AutoNation(US:AN)2022-07-21 12:29Financial Performance - EPS reached an all-time record of $648, a 34% year-over-year increase, driven by operational effectiveness and capital allocation[8, 11] - Operating income reached an all-time record of $558 million, a 5% year-over-year increase, driven by strong business fundamentals and cost management[10, 11] - The company ended the quarter with $21 billion in total liquidity and a net leverage of 14x[8] - SG&A as a percentage of gross profit improved by 110 basis points year-over-year to 554%, reflecting expense discipline and technology leverage[10, 11] Capital Allocation - The company repurchased 37 million shares for an aggregate purchase price of $404 million, representing 6% of shares outstanding at the beginning of the quarter[9] - An additional $1 billion in repurchase authorization was approved by the Board of Directors in July 2022[9, 46] Business Operations - After-sales gross profit increased by 11% year-over-year, reflecting continued momentum in consumer demand and repair content[4, 35] - CFS PVR increased by 16% year-over-year due to increased penetration, product penetration, and margin improvement[5] - The company purchased over 31,750 vehicles directly from customers, self-sourcing over 90% of used vehicles acquired during the quarter[5] - New retail units declined 25% year-over-year due to manufacturer supply shortages[24]