Tag: record

Posted on

GM plans $2B in cost cuts after record 2022 earnings

GM plans $2B in cost cuts after record 2022 earnings

GM explained its complete-12 months EBIT of $14.5 billion, up 1.3 p.c, was a corporation file. Its web profits for all of 2022 slipped .8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $9.9 billion as earnings rose 23 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $156.7 billion.

GM’s fourth-quarter altered earnings in North The us soared 69 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $3.7 billion.

Shares in GM rose 8.3 percent to shut at $39.32 on Tuesday.

“It can take working experience, talent and teamwork to change to external elements like better desire costs, commodity price will increase and source chain disruptions, and deliver our commitments 12 months in and 12 months out,” CEO Mary Barra reported on a call with analysts.

“GM led the U.S. sector in total sales and sent the premier calendar year-about-year increase in market place share of any OEM, together with file [average transaction prices],” she extra. “This demonstrates the power of our products portfolio, which includes our clear management in full-size pickups and comprehensive-dimensions SUVs, good top quality and enhanced availability.”

Even as it claimed file earnings for 2022, the automaker intends to choose measures to slash charges as it watches the broader macroeconomic atmosphere and as it proceeds to ramp up its electric powered car transition.

GM plans to lessen complexity in its products and trim company expenses, with designs to marginally decrease head depend as a result of attrition, Jacobson stated. He declined to say how a lot the enterprise would shrink its workforce.

“I want to be crystal clear: We are not scheduling layoffs,” Jacobson reported. “We’re on the lookout at selecting the only most strategically crucial roles, and we will use attrition to help regulate our general head rely.”

GM tasks comprehensive-calendar year net money ranging from $8.7 billion to $10.1 billion and adjusted EBIT of $10.5 billion to $12.5 billion.

Jacobson told reporters that this year’s earnings will be impacted by an predicted decline in GM Financial’s earnings as a end result of declining used-vehicle costs, rising desire fees and a more compact lease portfolio, as well as a pension accounting affect.

“We feel the fundamental enterprise is going to be pretty constant in ’23 with what we saw final year, and I believe that’s a a little bit much more bullish assertion than wherever most of the current market is,” Jacobson reported. “We’re likely to proceed to watch it. But plainly, as we talked about with the $2 billion charge plan we’ve announced nowadays, we want to make guaranteed that we are careful and prepared for going ahead.”

Logistical challenges continue to be

Logistics troubles and source chain constraints are improving upon, but some problems continue to be, Jacobson informed analysts. GM’s North American fourth-quarter final results reflected greater volume and pricing, as very well as higher commodity and logistics costs, he claimed.

The organization finished 2022 with about a 50-working day provide of dealership inventory, such as in-transit cars, Jacobson said.

The amount of autos on dealership loads is “improving steadily, but however roughly a single-third the level we were at in mid-2019, supporting a favorable supply-and-desire atmosphere,” he claimed.

GM aims to have a 50- to 60-working day offer at the end of 2023, which would be 20 to 30 times below mid-2019 levels, assuming logistics difficulties keep on to simplicity, Jacobson stated.

Incentives in North The usa probable will maximize from the traditionally very low levels witnessed in 2022, he mentioned, but “we be expecting this headwind to be partially offset by acknowledging the whole-yr advantage of MSRP increases on quite a few model-year ’23 cars — significantly whole-size SUVs and vans — as effectively as pricing we expect to achieve on our new launches.”

UAW revenue sharing

GM stated its income-sharing payout to unionized U.S. employees is $500 million, a report. The company’s UAW-represented hourly employees each will obtain bonuses of $12,750 based on its $12.99 billion earnings in North The usa for the yr, the union claimed in a assertion.

“Our members are essential to the success of Typical Motors.  UAW customers carry ability, encounter, and devotion to the position each individual working day and are effectively deserving of today’s information,” Mike Booth, the head of the UAW’s GM office, said in the statement.

“When we celebrate nowadays, we know that there are troubles ahead.  We will proceed to struggle for fairness and equity for all UAW-GM associates.”

Posted on

FuboTV Announces Q3 2022 Results; North American Streaming Business Delivered Record High 1,231,000 Subscribers, Exceeded Revenue Forecast

FuboTV Announces Q3 2022 Results; North American Streaming Business Delivered Record High 1,231,000 Subscribers, Exceeded Revenue Forecast

NEW YORK, November 04, 2022–(Company WIRE)–FuboTV Inc. (NYSE: FUBO), the main sports activities-1st live Television streaming system, nowadays announced its fiscal success for the 3rd quarter ended September 30, 2022.

Profits and subscriber advancement for Fubo’s world-wide streaming small business was potent throughout the quarter, with North The united states (NA) earnings and subscriber progress coming in ahead of forecast. FuboTV shut the quarter with $219.2 million in revenue for NA, an boost of 40{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} 12 months-in excess of-12 months, though ad income was $22.5 million, up 21{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} yr-above 12 months. NA paid out subscribers arrived at a file substantial of 1,231,000, an raise of 31{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} calendar year-about-calendar year.

In the Rest of World (ROW), the enterprise delivered $5.8 million in earnings and 358,000 whole paid out subscribers. ROW involves Molotov, the French dwell Tv streaming services acquired by FuboTV in December 2021.

FuboTV ended the quarter with $307.4 million in cash and income equivalents, limited cash and shorter-expression investments, and is assured in its latest liquidity position. Also, FuboTV attained a sequential enhancement in Working Dollars Move and year-over-year advancement in Modified EBITDA (AEBITDA) Margin.

Finish third quarter 2022 benefits are thorough in FuboTV’s shareholder letter offered on the company’s IR site.

“Our third quarter was marked by significant improvements against our lengthy-phrase prepare of ongoing progress with improved profitability along the way,” claimed David Gandler, co-founder and CEO, FuboTV. “Earnings and subscriber advancement for our international streaming small business was solid with North American subscribers reaching a record significant of 1,231,000. As our premium offering proceeds to drive an ever higher number of customers to our platform, our differentiated products knowledge and wide content material portfolio hold them engaged – with this quarter symbolizing an all-time very low for subscriber churn. We are much more bullish than at any time on our product as customers gravitate towards aggregated streaming platforms that supply well known content material introduced to them by means of a custom and personalised encounter.”

“We’re really pleased with Fubo’s third quarter overall performance demonstrated by double-digit calendar year-in excess of-12 months progress in North The united states across many of our KPIs: subscribers, total income and advertisement income,” stated Edgar Bronfman Jr., govt chairman, FuboTV. “As buyers go on to come to be disillusioned with the many high-priced and material-minimal streaming services in the sector, and all those streaming expert services change to other monetization levers like promotion, we are excited about our exceptional positioning in the market. We feel our twin membership and advertising product delivers benefit for shareholders even though our aggregation of premium athletics, news and amusement written content is an reasonably priced possibility for customers.”

Live Webcast

Gandler and CFO John Janedis will host a dwell convention contact right now at 8:30 a.m. ET to produce short remarks followed by Q&A. The stay webcast will be obtainable on the Gatherings webpage of FuboTV’s investor relations website. An archived replay will be accessible on FuboTV’s website following the call. Contributors need to be a part of the contact 10 minutes in progress to be certain that they are connected prior to the occasion.

About FuboTV

With a mission to build the world’s foremost worldwide stay Television streaming platform with the biggest breadth of premium articles and interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current Tv set model. FuboTV Inc. operates in the U.S., Canada, France and Spain.

Leveraging its proprietary info and know-how platform optimized for dwell Tv and sports viewership, FuboTV Inc. aims to transform passive viewers into energetic contributors and outline a new group of interactive sporting activities and enjoyment television. In the U.S., the firm’s sports-1st cable Television set replacement product or service, FuboTV, aggregates additional than 125 reside sporting activities, news and entertainment networks and is the only are living Television streaming platform with each and every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021). Subscribers can have interaction with the information they are seeing on FuboTV by means of interactive solution capabilities like FanView, an in-video clip knowledge showcasing stay game, team and player stats and scores in authentic time. Fubo was also the first digital MVPD to enable simultaneous viewing on up to four screens (Multiview on Apple Television set) as well the 1st to stream in 4K HDR.

Rated #1 in Purchaser Satisfaction among the Stay Television set Streaming Providers by J.D. Electric power (2022), FuboTV has been known as “a force in sports activities streaming” by Forbes, “the greatest streaming services for sports aficionados” by Tom’s Tutorial and was heralded by CNET for its “ease of use.” Find out far more at https://fubo.television set

Key Efficiency Metrics and Non-GAAP Steps

Paid out Subscribers

We believe that the selection of compensated subscribers is a pertinent evaluate to gauge the dimensions of our person foundation. Paid out subscribers is outlined as complete subscribers that have finished registration with FuboTV, have activated a payment approach (only demonstrates just one paying out user for each system), from which FuboTV has gathered payment from in the month ending the applicable time period. Buyers who are on a cost-free (demo) interval are not included in this metric.

Altered EBITDA

Altered EBITDA is a non-GAAP evaluate defined as Internet Decline, altered for depreciation and amortization, stock-based compensation, money tax reward, impairment of intangibles, other expenses, and one particular-time non-income costs.

Modified EBITDA Margin

Altered EBITDA Margin is a non-GAAP evaluate described as Modified EBITDA divided by profits.

Cautionary Take note Relating to Forward-Searching Statements

This push release incorporates forward-on the lookout statements of FuboTV Inc. (“FuboTV”) that involve substantial hazards and uncertainties. All statements contained in this press release that do not relate to issues of historic point are ahead-seeking statements within the meaning of The Non-public Securities Litigation Reform Act of 1995, like statements pertaining to our enterprise strategy and ideas, current market opportunity, the continued shift in client behavior and promotion developments, our monetary problem, and our predicted fiscal functionality. The words and phrases “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “likely,” “imagine” or the adverse of these terms or other similar expressions are meant to recognize forward-hunting statements, even though not all ahead-hunting statements incorporate these figuring out terms. Real final results or activities could differ materially from the strategies, intentions and anticipations disclosed in the forward-searching statements that FuboTV would make due to a range of important things, which include but not minimal to hazards similar to our pursuit and engagement in acquisitions our real functioning effects may vary appreciably from our steering risks connected to FuboTV’s entry to cash and fundraising prospective customers to fund its ongoing operations and guidance its prepared progress pitfalls related to diverting management’s focus from FuboTV’s ongoing business enterprise operations to tackle integration and fundraising efforts the restrictions imposed by articles vendors on our distribution and marketing and advertising of our products and products and services our reliance on 3rd occasion platforms to function particular features of our small business pitfalls relevant to our know-how, as well as cybersecurity and info privateness-associated threats our capability to attain or preserve profitability our income is matter to seasonality our working final results may well fluctuate our capability to attract and retain subscribers we may possibly not be capable to license streaming content material or other rights on acceptable phrases pitfalls relevant to the prior operation and dissolution of our wagering business enterprise threats relevant to the problems in measuring key metrics similar to our business dangers linked to the very aggressive mother nature of our field challenges connected to ongoing or potential authorized proceedings and other threats, which include the outcomes of sector, market place, economic, political or regulatory conditions, future exchange and curiosity costs, and improvements in tax and other guidelines, laws, rates and procedures, such as the effects of COVID-19 on the broader industry. Additional challenges that could cause true effects to differ materially from those matters expressed in or implied by these kinds of forward-wanting statements are reviewed in our Quarterly Report on Sort 10-Q for the quarterly period finished June 30, 2022 filed with the Securities and Trade Commission (“SEC”) on August 8, 2022, our Quarterly Report on Kind 10-Q for the quarterly time period ended September 30, 2022 to be filed with the SEC, and our other periodic filings with the SEC. We really encourage you to go through this kind of threats in detail. The forward-searching statements in this letter symbolize FuboTV’s sights as of the day of this push release. FuboTV anticipates that subsequent activities and developments will cause its sights to alter. On the other hand, although it might elect to update these ahead-hunting statements at some issue in the foreseeable future, it particularly disclaims any obligation to do so. You should really, therefore, not count on these ahead-seeking statements as symbolizing FuboTV’s sights as of any day subsequent to the date of this push release.

See resource version on businesswire.com: https://www.businesswire.com/information/house/20221104005102/en/

Contacts

Investor Contacts:
Alison Sternberg, FuboTV
asternberg@fubo.tv set

JCIR for FuboTV
ir@fubo.television

Media Contacts:
Jennifer L. Press, FuboTV
jpress@fubo.tv set

Bianca Illion, FuboTV
billion@fubo.tv set

Posted on

AutoNation Reports Record Third Quarter EPS

AutoNation Reports Record Third Quarter EPS
  • Third quarter 2022 GAAP EPS was a third-quarter record $6.31, an increase of 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year, and adjusted EPS was $6.00, an increase of 17{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year
  • Third quarter 2022 revenue was $6.7 billion, an increase of 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} compared to the same period a year ago despite lower industry sales of new and used units
  • Third quarter 2022 operating income was $523 million, an increase of 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} as compared to the same period a year ago
  • Third quarter 2022 After-Sales gross profit was $479 million, an increase of 13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} compared to the same period a year ago
  • During the third quarter of 2022, AutoNation repurchased 3.8 million shares of common stock for an aggregate purchase price of $428 million
  • AutoNation today announced that the Board of Directors authorized the repurchase of up to an additional $1 billion of AutoNation common stock
  • AutoNation today announced it has entered into an agreement to acquire four dealerships, representing nine franchises, from Moreland Auto Group, representing approximately $320 million in annual revenue

FORT LAUDERDALE, Fla., Oct. 27, 2022 /PRNewswire/ — AutoNation, Inc. (NYSE: AN), America’s most admired automotive retailer, today reported third quarter 2022 GAAP EPS of $6.31 and adjusted EPS of $6.00. Third quarter 2022 revenue was $6.7 billion, an increase of 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} as compared to the same period a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

“Inventory in the industry remains constrained and retail sales of new and used vehicles remain well below historical levels. In this environment, our Associates continue to drive strong results, while focused on providing a superior Customer experience. Their efforts increased After-Sales gross profit and delivered record Customer Financial Services gross profit per vehicle retailed,” said Mike Manley, AutoNation’s Chief Executive Officer.

Operational Summary

Third quarter 2022 Operational Summary compared to the year-ago period:

  • Revenue – Revenue was $6.7 billion, an increase of 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} compared to the year-ago period. Higher average selling prices of vehicles and continued growth in After-Sales and Customer Financial Services more than offset lower unit sales of new and used vehicles.
    • New Vehicle Revenue – $2.9 billion, an increase of $110 million or 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • Used Vehicle Revenue – $2.4 billion, an increase of $79 million or 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • After-Sales Revenue – $1.0 billion, an increase of $88 million or 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • Customer Financial Services Revenue – $361 million, an increase of $12 million or 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
  • Gross Profit – Gross profit totaled $1.3 billion, an increase of 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} compared to the year-ago period.
    • New Vehicle Gross Profit – New vehicle gross profit per vehicle retailed was $5,934, up $450 or 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • Used Vehicle Gross Profit – Used vehicle gross profit per vehicle retailed was $1,870, a decrease of $233 or 11{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • After-Sales Gross Profit – After-Sales gross profit was $479 million, an increase of $54 million or 13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
    • Customer Financial Services Gross Profit – Customer Financial Services gross profit per vehicle retailed was $2,755, up $186 or 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
  • SG&A as a Percentage of Gross Profit – SG&A as a percentage of gross profit was 58.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, slightly higher than recent periods reflecting investments in technology and new business initiatives.

Selected GAAP Financial Data

($ in millions, except per share data)

Three Months Ended Sep 30,

2022

2021

YoY




Revenue

$     6,666.0

$     6,379.5

4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Gross Profit

$     1,312.8

$     1,271.9

3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Operating Income 

$        522.5

$        503.3

4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Net Income

$        352.6

$        361.7

-3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Diluted EPS 

$          6.31

$          5.12

23 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}




New Vehicle Retail Unit Sales

55,565

58,277

-5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Used Vehicle Retail Unit Sales

75,355

77,553

-3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Selected Non-GAAP Financial Data

($ in millions, except per share data)

Three Months Ended Sep 30,

2022

2021

YoY




Adjusted Operating Income

$        500.1

$        503.3

-1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted Net Income

$        335.6

$        361.7

-7 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted Diluted EPS 

$          6.00

$          5.12

17 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Capital Allocation

“With significant cash flow generation and a healthy balance sheet, AutoNation continues to deploy capital to enhance shareholder returns while further positioning the Company for long-term sustained profitability,” added Manley. 

AutoNation today announced it has signed an agreement to acquire Brandon Dodge on Broadway, Colorado Springs Dodge, Pikes Peak Acura and City Auto Plaza, from Moreland Auto Group with approximately $320 million in annual revenue. This transaction is subject to customary terms and conditions, including manufacturer approval, and is expected to close in the fourth quarter of 2022.

In October 2022, AutoNation completed the previously announced acquisition of CIG Financial, an auto finance company headquartered in Irvine, CA. The acquisition of CIG Financial aligns with AutoNation’s strategic business model and extends AutoNation’s relationship with its Customers throughout the vehicle ownership life cycle.

Additionally, during the third quarter AutoNation opened its twelfth AutoNation USA store in Kennesaw, Georgia. Although the pace of new store openings has been inhibited due in part to the challenging construction market, the expansion of our national footprint remains a core part of our strategy. We currently have two dozen facilities in differing phases of development. Our long-term strategic goal remains to own and operate over 130 AutoNation USA stores from coast to coast.  

During the third quarter of 2022, AutoNation repurchased 3.8 million shares of common stock, or 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of shares outstanding for an aggregate purchase price of $428 million. Year-to-date through October 25, 2022, AutoNation repurchased 13.6 million shares of common stock, or 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the shares outstanding at the beginning of the year, for an aggregate purchase price of $1.5 billion. As of October 25, 2022, AutoNation had approximately 50 million shares outstanding, down from 83 million shares at the end of 2020. AutoNation today announced that the Board of Directors authorized the repurchase of up to an additional $1 billion of AutoNation common stock, bringing the total available authorization to $1.4 billion.

Liquidity and Leverage

As of September 30, 2022, AutoNation had $2.2 billion of liquidity, including $443 million in cash and approximately $1.8 billion of availability under our revolving credit facility. The Company’s covenant leverage ratio was 1.5x at quarter-end, or 1.3x net of cash and used floorplan availability. AutoNation had approximately $3.5 billion of non-vehicle debt outstanding as of September 30, 2022.

Segment Results

Segment results(1) for the third quarter 2022 were as follows:

Third Quarter 2022 Segment Results

  • Domestic – Domestic segment income(2) was $143 million compared to year-ago segment income of $149 million, a decrease of 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
  • Import – Import segment income(2) was $180 million compared to year-ago segment income of $201 million, a decrease of 10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
  • Premium Luxury – Premium Luxury segment income(2) was $235 million compared to year-ago segment income of $206 million, an increase of 14{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Selected GAAP Financial Data

($ in millions, except per share data)

Nine Months Ended Sep 30,

2022

2021

YoY

Revenue

$    20,288.0

$    19,261.7

5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Gross Profit

$     3,983.4

$     3,631.0

10 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Operating Income 

$     1,599.6

$     1,370.4

17 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Net Income 

$     1,091.0

$        985.9

11 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Diluted EPS 

$        18.52

$        12.62

47 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}




New Vehicle Retail Unit Sales

169,897

204,802

-17 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Used Vehicle Retail Unit Sales

232,198

229,922

1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

($ in millions, except per share data)

Nine Months Ended Sep 30,

2022

2021

YoY

Adjusted Operating Income

$     1,577.2

$     1,370.4

15 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted Net Income

$     1,074.0

$        980.2

10 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted Diluted EPS 

$        18.23

$        12.55

45 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

The third quarter conference call may be accessed by telephone at 844-200-6205 (Conference ID: 590463) at 9:00 a.m. Eastern Time today or on AutoNation’s investor relations website at investors.autonation.com.

The webcast will also be available on AutoNation’s website following the call under “Events & Presentations.” A playback of the conference call will be available after 1:00 p.m. Eastern Time on October 27, 2022, through November 17, 2022, by calling 866-813-9403 (Conference ID: 870872).

(1)

AutoNation has three reportable segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Hyundai, Subaru, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover.


(2)

Segment income represents income for each of AutoNation’s reportable segments and is defined as operating income less floorplan interest expense.

About AutoNation, Inc. AutoNation, a provider of personalized transportation services, is driven by innovation and transformation. As one of America’s most admired companies, AutoNation delivers a peerless Customer experience recognized by data-driven consumer insight leaders, Reputation and J.D. Power. Through its bold leadership and brand affinity, the AutoNation Brand is synonymous with “DRVPNK” and “What Drives You, Drives Us.” AutoNation has a singular focus on personalized transportation services that are easy, transparent, and Customer-centric.

Please visit www.autonation.com, investors.autonation.com, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation’s automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure, provide a meaningful presentation of the Company’s results excluding the impact of items not related to the Company’s ongoing core business operations, and improve the period-to-period comparability of the Company’s results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “goals,” “targets,” “projects,” “plans,” “believes,” “continues,” “may,” “will,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, investments, and pending acquisitions, including the planned expansion of our AutoNation USA pre-owned vehicle stores, our investments in digital and online capabilities, and our planned acquisition of the Moreland Auto Group, statements regarding our expectations for the future performance of our business and the automotive retail industry, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: our ability to implement successfully our strategic initiatives, partnerships, investments, and pending acquisitions, including the planned expansion of our AutoNation USA stores; our ability to identify, acquire, and build out suitable locations in a timely manner; our ability to develop successfully our digital and online capabilities; our ability to satisfy applicable closing conditions for pending acquisitions; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new franchises; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability; new and used vehicle margins; our ability to attain planned sales volumes within our expected time frames; our ability to successfully implement and maintain expense controls; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; the response by federal, state, and local governments and other parties to, and the economic impacts of, the COVID-19 pandemic; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AUTONATION, INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)













Three Months Ended September 30,

Nine Months Ended September 30,



2022

2021

2022

2021










Revenue:








New vehicle

$

2,863.9

$

2,753.8

$

8,606.9

$

9,164.4

Used vehicle

2,401.7

2,323.2

7,494.5

6,295.2

Parts and service

1,032.1

943.7

3,072.3

2,745.5

Finance and insurance, net

360.7

348.9

1,092.2

1,030.9

Other

7.6

9.9

22.1

25.7

Total revenue

6,666.0

6,379.5

20,288.0

19,261.7










Cost of sales:








New vehicle

2,534.2

2,434.2

7,578.7

8,334.3

Used vehicle

2,259.7

2,146.2

7,059.4

5,775.3

Parts and service

553.5

518.9

1,650.9

1,499.2

Other

5.8

8.3

15.6

21.9

Total cost of sales

5,353.2

5,107.6

16,304.6

15,630.7










Gross profit

1,312.8

1,271.9

3,983.4

3,631.0










Selling, general, and administrative expenses

763.2

723.7

2,259.4

2,120.5

Depreciation and amortization

50.1

47.6

148.9

143.4

Other income, net

(23.0)

(2.7)

(24.5)

(3.3)










Operating income

522.5

503.3

1,599.6

1,370.4










Non-operating income (expense) items:








Floorplan interest expense

(10.7)

(4.9)

(21.7)

(20.9)

Other interest expense

(33.7)

(24.1)

(97.4)

(66.2)

Other income (loss), net

(4.6)

(0.8)

(24.7)

19.1










Income from continuing operations before income taxes

473.5

473.5

1,455.8

1,302.4










Income tax provision

120.8

111.8

364.5

316.3










Net income from continuing operations

352.7

361.7

1,091.3

986.1










Loss from discontinued operations, net of income taxes

(0.1)

–

(0.3)

(0.2)




















Net income

$

352.6

$

361.7

$

1,091.0

$

985.9




















Diluted earnings (loss) per share(1):








Continuing operations

$

6.31

$

5.12

$

18.53

$

12.63

Discontinued operations

$

–

$

–

$

(0.01)

$

–











Net income

$

6.31

$

5.12

$

18.52

$

12.62




















Weighted average common shares outstanding

55.9

70.7

58.9

78.1










Common shares outstanding, net of treasury stock, at period end

52.3

65.5

52.3

65.5










(1)

Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions, except per vehicle data) 








































Operating Highlights

Three Months Ended September 30,

 Nine Months Ended September 30, 




2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance

2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance

Revenue:
















New vehicle

$

2,863.9

$

2,753.8

$

110.1

4.0

$

8,606.9

$

9,164.4

$

(557.5)

(6.1)


Retail used vehicle

2,253.1

2,158.2

94.9

4.4

7,007.5

5,888.1

1,119.4

19.0


Wholesale

148.6

165.0

(16.4)

(9.9)

487.0

407.1

79.9

19.6

Used vehicle

2,401.7

2,323.2

78.5

3.4

7,494.5

6,295.2

1,199.3

19.1

Finance and insurance, net

360.7

348.9

11.8

3.4

1,092.2

1,030.9

61.3

5.9


Total variable operations

5,626.3

5,425.9

200.4

3.7

17,193.6

16,490.5

703.1

4.3

Parts and service

1,032.1

943.7

88.4

9.4

3,072.3

2,745.5

326.8

11.9

Other

7.6

9.9

(2.3)


22.1

25.7

(3.6)

Total revenue

$

6,666.0

$

6,379.5

$

286.5

4.5

$

20,288.0

$

19,261.7

$

1,026.3

5.3






































Gross profit:
















New vehicle

$

329.7

$

319.6

$

10.1

3.2

$

1,028.2

$

830.1

$

198.1

23.9


Retail used vehicle

140.9

163.1

(22.2)

(13.6)

413.4

468.7

(55.3)

(11.8)


Wholesale

1.1

13.9

(12.8)


21.7

51.2

(29.5)


Used vehicle

142.0

177.0

(35.0)

(19.8)

435.1

519.9

(84.8)

(16.3)

Finance and insurance

360.7

348.9

11.8

3.4

1,092.2

1,030.9

61.3

5.9


Total variable operations

832.4

845.5

(13.1)

(1.5)

2,555.5

2,380.9

174.6

7.3

Parts and service

478.6

424.8

53.8

12.7

1,421.4

1,246.3

175.1

14.0

Other

1.8

1.6

0.2


6.5

3.8

2.7

Total gross profit

1,312.8

1,271.9

40.9

3.2

3,983.4

3,631.0

352.4

9.7



















Selling, general, and administrative expenses

763.2

723.7

(39.5)

(5.5)

2,259.4

2,120.5

(138.9)

(6.6)

Depreciation and amortization

50.1

47.6

(2.5)


148.9

143.4

(5.5)

Other (income) expense, net

(23.0)

(2.7)

20.3


(24.5)

(3.3)

21.2

 Operating income 

522.5

503.3

19.2

3.8

1,599.6

1,370.4

229.2

16.7



















Non-operating income (expense) items:
















Floorplan interest expense

(10.7)

(4.9)

(5.8)


(21.7)

(20.9)

(0.8)


Other interest expense

(33.7)

(24.1)

(9.6)


(97.4)

(66.2)

(31.2)


Other income (loss), net

(4.6)

(0.8)

(3.8)


(24.7)

19.1

(43.8)

Income from continuing operations before income taxes

$

473.5

$

473.5

$

–

–

$

1,455.8

$

1,302.4

$

153.4

11.8



















Retail vehicle unit sales:
















New 

55,565

58,277

(2,712)

(4.7)

169,897

204,802

(34,905)

(17.0)

Used

75,355

77,553

(2,198)

(2.8)

232,198

229,922

2,276

1.0




130,920

135,830

(4,910)

(3.6)

402,095

434,724

(32,629)

(7.5)



















Revenue per vehicle retailed:
















New 

$

51,541

$

47,254

$

4,287

9.1

$

50,660

$

44,748

$

5,912

13.2

Used

$

29,900

$

27,829

$

2,071

7.4

$

30,179

$

25,609

$

4,570

17.8



















Gross profit per vehicle retailed:
















New 

$

5,934

$

5,484

$

450

8.2

$

6,052

$

4,053

$

1,999

49.3

Used

$

1,870

$

2,103

$

(233)

(11.1)

$

1,780

$

2,039

$

(259)

(12.7)

Finance and insurance

$

2,755

$

2,569

$

186

7.2

$

2,716

$

2,371

$

345

14.6

Total variable operations(1)

$

6,350

$

6,122

$

228

3.7

$

6,301

$

5,359

$

942

17.6


Operating Percentages

 Three Months Ended September 30, 

 Nine Months Ended September 30, 




2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})











Revenue mix percentages:








New vehicle

43.0

43.2

42.4

47.6

Used vehicle

36.0

36.4

36.9

32.7

Parts and service

15.5

14.8

15.1

14.3

Finance and insurance, net

5.4

5.5

5.4

5.4

Other

0.1

0.1

0.2

–




100.0

100.0

100.0

100.0











Gross profit mix percentages:








New vehicle

25.1

25.1

25.8

22.9

Used vehicle

10.8

13.9

10.9

14.3

Parts and service

36.5

33.4

35.7

34.3

Finance and insurance

27.5

27.4

27.4

28.4

Other

0.1

0.2

0.2

0.1




100.0

100.0

100.0

100.0











Operating items as a percentage of revenue:








Gross profit:









New vehicle

11.5

11.6

11.9

9.1


Used vehicle – retail

6.3

7.6

5.9

8.0


Parts and service

46.4

45.0

46.3

45.4


Total

19.7

19.9

19.6

18.9

Selling, general, and administrative expenses

11.4

11.3

11.1

11.0

Operating income

7.8

7.9

7.9

7.1











Operating items as a percentage of total gross profit:








Selling, general, and administrative expenses

58.1

56.9

56.7

58.4

Operating income

39.8

39.6

40.2

37.7






















(1)

Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions) 





































Segment Operating Highlights

Three Months Ended September 30,

 Nine Months Ended September 30, 



2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance

2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance




































Revenue:
















Domestic

$

2,032.8

$

1,955.2

$

77.6

4.0

$

6,108.1

$

5,926.7

$

181.4

3.1

Import

1,875.2

1,983.3

(108.1)

(5.5)

5,799.0

5,927.9

(128.9)

(2.2)

Premium luxury

2,506.4

2,218.0

288.4

13.0

7,601.7

6,790.0

811.7

12.0

    Total

6,414.4

6,156.5

257.9

4.2

19,508.8

18,644.6

864.2

4.6

Corporate and other

251.6

223.0

28.6

12.8

779.2

617.1

162.1

26.3

    Total consolidated revenue

$

6,666.0

$

6,379.5

$

286.5

4.5

$

20,288.0

$

19,261.7

$

1,026.3

5.3




































Segment income*:
















Domestic

$

142.7

$

149.1

$

(6.4)

(4.3)

$

445.2

$

436.6

$

8.6

2.0

Import

180.3

200.7

(20.4)

(10.2)

559.0

530.3

28.7

5.4

Premium luxury

235.2

206.1

29.1

14.1

722.2

590.3

131.9

22.3

    Total 

558.2

555.9

2.3

0.4

1,726.4

1,557.2

169.2

10.9


















Corporate and other

(46.4)

(57.5)

11.1


(148.5)

(207.7)

59.2

Add:  Floorplan interest expense

10.7

4.9

5.8


21.7

20.9

0.8

Operating income

$

522.5

$

503.3

$

19.2

3.8

$

1,599.6

$

1,370.4

$

229.2

16.7


















* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.

























Retail new vehicle unit sales:
















Domestic

16,859

15,878

981

6.2

49,984

59,006

(9,022)

(15.3)

Import

22,309

27,968

(5,659)

(20.2)

70,457

94,947

(24,490)

(25.8)

Premium luxury

16,397

14,431

1,966

13.6

49,456

50,849

(1,393)

(2.7)



55,565

58,277

(2,712)

(4.7)

169,897

204,802

(34,905)

(17.0)


















Retail used vehicle unit sales:
















Domestic

24,827

26,989

(2,162)

(8.0)

76,603

79,524

(2,921)

(3.7)

Import

25,416

26,450

(1,034)

(3.9)

77,731

78,679

(948)

(1.2)

Premium luxury

20,677

21,031

(354)

(1.7)

64,007

62,935

1,072

1.7



70,920

74,470

(3,550)

(4.8)

218,341

221,138

(2,797)

(1.3)

Brand Mix – Retail New Vehicle Units Sold









 Three Months Ended September 30, 

 Nine Months Ended September 30, 


2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})









Domestic:







Ford, Lincoln

10.5

8.6

10.7

9.8

Chevrolet, Buick, Cadillac, GMC

10.8

9.1

9.8

10.0

Chrysler, Dodge, Jeep, Ram

9.0

9.5

8.9

9.0

Domestic total

30.3

27.2

29.4

28.8









Import:







Toyota

19.7

23.4

20.4

22.1

Honda

9.1

14.0

9.7

14.0

Nissan

1.7

2.6

2.1

2.6

Hyundai

3.4

1.9

3.2

2.1

Subaru

3.0

3.0

3.1

2.9

Other Import

3.3

3.1

3.0

2.7

Import total

40.2

48.0

41.5

46.4









Premium Luxury:







Mercedes-Benz

10.9

7.6

10.5

8.5

BMW

9.4

8.1

9.5

7.4

Lexus

2.8

3.6

2.8

3.0

Audi

2.7

1.9

2.6

2.3

Jaguar Land Rover

1.7

1.8

1.7

2.0

Other Premium Luxury 

2.0

1.8

2.0

1.6

Premium Luxury total

29.5

24.8

29.1

24.8











100.0

100.0

100.0

100.0

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA, Continued 

 ($ in millions) 





























































Capital Expenditures / Stock Repurchases

 Three Months Ended September 30, 

 Nine Months Ended September 30, 







2022

2021

2022

2021



















Capital expenditures (1)

$

83.1

$

47.5

$

240.1

$

166.2




Cash paid for acquisitions, net of cash acquired

$

–

$

209.1

$

–

$

209.1




Deposits for investment

$

81.6

$

–

$

81.6

$

–




Proceeds from exercises of stock options

$

0.8

$

13.6

$

3.4

$

42.6




Stock repurchases:













Aggregate purchase price

$

428.2

$

879.2

$

1,213.1

$

1,921.4





Shares repurchased (in millions)

3.8

7.9

10.9

19.2



































Floorplan Assistance and Expense

 Three Months Ended September 30, 

 Nine Months Ended September 30, 




2022

2021

 Variance 

2022

2021

 Variance 
















Floorplan assistance earned (included in cost of sales)

$

26.3

$

27.1

$

(0.8)

$

81.1

$

93.9

$

(12.8)

New vehicle floorplan interest expense

(9.4)

(3.8)

(5.6)

(18.2)

(18.7)

0.5

















Net new vehicle inventory carrying benefit 

$

16.9

$

23.3

$

(6.4)

$

62.9

$

75.2

$

(12.3)
































Balance Sheet and Other Highlights






























September 30, 2022

December 31, 2021

September 30, 2021





















Cash and cash equivalents

$

442.9

$

60.4

$

72.0






Inventory

$

1,851.3

$

1,847.9

$

1,496.6






Total floorplan notes payable

$

1,624.8

$

1,457.6

$

1,248.4






Non-vehicle debt

$

3,544.6

$

3,198.4

$

2,680.3






Equity

$

2,255.2

$

2,377.0

$

2,356.5






New days supply (industry standard of selling days) 

 15 days 

 9 days 

 10 days 






Used days supply (trailing calendar month days) 

 34 days 

 40 days 

 35 days 






Key Credit Agreement Covenant Compliance Calculations (2)









Leverage ratio

 1.54x

Covenant

less than or equal to

 3.75x






Capitalization ratio

56.0 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Covenant

less than or equal to

70.0 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}












(1)

Includes accrued construction in progress and excludes property associated with leases entered into during the period

(2)

Calculated in accordance with our credit agreement as filed with the SEC

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA, Continued 

 ($ in millions, except per share data) 


























Comparable Basis Reconciliations(1)

























Three Months Ended September 30,



 Operating Income 

Income from Continuing
Operations Before
Income Taxes

Income Tax Provision(2)

 Effective Tax Rate 

 Net Income 

Diluted Earnings Per Share(3)





























2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021


























From continuing operations, as reported

$

522.5

$

503.3

$

473.5

$

473.5

$

120.8

$

111.8

25.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

23.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

$

352.7

$

361.7



Discontinued operations, net of income taxes
















(0.1)

–



As reported
















352.6

361.7

$

6.31

$

5.12



























Net gains on business/property dispositions 

(16.1)

–

(16.1)

–

(4.0)

–




(12.1)

–

$

(0.22)

$

–

Legal settlement

(6.3)

–

(6.3)

–

(1.4)

–




(4.9)

–

$

(0.09)

$

–


























Adjusted 

$

500.1

$

503.3

$

451.1

$

473.5

$

115.4

$

111.8

25.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

23.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

$

335.6

$

361.7

$

6.00

$

5.12
























































































































































































Nine Months Ended September 30,



 Operating Income 

Income from Continuing
Operations Before
Income Taxes

Income Tax Provision(2)

 Effective Tax Rate 

 Net Income 

Diluted Earnings Per Share(3)





























2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021


























From continuing operations, as reported

$

1,599.6

$

1,370.4

$

1,455.8

$

1,302.4

$

364.5

$

316.3

25.0 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

24.3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

$

1,091.3

$

986.1



Discontinued operations, net of income taxes
















(0.3)

(0.2)



As reported
















1,091.0

985.9

$

18.52

$

12.62



























Net gains on business/property dispositions

(16.1)

–

(16.1)

–

(4.0)

–




(12.1)

–

$

(0.21)

$

–

Legal settlement

(6.3)

–

(6.3)

–

(1.4)

–




(4.9)

–

$

(0.08)

$

–

Gain on equity investment

–

–

–

(7.5)

–

(1.8)




–

(5.7)

$

–

$

(0.07)


























Adjusted 

$

1,577.2

$

1,370.4

$

1,433.4

$

1,294.9

$

359.1

$

314.5

25.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

24.3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

$

1,074.0

$

980.2

$

18.23

$

12.55


























(1)

Please refer to the “Non-GAAP Financial Measures” section of the Press Release.

(2)

Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.

(3)

Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding. 

 AUTONATION, INC. 

 UNAUDITED SAME STORE DATA 

 ($ in millions, except per vehicle data) 








































Operating Highlights

Three Months Ended September 30,

 Nine Months Ended September 30, 




2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance

2022

2021

$ Variance

{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Variance

Revenue:
















New vehicle

$

2,752.4

2,747.0

$

5.4

0.2

$

8,275.0

9,133.3

$

(858.3)

(9.4)


Retail used vehicle

2,150.7

2,152.0

(1.3)

(0.1)

6,665.2

5,867.3

797.9

13.6


Wholesale

141.8

164.8

(23.0)

(14.0)

464.6

406.3

58.3

14.3

Used vehicle

2,292.5

2,316.8

(24.3)

(1.0)

7,129.8

6,273.6

856.2

13.6

Finance and insurance, net

347.0

348.4

(1.4)

(0.4)

1,047.8

1,028.7

19.1

1.9


Total variable operations

5,391.9

5,412.2

(20.3)

(0.4)

16,452.6

16,435.6

17.0

0.1

Parts and service

993.3

928.1

65.2

7.0

2,950.3

2,697.6

252.7

9.4

Other

7.4

10.0

(2.6)


21.7

25.7

(4.0)

Total revenue

$

6,392.6

6,350.3

$

42.3

0.7

$

19,424.6

19,158.9

$

265.7

1.4






































Gross profit:
















New vehicle

$

317.1

319.0

$

(1.9)

(0.6)

$

990.6

828.1

$

162.5

19.6


  Retail used vehicle

135.2

162.8

(27.6)

(17.0)

394.4

467.5

(73.1)

(15.6)


  Wholesale

2.0

13.9

(11.9)


23.4

51.2

(27.8)


Used vehicle

137.2

176.7

(39.5)

(22.4)

417.8

518.7

(100.9)

(19.5)

Finance and insurance

347.0

348.4

(1.4)

(0.4)

1,047.8

1,028.7

19.1

1.9


Total variable operations

801.3

844.1

(42.8)

(5.1)

2,456.2

2,375.5

80.7

3.4

Parts and service

458.7

418.7

40.0

9.6

1,359.2

1,226.6

132.6

10.8

Other

1.8

1.6

0.2


6.3

3.7

2.6

Total gross profit

$

1,261.8

1,264.4

$

(2.6)

(0.2)

$

3,821.7

3,605.8

$

215.9

6.0






































Retail vehicle unit sales:
















New 

53,500

58,168

(4,668)

(8.0)

163,716

204,184

(40,468)

(19.8)

Used

71,946

77,350

(5,404)

(7.0)

220,766

229,069

(8,303)

(3.6)




125,446

135,518

(10,072)

(7.4)

384,482

433,253

(48,771)

(11.3)



















Revenue per vehicle retailed:
















New 

$

51,447

47,225

$

4,222

8.9

$

50,545

44,731

$

5,814

13.0

Used

$

29,893

27,822

$

2,071

7.4

$

30,191

25,614

$

4,577

17.9



















Gross profit per vehicle retailed:
















New 

$

5,927

5,484

$

443

8.1

$

6,051

4,056

$

1,995

49.2

Used

$

1,879

2,105

$

(226)

(10.7)

$

1,787

2,041

$

(254)

(12.4)

Finance and insurance

$

2,766

2,571

$

195

7.6

$

2,725

2,374

$

351

14.8

Total variable operations(1)

$

6,372

6,126

$

246

4.0

$

6,327

5,365

$

962

17.9








































Operating Percentages

 Three Months Ended September 30, 

 Nine Months Ended September 30, 











2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2022 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

2021 ( {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})


























Revenue mix percentages:
















New vehicle

43.1

43.3

42.6

47.7








Used vehicle

35.9

36.5

36.7

32.7








Parts and service

15.5

14.6

15.2

14.1








Finance and insurance, net

5.4

5.5

5.4

5.4








Other

0.1

0.1

0.1

0.1











100.0

100.0

100.0

100.0


























Gross profit mix percentages:
















New vehicle

25.1

25.2

25.9

23.0








Used vehicle

10.9

14.0

10.9

14.4








Parts and service

36.4

33.1

35.6

34.0








Finance and insurance

27.5

27.6

27.4

28.5








Other

0.1

0.1

0.2

0.1











100.0

100.0

100.0

100.0


























Operating items as a percentage of revenue:
















Gross profit:

















New vehicle

11.5

11.6

12.0

9.1









Used vehicle – retail

6.3

7.6

5.9

8.0









Parts and service

46.2

45.1

46.1

45.5









   Total

19.7

19.9

19.7

18.8













































(1)

Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.







SOURCE AutoNation, Inc.

Posted on

British pound plummets to record low against the dollar

British pound plummets to record low against the dollar



CNN Company
 — 

The British pound crashed to a file small in opposition to the US greenback on Monday on growing fears about the security of Uk federal government funds.

The plunge of approximately 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to just earlier mentioned $1.03 arrived throughout buying and selling in Asia and Australia on Monday and extended a 3.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} dive from Friday, spurring predictions the pound could plunge to parity with the US dollar. It recovered marginally as European traders arrived on the net, rising back again to $1.07.

The currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would put into action the biggest tax cuts in 50 decades at the same time as boosting govt borrowing and investing in the deal with of high inflation.

“Serious thoughts are already being asked about the financial competency of the new government,” reported Craig Erlam, senior marketplace analyst at Oanda. “So substantially so that markets are factoring in a potent opportunity of a considerable emergency charge hike from the Financial institution of England in purchase to shore up the forex and self-assurance in the markets.”

The new tax-slashing fiscal actions, which incorporate scrapping designs for an improve in corporation tax and slashing the prime charge of profits tax, have been criticized as “trickle-down economics” by the opposition Labour Social gathering and even lambasted by users of the Chancellor’s very own Conservative social gathering.

Kwarteng doubled down at the weekend, hinting in Television set interviews Sunday of a lot more tax cuts to occur, stating Friday’s measures have been “just the start” as the authorities goes all out for expansion.

Former Tory chancellor Lord Ken Clarke criticized the tax cuts on Sunday, saying they could guide to the collapse of the pound.

“I’m frightened that is the variety of factor that’s generally tried in Latin American international locations without having success,” Clarke said in an job interview with BBC radio.

The pound has been hammered by a string of weak financial knowledge, but also the steep ascent of the US greenback, a secure haven financial investment that sees inflows in times of uncertainty.

The euro also hit a 20-calendar year minimal soon after Giorgia Meloni claimed victory in a typical election in Italy. Traders are checking what would be the most much-ideal authorities due to the fact the fascist era of Benito Mussolini, which has lifted problems about cohesion within the European Union.

But the pound is suffering far more than most owing to the economic outlook in the United Kingdom, which faces the greatest inflation amongst G7 nations, and the government’s big fiscal gamble on development. It has shed virtually 21{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} so far this yr, when compared with a tumble of 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the euro.

The past file reduced for the British pound against the US dollar was 37 many years back on February 25, 1985, when one particular pound was worthy of a small about $1.05.

“Should there be any escalation to the war in Ukraine … we would see even further sharp draw back in the pound as well as the euro,” said Clifford Bennett, chief economist at ACY Securities, an Australian brokerage organization.

“One ought to not undervalue the disaster that is all of Europe at the minute and the pound is additional susceptible than most,” he mentioned.

The soaring US greenback also despatched major Asian currencies tumbling on Monday.

China’s yuan slid .5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on the onshore sector to the cheapest degree in a lot more than 28 months. The offshore yuan fell .4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

The rapid declines prompted the People’s Financial institution of China to impose a risk reserve necessity of 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on banks’ international exchange forward gross sales to shoppers, setting up Wednesday. That must make it more expensive to acquire international currencies by using derivatives, which could slow the speed of the yuan’s decrease.

Somewhere else in the location, the Japanese yen dropped .6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} against the greenback to 144. Final Thursday, the Japanese central bank intervened in the currency sector for the initial time given that 1998 to prop up the yen when it hit 145. The yen rebounded a little following the intervention, but shortly resumed the slide.

Stock markets in Asia had been also in turmoil on Monday, soon after US shares offered off on Friday as fears of a economic downturn grew.

South Korea’s Kospi declined 2.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Japan’s Nikkei 225

(N225) dropped 2.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and Australia’s S&P/ASX 200 was down 1.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. In Europe, London’s FTSE 100

(UKX) was the weakest index, but Germany’s DAX

(DAX) and France’s CAC also slipped lessen. Italian stocks obtained a elevate soon after slumping last week forward of the elections.

The Federal Reserve on Wednesday approved a 3rd consecutive 75-basis-point hike in an aggressive transfer to deal with white-incredibly hot inflation that has been plaguing the US economy.

Even devoid of the Fed motion, Europe is experiencing a recession thanks to the war in Ukraine, and China is seeking at “a significantly weak progress dynamic” simply because of domestic factors, the DBS analysts stated.

“Add on prime of that a sharp drop in US greenback liquidity and sharply increased US interest fees, the earth economic outlook appears to be like particularly precarious,” they additional.

— Julia Horowitz contributed to this short article.

Posted on

Heat wave spreads from Southwest; Las Vegas, Phoenix hit record highs

Heat wave spreads from Southwest; Las Vegas, Phoenix hit record highs
Posted on

Vinco Sets Record Date and Distribution Date for Planned Business Separation of Cryptyde

Vinco Sets Record Date and Distribution Date for Planned Business Separation of Cryptyde

FAIRPORT, N.Y., May possibly 5, 2022 /PRNewswire/ — Vinco Ventures, Inc. (NASDAQ: BBIG) (“Vinco”), a digital media and articles technologies holding organization, right now introduced that May perhaps 18, 2022 has been established as the report day for the dividend of shares of typical stock of Cryptyde, Inc. (“Cryptyde”) to be dispersed to Vinco stockholders in order to effect the separation of Vinco and Cryptyde into two unbiased, publicly traded firms.

Each individual Vinco stockholder of document as of the close of business on May possibly 18, 2022 will receive, on the distribution day, a single share of Cryptyde common inventory for each individual 10 shares of Vinco popular inventory held. The share dividend is expected to be dispersed to Vinco stockholders on or about May perhaps 27, 2022. Next the separation, Vinco stockholders will also get money in lieu of any fractional shares of Cryptyde common inventory that people holders would have acquired just after application of the 10:1 distribution ratio. No motion is essential by Vinco stockholders in order to acquire the shares of Cryptyde frequent inventory in the dividend distribution.

In connection with this separation, Cryptyde submitted a Registration Assertion on Variety 10 (the “Sort 10”). This Variety 10 includes even more information regarding Vinco’s ideas for a tax-totally free spin-off of Cryptyde as a publicly traded enterprise, which includes the conditions to completion of the separation. The Form 10 has not been declared successful however by the Securities and Trade Commission.

Just after the separation, Cryptyde frequent stock is expected to trade on the Nasdaq Cash Industry under the inventory ticker symbol “TYDE” and Vinco will go on to trade on Nasdaq Capital Sector under the stock ticker image “BBIG.”

About Vinco Ventures

Vinco Ventures, Inc. (BBIG) is focused on [the development of digital media and content technologies]. Vinco Ventures’ consolidated subsidiary, ZVV Media Companions, LLC, a joint undertaking of Vinco Ventures and ZASH World wide Media and Enjoyment Corporation, has an 80{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} ownership desire in Lomotif Private Constrained. For additional data take a look at Buyers.vincoventures.com.

About Lomotif

Lomotif is a online video-sharing social networking system that is democratizing video clip creation. A residence for creators since 2014, Lomotif hosts a grassroots social neighborhood with focused people in Asia, Latin The usa and the United States. Lomotif is 80{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} owned by ZVV Media Associates, LLC, a joint undertaking of ZASH International Media and Leisure Corporation and Vinco Ventures, Inc. (Nasdaq: BBIG). Down load the Lomotif app from Apple and Google retailers or stop by www.lomotif.com for extra information and facts.

About Cryptyde

Cryptyde, Inc. (expected: TYDE), is focused on leveraging blockchain technologies to disrupt buyer experiencing industries.

Ahead-Looking Statements

This push release contains “forward-on the lookout statements” as outlined in the secure harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are primarily based on beliefs of, and details presently available to, Vinco Ventures’ administration as properly as estimates and assumptions created by Vinco Ventures’ management. These statements can be identified by the reality that they do not relate strictly to historic or latest information. When used in this presentation the phrases “estimate,” “assume,” “intend,” “imagine,” “prepare,” “foresee,” “projected,” and other words and phrases or the detrimental of these phrases and similar expressions as they relate to the applicable organization or its management establish ahead-searching statements. This kind of statements replicate the recent perspective of Vinco Ventures with respect to long run occasions and are topic to threats, uncertainties, assumptions and other variables relating to Vinco Ventures and its subsidiaries and consolidated variable curiosity entities including Lomotif, their industry, economical situation, functions and effects of operations. These kinds of components contain, but are not limited to, the predicted benefits from Vinco Ventures’ investments in Lomotif and associated progress initiatives and techniques this sort of as the blended media, cross-platform distribution system, the predicted rewards of Lomotif’s participation in and sponsorship of live enjoyment occasions, the predicted added benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies amongst AdRizer, Lomotif and Honey Badger, uncertainties as to the completion and timing of the spin-off of Cryptyde, the failure of the Type 10 to be declared powerful by the Securities and Trade Fee, the failure to satisfy any ailments to total the spin-off as specified in the Type 10, the predicted tax remedy of the spin-off and the influence of the spin-off on the businesses of Vinco Ventures and Cryptyde, the envisioned added benefits for Vinco Ventures, its shareholders and Cryptyde from the the latest injection of businesses and assets into Cryptyde and the spin-off, the regulatory pitfalls with the NFT and blockchain company traces and these kinds of other threats and uncertainties described much more fully in files filed by Vinco Ventures and Cryptyde with or furnished to the Securities and Trade Fee, which includes the hazard components discussed in Vinco Ventures’ Once-a-year Report on Variety 10-K for the period finished December 31, 2021 submitted on April 15, 2022 and Cryptyde’s Amendment No. 2 of Sort 10 filed on March 18, 2022, which are accessible at www.sec.gov. Really should a single or extra of these pitfalls or uncertainties materialize, or the underlying assumptions establish incorrect, real effects might vary significantly from all those expected, believed, approximated, envisioned, intended, or planned. Whilst we feel that the anticipations mirrored in the forward-on the lookout statements are fair, we are unable to promise long term results, functionality, or achievements. Other than as necessary by relevant regulation, which include the securities laws of the United States, we do not intend to update any of the ahead-searching statements to conform these statements to actual benefits.

Cision

Cision

Watch primary content material to down load multimedia:https://www.prnewswire.com/news-releases/vinco-sets-record-day-and-distribution-date-for-prepared-enterprise-separation-of-cryptyde-301541343.html

Supply Vinco Ventures, Inc.