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Group 1 Automotive Announces Record Third Quarter 2022 Financial Results
  • Record Quarterly Revenues of $4.2 billion, a 22.0% Increase
  • Record Quarterly Diluted Earnings Per Common Share from Continuing Operations of $12.57 per share, a 34.4% Increase

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

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

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

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables. 

Current Quarter Results Overview

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

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

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

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

Third Quarter 2022

Key Performance Metrics      

(year-over-year comparable period basis)

Consolidated

Same Store

(a non-GAAP measure)

Reported:

3Q22

Change

3Q22

Change

Total revenues

$4.2B

+22.0 %

$3.5B

+3.6 %

Total gross profit ("GP")

$752.6M

+17.8 %

$621.2M

(0.9) %

NV units sold

39,237

+17.6 %

32,249

(1.5) %

NV GP per retail unit ("PRU")

$5,267

+8.8 %

$5,078

+5.1 %

Used vehicle ("UV") retail units sold

48,427

+13.9 %

41,684

(0.4) %

UV retail GP PRU

$1,571

(31.2) %

$1,536

(33.2) %

Parts & service ("P&S") GP

$285.1M

+25.7 %

$239.0M

+7.6 %

P&S Gross Margin

55.3 %

+0.9 %

54.5 %

+0.1 %

Finance and Insurance ("F&I") revenues

$186.3M

+27.6 %

$155.6M

+8.8 %

F&I GP PRU

$2,125

+10.4 %

$2,105

+9.8 %

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

59.9 %

+101 bps

62.2 %

+342 bps

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

61.5 %

+281 bps

61.9 %

+328 bps

Corporate Development

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

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

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

Share Repurchase

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

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

Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

Third Quarter 2022 Earnings Conference Call Details

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

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

Domestic:

1-888-317-6003

International:

1-412-317-6061

Passcode:

6646921

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

Domestic:

1-877-344-7529

International:

1-412-317-0088

Replay Code:

8172086

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 203 automotive dealerships, 273 franchises, and 47 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

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

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

or

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

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Three Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       1,883.3

 

$       1,513.9

 

$          369.5

 

24.4 %

Used vehicle retail sales

 

1,488.6

 

1,230.4

 

258.3

 

21.0 %

Used vehicle wholesale sales

 

89.6

 

106.0

 

(16.5)

 

(15.5) %

Parts and service sales

 

515.6

 

416.5

 

99.1

 

23.8 %

Finance, insurance and other, net

 

186.3

 

146.0

 

40.3

 

27.6 %

Total revenues

 

4,163.4

 

3,412.8

 

750.6

 

22.0 %

COST OF SALES:

               

New vehicle retail sales

 

1,676.7

 

1,352.4

 

324.3

 

24.0 %

Used vehicle retail sales

 

1,412.6

 

1,133.3

 

279.2

 

24.6 %

Used vehicle wholesale sales

 

91.1

 

98.7

 

(7.6)

 

(7.7) %

Parts and service sales

 

230.5

 

189.7

 

40.8

 

21.5 %

Total cost of sales

 

3,410.8

 

2,774.1

 

636.7

 

23.0 %

GROSS PROFIT

 

752.6

 

638.7

 

113.9

 

17.8 %

Selling, general and administrative expenses

 

450.9

 

376.3

 

74.7

 

19.8 %

Depreciation and amortization expense

 

21.8

 

19.2

 

2.6

 

13.5 %

Asset impairments

 

 

1.7

 

(1.7)

 

(100.0) %

INCOME FROM OPERATIONS

 

279.9

 

241.5

 

38.4

 

15.9 %

Floorplan interest expense

 

6.5

 

4.3

 

2.2

 

50.1 %

Other interest expense, net

 

19.6

 

13.1

 

6.5

 

49.9 %

Other income

 

(3.4)

 

 

(3.4)

 

(100.0) %

INCOME BEFORE INCOME TAXES

 

257.2

 

224.1

 

33.1

 

14.8 %

Provision for income taxes

 

60.2

 

51.6

 

8.6

 

16.6 %

Net income from continuing operations

 

197.1

 

172.5

 

24.5

 

14.2 %

Net loss from discontinued operations

 

(1.3)

 

(0.4)

 

(0.9)

 

216.9 %

NET INCOME

 

$          195.7

 

$          172.1

 

$            23.6

 

13.7 %

Less: Earnings allocated to participating securities

 

5.4

 

5.7

 

(0.3)

 

(5.3) %

Net income available to diluted common shares

 

$          190.3

 

$          166.4

 

$            23.9

 

14.4 %

Diluted earnings per share from continuing operations

 

$          12.57

 

$            9.35

 

$            3.21

 

34.4 %

Diluted loss per share from discontinued operations

 

$           (0.09)

 

$           (0.02)

 

$           (0.06)

 

272.6 %

DILUTED EARNINGS PER SHARE

 

$          12.48

 

$            9.33

 

$            3.15

 

33.8 %

Weighted average dilutive common shares outstanding

 

15.2

 

17.8

 

(2.6)

 

(14.5) %

Weighted average participating securities

 

0.4

 

0.6

 

(0.2)

 

(29.5) %

Total weighted average shares

 

15.7

 

18.4

 

(2.8)

 

(15.0) %

Effective tax rate on continuing operations

 

23.4 %

 

23.0 %

 

0.4 %

   

 

Group 1 Automotive, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions, except per share data)

                 
   

Nine Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

REVENUES:

               

New vehicle retail sales

 

$       5,479.8

 

$       4,828.6

 

$          651.1

 

13.5 %

Used vehicle retail sales

 

4,353.9

 

3,302.3

 

1,051.7

 

31.8 %

Used vehicle wholesale sales

 

278.9

 

278.0

 

0.9

 

0.3 %

Parts and service sales

 

1,491.1

 

1,152.2

 

338.9

 

29.4 %

Finance, insurance and other, net

 

549.5

 

431.3

 

118.2

 

27.4 %

Total revenues

 

12,153.1

 

9,992.3

 

2,160.8

 

21.6 %

COST OF SALES:

               

New vehicle retail sales

 

4,861.6

 

4,411.4

 

450.2

 

10.2 %

Used vehicle retail sales

 

4,100.6

 

3,038.6

 

1,062.0

 

34.9 %

Used vehicle wholesale sales

 

276.8

 

257.9

 

18.9

 

7.3 %

Parts and service sales

 

668.5

 

515.0

 

153.5

 

29.8 %

Total cost of sales

 

9,907.4

 

8,222.9

 

1,684.5

 

20.5 %

GROSS PROFIT

 

2,245.8

 

1,769.5

 

476.3

 

26.9 %

Selling, general and administrative expenses

 

1,329.6

 

1,056.2

 

273.3

 

25.9 %

Depreciation and amortization expense

 

65.9

 

56.8

 

9.1

 

16.1 %

Asset impairments

 

0.8

 

1.7

 

(0.9)

 

(52.6) %

INCOME FROM OPERATIONS

 

849.4

 

654.7

 

194.7

 

29.7 %

Floorplan interest expense

 

17.7

 

20.5

 

(2.8)

 

(13.7) %

Other interest expense, net

 

55.5

 

39.8

 

15.7

 

39.5 %

Other income

 

(3.4)

 

 

(3.4)

 

(100.0) %

INCOME BEFORE INCOME TAXES

 

779.6

 

594.4

 

185.2

 

31.2 %

Provision for income taxes

 

182.1

 

132.2

 

50.0

 

37.8 %

Net income from continuing operations

 

597.5

 

462.2

 

135.3

 

29.3 %

Net (loss) income from discontinued operations

 

(2.9)

 

2.8

 

(5.7)

 

(204.0) %

NET INCOME

 

$          594.6

 

$          465.0

 

$          129.6

 

27.9 %

Less: Earnings allocated to participating securities

 

16.6

 

15.6

 

1.0

 

6.5 %

Net income available to diluted common shares

 

$          578.0

 

$          449.4

 

$          128.5

 

28.6 %

Diluted earnings per share from continuing operations

 

$          36.43

 

$          25.05

 

$          11.37

 

45.4 %

Diluted (loss) earnings per share from discontinued operations

 

$           (0.18)

 

$            0.15

 

$           (0.33)

 

(217.4) %

DILUTED EARNINGS PER SHARE

 

$          36.25

 

$          25.21

 

$          11.04

 

43.8 %

Weighted average dilutive common shares outstanding

 

15.9

 

17.8

 

(1.9)

 

(10.6) %

Weighted average participating securities

 

0.5

 

0.6

 

(0.2)

 

(26.2) %

Total weighted average shares

 

16.4

 

18.5

 

(2.0)

 

(11.1) %

Effective tax rate on continuing operations

 

23.4 %

 

22.2 %

 

1.1 %

   

 

Group 1 Automotive, Inc.

Additional Information — Consolidated

(Unaudited)

                 
   

September 30, 2022

 

December 31, 2021

 

Increase/(Decrease)

 

% Change

SELECTED BALANCE SHEET INFORMATION:

           

(In millions)

               

Cash and cash equivalents

 

$                        20.5

 

$                        14.9

 

$                       5.6

 

37.7 %

Inventories, net

 

$                   1,185.6

 

$                   1,073.1

 

$                   112.5

 

10.5 %

Floorplan notes payable, net (1)

 

$                      745.9

 

$                      531.0

 

$                   214.9

 

40.5 %

Total debt

 

$                   1,942.4

 

$                   2,035.7

 

$                    (93.3)

 

(4.6) %

Total equity

 

$                   2,214.1

 

$                   1,825.2

 

$                   388.9

 

21.3 %

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

 

   

Three Months Ended September 30,

 

Nine Months Ended September 30,

   

2022

 

2021

 

2022

 

2021

NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:

           

United States

 

80.9 %

 

77.9 %

 

80.9 %

 

80.7 %

United Kingdom

 

19.1 %

 

22.1 %

 

19.1 %

 

19.3 %

                 

NEW VEHICLE UNIT SALES BRAND MIX:

           

Toyota/Lexus

 

25.2 %

 

25.9 %

 

24.3 %

 

25.6 %

Volkswagen/Audi/Porsche/SEAT/SKODA

 

16.1 %

 

17.3 %

 

15.7 %

 

15.9 %

BMW/MINI

 

12.9 %

 

12.1 %

 

12.7 %

 

11.2 %

Ford/Lincoln

 

7.7 %

 

8.2 %

 

8.2 %

 

8.6 %

Honda/Acura

 

6.1 %

 

7.9 %

 

6.9 %

 

8.7 %

Chevrolet/GMC/Buick/Cadillac

 

7.0 %

 

6.2 %

 

6.5 %

 

6.9 %

Mercedes-Benz/Sprinter

 

6.2 %

 

4.1 %

 

6.2 %

 

4.7 %

Chrysler/Dodge/Jeep/RAM

 

5.2 %

 

3.9 %

 

5.1 %

 

4.1 %

Hyundai/Kia/Genesis

 

4.8 %

 

5.4 %

 

4.9 %

 

5.4 %

Nissan

 

2.9 %

 

5.8 %

 

3.6 %

 

5.7 %

Subaru

 

2.7 %

 

1.5 %

 

2.7 %

 

1.4 %

Jaguar/Land Rover

 

1.7 %

 

1.5 %

 

1.5 %

 

1.7 %

Mazda

 

1.3 %

 

— %

 

1.2 %

 

— %

Other

 

0.3 %

 

0.1 %

 

0.3 %

 

— %

   

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

   

September 30, 2022

 

December 31, 2021

 

September 30, 2021

DAYS' SUPPLY IN INVENTORY (1):

           

Consolidated

           

New vehicle inventory

 

16

 

12

 

13

Used vehicle inventory

 

34

 

42

 

30

U.S.

           

New vehicle inventory

 

15

 

9

 

11

Used vehicle inventory

 

31

 

36

 

25

U.K.

           

New vehicle inventory

 

20

 

33

 

19

Used vehicle inventory

 

46

 

66

 

42

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

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency %
Change

Revenues:

                       

New vehicle retail sales

$    1,883.3

 

$    1,513.9

 

$      369.5

 

24.4 %

   

$          (53.8)

 

28.0 %

Used vehicle retail sales

1,488.6

 

1,230.4

 

258.3

 

21.0 %

   

(47.3)

 

24.8 %

Used vehicle wholesale sales

89.6

 

106.0

 

(16.5)

 

(15.5) %

   

(4.9)

 

(11.0) %

Total used

1,578.2

 

1,336.4

 

241.8

 

18.1 %

   

(52.2)

 

22.0 %

Parts and service sales

515.6

 

416.5

 

99.1

 

23.8 %

   

(10.7)

 

26.4 %

F&I, net

186.3

 

146.0

 

40.3

 

27.6 %

   

(2.8)

 

29.5 %

Total revenues

$    4,163.4

 

$    3,412.8

 

$      750.6

 

22.0 %

   

$        (119.5)

 

25.5 %

Gross profit:

                       

New vehicle retail sales

$       206.7

 

$       161.5

 

$        45.2

 

28.0 %

   

$            (4.9)

 

31.0 %

Used vehicle retail sales

76.1

 

97.0

 

(21.0)

 

(21.6) %

   

(2.7)

 

(18.9) %

Used vehicle wholesale sales

(1.5)

 

7.4

 

(8.9)

 

(120.8) %

   

 

(121.4) %

Total used

74.5

 

104.4

 

(29.9)

 

(28.6) %

   

(2.6)

 

(26.1) %

Parts and service sales

285.1

 

226.8

 

58.4

 

25.7 %

   

(6.3)

 

28.5 %

F&I, net

186.3

 

146.0

 

40.3

 

27.6 %

   

(2.8)

 

29.5 %

Total gross profit

$       752.6

 

$       638.7

 

$      113.9

 

17.8 %

   

$          (16.6)

 

20.4 %

Gross margin:

                       

New vehicle retail sales

11.0 %

 

10.7 %

 

0.3 %

             

Used vehicle retail sales

5.1 %

 

7.9 %

 

(2.8) %

             

Used vehicle wholesale sales

(1.7) %

 

7.0 %

 

(8.7) %

             

Total used

4.7 %

 

7.8 %

 

(3.1) %

             

Parts and service sales

55.3 %

 

54.4 %

 

0.9 %

             

Total gross margin

18.1 %

 

18.7 %

 

(0.6) %

             

Units sold:

                       

Retail new vehicles sold

39,237

 

33,365

 

5,872

 

17.6 %

         

Retail used vehicles sold

48,427

 

42,514

 

5,913

 

13.9 %

         

Wholesale used vehicles sold

9,456

 

10,960

 

(1,504)

 

(13.7) %

         

Total used

57,883

 

53,474

 

4,409

 

8.2 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,999

 

$     45,373

 

$      2,626

 

5.8 %

   

$         (1,370)

 

8.8 %

Used vehicle retail

$     30,740

 

$     28,941

 

$      1,799

 

6.2 %

   

$            (977)

 

9.6 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,267

 

$       4,840

 

$         427

 

8.8 %

   

$            (125)

 

11.4 %

Used vehicle retail sales

$       1,571

 

$       2,282

 

$        (712)

 

(31.2) %

   

$              (55)

 

(28.8) %

Used vehicle wholesale sales

$         (162)

 

$          673

 

$        (835)

 

(124.1) %

   

$                 5

 

(124.8) %

Total used

$       1,288

 

$       1,953

 

$        (665)

 

(34.1) %

   

$              (45)

 

(31.7) %

F&I PRU

$       2,125

 

$       1,925

 

$         201

 

10.4 %

   

$              (32)

 

12.1 %

Other:

                       

SG&A expenses

$       450.9

 

$       376.3

 

$        74.7

 

19.8 %

   

$           (11.3)

 

22.9 %

Adjusted SG&A expenses (1)

$       463.1

 

$       375.1

 

$        88.1

 

23.5 %

   

$           (11.1)

 

26.4 %

SG&A as % gross profit

59.9 %

 

58.9 %

 

1.0 %

             

Adjusted SG&A as % gross profit (1)

61.5 %

 

58.7 %

 

2.8 %

             

Operating margin %

6.7 %

 

7.1 %

 

(0.4) %

             

Adjusted operating margin % (1)

6.4 %

 

7.2 %

 

(0.7) %

             

Pretax margin %

6.2 %

 

6.6 %

 

(0.4) %

             

Adjusted pretax margin % (1)

5.9 %

 

6.6 %

 

(0.7) %

             

Floorplan expense:

                       

Floorplan interest expense

$           6.5

 

$           4.3

 

$           2.2

 

50.1 %

   

$             (0.2)

 

55.1 %

Less: Floorplan assistance (2)

13.9

 

12.2

 

1.8

 

14.4 %

   

 

14.4 %

Net floorplan expense

$          (7.4)

 

$          (7.8)

 

$           0.4

       

$             (0.2)

   

Adjusted floorplan interest expense (1)

$           6.5

 

$           5.2

 

$           1.3

 

24.7 %

   

$             (0.2)

 

28.8 %

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

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

 

Group 1 Automotive, Inc.

Reported Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    5,479.8

 

$    4,828.6

 

$       651.1

 

13.5 %

   

$          (97.6)

 

15.5 %

Used vehicle retail sales

4,353.9

 

3,302.3

 

1,051.7

 

31.8 %

   

(91.5)

 

34.6 %

Used vehicle wholesale sales

278.9

 

278.0

 

0.9

 

0.3 %

   

(10.0)

 

3.9 %

Total used

4,632.8

 

3,580.3

 

1,052.5

 

29.4 %

   

(101.4)

 

32.2 %

Parts and service sales

1,491.1

 

1,152.2

 

338.9

 

29.4 %

   

(19.0)

 

31.1 %

F&I, net

549.5

 

431.3

 

118.2

 

27.4 %

   

(5.4)

 

28.7 %

Total revenues

$  12,153.1

 

$    9,992.3

 

$    2,160.8

 

21.6 %

   

$        (223.4)

 

23.9 %

Gross profit:

                       

New vehicle retail sales

$       618.2

 

$       417.2

 

$       201.0

 

48.2 %

   

$            (9.0)

 

50.3 %

Used vehicle retail sales

253.4

 

263.7

 

(10.3)

 

(3.9) %

   

(5.0)

 

(2.0) %

Used vehicle wholesale sales

2.1

 

20.1

 

(18.0)

 

(89.7) %

   

0.2

 

(90.6) %

Total used

255.5

 

283.7

 

(28.3)

 

(10.0) %

   

(4.8)

 

(8.3) %

Parts and service sales

822.6

 

637.2

 

185.4

 

29.1 %

   

(11.3)

 

30.9 %

F&I, net

549.5

 

431.3

 

118.2

 

27.4 %

   

(5.4)

 

28.7 %

Total gross profit

$    2,245.8

 

$    1,769.5

 

$       476.3

 

26.9 %

   

$          (30.6)

 

28.6 %

Gross margin:

                       

New vehicle retail sales

11.3 %

 

8.6 %

 

2.6 %

             

Used vehicle retail sales

5.8 %

 

8.0 %

 

(2.2) %

             

Used vehicle wholesale sales

0.7 %

 

7.2 %

 

(6.5) %

             

Total used

5.5 %

 

7.9 %

 

(2.4) %

             

Parts and service sales

55.2 %

 

55.3 %

 

(0.1) %

             

Total gross margin

18.5 %

 

17.7 %

 

0.8 %

             

Units sold:

                       

Retail new vehicles sold

114,792

 

110,499

 

4,293

 

3.9 %

         

Retail used vehicles sold

141,140

 

124,559

 

16,581

 

13.3 %

         

Wholesale used vehicles sold

28,069

 

31,268

 

(3,199)

 

(10.2) %

         

Total used

169,209

 

155,827

 

13,382

 

8.6 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,736

 

$     43,698

 

$       4,038

 

9.2 %

   

$            (850)

 

11.2 %

Used vehicle retail

$     30,848

 

$     26,512

 

$       4,337

 

16.4 %

   

$            (648)

 

18.8 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,385

 

$       3,776

 

$       1,609

 

42.6 %

   

$              (79)

 

44.7 %

Used vehicle retail sales

$       1,795

 

$       2,117

 

$         (322)

 

(15.2) %

   

$              (35)

 

(13.5) %

Used vehicle wholesale sales

$            73

 

$          642

 

$         (568)

 

(88.6) %

   

$                 6

 

(89.5) %

Total used

$       1,510

 

$       1,821

 

$         (311)

 

(17.1) %

   

$              (29)

 

(15.5) %

F&I PRU

$       2,147

 

$       1,835

 

$          312

 

17.0 %

   

$              (21)

 

18.2 %

Other:

                       

SG&A expenses

$    1,329.6

 

$    1,056.2

 

$       273.3

 

25.9 %

   

$           (20.6)

 

27.8 %

Adjusted SG&A expenses (1)

$    1,366.3

 

$    1,054.9

 

$       311.4

 

29.5 %

   

$           (20.4)

 

31.5 %

SG&A as % gross profit

59.2 %

 

59.7 %

 

(0.5) %

             

Adjusted SG&A as % gross profit (1)

60.8 %

 

59.6 %

 

1.2 %

             

Operating margin %

7.0 %

 

6.6 %

 

0.4 %

             

Adjusted operating margin % (1)

6.7 %

 

6.6 %

 

0.1 %

             

Pretax margin %

6.4 %

 

5.9 %

 

0.5 %

             

Adjusted pretax margin % (1)

6.1 %

 

6.0 %

 

0.1 %

             

Floorplan expense:

                       

Floorplan interest expense

$         17.7

 

$         20.5

 

$         (2.8)

 

(13.7) %

   

$             (0.4)

 

(11.7) %

Less: Floorplan assistance (2)

42.1

 

40.6

 

1.5

 

3.6 %

   

 

3.6 %

Net floorplan expense

$        (24.4)

 

$        (20.1)

 

$         (4.3)

       

$             (0.4)

   

Adjusted floorplan interest expense (1)

$         17.7

 

$         19.1

 

$         (1.4)

 

(7.2) %

   

$             (0.4)

 

(5.0) %

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

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Three Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       1,586.9

 

$       1,208.5

 

$          378.4

 

31.3 %

Used vehicle retail sales

 

1,212.1

 

902.3

 

309.8

 

34.3 %

Used vehicle wholesale sales

 

61.3

 

68.0

 

(6.7)

 

(9.8) %

Total used

 

1,273.4

 

970.3

 

303.1

 

31.2 %

Parts and service sales

 

453.8

 

353.1

 

100.7

 

28.5 %

F&I, net

 

170.2

 

130.5

 

39.8

 

30.5 %

Total revenues

 

$       3,484.3

 

$       2,662.4

 

$          821.9

 

30.9 %

Gross profit:

               

New vehicle retail sales

 

$          180.7

 

$          140.0

 

$            40.7

 

29.1 %

Used vehicle retail sales

 

60.6

 

73.1

 

(12.5)

 

(17.1) %

Used vehicle wholesale sales

 

(1.3)

 

3.2

 

(4.5)

 

(139.3) %

Total used

 

59.3

 

76.3

 

(17.0)

 

(22.2) %

Parts and service sales

 

249.0

 

188.2

 

60.7

 

32.3 %

F&I, net

 

170.2

 

130.5

 

39.8

 

30.5 %

Total gross profit

 

$          659.3

 

$          535.0

 

$          124.3

 

23.2 %

Gross margin:

               

New vehicle retail sales

 

11.4 %

 

11.6 %

 

(0.2) %

   

Used vehicle retail sales

 

5.0 %

 

8.1 %

 

(3.1) %

   

Used vehicle wholesale sales

 

(2.1) %

 

4.8 %

 

(6.8) %

   

Total used

 

4.7 %

 

7.9 %

 

(3.2) %

   

Parts and service sales

 

54.9 %

 

53.3 %

 

1.6 %

   

Total gross margin

 

18.9 %

 

20.1 %

 

(1.2) %

   

Units sold:

               

Retail new vehicles sold

 

31,745

 

25,984

 

5,761

 

22.2 %

Retail used vehicles sold

 

38,172

 

31,704

 

6,468

 

20.4 %

Wholesale used vehicles sold

 

6,453

 

6,758

 

(305)

 

(4.5) %

Total used

 

44,625

 

38,462

 

6,163

 

16.0 %

Average sales price per unit sold:

               

New vehicle retail

 

$        49,990

 

$        46,510

 

$          3,480

 

7.5 %

Used vehicle retail

 

$        31,754

 

$        28,461

 

$          3,293

 

11.6 %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          5,693

 

$          5,388

 

$             304

 

5.7 %

Used vehicle retail sales

 

$          1,588

 

$          2,305

 

$            (717)

 

(31.1) %

Used vehicle wholesale sales

 

$            (197)

 

$             478

 

$            (675)

 

(141.2) %

Total used

 

$          1,330

 

$          1,984

 

$            (654)

 

(33.0) %

F&I PRU

 

$          2,435

 

$          2,261

 

$             174

 

7.7 %

Other:

               

SG&A expenses

 

$          385.8

 

$          308.7

 

$            77.1

 

25.0 %

Adjusted SG&A expenses (1)

 

$          399.3

 

$          308.1

 

$            91.2

 

29.6 %

SG&A as % gross profit

 

58.5 %

 

57.7 %

 

0.8 %

   

Adjusted SG&A as % gross profit (1)

 

60.6 %

 

57.6 %

 

3.0 %

   

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

                 
   

Nine Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

               

New vehicle retail sales

 

$       4,581.8

 

$       3,958.9

 

$          622.9

 

15.7 %

Used vehicle retail sales

 

3,447.6

 

2,481.7

 

965.9

 

38.9 %

Used vehicle wholesale sales

 

177.6

 

179.6

 

(1.9)

 

(1.1) %

Total used

 

3,625.3

 

2,661.3

 

963.9

 

36.2 %

Parts and service sales

 

1,307.7

 

982.0

 

325.7

 

33.2 %

F&I, net

 

498.1

 

389.4

 

108.7

 

27.9 %

Total revenues

 

$     10,012.8

 

$       7,991.6

 

$       2,021.2

 

25.3 %

Gross profit:

               

New vehicle retail sales

 

$          538.5

 

$          362.6

 

$          175.9

 

48.5 %

Used vehicle retail sales

 

203.0

 

210.7

 

(7.8)

 

(3.7) %

Used vehicle wholesale sales

 

3.8

 

13.6

 

(9.7)

 

(71.7) %

Total used

 

206.8

 

224.3

 

(17.5)

 

(7.8) %

Parts and service sales

 

713.1

 

535.1

 

178.0

 

33.3 %

F&I, net

 

498.1

 

389.4

 

108.7

 

27.9 %

Total gross profit

 

$       1,956.5

 

$       1,511.4

 

$          445.1

 

29.5 %

Gross margin:

               

New vehicle retail sales

 

11.8 %

 

9.2 %

 

2.6 %

   

Used vehicle retail sales

 

5.9 %

 

8.5 %

 

(2.6) %

   

Used vehicle wholesale sales

 

2.2 %

 

7.6 %

 

(5.4) %

   

Total used

 

5.7 %

 

8.4 %

 

(2.7) %

   

Parts and service sales

 

54.5 %

 

54.5 %

 

— %

   

Total gross margin

 

19.5 %

 

18.9 %

 

0.6 %

   

Units sold:

               

Retail new vehicles sold

 

92,870

 

89,183

 

3,687

 

4.1 %

Retail used vehicles sold

 

110,635

 

96,143

 

14,492

 

15.1 %

Wholesale used vehicles sold

 

18,513

 

19,804

 

(1,291)

 

(6.5) %

Total used

 

129,148

 

115,947

 

13,201

 

11.4 %

Average sales price per unit sold:

               

New vehicle retail

 

$        49,335

 

$        44,391

 

$          4,945

 

11.1 %

Used vehicle retail

 

$        31,162

 

$        25,813

 

$          5,349

 

20.7 %

Gross profit per unit sold:

               

New vehicle retail sales

 

$          5,799

 

$          4,066

 

$          1,733

 

42.6 %

Used vehicle retail sales

 

$          1,834

 

$          2,192

 

$            (357)

 

(16.3) %

Used vehicle wholesale sales

 

$             207

 

$             685

 

$            (478)

 

(69.8) %

Total used

 

$          1,601

 

$          1,934

 

$            (333)

 

(17.2) %

F&I PRU

 

$          2,448

 

$          2,101

 

$             346

 

16.5 %

Other:

               

SG&A expenses

 

$       1,133.0

 

$          883.0

 

$          250.1

 

28.3 %

Adjusted SG&A expenses (1)

 

$       1,168.4

 

$          882.8

 

$          285.6

 

32.3 %

SG&A as % gross profit

 

57.9 %

 

58.4 %

 

(0.5) %

   

Adjusted SG&A as % gross profit (1)

 

59.7 %

 

58.4 %

 

1.3 %

   

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Three Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       296.4

 

$       305.4

 

$         (9.0)

 

(2.9) %

   

$          (53.8)

 

14.7 %

Used vehicle retail sales

276.5

 

328.0

 

(51.5)

 

(15.7) %

   

(47.3)

 

(1.3) %

Used vehicle wholesale sales

28.3

 

38.1

 

(9.8)

 

(25.7) %

   

(4.9)

 

(12.9) %

Total used

304.8

 

366.1

 

(61.3)

 

(16.7) %

   

(52.2)

 

(2.5) %

Parts and service sales

61.8

 

63.4

 

(1.5)

 

(2.4) %

   

(10.7)

 

14.5 %

F&I, net

16.1

 

15.6

 

0.5

 

3.1 %

   

(2.8)

 

21.1 %

Total revenues

$       679.1

 

$       750.4

 

$       (71.3)

 

(9.5) %

   

$        (119.5)

 

6.4 %

Gross profit:

                       

New vehicle retail sales

$         25.9

 

$         21.5

 

$           4.5

 

20.8 %

   

$            (4.9)

 

43.7 %

Used vehicle retail sales

15.5

 

23.9

 

(8.5)

 

(35.5) %

   

(2.7)

 

(24.4) %

Used vehicle wholesale sales

(0.3)

 

4.1

 

(4.4)

 

(106.3) %

   

 

(107.4) %

Total used

15.2

 

28.1

 

(12.9)

 

(45.9) %

   

(2.6)

 

(36.6) %

Parts and service sales

36.1

 

38.5

 

(2.4)

 

(6.2) %

   

(6.3)

 

10.1 %

F&I, net

16.1

 

15.6

 

0.5

 

3.1 %

   

(2.8)

 

21.1 %

Total gross profit

$         93.3

 

$       103.7

 

$       (10.3)

 

(10.0) %

   

$          (16.6)

 

6.0 %

Gross margin:

                       

New vehicle retail sales

8.8 %

 

7.0 %

 

1.7 %

             

Used vehicle retail sales

5.6 %

 

7.3 %

 

(1.7) %

             

Used vehicle wholesale sales

(0.9) %

 

10.9 %

 

(11.8) %

             

Total used

5.0 %

 

7.7 %

 

(2.7) %

             

Parts and service sales

58.4 %

 

60.8 %

 

(2.4) %

             

Total gross margin

13.7 %

 

13.8 %

 

(0.1) %

             

Units sold:

                       

Retail new vehicles sold

7,492

 

7,381

 

111

 

1.5 %

         

Retail used vehicles sold

10,255

 

10,810

 

(555)

 

(5.1) %

         

Wholesale used vehicles sold

3,003

 

4,202

 

(1,199)

 

(28.5) %

         

Total used

13,258

 

15,012

 

(1,754)

 

(11.7) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     39,563

 

$     41,370

 

$     (1,808)

 

(4.4) %

   

$        (7,177)

 

13.0 %

Used vehicle retail

$     26,967

 

$     30,346

 

$     (3,380)

 

(11.1) %

   

$        (4,611)

 

4.1 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,464

 

$       2,910

 

$         554

 

19.0 %

   

$           (655)

 

41.6 %

Used vehicle retail sales

$       1,507

 

$       2,215

 

$        (709)

 

(32.0) %

   

$           (259)

 

(20.3) %

Used vehicle wholesale sales

$           (87)

 

$          987

 

$     (1,074)

 

(108.8) %

   

$              15

 

(110.3) %

Total used

$       1,146

 

$       1,872

 

$        (726)

 

(38.8) %

   

$           (197)

 

(28.2) %

F&I PRU

$          905

 

$          857

 

$           49

 

5.7 %

   

$           (158)

 

24.1 %

Other:

                       

SG&A expenses

$         65.1

 

$         67.6

 

$         (2.5)

 

(3.6) %

   

$          (11.3)

 

13.1 %

Adjusted SG&A expenses (1)

$         63.8

 

$         67.0

 

$         (3.2)

 

(4.7) %

   

$          (11.1)

 

11.8 %

SG&A as % gross profit

69.8 %

 

65.2 %

 

4.6 %

             

Adjusted SG&A as % gross profit (1)

68.4 %

 

64.6 %

 

3.8 %

             

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

 

Group 1 Automotive, Inc.

Reported Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Nine Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       898.0

 

$       869.7

 

$         28.3

 

3.3 %

   

$          (97.6)

 

14.5 %

Used vehicle retail sales

906.3

 

820.5

 

85.8

 

10.5 %

   

(91.5)

 

21.6 %

Used vehicle wholesale sales

101.2

 

98.4

 

2.8

 

2.8 %

   

(10.0)

 

12.9 %

Total used

1,007.5

 

919.0

 

88.6

 

9.6 %

   

(101.4)

 

20.7 %

Parts and service sales

183.4

 

170.2

 

13.2

 

7.7 %

   

(19.0)

 

18.9 %

F&I, net

51.4

 

41.9

 

9.6

 

22.8 %

   

(5.4)

 

35.7 %

Total revenues

$    2,140.3

 

$    2,000.7

 

$       139.6

 

7.0 %

   

$        (223.4)

 

18.1 %

Gross profit:

                       

New vehicle retail sales

$         79.6

 

$         54.6

 

$         25.0

 

45.8 %

   

$            (9.0)

 

62.3 %

Used vehicle retail sales

50.4

 

52.9

 

(2.5)

 

(4.7) %

   

(5.0)

 

4.7 %

Used vehicle wholesale sales

(1.8)

 

6.5

 

(8.3)

 

(127.2) %

   

0.2

 

(129.9) %

Total used

48.7

 

59.5

 

(10.8)

 

(18.1) %

   

(4.8)

 

(10.0) %

Parts and service sales

109.5

 

102.1

 

7.4

 

7.2 %

   

(11.3)

 

18.3 %

F&I, net

51.4

 

41.9

 

9.6

 

22.8 %

   

(5.4)

 

35.7 %

Total gross profit

$       289.2

 

$       258.1

 

$         31.2

 

12.1 %

   

$          (30.6)

 

23.9 %

Gross margin:

                       

New vehicle retail sales

8.9 %

 

6.3 %

 

2.6 %

             

Used vehicle retail sales

5.6 %

 

6.5 %

 

(0.9) %

             

Used vehicle wholesale sales

(1.7) %

 

6.6 %

 

(8.4) %

             

Total used

4.8 %

 

6.5 %

 

(1.6) %

             

Parts and service sales

59.7 %

 

60.0 %

 

(0.3) %

             

Total gross margin

13.5 %

 

12.9 %

 

0.6 %

             

Units sold:

                       

Retail new vehicles sold

21,922

 

21,316

 

606

 

2.8 %

         

Retail used vehicles sold

30,505

 

28,416

 

2,089

 

7.4 %

         

Wholesale used vehicles sold

9,556

 

11,464

 

(1,908)

 

(16.6) %

         

Total used

40,061

 

39,880

 

181

 

0.5 %

         

Average sales price per unit sold:

                       

New vehicle retail

$     40,962

 

$     40,800

 

$         162

 

0.4 %

   

$        (4,452)

 

11.3 %

Used vehicle retail

$     29,711

 

$     28,876

 

$         835

 

2.9 %

   

$        (2,999)

 

13.3 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,633

 

$       2,563

 

$      1,070

 

41.8 %

   

$           (412)

 

57.8 %

Used vehicle retail sales

$       1,653

 

$       1,863

 

$        (210)

 

(11.3) %

   

$           (164)

 

(2.5) %

Used vehicle wholesale sales

$         (185)

 

$          568

 

$        (753)

 

(132.6) %

   

$              19

 

(135.9) %

Total used

$       1,215

 

$       1,491

 

$        (276)

 

(18.5) %

   

$           (121)

 

(10.4) %

F&I PRU

$          981

 

$          842

 

$         139

 

16.5 %

   

$           (103)

 

28.7 %

Other:

                       

SG&A expenses

$       196.6

 

$       173.3

 

$        23.3

 

13.4 %

   

$          (20.6)

 

25.3 %

Adjusted SG&A expenses (1)

$       197.9

 

$       172.1

 

$        25.8

 

15.0 %

   

$          (20.4)

 

26.9 %

SG&A as % gross profit

68.0 %

 

67.1 %

 

0.8 %

             

Adjusted SG&A as % gross profit (1)

68.4 %

 

66.7 %

 

1.7 %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

                           
   

Three Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    1,534.6

 

$    1,487.1

 

$         47.5

 

3.2 %

   

$          (52.8)

 

6.7 %

Used vehicle retail sales

1,271.4

 

1,213.6

 

57.8

 

4.8 %

   

(46.8)

 

8.6 %

Used vehicle wholesale sales

76.5

 

104.6

 

(28.2)

 

(26.9) %

   

(4.8)

 

(22.3) %

Total used

1,347.9

 

1,318.3

 

29.6

 

2.2 %

   

(51.6)

 

6.2 %

Parts and service sales

438.8

 

408.6

 

30.2

 

7.4 %

   

(10.1)

 

9.9 %

F&I, net

155.6

 

143.0

 

12.6

 

8.8 %

   

(2.8)

 

10.8 %

Total revenues

$    3,476.9

 

$    3,357.0

 

$       119.9

 

3.6 %

   

$        (117.4)

 

7.1 %

Gross profit:

                       

New vehicle retail sales

$       163.7

 

$       158.1

 

$           5.6

 

3.6 %

   

$            (4.8)

 

6.6 %

Used vehicle retail sales

64.0

 

96.3

 

(32.2)

 

(33.5) %

   

(2.6)

 

(30.8) %

Used vehicle wholesale sales

(1.2)

 

7.3

 

(8.5)

 

(115.9) %

   

 

(116.5) %

Total used

62.9

 

103.6

 

(40.7)

 

(39.3) %

   

(2.6)

 

(36.9) %

Parts and service sales

239.0

 

222.1

 

16.8

 

7.6 %

   

(6.0)

 

10.3 %

F&I, net

155.6

 

143.0

 

12.6

 

8.8 %

   

(2.8)

 

10.8 %

Total gross profit

$       621.2

 

$       626.9

 

$         (5.7)

 

(0.9) %

   

$          (16.2)

 

1.7 %

Gross margin:

                       

New vehicle retail sales

10.7 %

 

10.6 %

 

— %

             

Used vehicle retail sales

5.0 %

 

7.9 %

 

(2.9) %

             

Used vehicle wholesale sales

(1.5) %

 

7.0 %

 

(8.5) %

             

Total used

4.7 %

 

7.9 %

 

(3.2) %

             

Parts and service sales

54.5 %

 

54.4 %

 

0.1 %

             

Total gross margin

17.9 %

 

18.7 %

 

(0.8) %

             

Units sold:

                       

Retail new vehicles sold

32,249

 

32,734

 

(485)

 

(1.5) %

         

Retail used vehicles sold

41,684

 

41,866

 

(182)

 

(0.4) %

         

Wholesale used vehicles sold

7,911

 

10,755

 

(2,844)

 

(26.4) %

         

Total used

49,595

 

52,621

 

(3,026)

 

(5.8) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,586

 

$     45,431

 

$       2,155

 

4.7 %

   

$        (1,638)

 

8.3 %

Used vehicle retail

$     30,502

 

$     28,988

 

$       1,513

 

5.2 %

   

$        (1,122)

 

9.1 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,078

 

$       4,831

 

$          247

 

5.1 %

   

$           (149)

 

8.2 %

Used vehicle retail sales

$       1,536

 

$       2,299

 

$         (764)

 

(33.2) %

   

$             (62)

 

(30.5) %

Used vehicle wholesale sales

$         (147)

 

$          682

 

$         (829)

 

(121.6) %

   

$                6

 

(122.4) %

Total used

$       1,267

 

$       1,969

 

$         (702)

 

(35.6) %

   

$             (52)

 

(33.0) %

F&I PRU

$       2,105

 

$       1,917

 

$          188

 

9.8 %

   

$             (38)

 

11.8 %

Other:

                       

SG&A expenses

$       386.3

 

$       368.4

 

$         17.9

 

4.9 %

   

$          (11.1)

 

7.9 %

Adjusted SG&A expenses (1)

$       384.2

 

$       367.2

 

$         17.0

 

4.6 %

   

$          (10.8)

 

7.6 %

SG&A as % gross profit

62.2 %

 

58.8 %

 

3.4 %

             

Adjusted SG&A as % gross profit (1)

61.9 %

 

58.6 %

 

3.3 %

             

Operating margin %

6.2 %

 

7.1 %

 

(0.9) %

             

Adjusted operating margin % (1)

6.3 %

 

7.2 %

 

(0.9) %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — Consolidated

(Unaudited)

(In millions, except unit data)

     
   

Nine Months Ended September 30,

   

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$    4,468.0

 

$    4,759.1

 

$     (291.2)

 

(6.1) %

   

$          (93.3)

 

(4.2) %

Used vehicle retail sales

3,701.3

 

3,262.1

 

439.2

 

13.5 %

   

(86.0)

 

16.1 %

Used vehicle wholesale sales

234.9

 

275.0

 

(40.1)

 

(14.6) %

   

(9.5)

 

(11.1) %

Total used

3,936.2

 

3,537.1

 

399.1

 

11.3 %

   

(95.5)

 

14.0 %

Parts and service sales

1,271.6

 

1,132.4

 

139.2

 

12.3 %

   

(17.5)

 

13.8 %

F&I, net

462.2

 

424.3

 

37.8

 

8.9 %

   

(5.2)

 

10.1 %

Total revenues

$  10,137.8

 

$    9,852.9

 

$       284.9

 

2.9 %

   

$        (211.5)

 

5.0 %

Gross profit:

                       

New vehicle retail sales

$       493.9

 

$       410.4

 

$         83.6

 

20.4 %

   

$            (8.6)

 

22.5 %

Used vehicle retail sales

212.9

 

261.2

 

(48.3)

 

(18.5) %

   

(4.7)

 

(16.7) %

Used vehicle wholesale sales

1.0

 

19.9

 

(18.9)

 

(94.9) %

   

0.2

 

(95.7) %

Total used

213.9

 

281.1

 

(67.2)

 

(23.9) %

   

(4.5)

 

(22.3) %

Parts and service sales

688.9

 

625.8

 

63.1

 

10.1 %

   

(10.6)

 

11.8 %

F&I, net

462.2

 

424.3

 

37.8

 

8.9 %

   

(5.2)

 

10.1 %

Total gross profit

$    1,858.9

 

$    1,741.6

 

$       117.3

 

6.7 %

   

$          (28.9)

 

8.4 %

Gross margin:

                       

New vehicle retail sales

11.1 %

 

8.6 %

 

2.4 %

             

Used vehicle retail sales

5.8 %

 

8.0 %

 

(2.3) %

             

Used vehicle wholesale sales

0.4 %

 

7.2 %

 

(6.8) %

             

Total used

5.4 %

 

7.9 %

 

(2.5) %

             

Parts and service sales

54.2 %

 

55.3 %

 

(1.1) %

             

Total gross margin

18.3 %

 

17.7 %

 

0.7 %

             

Units sold:

                       

Retail new vehicles sold

93,713

 

108,897

 

(15,184)

 

(13.9) %

         

Retail used vehicles sold

120,077

 

122,933

 

(2,856)

 

(2.3) %

         

Wholesale used vehicles sold

22,885

 

30,827

 

(7,942)

 

(25.8) %

         

Total used

142,962

 

153,760

 

(10,798)

 

(7.0) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     47,677

 

$     43,703

 

$       3,974

 

9.1 %

   

$           (995)

 

11.4 %

Used vehicle retail

$     30,824

 

$     26,535

 

$       4,289

 

16.2 %

   

$           (716)

 

18.9 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       5,271

 

$       3,769

 

$       1,502

 

39.9 %

   

$             (92)

 

42.3 %

Used vehicle retail sales

$       1,773

 

$       2,124

 

$         (352)

 

(16.6) %

   

$             (39)

 

(14.7) %

Used vehicle wholesale sales

$            44

 

$          646

 

$         (601)

 

(93.1) %

   

$                7

 

(94.2) %

Total used

$       1,496

 

$       1,828

 

$         (332)

 

(18.2) %

   

$             (32)

 

(16.4) %

F&I PRU

$       2,162

 

$       1,830

 

$          331

 

18.1 %

   

$             (24)

 

19.4 %

Other:

                       

SG&A expenses

$    1,133.4

 

$    1,038.2

 

$         95.2

 

9.2 %

   

$          (19.5)

 

11.0 %

Adjusted SG&A expenses (1)

$    1,131.3

 

$    1,035.7

 

$         95.6

 

9.2 %

   

$          (19.2)

 

11.1 %

SG&A as % gross profit

61.0 %

 

59.6 %

 

1.4 %

             

Adjusted SG&A as % gross profit (1)

60.9 %

 

59.5 %

 

1.4 %

             

Operating margin %

6.6 %

 

6.6 %

 

— %

             

Adjusted operating margin % (1)

6.6 %

 

6.6 %

 

— %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Three Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       1,242.6

 

$       1,181.8

 

$            60.8

 

5.1 %

Used vehicle retail sales

997.2

 

885.6

 

111.6

 

12.6 %

Used vehicle wholesale sales

48.4

 

66.6

 

(18.2)

 

(27.3) %

Total used

1,045.6

 

952.2

 

93.4

 

9.8 %

Parts and service sales

380.2

 

348.0

 

32.1

 

9.2 %

F&I, net

139.6

 

127.4

 

12.2

 

9.6 %

Total revenues

$       2,808.0

 

$       2,609.4

 

$          198.6

 

7.6 %

Gross profit:

             

New vehicle retail sales

$          138.2

 

$          136.7

 

$              1.6

 

1.2 %

Used vehicle retail sales

48.8

 

72.3

 

(23.5)

 

(32.5) %

Used vehicle wholesale sales

(0.9)

 

3.2

 

(4.1)

 

(128.4) %

Total used

47.9

 

75.5

 

(27.6)

 

(36.6) %

Parts and service sales

204.1

 

184.9

 

19.2

 

10.4 %

F&I, net

139.6

 

127.4

 

12.2

 

9.6 %

Total gross profit

$          529.9

 

$          524.5

 

$              5.4

 

1.0 %

Gross margin:

             

New vehicle retail sales

11.1 %

 

11.6 %

 

(0.4) %

   

Used vehicle retail sales

4.9 %

 

8.2 %

 

(3.3) %

   

Used vehicle wholesale sales

(1.9) %

 

4.8 %

 

(6.7) %

   

Total used

4.6 %

 

7.9 %

 

(3.3) %

   

Parts and service sales

53.7 %

 

53.1 %

 

0.6 %

   

Total gross margin

18.9 %

 

20.1 %

 

(1.2) %

   

Units sold:

             

Retail new vehicles sold

24,854

 

25,353

 

(499)

 

(2.0) %

Retail used vehicles sold

31,518

 

31,056

 

462

 

1.5 %

Wholesale used vehicles sold

4,925

 

6,553

 

(1,628)

 

(24.8) %

Total used

36,443

 

37,609

 

(1,166)

 

(3.1) %

Average sales price per unit sold:

             

New vehicle retail

$        49,996

 

$        46,613

 

$          3,383

 

7.3 %

Used vehicle retail

$        31,640

 

$        28,516

 

$          3,124

 

11.0 %

Gross profit per unit sold:

             

New vehicle retail sales

$          5,562

 

$          5,390

 

$             172

 

3.2 %

Used vehicle retail sales

$          1,549

 

$          2,329

 

$            (780)

 

(33.5) %

Used vehicle wholesale sales

$            (184)

 

$             486

 

$            (670)

 

(137.8) %

Total used

$          1,315

 

$          2,008

 

$            (693)

 

(34.5) %

F&I PRU

$          2,477

 

$          2,259

 

$             218

 

9.7 %

Other:

             

SG&A expenses

$          322.7

 

$          302.0

 

$            20.7

 

6.9 %

Adjusted SG&A expenses (1)

$          321.9

 

$          301.4

 

$            20.5

 

6.8 %

SG&A as % gross profit

60.9 %

 

57.6 %

 

3.3 %

   

Adjusted SG&A as % gross profit (1)

60.7 %

 

57.5 %

 

3.3 %

   

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

 

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.S.

(Unaudited)

(In millions, except unit data)

               
 

Nine Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

Revenues:

             

New vehicle retail sales

$       3,623.5

 

$       3,889.8

 

$        (266.3)

 

(6.8) %

Used vehicle retail sales

2,869.8

 

2,442.5

 

427.3

 

17.5 %

Used vehicle wholesale sales

139.9

 

176.7

 

(36.8)

 

(20.8) %

Total used

3,009.7

 

2,619.2

 

390.5

 

14.9 %

Parts and service sales

1,104.8

 

970.4

 

134.4

 

13.9 %

F&I, net

413.6

 

382.5

 

31.1

 

8.1 %

Total revenues

$       8,151.7

 

$       7,861.9

 

$          289.7

 

3.7 %

Gross profit:

             

New vehicle retail sales

$          419.5

 

$          355.8

 

$            63.7

 

17.9 %

Used vehicle retail sales

166.9

 

208.3

 

(41.3)

 

(19.9) %

Used vehicle wholesale sales

2.6

 

13.3

 

(10.8)

 

(80.7) %

Total used

169.5

 

221.6

 

(52.1)

 

(23.5) %

Parts and service sales

589.0

 

527.5

 

61.4

 

11.6 %

F&I, net

413.6

 

382.5

 

31.1

 

8.1 %

Total gross profit

$       1,591.5

 

$       1,487.4

 

$          104.1

 

7.0 %

Gross margin:

             

New vehicle retail sales

11.6 %

 

9.1 %

 

2.4 %

   

Used vehicle retail sales

5.8 %

 

8.5 %

 

(2.7) %

   

Used vehicle wholesale sales

1.8 %

 

7.6 %

 

(5.7) %

   

Total used

5.6 %

 

8.5 %

 

(2.8) %

   

Parts and service sales

53.3 %

 

54.4 %

 

(1.1) %

   

Total gross margin

19.5 %

 

18.9 %

 

0.6 %

   

Units sold:

             

Retail new vehicles sold

73,307

 

87,597

 

(14,290)

 

(16.3) %

Retail used vehicles sold

92,490

 

94,574

 

(2,084)

 

(2.2) %

Wholesale used vehicles sold

14,104

 

19,388

 

(5,284)

 

(27.3) %

Total used

106,594

 

113,962

 

(7,368)

 

(6.5) %

Average sales price per unit sold:

             

New vehicle retail

$        49,429

 

$        44,406

 

$          5,024

 

11.3 %

Used vehicle retail

$        31,029

 

$        25,826

 

$          5,202

 

20.1 %

Gross profit per unit sold:

             

New vehicle retail sales

$          5,722

 

$          4,062

 

$          1,660

 

40.9 %

Used vehicle retail sales

$          1,805

 

$          2,202

 

$            (397)

 

(18.0) %

Used vehicle wholesale sales

$             182

 

$             688

 

$            (506)

 

(73.5) %

Total used

$          1,590

 

$          1,945

 

$            (355)

 

(18.2) %

F&I PRU

$          2,495

 

$          2,100

 

$             395

 

18.8 %

Other:

             

SG&A expenses

$          949.8

 

$          869.0

 

$            80.8

 

9.3 %

Adjusted SG&A expenses (1)

$          949.0

 

$          867.1

 

$            81.9

 

9.4 %

SG&A as % gross profit

59.7 %

 

58.4 %

 

1.3 %

   

Adjusted SG&A as % gross profit (1)

59.6 %

 

58.3 %

 

1.3 %

   

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

                         
 

Three Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       292.0

 

$       305.4

 

$       (13.4)

 

(4.4) %

   

$          (52.8)

 

12.9 %

Used vehicle retail sales

274.2

 

328.0

 

(53.8)

 

(16.4) %

   

(46.8)

 

(2.2) %

Used vehicle wholesale sales

28.1

 

38.1

 

(10.0)

 

(26.2) %

   

(4.8)

 

(13.5) %

Total used

302.3

 

366.1

 

(63.8)

 

(17.4) %

   

(51.6)

 

(3.3) %

Parts and service sales

58.7

 

60.5

 

(1.9)

 

(3.1) %

   

(10.1)

 

13.6 %

F&I, net

16.0

 

15.6

 

0.4

 

2.5 %

   

(2.8)

 

20.4 %

Total revenues

$       668.9

 

$       747.6

 

$       (78.7)

 

(10.5) %

   

$        (117.4)

 

5.2 %

Gross profit:

                       

New vehicle retail sales

$         25.5

 

$         21.5

 

$          4.0

 

18.7 %

   

$            (4.8)

 

41.1 %

Used vehicle retail sales

15.2

 

23.9

 

(8.7)

 

(36.5) %

   

(2.6)

 

(25.6) %

Used vehicle wholesale sales

(0.3)

 

4.1

 

(4.4)

 

(106.3) %

   

 

(107.3) %

Total used

14.9

 

28.1

 

(13.1)

 

(46.8) %

   

(2.6)

 

(37.7) %

Parts and service sales

34.8

 

37.2

 

(2.4)

 

(6.4) %

   

(6.0)

 

9.8 %

F&I, net

16.0

 

15.6

 

0.4

 

2.5 %

   

(2.8)

 

20.4 %

Total gross profit

$         91.2

 

$       102.4

 

$       (11.1)

 

(10.9) %

   

$          (16.2)

 

5.0 %

Gross margin:

                       

New vehicle retail sales

8.7 %

 

7.0 %

 

1.7 %

             

Used vehicle retail sales

5.5 %

 

7.3 %

 

(1.8) %

             

Used vehicle wholesale sales

(0.9) %

 

10.9 %

 

(11.8) %

             

Total used

4.9 %

 

7.7 %

 

(2.7) %

             

Parts and service sales

59.4 %

 

61.5 %

 

(2.1) %

             

Total gross margin

13.6 %

 

13.7 %

 

(0.1) %

             

Units sold:

                       

Retail new vehicles sold

7,395

 

7,381

 

14

 

0.2 %

         

Retail used vehicles sold

10,166

 

10,810

 

(644)

 

(6.0) %

         

Wholesale used vehicles sold

2,986

 

4,202

 

(1,216)

 

(28.9) %

         

Total used

13,152

 

15,012

 

(1,860)

 

(12.4) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     39,485

 

$     41,370

 

$     (1,886)

 

(4.6) %

   

$        (7,141)

 

12.7 %

Used vehicle retail

$     26,972

 

$     30,346

 

$     (3,374)

 

(11.1) %

   

$        (4,602)

 

4.0 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,448

 

$       2,910

 

$         539

 

18.5 %

   

$           (650)

 

40.9 %

Used vehicle retail sales

$       1,496

 

$       2,215

 

$        (719)

 

(32.5) %

   

$           (256)

 

(20.9) %

Used vehicle wholesale sales

$           (87)

 

$          987

 

$     (1,074)

 

(108.8) %

   

$              15

 

(110.3) %

Total used

$       1,137

 

$       1,872

 

$        (735)

 

(39.3) %

   

$           (195)

 

(28.9) %

F&I PRU

$          909

 

$          857

 

$           53

 

6.1 %

   

$           (159)

 

24.7 %

Other:

                       

SG&A expenses

$         63.6

 

$         66.4

 

$         (2.8)

 

(4.2) %

   

$          (11.1)

 

12.4 %

Adjusted SG&A expenses (1)

$         62.3

 

$         65.9

 

$         (3.5)

 

(5.3) %

   

$          (10.8)

 

11.0 %

SG&A as % gross profit

69.7 %

 

64.9 %

 

4.8 %

             

Adjusted SG&A as % gross profit (1)

68.3 %

 

64.3 %

 

4.0 %

             

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

 

Group 1 Automotive, Inc.

Same Store Operating Data — U.K.

(Unaudited)

(In millions, except unit data)

   
 

Nine Months Ended September 30,

 

2022

 

2021

 

Increase/
(Decrease)

 

% Change

   

Currency
Impact on
Current
Period
Results

 

Constant
Currency
% Change

Revenues:

                       

New vehicle retail sales

$       844.5

 

$       869.3

 

$       (24.9)

 

(2.9) %

   

$          (93.3)

 

7.9 %

Used vehicle retail sales

831.4

 

819.6

 

11.8

 

1.4 %

   

(86.0)

 

11.9 %

Used vehicle wholesale sales

95.0

 

98.3

 

(3.3)

 

(3.3) %

   

(9.5)

 

6.3 %

Total used

926.4

 

917.9

 

8.6

 

0.9 %

   

(95.5)

 

11.3 %

Parts and service sales

166.7

 

161.9

 

4.8

 

3.0 %

   

(17.5)

 

13.8 %

F&I, net

48.5

 

41.8

 

6.7

 

16.0 %

   

(5.2)

 

28.4 %

Total revenues

$    1,986.2

 

$    1,991.0

 

$         (4.8)

 

(0.2) %

   

$        (211.5)

 

10.4 %

Gross profit:

                       

New vehicle retail sales

$         74.5

 

$         54.6

 

$        19.9

 

36.4 %

   

$            (8.6)

 

52.2 %

Used vehicle retail sales

46.0

 

52.9

 

(6.9)

 

(13.1) %

   

(4.7)

 

(4.3) %

Used vehicle wholesale sales

(1.6)

 

6.6

 

(8.1)

 

(123.7) %

   

0.2

 

(126.1) %

Total used

44.4

 

59.5

 

(15.0)

 

(25.3) %

   

(4.5)

 

(17.7) %

Parts and service sales

99.9

 

98.3

 

1.6

 

1.6 %

   

(10.6)

 

12.4 %

F&I, net

48.5

 

41.8

 

6.7

 

16.0 %

   

(5.2)

 

28.4 %

Total gross profit

$       267.4

 

$       254.2

 

$        13.2

 

5.2 %

   

$          (28.9)

 

16.5 %

Gross margin:

                       

New vehicle retail sales

8.8 %

 

6.3 %

 

2.5 %

             

Used vehicle retail sales

5.5 %

 

6.5 %

 

(0.9) %

             

Used vehicle wholesale sales

(1.6) %

 

6.7 %

 

(8.3) %

             

Total used

4.8 %

 

6.5 %

 

(1.7) %

             

Parts and service sales

59.9 %

 

60.7 %

 

(0.8) %

             

Total gross margin

13.5 %

 

12.8 %

 

0.7 %

             

Units sold:

                       

Retail new vehicles sold

20,406

 

21,300

 

(894)

 

(4.2) %

         

Retail used vehicles sold

27,587

 

28,359

 

(772)

 

(2.7) %

         

Wholesale used vehicles sold

8,781

 

11,439

 

(2,658)

 

(23.2) %

         

Total used

36,368

 

39,798

 

(3,430)

 

(8.6) %

         

Average sales price per unit sold:

                       

New vehicle retail

$     41,383

 

$     40,813

 

$          569

 

1.4 %

   

$        (4,571)

 

12.6 %

Used vehicle retail

$     30,138

 

$     28,900

 

$       1,238

 

4.3 %

   

$        (3,118)

 

15.1 %

Gross profit per unit sold:

                       

New vehicle retail sales

$       3,650

 

$       2,563

 

$       1,087

 

42.4 %

   

$           (422)

 

58.9 %

Used vehicle retail sales

$       1,666

 

$       1,865

 

$         (199)

 

(10.7) %

   

$           (169)

 

(1.6) %

Used vehicle wholesale sales

$         (177)

 

$          573

 

$         (750)

 

(130.9) %

   

$              18

 

(133.9) %

Total used

$       1,221

 

$       1,494

 

$         (273)

 

(18.3) %

   

$           (124)

 

(9.9) %

F&I PRU

$       1,011

 

$          842

 

$          169

 

20.1 %

   

$           (108)

 

32.9 %

Other:

                       

SG&A expenses

$       183.6

 

$       169.2

 

$         14.4

 

8.5 %

   

$          (19.5)

 

20.0 %

Adjusted SG&A expenses (1)

$       182.3

 

$       168.7

 

$         13.7

 

8.1 %

   

$          (19.2)

 

19.5 %

SG&A as % gross profit

68.7 %

 

66.6 %

 

2.1 %

             

Adjusted SG&A as % gross profit (1)

68.2 %

 

66.3 %

 

1.8 %

             

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended September 30, 2022

   

U.S. GAAP

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal
matters

 

Non-GAAP
adjusted

SG&A expenses

 

$         450.9

 

$              14.3

 

$               (1.3)

 

$               (0.8)

 

$         463.1

Income (loss) from operations

 

$         279.9

 

$             (14.3)

 

$                1.3

 

$                0.8

 

$         267.7

                     

Income (loss) before income taxes

 

$         257.2

 

$             (14.3)

 

$                1.3

 

$                0.8

 

$         245.0

Less: Provision (benefit) for income taxes

 

60.2

 

(3.4)

 

 

0.2

 

56.9

Net income (loss) from continuing operations

 

197.1

 

(10.8)

 

1.3

 

0.6

 

188.1

Less: Earnings (loss) allocated to participating
securities

 

5.4

 

(0.3)

 

 

 

5.2

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

 

$         191.6

 

$             (10.5)

 

$                1.2

 

$                0.6

 

$         182.9

                     

Diluted earnings (loss) per common share from
continuing operations

 

$         12.57

 

$             (0.69)

 

$              0.08

 

$              0.04

 

$         12.00

                     

Effective tax rate

 

23.4 %

             

23.2 %

                     

SG&A as % gross profit (1)

 

59.9 %

             

61.5 %

Operating margin (2)

 

6.7 %

             

6.4 %

Pretax margin (3)

 

6.2 %

             

5.9 %

                     

Same Store SG&A expenses

 

$         386.3

 

$                 —

 

$               (1.3)

 

$               (0.8)

 

$         384.2

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

 

62.2 %

             

61.9 %

                     

Same Store income from operations

 

$         216.3

 

$                 —

 

$                1.3

 

$                0.8

 

$         218.4

Same Store operating margin (2)

 

6.2 %

             

6.3 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net loss from discontinued operations

 

$                (1.3)

 

$                   —

 

$                (1.3)

Less: earnings allocated to participating securities

 

 

 

Net loss from discontinued operations available to diluted common shares

 

$                (1.3)

 

$                   —

 

$                (1.3)

             

Net income (loss)

 

$              195.7

 

$                (8.9)

 

$             186.8

Less: earnings (loss) allocated to participating securities

 

5.4

 

(0.2)

 

5.1

Net income (loss) available to diluted common shares

 

$              190.3

 

$                (8.7)

 

$             181.6

             

Diluted (loss) earnings per common share from discontinued operations

 

$              (0.09)

 

$                   —

 

$              (0.09)

Diluted earnings (loss) per common share from continuing operations

 

12.57

 

(0.57)

 

12.00

Diluted earnings (loss) per common share

 

$              12.48

 

$              (0.57)

 

$             11.91

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

     
   

Three Months Ended September 30, 2021

   

U.S. GAAP

 

Non-cash
gain on
interest rate
swaps

 

Catastrophic
events

 

Acquisition
Costs

 

Legal
matters

 

Asset
impairments

 

Non-GAAP
adjusted

SG&A expenses

 

$       376.3

 

$               —

 

$               (0.6)

 

$            (4.3)

 

$          3.7

 

$                —

 

$       375.1

Asset impairments

 

$           1.7

 

$               —

 

$                 —

 

$              —

 

$           —

 

$              (1.7)

 

$            —

Income (loss) from operations

 

$       241.5

 

$               —

 

$                0.6

 

$             4.3

 

$         (3.7)

 

$               1.7

 

$       244.5

Floorplan interest expense

 

$           4.3

 

$              0.9

 

$                 —

 

$              —

 

$           —

 

$                —

 

$           5.2

                             

Income (loss) before income taxes

 

$       224.1

 

$             (0.9)

 

$                0.6

 

$             4.3

 

$         (3.7)

 

$               1.7

 

$       226.2

Less: Provision (benefit) for income
taxes

 

51.6

 

(0.2)

 

0.1

 

0.9

 

(0.8)

 

0.4

 

52.0

Net income (loss) from continuing
operations

 

172.5

 

(0.7)

 

0.4

 

3.4

 

(2.9)

 

1.3

 

174.1

Less: Earnings (loss) allocated to
participating securities

 

5.7

 

 

 

0.1

 

(0.1)

 

 

5.8

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

 

$       166.8

 

$             (0.7)

 

$                0.4

 

$             3.3

 

$         (2.8)

 

$               1.3

 

$      168.4

                             

Diluted earnings (loss) per common
share from continuing operations

 

$        9.35

 

$           (0.04)

 

$              0.02

 

$           0.18

 

$       (0.16)

 

$             0.07

 

$        9.44

                             

Effective tax rate

 

23.0 %

                     

23.0 %

                             

SG&A as % gross profit (1)

 

58.9 %

                     

58.7 %

Operating margin (2)

 

7.1 %

                     

7.2 %

Pretax margin (3)

 

6.6 %

                     

6.6 %

                             

Same Store SG&A expenses

 

$       368.4

 

$               —

 

$               (0.6)

 

$            (4.3)

 

$          3.7

 

$                —

 

$       367.2

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

 

58.8 %

                     

58.6 %

                             

Same Store income (loss) from
operations

 

$       239.5

 

$               —

 

$               0.6

 

$             4.3

 

$        (3.7)

 

$               1.6

 

$       242.3

Same Store operating margin (2)

 

7.1 %

                     

7.2 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net (loss) income from discontinued operations

 

$                  (0.4)

 

$                    3.8

 

$                    3.4

Less: earnings allocated to participating securities

 

 

0.1

 

0.1

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

 

$                  (0.4)

 

$                    3.7

 

$                    3.3

             

Net income

 

$                172.1

 

$                    5.4

 

$                177.5

Less: earnings allocated to participating securities

 

5.7

 

0.2

 

5.9

Net income available to diluted common shares

 

$                166.4

 

$                    5.2

 

$                171.7

             

Diluted (loss) earnings per common share from discontinued operations

 

$                (0.02)

 

$                  0.21

 

$                  0.18

Diluted earnings per common share from continuing operations

 

9.35

 

0.09

 

9.44

Diluted earnings per common share

 

$                  9.33

 

$                  0.29

 

$                  9.62

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

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

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

 

Group 1 Automotive, Inc.

Reconciliation of Certain Non-GAAP Financial Measures — Consolidated

(Unaudited)

 (In millions, except per share data)

                         
   

Nine Months Ended September 30, 2022

   

U.S. GAAP

 

Dealership
and real
estate
transactions

 

Acquisition
costs

 

Legal
matters

 

Asset
impairments

 

Non-GAAP
adjusted

SG&A expenses

 

$    1,329.6

 

$             38.8

 

$              (1.3)

 

$              (0.8)

 

$                —

 

$     1,366.3

Asset impairments

 

$           0.8

 

$                —

 

$                —

 

$                —

 

$              (0.8)

 

$             —

Income (loss) from operations

 

$       849.4

 

$            (38.8)

 

$               1.3

 

$               0.8

 

$               0.8

 

$        813.5

                         

Income (loss) before income taxes

 

$       779.6

 

$            (38.8)

 

$               1.3

 

$               0.8

 

$               0.8

 

$        743.7

Less: Provision (benefit) for income taxes

 

182.1

 

(9.1)

 

 

0.2

 

0.2

 

173.4

Net income (loss) from continuing
operations

 

597.5

 

(29.7)

 

1.3

 

0.6

 

0.6

 

570.3

Less: Earnings (loss) allocated to
participating securities

 

16.7

 

(0.8)

 

 

 

 

15.9

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

 

$       580.8

 

$            (28.9)

 

$               1.2

 

$               0.6

 

$               0.6

 

$        554.3

                         

Diluted earnings (loss) per common share
from continuing operations

 

$       36.43

 

$            (1.81)

 

$             0.08

 

$             0.04

 

$             0.04

 

$        34.77

                         

Effective tax rate

 

23.4 %

                 

23.3 %

                         

SG&A as % gross profit (1)

 

59.2 %

                 

60.8 %

Operating margin (2)

 

7.0 %

                 

6.7 %

Pretax margin (3)

 

6.4 %

                 

6.1 %

                         

Same Store SG&A expenses

 

$    1,133.4

 

$                —

 

$              (1.3)

 

$              (0.8)

 

$                —

 

$     1,131.3

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

 

61.0 %

                 

60.9 %

                         

Same Store income from operations

 

$       668.2

 

$                —

 

$               1.3

 

$               0.8

 

$               0.8

 

$        671.0

Same Store operating margin (2)

 

6.6 %

                 

6.6 %

 

   

U.S. GAAP

 

Non-GAAP
adjustments

 

Non-GAAP
adjusted

Net (loss) income from discontinued operations

 

$                 (2.9)

 

$                   5.0

 

$                   2.1

Less: (loss) earnings allocated to participating securities

 

(0.1)