Offering Memorandum Excerpts We currently expect to fund the Inchcape Acquisition with a combination of borrowings under the Acquisition Line of our Revolving Credit Facility and cash on hand. • represented 7% of our operating income; and • represented 19% of our total assets; and *** EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted free cash flow, adjusted net cash flows provided by operating activities, adjusted net cash flows used in investing activities, adjusted n ...

HOUSTON, July 25, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250 automotive retailer, today announced that, subject to market conditions, it intends to offer for sale $500.0 million in aggregate principal amount of senior unsecured notes due 2030 (the "Notes"). The Company expects to use the net proceeds of the offering to repay borrowings under its revolving credit facility and for general corporate purposes. The Notes to be offered have not been, and ...

Financial Performance - Total revenues for Q2 2024 reached $4,696.4 million, a 3.0% increase from $4,558.5 million in Q2 2023[128]. - Net income for Q2 2024 was $138.2 million, down 18.9% from $170.5 million in Q2 2023[131]. - Basic earnings per share from continuing operations decreased to $10.20, compared to $12.06 in the same quarter last year[128]. - Gross profit for the six months ended June 30, 2024, was $1,509.1 million, slightly up from $1,503.4 million in 2023[128]. - Total revenues for the six months ended June 30, 2024, were $4,696.4 million, down from $9,166.9 million in the same period of 2023, reflecting a decline of 48.7%[167]. - Net income for the six months ended June 30, 2024, was $286.1 million, a decrease of 13.0% from $329.0 million in the same period of 2023[157]. - Total gross profit decreased by 3.2% to $1,398.7 million from $1,444.4 million[226]. - Total revenues grew by 3.0% year-over-year, with a constant currency change of 2.9%[236]. Assets and Liabilities - Total assets increased to $8,850.3 million as of June 30, 2024, up from $7,774.1 million at December 31, 2023, representing a growth of 13.8%[127]. - Total liabilities reached $5,984.0 million, up from $4,799.5 million, indicating a growth of 24.8%[127]. - Long-term debt increased to $2,279.3 million from $1,989.4 million, which is a rise of 14.6%[127]. - Current liabilities increased to $3,097.7 million from $2,505.7 million, reflecting a rise of 23.6%[127]. - As of June 30, 2024, total debt increased to $2,460.6 million from $2,107.5 million as of December 31, 2023, representing a 16.7% increase[182]. Cash Flow and Investments - Net cash provided by operating activities decreased to $129.8 million for the six months ended June 30, 2024, compared to $239.0 million in 2023, a decline of 45.9%[157]. - The company reported a net cash used in investing activities of $669.0 million for the six months ended June 30, 2024, compared to $369.1 million in 2023, an increase of 81.2%[157]. - The company reported a net cash provided by financing activities of $546.4 million for the six months ended June 30, 2024, compared to $103.0 million in 2023, an increase of 429.3%[157]. Stock and Shareholder Information - During the Current Year, 352,920 shares were repurchased at an average price of $282.81 per share, totaling $99.8 million[95]. - As of June 30, 2024, $204.6 million remained available under the current stock repurchase authorization[95]. - The company declared dividends of $0.47 per share, totaling $6.4 million[143]. - The balance of common stock shares decreased from 25,131,460 to 25,092,785 from December 31, 2023, to June 30, 2024[143]. Operational Highlights - The company activated cyber incident response procedures in response to a cybersecurity incident experienced by CDK, ensuring no breach of PII occurred[111]. - The company does not expect the recent CDK Global cybersecurity incident to materially impact its overall financial condition or ongoing results of operations[207]. - The Company operates 147 dealerships in the U.S. and 55 dealerships in the U.K. as of June 30, 2024[216]. Sales Performance - New vehicle retail sales amounted to $2,364.2 million, up 5.4% from $2,243.2 million year-over-year[128]. - Used vehicle retail sales were $1,453.2 million, a marginal increase from $1,450.6 million year-over-year[128]. - Retail new vehicles sold increased by 2.9% to 83,632 units, compared to 81,241 units in 2023[226]. - New vehicle retail sales increased to $4,134.9 million in 2024, up 2.3% from $4,042.8 million in 2023[226]. Cost and Expenses - Total cost of sales for Q2 2024 was $3,929.8 million, an increase of 3.9% from $3,783.0 million in Q2 2023[128]. - SG&A expenses rose to $956.8 million, a 5.1% increase from $910.8 million[226]. - Floorplan interest expense increased significantly by 58.0% to $24.7 million in 2024 from $15.6 million in 2023[236]. Compliance and Legal Matters - The company does not anticipate any material liquidity constraints or issues with compliance with debt covenants[93]. - The company has no ongoing legal proceedings that are expected to materially affect its financial condition[84]. - The company’s management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2024[82].

Group 1 Automotive, Inc. (NYSE:GPI) Q2 2024 Earnings Call July 24, 2024 10:00 AM ET Company Participants Pete DeLongchamps - Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs Daryl Kenningham - President and Chief Executive Officer Daniel McHenry - Senior Vice President and Chief Financial Officer Conference Call Participants Rajat Gupta - JPMorgan John Murphy - Bank of America David Whiston - Morningstar Michael Ward - Freedom Capital Ron Jewsikow - Guggenheim Securities ...

For the quarter ended June 2024, Group 1 Automotive (GPI) reported revenue of $4.7 billion, up 3% over the same period last year. EPS came in at $9.80, compared to $11.73 in the year-ago quarter. The reported revenue represents a surprise of -1.50% over the Zacks Consensus Estimate of $4.77 billion. With the consensus EPS estimate being $9.43, the EPS surprise was +3.92%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

This quarterly report represents an earnings surprise of 3.92%. A quarter ago, it was expected that this auto dealer would post earnings of $9.52 per share when it actually produced earnings of $9.49, delivering a surprise of -0.32%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While Group 1 Automotive has underperformed the market so far this year, the qu ...

(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) F ...

Group 1 Automotive (GPI) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on July 24, 2024, might help the stock move higher if these key numbers are better than ...

The conference call will be simulcast live on the Internet at http://www.group1corp.com/events. A webcast replay will be available for 30 days. A copy of the Company's presentation will also be made available at http://www.group1corp.com/company-presentations. A telephonic replay will be available following the call through July 31, 2024, by dialing: ABOUT GROUP 1 AUTOMOTIVE, INC. Group 1 owns and operates 206 automotive dealerships, 270 franchises, and 42 collision centers in the United States and the Unit ...

Group 1's Chief Executive Officer Daryl Kenningham stated, "We are delighted to expand our relationship with Mercedes-Benz while growing our operations in the U.K. This brand is outstanding and our ability to add these dealerships to our portfolio is a very positive growth action and presents an opportunity to further drive profitable growth for our shareholders." ABOUT GROUP 1 AUTOMOTIVE, INC. FORWARD-LOOKING STATEMENTS Investor contacts: Terry Bratton Manager, Investor Relations Group 1 Automotive, Inc. [ ...