Sonic Automotive Reports Third Quarter 2024 Financial Results
Sonic Automotive (NYSE:SAH) reported Q3 2024 financial results with total revenues of $3.5 billion, down 4% year-over-year. Net income increased 8% to $74.2 million, while adjusted net income decreased 39% to $44.0 million. The company's EchoPark segment achieved record quarterly performance with gross profit of $55.2 million, up 5% year-over-year.
The quarter was impacted by CDK Global software outage effects, reducing income before taxes by $17.2 million. The Board approved a 17% increase in quarterly cash dividend to $0.35 per share. The company maintained strong liquidity with $418 million in cash and floor plan deposits, and total liquidity of approximately $834 million.
Sonic Automotive (NYSE:SAH) ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi totali di 3,5 miliardi di dollari, in calo del 4% rispetto all'anno precedente. L'utile netto è aumentato dell'8% a 74,2 milioni di dollari, mentre l'utile netto rettificato è diminuito del 39% a 44,0 milioni di dollari. Il segmento EchoPark dell'azienda ha raggiunto prestazioni record nel trimestre, con un utile lordo di 55,2 milioni di dollari, in crescita del 5% rispetto all'anno scorso.
Il trimestre è stato influenzato dagli effetti dell'interruzione del software di CDK Global, che ha ridotto il reddito ante imposte di 17,2 milioni di dollari. Il Consiglio ha approvato un aumento del 17% del dividendo in contante trimestrale a 0,35 dollari per azione. L'azienda ha mantenuto una forte liquidità con 418 milioni di dollari in contante e depositi per piani di finanziamento, e una liquidità totale di circa 834 milioni di dollari.
Sonic Automotive (NYSE:SAH) reportó los resultados financieros del tercer trimestre de 2024, con ingresos totales de 3.5 mil millones de dólares, una disminución del 4% interanual. El ingreso neto aumentó un 8% a 74.2 millones de dólares, mientras que el ingreso neto ajustado disminuyó un 39% a 44.0 millones de dólares. El segmento EchoPark de la compañía logró un rendimiento trimestral récord con una ganancia bruta de 55.2 millones de dólares, un aumento del 5% en comparación con el año anterior.
El trimestre se vio afectado por los efectos de la interrupción del software de CDK Global, reduciendo el ingreso antes de impuestos en 17.2 millones de dólares. La Junta aprobó un aumento del 17% en el dividendo en efectivo trimestral a 0.35 dólares por acción. La compañía mantuvo una sólida liquidez con 418 millones de dólares en efectivo y depósitos en planes de financiamiento, y una liquidez total de aproximadamente 834 millones de dólares.
소닉 오토모티브 (NYSE:SAH)는 2024년 3분기 재무 결과를 발표했으며, 총 수익은 35억 달러로 전년 대비 4% 감소했습니다. 순이익은 8% 증가하여 7420만 달러에 달했으며, 조정된 순이익은 39% 감소하여 4400만 달러가 되었습니다. 회사의 EchoPark 부문은 분기별 실적에서 기록적인 성과를 달성했으며, 총 이익은 5520만 달러로 전년 대비 5% 증가했습니다.
이번 분기는 CDK 글로벌 소프트웨어 중단의 영향을 받아 세전 소득이 1720만 달러 감소했습니다. 이사회는 분기별 현금 배당금을 주당 0.35달러로 17% 인상하는 안건을 승인했습니다. 회사는 4억 1800만 달러의 현금 및 바닥 계획 예치금으로 강력한 유동성을 유지하고 있으며, 총 유동성은 약 8억 3400만 달러에 달합니다.
Sonic Automotive (NYSE:SAH) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus totaux de 3,5 milliards de dollars, en baisse de 4 % par rapport à l'année précédente. Le bénéfice net a augmenté de 8 % pour atteindre 74,2 millions de dollars, tandis que le bénéfice net ajusté a diminué de 39 % pour atteindre 44,0 millions de dollars. Le segment EchoPark de l'entreprise a réalisé une performance trimestrielle record avec un bénéfice brut de 55,2 millions de dollars, en hausse de 5 % par rapport à l'année dernière.
Le trimestre a été affecté par les effets de la panne de logiciel de CDK Global, réduisant le revenu avant impôts de 17,2 millions de dollars. Le Conseil a approuvé une augmentation de 17 % du dividende en espèces trimestriel à 0,35 dollar par action. L'entreprise a maintenu une forte liquidité avec 418 millions de dollars en espèces et des dépôts de plancher, et une liquidité totale d'environ 834 millions de dollars.
Sonic Automotive (NYSE:SAH) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht, mit Gesamterlösen von 3,5 Milliarden Dollar, was einem Rückgang von 4 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn stieg um 8 % auf 74,2 Millionen Dollar, während der bereinigte Nettogewinn um 39 % auf 44,0 Millionen Dollar fiel. Der EchoPark-Sektor des Unternehmens erzielte ein Rekordergebnis im Quartal mit einem Bruttogewinn von 55,2 Millionen Dollar, was einem Anstieg von 5 % im Vergleich zum Vorjahr entspricht.
Das Quartal wurde durch die Auswirkungen der CDK Global-Softwareausfälle beeinträchtigt, die das Einkommen vor Steuern um 17,2 Millionen Dollar reduzierten. Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Bar-Dividende um 17 % auf 0,35 Dollar pro Aktie. Das Unternehmen wies eine starke Liquidität mit 418 Millionen Dollar in bar und Bodenplan-Einlagen sowie eine Gesamtl liquidität von etwa 834 Millionen Dollar auf.
- Net income increased 8% to $74.2 million ($2.13 EPS, up 11%)
- EchoPark segment achieved record quarterly gross profit of $55.2 million (up 5%)
- 17% increase in quarterly dividend to $0.35 per share
- Strong liquidity position with $834 million in total liquidity
- Same store Fixed Operations gross profit up 8%
- Total revenues declined 4% to $3.5 billion
- Adjusted net income decreased 39% to $44.0 million
- CDK outage reduced income before taxes by $17.2 million
- Same store retail new vehicle gross profit per unit down 35%
- EchoPark revenues down 13% to $544.9 million
Insights
Sonic Automotive's Q3 2024 results present a mixed picture. While total revenues declined
The EchoPark segment showed remarkable improvement, achieving record quarterly gross profit of
The automotive retail landscape is showing signs of normalization, particularly in new vehicle margins. The company's inventory management appears solid with 57 days' supply for new vehicles and 33-34 days for used vehicles across segments, indicating efficient operational control. The successful diversification strategy is evident in the Powersports segment's performance, though showing some pressure with segment income down
The EchoPark segment's turnaround is particularly noteworthy, as it demonstrates the success of the company's strategic focus on the used vehicle market. The segment's same market growth and improved profitability metrics suggest increasing market acceptance and operational efficiency, despite broader market challenges.
EchoPark Reports All-Time Record Quarterly Gross Profit, Segment Income, and Adjusted EBITDA*
Third Quarter 2024 Financial Summary
-
Total revenues of
, down$3.5 billion 4% year-over-year; total gross profit of , down$543.6 million 7% year-over-year -
Reported net income of
, up$74.2 million 8% year-over-year ( earnings per diluted share, up$2.13 11% year-over-year)-
Reported net income includes the pre-tax effects of
in excess compensation expense paid to our teammates related to the CDK outage and a$1.8 million charge related to storm damage, offset partially by a$1.5 million gain related to sale of real estate at previously closed EchoPark Segment stores, net of a$2.3 million income tax benefit on the above net charges$0.2 million -
Reported net income also includes a
income tax benefit associated with an out of period adjustment correcting an error recorded in connection with the impairment of franchise assets in a prior period$31.0 million -
Excluding these items, adjusted net income* was
, down$44.0 million 39% year-over-year ( adjusted earnings per diluted share*, down$1.26 38% year-over-year) -
The carryover effects in July from the CDK Global software outage are estimated to have reduced third quarter GAAP income before taxes by approximately
, and net income by approximately$17.2 million , or$12.7 million in diluted earnings per share$0.36 -
Approximately
($1.8 million in diluted earnings per share) of the pre-tax CDK impact during the third quarter was related to excess compensation paid to our teammates as a result of the CDK outage, which is included as a reconciling item in the non-GAAP reconciliation tables below$0.04
-
Approximately
-
Reported net income includes the pre-tax effects of
-
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of
72.1% (72.4% on a Franchised Dealerships Segment basis,72.9% on an EchoPark Segment basis, and63.7% on a Powersports Segment basis)-
Total adjusted SG&A expenses as a percentage of gross profit* of
71.9% (71.6% on a Franchised Dealerships Segment basis,77.1% on an EchoPark Segment basis, and63.7% on a Powersports Segment basis)
-
Total adjusted SG&A expenses as a percentage of gross profit* of
-
EchoPark Segment revenues of
, down$544.9 million 13% year-over-year; all-time record quarterly EchoPark Segment total gross profit of , up$55.2 million 5% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 17,757, down7% year-over-year -
Reported EchoPark Segment income of
, up$5.2 million 131% year-over-year, and adjusted EchoPark Segment income* of , up$2.9 million 124% year-over-year -
EchoPark Segment adjusted EBITDA* of
, up$8.9 million 271% year-over-year-
Excluding closed stores, EchoPark Segment adjusted EBITDA* was
, a$9.2 million 454% improvement from a loss of in the prior year period$2.6 million
-
Excluding closed stores, EchoPark Segment adjusted EBITDA* was
-
Sonic’s Board of Directors approved a
17% increase to the quarterly cash dividend, to per share, payable on January 15, 2025 to all stockholders of record on December 13, 2024$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, “I'm pleased to report that we continued to build momentum in our EchoPark Segment in the third quarter, generating all-time record quarterly gross profit, segment income, and adjusted EBITDA* as a result of the dedicated efforts of our team and the improving conditions in the used vehicle retail environment. Overall, the Sonic Automotive team continued to execute at a high level, despite operational disruptions throughout July related to the functionality of certain CDK customer lead applications, inventory management applications and related third-party application integrations with CDK, which negatively impacted our Franchised Dealerships Segment results in the third quarter. With this disruption behind us, we remain confident that our team, our brand portfolio, and our long-term strategy will continue to benefit our diversified business and generate long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “I'm very proud of our team's performance in the third quarter, which not only drove record segment income in our EchoPark Segment, but also showcased our franchised dealership team's resilience in managing through operational disruptions from the CDK outage, manufacturer stop-sale orders on certain makes and models, and continued normalization of new vehicle margins. Additionally, the successful execution of another Sturgis rally by our Powersports team underscores our commitment to maintaining diverse revenue streams. Our entire company remains dedicated to delivering an outstanding guest experience and executing our long-term strategic vision. We believe that by fostering a culture of excellence and innovation, we will continue to enhance guest satisfaction and operational efficiency as we navigate the evolving automotive retail landscape.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the third quarter, despite operational disruption from the CDK outage. As of September 30, 2024, we had approximately
Third Quarter 2024 Segment Highlights
The financial measures discussed below are results for the third quarter of 2024 with comparisons made to the third quarter of 2023, unless otherwise noted.
-
Franchised Dealerships Segment operating results include:
-
Same store revenues down
2% ; same store gross profit down7% -
Same store retail new vehicle unit sales volume up
2% ; same store retail new vehicle gross profit per unit down35% , to$3,049 -
Same store retail used vehicle unit sales volume down
2% ; same store retail used vehicle gross profit per unit down17% , to$1,386 -
Same store parts, service and collision repair (“Fixed Operations”) gross profit up
8% ; same store customer pay gross profit up4% ; same store warranty gross profit up29% ; same store Fixed Operations gross profit margin up 50 basis points, to50.2% -
Same store finance and insurance ("F&I") gross profit down
3% ; same store F&I gross profit per retail unit of , down$2,339 3% - On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 57 days’ supply of new vehicle inventory (including in-transit) and 34 days’ supply of used vehicle inventory
-
Same store revenues down
-
EchoPark Segment operating results include:
-
Revenues of
, down$544.9 million 13% ; all-time record quarterly gross profit of , up$55.2 million 5% -
On a same market basis (which excludes closed stores), revenues were down
3% and gross profit was up21%
-
On a same market basis (which excludes closed stores), revenues were down
-
Retail used vehicle unit sales volume of 17,757, down
7% -
On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up
2%
-
On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up
-
Reported segment income of
, adjusted segment income* of$5.2 million , and adjusted EBITDA* of$2.9 million $8.9 million -
Closed stores within the segment negatively impacted segment income by
and segment adjusted EBITDA* by$1.0 million $0.3 million -
Excluding closed stores, reported segment income was
, adjusted segment income* was$6.2 million , and adjusted EBITDA* was$3.9 million $9.2 million
-
Closed stores within the segment negatively impacted segment income by
- On a trailing quarter cost of sales basis, the EchoPark Segment had 33 days’ supply of used vehicle inventory
-
Revenues of
-
Powersports Segment operating results include:
-
Revenues of
, up$59.4 million 4% ; gross profit of , down$17.7 million 15% -
Segment income of
, down$4.0 million 38% , and adjusted EBITDA* of , down$5.8 million 27%
-
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
Third Quarter 2024 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 Third Quarter 2024 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 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, including statements regarding anticipated future EchoPark profitability and anticipated future EchoPark adjusted EBITDA. 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 ultimate impact of the CDK outage on the Company, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases 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, the rate and timing of overall economic expansion or contraction, the integration of recent or future acquisitions, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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 September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except per share amounts) |
|
|
||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
1,566.8 |
|
|
$ |
1,573.5 |
|
|
— |
% |
|
$ |
4,575.2 |
|
|
$ |
4,624.4 |
|
|
(1 |
)% |
Fleet new vehicles |
|
22.2 |
|
|
|
23.2 |
|
|
(4 |
)% |
|
|
68.0 |
|
|
|
70.4 |
|
|
(3 |
)% |
Total new vehicles |
|
1,589.0 |
|
|
|
1,596.7 |
|
|
— |
% |
|
|
4,643.2 |
|
|
|
4,694.8 |
|
|
(1 |
)% |
Used vehicles |
|
1,180.7 |
|
|
|
1,340.4 |
|
|
(12 |
)% |
|
|
3,582.5 |
|
|
|
3,991.2 |
|
|
(10 |
)% |
Wholesale vehicles |
|
67.2 |
|
|
|
79.3 |
|
|
(15 |
)% |
|
|
215.8 |
|
|
|
256.3 |
|
|
(16 |
)% |
Total vehicles |
|
2,836.9 |
|
|
|
3,016.4 |
|
|
(6 |
)% |
|
|
8,441.5 |
|
|
|
8,942.3 |
|
|
(6 |
)% |
Parts, service and collision repair |
|
479.0 |
|
|
|
453.4 |
|
|
6 |
% |
|
|
1,369.8 |
|
|
|
1,327.6 |
|
|
3 |
% |
Finance, insurance and other, net |
|
175.6 |
|
|
|
173.7 |
|
|
1 |
% |
|
|
517.2 |
|
|
|
517.7 |
|
|
— |
% |
Total revenues |
|
3,491.5 |
|
|
|
3,643.5 |
|
|
(4 |
)% |
|
|
10,328.5 |
|
|
|
10,787.6 |
|
|
(4 |
)% |
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
(1,479.2 |
) |
|
|
(1,442.1 |
) |
|
(3 |
)% |
|
|
(4,293.4 |
) |
|
|
(4,213.5 |
) |
|
(2 |
)% |
Fleet new vehicles |
|
(21.6 |
) |
|
|
(22.3 |
) |
|
3 |
% |
|
|
(65.7 |
) |
|
|
(67.3 |
) |
|
2 |
% |
Total new vehicles |
|
(1,500.8 |
) |
|
|
(1,464.4 |
) |
|
(2 |
)% |
|
|
(4,359.1 |
) |
|
|
(4,280.8 |
) |
|
(2 |
)% |
Used vehicles |
|
(1,139.5 |
) |
|
|
(1,288.1 |
) |
|
12 |
% |
|
|
(3,449.6 |
) |
|
|
(3,877.4 |
) |
|
11 |
% |
Wholesale vehicles |
|
(68.5 |
) |
|
|
(80.7 |
) |
|
15 |
% |
|
|
(218.5 |
) |
|
|
(255.8 |
) |
|
15 |
% |
Total vehicles |
|
(2,708.8 |
) |
|
|
(2,833.2 |
) |
|
4 |
% |
|
|
(8,027.2 |
) |
|
|
(8,414.0 |
) |
|
5 |
% |
Parts, service and collision repair |
|
(239.1 |
) |
|
|
(228.1 |
) |
|
(5 |
)% |
|
|
(682.4 |
) |
|
|
(669.0 |
) |
|
(2 |
)% |
Total cost of sales |
|
(2,947.9 |
) |
|
|
(3,061.3 |
) |
|
4 |
% |
|
|
(8,709.6 |
) |
|
|
(9,083.0 |
) |
|
4 |
% |
Gross profit |
|
543.6 |
|
|
|
582.2 |
|
|
(7 |
)% |
|
|
1,618.9 |
|
|
|
1,704.6 |
|
|
(5 |
)% |
Selling, general and administrative expenses |
|
(392.1 |
) |
|
|
(409.6 |
) |
|
4 |
% |
|
|
(1,177.4 |
) |
|
|
(1,214.2 |
) |
|
3 |
% |
Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
(2.4 |
) |
|
|
(62.6 |
) |
|
NM |
|
Depreciation and amortization |
|
(37.9 |
) |
|
|
(35.2 |
) |
|
(8 |
)% |
|
|
(111.1 |
) |
|
|
(105.7 |
) |
|
(5 |
)% |
Operating income (loss) |
|
113.6 |
|
|
|
137.4 |
|
|
(17 |
)% |
|
|
328.0 |
|
|
|
322.1 |
|
|
2 |
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
|
(23.0 |
) |
|
|
(17.4 |
) |
|
(32 |
)% |
|
|
(65.4 |
) |
|
|
(48.9 |
) |
|
(34 |
)% |
Interest expense, other, net |
|
(29.8 |
) |
|
|
(29.0 |
) |
|
(3 |
)% |
|
|
(88.1 |
) |
|
|
(86.2 |
) |
|
(2 |
)% |
Other income (expense), net |
|
— |
|
|
|
0.2 |
|
|
NM |
|
|
|
(0.5 |
) |
|
|
0.3 |
|
|
NM |
|
Total other income (expense) |
|
(52.8 |
) |
|
|
(46.2 |
) |
|
(14 |
)% |
|
|
(154.0 |
) |
|
|
(134.8 |
) |
|
(14 |
)% |
Income (loss) before taxes |
|
60.8 |
|
|
|
91.2 |
|
|
(33 |
)% |
|
|
174.0 |
|
|
|
187.3 |
|
|
(7 |
)% |
Provision for income taxes - benefit (expense) |
|
13.4 |
|
|
|
(22.8 |
) |
|
159 |
% |
|
|
(16.6 |
) |
|
|
(47.8 |
) |
|
65 |
% |
Net income (loss) |
$ |
74.2 |
|
|
$ |
68.4 |
|
|
8 |
% |
|
$ |
157.4 |
|
|
$ |
139.5 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per common share |
$ |
2.18 |
|
|
$ |
1.96 |
|
|
11 |
% |
|
$ |
4.63 |
|
|
$ |
3.94 |
|
|
18 |
% |
Basic weighted-average common shares outstanding |
|
34.0 |
|
|
|
34.9 |
|
|
3 |
% |
|
|
34.0 |
|
|
|
35.4 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per common share |
$ |
2.13 |
|
|
$ |
1.92 |
|
|
11 |
% |
|
$ |
4.52 |
|
|
$ |
3.85 |
|
|
17 |
% |
Diluted weighted-average common shares outstanding |
|
34.9 |
|
|
|
35.6 |
|
|
2 |
% |
|
|
34.8 |
|
|
|
36.2 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per common share |
$ |
0.30 |
|
|
$ |
0.30 |
|
|
— |
% |
|
$ |
0.90 |
|
|
$ |
0.86 |
|
|
5 |
% |
NM = Not Meaningful |
Franchised Dealerships Segment - Reported
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
1,539.9 |
|
|
$ |
1,546.7 |
|
|
— |
% |
|
$ |
4,510.8 |
|
|
$ |
4,550.9 |
|
|
(1 |
)% |
Fleet new vehicles |
|
22.2 |
|
|
|
23.2 |
|
|
(4 |
)% |
|
|
68.0 |
|
|
|
70.4 |
|
|
(3 |
)% |
Total new vehicles |
|
1,562.1 |
|
|
|
1,569.9 |
|
|
— |
% |
|
|
4,578.8 |
|
|
|
4,621.3 |
|
|
(1 |
)% |
Used vehicles |
|
701.4 |
|
|
|
780.7 |
|
|
(10 |
)% |
|
|
2,162.8 |
|
|
|
2,322.8 |
|
|
(7 |
)% |
Wholesale vehicles |
|
42.4 |
|
|
|
51.4 |
|
|
(18 |
)% |
|
|
139.1 |
|
|
|
165.3 |
|
|
(16 |
)% |
Total vehicles |
|
2,305.9 |
|
|
|
2,402.0 |
|
|
(4 |
)% |
|
|
6,880.7 |
|
|
|
7,109.4 |
|
|
(3 |
)% |
Parts, service and collision repair |
|
458.9 |
|
|
|
431.8 |
|
|
6 |
% |
|
|
1,333.2 |
|
|
|
1,289.0 |
|
|
3 |
% |
Finance, insurance and other, net |
|
122.4 |
|
|
|
126.0 |
|
|
(3 |
)% |
|
|
366.3 |
|
|
|
375.4 |
|
|
(2 |
)% |
Total revenues |
|
2,887.2 |
|
|
|
2,959.8 |
|
|
(2 |
)% |
|
|
8,580.2 |
|
|
|
8,773.8 |
|
|
(2 |
)% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
83.5 |
|
|
|
125.5 |
|
|
(33 |
)% |
|
|
272.5 |
|
|
|
396.5 |
|
|
(31 |
)% |
Fleet new vehicles |
|
0.6 |
|
|
|
0.9 |
|
|
(33 |
)% |
|
|
2.3 |
|
|
|
3.1 |
|
|
(26 |
)% |
Total new vehicles |
|
84.1 |
|
|
|
126.4 |
|
|
(33 |
)% |
|
|
274.8 |
|
|
|
399.6 |
|
|
(31 |
)% |
Used vehicles |
|
34.6 |
|
|
|
42.6 |
|
|
(19 |
)% |
|
|
114.1 |
|
|
|
127.9 |
|
|
(11 |
)% |
Wholesale vehicles |
|
(1.1 |
) |
|
|
(1.5 |
) |
|
27 |
% |
|
|
(1.8 |
) |
|
|
(0.8 |
) |
|
(125 |
)% |
Total vehicles |
|
117.6 |
|
|
|
167.5 |
|
|
(30 |
)% |
|
|
387.1 |
|
|
|
526.7 |
|
|
(27 |
)% |
Parts, service and collision repair |
|
230.7 |
|
|
|
215.1 |
|
|
7 |
% |
|
|
670.4 |
|
|
|
640.1 |
|
|
5 |
% |
Finance, insurance and other, net |
|
122.4 |
|
|
|
126.0 |
|
|
(3 |
)% |
|
|
366.3 |
|
|
|
375.4 |
|
|
(2 |
)% |
Total gross profit |
|
470.7 |
|
|
|
508.6 |
|
|
(7 |
)% |
|
|
1,423.8 |
|
|
|
1,542.2 |
|
|
(8 |
)% |
Selling, general and administrative expenses |
|
(340.5 |
) |
|
|
(338.3 |
) |
|
(1 |
)% |
|
|
(1,027.0 |
) |
|
|
(985.5 |
) |
|
(4 |
)% |
Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
(1.0 |
) |
|
|
— |
|
|
NM |
|
Depreciation and amortization |
|
(31.5 |
) |
|
|
(28.2 |
) |
|
(12 |
)% |
|
|
(91.6 |
) |
|
|
(82.8 |
) |
|
(11 |
)% |
Operating income (loss) |
|
98.7 |
|
|
|
142.1 |
|
|
(31 |
)% |
|
|
304.2 |
|
|
|
473.9 |
|
|
(36 |
)% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
|
(18.7 |
) |
|
|
(12.9 |
) |
|
(45 |
)% |
|
|
(52.5 |
) |
|
|
(34.7 |
) |
|
(51 |
)% |
Interest expense, other, net |
|
(28.5 |
) |
|
|
(27.9 |
) |
|
(2 |
)% |
|
|
(84.1 |
) |
|
|
(82.2 |
) |
|
(2 |
)% |
Other income (expense), net |
|
0.1 |
|
|
|
0.2 |
|
|
NM |
|
|
|
(0.6 |
) |
|
|
0.2 |
|
|
NM |
|
Total other income (expense) |
|
(47.1 |
) |
|
|
(40.6 |
) |
|
(16 |
)% |
|
|
(137.2 |
) |
|
|
(116.7 |
) |
|
(18 |
)% |
Income (loss) before taxes |
|
51.6 |
|
|
|
101.5 |
|
|
(49 |
)% |
|
|
167.0 |
|
|
|
357.2 |
|
|
(53 |
)% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
1.0 |
|
|
|
— |
|
|
NM |
|
Segment income (loss) |
$ |
51.6 |
|
|
$ |
101.5 |
|
|
(49 |
)% |
|
$ |
168.0 |
|
|
$ |
357.2 |
|
|
(53 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
27,391 |
|
|
|
26,869 |
|
|
2 |
% |
|
|
79,200 |
|
|
|
78,766 |
|
|
1 |
% |
Fleet new vehicles |
|
406 |
|
|
|
469 |
|
|
(13 |
)% |
|
|
1,299 |
|
|
|
1,500 |
|
|
(13 |
)% |
Total new vehicles |
|
27,797 |
|
|
|
27,338 |
|
|
2 |
% |
|
|
80,499 |
|
|
|
80,266 |
|
|
— |
% |
Used vehicles |
|
24,940 |
|
|
|
25,541 |
|
|
(2 |
)% |
|
|
76,274 |
|
|
|
75,845 |
|
|
1 |
% |
Wholesale vehicles |
|
4,973 |
|
|
|
5,163 |
|
|
(4 |
)% |
|
|
15,326 |
|
|
|
16,162 |
|
|
(5 |
)% |
Retail new & used vehicles |
|
52,331 |
|
|
|
52,410 |
|
|
— |
% |
|
|
155,474 |
|
|
|
154,611 |
|
|
1 |
% |
Used-to-New Ratio |
|
0.91 |
|
|
|
0.95 |
|
|
(4 |
)% |
|
|
0.96 |
|
|
|
0.96 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
3,047 |
|
|
$ |
4,672 |
|
|
(35 |
)% |
|
$ |
3,441 |
|
|
$ |
5,034 |
|
|
(32 |
)% |
Fleet new vehicles |
$ |
1,596 |
|
|
$ |
2,046 |
|
|
(22 |
)% |
|
$ |
1,743 |
|
|
$ |
2,059 |
|
|
(15 |
)% |
New vehicles |
$ |
3,026 |
|
|
$ |
4,627 |
|
|
(35 |
)% |
|
$ |
3,413 |
|
|
$ |
4,978 |
|
|
(31 |
)% |
Used vehicles |
$ |
1,386 |
|
|
$ |
1,666 |
|
|
(17 |
)% |
|
$ |
1,497 |
|
|
$ |
1,685 |
|
|
(11 |
)% |
Finance, insurance and other, net |
$ |
2,340 |
|
|
$ |
2,403 |
|
|
(3 |
)% |
|
$ |
2,356 |
|
|
$ |
2,428 |
|
|
(3 |
)% |
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 September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
1,539.8 |
|
|
$ |
1,542.8 |
|
|
— |
% |
|
$ |
4,502.1 |
|
|
$ |
4,502.8 |
|
— |
% |
|
Fleet new vehicles |
|
22.2 |
|
|
|
23.2 |
|
|
(4 |
)% |
|
|
68.0 |
|
|
|
69.6 |
|
|
(2 |
)% |
Total new vehicles |
|
1,562.0 |
|
|
|
1,566.0 |
|
|
— |
% |
|
|
4,570.1 |
|
|
|
4,572.4 |
|
|
— |
% |
Used vehicles |
|
701.2 |
|
|
|
778.0 |
|
|
(10 |
)% |
|
|
2,155.0 |
|
|
|
2,295.4 |
|
|
(6 |
)% |
Wholesale vehicles |
|
42.2 |
|
|
|
51.1 |
|
|
(17 |
)% |
|
|
138.5 |
|
|
|
163.0 |
|
|
(15 |
)% |
Total vehicles |
|
2,305.4 |
|
|
|
2,395.1 |
|
|
(4 |
)% |
|
|
6,863.6 |
|
|
|
7,030.8 |
|
|
(2 |
)% |
Parts, service and collision repair |
|
458.8 |
|
|
|
430.5 |
|
|
7 |
% |
|
|
1,329.6 |
|
|
|
1,276.3 |
|
|
4 |
% |
Finance, insurance and other, net |
|
122.4 |
|
|
|
125.9 |
|
|
(3 |
)% |
|
|
365.5 |
|
|
|
371.8 |
|
|
(2 |
)% |
Total revenues |
|
2,886.6 |
|
|
|
2,951.5 |
|
|
(2 |
)% |
|
|
8,558.7 |
|
|
|
8,678.9 |
|
|
(1 |
)% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
83.5 |
|
|
|
125.4 |
|
|
(33 |
)% |
|
|
272.3 |
|
|
|
392.9 |
|
|
(31 |
)% |
Fleet new vehicles |
|
0.6 |
|
|
|
1.0 |
|
|
(40 |
)% |
|
|
2.3 |
|
|
|
3.1 |
|
|
(26 |
)% |
Total new vehicles |
|
84.2 |
|
|
|
126.3 |
|
|
(33 |
)% |
|
|
274.5 |
|
|
|
396.1 |
|
|
(31 |
)% |
Used vehicles |
|
34.6 |
|
|
|
42.4 |
|
|
(18 |
)% |
|
|
114.3 |
|
|
|
126.6 |
|
|
(10 |
)% |
Wholesale vehicles |
|
(1.3 |
) |
|
|
(1.3 |
) |
|
— |
% |
|
|
(1.7 |
) |
|
|
0.1 |
|
|
(1,800 |
)% |
Total vehicles |
|
117.5 |
|
|
|
167.4 |
|
|
(30 |
)% |
|
|
387.1 |
|
|
|
522.8 |
|
|
(26 |
)% |
Parts, service and collision repair |
|
230.4 |
|
|
|
214.1 |
|
|
8 |
% |
|
|
667.8 |
|
|
|
632.9 |
|
|
6 |
% |
Finance, insurance and other, net |
|
122.4 |
|
|
|
125.9 |
|
|
(3 |
)% |
|
|
365.5 |
|
|
|
371.8 |
|
|
(2 |
)% |
Total gross profit |
$ |
470.3 |
|
|
$ |
507.4 |
|
|
(7 |
)% |
|
$ |
1,420.4 |
|
|
$ |
1,527.5 |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
27,387 |
|
|
|
26,774 |
|
|
2 |
% |
|
|
79,016 |
|
|
|
77,639 |
|
|
2 |
% |
Fleet new vehicles |
|
406 |
|
|
|
469 |
|
|
(13 |
)% |
|
|
1,299 |
|
|
|
1,471 |
|
|
(12 |
)% |
Total new vehicles |
|
27,793 |
|
|
|
27,243 |
|
|
2 |
% |
|
|
80,315 |
|
|
|
79,110 |
|
|
2 |
% |
Used vehicles |
|
24,934 |
|
|
|
25,426 |
|
|
(2 |
)% |
|
|
75,973 |
|
|
|
74,777 |
|
|
2 |
% |
Wholesale vehicles |
|
4,968 |
|
|
|
5,127 |
|
|
(3 |
)% |
|
|
15,242 |
|
|
|
15,913 |
|
|
(4 |
)% |
Retail new & used vehicles |
|
52,321 |
|
|
|
52,200 |
|
|
— |
% |
|
|
154,989 |
|
|
|
152,416 |
|
|
2 |
% |
Used-to-New Ratio |
|
0.91 |
|
|
|
0.95 |
|
|
(4 |
)% |
|
|
0.96 |
|
|
|
0.96 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
3,049 |
|
|
$ |
4,682 |
|
|
(35 |
)% |
|
$ |
3,446 |
|
|
$ |
5,061 |
|
|
(32 |
)% |
Fleet new vehicles |
$ |
1,596 |
|
|
$ |
2,046 |
|
|
(22 |
)% |
|
$ |
1,743 |
|
|
$ |
2,131 |
|
|
(18 |
)% |
New vehicles |
$ |
3,028 |
|
|
$ |
4,637 |
|
|
(35 |
)% |
|
$ |
3,418 |
|
|
$ |
5,006 |
|
|
(32 |
)% |
Used vehicles |
$ |
1,386 |
|
|
$ |
1,669 |
|
|
(17 |
)% |
|
$ |
1,505 |
|
|
$ |
1,694 |
|
|
(11 |
)% |
Finance, insurance and other, net |
$ |
2,339 |
|
|
$ |
2,411 |
|
|
(3 |
)% |
|
$ |
2,358 |
|
|
$ |
2,440 |
|
|
(3 |
)% |
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 /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
$ |
1.0 |
|
|
(100 |
)% |
Used vehicles |
|
470.3 |
|
|
|
554.8 |
|
|
(15 |
)% |
|
|
1,402.0 |
|
|
|
1,651.3 |
|
|
(15 |
)% |
Wholesale vehicles |
|
23.8 |
|
|
|
26.6 |
|
|
(11 |
)% |
|
|
74.4 |
|
|
|
89.1 |
|
|
(16 |
)% |
Total vehicles |
|
494.1 |
|
|
|
581.4 |
|
|
(15 |
)% |
|
|
1,476.4 |
|
|
|
1,741.4 |
|
|
(15 |
)% |
Finance, insurance and other, net |
|
50.8 |
|
|
|
45.3 |
|
|
12 |
% |
|
|
145.2 |
|
|
|
136.4 |
|
|
6 |
% |
Total revenues |
|
544.9 |
|
|
|
626.7 |
|
|
(13 |
)% |
|
|
1,621.6 |
|
|
|
1,877.8 |
|
|
(14 |
)% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
0.1 |
|
|
(100 |
)% |
Used vehicles |
|
4.4 |
|
|
|
7.3 |
|
|
(40 |
)% |
|
|
14.4 |
|
|
|
(18.8 |
) |
|
177 |
% |
Wholesale vehicles |
|
— |
|
|
|
0.2 |
|
|
(100 |
)% |
|
|
(0.7 |
) |
|
|
1.3 |
|
|
(154 |
)% |
Total vehicles |
|
4.4 |
|
|
|
7.5 |
|
|
(41 |
)% |
|
|
13.7 |
|
|
|
(17.4 |
) |
|
179 |
% |
Finance, insurance and other, net |
|
50.8 |
|
|
|
45.3 |
|
|
12 |
% |
|
|
145.2 |
|
|
|
136.4 |
|
|
6 |
% |
Total gross profit |
|
55.2 |
|
|
|
52.8 |
|
|
5 |
% |
|
|
158.9 |
|
|
|
119.0 |
|
|
34 |
% |
Selling, general and administrative expenses |
|
(40.2 |
) |
|
|
(58.6 |
) |
|
31 |
% |
|
|
(123.1 |
) |
|
|
(199.0 |
) |
|
38 |
% |
Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
(1.4 |
) |
|
|
(62.6 |
) |
|
NM |
|
Depreciation and amortization |
|
(5.4 |
) |
|
|
(6.1 |
) |
|
11 |
% |
|
|
(16.4 |
) |
|
|
(20.4 |
) |
|
20 |
% |
Operating income (loss) |
|
9.6 |
|
|
|
(11.9 |
) |
|
181 |
% |
|
|
18.0 |
|
|
|
(163.0 |
) |
|
111 |
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
|
(3.7 |
) |
|
|
(4.3 |
) |
|
14 |
% |
|
|
(11.3 |
) |
|
|
(13.6 |
) |
|
17 |
% |
Interest expense, other, net |
|
(0.7 |
) |
|
|
(0.7 |
) |
|
— |
% |
|
|
(2.0 |
) |
|
|
(2.5 |
) |
|
20 |
% |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
Total other income (expense) |
|
4.4 |
|
|
|
(5.0 |
) |
|
188 |
% |
|
|
13.3 |
|
|
|
(16.1 |
) |
|
183 |
% |
Income (loss) before taxes |
|
5.2 |
|
|
|
(16.9 |
) |
|
131 |
% |
|
|
4.7 |
|
|
|
(179.1 |
) |
|
103 |
% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
1.4 |
|
|
|
62.6 |
|
|
NM |
|
Segment income (loss) |
$ |
5.2 |
|
|
$ |
(16.9 |
) |
|
131 |
% |
|
$ |
6.1 |
|
|
$ |
(116.5 |
) |
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
11 |
|
|
(100 |
)% |
Used vehicles |
|
17,757 |
|
|
|
19,050 |
|
|
(7 |
)% |
|
|
52,379 |
|
|
|
56,114 |
|
|
(7 |
)% |
Wholesale vehicles |
|
2,720 |
|
|
|
2,740 |
|
|
(1 |
)% |
|
|
8,307 |
|
|
|
8,891 |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total used vehicle and F&I |
$ |
3,111 |
|
|
$ |
2,767 |
|
|
12 |
% |
|
$ |
3,047 |
|
|
$ |
2,095 |
|
|
45 |
% |
NM = Not Meaningful |
EchoPark Segment - Same Market
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
$ |
470.3 |
|
$ |
497.2 |
|
(5 |
)% |
|
$ |
1,392.4 |
|
$ |
1,340.9 |
|
|
4 |
% |
|||
Wholesale vehicles |
|
23.8 |
|
|
|
24.2 |
|
|
(2 |
)% |
|
|
71.2 |
|
|
|
68.4 |
|
|
4 |
% |
Total vehicles |
|
494.1 |
|
|
|
521.4 |
|
|
(5 |
)% |
|
|
1,463.6 |
|
|
|
1,409.3 |
|
|
4 |
% |
Finance, insurance and other, net |
|
51.4 |
|
|
|
41.0 |
|
|
25 |
% |
|
|
146.2 |
|
|
|
111.9 |
|
|
31 |
% |
Total revenues |
|
545.5 |
|
|
|
562.4 |
|
|
(3 |
)% |
|
|
1,609.8 |
|
|
|
1,521.2 |
|
|
6 |
% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
|
4.4 |
|
|
|
4.7 |
|
|
(6 |
)% |
|
|
14.8 |
|
|
|
(9.3 |
) |
|
259 |
% |
Wholesale vehicles |
|
— |
|
|
|
0.4 |
|
|
(100 |
)% |
|
|
— |
|
|
|
1.8 |
|
|
(100 |
)% |
Total vehicles |
|
4.4 |
|
|
|
5.1 |
|
|
(14 |
)% |
|
|
14.8 |
|
|
|
(7.5 |
) |
|
297 |
% |
Finance, insurance and other, net |
|
51.4 |
|
|
|
41.0 |
|
|
25 |
% |
|
|
146.2 |
|
|
|
111.9 |
|
|
31 |
% |
Total gross profit |
$ |
55.8 |
|
|
$ |
46.1 |
|
|
21 |
% |
|
$ |
161.0 |
|
|
$ |
104.4 |
|
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
|
17,757 |
|
|
|
17,454 |
|
|
2 |
% |
|
|
52,016 |
|
|
|
46,534 |
|
|
12 |
% |
Wholesale vehicles |
|
2,720 |
|
|
|
2,491 |
|
|
9 |
% |
|
|
8,098 |
|
|
|
7,012 |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total used vehicle and F&I |
$ |
3,145 |
|
|
$ |
2,621 |
|
|
20 |
% |
|
$ |
3,096 |
|
|
$ |
2,203 |
|
|
41 |
% |
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 September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
26.9 |
|
|
$ |
26.8 |
|
|
— |
% |
|
$ |
64.4 |
|
|
$ |
72.5 |
|
|
(11 |
)% |
Used vehicles |
|
9.0 |
|
|
|
4.9 |
|
|
84 |
% |
|
|
17.6 |
|
|
|
17.1 |
|
|
3 |
% |
Wholesale vehicles |
|
1.1 |
|
|
|
1.3 |
|
|
(15 |
)% |
|
|
2.3 |
|
|
|
1.9 |
|
|
21 |
% |
Total vehicles |
|
37.0 |
|
|
|
33.0 |
|
|
12 |
% |
|
|
84.3 |
|
|
|
91.5 |
|
|
(8 |
)% |
Parts, service and collision repair |
|
20.1 |
|
|
|
21.6 |
|
|
(7 |
)% |
|
|
36.6 |
|
|
|
38.6 |
|
|
(5 |
)% |
Finance, insurance and other, net |
|
2.3 |
|
|
|
2.4 |
|
|
(4 |
)% |
|
|
5.8 |
|
|
|
5.9 |
|
|
(2 |
)% |
Total revenues |
|
59.4 |
|
|
|
57.0 |
|
|
4 |
% |
|
|
126.7 |
|
|
|
136.0 |
|
|
(7 |
)% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
4.1 |
|
|
|
5.9 |
|
|
(31 |
)% |
|
|
9.3 |
|
|
|
14.3 |
|
|
(35 |
)% |
Used vehicles |
|
2.2 |
|
|
|
2.4 |
|
|
(8 |
)% |
|
|
4.3 |
|
|
|
4.7 |
|
|
(9 |
)% |
Wholesale vehicles |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
— |
% |
|
|
(0.2 |
) |
|
|
— |
|
|
(100 |
)% |
Total vehicles |
|
6.2 |
|
|
|
8.2 |
|
|
(24 |
)% |
|
|
13.4 |
|
|
|
19.0 |
|
|
(29 |
)% |
Parts, service and collision repair |
|
9.2 |
|
|
|
10.2 |
|
|
(10 |
)% |
|
|
17.0 |
|
|
|
18.5 |
|
|
(8 |
)% |
Finance, insurance and other, net |
|
2.3 |
|
|
|
2.4 |
|
|
(4 |
)% |
|
|
5.8 |
|
|
|
5.9 |
|
|
(2 |
)% |
Total gross profit |
|
17.7 |
|
|
|
20.8 |
|
|
(15 |
)% |
|
|
36.2 |
|
|
|
43.4 |
|
|
(17 |
)% |
Selling, general and administrative expenses |
|
(11.3 |
) |
|
|
(12.7 |
) |
|
11 |
% |
|
|
(27.3 |
) |
|
|
(29.7 |
) |
|
8 |
% |
Depreciation and amortization |
|
(1.1 |
) |
|
|
(0.9 |
) |
|
(22 |
)% |
|
|
(3.1 |
) |
|
|
(2.5 |
) |
|
(24 |
)% |
Operating income (loss) |
|
5.3 |
|
|
|
7.2 |
|
|
(26 |
)% |
|
|
5.8 |
|
|
|
11.2 |
|
|
(48 |
)% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
|
(0.7 |
) |
|
|
(0.2 |
) |
|
(250 |
)% |
|
|
(1.6 |
) |
|
|
(0.6 |
) |
|
(167 |
)% |
Interest expense, other, net |
|
(0.6 |
) |
|
|
(0.4 |
) |
|
(50 |
)% |
|
|
(1.9 |
) |
|
|
(1.5 |
) |
|
(27 |
)% |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
— |
|
|
|
0.1 |
|
|
NM |
|
Total other income (expense) |
|
(1.3 |
) |
|
|
(0.6 |
) |
|
(117 |
)% |
|
|
(3.5 |
) |
|
|
(2.0 |
) |
|
(75 |
)% |
Income (loss) before taxes |
|
4.0 |
|
|
|
6.6 |
|
|
(39 |
)% |
|
|
2.3 |
|
|
|
9.2 |
|
|
(75 |
)% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
Segment income (loss) |
$ |
4.0 |
|
|
$ |
6.6 |
|
|
(39 |
)% |
|
$ |
2.3 |
|
|
$ |
9.2 |
|
|
(75 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
1,266 |
|
|
|
1,391 |
|
|
(9 |
)% |
|
|
3,304 |
|
|
|
3,894 |
|
|
(15 |
)% |
Used vehicles |
|
777 |
|
|
|
837 |
|
|
(7 |
)% |
|
|
1,708 |
|
|
|
1,972 |
|
|
(13 |
)% |
Wholesale vehicles |
|
99 |
|
|
|
93 |
|
|
6 |
% |
|
|
130 |
|
|
|
150 |
|
|
(13 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
3,249 |
|
|
$ |
4,213 |
|
|
(23 |
)% |
|
$ |
2,820 |
|
|
$ |
3,680 |
|
|
(23 |
)% |
Used vehicles |
$ |
2,798 |
|
|
$ |
2,833 |
|
|
(1 |
)% |
|
$ |
2,537 |
|
|
$ |
2,407 |
|
|
5 |
% |
Finance, insurance and other, net |
$ |
1,136 |
|
|
$ |
1,075 |
|
|
6 |
% |
|
$ |
1,157 |
|
|
$ |
1,006 |
|
|
15 |
% |
NM = Not Meaningful |
Powersports Segment - Same Store
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Better /
|
|
Nine Months Ended September 30, |
|
Better /
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
26.9 |
|
|
$ |
26.8 |
|
|
— |
% |
|
$ |
63.9 |
|
|
$ |
72.3 |
|
|
(12 |
)% |
Used vehicles |
|
9.0 |
|
|
|
4.9 |
|
|
84 |
% |
|
|
17.0 |
|
|
|
16.6 |
|
|
2 |
% |
Wholesale vehicles |
|
1.1 |
|
|
|
1.3 |
|
|
(15 |
)% |
|
|
2.2 |
|
|
|
1.8 |
|
|
22 |
% |
Total vehicles |
|
37.0 |
|
|
|
33.0 |
|
|
12 |
% |
|
|
83.1 |
|
|
|
90.7 |
|
|
(8 |
)% |
Parts, service and collision repair |
|
20.1 |
|
|
|
21.6 |
|
|
(7 |
)% |
|
|
35.9 |
|
|
|
38.3 |
|
|
(6 |
)% |
Finance, insurance and other, net |
|
2.3 |
|
|
|
2.4 |
|
|
(4 |
)% |
|
|
5.7 |
|
|
|
5.9 |
|
|
(3 |
)% |
Total revenues |
|
59.4 |
|
|
|
57.0 |
|
|
4 |
% |
|
|
124.7 |
|
|
|
134.9 |
|
|
(8 |
)% |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
4.1 |
|
|
|
5.9 |
|
|
(31 |
)% |
|
|
9.2 |
|
|
|
14.3 |
|
|
(36 |
)% |
Used vehicles |
|
2.2 |
|
|
|
2.4 |
|
|
(8 |
)% |
|
|
4.2 |
|
|
|
4.6 |
|
|
(9 |
)% |
Wholesale vehicles |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
— |
% |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
(200 |
)% |
Total vehicles |
|
6.2 |
|
|
|
8.2 |
|
|
(24 |
)% |
|
|
13.1 |
|
|
|
18.8 |
|
|
(30 |
)% |
Parts, service and collision repair |
|
9.2 |
|
|
|
10.2 |
|
|
(10 |
)% |
|
|
16.7 |
|
|
|
18.3 |
|
|
(9 |
)% |
Finance, insurance and other, net |
|
2.3 |
|
|
|
2.4 |
|
|
(4 |
)% |
|
|
5.7 |
|
|
|
5.9 |
|
|
(3 |
)% |
Total gross profit |
$ |
17.7 |
|
|
$ |
20.8 |
|
|
(15 |
)% |
|
$ |
35.5 |
|
|
$ |
43.0 |
|
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
|
1,266 |
|
|
|
1,391 |
|
|
(9 |
)% |
|
|
3,287 |
|
|
|
3,887 |
|
|
(15 |
)% |
Used vehicles |
|
777 |
|
|
|
837 |
|
|
(7 |
)% |
|
|
1,635 |
|
|
|
1,929 |
|
|
(15 |
)% |
Wholesale vehicles |
|
99 |
|
|
|
93 |
|
|
6 |
% |
|
|
127 |
|
|
|
149 |
|
|
(15 |
)% |
Retail new & used vehicles |
|
2,043 |
|
|
|
2,228 |
|
|
(8 |
)% |
|
|
4,922 |
|
|
|
5,816 |
|
|
(15 |
)% |
Used-to-New Ratio |
|
0.61 |
|
|
|
0.60 |
|
|
2 |
% |
|
|
0.50 |
|
|
|
0.50 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail new vehicles |
$ |
3,249 |
|
|
$ |
4,213 |
|
|
(23 |
)% |
|
$ |
2,790 |
|
|
$ |
3,674 |
|
|
(24 |
)% |
Used vehicles |
$ |
2,798 |
|
|
$ |
2,833 |
|
|
(1 |
)% |
|
$ |
2,556 |
|
|
$ |
2,397 |
|
|
7 |
% |
Finance, insurance and other, net |
$ |
1,136 |
|
|
$ |
1,075 |
|
|
6 |
% |
|
$ |
1,163 |
|
|
$ |
1,007 |
|
|
15 |
% |
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 September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
252.2 |
|
|
$ |
256.0 |
|
|
$ |
3.8 |
|
|
1 |
% |
Advertising |
|
21.5 |
|
|
|
22.5 |
|
|
|
1.0 |
|
|
4 |
% |
Rent |
|
8.9 |
|
|
|
11.7 |
|
|
|
2.8 |
|
|
24 |
% |
Other |
|
109.5 |
|
|
|
119.4 |
|
|
|
9.9 |
|
|
8 |
% |
Total SG&A expenses |
$ |
392.1 |
|
|
$ |
409.6 |
|
|
$ |
17.5 |
|
|
4 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
2.3 |
|
|
$ |
— |
|
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(1.8 |
) |
|
|
— |
|
|
|
|
|
|||
Storm damage charges |
|
(1.5 |
) |
|
|
— |
|
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
(3.9 |
) |
|
|
|
|
|||
Severance and long-term compensation charges |
|
— |
|
|
|
(0.9 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
(1.0 |
) |
|
$ |
(4.8 |
) |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
391.1 |
|
|
$ |
404.8 |
|
|
$ |
13.7 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
46.4 |
% |
|
|
44.0 |
% |
|
|
(240 |
) |
bps |
||
Advertising |
|
4.0 |
% |
|
|
3.9 |
% |
|
|
(10 |
) |
bps |
||
Rent |
|
1.6 |
% |
|
|
2.0 |
% |
|
|
40 |
|
bps |
||
Other |
|
20.1 |
% |
|
|
20.5 |
% |
|
|
40 |
|
bps |
||
Total SG&A expenses as a % of gross profit |
|
72.1 |
% |
|
|
70.4 |
% |
|
|
(170 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
0.5 |
% |
|
|
— |
% |
|
|
|
||||
Excess compensation related to CDK outage |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
|
|||
Storm damage charges |
|
(0.3 |
)% |
|
|
— |
% |
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
(0.7 |
)% |
|
|
|
||||
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.2 |
)% |
|
|
|
|
|||
Total effect of adjustments |
|
(0.2 |
)% |
|
|
(0.9 |
)% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
71.9 |
% |
|
|
69.5 |
% |
|
|
(240 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
543.6 |
|
|
$ |
582.2 |
|
|
$ |
(38.6 |
) |
|
(7 |
)% |
Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)
|
||||||||||||||
|
Nine Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
750.3 |
|
|
$ |
775.8 |
|
|
$ |
25.5 |
|
|
3 |
% |
Advertising |
|
65.5 |
|
|
|
71.4 |
|
|
|
5.9 |
|
|
8 |
% |
Rent |
|
25.9 |
|
|
|
34.5 |
|
|
|
8.6 |
|
|
25 |
% |
Other |
|
335.7 |
|
|
|
332.5 |
|
|
|
(3.2 |
) |
|
(1 |
)% |
Total SG&A expenses |
$ |
1,177.4 |
|
|
$ |
1,214.2 |
|
|
$ |
36.8 |
|
|
3 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
2.9 |
|
|
$ |
20.7 |
|
|
|
|
|
|||
Closed store accrued expenses |
|
(2.1 |
) |
|
|
— |
|
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(11.4 |
) |
|
|
— |
|
|
|
|
|
|||
Storm damage charges |
|
(5.1 |
) |
|
|
(1.9 |
) |
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
3.0 |
|
|
|
(4.3 |
) |
|
|
|
|
|||
Severance and long-term compensation charges |
|
(5.0 |
) |
|
|
(5.1 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
(17.7 |
) |
|
$ |
9.4 |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
1,159.7 |
|
|
$ |
1,223.6 |
|
|
$ |
63.9 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
46.3 |
% |
|
|
45.5 |
% |
|
|
(80 |
) |
bps |
||
Advertising |
|
4.0 |
% |
|
|
4.2 |
% |
|
|
20 |
|
bps |
||
Rent |
|
1.6 |
% |
|
|
2.0 |
% |
|
|
40 |
|
bps |
||
Other |
|
20.8 |
% |
|
|
19.5 |
% |
|
|
(130 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
72.7 |
% |
|
|
71.2 |
% |
|
|
(150 |
) |
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
0.2 |
% |
|
|
0.4 |
% |
|
|
|
|
|||
Closed store accrued expenses |
|
(0.1 |
)% |
|
|
— |
% |
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(0.8 |
)% |
|
|
— |
% |
|
|
|
||||
Storm damage charges |
|
(0.3 |
)% |
|
|
— |
% |
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
0.2 |
% |
|
|
(0.1 |
)% |
|
|
|
||||
Severance and long-term compensation charges |
|
(0.3 |
)% |
|
|
(0.1 |
)% |
|
|
|
||||
Total effect of adjustments |
|
(1.2 |
)% |
|
|
0.2 |
% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
71.5 |
% |
|
|
71.4 |
% |
|
|
(20 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
1,618.9 |
|
|
$ |
1,704.6 |
|
|
$ |
(85.7 |
) |
|
(5 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Excess compensation related to CDK outage |
$ |
2.0 |
|
|
$ |
— |
|
|
|
|
|
|||
Used vehicle inventory valuation adjustment |
|
— |
|
|
|
10.0 |
|
|
|
|
|
|||
Total adjustments |
$ |
2.0 |
|
|
$ |
10.0 |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted gross profit |
$ |
1,620.9 |
|
|
$ |
1,714.6 |
|
|
$ |
(93.7 |
) |
|
(5 |
)% |
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
|
||||||||||||||
|
Three Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
220.2 |
|
|
$ |
216.9 |
|
|
$ |
(3.3 |
) |
|
(2 |
)% |
Advertising |
|
13.7 |
|
|
|
11.0 |
|
|
|
(2.7 |
) |
|
(25 |
)% |
Rent |
|
9.2 |
|
|
|
10.2 |
|
|
|
1.0 |
|
|
10 |
% |
Other |
|
97.4 |
|
|
|
100.2 |
|
|
|
2.8 |
|
|
3 |
% |
Total SG&A expenses |
$ |
340.5 |
|
|
$ |
338.3 |
|
|
$ |
(2.2 |
) |
|
(1 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Excess compensation related to CDK outage |
|
(1.8 |
) |
|
|
— |
|
|
|
|
|
|||
Storm damage charges |
$ |
(1.5 |
) |
|
$ |
— |
|
|
|
|
|
|||
Total SG&A adjustments |
$ |
(3.3 |
) |
|
$ |
— |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
337.2 |
|
|
$ |
338.3 |
|
|
$ |
1.1 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
46.8 |
% |
|
|
42.6 |
% |
|
|
(420 |
) |
bps |
||
Advertising |
|
2.9 |
% |
|
|
2.2 |
% |
|
|
(70 |
) |
bps |
||
Rent |
|
2.0 |
% |
|
|
2.0 |
% |
|
|
— |
|
bps |
||
Other |
|
20.7 |
% |
|
|
19.7 |
% |
|
|
(100 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
72.4 |
% |
|
|
66.5 |
% |
|
|
(590 |
) |
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Excess compensation related to CDK outage |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
|
|||
Storm damage charges |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
|
|||
Total effect of adjustments |
|
(0.8 |
)% |
|
|
— |
% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
71.6 |
% |
|
|
66.5 |
% |
|
|
(510 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
470.7 |
|
|
$ |
508.6 |
|
|
$ |
(37.9 |
) |
|
(7 |
)% |
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)
|
||||||||||||||
|
Nine Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
658.5 |
|
|
$ |
649.7 |
|
|
$ |
(8.8 |
) |
|
(1 |
)% |
Advertising |
|
43.2 |
|
|
|
29.7 |
|
|
|
(13.5 |
) |
|
(45 |
)% |
Rent |
|
29.6 |
|
|
|
29.8 |
|
|
|
0.2 |
|
|
1 |
% |
Other |
|
295.7 |
|
|
|
276.3 |
|
|
|
(19.4 |
) |
|
(7 |
)% |
Total SG&A expenses |
$ |
1,027.0 |
|
|
$ |
985.5 |
|
|
$ |
(41.5 |
) |
|
(4 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
— |
|
|
$ |
20.9 |
|
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(11.0 |
) |
|
|
— |
|
|
|
|
|
|||
Storm damage charges |
|
(5.1 |
) |
|
|
(1.9 |
) |
|
|
|
|
|||
Severance and long-term compensation charges |
|
(2.2 |
) |
|
|
— |
|
|
|
|
|
|||
Total SG&A adjustments |
$ |
(18.3 |
) |
|
$ |
19.0 |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
1,008.7 |
|
|
$ |
1,004.5 |
|
|
$ |
(4.2 |
) |
|
— |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
46.3 |
% |
|
|
42.1 |
% |
|
|
(420 |
) |
bps |
||
Advertising |
|
3.0 |
% |
|
|
1.9 |
% |
|
|
(110 |
) |
bps |
||
Rent |
|
2.1 |
% |
|
|
1.9 |
% |
|
|
(20 |
) |
bps |
||
Other |
|
20.7 |
% |
|
|
18.0 |
% |
|
|
(270 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
72.1 |
% |
|
|
63.9 |
% |
|
|
(820 |
) |
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
— |
% |
|
|
1.3 |
% |
|
|
|
||||
Excess compensation related to CDK outage |
|
(0.8 |
)% |
|
|
— |
% |
|
|
|
|
|||
Storm damage charges |
|
(0.4 |
)% |
|
|
(0.1 |
)% |
|
|
|
|
|||
Severance and long-term compensation charges |
|
(0.2 |
)% |
|
|
— |
% |
|
|
|
||||
Total effect of adjustments |
|
(1.4 |
)% |
|
|
1.2 |
% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
70.7 |
% |
|
|
65.1 |
% |
|
|
(560 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
1,423.8 |
|
|
$ |
1,542.2 |
|
|
$ |
(118.4 |
) |
|
(8 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Excess compensation related to CDK outage |
$ |
2.0 |
|
|
$ |
— |
|
|
|
|
|
|||
Total adjustments |
$ |
2.0 |
|
|
$ |
— |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted gross profit |
$ |
1,425.8 |
|
|
$ |
1,542.2 |
|
|
$ |
(116.4 |
) |
|
(8 |
)% |
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
|
||||||||||||||
|
Three Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
23.5 |
|
|
$ |
30.0 |
|
|
$ |
6.5 |
|
22 |
% |
|
Advertising |
|
7.4 |
|
|
|
10.9 |
|
|
|
3.5 |
|
|
32 |
% |
Rent |
|
0.7 |
|
|
|
2.1 |
|
|
|
1.4 |
|
|
67 |
% |
Other |
|
8.6 |
|
|
|
15.6 |
|
|
|
7.0 |
|
|
45 |
% |
Total SG&A expenses |
$ |
40.2 |
|
|
$ |
58.6 |
|
|
$ |
18.4 |
|
|
31 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
2.3 |
|
|
$ |
— |
|
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
(3.9 |
) |
|
|
|
|
|||
Severance and long-term compensation charges |
|
— |
|
|
|
(0.9 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
2.3 |
|
|
$ |
(4.8 |
) |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
42.5 |
|
|
$ |
53.8 |
|
|
$ |
11.3 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
42.6 |
% |
|
|
56.9 |
% |
|
|
1,430 |
|
bps |
||
Advertising |
|
13.5 |
% |
|
|
20.5 |
% |
|
|
700 |
|
bps |
||
Rent |
|
1.3 |
% |
|
|
3.9 |
% |
|
|
260 |
|
bps |
||
Other |
|
15.5 |
% |
|
|
29.8 |
% |
|
|
1,430 |
|
bps |
||
Total SG&A expenses as a % of gross profit |
|
72.9 |
% |
|
|
111.1 |
% |
|
|
3,820 |
|
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
4.2 |
% |
|
|
— |
% |
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
(7.5 |
)% |
|
|
|
||||
Severance and long-term compensation charges |
|
— |
% |
|
|
(1.7 |
)% |
|
|
|
||||
Total effect of adjustments |
|
4.2 |
% |
|
|
(9.2 |
)% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
77.1 |
% |
|
|
101.9 |
% |
|
|
2,480 |
|
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
55.2 |
|
|
$ |
52.8 |
|
|
$ |
2.4 |
|
|
5 |
% |
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)
|
||||||||||||||
|
Nine Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
72.0 |
|
|
$ |
105.1 |
|
|
$ |
33.1 |
|
31 |
% |
|
Advertising |
|
21.0 |
|
|
|
40.3 |
|
|
|
19.3 |
|
|
48 |
% |
Rent |
|
(2.7 |
) |
|
|
5.3 |
|
|
|
8.0 |
|
|
151 |
% |
Other |
|
32.8 |
|
|
|
48.3 |
|
|
|
15.5 |
|
|
32 |
% |
Total SG&A expenses |
$ |
123.1 |
|
|
$ |
199.0 |
|
|
$ |
75.9 |
|
|
38 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquisition and disposition-related gain (loss) |
$ |
2.9 |
|
|
$ |
(0.3 |
) |
|
|
|
|
|||
Closed store accrued expenses |
|
(2.1 |
) |
|
|
— |
|
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(0.4 |
) |
|
|
— |
|
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
3.0 |
|
|
|
(4.3 |
) |
|
|
|
|
|||
Severance and long-term compensation charges |
|
(2.8 |
) |
|
|
(5.1 |
) |
|
|
|
|
|||
Total SG&A adjustments |
$ |
0.6 |
|
|
$ |
(9.7 |
) |
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
123.7 |
|
|
$ |
189.3 |
|
|
$ |
65.6 |
|
|
35 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
45.3 |
% |
|
|
88.4 |
% |
|
|
4,310 |
|
bps |
||
Advertising |
|
13.2 |
% |
|
|
33.9 |
% |
|
|
2,070 |
|
bps |
||
Rent |
|
(1.7 |
)% |
|
|
4.4 |
% |
|
|
610 |
|
bps |
||
Other |
|
20.6 |
% |
|
|
40.5 |
% |
|
|
1,990 |
|
bps |
||
Total SG&A expenses as a % of gross profit |
|
77.4 |
% |
|
|
167.2 |
% |
|
|
8,980 |
|
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Acquisition and disposition-related gain (loss) |
|
1.9 |
% |
|
|
(0.6 |
)% |
|
|
|
||||
Closed store accrued expenses |
|
(1.4 |
)% |
|
|
— |
% |
|
|
|
|
|||
Excess compensation related to CDK outage |
|
(0.3 |
)% |
|
|
— |
% |
|
|
|
|
|||
Gain (loss) on exit of leased dealerships |
|
2.0 |
% |
|
|
(9.0 |
)% |
|
|
|
||||
Severance and long-term compensation charges |
|
(1.9 |
)% |
|
|
(10.8 |
)% |
|
|
|
||||
Total effect of adjustments |
|
0.4 |
% |
|
|
(20.4 |
)% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
77.8 |
% |
|
|
146.8 |
% |
|
|
6,900 |
|
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
158.9 |
|
|
$ |
119.0 |
|
|
$ |
39.9 |
|
|
34 |
% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Used vehicle inventory valuation adjustment |
$ |
— |
|
|
$ |
10.0 |
|
|
|
|
|
|||
Total adjustments |
$ |
— |
|
|
$ |
10.0 |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted gross profit |
$ |
158.9 |
|
|
$ |
129.0 |
|
|
$ |
29.9 |
|
|
23 |
% |
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
|
||||||||||||||
|
Three Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
8.4 |
|
|
$ |
9.1 |
|
|
$ |
0.7 |
|
|
8 |
% |
Advertising |
|
0.4 |
|
|
|
0.6 |
|
|
|
0.2 |
|
|
33 |
% |
Rent |
|
(1.1 |
) |
|
|
(0.6 |
) |
|
|
0.5 |
|
|
(83 |
)% |
Other |
|
3.6 |
|
|
|
3.6 |
|
|
|
— |
|
|
— |
% |
Total SG&A expenses |
$ |
11.3 |
|
|
$ |
12.7 |
|
|
$ |
1.4 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
47.8 |
% |
|
|
44.0 |
% |
|
|
(380 |
) |
bps |
||
Advertising |
|
2.5 |
% |
|
|
2.9 |
% |
|
|
40 |
|
bps |
||
Rent |
|
(6.4 |
)% |
|
|
(2.9 |
)% |
|
|
350 |
|
bps |
||
Other |
|
19.8 |
% |
|
|
17.1 |
% |
|
|
(270 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
63.7 |
% |
|
|
61.1 |
% |
|
|
(260 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
17.7 |
|
|
$ |
20.8 |
|
|
$ |
(3.1 |
) |
|
(15 |
)% |
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended September 30, |
|
Better / (Worse) |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
19.8 |
|
|
$ |
21.0 |
|
|
$ |
1.2 |
|
|
6 |
% |
Advertising |
|
1.2 |
|
|
|
1.4 |
|
|
|
0.2 |
|
|
14 |
% |
Rent |
|
(1.0 |
) |
|
|
(0.6 |
) |
|
|
0.4 |
|
|
(67 |
)% |
Other |
|
7.3 |
|
|
|
7.9 |
|
|
|
0.6 |
|
|
8 |
% |
Total SG&A expenses |
$ |
27.3 |
|
|
$ |
29.7 |
|
|
$ |
2.4 |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
54.7 |
% |
|
|
48.4 |
% |
|
|
(630 |
) |
bps |
||
Advertising |
|
3.4 |
% |
|
|
3.2 |
% |
|
|
(20 |
) |
bps |
||
Rent |
|
(2.8 |
)% |
|
|
(1.2 |
)% |
|
|
160 |
|
bps |
||
Other |
|
20.2 |
% |
|
|
18.1 |
% |
|
|
(210 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
75.5 |
% |
|
|
68.5 |
% |
|
|
(700 |
) |
bps |
||
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Total gross profit |
$ |
36.2 |
|
|
$ |
43.4 |
|
|
$ |
(7.2 |
) |
|
(17 |
)% |
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions) |
||||||||||||||||||||
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before taxes |
$ |
51.6 |
|
$ |
101.5 |
|
(49 |
)% |
|
$ |
167.0 |
|
$ |
357.2 |
|
(53 |
)% |
||||
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
|
|
|
1.0 |
|
|
|
— |
|
|
|
||
Segment income (loss) |
$ |
51.6 |
|
|
$ |
101.5 |
|
|
(49 |
)% |
|
$ |
168.0 |
|
|
$ |
357.2 |
|
|
(53 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and disposition-related (gain) loss |
$ |
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
(20.9 |
) |
|
|
||
Excess compensation related to CDK outage |
|
1.8 |
|
|
|
— |
|
|
|
|
|
13.0 |
|
|
|
— |
|
|
|
||
Storm damage charges |
|
1.5 |
|
|
|
— |
|
|
|
|
|
5.1 |
|
|
|
1.9 |
|
|
|
||
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
|
|
2.2 |
|
|
|
— |
|
|
|
||
Total pre-tax adjustments |
$ |
3.3 |
|
|
$ |
— |
|
|
|
|
$ |
20.3 |
|
|
$ |
(19.0 |
) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment income (loss) |
$ |
54.9 |
|
|
$ |
101.5 |
|
|
(46 |
)% |
|
$ |
188.3 |
|
|
$ |
338.2 |
|
|
(44 |
)% |
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions) |
||||||||||||||||||||
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before taxes |
$ |
5.2 |
|
|
$ |
(16.9 |
) |
|
131 |
% |
|
$ |
4.7 |
|
|
$ |
(179.1 |
) |
|
103 |
% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
|
|
|
1.4 |
|
|
|
62.6 |
|
|
|
||
Segment income (loss) |
$ |
5.2 |
|
|
$ |
(16.9 |
) |
|
131 |
% |
|
$ |
6.1 |
|
|
$ |
(116.5 |
) |
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and disposition-related (gain) loss |
$ |
(2.3 |
) |
|
$ |
— |
|
|
|
|
$ |
(2.9 |
) |
|
$ |
0.3 |
|
|
|
||
Closed store accrued expenses |
|
— |
|
|
|
— |
|
|
|
|
|
2.1 |
|
|
|
— |
|
|
|
||
Excess compensation related to CDK outage |
|
— |
|
|
|
— |
|
|
|
|
|
0.4 |
|
|
|
— |
|
|
|
||
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
3.9 |
|
|
|
|
|
(3.0 |
) |
|
|
4.3 |
|
|
|
||
Severance and long-term compensation charges |
|
— |
|
|
|
0.9 |
|
|
|
|
|
2.8 |
|
|
|
5.1 |
|
|
|
||
Used vehicle inventory valuation adjustment |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
10.0 |
|
|
|
||
Total pre-tax adjustments |
$ |
(2.3 |
) |
|
$ |
4.8 |
|
|
|
|
$ |
(0.6 |
) |
|
$ |
19.7 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment income (loss) |
$ |
2.9 |
|
|
$ |
(12.1 |
) |
|
124 |
% |
|
$ |
5.5 |
|
|
$ |
(96.8 |
) |
|
106 |
% |
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
|||||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
(In millions) |
||||||||||||||||||||
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before taxes |
$ |
4.0 |
|
$ |
6.6 |
|
(39 |
)% |
|
$ |
2.3 |
|
$ |
9.2 |
|
(75 |
)% |
||||
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
||
Segment income (loss) |
$ |
4.0 |
|
|
$ |
6.6 |
|
|
(39 |
)% |
|
$ |
2.3 |
|
|
$ |
9.2 |
|
|
(75 |
)% |
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
|
|||||||||||||||||||||
|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
||||||||||||||||||
|
Weighted- Average Shares |
|
Amount |
|
Per Share Amount |
|
Weighted- Average Shares |
|
Amount |
|
Per Share Amount |
||||||||||
|
(In millions, except per share amounts) |
||||||||||||||||||||
Reported net income (loss), diluted shares, and diluted earnings (loss) per share |
34.9 |
|
$ |
74.2 |
|
|
$ |
2.13 |
|
35.6 |
|
$ |
68.4 |
|
|
$ |
1.92 |
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and disposition-related gain (loss) |
|
|
$ |
(2.3 |
) |
|
|
|
|
|
$ |
— |
|
|
|
||||||
Excess compensation related to CDK outage |
|
|
|
1.8 |
|
|
|
|
|
|
|
— |
|
|
|
||||||
Storm damage charges |
|
|
|
1.5 |
|
|
|
|
|
|
|
— |
|
|
|
||||||
Loss (gain) on exit of leased dealerships |
|
|
|
— |
|
|
|
|
|
|
|
3.9 |
|
|
|
||||||
Severance and long-term compensation charges |
|
|
|
— |
|
|
|
|
|
|
|
0.9 |
|
|
|
||||||
Total pre-tax adjustments |
|
|
$ |
1.0 |
|
|
|
|
|
|
$ |
4.8 |
|
|
|
||||||
Tax effect of above items |
|
|
|
(0.2 |
) |
|
|
|
|
|
|
(1.2 |
) |
|
|
||||||
Non-recurring tax items |
|
|
$ |
(31.0 |
) |
|
|
|
|
|
$ |
— |
|
|
|
||||||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.9 |
|
|
$ |
44.0 |
|
|
$ |
1.26 |
|
|
35.6 |
|
|
$ |
72.0 |
|
|
$ |
2.02 |
|
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
||||||||||||||||||
|
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 |
34.8 |
|
$ |
157.4 |
|
|
$ |
4.52 |
|
36.2 |
|
$ |
139.5 |
|
|
$ |
3.85 |
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and disposition-related gain (loss) |
|
|
$ |
(2.9 |
) |
|
|
|
|
|
$ |
(20.7 |
) |
|
|
||||||
Closed store accrued expenses |
|
|
|
2.1 |
|
|
|
|
|
|
|
— |
|
|
|
||||||
Excess compensation related to CDK outage |
|
|
|
13.4 |
|
|
|
|
|
|
|
— |
|
|
|
||||||
Storm damage charges |
|
|
|
5.1 |
|
|
|
|
|
|
|
1.9 |
|
|
|
||||||
Impairment charges |
|
|
|
2.4 |
|
|
|
|
|
|
|
62.6 |
|
|
|
||||||
Loss (gain) on exit of leased dealerships |
|
|
|
(3.0 |
) |
|
|
|
|
|
|
4.3 |
|
|
|
||||||
Severance and long-term compensation charges |
|
|
|
5.0 |
|
|
|
|
|
|
|
5.1 |
|
|
|
||||||
Used vehicle inventory valuation adjustment |
|
|
|
— |
|
|
|
|
|
|
|
10.0 |
|
|
|
||||||
Total pre-tax adjustments |
|
|
$ |
22.1 |
|
|
|
|
|
|
$ |
63.2 |
|
|
|
||||||
Tax effect of above items |
|
|
|
(5.8 |
) |
|
|
|
|
|
|
(15.6 |
) |
|
|
||||||
Non-recurring tax items |
|
|
$ |
(31.0 |
) |
|
|
|
|
|
$ |
— |
|
|
|
||||||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.8 |
|
|
$ |
142.7 |
|
|
$ |
4.10 |
|
|
36.2 |
|
|
$ |
187.1 |
|
|
$ |
5.17 |
|
Non-GAAP Reconciliation - Adjusted EBITDA
|
|||||||||||||||||||||||||||||||
|
Three Months Ended September 30, 2024 |
|
Three Months Ended September 30, 2023 |
||||||||||||||||||||||||||||
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
||||||||||||||||
|
(In millions) |
||||||||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
74.2 |
|
|
|
|
|
|
|
|
$ |
68.4 |
|
||||||||||||
Provision for income taxes |
|
|
|
|
|
|
|
(13.4 |
) |
|
|
|
|
|
|
|
|
22.8 |
|
||||||||||||
Income (loss) before taxes |
$ |
51.6 |
|
$ |
5.2 |
|
|
$ |
4.0 |
|
$ |
60.8 |
|
|
$ |
101.5 |
|
$ |
(16.9 |
) |
|
$ |
6.6 |
|
$ |
91.2 |
|||||
Non-floor plan interest (1) |
|
27.1 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
|
28.4 |
|
|
|
26.2 |
|
|
|
0.7 |
|
|
|
0.4 |
|
|
|
27.3 |
|
Depreciation and amortization (2) |
|
32.8 |
|
|
|
5.3 |
|
|
|
1.2 |
|
|
|
39.3 |
|
|
|
29.9 |
|
|
|
6.1 |
|
|
|
0.9 |
|
|
|
36.9 |
|
Stock-based compensation expense |
|
5.5 |
|
|
|
— |
|
|
|
— |
|
|
|
5.5 |
|
|
|
6.7 |
|
|
|
— |
|
|
|
— |
|
|
|
6.7 |
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
|
|
3.9 |
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
0.9 |
|
Excess compensation related to CDK outage |
|
1.8 |
|
|
|
— |
|
|
|
— |
|
|
|
1.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and disposition related (gain) loss |
|
— |
|
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.3 |
|
Storm damage charges |
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
$ |
120.3 |
|
|
$ |
8.9 |
|
|
$ |
5.8 |
|
|
$ |
135.0 |
|
|
$ |
164.5 |
|
|
$ |
(5.2 |
) |
|
$ |
7.9 |
|
|
$ |
167.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||||||
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
|
Franchised Dealerships Segment |
|
EchoPark Segment |
|
Powersports Segment |
|
Total |
||||||||||||||||
|
(In millions) |
||||||||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
157.4 |
|
|
|
|
|
|
|
|
$ |
139.5 |
|
||||||||||||
Provision for income taxes |
|
|
|
|
|
|
|
16.6 |
|
|
|
|
|
|
|
|
|
47.8 |
|
||||||||||||
Income (loss) before taxes |
$ |
167.0 |
|
|
$ |
4.7 |
|
|
$ |
2.3 |
|
$ |
174.0 |
|
|
$ |
357.2 |
|
|
$ |
(179.1 |
) |
|
$ |
9.2 |
|
$ |
187.3 |
|
||
Non-floor plan interest (1) |
|
79.8 |
|
|
|
2.0 |
|
|
|
1.9 |
|
|
|
83.7 |
|
|
|
77.4 |
|
|
|
2.5 |
|
|
|
1.6 |
|
|
|
81.5 |
|
Depreciation & amortization (2) |
|
95.8 |
|
|
|
16.3 |
|
|
|
3.1 |
|
|
|
115.2 |
|
|
|
87.6 |
|
|
|
20.4 |
|
|
|
2.4 |
|
|
|
110.4 |
|
Stock-based compensation expense |
|
15.8 |
|
|
|
— |
|
|
|
— |
|
|
|
15.8 |
|
|
|
17.3 |
|
|
|
— |
|
|
|
— |
|
|
|
17.3 |
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
4.3 |
|
|
|
— |
|
|
|
4.3 |
|
Impairment charges |
|
1.0 |
|
|
|
1.4 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
62.6 |
|
|
|
— |
|
|
|
62.6 |
|
Loss on debt extinguishment |
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance and long-term compensation charges |
|
2.2 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
5.1 |
|
|
|
— |
|
|
|
5.1 |
|
|
|
— |
|
|
|
5.1 |
|
Excess compensation related to CDK outage |
|
13.0 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition and disposition related (gain) loss |
|
(0.3 |
) |
|
|
(3.3 |
) |
|
|
— |
|
|
|
(3.6 |
) |
|
|
(20.7 |
) |
|
|
0.3 |
|
|
|
— |
|
|
|
(20.4 |
) |
Storm damage charges |
|
5.1 |
|
|
|
— |
|
|
|
— |
|
|
|
5.1 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
Used vehicle inventory valuation adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
|
|
10.0 |
|
Closed store accrued expenses |
$ |
— |
|
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Adjusted EBITDA |
$ |
380.0 |
|
|
$ |
23.5 |
|
|
$ |
7.3 |
|
|
$ |
410.8 |
|
|
$ |
520.7 |
|
|
$ |
(73.9 |
) |
|
$ |
13.2 |
|
|
$ |
460.0 |
|
(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 September 30, 2024 |
|
Three Months Ended September 30, 2023 |
|
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 |
$ |
545.5 |
|
|
$ |
(0.6 |
) |
|
$ |
544.9 |
|
|
$ |
562.4 |
|
|
$ |
64.3 |
|
|
$ |
626.7 |
|
|
(3 |
)% |
|
(101 |
)% |
|
(13 |
)% |
Total gross profit |
$ |
55.8 |
|
|
$ |
(0.6 |
) |
|
$ |
55.2 |
|
|
$ |
46.1 |
|
|
$ |
6.7 |
|
|
$ |
52.8 |
|
|
21 |
% |
|
(109 |
)% |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income (loss) before taxes |
$ |
5.6 |
|
|
$ |
(0.4 |
) |
|
$ |
5.2 |
|
|
$ |
(8.7 |
) |
|
$ |
(8.2 |
) |
|
$ |
(16.9 |
) |
|
164 |
% |
|
95 |
% |
|
131 |
% |
Non-floor plan interest (1) |
|
0.6 |
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Depreciation and amortization (2) |
|
5.3 |
|
|
|
— |
|
|
|
5.3 |
|
|
|
5.8 |
|
|
|
0.3 |
|
|
|
6.1 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Acquisition and disposition-related (gain) loss |
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
3.9 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Adjusted EBITDA |
$ |
9.2 |
|
|
$ |
(0.3 |
) |
|
$ |
8.9 |
|
|
$ |
(2.6 |
) |
|
$ |
(2.6 |
) |
|
$ |
(5.2 |
) |
|
454 |
% |
|
88 |
% |
|
271 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Used vehicle unit sales volume |
|
17,757 |
|
|
|
— |
|
|
|
17,757 |
|
|
|
17,454 |
|
|
|
1,596 |
|
|
|
19,050 |
|
|
2 |
% |
|
(100 |
)% |
|
(7 |
)% |
Total used vehicle and F&I gross profit per unit |
$ |
3,145 |
|
|
$ |
— |
|
|
$ |
3,111 |
|
|
$ |
2,621 |
|
|
$ |
4,333 |
|
|
$ |
2,767 |
|
|
20 |
% |
|
(100 |
)% |
|
12 |
% |
NM = Not Meaningful |
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)
|
||||||||||||||||||||||||||||||||
|
Nine Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2023 |
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 |
$ |
1,609.8 |
|
$ |
11.8 |
|
|
$ |
1,621.6 |
|
|
$ |
1,521.3 |
|
|
$ |
356.5 |
|
|
$ |
1,877.8 |
|
|
6 |
% |
|
(97 |
)% |
|
(14 |
)% |
|
Total gross profit |
$ |
160.8 |
|
|
$ |
(1.9 |
) |
|
$ |
158.9 |
|
|
$ |
94.1 |
|
|
$ |
24.9 |
|
|
$ |
119.0 |
|
|
71 |
% |
|
(108 |
)% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income (loss) before taxes |
$ |
12.2 |
|
|
$ |
(7.5 |
) |
|
$ |
4.7 |
|
|
$ |
(88.0 |
) |
|
$ |
(91.1 |
) |
|
$ |
(179.1 |
) |
|
114 |
% |
|
92 |
% |
|
103 |
% |
Non-floor plan interest (1) |
|
1.7 |
|
|
|
0.3 |
|
|
|
2.0 |
|
|
|
1.7 |
|
|
|
0.8 |
|
|
|
2.5 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Depreciation and amortization (2) |
|
16.3 |
|
|
|
— |
|
|
|
16.3 |
|
|
|
16.4 |
|
|
|
4.0 |
|
|
|
20.4 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Acquisition and disposition-related (gain) loss |
|
— |
|
|
|
(3.3 |
) |
|
|
(3.3 |
) |
|
|
— |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Closed store accrued expenses |
|
— |
|
|
|
2.1 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
|
NM |
|
|
NM |
|
Impairment charges |
|
— |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
— |
|
|
|
62.6 |
|
|
|
62.6 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
(3.0 |
) |
|
|
(3.0 |
) |
|
|
— |
|
|
|
4.3 |
|
|
|
4.3 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Severance and long-term compensation charges |
|
— |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
5.1 |
|
|
|
5.1 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Excess compensation related to CDK outage |
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
|
NM |
|
|
NM |
|
Used vehicle inventory valuation adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
|
|
2.3 |
|
|
|
10.0 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Adjusted EBITDA |
$ |
30.6 |
|
|
$ |
(7.1 |
) |
|
$ |
23.5 |
|
|
$ |
(62.2 |
) |
|
$ |
(11.7 |
) |
|
$ |
(73.9 |
) |
|
149 |
% |
|
39 |
% |
|
132 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Used vehicle unit sales volume |
|
52,016 |
|
|
|
363 |
|
|
|
52,379 |
|
|
|
46,534 |
|
|
|
9,580 |
|
|
|
56,114 |
|
|
12 |
% |
|
(96 |
)% |
|
(7 |
)% |
Total used vehicle and F&I gross profit per unit |
$ |
3,096 |
|
|
$ |
(3,630 |
) |
|
$ |
3,047 |
|
|
$ |
2,203 |
|
|
$ |
2,666 |
|
|
$ |
2,095 |
|
|
41 |
% |
|
(236 |
)% |
|
45 |
% |
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/20241024198899/en/
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.
FAQ
What was Sonic Automotive's (SAH) revenue in Q3 2024?
How much did the CDK outage impact Sonic Automotive's (SAH) Q3 2024 earnings?
What was EchoPark's performance in Q3 2024 for Sonic Automotive (SAH)?