AutoNation Reports First Quarter 2025 Results
AutoNation (NYSE: AN) reported Q1 2025 results with revenue of $6.7 billion, up 4% year-over-year on a same-store basis. The company achieved EPS of $4.45 and adjusted EPS of $4.68, down 1% and up 4% respectively compared to last year.
Key highlights include:
- New vehicle revenue increased 10% to $3.2 billion
- Record After-Sales gross profit of $568 million
- Same-store new vehicle retail unit sales up 7% to 62,379 units
- Used vehicle retail unit sales declined 2% to 66,787 units
During Q1, AutoNation completed $70 million in acquisitions adding $220 million in annualized revenue. The company also repurchased 1.4 million shares for $225 million at approximately $165 per share.
AutoNation (NYSE: AN) ha comunicato i risultati del primo trimestre 2025 con ricavi pari a 6,7 miliardi di dollari, in aumento del 4% su base annua a parità di punti vendita. L'azienda ha registrato un utile per azione (EPS) di 4,45 dollari e un EPS rettificato di 4,68 dollari, rispettivamente in calo dell'1% e in crescita del 4% rispetto all'anno precedente.
Punti salienti:
- I ricavi da veicoli nuovi sono aumentati del 10%, raggiungendo 3,2 miliardi di dollari
- Record di utile lordo post-vendita pari a 568 milioni di dollari
- Le vendite al dettaglio di veicoli nuovi a parità di punti vendita sono cresciute del 7%, arrivando a 62.379 unità
- Le vendite al dettaglio di veicoli usati sono diminuite del 2%, scendendo a 66.787 unità
Nel primo trimestre, AutoNation ha completato acquisizioni per 70 milioni di dollari, aggiungendo 220 milioni di dollari di ricavi annualizzati. Inoltre, la società ha riacquistato 1,4 milioni di azioni per un valore di 225 milioni di dollari, a circa 165 dollari per azione.
AutoNation (NYSE: AN) reportó resultados del primer trimestre de 2025 con ingresos de 6,7 mil millones de dólares, un aumento del 4% interanual en tiendas comparables. La compañía logró un beneficio por acción (EPS) de 4,45 dólares y un EPS ajustado de 4,68 dólares, con una disminución del 1% y un aumento del 4%, respectivamente, en comparación con el año anterior.
Aspectos destacados:
- Los ingresos por vehículos nuevos aumentaron un 10% hasta 3,2 mil millones de dólares
- Récord de beneficio bruto postventa de 568 millones de dólares
- Las ventas minoristas de vehículos nuevos en tiendas comparables subieron un 7%, alcanzando 62.379 unidades
- Las ventas minoristas de vehículos usados disminuyeron un 2%, llegando a 66.787 unidades
Durante el primer trimestre, AutoNation completó adquisiciones por 70 millones de dólares, sumando 220 millones de dólares en ingresos anualizados. La compañía también recompró 1,4 millones de acciones por 225 millones de dólares, a aproximadamente 165 dólares por acción.
AutoNation (NYSE: AN)은 2025년 1분기 실적을 발표하며, 동일 점포 기준 전년 대비 4% 증가한 67억 달러의 매출을 기록했습니다. 회사는 주당순이익(EPS) 4.45달러와 조정 EPS 4.68달러를 달성했으며, 이는 각각 전년 대비 1% 감소와 4% 증가한 수치입니다.
주요 내용은 다음과 같습니다:
- 신차 매출이 10% 증가하여 32억 달러 달성
- 사상 최대의 애프터세일즈 총이익 5억 6,800만 달러 기록
- 동일 점포 기준 신차 소매 판매량 7% 증가하여 62,379대
- 중고차 소매 판매량은 2% 감소하여 66,787대
1분기 동안 AutoNation은 7,000만 달러 규모의 인수를 완료하여 연간 매출 2억 2,000만 달러를 추가했습니다. 또한 약 165달러에 주당 1.4백만 주를 2억 2,500만 달러에 자사주 매입했습니다.
AutoNation (NYSE : AN) a publié ses résultats du premier trimestre 2025 avec un chiffre d'affaires de 6,7 milliards de dollars, en hausse de 4 % sur une base comparable d'une année sur l'autre. La société a réalisé un bénéfice par action (BPA) de 4,45 $ et un BPA ajusté de 4,68 $, en baisse de 1 % et en hausse de 4 % respectivement par rapport à l'année précédente.
Points clés :
- Les revenus des véhicules neufs ont augmenté de 10 % pour atteindre 3,2 milliards de dollars
- Record de bénéfice brut après-vente de 568 millions de dollars
- Les ventes au détail de véhicules neufs en magasins comparables ont augmenté de 7 % pour atteindre 62 379 unités
- Les ventes au détail de véhicules d'occasion ont diminué de 2 % pour atteindre 66 787 unités
Au cours du premier trimestre, AutoNation a finalisé des acquisitions pour un montant de 70 millions de dollars, ajoutant 220 millions de dollars de revenus annualisés. La société a également racheté 1,4 million d'actions pour 225 millions de dollars, à environ 165 dollars par action.
AutoNation (NYSE: AN) meldete die Ergebnisse für das erste Quartal 2025 mit einem Umsatz von 6,7 Milliarden US-Dollar, was einem Anstieg von 4 % im Vergleich zum Vorjahr auf vergleichbarer Filialbasis entspricht. Das Unternehmen erzielte einen Gewinn je Aktie (EPS) von 4,45 US-Dollar und einen bereinigten EPS von 4,68 US-Dollar, was einem Rückgang von 1 % bzw. einem Anstieg von 4 % gegenüber dem Vorjahr entspricht.
Wichtige Highlights:
- Umsatz mit Neufahrzeugen stieg um 10 % auf 3,2 Milliarden US-Dollar
- Rekord-Bruttogewinn im After-Sales-Bereich von 568 Millionen US-Dollar
- Neufahrzeug-Einzelhandelsverkäufe auf vergleichbarer Filialbasis um 7 % auf 62.379 Einheiten gestiegen
- Gebrauchtfahrzeug-Einzelhandelsverkäufe um 2 % auf 66.787 Einheiten gesunken
Im ersten Quartal hat AutoNation Akquisitionen im Wert von 70 Millionen US-Dollar abgeschlossen, die 220 Millionen US-Dollar an annualisierten Umsätzen hinzufügen. Das Unternehmen kaufte außerdem 1,4 Millionen Aktien für 225 Millionen US-Dollar zurück, zu einem Preis von etwa 165 US-Dollar pro Aktie.
- Same-store revenue increased 4% to $6.7 billion
- New vehicle revenue grew 10% to $3.2 billion
- Record After-Sales gross profit of $568 million
- Same-store new vehicle retail unit sales up 7%
- Adjusted EPS increased 4% to $4.68
- Premium Luxury segment income increased 4% to $179 million
- Net income decreased 8% to $175.5 million
- Used vehicle revenue declined 3% to $1.9 billion
- Used vehicle retail unit sales decreased 2%
- New vehicle gross profit per unit declined from $3,335 to $2,804
- SG&A as percentage of gross profit increased to 67.4% from 65.6%
- Domestic segment income decreased 8% to $69 million
Insights
AutoNation delivered mixed Q1 results with 4% revenue growth but declining new vehicle margins, balancing growth initiatives against profitability pressures.
AutoNation's Q1 2025 results reveal a company navigating through shifting market dynamics while maintaining growth momentum. Same-store revenue increased
The most significant trend is the rebalancing of profit sources. New vehicle gross profit declined by
After-Sales operations emerged as a critical strength, generating record gross profit of
Operational efficiency metrics show some pressure with SG&A as a percentage of gross profit rising to
The company's capital allocation strategy remains aggressive, with
Segment performance varied significantly: Premium Luxury income increased
Management's comments about "uncertainty around the impact of tariffs" signal potential headwinds, though the company maintains their business model is "durable through all economic environments" due to diverse revenue streams and a flexible cost structure.
- Revenue up
4% on a same store basis driven by new vehicle growth of10% - EPS
$4.45 $4.68 1% and up4% , respectively, as compared to the prior year - Record After-Sales gross profit of
$568 million - Acquisitions of
$70 million $220 million - Share repurchases of
$225 million
"Our results for the first quarter were strong across the board. We achieved significant new vehicle volume growth, we gained share in the markets in which we compete, we delivered on our focus to improve unit profitability in used vehicles, Customer Financial Services continued to perform, and we delivered record After-Sales profits," said Mike Manley, AutoNation Chief Executive Officer. "Our operating cash generation and cash conversion were significant, allowing us to deploy capital for both share repurchases and accretive acquisitions and while there remains uncertainty around the impact of tariffs, the strength of AutoNation's business model has proven to be durable through all economic environments. AutoNation's multiple revenue streams, flexible cost structure, cash flow generation, and balance sheet position us to continue to deliver robust results," Manley added.
Operational Summary
First Quarter 2025 compared to the year-ago period:
Selected GAAP Financial Data | ||||||
($ in millions, except per share data) | ||||||
Three Months Ended March 31, | ||||||
2025 | 2024 | YoY | ||||
Revenue | $ 6,690.4 | $ 6,485.7 | 3 % | |||
Gross Profit | $ 1,219.9 | $ 1,197.9 | 2 % | |||
Operating Income | $ 336.0 | $ 340.3 | -1 % | |||
Net Income | $ 175.5 | $ 190.1 | -8 % | |||
Diluted EPS | $ 4.45 | $ 4.49 | -1 % | |||
Same-store Revenue | $ 6,655.0 | $ 6,380.8 | 4 % | |||
Same-store Gross Profit | $ 1,213.6 | $ 1,179.0 | 3 % | |||
Same-store New Vehicle Retail Unit Sales | 62,379 | 58,227 | 7 % | |||
Same-store Used Vehicle Retail Unit Sales | 66,787 | 67,850 | -2 % | |||
Selected Non-GAAP Financial Data* | ||||||
($ in millions, except per share data) | ||||||
Three Months Ended March 31, | ||||||
2025 | 2024 | YoY | ||||
Adjusted Operating Income | $ 334.5 | $ 347.6 | -4 % | |||
Adjusted Net Income | $ 184.2 | $ 190.1 | -3 % | |||
Adjusted Diluted EPS | $ 4.68 | $ 4.49 | 4 % | |||
*Reconciliations of non-GAAP financial measures are included in the attached financial tables.
- Same-store Revenue –
$6.7 billion $0.3 billion 4% from a year ago, reflecting increased new vehicle unit sales and higher average new vehicle selling prices.- New Vehicle Revenue –
$3.2 billion $300 million 10% . - Used Vehicle Revenue –
$1.9 billion $68 million 3% . - After-Sales Revenue –
$1.2 billion $23 million 2% . - Customer Financial Services Revenue –
$349 million $19 million 6% .
- New Vehicle Revenue –
- Same-store Gross Profit –
$1.2 billion $35 million 3% from a year ago.- New Vehicle Gross Profit –
$175 million $19 million $2,804 $3,335 7% increase in unit sales. - Used Vehicle Gross Profit –
$123 million $13 million $1,672 $1,478 2% decrease in unit sales. - After-Sales Gross Profit –
$566 million $22 million 4% . Gross profit per service day increased5% . - Customer Financial Services Gross Profit –
$349 million $19 million 6% , reflecting unit profitability of$2,703 $2,621 2% increase in retail unit sales.
- New Vehicle Gross Profit –
- SG&A as a Percentage of Gross Profit – was
67.4% , or67.5% on an adjusted basis, up from65.6% on an adjusted basis in the prior year and was in-line with the previously communicated expected range for the quarter.
Segment Results
Segment results(1) for the first quarter of 2025 were as follows:
- Domestic – Domestic Segment Income(2) was
$69 million $75 million 8% . Revenue of$1.7 billion 2% . - Import – Import Segment Income(2) was
$126 million $129 million 2% . Revenue of$2.0 billion 3% . - Premium Luxury – Premium Luxury Segment Income(2) was
$179 million $172 million 4% . Revenue of$2.6 billion 7% . - AutoNation Finance – AutoNation Finance income was
$0.1 million $5.0 million
Capital Allocation, Liquidity, and Leverage
For the quarter, cash used in operating activities was
As of March 31, 2025, AutoNation had
The first quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID:769886) 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 April 25, 2025, through May 16, 2025, by calling 866-813-9403 (Conference ID: 632312). Additional information regarding AutoNation's results can be found in the Investor Presentation available at investors.autonation.com.
(1) | AutoNation has four reportable segments: Domestic, Import, Premium Luxury, and AutoNation Finance. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is primarily comprised of stores that sell vehicles manufactured by Toyota, Honda, Hyundai, Subaru, and Nissan; and the Premium Luxury segment is primarily comprised of stores that sell vehicles manufactured by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. AutoNation Finance is our captive auto finance company, which provides indirect financing to qualified retail customers on vehicles we sell. |
(2) | Segment income for the Domestic, Import, and Premium Luxury reportable segments is defined as operating income less floorplan interest expense and is a non-GAAP measure. |
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in
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.
NON-GAAP FINANCIAL
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," "estimates," "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 Finance, statements regarding potential tariff-related impacts and the future performance of our business and the automotive retail industry, including during 2025, 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: economic conditions, including changes in tariffs, unemployment, interest, and/or inflation rates, consumer demand, and fuel prices; our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including our investments in digital and online capabilities; our ability to maintain or improve gross profit margins; our ability to maintain or gain market share; legal, reputational, and financial risks resulting from cyber incidents and the potential impact on our operating results; the receipt of any insurance or other recoveries in connection with any cyber incidents; our ability to successfully implement and maintain expense controls; 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 acquisitions; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise acquisitions; 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; 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 March 31, | ||||
2025 | 2024 | |||
Revenue: | ||||
New vehicle | $ 3,248.1 | $ 2,979.3 | ||
Used vehicle | 1,922.4 | 1,996.1 | ||
Parts and service | 1,164.0 | 1,172.4 | ||
Finance and insurance, net | 352.5 | 334.7 | ||
Other | 3.4 | 3.2 | ||
Total revenue | 6,690.4 | 6,485.7 | ||
Cost of sales: | ||||
New vehicle | 3,073.2 | 2,783.4 | ||
Used vehicle | 1,797.9 | 1,884.6 | ||
Parts and service | 596.3 | 616.6 | ||
Other | 3.1 | 3.2 | ||
Total cost of sales | 5,470.5 | 5,287.8 | ||
Gross profit | 1,219.9 | 1,197.9 | ||
AutoNation Finance income (loss) | 0.1 | (5.0) | ||
Selling, general, and administrative expenses | 821.9 | 793.1 | ||
Depreciation and amortization | 61.8 | 58.3 | ||
Other expense, net(1) | 0.3 | 1.2 | ||
Operating income | 336.0 | 340.3 | ||
Non-operating income (expense) items: | ||||
Floorplan interest expense | (46.5) | (49.4) | ||
Other interest expense | (42.3) | (44.6) | ||
Other income (loss), net(2) | (13.2) | 7.0 | ||
Income before income taxes | 234.0 | 253.3 | ||
Income tax provision | 58.5 | 63.2 | ||
Net income | $ 175.5 | $ 190.1 | ||
Diluted earnings per share | $ 4.45 | $ 4.49 | ||
Diluted weighted average common shares outstanding | 39.4 | 42.3 | ||
Common shares outstanding, net of treasury stock, at period end | 37.9 | 41.6 | ||
(1) | Includes net gains on property divestitures and asset impairments. |
(2) | Both periods reflect losses on a minority equity investment. Current period includes losses and prior period includes gains related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants. |
AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA ($ in millions, except per vehicle data) | ||||||||
Operating Highlights | Three Months Ended March 31, | |||||||
2025 | 2024 | $ Variance | % Variance | |||||
Revenue: | ||||||||
New vehicle | $ 3,248.1 | $ 2,979.3 | $ 268.8 | 9.0 | ||||
Retail used vehicle | 1,792.1 | 1,833.8 | (41.7) | (2.3) | ||||
Wholesale | 130.3 | 162.3 | (32.0) | (19.7) | ||||
Used vehicle | 1,922.4 | 1,996.1 | (73.7) | (3.7) | ||||
Finance and insurance, net | 352.5 | 334.7 | 17.8 | 5.3 | ||||
Total variable operations | 5,523.0 | 5,310.1 | 212.9 | 4.0 | ||||
Parts and service | 1,164.0 | 1,172.4 | (8.4) | (0.7) | ||||
Other | 3.4 | 3.2 | 0.2 | |||||
Total revenue | $ 6,690.4 | $ 6,485.7 | $ 204.7 | 3.2 | ||||
Gross profit: | ||||||||
New vehicle | $ 174.9 | $ 195.9 | $ (21.0) | (10.7) | ||||
Retail used vehicle | 113.0 | 101.8 | 11.2 | 11.0 | ||||
Wholesale | 11.5 | 9.7 | 1.8 | |||||
Used vehicle | 124.5 | 111.5 | 13.0 | 11.7 | ||||
Finance and insurance | 352.5 | 334.7 | 17.8 | 5.3 | ||||
Total variable operations | 651.9 | 642.1 | 9.8 | 1.5 | ||||
Parts and service | 567.7 | 555.8 | 11.9 | 2.1 | ||||
Other | 0.3 | — | 0.3 | |||||
Total gross profit | 1,219.9 | 1,197.9 | 22.0 | 1.8 | ||||
AutoNation Finance income (loss) | 0.1 | (5.0) | 5.1 | |||||
Selling, general, and administrative expenses | 821.9 | 793.1 | (28.8) | (3.6) | ||||
Depreciation and amortization | 61.8 | 58.3 | (3.5) | |||||
Other expense, net | 0.3 | 1.2 | 0.9 | |||||
Operating income | 336.0 | 340.3 | (4.3) | (1.3) | ||||
Non-operating income (expense) items: | ||||||||
Floorplan interest expense | (46.5) | (49.4) | 2.9 | |||||
Other interest expense | (42.3) | (44.6) | 2.3 | |||||
Other income (loss), net | (13.2) | 7.0 | (20.2) | |||||
Income before income taxes | $ 234.0 | $ 253.3 | $ (19.3) | (7.6) | ||||
Retail vehicle unit sales: | ||||||||
New | 62,387 | 58,863 | 3,524 | 6.0 | ||||
Used | 68,000 | 69,121 | (1,121) | (1.6) | ||||
130,387 | 127,984 | 2,403 | 1.9 | |||||
Revenue per vehicle retailed: | ||||||||
New | $ 52,064 | $ 50,614 | $ 1,450 | 2.9 | ||||
Used | $ 26,354 | $ 26,530 | $ (176) | (0.7) | ||||
Gross profit per vehicle retailed: | ||||||||
New | $ 2,803 | $ 3,328 | $ (525) | (15.8) | ||||
Used | $ 1,662 | $ 1,473 | $ 189 | 12.8 | ||||
Finance and insurance | $ 2,703 | $ 2,615 | $ 88 | 3.4 | ||||
Total variable operations(1) | $ 4,912 | $ 4,941 | $ (29) | (0.6) | ||||
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, | ||||||||
Operating Percentages | Three Months Ended March 31, | |||
2025 ( %) | 2024 ( %) | |||
Revenue mix percentages: | ||||
New vehicle | 48.5 | 45.9 | ||
Used vehicle | 28.7 | 30.8 | ||
Parts and service | 17.4 | 18.1 | ||
Finance and insurance, net | 5.3 | 5.2 | ||
Other | 0.1 | — | ||
100.0 | 100.0 | |||
Gross profit mix percentages: | ||||
New vehicle | 14.3 | 16.4 | ||
Used vehicle | 10.2 | 9.3 | ||
Parts and service | 46.5 | 46.4 | ||
Finance and insurance | 28.9 | 27.9 | ||
Other | 0.1 | — | ||
100.0 | 100.0 | |||
Operating items as a percentage of revenue: | ||||
Gross profit: | ||||
New vehicle | 5.4 | 6.6 | ||
Used vehicle - retail | 6.3 | 5.6 | ||
Parts and service | 48.8 | 47.4 | ||
Total | 18.2 | 18.5 | ||
Selling, general, and administrative expenses | 12.3 | 12.2 | ||
Operating income | 5.0 | 5.2 | ||
Operating items as a percentage of total gross profit: | ||||
Selling, general, and administrative expenses | 67.4 | 66.2 | ||
Operating income | 27.5 | 28.4 | ||
AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA | ||||||||
Segment Operating Highlights | Three Months Ended March 31, | |||||||
2025 | 2024 | $ Variance | % Variance | |||||
Revenue: | ||||||||
Domestic | $ 1,717.4 | $ 1,756.7 | $ (39.3) | (2.2) | ||||
Import | 2,047.3 | 1,979.5 | 67.8 | 3.4 | ||||
Premium luxury | 2,576.5 | 2,414.9 | 161.6 | 6.7 | ||||
Total Franchised Dealerships | 6,341.2 | 6,151.1 | 190.1 | 3.1 | ||||
Corporate and other | 349.2 | 334.6 | 14.6 | 4.4 | ||||
Total consolidated revenue | $ 6,690.4 | $ 6,485.7 | $ 204.7 | 3.2 | ||||
Segment income(1): | ||||||||
Domestic | $ 69.0 | $ 75.2 | $ (6.2) | (8.2) | ||||
Import | 126.2 | 128.8 | (2.6) | (2.0) | ||||
Premium luxury | 178.7 | 171.6 | 7.1 | 4.1 | ||||
Total Franchised Dealerships | 373.9 | 375.6 | (1.7) | (0.5) | ||||
AutoNation Finance income (loss) | 0.1 | (5.0) | 5.1 | |||||
Corporate and other | (84.5) | (79.7) | (4.8) | |||||
Add: Floorplan interest expense | 46.5 | 49.4 | (2.9) | |||||
Operating income | $ 336.0 | $ 340.3 | $ (4.3) | (1.3) | ||||
(1) Segment income for the Domestic, Import, and Premium Luxury reportable segments is a non-GAAP measure and is defined as operating income less floorplan interest expense. | ||||||||
Retail new vehicle unit sales: | ||||||||
Domestic | 16,778 | 15,902 | 876 | 5.5 | ||||
Import | 28,003 | 27,568 | 435 | 1.6 | ||||
Premium luxury | 17,606 | 15,393 | 2,213 | 14.4 | ||||
62,387 | 58,863 | 3,524 | 6.0 | |||||
Retail used vehicle unit sales: | ||||||||
Domestic | 18,424 | 19,763 | (1,339) | (6.8) | ||||
Import | 23,155 | 23,765 | (610) | (2.6) | ||||
Premium luxury | 19,017 | 18,963 | 54 | 0.3 | ||||
Other | 7,404 | 6,630 | 774 | 11.7 | ||||
68,000 | 69,121 | (1,121) | (1.6) | |||||
Brand Mix - Retail New Vehicle Units Sold | Three Months Ended | |||||||
March 31, | ||||||||
2025 ( %) | 2024 ( %) | |||||||
Domestic: | ||||||||
Ford, | 11.3 | 10.7 | ||||||
Chevrolet, Buick, Cadillac, GMC | 10.7 | 10.4 | ||||||
Chrysler, Dodge, Jeep, Ram | 4.9 | 5.9 | ||||||
Domestic total | 26.9 | 27.0 | ||||||
Import: | ||||||||
Toyota | 20.2 | 21.5 | ||||||
Honda | 12.7 | 13.2 | ||||||
Nissan | 1.4 | 2.0 | ||||||
Hyundai | 3.5 | 3.4 | ||||||
Subaru | 4.1 | 3.8 | ||||||
Other Import | 3.0 | 2.9 | ||||||
Import total | 44.9 | 46.8 | ||||||
Premium Luxury: | ||||||||
Mercedes-Benz | 9.7 | 8.5 | ||||||
BMW | 9.2 | 8.4 | ||||||
Lexus | 3.5 | 3.7 | ||||||
Audi | 2.1 | 2.2 | ||||||
Jaguar Land Rover | 2.2 | 2.1 | ||||||
Other Premium Luxury | 1.5 | 1.3 | ||||||
Premium Luxury total | 28.2 | 26.2 | ||||||
100.0 | 100.0 | |||||||
AutoNation Finance | Three Months Ended March 31, | |||||
2025 | 2024 | $ Variance | ||||
Interest margin: | ||||||
Interest and fee income | $ 41.9 | $ 21.8 | $ 20.1 | |||
Interest expense | (13.9) | (7.0) | (6.9) | |||
Total interest margin | 28.0 | 14.8 | 13.2 | |||
Provision for credit losses | (18.9) | (10.2) | (8.7) | |||
Total interest margin after provision for loan losses | 9.1 | 4.6 | 4.5 | |||
Direct expenses(1) | (9.0) | (9.6) | 0.6 | |||
AutoNation Finance income (loss) | $ 0.1 | $ (5.0) | $ 5.1 | |||
(1) Direct expenses are comprised primarily of compensation expenses and loan administration costs incurred by our auto finance company. | ||||||
AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA, Continued ($ in millions) | ||||||||
Capital Expenditures / Stock Repurchases | Three Months Ended March 31, | |||||||
2025 | 2024 | |||||||
Capital expenditures | $ 75.2 | $ 93.7 | ||||||
Cash paid for acquisitions, net of cash acquired | $ 69.6 | $ — | ||||||
Stock repurchases: | ||||||||
Aggregate purchase price(1) | $ 224.8 | $ 38.7 | ||||||
Shares repurchased (in millions) | 1.4 | 0.2 | ||||||
New Vehicle Floorplan Assistance and Expense | Three Months Ended March 31, | |||||||
2025 | 2024 | Variance | ||||||
Floorplan assistance earned (included in cost of sales) | $ 31.1 | $ 31.9 | $ (0.8) | |||||
New vehicle floorplan interest expense | (44.0) | (46.6) | 2.6 | |||||
Net new vehicle inventory carrying expense | $ (12.9) | $ (14.7) | $ 1.8 | |||||
Balance Sheet and Other Highlights | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||
Cash and cash equivalents | $ 70.5 | $ 59.8 | $ 60.3 | |||||
Inventory | $ 3,231.6 | $ 3,360.0 | $ 3,002.7 | |||||
Floorplan notes payable | $ 3,558.9 | $ 3,709.7 | $ 3,270.9 | |||||
Auto loans receivable, net | $ 1,397.7 | $ 1,057.1 | $ 517.9 | |||||
Non-recourse debt | $ 1,080.2 | $ 826.0 | $ 345.2 | |||||
Non-vehicle debt | $ 3,962.7 | $ 3,762.1 | $ 3,873.8 | |||||
Equity | $ 2,403.2 | $ 2,457.3 | $ 2,359.8 | |||||
New days supply (industry standard of selling days) | 38 days | 39 days | 44 days | |||||
Used days supply (trailing calendar month days) | 36 days | 37 days | 31 days | |||||
Key Credit Agreement Covenant Compliance Calculations (2) | ||
Leverage ratio | 2.56x | |
Covenant | less than or equal to | 3.75x |
Interest coverage ratio | 4.33x | |
Covenant | greater than or equal to | 3.00x |
(1) | Excludes excise taxes imposed under Inflation Reduction Act. |
(2) | 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 March 31, | ||||||||||||||||||||||||
Operating Income | Income Before Income Taxes | Income Tax Provision(2) | Effective Tax Rate | Net Income | Diluted Earnings Per Share(3) | |||||||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||
As reported | $ 336.0 | $ 340.3 | $ 234.0 | $ 253.3 | $ 58.5 | $ 63.2 | 25.0 % | 25.0 % | $ 175.5 | $ 190.1 | $ 4.45 | $ 4.49 | ||||||||||||
Increase (decrease) in compensation expense | (1.5) | 7.3 | — | — | — | — | — | — | $ — | $ — | ||||||||||||||
Net loss on equity investments | — | — | 11.5 | — | 2.8 | — | 8.7 | — | $ 0.22 | $ — | ||||||||||||||
Adjusted | $ 334.5 | $ 347.6 | $ 245.5 | $ 253.3 | $ 61.3 | $ 63.2 | 25.0 % | 25.0 % | $ 184.2 | $ 190.1 | $ 4.68 | $ 4.49 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
SG&A | SG&A as a Percentage of Gross Profit (%) | |||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
As reported | $ 821.9 | $ 793.1 | 67.4 | 66.2 | ||||||||||||||||||||
Excluding: | ||||||||||||||||||||||||
Increase (decrease) in compensation expense related to market valuation changes in deferred compensation obligations | (1.5) | 7.3 | ||||||||||||||||||||||
Adjusted | $ 823.4 | $ 785.8 | 67.5 | 65.6 | ||||||||||||||||||||
(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 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. | |||||||||||||||||||||||
Free Cash Flow | Three Months Ended March 31, | |||
2025 | 2024 | |||
Net cash provided by (used in) operating activities | $ (52.5) | $ 294.5 | ||
Net payments of vehicle floorplan - non-trade | (0.9) | (93.5) | ||
Increase in auto loans receivable, net | 365.4 | 149.5 | ||
Adjusted cash provided by operating activities | 312.0 | 350.5 | ||
Purchases of property and equipment | (75.2) | (93.7) | ||
Adjusted free cash flow | $ 236.8 | $ 256.8 | ||
Adjusted net income | $ 184.2 | $ 190.1 | ||
Adjusted free cash flow conversion % | 129 | 135 | ||
AUTONATION, INC. UNAUDITED SAME STORE DATA ($ in millions, except per vehicle data) | ||||||||
Operating Highlights | Three Months Ended March 31, | |||||||
2025 | 2024 | $ Variance | % Variance | |||||
Revenue: | ||||||||
New vehicle | $ 3,247.6 | $ 2,947.4 | $ 300.2 | 10.2 | ||||
Retail used vehicle | 1,766.5 | 1,804.1 | (37.6) | (2.1) | ||||
Wholesale | 127.7 | 158.4 | (30.7) | (19.4) | ||||
Used vehicle | 1,894.2 | 1,962.5 | (68.3) | (3.5) | ||||
Finance and insurance, net | 349.2 | 330.4 | 18.8 | 5.7 | ||||
Total variable operations | 5,491.0 | 5,240.3 | 250.7 | 4.8 | ||||
Parts and service | 1,160.6 | 1,137.2 | 23.4 | 2.1 | ||||
Other | 3.4 | 3.3 | 0.1 | |||||
Total revenue | $ 6,655.0 | $ 6,380.8 | $ 274.2 | 4.3 | ||||
Gross profit: | ||||||||
New vehicle | $ 174.9 | $ 194.2 | $ (19.3) | (9.9) | ||||
Retail used vehicle | 111.7 | 100.3 | 11.4 | 11.4 | ||||
Wholesale | 11.7 | 10.0 | 1.7 | |||||
Used vehicle | 123.4 | 110.3 | 13.1 | 11.9 | ||||
Finance and insurance | 349.2 | 330.4 | 18.8 | 5.7 | ||||
Total variable operations | 647.5 | 634.9 | 12.6 | 2.0 | ||||
Parts and service | 565.8 | 544.1 | 21.7 | 4.0 | ||||
Other | 0.3 | — | 0.3 | |||||
Total gross profit | $ 1,213.6 | $ 1,179.0 | $ 34.6 | 2.9 | ||||
Retail vehicle unit sales: | ||||||||
New | 62,379 | 58,227 | 4,152 | 7.1 | ||||
Used | 66,787 | 67,850 | (1,063) | (1.6) | ||||
129,166 | 126,077 | 3,089 | 2.5 | |||||
Revenue per vehicle retailed: | ||||||||
New | $ 52,062 | $ 50,619 | $ 1,443 | 2.9 | ||||
Used | $ 26,450 | $ 26,590 | $ (140) | (0.5) | ||||
Gross profit per vehicle retailed: | ||||||||
New | $ 2,804 | $ 3,335 | $ (531) | (15.9) | ||||
Used | $ 1,672 | $ 1,478 | $ 194 | 13.1 | ||||
Finance and insurance | $ 2,703 | $ 2,621 | $ 82 | 3.1 | ||||
Total variable operations(1) | $ 4,922 | $ 4,956 | $ (34) | (0.7) | ||||
(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 March 31, | |||
2025 ( %) | 2024 ( %) | |||
Revenue mix percentages: | ||||
New vehicle | 48.8 | 46.2 | ||
Used vehicle | 28.5 | 30.8 | ||
Parts and service | 17.4 | 17.8 | ||
Finance and insurance, net | 5.2 | 5.2 | ||
Other | 0.1 | — | ||
100.0 | 100.0 | |||
Gross profit mix percentages: | ||||
New vehicle | 14.4 | 16.5 | ||
Used vehicle | 10.2 | 9.4 | ||
Parts and service | 46.6 | 46.1 | ||
Finance and insurance | 28.8 | 28.0 | ||
Other | — | — | ||
100.0 | 100.0 | |||
Operating items as a percentage of revenue: | ||||
Gross profit: | ||||
New vehicle | 5.4 | 6.6 | ||
Used vehicle - retail | 6.3 | 5.6 | ||
Parts and service | 48.8 | 47.8 | ||
Total | 18.2 | 18.5 | ||
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SOURCE AutoNation, Inc.
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