Group 1 Automotive Reports 2024 Fourth Quarter Financial Results and Record Full Year Revenues of $19.9 billion
-- Current quarter diluted earnings per common share from continuing
operations of $7.08 and current quarter adjusted diluted earnings per
common share from continuing operations (a non-GAAP measure) of $10.02
-- Full year all-time record retail new and used vehicle units sold of
413,364, a 13.8% increase over the comparable prior year period
-- Gross profit of $879.2 million from total revenues of $5.5 billion, both
quarterly records, and a 20.3% and 23.8% increase, respectively, over
the comparable prior year period
HOUSTON, Jan. 29, 2025 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250 automotive retailer with 259 dealerships located in the U.S. and U.K., today reported financial results for the fourth quarter of 2024 ("current quarter") and full year 2024 ("current year").
"Our U.S. team continues to execute at a high level. Our parts and service revenue growth of 12.2% was the best quarter in the last four quarters. SG&A leverage was outstanding, and our new vehicle PRUs were up sequentially on a U.S. as reported basis. Also, we are realizing the benefits of some exceptional acquisitions and prudent divestitures. Over the last year, because of our excellent relationships with our OEM partners, we've added great brands like Lexus, Honda, Mercedes-Benz, and Toyota in some great U.S. markets," said Daryl Kenningham, Group 1's President and Chief Executive Officer.
"Our U.K. team is better positioned today than at any time in our history, with exceptional brand partners and a portfolio of dealerships that provide us geographic diversification across a broader U.K. market," said Daryl Kenningham. "Our ongoing restructuring actions to integrate Inchcape Retail stores which began in the fourth quarter of 2024 will ultimately position us to capture the full value of this acquisition."
Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables.
Current Quarter Results Overview
-- Total revenues for the current quarter were $5.5 billion, a 23.8%
increase compared to $4.5 billion for the fourth quarter of 2023 ("prior
year quarter").
-- Net income from continuing operations for the current quarter was $94.6
million, a 13.1% decrease compared to $108.8 million for the prior year
quarter.
-- Current quarter adjusted net income from continuing operations (a
non-GAAP measure) was $133.9 million, a 2.1% increase compared to $131.2
million for the prior year quarter. Net income from continuing
operations for the current quarter included impairment charges of $33.0
million primarily attributable to franchise rights intangible assets for
four dealerships in the U.S.
-- Current quarter diluted earnings per common share from continuing
operations was $7.08, a 10.1% decrease compared to $7.87 for the prior
year quarter. Current quarter adjusted diluted earnings per common share
from continuing operations (a non-GAAP measure) was $10.02, a 5.5%
increase compared to $9.50 for the prior year quarter.
Fourth Quarter
2024 Consolidated Same Store
Key Performance Metrics (a non-GAAP
measure)
(year-over-year comparable period basis)
Reported: 4Q24 Change 4Q24 Change
---
Total revenues
$5.5B +23.8 %
$4.7B +6.8 %
Total gross profit ("GP")
$879.2M +20.3 %
$743.1M +4.5 %
NV units sold 57,939 +26.4 % 47,354 +6.0 %
NV GP per retail unit ("PRU") $3,540 (12.0) % $3,486 (13.6) %
Used vehicle ("UV") retail units sold 55,337 +23.9 % 44,926 +3.5 %
UV retail GP PRU $1,433 (0.1) % $1,434 0.0 %
Parts & service ("P&S") GP
$370.9M +23.9 %
$312.6M +7.6 %
P&S Gross Margin ("GM") 54.5 % (0.4) % 54.2 % (0.6) %
Finance and Insurance ("F&I") revenues
$225.5M +20.5 %
$201.9M +10.9 %
F&I GP PRU $1,991 (3.7) % $2,188 +5.9 %
Selling, General and Administrative ("SG&A") expenses as a % of GP 69.9 % +316 bps 67.2 % +36 bps
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP 70.1 % +362 bps 67.0 % +78 bps
Full Year 2024 Results Overview
-- Current year total revenues were a record $19.9 billion, an 11.5%
increase compared to $17.9 billion for the full year 2023 ("prior
year").
-- Current year net income from continuing operations was $497.0 million, a
17.4% decrease compared to $602.0 million for the prior year. Current
year adjusted net income from continuing operations (a non-GAAP measure)
was $530.6 million, a 14.9% decrease compared to $623.3 million for the
prior year.
-- Current year diluted earnings per common share from continuing
operations was $36.72, a 14.1% decrease compared to $42.75 for the prior
year. Current year adjusted diluted earnings per common share from
continuing operations (a non-GAAP measure) was $39.21, an 11.4% decrease
compared to $44.27 for the prior year.
Full Year 2024 Consolidated Same Store
Key Performance Metrics (a non-GAAP
measure)
(year-over-year comparable period basis)
Reported: FY24 Change FY24 Change
---
Total revenues
$19.9B +11.5 %
$17.6B +2.0 %
Total GP
$3.2B +7.3 %
$2.9B (1.4) %
NV units sold 203,677 +16.0 % 175,397 3.1 %
NV GP PRU $3,525 (19.3) % $3,520 (19.7) %
UV retail units sold 209,687 +11.7 % 185,494 +2.5 %
UV retail GP PRU $1,574 (1.9) % $1,563 (2.9) %
P&S GP
$1.4B +12.6 %
$1.2B +4.5 %
P&S GM 54.9 % +0.3 % 54.5 % (0.1) %
F&I revenues
$828.7M +11.7 %
$753.2M +5.1 %
F&I GP PRU $2,005 (1.9) % $2,087 +2.2 %
SG&A expenses as a % of GP 67.2 % +344 bps 68.1 % +391 bps
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP 67.9 % +372 bps 66.9 % +305 bps
U.K. Update
The previously announced consummation of the Inchcape Retail acquisition in the third quarter of 2024, added 54 dealerships in key hubs such as the Midlands, the Northwest of England, and Wales. The added scale and geographic diversification, combined with a great portfolio of brand partners, will enable us to better meet the demands of U.K. consumers. Integration activities began immediately, including the initiation of a U.K. wide restructuring plan during the current quarter consisting of workforce realignment, strategic closing of certain facilities and systems integrations. In the current quarter, we made significant progress in the conversion of the legacy Inchcape dealer management system ("DMS") to our existing U.K. DMS. This conversion hampered our operations for a period of time as we completed the in-store conversions. As a result of these restructuring and integration actions, the Company recognized $16.7 million in restructuring charges in the current quarter. We expect a significant number of restructuring activities to be completed by the end of the first quarter of 2025.
Corporate Development
In October 2024, the Company acquired a BMW/MINI dealership located in the U.K. This acquisition is expected to generate approximately $125.0 million in annual revenues.
During the current year, the Company has successfully acquired and integrated dealership operations with total expected annual revenues of approximately $3.9 billion. We remain focused on quickly and efficiently integrating our acquisitions into our existing operations to drive incremental value creation for shareholders.
Share Repurchases
During the current quarter, the Company repurchased 80,300 shares at an average price per common share of $398.30, for a total of $32.0 million, excluding excise taxes of $0.3 million.
During the current year, the Company repurchased 518,465 shares, representing approximately 3.8% of the Company's outstanding common shares at January 1 of the current year, at an average price per common share of $311.67, for a total of $161.6 million, excluding excise taxes of $1.4 million.
As of December 31, 2024, the Company had an aggregate 13.3 million outstanding common shares and unvested restricted stock awards. As of December 31, 2024, the Company had $476.1 million remaining on its Board authorized common share repurchase program.
Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.
Fourth Quarter and Full Year 2024 Earnings Conference Call Details
Group 1's senior management will host a conference call today at 10:00 a.m. ET to discuss the fourth quarter and full year 2024 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations.
The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:
Domestic: 1-888-317-6003
International: 1-412-317-6061
Passcode: 2497585
A telephonic replay will be available following the call through February 5, 2025, by dialing:
Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay Code: 5939241
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 259 automotive dealerships, 331 franchises, and 39 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, and www.facebook.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our strategic investments, goals, plans, projections and guidance regarding our financial position, results of operations and business strategy, including the annualized revenues of recently completed acquisitions or dispositions and other benefits of such currently anticipated or recently completed acquisitions or dispositions. These forward-looking statements often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, including any changes thereto relating to the U.S. presidential transition (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) our ability to successfully integrate recent and future acquisitions and realize the expected benefits from consummated acquisitions, (i) foreign exchange controls and currency fluctuations, (j) the armed conflicts in Ukraine and the Middle East, (k) the impacts of sustained levels of inflation and potential changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, (l) our ability to maintain sufficient liquidity to operate, (m) a material failure in or breach of our vendors' information technology systems and other cybersecurity incidents, and (n) the receipt of any insurance or other recoveries. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA
In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes and snow storms, and employment compensation costs associated with the cybersecurity incident recently experienced by third-party software provider, CDK Global LLC.. Because these non-core charges and gains materially affect the Company's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.
In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.
In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.
Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.
Investor contacts:
Terry Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Financial Services and Manufacturer Relations
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
Kimberly Barta
Head of Marketing and Communications
Group 1 Automotive, Inc.
kbarta@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Three Months Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
REVENUES:
New vehicle retail sales $2,858.0 $2,311.2 $546.9 23.7 %
Used vehicle retail sales 1,653.4 1,334.5 318.9 23.9 %
Used vehicle wholesale sales 128.9 102.3 26.6 26.0 %
Parts and service sales 680.2 545.0 135.2 24.8 %
Finance, insurance and other, net 225.5 187.1 38.4 20.5 %
Total revenues 5,546.0 4,480.0 1,066.0 23.8 %
COST OF SALES:
New vehicle retail sales 2,652.9 2,126.7 526.2 24.7 %
Used vehicle retail sales 1,574.1 1,270.4 303.7 23.9 %
Used vehicle wholesale sales 130.5 106.6 23.9 22.5 %
Parts and service sales 309.3 245.7 63.6 25.9 %
Total cost of sales 4,666.8 3,749.4 917.4 24.5 %
GROSS PROFIT 879.2 730.6 148.6 20.3 %
Selling, general and administrative expenses 614.3 487.4 126.9 26.0 %
Depreciation and amortization expense 31.5 23.4 8.2 34.9 %
Asset impairments 33.0 25.1 7.8 31.2 %
Restructuring charges 16.7 16.7 100.0 %
Other operating (income) expense (10.0) (10.0) (100.0) %
INCOME FROM OPERATIONS 193.7 194.7 (1.0) (0.5) %
Floorplan interest expense 32.2 19.4 12.9 66.4 %
Other interest expense, net 38.8 27.7 11.1 40.2 %
Other expense 2.2 (2.2) (98.5) %
INCOME BEFORE INCOME TAXES 122.6 145.4 (22.8) (15.7) %
Provision for income taxes 28.0 36.6 (8.6) (23.5) %
Net income from continuing operations 94.6 108.8 (14.2) (13.1) %
Net income (loss) from discontinued operations 0.2 0.3 562.4 %
NET INCOME $94.8 $108.8 $(13.9) (12.8) %
Less: Earnings allocated to participating securities 1.9 2.6 (0.7) (27.2) %
Net income available to diluted common shares $92.9 $106.2 $(13.2) (12.5) %
Diluted earnings per share from continuing operations $7.08 $7.87 $(0.80) (10.1) %
Diluted earnings (loss) per share from discontinued operations $0.02
$ - $0.02 578.1 %
DILUTED EARNINGS PER SHARE $7.09 $7.87 $(0.78) (9.9) %
Weighted average dilutive common shares outstanding 13.1 13.5 (0.4) (2.9) %
Weighted average participating securities 0.3 0.3 (0.1) (19.3) %
Total weighted average shares 13.4 13.8 (0.5) (3.3) %
Effective tax rate on continuing operations 22.9 % 25.2 % (2.3) %
Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Years Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
REVENUES:
New vehicle retail sales $9,972.4 $8,774.6 $1,197.8 13.7 %
Used vehicle retail sales 6,179.9 5,693.5 486.3 8.5 %
Used vehicle wholesale sales 462.4 441.4 21.0 4.7 %
Parts and service sales 2,491.0 2,222.3 268.7 12.1 %
Finance, insurance and other, net 828.7 741.9 86.8 11.7 %
Total revenues 19,934.3 17,873.7 2,060.6 11.5 %
COST OF SALES:
New vehicle retail sales 9,254.5 8,007.6 1,246.9 15.6 %
Used vehicle retail sales 5,849.9 5,392.6 457.3 8.5 %
Used vehicle wholesale sales 465.7 445.2 20.5 4.6 %
Parts and service sales 1,123.2 1,008.0 115.2 11.4 %
Total cost of sales 16,693.3 14,853.4 1,839.9 12.4 %
GROSS PROFIT 3,241.0 3,020.3 220.7 7.3 %
Selling, general and administrative expenses 2,179.2 1,926.8 252.4 13.1 %
Depreciation and amortization expense 113.1 92.0 21.1 22.9 %
Asset impairments 33.0 32.9 0.1 0.3 %
Restructuring charges 16.7 16.7 100.0 %
Other operating (income) expense (10.0) (10.0) (100.0) %
INCOME FROM OPERATIONS 909.1 968.6 (59.6) (6.1) %
Floorplan interest expense 108.5 64.1 44.4 69.3 %
Other interest expense, net 141.3 99.8 41.5 41.6 %
Other expense 0.7 4.5 (3.8) (83.7) %
INCOME BEFORE INCOME TAXES 658.5 800.2 (141.7) (17.7) %
Provision for income taxes 161.5 198.2 (36.7) (18.5) %
Net income from continuing operations 497.0 602.0 (105.0) (17.4) %
Net income (loss) from discontinued operations 1.2 (0.4) 1.5 425.1 %
NET INCOME $498.1 $601.6 $(103.5) (17.2) %
Less: Earnings allocated to participating securities 10.5 14.8 (4.3) (29.2) %
Net income available to diluted common shares $487.7 $586.9 $(99.2) (16.9) %
Diluted earnings per share from continuing operations $36.72 $42.75 $(6.03) (14.1) %
Diluted earnings (loss) per share from discontinued operations $0.09 $(0.03) $0.11 438.2 %
DILUTED EARNINGS PER SHARE $36.81 $42.73 $(5.92) (13.9) %
Weighted average dilutive common shares outstanding 13.2 13.7 (0.5) (3.5) %
Weighted average participating securities 0.3 0.3 (0.1) (17.8) %
Total weighted average shares 13.5 14.1 (0.5) (3.9) %
Effective tax rate on continuing operations 24.5 % 24.8 % (0.2) %
Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
December 31, 2024 December 31, 2023 Increase/ % Change
(Decrease)
SELECTED BALANCE SHEET INFORMATION:
(In millions)
Cash and cash equivalents $34.4 $57.2 $(22.8) (39.9) %
Inventories, net $2,636.8 $1,963.4 $673.4 34.3 %
Floorplan notes payable, net (1) $2,022.1 $1,565.4 $456.6 29.2 %
Total debt $2,913.1 $2,098.8 $814.4 38.8 %
Total equity $2,974.3 $2,674.4 $299.9 11.2 %
(1) Amounts are net of offset accounts of $288.2 and $275.2, respectively.
Three Months Ended December
31, Years Ended December 31,
2024 2023 2024 2023
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
United States 74.8 % 83.3 % 77.4 % 81.3 %
United Kingdom 25.2 % 16.7 % 22.6 % 18.7 %
NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Lexus 24.2 % 26.7 % 24.9 % 24.0 %
Volkswagen/Audi/Porsche/SEAT/SKODA 13.4 % 13.4 % 14.2 % 15.2 %
BMW/MINI 14.1 % 12.8 % 11.6 % 11.8 %
Honda/Acura 8.6 % 7.3 % 9.2 % 7.5 %
Chevrolet/GMC/Buick 9.0 % 9.3 % 9.1 % 9.0 %
Mercedes-Benz/Sprinter 9.1 % 6.0 % 7.5 % 6.2 %
Ford/Lincoln 6.9 % 6.9 % 7.0 % 7.5 %
Hyundai/Kia/Genesis 4.8 % 5.1 % 5.4 % 5.2 %
Subaru 3.0 % 3.3 % 3.2 % 2.9 %
Nissan 1.9 % 2.9 % 2.2 % 3.6 %
Chrysler/Dodge/Jeep/RAM 1.7 % 3.1 % 2.1 % 3.7 %
Jaguar/Land Rover 2.0 % 1.6 % 2.0 % 1.7 %
Mazda 1.0 % 1.3 % 1.2 % 1.2 %
Other 0.2 % 0.3 % 0.2 % 0.3 %
100.0 % 100.0 % 100.0 % 100.0 %
December 31, 2024 December 31, 2023
DAYS' SUPPLY IN INVENTORY (1):
Consolidated
---
New vehicle inventory 44 37
Used vehicle inventory 39 35
U.S.
---
New vehicle inventory 43 36
Used vehicle inventory 29 29
U.K.
---
New vehicle inventory 45 48
Used vehicle inventory 67 58
(1) Days' supply in inventory is calculated based on inventory unit levels and 30-day total unit sales volumes, both at the end of each reporting period.
Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $2,858.0 $2,311.2 $546.9 23.7 % $18.6 22.9 %
Used vehicle retail sales 1,653.4 1,334.5 318.9 23.9 % 17.8 22.6 %
Used vehicle wholesale sales 128.9 102.3 26.6 26.0 % 1.6 24.4 %
Total used 1,782.3 1,436.8 345.5 24.0 % 19.4 22.7 %
Parts and service sales 680.2 545.0 135.2 24.8 % 5.0 23.9 %
F&I, net 225.5 187.1 38.4 20.5 % 1.0 20.0 %
Total revenues $5,546.0 $4,480.0 $1,066.0 23.8 % $44.0 22.8 %
Gross profit:
New vehicle retail sales $205.1 $184.5 $20.7 11.2 % $1.4 10.5 %
Used vehicle retail sales 79.3 64.1 15.2 23.8 % 0.9 22.4 %
Used vehicle wholesale sales (1.7) (4.3) 2.6 61.4 % 62.2 %
Total used 77.6 59.8 17.9 29.9 % 0.8 28.5 %
Parts and service sales 370.9 299.3 71.6 23.9 % 2.7 23.0 %
F&I, net 225.5 187.1 38.4 20.5 % 1.0 20.0 %
Total gross profit $879.2 $730.6 $148.6 20.3 % $5.9 19.5 %
Gross margin:
New vehicle retail sales 7.2 % 8.0 % (0.8) %
Used vehicle retail sales 4.8 % 4.8 % - %
Used vehicle wholesale sales (1.3) % (4.2) % 2.9 %
Total used 4.4 % 4.2 % 0.2 %
Parts and service sales 54.5 % 54.9 % (0.4) %
Total gross margin 15.9 % 16.3 % (0.5) %
Units sold:
Retail new vehicles sold (1) 57,939 45,827 12,112 26.4 %
Retail used vehicles sold 55,337 44,656 10,681 23.9 %
Wholesale used vehicles sold 14,733 11,156 3,577 32.1 %
Total used 70,070 55,812 14,258 25.5 %
Average sales price per unit sold:
New vehicle retail (1) $51,106 $50,760 $347 0.7 % $330 - %
Used vehicle retail $29,879 $29,884 $(5) - % $322 (1.1) %
Gross profit per unit sold:
New vehicle retail sales $3,540 $4,025 $(485) (12.0) % $24 (12.6) %
Used vehicle retail sales $1,433 $1,434 $(2) (0.1) % $16 (1.2) %
Used vehicle wholesale sales $(113) $(386) $273 70.7 % $(2) 71.4 %
Total used $1,108 $1,071 $37 3.5 % $12 2.3 %
F&I PRU $1,991 $2,068 $(77) (3.7) % $9 (4.1) %
Other:
SG&A expenses $614.3 $487.4 $126.9 26.0 % $5.5 24.9 %
Adjusted SG&A expenses (2) $616.3 $485.7 $130.6 26.9 % $5.3 25.8 %
SG&A as % gross profit 69.9 % 66.7 % 3.2 %
Adjusted SG&A as % gross profit (2) 70.1 % 66.5 % 3.6 %
Operating margin % 3.6 % 4.3 % (0.7) %
Adjusted operating margin % (2) 4.2 % 5.0 % (0.7) %
Pretax margin % 2.2 % 3.2 % (1.0) %
Adjusted pretax margin % (2) 3.1 % 3.9 % (0.7) %
Floorplan expense:
Floorplan interest expense $32.2 $19.4 $12.9 66.4 % $0.2 65.2 %
Less: Floorplan assistance (3) 25.0 19.3 5.7 29.3 % 29.1 %
Net floorplan expense $7.2
$ - $7.2 $0.2
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.
Group 1 Automotive, Inc.
Reported Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $9,972.4 $8,774.6 $1,197.8 13.7 % $59.6 13.0 %
Used vehicle retail sales 6,179.9 5,693.5 486.3 8.5 % 49.9 7.7 %
Used vehicle wholesale sales 462.4 441.4 21.0 4.7 % 4.1 3.8 %
Total used 6,642.3 6,135.0 507.3 8.3 % 54.0 7.4 %
Parts and service sales 2,491.0 2,222.3 268.7 12.1 % 13.6 11.5 %
F&I, net 828.7 741.9 86.8 11.7 % 3.0 11.3 %
Total revenues $19,934.3 $17,873.7 $2,060.6 11.5 % $130.1 10.8 %
Gross profit:
New vehicle retail sales $717.9 $767.0 $(49.1) (6.4) % $4.7 (7.0) %
Used vehicle retail sales 330.0 300.9 29.1 9.7 % 2.5 8.8 %
Used vehicle wholesale sales (3.3) (3.8) 0.5 12.7 % (0.1) 15.4 %
Total used 326.7 297.2 29.6 9.9 % 2.4 9.1 %
Parts and service sales 1,367.7 1,214.2 153.5 12.6 % 7.7 12.0 %
F&I, net 828.7 741.9 86.8 11.7 % 3.0 11.3 %
Total gross profit $3,241.0 $3,020.3 $220.7 7.3 % $17.9 6.7 %
Gross margin:
New vehicle retail sales 7.2 % 8.7 % (1.5) %
Used vehicle retail sales 5.3 % 5.3 % 0.1 %
Used vehicle wholesale sales (0.7) % (0.9) % 0.1 %
Total used 4.9 % 4.8 % 0.1 %
Parts and service sales 54.9 % 54.6 % 0.3 %
Total gross margin 16.3 % 16.9 % (0.6) %
Units sold:
Retail new vehicles sold (1) 203,677 175,566 28,111 16.0 %
Retail used vehicles sold 209,687 187,656 22,031 11.7 %
Wholesale used vehicles sold 52,600 43,763 8,837 20.2 %
Total used 262,287 231,419 30,868 13.3 %
Average sales price per unit sold:
New vehicle retail (1) $49,817 $50,325 $(508) (1.0) % $296 (1.6) %
Used vehicle retail $29,472 $30,340 $(868) (2.9) % $238 (3.6) %
Gross profit per unit sold:
New vehicle retail sales $3,525 $4,369 $(844) (19.3) % $23 (19.9) %
Used vehicle retail sales $1,574 $1,604 $(30) (1.9) % $12 (2.6) %
Used vehicle wholesale sales $(63) $(86) $24 27.4 % $(2) 29.7 %
Total used $1,246 $1,284 $(38) (3.0) % $9 (3.7) %
F&I PRU $2,005 $2,043 $(38) (1.9) % $7 (2.2) %
Other:
SG&A expenses $2,179.2 $1,926.8 $252.4 13.1 % $14.6 12.3 %
Adjusted SG&A expenses (2) $2,200.5 $1,938.4 $262.1 13.5 % $14.2 12.8 %
SG&A as % gross profit 67.2 % 63.8 % 3.4 %
Adjusted SG&A as % gross profit (2) 67.9 % 64.2 % 3.7 %
Operating margin % 4.6 % 5.4 % (0.8) %
Adjusted operating margin % (2) 4.7 % 5.5 % (0.9) %
Pretax margin % 3.3 % 4.5 % (1.2) %
Adjusted pretax margin % (2) 3.5 % 4.6 % (1.1) %
Floorplan expense:
Floorplan interest expense $108.5 $64.1 $44.4 69.3 % $0.6 68.4 %
Less: Floorplan assistance (3) 88.4 71.2 17.2 24.2 % 0.1 24.1 %
Net floorplan expense $20.1 $(7.1) $27.2 $0.5
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
(3) Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.
Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
Revenues:
New vehicle retail sales $2,283.9 $1,989.3 $294.6 14.8 %
Used vehicle retail sales 1,140.9 1,065.2 75.7 7.1 %
Used vehicle wholesale sales 82.6 72.2 10.5 14.5 %
Total used 1,223.5 1,137.4 86.2 7.6 %
Parts and service sales 531.7 473.9 57.8 12.2 %
F&I, net 195.7 172.0 23.7 13.8 %
Total revenues $4,234.8 $3,772.5 $462.3 12.3 %
Gross profit:
New vehicle retail sales $155.5 $156.4 $(0.9) (0.6) %
Used vehicle retail sales 55.5 53.3 2.3 4.3 %
Used vehicle wholesale sales 0.6 (0.5) 1.0 NM
Total used 56.1 52.8 3.3 6.3 %
Parts and service sales 288.6 259.0 29.6 11.4 %
F&I, net 195.7 172.0 23.7 13.8 %
Total gross profit $695.9 $640.2 $55.7 8.7 %
Gross margin:
New vehicle retail sales 6.8 % 7.9 % (1.1) %
Used vehicle retail sales 4.9 % 5.0 % (0.1) %
Used vehicle wholesale sales 0.7 % (0.6) % 1.3 %
Total used 4.6 % 4.6 % (0.1) %
Parts and service sales 54.3 % 54.7 % (0.4) %
Total gross margin 16.4 % 17.0 % (0.5) %
Units sold:
Retail new vehicles sold 43,348 38,152 5,196 13.6 %
Retail used vehicles sold 37,699 35,195 2,504 7.1 %
Wholesale used vehicles sold 9,594 8,160 1,434 17.6 %
Total used 47,293 43,355 3,938 9.1 %
Average sales price per unit sold:
New vehicle retail $52,688 $52,141 $547 1.0 %
Used vehicle retail $30,264 $30,266 $(2) - %
Gross profit per unit sold:
New vehicle retail sales $3,587 $4,099 $(512) (12.5) %
Used vehicle retail sales $1,473 $1,513 $(40) (2.6) %
Used vehicle wholesale sales $58 $(57) $116 NM
Total used $1,186 $1,218 $(31) (2.6) %
F&I PRU $2,415 $2,345 $70 3.0 %
Other:
SG&A expenses $446.1 $413.1 $33.0 8.0 %
Adjusted SG&A expenses (1) $449.5 $408.7 $40.8 10.0 %
SG&A as % gross profit 64.1 % 64.5 % (0.4) %
Adjusted SG&A as % gross profit (1) 64.6 % 63.8 % 0.8 %
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
NM - Not Meaningful
Group 1 Automotive, Inc.
Reported Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
Revenues:
New vehicle retail sales $8,110.1 $7,433.6 $676.6 9.1 %
Used vehicle retail sales 4,550.7 4,458.7 92.0 2.1 %
Used vehicle wholesale sales 323.8 314.4 9.4 3.0 %
Total used 4,874.5 4,773.1 101.4 2.1 %
Parts and service sales 2,052.7 1,933.3 119.4 6.2 %
F&I, net 735.6 674.3 61.3 9.1 %
Total revenues $15,772.9 $14,814.2 $958.7 6.5 %
Gross profit:
New vehicle retail sales $571.8 $646.1 $(74.3) (11.5) %
Used vehicle retail sales 249.2 240.8 8.5 3.5 %
Used vehicle wholesale sales 4.5 2.6 2.0 76.7 %
Total used 253.7 243.3 10.4 4.3 %
Parts and service sales 1,119.7 1,046.4 73.3 7.0 %
F&I, net 735.6 674.3 61.3 9.1 %
Total gross profit $2,680.9 $2,610.1 $70.7 2.7 %
Gross margin:
New vehicle retail sales 7.1 % 8.7 % (1.6) %
Used vehicle retail sales 5.5 % 5.4 % 0.1 %
Used vehicle wholesale sales 1.4 % 0.8 % 0.6 %
Total used 5.2 % 5.1 % 0.1 %
Parts and service sales 54.5 % 54.1 % 0.4 %
Total gross margin 17.0 % 17.6 % (0.6) %
Units sold:
Retail new vehicles sold 157,662 142,809 14,853 10.4 %
Retail used vehicles sold 152,970 145,617 7,353 5.0 %
Wholesale used vehicles sold 37,223 31,456 5,767 18.3 %
Total used 190,193 177,073 13,120 7.4 %
Average sales price per unit sold:
New vehicle retail $51,440 $52,052 $(613) (1.2) %
Used vehicle retail $29,749 $30,619 $(871) (2.8) %
Gross profit per unit sold:
New vehicle retail sales $3,627 $4,524 $(897) (19.8) %
Used vehicle retail sales $1,629 $1,653 $(24) (1.5) %
Used vehicle wholesale sales $121 $81 $40 49.3 %
Total used $1,334 $1,374 $(40) (2.9) %
F&I PRU $2,368 $2,338 $30 1.3 %
Other:
SG&A expenses $1,704.0 $1,622.9 $81.1 5.0 %
Adjusted SG&A expenses (1) $1,735.8 $1,630.8 $105.0 6.4 %
SG&A as % gross profit 63.6 % 62.2 % 1.4 %
Adjusted SG&A as % gross profit (1) 64.7 % 62.5 % 2.3 %
(
1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $574.1 $321.9 $252.3 78.4 % $18.6 72.6 %
Used vehicle retail sales 512.5 269.3 243.2 90.3 % 17.8 83.7 %
Used vehicle wholesale sales 46.3 30.1 16.1 53.6 % 1.6 48.3 %
Total used 558.7 299.4 259.3 86.6 % 19.4 80.1 %
Parts and service sales 148.5 71.1 77.4 108.9 % 5.0 101.9 %
F&I, net 29.8 15.2 14.7 96.8 % 1.0 90.2 %
Total revenues $1,311.2 $707.5 $603.7 85.3 % $44.0 79.1 %
Gross profit:
New vehicle retail sales $49.6 $28.1 $21.6 76.9 % $1.4 72.1 %
Used vehicle retail sales 23.7 10.8 12.9 119.8 % 0.9 111.7 %
Used vehicle wholesale sales (2.2) (3.8) 1.6 42.0 % 43.0 %
Total used 21.5 7.0 14.5 208.9 % 0.8 196.9 %
Parts and service sales 82.3 40.3 42.0 104.4 % 2.7 97.5 %
F&I, net 29.8 15.2 14.7 96.8 % 1.0 90.2 %
Total gross profit $183.3 $90.5 $92.8 102.6 % $5.9 96.1 %
Gross margin:
New vehicle retail sales 8.6 % 8.7 % (0.1) %
Used vehicle retail sales 4.6 % 4.0 % 0.6 %
Used vehicle wholesale sales (4.8) % (12.7) % 7.9 %
Total used 3.8 % 2.3 % 1.5 %
Parts and service sales 55.4 % 56.7 % (1.2) %
Total gross margin 14.0 % 12.8 % 1.2 %
Units sold:
Retail new vehicles sold (1) 14,591 7,675 6,916 90.1 %
Retail used vehicles sold 17,638 9,461 8,177 86.4 %
Wholesale used vehicles sold 5,139 2,996 2,143 71.5 %
Total used 22,777 12,457 10,320 82.8 %
Average sales price per unit sold:
New vehicle retail (1) $45,597 $43,599 $1,997 4.6 % $1,478 1.2 %
Used vehicle retail $29,055 $28,461 $594 2.1 % $1,009 (1.5) %
Gross profit per unit sold:
New vehicle retail sales $3,403 $3,656 $(253) (6.9) % $93 (9.5) %
Used vehicle retail sales $1,345 $1,141 $204 17.9 % $49 13.6 %
Used vehicle wholesale sales $(433) $(1,281) $848 66.2 % $(7) 66.8 %
Total used $944 $559 $385 69.0 % $37 62.4 %
F&I PRU $926 $885 $41 4.7 % $31 1.1 %
Other:
SG&A expenses $168.2 $74.3 $93.9 126.4 % $5.5 118.9 %
Adjusted SG&A expenses (2) $166.7 $77.0 $89.7 116.5 % $5.3 109.6 %
SG&A as % gross profit 91.8 % 82.2 % 9.6 %
Adjusted SG&A as % gross profit (2) 91.0 % 85.1 % 5.8 %
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Reported Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $1,862.3 $1,341.0 $521.3 38.9 % $59.6 34.4 %
Used vehicle retail sales 1,629.2 1,234.8 394.4 31.9 % 49.9 27.9 %
Used vehicle wholesale sales 138.6 127.1 11.5 9.1 % 4.1 5.8 %
Total used 1,767.8 1,361.9 405.9 29.8 % 54.0 25.8 %
Parts and service sales 438.3 289.0 149.3 51.7 % 13.6 47.0 %
F&I, net 93.0 67.6 25.4 37.6 % 3.0 33.2 %
Total revenues $4,161.5 $3,059.5 $1,102.0 36.0 % $130.1 31.8 %
Gross profit:
New vehicle retail sales $146.0 $120.8 $25.2 20.9 % $4.7 16.9 %
Used vehicle retail sales 80.8 60.2 20.6 34.3 % 2.5 30.0 %
Used vehicle wholesale sales (7.8) (6.3) (1.5) (23.4) % (0.1) (21.7) %
Total used 73.0 53.9 19.1 35.5 % 2.4 31.0 %
Parts and service sales 248.0 167.8 80.2 47.8 % 7.7 43.2 %
F&I, net 93.0 67.6 25.4 37.6 % 3.0 33.2 %
Total gross profit $560.1 $410.1 $150.0 36.6 % $17.9 32.2 %
Gross margin:
New vehicle retail sales 7.8 % 9.0 % (1.2) %
Used vehicle retail sales 5.0 % 4.9 % 0.1 %
Used vehicle wholesale sales (5.6) % (5.0) % (0.7) %
Total used 4.1 % 4.0 % 0.2 %
Parts and service sales 56.6 % 58.1 % (1.5) %
Total gross margin 13.5 % 13.4 % 0.1 %
Units sold:
Retail new vehicles sold (1) 46,015 32,757 13,258 40.5 %
Retail used vehicles sold 56,717 42,039 14,678 34.9 %
Wholesale used vehicles sold 15,377 12,307 3,070 24.9 %
Total used 72,094 54,346 17,748 32.7 %
Average sales price per unit sold:
New vehicle retail (1) $43,765 $42,488 $1,277 3.0 % $1,401 (0.3) %
Used vehicle retail $28,725 $29,373 $(648) (2.2) % $880 (5.2) %
Gross profit per unit sold:
New vehicle retail sales $3,174 $3,689 $(515) (14.0) % $103 (16.8) %
Used vehicle retail sales $1,425 $1,432 $(7) (0.5) % $45 (3.6) %
Used vehicle wholesale sales $(508) $(514) $6 1.3 % $(7) 2.6 %
Total used $1,013 $991 $22 2.2 % $34 (1.2) %
F&I PRU $906 $904 $2 0.2 % $29 (3.0) %
Other:
SG&A expenses $475.2 $303.9 $171.3 56.4 % $14.6 51.5 %
Adjusted SG&A expenses (2) $464.7 $307.5 $157.2 51.1 % $14.2 46.5 %
SG&A as % gross profit 84.8 % 74.1 % 10.7 %
Adjusted SG&A as % gross profit (2) 83.0 % 75.0 % 8.0 %
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $2,440.8 $2,256.2 $184.6 8.2 % $10.1 7.7 %
Used vehicle retail sales 1,342.2 1,298.9 43.3 3.3 % 9.0 2.6 %
Used vehicle wholesale sales 101.5 99.2 2.3 2.3 % 0.8 1.5 %
Total used 1,443.7 1,398.2 45.5 3.3 % 9.8 2.6 %
Parts and service sales 576.4 529.6 46.8 8.8 % 2.5 8.4 %
F&I, net 201.9 182.0 19.9 10.9 % 0.5 10.6 %
Total revenues $4,662.7 $4,366.0 $296.8 6.8 % $23.0 6.3 %
Gross profit:
New vehicle retail sales $165.1 $180.4 $(15.3) (8.5) % $0.6 (8.8) %
Used vehicle retail sales 64.4 62.2 2.2 3.5 % 0.4 2.8 %
Used vehicle wholesale sales (0.9) (4.3) 3.3 78.0 % 78.7 %
Total used 63.5 57.9 5.5 9.6 % 0.4 8.9 %
Parts and service sales 312.6 290.4 22.2 7.6 % 1.4 7.2 %
F&I, net 201.9 182.0 19.9 10.9 % 0.5 10.6 %
Total gross profit $743.1 $710.8 $32.3 4.5 % $2.9 4.1 %
Gross margin:
New vehicle retail sales 6.8 % 8.0 % (1.2) %
Used vehicle retail sales 4.8 % 4.8 % - %
Used vehicle wholesale sales (0.9) % (4.3) % 3.4 %
Total used 4.4 % 4.1 % 0.3 %
Parts and service sales 54.2 % 54.8 % (0.6) %
Total gross margin 15.9 % 16.3 % (0.3) %
Units sold:
Retail new vehicles sold (1) 47,354 44,693 2,661 6.0 %
Retail used vehicles sold 44,926 43,407 1,519 3.5 %
Wholesale used vehicles sold 11,742 10,860 882 8.1 %
Total used 56,668 54,267 2,401 4.4 %
Average sales price per unit sold:
New vehicle retail (1) $52,072 $50,819 $1,253 2.5 % $215 2.0 %
Used vehicle retail $29,876 $29,925 $(49) (0.2) % $200 (0.8) %
Gross profit per unit sold:
New vehicle retail sales $3,486 $4,037 $(551) (13.6) % $12 (13.9) %
Used vehicle retail sales $1,434 $1,433
$ - - % $10 (0.7) %
Used vehicle wholesale sales $(80) $(395) $315 79.7 % $(2) 80.3 %
Total used $1,120 $1,067 $53 4.9 % $7 4.2 %
F&I PRU $2,188 $2,066 $122 5.9 % $6 5.6 %
Other:
SG&A expenses $499.3 $475.0 $24.2 5.1 % $2.6 4.6 %
Adjusted SG&A expenses (2) $497.9 $470.7 $27.2 5.8 % $2.5 5.2 %
SG&A as % gross profit 67.2 % 66.8 % 0.4 %
Adjusted SG&A as % gross profit (2) 67.0 % 66.2 % 0.8 %
Operating margin % 4.0 % 4.3 % (0.3) %
Adjusted operating margin % (2) 4.8 % 5.0 % (0.2) %
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - Consolidated
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $8,785.0 $8,507.7 $277.4 3.3 % $40.8 2.8 %
Used vehicle retail sales 5,454.4 5,499.0 (44.6) (0.8) % 32.7 (1.4) %
Used vehicle wholesale sales 398.9 422.5 (23.6) (5.6) % 2.7 (6.2) %
Total used 5,853.3 5,921.5 (68.2) (1.2) % 35.4 (1.7) %
Parts and service sales 2,242.2 2,143.0 99.2 4.6 % 8.6 4.2 %
F&I, net 753.2 716.6 36.6 5.1 % 1.9 4.8 %
Total revenues $17,633.7 $17,288.8 $344.9 2.0 % $86.6 1.5 %
Gross profit:
New vehicle retail sales $617.4 $745.3 $(127.9) (17.2) % $2.9 (17.6) %
Used vehicle retail sales 290.0 291.4 (1.4) (0.5) % 1.6 (1.0) %
Used vehicle wholesale sales (3.3) (3.6) 0.3 7.8 % (0.1) 10.8 %
Total used 286.7 287.8 (1.1) (0.4) % 1.5 (0.9) %
Parts and service sales 1,222.0 1,169.8 52.2 4.5 % 4.9 4.0 %
F&I, net 753.2 716.6 36.6 5.1 % 1.9 4.8 %
Total gross profit $2,879.3 $2,919.5 $(40.2) (1.4) % $11.2 (1.8) %
Gross margin:
New vehicle retail sales 7.0 % 8.8 % (1.7) %
Used vehicle retail sales 5.3 % 5.3 % - %
Used vehicle wholesale sales (0.8) % (0.9) % - %
Total used 4.9 % 4.9 % - %
Parts and service sales 54.5 % 54.6 % (0.1) %
Total gross margin 16.3 % 16.9 % (0.6) %
Units sold:
Retail new vehicles sold (1) 175,397 170,119 5,278 3.1 %
Retail used vehicles sold 185,494 180,946 4,548 2.5 %
Wholesale used vehicles sold 45,410 42,141 3,269 7.8 %
Total used 230,904 223,087 7,817 3.5 %
Average sales price per unit sold:
New vehicle retail (1) $50,586 $50,368 $218 0.4 % $234 - %
Used vehicle retail $29,405 $30,390 $(986) (3.2) % $176 (3.8) %
Gross profit per unit sold:
New vehicle retail sales $3,520 $4,381 $(861) (19.7) % $17 (20.0) %
Used vehicle retail sales $1,563 $1,611 $(47) (2.9) % $8 (3.5) %
Used vehicle wholesale sales $(74) $(86) $12 14.4 % $(2) 17.3 %
Total used $1,242 $1,290 $(49) (3.8) % $6 (4.3) %
F&I PRU $2,087 $2,041 $46 2.2 % $5 2.0 %
Other:
SG&A expenses $1,960.4 $1,873.6 $86.8 4.6 % $8.9 4.2 %
Adjusted SG&A expenses (2) $1,925.4 $1,863.1 $62.3 3.3 % $8.6 2.9 %
SG&A as % gross profit 68.1 % 64.2 % 3.9 %
Adjusted SG&A as % gross profit (2) 66.9 % 63.8 % 3.1 %
Operating margin % 4.5 % 5.4 % (0.9) %
Adjusted operating margin % (2) 4.9 % 5.6 % (0.7) %
(
1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
Revenues:
New vehicle retail sales $2,126.3 $1,934.4 $192.0 9.9 %
Used vehicle retail sales 1,081.9 1,029.7 52.2 5.1 %
Used vehicle wholesale sales 77.2 69.1 8.1 11.8 %
Total used 1,159.1 1,098.8 60.4 5.5 %
Parts and service sales 501.0 461.0 40.0 8.7 %
F&I, net 186.1 166.8 19.3 11.5 %
Total revenues $3,972.6 $3,661.0 $311.6 8.5 %
Gross profit:
New vehicle retail sales $142.5 $152.4 $(9.9) (6.5) %
Used vehicle retail sales 52.6 51.4 1.2 2.3 %
Used vehicle wholesale sales 0.6 (0.5) 1.0 NM
Total used 53.2 51.0 2.2 4.3 %
Parts and service sales 270.5 251.3 19.2 7.6 %
F&I, net 186.1 166.8 19.3 11.5 %
Total gross profit $652.2 $621.5 $30.7 4.9 %
Gross margin:
New vehicle retail sales 6.7 % 7.9 % (1.2) %
Used vehicle retail sales 4.9 % 5.0 % (0.1) %
Used vehicle wholesale sales 0.7 % (0.7) % 1.4 %
Total used 4.6 % 4.6 % (0.1) %
Parts and service sales 54.0 % 54.5 % (0.5) %
Total gross margin 16.4 % 17.0 % (0.6) %
Units sold:
Retail new vehicles sold 39,998 37,018 2,980 8.1 %
Retail used vehicles sold 35,643 33,946 1,697 5.0 %
Wholesale used vehicles sold 8,866 7,864 1,002 12.7 %
Total used 44,509 41,810 2,699 6.5 %
Average sales price per unit sold:
New vehicle retail $53,161 $52,255 $906 1.7 %
Used vehicle retail $30,354 $30,333 $21 0.1 %
Gross profit per unit sold:
New vehicle retail sales $3,562 $4,116 $(554) (13.5) %
Used vehicle retail sales $1,475 $1,515 $(39) (2.6) %
Used vehicle wholesale sales $64 $(58) $122 NM
Total used $1,194 $1,219 $(25) (2.0) %
F&I PRU $2,460 $2,351 $109 4.6 %
Other:
SG&A expenses $419.8 $399.4 $20.4 5.1 %
Adjusted SG&A expenses (1) $419.8 $395.1 $24.7 6.3 %
SG&A as % gross profit 64.4 % 64.3 % 0.1 %
Adjusted SG&A as % gross profit (1) 64.4 % 63.6 % 0.8 %
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
NM - Not Meaningful
Group 1 Automotive, Inc.
Same Store Operating Data - U.S.
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change
(Decrease)
Revenues:
New vehicle retail sales $7,378.3 $7,166.7 $211.7 3.0 %
Used vehicle retail sales 4,263.5 4,264.2 (0.7) - %
Used vehicle wholesale sales 298.0 295.4 2.6 0.9 %
Total used 4,561.5 4,559.6 1.9 - %
Parts and service sales 1,934.6 1,865.1 69.5 3.7 %
F&I, net 685.8 649.0 36.8 5.7 %
Total revenues $14,560.2 $14,240.3 $319.8 2.2 %
Gross profit:
New vehicle retail sales $516.6 $624.5 $(107.9) (17.3) %
Used vehicle retail sales 233.3 231.3 2.0 0.9 %
Used vehicle wholesale sales 4.1 2.7 1.4 50.6 %
Total used 237.4 234.0 3.4 1.5 %
Parts and service sales 1,047.0 1,007.0 40.0 4.0 %
F&I, net 685.8 649.0 36.8 5.7 %
Total gross profit $2,486.7 $2,514.4 $(27.7) (1.1) %
Gross margin:
New vehicle retail sales 7.0 % 8.7 % (1.7) %
Used vehicle retail sales 5.5 % 5.4 % - %
Used vehicle wholesale sales 1.4 % 0.9 % 0.5 %
Total used 5.2 % 5.1 % 0.1 %
Parts and service sales 54.1 % 54.0 % 0.1 %
Total gross margin 17.1 % 17.7 % (0.6) %
Units sold:
Retail new vehicles sold 142,312 137,362 4,950 3.6 %
Retail used vehicles sold 143,226 138,907 4,319 3.1 %
Wholesale used vehicles sold 34,010 29,834 4,176 14.0 %
Total used 177,236 168,741 8,495 5.0 %
Average sales price per unit sold:
New vehicle retail $51,846 $52,173 $(327) (0.6) %
Used vehicle retail $29,768 $30,698 $(931) (3.0) %
Gross profit per unit sold:
New vehicle retail sales $3,630 $4,546 $(916) (20.2) %
Used vehicle retail sales $1,629 $1,665 $(36) (2.2) %
Used vehicle wholesale sales $120 $91 $29 32.1 %
Total used $1,339 $1,386 $(47) (3.4) %
F&I PRU $2,402 $2,349 $52 2.2 %
Other:
SG&A expenses $1,636.5 $1,571.2 $65.3 4.2 %
Adjusted SG&A expenses (1) $1,611.9 $1,560.8 $51.1 3.3 %
SG&A as % gross profit 65.8 % 62.5 % 3.3 %
Adjusted SG&A as % gross profit (1) 64.8 % 62.1 % 2.7 %
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Three Months Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $314.4 $321.9 $(7.4) (2.3) % $10.1 (5.5) %
Used vehicle retail sales 260.3 269.3 (9.0) (3.3) % 9.0 (6.7) %
Used vehicle wholesale sales 24.2 30.1 (5.9) (19.6) % 0.8 (22.3) %
Total used 284.5 299.4 (14.9) (5.0) % 9.8 (8.2) %
Parts and service sales 75.4 68.6 6.9 10.0 % 2.5 6.3 %
F&I, net 15.8 15.2 0.6 4.1 % 0.5 0.6 %
Total revenues $690.2 $705.0 $(14.8) (2.1) % $23.0 (5.4) %
Gross profit:
New vehicle retail sales $22.6 $28.1 $(5.4) (19.4) % $0.6 (21.4) %
Used vehicle retail sales 11.8 10.8 1.0 9.5 % 0.4 5.5 %
Used vehicle wholesale sales (1.5) (3.8) 2.3 60.5 % 61.3 %
Total used 10.3 7.0 3.4 48.1 % 0.4 42.3 %
Parts and service sales 42.2 39.1 3.0 7.7 % 1.4 4.2 %
F&I, net 15.8 15.2 0.6 4.1 % 0.5 0.6 %
Total gross profit $90.9 $89.3 $1.6 1.7 % $2.9 (1.5) %
Gross margin:
New vehicle retail sales 7.2 % 8.7 % (1.5) %
Used vehicle retail sales 4.5 % 4.0 % 0.5 %
Used vehicle wholesale sales (6.2) % (12.7) % 6.5 %
Total used 3.6 % 2.3 % 1.3 %
Parts and service sales 55.9 % 57.1 % (1.2) %
Total gross margin 13.2 % 12.7 % 0.5 %
Units sold:
Retail new vehicles sold (1) 7,356 7,675 (319) (4.2) %
Retail used vehicles sold 9,283 9,461 (178) (1.9) %
Wholesale used vehicles sold 2,876 2,996 (120) (4.0) %
Total used 12,159 12,457 (298) (2.4) %
Average sales price per unit sold:
New vehicle retail (1) $45,710 $43,599 $2,111 4.8 % $1,474 1.5 %
Used vehicle retail $28,041 $28,461 $(420) (1.5) % $970 (4.9) %
Gross profit per unit sold:
New vehicle retail sales $3,076 $3,656 $(580) (15.9) % $77 (18.0) %
Used vehicle retail sales $1,274 $1,141 $133 11.6 % $47 7.5 %
Used vehicle wholesale sales $(526) $(1,281) $754 58.9 % $(10) 59.7 %
Total used $848 $559 $289 51.8 % $34 45.8 %
F&I PRU $948 $884 $63 7.2 % $32 3.6 %
Other:
SG&A expenses $79.5 $75.6 $3.8 5.1 % $2.6 1.7 %
Adjusted SG&A expenses (2) $78.1 $75.6 $2.5 3.3 % $2.5 (0.1) %
SG&A as % gross profit 87.5 % 84.7 % 2.8 %
Adjusted SG&A as % gross profit (2) 85.9 % 84.7 % 1.3 %
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Same Store Operating Data - U.K.
(Unaudited)
(In millions, except unit data)
Years Ended December 31,
2024 2023 Increase/ % Change Currency Constant
(Decrease) Impact on Currency
Current % Change
Period
Results
Revenues:
New vehicle retail sales $1,406.7 $1,341.0 $65.7 4.9 % $40.8 1.9 %
Used vehicle retail sales 1,190.9 1,234.8 (43.9) (3.6) % 32.7 (6.2) %
Used vehicle wholesale sales 100.9 127.1 (26.2) (20.6) % 2.7 (22.7) %
Total used 1,291.8 1,361.9 (70.1) (5.1) % 35.4 (7.7) %
Parts and service sales 307.7 278.0 29.7 10.7 % 8.6 7.6 %
F&I, net 67.4 67.6 (0.2) (0.3) % 1.9 (3.1) %
Total revenues $3,073.6 $3,048.5 $25.1 0.8 % $86.6 (2.0) %
Gross profit:
New vehicle retail sales $100.8 $120.8 $(20.0) (16.6) % $2.9 (19.0) %
Used vehicle retail sales 56.7 60.2 (3.5) (5.8) % 1.6 (8.4) %
Used vehicle wholesale sales (7.4) (6.3) (1.1) (17.1) % (0.1) (15.4) %
Total used 49.3 53.9 (4.6) (8.4) % 1.5 (11.2) %
Parts and service sales 175.0 162.8 12.2 7.5 % 4.9 4.5 %
F&I, net 67.4 67.6 (0.2) (0.3) % 1.9 (3.1) %
Total gross profit $392.6 $405.1 $(12.5) (3.1) % $11.2 (5.8) %
Gross margin:
New vehicle retail sales 7.2 % 9.0 % (1.8) %
Used vehicle retail sales 4.8 % 4.9 % (0.1) %
Used vehicle wholesale sales (7.3) % (5.0) % (2.4) %
Total used 3.8 % 4.0 % (0.1) %
Parts and service sales 56.9 % 58.6 % (1.7) %
Total gross margin 12.8 % 13.3 % (0.5) %
Units sold:
Retail new vehicles sold (1) 33,085 32,757 328 1.0 %
Retail used vehicles sold 42,268 42,039 229 0.5 %
Wholesale used vehicles sold 11,400 12,307 (907) (7.4) %
Total used 53,668 54,346 (678) (1.2) %
Average sales price per unit sold:
New vehicle retail (1) $44,849 $42,488 $2,361 5.6 % $1,301 2.5 %
Used vehicle retail $28,175 $29,373 $(1,199) (4.1) % $774 (6.7) %
Gross profit per unit sold:
New vehicle retail sales $3,047 $3,689 $(641) (17.4) % $88 (19.8) %
Used vehicle retail sales $1,342 $1,432 $(90) (6.3) % $37 (8.9) %
Used vehicle wholesale sales $(650) $(514) $(136) (26.5) % $(10) (24.6) %
Total used $919 $991 $(72) (7.3) % $27 (10.0) %
F&I PRU $895 $904 $(9) (1.0) % $26 (3.8) %
Other:
SG&A expenses $323.9 $302.3 $21.6 7.1 % $8.9 4.2 %
Adjusted SG&A expenses (2) $313.5 $302.3 $11.2 3.7 % $8.6 0.9 %
SG&A as % gross profit 82.5 % 74.6 % 7.9 %
Adjusted SG&A as % gross profit (2) 79.9 % 74.6 % 5.2 %
(1) Retail new vehicle units sold include new vehicle agency units. The agency units and related revenues are excluded from the calculation of the average sales price per unit sold for new vehicles due to their net presentation within revenues. The agency units and related net revenues are included in the calculation of gross profit per unit sold.
(2) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Three Months Ended December 31, 2024
U.S. GAAP Catastrophic Dealership Restructuring Acquisition Legal items Asset Non-GAAP
events and real charges costs and other impairments adjusted
estate professional and
transactions fees accelerated
depreciation
SG&A expenses $614.3 $0.4 $3.4
$ - $(1.7) $(0.1)
$ - $616.3
Depreciation and amortization expense $31.5
$ -
$ -
$ -
$ -
$ - $(1.8) $29.7
Asset impairments $33.0
$ -
$ -
$ -
$ -
$ - $(33.0)
$ -
Restructuring charges $16.7
$ -
$ - $(16.7)
$ -
$ -
$ -
$ -
Income (loss) from operations $193.7 $(0.4) $(3.4) $16.7 $1.7 $0.1 $34.8 $243.2
Income (loss) before income taxes $122.6 $(0.4) $(3.4) $16.7 $1.7 $0.1 $34.8 $172.1
Less: Provision (benefit) for income taxes 28.0 (0.1) (2.2) 4.2 8.3 38.2
Net income (loss) from continuing operations 94.6 (0.3) (1.1) 12.5 1.7 0.1 26.5 133.9
Less: Earnings allocated to participating securities 1.9 0.2 0.5 2.6
Net income (loss) from continuing operations available
to diluted common shares $92.7 $(0.3) $(1.1) $12.3 $1.7 $0.1 $25.9 $131.3
Diluted earnings (loss) per common share from continuing
operations $7.08 $(0.02) $(0.08) $0.94 $0.13 $0.01 $1.98 $10.02
Effective tax rate 22.9 % 22.2 %
SG&A as % gross profit (1) 69.9 % 70.1 %
Operating margin (2) 3.6 % 4.2 %
Pretax margin (3) 2.2 % 3.1 %
Same Store SG&A expenses $499.3 $0.4
$ -
$ - $(1.7) $(0.1)
$ - $497.9
Same Store SG&A as % gross profit (1) 67.2 % 67.0 %
Same Store income (loss) from operations $195.4 $(0.4)
$ -
$ - $1.7 $0.1 $34.8 $231.6
Same Store operating margin (2) 4.0 % 4.8 %
U.S. GAAP Non-GAAP Non-GAAP
adjustments adjusted
Net income from discontinued operations $0.2
$ - $0.2
Less: Earnings allocated to participating securities
Net income from discontinued operations available to diluted common shares $0.2
$ - $0.2
Net income $94.8 $39.3 $134.1
Less: Earnings allocated to participating securities 1.9 0.8 2.7
Net income available to diluted common shares $92.9 $38.6 $131.5
Diluted earnings per common share from discontinued operations $0.02
$ - $0.02
Diluted earnings per common share from continuing operations 7.08 2.94 10.02
Diluted earnings per common share $7.09 $2.94 $10.04
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and restructuring charges.
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and restructuring charges.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Three Months Ended December 31, 2023
U.S. GAAP Catastrophic Dealership Acquisition Legal items Asset Non-GAAP
events and real Costs and other impairments adjusted
estate professional and
transactions fees accelerated
depreciation
SG&A expenses $487.4 $(2.0) $2.6 $(0.6) $(1.7)
$ - $485.7
Depreciation and amortization expense $23.4
$ -
$ -
$ -
$ - $(0.3) $23.1
Asset impairments $25.1
$ -
$ -
$ -
$ - $(25.1)
$ -
Income (loss) from operations $194.7 $2.0 $(2.6) $0.6 $1.7 $25.4 $221.9
Income (loss) before income taxes $145.4 $2.0 $(2.6) $0.6 $1.7 $25.4 $172.6
Less: Provision (benefit) for income taxes 36.6 0.5 (2.6) 0.2 0.4 6.3 41.4
Net income from continuing operations 108.8 1.5 0.5 1.3 19.1 131.2
Less: Earnings allocated to participating securities 2.6 0.5 3.1
Net income from continuing operations available to diluted common shares $106.2 $1.4
$ - $0.5 $1.3 $18.7 $128.1
Diluted earnings per common share from continuing operations $7.87 $0.11
$ - $0.03 $0.09 $1.39 $9.50
Effective tax rate 25.2 % 24.0 %
SG&A as % gross profit (1) 66.7 % 66.5 %
Operating margin (2) 4.3 % 5.0 %
Pretax margin (3) 3.2 % 3.9 %
Same Store SG&A expenses $475.0 $(2.0)
$ - $(0.6) $(1.7)
$ - $470.7
Same Store SG&A as % gross profit (1) 66.8 % 66.2 %
Same Store income from operations $188.0 $2.0
$ - $0.6 $1.7 $25.4 $217.8
Same Store operating margin (2) 4.3 % 5.0 %
U.S. GAAP Non-GAAP Non-GAAP
adjustments adjusted
Net loss from discontinued operations
$ -
$ -
$ -
Less: Loss allocated to participating securities
Net loss from discontinued operations available to diluted common shares
$ -
$ -
$ -
Net income $108.8 $22.4 $131.2
Less: Earnings allocated to participating securities 2.6 0.5 3.1
Net income available to diluted common shares $106.2 $21.9 $128.1
Diluted loss per common share from discontinued operations
$ -
$ -
$ -
Diluted earnings per common share from continuing operations 7.87 1.62 9.50
Diluted earnings per common share $7.87 $1.62 $9.49
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Years Ended December 31, 2024
U.S. Catastrophic Dealership Severance Restructuring Acquisition Legal items Asset Non-GAAP
GAAP events and real costs charges costs and other impairments adjusted
estate professional and
transactions fees accelerated
depreciation
SG&A expenses $2,179.2 $(9.4) $56.3 $(1.0)
$ - $(21.0) $(3.6)
$ - $2,200.5
Depreciation and
amortization expense $113.1
$ -
$ -
$ -
$ -
$ -
$ - $(7.3) $105.8
Asset impairments $33.0
$ -
$ -
$ -
$ -
$ -
$ - $(33.0)
$ -
Restructuring charges $16.7
$ -
$ -
$ - $(16.7)
$ -
$ -
$ -
$ -
Income (loss) from
operations $909.1 $9.4 $(56.3) $1.0 $16.7 $21.0 $3.6 $40.3 $944.8
Income (loss) before
income taxes $658.5 $9.4 $(56.3) $1.0 $16.7 $21.0 $3.6 $40.3 $694.2
Less: Provision
(benefit) for income
taxes 161.5 2.2 (16.4) 0.2 4.2 1.3 0.9 9.7 163.5
Net income (loss) from
continuing operations 497.0 7.1 (39.9) 0.7 12.5 19.8 2.8 30.6 530.6
Less: Earnings (loss)
allocated to
participating
securities 10.4 0.1 (0.8) 0.3 0.4 0.1 0.6 11.1
Net income (loss) from
continuing operations
available to diluted
common shares $486.5 $7.0 $(39.0) $0.7 $12.2 $19.4 $2.7 $30.0 $519.5
Diluted earnings (loss)
per common share from
continuing operations $36.72 $0.53 $(2.94) $0.05 $0.92 $1.46 $0.20 $2.26 $39.21
Effective tax rate 24.5 % 23.6 %
SG&A as % gross profit
(1) 67.2 % 67.9 %
Operating margin (2) 4.6 % 4.7 %
Pretax margin (3) 3.3 % 3.5 %
Same Store SG&A
expenses $1,960.4 $(9.4)
$ - $(1.0)
$ - $(21.0) $(3.6)
$ - $1,925.4
Same Store SG&A as %
gross profit (1) 68.1 % 66.9 %
Same Store income from
operations $796.4 $9.4
$ - $1.0
$ - $21.0 $3.6 $40.3 $871.7
Same Store operating
margin (2) 4.5 % 4.9 %
U.S. GAAP Non-GAAP Non-GAAP
adjustments adjusted
Net income from discontinued operations $1.2
$ - $1.2
Less: Earnings allocated to participating securities
Net income from discontinued operations available to diluted common shares $1.2
$ - $1.2
Net income $498.1 $33.7 $531.8
Less: Earnings allocated to participating securities 10.5 0.7 11.2
Net income available to diluted common shares $487.7 $33.0 $520.6
Diluted earnings per common share from discontinued operations $0.09
$ - $0.09
Diluted earnings per common share from continuing operations 36.72 2.49 39.21
Diluted earnings per common share $36.81 $2.49 $39.29
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and restructuring charges.
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and restructuring charges.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - Consolidated
(Unaudited)
(In millions, except per share data)
Years Ended December 31, 2023
U.S. GAAP Non-cash Catastrophic Dealership Acquisition Legal items Asset Non-GAAP
gain on events and real costs and other impairments adjusted
interest
rate estate professional and
swaps transactions fees accelerated
depreciation
SG&A expenses $1,926.8
$ - $(3.4) $22.0 $(0.9) $(6.1)
$ - $1,938.4
Depreciation and amortization expense $92.0
$ -
$ -
$ -
$ -
$ - $(1.2) $90.8
Asset impairments $32.9
$ -
$ -
$ -
$ -
$ - $(32.9)
$ -
Income (loss) from operations $968.6
$ - $3.4 $(22.0) $0.9 $6.1 $34.0 $991.1
Other interest expense, net $99.8 $4.0
$ -
$ -
$ -
$ -
$ - $103.8
Income (loss) before income taxes $800.2 $(4.0) $3.4 $(21.9) $0.9 $6.1 $34.0 $818.7
Less: Provision (benefit) for income taxes 198.2 (0.9) 0.8 (12.8) 0.2 1.5 8.4 195.4
Net income (loss) from continuing operations 602.0 (3.1) 2.6 (9.1) 0.7 4.6 25.6 623.3
Less: Earnings (loss) allocated to participating securities 14.8 (0.1) 0.1 (0.2) 0.1 0.6 15.3
Net income (loss) from continuing operations available to diluted common shares $587.2 $(3.0) $2.5 $(8.9) $0.7 $4.5 $25.0 $608.0
Diluted earnings (loss) per common share from continuing operations $42.75 $(0.22) $0.18 $(0.65) $0.05 $0.33 $1.82 $44.27
Effective tax rate 24.8 % 23.9 %
SG&A as % gross profit (1) 63.8 % 64.2 %
Operating margin (2) 5.4 % 5.5 %
Pretax margin (3) 4.5 % 4.6 %
Same Store SG&A expenses $1,873.6
$ - $(3.4)
$ - $(0.9) $(6.1)
$ - $1,863.1
Same Store SG&A as % gross profit (1) 64.2 % 63.8 %
Same Store income from operations $925.6
$ - $3.4
$ - $0.9 $6.1 $34.0 $970.1
Same Store operating margin (2) 5.4 % 5.6 %
U.S. GAAP Non-GAAP Non-GAAP
adjustments adjusted
Net loss from discontinued operations $(0.4)
$ - $(0.4)
Less: Loss allocated to participating securities
Net loss from discontinued operations available to diluted common shares $(0.4)
$ - $(0.4)
Net income $601.6 $21.3 $622.9
Less: Earnings allocated to participating securities 14.8 0.5 15.3
Net income available to diluted common shares $586.9 $20.8 $607.6
Diluted loss per common share from discontinued operations $(0.03)
$ - $(0.03)
Diluted earnings per common share from continuing operations 42.75 1.51 44.27
Diluted earnings per common share $42.73 $1.51 $44.24
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
(2) Adjusted operating margin excludes the impact of SG&A reconciling items, accelerated depreciation expense and asset impairment charges.
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items, accelerated depreciation expense, asset impairment charges and a non-cash gain on interest rate swaps.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.S.
(Unaudited)
(In millions)
Three Months Ended December 31, 2024
U.S. GAAP Catastrophic Dealership Acquisition Legal items Non-GAAP
events and real estate costs and other adjusted
transactions professional
fees
SG&A expenses $446.1 $0.4 $3.5 $(0.4) $(0.1) $449.5
SG&A as % gross profit (1) 64.1 % 64.6 %
Same Store SG&A expenses $419.8 $0.4
$ - $(0.4) $(0.1) $419.8
Same Store SG&A as % gross profit (1) 64.4 % 64.4 %
Three Months Ended December 31, 2023
U.S. GAAP Catastrophic Dealership Acquisition Legal items Non-GAAP
events and real estate costs and other adjusted
transactions professional
fees
SG&A expenses $413.1 $(2.0) $(0.1) $(0.6) $(1.7) $408.7
SG&A as % gross profit (1) 64.5 % 63.8 %
Same Store SG&A expenses $399.4 $(2.0)
$ - $(0.6) $(1.7) $395.1
Same Store SG&A as % gross profit (1) 64.3 % 63.6 %
Years Ended December 31, 2024
U.S. GAAP Catastrophic Dealership Acquisition Legal items Non-GAAP
events and real estate costs and other adjusted
transactions professional
fees
SG&A expenses $1,704.0 $(9.4) $56.4 $(11.6) $(3.6) $1,735.8
SG&A as % gross profit (1) 63.6 % 64.7 %
Same Store SG&A expenses $1,636.5 $(9.4)
$ - $(11.6) $(3.6) $1,611.9
Same Store SG&A as % gross profit (1) 65.8 % 64.8 %
Years Ended December 31, 2023
U.S. GAAP Catastrophic Dealership Acquisition Legal items Non-GAAP
events and real estate costs and other adjusted
transactions professional
fees
SG&A expenses $1,622.9 $(3.4) $18.3 $(0.9) $(6.1) $1,630.8
SG&A as % gross profit (1) 62.2 % 62.5 %
Same Store SG&A expenses $1,571.2 $(3.4)
$ - $(0.9) $(6.1) $1,560.8
Same Store SG&A as % gross profit (1) 62.5 % 62.1 %
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures - U.K.
(Unaudited)
(In millions)
Three Months Ended December 31, 2024
U.S. GAAP Dealership and Acquisition Non-GAAP
real estate costs Adjusted
transactions
SG&A expenses $168.2 $(0.1) $(1.4) $166.7
SG&A as % gross profit (1) 91.8 % 91.0 %
Same Store SG&A expenses $79.5
$ - $(1.4) $78.1
Same Store SG&A as % gross profit (1) 87.5 % 85.9 %
Three Months Ended December 31, 2023
U.S. GAAP Dealership and Non-GAAP
real estate Adjusted
transactions
SG&A expenses $74.3 $2.7 $77.0
SG&A as % gross profit (1) 82.2 % 85.1 %
Years Ended December 31, 2024
U.S. GAAP Dealership Severance Acquisition Non-GAAP
and real costs costs Adjusted
estate
transactions
SG&A expenses $475.2 $(0.1) $(1.0) $(9.4) $464.7
SG&A as % gross profit (1) 84.8 % 83.0 %
Same Store SG&A expenses $323.9
$ - $(1.0) $(9.4) $313.5
Same Store SG&A as % gross profit (1) 82.5 % 79.9 %
Years Ended December 31, 2023
U.S. GAAP Dealership and Non-GAAP
real estate Adjusted
transactions
SG&A expenses $303.9 $3.6 $307.5
SG&A as % gross profit (1) 74.1 % 75.0 %
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
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SOURCE Group 1 Automotive, Inc.
