Group 1 Automotive Reports Third Quarter 2024 Financial Results
-
Current quarter diluted earnings per common share from continuing operations of
$8.68 and current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of$9.90 -
Gross profit of
$852.7 million from total revenues of$5.2 billion , both quarterly records, and an 8.4% and 11.0% increase, respectively, over the comparable prior year period
Current quarter net income from continuing operations was
"We continue to grow revenues through acquisitions. During the quarter, we executed strategic
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
Net income from continuing operations for the current quarter was
Current quarter diluted earnings per common share from continuing operations was
Third Quarter 2024 Key Performance Metrics (year-over-year comparable period basis) |
Consolidated |
Same Store
(a non-GAAP |
||
Reported: |
3Q24 |
Change |
3Q24 |
Change |
Total revenues |
|
+11.0 % |
|
(1.8) % |
Total gross profit ("GP") |
|
+8.4 % |
|
(3.5) % |
NV units sold |
53,775 |
+18.6 % |
44,411 |
+0.5 % |
NV GP per retail unit ("PRU") |
|
(20.5) % |
|
(19.5) % |
Used vehicle ("UV") retail units sold |
55,907 |
+10.1 % |
47,635 |
(3.3) % |
UV retail GP PRU |
|
(1.7) % |
|
(5.3) % |
Parts & service ("P&S") GP |
|
+17.0 % |
|
+4.9 % |
P&S Gross Margin (" |
55.6 % |
+0.3 % |
55.1 % |
(0.2) % |
Finance and Insurance ("F&I") revenues |
|
+7.4 % |
|
(0.6) % |
F&I GP PRU |
|
(5.9) % |
|
+0.9 % |
Selling, General and Administrative ("SG&A") expenses as a % of GP |
69.4 % |
+621 bps |
68.4 % |
+456 bps |
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP |
67.5 % |
+410 bps |
66.2 % |
+313 bps |
Corporate Development
We remain focused on quickly and efficiently integrating our acquisitions into our existing operations to drive incremental value creation for our shareholders.
In
In
In
Year-to-date, the Company has successfully acquired and is in the process of integrating dealership operations with total expected annual revenues of approximately
During the current quarter, the Company disposed of one dealership located in
Share Repurchases
During the current quarter, the Company repurchased 85,245 shares at an average price per common share of
During the nine months ended
As of
Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.
Third Quarter 2024 Earnings Conference Call Details
Group 1's senior management will host a conference call today at
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: |
2417011 |
A telephonic replay will be available following the call through
Domestic: |
1-877-344-7529 |
International: |
1-412-317-0088 |
Replay Code: |
5473305 |
ABOUT
Group 1 owns and operates 260 automotive dealerships, 338 franchises, and 44 collision centers in
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, (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
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
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
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
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:
Manager,
Group
ir@group1auto.com
Media contacts:
Senior Vice President, Financial Services and Manufacturer Relations
pdelongchamps@group1auto.com
Head of
kbarta@group1auto.com
or
713-627-2223 | cwoods@piercom.com
|
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(Unaudited) |
||||||||
(In millions, except per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
REVENUES: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 2,567.6 |
|
$ 2,264.5 |
|
$ 303.0 |
|
13.4 % |
Used vehicle retail sales |
|
1,656.5 |
|
1,559.6 |
|
96.9 |
|
6.2 % |
Used vehicle wholesale sales |
|
123.2 |
|
114.7 |
|
8.5 |
|
7.4 % |
Parts and service sales |
|
660.0 |
|
566.9 |
|
93.1 |
|
16.4 % |
Finance, insurance and other, net |
|
214.1 |
|
199.4 |
|
14.7 |
|
7.4 % |
Total revenues |
|
5,221.4 |
|
4,705.1 |
|
516.3 |
|
11.0 % |
COST OF SALES: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
2,384.4 |
|
2,070.2 |
|
314.1 |
|
15.2 % |
Used vehicle retail sales |
|
1,568.5 |
|
1,478.2 |
|
90.3 |
|
6.1 % |
Used vehicle wholesale sales |
|
122.8 |
|
117.1 |
|
5.7 |
|
4.9 % |
Parts and service sales |
|
293.1 |
|
253.4 |
|
39.6 |
|
15.6 % |
Total cost of sales |
|
4,368.7 |
|
3,918.9 |
|
449.8 |
|
11.5 % |
GROSS PROFIT |
|
852.7 |
|
786.2 |
|
66.4 |
|
8.4 % |
Selling, general and administrative expenses |
|
591.6 |
|
496.7 |
|
94.9 |
|
19.1 % |
Depreciation and amortization expense |
|
29.5 |
|
23.1 |
|
6.4 |
|
27.8 % |
Asset impairments |
|
— |
|
4.8 |
|
(4.8) |
|
(100.0) % |
INCOME FROM OPERATIONS |
|
231.6 |
|
261.6 |
|
(30.0) |
|
(11.5) % |
Floorplan interest expense |
|
31.1 |
|
16.5 |
|
14.6 |
|
88.7 % |
Other interest expense, net |
|
39.8 |
|
26.5 |
|
13.3 |
|
50.1 % |
Other expense (income) |
|
1.1 |
|
(1.9) |
|
3.0 |
|
157.2 % |
INCOME BEFORE INCOME TAXES |
|
159.6 |
|
220.5 |
|
(60.9) |
|
(27.6) % |
Provision for income taxes |
|
42.5 |
|
56.4 |
|
(13.9) |
|
(24.7) % |
Net income from continuing operations |
|
117.1 |
|
164.1 |
|
(47.0) |
|
(28.6) % |
Net income (loss) from discontinued operations |
|
0.2 |
|
(0.2) |
|
0.4 |
|
178.8 % |
NET INCOME |
|
$ 117.3 |
|
$ 163.9 |
|
$ (46.6) |
|
(28.4) % |
Less: Earnings allocated to participating securities |
|
2.4 |
|
4.0 |
|
(1.6) |
|
(40.6) % |
Net income available to diluted common shares |
|
$ 114.9 |
|
$ 159.9 |
|
$ (45.0) |
|
(28.1) % |
Diluted earnings per share from continuing operations |
|
$ 8.68 |
|
$ 11.67 |
|
$ (2.99) |
|
(25.6) % |
Diluted earnings (loss) per share from discontinued operations |
|
$ 0.01 |
|
$ (0.02) |
|
$ 0.03 |
|
182.2 % |
DILUTED EARNINGS PER SHARE |
|
$ 8.69 |
|
$ 11.65 |
|
$ (2.96) |
|
(25.4) % |
Weighted average dilutive common shares outstanding |
|
13.2 |
|
13.7 |
|
(0.5) |
|
(3.7) % |
Weighted average participating securities |
|
0.3 |
|
0.3 |
|
(0.1) |
|
(20.4) % |
Total weighted average shares |
|
13.5 |
|
14.1 |
|
(0.6) |
|
(4.1) % |
Effective tax rate on continuing operations |
|
26.6 % |
|
25.6 % |
|
1.0 % |
|
|
|
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(Unaudited) |
||||||||
(In millions, except per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
REVENUES: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 7,114.3 |
|
$ 6,463.4 |
|
$ 650.9 |
|
10.1 % |
Used vehicle retail sales |
|
4,526.5 |
|
4,359.0 |
|
167.4 |
|
3.8 % |
Used vehicle wholesale sales |
|
333.5 |
|
339.2 |
|
(5.6) |
|
(1.7) % |
Parts and service sales |
|
1,810.8 |
|
1,677.3 |
|
133.5 |
|
8.0 % |
Finance, insurance and other, net |
|
603.1 |
|
554.8 |
|
48.3 |
|
8.7 % |
Total revenues |
|
14,388.3 |
|
13,393.7 |
|
994.6 |
|
7.4 % |
COST OF SALES: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
6,601.6 |
|
5,880.9 |
|
720.7 |
|
12.3 % |
Used vehicle retail sales |
|
4,275.7 |
|
4,122.2 |
|
153.6 |
|
3.7 % |
Used vehicle wholesale sales |
|
335.2 |
|
338.6 |
|
(3.5) |
|
(1.0) % |
Parts and service sales |
|
814.0 |
|
762.3 |
|
51.6 |
|
6.8 % |
Total cost of sales |
|
12,026.5 |
|
11,104.0 |
|
922.5 |
|
8.3 % |
GROSS PROFIT |
|
2,361.8 |
|
2,289.7 |
|
72.2 |
|
3.2 % |
Selling, general and administrative expenses |
|
1,564.9 |
|
1,439.4 |
|
125.5 |
|
8.7 % |
Depreciation and amortization expense |
|
81.6 |
|
68.6 |
|
12.9 |
|
18.8 % |
Asset impairments |
|
— |
|
7.7 |
|
(7.7) |
|
(100.0) % |
INCOME FROM OPERATIONS |
|
715.4 |
|
773.9 |
|
(58.5) |
|
(7.6) % |
Floorplan interest expense |
|
76.3 |
|
44.7 |
|
31.6 |
|
70.6 % |
Other interest expense, net |
|
102.5 |
|
72.1 |
|
30.4 |
|
42.1 % |
Other expense |
|
0.7 |
|
2.3 |
|
(1.6) |
|
(69.4) % |
INCOME BEFORE INCOME TAXES |
|
535.8 |
|
654.8 |
|
(118.9) |
|
(18.2) % |
Provision for income taxes |
|
133.5 |
|
161.6 |
|
(28.1) |
|
(17.4) % |
Net income from continuing operations |
|
402.4 |
|
493.2 |
|
(90.8) |
|
(18.4) % |
Net income (loss) from discontinued operations |
|
1.0 |
|
(0.3) |
|
1.3 |
|
405.1 % |
NET INCOME |
|
$ 403.3 |
|
$ 492.9 |
|
$ (89.5) |
|
(18.2) % |
Less: Earnings allocated to participating securities |
|
8.6 |
|
12.2 |
|
(3.6) |
|
(29.5) % |
Net income available to diluted common shares |
|
$ 394.7 |
|
$ 480.6 |
|
$ (85.9) |
|
(17.9) % |
Diluted earnings per share from continuing operations |
|
$ 29.61 |
|
$ 34.81 |
|
$ (5.20) |
|
(14.9) % |
Diluted earnings (loss) per share from discontinued operations |
|
$ 0.07 |
|
$ (0.02) |
|
$ 0.09 |
|
418.1 % |
DILUTED EARNINGS PER SHARE |
|
$ 29.68 |
|
$ 34.79 |
|
$ (5.11) |
|
(14.7) % |
Weighted average dilutive common shares outstanding |
|
13.3 |
|
13.8 |
|
(0.5) |
|
(3.7) % |
Weighted average participating securities |
|
0.3 |
|
0.4 |
|
(0.1) |
|
(17.3) % |
Total weighted average shares |
|
13.6 |
|
14.2 |
|
(0.6) |
|
(4.1) % |
Effective tax rate on continuing operations |
|
24.9 % |
|
24.7 % |
|
0.2 % |
|
|
|
||||||||
Additional Information — Consolidated |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/ |
|
% Change |
SELECTED BALANCE SHEET INFORMATION: |
|
|
|
|
|
|
||
(In millions) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ 58.7 |
|
$ 57.2 |
|
$ 1.5 |
|
2.6 % |
Inventories, net |
|
$ 2,752.2 |
|
$ 1,963.4 |
|
$ 788.8 |
|
40.2 % |
Floorplan notes payable, net (1) |
|
$ 2,269.5 |
|
$ 1,565.4 |
|
$ 704.1 |
|
45.0 % |
Total debt |
|
$ 2,891.1 |
|
$ 2,098.8 |
|
$ 792.3 |
|
37.8 % |
Total equity |
|
$ 2,976.2 |
|
$ 2,674.4 |
|
$ 301.8 |
|
11.3 % |
|
|
|
|
|
|
|
|
|
(1) Amounts are net of offset accounts of |
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX: |
|
|
|
|
|
|
||
|
|
73.8 % |
|
81.8 % |
|
78.4 % |
|
80.7 % |
|
|
26.2 % |
|
18.2 % |
|
21.6 % |
|
19.3 % |
|
|
|
|
|
|
|
|
|
NEW VEHICLE UNIT SALES BRAND MIX: |
|
|
|
|
|
|
||
Toyota/Lexus |
|
23.8 % |
|
24.0 % |
|
25.2 % |
|
23.1 % |
|
|
16.3 % |
|
15.5 % |
|
14.5 % |
|
15.9 % |
BMW/MINI |
|
9.6 % |
|
10.7 % |
|
10.6 % |
|
11.4 % |
Honda/Acura |
|
9.4 % |
|
7.4 % |
|
9.4 % |
|
7.6 % |
Chevrolet/GMC/Buick |
|
9.0 % |
|
10.2 % |
|
9.2 % |
|
8.8 % |
|
|
6.9 % |
|
7.3 % |
|
7.1 % |
|
7.8 % |
Mercedes-Benz/Sprinter |
|
8.9 % |
|
6.0 % |
|
6.9 % |
|
6.3 % |
Hyundai/Kia/Genesis |
|
5.3 % |
|
5.7 % |
|
5.6 % |
|
5.3 % |
Subaru |
|
3.2 % |
|
2.8 % |
|
3.3 % |
|
2.7 % |
Chrysler/Dodge/ |
|
1.9 % |
|
3.7 % |
|
2.3 % |
|
4.0 % |
Nissan |
|
1.9 % |
|
3.7 % |
|
2.3 % |
|
3.9 % |
Jaguar/Land Rover |
|
2.3 % |
|
1.6 % |
|
2.1 % |
|
1.7 % |
Mazda |
|
1.2 % |
|
1.2 % |
|
1.2 % |
|
1.2 % |
Other |
|
0.2 % |
|
0.4 % |
|
0.2 % |
|
0.4 % |
|
|
100.0 % |
|
100.0 % |
|
100.0 % |
|
100.0 % |
|
|
|
|
|
|
|
DAYS' SUPPLY IN INVENTORY (1): |
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
New vehicle inventory |
|
43 |
|
37 |
|
28 |
Used vehicle inventory |
|
38 |
|
35 |
|
34 |
|
|
|
|
|
|
|
New vehicle inventory |
|
56 |
|
36 |
|
30 |
Used vehicle inventory |
|
30 |
|
29 |
|
29 |
|
|
|
|
|
|
|
New vehicle inventory |
|
23 |
|
48 |
|
22 |
Used vehicle inventory |
|
54 |
|
58 |
|
48 |
(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. |
|
||||||||||||
Reported Operating Data — Consolidated |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|||||||||||
|
Three Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 2,567.6 |
|
$ 2,264.5 |
|
$ 303.0 |
|
13.4 % |
|
|
$ 19.9 |
|
12.5 % |
Used vehicle retail sales |
1,656.5 |
|
1,559.6 |
|
96.9 |
|
6.2 % |
|
|
14.2 |
|
5.3 % |
Used vehicle wholesale sales |
123.2 |
|
114.7 |
|
8.5 |
|
7.4 % |
|
|
1.1 |
|
6.4 % |
Total used |
1,779.7 |
|
1,674.3 |
|
105.4 |
|
6.3 % |
|
|
15.4 |
|
5.4 % |
Parts and service sales |
660.0 |
|
566.9 |
|
93.1 |
|
16.4 % |
|
|
3.7 |
|
15.8 % |
F&I, net |
214.1 |
|
199.4 |
|
14.7 |
|
7.4 % |
|
|
0.9 |
|
6.9 % |
Total revenues |
$ 5,221.4 |
|
$ 4,705.1 |
|
$ 516.3 |
|
11.0 % |
|
|
$ 39.8 |
|
10.1 % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 183.2 |
|
$ 194.3 |
|
$ (11.1) |
|
(5.7) % |
|
|
$ 1.7 |
|
(6.6) % |
Used vehicle retail sales |
88.0 |
|
81.4 |
|
6.6 |
|
8.2 % |
|
|
0.7 |
|
7.3 % |
Used vehicle wholesale sales |
0.4 |
|
(2.3) |
|
2.7 |
|
117.2 % |
|
|
— |
|
118.0 % |
Total used |
88.4 |
|
79.0 |
|
9.4 |
|
11.9 % |
|
|
0.7 |
|
11.0 % |
Parts and service sales |
367.0 |
|
313.5 |
|
53.4 |
|
17.0 % |
|
|
2.2 |
|
16.3 % |
F&I, net |
214.1 |
|
199.4 |
|
14.7 |
|
7.4 % |
|
|
0.9 |
|
6.9 % |
Total gross profit |
$ 852.7 |
|
$ 786.2 |
|
$ 66.4 |
|
8.4 % |
|
|
$ 5.6 |
|
7.7 % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.1 % |
|
8.6 % |
|
(1.4) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
5.3 % |
|
5.2 % |
|
0.1 % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
0.3 % |
|
(2.0) % |
|
2.4 % |
|
|
|
|
|
|
|
Total used |
5.0 % |
|
4.7 % |
|
0.2 % |
|
|
|
|
|
|
|
Parts and service sales |
55.6 % |
|
55.3 % |
|
0.3 % |
|
|
|
|
|
|
|
Total gross margin |
16.3 % |
|
16.7 % |
|
(0.4) % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
53,775 |
|
45,350 |
|
8,425 |
|
18.6 % |
|
|
|
|
|
Retail used vehicles sold |
55,907 |
|
50,799 |
|
5,108 |
|
10.1 % |
|
|
|
|
|
Wholesale used vehicles sold |
14,220 |
|
11,740 |
|
2,480 |
|
21.1 % |
|
|
|
|
|
Total used |
70,127 |
|
62,539 |
|
7,588 |
|
12.1 % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 48,390 |
|
$ 50,300 |
|
$ (1,910) |
|
(3.8) % |
|
|
$ 372 |
|
(4.5) % |
Used vehicle retail |
$ 29,630 |
|
$ 30,701 |
|
$ (1,071) |
|
(3.5) % |
|
|
$ 254 |
|
(4.3) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,407 |
|
$ 4,285 |
|
$ (878) |
|
(20.5) % |
|
|
$ 32 |
|
(21.2) % |
Used vehicle retail sales |
$ 1,574 |
|
$ 1,602 |
|
$ (28) |
|
(1.7) % |
|
|
$ 13 |
|
(2.5) % |
Used vehicle wholesale sales |
$ 28 |
|
$ (199) |
|
$ 227 |
|
114.2 % |
|
|
$ (1) |
|
114.9 % |
Total used |
$ 1,261 |
|
$ 1,264 |
|
$ (3) |
|
(0.3) % |
|
|
$ 10 |
|
(1.0) % |
F&I PRU |
$ 1,952 |
|
$ 2,073 |
|
$ (121) |
|
(5.9) % |
|
|
$ 9 |
|
(6.3) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 591.6 |
|
$ 496.7 |
|
$ 94.9 |
|
19.1 % |
|
|
$ 4.3 |
|
18.2 % |
Adjusted SG&A expenses (2) |
$ 575.9 |
|
$ 498.8 |
|
$ 77.1 |
|
15.5 % |
|
|
$ 4.1 |
|
14.6 % |
SG&A as % gross profit |
69.4 % |
|
63.2 % |
|
6.2 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
67.5 % |
|
63.4 % |
|
4.1 % |
|
|
|
|
|
|
|
Operating margin % |
4.4 % |
|
5.6 % |
|
(1.1) % |
|
|
|
|
|
|
|
Adjusted operating margin % (2) |
4.8 % |
|
5.6 % |
|
(0.9) % |
|
|
|
|
|
|
|
Pretax margin % |
3.1 % |
|
4.7 % |
|
(1.6) % |
|
|
|
|
|
|
|
Adjusted pretax margin % (2) |
3.4 % |
|
4.8 % |
|
(1.4) % |
|
|
|
|
|
|
|
Floorplan expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense |
$ 31.1 |
|
$ 16.5 |
|
$ 14.6 |
|
88.7 % |
|
|
$ 0.2 |
|
87.6 % |
Less: Floorplan assistance (3) |
24.1 |
|
18.8 |
|
5.3 |
|
28.2 % |
|
|
— |
|
28.1 % |
Net floorplan expense |
$ 7.0 |
|
$ (2.3) |
|
$ 9.3 |
|
|
|
|
$ 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. |
|
||||||||||||
Reported Operating Data — Consolidated |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|||||||||||
|
Nine Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 7,114.3 |
|
$ 6,463.4 |
|
$ 650.9 |
|
10.1 % |
|
|
$ 41.2 |
|
9.4 % |
Used vehicle retail sales |
4,526.5 |
|
4,359.0 |
|
167.4 |
|
3.8 % |
|
|
32.7 |
|
3.1 % |
Used vehicle wholesale sales |
333.5 |
|
339.2 |
|
(5.6) |
|
(1.7) % |
|
|
2.6 |
|
(2.4) % |
Total used |
4,860.0 |
|
4,698.2 |
|
161.8 |
|
3.4 % |
|
|
35.3 |
|
2.7 % |
Parts and service sales |
1,810.8 |
|
1,677.3 |
|
133.5 |
|
8.0 % |
|
|
8.7 |
|
7.4 % |
F&I, net |
603.1 |
|
554.8 |
|
48.3 |
|
8.7 % |
|
|
2.0 |
|
8.4 % |
Total revenues |
|
|
|
|
$ 994.6 |
|
7.4 % |
|
|
$ 87.0 |
|
6.8 % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 512.8 |
|
$ 582.5 |
|
$ (69.8) |
|
(12.0) % |
|
|
$ 3.3 |
|
(12.5) % |
Used vehicle retail sales |
250.8 |
|
236.9 |
|
13.9 |
|
5.9 % |
|
|
1.7 |
|
5.1 % |
Used vehicle wholesale sales |
(1.6) |
|
0.5 |
|
(2.2) |
|
NM |
|
|
— |
|
NM |
Total used |
249.1 |
|
237.4 |
|
11.7 |
|
4.9 % |
|
|
1.7 |
|
4.2 % |
Parts and service sales |
996.8 |
|
915.0 |
|
81.9 |
|
8.9 % |
|
|
5.0 |
|
8.4 % |
F&I, net |
603.1 |
|
554.8 |
|
48.3 |
|
8.7 % |
|
|
2.0 |
|
8.4 % |
Total gross profit |
$ 2,361.8 |
|
$ 2,289.7 |
|
$ 72.2 |
|
3.2 % |
|
|
$ 12.0 |
|
2.6 % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.2 % |
|
9.0 % |
|
(1.8) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
5.5 % |
|
5.4 % |
|
0.1 % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(0.5) % |
|
0.2 % |
|
(0.6) % |
|
|
|
|
|
|
|
Total used |
5.1 % |
|
5.1 % |
|
0.1 % |
|
|
|
|
|
|
|
Parts and service sales |
55.0 % |
|
54.6 % |
|
0.5 % |
|
|
|
|
|
|
|
Total gross margin |
16.4 % |
|
17.1 % |
|
(0.7) % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
145,738 |
|
129,739 |
|
15,999 |
|
12.3 % |
|
|
|
|
|
Retail used vehicles sold |
154,350 |
|
143,000 |
|
11,350 |
|
7.9 % |
|
|
|
|
|
Wholesale used vehicles sold |
37,867 |
|
32,607 |
|
5,260 |
|
16.1 % |
|
|
|
|
|
Total used |
192,217 |
|
175,607 |
|
16,610 |
|
9.5 % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 49,318 |
|
$ 50,172 |
|
$ (854) |
|
(1.7) % |
|
|
$ 285 |
|
(2.3) % |
Used vehicle retail |
$ 29,326 |
|
$ 30,483 |
|
$ (1,157) |
|
(3.8) % |
|
|
$ 212 |
|
(4.5) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,518 |
|
$ 4,490 |
|
$ (972) |
|
(21.6) % |
|
|
$ 23 |
|
(22.1) % |
Used vehicle retail sales |
$ 1,625 |
|
$ 1,657 |
|
$ (32) |
|
(1.9) % |
|
|
$ 11 |
|
(2.6) % |
Used vehicle wholesale sales |
$ (43) |
|
$ 16 |
|
$ (59) |
|
NM |
|
|
$ (1) |
|
NM |
Total used |
$ 1,296 |
|
$ 1,352 |
|
$ (56) |
|
(4.1) % |
|
|
$ 9 |
|
(4.8) % |
F&I PRU |
$ 2,010 |
|
$ 2,034 |
|
$ (24) |
|
(1.2) % |
|
|
$ 7 |
|
(1.5) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 1,564.9 |
|
$ 1,439.4 |
|
$ 125.5 |
|
8.7 % |
|
|
$ 9.3 |
|
8.1 % |
Adjusted SG&A expenses (2) |
$ 1,584.2 |
|
$ 1,452.7 |
|
$ 131.6 |
|
9.1 % |
|
|
$ 9.0 |
|
8.4 % |
SG&A as % gross profit |
66.3 % |
|
62.9 % |
|
3.4 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
67.1 % |
|
63.4 % |
|
3.6 % |
|
|
|
|
|
|
|
Operating margin % |
5.0 % |
|
5.8 % |
|
(0.8) % |
|
|
|
|
|
|
|
Adjusted operating margin % (2) |
4.9 % |
|
5.7 % |
|
(0.9) % |
|
|
|
|
|
|
|
Pretax margin % |
3.7 % |
|
4.9 % |
|
(1.2) % |
|
|
|
|
|
|
|
Adjusted pretax margin % (2) |
3.6 % |
|
4.8 % |
|
(1.2) % |
|
|
|
|
|
|
|
Floorplan expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense |
$ 76.3 |
|
$ 44.7 |
|
$ 31.6 |
|
70.6 % |
|
|
$ 0.4 |
|
69.8 % |
Less: Floorplan assistance (3) |
63.4 |
|
51.9 |
|
11.6 |
|
22.3 % |
|
|
— |
|
22.2 % |
Net floorplan expense |
$ 12.9 |
|
$ (7.1) |
|
$ 20.0 |
|
|
|
|
$ 0.3 |
|
|
(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. |
(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. |
NM - not meaningful |
|
||||||||
Reported Operating Data — |
||||||||
(Unaudited) |
||||||||
(In millions, except unit data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
Revenues: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 2,016.8 |
|
$ 1,920.2 |
|
$ 96.6 |
|
5.0 % |
Used vehicle retail sales |
|
1,158.4 |
|
1,223.5 |
|
(65.2) |
|
(5.3) % |
Used vehicle wholesale sales |
|
82.9 |
|
80.1 |
|
2.8 |
|
3.5 % |
Total used |
|
1,241.2 |
|
1,303.6 |
|
(62.4) |
|
(4.8) % |
Parts and service sales |
|
528.4 |
|
494.4 |
|
34.0 |
|
6.9 % |
F&I, net |
|
184.6 |
|
181.5 |
|
3.2 |
|
1.8 % |
Total revenues |
|
$ 3,971.1 |
|
$ 3,899.7 |
|
$ 71.5 |
|
1.8 % |
Gross profit: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 140.2 |
|
$ 164.9 |
|
$ (24.7) |
|
(15.0) % |
Used vehicle retail sales |
|
61.2 |
|
65.7 |
|
(4.5) |
|
(6.8) % |
Used vehicle wholesale sales |
|
1.3 |
|
(0.4) |
|
1.7 |
|
NM |
Total used |
|
62.5 |
|
65.3 |
|
(2.8) |
|
(4.3) % |
Parts and service sales |
|
290.8 |
|
271.0 |
|
19.7 |
|
7.3 % |
F&I, net |
|
184.6 |
|
181.5 |
|
3.2 |
|
1.8 % |
Total gross profit |
|
$ 678.1 |
|
$ 682.7 |
|
$ (4.6) |
|
(0.7) % |
Gross margin: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
7.0 % |
|
8.6 % |
|
(1.6) % |
|
|
Used vehicle retail sales |
|
5.3 % |
|
5.4 % |
|
(0.1) % |
|
|
Used vehicle wholesale sales |
|
1.5 % |
|
(0.5) % |
|
2.1 % |
|
|
Total used |
|
5.0 % |
|
5.0 % |
|
— % |
|
|
Parts and service sales |
|
55.0 % |
|
54.8 % |
|
0.2 % |
|
|
Total gross margin |
|
17.1 % |
|
17.5 % |
|
(0.4) % |
|
|
Units sold: |
|
|
|
|
|
|
|
|
Retail new vehicles sold |
|
39,700 |
|
37,079 |
|
2,621 |
|
7.1 % |
Retail used vehicles sold |
|
38,775 |
|
39,676 |
|
(901) |
|
(2.3) % |
Wholesale used vehicles sold |
|
9,577 |
|
8,380 |
|
1,197 |
|
14.3 % |
Total used |
|
48,352 |
|
48,056 |
|
296 |
|
0.6 % |
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
New vehicle retail |
|
$ 50,801 |
|
$ 51,786 |
|
$ (985) |
|
(1.9) % |
Used vehicle retail |
|
$ 29,874 |
|
$ 30,838 |
|
$ (964) |
|
(3.1) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 3,532 |
|
$ 4,449 |
|
$ (917) |
|
(20.6) % |
Used vehicle retail sales |
|
$ 1,579 |
|
$ 1,656 |
|
$ (77) |
|
(4.7) % |
Used vehicle wholesale sales |
|
$ 133 |
|
$ (51) |
|
$ 184 |
|
NM |
Total used |
|
$ 1,293 |
|
$ 1,359 |
|
$ (66) |
|
(4.9) % |
F&I PRU |
|
$ 2,353 |
|
$ 2,364 |
|
$ (11) |
|
(0.5) % |
Other: |
|
|
|
|
|
|
|
|
SG&A expenses |
|
$ 445.4 |
|
$ 417.4 |
|
$ 28.0 |
|
6.7 % |
Adjusted SG&A expenses (1) |
|
$ 436.2 |
|
$ 419.5 |
|
$ 16.7 |
|
4.0 % |
SG&A as % gross profit |
|
65.7 % |
|
61.1 % |
|
4.5 % |
|
|
Adjusted SG&A as % gross profit (1) |
|
64.3 % |
|
61.4 % |
|
2.9 % |
|
|
(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. |
NM — Not Meaningful |
|
||||||||
Reported Operating Data — |
||||||||
(Unaudited) |
||||||||
(In millions, except unit data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
Revenues: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 5,826.2 |
|
$ 5,444.3 |
|
$ 381.9 |
|
7.0 % |
Used vehicle retail sales |
|
3,409.7 |
|
3,393.5 |
|
16.3 |
|
0.5 % |
Used vehicle wholesale sales |
|
241.2 |
|
242.2 |
|
(1.0) |
|
(0.4) % |
Total used |
|
3,650.9 |
|
3,635.7 |
|
15.2 |
|
0.4 % |
Parts and service sales |
|
1,521.0 |
|
1,459.4 |
|
61.6 |
|
4.2 % |
F&I, net |
|
539.9 |
|
502.3 |
|
37.6 |
|
7.5 % |
Total revenues |
|
$ 11,538.0 |
|
$ 11,041.7 |
|
$ 496.4 |
|
4.5 % |
Gross profit: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 416.4 |
|
$ 489.7 |
|
$ (73.4) |
|
(15.0) % |
Used vehicle retail sales |
|
193.7 |
|
187.5 |
|
6.2 |
|
3.3 % |
Used vehicle wholesale sales |
|
3.9 |
|
3.0 |
|
0.9 |
|
30.8 % |
Total used |
|
197.6 |
|
190.5 |
|
7.1 |
|
3.7 % |
Parts and service sales |
|
831.1 |
|
787.4 |
|
43.7 |
|
5.5 % |
F&I, net |
|
539.9 |
|
502.3 |
|
37.6 |
|
7.5 % |
Total gross profit |
|
$ 1,985.0 |
|
$ 1,970.0 |
|
$ 15.0 |
|
0.8 % |
Gross margin: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
7.1 % |
|
9.0 % |
|
(1.8) % |
|
|
Used vehicle retail sales |
|
5.7 % |
|
5.5 % |
|
0.2 % |
|
|
Used vehicle wholesale sales |
|
1.6 % |
|
1.2 % |
|
0.4 % |
|
|
Total used |
|
5.4 % |
|
5.2 % |
|
0.2 % |
|
|
Parts and service sales |
|
54.6 % |
|
54.0 % |
|
0.7 % |
|
|
Total gross margin |
|
17.2 % |
|
17.8 % |
|
(0.6) % |
|
|
Units sold: |
|
|
|
|
|
|
|
|
Retail new vehicles sold |
|
114,314 |
|
104,657 |
|
9,657 |
|
9.2 % |
Retail used vehicles sold |
|
115,271 |
|
110,422 |
|
4,849 |
|
4.4 % |
Wholesale used vehicles sold |
|
27,629 |
|
23,296 |
|
4,333 |
|
18.6 % |
Total used |
|
142,900 |
|
133,718 |
|
9,182 |
|
6.9 % |
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
New vehicle retail |
|
$ 50,967 |
|
$ 52,020 |
|
$ (1,053) |
|
(2.0) % |
Used vehicle retail |
|
$ 29,580 |
|
$ 30,732 |
|
$ (1,152) |
|
(3.7) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
New vehicle retail sales |
|
$ 3,642 |
|
$ 4,679 |
|
$ (1,037) |
|
(22.2) % |
Used vehicle retail sales |
|
$ 1,680 |
|
$ 1,698 |
|
$ (18) |
|
(1.1) % |
Used vehicle wholesale sales |
|
$ 143 |
|
$ 130 |
|
$ 13 |
|
10.3 % |
Total used |
|
$ 1,383 |
|
$ 1,425 |
|
$ (42) |
|
(2.9) % |
F&I PRU |
|
$ 2,352 |
|
$ 2,335 |
|
$ 16 |
|
0.7 % |
Other: |
|
|
|
|
|
|
|
|
SG&A expenses |
|
$ 1,257.9 |
|
$ 1,209.8 |
|
$ 48.1 |
|
4.0 % |
Adjusted SG&A expenses (1) |
|
$ 1,286.2 |
|
$ 1,222.1 |
|
$ 64.1 |
|
5.2 % |
SG&A as % gross profit |
|
63.4 % |
|
61.4 % |
|
2.0 % |
|
|
Adjusted SG&A as % gross profit (1) |
|
64.8 % |
|
62.0 % |
|
2.8 % |
|
|
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
|
||||||||||||
Reported Operating Data — |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|||||||||||
|
Three Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 550.7 |
|
$ 344.4 |
|
$ 206.4 |
|
59.9 % |
|
|
$ 19.9 |
|
54.2 % |
Used vehicle retail sales |
498.2 |
|
336.1 |
|
162.1 |
|
48.2 % |
|
|
14.2 |
|
44.0 % |
Used vehicle wholesale sales |
40.3 |
|
34.6 |
|
5.7 |
|
16.4 % |
|
|
1.1 |
|
13.1 % |
Total used |
538.5 |
|
370.7 |
|
167.8 |
|
45.3 % |
|
|
15.4 |
|
41.1 % |
Parts and service sales |
131.6 |
|
72.5 |
|
59.1 |
|
81.4 % |
|
|
3.7 |
|
76.3 % |
F&I, net |
29.4 |
|
17.9 |
|
11.6 |
|
64.6 % |
|
|
0.9 |
|
59.3 % |
Total revenues |
$ 1,250.3 |
|
$ 805.5 |
|
$ 444.8 |
|
55.2 % |
|
|
$ 39.8 |
|
50.3 % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 43.0 |
|
$ 29.4 |
|
$ 13.6 |
|
46.4 % |
|
|
$ 1.7 |
|
40.6 % |
Used vehicle retail sales |
26.8 |
|
15.7 |
|
11.1 |
|
71.0 % |
|
|
0.7 |
|
66.4 % |
Used vehicle wholesale sales |
(0.9) |
|
(1.9) |
|
1.0 |
|
54.3 % |
|
|
— |
|
55.2 % |
Total used |
25.9 |
|
13.8 |
|
12.2 |
|
88.3 % |
|
|
0.7 |
|
83.2 % |
Parts and service sales |
76.2 |
|
42.5 |
|
33.7 |
|
79.3 % |
|
|
2.2 |
|
74.0 % |
F&I, net |
29.4 |
|
17.9 |
|
11.6 |
|
64.6 % |
|
|
0.9 |
|
59.3 % |
Total gross profit |
$ 174.5 |
|
$ 103.5 |
|
$ 71.0 |
|
68.6 % |
|
|
$ 5.6 |
|
63.2 % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.8 % |
|
8.5 % |
|
(0.7) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
5.4 % |
|
4.7 % |
|
0.7 % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(2.2) % |
|
(5.5) % |
|
3.3 % |
|
|
|
|
|
|
|
Total used |
4.8 % |
|
3.7 % |
|
1.1 % |
|
|
|
|
|
|
|
Parts and service sales |
57.9 % |
|
58.6 % |
|
(0.7) % |
|
|
|
|
|
|
|
Total gross margin |
14.0 % |
|
12.9 % |
|
1.1 % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
14,075 |
|
8,271 |
|
5,804 |
|
70.2 % |
|
|
|
|
|
Retail used vehicles sold |
17,132 |
|
11,123 |
|
6,009 |
|
54.0 % |
|
|
|
|
|
Wholesale used vehicles sold |
4,643 |
|
3,360 |
|
1,283 |
|
38.2 % |
|
|
|
|
|
Total used |
21,775 |
|
14,483 |
|
7,292 |
|
50.3 % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 41,188 |
|
$ 43,342 |
|
$ (2,154) |
|
(5.0) % |
|
|
$ 1,485 |
|
(8.4) % |
Used vehicle retail |
$ 29,078 |
|
$ 30,213 |
|
$ (1,135) |
|
(3.8) % |
|
|
$ 829 |
|
(6.5) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,055 |
|
$ 3,551 |
|
$ (497) |
|
(14.0) % |
|
|
$ 121 |
|
(17.4) % |
Used vehicle retail sales |
$ 1,563 |
|
$ 1,408 |
|
$ 155 |
|
11.0 % |
|
|
$ 42 |
|
8.0 % |
Used vehicle wholesale sales |
$ (187) |
|
$ (566) |
|
$ 379 |
|
66.9 % |
|
|
$ (4) |
|
67.6 % |
Total used |
$ 1,190 |
|
$ 950 |
|
$ 240 |
|
25.3 % |
|
|
$ 32 |
|
21.8 % |
F&I PRU |
$ 944 |
|
$ 922 |
|
$ 21 |
|
2.3 % |
|
|
$ 30 |
|
(1.0) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 146.1 |
|
$ 79.3 |
|
$ 66.9 |
|
84.4 % |
|
|
$ 4.3 |
|
79.0 % |
Adjusted SG&A expenses (2) |
$ 139.6 |
|
$ 79.3 |
|
$ 60.4 |
|
76.2 % |
|
|
$ 4.1 |
|
71.0 % |
SG&A as % gross profit |
83.7 % |
|
76.6 % |
|
7.1 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
80.0 % |
|
76.6 % |
|
3.4 % |
|
|
|
|
|
|
|
(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. |
|
||||||||||||
Reported Operating Data — |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 1,288.2 |
|
$ 1,019.1 |
|
$ 269.0 |
|
26.4 % |
|
|
$ 41.2 |
|
22.4 % |
Used vehicle retail sales |
1,116.7 |
|
965.6 |
|
151.2 |
|
15.7 % |
|
|
32.7 |
|
12.3 % |
Used vehicle wholesale sales |
92.3 |
|
96.9 |
|
(4.6) |
|
(4.8) % |
|
|
2.6 |
|
(7.4) % |
Total used |
1,209.1 |
|
1,062.5 |
|
146.6 |
|
13.8 % |
|
|
35.3 |
|
10.5 % |
Parts and service sales |
289.8 |
|
217.9 |
|
71.9 |
|
33.0 % |
|
|
8.7 |
|
29.0 % |
F&I, net |
63.2 |
|
52.5 |
|
10.7 |
|
20.5 % |
|
|
2.0 |
|
16.7 % |
Total revenues |
$ 2,850.2 |
|
$ 2,352.0 |
|
$ 498.2 |
|
21.2 % |
|
|
$ 87.0 |
|
17.5 % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 96.4 |
|
$ 92.8 |
|
$ 3.6 |
|
3.9 % |
|
|
$ 3.3 |
|
0.3 % |
Used vehicle retail sales |
57.1 |
|
49.4 |
|
7.7 |
|
15.6 % |
|
|
1.7 |
|
12.1 % |
Used vehicle wholesale sales |
(5.6) |
|
(2.5) |
|
(3.1) |
|
(124.2) % |
|
|
— |
|
(122.4) % |
Total used |
51.5 |
|
46.9 |
|
4.6 |
|
9.8 % |
|
|
1.7 |
|
6.2 % |
Parts and service sales |
165.7 |
|
127.5 |
|
38.2 |
|
30.0 % |
|
|
5.0 |
|
26.0 % |
F&I, net |
63.2 |
|
52.5 |
|
10.7 |
|
20.5 % |
|
|
2.0 |
|
16.7 % |
Total gross profit |
$ 376.8 |
|
$ 319.7 |
|
$ 57.2 |
|
17.9 % |
|
|
$ 12.0 |
|
14.1 % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.5 % |
|
9.1 % |
|
(1.6) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
5.1 % |
|
5.1 % |
|
— % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(6.0) % |
|
(2.6) % |
|
(3.5) % |
|
|
|
|
|
|
|
Total used |
4.3 % |
|
4.4 % |
|
(0.2) % |
|
|
|
|
|
|
|
Parts and service sales |
57.2 % |
|
58.5 % |
|
(1.3) % |
|
|
|
|
|
|
|
Total gross margin |
13.2 % |
|
13.6 % |
|
(0.4) % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
31,424 |
|
25,082 |
|
6,342 |
|
25.3 % |
|
|
|
|
|
Retail used vehicles sold |
39,079 |
|
32,578 |
|
6,501 |
|
20.0 % |
|
|
|
|
|
Wholesale used vehicles sold |
10,238 |
|
9,311 |
|
927 |
|
10.0 % |
|
|
|
|
|
Total used |
49,317 |
|
41,889 |
|
7,428 |
|
17.7 % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 43,001 |
|
$ 42,149 |
|
$ 852 |
|
2.0 % |
|
|
$ 1,375 |
|
(1.2) % |
Used vehicle retail |
$ 28,577 |
|
$ 29,639 |
|
$ (1,062) |
|
(3.6) % |
|
|
$ 837 |
|
(6.4) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,067 |
|
$ 3,699 |
|
$ (632) |
|
(17.1) % |
|
|
$ 106 |
|
(19.9) % |
Used vehicle retail sales |
$ 1,461 |
|
$ 1,516 |
|
$ (55) |
|
(3.7) % |
|
|
$ 44 |
|
(6.6) % |
Used vehicle wholesale sales |
$ (545) |
|
$ (267) |
|
$ (278) |
|
(103.9) % |
|
|
$ (4) |
|
(102.2) % |
Total used |
$ 1,044 |
|
$ 1,120 |
|
$ (75) |
|
(6.7) % |
|
|
$ 34 |
|
(9.8) % |
F&I PRU |
$ 897 |
|
$ 910 |
|
$ (13) |
|
(1.5) % |
|
|
$ 28 |
|
(4.6) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 307.0 |
|
$ 229.6 |
|
$ 77.4 |
|
33.7 % |
|
|
$ 9.3 |
|
29.7 % |
Adjusted SG&A expenses (2) |
$ 298.0 |
|
$ 230.5 |
|
$ 67.5 |
|
29.3 % |
|
|
$ 9.0 |
|
25.4 % |
SG&A as % gross profit |
81.5 % |
|
71.8 % |
|
9.6 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
79.1 % |
|
72.1 % |
|
7.0 % |
|
|
|
|
|
|
|
(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. |
|
|||||||||||||
Same Store Operating Data — Consolidated |
|||||||||||||
(Unaudited) |
|||||||||||||
(In millions, except unit data) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 2,209.3 |
|
$ 2,208.6 |
|
$ 0.7 |
|
— % |
|
|
$ 12.0 |
|
(0.5) % |
|
Used vehicle retail sales |
1,411.1 |
|
1,514.0 |
|
(102.8) |
|
(6.8) % |
|
|
8.3 |
|
(7.3) % |
|
Used vehicle wholesale sales |
100.6 |
|
110.5 |
|
(9.9) |
|
(8.9) % |
|
|
0.7 |
|
(9.5) % |
|
Total used |
1,511.8 |
|
1,624.5 |
|
(112.7) |
|
(6.9) % |
|
|
9.0 |
|
(7.5) % |
|
Parts and service sales |
578.8 |
|
549.7 |
|
29.1 |
|
5.3 % |
|
|
2.1 |
|
4.9 % |
|
F&I, net |
192.6 |
|
193.8 |
|
(1.1) |
|
(0.6) % |
|
|
0.5 |
|
(0.9) % |
|
Total revenues |
$ 4,492.5 |
|
$ 4,576.5 |
|
$ (84.0) |
|
(1.8) % |
|
|
$ 23.5 |
|
(2.4) % |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 153.2 |
|
$ 189.4 |
|
$ (36.2) |
|
(19.1) % |
|
|
$ 0.9 |
|
(19.6) % |
|
Used vehicle retail sales |
72.9 |
|
79.6 |
|
(6.7) |
|
(8.4) % |
|
|
0.4 |
|
(8.9) % |
|
Used vehicle wholesale sales |
— |
|
(2.2) |
|
2.3 |
|
102.0 % |
|
|
— |
|
103.2 % |
|
Total used |
72.9 |
|
77.3 |
|
(4.4) |
|
(5.7) % |
|
|
0.3 |
|
(6.1) % |
|
Parts and service sales |
318.8 |
|
303.9 |
|
14.9 |
|
4.9 % |
|
|
1.3 |
|
4.5 % |
|
F&I, net |
192.6 |
|
193.8 |
|
(1.1) |
|
(0.6) % |
|
|
0.5 |
|
(0.9) % |
|
Total gross profit |
$ 737.5 |
|
$ 764.4 |
|
$ (26.8) |
|
(3.5) % |
|
|
$ 3.1 |
|
(3.9) % |
|
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
6.9 % |
|
8.6 % |
|
(1.6) % |
|
|
|
|
|
|
|
|
Used vehicle retail sales |
5.2 % |
|
5.3 % |
|
(0.1) % |
|
|
|
|
|
|
|
|
Used vehicle wholesale sales |
— % |
|
(2.0) % |
|
2.1 % |
|
|
|
|
|
|
|
|
Total used |
4.8 % |
|
4.8 % |
|
0.1 % |
|
|
|
|
|
|
|
|
Parts and service sales |
55.1 % |
|
55.3 % |
|
(0.2) % |
|
|
|
|
|
|
|
|
Total gross margin |
16.4 % |
|
16.7 % |
|
(0.3) % |
|
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
44,411 |
|
44,185 |
|
226 |
|
0.5 % |
|
|
|
|
|
|
Retail used vehicles sold |
47,635 |
|
49,252 |
|
(1,617) |
|
(3.3) % |
|
|
|
|
|
|
Wholesale used vehicles sold |
11,682 |
|
11,349 |
|
333 |
|
2.9 % |
|
|
|
|
|
|
Total used |
59,317 |
|
60,601 |
|
(1,284) |
|
(2.1) % |
|
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 50,295 |
|
$ 50,360 |
|
$ (66) |
|
(0.1) % |
|
|
$ 272 |
|
(0.7) % |
|
Used vehicle retail |
$ 29,624 |
|
$ 30,739 |
|
$ (1,115) |
|
(3.6) % |
|
|
$ 174 |
|
(4.2) % |
|
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,449 |
|
$ 4,287 |
|
$ (837) |
|
(19.5) % |
|
|
$ 21 |
|
(20.0) % |
|
Used vehicle retail sales |
$ 1,530 |
|
$ 1,615 |
|
$ (85) |
|
(5.3) % |
|
|
$ 8 |
|
(5.8) % |
|
Used vehicle wholesale sales |
$ 4 |
|
$ (196) |
|
$ 200 |
|
101.9 % |
|
|
$ (2) |
|
103.1 % |
|
Total used |
$ 1,229 |
|
$ 1,276 |
|
$ (47) |
|
(3.7) % |
|
|
$ 6 |
|
(4.1) % |
|
F&I PRU |
$ 2,093 |
|
$ 2,074 |
|
$ 19 |
|
0.9 % |
|
|
$ 6 |
|
0.6 % |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 504.3 |
|
$ 487.8 |
|
$ 16.5 |
|
3.4 % |
|
|
$ 2.4 |
|
2.9 % |
|
Adjusted SG&A expenses (2) |
$ 488.1 |
|
$ 481.9 |
|
$ 6.2 |
|
1.3 % |
|
|
$ 2.2 |
|
0.8 % |
|
SG&A as % gross profit |
68.4 % |
|
63.8 % |
|
4.6 % |
|
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
66.2 % |
|
63.0 % |
|
3.1 % |
|
|
|
|
|
|
|
|
Operating margin % |
4.6 % |
|
5.5 % |
|
(0.8) % |
|
|
|
|
|
|
|
|
Adjusted operating margin % (2) |
5.0 % |
|
5.7 % |
|
(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 |
|
|||||||||||||
Same Store Operating Data — Consolidated |
|||||||||||||
(Unaudited) |
|||||||||||||
(In millions, except unit data) |
|||||||||||||
|
|
|
|||||||||||
|
|
Nine Months Ended |
|||||||||||
|
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 6,344.2 |
|
$ 6,251.4 |
|
$ 92.8 |
|
1.5 % |
|
|
$ 30.6 |
|
1.0 % |
|
Used vehicle retail sales |
4,112.2 |
|
4,200.1 |
|
(87.9) |
|
(2.1) % |
|
|
23.7 |
|
(2.7) % |
|
Used vehicle wholesale sales |
297.5 |
|
323.3 |
|
(25.8) |
|
(8.0) % |
|
|
1.9 |
|
(8.6) % |
|
Total used |
4,409.6 |
|
4,523.4 |
|
(113.7) |
|
(2.5) % |
|
|
25.5 |
|
(3.1) % |
|
Parts and service sales |
1,665.8 |
|
1,613.5 |
|
52.4 |
|
3.2 % |
|
|
6.1 |
|
2.9 % |
|
F&I, net |
551.3 |
|
534.6 |
|
16.7 |
|
3.1 % |
|
|
1.4 |
|
2.9 % |
|
Total revenues |
|
|
|
|
$ 48.2 |
|
0.4 % |
|
|
$ 63.5 |
|
(0.1) % |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 452.3 |
|
$ 564.9 |
|
$ (112.6) |
|
(19.9) % |
|
|
$ 2.3 |
|
(20.3) % |
|
Used vehicle retail sales |
225.6 |
|
229.2 |
|
(3.6) |
|
(1.6) % |
|
|
1.1 |
|
(2.1) % |
|
Used vehicle wholesale sales |
(2.4) |
|
0.7 |
|
(3.1) |
|
NM |
|
|
(0.1) |
|
NM |
|
Total used |
223.2 |
|
229.9 |
|
(6.7) |
|
(2.9) % |
|
|
1.1 |
|
(3.4) % |
|
Parts and service sales |
909.4 |
|
879.3 |
|
30.0 |
|
3.4 % |
|
|
3.5 |
|
3.0 % |
|
F&I, net |
551.3 |
|
534.6 |
|
16.7 |
|
3.1 % |
|
|
1.4 |
|
2.9 % |
|
Total gross profit |
$ 2,136.2 |
|
$ 2,208.7 |
|
$ (72.5) |
|
(3.3) % |
|
|
$ 8.3 |
|
(3.7) % |
|
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.1 % |
|
9.0 % |
|
(1.9) % |
|
|
|
|
|
|
|
|
Used vehicle retail sales |
5.5 % |
|
5.5 % |
|
— % |
|
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(0.8) % |
|
0.2 % |
|
(1.0) % |
|
|
|
|
|
|
|
|
Total used |
5.1 % |
|
5.1 % |
|
— % |
|
|
|
|
|
|
|
|
Parts and service sales |
54.6 % |
|
54.5 % |
|
0.1 % |
|
|
|
|
|
|
|
|
Total gross margin |
16.5 % |
|
17.1 % |
|
(0.6) % |
|
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
128,043 |
|
125,426 |
|
2,617 |
|
2.1 % |
|
|
|
|
|
|
Retail used vehicles sold |
140,568 |
|
137,539 |
|
3,029 |
|
2.2 % |
|
|
|
|
|
|
Wholesale used vehicles sold |
33,668 |
|
31,281 |
|
2,387 |
|
7.6 % |
|
|
|
|
|
|
Total used |
174,236 |
|
168,820 |
|
5,416 |
|
3.2 % |
|
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 50,037 |
|
$ 50,207 |
|
$ (170) |
|
(0.3) % |
|
|
$ 241 |
|
(0.8) % |
|
Used vehicle retail |
$ 29,254 |
|
$ 30,537 |
|
$ (1,283) |
|
(4.2) % |
|
|
$ 169 |
|
(4.8) % |
|
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,533 |
|
$ 4,504 |
|
$ (971) |
|
(21.6) % |
|
|
$ 18 |
|
(22.0) % |
|
Used vehicle retail sales |
$ 1,605 |
|
$ 1,667 |
|
$ (62) |
|
(3.7) % |
|
|
$ 8 |
|
(4.2) % |
|
Used vehicle wholesale sales |
$ (71) |
|
$ 21 |
|
$ (93) |
|
NM |
|
|
$ (2) |
|
NM |
|
Total used |
$ 1,281 |
|
$ 1,362 |
|
$ (81) |
|
(5.9) % |
|
|
$ 6 |
|
(6.4) % |
|
F&I PRU |
$ 2,052 |
|
$ 2,033 |
|
$ 19 |
|
1.0 % |
|
|
$ 5 |
|
0.7 % |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 1,461.2 |
|
$ 1,398.6 |
|
$ 62.6 |
|
4.5 % |
|
|
$ 6.4 |
|
4.0 % |
|
Adjusted SG&A expenses (2) |
$ 1,427.5 |
|
$ 1,392.4 |
|
$ 35.1 |
|
2.5 % |
|
|
$ 6.0 |
|
2.1 % |
|
SG&A as % gross profit |
68.4 % |
|
63.3 % |
|
5.1 % |
|
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
66.8 % |
|
63.0 % |
|
3.8 % |
|
|
|
|
|
|
|
|
Operating margin % |
4.6 % |
|
5.7 % |
|
(1.1) % |
|
|
|
|
|
|
|
|
Adjusted operating margin % (2) |
4.9 % |
|
5.8 % |
|
(0.9) % |
|
|
|
|
|
|
|
( 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. |
NM - not meaningful |
|
|||||||
Same Store Operating Data — |
|||||||
(Unaudited) |
|||||||
(In millions, except unit data) |
|||||||
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
Revenues: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 1,854.5 |
|
$ 1,864.2 |
|
$ (9.8) |
|
(0.5) % |
Used vehicle retail sales |
1,099.1 |
|
1,177.9 |
|
(78.8) |
|
(6.7) % |
Used vehicle wholesale sales |
76.0 |
|
75.9 |
|
0.1 |
|
0.1 % |
Total used |
1,175.1 |
|
1,253.8 |
|
(78.7) |
|
(6.3) % |
Parts and service sales |
498.9 |
|
479.9 |
|
19.0 |
|
4.0 % |
F&I, net |
174.7 |
|
175.9 |
|
(1.2) |
|
(0.7) % |
Total revenues |
$ 3,703.2 |
|
$ 3,773.8 |
|
$ (70.6) |
|
(1.9) % |
Gross profit: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 128.4 |
|
$ 160.0 |
|
$ (31.6) |
|
(19.8) % |
Used vehicle retail sales |
58.3 |
|
63.9 |
|
(5.6) |
|
(8.8) % |
Used vehicle wholesale sales |
1.2 |
|
(0.3) |
|
1.6 |
|
NM |
Total used |
59.5 |
|
63.6 |
|
(4.1) |
|
(6.4) % |
Parts and service sales |
272.8 |
|
262.7 |
|
10.2 |
|
3.9 % |
F&I, net |
174.7 |
|
175.9 |
|
(1.2) |
|
(0.7) % |
Total gross profit |
$ 635.5 |
|
$ 662.1 |
|
$ (26.7) |
|
(4.0) % |
Gross margin: |
|
|
|
|
|
|
|
New vehicle retail sales |
6.9 % |
|
8.6 % |
|
(1.7) % |
|
|
Used vehicle retail sales |
5.3 % |
|
5.4 % |
|
(0.1) % |
|
|
Used vehicle wholesale sales |
1.6 % |
|
(0.4) % |
|
2.0 % |
|
|
Total used |
5.1 % |
|
5.1 % |
|
— % |
|
|
Parts and service sales |
54.7 % |
|
54.7 % |
|
— % |
|
|
Total gross margin |
17.2 % |
|
17.5 % |
|
(0.4) % |
|
|
Units sold: |
|
|
|
|
|
|
|
Retail new vehicles sold |
36,031 |
|
35,914 |
|
117 |
|
0.3 % |
Retail used vehicles sold |
36,597 |
|
38,129 |
|
(1,532) |
|
(4.0) % |
Wholesale used vehicles sold |
8,753 |
|
7,989 |
|
764 |
|
9.6 % |
Total used |
45,350 |
|
46,118 |
|
(768) |
|
(1.7) % |
Average sales price per unit sold: |
|
|
|
|
|
|
|
New vehicle retail |
$ 51,468 |
|
$ 51,908 |
|
$ (440) |
|
(0.8) % |
Used vehicle retail |
$ 30,033 |
|
$ 30,893 |
|
$ (860) |
|
(2.8) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,563 |
|
$ 4,456 |
|
$ (893) |
|
(20.0) % |
Used vehicle retail sales |
$ 1,593 |
|
$ 1,676 |
|
$ (83) |
|
(5.0) % |
Used vehicle wholesale sales |
$ 141 |
|
$ (41) |
|
$ 181 |
|
NM |
Total used |
$ 1,312 |
|
$ 1,378 |
|
$ (66) |
|
(4.8) % |
F&I PRU |
$ 2,406 |
|
$ 2,375 |
|
$ 30 |
|
1.3 % |
Other: |
|
|
|
|
|
|
|
SG&A expenses |
$ 417.9 |
|
$ 409.8 |
|
$ 8.1 |
|
2.0 % |
Adjusted SG&A expenses (1) |
$ 408.1 |
|
$ 403.9 |
|
$ 4.2 |
|
1.0 % |
SG&A as % gross profit |
65.8 % |
|
61.9 % |
|
3.9 % |
|
|
Adjusted SG&A as % gross profit (1) |
64.2 % |
|
61.0 % |
|
3.2 % |
|
|
(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. |
NM — Not Meaningful |
|
|||||||
Same Store Operating Data — |
|||||||
(Unaudited) |
|||||||
(In millions, except unit data) |
|||||||
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
Revenues: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 5,252.0 |
|
$ 5,232.3 |
|
$ 19.7 |
|
0.4 % |
Used vehicle retail sales |
3,181.6 |
|
3,234.5 |
|
(52.9) |
|
(1.6) % |
Used vehicle wholesale sales |
220.8 |
|
226.3 |
|
(5.6) |
|
(2.5) % |
Total used |
3,402.4 |
|
3,460.9 |
|
(58.5) |
|
(1.7) % |
Parts and service sales |
1,433.6 |
|
1,404.1 |
|
29.5 |
|
2.1 % |
F&I, net |
499.6 |
|
482.1 |
|
17.5 |
|
3.6 % |
Total revenues |
$ 10,587.6 |
|
$ 10,579.3 |
|
$ 8.2 |
|
0.1 % |
Gross profit: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 374.1 |
|
$ 472.1 |
|
$ (98.0) |
|
(20.8) % |
Used vehicle retail sales |
180.7 |
|
179.8 |
|
0.9 |
|
0.5 % |
Used vehicle wholesale sales |
3.5 |
|
3.2 |
|
0.3 |
|
10.8 % |
Total used |
184.2 |
|
183.0 |
|
1.2 |
|
0.7 % |
Parts and service sales |
776.5 |
|
755.7 |
|
20.8 |
|
2.8 % |
F&I, net |
499.6 |
|
482.1 |
|
17.5 |
|
3.6 % |
Total gross profit |
$ 1,834.5 |
|
$ 1,892.9 |
|
$ (58.4) |
|
(3.1) % |
Gross margin: |
|
|
|
|
|
|
|
New vehicle retail sales |
7.1 % |
|
9.0 % |
|
(1.9) % |
|
|
Used vehicle retail sales |
5.7 % |
|
5.6 % |
|
0.1 % |
|
|
Used vehicle wholesale sales |
1.6 % |
|
1.4 % |
|
0.2 % |
|
|
Total used |
5.4 % |
|
5.3 % |
|
0.1 % |
|
|
Parts and service sales |
54.2 % |
|
53.8 % |
|
0.3 % |
|
|
Total gross margin |
17.3 % |
|
17.9 % |
|
(0.6) % |
|
|
Units sold: |
|
|
|
|
|
|
|
Retail new vehicles sold |
102,314 |
|
100,344 |
|
1,970 |
|
2.0 % |
Retail used vehicles sold |
107,583 |
|
104,961 |
|
2,622 |
|
2.5 % |
Wholesale used vehicles sold |
25,144 |
|
21,970 |
|
3,174 |
|
14.4 % |
Total used |
132,727 |
|
126,931 |
|
5,796 |
|
4.6 % |
Average sales price per unit sold: |
|
|
|
|
|
|
|
New vehicle retail |
$ 51,332 |
|
$ 52,143 |
|
$ (811) |
|
(1.6) % |
Used vehicle retail |
$ 29,573 |
|
$ 30,816 |
|
$ (1,243) |
|
(4.0) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,657 |
|
$ 4,705 |
|
$ (1,048) |
|
(22.3) % |
Used vehicle retail sales |
$ 1,680 |
|
$ 1,713 |
|
$ (34) |
|
(2.0) % |
Used vehicle wholesale sales |
$ 139 |
|
$ 144 |
|
$ (5) |
|
(3.2) % |
Total used |
$ 1,388 |
|
$ 1,442 |
|
$ (54) |
|
(3.7) % |
F&I PRU |
$ 2,380 |
|
$ 2,348 |
|
$ 32 |
|
1.4 % |
Other: |
|
|
|
|
|
|
|
SG&A expenses |
$ 1,216.7 |
|
$ 1,171.9 |
|
$ 44.9 |
|
3.8 % |
Adjusted SG&A expenses (1) |
$ 1,192.1 |
|
$ 1,165.7 |
|
$ 26.4 |
|
2.3 % |
SG&A as % gross profit |
66.3 % |
|
61.9 % |
|
4.4 % |
|
|
Adjusted SG&A as % gross profit (1) |
65.0 % |
|
61.6 % |
|
3.4 % |
|
|
(1) See the section in this release titled "Reconciliation of Certain Non-GAAP Financial Measures" for the GAAP to non-GAAP reconciliation of these figures. |
|
||||||||||||
Same Store Operating Data — |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 354.9 |
|
$ 344.4 |
|
$ 10.5 |
|
3.0 % |
|
|
$ 12.0 |
|
(0.4) % |
Used vehicle retail sales |
312.0 |
|
336.1 |
|
(24.0) |
|
(7.2) % |
|
|
8.3 |
|
(9.6) % |
Used vehicle wholesale sales |
24.7 |
|
34.6 |
|
(10.0) |
|
(28.8) % |
|
|
0.7 |
|
(30.7) % |
Total used |
336.7 |
|
370.7 |
|
(34.0) |
|
(9.2) % |
|
|
9.0 |
|
(11.6) % |
Parts and service sales |
79.9 |
|
69.8 |
|
10.1 |
|
14.4 % |
|
|
2.1 |
|
11.4 % |
F&I, net |
17.9 |
|
17.9 |
|
— |
|
0.1 % |
|
|
0.5 |
|
(2.9) % |
Total revenues |
$ 789.3 |
|
$ 802.7 |
|
$ (13.4) |
|
(1.7) % |
|
|
$ 23.5 |
|
(4.6) % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 24.8 |
|
$ 29.4 |
|
$ (4.6) |
|
(15.5) % |
|
|
$ 0.9 |
|
(18.8) % |
Used vehicle retail sales |
14.6 |
|
15.7 |
|
(1.1) |
|
(6.9) % |
|
|
0.4 |
|
(9.2) % |
Used vehicle wholesale sales |
(1.2) |
|
(1.9) |
|
0.7 |
|
37.7 % |
|
|
— |
|
39.0 % |
Total used |
13.4 |
|
13.8 |
|
(0.4) |
|
(2.6) % |
|
|
0.3 |
|
(5.1) % |
Parts and service sales |
46.0 |
|
41.2 |
|
4.8 |
|
11.5 % |
|
|
1.3 |
|
8.5 % |
F&I, net |
17.9 |
|
17.9 |
|
— |
|
0.1 % |
|
|
0.5 |
|
(2.9) % |
Total gross profit |
$ 102.1 |
|
$ 102.2 |
|
$ (0.2) |
|
(0.2) % |
|
|
$ 3.1 |
|
(3.2) % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.0 % |
|
8.5 % |
|
(1.5) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
4.7 % |
|
4.7 % |
|
— % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(4.8) % |
|
(5.5) % |
|
0.7 % |
|
|
|
|
|
|
|
Total used |
4.0 % |
|
3.7 % |
|
0.3 % |
|
|
|
|
|
|
|
Parts and service sales |
57.6 % |
|
59.1 % |
|
(1.5) % |
|
|
|
|
|
|
|
Total gross margin |
12.9 % |
|
12.7 % |
|
0.2 % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
8,380 |
|
8,271 |
|
109 |
|
1.3 % |
|
|
|
|
|
Retail used vehicles sold |
11,038 |
|
11,123 |
|
(85) |
|
(0.8) % |
|
|
|
|
|
Wholesale used vehicles sold |
2,929 |
|
3,360 |
|
(431) |
|
(12.8) % |
|
|
|
|
|
Total used |
13,967 |
|
14,483 |
|
(516) |
|
(3.6) % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 44,920 |
|
$ 43,342 |
|
$ 1,578 |
|
3.6 % |
|
|
$ 1,517 |
|
0.1 % |
Used vehicle retail |
$ 28,267 |
|
$ 30,213 |
|
$ (1,946) |
|
(6.4) % |
|
|
$ 753 |
|
(8.9) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 2,960 |
|
$ 3,551 |
|
$ (591) |
|
(16.6) % |
|
|
$ 113 |
|
(19.8) % |
Used vehicle retail sales |
$ 1,322 |
|
$ 1,408 |
|
$ (87) |
|
(6.1) % |
|
|
$ 34 |
|
(8.5) % |
Used vehicle wholesale sales |
$ (405) |
|
$ (566) |
|
$ 161 |
|
28.5 % |
|
|
$ (9) |
|
30.1 % |
Total used |
$ 960 |
|
$ 950 |
|
$ 9 |
|
1.0 % |
|
|
$ 25 |
|
(1.6) % |
F&I PRU |
$ 922 |
|
$ 922 |
|
$ (1) |
|
(0.1) % |
|
|
$ 28 |
|
(3.1) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 86.4 |
|
$ 78.0 |
|
$ 8.4 |
|
10.8 % |
|
|
$ 2.4 |
|
7.8 % |
Adjusted SG&A expenses (2) |
$ 79.9 |
|
$ 78.0 |
|
$ 2.0 |
|
2.5 % |
|
|
$ 2.2 |
|
(0.3) % |
SG&A as % gross profit |
84.7 % |
|
76.3 % |
|
8.4 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
78.3 % |
|
76.3 % |
|
2.0 % |
|
|
|
|
|
|
|
(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. |
|
||||||||||||
Same Store Operating Data — |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except unit data) |
||||||||||||
|
|
|||||||||||
|
Nine Months Ended |
|||||||||||
|
2024 |
|
2023 |
|
Increase/ |
|
% Change |
|
|
Currency |
|
Constant |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 1,092.3 |
|
$ 1,019.1 |
|
$ 73.1 |
|
7.2 % |
|
|
$ 30.6 |
|
4.2 % |
Used vehicle retail sales |
930.6 |
|
965.6 |
|
(35.0) |
|
(3.6) % |
|
|
23.7 |
|
(6.1) % |
Used vehicle wholesale sales |
76.7 |
|
96.9 |
|
(20.3) |
|
(20.9) % |
|
|
1.9 |
|
(22.8) % |
Total used |
1,007.3 |
|
1,062.5 |
|
(55.2) |
|
(5.2) % |
|
|
25.5 |
|
(7.6) % |
Parts and service sales |
232.2 |
|
209.4 |
|
22.8 |
|
10.9 % |
|
|
6.1 |
|
8.0 % |
F&I, net |
51.7 |
|
52.5 |
|
(0.8) |
|
(1.5) % |
|
|
1.4 |
|
(4.2) % |
Total revenues |
$ 2,383.4 |
|
$ 2,343.5 |
|
$ 39.9 |
|
1.7 % |
|
|
$ 63.5 |
|
(1.0) % |
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 78.2 |
|
$ 92.8 |
|
$ (14.6) |
|
(15.7) % |
|
|
$ 2.3 |
|
(18.2) % |
Used vehicle retail sales |
44.9 |
|
49.4 |
|
(4.5) |
|
(9.1) % |
|
|
1.1 |
|
(11.4) % |
Used vehicle wholesale sales |
(5.9) |
|
(2.5) |
|
(3.4) |
|
(136.9) % |
|
|
(0.1) |
|
(134.7) % |
Total used |
39.0 |
|
46.9 |
|
(7.9) |
|
(16.8) % |
|
|
1.1 |
|
(19.2) % |
Parts and service sales |
132.8 |
|
123.6 |
|
9.2 |
|
7.4 % |
|
|
3.5 |
|
4.6 % |
F&I, net |
51.7 |
|
52.5 |
|
(0.8) |
|
(1.5) % |
|
|
1.4 |
|
(4.2) % |
Total gross profit |
$ 301.7 |
|
$ 315.8 |
|
$ (14.1) |
|
(4.5) % |
|
|
$ 8.3 |
|
(7.1) % |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
7.2 % |
|
9.1 % |
|
(1.9) % |
|
|
|
|
|
|
|
Used vehicle retail sales |
4.8 % |
|
5.1 % |
|
(0.3) % |
|
|
|
|
|
|
|
Used vehicle wholesale sales |
(7.7) % |
|
(2.6) % |
|
(5.1) % |
|
|
|
|
|
|
|
Total used |
3.9 % |
|
4.4 % |
|
(0.5) % |
|
|
|
|
|
|
|
Parts and service sales |
57.2 % |
|
59.0 % |
|
(1.8) % |
|
|
|
|
|
|
|
Total gross margin |
12.7 % |
|
13.5 % |
|
(0.8) % |
|
|
|
|
|
|
|
Units sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicles sold (1) |
25,729 |
|
25,082 |
|
647 |
|
2.6 % |
|
|
|
|
|
Retail used vehicles sold |
32,985 |
|
32,578 |
|
407 |
|
1.2 % |
|
|
|
|
|
Wholesale used vehicles sold |
8,524 |
|
9,311 |
|
(787) |
|
(8.5) % |
|
|
|
|
|
Total used |
41,509 |
|
41,889 |
|
(380) |
|
(0.9) % |
|
|
|
|
|
Average sales price per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail (1) |
$ 44,608 |
|
$ 42,149 |
|
$ 2,458 |
|
5.8 % |
|
|
$ 1,251 |
|
2.9 % |
Used vehicle retail |
$ 28,213 |
|
$ 29,639 |
|
$ (1,426) |
|
(4.8) % |
|
|
$ 718 |
|
(7.2) % |
Gross profit per unit sold: |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail sales |
$ 3,039 |
|
$ 3,699 |
|
$ (660) |
|
(17.8) % |
|
|
$ 91 |
|
(20.3) % |
Used vehicle retail sales |
$ 1,361 |
|
$ 1,516 |
|
$ (155) |
|
(10.2) % |
|
|
$ 35 |
|
(12.5) % |
Used vehicle wholesale sales |
$ (692) |
|
$ (267) |
|
$ (424) |
|
NM |
|
|
$ (6) |
|
NM |
Total used |
$ 940 |
|
$ 1,120 |
|
$ (180) |
|
(16.1) % |
|
|
$ 26 |
|
(18.4) % |
F&I PRU |
$ 880 |
|
$ 910 |
|
$ (30) |
|
(3.3) % |
|
|
$ 24 |
|
(5.9) % |
Other: |
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses |
$ 244.4 |
|
$ 226.7 |
|
$ 17.7 |
|
7.8 % |
|
|
$ 6.4 |
|
5.0 % |
Adjusted SG&A expenses (2) |
$ 235.4 |
|
$ 226.7 |
|
$ 8.7 |
|
3.9 % |
|
|
$ 6.0 |
|
1.2 % |
SG&A as % gross profit |
81.0 % |
|
71.8 % |
|
9.2 % |
|
|
|
|
|
|
|
Adjusted SG&A as % gross profit (2) |
78.0 % |
|
71.8 % |
|
6.2 % |
|
|
|
|
|
|
|
(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. |
NM — Not Meaningful |
|
||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In millions, except per share data) |
||||||||||||||||
|
|
|
||||||||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Severance |
|
Acquisition |
|
Legal items |
|
Accelerated |
|
Non-GAAP |
SG&A expenses |
|
$ 591.6 |
|
$ (0.7) |
|
$ 0.6 |
|
$ (0.4) |
|
$ (14.8) |
|
$ (0.3) |
|
$ — |
|
$ 575.9 |
Depreciation and amortization expense |
|
$ 29.5 |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ (1.3) |
|
$ 28.2 |
Income (loss) from operations |
|
$ 231.6 |
|
$ 0.7 |
|
$ (0.6) |
|
$ 0.4 |
|
$ 14.8 |
|
$ 0.3 |
|
$ 1.3 |
|
$ 248.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ 159.6 |
|
$ 0.7 |
|
$ (0.6) |
|
$ 0.4 |
|
$ 14.8 |
|
$ 0.3 |
|
$ 1.3 |
|
$ 176.6 |
Less: Provision (benefit) for income taxes |
|
42.5 |
|
0.2 |
|
(0.8) |
|
0.1 |
|
0.7 |
|
0.1 |
|
0.3 |
|
43.1 |
Net income from continuing operations |
|
117.1 |
|
0.6 |
|
0.2 |
|
0.3 |
|
14.2 |
|
0.2 |
|
1.0 |
|
133.5 |
Less: Earnings allocated to participating securities |
|
2.4 |
|
— |
|
— |
|
— |
|
0.3 |
|
— |
|
— |
|
2.7 |
Net income from continuing operations available to diluted common shares |
|
$ 114.7 |
|
$ 0.5 |
|
$ 0.2 |
|
$ 0.3 |
|
$ 13.9 |
|
$ 0.2 |
|
$ 1.0 |
|
$ 130.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share from continuing operations |
|
$ 8.68 |
|
$ 0.04 |
|
$ 0.01 |
|
$ 0.02 |
|
$ 1.05 |
|
$ 0.02 |
|
$ 0.07 |
|
$ 9.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
26.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
24.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross profit (1) |
|
69.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
67.5 % |
Operating margin (2) |
|
4.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 % |
Pretax margin (3) |
|
3.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 504.3 |
|
$ (0.7) |
|
$ — |
|
$ (0.4) |
|
$ (14.8) |
|
$ (0.3) |
|
$ — |
|
$ 488.1 |
Same Store SG&A as % gross profit (1) |
|
68.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
66.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from operations |
|
$ 208.1 |
|
$ 0.7 |
|
$ — |
|
$ 0.4 |
|
$ 14.8 |
|
$ 0.3 |
|
$ 1.3 |
|
$ 225.7 |
Same Store operating margin (2) |
|
4.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.0 % |
|
|
|
|
Non-GAAP |
|
Non-GAAP |
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 |
|
$ 117.3 |
|
$ 16.4 |
|
$ 133.7 |
Less: Earnings allocated to participating securities |
|
2.4 |
|
0.3 |
|
2.7 |
Net income available to diluted common shares |
|
$ 114.9 |
|
$ 16.1 |
|
$ 131.0 |
|
|
|
|
|
|
|
Diluted earnings per common share from discontinued operations |
|
$ 0.01 |
|
$ — |
|
$ 0.01 |
Diluted earnings per common share from continuing operations |
|
8.68 |
|
1.22 |
|
9.90 |
Diluted earnings per common share |
|
$ 8.69 |
|
$ 1.22 |
|
$ 9.91 |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
(2) Adjusted operating margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
|
||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||
(Unaudited) |
||||||||||||
(In millions, except per share data) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
|
Catastrophic |
|
Dealership and |
|
Legal items |
|
Asset |
|
Non-GAAP |
SG&A expenses |
|
$ 496.7 |
|
$ (1.5) |
|
$ 7.9 |
|
$ (4.4) |
|
$ — |
|
$ 498.8 |
Depreciation and amortization expense |
|
$ 23.1 |
|
$ — |
|
$ — |
|
$ — |
|
$ (0.3) |
|
$ 22.8 |
Asset impairments |
|
$ 4.8 |
|
$ — |
|
$ — |
|
$ — |
|
$ (4.8) |
|
$ — |
Income (loss) from operations |
|
$ 261.6 |
|
$ 1.5 |
|
$ (7.9) |
|
$ 4.4 |
|
$ 5.2 |
|
$ 264.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ 220.5 |
|
$ 1.5 |
|
$ (7.9) |
|
$ 4.4 |
|
$ 5.2 |
|
$ 223.6 |
Less: Provision (benefit) for income taxes |
|
56.4 |
|
0.4 |
|
(5.4) |
|
1.1 |
|
1.3 |
|
53.8 |
Net income (loss) from continuing operations |
|
164.1 |
|
1.1 |
|
(2.6) |
|
3.3 |
|
3.9 |
|
169.8 |
Less: Earnings (loss) allocated to participating securities |
|
4.0 |
|
— |
|
(0.1) |
|
0.1 |
|
0.1 |
|
4.2 |
Net income (loss) from continuing operations available to diluted common shares |
|
$ 160.1 |
|
$ 1.1 |
|
$ (2.5) |
|
$ 3.2 |
|
$ 3.8 |
|
$ 165.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share from continuing operations |
|
$ 11.67 |
|
$ 0.08 |
|
$ (0.18) |
|
$ 0.23 |
|
$ 0.28 |
|
$ 12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
25.6 % |
|
|
|
|
|
|
|
|
|
24.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross profit (1) |
|
63.2 % |
|
|
|
|
|
|
|
|
|
63.4 % |
Operating margin (2) |
|
5.6 % |
|
|
|
|
|
|
|
|
|
5.6 % |
Pretax margin (3) |
|
4.7 % |
|
|
|
|
|
|
|
|
|
4.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 487.8 |
|
$ (1.5) |
|
$ — |
|
$ (4.4) |
|
$ — |
|
$ 481.9 |
Same Store SG&A as % gross profit (1) |
|
63.8 % |
|
|
|
|
|
|
|
|
|
63.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from operations |
|
$ 249.6 |
|
$ 1.5 |
|
$ — |
|
$ 4.4 |
|
$ 5.2 |
|
$ 260.7 |
Same Store operating margin (2) |
|
5.5 % |
|
|
|
|
|
|
|
|
|
5.7 % |
|
|
|
|
Non-GAAP |
|
Non-GAAP |
Net loss from discontinued operations |
|
$ (0.2) |
|
$ — |
|
$ (0.2) |
Less: Loss allocated to participating securities |
|
— |
|
— |
|
— |
Net loss from discontinued operations available to diluted common shares |
|
$ (0.2) |
|
$ — |
|
$ (0.2) |
|
|
|
|
|
|
|
Net income |
|
$ 163.9 |
|
$ 5.7 |
|
$ 169.6 |
Less: Earnings allocated to participating securities |
|
4.0 |
|
0.1 |
|
4.2 |
Net income available to diluted common shares |
|
$ 159.9 |
|
$ 5.5 |
|
$ 165.4 |
|
|
|
|
|
|
|
Diluted loss per common share from discontinued operations |
|
$ (0.02) |
|
$ — |
|
$ (0.02) |
Diluted earnings per common share from continuing operations |
|
11.67 |
|
0.40 |
|
12.07 |
Diluted earnings per common share |
|
$ 11.65 |
|
$ 0.40 |
|
$ 12.06 |
(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. |
|
||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In millions, except per share data) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Severance |
|
Acquisition |
|
Legal items |
|
Accelerated |
|
Non-GAAP |
SG&A expenses |
|
$ 1,564.9 |
|
$ (9.8) |
|
$ 52.9 |
|
$ (1.0) |
|
$ (19.3) |
|
$ (3.5) |
|
$ — |
|
$ 1,584.2 |
Depreciation and amortization expense |
|
$ 81.6 |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ (5.5) |
|
$ 76.1 |
Income (loss) from operations |
|
$ 715.4 |
|
$ 9.8 |
|
$ (52.9) |
|
$ 1.0 |
|
$ 19.3 |
|
$ 3.5 |
|
$ 5.5 |
|
$ 701.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ 535.8 |
|
$ 9.8 |
|
$ (52.9) |
|
$ 1.0 |
|
$ 19.3 |
|
$ 3.5 |
|
$ 5.5 |
|
$ 522.0 |
Less: Provision (benefit) for income taxes |
|
133.5 |
|
2.4 |
|
(14.2) |
|
0.2 |
|
1.3 |
|
0.9 |
|
1.3 |
|
125.3 |
Net income (loss) from continuing operations |
|
402.4 |
|
7.5 |
|
(38.7) |
|
0.7 |
|
18.0 |
|
2.7 |
|
4.2 |
|
396.7 |
Less: Earnings (loss) allocated to participating securities |
|
8.6 |
|
0.2 |
|
(0.8) |
|
— |
|
0.4 |
|
0.1 |
|
0.1 |
|
8.5 |
Net income (loss) from continuing operations available to diluted common shares |
|
$ 393.8 |
|
$ 7.3 |
|
$ (37.9) |
|
$ 0.7 |
|
$ 17.6 |
|
$ 2.6 |
|
$ 4.1 |
|
$ 388.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share from continuing operations |
|
$ 29.61 |
|
$ 0.55 |
|
$ (2.85) |
|
$ 0.05 |
|
$ 1.33 |
|
$ 0.20 |
|
$ 0.31 |
|
$ 29.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
24.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
24.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross profit (1) |
|
66.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
67.1 % |
Operating margin (2) |
|
5.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 % |
Pretax margin (3) |
|
3.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 1,461.2 |
|
$ (9.8) |
|
$ — |
|
$ (1.0) |
|
$ (19.3) |
|
$ (3.5) |
|
$ — |
|
|
Same Store SG&A as % gross profit (1) |
|
68.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
66.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from operations |
|
$ 601.0 |
|
$ 9.8 |
|
$ — |
|
$ 1.0 |
|
$ 19.3 |
|
$ 3.5 |
|
$ 5.5 |
|
$ 640.1 |
Same Store operating margin (2) |
|
4.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.9 % |
|
|
|
|
Non-GAAP |
|
Non-GAAP |
Net income from discontinued operations |
|
$ 1.0 |
|
$ — |
|
$ 1.0 |
Less: Earnings allocated to participating securities |
|
— |
|
— |
|
— |
Net income from discontinued operations available to diluted common shares |
|
$ 0.9 |
|
$ — |
|
$ 0.9 |
|
|
|
|
|
|
|
Net income (loss) |
|
$ 403.3 |
|
$ (5.7) |
|
$ 397.7 |
Less: Earnings (loss) allocated to participating securities |
|
8.6 |
|
(0.1) |
|
8.5 |
Net income (loss) available to diluted common shares |
|
$ 394.7 |
|
$ (5.5) |
|
$ 389.2 |
|
|
|
|
|
|
|
Diluted earnings per common share from discontinued operations |
|
$ 0.07 |
|
$ — |
|
$ 0.07 |
Diluted earnings (loss) per common share from continuing operations |
|
29.61 |
|
(0.42) |
|
29.19 |
Diluted earnings (loss) per common share |
|
$ 29.68 |
|
$ (0.42) |
|
$ 29.26 |
(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 and accelerated depreciation expense. |
(3) Adjusted pretax margin excludes the impact of SG&A reconciling items and accelerated depreciation expense. |
|
|
||||||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — Consolidated |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In millions, except per share data) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||||||||
|
|
|
|
Non-cash |
|
Catastrophic |
|
Dealership |
|
Acquisition |
|
Legal items |
|
Asset |
|
Non-GAAP |
SG&A expenses |
|
$ 1,439.4 |
|
$ — |
|
$ (1.5) |
|
$ 19.4 |
|
$ (0.3) |
|
$ (4.4) |
|
$ — |
|
$ 1,452.7 |
Depreciation and amortization expense |
|
$ 68.6 |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ (0.9) |
|
$ 67.8 |
Asset impairments |
|
$ 7.7 |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ (7.7) |
|
$ — |
Income (loss) from operations |
|
$ 773.9 |
|
$ — |
|
$ 1.5 |
|
$ (19.4) |
|
$ 0.3 |
|
$ 4.4 |
|
$ 8.6 |
|
$ 769.2 |
Other interest expense, net |
|
$ 72.1 |
|
$ 4.0 |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ 76.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
$ 654.8 |
|
$ (4.0) |
|
$ 1.5 |
|
$ (19.4) |
|
$ 0.3 |
|
$ 4.4 |
|
$ 8.6 |
|
$ 646.1 |
Less: Provision (benefit) for income taxes |
|
161.6 |
|
(0.9) |
|
0.4 |
|
(10.3) |
|
0.1 |
|
1.1 |
|
2.1 |
|
154.0 |
Net income (loss) from continuing operations |
|
493.2 |
|
(3.1) |
|
1.1 |
|
(9.1) |
|
0.2 |
|
3.3 |
|
6.5 |
|
492.1 |
Less: Earnings (loss) allocated to participating securities |
|
12.2 |
|
(0.1) |
|
— |
|
(0.2) |
|
— |
|
0.1 |
|
0.2 |
|
12.2 |
Net income (loss) from continuing operations available to diluted common shares |
|
$ 480.9 |
|
$ (3.0) |
|
$ 1.1 |
|
$ (8.9) |
|
$ 0.2 |
|
$ 3.2 |
|
$ 6.3 |
|
$ 479.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share from continuing operations |
|
$ 34.81 |
|
$ (0.22) |
|
$ 0.08 |
|
$ (0.64) |
|
$ 0.01 |
|
$ 0.23 |
|
$ 0.46 |
|
$ 34.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
24.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
23.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as % gross profit (1) |
|
62.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
63.4 % |
Operating margin (2) |
|
5.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.7 % |
Pretax margin (3) |
|
4.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 1,398.6 |
|
$ — |
|
$ (1.5) |
|
$ — |
|
$ (0.3) |
|
$ (4.4) |
|
$ — |
|
$ 1,392.4 |
Same Store SG&A as % gross profit (1) |
|
63.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
63.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store income from operations |
|
$ 737.6 |
|
$ — |
|
$ 1.5 |
|
$ — |
|
$ 0.3 |
|
$ 4.4 |
|
$ 8.6 |
|
$ 752.3 |
Same Store operating margin (2) |
|
5.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 % |
|
|
|
|
Non-GAAP |
|
Non-GAAP |
Net loss from discontinued operations |
|
$ (0.3) |
|
$ — |
|
$ (0.3) |
Less: Loss allocated to participating securities |
|
— |
|
— |
|
— |
Net loss from discontinued operations available to diluted common shares |
|
$ (0.3) |
|
$ — |
|
$ (0.3) |
|
|
|
|
|
|
|
Net income (loss) |
|
$ 492.9 |
|
$ (1.1) |
|
$ 491.7 |
Less: Earnings allocated to participating securities |
|
12.2 |
|
— |
|
12.2 |
Net income (loss) available to diluted common shares |
|
$ 480.6 |
|
$ (1.1) |
|
$ 479.5 |
|
|
|
|
|
|
|
Diluted loss per common share from discontinued operations |
|
$ (0.02) |
|
$ — |
|
$ (0.02) |
Diluted earnings (loss) per common share from continuing operations |
|
34.81 |
|
(0.08) |
|
34.73 |
Diluted earnings (loss) per common share |
|
$ 34.79 |
|
$ (0.08) |
|
$ 34.71 |
(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. |
|
||||||||||||
Reconciliation of Certain Non-GAAP Financial Measures — |
||||||||||||
(Unaudited) |
||||||||||||
(In millions) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Acquisition |
|
Legal items |
|
Non-GAAP |
SG&A expenses |
|
$ 445.4 |
|
$ (0.7) |
|
$ 0.6 |
|
$ (8.7) |
|
$ (0.3) |
|
$ 436.2 |
SG&A as % gross profit (1) |
|
65.7 % |
|
|
|
|
|
|
|
|
|
64.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 417.9 |
|
$ (0.7) |
|
$ — |
|
$ (8.7) |
|
$ (0.3) |
|
$ 408.1 |
Same Store SG&A as % gross profit (1) |
|
65.8 % |
|
|
|
|
|
|
|
|
|
64.2 % |
|
|
Three Months Ended |
||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Legal items |
|
Non-GAAP |
SG&A expenses |
|
$ 417.4 |
|
$ (1.5) |
|
$ 7.9 |
|
$ (4.4) |
|
$ 419.5 |
SG&A as % gross profit (1) |
|
61.1 % |
|
|
|
|
|
|
|
61.4 % |
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 409.8 |
|
$ (1.5) |
|
$ — |
|
$ (4.4) |
|
$ 403.9 |
Same Store SG&A as % gross profit (1) |
|
61.9 % |
|
|
|
|
|
|
|
61.0 % |
|
|
Nine Months Ended |
||||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Acquisition |
|
Legal items |
|
Non-GAAP |
SG&A expenses |
|
$ 1,257.9 |
|
$ (9.8) |
|
$ 52.9 |
|
$ (11.3) |
|
$ (3.5) |
|
$ 1,286.2 |
SG&A as % gross profit (1) |
|
63.4 % |
|
|
|
|
|
|
|
|
|
64.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 1,216.7 |
|
$ (9.8) |
|
$ — |
|
$ (11.3) |
|
$ (3.5) |
|
$ 1,192.1 |
Same Store SG&A as % gross profit (1) |
|
66.3 % |
|
|
|
|
|
|
|
|
|
65.0 % |
|
|
Nine Months Ended |
||||||||||
|
|
|
|
Catastrophic |
|
Dealership |
|
Acquisition |
|
Legal items |
|
Non-GAAP |
SG&A expenses |
|
$ 1,209.8 |
|
$ (1.5) |
|
$ 18.4 |
|
$ (0.3) |
|
$ (4.4) |
|
$ 1,222.1 |
SG&A as % gross profit (1) |
|
61.4 % |
|
|
|
|
|
|
|
|
|
62.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 1,171.9 |
|
$ (1.5) |
|
$ — |
|
$ (0.3) |
|
$ (4.4) |
|
$ 1,165.7 |
Same Store SG&A as % gross profit (1) |
|
61.9 % |
|
|
|
|
|
|
|
|
|
61.6 % |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
|
||||||||
Reconciliation of Certain Non-GAAP Financial Measures — |
||||||||
(Unaudited) |
||||||||
(In millions) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
|
|
|
Severance costs |
|
Acquisition costs |
|
Non-GAAP |
SG&A expenses |
|
$ 146.1 |
|
$ (0.4) |
|
$ (6.1) |
|
$ 139.6 |
SG&A as % gross profit (1) |
|
83.7 % |
|
|
|
|
|
80.0 % |
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 86.4 |
|
$ (0.4) |
|
$ (6.1) |
|
$ 79.9 |
Same Store SG&A as % gross profit (1) |
|
84.7 % |
|
|
|
|
|
78.3 % |
|
|
Nine Months Ended |
||||||
|
|
|
|
Severance costs |
|
Acquisition costs |
|
Non-GAAP |
SG&A expenses |
|
$ 307.0 |
|
$ (1.0) |
|
$ (8.0) |
|
$ 298.0 |
SG&A as % gross profit (1) |
|
81.5 % |
|
|
|
|
|
79.1 % |
|
|
|
|
|
|
|
|
|
Same Store SG&A expenses |
|
$ 244.4 |
|
$ (1.0) |
|
$ (8.0) |
|
$ 235.4 |
Same Store SG&A as % gross profit (1) |
|
81.0 % |
|
|
|
|
|
78.0 % |
|
|
Nine Months Ended |
||||
|
|
|
|
Dealership and |
|
Non-GAAP |
SG&A expenses |
|
$ 229.6 |
|
$ 0.9 |
|
$ 230.5 |
SG&A as % gross profit (1) |
|
71.8 % |
|
|
|
72.1 % |
(1) Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above. |
View original content:https://www.prnewswire.com/news-releases/group-1-automotive-reports-third-quarter-2024-financial-results-302290898.html
SOURCE