- Q1 2024 EPS $4.49, compared to
$6.07 a year ago
- Q1 2024 Revenue $6.5 billion,
compared to $6.4 billion a year
ago
- Q1 2024 After-Sales gross profit increased 9% from a year ago
to a record $556 million
- Year-to-date through April 24,
2024, repurchased 1.6 million shares of common stock
- Board of Directors has authorized the repurchase of up to an
additional $1.0 billion of common
stock
FORT
LAUDERDALE, Fla., April 26,
2024 /PRNewswire/ -- AutoNation,
Inc. (NYSE: AN) today reported first quarter 2024
EPS of $4.49, compared to
$6.07 a year ago. First quarter 2024
revenue was $6.5 billion, compared to
$6.4 billion a year ago, led by 7%
growth in New Vehicle unit volume and 8% After-Sales growth.
"Our first quarter performance once again reflected the strength
of our business model and the outstanding execution by our
associates. We delivered robust growth in New and Used Vehicle
sales, maintained a highly attractive position in our Customer
Financial Services business, and posted 8% revenue growth in our
After-Sales business. Our operating cash generation was
exceptional, and we were thoughtful in our capital allocation
decisions," said Mike Manley,
AutoNation Chief Executive Officer. "We remain focused on
maximizing shareholder returns and I am pleased to announce that
our Board authorized the repurchase of up to an additional
$1.0 billion of common stock," Manley
added.
Operational Summary
First quarter 2024
compared to the year-ago period:
|
Selected Financial
Data
|
|
($ in millions, except
per share data)
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
YoY
|
|
Revenue
|
|
$
6,485.7
|
|
$
6,398.7
|
|
1 %
|
|
Gross Profit
|
|
$
1,197.9
|
|
$
1,286.4
|
|
-7 %
|
|
Operating
Income
|
|
$
340.3
|
|
$
443.3
|
|
-23 %
|
|
Adjusted Operating
Income*
|
|
$
347.6
|
|
$
448.5
|
|
-22 %
|
|
Net Income
|
|
$
190.1
|
|
$
288.7
|
|
-34 %
|
|
Diluted EPS
|
|
$
4.49
|
|
$
6.07
|
|
-26 %
|
|
|
|
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
|
58,863
|
|
55,065
|
|
7 %
|
|
Used Vehicle Retail
Unit Sales
|
|
69,121
|
|
67,539
|
|
2 %
|
|
|
*Reconciliations of
non-GAAP financial measures are included in the attached financial
tables.
|
- Revenue - totaled $6.5
billion, up $87 million
compared to the year-ago period, as continued growth in After-Sales
and increased New Vehicle revenue more than offset lower Used
Vehicle revenue.
- New Vehicle Revenue – increased $47 million or 2% to $3.0
billion.
- Used Vehicle Revenue – decreased
$37 million or 2% to $2.0 billion.
- After-Sales Revenue –increased
$83 million or 8% to $1.2 billion.
- Customer Financial Services Revenue
– increased to $335
million, compared to $332
million a year ago
- Gross Profit - totaled $1.2 billion, down $89
million from $1.3 billion a
year ago.
- New Vehicle Gross Profit - decreased
$91 million reflecting gross profit
per vehicle retailed of $3,328
compared to $5,210 a year ago,
partially offset by a 7% increase in unit sales.
- Used Vehicle Gross Profit - decreased
$43 million reflecting gross profit
per vehicle retailed of $1,473
compared to $2,117 a year ago,
partially offset by a 2% increase in unit sales.
- After-Sales Gross Profit - increased
$45 million, or 9% from a year ago to
$556 million.
- Customer Financial Services Gross Profit -
totaled $335 million, reflecting
gross profit per vehicle retailed of $2,615.
- SG&A as a Percentage of Gross Profit – was
66.2%, or 65.6% on an adjusted basis, slightly higher than recent
periods reflecting acquisitions and growth investments.
Segment Results
Segment results(1) for the
first quarter of 2024 were as follows:
- Domestic Segment Income(2) – was
$75 million compared to the year-ago
segment income of $119 million, a
decrease of 37%. Revenue of $1.8
billion was down 4%.
- Import Segment Income(2) – was
$129 million compared to the year-ago
segment income of $160 million, a
decrease of 20%. Revenue of $2.0
billion was up 11%.
- Premium Luxury Segment Income(2) – was
$172 million compared to the year-ago
segment income of $227 million, a
decrease of 24%. Revenue of $2.4
billion was down 3%.
Capital Allocation, Liquidity, and Leverage
During the
quarter, AutoNation repurchased 0.2 million shares of common stock
for an aggregate purchase price of $39
million. Year-to-date through April 24, 2024,
AutoNation had repurchased 1.6 million shares for an aggregate
purchase price of $250
million. AutoNation today announced that the Board of
Directors authorized the repurchase of up to an additional
$1.0 billion of common stock under
its share repurchase program and has approximately $1.1 billion under the program. During the first
quarter of 2024 the Company made capital expenditures of
$94 million.
As of March 31, 2024, AutoNation had $1.7 billion of liquidity, including $60 million in cash and $1.6 billion of availability under its revolving
credit facility, net of commercial paper borrowings. The Company's
covenant leverage ratio was 2.25x at quarter end and the Company
had $3.9 billion of non-vehicle debt
outstanding.
The first quarter conference call may be accessed by telephone
at 833-470-1428 (Conference ID:758921) at 9:00 a.m. Eastern Time today or on AutoNation's
investor relations website at investors.autonation.com.
The webcast will also be available on AutoNation's website
following the call under "Events & Presentations." A playback
of the conference call will be available after 12:00 p.m. Eastern Time on April 26, 2024, through May 17, 2024, by calling 866-813-9403 (Conference
ID: 457858). Additional information regarding AutoNation's results
can be found in the Investor Presentation available at
investors.autonation.com.
|
(1)
|
AutoNation has
three reportable segments: Domestic, Import, and Premium Luxury.
The Domestic segment is comprised of stores that sell vehicles
manufactured by Ford, General Motors, and Stellantis; the Import
segment is comprised of stores that sell vehicles manufactured
primarily by Toyota, Honda, Hyundai, Subaru, and Nissan; and the
Premium Luxury segment is comprised of stores that sell vehicles
manufactured primarily by Mercedes-Benz, BMW, Lexus, Audi, and
Jaguar Land Rover.
|
|
|
|
(2)
|
Segment income
represents income for each of AutoNation's reportable segments and
is defined as operating income less floorplan interest
expense.
|
About AutoNation, Inc.
AutoNation is one of the
largest automotive retailers in the
United States, offering innovative products, exceptional
services, and comprehensive solutions, empowering our customers to
make the best decisions for their needs. With a network of
dealerships nationwide strengthened by a recognized brand, we offer
a wide variety of new and used vehicles, customer financing, parts,
and provide expert maintenance and repair services. Through
our DRV PNK initiative, we have raised over $40 million for cancer-related causes,
demonstrating our commitment to making a positive difference in the
lives of our Associates, Customers, and the communities we
serve.
Please visit www.autonation.com, investors.autonation.com, and
www.x.com/autonation, where AutoNation discloses additional
information about the Company, its business, and its results of
operations. Please also visit www.autonationdrive.com, AutoNation's
automotive blog, for information regarding the AutoNation
community, the automotive industry, and current automotive news and
trends.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "targets,"
"projects," "plans," "believes," "continues," "may," "will,"
"could," and variations of such words and similar expressions are
intended to identify such forward-looking statements. Statements
regarding our strategic initiatives, partnerships, and investments,
including AutoNation USA,
AutoNation Finance, and AutoNation Mobile Service, statements
regarding our investments in digital and online capabilities and
mobility solutions, statements regarding our expectations for the
future performance of our business and the automotive retail
industry, and other statements that describe our objectives, goals,
or plans, are forward-looking statements. Our forward-looking
statements reflect our current expectations concerning future
results and events, and they involve known and unknown risks,
uncertainties, and other factors that are difficult to predict and
may cause our actual results, performance, or achievements to be
materially different from any future results, performance, and
achievements expressed or implied by these statements. These risks,
uncertainties, and other factors include, among others: our ability
to implement successfully our strategic acquisitions, initiatives,
partnerships, and investments, including our investments in digital
and online capabilities and mobility solutions; our ability to
identify, acquire, and build out suitable locations in a timely
manner; our ability to maintain and enhance our retail brands and
reputation and to attract consumers to our own digital channels;
our ability to acquire and integrate successfully new acquisitions;
restrictions imposed by vehicle manufacturers and our ability to
obtain manufacturer approval for franchise acquisitions; economic
conditions, including changes in unemployment, interest, and/or
inflation rates, consumer demand, fuel prices, and tariffs; supply
chain disruptions and inventory availability; new and used vehicle
margins; our ability to attain planned sales volumes within our
expected time frames; our ability to successfully implement and
maintain expense controls; the successful resolution of labor
strikes impacting domestic vehicle manufacturers; the success and
financial viability and the incentive and marketing programs of
vehicle manufacturers and distributors with which we hold
franchises; natural disasters and other adverse weather events; the
resolution of legal and administrative proceedings; regulatory
factors affecting our business, including fuel economy
requirements; the announcement of safety recalls; factors affecting
our goodwill and other intangible asset impairment testing; and
other factors described in our news releases and filings made under
the securities laws, including, among others, our Annual Reports on
Form 10-K, our Quarterly Reports on Form 10-Q and our Current
Reports on Form 8-K. Forward-looking statements contained in this
news release speak only as of the date of this news release, and we
undertake no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
|
AUTONATION,
INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions,
except per share data)
|
|
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
New vehicle
|
|
$
2,979.3
|
|
$
2,931.9
|
|
Used
vehicle
|
|
1,996.1
|
|
2,032.6
|
|
Parts and
service
|
|
1,172.4
|
|
1,089.8
|
|
Finance and insurance,
net
|
|
334.7
|
|
332.4
|
|
Other
|
|
3.2
|
|
12.0
|
|
Total
revenue
|
|
6,485.7
|
|
6,398.7
|
|
Cost of
sales:
|
|
|
|
|
|
New vehicle
|
|
2,783.4
|
|
2,645.0
|
|
Used
vehicle
|
|
1,884.6
|
|
1,878.2
|
|
Parts and
service
|
|
616.6
|
|
578.7
|
|
Other
|
|
3.2
|
|
10.4
|
|
Total cost of
sales
|
|
5,287.8
|
|
5,112.3
|
|
Gross profit
|
|
1,197.9
|
|
1,286.4
|
|
Selling, general, and
administrative expenses
|
|
793.1
|
|
782.7
|
|
Depreciation and
amortization
|
|
58.3
|
|
52.8
|
|
Other expense,
net(1)
|
|
6.2
|
|
7.6
|
|
Operating
income
|
|
340.3
|
|
443.3
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
Floorplan interest
expense
|
|
(49.4)
|
|
(27.1)
|
|
Other interest
expense
|
|
(44.6)
|
|
(41.1)
|
|
Other income,
net(2)
|
|
7.0
|
|
5.2
|
|
Income from continuing
operations before income taxes
|
|
253.3
|
|
380.3
|
|
Income tax
provision
|
|
63.2
|
|
92.5
|
|
Net income from
continuing operations
|
|
190.1
|
|
287.8
|
|
Income from
discontinued operations, net of income taxes
|
|
—
|
|
0.9
|
|
Net income
|
|
$
190.1
|
|
$
288.7
|
|
Diluted earnings per
share(3):
|
|
|
|
|
|
Continuing
operations
|
|
$
4.49
|
|
$
6.05
|
|
Discontinued
operations
|
|
$
—
|
|
$
0.02
|
|
Net income
|
|
$
4.49
|
|
$
6.07
|
|
Weighted average common
shares outstanding
|
|
42.3
|
|
47.6
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
41.6
|
|
45.6
|
|
|
|
(1)
|
Includes results of our finance company, including
expected credit loss expense, as well as asset impairments and
gains on property divestitures.
|
|
(2)
|
Includes gains related to changes in the cash
surrender value of corporate-owned life insurance for deferred
compensation plan participants, net of losses on minority equity
investments.
|
|
(3)
|
Earnings per share amounts are calculated discretely
and therefore may not add up to the total due to
rounding.
|
|
AUTONATION,
INC.
UNAUDITED
SUPPLEMENTARY DATA
($ in millions,
except per vehicle data)
|
|
|
Operating Highlights
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
2,979.3
|
|
$
2,931.9
|
|
$
47.4
|
|
1.6
|
|
Retail used
vehicle
|
|
1,833.8
|
|
1,884.1
|
|
(50.3)
|
|
(2.7)
|
|
Wholesale
|
|
162.3
|
|
148.5
|
|
13.8
|
|
9.3
|
|
Used
vehicle
|
|
1,996.1
|
|
2,032.6
|
|
(36.5)
|
|
(1.8)
|
|
Finance and insurance,
net
|
|
334.7
|
|
332.4
|
|
2.3
|
|
0.7
|
|
Total variable
operations
|
|
5,310.1
|
|
5,296.9
|
|
13.2
|
|
0.2
|
|
Parts and
service
|
|
1,172.4
|
|
1,089.8
|
|
82.6
|
|
7.6
|
|
Other
|
|
3.2
|
|
12.0
|
|
(8.8)
|
|
|
|
Total
revenue
|
|
$
6,485.7
|
|
$
6,398.7
|
|
$
87.0
|
|
1.4
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
195.9
|
|
$
286.9
|
|
$
(91.0)
|
|
(31.7)
|
|
Retail used
vehicle
|
|
101.8
|
|
143.0
|
|
(41.2)
|
|
(28.8)
|
|
Wholesale
|
|
9.7
|
|
11.4
|
|
(1.7)
|
|
|
|
Used
vehicle
|
|
111.5
|
|
154.4
|
|
(42.9)
|
|
(27.8)
|
|
Finance and
insurance
|
|
334.7
|
|
332.4
|
|
2.3
|
|
0.7
|
|
Total variable
operations
|
|
642.1
|
|
773.7
|
|
(131.6)
|
|
(17.0)
|
|
Parts and
service
|
|
555.8
|
|
511.1
|
|
44.7
|
|
8.7
|
|
Other
|
|
—
|
|
1.6
|
|
(1.6)
|
|
|
|
Total gross
profit
|
|
1,197.9
|
|
1,286.4
|
|
(88.5)
|
|
(6.9)
|
|
Selling, general, and
administrative expenses
|
|
793.1
|
|
782.7
|
|
(10.4)
|
|
(1.3)
|
|
Depreciation and
amortization
|
|
58.3
|
|
52.8
|
|
(5.5)
|
|
|
|
Other expense,
net
|
|
6.2
|
|
7.6
|
|
1.4
|
|
|
|
Operating
income
|
|
340.3
|
|
443.3
|
|
(103.0)
|
|
(23.2)
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(49.4)
|
|
(27.1)
|
|
(22.3)
|
|
|
|
Other interest
expense
|
|
(44.6)
|
|
(41.1)
|
|
(3.5)
|
|
|
|
Other income,
net
|
|
7.0
|
|
5.2
|
|
1.8
|
|
|
|
Income from continuing
operations before income taxes
|
|
$
253.3
|
|
$
380.3
|
|
$
(127.0)
|
|
(33.4)
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
New
|
|
58,863
|
|
55,065
|
|
3,798
|
|
6.9
|
|
Used
|
|
69,121
|
|
67,539
|
|
1,582
|
|
2.3
|
|
|
127,984
|
|
122,604
|
|
5,380
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
New
|
|
$
50,614
|
|
$
53,244
|
|
$
(2,630)
|
|
(4.9)
|
|
Used
|
|
$
26,530
|
|
$
27,896
|
|
$
(1,366)
|
|
(4.9)
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
New
|
|
$
3,328
|
|
$
5,210
|
|
$
(1,882)
|
|
(36.1)
|
|
Used
|
|
$
1,473
|
|
$
2,117
|
|
$
(644)
|
|
(30.4)
|
|
Finance and
insurance
|
|
$
2,615
|
|
$
2,711
|
|
$
(96)
|
|
(3.5)
|
|
Total variable
operations(1)
|
|
$
4,941
|
|
$
6,218
|
|
$
(1,277)
|
|
(20.5)
|
|
|
|
(1)
|
Total variable
operations gross profit per vehicle retailed is calculated by
dividing the sum of new vehicle, retail used vehicle, and finance
and insurance gross profit by total retail vehicle unit
sales.
|
|
Operating Percentages
|
|
Three Months Ended March
31,
|
|
|
2024
( %)
|
|
2023
( %)
|
|
Revenue mix
percentages:
|
|
|
|
|
|
New vehicle
|
|
45.9
|
|
45.8
|
|
Used
vehicle
|
|
30.8
|
|
31.8
|
|
Parts and
service
|
|
18.1
|
|
17.0
|
|
Finance and insurance,
net
|
|
5.2
|
|
5.2
|
|
Other
|
|
—
|
|
0.2
|
|
|
100.0
|
|
100.0
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
New vehicle
|
|
16.4
|
|
22.3
|
|
Used
vehicle
|
|
9.3
|
|
12.0
|
|
Parts and
service
|
|
46.4
|
|
39.7
|
|
Finance and
insurance
|
|
27.9
|
|
25.8
|
|
Other
|
|
—
|
|
0.2
|
|
|
100.0
|
|
100.0
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
New vehicle
|
|
6.6
|
|
9.8
|
|
Used vehicle -
retail
|
|
5.6
|
|
7.6
|
|
Parts and
service
|
|
47.4
|
|
46.9
|
|
Total
|
|
18.5
|
|
20.1
|
|
Selling, general, and
administrative expenses
|
|
12.2
|
|
12.2
|
|
Operating
income
|
|
5.2
|
|
6.9
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
66.2
|
|
60.8
|
|
Operating
income
|
|
28.4
|
|
34.5
|
|
AUTONATION,
INC.
UNAUDITED
SUPPLEMENTARY DATA
($ in
millions)
|
|
|
Segment
Operating Highlights
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
1,756.7
|
|
$
1,831.1
|
|
$
(74.4)
|
|
(4.1)
|
|
Import
|
|
1,979.5
|
|
1,789.3
|
|
190.2
|
|
10.6
|
|
Premium
luxury
|
|
2,414.9
|
|
2,484.9
|
|
(70.0)
|
|
(2.8)
|
|
Total
|
|
6,151.1
|
|
6,105.3
|
|
45.8
|
|
0.8
|
|
Corporate and
other
|
|
334.6
|
|
293.4
|
|
41.2
|
|
14.0
|
|
Total consolidated
revenue
|
|
$
6,485.7
|
|
$
6,398.7
|
|
$
87.0
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
75.2
|
|
$
118.5
|
|
$
(43.3)
|
|
(36.5)
|
|
Import
|
|
128.8
|
|
160.4
|
|
(31.6)
|
|
(19.7)
|
|
Premium
luxury
|
|
171.6
|
|
226.8
|
|
(55.2)
|
|
(24.3)
|
|
Total
|
|
375.6
|
|
505.7
|
|
(130.1)
|
|
(25.7)
|
|
Corporate and
other
|
|
(84.7)
|
|
(89.5)
|
|
4.8
|
|
|
|
Add: Floorplan interest
expense
|
|
49.4
|
|
27.1
|
|
22.3
|
|
|
|
Operating
income
|
|
$
340.3
|
|
$
443.3
|
|
$
(103.0)
|
|
(23.2)
|
|
* Segment income
represents income for each of our reportable segments and is
defined as operating income less floorplan interest
expense.
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
15,902
|
|
15,849
|
|
53
|
|
0.3
|
|
Import
|
|
27,568
|
|
23,098
|
|
4,470
|
|
19.4
|
|
Premium
luxury
|
|
15,393
|
|
16,118
|
|
(725)
|
|
(4.5)
|
|
|
58,863
|
|
55,065
|
|
3,798
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
19,763
|
|
21,203
|
|
(1,440)
|
|
(6.8)
|
|
Import
|
|
23,765
|
|
22,063
|
|
1,702
|
|
7.7
|
|
Premium
luxury
|
|
18,963
|
|
18,768
|
|
195
|
|
1.0
|
|
Other
|
|
6,630
|
|
5,505
|
|
1,125
|
|
|
|
|
69,121
|
|
67,539
|
|
1,582
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail New Vehicle Units
Sold
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2024
( %)
|
|
2023
( %)
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
10.7
|
|
11.5
|
|
|
|
|
|
Chevrolet, Buick,
Cadillac, GMC
|
|
10.4
|
|
10.3
|
|
|
|
|
|
Chrysler, Dodge, Jeep,
Ram
|
|
5.9
|
|
7.0
|
|
|
|
|
|
Domestic
total
|
|
27.0
|
|
28.8
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
21.5
|
|
17.9
|
|
|
|
|
|
Honda
|
|
13.2
|
|
12.3
|
|
|
|
|
|
Nissan
|
|
2.0
|
|
2.2
|
|
|
|
|
|
Hyundai
|
|
3.4
|
|
3.3
|
|
|
|
|
|
Subaru
|
|
3.8
|
|
3.2
|
|
|
|
|
|
Other
Import
|
|
2.9
|
|
3.0
|
|
|
|
|
|
Import
total
|
|
46.8
|
|
41.9
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
8.5
|
|
9.6
|
|
|
|
|
|
BMW
|
|
8.4
|
|
9.7
|
|
|
|
|
|
Lexus
|
|
3.7
|
|
3.2
|
|
|
|
|
|
Audi
|
|
2.2
|
|
2.6
|
|
|
|
|
|
Jaguar Land
Rover
|
|
2.1
|
|
2.1
|
|
|
|
|
|
Other Premium
Luxury
|
|
1.3
|
|
2.1
|
|
|
|
|
|
Premium Luxury
total
|
|
26.2
|
|
29.3
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
AUTONATION,
INC.
UNAUDITED
SUPPLEMENTARY DATA, Continued
($ in
millions)
|
|
|
Capital Expenditures / Stock
Repurchases
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
Capital
expenditures
|
|
$
93.7
|
|
$
95.3
|
|
Cash paid for
acquisitions, net of cash acquired
|
|
$
—
|
|
$
191.0
|
|
Proceeds from exercises
of stock options
|
|
$
0.1
|
|
$
1.3
|
|
Stock
repurchases:
|
|
|
|
|
|
Aggregate purchase
price (1)
|
|
$
38.7
|
|
$
305.0
|
|
Shares repurchased (in
millions)
|
|
0.2
|
|
2.4
|
|
Floorplan Assistance and
Expense
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
Variance
|
|
Floorplan assistance
earned (included in cost of sales)
|
|
$
31.9
|
|
$
28.3
|
|
$
3.6
|
|
New vehicle floorplan
interest expense
|
|
(46.6)
|
|
(24.4)
|
|
(22.2)
|
|
Net new vehicle
inventory carrying benefit (expense)
|
|
$
(14.7)
|
|
$
3.9
|
|
$
(18.6)
|
|
Balance Sheet and Other
Highlights
|
|
March 31, 2024
|
|
December 31, 2023
|
|
March 31, 2023
|
|
Cash and cash
equivalents
|
|
$
60.3
|
|
$
60.8
|
|
$
58.3
|
|
Inventory
|
|
$
3,002.7
|
|
$
3,033.4
|
|
$
2,196.2
|
|
Floorplan notes
payable
|
|
$
3,270.9
|
|
$
3,382.4
|
|
$
2,185.7
|
|
Non-recourse
debt
|
|
$
345.2
|
|
$
258.4
|
|
$
283.4
|
|
Non-vehicle
debt
|
|
$
3,873.8
|
|
$
4,030.3
|
|
$
3,882.4
|
|
Equity
|
|
$
2,359.8
|
|
$
2,211.4
|
|
$
2,020.3
|
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
44 days
|
|
36 days
|
|
25 days
|
|
Used days supply
(trailing calendar month days)
|
|
31 days
|
|
39 days
|
|
29 days
|
|
Key Credit Agreement Covenant Compliance Calculations
(2)
|
|
|
|
Leverage ratio
|
|
2.25x
|
|
Covenant
|
less than or equal
to
|
3.75x
|
|
|
Interest coverage ratio
|
|
5.30x
|
|
Covenant
|
greater than or equal
to
|
3.00x
|
|
|
|
(1)
|
Excludes excise taxes imposed under Inflation
Reduction Act.
|
|
(2)
|
Calculated in
accordance with our credit agreement as filed with our Quarterly
Report on Form 10-Q for the quarter ended June 30,
2023.
|
|
AUTONATION,
INC.
UNAUDITED
SUPPLEMENTARY DATA, Continued
($ in millions,
except per share data)
|
|
|
Comparable Basis
Reconciliations(1)
|
|
|
Three Months Ended March 31,
|
|
|
Operating Income
|
|
Income from
Continuing Operations
Before Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax Rate
|
|
Net Income
|
|
Diluted Earnings
Per Share(3)
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
From continuing
operations, as reported
|
$ 340.3
|
|
$ 443.3
|
|
$ 253.3
|
|
$ 380.3
|
|
$
63.2
|
|
$
92.5
|
|
25.0 %
|
|
24.3 %
|
|
$ 190.1
|
|
$ 287.8
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
0.9
|
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 190.1
|
|
$ 288.7
|
|
$
4.49
|
|
$
6.07
|
|
Increase (decrease) in
compensation expense
related to market valuation changes in
deferred compensation(4)
|
7.3
|
|
5.2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
—
|
|
—
|
|
$
—
|
|
$
—
|
|
Adjusted
|
$ 347.6
|
|
$ 448.5
|
|
$ 253.3
|
|
$ 380.3
|
|
$
63.2
|
|
$
92.5
|
|
25.0 %
|
|
24.3 %
|
|
$ 190.1
|
|
$ 288.7
|
|
$
4.49
|
|
$
6.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
SG&A as a Percentage
of Gross Profit (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 793.1
|
|
$ 782.7
|
|
66.2
|
|
60.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding increase
(decrease) in compensation
expense related to market valuation changes
in deferred compensation
|
7.3
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$ 785.8
|
|
$ 777.5
|
|
65.6
|
|
60.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
"Non-GAAP Financial Measures" section of the Press
Release.
|
|
(2)
|
Tax expense is
determined based on the amount of additional taxes or tax benefits
associated with each individual item.
|
|
(3)
|
Diluted earnings per
share amounts are calculated discretely and therefore may not add
up to the total due to rounding.
|
|
(4)
|
Increases and decreases
in deferred compensation obligations, which are recorded in
SG&A, are substantially offset by corresponding gains and
losses, respectively, related to changes in the cash
surrender value of
corporate-owned life insurance ("COLI") for deferred compensation
plan participants as a result of changes in market performance of
the underlying investments; therefore, net impact
to net income and
earnings per share is de minimis. Gains and losses related to the
COLI are recorded in non-operating Other Income, Net.
|
|
AUTONATION,
INC.
UNAUDITED SAME
STORE DATA
($ in millions,
except per vehicle data)
|
|
|
Operating Highlights
|
|
Three Months Ended March 31,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
2,937.2
|
|
$
2,927.5
|
|
$
9.7
|
|
0.3
|
|
Retail used
vehicle
|
|
1,768.9
|
|
1,877.8
|
|
(108.9)
|
|
(5.8)
|
|
Wholesale
|
|
156.9
|
|
147.8
|
|
9.1
|
|
6.2
|
|
Used
vehicle
|
|
1,925.8
|
|
2,025.6
|
|
(99.8)
|
|
(4.9)
|
|
Finance and insurance,
net
|
|
326.1
|
|
331.8
|
|
(5.7)
|
|
(1.7)
|
|
Total variable
operations
|
|
5,189.1
|
|
5,284.9
|
|
(95.8)
|
|
(1.8)
|
|
Parts and
service
|
|
1,155.9
|
|
1,085.8
|
|
70.1
|
|
6.5
|
|
Other
|
|
3.2
|
|
12.2
|
|
(9.0)
|
|
|
|
Total
revenue
|
|
$
6,348.2
|
|
$
6,382.9
|
|
$
(34.7)
|
|
(0.5)
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
194.4
|
|
$
286.7
|
|
$
(92.3)
|
|
(32.2)
|
|
Retail used
vehicle
|
|
99.1
|
|
142.8
|
|
(43.7)
|
|
(30.6)
|
|
Wholesale
|
|
9.6
|
|
11.4
|
|
(1.8)
|
|
|
|
Used
vehicle
|
|
108.7
|
|
154.2
|
|
(45.5)
|
|
(29.5)
|
|
Finance and
insurance
|
|
326.1
|
|
331.8
|
|
(5.7)
|
|
(1.7)
|
|
Total variable
operations
|
|
629.2
|
|
772.7
|
|
(143.5)
|
|
(18.6)
|
|
Parts and
service
|
|
547.3
|
|
509.0
|
|
38.3
|
|
7.5
|
|
Other
|
|
—
|
|
1.6
|
|
(1.6)
|
|
|
|
Total gross
profit
|
|
$
1,176.5
|
|
$
1,283.3
|
|
$
(106.8)
|
|
(8.3)
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
New
|
|
57,842
|
|
54,985
|
|
2,857
|
|
5.2
|
|
Used
|
|
66,163
|
|
67,318
|
|
(1,155)
|
|
(1.7)
|
|
|
124,005
|
|
122,303
|
|
1,702
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
New
|
|
$
50,780
|
|
$
53,242
|
|
$
(2,462)
|
|
(4.6)
|
|
Used
|
|
$
26,735
|
|
$
27,894
|
|
$
(1,159)
|
|
(4.2)
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
New
|
|
$
3,361
|
|
$
5,214
|
|
$
(1,853)
|
|
(35.5)
|
|
Used
|
|
$
1,498
|
|
$
2,121
|
|
$
(623)
|
|
(29.4)
|
|
Finance and
insurance
|
|
$
2,630
|
|
$
2,713
|
|
$
(83)
|
|
(3.1)
|
|
Total variable
operations(1)
|
|
$
4,997
|
|
$
6,225
|
|
$
(1,228)
|
|
(19.7)
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total variable
operations gross profit per vehicle retailed is calculated by
dividing the sum of new vehicle, retail used vehicle, and finance
and insurance gross profit by total retail vehicle unit
sales.
|
|
Operating Percentages
|
|
Three Months Ended March 31,
|
|
|
2024
( %)
|
|
2023
( %)
|
|
Revenue mix
percentages:
|
|
|
|
|
|
New vehicle
|
|
46.3
|
|
45.9
|
|
Used
vehicle
|
|
30.3
|
|
31.7
|
|
Parts and
service
|
|
18.2
|
|
17.0
|
|
Finance and insurance,
net
|
|
5.1
|
|
5.2
|
|
Other
|
|
0.1
|
|
0.2
|
|
|
100.0
|
|
100.0
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
New vehicle
|
|
16.5
|
|
22.3
|
|
Used
vehicle
|
|
9.2
|
|
12.0
|
|
Parts and
service
|
|
46.5
|
|
39.7
|
|
Finance and
insurance
|
|
27.7
|
|
25.9
|
|
Other
|
|
0.1
|
|
0.1
|
|
|
100.0
|
|
100.0
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
New vehicle
|
|
6.6
|
|
9.8
|
|
Used vehicle -
retail
|
|
5.6
|
|
7.6
|
|
Parts and
service
|
|
47.3
|
|
46.9
|
|
Total
|
|
18.5
|
|
20.1
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/autonation-reports-first-quarter-2024-results-302128178.html
SOURCE AutoNation, Inc.