AutoNation, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AutoNation, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

AUTONATION, INC. (AN) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. AutoNation, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. AutoNation, Inc. is incorporated in Delaware. The company's principal business address is in Fort Lauderdale, Florida.

Why It Matters

For investors and stakeholders tracking AUTONATION, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for AutoNation in the first quarter of 2024. Understanding the 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — AUTONATION, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, indicating a routine disclosure.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to assess AutoNation's ongoing performance.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 5500 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• AUTONATION, INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• FORT LAUDERDALE (location) — CITY
• FL (location) — STATE
• 33301 (postal_code) — ZIP
• 9547696000 (phone_number) — BUSINESS PHONE
• DE (location) — STATE OF INCORPORATION

FAQ

Industry Context

AutoNation operates in the automotive retail sector, which involves the sale of new and used vehicles, parts, and service.

Regulatory Implications

The company is subject to various regulations governing the automotive industry, including consumer protection laws and environmental standards.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze revenue streams from new vehicles, used vehicles, parts and service, and finance and insurance.
3. Assess any disclosed risks and their potential impact on the company's operations and financial results.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share AN New York Stock Exchange

Filing Documents

• an-20240331.htm (10-Q) — 1723KB
• ex31archarter.htm (EX-3.1) — 25KB
• ex1012024directorplan.htm (EX-10.1) — 85KB
• an10q33124ex311.htm (EX-31.1) — 9KB
• an10q33124ex312.htm (EX-31.2) — 9KB
• an10q33124ex321.htm (EX-32.1) — 4KB
• an10q33124ex322.htm (EX-32.2) — 4KB
• 0000350698-24-000074.txt (&nbsp;) — 7985KB
• an-20240331.xsd (EX-101.SCH) — 54KB
• an-20240331_cal.xml (EX-101.CAL) — 85KB
• an-20240331_def.xml (EX-101.DEF) — 238KB
• an-20240331_lab.xml (EX-101.LAB) — 611KB
• an-20240331_pre.xml (EX-101.PRE) — 436KB
• an-20240331_htm.xml (XML) — 1184KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AUTONATION, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share and per share data) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 60.3 $ 60.8 Receivables, net 880.0 1,040.4 Inventory 3,002.7 3,033.4 Other current assets 298.9 172.3 Total Current Assets 4,241.9 4,306.9 AUTO LOANS RECEIVABLE, net of allowance for credit losses of $ 48.1 million and $ 46.3 million, respectively 517.9 402.4 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 2.1 billion and $ 2.1 billion, respectively 3,774.0 3,791.6 OPERATING LEASE ASSETS 416.3 392.1 GOODWILL 1,454.7 1,465.8 OTHER INTANGIBLE ASSETS, NET 925.6 927.8 OTHER ASSETS 710.9 693.4 Total Assets $ 12,041.3 $ 11,980.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Vehicle floorplan payable - trade $ 1,774.0 $ 1,760.0 Vehicle floorplan payable - non-trade 1,496.9 1,622.4 Accounts payable 346.7 344.7 Commercial paper 285.0 440.0 Current maturities of long-term debt 462.7 462.4 Current portion of non-recourse debt 10.9 8.8 Other current liabilities 1,008.1 944.2 Total Current Liabilities 5,384.3 5,582.5 LONG-TERM DEBT, NET OF CURRENT MATURITIES 3,126.1 3,127.9 NON-RECOURSE DEBT, NET OF CURRENT PORTION 334.3 249.6 NONCURRENT OPERATING LEASE LIABILITIES 383.5 363.2 DEFERRED INCOME TAXES 86.3 85.0 OTHER LIABILITIES 367.0 360.4 COMMITMENTS AND CONTINGENCIES (Note 14) SHAREHOLDERS' EQUITY: Common stock, par value $ 0.01 per share; 1,500,000,000 shares authorized; 63,562,149 shares issued at March 31, 2024, and December 31, 2023, including shares held in treasury 0.6 0.6 Additional paid-in capital 2.0 22.4 Retained earnings 4,829.7 4,643.0 Treasury stock, at cost; 21,938,716 and 21,917,635 shares held, respectively ( 2,472.5 ) ( 2,454.6 ) Total Shareholders' Equity 2,359.8 2,211.4 Total Liabilities and Shareholders' Equity $ 12,041.3 $ 11,980.0 See accompanying Notes to Unaud