Fourth Quarter 2022 GAAP EPS was $5.72, and adjusted EPS was $6.37 a fourth quarter record
Full Year 2022 GAAP EPS was $24.29, and adjusted EPS was $24.57 both records and more than 30% higher than a year ago
Fourth Quarter 2022 Revenue was $6.7 billion, a fourth quarter record, and Full Year 2022 Revenue increased $1.1 billion to a record $27 billion
After-Sales growth continued with record Fourth Quarter 2022 gross profit up 12% and Full Year 2022 increasing 14% from a year ago to a record $1.9 billion
Full Year 2022 cash flows from operations were a record $1.7 billion
In 2022, the Company reduced shares outstanding by 25% as it repurchased 15.6 million shares, including 4.6 million during the fourth quarter
FORT LAUDERDALE, Fla., Feb. 17, 2023 /PRNewswire/ — AutoNation, Inc. (NYSE: AN), America’s most admired automotive retailer, today reported fourth quarter 2022 GAAP EPS of $5.72 and adjusted EPS of $6.37. Fourth quarter 2022 revenue was $6.7 billion, an increase of 2% compared to the same period a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
“Our fourth quarter results capped off another record year for earnings and revenue as our Associates drove results while providing a superior Customer experience. We closed the year strong with record full-year results for After-Sales and Customer Financial Services. We continue to perform well in the current environment while taking significant steps to address the industry transformation. During the year, we expanded our footprint, introduced additional transportation solutions, and leveraged our strong cash flow to fund investments and return capital to shareholders,” said Mike Manley, AutoNation’s Chief Executive Officer.
Operational Summary
Fourth quarter 2022 Operational Summary compared to the year-ago period:
|
Selected GAAP Financial Data |
|||
|
($ in millions, except per share data) |
|||
|
Three Months Ended Dec 31, |
|||
|
2022 |
2021 |
YoY |
|
|
Revenue |
$ 6,697.0 |
$ 6,582.3 |
2 % |
|
Gross Profit |
$ 1,281.9 |
$ 1,321.6 |
-3 % |
|
Operating Income |
$ 424.9 |
$ 532.4 |
-20 % |
|
Net Income |
$ 286.4 |
$ 387.1 |
-26 % |
|
Diluted EPS |
$ 5.72 |
$ 5.87 |
-3 % |
|
New Vehicle Retail Unit Sales |
60,074 |
57,601 |
4 % |
|
Used Vehicle Retail Unit Sales |
67,608 |
74,442 |
-9 % |
|
Selected Non-GAAP Financial Data |
|||
|
($ in millions, except per share data) |
|||
|
Three Months Ended Dec 31, |
|||
|
2022 |
2021 |
YoY |
|
|
Adjusted Operating Income |
$ 467.1 |
$ 521.4 |
-10 % |
|
Adjusted Net Income |
$ 319.2 |
$ 380.0 |
-16 % |
|
Adjusted Diluted EPS |
$ 6.37 |
$ 5.76 |
11 % |
Revenue – Revenue was $6.7 billion, an increase of 2% compared to the year-ago period. Higher average selling prices of vehicles, increased new vehicle unit sales, and continued growth in After-Sales, more than offset lower used vehicle unit sales.
New Vehicle Revenue – $3.1 billion, an increase of $230 million or 8%.
Used Vehicle Revenue – $2.2 billion, a decrease of $176 million or 8%.
After-Sales Revenue – $1.0 billion, an increase of $67 million or 7%.
Customer Financial Services Revenue – $345 million, compared to $354 million a year ago.
Gross Profit – Gross profit totaled $1.28 billion compared to $1.32 billion a year ago.
New Vehicle Gross Profit – New vehicle gross profit per vehicle retailed was $5,633, compared to $6,450 a year ago and $5,934 in the Third Quarter 2022.
Used Vehicle Gross Profit – Used vehicle gross profit per vehicle retailed was $1,847, compared to $2,063 a year ago and $1,870 in the Third Quarter 2022.
Customer Financial Services Gross Profit – Customer Financial Services gross profit per vehicle retailed was $2,703, compared to $2,678 a year ago and $2,755 in the Third Quarter 2022.
After-Sales Gross Profit – After-Sales gross profit was $479 million, an increase of $53 million or 12% from a year ago.
SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 59.8% and 59.2% on an adjusted basis, slightly higher than recent periods reflecting investments in technology and new business initiatives.
Strategy and Business Highlights
“In 2022, we embarked on an ambitious strategy to be the nation’s most comprehensive provider of transportation services, meeting Customers’ needs throughout their transportation lifecycle. During the year, we made significant progress in expanding our product and service offerings while aligning our core business to serve our Customers and Manufacturer partners. Our progress, combined with disciplined capital allocation, has positioned AutoNation for long-term sustained profitability. Our commitment to our Customers was recognized in Reputations’ Automotive Reputation Report as we were ranked the No. 1 Public Dealer for 2022,” added Manley.
AutoNation strengthened its core business by focusing on operational excellence, including Customer satisfaction, sales efficiency, sales effectiveness, and asset utilization. AutoNation extended and enhanced its brand, scale, and footprint, during the year opening four additional AutoNation USA stores and adding nine franchises acquired from the Moreland Auto Group. Additionally, the Company improved its digital retailing experience with an enhanced digital storefront.
AutoNation expanded its service and product offerings to introduce comprehensive transportation solutions to over 11 million AutoNation Customers. The acquisition of CIG Financial and the creation of AutoNation Finance established an in-house Customer Financial Services solution for current and future Customers. We are creating mobility solutions to offer Customers greater flexibility in vehicle procurement. In January 2023, we completed the acquisition of RepairSmith, a mobile solution for automotive repair and maintenance. RepairSmith will expand our ability to innovate and conveniently service our Customers by broadening the reach of our existing After-Sales network, extending our brand, and further leveraging our scale.
In addition to operational and expansion investments of over $500 million, AutoNation continued to utilize its substantial cash flow generation to deploy capital to return funds to shareholders through share repurchases. During 2022, $1.7 billion was deployed to repurchase 15.6 million shares, reducing shares outstanding by 25% from a year ago. As of February 15, 2023, AutoNation had approximately 47 million shares outstanding down from 83 million shares outstanding at the end of 2020.
Full Year 2022 Operational Summary compared to the year-ago period:
|
Selected GAAP Financial Data |
|||
|
($ in millions, except per share data) |
|||
|
Twelve Months Ended Dec 31, |
|||
|
2022 |
2021 |
YoY |
|
|
Revenue |
$ 26,985.0 |
$ 25,844.0 |
4 % |
|
Gross Profit |
$ 5,265.3 |
$ 4,952.6 |
6 % |
|
Operating Income |
$ 2,024.5 |
$ 1,902.8 |
6 % |
|
Net Income |
$ 1,377.4 |
$ 1,373.0 |
0 % |
|
Diluted EPS |
$ 24.29 |
$ 18.31 |
33 % |
|
New Vehicle Retail Unit Sales |
229,971 |
262,403 |
-12 % |
|
Used Vehicle Retail Unit Sales |
299,806 |
304,364 |
-1 % |
|
Selected Non-GAAP Financial Data |
|||
|
($ in millions, except per share data) |
|||
|
Twelve Months Ended Dec 31, |
|||
|
2022 |
2021 |
YoY |
|
|
Adjusted Operating Income |
$ 2,044.3 |
$ 1,891.8 |
8 % |
|
Adjusted Net Income |
$ 1,393.2 |
$ 1,360.2 |
2 % |
|
Adjusted Diluted EPS |
$ 24.57 |
$ 18.14 |
35 % |
Revenue – Revenue was $27 billion, an increase of 4% compared to the year-ago period.
New Vehicle Revenue – $11.8 billion, a decrease of $327 million or 3%.
Used Vehicle Revenue – $9.7 billion, an increase of $1.0 billion or 12%.
After-Sales Revenue – $4.1 billion, an increase of $394 million or 11%.
Customer Financial Services Revenue – $1.4 billion, an increase of $53 million or 4%.
Gross Profit – Gross profit totaled $5.3 billion, an increase of $313 million or 6%.
New Vehicle Gross Profit – New vehicle gross profit per vehicle retailed was $5,942, compared to $4,579.
Used Vehicle Gross Profit – Used vehicle gross profit per vehicle retailed was $1,795, compared to $2,045.
Customer Financial Services Gross Profit – Customer Financial Services gross profit per vehicle retailed was $2,713, compared to $2,443 a year ago, an 11% increase.
After-Sales Gross Profit – After-Sales gross profit was $1.9 billion, an increase of $228 million or 14%.
SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 57.5% and 57.3% on an adjusted basis, compared to 58.0% on an adjusted basis in the prior year.
Liquidity and Leverage
As of December 31, 2022, AutoNation had $1.8 billion of liquidity, including $73 million in cash and approximately $1.75 billion of availability under our revolving credit facility. The Company’s covenant leverage ratio was 1.6x at quarter-end, and 1.6x net of cash and used floorplan availability. AutoNation had approximately $3.65 billion of non-vehicle debt outstanding as of December 31, 2022.
Segment Results
Segment results(1) for the fourth quarter and full year 2022 were as follows:
Fourth Quarter 2022 Segment Results
Domestic – Domestic segment income(2) was $120 million compared to the year-ago segment income of $159 million, a decrease of 25%.
Import – Import segment income(2) was $175 million compared to the year-ago segment income of $184 million, a decrease of 5%.
Premium Luxury – Premium Luxury segment income(2) was $247 million, unchanged from a year-ago.
Full Year 2022 Segment Results
Domestic – Domestic segment income(2) was $565 million compared to the year-ago segment income of $596 million, a decrease of 5%.
Import – Import segment income(2) was $734 million compared to the year-ago segment income of $715 million, an increase of 3%.
Premium Luxury – Premium Luxury segment income(2) was $969 million compared to the year-ago segment income of $837 million, an increase of 16%.
The fourth quarter conference call may be accessed by telephone at 844-200-6205 (Conference ID: 779065) 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 17, 2023, through March 10, 2023, by calling 866-813-9403 (Conference ID: 106051). 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, 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.com, investors.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, and investments, including the planned expansion of our AutoNation USA pre-owned vehicle stores and 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, including the planned expansion of our AutoNation USA stores and our investments in digital and online capabilities and mobility solutions; 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 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 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 December 31, |
Twelve Months Ended December 31, |
||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||
|
Revenue: |
|||||||||
|
New vehicle |
$ |
3,147.5 |
$ |
2,917.3 |
$ |
11,754.4 |
$ |
12,081.7 |
|
|
Used vehicle |
2,167.3 |
2,343.6 |
9,661.8 |
8,638.8 |
|||||
|
Parts and service |
1,028.3 |
961.1 |
4,100.6 |
3,706.6 |
|||||
|
Finance and insurance, net |
345.1 |
353.6 |
1,437.3 |
1,384.5 |
|||||
|
Other |
8.8 |
6.7 |
30.9 |
32.4 |
|||||
|
Total revenue |
6,697.0 |
6,582.3 |
26,985.0 |
25,844.0 |
|||||
|
Cost of sales: |
|||||||||
|
New vehicle |
2,809.1 |
2,545.8 |
10,387.8 |
10,880.1 |
|||||
|
Used vehicle |
2,049.3 |
2,175.4 |
9,108.7 |
7,950.7 |
|||||
|
Parts and service |
549.4 |
534.7 |
2,200.3 |
2,033.9 |
|||||
|
Other |
7.3 |
4.8 |
22.9 |
26.7 |
|||||
|
Total cost of sales |
5,415.1 |
5,260.7 |
21,719.7 |
20,891.4 |
|||||
|
Gross profit |
1,281.9 |
1,321.6 |
5,265.3 |
4,952.6 |
|||||
|
Selling, general, and administrative expenses |
766.7 |
755.7 |
3,026.1 |
2,876.2 |
|||||
|
Depreciation and amortization |
51.4 |
49.9 |
200.3 |
193.3 |
|||||
|
Other (income) expense, net(1) |
38.9 |
(16.4) |
14.4 |
(19.7) |
|||||
|
Operating income |
424.9 |
532.4 |
2,024.5 |
1,902.8 |
|||||
|
Non-operating income (expense) items: |
|||||||||
|
Floorplan interest expense |
(19.7) |
(4.8) |
(41.4) |
(25.7) |
|||||
|
Other interest expense |
(37.5) |
(26.8) |
(134.9) |
(93.0) |
|||||
|
Other income (loss), net(2) |
10.0 |
5.2 |
(14.7) |
24.3 |
|||||
|
Income from continuing operations before income taxes |
377.7 |
506.0 |
1,833.5 |
1,808.4 |
|||||
|
Income tax provision |
91.3 |
118.8 |
455.8 |
435.1 |
|||||
|
Net income from continuing operations |
286.4 |
387.2 |
1,377.7 |
1,373.3 |
|||||
|
Loss from discontinued operations, net of income taxes |
– |
(0.1) |
(0.3) |
(0.3) |
|||||
|
Net income |
$ |
286.4 |
$ |
387.1 |
$ |
1,377.4 |
$ |
1,373.0 |
|
|
Diluted earnings (loss) per share(3): |
|||||||||
|
Continuing operations |
$ |
5.72 |
$ |
5.87 |
$ |
24.30 |
$ |
18.31 |
|
|
Discontinued operations |
$ |
– |
$ |
– |
$ |
(0.01) |
$ |
– |
|
|
Net income |
$ |
5.72 |
$ |
5.87 |
$ |
24.29 |
$ |
18.31 |
|
|
Weighted average common shares outstanding |
50.1 |
66.0 |
56.7 |
75.0 |
|||||
|
Common shares outstanding, net of treasury stock, at period end |
47.6 |
62.6 |
47.6 |
62.6 |
|||||
|
(1) |
Includes net gains on store/property dispositions, legal settlements, and asset impairment charges. Current periods also include results of our finance company, including expected credit loss expense. |
||||||||
|
(2) |
Includes gains (losses) related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants. Current quarter-to-date and current and prior year-to-date periods also include 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, |
||||||||||||||||
|
2022 |
2021 |
$ Variance |
% Variance |
2022 |
2021 |
$ Variance |
% Variance |
|||||||||||
|
Revenue: |
||||||||||||||||||
|
New vehicle |
$ |
3,147.5 |
$ |
2,917.3 |
$ |
230.2 |
7.9 |
$ |
11,754.4 |
$ |
12,081.7 |
$ |
(327.3) |
(2.7) |
||||
|
Retail used vehicle |
2,013.4 |
2,174.3 |
(160.9) |
(7.4) |
9,020.9 |
8,062.4 |
958.5 |
11.9 |
||||||||||
|
Wholesale |
153.9 |
169.3 |
(15.4) |
(9.1) |
640.9 |
576.4 |
64.5 |
11.2 |
||||||||||
|
Used vehicle |
2,167.3 |
2,343.6 |
(176.3) |
(7.5) |
9,661.8 |
8,638.8 |
1,023.0 |
11.8 |
||||||||||
|
Finance and insurance, net |
345.1 |
353.6 |
(8.5) |
(2.4) |
1,437.3 |
1,384.5 |
52.8 |
3.8 |
||||||||||
|
Total variable operations |
5,659.9 |
5,614.5 |
45.4 |
0.8 |
22,853.5 |
22,105.0 |
748.5 |
3.4 |
||||||||||
|
Parts and service |
1,028.3 |
961.1 |
67.2 |
7.0 |
4,100.6 |
3,706.6 |
394.0 |
10.6 |
||||||||||
|
Other |
8.8 |
6.7 |
2.1 |
30.9 |
32.4 |
(1.5) |
||||||||||||
|
Total revenue |
$ |
6,697.0 |
$ |
6,582.3 |
$ |
114.7 |
1.7 |
$ |
26,985.0 |
$ |
25,844.0 |
$ |
1,141.0 |
4.4 |
||||
|
Gross profit: |
||||||||||||||||||
|
New vehicle |
$ |
338.4 |
$ |
371.5 |
$ |
(33.1) |
(8.9) |
$ |
1,366.6 |
$ |
1,201.6 |
$ |
165.0 |
13.7 |
||||
|
Retail used vehicle |
124.9 |
153.6 |
(28.7) |
(18.7) |
538.3 |
622.3 |
(84.0) |
(13.5) |
||||||||||
|
Wholesale |
(6.9) |
14.6 |
(21.5) |
14.8 |
65.8 |
(51.0) |
||||||||||||
|
Used vehicle |
118.0 |
168.2 |
(50.2) |
(29.8) |
553.1 |
688.1 |
(135.0) |
(19.6) |
||||||||||
|
Finance and insurance |
345.1 |
353.6 |
(8.5) |
(2.4) |
1,437.3 |
1,384.5 |
52.8 |
3.8 |
||||||||||
|
Total variable operations |
801.5 |
893.3 |
(91.8) |
(10.3) |
3,357.0 |
3,274.2 |
82.8 |
2.5 |
||||||||||
|
Parts and service |
478.9 |
426.4 |
52.5 |
12.3 |
1,900.3 |
1,672.7 |
227.6 |
13.6 |
||||||||||
|
Other |
1.5 |
1.9 |
(0.4) |
8.0 |
5.7 |
2.3 |
||||||||||||
|
Total gross profit |
1,281.9 |
1,321.6 |
(39.7) |
(3.0) |
5,265.3 |
4,952.6 |
312.7 |
6.3 |
||||||||||
|
Selling, general, and administrative expenses |
766.7 |
755.7 |
(11.0) |
(1.5) |
3,026.1 |
2,876.2 |
(149.9) |
(5.2) |
||||||||||
|
Depreciation and amortization |
51.4 |
49.9 |
(1.5) |
200.3 |
193.3 |
(7.0) |
||||||||||||
|
Other (income) expense, net |
38.9 |
(16.4) |
(55.3) |
14.4 |
(19.7) |
(34.1) |
||||||||||||
|
Operating income |
424.9 |
532.4 |
(107.5) |
(20.2) |
2,024.5 |
1,902.8 |
121.7 |
6.4 |
||||||||||
|
Non-operating income (expense) items: |
||||||||||||||||||
|
Floorplan interest expense |
(19.7) |
(4.8) |
(14.9) |
(41.4) |
(25.7) |
(15.7) |
||||||||||||
|
Other interest expense |
(37.5) |
(26.8) |
(10.7) |
(134.9) |
(93.0) |
(41.9) |
||||||||||||
|
Other income (loss), net |
10.0 |
5.2 |
4.8 |
(14.7) |
24.3 |
(39.0) |
||||||||||||
|
Income from continuing operations before income taxes |
$ |
377.7 |
$ |
506.0 |
$ |
(128.3) |
(25.4) |
$ |
1,833.5 |
$ |
1,808.4 |
$ |
25.1 |
1.4 |
||||
|
Retail vehicle unit sales: |
||||||||||||||||||
|
New |
60,074 |
57,601 |
2,473 |
4.3 |
229,971 |
262,403 |
(32,432) |
(12.4) |
||||||||||
|
Used |
67,608 |
74,442 |
(6,834) |
(9.2) |
299,806 |
304,364 |
(4,558) |
(1.5) |
||||||||||
|
127,682 |
132,043 |
(4,361) |
(3.3) |
529,777 |
566,767 |
(36,990) |
(6.5) |
|||||||||||
|
Revenue per vehicle retailed: |
||||||||||||||||||
|
New |
$ |
52,394 |
$ |
50,647 |
$ |
1,747 |
3.4 |
$ |
51,113 |
$ |
46,043 |
$ |
5,070 |
11.0 |
||||
|
Used |
$ |
29,780 |
$ |
29,208 |
$ |
572 |
2.0 |
$ |
30,089 |
$ |
26,489 |
$ |
3,600 |
13.6 |
||||
|
Gross profit per vehicle retailed: |
||||||||||||||||||
|
New |
$ |
5,633 |
$ |
6,450 |
$ |
(817) |
(12.7) |
$ |
5,942 |
$ |
4,579 |
$ |
1,363 |
29.8 |
||||
|
Used |
$ |
1,847 |
$ |
2,063 |
$ |
(216) |
(10.5) |
$ |
1,795 |
$ |
2,045 |
$ |
(250) |
(12.2) |
||||
|
Finance and insurance |
$ |
2,703 |
$ |
2,678 |
$ |
25 |
0.9 |
$ |
2,713 |
$ |
2,443 |
$ |
270 |
11.1 |
||||
|
Total variable operations(1) |
$ |
6,331 |
$ |
6,655 |
$ |
(324) |
(4.9) |
$ |
6,309 |
$ |
5,661 |
$ |
648 |
11.4 |
||||
|
Operating Percentages |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||
|
2022 ( %) |
2021 ( %) |
2022 ( %) |
2021 ( %) |
|||||||||||||||
|
Revenue mix percentages: |
||||||||||||||||||
|
New vehicle |
47.0 |
44.3 |
43.6 |
46.7 |
||||||||||||||
|
Used vehicle |
32.4 |
35.6 |
35.8 |
33.4 |
||||||||||||||
|
Parts and service |
15.4 |
14.6 |
15.2 |
14.3 |
||||||||||||||
|
Finance and insurance, net |
5.2 |
5.4 |
5.3 |
5.4 |
||||||||||||||
|
Other |
– |
0.1 |
0.1 |
0.2 |
||||||||||||||
|
100.0 |
100.0 |
100.0 |
100.0 |
|||||||||||||||
|
Gross profit mix percentages: |
||||||||||||||||||
|
New vehicle |
26.4 |
28.1 |
26.0 |
24.3 |
||||||||||||||
|
Used vehicle |
9.2 |
12.7 |
10.5 |
13.9 |
||||||||||||||
|
Parts and service |
37.4 |
32.3 |
36.1 |
33.8 |
||||||||||||||
|
Finance and insurance |
26.9 |
26.8 |
27.3 |
28.0 |
||||||||||||||
|
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 |
10.8 |
12.7 |
11.6 |
9.9 |
||||||||||||||
|
Used vehicle – retail |
6.2 |
7.1 |
6.0 |
7.7 |
||||||||||||||
|
Parts and service |
46.6 |
44.4 |
46.3 |
45.1 |
||||||||||||||
|
Total |
19.1 |
20.1 |
19.5 |
19.2 |
||||||||||||||
|
Selling, general, and administrative expenses |
11.4 |
11.5 |
11.2 |
11.1 |
||||||||||||||
|
Operating income |
6.3 |
8.1 |
7.5 |
7.4 |
||||||||||||||
|
Operating items as a percentage of total gross profit: |
||||||||||||||||||
|
Selling, general, and administrative expenses |
59.8 |
57.2 |
57.5 |
58.1 |
||||||||||||||
|
Operating income |
33.1 |
40.3 |
38.4 |
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, |
|||||||||||||||
|
2022 |
2021 |
$ Variance |
% Variance |
2022 |
2021 |
$ Variance |
% Variance |
||||||||||
|
Revenue: |
|||||||||||||||||
|
Domestic |
$ |
1,879.4 |
$ |
2,033.2 |
$ |
(153.8) |
(7.6) |
$ |
7,987.5 |
$ |
7,959.9 |
$ |
27.6 |
0.3 |
|||
|
Import |
1,891.3 |
1,870.6 |
20.7 |
1.1 |
7,690.3 |
7,798.5 |
(108.2) |
(1.4) |
|||||||||
|
Premium luxury |
2,676.4 |
2,439.9 |
236.5 |
9.7 |
10,278.1 |
9,229.9 |
1,048.2 |
11.4 |
|||||||||
|
Total |
6,447.1 |
6,343.7 |
103.4 |
1.6 |
25,955.9 |
24,988.3 |
967.6 |
3.9 |
|||||||||
|
Corporate and other |
249.9 |
238.6 |
11.3 |
4.7 |
1,029.1 |
855.7 |
173.4 |
20.3 |
|||||||||
|
Total consolidated revenue |
$ |
6,697.0 |
$ |
6,582.3 |
$ |
114.7 |
1.7 |
$ |
26,985.0 |
$ |
25,844.0 |
$ |
1,141.0 |
4.4 |
|||
|
Segment income*: |
|||||||||||||||||
|
Domestic |
$ |
120.1 |
$ |
159.2 |
$ |
(39.1) |
(24.6) |
$ |
565.3 |
$ |
595.8 |
$ |
(30.5) |
(5.1) |
|||
|
Import |
175.2 |
184.4 |
(9.2) |
(5.0) |
734.2 |
714.7 |
19.5 |
2.7 |
|||||||||
|
Premium luxury |
246.9 |
247.1 |
(0.2) |
(0.1) |
969.1 |
837.4 |
131.7 |
15.7 |
|||||||||
|
Total |
542.2 |
590.7 |
(48.5) |
(8.2) |
2,268.6 |
2,147.9 |
120.7 |
5.6 |
|||||||||
|
Corporate and other |
(137.0) |
(63.1) |
(73.9) |
(285.5) |
(270.8) |
(14.7) |
|||||||||||
|
Add: Floorplan interest expense |
19.7 |
4.8 |
14.9 |
41.4 |
25.7 |
15.7 |
|||||||||||
|
Operating income |
$ |
424.9 |
$ |
532.4 |
$ |
(107.5) |
(20.2) |
$ |
2,024.5 |
$ |
1,902.8 |
$ |
121.7 |
6.4 |
|||
|
* 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 |
16,391 |
17,205 |
(814) |
(4.7) |
66,375 |
76,211 |
(9,836) |
(12.9) |
|||||||||
|
Import |
25,429 |
23,916 |
1,513 |
6.3 |
95,886 |
118,863 |
(22,977) |
(19.3) |
|||||||||
|
Premium luxury |
18,254 |
16,480 |
1,774 |
10.8 |
67,710 |
67,329 |
381 |
0.6 |
|||||||||
|
60,074 |
57,601 |
2,473 |
4.3 |
229,971 |
262,403 |
(32,432) |
(12.4) |
||||||||||
|
Retail used vehicle unit sales: |
|||||||||||||||||
|
Domestic |
21,039 |
25,507 |
(4,468) |
(17.5) |
97,642 |
105,031 |
(7,389) |
(7.0) |
|||||||||
|
Import |
22,400 |
24,739 |
(2,339) |
(9.5) |
100,131 |
103,418 |
(3,287) |
(3.2) |
|||||||||
|
Premium luxury |
19,851 |
20,512 |
(661) |
(3.2) |
83,858 |
83,447 |
411 |
0.5 |
|||||||||
|
63,290 |
70,758 |
(7,468) |
(10.6) |
281,631 |
291,896 |
(10,265) |
(3.5) |
||||||||||
|
Brand Mix – Retail New Vehicle Units Sold |
|||||||||||||||||
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||
|
2022 ( %) |
2021 ( %) |
2022 ( %) |
2021 ( %) |
||||||||||||||
|
Domestic: |
|||||||||||||||||
|
Ford, Lincoln |
9.8 |
12.7 |
10.5 |
10.5 |
|||||||||||||
|
Chevrolet, Buick, Cadillac, GMC |
11.1 |
8.4 |
10.2 |
9.6 |
|||||||||||||
|
Chrysler, Dodge, Jeep, Ram |
6.4 |
8.8 |
8.2 |
8.9 |
|||||||||||||
|
Domestic total |
27.3 |
29.9 |
28.9 |
29.0 |
|||||||||||||
|
Import: |
|||||||||||||||||
|
Toyota |
21.3 |
19.1 |
20.6 |
21.5 |
|||||||||||||
|
Honda |
10.5 |
11.8 |
9.9 |
13.5 |
|||||||||||||
|
Nissan |
2.0 |
2.4 |
2.1 |
2.5 |
|||||||||||||
|
Hyundai |
3.1 |
2.5 |
3.2 |
2.2 |
|||||||||||||
|
Subaru |
2.9 |
2.6 |
3.0 |
2.9 |
|||||||||||||
|
Other Import |
2.5 |
3.1 |
2.9 |
2.7 |
|||||||||||||
|
Import total |
42.3 |
41.5 |
41.7 |
45.3 |
|||||||||||||
|
Premium Luxury: |
|||||||||||||||||
|
Mercedes-Benz |
10.0 |
9.7 |
10.4 |
8.7 |
|||||||||||||
|
BMW |
11.2 |
10.5 |
9.9 |
8.1 |
|||||||||||||
|
Lexus |
2.4 |
2.7 |
2.7 |
3.0 |
|||||||||||||
|
Audi |
2.6 |
2.0 |
2.6 |
2.2 |
|||||||||||||
|
Jaguar Land Rover |
2.1 |
1.6 |
1.8 |
1.9 |
|||||||||||||
|
Other Premium Luxury |
2.1 |
2.1 |
2.0 |
1.8 |
|||||||||||||
|
Premium Luxury total |
30.4 |
28.6 |
29.4 |
25.7 |
|||||||||||||
|
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, |
||||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||||
|
Capital expenditures (1) |
$ |
96.1 |
$ |
65.7 |
$ |
336.2 |
$ |
231.9 |
||||||
|
Cash paid for acquisitions, net of cash acquired (2) |
$ |
110.0 |
$ |
223.6 |
$ |
191.6 |
$ |
432.7 |
||||||
|
Proceeds from exercises of stock options |
$ |
– |
$ |
11.9 |
$ |
3.4 |
$ |
54.5 |
||||||
|
Stock repurchases: |
||||||||||||||
|
Aggregate purchase price |
$ |
497.2 |
$ |
381.7 |
$ |
1,710.2 |
$ |
2,303.2 |
||||||
|
Shares repurchased (in millions) |
4.6 |
3.1 |
15.6 |
22.3 |
||||||||||
|
Floorplan Assistance and Expense |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||
|
2022 |
2021 |
Variance |
2022 |
2021 |
Variance |
|||||||||
|
Floorplan assistance earned (included in cost of sales) |
$ |
27.7 |
$ |
27.5 |
$ |
0.2 |
$ |
108.9 |
$ |
121.4 |
$ |
(12.5) |
||
|
New vehicle floorplan interest expense |
(17.3) |
(3.6) |
(13.7) |
(35.5) |
(22.3) |
(13.2) |
||||||||
|
Net new vehicle inventory carrying benefit |
$ |
10.4 |
$ |
23.9 |
$ |
(13.5) |
$ |
73.4 |
$ |
99.1 |
$ |
(25.7) |
||
|
Balance Sheet and Other Highlights |
||||||||||||||
|
December 31, 2022 |
December 31, 2021 |
|||||||||||||
|
Cash and cash equivalents |
$ |
72.6 |
$ |
60.4 |
||||||||||
|
Inventory |
$ |
2,048.3 |
$ |
1,847.9 |
||||||||||
|
Floorplan notes payable |
$ |
2,109.3 |
$ |
1,457.6 |
||||||||||
|
Non-recourse debt |
$ |
323.6 |
$ |
– |
||||||||||
|
Non-vehicle debt |
$ |
3,649.5 |
$ |
3,198.4 |
||||||||||
|
Equity |
$ |
2,047.8 |
$ |
2,377.0 |
||||||||||
|
New days supply (industry standard of selling days) |
19 days |
9 days |
||||||||||||
|
Used days supply (trailing calendar month days) |
31 days |
40 days |
||||||||||||
|
Key Credit Agreement Covenant Compliance Calculations (3) |
||||||||||||||
|
Leverage ratio |
1.62x |
|||||||||||||
|
Covenant |
less than or equal to |
3.75x |
||||||||||||
|
Capitalization ratio |
59.9 % |
|||||||||||||
|
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) |
Year-to-date period includes $81.6 million that was reflected as deposits for investment for the nine months ended September 30, 2022 |
|||||||||||||
|
(3) |
Calculated in accordance with our credit agreement as filed with the SEC |
|||||||||||||
|
AUTONATION, INC. |
|||||||||||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA, Continued |
|||||||||||||||||||||||||
|
($ in millions, except per share data) |
|||||||||||||||||||||||||
|
Comparable Basis Reconciliations(1) |
|||||||||||||||||||||||||
|
Three Months Ended December 31, |
|||||||||||||||||||||||||
|
Operating Income |
Income from Continuing |
Income Tax Provision(2) |
Effective Tax Rate |
Net Income |
Diluted Earnings Per Share(3) |
||||||||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||
|
From continuing operations, as reported |
$ |
424.9 |
$ |
532.4 |
$ |
377.7 |
$ |
506.0 |
$ |
91.3 |
$ |
118.8 |
24.2 % |
23.5 % |
$ |
286.4 |
$ |
387.2 |
|||||||
|
Discontinued operations, net of income taxes |
– |
(0.1) |
|||||||||||||||||||||||
|
As reported |
286.4 |
387.1 |
$ |
5.72 |
$ |
5.87 |
|||||||||||||||||||
|
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 |
$ |
– |
|||||||||||||
|
Net gains on business/property dispositions, net of asset impairments |
– |
(11.6) |
– |
(11.6) |
– |
(2.8) |
– |
(8.8) |
$ |
– |
$ |
(0.13) |
|||||||||||||
|
Executive separation costs |
– |
5.8 |
– |
5.8 |
– |
0.2 |
– |
5.6 |
$ |
– |
$ |
0.08 |
|||||||||||||
|
Legal settlement |
– |
(5.2) |
– |
(5.2) |
– |
(1.3) |
– |
(3.9) |
$ |
– |
$ |
(0.06) |
|||||||||||||
|
Adjusted |
$ |
467.1 |
$ |
521.4 |
$ |
419.9 |
$ |
495.0 |
$ |
100.7 |
$ |
114.9 |
24.0 % |
23.2 % |
$ |
319.2 |
$ |
380.0 |
$ |
6.37 |
$ |
5.76 |
|||
|
Three Months Ended December 31, |
|||||||||||||||||||||||||
|
SG&A |
SG&A as a Percentage of Gross |
||||||||||||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||||||
|
As reported |
$ |
766.7 |
$ |
755.7 |
59.8 |
57.2 |
|||||||||||||||||||
|
Excluding acquisition-related expenses |
8.0 |
– |
|||||||||||||||||||||||
|
Excluding executive separation costs |
– |
5.8 |
|||||||||||||||||||||||
|
Adjusted |
$ |
758.7 |
$ |
749.9 |
59.2 |
56.7 |
|||||||||||||||||||
|
(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. |
||||||||||||||||||||||||
|
AUTONATION, INC. |
|||||||||||||||||||||||||
|
UNAUDITED SUPPLEMENTARY DATA, Continued |
|||||||||||||||||||||||||
|
($ in millions, except per share data) |
|||||||||||||||||||||||||
|
Comparable Basis Reconciliations(1) |
|||||||||||||||||||||||||
|
Twelve Months Ended December 31, |
|||||||||||||||||||||||||
|
Operating Income |
Income from Continuing |
Income Tax Provision(2) |
Effective Tax Rate |
Net Income |
Diluted Earnings Per Share(3) |
||||||||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||
|
From continuing operations, as reported |
$ |
2,024.5 |
$ |
1,902.8 |
$ |
1,833.5 |
$ |
1,808.4 |
$ |
455.8 |
$ |
435.1 |
24.9 % |
24.1 % |
$ |
1,377.7 |
$ |
1,373.3 |
|||||||
|
Discontinued operations, net of income taxes |
(0.3) |
(0.3) |
|||||||||||||||||||||||
|
As reported |
1,377.4 |
1,373.0 |
$ |
24.29 |
$ |
18.31 |
|||||||||||||||||||
|
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, net of asset impairments |
(16.1) |
(11.6) |
(16.1) |
(11.6) |
(4.0) |
(2.8) |
(12.1) |
(8.8) |
$ |
(0.21) |
$ |
(0.12) |
|||||||||||||
|
Executive separation costs |
– |
5.8 |
– |
5.8 |
– |
0.2 |
– |
5.6 |
$ |
– |
$ |
0.07 |
|||||||||||||
|
Legal settlement |
(6.3) |
(5.2) |
(6.3) |
(5.2) |
(1.4) |
(1.3) |
(4.9) |
(3.9) |
$ |
(0.09) |
$ |
(0.05) |
|||||||||||||
|
Gain on equity investment |
– |
– |
– |
(7.5) |
– |
(1.8) |
– |
(5.7) |
$ |
– |
$ |
(0.08) |
|||||||||||||
|
Adjusted |
$ |
2,044.3 |
$ |
1,891.8 |
$ |
1,853.3 |
$ |
1,789.9 |
$ |
459.8 |
$ |
429.4 |
24.8 % |
24.0 % |
$ |
1,393.2 |
$ |
1,360.2 |
$ |
24.57 |
$ |
18.14 |
|||
|
Twelve Months Ended December 31, |
|||||||||||||||||||||||||
|
SG&A |
SG&A as a Percentage of Gross |
||||||||||||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||||||
|
As reported |
$ |
3,026.1 |
$ |
2,876.2 |
57.5 |
58.1 |
|||||||||||||||||||
|
Excluding acquisition-related expenses |
8.0 |
– |
|||||||||||||||||||||||
|
Excluding executive separation costs |
– |
5.8 |
|||||||||||||||||||||||
|
Adjusted |
$ |
3,018.1 |
$ |
2,870.4 |
57.3 |
58.0 |
|||||||||||||||||||
|
(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 December 31, |
Twelve Months Ended December 31, |
||||||||||||||||
|
2022 |
2021 |
$ Variance |
% Variance |
2022 |
2021 |
$ Variance |
% Variance |
|||||||||||
|
Revenue: |
||||||||||||||||||
|
New vehicle |
$ |
3,125.6 |
2,901.6 |
$ |
224.0 |
7.7 |
$ |
11,400.6 |
12,034.9 |
$ |
(634.3) |
(5.3) |
||||||
|
Retail used vehicle |
1,972.7 |
2,160.5 |
(187.8) |
(8.7) |
8,637.9 |
8,027.7 |
610.2 |
7.6 |
||||||||||
|
Wholesale |
151.7 |
168.6 |
(16.9) |
(10.0) |
616.3 |
574.9 |
41.4 |
7.2 |
||||||||||
|
Used vehicle |
2,124.4 |
2,329.1 |
(204.7) |
(8.8) |
9,254.2 |
8,602.6 |
651.6 |
7.6 |
||||||||||
|
Finance and insurance, net |
340.5 |
352.1 |
(11.6) |
(3.3) |
1,388.3 |
1,380.7 |
7.6 |
0.6 |
||||||||||
|
Total variable operations |
5,590.5 |
5,582.8 |
7.7 |
0.1 |
22,043.1 |
22,018.2 |
24.9 |
0.1 |
||||||||||
|
Parts and service |
1,017.7 |
949.4 |
68.3 |
7.2 |
3,966.0 |
3,644.6 |
321.4 |
8.8 |
||||||||||
|
Other |
8.5 |
6.6 |
1.9 |
30.3 |
32.5 |
(2.2) |
||||||||||||
|
Total revenue |
$ |
6,616.7 |
6,538.8 |
$ |
77.9 |
1.2 |
$ |
26,039.4 |
25,695.3 |
$ |
344.1 |
1.3 |
||||||
|
Gross profit: |
||||||||||||||||||
|
New vehicle |
$ |
336.3 |
369.8 |
$ |
(33.5) |
(9.1) |
$ |
1,326.9 |
1,198.0 |
$ |
128.9 |
10.8 |
||||||
|
Retail used vehicle |
122.4 |
152.6 |
(30.2) |
(19.8) |
516.8 |
620.0 |
(103.2) |
(16.6) |
||||||||||
|
Wholesale |
(6.3) |
14.6 |
(20.9) |
17.1 |
65.8 |
(48.7) |
||||||||||||
|
Used vehicle |
116.1 |
167.2 |
(51.1) |
(30.6) |
533.9 |
685.8 |
(151.9) |
(22.1) |
||||||||||
|
Finance and insurance |
340.5 |
352.1 |
(11.6) |
(3.3) |
1,388.3 |
1,380.7 |
7.6 |
0.6 |
||||||||||
|
Total variable operations |
792.9 |
889.1 |
(96.2) |
(10.8) |
3,249.1 |
3,264.5 |
(15.4) |
(0.5) |
||||||||||
|
Parts and service |
473.6 |
421.5 |
52.1 |
12.4 |
1,832.0 |
1,647.1 |
184.9 |
11.2 |
||||||||||
|
Other |
1.3 |
1.9 |
(0.6) |
7.6 |
5.7 |
1.9 |
||||||||||||
|
Total gross profit |
$ |
1,267.8 |
1,312.5 |
$ |
(44.7) |
(3.4) |
$ |
5,088.7 |
4,917.3 |
$ |
171.4 |
3.5 |
||||||
|
Retail vehicle unit sales: |
||||||||||||||||||
|
New |
59,763 |
57,372 |
2,391 |
4.2 |
223,479 |
261,556 |
(38,077) |
(14.6) |
||||||||||
|
Used |
66,142 |
74,013 |
(7,871) |
(10.6) |
286,908 |
303,082 |
(16,174) |
(5.3) |
||||||||||
|
125,905 |
131,385 |
(5,480) |
(4.2) |
510,387 |
564,638 |
(54,251) |
(9.6) |
|||||||||||
|
Revenue per vehicle retailed: |
||||||||||||||||||
|
New |
$ |
52,300 |
50,575 |
$ |
1,725 |
3.4 |
$ |
51,014 |
46,013 |
$ |
5,001 |
10.9 |
||||||
|
Used |
$ |
29,825 |
29,191 |
$ |
634 |
2.2 |
$ |
30,107 |
26,487 |
$ |
3,620 |
13.7 |
||||||
|
Gross profit per vehicle retailed: |
||||||||||||||||||
|
New |
$ |
5,627 |
6,446 |
$ |
(819) |
(12.7) |
$ |
5,937 |
4,580 |
$ |
1,357 |
29.6 |
||||||
|
Used |
$ |
1,851 |
2,062 |
$ |
(211) |
(10.2) |
$ |
1,801 |
2,046 |
$ |
(245) |
(12.0) |
||||||
|
Finance and insurance |
$ |
2,704 |
2,680 |
$ |
24 |
0.9 |
$ |
2,720 |
2,445 |
$ |
275 |
11.2 |
||||||
|
Total variable operations(1) |
$ |
6,348 |
6,656 |
$ |
(308) |
(4.6) |
$ |
6,332 |
5,665 |
$ |
667 |
11.8 |
||||||
|
Operating Percentages |
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||
|
2022 ( %) |
2021 ( %) |
2022 ( %) |
2021 ( %) |
|||||||||||||||
|
Revenue mix percentages: |
||||||||||||||||||
|
New vehicle |
47.2 |
44.4 |
43.8 |
46.8 |
||||||||||||||
|
Used vehicle |
32.1 |
35.6 |
35.5 |
33.5 |
||||||||||||||
|
Parts and service |
15.4 |
14.5 |
15.2 |
14.2 |
||||||||||||||
|
Finance and insurance, net |
5.1 |
5.4 |
5.3 |
5.4 |
||||||||||||||
|
Other |
0.2 |
0.1 |
0.2 |
0.1 |
||||||||||||||
|
100.0 |
100.0 |
100.0 |
100.0 |
|||||||||||||||
|
Gross profit mix percentages: |
||||||||||||||||||
|
New vehicle |
26.5 |
28.2 |
26.1 |
24.4 |
||||||||||||||
|
Used vehicle |
9.2 |
12.7 |
10.5 |
13.9 |
||||||||||||||
|
Parts and service |
37.4 |
32.1 |
36.0 |
33.5 |
||||||||||||||
|
Finance and insurance |
26.9 |
26.8 |
27.3 |
28.1 |
||||||||||||||
|
Other |
– |
0.2 |
0.1 |
0.1 |
||||||||||||||
|
100.0 |
100.0 |
100.0 |
100.0 |
|||||||||||||||
|
Operating items as a percentage of revenue: |
||||||||||||||||||
|
Gross profit: |
||||||||||||||||||
|
New vehicle |
10.8 |
12.7 |
11.6 |
10.0 |
||||||||||||||
|
Used vehicle – retail |
6.2 |
7.1 |
6.0 |
7.7 |
||||||||||||||
|
Parts and service |
46.5 |
44.4 |
46.2 |
45.2 |
||||||||||||||
|
Total |
19.2 |
20.1 |
19.5 |
19.1 |
||||||||||||||
|
(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. |
|||||||||||||||||
SOURCE AutoNation, Inc.
