FORT LAUDERDALE, Fla.,
April 20, 2021 /PRNewswire/ --
AutoNation, Inc. (NYSE: AN), America's largest and most
recognized automotive retailer, today reported first quarter 2021
net income from continuing operations of $240 million, or $2.85 per share. First quarter 2021 GAAP
results included a gain related to the sale of our remaining equity
investment in Vroom of $6 million
after-tax, or $0.07 per share. First
quarter 2020 net loss from continuing operations was $232 million, or $2.58 per share. In the first quarter of 2020,
the Company recorded non-cash goodwill, franchise rights, and other
impairment charges totaling $315
million after-tax, or $3.49
per share. These non-cash charges were primarily the result of
COVID-19 related impacts to the business and market valuation.
First quarter 2021 Adjusted EPS from continuing operations was an
all-time record $2.79, an increase of
207% compared to the first quarter 2020 Adjusted EPS from
continuing operations of $0.91.
Reconciliations of non-GAAP financial measures are included in the
attached financial tables.
Operational Summary
First quarter 2021 Operational Summary:
- New Vehicle Retail Unit Sales – Same-store new
vehicle unit sales increased 22% compared to the prior year and
increased 12% compared to the first quarter of 2019.
- Used Vehicle Retail Unit Sales – Same-store used
vehicle unit sales increased 28% compared to the prior year and
increased 20% compared to the first quarter of 2019.
- Revenue – Same-store revenue was $5.9 billion, an increase of 27% compared to the
year-ago period.
- Gross Profit - Same-store gross profit totaled
$1.0 billion, an increase of 27%
compared to the year-ago period.
- New Vehicle Gross Profit - Same-store new vehicle
gross profit per vehicle retailed was $2,739, up $1,041
or 61% compared to the year-ago period.
- Used Vehicle Gross Profit - Same-store used
vehicle gross profit per vehicle retailed was $1,744, up $255 or
17% compared to the year-ago period.
- Customer Financial Services Gross Profit -
Same-store Customer Financial Services gross profit per vehicle
retailed was a record $2,218, up
$128 or 6% compared to the year-ago
period.
- SG&A as a Percentage of Gross Profit
–SG&A as a percentage of gross profit was 62.7%, an
improvement of 1,120 basis points compared to the prior year.
Selected GAAP
Financial Data
|
($ in millions,
except per share data)
|
|
|
Q1
2021
|
Q1
2020
|
YoY
|
|
Revenue
|
$
5,903.8
|
$
4,667.0
|
27%
|
|
Gross
Profit
|
$
1,032.8
|
$
813.2
|
27%
|
|
Operating Income
(Loss)
|
$
336.9
|
$
(219.3)
|
NM
|
|
Net Income
(Loss) from Continuing Operations
|
$
239.5
|
$
(232.2)
|
NM
|
|
Diluted EPS (Loss per
share) from Continuing Operations
|
$
2.85
|
$
(2.58)
|
NM
|
|
|
|
|
|
|
Same-store
Revenue
|
$
5,903.7
|
$
4,644.5
|
27%
|
|
Same-store Gross
Profit
|
$
1,032.9
|
$
810.5
|
27%
|
|
|
|
|
|
|
Selected Non-GAAP
Financial Data
|
($ in millions,
except per share data)
|
|
|
Q1
2021
|
Q1
2020
|
YoY
|
|
Adjusted Operating
Income
|
$
336.9
|
$
164.9
|
104%
|
|
Adjusted Net Income
from Continuing Operations
|
$
233.8
|
$
82.4
|
184%
|
|
Adjusted Diluted EPS
from Continuing Operations
|
$
2.79
|
$
0.91
|
207%
|
|
Capital Allocation
AutoNation remains on track to open
5 new AutoNation USA stores in
2021 and 12 additional new stores in 2022. We are excited to
announce our store in San Antonio,
TX, which represents a new market for the Company, will be
opening by the end of the second quarter. AutoNation is
targeting to have over 130 AutoNation USA stores in operation from coast-to-coast by
the end of 2026. The AutoNation USA stores will continue to leverage the
AutoNation brand, scale, and proven Customer-centric processes to
capture a larger share of the used vehicle market.
AutoNation today announced it has signed an agreement to
acquire 11 stores and 1 collision center operating in Hilton Head and Columbia, South Carolina, and Savannah, Georgia, from Peacock
Automotive Group, representing approximately $380
million in annual revenue. The completion of this
acquisition will increase AutoNation's footprint from
coast-to-coast with over 325 locations. This transaction is subject
to customary terms and conditions, including manufacturer approval,
and is expected to close in the Summer. AutoNation targets selling
1 million combined new and pre-owned vehicles annually, through
organic growth, expansion of AutoNation USA, and future acquisitions.
During the first quarter of 2021, AutoNation repurchased 3.8
million shares of common stock for an aggregate purchase price of
$306 million. AutoNation has
approximately $892 million remaining
Board authorization for share repurchase. As of April 16, 2021, AutoNation had approximately 80
million shares outstanding.
Liquidity and Leverage
As of March 31, 2021, AutoNation had $2.1 billion of liquidity, including $350 million in cash and approximately
$1.8 billion of availability under
our revolving credit facility. The Company's covenant leverage
ratio was 1.3x at quarter-end, or 1.1x net of cash and used
floorplan availability. AutoNation had approximately $1.8 billion of non-vehicle debt outstanding as
of March 31, 2021.
Segment Results
Segment results(1) for the
first quarter 2021 were as follows:
First Quarter 2021 Segment Results
- Domestic - Domestic segment income(2)
was $119 million compared to year-ago
segment income of $54 million, an
increase of 119%.
- Import - Import segment income(2) was
$126 million compared to year-ago
segment income of $66 million, an
increase of 91%.
- Premium Luxury - Premium Luxury segment
income(2) was $159 million
compared to year-ago segment income of $80
million, an increase of 98%.
The first quarter conference call may be accessed by telephone
833-979-2844 (Conference ID: 7080235) at 10:00 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 April 20,
2021, through May 11, 2021, by
calling 800-585-8367 (Conference ID: 7080235). 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 FCA US; the Import
segment is comprised of stores that sell vehicles manufactured
primarily by Toyota, Honda, Subaru, Nissan, and Hyundai; and the
Premium Luxury segment is comprised of stores that sell vehicles
manufactured primarily by Mercedes-Benz, BMW, Lexus, Jaguar Land
Rover, 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
and most recognized automotive retailer, is transforming the
automotive industry through its bold leadership, innovation, and
comprehensive brand extensions. As of March
31, 2021, AutoNation owned and operated 315 locations from
coast to coast. AutoNation has sold over 13 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.
Since 2013, AutoNation has raised over $26
million to drive out cancer, create awareness, and support
critical research through its DRIVE PINK initiative, which was
officially branded in 2015.
Please visit www.autonation.com, investors.autonation.com,
www.twitter.com/CEOMikeJackson, 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," "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, partnerships, or investments (including the
planned expansion of our AutoNation USA pre-owned vehicle stores); pending
acquisitions (including the planned acquisition of the Peacock
Automotive Group stores); and our investments in digital and
online capabilities and other brand extension strategies; as well
as statements regarding our expectations for the future performance
of our business (including with respect to new and pre-owned
vehicle sales targets), 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: economic conditions, including
changes in consumer demand, unemployment rates, interest rates,
fuel prices, and tariffs; our ability to implement successfully our
strategic initiatives, partnerships, and investments, including the
planned expansion of our AutoNation USA stores; our ability to identify, acquire,
and build out suitable locations in a timely manner; our ability to
acquire and integrate successfully new franchises; restrictions
imposed by vehicle manufacturers and our ability to obtain
manufacturer approval for acquisitions; our ability to develop
successfully our digital and online capabilities and other brand
extension strategies; our ability to maintain and enhance our
retail brands and reputation and to attract consumers to our own
digital channels; our ability to attain planned sales volumes
within our expected time frames; new and used vehicle margins; 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 third parties to, and the economic impacts
of, the COVID-19 pandemic; supply chain disruptions and inventory
availability; 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
March 31,
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
New
vehicle
|
$
|
2,982.3
|
$
|
2,281.9
|
|
Used
vehicle
|
|
1,749.1
|
|
1,248.7
|
|
Parts and
service
|
|
851.0
|
|
876.3
|
|
Finance and
insurance, net
|
|
313.0
|
|
235.8
|
|
Other
|
|
8.4
|
|
24.3
|
Total
revenue
|
|
5,903.8
|
|
4,667.0
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
New
vehicle
|
|
2,792.3
|
|
2,185.5
|
|
Used
vehicle
|
|
1,608.9
|
|
1,157.7
|
|
Parts and
service
|
|
462.0
|
|
487.5
|
|
Other
|
|
7.8
|
|
23.1
|
Total cost of
sales
|
|
4,871.0
|
|
3,853.8
|
|
|
|
|
|
|
Gross
profit
|
|
1,032.8
|
|
813.2
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
647.9
|
|
600.7
|
Depreciation and
amortization
|
|
47.9
|
|
48.1
|
Goodwill
impairment
|
|
-
|
|
318.3
|
Franchise rights
impairment
|
|
-
|
|
57.5
|
Other expense,
net(1)
|
|
0.1
|
|
7.9
|
|
|
|
|
|
|
Operating income
(loss)
|
|
336.9
|
|
(219.3)
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
Floorplan interest
expense
|
|
(9.4)
|
|
(25.5)
|
|
Other interest
expense
|
|
(21.2)
|
|
(23.5)
|
|
Other income (loss),
net(2)
|
|
11.0
|
|
(2.9)
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
317.3
|
|
(271.2)
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
77.8
|
|
(39.0)
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
239.5
|
|
(232.2)
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
(0.1)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
239.4
|
$
|
(232.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share(3):
|
|
|
|
|
|
Continuing
operations
|
$
|
2.85
|
$
|
(2.58)
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2.85
|
$
|
(2.58)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
83.9
|
|
90.0
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
80.5
|
|
87.2
|
|
|
|
|
|
|
(1)
|
Prior period is
primarily comprised of asset impairment charges.
|
(2)
|
Current period
includes gain on minority equity investment.
|
|
|
|
|
(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,
|
|
|
|
|
2021
|
|
2020
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,982.3
|
$
|
2,281.9
|
$
|
700.4
|
|
30.7
|
|
|
Retail used
vehicle
|
|
1,644.1
|
|
1,162.0
|
|
482.1
|
|
41.5
|
|
|
Wholesale
|
|
105.0
|
|
86.7
|
|
18.3
|
|
21.1
|
|
Used
vehicle
|
|
1,749.1
|
|
1,248.7
|
|
500.4
|
|
40.1
|
|
Finance and
insurance, net
|
|
313.0
|
|
235.8
|
|
77.2
|
|
32.7
|
|
|
Total variable
operations
|
|
5,044.4
|
|
3,766.4
|
|
1,278.0
|
|
33.9
|
|
Parts and
service
|
|
851.0
|
|
876.3
|
|
(25.3)
|
|
(2.9)
|
|
Other
|
|
8.4
|
|
24.3
|
|
(15.9)
|
|
|
Total
revenue
|
$
|
5,903.8
|
$
|
4,667.0
|
$
|
1,236.8
|
|
26.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
190.0
|
$
|
96.4
|
$
|
93.6
|
|
97.1
|
|
|
Retail used
vehicle
|
|
125.2
|
|
83.5
|
|
41.7
|
|
49.9
|
|
|
Wholesale
|
|
15.0
|
|
7.5
|
|
7.5
|
|
|
|
Used
vehicle
|
|
140.2
|
|
91.0
|
|
49.2
|
|
54.1
|
|
Finance and
insurance
|
|
313.0
|
|
235.8
|
|
77.2
|
|
32.7
|
|
|
Total variable
operations
|
|
643.2
|
|
423.2
|
|
220.0
|
|
52.0
|
|
Parts and
service
|
|
389.0
|
|
388.8
|
|
0.2
|
|
0.1
|
|
Other
|
|
0.6
|
|
1.2
|
|
(0.6)
|
|
|
Total gross
profit
|
|
1,032.8
|
|
813.2
|
|
219.6
|
|
27.0
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
647.9
|
|
600.7
|
|
(47.2)
|
|
(7.9)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
47.9
|
|
48.1
|
|
0.2
|
|
|
Goodwill
impairment
|
|
-
|
|
318.3
|
|
318.3
|
|
|
Franchise rights
impairment
|
|
-
|
|
57.5
|
|
57.5
|
|
|
Other expense,
net
|
|
0.1
|
|
7.9
|
|
7.8
|
|
|
Operating
income (loss)
|
|
336.9
|
|
(219.3)
|
|
556.2
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(9.4)
|
|
(25.5)
|
|
16.1
|
|
|
|
Other interest
expense
|
|
(21.2)
|
|
(23.5)
|
|
2.3
|
|
|
|
Other income,
net
|
|
11.0
|
|
(2.9)
|
|
13.9
|
|
|
Income (loss) from
continuing operations before income taxes
|
$
|
317.3
|
$
|
(271.2)
|
$
|
588.5
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
New
|
|
69,361
|
|
56,739
|
|
12,622
|
|
22.2
|
|
Used
|
|
71,780
|
|
56,149
|
|
15,631
|
|
27.8
|
|
|
|
|
141,141
|
|
112,888
|
|
28,253
|
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
New
|
$
|
42,997
|
$
|
40,217
|
$
|
2,780
|
|
6.9
|
|
Used
|
$
|
22,905
|
$
|
20,695
|
$
|
2,210
|
|
10.7
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
New
|
$
|
2,739
|
$
|
1,699
|
$
|
1,040
|
|
61.2
|
|
Used
|
$
|
1,744
|
$
|
1,487
|
$
|
257
|
|
17.3
|
|
Finance and
insurance
|
$
|
2,218
|
$
|
2,089
|
$
|
129
|
|
6.2
|
|
Total variable
operations(1)
|
$
|
4,451
|
$
|
3,682
|
$
|
769
|
|
20.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2021 (%)
|
|
2020 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
50.5
|
|
48.9
|
|
|
|
|
|
Used
vehicle
|
|
29.6
|
|
26.8
|
|
|
|
|
|
Parts and
service
|
|
14.4
|
|
18.8
|
|
|
|
|
|
Finance and
insurance, net
|
|
5.3
|
|
5.1
|
|
|
|
|
|
Other
|
|
0.2
|
|
0.4
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
18.4
|
|
11.9
|
|
|
|
|
|
Used
vehicle
|
|
13.6
|
|
11.2
|
|
|
|
|
|
Parts and
service
|
|
37.7
|
|
47.8
|
|
|
|
|
|
Finance and
insurance
|
|
30.3
|
|
29.0
|
|
|
|
|
|
Other
|
|
-
|
|
0.1
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
6.4
|
|
4.2
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
7.6
|
|
7.2
|
|
|
|
|
|
|
Parts and
service
|
|
45.7
|
|
44.4
|
|
|
|
|
|
|
Total
|
|
17.5
|
|
17.4
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.0
|
|
12.9
|
|
|
|
|
|
Operating income
(loss)
|
|
5.7
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
62.7
|
|
73.9
|
|
|
|
|
|
Operating income
(loss)
|
|
32.6
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
NM - Not
Meaningful
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
2021
|
|
2020
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
1,846.7
|
$
|
1,483.5
|
$
|
363.2
|
|
24.5
|
|
Import
|
|
1,769.6
|
|
1,362.1
|
|
407.5
|
|
29.9
|
|
Premium
luxury
|
|
2,103.5
|
|
1,616.8
|
|
486.7
|
|
30.1
|
|
Total
|
|
5,719.8
|
|
4,462.4
|
|
1,257.4
|
|
28.2
|
|
Corporate and
other
|
|
184.0
|
|
204.6
|
|
(20.6)
|
|
(10.1)
|
|
Total consolidated revenue
|
$
|
5,903.8
|
$
|
4,667.0
|
$
|
1,236.8
|
|
26.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
118.5
|
$
|
54.1
|
$
|
64.4
|
|
119.0
|
|
Import
|
|
125.9
|
|
65.9
|
|
60.0
|
|
91.0
|
|
Premium
luxury
|
|
158.5
|
|
80.2
|
|
78.3
|
|
97.6
|
|
Total
|
|
402.9
|
|
200.2
|
|
202.7
|
|
101.2
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(75.4)
|
|
(445.0)
|
|
369.6
|
|
|
Add: Floorplan
interest expense
|
|
9.4
|
|
25.5
|
|
(16.1)
|
|
|
Operating income
(loss)
|
$
|
336.9
|
$
|
(219.3)
|
$
|
556.2
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
21,669
|
|
18,327
|
|
3,342
|
|
18.2
|
|
Import
|
|
30,843
|
|
25,287
|
|
5,556
|
|
22.0
|
|
Premium
luxury
|
|
16,849
|
|
13,125
|
|
3,724
|
|
28.4
|
|
|
|
69,361
|
|
56,739
|
|
12,622
|
|
22.2
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
24,479
|
|
19,887
|
|
4,592
|
|
23.1
|
|
Import
|
|
25,101
|
|
19,069
|
|
6,032
|
|
31.6
|
|
Premium
luxury
|
|
19,534
|
|
15,143
|
|
4,391
|
|
29.0
|
|
|
|
69,114
|
|
54,099
|
|
15,015
|
|
27.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail
New Vehicle Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
2021 (%)
|
|
2020 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
11.4
|
|
11.3
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
10.9
|
|
11.8
|
|
|
|
|
|
Chrysler, Dodge, Jeep, Ram
|
|
8.9
|
|
9.2
|
|
|
|
|
|
Domestic total
|
|
31.2
|
|
32.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
22.4
|
|
21.2
|
|
|
|
|
|
Honda
|
|
12.4
|
|
13.6
|
|
|
|
|
|
Nissan
|
|
2.5
|
|
2.7
|
|
|
|
|
|
Other
Import
|
|
7.2
|
|
7.1
|
|
|
|
|
|
Import total
|
|
44.5
|
|
44.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
9.0
|
|
9.0
|
|
|
|
|
|
BMW
|
|
6.2
|
|
5.6
|
|
|
|
|
|
Lexus
|
|
2.9
|
|
2.5
|
|
|
|
|
|
Audi
|
|
2.4
|
|
2.2
|
|
|
|
|
|
Jaguar
Land Rover
|
|
2.3
|
|
2.4
|
|
|
|
|
|
Other
Premium Luxury
|
|
1.5
|
|
1.4
|
|
|
|
|
|
Premium Luxury
total
|
|
24.3
|
|
23.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
44.4
|
$
|
30.0
|
|
|
|
Cash paid for
acquisitions, net of cash acquired
|
$
|
-
|
$
|
0.4
|
|
|
|
Proceeds from
exercises of stock options
|
$
|
21.2
|
$
|
1.0
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
$
|
306.1
|
$
|
80.0
|
|
|
|
|
Shares repurchased
(in millions)
|
|
3.8
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended March 31,
|
|
|
|
|
2021
|
|
2020
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
32.0
|
$
|
24.5
|
$
|
7.5
|
|
New vehicle floorplan
interest expense
|
|
(8.9)
|
|
(23.1)
|
|
14.2
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
23.1
|
$
|
1.4
|
$
|
21.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March 31,
2020
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
350.0
|
$
|
569.6
|
$
|
411.0
|
|
Inventory
|
$
|
2,254.6
|
$
|
2,598.5
|
$
|
3,677.0
|
|
Total floorplan notes
payable
|
$
|
2,298.0
|
$
|
2,759.9
|
$
|
3,682.5
|
|
Non-vehicle
debt
|
$
|
1,798.4
|
$
|
2,101.8
|
$
|
2,522.0
|
|
Equity
|
$
|
3,193.9
|
$
|
3,235.7
|
$
|
2,846.9
|
|
New days supply
(industry standard of selling days)
|
|
29
days
|
|
42
days
|
|
98
days
|
|
Used days supply
(trailing calendar month days)
|
|
31
days
|
|
39
days
|
|
48
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance
Calculations(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio……………………………………………………
|
|
|
1.32x
|
|
|
|
Covenant………………………………………………………………………………..
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio……………….………………………………
|
|
|
45.0%
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss)
|
|
Income (Loss) from
Continuing
Operations Before
Income Taxes
|
|
Income Tax
Provision
(Benefit)(2)
|
|
Effective Tax
Rate
|
|
Net Income
(Loss)
|
|
Diluted Earnings
(Loss) Per
Share(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
239.4
|
$
|
(232.3)
|
$
|
2.85
|
$
|
(2.58)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1
|
|
0.1
|
$
|
-
|
$
|
-
|
From continuing
operations, as reported
|
$
|
336.9
|
$
|
(219.3)
|
$
|
317.3
|
$
|
(271.2)
|
$
|
77.8
|
$
|
(39.0)
|
|
24.5%
|
|
14.4%
|
|
239.5
|
|
(232.2)
|
$
|
2.85
|
$
|
(2.58)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on equity
investment
|
|
-
|
|
-
|
|
(7.5)
|
|
-
|
|
(1.8)
|
|
-
|
|
|
|
|
|
(5.7)
|
|
-
|
$
|
(0.07)
|
$
|
-
|
|
Goodwill and
franchise rights impairment
|
|
-
|
|
375.8
|
|
-
|
|
375.8
|
|
-
|
|
67.4
|
|
|
|
|
|
-
|
|
308.4
|
$
|
-
|
$
|
3.42
|
|
Asset impairments and
net gains on store/property dispositions
|
|
-
|
|
8.4
|
|
-
|
|
8.4
|
|
-
|
|
2.2
|
|
|
|
|
|
-
|
|
6.2
|
$
|
-
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
|
336.9
|
$
|
164.9
|
$
|
309.8
|
$
|
113.0
|
$
|
76.0
|
$
|
30.6
|
|
24.5%
|
|
27.1%
|
$
|
233.8
|
$
|
82.4
|
$
|
2.79
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
"Non-GAAP Financial Measures" section of the Press
Release.
|
|
|
(2)
|
Tax expense (benefit)
is determined based on the amount of additional taxes or tax
benefits associated with each individual item.
|
|
|
(3)
|
Diluted earnings
(loss) per share amounts are calculated discretely and therefore
may not add up to the total due to rounding.
|
|
|
(4)
|
For the three months
ended March 31, 2020, the calculations of adjustment items and
"adjusted" diluted earnings per share include the impact of
dilutive potential common shares. These equity instruments were
excluded from the calculation of "as reported" amounts in
accordance with GAAP as they would be antidilutive due to the net
loss reported in the period.
|
|
|
AUTONATION,
INC.
|
UNAUDITED SAME
STORE DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
2021
|
|
2020
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,982.3
|
$
|
2,281.6
|
$
|
700.7
|
|
30.7
|
|
|
Retail used
vehicle
|
|
1,644.1
|
|
1,161.1
|
|
483.0
|
|
41.6
|
|
|
Wholesale
|
|
105.0
|
|
86.6
|
|
18.4
|
|
21.2
|
|
Used
vehicle
|
|
1,749.1
|
|
1,247.7
|
|
501.4
|
|
40.2
|
|
Finance and
insurance, net
|
|
313.0
|
|
235.8
|
|
77.2
|
|
32.7
|
|
|
Total variable
operations
|
|
5,044.4
|
|
3,765.1
|
|
1,279.3
|
|
34.0
|
|
Parts and
service
|
|
850.9
|
|
855.4
|
|
(4.5)
|
|
(0.5)
|
|
Other
|
|
8.4
|
|
24.0
|
|
(15.6)
|
|
|
Total
revenue
|
$
|
5,903.7
|
$
|
4,644.5
|
$
|
1,259.2
|
|
27.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
190.0
|
$
|
96.3
|
$
|
93.7
|
|
97.3
|
|
|
Retail used
vehicle
|
|
125.2
|
|
83.5
|
|
41.7
|
|
49.9
|
|
|
Wholesale
|
|
15.0
|
|
7.6
|
|
7.4
|
|
|
|
Used
vehicle
|
|
140.2
|
|
91.1
|
|
49.1
|
|
53.9
|
|
Finance and
insurance
|
|
313.0
|
|
235.8
|
|
77.2
|
|
32.7
|
|
|
Total variable
operations
|
|
643.2
|
|
423.2
|
|
220.0
|
|
52.0
|
|
Parts and
service
|
|
389.1
|
|
386.4
|
|
2.7
|
|
0.7
|
|
Other
|
|
0.6
|
|
0.9
|
|
(0.3)
|
|
|
Total gross
profit
|
$
|
1,032.9
|
$
|
810.5
|
$
|
222.4
|
|
27.4
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
New
|
|
69,361
|
|
56,729
|
|
12,632
|
|
22.3
|
|
Used
|
|
71,780
|
|
56,081
|
|
15,699
|
|
28.0
|
|
|
|
|
141,141
|
|
112,810
|
|
28,331
|
|
25.1
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
New
|
$
|
42,997
|
$
|
40,219
|
$
|
2,778
|
|
6.9
|
|
Used
|
$
|
22,905
|
$
|
20,704
|
$
|
2,201
|
|
10.6
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
New
|
$
|
2,739
|
$
|
1,698
|
$
|
1,041
|
|
61.3
|
|
Used
|
$
|
1,744
|
$
|
1,489
|
$
|
255
|
|
17.1
|
|
Finance and
insurance
|
$
|
2,218
|
$
|
2,090
|
$
|
128
|
|
6.1
|
|
Total variable
operations(1)
|
$
|
4,451
|
$
|
3,684
|
$
|
767
|
|
20.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2021 (%)
|
|
2020 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
50.5
|
|
49.1
|
|
|
|
|
|
Used
vehicle
|
|
29.6
|
|
26.9
|
|
|
|
|
|
Parts and
service
|
|
14.4
|
|
18.4
|
|
|
|
|
|
Finance and
insurance, net
|
|
5.3
|
|
5.1
|
|
|
|
|
|
Other
|
|
0.2
|
|
0.5
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
18.4
|
|
11.9
|
|
|
|
|
|
Used
vehicle
|
|
13.6
|
|
11.2
|
|
|
|
|
|
Parts and
service
|
|
37.7
|
|
47.7
|
|
|
|
|
|
Finance and
insurance
|
|
30.3
|
|
29.1
|
|
|
|
|
|
Other
|
|
-
|
|
0.1
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
6.4
|
|
4.2
|
|
|
|
|
|
|
Used vehicle -
retail
|
|
7.6
|
|
7.2
|
|
|
|
|
|
|
Parts and
service
|
|
45.7
|
|
45.2
|
|
|
|
|
|
|
Total
|
|
17.5
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:http://www.prnewswire.com/news-releases/autonation-reports-first-quarter-gaap-eps-from-continuing-operations-of-2-85--and-all-time-record-quarter-adjusted-eps-from-continuing-operations-of-2-79--301271938.html
SOURCE AutoNation, Inc.