• Q4 2024 revenue up 8% on a same store basis; EPS $4.64 and adjusted EPS $4.97

  • New Vehicle same-store unit sales growth of 12% in Q4, with sequential unit profitability growth

  • Used Vehicle same-store gross profit growth of 14% in Q4

  • After-Sales and CFS same-store gross profit growth of 5% and 6%, respectively in Q4

  • AN Finance originated $1.1 billion of loans during 2024

  • Share repurchases of $460 million in 2024 representing a 7% share reduction

  • Continued strong balance sheet, leverage reduced sequentially to 2.4X in Q4

FORT LAUDERDALE, Fla., Feb. 11, 2025 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) today reported fourth quarter 2024 revenue of $7.2 billion, an increase of 8% compared to the same period a year ago on a same store basis. For the quarter, EPS was $4.64 and adjusted EPS was $4.97. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

"Our fourth quarter performance reflects the strength of AutoNation's business model and operations. We achieved double-digit new vehicle unit growth, gaining share in the markets we serve, while also meaningfully increasing used vehicle, Customer Financial Services, and After-Sales gross profit. Further, we continued to expand our AutoNation Finance business and to enhance our loan portfolio, by originating more than $1 billion in loans during 2024 and selling most of the legacy, sub-prime portfolio. We are pleased with our performance, confident in our ability to adapt to changing market conditions, and remain focused on delivering attractive shareholder returns," said Mike Manley, AutoNation's Chief Executive Officer.

Operational Summary
Fourth Quarter 2024 compared to the year-ago period:

Selected GAAP Financial Data

($ in millions, except per share data)


Three Months Ended December 31,


2024

2023

YoY

Revenue

$              7,213.2

$              6,767.4

7 %

Gross Profit

$              1,241.6

$              1,215.2

2 %

Operating Income

$                 339.5

$                 349.9

-3 %

Net Income

$                 186.1

$                 216.2

-14 %

Diluted EPS

$                   4.64

$                   5.04

-8 %







Same-store Revenue

$              7,171.2

$              6,660.8

8 %

Same-store Gross Profit

$              1,234.4

$              1,195.4

3 %







Same-store New Vehicle Retail Unit Sales

71,434

64,041

12 %

Same-store Used Vehicle Retail Unit Sales

63,330

63,831

-1 %

 

Selected Non-GAAP Financial Data*

($ in millions, except per share data)


Three Months Ended December 31,


2024

2023

YoY

Adjusted Operating Income

$                 362.2

$                 367.7

-1 %

Adjusted Net Income

$                 199.2

$                 215.5

-8 %

Adjusted Diluted EPS

$                   4.97

$                   5.02

-1 %













*Reconciliations of non-GAAP financial measures are included in the attached financial tables.

 

  • Same-store Revenue – $7.2 billion, increased $510 million or 8% from a year ago, reflecting increased new vehicle unit sales and higher average new vehicle selling prices.
    • New Vehicle Revenue - $3.8 billion, an increase of $443 million or 13%.
    • Used Vehicle Revenue - $1.9 billion, an increase of $3 million or relatively flat.
    • After-Sales Revenue - $1.2 billion, an increase of $44 million or 4%.
    • Customer Financial Services Revenue - $363 million, an increase of $20 million or 6%.
  • Same-store Gross Profit - $1.2 billion, increased $39 million or 3% from a year ago.
    • New Vehicle Gross Profit - $212 million, a decrease of $23 million reflecting unit profitability of $2,971, compared to $3,665 a year ago, partially offset by a 12% increase in unit sales.
    • Used Vehicle Gross Profit - $103 million, an increase of $13 million reflecting unit profitability of $1,549, compared to $1,462 a year ago, stable unit sales and improved sourcing and pricing effectiveness.
    • After-Sales Gross Profit - $556 million, an increase of $29 million or 5%.
    • Customer Financial Services Gross Profit - $363 million, an increase of $20 million or 6%, reflecting unit profitability of $2,690, compared to $2,682 a year ago, and a 5% increase in retail unit sales.
  • SG&A as a Percentage of Gross Profit – 67.1%, or 66.3% on an adjusted basis, up from 65.1% on an adjusted basis in the prior year and down from 67.4% on an adjusted basis from the prior quarter reflecting continued cost discipline.

Segment Results
Segment results(1) for the fourth quarter of 2024 were as follows:

  • Domestic – Domestic segment income(2) was $67 million compared to $74 million a year ago, a decrease of 9%. Revenue of $1.9 billion was up 4%.
  • Import – Import segment income(2) was $121 million compared to $137 million a year ago, a decrease of 12%. Revenue of $2.1 billion was up 5%.
  • Premium Luxury – Premium Luxury segment income(2) was $208 million compared to $195 million a year ago, an increase of 6%. Revenue of $2.9 billion was up 10%.
  • AutoNation Finance - AutoNation Finance income was $1 million compared to a loss of $4 million a year ago. Year-over-year results reflect higher net interest margin, continued operating efficiencies, and a gain on third-party loan sales, partially offset by higher non-cash credit provisioning related to significant loan origination growth.

 

Full Year 2024 compared to the year-ago period:

Selected GAAP Financial Data

($ in millions, except per share data)


Twelve Months Ended December 31,


2024

2023

YoY

Revenue

$            26,765.4

$            26,948.9

-1 %

Gross Profit

$              4,785.4

$              5,131.5

-7 %

Operating Income

$              1,305.5

$              1,651.9

-21 %

Net Income

$                 692.2

$              1,021.1

-32 %

Diluted EPS

$                 16.92

$                 22.74

-26 %







Same-store Revenue

$            26,201.7

$            26,491.9

-1 %

Same-store Gross Profit

$              4,691.9

$              5,044.7

-7 %







Same-store New Vehicle Retail Unit Sales

251,642

241,749

4 %

Same-store Used Vehicle Retail Unit Sales

254,481

268,010

-5 %

 

Selected Non-GAAP Financial Data*

($ in millions, except per share data)


Twelve Months Ended December 31,


2024

2023

YoY

Adjusted Operating Income

$              1,348.7

$              1,692.5

-20 %

Adjusted Net Income

$                 714.0

$              1,032.8

-31 %

Adjusted Diluted EPS

$                 17.46

$                 23.00

-24 %

*Reconciliations of non-GAAP financial measures are included in the attached financial tables.

 

  • Same-store Revenue – $26.2 billion, decreased $290 million or 1% from a year ago.
    • New Vehicle Revenue - $12.9 billion, an increase of $282 million or 2%.
    • Used Vehicle Revenue - $7.4 billion, a decrease of $603 million or 8%.
    • After-Sales Revenue - $4.5 billion, an increase of $111 million or 3%.
    • Customer Financial Services Revenue - $1.3 billion, a decrease of $71 million or 5%.
  • Same-store Gross Profit - $4.7 billion, decreased $353 million or 7% from a year ago.
    • New Vehicle Gross Profit - $770 million, a decrease of $283 million reflecting unit profitability of $3,058, compared to $4,355 a year ago, partially offset by a 4% increase in unit sales.
    • Used Vehicle Gross Profit - $430 million, a decrease of $71 million reflecting unit profitability of $1,585, compared to $1,810 a year ago and a 5% decrease in unit sales.
    • After-Sales Gross Profit - $2.2 billion, an increase of $74 million or 4%.
    • Customer Financial Services Gross Profit - $1.3 billion, a decrease of $71 million reflecting unit profitability of $2,622 compared to $2,743 a year ago, and a 1% decrease in retail unit sales.
  • SG&A as a Percentage of Gross Profit – 68.2%, or 66.6% on an adjusted basis, reflecting continued cost discipline.

Segment Results
Segment results(1) for the full year 2024 were as follows:

  • Domestic - Domestic segment income(2) was $255 million compared to $415 million a year ago, a decrease of 39%. Revenue of $7.1 billion was down 6%.
  • Import - Import segment income(2) was $477 million compared to $635 million a year ago, a decrease of 25%. Revenue of $8.2 billion was up 4%.
  • Premium Luxury - Premium Luxury segment income(2) was $676 million compared to $837 million a year ago, a decrease of 19%. Revenue of $10.1 billion was down 1%.
  • AutoNation Finance - AutoNation Finance loss was $9 million compared to $14 million a year ago. Year-over-year results reflect higher net interest margin and continued operating efficiencies, partially offset by higher non-cash credit provisioning related to significant loan origination growth.

Capital Allocation, Liquidity, and Leverage
For the full year 2024, adjusted cash from operating activities was $1.1 billion, capital expenditures were $329 million, and adjusted free cash flow was $750 million, or 105% of adjusted net income.

During the quarter, AutoNation repurchased 0.6 million shares of common stock for an aggregate purchase price of $104 million.  For the full year 2024, AutoNation repurchased 2.9 million shares, or 7% of its shares outstanding at the beginning of the year, for an aggregate purchase price of $460 million, or $161 per share.

As of December 31, 2024, AutoNation had $1.3 billion of liquidity, including $60 million in cash and $1.3 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company's covenant leverage ratio was 2.4X at quarter-end and the Company had $3.8 billion of non-vehicle debt outstanding. 

The fourth quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID:705922) 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 11, 2025, through March 4, 2025, by calling 866-813-9403 (Conference ID: 834719). 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 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. AutoNation Finance is our captive auto finance
company, which provides indirect financing to qualified retail customers on vehicles we sell and is in the early stages
of building its portfolio. 

(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 the United States, offers innovative products, exceptional services, and comprehensive solutions, and empowers its customers to make the best decisions for their needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $40 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.

Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "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 our expectations for shareholder returns 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: our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including our investments in digital and online capabilities and mobility solutions; 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; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; 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; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AUTONATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)


Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Revenue:






New vehicle

$            3,775.2

$            3,366.9

$          13,048.2

$          12,767.4

Used vehicle

1,911.3

1,905.8

7,719.9

8,198.5

Parts and service

1,154.2

1,141.2

4,614.6

4,533.7

Finance and insurance, net

366.0

347.4

1,360.1

1,418.8

Other

6.5

6.1

22.6

30.5

Total revenue

7,213.2

6,767.4

26,765.4

26,948.9

Cost of sales:






New vehicle

3,563.1

3,130.4

12,272.7

11,705.6

Used vehicle

1,806.9

1,814.3

7,281.4

7,690.5

Parts and service

595.8

601.3

2,405.6

2,394.4

Other

5.8

6.2

20.3

26.9

Total cost of sales

5,971.6

5,552.2

21,980.0

21,817.4

Gross profit

1,241.6

1,215.2

4,785.4

5,131.5

AutoNation Finance Income (Loss)

1.2

(4.4)

(9.3)

(13.9)

Selling, general, and administrative expenses

833.7

808.3

3,263.9

3,253.2

Depreciation and amortization

61.2

57.4

240.7

220.5

Franchise rights impairment

12.5

—

12.5

—

Other income, net(1)

(4.1)

(4.8)

(46.5)

(8.0)

Operating income

339.5

349.9

1,305.5

1,651.9

Non-operating income (expense) items:






Floorplan interest expense

(55.1)

(46.5)

(218.9)

(144.7)

Other interest expense

(43.4)

(45.5)

(179.7)

(181.4)

Other income, net(2)

0.8

19.8

9.8

24.4

Income from continuing operations before income taxes

241.8

277.7

916.7

1,350.2

Income tax provision

55.7

61.5

224.5

330.0

Net income from continuing operations

186.1

216.2

692.2

1,020.2

Income from discontinued operations, net of income taxes

—

—

—

0.9

Net income

$               186.1

$               216.2

$               692.2

$            1,021.1

Diluted earnings per share(3):






Continuing operations

$                 4.64

$                 5.04

$               16.92

$               22.72

Discontinued operations

$                    —

$                    —

$                    —

$                 0.02

Net income

$                 4.64

$                 5.04

$               16.92

$               22.74

Weighted average common shares outstanding

40.1

42.9

40.9

44.9

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

39.0

41.6

39.0

41.6


(1)

Includes net gains on business/property divestitures and legal settlements, and asset impairments. 

(2)

Includes gains related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants, net of gains and losses 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,


2024

2023

$ Variance

% Variance

2024

2023

$ Variance

% Variance

Revenue:















New vehicle

$     3,775.2

$     3,366.9

$       408.3

12.1

$   13,048.2

$   12,767.4

$       280.8

2.2

Retail used vehicle

1,758.1

1,781.1

(23.0)

(1.3)

7,076.8

7,639.5

(562.7)

(7.4)

Wholesale

153.2

124.7

28.5

22.9

643.1

559.0

84.1

15.0

Used vehicle

1,911.3

1,905.8

5.5

0.3

7,719.9

8,198.5

(478.6)

(5.8)

Finance and insurance, net

366.0

347.4

18.6

5.4

1,360.1

1,418.8

(58.7)

(4.1)

Total variable operations

6,052.5

5,620.1

432.4

7.7

22,128.2

22,384.7

(256.5)

(1.1)

Parts and service

1,154.2

1,141.2

13.0

1.1

4,614.6

4,533.7

80.9

1.8

Other

6.5

6.1

0.4


22.6

30.5

(7.9)

Total revenue

$     7,213.2

$     6,767.4

$       445.8

6.6

$   26,765.4

$   26,948.9

$      (183.5)

(0.7)

Gross profit:















New vehicle

$       212.1

$       236.5

$       (24.4)

(10.3)

$       775.5

$     1,061.8

$      (286.3)

(27.0)

Retail used vehicle

99.7

94.8

4.9

5.2

414.4

493.1

(78.7)

(16.0)

Wholesale

4.7

(3.3)

8.0


24.1

14.9

9.2

Used vehicle

104.4

91.5

12.9

14.1

438.5

508.0

(69.5)

(13.7)

Finance and insurance

366.0

347.4

18.6

5.4

1,360.1

1,418.8

(58.7)

(4.1)

Total variable operations

682.5

675.4

7.1

1.1

2,574.1

2,988.6

(414.5)

(13.9)

Parts and service

558.4

539.9

18.5

3.4

2,209.0

2,139.3

69.7

3.3

Other

0.7

(0.1)

0.8


2.3

3.6

(1.3)

Total gross profit

1,241.6

1,215.2

26.4

2.2

4,785.4

5,131.5

(346.1)

(6.7)

AutoNation Finance income (loss)

1.2

(4.4)

5.6


(9.3)

(13.9)

4.6

Selling, general, and administrative expenses

833.7

808.3

(25.4)

(3.1)

3,263.9

3,253.2

(10.7)

(0.3)

Depreciation and amortization

61.2

57.4

(3.8)


240.7

220.5

(20.2)

Franchise rights impairment

12.5

—

(12.5)


12.5

—

(12.5)

Other (income) expense, net

(4.1)

(4.8)

(0.7)


(46.5)

(8.0)

38.5

Operating income

339.5

349.9

(10.4)

(3.0)

1,305.5

1,651.9

(346.4)

(21.0)

Non-operating income (expense) items:















Floorplan interest expense

(55.1)

(46.5)

(8.6)


(218.9)

(144.7)

(74.2)

Other interest expense

(43.4)

(45.5)

2.1


(179.7)

(181.4)

1.7

Other income (loss), net

0.8

19.8

(19.0)


9.8

24.4

(14.6)

Income from continuing operations before income taxes

$       241.8

$       277.7

$       (35.9)

(12.9)

$       916.7

$     1,350.2

$      (433.5)

(32.1)

Retail vehicle unit sales:















New

71,434

64,748

6,686

10.3

254,715

244,546

10,169

4.2

Used

64,829

65,151

(322)

(0.5)

265,908

274,019

(8,111)

(3.0)


136,263

129,899

6,364

4.9

520,623

518,565

2,058

0.4

Revenue per vehicle retailed:















New

$      52,849

$      52,000

$          849

1.6

$      51,227

$      52,209

$        (982)

(1.9)

Used

$      27,119

$      27,338

$        (219)

(0.8)

$      26,614

$      27,879

$      (1,265)

(4.5)

Gross profit per vehicle retailed:















New

$       2,969

$       3,653

$        (684)

(18.7)

$       3,045

$       4,342

$      (1,297)

(29.9)

Used

$       1,538

$       1,455

$            83

5.7

$       1,558

$       1,800

$        (242)

(13.4)

Finance and insurance

$       2,686

$       2,674

$            12

0.4

$       2,612

$       2,736

$        (124)

(4.5)

Total variable operations(1)

$       4,974

$       5,225

$        (251)

(4.8)

$       4,898

$       5,734

$        (836)

(14.6)


(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. 


Operating Percentages

Three Months Ended December 31,

Twelve Months Ended December 31,


2024 ( %)

2023 ( %)

2024 ( %)

2023 ( %)

Revenue mix percentages:







New vehicle

52.3

49.8

48.8

47.4

Used vehicle

26.5

28.2

28.8

30.4

Parts and service

16.0

16.9

17.2

16.8

Finance and insurance, net

5.1

5.1

5.1

5.3

Other

0.1

—

0.1

0.1


100.0

100.0

100.0

100.0

Gross profit mix percentages:







New vehicle

17.1

19.5

16.2

20.7

Used vehicle

8.4

7.5

9.2

9.9

Parts and service

45.0

44.4

46.2

41.7

Finance and insurance

29.5

28.6

28.4

27.6

Other

—

—

—

0.1


100.0

100.0

100.0

100.0

Operating items as a percentage of revenue:







Gross profit:







New vehicle

5.6

7.0

5.9

8.3

Used vehicle - retail

5.7

5.3

5.9

6.5

Parts and service

48.4

47.3

47.9

47.2

Total

17.2

18.0

17.9

19.0

Selling, general, and administrative expenses

11.6

11.9

12.2

12.1

Operating income

4.7

5.2

4.9

6.1

Operating items as a percentage of total gross profit:







Selling, general, and administrative expenses

67.1

66.5

68.2

63.4

Operating income

27.3

28.8

27.3

32.2

 

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions)

Segment Operating Highlights

Three Months Ended December 31,

Twelve Months Ended December 31,


2024

2023

$ Variance

% Variance

2024

2023

$ Variance

% Variance

Revenue:















Domestic

$    1,869.3

$    1,802.7

$        66.6

3.7

$    7,140.3

$    7,573.2

$     (432.9)

(5.7)

Import

2,112.4

2,016.7

95.7

4.7

8,156.9

7,880.9

276.0

3.5

Premium luxury

2,900.6

2,644.9

255.7

9.7

10,139.9

10,266.4

(126.5)

(1.2)

Total Franchised Dealerships

6,882.3

6,464.3

418.0

6.5

25,437.1

25,720.5

(283.4)

(1.1)

Corporate and other

330.9

303.1

27.8

9.2

1,328.3

1,228.4

99.9

8.1

Total consolidated revenue

$    7,213.2

$    6,767.4

$      445.8

6.6

$  26,765.4

$  26,948.9

$     (183.5)

(0.7)

















Segment income(1):















Domestic

$        67.0

$        73.9

$        (6.9)

(9.3)

$      254.9

$      415.4

$     (160.5)

(38.6)

Import

120.5

136.9

(16.4)

(12.0)

476.6

635.0

(158.4)

(24.9)

Premium luxury

207.6

195.3

12.3

6.3

675.7

836.5

(160.8)

(19.2)

Total Franchised Dealerships

395.1

406.1

(11.0)

(2.7)

1,407.2

1,886.9

(479.7)

(25.4)

AutoNation Finance income (loss)

1.2

(4.4)

5.6


(9.3)

(13.9)

4.6

Corporate and other

(111.9)

(98.3)

(13.6)


(311.3)

(365.8)

54.5

Add:  Floorplan interest expense

55.1

46.5

8.6


218.9

144.7

74.2

Operating income

$      339.5

$      349.9

$      (10.4)

(3.0)

$    1,305.5

$    1,651.9

$     (346.4)

(21.0)


(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.

 

Three Months Ended December 31,

Twelve Months Ended December 31,


2024

2023

Variance

% Variance

2024

2023

Variance

% Variance

Retail new vehicle unit sales:















Domestic

19,200

16,361

2,839

17.4

69,268

67,471

1,797

2.7

Import

31,080

29,566

1,514

5.1

116,242

108,068

8,174

7.6

Premium luxury

21,154

18,821

2,333

12.4

69,205

69,007

198

0.3


71,434

64,748

6,686

10.3

254,715

244,546

10,169

4.2

















Retail used vehicle unit sales:















Domestic

17,673

19,638

(1,965)

(10.0)

74,851

84,552

(9,701)

(11.5)

Import

21,573

21,905

(332)

(1.5)

90,761

91,146

(385)

(0.4)

Premium luxury

18,827

17,925

902

5.0

73,435

75,334

(1,899)

(2.5)

Other

6,756

5,683

1,073

18.9

26,861

22,987

3,874

16.9


64,829

65,151

(322)

(0.5)

265,908

274,019

(8,111)

(3.0)

















 

Brand Mix - Retail New Vehicle Units Sold

Three Months Ended December 31,

Twelve Months Ended December 31,


2024 ( %)

2023 ( %)

2024 ( %)

2023 ( %)

Domestic:








Ford, Lincoln

11.2

9.7

11.1

10.6

Chevrolet, Buick, Cadillac, GMC

10.6

9.4

10.8

10.1

Chrysler, Dodge, Jeep, Ram

5.1

6.2

5.3

6.9

Domestic total

26.9

25.3

27.2

27.6

Import:








Toyota

20.2

21.4

20.6

19.4

Honda

11.8

12.4

13.0

12.7

Nissan

1.3

1.8

1.7

2.1

Hyundai

3.5

3.3

3.6

3.4

Subaru

3.8

3.8

3.8

3.6

Other Import

2.9

2.9

2.9

3.0

Import total

43.5

45.6

45.6

44.2

Premium Luxury:








Mercedes-Benz

9.8

8.9

9.1

9.2

BMW

10.4

10.1

9.0

9.4

Lexus

3.5

3.6

3.5

3.2

Audi

2.0

2.8

2.0

2.7

Jaguar Land Rover

2.2

1.7

2.0

1.7

Other Premium Luxury

1.7

2.0

1.6

2.0

Premium Luxury total

29.6

29.1

27.2

28.2


100.0

100.0

100.0

100.0

 

AutoNation Finance

Three Months Ended December 31,

Twelve Months Ended December 31,


2024

2023

$ Variance

2024

2023

$ Variance

Interest margin:











Interest and fee income

$          37.2

$          19.1

$          18.1

$        118.4

$          84.0

$          34.4

Interest expense

(12.7)

(6.1)

(6.6)

(39.8)

(20.8)

(19.0)

Total interest margin

24.5

13.0

11.5

78.6

63.2

15.4

Provision for credit losses

(21.2)

(9.8)

(11.4)

(57.5)

(45.9)

(11.6)

Total interest margin after provision for loan losses

3.3

3.2

0.1

21.1

17.3

3.8

Direct expenses(1)

(9.5)

(7.6)

(1.9)

(37.8)

(39.3)

1.5

Gain on sale of auto loans receivable

7.4

—

7.4

7.4

8.1

(0.7)

AutoNation Finance income (loss)

$            1.2

$          (4.4)

$            5.6

$          (9.3)

$        (13.9)

$            4.6













(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 December 31,

Twelve Months Ended December 31,


2024

2023

2024

2023

Capital expenditures

$                  66.3

$                124.3

$                328.5

$                410.3

Cash paid for acquisitions, net of cash acquired

$                     —

$                    0.3

$                     —

$                271.4

Cash received from divestitures, net of cash relinquished

$                     —

$                  23.2

$                156.0

$                  23.2

Stock repurchases:







Aggregate purchase price (1)

$                104.4

$                151.2

$                460.0

$                863.6

Shares repurchased (in millions)

0.6

1.1

2.9

6.4

 

Floorplan Assistance and Expense

Three Months Ended December 31,

Twelve Months Ended December 31,


2024

2023

$ Variance

2024

2023

$ Variance

Floorplan assistance earned (included in cost of sales)

$       35.2

$       33.7

$         1.5

$     136.8

$     125.8

$       11.0

New vehicle floorplan interest expense

(53.3)

(43.0)

(10.3)

(210.6)

(132.1)

(78.5)

Net new vehicle inventory carrying expense

$     (18.1)

$       (9.3)

$       (8.8)

$     (73.8)

$       (6.3)

$     (67.5)

 

Balance Sheet and Other Highlights

December 31, 2024

December 31, 2023

Cash and cash equivalents

$                     59.8

$                     60.8

Inventory

$                3,360.0

$                3,033.4

Floorplan notes payable

$                3,709.7

$                3,382.4

Non-recourse debt

$                   826.0

$                   258.4

Non-vehicle debt

$                3,762.1

$                4,030.3

Equity

$                2,457.3

$                2,211.4





New days supply (industry standard of selling days)

39 days

36 days

Used days supply (trailing calendar month days)

37 days

39 days

 

Key Credit Agreement Covenant Compliance Calculations (2)

Leverage ratio

2.45x

Covenant

less than or equal to

3.75x



Interest coverage ratio                                                            

4.24x

Covenant

greater than or equal to

3.00x


(1) 

Excludes excise tax accrual 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 December 31,


Operating Income

Income from
Continuing Operations
Before Income Taxes

Income Tax

Provision(2)

Effective
Tax Rate

Net Income

Diluted Earnings

Per Share(3)


2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

From continuing operations, as reported

$   339.5

$   349.9

$   241.8

$   277.7

$     55.7

$     61.5

23.0 %

22.1 %

$   186.1

$   216.2



Discontinued operations, net of income taxes















—

—



As reported















186.1

216.2

$     4.64

$     5.04

Increase (decrease) in compensation expense related to
market valuation changes in deferred compensation plans(4)

(1.3)

11.2

—

—

—

—




—

—

$        —

$        —

Net loss (gain) on equity investments

—

—

—

(7.5)

—

(1.8)




—

(5.7)

$        —

$   (0.13)

Self-insurance related losses(5)

6.0

—

6.0

—

1.5

—




4.5

—

$     0.11

$        —

Severance expenses

5.5

6.6

5.5

6.6

1.3

1.6




4.2

5.0

$     0.10

$     0.12

Franchise rights impairment

12.5

—

12.5

—

3.1

—




9.4

—

$     0.23

$        —

Income tax adjustments

—

—

—

—

5.0

—




(5.0)

—

$   (0.12)

$        —

Adjusted

$   362.2

$   367.7

$   265.8

$   276.8

$     66.6

$     61.3

25.1 %

22.1 %

$   199.2

$   215.5

$     4.97

$     5.02



























Three Months Ended December 31,

















SG&A

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

















2024

2023

2024

2023















As reported

$   833.7

$   808.3

67.1

66.5















Excluding:






















Increase (decrease) in compensation expense related to
market valuation changes in deferred compensation plans

(1.3)

11.2



















Self-insurance related losses

6.0

—



















Severance expenses

5.5

6.6



















Adjusted

$   823.5

$   790.5

66.3

65.1

















(1)

Please refer to the "Non-GAAP Financial Measures" section of the Press Release.

(2)

Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.

(3)

Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

(4)

Increases and decreases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding gains and losses, respectively, related to changes in the cash surrender value of corporate-owned life insurance ("COLI") for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, net impact to net income and earnings per share is de minimis. Gains and losses related to the COLI are recorded in non-operating Other Income (Loss), Net.

(5)

Primarily related to losses from weather-related catastrophes and associated costs.

 

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 Operations
Before Income Taxes

Income Tax
Provision(2)

Effective
Tax Rate

Net Income

Diluted Earnings

Per Share(3)


2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

2024

2023

From continuing operations, as reported

$ 1,305.5

$ 1,651.9

$   916.7

$ 1,350.2

$   224.5

$   330.0

24.5 %

24.4 %

$   692.2

$ 1,020.2



Discontinued operations, net of income taxes















—

0.9



As reported















692.2

1,021.1

$   16.92

$   22.74

Increase (decrease) in compensation expense related to
market valuation changes in deferred compensation plans(4)

15.0

17.5

—

—

—

—




—

—

$        —

$        —

Net loss (gain) on equity investments

—

—

6.7

(7.5)

1.6

(1.8)




5.1

(5.7)

$     0.12

$   (0.13)

One-time costs associated with CDK outage(5)

42.8

—

42.8

—

10.5

—




32.3

—

$     0.79

$        —

Self-insurance related losses(6)

11.7

16.5

11.7

16.5

2.9

4.1




8.8

12.4

$     0.22

$     0.28

Severance expenses

5.5

6.6

5.5

6.6

1.3

1.6




4.2

5.0

$     0.10

$     0.11

Income tax adjustments

—

—

—

—

5.0

—




(5.0)

—

$   (0.12)

$        —

Franchise rights impairment

12.5

—

12.5

—

3.1

—




9.4

—

$     0.23

$        —

Business/property-related items:






















Net gains on dispositions, net of asset impairments

(46.7)

—

(46.7)

—

(11.4)

—




(35.3)

—

$   (0.86)

$        —

Loss from operations resulting from dispositions

2.4

—

3.0

—

0.7

—




2.3

—

$     0.06

$        —

Adjusted

$ 1,348.7

$ 1,692.5

$   952.2

$ 1,365.8

$   238.2

$   333.9

25.0 %

24.4 %

$   714.0

$ 1,032.8

$   17.46

$   23.00



























Twelve Months Ended December 31,

















SG&A

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

















2024

2023

2024

2023















As reported

$ 3,263.9

$ 3,253.2

68.2

63.4















Excluding:






















Increase (decrease) in compensation expense related to
market valuation changes in deferred compensation plans

15.0

17.5



















One-time costs associated with CDK outage

42.8

—



















Self-insurance related losses

11.7

16.5



















Severance expenses

5.5

6.6



















Adjusted

$ 3,188.9

$ 3,212.6

66.6

62.6

















(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 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.

(5)

Represents certain one-time costs incurred associated with the CDK outage, principally consisting of compensation paid to commission-based associates to ensure business continuity.

(6)

Primarily related to losses from weather-related catastrophes and associated costs.

 

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

($ in millions)

Free Cash Flow

Twelve Months Ended December 31,


2024

2023

Net cash provided by operating activities

$                       314.7

$                       724.0

Net proceeds from (payments of) vehicle floorplan - non-trade

(113.5)

425.3

Increase in auto loans receivable, net

877.1

229.9

Adjusted cash provided by operating activities

1,078.3

1,379.2

Capital expenditures

(328.5)

(410.3)

Adjusted free cash flow

$                       749.8

$                       968.9





Adjusted net income

$                       714.0

$                    1,032.8

Adjusted free cash flow conversion %

105

94

 

AUTONATION, INC.

UNAUDITED SAME STORE DATA

($ in millions, except per vehicle data)

Operating Highlights

Three Months Ended December 31,

Twelve Months Ended December 31,


2024

2023

$ 

Variance

% 

Variance

2024

2023

$ 

Variance

% 

Variance

Revenue:















New vehicle

$   3,775.2

$   3,331.8

$      443.4

13.3

$ 12,909.0

$ 12,627.3

$      281.7

2.2

Retail used vehicle

1,727.3

1,750.8

(23.5)

(1.3)

6,826.2

7,495.5

(669.3)

(8.9)

Wholesale

149.2

122.8

26.4

21.5

613.6

547.6

66.0

12.1

Used vehicle

1,876.5

1,873.6

2.9

0.2

7,439.8

8,043.1

(603.3)

(7.5)

Finance and insurance, net

362.5

343.0

19.5

5.7

1,326.9

1,398.1

(71.2)

(5.1)

Total variable operations

6,014.2

5,548.4

465.8

8.4

21,675.7

22,068.5

(392.8)

(1.8)

Parts and service

1,150.6

1,106.3

44.3

4.0

4,503.5

4,393.0

110.5

2.5

Other

6.4

6.1

0.3


22.5

30.4

(7.9)

Total revenue

$   7,171.2

$   6,660.8

$      510.4

7.7

$ 26,201.7

$ 26,491.9

$    (290.2)

(1.1)

















Gross profit:















New vehicle

$      212.2

$      234.7

$      (22.5)

(9.6)

$      769.5

$   1,052.9

$    (283.4)

(26.9)

Retail used vehicle

98.1

93.3

4.8

5.1

403.3

485.0

(81.7)

(16.8)

Wholesale

5.1

(2.8)

7.9


26.8

15.7

11.1

Used vehicle

103.2

90.5

12.7

14.0

430.1

500.7

(70.6)

(14.1)

Finance and insurance

362.5

343.0

19.5

5.7

1,326.9

1,398.1

(71.2)

(5.1)

Total variable operations

677.9

668.2

9.7

1.5

2,526.5

2,951.7

(425.2)

(14.4)

Parts and service

556.0

527.4

28.6

5.4

2,163.3

2,089.4

73.9

3.5

Other

0.5

(0.2)

0.7


2.1

3.6

(1.5)

Total gross profit

$   1,234.4

$   1,195.4

$        39.0

3.3

$   4,691.9

$   5,044.7

$    (352.8)

(7.0)

















Retail vehicle unit sales:















New

71,434

64,041

7,393

11.5

251,642

241,749

9,893

4.1

Used

63,330

63,831

(501)

(0.8)

254,481

268,010

(13,529)

(5.0)


134,764

127,872

6,892

5.4

506,123

509,759

(3,636)

(0.7)

















Revenue per vehicle retailed:















New

$    52,849

$    52,026

$         823

1.6

$    51,299

$    52,233

$       (934)

(1.8)

Used

$    27,275

$    27,429

$       (154)

(0.6)

$    26,824

$    27,967

$    (1,143)

(4.1)

















Gross profit per vehicle retailed:















New

$      2,971

$      3,665

$       (694)

(18.9)

$      3,058

$      4,355

$    (1,297)

(29.8)

Used

$      1,549

$      1,462

$           87

6.0

$      1,585

$      1,810

$       (225)

(12.4)

Finance and insurance

$      2,690

$      2,682

$             8

0.3

$      2,622

$      2,743

$       (121)

(4.4)

Total variable operations(1)

$      4,992

$      5,247

$       (255)

(4.9)

$      4,939

$      5,760

$       (821)

(14.3)


(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 December 31,

Twelve Months Ended December 31,


2024 ( %)

2023 ( %)

2024 ( %)

2023 ( %)

Revenue mix percentages:







New vehicle

52.6

50.0

49.3

47.7

Used vehicle

26.2

28.1

28.4

30.4

Parts and service

16.0

16.6

17.2

16.6

Finance and insurance, net

5.1

5.1

5.1

5.3

Other

0.1

0.2

—

—


100.0

100.0

100.0

100.0

Gross profit mix percentages:







New vehicle

17.2

19.6

16.4

20.9

Used vehicle

8.4

7.6

9.2

9.9

Parts and service

45.0

44.1

46.1

41.4

Finance and insurance

29.4

28.7

28.3

27.7

Other

—

—

—

0.1


100.0

100.0

100.0

100.0

Operating items as a percentage of revenue:







Gross profit:







New vehicle

5.6

7.0

6.0

8.3

Used vehicle - retail

5.7

5.3

5.9

6.5

Parts and service

48.3

47.7

48.0

47.6

Total

17.2

17.9

17.9

19.0

 

 

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SOURCE AutoNation, Inc.

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