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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AutoNation Inc | NYSE:AN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.91 | -0.53% | 169.51 | 170.785 | 169.34 | 170.76 | 216,737 | 23:03:20 |
Delaware | 1-13107 | 73-1105145 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
99.1 | Press Release of AutoNation, Inc. dated October 28, 2015 regarding results of operations for the fiscal quarter ended September 30, 2015. |
99.2 | Press Release of AutoNation, Inc. dated October 28, 2015 announcing agreement to acquire certain stores from the Allen Samuels Auto Group. |
AUTONATION, INC. | |||||
Date: | October 28, 2015 | By: | /s/ Jonathan P. Ferrando | ||
Jonathan P. Ferrando | |||||
Executive Vice President - General Counsel, Corporate Development and Human Resources |
Contact: Marc Cannon (954) 769-3146 cannonm@autonation.com Investor contacts: Andrew Wamser (954) 769-7023 wamsera@autonation.com Robert Quartaro (954) 769-7342 quartaror@autonation.com |
• | EPS from continuing operations was an all-time record $1.05, up 17% compared to the year-ago period; this marked the 20th consecutive quarter of double-digit year-over-year growth in EPS |
• | Net income from continuing operations was an all-time record $119 million, up 12% compared to third quarter 2014 net income from continuing operations of $107 million |
• | Total revenue of $5.4 billion was up 9% compared to the year-ago period, increasing across all major business sectors; operating income of $236 million was an all-time record, an increase of 14% compared to the year-ago period |
• | Announced agreement to acquire Allen Samuels Auto Group, which includes 12 stores with 31 franchises in 6 Texas markets, representing approximately $800 million in annual revenue |
• | Domestic – Domestic segment income(2) was $95 million compared to year-ago segment income of $77 million, an increase of 23%. |
• | Import – Import segment income(2) was $86 million compared to year-ago segment income of $77 million, an increase of 11%. |
• | Premium Luxury – Premium Luxury segment income(2) was $85 million compared to year-ago segment income of $84 million, an increase of 2%. |
(1) | AutoNation has three operating segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and FCA US (formerly Chrysler); the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, and Audi. |
(2) | Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
New vehicle | $ | 3,113.6 | $ | 2,823.6 | $ | 8,851.0 | $ | 7,989.1 | ||||||||
Used vehicle | 1,205.4 | 1,148.5 | 3,614.9 | 3,280.5 | ||||||||||||
Parts and service | 783.3 | 717.4 | 2,304.5 | 2,093.2 | ||||||||||||
Finance and insurance, net | 227.1 | 196.5 | 652.4 | 554.3 | ||||||||||||
Other | 24.3 | 23.0 | 99.4 | 143.9 | ||||||||||||
Total revenue | 5,353.7 | 4,909.0 | 15,522.2 | 14,061.0 | ||||||||||||
Cost of sales: | ||||||||||||||||
New vehicle | 2,942.8 | 2,666.5 | 8,352.6 | 7,524.5 | ||||||||||||
Used vehicle | 1,122.2 | 1,060.1 | 3,336.9 | 3,008.5 | ||||||||||||
Parts and service | 441.1 | 413.7 | 1,305.1 | 1,202.0 | ||||||||||||
Other | 17.3 | 15.8 | 78.3 | 120.8 | ||||||||||||
Total cost of sales | 4,523.4 | 4,156.1 | 13,072.9 | 11,855.8 | ||||||||||||
Gross profit | 830.3 | 752.9 | 2,449.3 | 2,205.2 | ||||||||||||
Selling, general, and administrative expenses | 568.7 | 522.3 | 1,695.0 | 1,547.6 | ||||||||||||
Depreciation and amortization | 32.9 | 27.2 | 93.7 | 79.0 | ||||||||||||
Other income, net | (7.0 | ) | (4.0 | ) | (12.1 | ) | (15.7 | ) | ||||||||
Operating income | 235.7 | 207.4 | 672.7 | 594.3 | ||||||||||||
Non-operating income (expense) items: | ||||||||||||||||
Floorplan interest expense | (14.7 | ) | (13.1 | ) | (42.1 | ) | (39.6 | ) | ||||||||
Other interest expense | (21.4 | ) | (21.7 | ) | (64.4 | ) | (64.6 | ) | ||||||||
Interest income | — | 0.1 | 0.1 | 0.2 | ||||||||||||
Other income (loss), net | (4.3 | ) | 1.1 | (2.7 | ) | 3.5 | ||||||||||
Income from continuing operations before income taxes | 195.3 | 173.8 | 563.6 | 493.8 | ||||||||||||
Income tax provision | 76.3 | 67.1 | 217.7 | 190.9 | ||||||||||||
Net income from continuing operations | 119.0 | 106.7 | 345.9 | 302.9 | ||||||||||||
Loss from discontinued operations, net of income taxes | (0.5 | ) | (0.2 | ) | (0.8 | ) | (0.9 | ) | ||||||||
Net income | $ | 118.5 | $ | 106.5 | $ | 345.1 | $ | 302.0 | ||||||||
Diluted earnings (loss) per share*: | ||||||||||||||||
Continuing operations | $ | 1.05 | $ | 0.90 | $ | 3.02 | $ | 2.52 | ||||||||
Discontinued operations | $ | — | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | ||||||
Net income | $ | 1.04 | $ | 0.90 | $ | 3.01 | $ | 2.51 | ||||||||
Weighted average common shares outstanding | 113.6 | 118.5 | 114.6 | 120.2 | ||||||||||||
Common shares outstanding, net of treasury stock, at period end | 111.0 | 114.5 | 111.0 | 114.5 |
Operating Highlights | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2015 | 2014 | $ Variance | % Variance | 2015 | 2014 | $ Variance | % Variance | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||
New vehicle | $ | 3,113.6 | $ | 2,823.6 | $ | 290.0 | 10.3 | $ | 8,851.0 | $ | 7,989.1 | $ | 861.9 | 10.8 | ||||||||||||||||
Retail used vehicle | 1,103.1 | 1,046.2 | 56.9 | 5.4 | 3,306.3 | 2,981.1 | 325.2 | 10.9 | ||||||||||||||||||||||
Wholesale | 102.3 | 102.3 | — | — | 308.6 | 299.4 | 9.2 | 3.1 | ||||||||||||||||||||||
Used vehicle | 1,205.4 | 1,148.5 | 56.9 | 5.0 | 3,614.9 | 3,280.5 | 334.4 | 10.2 | ||||||||||||||||||||||
Finance and insurance, net | 227.1 | 196.5 | 30.6 | 15.6 | 652.4 | 554.3 | 98.1 | 17.7 | ||||||||||||||||||||||
Total variable operations | 4,546.1 | 4,168.6 | 377.5 | 9.1 | 13,118.3 | 11,823.9 | 1,294.4 | 10.9 | ||||||||||||||||||||||
Parts and service | 783.3 | 717.4 | 65.9 | 9.2 | 2,304.5 | 2,093.2 | 211.3 | 10.1 | ||||||||||||||||||||||
Other | 24.3 | 23.0 | 1.3 | 99.4 | 143.9 | (44.5 | ) | |||||||||||||||||||||||
Total revenue | $ | 5,353.7 | $ | 4,909.0 | $ | 444.7 | 9.1 | $ | 15,522.2 | $ | 14,061.0 | $ | 1,461.2 | 10.4 | ||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||
New vehicle | $ | 170.8 | $ | 157.1 | $ | 13.7 | 8.7 | $ | 498.4 | $ | 464.6 | $ | 33.8 | 7.3 | ||||||||||||||||
Retail used vehicle | 86.8 | 91.8 | (5.0 | ) | (5.4 | ) | 280.7 | 273.3 | 7.4 | 2.7 | ||||||||||||||||||||
Wholesale | (3.6 | ) | (3.4 | ) | (0.2 | ) | (2.7 | ) | (1.3 | ) | (1.4 | ) | ||||||||||||||||||
Used vehicle | 83.2 | 88.4 | (5.2 | ) | (5.9 | ) | 278.0 | 272.0 | 6.0 | 2.2 | ||||||||||||||||||||
Finance and insurance | 227.1 | 196.5 | 30.6 | 15.6 | 652.4 | 554.3 | 98.1 | 17.7 | ||||||||||||||||||||||
Total variable operations | 481.1 | 442.0 | 39.1 | 8.8 | 1,428.8 | 1,290.9 | 137.9 | 10.7 | ||||||||||||||||||||||
Parts and service | 342.2 | 303.7 | 38.5 | 12.7 | 999.4 | 891.2 | 108.2 | 12.1 | ||||||||||||||||||||||
Other | 7.0 | 7.2 | (0.2 | ) | 21.1 | 23.1 | (2.0 | ) | ||||||||||||||||||||||
Total gross profit | 830.3 | 752.9 | 77.4 | 10.3 | 2,449.3 | 2,205.2 | 244.1 | 11.1 | ||||||||||||||||||||||
Selling, general, and administrative expenses | 568.7 | 522.3 | (46.4 | ) | (8.9 | ) | 1,695.0 | 1,547.6 | (147.4 | ) | (9.5 | ) | ||||||||||||||||||
Depreciation and amortization | 32.9 | 27.2 | (5.7 | ) | 93.7 | 79.0 | (14.7 | ) | ||||||||||||||||||||||
Other income, net | (7.0 | ) | (4.0 | ) | 3.0 | (12.1 | ) | (15.7 | ) | (3.6 | ) | |||||||||||||||||||
Operating income | 235.7 | 207.4 | 28.3 | 13.6 | 672.7 | 594.3 | 78.4 | 13.2 | ||||||||||||||||||||||
Non-operating income (expense) items: | ||||||||||||||||||||||||||||||
Floorplan interest expense | (14.7 | ) | (13.1 | ) | (1.6 | ) | (42.1 | ) | (39.6 | ) | (2.5 | ) | ||||||||||||||||||
Other interest expense | (21.4 | ) | (21.7 | ) | 0.3 | (64.4 | ) | (64.6 | ) | 0.2 | ||||||||||||||||||||
Interest income | — | 0.1 | (0.1 | ) | 0.1 | 0.2 | (0.1 | ) | ||||||||||||||||||||||
Other income (loss), net | (4.3 | ) | 1.1 | (5.4 | ) | (2.7 | ) | 3.5 | (6.2 | ) | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 195.3 | $ | 173.8 | $ | 21.5 | 12.4 | $ | 563.6 | $ | 493.8 | $ | 69.8 | 14.1 | ||||||||||||||||
Retail vehicle unit sales: | ||||||||||||||||||||||||||||||
New | 89,535 | 83,682 | 5,853 | 7.0 | 253,340 | 235,459 | 17,881 | 7.6 | ||||||||||||||||||||||
Used | 57,376 | 56,584 | 792 | 1.4 | 173,370 | 161,376 | 11,994 | 7.4 | ||||||||||||||||||||||
146,911 | 140,266 | 6,645 | 4.7 | 426,710 | 396,835 | 29,875 | 7.5 | |||||||||||||||||||||||
Revenue per vehicle retailed: | ||||||||||||||||||||||||||||||
New | $ | 34,775 | $ | 33,742 | $ | 1,033 | 3.1 | $ | 34,937 | $ | 33,930 | $ | 1,007 | 3.0 | ||||||||||||||||
Used | $ | 19,226 | $ | 18,489 | $ | 737 | 4.0 | $ | 19,071 | $ | 18,473 | $ | 598 | 3.2 | ||||||||||||||||
Gross profit per vehicle retailed: | ||||||||||||||||||||||||||||||
New | $ | 1,908 | $ | 1,877 | $ | 31 | 1.7 | $ | 1,967 | $ | 1,973 | $ | (6 | ) | (0.3 | ) | ||||||||||||||
Used | $ | 1,513 | $ | 1,622 | $ | (109 | ) | (6.7 | ) | $ | 1,619 | $ | 1,694 | $ | (75 | ) | (4.4 | ) | ||||||||||||
Finance and insurance | $ | 1,546 | $ | 1,401 | $ | 145 | 10.3 | $ | 1,529 | $ | 1,397 | $ | 132 | 9.4 | ||||||||||||||||
Total variable operations(1) | $ | 3,299 | $ | 3,175 | $ | 124 | 3.9 | $ | 3,355 | $ | 3,256 | $ | 99 | 3.0 | ||||||||||||||||
(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. |
Operating Percentages | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2015 (%) | 2014 (%) | 2015 (%) | 2014 (%) | |||||
Revenue mix percentages: | ||||||||
New vehicle | 58.2 | 57.5 | 57.0 | 56.8 | ||||
Used vehicle | 22.5 | 23.4 | 23.3 | 23.3 | ||||
Parts and service | 14.6 | 14.6 | 14.8 | 14.9 | ||||
Finance and insurance, net | 4.2 | 4.0 | 4.2 | 3.9 | ||||
Other | 0.5 | 0.5 | 0.7 | 1.1 | ||||
100.0 | 100.0 | 100.0 | 100.0 | |||||
Gross profit mix percentages: | ||||||||
New vehicle | 20.6 | 20.9 | 20.3 | 21.1 | ||||
Used vehicle | 10.0 | 11.7 | 11.4 | 12.3 | ||||
Parts and service | 41.2 | 40.3 | 40.8 | 40.4 | ||||
Finance and insurance | 27.4 | 26.1 | 26.6 | 25.1 | ||||
Other | 0.8 | 1.0 | 0.9 | 1.1 | ||||
100.0 | 100.0 | 100.0 | 100.0 | |||||
Operating items as a percentage of revenue: | ||||||||
Gross profit: | ||||||||
New vehicle | 5.5 | 5.6 | 5.6 | 5.8 | ||||
Used vehicle - retail | 7.9 | 8.8 | 8.5 | 9.2 | ||||
Parts and service | 43.7 | 42.3 | 43.4 | 42.6 | ||||
Total | 15.5 | 15.3 | 15.8 | 15.7 | ||||
Selling, general and administrative expenses | 10.6 | 10.6 | 10.9 | 11.0 | ||||
Operating income | 4.4 | 4.2 | 4.3 | 4.2 | ||||
Operating items as a percentage of total gross profit: | ||||||||
Selling, general, and administrative expenses | 68.5 | 69.4 | 69.2 | 70.2 | ||||
Operating income | 28.4 | 27.5 | 27.5 | 26.9 |
Segment Operating Highlights | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2015 | 2014 | $ Variance | % Variance | 2015 | 2014 | $ Variance | % Variance | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Domestic | $ | 1,869.1 | $ | 1,660.7 | $ | 208.4 | 12.5 | $ | 5,299.0 | $ | 4,738.6 | $ | 560.4 | 11.8 | |||||||||||||||
Import | 1,837.4 | 1,787.8 | 49.6 | 2.8 | 5,311.1 | 5,055.0 | 256.1 | 5.1 | |||||||||||||||||||||
Premium luxury | 1,607.0 | 1,422.9 | 184.1 | 12.9 | 4,803.2 | 4,161.2 | 642.0 | 15.4 | |||||||||||||||||||||
Total | 5,313.5 | 4,871.4 | 442.1 | 9.1 | 15,413.3 | 13,954.8 | 1,458.5 | 10.5 | |||||||||||||||||||||
Corporate and other | 40.2 | 37.6 | 2.6 | 6.9 | 108.9 | 106.2 | 2.7 | 2.5 | |||||||||||||||||||||
Total consolidated revenue | $ | 5,353.7 | $ | 4,909.0 | $ | 444.7 | 9.1 | $ | 15,522.2 | $ | 14,061.0 | $ | 1,461.2 | 10.4 | |||||||||||||||
Segment income*: | |||||||||||||||||||||||||||||
Domestic | $ | 94.6 | $ | 76.7 | $ | 17.9 | 23.3 | $ | 258.8 | $ | 211.0 | $ | 47.8 | 22.7 | |||||||||||||||
Import | 85.5 | 77.1 | 8.4 | 10.9 | 240.6 | 220.0 | 20.6 | 9.4 | |||||||||||||||||||||
Premium luxury | 85.4 | 84.0 | 1.4 | 1.7 | 273.9 | 253.1 | 20.8 | 8.2 | |||||||||||||||||||||
Total | 265.5 | 237.8 | 27.7 | 11.6 | 773.3 | 684.1 | 89.2 | 13.0 | |||||||||||||||||||||
Corporate and other | (44.5 | ) | (43.5 | ) | (1.0 | ) | (142.7 | ) | (129.4 | ) | (13.3 | ) | |||||||||||||||||
Add: Floorplan interest expense | 14.7 | 13.1 | 1.6 | 42.1 | 39.6 | 2.5 | |||||||||||||||||||||||
Operating income | $ | 235.7 | $ | 207.4 | $ | 28.3 | 13.6 | $ | 672.7 | $ | 594.3 | $ | 78.4 | 13.2 | |||||||||||||||
* 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 | 30,488 | 27,041 | 3,447 | 12.7 | 84,109 | 77,038 | 7,071 | 9.2 | |||||||||||||||||||||
Import | 42,044 | 41,765 | 279 | 0.7 | 119,237 | 116,375 | 2,862 | 2.5 | |||||||||||||||||||||
Premium luxury | 17,003 | 14,876 | 2,127 | 14.3 | 49,994 | 42,046 | 7,948 | 18.9 | |||||||||||||||||||||
89,535 | 83,682 | 5,853 | 7.0 | 253,340 | 235,459 | 17,881 | 7.6 | ||||||||||||||||||||||
Brand Mix - New Vehicle Retail Units Sold | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2015 (%) | 2014 (%) | 2015 (%) | 2014 (%) | ||||||||||||||||||||||||||
Domestic: | |||||||||||||||||||||||||||||
Ford, Lincoln | 16.7 | 16.3 | 16.3 | 16.9 | |||||||||||||||||||||||||
Chevrolet, Buick, Cadillac, GMC | 10.6 | 9.6 | 10.2 | 9.8 | |||||||||||||||||||||||||
Chrysler, Jeep, Dodge | 6.8 | 6.4 | 6.7 | 6.0 | |||||||||||||||||||||||||
Domestic total | 34.1 | 32.3 | 33.2 | 32.7 | |||||||||||||||||||||||||
Import: | |||||||||||||||||||||||||||||
Honda | 11.4 | 12.2 | 11.2 | 12.0 | |||||||||||||||||||||||||
Toyota | 18.9 | 20.0 | 19.0 | 19.6 | |||||||||||||||||||||||||
Nissan | 9.7 | 10.7 | 9.9 | 10.9 | |||||||||||||||||||||||||
Other imports | 6.9 | 7.0 | 7.0 | 6.9 | |||||||||||||||||||||||||
Import total | 46.9 | 49.9 | 47.1 | 49.4 | |||||||||||||||||||||||||
Premium Luxury: | |||||||||||||||||||||||||||||
Mercedes-Benz | 8.0 | 7.0 | 8.2 | 7.2 | |||||||||||||||||||||||||
BMW | 4.4 | 4.7 | 4.6 | 4.7 | |||||||||||||||||||||||||
Lexus | 2.5 | 2.6 | 2.8 | 2.6 | |||||||||||||||||||||||||
Audi | 1.9 | 1.6 | 2.0 | 1.4 | |||||||||||||||||||||||||
Other premium luxury (Land Rover, Porsche) | 2.2 | 1.9 | 2.1 | 2.0 | |||||||||||||||||||||||||
Premium Luxury total | 19.0 | 17.8 | 19.7 | 17.9 | |||||||||||||||||||||||||
100.0 | 100.0 | 100.0 | 100.0 |
Capital Expenditures / Stock Repurchases | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Capital expenditures (1) | $ | 54.1 | $ | 52.0 | $ | 188.2 | $ | 139.8 | |||||||
Cash paid for acquisitions (2) | $ | 50.7 | $ | 13.3 | $ | 123.8 | $ | 13.3 | |||||||
Proceeds from exercises of stock options | $ | 5.4 | $ | 7.5 | $ | 24.1 | $ | 29.6 | |||||||
Stock repurchases: | |||||||||||||||
Aggregate purchase price | $ | 150.0 | $ | 235.9 | $ | 209.1 | $ | 415.7 | |||||||
Shares repurchased (in millions) | 2.5 | 4.4 | 3.5 | 8.0 |
Floorplan Assistance and Expense | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2015 | 2014 | Variance | 2015 | 2014 | Variance | |||||||||||||||||||
Floorplan assistance earned (included in cost of sales) | $ | 31.0 | $ | 27.4 | $ | 3.6 | $ | 87.1 | $ | 78.1 | $ | 9.0 | ||||||||||||
New vehicle floorplan interest expense | (13.9 | ) | (12.5 | ) | (1.4 | ) | (39.8 | ) | (37.8 | ) | (2.0 | ) | ||||||||||||
Net new vehicle inventory carrying benefit | $ | 17.1 | $ | 14.9 | $ | 2.2 | $ | 47.3 | $ | 40.3 | $ | 7.0 |
Balance Sheet and Other Highlights | September 30, 2015 | December 31, 2014 | September 30, 2014 | |||||||||
Cash and cash equivalents | $ | 63.9 | $ | 75.4 | $ | 67.5 | ||||||
Inventory | $ | 3,226.9 | $ | 2,899.0 | $ | 2,691.4 | ||||||
Total floorplan notes payable | $ | 3,203.8 | $ | 3,097.2 | $ | 2,774.7 | ||||||
Non-vehicle debt | $ | 2,205.1 | $ | 2,128.4 | $ | 1,933.0 | ||||||
Equity | $ | 2,264.9 | $ | 2,072.1 | $ | 2,012.0 | ||||||
New days supply (industry standard of selling days) | 59 days | 54 days | 57 days | |||||||||
Used days supply (trailing calendar month days) | 42 days | 38 days | 32 days |
Key Credit Agreement Covenant Compliance Calculations (3) | ||
Leverage ratio | 2.20x | |
Covenant | less than or equal to | 3.75x |
Capitalization ratio | 58.8 | % | |
Covenant | less than or equal to | 70.0 | % |
Comparable Basis Reconciliations* | Three Months Ended September 30, | |||||||||||||||
Net Income | Diluted Earnings Per Share** | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
As reported | $ | 118.5 | $ | 106.5 | $ | 1.04 | $ | 0.90 | ||||||||
Discontinued operations, net of income taxes | 0.5 | 0.2 | $ | — | $ | — | ||||||||||
From continuing operations, as reported | 119.0 | 106.7 | $ | 1.05 | $ | 0.90 | ||||||||||
Adjusted | $ | 119.0 | $ | 106.7 | $ | 1.05 | $ | 0.90 | ||||||||
Nine Months Ended September 30, | ||||||||||||||||
Net Income | Diluted Earnings Per Share** | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
As reported | $ | 345.1 | $ | 302.0 | $ | 3.01 | $ | 2.51 | ||||||||
Discontinued operations, net of income taxes | 0.8 | 0.9 | $ | 0.01 | $ | 0.01 | ||||||||||
From continuing operations, as reported | 345.9 | 302.9 | $ | 3.02 | $ | 2.52 | ||||||||||
Net gain related to business/property dispositions | — | (5.0 | ) | $ | — | $ | (0.04 | ) | ||||||||
Adjusted | $ | 345.9 | $ | 297.9 | $ | 3.02 | $ | 2.48 |
* | Please refer to the “Non-GAAP Financial Measures” section of the Press Release. |
** | Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding. |
Operating Highlights | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2015 | 2014 | $ Variance | % Variance | 2015 | 2014 | $ Variance | % Variance | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||
New vehicle | $ | 3,010.8 | $ | 2,809.9 | $ | 200.9 | 7.1 | $ | 8,569.6 | $ | 7,948.0 | $ | 621.6 | 7.8 | ||||||||||||||||
Retail used vehicle | 1,063.7 | 1,040.2 | 23.5 | 2.3 | 3,193.5 | 2,962.8 | 230.7 | 7.8 | ||||||||||||||||||||||
Wholesale | 100.4 | 102.0 | (1.6 | ) | (1.6 | ) | 302.8 | 298.5 | 4.3 | 1.4 | ||||||||||||||||||||
Used vehicle | 1,164.1 | 1,142.2 | 21.9 | 1.9 | 3,496.3 | 3,261.3 | 235.0 | 7.2 | ||||||||||||||||||||||
Finance and insurance, net | 221.9 | 195.5 | 26.4 | 13.5 | 637.5 | 551.4 | 86.1 | 15.6 | ||||||||||||||||||||||
Total variable operations | 4,396.8 | 4,147.6 | 249.2 | 6.0 | 12,703.4 | 11,760.7 | 942.7 | 8.0 | ||||||||||||||||||||||
Parts and service | 757.2 | 713.5 | 43.7 | 6.1 | 2,231.3 | 2,080.0 | 151.3 | 7.3 | ||||||||||||||||||||||
Other | 24.3 | 22.8 | 1.5 | 99.2 | 142.7 | (43.5 | ) | |||||||||||||||||||||||
Total revenue | $ | 5,178.3 | $ | 4,883.9 | $ | 294.4 | 6.0 | $ | 15,033.9 | $ | 13,983.4 | $ | 1,050.5 | 7.5 | ||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||
New vehicle | $ | 164.1 | $ | 156.4 | $ | 7.7 | 4.9 | $ | 476.6 | $ | 462.4 | $ | 14.2 | 3.1 | ||||||||||||||||
Retail used vehicle | 84.3 | 91.0 | (6.7 | ) | (7.4 | ) | 272.7 | 271.0 | 1.7 | 0.6 | ||||||||||||||||||||
Wholesale | (3.7 | ) | (3.3 | ) | (0.4 | ) | (2.8 | ) | (1.1 | ) | (1.7 | ) | ||||||||||||||||||
Used vehicle | 80.6 | 87.7 | (7.1 | ) | (8.1 | ) | 269.9 | 269.9 | — | — | ||||||||||||||||||||
Finance and insurance | 221.9 | 195.5 | 26.4 | 13.5 | 637.5 | 551.4 | 86.1 | 15.6 | ||||||||||||||||||||||
Total variable operations | 466.6 | 439.6 | 27.0 | 6.1 | 1,384.0 | 1,283.7 | 100.3 | 7.8 | ||||||||||||||||||||||
Parts and service | 329.6 | 301.9 | 27.7 | 9.2 | 964.1 | 885.1 | 79.0 | 8.9 | ||||||||||||||||||||||
Other | 6.8 | 7.2 | (0.4 | ) | 20.0 | 22.8 | (2.8 | ) | ||||||||||||||||||||||
Total gross profit | $ | 803.0 | $ | 748.7 | $ | 54.3 | 7.3 | $ | 2,368.1 | $ | 2,191.6 | $ | 176.5 | 8.1 | ||||||||||||||||
Retail vehicle unit sales: | ||||||||||||||||||||||||||||||
New | 87,407 | 83,165 | 4,242 | 5.1 | 247,353 | 233,852 | 13,501 | 5.8 | ||||||||||||||||||||||
Used | 55,875 | 56,150 | (275 | ) | (0.5 | ) | 169,008 | 160,042 | 8,966 | 5.6 | ||||||||||||||||||||
143,282 | 139,315 | 3,967 | 2.8 | 416,361 | 393,894 | 22,467 | 5.7 | |||||||||||||||||||||||
Revenue per vehicle retailed: | ||||||||||||||||||||||||||||||
New | $ | 34,446 | $ | 33,787 | $ | 659 | 2.0 | $ | 34,645 | $ | 33,987 | $ | 658 | 1.9 | ||||||||||||||||
Used | $ | 19,037 | $ | 18,525 | $ | 512 | 2.8 | $ | 18,896 | $ | 18,513 | $ | 383 | 2.1 | ||||||||||||||||
Gross profit per vehicle retailed: | ||||||||||||||||||||||||||||||
New | $ | 1,877 | $ | 1,881 | $ | (4 | ) | (0.2 | ) | $ | 1,927 | $ | 1,977 | $ | (50 | ) | (2.5 | ) | ||||||||||||
Used | $ | 1,509 | $ | 1,621 | $ | (112 | ) | (6.9 | ) | $ | 1,614 | $ | 1,693 | $ | (79 | ) | (4.7 | ) | ||||||||||||
Finance and insurance | $ | 1,549 | $ | 1,403 | $ | 146 | 10.4 | $ | 1,531 | $ | 1,400 | $ | 131 | 9.4 | ||||||||||||||||
Total variable operations(1) | $ | 3,282 | $ | 3,179 | $ | 103 | 3.2 | $ | 3,331 | $ | 3,262 | $ | 69 | 2.1 | ||||||||||||||||
(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. |
Operating Percentages | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2015 (%) | 2014 (%) | 2015 (%) | 2014 (%) | |||||
Revenue mix percentages: | ||||||||
New vehicle | 58.1 | 57.5 | 57.0 | 56.8 | ||||
Used vehicle | 22.5 | 23.4 | 23.3 | 23.3 | ||||
Parts and service | 14.6 | 14.6 | 14.8 | 14.9 | ||||
Finance and insurance, net | 4.3 | 4.0 | 4.2 | 3.9 | ||||
Other | 0.5 | 0.5 | 0.7 | 1.1 | ||||
100.0 | 100.0 | 100.0 | 100.0 | |||||
Gross profit mix percentages: | ||||||||
New vehicle | 20.4 | 20.9 | 20.1 | 21.1 | ||||
Used vehicle | 10.0 | 11.7 | 11.4 | 12.3 | ||||
Parts and service | 41.0 | 40.3 | 40.7 | 40.4 | ||||
Finance and insurance | 27.6 | 26.1 | 26.9 | 25.2 | ||||
Other | 1.0 | 1.0 | 0.9 | 1.0 | ||||
100.0 | 100.0 | 100.0 | 100.0 | |||||
Operating items as a percentage of revenue: | ||||||||
Gross Profit: | ||||||||
New vehicle | 5.5 | 5.6 | 5.6 | 5.8 | ||||
Used vehicle - retail | 7.9 | 8.7 | 8.5 | 9.1 | ||||
Parts and service | 43.5 | 42.3 | 43.2 | 42.6 | ||||
Total | 15.5 | 15.3 | 15.8 | 15.7 |
Contact: Marc Cannon (954) 769-3146 cannonm@autonation.com Investor contacts: Andrew Wamser (954) 769-7023 wamsera@autonation.com Robert Quartaro (954) 769-7342 quartaror@autonation.com |
• | Acquisition of Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter franchises throughout the state of Texas |
• | Acquisitions announced since the beginning of 2015 represent approximately $1.7 billion in annual revenue |
1 Year AutoNation Chart |
1 Month AutoNation Chart |
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