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Sonic Automotive Reports Record Third Quarter Revenues and Earnings Per Share

Fifth Consecutive Quarter of Record EchoPark Revenues, Up 72% Year-Over-Year

Pending Acquisition of RFJ Auto Expected to Add $3.2 Billion in Annualized Revenues

Recently Amended Credit Facilities and Senior Notes Issuance Extend Runway for Further Growth

Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the third quarter and nine months ended September 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028005315/en/

Key Highlights

  • Record third quarter revenues of $3.1 billion, up 20.6% year-over-year
  • Record third quarter income from continuing operations before taxes of $112.2 million, up 39.1% year-over-year
  • Record third quarter earnings from continuing operations of $84.7 million ($1.96 per diluted share)
  • Record third quarter selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 68.1% (60.1% on a Franchised Dealerships Segment basis, a decrease of 670 basis points year-over-year)
  • All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,349, up 21.2% year-over-year
  • All-time record quarterly EchoPark revenues of $663.3 million, up 72.3% year-over-year
  • Sonic announced a definitive agreement to acquire RFJ Auto Partners, Inc. (“RFJ Auto”), a top-15 U.S. dealer group by total revenues, which is expected to add $3.2 billion in revenues on an annualized basis
  • During the third quarter, Sonic repurchased 0.5 million shares of Class A Common Stock for an aggregate purchase price of $24.8 million
  • In October, the Company amended its credit facilities to increase revolver and floor plan commitments from $1.8 billion to $2.95 billion, in addition to completing an upsized offering of $1.15 billion aggregate principal amount of unsecured senior notes due 2029 and 2031 at a blended rate of 4.73%, with expected use of net proceeds to fund the acquisition of RFJ Auto, the redemption of outstanding notes, and for general corporate purposes, including the repayment of debt

Commentary

David Smith, Chief Executive Officer of Sonic and EchoPark, commented, “I am extremely proud of our team for delivering continued year-over-year growth, in particular against a backdrop of industry-wide inventory headwinds and supply chain disruptions. Our results highlight the operating efficiency of our model, the unwavering dedication of our teammates, and our disciplined focus on driving growth across our franchised dealerships and EchoPark segments. After meeting with much of the RFJ Auto team in recent weeks, we are excited to welcome them into the Sonic family and are grateful for the support of our manufacturer and banking partners for their roles in facilitating this acquisition, which puts us on track to exceed our previously-stated goal of $25 billion in total revenues by 2025. Together, I’m confident that we will continue to strengthen the guest-centric culture that is essential to our brand and the success of our business.”

“I’d like to echo that sentiment by recognizing our manufacturer partners and the entire RFJ Auto team for creating the opportunity for this acquisition, which will launch us forward into the next phase of our company’s growth plan,” said Jeff Dyke, President of Sonic and EchoPark. “As we continue to expand our EchoPark distribution and digital network, adding six locations in four new states since the second quarter, we are well-positioned to achieve our goals of 25% U.S. population coverage by the end of 2021 and 90% U.S. population coverage by 2025. Further supporting our commitment to EchoPark, we recently announced the appointment of Dino Bernacchi as Chief Marketing Officer and Thien Truong as Chief Revenue Officer for EchoPark. With their extensive expertise and diverse backgrounds, they will be instrumental additions in executing the long-term EchoPark strategy.”

Heath Byrd, Chief Financial Officer of Sonic and EchoPark, added, “We recently announced an amendment to our credit facilities, increasing total capacity to $2.95 billion, and capitalized on favorable market conditions and an upgraded corporate credit rating by issuing $1.15 billion of unsecured senior notes. This extends our debt maturities, refinances existing debt at a lower cost of capital and provides funding for the pending acquisition of RFJ Auto. I’d like to thank our lender partners and bondholders for recognizing the strength of our balance sheet and favorable operating outlook, which position us to continue to opportunistically evaluate strategic acquisitions, allocate capital to our EchoPark expansion plans and return capital to stockholders through our dividend and share repurchase programs.”

Third Quarter Financial Highlights

The financial measures discussed below are results for the third quarter of 2021 with comparisons made to the third quarter of 2020, unless otherwise noted. Certain metrics are also compared to the third quarter of 2019 to exclude the effects of the onset of the COVID-19 pandemic on comparative results.

  • Record third quarter revenues of $3.1 billion, up 20.6% year-over-year (up 13.7% compared to the third quarter of 2019), and record third quarter income from continuing operations before taxes of $112.2 million, up 39.1% year-over-year (up 176.9% compared to the third quarter of 2019)
  • Record third quarter earnings from continuing operations of $84.7 million ($1.96 per diluted share), compared to third quarter 2020 reported earnings from continuing operations of $60.0 million ($1.35 per diluted share) and adjusted earnings from continuing operations* of $57.7 million ($1.29 per diluted share)
  • Record third quarter SG&A expenses as a percentage of gross profit of 68.1%, a 20 basis point decrease from 68.3% in the third quarter of 2020 (a 100 basis point decrease from adjusted SG&A expenses as a percentage of gross profit* of 69.1% in the third quarter of 2020, which excludes a $3.2 million gain on disposal of franchises and real estate)
  • All-time record quarterly total F&I gross profit per retail unit of $2.349, up 21.2% year-over-year
  • Franchised Dealerships Segment operating results include:
    • Same store revenues up 11.3%, gross profit up 27.2% (up 5.19% and 30.0%, respectively, compared to the third quarter of 2019)
    • Same store new vehicle unit sales volume down 5.1% (down 19.0% compared to the third quarter of 2019); same store new vehicle gross profit per unit up 93.2%, to $5,051 (up 168.4% compared to the third quarter of 2019)
    • Same store retail used vehicle unit sales volume down 0.3% (down 11.4% compared to the third quarter of 2019); same store retail used vehicle gross profit per unit up 31.9%, to $1,835 (up 45.8% compared to the third quarter of 2019)
    • Same store parts, service and collision repair gross profit up 9.0% (up 4.5% compared to the third quarter of 2019); same store customer pay gross profit up 21.3% (up 19.9% compared to the third quarter of 2019); same store gross margin down 40 basis points, to 50.2% (up 110 basis points compared to the third quarter of 2019)
    • Same store F&I gross profit up 20.8% (up 19.1% compared to the third quarter of 2019); all-time record reported Franchised Dealerships Segment F&I gross profit per retail unit of $2,303, up 27.2% (up 39.9% compared to the third quarter of 2019)
    • Record third quarter Franchised Dealerships Segment SG&A expenses as a percentage of gross profit of 60.1%, a 670 basis point decrease from 66.8% in the third quarter of 2020 (a decrease of 1,680 basis points from 76.9% in the third quarter of 2019)
    • Franchised dealerships new vehicle inventory of approximately 2,400 units, or 10 days’ supply, and used vehicle inventory of approximately 8,200 units, or 27 days’ supply
  • EchoPark Segment operating results include:
    • All-time record quarterly EchoPark revenues of $663.3 million, up 72.3% year-over-year (up 112.5% compared to the third quarter of 2019)
    • Record third quarter EchoPark retail used vehicle unit sales volume of 21,255, up 40.5% year-over-year (up 60.9% compared to the third quarter of 2019)
    • EchoPark market share increase of 110 basis points, to 3.7% of the 1-4-year old vehicle segment in our current markets
    • EchoPark pre-tax loss of $32.9 million and Adjusted EBITDA* loss of $28.5 million (including market expansion-related losses of $18.0 million and $16.8 million, respectively)
    • EchoPark loss reflects expansion-related losses and the effect of strategic price management to grow top line sales and market share amidst temporary used market pricing inversion
    • EchoPark used vehicle inventory of approximately 9,800 units, or 41 days’ supply

* Please refer to discussion of Non-GAAP Financial Measures below.

Acquisition of RFJ Auto

The Company recently announced that it entered into a definitive agreement to acquire RFJ Auto. With 33 locations in seven states and a portfolio of 16 automotive brands, the transaction will add six incremental states to Sonic’s geographic coverage and five additional brands to its portfolio, including the highest volume Chrysler Dodge Jeep RAM dealer in the world in Dave Smith Motors. RFJ Auto generated $2.8 billion in annual revenues in 2020, making it a top-15 U.S. dealer group by total revenues. This acquisition, which is anticipated to close in December 2021, represents one of the largest transactions in automotive retail history and is expected to propel Sonic Automotive into the top-five largest dealer groups in the U.S. as measured by total revenues. The transaction is expected to add $3.2 billion in annualized revenues, representing incremental revenues above the Company’s previously stated target of $25 billion in total revenues by 2025.

EchoPark Strategic Alternatives Review

As previously announced, Sonic’s Board of Directors, working together with Lazard and Kirkland & Ellis LLP as financial and legal advisors, respectively, is conducting a review to evaluate potential strategic alternatives for its EchoPark business. The Company is considering a full range of potential alternatives with respect to its EchoPark business. No timetable has been established for the completion of the review, and the review may not result in any transaction. The Company does not intend to disclose further developments with respect to its review process unless and until its Board approves a specific action or otherwise concludes the review.

Dividend

Sonic’s Board of Directors approved a quarterly cash dividend of $0.12 per share payable on January 14, 2022 to all stockholders of record on December 15, 2021.

Third Quarter 2021 Earnings Conference Call

Senior management will hold a conference call today at 11:00 A.M. (Eastern).

Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.

To access the live webcast of the conference call, please go to ir.sonicautomotive.com.

For telephone access to this conference call, please register in advance using this link:

https://www.incommglobalevents.com/registration/q4inc/8939/sonic-automotive-inc-q3-2021-earnings-conference-call/

After registering, you will receive a confirmation that includes dial-in numbers and a unique conference call access code and PIN for entry. Registration remains available through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call.

A conference call replay will be available beginning two hours following the call for 14 days at ir.sonicautomotive.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is one of the fastest growing and most comprehensive retailers of nearly new pre-owned vehicles in America today. Our rapid growth plan is expected to bring our unique business model to 90% of the U.S. population by 2025, utilizing one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. We believe EchoPark is on pace to become the #1 retailer in the nearly new pre-owned vehicle market by 2025, and is already making its mark by earning the 2021 Consumer Satisfaction Award from DealerRater, expanding its Owner Experience Centers, developing an all-new digital ecommerce platform and focusing on growing its brand nationwide. EchoPark’s mission is in its name: Every Car deserves a Happy Owner. This drives the car buying experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements, including statements regarding anticipated acquisitions, expected future revenue from acquisitions, future revenue levels, future profitability, the opening of additional EchoPark markets, and future population coverage. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the closing and integration of the RFJ Auto acquisition, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted earnings from continuing operations, adjusted earnings per diluted share from continuing operations, adjusted SG&A expenses as a percentage of gross profit, and Adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.

Sonic Automotive, Inc.

Results of Operations (Unaudited)

 

Results of Operations - Consolidated

 

 

Three Months Ended September 30,

 

Better /

(Worse)

 

Nine Months Ended September 30,

 

Better /

(Worse)

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

 

(In thousands, except per share amounts)

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

1,146,922

 

 

 

$

1,098,302

 

 

 

4.4

%

 

$

3,766,133

 

 

 

$

2,957,794

 

 

 

27.3

%

Used vehicles

1,309,492

 

 

 

946,028

 

 

 

38.4

%

 

3,666,286

 

 

 

2,604,957

 

 

 

40.7

%

Wholesale vehicles

97,087

 

 

 

56,502

 

 

 

71.8

%

 

256,701

 

 

 

138,221

 

 

 

85.7

%

Total vehicles

2,553,501

 

 

 

2,100,832

 

 

 

21.5

%

 

7,689,120

 

 

 

5,700,972

 

 

 

34.9

%

Parts, service and collision repair

355,227

 

 

 

320,929

 

 

 

10.7

%

 

1,036,736

 

 

 

914,667

 

 

 

13.3

%

Finance, insurance and other, net

164,084

 

 

 

126,784

 

 

 

29.4

%

 

486,000

 

 

 

352,848

 

 

 

37.7

%

Total revenues

3,072,812

 

 

 

2,548,545

 

 

 

20.6

%

 

9,211,856

 

 

 

6,968,487

 

 

 

32.2

%

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

(1,031,476

)

 

 

(1,035,624

)

 

 

0.4

%

 

(3,462,795

)

 

 

(2,804,314

)

 

 

(23.5

)%

Used vehicles

(1,289,772

)

 

 

(917,993

)

 

 

(40.5

)%

 

(3,580,944

)

 

 

(2,517,421

)

 

 

(42.2

)%

Wholesale vehicles

(95,832

)

 

 

(53,958

)

 

 

(77.6

)%

 

(250,072

)

 

 

(136,260

)

 

 

(83.5

)%

Total vehicles

(2,417,080

)

 

 

(2,007,575

)

 

 

(20.4

)%

 

(7,293,811

)

 

 

(5,457,995

)

 

 

(33.6

)%

Parts, service and collision repair

(183,713

)

 

 

(164,403

)

 

 

(11.7

)%

 

(534,325

)

 

 

(475,964

)

 

 

(12.3

)%

Total cost of sales

(2,600,793

)

 

 

(2,171,978

)

 

 

(19.7

)%

 

(7,828,136

)

 

 

(5,933,959

)

 

 

(31.9

)%

Gross profit

472,019

 

 

 

376,567

 

 

 

25.3

%

 

1,383,720

 

 

 

1,034,528

 

 

 

33.8

%

Selling, general and administrative expenses

(321,373

)

 

 

(257,174

)

 

 

(25.0

)%

 

(931,349

)

 

 

(769,688

)

 

 

(21.0

)%

Impairment charges

 

 

 

(26

)

 

 

100.0

%

 

 

 

 

(268,859

)

 

 

100.0

%

Depreciation and amortization

(25,239

)

 

 

(22,934

)

 

 

(10.1

)%

 

(73,687

)

 

 

(67,879

)

 

 

(8.6

)%

Operating income (loss)

125,407

 

 

 

96,433

 

 

 

30.0

%

 

378,684

 

 

 

(71,898

)

 

 

626.7

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

(3,340

)

 

 

(4,999

)

 

 

33.2

%

 

(12,781

)

 

 

(21,821

)

 

 

41.4

%

Interest expense, other, net

(9,817

)

 

 

(10,762

)

 

 

8.8

%

 

(30,180

)

 

 

(31,523

)

 

 

4.3

%

Other income (expense), net

 

 

 

1

 

 

 

(100.0

)%

 

100

 

 

 

100

 

 

 

%

Total other income (expense)

(13,157

)

 

 

(15,760

)

 

 

16.5

%

 

(42,861

)

 

 

(53,244

)

 

 

19.5

%

Income (loss) from continuing operations before taxes

112,250

 

 

 

80,673

 

 

 

39.1

%

 

335,823

 

 

 

(125,142

)

 

 

368.4

%

Provision for income taxes for continuing operations - benefit (expense)

(27,559

)

 

 

(20,685

)

 

 

(33.2

)%

 

(83,452

)

 

 

16,995

 

 

 

(591.0

)%

Income (loss) from continuing operations

84,691

 

 

 

59,988

 

 

 

41.2

%

 

252,371

 

 

 

(108,147

)

 

 

333.4

%

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before taxes

(275

)

 

 

(234

)

 

 

(17.5

)%

 

241

 

 

 

(808

)

 

 

129.8

%

Provision for income taxes for discontinued operations - benefit (expense)

69

 

 

 

64

 

 

 

7.8

%

 

(60

)

 

 

231

 

 

 

(126.0

)%

Income (loss) from discontinued operations

(206

)

 

 

(170

)

 

 

(21.2

)%

 

181

 

 

 

(577

)

 

 

131.4

%

Net income (loss)

$

84,485

 

 

 

$

59,818

 

 

 

41.2

%

 

$

252,552

 

 

 

$

(108,724

)

 

 

332.3

%

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share from continuing operations

$

2.04

 

 

 

$

1.41

 

 

 

44.7

%

 

$

6.07

 

 

 

$

(2.53

)

 

 

339.9

%

Earnings (loss) per share from discontinued operations

(0.01

)

 

 

 

 

 

(100.0

)%

 

0.01

 

 

 

(0.02

)

 

 

150.0

%

Earnings (loss) per common share

$

2.03

 

 

 

$

1.41

 

 

 

44.0

%

 

$

6.08

 

 

 

$

(2.55

)

 

 

338.4

%

Weighted-average common shares outstanding

41,561

 

 

 

42,510

 

 

 

2.2

%

 

41,561

 

 

 

42,687

 

 

 

2.6

%

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share from continuing operations

$

1.96

 

 

 

$

1.35

 

 

 

45.2

%

 

$

5.81

 

 

 

$

(2.53

)

 

 

329.6

%

Earnings (loss) per share from discontinued operations

(0.01

)

 

 

(0.01

)

 

 

%

 

0.01

 

 

 

(0.02

)

 

 

150.0

%

Earnings (loss) per common share

$

1.95

 

 

 

$

1.34

 

 

 

45.5

%

 

$

5.82

 

 

 

$

(2.55

)

 

 

328.2

%

Weighted-average common shares outstanding

43,285

 

 

 

44,577

 

 

 

2.9

%

 

43,416

 

 

 

42,687

 

 

 

(1.7

)%

Dividends declared per common share

$

0.12

 

 

 

$

0.10

 

 

 

20.0

%

 

$

0.34

 

 

 

$

0.30

 

 

 

13.3

%

Franchised Dealerships Segment - Reported

 

 

Three Months Ended September 30,

 

Better /

(Worse)

 

Nine Months Ended September 30,

 

Better /

(Worse)

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

 

(In thousands, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

1,143,416

 

 

 

$

1,098,302

 

 

 

4.1

%

 

$

3,761,718

 

 

 

$

2,957,794

 

 

 

27.2

%

Used vehicles

750,263

 

 

 

615,565

 

 

 

21.9

%

 

2,173,322

 

 

 

1,718,151

 

 

 

26.5

%

Wholesale vehicles

64,052

 

 

 

48,526

 

 

 

32.0

%

 

183,212

 

 

 

119,474

 

 

 

53.3

%

Total vehicles

1,957,731

 

 

 

1,762,393

 

 

 

11.1

%

 

6,118,252

 

 

 

4,795,419

 

 

 

27.6

%

Parts, service and collision repair

339,930

 

 

 

310,035

 

 

 

9.6

%

 

994,125

 

 

 

886,534

 

 

 

12.1

%

Finance, insurance and other, net

111,808

 

 

 

91,035

 

 

 

22.8

%

 

333,394

 

 

 

254,465

 

 

 

31.0

%

Total revenues

2,409,469

 

 

 

2,163,463

 

 

 

11.4

%

 

7,445,771

 

 

 

5,936,418

 

 

 

25.4

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

115,204

 

 

 

62,678

 

 

 

83.8

%

 

302,994

 

 

 

153,480

 

 

 

97.4

%

Used vehicles

50,104

 

 

 

34,385

 

 

 

45.7

%

 

137,321

 

 

 

97,114

 

 

 

41.4

%

Wholesale vehicles

(1,986

)

 

 

2,556

 

 

 

(177.7

)%

 

186

 

 

 

2,116

 

 

 

(91.2

)%

Total vehicles

163,322

 

 

 

99,619

 

 

 

63.9

%

 

440,501

 

 

 

252,710

 

 

 

74.3

%

Parts, service and collision repair

171,064

 

 

 

156,711

 

 

 

9.2

%

 

501,908

 

 

 

439,272

 

 

 

14.3

%

Finance, insurance and other, net

111,808

 

 

 

91,035

 

 

 

22.8

%

 

333,394

 

 

 

254,465

 

 

 

31.0

%

Total gross profit

446,194

 

 

 

347,365

 

 

 

28.5

%

 

1,275,803

 

 

 

946,447

 

 

 

34.8

%

Selling, general and administrative expenses

(268,337

)

 

 

(231,882

)

 

 

(15.7

)%

 

(794,123

)

 

 

(697,796

)

 

 

(13.8

)%

Impairment charges

 

 

 

(26

)

 

 

NM

 

 

 

 

(268,859

)

 

 

NM

Depreciation and amortization

(21,266

)

 

 

(20,170

)

 

 

(5.4

)%

 

(62,258

)

 

 

(59,654

)

 

 

(4.4

)%

Operating income (loss)

156,591

 

 

 

95,287

 

 

 

64.3

%

 

419,422

 

 

 

(79,862

)

 

 

625.2

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

(1,973

)

 

 

(4,234

)

 

 

53.4

%

 

(9,243

)

 

 

(19,517

)

 

 

52.6

%

Interest expense, other, net

(9,477

)

 

 

(10,615

)

 

 

10.7

%

 

(29,158

)

 

 

(30,771

)

 

 

5.2

%

Other income (expense), net

(4

)

 

 

(4

)

 

 

%

 

73

 

 

 

96

 

 

 

(24.0

)%

Total other income (expense)

(11,454

)

 

 

(14,853

)

 

 

22.9

%

 

(38,328

)

 

 

(50,192

)

 

 

23.6

%

Income (loss) before taxes

145,137

 

 

 

80,434

 

 

 

80.4

%

 

381,094

 

 

 

(130,054

)

 

 

393.0

%

Add: impairment charges

 

 

 

26

 

 

 

NM

 

 

 

 

268,859

 

 

 

NM

Segment income (loss)

$

145,137

 

 

 

$

80,460

 

 

 

80.4

%

 

$

381,094

 

 

 

$

138,805

 

 

 

174.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

22,791

 

 

 

24,100

 

 

 

(5.4

)%

 

77,637

 

 

 

65,715

 

 

 

18.1

%

Used vehicles

26,274

 

 

 

26,363

 

 

 

(0.3

)%

 

82,060

 

 

 

76,374

 

 

 

7.4

%

Wholesale vehicles

6,119

 

 

 

6,679

 

 

 

(8.4

)%

 

19,704

 

 

 

18,416

 

 

 

7.0

%

Retail new & used vehicles

48,554

 

 

 

50,297

 

 

 

(3.5

)%

 

158,400

 

 

 

141,188

 

 

 

12.2

%

Used-to-New Ratio

1.15

 

 

 

1.09

 

 

 

5.4

%

 

1.06

 

 

 

1.16

 

 

 

(9.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

5,055

 

 

 

$

2,601

 

 

 

94.3

%

 

$

3,903

 

 

 

$

2,336

 

 

 

67.1

%

Used vehicles

$

1,907

 

 

 

$

1,304

 

 

 

46.2

%

 

$

1,673

 

 

 

$

1,272

 

 

 

31.5

%

Finance, insurance and other, net

$

2,303

 

 

 

$

1,810

 

 

 

27.2

%

 

$

2,105

 

 

 

$

1,802

 

 

 

16.8

%

 

NM = Not Meaningful

Franchised Dealerships Segment - Same Store

 

 

Three Months Ended September 30,

 

Better /

(Worse)

 

Nine Months Ended September 30,

 

Better /

(Worse)

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

 

(In thousands, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

1,137,465

 

 

$

1,091,592

 

 

4.2

%

 

$

3,755,766

 

 

$

2,935,140

 

 

28.0

%

Used vehicles

745,754

 

 

612,363

 

 

21.8

%

 

2,168,814

 

 

1,704,494

 

 

27.2

%

Wholesale vehicles

63,886

 

 

48,290

 

 

32.3

%

 

183,047

 

 

118,629

 

 

54.3

%

Total vehicles

1,947,105

 

 

1,752,245

 

 

11.1

%

 

6,107,627

 

 

4,758,263

 

 

28.4

%

Parts, service and collision repair

338,141

 

 

307,614

 

 

9.9

%

 

992,291

 

 

874,636

 

 

13.5

%

Finance, insurance and other, net

103,746

 

 

85,911

 

 

20.8

%

 

312,649

 

 

238,125

 

 

31.3

%

Total revenues

2,388,992

 

 

2,145,770

 

 

11.3

%

 

7,412,567

 

 

5,871,024

 

 

26.3

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

114,308

 

 

62,360

 

 

83.3

%

 

301,616

 

 

152,487

 

 

97.8

%

Used vehicles

47,860

 

 

36,411

 

 

31.4

%

 

137,158

 

 

101,259

 

 

35.5

%

Wholesale vehicles

770

 

 

2,686

 

 

(71.3

)%

 

5,705

 

 

2,348

 

 

143.0

%

Total vehicles

162,938

 

 

101,457

 

 

60.6

%

 

444,479

 

 

256,094

 

 

73.6

%

Parts, service and collision repair

169,700

 

 

155,682

 

 

9.0

%

 

499,714

 

 

433,629

 

 

15.2

%

Finance, insurance and other, net

103,746

 

 

85,911

 

 

20.8

%

 

312,649

 

 

238,125

 

 

31.3

%

Total gross profit

$

436,384

 

 

$

343,050

 

 

27.2

%

 

$

1,256,842

 

 

$

927,848

 

 

35.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

22,631

 

 

23,852

 

 

(5.1

)%

 

77,477

 

 

64,893

 

 

19.4

%

Used vehicles

26,084

 

 

26,168

 

 

(0.3

)%

 

81,870

 

 

75,504

 

 

8.4

%

Wholesale vehicles

6,095

 

 

6,630

 

 

(8.1

)%

 

19,680

 

 

18,241

 

 

7.9

%

Retail new & used vehicles

48,204

 

 

49,854

 

 

(3.3

)%

 

158,050

 

 

139,496

 

 

13.3

%

Used-to-New Ratio

1.15

 

 

1.10

 

 

5.1

%

 

1.06

 

 

1.16

 

 

(9.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

5,051

 

 

$

2,614

 

 

93.2

%

 

$

3,893

 

 

$

2,350

 

 

65.7

%

Used vehicles

$

1,835

 

 

$

1,391

 

 

31.9

%

 

$

1,675

 

 

$

1,341

 

 

24.9

%

Finance, insurance and other, net

$

2,152

 

 

$

1,723

 

 

24.9

%

 

$

1,978

 

 

$

1,707

 

 

15.9

%

 

Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.

EchoPark Segment - Reported

 

 

Three Months Ended September 30,

 

Better /

(Worse)

 

Nine Months Ended September 30,

 

Better /

(Worse)

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

 

(In thousands, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

$

3,506

 

 

 

$

 

 

 

100.0

%

 

$

4,415

 

 

 

$

 

 

 

100.0

%

Used vehicles

559,229

 

 

 

330,463

 

 

 

69.2

%

 

1,492,964

 

 

 

886,806

 

 

 

68.4

%

Wholesale vehicles

33,035

 

 

 

7,976

 

 

 

314.2

%

 

73,489

 

 

 

18,747

 

 

 

292.0

%

Total vehicles

595,770

 

 

 

338,439

 

 

 

76.0

%

 

1,570,868

 

 

 

905,553

 

 

 

73.5

%

Parts, service and collision repair

15,297

 

 

 

10,894

 

 

 

40.4

%

 

42,611

 

 

 

28,133

 

 

 

51.5

%

Finance, insurance and other, net

52,276

 

 

 

35,749

 

 

 

46.2

%

 

152,606

 

 

 

98,383

 

 

 

55.1

%

Total revenues

663,343

 

 

 

385,082

 

 

 

72.3

%

 

1,766,085

 

 

 

1,032,069

 

 

 

71.1

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

243

 

 

 

 

 

 

100.0

%

 

343

 

 

 

 

 

 

100.0

%

Used vehicles

(30,384

)

 

 

(6,350

)

 

 

(378.5

)%

 

(51,979

)

 

 

(9,578

)

 

 

(442.7

)%

Wholesale vehicles

3,241

 

 

 

(12

)

 

 

NM

 

6,443

 

 

 

(155

)

 

 

NM

Total vehicles

(26,900

)

 

 

(6,362

)

 

 

(322.8

)%

 

(45,193

)

 

 

(9,733

)

 

 

(364.3

)%

Parts, service and collision repair

449

 

 

 

(185

)

 

 

342.7

%

 

504

 

 

 

(569

)

 

 

188.4

%

Finance, insurance and other, net

52,276

 

 

 

35,749

 

 

 

46.2

%

 

152,606

 

 

 

98,383

 

 

 

55.1

%

Total gross profit

25,825

 

 

 

29,202

 

 

 

(11.6

)%

 

107,917

 

 

 

88,081

 

 

 

22.5

%

Selling, general and administrative expenses

(53,036

)

 

 

(25,292

)

 

 

(109.7

)%

 

(137,226

)

 

 

(71,892

)

 

 

(90.9

)%

Impairment charges

 

 

 

 

 

 

%

 

 

 

 

 

 

 

%

Depreciation and amortization

(3,973

)

 

 

(2,764

)

 

 

(43.7

)%

 

(11,429

)

 

 

(8,225

)

 

 

(39.0

)%

Operating income (loss)

(31,184

)

 

 

1,146

 

 

 

(2,821.1

)%

 

(40,738

)

 

 

7,964

 

 

 

(611.5

)%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

(1,367

)

 

 

(765

)

 

 

(78.7

)%

 

(3,538

)

 

 

(2,304

)

 

 

(53.6

)%

Interest expense, other, net

(340

)

 

 

(147

)

 

 

(131.3

)%

 

(1,022

)

 

 

(752

)

 

 

(35.9

)%

Other income (expense), net

4

 

 

 

5

 

 

 

(20.0

)%

 

27

 

 

 

4

 

 

 

575.0

%

Total other income (expense)

(1,703

)

 

 

(907

)

 

 

(87.8

)%

 

(4,533

)

 

 

(3,052

)

 

 

(48.5

)%

Income (loss) before taxes

(32,887

)

 

 

239

 

 

 

NM

 

(45,271

)

 

 

4,912

 

 

 

NM

Add: impairment charges

 

 

 

 

 

 

NM

 

 

 

 

 

 

 

NM

Segment income (loss)

$

(32,887

)

 

 

$

239

 

 

 

NM

 

$

(45,271

)

 

 

$

4,912

 

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

New vehicles

55

 

 

 

 

 

 

100.0

%

 

69

 

 

 

 

 

 

100.0

%

Used vehicles

21,255

 

 

 

15,127

 

 

 

40.5

%

 

62,186

 

 

 

42,320

 

 

 

46.9

%

Wholesale vehicles

3,492

 

 

 

1,955

 

 

 

78.6

%

 

9,231

 

 

 

5,174

 

 

 

78.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

1,030

 

 

 

$

1,943

 

 

 

(47.0

)%

 

$

1,618

 

 

 

$

2,098

 

 

 

(22.9

)%

 

NM = Not Meaningful

EchoPark Segment - Same Market

 

 

Three Months Ended September 30,

 

Better /

(Worse)

 

Nine Months Ended September 30,

 

Better /

(Worse)

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

 

(In thousands, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

$

400,050

 

 

 

$

330,520

 

 

 

21.0

%

 

$

1,139,032

 

 

 

$

886,873

 

 

 

28.4

%

Wholesale vehicles

24,186

 

 

 

7,977

 

 

 

203.2

%

 

55,275

 

 

 

18,747

 

 

 

194.8

%

Total vehicles

424,236

 

 

 

338,497

 

 

 

25.3

%

 

1,194,307

 

 

 

905,620

 

 

 

31.9

%

Parts, service and collision repair

11,866

 

 

 

10,858

 

 

 

9.3

%

 

33,714

 

 

 

28,064

 

 

 

20.1

%

Finance, insurance and other, net

37,045

 

 

 

35,669

 

 

 

3.9

%

 

116,003

 

 

 

98,099

 

 

 

18.3

%

Total revenues

473,147

 

 

 

385,024

 

 

 

22.9

%

 

1,344,024

 

 

 

1,031,783

 

 

 

30.3

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

(20,015

)

 

 

(12,115

)

 

 

(65.2

)%

 

(38,344

)

 

 

(22,818

)

 

 

(68.0

)%

Wholesale vehicles

2,328

 

 

 

(13

)

 

 

NM

 

4,768

 

 

 

(157

)

 

 

NM

Total vehicles

(17,687

)

 

 

(12,128

)

 

 

(45.8

)%

 

(33,576

)

 

 

(22,975

)

 

 

(46.1

)%

Parts, service and collision repair

593

 

 

 

(168

)

 

 

453.0

%

 

947

 

 

 

(553

)

 

 

271.2

%

Finance, insurance and other, net

37,045

 

 

 

35,669

 

 

 

3.9

%

 

116,003

 

 

 

98,099

 

 

 

18.3

%

Total gross profit

$

19,951

 

 

 

$

23,373

 

 

 

(14.6

)%

 

$

83,374

 

 

 

$

74,571

 

 

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

14,828

 

 

 

15,127

 

 

 

(2.0

)%

 

46,864

 

 

 

42,320

 

 

 

10.7

%

Wholesale vehicles

2,226

 

 

 

1,955

 

 

 

13.9

%

 

6,386

 

 

 

5,174

 

 

 

23.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

1,149

 

 

 

$

1,557

 

 

 

(26.2

)%

 

$

1,657

 

 

 

$

1,779

 

 

 

(6.9

)%

 

NM = Not Meaningful

 

Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market's opening.

Selling, General and Administrative ("SG&A") Expenses - Consolidated

 

 

Three Months Ended September 30,

 

Better / (Worse)

 

2021

 

2020

 

Change

 

% Change

 

(In thousands)

Reported:

 

 

 

 

 

 

 

Compensation

$

206,205

 

 

$

169,097

 

 

$

(37,108

)

 

 

(21.9

)%

Advertising

16,715

 

 

9,455

 

 

(7,260

)

 

 

(76.8

)%

Rent

13,781

 

 

13,846

 

 

65

 

 

 

0.5

%

Other

84,672

 

 

64,776

 

 

(19,896

)

 

 

(30.7

)%

Total SG&A expenses

$

321,373

 

 

$

257,174

 

 

$

(64,199

)

 

 

(25.0

)%

Items of interest:

 

 

 

 

 

 

 

Gain (loss) on franchise disposals

$

 

 

$

3,150

 

 

 

 

 

Total SG&A adjustments

$

 

 

$

3,150

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

321,373

 

 

$

260,324

 

 

$

(61,049

)

 

 

(23.5

)%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

43.7

%

 

44.9

%

 

120

 

 

bps

Advertising

3.5

%

 

2.5

%

 

(100

)

 

bps

Rent

2.9

%

 

3.7

%

 

80

 

 

bps

Other

18.0

%

 

17.2

%

 

(80

)

 

bps

Total SG&A expenses as a % of gross profit

68.1

%

 

68.3

%

 

20

 

 

bps

Items of interest:

 

 

 

 

 

 

Gain (loss) on franchise disposals

%

 

0.8

%

 

 

 

Total effect of adjustments

%

 

0.8

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

68.1

%

 

69.1

%

 

100

 

 

bps

Selling, General and Administrative ("SG&A") Expenses – Consolidated

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

Better / (Worse)

 

2021

 

2020

 

Change

 

% Change

 

(In thousands)

Reported:

 

 

 

 

 

 

 

Compensation

$

608,539

 

 

$

483,784

 

 

$

(124,755

)

 

 

(25.8

)%

Advertising

44,229

 

 

31,677

 

 

(12,552

)

 

 

(39.6

)%

Rent

41,190

 

 

40,934

 

 

(256

)

 

 

(0.6

)%

Other

237,391

 

 

213,293

 

 

(24,098

)

 

 

(11.3

)%

Total SG&A expenses

$

931,349

 

 

$

769,688

 

 

$

(161,661

)

 

 

(21.0

)%

Items of interest:

 

 

 

 

 

 

 

Gain (loss) on franchise disposals

$

 

 

$

3,150

 

 

 

 

 

Total SG&A adjustments

$

 

 

$

3,150

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

931,349

 

 

$

772,838

 

 

$

(158,511

)

 

 

(20.5

)%

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

44.0

%

 

46.8

%

 

280

 

 

bps

Advertising

3.2

%

 

3.1

%

 

(10

)

 

bps

Rent

3.0

%

 

4.0

%

 

100

 

 

bps

Other

17.1

%

 

20.5

%

 

340

 

 

bps

Total SG&A expenses as a % of gross profit

67.3

%

 

74.4

%

 

710

 

 

bps

Items of interest:

 

 

 

 

 

 

Gain (loss) on franchise disposals

%

 

0.3

%

 

 

 

Total effect of adjustments

%

 

0.3

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

67.3

%

 

74.7

%

 

740

 

 

bps

Earnings Per Share from Continuing Operations - Non-GAAP Reconciliation

 

 

Three Months Ended September 30, 2021

 

Three Months Ended September 30, 2020

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

(In thousands, except per share amounts)

Diluted earnings (loss) and shares from continuing operations

43,285

 

 

$

84,691

 

 

$

1.96

 

 

44,577

 

 

$

59,988

 

 

 

$

1.35

 

Pre-tax items of interest:

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on franchise disposals

 

 

$

 

 

 

 

 

 

$

(3,150

)

 

 

 

Total pre-tax items of interest

 

 

$

 

 

 

 

 

 

$

(3,150

)

 

 

 

Tax effect of above items

 

 

 

 

 

 

 

 

827

 

 

 

 

Adjusted diluted earnings (loss) and shares from continuing operations

43,285

 

 

$

84,691

 

 

$

1.96

 

 

44,577

 

 

$

57,665

 

 

 

$

1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2021

 

Nine Months Ended September 30, 2020

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Amount

 

Per

Share

Amount

 

(In thousands, except per share amounts)

Diluted earnings (loss) and shares from continuing operations (1)

43,416

 

 

$

252,371

 

 

$

5.81

 

 

42,687

 

 

$

(108,147

)

 

 

$

(2.53

)

 

Pre-tax items of interest:

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on franchise disposals

 

 

$

 

 

 

 

 

 

$

(3,150

)

 

 

 

Impairment charges

 

 

 

 

 

 

 

 

268,000

 

 

 

 

Total pre-tax items of interest

 

 

$

 

 

 

 

 

 

$

264,850

 

 

 

 

Tax effect of above items

 

 

 

 

 

 

 

 

(53,643

)

 

 

 

Adjusted diluted earnings (loss) and shares from continuing operations

43,416

 

 

$

252,371

 

 

$

5.81

 

 

43,864

 

 

$

103,060

 

 

 

$

2.35

 

 

 

(1) Basic weighted-average shares used for nine months ended September 30, 2020 due to net loss on GAAP basis.

Adjusted EBITDA - Non-GAAP Reconciliation

 

 

Three Months Ended September 30, 2021

 

Three Months Ended September 30, 2020

 

Franchised

Dealerships

Segment

 

EchoPark

Segment

 

Discontinued

Operations

 

Total

 

Franchised

Dealerships

Segment

 

EchoPark

Segment

 

Discontinued

Operations

 

Total

 

(In thousands)

Net income (loss)

 

 

 

 

 

 

$

84,485

 

 

 

 

 

 

 

 

 

$

59,818

 

 

Provision for income taxes

 

 

 

 

 

 

27,490

 

 

 

 

 

 

 

 

 

20,620

 

 

Income (loss) before taxes

$

145,138

 

 

 

$

(32,888

)

 

 

$

(275

)

 

 

$

111,975

 

 

 

$

80,434

 

 

 

$

239

 

 

$

(235

)

 

 

$

80,438

 

 

Non-floor plan interest

8,799

 

 

 

333

 

 

 

 

 

 

9,132

 

 

 

9,781

 

 

 

147

 

 

 

 

 

9,928

 

 

Depreciation and amortization

21,943

 

 

 

3,980

 

 

 

 

 

 

25,923

 

 

 

21,004

 

 

 

2,763

 

 

 

 

 

23,767

 

 

Stock-based compensation expense

3,681

 

 

 

 

 

 

 

 

 

3,681

 

 

 

3,153

 

 

 

 

 

 

 

 

3,153

 

 

Asset impairment charges

 

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

26

 

 

Long-term compensation charges

 

 

 

500

 

 

 

 

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) on franchise and real estate disposals

(12

)

 

 

(423

)

 

 

 

 

 

(435

)

 

 

(3,388

)

 

 

 

 

 

 

 

(3,388

)

 

Adjusted EBITDA

$

179,549

 

 

 

$

(28,498

)

 

 

$

(275

)

 

 

$

150,776

 

 

 

$

111,010

 

 

 

$

3,149

 

 

$

(235

)

 

 

$

113,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2021

 

Nine Months Ended September 30, 2020

 

Franchised

Dealerships

Segment

 

EchoPark

Segment

 

Discontinued

Operations

 

Total

 

Franchised

Dealerships

Segment

 

EchoPark

Segment

 

Discontinued

Operations

 

Total

 

(In thousands)

Net income (loss)

 

 

 

 

 

 

$

252,552

 

 

 

 

 

 

 

 

 

$

(108,724

)

 

Provision for income taxes

 

 

 

 

 

 

83,512

 

 

 

 

 

 

 

 

 

(17,226

)

 

Income (loss) before taxes

$

381,094

 

 

 

$

(45,271

)

 

 

$

241

 

 

$

336,064

 

 

 

$

(130,054

)

 

 

$

4,912

 

 

$

(808

)

 

 

$

(125,950

)

 

Non-floor plan interest

26,821

 

 

 

1,015

 

 

 

 

 

27,836

 

 

 

28,762

 

 

 

746

 

 

 

 

 

29,508

 

 

Depreciation & amortization

64,593

 

 

 

11,436

 

 

 

 

 

76,029

 

 

 

61,662

 

 

 

8,229

 

 

 

 

 

69,891

 

 

Stock-based compensation expense

11,155

 

 

 

 

 

 

 

 

11,155

 

 

 

8,551

 

 

 

 

 

 

 

 

8,551

 

 

Asset impairment charges

 

 

 

 

 

 

 

 

 

 

 

268,859

 

 

 

 

 

 

 

 

268,859

 

 

Long-term compensation charges

 

 

 

1,500

 

 

 

 

 

1,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) on franchise and real estate disposals

(433

)

 

 

(432

)

 

 

 

 

(865

)

 

 

(2,271

)

 

 

 

 

 

 

 

(2,271

)

 

Adjusted EBITDA

$

483,230

 

 

 

$

(31,752

)

 

 

$

241

 

 

$

451,719

 

 

 

$

235,509

 

 

 

$

13,887

 

 

$

(808

)

 

 

$

248,588

 

 

 

Contacts

Investor Inquiries:

Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400

Danny Wieland, Vice President, Investor Relations & Financial Reporting (704) 927-3462

ir@sonicautomotive.com

Press Inquiries:

Danielle DeVoren / Joshua Greenwald

212-896-1272 / 646-379-7971

ddevoren@kcsa.com/jgreenwald@kcsa.com

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