☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 73-1105145 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
200 SW 1st Avenue | ||||||||||||||
Fort Lauderdale | , | Florida | 33301 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | AN | New York Stock Exchange |
Large accelerated filer | þ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 59.5 | $ | 569.6 | |||||||
Receivables, net | 773.5 | 845.2 | |||||||||
Inventory | 1,756.2 | 2,598.5 | |||||||||
Other current assets | 212.7 | 139.4 | |||||||||
Total Current Assets | 2,801.9 | 4,152.7 | |||||||||
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.7 billion and $1.7 billion, respectively | 3,094.7 | 3,138.1 | |||||||||
OPERATING LEASE ASSETS | 303.0 | 309.5 | |||||||||
GOODWILL | 1,187.0 | 1,185.0 | |||||||||
OTHER INTANGIBLE ASSETS, NET | 521.0 | 521.5 | |||||||||
OTHER ASSETS | 473.4 | 580.4 | |||||||||
Total Assets | $ | 8,381.0 | $ | 9,887.2 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Vehicle floorplan payable - trade | $ | 669.5 | $ | 1,541.7 | |||||||
Vehicle floorplan payable - non-trade | 901.8 | 1,218.2 | |||||||||
Accounts payable | 396.1 | 335.2 | |||||||||
Commercial paper | 200.0 | 0 | |||||||||
Current maturities of long-term debt | 7.0 | 309.2 | |||||||||
Accrued payroll and benefits | 269.2 | 225.8 | |||||||||
Other current liabilities | 597.1 | 535.8 | |||||||||
Total Current Liabilities | 3,040.7 | 4,165.9 | |||||||||
LONG-TERM DEBT, NET OF CURRENT MATURITIES | 1,790.3 | 1,792.6 | |||||||||
NONCURRENT OPERATING LEASE LIABILITIES | 279.1 | 286.5 | |||||||||
DEFERRED INCOME TAXES | 75.4 | 95.9 | |||||||||
OTHER LIABILITIES | 338.7 | 310.6 | |||||||||
COMMITMENTS AND CONTINGENCIES (Note 12) | 0 | 0 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 86,562,149 shares issued at June 30, 2021, and 102,562,149 shares issued at December 31, 2020, including shares held in treasury | 0.8 | 1.0 | |||||||||
Additional paid-in capital | 5.7 | 53.1 | |||||||||
Retained earnings | 3,896.4 | 4,069.4 | |||||||||
Treasury stock, at cost; 13,429,134 and 19,078,620 shares held, respectively | (1,046.1) | (887.8) | |||||||||
Total Shareholders’ Equity | 2,856.8 | 3,235.7 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 8,381.0 | $ | 9,887.2 |
June 30, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 257.3 | $ | 42.0 | |||
Receivables, net | 673.3 | 916.7 | |||||
Inventory | 2,432.3 | 3,305.8 | |||||
Other current assets | 157.3 | 146.6 | |||||
Total Current Assets | 3,520.2 | 4,411.1 | |||||
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.6 billion and $1.5 billion, respectively | 3,143.9 | 3,174.6 | |||||
OPERATING LEASE ASSETS | 340.6 | 333.1 | |||||
GOODWILL | 1,181.3 | 1,501.9 | |||||
OTHER INTANGIBLE ASSETS, NET | 522.0 | 581.6 | |||||
OTHER ASSETS | 740.5 | 541.0 | |||||
Total Assets | $ | 9,448.5 | $ | 10,543.3 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Vehicle floorplan payable - trade | $ | 1,499.1 | $ | 2,120.6 | |||
Vehicle floorplan payable - non-trade | 1,023.8 | 1,455.2 | |||||
Accounts payable | 261.3 | 290.3 | |||||
Commercial paper | — | 170.0 | |||||
Current maturities of long-term debt | 307.3 | 355.6 | |||||
Other current liabilities | 729.8 | 708.5 | |||||
Total Current Liabilities | 3,821.3 | 5,100.2 | |||||
LONG-TERM DEBT, NET OF CURRENT MATURITIES | 1,783.1 | 1,578.5 | |||||
NONCURRENT OPERATING LEASE LIABILITIES | 315.2 | 305.0 | |||||
DEFERRED INCOME TAXES | 118.0 | 135.1 | |||||
OTHER LIABILITIES | 273.2 | 262.4 | |||||
COMMITMENTS AND CONTINGENCIES (Note 12) | |||||||
SHAREHOLDERS’ EQUITY: | |||||||
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized; none issued | — | — | |||||
Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 102,562,149 shares issued at June 30, 2020, and December 31, 2019, including shares held in treasury | 1.0 | 1.0 | |||||
Additional paid-in capital | 29.5 | 35.9 | |||||
Retained earnings | 3,735.3 | 3,688.3 | |||||
Treasury stock, at cost; 15,347,017 and 13,212,974 shares held, respectively | (628.1 | ) | (563.1 | ) | |||
Total Shareholders’ Equity | 3,137.7 | 3,162.1 | |||||
Total Liabilities and Shareholders’ Equity | $ | 9,448.5 | $ | 10,543.3 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||
New vehicle | $ | 2,261.3 | $ | 2,769.6 | $ | 4,543.2 | $ | 5,266.3 | New vehicle | $ | 3,428.3 | $ | 2,261.3 | $ | 6,410.6 | $ | 4,543.2 | |||||||||||||||||||||
Used vehicle | 1,324.5 | 1,379.4 | 2,573.2 | 2,719.0 | Used vehicle | 2,222.9 | 1,324.5 | 3,972.0 | 2,573.2 | |||||||||||||||||||||||||||||
Parts and service | 689.9 | 901.5 | 1,566.2 | 1,778.2 | Parts and service | 950.8 | 689.9 | 1,801.8 | 1,566.2 | |||||||||||||||||||||||||||||
Finance and insurance, net | 246.4 | 255.2 | 482.2 | 491.7 | Finance and insurance, net | 369.0 | 246.4 | 682.0 | 482.2 | |||||||||||||||||||||||||||||
Other | 10.9 | 38.1 | 35.2 | 70.4 | Other | 7.4 | 10.9 | 15.8 | 35.2 | |||||||||||||||||||||||||||||
TOTAL REVENUE | 4,533.0 | 5,343.8 | 9,200.0 | 10,325.6 | TOTAL REVENUE | 6,978.4 | 4,533.0 | 12,882.2 | 9,200.0 | |||||||||||||||||||||||||||||
Cost of sales: | Cost of sales: | |||||||||||||||||||||||||||||||||||||
New vehicle | 2,141.7 | 2,644.1 | 4,327.2 | 5,018.9 | New vehicle | 3,107.8 | 2,141.7 | 5,900.1 | 4,327.2 | |||||||||||||||||||||||||||||
Used vehicle | 1,207.5 | 1,282.6 | 2,365.2 | 2,531.7 | Used vehicle | 2,020.2 | 1,207.5 | 3,629.1 | 2,365.2 | |||||||||||||||||||||||||||||
Parts and service | 378.5 | 489.6 | 866.0 | 967.4 | Parts and service | 518.3 | 378.5 | 980.3 | 866.0 | |||||||||||||||||||||||||||||
Other | 10.3 | 36.7 | 33.4 | 67.6 | Other | 5.8 | 10.3 | 13.6 | 33.4 | |||||||||||||||||||||||||||||
TOTAL COST OF SALES (excluding depreciation shown below) | 3,738.0 | 4,453.0 | 7,591.8 | 8,585.6 | TOTAL COST OF SALES (excluding depreciation shown below) | 5,652.1 | 3,738.0 | 10,523.1 | 7,591.8 | |||||||||||||||||||||||||||||
Gross profit: | Gross profit: | |||||||||||||||||||||||||||||||||||||
New vehicle | 119.6 | 125.5 | 216.0 | 247.4 | New vehicle | 320.5 | 119.6 | 510.5 | 216.0 | |||||||||||||||||||||||||||||
Used vehicle | 117.0 | 96.8 | 208.0 | 187.3 | Used vehicle | 202.7 | 117.0 | 342.9 | 208.0 | |||||||||||||||||||||||||||||
Parts and service | 311.4 | 411.9 | 700.2 | 810.8 | Parts and service | 432.5 | 311.4 | 821.5 | 700.2 | |||||||||||||||||||||||||||||
Finance and insurance | 246.4 | 255.2 | 482.2 | 491.7 | Finance and insurance | 369.0 | 246.4 | 682.0 | 482.2 | |||||||||||||||||||||||||||||
Other | 0.6 | 1.4 | 1.8 | 2.8 | Other | 1.6 | 0.6 | 2.2 | 1.8 | |||||||||||||||||||||||||||||
TOTAL GROSS PROFIT | 795.0 | 890.8 | 1,608.2 | 1,740.0 | TOTAL GROSS PROFIT | 1,326.3 | 795.0 | 2,359.1 | 1,608.2 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 547.9 | 637.0 | 1,148.6 | 1,260.0 | Selling, general, and administrative expenses | 748.9 | 547.9 | 1,396.8 | 1,148.6 | |||||||||||||||||||||||||||||
Depreciation and amortization | 49.1 | 44.4 | 97.2 | 88.5 | Depreciation and amortization | 47.9 | 49.1 | 95.8 | 97.2 | |||||||||||||||||||||||||||||
Goodwill impairment | — | — | 318.3 | — | Goodwill impairment | 0 | 0 | 0 | 318.3 | |||||||||||||||||||||||||||||
Franchise rights impairment | — | 9.6 | 57.5 | 9.6 | Franchise rights impairment | 0 | 0 | 0 | 57.5 | |||||||||||||||||||||||||||||
Other (income) expense, net | (3.4 | ) | (3.7 | ) | 4.5 | (12.4 | ) | Other (income) expense, net | (0.7) | (3.4) | (0.6) | 4.5 | ||||||||||||||||||||||||||
OPERATING INCOME (LOSS) | 201.4 | 203.5 | (17.9 | ) | 394.3 | OPERATING INCOME (LOSS) | 530.2 | 201.4 | 867.1 | (17.9) | ||||||||||||||||||||||||||||
Non-operating income (expense) items: | Non-operating income (expense) items: | |||||||||||||||||||||||||||||||||||||
Floorplan interest expense | (16.3 | ) | (37.4 | ) | (41.8 | ) | (76.4 | ) | Floorplan interest expense | (6.6) | (16.3) | (16.0) | (41.8) | |||||||||||||||||||||||||
Other interest expense | (23.2 | ) | (27.7 | ) | (46.7 | ) | (55.5 | ) | Other interest expense | (20.9) | (23.2) | (42.1) | (46.7) | |||||||||||||||||||||||||
Interest income | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||||||||||||||||||||||||
Other income (loss), net | 214.5 | (0.3 | ) | 211.5 | 1.6 | |||||||||||||||||||||||||||||||||
Other income, net | Other income, net | 8.9 | 214.6 | 19.9 | 211.7 | |||||||||||||||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 376.5 | 138.2 | 105.3 | 264.3 | INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 511.6 | 376.5 | 828.9 | 105.3 | |||||||||||||||||||||||||||||
Income tax provision | 96.6 | 37.2 | 57.6 | 71.2 | Income tax provision | 126.7 | 96.6 | 204.5 | 57.6 | |||||||||||||||||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 279.9 | 101.0 | 47.7 | 193.1 | NET INCOME FROM CONTINUING OPERATIONS | 384.9 | 279.9 | 624.4 | 47.7 | |||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.3 | ) | Loss from discontinued operations, net of income taxes | (0.1) | (0.1) | (0.2) | (0.2) | |||||||||||||||||||||||||
NET INCOME | $ | 279.8 | $ | 100.8 | $ | 47.5 | $ | 192.8 | NET INCOME | $ | 384.8 | $ | 279.8 | $ | 624.2 | $ | 47.5 | |||||||||||||||||||||
BASIC EARNINGS (LOSS) PER SHARE: | BASIC EARNINGS (LOSS) PER SHARE: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 3.18 | $ | 1.12 | $ | 0.54 | $ | 2.14 | Continuing operations | $ | 4.88 | $ | 3.18 | $ | 7.71 | $ | 0.54 | |||||||||||||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | Discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||
Net income | $ | 3.18 | $ | 1.12 | $ | 0.53 | $ | 2.14 | Net income | $ | 4.88 | $ | 3.18 | $ | 7.71 | $ | 0.53 | |||||||||||||||||||||
Weighted average common shares outstanding | 87.9 | 89.9 | 89.0 | 90.2 | Weighted average common shares outstanding | 78.9 | 87.9 | 81.0 | 89.0 | |||||||||||||||||||||||||||||
DILUTED EARNINGS (LOSS) PER SHARE: | DILUTED EARNINGS (LOSS) PER SHARE: | |||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 3.18 | $ | 1.12 | $ | 0.54 | $ | 2.14 | Continuing operations | $ | 4.83 | $ | 3.18 | $ | 7.63 | $ | 0.54 | |||||||||||||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | Discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||
Net income | $ | 3.18 | $ | 1.12 | $ | 0.53 | $ | 2.13 | Net income | $ | 4.83 | $ | 3.18 | $ | 7.63 | $ | 0.53 | |||||||||||||||||||||
Weighted average common shares outstanding | 88.1 | 90.2 | 89.0 | 90.4 | Weighted average common shares outstanding | 79.7 | 88.1 | 81.8 | 89.0 | |||||||||||||||||||||||||||||
COMMON SHARES OUTSTANDING, net of treasury stock, at period end | 87.2 | 89.1 | 87.2 | 89.1 | COMMON SHARES OUTSTANDING, net of treasury stock, at period end | 73.1 | 87.2 | 73.1 | 87.2 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2020 | 102,562,149 | $ | 1.0 | $ | 53.1 | $ | 4,069.4 | $ | (887.8) | $ | 3,235.7 | ||||||||||||||||||||||||
Net income | — | — | — | 239.4 | — | 239.4 | |||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (306.1) | (306.1) | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 20.8 | — | — | 20.8 | |||||||||||||||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (32.9) | — | 37.0 | 4.1 | |||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2021 | 102,562,149 | $ | 1.0 | $ | 41.0 | $ | 4,308.8 | $ | (1,156.9) | $ | 3,193.9 | ||||||||||||||||||||||||
Net income | — | — | — | 384.8 | — | 384.8 | |||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (736.1) | (736.1) | |||||||||||||||||||||||||||||
Treasury stock cancellation | (16,000,000) | (0.2) | (40.6) | (797.2) | 838.0 | 0 | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 6.5 | — | — | 6.5 | |||||||||||||||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (1.2) | — | 8.9 | 7.7 | |||||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2021 | 86,562,149 | $ | 0.8 | $ | 5.7 | $ | 3,896.4 | $ | (1,046.1) | $ | 2,856.8 | ||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
BALANCE AT DECEMBER 31, 2019 | 102,562,149 | $ | 1.0 | $ | 35.9 | $ | 3,688.3 | $ | (563.1 | ) | $ | 3,162.1 | ||||||||||
Net loss | — | — | — | (232.3 | ) | — | (232.3 | ) | ||||||||||||||
Repurchases of common stock | — | — | — | — | (80.0 | ) | (80.0 | ) | ||||||||||||||
Stock-based compensation expense | — | — | 4.5 | — | — | 4.5 | ||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (21.7 | ) | — | 14.8 | (6.9 | ) | ||||||||||||||
Cumulative effect of change in accounting principle - current expected credit losses | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||
BALANCE AT MARCH 31, 2020 | 102,562,149 | 1.0 | 18.7 | 3,455.5 | (628.3 | ) | 2,846.9 | |||||||||||||||
Net income | — | — | — | 279.8 | — | 279.8 | ||||||||||||||||
Stock-based compensation expense | — | — | 11.2 | — | — | 11.2 | ||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (0.4 | ) | — | 0.2 | (0.2 | ) | ||||||||||||||
BALANCE AT JUNE 30, 2020 | 102,562,149 | $ | 1.0 | $ | 29.5 | $ | 3,735.3 | $ | (628.1 | ) | $ | 3,137.7 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2019 | 102,562,149 | $ | 1.0 | $ | 35.9 | $ | 3,688.3 | $ | (563.1) | $ | 3,162.1 | ||||||||||||||||||||||||
Net loss | — | — | — | (232.3) | — | (232.3) | |||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (80.0) | (80.0) | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 4.5 | — | — | 4.5 | |||||||||||||||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (21.7) | — | 14.8 | (6.9) | |||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle - current expected credit losses | — | — | — | (0.5) | — | (0.5) | |||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2020 | 102,562,149 | $ | 1.0 | $ | 18.7 | $ | 3,455.5 | $ | (628.3) | $ | 2,846.9 | ||||||||||||||||||||||||
Net income | — | — | — | 279.8 | — | 279.8 | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 11.2 | — | — | 11.2 | |||||||||||||||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (0.4) | — | 0.2 | (0.2) | |||||||||||||||||||||||||||||
BALANCE AT JUNE 30, 2020 | 102,562,149 | $ | 1.0 | $ | 29.5 | $ | 3,735.3 | $ | (628.1) | $ | 3,137.7 | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
BALANCE AT DECEMBER 31, 2018 | 102,562,149 | $ | 1.0 | $ | 20.8 | $ | 3,238.3 | $ | (544.1 | ) | $ | 2,716.0 | ||||||||||
Net income | — | — | — | 92.0 | — | 92.0 | ||||||||||||||||
Repurchases of common stock | — | — | — | — | (33.5 | ) | (33.5 | ) | ||||||||||||||
Stock-based compensation expense | — | — | 13.7 | — | — | 13.7 | ||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (9.8 | ) | — | 7.4 | (2.4 | ) | ||||||||||||||
BALANCE AT MARCH 31, 2019 | 102,562,149 | 1.0 | 24.7 | 3,330.3 | (570.2 | ) | 2,785.8 | |||||||||||||||
Net income | — | — | — | 100.8 | — | 100.8 | ||||||||||||||||
Repurchases of common stock | — | — | — | — | (11.2 | ) | (11.2 | ) | ||||||||||||||
Stock-based compensation expense | — | — | 4.9 | — | — | 4.9 | ||||||||||||||||
Shares awarded under stock-based compensation plans, net of shares withheld for taxes | — | — | (4.0 | ) | — | 6.6 | 2.6 | |||||||||||||||
BALANCE AT JUNE 30, 2019 | 102,562,149 | $ | 1.0 | $ | 25.6 | $ | 3,431.1 | $ | (574.8 | ) | $ | 2,882.9 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 624.2 | $ | 47.5 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Loss from discontinued operations | 0.2 | 0.2 | |||||||||
Depreciation and amortization | 95.8 | 97.2 | |||||||||
Amortization of debt issuance costs and accretion of debt discounts | 2.2 | 2.3 | |||||||||
Stock-based compensation expense | 27.3 | 15.7 | |||||||||
Deferred income tax benefit | (20.5) | (17.1) | |||||||||
Net gain related to business/property dispositions | (2.4) | (1.5) | |||||||||
Goodwill impairment | 0 | 318.3 | |||||||||
Franchise rights impairment | 0 | 57.5 | |||||||||
Non-cash impairment charges | 1.7 | 8.6 | |||||||||
Gain on equity investments | (10.9) | (214.7) | |||||||||
Other | (8.7) | 3.8 | |||||||||
(Increase) decrease, net of effects from business acquisitions and divestitures: | |||||||||||
Receivables | 71.7 | 244.6 | |||||||||
Inventory | 849.9 | 873.3 | |||||||||
Other assets | 18.6 | 75.1 | |||||||||
Increase (decrease), net of effects from business acquisitions and divestitures: | |||||||||||
Vehicle floorplan payable - trade | (880.6) | (621.5) | |||||||||
Accounts payable | 60.2 | (25.5) | |||||||||
Other liabilities | 101.8 | 30.5 | |||||||||
Net cash provided by continuing operations | 930.5 | 894.3 | |||||||||
Net cash used in discontinued operations | (0.2) | 0 | |||||||||
Net cash provided by operating activities | 930.3 | 894.3 | |||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (116.2) | (75.3) | |||||||||
Insurance recoveries on property and equipment | 0 | 1.5 | |||||||||
Cash received from business divestitures, net of cash relinquished | 4.3 | 0 | |||||||||
Cash used in business acquisitions, net of cash acquired | 0 | (0.4) | |||||||||
Proceeds from the sale of equity securities | 109.4 | 0 | |||||||||
Investment in equity securities | (3.3) | (50.0) | |||||||||
Other | (2.7) | (0.5) | |||||||||
Net cash used in continuing operations | (8.5) | (124.7) | |||||||||
Net cash used in discontinued operations | 0 | 0 | |||||||||
Net cash used in investing activities | (8.5) | (124.7) |
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||||
Net income | $ | 47.5 | $ | 192.8 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss from discontinued operations | 0.2 | 0.3 | |||||
Depreciation and amortization | 97.2 | 88.5 | |||||
Amortization of debt issuance costs and accretion of debt discounts | 2.3 | 2.6 | |||||
Stock-based compensation expense | 15.7 | 18.6 | |||||
Deferred income tax provision | (17.1 | ) | 2.0 | ||||
Net gain related to business/property dispositions | (1.5 | ) | (12.7 | ) | |||
Goodwill impairment | 318.3 | — | |||||
Franchise rights impairment | 57.5 | 9.6 | |||||
Non-cash impairment charges | 8.6 | 1.3 | |||||
Unrealized gain on equity investment | (214.7 | ) | — | ||||
Other | 3.8 | (1.7 | ) | ||||
(Increase) decrease, net of effects from business acquisitions and divestitures: | |||||||
Receivables | 244.6 | 192.3 | |||||
Inventory | 873.3 | 81.3 | |||||
Other assets | 75.1 | 22.1 | |||||
Increase (decrease), net of effects from business acquisitions and divestitures: | |||||||
Vehicle floorplan payable - trade, net | (621.5 | ) | (102.4 | ) | |||
Accounts payable | (25.5 | ) | (40.3 | ) | |||
Other liabilities | 30.5 | (28.8 | ) | ||||
Net cash provided by continuing operations | 894.3 | 425.5 | |||||
Net cash provided by discontinued operations | — | — | |||||
Net cash provided by operating activities | 894.3 | 425.5 | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (75.3 | ) | (122.7 | ) | |||
Proceeds from assets held for sale | — | 4.2 | |||||
Insurance recoveries on property and equipment | 1.5 | 3.3 | |||||
Cash received from business divestitures, net of cash relinquished | — | 22.3 | |||||
Cash used in business acquisitions, net of cash acquired | (0.4 | ) | (4.3 | ) | |||
Investment in equity security | (50.0 | ) | — | ||||
Other | (0.5 | ) | 0.4 | ||||
Net cash used in continuing operations | (124.7 | ) | (96.8 | ) | |||
Net cash used in discontinued operations | — | — | |||||
Net cash used in investing activities | (124.7 | ) | (96.8 | ) |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||||||||||
Repurchases of common stock | (1,021.1) | (80.0) | |||||||||
Proceeds from 4.75% Senior Notes due 2030 | 0 | 497.4 | |||||||||
Payment of 3.35% Senior Notes due 2021 | (300.0) | 0 | |||||||||
Payment of 5.5% Senior Notes due 2020 | 0 | (350.0) | |||||||||
Proceeds from revolving credit facility | 0 | 1,110.0 | |||||||||
Payments of revolving credit facility | 0 | (1,110.0) | |||||||||
Net proceeds from (payments of) commercial paper | 200.0 | (170.0) | |||||||||
Payment of debt issuance costs | 0 | (10.5) | |||||||||
Net payments of vehicle floorplan payable - non-trade | (316.9) | (431.4) | |||||||||
Payments of other debt obligations | (5.6) | (3.1) | |||||||||
Proceeds from the exercise of stock options | 28.9 | 1.0 | |||||||||
Payments of tax withholdings for stock-based awards | (17.1) | (8.1) | |||||||||
Net cash used in continuing operations | (1,431.8) | (554.7) | |||||||||
Net cash used in discontinued operations | 0 | 0 | |||||||||
Net cash used in financing activities | (1,431.8) | (554.7) | |||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (510.0) | 214.9 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period | 569.7 | 42.5 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period | $ | 59.7 | $ | 257.4 |
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||||||
Repurchases of common stock | (80.0 | ) | (44.7 | ) | |||
Proceeds from 4.75% Senior Notes due 2030 | 497.4 | — | |||||
Payment of 5.5% Senior Notes due 2020 | (350.0 | ) | — | ||||
Proceeds from revolving credit facility | 1,100.0 | — | |||||
Payments of revolving credit facility | (1,100.0 | ) | — | ||||
Net payments of commercial paper | (170.0 | ) | (160.0 | ) | |||
Payment of debt issuance costs | (10.5 | ) | — | ||||
Net payments of vehicle floorplan payable - non-trade | (431.4 | ) | (117.3 | ) | |||
Payments of other debt obligations | (3.1 | ) | (4.4 | ) | |||
Proceeds from the exercise of stock options | 1.0 | 3.2 | |||||
Payments of tax withholdings for stock-based awards | (8.1 | ) | (3.0 | ) | |||
Net cash used in continuing operations | (554.7 | ) | (326.2 | ) | |||
Net cash used in discontinued operations | — | — | |||||
Net cash used in financing activities | (554.7 | ) | (326.2 | ) | |||
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 214.9 | 2.5 | |||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period | 42.5 | 49.4 | |||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period | $ | 257.4 | $ | 51.9 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||||||||||||||
New vehicle | $ | 991.3 | $ | 1,184.2 | $ | 1,252.8 | $ | 0 | $ | 3,428.3 | ||||||||||||||||||||||
Used vehicle | 749.1 | 604.5 | 788.8 | 80.5 | 2,222.9 | |||||||||||||||||||||||||||
Parts and service | 257.9 | 248.5 | 317.6 | 126.8 | 950.8 | |||||||||||||||||||||||||||
Finance and insurance, net | 125.8 | 133.2 | 108.0 | 2.0 | 369.0 | |||||||||||||||||||||||||||
Other | 0.7 | 4.6 | 1.3 | 0.8 | 7.4 | |||||||||||||||||||||||||||
$ | 2,124.8 | $ | 2,175.0 | $ | 2,468.5 | $ | 210.1 | $ | 6,978.4 | |||||||||||||||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||||||||||||||
Goods and services transferred at a point in time | $ | 1,944.2 | $ | 1,984.7 | $ | 2,204.5 | $ | 129.0 | $ | 6,262.4 | ||||||||||||||||||||||
Goods and services transferred over time(2) | 180.6 | 190.3 | 264.0 | 81.1 | 716.0 | |||||||||||||||||||||||||||
$ | 2,124.8 | $ | 2,175.0 | $ | 2,468.5 | $ | 210.1 | $ | 6,978.4 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||
New vehicle | $ | 761.7 | $ | 712.6 | $ | 787.0 | $ | — | $ | 2,261.3 | ||||||||||
Used vehicle | 436.8 | 355.8 | 490.3 | 41.6 | 1,324.5 | |||||||||||||||
Parts and service | 193.3 | 170.4 | 223.2 | 103.0 | 689.9 | |||||||||||||||
Finance and insurance, net | 88.0 | 82.4 | 64.3 | 11.7 | 246.4 | |||||||||||||||
Other | 6.2 | 4.1 | — | 0.6 | 10.9 | |||||||||||||||
$ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 156.9 | $ | 4,533.0 | |||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||
Goods and services transferred at a point in time | $ | 1,343.2 | $ | 1,187.0 | $ | 1,373.6 | $ | 97.4 | $ | 4,001.2 | ||||||||||
Goods and services transferred over time(2) | 142.8 | 138.3 | 191.2 | 59.5 | 531.8 | |||||||||||||||
$ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 156.9 | $ | 4,533.0 | |||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||
New vehicle | $ | 894.5 | $ | 916.1 | $ | 959.0 | $ | — | $ | 2,769.6 | ||||||||||
Used vehicle | 447.0 | 388.0 | 507.8 | 36.6 | 1,379.4 | |||||||||||||||
Parts and service | 241.2 | 229.2 | 285.7 | 145.4 | 901.5 | |||||||||||||||
Finance and insurance, net | 89.8 | 91.4 | 68.4 | 5.6 | 255.2 | |||||||||||||||
Other | 34.8 | 2.6 | — | 0.7 | 38.1 | |||||||||||||||
$ | 1,707.3 | $ | 1,627.3 | $ | 1,820.9 | $ | 188.3 | $ | 5,343.8 | |||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||
Goods and services transferred at a point in time | $ | 1,528.4 | $ | 1,445.3 | $ | 1,577.7 | $ | 98.7 | $ | 4,650.1 | ||||||||||
Goods and services transferred over time(2) | 178.9 | 182.0 | 243.2 | 89.6 | 693.7 | |||||||||||||||
$ | 1,707.3 | $ | 1,627.3 | $ | 1,820.9 | $ | 188.3 | $ | 5,343.8 | |||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||||||||||||||
New vehicle | $ | 761.7 | $ | 712.6 | $ | 787.0 | $ | 0 | $ | 2,261.3 | ||||||||||||||||||||||
Used vehicle | 436.8 | 355.8 | 490.3 | 41.6 | 1,324.5 | |||||||||||||||||||||||||||
Parts and service | 193.3 | 170.4 | 223.2 | 103.0 | 689.9 | |||||||||||||||||||||||||||
Finance and insurance, net | 88.0 | 82.4 | 64.3 | 11.7 | 246.4 | |||||||||||||||||||||||||||
Other | 6.2 | 4.1 | 0 | 0.6 | 10.9 | |||||||||||||||||||||||||||
$ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 156.9 | $ | 4,533.0 | |||||||||||||||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||||||||||||||
Goods and services transferred at a point in time | $ | 1,343.2 | $ | 1,187.0 | $ | 1,373.6 | $ | 97.4 | $ | 4,001.2 | ||||||||||||||||||||||
Goods and services transferred over time(2) | 142.8 | 138.3 | 191.2 | 59.5 | 531.8 | |||||||||||||||||||||||||||
$ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 156.9 | $ | 4,533.0 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||||||||||||||
New vehicle | $ | 1,926.7 | $ | 2,142.2 | $ | 2,341.7 | $ | 0 | $ | 6,410.6 | ||||||||||||||||||||||
Used vehicle | 1,312.8 | 1,089.2 | 1,431.1 | 138.9 | 3,972.0 | |||||||||||||||||||||||||||
Parts and service | 492.0 | 462.6 | 602.8 | 244.4 | 1,801.8 | |||||||||||||||||||||||||||
Finance and insurance, net | 235.1 | 242.3 | 194.8 | 9.8 | 682.0 | |||||||||||||||||||||||||||
Other | 4.9 | 8.3 | 1.6 | 1.0 | 15.8 | |||||||||||||||||||||||||||
$ | 3,971.5 | $ | 3,944.6 | $ | 4,572.0 | $ | 394.1 | $ | 12,882.2 | |||||||||||||||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||||||||||||||
Goods and services transferred at a point in time | $ | 3,625.7 | $ | 3,588.8 | $ | 4,068.1 | $ | 236.3 | $ | 11,518.9 | ||||||||||||||||||||||
Goods and services transferred over time(2) | 345.8 | 355.8 | 503.9 | 157.8 | 1,363.3 | |||||||||||||||||||||||||||
$ | 3,971.5 | $ | 3,944.6 | $ | 4,572.0 | $ | 394.1 | $ | 12,882.2 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | ||||||||||||||||
Major Goods/Service Lines | ||||||||||||||||||||
New vehicle | $ | 1,500.6 | $ | 1,446.5 | $ | 1,596.1 | $ | — | $ | 4,543.2 | ||||||||||
Used vehicle | 841.4 | 690.3 | 957.6 | 83.9 | 2,573.2 | |||||||||||||||
Parts and service | 428.9 | 377.9 | 500.6 | 258.8 | 1,566.2 | |||||||||||||||
Finance and insurance, net | 171.1 | 166.4 | 127.3 | 17.4 | 482.2 | |||||||||||||||
Other | 27.5 | 6.3 | — | 1.4 | 35.2 | |||||||||||||||
$ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | $ | 361.5 | $ | 9,200.0 | |||||||||||
Timing of Revenue Recognition | ||||||||||||||||||||
Goods and services transferred at a point in time | $ | 2,654.6 | $ | 2,387.5 | $ | 2,753.8 | $ | 206.7 | $ | 8,002.6 | ||||||||||
Goods and services transferred over time(2) | 314.9 | 299.9 | 427.8 | 154.8 | 1,197.4 | |||||||||||||||
$ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | $ | 361.5 | $ | 9,200.0 | |||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Corporate and other(1) | Total | Domestic | Import | Premium Luxury | Corporate and other(1) | Total | |||||||||||||||||||||||||||||||||||||||||||
Major Goods/Service Lines | Major Goods/Service Lines | |||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 1,675.5 | $ | 1,736.3 | $ | 1,854.5 | $ | — | $ | 5,266.3 | New vehicle | $ | 1,500.6 | $ | 1,446.5 | $ | 1,596.1 | $ | 0 | $ | 4,543.2 | |||||||||||||||||||||||||||||||
Used vehicle | 890.4 | 757.5 | 1,004.5 | 66.6 | 2,719.0 | Used vehicle | 841.4 | 690.3 | 957.6 | 83.9 | 2,573.2 | |||||||||||||||||||||||||||||||||||||||||
Parts and service | 477.5 | 449.4 | 563.9 | 287.4 | 1,778.2 | Parts and service | 428.9 | 377.9 | 500.6 | 258.8 | 1,566.2 | |||||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | 170.2 | 175.9 | 130.0 | 15.6 | 491.7 | Finance and insurance, net | 171.1 | 166.4 | 127.3 | 17.4 | 482.2 | |||||||||||||||||||||||||||||||||||||||||
Other | 62.5 | 4.3 | 2.1 | 1.5 | 70.4 | Other | 27.5 | 6.3 | 0 | 1.4 | 35.2 | |||||||||||||||||||||||||||||||||||||||||
$ | 3,276.1 | $ | 3,123.4 | $ | 3,555.0 | $ | 371.1 | $ | 10,325.6 | $ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | $ | 361.5 | $ | 9,200.0 | |||||||||||||||||||||||||||||||||
Timing of Revenue Recognition | Timing of Revenue Recognition | |||||||||||||||||||||||||||||||||||||||||||||||||||
Goods and services transferred at a point in time | $ | 2,926.5 | $ | 2,770.1 | $ | 3,074.9 | $ | 191.4 | $ | 8,962.9 | Goods and services transferred at a point in time | $ | 2,654.6 | $ | 2,387.5 | $ | 2,753.8 | $ | 206.7 | $ | 8,002.6 | |||||||||||||||||||||||||||||||
Goods and services transferred over time(2) | 349.6 | 353.3 | 480.1 | 179.7 | 1,362.7 | Goods and services transferred over time(2) | 314.9 | 299.9 | 427.8 | 154.8 | 1,197.4 | |||||||||||||||||||||||||||||||||||||||||
$ | 3,276.1 | $ | 3,123.4 | $ | 3,555.0 | $ | 371.1 | $ | 10,325.6 | $ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | $ | 361.5 | $ | 9,200.0 | |||||||||||||||||||||||||||||||||
(1) “Corporate and other” is comprised of our other businesses, including collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and parts distribution centers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) “Corporate and other” is comprised of our other businesses, including collision centers, AutoNation USA used vehicle stores, auction operations, and parts distribution centers. | (1) “Corporate and other” is comprised of our other businesses, including collision centers, AutoNation USA used vehicle stores, auction operations, and parts distribution centers. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents revenue recognized during the period for automotive repair and maintenance services. | (2) Represents revenue recognized during the period for automotive repair and maintenance services. | (2) Represents revenue recognized during the period for automotive repair and maintenance services. |
Revenue Expected to Be Recognized by Period | ||||||||||||||||||||||||||
Total | Next 12 Months | 13 - 36 Months | 37 - 60 Months | |||||||||||||||||||||||
Revenue expected to be recognized on VCP contracts sold as of period end | $ | 91.0 | $ | 32.8 | $ | 43.2 | $ | 15.0 |
Revenue Expected to Be Recognized by Period | ||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | |||||||||||||
Revenue expected to be recognized on VCP contracts sold as of period end | $ | 87.2 | $ | 29.3 | $ | 43.5 | $ | 14.4 |
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||
Receivables from contracts with customers, net | $ | 493.4 | $ | 662.0 | Receivables from contracts with customers, net | $ | 572.1 | $ | 595.0 | |||||||||
Contract Asset (Current) | $ | 21.7 | $ | 26.7 | Contract Asset (Current) | $ | 29.0 | $ | 25.7 | |||||||||
Contract Asset (Long-Term) | $ | 2.3 | $ | 7.0 | Contract Asset (Long-Term) | $ | 6.8 | $ | 10.2 | |||||||||
Contract Liability (Current) | $ | 32.3 | $ | 32.6 | Contract Liability (Current) | $ | 33.1 | $ | 32.5 | |||||||||
Contract Liability (Long-Term) | $ | 55.5 | $ | 57.7 | Contract Liability (Long-Term) | $ | 58.2 | $ | 56.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amounts included in contract liability at the beginning of the period | $ | 8.2 | $ | 10.3 | $ | 16.9 | $ | 18.8 | |||||||||||||||
Performance obligations satisfied in previous periods | $ | 5.7 | $ | 3.9 | $ | 11.1 | $ | 3.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Amounts included in contract liability at the beginning of the period | $ | 10.3 | $ | 8.5 | $ | 18.8 | $ | 21.5 | |||||||
Performance obligations satisfied in previous periods | $ | 3.9 | $ | 2.3 | $ | 3.9 | $ | 6.9 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income from continuing operations | $ | 279.9 | $ | 101.0 | $ | 47.7 | $ | 193.1 | |||||||
Loss from discontinued operations, net of income taxes | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||
Net income | $ | 279.8 | $ | 100.8 | $ | 47.5 | $ | 192.8 | |||||||
Basic weighted average common shares outstanding | 87.9 | 89.9 | 89.0 | 90.2 | |||||||||||
Dilutive effect of stock options and unvested RSUs | 0.2 | 0.3 | — | 0.2 | |||||||||||
Diluted weighted average common shares outstanding | 88.1 | 90.2 | 89.0 | 90.4 | |||||||||||
Basic earnings (loss) per share amounts(1): | |||||||||||||||
Continuing operations | $ | 3.18 | $ | 1.12 | $ | 0.54 | $ | 2.14 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||
Net income | $ | 3.18 | $ | 1.12 | $ | 0.53 | $ | 2.14 | |||||||
Diluted earnings (loss) per share amounts(1): | |||||||||||||||
Continuing operations | $ | 3.18 | $ | 1.12 | $ | 0.54 | $ | 2.14 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||
Net income | $ | 3.18 | $ | 1.12 | $ | 0.53 | $ | 2.13 | |||||||
(1) Earnings (loss) per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income from continuing operations | $ | 384.9 | $ | 279.9 | $ | 624.4 | $ | 47.7 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (0.1) | (0.1) | (0.2) | (0.2) | |||||||||||||||||||
Net income | $ | 384.8 | $ | 279.8 | $ | 624.2 | $ | 47.5 | |||||||||||||||
Basic weighted average common shares outstanding | 78.9 | 87.9 | 81.0 | 89.0 | |||||||||||||||||||
Dilutive effect of stock options and unvested RSUs | 0.8 | 0.2 | 0.8 | 0 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 79.7 | 88.1 | 81.8 | 89.0 | |||||||||||||||||||
Basic EPS amounts(1): | |||||||||||||||||||||||
Continuing operations | $ | 4.88 | $ | 3.18 | $ | 7.71 | $ | 0.54 | |||||||||||||||
Discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Net income | $ | 4.88 | $ | 3.18 | $ | 7.71 | $ | 0.53 | |||||||||||||||
Diluted EPS amounts(1): | |||||||||||||||||||||||
Continuing operations | $ | 4.83 | $ | 3.18 | $ | 7.63 | $ | 0.54 | |||||||||||||||
Discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Net income | $ | 4.83 | $ | 3.18 | $ | 7.63 | $ | 0.53 | |||||||||||||||
(1) EPS amounts are calculated discretely and, therefore, may not add up to the total due to rounding. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Anti-dilutive equity instruments excluded from the computation of diluted EPS | 0 | 2.4 | 0 | 2.7 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share | 2.4 | 2.6 | 2.7 | 2.7 |
June 30, 2021 | December 31, 2020 | ||||||||||
Contracts-in-transit and vehicle receivables | $ | 397.9 | $ | 445.8 | |||||||
Trade receivables | 160.4 | 138.0 | |||||||||
Manufacturer receivables | 161.9 | 210.0 | |||||||||
Other | 57.1 | 55.1 | |||||||||
777.3 | 848.9 | ||||||||||
Less: allowances for expected credit losses | (3.8) | (3.7) | |||||||||
Receivables, net | $ | 773.5 | $ | 845.2 |
June 30, 2020 | December 31, 2019 | ||||||
Contracts-in-transit and vehicle receivables | $ | 367.9 | $ | 506.0 | |||
Trade receivables | 122.7 | 136.4 | |||||
Manufacturer receivables | 152.4 | 234.5 | |||||
Income taxes receivable (see Note 8) | — | 1.5 | |||||
Other | 33.8 | 38.8 | |||||
676.8 | 917.2 | ||||||
Less: allowances for expected credit losses | (3.5 | ) | (0.5 | ) | |||
Receivables, net | $ | 673.3 | $ | 916.7 |
June 30, 2021 | December 31, 2020 | ||||||||||
New vehicles | $ | 637.5 | $ | 1,761.9 | |||||||
Used vehicles | 923.0 | 648.4 | |||||||||
Parts, accessories, and other | 195.7 | 188.2 | |||||||||
Inventory | $ | 1,756.2 | $ | 2,598.5 |
June 30, 2020 | December 31, 2019 | ||||||
New vehicles | $ | 1,716.7 | $ | 2,490.8 | |||
Used vehicles | 493.9 | 570.0 | |||||
Parts, accessories, and other | 221.7 | 245.0 | |||||
Inventory | $ | 2,432.3 | $ | 3,305.8 |
June 30, 2020 | December 31, 2019 | ||||||
Vehicle floorplan payable - trade | $ | 1,499.1 | $ | 2,120.6 | |||
Vehicle floorplan payable - non-trade | 1,023.8 | 1,455.2 | |||||
Vehicle floorplan payable | $ | 2,522.9 | $ | 3,575.8 |
June 30, 2021 | December 31, 2020 | ||||||||||
Vehicle floorplan payable - trade | $ | 669.5 | $ | 1,541.7 | |||||||
Vehicle floorplan payable - non-trade | 901.8 | 1,218.2 | |||||||||
Vehicle floorplan payable | $ | 1,571.3 | $ | 2,759.9 |
June 30, 2020 | December 31, 2019 | ||||||
Goodwill | $ | 1,181.3 | $ | 1,501.9 | |||
Franchise rights - indefinite-lived | $ | 509.0 | $ | 566.5 | |||
Other intangibles | 21.2 | 23.4 | |||||
530.2 | 589.9 | ||||||
Less: accumulated amortization | (8.2 | ) | (8.3 | ) | |||
Other intangible assets, net | $ | 522.0 | $ | 581.6 |
June 30, 2021 | December 31, 2020 | ||||||||||
Goodwill | $ | 1,187.0 | $ | 1,185.0 | |||||||
Franchise rights - indefinite-lived | $ | 509.0 | $ | 509.0 | |||||||
Other intangibles | 19.4 | 19.6 | |||||||||
528.4 | 528.6 | ||||||||||
Less: accumulated amortization | (7.4) | (7.1) | |||||||||
Other intangible assets, net | $ | 521.0 | $ | 521.5 |
Debt Description | Maturity Date | Interest Payable | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
3.35% Senior Notes | January 15, 2021 | January 15 and July 15 | $ | 0 | $ | 300.0 | ||||||||||||||||||||
3.5% Senior Notes | November 15, 2024 | May 15 and November 15 | 450.0 | 450.0 | ||||||||||||||||||||||
4.5% Senior Notes | October 1, 2025 | April 1 and October 1 | 450.0 | 450.0 | ||||||||||||||||||||||
3.8% Senior Notes | November 15, 2027 | May 15 and November 15 | 300.0 | 300.0 | ||||||||||||||||||||||
4.75% Senior Notes | June 1, 2030 | June 1 and December 1 | 500.0 | 500.0 | ||||||||||||||||||||||
Revolving credit facility | March 26, 2025 | Monthly | 0 | 0 | ||||||||||||||||||||||
Finance leases and other debt | Various dates through 2040 | Monthly | 111.1 | 116.6 | ||||||||||||||||||||||
1,811.1 | 2,116.6 | |||||||||||||||||||||||||
Less: unamortized debt discounts and debt issuance costs | (13.8) | (14.8) | ||||||||||||||||||||||||
Less: current maturities | (7.0) | (309.2) | ||||||||||||||||||||||||
Long-term debt, net of current maturities | $ | 1,790.3 | $ | 1,792.6 |
Domestic | Import | Premium Luxury | Collision Centers | Parts Centers | Consolidated | ||||||||||||||||||
Goodwill at January 1, 2020 (1) | $ | 227.3 | $ | 498.9 | $ | 714.9 | $ | 41.7 | $ | 19.1 | $ | 1,501.9 | |||||||||||
Acquisitions, dispositions, and other adjustments, net (2) | (0.1 | ) | (2.0 | ) | (0.3 | ) | (0.1 | ) | 0.2 | (2.3 | ) | ||||||||||||
Impairment | — | — | (257.4 | ) | (41.6 | ) | (19.3 | ) | (318.3 | ) | |||||||||||||
Goodwill at June 30, 2020 (1)(3) | $ | 227.2 | $ | 496.9 | $ | 457.2 | $ | — | $ | — | $ | 1,181.3 |
Debt Description | Maturity Date | Interest Payable | June 30, 2020 | December 31, 2019 | ||||||||
5.5% Senior Notes | February 1, 2020 | February 1 and August 1 | $ | — | $ | 350.0 | ||||||
3.35% Senior Notes | January 15, 2021 | January 15 and July 15 | 300.0 | 300.0 | ||||||||
3.5% Senior Notes | November 15, 2024 | May 15 and November 15 | 450.0 | 450.0 | ||||||||
4.5% Senior Notes | October 1, 2025 | April 1 and October 1 | 450.0 | 450.0 | ||||||||
3.8% Senior Notes | November 15, 2027 | May 15 and November 15 | 300.0 | 300.0 | ||||||||
4.75% Senior Notes | June 1, 2030 | June 1 and December 1 | 500.0 | — | ||||||||
Revolving credit facility | March 26, 2025 | Monthly | — | — | ||||||||
Finance leases and other debt | Various dates through 2039 | Monthly | 106.6 | 93.9 | ||||||||
2,106.6 | 1,943.9 | |||||||||||
Less: unamortized debt discounts and debt issuance costs | (16.2 | ) | (9.8 | ) | ||||||||
Less: current maturities | (307.3 | ) | (355.6 | ) | ||||||||
Long-term debt, net of current maturities | $ | 1,783.1 | $ | 1,578.5 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Shares repurchased | 7.5 | 0 | 11.3 | 2.5 | |||||||||||||||||||
Aggregate purchase price | $ | 736.1 | $ | 0 | $ | 1,042.2 | $ | 80.0 | |||||||||||||||
Average purchase price per share | $ | 98.17 | $ | 0 | $ | 91.94 | $ | 31.95 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Shares repurchased | — | 0.3 | 2.5 | 1.3 | |||||||||||
Aggregate purchase price | $ | — | $ | 11.2 | $ | 80.0 | $ | 44.7 | |||||||
Average purchase price per share | $ | — | $ | 39.54 | $ | 31.95 | $ | 35.51 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Shares issued | 0.2 | 0 | 0.6 | 0.1 | |||||||||||||||||||
Proceeds from the exercise of stock options | $ | 7.7 | $ | 0 | $ | 28.9 | $ | 1.0 | |||||||||||||||
Average exercise price per share | $ | 51.10 | $ | 0 | $ | 50.71 | $ | 18.12 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Shares issued (in actual number of shares) | — | 90,248 | 55,000 | 101,475 | |||||||||||
Proceeds from the exercise of stock options | $ | — | $ | 2.9 | $ | 1.0 | $ | 3.2 | |||||||
Average exercise price per share | $ | — | $ | 31.76 | $ | 18.12 | $ | 31.11 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In actual number of shares) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Shares issued | 7,341 | 7,340 | 639,192 | 502,021 | |||||||||||||||||||
Shares surrendered to AutoNation to satisfy tax withholding obligations | 1,616 | 2,260 | 224,133 | 186,600 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
(In actual number of shares) | 2020 | 2019 | 2020 | 2019 | |||||||
Shares issued | 7,340 | 71,171 | 502,021 | 304,301 | |||||||
Shares surrendered to AutoNation to satisfy tax withholding obligations | 2,260 | 6,601 | 186,600 | 84,432 |
June 30, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents | $ | 257.3 | $ | 42.0 | |||
Restricted cash included in Current Assets | 0.1 | 0.5 | |||||
Total cash, cash equivalents, and restricted cash | $ | 257.4 | $ | 42.5 |
June 30, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | 59.5 | $ | 569.6 | |||||||
Restricted cash included in Other Current Assets | 0.2 | 0.1 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 59.7 | $ | 569.7 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Supplemental noncash information on adjustments to right-of-use assets, including right-of-use assets obtained in exchange for new: | ||||||||
Operating lease liabilities | $ | 27.8 | $ | 12.1 | ||||
Finance lease liabilities | $ | 26.6 | $ | 25.9 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental noncash information on adjustments to right-of-use assets, including right-of-use assets obtained in exchange for new: | |||||||||||
Operating lease liabilities | $ | 13.0 | $ | 27.8 | |||||||
Finance lease liabilities | $ | 17.3 | $ | 26.6 |
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities that a reporting entity can access at the measurement date | ||||
Level | |||||
Level 3 | Unobservable inputs |
•Cash and cash equivalents, receivables, other current assets, vehicle floorplan payable, accounts payable, other current liabilities, commercial paper, and variable rate debt: The amounts reported in the accompanying |
June 30, 2020 | December 31, 2019 | ||||||
Carrying value | $ | 2,090.4 | $ | 1,934.1 | |||
Fair value | $ | 2,216.9 | $ | 2,001.8 |
2021 | 2020 | ||||||||||
Net gains recognized during the period on equity securities | $ | 10.9 | $ | 214.7 | |||||||
Less: Net gains recognized during the period on equity securities sold during the period | 7.5 | 0 | |||||||||
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | $ | 3.4 | $ | 214.7 |
June 30, 2021 | December 31, 2020 | ||||||||||
Carrying value | $ | 1,797.3 | $ | 2,101.8 | |||||||
Fair value | $ | 2,017.5 | $ | 2,341.1 |
2020 | 2019 | |||||||||||||||
Description | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Gain/(Loss) | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Gain/(Loss) | ||||||||||||
Goodwill | $ | 457.5 | $ | (318.3 | ) | $ | — | $ | — | |||||||
Franchise rights and other | $ | 26.2 | $ | (59.9 | ) | $ | 8.9 | $ | (9.6 | ) | ||||||
Right-of-use assets | $ | 1.4 | $ | (0.4 | ) | $ | 0.1 | $ | (0.2 | ) | ||||||
Long-lived assets held and used | $ | 1.8 | $ | (5.8 | ) | $ | — | $ | — | |||||||
Long-lived assets held for sale in continuing operations | $ | — | $ | — | $ | 21.3 | $ | (1.1 | ) |
2021 | 2020 | |||||||||||||||||||||||||
Description | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Gain/(Loss) | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Gain/(Loss) | ||||||||||||||||||||||
Goodwill | $ | 0 | $ | 0 | $ | 457.5 | $ | (318.3) | ||||||||||||||||||
Franchise rights and other | $ | 0 | $ | 0 | $ | 26.2 | $ | (59.9) | ||||||||||||||||||
Equity investment | $ | 53.4 | $ | 3.4 | $ | 0 | $ | 0 | ||||||||||||||||||
Right-of-use assets | $ | 0 | $ | (0.1) | $ | 1.4 | $ | (0.4) | ||||||||||||||||||
Long-lived assets held and used | $ | 10.4 | $ | (1.6) | $ | 1.8 | $ | (5.8) | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||||
Description | Fair Value at March 31, 2020 | Valuation Technique | Unobservable Input | Range (Average) | ||||||||||||||||||||||
Franchise rights | $ | 24.6 | Discounted cash flow | Weighted average cost of capital | 8.5 | % | ||||||||||||||||||||
Discount rate | 11.1% - 14.3% (12.1%) | |||||||||||||||||||||||||
Long-term revenue growth rate | 2.0 | % | ||||||||||||||||||||||||
Long-term pretax income margin | 0.6% - 2.8% (1.4%) | |||||||||||||||||||||||||
Contributory asset charges | 4.2% - 12.1% (6.2%) |
Description | Fair Value at March 31, 2020 | Valuation Technique | Unobservable Input | Range (Average) | ||||||
Franchise rights | $ | 24.6 | Discounted cash flow | Weighted average cost of capital | 8.5% | |||||
Discount rate | 11.1% - 14.3% (12.1%) | |||||||||
Long-term revenue growth rate | 2.0% | |||||||||
Long-term pretax income margin | 0.6% - 2.8% (1.4%) | |||||||||
Contributory asset charges | 4.2% - 12.1% (6.2%) |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||
Domestic | Import | Premium Luxury | Domestic | Import | Premium Luxury | ||||||||||||||||||
Revenues from external customers | $ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 1,707.3 | $ | 1,627.3 | $ | 1,820.9 | |||||||||||
Segment income (1) | $ | 82.1 | $ | 88.3 | $ | 89.2 | $ | 65.9 | $ | 81.4 | $ | 95.3 | |||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||
Domestic | Import | Premium Luxury | Domestic | Import | Premium Luxury | ||||||||||||||||||
Revenues from external customers | $ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | $ | 3,276.1 | $ | 3,123.4 | $ | 3,555.0 | |||||||||||
Segment income (1) | $ | 136.2 | $ | 154.2 | $ | 169.4 | $ | 122.1 | $ | 154.0 | $ | 179.6 | |||||||||||
(1) Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Domestic | Import | Premium Luxury | ||||||||||||||||||||||||||||||
Revenues from external customers | $ | 2,124.8 | $ | 2,175.0 | $ | 2,468.5 | $ | 3,971.5 | $ | 3,944.6 | $ | 4,572.0 | |||||||||||||||||||||||
Segment income (1) | $ | 169.0 | $ | 203.7 | $ | 225.7 | $ | 287.5 | $ | 329.6 | $ | 384.2 | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Domestic | Import | Premium Luxury | Domestic | Import | Premium Luxury | ||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,486.0 | $ | 1,325.3 | $ | 1,564.8 | $ | 2,969.5 | $ | 2,687.4 | $ | 3,181.6 | |||||||||||||||||||||||
Segment income (1) | $ | 82.1 | $ | 88.3 | $ | 89.2 | $ | 136.2 | $ | 154.2 | $ | 169.4 | |||||||||||||||||||||||
(1) Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Total segment income for reportable segments | $ | 598.4 | $ | 259.6 | $ | 1,001.3 | $ | 459.8 | ||||||||||||||||||
Corporate and other | (74.8) | (74.5) | (150.2) | (519.5) | ||||||||||||||||||||||
Other interest expense | (20.9) | (23.2) | (42.1) | (46.7) | ||||||||||||||||||||||
Other income, net | 8.9 | 214.6 | 19.9 | 211.7 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 511.6 | $ | 376.5 | $ | 828.9 | $ | 105.3 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Total segment income for reportable segments | $ | 259.6 | $ | 242.6 | $ | 459.8 | $ | 455.7 | ||||||||
Corporate and other | (74.5 | ) | (76.5 | ) | (519.5 | ) | (137.8 | ) | ||||||||
Other interest expense | (23.2 | ) | (27.7 | ) | (46.7 | ) | (55.5 | ) | ||||||||
Interest income | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||
Other income (loss), net | 214.5 | (0.3 | ) | 211.5 | 1.6 | |||||||||||
Income from continuing operations before income taxes | $ | 376.5 | $ | 138.2 | $ | 105.3 | $ | 264.3 |
Contract Termination Charges | Other Associated Closing Costs | Involuntary Termination Benefits | Total | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 0.2 | $ | 2.4 | $ | 0.8 | $ | 3.4 | |||||||||||||||
Costs incurred | 0 | 0 | 0 | 0 | |||||||||||||||||||
Costs paid or otherwise settled | (0.2) | (2.4) | (0.7) | (3.3) | |||||||||||||||||||
Balance at June 30, 2021 | $ | 0 | $ | 0 | $ | 0.1 | $ | 0.1 | |||||||||||||||
($ in millions, except per vehicle data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
New vehicle | $ | 2,261.3 | $ | 2,769.6 | $ | (508.3 | ) | (18.4 | ) | $ | 4,543.2 | $ | 5,266.3 | $ | (723.1 | ) | (13.7 | ) | |||||||||||
Retail used vehicle | 1,262.5 | 1,307.2 | (44.7 | ) | (3.4 | ) | 2,424.5 | 2,569.0 | (144.5 | ) | (5.6 | ) | |||||||||||||||||
Wholesale | 62.0 | 72.2 | (10.2 | ) | (14.1 | ) | 148.7 | 150.0 | (1.3 | ) | (0.9 | ) | |||||||||||||||||
Used vehicle | 1,324.5 | 1,379.4 | (54.9 | ) | (4.0 | ) | 2,573.2 | 2,719.0 | (145.8 | ) | (5.4 | ) | |||||||||||||||||
Finance and insurance, net | 246.4 | 255.2 | (8.8 | ) | (3.4 | ) | 482.2 | 491.7 | (9.5 | ) | (1.9 | ) | |||||||||||||||||
Total variable operations(1) | 3,832.2 | 4,404.2 | (572.0 | ) | (13.0 | ) | 7,598.6 | 8,477.0 | (878.4 | ) | (10.4 | ) | |||||||||||||||||
Parts and service | 689.9 | 901.5 | (211.6 | ) | (23.5 | ) | 1,566.2 | 1,778.2 | (212.0 | ) | (11.9 | ) | |||||||||||||||||
Other | 10.9 | 38.1 | (27.2 | ) | 35.2 | 70.4 | (35.2 | ) | |||||||||||||||||||||
Total revenue | $ | 4,533.0 | $ | 5,343.8 | $ | (810.8 | ) | (15.2 | ) | $ | 9,200.0 | $ | 10,325.6 | $ | (1,125.6 | ) | (10.9 | ) | |||||||||||
Gross profit: | |||||||||||||||||||||||||||||
New vehicle | $ | 119.6 | $ | 125.5 | $ | (5.9 | ) | (4.7 | ) | $ | 216.0 | $ | 247.4 | $ | (31.4 | ) | (12.7 | ) | |||||||||||
Retail used vehicle | 105.8 | 90.5 | 15.3 | 16.9 | 189.3 | 174.8 | 14.5 | 8.3 | |||||||||||||||||||||
Wholesale | 11.2 | 6.3 | 4.9 | 18.7 | 12.5 | 6.2 | |||||||||||||||||||||||
Used vehicle | 117.0 | 96.8 | 20.2 | 20.9 | 208.0 | 187.3 | 20.7 | 11.1 | |||||||||||||||||||||
Finance and insurance | 246.4 | 255.2 | (8.8 | ) | (3.4 | ) | 482.2 | 491.7 | (9.5 | ) | (1.9 | ) | |||||||||||||||||
Total variable operations(1) | 483.0 | 477.5 | 5.5 | 1.2 | 906.2 | 926.4 | (20.2 | ) | (2.2 | ) | |||||||||||||||||||
Parts and service | 311.4 | 411.9 | (100.5 | ) | (24.4 | ) | 700.2 | 810.8 | (110.6 | ) | (13.6 | ) | |||||||||||||||||
Other | 0.6 | 1.4 | (0.8 | ) | 1.8 | 2.8 | (1.0 | ) | |||||||||||||||||||||
Total gross profit | 795.0 | 890.8 | (95.8 | ) | (10.8 | ) | 1,608.2 | 1,740.0 | (131.8 | ) | (7.6 | ) | |||||||||||||||||
Selling, general, and administrative expenses | 547.9 | 637.0 | 89.1 | 14.0 | 1,148.6 | 1,260.0 | 111.4 | 8.8 | |||||||||||||||||||||
Depreciation and amortization | 49.1 | 44.4 | (4.7 | ) | 97.2 | 88.5 | (8.7 | ) | |||||||||||||||||||||
Goodwill impairment | — | — | — | 318.3 | — | (318.3 | ) | ||||||||||||||||||||||
Franchise rights impairment | — | 9.6 | 9.6 | 57.5 | 9.6 | (47.9 | ) | ||||||||||||||||||||||
Other (income) expense, net | (3.4 | ) | (3.7 | ) | (0.3 | ) | 4.5 | (12.4 | ) | (16.9 | ) | ||||||||||||||||||
Operating income (loss) | 201.4 | 203.5 | (2.1 | ) | (1.0 | ) | (17.9 | ) | 394.3 | (412.2 | ) | NM | |||||||||||||||||
Non-operating income (expense) items: | |||||||||||||||||||||||||||||
Floorplan interest expense | (16.3 | ) | (37.4 | ) | 21.1 | (41.8 | ) | (76.4 | ) | 34.6 | |||||||||||||||||||
Other interest expense | (23.2 | ) | (27.7 | ) | 4.5 | (46.7 | ) | (55.5 | ) | 8.8 | |||||||||||||||||||
Interest income | 0.1 | 0.1 | — | 0.2 | 0.3 | (0.1 | ) | ||||||||||||||||||||||
Other income (loss), net | 214.5 | (0.3 | ) | 214.8 | 211.5 | 1.6 | 209.9 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 376.5 | $ | 138.2 | $ | 238.3 | NM | $ | 105.3 | $ | 264.3 | $ | (159.0 | ) | NM | ||||||||||||||
Retail vehicle unit sales: | |||||||||||||||||||||||||||||
New vehicle | 54,513 | 70,516 | (16,003 | ) | (22.7 | ) | 111,252 | 134,029 | (22,777 | ) | (17.0 | ) | |||||||||||||||||
Used vehicle | 58,920 | 62,339 | (3,419 | ) | (5.5 | ) | 115,069 | 123,510 | (8,441 | ) | (6.8 | ) | |||||||||||||||||
113,433 | 132,855 | (19,422 | ) | (14.6 | ) | 226,321 | 257,539 | (31,218 | ) | (12.1 | ) | ||||||||||||||||||
Revenue per vehicle retailed: | |||||||||||||||||||||||||||||
New vehicle | $ | 41,482 | $ | 39,276 | $ | 2,206 | 5.6 | $ | 40,837 | $ | 39,292 | $ | 1,545 | 3.9 | |||||||||||||||
Used vehicle | $ | 21,427 | $ | 20,969 | $ | 458 | 2.2 | $ | 21,070 | $ | 20,800 | $ | 270 | 1.3 | |||||||||||||||
Gross profit per vehicle retailed: | |||||||||||||||||||||||||||||
New vehicle | $ | 2,194 | $ | 1,780 | $ | 414 | 23.3 | $ | 1,942 | $ | 1,846 | $ | 96 | 5.2 | |||||||||||||||
Used vehicle | $ | 1,796 | $ | 1,452 | $ | 344 | 23.7 | $ | 1,645 | $ | 1,415 | $ | 230 | 16.3 | |||||||||||||||
Finance and insurance | $ | 2,172 | $ | 1,921 | $ | 251 | 13.1 | $ | 2,131 | $ | 1,909 | $ | 222 | 11.6 | |||||||||||||||
Total variable operations(2) | $ | 4,159 | $ | 3,547 | $ | 612 | 17.3 | $ | 3,921 | $ | 3,549 | $ | 372 | 10.5 | |||||||||||||||
NM = Not Meaningful | |||||||||||||||||||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results. | |||||||||||||||||||||||||||||
(2) 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. |
($ in millions, except per vehicle data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | ||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 3,428.3 | $ | 2,261.3 | $ | 1,167.0 | 51.6 | $ | 6,410.6 | $ | 4,543.2 | $ | 1,867.4 | 41.1 | |||||||||||||||||||||||||||||||||
Retail used vehicle | 2,085.8 | 1,262.5 | 823.3 | 65.2 | 3,729.9 | 2,424.5 | 1,305.4 | 53.8 | |||||||||||||||||||||||||||||||||||||||
Wholesale | 137.1 | 62.0 | 75.1 | 121.1 | 242.1 | 148.7 | 93.4 | 62.8 | |||||||||||||||||||||||||||||||||||||||
Used vehicle | 2,222.9 | 1,324.5 | 898.4 | 67.8 | 3,972.0 | 2,573.2 | 1,398.8 | 54.4 | |||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | 369.0 | 246.4 | 122.6 | 49.8 | 682.0 | 482.2 | 199.8 | 41.4 | |||||||||||||||||||||||||||||||||||||||
Total variable operations(1) | 6,020.2 | 3,832.2 | 2,188.0 | 57.1 | 11,064.6 | 7,598.6 | 3,466.0 | 45.6 | |||||||||||||||||||||||||||||||||||||||
Parts and service | 950.8 | 689.9 | 260.9 | 37.8 | 1,801.8 | 1,566.2 | 235.6 | 15.0 | |||||||||||||||||||||||||||||||||||||||
Other | 7.4 | 10.9 | (3.5) | 15.8 | 35.2 | (19.4) | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 6,978.4 | $ | 4,533.0 | $ | 2,445.4 | 53.9 | $ | 12,882.2 | $ | 9,200.0 | $ | 3,682.2 | 40.0 | |||||||||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 320.5 | $ | 119.6 | $ | 200.9 | 168.0 | $ | 510.5 | $ | 216.0 | $ | 294.5 | 136.3 | |||||||||||||||||||||||||||||||||
Retail used vehicle | 180.4 | 105.8 | 74.6 | 70.5 | 305.6 | 189.3 | 116.3 | 61.4 | |||||||||||||||||||||||||||||||||||||||
Wholesale | 22.3 | 11.2 | 11.1 | 37.3 | 18.7 | 18.6 | |||||||||||||||||||||||||||||||||||||||||
Used vehicle | 202.7 | 117.0 | 85.7 | 73.2 | 342.9 | 208.0 | 134.9 | 64.9 | |||||||||||||||||||||||||||||||||||||||
Finance and insurance | 369.0 | 246.4 | 122.6 | 49.8 | 682.0 | 482.2 | 199.8 | 41.4 | |||||||||||||||||||||||||||||||||||||||
Total variable operations(1) | 892.2 | 483.0 | 409.2 | 84.7 | 1,535.4 | 906.2 | 629.2 | 69.4 | |||||||||||||||||||||||||||||||||||||||
Parts and service | 432.5 | 311.4 | 121.1 | 38.9 | 821.5 | 700.2 | 121.3 | 17.3 | |||||||||||||||||||||||||||||||||||||||
Other | 1.6 | 0.6 | 1.0 | 2.2 | 1.8 | 0.4 | |||||||||||||||||||||||||||||||||||||||||
Total gross profit | 1,326.3 | 795.0 | 531.3 | 66.8 | 2,359.1 | 1,608.2 | 750.9 | 46.7 | |||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 748.9 | 547.9 | (201.0) | (36.7) | 1,396.8 | 1,148.6 | (248.2) | (21.6) | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 47.9 | 49.1 | 1.2 | 95.8 | 97.2 | 1.4 | |||||||||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | 318.3 | 318.3 | |||||||||||||||||||||||||||||||||||||||||
Franchise rights impairment | — | — | — | — | 57.5 | 57.5 | |||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | (0.7) | (3.4) | (2.7) | (0.6) | 4.5 | 5.1 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 530.2 | 201.4 | 328.8 | 163.3 | 867.1 | (17.9) | 885.0 | NM | |||||||||||||||||||||||||||||||||||||||
Non-operating income (expense) items: | |||||||||||||||||||||||||||||||||||||||||||||||
Floorplan interest expense | (6.6) | (16.3) | 9.7 | (16.0) | (41.8) | 25.8 | |||||||||||||||||||||||||||||||||||||||||
Other interest expense | (20.9) | (23.2) | 2.3 | (42.1) | (46.7) | 4.6 | |||||||||||||||||||||||||||||||||||||||||
Other income, net | 8.9 | 214.6 | (205.7) | 19.9 | 211.7 | (191.8) | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 511.6 | $ | 376.5 | $ | 135.1 | 35.9 | $ | 828.9 | $ | 105.3 | $ | 723.6 | NM | |||||||||||||||||||||||||||||||||
Retail vehicle unit sales: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | 77,164 | 54,513 | 22,651 | 41.6 | 146,525 | 111,252 | 35,273 | 31.7 | |||||||||||||||||||||||||||||||||||||||
Used vehicle | 80,589 | 58,920 | 21,669 | 36.8 | 152,369 | 115,069 | 37,300 | 32.4 | |||||||||||||||||||||||||||||||||||||||
157,753 | 113,433 | 44,320 | 39.1 | 298,894 | 226,321 | 72,573 | 32.1 | ||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 44,429 | $ | 41,482 | $ | 2,947 | 7.1 | $ | 43,751 | $ | 40,837 | $ | 2,914 | 7.1 | |||||||||||||||||||||||||||||||||
Used vehicle | $ | 25,882 | $ | 21,427 | $ | 4,455 | 20.8 | $ | 24,479 | $ | 21,070 | $ | 3,409 | 16.2 | |||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 4,153 | $ | 2,194 | $ | 1,959 | 89.3 | $ | 3,484 | $ | 1,942 | $ | 1,542 | 79.4 | |||||||||||||||||||||||||||||||||
Used vehicle | $ | 2,239 | $ | 1,796 | $ | 443 | 24.7 | $ | 2,006 | $ | 1,645 | $ | 361 | 21.9 | |||||||||||||||||||||||||||||||||
Finance and insurance | $ | 2,339 | $ | 2,172 | $ | 167 | 7.7 | $ | 2,282 | $ | 2,131 | $ | 151 | 7.1 | |||||||||||||||||||||||||||||||||
Total variable operations(2) | $ | 5,514 | $ | 4,159 | $ | 1,355 | 32.6 | $ | 5,012 | $ | 3,921 | $ | 1,091 | 27.8 | |||||||||||||||||||||||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) 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. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 (%) | 2020 (%) | 2021 (%) | 2020 (%) | ||||||||||||||||||||
Revenue mix percentages: | |||||||||||||||||||||||
New vehicle | 49.1 | 49.9 | 49.8 | 49.4 | |||||||||||||||||||
Used vehicle | 31.9 | 29.2 | 30.8 | 28.0 | |||||||||||||||||||
Parts and service | 13.6 | 15.2 | 14.0 | 17.0 | |||||||||||||||||||
Finance and insurance, net | 5.3 | 5.4 | 5.3 | 5.2 | |||||||||||||||||||
Other | 0.1 | 0.3 | 0.1 | 0.4 | |||||||||||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Gross profit mix percentages: | |||||||||||||||||||||||
New vehicle | 24.2 | 15.0 | 21.6 | 13.4 | |||||||||||||||||||
Used vehicle | 15.3 | 14.7 | 14.5 | 12.9 | |||||||||||||||||||
Parts and service | 32.6 | 39.2 | 34.8 | 43.5 | |||||||||||||||||||
Finance and insurance | 27.8 | 31.0 | 28.9 | 30.0 | |||||||||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Operating items as a percentage of revenue: | |||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
New vehicle | 9.3 | 5.3 | 8.0 | 4.8 | |||||||||||||||||||
Used vehicle - retail | 8.6 | 8.4 | 8.2 | 7.8 | |||||||||||||||||||
Parts and service | 45.5 | 45.1 | 45.6 | 44.7 | |||||||||||||||||||
Total | 19.0 | 17.5 | 18.3 | 17.5 | |||||||||||||||||||
Selling, general, and administrative expenses | 10.7 | 12.1 | 10.8 | 12.5 | |||||||||||||||||||
Operating income (loss) | 7.6 | 4.4 | 6.7 | NM | |||||||||||||||||||
Other operating items as a percentage of total gross profit: | |||||||||||||||||||||||
Selling, general, and administrative expenses | 56.5 | 68.9 | 59.2 | 71.4 | |||||||||||||||||||
Operating income (loss) | 40.0 | 25.3 | 36.8 | NM | |||||||||||||||||||
June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Inventory days supply: | |||||||||||||||||||||||
New vehicle (industry standard of selling days) | 14 days | 49 days | |||||||||||||||||||||
Used vehicle (trailing calendar month days) | 34 days | 31 days | |||||||||||||||||||||
NM - Not Meaningful |
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2020 (%) | 2019 (%) | 2020 (%) | 2019 (%) | ||||
Revenue mix percentages: | |||||||
New vehicle | 49.9 | 51.8 | 49.4 | 51.0 | |||
Used vehicle | 29.2 | 25.8 | 28.0 | 26.3 | |||
Parts and service | 15.2 | 16.9 | 17.0 | 17.2 | |||
Finance and insurance, net | 5.4 | 4.8 | 5.2 | 4.8 | |||
Other | 0.3 | 0.7 | 0.4 | 0.7 | |||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||
Gross profit mix percentages: | |||||||
New vehicle | 15.0 | 14.1 | 13.4 | 14.2 | |||
Used vehicle | 14.7 | 10.9 | 12.9 | 10.8 | |||
Parts and service | 39.2 | 46.2 | 43.5 | 46.6 | |||
Finance and insurance | 31.0 | 28.6 | 30.0 | 28.3 | |||
Other | 0.1 | 0.2 | 0.2 | 0.1 | |||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||
Operating items as a percentage of revenue: | |||||||
Gross profit: | |||||||
New vehicle | 5.3 | 4.5 | 4.8 | 4.7 | |||
Used vehicle - retail | 8.4 | 6.9 | 7.8 | 6.8 | |||
Parts and service | 45.1 | 45.7 | 44.7 | 45.6 | |||
Total | 17.5 | 16.7 | 17.5 | 16.9 | |||
Selling, general, and administrative expenses | 12.1 | 11.9 | 12.5 | 12.2 | |||
Operating income (loss) | 4.4 | 3.8 | NM | 3.8 | |||
Other operating items as a percentage of total gross profit: | |||||||
Selling, general, and administrative expenses | 68.9 | 71.5 | 71.4 | 72.4 | |||
Operating income (loss) | 25.3 | 22.8 | NM | 22.7 | |||
NM = Not Meaningful | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
Inventory days supply: | |||||||
New vehicle (industry standard of selling days) | 49 days | 75 days | |||||
Used vehicle (trailing calendar month days) | 31 days | 35 days | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
($ in millions, except per vehicle data) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
New vehicle | $ | 2,261.3 | $ | 2,728.7 | $ | (467.4 | ) | (17.1 | ) | $ | 4,538.9 | $ | 5,183.5 | $ | (644.6 | ) | (12.4 | ) | |||||||||||
Retail used vehicle | 1,262.4 | 1,285.2 | (22.8 | ) | (1.8 | ) | 2,421.6 | 2,523.5 | (101.9 | ) | (4.0 | ) | |||||||||||||||||
Wholesale | 62.0 | 71.3 | (9.3 | ) | (13.0 | ) | 148.5 | 147.8 | 0.7 | 0.5 | |||||||||||||||||||
Used vehicle | 1,324.4 | 1,356.5 | (32.1 | ) | (2.4 | ) | 2,570.1 | 2,671.3 | (101.2 | ) | (3.8 | ) | |||||||||||||||||
Finance and insurance, net | 246.4 | 251.6 | (5.2 | ) | (2.1 | ) | 481.9 | 484.6 | (2.7 | ) | (0.6 | ) | |||||||||||||||||
Total variable operations(1) | 3,832.1 | 4,336.8 | (504.7 | ) | (11.6 | ) | 7,590.9 | 8,339.4 | (748.5 | ) | (9.0 | ) | |||||||||||||||||
Parts and service | 689.5 | 883.2 | (193.7 | ) | (21.9 | ) | 1,561.1 | 1,740.0 | (178.9 | ) | (10.3 | ) | |||||||||||||||||
Other | 11.0 | 38.1 | (27.1 | ) | 35.1 | 70.2 | (35.1 | ) | |||||||||||||||||||||
Total revenue | $ | 4,532.6 | $ | 5,258.1 | $ | (725.5 | ) | (13.8 | ) | $ | 9,187.1 | $ | 10,149.6 | $ | (962.5 | ) | (9.5 | ) | |||||||||||
Gross profit: | |||||||||||||||||||||||||||||
New vehicle | $ | 119.6 | $ | 124.9 | $ | (5.3 | ) | (4.2 | ) | $ | 215.6 | $ | 245.9 | $ | (30.3 | ) | (12.3 | ) | |||||||||||
Retail used vehicle | 106.1 | 89.3 | 16.8 | 18.8 | 189.5 | 172.6 | 16.9 | 9.8 | |||||||||||||||||||||
Wholesale | 11.1 | 6.3 | 4.8 | 18.7 | 12.7 | 6.0 | |||||||||||||||||||||||
Used vehicle | 117.2 | 95.6 | 21.6 | 22.6 | 208.2 | 185.3 | 22.9 | 12.4 | |||||||||||||||||||||
Finance and insurance | 246.4 | 251.6 | (5.2 | ) | (2.1 | ) | 481.9 | 484.6 | (2.7 | ) | (0.6 | ) | |||||||||||||||||
Total variable operations(1) | 483.2 | 472.1 | 11.1 | 2.4 | 905.7 | 915.8 | (10.1 | ) | (1.1 | ) | |||||||||||||||||||
Parts and service | 311.2 | 404.2 | (93.0 | ) | (23.0 | ) | 698.7 | 794.5 | (95.8 | ) | (12.1 | ) | |||||||||||||||||
Other | 0.8 | 1.6 | (0.8 | ) | 1.8 | 3.0 | (1.2 | ) | |||||||||||||||||||||
Total gross profit | $ | 795.2 | $ | 877.9 | $ | (82.7 | ) | (9.4 | ) | $ | 1,606.2 | $ | 1,713.3 | $ | (107.1 | ) | (6.3 | ) | |||||||||||
Retail vehicle unit sales: | |||||||||||||||||||||||||||||
New vehicle | 54,512 | 69,213 | (14,701 | ) | (21.2 | ) | 111,193 | 131,365 | (20,172 | ) | (15.4 | ) | |||||||||||||||||
Used vehicle | 58,910 | 61,024 | (2,114 | ) | (3.5 | ) | 114,935 | 120,698 | (5,763 | ) | (4.8 | ) | |||||||||||||||||
113,422 | 130,237 | (16,815 | ) | (12.9 | ) | 226,128 | 252,063 | (25,935 | ) | (10.3 | ) | ||||||||||||||||||
Revenue per vehicle retailed: | |||||||||||||||||||||||||||||
New vehicle | $ | 41,483 | $ | 39,425 | $ | 2,058 | 5.2 | $ | 40,820 | $ | 39,459 | $ | 1,361 | 3.4 | |||||||||||||||
Used vehicle | $ | 21,429 | $ | 21,061 | $ | 368 | 1.7 | $ | 21,069 | $ | 20,908 | $ | 161 | 0.8 | |||||||||||||||
Gross profit per vehicle retailed: | |||||||||||||||||||||||||||||
New vehicle | $ | 2,194 | $ | 1,805 | $ | 389 | 21.6 | $ | 1,939 | $ | 1,872 | $ | 67 | 3.6 | |||||||||||||||
Used vehicle | $ | 1,801 | $ | 1,463 | $ | 338 | 23.1 | $ | 1,649 | $ | 1,430 | $ | 219 | 15.3 | |||||||||||||||
Finance and insurance | $ | 2,172 | $ | 1,932 | $ | 240 | 12.4 | $ | 2,131 | $ | 1,923 | $ | 208 | 10.8 | |||||||||||||||
Total variable operations(2) | $ | 4,162 | $ | 3,577 | $ | 585 | 16.4 | $ | 3,923 | $ | 3,583 | $ | 340 | 9.5 | |||||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results. | |||||||||||||||||||||||||||||
(2) 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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per vehicle data) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 3,425.7 | $ | 2,256.8 | $ | 1,168.9 | 51.8 | $ | 6,403.0 | $ | 4,534.7 | $ | 1,868.3 | 41.2 | |||||||||||||||||||||||||||||||||
Retail used vehicle | 2,079.8 | 1,260.1 | 819.7 | 65.1 | 3,720.6 | 2,418.9 | 1,301.7 | 53.8 | |||||||||||||||||||||||||||||||||||||||
Wholesale | 136.8 | 61.9 | 74.9 | 121.0 | 241.7 | 148.4 | 93.3 | 62.9 | |||||||||||||||||||||||||||||||||||||||
Used vehicle | 2,216.6 | 1,322.0 | 894.6 | 67.7 | 3,962.3 | 2,567.3 | 1,395.0 | 54.3 | |||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | 368.6 | 246.0 | 122.6 | 49.8 | 681.2 | 481.4 | 199.8 | 41.5 | |||||||||||||||||||||||||||||||||||||||
Total variable operations(1) | 6,010.9 | 3,824.8 | 2,186.1 | 57.2 | 11,046.5 | 7,583.4 | 3,463.1 | 45.7 | |||||||||||||||||||||||||||||||||||||||
Parts and service | 949.9 | 674.8 | 275.1 | 40.8 | 1,799.0 | 1,528.4 | 270.6 | 17.7 | |||||||||||||||||||||||||||||||||||||||
Other | 7.1 | 11.1 | (4.0) | 15.7 | 35.0 | (19.3) | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 6,967.9 | $ | 4,510.7 | $ | 2,457.2 | 54.5 | $ | 12,861.2 | $ | 9,146.8 | $ | 3,714.4 | 40.6 | |||||||||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 320.4 | $ | 119.5 | $ | 200.9 | 168.1 | $ | 510.0 | $ | 215.8 | $ | 294.2 | 136.3 | |||||||||||||||||||||||||||||||||
Retail used vehicle | 179.9 | 105.8 | 74.1 | 70.0 | 304.8 | 189.2 | 115.6 | 61.1 | |||||||||||||||||||||||||||||||||||||||
Wholesale | 22.3 | 11.1 | 11.2 | 37.3 | 18.7 | 18.6 | |||||||||||||||||||||||||||||||||||||||||
Used vehicle | 202.2 | 116.9 | 85.3 | 73.0 | 342.1 | 207.9 | 134.2 | 64.6 | |||||||||||||||||||||||||||||||||||||||
Finance and insurance | 368.6 | 246.0 | 122.6 | 49.8 | 681.2 | 481.4 | 199.8 | 41.5 | |||||||||||||||||||||||||||||||||||||||
Total variable operations(1) | 891.2 | 482.4 | 408.8 | 84.7 | 1,533.3 | 905.1 | 628.2 | 69.4 | |||||||||||||||||||||||||||||||||||||||
Parts and service | 432.0 | 307.4 | 124.6 | 40.5 | 820.4 | 693.0 | 127.4 | 18.4 | |||||||||||||||||||||||||||||||||||||||
Other | 1.4 | 0.7 | 0.7 | 2.1 | 1.5 | 0.6 | |||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 1,324.6 | $ | 790.5 | $ | 534.1 | 67.6 | $ | 2,355.8 | $ | 1,599.6 | $ | 756.2 | 47.3 | |||||||||||||||||||||||||||||||||
Retail vehicle unit sales: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | 77,081 | 54,359 | 22,722 | 41.8 | 146,293 | 110,958 | 35,335 | 31.8 | |||||||||||||||||||||||||||||||||||||||
Used vehicle | 80,305 | 58,749 | 21,556 | 36.7 | 151,871 | 114,658 | 37,213 | 32.5 | |||||||||||||||||||||||||||||||||||||||
157,386 | 113,108 | 44,278 | 39.1 | 298,164 | 225,616 | 72,548 | 32.2 | ||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 44,443 | $ | 41,517 | $ | 2,926 | 7.0 | $ | 43,768 | $ | 40,869 | $ | 2,899 | 7.1 | |||||||||||||||||||||||||||||||||
Used vehicle | $ | 25,899 | $ | 21,449 | $ | 4,450 | 20.7 | $ | 24,498 | $ | 21,097 | $ | 3,401 | 16.1 | |||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed: | |||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | $ | 4,157 | $ | 2,198 | $ | 1,959 | 89.1 | $ | 3,486 | $ | 1,945 | $ | 1,541 | 79.2 | |||||||||||||||||||||||||||||||||
Used vehicle | $ | 2,240 | $ | 1,801 | $ | 439 | 24.4 | $ | 2,007 | $ | 1,650 | $ | 357 | 21.6 | |||||||||||||||||||||||||||||||||
Finance and insurance | $ | 2,342 | $ | 2,175 | $ | 167 | 7.7 | $ | 2,285 | $ | 2,134 | $ | 151 | 7.1 | |||||||||||||||||||||||||||||||||
Total variable operations(2) | $ | 5,521 | $ | 4,167 | $ | 1,354 | 32.5 | $ | 5,017 | $ | 3,929 | $ | 1,088 | 27.7 | |||||||||||||||||||||||||||||||||
(1) Total variable operations includes new vehicle, used vehicle (retail and wholesale), and finance and insurance results. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) 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. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 (%) | 2020 (%) | 2021 (%) | 2020 (%) | ||||||||||||||||||||
Revenue mix percentages: | |||||||||||||||||||||||
New vehicle | 49.2 | 50.0 | 49.8 | 49.6 | |||||||||||||||||||
Used vehicle | 31.8 | 29.3 | 30.8 | 28.1 | |||||||||||||||||||
Parts and service | 13.6 | 15.0 | 14.0 | 16.7 | |||||||||||||||||||
Finance and insurance, net | 5.3 | 5.5 | 5.3 | 5.3 | |||||||||||||||||||
Other | 0.1 | 0.2 | 0.1 | 0.3 | |||||||||||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Gross profit mix percentages: | |||||||||||||||||||||||
New vehicle | 24.2 | 15.1 | 21.6 | 13.5 | |||||||||||||||||||
Used vehicle | 15.3 | 14.8 | 14.5 | 13.0 | |||||||||||||||||||
Parts and service | 32.6 | 38.9 | 34.8 | 43.3 | |||||||||||||||||||
Finance and insurance | 27.8 | 31.1 | 28.9 | 30.1 | |||||||||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Operating items as a percentage of revenue: | |||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
New vehicle | 9.4 | 5.3 | 8.0 | 4.8 | |||||||||||||||||||
Used vehicle - retail | 8.6 | 8.4 | 8.2 | 7.8 | |||||||||||||||||||
Parts and service | 45.5 | 45.6 | 45.6 | 45.3 | |||||||||||||||||||
Total | 19.0 | 17.5 | 18.3 | 17.5 |
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2020 (%) | 2019 (%) | 2020 (%) | 2019 (%) | ||||
Revenue mix percentages: | |||||||
New vehicle | 49.9 | 51.9 | 49.4 | 51.1 | |||
Used vehicle | 29.2 | 25.8 | 28.0 | 26.3 | |||
Parts and service | 15.2 | 16.8 | 17.0 | 17.1 | |||
Finance and insurance, net | 5.4 | 4.8 | 5.2 | 4.8 | |||
Other | 0.3 | 0.7 | 0.4 | 0.7 | |||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||
Gross profit mix percentages: | |||||||
New vehicle | 15.0 | 14.2 | 13.4 | 14.4 | |||
Used vehicle | 14.7 | 10.9 | 13.0 | 10.8 | |||
Parts and service | 39.1 | 46.0 | 43.5 | 46.4 | |||
Finance and insurance | 31.0 | 28.7 | 30.0 | 28.3 | |||
Other | 0.2 | 0.2 | 0.1 | 0.1 | |||
Total | 100.0 | 100.0 | 100.0 | 100.0 | |||
Operating items as a percentage of revenue: | |||||||
Gross profit: | |||||||
New vehicle | 5.3 | 4.6 | 4.8 | 4.7 | |||
Used vehicle - retail | 8.4 | 6.9 | 7.8 | 6.8 | |||
Parts and service | 45.1 | 45.8 | 44.8 | 45.7 | |||
Total | 17.5 | 16.7 | 17.5 | 16.9 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per vehicle data) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions, except per vehicle data) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: | Reported: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,261.3 | $ | 2,769.6 | $ | (508.3 | ) | (18.4 | ) | $ | 4,543.2 | $ | 5,266.3 | $ | (723.1 | ) | (13.7 | ) | Revenue | $ | 3,428.3 | $ | 2,261.3 | $ | 1,167.0 | 51.6 | $ | 6,410.6 | $ | 4,543.2 | $ | 1,867.4 | 41.1 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 119.6 | $ | 125.5 | $ | (5.9 | ) | (4.7 | ) | $ | 216.0 | $ | 247.4 | $ | (31.4 | ) | (12.7 | ) | Gross profit | $ | 320.5 | $ | 119.6 | $ | 200.9 | 168.0 | $ | 510.5 | $ | 216.0 | $ | 294.5 | 136.3 | |||||||||||||||||||||||||||||||||||||||||||
Retail vehicle unit sales | 54,513 | 70,516 | (16,003 | ) | (22.7 | ) | 111,252 | 134,029 | (22,777 | ) | (17.0 | ) | Retail vehicle unit sales | 77,164 | 54,513 | 22,651 | 41.6 | 146,525 | 111,252 | 35,273 | 31.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed | $ | 41,482 | $ | 39,276 | $ | 2,206 | 5.6 | $ | 40,837 | $ | 39,292 | $ | 1,545 | 3.9 | Revenue per vehicle retailed | $ | 44,429 | $ | 41,482 | $ | 2,947 | 7.1 | $ | 43,751 | $ | 40,837 | $ | 2,914 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 2,194 | $ | 1,780 | $ | 414 | 23.3 | $ | 1,942 | $ | 1,846 | $ | 96 | 5.2 | Gross profit per vehicle retailed | $ | 4,153 | $ | 2,194 | $ | 1,959 | 89.3 | $ | 3,484 | $ | 1,942 | $ | 1,542 | 79.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 5.3 | % | 4.5 | % | 4.8 | % | 4.7 | % | Gross profit as a percentage of revenue | 9.3% | 5.3% | 8.0% | 4.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory days supply (industry standard of selling days) | 49 days | 75 days | Inventory days supply (industry standard of selling days) | 14 days | 49 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store: | Same Store: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,261.3 | $ | 2,728.7 | $ | (467.4 | ) | (17.1 | ) | $ | 4,538.9 | $ | 5,183.5 | $ | (644.6 | ) | (12.4 | ) | Revenue | $ | 3,425.7 | $ | 2,256.8 | $ | 1,168.9 | 51.8 | $ | 6,403.0 | $ | 4,534.7 | $ | 1,868.3 | 41.2 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 119.6 | $ | 124.9 | $ | (5.3 | ) | (4.2 | ) | $ | 215.6 | $ | 245.9 | $ | (30.3 | ) | (12.3 | ) | Gross profit | $ | 320.4 | $ | 119.5 | $ | 200.9 | 168.1 | $ | 510.0 | $ | 215.8 | $ | 294.2 | 136.3 | |||||||||||||||||||||||||||||||||||||||||||
Retail vehicle unit sales | 54,512 | 69,213 | (14,701 | ) | (21.2 | ) | 111,193 | 131,365 | (20,172 | ) | (15.4 | ) | Retail vehicle unit sales | 77,081 | 54,359 | 22,722 | 41.8 | 146,293 | 110,958 | 35,335 | 31.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed | $ | 41,483 | $ | 39,425 | $ | 2,058 | 5.2 | $ | 40,820 | $ | 39,459 | $ | 1,361 | 3.4 | Revenue per vehicle retailed | $ | 44,443 | $ | 41,517 | $ | 2,926 | 7.0 | $ | 43,768 | $ | 40,869 | $ | 2,899 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 2,194 | $ | 1,805 | $ | 389 | 21.6 | $ | 1,939 | $ | 1,872 | $ | 67 | 3.6 | Gross profit per vehicle retailed | $ | 4,157 | $ | 2,198 | $ | 1,959 | 89.1 | $ | 3,486 | $ | 1,945 | $ | 1,541 | 79.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 5.3 | % | 4.6 | % | 4.8 | % | 4.7 | % | Gross profit as a percentage of revenue | 9.4% | 5.3% | 8.0% | 4.8% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance | 2020 | 2019 | Variance | ($ in millions) | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||||||||||||||||||
Floorplan assistance | $ | 23.7 | $ | 27.6 | $ | (3.9 | ) | $ | 48.3 | $ | 52.8 | $ | (4.5 | ) | Floorplan assistance | $ | 34.7 | $ | 23.7 | $ | 11.0 | $ | 66.7 | $ | 48.3 | $ | 18.4 | |||||||||||||||||||||||||||||||
New vehicle floorplan interest expense | (14.1 | ) | (35.0 | ) | 20.9 | (37.2 | ) | (71.4 | ) | 34.2 | New vehicle floorplan interest expense | (6.0) | (14.1) | 8.1 | (14.9) | (37.2) | 22.3 | |||||||||||||||||||||||||||||||||||||||||
Net new vehicle inventory carrying benefit (cost) | $ | 9.6 | $ | (7.4 | ) | $ | 17.0 | $ | 11.1 | $ | (18.6 | ) | $ | 29.7 | ||||||||||||||||||||||||||||||||||||||||||||
Net new vehicle inventory carrying benefit | Net new vehicle inventory carrying benefit | $ | 28.7 | $ | 9.6 | $ | 19.1 | $ | 51.8 | $ | 11.1 | $ | 40.7 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per vehicle data) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions, except per vehicle data) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: | Reported: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail revenue | $ | 1,262.5 | $ | 1,307.2 | $ | (44.7 | ) | (3.4 | ) | $ | 2,424.5 | $ | 2,569.0 | $ | (144.5 | ) | (5.6 | ) | Retail revenue | $ | 2,085.8 | $ | 1,262.5 | $ | 823.3 | 65.2 | $ | 3,729.9 | $ | 2,424.5 | $ | 1,305.4 | 53.8 | |||||||||||||||||||||||||||||||||||||||||||
Wholesale revenue | 62.0 | 72.2 | (10.2 | ) | (14.1 | ) | 148.7 | 150.0 | (1.3 | ) | (0.9 | ) | Wholesale revenue | 137.1 | 62.0 | 75.1 | 121.1 | 242.1 | 148.7 | 93.4 | 62.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 1,324.5 | $ | 1,379.4 | $ | (54.9 | ) | (4.0 | ) | $ | 2,573.2 | $ | 2,719.0 | $ | (145.8 | ) | (5.4 | ) | Total revenue | $ | 2,222.9 | $ | 1,324.5 | $ | 898.4 | 67.8 | $ | 3,972.0 | $ | 2,573.2 | $ | 1,398.8 | 54.4 | |||||||||||||||||||||||||||||||||||||||||||
Retail gross profit | $ | 105.8 | $ | 90.5 | $ | 15.3 | 16.9 | $ | 189.3 | $ | 174.8 | $ | 14.5 | 8.3 | Retail gross profit | $ | 180.4 | $ | 105.8 | $ | 74.6 | 70.5 | $ | 305.6 | $ | 189.3 | $ | 116.3 | 61.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Wholesale gross profit | 11.2 | 6.3 | 4.9 | 18.7 | 12.5 | 6.2 | Wholesale gross profit | 22.3 | 11.2 | 11.1 | 37.3 | 18.7 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 117.0 | $ | 96.8 | $ | 20.2 | 20.9 | $ | 208.0 | $ | 187.3 | $ | 20.7 | 11.1 | Total gross profit | $ | 202.7 | $ | 117.0 | $ | 85.7 | 73.2 | $ | 342.9 | $ | 208.0 | $ | 134.9 | 64.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail vehicle unit sales | 58,920 | 62,339 | (3,419 | ) | (5.5 | ) | 115,069 | 123,510 | (8,441 | ) | (6.8 | ) | Retail vehicle unit sales | 80,589 | 58,920 | 21,669 | 36.8 | 152,369 | 115,069 | 37,300 | 32.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed | $ | 21,427 | $ | 20,969 | $ | 458 | 2.2 | $ | 21,070 | $ | 20,800 | $ | 270 | 1.3 | Revenue per vehicle retailed | $ | 25,882 | $ | 21,427 | $ | 4,455 | 20.8 | $ | 24,479 | $ | 21,070 | $ | 3,409 | 16.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 1,796 | $ | 1,452 | $ | 344 | 23.7 | $ | 1,645 | $ | 1,415 | $ | 230 | 16.3 | Gross profit per vehicle retailed | $ | 2,239 | $ | 1,796 | $ | 443 | 24.7 | $ | 2,006 | $ | 1,645 | $ | 361 | 21.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 8.4 | % | 6.9 | % | 7.8 | % | 6.8 | % | Gross profit as a percentage of revenue | 8.6% | 8.4% | 8.2% | 7.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory days supply (trailing calendar month days) | 31 days | 35 days | Inventory days supply (trailing calendar month days) | 34 days | 31 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store: | Same Store: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail revenue | $ | 1,262.4 | $ | 1,285.2 | $ | (22.8 | ) | (1.8 | ) | $ | 2,421.6 | $ | 2,523.5 | $ | (101.9 | ) | (4.0 | ) | Retail revenue | $ | 2,079.8 | $ | 1,260.1 | $ | 819.7 | 65.1 | $ | 3,720.6 | $ | 2,418.9 | $ | 1,301.7 | 53.8 | |||||||||||||||||||||||||||||||||||||||||||
Wholesale revenue | 62.0 | 71.3 | (9.3 | ) | (13.0 | ) | 148.5 | 147.8 | 0.7 | 0.5 | Wholesale revenue | 136.8 | 61.9 | 74.9 | 121.0 | 241.7 | 148.4 | 93.3 | 62.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 1,324.4 | $ | 1,356.5 | $ | (32.1 | ) | (2.4 | ) | $ | 2,570.1 | $ | 2,671.3 | $ | (101.2 | ) | (3.8 | ) | Total revenue | $ | 2,216.6 | $ | 1,322.0 | $ | 894.6 | 67.7 | $ | 3,962.3 | $ | 2,567.3 | $ | 1,395.0 | 54.3 | |||||||||||||||||||||||||||||||||||||||||||
Retail gross profit | $ | 106.1 | $ | 89.3 | $ | 16.8 | 18.8 | $ | 189.5 | $ | 172.6 | $ | 16.9 | 9.8 | Retail gross profit | $ | 179.9 | $ | 105.8 | $ | 74.1 | 70.0 | $ | 304.8 | $ | 189.2 | $ | 115.6 | 61.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Wholesale gross profit | 11.1 | 6.3 | 4.8 | 18.7 | 12.7 | 6.0 | Wholesale gross profit | 22.3 | 11.1 | 11.2 | 37.3 | 18.7 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 117.2 | $ | 95.6 | $ | 21.6 | 22.6 | $ | 208.2 | $ | 185.3 | $ | 22.9 | 12.4 | Total gross profit | $ | 202.2 | $ | 116.9 | $ | 85.3 | 73.0 | $ | 342.1 | $ | 207.9 | $ | 134.2 | 64.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail vehicle unit sales | 58,910 | 61,024 | (2,114 | ) | (3.5 | ) | 114,935 | 120,698 | (5,763 | ) | (4.8 | ) | Retail vehicle unit sales | 80,305 | 58,749 | 21,556 | 36.7 | 151,871 | 114,658 | 37,213 | 32.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue per vehicle retailed | $ | 21,429 | $ | 21,061 | $ | 368 | 1.7 | $ | 21,069 | $ | 20,908 | $ | 161 | 0.8 | Revenue per vehicle retailed | $ | 25,899 | $ | 21,449 | $ | 4,450 | 20.7 | $ | 24,498 | $ | 21,097 | $ | 3,401 | 16.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 1,801 | $ | 1,463 | $ | 338 | 23.1 | $ | 1,649 | $ | 1,430 | $ | 219 | 15.3 | Gross profit per vehicle retailed | $ | 2,240 | $ | 1,801 | $ | 439 | 24.4 | $ | 2,007 | $ | 1,650 | $ | 357 | 21.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 8.4 | % | 6.9 | % | 7.8 | % | 6.8 | % | Gross profit as a percentage of revenue | 8.6% | 8.4% | 8.2% | 7.8% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: | Reported: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 689.9 | $ | 901.5 | $ | (211.6 | ) | (23.5 | ) | $ | 1,566.2 | $ | 1,778.2 | $ | (212.0 | ) | (11.9 | ) | Revenue | $ | 950.8 | $ | 689.9 | $ | 260.9 | 37.8 | $ | 1,801.8 | $ | 1,566.2 | $ | 235.6 | 15.0 | |||||||||||||||||||||||||||||||||||||||||||
Gross Profit | $ | 311.4 | $ | 411.9 | $ | (100.5 | ) | (24.4 | ) | $ | 700.2 | $ | 810.8 | $ | (110.6 | ) | (13.6 | ) | Gross Profit | $ | 432.5 | $ | 311.4 | $ | 121.1 | 38.9 | $ | 821.5 | $ | 700.2 | $ | 121.3 | 17.3 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 45.1 | % | 45.7 | % | 44.7 | % | 45.6 | % | Gross profit as a percentage of revenue | 45.5% | 45.1% | 45.6% | 44.7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store: | Same Store: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 689.5 | $ | 883.2 | $ | (193.7 | ) | (21.9 | ) | $ | 1,561.1 | $ | 1,740.0 | $ | (178.9 | ) | (10.3 | ) | Revenue | $ | 949.9 | $ | 674.8 | $ | 275.1 | 40.8 | $ | 1,799.0 | $ | 1,528.4 | $ | 270.6 | 17.7 | |||||||||||||||||||||||||||||||||||||||||||
Gross Profit | $ | 311.2 | $ | 404.2 | $ | (93.0 | ) | (23.0 | ) | $ | 698.7 | $ | 794.5 | $ | (95.8 | ) | (12.1 | ) | Gross Profit | $ | 432.0 | $ | 307.4 | $ | 124.6 | 40.5 | $ | 820.4 | $ | 693.0 | $ | 127.4 | 18.4 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit as a percentage of revenue | 45.1 | % | 45.8 | % | 44.8 | % | 45.7 | % | Gross profit as a percentage of revenue | 45.5% | 45.6% | 45.6% | 45.3% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per vehicle data) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions, except per vehicle data) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: | Reported: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and gross profit | $ | 246.4 | $ | 255.2 | $ | (8.8 | ) | (3.4 | ) | $ | 482.2 | $ | 491.7 | $ | (9.5 | ) | (1.9 | ) | Revenue and gross profit | $ | 369.0 | $ | 246.4 | $ | 122.6 | 49.8 | $ | 682.0 | $ | 482.2 | $ | 199.8 | 41.4 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 2,172 | $ | 1,921 | $ | 251 | 13.1 | $ | 2,131 | $ | 1,909 | $ | 222 | 11.6 | Gross profit per vehicle retailed | $ | 2,339 | $ | 2,172 | $ | 167 | 7.7 | $ | 2,282 | $ | 2,131 | $ | 151 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Same Store: | Same Store: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and gross profit | $ | 246.4 | $ | 251.6 | $ | (5.2 | ) | (2.1 | ) | $ | 481.9 | $ | 484.6 | $ | (2.7 | ) | (0.6 | ) | Revenue and gross profit | $ | 368.6 | $ | 246.0 | $ | 122.6 | 49.8 | $ | 681.2 | $ | 481.4 | $ | 199.8 | 41.5 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit per vehicle retailed | $ | 2,172 | $ | 1,932 | $ | 240 | 12.4 | $ | 2,131 | $ | 1,923 | $ | 208 | 10.8 | Gross profit per vehicle retailed | $ | 2,342 | $ | 2,175 | $ | 167 | 7.7 | $ | 2,285 | $ | 2,134 | $ | 151 | 7.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Domestic | $ | 2,124.8 | $ | 1,486.0 | $ | 638.8 | 43.0 | $ | 3,971.5 | $ | 2,969.5 | $ | 1,002.0 | 33.7 | |||||||||||||||||||||||||||||||||
Import | 2,175.0 | 1,325.3 | 849.7 | 64.1 | 3,944.6 | 2,687.4 | 1,257.2 | 46.8 | |||||||||||||||||||||||||||||||||||||||
Premium Luxury | 2,468.5 | 1,564.8 | 903.7 | 57.8 | 4,572.0 | 3,181.6 | 1,390.4 | 43.7 | |||||||||||||||||||||||||||||||||||||||
Total | 6,768.3 | 4,376.1 | 2,392.2 | 54.7 | 12,488.1 | 8,838.5 | 3,649.6 | 41.3 | |||||||||||||||||||||||||||||||||||||||
Corporate and other | 210.1 | 156.9 | 53.2 | 33.9 | 394.1 | 361.5 | 32.6 | 9.0 | |||||||||||||||||||||||||||||||||||||||
Total consolidated revenue | $ | 6,978.4 | $ | 4,533.0 | $ | 2,445.4 | 53.9 | $ | 12,882.2 | $ | 9,200.0 | $ | 3,682.2 | 40.0 | |||||||||||||||||||||||||||||||||
Segment income(1): | |||||||||||||||||||||||||||||||||||||||||||||||
Domestic | $ | 169.0 | $ | 82.1 | $ | 86.9 | 105.8 | $ | 287.5 | $ | 136.2 | $ | 151.3 | 111.1 | |||||||||||||||||||||||||||||||||
Import | 203.7 | 88.3 | 115.4 | 130.7 | 329.6 | 154.2 | 175.4 | 113.7 | |||||||||||||||||||||||||||||||||||||||
Premium Luxury | 225.7 | 89.2 | 136.5 | 153.0 | 384.2 | 169.4 | 214.8 | 126.8 | |||||||||||||||||||||||||||||||||||||||
Total | 598.4 | 259.6 | 338.8 | 130.5 | 1,001.3 | 459.8 | 541.5 | 117.8 | |||||||||||||||||||||||||||||||||||||||
Corporate and other | (74.8) | (74.5) | (0.3) | (150.2) | (519.5) | 369.3 | |||||||||||||||||||||||||||||||||||||||||
Floorplan interest expense | 6.6 | 16.3 | 9.7 | 16.0 | 41.8 | 25.8 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 530.2 | $ | 201.4 | $ | 328.8 | 163.3 | $ | 867.1 | $ | (17.9) | $ | 885.0 | NM | |||||||||||||||||||||||||||||||||
Retail new vehicle unit sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Domestic | 21,459 | 18,048 | 3,411 | 18.9 | 43,128 | 36,375 | 6,753 | 18.6 | |||||||||||||||||||||||||||||||||||||||
Import | 36,136 | 23,605 | 12,531 | 53.1 | 66,979 | 48,892 | 18,087 | 37.0 | |||||||||||||||||||||||||||||||||||||||
Premium Luxury | 19,569 | 12,860 | 6,709 | 52.2 | 36,418 | 25,985 | 10,433 | 40.2 | |||||||||||||||||||||||||||||||||||||||
77,164 | 54,513 | 22,651 | 41.6 | 146,525 | 111,252 | 35,273 | 31.7 | ||||||||||||||||||||||||||||||||||||||||
Retail used vehicle unit sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Domestic | 28,056 | 21,043 | 7,013 | 33.3 | 52,535 | 40,930 | 11,605 | 28.4 | |||||||||||||||||||||||||||||||||||||||
Import | 27,128 | 20,064 | 7,064 | 35.2 | 52,229 | 39,133 | 13,096 | 33.5 | |||||||||||||||||||||||||||||||||||||||
Premium Luxury | 22,370 | 15,795 | 6,575 | 41.6 | 41,904 | 30,938 | 10,966 | 35.4 | |||||||||||||||||||||||||||||||||||||||
77,554 | 56,902 | 20,652 | 36.3 | 146,668 | 111,001 | 35,667 | 32.1 | ||||||||||||||||||||||||||||||||||||||||
(1) Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||
NM = Not Meaningful |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Domestic | $ | 1,486.0 | $ | 1,707.3 | $ | (221.3 | ) | (13.0 | ) | $ | 2,969.5 | $ | 3,276.1 | $ | (306.6 | ) | (9.4 | ) | |||||||||||
Import | 1,325.3 | 1,627.3 | (302.0 | ) | (18.6 | ) | 2,687.4 | 3,123.4 | (436.0 | ) | (14.0 | ) | |||||||||||||||||
Premium Luxury | 1,564.8 | 1,820.9 | (256.1 | ) | (14.1 | ) | 3,181.6 | 3,555.0 | (373.4 | ) | (10.5 | ) | |||||||||||||||||
Total | 4,376.1 | 5,155.5 | (779.4 | ) | (15.1 | ) | 8,838.5 | 9,954.5 | (1,116.0 | ) | (11.2 | ) | |||||||||||||||||
Corporate and other | 156.9 | 188.3 | (31.4 | ) | (16.7 | ) | 361.5 | 371.1 | (9.6 | ) | (2.6 | ) | |||||||||||||||||
Total consolidated revenue | $ | 4,533.0 | $ | 5,343.8 | $ | (810.8 | ) | (15.2 | ) | $ | 9,200.0 | $ | 10,325.6 | $ | (1,125.6 | ) | (10.9 | ) | |||||||||||
Segment income(1): | |||||||||||||||||||||||||||||
Domestic | $ | 82.1 | $ | 65.9 | $ | 16.2 | 24.6 | $ | 136.2 | $ | 122.1 | $ | 14.1 | 11.5 | |||||||||||||||
Import | 88.3 | 81.4 | 6.9 | 8.5 | 154.2 | 154.0 | 0.2 | 0.1 | |||||||||||||||||||||
Premium Luxury | 89.2 | 95.3 | (6.1 | ) | (6.4 | ) | 169.4 | 179.6 | (10.2 | ) | (5.7 | ) | |||||||||||||||||
Total | 259.6 | 242.6 | 17.0 | 7.0 | 459.8 | 455.7 | 4.1 | 0.9 | |||||||||||||||||||||
Corporate and other | (74.5 | ) | (76.5 | ) | 2.0 | (519.5 | ) | (137.8 | ) | (381.7 | ) | ||||||||||||||||||
Floorplan interest expense | 16.3 | 37.4 | 21.1 | 41.8 | 76.4 | 34.6 | |||||||||||||||||||||||
Operating income (loss) | $ | 201.4 | $ | 203.5 | $ | (2.1 | ) | $ | (17.9 | ) | $ | 394.3 | $ | (412.2 | ) | (104.5 | ) | ||||||||||||
(1) 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 | 18,048 | 22,685 | (4,637 | ) | (20.4 | ) | 36,375 | 42,890 | (6,515 | ) | (15.2 | ) | |||||||||||||||||
Import | 23,605 | 31,957 | (8,352 | ) | (26.1 | ) | 48,892 | 60,713 | (11,821 | ) | (19.5 | ) | |||||||||||||||||
Premium Luxury | 12,860 | 15,874 | (3,014 | ) | (19.0 | ) | 25,985 | 30,426 | (4,441 | ) | (14.6 | ) | |||||||||||||||||
54,513 | 70,516 | (16,003 | ) | (22.7 | ) | 111,252 | 134,029 | (22,777 | ) | (17.0 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,486.0 | $ | 1,707.3 | $ | (221.3 | ) | (13.0 | ) | $ | 2,969.5 | $ | 3,276.1 | $ | (306.6 | ) | (9.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | New vehicle | $ | 991.3 | $ | 761.7 | $ | 229.6 | 30.1 | $ | 1,926.7 | $ | 1,500.6 | $ | 426.1 | 28.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle | Used vehicle | 749.1 | 436.8 | 312.3 | 71.5 | 1,312.8 | 841.4 | 471.4 | 56.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service | Parts and service | 257.9 | 193.3 | 64.6 | 33.4 | 492.0 | 428.9 | 63.1 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | Finance and insurance, net | 125.8 | 88.0 | 37.8 | 43.0 | 235.1 | 171.1 | 64.0 | 37.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0.7 | 6.2 | (5.5) | 4.9 | 27.5 | (22.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Total Revenue | $ | 2,124.8 | $ | 1,486.0 | $ | 638.8 | 43.0 | $ | 3,971.5 | $ | 2,969.5 | $ | 1,002.0 | 33.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | $ | 82.1 | $ | 65.9 | $ | 16.2 | 24.6 | $ | 136.2 | $ | 122.1 | $ | 14.1 | 11.5 | Segment income | $ | 169.0 | $ | 82.1 | $ | 86.9 | 105.8 | $ | 287.5 | $ | 136.2 | $ | 151.3 | 111.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicle unit sales | 18,048 | 22,685 | (4,637 | ) | (20.4 | ) | 36,375 | 42,890 | (6,515 | ) | (15.2 | ) | Retail new vehicle unit sales | 21,459 | 18,048 | 3,411 | 18.9 | 43,128 | 36,375 | 6,753 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicle unit sales | Retail used vehicle unit sales | 28,056 | 21,043 | 7,013 | 33.3 | 52,535 | 40,930 | 11,605 | 28.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,325.3 | $ | 1,627.3 | $ | (302.0 | ) | (18.6 | ) | $ | 2,687.4 | $ | 3,123.4 | $ | (436.0 | ) | (14.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | New vehicle | $ | 1,184.2 | $ | 712.6 | $ | 471.6 | 66.2 | $ | 2,142.2 | $ | 1,446.5 | $ | 695.7 | 48.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle | Used vehicle | 604.5 | 355.8 | 248.7 | 69.9 | 1,089.2 | 690.3 | 398.9 | 57.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service | Parts and service | 248.5 | 170.4 | 78.1 | 45.8 | 462.6 | 377.9 | 84.7 | 22.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | Finance and insurance, net | 133.2 | 82.4 | 50.8 | 61.7 | 242.3 | 166.4 | 75.9 | 45.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4.6 | 4.1 | 0.5 | 8.3 | 6.3 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Total Revenue | $ | 2,175.0 | $ | 1,325.3 | $ | 849.7 | 64.1 | $ | 3,944.6 | $ | 2,687.4 | $ | 1,257.2 | 46.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | $ | 88.3 | $ | 81.4 | $ | 6.9 | 8.5 | $ | 154.2 | $ | 154.0 | $ | 0.2 | 0.1 | Segment income | $ | 203.7 | $ | 88.3 | $ | 115.4 | 130.7 | $ | 329.6 | $ | 154.2 | $ | 175.4 | 113.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail new vehicle unit sales | 23,605 | 31,957 | (8,352 | ) | (26.1 | ) | 48,892 | 60,713 | (11,821 | ) | (19.5 | ) | Retail new vehicle unit sales | 36,136 | 23,605 | 12,531 | 53.1 | 66,979 | 48,892 | 18,087 | 37.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicle unit sales | Retail used vehicle unit sales | 27,128 | 20,064 | 7,064 | 35.2 | 52,229 | 39,133 | 13,096 | 33.5 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,564.8 | $ | 1,820.9 | $ | (256.1 | ) | (14.1 | ) | $ | 3,181.6 | $ | 3,555.0 | $ | (373.4 | ) | (10.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New vehicle | New vehicle | $ | 1,252.8 | $ | 787.0 | $ | 465.8 | 59.2 | $ | 2,341.7 | $ | 1,596.1 | $ | 745.6 | 46.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle | Used vehicle | 788.8 | 490.3 | 298.5 | 60.9 | 1,431.1 | 957.6 | 473.5 | 49.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service | Parts and service | 317.6 | 223.2 | 94.4 | 42.3 | 602.8 | 500.6 | 102.2 | 20.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | Finance and insurance, net | 108.0 | 64.3 | 43.7 | 68.0 | 194.8 | 127.3 | 67.5 | 53.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1.3 | — | 1.3 | 1.6 | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Total Revenue | $ | 2,468.5 | $ | 1,564.8 | $ | 903.7 | 57.8 | $ | 4,572.0 | $ | 3,181.6 | $ | 1,390.4 | 43.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | $ | 89.2 | $ | 95.3 | $ | (6.1 | ) | (6.4 | ) | $ | 169.4 | $ | 179.6 | $ | (10.2 | ) | (5.7 | ) | Segment income | $ | 225.7 | $ | 89.2 | $ | 136.5 | 153.0 | $ | 384.2 | $ | 169.4 | $ | 214.8 | 126.8 | |||||||||||||||||||||||||||||||||||||||||||
Retail new vehicle unit sales | 12,860 | 15,874 | (3,014 | ) | (19.0 | ) | 25,985 | 30,426 | (4,441 | ) | (14.6 | ) | Retail new vehicle unit sales | 19,569 | 12,860 | 6,709 | 52.2 | 36,418 | 25,985 | 10,433 | 40.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail used vehicle unit sales | Retail used vehicle unit sales | 22,370 | 15,795 | 6,575 | 41.6 | 41,904 | 30,938 | 10,966 | 35.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | ($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Used vehicle | Used vehicle | $ | 80.5 | $ | 41.6 | $ | 38.9 | 93.5 | $ | 138.9 | $ | 83.9 | $ | 55.0 | 65.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parts and service | Parts and service | 126.8 | 103.0 | 23.8 | 23.1 | $ | 244.4 | $ | 258.8 | $ | (14.4) | (5.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance and insurance, net | Finance and insurance, net | 2.0 | 11.7 | (9.7) | (82.9) | 9.8 | 17.4 | (7.6) | (43.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0.8 | 0.6 | 0.2 | 1.0 | 1.4 | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 156.9 | $ | 188.3 | $ | (31.4 | ) | (16.7 | ) | $ | 361.5 | $ | 371.1 | $ | (9.6 | ) | (2.6 | ) | Revenue | $ | 210.1 | $ | 156.9 | $ | 53.2 | 33.9 | $ | 394.1 | $ | 361.5 | $ | 32.6 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) | $ | (74.5 | ) | $ | (76.5 | ) | $ | 2.0 | (2.6 | ) | $ | (519.5 | ) | $ | (137.8 | ) | $ | (381.7 | ) | NM | Income (loss) | $ | (74.8) | $ | (74.5) | $ | (0.3) | $ | (150.2) | $ | (519.5) | $ | 369.3 | |||||||||||||||||||||||||||||||||||||||||||
NM = Not Meaningful |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | 2021 | 2020 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||||||||||||||||||||||
Reported: | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation | $ | 534.0 | $ | 356.3 | $ | (177.7) | (49.9) | $ | 975.6 | $ | 730.4 | $ | (245.2) | (33.6) | |||||||||||||||||||||||||||||||||
Advertising | 42.8 | 28.1 | (14.7) | (52.3) | 79.5 | 74.4 | (5.1) | (6.9) | |||||||||||||||||||||||||||||||||||||||
Store and corporate overhead | 172.1 | 163.5 | (8.6) | (5.3) | 341.7 | 343.8 | 2.1 | 0.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 748.9 | $ | 547.9 | $ | (201.0) | (36.7) | $ | 1,396.8 | $ | 1,148.6 | $ | (248.2) | (21.6) | |||||||||||||||||||||||||||||||||
SG&A as a % of total gross profit: | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation | 40.3 | 44.8 | 450 | bps | 41.4 | 45.4 | 400 | bps | |||||||||||||||||||||||||||||||||||||||
Advertising | 3.2 | 3.5 | 30 | bps | 3.4 | 4.6 | 120 | bps | |||||||||||||||||||||||||||||||||||||||
Store and corporate overhead | 13.0 | 20.6 | 760 | bps | 14.4 | 21.4 | 700 | bps | |||||||||||||||||||||||||||||||||||||||
Total | 56.5 | 68.9 | 1,240 | bps | 59.2 | 71.4 | 1,220 | bps |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | 2020 | 2019 | Variance Favorable / (Unfavorable) | % Variance | |||||||||||||||||||
Reported: | |||||||||||||||||||||||||||
Compensation | $ | 356.3 | $ | 401.4 | $ | 45.1 | 11.2 | $ | 730.4 | $ | 800.4 | $ | 70.0 | 8.7 | |||||||||||||
Advertising | 28.1 | 47.3 | 19.2 | 40.6 | 74.4 | 91.5 | 17.1 | 18.7 | |||||||||||||||||||
Store and corporate overhead | 163.5 | 188.3 | 24.8 | 13.2 | 343.8 | 368.1 | 24.3 | 6.6 | |||||||||||||||||||
Total | $ | 547.9 | $ | 637.0 | $ | 89.1 | 14.0 | $ | 1,148.6 | $ | 1,260.0 | $ | 111.4 | 8.8 | |||||||||||||
SG&A as a % of total gross profit: | |||||||||||||||||||||||||||
Compensation | 44.8 | 45.1 | 30 | bps | 45.4 | 46.0 | 60 | bps | |||||||||||||||||||
Advertising | 3.5 | 5.3 | 180 | bps | 4.6 | 5.3 | 70 | bps | |||||||||||||||||||
Store and corporate overhead | 20.6 | 21.1 | 50 | bps | 21.4 | 21.1 | (30 | ) | bps | ||||||||||||||||||
Total | 68.9 | 71.5 | 260 | bps | 71.4 | 72.4 | 100 | bps |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||||||||
Cash and cash equivalents | $ | 59.5 | $ | 569.6 | |||||||||||||
Revolving credit facility | $ | 1,760.3 | (1) | $ | 1,760.3 | ||||||||||||
Secured used vehicle floorplan facilities (2) | $ | 0.2 | $ | 0.3 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Cash and cash equivalents | $ | 257.3 | $ | 42.0 | |||
Revolving credit facility (1) | $ | 1,320.4 | (2) | $ | 1,421.1 | ||
Secured used vehicle floorplan facilities (3) | $ | 0.4 | $ | 0.6 |
(2) Based on the eligible used vehicle inventory that could have been pledged as collateral. See Note 5 of the Notes to Unaudited Condensed Consolidated Financial Statements for more information. In January 2021, we repaid the outstanding $300.0 million of 3.35% Senior Notes through utilization of available funds. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Shares repurchased | 7.5 | — | 11.3 | 2.5 | |||||||||||||||||||
Aggregate purchase price | $ | 736.1 | $ | — | $ | 1,042.2 | $ | 80.0 | |||||||||||||||
Average purchase price per share | $ | 98.17 | $ | — | $ | 91.94 | $ | 31.95 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In millions, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Shares repurchased | — | 0.3 | 2.5 | 1.3 | |||||||||||
Aggregate purchase price | $ | — | $ | 11.2 | $ | 80.0 | $ | 44.7 | |||||||
Average purchase price per share | $ | — | $ | 39.54 | $ | 31.95 | $ | 35.51 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Purchases of property and equipment, including operating lease buy-outs (1) | $ | 74.3 | $ | 24.6 | $ | 118.7 | $ | 54.6 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Purchases of property and equipment, including operating lease buy-outs (1) | $ | 24.6 | $ | 67.2 | $ | 54.6 | $ | 107.6 |
(1)Includes accrued construction in progress and excludes property associated with leases entered into during the year. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash received from (used in) business acquisitions, net | $ | — | $ | — | $ | — | $ | (0.4) | |||||||||||||||
Cash received from (used in) business divestitures, net | $ | 2.4 | $ | — | $ | 4.3 | $ | — | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Cash received from (used in) business acquisitions, net | $ | — | $ | — | $ | (0.4 | ) | $ | (4.3 | ) | |||||
Cash received from (used in) business divestitures, net | $ | — | $ | 4.9 | $ | — | $ | 22.3 |
(in millions) | ||||||||||||||||||||||||||
Debt Description | Maturity Date | Interest Payable | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
3.35% Senior Notes | January 15, 2021 | January 15 and July 15 | $ | — | $ | 300.0 | ||||||||||||||||||||
3.5% Senior Notes | November 15, 2024 | May 15 and November 15 | 450.0 | 450.0 | ||||||||||||||||||||||
4.5% Senior Notes | October 1, 2025 | April 1 and October 1 | 450.0 | 450.0 | ||||||||||||||||||||||
3.8% Senior Notes | November 15, 2027 | May 15 and November 15 | 300.0 | 300.0 | ||||||||||||||||||||||
4.75% Senior Notes | June 1, 2030 | June 1 and December 1 | 500.0 | 500.0 | ||||||||||||||||||||||
Revolving credit facility | March 26, 2025 | Monthly | — | — | ||||||||||||||||||||||
Finance leases and other debt | Various dates through 2040 | Monthly | 111.1 | 116.6 | ||||||||||||||||||||||
1,811.1 | 2,116.6 | |||||||||||||||||||||||||
Less: unamortized debt discounts and debt issuance costs | (13.8) | (14.8) | ||||||||||||||||||||||||
Less: current maturities | (7.0) | (309.2) | ||||||||||||||||||||||||
Long-term debt, net of current maturities | $ | 1,790.3 | $ | 1,792.6 |
(in millions) | ||||||||||||
Debt Description | Maturity Date | Interest Payable | June 30, 2020 | December 31, 2019 | ||||||||
5.5% Senior Notes | February 1, 2020 | February 1 and August 1 | $ | — | $ | 350.0 | ||||||
3.35% Senior Notes | January 15, 2021 | January 15 and July 15 | 300.0 | 300.0 | ||||||||
3.5% Senior Notes | November 15, 2024 | May 15 and November 15 | 450.0 | 450.0 | ||||||||
4.5% Senior Notes | October 1, 2025 | April 1 and October 1 | 450.0 | 450.0 | ||||||||
3.8% Senior Notes | November 15, 2027 | May 15 and November 15 | 300.0 | 300.0 | ||||||||
4.75% Senior Notes | June 1, 2030 | June 1 and December 1 | 500.0 | — | ||||||||
Revolving credit facility | March 26, 2025 | Monthly | — | — | ||||||||
Finance leases and other debt | Various dates through 2039 | Monthly | 106.6 | 93.9 | ||||||||
2,106.6 | 1,943.9 | |||||||||||
Less: unamortized debt discounts and debt issuance costs | (16.2 | ) | (9.8 | ) | ||||||||
Less: current maturities | (307.3 | ) | (355.6 | ) | ||||||||
Long-term debt, net of current maturities | $ | 1,783.1 | $ | 1,578.5 | ||||||||
June 30, | |||||||||||
Requirement | Actual | ||||||||||
Leverage ratio | ≤ 3.75x | ||||||||||
Capitalization ratio | ≤ 70.0% |
(In millions) | June 30, 2021 | December 31, 2020 | |||||||||
Vehicle floorplan payable - trade | $ | 669.5 | $ | 1,541.7 | |||||||
Vehicle floorplan payable - non-trade | 901.8 | 1,218.2 | |||||||||
Vehicle floorplan payable | $ | 1,571.3 | $ | 2,759.9 |
(In millions) | June 30, 2020 | December 31, 2019 | |||||
Vehicle floorplan payable - trade | $ | 1,499.1 | $ | 2,120.6 | |||
Vehicle floorplan payable - non-trade | 1,023.8 | 1,455.2 | |||||
Vehicle floorplan payable | $ | 2,522.9 | $ | 3,575.8 |
Six Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
(In millions) | 2020 | 2019 | (In millions) | 2021 | 2020 | |||||||||||||
Net cash provided by operating activities | $ | 894.3 | $ | 425.5 | Net cash provided by operating activities | $ | 930.3 | $ | 894.3 | |||||||||
Net cash used in investing activities | $ | (124.7 | ) | $ | (96.8 | ) | Net cash used in investing activities | $ | (8.5) | $ | (124.7) | |||||||
Net cash used in financing activities | $ | (554.7 | ) | $ | (326.2 | ) | Net cash used in financing activities | $ | (1,431.8) | $ | (554.7) |
Mike Jackson’s Twitter feed (www.twitter.com/CEOMikeJackson) |
Period | Total Number of Shares Purchased (1) | Avg. Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under The Programs (in millions)(1) | |||||||||
April 1, 2020 - April 30, 2020 | — | $ | — | — | $ | 139.0 | |||||||
May 1, 2020 - May 31, 2020 | — | $ | — | — | $ | 139.0 | |||||||
June 1, 2020 - June 30, 2020 | — | $ | — | — | $ | 139.0 | |||||||
Total | — | — |
Period | Total Number of Shares Purchased (1) | Avg. Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under The Plans or Programs (in millions)(1) | |||||||||||||||||||
April 1, 2021 - April 30, 2021 | 925,000 | $ | 101.41 | 925,000 | $ | 797.9 | |||||||||||||||||
May 1, 2021 - May 31, 2021 | 2,410,761 | $ | 102.18 | 2,410,761 | $ | 551.5 | |||||||||||||||||
June 1, 2021 - June 30, 2021 | 4,162,626 | $ | 95.13 | 4,162,626 | $ | 155.5 | |||||||||||||||||
Total | 7,498,387 | 7,498,387 |
(1)Our Board of Directors from time to time authorizes the repurchase of shares of our common stock up to a certain monetary limit. As of June 30, 2021, $155.5 million remained available under our stock repurchase limit. In July 2021, our Board of Directors increased the share repurchase authorization by $1 billion. Our stock repurchase program does not have an expiration date. |
Exhibit No. | Description | ||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
AUTONATION, INC. | |||||||||||
Date: | July 21, 2021 | ||||||||||
By: | |||||||||||
/s/ Christopher Cade | |||||||||||
Christopher Cade Senior Vice President and Chief Accounting Officer | |||||||||||
(Duly Authorized Officer and Principal Accounting Officer) |