- Second Quarter 2023 EPS was $6.02
and Adjusted EPS was $6.29 compared
to $6.48 a year ago
- Second Quarter 2023 Revenue was $6.9
billion, compared to $6.9
billion a year ago
- Record Second Quarter 2023 After-Sales gross profit of
$543 million, an increase of 13%
compared to prior year
- SG&A was 63.1% of Gross Profit and 61.9% on an adjusted
basis reflecting continued expense discipline
- Repurchased 1.6 million shares of common stock for an aggregate
purchase price of $207 million
- Acquired five dealerships and opened 16th AutoNation
USA store
- Record-breaking 143 stores certified as a J.D. Power 2023
Dealer of Excellence
FORT
LAUDERDALE, Fla., July 21,
2023 /PRNewswire/ -- AutoNation, Inc. (NYSE:
AN), America's most admired automotive retailer, today reported
Second Quarter 2023 EPS of $6.02,
which included an after-tax charge of $12.4
million or $0.27 per share in
weather-related losses. Adjusted EPS was $6.29 for the Second Quarter of 2023, compared to
$6.48 of EPS a year ago. Second
Quarter 2023 revenue was $6.9 billion
compared to $6.9 billion a year
ago. Reconciliations of non-GAAP financial measures are
included in the attached financial tables.
"The strong performance during the quarter reflects the
continued resiliency of our operations and the benefits of our
diversified business model. Our dedicated team of associates
consistently delivered an exceptional experience for our customers,
and their efforts were acknowledged by J.D. Power with a
record-breaking 143 dealerships being certified for excellent
customer service. Our After-Sales team once again delivered
double-digit gross profit growth, our customer financial services
revenue per unit was a record high, and we effectively managed
costs despite lower unit volumes. In addition, the strength of our
balance sheet and robust cash flow enabled continued funding of
investments and acquisitions while also returning significant
capital to shareholders," said Mike
Manley, AutoNation's Chief Executive Officer.
Operational Summary
Second Quarter 2023 Operational Summary compared to the
year-ago period:
Selected GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Three Months Ended Jun
30,
|
|
2023
|
2022
|
YoY
|
|
|
|
|
Revenue
|
$ 6,890.1
|
$ 6,869.2
|
0 %
|
Gross Profit
|
$ 1,335.3
|
$ 1,361.7
|
-2 %
|
Operating
Income
|
$
439.2
|
$
558.1
|
-21 %
|
Net Income
|
$
272.5
|
$
376.3
|
-28 %
|
Diluted EPS
|
$
6.02
|
$
6.48
|
-7 %
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
62,444
|
57,890
|
8 %
|
Used Vehicle Retail
Unit Sales
|
68,812
|
77,080
|
-11 %
|
|
|
|
|
Selected Non-GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Three Months Ended Jun
30,
|
|
2023
|
2022
|
YoY
|
|
|
|
|
Adjusted Operating
Income
|
$
455.7
|
$
558.1
|
-18 %
|
Adjusted Net
Income
|
$
284.9
|
$
376.3
|
-24 %
|
Adjusted Diluted
EPS
|
$
6.29
|
$
6.48
|
-3 %
|
|
|
|
|
- Revenue – Revenue was $6.9 billion, essentially unchanged from the
year-ago period. Higher New Vehicle and After-Sales revenue offset
the decrease in Used Vehicle revenue.
-
- New Vehicle Revenue – $3.3 billion, an increase of $345 million or 12%.
- Used Vehicle Revenue – $2.1 billion, a decrease of $432 million or 17%.
- Customer Financial Services Revenue –
$370 million, compared to
$368 million a year ago.
- After-Sales Revenue – $1.1 billion,
an increase of $109 million or
11%.
- Gross Profit - Gross profit totaled $1.34 billion, down $26
million from $1.36 billion a
year ago.
-
- New Vehicle Gross Profit - New vehicle gross
profit decreased $66 million
reflecting gross profit per vehicle retailed of $4,607 compared to $6,106 a year ago, partially offset by an 8%
increase in unit sales.
- Used Vehicle Gross Profit - Used vehicle
gross profit decreased $22 million
reflecting a gross profit per vehicle retailed of $1,870 compared to $1,915 a year ago and lower unit sales.
- Customer Financial Services Gross Profit -
Customer Financial Services gross profit per vehicle retailed was a
record $2,815 compared to
$2,724 a year ago, and more than
offset lower unit sales.
- After-Sales Gross Profit - After-Sales gross
profit was $543 million, an increase
of $61 million or 13% from a year
ago.
- SG&A as a Percentage of Gross Profit –
SG&A as a percentage of gross profit was 61.9% on an adjusted
basis, much lower than pre-pandemic levels, but slightly higher
than recent periods reflecting investments in technology and new
business initiatives.
Strategy and Business Highlights
"Our more than 11 million Customers in 10.8 million households
are at the center of our efforts. By providing an increasingly
comprehensive, convenient, and transparent experience, we are
expanding our substantial product offerings and increasing our
exposure to more recurring revenue streams. During the quarter we
expanded our franchise dealership network, extended our AutoNation
USA footprint, increased the
penetration of AutoNation Finance and began to integrate
RepairSmith into the AutoNation ecosystem. These initiatives
coupled with our focus on our core operations, expense management
and disciplined capital allocation, position AutoNation for
long-term sustained profitability and shareholder value creation,"
added Manley.
Consumer demand for personal vehicle ownership remains strong,
and AutoNation is meeting this demand through its sourcing
capabilities, selection of vehicles, geographic footprint, digital
tools, core efficiencies, and business expansions. During the
quarter, the Company added scale and scope to existing markets
through the acquisition of five dealerships in Carlsbad, California and the opening of its
16th AutoNation USA store in
Colorado Springs. AutoNation continues to be recognized for
exceptional customer service as J.D. Power certified 143 AutoNation
dealerships with the 2023 Dealer of Excellence Program, an increase
from 129 stores in 2022.
In addition to operational and expansion investments of more
than $180 million, AutoNation
utilized its cash flow and liquidity to deploy capital to return
funds to shareholders through share repurchases. During the Second
Quarter of 2023, AutoNation repurchased 1.6 million shares of
common stock for an aggregate purchase price of $207 million. AutoNation has approximately
$670 million remaining Board
authorization for share repurchase. The Company has approximately
44 million shares outstanding, which represents an 8% decrease
year-to-date and a 47% decrease from the 83 million shares
outstanding at the end of 2020.
Liquidity and Leverage
As of June 30, 2023, AutoNation had $1.4 billion of liquidity, including $64 million in cash and approximately
$1.3 billion of availability under
its revolving credit facility. The Company's covenant leverage
ratio was 2.0x at quarter end. AutoNation had approximately
$4.1 billion of non-vehicle debt
outstanding as of June 30,
2023. On July 18, 2023, the
Company amended its unsecured Credit Agreement, increasing the
revolving borrowing capacity by $100
million to $1.9 billion and
extending the maturity date to July 18,
2028.
Segment Results
Segment results(1) for the
Second Quarter of 2023 were as follows:
- Domestic - Domestic segment income(2)
was $116 million compared to
$153 million a year ago and
$119 million in the First Quarter
2023.
- Import - Import segment income(2) was
$173 million compared to $193 million a year ago and $160 million in the First Quarter 2023.
- Premium Luxury - Premium Luxury segment
income(2) was $222 million
compared to $258 million a year ago
and $227 million in the First Quarter
2023.
Selected GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Six Months Ended Jun
30,
|
|
2023
|
2022
|
YoY
|
|
|
|
|
Revenue
|
$
13,288.8
|
$
13,622.0
|
-2 %
|
Gross Profit
|
$ 2,621.7
|
$ 2,670.6
|
-2 %
|
Operating
Income
|
$
882.5
|
$ 1,077.1
|
-18 %
|
Net Income
|
$
561.2
|
$
738.4
|
-24 %
|
Diluted
EPS
|
$
12.09
|
$
12.25
|
-1 %
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
117,509
|
114,332
|
3 %
|
Used Vehicle Retail
Unit Sales
|
136,351
|
156,843
|
-13 %
|
|
|
|
|
Selected Non-GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Six Months Ended Jun
30,
|
|
2023
|
2022
|
YoY
|
|
|
|
|
Adjusted Operating
Income
|
$
899.0
|
$ 1,077.1
|
-17 %
|
Adjusted Net
Income
|
$
573.6
|
$
738.4
|
-22 %
|
Adjusted Diluted
EPS
|
$
12.36
|
$
12.25
|
1 %
|
The Second Quarter conference call will begin at 9:00 a.m. Eastern Time and may be accessed by
telephone at 833-470-1428 (Conference ID: 979501) 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 July 21, 2023, through August 4, 2023, by calling 866-813-9403
(Conference ID: 351834). 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, a provider
of personalized transportation services, is driven by innovation
and transformation. As one of America's most admired companies,
AutoNation delivers a peerless Customer experience recognized by
data-driven consumer insight leaders, Reputation and J.D. Power.
Through its bold leadership and brand affinity, the AutoNation
Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us."
AutoNation has a singular focus on personalized transportation
services that are easy, transparent, and Customer-centric.
Please visit www.autonation.com, investors.autonation.com, and
www.twitter.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 RepairSmith, 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 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 June
30,
|
|
Six Months Ended June
30,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
3,281.0
|
$
|
2,935.8
|
$
|
6,212.9
|
$
|
5,743.0
|
|
Used vehicle
|
|
2,088.0
|
|
2,520.4
|
|
4,120.6
|
|
5,092.8
|
|
Parts and
service
|
|
1,145.3
|
|
1,036.3
|
|
2,235.1
|
|
2,040.2
|
|
Finance and insurance,
net
|
|
369.5
|
|
367.6
|
|
701.9
|
|
731.5
|
|
Other
|
|
6.3
|
|
9.1
|
|
18.3
|
|
14.5
|
Total
revenue
|
|
6,890.1
|
|
6,869.2
|
|
13,288.8
|
|
13,622.0
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
2,993.3
|
|
2,582.3
|
|
5,638.3
|
|
5,044.5
|
|
Used vehicle
|
|
1,953.7
|
|
2,363.9
|
|
3,831.9
|
|
4,799.7
|
|
Parts and
service
|
|
602.8
|
|
554.6
|
|
1,181.5
|
|
1,097.4
|
|
Other
|
|
5.0
|
|
6.7
|
|
15.4
|
|
9.8
|
Total cost of
sales
|
|
5,554.8
|
|
5,507.5
|
|
10,667.1
|
|
10,951.4
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,335.3
|
|
1,361.7
|
|
2,621.7
|
|
2,670.6
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
842.9
|
|
754.8
|
|
1,625.6
|
|
1,496.2
|
Depreciation and
amortization
|
|
54.6
|
|
48.8
|
|
107.4
|
|
98.8
|
Other (income) expense,
net(1)
|
|
(1.4)
|
|
-
|
|
6.2
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
439.2
|
|
558.1
|
|
882.5
|
|
1,077.1
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(32.8)
|
|
(5.8)
|
|
(59.9)
|
|
(11.0)
|
|
Other interest
expense
|
|
(46.0)
|
|
(34.1)
|
|
(87.1)
|
|
(63.7)
|
|
Other income (loss),
net(2)
|
|
4.4
|
|
(13.7)
|
|
9.6
|
|
(20.1)
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes
|
|
364.8
|
|
504.5
|
|
745.1
|
|
982.3
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
92.3
|
|
128.0
|
|
184.8
|
|
243.7
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
272.5
|
|
376.5
|
|
560.3
|
|
738.6
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
-
|
|
(0.2)
|
|
0.9
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
272.5
|
$
|
376.3
|
$
|
561.2
|
$
|
738.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share(3):
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
6.02
|
$
|
6.48
|
$
|
12.08
|
$
|
12.25
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
$
|
0.02
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
6.02
|
$
|
6.48
|
$
|
12.09
|
$
|
12.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding
|
|
45.3
|
|
58.1
|
|
46.4
|
|
60.3
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
44.0
|
|
56.0
|
|
44.0
|
|
56.0
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Current period includes
results of our finance company, including expected credit loss
expense.
|
(2)
|
Includes gains (losses)
related to changes in the cash surrender value of corporate-owned
life insurance for deferred compensation plan
participants.
|
(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 June
30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
3,281.0
|
$
|
2,935.8
|
$
|
345.2
|
|
11.8
|
$
|
6,212.9
|
$
|
5,743.0
|
$
|
469.9
|
|
8.2
|
|
|
Retail used
vehicle
|
|
1,949.2
|
|
2,362.2
|
|
(413.0)
|
|
(17.5)
|
|
3,833.3
|
|
4,754.4
|
|
(921.1)
|
|
(19.4)
|
|
|
Wholesale
|
|
138.8
|
|
158.2
|
|
(19.4)
|
|
(12.3)
|
|
287.3
|
|
338.4
|
|
(51.1)
|
|
(15.1)
|
|
Used vehicle
|
|
2,088.0
|
|
2,520.4
|
|
(432.4)
|
|
(17.2)
|
|
4,120.6
|
|
5,092.8
|
|
(972.2)
|
|
(19.1)
|
|
Finance and insurance,
net
|
|
369.5
|
|
367.6
|
|
1.9
|
|
0.5
|
|
701.9
|
|
731.5
|
|
(29.6)
|
|
(4.0)
|
|
|
Total variable
operations
|
|
5,738.5
|
|
5,823.8
|
|
(85.3)
|
|
(1.5)
|
|
11,035.4
|
|
11,567.3
|
|
(531.9)
|
|
(4.6)
|
|
Parts and
service
|
|
1,145.3
|
|
1,036.3
|
|
109.0
|
|
10.5
|
|
2,235.1
|
|
2,040.2
|
|
194.9
|
|
9.6
|
|
Other
|
|
6.3
|
|
9.1
|
|
(2.8)
|
|
|
|
18.3
|
|
14.5
|
|
3.8
|
|
|
Total
revenue
|
$
|
6,890.1
|
$
|
6,869.2
|
$
|
20.9
|
|
0.3
|
$
|
13,288.8
|
$
|
13,622.0
|
$
|
(333.2)
|
|
(2.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
287.7
|
$
|
353.5
|
$
|
(65.8)
|
|
(18.6)
|
$
|
574.6
|
$
|
698.5
|
$
|
(123.9)
|
|
(17.7)
|
|
|
Retail used
vehicle
|
|
128.7
|
|
147.6
|
|
(18.9)
|
|
(12.8)
|
|
271.7
|
|
272.5
|
|
(0.8)
|
|
(0.3)
|
|
|
Wholesale
|
|
5.6
|
|
8.9
|
|
(3.3)
|
|
|
|
17.0
|
|
20.6
|
|
(3.6)
|
|
|
|
Used vehicle
|
|
134.3
|
|
156.5
|
|
(22.2)
|
|
(14.2)
|
|
288.7
|
|
293.1
|
|
(4.4)
|
|
(1.5)
|
|
Finance and
insurance
|
|
369.5
|
|
367.6
|
|
1.9
|
|
0.5
|
|
701.9
|
|
731.5
|
|
(29.6)
|
|
(4.0)
|
|
|
Total variable
operations
|
|
791.5
|
|
877.6
|
|
(86.1)
|
|
(9.8)
|
|
1,565.2
|
|
1,723.1
|
|
(157.9)
|
|
(9.2)
|
|
Parts and
service
|
|
542.5
|
|
481.7
|
|
60.8
|
|
12.6
|
|
1,053.6
|
|
942.8
|
|
110.8
|
|
11.8
|
|
Other
|
|
1.3
|
|
2.4
|
|
(1.1)
|
|
|
|
2.9
|
|
4.7
|
|
(1.8)
|
|
|
Total gross
profit
|
|
1,335.3
|
|
1,361.7
|
|
(26.4)
|
|
(1.9)
|
|
2,621.7
|
|
2,670.6
|
|
(48.9)
|
|
(1.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
842.9
|
|
754.8
|
|
(88.1)
|
|
(11.7)
|
|
1,625.6
|
|
1,496.2
|
|
(129.4)
|
|
(8.6)
|
Depreciation and
amortization
|
|
54.6
|
|
48.8
|
|
(5.8)
|
|
|
|
107.4
|
|
98.8
|
|
(8.6)
|
|
|
Other (income) expense,
net
|
|
(1.4)
|
|
-
|
|
1.4
|
|
|
|
6.2
|
|
(1.5)
|
|
(7.7)
|
|
|
Operating
income
|
|
439.2
|
|
558.1
|
|
(118.9)
|
|
(21.3)
|
|
882.5
|
|
1,077.1
|
|
(194.6)
|
|
(18.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(32.8)
|
|
(5.8)
|
|
(27.0)
|
|
|
|
(59.9)
|
|
(11.0)
|
|
(48.9)
|
|
|
|
Other interest
expense
|
|
(46.0)
|
|
(34.1)
|
|
(11.9)
|
|
|
|
(87.1)
|
|
(63.7)
|
|
(23.4)
|
|
|
|
Other income (loss),
net
|
|
4.4
|
|
(13.7)
|
|
18.1
|
|
|
|
9.6
|
|
(20.1)
|
|
29.7
|
|
|
Income from continuing
operations before income taxes
|
$
|
364.8
|
$
|
504.5
|
$
|
(139.7)
|
|
(27.7)
|
$
|
745.1
|
$
|
982.3
|
$
|
(237.2)
|
|
(24.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
62,444
|
|
57,890
|
|
4,554
|
|
7.9
|
|
117,509
|
|
114,332
|
|
3,177
|
|
2.8
|
|
Used
|
|
68,812
|
|
77,080
|
|
(8,268)
|
|
(10.7)
|
|
136,351
|
|
156,843
|
|
(20,492)
|
|
(13.1)
|
|
|
|
|
131,256
|
|
134,970
|
|
(3,714)
|
|
(2.8)
|
|
253,860
|
|
271,175
|
|
(17,315)
|
|
(6.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
52,543
|
$
|
50,713
|
$
|
1,830
|
|
3.6
|
$
|
52,872
|
$
|
50,231
|
$
|
2,641
|
|
5.3
|
|
Used
|
$
|
28,326
|
$
|
30,646
|
$
|
(2,320)
|
|
(7.6)
|
$
|
28,113
|
$
|
30,313
|
$
|
(2,200)
|
|
(7.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
4,607
|
$
|
6,106
|
$
|
(1,499)
|
|
(24.5)
|
$
|
4,890
|
$
|
6,109
|
$
|
(1,219)
|
|
(20.0)
|
|
Used
|
$
|
1,870
|
$
|
1,915
|
$
|
(45)
|
|
(2.3)
|
$
|
1,993
|
$
|
1,737
|
$
|
256
|
|
14.7
|
|
Finance and
insurance
|
$
|
2,815
|
$
|
2,724
|
$
|
91
|
|
3.3
|
$
|
2,765
|
$
|
2,698
|
$
|
67
|
|
2.5
|
|
Total variable
operations(1)
|
$
|
5,988
|
$
|
6,436
|
$
|
(448)
|
|
(7.0)
|
$
|
6,099
|
$
|
6,278
|
$
|
(179)
|
|
(2.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
( %)
|
|
2022
( %)
|
|
2023
( %)
|
|
2022
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
47.6
|
|
42.7
|
|
46.8
|
|
42.2
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
30.3
|
|
36.7
|
|
31.0
|
|
37.4
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.6
|
|
15.1
|
|
16.8
|
|
15.0
|
|
|
|
|
|
|
|
|
|
Finance and insurance,
net
|
|
5.4
|
|
5.4
|
|
5.3
|
|
5.4
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
0.1
|
|
0.1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
21.5
|
|
26.0
|
|
21.9
|
|
26.2
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
10.1
|
|
11.5
|
|
11.0
|
|
11.0
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
40.6
|
|
35.4
|
|
40.2
|
|
35.3
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.7
|
|
27.0
|
|
26.8
|
|
27.4
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
0.1
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
8.8
|
|
12.0
|
|
9.2
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
6.6
|
|
6.2
|
|
7.1
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
47.4
|
|
46.5
|
|
47.1
|
|
46.2
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
19.4
|
|
19.8
|
|
19.7
|
|
19.6
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
12.2
|
|
11.0
|
|
12.2
|
|
11.0
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
6.4
|
|
8.1
|
|
6.6
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
63.1
|
|
55.4
|
|
62.0
|
|
56.0
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
32.9
|
|
41.0
|
|
33.7
|
|
40.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Highlights
|
|
Three Months Ended June
30,
|
|
Six Months Ended
June 30,
|
|
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
1,955.5
|
$
|
2,040.9
|
$
|
(85.4)
|
|
(4.2)
|
$
|
3,786.6
|
$
|
4,075.3
|
$
|
(288.7)
|
|
(7.1)
|
|
Import
|
|
1,997.7
|
|
1,949.7
|
|
48.0
|
|
2.5
|
|
3,787.0
|
|
3,923.8
|
|
(136.8)
|
|
(3.5)
|
|
Premium
luxury
|
|
2,620.5
|
|
2,616.6
|
|
3.9
|
|
0.1
|
|
5,105.4
|
|
5,095.3
|
|
10.1
|
|
0.2
|
|
Total
|
|
6,573.7
|
|
6,607.2
|
|
(33.5)
|
|
(0.5)
|
|
12,679.0
|
|
13,094.4
|
|
(415.4)
|
|
(3.2)
|
|
Corporate and
other
|
|
316.4
|
|
262.0
|
|
54.4
|
|
20.8
|
|
609.8
|
|
527.6
|
|
82.2
|
|
15.6
|
|
Total consolidated revenue
|
$
|
6,890.1
|
$
|
6,869.2
|
$
|
20.9
|
|
0.3
|
$
|
13,288.8
|
$
|
13,622.0
|
$
|
(333.2)
|
|
(2.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
115.8
|
$
|
153.1
|
$
|
(37.3)
|
|
(24.4)
|
$
|
234.3
|
$
|
302.5
|
$
|
(68.2)
|
|
(22.5)
|
|
Import
|
|
173.0
|
|
192.5
|
|
(19.5)
|
|
(10.1)
|
|
333.4
|
|
378.7
|
|
(45.3)
|
|
(12.0)
|
|
Premium
luxury
|
|
221.5
|
|
257.5
|
|
(36.0)
|
|
(14.0)
|
|
448.3
|
|
487.0
|
|
(38.7)
|
|
(7.9)
|
|
Total
|
|
510.3
|
|
603.1
|
|
(92.8)
|
|
(15.4)
|
|
1,016.0
|
|
1,168.2
|
|
(152.2)
|
|
(13.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(103.9)
|
|
(50.8)
|
|
(53.1)
|
|
|
|
(193.4)
|
|
(102.1)
|
|
(91.3)
|
|
|
Add: Floorplan
interest expense
|
|
32.8
|
|
5.8
|
|
27.0
|
|
|
|
59.9
|
|
11.0
|
|
48.9
|
|
|
Operating
income
|
$
|
439.2
|
$
|
558.1
|
$
|
(118.9)
|
|
(21.3)
|
$
|
882.5
|
$
|
1,077.1
|
$
|
(194.6)
|
|
(18.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
17,495
|
|
16,760
|
|
735
|
|
4.4
|
|
33,344
|
|
33,125
|
|
219
|
|
0.7
|
|
Import
|
|
27,172
|
|
23,612
|
|
3,560
|
|
15.1
|
|
50,270
|
|
48,148
|
|
2,122
|
|
4.4
|
|
Premium
luxury
|
|
17,777
|
|
17,518
|
|
259
|
|
1.5
|
|
33,895
|
|
33,059
|
|
836
|
|
2.5
|
|
|
|
62,444
|
|
57,890
|
|
4,554
|
|
7.9
|
|
117,509
|
|
114,332
|
|
3,177
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
21,305
|
|
25,180
|
|
(3,875)
|
|
(15.4)
|
|
42,508
|
|
51,776
|
|
(9,268)
|
|
(17.9)
|
|
Import
|
|
22,630
|
|
25,786
|
|
(3,156)
|
|
(12.2)
|
|
44,693
|
|
52,315
|
|
(7,622)
|
|
(14.6)
|
|
Premium
luxury
|
|
18,931
|
|
21,381
|
|
(2,450)
|
|
(11.5)
|
|
37,699
|
|
43,330
|
|
(5,631)
|
|
(13.0)
|
|
|
|
62,866
|
|
72,347
|
|
(9,481)
|
|
(13.1)
|
|
124,900
|
|
147,421
|
|
(22,521)
|
|
(15.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail New Vehicle Units
Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
2023
( %)
|
|
2022
( %)
|
|
2023
( %)
|
|
2022
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
10.7
|
|
10.8
|
|
11.1
|
|
10.8
|
|
|
|
|
|
|
|
|
|
Chevrolet, Buick,
Cadillac, GMC
|
|
10.1
|
|
9.6
|
|
10.2
|
|
9.4
|
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep,
Ram
|
|
7.2
|
|
8.6
|
|
7.1
|
|
8.8
|
|
|
|
|
|
|
|
|
|
Domestic
total
|
|
28.0
|
|
29.0
|
|
28.4
|
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
18.2
|
|
20.4
|
|
18.1
|
|
20.8
|
|
|
|
|
|
|
|
|
|
Honda
|
|
13.5
|
|
9.0
|
|
12.9
|
|
10.0
|
|
|
|
|
|
|
|
|
|
Nissan
|
|
2.1
|
|
2.1
|
|
2.2
|
|
2.3
|
|
|
|
|
|
|
|
|
|
Hyundai
|
|
3.4
|
|
3.3
|
|
3.4
|
|
3.1
|
|
|
|
|
|
|
|
|
|
Subaru
|
|
3.2
|
|
3.0
|
|
3.2
|
|
3.1
|
|
|
|
|
|
|
|
|
|
Other Import
|
|
3.1
|
|
2.9
|
|
3.0
|
|
2.8
|
|
|
|
|
|
|
|
|
|
Import total
|
|
43.5
|
|
40.7
|
|
42.8
|
|
42.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
9.9
|
|
11.6
|
|
9.7
|
|
10.3
|
|
|
|
|
|
|
|
|
|
BMW
|
|
9.3
|
|
9.5
|
|
9.5
|
|
9.5
|
|
|
|
|
|
|
|
|
|
Lexus
|
|
3.2
|
|
2.8
|
|
3.2
|
|
2.9
|
|
|
|
|
|
|
|
|
|
Audi
|
|
2.7
|
|
2.8
|
|
2.6
|
|
2.5
|
|
|
|
|
|
|
|
|
|
Jaguar Land
Rover
|
|
1.5
|
|
1.5
|
|
1.8
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Other Premium
Luxury
|
|
1.9
|
|
2.1
|
|
2.0
|
|
2.0
|
|
|
|
|
|
|
|
|
|
Premium Luxury
total
|
|
28.5
|
|
30.3
|
|
28.8
|
|
28.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
AUTONATION,
INC
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures / Stock
Repurchases
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
109.5
|
$
|
106.1
|
$
|
205.4
|
$
|
156.9
|
|
|
|
|
|
Cash paid for
acquisitions, net of cash acquired
|
$
|
77.9
|
$
|
-
|
$
|
268.9
|
$
|
-
|
|
|
|
|
|
Proceeds from exercises
of stock options
|
$
|
0.2
|
$
|
1.8
|
$
|
1.5
|
$
|
2.6
|
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price (2)
|
$
|
207.4
|
$
|
403.9
|
$
|
512.4
|
$
|
784.9
|
|
|
|
|
|
|
Shares repurchased (in
millions)
|
|
1.6
|
|
3.7
|
|
4.0
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan Assistance and
Expense
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2023
|
|
2022
|
|
Variance
|
|
2023
|
|
2022
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
32.4
|
$
|
27.3
|
$
|
5.1
|
$
|
60.7
|
$
|
54.8
|
$
|
5.9
|
|
New vehicle floorplan
interest expense
|
|
(29.6)
|
|
(5.1)
|
|
(24.5)
|
|
(54.0)
|
|
(8.8)
|
|
(45.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
2.8
|
$
|
22.2
|
$
|
(19.4)
|
$
|
6.7
|
$
|
46.0
|
$
|
(39.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and Other
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2023
|
|
December 31,
2022
|
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
63.7
|
$
|
72.6
|
|
336.5
|
|
|
|
|
|
|
|
Inventory
|
$
|
2,572.5
|
$
|
2,048.3
|
|
1,905.3
|
|
|
|
|
|
|
|
Floorplan notes
payable
|
$
|
2,581.5
|
$
|
2,109.3
|
|
1,517.4
|
|
|
|
|
|
|
|
Non-recourse
debt
|
$
|
262.2
|
$
|
323.6
|
|
-
|
|
|
|
|
|
|
|
Non-vehicle
debt
|
$
|
4,060.3
|
$
|
3,649.5
|
|
3,546.5
|
|
|
|
|
|
|
|
Equity
|
$
|
2,091.8
|
$
|
2,047.8
|
|
2,325.0
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
26
days
|
|
19
days
|
|
11
days
|
|
|
|
|
|
|
|
Used days supply
(trailing calendar month days)
|
|
35
days
|
|
31
days
|
|
40
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit Agreement Covenant Compliance Calculations
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
1.95x
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
62.9 %
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
70.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes accrued
construction in progress.
|
|
|
|
|
|
|
|
|
|
(2)
|
Excludes excise tax
accrual under Inflation Reduction Act.
|
|
|
|
|
|
|
|
|
|
(3)
|
Calculated in
accordance with our credit agreement as filed with our Current
Report on Form 8-K on
March 26, 2020.
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Basis
Reconciliations(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30,
|
|
|
|
Operating
Income
|
|
Income from
Continuing
Operations Before
Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax
Rate
|
|
Net
Income
|
|
Diluted Earnings Per
Share(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing
operations, as reported
|
$
|
439.2
|
$
|
558.1
|
$
|
364.8
|
$
|
504.5
|
$
|
92.3
|
$
|
128.0
|
|
25.3 %
|
|
25.4 %
|
$
|
272.5
|
$
|
376.5
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
(0.2)
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272.5
|
|
376.3
|
$
|
6.02
|
$
|
6.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses from hail storms
and other natural catastrophes
|
|
16.5
|
|
-
|
|
16.5
|
|
-
|
|
4.1
|
|
-
|
|
|
|
|
|
12.4
|
|
-
|
$
|
0.27
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
455.7
|
$
|
558.1
|
$
|
381.3
|
$
|
504.5
|
$
|
96.4
|
$
|
128.0
|
|
25.3 %
|
|
25.4 %
|
$
|
284.9
|
$
|
376.3
|
$
|
6.29
|
$
|
6.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
SG&A as a
Percentage of
Gross Profit (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$
|
842.9
|
$
|
754.8
|
|
63.1
|
|
55.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding losses from
hail storms and other natural catastrophes
|
|
16.5
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
826.4
|
$
|
754.8
|
|
61.9
|
|
55.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
|
Operating
Income
|
|
Income from
Continuing
Operations Before
Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax
Rate
|
|
Net
Income
|
|
Diluted Earnings Per
Share(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing
operations, as reported
|
$
|
882.5
|
$
|
1,077.1
|
$
|
745.1
|
$
|
982.3
|
$
|
184.8
|
$
|
243.7
|
|
24.8 %
|
|
24.8 %
|
$
|
560.3
|
$
|
738.6
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.9
|
|
(0.2)
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
561.2
|
|
738.4
|
$
|
12.09
|
$
|
12.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses from hail storms
and other natural catastrophes
|
|
16.5
|
|
-
|
|
16.5
|
|
-
|
|
4.1
|
|
-
|
|
|
|
|
|
12.4
|
|
-
|
$
|
0.27
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
899.0
|
$
|
1,077.1
|
$
|
761.6
|
$
|
982.3
|
$
|
188.9
|
$
|
243.7
|
|
24.8 %
|
|
24.8 %
|
$
|
573.6
|
$
|
738.4
|
$
|
12.36
|
$
|
12.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
SG&A as a
Percentage of
Gross Profit (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$
|
1,625.6
|
$
|
1,496.2
|
|
62.0
|
|
56.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding losses from
hail storms and other natural catastrophes
|
|
16.5
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
1,609.1
|
$
|
1,496.2
|
|
61.4
|
|
56.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
AUTONATION,
INC.
|
UNAUDITED SAME
STORE DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Highlights
|
|
Three Months Ended June
30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
|
2023
|
|
2022
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
3,245.8
|
|
2,923.1
|
$
|
322.7
|
|
11.0
|
$
|
6,155.6
|
|
5,715.2
|
$
|
440.4
|
|
7.7
|
|
|
Retail used
vehicle
|
|
1,897.9
|
|
2,350.1
|
|
(452.2)
|
|
(19.2)
|
|
3,730.2
|
|
4,728.2
|
|
(998.0)
|
|
(21.1)
|
|
|
Wholesale
|
|
135.9
|
|
157.1
|
|
(21.2)
|
|
(13.5)
|
|
282.2
|
|
336.6
|
|
(54.4)
|
|
(16.2)
|
|
Used vehicle
|
|
2,033.8
|
|
2,507.2
|
|
(473.4)
|
|
(18.9)
|
|
4,012.4
|
|
5,064.8
|
|
(1,052.4)
|
|
(20.8)
|
|
Finance and insurance,
net
|
|
362.8
|
|
366.2
|
|
(3.4)
|
|
(0.9)
|
|
689.2
|
|
728.4
|
|
(39.2)
|
|
(5.4)
|
|
|
Total variable
operations
|
|
5,642.4
|
|
5,796.5
|
|
(154.1)
|
|
(2.7)
|
|
10,857.2
|
|
11,508.4
|
|
(651.2)
|
|
(5.7)
|
|
Parts and
service
|
|
1,122.4
|
|
1,028.7
|
|
93.7
|
|
9.1
|
|
2,194.2
|
|
2,025.1
|
|
169.1
|
|
8.4
|
|
Other
|
|
6.4
|
|
9.1
|
|
(2.7)
|
|
|
|
18.3
|
|
14.5
|
|
3.8
|
|
|
Total
revenue
|
$
|
6,771.2
|
|
6,834.3
|
$
|
(63.1)
|
|
(0.9)
|
$
|
13,069.7
|
|
13,548.0
|
$
|
(478.3)
|
|
(3.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
284.7
|
|
352.0
|
$
|
(67.3)
|
|
(19.1)
|
$
|
569.5
|
|
695.5
|
$
|
(126.0)
|
|
(18.1)
|
|
|
Retail used
vehicle
|
|
125.7
|
|
147.3
|
|
(21.6)
|
|
(14.7)
|
|
264.7
|
|
271.6
|
|
(6.9)
|
|
(2.5)
|
|
|
Wholesale
|
|
5.7
|
|
8.9
|
|
(3.2)
|
|
|
|
17.2
|
|
20.7
|
|
(3.5)
|
|
|
|
Used vehicle
|
|
131.4
|
|
156.2
|
|
(24.8)
|
|
(15.9)
|
|
281.9
|
|
292.3
|
|
(10.4)
|
|
(3.6)
|
|
Finance and
insurance
|
|
362.8
|
|
366.2
|
|
(3.4)
|
|
(0.9)
|
|
689.2
|
|
728.4
|
|
(39.2)
|
|
(5.4)
|
|
|
Total variable
operations
|
|
778.9
|
|
874.4
|
|
(95.5)
|
|
(10.9)
|
|
1,540.6
|
|
1,716.2
|
|
(175.6)
|
|
(10.2)
|
|
Parts and
service
|
|
532.3
|
|
477.3
|
|
55.0
|
|
11.5
|
|
1,034.6
|
|
933.8
|
|
100.8
|
|
10.8
|
|
Other
|
|
1.6
|
|
2.3
|
|
(0.7)
|
|
|
|
2.9
|
|
4.6
|
|
(1.7)
|
|
|
Total gross
profit
|
$
|
1,312.8
|
|
1,354.0
|
$
|
(41.2)
|
|
(3.0)
|
$
|
2,578.1
|
|
2,654.6
|
$
|
(76.5)
|
|
(2.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
61,750
|
|
57,703
|
|
4,047
|
|
7.0
|
|
116,404
|
|
113,927
|
|
2,477
|
|
2.2
|
|
Used
|
|
66,731
|
|
76,757
|
|
(10,026)
|
|
(13.1)
|
|
132,205
|
|
156,132
|
|
(23,927)
|
|
(15.3)
|
|
|
|
|
128,481
|
|
134,460
|
|
(5,979)
|
|
(4.4)
|
|
248,609
|
|
270,059
|
|
(21,450)
|
|
(7.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
52,564
|
|
50,658
|
$
|
1,906
|
|
3.8
|
$
|
52,881
|
|
50,165
|
$
|
2,716
|
|
5.4
|
|
Used
|
$
|
28,441
|
|
30,617
|
$
|
(2,176)
|
|
(7.1)
|
$
|
28,215
|
|
30,283
|
$
|
(2,068)
|
|
(6.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
4,611
|
|
6,100
|
$
|
(1,489)
|
|
(24.4)
|
$
|
4,892
|
|
6,105
|
$
|
(1,213)
|
|
(19.9)
|
|
Used
|
$
|
1,884
|
|
1,919
|
$
|
(35)
|
|
(1.8)
|
$
|
2,002
|
|
1,740
|
$
|
262
|
|
15.1
|
|
Finance and
insurance
|
$
|
2,824
|
|
2,723
|
$
|
101
|
|
3.7
|
$
|
2,772
|
|
2,697
|
$
|
75
|
|
2.8
|
|
Total variable
operations(1)
|
$
|
6,018
|
|
6,437
|
$
|
(419)
|
|
(6.5)
|
$
|
6,128
|
|
6,278
|
$
|
(150)
|
|
(2.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
( %)
|
|
2022
( %)
|
|
2023
( %)
|
|
2022
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
47.9
|
|
42.8
|
|
47.1
|
|
42.2
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
30.0
|
|
36.7
|
|
30.7
|
|
37.4
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.6
|
|
15.1
|
|
16.8
|
|
14.9
|
|
|
|
|
|
|
|
|
|
Finance and insurance,
net
|
|
5.4
|
|
5.4
|
|
5.3
|
|
5.4
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
-
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
21.7
|
|
26.0
|
|
22.1
|
|
26.2
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
10.0
|
|
11.5
|
|
10.9
|
|
11.0
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
40.5
|
|
35.3
|
|
40.1
|
|
35.2
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.6
|
|
27.0
|
|
26.7
|
|
27.4
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.2
|
|
0.2
|
|
0.2
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
8.8
|
|
12.0
|
|
9.3
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
6.6
|
|
6.3
|
|
7.1
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
47.4
|
|
46.4
|
|
47.2
|
|
46.1
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
19.4
|
|
19.8
|
|
19.7
|
|
19.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/autonation-reports-second-quarter-2023-results-301882680.html
SOURCE AutoNation, Inc.