AutoNation Files Q2 2024 10-Q Report

TL;DR

**AutoNation Q2 2024 10-Q filed. Financials are in.**

AI Summary

AutoNation, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance for the second quarter of 2024, detailing revenues and expenses related to its automotive retail operations, including new and used vehicle sales. The filing provides a comprehensive overview of the company's financial position and operational results during the specified period.

Why It Matters

This filing provides investors and analysts with the official financial results for AutoNation in Q2 2024, crucial for understanding the company's performance in the automotive retail sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the automotive sector, AutoNation is subject to market fluctuations, economic conditions, and competitive pressures that can impact its financial performance.

Key Numbers

• Q2 2024 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 2024-06-30 — End of Fiscal Period (The report covers financial activities up to this date.)

Key Players & Entities

• AUTONATION, INC. (company) — Filer of the 10-Q report
• 200 SW 1ST AVE, SUITE 1600, FORT LAUDERDALE, FL 33301 (location) — Business and mailing address
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date of the report

FAQ

Key Financial Figures

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

Filing Documents

• an-20240630.htm (10-Q) — 2358KB
• an10q63024ex311.htm (EX-31.1) — 9KB
• an10q63024ex312.htm (EX-31.2) — 9KB
• an10q63024ex321.htm (EX-32.1) — 4KB
• an10q63024ex322.htm (EX-32.2) — 4KB
• 0000350698-24-000098.txt ( ) — 9100KB
• an-20240630.xsd (EX-101.SCH) — 54KB
• an-20240630_cal.xml (EX-101.CAL) — 86KB
• an-20240630_def.xml (EX-101.DEF) — 227KB
• an-20240630_lab.xml (EX-101.LAB) — 608KB
• an-20240630_pre.xml (EX-101.PRE) — 426KB
• an-20240630_htm.xml (XML) — 1538KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30 , 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 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 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 55

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59 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) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 85.9 $ 60.8 Receivables, net 854.6 1,040.4 Inventory 3,553.9 3,033.4 Other current assets 357.0 172.3 Total Current Assets 4,851.4 4,306.9 AUTO LOANS RECEIVABLE, net of allowance for credit losses of $ 48.2 million and $ 46.3 million, respectively 709.4 402.4 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 2.2 billion and $ 2.1 billion, respectively 3,780.7 3,791.6 OPERATING LEASE ASSETS 404.9 392.1 GOODWILL 1,449.4 1,465.8 OTHER INTANGIBLE ASSETS, NET 924.3 927.8 OTHER ASSETS 708.5 693.4 Total Assets $ 12,828.6 $ 11,980.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Vehicle floorplan payable - trade $ 2,272.9 $ 1,760.0 Vehicle floorplan payable - non-trade 1,686.9 1,622.4 Accounts payable 338.9 344.7 Commercial paper 425.0 440.0 Current maturities of long-term debt 463.1 462.4 Current portion of non-recourse debt 16.8 8.8 Other current liabilities 1,013.5 944.2 Total Current Liabilities 6,217.1 5,582.5 LONG-TERM DEBT, NET OF CURRENT MATURITIES 3,123.5 3,127.9 NON-RECOURSE DEBT, NET OF CURRENT PORTION 471.5 249.6 NONCURRENT OPERATING LEASE LIABILITIES 373.3 363.2 DEFERRED INCOME TAXES 90.3 85.0 OTHER LIABILITIES 369.7 360.4 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 June 30, 2024, and December 31, 2023, including shares held in treasury 0.6 0.6 Additional paid-in capital 8.8 22.4 Retained earnings 4,959.9 4,643.0 Treasury stock, at cost; 23,882,966 and 21,917,635 shares held, respectively ( 2,786.1 ) ( 2,454.6 ) Total Shareholders' Equity 2,183.2 2,211.4 Total Liabilities and Shareholders' Equity $ 12,828.6 $ 11,980.0 See accompanying Notes to Unaudit