- Fourth Quarter and Full Year Diluted Earnings Per Common
Share from Continuing Operations of $10.75 and $47.31,
respectively, increased 18.6% and 38.7%, over the comparable prior
year period
- Full Year Revenues and Gross Profit of $16.2 billion and $3.0
billion, respectively, increased 20.3% and 21.5%, over the
comparable prior year period
- FY22 Share Repurchases of 3,021,023 Shares; ~ 17.6% of
Common Shares
HOUSTON, Jan. 25,
2023 /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 fourth
quarter ("current quarter") and full year 2022 ("current year")
financial results.
Current year total revenues of $16.2
billion, total gross profit of $3.0
billion, and diluted earnings per common share from
continuing operations of $47.31 were
the highest in Company history. Consolidated revenues for the
current year saw double digit growth across all major business
lines, and consolidated new vehicle and parts and service gross
profit grew over 25.0% in the current year, with parts and service
gross profit exceeding $1.0 billion
for the first time.
"I am very proud of our team for their outstanding achievements
this year. Together, we delivered record revenues, gross profit,
and diluted earnings per common share from continuing operations,"
said Daryl Kenningham, Group 1's
President and Chief Executive Officer. "We added incremental scale
by acquiring close to $1 billion of
revenues and continued to return capital to our shareholders
through share repurchases, buying back approximately 18% of our
outstanding common shares in 2022. As the industry accelerates into
new paradigms, that presents outstanding opportunities for Group 1
to demonstrate our leadership. With our disciplined capital
allocation and demonstrated operating excellence in critical areas
of our business, we are very well positioned to take advantage of
these changes in the future."
Reconciliations for financial results, non-GAAP metrics, and
diluted earnings per common share between continuing and
discontinued operations are included in the accompanying financial
tables.
Current Quarter Results Overview
Total revenues for the current quarter were $4.1 billion, a 16.6% increase compared to
$3.5 billion for the fourth quarter
of 2021 ("prior year quarter").
Net income from continuing operations for the current quarter
was $156.7 million, a 4.0% decrease
compared to $163.2 million for the
prior year quarter. Current quarter adjusted net income from
continuing operations (a non-GAAP measure) was $158.4 million, a 6.7% decrease compared to
$169.9 million in the prior year
quarter.
Current quarter diluted earnings per common share from
continuing operations was $10.75, an
18.6% increase compared to $9.06
for the prior year quarter. Current quarter adjusted diluted
earnings per common share from continuing operations (a non-GAAP
measure) was $10.86, a 15.2% increase
over the prior year quarter of $9.43.
Current quarter and prior year quarter adjusted diluted earnings
per common share from continuing operations exclude adjusted
diluted earnings per common share from discontinued operations of
$0.01 and $0.10, respectively.
Fourth Quarter
2022
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
4Q22
|
Change
|
4Q22
|
Change
|
Total
revenues
|
$4.1B
|
+16.6 %
|
$3.6B
|
+5.9 %
|
Total gross profit
("GP")
|
$719.4M
|
+7.2 %
|
$624.1M
|
(3.3) %
|
NV units
sold
|
39,922
|
+12.2 %
|
34,971
|
+2.5 %
|
NV GP per retail unit
("PRU")
|
$5,195
|
(4.5) %
|
$5,022
|
(7.7) %
|
Used vehicle ("UV")
retail units sold
|
43,560
|
+16.8 %
|
38,771
|
+7.0 %
|
UV retail GP
PRU
|
$1,386
|
(42.9) %
|
$1,367
|
(43.8) %
|
Parts & service
("P&S") GP
|
$281.1M
|
+21.1 %
|
$245.8M
|
+10.5 %
|
P&S Gross Margin
("GM")
|
54.2 %
|
+1.3 %
|
53.3 %
|
+0.6 %
|
Finance and Insurance
("F&I") revenues
|
$172.7M
|
+15.0 %
|
$151.4M
|
+4.5 %
|
F&I GP
PRU
|
$2,068
|
+0.4 %
|
$2,052
|
(0.3) %
|
Selling, General and
Administrative ("SG&A") expenses as a % of GP
|
63.1 %
|
+36 bps
|
63.8 %
|
+111
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
62.9 %
|
+101
bps
|
63.6 %
|
+195
bps
|
Full Year 2022 Results Overview
Current year total revenues were $16.2
billion, a 20.3% increase compared to $13.5 billion for the full year 2021 ("prior
year").
Current year net income from continuing operations was
$754.2 million, a 20.6% increase
compared to $625.4 million for the
prior year. Current year adjusted net income from continuing
operations (a non-GAAP measure) was $728.7
million, a 15.0% increase compared to $633.7 million for the prior year.
Current year diluted earnings per common share from continuing
operations was $47.31, a 38.7%
increase over $34.11 for the
prior year. Current year adjusted diluted earnings per common share
from continuing operations (a non-GAAP measure) was $45.71, a 32.3% increase over $34.55 for the prior year. Current year and prior
year adjusted diluted earnings per common share from continuing
operations exclude adjusted diluted earnings per common share from
discontinued operations of $0.14 and
$0.46,
respectively.
Full Year
2022
Key Performance
Metrics
(year-over-year
comparable period basis)
|
Consolidated
|
Same
Store
(a non-GAAP
measure)
|
Reported:
|
FY22
|
Change
|
FY22
|
Change
|
Total
revenues
|
$16.2B
|
+20.3 %
|
$13.7B
|
+3.7 %
|
Total GP
|
$3.0B
|
+21.5 %
|
$2.5B
|
+4.0 %
|
NV units
sold
|
154,714
|
+5.9 %
|
128,684
|
(10.0) %
|
NV GP PRU
|
$5,336
|
+27.6 %
|
$5,203
|
+24.9 %
|
UV retail units
sold
|
184,700
|
+14.1 %
|
158,848
|
(0.2) %
|
UV retail GP
PRU
|
$1,699
|
(22.4) %
|
$1,674
|
(23.7) %
|
P&S GP
|
$1.1B
|
+27.0 %
|
$934.7M
|
+10.2 %
|
P&S GM
|
54.9 %
|
+0.3 %
|
53.9 %
|
(0.6) %
|
F&I
revenues
|
$722.2M
|
+24.2 %
|
$613.5M
|
+7.8 %
|
F&I GP
PRU
|
$2,128
|
+12.7 %
|
$2,134
|
+13.3 %
|
SG&A expenses as a
% of GP
|
60.1 %
|
(38)
bps
|
61.7 %
|
+124
bps
|
Adjusted SG&A
expenses (a non-GAAP measure) as a % of GP
|
61.4 %
|
+109
bps
|
61.6 %
|
+149
bps
|
Corporate Development
In December 2022, the Company
acquired Mercedes-Benz and Sprinter franchises in California. This acquisition is expected to
generate $200.0 million of annual
revenues, bringing current year total acquired expected annual
revenues to $940.0 million. From
January 1, 2021 to December 31, 2022, the Company has acquired total
expected annual revenues of $3.4
billion.
Share Repurchases
During the current quarter, the Company repurchased 973,365
shares, representing approximately 5.7% of the Company's current
year beginning outstanding common shares, at an average price per
common share of $166.14, for a total
of $161.7 million. During the current
year, the Company repurchased 3,021,023 shares, representing
approximately 17.6% of the Company's current year beginning
outstanding common shares, at an average price per common share of
$172.54, for a total of $521.2 million. As of December 31, 2022, the Company had an aggregate
14.3 million outstanding common shares and unvested restricted
stock awards.
The Company adopted a Rule 10b5-1 trading plan that was
effective from January 3, 2023 to
January 23, 2023. Under this plan,
the Company repurchased an additional 76,294 shares, at an average
price of $179.42, for a total cost of
$13.7 million. As of January 23, 2023, the Company's aggregate
outstanding common shares and unvested restricted stock awards
approximates 14.2 million shares. The Company currently has
$149.7 million remaining on its Board
authorized common share repurchase program.
Future repurchases may be made from time to time, based on
market conditions, legal requirements, and other corporate
considerations, in the open market or in privately negotiated
transactions, and subject to Board approval and covenant
restrictions.
Fourth Quarter and Full Year 2022 Earnings Conference Call
Details
Group 1's senior management will host a conference call today at
10 a.m. ET to discuss the fourth
quarter and full year 2022 financial results. The conference call
will be simulcast live on the Internet at group1corp.com/events. A
webcast replay will be available for 30 days.
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:
|
9229065
|
A telephonic replay will be available following the call through
February 1, 2023, by dialing:
Domestic:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Code:
|
7685772
|
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 204 automotive dealerships,
275 franchises, and 46 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
December 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,972.8
|
|
$
1,676.2
|
|
$
296.6
|
|
17.7 %
|
Used vehicle retail
sales
|
|
1,319.4
|
|
1,136.6
|
|
182.8
|
|
16.1 %
|
Used vehicle wholesale
sales
|
|
85.7
|
|
87.7
|
|
(2.0)
|
|
(2.3) %
|
Parts and service
sales
|
|
518.4
|
|
439.0
|
|
79.5
|
|
18.1 %
|
Finance, insurance and
other, net
|
|
172.7
|
|
150.1
|
|
22.5
|
|
15.0 %
|
Total
revenues
|
|
4,069.0
|
|
3,489.6
|
|
579.4
|
|
16.6 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
1,765.4
|
|
1,482.6
|
|
282.8
|
|
19.1 %
|
Used vehicle retail
sales
|
|
1,259.0
|
|
1,046.0
|
|
213.0
|
|
20.4 %
|
Used vehicle wholesale
sales
|
|
87.8
|
|
82.9
|
|
4.8
|
|
5.8 %
|
Parts and service
sales
|
|
237.3
|
|
206.8
|
|
30.6
|
|
14.8 %
|
Total cost of
sales
|
|
3,349.5
|
|
2,818.3
|
|
531.2
|
|
18.8 %
|
GROSS
PROFIT
|
|
719.4
|
|
671.2
|
|
48.2
|
|
7.2 %
|
Selling, general and
administrative expenses
|
|
453.8
|
|
420.9
|
|
32.8
|
|
7.8 %
|
Depreciation and
amortization expense
|
|
22.4
|
|
20.6
|
|
1.8
|
|
8.7 %
|
Asset
impairments
|
|
1.3
|
|
—
|
|
1.3
|
|
100.0 %
|
INCOME FROM
OPERATIONS
|
|
241.9
|
|
229.7
|
|
12.3
|
|
5.3 %
|
Floorplan interest
expense
|
|
9.6
|
|
7.2
|
|
2.4
|
|
34.2 %
|
Other interest expense,
net
|
|
22.0
|
|
16.0
|
|
6.0
|
|
37.7 %
|
Other
expense
|
|
4.6
|
|
—
|
|
4.6
|
|
100.0 %
|
INCOME BEFORE INCOME
TAXES
|
|
205.7
|
|
206.5
|
|
(0.8)
|
|
(0.4) %
|
Provision for income
taxes
|
|
48.9
|
|
43.3
|
|
5.6
|
|
13.0 %
|
Net income from
continuing operations
|
|
156.7
|
|
163.2
|
|
(6.5)
|
|
(4.0) %
|
Net income (loss) from
discontinued operations
|
|
0.2
|
|
(76.1)
|
|
76.3
|
|
100.3 %
|
NET
INCOME
|
|
$
157.0
|
|
$
87.1
|
|
$
69.9
|
|
80.2 %
|
Less: Earnings
allocated to participating securities
|
|
4.6
|
|
2.9
|
|
1.6
|
|
56.1 %
|
Net income available to
diluted common shares
|
|
$
152.4
|
|
$
84.2
|
|
$
68.2
|
|
81.1 %
|
Diluted earnings per
share from continuing operations
|
|
$
10.75
|
|
$
9.06
|
|
$
1.69
|
|
18.6 %
|
Diluted earnings (loss)
per share from discontinued operations
|
|
$
0.01
|
|
$
(4.23)
|
|
$
4.24
|
|
100.3 %
|
DILUTED EARNINGS PER
SHARE
|
|
$
10.76
|
|
$
4.84
|
|
$
5.93
|
|
122.6 %
|
Weighted average
dilutive common shares outstanding
|
|
14.2
|
|
17.4
|
|
(3.2)
|
|
(18.6) %
|
Weighted average
participating securities
|
|
0.4
|
|
0.6
|
|
(0.2)
|
|
(30.5) %
|
Total weighted average
shares
|
|
14.6
|
|
18.0
|
|
(3.4)
|
|
(19.0) %
|
Effective tax rate on
continuing operations
|
|
23.8 %
|
|
21.0 %
|
|
2.8 %
|
|
|
Group 1 Automotive,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
REVENUES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
7,452.5
|
|
$
6,504.8
|
|
$
947.8
|
|
14.6 %
|
Used vehicle retail
sales
|
|
5,673.3
|
|
4,438.8
|
|
1,234.5
|
|
27.8 %
|
Used vehicle wholesale
sales
|
|
364.6
|
|
365.7
|
|
(1.2)
|
|
(0.3) %
|
Parts and service
sales
|
|
2,009.5
|
|
1,591.2
|
|
418.4
|
|
26.3 %
|
Finance, insurance and
other, net
|
|
722.2
|
|
581.4
|
|
140.8
|
|
24.2 %
|
Total
revenues
|
|
16,222.1
|
|
13,481.9
|
|
2,740.2
|
|
20.3 %
|
COST OF
SALES:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
6,627.0
|
|
5,894.0
|
|
733.0
|
|
12.4 %
|
Used vehicle retail
sales
|
|
5,359.6
|
|
4,084.6
|
|
1,275.0
|
|
31.2 %
|
Used vehicle wholesale
sales
|
|
364.6
|
|
340.9
|
|
23.7
|
|
7.0 %
|
Parts and service
sales
|
|
905.8
|
|
721.8
|
|
184.0
|
|
25.5 %
|
Total cost of
sales
|
|
13,256.9
|
|
11,041.2
|
|
2,215.7
|
|
20.1 %
|
GROSS
PROFIT
|
|
2,965.2
|
|
2,440.7
|
|
524.5
|
|
21.5 %
|
Selling, general and
administrative expenses
|
|
1,783.3
|
|
1,477.2
|
|
306.2
|
|
20.7 %
|
Depreciation and
amortization expense
|
|
88.4
|
|
77.4
|
|
10.9
|
|
14.1 %
|
Asset
impairments
|
|
2.1
|
|
1.7
|
|
0.4
|
|
24.5 %
|
INCOME FROM
OPERATIONS
|
|
1,091.4
|
|
884.4
|
|
207.0
|
|
23.4 %
|
Floorplan interest
expense
|
|
27.3
|
|
27.6
|
|
(0.4)
|
|
(1.3) %
|
Other interest expense,
net
|
|
77.5
|
|
55.8
|
|
21.7
|
|
38.9 %
|
Other
expense
|
|
1.2
|
|
—
|
|
1.2
|
|
100.0 %
|
INCOME BEFORE INCOME
TAXES
|
|
985.3
|
|
800.9
|
|
184.4
|
|
23.0 %
|
Provision for income
taxes
|
|
231.1
|
|
175.5
|
|
55.6
|
|
31.7 %
|
Net income from
continuing operations
|
|
754.2
|
|
625.4
|
|
128.8
|
|
20.6 %
|
Net loss from
discontinued operations
|
|
(2.7)
|
|
(73.3)
|
|
70.6
|
|
(96.3) %
|
NET
INCOME
|
|
$
751.5
|
|
$
552.1
|
|
$
199.4
|
|
36.1 %
|
Less: Earnings
allocated to participating securities
|
|
21.2
|
|
18.5
|
|
2.7
|
|
14.4 %
|
Net income available to
diluted common shares
|
|
$
730.3
|
|
$
533.6
|
|
$
196.8
|
|
36.9 %
|
Diluted earnings per
share from continuing operations
|
|
$
47.31
|
|
$
34.11
|
|
$
13.20
|
|
38.7 %
|
Diluted loss per share
from discontinued operations
|
|
$
(0.17)
|
|
$
(4.00)
|
|
$
3.83
|
|
(95.8) %
|
DILUTED EARNINGS PER
SHARE
|
|
$
47.14
|
|
$
30.11
|
|
$
17.03
|
|
56.6 %
|
Weighted average
dilutive common shares outstanding
|
|
15.5
|
|
17.7
|
|
(2.2)
|
|
(12.6) %
|
Weighted average
participating securities
|
|
0.5
|
|
0.6
|
|
(0.2)
|
|
(27.2) %
|
Total weighted average
shares
|
|
15.9
|
|
18.3
|
|
(2.4)
|
|
(13.1) %
|
Effective tax rate on
continuing operations
|
|
23.5 %
|
|
21.9 %
|
|
1.5 %
|
|
|
Group 1 Automotive,
Inc.
|
Additional
Information — Consolidated
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
December 31,
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
SELECTED BALANCE
SHEET INFORMATION:
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
47.9
|
|
$
14.9
|
|
$
32.9
|
|
220.6 %
|
Inventories,
net
|
|
$
1,356.6
|
|
$
1,073.1
|
|
$
283.4
|
|
26.4 %
|
Floorplan notes
payable, net (1)
|
|
$
1,005.2
|
|
$
531.0
|
|
$
474.2
|
|
89.3 %
|
Total debt
|
|
$
2,082.5
|
|
$
2,035.7
|
|
$
46.8
|
|
2.3 %
|
Total equity
|
|
$
2,237.5
|
|
$
1,825.2
|
|
$
412.2
|
|
22.6 %
|
(1) Amounts
are net of offset accounts of $153.6 and $271.9,
respectively.
|
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
NEW VEHICLE UNIT
SALES GEOGRAPHIC MIX:
|
|
|
|
|
|
|
United
States
|
|
80.3 %
|
|
81.6 %
|
|
80.8 %
|
|
80.9 %
|
United
Kingdom
|
|
19.7 %
|
|
18.4 %
|
|
19.2 %
|
|
19.1 %
|
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT
SALES BRAND MIX:
|
|
|
|
|
|
|
Toyota/Lexus
|
|
24.5 %
|
|
21.5 %
|
|
24.4 %
|
|
24.6 %
|
Volkswagen/Audi/Porsche/SEAT/SKODA
|
|
15.2 %
|
|
13.8 %
|
|
15.6 %
|
|
15.4 %
|
BMW/MINI
|
|
14.7 %
|
|
15.5 %
|
|
13.3 %
|
|
12.3 %
|
Ford/Lincoln
|
|
8.1 %
|
|
9.7 %
|
|
8.2 %
|
|
8.9 %
|
Honda/Acura
|
|
6.7 %
|
|
8.5 %
|
|
6.8 %
|
|
8.6 %
|
Chevrolet/GMC/Buick/Cadillac
|
|
7.0 %
|
|
5.7 %
|
|
6.6 %
|
|
6.6 %
|
Mercedes-Benz/Sprinter
|
|
5.9 %
|
|
5.3 %
|
|
6.1 %
|
|
4.8 %
|
Chrysler/Dodge/Jeep/RAM
|
|
3.8 %
|
|
5.0 %
|
|
4.8 %
|
|
4.3 %
|
Hyundai/Kia/Genesis
|
|
4.6 %
|
|
4.7 %
|
|
4.8 %
|
|
5.3 %
|
Nissan
|
|
3.8 %
|
|
6.1 %
|
|
3.7 %
|
|
5.8 %
|
Subaru
|
|
2.6 %
|
|
2.0 %
|
|
2.6 %
|
|
1.6 %
|
Jaguar/Land
Rover
|
|
1.6 %
|
|
1.1 %
|
|
1.6 %
|
|
1.6 %
|
Mazda
|
|
1.2 %
|
|
0.8 %
|
|
1.2 %
|
|
0.2 %
|
Other
|
|
0.3 %
|
|
0.2 %
|
|
0.3 %
|
|
0.1 %
|
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
100.0 %
|
|
|
December 31,
2022
|
|
December 31,
2021
|
DAYS' SUPPLY IN
INVENTORY (1):
|
|
|
|
|
Consolidated
|
|
|
|
|
New vehicle
inventory
|
|
24
|
|
12
|
Used vehicle
inventory
|
|
34
|
|
42
|
U.S.
|
|
|
|
|
New vehicle
inventory
|
|
21
|
|
9
|
Used vehicle
inventory
|
|
28
|
|
36
|
U.K.
|
|
|
|
|
New vehicle
inventory
|
|
36
|
|
33
|
Used vehicle
inventory
|
|
63
|
|
66
|
|
(1) Days'
supply in inventory is calculated based on inventory unit levels
and 30-day total unit sales volumes, both at the end of each
reporting period.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Three Months Ended
December 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency %
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,972.8
|
|
$
1,676.2
|
|
$
296.6
|
|
17.7 %
|
|
|
$
(47.4)
|
|
20.5 %
|
Used vehicle retail
sales
|
1,319.4
|
|
1,136.6
|
|
182.8
|
|
16.1 %
|
|
|
(36.3)
|
|
19.3 %
|
Used vehicle wholesale
sales
|
85.7
|
|
87.7
|
|
(2.0)
|
|
(2.3) %
|
|
|
(3.6)
|
|
1.8 %
|
Total
used
|
1,405.1
|
|
1,224.3
|
|
180.8
|
|
14.8 %
|
|
|
(39.9)
|
|
18.0 %
|
Parts and service
sales
|
518.4
|
|
439.0
|
|
79.5
|
|
18.1 %
|
|
|
(9.8)
|
|
20.3 %
|
F&I,
net
|
172.7
|
|
150.1
|
|
22.5
|
|
15.0 %
|
|
|
(2.1)
|
|
16.4 %
|
Total
revenues
|
$
4,069.0
|
|
$
3,489.6
|
|
$
579.4
|
|
16.6 %
|
|
|
$
(99.3)
|
|
19.4 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
207.4
|
|
$
193.6
|
|
$
13.8
|
|
7.1 %
|
|
|
$
(4.3)
|
|
9.4 %
|
Used vehicle retail
sales
|
60.4
|
|
90.6
|
|
(30.2)
|
|
(33.3) %
|
|
|
(2.0)
|
|
(31.1) %
|
Used vehicle wholesale
sales
|
(2.1)
|
|
4.8
|
|
(6.9)
|
|
(143.1) %
|
|
|
0.1
|
|
(145.4) %
|
Total
used
|
58.3
|
|
95.4
|
|
(37.1)
|
|
(38.9) %
|
|
|
(1.9)
|
|
(36.9) %
|
Parts and service
sales
|
281.1
|
|
232.2
|
|
48.9
|
|
21.1 %
|
|
|
(5.3)
|
|
23.4 %
|
F&I,
net
|
172.7
|
|
150.1
|
|
22.5
|
|
15.0 %
|
|
|
(2.1)
|
|
16.4 %
|
Total gross
profit
|
$
719.4
|
|
$
671.2
|
|
$
48.2
|
|
7.2 %
|
|
|
$
(13.7)
|
|
9.2 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.5 %
|
|
11.5 %
|
|
(1.0) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.6 %
|
|
8.0 %
|
|
(3.4) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(2.4) %
|
|
5.5 %
|
|
(7.9) %
|
|
|
|
|
|
|
|
Total
used
|
4.1 %
|
|
7.8 %
|
|
(3.6) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.2 %
|
|
52.9 %
|
|
1.3 %
|
|
|
|
|
|
|
|
Total gross
margin
|
17.7 %
|
|
19.2 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
39,922
|
|
35,573
|
|
4,349
|
|
12.2 %
|
|
|
|
|
|
Retail used vehicles
sold
|
43,560
|
|
37,298
|
|
6,262
|
|
16.8 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
9,003
|
|
8,218
|
|
785
|
|
9.6 %
|
|
|
|
|
|
Total
used
|
52,563
|
|
45,516
|
|
7,047
|
|
15.5 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 49,416
|
|
$ 47,119
|
|
$
2,297
|
|
4.9 %
|
|
|
$
(1,188)
|
|
7.4 %
|
Used vehicle
retail
|
$ 30,289
|
|
$ 30,472
|
|
$
(183)
|
|
(0.6) %
|
|
|
$
(833)
|
|
2.1 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,195
|
|
$
5,441
|
|
$
(246)
|
|
(4.5) %
|
|
|
$
(108)
|
|
(2.5) %
|
Used vehicle retail
sales
|
$
1,386
|
|
$
2,428
|
|
$ (1,042)
|
|
(42.9) %
|
|
|
$
(47)
|
|
(41.0) %
|
Used vehicle wholesale
sales
|
$
(230)
|
|
$
585
|
|
$
(814)
|
|
(139.3) %
|
|
|
$
13
|
|
(141.4) %
|
Total
used
|
$
1,109
|
|
$
2,095
|
|
$
(986)
|
|
(47.1) %
|
|
|
$
(36)
|
|
(45.3) %
|
F&I PRU
|
$
2,068
|
|
$
2,060
|
|
$
8
|
|
0.4 %
|
|
|
$
(25)
|
|
1.6 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
453.8
|
|
$
420.9
|
|
$
32.8
|
|
7.8 %
|
|
|
$
(10.3)
|
|
10.2 %
|
Adjusted SG&A
expenses (1)
|
$
452.9
|
|
$
415.8
|
|
$
37.1
|
|
8.9 %
|
|
|
$
(10.3)
|
|
11.4 %
|
SG&A as % gross
profit
|
63.1 %
|
|
62.7 %
|
|
0.4 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
62.9 %
|
|
61.9 %
|
|
1.0 %
|
|
|
|
|
|
|
|
Operating margin
%
|
5.9 %
|
|
6.6 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.0 %
|
|
6.7 %
|
|
(0.7) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
5.1 %
|
|
5.9 %
|
|
(0.9) %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
5.1 %
|
|
6.2 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
9.6
|
|
$
7.2
|
|
$
2.4
|
|
34.2 %
|
|
|
$
(0.3)
|
|
37.9 %
|
Less: Floorplan
assistance (2)
|
13.9
|
|
13.6
|
|
0.3
|
|
2.3 %
|
|
|
—
|
|
2.3 %
|
Net floorplan
expense
|
$
(4.3)
|
|
$
(6.4)
|
|
$
2.1
|
|
|
|
|
$
(0.3)
|
|
|
Adjusted floorplan
interest expense (1)
|
$
9.6
|
|
$
3.8
|
|
$
5.8
|
|
153.0 %
|
|
|
$
(0.3)
|
|
160.0 %
|
|
(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 — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
7,452.5
|
|
$
6,504.8
|
|
$
947.8
|
|
14.6 %
|
|
|
$
(146.4)
|
|
16.8 %
|
Used vehicle retail
sales
|
5,673.3
|
|
4,438.8
|
|
1,234.5
|
|
27.8 %
|
|
|
(126.8)
|
|
30.7 %
|
Used vehicle wholesale
sales
|
364.6
|
|
365.7
|
|
(1.2)
|
|
(0.3) %
|
|
|
(13.3)
|
|
3.3 %
|
Total
used
|
6,037.9
|
|
4,804.6
|
|
1,233.3
|
|
25.7 %
|
|
|
(140.2)
|
|
28.6 %
|
Parts and service
sales
|
2,009.5
|
|
1,591.2
|
|
418.4
|
|
26.3 %
|
|
|
(28.9)
|
|
28.1 %
|
F&I,
net
|
722.2
|
|
581.4
|
|
140.8
|
|
24.2 %
|
|
|
(7.4)
|
|
25.5 %
|
Total
revenues
|
$
16,222.1
|
|
$
13,481.9
|
|
$
2,740.2
|
|
20.3 %
|
|
|
$
(322.8)
|
|
22.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
825.6
|
|
$
610.8
|
|
$
214.8
|
|
35.2 %
|
|
|
$
(13.3)
|
|
37.3 %
|
Used vehicle retail
sales
|
313.8
|
|
354.2
|
|
(40.5)
|
|
(11.4) %
|
|
|
(6.9)
|
|
(9.5) %
|
Used vehicle wholesale
sales
|
—
|
|
24.9
|
|
(24.9)
|
|
(100.0) %
|
|
|
0.3
|
|
(101.2) %
|
Total
used
|
313.8
|
|
379.1
|
|
(65.3)
|
|
(17.2) %
|
|
|
(6.6)
|
|
(15.5) %
|
Parts and service
sales
|
1,103.7
|
|
869.4
|
|
234.3
|
|
27.0 %
|
|
|
(16.6)
|
|
28.9 %
|
F&I,
net
|
722.2
|
|
581.4
|
|
140.8
|
|
24.2 %
|
|
|
(7.4)
|
|
25.5 %
|
Total gross
profit
|
$
2,965.2
|
|
$
2,440.7
|
|
$
524.5
|
|
21.5 %
|
|
|
$
(44.2)
|
|
23.3 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.1 %
|
|
9.4 %
|
|
1.7 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
8.0 %
|
|
(2.4) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
— %
|
|
6.8 %
|
|
(6.8) %
|
|
|
|
|
|
|
|
Total
used
|
5.2 %
|
|
7.9 %
|
|
(2.7) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.9 %
|
|
54.6 %
|
|
0.3 %
|
|
|
|
|
|
|
|
Total gross
margin
|
18.3 %
|
|
18.1 %
|
|
0.2 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
154,714
|
|
146,072
|
|
8,642
|
|
5.9 %
|
|
|
|
|
|
Retail used vehicles
sold
|
184,700
|
|
161,857
|
|
22,843
|
|
14.1 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
37,072
|
|
39,486
|
|
(2,414)
|
|
(6.1) %
|
|
|
|
|
|
Total
used
|
221,772
|
|
201,343
|
|
20,429
|
|
10.1 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 48,170
|
|
$ 44,531
|
|
$
3,639
|
|
8.2 %
|
|
|
$
(946)
|
|
10.3 %
|
Used vehicle
retail
|
$ 30,716
|
|
$ 27,424
|
|
$
3,292
|
|
12.0 %
|
|
|
$
(687)
|
|
14.5 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,336
|
|
$
4,181
|
|
$
1,155
|
|
27.6 %
|
|
|
$
(86)
|
|
29.7 %
|
Used vehicle retail
sales
|
$
1,699
|
|
$
2,189
|
|
$
(490)
|
|
(22.4) %
|
|
|
$
(38)
|
|
(20.7) %
|
Used vehicle wholesale
sales
|
$
—
|
|
$
630
|
|
$
(630)
|
|
(100.0) %
|
|
|
$
8
|
|
(101.3) %
|
Total
used
|
$
1,415
|
|
$
1,883
|
|
$
(468)
|
|
(24.9) %
|
|
|
$
(30)
|
|
(23.3) %
|
F&I PRU
|
$
2,128
|
|
$
1,888
|
|
$
240
|
|
12.7 %
|
|
|
$
(22)
|
|
13.8 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,783.3
|
|
$
1,477.2
|
|
$
306.2
|
|
20.7 %
|
|
|
$
(30.7)
|
|
22.8 %
|
Adjusted SG&A
expenses (1)
|
$
1,819.2
|
|
$
1,470.7
|
|
$
348.5
|
|
23.7 %
|
|
|
$
(30.6)
|
|
25.8 %
|
SG&A as % gross
profit
|
60.1 %
|
|
60.5 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
61.4 %
|
|
60.3 %
|
|
1.1 %
|
|
|
|
|
|
|
|
Operating margin
%
|
6.7 %
|
|
6.6 %
|
|
0.2 %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.5 %
|
|
6.6 %
|
|
(0.1) %
|
|
|
|
|
|
|
|
Pretax margin
%
|
6.1 %
|
|
5.9 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Adjusted pretax margin
% (1)
|
5.9 %
|
|
6.0 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Floorplan
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
$
27.3
|
|
$
27.6
|
|
$
(0.4)
|
|
(1.3) %
|
|
|
$
(0.7)
|
|
1.2 %
|
Less: Floorplan
assistance (2)
|
56.0
|
|
54.2
|
|
1.8
|
|
3.3 %
|
|
|
—
|
|
3.3 %
|
Net floorplan
expense
|
$
(28.7)
|
|
$
(26.5)
|
|
$
(2.1)
|
|
|
|
|
$
(0.7)
|
|
|
Adjusted floorplan
interest expense (1)
|
$
27.3
|
|
$
22.9
|
|
$
4.4
|
|
19.4 %
|
|
|
$
(0.7)
|
|
22.5 %
|
|
(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.
|
(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
December 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
1,656.7
|
|
$
1,412.5
|
|
$
244.2
|
|
17.3 %
|
Used vehicle retail
sales
|
|
1,083.9
|
|
874.6
|
|
209.3
|
|
23.9 %
|
Used vehicle wholesale
sales
|
|
61.1
|
|
52.6
|
|
8.5
|
|
16.2 %
|
Total
used
|
|
1,145.0
|
|
927.2
|
|
217.8
|
|
23.5 %
|
Parts and service
sales
|
|
453.6
|
|
379.4
|
|
74.2
|
|
19.6 %
|
F&I,
net
|
|
158.8
|
|
135.6
|
|
23.3
|
|
17.2 %
|
Total
revenues
|
|
$
3,414.2
|
|
$
2,854.7
|
|
$
559.6
|
|
19.6 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
175.0
|
|
$
170.8
|
|
$
4.2
|
|
2.5 %
|
Used vehicle retail
sales
|
|
47.3
|
|
71.0
|
|
(23.7)
|
|
(33.3) %
|
Used vehicle wholesale
sales
|
|
(1.2)
|
|
3.7
|
|
(5.0)
|
|
(133.0) %
|
Total
used
|
|
46.1
|
|
74.8
|
|
(28.6)
|
|
(38.3) %
|
Parts and service
sales
|
|
245.9
|
|
197.1
|
|
48.8
|
|
24.8 %
|
F&I,
net
|
|
158.8
|
|
135.6
|
|
23.3
|
|
17.2 %
|
Total gross
profit
|
|
$
625.8
|
|
$
578.1
|
|
$
47.7
|
|
8.3 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
10.6 %
|
|
12.1 %
|
|
(1.5) %
|
|
|
Used vehicle retail
sales
|
|
4.4 %
|
|
8.1 %
|
|
(3.8) %
|
|
|
Used vehicle wholesale
sales
|
|
(2.0) %
|
|
7.1 %
|
|
(9.1) %
|
|
|
Total
used
|
|
4.0 %
|
|
8.1 %
|
|
(4.0) %
|
|
|
Parts and service
sales
|
|
54.2 %
|
|
51.9 %
|
|
2.3 %
|
|
|
Total gross
margin
|
|
18.3 %
|
|
20.3 %
|
|
(1.9) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
32,064
|
|
29,028
|
|
3,036
|
|
10.5 %
|
Retail used vehicles
sold
|
|
34,997
|
|
29,266
|
|
5,731
|
|
19.6 %
|
Wholesale used
vehicles sold
|
|
6,563
|
|
4,986
|
|
1,577
|
|
31.6 %
|
Total
used
|
|
41,560
|
|
34,252
|
|
7,308
|
|
21.3 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
51,670
|
|
$
48,661
|
|
$
3,009
|
|
6.2 %
|
Used vehicle
retail
|
|
$
30,971
|
|
$
29,883
|
|
$
1,088
|
|
3.6 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
5,458
|
|
$
5,883
|
|
$
(425)
|
|
(7.2) %
|
Used vehicle retail
sales
|
|
$
1,353
|
|
$
2,427
|
|
$
(1,074)
|
|
(44.3) %
|
Used vehicle wholesale
sales
|
|
$
(188)
|
|
$
748
|
|
$
(935)
|
|
(125.1) %
|
Total
used
|
|
$
1,110
|
|
$
2,182
|
|
$
(1,073)
|
|
(49.2) %
|
F&I PRU
|
|
$
2,369
|
|
$
2,325
|
|
$
43
|
|
1.9 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
383.8
|
|
$
352.0
|
|
$
31.9
|
|
9.1 %
|
Adjusted SG&A
expenses (1)
|
|
$
383.0
|
|
$
346.8
|
|
$
36.2
|
|
10.4 %
|
SG&A as % gross
profit
|
|
61.3 %
|
|
60.9 %
|
|
0.5 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
61.2 %
|
|
60.0 %
|
|
1.2 %
|
|
|
|
(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.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
6,238.5
|
|
$
5,371.4
|
|
$
867.1
|
|
16.1 %
|
Used vehicle retail
sales
|
|
4,531.5
|
|
3,356.3
|
|
1,175.2
|
|
35.0 %
|
Used vehicle wholesale
sales
|
|
238.8
|
|
232.2
|
|
6.6
|
|
2.8 %
|
Total
used
|
|
4,770.2
|
|
3,588.5
|
|
1,181.8
|
|
32.9 %
|
Parts and service
sales
|
|
1,761.4
|
|
1,361.4
|
|
399.9
|
|
29.4 %
|
F&I,
net
|
|
656.9
|
|
525.0
|
|
132.0
|
|
25.1 %
|
Total
revenues
|
|
$ 13,427.1
|
|
$ 10,846.3
|
|
$
2,580.8
|
|
23.8 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
713.5
|
|
$
533.4
|
|
$
180.2
|
|
33.8 %
|
Used vehicle retail
sales
|
|
250.3
|
|
281.8
|
|
(31.5)
|
|
(11.2) %
|
Used vehicle wholesale
sales
|
|
2.6
|
|
17.3
|
|
(14.7)
|
|
(85.0) %
|
Total
used
|
|
252.9
|
|
299.0
|
|
(46.1)
|
|
(15.4) %
|
Parts and service
sales
|
|
959.0
|
|
732.1
|
|
226.8
|
|
31.0 %
|
F&I,
net
|
|
656.9
|
|
525.0
|
|
132.0
|
|
25.1 %
|
Total gross
profit
|
|
$
2,582.3
|
|
$
2,089.5
|
|
$
492.8
|
|
23.6 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
11.4 %
|
|
9.9 %
|
|
1.5 %
|
|
|
Used vehicle retail
sales
|
|
5.5 %
|
|
8.4 %
|
|
(2.9) %
|
|
|
Used vehicle wholesale
sales
|
|
1.1 %
|
|
7.4 %
|
|
(6.4) %
|
|
|
Total
used
|
|
5.3 %
|
|
8.3 %
|
|
(3.0) %
|
|
|
Parts and service
sales
|
|
54.4 %
|
|
53.8 %
|
|
0.7 %
|
|
|
Total gross
margin
|
|
19.2 %
|
|
19.3 %
|
|
— %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
|
124,934
|
|
118,211
|
|
6,723
|
|
5.7 %
|
Retail used vehicles
sold
|
|
145,632
|
|
125,409
|
|
20,223
|
|
16.1 %
|
Wholesale used
vehicles sold
|
|
25,076
|
|
24,790
|
|
286
|
|
1.2 %
|
Total
used
|
|
170,708
|
|
150,199
|
|
20,509
|
|
13.7 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
49,934
|
|
$
45,439
|
|
$
4,495
|
|
9.9 %
|
Used vehicle
retail
|
|
$
31,116
|
|
$
26,763
|
|
$
4,353
|
|
16.3 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
|
$
5,711
|
|
$
4,512
|
|
$
1,199
|
|
26.6 %
|
Used vehicle retail
sales
|
|
$
1,719
|
|
$
2,247
|
|
$
(528)
|
|
(23.5) %
|
Used vehicle wholesale
sales
|
|
$
104
|
|
$
697
|
|
$
(594)
|
|
(85.1) %
|
Total
used
|
|
$
1,481
|
|
$
1,991
|
|
$
(509)
|
|
(25.6) %
|
F&I PRU
|
|
$
2,428
|
|
$
2,155
|
|
$
273
|
|
12.7 %
|
Other:
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
|
$
1,516.9
|
|
$
1,234.9
|
|
$
281.9
|
|
22.8 %
|
Adjusted SG&A
expenses (1)
|
|
$
1,551.3
|
|
$
1,229.6
|
|
$
321.7
|
|
26.2 %
|
SG&A as % gross
profit
|
|
58.7 %
|
|
59.1 %
|
|
(0.4) %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
|
60.1 %
|
|
58.8 %
|
|
1.2 %
|
|
|
|
(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.
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Three Months Ended
December 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
316.0
|
|
$
263.6
|
|
$
52.4
|
|
19.9 %
|
|
|
$
(47.4)
|
|
37.9 %
|
Used vehicle retail
sales
|
235.5
|
|
262.0
|
|
(26.5)
|
|
(10.1) %
|
|
|
(36.3)
|
|
3.7 %
|
Used vehicle wholesale
sales
|
24.6
|
|
35.2
|
|
(10.6)
|
|
(30.0) %
|
|
|
(3.6)
|
|
(19.7) %
|
Total
used
|
260.1
|
|
297.1
|
|
(37.1)
|
|
(12.5) %
|
|
|
(39.9)
|
|
1.0 %
|
Parts and service
sales
|
64.8
|
|
59.6
|
|
5.2
|
|
8.8 %
|
|
|
(9.8)
|
|
25.3 %
|
F&I,
net
|
13.8
|
|
14.6
|
|
(0.8)
|
|
(5.2) %
|
|
|
(2.1)
|
|
9.1 %
|
Total
revenues
|
$
654.8
|
|
$
634.9
|
|
$
19.9
|
|
3.1 %
|
|
|
$
(99.3)
|
|
18.8 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
32.4
|
|
$
22.8
|
|
$
9.6
|
|
42.1 %
|
|
|
$
(4.3)
|
|
61.0 %
|
Used vehicle retail
sales
|
13.0
|
|
19.5
|
|
(6.5)
|
|
(33.3) %
|
|
|
(2.0)
|
|
(22.9) %
|
Used vehicle wholesale
sales
|
(0.8)
|
|
1.1
|
|
(1.9)
|
|
NM
|
|
|
0.1
|
|
NM
|
Total
used
|
12.2
|
|
20.6
|
|
(8.4)
|
|
(40.8) %
|
|
|
(1.9)
|
|
(31.5) %
|
Parts and service
sales
|
35.2
|
|
35.1
|
|
0.1
|
|
0.3 %
|
|
|
(5.3)
|
|
15.4 %
|
F&I,
net
|
13.8
|
|
14.6
|
|
(0.8)
|
|
(5.2) %
|
|
|
(2.1)
|
|
9.1 %
|
Total gross
profit
|
$
93.6
|
|
$
93.1
|
|
$
0.5
|
|
0.6 %
|
|
|
$
(13.7)
|
|
15.3 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.2 %
|
|
8.6 %
|
|
1.6 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
7.5 %
|
|
(1.9) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(3.4) %
|
|
3.1 %
|
|
(6.5) %
|
|
|
|
|
|
|
|
Total
used
|
4.7 %
|
|
6.9 %
|
|
(2.2) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
54.3 %
|
|
59.0 %
|
|
(4.6) %
|
|
|
|
|
|
|
|
Total gross
margin
|
14.3 %
|
|
14.7 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,858
|
|
6,545
|
|
1,313
|
|
20.1 %
|
|
|
|
|
|
Retail used vehicles
sold
|
8,563
|
|
8,032
|
|
531
|
|
6.6 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,440
|
|
3,232
|
|
(792)
|
|
(24.5) %
|
|
|
|
|
|
Total
used
|
11,003
|
|
11,264
|
|
(261)
|
|
(2.3) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 40,220
|
|
$ 40,279
|
|
$
(59)
|
|
(0.1) %
|
|
|
$
(6,037)
|
|
14.8 %
|
Used vehicle
retail
|
$ 27,501
|
|
$ 32,619
|
|
$ (5,118)
|
|
(15.7) %
|
|
|
$
(4,240)
|
|
(2.7) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,122
|
|
$
3,482
|
|
$
640
|
|
18.4 %
|
|
|
$
(549)
|
|
34.1 %
|
Used vehicle retail
sales
|
$
1,521
|
|
$
2,431
|
|
$
(910)
|
|
(37.4) %
|
|
|
$
(237)
|
|
(27.7) %
|
Used vehicle wholesale
sales
|
$
(343)
|
|
$
333
|
|
$
(677)
|
|
NM
|
|
|
$
46
|
|
NM
|
Total
used
|
$
1,108
|
|
$
1,829
|
|
$
(722)
|
|
(39.4) %
|
|
|
$
(174)
|
|
(29.9) %
|
F&I PRU
|
$
841
|
|
$
999
|
|
$
(158)
|
|
(15.8) %
|
|
|
$
(127)
|
|
(3.2) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
69.9
|
|
$
69.0
|
|
$
0.9
|
|
1.4 %
|
|
|
$
(10.3)
|
|
16.3 %
|
SG&A as % gross
profit
|
74.7 %
|
|
74.1 %
|
|
0.6 %
|
|
|
|
|
|
|
|
Group 1 Automotive,
Inc.
|
Reported Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,214.0
|
|
$
1,133.3
|
|
$
80.7
|
|
7.1 %
|
|
|
$
(146.4)
|
|
20.0 %
|
Used vehicle retail
sales
|
1,141.8
|
|
1,082.5
|
|
59.3
|
|
5.5 %
|
|
|
(126.8)
|
|
17.2 %
|
Used vehicle wholesale
sales
|
125.8
|
|
133.6
|
|
(7.8)
|
|
(5.8) %
|
|
|
(13.3)
|
|
4.2 %
|
Total
used
|
1,267.6
|
|
1,216.1
|
|
51.5
|
|
4.2 %
|
|
|
(140.2)
|
|
15.8 %
|
Parts and service
sales
|
248.2
|
|
229.8
|
|
18.4
|
|
8.0 %
|
|
|
(28.9)
|
|
20.6 %
|
F&I,
net
|
65.2
|
|
56.4
|
|
8.8
|
|
15.6 %
|
|
|
(7.4)
|
|
28.7 %
|
Total
revenues
|
$
2,795.1
|
|
$
2,635.6
|
|
$
159.4
|
|
6.0 %
|
|
|
$
(322.8)
|
|
18.3 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
112.0
|
|
$
77.4
|
|
$
34.6
|
|
44.7 %
|
|
|
$
(13.3)
|
|
61.9 %
|
Used vehicle retail
sales
|
63.5
|
|
72.5
|
|
(9.0)
|
|
(12.4) %
|
|
|
(6.9)
|
|
(2.9) %
|
Used vehicle wholesale
sales
|
(2.6)
|
|
7.6
|
|
(10.2)
|
|
(134.4) %
|
|
|
0.3
|
|
(138.3) %
|
Total
used
|
60.9
|
|
80.1
|
|
(19.2)
|
|
(24.0) %
|
|
|
(6.6)
|
|
(15.7) %
|
Parts and service
sales
|
144.7
|
|
137.3
|
|
7.5
|
|
5.5 %
|
|
|
(16.6)
|
|
17.6 %
|
F&I,
net
|
65.2
|
|
56.4
|
|
8.8
|
|
15.6 %
|
|
|
(7.4)
|
|
28.7 %
|
Total gross
profit
|
$
382.9
|
|
$
351.2
|
|
$
31.7
|
|
9.0 %
|
|
|
$
(44.2)
|
|
21.6 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.2 %
|
|
6.8 %
|
|
2.4 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.6 %
|
|
6.7 %
|
|
(1.1) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(2.1) %
|
|
5.7 %
|
|
(7.8) %
|
|
|
|
|
|
|
|
Total
used
|
4.8 %
|
|
6.6 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.3 %
|
|
59.7 %
|
|
(1.4) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.7 %
|
|
13.3 %
|
|
0.4 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
29,780
|
|
27,861
|
|
1,919
|
|
6.9 %
|
|
|
|
|
|
Retail used vehicles
sold
|
39,068
|
|
36,448
|
|
2,620
|
|
7.2 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,996
|
|
14,696
|
|
(2,700)
|
|
(18.4) %
|
|
|
|
|
|
Total
used
|
51,064
|
|
51,144
|
|
(80)
|
|
(0.2) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 40,766
|
|
$ 40,678
|
|
$
88
|
|
0.2 %
|
|
|
$
(4,915)
|
|
12.3 %
|
Used vehicle
retail
|
$ 29,227
|
|
$ 29,701
|
|
$
(474)
|
|
(1.6) %
|
|
|
$
(3,247)
|
|
9.3 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,762
|
|
$
2,779
|
|
$
983
|
|
35.4 %
|
|
|
$
(448)
|
|
51.5 %
|
Used vehicle retail
sales
|
$
1,624
|
|
$
1,988
|
|
$
(364)
|
|
(18.3) %
|
|
|
$
(177)
|
|
(9.4) %
|
Used vehicle wholesale
sales
|
$
(217)
|
|
$
516
|
|
$
(734)
|
|
(142.1) %
|
|
|
$
25
|
|
(146.9) %
|
Total
used
|
$
1,192
|
|
$
1,565
|
|
$
(374)
|
|
(23.9) %
|
|
|
$
(130)
|
|
(15.6) %
|
F&I PRU
|
$
948
|
|
$
878
|
|
$
70
|
|
8.0 %
|
|
|
$
(107)
|
|
20.2 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
266.5
|
|
$
242.2
|
|
$
24.2
|
|
10.0 %
|
|
|
$
(30.7)
|
|
22.7 %
|
Adjusted SG&A
expenses (1)
|
$
267.9
|
|
$
241.1
|
|
$
26.8
|
|
11.1 %
|
|
|
$
(30.6)
|
|
23.8 %
|
SG&A as % gross
profit
|
69.6 %
|
|
69.0 %
|
|
0.6 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
70.0 %
|
|
68.7 %
|
|
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 — Consolidated
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact
on Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,715.3
|
|
$
1,609.7
|
|
$
105.6
|
|
6.6 %
|
|
|
$
(46.0)
|
|
9.4 %
|
Used vehicle retail
sales
|
1,164.9
|
|
1,105.9
|
|
59.0
|
|
5.3 %
|
|
|
(35.3)
|
|
8.5 %
|
Used vehicle wholesale
sales
|
74.5
|
|
86.2
|
|
(11.7)
|
|
(13.5) %
|
|
|
(3.5)
|
|
(9.5) %
|
Total
used
|
1,239.4
|
|
1,192.1
|
|
47.3
|
|
4.0 %
|
|
|
(38.8)
|
|
7.2 %
|
Parts and service
sales
|
461.2
|
|
421.9
|
|
39.2
|
|
9.3 %
|
|
|
(9.0)
|
|
11.4 %
|
F&I,
net
|
151.4
|
|
144.8
|
|
6.6
|
|
4.5 %
|
|
|
(2.0)
|
|
5.9 %
|
Total
revenues
|
$
3,567.2
|
|
$
3,368.5
|
|
$
198.7
|
|
5.9 %
|
|
|
$
(95.8)
|
|
8.7 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
175.6
|
|
$
185.6
|
|
$
(10.0)
|
|
(5.4) %
|
|
|
$
(4.1)
|
|
(3.2) %
|
Used vehicle retail
sales
|
53.0
|
|
88.2
|
|
(35.1)
|
|
(39.9) %
|
|
|
(1.9)
|
|
(37.7) %
|
Used vehicle wholesale
sales
|
(1.6)
|
|
4.7
|
|
(6.3)
|
|
(134.5) %
|
|
|
0.1
|
|
(136.9) %
|
Total
used
|
51.4
|
|
92.8
|
|
(41.5)
|
|
(44.7) %
|
|
|
(1.8)
|
|
(42.7) %
|
Parts and service
sales
|
245.8
|
|
222.5
|
|
23.3
|
|
10.5 %
|
|
|
(5.0)
|
|
12.7 %
|
F&I,
net
|
151.4
|
|
144.8
|
|
6.6
|
|
4.5 %
|
|
|
(2.0)
|
|
5.9 %
|
Total gross
profit
|
$
624.1
|
|
$
645.7
|
|
$
(21.6)
|
|
(3.3) %
|
|
|
$
(13.0)
|
|
(1.3) %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.2 %
|
|
11.5 %
|
|
(1.3) %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
4.5 %
|
|
8.0 %
|
|
(3.4) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(2.2) %
|
|
5.5 %
|
|
(7.6) %
|
|
|
|
|
|
|
|
Total
used
|
4.1 %
|
|
7.8 %
|
|
(3.6) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.3 %
|
|
52.7 %
|
|
0.6 %
|
|
|
|
|
|
|
|
Total gross
margin
|
17.5 %
|
|
19.2 %
|
|
(1.7) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
34,971
|
|
34,112
|
|
859
|
|
2.5 %
|
|
|
|
|
|
Retail used vehicles
sold
|
38,771
|
|
36,239
|
|
2,532
|
|
7.0 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
7,770
|
|
7,991
|
|
(221)
|
|
(2.8) %
|
|
|
|
|
|
Total
used
|
46,541
|
|
44,230
|
|
2,311
|
|
5.2 %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 49,049
|
|
$ 47,188
|
|
$
1,860
|
|
3.9 %
|
|
|
$
(1,315)
|
|
6.7 %
|
Used vehicle
retail
|
$ 30,045
|
|
$ 30,517
|
|
$
(472)
|
|
(1.5) %
|
|
|
$
(911)
|
|
1.4 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,022
|
|
$
5,440
|
|
$
(418)
|
|
(7.7) %
|
|
|
$
(117)
|
|
(5.5) %
|
Used vehicle retail
sales
|
$
1,367
|
|
$
2,432
|
|
$ (1,065)
|
|
(43.8) %
|
|
|
$
(50)
|
|
(41.7) %
|
Used vehicle wholesale
sales
|
$
(208)
|
|
$
588
|
|
$
(796)
|
|
(135.5) %
|
|
|
$
14
|
|
(137.9) %
|
Total
used
|
$
1,104
|
|
$
2,099
|
|
$
(995)
|
|
(47.4) %
|
|
|
$
(39)
|
|
(45.5) %
|
F&I PRU
|
$
2,052
|
|
$
2,058
|
|
$
(6)
|
|
(0.3) %
|
|
|
$
(28)
|
|
1.1 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
398.0
|
|
$
404.6
|
|
$
(6.6)
|
|
(1.6) %
|
|
|
$
(9.8)
|
|
0.8 %
|
Adjusted SG&A
expenses (1)
|
$
397.1
|
|
$
398.3
|
|
$
(1.2)
|
|
(0.3) %
|
|
|
$
(9.8)
|
|
2.2 %
|
SG&A as % gross
profit
|
63.8 %
|
|
62.7 %
|
|
1.1 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
63.6 %
|
|
61.7 %
|
|
1.9 %
|
|
|
|
|
|
|
|
Operating margin
%
|
5.8 %
|
|
6.6 %
|
|
(0.8) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
5.8 %
|
|
6.8 %
|
|
(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)
|
|
|
|
|
|
Years Ended December
31,
|
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
6,183.2
|
|
$
6,368.8
|
|
$ (185.6)
|
|
(2.9) %
|
|
|
$
(140.7)
|
|
(0.7) %
|
Used vehicle retail
sales
|
4,866.1
|
|
4,368.0
|
|
498.1
|
|
11.4 %
|
|
|
(120.8)
|
|
14.2 %
|
Used vehicle wholesale
sales
|
309.4
|
|
361.2
|
|
(51.8)
|
|
(14.3) %
|
|
|
(12.8)
|
|
(10.8) %
|
Total
used
|
5,175.5
|
|
4,729.1
|
|
446.4
|
|
9.4 %
|
|
|
(133.6)
|
|
12.3 %
|
Parts and service
sales
|
1,732.7
|
|
1,554.3
|
|
178.4
|
|
11.5 %
|
|
|
(26.5)
|
|
13.2 %
|
F&I,
net
|
613.5
|
|
569.1
|
|
44.4
|
|
7.8 %
|
|
|
(7.1)
|
|
9.1 %
|
Total
revenues
|
$
13,705.0
|
|
$
13,221.4
|
|
$
483.6
|
|
3.7 %
|
|
|
$
(308.0)
|
|
6.0 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
669.6
|
|
$
596.0
|
|
$
73.6
|
|
12.3 %
|
|
|
$
(12.7)
|
|
14.5 %
|
Used vehicle retail
sales
|
265.9
|
|
349.3
|
|
(83.4)
|
|
(23.9) %
|
|
|
(6.5)
|
|
(22.0) %
|
Used vehicle wholesale
sales
|
(0.6)
|
|
24.6
|
|
(25.2)
|
|
(102.4) %
|
|
|
0.3
|
|
(103.6) %
|
Total
used
|
265.3
|
|
373.9
|
|
(108.6)
|
|
(29.1) %
|
|
|
(6.3)
|
|
(27.4) %
|
Parts and service
sales
|
934.7
|
|
848.4
|
|
86.3
|
|
10.2 %
|
|
|
(15.5)
|
|
12.0 %
|
F&I,
net
|
613.5
|
|
569.1
|
|
44.4
|
|
7.8 %
|
|
|
(7.1)
|
|
9.1 %
|
Total gross
profit
|
$
2,483.0
|
|
$
2,387.4
|
|
$
95.7
|
|
4.0 %
|
|
|
$
(41.8)
|
|
5.8 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.8 %
|
|
9.4 %
|
|
1.5 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
8.0 %
|
|
(2.5) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(0.2) %
|
|
6.8 %
|
|
(7.0) %
|
|
|
|
|
|
|
|
Total
used
|
5.1 %
|
|
7.9 %
|
|
(2.8) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
53.9 %
|
|
54.6 %
|
|
(0.6) %
|
|
|
|
|
|
|
|
Total gross
margin
|
18.1 %
|
|
18.1 %
|
|
0.1 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
128,684
|
|
143,009
|
|
(14,325)
|
|
(10.0) %
|
|
|
|
|
|
Retail used vehicles
sold
|
158,848
|
|
159,172
|
|
(324)
|
|
(0.2) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
30,655
|
|
38,818
|
|
(8,163)
|
|
(21.0) %
|
|
|
|
|
|
Total
used
|
189,503
|
|
197,990
|
|
(8,487)
|
|
(4.3) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 48,050
|
|
$ 44,534
|
|
$
3,516
|
|
7.9 %
|
|
|
$
(1,094)
|
|
10.3 %
|
Used vehicle
retail
|
$ 30,634
|
|
$ 27,442
|
|
$
3,192
|
|
11.6 %
|
|
|
$
(761)
|
|
14.4 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,203
|
|
$
4,167
|
|
$
1,036
|
|
24.9 %
|
|
|
$
(99)
|
|
27.2 %
|
Used vehicle retail
sales
|
$
1,674
|
|
$
2,195
|
|
$
(521)
|
|
(23.7) %
|
|
|
$
(41)
|
|
(21.9) %
|
Used vehicle wholesale
sales
|
$
(20)
|
|
$
634
|
|
$
(653)
|
|
(103.1) %
|
|
|
$
9
|
|
(104.5) %
|
Total
used
|
$
1,400
|
|
$
1,889
|
|
$
(489)
|
|
(25.9) %
|
|
|
$
(33)
|
|
(24.1) %
|
F&I PRU
|
$
2,134
|
|
$
1,883
|
|
$
250
|
|
13.3 %
|
|
|
$
(25)
|
|
14.6 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,531.4
|
|
$
1,442.8
|
|
$
88.6
|
|
6.1 %
|
|
|
$
(29.2)
|
|
8.2 %
|
Adjusted SG&A
expenses (1)
|
$
1,528.4
|
|
$
1,434.0
|
|
$
94.4
|
|
6.6 %
|
|
|
$
(28.9)
|
|
8.6 %
|
SG&A as % gross
profit
|
61.7 %
|
|
60.4 %
|
|
1.2 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
61.6 %
|
|
60.1 %
|
|
1.5 %
|
|
|
|
|
|
|
|
Operating margin
%
|
6.4 %
|
|
6.6 %
|
|
(0.2) %
|
|
|
|
|
|
|
|
Adjusted operating
margin % (1)
|
6.4 %
|
|
6.7 %
|
|
(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.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,408.9
|
|
$
1,346.2
|
|
$
62.7
|
|
4.7 %
|
Used vehicle retail
sales
|
935.5
|
|
845.2
|
|
90.4
|
|
10.7 %
|
Used vehicle wholesale
sales
|
50.7
|
|
51.2
|
|
(0.4)
|
|
(0.9) %
|
Total
used
|
986.3
|
|
896.3
|
|
89.9
|
|
10.0 %
|
Parts and service
sales
|
401.9
|
|
365.4
|
|
36.5
|
|
10.0 %
|
F&I,
net
|
137.8
|
|
130.3
|
|
7.5
|
|
5.8 %
|
Total
revenues
|
$
2,934.9
|
|
$
2,738.3
|
|
$
196.6
|
|
7.2 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
144.9
|
|
$
162.8
|
|
$
(17.9)
|
|
(11.0) %
|
Used vehicle retail
sales
|
40.5
|
|
68.7
|
|
(28.2)
|
|
(41.1) %
|
Used vehicle wholesale
sales
|
(0.8)
|
|
3.6
|
|
(4.4)
|
|
(121.8) %
|
Total
used
|
39.7
|
|
72.3
|
|
(32.6)
|
|
(45.1) %
|
Parts and service
sales
|
212.8
|
|
188.9
|
|
23.9
|
|
12.7 %
|
F&I,
net
|
137.8
|
|
130.3
|
|
7.5
|
|
5.8 %
|
Total gross
profit
|
$
535.2
|
|
$
554.3
|
|
$
(19.1)
|
|
(3.4) %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.3 %
|
|
12.1 %
|
|
(1.8) %
|
|
|
Used vehicle retail
sales
|
4.3 %
|
|
8.1 %
|
|
(3.8) %
|
|
|
Used vehicle wholesale
sales
|
(1.6) %
|
|
7.1 %
|
|
(8.6) %
|
|
|
Total
used
|
4.0 %
|
|
8.1 %
|
|
(4.0) %
|
|
|
Parts and service
sales
|
53.0 %
|
|
51.7 %
|
|
1.3 %
|
|
|
Total gross
margin
|
18.2 %
|
|
20.2 %
|
|
(2.0) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
27,336
|
|
27,573
|
|
(237)
|
|
(0.9) %
|
Retail used vehicles
sold
|
30,457
|
|
28,271
|
|
2,186
|
|
7.7 %
|
Wholesale used
vehicles sold
|
5,381
|
|
4,789
|
|
592
|
|
12.4 %
|
Total
used
|
35,838
|
|
33,060
|
|
2,778
|
|
8.4 %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
51,541
|
|
$
48,824
|
|
$
2,717
|
|
5.6 %
|
Used vehicle
retail
|
$
30,716
|
|
$
29,895
|
|
$
821
|
|
2.7 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,301
|
|
$
5,905
|
|
$
(604)
|
|
(10.2) %
|
Used vehicle retail
sales
|
$
1,329
|
|
$
2,430
|
|
$
(1,100)
|
|
(45.3) %
|
Used vehicle wholesale
sales
|
$
(147)
|
|
$
756
|
|
$
(903)
|
|
(119.4) %
|
Total
used
|
$
1,108
|
|
$
2,187
|
|
$
(1,080)
|
|
(49.4) %
|
F&I PRU
|
$
2,385
|
|
$
2,333
|
|
$
52
|
|
2.2 %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
331.9
|
|
$
337.3
|
|
$
(5.4)
|
|
(1.6) %
|
Adjusted SG&A
expenses (1)
|
$
331.0
|
|
$
331.0
|
|
$
0.1
|
|
— %
|
SG&A as % gross
profit
|
62.0 %
|
|
60.9 %
|
|
1.2 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
61.9 %
|
|
59.7 %
|
|
2.1 %
|
|
|
|
(1) See
the section in this release titled "Reconciliation of Certain
Non-GAAP Financial Measures" for the GAAP to non-GAAP
reconciliation of these figures.
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.S.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
Revenues:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,032.4
|
|
$
5,236.0
|
|
$
(203.6)
|
|
(3.9) %
|
Used vehicle retail
sales
|
3,805.4
|
|
3,287.7
|
|
517.7
|
|
15.7 %
|
Used vehicle wholesale
sales
|
190.6
|
|
227.9
|
|
(37.3)
|
|
(16.4) %
|
Total
used
|
3,996.0
|
|
3,515.5
|
|
480.4
|
|
13.7 %
|
Parts and service
sales
|
1,506.7
|
|
1,335.8
|
|
170.9
|
|
12.8 %
|
F&I,
net
|
551.5
|
|
512.8
|
|
38.6
|
|
7.5 %
|
Total
revenues
|
$ 11,086.5
|
|
$ 10,600.2
|
|
$
486.4
|
|
4.6 %
|
Gross
profit:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
564.4
|
|
$
518.6
|
|
$
45.8
|
|
8.8 %
|
Used vehicle retail
sales
|
207.4
|
|
277.0
|
|
(69.6)
|
|
(25.1) %
|
Used vehicle wholesale
sales
|
1.8
|
|
17.0
|
|
(15.2)
|
|
(89.5) %
|
Total
used
|
209.2
|
|
293.9
|
|
(84.7)
|
|
(28.8) %
|
Parts and service
sales
|
801.8
|
|
716.4
|
|
85.4
|
|
11.9 %
|
F&I,
net
|
551.5
|
|
512.8
|
|
38.6
|
|
7.5 %
|
Total gross
profit
|
$
2,126.8
|
|
$
2,041.7
|
|
$
85.0
|
|
4.2 %
|
Gross
margin:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
11.2 %
|
|
9.9 %
|
|
1.3 %
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
8.4 %
|
|
(3.0) %
|
|
|
Used vehicle wholesale
sales
|
0.9 %
|
|
7.4 %
|
|
(6.5) %
|
|
|
Total
used
|
5.2 %
|
|
8.4 %
|
|
(3.1) %
|
|
|
Parts and service
sales
|
53.2 %
|
|
53.6 %
|
|
(0.4) %
|
|
|
Total gross
margin
|
19.2 %
|
|
19.3 %
|
|
(0.1) %
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
100,643
|
|
115,170
|
|
(14,527)
|
|
(12.6) %
|
Retail used vehicles
sold
|
122,947
|
|
122,845
|
|
102
|
|
0.1 %
|
Wholesale used
vehicles sold
|
19,485
|
|
24,177
|
|
(4,692)
|
|
(19.4) %
|
Total
used
|
142,432
|
|
147,022
|
|
(4,590)
|
|
(3.1) %
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
50,003
|
|
$
45,463
|
|
$
4,539
|
|
10.0 %
|
Used vehicle
retail
|
$
30,951
|
|
$
26,763
|
|
$
4,189
|
|
15.7 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
5,608
|
|
$
4,503
|
|
$
1,105
|
|
24.5 %
|
Used vehicle retail
sales
|
$
1,687
|
|
$
2,254
|
|
$
(568)
|
|
(25.2) %
|
Used vehicle wholesale
sales
|
$
91
|
|
$
702
|
|
$
(610)
|
|
(87.0) %
|
Total
used
|
$
1,469
|
|
$
1,999
|
|
$
(530)
|
|
(26.5) %
|
F&I PRU
|
$
2,466
|
|
$
2,155
|
|
$
312
|
|
14.5 %
|
Other:
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
1,281.7
|
|
$
1,206.3
|
|
$
75.4
|
|
6.3 %
|
Adjusted SG&A
expenses (1)
|
$
1,280.0
|
|
$
1,198.0
|
|
$
82.0
|
|
6.8 %
|
SG&A as % gross
profit
|
60.3 %
|
|
59.1 %
|
|
1.2 %
|
|
|
Adjusted SG&A as %
gross profit (1)
|
60.2 %
|
|
58.7 %
|
|
1.5 %
|
|
|
|
(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.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
306.4
|
|
$
263.5
|
|
$
42.9
|
|
16.3 %
|
|
|
$
(46.0)
|
|
33.7 %
|
Used vehicle retail
sales
|
229.3
|
|
260.7
|
|
(31.4)
|
|
(12.0) %
|
|
|
(35.3)
|
|
1.5 %
|
Used vehicle wholesale
sales
|
23.7
|
|
35.0
|
|
(11.2)
|
|
(32.1) %
|
|
|
(3.5)
|
|
(22.2) %
|
Total
used
|
253.1
|
|
295.7
|
|
(42.6)
|
|
(14.4) %
|
|
|
(38.8)
|
|
(1.3) %
|
Parts and service
sales
|
59.3
|
|
56.6
|
|
2.7
|
|
4.8 %
|
|
|
(9.0)
|
|
20.7 %
|
F&I,
net
|
13.5
|
|
14.5
|
|
(1.0)
|
|
(6.7) %
|
|
|
(2.0)
|
|
7.4 %
|
Total
revenues
|
$
632.3
|
|
$
630.2
|
|
$
2.0
|
|
0.3 %
|
|
|
$
(95.8)
|
|
15.5 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
30.7
|
|
$
22.8
|
|
$
7.9
|
|
34.9 %
|
|
|
$
(4.1)
|
|
52.9 %
|
Used vehicle retail
sales
|
12.5
|
|
19.5
|
|
(6.9)
|
|
(35.7) %
|
|
|
(1.9)
|
|
(25.7) %
|
Used vehicle wholesale
sales
|
(0.8)
|
|
1.1
|
|
(1.9)
|
|
NM
|
|
|
0.1
|
|
NM
|
Total
used
|
11.7
|
|
20.5
|
|
(8.9)
|
|
(43.1) %
|
|
|
(1.8)
|
|
(34.2) %
|
Parts and service
sales
|
33.0
|
|
33.6
|
|
(0.7)
|
|
(2.0) %
|
|
|
(5.0)
|
|
12.8 %
|
F&I,
net
|
13.5
|
|
14.5
|
|
(1.0)
|
|
(6.7) %
|
|
|
(2.0)
|
|
7.4 %
|
Total gross
profit
|
$
88.9
|
|
$
91.4
|
|
$
(2.5)
|
|
(2.8) %
|
|
|
$
(13.0)
|
|
11.5 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
10.0 %
|
|
8.6 %
|
|
1.4 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
7.5 %
|
|
(2.0) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(3.5) %
|
|
3.1 %
|
|
(6.6) %
|
|
|
|
|
|
|
|
Total
used
|
4.6 %
|
|
6.9 %
|
|
(2.3) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
55.6 %
|
|
59.5 %
|
|
(3.9) %
|
|
|
|
|
|
|
|
Total gross
margin
|
14.1 %
|
|
14.5 %
|
|
(0.4) %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
7,635
|
|
6,539
|
|
1,096
|
|
16.8 %
|
|
|
|
|
|
Retail used vehicles
sold
|
8,314
|
|
7,968
|
|
346
|
|
4.3 %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
2,389
|
|
3,202
|
|
(813)
|
|
(25.4) %
|
|
|
|
|
|
Total
used
|
10,703
|
|
11,170
|
|
(467)
|
|
(4.2) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 40,126
|
|
$ 40,291
|
|
$
(165)
|
|
(0.4) %
|
|
|
$
(6,024)
|
|
14.5 %
|
Used vehicle
retail
|
$ 27,586
|
|
$ 32,724
|
|
$ (5,138)
|
|
(15.7) %
|
|
|
$
(4,250)
|
|
(2.7) %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
4,022
|
|
$
3,481
|
|
$
542
|
|
15.6 %
|
|
|
$
(537)
|
|
31.0 %
|
Used vehicle retail
sales
|
$
1,505
|
|
$
2,442
|
|
$
(937)
|
|
(38.4) %
|
|
|
$
(234)
|
|
(28.8) %
|
Used vehicle wholesale
sales
|
$
(347)
|
|
$
337
|
|
$
(684)
|
|
NM
|
|
|
$
47
|
|
NM
|
Total
used
|
$
1,092
|
|
$
1,839
|
|
$
(747)
|
|
(40.6) %
|
|
|
$
(172)
|
|
(31.3) %
|
F&I PRU
|
$
848
|
|
$
999
|
|
$
(151)
|
|
(15.1) %
|
|
|
$
(128)
|
|
(2.3) %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
66.1
|
|
$
67.3
|
|
$
(1.2)
|
|
(1.9) %
|
|
|
$
(9.8)
|
|
12.7 %
|
SG&A as % gross
profit
|
74.3 %
|
|
73.6 %
|
|
0.7 %
|
|
|
|
|
|
|
|
Group 1 Automotive,
Inc.
|
Same Store Operating
Data — U.K.
|
(Unaudited)
|
(In millions, except
unit data)
|
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
Increase/
(Decrease)
|
|
%
Change
|
|
|
Currency
Impact on
Current
Period
Results
|
|
Constant
Currency
% Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
1,150.8
|
|
$
1,132.8
|
|
$
18.0
|
|
1.6 %
|
|
|
$
(140.7)
|
|
14.0 %
|
Used vehicle retail
sales
|
1,060.8
|
|
1,080.3
|
|
(19.6)
|
|
(1.8) %
|
|
|
(120.8)
|
|
9.4 %
|
Used vehicle wholesale
sales
|
118.8
|
|
133.3
|
|
(14.5)
|
|
(10.9) %
|
|
|
(12.8)
|
|
(1.3) %
|
Total
used
|
1,179.5
|
|
1,213.6
|
|
(34.1)
|
|
(2.8) %
|
|
|
(133.6)
|
|
8.2 %
|
Parts and service
sales
|
226.1
|
|
218.5
|
|
7.5
|
|
3.5 %
|
|
|
(26.5)
|
|
15.6 %
|
F&I,
net
|
62.1
|
|
56.3
|
|
5.7
|
|
10.2 %
|
|
|
(7.1)
|
|
22.9 %
|
Total
revenues
|
$
2,618.5
|
|
$
2,621.2
|
|
$
(2.8)
|
|
(0.1) %
|
|
|
$
(308.0)
|
|
11.6 %
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
105.2
|
|
$
77.4
|
|
$
27.8
|
|
36.0 %
|
|
|
$
(12.7)
|
|
52.4 %
|
Used vehicle retail
sales
|
58.5
|
|
72.4
|
|
(13.9)
|
|
(19.2) %
|
|
|
(6.5)
|
|
(10.1) %
|
Used vehicle wholesale
sales
|
(2.4)
|
|
7.6
|
|
(10.0)
|
|
(131.2) %
|
|
|
0.3
|
|
(134.8) %
|
Total
used
|
56.1
|
|
80.0
|
|
(23.9)
|
|
(29.9) %
|
|
|
(6.3)
|
|
(22.0) %
|
Parts and service
sales
|
132.9
|
|
132.0
|
|
1.0
|
|
0.7 %
|
|
|
(15.5)
|
|
12.5 %
|
F&I,
net
|
62.1
|
|
56.3
|
|
5.7
|
|
10.2 %
|
|
|
(7.1)
|
|
22.9 %
|
Total gross
profit
|
$
356.3
|
|
$
345.6
|
|
$
10.6
|
|
3.1 %
|
|
|
$
(41.8)
|
|
15.2 %
|
Gross
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
9.1 %
|
|
6.8 %
|
|
2.3 %
|
|
|
|
|
|
|
|
Used vehicle retail
sales
|
5.5 %
|
|
6.7 %
|
|
(1.2) %
|
|
|
|
|
|
|
|
Used vehicle wholesale
sales
|
(2.0) %
|
|
5.7 %
|
|
(7.7) %
|
|
|
|
|
|
|
|
Total
used
|
4.8 %
|
|
6.6 %
|
|
(1.8) %
|
|
|
|
|
|
|
|
Parts and service
sales
|
58.8 %
|
|
60.4 %
|
|
(1.6) %
|
|
|
|
|
|
|
|
Total gross
margin
|
13.6 %
|
|
13.2 %
|
|
0.4 %
|
|
|
|
|
|
|
|
Units
sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles
sold
|
28,041
|
|
27,839
|
|
202
|
|
0.7 %
|
|
|
|
|
|
Retail used vehicles
sold
|
35,901
|
|
36,327
|
|
(426)
|
|
(1.2) %
|
|
|
|
|
|
Wholesale used
vehicles sold
|
11,170
|
|
14,641
|
|
(3,471)
|
|
(23.7) %
|
|
|
|
|
|
Total
used
|
47,071
|
|
50,968
|
|
(3,897)
|
|
(7.6) %
|
|
|
|
|
|
Average sales price
per unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 41,040
|
|
$ 40,691
|
|
$
350
|
|
0.9 %
|
|
|
$
(5,019)
|
|
13.2 %
|
Used vehicle
retail
|
$ 29,547
|
|
$ 29,739
|
|
$
(192)
|
|
(0.6) %
|
|
|
$
(3,365)
|
|
10.7 %
|
Gross profit per
unit sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail
sales
|
$
3,752
|
|
$
2,779
|
|
$
973
|
|
35.0 %
|
|
|
$
(453)
|
|
51.3 %
|
Used vehicle retail
sales
|
$
1,629
|
|
$
1,992
|
|
$
(363)
|
|
(18.2) %
|
|
|
$
(182)
|
|
(9.1) %
|
Used vehicle wholesale
sales
|
$
(213)
|
|
$
522
|
|
$
(735)
|
|
(140.9) %
|
|
|
$
24
|
|
(145.6) %
|
Total
used
|
$
1,192
|
|
$
1,569
|
|
$
(378)
|
|
(24.1) %
|
|
|
$
(133)
|
|
(15.6) %
|
F&I PRU
|
$
971
|
|
$
878
|
|
$
93
|
|
10.6 %
|
|
|
$
(112)
|
|
23.3 %
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expenses
|
$
249.7
|
|
$
236.5
|
|
$
13.1
|
|
5.6 %
|
|
|
$
(29.2)
|
|
17.9 %
|
Adjusted SG&A
expenses (1)
|
$
248.4
|
|
$
236.0
|
|
$
12.4
|
|
5.3 %
|
|
|
$
(28.9)
|
|
17.5 %
|
SG&A as % gross
profit
|
70.1 %
|
|
68.4 %
|
|
1.6 %
|
|
|
|
|
|
|
|
Adjusted SG&A as %
gross profit (1)
|
69.7 %
|
|
68.3 %
|
|
1.5 %
|
|
|
|
|
|
|
|
|
(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.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
U.S.
GAAP
|
|
Acquisition
costs
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
453.8
|
|
$
(0.9)
|
|
$
—
|
|
$
452.9
|
Asset
impairments
|
|
$
1.3
|
|
$
—
|
|
$
(1.3)
|
|
$
—
|
Income from
operations
|
|
$
241.9
|
|
$
0.9
|
|
$
1.3
|
|
$
244.1
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
205.7
|
|
$
0.9
|
|
$
1.3
|
|
$
207.9
|
Less: Provision for
income taxes
|
|
48.9
|
|
0.2
|
|
0.3
|
|
49.4
|
Net income from
continuing operations
|
|
156.7
|
|
0.7
|
|
1.0
|
|
158.4
|
Less: Earnings
allocated to participating
securities
|
|
4.6
|
|
—
|
|
—
|
|
4.6
|
Net income from
continuing operations
available to diluted common shares
|
|
$
152.2
|
|
$
0.6
|
|
$
1.0
|
|
$
153.8
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share from
continuing operations
|
|
$
10.75
|
|
$
0.05
|
|
$
0.07
|
|
$
10.86
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.8 %
|
|
|
|
|
|
23.8 %
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
63.1 %
|
|
|
|
|
|
62.9 %
|
Operating margin
(2)
|
|
5.9 %
|
|
|
|
|
|
6.0 %
|
Pretax margin
(3)
|
|
5.1 %
|
|
|
|
|
|
5.1 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
398.0
|
|
$
(0.9)
|
|
$
—
|
|
$
397.1
|
Same Store SG&A as
% gross profit (1)
|
|
63.8 %
|
|
|
|
|
|
63.6 %
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
206.0
|
|
$
0.9
|
|
$
0.6
|
|
$
207.4
|
Same Store operating
margin (2)
|
|
5.8 %
|
|
|
|
|
|
5.8 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net income from
discontinued operations
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
Less: Earnings
allocated to participating securities
|
|
—
|
|
—
|
|
—
|
Net income from
discontinued operations available
to diluted common shares
|
|
$
0.2
|
|
$
—
|
|
$
0.2
|
|
|
|
|
|
|
|
Net income
|
|
$
157.0
|
|
$
1.7
|
|
$
158.6
|
Less: Earnings
allocated to participating securities
|
|
4.6
|
|
—
|
|
4.6
|
Net income available to
diluted common shares
|
|
$
152.4
|
|
$
1.6
|
|
$
154.0
|
|
|
|
|
|
|
|
Diluted earnings per
common share from discontinued
operations
|
|
$
0.01
|
|
$
—
|
|
$
0.01
|
Diluted earnings per
common share from continuing
operations
|
|
10.75
|
|
0.11
|
|
10.86
|
Diluted earnings per
common share
|
|
$
10.76
|
|
$
0.11
|
|
$
10.88
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items above 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
December 31, 2021
|
|
|
U.S.
GAAP
|
|
Loss on
interest rate
swaps
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
Costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
420.9
|
|
$
—
|
|
$
3.3
|
|
$
(9.1)
|
|
$
0.7
|
|
$
415.8
|
Income (loss) from
operations
|
|
$
229.7
|
|
$
—
|
|
$
(3.3)
|
|
$
9.1
|
|
$
(0.7)
|
|
$
234.8
|
Floorplan interest
expense
|
|
$
7.2
|
|
$
(3.4)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
206.5
|
|
$
3.4
|
|
$
(3.3)
|
|
$
9.1
|
|
$
(0.7)
|
|
$
215.0
|
Less: Provision
(benefit) for income taxes
|
|
43.3
|
|
0.7
|
|
(0.8)
|
|
2.0
|
|
(0.2)
|
|
45.2
|
Net income (loss) from
continuing operations
|
|
163.2
|
|
2.6
|
|
(2.6)
|
|
7.1
|
|
(0.5)
|
|
169.9
|
Less: Earnings (loss)
allocated to participating
securities
|
|
5.5
|
|
0.1
|
|
(0.1)
|
|
0.2
|
|
—
|
|
5.7
|
Net income (loss) from
continuing operations
available to diluted common shares
|
|
$
157.7
|
|
$
2.5
|
|
$
(2.5)
|
|
$
6.8
|
|
$
(0.5)
|
|
$
164.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from
continuing operations
|
|
$
9.06
|
|
$
0.15
|
|
$
(0.14)
|
|
$
0.39
|
|
$
(0.03)
|
|
$
9.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
21.0 %
|
|
|
|
|
|
|
|
|
|
21.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
62.7 %
|
|
|
|
|
|
|
|
|
|
61.9 %
|
Operating margin
(2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
6.7 %
|
Pretax margin
(3)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
6.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
404.6
|
|
$
—
|
|
$
2.1
|
|
$
(9.1)
|
|
$
0.7
|
|
$
398.3
|
Same Store SG&A as
% gross profit (1)
|
|
62.7 %
|
|
|
|
|
|
|
|
|
|
61.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
221.4
|
|
$
—
|
|
$
(2.1)
|
|
$
9.1
|
|
$
(0.7)
|
|
$
227.8
|
Same Store operating
margin (2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
6.8 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(76.1)
|
|
$
78.0
|
|
$
1.9
|
Less: (Loss) earnings
allocated to participating securities
|
|
(2.6)
|
|
2.6
|
|
0.1
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(73.5)
|
|
$
75.3
|
|
$
1.8
|
|
|
|
|
|
|
|
Net income
|
|
$
87.1
|
|
$
84.6
|
|
$
171.7
|
Less: Earnings
allocated to participating securities
|
|
2.9
|
|
2.9
|
|
5.8
|
Net income available to
diluted common shares
|
|
$
84.2
|
|
$
81.8
|
|
$
165.9
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(4.23)
|
|
$
4.33
|
|
$
0.10
|
Diluted earnings per
common share from continuing operations
|
|
9.06
|
|
0.37
|
|
9.43
|
Diluted earnings per
common share
|
|
$
4.84
|
|
$
4.70
|
|
$
9.54
|
|
(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 loss on
interest rate swaps.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — Consolidated
|
(Unaudited)
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
1,783.3
|
|
$
38.8
|
|
$
(2.2)
|
|
$
(0.8)
|
|
$
—
|
|
$ 1,819.2
|
Asset
impairments
|
|
$
2.1
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(2.1)
|
|
$
—
|
Income (loss) from
operations
|
|
$
1,091.4
|
|
$
(38.8)
|
|
$
2.2
|
|
$
0.8
|
|
$
2.1
|
|
$ 1,057.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
985.3
|
|
$
(38.8)
|
|
$
2.2
|
|
$
0.8
|
|
$
2.1
|
|
$
951.6
|
Less: Provision
(benefit) for income taxes
|
|
231.1
|
|
(9.1)
|
|
0.2
|
|
0.2
|
|
0.5
|
|
222.9
|
Net income (loss) from
continuing operations
|
|
754.2
|
|
(29.7)
|
|
1.9
|
|
0.6
|
|
1.6
|
|
728.7
|
Less: Earnings (loss)
allocated to participating securities
|
|
21.3
|
|
(0.8)
|
|
0.1
|
|
—
|
|
—
|
|
20.6
|
Net income (loss) from
continuing operations available
to diluted common shares
|
|
$
733.0
|
|
$
(28.9)
|
|
$
1.9
|
|
$
0.6
|
|
$
1.6
|
|
$
708.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing
operations
|
|
$
47.31
|
|
$
(1.86)
|
|
$
0.12
|
|
$
0.04
|
|
$
0.10
|
|
$
45.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
23.5 %
|
|
|
|
|
|
|
|
|
|
23.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
61.4 %
|
Operating margin
(2)
|
|
6.7 %
|
|
|
|
|
|
|
|
|
|
6.5 %
|
Pretax margin
(3)
|
|
6.1 %
|
|
|
|
|
|
|
|
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,531.4
|
|
$
—
|
|
$
(2.2)
|
|
$
(0.8)
|
|
$
—
|
|
$ 1,528.4
|
Same Store SG&A as
% gross profit (1)
|
|
61.7 %
|
|
|
|
|
|
|
|
|
|
61.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from
operations
|
|
$
874.1
|
|
$
—
|
|
$
2.2
|
|
$
0.8
|
|
$
1.4
|
|
$
878.5
|
Same Store operating
margin (2)
|
|
6.4 %
|
|
|
|
|
|
|
|
|
|
6.4 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(2.7)
|
|
$
5.0
|
|
$
2.3
|
Less: (Loss) earnings
allocated to participating securities
|
|
(0.1)
|
|
0.1
|
|
0.1
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(2.6)
|
|
$
4.9
|
|
$
2.2
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
751.5
|
|
$
(20.5)
|
|
$
731.0
|
Less: Earnings (loss)
allocated to participating securities
|
|
21.2
|
|
(0.6)
|
|
20.6
|
Net income (loss)
available to diluted common shares
|
|
$
730.3
|
|
$
(20.0)
|
|
$
710.4
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(0.17)
|
|
$
0.31
|
|
$
0.14
|
Diluted earnings (loss)
per common share from continuing operations
|
|
47.31
|
|
(1.60)
|
|
45.71
|
Diluted earnings (loss)
per common share
|
|
$
47.14
|
|
$
(1.29)
|
|
$
45.85
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
(2) Adjusted operating margin
excludes the impact of SG&A reconciling items 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2021
|
|
|
U.S.
GAAP
|
|
Loss on
interest
rate swaps
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Asset
impairments
|
|
Tax rate
changes
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
1,477.2
|
|
$
—
|
|
$
(2.8)
|
|
$
4.4
|
|
$
(13.4)
|
|
$ 5.3
|
|
$
—
|
|
$ —
|
|
$
1,470.7
|
Asset
impairments
|
|
$
1.7
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.7)
|
|
$ —
|
|
$
—
|
Income (loss) from
operations
|
|
$
884.4
|
|
$
—
|
|
$
2.8
|
|
$
(4.4)
|
|
$
13.4
|
|
$
(5.3)
|
|
$
1.7
|
|
$ —
|
|
$
892.6
|
Floorplan interest
expense
|
|
$
27.6
|
|
$
(4.8)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$ —
|
|
$
22.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
$
800.9
|
|
$
4.8
|
|
$
2.8
|
|
$
(4.4)
|
|
$
13.4
|
|
$
(5.3)
|
|
$
1.7
|
|
$ —
|
|
$
813.9
|
Less: Provision
(benefit) for income taxes
|
|
175.5
|
|
1.1
|
|
0.6
|
|
(1.0)
|
|
3.0
|
|
(1.2)
|
|
0.4
|
|
1.9
|
|
180.3
|
Net income (loss) from
continuing operations
|
|
625.4
|
|
3.7
|
|
2.2
|
|
(3.4)
|
|
10.5
|
|
(4.2)
|
|
1.3
|
|
(1.9)
|
|
633.7
|
Less: Earnings (loss)
allocated to participating securities
|
|
21.0
|
|
0.1
|
|
0.1
|
|
(0.1)
|
|
0.4
|
|
(0.1)
|
|
—
|
|
(0.1)
|
|
21.3
|
Net income (loss) from
continuing operations available to
diluted common shares
|
|
$
604.4
|
|
$
3.6
|
|
$
2.1
|
|
$
(3.3)
|
|
$
10.1
|
|
$
(4.0)
|
|
$
1.3
|
|
$ (1.8)
|
|
$
612.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share from continuing operations
|
|
$
34.11
|
|
$
0.20
|
|
$
0.12
|
|
$
(0.19)
|
|
$
0.57
|
|
$
(0.23)
|
|
$
0.07
|
|
$
(0.10)
|
|
$
34.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
21.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross
profit (1)
|
|
60.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.3 %
|
Operating margin
(2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6 %
|
Pretax margin
(3)
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
1,442.8
|
|
$
—
|
|
$
(2.8)
|
|
$
2.1
|
|
$
(13.4)
|
|
$ 5.3
|
|
$
—
|
|
$ —
|
|
$
1,434.0
|
Same Store SG&A as
% gross profit (1)
|
|
60.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income
(loss) from operations
|
|
$
869.2
|
|
$
—
|
|
$
2.8
|
|
$
(2.1)
|
|
$
13.4
|
|
$
(5.3)
|
|
$
1.6
|
|
$ —
|
|
$
879.6
|
Same Store operating
margin (2)
|
|
6.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.7 %
|
|
|
U.S.
GAAP
|
|
Non-GAAP
adjustments
|
|
Non-GAAP
adjusted
|
Net (loss) income from
discontinued operations
|
|
$
(73.3)
|
|
$
81.8
|
|
$
8.5
|
Less: (Loss) earnings
allocated to participating securities
|
|
(2.5)
|
|
2.8
|
|
0.3
|
Net (loss) income from
discontinued operations available to diluted common
shares
|
|
$
(70.9)
|
|
$
79.1
|
|
$
8.2
|
|
|
|
|
|
|
|
Net income
|
|
$
552.1
|
|
$
90.0
|
|
$
642.1
|
Less: Earnings
allocated to participating securities
|
|
18.5
|
|
3.0
|
|
21.6
|
Net income available to
diluted common shares
|
|
$
533.6
|
|
$
87.0
|
|
$
620.6
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per common share from discontinued operations
|
|
$
(4.00)
|
|
$
4.46
|
|
$
0.46
|
Diluted earnings per
common share from continuing operations
|
|
34.11
|
|
0.45
|
|
34.55
|
Diluted earnings per
common share
|
|
$
30.11
|
|
$
4.91
|
|
$
35.02
|
|
(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, asset impairment
charges and a loss on interest rate swaps.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures — U.S.
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
U.S.
GAAP
|
|
Acquisition
costs
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
383.8
|
|
$
(0.9)
|
|
$
383.0
|
SG&A as % gross
profit (1)
|
|
61.3 %
|
|
|
|
61.2 %
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
331.9
|
|
$
(0.9)
|
|
$
331.0
|
Same Store SG&A as
% gross profit (1)
|
|
62.0 %
|
|
|
|
61.9 %
|
|
|
Three Months Ended
December 31, 2021
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$
352.0
|
|
$
3.3
|
|
$
(9.1)
|
|
$
0.7
|
|
$
346.8
|
SG&A as % gross
profit (1)
|
|
60.9 %
|
|
|
|
|
|
|
|
60.0 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
337.3
|
|
$
2.1
|
|
$
(9.1)
|
|
$
0.7
|
|
$
331.0
|
Same Store SG&A as
% gross profit (1)
|
|
60.9 %
|
|
|
|
|
|
|
|
59.7 %
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$ 1,516.9
|
|
$
36.1
|
|
$
(0.9)
|
|
$
(0.8)
|
|
$ 1,551.3
|
SG&A as % gross
profit (1)
|
|
58.7 %
|
|
|
|
|
|
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 1,281.7
|
|
$
—
|
|
$
(0.9)
|
|
$
(0.8)
|
|
$ 1,280.0
|
Same Store SG&A as
% gross profit (1)
|
|
60.3 %
|
|
|
|
|
|
|
|
60.2 %
|
|
|
Year Ended December
31, 2021
|
|
|
U.S.
GAAP
|
|
Catastrophic
events
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Legal
matters
|
|
Non-GAAP
adjusted
|
SG&A
expenses
|
|
$ 1,234.9
|
|
$
(2.8)
|
|
$
5.0
|
|
$
(12.9)
|
|
$
5.3
|
|
$ 1,229.6
|
SG&A as % gross
profit (1)
|
|
59.1 %
|
|
|
|
|
|
|
|
|
|
58.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$ 1,206.3
|
|
$
(2.8)
|
|
$
2.1
|
|
$
(12.9)
|
|
$
5.3
|
|
$ 1,198.0
|
Same Store SG&A as
% gross profit (1)
|
|
59.1 %
|
|
|
|
|
|
|
|
|
|
58.7 %
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
Group 1 Automotive,
Inc.
|
Reconciliation of
Certain Non-GAAP Financial Measures - U.K.
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
266.5
|
|
$
2.7
|
|
$
(1.3)
|
|
$
267.9
|
SG&A as % gross
profit (1)
|
|
69.6 %
|
|
|
|
|
|
70.0 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
249.7
|
|
$
—
|
|
$
(1.3)
|
|
$
248.4
|
Same Store SG&A as
% gross profit (1)
|
|
70.1 %
|
|
|
|
|
|
69.7 %
|
|
|
Year Ended December
31, 2021
|
|
|
U.S.
GAAP
|
|
Dealership
and real
estate
transactions
|
|
Acquisition
costs
|
|
Non-GAAP
Adjusted
|
SG&A
expenses
|
|
$
242.2
|
|
$
(0.6)
|
|
$
(0.6)
|
|
$
241.1
|
SG&A as % gross
profit (1)
|
|
69.0 %
|
|
|
|
|
|
68.7 %
|
|
|
|
|
|
|
|
|
|
Same Store SG&A
expenses
|
|
$
236.5
|
|
$
—
|
|
$
(0.6)
|
|
$
236.0
|
Same Store SG&A as
% gross profit (1)
|
|
68.4 %
|
|
|
|
|
|
68.3 %
|
|
(1) Adjusted SG&A as % of gross
profit excludes the impact of SG&A reconciling items
above.
|
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-record-fourth-quarter-and-full-year-2022-financial-results-301729799.html
SOURCE Group 1 Automotive, Inc.