AutoNation Reports Fourth Quarter and Full Year Results
- Q4 2023 GAAP EPS
$5.04 , and adjusted EPS$5.02 - Q4 2023 Revenue
$6.8 billion , Full Year 2023 Revenue$26.9 billion - Double-digit growth and record gross profit in After-Sales for Q4 and full year
- Share repurchases of
$151 million in Q4 and$864 million full year
"Our results demonstrate the strength of our business model. We enjoyed excellent new vehicle unit sales and competed well in a dynamic used vehicle market, which together provided a platform from which we delivered outstanding customer financial services performance and superior after-sales growth. This performance was underpinned by our Associates' focus on delivering an outstanding customer experience," said
Operational Summary
Fourth quarter 2023 compared to the year-ago period:
Selected GAAP Financial Data |
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($ in millions, except per share data) |
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|
Three Months Ended |
||
|
2023 |
2022 |
YoY |
|
|
|
|
Revenue |
$ 6,767.4 |
$ 6,697.0 |
1 % |
Gross Profit |
$ 1,215.2 |
$ 1,281.9 |
-5 % |
Operating Income |
$ 349.9 |
$ 424.9 |
-18 % |
Net Income |
$ 216.2 |
$ 286.4 |
-25 % |
Diluted EPS |
$ 5.04 |
$ 5.72 |
-12 % |
|
|
|
|
New Vehicle Retail Unit Sales |
64,748 |
60,074 |
8 % |
Used Vehicle Retail Unit Sales |
65,151 |
67,608 |
-4 % |
|
|
|
|
Selected Non-GAAP Financial Data |
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($ in millions, except per share data) |
|||
|
Three Months Ended |
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|
2023 |
2022 |
YoY |
|
|
|
|
Adjusted Operating Income |
$ 367.7 |
$ 473.9 |
-22 % |
Adjusted Net Income |
$ 215.5 |
$ 319.2 |
-32 % |
Adjusted Diluted EPS |
$ 5.02 |
$ 6.37 |
-21 % |
-
Revenue –
$6.8 billion , an increase of 1% compared to the year-ago period. Increased new vehicle unit sales and continued growth in after-sales more than offset lower used vehicle unit sales.- New Vehicle Revenue –
$3.4 billion , an increase of$219 million or 7%. - Used Vehicle Revenue –
$1.9 billion , a decrease of$262 million or 12%. - After-Sales Revenue –
$1.1 billion , an increase of$113 million or 11%. - Customer Financial Services Revenue –
$347 million , compared to$345 million a year ago.
- New Vehicle Revenue –
-
Gross Profit -
Totaled
$1.2 billion , down$67 million from$1.3 billion a year ago.- New Vehicle Gross Profit - Decreased
$102 million reflecting gross profit per vehicle retailed of$3,653 , compared to$5,633 a year ago, partially offset by an 8% increase in unit sales. - Used Vehicle Gross Profit - Decreased
$27 million reflecting gross profit per vehicle retailed of$1,455 , compared to$1,847 a year ago and a 4% decrease in unit sales. - After-Sales Gross Profit -
$540 million , an increase of$61 million or 13% from a year ago. - Customer Financial Services Gross Profit – Increased
$2 million reflecting gross profit per vehicle retailed of$2,674 , compared to$2,703 a year ago, offset by a 2% increase in retail unit sales.
- New Vehicle Gross Profit - Decreased
- SG&A as a Percentage of Gross Profit – 66.5%, or 65.1% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and growth initiatives.
Full Year 2023 compared to the year-ago period:
Selected GAAP Financial Data |
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($ in millions, except per share data) |
|||
|
Twelve Months Ended |
||
|
2023 |
2022 |
YoY |
|
|
|
|
Revenue |
$ 26,948.9 |
$ 26,985.0 |
0 % |
Gross Profit |
$ 5,131.5 |
$ 5,265.3 |
-3 % |
Operating Income |
$ 1,651.9 |
$ 2,024.5 |
-18 % |
Net Income |
$ 1,021.1 |
$ 1,377.4 |
-26 % |
Diluted EPS |
$ 22.74 |
$ 24.29 |
-6 % |
|
|
|
|
New Vehicle Retail Unit Sales |
244,546 |
229,971 |
6 % |
Used Vehicle Retail Unit Sales |
274,019 |
299,806 |
-9 % |
|
|
|
|
Selected Non-GAAP Financial Data |
|||
($ in millions, except per share data) |
|||
|
Twelve Months Ended |
||
|
2023 |
2022 |
YoY |
|
|
|
|
Adjusted Operating Income |
$ 1,692.5 |
$ 2,026.0 |
-16 % |
Adjusted Net Income |
$ 1,032.8 |
$ 1,393.2 |
-26 % |
Adjusted Diluted EPS |
$ 23.00 |
$ 24.57 |
-6 % |
-
Revenue –
$27 billion , essentially flat compared to the year-ago period as increased new vehicle and after-sales revenue offset lower used vehicle revenue.- New Vehicle Revenue –
$12.8 billion , an increase of$1.0 billion or 9%. - Used Vehicle Revenue –
$8.2 billion , a decrease of$1.5 billion or 15%. - After-Sales Revenue –
$4.5 billion , an increase of$433 million or 11%. - Customer Financial Services Revenue –
$1.4 billion , a decrease of$19 million or 1%.
- New Vehicle Revenue –
-
Gross Profit -
Totaled
$5.1 billion , a decrease of$134 million or 3%.- New Vehicle Gross Profit - Decreased
$305 million reflecting gross profit per vehicle retailed of$4,342 , compared to$5,942 a year ago, partially offset by a 6% increase in unit sales. - Used Vehicle Gross Profit - Decreased
$45 million or 8% as unit sales decreased by 9%. - After-Sales Gross Profit -
$2.1 billion , an increase of$239 million or 13%. - Customer Financial Services Gross Profit - Decreased
$19 million reflecting a slight increase in gross profit per vehicle retailed to$2,736 , offset by a 2% decrease in retail unit sales.
- New Vehicle Gross Profit - Decreased
- SG&A as a Percentage of Gross Profit – 63.4%, or 62.6% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and growth initiatives.
Segment Results
Segment results(1) for the fourth quarter and full year 2023 were as follows:
Fourth Quarter 2023 Segment Results
-
Domestic
- Domestic segment income(2) was
$74 million compared to the year-ago segment income of$120 million , a decrease of 38%. Revenue of$1.8 billion was down 4%. -
Import
- Import segment income(2) was
$137 million compared to the year-ago segment income of$175 million , a decrease of 22%. Revenue of$2.0 billion was up 7%. -
Premium Luxury
- Premium Luxury segment income(2) was
$195 million compared to the year-ago segment income of$247 million , a decrease of 21%. Revenue of$2.6 billion was down 1%.
Full Year 2023 Segment Results
-
Domestic
- Domestic segment income(2) was
$415 million compared to the year-ago segment income of$565 million , a decrease of 27%. Revenue of$7.6 billion was down 5%. -
Import
- Import segment income(2) was
$635 million compared to the year-ago segment income of$734 million , a decrease of 14%. Revenue of$7.9 billion was up 2%. -
Premium Luxury
- Premium Luxury segment income(2) was
$837 million compared to the year-ago segment income of$969 million , a decrease of 14%. Revenue of$10.3 billion was essentially flat.
Capital Allocation, Liquidity, and Leverage
During the quarter, AutoNation repurchased 1.15 million shares of common stock (3% of shares outstanding at start of quarter) for an aggregate purchase price of
As of
The fourth quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID: 117266) at
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
(1) |
AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, 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 is one of the largest automotive retailers in
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.
NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under
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, INC. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
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|
|
|
|
|
|
|
|
|
|
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Three Months Ended |
|
Twelve Months Ended |
||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
New vehicle |
$ |
3,366.9 |
$ |
3,147.5 |
$ |
12,767.4 |
$ |
11,754.4 |
|
Used vehicle |
|
1,905.8 |
|
2,167.3 |
|
8,198.5 |
|
9,661.8 |
|
Parts and service |
|
1,141.2 |
|
1,028.3 |
|
4,533.7 |
|
4,100.6 |
|
Finance and insurance, net |
|
347.4 |
|
345.1 |
|
1,418.8 |
|
1,437.3 |
|
Other |
|
6.1 |
|
8.8 |
|
30.5 |
|
30.9 |
Total revenue |
|
6,767.4 |
|
6,697.0 |
|
26,948.9 |
|
26,985.0 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
3,130.4 |
|
2,809.1 |
|
11,705.6 |
|
10,387.8 |
|
Used vehicle |
|
1,814.3 |
|
2,049.3 |
|
7,690.5 |
|
9,108.7 |
|
Parts and service |
|
601.3 |
|
549.4 |
|
2,394.4 |
|
2,200.3 |
|
Other |
|
6.2 |
|
7.3 |
|
26.9 |
|
22.9 |
Total cost of sales |
|
5,552.2 |
|
5,415.1 |
|
21,817.4 |
|
21,719.7 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
1,215.2 |
|
1,281.9 |
|
5,131.5 |
|
5,265.3 |
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
808.3 |
|
766.7 |
|
3,253.2 |
|
3,026.1 |
|
Depreciation and amortization |
|
57.4 |
|
51.4 |
|
220.5 |
|
200.3 |
|
Other (income) expense, net(1) |
|
(0.4) |
|
38.9 |
|
5.9 |
|
14.4 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
349.9 |
|
424.9 |
|
1,651.9 |
|
2,024.5 |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) items: |
|
|
|
|
|
|
|
|
|
|
Floorplan interest expense |
|
(46.5) |
|
(19.7) |
|
(144.7) |
|
(41.4) |
|
Other interest expense |
|
(45.5) |
|
(37.5) |
|
(181.4) |
|
(134.9) |
|
Other income (loss), net(2) |
|
19.8 |
|
10.0 |
|
24.4 |
|
(14.7) |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes |
|
277.7 |
|
377.7 |
|
1,350.2 |
|
1,833.5 |
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
61.5 |
|
91.3 |
|
330.0 |
|
455.8 |
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
216.2 |
|
286.4 |
|
1,020.2 |
|
1,377.7 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of income taxes |
|
- |
|
- |
|
0.9 |
|
(0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
216.2 |
$ |
286.4 |
$ |
1,021.1 |
$ |
1,377.4 |
|
|
|
|
|
|
|
|
|
|
|
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Diluted earnings (loss) per share(3): |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
5.04 |
$ |
5.72 |
$ |
22.72 |
$ |
24.30 |
|
Discontinued operations |
$ |
- |
$ |
- |
$ |
0.02 |
$ |
(0.01) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
5.04 |
$ |
5.72 |
$ |
22.74 |
$ |
24.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
42.9 |
|
50.1 |
|
44.9 |
|
56.7 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding, net of treasury stock, at period end |
|
41.6 |
|
47.6 |
|
41.6 |
|
47.6 |
|
|
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(1) |
Includes results of our finance company, including expected credit loss expense and gains on asset sales, as well as gains on business/property divestitures, gains on legal settlements, and asset impairments. |
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(2) |
Includes gains (losses) related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants, as well as gains on minority equity investments. |
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(3) |
Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding. |
AUTONATION, INC. |
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UNAUDITED SUPPLEMENTARY DATA |
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($ in millions, except per vehicle data) |
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Operating Highlights |
|
Three Months Ended |
|
Twelve Months Ended |
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|
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|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
$ |
3,366.9 |
$ |
3,147.5 |
$ |
219.4 |
|
7.0 |
$ |
12,767.4 |
$ |
11,754.4 |
$ |
1,013.0 |
|
8.6 |
|
|
|
Retail used vehicle |
|
1,781.1 |
|
2,013.4 |
|
(232.3) |
|
(11.5) |
|
7,639.5 |
|
9,020.9 |
|
(1,381.4) |
|
(15.3) |
|
|
Wholesale |
|
124.7 |
|
153.9 |
|
(29.2) |
|
(19.0) |
|
559.0 |
|
640.9 |
|
(81.9) |
|
(12.8) |
|
Used vehicle |
|
1,905.8 |
|
2,167.3 |
|
(261.5) |
|
(12.1) |
|
8,198.5 |
|
9,661.8 |
|
(1,463.3) |
|
(15.1) |
|
|
Finance and insurance, net |
|
347.4 |
|
345.1 |
|
2.3 |
|
0.7 |
|
1,418.8 |
|
1,437.3 |
|
(18.5) |
|
(1.3) |
|
|
|
Total variable operations |
|
5,620.1 |
|
5,659.9 |
|
(39.8) |
|
(0.7) |
|
22,384.7 |
|
22,853.5 |
|
(468.8) |
|
(2.1) |
|
Parts and service |
|
1,141.2 |
|
1,028.3 |
|
112.9 |
|
11.0 |
|
4,533.7 |
|
4,100.6 |
|
433.1 |
|
10.6 |
|
|
Other |
|
6.1 |
|
8.8 |
|
(2.7) |
|
|
|
30.5 |
|
30.9 |
|
(0.4) |
|
|
|
Total revenue |
$ |
6,767.4 |
$ |
6,697.0 |
$ |
70.4 |
|
1.1 |
$ |
26,948.9 |
$ |
26,985.0 |
$ |
(36.1) |
|
(0.1) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
$ |
236.5 |
$ |
338.4 |
$ |
(101.9) |
|
(30.1) |
$ |
1,061.8 |
$ |
1,366.6 |
$ |
(304.8) |
|
(22.3) |
|
|
|
Retail used vehicle |
|
94.8 |
|
124.9 |
|
(30.1) |
|
(24.1) |
|
493.1 |
|
538.3 |
|
(45.2) |
|
(8.4) |
|
|
Wholesale |
|
(3.3) |
|
(6.9) |
|
3.6 |
|
|
|
14.9 |
|
14.8 |
|
0.1 |
|
|
|
Used vehicle |
|
91.5 |
|
118.0 |
|
(26.5) |
|
(22.5) |
|
508.0 |
|
553.1 |
|
(45.1) |
|
(8.2) |
|
|
Finance and insurance |
|
347.4 |
|
345.1 |
|
2.3 |
|
0.7 |
|
1,418.8 |
|
1,437.3 |
|
(18.5) |
|
(1.3) |
|
|
|
Total variable operations |
|
675.4 |
|
801.5 |
|
(126.1) |
|
(15.7) |
|
2,988.6 |
|
3,357.0 |
|
(368.4) |
|
(11.0) |
|
Parts and service |
|
539.9 |
|
478.9 |
|
61.0 |
|
12.7 |
|
2,139.3 |
|
1,900.3 |
|
239.0 |
|
12.6 |
|
|
Other |
|
(0.1) |
|
1.5 |
|
(1.6) |
|
|
|
3.6 |
|
8.0 |
|
(4.4) |
|
|
|
Total gross profit |
|
1,215.2 |
|
1,281.9 |
|
(66.7) |
|
(5.2) |
|
5,131.5 |
|
5,265.3 |
|
(133.8) |
|
(2.5) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
808.3 |
|
766.7 |
|
(41.6) |
|
(5.4) |
|
3,253.2 |
|
3,026.1 |
|
(227.1) |
|
(7.5) |
||
Depreciation and amortization |
|
57.4 |
|
51.4 |
|
(6.0) |
|
|
|
220.5 |
|
200.3 |
|
(20.2) |
|
|
||
Other (income) expense, net |
|
(0.4) |
|
38.9 |
|
39.3 |
|
|
|
5.9 |
|
14.4 |
|
8.5 |
|
|
||
Operating income |
|
349.9 |
|
424.9 |
|
(75.0) |
|
(17.7) |
|
1,651.9 |
|
2,024.5 |
|
(372.6) |
|
(18.4) |
||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Floorplan interest expense |
|
(46.5) |
|
(19.7) |
|
(26.8) |
|
|
|
(144.7) |
|
(41.4) |
|
(103.3) |
|
|
|
|
Other interest expense |
|
(45.5) |
|
(37.5) |
|
(8.0) |
|
|
|
(181.4) |
|
(134.9) |
|
(46.5) |
|
|
|
|
Other income (loss), net |
|
19.8 |
|
10.0 |
|
9.8 |
|
|
|
24.4 |
|
(14.7) |
|
39.1 |
|
|
|
Income from continuing operations before income taxes |
$ |
277.7 |
$ |
377.7 |
$ |
(100.0) |
|
(26.5) |
$ |
1,350.2 |
$ |
1,833.5 |
$ |
(483.3) |
|
(26.4) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
|
64,748 |
|
60,074 |
|
4,674 |
|
7.8 |
|
244,546 |
|
229,971 |
|
14,575 |
|
6.3 |
|
|
Used |
|
65,151 |
|
67,608 |
|
(2,457) |
|
(3.6) |
|
274,019 |
|
299,806 |
|
(25,787) |
|
(8.6) |
|
|
|
|
|
129,899 |
|
127,682 |
|
2,217 |
|
1.7 |
|
518,565 |
|
529,777 |
|
(11,212) |
|
(2.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
$ |
52,000 |
$ |
52,394 |
$ |
(394) |
|
(0.8) |
$ |
52,209 |
$ |
51,113 |
$ |
1,096 |
|
2.1 |
|
|
Used |
$ |
27,338 |
$ |
29,780 |
$ |
(2,442) |
|
(8.2) |
$ |
27,879 |
$ |
30,089 |
$ |
(2,210) |
|
(7.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
$ |
3,653 |
$ |
5,633 |
$ |
(1,980) |
|
(35.2) |
$ |
4,342 |
$ |
5,942 |
$ |
(1,600) |
|
(26.9) |
|
|
Used |
$ |
1,455 |
$ |
1,847 |
$ |
(392) |
|
(21.2) |
$ |
1,800 |
$ |
1,795 |
$ |
5 |
|
0.3 |
|
|
Finance and insurance |
$ |
2,674 |
$ |
2,703 |
$ |
(29) |
|
(1.1) |
$ |
2,736 |
$ |
2,713 |
$ |
23 |
|
0.8 |
|
|
Total variable operations(1) |
$ |
5,225 |
$ |
6,331 |
$ |
(1,106) |
|
(17.5) |
$ |
5,734 |
$ |
6,309 |
$ |
(575) |
|
(9.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Percentages |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
||||
|
|
|
|
2023 ( %) |
|
2022 ( %) |
|
2023 ( %) |
|
2022 ( %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
|
49.8 |
|
47.0 |
|
47.4 |
|
43.6 |
|
|
|
|
|
|
|
|
|
|
Used vehicle |
|
28.2 |
|
32.4 |
|
30.4 |
|
35.8 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
16.9 |
|
15.4 |
|
16.8 |
|
15.2 |
|
|
|
|
|
|
|
|
|
|
Finance and insurance, net |
|
5.1 |
|
5.2 |
|
5.3 |
|
5.3 |
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
|
- |
|
0.1 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
|
19.5 |
|
26.4 |
|
20.7 |
|
26.0 |
|
|
|
|
|
|
|
|
|
|
Used vehicle |
|
7.5 |
|
9.2 |
|
9.9 |
|
10.5 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
44.4 |
|
37.4 |
|
41.7 |
|
36.1 |
|
|
|
|
|
|
|
|
|
|
Finance and insurance |
|
28.6 |
|
26.9 |
|
27.6 |
|
27.3 |
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
|
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 |
|
7.0 |
|
10.8 |
|
8.3 |
|
11.6 |
|
|
|
|
|
|
|
|
|
|
Used vehicle - retail |
|
5.3 |
|
6.2 |
|
6.5 |
|
6.0 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
47.3 |
|
46.6 |
|
47.2 |
|
46.3 |
|
|
|
|
|
|
|
|
|
|
Total |
|
18.0 |
|
19.1 |
|
19.0 |
|
19.5 |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
11.9 |
|
11.4 |
|
12.1 |
|
11.2 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
5.2 |
|
6.3 |
|
6.1 |
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a percentage of total gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Selling, general, and administrative expenses |
|
66.5 |
|
59.8 |
|
63.4 |
|
57.5 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
28.8 |
|
33.1 |
|
32.2 |
|
38.4 |
|
|
|
|
|
|
|
|
|
|
|||||||||
(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 |
|
Twelve Months Ended |
||||||||||||
|
|
|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
1,802.7 |
$ |
1,879.4 |
$ |
(76.7) |
|
(4.1) |
$ |
7,573.2 |
$ |
7,987.5 |
$ |
(414.3) |
|
(5.2) |
|
Import |
|
2,016.7 |
|
1,891.3 |
|
125.4 |
|
6.6 |
|
7,880.9 |
|
7,690.3 |
|
190.6 |
|
2.5 |
|
Premium luxury |
|
2,644.9 |
|
2,676.4 |
|
(31.5) |
|
(1.2) |
|
10,266.4 |
|
10,278.1 |
|
(11.7) |
|
(0.1) |
|
Total |
|
6,464.3 |
|
6,447.1 |
|
17.2 |
|
0.3 |
|
25,720.5 |
|
25,955.9 |
|
(235.4) |
|
(0.9) |
|
Corporate and other |
|
303.1 |
|
249.9 |
|
53.2 |
|
21.3 |
|
1,228.4 |
|
1,029.1 |
|
199.3 |
|
19.4 |
|
Total consolidated revenue |
$ |
6,767.4 |
$ |
6,697.0 |
$ |
70.4 |
|
1.1 |
$ |
26,948.9 |
$ |
26,985.0 |
$ |
(36.1) |
|
(0.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
73.9 |
$ |
120.1 |
$ |
(46.2) |
|
(38.5) |
$ |
415.4 |
$ |
565.3 |
$ |
(149.9) |
|
(26.5) |
|
Import |
|
136.9 |
|
175.2 |
|
(38.3) |
|
(21.9) |
|
635.0 |
|
734.2 |
|
(99.2) |
|
(13.5) |
|
Premium luxury |
|
195.3 |
|
246.9 |
|
(51.6) |
|
(20.9) |
|
836.5 |
|
969.1 |
|
(132.6) |
|
(13.7) |
|
Total |
|
406.1 |
|
542.2 |
|
(136.1) |
|
(25.1) |
|
1,886.9 |
|
2,268.6 |
|
(381.7) |
|
(16.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
(102.7) |
|
(137.0) |
|
34.3 |
|
|
|
(379.7) |
|
(285.5) |
|
(94.2) |
|
|
|
Add: Floorplan interest expense |
|
46.5 |
|
19.7 |
|
26.8 |
|
|
|
144.7 |
|
41.4 |
|
103.3 |
|
|
|
Operating income |
$ |
349.9 |
$ |
424.9 |
$ |
(75.0) |
|
(17.7) |
$ |
1,651.9 |
$ |
2,024.5 |
$ |
(372.6) |
|
(18.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. |
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2023 |
|
2022 |
|
Variance |
|
% Variance |
|
2023 |
|
2022 |
|
Variance |
|
% Variance |
Retail new vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
16,361 |
|
16,391 |
|
(30) |
|
(0.2) |
|
67,471 |
|
66,375 |
|
1,096 |
|
1.7 |
|
Import |
|
29,566 |
|
25,429 |
|
4,137 |
|
16.3 |
|
108,068 |
|
95,886 |
|
12,182 |
|
12.7 |
|
Premium luxury |
|
18,821 |
|
18,254 |
|
567 |
|
3.1 |
|
69,007 |
|
67,710 |
|
1,297 |
|
1.9 |
|
|
|
64,748 |
|
60,074 |
|
4,674 |
|
7.8 |
|
244,546 |
|
229,971 |
|
14,575 |
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
19,638 |
|
21,039 |
|
(1,401) |
|
(6.7) |
|
84,552 |
|
97,642 |
|
(13,090) |
|
(13.4) |
|
Import |
|
21,905 |
|
22,400 |
|
(495) |
|
(2.2) |
|
91,146 |
|
100,131 |
|
(8,985) |
|
(9.0) |
|
Premium luxury |
|
17,925 |
|
19,851 |
|
(1,926) |
|
(9.7) |
|
75,334 |
|
83,858 |
|
(8,524) |
|
(10.2) |
|
Other |
|
5,683 |
|
4,318 |
|
1,365 |
|
|
|
22,987 |
|
18,175 |
|
4,812 |
|
|
|
|
|
65,151 |
|
67,608 |
|
(2,457) |
|
(3.6) |
|
274,019 |
|
299,806 |
|
(25,787) |
|
(8.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail New Vehicle Units Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
||||
|
|
|
2023 ( %) |
|
2022 ( %) |
|
2023 ( %) |
|
2022 ( %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford, Lincoln |
|
9.7 |
|
9.8 |
|
10.6 |
|
10.5 |
|
|
|
|
|
|
|
|
|
Chevrolet, Buick, |
|
9.4 |
|
11.1 |
|
10.1 |
|
10.2 |
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, |
|
6.2 |
|
6.4 |
|
6.9 |
|
8.2 |
|
|
|
|
|
|
|
|
|
Domestic total |
|
25.3 |
|
27.3 |
|
27.6 |
|
28.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota |
|
21.4 |
|
21.3 |
|
19.4 |
|
20.6 |
|
|
|
|
|
|
|
|
|
Honda |
|
12.4 |
|
10.5 |
|
12.7 |
|
9.9 |
|
|
|
|
|
|
|
|
|
Nissan |
|
1.8 |
|
2.0 |
|
2.1 |
|
2.1 |
|
|
|
|
|
|
|
|
|
Hyundai |
|
3.3 |
|
3.1 |
|
3.4 |
|
3.2 |
|
|
|
|
|
|
|
|
|
Subaru |
|
3.8 |
|
2.9 |
|
3.6 |
|
3.0 |
|
|
|
|
|
|
|
|
|
Other Import |
|
2.9 |
|
2.5 |
|
3.0 |
|
2.9 |
|
|
|
|
|
|
|
|
|
Import total |
|
45.6 |
|
42.3 |
|
44.2 |
|
41.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Luxury: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz |
|
8.9 |
|
10.0 |
|
9.2 |
|
10.4 |
|
|
|
|
|
|
|
|
|
BMW |
|
10.1 |
|
11.2 |
|
9.4 |
|
9.9 |
|
|
|
|
|
|
|
|
|
Lexus |
|
3.6 |
|
2.4 |
|
3.2 |
|
2.7 |
|
|
|
|
|
|
|
|
|
Audi |
|
2.8 |
|
2.6 |
|
2.7 |
|
2.6 |
|
|
|
|
|
|
|
|
|
Jaguar Land Rover |
|
1.7 |
|
2.1 |
|
1.7 |
|
1.8 |
|
|
|
|
|
|
|
|
|
Other Premium Luxury |
|
2.0 |
|
2.1 |
|
2.0 |
|
2.0 |
|
|
|
|
|
|
|
|
|
Premium Luxury total |
|
29.1 |
|
30.4 |
|
28.2 |
|
29.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
|
AUTONATION, INC. |
||||||||||||||
UNAUDITED SUPPLEMENTARY DATA, Continued |
||||||||||||||
($ in millions) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures / Stock Repurchases |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|||||
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
124.3 |
$ |
92.8 |
$ |
410.3 |
$ |
329.0 |
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired (1) |
$ |
0.3 |
$ |
110.0 |
$ |
271.4 |
$ |
191.6 |
|
|
|
|
|
|
Proceeds from exercises of stock options |
$ |
- |
$ |
- |
$ |
1.9 |
$ |
3.4 |
|
|
|
|
|
|
Stock repurchases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase price (2) |
$ |
151.2 |
$ |
497.2 |
$ |
863.6 |
$ |
1,710.2 |
|
|
|
|
|
|
Shares repurchased (in millions) |
|
1.1 |
|
4.6 |
|
6.4 |
|
15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan Assistance and Expense |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
2023 |
|
2022 |
|
Variance |
|
2023 |
|
2022 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance earned (included in cost of sales) |
$ |
33.7 |
$ |
27.7 |
$ |
6.0 |
$ |
125.8 |
$ |
108.9 |
$ |
16.9 |
|
|
New vehicle floorplan interest expense |
|
(43.0) |
|
(17.3) |
|
(25.7) |
|
(132.1) |
|
(35.5) |
|
(96.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle inventory carrying benefit (expense) |
$ |
(9.3) |
$ |
10.4 |
$ |
(19.7) |
$ |
(6.3) |
$ |
73.4 |
$ |
(79.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and Other Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
60.8 |
$ |
72.6 |
|
|
|
|
|
|
|
|
|
|
Inventory |
$ |
3,033.4 |
$ |
2,048.3 |
|
|
|
|
|
|
|
|
|
|
Floorplan notes payable |
$ |
3,382.4 |
$ |
2,109.3 |
|
|
|
|
|
|
|
|
|
|
Non-recourse debt |
$ |
258.4 |
$ |
323.6 |
|
|
|
|
|
|
|
|
|
|
Non-vehicle debt |
$ |
4,030.3 |
$ |
3,649.5 |
|
|
|
|
|
|
|
|
|
|
Equity |
$ |
2,211.4 |
$ |
2,047.8 |
|
|
|
|
|
|
|
|
|
|
New days supply (industry standard of selling days) |
|
36 days |
|
19 days |
|
|
|
|
|
|
|
|
|
|
Used days supply (trailing calendar month days) |
|
39 days |
|
31 days |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit Agreement Covenant Compliance Calculations (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio |
|
|
2.19x |
|
|
|
|
|
|
|
|
||
|
Covenant |
less than or equal to |
|
3.75x |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest coverage ratio |
|
6.06x |
|
|
|
|
|
|
|
|
|||
|
Covenant |
greater than or equal to |
3.00x |
|
|
|
|
|
|
|
|
|
|
||||
(1) |
Twelve months ended |
||||
(2) |
Excludes excise tax accrual under Inflation Reduction Act. |
||||
(3) |
Calculated in accordance with our credit agreement as filed with our Quarterly Report on Form 10-Q for the quarter ended |
AUTONATION, INC. |
|||||||||||||||||||||||||
UNAUDITED SUPPLEMENTARY DATA, Continued |
|||||||||||||||||||||||||
($ in millions, except per share data) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Basis Reconciliations (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
Operating Income |
|
Income from Continuing |
|
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 |
$ |
349.9 |
$ |
424.9 |
$ |
277.7 |
$ |
377.7 |
$ |
61.5 |
$ |
91.3 |
|
22.1 % |
|
24.2 % |
$ |
216.2 |
$ |
286.4 |
|
|
|
|
|
Discontinued operations, net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
216.2 |
|
286.4 |
$ |
5.04 |
$ |
5.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense related to market valuation changes in deferred compensation(4) |
|
11.2 |
|
6.8 |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
- |
|
- |
$ |
- |
$ |
- |
|
Gain on equity investment |
|
- |
|
- |
|
(7.5) |
|
- |
|
(1.8) |
|
- |
|
|
|
|
|
(5.7) |
|
- |
$ |
(0.13) |
$ |
- |
|
Severance expenses |
|
6.6 |
|
- |
|
6.6 |
|
- |
|
1.6 |
|
- |
|
|
|
|
|
5.0 |
|
- |
$ |
0.12 |
$ |
- |
|
Initial credit loss expense associated with acquired loan portfolio |
|
- |
|
34.2 |
|
- |
|
34.2 |
|
- |
|
8.4 |
|
|
|
|
|
- |
|
25.8 |
$ |
- |
$ |
0.51 |
|
Acquisition-related expenses |
|
- |
|
8.0 |
|
- |
|
8.0 |
|
- |
|
1.0 |
|
|
|
|
|
- |
|
7.0 |
$ |
- |
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ |
367.7 |
$ |
473.9 |
$ |
276.8 |
$ |
419.9 |
$ |
61.3 |
$ |
100.7 |
|
22.1 % |
|
24.0 % |
$ |
215.5 |
$ |
319.2 |
$ |
5.02 |
$ |
6.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
SG&A |
|
SG&A as a Percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ |
808.3 |
$ |
766.7 |
|
66.5 |
|
59.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense related to market valuation changes in deferred compensation |
|
11.2 |
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance expenses |
|
6.6 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses |
|
- |
|
8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ |
790.5 |
$ |
751.9 |
|
65.1 |
|
58.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
||||||||||||||||||||||
|
|
|
Operating Income |
|
Income from Continuing |
|
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 |
$ |
1,651.9 |
$ |
2,024.5 |
$ |
1,350.2 |
$ |
1,833.5 |
$ |
330.0 |
$ |
455.8 |
|
24.4 % |
|
24.9 % |
$ |
1,020.2 |
$ |
1,377.7 |
|
|
|
|
|
Discontinued operations, net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.9 |
|
(0.3) |
|
|
|
|
|
As reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,021.1 |
|
1,377.4 |
$ |
22.74 |
$ |
24.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense related to market valuation changes in deferred compensation(4) |
|
17.5 |
|
(18.3) |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
- |
|
- |
$ |
- |
$ |
- |
|
Gain on equity investment |
|
- |
|
- |
|
(7.5) |
|
- |
|
(1.8) |
|
- |
|
|
|
|
|
(5.7) |
|
- |
$ |
(0.13) |
$ |
- |
|
Losses from hail storms and other natural catastrophes |
|
16.5 |
|
- |
|
16.5 |
|
- |
|
4.1 |
|
- |
|
|
|
|
|
12.4 |
|
- |
$ |
0.28 |
$ |
- |
|
Severance expenses |
|
6.6 |
|
- |
|
6.6 |
|
- |
|
1.6 |
|
- |
|
|
|
|
|
5.0 |
|
- |
$ |
0.11 |
$ |
- |
|
Initial credit loss expense associated with acquired loan portfolio |
|
- |
|
34.2 |
|
- |
|
34.2 |
|
- |
|
8.4 |
|
|
|
|
|
- |
|
25.8 |
$ |
- |
$ |
0.46 |
|
Acquisition-related expenses |
|
- |
|
8.0 |
|
- |
|
8.0 |
|
- |
|
1.0 |
|
|
|
|
|
- |
|
7.0 |
$ |
- |
$ |
0.12 |
|
Net gains on business/property dispositions |
|
- |
|
(16.1) |
|
- |
|
(16.1) |
|
- |
|
(4.0) |
|
|
|
|
|
- |
|
(12.1) |
$ |
- |
$ |
(0.21) |
|
Legal settlement |
|
- |
|
(6.3) |
|
- |
|
(6.3) |
|
- |
|
(1.4) |
|
|
|
|
|
- |
|
(4.9) |
$ |
- |
$ |
(0.09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ |
1,692.5 |
$ |
2,026.0 |
$ |
1,365.8 |
$ |
1,853.3 |
$ |
333.9 |
$ |
459.8 |
|
24.4 % |
|
24.8 % |
$ |
1,032.8 |
$ |
1,393.2 |
$ |
23.00 |
$ |
24.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
SG&A |
|
SG&A as a Percentage of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ |
3,253.2 |
$ |
3,026.1 |
|
63.4 |
|
57.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in compensation expense related to market valuation changes in deferred compensation |
|
17.5 |
|
(18.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses from hail storms and other natural catastrophes |
|
16.5 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance expenses |
|
6.6 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses |
|
- |
|
8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted |
$ |
3,212.6 |
$ |
3,036.4 |
|
62.6 |
|
57.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
(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 (Loss), Net. |
AUTONATION, INC. |
||||||||||||||||||
UNAUDITED SAME STORE DATA |
||||||||||||||||||
($ in millions, except per vehicle data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Highlights |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
|
2023 |
|
2022 |
|
$ Variance |
|
% Variance |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
$ |
3,307.8 |
$ |
3,142.9 |
$ |
164.9 |
|
5.2 |
$ |
12,572.1 |
$ |
11,698.7 |
$ |
873.4 |
|
7.5 |
|
|
|
Retail used vehicle |
|
1,712.2 |
|
2,009.0 |
|
(296.8) |
|
(14.8) |
|
7,385.6 |
|
8,959.6 |
|
(1,574.0) |
|
(17.6) |
|
|
Wholesale |
|
120.8 |
|
152.6 |
|
(31.8) |
|
(20.8) |
|
544.5 |
|
633.6 |
|
(89.1) |
|
(14.1) |
|
Used vehicle |
|
1,833.0 |
|
2,161.6 |
|
(328.6) |
|
(15.2) |
|
7,930.1 |
|
9,593.2 |
|
(1,663.1) |
|
(17.3) |
|
|
Finance and insurance, net |
|
338.7 |
|
344.4 |
|
(5.7) |
|
(1.7) |
|
1,385.5 |
|
1,430.2 |
|
(44.7) |
|
(3.1) |
|
|
|
Total variable operations |
|
5,479.5 |
|
5,648.9 |
|
(169.4) |
|
(3.0) |
|
21,887.7 |
|
22,722.1 |
|
(834.4) |
|
(3.7) |
|
Parts and service |
|
1,114.2 |
|
1,025.3 |
|
88.9 |
|
8.7 |
|
4,431.8 |
|
4,073.3 |
|
358.5 |
|
8.8 |
|
|
Other |
|
6.1 |
|
8.4 |
|
(2.3) |
|
|
|
30.1 |
|
30.5 |
|
(0.4) |
|
|
|
Total revenue |
$ |
6,599.8 |
$ |
6,682.6 |
$ |
(82.8) |
|
(1.2) |
$ |
26,349.6 |
$ |
26,825.9 |
$ |
(476.3) |
|
(1.8) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
$ |
233.3 |
$ |
338.4 |
$ |
(105.1) |
|
(31.1) |
$ |
1,048.4 |
$ |
1,361.8 |
$ |
(313.4) |
|
(23.0) |
|
|
|
Retail used vehicle |
|
91.2 |
|
125.0 |
|
(33.8) |
|
(27.0) |
|
477.1 |
|
536.1 |
|
(59.0) |
|
(11.0) |
|
|
Wholesale |
|
(2.5) |
|
(6.5) |
|
4.0 |
|
|
|
16.3 |
|
15.9 |
|
0.4 |
|
|
|
Used vehicle |
|
88.7 |
|
118.5 |
|
(29.8) |
|
(25.1) |
|
493.4 |
|
552.0 |
|
(58.6) |
|
(10.6) |
|
|
Finance and insurance |
|
338.7 |
|
344.4 |
|
(5.7) |
|
(1.7) |
|
1,385.5 |
|
1,430.2 |
|
(44.7) |
|
(3.1) |
|
|
|
Total variable operations |
|
660.7 |
|
801.3 |
|
(140.6) |
|
(17.5) |
|
2,927.3 |
|
3,344.0 |
|
(416.7) |
|
(12.5) |
|
Parts and service |
|
531.1 |
|
475.9 |
|
55.2 |
|
11.6 |
|
2,097.9 |
|
1,882.4 |
|
215.5 |
|
11.4 |
|
|
Other |
|
(0.1) |
|
1.3 |
|
(1.4) |
|
|
|
3.4 |
|
7.9 |
|
(4.5) |
|
|
|
Total gross profit |
$ |
1,191.7 |
$ |
1,278.5 |
$ |
(86.8) |
|
(6.8) |
$ |
5,028.6 |
$ |
5,234.3 |
$ |
(205.7) |
|
(3.9) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
|
63,410 |
|
59,996 |
|
3,414 |
|
5.7 |
|
240,327 |
|
229,098 |
|
11,229 |
|
4.9 |
|
|
Used |
|
62,213 |
|
67,441 |
|
(5,228) |
|
(7.8) |
|
263,642 |
|
297,970 |
|
(34,328) |
|
(11.5) |
|
|
|
|
|
125,623 |
|
127,437 |
|
(1,814) |
|
(1.4) |
|
503,969 |
|
527,068 |
|
(23,099) |
|
(4.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
$ |
52,165 |
$ |
52,385 |
$ |
(220) |
|
(0.4) |
$ |
52,312 |
$ |
51,064 |
$ |
1,248 |
|
2.4 |
|
|
Used |
$ |
27,522 |
$ |
29,789 |
$ |
(2,267) |
|
(7.6) |
$ |
28,014 |
$ |
30,069 |
$ |
(2,055) |
|
(6.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per vehicle retailed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New |
$ |
3,679 |
$ |
5,640 |
$ |
(1,961) |
|
(34.8) |
$ |
4,362 |
$ |
5,944 |
$ |
(1,582) |
|
(26.6) |
|
|
Used |
$ |
1,466 |
$ |
1,853 |
$ |
(387) |
|
(20.9) |
$ |
1,810 |
$ |
1,799 |
$ |
11 |
|
0.6 |
|
|
Finance and insurance |
$ |
2,696 |
$ |
2,703 |
$ |
(7) |
|
(0.3) |
$ |
2,749 |
$ |
2,714 |
$ |
35 |
|
1.3 |
|
|
Total variable operations(1) |
$ |
5,279 |
$ |
6,339 |
$ |
(1,060) |
|
(16.7) |
$ |
5,776 |
$ |
6,314 |
$ |
(538) |
|
(8.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Percentages |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
||||
|
|
|
|
2023 ( %) |
|
2022 ( %) |
|
2023 ( %) |
|
2022 ( %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
|
50.1 |
|
47.0 |
|
47.7 |
|
43.6 |
|
|
|
|
|
|
|
|
|
|
Used vehicle |
|
27.8 |
|
32.3 |
|
30.1 |
|
35.8 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
16.9 |
|
15.3 |
|
16.8 |
|
15.2 |
|
|
|
|
|
|
|
|
|
|
Finance and insurance, net |
|
5.1 |
|
5.2 |
|
5.3 |
|
5.3 |
|
|
|
|
|
|
|
|
|
|
Other |
|
0.1 |
|
0.2 |
|
0.1 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix percentages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
New vehicle |
|
19.6 |
|
26.5 |
|
20.8 |
|
26.0 |
|
|
|
|
|
|
|
|
|
|
Used vehicle |
|
7.4 |
|
9.3 |
|
9.8 |
|
10.5 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
44.6 |
|
37.2 |
|
41.7 |
|
36.0 |
|
|
|
|
|
|
|
|
|
|
Finance and insurance |
|
28.4 |
|
26.9 |
|
27.6 |
|
27.3 |
|
|
|
|
|
|
|
|
|
|
Other |
|
- |
|
0.1 |
|
0.1 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a percentage of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle |
|
7.1 |
|
10.8 |
|
8.3 |
|
11.6 |
|
|
|
|
|
|
|
|
|
|
Used vehicle - retail |
|
5.3 |
|
6.2 |
|
6.5 |
|
6.0 |
|
|
|
|
|
|
|
|
|
|
Parts and service |
|
47.7 |
|
46.4 |
|
47.3 |
|
46.2 |
|
|
|
|
|
|
|
|
|
|
Total |
|
18.1 |
|
19.1 |
|
19.1 |
|
19.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
(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. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/autonation-reports-fourth-quarter-and-full-year-results-302060105.html
SOURCE