Company Quick10K Filing
AutoNation
Price51.06 EPS3
Shares90 P/E16
MCap4,616 P/FCF7
Net Debt1,935 EBIT438
TEV6,551 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-22
10-K 2020-12-31 Filed 2021-02-16
10-Q 2020-09-30 Filed 2020-10-21
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-23
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-22
10-K 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-22
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-11
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-17
10-Q 2014-03-31 Filed 2014-04-18
10-K 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-18
10-Q 2013-03-31 Filed 2013-04-19
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-19
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-10-21
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-26
10-K 2010-12-31 Filed 2011-02-15
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-22
10-Q 2010-03-31 Filed 2010-04-23
10-K 2009-12-31 Filed 2010-02-17
8-K 2021-02-16 Earnings, Exhibits
8-K 2021-01-19 Officers, Exhibits
8-K 2020-12-14 Regulation FD, Exhibits
8-K 2020-10-21
8-K 2020-08-17
8-K 2020-07-23
8-K 2020-07-14
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-04-21
8-K 2020-04-12
8-K 2020-04-02
8-K 2020-03-26
8-K 2020-03-02
8-K 2020-02-11
8-K 2020-02-03
8-K 2019-11-18
8-K 2019-10-29
8-K 2019-08-21
8-K 2019-07-22
8-K 2019-07-22
8-K 2019-04-26
8-K 2019-04-18
8-K 2019-02-15
8-K 2019-01-17
8-K 2019-01-03
8-K 2018-12-14
8-K 2018-10-30
8-K 2018-09-17
8-K 2018-08-01
8-K 2018-05-01
8-K 2018-04-19
8-K 2018-02-01
8-K 2018-01-16

AN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ex101amendedandrestateddcp.htm
EX-31.1 an10q33121ex311.htm
EX-31.2 an10q33121ex312.htm
EX-32.1 an10q33121ex321.htm
EX-32.2 an10q33121ex322.htm

AutoNation Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 1-13107
AUTONATION, INC.
(Exact name of registrant as specified in its charter)
 
Delaware 73-1105145
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
200 SW 1st Avenue
Fort Lauderdale,Florida 33301
(Address of principal executive offices) (Zip Code)
(954)769-6000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareANNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   þ   No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   þ   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþ  Accelerated filer 
Non-accelerated filer  Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  þ
As of April 20, 2021, the registrant had 80,479,801 shares of common stock outstanding.



AUTONATION, INC.
FORM 10-Q
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1A.
Item 2.
Item 6.



Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 
March 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$350.0 $569.6 
Receivables, net883.5 845.2 
Inventory2,254.6 2,598.5 
Other current assets178.7 139.4 
Total Current Assets3,666.8 4,152.7 
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.7 billion and $1.7 billion, respectively
3,107.1 3,138.1 
OPERATING LEASE ASSETS302.5 309.5 
GOODWILL1,184.8 1,185.0 
OTHER INTANGIBLE ASSETS, NET521.2 521.5 
OTHER ASSETS485.1 580.4 
Total Assets$9,267.5 $9,887.2 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Vehicle floorplan payable - trade$1,285.2 $1,541.7 
Vehicle floorplan payable - non-trade1,012.8 1,218.2 
Accounts payable413.2 335.2 
Current maturities of long-term debt7.1 309.2 
Accrued payroll and benefits231.4 225.8 
Other current liabilities659.5 535.8 
Total Current Liabilities3,609.2 4,165.9 
LONG-TERM DEBT, NET OF CURRENT MATURITIES1,791.3 1,792.6 
NONCURRENT OPERATING LEASE LIABILITIES279.1 286.5 
DEFERRED INCOME TAXES76.3 95.9 
OTHER LIABILITIES317.7 310.6 
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS’ EQUITY:
Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 102,562,149 shares issued at March 31, 2021, and December 31, 2020, including shares held in treasury
1.0 1.0 
Additional paid-in capital41.0 53.1 
Retained earnings4,308.8 4,069.4 
Treasury stock, at cost; 22,088,073 and 19,078,620 shares held, respectively
(1,156.9)(887.8)
Total Shareholders’ Equity3,193.9 3,235.7 
Total Liabilities and Shareholders’ Equity$9,267.5 $9,887.2 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months Ended
 March 31,
 20212020
Revenue:
New vehicle
$2,982.3 $2,281.9 
Used vehicle
1,749.1 1,248.7 
Parts and service
851.0 876.3 
Finance and insurance, net
313.0 235.8 
Other
8.4 24.3 
TOTAL REVENUE5,903.8 4,667.0 
Cost of sales:
New vehicle
2,792.3 2,185.5 
Used vehicle
1,608.9 1,157.7 
Parts and service
462.0 487.5 
Other
7.8 23.1 
TOTAL COST OF SALES (excluding depreciation shown below)
4,871.0 3,853.8 
Gross profit:
New vehicle
190.0 96.4 
Used vehicle
140.2 91.0 
Parts and service
389.0 388.8 
Finance and insurance
313.0 235.8 
Other
0.6 1.2 
TOTAL GROSS PROFIT1,032.8 813.2 
Selling, general, and administrative expenses647.9 600.7 
Depreciation and amortization47.9 48.1 
Goodwill impairment  318.3 
Franchise rights impairment 57.5 
Other expense, net0.1 7.9 
OPERATING INCOME (LOSS)336.9 (219.3)
Non-operating income (expense) items:
Floorplan interest expense
(9.4)(25.5)
Other interest expense
(21.2)(23.5)
Other income (loss), net11.0 (2.9)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES317.3 (271.2)
Income tax provision (benefit)77.8 (39.0)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS239.5 (232.2)
Loss from discontinued operations, net of income taxes(0.1)(0.1)
NET INCOME (LOSS)$239.4 $(232.3)
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations$2.88 $(2.58)
Discontinued operations$ $ 
Net income (loss)$2.88 $(2.58)
Weighted average common shares outstanding83.1 90.0 
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations$2.85 $(2.58)
Discontinued operations$ $ 
Net income (loss)$2.85 $(2.58)
Weighted average common shares outstanding83.9 90.0 
COMMON SHARES OUTSTANDING, net of treasury stock, at period end
80.5 87.2 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except share data)
 
Three Months Ended March 31, 2021
 Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Total
 SharesAmount
BALANCE AT DECEMBER 31, 2020102,562,149 $1.0 $53.1 $4,069.4 $(887.8)$3,235.7 
Net income— — — 239.4 — 239.4 
Repurchases of common stock— — — — (306.1)(306.1)
Stock-based compensation expense— — 20.8 — — 20.8 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
— — (32.9)— 37.0 4.1 
BALANCE AT MARCH 31, 2021102,562,149 $1.0 $41.0 $4,308.8 $(1,156.9)$3,193.9 
Three Months Ended March 31, 2020
 Common StockAdditional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Total
 SharesAmount
BALANCE AT DECEMBER 31, 2019102,562,149 $1.0 $35.9 $3,688.3 $(563.1)$3,162.1 
Net loss— — — (232.3)— (232.3)
Repurchases of common stock— — — — (80.0)(80.0)
Stock-based compensation expense— — 4.5 — — 4.5 
Shares awarded under stock-based compensation plans, net of shares withheld for taxes
— — (21.7)— 14.8 (6.9)
Cumulative effect of change in accounting principle - current expected credit losses— — — (0.5)— (0.5)
BALANCE AT MARCH 31, 2020102,562,149 $1.0 $18.7 $3,455.5 $(628.3)$2,846.9 


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


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AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
Three Months Ended
 March 31,
 20212020
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income (loss)$239.4 $(232.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations0.1 0.1 
Depreciation and amortization47.9 48.1 
Amortization of debt issuance costs and accretion of debt discounts1.1 1.2 
Stock-based compensation expense20.8 4.5 
Deferred income tax benefit(19.6)(68.6)
Net gain related to business/property dispositions(0.7) 
Goodwill impairment 318.3 
Franchise rights impairment 57.5 
Non-cash impairment charges1.0 8.5 
Gain on equity investment(7.5) 
Other(3.1)3.6 
(Increase) decrease, net of effects from business acquisitions and divestitures:
Receivables(38.3)403.4 
Inventory343.9 (371.3)
Other assets(8.2)(3.5)
Increase (decrease), net of effects from business acquisitions and divestitures:
Vehicle floorplan payable - trade(256.5)76.6 
Accounts payable76.8 (64.1)
Other liabilities129.3 (68.3)
Net cash provided by continuing operations526.4 113.7 
Net cash used in discontinued operations(0.1) 
Net cash provided by operating activities526.3 113.7 
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment(41.3)(42.2)
Insurance recoveries on property and equipment 1.2 
Cash received from business divestitures, net of cash relinquished1.9  
Cash used in business acquisitions, net of cash acquired (0.4)
Proceeds from the sale of equity securities109.4  
Investment in equity securities (50.0)
Other0.6 (0.8)
Net cash provided by (used in) continuing operations70.6 (92.2)
Net cash used in discontinued operations  
Net cash provided by (used in) investing activities 70.6 (92.2)

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Continued)
 
Three Months Ended
 March 31,
 20212020
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Repurchases of common stock(310.7)(78.9)
Payment of 3.35% Senior Notes due 2021(300.0) 
Payment of 5.5% Senior Notes due 2020 (350.0)
Proceeds from revolving credit facility 790.0 
Net payments of commercial paper (30.0)
Payment of debt issuance costs (6.1)
Net proceeds from (payments of) vehicle floorplan payable - non-trade(206.1)30.1 
Payments of other debt obligations(3.8)(1.1)
Proceeds from the exercise of stock options21.2 1.0 
Payments of tax withholdings for stock-based awards (17.1)(7.9)
Net cash provided by (used in) continuing operations(816.5)347.1 
Net cash used in discontinued operations  
Net cash provided by (used in) financing activities(816.5)347.1 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(219.6)368.6 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period569.7 42.5 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period$350.1 $411.1 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.





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Table of Contents
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In millions, except per share data)
1.INTERIM FINANCIAL STATEMENTS
Business and Basis of Presentation
AutoNation, Inc., through its subsidiaries, is the largest automotive retailer in the United States. As of March 31, 2021, we owned and operated 315 new vehicle franchises from 230 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well-known in our key markets, sell 32 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 90% of the new vehicles that we sold during the three months ended March 31, 2021, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, Mercedes-Benz, FCA US, BMW, and Volkswagen (including Audi and Porsche). As of March 31, 2021, we also owned and operated 73 AutoNation-branded collision centers, 5 AutoNation USA used vehicle stores, 4 automotive auction operations, and 3 parts distribution centers.
We offer a diversified range of automotive products and services, including new vehicles, used vehicles, “parts and service,” which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive “finance and insurance” products, which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. For convenience, the terms “AutoNation,” “Company,” and “we” are used to refer collectively to AutoNation, Inc. and its subsidiaries, unless otherwise required by the context. Our dealership operations are conducted by our subsidiaries.
The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of AutoNation, Inc. and its subsidiaries; intercompany accounts and transactions have been eliminated. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The Unaudited Condensed Consolidated Financial Statements herein should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included within our most recent Annual Report on Form 10-K. These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state, in all material respects, our financial position and results of operations for the periods presented.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. We periodically evaluate estimates and assumptions used in the preparation of the financial statements and make changes on a prospective basis when adjustments are necessary. Such estimates and assumptions affect, among other things, our goodwill, indefinite-lived intangible asset, and long-lived asset valuations; inventory valuation; equity investment valuation; assets held for sale; accruals for chargebacks against revenue recognized from the sale of finance and insurance products; accruals related to self-insurance programs; certain legal proceedings; assessment of the annual income tax expense; valuation of deferred income taxes and income tax contingencies; the allowance for expected credit losses; and measurement of performance-based compensation costs.


6

Table of Contents
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
2.    REVENUE RECOGNITION
Disaggregation of Revenue
The significant majority of our revenue is from contracts with customers. Taxes assessed by governmental authorities that are directly imposed on revenue transactions are excluded from revenue. In the following tables, revenue is disaggregated by major lines of goods and services and timing of transfer of goods and services. We have determined that these categories depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue to reportable segment revenue.
Three Months Ended March 31, 2021
DomesticImportPremium Luxury
Corporate and other(1)
Total
Major Goods/Service Lines
New vehicle$935.4 $958.0 $1,088.9 $ $2,982.3 
Used vehicle563.7 484.7 642.3 58.4 1,749.1 
Parts and service234.1 214.1 285.2 117.6 851.0 
Finance and insurance, net109.3 109.1 86.8 7.8 313.0 
Other4.2 3.7 0.3 0.2 8.4 
$1,846.7 $1,769.6 $2,103.5 $184.0 $5,903.8 
Timing of Revenue Recognition
Goods and services transferred at a point in time$1,681.6 $1,604.1 $1,863.6 $107.3 $5,256.6 
Goods and services transferred over time(2)
165.1 165.5 239.9 76.7 647.2 
$1,846.7 $1,769.6 $2,103.5 $184.0 $5,903.8 

Three Months Ended March 31, 2020
DomesticImportPremium Luxury
Corporate and other(1)
Total
Major Goods/Service Lines
New vehicle$738.9 $733.9 $809.1 $ $2,281.9 
Used vehicle404.6 334.5 467.3 42.3 1,248.7 
Parts and service235.6 207.5 277.4 155.8 876.3 
Finance and insurance, net83.1 84.0 63.0 5.7 235.8 
Other21.3 2.2  0.8 24.3 
$1,483.5 $1,362.1 $1,616.8 $204.6 $4,667.0 
Timing of Revenue Recognition
Goods and services transferred at a point in time$1,311.4 $1,200.5 $1,380.2 $109.4 $4,001.5 
Goods and services transferred over time(2)
172.1 161.6 236.6 95.2 665.5 
$1,483.5 $1,362.1 $1,616.8 $204.6 $4,667.0 
(1) “Corporate and other” is comprised of our other businesses, including collision centers, auction operations, AutoNation USA used vehicle stores, and parts distribution centers.
(2) Represents revenue recognized during the period for automotive repair and maintenance services.


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Table of Contents
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Transaction Price Allocated to Remaining Performance Obligations
We sell a vehicle maintenance program (the AutoNation Vehicle Care Program or “VCP”) under which a customer purchases a specific number of maintenance services to be redeemed at an AutoNation location over a five-year term from the date of purchase. We satisfy our performance obligations related to this program and recognize revenue as the maintenance services are rendered, since the customer benefits when we have completed the maintenance service.

The following table includes estimated revenue expected to be recognized in the future related to VCP performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:
Revenue Expected to Be Recognized by Period
TotalNext 12 Months13 - 36 Months37 - 60 Months
Revenue expected to be recognized on VCP contracts sold as of period end
$88.5 $32.3 $42.3 $13.9 

As a practical expedient, since automotive repair and maintenance services are performed within one year or less, we do not disclose estimated revenue expected to be recognized in the future for automotive repair and maintenance performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue.

Contract Assets and Liabilities
When the timing of our provision of goods or services is different from the timing of payments made by our customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance). Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with automotive repair and maintenance services, as well as our estimate of variable consideration that has been included in the transaction price for certain finance and insurance products (retrospective commissions). These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to upfront payments received from customers for the sale of VCP contracts for which our performance obligations are satisfied, and revenue is recognized, as each underlying service of the multi-year contract is complete during the contract term.
Our receivables from contracts with customers are included in Receivables, net, our current contract asset is included in Other Current Assets, our long-term contract asset is included in Other Assets, our current contract liability is included in Other Current Liabilities, and our long-term contract liability is included in Other Liabilities in our Unaudited Condensed Consolidated Balance Sheets.
The following table provides the balances of our receivables from contracts with customers and our current and long-term contract assets and contract liabilities:
March 31, 2021December 31, 2020
Receivables from contracts with customers, net$650.3 $595.0 
Contract Asset (Current)$18.6 $25.7 
Contract Asset (Long-Term)$5.3 $10.2 
Contract Liability (Current)$32.6 $32.5 
Contract Liability (Long-Term)$56.3 $56.0 
The change in the balances of our contract assets and contract liabilities primarily result from the timing differences between our performance and the customer’s payment, as well as changes in the estimated transaction price related to variable consideration that was constrained for performance obligations satisfied in previous periods. The following table presents

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AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
revenue recognized during the period from amounts included in the contract liability balance at the beginning of the period and performance obligations satisfied in previous periods:
Three Months Ended
March 31,
20212020
Amounts included in contract liability at the beginning of the period$8.7 $8.5 
Performance obligations satisfied in previous periods$5.4 $ 

Other significant changes include contract assets reclassified to receivables of $17.6 million for the three months ended March 31, 2021, and $14.5 million for the three months ended March 31, 2020.

3.EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including vested restricted stock unit (“RSU”) awards. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of stock options and unvested RSU awards. For the three months ended March 31, 2020, stock options and unvested RSU awards were not included in the computation of diluted loss per share because we reported a net loss from continuing operations for this period, and the effect of their inclusion would be anti-dilutive.
The following table presents the calculation of basic and diluted earnings (loss) per share:
Three Months Ended
March 31,
 20212020
Net income (loss) from continuing operations$239.5 $(232.2)
Loss from discontinued operations, net of income taxes(0.1)(0.1)
Net income (loss)$239.4 $(232.3)
Basic weighted average common shares outstanding
83.1 90.0 
Dilutive effect of stock options and unvested RSUs
0.8  
Diluted weighted average common shares outstanding
83.9 90.0 
Basic earnings (loss) per share amounts(1):
Continuing operations
$2.88 $(2.58)
Discontinued operations
$ $ 
Net income (loss)$2.88 $(2.58)
Diluted earnings (loss) per share amounts(1):
Continuing operations
$2.85 $(2.58)
Discontinued operations
$ $ 
Net income (loss)$2.85 $(2.58)
(1) Earnings (loss) per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

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AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
A summary of anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share is as follows:
Three Months Ended
 March 31,
 20212020
Anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share 3.0 

4.RECEIVABLES, NET
The components of receivables, net of allowances for expected credit losses, are as follows:
March 31,
2021
December 31,
2020
Contracts-in-transit and vehicle receivables$495.5 $445.8 
Trade receivables147.7 138.0 
Manufacturer receivables186.7 210.0 
Other57.3 55.1 
887.2 848.9 
Less: allowances for expected credit losses(3.7)(3.7)
Receivables, net
$883.5 $845.2 

Contracts-in-transit and vehicle receivables primarily represent receivables from financial institutions for the portion of the vehicle sales price financed by our customers. Trade receivables represent amounts due for parts and services that have been delivered or sold, excluding amounts due from manufacturers, as well as receivables from finance organizations for commissions on the sale of finance and insurance products. Manufacturer receivables represent amounts due from manufacturers for holdbacks, rebates, incentives, floorplan assistance, and warranty claims. We evaluate our receivables for collectability based on past collection experience, current information, and reasonable and supportable forecasts.

5.INVENTORY AND VEHICLE FLOORPLAN PAYABLE
The components of inventory are as follows:
March 31,
2021
December 31,
2020
New vehicles$1,363.6 $1,761.9 
Used vehicles698.8 648.4 
Parts, accessories, and other192.2 188.2 
Inventory
$2,254.6 $2,598.5 

The components of vehicle floorplan payable are as follows:
March 31,
2021
December 31,
2020
Vehicle floorplan payable - trade$1,285.2 $1,541.7 
Vehicle floorplan payable - non-trade1,012.8 1,218.2 
Vehicle floorplan payable
$2,298.0 $2,759.9 
Vehicle floorplan payable-trade reflects amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with the corresponding manufacturers’ captive finance subsidiaries (“trade lenders”). Vehicle floorplan payable-non-trade represents amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with non-trade lenders, as well as amounts borrowed under our secured used vehicle floorplan facilities. Changes in

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AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
vehicle floorplan payable-trade are reported as operating cash flows and changes in vehicle floorplan payable-non-trade are reported as financing cash flows in the accompanying Unaudited Condensed Consolidated Statements of Cash Flows.
Our inventory costs are generally reduced by manufacturer holdbacks, incentives, floorplan assistance, and non-reimbursement-based manufacturer advertising rebates, while the related vehicle floorplan payables are reflective of the gross cost of the vehicle. The vehicle floorplan payables, as shown in the above table, will generally also be higher than the inventory cost due to the timing of the sale of a vehicle and payment of the related liability.
Vehicle floorplan facilities are due on demand, but in the case of new vehicle inventories, are generally paid within several business days after the related vehicles are sold. Vehicle floorplan facilities are primarily collateralized by vehicle inventories and related receivables.
Our new vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 1.7% for the three months ended March 31, 2021, and 2.8% for the three months ended March 31, 2020. At March 31, 2021, the aggregate capacity under our new vehicle floorplan facilities to finance our new vehicle inventory was approximately $4.7 billion, of which $1.9 billion had been borrowed.
Our used vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 1.7% for the three months ended March 31, 2021, and 3.1% for the three months ended March 31, 2020. At March 31, 2021, the aggregate capacity under our used vehicle floorplan facilities with various lenders to finance a portion of our used vehicle inventory was $482.0 million, of which $423.6 million had been borrowed. The remaining borrowing capacity of $58.4 million was limited to $0.5 million based on the eligible used vehicle inventory that could have been pledged as collateral.

6.GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill and intangible assets, net, consist of the following:
March 31,
2021
December 31,
2020
Goodwill$1,184.8 $1,185.0 
Franchise rights - indefinite-lived$509.0 $509.0 
Other intangibles19.6 19.6 
528.6 528.6 
Less: accumulated amortization(7.4)(7.1)
Other intangible assets, net$521.2 $521.5 




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Table of Contents
AUTONATION, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
7.LONG-TERM DEBT AND COMMERCIAL PAPER
Long-term debt consists of the following:
Debt DescriptionMaturity DateInterest PayableMarch 31,
2021
December 31,
2020
3.35% Senior Notes
January 15, 2021January 15 and July 15$ $300.0 
3.5% Senior Notes
November 15, 2024May 15 and November 15450.0 450.0 
4.5% Senior Notes