FORT LAUDERDALE, Fla.,
April 22, 2015 /PRNewswire/ --
AutoNation, Inc. (NYSE: AN), America's largest automotive retailer,
today reported 2015 first quarter net income from continuing
operations of $112 million, or
$0.97 per share, compared to adjusted
net income from continuing operations of $91
million, or $0.75 per share,
for the same period in the prior year, a 29% improvement on a
per-share basis. On a GAAP basis, first quarter 2014 net
income from continuing operations was $96
million, or $0.79 per share.
Reconciliations of non-GAAP financial measures are included in the
attached financial tables.
First quarter 2015 revenue totaled $4.9 billion, an increase of 13%, driven by
stronger performance in all business sectors – new vehicles, used
vehicles, parts and service, and finance and insurance. In the
first quarter of 2015, AutoNation's retail new vehicle unit sales
increased 10% overall and 9% on a same store basis, while retail
used vehicle unit sales increased 12% overall and 11% on a same
store basis.
Commenting on the quarterly results, Mike Jackson, Chairman, Chief Executive Officer
and President, said, "AutoNation delivered its 18th consecutive
quarter of double-digit year-over-year growth in EPS as we
increased profitability in each of our business sectors." Mr.
Jackson added, "We continue to expect U.S. industry new vehicle
unit sales above 17 million in 2015."
Acquisitions
In April
2015, AutoNation completed the acquisitions of a
Mercedes-Benz store in San Jose,
California and a Chrysler Dodge Jeep Ram store in
Valencia, California. In addition,
AutoNation has signed an agreement to acquire a Jaguar, Land Rover
and Volvo store in Spokane,
Washington, subject to customary terms and conditions,
including manufacturer approval. As previously announced, during
the first quarter of 2015, AutoNation completed the acquisitions of
a Mercedes-Benz store in Reno,
Nevada and a Volkswagen store in the Atlanta, Georgia market. The combined annual
revenue for the stores acquired since the beginning of 2015 and the
Jaguar, Land Rover and Volvo store is approximately $320 million.
Segment Results
Segment results(1) for the first quarter of 2015 were
as follows:
- Domestic - Domestic segment income(2)
was $79 million compared to year-ago
segment income of $64 million, an
increase of 24%.
- Import - Import segment income(2) was
$75 million compared to year-ago
segment income of $65 million, an
increase of 15%.
- Premium Luxury - Premium Luxury segment
income(2) was $94 million compared to year-ago
segment income of $83 million, an
increase of 13%.
The first quarter conference call may be accessed by telephone
at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's
investor relations website at investors.autonation.com.
The webcast will also be available on AutoNation's website under
"Events & Presentations" following the call. A playback of the
conference call will be available after 1:00
p.m. Eastern Time on April 22,
2015 through May 6, 2015 by
calling (888) 568-0435 (password 75300).
(1) AutoNation has three operating
segments: Domestic, Import, and Premium Luxury. The Domestic
segment is comprised of stores that sell vehicles manufactured by
General Motors, Ford and FCA US
(formerly Chrysler); the Import segment is comprised of stores that
sell vehicles manufactured primarily by Toyota, Honda, Nissan, and
Hyundai; and the Premium Luxury segment is comprised of stores that
sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus,
and Audi.
(2) Segment income represents income for each of
our reportable segments and is defined as operating income less
floorplan interest expense.
About AutoNation, Inc.
AutoNation is transforming the automotive retail industry through
bold leadership. We deliver a superior automotive retail
experience through our customer-focused sales and service
processes. Owning and operating 290 new vehicle franchises,
which sell 34 new vehicle brands across 15 states, AutoNation is
America's largest automotive retailer, with state-of-the-art
operations and the ability to leverage economies of scale that
benefit the customer. As an indication of our leadership
position in our industry, AutoNation is a component of the S&P
500 Index.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "plans," "believes,"
"continues," "may," "will," and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Statements regarding our strategic initiatives and
expectations for the future performance of our franchises and the
automotive retail industry, as well as statements that describe our
objectives, goals, or plans, are forward-looking statements. Our
forward-looking statements reflect our current expectations
concerning future results and events, and they involve known and
unknown risks, uncertainties and other factors that are difficult
to predict and may cause our actual results, performance or
achievements to be materially different from any future results,
performance and achievements expressed or implied by these
statements. These risks, uncertainties and other factors include,
among others: our ability to integrate successfully acquired and
awarded franchises and to attain planned sales volumes within our
expected time frames; economic conditions, including conditions in
the credit markets and changes in interest rates; our ability to
maintain and enhance our retail brands and reputation and to
attract consumers to our own digital channels; 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;
restrictions imposed by vehicle manufacturers; the resolution of
legal and administrative proceedings; regulatory factors affecting
our business, including fuel economy requirements; 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.
NON-GAAP FINANCIAL MEASURES
This press release and the attached financial tables contain
certain non-GAAP financial measures as defined under SEC rules,
such as adjusted net income and earnings per share from continuing
operations, 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 from its
core business operations 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.
|
AUTONATION,
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
New
vehicle
|
|
$
2,769.6
|
|
$
2,428.6
|
|
|
Used
vehicle
|
|
1,193.2
|
|
1,049.7
|
|
|
Parts and
service
|
|
743.4
|
|
671.0
|
|
|
Finance and
insurance, net
|
|
207.6
|
|
172.4
|
|
|
Other
|
|
30.4
|
|
41.8
|
|
|
Total
revenue
|
|
4,944.2
|
|
4,363.5
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
New
vehicle
|
|
2,608.1
|
|
2,282.7
|
|
|
Used
vehicle
|
|
1,089.5
|
|
955.4
|
|
|
Parts and
service
|
|
423.4
|
|
384.3
|
|
|
Other
|
|
23.3
|
|
33.7
|
|
|
Total cost of
sales
|
|
4,144.3
|
|
3,656.1
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
799.9
|
|
707.4
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
557.6
|
|
500.7
|
|
|
Depreciation and
amortization
|
|
28.7
|
|
25.6
|
|
|
Other income,
net
|
|
(1.3)
|
|
(8.0)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
214.9
|
|
189.1
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(13.2)
|
|
(13.2)
|
|
|
Other interest
expense
|
|
(21.4)
|
|
(21.6)
|
|
|
Interest
income
|
|
0.1
|
|
-
|
|
|
Other income,
net
|
|
1.1
|
|
1.5
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
181.5
|
|
155.8
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
69.8
|
|
60.3
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
111.7
|
|
95.5
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
(0.2)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
111.5
|
|
$
95.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
0.97
|
|
$
0.79
|
|
|
Discontinued
operations
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
0.97
|
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
115.1
|
|
121.3
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
113.9
|
|
119.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earnings per share
amounts are calculated discretely and therefore may not add up to
the total.
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA
|
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
2,769.6
|
|
$
2,428.6
|
|
$
341.0
|
|
14.0
|
|
|
|
Retail used
vehicle
|
|
1,094.1
|
|
945.8
|
|
148.3
|
|
15.7
|
|
|
|
Wholesale
|
|
99.1
|
|
103.9
|
|
(4.8)
|
|
(4.6)
|
|
|
|
Used
vehicle
|
|
1,193.2
|
|
1,049.7
|
|
143.5
|
|
13.7
|
|
|
|
Finance and
insurance, net
|
|
207.6
|
|
172.4
|
|
35.2
|
|
20.4
|
|
|
Total variable
operations
|
|
4,170.4
|
|
3,650.7
|
|
519.7
|
|
14.2
|
|
|
Parts and
service
|
|
743.4
|
|
671.0
|
|
72.4
|
|
10.8
|
|
|
Other
|
|
30.4
|
|
41.8
|
|
(11.4)
|
|
|
|
|
Total
revenue
|
|
$
4,944.2
|
|
$
4,363.5
|
|
$
580.7
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
161.5
|
|
$
145.9
|
|
$
15.6
|
|
10.7
|
|
|
|
Retail used
vehicle
|
|
102.5
|
|
92.8
|
|
9.7
|
|
10.5
|
|
|
|
Wholesale
|
|
1.2
|
|
1.5
|
|
(0.3)
|
|
|
|
|
|
Used
vehicle
|
|
103.7
|
|
94.3
|
|
9.4
|
|
10.0
|
|
|
|
Finance and
insurance
|
|
207.6
|
|
172.4
|
|
35.2
|
|
20.4
|
|
|
Total variable
operations
|
|
472.8
|
|
412.6
|
|
60.2
|
|
14.6
|
|
|
Parts and
service
|
|
320.0
|
|
286.7
|
|
33.3
|
|
11.6
|
|
|
Other
|
|
7.1
|
|
8.1
|
|
(1.0)
|
|
|
|
|
Total gross
profit
|
|
799.9
|
|
707.4
|
|
92.5
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
557.6
|
|
500.7
|
|
(56.9)
|
|
(11.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
28.7
|
|
25.6
|
|
(3.1)
|
|
|
|
|
Other income,
net
|
|
(1.3)
|
|
(8.0)
|
|
(6.7)
|
|
|
|
|
Operating
income
|
|
214.9
|
|
189.1
|
|
25.8
|
|
13.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(13.2)
|
|
(13.2)
|
|
-
|
|
|
|
|
|
Other interest
expense
|
|
(21.4)
|
|
(21.6)
|
|
0.2
|
|
|
|
|
|
Interest
income
|
|
0.1
|
|
-
|
|
0.1
|
|
|
|
|
|
Other income,
net
|
|
1.1
|
|
1.5
|
|
(0.4)
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
$
181.5
|
|
$
155.8
|
|
$
25.7
|
|
16.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
78,560
|
|
71,223
|
|
7,337
|
|
10.3
|
|
|
|
Used
|
|
58,624
|
|
52,136
|
|
6,488
|
|
12.4
|
|
|
|
|
|
137,184
|
|
123,359
|
|
13,825
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
35,255
|
|
$
34,099
|
|
$
1,156
|
|
3.4
|
|
|
|
Used
|
|
$
18,663
|
|
$
18,141
|
|
$
522
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
2,056
|
|
$
2,048
|
|
$
8
|
|
0.4
|
|
|
|
Used
|
|
$
1,748
|
|
$
1,780
|
|
$
(32)
|
|
(1.8)
|
|
|
|
Finance and
insurance
|
|
$
1,513
|
|
$
1,398
|
|
$
115
|
|
8.2
|
|
|
|
Total variable
operations(1)
|
|
$
3,438
|
|
$
3,333
|
|
$
105
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
|
2015 (%)
|
|
2014 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
56.0
|
|
55.7
|
|
|
|
|
|
|
|
Used
vehicle
|
|
24.1
|
|
24.1
|
|
|
|
|
|
|
|
Parts and
service
|
|
15.0
|
|
15.4
|
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.2
|
|
4.0
|
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
0.8
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
20.2
|
|
20.6
|
|
|
|
|
|
|
|
Used
vehicle
|
|
13.0
|
|
13.3
|
|
|
|
|
|
|
|
Parts and
service
|
|
40.0
|
|
40.5
|
|
|
|
|
|
|
|
Finance and
insurance
|
|
26.0
|
|
24.4
|
|
|
|
|
|
|
|
Other
|
|
0.8
|
|
1.2
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.8
|
|
6.0
|
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
9.4
|
|
9.8
|
|
|
|
|
|
|
|
Parts
and service
|
|
43.0
|
|
42.7
|
|
|
|
|
|
|
|
Total
|
|
16.2
|
|
16.2
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.3
|
|
11.5
|
|
|
|
|
|
|
|
Operating
income
|
|
4.3
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
69.7
|
|
70.8
|
|
|
|
|
|
|
|
Operating
income
|
|
26.9
|
|
26.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total variable
operations gross profit per vehicle retailed is calculated by
dividing the sum of new vehicle, retail used vehicle, and finance
and insurance gross profit by total retail vehicle unit
sales.
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
1,665.7
|
|
$
1,473.0
|
|
$
192.7
|
|
13.1
|
|
|
Import
|
|
1,678.7
|
|
1,549.4
|
|
129.3
|
|
8.3
|
|
|
Premium
luxury
|
|
1,563.2
|
|
1,306.4
|
|
256.8
|
|
19.7
|
|
|
Total
|
|
4,907.6
|
|
4,328.8
|
|
578.8
|
|
13.4
|
|
|
Corporate and
other
|
|
36.6
|
|
34.7
|
|
1.9
|
|
5.5
|
|
|
Total consolidated revenue
|
|
$
4,944.2
|
|
$
4,363.5
|
|
$
580.7
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
79.3
|
|
$
63.8
|
|
$
15.5
|
|
24.3
|
|
|
Import
|
|
75.0
|
|
65.4
|
|
9.6
|
|
14.7
|
|
|
Premium
luxury
|
|
94.1
|
|
83.3
|
|
10.8
|
|
13.0
|
|
|
Total
|
|
248.4
|
|
212.5
|
|
35.9
|
|
16.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(46.7)
|
|
(36.6)
|
|
(10.1)
|
|
|
|
|
Add: Floorplan
interest expense
|
|
13.2
|
|
13.2
|
|
-
|
|
|
|
|
Operating
income
|
|
$
214.9
|
|
$
189.1
|
|
$
25.8
|
|
13.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
25,750
|
|
23,815
|
|
1,935
|
|
8.1
|
|
|
Import
|
|
36,914
|
|
34,925
|
|
1,989
|
|
5.7
|
|
|
Premium
luxury
|
|
15,896
|
|
12,483
|
|
3,413
|
|
27.3
|
|
|
|
|
78,560
|
|
71,223
|
|
7,337
|
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - New
Vehicle Retail Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2015 (%)
|
|
2014 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
16.5
|
|
17.7
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
9.8
|
|
10.0
|
|
|
|
|
|
|
Chrysler, Jeep, Dodge
|
|
6.5
|
|
5.7
|
|
|
|
|
|
|
Domestic total
|
|
32.8
|
|
33.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
Honda
|
|
10.9
|
|
11.4
|
|
|
|
|
|
|
Toyota
|
|
18.7
|
|
19.0
|
|
|
|
|
|
|
Nissan
|
|
10.1
|
|
11.6
|
|
|
|
|
|
|
Other
imports
|
|
7.3
|
|
7.1
|
|
|
|
|
|
|
Import total
|
|
47.0
|
|
49.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
8.1
|
|
7.5
|
|
|
|
|
|
|
BMW
|
|
4.9
|
|
4.6
|
|
|
|
|
|
|
Lexus
|
|
3.2
|
|
2.6
|
|
|
|
|
|
|
Audi
|
|
1.9
|
|
1.0
|
|
|
|
|
|
|
Other
premium luxury (Land Rover, Porsche)
|
|
2.1
|
|
1.8
|
|
|
|
|
|
|
Premium Luxury
total
|
|
20.2
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
|
$
62.9
|
|
$
34.9
|
|
|
|
|
Cash paid for
acquisitions (2)
|
|
$
27.7
|
|
$
-
|
|
|
|
|
Proceeds from
exercises of stock options
|
|
$
12.4
|
|
$
15.3
|
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
|
$
9.1
|
|
$
115.7
|
|
|
|
|
|
Shares repurchased
(in millions)
|
|
0.2
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
|
$
26.7
|
|
$
24.0
|
|
$
2.7
|
|
|
New vehicle floorplan
interest expense
|
|
(12.5)
|
|
(12.7)
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
|
$
14.2
|
|
$
11.3
|
|
$
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
74.1
|
|
$
75.4
|
|
$
69.2
|
|
|
Inventory
|
|
$
2,928.4
|
|
$
2,899.0
|
|
$
2,712.0
|
|
|
Total floorplan notes
payable
|
|
$
3,002.4
|
|
$
3,097.2
|
|
$
2,844.2
|
|
|
Non-vehicle
debt
|
|
$
2,055.7
|
|
$
2,128.4
|
|
$
1,803.9
|
|
|
Equity
|
|
$
2,205.6
|
|
$
2,072.1
|
|
$
2,068.9
|
|
|
|
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
52
days
|
|
54
days
|
|
61
days
|
|
|
|
|
|
|
|
|
|
|
|
Used days supply
(trailing calendar month days)
|
|
34
days
|
|
38
days
|
|
31
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance Calculations
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of funded
indebtedness/
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
2.15x
|
|
|
|
|
Covenant
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of funded
indebtedness including floorplan/
|
|
|
|
|
|
|
|
|
|
Total
capitalization including floorplan
|
|
|
|
|
57.5%
|
|
|
|
|
Covenant
|
|
|
less than or equal
to
|
|
70.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes accrued construction in progress and
excludes property acquired under capital leases
|
|
|
|
|
(2) Excludes capital leases
|
|
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Basis
Reconciliations*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings Per Share**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
|
$
111.5
|
|
$
95.1
|
|
$
0.97
|
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations, net of income taxes
|
|
|
0.2
|
|
0.4
|
|
$
-
|
|
$
-
|
|
From continuing
operations, as reported
|
|
|
111.7
|
|
95.5
|
|
$
0.97
|
|
$
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain related to
business/property dispositions
|
|
|
-
|
|
(5.0)
|
|
$
-
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
|
$
111.7
|
|
$
90.5
|
|
$
0.97
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Please refer to the
"Non-GAAP Financial Measures" section of the Press
Release.
|
|
|
|
**
|
Diluted earnings per
share amounts are calculated discretely and therefore may not add
up to the total.
|
|
|
|
AUTONATION,
INC.
|
|
UNAUDITED SAME
STORE DATA
|
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
2,692.1
|
|
$
2,414.9
|
|
$
277.2
|
|
11.5
|
|
|
Retail used
vehicle
|
|
1,060.7
|
|
939.6
|
|
121.1
|
|
12.9
|
|
|
Wholesale
|
|
97.3
|
|
103.6
|
|
(6.3)
|
|
(6.1)
|
|
|
Used
vehicle
|
|
1,158.0
|
|
1,043.2
|
|
114.8
|
|
11.0
|
|
|
Finance and
insurance, net
|
|
203.4
|
|
171.4
|
|
32.0
|
|
18.7
|
|
Total variable
operations
|
|
4,053.5
|
|
3,629.5
|
|
424.0
|
|
11.7
|
|
Parts and
service
|
|
722.7
|
|
666.3
|
|
56.4
|
|
8.5
|
|
Other
|
|
30.4
|
|
40.8
|
|
(10.4)
|
|
|
|
Total
revenue
|
|
$
4,806.6
|
|
$
4,336.6
|
|
$
470.0
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
$
154.2
|
|
$
145.1
|
|
$
9.1
|
|
6.3
|
|
|
Retail used
vehicle
|
|
99.7
|
|
92.0
|
|
7.7
|
|
8.4
|
|
|
Wholesale
|
|
1.2
|
|
1.5
|
|
(0.3)
|
|
|
|
|
Used
vehicle
|
|
100.9
|
|
93.5
|
|
7.4
|
|
7.9
|
|
|
Finance and
insurance
|
|
203.4
|
|
171.4
|
|
32.0
|
|
18.7
|
|
Total variable
operations
|
|
458.5
|
|
410.0
|
|
48.5
|
|
11.8
|
|
Parts and
service
|
|
310.1
|
|
284.6
|
|
25.5
|
|
9.0
|
|
Other
|
|
6.8
|
|
7.9
|
|
(1.1)
|
|
|
|
Total gross
profit
|
|
$
775.4
|
|
$
702.5
|
|
$
72.9
|
|
10.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
New
|
|
76,919
|
|
70,676
|
|
6,243
|
|
8.8
|
|
|
Used
|
|
57,353
|
|
51,674
|
|
5,679
|
|
11.0
|
|
|
|
|
134,272
|
|
122,350
|
|
11,922
|
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
34,999
|
|
$
34,169
|
|
$
830
|
|
2.4
|
|
|
Used
|
|
$
18,494
|
|
$
18,183
|
|
$
311
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
|
$
2,005
|
|
$
2,053
|
|
$
(48)
|
|
(2.3)
|
|
|
Used
|
|
$
1,738
|
|
$
1,780
|
|
$
(42)
|
|
(2.4)
|
|
|
Finance and
insurance
|
|
$
1,515
|
|
$
1,401
|
|
$
114
|
|
8.1
|
|
|
Total variable
operations(1)
|
|
$
3,406
|
|
$
3,339
|
|
$
67
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2015 (%)
|
|
2014 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
56.0
|
|
55.7
|
|
|
|
|
|
|
Used
vehicle
|
|
24.1
|
|
24.1
|
|
|
|
|
|
|
Parts and
service
|
|
15.0
|
|
15.4
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.2
|
|
4.0
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
0.8
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
19.9
|
|
20.7
|
|
|
|
|
|
|
Used
vehicle
|
|
13.0
|
|
13.3
|
|
|
|
|
|
|
Parts and
service
|
|
40.0
|
|
40.5
|
|
|
|
|
|
|
Finance and
insurance
|
|
26.2
|
|
24.4
|
|
|
|
|
|
|
Other
|
|
0.9
|
|
1.1
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.7
|
|
6.0
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
9.4
|
|
9.8
|
|
|
|
|
|
|
Parts
and service
|
|
42.9
|
|
42.7
|
|
|
|
|
|
|
Total
|
|
16.1
|
|
16.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Total variable
operations gross profit per vehicle retailed is calculated by
dividing the sum of new vehicle, retail used vehicle, and finance
and insurance gross profit by total retail vehicle unit
sales.
|
Logo -
http://photos.prnewswire.com/prnh/20001017/AUTONATIONLOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/autonation-reports-record-first-quarter-eps-from-continuing-operations-300069866.html
SOURCE AutoNation, Inc.