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 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 2020-08-17 Exit Costs
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-14 Officers, Regulation FD, Exhibits
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-31.1 an10q63020ex311.htm
EX-31.2 an10q63020ex312.htm
EX-32.1 an10q63020ex321.htm
EX-32.2 an10q63020ex322.htm

AutoNation Earnings 2020-06-30

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

Document
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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 June 30, 2020
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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, par value $0.01 per share
 
AN
 
New 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 filer
þ
  
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 July 21, 2020, the registrant had 87,215,132 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.




PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
257.3

 
$
42.0

Receivables, net
673.3

 
916.7

Inventory
2,432.3

 
3,305.8

Other current assets
157.3

 
146.6

Total Current Assets
3,520.2

 
4,411.1

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.6 billion and $1.5 billion, respectively
3,143.9

 
3,174.6

OPERATING LEASE ASSETS
340.6

 
333.1

GOODWILL
1,181.3

 
1,501.9

OTHER INTANGIBLE ASSETS, NET
522.0

 
581.6

OTHER ASSETS
740.5

 
541.0

Total Assets
$
9,448.5

 
$
10,543.3

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Vehicle floorplan payable - trade
$
1,499.1

 
$
2,120.6

Vehicle floorplan payable - non-trade
1,023.8

 
1,455.2

Accounts payable
261.3

 
290.3

Commercial paper

 
170.0

Current maturities of long-term debt
307.3

 
355.6

Other current liabilities
729.8

 
708.5

Total Current Liabilities
3,821.3

 
5,100.2

LONG-TERM DEBT, NET OF CURRENT MATURITIES
1,783.1

 
1,578.5

NONCURRENT OPERATING LEASE LIABILITIES
315.2

 
305.0

DEFERRED INCOME TAXES
118.0

 
135.1

OTHER LIABILITIES
273.2

 
262.4

COMMITMENTS AND CONTINGENCIES (Note 12)

 

SHAREHOLDERS’ EQUITY:
 
 
 
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized; none issued

 

Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 102,562,149 shares issued at June 30, 2020, and December 31, 2019, including shares held in treasury
1.0

 
1.0

Additional paid-in capital
29.5

 
35.9

Retained earnings
3,735.3

 
3,688.3

Treasury stock, at cost; 15,347,017 and 13,212,974 shares held, respectively
(628.1
)
 
(563.1
)
Total Shareholders’ Equity
3,137.7

 
3,162.1

Total Liabilities and Shareholders’ Equity
$
9,448.5

 
$
10,543.3


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


1


AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Revenue:
 
 
 
 
 
 
 
New vehicle
$
2,261.3

 
$
2,769.6

 
$
4,543.2

 
$
5,266.3

Used vehicle
1,324.5

 
1,379.4

 
2,573.2

 
2,719.0

Parts and service
689.9

 
901.5

 
1,566.2

 
1,778.2

Finance and insurance, net
246.4

 
255.2

 
482.2

 
491.7

Other
10.9

 
38.1

 
35.2

 
70.4

TOTAL REVENUE
4,533.0

 
5,343.8

 
9,200.0

 
10,325.6

Cost of sales:
 
 
 
 
 
 
 
New vehicle
2,141.7

 
2,644.1

 
4,327.2

 
5,018.9

Used vehicle
1,207.5

 
1,282.6

 
2,365.2

 
2,531.7

Parts and service
378.5

 
489.6

 
866.0

 
967.4

Other
10.3

 
36.7

 
33.4

 
67.6

TOTAL COST OF SALES (excluding depreciation shown below)
3,738.0

 
4,453.0

 
7,591.8

 
8,585.6

Gross profit:
 
 
 
 
 
 
 
New vehicle
119.6

 
125.5

 
216.0

 
247.4

Used vehicle
117.0

 
96.8

 
208.0

 
187.3

Parts and service
311.4

 
411.9

 
700.2

 
810.8

Finance and insurance
246.4

 
255.2

 
482.2

 
491.7

Other
0.6

 
1.4

 
1.8

 
2.8

TOTAL GROSS PROFIT
795.0

 
890.8

 
1,608.2

 
1,740.0

Selling, general, and administrative expenses
547.9

 
637.0

 
1,148.6

 
1,260.0

Depreciation and amortization
49.1

 
44.4

 
97.2

 
88.5

Goodwill impairment

 

 
318.3

 

Franchise rights impairment

 
9.6

 
57.5

 
9.6

Other (income) expense, net
(3.4
)
 
(3.7
)
 
4.5

 
(12.4
)
OPERATING INCOME (LOSS)
201.4

 
203.5

 
(17.9
)
 
394.3

Non-operating income (expense) items:
 
 
 
 
 
 
 
Floorplan interest expense
(16.3
)
 
(37.4
)
 
(41.8
)
 
(76.4
)
Other interest expense
(23.2
)
 
(27.7
)
 
(46.7
)
 
(55.5
)
Interest income
0.1

 
0.1

 
0.2

 
0.3

Other income (loss), net
214.5

 
(0.3
)
 
211.5

 
1.6

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
376.5

 
138.2

 
105.3

 
264.3

Income tax provision
96.6

 
37.2

 
57.6

 
71.2

NET INCOME FROM CONTINUING OPERATIONS
279.9

 
101.0

 
47.7

 
193.1

Loss from discontinued operations, net of income taxes
(0.1
)
 
(0.2
)
 
(0.2
)
 
(0.3
)
NET INCOME
$
279.8

 
$
100.8

 
$
47.5

 
$
192.8

BASIC EARNINGS (LOSS) PER SHARE:
 
 
 
 
 
 
 
Continuing operations
$
3.18

 
$
1.12

 
$
0.54

 
$
2.14

Discontinued operations
$

 
$

 
$

 
$

Net income
$
3.18

 
$
1.12

 
$
0.53

 
$
2.14

Weighted average common shares outstanding
87.9

 
89.9

 
89.0

 
90.2

DILUTED EARNINGS (LOSS) PER SHARE:
 
 
 
 
 
 
 
Continuing operations
$
3.18

 
$
1.12

 
$
0.54

 
$
2.14

Discontinued operations
$

 
$

 
$

 
$

Net income
$
3.18

 
$
1.12

 
$
0.53

 
$
2.13

Weighted average common shares outstanding
88.1

 
90.2

 
89.0

 
90.4

COMMON SHARES OUTSTANDING, net of treasury stock, at period end
87.2

 
89.1

 
87.2

 
89.1

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


2


AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except share data)
 
 
Six Months Ended June 30, 2020
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Total
 
Shares
 
Amount
 
 
 
 
BALANCE AT DECEMBER 31, 2019
102,562,149

 
$
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, 2020
102,562,149

 
1.0

 
18.7

 
3,455.5

 
(628.3
)
 
2,846.9

Net income

 

 

 
279.8

 

 
279.8

Stock-based compensation expense

 

 
11.2

 

 

 
11.2

Shares awarded under stock-based compensation plans, net of shares withheld for taxes

 

 
(0.4
)
 

 
0.2

 
(0.2
)
BALANCE AT JUNE 30, 2020
102,562,149

 
$
1.0

 
$
29.5

 
$
3,735.3

 
$
(628.1
)
 
$
3,137.7


 
Six Months Ended June 30, 2019
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Total
 
Shares
 
Amount
 
 
 
 
BALANCE AT DECEMBER 31, 2018
102,562,149

 
$
1.0

 
$
20.8

 
$
3,238.3

 
$
(544.1
)
 
$
2,716.0

Net income

 

 

 
92.0

 

 
92.0

Repurchases of common stock

 

 

 

 
(33.5
)
 
(33.5
)
Stock-based compensation expense

 

 
13.7

 

 

 
13.7

Shares awarded under stock-based compensation plans, net of shares withheld for taxes

 

 
(9.8
)
 

 
7.4

 
(2.4
)
BALANCE AT MARCH 31, 2019
102,562,149

 
1.0

 
24.7

 
3,330.3

 
(570.2
)
 
2,785.8

Net income

 

 

 
100.8

 

 
100.8

Repurchases of common stock

 

 

 

 
(11.2
)
 
(11.2
)
Stock-based compensation expense

 

 
4.9

 

 

 
4.9

Shares awarded under stock-based compensation plans, net of shares withheld for taxes

 

 
(4.0
)
 

 
6.6

 
2.6

BALANCE AT JUNE 30, 2019
102,562,149

 
$
1.0

 
$
25.6

 
$
3,431.1

 
$
(574.8
)
 
$
2,882.9



See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.



3


AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
 
Six Months Ended
 
June 30,
 
2020
 
2019
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
 
 
 
Net income
$
47.5

 
$
192.8

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Loss from discontinued operations
0.2

 
0.3

Depreciation and amortization
97.2

 
88.5

Amortization of debt issuance costs and accretion of debt discounts
2.3

 
2.6

Stock-based compensation expense
15.7

 
18.6

Deferred income tax provision
(17.1
)
 
2.0

Net gain related to business/property dispositions
(1.5
)
 
(12.7
)
Goodwill impairment
318.3

 

Franchise rights impairment
57.5

 
9.6

Non-cash impairment charges
8.6

 
1.3

Unrealized gain on equity investment
(214.7
)
 

Other
3.8

 
(1.7
)
(Increase) decrease, net of effects from business acquisitions and divestitures:
 
 
 
Receivables
244.6

 
192.3

Inventory
873.3

 
81.3

Other assets
75.1

 
22.1

Increase (decrease), net of effects from business acquisitions and divestitures:
 
 
 
Vehicle floorplan payable - trade, net
(621.5
)
 
(102.4
)
Accounts payable
(25.5
)
 
(40.3
)
Other liabilities
30.5

 
(28.8
)
Net cash provided by continuing operations
894.3

 
425.5

Net cash provided by discontinued operations

 

Net cash provided by operating activities
894.3

 
425.5

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
 
 
 
Purchases of property and equipment
(75.3
)
 
(122.7
)
Proceeds from assets held for sale

 
4.2

Insurance recoveries on property and equipment
1.5

 
3.3

Cash received from business divestitures, net of cash relinquished

 
22.3

Cash used in business acquisitions, net of cash acquired
(0.4
)
 
(4.3
)
Investment in equity security
(50.0
)
 

Other
(0.5
)
 
0.4

Net cash used in continuing operations
(124.7
)
 
(96.8
)
Net cash used in discontinued operations

 

Net cash used in investing activities
(124.7
)
 
(96.8
)

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


4


AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Continued)
 
 
Six Months Ended
 
June 30,
 
2020
 
2019
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
 
 
 
Repurchases of common stock
(80.0
)
 
(44.7
)
Proceeds from 4.75% Senior Notes due 2030
497.4

 

Payment of 5.5% Senior Notes due 2020
(350.0
)
 

Proceeds from revolving credit facility
1,100.0

 

Payments of revolving credit facility
(1,100.0
)
 

Net payments of commercial paper
(170.0
)
 
(160.0
)
Payment of debt issuance costs
(10.5
)
 

Net payments of vehicle floorplan payable - non-trade
(431.4
)
 
(117.3
)
Payments of other debt obligations
(3.1
)
 
(4.4
)
Proceeds from the exercise of stock options
1.0

 
3.2

Payments of tax withholdings for stock-based awards
(8.1
)
 
(3.0
)
Net cash used in continuing operations
(554.7
)
 
(326.2
)
Net cash used in discontinued operations

 

Net cash used in financing activities
(554.7
)
 
(326.2
)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
214.9

 
2.5

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period
42.5

 
49.4

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period
$
257.4

 
$
51.9


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.




5


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 June 30, 2020, 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 89% of the new vehicles that we sold during the six months ended June 30, 2020, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, FCA US, Mercedes-Benz, BMW, and Volkswagen (including Audi and Porsche). As of June 30, 2020, we also owned and operated 79 AutoNation-branded collision centers, 5 AutoNation USA stores, 4 automotive auction operations, and 16 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, long-lived asset, and indefinite-lived intangible asset valuation; 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 effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for expected credit losses; and measurement of performance-based compensation costs.



6

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 June 30, 2020
 
 
Domestic
 
Import
 
Premium Luxury
 
Corporate and other(1)
 
Total
Major Goods/Service Lines
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
761.7

 
$
712.6

 
$
787.0

 
$

 
$
2,261.3

Used vehicle
 
436.8

 
355.8

 
490.3

 
41.6

 
1,324.5

Parts and service
 
193.3

 
170.4

 
223.2

 
103.0

 
689.9

Finance and insurance, net
 
88.0

 
82.4

 
64.3

 
11.7

 
246.4

Other
 
6.2

 
4.1

 

 
0.6

 
10.9

 
 
$
1,486.0

 
$
1,325.3

 
$
1,564.8

 
$
156.9

 
$
4,533.0

 
 
 
 
 
 
 
 
 
 
 
Timing of Revenue Recognition
 
 
 
 
 
 
 
 
 
 
Goods and services transferred at a point in time
 
$
1,343.2

 
$
1,187.0

 
$
1,373.6

 
$
97.4

 
$
4,001.2

Goods and services transferred over time(2)
 
142.8

 
138.3

 
191.2

 
59.5

 
531.8

 
 
$
1,486.0

 
$
1,325.3

 
$
1,564.8

 
$
156.9

 
$
4,533.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
Domestic
 
Import
 
Premium Luxury
 
Corporate and other(1)
 
Total
Major Goods/Service Lines
 
 
 
 
 
 
 
 
 
 
New vehicle
 
$
894.5

 
$