FORT LAUDERDALE, Fla.,
May 1, 2018 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, today reported first quarter 2018 net income
from continuing operations of $93
million, or $1.01 per share.
First quarter 2017 net income from continuing operations totaled
$98 million, or $0.97 per share.
First quarter 2018 total revenue of $5.3
billion increased by 2% compared to the year-ago period.
Same store gross profit of $825
million increased by 3% compared to the year-ago period,
driven by increases in used vehicle gross profit of 9%, Customer
Financial Services gross profit of 10%, and Customer Care gross
profit of 5%. Same store Customer Financial Services gross profit
per vehicle retailed was an all-time record $1,779.
Brand Extension Update
AutoNation continues to move
forward with its comprehensive brand extension strategy. Since
January 1, 2018, the Company has
opened its fourth AutoNation Auto Auction, located in Atlanta, GA, as well as its fourth and fifth
AutoNation USA stores, located in
Katy, TX and Las Vegas, NV, respectively. AutoNation now
owns and operates over 325 locations from coast to coast.
Share Repurchase
AutoNation today announced that its
Board of Directors has authorized the repurchase of up to an
additional $250 million of
AutoNation's common stock. AutoNation has approximately
$314 million total Board
authorization remaining for share repurchases with the increased
authorization and approximately 91 million shares outstanding as of
April 27, 2018. During the first
quarter of 2018, AutoNation repurchased approximately 550,000
shares of common stock for an aggregate purchase price of
$27 million.
New Franchise Add-Points
AutoNation today announced
the award of four Jaguar Land Rover add-points, representing eight
Premium Luxury franchises, located in Florida, California, Texas, and Maryland. The combined anticipated annual
revenues of these four locations are approximately $400 million once all are fully operational.
These add-points are expected to open between 2020 and 2022.
Segment Results
Segment results(1) for the
first quarter 2018 were as follows:
First Quarter 2018 Segment Results
- Domestic - Domestic segment income(2)
was $60 million compared to year-ago
segment income of $61 million, a
decrease of 2%.
- Import - Import segment income(2) was
$73 million compared to year-ago
segment income of
$72
million, an increase of 2%.
- Premium Luxury - Premium Luxury segment
income(2) was $88 million
compared to year-ago segment income of $81
million, an increase of 9%.
The first quarter conference call may be accessed by telephone
at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time today 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 May 1,
2018, through May 22, 2018, by
calling (888) 568-0336 (passcode 2871).
(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 FCA US; 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, America's
largest automotive retailer, through its bold leadership,
innovation and its comprehensive brand extensions, is transforming
the automotive industry. As of March 31,
2018, AutoNation owned and operated over 325 locations from
coast to coast. AutoNation has sold over 11 million vehicles, the
first automotive retailer to reach this milestone. AutoNation's
success is driven by a commitment to delivering a peerless
experience through customer-focused sales and service processes.
Through its Drive Pink initiative, AutoNation is committed to drive
out cancer, create awareness and support critical research.
AutoNation continues to be a proud supporter of the Breast Cancer
Research Foundation and other cancer-related charities.
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," "could," and variations of such words
and similar expressions are intended to identify such
forward-looking statements. Statements regarding our strategic
initiatives, including our brand extension strategies, and
expectations for future results and the future performance of our
franchises (including with respect to sales of used vehicles and
parts and accessories) and the automotive retail industry, as well
as 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: 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 successfully implement, and customer
adoption of, our brand extension strategies; 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 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 acquisitions; natural
disasters and other adverse weather events; the resolution of legal
and administrative proceedings; regulatory factors affecting our
business, including fuel economy requirements; the announcement of
safety recalls; factors affecting our goodwill and other intangible
asset impairment testing; and other factors described in our news
releases and filings made under the securities laws, including,
among others, our Annual Reports on Form 10-K, our Quarterly
Reports on Form 10-Q and our Current Reports on Form 8-K.
Forward-looking statements contained in this news release speak
only as of the date of this news release, and we undertake no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
AUTONATION,
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,802.3
|
$
|
2,796.2
|
|
|
Used
vehicle
|
|
1,330.5
|
|
1,240.9
|
|
|
Parts and
service
|
|
858.5
|
|
845.1
|
|
|
Finance and
insurance, net
|
|
240.8
|
|
221.6
|
|
|
Other
|
|
27.8
|
|
35.6
|
|
Total
revenue
|
|
5,259.9
|
|
5,139.4
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
New
vehicle
|
|
2,672.6
|
|
2,651.9
|
|
|
Used
vehicle
|
|
1,244.7
|
|
1,163.9
|
|
|
Parts and
service
|
|
473.0
|
|
474.1
|
|
|
Other
|
|
27.3
|
|
29.7
|
|
Total cost of
sales
|
|
4,417.6
|
|
4,319.6
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
842.3
|
|
819.8
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
626.8
|
|
595.3
|
|
Depreciation and
amortization
|
|
40.0
|
|
37.3
|
|
Other income,
net
|
|
(10.3)
|
|
(19.5)
|
|
|
|
|
|
|
|
|
Operating
income
|
|
185.8
|
|
206.7
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(28.3)
|
|
(21.5)
|
|
|
Other interest
expense
|
|
(32.3)
|
|
(28.8)
|
|
|
Interest
income
|
|
0.2
|
|
0.4
|
|
|
Other income,
net
|
|
0.8
|
|
3.0
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
126.2
|
|
159.8
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
32.9
|
|
61.6
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
93.3
|
|
98.2
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
0.4
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
93.7
|
$
|
98.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
Continuing
operations
|
$
|
1.01
|
$
|
0.97
|
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
1.01
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
92.7
|
|
101.6
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
91.3
|
|
101.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earnings per share
amounts are calculated discretely and therefore may not add up to
the total due to rounding.
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
2017
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,802.3
|
$
|
2,796.2
|
$
|
6.1
|
|
0.2
|
|
|
|
Retail used
vehicle
|
|
1,237.1
|
|
1,156.1
|
|
81.0
|
|
7.0
|
|
|
|
Wholesale
|
|
93.4
|
|
84.8
|
|
8.6
|
|
10.1
|
|
|
|
Used
vehicle
|
|
1,330.5
|
|
1,240.9
|
|
89.6
|
|
7.2
|
|
|
|
Finance and
insurance, net
|
|
240.8
|
|
221.6
|
|
19.2
|
|
8.7
|
|
|
Total variable
operations
|
|
4,373.6
|
|
4,258.7
|
|
114.9
|
|
2.7
|
|
|
Parts and
service
|
|
858.5
|
|
845.1
|
|
13.4
|
|
1.6
|
|
|
Other
|
|
27.8
|
|
35.6
|
|
(7.8)
|
|
|
|
Total
revenue
|
$
|
5,259.9
|
$
|
5,139.4
|
$
|
120.5
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
129.7
|
$
|
144.3
|
$
|
(14.6)
|
|
(10.1)
|
|
|
|
Retail used
vehicle
|
|
82.0
|
|
74.9
|
|
7.1
|
|
9.5
|
|
|
|
Wholesale
|
|
3.8
|
|
2.1
|
|
1.7
|
|
|
|
|
|
Used
vehicle
|
|
85.8
|
|
77.0
|
|
8.8
|
|
11.4
|
|
|
|
Finance and
insurance
|
|
240.8
|
|
221.6
|
|
19.2
|
|
8.7
|
|
|
Total variable
operations
|
|
456.3
|
|
442.9
|
|
13.4
|
|
3.0
|
|
|
Parts and
service
|
|
385.5
|
|
371.0
|
|
14.5
|
|
3.9
|
|
|
Other
|
|
0.5
|
|
5.9
|
|
(5.4)
|
|
|
|
Total gross
profit
|
|
842.3
|
|
819.8
|
|
22.5
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
626.8
|
|
595.3
|
|
(31.5)
|
|
(5.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
40.0
|
|
37.3
|
|
(2.7)
|
|
|
|
Other income,
net
|
|
(10.3)
|
|
(19.5)
|
|
(9.2)
|
|
|
|
Operating
income
|
|
185.8
|
|
206.7
|
|
(20.9)
|
|
(10.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(28.3)
|
|
(21.5)
|
|
(6.8)
|
|
|
|
|
|
Other interest
expense
|
|
(32.3)
|
|
(28.8)
|
|
(3.5)
|
|
|
|
|
|
Interest
income
|
|
0.2
|
|
0.4
|
|
(0.2)
|
|
|
|
|
|
Other income,
net
|
|
0.8
|
|
3.0
|
|
(2.2)
|
|
|
|
Income from
continuing operations before income taxes
|
$
|
126.2
|
$
|
159.8
|
$
|
(33.6)
|
|
(21.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
74,178
|
|
75,798
|
|
(1,620)
|
|
(2.1)
|
|
|
|
Used
|
|
62,210
|
|
60,608
|
|
1,602
|
|
2.6
|
|
|
|
|
|
136,388
|
|
136,406
|
|
(18)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
37,778
|
$
|
36,890
|
$
|
888
|
|
2.4
|
|
|
|
Used
|
$
|
19,886
|
$
|
19,075
|
$
|
811
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,748
|
$
|
1,904
|
$
|
(156)
|
|
(8.2)
|
|
|
|
Used
|
$
|
1,318
|
$
|
1,236
|
$
|
82
|
|
6.6
|
|
|
|
Finance and
insurance
|
$
|
1,766
|
$
|
1,625
|
$
|
141
|
|
8.7
|
|
|
|
Total variable
operations(1)
|
$
|
3,318
|
$
|
3,232
|
$
|
86
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
|
2018 (%)
|
|
2017 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
53.3
|
|
54.4
|
|
|
|
|
|
|
|
Used
vehicle
|
|
25.3
|
|
24.1
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.3
|
|
16.4
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.6
|
|
4.3
|
|
|
|
|
|
|
|
Other
|
|
0.5
|
|
0.8
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
15.4
|
|
17.6
|
|
|
|
|
|
|
|
Used
vehicle
|
|
10.2
|
|
9.4
|
|
|
|
|
|
|
|
Parts and
service
|
|
45.8
|
|
45.3
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
28.6
|
|
27.0
|
|
|
|
|
|
|
|
Other
|
|
-
|
|
0.7
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
4.6
|
|
5.2
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.6
|
|
6.5
|
|
|
|
|
|
|
|
Parts
and service
|
|
44.9
|
|
43.9
|
|
|
|
|
|
|
|
Total
|
|
16.0
|
|
16.0
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.9
|
|
11.6
|
|
|
|
|
|
|
|
Operating
income
|
|
3.5
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
74.4
|
|
72.6
|
|
|
|
|
|
|
|
Operating
income
|
|
22.1
|
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
2018
|
|
2017
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
1,773.7
|
$
|
1,800.8
|
$
|
(27.1)
|
|
(1.5)
|
|
|
Import
|
|
1,652.6
|
|
1,631.7
|
|
20.9
|
|
1.3
|
|
|
Premium
luxury
|
|
1,717.8
|
|
1,616.6
|
|
101.2
|
|
6.3
|
|
|
Total
|
|
5,144.1
|
|
5,049.1
|
|
95.0
|
|
1.9
|
|
|
Corporate and
other
|
|
115.8
|
|
90.3
|
|
25.5
|
|
28.2
|
|
|
Total consolidated revenue
|
$
|
5,259.9
|
$
|
5,139.4
|
$
|
120.5
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
60.3
|
$
|
61.4
|
$
|
(1.1)
|
|
(1.8)
|
|
|
Import
|
|
72.8
|
|
71.7
|
|
1.1
|
|
1.5
|
|
|
Premium
luxury
|
|
87.7
|
|
80.5
|
|
7.2
|
|
8.9
|
|
|
Total
|
|
220.8
|
|
213.6
|
|
7.2
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(63.3)
|
|
(28.4)
|
|
(34.9)
|
|
|
|
Add: Floorplan
interest expense
|
|
28.3
|
|
21.5
|
|
6.8
|
|
|
|
Operating
income
|
$
|
185.8
|
$
|
206.7
|
$
|
(20.9)
|
|
(10.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
24,605
|
|
26,259
|
|
(1,654)
|
|
(6.3)
|
|
|
Import
|
|
33,950
|
|
34,315
|
|
(365)
|
|
(1.1)
|
|
|
Premium
luxury
|
|
15,623
|
|
15,224
|
|
399
|
|
2.6
|
|
|
|
|
74,178
|
|
75,798
|
|
(1,620)
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail
New Vehicle Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2018 (%)
|
|
2017 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
12.3
|
|
13.9
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
11.5
|
|
10.8
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep, Ram
|
|
9.4
|
|
9.9
|
|
|
|
|
|
|
Domestic total
|
|
33.2
|
|
34.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
19.2
|
|
18.0
|
|
|
|
|
|
|
Honda
|
|
13.4
|
|
13.0
|
|
|
|
|
|
|
Nissan
|
|
5.9
|
|
7.3
|
|
|
|
|
|
|
Other
Import
|
|
7.2
|
|
7.0
|
|
|
|
|
|
|
Import total
|
|
45.7
|
|
45.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
8.4
|
|
8.1
|
|
|
|
|
|
|
BMW
|
|
4.6
|
|
4.7
|
|
|
|
|
|
|
Lexus
|
|
2.3
|
|
2.5
|
|
|
|
|
|
|
Audi
|
|
2.3
|
|
2.2
|
|
|
|
|
|
|
Other
Premium Luxury (Land Rover, Porsche)
|
|
3.5
|
|
2.6
|
|
|
|
|
|
|
Premium Luxury
total
|
|
21.1
|
|
20.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTONATION,
INC
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
79.4
|
$
|
86.8
|
|
|
|
|
Cash paid for
acquisitions, net of cash acquired (2)
|
$
|
1.9
|
$
|
5.8
|
|
|
|
|
Proceeds from
exercises of stock options
|
$
|
13.3
|
$
|
21.5
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
$
|
26.6
|
$
|
-
|
|
|
|
|
|
Shares repurchased
(in millions)
|
|
0.5
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
2018
|
|
2017
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
28.5
|
$
|
28.3
|
$
|
0.2
|
|
|
New vehicle floorplan
interest expense
|
|
(26.2)
|
|
(20.2)
|
|
(6.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
2.3
|
$
|
8.1
|
$
|
(5.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
57.5
|
$
|
69.2
|
$
|
56.3
|
|
|
Inventory
|
$
|
3,529.3
|
$
|
3,365.6
|
$
|
3,692.6
|
|
|
Total floorplan notes
payable
|
$
|
3,739.2
|
$
|
3,806.9
|
$
|
3,868.5
|
|
|
Non-vehicle
debt
|
$
|
2,643.5
|
$
|
2,703.7
|
$
|
2,546.2
|
|
|
Equity
|
$
|
2,471.9
|
$
|
2,369.3
|
$
|
2,434.2
|
|
|
New days supply
(industry standard of selling days)
|
|
69
days
|
|
53
days
|
|
71
days
|
|
|
Used days supply
(trailing calendar month days)
|
|
31
days
|
|
43
days
|
|
37
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance
Calculations(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
2.81x
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
4.25x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
|
61.3%
|
|
|
|
|
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)
|
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,
|
|
|
|
|
|
2018
|
|
2017
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,757.4
|
$
|
2,718.3
|
$
|
39.1
|
|
1.4
|
|
|
|
Retail used
vehicle
|
|
1,200.6
|
|
1,116.7
|
|
83.9
|
|
7.5
|
|
|
|
Wholesale
|
|
88.4
|
|
81.9
|
|
6.5
|
|
7.9
|
|
|
|
Used
vehicle
|
|
1,289.0
|
|
1,198.6
|
|
90.4
|
|
7.5
|
|
|
|
Finance and
insurance, net
|
|
237.6
|
|
216.8
|
|
20.8
|
|
9.6
|
|
|
Total variable
operations
|
|
4,284.0
|
|
4,133.7
|
|
150.3
|
|
3.6
|
|
|
Parts and
service
|
|
841.5
|
|
823.3
|
|
18.2
|
|
2.2
|
|
|
Other
|
|
27.8
|
|
35.5
|
|
(7.7)
|
|
|
|
Total
revenue
|
$
|
5,153.3
|
$
|
4,992.5
|
$
|
160.8
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
127.4
|
$
|
141.2
|
$
|
(13.8)
|
|
(9.8)
|
|
|
|
Retail used
vehicle
|
|
80.7
|
|
72.5
|
|
8.2
|
|
11.3
|
|
|
|
Wholesale
|
|
0.8
|
|
2.0
|
|
(1.2)
|
|
|
|
|
|
Used
vehicle
|
|
81.5
|
|
74.5
|
|
7.0
|
|
9.4
|
|
|
|
Finance and
insurance
|
|
237.6
|
|
216.8
|
|
20.8
|
|
9.6
|
|
|
Total variable
operations
|
|
446.5
|
|
432.5
|
|
14.0
|
|
3.2
|
|
|
Parts and
service
|
|
377.7
|
|
361.2
|
|
16.5
|
|
4.6
|
|
|
Other
|
|
0.5
|
|
5.8
|
|
(5.3)
|
|
|
|
Total gross
profit
|
$
|
824.7
|
$
|
799.5
|
$
|
25.2
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
73,275
|
|
73,538
|
|
(263)
|
|
(0.4)
|
|
|
|
Used
|
|
60,270
|
|
58,233
|
|
2,037
|
|
3.5
|
|
|
|
|
|
133,545
|
|
131,771
|
|
1,774
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
37,631
|
$
|
36,965
|
$
|
666
|
|
1.8
|
|
|
|
Used
|
$
|
19,920
|
$
|
19,176
|
$
|
744
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,739
|
$
|
1,920
|
$
|
(181)
|
|
(9.4)
|
|
|
|
Used
|
$
|
1,339
|
$
|
1,245
|
$
|
94
|
|
7.6
|
|
|
|
Finance and
insurance
|
$
|
1,779
|
$
|
1,645
|
$
|
134
|
|
8.1
|
|
|
|
Total variable
operations(1)
|
$
|
3,337
|
$
|
3,267
|
$
|
70
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
|
2018 (%)
|
|
2017 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
53.5
|
|
54.4
|
|
|
|
|
|
|
|
Used
vehicle
|
|
25.0
|
|
24.0
|
|
|
|
|
|
|
|
Parts and
service
|
|
16.3
|
|
16.5
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.6
|
|
4.3
|
|
|
|
|
|
|
|
Other
|
|
0.6
|
|
0.8
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
15.4
|
|
17.7
|
|
|
|
|
|
|
|
Used
vehicle
|
|
9.9
|
|
9.3
|
|
|
|
|
|
|
|
Parts and
service
|
|
45.8
|
|
45.2
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
28.8
|
|
27.1
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
0.7
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
4.6
|
|
5.2
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.7
|
|
6.5
|
|
|
|
|
|
|
|
Parts
and service
|
|
44.9
|
|
43.9
|
|
|
|
|
|
|
|
Total
|
|
16.0
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 with
multimedia:http://www.prnewswire.com/news-releases/autonation-reports-record-first-quarter-eps-300639531.html
SOURCE AutoNation, Inc.