.3) %

Total used

 

$          1,694

 

$          2,308

 

$            (613)

 

(26.6) %

F&I PRU

 

$          2,468

 

$          2,114

 

$             354

 

16.7 %

Other:

               

SG&A expenses

 

$          393.6

 

$          312.6

 

$            81.0

 

25.9 %

Adjusted SG&A expenses (1)

 

$          396.8

 

$          313.4

 

$            83.4

 

26.6 %

SG&A as % gross profit

 

58.2 %

 

55.7 %

 

2.5 %

   

Adjusted SG&A as % gross profit (1)

 

58.7 %

 

55.9 %

 

2.8 %

   

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Six Months Ended June 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       2,994.9

 

$       2,750.4

 

$          244.5

 

8.9 %

Used vehicle retail sales

 

2,235.5

 

1,579.4

 

656.1

 

41.5 %

Used vehicle wholesale sales

 

116.4

 

111.6

 

4.8

 

4.3 %

Total used

 

2,351.9

 

1,691.0

 

660.9

 

39.1 %

Parts and service sales

 

854.0

 

628.9

 

225.1

 

35.8 %

F&I, net

 

327.9

 

259.0

 

68.9

 

26.6 %

Total revenues

 

$       6,528.5

 

$       5,329.3

 

$       1,199.3

 

22.5 %

Gross profit:

               

New vehicle retail sales

 

$          357.8

 

$          222.6

 

$          135.2

 

60.8 %

Used vehicle retail sales

 

142.3

 

137.6

 

4.7

 

3.4 %

Used vehicle wholesale sales

 

5.1

 

10.3

 

(5.2)

 

(50.6) %

Total used

 

147.4

 

148.0

 

(0.5)

 

(0.4) %

Parts and service sales

 

464.1

 

346.8

 

117.3

 

33.8 %

F&I, net

 

327.9

 

259.0

 

68.9

 

26.6 %

Total gross profit

 

$       1,297.2

 

$          976.3

 

$          320.9

 

32.9 %

Gross margin:

               

New vehicle retail sales

 

11.9 %

 

8.1 %

 

3.9 %

   

Used vehicle retail sales

 

6.4 %

 

8.7 %

 

(2.3) %

   

Used vehicle wholesale sales

 

4.4 %

 

9.3 %

 

(4.9) %

   

Total used

 

6.3 %

 

8.8 %

 

(2.5) %

   

Parts and service sales

 

54.3 %

 

55.1 %

 

(0.8) %

   

Total gross margin

 

19.9 %

 

18.3 %

 

1.5 %

   

Units sold:

               

Retail new vehicles sold

 

61,125

 

63,199

 

(2,074)

 

(3.3) %

Retail used vehicles sold

 

72,463

 

64,439

 

8,024

 

12.5 %

Wholesale used vehicles sold

 

12,060

 

13,046

 

(986)

 

(7.6) %

Total used

 

84,523

 

77,485

 

7,038

 

9.1 %

Average sales price per unit sold:

               

New vehicle retail

 

$        48,996

 

$        43,520

 

$          5,476

 

12.6 %

Used vehicle retail

 

$        30,850

 

$        24,510

 

$          6,340

 

25.9 %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          5,854

 

$          3,522

 

$          2,332

 

66.2 %

Used vehicle retail sales

 

$          1,964

 

$          2,136

 

$            (172)

 

(8.0) %

Used vehicle wholesale sales

 

$             423

 

$             792

 

$            (369)

 

(46.6) %

Total used

 

$          1,744

 

$          1,910

 

$            (165)

 

(8.7) %

F&I PRU

 

$          2,454

 

$          2,029

 

$             425

 

21.0 %

Other:

               

SG&A expenses

 

$          747.2

 

$          574.3

 

$          172.9

 

30.1 %

Adjusted SG&A expenses (1)

 

$          769.1

 

$          574.7

 

$          194.3

 

33.8 %

SG&A as % gross profit

 

57.6 %

 

58.8 %

 

(1.2) %

   

Adjusted SG&A as % gross profit (1)

 

59.3 %

 

58.9 %

 

0.4 %

   

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       289.5

 

$       301.2

 

$       (11.6)

 

(3.9) %

   

$           (32.5)

 

6.9 %

Used vehicle retail sales

307.8

 

300.9

 

6.9

 

2.3 %

   

(34.5)

 

13.8 %

Used vehicle wholesale sales

36.7

 

32.5

 

4.2

 

12.8 %

   

(4.1)

 

25.4 %

Total used

344.5

 

333.4

 

11.1

 

3.3 %

   

(38.7)

 

14.9 %

Parts and service sales

57.1

 

50.3

 

6.7

 

13.3 %

   

(6.4)

 

26.1 %

F&I, net

17.1

 

15.7

 

1.4

 

8.7 %

   

(1.9)

 

21.0 %

Total revenues

$       708.2

 

$       700.7

 

$           7.5

 

1.1 %

   

$           (79.5)

 

12.4 %

Gross profit:

                       

New vehicle retail sales

$         25.8

 

$         18.4

 

$           7.4

 

40.2 %

   

$             (3.0)

 

56.8 %

Used vehicle retail sales

15.8

 

20.8

 

(5.0)

 

(24.1) %

   

(1.7)

 

(15.7) %

Used vehicle wholesale sales

(1.1)

 

2.5

 

(3.6)

 

(143.3) %

   

0.1

 

(148.4) %

Total used

14.7

 

23.3

 

(8.6)

 

(37.0) %

   

(1.6)

 

(30.0) %

Parts and service sales

34.5

 

31.0

 

3.6

 

11.6 %

   

(3.9)

 

24.2 %

F&I, net

17.1

 

15.7

 

1.4

 

8.7 %

   

(1.9)

 

21.0 %

Total gross profit

$         92.1

 

$         88.4

 

$           3.7

 

4.2 %

   

$           (10.5)

 

16.1 %

Gross margin:

                       

New vehicle retail sales

8.9 %

 

6.1 %

 

2.8 %

             

Used vehicle retail sales

5.1 %

 

6.9 %

 

(1.8) %

             

Used vehicle wholesale sales

(3.0) %

 

7.7 %

 

(10.7) %

             

Total used

4.3 %

 

7.0 %

 

(2.7) %

             

Parts and service sales

60.5 %

 

61.5 %

 

(0.9) %

             

Total gross margin

13.0 %

 

12.6 %

 

0.4 %

             

Units sold:

                       

Retail new vehicles sold

7,195

 

7,395

 

(200)

 

(2.7) %

         

Retail used vehicles sold

10,384

 

10,494

 

(110)

 

(1.0) %

         

Wholesale used vehicles sold

3,455

 

4,124

 

(669)

 

(16.2) %

         

Total used

13,839

 

14,618

 

(779)

 

(5.3) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     40,241

 

$     40,727

 

$        (486)

 

(1.2) %

   

$         (4,517)

 

9.9 %

Used vehicle retail

$     29,640

 

$     28,672

 

$          969

 

3.4 %

   

$         (3,327)

 

15.0 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,580

 

$       2,484

 

$       1,096

 

44.1 %

   

$            (423)

 

61.1 %

Used vehicle retail sales

$       1,521

 

$       1,984

 

$        (463)

 

(23.3) %

   

$            (168)

 

(14.8) %

Used vehicle wholesale sales

$        (316)

 

$          611

 

$        (927)

 

NM

   

$               37

 

NM

Total used

$       1,063

 

$       1,597

 

$        (534)

 

(33.4) %

   

$            (117)

 

(26.1) %

F&I PRU

$          973

 

$          879

 

$            94

 

10.6 %

   

$            (110)

 

23.2 %

Other:

                       

SG&A expenses

$         66.6

 

$         56.0

 

$         10.5

 

18.7 %

   

$             (7.5)

 

32.1 %

SG&A as % gross profit

72.2 %

 

63.4 %

 

8.9 %

             

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Six Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       601.6

 

$       564.3

 

$         37.2

 

6.6 %

   

$           (43.8)

 

14.4 %

Used vehicle retail sales

629.8

 

492.5

 

137.3

 

27.9 %

   

(44.9)

 

37.0 %

Used vehicle wholesale sales

72.9

 

60.4

 

12.6

 

20.8 %

   

(5.2)

 

29.4 %

Total used

702.7

 

552.8

 

149.9

 

27.1 %

   

(50.0)

 

36.2 %

Parts and service sales

121.5

 

106.8

 

14.7

 

13.8 %

   

(8.3)

 

21.5 %

F&I, net

35.4

 

26.3

 

9.1

 

34.5 %

   

(2.6)

 

44.4 %

Total revenues

$    1,461.2

 

$    1,250.3

 

$       210.9

 

16.9 %

   

$         (104.7)

 

25.2 %

Gross profit:

                       

New vehicle retail sales

$         53.7

 

$         33.2

 

$         20.5

 

61.9 %

   

$             (4.2)

 

74.5 %

Used vehicle retail sales

35.0

 

29.0

 

6.0

 

20.6 %

   

(2.4)

 

29.0 %

Used vehicle wholesale sales

(1.5)

 

2.4

 

(3.9)

 

NM

   

0.1

 

NM

Total used

33.5

 

31.4

 

2.1

 

6.7 %

   

(2.3)

 

14.0 %

Parts and service sales

73.4

 

63.6

 

9.8

 

15.4 %

   

(5.1)

 

23.4 %

F&I, net

35.4

 

26.3

 

9.1

 

34.5 %

   

(2.6)

 

44.4 %

Total gross profit

$       195.9

 

$       154.4

 

$         41.5

 

26.9 %

   

$           (14.2)

 

36.1 %

Gross margin:

                       

New vehicle retail sales

8.9 %

 

5.9 %

 

3.1 %

             

Used vehicle retail sales

5.6 %

 

5.9 %

 

(0.3) %

             

Used vehicle wholesale sales

(2.1) %

 

3.9 %

 

(6.0) %

             

Total used

4.8 %

 

5.7 %

 

(0.9) %

             

Parts and service sales

60.4 %

 

59.5 %

 

0.8 %

             

Total gross margin

13.4 %

 

12.3 %

 

1.1 %

             

Units sold:

                       

Retail new vehicles sold

14,430

 

13,935

 

495

 

3.6 %

         

Retail used vehicles sold

20,250

 

17,606

 

2,644

 

15.0 %

         

Wholesale used vehicles sold

6,553

 

7,262

 

(709)

 

(9.8) %

         

Total used

26,803

 

24,868

 

1,935

 

7.8 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     41,689

 

$     40,498

 

$       1,191

 

2.9 %

   

$         (3,037)

 

10.4 %

Used vehicle retail

$     31,101

 

$     27,973

 

$       3,128

 

11.2 %

   

$         (2,216)

 

19.1 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,721

 

$       2,379

 

$       1,342

 

56.4 %

   

$            (289)

 

68.5 %

Used vehicle retail sales

$       1,727

 

$       1,647

 

$            80

 

4.9 %

   

$            (120)

 

12.1 %

Used vehicle wholesale sales

$        (230)

 

$          325

 

$        (555)

 

NM

   

$               23

 

NM

Total used

$       1,249

 

$       1,261

 

$          (12)

 

(1.0) %

   

$              (85)

 

5.8 %

F&I PRU

$       1,020

 

$          834

 

$          186

 

22.3 %

   

$              (75)

 

31.3 %

Other:

                       

SG&A expenses

$       131.4

 

$       105.7

 

$         25.7

 

24.4 %

   

$             (9.3)

 

33.1 %

Adjusted SG&A expenses (1)

$       134.1

 

$       105.1

 

$         29.0

 

27.6 %

   

$             (9.4)

 

36.6 %

SG&A as % gross profit

67.1 %

 

68.4 %

 

(1.4) %

             

Adjusted SG&A as % gross profit (1)

68.4 %

 

68.1 %

 

0.4 %

             

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

NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended June 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    1,492.6

 

$    1,781.6

 

$     (289.0)

 

(16.2) %

   

$           (30.0)

 

(14.5) %

Used vehicle retail sales

1,266.7

 

1,170.2

 

96.6

 

8.3 %

   

(30.5)

 

10.9 %

Used vehicle wholesale sales

78.8

 

92.9

 

(14.1)

 

(15.2) %

   

(3.8)

 

(11.1) %

Total used

1,345.5

 

1,263.1

 

82.5

 

6.5 %

   

(34.3)

 

9.2 %

Parts and service sales

427.7

 

376.7

 

51.0

 

13.5 %

   

(5.7)

 

15.1 %

F&I, net

157.9

 

157.4

 

0.5

 

0.3 %

   

(1.8)

 

1.4 %

Total revenues

$    3,423.7

 

$    3,578.8

 

$     (155.0)

 

(4.3) %

   

$           (71.8)

 

(2.3) %

Gross profit:

                       

New vehicle retail sales

$       166.6

 

$       157.7

 

$           8.9

 

5.7 %

   

$             (2.8)

 

7.4 %

Used vehicle retail sales

74.9

 

106.9

 

(32.0)

 

(29.9) %

   

(1.5)

 

(28.5) %

Used vehicle wholesale sales

0.4

 

8.8

 

(8.4)

 

(95.8) %

   

0.1

 

(97.0) %

Total used

75.3

 

115.7

 

(40.4)

 

(34.9) %

   

(1.4)

 

(33.7) %

Parts and service sales

231.1

 

209.0

 

22.1

 

10.6 %

   

(3.5)

 

12.2 %

F&I, net

157.9

 

157.4

 

0.5

 

0.3 %

   

(1.8)

 

1.4 %

Total gross profit

$       630.9

 

$       639.8

 

$         (9.0)

 

(1.4) %

   

$             (9.5)

 

0.1 %

Gross margin:

                       

New vehicle retail sales

11.2 %

 

8.8 %

 

2.3 %

             

Used vehicle retail sales

5.9 %

 

9.1 %

 

(3.2) %

             

Used vehicle wholesale sales

0.5 %

 

9.5 %

 

(9.0) %

             

Total used

5.6 %

 

9.2 %

 

(3.6) %

             

Parts and service sales

54.0 %

 

55.5 %

 

(1.5) %

             

Total gross margin

18.4 %

 

17.9 %

 

0.5 %

             

Units sold:

                       

Retail new vehicles sold

31,204

 

40,900

 

(9,696)

 

(23.7) %

         

Retail used vehicles sold

40,978

 

43,975

 

(2,997)

 

(6.8) %

         

Wholesale used vehicles sold

7,597

 

10,615

 

(3,018)

 

(28.4) %

         

Total used

48,575

 

54,590

 

(6,015)

 

(11.0) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,834

 

$     43,561

 

$       4,273

 

9.8 %

   

$            (961)

 

12.0 %

Used vehicle retail

$     30,912

 

$     26,609

 

$       4,303

 

16.2 %

   

$            (745)

 

19.0 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,338

 

$       3,855

 

$       1,484

 

38.5 %

   

$              (90)

 

40.8 %

Used vehicle retail sales

$       1,829

 

$       2,431

 

$        (602)

 

(24.8) %

   

$              (37)

 

(23.2) %

Used vehicle wholesale sales

$            49

 

$          829

 

$        (781)

 

(94.1) %

   

$               14

 

(95.8) %

Total used

$       1,550

 

$       2,120

 

$        (569)

 

(26.9) %

   

$              (29)

 

(25.5) %

F&I PRU

$       2,187

 

$       1,855

 

$          333

 

17.9 %

   

$              (25)

 

19.3 %

Other:

                       

SG&A expenses

$       380.0

 

$       363.2

 

$         16.8

 

4.6 %

   

$             (6.7)

 

6.5 %

SG&A as % gross profit

60.2 %

 

56.8 %

 

3.5 %

             

Operating margin %

6.7 %

 

7.2 %

 

(0.5) %

             

Adjusted operating margin % (1)

6.7 %

 

7.2 %

 

(0.5) %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Six Months Ended June 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    2,933.4

 

$    3,272.0

 

$     (338.6)

 

(10.3) %

   

$           (40.3)

 

(9.1) %

Used vehicle retail sales

2,429.8

 

2,048.5

 

381.4

 

18.6 %

   

(39.7)

 

20.6 %

Used vehicle wholesale sales

158.4

 

170.4

 

(11.9)

 

(7.0) %

   

(4.7)

 

(4.2) %

Total used

2,588.3

 

2,218.8

 

369.4

 

16.7 %

   

(44.4)

 

18.7 %

Parts and service sales

832.7

 

723.8

 

109.0

 

15.1 %

   

(7.4)

 

16.1 %

F&I, net

306.6

 

281.3

 

25.2

 

9.0 %

   

(2.4)

 

9.8 %

Total revenues

$    6,660.9

 

$    6,495.9

 

$       165.0

 

2.5 %

   

$           (94.5)

 

4.0 %

Gross profit:

                       

New vehicle retail sales

$       330.2

 

$       252.3

 

$         77.9

 

30.9 %

   

$             (3.8)

 

32.4 %

Used vehicle retail sales

148.9

 

164.9

 

(16.0)

 

(9.7) %

   

(2.1)

 

(8.4) %

Used vehicle wholesale sales

2.2

 

12.6

 

(10.4)

 

(82.6) %

   

0.1

 

(83.6) %

Total used

151.0

 

177.5

 

(26.4)

 

(14.9) %

   

(2.0)

 

(13.8) %

Parts and service sales

449.9

 

403.7

 

46.2

 

11.5 %

   

(4.5)

 

12.6 %

F&I, net

306.6

 

281.3

 

25.2

 

9.0 %

   

(2.4)

 

9.8 %

Total gross profit

$    1,237.7

 

$    1,114.8

 

$       123.0

 

11.0 %

   

$           (12.8)

 

12.2 %

Gross margin:

                       

New vehicle retail sales

11.3 %

 

7.7 %

 

3.5 %

             

Used vehicle retail sales

6.1 %

 

8.0 %

 

(1.9) %

             

Used vehicle wholesale sales

1.4 %

 

7.4 %

 

(6.0) %

             

Total used

5.8 %

 

8.0 %

 

(2.2) %

             

Parts and service sales

54.0 %

 

55.8 %

 

(1.7) %

             

Total gross margin

18.6 %

 

17.2 %

 

1.4 %

             

Units sold:

                       

Retail new vehicles sold

61,464

 

76,163

 

(14,699)

 

(19.3) %

         

Retail used vehicles sold

78,393

 

81,067

 

(2,674)

 

(3.3) %

         

Wholesale used vehicles sold

14,974

 

20,072

 

(5,098)

 

(25.4) %

         

Total used

93,367

 

101,139

 

(7,772)

 

(7.7) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,725

 

$     42,960

 

$       4,765

 

11.1 %

   

$            (656)

 

12.6 %

Used vehicle retail

$     30,996

 

$     25,269

 

$       5,727

 

22.7 %

   

$            (506)

 

24.7 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,372

 

$       3,312

 

$       2,060

 

62.2 %

   

$              (62)

 

64.1 %

Used vehicle retail sales

$       1,899

 

$       2,034

 

$        (135)

 

(6.6) %

   

$              (27)

 

(5.3) %

Used vehicle wholesale sales

$          146

 

$          626

 

$        (480)

 

(76.7) %

   

$                 8

 

(78.0) %

Total used

$       1,618

 

$       1,755

 

$        (137)

 

(7.8) %

   

$              (21)

 

(6.6) %

F&I PRU

$       2,192

 

$       1,789

 

$          403

 

22.5 %

   

$              (17)

 

23.5 %

Other:

                       

SG&A expenses

$       747.1

 

$       669.7

 

$         77.3

 

11.5 %

   

$             (8.5)

 

12.8 %

Adjusted SG&A expenses (1)

$       747.1

 

$       668.5

 

$         78.6

 

11.8 %

   

$             (8.5)

 

13.0 %

SG&A as % gross profit

60.4 %

 

60.1 %

 

0.3 %

             

Adjusted SG&A as % gross profit (1)

60.4 %

 

60.0 %

 

0.4 %

             

Operating margin %

6.8 %

 

6.3 %

 

0.5 %

             

Adjusted operating margin % (1)

6.8 %

 

6.3 %

 

0.5 %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       1,225.1

 

$       1,480.5

 

$         (255.3)

 

(17.2) %

Used vehicle retail sales

994.6

 

869.3

 

125.3

 

14.4 %

Used vehicle wholesale sales

45.2

 

60.4

 

(15.2)

 

(25.2) %

Total used

1,039.7

 

929.6

 

110.1

 

11.8 %

Parts and service sales

376.8

 

329.1

 

47.7

 

14.5 %

F&I, net

142.1

 

141.7

 

0.4

 

0.3 %

Total revenues

$       2,783.8

 

$       2,880.9

 

$           (97.1)

 

(3.4) %

Gross profit:

             

New vehicle retail sales

$          142.9

 

$          139.3

 

$              3.6

 

2.6 %

Used vehicle retail sales

61.0

 

86.1

 

(25.0)

 

(29.1) %

Used vehicle wholesale sales

1.3

 

6.3

 

(5.0)

 

(79.9) %

Total used

62.3

 

92.4

 

(30.1)

 

(32.5) %

Parts and service sales

200.4

 

179.4

 

21.0

 

11.7 %

F&I, net

142.1

 

141.7

 

0.4

 

0.3 %

Total gross profit

$          547.7

 

$          552.7

 

$             (5.0)

 

(0.9) %

Gross margin:

             

New vehicle retail sales

11.7 %

 

9.4 %

 

2.3 %

   

Used vehicle retail sales

6.1 %

 

9.9 %

 

(3.8) %

   

Used vehicle wholesale sales

2.8 %

 

10.4 %

 

(7.6) %

   

Total used

6.0 %

 

9.9 %

 

(3.9) %

   

Parts and service sales

53.2 %

 

54.5 %

 

(1.3) %

   

Total gross margin

19.7 %

 

19.2 %

 

0.5 %

   

Units sold:

             

Retail new vehicles sold

24,684

 

33,505

 

(8,821)

 

(26.3) %

Retail used vehicles sold

32,071

 

33,481

 

(1,410)

 

(4.2) %

Wholesale used vehicles sold

4,540

 

6,491

 

(1,951)

 

(30.1) %

Total used

36,611

 

39,972

 

(3,361)

 

(8.4) %

Average sales price per unit sold:

             

New vehicle retail

$        49,633

 

$        44,186

 

$          5,446

 

12.3 %

Used vehicle retail

$        31,012

 

$        25,963

 

$          5,048

 

19.4 %

Gross profit per unit sold:

             

New vehicle retail sales

$          5,789

 

$          4,157

 

$          1,631

 

39.2 %

Used vehicle retail sales

$          1,904

 

$          2,571

 

$            (668)

 

(26.0) %

Used vehicle wholesale sales

$             278

 

$             968

 

$            (689)

 

(71.2) %

Total used

$          1,702

 

$          2,311

 

$            (609)

 

(26.3) %

F&I PRU

$          2,504

 

$          2,115

 

$             388

 

18.3 %

Other:

             

SG&A expenses

$          320.5

 

$          308.3

 

$            12.2

 

4.0 %

SG&A as % gross profit

58.5 %

 

55.8 %

 

2.7 %

   

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Six Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       2,380.9

 

$       2,708.0

 

$         (327.1)

 

(12.1) %

Used vehicle retail sales

1,872.6

 

1,556.9

 

315.7

 

20.3 %

Used vehicle wholesale sales

91.5

 

110.1

 

(18.6)

 

(16.9) %

Total used

1,964.1

 

1,667.0

 

297.1

 

17.8 %

Parts and service sales

724.6

 

622.4

 

102.3

 

16.4 %

F&I, net

274.0

 

255.1

 

18.9

 

7.4 %

Total revenues

$       5,343.6

 

$       5,252.5

 

$            91.1

 

1.7 %

Gross profit:

             

New vehicle retail sales

$          281.2

 

$          219.1

 

$            62.1

 

28.3 %

Used vehicle retail sales

118.1

 

135.9

 

(17.8)

 

(13.1) %

Used vehicle wholesale sales

3.5

 

10.2

 

(6.7)

 

(65.8) %

Total used

121.6

 

146.1

 

(24.5)

 

(16.8) %

Parts and service sales

384.8

 

342.6

 

42.2

 

12.3 %

F&I, net

274.0

 

255.1

 

18.9

 

7.4 %

Total gross profit

$       1,061.6

 

$          962.9

 

$            98.7

 

10.2 %

Gross margin:

             

New vehicle retail sales

11.8 %

 

8.1 %

 

3.7 %

   

Used vehicle retail sales

6.3 %

 

8.7 %

 

(2.4) %

   

Used vehicle wholesale sales

3.8 %

 

9.2 %

 

(5.4) %

   

Total used

6.2 %

 

8.8 %

 

(2.6) %

   

Parts and service sales

53.1 %

 

55.0 %

 

(1.9) %

   

Total gross margin

19.9 %

 

18.3 %

 

1.5 %

   

Units sold:

             

Retail new vehicles sold

48,453

 

62,244

 

(13,791)

 

(22.2) %

Retail used vehicles sold

60,972

 

63,518

 

(2,546)

 

(4.0) %

Wholesale used vehicles sold

9,179

 

12,835

 

(3,656)

 

(28.5) %

Total used

70,151

 

76,353

 

(6,202)

 

(8.1) %

Average sales price per unit sold:

             

New vehicle retail

$        49,138

 

$        43,506

 

$          5,632

 

12.9 %

Used vehicle retail

$        30,713

 

$        24,512

 

$          6,201

 

25.3 %

Gross profit per unit sold:

             

New vehicle retail sales

$          5,804

 

$          3,521

 

$          2,283

 

64.8 %

Used vehicle retail sales

$          1,937

 

$          2,140

 

$            (203)

 

(9.5) %

Used vehicle wholesale sales

$             379

 

$             791

 

$            (413)

 

(52.1) %

Total used

$          1,733

 

$          1,913

 

$            (180)

 

(9.4) %

F&I PRU

$          2,504

 

$          2,028

 

$             476

 

23.4 %

Other:

             

SG&A expenses

$          627.0

 

$          566.9

 

$            60.1

 

10.6 %

Adjusted SG&A expenses (1)

$          627.0

 

$          565.7

 

$            61.4

 

10.8 %

SG&A as % gross profit

59.1 %

 

58.9 %

 

0.2 %

   

Adjusted SG&A as % gross profit (1)

59.1 %

 

58.7 %

 

0.3 %

   

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       267.5

 

$       301.2

 

$       (33.7)

 

(11.2) %

   

$           (30.0)

 

(1.2) %

Used vehicle retail sales

272.1

 

300.9

 

(28.7)

 

(9.6) %

   

(30.5)

 

0.6 %

Used vehicle wholesale sales

33.7

 

32.5

 

1.1

 

3.5 %

   

(3.8)

 

15.1 %

Total used

305.8

 

333.4

 

(27.6)

 

(8.3) %

   

(34.3)

 

2.0 %

Parts and service sales

50.8

 

47.5

 

3.3

 

6.9 %

   

(5.7)

 

18.9 %

F&I, net

15.8

 

15.7

 

0.1

 

0.5 %

   

(1.8)

 

11.9 %

Total revenues

$       639.9

 

$       697.9

 

$       (57.9)

 

(8.3) %

   

$           (71.8)

 

2.0 %

Gross profit:

                       

New vehicle retail sales

$         23.7

 

$         18.4

 

$           5.3

 

29.0 %

   

$             (2.8)

 

44.2 %

Used vehicle retail sales

13.9

 

20.8

 

(6.9)

 

(33.3) %

   

(1.5)

 

(25.9) %

Used vehicle wholesale sales

(0.9)

 

2.5

 

(3.4)

 

(135.5) %

   

0.1

 

(139.7) %

Total used

13.0

 

23.3

 

(10.3)

 

(44.3) %

   

(1.4)

 

(38.2) %

Parts and service sales

30.7

 

29.7

 

1.0

 

3.4 %

   

(3.5)

 

15.1 %

F&I, net

15.8

 

15.7

 

0.1

 

0.5 %

   

(1.8)

 

11.9 %

Total gross profit

$         83.2

 

$         87.1

 

$         (3.9)

 

(4.5) %

   

$             (9.5)

 

6.4 %

Gross margin:

                       

New vehicle retail sales

8.9 %

 

6.1 %

 

2.8 %

             

Used vehicle retail sales

5.1 %

 

6.9 %

 

(1.8) %

             

Used vehicle wholesale sales

(2.7) %

 

7.7 %

 

(10.4) %

             

Total used

4.2 %

 

7.0 %

 

(2.8) %

             

Parts and service sales

60.4 %

 

62.4 %

 

(2.1) %

             

Total gross margin

13.0 %

 

12.5 %

 

0.5 %

             

Units sold:

                       

Retail new vehicles sold

6,520

 

7,395

 

(875)

 

(11.8) %

         

Retail used vehicles sold

8,907

 

10,494

 

(1,587)

 

(15.1) %

         

Wholesale used vehicles sold

3,057

 

4,124

 

(1,067)

 

(25.9) %

         

Total used

11,964

 

14,618

 

(2,654)

 

(18.2) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     41,026

 

$     40,727

 

$          299

 

0.7 %

   

$         (4,600)

 

12.0 %

Used vehicle retail

$     30,554

 

$     28,672

 

$       1,882

 

6.6 %

   

$         (3,427)

 

18.5 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,634

 

$       2,484

 

$       1,150

 

46.3 %

   

$            (429)

 

63.6 %

Used vehicle retail sales

$       1,560

 

$       1,984

 

$        (425)

 

(21.4) %

   

$            (172)

 

(12.7) %

Used vehicle wholesale sales

$        (293)

 

$          611

 

$        (904)

 

(147.9) %

   

$               35

 

NM

Total used

$       1,086

 

$       1,597

 

$        (511)

 

(32.0) %

   

$            (119)

 

(24.5) %

F&I PRU

$       1,024

 

$          879

 

$          145

 

16.5 %

   

$            (116)

 

29.7 %

Other:

                       

SG&A expenses

$         59.5

 

$         54.9

 

$           4.5

 

8.3 %

   

$             (6.7)

 

20.4 %

SG&A as % gross profit

71.5 %

 

63.1 %

 

8.5 %

             

 NM — Not Meaningful

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Six Months Ended June 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency %
Change

Revenues:

                       

New vehicle retail sales

$       552.5

 

$       564.0

 

$       (11.5)

 

(2.0) %

   

$           (40.3)

 

5.1 %

Used vehicle retail sales

557.2

 

491.5

 

65.7

 

13.4 %

   

(39.7)

 

21.4 %

Used vehicle wholesale sales

66.9

 

60.2

 

6.7

 

11.1 %

   

(4.7)

 

18.9 %

Total used

624.2

 

551.8

 

72.4

 

13.1 %

   

(44.4)

 

21.2 %

Parts and service sales

108.1

 

101.4

 

6.7

 

6.6 %

   

(7.4)

 

13.9 %

F&I, net

32.6

 

26.2

 

6.3

 

24.1 %

   

(2.4)

 

33.2 %

Total revenues

$    1,317.3

 

$    1,243.4

 

$         73.9

 

5.9 %

   

$           (94.5)

 

13.5 %

Gross profit:

                       

New vehicle retail sales

$         49.0

 

$         33.1

 

$         15.9

 

47.9 %

   

$             (3.8)

 

59.4 %

Used vehicle retail sales

30.8

 

29.0

 

1.8

 

6.2 %

   

(2.1)

 

13.6 %

Used vehicle wholesale sales

(1.3)

 

2.4

 

(3.7)

 

NM

   

0.1

 

NM

Total used

29.5

 

31.4

 

(1.9)

 

(6.1) %

   

(2.0)

 

0.3 %

Parts and service sales

65.1

 

61.1

 

4.0

 

6.6 %

   

(4.5)

 

14.0 %

F&I, net

32.6

 

26.2

 

6.3

 

24.1 %

   

(2.4)

 

33.2 %

Total gross profit

$       176.1

 

$       151.8

 

$         24.3

 

16.0 %

   

$           (12.8)

 

24.4 %

Gross margin:

                       

New vehicle retail sales

8.9 %

 

5.9 %

 

3.0 %

             

Used vehicle retail sales

5.5 %

 

5.9 %

 

(0.4) %

             

Used vehicle wholesale sales

(1.9) %

 

4.0 %

 

(5.9) %

             

Total used

4.7 %

 

5.7 %

 

(1.0) %

             

Parts and service sales

60.2 %

 

60.3 %

 

— %

             

Total gross margin

13.4 %

 

12.2 %

 

1.2 %

             

Units sold:

                       

Retail new vehicles sold

13,011

 

13,919

 

(908)

 

(6.5) %

         

Retail used vehicles sold

17,421

 

17,549

 

(128)

 

(0.7) %

         

Wholesale used vehicles sold

5,795

 

7,237

 

(1,442)

 

(19.9) %

         

Total used

23,216

 

24,786

 

(1,570)

 

(6.3) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     42,461

 

$     40,518

 

$       1,943

 

4.8 %

   

$         (3,100)

 

12.4 %

Used vehicle retail

$     31,985

 

$     28,009

 

$       3,977

 

14.2 %

   

$         (2,277)

 

22.3 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,765

 

$       2,380

 

$       1,385

 

58.2 %

   

$            (294)

 

70.6 %

Used vehicle retail sales

$       1,765

 

$       1,650

 

$          116

 

7.0 %

   

$            (122)

 

14.4 %

Used vehicle wholesale sales

$        (223)

 

$          333

 

$        (556)

 

NM

   

$               22

 

NM

Total used

$       1,269

 

$       1,265

 

$              4

 

0.3 %

   

$              (86)

 

7.1 %

F&I PRU

$       1,070

 

$          834

 

$          236

 

28.3 %

   

$              (79)

 

37.8 %

Other:

                       

SG&A expenses

$       120.0

 

$       102.8

 

$         17.2

 

16.7 %

   

$             (8.5)

 

25.0 %

SG&A as % gross profit

68.1 %

 

67.7 %

 

0.4 %

             

 NM — Not Meaningful

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended June 30, 2022

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

 Asset
impairments

 

Non-GAAP
adjusted

SG&A expenses

 

$                460.2

 

$                       3.2

 

$                        —

 

$                463.3

Asset impairments

 

$                    0.8

 

$                        —

 

$                      (0.8)

 

$                     —

Income (loss) from operations

 

$                284.5

 

$                      (3.2)

 

$                       0.8

 

$                282.1

                 

Income (loss) before income taxes

 

$                260.1

 

$                      (3.2)

 

$                       0.8

 

$                257.8

Less: Provision (benefit) for income taxes

 

60.8

 

(0.8)

 

0.2

 

60.2

Net income (loss) from continuing operations

 

199.3

 

(2.4)

 

0.6

 

197.5

Less: Earnings (loss) allocated to participating
securities

 

5.4

 

(0.1)

 

 

5.4

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

 

$                193.9

 

$                      (2.3)

 

$                       0.6

 

$                192.1

                 

Diluted earnings (loss) per common share from
continuing operations

 

$                12.11

 

$                    (0.15)

 

$                     0.04

 

$                12.00

                 

Effective tax rate

 

23.4 %

         

23.4 %

                 

SG&A as % gross profit (1)

 

59.9 %

         

60.3 %

Operating margin (2)

 

6.9 %

         

6.8 %

Pretax margin (3)

 

6.3 %

         

6.2 %

                 

Same Store income from operations

 

$                230.2

 

$                        —

 

$                       0.8

 

$                231.0

Same Store operating margin (2)

 

6.7 %

         

6.7 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net (loss) income from discontinued operations

 

$                 (3.4)

 

$                  5.0

 

$                  1.6

Less: (loss) earnings allocated to participating securities

 

(0.1)

 

0.1

 

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

 

$                 (3.3)

 

$                  4.9

 

$                  1.6

             

Net income

 

$              195.9

 

$                  3.2

 

$              199.2

Less: earnings allocated to participating securities

 

5.4

 

0.1

 

5.4

Net income available to diluted common shares

 

$              190.6

 

$                  3.1

 

$              193.7

             

Diluted (loss) earnings per common share from discontinued operations

 

$               (0.20)

 

$                0.29

 

$                0.10

Diluted earnings (loss) per common share from continuing operations

 

12.11

 

(0.11)

 

12.00

Diluted earnings per common share

 

$              11.90

 

$                0.20

 

$              12.10

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended June 30, 2021

   

U.S. GAAP

 

Non-cash loss
on interest rate
swaps

 

Dealership and
real estate
transactions

 

Tax rate
changes

 

Non-GAAP
adjusted

SG&A expenses

 

$            368.6

 

$                    —

 

$                   0.8

 

$                    —

 

$            369.4

Income (loss) from operations

 

$            262.5

 

$                    —

 

$                  (0.8)

 

$                    —

 

$            261.7

Floorplan interest expense

 

$                8.6

 

$                  (2.3)

 

$                    —

 

$                    —

 

$                6.3

                     

Income (loss) before income taxes

 

$            240.3

 

$                   2.3

 

$                  (0.8)

 

$                    —

 

$            241.8

Less: Provision (benefit) for income taxes

 

51.5

 

0.5

 

(0.2)

 

1.9

 

53.8

Net income (loss) from continuing
operations

 

188.8

 

1.8

 

(0.6)

 

(1.9)

 

188.0

Less: Earnings (loss) allocated to
participating securities

 

6.3

 

0.1

 

 

(0.1)

 

6.3

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

 

$            182.4

 

$                   1.7

 

$                  (0.6)

 

$                  (1.8)

 

$            181.7

                     

Diluted earnings (loss) per common share
from continuing operations

 

$            10.23

 

$                 0.10

 

$                (0.03)

 

$                (0.10)

 

$            10.19

                     

Effective tax rate

 

21.4 %

             

22.2 %

                     

SG&A as % gross profit (1)

 

56.8 %

             

56.9 %

Operating margin (2)

 

7.2 %

             

7.2 %

Pretax margin (3)

 

6.6 %

             

6.7 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net income from discontinued operations

 

$                   2.2

 

$                    —

 

$                   2.2

Less: earnings allocated to participating securities

 

0.1

 

 

0.1

Net income from discontinued operations available to diluted common shares

 

$                   2.1

 

$                    —

 

$                   2.1

             

Net income (loss)

 

$               191.0

 

$                  (0.8)

 

$               190.2

Less: earnings allocated to participating securities

 

6.4

 

 

6.4

Net income (loss) available to diluted common shares

 

$               184.5

 

$                  (0.7)

 

$               183.8

             

Diluted earnings per common share from discontinued operations

 

$                 0.12

 

$                    —

 

$                 0.12

Diluted earnings (loss) per common share from continuing operations

 

10.23

 

(0.04)

 

10.19

Diluted earnings (loss) per common share

 

$               10.35

 

$                (0.04)

 

$               10.31

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

(2) Adjusted operating margin excludes the impact of SG&A reconciling items above.

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                 
   

Six Months Ended June 30, 2022

   

U.S. GAAP

 

Dealership and
real estate
transactions

 

Asset
impairments

 

Non-GAAP
adjusted

SG&A expenses

 

$               878.6

 

$                      24.5

 

$                         —

 

$                903.2

Asset impairments

 

$                   0.8

 

$                         —

 

$                      (0.8)

 

$                     —

Income (loss) from operations

 

$               569.5

 

$                    (24.5)

 

$                        0.8

 

$                545.8

                 

Income (loss) before income taxes

 

$               522.4

 

$                    (24.5)

 

$                        0.8

 

$                498.7

Less: Provision (benefit) for income taxes

 

122.0

 

(5.6)

 

0.2

 

116.5

Net income (loss) from continuing operations

 

400.4

 

(18.9)

 

0.6

 

382.2

Less: Earnings (loss) allocated to participating
securities

 

11.3

 

(0.5)

 

 

10.8

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

 

$               389.2

 

$                    (18.4)

 

$                        0.6

 

$                371.4

                 

Diluted earnings (loss) per common share from
continuing operations

 

$               23.88

 

$                    (1.13)

 

$                      0.04

 

$                22.79

                 

Effective tax rate

 

23.4 %

         

23.4 %

                 

SG&A as % gross profit (1)

 

58.8 %

         

60.5 %

Operating margin (2)

 

7.1 %

         

6.8 %

Pretax margin (3)

 

6.5 %

         

6.2 %

                 

Same Store income from operations

 

$               451.9

 

$                         —

 

$                        0.8

 

$                452.7

Same Store operating margin (2)

 

6.8 %

         

6.8 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net (loss) income from discontinued operations

 

$                 (1.6)

 

$                   5.0

 

$                   3.4

Less: earnings allocated to participating securities

 

 

0.1

 

0.1

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

 

$                 (1.5)

 

$                   4.9

 

$                   3.3

             

Net income (loss)

 

$               398.9

 

$               (13.3)

 

$               385.6

Less: earnings (loss) allocated to participating securities

 

11.2

 

(0.4)

 

10.9

Net income (loss) available to diluted common shares

 

$               387.6

 

$               (12.9)

 

$               374.7

             

Diluted (loss) earnings per common share from discontinued operations

 

$               (0.09)

 

$                 0.30

 

$                 0.21

Diluted earnings (loss) per common share from continuing operations

 

23.88

 

(1.09)

 

22.79

Diluted earnings (loss) per common share

 

$               23.79

 

$               (0.79)

 

$               22.99

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                             
   

Six Months Ended June 30, 2021

   

U.S. GAAP

 

Non-cash loss
on interest
rate swaps

 

Catastrophic
events

 

Dealership
and real
estate
transactions

 

Legal
matters

 

Tax rate
changes

 

Non-GAAP
adjusted

SG&A expenses

 

$     680.0

 

$                —

 

$               (2.2)

 

$               1.1

 

$           1.0

 

$            —

 

$     679.8

Income (loss) from operations

 

$     413.2

 

$                —

 

$                2.2

 

$             (1.1)

 

$         (1.0)

 

$            —

 

$     413.3

Floorplan interest expense

 

$       16.1

 

$              (2.3)

 

$                 —

 

$               —

 

$           —

 

$            —

 

$       13.8

                             

Income (loss) before income taxes

 

$     370.3

 

$               2.3

 

$                2.2

 

$             (1.1)

 

$         (1.0)

 

$            —

 

$     372.7

Less: Provision (benefit) for income
taxes

 

80.6

 

0.5

 

0.5

 

(0.3)

 

(0.2)

 

1.9

 

83.1

Net income (loss) from continuing
operations

 

289.7

 

1.8

 

1.7

 

(0.8)

 

(0.8)

 

(1.9)

 

289.7

Less: Earnings (loss) allocated to
participating securities

 

9.8

 

0.1

 

0.1

 

 

 

(0.1)

 

9.8

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

 

$     279.9

 

$               1.7

 

$                1.7

 

$             (0.8)

 

$         (0.7)

 

$          (1.8)

 

$     279.9

                             

Diluted earnings (loss) per common
share from continuing operations

 

$     15.70

 

$             0.10

 

$              0.09

 

$            (0.05)

 

$        (0.04)

 

$        (0.10)

 

$     15.70

                             

Effective tax rate

 

21.8 %

                     

22.3 %

                             

SG&A as % gross profit (1)

 

60.1 %

                     

60.1 %

Operating margin (2)

 

6.3 %

                     

6.3 %

Pretax margin (3)

 

5.6 %

                     

5.7 %

                             

Same Store SG&A expenses

 

$     669.7

 

$                —

 

$               (2.2)

 

$               —

 

$           1.0

 

$            —

 

$     668.5

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

 

60.1 %

                     

60.0 %

                             

Same Store income (loss) from operations

 

$     408.3

 

$                —

 

$                2.2

 

$               —

 

$         (1.0)

 

$            —

 

$     409.5

Same Store operating margin (2)

 

6.3 %