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WKN: 880953 | ISIN: US05329W1027 | Ticker-Symbol: RWI
Tradegate
01.03.24
09:30 Uhr
139,00 Euro
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(2)

AutoNation, Inc.: AutoNation Reports Fourth Quarter and Full Year Results

  • Q4 2023 GAAP EPS $5.04, and adjusted EPS $5.02
  • Q4 2023 Revenue $6.8 billion, Full Year 2023 Revenue $26.9 billion
  • Double-digit growth and record gross profit in After-Sales for Q4 and full year
  • Share repurchases of $151 million in Q4 and $864 million full year

FORT LAUDERDALE, Fla., Feb. 13, 2024 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) today reported fourth quarter 2023 GAAP EPS of $5.04 and adjusted EPS of $5.02. Fourth quarter 2023 revenue was $6.8 billion, an increase of 1% compared to the same period a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

"Our results demonstrate the strength of our business model. We enjoyed excellent new vehicle unit sales and competed well in a dynamic used vehicle market, which together provided a platform from which we delivered outstanding customer financial services performance and superior after-sales growth. This performance was underpinned by our Associates' focus on delivering an outstanding customer experience," said Mike Manley, AutoNation's Chief Executive Officer. "While 2024 will reflect a continued normalization of vehicle supply and demand dynamics, we are excited to move forward, confident in our strong balance sheet, and laser-focused on executing our operating plan. We will continue to be a strong cash generator and allocate capital in a prudent manner to maximize shareholder returns."

Operational Summary
Fourth quarter 2023 compared to the year-ago period:

Selected GAAP Financial Data

($ in millions, except per share data)


Three Months Ended Dec 31,


2023

2022

YoY





Revenue

$ 6,767.4

$ 6,697.0

1 %

Gross Profit

$ 1,215.2

$ 1,281.9

-5 %

Operating Income

$ 349.9

$ 424.9

-18 %

Net Income

$ 216.2

$ 286.4

-25 %

Diluted EPS

$ 5.04

$ 5.72

-12 %





New Vehicle Retail Unit Sales

64,748

60,074

8 %

Used Vehicle Retail Unit Sales

65,151

67,608

-4 %





Selected Non-GAAP Financial Data

($ in millions, except per share data)


Three Months Ended Dec 31,


2023

2022

YoY





Adjusted Operating Income

$ 367.7

$ 473.9

-22 %

Adjusted Net Income

$ 215.5

$ 319.2

-32 %

Adjusted Diluted EPS

$ 5.02

$ 6.37

-21 %

  • Revenue - $6.8 billion, an increase of 1% compared to the year-ago period. Increased new vehicle unit sales and continued growth in after-sales more than offset lower used vehicle unit sales.
    • New Vehicle Revenue - $3.4 billion, an increase of $219 million or 7%.
    • Used Vehicle Revenue - $1.9 billion, a decrease of $262 million or 12%.
    • After-Sales Revenue - $1.1 billion, an increase of $113 million or 11%.
    • Customer Financial Services Revenue - $347 million, compared to $345 million a year ago.
  • Gross Profit - Totaled $1.2 billion, down $67 million from $1.3 billion a year ago.
    • New Vehicle Gross Profit - Decreased $102 million reflecting gross profit per vehicle retailed of $3,653, compared to $5,633 a year ago, partially offset by an 8% increase in unit sales.
    • Used Vehicle Gross Profit - Decreased $27 million reflecting gross profit per vehicle retailed of $1,455, compared to $1,847 a year ago and a 4% decrease in unit sales.
    • After-Sales Gross Profit - $540 million, an increase of $61 million or 13% from a year ago.
    • Customer Financial Services Gross Profit - Increased $2 million reflecting gross profit per vehicle retailed of $2,674, compared to $2,703 a year ago, offset by a 2% increase in retail unit sales.
  • SG&A as a Percentage of Gross Profit - 66.5%, or 65.1% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and growth initiatives.

Full Year 2023 compared to the year-ago period:

Selected GAAP Financial Data

($ in millions, except per share data)


Twelve Months Ended Dec 31,


2023

2022

YoY





Revenue

$ 26,948.9

$ 26,985.0

0 %

Gross Profit

$ 5,131.5

$ 5,265.3

-3 %

Operating Income

$ 1,651.9

$ 2,024.5

-18 %

Net Income

$ 1,021.1

$ 1,377.4

-26 %

Diluted EPS

$ 22.74

$ 24.29

-6 %





New Vehicle Retail Unit Sales

244,546

229,971

6 %

Used Vehicle Retail Unit Sales

274,019

299,806

-9 %





Selected Non-GAAP Financial Data

($ in millions, except per share data)


Twelve Months Ended Dec 31,


2023

2022

YoY





Adjusted Operating Income

$ 1,692.5

$ 2,026.0

-16 %

Adjusted Net Income

$ 1,032.8

$ 1,393.2

-26 %

Adjusted Diluted EPS

$ 23.00

$ 24.57

-6 %

  • Revenue - $27 billion, essentially flat compared to the year-ago period as increased new vehicle and after-sales revenue offset lower used vehicle revenue.
    • New Vehicle Revenue - $12.8 billion, an increase of $1.0 billion or 9%.
    • Used Vehicle Revenue - $8.2 billion, a decrease of $1.5 billion or 15%.
    • After-Sales Revenue - $4.5 billion, an increase of $433 million or 11%.
    • Customer Financial Services Revenue - $1.4 billion, a decrease of $19 million or 1%.
  • Gross Profit - Totaled $5.1 billion, a decrease of $134 million or 3%.
    • New Vehicle Gross Profit - Decreased $305 million reflecting gross profit per vehicle retailed of $4,342, compared to $5,942 a year ago, partially offset by a 6% increase in unit sales.
    • Used Vehicle Gross Profit - Decreased $45 million or 8% as unit sales decreased by 9%.
    • After-Sales Gross Profit - $2.1 billion, an increase of $239 million or 13%.
    • Customer Financial Services Gross Profit - Decreased $19 million reflecting a slight increase in gross profit per vehicle retailed to $2,736, offset by a 2% decrease in retail unit sales.
  • SG&A as a Percentage of Gross Profit - 63.4%, or 62.6% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and growth initiatives.

Segment Results

Segment results(1) for the fourth quarter and full year 2023 were as follows:

Fourth Quarter 2023 Segment Results

  • Domestic - Domestic segment income(2) was $74 million compared to the year-ago segment income of $120 million, a decrease of 38%. Revenue of $1.8 billion was down 4%.
  • Import - Import segment income(2) was $137 million compared to the year-ago segment income of $175 million, a decrease of 22%. Revenue of $2.0 billion was up 7%.
  • Premium Luxury - Premium Luxury segment income(2) was $195 million compared to the year-ago segment income of $247 million, a decrease of 21%. Revenue of $2.6 billion was down 1%.

Full Year 2023 Segment Results

  • Domestic - Domestic segment income(2) was $415 million compared to the year-ago segment income of $565 million, a decrease of 27%. Revenue of $7.6 billion was down 5%.
  • Import - Import segment income(2) was $635 million compared to the year-ago segment income of $734 million, a decrease of 14%. Revenue of $7.9 billion was up 2%.
  • Premium Luxury - Premium Luxury segment income(2) was $837 million compared to the year-ago segment income of $969 million, a decrease of 14%. Revenue of $10.3 billion was essentially flat.

Capital Allocation, Liquidity, and Leverage
During the quarter, AutoNation repurchased 1.15 million shares of common stock (3% of shares outstanding at start of quarter) for an aggregate purchase price of $151 million. As of February 9, 2024, AutoNation had approximately $320 million remaining under its current Board authorization for share repurchases. For the full year 2023, AutoNation repurchased 6.4 million shares for $864 million, reducing shares outstanding by 13% during the year and more than 50% since the end of 2020. In addition, during 2023 the Company made operational and expansion investments, including capital expenditures of $410 million and acquisitions of $271 million.

As of December 31, 2023, AutoNation had $1.5 billion of liquidity, including $61 million in cash and $1.46 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company's covenant leverage ratio was 2.19x at quarter-end and the Company had $4.0 billion of non-vehicle debt outstanding.

The fourth quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID: 117266) at 9:00 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 following the call under "Events & Presentations." A playback of the conference call will be available after 12:00 p.m. Eastern Time on February 13, 2024, through March 5, 2024, by calling 866-813-9403 (Conference ID: 185101). 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, 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 is one of the largest automotive retailers in the United States, offering innovative products, exceptional services, and comprehensive solutions, empowering our customers to make the best decisions for their ever-changing needs. With a network of dealerships nationwide strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, and auto parts, and provide expert maintenance and repair services. Through our DRV PNK initiative, we have raised over $40 million for cancer-related causes, our commitment to making a positive difference in the lives of our Associates, customers, and the communities it serves.

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," "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 investments in digital and online capabilities and mobility solutions, 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 acquisitions, initiatives, partnerships, and investments; 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 acquire and integrate successfully new franchises; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise 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; 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 December 31,


Twelve Months Ended December 31,




2023


2022


2023


2022











Revenue:










New vehicle

$

3,366.9

$

3,147.5

$

12,767.4

$

11,754.4


Used vehicle


1,905.8


2,167.3


8,198.5


9,661.8


Parts and service


1,141.2


1,028.3


4,533.7


4,100.6


Finance and insurance, net


347.4


345.1


1,418.8


1,437.3


Other


6.1


8.8


30.5


30.9

Total revenue


6,767.4


6,697.0


26,948.9


26,985.0











Cost of sales:










New vehicle


3,130.4


2,809.1


11,705.6


10,387.8


Used vehicle


1,814.3


2,049.3


7,690.5


9,108.7


Parts and service


601.3


549.4


2,394.4


2,200.3


Other


6.2


7.3


26.9


22.9

Total cost of sales


5,552.2


5,415.1


21,817.4


21,719.7











Gross profit


1,215.2


1,281.9


5,131.5


5,265.3











Selling, general, and administrative expenses


808.3


766.7


3,253.2


3,026.1

Depreciation and amortization


57.4


51.4


220.5


200.3

Other (income) expense, net(1)


(0.4)


38.9


5.9


14.4











Operating income


349.9


424.9


1,651.9


2,024.5











Non-operating income (expense) items:










Floorplan interest expense


(46.5)


(19.7)


(144.7)


(41.4)


Other interest expense


(45.5)


(37.5)


(181.4)


(134.9)


Other income (loss), net(2)


19.8


10.0


24.4


(14.7)











Income from continuing operations before income taxes


277.7


377.7


1,350.2


1,833.5











Income tax provision


61.5


91.3


330.0


455.8











Net income from continuing operations


216.2


286.4


1,020.2


1,377.7











Income (loss) from discontinued operations, net of income taxes


-


-


0.9


(0.3)





















Net income

$

216.2

$

286.4

$

1,021.1

$

1,377.4





















Diluted earnings (loss) per share(3):










Continuing operations

$

5.04

$

5.72

$

22.72

$

24.30


Discontinued operations

$

-

$

-

$

0.02

$

(0.01)












Net income

$

5.04

$

5.72

$

22.74

$

24.29





















Weighted average common shares outstanding


42.9


50.1


44.9


56.7











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


41.6


47.6


41.6


47.6



(1)

Includes results of our finance company, including expected credit loss expense and gains on asset sales, as well as gains on business/property divestitures, gains on legal settlements, and asset impairments.

(2)

Includes gains (losses) related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants, as well as gains 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 December 31,


Twelve Months Ended December 31,





2023


2022


$ Variance


% Variance


2023


2022


$ Variance


% Variance

Revenue:


















New vehicle

$

3,366.9

$

3,147.5

$

219.4


7.0

$

12,767.4

$

11,754.4

$

1,013.0


8.6



Retail used vehicle


1,781.1


2,013.4


(232.3)


(11.5)


7,639.5


9,020.9


(1,381.4)


(15.3)



Wholesale


124.7


153.9


(29.2)


(19.0)


559.0


640.9


(81.9)


(12.8)


Used vehicle


1,905.8


2,167.3


(261.5)


(12.1)


8,198.5


9,661.8


(1,463.3)


(15.1)


Finance and insurance, net


347.4


345.1


2.3


0.7


1,418.8


1,437.3


(18.5)


(1.3)



Total variable operations


5,620.1


5,659.9


(39.8)


(0.7)


22,384.7


22,853.5


(468.8)


(2.1)


Parts and service


1,141.2


1,028.3


112.9


11.0


4,533.7


4,100.6


433.1


10.6


Other


6.1


8.8


(2.7)




30.5


30.9


(0.4)



Total revenue

$

6,767.4

$

6,697.0

$

70.4


1.1

$

26,948.9

$

26,985.0

$

(36.1)


(0.1)







































Gross profit:


















New vehicle

$

236.5

$

338.4

$

(101.9)


(30.1)

$

1,061.8

$

1,366.6

$

(304.8)


(22.3)



Retail used vehicle


94.8


124.9


(30.1)


(24.1)


493.1


538.3


(45.2)


(8.4)



Wholesale


(3.3)


(6.9)


3.6




14.9


14.8


0.1




Used vehicle


91.5


118.0


(26.5)


(22.5)


508.0


553.1


(45.1)


(8.2)


Finance and insurance


347.4


345.1


2.3


0.7


1,418.8


1,437.3


(18.5)


(1.3)



Total variable operations


675.4


801.5


(126.1)


(15.7)


2,988.6


3,357.0


(368.4)


(11.0)


Parts and service


539.9


478.9


61.0


12.7


2,139.3


1,900.3


239.0


12.6


Other


(0.1)


1.5


(1.6)




3.6


8.0


(4.4)



Total gross profit


1,215.2


1,281.9


(66.7)


(5.2)


5,131.5


5,265.3


(133.8)


(2.5)




















Selling, general, and administrative expenses


808.3


766.7


(41.6)


(5.4)


3,253.2


3,026.1


(227.1)


(7.5)

Depreciation and amortization


57.4


51.4


(6.0)




220.5


200.3


(20.2)



Other (income) expense, net


(0.4)


38.9


39.3




5.9


14.4


8.5



Operating income


349.9


424.9


(75.0)


(17.7)


1,651.9


2,024.5


(372.6)


(18.4)




















Non-operating income (expense) items:


















Floorplan interest expense


(46.5)


(19.7)


(26.8)




(144.7)


(41.4)


(103.3)




Other interest expense


(45.5)


(37.5)


(8.0)




(181.4)


(134.9)


(46.5)




Other income (loss), net


19.8


10.0


9.8




24.4


(14.7)


39.1



Income from continuing operations before income taxes

$

277.7

$

377.7

$

(100.0)


(26.5)

$

1,350.2

$

1,833.5

$

(483.3)


(26.4)




















Retail vehicle unit sales:


















New


64,748


60,074


4,674


7.8


244,546


229,971


14,575


6.3


Used


65,151


67,608


(2,457)


(3.6)


274,019


299,806


(25,787)


(8.6)





129,899


127,682


2,217


1.7


518,565


529,777


(11,212)


(2.1)




















Revenue per vehicle retailed:


















New

$

52,000

$

52,394

$

(394)


(0.8)

$

52,209

$

51,113

$

1,096


2.1


Used

$

27,338

$

29,780

$

(2,442)


(8.2)

$

27,879

$

30,089

$

(2,210)


(7.3)




















Gross profit per vehicle retailed:


















New

$

3,653

$

5,633

$

(1,980)


(35.2)

$

4,342

$

5,942

$

(1,600)


(26.9)


Used

$

1,455

$

1,847

$

(392)


(21.2)

$

1,800

$

1,795

$

5


0.3


Finance and insurance

$

2,674

$

2,703

$

(29)


(1.1)

$

2,736

$

2,713

$

23


0.8


Total variable operations(1)

$

5,225

$

6,331

$

(1,106)


(17.5)

$

5,734

$

6,309

$

(575)


(9.1)









































Operating Percentages


Three Months Ended December 31,


Twelve Months Ended December 31,













2023 (%)


2022 (%)


2023 (%)


2022 (%)




























Revenue mix percentages:


















New vehicle


49.8


47.0


47.4


43.6










Used vehicle


28.2


32.4


30.4


35.8










Parts and service


16.9


15.4


16.8


15.2










Finance and insurance, net


5.1


5.2


5.3


5.3










Other


-


-


0.1


0.1













100.0


100.0


100.0


100.0




























Gross profit mix percentages:


















New vehicle


19.5


26.4


20.7


26.0










Used vehicle


7.5


9.2


9.9


10.5










Parts and service


44.4


37.4


41.7


36.1










Finance and insurance


28.6


26.9


27.6


27.3










Other


-


0.1


0.1


0.1













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:


















Gross profit:



















New vehicle


7.0


10.8


8.3


11.6











Used vehicle - retail


5.3


6.2


6.5


6.0











Parts and service


47.3


46.6


47.2


46.3











Total


18.0


19.1


19.0


19.5










Selling, general, and administrative expenses


11.9


11.4


12.1


11.2










Operating income


5.2


6.3


6.1


7.5




























Operating items as a percentage of total gross profit:


















Selling, general, and administrative expenses


66.5


59.8


63.4


57.5










Operating income


28.8


33.1


32.2


38.4











(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.

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions)






































Segment Operating Highlights


Three Months Ended December 31,


Twelve Months Ended December 31,




2023


2022


$ Variance


% Variance


2023


2022


$ Variance


% Variance



















Revenue:


















Domestic

$

1,802.7

$

1,879.4

$

(76.7)


(4.1)

$

7,573.2

$

7,987.5

$

(414.3)


(5.2)


Import


2,016.7


1,891.3


125.4


6.6


7,880.9


7,690.3


190.6


2.5


Premium luxury


2,644.9


2,676.4


(31.5)


(1.2)


10,266.4


10,278.1


(11.7)


(0.1)


Total


6,464.3


6,447.1


17.2


0.3


25,720.5


25,955.9


(235.4)


(0.9)


Corporate and other


303.1


249.9


53.2


21.3


1,228.4


1,029.1


199.3


19.4


Total consolidated revenue

$

6,767.4

$

6,697.0

$

70.4


1.1

$

26,948.9

$

26,985.0

$

(36.1)


(0.1)





































Segment income*:


















Domestic

$

73.9

$

120.1

$

(46.2)


(38.5)

$

415.4

$

565.3

$

(149.9)


(26.5)


Import


136.9


175.2


(38.3)


(21.9)


635.0


734.2


(99.2)


(13.5)


Premium luxury


195.3


246.9


(51.6)


(20.9)


836.5


969.1


(132.6)


(13.7)


Total


406.1


542.2


(136.1)


(25.1)


1,886.9


2,268.6


(381.7)


(16.8)



















Corporate and other


(102.7)


(137.0)


34.3




(379.7)


(285.5)


(94.2)



Add: Floorplan interest expense


46.5


19.7


26.8




144.7


41.4


103.3



Operating income

$

349.9

$

424.9

$

(75.0)


(17.7)

$

1,651.9

$

2,024.5

$

(372.6)


(18.4)



















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



























Three Months Ended December 31,


Twelve Months Ended December 31,




2023


2022


Variance


% Variance


2023


2022


Variance


% Variance

Retail new vehicle unit sales:


















Domestic


16,361


16,391


(30)


(0.2)


67,471


66,375


1,096


1.7


Import


29,566


25,429


4,137


16.3


108,068


95,886


12,182


12.7


Premium luxury


18,821


18,254


567


3.1


69,007


67,710


1,297


1.9




64,748


60,074


4,674


7.8


244,546


229,971


14,575


6.3



















Retail used vehicle unit sales:


















Domestic


19,638


21,039


(1,401)


(6.7)


84,552


97,642


(13,090)


(13.4)


Import


21,905


22,400


(495)


(2.2)


91,146


100,131


(8,985)


(9.0)


Premium luxury


17,925


19,851


(1,926)


(9.7)


75,334


83,858


(8,524)


(10.2)


Other


5,683


4,318


1,365




22,987


18,175


4,812






65,151


67,608


(2,457)


(3.6)


274,019


299,806


(25,787)


(8.6)






































Brand Mix - Retail New Vehicle Units Sold




















Three Months Ended December 31,


Twelve Months Ended December 31,












2023 (%)


2022 (%)


2023 (%)


2022 (%)




























Domestic:


















Ford, Lincoln


9.7


9.8


10.6


10.5










Chevrolet, Buick, Cadillac, GMC


9.4


11.1


10.1


10.2










Chrysler, Dodge, Jeep, Ram


6.2


6.4


6.9


8.2










Domestic total


25.3


27.3


27.6


28.9




























Import:


















Toyota


21.4


21.3


19.4


20.6










Honda


12.4


10.5


12.7


9.9










Nissan


1.8


2.0


2.1


2.1










Hyundai


3.3


3.1


3.4


3.2










Subaru


3.8


2.9


3.6


3.0










Other Import


2.9


2.5


3.0


2.9










Import total


45.6


42.3


44.2


41.7




























Premium Luxury:


















Mercedes-Benz


8.9


10.0


9.2


10.4










BMW


10.1


11.2


9.4


9.9










Lexus


3.6


2.4


3.2


2.7










Audi


2.8


2.6


2.7


2.6










Jaguar Land Rover


1.7


2.1


1.7


1.8










Other Premium Luxury


2.0


2.1


2.0


2.0










Premium Luxury total


29.1


30.4


28.2


29.4






























100.0


100.0


100.0


100.0









AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

($ in millions)
































Capital Expenditures / Stock Repurchases


Three Months Ended December 31,


Twelve Months Ended December 31,









2023


2022


2023


2022





















Capital expenditures

$

124.3

$

92.8

$

410.3

$

329.0






Cash paid for acquisitions, net of cash acquired (1)

$

0.3

$

110.0

$

271.4

$

191.6






Proceeds from exercises of stock options

$

-

$

-

$

1.9

$

3.4






Stock repurchases:















Aggregate purchase price (2)

$

151.2

$

497.2

$

863.6

$

1,710.2







Shares repurchased (in millions)


1.1


4.6


6.4


15.6





































Floorplan Assistance and Expense


Three Months Ended December 31,


Twelve Months Ended December 31,





2023


2022


Variance


2023


2022


Variance

















Floorplan assistance earned (included in cost of sales)

$

33.7

$

27.7

$

6.0

$

125.8

$

108.9

$

16.9


New vehicle floorplan interest expense


(43.0)


(17.3)


(25.7)


(132.1)


(35.5)


(96.6)


















Net new vehicle inventory carrying benefit (expense)

$

(9.3)

$

10.4

$

(19.7)

$

(6.3)

$

73.4

$

(79.7)

































Balance Sheet and Other Highlights
































December 31, 2023


December 31, 2022

























Cash and cash equivalents

$

60.8

$

72.6










Inventory

$

3,033.4

$

2,048.3










Floorplan notes payable

$

3,382.4

$

2,109.3










Non-recourse debt

$

258.4

$

323.6










Non-vehicle debt

$

4,030.3

$

3,649.5










Equity

$

2,211.4

$

2,047.8










New days supply (industry standard of selling days)


36 days


19 days










Used days supply (trailing calendar month days)


39 days


31 days









































Key Credit Agreement Covenant Compliance Calculations (3)





























Leverage ratio



2.19x










Covenant

less than or equal to


3.75x

























Interest coverage ratio


6.06x










Covenant

greater than or equal to

3.00x











(1)

Twelve months ended December 31, 2022, includes $81.6 million that was reflected as deposits for investment for the nine months ended September 30, 2022.

(2)

Excludes excise tax accrual under Inflation Reduction Act.

(3)

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 December 31,




Operating Income


Income from Continuing
Operations Before
Income Taxes


Income Tax Provision(2)


Effective Tax Rate


Net Income


Diluted Earnings Per Share(3)






























2023


2022


2023


2022


2023


2022


2023


2022


2023


2022


2023


2022



























From continuing operations, as reported

$

349.9

$

424.9

$

277.7

$

377.7

$

61.5

$

91.3


22.1 %


24.2 %

$

216.2

$

286.4





Discontinued operations, net of income taxes


















-


-





As reported


















216.2


286.4

$

5.04

$

5.72




























Increase (decrease) in compensation expense related to market

valuation changes in deferred compensation(4)


11.2


6.8


-


-


-


-






-


-

$

-

$

-


Gain on equity investment


-


-


(7.5)


-


(1.8)


-






(5.7)


-

$

(0.13)

$

-


Severance expenses


6.6


-


6.6


-


1.6


-






5.0


-

$

0.12

$

-


Initial credit loss expense associated with acquired loan portfolio


-


34.2


-


34.2


-


8.4






-


25.8

$

-

$

0.51


Acquisition-related expenses


-


8.0


-


8.0


-


1.0






-


7.0

$

-

$

0.14



























Adjusted

$

367.7

$

473.9

$

276.8

$

419.9

$

61.3

$

100.7


22.1 %


24.0 %

$

215.5

$

319.2

$

5.02

$

6.37
























































Three Months Ended December 31,




















SG&A


SG&A as a Percentage of
Gross Profit (%)




















2023


2022


2023


2022

















As reported

$

808.3

$

766.7


66.5


59.8

















Excluding:


























Increase (decrease) in compensation expense related to market

valuation changes in deferred compensation


11.2


6.8






















Severance expenses


6.6


-






















Acquisition-related expenses


-


8.0





















Adjusted

$

790.5

$

751.9


65.1


58.7








































































Twelve Months Ended December 31,




Operating Income


Income from Continuing
Operations Before
Income Taxes


Income Tax Provision(2)


Effective Tax Rate


Net Income


Diluted Earnings Per Share(3)






























2023


2022


2023


2022


2023


2022


2023


2022


2023


2022


2023


2022



























From continuing operations, as reported

$

1,651.9

$

2,024.5

$

1,350.2

$

1,833.5

$

330.0

$

455.8


24.4 %


24.9 %

$

1,020.2

$

1,377.7





Discontinued operations, net of income taxes


















0.9


(0.3)





As reported


















1,021.1


1,377.4

$

22.74

$

24.29




























Increase (decrease) in compensation expense related to market

valuation changes in deferred compensation(4)


17.5


(18.3)


-


-


-


-






-


-

$

-

$

-


Gain on equity investment


-


-


(7.5)


-


(1.8)


-






(5.7)


-

$

(0.13)

$

-


Losses from hail storms and other natural catastrophes


16.5


-


16.5


-


4.1


-






12.4


-

$

0.28

$

-


Severance expenses


6.6


-


6.6


-


1.6


-






5.0


-

$

0.11

$

-


Initial credit loss expense associated with acquired loan portfolio


-


34.2


-


34.2


-


8.4






-


25.8

$

-

$

0.46


Acquisition-related expenses


-


8.0


-


8.0


-


1.0






-


7.0

$

-

$

0.12


Net gains on business/property dispositions


-


(16.1)


-


(16.1)


-


(4.0)






-


(12.1)

$

-

$

(0.21)


Legal settlement


-


(6.3)


-


(6.3)


-


(1.4)






-


(4.9)

$

-

$

(0.09)



























Adjusted

$

1,692.5

$

2,026.0

$

1,365.8

$

1,853.3

$

333.9

$

459.8


24.4 %


24.8 %

$

1,032.8

$

1,393.2

$

23.00

$

24.57
























































Twelve Months Ended December 31,




















SG&A


SG&A as a Percentage of
Gross Profit (%)




















2023


2022


2023


2022

















As reported

$

3,253.2

$

3,026.1


63.4


57.5

















Excluding:


























Increase (decrease) in compensation expense related to market

valuation changes in deferred compensation


17.5


(18.3)






















Losses from hail storms and other natural catastrophes


16.5


-






















Severance expenses


6.6


-






















Acquisition-related expenses


-


8.0





















Adjusted

$

3,212.6

$

3,036.4


62.6


57.7





















(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, 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.

AUTONATION, INC.

UNAUDITED SAME STORE DATA

($ in millions, except per vehicle data)









































Operating Highlights


Three Months Ended December 31,


Twelve Months Ended December 31,





2023


2022


$ Variance


% Variance


2023


2022


$ Variance


% Variance

Revenue:


















New vehicle

$

3,307.8

$

3,142.9

$

164.9


5.2

$

12,572.1

$

11,698.7

$

873.4


7.5



Retail used vehicle


1,712.2


2,009.0


(296.8)


(14.8)


7,385.6


8,959.6


(1,574.0)


(17.6)



Wholesale


120.8


152.6


(31.8)


(20.8)


544.5


633.6


(89.1)


(14.1)


Used vehicle


1,833.0


2,161.6


(328.6)


(15.2)


7,930.1


9,593.2


(1,663.1)


(17.3)


Finance and insurance, net


338.7


344.4


(5.7)


(1.7)


1,385.5


1,430.2


(44.7)


(3.1)



Total variable operations


5,479.5


5,648.9


(169.4)


(3.0)


21,887.7


22,722.1


(834.4)


(3.7)


Parts and service


1,114.2


1,025.3


88.9


8.7


4,431.8


4,073.3


358.5


8.8


Other


6.1


8.4


(2.3)




30.1


30.5


(0.4)



Total revenue

$

6,599.8

$

6,682.6

$

(82.8)


(1.2)

$

26,349.6

$

26,825.9

$

(476.3)


(1.8)







































Gross profit:


















New vehicle

$

233.3

$

338.4

$

(105.1)


(31.1)

$

1,048.4

$

1,361.8

$

(313.4)


(23.0)



Retail used vehicle


91.2


125.0


(33.8)


(27.0)


477.1


536.1


(59.0)


(11.0)



Wholesale


(2.5)


(6.5)


4.0




16.3


15.9


0.4




Used vehicle


88.7


118.5


(29.8)


(25.1)


493.4


552.0


(58.6)


(10.6)


Finance and insurance


338.7


344.4


(5.7)


(1.7)


1,385.5


1,430.2


(44.7)


(3.1)



Total variable operations


660.7


801.3


(140.6)


(17.5)


2,927.3


3,344.0


(416.7)


(12.5)


Parts and service


531.1


475.9


55.2


11.6


2,097.9


1,882.4


215.5


11.4


Other


(0.1)


1.3


(1.4)




3.4


7.9


(4.5)



Total gross profit

$

1,191.7

$

1,278.5

$

(86.8)


(6.8)

$

5,028.6

$

5,234.3

$

(205.7)


(3.9)







































Retail vehicle unit sales:


















New


63,410


59,996


3,414


5.7


240,327


229,098


11,229


4.9


Used


62,213


67,441


(5,228)


(7.8)


263,642


297,970


(34,328)


(11.5)





125,623


127,437


(1,814)


(1.4)


503,969


527,068


(23,099)


(4.4)




















Revenue per vehicle retailed:


















New

$

52,165

$

52,385

$

(220)


(0.4)

$

52,312

$

51,064

$

1,248


2.4


Used

$

27,522

$

29,789

$

(2,267)


(7.6)

$

28,014

$

30,069

$

(2,055)


(6.8)




















Gross profit per vehicle retailed:


















New

$

3,679

$

5,640

$

(1,961)


(34.8)

$

4,362

$

5,944

$

(1,582)


(26.6)


Used

$

1,466

$

1,853

$

(387)


(20.9)

$

1,810

$

1,799

$

11


0.6


Finance and insurance

$

2,696

$

2,703

$

(7)


(0.3)

$

2,749

$

2,714

$

35


1.3


Total variable operations(1)

$

5,279

$

6,339

$

(1,060)


(16.7)

$

5,776

$

6,314

$

(538)


(8.5)









































Operating Percentages


Three Months Ended December 31,


Twelve Months Ended December 31,













2023 (%)


2022 (%)


2023 (%)


2022 (%)




























Revenue mix percentages:


















New vehicle


50.1


47.0


47.7


43.6










Used vehicle


27.8


32.3


30.1


35.8










Parts and service


16.9


15.3


16.8


15.2










Finance and insurance, net


5.1


5.2


5.3


5.3










Other


0.1


0.2


0.1


0.1













100.0


100.0


100.0


100.0




























Gross profit mix percentages:


















New vehicle


19.6


26.5


20.8


26.0










Used vehicle


7.4


9.3


9.8


10.5










Parts and service


44.6


37.2


41.7


36.0










Finance and insurance


28.4


26.9


27.6


27.3










Other


-


0.1


0.1


0.2













100.0


100.0


100.0


100.0




























Operating items as a percentage of revenue:


















Gross profit:



















New vehicle


7.1


10.8


8.3


11.6











Used vehicle - retail


5.3


6.2


6.5


6.0











Parts and service


47.7


46.4


47.3


46.2











Total


18.1


19.1


19.1


19.5











(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.

SOURCE AutoNation, Inc.

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