AutoNation(AN)
Search documents
AutoNation(AN) - 2020 Q1 - Earnings Call Transcript
2020-05-12 00:04
Financial Data and Key Metrics Changes - Adjusted EPS from continuing operations was reported at $0.91, down 4% year-over-year despite significant headwinds from the coronavirus [7] - Same-store revenue for Q1 2020 was $4.7 billion, a decrease of 5% compared to the prior year [8] - Total store revenue decreased by $350 million or 6%, and gross profit decreased by $36 million or 4% [13] - SG&A as a percentage of gross profit increased to 73.9%, reflecting significant SG&A deleveraging in March [14] - Non-vehicle interest expense decreased to $24 million compared to $28 million in Q1 2019 [15] Business Line Data and Key Metrics Changes - Same-store variable gross profit was $423 million, a decrease of 5% [8] - Same-store customer care gross profit was $389 million, a decrease of 1% compared to the year-ago period [8] - Same-store new and used retail unit sales were down approximately 20% in the last 10 days of April, improving from a 50% decline in the first 10 days of the month [9] Market Data and Key Metrics Changes - Retail unit sales in Florida, Texas, and California improved by the end of April, with declines of approximately 25%, 5%, and 30% respectively [9] - Custom repair orders were down approximately 50% at the beginning of April, improving to down roughly 30% by the end of the month [10] Company Strategy and Development Direction - The company is focused on adapting to the automotive recovery and enhancing digital capabilities as a permanent change in consumer behavior [21][64] - AutoNation is positioned to meet customer transportation needs safely and responsibly during the recovery [17] - The company plans to remain disciplined over costs and capital as markets reopen and business recovers [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unpredictability of 2020 but believes the automotive recovery is underway [17] - The company is confident that 2021 will be better than 2020, despite not providing specific numbers for the year [27] - Management noted that the automotive industry is currently in a recession, with employment levels lower than during the 2008-2009 recession [27] Other Important Information - The company has over $1.4 billion in liquidity, including over $750 million in cash [11] - Non-cash impairment charges of $315 million after-tax were recorded due to COVID-19 impacts [12] - The company suspended share repurchases before the end of Q1, having previously purchased $80 million worth of shares [15] Q&A Session Summary Question: What is happening in the used car market? - Management noted that retail pricing in the used vehicle market has been stable, with only a 1% to 2% movement [19] Question: How do you see consumer behavior changing post-COVID? - Management believes digital capabilities will be essential moving forward, with no difference in profitability between digital and traditional sales channels [21] Question: Do you see a meaningful reduction in stores in the independent used market? - Management indicated a trend towards companies with strong digital capabilities and a uniform experience, suggesting consolidation in the market [24] Question: How is the company navigating inventory levels? - Management expressed satisfaction with their inventory position and noted that they are prepared for the resumption of production [30] Question: What are the dynamics behind the decision to move away from PPP loans? - Management explained that the lack of a clear path to forgiveness for PPP loans led to the decision to return the funds and manage the business rationally [39] Question: What is the status of the partnership with Vroom? - Management expressed satisfaction with the investment in Vroom but did not indicate any significant strategic changes [47] Question: What are the monthly savings from cost-cutting measures? - Management indicated potential monthly savings exceeding $40 million from various cost-cutting actions [50] Question: What improvements are being seen in sales and services? - Management reported that sales are down approximately 20% in May, with customer care down in the high 20s [55]
AutoNation(AN) - 2020 Q1 - Quarterly Report
2020-05-11 18:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Emerging growth company ☐ 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 March 31, 2020 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) (State or other jurisdict ...
AutoNation(AN) - 2019 Q4 - Annual Report
2020-02-18 21:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 jur ...
AutoNation(AN) - 2019 Q4 - Earnings Call Transcript
2020-02-11 22:05
AutoNation, Inc. (NYSE:AN) Q4 2019 Earnings Conference Call February 11, 2020 11:00 AM ET Company Participants Robert Quartaro - VP, IR Cheryl Miller - CEO and President Joe Lower - EVP and CFO Conference Call Participants Stephanie Benjamin - SunTrust John Murphy - Bank of America Merrill Lynch Rick Nelson - Stephens Rajat Gupta - JPMorgan Chris Bottiglieri - Wolfe Research Armintas Sinkevicius - Morgan Stanley Bret Jordan - Jefferies Derek Glynn - Consumer Edge Research Mike Ward - Benchmark David Whiston ...
AutoNation(AN) - 2019 Q3 - Quarterly Report
2019-10-29 23:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Emerging growth company ☐ 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, 2019 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) (State or other juris ...
AutoNation(AN) - 2019 Q3 - Earnings Call Transcript
2019-10-29 18:40
AutoNation, Inc. (NYSE:AN) Q3 2019 Earnings Conference Call October 29, 2019 11:00 AM ET Company Participants Robert Quartaro - Vice President of Investor Relations Cheryl Miller - Chief Executive Officer & President Chris Cade - Interim Chief Financial Officer Conference Call Participants Bret Jordan - Jefferies Derek Glynn - Consumer Edge Rick Nelson - Stephens Chris Bottiglieri - Wolfe Research Rajat Gupta - JPMorgan John Murphy - Bank of America Armintas Sinkevicius - Morgan Stanley David Whiston - Morn ...
AutoNation(AN) - 2019 Q2 - Quarterly Report
2019-07-23 20:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Emerging growth company ☐ 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 June 30, 2019 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: 1-131107 AutoNation, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdict ...
AutoNation(AN) - 2019 Q2 - Earnings Call Transcript
2019-07-23 19:45
AutoNation, Inc. (NYSE:AN) Q2 2019 Earnings Conference Call July 23, 2019 11:00 AM ET Company Participants Robert Quartaro - Vice President of Investor Relations Mike Jackson - Executive Chairman Cheryl Miller - Chief Executive Officer & President Conference Call Participants David Tamberrino - Goldman Sachs John Murphy - Bank of America Merrill Lynch Rajat Gupta - JPMorgan Chris Bottiglieri - Wolfe Research Michael Ward - Seaport Global Derek Glynn - Consumer Edge Research Rick Nelson - Stephens Stephanie ...
AutoNation(AN) - 2019 Q1 - Quarterly Report
2019-04-26 20:22
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 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 ...
AutoNation(AN) - 2019 Q1 - Earnings Call Transcript
2019-04-26 17:59
AutoNation, Inc. (NYSE:AN) Q1 2019 Earnings Conference Call April 26, 2019 11:00 AM ET Company Participants Robert Quartaro - VP, IR Carl Liebert - CEO, President & Director Cheryl Miller - EVP, Corporate Real Estate Services & Benefits & CFO Conference Call Participants Bret Jordan - Jefferies Derek Glynn - Consumer Edge Research Armintas Sinkevicius - Morgan Stanley Stephanie Benjamin - SunTrust Robinson Humphrey Nels Nelson - Stephens Inc. John Murphy - Bank of America Merrill Lynch David Whiston - Morni ...