Sonic Automotive Reports Record Third Quarter Revenues and Earnings Per Share
Sonic Automotive (SAH) reported record third-quarter revenues of $3.1 billion, a 20.6% increase year-over-year, with income from continuing operations before taxes up 39.1% to $112.2 million. The company announced its acquisition of RFJ Auto, projected to add $3.2 billion in annualized revenues, enhancing its market position. EchoPark segment revenues reached $663.3 million, soaring 72.3% year-over-year. The firm also amended credit facilities to $2.95 billion and issued $1.15 billion in senior notes, extending financial flexibility for growth.
- Record Q3 revenues of $3.1 billion, up 20.6% YoY.
- Acquisition of RFJ Auto expected to add $3.2 billion in annual revenues.
- EchoPark revenues reached $663.3 million, up 72.3% YoY.
- Third quarter earnings of $84.7 million ($1.96/share), up from $60 million ($1.35/share) YoY.
- Amended credit facilities increase to $2.95 billion.
- EchoPark reported pre-tax loss of $32.9 million, reflecting expansion-related losses.
- Same store new vehicle unit sales volume down 5.1% YoY.
Pending Acquisition of RFJ Auto Expected to Add
Recently Amended Credit Facilities and Senior Notes Issuance Extend Runway for Further Growth
Key Highlights
-
Record third quarter revenues of
$3.1 billion 20.6% year-over-year -
Record third quarter income from continuing operations before taxes of
$112.2 million 39.1% year-over-year -
Record third quarter earnings from continuing operations of
$84.7 million $1.96 -
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 21.2% year-over-year -
All-time record quarterly EchoPark revenues of
$663.3 million 72.3% year-over-year -
Sonic announced a definitive agreement to acquire
RFJ Auto Partners, Inc. (“RFJ Auto”), a top-15U.S. dealer group by total revenues, which is expected to add$3.2 billion -
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 $2.95 billion $1.15 billion 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
“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
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 20.6% year-over-year (up13.7% compared to the third quarter of 2019), and record third quarter income from continuing operations before taxes of$112.2 million 39.1% year-over-year (up176.9% compared to the third quarter of 2019) -
Record third quarter earnings from continuing operations of
$84.7 million $1.96 $60.0 million $1.35 $57.7 million $1.29 -
Record third quarter SG&A expenses as a percentage of gross profit of
68.1% , a 20 basis point decrease from68.3% in the third quarter of 2020 (a 100 basis point decrease from adjusted SG&A expenses as a percentage of gross profit* of69.1% in the third quarter of 2020, which excludes a$3.2 million -
All-time record quarterly total F&I gross profit per retail unit of
$2.34 921.2% year-over-year -
Franchised Dealerships Segment operating results include:
-
Same store revenues up
11.3% , gross profit up27.2% (up5.19% and30.0% , respectively, compared to the third quarter of 2019) -
Same store new vehicle unit sales volume down
5.1% (down19.0% compared to the third quarter of 2019); same store new vehicle gross profit per unit up93.2% , to$5,051 168.4% compared to the third quarter of 2019) -
Same store retail used vehicle unit sales volume down
0.3% (down11.4% compared to the third quarter of 2019); same store retail used vehicle gross profit per unit up31.9% , to$1,835 45.8% compared to the third quarter of 2019) -
Same store parts, service and collision repair gross profit up
9.0% (up4.5% compared to the third quarter of 2019); same store customer pay gross profit up21.3% (up19.9% compared to the third quarter of 2019); same store gross margin down 40 basis points, to50.2% (up 110 basis points compared to the third quarter of 2019) -
Same store F&I gross profit up
20.8% (up19.1% compared to the third quarter of 2019); all-time record reported Franchised Dealerships Segment F&I gross profit per retail unit of$2,303 27.2% (up39.9% 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 from66.8% in the third quarter of 2020 (a decrease of 1,680 basis points from76.9% 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
-
Same store revenues up
-
EchoPark Segment operating results include:
-
All-time record quarterly EchoPark revenues of
$663.3 million 72.3% year-over-year (up112.5% 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 (up60.9% 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 $28.5 million $18.0 million $16.8 million - 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
-
All-time record quarterly EchoPark revenues of
* 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
EchoPark Strategic Alternatives Review
As previously announced, Sonic’s Board of Directors, working together with Lazard and
Dividend
Sonic’s Board of Directors approved a quarterly cash dividend of
Third Quarter 2021 Earnings Conference Call
Senior management will hold a conference call today at
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
About
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
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under
|
|||||||||||||||||||||||||
Results of Operations (Unaudited) |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Results of Operations - Consolidated |
|||||||||||||||||||||||||
|
Three Months Ended |
|
Better /
|
|
Nine Months Ended |
|
Better /
|
||||||||||||||||||
|
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 |
|
Better /
|
|
Nine Months Ended |
|
Better /
|
||||||||||||||||||
|
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 |
|
Better /
|
|
Nine Months Ended |
|
Better /
|
||||||||||||||
|
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 |
|
Better /
|
|
Nine Months Ended |
|
Better /
|
||||||||||||||||||
|
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 |
|
Better /
|
|
Nine Months Ended |
|
Better /
|
||||||||||||||||||
|
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 |
|
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 |
|
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 |
|
Three Months Ended |
|||||||||||||||||||
|
Weighted-
|
|
Amount |
|
Per
|
|
Weighted-
|
|
Amount |
|
Per
|
|||||||||||
|
(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 |
|
Nine Months Ended |
||||||||||||||||||||
|
Weighted-
|
|
Amount |
|
Per
|
|
Weighted-
|
|
Amount |
|
Per
|
||||||||||||
|
(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 |
|||||||||||||||||||||||
Adjusted EBITDA - Non-GAAP Reconciliation |
||||||||||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|||||||||||||||||||||||||||||||||||
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
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 |
|
Nine Months Ended |
||||||||||||||||||||||||||||||||||
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
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 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005315/en/
Investor Inquiries:
ir@sonicautomotive.com
Press Inquiries:
212-896-1272 / 646-379-7971
ddevoren@kcsa.com/jgreenwald@kcsa.com
Source:
FAQ
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