AUTONATION, INC. FORT LAUDERDALE, Fla., Jan. 28, 2016 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported fourth quarter 2015 adjusted net income from continuing operations of $107 million, or $0.96 per share, compared to net income from continuing operations of $117 million, or $1.02 per share, for the same period in the prior year. Adjusted net income from continuing operations for the fourth quarter of 2015 excludes non-cash impairment charges related to franchise rights associated with certain of our Volkswagen stores of $9.6 million after-tax, or $0.09 per share. There were no adjusting items for the fourth quarter of 2014. On a GAAP basis, fourth quarter 2015 net income from continuing operations was $98 million, or $0.87 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
Fourth quarter 2015 revenue totaled $5.3 billion compared to $5.0 billion in the year-ago period, an increase of 6%, driven by stronger performance in all business sectors - new vehicles, used vehicles, parts and service, and finance and insurance. In the fourth quarter of 2015, AutoNation's retail new vehicle unit sales increased 4% overall and 1% on a same store basis.
Fourth quarter 2015 gross profit of $812 million increased 4% as compared to $784 million in the year-ago period, driven by an increase of 11% in parts and service gross profit and an increase of 10% in finance and insurance gross profit as compared to the prior year.
Mike Jackson, Chairman, Chief Executive Officer and President said, "In the fourth quarter, new and used vehicle margins on a combined basis declined by $217 per vehicle retailed, or 11%, as compared to the fourth quarter of 2014. As of year-end, our new vehicle inventories increased 13% on a same store basis, as compared to the prior year, driven by a 49% increase in Premium Luxury inventories. We have begun, and will continue through the first quarter, to take the necessary steps to align our costs, inventory, and pricing strategy to adjust to the current market."
Mr. Jackson added, "In 2016, we expect industry new vehicle unit sales will again exceed 17 million."
Acquisitions
In November 2015, AutoNation completed the previously announced acquisition of 13 stores from Carl Gregory Enterprises, and in December 2015, AutoNation completed the acquisition of a Honda store in the Seattle-Bellevue, Washington market. For the full year 2015, AutoNation closed on the acquisition of 22 stores, including 51 franchises, representing approximately $1 billion in annual revenue.
Share Repurchase
During 2015, AutoNation repurchased 3.9 million shares of common stock for an aggregate purchase price of $235 million. As of January 27, 2016, AutoNation has approximately $296 million remaining Board authorization for share repurchase and 111 million shares outstanding.
Segment Results
Segment results((1)) for the fourth quarter of 2015 were as follows:
Fourth Quarter 2015 Segment Results
-- Domestic - Domestic segment income((2)) was $78 million compared to
year-ago segment income of $74 million, an increase of 6%.
-- Import - Import segment income((2)) was $71 million compared to year-ago
segment income of$71 million.
-- Premium Luxury - Premium Luxury segment income((2)) was $102 million
compared to year-ago segment income of $113 million, a decrease of 9%.
Full Year 2015 Segment Results
-- Domestic - Domestic segment income((2)) was $337 million compared to
year-ago segment income of $285 million, an increase of 18%.
-- Import - Import segment income((2)) was $311 million compared to
year-ago segment income of $291 million, an increase of 7%.
-- Premium Luxury - Premium Luxury segment income((2)) was $376 million
compared to year-ago segment income of $366 million, an increase of 3%.
For the full year ended December 31, 2015, AutoNation reported adjusted net income from continuing operations of $453 million, or $3.98 per share, compared to adjusted net income from continuing operations of $415 million, or $3.49 per share, for the same period in the prior year, an improvement of 14% on a per-share basis. Adjusted net income from continuing operations for the full year 2015 excludes non-cash impairment charges related to franchise rights associated with certain of our Volkswagen stores of $9.6 million after-tax, or $0.08 per share, and for the full year 2014 excludes a net gain related to business/property dispositions of $5.0 million after-tax, or $0.04 per share. On a GAAP basis, net income from continuing operations was $444 million, or $3.90 per share, for 2015 compared to $420 million, or $3.53 per share, for 2014. Reconciliations of non-GAAP financial measures are included in the attached financial tables. AutoNation's revenue for full year 2015 totaled $20.9 billion, up 9% compared to $19.1 billion for the same period in the prior year.
The fourth quarter conference call may be accessed by telephone at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on January 28, 2016, through February 11, 2016 by calling (866) 403-7090 (password 5423).
Effective immediately, AutoNation will no longer disclose the monthly new vehicle unit sales it reports to automotive manufacturers. AutoNation will continue to disclose its sales performance in conjunction with its regular quarterly and annual earnings announcements.
(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.
About AutoNation, Inc.
AutoNation is America's largest automotive retailer, currently owning and operating 342 new vehicle franchises from coast to coast. AutoNation sold its 10 millionth vehicle in 2015, the first automotive retailer to reach this milestone. AutoNation is also the only automotive retailer to guarantee every vehicle retailed is recall-free. A commitment to delivering a peerless experience through customer-focused sales and service processes is what drives AutoNation's success. In 2015, AutoNation committed $1,000,000 to support the Breast Cancer Research Foundation through its Drive Pink Campaign. AutoNation is transforming the automotive industry through bold leadership, technology and innovation.
Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.
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," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives and expectations for the future performance of our franchises and the automotive retail industry, as well as 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 conditions in the credit markets and changes in interest rates; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for pending acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; our ability to identify open 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.
NON-GAAP FINANCIAL MEASURES
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and adjusted earnings per share from continuing operations, 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 from its core business operations 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.
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share data)
Three Months Ended December
31, Twelve Months Ended December 31,
---------------------------- --------------------------------
2015 2014 2015 2014
---- ---- ---- ----
Revenue:
New vehicle $3,144.0 $2,983.1 $11,995.0 $10,972.2
Used vehicle 1,153.8 1,105.2 4,768.7 4,385.7
Parts and service 778.3 729.3 3,082.8 2,822.5
Finance and insurance, net 216.3 196.5 868.7 750.8
Other 47.4 33.7 146.8 177.6
----
Total revenue 5,339.8 5,047.8 20,862.0 19,108.8
------- ------- -------- --------
Cost of sales:
New vehicle 2,969.3 2,797.6 11,321.9 10,322.1
Used vehicle 1,078.1 1,016.6 4,415.0 4,025.1
Parts and service 439.7 423.9 1,744.8 1,625.9
Other 40.5 26.2 118.8 147.0
----
Total cost of sales 4,527.6 4,264.3 17,600.5 16,120.1
------- ------- -------- --------
Gross profit 812.2 783.5 3,261.5 2,988.7
Selling, general, and
administrative expenses 568.5 532.0 2,263.5 2,079.6
Depreciation and amortization 33.7 27.9 127.4 106.9
Franchise rights impairment 15.4 - 15.4 -
Other income, net (5.8) (2.9) (17.9) (18.6)
---- ---- ----- -----
Operating income 200.4 226.5 873.1 820.8
Non-operating income (expense) items:
Floorplan interest expense (16.2) (13.7) (58.3) (53.3)
Other interest expense (26.5) (22.1) (90.9) (86.7)
Loss on debt extinguishment - (1.6) - (1.6)
Interest income - - 0.1 0.2
Other income (loss), net 1.4 (0.6) (1.3) 2.9
---
Income from continuing
operations before income
taxes 159.1 188.5 722.7 682.3
Income tax provision 61.3 71.6 279.0 262.5
---- ---- ----- -----
Net income from continuing
operations 97.8 116.9 443.7 419.8
Loss from discontinued
operations, net of income
taxes (0.3) (0.2) (1.1) (1.1)
---- ---- ---- ----
Net income $97.5 $116.7 $442.6 $418.7
===== ====== ====== ======
Diluted earnings (loss) per share*:
Continuing operations $0.87 $1.02 $3.90 $3.53
Discontinued operations $ - $ - $(0.01) $(0.01)
Net income $0.87 $1.02 $3.89 $3.52
Weighted average common shares
outstanding 112.0 114.9 113.9 118.9
Common shares outstanding, net
of treasury stock, at period
end 110.8 113.3 110.8 113.3
* Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended December 31, Twelve Months Ended December 31,
-------------------- ------------------------------- --------------------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $3,144.0 $2,983.1 $160.9 5.4 $11,995.0 $10,972.2 $1,022.8 9.3
Retail used vehicle 1,064.0 1,007.8 56.2 5.6 4,370.3 3,988.9 381.4 9.6
Wholesale 89.8 97.4 (7.6) (7.8) 398.4 396.8 1.6 0.4
---- ---- ---- ----- ----- ---
Used vehicle 1,153.8 1,105.2 48.6 4.4 4,768.7 4,385.7 383.0 8.7
Finance and insurance, net 216.3 196.5 19.8 10.1 868.7 750.8 117.9 15.7
Total variable operations 4,514.1 4,284.8 229.3 5.4 17,632.4 16,108.7 1,523.7 9.5
----------------
Parts and service 778.3 729.3 49.0 6.7 3,082.8 2,822.5 260.3 9.2
Other 47.4 33.7 13.7 146.8 177.6 (30.8)
Total revenue $5,339.8 $5,047.8 $292.0 5.8 $20,862.0 $19,108.8 $1,753.2 9.2
======== ======== ====== ========= ========= ========
Gross profit:
New vehicle $174.7 $185.5 $(10.8) (5.8) $673.1 $650.1 $23.0 3.5
Retail used vehicle 77.7 89.9 (12.2) (13.6) 358.4 363.2 (4.8) (1.3)
Wholesale (2.0) (1.3) (0.7) (4.7) (2.6) (2.1)
----
Used vehicle 75.7 88.6 (12.9) (14.6) 353.7 360.6 (6.9) (1.9)
Finance and insurance 216.3 196.5 19.8 10.1 868.7 750.8 117.9 15.7
Total variable operations 466.7 470.6 (3.9) (0.8) 1,895.5 1,761.5 134.0 7.6
----------------
Parts and service 338.6 305.4 33.2 10.9 1,338.0 1,196.6 141.4 11.8
Other 6.9 7.5 (0.6) 28.0 30.6 (2.6)
-----
Total gross profit 812.2 783.5 28.7 3.7 3,261.5 2,988.7 272.8 9.1
Selling, general, and administrative expenses 568.5 532.0 (36.5) (6.9) 2,263.5 2,079.6 (183.9) (8.8)
Depreciation and amortization 33.7 27.9 (5.8) 127.4 106.9 (20.5)
Franchise rights impairment 15.4 - (15.4) 15.4 - (15.4)
Other income, net (5.8) (2.9) 2.9 (17.9) (18.6) (0.7)
---- ---- --- ----- ----- ----
Operating income 200.4 226.5 (26.1) (11.5) 873.1 820.8 52.3 6.4
Non-operating income (expense) items:
Floorplan interest expense (16.2) (13.7) (2.5) (58.3) (53.3) (5.0)
Other interest expense (26.5) (22.1) (4.4) (90.9) (86.7) (4.2)
Loss on debt extinguishment - (1.6) 1.6 - (1.6) 1.6
Interest income - - - 0.1 0.2 (0.1)
Other income (loss), net 1.4 (0.6) 2.0 (1.3) 2.9 (4.2)
--- ----
Income from continuing operations before income taxes $159.1 $188.5 $(29.4) (15.6) $722.7 $682.3 $40.4 5.9
====== ====== ====== ====== ====== =====
Retail vehicle unit sales:
New 85,740 82,549 3,191 3.9 339,080 318,008 21,072 6.6
Used 53,920 53,534 386 0.7 227,290 214,910 12,380 5.8
--- ------
139,660 136,083 3,577 2.6 566,370 532,918 33,452 6.3
======= ======= ===== ======= ======= ======
Revenue per vehicle retailed:
New $36,669 $36,137 $532 1.5 $35,375 $34,503 $872 2.5
Used $19,733 $18,825 $908 4.8 $19,228 $18,561 $667 3.6
Gross profit per vehicle retailed:
New $2,038 $2,247 $(209) (9.3) $1,985 $2,044 $(59) (2.9)
Used $1,441 $1,679 $(238) (14.2) $1,577 $1,690 $(113) (6.7)
Finance and insurance $1,549 $1,444 $105 7.3 $1,534 $1,409 $125 8.9
Total variable operations(1) $3,356 $3,468 $(112) (3.2) $3,355 $3,310 $45 1.4
Operating Percentages Three Months Ended December 31, Twelve Months Ended December 31,
--------------------- ------------------------------- --------------------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 58.9 59.1 57.5 57.4
Used vehicle 21.6 21.9 22.9 23.0
Parts and service 14.6 14.4 14.8 14.8
Finance and insurance, net 4.1 3.9 4.2 3.9
Other 0.8 0.7 0.6 0.9
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 21.5 23.7 20.6 21.8
Used vehicle 9.3 11.3 10.8 12.1
Parts and service 41.7 39.0 41.0 40.0
Finance and insurance 26.6 25.1 26.6 25.1
Other 0.9 0.9 1.0 1.0
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a percentage of revenue:
Gross profit:
New vehicle 5.6 6.2 5.6 5.9
Used vehicle - retail 7.3 8.9 8.2 9.1
Parts and service 43.5 41.9 43.4 42.4
Total 15.2 15.5 15.6 15.6
Selling, general, and administrative expenses 10.6 10.5 10.8 10.9
Operating income 3.8 4.5 4.2 4.3
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses 70.0 67.9 69.4 69.6
Operating income 24.7 28.9 26.8 27.5
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of
new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle
unit sales.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
Segment Operating Highlights Three Months Ended December 31, Twelve Months Ended December 31,
---------------------------- ------------------------------- --------------------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
Domestic $1,770.8 $1,620.9 $149.9 9.2 $7,069.8 $6,359.5 $710.3 11.2
Import 1,726.1 1,662.8 63.3 3.8 7,037.2 6,717.8 319.4 4.8
Premium luxury 1,804.6 1,728.1 76.5 4.4 6,607.8 5,889.3 718.5 12.2
-------
Total 5,301.5 5,011.8 289.7 5.8 20,714.8 18,966.6 1,748.2 9.2
Corporate and other 38.3 36.0 2.3 6.4 147.2 142.2 5.0 3.5
Total consolidated revenue $5,339.8 $5,047.8 $292.0 5.8 $20,862.0 $19,108.8 $1,753.2 9.2
========
Segment income*:
Domestic $78.1 $74.0 $4.1 5.5 $336.9 $285.0 $51.9 18.2
Import 70.8 71.3 (0.5) (0.7) 311.4 291.3 20.1 6.9
Premium luxury 102.3 113.0 (10.7) (9.5) 376.2 366.1 10.1 2.8
-----
Total 251.2 258.3 (7.1) (2.7) 1,024.5 942.4 82.1 8.7
Corporate and other (67.0) (45.5) (21.5) (209.7) (174.9) (34.8)
Add: Floorplan interest expense 16.2 13.7 2.5 58.3 53.3 5.0
Operating income $200.4 $226.5 $(26.1) (11.5) $873.1 $820.8 $52.3 6.4
====== ====== ====== ====== ====== =====
* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.
Retail new vehicle unit sales:
Domestic 27,410 25,605 1,805 7.0 111,519 102,643 8,876 8.6
Import 38,631 37,691 940 2.5 157,868 154,066 3,802 2.5
Premium luxury 19,699 19,253 446 2.3 69,693 61,299 8,394 13.7
85,740 82,549 3,191 3.9 339,080 318,008 21,072 6.6
====== ====== ===== ======= ======= ======
Brand Mix - New Vehicle Retail Units Sold
-----------------------------------------
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Domestic:
Ford, Lincoln 15.0 15.2 16.0 16.4
Chevrolet, Buick, Cadillac, GMC 10.0 9.7 10.2 9.8
Chrysler, Jeep, Dodge, Ram 7.0 6.1 6.7 6.1
Domestic total 32.0 31.0 32.9 32.3
----
Import:
Honda 10.5 10.8 11.0 11.7
Toyota 18.3 18.4 18.8 19.3
Nissan 8.9 9.5 9.6 10.5
Other imports 7.3 7.0 7.1 6.9
Import total 45.0 45.7 46.5 48.4
----
Premium Luxury:
Mercedes-Benz 9.7 9.8 8.6 7.9
BMW 5.6 6.0 4.8 5.1
Lexus 3.2 3.4 2.9 2.8
Audi 2.0 2.0 2.0 1.6
Other premium luxury (Land Rover, Porsche) 2.5 2.1 2.3 1.9
Premium Luxury total 23.0 23.3 20.6 19.3
----
100.0 100.0 100.0 100.0
===== ===== ===== =====
AUTONATION, INC
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
Capital Expenditures / Stock Repurchases Three Months Ended December 31, Twelve Months Ended December 31,
---------------------------------------- ------------------------------- --------------------------------
2015 2014 2015 2014
---- ---- ---- ----
Capital expenditures (1) $78.7 $58.0 $266.9 $197.8
Cash paid for acquisitions (2) $197.7 $191.8 $321.5 $205.2
Proceeds from exercises of stock options $5.9 $5.6 $30.0 $35.1
Stock repurchases:
Aggregate purchase price $26.0 $69.4 $235.1 $485.1
Shares repurchased (in millions) 0.4 1.4 3.9 9.4
Floorplan Assistance and Expense Three Months Ended December 31, Twelve Months Ended December 31,
-------------------------------- ------------------------------- --------------------------------
2015 2014 Variance 2015 2014 Variance
---- ---- -------- ---- ---- --------
Floorplan assistance earned (included in cost of sales) $30.7 $28.1 $2.6 $117.8 $106.2 $11.6
New vehicle floorplan interest expense (15.6) (12.9) (2.7) (55.3) (50.6) (4.7)
----- ----- ---- ----- ----- ----
Net new vehicle inventory carrying benefit $15.1 $15.2 $(0.1) $62.5 $55.6 $6.9
=====
Balance Sheet and Other Highlights
----------------------------------
December 31, 2015 December 31, 2014
----------------- -----------------
Cash and cash equivalents $74.1 $75.4
Inventory $3,612.0 $2,899.0
Total floorplan notes payable $3,727.1 $3,097.2
Non-vehicle debt $2,366.6 $2,128.4
Equity $2,349.3 $2,072.1
New days supply (industry standard of selling days) 68 days 54 days
Used days supply (trailing calendar month days) 43 days 38 days
Key Credit Agreement Covenant Compliance Calculations(3)
-------------------------------------------------------
Leverage ratio 2.32x
Covenant less than or equal to 3.75x
-------- --------------------- -----
Capitalization ratio 61.0%
Covenant less than or equal to 70.0%
-------- --------------------- ----
(1) Includes accrued construction in progress and excludes property associated with capital leases entered
into during the period
(2) Excludes capital leases
(3) Calculated in accordance with our credit agreement as filed with the SEC
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Comparable Basis Reconciliations*
--------------------------------
Three Months Ended December 31,
-------------------------------
Net Income Diluted Earnings Per Share**
---------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
As reported $97.5 $116.7 $0.87 $1.02
Discontinued operations, net of income taxes 0.3 0.2 $ - $ -
---
From continuing operations, as reported 97.8 116.9 $0.87 $1.02
Franchise rights impairment 9.6 - $0.09 $ -
----------------
Adjusted $107.4 $116.9 $0.96 $1.02
====== ======
Twelve Months Ended December 31,
--------------------------------
Net Income Diluted Earnings Per Share**
---------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
As reported $442.6 $418.7 $3.89 $3.52
Discontinued operations, net of income taxes 1.1 1.1 $0.01 $0.01
---
From continuing operations, as reported 443.7 419.8 $3.90 $3.53
Franchise rights impairment 9.6 - $0.08 $ -
Net gain related to business/property dispositions - (5.0) $ - $(0.04)
------------------------------------------
Adjusted $453.3 $414.8 $3.98 $3.49
====== ======
* Please refer to the "Non-GAAP Financial Measures" section of the Press Release.
** Diluted earnings per share amounts are calculated discretely and therefore may not add
up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
Three Months Ended December 31, Twelve Months Ended December 31,
Operating Highlights
--------------------
2015 2014 $ Variance % Variance 2015 2014 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $3,028.2 $2,966.8 $61.4 2.1 $11,576.5 $10,885.3 $691.2 6.3
Retail used vehicle 1,022.9 1,001.2 21.7 2.2 4,209.2 3,957.8 251.4 6.4
Wholesale 88.1 96.9 (8.8) (9.1) 390.7 395.0 (4.3) (1.1)
Used vehicle 1,111.0 1,098.1 12.9 1.2 4,599.9 4,352.8 247.1 5.7
Finance and insurance, net 209.9 195.5 14.4 7.4 846.1 745.6 100.5 13.5
Total variable
operations 4,349.1 4,260.4 88.7 2.1 17,022.5 15,983.7 1,038.8 6.5
---------------
Parts and service 751.1 722.7 28.4 3.9 2,973.3 2,793.1 180.2 6.5
Other 47.4 33.5 13.9 146.7 176.3 (29.6)
Total revenue $5,147.6 $5,016.6 $131.0 2.6 $20,142.5 $18,953.1 $1,189.4 6.3
======== ======== ====== ========= ========= ========
Gross profit:
New vehicle $167.2 $184.7 $(17.5) (9.5) $642.7 $646.0 $(3.3) (0.5)
Retail used vehicle 74.7 89.4 (14.7) (16.4) 346.3 359.6 (13.3) (3.7)
Wholesale (2.0) (1.1) (0.9) (4.7) (2.2) (2.5)
Used vehicle 72.7 88.3 (15.6) (17.7) 341.6 357.4 (15.8) (4.4)
Finance and insurance 209.9 195.5 14.4 7.4 846.1 745.6 100.5 13.5
Total variable
operations 449.8 468.5 (18.7) (4.0) 1,830.4 1,749.0 81.4 4.7
---------------
Parts and service 326.1 302.2 23.9 7.9 1,285.7 1,182.5 103.2 8.7
Other 6.7 7.2 (0.5) 27.1 30.2 (3.1)
-----
Total gross profit $782.6 $777.9 $4.7 0.6 $3,143.2 $2,961.7 $181.5 6.1
====== ====== ==== ======== ======== ======
Retail vehicle unit sales:
New 82,871 81,991 880 1.1 329,431 314,683 14,748 4.7
Used 52,013 53,137 (1,124) (2.1) 220,538 212,731 7,807 3.7
------ -----
134,884 135,128 (244) (0.2) 549,969 527,414 22,555 4.3
======= ======= ==== ======= ======= ======
Revenue per vehicle retailed:
New $36,541 $36,184 $357 1.0 $35,141 $34,591 $550 1.6
Used $19,666 $18,842 $824 4.4 $19,086 $18,605 $481 2.6
Gross profit per vehicle retailed:
New $2,018 $2,253 $(235) (10.4) $1,951 $2,053 $(102) (5.0)
Used $1,436 $1,682 $(246) (14.6) $1,570 $1,690 $(120) (7.1)
Finance and insurance $1,556 $1,447 $109 7.5 $1,538 $1,414 $124 8.8
Total variable operations(1) $3,350 $3,475 $(125) (3.6) $3,337 $3,320 $17 0.5
Three Months Ended December 31, Twelve Months Ended December 31,
Operating Percentages
---------------------
2015 (%) 2014 (%) 2015 (%) 2014 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 58.8 59.1 57.5 57.4
Used vehicle 21.6 21.9 22.8 23.0
Parts and service 14.6 14.4 14.8 14.7
Finance and insurance, net 4.1 3.9 4.2 3.9
Other 0.9 0.7 0.7 1.0
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 21.4 23.7 20.4 21.8
Used vehicle 9.3 11.4 10.9 12.1
Parts and service 41.7 38.8 40.9 39.9
Finance and insurance 26.8 25.1 26.9 25.2
Other 0.8 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 6.2 5.6 5.9
Used vehicle - retail 7.3 8.9 8.2 9.1
Parts and service 43.4 41.8 43.2 42.3
Total 15.2 15.5 15.6 15.6
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum
of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail
vehicle unit sales.
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SOURCE AutoNation, Inc.
