Group 1 Automotive Files Q3 2024 10-Q

TL;DR

GPI Q3 2024 10-Q filed. Financials out.

AI Summary

Group 1 Automotive Inc. reported its Q3 2024 results, ending September 30, 2024. The company's financial performance for the quarter and the nine months ended September 30, 2024, is detailed in this 10-Q filing. Specific financial figures and operational details for the period are provided.

Why It Matters

This filing provides investors and analysts with the official financial performance data for Group 1 Automotive for the third quarter of 2024, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Players & Entities

• Group 1 Automotive Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share GPI New York Stock Exchange

Filing Documents

• gpi-20240930.htm (10-Q) — 2687KB
• a2024q3exhibit101.htm (EX-10.1) — 659KB
• a2024q3exhibit311.htm (EX-31.1) — 10KB
• a2024q3exhibit312.htm (EX-31.2) — 9KB
• a2024q3exhibit321.htm (EX-32.1) — 5KB
• a2024q3exhibit322.htm (EX-32.2) — 5KB
• 0001031203-24-000073.txt ( ) — 9321KB
• gpi-20240930.xsd (EX-101.SCH) — 51KB
• gpi-20240930_cal.xml (EX-101.CAL) — 94KB
• gpi-20240930_def.xml (EX-101.DEF) — 246KB
• gpi-20240930_lab.xml (EX-101.LAB) — 627KB
• gpi-20240930_pre.xml (EX-101.PRE) — 445KB
• gpi-20240930_htm.xml (XML) — 1082KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION 48

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51 SIGNATURE 52 i Table of Contents GLOSSARY OF DEFINITIONS The following are abbreviations and definitions of terms used within this report: Terms Definitions AOCI Accumulated other comprehensive income (loss) DMS Dealer management system EPS Earnings per share F&I Finance, insurance and other FMCC Ford Motor Credit Company GBP British Pound Sterling () OEM Original equipment manufacturer PRU Per retail unit SG&A Selling, general and administrative SOFR Secured Overnight Financing Rate U.K. United Kingdom U.S. United States of America USD United States Dollar ($) U.S. GAAP Accounting principles generally accepted in the U.S. 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Unless the context requires otherwise, references to "we," "us," "our" or the "Company" are intended to mean the business and operations of Group 1 Automotive, Inc. and its subsidiaries. This Quarterly Report on Form 10-Q (this "Form 10-Q") includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These forward-looking statements include, but are not limited to, statements concerning the Company's strategy, future operating performance, future liquidity and availability of financing, capital allocation, the completion of future acquisitions and divestitures, as well as the impact of cyberattacks or other privacy/data security incidents, business trends in the retail automotive industry, changes in regulations and potential changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences. When used in this Form 10-Q, the words "anticipate," "believe," "estimate," "expect," "intend," "may" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's expectations and beliefs as of the date of this Form 10-Q concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable when and as made, there can be no assurance that future developments affecting the Company will be those that are anticipated. The Company's forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the risks set forth in Item 1A. Risk Factors of this Form 10-Q. For additional information regarding known material factors that could cause a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GROUP 1 AUTOMOTIVE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except share data) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 58.7 $ 57.2 Contracts-in-transit and vehicle receivables, net 332.9 369.2 Accounts and notes receivable, net 305.9 238.4 Inventories 2,752.2 1,963.4 Prepaid expenses 59.6 38.9 Other current assets 49.0 25.1 Current assets classified as held for sale 67.5 99.1 TOTAL CURRENT ASSETS 3,625.7 2,791.3 Property and equipment, net of accumulated depreciation of $ 648.2 and $ 587.7 , respectively 2,881.6 2,248.7 Operating lease assets 302.9 216.5 Goodwill 2,140.7 1,651.9 Intangible franchise rights 865.4 701.2 Other long-term assets 160.2 164.6 TOTAL ASSETS $ 9,976.5 $ 7,774.1 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Floorplan notes payable — credit facility and other, net of offset account of $ 99.8 and $ 236.7 , respectively $ 1,443.4 $ 1,153.0 Floorplan notes payable — manufacturer affiliates, net of offset account of $ — and $ 38.5 , respectively 826.1 412.4 Current maturities of long-term debt 196.0 109.4 Current operating lease liabilities 25.3 20.9 Accounts payable 737.0 499.3 Accrued expenses and other current liabilities 380.6 303.4 Current liabilities classified as held for sale 15.5 7.2 TOTAL CURRENT LIABILITIES 3,623.9 2,505.7 Long-term debt 2,695.1 1,989.4 Long-term operating lease liabilities 284.9 209.4 Deferred income taxes 256.1 256.6 Other long-term liabilities 140.2 138.6 Commitments and Contingencies (Note 11) STOCKHOLDERS' EQUITY: Common stock, $ 0.01 par value, 50,000,000 shares authorized; 25,082,140 and 25,131,460 shares issued, respectively 0.3 0.3 Additional paid-in capital 367.0 349.1 Retained earnings 4,033.9 3,649.8 Accumulated other comprehensive income (loss) 45.8 28.1 Treasury stock, at cost; 11,743,353 and 11,447,422 shares, respectively ( 1,470.8 )