$GPI

GROUP 1 AUTOMOTIVE INC

CIK:0001031203|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenues	$ 5,385.1	$ 5,703.5	$ 10,792.2	$ 11,208.8
Total cost of sales	4,524.5	4,767.8	9,053.7	9,381.1
GROSS PROFIT	860.6	935.8	1,738.4	1,827.7
Selling, general and administrative expenses	623.5	646.1	1,224.1	1,263.4
Depreciation and amortization expense	30.9	28.7	62.1	58.0
Asset impairments	1.0	0.4	3.5	0.8
Restructuring charges	2.1	7.6	3.1	18.7
INCOME FROM OPERATIONS	203.1	253.0	445.7	486.9
Floorplan interest expense	22.0	26.4	45.3	53.3
Other interest expense, net	46.7	42.7	95.5	82.5
Other income	0.0	0.0	0.0	(0.2)
INCOME BEFORE INCOME TAXES	134.4	183.9	304.9	351.4
Provision for income taxes	31.4	44.0	72.0	83.8
Net income from continuing operations	103.0	139.8	232.9	267.6
Net income from discontinued operations	0.3	0.7	0.7	1.0
NET INCOME	$ 103.3	$ 140.5	$ 233.5	$ 268.6
BASIC EARNINGS PER SHARE:
Basic earnings per share continuing operations (in dollars per share)	$ 8.63	$ 10.79	$ 19.48	$ 20.44
Basic earnings per share discontinued operations (in dollars per share)	0.03	0.05	0.06	0.08
Basic earnings per share (in dollars per share)	8.66	10.84	19.54	20.52
DILUTED EARNINGS PER SHARE:
Diluted earnings per share continuing operations (in dollar per share)	8.62	10.77	19.44	20.40
Diluted earnings per share discontinued operations (in dollar per share)	0.03	0.05	0.06	0.08
Diluted earnings per common share (in dollars per share)	$ 8.64	$ 10.82	$ 19.50	$ 20.48
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding basic (in shares)	11,816,097	12,814,393	11,836,333	12,936,243
Weighted average common shares outstanding diluted (in shares)	11,840,951	12,842,691	11,860,122	12,962,372
New vehicle retail sales
Total revenues	$ 2,606.1	$ 2,735.5	$ 5,168.5	$ 5,415.4
Total cost of sales	2,432.6	2,537.1	4,822.2	5,027.4
Used vehicle retail sales
Total revenues	1,718.3	1,848.2	3,493.2	3,603.6
Total cost of sales	1,636.4	1,751.8	3,323.6	3,413.7
Used vehicle wholesale sales
Total revenues	151.5	163.8	300.9	315.4
Total cost of sales	152.2	163.3	300.1	313.3
Parts and service sales
Total revenues	692.4	718.4	1,396.8	1,410.4
Total cost of sales	303.4	315.6	607.8	626.7
Finance, insurance and other, net
Total revenues	$ 216.8	$ 237.8	$ 432.7	$ 464.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 233.5	$ 268.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62.1	58.0
Change in operating lease assets	15.3	15.2
Deferred income taxes	(1.9)	19.8
Asset impairments	3.5	4.4
Stock-based compensation	18.8	15.8
Amortization of debt discount and issuance costs	2.7	2.7
Gain on disposition of assets	(40.3)	(9.0)
Unrealized (gain) loss on derivative instruments	(0.6)	0.9
Other	0.1	(0.4)
Changes in assets and liabilities, net of acquisitions and dispositions:
Accounts payable and accrued expenses	(72.3)	(56.5)
Accounts and notes receivable	22.5	17.2
Inventories	(68.0)	91.4
Contracts-in-transit and vehicle receivables	24.7	15.7
Prepaid expenses and other assets	26.6	14.3
Floorplan notes payable — manufacturer affiliates	(54.3)	(32.7)
Deferred revenues	(2.2)	(0.3)
Operating lease liabilities	(15.1)	(14.6)
Net cash provided by operating activities	155.0	410.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $11.3 and $26.8, respectively	(219.6)	(320.4)
Proceeds from disposition of franchises, property and equipment	370.2	76.1
Purchases of property and equipment	(126.8)	(123.9)
Escrow payments for acquisitions	0.0	(3.0)
Other	(1.6)	(0.1)
Net cash provided by (used in) investing activities	22.2	(371.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	8,675.7	7,050.3
Repayments on credit facility — floorplan line and other	(8,352.4)	(7,134.4)
Borrowings on credit facility — acquisition line	833.6	999.9
Repayments on credit facility — acquisition line	(988.4)	(684.6)
Debt issuance costs	0.0	(7.0)
Borrowings on other debt	53.4	52.7
Principal payments on other debt	(188.6)	(129.9)
Proceeds from employee stock purchase plan	15.0	16.1
Payments of tax withholding for stock-based compensation	(7.4)	(10.0)
Repurchases of common stock, amounts based on settlement date	(72.4)	(167.3)
Dividends paid	(13.1)	(13.1)
Net cash used in financing activities	(44.6)	(27.2)
Effect of exchange rate changes on cash	(0.5)	6.4
Net increase in cash and cash equivalents	132.0	18.3
CASH AND CASH EQUIVALENTS, beginning of period	32.5	34.4
CASH AND CASH EQUIVALENTS, end of period	$ 164.5	$ 52.7

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 164.5	$ 32.5
Contracts-in-transit and vehicle receivables, net	299.7	326.4
Accounts and notes receivable, net	287.0	308.4
Inventories	2,759.6	2,741.3
Prepaid expenses	37.9	65.3
Other current assets	17.0	17.4
Current assets classified as held for sale	107.2	171.4
TOTAL CURRENT ASSETS	3,672.9	3,662.6
Property and equipment, net of accumulated depreciation of $787.2 and $746.3, respectively	3,101.7	3,137.4
Operating lease assets	255.8	276.0
Goodwill	2,172.6	2,204.9
Intangible franchise rights	947.4	933.8
Other long-term assets	136.1	135.1
TOTAL ASSETS	10,286.5	10,349.6
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $157.5 and $504.2, respectively	1,404.3	1,083.5
Floorplan notes payable — manufacturer affiliates	776.9	832.3
Current maturities of long-term debt	314.6	259.0
Current operating lease liabilities	25.3	25.1
Accounts payable	685.6	732.8
Accrued expenses and other current liabilities	394.7	432.0
Current liabilities classified as held for sale	0.0	38.5
TOTAL CURRENT LIABILITIES	3,601.5	3,403.1
Long-term debt	3,048.4	3,440.5
Long-term operating lease liabilities	207.0	229.9
Deferred income taxes	325.9	331.1
Other long-term liabilities	151.5	155.8
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 50,000,000 shares authorized; 24,922,415 and 24,941,249 shares issued, respectively	0.2	0.2
Additional paid-in capital	401.5	388.5
Retained earnings	4,642.3	4,421.9
Accumulated other comprehensive income (loss)	20.9	31.6
Treasury stock, at cost; 12,996,502 and 12,897,840 shares, respectively	(2,112.8)	(2,053.2)
TOTAL STOCKHOLDERS’ EQUITY	2,952.2	2,789.1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 10,286.5	$ 10,349.6