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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.36 | 0.57% | 63.36 | 63.595 | 62.475 | 62.97 | 17,213 | 15:41:12 |
From Jun 2024 to Dec 2024
EchoPark Reported Record Second Quarter Adjusted EBITDA*
The CDK Global Software Outage Is Estimated To Have Reduced Second Quarter GAAP Income Before Taxes By Approximately $30.0 Million, Or $0.64 In GAAP Diluted Earnings Per Share
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 second quarter ended June 30, 2024.
Second Quarter 2024 Financial Summary
* 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 make great progress in our EchoPark Segment performance in the second quarter, with record second quarter Adjusted EBITDA* that outpaced our previous projections and sets the stage for continued growth in the second half of 2024 and beyond. Overall, the Sonic Automotive team continued to execute at a high level, despite operational challenges in the last 12 days of the second quarter as a result of the previously announced CDK Global (“CDK”) software outage. As of today, Sonic's access to the information systems provided by CDK has been restored, however we experienced 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. As a result of the business disruption caused by the CDK outage, we estimate our second quarter GAAP income before taxes was negatively impacted by approximately $30 million, or $0.64 in diluted earnings per share.”
Jeff Dyke, President of Sonic Automotive, commented, “Despite the short-term operational challenges associated with the CDK outage, our team remains dedicated to delivering an outstanding guest experience and executing our long-term strategic vision. Throughout the second quarter, we made great progress on our net 300 technician hiring initiative and continued to see improvement in our used vehicle business in both the Franchised Dealerships and EchoPark Segments. Given the used vehicle market's continued improvement, we maintain our guidance for positive quarterly EchoPark Segment adjusted EBITDA* for the remainder of 2024, which is expected to help mitigate the continuing effects of margin normalization in our Franchised Dealerships Segment on consolidated earnings potential.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the second quarter, despite operational disruption from the CDK outage. As of June 30, 2024, we had $467 million in cash and floor plan deposits on hand, and approximately $885 million of total liquidity, before considering unencumbered real estate. We continue to maintain a conservative balance sheet approach, with the ability to deploy capital strategically as market conditions evolve.”
Second Quarter 2024 Segment Highlights The financial measures discussed below are results for the second quarter of 2024 with comparisons made to the second quarter of 2023, unless otherwise noted.
* Represents a non-GAAP financial measure - please refer to the discussion and reconciliation of non-GAAP financial measures below.
Dividend Sonic’s Board of Directors approved a quarterly cash dividend of $0.30 per share, payable on October 15, 2024 to all stockholders of record on September 13, 2024.
Second Quarter 2024 Earnings Conference Call Senior management will hold a conference call today at 10:00 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 Second 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 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 the CDK outage, 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 June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles
$
1,552.6
$
1,608.2
(3
)%
$
3,008.4
$
3,051.0
(1
)%
Fleet new vehicles
26.2
28.3
(7
)%
45.8
47.1
(3
)%
Total new vehicles
1,578.8
1,636.5
(4
)%
3,054.2
3,098.1
(1
)%
Used vehicles
1,186.2
1,305.9
(9
)%
2,401.8
2,650.8
(9
)%
Wholesale vehicles
71.3
91.5
(22
)%
148.6
177.0
(16
)%
Total vehicles
2,836.3
3,033.9
(7
)%
5,604.6
5,925.9
(5
)%
Parts, service and collision repair
444.1
443.7
—
%
890.8
874.2
2
%
Finance, insurance and other, net
172.6
175.3
(2
)%
341.6
344.0
(1
)%
Total revenues
3,453.0
3,652.9
(5
)%
6,837.0
7,144.1
(4
)%
Cost of sales:
Retail new vehicles
(1,454.8
)
(1,466.8
)
1
%
(2,814.2
)
(2,771.5
)
(2
)%
Fleet new vehicles
(25.2
)
(27.0
)
7
%
(44.1
)
(45.0
)
2
%
Total new vehicles
(1,480.0
)
(1,493.8
)
1
%
(2,858.3
)
(2,816.5
)
(1
)%
Used vehicles
(1,141.5
)
(1,274.4
)
10
%
(2,310.1
)
(2,589.3
)
11
%
Wholesale vehicles
(71.9
)
(92.5
)
22
%
(149.9
)
(174.9
)
14
%
Total vehicles
(2,693.4
)
(2,860.7
)
6
%
(5,318.3
)
(5,580.7
)
5
%
Parts, service and collision repair
(220.5
)
(223.3
)
1
%
(443.4
)
(440.9
)
(1
)%
Total cost of sales
(2,913.9
)
(3,084.0
)
6
%
(5,761.7
)
(6,021.6
)
4
%
Gross profit
539.1
568.9
(5
)%
1,075.3
1,122.5
(4
)%
Selling, general and administrative expenses
(393.0
)
(391.9
)
—
%
(785.3
)
(804.7
)
2
%
Impairment charges
(1.4
)
(62.6
)
NM
(2.4
)
(62.6
)
NM
Depreciation and amortization
(37.0
)
(36.1
)
(2
)%
(73.2
)
(70.5
)
(4
)%
Operating income (loss)
107.7
78.3
38
%
214.4
184.7
16
%
Other income (expense):
Interest expense, floor plan
(22.2
)
(17.0
)
(31
)%
(42.5
)
(31.5
)
(35
)%
Interest expense, other, net
(29.3
)
(28.9
)
(1
)%
(58.3
)
(57.3
)
(2
)%
Other income (expense), net
(0.5
)
0.1
NM
(0.4
)
0.2
NM
Total other income (expense)
(52.0
)
(45.8
)
(14
)%
(101.2
)
(88.6
)
(14
)%
Income (loss) before taxes
55.7
32.5
71
%
113.2
96.1
18
%
Provision for income taxes - benefit (expense)
(14.5
)
(9.1
)
(59
)%
(30.0
)
(25.0
)
(20
)%
Net income (loss)
$
41.2
$
23.4
76
%
$
83.2
$
71.1
17
%
Basic earnings (loss) per common share
$
1.21
$
0.66
83
%
$
2.45
$
2.00
23
%
Basic weighted-average common shares outstanding
34.0
35.3
4
%
34.0
35.6
4
%
Diluted earnings (loss) per common share
$
1.18
$
0.65
82
%
$
2.39
$
1.95
23
%
Diluted weighted-average common shares outstanding
34.9
36.0
3
%
34.8
36.5
5
%
Dividends declared per common share
$
0.30
$
0.29
3
%
$
0.60
$
0.57
5
%
NM = Not Meaningful
Franchised Dealerships Segment - Reported
Three Months Ended June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,530.9
$
1,583.3
(3
)%
$
2,970.8
$
3,004.3
(1
)%
Fleet new vehicles
26.2
28.3
(7
)%
45.8
47.1
(3
)%
Total new vehicles
1,557.1
1,611.6
(3
)%
3,016.6
3,051.4
(1
)%
Used vehicles
732.1
774.5
(5
)%
1,461.4
1,542.0
(5
)%
Wholesale vehicles
48.4
55.6
(13
)%
96.9
114.0
(15
)%
Total vehicles
2,337.6
2,441.7
(4
)%
4,574.9
4,707.4
(3
)%
Parts, service and collision repair
434.4
433.4
—
%
874.3
857.2
2
%
Finance, insurance and other, net
124.2
132.2
(6
)%
243.8
249.4
(2
)%
Total revenues
2,896.2
3,007.3
(4
)%
5,693.0
5,814.0
(2
)%
Gross Profit:
Retail new vehicles
94.9
136.9
(31
)%
189.0
270.9
(30
)%
Fleet new vehicles
1.0
1.3
(23
)%
1.7
2.1
(19
)%
Total new vehicles
95.9
138.2
(31
)%
190.7
273.0
(30
)%
Used vehicles
38.7
44.5
(13
)%
79.6
85.3
(7
)%
Wholesale vehicles
(0.5
)
(1.0
)
50
%
(0.7
)
1.0
(170
)%
Total vehicles
134.1
181.7
(26
)%
269.6
359.3
(25
)%
Parts, service and collision repair
219.0
215.4
2
%
439.7
425.0
3
%
Finance, insurance and other, net
124.2
132.2
(6
)%
243.8
249.4
(2
)%
Total gross profit
477.3
529.3
(10
)%
953.1
1,033.7
(8
)%
Selling, general and administrative expenses
(347.9
)
(316.1
)
(10
)%
(686.4
)
(647.3
)
(6
)%
Impairment charges
—
—
NM
(1.0
)
—
NM
Depreciation and amortization
(30.4
)
(27.9
)
(9
)%
(60.2
)
(54.5
)
(10
)%
Operating income (loss)
99.0
185.3
(47
)%
205.5
331.9
(38
)%
Other income (expense):
Interest expense, floor plan
(18.0
)
(11.9
)
(51
)%
(34.0
)
(21.8
)
(56
)%
Interest expense, other, net
(27.8
)
(27.5
)
(1
)%
(55.6
)
(54.4
)
(2
)%
Other income (expense), net
(0.5
)
—
NM
(0.5
)
0.1
NM
Total other income (expense)
(46.3
)
(39.4
)
(18
)%
(90.1
)
(76.1
)
(18
)%
Income (loss) before taxes
52.7
145.9
(64
)%
115.4
255.8
(55
)%
Add: Impairment charges
—
—
NM
1.0
—
NM
Segment income (loss)
$
52.7
$
145.9
(64
)%
$
116.4
$
255.8
(54
)%
Unit Sales Volume:
Retail new vehicles
26,512
27,358
(3
)%
51,809
51,897
—
%
Fleet new vehicles
514
590
(13
)%
893
1,031
(13
)%
Total new vehicles
27,026
27,948
(3
)%
52,702
52,928
—
%
Used vehicles
25,668
25,197
2
%
51,334
50,304
2
%
Wholesale vehicles
5,248
5,516
(5
)%
10,353
10,999
(6
)%
Retail new & used vehicles
52,180
52,555
(1
)%
103,143
102,201
1
%
Used-to-New Ratio
0.97
0.92
5
%
0.99
0.97
2
%
Gross Profit Per Unit:
Retail new vehicles
$
3,579
$
5,003
(28
)%
$
3,649
$
5,221
(30
)%
Fleet new vehicles
$
1,885
$
2,099
(10
)%
$
1,809
$
2,065
(12
)%
New vehicles
$
3,547
$
4,942
(28
)%
$
3,618
$
5,159
(30
)%
Used vehicles
$
1,508
$
1,765
(15
)%
$
1,550
$
1,695
(9
)%
Finance, insurance and other, net
$
2,380
$
2,516
(5
)%
$
2,364
$
2,440
(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 June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,530.6
$
1,566.5
(2
)%
$
2,964.6
$
2,964.3
—
%
Fleet new vehicles
26.2
28.4
(8
)%
45.8
47.2
(3
)%
Total new vehicles
1,556.8
1,594.9
(2
)%
3,010.4
3,011.5
—
%
Used vehicles
731.9
766.2
(4
)%
1,457.0
1,519.8
(4
)%
Wholesale vehicles
48.3
54.7
(12
)%
96.5
112.1
(14
)%
Total vehicles
2,337.0
2,415.8
(3
)%
4,563.9
4,643.4
(2
)%
Parts, service and collision repair
434.3
430.0
1
%
872.6
847.5
3
%
Finance, insurance and other, net
124.2
130.9
(5
)%
243.4
246.2
(1
)%
Total revenues
2,895.5
2,976.7
(3
)%
5,679.9
5,737.1
(1
)%
Gross Profit:
Retail new vehicles
95.1
135.7
(30
)%
188.8
267.8
(29
)%
Fleet new vehicles
1.0
1.2
(17
)%
1.6
2.1
(24
)%
Total new vehicles
96.1
136.9
(30
)%
190.4
269.9
(29
)%
Used vehicles
39.1
44.3
(12
)%
79.6
84.3
(6
)%
Wholesale vehicles
(0.5
)
(0.5
)
—
%
(0.6
)
1.4
(143
)%
Total vehicles
134.7
180.7
(25
)%
269.4
355.6
(24
)%
Parts, service and collision repair
218.8
213.5
2
%
438.2
419.6
4
%
Finance, insurance and other, net
124.2
130.9
(5
)%
243.4
246.2
(1
)%
Total gross profit
$
477.7
$
525.1
(9
)%
$
951.0
$
1,021.4
(7
)%
Unit Sales Volume:
Retail new vehicles
26,505
26,953
(2
)%
51,688
50,975
1
%
Fleet new vehicles
514
590
(13
)%
893
1,031
(13
)%
Total new vehicles
27,019
27,543
(2
)%
52,581
52,006
1
%
Used vehicles
25,660
24,873
3
%
51,169
49,454
3
%
Wholesale vehicles
5,243
5,430
(3
)%
10,317
10,812
(5
)%
Retail new & used vehicles
52,165
51,826
1
%
102,857
100,429
2
%
Used-to-New Ratio
0.97
0.90
8
%
0.99
0.95
4
%
Gross Profit Per Unit:
Retail new vehicles
$
3,590
$
5,033
(29
)%
$
3,653
$
5,254
(30
)%
Fleet new vehicles
$
1,885
$
2,099
(10
)%
$
1,809
$
2,065
(12
)%
New vehicles
$
3,557
$
4,970
(28
)%
$
3,622
$
5,191
(30
)%
Used vehicles
$
1,524
$
1,779
(14
)%
$
1,555
$
1,705
(9
)%
Finance, insurance and other, net
$
2,380
$
2,526
(6
)%
$
2,366
$
2,451
(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 June 30,
Better /
(Worse)
Six Months Ended June 30,
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
448.9
524.0
(14
)%
931.7
1,096.5
(15
)%
Wholesale vehicles
21.9
35.5
(38
)%
50.7
62.5
(19
)%
Total vehicles
470.8
559.5
(16
)%
982.4
1,160.0
(15
)%
Finance, insurance and other, net
46.5
41.1
13
%
94.3
91.1
4
%
Total revenues
517.3
600.6
(14
)%
1,076.7
1,251.1
(14
)%
Gross Profit:
Retail new vehicles
—
—
—
%
—
0.1
(100
)%
Used vehicles
4.7
(14.3
)
133
%
10.0
(26.2
)
138
%
Wholesale vehicles
(0.1
)
—
(100
)%
(0.6
)
1.2
(150
)%
Total vehicles
4.6
(14.3
)
132
%
9.4
(24.9
)
138
%
Finance, insurance and other, net
46.5
41.1
13
%
94.3
91.1
4
%
Total gross profit
51.1
26.8
91
%
103.7
66.2
57
%
Selling, general and administrative expenses
(37.2
)
(66.6
)
44
%
(82.8
)
(140.4
)
41
%
Impairment charges
(1.4
)
(62.6
)
NM
(1.4
)
(62.6
)
NM
Depreciation and amortization
(5.6
)
(7.4
)
24
%
(11.1
)
(14.4
)
23
%
Operating income (loss)
6.9
(109.8
)
106
%
8.4
(151.2
)
106
%
Other income (expense):
Interest expense, floor plan
(3.8
)
(4.8
)
21
%
(7.6
)
(9.3
)
18
%
Interest expense, other, net
(0.7
)
(0.9
)
22
%
(1.3
)
(1.8
)
28
%
Other income (expense), net
0.1
0.1
NM
—
—
NM
Total other income (expense)
4.4
(5.6
)
179
%
8.9
(11.1
)
180
%
Income (loss) before taxes
2.5
(115.4
)
102
%
(0.5
)
(162.3
)
100
%
Add: Impairment charges
1.4
62.6
NM
1.4
62.6
NM
Segment income (loss)
$
3.9
$
(52.8
)
107
%
$
0.9
$
(99.7
)
101
%
Unit Sales Volume:
Retail new vehicles
—
—
—
%
—
11
(100
)%
Used vehicles
16,641
17,084
(3
)%
34,622
37,064
(7
)%
Wholesale vehicles
2,593
3,235
(20
)%
5,587
6,151
(9
)%
Gross Profit Per Unit:
Total used vehicle and F&I
$
3,078
$
1,569
96
%
$
3,014
$
1,750
72
%
NM = Not Meaningful
EchoPark Segment - Same Market
Three Months Ended June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles
$
448.9
$
410.0
9
%
$
922.1
$
843.7
9
%
Wholesale vehicles
21.9
26.3
(17
)%
47.4
44.2
7
%
Total vehicles
470.8
436.3
8
%
969.5
887.9
9
%
Finance, insurance and other, net
47.3
32.6
45
%
94.8
70.9
34
%
Total revenues
518.1
468.9
10
%
1,064.3
958.8
11
%
Gross Profit:
Used vehicles
4.8
(4.3
)
212
%
10.4
(14.1
)
174
%
Wholesale vehicles
(0.2
)
0.4
(150
)%
—
1.6
(100
)%
Total vehicles
4.6
(3.9
)
218
%
10.4
(12.5
)
183
%
Finance, insurance and other, net
47.3
32.6
45
%
94.8
70.9
34
%
Total gross profit
$
51.9
$
28.7
81
%
$
105.2
$
58.4
80
%
Unit Sales Volume:
Used vehicles
16,641
13,529
23
%
34,259
29,080
18
%
Wholesale vehicles
2,593
2,402
8
%
5,378
4,521
19
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
3,127
$
2,091
50
%
$
3,071
$
1,953
57
%
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 June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
21.7
$
24.9
(13
)%
$
37.5
$
45.7
(18
)%
Used vehicles
5.3
7.4
(28
)%
8.7
12.3
(29
)%
Wholesale vehicles
0.9
0.4
125
%
1.1
0.5
120
%
Total vehicles
27.9
32.7
(15
)%
47.3
58.5
(19
)%
Parts, service and collision repair
9.7
10.3
(6
)%
16.5
17.0
(3
)%
Finance, insurance and other, net
2.0
2.0
—
%
3.5
3.5
—
%
Total revenues
39.6
45.0
(12
)%
67.3
79.0
(15
)%
Gross Profit:
Retail new vehicles
2.9
4.5
(36
)%
5.2
8.5
(39
)%
Used vehicles
1.3
1.3
—
%
2.2
2.4
(8
)%
Wholesale vehicles
(0.1
)
—
(100
)%
(0.1
)
(0.1
)
—
%
Total vehicles
4.1
5.8
(29
)%
7.3
10.8
(32
)%
Parts, service and collision repair
4.6
5.0
(8
)%
7.7
8.3
(7
)%
Finance, insurance and other, net
2.0
2.0
—
%
3.5
3.5
—
%
Total gross profit
10.7
12.8
(16
)%
18.5
22.6
(18
)%
Selling, general and administrative expenses
(7.9
)
(9.2
)
14
%
(16.0
)
(17.0
)
6
%
Depreciation and amortization
(1.0
)
(0.8
)
(25
)%
(2.0
)
(1.6
)
(25
)%
Operating income (loss)
1.8
2.8
(36
)%
0.5
4.0
(88
)%
Other income (expense):
Interest expense, floor plan
(0.5
)
(0.3
)
(67
)%
(1.0
)
(0.4
)
(150
)%
Interest expense, other, net
(0.8
)
(0.5
)
(60
)%
(1.3
)
(1.1
)
(18
)%
Other income (expense), net
—
—
NM
0.1
0.1
NM
Total other income (expense)
(1.3
)
(0.8
)
(63
)%
(2.2
)
(1.4
)
(57
)%
Income (loss) before taxes
0.5
2.0
(75
)%
(1.7
)
2.6
(165
)%
Add: Impairment charges
—
—
NM
—
—
NM
Segment income (loss)
$
0.5
$
2.0
(75
)%
$
(1.7
)
$
2.6
(165
)%
Unit Sales Volume:
Retail new vehicles
1,193
1,396
(15
)%
2,038
2,503
(19
)%
Used vehicles
522
691
(24
)%
931
1,135
(18
)%
Wholesale vehicles
18
50
(64
)%
31
57
(46
)%
Gross Profit Per Unit:
Retail new vehicles
$
2,466
$
3,235
(24
)%
$
2,553
$
3,385
(25
)%
Used vehicles
$
2,423
$
1,942
25
%
$
2,318
$
2,093
11
%
Finance, insurance and other, net
$
1,153
$
952
21
%
$
1,172
$
964
22
%
NM = Not Meaningful
Powersports Segment - Same Store
Three Months Ended June 30,
Better /
(Worse)
Six Months Ended June 30,
Better /
(Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
21.7
$
24.9
(13
)%
$
37.0
$
45.5
(19
)%
Used vehicles
5.3
7.4
(28
)%
8.0
11.8
(32
)%
Wholesale vehicles
0.9
0.4
125
%
1.2
0.5
140
%
Total vehicles
27.9
32.7
(15
)%
46.2
57.8
(20
)%
Parts, service and collision repair
9.7
10.3
(6
)%
15.8
16.7
(5
)%
Finance, insurance and other, net
2.0
2.0
—
%
3.4
3.5
(3
)%
Total revenues
39.6
45.0
(12
)%
65.4
78.0
(16
)%
Gross Profit:
Retail new vehicles
2.9
4.5
(36
)%
5.1
8.4
(39
)%
Used vehicles
1.3
1.3
—
%
2.0
2.3
(13
)%
Wholesale vehicles
(0.1
)
—
(100
)%
(0.1
)
(0.1
)
—
%
Total vehicles
4.1
5.8
(29
)%
7.0
10.6
(34
)%
Parts, service and collision repair
4.6
5.0
(8
)%
7.4
8.2
(10
)%
Finance, insurance and other, net
2.0
2.0
—
%
3.4
3.5
(3
)%
Total gross profit
$
10.7
$
12.8
(16
)%
$
17.8
$
22.3
(20
)%
Unit Sales Volume:
Retail new vehicles
1,193
1,396
(15
)%
2,021
2,496
(19
)%
Used vehicles
522
691
(24
)%
858
1,092
(21
)%
Wholesale vehicles
18
50
(64
)%
28
56
(50
)%
Retail new & used vehicles
1,715
2,087
(18
)%
2,879
3,588
(20
)%
Used-to-New Ratio
0.44
0.49
(10
)%
0.42
0.44
(5
)%
Gross Profit Per Unit:
Retail new vehicles
$
2,466
$
3,235
(24
)%
$
2,502
$
3,373
(26
)%
Used vehicles
$
2,423
$
1,942
25
%
$
2,336
$
2,064
13
%
Finance, insurance and other, net
$
1,153
$
952
21
%
$
1,182
$
964
23
%
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 June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
250.9
$
261.0
$
10.1
4
%
Advertising
21.6
22.8
1.2
5
%
Rent
7.7
11.5
3.8
33
%
Other
112.8
96.6
(16.2
)
(17
)%
Total SG&A expenses
$
393.0
$
391.9
$
(1.1
)
—
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
0.6
$
20.7
Excess compensation related to CDK outage
(9.6
)
—
Hail and storm damage charges
(3.6
)
(1.9
)
Gain (loss) on exit of leased dealerships
3.0
(0.4
)
Severance and long-term compensation charges
(0.7
)
(2.2
)
Total SG&A adjustments
$
(10.3
)
$
16.2
Adjusted:
Total adjusted SG&A expenses
$
382.7
$
408.1
$
25.4
6
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.5
%
45.9
%
(60
)
bps
Advertising
4.0
%
4.0
%
—
bps
Rent
1.4
%
2.0
%
60
bps
Other
21.0
%
17.0
%
(400
)
bps
Total SG&A expenses as a % of gross profit
72.9
%
68.9
%
(400
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.1
%
2.0
%
Excess compensation related to CDK outage
(2.1
)%
—
%
Hail and storm damage charges
(0.7
)%
(0.2
)%
Gain (loss) on exit of leased dealerships
0.6
%
—
%
Severance and long-term compensation charges
(0.1
)%
(0.2
)%
Total effect of adjustments
(2.2
)%
1.6
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
70.7
%
70.5
%
(20
)
bps
Reported:
Total gross profit
$
539.1
$
568.9
$
(29.8
)
(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
$
541.1
$
578.9
$
(37.8
)
(7
)%
Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)
Six Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
498.1
$
519.7
$
21.6
4
%
Advertising
43.9
48.9
5.0
10
%
Rent
17.1
22.8
5.7
25
%
Other
226.2
213.3
(12.9
)
(6
)%
Total SG&A expenses
$
785.3
$
804.7
$
19.4
2
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
0.6
$
20.7
Closed store accrued expenses
(2.1
)
—
Excess compensation related to CDK outage
(9.6
)
—
Hail and storm damage charges
(3.6
)
(1.9
)
Gain (loss) on exit of leased dealerships
3.0
(0.4
)
Severance and long-term compensation charges
(5.0
)
(4.2
)
Total SG&A adjustments
$
(16.7
)
$
14.2
Adjusted:
Total adjusted SG&A expenses
$
768.6
$
818.9
$
50.3
6
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.3
%
46.3
%
—
bps
Advertising
4.1
%
4.4
%
30
bps
Rent
1.6
%
2.0
%
40
bps
Other
21.0
%
19.0
%
(200
)
bps
Total SG&A expenses as a % of gross profit
73.0
%
71.7
%
(130
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.1
%
0.9
%
Closed store accrued expenses
(0.2
)%
—
%
Excess compensation related to CDK outage
(1.0
)%
—
%
Hail and storm damage charges
(0.4
)%
(0.1
)%
Gain (loss) on exit of leased dealerships
0.3
%
—
%
Severance and long-term compensation charges
(0.5
)%
(0.2
)%
Total effect of adjustments
(1.7
)%
0.6
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.3
%
72.3
%
80
bps
Reported:
Total gross profit
$
1,075.3
$
1,122.5
$
(47.2
)
(4
)%
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
$
1,077.3
$
1,132.5
$
(55.2
)
(5
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
Three Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
221.9
$
219.0
$
(2.9
)
(1
)%
Advertising
14.3
8.7
(5.6
)
(64
)%
Rent
10.3
9.4
(0.9
)
(10
)%
Other
101.4
79.0
(22.4
)
(28
)%
Total SG&A expenses
$
347.9
$
316.1
$
(31.8
)
(10
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
—
$
20.9
Excess compensation related to CDK outage
(9.2
)
—
Hail and storm damage charges
(3.6
)
(1.9
)
Total SG&A adjustments
$
(12.8
)
$
19.0
Adjusted:
Total adjusted SG&A expenses
$
335.1
$
335.1
$
—
—
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.5
%
41.4
%
(510
)
bps
Advertising
3.0
%
1.6
%
(140
)
bps
Rent
2.2
%
1.8
%
(40
)
bps
Other
21.2
%
14.9
%
(630
)
bps
Total SG&A expenses as a % of gross profit
72.9
%
59.7
%
(1,320
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
—
%
4.0
%
Excess compensation related to CDK outage
(2.2
)%
—
%
Hail and storm damage charges
(0.8
)%
(0.4
)%
Total effect of adjustments
(3.0
)%
3.6
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
69.9
%
63.3
%
(660
)
bps
Reported:
Total gross profit
$
477.3
$
529.3
$
(52.0
)
(10
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Total adjustments
$
2.0
$
—
Adjusted:
Total adjusted gross profit
$
479.3
$
529.3
$
(50.0
)
(9
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)
Six Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
438.3
$
432.8
$
(5.5
)
(1
)%
Advertising
29.6
18.6
(11.0
)
(59
)%
Rent
20.4
19.5
(0.9
)
(5
)%
Other
198.1
176.4
(21.7
)
(12
)%
Total SG&A expenses
$
686.4
$
647.3
$
(39.1
)
(6
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
—
$
20.9
Excess compensation related to CDK outage
(9.2
)
—
Hail and storm damage charges
(3.6
)
(1.9
)
Severance and long-term compensation charges
(2.2
)
—
Total SG&A adjustments
$
(15.0
)
$
19.0
Adjusted:
Total adjusted SG&A expenses
$
671.4
$
666.3
$
(5.1
)
(1
)%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.0
%
41.9
%
(410
)
bps
Advertising
3.1
%
1.8
%
(130
)
bps
Rent
2.1
%
1.9
%
(20
)
bps
Other
20.8
%
17.0
%
(380
)
bps
Total SG&A expenses as a % of gross profit
72.0
%
62.6
%
(940
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
—
%
2.1
%
Excess compensation related to CDK outage
(1.1
)%
—
%
Hail and storm damage charges
(0.4
)%
(0.2
)%
Severance and long-term compensation charges
(0.2
)%
—
%
Total effect of adjustments
(1.7
)%
1.9
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
70.3
%
64.5
%
(580
)
bps
Reported:
Total gross profit
$
953.1
$
1,033.7
$
(80.6
)
(8
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Total adjustments
$
2.0
$
—
Adjusted:
Total adjusted gross profit
$
955.1
$
1,033.7
$
(78.6
)
(8
)%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
Three Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
23.3
$
35.4
$
12.1
34
%
Advertising
7.0
13.7
6.7
49
%
Rent
(2.7
)
2.1
4.8
229
%
Other
9.6
15.4
5.8
38
%
Total SG&A expenses
$
37.2
$
66.6
$
29.4
44
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
0.6
$
(0.2
)
Excess compensation related to CDK outage
(0.4
)
—
Gain (loss) on exit of leased dealerships
3.0
(0.4
)
Severance and long-term compensation charges
(0.7
)
(2.2
)
Total SG&A adjustments
$
2.5
$
(2.8
)
Adjusted:
Total adjusted SG&A expenses
$
39.7
$
63.8
$
24.1
38
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
45.6
%
132.2
%
8,660
bps
Advertising
13.6
%
51.2
%
3,760
bps
Rent
(5.2
)%
8.0
%
1,320
bps
Other
18.9
%
57.1
%
3,820
bps
Total SG&A expenses as a % of gross profit
72.9
%
248.5
%
17,560
bps
Adjustments:
Acquisition and disposition-related gain (loss)
1.2
%
(5.4
)%
Excess compensation related to CDK outage
(0.8
)%
—
%
Gain (loss) on exit of leased dealerships
5.7
%
(10.7
)%
Severance and long-term compensation charges
(1.3
)%
(58.9
)%
Total effect of adjustments
4.8
%
(75.0
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
77.7
%
173.5
%
9,580
bps
Reported:
Total gross profit
$
51.1
$
26.8
$
24.3
91
%
Adjustments:
Used vehicle inventory valuation adjustment
$
—
$
10.0
Total adjustments
$
—
$
10.0
Adjusted:
Total adjusted gross profit
$
51.1
$
36.8
$
14.3
39
%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)
Six Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
48.5
$
75.1
$
26.6
35
%
Advertising
13.6
29.5
15.9
54
%
Rent
(3.4
)
3.2
6.6
206
%
Other
24.1
32.6
8.5
26
%
Total SG&A expenses
$
82.8
$
140.4
$
57.6
41
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
0.6
$
(0.2
)
Closed store accrued expenses
(2.1
)
—
Excess compensation related to CDK outage
(0.4
)
—
Gain (loss) on exit of leased dealerships
3.0
(0.4
)
Severance and long-term compensation charges
(2.8
)
(4.2
)
Total SG&A adjustments
$
(1.7
)
$
(4.8
)
Adjusted:
Total adjusted SG&A expenses
$
81.1
$
135.6
$
54.5
40
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.7
%
113.4
%
6,670
bps
Advertising
13.1
%
44.5
%
3,140
bps
Rent
(3.3
)%
4.9
%
820
bps
Other
23.4
%
49.2
%
2,580
bps
Total SG&A expenses as a % of gross profit
79.9
%
212.0
%
13,210
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.6
%
(1.4
)%
Closed store accrued expenses
(2.1
)%
—
%
Excess compensation related to CDK outage
(0.4
)%
—
%
Gain (loss) on exit of leased dealerships
3.0
%
(2.8
)%
Severance and long-term compensation charges
(2.8
)%
(29.9
)%
Total effect of adjustments
(1.7
)%
(34.1
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
78.2
%
177.9
%
9,970
bps
Reported:
Total gross profit
$
103.7
$
66.2
$
37.5
57
%
Adjustments:
Used vehicle inventory valuation adjustment
$
—
$
10.0
Total adjustments
$
—
$
10.0
Adjusted:
Total adjusted gross profit
$
103.7
$
76.2
$
27.5
36
%
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
Three Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
5.7
$
6.6
$
0.9
14
%
Advertising
0.4
0.4
—
—
%
Rent
0.1
—
(0.1
)
—
%
Other
1.7
2.2
0.5
23
%
Total SG&A expenses
$
7.9
$
9.2
$
1.3
14
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
53.2
%
51.3
%
(190
)
bps
Advertising
3.8
%
2.9
%
(90
)
bps
Rent
0.9
%
0.2
%
(70
)
bps
Other
15.8
%
17.2
%
140
bps
Total SG&A expenses as a % of gross profit
73.7
%
71.6
%
(210
)
bps
Reported:
Total gross profit
$
10.7
$
12.8
$
(2.1
)
(16
)%
Six Months Ended June 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
11.4
$
11.8
$
0.4
3
%
Advertising
0.8
0.8
—
—
%
Rent
0.1
0.1
—
—
%
Other
3.7
4.3
0.6
14
%
Total SG&A expenses
$
16.0
$
17.0
$
1.0
6
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
61.4
%
52.4
%
(900
)
bps
Advertising
4.3
%
3.5
%
(80
)
bps
Rent
0.7
%
0.3
%
(40
)
bps
Other
20.3
%
19.0
%
(130
)
bps
Total SG&A expenses as a % of gross profit
86.7
%
75.2
%
(1,150
)
bps
Reported:
Total gross profit
$
18.5
$
22.6
$
(4.1
)
(18
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
52.7
$
145.9
(64
)%
$
115.4
$
255.8
(55
)%
Add: Impairment charges
—
—
1.0
—
Segment income (loss)
$
52.7
$
145.9
(64
)%
$
116.4
$
255.8
(54
)%
Adjustments:
Acquisition and disposition-related (gain) loss
$
—
$
(20.9
)
$
—
$
(20.9
)
Excess compensation related to CDK outage
11.2
—
11.2
—
Hail and storm damage charges
3.6
1.9
3.6
1.9
Severance and long-term compensation charges
—
—
2.2
—
Total pre-tax adjustments
$
14.8
$
(19.0
)
$
17.0
$
(19.0
)
Adjusted:
Segment income (loss)
$
67.5
$
126.9
(47
)%
$
133.4
$
236.8
(44
)%
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
2.5
$
(115.4
)
102
%
$
(0.5
)
$
(162.3
)
100
%
Add: Impairment charges
1.4
62.6
1.4
62.6
Segment income (loss)
$
3.9
$
(52.8
)
107
%
$
0.9
$
(99.7
)
101
%
Adjustments:
Acquisition and disposition-related (gain) loss
$
(0.6
)
$
0.2
$
(0.6
)
$
0.2
Closed store accrued expenses
—
—
2.1
—
Excess compensation related to CDK outage
0.4
—
0.4
—
Loss (gain) on exit of leased dealerships
(3.0
)
0.4
(3.0
)
0.4
Severance and long-term compensation charges
0.7
2.2
2.8
4.2
Used vehicle inventory valuation adjustment
—
10.0
—
10.0
Total pre-tax adjustments
$
(2.5
)
$
12.8
$
1.7
$
14.8
Adjusted:
Segment income (loss)
$
1.4
$
(40.0
)
104
%
$
2.6
$
(84.9
)
103
%
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
0.5
$
2.0
(75
)%
$
(1.7
)
$
2.6
(165
)%
Add: Impairment charges
—
—
—
—
Segment income (loss)
$
0.5
$
2.0
(75
)%
$
(1.7
)
$
2.6
(165
)%
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
Three Months Ended June 30, 2024
Three Months Ended June 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
$
41.2
$
1.18
36.0
$
23.4
$
0.65
Adjustments:
Acquisition and disposition-related gain (loss)
$
(0.6
)
$
(20.7
)
Excess compensation related to CDK outage
11.6
—
Hail and storm damage charges
3.6
1.9
Impairment charges
1.4
62.6
Loss (gain) on exit of leased dealerships
(3.0
)
0.4
Severance and long-term compensation charges
0.7
2.2
Used vehicle inventory valuation adjustment
—
10.0
Total pre-tax adjustments
$
13.7
$
56.4
Tax effect of above items
(3.6
)
(13.8
)
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
34.9
$
51.3
$
1.47
36.0
$
66.0
$
1.83
Six Months Ended June 30, 2024
Six Months Ended June 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
$
83.2
$
2.39
36.5
$
71.1
$
1.95
Adjustments:
Acquisition and disposition-related gain (loss)
$
(0.6
)
$
(20.7
)
Closed store accrued expenses
2.1
—
Excess compensation related to CDK outage
11.6
—
Hail and storm damage charges
3.6
1.9
Impairment charges
2.4
62.6
Loss (gain) on exit of leased dealerships
(3.0
)
0.4
Severance and long-term compensation charges
5.0
4.2
Used vehicle inventory valuation adjustment
—
10.0
Total pre-tax adjustments
$
21.1
$
58.4
Tax effect of above items
(5.6
)
(14.3
)
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
34.8
$
98.7
$
2.84
36.5
$
115.2
$
3.16
Non-GAAP Reconciliation - Adjusted EBITDA
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
41.2
$
23.4
Provision for income taxes
14.5
9.1
Income (loss) before taxes
$
52.7
$
2.5
$
0.5
$
55.7
$
145.9
$
(115.4
)
$
2.0
$
32.5
Non-floor plan interest (1)
26.5
0.7
0.8
28.0
25.8
0.8
0.6
27.2
Depreciation and amortization (2)
31.6
5.4
1.0
38.0
29.5
7.4
0.8
37.7
Stock-based compensation expense
5.9
—
—
5.9
5.6
—
—
5.6
Loss (gain) on exit of leased dealerships
—
(3.0
)
—
(3.0
)
—
0.4
—
0.4
Impairment charges
—
1.4
—
1.4
—
62.6
—
62.6
Loss on debt extinguishment
0.6
—
—
0.6
—
—
—
—
Severance and long-term compensation charges
—
0.8
—
0.8
—
2.2
—
2.2
Excess compensation related to CDK outage
11.2
0.4
—
11.6
—
—
—
—
Acquisition and disposition related (gain) loss
(0.3
)
(1.0
)
—
(1.3
)
(20.9
)
0.2
—
(20.7
)
Hail and storm damage charges
3.6
—
—
3.6
1.9
—
—
1.9
Used vehicle inventory valuation adjustment
—
—
—
—
—
10.0
—
10.0
Adjusted EBITDA
$
131.8
$
7.2
$
2.3
$
141.3
$
187.8
$
(31.8
)
$
3.4
$
159.4
Six Months Ended June 30, 2024
Six Months Ended June 30, 2023
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
Franchised
Dealerships
Segment
EchoPark
Segment
Powersports
Segment
Total
(In millions)
Net income (loss)
$
83.2
$
71.1
Provision for income taxes
30.0
25.0
Income (loss) before taxes
$
115.4
$
(0.5
)
$
(1.7
)
$
113.2
$
255.8
$
(162.3
)
$
2.6
$
96.1
Non-floor plan interest (1)
52.8
1.3
1.3
55.4
51.2
1.7
1.2
54.1
Depreciation & amortization (2)
63.1
10.8
2.0
75.9
57.7
14.4
1.5
73.6
Stock-based compensation expense
10.3
—
—
10.3
10.6
—
—
10.6
Loss (gain) on exit of leased dealerships
—
(3.0
)
—
(3.0
)
—
0.4
—
0.4
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
—
4.2
—
4.2
Excess compensation related to CDK outage
11.2
0.4
—
11.6
—
—
—
—
Acquisition and disposition related (gain) loss
(0.3
)
(1.0
)
—
(1.3
)
(20.9
)
0.2
—
(20.7
)
Hail and storm damage charges
3.6
—
—
3.6
1.9
—
—
1.9
Used vehicle inventory valuation adjustment
—
—
—
—
—
10.0
—
10.0
Closed store accrued expenses
$
—
$
2.1
$
—
$
2.1
$
—
$
—
$
—
$
—
Adjusted EBITDA
$
259.9
$
14.4
$
1.6
$
275.9
$
356.3
$
(68.8
)
$
5.3
$
292.8
(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 June 30, 2024
Three Months Ended June 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
$
518.1
$
(0.8
)
$
517.3
$
468.9
$
131.7
$
600.6
10
%
(101
)%
(14
)%
Total gross profit
$
51.9
$
(0.8
)
$
51.1
$
18.8
$
8.0
$
26.8
176
%
(110
)%
91
%
Income (loss) before taxes
$
2.7
$
(0.2
)
$
2.5
$
(32.0
)
$
(83.4
)
$
(115.4
)
108
%
100
%
102
%
Non-floor plan interest (1)
0.9
(0.2
)
0.7
0.4
0.4
0.8
NM
NM
NM
Depreciation and amortization (2)
5.4
—
5.4
5.5
1.9
7.4
NM
NM
NM
Acquisition and disposition-related (gain) loss
—
(1.0
)
(1.0
)
—
0.2
0.2
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
)
—
0.4
0.4
NM
NM
NM
Severance and long-term compensation charges
—
0.8
0.8
—
2.2
2.2
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
$
9.0
$
(1.8
)
$
7.2
$
(18.4
)
$
(13.4
)
$
(31.8
)
149
%
87
%
123
%
Used vehicle unit sales volume
16,641
—
16,641
13,529
3,555
17,084
23
%
(100
)%
(3
)%
Total used vehicle and F&I gross profit per unit
$
3,127
$
—
$
3,078
$
2,091
$
2,387
$
1,569
50
%
(100
)%
96
%
NM = Not Meaningful
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)
Six Months Ended June 30, 2024
Six Months Ended June 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
$
1,064.3
$
12.4
$
1,076.7
$
958.8
$
292.3
$
1,251.1
11
%
(96
)%
(14
)%
Total gross profit
$
105.0
$
(1.3
)
$
103.7
$
47.9
$
18.3
$
66.2
119
%
(107
)%
57
%
Income (loss) before taxes
$
6.0
$
(6.5
)
$
(0.5
)
$
(60.1
)
$
(102.2
)
$
(162.3
)
110
%
94
%
100
%
Non-floor plan interest (1)
1.1
0.2
1.3
1.0
0.7
1.7
NM
NM
NM
Depreciation and amortization (2)
10.8
—
10.8
10.8
3.6
14.4
NM
NM
NM
Acquisition and disposition-related (gain) loss
—
(1.0
)
(1.0
)
—
0.2
0.2
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
)
—
0.4
0.4
NM
NM
NM
Severance and long-term compensation charges
—
2.9
2.9
—
4.2
4.2
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
$
18.3
$
(3.9
)
$
14.4
$
(40.6
)
$
(28.2
)
$
(68.8
)
145
%
86
%
121
%
Used vehicle unit sales volume
34,259
363
34,622
29,080
7,984
37,064
18
%
(95
)%
(7
)%
Total used vehicle and F&I gross profit per unit
$
3,071
$
(1,954
)
$
3,014
$
1,953
$
2,333
$
1,750
57
%
(184
)%
72
%
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/20240805559507/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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