AUTONATION, INC. 
By FORT LAUDERDALE, Fla., Jan. 26, 2012 /PRNewswire/ --
Fourth Quarter 2011 Results
-- Adjusted EPS from continuing operations was an all-time record((1))
$0.51, up 13% compared to fourth quarter 2010 EPS from continuing
operations of $0.45 (no adjusting items in the year-ago period)
-- On a GAAP basis, fourth quarter 2011 EPS from continuing operations was
$0.50
-- Operating income of $144 million, an increase of 7% compared to the
year-ago period
-- Total revenue up 13% compared to the year-ago period; revenue for all
major categories - new vehicles, used vehicles, parts and service, and
finance and insurance - improved compared to the fourth quarter of 2010.
Full Year 2011 Results
-- Adjusted EPS from continuing operations was an all-time record $1.94, up
24% compared to full year 2010 adjusted EPS from continuing operations
of $1.56
-- On a GAAP basis, full year EPS from continuing operations was $1.93 in
2011 compared to $1.48 in 2010
-- Operating income of $572 million, an increase of 15% compared to 2010
-- Total revenue up 11% compared to 2010; revenue for all major categories
- new vehicles, used vehicles, parts and service, and finance and
insurance - improved compared to 2010.
AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported 2011 fourth quarter adjusted net income from continuing operations of $71 million, or $0.51 per share, compared to net income from continuing operations of $68 million, or $0.45 per share, for the same period in the prior year, a 13% improvement on a per-share basis. Adjusted net income from continuing operations for the fourth quarter of 2011 excludes debt refinancing costs of $1 million after-tax, or $0.01 per share, as disclosed in the attached financial tables. On a GAAP basis, fourth quarter 2011 net income from continuing operations was $70 million, or $0.50 per share. There were no adjusting items for the fourth quarter of 2010.
(Logo: http://photos.prnewswire.com/prnh/20001017/AUTONATIONLOGO )
2011 fourth quarter revenue totaled $3.7 billion, compared to $3.2 billion in the year-ago period, an increase of 13%, driven primarily by stronger retail new and used vehicle revenue. AutoNation's new vehicle unit sales increased 10% on a same store basis and were up 13% overall. Based on CNW Research data, in the fourth quarter, total U.S. industry new retail vehicle unit sales increased 7%.
2011 fourth quarter gross profit totaled $579 million, compared to $545 million in the year-ago period, an increase of 6%, primarily due to an increase in retail new vehicle gross profit, as well as an increase in finance and insurance gross profit. Gross profit per new vehicle retailed was favorably impacted by $34 in the fourth quarter of 2011 and by $247 in the fourth quarter of 2010 related to additional incentives primarily on premium luxury vehicles previously sold. On a per-vehicle basis, gross profit per new vehicle retailed increased $52 or 2%, despite the decrease in additional incentives compared to the year-ago period. Finance and insurance gross profit per vehicle retailed increased $63 or 5%, as compared to the year-ago period.
Mike Jackson, Chairman and Chief Executive Officer, said, "We continued to deliver impressive results, setting another record for the highest ever annual and quarterly adjusted EPS from continuing operations. We are pleased with our strong year-over-year growth across all areas of our business." Mr. Jackson concluded, "We are looking forward to the continued recovery in auto retail, buoyed by accelerated product offerings, robust consumer credit and strong replacement demand. We expect industry new vehicle sales to be approximately 14 million units in 2012."
During the fourth quarter of 2011, AutoNation repurchased 6.3 million shares for an aggregate purchase price of $217.8 million, and, from January 1, 2012 through January 25, 2012, AutoNation repurchased 3.5 million shares for an aggregate purchase price of $122.1 million. AutoNation today announced that the Board of Directors authorized the repurchase of up to an additional $250 million of AutoNation common stock. With the increased authorization, as of January 25, 2012, AutoNation had approximately $278 million remaining Board authorization for share repurchase. As of January 25, 2012, there was approximately 132 million shares outstanding.
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 Chrysler; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes, BMW, and Lexus. Segment results for the fourth quarter were as follows:
-- Domestic - Domestic segment income((2)) was $44 million compared to
year-ago segment income of $37 million. Fourth quarter Domestic retail
new vehicle unit sales increased 21%.
-- Import - Import segment income((2)) was $53 million compared to year-ago
segment income of $46 million. Fourth quarter Import retail new vehicle
unit sales increased 3%.
-- Premium Luxury - Premium Luxury segment income((2)) was $70 million
compared to year-ago segment income of $66 million. Fourth quarter
Premium Luxury retail new vehicle unit sales increased 28%.
For the full year ended December 31, 2011, the Company reported adjusted net income from continuing operations of $286 million, or $1.94 per share, compared to adjusted net income from continuing operations of $247 million, or $1.56 per share for the same period in the prior year, an improvement of 24% on a per-share basis. Adjusted net income from continuing operations excludes debt refinancing costs of $1 million after-tax, or $0.01 per share, for 2011 and $12 million after-tax, or $0.08 per share, for 2010, as disclosed in the attached financial tables. On a GAAP basis, net income from continuing operations for 2011 was $284 million, or $1.93 per share, compared to $235 million, or $1.48 per share, for the prior year. The Company's revenue for the full year ended December 31, 2011, totaled $13.8 billion, up 11% compared to $12.5 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 investors.autonation.com under "Events & Presentations."
The webcast will also be available on our web site following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on January 26, 2012 through February 3, 2012 by calling (800)-283-4984 (password: 75300).
------------------------------------------------
1. As compared to adjusted EPS from continuing operations in prior periods.
2. Segment income is defined as operating income less floorplan interest
expense.
About AutoNation, Inc.
AutoNation is transforming the automotive retail industry through bold leadership. We deliver a superior automotive retail experience through our customer-focused sales and service processes. Owning and operating 258 new vehicle franchises, which sell 32 brands across 15 states, AutoNation is America's largest automotive retailer, with state-of-the-art operations and the ability to leverage economies of scale that benefit the customer. As an indication of our leadership position in our industry, AutoNation is a component of the S&P 500 Index. AutoNation is driven to be the best-run, most profitable automotive retailer. Follow us at www.facebook.com/autonation and www.twitter.com/autonation.
For additional information about AutoNation, please visit investors.autonation.com or www.autonation.com.
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 expectations for 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 generally; conditions in the credit markets and changes in interest rates; the success and financial viability of vehicle manufacturers and distributors with which we hold franchises; the duration and severity of production and supply chain disruptions resulting from the natural disasters that struck Japan and Thailand; factors affecting our goodwill and other intangible asset impairment testing; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business; 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 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 Twelve Months Ended
December 31, December 31,
------------------- --------------------
2011 2010 2011 2010
---- ---- ---- ----
Revenue:
New vehicle $2,085.6 $1,778.7 $7,498.9 $6,669.1
Used vehicle 882.2 788.4 3,512.8 3,116.1
Parts and
service 573.1 560.2 2,293.1 2,209.1
Finance and
insurance,
net 124.9 107.0 474.5 418.9
Other 12.6 11.9 53.0 47.8
---- ---- ---- ----
Total
revenue 3,678.4 3,246.2 13,832.3 12,461.0
------- ------- -------- --------
Cost of
sales:
New vehicle 1,938.1 1,651.2 6,951.2 6,217.9
Used vehicle 820.6 726.7 3,228.0 2,849.4
Parts and
service 334.6 318.6 1,323.0 1,245.9
Other 5.9 5.2 26.1 20.3
--- --- ---- ----
Total cost
of sales 3,099.2 2,701.7 11,528.3 10,333.5
------- ------- -------- --------
Gross profit 579.2 544.5 2,304.0 2,127.5
Selling,
general and
administrative
expenses 412.7 392.7 1,649.4 1,552.1
Depreciation
and
amortization 21.0 19.6 83.7 76.8
Other
expenses
(income),
net 2.0 (2.4) (1.1) 2.0
--- ---- ---- ---
Operating
income 143.5 134.6 572.0 496.6
Floorplan
interest
expense (10.9) (12.3) (42.7) (42.5)
Other
interest
expense (17.4) (16.3) (66.0) (56.1)
Loss on debt
extinguishment (2.2) - (2.2) (19.6)
Interest
income 0.1 0.6 0.7 1.4
Other income
(losses),
net (0.3) 2.5 (0.5) 1.5
---- --- ---- ---
Income from
continuing
operations
before
income
taxes 112.8 109.1 461.3 381.3
Income tax
provision 42.9 41.1 177.1 146.0
---- ---- ----- -----
Net income
from
continuing
operations 69.9 68.0 284.2 235.3
Loss from
discontinued
operations,
net of
income
taxes (0.5) (0.7) (2.8) (8.7)
---- ---- ---- ----
Net income $69.4 $67.3 $281.4 $226.6
===== ===== ====== ======
Diluted
earnings
(loss) per
share:
Continuing
operations $0.50 $0.45 $1.93 $1.48
Discontinued
operations $(0.00) $(0.00) $(0.02) $(0.05)
Net income $0.49 $0.45 $1.91 $1.43
Weighted
average
common
shares
outstanding 140.6 150.4 147.3 158.6
Common
shares
outstanding,
net of
treasury
stock, at
December 31 135.8 148.4 135.8 148.4
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended December 31, Twelve Months Ended December 31,
-------------------- ------------------------------- --------------------------------
2011 2010 $Variance % Variance 2011 2010 $Variance % Variance
---- ---- --------- ---------- ---- ---- --------- ----------
Revenue:
New vehicle $2,085.6 $1,778.7 $306.9 17.3 $7,498.9 $6,669.1 $829.8 12.4
Retail used vehicle 753.7 685.7 68.0 9.9 3,047.6 2,764.8 282.8 10.2
Wholesale 128.5 102.7 25.8 25.1 465.2 351.3 113.9 32.4
----- ----- ----- ----- -----
Used vehicle 882.2 788.4 93.8 11.9 3,512.8 3,116.1 396.7 12.7
----- ----- ---- ------- ------- -----
Parts and service 573.1 560.2 12.9 2.3 2,293.1 2,209.1 84.0 3.8
Finance and insurance,
net 124.9 107.0 17.9 16.7 474.5 418.9 55.6 13.3
Other 12.6 11.9 0.7 53.0 47.8 5.2
---- ---- --- ---- ---- ---
Total revenue $3,678.4 $3,246.2 $432.2 13.3 $13,832.3 $12,461.0 $1,371.3 11.0
======== ======== ====== ========= ========= ========
Gross profit:
New vehicle $147.5 $127.5 $20.0 15.7 $547.7 $451.2 $96.5 21.4
Retail used vehicle 62.3 61.2 1.1 1.8 280.6 258.1 22.5 8.7
Wholesale (0.7) 0.5 (1.2) 4.2 8.6 (4.4)
----
Used vehicle 61.6 61.7 (0.1) (0.2) 284.8 266.7 18.1 6.8
---- ---- ---- ----- ----- ----
Parts and service 238.5 241.6 (3.1) (1.3) 970.1 963.2 6.9 0.7
Finance and insurance 124.9 107.0 17.9 16.7 474.5 418.9 55.6 13.3
Other 6.7 6.7 (0.0) 26.9 27.5 (0.6)
--- --- ---- ---- ---- ----
Total gross profit 579.2 544.5 34.7 6.4 2,304.0 2,127.5 176.5 8.3
Selling, general and
administrative
expenses 412.7 392.7 (20.0) (5.1) 1,649.4 1,552.1 (97.3) (6.3)
Depreciation and
amortization 21.0 19.6 (1.4) 83.7 76.8 (6.9)
Other expenses
(income), net 2.0 (2.4) (4.4) (1.1) 2.0 3.1
--- ---- ---- ---- --- ---
Operating income 143.5 134.6 8.9 6.6 572.0 496.6 75.4 15.2
Floorplan interest
expense (10.9) (12.3) 1.4 (42.7) (42.5) (0.2)
Other interest expense (17.4) (16.3) (1.1) (66.0) (56.1) (9.9)
Loss on debt
extinguishment (2.2) - (2.2) (2.2) (19.6) 17.4
Interest income 0.1 0.6 (0.5) 0.7 1.4 (0.7)
Other income (losses),
net (0.3) 2.5 (2.8) (0.5) 1.5 (2.0)
---- --- ---- ---- --- ----
Income from continuing
operations before
income taxes $112.8 $109.1 $3.7 3.4 $461.3 $381.3 $80.0 21.0
====== ====== ==== ====== ====== =====
Retail vehicle unit
sales:
New 60,191 53,151 7,040 13.2 224,034 206,456 17,578 8.5
Used 41,946 39,106 2,840 7.3 171,094 160,126 10,968 6.8
----- ------
102,137 92,257 9,880 10.7 395,128 366,582 28,546 7.8
======= ====== ===== ======= ======= ======
Revenue per vehicle
retailed:
New $34,650 $33,465 $1,185 3.5 $33,472 $32,303 $1,169 3.6
Used $17,968 $17,534 $434 2.5 $17,812 $17,266 $546 3.2
Gross profit per
vehicle retailed:
New $2,451 $2,399 $52 2.2 $2,445 $2,185 $260 11.9
Used $1,485 $1,565 $(80) (5.1) $1,640 $1,612 $28 1.7
Finance and insurance $1,223 $1,160 $63 5.4 $1,201 $1,143 $58 5.1
Operating Percentages Three Months Ended December 31, Twelve Months Ended December 31,
--------------------- ------------------------------- --------------------------------
2011 (%) 2010 (%) 2011 (%) 2010 (%)
-------- -------- -------- --------
Revenue mix
percentages:
New vehicle 56.7 54.8 54.2 53.5
Used vehicle 24.0 24.3 25.4 25.0
Parts and service 15.6 17.3 16.6 17.7
Finance and insurance,
net 3.4 3.3 3.4 3.4
Other 0.3 0.3 0.4 0.4
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix
percentages:
New vehicle 25.5 23.4 23.8 21.2
Used vehicle 10.6 11.3 12.4 12.5
Parts and service 41.2 44.4 42.1 45.3
Finance and insurance 21.6 19.7 20.6 19.7
Other 1.1 1.2 1.1 1.3
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a
percentage of
revenue:
Gross profit:
New vehicle 7.1 7.2 7.3 6.8
Used vehicle -retail 8.3 8.9 9.2 9.3
Parts and service 41.6 43.1 42.3 43.6
Total 15.7 16.8 16.7 17.1
Selling, general and
administrative
expenses 11.2 12.1 11.9 12.5
Operating income 3.9 4.1 4.1 4.0
Operating items as a
percentage of total
gross profit:
Selling, general and
administrative
expenses 71.3 72.1 71.6 73.0
Operating income 24.8 24.7 24.8 23.3
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Segment Operating
Highlights Three Months Ended December 31, Twelve Months Ended December 31,
----------------- ------------------------------- --------------------------------
2011 2010 $Variance % Variance 2011 2010 $Variance % Variance
---- ---- --------- ---------- ---- ---- --------- ----------
Revenue:
Domestic $1,209.9 $1,062.6 $147.3 13.9 $4,655.4 $4,111.3 $544.1 13.2
Import 1,291.9 1,184.4 107.5 9.1 5,121.0 4,708.4 412.6 8.8
Premium luxury 1,140.0 962.8 177.2 18.4 3,908.7 3,509.0 399.7 11.4
Corporate and other 36.6 36.4 0.2 0.5 147.2 132.3 14.9 11.3
---- ---- --- ----- ----- ----
Total revenue $3,678.4 $3,246.2 $432.2 13.3 $13,832.3 $12,461.0 $1,371.3 11.0
======== ======== ====== ========= ========= ========
*Segment income (loss)
Domestic $44.1 $36.5 $7.6 20.8 $180.0 $152.7 $27.3 17.9
Import 52.5 45.8 6.7 14.6 240.3 199.5 40.8 20.5
Premium luxury 69.8 65.7 4.1 6.2 230.9 208.4 22.5 10.8
Corporate and other (33.8) (25.7) (8.1) (121.9) (106.5) (15.4)
----- ----- ---- ------ ------ -----
Total segment income 132.6 122.3 10.3 8.4 529.3 454.1 75.2 16.6
Add: Floorplan
interest expense 10.9 12.3 (1.4) 42.7 42.5 0.2
Operating income $143.5 $134.6 $8.9 6.6 $572.0 $496.6 $75.4 15.2
====== ====== ==== ====== ====== =====
* Segment income (loss) is defined as operating income less floorplan
interest expense
Retail new vehicle unit
sales:
Domestic 20,059 16,555 3,504 21.2 76,335 64,317 12,018 18.7
Import 27,698 26,904 794 3.0 108,128 107,580 548 0.5
Premium luxury 12,434 9,692 2,742 28.3 39,571 34,559 5,012 14.5
60,191 53,151 7,040 13.2 224,034 206,456 17,578 8.5
====== ====== ===== ======= ======= ======
Brand Mix -New Vehicle
Retail Units Sold
----------------------
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2011 (%) 2010 (%) 2011 (%) 2010 (%)
-------- -------- -------- --------
Domestic:
Ford, Lincoln 18.5 16.8 18.7 16.9
Chevrolet, Buick,
Cadillac, GMC 11.2 11.7 12.1 11.7
Chrysler, Jeep, Dodge 3.6 2.6 3.3 2.6
Domestic total 33.3 31.1 34.1 31.2
---- ---- ---- ----
Import:
Honda 9.3 12.6 10.7 13.4
Toyota 19.2 19.7 18.4 19.6
Nissan 10.4 10.8 11.5 12.0
Other imports 7.1 7.6 7.6 7.1
Import total 46.0 50.7 48.2 52.1
---- ---- ---- ----
Premium Luxury:
Mercedes-Benz 10.6 8.2 8.5 7.9
BMW 5.5 5.4 5.0 4.7
Lexus 2.4 3.0 2.0 2.6
Other premium luxury
(Land Rover, Porsche) 2.2 1.6 2.2 1.5
Premium Luxury total 20.7 18.2 17.7 16.7
---- ---- ---- ----
100.0 100.0 100.0 100.0
===== ===== ===== =====
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Capital Expenditures /Stock Twelve Months Ended December
Repurchases Three Months Ended December 31, 31,
--------------------------- ------------------------------- -----------------------------
2011 2010 2011 2010
---- ---- ---- ----
Capital expenditures (1) $44.5 $81.5 $158.1 $161.8
Acquisitions $- $- $64.2 $73.1
Proceeds from exercises of stock
options $12.4 $19.8 $78.7 $49.9
Stock repurchases:
Aggregate purchase price $217.8 $17.1 $583.4 $523.7
Shares repurchased (in millions) 6.3 0.7 17.1 26.6
Floorplan Assistance and Expense Three Months Ended December 31, Twelve Months Ended December 31,
-------------------------------- ------------------------------- --------------------------------
2011 2010 Variance 2011 2010 Variance
---- ---- -------- ---- ---- --------
Floorplan assistance earned
(included in cost of sales) $16.4 $14.4 $2.0 $61.1 $55.6 $5.5
Floorplan interest expense (new
vehicles) (10.4) (11.6) 1.2 (40.3) (40.2) (0.1)
----- ----- --- ----- ----- ----
Net new vehicle inventory carrying
benefit $6.0 $2.8 $3.2 $20.8 $15.4 $5.4
==== ==== ==== ===== ===== ====
Balance Sheet and Other Highlights
----------------------------------
December 31, December 31,
2011 2010
------------- -------------
Cash and cash equivalents $86.6 $95.1
Inventory $1,809.2 $1,867.0
Total floorplan notes payable $1,898.8 $1,866.4
Non-vehicle debt $1,647.0 $1,348.7
Equity $1,894.6 $2,078.9
New days supply (industry standard of selling
days, including fleet) 50 days 63 days
Used days supply (trailing 31
days) (2) 31 days 34 days
Key Credit Agreement Covenant Compliance
Calculations
----------------------------------------
Ratio of funded indebtedness/
Adjusted EBITDA............................................................ 2.59
Covenant............................................................................................ less than 3.75
---------------------------------------- --------- ----
Ratio of funded indebtedness including floorplan/
Total capitalization including
floorplan............................. 50.9%
Covenant............................................................................................ less than 65.0%
---------------------------------------- --------- ----
(1) Includes accrued construction in progress and excludes property acquired under capital leases.
(2) As of December 31, 2011, we have revised our method of calculating used vehicle days supply from a dollar day supply to a unit
day supply (including wholesale units). We have revised prior periods to conform to our revised method of calculation.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Comparable Basis Reconciliations*
---------------------------------
Three Months Ended December 31,
-------------------------------
Net Income Diluted Earnings Per Share**
---------- ----------------------------
2011 2010 2011 2010
---- ---- ---- ----
As reported $69.4 $67.3 $0.49 $0.45
Discontinued operations, net of
income taxes 0.5 0.7 $0.00 $0.00
--- ---
From continuing operations, as
reported 69.9 68.0 $0.50 $0.45
Loss on debt extinguishment 1.4 - $0.01 $-
--- ---
Adjusted $71.3 $68.0 $0.51 $0.45
===== =====
Twelve Months Ended December 31,
--------------------------------
Net Income Diluted Earnings Per Share**
---------- ----------------------------
2011 2010 2011 2010
---- ---- ---- ----
As reported $281.4 $226.6 $1.91 $1.43
Discontinued operations, net of
income taxes 2.8 8.7 $0.02 $0.05
--- ---
From continuing operations, as
reported 284.2 235.3 $1.93 $1.48
Loss on debt extinguishment 1.4 12.1 $0.01 $0.08
--- ----
Adjusted $285.6 $247.4 $1.94 $1.56
====== ======
Please refer to the "Non-GAAP Financial Measures" section of the Press
* Release.
Earnings per share amounts are calculated discretely and therefore may not
** add up to the total.
AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
Operating
Highlights Three Months Ended December 31, Twelve Months Ended December 31,
----------- ------------------------------- --------------------------------
2011 2010 $Variance % Variance 2011 2010 $Variance % Variance
---- ---- --------- ---------- ---- ---- --------- ----------
Revenue:
New vehicle $2,035.2 $1,778.7 $256.5 14.4 $7,307.6 $6,669.1 $638.5 9.6
Retail used
vehicle 739.8 685.7 54.1 7.9 2,985.6 2,764.8 220.8 8.0
Wholesale 118.3 102.7 15.6 15.2 429.4 351.3 78.1 22.2
----- ----- ---- ----- ----- ----
Used vehicle 858.1 788.4 69.7 8.8 3,415.0 3,116.1 298.9 9.6
Parts and
service 565.8 560.2 5.6 1.0 2,250.9 2,209.1 41.8 1.9
Finance and
insurance,
net 122.2 107.0 15.2 14.2 463.9 418.9 45.0 10.7
Other 12.5 11.9 0.6 52.2 47.8 4.4
---- ---- --- ---- ---- ---
Total
revenue $3,593.8 $3,246.2 $347.6 10.7 $13,489.6 $12,461.0 $1,028.6 8.3
======== ======== ====== ========= ========= ========
Gross
profit:
New vehicle $144.0 $127.5 $16.5 12.9 $533.4 $451.2 $82.2 18.2
Retail used
vehicle 61.3 61.2 0.1 0.2 275.1 258.1 17.0 6.6
Wholesale (0.4) $0.5 (0.9) 4.6 8.6 (4.0)
---- ---- ---- --- --- ----
Used vehicle 60.9 61.7 (0.8) (1.3) 279.7 266.7 13.0 4.9
Parts and
service 235.1 241.6 (6.5) (2.7) 950.7 963.2 (12.5) (1.3)
Finance and
insurance 122.2 107.0 15.2 14.2 463.9 418.9 45.0 10.7
Other 6.7 6.7 0.0 26.4 27.5 (1.1)
--- --- --- ---- ---- ----
Total gross
profit $568.9 $544.5 $24.4 4.5 $2,254.1 $2,127.5 $126.6 6.0
====== ====== ===== ======== ======== ======
Retail
vehicle
unit sales:
New 58,702 53,151 5,551 10.4 217,685 206,456 11,229 5.4
Used 41,224 39,106 2,118 5.4 167,563 160,126 7,437 4.6
------ ------ ----- ------- ------- -----
99,926 92,257 7,669 8.3 385,248 366,582 18,666 5.1
====== ====== ===== ======= ======= ======
Revenue per
vehicle
retailed:
New $34,670 $33,465 $1,205 3.6 $33,570 $32,303 $1,267 3.9
Used $17,946 $17,534 $412 2.3 $17,818 $17,266 $552 3.2
Gross profit
per vehicle
retailed:
New $2,453 $2,399 $54 2.3 $2,450 $2,185 $265 12.1
Used $1,487 $1,565 $(78) (5.0) $1,642 $1,612 $30 1.9
Finance and
insurance $1,223 $1,160 $63 5.4 $1,204 $1,143 $61 5.3
Operating
Percentages Three Months Ended December 31, Twelve Months Ended December 31,
------------ ------------------------------- --------------------------------
2011 (%) 2010 (%) 2011 (%) 2010 (%)
-------- -------- -------- --------
Revenue mix
percentages:
New vehicle 56.6 54.8 54.2 53.5
Used vehicle 23.9 24.3 25.3 25.0
Parts and
service 15.7 17.3 16.7 17.7
Finance and
insurance,
net 3.4 3.3 3.4 3.4
Other 0.4 0.3 0.4 0.4
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit
mix
percentages:
New vehicle 25.3 23.4 23.7 21.2
Used vehicle 10.7 11.3 12.4 12.5
Parts and
service 41.3 44.4 42.2 45.3
Finance and
insurance 21.5 19.7 20.6 19.7
Other 1.2 1.2 1.1 1.3
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating
items as a
percentage
of revenue:
Gross
Profit:
New vehicle 7.1 7.2 7.3 6.8
Used vehicle
-retail 8.3 8.9 9.2 9.3
Parts and
service 41.6 43.1 42.2 43.6
Total 15.8 16.8 16.7 17.1
SOURCE AutoNation, Inc.
