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Form 10-Q AUTONATION, INC. For: Sep 30

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October 27, 2022 4:50 PM EDT
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 1-13107
AUTONATION, INC.
(Exact name of registrant as specified in its charter)
 
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)
(954)769-6000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareANNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   þ   No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   þ   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþ  Accelerated filer ☐
Non-accelerated filer☐  Smaller reporting company  ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No  þ
As of October 25, 2022, the registrant had 49,572,352 shares of common stock outstanding.


AUTONATION, INC.
FORM 10-Q
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1A.
Item 2.
Item 6.


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 
September 30,
2022		December 31,
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$442.9 $60.4 
Receivables, net649.4 730.0 
Inventory1,851.3 1,847.9 
Other current assets131.4 173.4 
Total Current Assets3,075.0 2,811.7 
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.9 billion and $1.8 billion, respectively
3,499.3 3,419.5 
OPERATING LEASE ASSETS307.1 284.0 
GOODWILL1,233.3 1,235.3 
OTHER INTANGIBLE ASSETS, NET742.4 743.5 
OTHER ASSETS558.2 449.6 
Total Assets$9,415.3 $8,943.6 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Vehicle floorplan payable - trade$609.5 $489.9 
Vehicle floorplan payable - non-trade1,015.3 967.7 
Accounts payable343.7 395.9 
Commercial paper— 340.0 
Current maturities of long-term debt11.8 12.2 
Accrued payroll and benefits295.5 279.9 
Other current liabilities659.6 574.2 
Total Current Liabilities2,935.4 3,059.8 
LONG-TERM DEBT, NET OF CURRENT MATURITIES3,532.8 2,846.2 
NONCURRENT OPERATING LEASE LIABILITIES282.2 260.1 
DEFERRED INCOME TAXES83.6 78.2 
OTHER LIABILITIES326.1 322.3 
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS’ EQUITY:
Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 86,562,149 shares issued at September 30, 2022, and December 31, 2021, including shares held in treasury
0.8 0.8 
Additional paid-in capital9.3 3.2 
Retained earnings5,672.8 4,639.9 
Treasury stock, at cost; 34,300,989 and 23,951,543 shares held, respectively
(3,427.7)(2,266.9)
Total Shareholders’ Equity2,255.2 2,377.0 
Total Liabilities and Shareholders’ Equity$9,415.3 $8,943.6 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

1
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Revenue:
New vehicle$2,863.9 $2,753.8 $8,606.9 $9,164.4 
Used vehicle2,401.7 2,323.2 7,494.5 6,295.2 
Parts and service1,032.1 943.7 3,072.3 2,745.5 
Finance and insurance, net360.7 348.9 1,092.2 1,030.9 
Other7.6 9.9 22.1 25.7 
TOTAL REVENUE6,666.0 6,379.5 20,288.0 19,261.7 
Cost of sales:
New vehicle2,534.2 2,434.2 7,578.7 8,334.3 
Used vehicle2,259.7 2,146.2 7,059.4 5,775.3 
Parts and service553.5 518.9 1,650.9 1,499.2 
Other5.8 8.3 15.6 21.9 
TOTAL COST OF SALES (excluding depreciation shown below)5,353.2 5,107.6 16,304.6 15,630.7 
Gross profit:
New vehicle329.7 319.6 1,028.2 830.1 
Used vehicle142.0 177.0 435.1 519.9 
Parts and service478.6 424.8 1,421.4 1,246.3 
Finance and insurance360.7 348.9 1,092.2 1,030.9 
Other1.8 1.6 6.5 3.8 
TOTAL GROSS PROFIT1,312.8 1,271.9 3,983.4 3,631.0 
Selling, general, and administrative expenses763.2 723.7 2,259.4 2,120.5 
Depreciation and amortization50.1 47.6 148.9 143.4 
Other income, net(23.0)(2.7)(24.5)(3.3)
OPERATING INCOME522.5 503.3 1,599.6 1,370.4 
Non-operating income (expense) items:
Floorplan interest expense(10.7)(4.9)(21.7)(20.9)
Other interest expense(33.7)(24.1)(97.4)(66.2)
Other income (loss), net(4.6)(0.8)(24.7)19.1 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES473.5 473.5 1,455.8 1,302.4 
Income tax provision120.8 111.8 364.5 316.3 
NET INCOME FROM CONTINUING OPERATIONS352.7 361.7 1,091.3 986.1 
Loss from discontinued operations, net of income taxes(0.1)— (0.3)(0.2)
NET INCOME$352.6 $361.7 $1,091.0 $985.9 
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations$6.35 $5.17 $18.65 $12.76 
Discontinued operations$— $— $(0.01)$— 
Net income$6.35 $5.17 $18.65 $12.75 
Weighted average common shares outstanding55.5 69.9 58.5 77.3 
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations$6.31 $5.12 $18.53 $12.63 
Discontinued operations$— $— $(0.01)$— 
Net income$6.31 $5.12 $18.52 $12.62 
Weighted average common shares outstanding55.9 70.7 58.9 78.1 
COMMON SHARES OUTSTANDING, net of treasury stock, at period end52.3 65.5 52.3 65.5 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

2
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except share data)
 
Nine Months Ended September 30, 2022
 Common StockAdditional
Paid-In
Capital		Retained
Earnings		Treasury
Stock		Total
 SharesAmount
BALANCE AT DECEMBER 31, 202186,562,149 $0.8 $3.2 $4,639.9 $(2,266.9)$2,377.0 
Net income— — — 362.1 — 362.1 
Repurchases of common stock— — — — (380.9)(380.9)
Stock-based compensation expense— — 15.9 — — 15.9 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
— — (16.7)(58.1)46.3 (28.5)
BALANCE AT MARCH 31, 202286,562,149 $0.8 $2.4 $4,943.9 $(2,601.5)$2,345.6 
Net income— — — 376.3 — 376.3 
Repurchases of common stock— — — — (403.9)(403.9)
Stock-based compensation expense— — 5.3 — — 5.3 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
— — (2.5)— 4.2 1.7 
BALANCE AT JUNE 30, 202286,562,149 $0.8 $5.2 $5,320.2 $(3,001.2)$2,325.0 
Net income— — — 352.6 — 352.6 
Repurchases of common stock— — — — (428.2)(428.2)
Stock-based compensation expense— — 5.1 — — 5.1 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
— — (1.0)— 1.7 0.7 
BALANCE AT SEPTEMBER 30, 202286,562,149 $0.8 $9.3 $5,672.8 $(3,427.7)$2,255.2 

Nine Months Ended September 30, 2021
 Common StockAdditional
Paid-In
Capital		Retained
Earnings		Treasury
Stock		Total
 SharesAmount
BALANCE AT DECEMBER 31, 2020102,562,149 $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, 2021102,562,149 $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 — 
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, 202186,562,149 $0.8 $5.7 $3,896.4 $(1,046.1)$2,856.8 
Net income— — — 361.7 — 361.7 
Repurchases of common stock— — — — (879.2)(879.2)
Stock-based compensation expense— — 4.3 — — 4.3 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes— — (8.4)— 21.3 12.9 
BALANCE AT SEPTEMBER 30, 202186,562,149 $0.8 $1.6 $4,258.1 $(1,904.0)$2,356.5 


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


3
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
Nine Months Ended
 September 30,
 20222021
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income$1,091.0 $985.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations0.3 0.2 
Depreciation and amortization148.9 143.4 
Amortization of debt issuance costs and accretion of debt discounts4.5 3.5 
Stock-based compensation expense26.3 31.6 
Deferred income tax provision (benefit)5.5 (15.1)
Net gain related to business/property dispositions(17.1)(6.3)
Non-cash impairment charges1.0 3.2 
Loss (gain) on equity investments0.1 (10.9)
Loss (gain) on corporate-owned life insurance asset26.0 (8.0)
Other— (0.2)
(Increase) decrease, net of effects from business acquisitions and divestitures:
Receivables80.3 215.6 
Inventory(9.1)1,131.3 
Other assets(28.6)70.9 
Increase (decrease), net of effects from business acquisitions and divestitures:
Vehicle floorplan payable - trade124.0 (1,083.5)
Accounts payable(52.2)19.1 
Other liabilities42.7 78.7 
Net cash provided by continuing operations1,443.6 1,559.4 
Net cash used in discontinued operations(0.3)(0.2)
Net cash provided by operating activities1,443.3 1,559.2 
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment(236.2)(161.3)
Proceeds from assets held for sale22.8 34.8 
Insurance recoveries on property and equipment0.3 1.6 
Cash received from business divestitures, net of cash relinquished55.2 4.8 
Cash used in business acquisitions, net of cash acquired— (209.1)
Proceeds from the sale of equity securities— 109.4 
Investment in equity securities— (3.3)
Deposits for investment (81.6)— 
Other(7.8)(2.4)
Net cash used in continuing operations(247.3)(225.5)
Net cash used in discontinued operations— — 
Net cash used in investing activities (247.3)(225.5)

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

4
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Continued)
 
Nine Months Ended
 September 30,
 20222021
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Repurchases of common stock(1,177.4)(1,936.5)
Proceeds from 1.95% Senior Notes due 2028— 399.2 
Proceeds from 2.4% Senior Notes due 2031— 448.8 
Proceeds from 3.85% Senior Notes due 2032
698.8 — 
Payment of 3.35% Senior Notes due 2021
— (300.0)
Net payments of commercial paper(340.0)— 
Payment of debt issuance costs(6.6)(8.0)
Net proceeds from (payments of) vehicle floorplan payable - non-trade46.4 (452.0)
Payments of other debt obligations(8.7)(7.5)
Proceeds from the exercise of stock options3.4 42.6 
Payments of tax withholdings for stock-based awards (29.5)(17.9)
Net cash used in continuing operations(813.6)(1,831.3)
Net cash used in discontinued operations— — 
Net cash used in financing activities(813.6)(1,831.3)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH382.4 (497.6)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period60.6 569.7 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period$443.0 $72.1 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.






















5
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share data)
1.INTERIM FINANCIAL STATEMENTS
Business and Basis of Presentation
AutoNation, Inc., through its subsidiaries, is one of the largest automotive retailers in the United States. As of September 30, 2022, we owned and operated 336 new vehicle franchises from 243 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well-known in our key markets, sell 33 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 89% of the new vehicles that we sold during the nine months ended September 30, 2022, are manufactured by Toyota (including Lexus), Ford, Honda, Mercedes-Benz, BMW, General Motors, Stellantis, and Volkswagen (including Audi and Porsche). As of September 30, 2022, we also owned and operated 56 AutoNation-branded collision centers, 12 AutoNation USA used vehicle stores, 4 AutoNation-branded automotive auction operations, and 3 parts distribution centers.
We offer a diversified range of automotive products and services, including new vehicles, used vehicles, “parts and service” (also referred to as “After-Sales”), which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive “finance and insurance” products, which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. For convenience, the terms “AutoNation,” “Company,” and “we” are used to refer collectively to AutoNation, Inc. and its subsidiaries, unless otherwise required by the context. Our dealership operations are conducted by our subsidiaries.
The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of AutoNation, Inc. and its subsidiaries; intercompany accounts and transactions have been eliminated. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The Unaudited Condensed Consolidated Financial Statements herein should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included within our most recent Annual Report on Form 10-K. These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state, in all material respects, our financial position and results of operations for the periods presented.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. We periodically evaluate estimates and assumptions used in the preparation of the financial statements and make changes on a prospective basis when adjustments are necessary. Such estimates and assumptions affect, among other things, our goodwill, indefinite-lived intangible asset, and long-lived asset valuations; inventory valuation; equity investment valuation; assets held for sale; assessments of variable consideration and related constraints related to retrospective commissions; accruals for chargebacks against revenue recognized from the sale of finance and insurance products; accruals related to self-insurance programs; certain legal proceedings; assessment of the annual income tax expense; valuation of deferred income taxes and income tax contingencies; the allowance for expected credit losses; and measurement of performance-based compensation costs.

2.    REVENUE RECOGNITION
Disaggregation of Revenue
The significant majority of our revenue is from contracts with customers. Taxes assessed by governmental authorities that are directly imposed on revenue transactions are excluded from revenue. In the following tables, revenue is disaggregated by major lines of goods and services and timing of transfer of goods and services. We have determined that these categories depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue to reportable segment revenue.

6
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Three Months Ended September 30, 2022
DomesticImportPremium Luxury
Corporate and other(1)
Total
Major Goods/Service Lines
New vehicle$875.0 $814.1 $1,174.8 $— $2,863.9 
Used vehicle764.3 667.4 853.0 117.0 2,401.7 
Parts and service275.8 266.2 364.5 125.6 1,032.1 
Finance and insurance, net117.1 123.1 112.5 8.0 360.7 
Other0.6 4.4 1.6 1.0 7.6 
$2,032.8 $1,875.2 $2,506.4 $251.6 $6,666.0 
Timing of Revenue Recognition
Goods and services transferred at a point in time$1,839.4 $1,673.0 $2,199.8 $169.9 $5,882.1 
Goods and services transferred over time(2)
193.4 202.2 306.6 81.7 783.9 
$2,032.8 $1,875.2 $2,506.4 $251.6 $6,666.0 
Three Months Ended September 30, 2021
DomesticImportPremium Luxury
Corporate and other(1)
Total
Major Goods/Service Lines
New vehicle$791.3 $967.9 $994.6 $— $2,753.8 
Used vehicle789.0 638.0 810.9 85.3 2,323.2 
Parts and service257.2 243.5 312.4 130.6 943.7 
Finance and insurance, net116.7 127.1 98.7 6.4 348.9 
Other1.0 6.8 1.4 0.7 9.9 
$1,955.2 $1,983.3 $2,218.0 $223.0 $6,379.5 
Timing of Revenue Recognition
Goods and services transferred at a point in time$1,778.6 $1,800.4 $1,960.6 $139.7 $5,679.3 
Goods and services transferred over time(2)
176.6 182.9 257.4 83.3 700.2 
$1,955.2 $1,983.3 $2,218.0 $223.0 $6,379.5 


7
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Nine Months Ended September 30, 2022
DomesticImportPremium Luxury
Corporate and other(1)
Total
Major Goods/Service Lines
New vehicle$2,555.6 $2,548.1 $3,503.2 $— $8,606.9 
Used vehicle2,374.2 2,074.6 2,673.7 372.0 7,494.5 
Parts and service820.0 788.0 1,083.4 380.9 3,072.3 
Finance and insurance, net355.7 375.2 338.1 23.2 1,092.2 
Other2.6 13.1 3.3 3.1 22.1 
$6,108.1 $5,799.0 $7,601.7 $779.2 $20,288.0 
Timing of Revenue Recognition
Goods and services transferred at a point in time$5,538.8 $5,205.8 $6,697.5 $536.0 $17,978.1 
Goods and services transferred over time(2)
569.3 593.2 904.2 243.2 2,309.9 
$6,108.1 $5,799.0 $7,601.7 $779.2 $20,288.0 
Nine Months Ended September 30, 2021
DomesticImportPremium Luxury