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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 | |
|---|---|---|---|---|---|---|---|---|
| -0.12 | -0.16% | 73.45 | 74.51 | 72.89 | 74.21 | 172,244 | 01:00:00 |
From Jan 2025 to Feb 2025
Fourth Quarter Results Include All-Time Record Quarterly Revenues of $3.9 Billion
All-Time Record Annual EchoPark Segment Adjusted EBITDA*
The Company Exceeded Its Technician Hiring Goal, Increasing Headcount By 335 Technicians In 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, 2024.
Fourth Quarter 2024 Financial Summary
* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.
Full Year 2024 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, “I'm very proud of our team's performance in the fourth quarter, building positive momentum heading into 2025. Our franchised dealerships segment achieved all-time record quarterly revenues, outperforming the industry in both new and used retail unit sales volume growth and generating all-time quarterly record parts and service revenues. In the fourth quarter, we accelerated our technician hiring and retention initiative, exceeding our goal of increasing technician headcount by 300 in 2024, with a final net increase of 335 technicians. This strong finish to 2024 positions us well for continued growth in 2025, and our entire team remains focused on executing our strategy and continuing to grow our business, creating long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “2024 was a strong year of execution across all of our operating segments, despite affordability challenges for our guests, operational disruptions from the CDK outage, manufacturer stop-sale orders on certain makes and models, and continued normalization of new vehicle margins. Our EchoPark team did an excellent job executing our strategy to return to profitability, achieving all-time record annual adjusted EBITDA* of $27.6 million - an incredible turnaround from a loss of $83.0 million in 2023. As we look ahead to 2025, our focus remains on delivering an outstanding experience for our guests and teammates, continuing to grow our EchoPark volume and profitability, gaining market share in our franchised dealerships and powersports segments, and optimizing our expense structure to drive sustained success.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “As we close out 2024, Sonic is in a strong financial position to continue to execute our long-term strategic plan. As of December 31, 2024, we had approximately $384 million in cash and floor plan deposits on hand, with total liquidity of approximately $862 million, before considering unencumbered real estate. In 2025, we anticipate numerous opportunities to deploy our capital to grow our revenue base and enhance shareholder returns.”
Fourth Quarter 2024 Segment Highlights
The financial measures discussed below are results for the fourth quarter of 2024 with comparisons made to the fourth quarter of 2023, unless otherwise noted.
* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.
Full Year 2024 Segment Highlights
The financial measures discussed below are results for the full year 2024 with comparisons made to the full year 2023, 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 $0.35 per share, payable on April 15, 2025 to all stockholders of record on March 14, 2025.
Fourth 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 Fourth 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 Charlotte, North Carolina, is on a quest to become the most valuable diversified automotive retail 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 unit sales volume, anticipated future EchoPark profitability, anticipated future Franchised Dealerships Segment market share, and anticipated future Powersports Segment market share. 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, segment income (loss), adjusted segment income (loss), adjusted EBITDA, and adjusted EBITDA loss. 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)
2024
2023
% Change
2024
2023
% Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles
$
1,932.3
$
1,680.2
15
%
$
6,507.5
$
6,304.6
3
%
Fleet new vehicles
27.3
21.8
25
%
95.3
92.2
3
%
Total new vehicles
1,959.6
1,702.0
15
%
6,602.8
6,396.8
3
%
Used vehicles
1,197.6
1,222.4
(2
)%
4,780.1
5,213.6
(8
)%
Wholesale vehicles
71.3
62.6
14
%
287.1
318.8
(10
)%
Total vehicles
3,228.5
2,987.0
8
%
11,670.0
11,929.2
(2
)%
Parts, service and collision repair
476.7
431.9
10
%
1,846.5
1,759.5
5
%
Finance, insurance and other, net
190.6
166.0
15
%
707.8
683.7
4
%
Total revenues
3,895.8
3,584.9
9
%
14,224.3
14,372.4
(1
)%
Cost of sales:
Retail new vehicles
(1,825.7
)
(1,555.7
)
(17
)%
(6,119.1
)
(5,769.2
)
(6
)%
Fleet new vehicles
(26.6
)
(20.9
)
(27
)%
(92.3
)
(88.2
)
(5
)%
Total new vehicles
(1,852.3
)
(1,576.6
)
(17
)%
(6,211.4
)
(5,857.4
)
(6
)%
Used vehicles
(1,159.8
)
(1,184.9
)
2
%
(4,609.4
)
(5,062.4
)
9
%
Wholesale vehicles
(74.6
)
(65.8
)
(13
)%
(293.1
)
(321.4
)
9
%
Total vehicles
(3,086.7
)
(2,827.3
)
(9
)%
(11,113.9
)
(11,241.2
)
1
%
Parts, service and collision repair
(235.1
)
(216.5
)
(9
)%
(917.6
)
(885.5
)
(4
)%
Total cost of sales
(3,321.8
)
(3,043.8
)
(9
)%
(12,031.5
)
(12,126.7
)
1
%
Gross profit
574.0
541.1
6
%
2,192.8
2,245.7
(2
)%
Selling, general and administrative expenses
(399.6
)
(386.3
)
(3
)%
(1,577.0
)
(1,600.5
)
1
%
Impairment charges
(1.5
)
(16.7
)
NM
(3.9
)
(79.3
)
NM
Depreciation and amortization
(39.4
)
(36.6
)
(8
)%
(150.4
)
(142.3
)
(6
)%
Operating income (loss)
133.5
101.5
32
%
461.5
423.6
9
%
Other income (expense):
Interest expense, floor plan
(21.4
)
(18.4
)
(16
)%
(86.9
)
(67.2
)
(29
)%
Interest expense, other, net
(29.9
)
(28.3
)
(6
)%
(118.0
)
(114.6
)
(3
)%
Other income (expense), net
(0.1
)
(0.1
)
NM
(0.5
)
0.1
NM
Total other income (expense)
(51.4
)
(46.8
)
(10
)%
(205.4
)
(181.7
)
(13
)%
Income (loss) before taxes
82.1
54.7
50
%
256.1
241.9
6
%
Provision for income taxes - benefit (expense)
(23.5
)
(16.0
)
(47
)%
(40.1
)
(63.7
)
37
%
Net income (loss)
$
58.6
$
38.7
51
%
$
216.0
$
178.2
21
%
Basic earnings (loss) per common share
$
1.72
$
1.14
51
%
$
6.34
$
5.09
25
%
Basic weighted-average common shares outstanding
34.1
33.9
(1
)%
34.1
35.0
3
%
Diluted earnings (loss) per common share
$
1.67
$
1.11
50
%
$
6.18
$
4.97
24
%
Diluted weighted-average common shares outstanding
35.2
34.8
(1
)%
35.0
35.9
3
%
Dividends declared per common share
$
0.35
$
0.30
17
%
$
1.25
$
1.16
8
%
NM = Not Meaningful
Franchised Dealerships Segment - Reported
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,914.8
$
1,664.1
15
%
$
6,425.5
$
6,215.0
3
%
Fleet new vehicles
27.2
21.8
25
%
95.3
92.2
3
%
Total new vehicles
1,942.0
1,685.9
15
%
6,520.8
6,307.2
3
%
Used vehicles
757.0
727.5
4
%
2,919.8
3,050.3
(4
)%
Wholesale vehicles
49.8
39.3
27
%
188.9
204.5
(8
)%
Total vehicles
2,748.8
2,452.7
12
%
9,629.5
9,562.0
1
%
Parts, service and collision repair
469.7
425.2
10
%
1,802.9
1,714.2
5
%
Finance, insurance and other, net
140.5
123.2
14
%
506.8
498.6
2
%
Total revenues
3,359.0
3,001.1
12
%
11,939.2
11,774.8
1
%
Gross Profit:
Retail new vehicles
104.4
122.2
(15
)%
376.9
518.7
(27
)%
Fleet new vehicles
0.7
0.9
(22
)%
3.0
4.0
(25
)%
Total new vehicles
105.1
123.1
(15
)%
379.9
522.7
(27
)%
Used vehicles
36.0
35.1
3
%
150.2
162.9
(8
)%
Wholesale vehicles
(2.7
)
(2.7
)
—
%
(4.6
)
(3.3
)
(39
)%
Total vehicles
138.4
155.5
(11
)%
525.5
682.3
(23
)%
Parts, service and collision repair
238.5
212.6
12
%
908.9
852.7
7
%
Finance, insurance and other, net
140.5
123.2
14
%
506.8
498.6
2
%
Total gross profit
517.4
491.3
5
%
1,941.2
2,033.6
(5
)%
Selling, general and administrative expenses
(348.5
)
(329.1
)
(6
)%
(1,375.4
)
(1,314.6
)
(5
)%
Impairment charges
(0.2
)
(1.0
)
NM
(1.2
)
(1.0
)
NM
Depreciation and amortization
(32.7
)
(29.4
)
(11
)%
(124.4
)
(112.3
)
(11
)%
Operating income (loss)
136.0
131.8
3
%
440.2
605.7
(27
)%
Other income (expense):
Interest expense, floor plan
(18.0
)
(14.6
)
(23
)%
(70.6
)
(49.2
)
(43
)%
Interest expense, other, net
(28.6
)
(27.5
)
(4
)%
(112.7
)
(109.7
)
(3
)%
Other income (expense), net
—
0.1
NM
(0.5
)
0.2
NM
Total other income (expense)
(46.6
)
(42.0
)
(11
)%
(183.8
)
(158.7
)
(16
)%
Income (loss) before taxes
89.4
89.8
—
%
256.4
447.0
(43
)%
Add: Impairment charges
0.2
1.0
NM
1.2
1.0
NM
Segment income (loss)
$
89.6
$
90.8
(1
)%
$
257.6
$
448.0
(43
)%
Unit Sales Volume:
Retail new vehicles
32,250
28,491
13
%
111,450
107,257
4
%
Fleet new vehicles
506
500
1
%
1,805
2,000
(10
)%
Total new vehicles
32,756
28,991
13
%
113,255
109,257
4
%
Used vehicles
25,702
24,365
5
%
101,976
100,210
2
%
Wholesale vehicles
5,692
4,440
28
%
21,018
20,602
2
%
Retail new & used vehicles
57,952
52,856
10
%
213,426
207,467
3
%
Used:New Ratio
0.80
0.86
(7
)%
0.91
0.93
(2
)%
Gross Profit Per Unit:
Retail new vehicles
$
3,238
$
4,289
(25
)%
$
3,382
$
4,836
(30
)%
Fleet new vehicles
$
1,363
$
1,780
(23
)%
$
1,636
$
1,989
(18
)%
New vehicles
$
3,209
$
4,246
(24
)%
$
3,354
$
4,784
(30
)%
Used vehicles
$
1,401
$
1,440
(3
)%
$
1,473
$
1,626
(9
)%
Finance, insurance and other, net
$
2,424
$
2,330
4
%
$
2,374
$
2,403
(1
)%
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 December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,907.0
$
1,661.0
15
%
$
6,409.0
$
6,163.8
4
%
Fleet new vehicles
27.2
21.8
25
%
95.3
91.3
4
%
Total new vehicles
1,934.2
1,682.8
15
%
6,504.3
6,255.1
4
%
Used vehicles
750.6
725.9
3
%
2,905.6
3,021.3
(4
)%
Wholesale vehicles
49.7
39.0
27
%
188.2
202.1
(7
)%
Total vehicles
2,734.5
2,447.7
12
%
9,598.0
9,478.5
1
%
Parts, service and collision repair
466.9
424.0
10
%
1,796.6
1,700.3
6
%
Finance, insurance and other, net
139.8
123.0
14
%
505.3
494.8
2
%
Total revenues
3,341.2
2,994.7
12
%
11,899.9
11,673.6
2
%
Gross Profit:
Retail new vehicles
104.1
122.0
(15
)%
376.4
514.9
(27
)%
Fleet new vehicles
0.7
0.9
(22
)%
3.0
4.0
(25
)%
Total new vehicles
104.8
122.9
(15
)%
379.3
518.9
(27
)%
Used vehicles
35.6
35.0
2
%
149.9
161.6
(7
)%
Wholesale vehicles
(2.7
)
(2.6
)
(4
)%
(4.3
)
(2.3
)
(87
)%
Total vehicles
137.7
155.3
(11
)%
524.9
678.2
(23
)%
Parts, service and collision repair
236.9
211.6
12
%
904.6
844.5
7
%
Finance, insurance and other, net
139.8
123.0
14
%
505.3
494.8
2
%
Total gross profit
$
514.4
$
489.9
5
%
$
1,934.8
$
2,017.5
(4
)%
Unit Sales Volume:
Retail new vehicles
32,122
28,408
13
%
111,138
106,047
5
%
Fleet new vehicles
506
500
1
%
1,805
1,971
(8
)%
Total new vehicles
32,628
28,908
13
%
112,943
108,018
5
%
Used vehicles
25,492
24,286
5
%
101,465
99,063
2
%
Wholesale vehicles
5,665
4,411
28
%
20,907
20,324
3
%
Retail new & used vehicles
57,614
52,694
9
%
212,603
205,110
4
%
Used:New Ratio
0.79
0.85
(7
)%
0.91
0.93
(2
)%
Gross Profit Per Unit:
Retail new vehicles
$
3,241
$
4,294
(25
)%
$
3,387
$
4,855
(30
)%
Fleet new vehicles
$
1,363
$
1,780
(23
)%
$
1,636
$
2,042
(20
)%
New vehicles
$
3,212
$
4,250
(24
)%
$
3,359
$
4,804
(30
)%
Used vehicles
$
1,396
$
1,440
(3
)%
$
1,477
$
1,631
(9
)%
Finance, insurance and other, net
$
2,427
$
2,334
4
%
$
2,377
$
2,413
(1
)%
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)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
—
$
—
—
%
$
—
$
1.0
(100
)%
Used vehicles
436.0
492.5
(11
)%
1,838.0
2,143.8
(14
)%
Wholesale vehicles
21.4
22.6
(5
)%
95.8
111.7
(14
)%
Total vehicles
457.4
515.1
(11
)%
1,933.8
2,256.5
(14
)%
Finance, insurance and other, net
48.8
41.5
18
%
194.0
177.9
9
%
Total revenues
506.2
556.6
(9
)%
2,127.8
2,434.4
(13
)%
Gross Profit:
Retail new vehicles
—
—
—
%
—
0.1
(100
)%
Used vehicles
0.8
1.7
(53
)%
15.2
(17.1
)
189
%
Wholesale vehicles
(0.6
)
(0.4
)
(50
)%
(1.3
)
0.9
(244
)%
Total vehicles
0.2
1.3
(85
)%
13.9
(16.1
)
186
%
Finance, insurance and other, net
48.8
41.5
18
%
194.0
177.9
9
%
Total gross profit
49.0
42.8
14
%
207.9
161.8
28
%
Selling, general and administrative expenses
(42.6
)
(48.0
)
11
%
(165.7
)
(247.0
)
33
%
Impairment charges
(1.3
)
(15.7
)
NM
(2.7
)
(78.3
)
NM
Depreciation and amortization
(5.4
)
(6.2
)
13
%
(21.8
)
(26.6
)
18
%
Operating income (loss)
(0.3
)
(27.1
)
99
%
17.7
(190.1
)
109
%
Other income (expense):
Interest expense, floor plan
(3.0
)
(3.8
)
21
%
(14.2
)
(17.4
)
18
%
Interest expense, other, net
(0.7
)
(0.7
)
—
%
(2.7
)
(3.2
)
16
%
Other income (expense), net
0.1
—
NM
—
(0.1
)
NM
Total other income (expense)
(3.6
)
(4.5
)
20
%
(16.9
)
(20.7
)
18
%
Income (loss) before taxes
(3.9
)
(31.6
)
88
%
0.8
(210.8
)
100
%
Add: Impairment charges
1.3
15.7
NM
2.7
78.3
NM
Segment income (loss)
$
(2.6
)
$
(15.9
)
84
%
$
3.5
$
(132.5
)
103
%
Unit Sales Volume:
Retail new vehicles
—
—
—
%
—
11
(100
)%
Used vehicles
16,674
17,562
(5
)%
69,053
73,676
(6
)%
Wholesale vehicles
2,752
2,621
5
%
11,059
11,512
(4
)%
Gross Profit Per Unit:
Total used vehicle and F&I
$
2,974
$
2,461
21
%
$
3,029
$
2,183
39
%
NM = Not Meaningful
EchoPark Segment - Same Market
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles
436.0
447.7
(3
)%
1,828.3
1,788.6
2
%
Wholesale vehicles
21.3
19.8
8
%
92.6
88.3
5
%
Total vehicles
457.4
467.5
(2
)%
1,920.9
1,876.9
2
%
Finance, insurance and other, net
49.3
37.5
31
%
195.5
149.4
31
%
Total revenues
506.7
505.0
—
%
2,116.4
2,026.3
4
%
Gross Profit:
Used vehicles
0.8
1.0
(20
)%
15.6
(8.3
)
288
%
Wholesale vehicles
(0.6
)
(0.3
)
(100
)%
(0.6
)
1.6
(138
)%
Total vehicles
0.2
0.8
(75
)%
15.0
(6.7
)
324
%
Finance, insurance and other, net
49.3
37.5
31
%
195.5
149.4
31
%
Total gross profit
$
49.5
$
38.3
29
%
$
210.5
$
142.7
48
%
Unit Sales Volume:
Used vehicles
16,674
16,071
4
%
68,690
62,605
10
%
Wholesale vehicles
2,752
2,363
16
%
10,850
9,375
16
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
3,004
$
2,398
25
%
$
3,074
$
2,253
36
%
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)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
17.5
$
16.1
9
%
$
82.0
$
88.6
(7
)%
Used vehicles
4.7
2.4
96
%
22.3
19.5
14
%
Wholesale vehicles
0.1
0.7
(86
)%
2.3
2.6
(12
)%
Total vehicles
22.3
19.2
16
%
106.6
110.7
(4
)%
Parts, service and collision repair
7.0
6.7
4
%
43.6
45.3
(4
)%
Finance, insurance and other, net
1.3
1.3
—
%
7.1
7.2
(1
)%
Total revenues
30.6
27.2
13
%
157.3
163.2
(4
)%
Gross Profit:
Retail new vehicles
2.2
2.3
(4
)%
11.5
16.6
(31
)%
Used vehicles
1.0
0.7
43
%
5.3
5.4
(2
)%
Wholesale vehicles
(0.1
)
(0.1
)
—
%
(0.3
)
(0.2
)
(50
)%
Total vehicles
3.1
2.9
7
%
16.5
21.8
(24
)%
Parts, service and collision repair
3.1
2.8
11
%
20.1
21.3
(6
)%
Finance, insurance and other, net
1.3
1.3
—
%
7.1
7.2
(1
)%
Total gross profit
7.5
7.0
7
%
43.7
50.3
(13
)%
Selling, general and administrative expenses
(8.5
)
(9.2
)
8
%
(35.9
)
(38.9
)
8
%
Depreciation and amortization
(1.2
)
(1.0
)
(20
)%
(4.2
)
(3.4
)
(24
)%
Operating income (loss)
(2.2
)
(3.2
)
31
%
3.6
8.0
(55
)%
Other income (expense):
Interest expense, floor plan
(0.5
)
—
(100
)%
(2.1
)
(0.6
)
(250
)%
Interest expense, other, net
(0.7
)
(0.2
)
(250
)%
(2.6
)
(1.7
)
(53
)%
Other income (expense), net
—
(0.1
)
NM
—
—
NM
Total other income (expense)
(1.2
)
(0.3
)
(300
)%
(4.7
)
(2.3
)
(104
)%
Income (loss) before taxes
(3.4
)
(3.5
)
3
%
(1.1
)
5.7
(119
)%
Add: impairment charges
—
—
NM
—
—
NM
Segment income (loss)
$
(3.4
)
$
(3.5
)
3
%
$
(1.1
)
$
5.7
(119
)%
Unit Sales Volume:
Retail new vehicles
940
948
(1
)%
4,244
4,842
(12
)%
Used vehicles
520
289
80
%
2,228
2,261
(1
)%
Wholesale vehicles
16
66
(76
)%
146
216
(32
)%
Gross Profit Per Unit:
Retail new vehicles
$
2,338
$
2,429
(4
)%
$
2,713
$
3,435
(21
)%
Used vehicles
$
1,940
$
2,307
(16
)%
$
2,397
$
2,394
—
%
Finance, insurance and other, net
$
868
$
1,066
(19
)%
$
1,092
$
1,017
7
%
NM = Not Meaningful
Powersports Segment - Same Store
Three Months Ended December 31,
Better / (Worse)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
16.4
$
16.1
2
%
$
80.3
$
88.4
(9
)%
Used vehicles
4.3
2.4
79
%
21.3
19.0
12
%
Wholesale vehicles
0.2
0.7
(71
)%
2.5
2.6
(4
)%
Total vehicles
20.9
19.2
9
%
104.1
110.0
(5
)%
Parts, service and collision repair
6.6
6.7
(1
)%
42.4
45.0
(6
)%
Finance, insurance and other, net
1.2
1.3
(8
)%
7.0
7.2
(3
)%
Total revenues
28.7
27.2
6
%
153.5
162.2
(5
)%
Gross Profit:
Retail new vehicles
2.0
2.3
(13
)%
11.2
16.6
(33
)%
Used vehicles
1.0
0.7
43
%
5.1
5.3
(4
)%
Wholesale vehicles
—
(0.2
)
100
%
(0.2
)
(0.3
)
33
%
Total vehicles
3.0
2.8
7
%
16.1
21.6
(25
)%
Parts, service and collision repair
2.9
2.8
4
%
19.5
21.2
(8
)%
Finance, insurance and other, net
1.2
1.3
(8
)%
7.0
7.2
(3
)%
Total gross profit
$
7.1
$
6.9
3
%
$
42.6
$
50.0
(15
)%
Unit Sales Volume:
Retail new vehicles
884
948
(7
)%
4,171
4,835
(14
)%
Used vehicles
490
289
70
%
2,125
2,218
(4
)%
Wholesale vehicles
16
66
(76
)%
143
215
(33
)%
Retail new & used vehicles
1,374
1,237
11
%
6,296
7,053
(11
)%
Used:New Ratio
0.55
0.30
83
%
0.51
0.46
11
%
Gross Profit Per Unit:
Retail new vehicles
$
2,307
$
2,429
(5
)%
$
2,687
$
3,430
(22
)%
Used vehicles
$
1,969
$
2,307
(15
)%
$
2,420
$
2,386
1
%
Finance, insurance and other, net
$
903
$
1,066
(15
)%
$
1,106
$
1,017
9
%
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)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
263.5
$
240.5
$
(23.0
)
(10
)%
Advertising
19.1
20.8
1.7
8
%
Rent
10.7
11.5
0.8
7
%
Other
106.3
113.5
7.2
6
%
Total SG&A expenses
$
399.6
$
386.3
$
(13.3
)
(3
)%
Adjustments:
Cyber insurance proceeds
$
10.0
$
—
Acquisition and disposition related gain (loss)
2.7
—
Storm damage charges
(3.2
)
—
Severance and long-term compensation charges
(0.5
)
—
Total SG&A adjustments
$
9.0
$
—
Adjusted:
Total adjusted SG&A expenses
$
408.6
$
386.3
$
(22.3
)
(6
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
45.9
%
44.4
%
(150
)
bps
Advertising
3.3
%
3.8
%
50
bps
Rent
1.9
%
2.1
%
20
bps
Other
18.5
%
21.1
%
260
bps
Total SG&A expenses as a % of gross profit
69.6
%
71.4
%
180
bps
Adjustments:
Cyber insurance proceeds
1.8
%
—
%
Acquisition and disposition related gain (loss)
0.5
%
—
%
Storm damage charges
(0.6
)%
—
%
Severance and long-term compensation charges
(0.1
)%
—
%
Total effect of adjustments
1.6
%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.2
%
71.4
%
20
bps
Reported:
Total gross profit
$
574.0
$
541.1
$
32.9
6
%
Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
1,013.9
$
1,016.3
$
2.4
—
%
Advertising
84.5
92.2
7.7
8
%
Rent
36.6
46.1
9.5
21
%
Other
442.0
445.9
3.9
1
%
Total SG&A expenses
$
1,577.0
$
1,600.5
$
23.5
1
%
Adjustments:
Excess compensation related to CDK outage
$
(11.4
)
$
—
Storm damage charges
(8.3
)
(1.9
)
Severance and long-term compensation charges
(5.5
)
(5.1
)
Closed store accrued expenses
(2.1
)
—
Cyber insurance proceeds
10.0
—
Acquisition and disposition related gain (loss)
5.6
20.7
Gain (loss) on exit of leased dealerships
3.0
(4.3
)
Total SG&A adjustments
$
(8.7
)
$
9.4
Adjusted:
Total adjusted SG&A expenses
$
1,568.3
$
1,609.9
$
41.6
3
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.2
%
45.3
%
(90
)
bps
Advertising
3.9
%
4.1
%
20
bps
Rent
1.7
%
2.1
%
40
bps
Other
20.1
%
19.8
%
(30
)
bps
Total SG&A expenses as a % of gross profit
71.9
%
71.3
%
(60
)
bps
Adjustments:
Excess compensation related to CDK outage
(0.5
)%
—
%
Storm damage charges
(0.4
)%
—
%
Severance and long-term compensation charges
(0.3
)%
(0.1
)%
Closed store accrued expenses
(0.1
)%
—
%
Cyber insurance proceeds
0.5
%
—
%
Acquisition and disposition related gain (loss)
0.3
%
0.2
%
Gain (loss) on exit of leased dealerships
0.1
%
—
%
Total effect of adjustments
(0.4
)%
0.1
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.5
%
71.4
%
(10
)
bps
Reported:
Total gross profit
$
2,192.8
$
2,245.7
$
(52.9
)
(2
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Used vehicle inventory adjustment
—
10.0
Total adjustments
$
2.0
$
10.0
Adjusted:
Total adjusted gross profit
$
2,194.8
$
2,255.7
$
(60.9
)
(3
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
233.9
$
206.9
$
(27.0
)
(13
)%
Advertising
11.9
10.8
(1.1
)
(10
)%
Rent
9.6
10.5
0.9
9
%
Other
93.1
100.9
7.8
8
%
Total SG&A expenses
$
348.5
$
329.1
$
(19.4
)
(6
)%
Adjustments:
Cyber insurance proceeds
$
10.0
$
—
Acquisition and disposition related gain (loss)
3.5
—
Storm damage charges
(3.2
)
—
Total SG&A adjustments
$
10.3
$
—
Adjusted:
Total adjusted SG&A expenses
$
358.8
$
329.1
$
(29.7
)
(9
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
45.2
%
42.1
%
(310
)
bps
Advertising
2.3
%
2.2
%
(10
)
bps
Rent
1.9
%
2.1
%
20
bps
Other
17.9
%
20.6
%
270
bps
Total SG&A expenses as a % of gross profit
67.3
%
67.0
%
(30
)
bps
Adjustments:
Cyber insurance proceeds
1.9
%
—
%
Acquisition and disposition related gain (loss)
0.7
%
—
%
Storm damage charges
(0.6
)%
—
%
Total effect of adjustments
2.0
%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
69.3
%
67.0
%
(230
)
bps
Reported:
Total gross profit
$
517.4
$
491.3
$
26.1
5
%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
892.4
$
856.6
$
(35.8
)
(4
)%
Advertising
55.1
40.5
(14.6
)
(36
)%
Rent
39.2
40.3
1.1
3
%
Other
388.7
377.2
(11.5
)
(3
)%
Total SG&A expenses
$
1,375.4
$
1,314.6
$
(60.8
)
(5
)%
Adjustments:
Excess compensation related to CDK outage
$
(11.0
)
$
—
Storm damage charges
(8.3
)
(1.9
)
Long-term compensation charges
(2.2
)
—
Cyber insurance proceeds
10.0
—
Acquisition and disposition related gain (loss)
3.5
20.9
Total SG&A adjustments
$
(8.0
)
$
19.0
Adjusted:
Total adjusted SG&A expenses
$
1,367.4
$
1,333.6
$
(33.8
)
(3
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.0
%
42.1
%
(390
)
bps
Advertising
2.8
%
2.0
%
(80
)
bps
Rent
2.0
%
2.0
%
—
bps
Other
20.1
%
18.5
%
(160
)
bps
Total SG&A expenses as a % of gross profit
70.9
%
64.6
%
(630
)
bps
Adjustments:
Excess compensation related to CDK outage
(0.7
)%
—
%
Storm damage charges
(0.5
)%
(0.1
)%
Long-term compensation charges
(0.1
)%
—
%
Cyber insurance proceeds
0.6
%
—
%
Acquisition and disposition related gain (loss)
0.2
%
1.1
%
Total effect of adjustments
(0.5
)%
1.0
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
70.4
%
65.6
%
(480
)
bps
Reported:
Total gross profit
$
1,941.2
$
2,033.6
$
(92.4
)
(5
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Total adjustments
$
2.0
$
—
Adjusted:
Total adjusted gross profit
$
1,943.2
$
2,033.6
$
(90.4
)
(4
)%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
23.8
$
26.9
$
3.1
12
%
Advertising
6.7
9.6
2.9
30
%
Rent
0.9
1.0
0.1
10
%
Other
11.2
10.5
(0.7
)
(7
)%
Total SG&A expenses
$
42.6
$
48.0
$
5.4
11
%
Adjustments:
Acquisition and disposition related gain (loss)
$
(0.8
)
$
—
Total SG&A adjustments
$
(0.8
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
41.8
$
48.0
$
6.2
13
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
48.6
%
62.8
%
1,420
bps
Advertising
13.7
%
22.5
%
880
bps
Rent
1.9
%
2.3
%
40
bps
Other
22.8
%
24.7
%
190
bps
Total SG&A expenses as a % of gross profit
87.0
%
112.3
%
2,530
bps
Adjustments:
Acquisition and disposition related gain (loss)
(1.5
)%
—
%
Total effect of adjustments
(1.5
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
85.5
%
112.3
%
2,680
bps
Reported:
Total gross profit
$
49.0
$
42.8
$
6.2
14
%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
95.8
$
132.0
$
36.2
27
%
Advertising
27.7
49.9
22.2
44
%
Rent
(1.7
)
6.3
8.0
127
%
Other
43.9
58.8
14.9
25
%
Total SG&A expenses
$
165.7
$
247.0
$
81.3
33
%
Adjustments:
Severance and long-term compensation charges
$
(2.8
)
$
(5.1
)
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
)
Acquisition and disposition related gain (loss)
2.1
(0.3
)
Total SG&A adjustments
$
(0.2
)
$
(9.7
)
Adjusted:
Total adjusted SG&A expenses
$
165.5
$
237.3
$
71.8
30
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.1
%
81.6
%
3,550
bps
Advertising
13.3
%
30.9
%
1,760
bps
Rent
(0.8
)%
3.9
%
470
bps
Other
21.1
%
36.3
%
1,520
bps
Total SG&A expenses as a % of gross profit
79.7
%
152.7
%
7,300
bps
Adjustments:
Severance and long-term compensation charges
(1.4
)%
(7.7
)%
Closed store accrued expenses
(1.1
)%
—
%
Excess compensation related to CDK outage
(0.2
)%
—
%
Gain (loss) on exit of leased dealerships
1.5
%
(6.4
)%
Acquisition and disposition related gain (loss)
1.1
%
(0.4
)%
Total effect of adjustments
(0.1
)%
(14.5
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
79.6
%
138.2
%
7,310
bps
Reported:
Total gross profit
$
207.9
$
161.8
$
46.1
28
%
Adjustments:
Used vehicle inventory adjustment
$
—
$
10.0
Total adjustments
$
—
$
10.0
Adjusted:
Total adjusted gross profit
$
207.9
$
171.8
$
36.1
21
%
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
Three Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
5.9
$
6.7
$
0.8
12
%
Advertising
0.5
0.4
(0.1
)
(25
)%
Rent
0.1
—
(0.1
)
—
%
Other
2.0
2.1
0.1
5
%
Total SG&A expenses
$
8.5
$
9.2
$
0.7
8
%
Adjustments:
Long-term compensation charges
$
(0.5
)
$
—
Total SG&A adjustments
$
(0.5
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
8.0
$
9.2
$
1.2
13.0
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
77.5
%
96.2
%
1,870
bps
Advertising
6.0
%
5.2
%
(80
)
bps
Rent
1.4
%
0.7
%
(70
)
bps
Other
28.3
%
29.5
%
120
bps
Total SG&A expenses as a % of gross profit
113.2
%
131.6
%
1,840
bps
Adjustments:
Long-term compensation charges
(6.6
)%
—
%
Total effect of adjustments
(6.6
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
106.6
%
131.6
%
2,500
bps
Reported:
Total gross profit
$
7.5
$
7.0
$
0.5
7
%
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses (Continued)
Twelve Months Ended December 31,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
25.7
$
27.7
$
2.0
7
%
Advertising
1.7
1.8
0.1
6
%
Rent
(0.9
)
(0.5
)
0.4
80
%
Other
9.4
9.9
0.5
5
%
Total SG&A expenses
$
35.9
$
38.9
$
3.0
8
%
Adjustments:
Long-term compensation charges
$
(0.5
)
$
—
Total SG&A adjustments
$
(0.5
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
35.4
$
38.9
$
3.5
9
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
58.7
%
55.0
%
(370
)
bps
Advertising
3.9
%
3.5
%
(40
)
bps
Rent
(2.1
)%
(1.0
)%
110
bps
Other
21.5
%
19.7
%
(180
)
bps
Total SG&A expenses as a % of gross profit
82.0
%
77.2
%
(480
)
bps
Adjustments:
Long-term compensation charges
(1.1
)%
—
%
Total effect of adjustments
(1.1
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
80.9
%
77.2
%
(370
)
bps
Reported:
Total gross profit
$
43.7
$
50.3
$
(6.6
)
(13
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
89.4
$
89.8
—
%
$
256.4
$
447.0
(43
)%
Add: impairment charges
0.2
1.0
1.2
1.0
Segment income (loss)
$
89.6
$
90.8
(1
)%
$
257.6
$
448.0
(43
)%
Adjustments:
Cyber insurance proceeds
$
(10.0
)
$
—
$
(10.0
)
$
—
Acquisition and disposition related (gain) loss
(3.5
)
—
(3.5
)
(20.9
)
Storm damage charges
3.2
—
8.3
1.9
Long-term compensation charges
—
—
2.2
—
Excess compensation related to CDK outage
—
—
13.0
—
Total pre-tax adjustments
$
(10.3
)
$
—
$
10.0
$
(19.0
)
Adjusted:
Segment income (loss)
$
79.3
$
90.8
(13
)%
$
267.6
$
429.0
(38
)%
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
(3.9
)
$
(31.6
)
88
%
$
0.8
$
(210.8
)
100
%
Add: impairment charges
1.3
15.7
2.7
78.3
Segment income (loss)
$
(2.6
)
$
(15.9
)
84
%
$
3.5
$
(132.5
)
103
%
Adjustments:
Acquisition and disposition related (gain) loss
$
0.8
$
—
$
(2.1
)
$
0.3
Loss (gain) on exit of leased dealerships
—
—
(3.0
)
4.3
Severance and long-term compensation charges
—
—
2.8
5.1
Used vehicle inventory valuation adjustment
—
—
—
10.0
Excess compensation related to CDK outage
—
—
0.4
—
Closed store accrued expenses
—
—
2.1
—
Total pre-tax adjustments
$
0.8
$
—
$
0.2
$
19.7
Adjusted:
Segment income (loss)
$
(1.8
)
$
(15.9
)
89
%
$
3.7
$
(112.8
)
103
%
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
(3.4
)
$
(3.5
)
3
%
$
(1.1
)
$
5.7
(119
)%
Add: impairment charges
—
—
—
—
Segment income (loss)
$
(3.4
)
$
(3.5
)
3
%
$
(1.1
)
$
5.7
(119
)%
Adjustments:
Long-term compensation charges
$
0.5
$
—
$
0.5
$
—
Total pre-tax adjustments
$
0.5
$
—
$
0.5
$
—
Adjusted:
Adjusted segment income (loss)
$
(2.9
)
$
(3.5
)
17
%
$
(0.6
)
$
5.7
(111
)%
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
Three Months Ended December 31, 2024
Three Months Ended December 31, 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
35.2
$
58.6
$
1.67
34.8
$
38.7
$
1.11
Adjustments:
Acquisition and disposition related (gain) loss
$
(2.7
)
$
—
Impairment charges
1.5
16.7
Storm damage charges
3.2
—
Severance and long-term compensation charges
0.5
—
Cyber insurance proceeds
(10.0
)
—
Total pre-tax adjustments
$
(7.5
)
$
16.7
Tax effect of above items
2.0
(4.3
)
Non-recurring tax items
—
5.8
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
35.2
$
53.1
$
1.51
34.8
$
56.9
$
1.63
Twelve Months Ended December 31, 2024
Twelve Months Ended December 31, 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
35.0
$
216.0
$
6.18
35.9
$
178.2
$
4.97
Adjustments:
Acquisition and disposition related (gain) loss
$
(5.6
)
$
(20.7
)
Storm damage charges
8.3
1.9
Impairment charges
3.9
79.3
Loss (gain) on exit of leased dealerships
(3.0
)
4.3
Severance and long-term compensation charges
5.5
5.1
Used vehicle inventory valuation adjustment
—
10.0
Closed store accrued expenses
2.1
—
Cyber insurance proceeds
(10.0
)
—
Excess compensation related to CDK outage
13.4
—
Total pre-tax adjustments
$
14.6
$
79.9
Tax effect of above items
(3.8
)
(19.9
)
Non-recurring tax items
(31.0
)
5.8
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
35.0
$
195.8
$
5.60
35.9
$
244.0
$
6.81
Non-GAAP Reconciliation - Adjusted EBITDA
Three Months Ended December 31, 2024
Three Months Ended December 31, 2023
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
58.6
$
38.7
Provision for income taxes
23.5
16.0
Income (loss) before taxes
$
89.4
$
(3.9
)
$
(3.4
)
$
82.1
$
89.8
$
(31.6
)
$
(3.5
)
$
54.7
Non-floor plan interest (1)
27.1
0.6
0.7
28.4
25.9
0.7
0.1
26.7
Depreciation and amortization (2)
34.2
5.4
1.2
40.8
31.2
6.1
1.0
38.3
Stock-based compensation expense
5.5
—
—
5.5
6.0
—
—
6.0
Impairment charges
0.2
1.3
—
1.5
1.0
15.7
—
16.7
Severance and long-term compensation charges
—
—
0.5
0.5
—
—
—
—
Acquisition and disposition-related (gain) loss
(3.5
)
0.8
—
(2.7
)
—
—
—
—
Storm damage charges
3.2
—
—
3.2
—
—
—
—
Cyber insurance proceeds
(10.0
)
—
—
(10.0
)
—
—
—
Adjusted EBITDA
$
146.1
$
4.2
$
(1.0
)
$
149.3
$
153.9
$
(9.1
)
$
(2.4
)
$
142.4
Twelve Months Ended December 31, 2024
Twelve Months Ended December 31, 2023
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
216.0
$
178.2
Provision for income taxes
40.1
63.7
Income (loss) before taxes
$
256.4
$
0.8
$
(1.1
)
$
256.1
$
447.0
$
(210.8
)
$
5.7
$
241.9
Non-floor plan interest (1)
107.0
2.6
2.6
112.2
103.2
3.2
1.7
108.1
Depreciation and amortization (2)
130.0
21.6
4.3
155.9
118.8
26.6
3.4
148.8
Stock-based compensation expense
21.3
—
—
21.3
23.3
—
—
23.3
Loss (gain) on exit of leased dealerships
—
(3.0
)
—
(3.0
)
—
4.3
—
4.3
Impairment charges
1.2
2.7
—
3.9
1.0
78.3
—
79.3
Loss on debt extinguishment
0.6
—
—
0.6
—
—
—
—
Severance and long-term compensation charges
2.2
2.9
0.5
5.6
—
5.1
—
5.1
Acquisition and disposition-related (gain) loss
(3.8
)
(2.5
)
—
(6.3
)
(20.7
)
0.3
—
(20.4
)
Storm damage charges
8.3
—
—
8.3
1.9
—
—
1.9
Used vehicle inventory valuation adjustment
—
—
—
—
—
10.0
—
10.0
Excess compensation related to CDK outage
13.0
0.4
—
13.4
—
—
—
—
Cyber insurance proceeds
(10.0
)
—
—
(10.0
)
—
—
—
—
Closed store accrued expenses
—
2.1
—
2.1
—
—
—
—
Adjusted EBITDA
$
526.2
$
27.6
$
6.3
$
560.1
$
674.5
$
(83.0
)
$
10.8
$
602.3
(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 December 31, 2024
Three Months Ended December 31, 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
$
506.7
$
(0.5
)
$
506.2
$
505.0
$
51.6
$
556.6
—
%
(101
)%
(9
)%
Total gross profit
$
49.5
$
(0.5
)
$
49.0
$
38.3
$
4.5
$
42.8
29
%
(111
)%
14
%
Income (loss) before taxes
$
(1.0
)
$
(2.9
)
$
(3.9
)
$
(12.6
)
$
(19.0
)
$
(31.6
)
92
%
85
%
88
%
Non-floor plan interest (1)
$
0.5
$
0.1
$
0.6
$
0.6
$
0.1
$
0.7
NM
NM
NM
Depreciation and amortization (2)
$
5.4
$
—
$
5.4
$
5.7
$
0.4
$
6.1
NM
NM
NM
Acquisition and disposition-related (gain) loss
$
—
$
0.8
$
0.8
$
—
$
—
$
—
NM
NM
NM
Impairment charges
$
—
$
1.3
$
1.3
$
—
$
15.7
$
15.7
NM
NM
NM
Adjusted EBITDA
$
4.9
$
(0.7
)
$
4.2
$
(6.3
)
$
(2.8
)
$
(9.1
)
178
%
75
%
146
%
Used vehicle unit sales volume
16,674
$
—
16,674
16,071
1,491
17,562
4
%
(100
)%
(5
)%
Total used vehicle and F&I gross profit per unit
3,004
NM
$
2,927
$
2,398
NM
$
2,461
25
%
NM
19
%
NM = Not Meaningful
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)
Twelve Months Ended December 31, 2024
Twelve Months Ended December 31, 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
$
2,116.4
$
11.4
$
2,127.8
$
2,026.3
$
408.1
$
2,434.4
4
%
(97
)%
(13
)%
Total gross profit
$
210.5
$
(2.6
)
$
207.9
$
142.7
$
19.1
$
161.8
48
%
(114
)%
28
%
Income (loss) before taxes
$
8.3
$
(7.5
)
$
0.8
$
(79.9
)
$
(130.9
)
$
(210.8
)
110
%
94
%
100
%
Non-floor plan interest (1)
$
2.2
$
0.4
$
2.6
$
2.4
$
0.8
$
3.2
NM
NM
NM
Depreciation and amortization (2)
$
21.6
$
—
$
21.6
$
22.2
$
4.4
$
26.6
NM
NM
NM
Acquisition and disposition-related (gain) loss
$
—
$
(2.5
)
$
(2.5
)
$
—
$
0.3
$
0.3
NM
NM
NM
Closed store accrued expenses
$
—
$
2.1
$
2.1
$
—
$
—
$
—
NM
NM
NM
Impairment charges
$
—
$
2.7
$
2.7
$
—
$
78.3
$
78.3
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
$
—
$
—
$
—
$
5.8
$
4.2
$
10.0
NM
NM
NM
Adjusted EBITDA
$
32.5
$
(4.9
)
$
27.6
$
(49.5
)
$
(33.5
)
$
(83.0
)
166
%
85
%
133
%
Used vehicle unit sales volume
68,690
363
69,053
62,605
11,071
73,676
10
%
(97
)%
(6
)%
Total used vehicle and F&I gross profit per unit
$
3,074
NM
$
3,029
$
2,253
NM
$
2,183
36
%
NM
39
%
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/20250212836689/en/
Company Contacts Investor Inquiries: Heath Byrd, Executive Vice President and Chief Financial Officer Danny Wieland, Vice President, Investor Relations & Financial Reporting ir@sonicautomotive.com
Press Inquiries: Sonic Automotive Media Relations media.relations@sonicautomotive.com
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