AutoNation Files Q3 2024 10-Q
Ticker: AN · Form: 10-Q · Filed: 2024-10-25T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, automotive-retail
TL;DR
**AutoNation Q3 2024 10-Q filed. Financials and operations detailed.**
AI Summary
AutoNation, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational aspects for the third quarter of 2024. Key financial data and business segment information are presented, reflecting the company's activities in the automotive retail sector.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for AutoNation, offering insights into the company's current operational health and market position in the automotive retail industry.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) that provides standard disclosures and does not contain any immediate, significant negative news.
Key Numbers
- Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
- 2024-09-30 — As of Date (The financial information is reported as of this date.)
Key Players & Entities
- AUTONATION, INC. (company) — Filer of the 10-Q
- 200 SW 1ST AVE, SUITE 1600, FORT LAUDERDALE, FL 33301 (location) — Business and mailing address
- 9547696000 (phone_number) — Business phone number
- 20240930 (date) — Conformed period of report
- 20241025 (date) — Filing date
FAQ
What is the primary purpose of this 10-Q filing?
This 10-Q filing provides AutoNation, Inc.'s quarterly financial statements and management's discussion and analysis for the period ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 25, 2024.
What is AutoNation, Inc.'s fiscal year end?
AutoNation, Inc.'s fiscal year ends on December 31.
What is the business address listed for AutoNation, Inc.?
The business address listed is 200 SW 1ST AVE, SUITE 1600, FORT LAUDERDALE, FL 33301.
What industry is AutoNation, Inc. classified under?
AutoNation, Inc. is classified under RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500].
Filing Stats: 4,617 words · 18 min read · ~15 pages · Grade level 6.9 · Accepted 2024-10-25 17:25:31
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share AN New York Stock Exchange
Filing Documents
- an-20240930.htm (10-Q) — 2415KB
- an10q93024ex311.htm (EX-31.1) — 9KB
- an10q93024ex312.htm (EX-31.2) — 9KB
- an10q93024ex321.htm (EX-32.1) — 4KB
- an10q93024ex322.htm (EX-32.2) — 4KB
- 0000350698-24-000111.txt ( ) — 9616KB
- an-20240930.xsd (EX-101.SCH) — 56KB
- an-20240930_cal.xml (EX-101.CAL) — 90KB
- an-20240930_def.xml (EX-101.DEF) — 258KB
- an-20240930_lab.xml (EX-101.LAB) — 666KB
- an-20240930_pre.xml (EX-101.PRE) — 473KB
- an-20240930_htm.xml (XML) — 1586KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Page
Financial Statements
Item 1. Financial Statements Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 28
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 56
Other Information
Item 5. Other Information 56
Exhibits
Item 6. Exhibits 57 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) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 60.2 $ 60.8 Receivables, net 923.8 1,040.4 Inventory 3,530.8 3,033.4 Other current assets 234.7 172.3 Total Current Assets 4,749.5 4,306.9 AUTO LOANS RECEIVABLE, net of allowance for credit losses of $ 55.0 million and $ 46.3 million, respectively 891.5 402.4 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 2.2 billion and $ 2.1 billion, respectively 3,781.1 3,791.6 OPERATING LEASE ASSETS 403.4 392.1 GOODWILL 1,447.6 1,465.8 OTHER INTANGIBLE ASSETS, NET 922.6 927.8 OTHER ASSETS 710.9 693.4 Total Assets $ 12,906.6 $ 11,980.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Vehicle floorplan payable - trade $ 2,224.8 $ 1,760.0 Vehicle floorplan payable - non-trade 1,580.4 1,622.4 Accounts payable 298.6 344.7 Commercial paper 350.0 440.0 Current maturities of long-term debt 463.6 462.4 Current portion of non-recourse debt 25.2 8.8 Other current liabilities 1,017.8 944.2 Total Current Liabilities 5,960.4 5,582.5 LONG-TERM DEBT, NET OF CURRENT MATURITIES 3,120.9 3,127.9 NON-RECOURSE DEBT, NET OF CURRENT PORTION 620.7 249.6 NONCURRENT OPERATING LEASE LIABILITIES 367.8 363.2 DEFERRED INCOME TAXES 88.0 85.0 OTHER LIABILITIES 377.6 360.4 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 September 30, 2024, and December 31, 2023, including shares held in treasury 0.6 0.6 Additional paid-in capital 16.4 22.4 Retained earnings 5,145.7 4,643.0 Treasury stock, at cost; 23,915,945 and 21,917,635 shares held, respectively ( 2,791.5 ) ( 2,454.6 ) Total Shareholders' Equity 2,371.2 2,211.4 Total Liabilities and Shareholders' Equity $ 12,906.6 $ 11,980.0 See accompanying Notes