Sonic Automotive Reports First Quarter 2025 Financial Results
EchoPark Reports All-Time Record Quarterly Gross Profit, Segment Income, and Adjusted EBITDA*
First Quarter 2025 Financial Summary
-
First quarter record total revenues of
$3.7 billion 8% year-over-year; total gross profit of$566.4 million 6% year-over-year -
Reported net income of
$70.6 million 68% year-over-year ($2.04 70% year-over-year)-
Reported net income for the first quarter of 2025 includes the effect of a
$30.0 million $0.2 million $1.4 million $1.2 million $0.9 million $7.4 million -
Reported net income for the first quarter of 2024 includes the effect of a
$2.2 million $1.0 million $4.2 million $1.9 million -
Excluding these items, adjusted net income* was
$51.3 million 8% year-over-year ($1.48 9% year-over-year)
-
Reported net income for the first quarter of 2025 includes the effect of a
-
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of
67.1% (66.0% on a Franchised Dealerships Segment basis,70.1% on an EchoPark Segment basis, and112.5% on a Powersports Segment basis)-
Total adjusted SG&A expenses as a percentage of gross profit* of
72.1% (71.8% on a Franchised Dealerships Segment basis,70.4% on an EchoPark Segment basis, and102.0% on a Powersports Segment basis)
-
Total adjusted SG&A expenses as a percentage of gross profit* of
-
EchoPark Segment revenues of
$559.7 million $63.9 million 21% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 18,798, up5% year-over-year -
Reported EchoPark Segment income of
$10.3 million $2.9 million 455% improvement year-over-year-
Adjusted EchoPark Segment income* of
$10.1 million $1.3 million 677% improvement year-over-year
-
Adjusted EchoPark Segment income* of
-
All-time record quarterly EchoPark Segment adjusted EBITDA* of
$15.8 million $7.3 million 116% year-over-year, -
Sonic’s Board of Directors approved a quarterly cash dividend of
$0.35
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
Commentary
David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, “In the first quarter, our team continued to execute at a high level, driving record first quarter consolidated revenues and combined new and used retail unit sales volume, in addition to all-time record quarterly adjusted EBITDA* in our EchoPark Segment. Going forward, we remain focused on delivering an outstanding experience for our guests and teammates, continuing to grow our EchoPark volume and profitability, gaining market share in our franchised dealerships and powersports segments, and optimizing our expense structure to drive sustained success. Despite uncertainty around the impact of tariffs on pricing, vehicle and parts inventory levels, gross margin, and consumer demand, our entire team remains focused on executing our strategy and continuing to grow our business, in order to create long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “Our Franchised Dealerships Segment generated first quarter record total revenues, fixed operations gross profit, and F&I gross profit, and continues to execute our operational strategy at a high level. Our EchoPark team did an excellent job in the first quarter, achieving all-time record quarterly gross profit, segment income and adjusted EBITDA*, capitalizing on seasonal strength and setting the stage for continued operating efficiency going forward. In our Powersports Segment, we are beginning to see the benefits of our investment in modernizing our inventory management and marketing processes, which will be key to success in this segment.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “As of March 31, 2025, we had approximately
First Quarter 2025 Segment Highlights
The financial measures discussed below are results for the first quarter of 2025 with comparisons made to the first quarter of 2024, unless otherwise noted.
-
Franchised Dealerships Segment operating results include:
-
Same store revenues up
8% ; same store gross profit up3% -
Same store retail new vehicle unit sales volume up
10% ; same store retail new vehicle gross profit per unit down17% , to$3,089 -
Same store retail used vehicle unit sales volume down
2% ; same store retail used vehicle gross profit per unit down3% , to$1,555 -
Same store parts, service and collision repair (“Fixed Operations”) gross profit up
7% ; same store customer pay gross profit up2% ; same store warranty gross profit up38% ; same store Fixed Operations gross profit margin up 70 basis points, to50.8% -
Same store finance and insurance (“F&I”) gross profit up
8% ; same store F&I gross profit per retail unit of$2,442 4% - On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 51 days’ supply of new vehicle inventory (including in-transit) and 31 days’ supply of used vehicle inventory
-
Same store revenues up
-
EchoPark Segment operating results include:
-
Revenues of
$559.7 million $63.9 million 21% -
On a same market basis (which excludes closed stores), revenues were up
3% and gross profit was up19%
-
On a same market basis (which excludes closed stores), revenues were up
-
Retail used vehicle unit sales volume of 18,798, up
5% -
On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up
7%
-
On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up
-
All-time record quarterly reported segment income of
$10.3 million $10.1 million $15.8 million - On a trailing quarter cost of sales basis, the EchoPark Segment had 35 days’ supply of used vehicle inventory
-
Revenues of
-
Powersports Segment operating results include:
-
First quarter record revenues of
$34.4 million 24% ; gross profit of$8.5 million 9% -
Segment loss of
$3.5 million 52% increase from a segment loss of$2.3 million $0.7 million 13% improvement from an adjusted EBITDA loss* of$0.8 million
-
First quarter record revenues of
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
Dividend
Sonic’s Board of Directors approved a quarterly cash dividend of
First Quarter 2025 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 and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive First Quarter 2025 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
About EchoPark Automotive
EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes 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
Forward-Looking Statements
Included herein are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address our future objectives, plans and goals, as well as our intent, beliefs and current expectations regarding future operating performance, results and events, and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “foresee” and other similar words or phrases. You should not place undue reliance on these statements, and you are cautioned that these forward-looking statements are not guarantees of future performance. 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, the effects of tariffs on vehicle and parts pricing and supply, the effects of tariffs on consumer demand, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and changes in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies and investment in new technologies, the rate and timing of overall economic expansion or contraction, the integration of acquisitions, cybersecurity incidents and other disruptions to our information systems, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports and information filed with the United States 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. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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 net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, adjusted segment income, 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 March 31, |
|
Better / (Worse) |
|||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions, except per share amounts) |
|
|
|||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
1,656.3 |
|
|
$ |
1,455.8 |
|
|
14 |
% |
Fleet new vehicles |
|
22.1 |
|
|
|
19.6 |
|
|
13 |
% |
Total new vehicles |
|
1,678.4 |
|
|
|
1,475.4 |
|
|
14 |
% |
Used vehicles |
|
1,225.0 |
|
|
|
1,215.6 |
|
|
1 |
% |
Wholesale vehicles |
|
82.7 |
|
|
|
77.3 |
|
|
7 |
% |
Total vehicles |
|
2,986.1 |
|
|
|
2,768.3 |
|
|
8 |
% |
Parts, service and collision repair |
|
474.4 |
|
|
|
446.7 |
|
|
6 |
% |
Finance, insurance and other, net |
|
190.8 |
|
|
|
169.0 |
|
|
13 |
% |
Total revenues |
|
3,651.3 |
|
|
|
3,384.0 |
|
|
8 |
% |
Cost of sales: |
|
|
|
|
|
|||||
Retail new vehicles |
|
(1,566.9 |
) |
|
|
(1,359.4 |
) |
|
(15 |
)% |
Fleet new vehicles |
|
(21.5 |
) |
|
|
(18.9 |
) |
|
(14 |
)% |
Total new vehicles |
|
(1,588.4 |
) |
|
|
(1,378.3 |
) |
|
(15 |
)% |
Used vehicles |
|
(1,178.6 |
) |
|
|
(1,168.6 |
) |
|
(1 |
)% |
Wholesale vehicles |
|
(84.1 |
) |
|
|
(78.1 |
) |
|
(8 |
)% |
Total vehicles |
|
(2,851.1 |
) |
|
|
(2,625.0 |
) |
|
(9 |
)% |
Parts, service and collision repair |
|
(233.8 |
) |
|
|
(222.8 |
) |
|
(5 |
)% |
Total cost of sales |
|
(3,084.9 |
) |
|
|
(2,847.8 |
) |
|
(8 |
)% |
Gross profit |
|
566.4 |
|
|
|
536.2 |
|
|
6 |
% |
Selling, general and administrative expenses |
|
(380.3 |
) |
|
|
(392.2 |
) |
|
3 |
% |
Impairment charges |
|
(1.4 |
) |
|
|
(1.0 |
) |
|
NM |
|
Depreciation and amortization |
|
(39.7 |
) |
|
|
(36.3 |
) |
|
(9 |
)% |
Operating income (loss) |
|
145.0 |
|
|
|
106.7 |
|
|
36 |
% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(20.0 |
) |
|
|
(20.3 |
) |
|
1 |
% |
Interest expense, other, net |
|
(27.6 |
) |
|
|
(29.0 |
) |
|
5 |
% |
Other income (expense), net |
|
— |
|
|
|
0.1 |
|
|
NM |
|
Total other income (expense) |
|
(47.6 |
) |
|
|
(49.2 |
) |
|
3 |
% |
Income (loss) before taxes |
|
97.4 |
|
|
|
57.5 |
|
|
69 |
% |
Provision for income taxes - benefit (expense) |
|
(26.8 |
) |
|
|
(15.5 |
) |
|
(73 |
)% |
Net income (loss) |
$ |
70.6 |
|
|
$ |
42.0 |
|
|
68 |
% |
|
|
|
|
|
|
|||||
Basic earnings (loss) per common share |
$ |
2.09 |
|
|
$ |
1.24 |
|
|
69 |
% |
Basic weighted-average common shares outstanding |
|
33.9 |
|
|
|
34.0 |
|
|
— |
% |
|
|
|
|
|
|
|||||
Diluted earnings (loss) per common share |
$ |
2.04 |
|
|
$ |
1.20 |
|
|
70 |
% |
Diluted weighted-average common shares outstanding |
|
34.6 |
|
|
|
34.9 |
|
|
1 |
% |
|
|
|
|
|
|
|||||
Dividends declared per common share |
$ |
0.35 |
|
|
$ |
0.30 |
|
|
17 |
% |
NM = Not Meaningful |
||||||||||
Franchised Dealerships Segment - Reported |
||||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
1,636.9 |
|
|
$ |
1,439.9 |
|
|
14 |
% |
Fleet new vehicles |
|
22.1 |
|
|
|
19.6 |
|
|
13 |
% |
Total new vehicles |
|
1,659.0 |
|
|
|
1,459.5 |
|
|
14 |
% |
Used vehicles |
|
745.6 |
|
|
|
729.3 |
|
|
2 |
% |
Wholesale vehicles |
|
54.6 |
|
|
|
48.6 |
|
|
12 |
% |
Total vehicles |
|
2,459.2 |
|
|
|
2,237.4 |
|
|
10 |
% |
Parts, service and collision repair |
|
467.4 |
|
|
|
439.9 |
|
|
6 |
% |
Finance, insurance and other, net |
|
130.6 |
|
|
|
119.6 |
|
|
9 |
% |
Total revenues |
|
3,057.2 |
|
|
|
2,796.9 |
|
|
9 |
% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
86.7 |
|
|
|
94.1 |
|
|
(8 |
)% |
Fleet new vehicles |
|
0.6 |
|
|
|
0.7 |
|
|
(14 |
)% |
Total new vehicles |
|
87.3 |
|
|
|
94.8 |
|
|
(8 |
)% |
Used vehicles |
|
39.9 |
|
|
|
40.8 |
|
|
(2 |
)% |
Wholesale vehicles |
|
(1.0 |
) |
|
|
(0.2 |
) |
|
(400 |
)% |
Total vehicles |
|
126.2 |
|
|
|
135.4 |
|
|
(7 |
)% |
Parts, service and collision repair |
|
237.2 |
|
|
|
220.8 |
|
|
7 |
% |
Finance, insurance and other, net |
|
130.6 |
|
|
|
119.6 |
|
|
9 |
% |
Total gross profit |
|
494.0 |
|
|
|
475.8 |
|
|
4 |
% |
Selling, general and administrative expenses |
|
(325.9 |
) |
|
|
(338.5 |
) |
|
4 |
% |
Impairment charges |
|
— |
|
|
|
(1.0 |
) |
|
NM |
|
Depreciation and amortization |
|
(33.4 |
) |
|
|
(29.8 |
) |
|
(12 |
)% |
Operating income (loss) |
|
134.7 |
|
|
|
106.5 |
|
|
26 |
% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(16.3 |
) |
|
|
(16.0 |
) |
|
(2 |
)% |
Interest expense, other, net |
|
(26.6 |
) |
|
|
(27.8 |
) |
|
4 |
% |
Other income (expense), net |
|
0.1 |
|
|
|
— |
|
|
NM |
|
Total other income (expense) |
|
(42.8 |
) |
|
|
(43.8 |
) |
|
2 |
% |
Income (loss) before taxes |
|
91.9 |
|
|
|
62.7 |
|
|
47 |
% |
Add: Impairment charges |
|
— |
|
|
|
1.0 |
|
|
NM |
|
Segment income (loss) |
$ |
91.9 |
|
|
$ |
63.7 |
|
|
44 |
% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
28,082 |
|
|
|
25,297 |
|
|
11 |
% |
Fleet new vehicles |
|
383 |
|
|
|
379 |
|
|
1 |
% |
Total new vehicles |
|
28,465 |
|
|
|
25,676 |
|
|
11 |
% |
Used vehicles |
|
25,441 |
|
|
|
25,666 |
|
|
(1 |
)% |
Wholesale vehicles |
|
6,195 |
|
|
|
5,105 |
|
|
21 |
% |
Retail new & used vehicles |
|
53,523 |
|
|
|
50,963 |
|
|
5 |
% |
Used-to-New Ratio |
|
0.91 |
|
|
|
1.01 |
|
|
(10 |
)% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
3,089 |
|
|
$ |
3,722 |
|
|
(17 |
)% |
Fleet new vehicles |
$ |
1,444 |
|
|
$ |
1,706 |
|
|
(15 |
)% |
New vehicles |
$ |
3,067 |
|
|
$ |
3,692 |
|
|
(17 |
)% |
Used vehicles |
$ |
1,568 |
|
|
$ |
1,592 |
|
|
(2 |
)% |
Finance, insurance and other, net |
$ |
2,439 |
|
|
$ |
2,348 |
|
|
4 |
% |
NM = Not Meaningful
Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. 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. |
||||||||||
Franchised Dealerships Segment - Same Store |
||||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
1,623.6 |
|
|
$ |
1,437.4 |
|
|
13 |
% |
Fleet new vehicles |
|
22.0 |
|
|
|
19.6 |
|
|
12 |
% |
Total new vehicles |
|
1,645.6 |
|
|
|
1,457.0 |
|
|
13 |
% |
Used vehicles |
|
731.8 |
|
|
|
726.8 |
|
|
1 |
% |
Wholesale vehicles |
|
54.0 |
|
|
|
48.2 |
|
|
12 |
% |
Total vehicles |
|
2,431.4 |
|
|
|
2,232.0 |
|
|
9 |
% |
Parts, service and collision repair |
|
461.6 |
|
|
|
438.7 |
|
|
5 |
% |
Finance, insurance and other, net |
|
129.2 |
|
|
|
119.3 |
|
|
8 |
% |
Total revenues |
|
3,022.2 |
|
|
|
2,790.0 |
|
|
8 |
% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
86.1 |
|
|
|
94.2 |
|
|
(9 |
)% |
Fleet new vehicles |
|
0.6 |
|
|
|
0.6 |
|
|
— |
% |
Total new vehicles |
|
86.7 |
|
|
|
94.8 |
|
|
(9 |
)% |
Used vehicles |
|
38.9 |
|
|
|
40.9 |
|
|
(5 |
)% |
Wholesale vehicles |
|
(1.0 |
) |
|
|
(0.2 |
) |
|
(400 |
)% |
Total vehicles |
|
124.6 |
|
|
|
135.5 |
|
|
(8 |
)% |
Parts, service and collision repair |
|
234.3 |
|
|
|
219.7 |
|
|
7 |
% |
Finance, insurance and other, net |
|
129.2 |
|
|
|
119.3 |
|
|
8 |
% |
Total gross profit |
$ |
488.1 |
|
|
$ |
474.5 |
|
|
3 |
% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
27,870 |
|
|
|
25,231 |
|
|
10 |
% |
Fleet new vehicles |
|
383 |
|
|
|
379 |
|
|
1 |
% |
Total new vehicles |
|
28,253 |
|
|
|
25,610 |
|
|
10 |
% |
Used vehicles |
|
25,019 |
|
|
|
25,554 |
|
|
(2 |
)% |
Wholesale vehicles |
|
6,117 |
|
|
|
5,065 |
|
|
21 |
% |
Retail new & used vehicles |
|
52,889 |
|
|
|
50,785 |
|
|
4 |
% |
Used-to-New Ratio |
|
0.90 |
|
|
|
1.01 |
|
|
(11 |
)% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
3,089 |
|
|
$ |
3,732 |
|
|
(17 |
)% |
Fleet new vehicles |
$ |
1,444 |
|
|
$ |
1,706 |
|
|
(15 |
)% |
New vehicles |
$ |
3,067 |
|
|
$ |
3,702 |
|
|
(17 |
)% |
Used vehicles |
$ |
1,555 |
|
|
$ |
1,600 |
|
|
(3 |
)% |
Finance, insurance and other, net |
$ |
2,442 |
|
|
$ |
2,350 |
|
|
4 |
% |
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 March 31, |
|
Better / (Worse) |
|||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Used vehicles |
|
473.7 |
|
|
|
482.9 |
|
|
(2 |
)% |
Wholesale vehicles |
|
27.3 |
|
|
|
28.6 |
|
|
(5 |
)% |
Total vehicles |
|
501.0 |
|
|
|
511.5 |
|
|
(2 |
)% |
Finance, insurance and other, net |
|
58.7 |
|
|
|
47.9 |
|
|
23 |
% |
Total revenues |
|
559.7 |
|
|
|
559.4 |
|
|
— |
% |
Gross Profit: |
|
|
|
|
|
|||||
Used vehicles |
|
5.4 |
|
|
|
5.3 |
|
|
2 |
% |
Wholesale vehicles |
|
(0.2 |
) |
|
|
(0.6 |
) |
|
67 |
% |
Total vehicles |
|
5.2 |
|
|
|
4.7 |
|
|
11 |
% |
Finance, insurance and other, net |
|
58.7 |
|
|
|
47.9 |
|
|
23 |
% |
Total gross profit |
|
63.9 |
|
|
|
52.6 |
|
|
21 |
% |
Selling, general and administrative expenses |
|
(44.8 |
) |
|
|
(45.6 |
) |
|
2 |
% |
Impairment charges |
|
(0.2 |
) |
|
|
— |
|
|
NM |
|
Depreciation and amortization |
|
(5.2 |
) |
|
|
(5.5 |
) |
|
5 |
% |
Operating income (loss) |
|
13.7 |
|
|
|
1.5 |
|
|
813 |
% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(3.1 |
) |
|
|
(3.8 |
) |
|
18 |
% |
Interest expense, other, net |
|
(0.4 |
) |
|
|
(0.7 |
) |
|
43 |
% |
Other income (expense), net |
|
(0.1 |
) |
|
|
0.1 |
|
|
NM |
|
Total other income (expense) |
|
(3.6 |
) |
|
|
(4.4 |
) |
|
18 |
% |
Income (loss) before taxes |
|
10.1 |
|
|
|
(2.9 |
) |
|
448 |
% |
Add: Impairment charges |
|
0.2 |
|
|
|
— |
|
|
NM |
|
Segment income (loss) |
$ |
10.3 |
|
|
$ |
(2.9 |
) |
|
455 |
% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Used vehicles |
|
18,798 |
|
|
|
17,981 |
|
|
5 |
% |
Wholesale vehicles |
|
3,150 |
|
|
|
2,994 |
|
|
5 |
% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Total used vehicle and F&I |
$ |
3,411 |
|
|
$ |
2,955 |
|
|
15 |
% |
NM = Not Meaningful |
||||||||||
EchoPark Segment - Same Market |
|||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
||||||
|
2025 |
|
2024 |
|
% Change |
||||
|
(In millions, except unit and per unit data) |
||||||||
Revenues: |
|
|
|
|
|
||||
Used vehicles |
$ |
473.7 |
|
|
$ |
473.2 |
|
— |
% |
Wholesale vehicles |
|
27.3 |
|
|
|
25.5 |
|
7 |
% |
Total vehicles |
|
501.0 |
|
|
|
498.7 |
|
— |
% |
Finance, insurance and other, net |
|
59.1 |
|
|
|
47.5 |
|
24 |
% |
Total revenues |
|
560.1 |
|
|
|
546.2 |
|
3 |
% |
Gross Profit: |
|
|
|
|
|
||||
Used vehicles |
|
4.3 |
|
|
|
5.6 |
|
(23 |
)% |
Wholesale vehicles |
|
(0.2 |
) |
|
|
0.1 |
|
(300 |
)% |
Total vehicles |
|
4.1 |
|
|
|
5.7 |
|
(28 |
)% |
Finance, insurance and other, net |
|
59.1 |
|
|
|
47.5 |
|
24 |
% |
Total gross profit |
$ |
63.2 |
|
|
$ |
53.2 |
|
19 |
% |
|
|
|
|
|
|
||||
Unit Sales Volume: |
|
|
|
|
|
||||
Used vehicles |
|
18,798 |
|
|
|
17,618 |
|
7 |
% |
Wholesale vehicles |
|
3,150 |
|
|
|
2,785 |
|
13 |
% |
|
|
|
|
|
|
||||
Gross Profit Per Unit: |
|
|
|
|
|
||||
Total used vehicle and F&I |
$ |
3,373 |
|
|
$ |
3,018 |
|
12 |
% |
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. |
|||||||||
Powersports Segment - Reported |
||||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
19.4 |
|
|
$ |
15.9 |
|
|
22 |
% |
Used vehicles |
|
5.7 |
|
|
|
3.4 |
|
|
68 |
% |
Wholesale vehicles |
|
0.8 |
|
|
|
0.1 |
|
|
700 |
% |
Total vehicles |
|
25.9 |
|
|
|
19.4 |
|
|
34 |
% |
Parts, service and collision repair |
|
7.0 |
|
|
|
6.8 |
|
|
3 |
% |
Finance, insurance and other, net |
|
1.5 |
|
|
|
1.5 |
|
|
— |
% |
Total revenues |
|
34.4 |
|
|
|
27.7 |
|
|
24 |
% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
2.7 |
|
|
|
2.3 |
|
|
17 |
% |
Used vehicles |
|
1.1 |
|
|
|
0.9 |
|
|
22 |
% |
Wholesale vehicles |
|
(0.2 |
) |
|
|
— |
|
|
(100 |
)% |
Total vehicles |
|
3.6 |
|
|
|
3.2 |
|
|
13 |
% |
Parts, service and collision repair |
|
3.4 |
|
|
|
3.1 |
|
|
10 |
% |
Finance, insurance and other, net |
|
1.5 |
|
|
|
1.5 |
|
|
— |
% |
Total gross profit |
|
8.5 |
|
|
|
7.8 |
|
|
9 |
% |
Selling, general and administrative expenses |
|
(9.6 |
) |
|
|
(8.1 |
) |
|
(19 |
)% |
Impairment charges |
|
(1.1 |
) |
|
|
— |
|
|
NM |
|
Depreciation and amortization |
|
(1.2 |
) |
|
|
(1.0 |
) |
|
(20 |
)% |
Operating income (loss) |
|
(3.4 |
) |
|
|
(1.3 |
) |
|
(162 |
)% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(0.5 |
) |
|
|
(0.5 |
) |
|
— |
% |
Interest expense, other, net |
|
(0.7 |
) |
|
|
(0.5 |
) |
|
(40 |
)% |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
NM |
|
Total other income (expense) |
|
(1.2 |
) |
|
|
(1.0 |
) |
|
(20 |
)% |
Income (loss) before taxes |
|
(4.6 |
) |
|
|
(2.3 |
) |
|
(100 |
)% |
Add: Impairment charges |
|
1.1 |
|
|
|
— |
|
|
NM |
|
Segment income (loss) |
$ |
(3.5 |
) |
|
$ |
(2.3 |
) |
|
(52 |
)% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
993 |
|
|
|
845 |
|
|
18 |
% |
Used vehicles |
|
578 |
|
|
|
409 |
|
|
41 |
% |
Wholesale vehicles |
|
60 |
|
|
|
13 |
|
|
362 |
% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
2,681 |
|
|
$ |
2,676 |
|
|
— |
% |
Used vehicles |
$ |
1,823 |
|
|
$ |
2,185 |
|
|
(17 |
)% |
Finance, insurance and other, net |
$ |
943 |
|
|
$ |
1,197 |
|
|
(21 |
)% |
NM = Not Meaningful |
||||||||||
Powersports Segment - Same Store |
||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||
|
2025 |
|
2024 |
|
% Change |
|||
|
(In millions, except unit and per unit data) |
|||||||
Revenues: |
|
|
|
|
|
|||
Retail new vehicles |
$ |
16.4 |
|
$ |
15.2 |
|
8 |
% |
Used vehicles |
|
4.4 |
|
|
3.0 |
|
47 |
% |
Wholesale vehicles |
|
0.7 |
|
|
0.1 |
|
600 |
% |
Total vehicles |
|
21.5 |
|
|
18.3 |
|
17 |
% |
Parts, service and collision repair |
|
5.7 |
|
|
6.3 |
|
(10 |
)% |
Finance, insurance and other, net |
|
1.4 |
|
|
1.4 |
|
— |
% |
Total revenues |
|
28.6 |
|
|
26.0 |
|
10 |
% |
Gross Profit: |
|
|
|
|
|
|||
Retail new vehicles |
|
2.2 |
|
|
2.2 |
|
— |
% |
Used vehicles |
|
0.8 |
|
|
0.8 |
|
— |
% |
Wholesale vehicles |
|
— |
|
|
— |
|
— |
% |
Total vehicles |
|
3.0 |
|
|
3.0 |
|
— |
% |
Parts, service and collision repair |
|
2.8 |
|
|
2.9 |
|
(3 |
)% |
Finance, insurance and other, net |
|
1.4 |
|
|
1.4 |
|
— |
% |
Total gross profit |
$ |
7.2 |
|
$ |
7.3 |
|
(1 |
)% |
|
|
|
|
|
|
|||
Unit Sales Volume: |
|
|
|
|
|
|||
Retail new vehicles |
|
850 |
|
|
816 |
|
4 |
% |
Used vehicles |
|
466 |
|
|
374 |
|
25 |
% |
Wholesale vehicles |
|
60 |
|
|
13 |
|
362 |
% |
Retail new & used vehicles |
|
1,316 |
|
|
1,190 |
|
11 |
% |
Used-to-New Ratio |
|
0.55 |
|
|
0.46 |
|
20 |
% |
|
|
|
|
|
|
|||
Gross Profit Per Unit: |
|
|
|
|
|
|||
Retail new vehicles |
$ |
2,588 |
|
$ |
2,672 |
|
(3 |
)% |
Used vehicles |
$ |
1,780 |
|
$ |
2,153 |
|
(17 |
)% |
Finance, insurance and other, net |
$ |
1,037 |
|
$ |
1,166 |
|
(11 |
)% |
Note: All currently operating powersports 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. |
||||||||
Non-GAAP Reconciliation - Consolidated - SG&A Expenses |
||||||||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||||||
|
2025 |
|
2024 |
|
Change |
|
% Change |
|||||||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
258.5 |
|
|
$ |
247.3 |
|
|
$ |
(11.2 |
) |
|
(5 |
)% |
Advertising |
|
23.8 |
|
|
|
22.3 |
|
|
|
(1.5 |
) |
|
(7 |
)% |
Rent |
|
10.2 |
|
|
|
9.3 |
|
|
|
(0.9 |
) |
|
(10 |
)% |
Other |
|
87.8 |
|
|
|
113.3 |
|
|
|
25.5 |
|
|
23 |
% |
Total SG&A expenses |
$ |
380.3 |
|
|
$ |
392.2 |
|
|
$ |
11.9 |
|
|
3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
(1.0 |
) |
|
$ |
— |
|
|
|
|
|
|||
Closed store accrued expenses |
|
— |
|
|
|
(2.1 |
) |
|
|
|
|
|||
Cyber insurance proceeds |
|
30.0 |
|
|
|
— |
|
|
|
|
|
|||
Storm damage charges |
|
(0.9 |
) |
|
|
— |
|
|
|
|
|
|||
Severance and long-term compensation charges |
|
— |
|
|
|
(4.3 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
28.1 |
|
|
$ |
(6.4 |
) |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
408.4 |
|
|
$ |
385.8 |
|
|
$ |
(22.6 |
) |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
45.6 |
% |
|
|
46.1 |
% |
|
|
50 |
|
|
bps |
|
Advertising |
|
4.2 |
% |
|
|
4.2 |
% |
|
|
— |
|
|
bps |
|
Rent |
|
1.8 |
% |
|
|
1.7 |
% |
|
|
(10 |
) |
|
bps |
|
Other |
|
15.5 |
% |
|
|
21.1 |
% |
|
|
560 |
|
|
bps |
|
Total SG&A expenses as a % of gross profit |
|
67.1 |
% |
|
|
73.1 |
% |
|
|
600 |
|
|
bps |
|
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
(0.2 |
)% |
|
|
— |
% |
|
|
|
|
|||
Closed store accrued expenses |
|
— |
% |
|
|
(0.4 |
)% |
|
|
|
|
|||
Cyber insurance proceeds |
|
5.3 |
% |
|
|
— |
% |
|
|
|
||||
Storm damage charges |
|
(0.2 |
)% |
|
|
— |
% |
|
|
|
|
|||
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.7 |
)% |
|
|
|
||||
Total effect of adjustments |
|
5.0 |
% |
|
|
(1.1 |
)% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
72.1 |
% |
|
|
72.0 |
% |
|
|
(10 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
566.4 |
|
|
$ |
536.2 |
|
|
$ |
30.2 |
|
|
6 |
% |
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
||||
|
(In millions) |
||||||||||||||
Reported: |
|
|
|
|
|
|
|
||||||||
Compensation |
$ |
226.4 |
|
|
$ |
216.5 |
|
|
$ |
(9.9 |
) |
|
(5 |
)% |
|
Advertising |
|
15.8 |
|
|
|
15.3 |
|
|
|
(0.5 |
) |
|
(3 |
)% |
|
Rent |
|
9.7 |
|
|
|
10.1 |
|
|
|
0.4 |
|
|
4 |
% |
|
Other |
|
74.0 |
|
|
|
96.6 |
|
|
|
22.6 |
|
|
23 |
% |
|
Total SG&A expenses |
$ |
325.9 |
|
|
$ |
338.5 |
|
|
$ |
12.6 |
|
|
4 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
$ |
(0.3 |
) |
|
$ |
— |
|
|
|
|
|
||||
Cyber insurance proceeds |
|
30.0 |
|
|
|
— |
|
|
|
|
|
||||
Storm damage charges |
|
(0.9 |
) |
|
|
— |
|
|
|
|
|
||||
Severance and long-term compensation charges |
|
— |
|
|
|
(2.2 |
) |
|
|
|
|
||||
Total SG&A adjustments |
$ |
28.8 |
|
|
$ |
(2.2 |
) |
|
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses |
$ |
354.7 |
|
|
$ |
336.3 |
|
|
$ |
(18.4 |
) |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
Reported: |
|
|
|
|
|
|
|
||||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
||||||||
Compensation |
|
45.8 |
% |
|
|
45.5 |
% |
|
|
(30 |
) |
bps |
|
||
Advertising |
|
3.2 |
% |
|
|
3.2 |
% |
|
|
— |
|
bps |
|
||
Rent |
|
2.0 |
% |
|
|
2.1 |
% |
|
|
10 |
|
bps |
|
||
Other |
|
15.0 |
% |
|
|
20.3 |
% |
|
|
530 |
|
bps |
|
||
Total SG&A expenses as a % of gross profit |
|
66.0 |
% |
|
|
71.1 |
% |
|
|
510 |
|
bps |
|
||
Adjustments: |
|
|
|
|
|
|
|||||||||
Acquisition and disposition-related gain (loss) |
|
(0.1 |
)% |
|
|
— |
% |
|
|
|
|||||
Cyber insurance proceeds |
|
6.1 |
% |
|
|
— |
% |
|
|
|
|
||||
Storm damage charges |
|
(0.2 |
)% |
|
|
— |
% |
|
|
|
|
||||
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.4 |
)% |
|
|
|
|||||
Total effect of adjustments |
|
5.8 |
% |
|
|
(0.4 |
)% |
|
|
|
|||||
Adjusted: |
|
|
|
|
|
|
|||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
71.8 |
% |
|
|
70.7 |
% |
|
|
(110 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reported: |
|
|
|
|
|
|
|
||||||||
Total gross profit |
$ |
494.0 |
|
|
$ |
475.8 |
|
|
$ |
18.2 |
|
|
4 |
% |
|
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|||||||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
25.9 |
|
|
$ |
25.2 |
|
|
$ |
(0.7 |
) |
|
(3 |
)% |
Advertising |
|
7.7 |
|
|
|
6.6 |
|
|
|
(1.1 |
) |
|
(17 |
)% |
Rent |
|
0.7 |
|
|
|
(0.8 |
) |
|
|
(1.5 |
) |
|
(188 |
)% |
Other |
|
10.5 |
|
|
|
14.6 |
|
|
|
4.1 |
|
|
28 |
% |
Total SG&A expenses |
$ |
44.8 |
|
|
$ |
45.6 |
|
|
$ |
0.8 |
|
|
2 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Closed store accrued expenses |
$ |
— |
|
|
$ |
(2.1 |
) |
|
|
|
|
|||
Acquisition and disposition-related gain (loss) |
|
0.2 |
|
|
|
— |
|
|
|
|
|
|||
Severance and long-term compensation charges |
|
— |
|
|
|
(2.1 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
0.2 |
|
|
$ |
(4.2 |
) |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
45.0 |
|
|
$ |
41.4 |
|
|
$ |
(3.6 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
40.5 |
% |
|
|
47.8 |
% |
|
|
730 |
|
bps |
|
|
Advertising |
|
12.1 |
% |
|
|
12.6 |
% |
|
|
50 |
|
bps |
|
|
Rent |
|
1.1 |
% |
|
|
(1.4 |
)% |
|
|
(250 |
) |
bps |
|
|
Other |
|
16.4 |
% |
|
|
27.6 |
% |
|
|
1,120 |
|
bps |
|
|
Total SG&A expenses as a % of gross profit |
|
70.1 |
% |
|
|
86.6 |
% |
|
|
1,650 |
|
bps |
|
|
Adjustments: |
|
|
|
|
|
|
||||||||
Closed store accrued expenses |
|
— |
% |
|
|
(4.0 |
)% |
|
|
|
|
|||
Acquisition and disposition-related gain (loss) |
|
0.3 |
% |
|
|
— |
% |
|
|
|
||||
Severance and long-term compensation charges |
|
— |
% |
|
|
(4.0 |
)% |
|
|
|
||||
Total effect of adjustments |
|
0.3 |
% |
|
|
(8.0 |
)% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
70.4 |
% |
|
|
78.6 |
% |
|
|
820 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
63.9 |
|
|
$ |
52.6 |
|
|
$ |
11.3 |
|
|
21 |
% |
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended March 31, |
|
Better / (Worse) |
|||||||||||
|
2025 |
|
2024 |
|
Change |
|
% Change |
|||||||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
6.2 |
|
|
$ |
5.6 |
|
|
$ |
(0.6 |
) |
|
(11 |
)% |
Advertising |
|
0.2 |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
50 |
% |
Rent |
|
(0.2 |
) |
|
|
— |
|
|
|
0.2 |
|
|
— |
% |
Other |
|
3.4 |
|
|
|
2.1 |
|
|
|
(1.3 |
) |
|
(62 |
)% |
Total SG&A expenses |
$ |
9.6 |
|
|
$ |
8.1 |
|
|
$ |
(1.5 |
) |
|
(19 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
(0.9 |
) |
|
$ |
— |
|
|
|
|
|
|||
Total SG&A adjustments |
$ |
(0.9 |
) |
|
$ |
— |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
8.7 |
|
|
$ |
8.1 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
72.6 |
% |
|
|
72.7 |
% |
|
|
10 |
|
bps |
|
|
Advertising |
|
2.9 |
% |
|
|
5.1 |
% |
|
|
220 |
|
bps |
|
|
Rent |
|
(2.0 |
)% |
|
|
0.4 |
% |
|
|
240 |
|
bps |
|
|
Other |
|
39.0 |
% |
|
|
26.6 |
% |
|
|
(1,240 |
) |
bps |
|
|
Total SG&A expenses as a % of gross profit |
|
112.5 |
% |
|
|
104.8 |
% |
|
|
(770 |
) |
bps |
|
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
|
(10.5 |
)% |
|
|
— |
% |
|
|
|
|
|||
Total effect of adjustments |
|
(10.5 |
)% |
|
|
— |
% |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses as a % of gross profit |
|
102.0 |
% |
|
|
104.8 |
% |
|
|
280 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
8.5 |
|
|
$ |
7.8 |
|
|
$ |
0.7 |
|
|
9 |
% |
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
|||||||||
|
Three Months Ended March 31, |
||||||||
|
2025 |
|
2024 |
|
% Change |
||||
|
(In millions) |
||||||||
Reported: |
|
|
|
|
|
||||
Income (loss) before taxes |
$ |
91.9 |
|
|
$ |
62.7 |
|
47 |
% |
Add: Impairment charges |
|
— |
|
|
|
1.0 |
|
|
|
Segment income (loss) |
$ |
91.9 |
|
|
$ |
63.7 |
|
44 |
% |
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
||||
Acquisition and disposition-related (gain) loss |
$ |
0.3 |
|
|
$ |
— |
|
|
|
Cyber insurance proceeds |
|
(30.0 |
) |
|
|
— |
|
|
|
Storm damage charges |
|
0.9 |
|
|
|
— |
|
|
|
Severance and long-term compensation charges |
|
— |
|
|
|
2.2 |
|
|
|
Total pre-tax adjustments |
$ |
(28.8 |
) |
|
$ |
2.2 |
|
|
|
|
|
|
|
|
|
||||
Adjusted: |
|
|
|
|
|
||||
Segment income (loss) |
$ |
63.1 |
|
|
$ |
65.9 |
|
(4 |
)% |
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
||||||||||
|
Three Months Ended March 31, |
|||||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions) |
|||||||||
Reported: |
|
|
|
|
|
|||||
Income (loss) before taxes |
$ |
10.1 |
|
|
$ |
(2.9 |
) |
|
448 |
% |
Add: Impairment charges |
|
0.2 |
|
|
|
— |
|
|
|
|
Segment income (loss) |
$ |
10.3 |
|
|
$ |
(2.9 |
) |
|
455 |
% |
|
|
|
|
|
|
|||||
Adjustments: |
|
|
|
|
|
|||||
Closed store accrued expenses |
$ |
— |
|
|
$ |
2.1 |
|
|
|
|
Acquisition and disposition-related (gain) loss |
|
(0.2 |
) |
|
|
— |
|
|
|
|
Severance and long-term compensation charges |
|
— |
|
|
|
2.1 |
|
|
|
|
Total pre-tax adjustments |
$ |
(0.2 |
) |
|
$ |
4.2 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted: |
|
|
|
|
|
|||||
Segment income (loss) |
$ |
10.1 |
|
|
$ |
1.3 |
|
|
677 |
% |
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
||||||||||
|
Three Months Ended March 31, |
|||||||||
|
2025 |
|
2024 |
|
% Change |
|||||
|
(In millions) |
|||||||||
Reported: |
|
|
|
|
|
|||||
Income (loss) before taxes |
$ |
(4.6 |
) |
|
$ |
(2.3 |
) |
|
(100 |
)% |
Add: Impairment charges |
|
1.1 |
|
|
|
— |
|
|
|
|
Segment income (loss) |
$ |
(3.5 |
) |
|
$ |
(2.3 |
) |
|
(52 |
)% |
|
|
|
|
|
|
|||||
Adjustments: |
|
|
|
|
|
|||||
Acquisition and disposition-related (gain) loss |
$ |
0.9 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted: |
|
|
|
|
|
|||||
Adjusted segment income (loss) |
$ |
(2.6 |
) |
|
$ |
(2.3 |
) |
|
(13 |
)% |
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share |
|||||||||||||||||
|
Three Months Ended March 31, 2025 |
|
Three Months Ended March 31, 2024 |
||||||||||||||
|
Weighted- Average Shares |
|
Net Income (Loss) |
|
Per Share Amount |
|
Weighted- Average Shares |
|
Net Income (Loss) |
|
Per Share Amount |
||||||
|
(In millions, except per share amounts) |
||||||||||||||||
Reported net income (loss), diluted shares, and diluted earnings (loss) per share |
34.6 |
|
$ |
70.6 |
|
|
$ |
2.04 |
|
34.9 |
|
$ |
42.0 |
|
|
$ |
1.20 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition and disposition-related (gain) loss |
|
|
$ |
1.0 |
|
|
|
|
|
|
$ |
— |
|
|
|
||
Closed store accrued expenses |
|
|
|
— |
|
|
|
|
|
|
|
2.1 |
|
|
|
||
Cyber Insurance Payment |
|
|
|
(30.0 |
) |
|
|
|
|
|
|
— |
|
|
|
||
Storm damage charges |
|
|
|
0.9 |
|
|
|
|
|
|
|
— |
|
|
|
||
Impairment charges |
|
|
|
1.4 |
|
|
|
|
|
|
|
1.0 |
|
|
|
||
Severance and long-term compensation charges |
|
|
|
— |
|
|
|
|
|
|
|
4.3 |
|
|
|
||
Total pre-tax adjustments |
|
|
$ |
(26.7 |
) |
|
|
|
|
|
$ |
7.4 |
|
|
|
||
Tax effect of above items |
|
|
|
7.4 |
|
|
|
|
|
|
|
(1.9 |
) |
|
|
||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.6 |
|
$ |
51.3 |
|
|
$ |
1.48 |
|
34.9 |
|
$ |
47.5 |
|
|
$ |
1.36 |
Non-GAAP Reconciliation - Adjusted EBITDA |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31, 2025 |
|
Three Months Ended March 31, 2024 |
||||||||||||||||||||||||||
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
||||||||||||||
|
(In millions) |
||||||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
70.6 |
|
|
|
|
|
|
|
|
$ |
42.0 |
|||||||||||
Provision for income taxes |
|
|
|
|
|
|
|
26.8 |
|
|
|
|
|
|
|
|
|
15.5 |
|||||||||||
Income (loss) before taxes |
$ |
91.9 |
|
|
$ |
10.1 |
|
|
$ |
(4.6 |
) |
|
$ |
97.4 |
|
|
$ |
62.7 |
|
$ |
(2.9 |
) |
|
$ |
(2.3 |
) |
|
$ |
57.5 |
Non-floor plan interest (1) |
|
24.9 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
|
26.1 |
|
|
|
26.3 |
|
|
0.6 |
|
|
|
0.5 |
|
|
|
27.4 |
Depreciation and amortization (2) |
|
35.1 |
|
|
|
5.2 |
|
|
|
1.2 |
|
|
|
41.4 |
|
|
|
31.5 |
|
|
5.4 |
|
|
|
1.0 |
|
|
|
37.9 |
Stock-based compensation expense |
|
5.8 |
|
|
|
— |
|
|
|
— |
|
|
|
5.8 |
|
|
|
4.4 |
|
|
— |
|
|
|
— |
|
|
|
4.4 |
Impairment charges |
|
— |
|
|
|
0.2 |
|
|
|
1.1 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.2 |
|
|
2.1 |
|
|
|
— |
|
|
|
4.3 |
Cyber insurance proceeds |
|
(30.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30.0 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
Acquisition and disposition related (gain) loss |
|
0.3 |
|
|
|
(0.2 |
) |
|
|
0.9 |
|
|
|
1.0 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
Storm damage charges |
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
Closed store accrued expenses |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
2.1 |
Adjusted EBITDA |
$ |
128.9 |
|
|
$ |
15.8 |
|
|
$ |
(0.7 |
) |
|
$ |
144.0 |
|
|
$ |
128.1 |
|
$ |
7.3 |
|
|
$ |
(0.8 |
) |
|
$ |
134.6 |
Note: Due to rounding, segment level financial data may not sum to consolidated results. |
|
|
|
(1) |
Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below. |
(2) |
Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization. |
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31, 2025 |
|
Three Months Ended March 31, 2024 |
|
Better / (Worse) % Change |
||||||||||||||||||||||||||
|
EchoPark Operations |
|
Closed Stores |
|
Total EchoPark Segment |
|
EchoPark Operations |
|
Closed Stores |
|
Total EchoPark Segment |
|
EchoPark Operations |
|
Closed Stores |
|
Total EchoPark Segment |
||||||||||||||
|
(In millions, except unit and per unit data) |
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total revenues |
$ |
560.1 |
|
|
$ |
(0.4 |
) |
|
$ |
559.7 |
|
|
$ |
546.2 |
|
$ |
13.2 |
|
|
$ |
559.4 |
|
|
3 |
% |
|
(103 |
)% |
|
— |
% |
Total gross profit (loss) |
$ |
64.1 |
|
|
$ |
(0.2 |
) |
|
$ |
63.9 |
|
|
$ |
53.2 |
|
$ |
(0.6 |
) |
|
$ |
52.6 |
|
|
20 |
% |
|
67 |
% |
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income (loss) before taxes |
$ |
10.2 |
|
|
$ |
(0.1 |
) |
|
$ |
10.1 |
|
|
$ |
2.9 |
|
$ |
(5.8 |
) |
|
$ |
(2.9 |
) |
|
252 |
% |
|
98 |
% |
|
448 |
% |
Non-floor plan interest (1) |
|
0.4 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
— |
|
|
|
0.6 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Depreciation and amortization (2) |
|
5.2 |
|
|
|
— |
|
|
|
5.2 |
|
|
|
5.4 |
|
|
— |
|
|
|
5.4 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Acquisition and disposition-related (gain) loss |
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
NM |
|
|
NM |
|
|
NM |
|
Closed store accrued expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2.1 |
|
|
|
2.1 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Impairment charges |
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
NM |
|
|
NM |
|
|
NM |
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
1.6 |
|
|
|
2.1 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Adjusted EBITDA |
$ |
15.8 |
|
|
$ |
— |
|
|
$ |
15.8 |
|
|
$ |
9.4 |
|
$ |
(2.1 |
) |
|
$ |
7.3 |
|
|
68 |
% |
|
NM |
|
|
116 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Used vehicle unit sales volume |
|
18,798 |
|
|
|
— |
|
|
|
18,798 |
|
|
|
17,618 |
|
|
363 |
|
|
|
17,981 |
|
|
7 |
% |
|
NM |
|
|
5 |
% |
Total used vehicle and F&I gross profit per unit |
$ |
3,423 |
|
|
|
NM |
|
|
$ |
3,411 |
|
|
$ |
3,018 |
|
|
NM |
|
|
$ |
2,955 |
|
|
13 |
% |
|
NM |
|
|
15 |
% |
NM = Not Meaningful |
|
(1) |
Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below. |
(2) |
Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424021031/en/
Company Contacts
Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer
Danny Wieland, Vice President, Investor Relations & Financial Reporting
ir@sonicautomotive.com
Press Inquiries:
Sonic Automotive Media Relations
media.relations@sonicautomotive.com
Source: Sonic Automotive, Inc.
