AutoNation reports record Q1 results as net income grows 51% year-over-year to US$362.1M, revenue up 14% from a year ago at US$6.8B; growth driven by 47% increase in used vehicle revenue, 18% growth in after-sale revenue from a year ago

Sample article from our Automobile Industry

FORT LAUDERDALE, Florida , April 22, 2022 (press release) –

  • First quarter 2022 GAAP EPS was $5.78, an increase of 103% compared to first quarter 2021 GAAP EPS of $2.85, and an increase of 107% compared to first quarter 2021 adjusted EPS of $2.79
  • First quarter 2022 revenue was $6.8 billion, an increase of 14%, driven by an increase in Used vehicle revenue of 47%, each as compared to the same period a year ago
  • First quarter 2022 operating income increased 54% as compared to the same period a year ago
  • First quarter 2022 After-Sales gross profit was $461 million, an increase of 19% compared to the same period a year ago
  • During the first quarter of 2022, AutoNation repurchased 3.5 million shares of common stock for an aggregate purchase price of $381 million

AutoNation, Inc. (NYSE: AN), America's largest and most admired automotive retailer, today reported record first quarter EPS. First quarter 2022 revenue was $6.8 billion, an increase of 14% driven by used vehicle revenue which increased 47%, more than offsetting the decline in new vehicle revenue of 6%, and robust After-Sales performance with revenue up 18%, each as compared to the same period a year ago.

Operational Summary
First quarter 2022 Operational Summary:

  • Revenue – Revenue was $6.8 billion, an increase of 14% compared to the year-ago period.
  • New Vehicle Revenue – New vehicle revenue declined 6% compared to the year-ago period.
  • Used Vehicle Revenue – Used vehicle revenue increased 47% compared to the year-ago period.
  • Gross Profit - Gross profit totaled $1.3 billion, an increase of 27% compared to the year-ago period.
  • New Vehicle Gross Profit - New vehicle gross profit per vehicle retailed was $6,112, up $3,373 or 123% compared to the year-ago period.
  • Used Vehicle Gross Profit - Used vehicle gross profit per vehicle retailed was $1,566, down $178 or 10% compared to the year-ago period.
  • Customer Financial Services Gross Profit - Customer Financial Services gross profit per vehicle retailed was $2,672, up $454 or 20% compared to the year-ago period.
  • After-Sales Gross Profit - After-Sales gross profit was $461 million, an increase of 19% compared to the year-ago period.
  • SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 56.6%, an improvement of 610 basis points compared to the year-ago period.

"Our Associates delivered record results with outstanding performances across our business sectors. Used vehicle revenue increased 47% and our used vehicle retail unit sales increased 11% compared to the prior year. Our After-Sales team delivered a tremendous quarter with an increase in After-Sales gross profit of 19%.  Consumer demand for personal vehicle ownership remains strong and our self-sustaining used vehicle business continues to meet this demand through our sourcing capabilities, selection of vehicles, footprint, digital tools, and core efficiencies," said Mike Manley, AutoNation Chief Executive Officer.

Used Vehicle Growth Strategy
AutoNation's first quarter 2022 used vehicle retail unit sales increased 11%, compared to the prior year period, driven by superior used vehicle sourcing, a broad selection of inventory, a proven operating model, demonstrated digital scale, and an admired brand. AutoNation will continue to expand its used vehicle retail business, leveraging its existing capabilities and AutoNation USA growth plan, coupled with rich data and analytics. These core elements will accelerate growth and further differentiate the Company in the used vehicle market.

As previously announced, the Company entered two new markets in the quarter, with AutoNation USA Charlotte in North Carolina and AutoNation USA Charleston in South Carolina. Each AutoNation USA store has exceeded expectations and is profitable. The Company plans to open 12 additional new stores over the next 12 months. AutoNation's target is to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026. These stores will continue to leverage the AutoNation brand, scale, and proven Customer-centric processes to capture a larger share of the used vehicle market.

Share Repurchase
During the first quarter of 2022, AutoNation repurchased 3.5 million shares of common stock for an aggregate purchase price of $381 million. Year-to-date through April 19, 2022, AutoNation repurchased 4.8 million shares of common stock, or 8% of the shares outstanding at the beginning of the year, for an aggregate purchase price of $518 million. AutoNation has approximately $376 million remaining Board authorization for share repurchase as of April 19, 2022. As of April 19, 2022, AutoNation had approximately 58 million shares outstanding.

Liquidity and Leverage

As of March 31, 2022, AutoNation had $2.4 billion of liquidity, including $608 million in cash and approximately $1.8 billion of availability under our revolving credit facility. The Company's covenant leverage ratio was 1.5x at quarter-end, or 1.3x net of cash, and used floorplan availability. AutoNation had approximately $3.5 billion of non-vehicle debt outstanding as of March 31, 2022.

 

 

Selected GAAP Financial Data

 
 

($ in millions, except per share data)

 
   

Three Months Ended Mar 31,

 
   

2022

2021

YoY

 
           
 

Revenue

$     6,752.8

$     5,903.8

14%

 
 

Gross Profit

$     1,308.9

$     1,032.8

27%

 
 

Operating Income 

$        519.0

$        336.9

54%

 
 

Net Income

$        362.1

$        239.4

51%

 
 

Diluted EPS 

$          5.78

$          2.85

103%

 
           
 

New Vehicle Retail Unit Sales

56,442

69,361

-19%

 
 

Used Vehicle Retail Unit Sales

79,763

71,780

11%

 
           
 

Selected Non-GAAP Financial Data

 
 

($ in millions, except per share data)

 
   

Three Months Ended Mar 31,

 
   

2022

2021

YoY

 
           
 

Adjusted Net Income

$        362.1

$        233.7

55%

 
 

Adjusted Diluted EPS 

$          5.78

$          2.79

107%

 
           

 

Segment Results

 

Segment results(1) for the first quarter 2022 were as follows:

First Quarter 2022 Segment Results

  • Domestic - Domestic segment income(2) was $149 million compared to year-ago segment income of $119 million, an increase of 26%.
  • Import - Import segment income(2) was $186 million compared to year-ago segment income of $126 million, an increase of 48%.
  • Premium Luxury - Premium Luxury segment income(2) was $230 million compared to year-ago segment income of $159 million, an increase of 45%.

The first quarter conference call may be accessed by telephone 844-200-6205 (Conference ID: 813404) 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 21, 2022, through May 12, 2022, by calling 866-813-9403 (Conference ID: 687579). Additional information regarding AutoNation's results can be found in the Investor Presentation available at: investors.autonation.com.

(1)

AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Subaru, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover.

(2)

Segment income represents income for each of AutoNation's reportable segments and is defined as operating income less floorplan interest expense.

About AutoNation, Inc.  

AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America's most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with "DRVPNK" and "What Drives You, Drives Us." AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric. 

Please visit www.autonation.cominvestors.autonation.com,  and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

NON-GAAP FINANCIAL MEASURES

This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "targets," "projects," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, or investments, including the planned expansion of our AutoNation USA pre-owned vehicle stores and our investments in digital and online capabilities, statements regarding our expectations for the future performance of our business and the automotive retail industry, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: our ability to implement successfully our strategic initiatives, partnerships, 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 develop successfully our digital and online capabilities; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new franchises; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability; new and used vehicle margins; our ability to attain planned sales volumes within our expected time frames; our ability to successfully implement and maintain expense controls; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; the response by federal, state, and local governments and other parties to, and the economic impacts of, the COVID-19 pandemic; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

AUTONATION, INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

           
     

Three Months Ended March 31,

     

2022

 

2021

           

Revenue:

       
 

New vehicle

$

2,807.2

$

2,982.3

 

Used vehicle

 

2,572.4

 

1,749.1

 

Parts and service

 

1,003.9

 

851.0

 

Finance and insurance, net

 

363.9

 

313.0

 

Other

 

5.4

 

8.4

Total revenue

 

6,752.8

 

5,903.8

           

Cost of sales:

       
 

New vehicle

 

2,462.2

 

2,792.3

 

Used vehicle

 

2,435.8

 

1,608.9

 

Parts and service

 

542.8

 

462.0

 

Other

 

3.1

 

7.8

Total cost of sales

 

5,443.9

 

4,871.0

           

Gross profit

 

1,308.9

 

1,032.8

           

Selling, general, and administrative expenses

 

741.4

 

647.9

Depreciation and amortization

 

50.0

 

47.9

Other (income) expense, net

 

(1.5)

 

0.1

           

Operating income

 

519.0

 

336.9

           

Non-operating income (expense) items:

       
 

Floorplan interest expense

 

(5.2)

 

(9.4)

 

Other interest expense

 

(29.6)

 

(21.2)

 

Other income (loss), net

 

(6.4)

 

11.0

           

Income from continuing operations before income taxes

 

477.8

 

317.3

           

Income tax provision

 

115.7

 

77.8

           

Net income from continuing operations

 

362.1

 

239.5

           

Loss from discontinued operations, net of income taxes

 

-

 

(0.1)

           
           

Net income

$

362.1

$

239.4

           
           

Diluted earnings (loss) per share(1):

       
 

Continuing operations

$

5.78

$

2.85

 

Discontinued operations

$

-

$

-

           
 

Net income

$

5.78

$

2.85

           
           

Weighted average common shares outstanding

 

62.6

 

83.9

           

Common shares outstanding, net of treasury stock, at period end

 

59.7

 

80.5

           

(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,

       

2022

 

2021

 

$ Variance

 

% Variance

Revenue:

               
 

New vehicle

$

2,807.2

$

2,982.3

$

(175.1)

 

(5.9)

   

Retail used vehicle

 

2,392.2

 

1,644.1

 

748.1

 

45.5

   

Wholesale

 

180.2

 

105.0

 

75.2

 

71.6

 

Used vehicle

 

2,572.4

 

1,749.1

 

823.3

 

47.1

 

Finance and insurance, net

 

363.9

 

313.0

 

50.9

 

16.3

   

Total variable operations

 

5,743.5

 

5,044.4

 

699.1

 

13.9

 

Parts and service

 

1,003.9

 

851.0

 

152.9

 

18.0

 

Other

 

5.4

 

8.4

 

(3.0)

   

Total revenue

$

6,752.8

$

5,903.8

$

849.0

 

14.4

                     
                     

Gross profit:

               
 

New vehicle

$

345.0

$

190.0

$

155.0

 

81.6

   

Retail used vehicle

 

124.9

 

125.2

 

(0.3)

 

(0.2)

   

Wholesale

 

11.7

 

15.0

 

(3.3)

   
 

Used vehicle

 

136.6

 

140.2

 

(3.6)

 

(2.6)

 

Finance and insurance

 

363.9

 

313.0

 

50.9

 

16.3

   

Total variable operations

 

845.5

 

643.2

 

202.3

 

31.5

 

Parts and service

 

461.1

 

389.0

 

72.1

 

18.5

 

Other

 

2.3

 

0.6

 

1.7

   

Total gross profit

 

1,308.9

 

1,032.8

 

276.1

 

26.7

                     

Selling, general, and administrative expenses

 

741.4

 

647.9

 

(93.5)

 

(14.4)

Depreciation and amortization

 

50.0

 

47.9

 

(2.1)

   

Goodwill impairment

 

-

 

-

 

-

   

Franchise rights impairment

 

-

 

-

 

-

   

Other (income) expense, net

 

(1.5)

 

0.1

 

1.6

   

 Operating income 

 

519.0

 

336.9

 

182.1

 

54.1

                     

Non-operating income (expense) items:

               
 

Floorplan interest expense

 

(5.2)

 

(9.4)

 

4.2

   
 

Other interest expense

 

(29.6)

 

(21.2)

 

(8.4)

   
 

Other income (loss), net

 

(6.4)

 

11.0

 

(17.4)

   

Income from continuing operations before income taxes

$

477.8

$

317.3

$

160.5

 

50.6

                     

Retail vehicle unit sales:

               
 

New 

 

56,442

 

69,361

 

(12,919)

 

(18.6)

 

Used

 

79,763

 

71,780

 

7,983

 

11.1

       

136,205

 

141,141

 

(4,936)

 

(3.5)

                     

Revenue per vehicle retailed:

               
 

New 

$

49,736

$

42,997

$

6,739

 

15.7

 

Used

$

29,991

$

22,905

$

7,086

 

30.9

                     

Gross profit per vehicle retailed:

               
 

New 

$

6,112

$

2,739

$

3,373

 

123.1

 

Used

$

1,566

$

1,744

$

(178)

 

(10.2)

 

Finance and insurance

$

2,672

$

2,218

$

454

 

20.5

 

Total variable operations(1)

$

6,122

$

4,451

$

1,671

 

37.5

                     
                     
   

Operating Percentages

 

 Three Months Ended March 31, 

       
       

2022 (%)

 

2021 (%)

       
                     

Revenue mix percentages:

               
 

New vehicle

 

41.6

 

50.5

       
 

Used vehicle

 

38.1

 

29.6

       
 

Parts and service

 

14.9

 

14.4

       
 

Finance and insurance, net

 

5.4

 

5.3

       
 

Other

 

-

 

0.2

       
       

100.0

 

100.0

       
                     

Gross profit mix percentages:

               
 

New vehicle

 

26.4

 

18.4

       
 

Used vehicle

 

10.4

 

13.6

       
 

Parts and service

 

35.2

 

37.7

       
 

Finance and insurance

 

27.8

 

30.3

       
 

Other

 

0.2

 

-

       
       

100.0

 

100.0

       
                     

Operating items as a percentage of revenue:

               
 

Gross profit:

               
   

New vehicle

 

12.3

 

6.4

       
   

Used vehicle - retail

 

5.2

 

7.6

       
   

Parts and service

 

45.9

 

45.7

       
   

Total

 

19.4

 

17.5

       
 

Selling, general, and administrative expenses

 

11.0

 

11.0

       
 

Operating income

 

7.7

 

5.7

       
                     

Operating items as a percentage of total gross profit:

               
 

Selling, general, and administrative expenses

 

56.6

 

62.7

       
 

Operating income

 

39.7

 

32.6

       
                     
                     

(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,

     

2022

 

2021

 

$ Variance

 

% Variance

                   
                   

Revenue:

               
 

Domestic

$

2,034.4

$

1,846.7

$

187.7

 

10.2

 

Import

 

1,974.1

 

1,769.6

 

204.5

 

11.6

 

Premium luxury

 

2,478.7

 

2,103.5

 

375.2

 

17.8

 

    Total

 

6,487.2

 

5,719.8

 

767.4

 

13.4

 

Corporate and other

 

265.6

 

184.0

 

81.6

 

44.3

 

    Total consolidated revenue

$

6,752.8

$

5,903.8

$

849.0

 

14.4

                   
                   

Segment income*:

               
 

Domestic

$

149.4

$

118.5

$

30.9

 

26.1

 

Import

 

186.2

 

125.9

 

60.3

 

47.9

 

Premium luxury

 

229.5

 

158.5

 

71.0

 

44.8

 

    Total 

 

565.1

 

402.9

 

162.2

 

40.3

                   

Corporate and other

 

(51.3)

 

(75.4)

 

24.1

   

Add:  Floorplan interest expense

 

5.2

 

9.4

 

(4.2)

   

Operating income

$

519.0

$

336.9

$

182.1

 

54.1

                   

* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.

                   

Retail new vehicle unit sales:

               
 

Domestic

 

16,365

 

21,669

 

(5,304)

 

(24.5)

 

Import

 

24,536

 

30,843

 

(6,307)

 

(20.4)

 

Premium luxury

 

15,541

 

16,849

 

(1,308)

 

(7.8)

     

56,442

 

69,361

 

(12,919)

 

(18.6)

                   

Retail used vehicle unit sales:

               
 

Domestic

 

26,596

 

24,479

 

2,117

 

8.6

 

Import

 

26,529

 

25,101

 

1,428

 

5.7

 

Premium luxury

 

21,949

 

19,534

 

2,415

 

12.4

     

75,074

 

69,114

 

5,960

 

8.6

                   
                   
 

Brand Mix - Retail New Vehicle Units Sold

               
     

 Three Months Ended March 31, 

       
     

2022 (%)

 

2021 (%)

       
                   
 

Domestic:

               
 

   Ford, Lincoln

 

10.8

 

11.4

       
 

   Chevrolet, Buick, Cadillac, GMC

 

9.1

 

10.9

       
 

   Chrysler, Dodge, Jeep, Ram

 

9.1

 

8.9

       
 

     Domestic total

 

29.0

 

31.2

       
                   
 

Import:

               
 

   Toyota

 

21.1

 

22.4

       
 

   Honda

 

11.0

 

12.4

       
 

   Nissan

 

2.5

 

2.5

       
 

   Other Import

 

8.9

 

7.2

       
 

     Import total

 

43.5

 

44.5

       
                   
 

Premium Luxury:

               
 

   Mercedes-Benz

 

9.0

 

9.0

       
 

   BMW

 

9.5

 

6.2

       
 

   Lexus

 

2.9

 

2.9

       
 

   Audi

 

2.3

 

2.4

       
 

   Jaguar Land Rover

 

1.9

 

2.3

       
 

   Other Premium Luxury 

 

1.9

 

1.5

       
 

     Premium Luxury total

 

27.5

 

24.3

       
                   
     

100.0

 

100.0

       
                   

 

 

 AUTONATION, INC

 UNAUDITED SUPPLEMENTARY DATA, Continued

 ($ in millions)

               
               

Capital Expenditures / Stock Repurchases

 

 Three Months Ended March 31,

   
     

2022

 

2021

   
               

Capital expenditures (1)

$

50.8

$

44.4

   

Proceeds from exercises of stock options

$

0.9

$

21.2

   

Stock repurchases:

           
 

Aggregate purchase price

$

380.9

$

306.1

   
 

Shares repurchased (in millions)

 

3.5

 

3.8

   
               
               
 

Floorplan Assistance and Expense

 

 Three Months Ended March 31,

     

2022

 

2021

 

 Variance

               

Floorplan assistance earned (included in cost of sales)

$

27.6

$

32.0

$

(4.4)

New vehicle floorplan interest expense

 

(3.7)

 

(8.9)

 

5.2

               
 

Net new vehicle inventory carrying benefit

$

23.9

$

23.1

$

0.8

               
               
 

Balance Sheet and Other Highlights

           
               
     

March 31, 2022

 

December 31, 2021

 

March 31, 2021

               

Cash and cash equivalents

$

608.1

$

60.4

$

350.0

Inventory

$

1,698.3

$

1,847.9

$

2,254.6

Total floorplan notes payable

$

1,395.7

$

1,457.6

$

2,298.0

Non-vehicle debt

$

3,548.3

$

3,198.4

$

1,798.4

Equity

$

2,345.6

$

2,377.0

$

3,193.9

             

New days supply (industry standard of selling days)

 

 8 days

 

 9 days

 

 29 days

Used days supply (trailing calendar month days)

 

 30 days

 

 40 days

 

 31 days

               
               
               

Key Credit Agreement Covenant Compliance Calculations (2)

       
               

Leverage ratio

   

 1.53x

   

Covenant

less than or equal to

 

 3.75x

   
               

Capitalization ratio

   

54.4%

   

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)

                                       
     
     

Income from Continuing
Operations Before
Income Taxes

 

Income Tax Provision(2)

 

 Effective Tax Rate 

 

 Net Income 

 

Diluted Earnings Per Share(3)

                                           
     

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

                                           

From continuing operations, as reported

$

477.8

$

317.3

$

115.7

$

77.8

 

24.2%

 

24.5%

$

362.1

$

239.5

       

Discontinued operations, net of income taxes

                         

-

 

(0.1)

       

As reported

                         

362.1

 

239.4

$

5.78

$

2.85

                                           
 

Gain on equity investment

 

-

 

(7.5)

 

-

 

(1.8)

         

-

 

(5.7)

$

-

$

(0.07)

                                           

Adjusted 

$

477.8

$

309.8

$

115.7

$

76.0

 

24.2%

 

24.5%

$

362.1

$

233.7

$

5.78

$

2.79

                                           
                                           
                                           

(1)

Please refer to the "Non-GAAP Financial Measures" section of the Press Release.

   

(2)

Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.

   

(3)

Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding. 

   

 

 

 AUTONATION, INC. 

 UNAUDITED SAME STORE DATA 

 ($ in millions, except per vehicle data) 

                     
                     
   

Operating Highlights

 

Three Months Ended March 31,

       

2022

 

2021

 

$ Variance

 

% Variance

Revenue:

               
 

New vehicle

$

2,707.5

 

2,977.3

$

(269.8)

 

(9.1)

   

Retail used vehicle

 

2,281.1

 

1,640.8

 

640.3

 

39.0

   

Wholesale

 

172.1

 

104.9

 

67.2

 

64.1

 

Used vehicle

 

2,453.2

 

1,745.7

 

707.5

 

40.5

 

Finance and insurance, net

 

351.1

 

312.5

 

38.6

 

12.4

   

Total variable operations

 

5,511.8

 

5,035.5

 

476.3

 

9.5

 

Parts and service

 

966.6

 

837.0

 

129.6

 

15.5

 

Other

 

5.1

 

8.5

 

(3.4)

   

Total revenue

$

6,483.5

 

5,881.0

$

602.5

 

10.2

                     
                     

Gross profit:

               
 

New vehicle

$

333.4

 

189.6

$

143.8

 

75.8

   

  Retail used vehicle

 

119.1

 

124.8

 

(5.7)

 

(4.6)

   

  Wholesale

 

12.0

 

15.0

 

(3.0)

   
 

Used vehicle

 

131.1

 

139.8

 

(8.7)

 

(6.2)

 

Finance and insurance

 

351.1

 

312.5

 

38.6

 

12.4

   

Total variable operations

 

815.6

 

641.9

 

173.7

 

27.1

 

Parts and service

 

441.9

 

383.3

 

58.6

 

15.3

 

Other

 

2.1

 

0.8

 

1.3

   

Total gross profit

$

1,259.6

 

1,026.0

$

233.6

 

22.8

                     

Retail vehicle unit sales:

               
 

New 

 

54,539

 

69,212

 

(14,673)

 

(21.2)

 

Used

 

75,941

 

71,566

 

4,375

 

6.1

       

130,480

 

140,778

 

(10,298)

 

(7.3)

                     

Revenue per vehicle retailed:

               
 

New 

$

49,643

 

43,017

$

6,626

 

15.4

 

Used

$

30,038

 

22,927

$

7,111

 

31.0

                     

Gross profit per vehicle retailed:

               
 

New 

$

6,113

 

2,739

$

3,374

 

123.2

 

Used

$

1,568

 

1,744

$

(176)

 

(10.1)

 

Finance and insurance

$

2,691

 

2,220

$

471

 

21.2

 

Total variable operations(1)

$

6,159

 

4,453

$

1,706

 

38.3

                     
                     
   

Operating Percentages

 

 Three Months Ended March 31, 

       
       

2022 (%)

 

2021 (%)

       
                     

Revenue mix percentages:

               
 

New vehicle

 

41.8

 

50.6

       
 

Used vehicle

 

37.8

 

29.7

       
 

Parts and service

 

14.9

 

14.2

       
 

Finance and insurance, net

 

5.4

 

5.3

       
 

Other

 

0.1

 

0.2

       
       

100.0

 

100.0

       
                     

Gross profit mix percentages:

               
 

New vehicle

 

26.5

 

18.5

       
 

Used vehicle

 

10.4

 

13.6

       
 

Parts and service

 

35.1

 

37.4

       
 

Finance and insurance

 

27.9

 

30.5

       
 

Other

 

0.1

 

-

       
       

100.0

 

100.0

       
                     

Operating items as a percentage of revenue:

               
 

Gross profit:

               
   

New vehicle

 

12.3

 

6.4

       
   

Used vehicle - retail

 

5.2

 

7.6

       
   

Parts and service

 

45.7

 

45.8

       
   

   Total

 

19.4

 

17.4

       
                     

(1)

 

Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.

                     

 

 View original content to download multimedia:https://www.prnewswire.com/news-releases/autonation-reports-record-first-quarter-results-301529648.html

SOURCE AutoNation, Inc.

 

 

 

 

 

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