FORT LAUDERDALE, Fla.,
April 22, 2016 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, today reported first quarter 2016 net income
from continuing operations of $96
million, or $0.90 per share,
compared to net income from continuing operations of $112 million, or $0.97 per share, for the same period in the prior
year. Net income from continuing operations for the first quarter
of 2016 was negatively impacted by approximately $6.8 million after-tax, or $0.06 per share, consisting of hail-related
expenses of approximately $3.6
million after-tax, or $0.03
per share, and a shift of approximately $3.2
million after-tax, or $0.03
per share, in stock-based compensation expense into the first
quarter, due to a change from quarterly to annual stock option
grants.
Mike Jackson, Chairman, Chief
Executive Officer and President, said, "As we stated last quarter,
the market is in a plateau environment. Industry retail sales for
the quarter were flat despite year over year manufacturer incentive
increases of 14%, new vehicle sales lease penetration over 30%, and
high retail inventories. We still believe the industry will be
above 17 million units for the year."
Acquisitions
In February
2016, AutoNation completed the previously announced
acquisition of 12 stores operating in the Houston, Dallas-Fort
Worth, Corpus Christi,
Tyler, Ennis, and Waco,
Texas markets from Allen Samuels Auto Group.
Share Repurchase
During the first quarter of 2016,
AutoNation repurchased 7.9 million shares of common stock for an
aggregate purchase price of $371
million. As of April 21, 2016,
AutoNation has approximately $175
million remaining Board authorization for share repurchase
and 103 million shares outstanding.
Segment Results
Segment results(1) for the
first quarter of 2016 were as follows:
- Domestic - Domestic segment income(2)
was $77 million compared to year-ago
segment income of $79 million, a
decrease of 2%.
- Import - Import segment income(2) was
$76 million compared to year-ago
segment income of $75 million, an
increase of 1%.
- Premium Luxury - Premium Luxury segment
income(2) was $83 million
compared to year-ago segment income of $94
million, a decrease of 12%.
The first quarter conference call may be accessed by telephone
at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's
investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under
"Events & Presentations" following the call. A playback of the
conference call will be available after 1:00
p.m. Eastern Time on April 22,
2016, through May 06, 2016 by
calling (888) 562-6281 (password 5423).
(1)
|
AutoNation has three
operating segments: Domestic, Import, and Premium Luxury. The
Domestic segment is comprised of stores that sell vehicles
manufactured by General Motors, Ford, and FCA US (formerly
Chrysler); the Import segment is comprised of stores that sell
vehicles manufactured primarily by Toyota, Honda, Nissan, and
Hyundai; and the Premium Luxury segment is comprised of stores that
sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus,
and Audi.
|
|
|
(2)
|
Segment income
represents income for each of our reportable segments and is
defined as operating income less floorplan interest
expense.
|
About AutoNation, Inc.
AutoNation is America's largest
automotive retailer, currently owning and operating 375 new vehicle
franchises from coast to coast. AutoNation sold its 10 millionth
vehicle in 2015, the first automotive retailer to reach this
milestone. A commitment to delivering a peerless experience through
customer-focused sales and service processes is what drives
AutoNation's success. AutoNation supports the Breast Cancer
Research Foundation through its Drive Pink Campaign. AutoNation is
transforming the automotive industry through bold leadership,
technology and innovation.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
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," "plans," "believes,"
"continues," "may," "will," and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Statements regarding our strategic initiatives and
expectations for the future performance of our franchises and the
automotive retail industry, as well as 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: economic conditions, including conditions in the
credit markets and changes in interest rates; new and used vehicle
margins; the success and financial viability and the incentive and
marketing programs of vehicle manufacturers and distributors with
which we hold franchises; our ability to maintain and enhance our
retail brands and reputation and to attract consumers to our own
digital channels; our ability to integrate successfully acquired
and awarded franchises and to attain planned sales volumes within
our expected time frames; restrictions imposed by vehicle
manufacturers and our ability to obtain manufacturer approval for
pending acquisitions; natural disasters and other adverse weather
events; the resolution of legal and administrative proceedings;
regulatory factors affecting our business, including fuel economy
requirements; our ability to identify open 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 INCOME STATEMENTS
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
New
vehicle
|
|
$
|
2,800.2
|
|
$
|
2,769.6
|
|
|
Used
vehicle
|
|
1,241.6
|
|
1,193.2
|
|
|
Parts and
service
|
|
820.4
|
|
743.4
|
|
|
Finance and
insurance, net
|
|
223.1
|
|
207.6
|
|
|
Other
|
|
34.3
|
|
30.4
|
|
Total
revenue
|
|
5,119.6
|
|
4,944.2
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
New
vehicle
|
|
2,651.0
|
|
2,608.1
|
|
|
Used
vehicle
|
|
1,150.6
|
|
1,089.5
|
|
|
Parts and
service
|
|
465.7
|
|
423.4
|
|
|
Other
|
|
26.4
|
|
23.3
|
|
Total cost of
sales
|
|
4,293.7
|
|
4,144.3
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
825.9
|
|
799.9
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
588.7
|
|
557.6
|
|
Depreciation and
amortization
|
|
34.8
|
|
28.7
|
|
Other income,
net
|
|
(5.0)
|
|
(1.3)
|
|
|
|
|
|
|
|
|
Operating
income
|
|
207.4
|
|
214.9
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(18.9)
|
|
(13.2)
|
|
|
Other interest
expense
|
|
(28.3)
|
|
(21.4)
|
|
|
Interest
income
|
|
0.1
|
|
0.1
|
|
|
Other income (loss),
net
|
|
(3.4)
|
|
1.1
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
156.9
|
|
181.5
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
60.7
|
|
69.8
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
96.2
|
|
111.7
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
(0.3)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
95.9
|
|
$
|
111.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.90
|
|
$
|
0.97
|
|
|
Discontinued
operations
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.89
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
107.4
|
|
115.1
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
103.1
|
|
113.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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,
|
|
|
|
|
|
2016
|
|
2015
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
|
2,800.2
|
|
$
|
2,769.6
|
|
$
|
30.6
|
|
1.1
|
|
|
|
Retail used
vehicle
|
|
1,119.9
|
|
1,094.1
|
|
25.8
|
|
2.4
|
|
|
|
Wholesale
|
|
121.7
|
|
99.1
|
|
22.6
|
|
22.8
|
|
|
|
Used
vehicle
|
|
1,241.6
|
|
1,193.2
|
|
48.4
|
|
4.1
|
|
|
|
Finance and
insurance, net
|
|
223.1
|
|
207.6
|
|
15.5
|
|
7.5
|
|
|
Total variable
operations
|
|
4,264.9
|
|
4,170.4
|
|
94.5
|
|
2.3
|
|
|
Parts and
service
|
|
820.4
|
|
743.4
|
|
77.0
|
|
10.4
|
|
|
Other
|
|
34.3
|
|
30.4
|
|
3.9
|
|
|
|
Total
revenue
|
|
$
|
5,119.6
|
|
$
|
4,944.2
|
|
$
|
175.4
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
|
149.2
|
|
$
|
161.5
|
|
$
|
(12.3)
|
|
(7.6)
|
|
|
|
Retail used
vehicle
|
|
93.7
|
|
102.5
|
|
(8.8)
|
|
(8.6)
|
|
|
|
Wholesale
|
|
(2.7)
|
|
1.2
|
|
(3.9)
|
|
|
|
|
|
Used
vehicle
|
|
91.0
|
|
103.7
|
|
(12.7)
|
|
(12.2)
|
|
|
|
Finance and
insurance
|
|
223.1
|
|
207.6
|
|
15.5
|
|
7.5
|
|
|
Total variable
operations
|
|
463.3
|
|
472.8
|
|
(9.5)
|
|
(2.0)
|
|
|
Parts and
service
|
|
354.7
|
|
320.0
|
|
34.7
|
|
10.8
|
|
|
Other
|
|
7.9
|
|
7.1
|
|
0.8
|
|
|
|
Total gross
profit
|
|
825.9
|
|
799.9
|
|
26.0
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
588.7
|
|
557.6
|
|
(31.1)
|
|
(5.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
34.8
|
|
28.7
|
|
(6.1)
|
|
|
|
Other income,
net
|
|
(5.0)
|
|
(1.3)
|
|
3.7
|
|
|
|
Operating
income
|
|
207.4
|
|
214.9
|
|
(7.5)
|
|
(3.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(18.9)
|
|
(13.2)
|
|
(5.7)
|
|
|
|
|
|
Other interest
expense
|
|
(28.3)
|
|
(21.4)
|
|
(6.9)
|
|
|
|
|
|
Interest
income
|
|
0.1
|
|
0.1
|
|
-
|
|
|
|
|
|
Other income (loss),
net
|
|
(3.4)
|
|
1.1
|
|
(4.5)
|
|
|
|
Income from
continuing operations before income taxes
|
|
$
|
156.9
|
|
$
|
181.5
|
|
$
|
(24.6)
|
|
(13.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
79,007
|
|
78,560
|
|
447
|
|
0.6
|
|
|
|
Used
|
|
58,103
|
|
58,624
|
|
(521)
|
|
(0.9)
|
|
|
|
|
|
137,110
|
|
137,184
|
|
(74)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
|
35,442
|
|
$
|
35,255
|
|
$
|
187
|
|
0.5
|
|
|
|
Used
|
|
$
|
19,274
|
|
$
|
18,663
|
|
$
|
611
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
|
1,888
|
|
$
|
2,056
|
|
$
|
(168)
|
|
(8.2)
|
|
|
|
Used
|
|
$
|
1,613
|
|
$
|
1,748
|
|
$
|
(135)
|
|
(7.7)
|
|
|
|
Finance and
insurance
|
|
$
|
1,627
|
|
$
|
1,513
|
|
$
|
114
|
|
7.5
|
|
|
|
Total variable
operations(1)
|
|
$
|
3,399
|
|
$
|
3,438
|
|
$
|
(39)
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
|
2016 (%)
|
|
2015 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
54.7
|
|
56.0
|
|
|
|
|
|
|
|
Used
vehicle
|
|
24.3
|
|
24.1
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.0
|
|
15.0
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.4
|
|
4.2
|
|
|
|
|
|
|
|
Other
|
|
0.6
|
|
0.7
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
18.1
|
|
20.2
|
|
|
|
|
|
|
|
Used
vehicle
|
|
11.0
|
|
13.0
|
|
|
|
|
|
|
|
Parts and
service
|
|
42.9
|
|
40.0
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.0
|
|
26.0
|
|
|
|
|
|
|
|
Other
|
|
1.0
|
|
0.8
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.3
|
|
5.8
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
8.4
|
|
9.4
|
|
|
|
|
|
|
|
Parts
and service
|
|
43.2
|
|
43.0
|
|
|
|
|
|
|
|
Total
|
|
16.1
|
|
16.2
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.5
|
|
11.3
|
|
|
|
|
|
|
|
Operating
income
|
|
4.1
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
71.3
|
|
69.7
|
|
|
|
|
|
|
|
Operating
income
|
|
25.1
|
|
26.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
March 31,
|
|
|
|
|
2016
|
|
2015
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
|
1,848.2
|
|
$
|
1,665.7
|
|
$
|
182.5
|
|
11.0
|
|
|
Import
|
|
1,675.0
|
|
1,678.7
|
|
(3.7)
|
|
(0.2)
|
|
|
Premium
luxury
|
|
1,540.3
|
|
1,563.2
|
|
(22.9)
|
|
(1.5)
|
|
|
Total
|
|
5,063.5
|
|
4,907.6
|
|
155.9
|
|
3.2
|
|
|
Corporate and
other
|
|
56.1
|
|
36.6
|
|
19.5
|
|
53.3
|
|
|
Total consolidated revenue
|
|
$
|
5,119.6
|
|
$
|
4,944.2
|
|
$
|
175.4
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
|
77.4
|
|
$
|
79.3
|
|
$
|
(1.9)
|
|
(2.4)
|
|
|
Import
|
|
76.1
|
|
75.0
|
|
1.1
|
|
1.5
|
|
|
Premium
luxury
|
|
83.0
|
|
94.1
|
|
(11.1)
|
|
(11.8)
|
|
|
Total
|
|
236.5
|
|
248.4
|
|
(11.9)
|
|
(4.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(48.0)
|
|
(46.7)
|
|
(1.3)
|
|
|
|
Add: Floorplan
interest expense
|
|
18.9
|
|
13.2
|
|
5.7
|
|
|
|
Operating
income
|
|
$
|
207.4
|
|
$
|
214.9
|
|
$
|
(7.5)
|
|
(3.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
27,736
|
|
25,750
|
|
1,986
|
|
7.7
|
|
|
Import
|
|
35,781
|
|
36,914
|
|
(1,133)
|
|
(3.1)
|
|
|
Premium
luxury
|
|
15,490
|
|
15,896
|
|
(406)
|
|
(2.6)
|
|
|
|
|
79,007
|
|
78,560
|
|
447
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - New
Vehicle Retail Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2016 (%)
|
|
2015 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
15.2
|
|
16.5
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
11.3
|
|
9.8
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep, Ram
|
|
8.6
|
|
6.5
|
|
|
|
|
|
|
Domestic total
|
|
35.1
|
|
32.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
17.3
|
|
18.7
|
|
|
|
|
|
|
Honda
|
|
11.9
|
|
10.9
|
|
|
|
|
|
|
Nissan
|
|
9.1
|
|
10.1
|
|
|
|
|
|
|
Other
Import
|
|
7.0
|
|
7.3
|
|
|
|
|
|
|
Import total
|
|
45.3
|
|
47.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
8.2
|
|
8.1
|
|
|
|
|
|
|
BMW
|
|
4.2
|
|
4.9
|
|
|
|
|
|
|
Lexus
|
|
3.0
|
|
3.2
|
|
|
|
|
|
|
Audi
|
|
2.0
|
|
1.9
|
|
|
|
|
|
|
Other
Premium Luxury (Land Rover, Porsche)
|
|
2.2
|
|
2.1
|
|
|
|
|
|
|
Premium Luxury
total
|
|
19.6
|
|
20.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
AUTONATION,
INC
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
|
$
|
50.7
|
|
$
|
62.9
|
|
|
|
|
Cash paid for
acquisitions, net of cash acquired (2)
|
|
$
|
256.6
|
|
$
|
27.7
|
|
|
|
|
Proceeds from
exercises of stock options
|
|
$
|
0.6
|
|
$
|
12.4
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
|
$
|
370.6
|
|
$
|
9.1
|
|
|
|
|
|
Shares repurchased
(in millions)
|
|
7.9
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
|
$
|
29.3
|
|
$
|
26.7
|
|
$
|
2.6
|
|
|
New vehicle floorplan
interest expense
|
|
(17.9)
|
|
(12.5)
|
|
(5.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
|
$
|
11.4
|
|
$
|
14.2
|
|
$
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
47.8
|
|
$
|
74.1
|
|
$
|
74.1
|
|
|
Inventory
|
|
$
|
3,927.8
|
|
$
|
3,612.0
|
|
$
|
2,928.4
|
|
|
Total floorplan notes
payable
|
|
$
|
4,039.4
|
|
$
|
3,727.1
|
|
$
|
3,002.4
|
|
|
Non-vehicle debt
(3)
|
|
$
|
2,680.5
|
|
$
|
2,356.5
|
|
$
|
2,051.3
|
|
|
Equity
|
|
$
|
2,090.6
|
|
$
|
2,349.3
|
|
$
|
2,205.6
|
|
|
New days supply
(industry standard of selling days)
|
|
81
days
|
|
68
days
|
|
52
days
|
|
|
Used days supply
(trailing calendar month days)
|
|
39
days
|
|
43
days
|
|
34
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance
Calculations(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
2.60x
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
|
64.9%
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
70.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes accrued
construction in progress and excludes property associated with
capital leases entered into during the period.
|
|
|
|
(2)
|
Excludes capital
leases and deferred purchase price commitments.
|
|
|
|
(3)
|
Pursuant to an
accounting standard update effective January 1, 2016, all debt
issuance costs have been reclassified, with the exception of those
related to our revolving credit facility, as a direct reduction
from the carrying amount of the related debt liability for both
current and prior periods.
|
|
|
|
(4)
|
Calculated in
accordance with our credit agreement as filed with the
SEC.
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED SAME
STORE DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
|
2,634.1
|
|
$
|
2,755.5
|
|
$
|
(121.4)
|
|
(4.4)
|
|
|
|
Retail used
vehicle
|
|
1,045.9
|
|
1,085.2
|
|
(39.3)
|
|
(3.6)
|
|
|
|
Wholesale
|
|
118.1
|
|
98.7
|
|
19.4
|
|
19.7
|
|
|
|
Used
vehicle
|
|
1,164.0
|
|
1,183.9
|
|
(19.9)
|
|
(1.7)
|
|
|
|
Finance and
insurance, net
|
|
211.8
|
|
206.6
|
|
5.2
|
|
2.5
|
|
|
Total variable
operations
|
|
4,009.9
|
|
4,146.0
|
|
(136.1)
|
|
(3.3)
|
|
|
Parts and
service
|
|
770.1
|
|
736.2
|
|
33.9
|
|
4.6
|
|
|
Other
|
|
34.0
|
|
30.3
|
|
3.7
|
|
|
|
Total
revenue
|
|
$
|
4,814.0
|
|
$
|
4,912.5
|
|
$
|
(98.5)
|
|
(2.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
|
140.1
|
|
$
|
160.6
|
|
$
|
(20.5)
|
|
(12.8)
|
|
|
|
Retail used
vehicle
|
|
88.0
|
|
101.6
|
|
(13.6)
|
|
(13.4)
|
|
|
|
Wholesale
|
|
(2.6)
|
|
1.2
|
|
(3.8)
|
|
|
|
|
|
Used
vehicle
|
|
85.4
|
|
102.8
|
|
(17.4)
|
|
(16.9)
|
|
|
|
Finance and
insurance
|
|
211.8
|
|
206.6
|
|
5.2
|
|
2.5
|
|
|
Total variable
operations
|
|
437.3
|
|
470.0
|
|
(32.7)
|
|
(7.0)
|
|
|
Parts and
service
|
|
333.5
|
|
316.6
|
|
16.9
|
|
5.3
|
|
|
Other
|
|
7.3
|
|
7.1
|
|
0.2
|
|
|
|
Total gross
profit
|
|
$
|
778.1
|
|
$
|
793.7
|
|
$
|
(15.6)
|
|
(2.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
74,323
|
|
78,027
|
|
(3,704)
|
|
(4.7)
|
|
|
|
Used
|
|
54,157
|
|
58,039
|
|
(3,882)
|
|
(6.7)
|
|
|
|
|
|
128,480
|
|
136,066
|
|
(7,586)
|
|
(5.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
|
35,441
|
|
$
|
35,315
|
|
$
|
126
|
|
0.4
|
|
|
|
Used
|
|
$
|
19,312
|
|
$
|
18,698
|
|
$
|
614
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
|
1,885
|
|
$
|
2,058
|
|
$
|
(173)
|
|
(8.4)
|
|
|
|
Used
|
|
$
|
1,625
|
|
$
|
1,751
|
|
$
|
(126)
|
|
(7.2)
|
|
|
|
Finance and
insurance
|
|
$
|
1,649
|
|
$
|
1,518
|
|
$
|
131
|
|
8.6
|
|
|
|
Total variable
operations(1)
|
|
$
|
3,424
|
|
$
|
3,445
|
|
$
|
(21)
|
|
(0.6)
|
|
|
|
|
|
|
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|
|
|
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|
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|
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Operating
Percentages
|
|
Three Months
Ended March 31,
|
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|
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|
|
|
|
|
|
2016 (%)
|
|
2015 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
54.7
|
|
56.1
|
|
|
|
|
|
|
|
Used
vehicle
|
|
24.2
|
|
24.1
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.0
|
|
15.0
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.4
|
|
4.2
|
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
0.6
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
18.0
|
|
20.2
|
|
|
|
|
|
|
|
Used
vehicle
|
|
11.0
|
|
13.0
|
|
|
|
|
|
|
|
Parts and
service
|
|
42.9
|
|
39.9
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.2
|
|
26.0
|
|
|
|
|
|
|
|
Other
|
|
0.9
|
|
0.9
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.3
|
|
5.8
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
8.4
|
|
9.4
|
|
|
|
|
|
|
|
Parts
and service
|
|
43.3
|
|
43.0
|
|
|
|
|
|
|
|
Total
|
|
16.2
|
|
16.2
|
|
|
|
|
|
|
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(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.
|
Logo - http://photos.prnewswire.com/prnh/20151110/286019LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/autonation-reports-first-quarter-2016-results-300255751.html
SOURCE AutoNation, Inc.