- Second quarter 2022 EPS was
$6.48, an increase
of 34% compared to second quarter 2021 EPS of
$4.83
- Second quarter 2022 operating income was $558 million, an all-time record and an increase
of 5% as compared to the same period a year ago
- Second quarter 2022 After-Sales gross profit was
$482 million, an increase of 11%
compared to the same period a year ago
- During the second quarter of 2022, AutoNation
repurchased 3.7 million shares of common stock for an aggregate
purchase price of $404
million
- AutoNation today announced that the Board of Directors
authorized the repurchase of up to an additional $1 billion of AutoNation common stock
- AutoNation today announced its plan to acquire CIG
Financial to expand it capabilities and enhance the Customer buying
experience
FORT
LAUDERDALE, Fla., July 21,
2022 /PRNewswire/ -- AutoNation, Inc. (NYSE:
AN), America's most admired automotive retailer, today reported
second quarter 2022 EPS of $6.48.
Second quarter 2022 revenue was $6.9
billion, down 2% as compared to the same period a year
ago.
Operational Summary
Second quarter 2022 Operational Summary:
- Revenue – Revenue was $6.9
billion, a decrease of 2% compared to the year-ago
period.
-
- New Vehicle Revenue – New vehicle revenue
declined 14% compared to the year-ago period.
- Used Vehicle Revenue – Used vehicle revenue
increased 13% compared to the year-ago period.
- Gross Profit - Gross profit totaled $1.4 billion, an increase of 3% compared to the
year-ago period.
-
- New Vehicle Gross Profit - New vehicle gross
profit per vehicle retailed was $6,106, up $1,953
or 47% compared to the year-ago period.
- Used Vehicle Gross Profit - Used vehicle gross
profit per vehicle retailed was $1,915, a decrease of $324 or 14% compared to the year-ago period and
an increase of $349 or 22% compared
to the prior quarter.
- Customer Financial Services Gross Profit -
Customer Financial Services gross profit per vehicle retailed was
$2,724, up $385 or 16% compared to the year-ago period.
- After-Sales Gross Profit - After-Sales gross
profit was $482 million, an increase
of 11% compared to the year-ago period.
- SG&A as a Percentage of Gross Profit –
SG&A as a percentage of gross profit was 55.4%, an improvement
of 110 basis points compared to the year-ago period.
"AutoNation Associates delivered outstanding performance across
all of our business sectors, leveraging our customer focus, digital
capabilities, cost discipline, and capital allocation to produce
record results. I am particularly pleased with our After-Sales
penetration with gross profit increasing 11% compared to last
year. This is a key profit driver that has been a particular
area of focus since my arrival and that has been structurally
embedded in the organization. Additionally, today, we announced our
agreement to acquire CIG Financial, an auto finance company. This
acquisition addresses a key strategic next step in the evolution
and expansion of our customer relationships, particularly for our
used vehicle business," said Mike
Manley, AutoNation Chief Executive Officer.
Used Vehicle Growth Strategy
AutoNation's second quarter 2022 used vehicle revenue increased
13%, compared to the prior year period, driven by AutoNation's used
vehicle sourcing strategy, a broad selection of inventory, a proven
operating model, demonstrated digital scale, and an admired brand.
AutoNation will continue to expand its used vehicle retail
business, leveraging its existing capabilities and AutoNation
USA growth plan, coupled with rich
data and analytics.
The Company plans to open its twelfth AutoNation USA store in the third quarter in Kennesaw, Georgia. AutoNation's target is to
have over 130 AutoNation USA
stores in operation from coast-to-coast by the end of 2026. These
stores will continue to leverage the AutoNation brand, scale, and
proven Customer-centric processes to capture a larger share of the
used vehicle market.
Acquisition of Captive Finance Capabilities
AutoNation today announced it has entered into an agreement to
acquire CIG Financial, an auto finance company headquartered in
Irvine, CA. The acquisition of CIG
Financial aligns with AutoNation's strategic business model and
singular focus on personalized mobility solutions that are easy,
transparent, and customer-centric. This acquisition will further
extend AutoNation's relationship with its Customers beyond the
buying experience and throughout the vehicle ownership life cycle.
The transaction is expected to close within the next 90 days,
subject to customary closing conditions and regulatory
approvals.
Share Repurchase
During the second quarter of 2022, AutoNation repurchased 3.7
million shares of common stock, or 6% of shares outstanding for an
aggregate purchase price of $404
million. Year-to-date through July
19, 2022, AutoNation repurchased 7.2 million shares of
common stock, or 11% of the shares outstanding at the beginning of
the year, for an aggregate purchase price of $789 million. AutoNation today announced that the
Board of Directors authorized the repurchase of up to an additional
$1 billion of AutoNation common
stock. As of July 19, 2022,
AutoNation had approximately 56 million shares outstanding.
Liquidity and Leverage
As of June 30, 2022, AutoNation
had $2.1 billion of liquidity,
including $337 million in cash and
approximately $1.8 billion of
availability under our revolving credit facility. The Company's
covenant leverage ratio was 1.5x at quarter-end, or 1.4x net of
cash and used floorplan availability. AutoNation had approximately
$3.5 billion of non-vehicle debt
outstanding as of June 30, 2022.
|
|
|
|
Selected GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Three Months Ended Jun
30,
|
|
2022
|
2021
|
YoY
|
|
|
|
|
Revenue
|
$ 6,869.2
|
$ 6,978.4
|
-2 %
|
Gross Profit
|
$ 1,361.7
|
$ 1,326.3
|
3 %
|
Operating
Income
|
$
558.1
|
$
530.2
|
5 %
|
Net Income
|
$
376.3
|
$
384.8
|
-2 %
|
Diluted
EPS
|
$
6.48
|
$
4.83
|
34 %
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
57,890
|
77,164
|
-25 %
|
Used Vehicle Retail
Unit Sales
|
77,080
|
80,589
|
-4 %
|
|
|
|
|
Selected GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Six Months Ended Jun
30,
|
|
2022
|
2021
|
YoY
|
Revenue
|
$
13,622.0
|
$
12,882.2
|
6 %
|
Gross Profit
|
$
2,670.6
|
$
2,359.1
|
13 %
|
Operating
Income
|
$
1,077.1
|
$
867.1
|
24 %
|
Net
Income
|
$
738.4
|
$
624.2
|
18 %
|
Diluted
EPS
|
$
12.25
|
$
7.63
|
61 %
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
114,332
|
146,525
|
-22 %
|
Used Vehicle Retail
Unit Sales
|
156,843
|
152,369
|
3 %
|
|
|
|
|
Selected Non-GAAP
Financial Data
|
($ in millions, except
per share data)
|
|
Six Months Ended Jun
30,
|
|
2022
|
2021
|
YoY
|
Adjusted Net
Income
|
$
738.4
|
$
618.5
|
19 %
|
Adjusted Diluted
EPS
|
$
12.25
|
$
7.56
|
62 %
|
Segment Results
Segment results(1) for the second quarter 2022 were
as follows:
Second Quarter 2022 Segment Results
- Domestic - Domestic segment income(2)
was $153 million compared to year-ago
segment income of $169 million, a
decrease of 9%.
- Import - Import segment income(2) was
$193 million compared to year-ago
segment income of $204 million, a
decrease of 5%.
- Premium Luxury - Premium Luxury segment
income(2) was $258 million
compared to year-ago segment income of $226
million, an increase of 14%.
The second quarter conference call may be accessed by telephone
844-200-6205 (Conference ID: 709044) at 9:00
a.m. Eastern Time today or on AutoNation's investor
relations website at investors.autonation.com.
The webcast will also be available on AutoNation's website under
"Events & Presentations" following the call. A playback of the
conference call will be available after 1:00
p.m. Eastern Time on July 21,
2022, through August 11, 2022,
by calling 866-813-9403 (Conference ID: 703427). 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 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, 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.
NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain
non-GAAP financial measures as defined under SEC rules, which
exclude certain items disclosed in the attached financial tables.
As required by SEC rules, the Company provides reconciliations of
these measures to the most directly comparable GAAP measures. The
Company believes that these non-GAAP financial measures improve the
transparency of the Company's disclosure, provide a meaningful
presentation of the Company's results excluding the impact of items
not related to the Company's ongoing core business operations, and
improve the period-to-period comparability of the Company's results
from its core business operations. Non-GAAP financial measures
should not be considered a substitute for, or superior to,
financial measures calculated and presented in accordance with
GAAP.
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, investments, and
pending acquisitions, including the planned expansion of our
AutoNation USA pre-owned vehicle
stores, our investments in digital and online capabilities, and our
planned acquisition of an auto finance company, 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
initiatives, partnerships, investments, and pending acquisitions,
including the planned expansion of our AutoNation USA stores and the planned acquisition of an
auto finance company; our ability to identify, acquire, and build
out suitable locations in a timely manner; our ability to develop
successfully our digital and online capabilities; our ability to
satisfy applicable closing conditions for pending acquisitions; 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 franchises; restrictions
imposed by vehicle manufacturers and our ability to obtain
manufacturer approval for 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; the response by
federal, state, and local governments and other parties to, and the
economic impacts of, the COVID-19 pandemic; 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 OPERATIONS
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
2,935.8
|
$
|
3,428.3
|
$
|
5,743.0
|
$
|
6,410.6
|
|
Used vehicle
|
|
2,520.4
|
|
2,222.9
|
|
5,092.8
|
|
3,972.0
|
|
Parts and
service
|
|
1,036.3
|
|
950.8
|
|
2,040.2
|
|
1,801.8
|
|
Finance and insurance,
net
|
|
367.6
|
|
369.0
|
|
731.5
|
|
682.0
|
|
Other
|
|
9.1
|
|
7.4
|
|
14.5
|
|
15.8
|
Total
revenue
|
|
6,869.2
|
|
6,978.4
|
|
13,622.0
|
|
12,882.2
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
2,582.3
|
|
3,107.8
|
|
5,044.5
|
|
5,900.1
|
|
Used vehicle
|
|
2,363.9
|
|
2,020.2
|
|
4,799.7
|
|
3,629.1
|
|
Parts and
service
|
|
554.6
|
|
518.3
|
|
1,097.4
|
|
980.3
|
|
Other
|
|
6.7
|
|
5.8
|
|
9.8
|
|
13.6
|
Total cost of
sales
|
|
5,507.5
|
|
5,652.1
|
|
10,951.4
|
|
10,523.1
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,361.7
|
|
1,326.3
|
|
2,670.6
|
|
2,359.1
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
754.8
|
|
748.9
|
|
1,496.2
|
|
1,396.8
|
Depreciation and
amortization
|
|
48.8
|
|
47.9
|
|
98.8
|
|
95.8
|
Other income,
net
|
|
-
|
|
(0.7)
|
|
(1.5)
|
|
(0.6)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
558.1
|
|
530.2
|
|
1,077.1
|
|
867.1
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(5.8)
|
|
(6.6)
|
|
(11.0)
|
|
(16.0)
|
|
Other interest
expense
|
|
(34.1)
|
|
(20.9)
|
|
(63.7)
|
|
(42.1)
|
|
Other income (loss),
net
|
|
(13.7)
|
|
8.9
|
|
(20.1)
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes
|
|
504.5
|
|
511.6
|
|
982.3
|
|
828.9
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
128.0
|
|
126.7
|
|
243.7
|
|
204.5
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
376.5
|
|
384.9
|
|
738.6
|
|
624.4
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations, net of income taxes
|
|
(0.2)
|
|
(0.1)
|
|
(0.2)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
376.3
|
$
|
384.8
|
$
|
738.4
|
$
|
624.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share(1):
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
6.48
|
$
|
4.83
|
$
|
12.25
|
$
|
7.63
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
6.48
|
$
|
4.83
|
$
|
12.25
|
$
|
7.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding
|
|
58.1
|
|
79.7
|
|
60.3
|
|
81.8
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
56.0
|
|
73.1
|
|
56.0
|
|
73.1
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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,
|
|
|
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
2,935.8
|
$
|
3,428.3
|
$
|
(492.5)
|
|
(14.4)
|
$
|
5,743.0
|
$
|
6,410.6
|
$
|
(667.6)
|
|
(10.4)
|
|
|
Retail used
vehicle
|
|
2,362.2
|
|
2,085.8
|
|
276.4
|
|
13.3
|
|
4,754.4
|
|
3,729.9
|
|
1,024.5
|
|
27.5
|
|
|
Wholesale
|
|
158.2
|
|
137.1
|
|
21.1
|
|
15.4
|
|
338.4
|
|
242.1
|
|
96.3
|
|
39.8
|
|
Used vehicle
|
|
2,520.4
|
|
2,222.9
|
|
297.5
|
|
13.4
|
|
5,092.8
|
|
3,972.0
|
|
1,120.8
|
|
28.2
|
|
Finance and insurance,
net
|
|
367.6
|
|
369.0
|
|
(1.4)
|
|
(0.4)
|
|
731.5
|
|
682.0
|
|
49.5
|
|
7.3
|
|
|
Total variable
operations
|
|
5,823.8
|
|
6,020.2
|
|
(196.4)
|
|
(3.3)
|
|
11,567.3
|
|
11,064.6
|
|
502.7
|
|
4.5
|
|
Parts and
service
|
|
1,036.3
|
|
950.8
|
|
85.5
|
|
9.0
|
|
2,040.2
|
|
1,801.8
|
|
238.4
|
|
13.2
|
|
Other
|
|
9.1
|
|
7.4
|
|
1.7
|
|
|
|
14.5
|
|
15.8
|
|
(1.3)
|
|
|
Total
revenue
|
$
|
6,869.2
|
$
|
6,978.4
|
$
|
(109.2)
|
|
(1.6)
|
$
|
13,622.0
|
$
|
12,882.2
|
$
|
739.8
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
353.5
|
$
|
320.5
|
$
|
33.0
|
|
10.3
|
$
|
698.5
|
$
|
510.5
|
$
|
188.0
|
|
36.8
|
|
|
Retail used
vehicle
|
|
147.6
|
|
180.4
|
|
(32.8)
|
|
(18.2)
|
|
272.5
|
|
305.6
|
|
(33.1)
|
|
(10.8)
|
|
|
Wholesale
|
|
8.9
|
|
22.3
|
|
(13.4)
|
|
|
|
20.6
|
|
37.3
|
|
(16.7)
|
|
|
|
Used vehicle
|
|
156.5
|
|
202.7
|
|
(46.2)
|
|
(22.8)
|
|
293.1
|
|
342.9
|
|
(49.8)
|
|
(14.5)
|
|
Finance and
insurance
|
|
367.6
|
|
369.0
|
|
(1.4)
|
|
(0.4)
|
|
731.5
|
|
682.0
|
|
49.5
|
|
7.3
|
|
|
Total variable
operations
|
|
877.6
|
|
892.2
|
|
(14.6)
|
|
(1.6)
|
|
1,723.1
|
|
1,535.4
|
|
187.7
|
|
12.2
|
|
Parts and
service
|
|
481.7
|
|
432.5
|
|
49.2
|
|
11.4
|
|
942.8
|
|
821.5
|
|
121.3
|
|
14.8
|
|
Other
|
|
2.4
|
|
1.6
|
|
0.8
|
|
|
|
4.7
|
|
2.2
|
|
2.5
|
|
|
Total gross
profit
|
|
1,361.7
|
|
1,326.3
|
|
35.4
|
|
2.7
|
|
2,670.6
|
|
2,359.1
|
|
311.5
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
754.8
|
|
748.9
|
|
(5.9)
|
|
(0.8)
|
|
1,496.2
|
|
1,396.8
|
|
(99.4)
|
|
(7.1)
|
Depreciation and
amortization
|
|
48.8
|
|
47.9
|
|
(0.9)
|
|
|
|
98.8
|
|
95.8
|
|
(3.0)
|
|
|
Other (income) expense,
net
|
|
-
|
|
(0.7)
|
|
(0.7)
|
|
|
|
(1.5)
|
|
(0.6)
|
|
0.9
|
|
|
Operating
income
|
|
558.1
|
|
530.2
|
|
27.9
|
|
5.3
|
|
1,077.1
|
|
867.1
|
|
210.0
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(5.8)
|
|
(6.6)
|
|
0.8
|
|
|
|
(11.0)
|
|
(16.0)
|
|
5.0
|
|
|
|
Other interest
expense
|
|
(34.1)
|
|
(20.9)
|
|
(13.2)
|
|
|
|
(63.7)
|
|
(42.1)
|
|
(21.6)
|
|
|
|
Other income (loss),
net
|
|
(13.7)
|
|
8.9
|
|
(22.6)
|
|
|
|
(20.1)
|
|
19.9
|
|
(40.0)
|
|
|
Income from continuing
operations before income taxes
|
$
|
504.5
|
$
|
511.6
|
$
|
(7.1)
|
|
(1.4)
|
$
|
982.3
|
$
|
828.9
|
$
|
153.4
|
|
18.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
57,890
|
|
77,164
|
|
(19,274)
|
|
(25.0)
|
|
114,332
|
|
146,525
|
|
(32,193)
|
|
(22.0)
|
|
Used
|
|
77,080
|
|
80,589
|
|
(3,509)
|
|
(4.4)
|
|
156,843
|
|
152,369
|
|
4,474
|
|
2.9
|
|
|
|
|
134,970
|
|
157,753
|
|
(22,783)
|
|
(14.4)
|
|
271,175
|
|
298,894
|
|
(27,719)
|
|
(9.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
50,713
|
$
|
44,429
|
$
|
6,284
|
|
14.1
|
$
|
50,231
|
$
|
43,751
|
$
|
6,480
|
|
14.8
|
|
Used
|
$
|
30,646
|
$
|
25,882
|
$
|
4,764
|
|
18.4
|
$
|
30,313
|
$
|
24,479
|
$
|
5,834
|
|
23.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
6,106
|
$
|
4,153
|
$
|
1,953
|
|
47.0
|
$
|
6,109
|
$
|
3,484
|
$
|
2,625
|
|
75.3
|
|
Used
|
$
|
1,915
|
$
|
2,239
|
$
|
(324)
|
|
(14.5)
|
$
|
1,737
|
$
|
2,006
|
$
|
(269)
|
|
(13.4)
|
|
Finance and
insurance
|
$
|
2,724
|
$
|
2,339
|
$
|
385
|
|
16.5
|
$
|
2,698
|
$
|
2,282
|
$
|
416
|
|
18.2
|
|
Total variable
operations(1)
|
$
|
6,436
|
$
|
5,514
|
$
|
922
|
|
16.7
|
$
|
6,278
|
$
|
5,012
|
$
|
1,266
|
|
25.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
( %)
|
|
2021
( %)
|
|
2022
( %)
|
|
2021
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
42.7
|
|
49.1
|
|
42.2
|
|
49.8
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
36.7
|
|
31.9
|
|
37.4
|
|
30.8
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
15.1
|
|
13.6
|
|
15.0
|
|
14.0
|
|
|
|
|
|
|
|
|
|
Finance and insurance,
net
|
|
5.4
|
|
5.3
|
|
5.4
|
|
5.3
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
0.1
|
|
-
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
26.0
|
|
24.2
|
|
26.2
|
|
21.6
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
11.5
|
|
15.3
|
|
11.0
|
|
14.5
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
35.4
|
|
32.6
|
|
35.3
|
|
34.8
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.0
|
|
27.8
|
|
27.4
|
|
28.9
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.1
|
|
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
|
|
12.0
|
|
9.3
|
|
12.2
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
6.2
|
|
8.6
|
|
5.7
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
46.5
|
|
45.5
|
|
46.2
|
|
45.6
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
19.8
|
|
19.0
|
|
19.6
|
|
18.3
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.0
|
|
10.7
|
|
11.0
|
|
10.8
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
8.1
|
|
7.6
|
|
7.9
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
55.4
|
|
56.5
|
|
56.0
|
|
59.2
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
41.0
|
|
40.0
|
|
40.3
|
|
36.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
2,040.9
|
$
|
2,124.8
|
$
|
(83.9)
|
|
(3.9)
|
$
|
4,075.3
|
$
|
3,971.5
|
$
|
103.8
|
|
2.6
|
|
Import
|
|
1,949.7
|
|
2,175.0
|
|
(225.3)
|
|
(10.4)
|
|
3,923.8
|
|
3,944.6
|
|
(20.8)
|
|
(0.5)
|
|
Premium
luxury
|
|
2,616.6
|
|
2,468.5
|
|
148.1
|
|
6.0
|
|
5,095.3
|
|
4,572.0
|
|
523.3
|
|
11.4
|
|
Total
|
|
6,607.2
|
|
6,768.3
|
|
(161.1)
|
|
(2.4)
|
|
13,094.4
|
|
12,488.1
|
|
606.3
|
|
4.9
|
|
Corporate and
other
|
|
262.0
|
|
210.1
|
|
51.9
|
|
24.7
|
|
527.6
|
|
394.1
|
|
133.5
|
|
33.9
|
|
Total consolidated revenue
|
$
|
6,869.2
|
$
|
6,978.4
|
$
|
(109.2)
|
|
(1.6)
|
$
|
13,622.0
|
$
|
12,882.2
|
$
|
739.8
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
153.1
|
$
|
169.0
|
$
|
(15.9)
|
|
(9.4)
|
$
|
302.5
|
$
|
287.5
|
$
|
15.0
|
|
5.2
|
|
Import
|
|
192.5
|
|
203.7
|
|
(11.2)
|
|
(5.5)
|
|
378.7
|
|
329.6
|
|
49.1
|
|
14.9
|
|
Premium
luxury
|
|
257.5
|
|
225.7
|
|
31.8
|
|
14.1
|
|
487.0
|
|
384.2
|
|
102.8
|
|
26.8
|
|
Total
|
|
603.1
|
|
598.4
|
|
4.7
|
|
0.8
|
|
1,168.2
|
|
1,001.3
|
|
166.9
|
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(50.8)
|
|
(74.8)
|
|
24.0
|
|
|
|
(102.1)
|
|
(150.2)
|
|
48.1
|
|
|
Add: Floorplan
interest expense
|
|
5.8
|
|
6.6
|
|
(0.8)
|
|
|
|
11.0
|
|
16.0
|
|
(5.0)
|
|
|
Operating
income
|
$
|
558.1
|
$
|
530.2
|
$
|
27.9
|
|
5.3
|
$
|
1,077.1
|
$
|
867.1
|
$
|
210.0
|
|
24.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Segment income
represents income for each of our reportable segments and is
defined as operating income less floorplan interest
expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail new vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
16,760
|
|
21,459
|
|
(4,699)
|
|
(21.9)
|
|
33,125
|
|
43,128
|
|
(10,003)
|
|
(23.2)
|
|
Import
|
|
23,612
|
|
36,136
|
|
(12,524)
|
|
(34.7)
|
|
48,148
|
|
66,979
|
|
(18,831)
|
|
(28.1)
|
|
Premium
luxury
|
|
17,518
|
|
19,569
|
|
(2,051)
|
|
(10.5)
|
|
33,059
|
|
36,418
|
|
(3,359)
|
|
(9.2)
|
|
|
|
57,890
|
|
77,164
|
|
(19,274)
|
|
(25.0)
|
|
114,332
|
|
146,525
|
|
(32,193)
|
|
(22.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
25,180
|
|
28,056
|
|
(2,876)
|
|
(10.3)
|
|
51,776
|
|
52,535
|
|
(759)
|
|
(1.4)
|
|
Import
|
|
25,786
|
|
27,128
|
|
(1,342)
|
|
(4.9)
|
|
52,315
|
|
52,229
|
|
86
|
|
0.2
|
|
Premium
luxury
|
|
21,381
|
|
22,370
|
|
(989)
|
|
(4.4)
|
|
43,330
|
|
41,904
|
|
1,426
|
|
3.4
|
|
|
|
72,347
|
|
77,554
|
|
(5,207)
|
|
(6.7)
|
|
147,421
|
|
146,668
|
|
753
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail
New Vehicle Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
2022
( %)
|
|
2021
( %)
|
|
2022
( %)
|
|
2021
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
10.8
|
|
9.4
|
|
10.8
|
|
10.3
|
|
|
|
|
|
|
|
|
|
Chevrolet, Buick,
Cadillac, GMC
|
|
9.6
|
|
9.8
|
|
9.4
|
|
10.3
|
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep,
Ram
|
|
8.6
|
|
8.6
|
|
8.8
|
|
8.8
|
|
|
|
|
|
|
|
|
|
Domestic
total
|
|
29.0
|
|
27.8
|
|
29.0
|
|
29.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
20.4
|
|
20.9
|
|
20.8
|
|
21.6
|
|
|
|
|
|
|
|
|
|
Honda
|
|
9.0
|
|
15.5
|
|
10.0
|
|
14.0
|
|
|
|
|
|
|
|
|
|
Nissan
|
|
2.1
|
|
2.7
|
|
2.3
|
|
2.6
|
|
|
|
|
|
|
|
|
|
Hyundai
|
|
3.3
|
|
2.3
|
|
3.1
|
|
2.1
|
|
|
|
|
|
|
|
|
|
Subaru
|
|
3.0
|
|
2.8
|
|
3.1
|
|
2.9
|
|
|
|
|
|
|
|
|
|
Other Import
|
|
2.9
|
|
2.6
|
|
2.8
|
|
2.5
|
|
|
|
|
|
|
|
|
|
Import total
|
|
40.7
|
|
46.8
|
|
42.1
|
|
45.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
11.6
|
|
8.6
|
|
10.3
|
|
8.8
|
|
|
|
|
|
|
|
|
|
BMW
|
|
9.5
|
|
7.9
|
|
9.5
|
|
7.1
|
|
|
|
|
|
|
|
|
|
Lexus
|
|
2.8
|
|
2.7
|
|
2.9
|
|
2.8
|
|
|
|
|
|
|
|
|
|
Audi
|
|
2.8
|
|
2.6
|
|
2.5
|
|
2.5
|
|
|
|
|
|
|
|
|
|
Jaguar Land
Rover
|
|
1.5
|
|
2.0
|
|
1.7
|
|
2.1
|
|
|
|
|
|
|
|
|
|
Other Premium
Luxury
|
|
2.1
|
|
1.6
|
|
2.0
|
|
1.6
|
|
|
|
|
|
|
|
|
|
Premium Luxury
total
|
|
30.3
|
|
25.4
|
|
28.9
|
|
24.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
106.1
|
$
|
74.3
|
$
|
156.9
|
$
|
118.7
|
|
|
|
|
|
Proceeds from exercises
of stock options
|
$
|
1.8
|
$
|
7.7
|
$
|
2.6
|
$
|
28.9
|
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
$
|
403.9
|
$
|
736.1
|
$
|
784.9
|
$
|
1,042.2
|
|
|
|
|
|
|
Shares repurchased (in
millions)
|
|
3.7
|
|
7.5
|
|
7.2
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan Assistance
and Expense
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2022
|
|
2021
|
|
Variance
|
|
2022
|
|
2021
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
27.3
|
$
|
34.7
|
$
|
(7.4)
|
$
|
54.8
|
$
|
66.7
|
$
|
(11.9)
|
|
New vehicle floorplan
interest expense
|
|
(5.1)
|
|
(6.0)
|
|
0.9
|
|
(8.8)
|
|
(14.9)
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
22.2
|
$
|
28.7
|
$
|
(6.5)
|
$
|
46.0
|
$
|
51.8
|
$
|
(5.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
December 31,
2021
|
|
June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
336.5
|
$
|
60.4
|
$
|
59.5
|
|
|
|
|
|
|
|
Inventory
|
$
|
1,905.3
|
$
|
1,847.9
|
$
|
1,756.2
|
|
|
|
|
|
|
|
Total floorplan notes
payable
|
$
|
1,517.4
|
$
|
1,457.6
|
$
|
1,571.3
|
|
|
|
|
|
|
|
Non-vehicle
debt
|
$
|
3,546.5
|
$
|
3,198.4
|
$
|
1,997.3
|
|
|
|
|
|
|
|
Equity
|
$
|
2,325.0
|
$
|
2,377.0
|
$
|
2,856.8
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
11 days
|
|
9 days
|
|
14 days
|
|
|
|
|
|
|
|
Used days supply
(trailing calendar month days)
|
|
40 days
|
|
40 days
|
|
34 days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit Agreement
Covenant Compliance Calculations (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
1.53x
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
55.1 %
|
|
|
|
|
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
70.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes accrued
construction in progress and excludes property associated with
leases entered into during the period
|
|
|
|
|
|
|
|
|
|
(2)
|
Calculated in
accordance with our credit agreement as filed with the
SEC
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in millions,
except per share data)
|
Comparable Basis
Reconciliations(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six month ended June
30,
|
|
|
|
Income from Continuing
Operations Before
Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax
Rate
|
|
Net
Income
|
|
Diluted Earnings Per
Share(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing
operations, as reported
|
$
|
982.3
|
$
|
828.9
|
$
|
243.7
|
$
|
204.5
|
|
24.8 %
|
|
24.7 %
|
$
|
738.6
|
$
|
624.4
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.2)
|
|
(0.2)
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
738.4
|
|
624.2
|
$
|
12.25
|
$
|
7.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on equity
investment
|
|
-
|
|
(7.5)
|
|
-
|
|
(1.8)
|
|
|
|
|
|
-
|
|
(5.7)
|
$
|
-
|
$
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
982.3
|
$
|
821.4
|
$
|
243.7
|
$
|
202.7
|
|
24.8 %
|
|
24.7 %
|
$
|
738.4
|
$
|
618.5
|
$
|
12.25
|
$
|
7.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
|
2022
|
|
2021
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
2,829.5
|
|
3,425.7
|
$
|
(596.2)
|
|
(17.4)
|
$
|
5,536.9
|
|
6,403.0
|
$
|
(866.1)
|
|
(13.5)
|
|
|
Retail used
vehicle
|
|
2,245.2
|
|
2,083.4
|
|
161.8
|
|
7.8
|
|
4,526.3
|
|
3,724.2
|
|
802.1
|
|
21.5
|
|
|
Wholesale
|
|
151.8
|
|
136.9
|
|
14.9
|
|
10.9
|
|
323.8
|
|
241.8
|
|
82.0
|
|
33.9
|
|
Used vehicle
|
|
2,397.0
|
|
2,220.3
|
|
176.7
|
|
8.0
|
|
4,850.1
|
|
3,966.0
|
|
884.1
|
|
22.3
|
|
Finance and insurance,
net
|
|
351.2
|
|
368.7
|
|
(17.5)
|
|
(4.7)
|
|
702.2
|
|
681.2
|
|
21.0
|
|
3.1
|
|
|
Total variable
operations
|
|
5,577.7
|
|
6,014.7
|
|
(437.0)
|
|
(7.3)
|
|
11,089.2
|
|
11,050.2
|
|
39.0
|
|
0.4
|
|
Parts and
service
|
|
995.9
|
|
937.0
|
|
58.9
|
|
6.3
|
|
1,962.2
|
|
1,773.8
|
|
188.4
|
|
10.6
|
|
Other
|
|
8.9
|
|
7.1
|
|
1.8
|
|
|
|
14.5
|
|
15.7
|
|
(1.2)
|
|
|
Total
revenue
|
$
|
6,582.5
|
|
6,958.8
|
$
|
(376.3)
|
|
(5.4)
|
$
|
13,065.9
|
|
12,839.7
|
$
|
226.2
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
$
|
341.4
|
|
320.4
|
$
|
21.0
|
|
6.6
|
$
|
674.8
|
|
510.0
|
$
|
164.8
|
|
32.3
|
|
|
Retail used
vehicle
|
|
140.3
|
|
180.2
|
|
(39.9)
|
|
(22.1)
|
|
259.3
|
|
305.0
|
|
(45.7)
|
|
(15.0)
|
|
|
Wholesale
|
|
9.4
|
|
22.3
|
|
(12.9)
|
|
|
|
21.4
|
|
37.3
|
|
(15.9)
|
|
|
|
Used vehicle
|
|
149.7
|
|
202.5
|
|
(52.8)
|
|
(26.1)
|
|
280.7
|
|
342.3
|
|
(61.6)
|
|
(18.0)
|
|
Finance and
insurance
|
|
351.2
|
|
368.7
|
|
(17.5)
|
|
(4.7)
|
|
702.2
|
|
681.2
|
|
21.0
|
|
3.1
|
|
|
Total variable
operations
|
|
842.3
|
|
891.6
|
|
(49.3)
|
|
(5.5)
|
|
1,657.7
|
|
1,533.5
|
|
124.2
|
|
8.1
|
|
Parts and
service
|
|
461.0
|
|
426.7
|
|
34.3
|
|
8.0
|
|
902.9
|
|
809.9
|
|
93.0
|
|
11.5
|
|
Other
|
|
2.3
|
|
1.4
|
|
0.9
|
|
|
|
4.5
|
|
2.2
|
|
2.3
|
|
|
Total gross
profit
|
$
|
1,305.6
|
|
1,319.7
|
$
|
(14.1)
|
|
(1.1)
|
$
|
2,565.1
|
|
2,345.6
|
$
|
219.5
|
|
9.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
55,889
|
|
77,081
|
|
(21,192)
|
|
(27.5)
|
|
110,428
|
|
146,293
|
|
(35,865)
|
|
(24.5)
|
|
Used
|
|
73,211
|
|
80,452
|
|
(7,241)
|
|
(9.0)
|
|
149,152
|
|
152,018
|
|
(2,866)
|
|
(1.9)
|
|
|
|
|
129,100
|
|
157,533
|
|
(28,433)
|
|
(18.0)
|
|
259,580
|
|
298,311
|
|
(38,731)
|
|
(13.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
50,627
|
|
44,443
|
$
|
6,184
|
|
13.9
|
$
|
50,140
|
|
43,768
|
$
|
6,372
|
|
14.6
|
|
Used
|
$
|
30,668
|
|
25,896
|
$
|
4,772
|
|
18.4
|
$
|
30,347
|
|
24,498
|
$
|
5,849
|
|
23.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
6,109
|
|
4,157
|
$
|
1,952
|
|
47.0
|
$
|
6,111
|
|
3,486
|
$
|
2,625
|
|
75.3
|
|
Used
|
$
|
1,916
|
|
2,240
|
$
|
(324)
|
|
(14.5)
|
$
|
1,738
|
|
2,006
|
$
|
(268)
|
|
(13.4)
|
|
Finance and
insurance
|
$
|
2,720
|
|
2,340
|
$
|
380
|
|
16.2
|
$
|
2,705
|
|
2,284
|
$
|
421
|
|
18.4
|
|
Total variable
operations(1)
|
$
|
6,452
|
|
5,518
|
$
|
934
|
|
16.9
|
$
|
6,304
|
|
5,016
|
$
|
1,288
|
|
25.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
( %)
|
|
2021
( %)
|
|
2022
( %)
|
|
2021
( %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
43.0
|
|
49.2
|
|
42.4
|
|
49.9
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
36.4
|
|
31.9
|
|
37.1
|
|
30.9
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
15.1
|
|
13.5
|
|
15.0
|
|
13.8
|
|
|
|
|
|
|
|
|
|
Finance and insurance,
net
|
|
5.3
|
|
5.3
|
|
5.4
|
|
5.3
|
|
|
|
|
|
|
|
|
|
Other
|
|
0.2
|
|
0.1
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
26.1
|
|
24.3
|
|
26.3
|
|
21.7
|
|
|
|
|
|
|
|
|
|
Used vehicle
|
|
11.5
|
|
15.3
|
|
10.9
|
|
14.6
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
35.3
|
|
32.3
|
|
35.2
|
|
34.5
|
|
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
26.9
|
|
27.9
|
|
27.4
|
|
29.0
|
|
|
|
|
|
|
|
|
|
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
|
|
12.1
|
|
9.4
|
|
12.2
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
6.2
|
|
8.6
|
|
5.7
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
Parts and
service
|
|
46.3
|
|
45.5
|
|
46.0
|
|
45.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
19.8
|
|
19.0
|
|
19.6
|
|
18.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/autonation-reports-all-time-record-quarterly-eps-301590445.html
SOURCE AutoNation, Inc.