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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sonic Automotive Inc | NYSE:SAH | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 1.98 | 2.86% | 71.10 | 71.18 | 68.31 | 69.84 | 126,554 | 01:00:00 |
From Jan 2024 to Jan 2025
Full Year 2023 Results Include All-Time Record Annual Revenues of $14.4 Billion
EchoPark Segment Expected to Achieve Breakeven Adjusted EBITDA* in the First Quarter of 2024
Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” "we," "us" or "our") (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial Summary
Full Year 2023 Financial Summary
* 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, “We are proud of our team’s performance in the fourth quarter, delivering financial results that reflect our ability to leverage our diversified business model to adapt to rapidly changing market dynamics. During the quarter, we continued to realize the expected benefits of the strategic adjustments to our EchoPark business model, which showed improvement in year-over-year losses to help offset continued margin normalization in the franchised dealership segment. We remain confident that we have the right strategy, the right people, and the right culture to continue to grow our business and create long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “While consumer affordability and used vehicle sourcing challenges persist, our EchoPark results in the fourth quarter demonstrate our team's valuable industry experience and the adaptability of our innovative EchoPark model. Based on recent performance and market trends, we remain confident in our path to achieve breakeven EchoPark segment adjusted EBITDA* in the first quarter of 2024, and expect to resume our disciplined long-term growth plans for EchoPark once used vehicle market conditions improve.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the fourth quarter. As of December 31, 2023, we had $846 million of total liquidity, including $374 million in cash and floor plan deposits on hand. We believe we remain well-positioned to adapt to evolving market conditions and position the Company for success in 2024 and beyond.”
Fourth Quarter 2023 Segment Highlights
The financial measures discussed below are results for the fourth quarter of 2023 with comparisons made to the fourth quarter of 2022, unless otherwise noted.
* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.
Full Year 2023 Segment Highlights
The financial measures discussed below are results for the full year 2023 with comparisons made to the full year 2022, unless otherwise noted.
* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.
Dividend
Sonic’s Board of Directors approved a quarterly cash dividend of $0.30 per share, payable on April 15, 2024 to all stockholders of record on March 15, 2024.
Fourth Quarter 2023 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 Fourth Quarter 2023 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 Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.
About EchoPark Automotive
EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award-winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service, while receiving the 2023 Consumer Satisfaction Award from DealerRater. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated 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, 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, 2022 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.
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 loss, 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 December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles
$
1,680.2
$
1,555.3
8
%
$
6,304.6
$
5,622.6
12
%
Fleet new vehicles
21.8
29.3
(26
)%
92.2
99.4
(7
)%
Total new vehicles
1,702.0
1,584.6
7
%
6,396.8
5,722.0
12
%
Used vehicles
1,222.4
1,341.1
(9
)%
5,213.6
5,515.4
(5
)%
Wholesale vehicles
62.6
80.0
(22
)%
318.8
484.9
(34
)%
Total vehicles
2,987.0
3,005.7
(1
)%
11,929.2
11,722.3
2
%
Parts, service and collision repair
431.9
411.1
5
%
1,759.5
1,599.7
10
%
Finance, insurance and other, net
166.0
173.8
(4
)%
683.7
679.1
1
%
Total revenues
3,584.9
3,590.6
—
%
14,372.4
14,001.1
3
%
Cost of sales:
Retail new vehicles
(1,555.7
)
(1,390.7
)
(12
)%
(5,769.2
)
(4,959.8
)
(16
)%
Fleet new vehicles
(20.9
)
(27.5
)
24
%
(88.2
)
(94.5
)
7
%
Total new vehicles
(1,576.6
)
(1,418.2
)
(11
)%
(5,857.4
)
(5,054.3
)
(16
)%
Used vehicles
(1,184.9
)
(1,305.6
)
9
%
(5,062.4
)
(5,334.6
)
5
%
Wholesale vehicles
(65.8
)
(83.7
)
21
%
(321.4
)
(488.0
)
34
%
Total vehicles
(2,827.3
)
(2,807.5
)
(1
)%
(11,241.2
)
(10,876.9
)
(3
)%
Parts, service and collision repair
(216.5
)
(207.0
)
(5
)%
(885.5
)
(807.2
)
(10
)%
Total cost of sales
(3,043.8
)
(3,014.5
)
(1
)%
(12,126.7
)
(11,684.1
)
(4
)%
Gross profit
541.1
576.1
(6
)%
2,245.7
2,317.0
(3
)%
Selling, general and administrative expenses
(386.3
)
(366.3
)
(5
)%
(1,600.5
)
(1,555.1
)
(3
)%
Impairment charges
(16.7
)
(320.4
)
95
%
(79.3
)
(320.4
)
75
%
Depreciation and amortization
(36.6
)
(33.5
)
(9
)%
(142.3
)
(127.5
)
(12
)%
Operating income (loss)
101.5
(144.1
)
170
%
423.6
314.0
35
%
Other income (expense):
Interest expense, floor plan
(18.4
)
(13.6
)
(35
)%
(67.2
)
(34.3
)
(96
)%
Interest expense, other, net
(28.3
)
(24.9
)
(14
)%
(114.6
)
(89.9
)
(27
)%
Other income (expense), net
(0.1
)
0.1
(200
)%
0.1
0.2
(50
)%
Total other income (expense)
(46.8
)
(38.4
)
(22
)%
(181.7
)
(124.0
)
(47
)%
Income (loss) before taxes
54.7
(182.5
)
130
%
241.9
190.0
27
%
Provision for income taxes - benefit (expense)
(16.0
)
(8.4
)
(90
)%
(63.7
)
(101.5
)
37
%
Net income (loss)
$
38.7
$
(190.9
)
120
%
$
178.2
$
88.5
101
%
Basic earnings (loss) per common share
$
1.14
$
(5.22
)
122
%
$
5.09
$
2.29
122
%
Basic weighted-average common shares outstanding
33.9
36.5
7
%
35.0
38.7
9
%
Diluted earnings (loss) per common share
$
1.11
$
(5.22
)
121
%
$
4.97
$
2.23
123
%
Diluted weighted-average common shares outstanding(1)
34.8
36.5
5
%
35.9
39.7
10
%
Dividends declared per common share
$
0.30
$
0.28
7
%
$
1.16
$
1.03
13
%
(1) Basic weighted-average common shares outstanding used for the three months ended December 31, 2022 due to the net loss on a reported GAAP basis.
Franchised Dealerships Segment - Reported
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,664.1
$
1,534.5
8
%
$
6,215.0
$
5,581.6
11
%
Fleet new vehicles
21.8
29.4
(26
)%
92.2
99.4
(7
)%
Total new vehicles
1,685.9
1,563.9
8
%
6,307.2
5,681.0
11
%
Used vehicles
727.5
823.4
(12
)%
3,050.3
3,391.5
(10
)%
Wholesale vehicles
39.3
52.6
(25
)%
204.5
314.0
(35
)%
Total vehicles
2,452.7
2,439.9
1
%
9,562.0
9,386.5
2
%
Parts, service and collision repair
425.2
404.8
5
%
1,714.2
1,588.0
8
%
Finance, insurance and other, net
123.2
128.0
(4
)%
498.6
510.1
(2
)%
Total revenues
3,001.1
2,972.7
1
%
11,774.8
11,484.6
3
%
Gross Profit:
Retail new vehicles
122.2
160.8
(24
)%
518.7
655.3
(21
)%
Fleet new vehicles
0.9
1.8
(50
)%
4.0
4.9
(18
)%
Total new vehicles
123.1
162.6
(24
)%
522.7
660.2
(21
)%
Used vehicles
35.1
38.4
(9
)%
162.9
174.4
(7
)%
Wholesale vehicles
(2.7
)
(3.2
)
16
%
(3.3
)
(6.3
)
48
%
Total vehicles
155.5
197.8
(21
)%
682.3
828.3
(18
)%
Parts, service and collision repair
212.6
200.9
6
%
852.7
786.7
8
%
Finance, insurance and other, net
123.2
128.0
(4
)%
498.6
510.1
(2
)%
Total gross profit
491.3
526.7
(7
)%
2,033.6
2,125.1
(4
)%
Selling, general and administrative expenses
(329.1
)
(298.1
)
(10
)%
(1,314.6
)
(1,273.0
)
(3
)%
Impairment charges
(1.0
)
(115.5
)
99
%
(1.0
)
(115.5
)
99
%
Depreciation and amortization
(29.4
)
(26.0
)
(13
)%
(112.3
)
(101.8
)
(10
)%
Operating income (loss)
131.8
87.1
51
%
605.7
634.8
(5
)%
Other income (expense):
Interest expense, floor plan
(14.6
)
(9.8
)
(49
)%
(49.2
)
(23.6
)
(108
)%
Interest expense, other, net
(27.5
)
(23.4
)
(18
)%
(109.7
)
(85.0
)
(29
)%
Other income (expense), net
0.1
—
100
%
0.2
(0.1
)
300
%
Total other income (expense)
(42.0
)
(33.2
)
(27
)%
(158.7
)
(108.7
)
(46
)%
Income (loss) before taxes
89.8
53.9
67
%
447.0
526.1
(15
)%
Add: Impairment charges
1.0
115.5
(99
)%
1.0
115.5
(99
)%
Segment income (loss)
$
90.8
$
169.4
(46
)%
$
448.0
$
641.6
(30
)%
Unit Sales Volume:
Retail new vehicles
28,491
26,239
9
%
107,257
99,424
8
%
Fleet new vehicles
500
661
(24
)%
2,000
2,115
(5
)%
Total new vehicles
28,991
26,900
8
%
109,257
101,539
8
%
Used vehicles
24,365
26,631
(9
)%
100,210
108,512
(8
)%
Wholesale vehicles
4,440
5,616
(21
)%
20,602
24,052
(14
)%
Retail new & used vehicles
52,856
52,870
—
%
207,467
207,936
—
%
Used:New Ratio
0.86
1.01
(15
)%
0.93
1.09
(15
)%
Gross Profit Per Unit:
Retail new vehicles
$
4,289
$
6,130
(30
)%
$
4,836
$
6,591
(27
)%
Fleet new vehicles
$
1,780
$
2,642
(33
)%
$
1,989
$
2,292
(13
)%
New vehicles
$
4,246
$
6,044
(30
)%
$
4,784
$
6,502
(26
)%
Used vehicles
$
1,440
$
1,442
—
%
$
1,626
$
1,607
1
%
Finance, insurance and other, net
$
2,330
$
2,421
(4
)%
$
2,403
$
2,453
(2
)%
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 December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,654.9
$
1,513.6
9
%
$
6,145.3
$
5,508.8
12
%
Fleet new vehicles
21.9
29.3
(25
)%
92.1
99.4
(7
)%
Total new vehicles
1,676.8
1,542.9
9
%
6,237.4
5,608.2
11
%
Used vehicles
724.6
810.7
(11
)%
3,012.1
3,334.4
(10
)%
Wholesale vehicles
39.2
51.1
(23
)%
202.2
309.1
(35
)%
Total vehicles
2,440.6
2,404.7
1
%
9,451.7
9,251.7
2
%
Parts, service and collision repair
423.9
399.0
6
%
1,696.4
1,565.8
8
%
Finance, insurance and other, net
122.8
124.4
(1
)%
493.6
494.0
—
%
Total revenues
2,987.3
2,928.1
2
%
11,641.7
11,311.5
3
%
Gross Profit:
Retail new vehicles
121.4
158.8
(24
)%
513.5
647.5
(21
)%
Fleet new vehicles
0.9
1.7
(47
)%
4.0
4.8
(17
)%
Total new vehicles
122.2
160.5
(24
)%
517.4
652.3
(21
)%
Used vehicles
34.8
37.8
(8
)%
161.1
171.3
(6
)%
Wholesale vehicles
(2.6
)
(3.1
)
16
%
(2.5
)
(5.5
)
55
%
Total vehicles
154.4
195.2
(21
)%
676.0
818.1
(17
)%
Parts, service and collision repair
211.5
197.8
7
%
842.2
774.8
9
%
Finance, insurance and other, net
122.8
124.4
(1
)%
493.6
494.0
—
%
Total gross profit
$
488.7
$
517.4
(6
)%
$
2,011.8
$
2,086.9
(4
)%
Unit Sales Volume:
Retail new vehicles
28,357
25,796
10
%
105,891
97,772
8
%
Fleet new vehicles
500
661
(24
)%
2,000
2,115
(5
)%
Total new vehicles
28,857
26,457
9
%
107,891
99,887
8
%
Used vehicles
24,269
26,128
(7
)%
98,841
106,320
(7
)%
Wholesale vehicles
4,429
5,466
(19
)%
20,333
23,630
(14
)%
Retail new & used vehicles
52,626
51,924
1
%
204,732
204,092
—
%
Used:New Ratio
0.86
1.01
(15
)%
0.93
1.09
(15
)%
Gross Profit Per Unit:
Retail new vehicles
$
4,279
$
6,155
(30
)%
$
4,849
$
6,623
(27
)%
Fleet new vehicles
$
1,780
$
2,642
(33
)%
$
1,989
$
2,292
(13
)%
New vehicles
$
4,236
$
6,067
(30
)%
$
4,796
$
6,531
(27
)%
Used vehicles
$
1,433
$
1,447
(1
)%
$
1,630
$
1,611
1
%
Finance, insurance and other, net
$
2,334
$
2,396
(3
)%
$
2,411
$
2,421
—
%
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 December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
—
$
2.0
(100
)%
$
1.0
$
9.2
(89
)%
Used vehicles
492.5
515.5
(4
)%
2,143.8
2,116.8
1
%
Wholesale vehicles
22.6
27.3
(17
)%
111.7
170.6
(35
)%
Total vehicles
515.1
544.8
(5
)%
2,256.5
2,296.6
(2
)%
Finance, insurance and other, net
41.5
44.5
(7
)%
177.9
166.4
7
%
Total revenues
556.6
589.3
(6
)%
2,434.4
2,463.0
(1
)%
Gross Profit:
Retail new vehicles
—
0.2
(100
)%
0.1
1.1
(91
)%
Used vehicles
1.7
(3.6
)
147
%
(17.1
)
4.4
(489
)%
Wholesale vehicles
(0.4
)
(0.3
)
(33
)%
0.9
3.2
(72
)%
Total vehicles
1.3
(3.7
)
135
%
(16.1
)
8.7
(285
)%
Finance, insurance and other, net
41.5
44.5
(7
)%
177.9
166.4
7
%
Total gross profit
42.8
40.8
5
%
161.8
175.1
(8
)%
Selling, general and administrative expenses
(48.0
)
(62.3
)
23
%
(247.0
)
(269.8
)
8
%
Impairment charges
(15.7
)
(204.9
)
92
%
(78.3
)
(204.9
)
62
%
Depreciation and amortization
(6.2
)
(7.0
)
11
%
(26.6
)
(24.7
)
(8
)%
Operating income (loss)
(27.1
)
(233.4
)
88
%
(190.1
)
(324.3
)
41
%
Other income (expense):
Interest expense, floor plan
(3.8
)
(3.9
)
3
%
(17.4
)
(10.7
)
(63
)%
Interest expense, other, net
(0.7
)
(0.9
)
22
%
(3.2
)
(3.9
)
18
%
Other income (expense), net
—
—
—
%
(0.1
)
0.1
(200
)%
Total other income (expense)
(4.5
)
(4.8
)
6
%
(20.7
)
(14.5
)
(43
)%
Income (loss) before taxes
(31.6
)
(238.2
)
87
%
(210.8
)
(338.8
)
38
%
Add: Impairment charges
15.7
204.9
(92
)%
78.3
204.9
(62
)%
Segment income (loss)
$
(15.9
)
$
(33.3
)
52
%
$
(132.5
)
$
(133.9
)
1
%
Unit Sales Volume:
Retail new vehicles
—
26
(100
)%
11
152
(93
)%
Used vehicles
17,562
17,435
1
%
73,676
64,107
15
%
Wholesale vehicles
2,621
2,444
7
%
11,512
11,236
2
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
2,461
$
2,340
5
%
$
2,183
$
2,657
(18
)%
EchoPark Segment - Same Market
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles
426.9
306.0
40
%
1,754.7
1,129.2
55
%
Wholesale vehicles
14.9
10.8
38
%
73.9
83.9
(12
)%
Total vehicles
441.8
316.8
39
%
1,828.6
1,213.0
51
%
Finance, insurance and other, net
39.7
30.7
29
%
160.1
101.1
58
%
Total revenues
481.5
347.5
39
%
1,988.7
1,314.1
51
%
Gross Profit:
Used vehicles
(0.4
)
(3.4
)
88
%
(5.2
)
(17.2
)
70
%
Wholesale vehicles
(0.4
)
(0.1
)
(300
)%
0.7
1.8
(61
)%
Total vehicles
(0.8
)
(3.5
)
77
%
(4.5
)
(15.4
)
71
%
Finance, insurance and other, net
39.7
30.7
29
%
160.1
101.1
58
%
Total gross profit
$
38.9
$
27.2
43
%
$
155.6
$
85.7
82
%
Unit Sales Volume:
Used vehicles
16,817
11,856
42
%
65,969
39,933
65
%
Wholesale vehicles
2,387
1,663
44
%
9,765
7,497
30
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
2,338
$
2,310
1
%
$
2,348
$
2,100
12
%
Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market’s opening.
Powersports Segment - Reported
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
16.1
$
18.8
(14
)%
$
88.6
$
31.8
179
%
Used vehicles
2.4
2.1
14
%
19.5
7.1
175
%
Wholesale vehicles
0.7
0.1
600
%
2.6
0.3
767
%
Total vehicles
19.2
21.0
(9
)%
110.7
39.2
182
%
Parts, service and collision repair
6.7
6.3
6
%
45.3
11.7
287
%
Finance, insurance and other, net
1.3
1.3
—
%
7.2
2.6
177
%
Total revenues
27.2
28.6
(5
)%
163.2
53.5
205
%
Gross Profit:
Retail new vehicles
2.3
3.6
(36
)%
16.6
6.4
159
%
Used vehicles
0.7
0.7
—
%
5.4
2.0
170
%
Wholesale vehicles
(0.1
)
—
(100
)%
(0.2
)
—
(100
)%
Total vehicles
2.9
4.3
(33
)%
21.8
8.4
160
%
Parts, service and collision repair
2.8
3.1
(10
)%
21.3
5.8
267
%
Finance, insurance and other, net
1.3
1.3
—
%
7.2
2.6
177
%
Total gross profit
7.0
8.7
(20
)%
50.3
16.8
199
%
Selling, general and administrative expenses
(9.2
)
(5.9
)
(56
)%
(38.9
)
(12.3
)
(216
)%
Impairment charges
—
—
—
%
—
—
—
%
Depreciation and amortization
(1.0
)
(0.6
)
(67
)%
(3.4
)
(1.0
)
(240
)%
Operating income (loss)
(3.2
)
2.2
(245
)%
8.0
3.5
129
%
Other income (expense):
Interest expense, floor plan
—
—
—
%
(0.6
)
—
(100
)%
Interest expense, other, net
(0.2
)
(0.6
)
67
%
(1.7
)
(1.0
)
(70
)%
Other income (expense), net
(0.1
)
0.2
(150
)%
—
0.2
(100
)%
Total other income (expense)
(0.3
)
(0.4
)
25
%
(2.3
)
(0.8
)
(188
)%
Income (loss) before taxes
(3.5
)
1.8
(294
)%
5.7
2.7
111
%
Add: impairment charges
—
—
—
%
—
—
—
%
Segment income (loss)
$
(3.5
)
$
1.8
(294
)%
$
5.7
$
2.7
111
%
Unit Sales Volume:
Retail new vehicles
948
1,013
(6
)%
4,842
1,592
204
%
Used vehicles
289
237
22
%
2,261
590
283
%
Wholesale vehicles
66
34
94
%
216
35
517
%
Gross Profit Per Unit:
Retail new vehicles
$
2,429
$
3,535
(31
)%
$
3,435
$
3,974
(14
)%
Used vehicles
$
2,307
$
2,860
(19
)%
$
2,394
$
3,349
(29
)%
Finance, insurance and other, net
$
1,066
$
1,026
4
%
$
1,017
$
1,205
(16
)%
Powersports Segment - Same Store
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
% Change
2023
2022
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
15.9
$
18.8
(15
)%
$
24.4
$
29.5
(17
)%
Used vehicles
1.7
2.1
(19
)%
5.2
6.9
(25
)%
Wholesale vehicles
0.3
0.1
200
%
0.7
0.2
250
%
Total vehicles
17.9
21.0
(15
)%
30.3
36.6
(17
)%
Parts, service and collision repair
5.2
6.3
(17
)%
9.6
11.0
(13
)%
Finance, insurance and other, net
1.3
1.3
—
%
2.1
2.5
(16
)%
Total revenues
24.4
28.6
(15
)%
42.0
50.1
(16
)%
Gross Profit:
Retail new vehicles
2.2
3.6
(39
)%
3.7
5.9
(37
)%
Used vehicles
0.4
0.7
(43
)%
1.1
1.9
(42
)%
Wholesale vehicles
—
—
—
%
(0.1
)
(0.1
)
—
%
Total vehicles
2.6
4.3
(40
)%
4.7
7.7
(39
)%
Parts, service and collision repair
2.2
3.1
(29
)%
4.3
5.5
(22
)%
Finance, insurance and other, net
1.3
1.3
—
%
2.1
2.5
(16
)%
Total gross profit
$
6.1
$
8.7
(30
)%
$
11.1
$
15.7
(29
)%
Unit Sales Volume:
Retail new vehicles
932
1,013
(8
)%
1,358
1,480
(8
)%
Used vehicles
201
237
(15
)%
477
563
(15
)%
Wholesale vehicles
8
34
(76
)%
17
35
(51
)%
Retail new & used vehicles
1,133
1,250
(9
)%
1,835
2,043
(10
)%
Used:New Ratio
0.22
0.23
(4
)%
0.35
0.38
(8
)%
Gross Profit Per Unit:
Retail new vehicles
$
2,407
$
3,535
(32
)%
$
2,707
$
3,989
(32
)%
Used vehicles
$
2,195
$
2,860
(23
)%
$
2,337
$
3,359
(30
)%
Finance, insurance and other, net
$
1,103
$
1,026
8
%
$
1,161
$
1,209
(4
)%
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 December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
240.5
$
240.8
$
0.3
—
%
Advertising
20.8
22.6
1.8
8
%
Rent
11.5
12.7
1.2
9
%
Other
113.5
90.2
(23.3
)
(26
)%
Total SG&A expenses
$
386.3
$
366.3
$
(20.0
)
(5
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
—
$
9.1
Total SG&A adjustments
$
—
$
9.1
Adjusted:
Total adjusted SG&A expenses
$
386.3
$
375.4
$
(10.9
)
(3
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
44.4
%
41.8
%
(270
)
bps
Advertising
3.8
%
3.9
%
10
bps
Rent
2.1
%
2.2
%
10
bps
Other
21.1
%
15.7
%
(540
)
bps
Total SG&A expenses as a % of gross profit
71.4
%
63.6
%
(780
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
—
%
1.6
%
Total effect of adjustments
—
%
1.6
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.4
%
65.2
%
(620
)
bps
Reported:
Total gross profit
$
541.1
$
576.1
$
(35.0
)
(6
)%
Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
1,016.3
$
1,014.8
$
(1.5
)
—
%
Advertising
92.2
95.4
3.2
3
%
Rent
46.1
51.0
4.9
10
%
Other
445.9
393.9
(52.0
)
(13
)%
Total SG&A expenses
$
1,600.5
$
1,555.1
$
(45.4
)
(3
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
20.7
$
9.1
Hail and storm damage charges
(1.9
)
—
Lease exit charges
(4.3
)
—
Severance and long-term compensation charges
(5.1
)
(4.4
)
Total SG&A adjustments
$
9.4
$
4.7
Adjusted:
Total adjusted SG&A expenses
$
1,609.9
$
1,559.8
$
(50.1
)
(3
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
45.3
%
43.8
%
(150
)
bps
Advertising
4.1
%
4.1
%
—
bps
Rent
2.1
%
2.2
%
10
bps
Other
19.8
%
17.0
%
(280
)
bps
Total SG&A expenses as a % of gross profit
71.3
%
67.1
%
(420
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.2
%
0.4
%
Hail and storm damage charges
—
%
—
%
Lease exit charges
—
%
—
%
Severance and long-term compensation charges
(0.1
)%
(0.2
)%
Total effect of adjustments
0.1
%
0.2
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.4
%
67.3
%
(410
)
bps
Reported:
Total gross profit
$
2,245.7
$
2,317.0
$
(71.3
)
(3
)%
Adjustments:
Used vehicle inventory adjustment
$
10.0
$
—
Total adjustments
$
10.0
$
—
Adjusted:
Total adjusted gross profit
$
2,255.7
$
2,317.0
$
(61.3
)
(3
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
206.9
$
200.8
$
(6.1
)
(3
)%
Advertising
10.8
10.7
(0.1
)
(1
)%
Rent
10.5
10.5
—
—
%
Other
100.9
76.1
(24.8
)
(33
)%
Total SG&A expenses
$
329.1
$
298.1
$
(31.0
)
(10
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
—
$
9.1
Total SG&A adjustments
$
—
$
9.1
Adjusted:
Total adjusted SG&A expenses
$
329.1
$
307.2
$
(21.9
)
(7
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
42.1
%
38.1
%
(400
)
bps
Advertising
2.2
%
2.0
%
(20
)
bps
Rent
2.1
%
2.0
%
(10
)
bps
Other
20.6
%
14.5
%
(610
)
bps
Total SG&A expenses as a % of gross profit
67.0
%
56.6
%
(1,040
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
—
%
1.7
%
Total effect of adjustments
—
%
1.7
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
67.0
%
58.3
%
(870
)
bps
Reported:
Total gross profit
$
491.3
$
526.7
$
(35.4
)
(7
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
856.6
$
858.0
$
1.4
—
%
Advertising
40.5
36.9
(3.6
)
(10
)%
Rent
40.3
42.4
2.1
5
%
Other
377.2
335.6
(41.6
)
(12
)%
Total SG&A expenses
$
1,314.6
$
1,272.9
$
(41.7
)
(3
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
20.9
$
9.1
Hail and storm damage charges
(1.9
)
—
Long-term compensation charges
—
(4.4
)
Total SG&A adjustments
$
19.0
$
4.7
Adjusted:
Total adjusted SG&A expenses
$
1,333.6
$
1,277.6
$
(56.0
)
(4
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
42.1
%
40.4
%
(170
)
bps
Advertising
2.0
%
1.7
%
(30
)
bps
Rent
2.0
%
2.0
%
—
bps
Other
18.5
%
15.8
%
(270
)
bps
Total SG&A expenses as a % of gross profit
64.6
%
59.9
%
(470
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
1.1
%
0.4
%
Hail and storm damage charges
(0.1
)%
—
%
Long-term compensation charges
—
%
(0.2
)%
Total effect of adjustments
1.0
%
0.2
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
65.6
%
60.1
%
(550
)
bps
Reported:
Total gross profit
$
2,033.6
$
2,125.1
$
(91.5
)
(4
)%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
26.9
$
35.8
$
8.9
25
%
Advertising
9.6
11.6
2.0
17
%
Rent
1.0
2.2
1.2
55
%
Other
10.5
12.7
2.2
17
%
Total SG&A expenses
$
48.0
$
62.3
$
14.3
23
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
62.8
%
87.9
%
2,510
bps
Advertising
22.5
%
28.4
%
590
bps
Rent
2.3
%
5.3
%
300
bps
Other
24.7
%
31.2
%
650
bps
Total SG&A expenses as a % of gross profit
112.3
%
152.8
%
4,050
bps
Reported:
Total gross profit
$
42.8
$
40.8
$
2.0
5
%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
132.0
$
148.0
$
16.0
11
%
Advertising
49.9
58.0
8.1
14
%
Rent
6.3
8.5
2.2
26
%
Other
58.8
55.3
(3.5
)
(6
)%
Total SG&A expenses
$
247.0
$
269.8
$
22.8
8
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
(0.3
)
$
—
Lease exit charges
(4.3
)
—
Severance and long-term compensation charges
(5.1
)
—
Total SG&A adjustments
$
(9.7
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
237.3
$
269.8
$
32.5
12
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
81.6
%
84.5
%
290
bps
Advertising
30.9
%
33.1
%
220
bps
Rent
3.9
%
4.9
%
100
bps
Other
36.3
%
31.6
%
(470
)
bps
Total SG&A expenses as a % of gross profit
152.7
%
154.1
%
140
bps
Adjustments:
Acquisition and disposition-related gain (loss)
(0.4
)%
—
%
Hail and storm damage charges
—
%
—
%
Lease exit charges
(6.4
)%
—
%
Severance and long-term compensation charges
(7.6
)%
—
%
Total effect of adjustments
(14.5
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
138.2
%
154.1
%
1,590
bps
Reported:
Total gross profit
$
161.8
$
175.1
$
(13.3
)
(8
)%
Adjustments:
Used vehicle inventory adjustment
$
10.0
$
—
Total adjustments
$
10.0
$
—
Adjusted:
Total adjusted gross profit
$
171.8
$
175.1
$
(3.3
)
(2
)%
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
6.7
$
4.1
$
(2.6
)
(63
)%
Advertising
0.4
0.3
(0.1
)
(33
)%
Rent
—
—
—
—
%
Other
2.1
1.5
(0.6
)
(40
)%
Total SG&A expenses
$
9.2
$
5.9
$
(3.3
)
(56
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
96.2
%
47.9
%
(4,830
)
bps
Advertising
5.2
%
3.9
%
(130
)
bps
Rent
0.7
%
0.4
%
(30
)
bps
Other
29.5
%
16.2
%
(1,330
)
bps
Total SG&A expenses as a % of gross profit
131.6
%
68.4
%
(6,320
)
bps
Reported:
Total gross profit
$
7.0
$
8.7
$
(1.7
)
(20
)%
Twelve Months Ended December 31,
Better / (Worse)
2023
2022
Change
% Change
(In millions)
Reported:
Compensation
$
27.7
$
8.9
$
(18.8
)
(211
)%
Advertising
1.8
0.6
(1.2
)
(200
)%
Rent
(0.5
)
—
0.5
100
%
Other
9.9
2.8
(7.1
)
(254
)%
Total SG&A expenses
$
38.9
$
12.3
$
(26.6
)
(216
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
55.0
%
52.9
%
(210
)
bps
Advertising
3.5
%
3.4
%
(10
)
bps
Rent
(1.0
)%
0.2
%
120
bps
Other
19.7
%
16.9
%
(280
)
bps
Total SG&A expenses as a % of gross profit
77.2
%
73.4
%
(380
)
bps
Reported:
Total gross profit
$
50.3
$
16.8
$
33.5
199
%
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
89.8
$
53.9
67
%
$
447.0
$
526.1
(15
)%
Add: impairment charges
1.0
115.5
1.0
115.5
Segment income (loss)
$
90.8
$
169.4
(46
)%
$
448.0
$
641.6
(30
)%
Adjustments:
Acquisition and disposition-related (gain) loss
$
—
$
(9.1
)
$
(20.9
)
$
(9.1
)
Hail and storm damage charges
—
—
1.9
—
Long-term compensation charges
—
—
—
4.4
Total pre-tax items of interest
$
—
$
(9.1
)
$
(19.0
)
$
(4.7
)
Adjusted:
Segment income (loss)
$
90.8
$
160.3
(43
)%
$
429.0
$
636.9
(33
)%
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
(31.6
)
$
(238.2
)
87
%
$
(210.8
)
$
(338.8
)
38
%
Add: impairment charges
15.7
204.9
78.3
204.9
Segment income (loss)
$
(15.9
)
$
(33.3
)
52
%
$
(132.5
)
$
(133.9
)
1
%
Adjustments:
Acquisition and disposition-related (gain) loss
$
—
$
—
$
0.3
$
—
Lease exit charges
—
—
4.3
—
Severance and long-term compensation charges
—
—
5.1
—
Used vehicle inventory valuation adjustment
—
—
10.0
—
Total pre-tax adjustments
$
—
$
—
$
19.7
$
—
Adjusted:
Segment income (loss)
$
(15.9
)
$
(33.3
)
52
%
$
(112.8
)
$
(133.9
)
16
%
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
% Change
2023
2022
% Change
(In millions)
Reported:
Income (loss) before taxes
$
(3.5
)
$
1.8
(294
)%
$
5.7
$
2.7
111
%
Add: impairment charges
—
—
—
—
Segment income (loss)
$
(3.5
)
$
1.8
(294
)%
$
5.7
$
2.7
111
%
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
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(1), and diluted earnings (loss) per share
34.8
$
38.7
$
1.11
36.5
$
(190.9
)
$
(5.22
)
Adjustments:
Acquisition and disposition-related (gain) loss
$
—
$
(9.1
)
Impairment charges
16.7
320.4
Total pre-tax items of interest
$
16.7
$
311.3
Tax effect of above items
(4.3
)
(22.6
)
Non-recurring tax items
5.8
—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
34.8
$
56.9
$
1.63
37.4
$
97.8
$
2.61
(1) Basic weighted-average common shares outstanding used for the three months ended December 31, 2022 due to the net loss on a reported GAAP basis.
Twelve Months Ended December 31, 2023
Twelve Months Ended December 31, 2022
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
35.9
$
178.2
$
4.97
39.7
$
88.5
$
2.23
Adjustments:
Acquisition and disposition-related (gain) loss
$
(20.7
)
$
(9.1
)
Hail and storm damage charges
1.9
—
Impairment charges
79.3
320.4
Lease exit charges
4.3
—
Severance and long-term compensation charges
5.1
4.4
Used vehicle inventory valuation adjustment
10.0
—
Total pre-tax items of interest
$
79.9
$
315.7
Tax effect of above items
(19.9
)
(22.6
)
Non-recurring tax items
5.8
—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
35.9
$
244.0
$
6.81
39.7
$
381.6
$
9.61
Non-GAAP Reconciliation - Adjusted EBITDA
Three Months Ended December 31, 2023
Three Months Ended December 31, 2022
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
38.7
$
(190.9
)
Provision for income taxes
16.0
8.4
Income (loss) before taxes
$
89.8
$
(31.6
)
$
(3.5
)
$
54.7
$
53.9
$
(238.2
)
$
1.8
$
(182.5
)
Non-floor plan interest (1)
25.9
0.7
0.1
26.7
22.0
0.9
0.6
23.5
Depreciation and amortization (2)
31.2
6.1
1.0
38.3
27.4
7.0
0.5
34.9
Stock-based compensation expense
6.0
—
—
6.0
3.6
—
—
3.6
Impairment charges
1.0
15.7
—
16.7
115.5
204.9
—
320.4
Acquisition and disposition-related (gain) loss
—
—
—
—
(9.2
)
—
—
(9.2
)
Adjusted EBITDA
$
153.9
$
(9.1
)
$
(2.4
)
$
142.4
$
213.2
$
(25.4
)
$
2.9
$
190.7
Twelve Months Ended December 31, 2023
Twelve Months Ended December 31, 2022
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
178.2
$
88.5
Provision for income taxes
63.7
101.5
Income (loss) before taxes
$
447.0
$
(210.8
)
$
5.7
$
241.9
$
526.1
$
(338.8
)
$
2.7
$
190.0
Non-floor plan interest (1)
103.2
3.2
1.7
108.1
80.0
3.7
1.0
84.7
Depreciation and amortization (2)
118.8
26.6
3.4
148.8
107.0
24.8
0.9
132.7
Stock-based compensation expense
23.3
—
—
23.3
16.0
—
—
16.0
Loss (gain) on exit of leased dealerships
—
4.3
—
4.3
—
—
—
—
Impairment charges
1.0
78.3
—
79.3
115.5
204.9
—
320.4
Severance and long-term compensation charges
—
5.1
—
5.1
4.4
—
—
4.4
Acquisition and disposition-related (gain) loss
(20.7
)
0.3
—
(20.4
)
(9.7
)
—
—
(9.7
)
Hail and storm damage charges
1.9
—
—
1.9
—
—
—
—
Used vehicle inventory valuation adjustment
—
10.0
—
10.0
—
—
—
—
Adjusted EBITDA
$
674.5
$
(83.0
)
$
10.8
$
602.3
$
839.3
$
(105.4
)
$
4.6
$
738.5
(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/20240214331605/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
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