- Q3 2024 EPS $4.61, adjusted EPS
$4.02
- Strong Same Store New Vehicle unit sales growth of 2%
- Record After-Sales gross profit of $558
million
- AN Finance growth continues with $700
million in YTD originations
FORT
LAUDERDALE, Fla., Oct. 25,
2024 /PRNewswire/ -- AutoNation,
Inc. (NYSE: AN), today reported third quarter 2024 revenue
of $6.6 billion, EPS of $4.61, and adjusted EPS of $4.02. Third quarter 2024 results were adversely
impacted by the residual effects of the CDK outage in July, which
reduced earnings per share by an estimated $0.21 per share. Adjusted EPS excludes
$0.59 of net favorable items,
primarily related to gains on business and property dispositions,
partially offset by other items. Reconciliations of non-GAAP
financial measures are included in the attached financial
tables.
"We are pleased to deliver solid operating results for the third
quarter driven primarily by new vehicle unit sales growth,
continued After-Sales momentum, and disciplined cost controls. We
were able to navigate through a challenging environment, which
included the lingering effects of the CDK outage, which we are
relieved to now have behind us, weather challenges, and OEM
stop-sale orders. Looking ahead, we remain focused on shareholder
returns, are encouraged by the moderating interest rates and OEM
support actions, and are committed to delivering a strong close to
the year," said Mike Manley,
AutoNation's Chief Executive Officer.
Operational Summary
Third quarter 2024
compared to the year-ago period:
|
Selected Financial
Data
|
|
($ in millions, except
per share data)
|
|
|
Three Months
Ended
September
30,
|
|
|
2024
|
|
2023
|
|
YoY
|
|
Revenue
|
|
$
6,586.1
|
|
$
6,892.7
|
|
-4 %
|
|
Gross Profit
|
|
$
1,182.8
|
|
$
1,294.6
|
|
-9 %
|
|
Operating
Income
|
|
$
350.7
|
|
$
419.5
|
|
-16 %
|
|
Net Income
|
|
$
185.8
|
|
$
243.7
|
|
-24 %
|
|
Diluted EPS
|
|
$
4.61
|
|
$
5.54
|
|
-17 %
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income*
|
|
$
320.3
|
|
$
415.8
|
|
-23 %
|
|
Adjusted Net
Income*
|
|
$
162.2
|
|
$
243.7
|
|
-33 %
|
|
Adjusted
EPS*
|
|
$
4.02
|
|
$
5.54
|
|
-27 %
|
|
|
|
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
|
63,150
|
|
62,289
|
|
1 %
|
|
Used Vehicle Retail
Unit Sales
|
|
66,454
|
|
72,517
|
|
-8 %
|
|
*Reconciliations of
non-GAAP financial measures are included in the attached financial
tables.
|
- Revenue - totaled $6.6 billion, down $307
million compared to the year-ago period, reflecting
primarily lower average selling prices of vehicles and used vehicle
unit sales, offset partially by increased new vehicle unit sales,
and After-Sales growth.
- New Vehicle Revenue – decreased $16 million or 1%, to $3.2
billion.
- Used Vehicle Revenue – decreased $271 million or 12%, to $1.9 billion.
- After-Sales Revenue – increased
$14 million or 1%, to $1.2 billion.
- Customer Financial Services Revenue
– decreased $34 million
or 9%, to $335 million.
- Gross Profit - totaled $1.2 billion, down $112
million from $1.3 billion a
year ago.
- New Vehicle Gross Profit - decreased $74 million reflecting gross profit per vehicle
retailed of $2,804 compared to
$4,025 a year ago, and a 1% increase
in unit sales.
- Used Vehicle Gross Profit - decreased
$17 million reflecting a gross profit
per vehicle retailed of $1,589
compared to $1,746 a year ago and a
8% decrease in unit sales.
- After-Sales Gross Profit - increased
$12 million, or 2% from a year ago to
$558 million reflecting higher
revenue and a 50-basis point increase in margin.
- Customer Financial Services Gross Profit -
decreased $34 million from a year ago
reflecting gross profit per vehicle retailed of $2,588, compared to $2,741 a year ago and a 4% decrease in total
units sold.
- SG&A as a Percentage of Gross Profit - was
68.6%, or 67.4% on an adjusted basis, and remained well below
pre-pandemic levels despite impacts early in the quarter from the
CDK outage.
Segment Results
Segment results(1) for the
third quarter of 2024 were as follows:
- Domestic Segment Income – was $62 million compared to the year-ago segment
income of $107 million. Revenues of
$1.8 billion decreased 11%.
- Import Segment Income – was $119 million compared to the year-ago segment
income of $165 million. Revenues of
$2.0 billion decreased 1%.
- Premium Luxury Segment Income – was $155 million compared to the year-ago segment
income of $193 million. Revenues of
$2.4 billion decreased 4%.
Year-to-date 2024 compared to the year-ago period:
|
Selected Financial
Data
|
|
($ in millions, except
per share data)
|
|
|
Nine Months
Ended
September
30,
|
|
|
2024
|
|
2023
|
|
YoY
|
|
Revenue
|
|
$
19,552.2
|
|
$
20,181.5
|
|
-3 %
|
|
Gross Profit
|
|
$
3,543.8
|
|
$
3,916.3
|
|
-10 %
|
|
Operating
Income
|
|
$
966.0
|
|
$
1,302.0
|
|
-26 %
|
|
Net Income
|
|
$
506.1
|
|
$
804.9
|
|
-37 %
|
|
Diluted EPS
|
|
$
12.31
|
|
$
17.65
|
|
-30 %
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income*
|
|
$
986.5
|
|
$
1,324.8
|
|
-26 %
|
|
Adjusted Net
Income*
|
|
$
514.8
|
|
$
817.3
|
|
-37 %
|
|
Adjusted
EPS*
|
|
$
12.53
|
|
$
17.92
|
|
-30 %
|
|
|
|
|
|
|
|
|
New Vehicle Retail Unit
Sales
|
|
183,281
|
|
179,798
|
|
2 %
|
|
Used Vehicle Retail
Unit Sales
|
|
201,079
|
|
208,868
|
|
-4 %
|
|
*Reconciliations of
non-GAAP financial measures are included in the attached financial
tables.
|
- Revenue - totaled $19.6 billion, down $629
million compared to the year-ago period, reflecting
primarily lower average selling prices of vehicles and used vehicle
unit sales, offset partially by increased new vehicle unit sales
and After-Sales growth.
- New Vehicle Revenue – decreased $128 million or 1%, to $9.3 billion.
- Used Vehicle Revenue – decreased $484 million or 8%, to $5.8 billion.
- After-Sales Revenue – increased
$68 million or 2%, to $3.5 billion.
- Customer Financial Services Revenue
– decreased $77 million
or 7%, to $994 million.
- Gross Profit - totaled $3.5 billion, down $373
million from $3.9 billion a
year ago.
- New Vehicle Gross Profit - decreased $262 million reflecting gross profit per vehicle
retailed of $3,074 compared to
$4,590 a year ago, offset partially
by a 2% increase in unit sales.
- Used Vehicle Gross Profit - decreased
$82 million reflecting a gross profit
per vehicle retailed of $1,565
compared to $1,907 a year ago and a
4% decrease in unit sales.
- After-Sales Gross Profit - increased
$51 million, or 3% from a year ago to
$1.7 billion as revenue growth and
higher margins largely offset lower sales resulting from the CDK
outage incident.
- Customer Financial Services Gross Profit -
decreased $77 million from a year ago
to $994 million reflecting gross
profit per vehicle retailed of $2,586, compared to $2,757 a year ago, and a 1% decrease in total
units sold.
- SG&A as a Percentage of Gross Profit - was
68.6%, or 66.7% on an adjusted basis, and remained well below
pre-pandemic levels despite the impacts of the CDK outage.
Segment Results
Segment results(1) for the
first nine months of 2024 were as follows:
- Domestic Segment Income – was $188 million compared to the year-ago segment
income of $342 million. Revenues of
$5.3 billion decreased 9%.
- Import Segment Income – was $356 million compared to the year-ago segment
income of $498 million. Revenues of
$6.0 billion increased 3%.
- Premium Luxury Segment Income – was $468 million compared to the year-ago segment
income of $641 million. Revenues of
$7.2 billion decreased 5%.
Capital Allocation, Liquidity, Leverage and Portfolio
Actions
During the quarter, AutoNation repurchased 36
thousand shares of common stock for an aggregate purchase price of
$6 million. Year-to-date through
October 23, 2024, AutoNation
repurchased 2.2 million shares for an aggregate purchase price of
$356 million. AutoNation has
approximately $965 million remaining
under its current share repurchase program. During the third
quarter of 2024, the Company made capital expenditures of
$81 million.
As of September 30, 2024, AutoNation had $1.6 billion of liquidity, including $60 million in cash and $1.5 billion of availability under its revolving
credit facility, net of commercial paper borrowings. The Company's
covenant leverage ratio was 2.53x at quarter end and the Company
had $3.9 billion of non-vehicle debt
outstanding.
During the quarter, AutoNation divested seven Domestic stores
and one Import store, which represented a total of 11 franchises.
As a result of these divestitures, the Company received net
proceeds of $156 million and
recognized a pre-tax gain of $53.9
million.
The third quarter conference call will begin at 9:00 a.m. Eastern Time and may be accessed by
telephone at 833-470-1428 (Conference ID:356177) or on AutoNation's
investor relations website at investors.autonation.com.
The webcast will also be available on AutoNation's website
following the call under "Events & Presentations." A playback
of the conference call will be available after 12:00 p.m. Eastern Time on October 25, 2024, through 11:59 p.m. Eastern Time on Friday, November 15,
2024, or by calling 866-813-9403 (Conference ID: 747579).
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 Ford, General Motors, 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, one of the largest
automotive retailers in the United
States, offers innovative products, exceptional services,
and comprehensive solutions, and empowers its customers to make the
best decisions for their needs. With a nationwide network of
dealerships strengthened by a recognized brand, we offer a wide
variety of new and used vehicles, customer financing, parts, and
expert maintenance and repair services. Through DRV PNK, we have
raised over $40 million for
cancer-related causes, demonstrating our commitment to making a
positive difference in the lives of our Associates, Customers, and
the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and
www.x.com/autonation, where AutoNation discloses additional
information about the Company, its business, and its results of
operations. Please also visit www.autonationdrive.com, AutoNation's
automotive blog, for information regarding the AutoNation
community, the automotive industry, and current automotive news and
trends.
NON-GAAP FINANCIAL MEASURES
This news
release and the attached financial tables contain certain non-GAAP
financial measures as defined under 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," "estimates," "intends," "goals,"
"targets," "projects," "plans," "believes," "continues," "may,"
"will," "could," and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Statements regarding our strategic initiatives,
partnerships, and investments, including AutoNation USA, AutoNation Finance, and AutoNation Mobile
Service, statements regarding our expectations for the future
performance of our business and the automotive retail industry,
including during the remainder of 2024, 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
acquisitions, initiatives, partnerships, and investments, including
our investments in digital and online capabilities and mobility
solutions; our ability to maintain or improve gross profit margins;
our ability to maintain or gain market share; legal, reputational,
and financial risks resulting from cyber incidents and the
potential impact on our operating results; the receipt of any
insurance or other recoveries in connection with any cyber
incidents; our ability to successfully implement and maintain
expense controls; our ability to maintain and enhance our retail
brands and reputation and to attract consumers to our own digital
channels; economic conditions, including changes in unemployment,
interest, and/or inflation rates, consumer demand, fuel prices, and
tariffs; our ability to acquire and integrate successfully new
acquisitions; restrictions imposed by vehicle manufacturers and our
ability to obtain manufacturer approval for franchise
acquisitions; the success and financial viability and the
incentive and marketing programs of vehicle manufacturers and
distributors with which we hold franchises; 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
3,171.2
|
|
$
3,187.6
|
|
$
9,273.0
|
|
$
9,400.5
|
|
Used
vehicle
|
|
1,901.4
|
|
2,172.1
|
|
5,808.6
|
|
6,292.7
|
|
Parts and
service
|
|
1,170.9
|
|
1,157.4
|
|
3,460.4
|
|
3,392.5
|
|
Finance and insurance,
net
|
|
335.4
|
|
369.5
|
|
994.1
|
|
1,071.4
|
|
Other
|
|
7.2
|
|
6.1
|
|
16.1
|
|
24.4
|
|
Total
revenue
|
|
6,586.1
|
|
6,892.7
|
|
19,552.2
|
|
20,181.5
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
2,994.1
|
|
2,936.9
|
|
8,709.6
|
|
8,575.2
|
|
Used
vehicle
|
|
1,790.2
|
|
2,044.3
|
|
5,474.5
|
|
5,876.2
|
|
Parts and
service
|
|
612.7
|
|
611.6
|
|
1,809.8
|
|
1,793.1
|
|
Other
|
|
6.3
|
|
5.3
|
|
14.5
|
|
20.7
|
|
Total cost of
sales
|
|
5,403.3
|
|
5,598.1
|
|
16,008.4
|
|
16,265.2
|
|
Gross profit
|
|
1,182.8
|
|
1,294.6
|
|
3,543.8
|
|
3,916.3
|
|
Selling, general, and
administrative expenses
|
|
811.3
|
|
819.3
|
|
2,430.2
|
|
2,444.9
|
|
Depreciation and
amortization
|
|
61.3
|
|
55.7
|
|
179.5
|
|
163.1
|
|
Other (income) expense,
net(1)
|
|
(40.5)
|
|
0.1
|
|
(31.9)
|
|
6.3
|
|
Operating
income
|
|
350.7
|
|
419.5
|
|
966.0
|
|
1,302.0
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(60.5)
|
|
(38.3)
|
|
(163.8)
|
|
(98.2)
|
|
Other interest
expense
|
|
(44.9)
|
|
(48.8)
|
|
(136.3)
|
|
(135.9)
|
|
Other income (loss),
net(2)
|
|
2.1
|
|
(5.0)
|
|
9.0
|
|
4.6
|
|
Income from continuing
operations before income taxes
|
|
247.4
|
|
327.4
|
|
674.9
|
|
1,072.5
|
|
Income tax
provision
|
|
61.6
|
|
83.7
|
|
168.8
|
|
268.5
|
|
Net income from
continuing operations
|
|
185.8
|
|
243.7
|
|
506.1
|
|
804.0
|
|
Income from
discontinued operations, net of income taxes
|
|
—
|
|
—
|
|
—
|
|
0.9
|
|
Net income
|
|
$
185.8
|
|
$
243.7
|
|
$
506.1
|
|
$
804.9
|
|
Diluted earnings per
share(3):
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
4.61
|
|
$
5.54
|
|
$
12.31
|
|
$
17.63
|
|
Discontinued
operations
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
0.02
|
|
Net income
|
|
$
4.61
|
|
$
5.54
|
|
$
12.31
|
|
$
17.65
|
|
Weighted average common
shares outstanding
|
|
40.3
|
|
44.0
|
|
41.1
|
|
45.6
|
|
Common shares
outstanding, net of treasury stock, at
period end
|
|
39.6
|
|
42.8
|
|
39.6
|
|
42.8
|
|
|
|
(1)
|
Includes net gains
on business/property divestitures and results of our finance
company, including expected credit loss expense and gains on asset
sales, as well as gains on legal settlements and asset
impairments.
|
|
(2)
|
Includes gains
related to changes in the cash surrender value of corporate-owned
life insurance for deferred compensation plan participants, net of
losses on minority equity investments.
|
|
(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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
3,171.2
|
|
$
3,187.6
|
|
$
(16.4)
|
|
(0.5)
|
|
$
9,273.0
|
|
$
9,400.5
|
|
$ (127.5)
|
|
(1.4)
|
|
Retail used
vehicle
|
|
1,741.4
|
|
2,025.1
|
|
(283.7)
|
|
(14.0)
|
|
5,318.7
|
|
5,858.4
|
|
(539.7)
|
|
(9.2)
|
|
Wholesale
|
|
160.0
|
|
147.0
|
|
13.0
|
|
8.8
|
|
489.9
|
|
434.3
|
|
55.6
|
|
12.8
|
|
Used
vehicle
|
|
1,901.4
|
|
2,172.1
|
|
(270.7)
|
|
(12.5)
|
|
5,808.6
|
|
6,292.7
|
|
(484.1)
|
|
(7.7)
|
|
Finance and insurance,
net
|
|
335.4
|
|
369.5
|
|
(34.1)
|
|
(9.2)
|
|
994.1
|
|
1,071.4
|
|
(77.3)
|
|
(7.2)
|
|
Total variable
operations
|
|
5,408.0
|
|
5,729.2
|
|
(321.2)
|
|
(5.6)
|
|
16,075.7
|
|
16,764.6
|
|
(688.9)
|
|
(4.1)
|
|
Parts and
service
|
|
1,170.9
|
|
1,157.4
|
|
13.5
|
|
1.2
|
|
3,460.4
|
|
3,392.5
|
|
67.9
|
|
2.0
|
|
Other
|
|
7.2
|
|
6.1
|
|
1.1
|
|
|
|
16.1
|
|
24.4
|
|
(8.3)
|
|
|
|
Total
revenue
|
|
$
6,586.1
|
|
$
6,892.7
|
|
$ (306.6)
|
|
(4.4)
|
|
$
19,552.2
|
|
$
20,181.5
|
|
$ (629.3)
|
|
(3.1)
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
177.1
|
|
$
250.7
|
|
$
(73.6)
|
|
(29.4)
|
|
$
563.4
|
|
$
825.3
|
|
$ (261.9)
|
|
(31.7)
|
|
Retail used
vehicle
|
|
105.6
|
|
126.6
|
|
(21.0)
|
|
(16.6)
|
|
314.7
|
|
398.3
|
|
(83.6)
|
|
(21.0)
|
|
Wholesale
|
|
5.6
|
|
1.2
|
|
4.4
|
|
|
|
19.4
|
|
18.2
|
|
1.2
|
|
|
|
Used
vehicle
|
|
111.2
|
|
127.8
|
|
(16.6)
|
|
(13.0)
|
|
334.1
|
|
416.5
|
|
(82.4)
|
|
(19.8)
|
|
Finance and
insurance
|
|
335.4
|
|
369.5
|
|
(34.1)
|
|
(9.2)
|
|
994.1
|
|
1,071.4
|
|
(77.3)
|
|
(7.2)
|
|
Total variable
operations
|
|
623.7
|
|
748.0
|
|
(124.3)
|
|
(16.6)
|
|
1,891.6
|
|
2,313.2
|
|
(421.6)
|
|
(18.2)
|
|
Parts and
service
|
|
558.2
|
|
545.8
|
|
12.4
|
|
2.3
|
|
1,650.6
|
|
1,599.4
|
|
51.2
|
|
3.2
|
|
Other
|
|
0.9
|
|
0.8
|
|
0.1
|
|
|
|
1.6
|
|
3.7
|
|
(2.1)
|
|
|
|
Total gross
profit
|
|
1,182.8
|
|
1,294.6
|
|
(111.8)
|
|
(8.6)
|
|
3,543.8
|
|
3,916.3
|
|
(372.5)
|
|
(9.5)
|
|
Selling, general, and
administrative
expenses
|
|
811.3
|
|
819.3
|
|
8.0
|
|
1.0
|
|
2,430.2
|
|
2,444.9
|
|
14.7
|
|
0.6
|
|
Depreciation and
amortization
|
|
61.3
|
|
55.7
|
|
(5.6)
|
|
|
|
179.5
|
|
163.1
|
|
(16.4)
|
|
|
|
Other (income) expense,
net
|
|
(40.5)
|
|
0.1
|
|
40.6
|
|
|
|
(31.9)
|
|
6.3
|
|
38.2
|
|
|
|
Operating
income
|
|
350.7
|
|
419.5
|
|
(68.8)
|
|
(16.4)
|
|
966.0
|
|
1,302.0
|
|
(336.0)
|
|
(25.8)
|
|
Non-operating income
(expense)
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(60.5)
|
|
(38.3)
|
|
(22.2)
|
|
|
|
(163.8)
|
|
(98.2)
|
|
(65.6)
|
|
|
|
Other interest
expense
|
|
(44.9)
|
|
(48.8)
|
|
3.9
|
|
|
|
(136.3)
|
|
(135.9)
|
|
(0.4)
|
|
|
|
Other income (loss),
net
|
|
2.1
|
|
(5.0)
|
|
7.1
|
|
|
|
9.0
|
|
4.6
|
|
4.4
|
|
|
|
Income from continuing
operations
before income taxes
|
|
$
247.4
|
|
$
327.4
|
|
$
(80.0)
|
|
(24.4)
|
|
$
674.9
|
|
$
1,072.5
|
|
$ (397.6)
|
|
(37.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
63,150
|
|
62,289
|
|
861
|
|
1.4
|
|
183,281
|
|
179,798
|
|
3,483
|
|
1.9
|
|
Used
|
|
66,454
|
|
72,517
|
|
(6,063)
|
|
(8.4)
|
|
201,079
|
|
208,868
|
|
(7,789)
|
|
(3.7)
|
|
|
129,604
|
|
134,806
|
|
(5,202)
|
|
(3.9)
|
|
384,360
|
|
388,666
|
|
(4,306)
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 50,217
|
|
$ 51,174
|
|
$
(957)
|
|
(1.9)
|
|
$ 50,594
|
|
$ 52,284
|
|
$ (1,690)
|
|
(3.2)
|
|
Used
|
|
$ 26,205
|
|
$ 27,926
|
|
$ (1,721)
|
|
(6.2)
|
|
$ 26,451
|
|
$ 28,048
|
|
$ (1,597)
|
|
(5.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
2,804
|
|
$
4,025
|
|
$ (1,221)
|
|
(30.3)
|
|
$
3,074
|
|
$
4,590
|
|
$ (1,516)
|
|
(33.0)
|
|
Used
|
|
$
1,589
|
|
$
1,746
|
|
$
(157)
|
|
(9.0)
|
|
$
1,565
|
|
$
1,907
|
|
$
(342)
|
|
(17.9)
|
|
Finance and
insurance
|
|
$
2,588
|
|
$
2,741
|
|
$
(153)
|
|
(5.6)
|
|
$
2,586
|
|
$
2,757
|
|
$
(171)
|
|
(6.2)
|
|
Total variable
operations(1)
|
|
$
4,769
|
|
$
5,540
|
|
$
(771)
|
|
(13.9)
|
|
$
4,871
|
|
$
5,905
|
|
$ (1,034)
|
|
(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.
|
|
Operating
Percentages
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
( %)
|
|
2023
( %)
|
|
2024
( %)
|
|
2023
( %)
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
48.1
|
|
46.2
|
|
47.4
|
|
46.6
|
|
Used
vehicle
|
|
28.9
|
|
31.5
|
|
29.7
|
|
31.2
|
|
Parts and
service
|
|
17.8
|
|
16.8
|
|
17.7
|
|
16.8
|
|
Finance and insurance,
net
|
|
5.1
|
|
5.4
|
|
5.1
|
|
5.3
|
|
Other
|
|
0.1
|
|
0.1
|
|
0.1
|
|
0.1
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
15.0
|
|
19.4
|
|
15.9
|
|
21.1
|
|
Used
vehicle
|
|
9.4
|
|
9.9
|
|
9.4
|
|
10.6
|
|
Parts and
service
|
|
47.2
|
|
42.2
|
|
46.6
|
|
40.8
|
|
Finance and
insurance
|
|
28.4
|
|
28.5
|
|
28.1
|
|
27.4
|
|
Other
|
|
—
|
|
—
|
|
—
|
|
0.1
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
5.6
|
|
7.9
|
|
6.1
|
|
8.8
|
|
Used vehicle -
retail
|
|
6.1
|
|
6.3
|
|
5.9
|
|
6.8
|
|
Parts and
service
|
|
47.7
|
|
47.2
|
|
47.7
|
|
47.1
|
|
Total
|
|
18.0
|
|
18.8
|
|
18.1
|
|
19.4
|
|
Selling, general, and
administrative expenses
|
|
12.3
|
|
11.9
|
|
12.4
|
|
12.1
|
|
Operating
income
|
|
5.3
|
|
6.1
|
|
4.9
|
|
6.5
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
68.6
|
|
63.3
|
|
68.6
|
|
62.4
|
|
Operating
income
|
|
29.6
|
|
32.4
|
|
27.3
|
|
33.2
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA
|
|
($ in
millions)
|
|
|
Segment
Operating Highlights
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
1,774.9
|
|
$
1,983.9
|
|
$ (209.0)
|
|
(10.5)
|
|
$
5,271.0
|
|
$
5,770.5
|
|
$ (499.5)
|
|
(8.7)
|
|
Import
|
|
2,046.2
|
|
2,077.2
|
|
(31.0)
|
|
(1.5)
|
|
6,044.5
|
|
5,864.2
|
|
180.3
|
|
3.1
|
|
Premium
luxury
|
|
2,426.0
|
|
2,516.1
|
|
(90.1)
|
|
(3.6)
|
|
7,239.3
|
|
7,621.5
|
|
(382.2)
|
|
(5.0)
|
|
Total
|
|
6,247.1
|
|
6,577.2
|
|
(330.1)
|
|
(5.0)
|
|
18,554.8
|
|
19,256.2
|
|
(701.4)
|
|
(3.6)
|
|
Corporate and
other
|
|
339.0
|
|
315.5
|
|
23.5
|
|
7.4
|
|
997.4
|
|
925.3
|
|
72.1
|
|
7.8
|
|
Total consolidated
revenue
|
|
$
6,586.1
|
|
$
6,892.7
|
|
$ (306.6)
|
|
(4.4)
|
|
$
19,552.2
|
|
$
20,181.5
|
|
$ (629.3)
|
|
(3.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
62.4
|
|
$
107.2
|
|
$
(44.8)
|
|
(41.8)
|
|
$
187.9
|
|
$
341.5
|
|
$ (153.6)
|
|
(45.0)
|
|
Import
|
|
119.2
|
|
164.7
|
|
(45.5)
|
|
(27.6)
|
|
356.2
|
|
498.1
|
|
(141.9)
|
|
(28.5)
|
|
Premium
luxury
|
|
154.7
|
|
192.9
|
|
(38.2)
|
|
(19.8)
|
|
468.2
|
|
641.2
|
|
(173.0)
|
|
(27.0)
|
|
Total
|
|
336.3
|
|
464.8
|
|
(128.5)
|
|
(27.6)
|
|
1,012.3
|
|
1,480.8
|
|
(468.5)
|
|
(31.6)
|
|
Corporate and
other
|
|
(46.1)
|
|
(83.6)
|
|
37.5
|
|
|
|
(210.1)
|
|
(277.0)
|
|
66.9
|
|
|
|
Add: Floorplan interest
expense
|
|
60.5
|
|
38.3
|
|
22.2
|
|
|
|
163.8
|
|
98.2
|
|
65.6
|
|
|
|
Operating
income
|
|
$
350.7
|
|
$
419.5
|
|
$
(68.8)
|
|
(16.4)
|
|
$
966.0
|
|
$
1,302.0
|
|
$ (336.0)
|
|
(25.8)
|
|
* 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
|
|
17,583
|
|
17,766
|
|
(183)
|
|
(1.0)
|
|
50,068
|
|
51,110
|
|
(1,042)
|
|
(2.0)
|
|
Import
|
|
28,865
|
|
28,232
|
|
633
|
|
2.2
|
|
85,162
|
|
78,502
|
|
6,660
|
|
8.5
|
|
Premium
luxury
|
|
16,702
|
|
16,291
|
|
411
|
|
2.5
|
|
48,051
|
|
50,186
|
|
(2,135)
|
|
(4.3)
|
|
|
63,150
|
|
62,289
|
|
861
|
|
1.4
|
|
183,281
|
|
179,798
|
|
3,483
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail used vehicle
unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
18,681
|
|
22,406
|
|
(3,725)
|
|
(16.6)
|
|
57,178
|
|
64,914
|
|
(7,736)
|
|
(11.9)
|
|
Import
|
|
22,851
|
|
24,548
|
|
(1,697)
|
|
(6.9)
|
|
69,188
|
|
69,241
|
|
(53)
|
|
(0.1)
|
|
Premium
luxury
|
|
17,876
|
|
19,710
|
|
(1,834)
|
|
(9.3)
|
|
54,608
|
|
57,409
|
|
(2,801)
|
|
(4.9)
|
|
Other
|
|
7,046
|
|
5,853
|
|
1,193
|
|
20.4
|
|
20,105
|
|
17,304
|
|
2,801
|
|
16.2
|
|
|
66,454
|
|
72,517
|
|
(6,063)
|
|
(8.4)
|
|
201,079
|
|
208,868
|
|
(7,789)
|
|
(3.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - Retail
New Vehicle
Units Sold
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
2024
( %)
|
|
2023
( %)
|
|
2024
( %)
|
|
2023
( %)
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
11.3
|
|
10.5
|
|
11.0
|
|
10.9
|
|
|
|
|
|
|
|
|
|
Chevrolet, Buick,
Cadillac, GMC
|
|
11.4
|
|
10.8
|
|
10.9
|
|
10.4
|
|
|
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep,
Ram
|
|
5.1
|
|
7.2
|
|
5.4
|
|
7.1
|
|
|
|
|
|
|
|
|
|
Domestic
total
|
|
27.8
|
|
28.5
|
|
27.3
|
|
28.4
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
19.4
|
|
19.9
|
|
20.7
|
|
18.7
|
|
|
|
|
|
|
|
|
|
Honda
|
|
13.6
|
|
12.4
|
|
13.4
|
|
12.8
|
|
|
|
|
|
|
|
|
|
Nissan
|
|
1.8
|
|
2.2
|
|
1.9
|
|
2.2
|
|
|
|
|
|
|
|
|
|
Hyundai
|
|
3.9
|
|
3.4
|
|
3.7
|
|
3.4
|
|
|
|
|
|
|
|
|
|
Subaru
|
|
4.1
|
|
4.1
|
|
3.9
|
|
3.5
|
|
|
|
|
|
|
|
|
|
Other
Import
|
|
3.0
|
|
3.3
|
|
2.9
|
|
3.1
|
|
|
|
|
|
|
|
|
|
Import
total
|
|
45.8
|
|
45.3
|
|
46.5
|
|
43.7
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
9.7
|
|
8.5
|
|
8.8
|
|
9.3
|
|
|
|
|
|
|
|
|
|
BMW
|
|
8.0
|
|
8.4
|
|
8.5
|
|
9.1
|
|
|
|
|
|
|
|
|
|
Lexus
|
|
3.3
|
|
2.8
|
|
3.5
|
|
3.0
|
|
|
|
|
|
|
|
|
|
Audi
|
|
2.1
|
|
2.9
|
|
2.1
|
|
2.7
|
|
|
|
|
|
|
|
|
|
Jaguar Land
Rover
|
|
1.9
|
|
1.7
|
|
2.0
|
|
1.8
|
|
|
|
|
|
|
|
|
|
Other Premium
Luxury
|
|
1.4
|
|
1.9
|
|
1.3
|
|
2.0
|
|
|
|
|
|
|
|
|
|
Premium Luxury
total
|
|
26.4
|
|
26.2
|
|
26.2
|
|
27.9
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
|
($ in
millions)
|
|
|
Capital Expenditures
/ Stock Repurchases
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Capital
expenditures
|
|
$
81.0
|
|
$
87.0
|
|
$
262.2
|
|
$
286.0
|
|
Cash paid for
acquisitions, net of cash acquired
|
|
$
—
|
|
$
2.2
|
|
$
—
|
|
$
271.1
|
|
Cash received from
divestitures, net of cash relinquished
|
|
$
156.0
|
|
$
—
|
|
$
156.0
|
|
$
—
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price (1)
|
|
$
5.6
|
|
$
200.0
|
|
$
355.6
|
|
$
712.4
|
|
Shares repurchased (in
millions)
|
|
—
|
|
1.3
|
|
2.2
|
|
5.3
|
|
New Vehicle
Floorplan Assistance and Expense
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
Variance
|
|
2024
|
|
2023
|
|
Variance
|
|
Floorplan assistance
earned (included in cost of sales)
|
|
$ 38.2
|
|
$ 31.5
|
|
$
6.7
|
|
$ 101.6
|
|
$ 92.1
|
|
$
9.5
|
|
New vehicle floorplan
interest expense
|
|
(58.5)
|
|
(35.1)
|
|
(23.4)
|
|
(157.4)
|
|
(89.1)
|
|
(68.3)
|
|
Net new vehicle
inventory carrying benefit (expense)
|
|
$ (20.3)
|
|
$
(3.6)
|
|
$ (16.7)
|
|
$ (55.8)
|
|
$
3.0
|
|
$ (58.8)
|
|
Balance Sheet and
Other Highlights
|
|
September 30,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
Cash and cash
equivalents
|
|
$
60.2
|
|
$
60.8
|
|
$
64.0
|
|
Inventory
|
|
$
3,530.8
|
|
$
3,033.4
|
|
$
2,645.6
|
|
Floorplan notes
payable
|
|
$
3,805.2
|
|
$
3,382.4
|
|
$
2,814.8
|
|
Non-recourse
debt
|
|
$
645.9
|
|
$
258.4
|
|
$
246.1
|
|
Non-vehicle
debt
|
|
$
3,934.5
|
|
$
4,030.3
|
|
$
3,942.4
|
|
Equity
|
|
$
2,371.2
|
|
$
2,211.4
|
|
$
2,142.0
|
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
52 days
|
|
36 days
|
|
31 days
|
|
Used days supply
(trailing calendar month days)
|
|
36 days
|
|
39 days
|
|
33 days
|
|
Key Credit Agreement
Covenant Compliance Calculations (2)
|
|
|
|
Leverage
ratio
|
|
2.53x
|
|
Covenant
|
less than or equal
to
|
3.75x
|
|
|
Interest coverage
ratio
|
|
4.33x
|
|
Covenant
|
greater than or equal
to
|
3.00x
|
|
|
|
(1)
|
Excludes excise
taxes imposed under Inflation Reduction Act.
|
|
(2)
|
Calculated in
accordance with our credit agreement as filed with our Quarterly
Report on Form 10-Q for the quarter ended June 30,
2023.
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
|
($ in millions,
except per share data)
|
|
|
Comparable Basis
Reconciliations(1)
|
|
|
Three Months Ended
September 30,
|
|
|
Operating
Income
|
|
Income from
Continuing Operations
Before Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax
Rate
|
|
Net
Income
|
|
Diluted
Earnings
Per
Share(3)
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
From continuing
operations, as reported
|
$ 350.7
|
|
$ 419.5
|
|
$ 247.4
|
|
$ 327.4
|
|
$
61.6
|
|
$
83.7
|
|
24.9 %
|
|
25.6 %
|
|
$ 185.8
|
|
$ 243.7
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
—
|
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 185.8
|
|
$ 243.7
|
|
$
4.61
|
|
$
5.54
|
|
Increase (decrease) in
compensation expense
related to market valuation changes in
deferred compensation
plans(4)
|
8.2
|
|
(3.7)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
—
|
|
—
|
|
$
—
|
|
$
—
|
|
Net loss on equity
investments
|
—
|
|
—
|
|
6.7
|
|
—
|
|
1.6
|
|
—
|
|
|
|
|
|
5.1
|
|
—
|
|
$
0.13
|
|
$
—
|
|
Self-insurance related
losses(5)
|
5.7
|
|
—
|
|
5.7
|
|
—
|
|
1.4
|
|
—
|
|
|
|
|
|
4.3
|
|
—
|
|
$
0.11
|
|
$
—
|
|
Business/property-related items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains on
dispositions, net of asset
impairments
|
(46.7)
|
|
—
|
|
(46.7)
|
|
—
|
|
(11.4)
|
|
—
|
|
|
|
|
|
(35.3)
|
|
—
|
|
$
(0.88)
|
|
$
—
|
|
Loss from operations
resulting from
dispositions
|
2.4
|
|
—
|
|
3.0
|
|
—
|
|
0.7
|
|
—
|
|
|
|
|
|
2.3
|
|
—
|
|
$
0.06
|
|
$
—
|
|
Adjusted
|
$ 320.3
|
|
$ 415.8
|
|
$ 216.1
|
|
$ 327.4
|
|
$
53.9
|
|
$
83.7
|
|
24.9 %
|
|
25.6 %
|
|
$ 162.2
|
|
$ 243.7
|
|
$
4.02
|
|
$
5.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
SG&A as a
Percentage
of Gross Profit (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$ 811.3
|
|
$ 819.3
|
|
68.6
|
|
63.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
compensation expense
related to market valuation changes in
deferred compensation plans
|
8.2
|
|
(3.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-insurance related
losses
|
5.7
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$ 797.4
|
|
$ 823.0
|
|
67.4
|
|
63.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
"Non-GAAP Financial Measures" section of the Press
Release.
|
|
(2)
|
Tax expense is
determined based on the amount of additional taxes or tax benefits
associated with each individual item.
|
|
(3)
|
Diluted earnings per
share amounts are calculated discretely and therefore may not add
up to the total due to rounding.
|
|
(4)
|
Increases and decreases
in deferred compensation obligations, which are recorded in
SG&A, are substantially offset by corresponding gains and
losses, respectively, related to changes in the cash surrender
value of corporate-owned life insurance ("COLI") for deferred
compensation plan participants as a result of changes in market
performance of the underlying investments; therefore, the net
impact to net income and earnings per share is de minimis. Gains
and losses related to the COLI are recorded in non-operating Other
Income (Loss), Net.
|
|
(5)
|
Primarily related to
losses from hail storms and other natural catastrophes.
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
|
($ in millions,
except per share data)
|
|
|
Comparable Basis
Reconciliations(1)
|
|
Nine Months Ended
September 30,
|
|
|
Operating
Income
|
|
Income from
Continuing Operations
Before Income Taxes
|
|
Income Tax
Provision(2)
|
|
Effective Tax
Rate
|
|
Net
Income
|
|
Diluted
Earnings
Per
Share(3)
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
From continuing
operations, as reported
|
$ 966.0
|
|
$
1,302.0
|
|
$ 674.9
|
|
$
1,072.5
|
|
$ 168.8
|
|
$ 268.5
|
|
25.0 %
|
|
25.0 %
|
|
$ 506.1
|
|
$ 804.0
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
0.9
|
|
|
|
|
|
As reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
506.1
|
|
804.9
|
|
$ 12.31
|
|
$ 17.65
|
|
Increase (decrease) in
compensation expense
related to market valuation changes in
deferred compensation
plans(4)
|
16.3
|
|
6.3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
—
|
|
—
|
|
$
—
|
|
$
—
|
|
Net loss on equity
investments
|
—
|
|
—
|
|
6.7
|
|
—
|
|
1.6
|
|
—
|
|
|
|
|
|
5.1
|
|
—
|
|
$
0.12
|
|
$
—
|
|
One-time costs
associated with CDK outage(5)
|
42.8
|
|
—
|
|
42.8
|
|
—
|
|
10.5
|
|
—
|
|
|
|
|
|
32.3
|
|
—
|
|
$
0.79
|
|
$
—
|
|
Self-insurance related
losses(6)
|
5.7
|
|
16.5
|
|
5.7
|
|
16.5
|
|
1.4
|
|
4.1
|
|
|
|
|
|
4.3
|
|
12.4
|
|
$
0.10
|
|
$
0.27
|
|
Business/property-related items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains on
dispositions, net of asset
impairments
|
(46.7)
|
|
—
|
|
(46.7)
|
|
—
|
|
(11.4)
|
|
—
|
|
|
|
|
|
(35.3)
|
|
—
|
|
$ (0.86)
|
|
$
—
|
|
Loss from operations
resulting from
dispositions
|
2.4
|
|
—
|
|
3.0
|
|
—
|
|
0.7
|
|
—
|
|
|
|
|
|
2.3
|
|
—
|
|
$
0.06
|
|
$
—
|
|
Adjusted
|
$ 986.5
|
|
$
1,324.8
|
|
$ 686.4
|
|
$
1,089.0
|
|
$ 171.6
|
|
$ 272.6
|
|
25.0 %
|
|
25.0 %
|
|
$ 514.8
|
|
$ 817.3
|
|
$ 12.53
|
|
$ 17.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
SG&A as a
Percentage
of Gross Profit (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
$
2,430.2
|
|
$
2,444.9
|
|
68.6
|
|
62.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
compensation expense
related to market valuation changes in
deferred compensation plans
|
16.3
|
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time costs
associated with CDK outage
|
42.8
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-insurance related
losses
|
5.7
|
|
16.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
$
2,365.4
|
|
$
2,422.1
|
|
66.7
|
|
61.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
"Non-GAAP Financial Measures" section of the Press
Release.
|
|
(2)
|
Tax expense is
determined based on the amount of additional taxes or tax benefits
associated with each individual item.
|
|
(3)
|
Diluted earnings per
share amounts are calculated discretely and therefore may not add
up to the total due to rounding.
|
|
(4)
|
Increases and decreases
in deferred compensation obligations, which are recorded in
SG&A, are substantially offset by corresponding gains and
losses, respectively, related to changes in the cash surrender
value of corporate-owned life insurance ("COLI") for deferred
compensation plan participants as a result of changes in market
performance of the underlying investments; therefore, the net
impact to net income and earnings per share is de minimis. Gains
and losses related to the COLI are recorded in non-operating Other
Income (Loss), Net.
|
|
(5)
|
Represents certain
one-time costs incurred associated with the CDK outage, principally
consisting of compensation paid to commission-based associates to
ensure business continuity.
|
|
(6)
|
Primarily related to
losses from hail storms and other natural catastrophes.
|
|
AUTONATION,
INC.
|
|
UNAUDITED SAME STORE
DATA
|
|
($ in millions,
except per vehicle data)
|
|
|
Operating
Highlights
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
2024
|
|
2023
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
3,157.5
|
|
$
3,155.6
|
|
$
1.9
|
|
0.1
|
|
$
9,133.7
|
|
$
9,295.4
|
|
$ (161.7)
|
|
(1.7)
|
|
Retail used
vehicle
|
|
1,689.5
|
|
1,989.4
|
|
(299.9)
|
|
(15.1)
|
|
5,098.9
|
|
5,744.6
|
|
(645.7)
|
|
(11.2)
|
|
Wholesale
|
|
151.9
|
|
144.4
|
|
7.5
|
|
5.2
|
|
464.4
|
|
424.8
|
|
39.6
|
|
9.3
|
|
Used
vehicle
|
|
1,841.4
|
|
2,133.8
|
|
(292.4)
|
|
(13.7)
|
|
5,563.3
|
|
6,169.4
|
|
(606.1)
|
|
(9.8)
|
|
Finance and insurance,
net
|
|
328.7
|
|
364.8
|
|
(36.1)
|
|
(9.9)
|
|
964.4
|
|
1,055.1
|
|
(90.7)
|
|
(8.6)
|
|
Total variable
operations
|
|
5,327.6
|
|
5,654.2
|
|
(326.6)
|
|
(5.8)
|
|
15,661.4
|
|
16,519.9
|
|
(858.5)
|
|
(5.2)
|
|
Parts and
service
|
|
1,151.5
|
|
1,122.2
|
|
29.3
|
|
2.6
|
|
3,352.9
|
|
3,286.7
|
|
66.2
|
|
2.0
|
|
Other
|
|
7.1
|
|
5.9
|
|
1.2
|
|
|
|
16.1
|
|
24.5
|
|
(8.4)
|
|
|
|
Total
revenue
|
|
$
6,486.2
|
|
$
6,782.3
|
|
$ (296.1)
|
|
(4.4)
|
|
$
19,030.4
|
|
$
19,831.1
|
|
$ (800.7)
|
|
(4.0)
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
$
176.7
|
|
$
249.1
|
|
$
(72.4)
|
|
(29.1)
|
|
$
557.3
|
|
$
818.2
|
|
$ (260.9)
|
|
(31.9)
|
|
Retail used
vehicle
|
|
103.8
|
|
124.8
|
|
(21.0)
|
|
(16.8)
|
|
305.3
|
|
391.6
|
|
(86.3)
|
|
(22.0)
|
|
Wholesale
|
|
6.4
|
|
1.4
|
|
5.0
|
|
|
|
21.7
|
|
18.5
|
|
3.2
|
|
|
|
Used
vehicle
|
|
110.2
|
|
126.2
|
|
(16.0)
|
|
(12.7)
|
|
327.0
|
|
410.1
|
|
(83.1)
|
|
(20.3)
|
|
Finance and
insurance
|
|
328.7
|
|
364.8
|
|
(36.1)
|
|
(9.9)
|
|
964.4
|
|
1,055.1
|
|
(90.7)
|
|
(8.6)
|
|
Total variable
operations
|
|
615.6
|
|
740.1
|
|
(124.5)
|
|
(16.8)
|
|
1,848.7
|
|
2,283.4
|
|
(434.7)
|
|
(19.0)
|
|
Parts and
service
|
|
550.6
|
|
533.1
|
|
17.5
|
|
3.3
|
|
1,607.3
|
|
1,562.0
|
|
45.3
|
|
2.9
|
|
Other
|
|
1.0
|
|
0.7
|
|
0.3
|
|
|
|
1.5
|
|
3.9
|
|
(2.4)
|
|
|
|
Total gross
profit
|
|
$
1,167.2
|
|
$
1,273.9
|
|
$ (106.7)
|
|
(8.4)
|
|
$
3,457.5
|
|
$
3,849.3
|
|
$ (391.8)
|
|
(10.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
62,890
|
|
61,641
|
|
1,249
|
|
2.0
|
|
180,208
|
|
177,708
|
|
2,500
|
|
1.4
|
|
Used
|
|
64,071
|
|
71,023
|
|
(6,952)
|
|
(9.8)
|
|
191,151
|
|
204,179
|
|
(13,028)
|
|
(6.4)
|
|
|
126,961
|
|
132,664
|
|
(5,703)
|
|
(4.3)
|
|
371,359
|
|
381,887
|
|
(10,528)
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$ 50,207
|
|
$ 51,193
|
|
$
(986)
|
|
(1.9)
|
|
$ 50,684
|
|
$ 52,307
|
|
$ (1,623)
|
|
(3.1)
|
|
Used
|
|
$ 26,369
|
|
$ 28,011
|
|
$ (1,642)
|
|
(5.9)
|
|
$ 26,675
|
|
$ 28,135
|
|
$ (1,460)
|
|
(5.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
2,810
|
|
$
4,041
|
|
$ (1,231)
|
|
(30.5)
|
|
$
3,093
|
|
$
4,604
|
|
$ (1,511)
|
|
(32.8)
|
|
Used
|
|
$
1,620
|
|
$
1,757
|
|
$
(137)
|
|
(7.8)
|
|
$
1,597
|
|
$
1,918
|
|
$
(321)
|
|
(16.7)
|
|
Finance and
insurance
|
|
$
2,589
|
|
$
2,750
|
|
$
(161)
|
|
(5.9)
|
|
$
2,597
|
|
$
2,763
|
|
$
(166)
|
|
(6.0)
|
|
Total variable
operations(1)
|
|
$
4,798
|
|
$
5,568
|
|
$
(770)
|
|
(13.8)
|
|
$
4,920
|
|
$
5,931
|
|
$ (1,011)
|
|
(17.0)
|
|
|
|
(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.
|
|
Operating
Percentages
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2024
( %)
|
|
2023
( %)
|
|
2024
( %)
|
|
2023
( %)
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
48.7
|
|
46.5
|
|
48.0
|
|
46.9
|
|
Used
vehicle
|
|
28.4
|
|
31.5
|
|
29.2
|
|
31.1
|
|
Parts and
service
|
|
17.8
|
|
16.5
|
|
17.6
|
|
16.6
|
|
Finance and insurance,
net
|
|
5.1
|
|
5.4
|
|
5.1
|
|
5.3
|
|
Other
|
|
—
|
|
0.1
|
|
0.1
|
|
0.1
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
15.1
|
|
19.6
|
|
16.1
|
|
21.3
|
|
Used
vehicle
|
|
9.4
|
|
9.9
|
|
9.5
|
|
10.7
|
|
Parts and
service
|
|
47.2
|
|
41.8
|
|
46.5
|
|
40.6
|
|
Finance and
insurance
|
|
28.2
|
|
28.6
|
|
27.9
|
|
27.4
|
|
Other
|
|
0.1
|
|
0.1
|
|
—
|
|
—
|
|
|
100.0
|
|
100.0
|
|
100.0
|
|
100.0
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
New vehicle
|
|
5.6
|
|
7.9
|
|
6.1
|
|
8.8
|
|
Used vehicle -
retail
|
|
6.1
|
|
6.3
|
|
6.0
|
|
6.8
|
|
Parts and
service
|
|
47.8
|
|
47.5
|
|
47.9
|
|
47.5
|
|
Total
|
|
18.0
|
|
18.8
|
|
18.2
|
|
19.4
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/autonation-reports-third-quarter-2024-results-302286769.html
SOURCE AutoNation, Inc.