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Group 1 Automotive, Inc.: Group 1 Automotive Announces Record Fourth Quarter and Full Year 2022 Financial Results

  • 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.
[email protected]

Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
[email protected]

or

Clint Woods
Pierpont Communications, Inc.
713-627-2223 | [email protected]

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 %









NM - Not Meaningful

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 %









NM - Not Meaningful

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.

SOURCE Group 1 Automotive, Inc.

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