FORT LAUDERDALE, Fla.,
April 25, 2017 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest
automotive retailer, today reported first quarter 2017 net income
from continuing operations of $98
million, or $0.97 per share.
First quarter 2016 net income from continuing operations totaled
$96 million, or $0.90 per share.
First quarter 2017 revenue of $5.1
billion, and gross profit of $820
million were relatively flat compared to the year-ago
period.
Mike Jackson, Chairman and Chief
Executive Officer, said, "During the first quarter, we saw
increasing used unit volumes as we focused on our One Price strategy, which is now fully rolled
out at all AutoNation stores, and worked through the majority of
the inventory that was previously on recall hold. We expect
to see a sequential increase in the second quarter in both used
unit volumes and gross profit per vehicle retailed."
Segment Results
Segment results(1) for the
first quarter 2017 were as follows:
First Quarter 2017 Segment Results
- Domestic - Domestic segment income(2)
was $61 million compared to year-ago
segment income of $77 million, a
decrease of 21%.
- Import - Import segment income(2) was
$72 million compared to year-ago
segment income of $76 million, a
decrease of 6%.
- Premium Luxury - Premium Luxury segment
income(2) was $81 million
compared to year-ago segment income of $83
million, a decrease of 3%.
The first quarter conference call may be accessed by telephone
at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time today or on AutoNation's
investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under
"Events & Presentations" following the call. A playback of the
conference call will be available after 1:00
p.m. Eastern Time on April 25,
2017, through May 9, 2017, by
calling (866) 441-1051 (passcode 5481).
(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; the Import
segment is comprised of stores that sell vehicles manufactured
primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium
Luxury segment is comprised of stores that sell vehicles
manufactured primarily by Mercedes-Benz, BMW, Lexus, and
Audi.
|
|
|
(2)
|
Segment income
represents income for each of our reportable segments and is
defined as operating income less floorplan interest
expense.
|
About AutoNation, Inc.
AutoNation, America's largest
automotive retailer, through its bold leadership, innovation and
its comprehensive brand extensions, is transforming the automotive
industry. As of March 31, 2017,
AutoNation owned and operated 372 new vehicle franchises from coast
to coast. AutoNation has sold over 10 million vehicles, the first
automotive retailer to reach this milestone. AutoNation's success
is driven by a commitment to delivering a peerless experience
through customer-focused sales and service processes. Through its
Drive Pink initiative, AutoNation is committed to drive out cancer,
create awareness and support critical research. AutoNation
continues to be a proud supporter of the Breast Cancer Research
Foundation and other cancer-related charities.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "plans," "believes,"
"continues," "may," "will," "could," and variations of such words
and similar expressions are intended to identify such
forward-looking statements. Statements regarding our strategic
initiatives, including our brand extension strategies, open safety
recalls, and expectations for future results and the future
performance of our franchises (including with respect to sales of
used vehicles) and the automotive retail industry, as well as other
statements that describe our objectives, goals, or plans are
forward-looking statements. Our forward-looking statements reflect
our current expectations concerning future results and events, and
they involve known and unknown risks, uncertainties and other
factors that are difficult to predict and may cause our actual
results, performance or achievements to be materially different
from any future results, performance and achievements expressed or
implied by these statements. These risks, uncertainties and other
factors include, among others: economic conditions, including
conditions in the credit markets and changes in interest rates; new
and used vehicle margins; the success and financial viability and
the incentive and marketing programs of vehicle manufacturers and
distributors with which we hold franchises; our ability to
successfully implement, and customer adoption of, our brand
extension strategies; our ability to identify, acquire, and build
out suitable locations in a timely manner; our ability to maintain
and enhance our retail brands and reputation and to attract
consumers to our own digital channels; our ability to integrate
successfully acquired and awarded franchises and to attain planned
sales volumes within our expected time frames; restrictions imposed
by vehicle manufacturers and our ability to obtain manufacturer
approval for acquisitions; natural disasters and other adverse
weather events; the resolution of legal and administrative
proceedings; regulatory factors affecting our business, including
fuel economy requirements; the announcement of safety recalls;
factors affecting our goodwill and other intangible asset
impairment testing; and other factors described in our news
releases and filings made under the securities laws, including,
among others, our Annual Reports on Form 10-K, our Quarterly
Reports on Form 10-Q and our Current Reports on Form 8-K.
Forward-looking statements contained in this news release speak
only as of the date of this news release, and we undertake no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
AUTONATION,
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(In millions, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,796.2
|
$
|
2,800.2
|
|
|
Used
vehicle
|
|
1,240.9
|
|
1,241.6
|
|
|
Parts and
service
|
|
845.1
|
|
820.4
|
|
|
Finance and
insurance, net
|
|
221.6
|
|
223.1
|
|
|
Other
|
|
35.6
|
|
34.3
|
|
Total
revenue
|
|
5,139.4
|
|
5,119.6
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
New
vehicle
|
|
2,651.9
|
|
2,651.0
|
|
|
Used
vehicle
|
|
1,163.9
|
|
1,150.6
|
|
|
Parts and
service
|
|
474.1
|
|
465.7
|
|
|
Other
|
|
29.7
|
|
26.4
|
|
Total cost of
sales
|
|
4,319.6
|
|
4,293.7
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
819.8
|
|
825.9
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
595.3
|
|
588.7
|
|
Depreciation and
amortization
|
|
37.3
|
|
34.8
|
|
Other income,
net
|
|
(19.5)
|
|
(5.0)
|
|
|
|
|
|
|
|
|
Operating
income
|
|
206.7
|
|
207.4
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(21.5)
|
|
(18.9)
|
|
|
Other interest
expense
|
|
(28.8)
|
|
(28.3)
|
|
|
Interest
income
|
|
0.4
|
|
0.1
|
|
|
Other income (loss),
net
|
|
3.0
|
|
(3.4)
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
|
159.8
|
|
156.9
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
61.6
|
|
60.7
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
98.2
|
|
96.2
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
(0.1)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
98.1
|
$
|
95.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share*:
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.97
|
$
|
0.90
|
|
|
Discontinued
operations
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
0.97
|
$
|
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
101.6
|
|
107.4
|
|
|
|
|
|
|
|
|
Common shares
outstanding, net of treasury stock, at period end
|
|
101.3
|
|
103.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earnings per share
amounts are calculated discretely and therefore may not add up to
the total due to rounding.
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,796.2
|
$
|
2,800.2
|
$
|
(4.0)
|
|
(0.1)
|
|
|
Retail used
vehicle
|
|
1,156.1
|
|
1,119.9
|
|
36.2
|
|
3.2
|
|
|
Wholesale
|
|
84.8
|
|
121.7
|
|
(36.9)
|
|
(30.3)
|
|
|
Used
vehicle
|
|
1,240.9
|
|
1,241.6
|
|
(0.7)
|
|
(0.1)
|
|
|
Finance and
insurance, net
|
|
221.6
|
|
223.1
|
|
(1.5)
|
|
(0.7)
|
|
Total variable
operations
|
|
4,258.7
|
|
4,264.9
|
|
(6.2)
|
|
(0.1)
|
|
Parts and
service
|
|
845.1
|
|
820.4
|
|
24.7
|
|
3.0
|
|
Other
|
|
35.6
|
|
34.3
|
|
1.3
|
|
|
Total
revenue
|
$
|
5,139.4
|
$
|
5,119.6
|
$
|
19.8
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
144.3
|
$
|
149.2
|
$
|
(4.9)
|
|
(3.3)
|
|
|
Retail used
vehicle
|
|
74.9
|
|
93.7
|
|
(18.8)
|
|
(20.1)
|
|
|
Wholesale
|
|
2.1
|
|
(2.7)
|
|
4.8
|
|
|
|
|
Used
vehicle
|
|
77.0
|
|
91.0
|
|
(14.0)
|
|
(15.4)
|
|
|
Finance and
insurance
|
|
221.6
|
|
223.1
|
|
(1.5)
|
|
(0.7)
|
|
Total variable
operations
|
|
442.9
|
|
463.3
|
|
(20.4)
|
|
(4.4)
|
|
Parts and
service
|
|
371.0
|
|
354.7
|
|
16.3
|
|
4.6
|
|
Other
|
|
5.9
|
|
7.9
|
|
(2.0)
|
|
|
Total gross
profit
|
|
819.8
|
|
825.9
|
|
(6.1)
|
|
(0.7)
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
595.3
|
|
588.7
|
|
(6.6)
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
37.3
|
|
34.8
|
|
(2.5)
|
|
|
Other income,
net
|
|
(19.5)
|
|
(5.0)
|
|
14.5
|
|
|
Operating
income
|
|
206.7
|
|
207.4
|
|
(0.7)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense) items:
|
|
|
|
|
|
|
|
|
|
|
Floorplan interest
expense
|
|
(21.5)
|
|
(18.9)
|
|
(2.6)
|
|
|
|
|
Other interest
expense
|
|
(28.8)
|
|
(28.3)
|
|
(0.5)
|
|
|
|
|
Interest
income
|
|
0.4
|
|
0.1
|
|
0.3
|
|
|
|
|
Other income (loss),
net
|
|
3.0
|
|
(3.4)
|
|
6.4
|
|
|
Income from
continuing operations before income taxes
|
$
|
159.8
|
$
|
156.9
|
$
|
2.9
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
New
|
|
75,798
|
|
79,007
|
|
(3,209)
|
|
(4.1)
|
|
|
Used
|
|
60,608
|
|
58,103
|
|
2,505
|
|
4.3
|
|
|
|
|
136,406
|
|
137,110
|
|
(704)
|
|
(0.5)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
36,890
|
$
|
35,442
|
$
|
1,448
|
|
4.1
|
|
|
Used
|
$
|
19,075
|
$
|
19,274
|
$
|
(199)
|
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,904
|
$
|
1,888
|
$
|
16
|
|
0.8
|
|
|
Used
|
$
|
1,236
|
$
|
1,613
|
$
|
(377)
|
|
(23.4)
|
|
|
Finance and
insurance
|
$
|
1,625
|
$
|
1,627
|
$
|
(2)
|
|
(0.1)
|
|
|
Total variable
operations(1)
|
$
|
3,232
|
$
|
3,399
|
$
|
(167)
|
|
(4.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
54.4
|
|
54.7
|
|
|
|
|
|
|
Used
vehicle
|
|
24.1
|
|
24.3
|
|
|
|
|
|
|
Parts and
service
|
|
16.4
|
|
16.0
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.3
|
|
4.4
|
|
|
|
|
|
|
Other
|
|
0.8
|
|
0.6
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
17.6
|
|
18.1
|
|
|
|
|
|
|
Used
vehicle
|
|
9.4
|
|
11.0
|
|
|
|
|
|
|
Parts and
service
|
|
45.3
|
|
42.9
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.0
|
|
27.0
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
1.0
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.2
|
|
5.3
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.5
|
|
8.4
|
|
|
|
|
|
|
Parts
and service
|
|
43.9
|
|
43.2
|
|
|
|
|
|
|
Total
|
|
16.0
|
|
16.1
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
11.6
|
|
11.5
|
|
|
|
|
|
|
Operating
income
|
|
4.0
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of total gross profit:
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative expenses
|
|
72.6
|
|
71.3
|
|
|
|
|
|
|
Operating
income
|
|
25.2
|
|
25.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
1,800.8
|
$
|
1,848.2
|
$
|
(47.4)
|
|
(2.6)
|
|
|
Import
|
|
1,631.7
|
|
1,675.0
|
|
(43.3)
|
|
(2.6)
|
|
|
Premium
luxury
|
|
1,616.6
|
|
1,540.3
|
|
76.3
|
|
5.0
|
|
|
Total
|
|
5,049.1
|
|
5,063.5
|
|
(14.4)
|
|
(0.3)
|
|
|
Corporate and
other
|
|
90.3
|
|
56.1
|
|
34.2
|
|
61.0
|
|
|
Total consolidated revenue
|
$
|
5,139.4
|
$
|
5,119.6
|
$
|
19.8
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
income*:
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
$
|
61.4
|
$
|
77.4
|
$
|
(16.0)
|
|
(20.7)
|
|
|
Import
|
|
71.7
|
|
76.1
|
|
(4.4)
|
|
(5.8)
|
|
|
Premium
luxury
|
|
80.5
|
|
83.0
|
|
(2.5)
|
|
(3.0)
|
|
|
Total
|
|
213.6
|
|
236.5
|
|
(22.9)
|
|
(9.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other
|
|
(28.4)
|
|
(48.0)
|
|
19.6
|
|
|
|
Add: Floorplan
interest expense
|
|
21.5
|
|
18.9
|
|
2.6
|
|
|
|
Operating
income
|
$
|
206.7
|
$
|
207.4
|
$
|
(0.7)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
26,259
|
|
27,736
|
|
(1,477)
|
|
(5.3)
|
|
|
Import
|
|
34,315
|
|
35,781
|
|
(1,466)
|
|
(4.1)
|
|
|
Premium
luxury
|
|
15,224
|
|
15,490
|
|
(266)
|
|
(1.7)
|
|
|
|
|
75,798
|
|
79,007
|
|
(3,209)
|
|
(4.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Mix - New
Vehicle Retail Units Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
Ford,
Lincoln
|
|
13.9
|
|
15.2
|
|
|
|
|
|
|
Chevrolet, Buick, Cadillac, GMC
|
|
10.8
|
|
11.3
|
|
|
|
|
|
|
Chrysler, Dodge, Jeep, Ram
|
|
9.9
|
|
8.6
|
|
|
|
|
|
|
Domestic total
|
|
34.6
|
|
35.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Import:
|
|
|
|
|
|
|
|
|
|
|
Toyota
|
|
18.0
|
|
17.3
|
|
|
|
|
|
|
Honda
|
|
13.0
|
|
11.9
|
|
|
|
|
|
|
Nissan
|
|
7.3
|
|
9.1
|
|
|
|
|
|
|
Other
Import
|
|
7.0
|
|
7.0
|
|
|
|
|
|
|
Import total
|
|
45.3
|
|
45.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
Luxury:
|
|
|
|
|
|
|
|
|
|
|
Mercedes-Benz
|
|
8.1
|
|
8.2
|
|
|
|
|
|
|
BMW
|
|
4.7
|
|
4.2
|
|
|
|
|
|
|
Lexus
|
|
2.5
|
|
3.0
|
|
|
|
|
|
|
Audi
|
|
2.2
|
|
2.0
|
|
|
|
|
|
|
Other
Premium Luxury (Land Rover, Porsche)
|
|
2.6
|
|
2.2
|
|
|
|
|
|
|
Premium Luxury
total
|
|
20.1
|
|
19.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
AUTONATION,
INC.
|
UNAUDITED
SUPPLEMENTARY DATA, Continued
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures / Stock Repurchases
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
(1)
|
$
|
86.8
|
$
|
50.7
|
|
|
|
Cash paid for
acquisitions, net of cash acquired (2)
|
$
|
5.8
|
$
|
256.6
|
|
|
|
Proceeds from
exercises of stock options
|
$
|
21.5
|
$
|
0.6
|
|
|
|
Stock
repurchases:
|
|
|
|
|
|
|
|
|
Aggregate purchase
price
|
$
|
-
|
$
|
370.6
|
|
|
|
|
Shares repurchased
(in millions)
|
|
-
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floorplan
Assistance and Expense
|
|
Three Months
Ended March 31,
|
|
|
|
|
2017
|
|
2016
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
Floorplan assistance
earned (included in cost of sales)
|
$
|
28.3
|
$
|
29.3
|
$
|
(1.0)
|
|
New vehicle floorplan
interest expense
|
|
(20.2)
|
|
(17.9)
|
|
(2.3)
|
|
|
|
|
|
|
|
|
|
|
|
Net new vehicle
inventory carrying benefit
|
$
|
8.1
|
$
|
11.4
|
$
|
(3.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and
Other Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
56.3
|
$
|
64.8
|
$
|
47.8
|
|
Inventory
|
$
|
3,692.6
|
$
|
3,520.1
|
$
|
3,927.8
|
|
Total floorplan notes
payable
|
$
|
3,868.5
|
$
|
3,849.2
|
$
|
4,039.4
|
|
Non-vehicle
debt
|
$
|
2,546.2
|
$
|
2,720.6
|
$
|
2,680.5
|
|
Equity
|
$
|
2,434.2
|
$
|
2,310.3
|
$
|
2,090.6
|
|
|
|
|
|
|
|
|
|
New days supply
(industry standard of selling days)
|
|
71
days
|
|
61
days
|
|
81
days
|
|
Used days supply
(trailing calendar month days)
|
|
37
days
|
|
44
days
|
|
39
days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Agreement Covenant Compliance
Calculations(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
2.56x
|
|
|
|
Covenant
|
|
less than or equal
to
|
|
3.75x
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
ratio
|
|
|
|
61.7%
|
|
|
|
Covenant
|
|
less than or equal
to
|
|
70.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes accrued
construction in progress and excludes property associated with
capital leases entered into during the period.
|
|
|
|
(2)
|
Excludes capital
leases and deferred purchase price commitments.
|
|
|
|
(3)
|
Calculated in
accordance with our credit agreement as filed with the
SEC.
|
|
|
AUTONATION,
INC.
|
UNAUDITED SAME
STORE DATA
|
($ in millions,
except per vehicle data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
$ Variance
|
|
% Variance
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
2,701.0
|
$
|
2,718.1
|
$
|
(17.1)
|
|
(0.6)
|
|
|
Retail used
vehicle
|
|
1,127.9
|
|
1,086.2
|
|
41.7
|
|
3.8
|
|
|
Wholesale
|
|
79.7
|
|
117.7
|
|
(38.0)
|
|
(32.3)
|
|
|
Used
vehicle
|
|
1,207.6
|
|
1,203.9
|
|
3.7
|
|
0.3
|
|
|
Finance and
insurance, net
|
|
216.9
|
|
217.7
|
|
(0.8)
|
|
(0.4)
|
|
Total variable
operations
|
|
4,125.5
|
|
4,139.7
|
|
(14.2)
|
|
(0.3)
|
|
Parts and
service
|
|
820.3
|
|
794.9
|
|
25.4
|
|
3.2
|
|
Other
|
|
35.5
|
|
34.2
|
|
1.3
|
|
|
Total
revenue
|
$
|
4,981.3
|
$
|
4,968.8
|
$
|
12.5
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
$
|
138.9
|
$
|
146.8
|
$
|
(7.9)
|
|
(5.4)
|
|
|
Retail used
vehicle
|
|
73.5
|
|
91.3
|
|
(17.8)
|
|
(19.5)
|
|
|
Wholesale
|
|
1.9
|
|
(2.4)
|
|
4.3
|
|
|
|
|
Used
vehicle
|
|
75.4
|
|
88.9
|
|
(13.5)
|
|
(15.2)
|
|
|
Finance and
insurance
|
|
216.9
|
|
217.7
|
|
(0.8)
|
|
(0.4)
|
|
Total variable
operations
|
|
431.2
|
|
453.4
|
|
(22.2)
|
|
(4.9)
|
|
Parts and
service
|
|
360.8
|
|
343.5
|
|
17.3
|
|
5.0
|
|
Other
|
|
5.8
|
|
7.6
|
|
(1.8)
|
|
|
Total gross
profit
|
$
|
797.8
|
$
|
804.5
|
$
|
(6.7)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle unit
sales:
|
|
|
|
|
|
|
|
|
|
|
New
|
|
73,639
|
|
76,246
|
|
(2,607)
|
|
(3.4)
|
|
|
Used
|
|
59,131
|
|
55,960
|
|
3,171
|
|
5.7
|
|
|
|
|
132,770
|
|
132,206
|
|
564
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per vehicle
retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
36,679
|
$
|
35,649
|
$
|
1,030
|
|
2.9
|
|
|
Used
|
$
|
19,075
|
$
|
19,410
|
$
|
(335)
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit per
vehicle retailed:
|
|
|
|
|
|
|
|
|
|
|
New
|
$
|
1,886
|
$
|
1,925
|
$
|
(39)
|
|
(2.0)
|
|
|
Used
|
$
|
1,243
|
$
|
1,632
|
$
|
(389)
|
|
(23.8)
|
|
|
Finance and
insurance
|
$
|
1,634
|
$
|
1,647
|
$
|
(13)
|
|
(0.8)
|
|
|
Total variable
operations(1)
|
$
|
3,233
|
$
|
3,448
|
$
|
(215)
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Percentages
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
2017 (%)
|
|
2016 (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
54.2
|
|
54.7
|
|
|
|
|
|
|
Used
vehicle
|
|
24.2
|
|
24.2
|
|
|
|
|
|
|
Parts and
service
|
|
16.5
|
|
16.0
|
|
|
|
|
|
|
Finance and
insurance, net
|
|
4.4
|
|
4.4
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
0.7
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit mix
percentages:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
17.4
|
|
18.2
|
|
|
|
|
|
|
Used
vehicle
|
|
9.5
|
|
11.1
|
|
|
|
|
|
|
Parts and
service
|
|
45.2
|
|
42.7
|
|
|
|
|
|
|
Finance and
insurance
|
|
27.2
|
|
27.1
|
|
|
|
|
|
|
Other
|
|
0.7
|
|
0.9
|
|
|
|
|
|
|
|
|
100.0
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating items as a
percentage of revenue:
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
New
vehicle
|
|
5.1
|
|
5.4
|
|
|
|
|
|
|
Used
vehicle - retail
|
|
6.5
|
|
8.4
|
|
|
|
|
|
|
Parts
and service
|
|
44.0
|
|
43.2
|
|
|
|
|
|
|
Total
|
|
16.0
|
|
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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/autonation-reports-first-quarter-2017-results-300444498.html
SOURCE AutoNation, Inc.