We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 | |
|---|---|---|---|---|---|---|---|---|
| -1.28 | -1.98% | 63.38 | 63.93 | 62.81 | 63.53 | 163,659 | 01:00:00 |
From Oct 2024 to Jan 2025
EchoPark Reports All-Time Record Quarterly Gross Profit, Segment Income, and Adjusted EBITDA*
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 third quarter ended September 30, 2024.
Third 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 build momentum in our EchoPark Segment in the third quarter, generating all-time record quarterly gross profit, segment income, and adjusted EBITDA* as a result of the dedicated efforts of our team and the improving conditions in the used vehicle retail environment. Overall, the Sonic Automotive team continued to execute at a high level, despite operational disruptions throughout July related to the functionality of certain CDK customer lead applications, inventory management applications and related third-party application integrations with CDK, which negatively impacted our Franchised Dealerships Segment results in the third quarter. With this disruption behind us, we remain confident that our team, our brand portfolio, and our long-term strategy will continue to benefit our diversified business and generate long-term value for our stakeholders.”
Jeff Dyke, President of Sonic Automotive, commented, “I'm very proud of our team's performance in the third quarter, which not only drove record segment income in our EchoPark Segment, but also showcased our franchised dealership team's resilience in managing through operational disruptions from the CDK outage, manufacturer stop-sale orders on certain makes and models, and continued normalization of new vehicle margins. Additionally, the successful execution of another Sturgis rally by our Powersports team underscores our commitment to maintaining diverse revenue streams. Our entire company remains dedicated to delivering an outstanding guest experience and executing our long-term strategic vision. We believe that by fostering a culture of excellence and innovation, we will continue to enhance guest satisfaction and operational efficiency as we navigate the evolving automotive retail landscape.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our diversified cash flow streams continued to benefit our overall financial position in the third quarter, despite operational disruption from the CDK outage. As of September 30, 2024, we had approximately $418 million in cash and floor plan deposits on hand, and approximately $834 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.”
Third Quarter 2024 Segment Highlights
The financial measures discussed below are results for the third quarter of 2024 with comparisons made to the third quarter of 2023, unless otherwise noted.
* 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 17% increase to the quarterly cash dividend, to $0.35 per share, payable on January 15, 2025 to all stockholders of record on December 13, 2024.
Third Quarter 2024 Earnings Conference Call
Senior management will hold a conference call today at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.
To access the live webcast of the conference call, please go to ir.sonicautomotive.com and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Third Quarter 2024 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in 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 anticipated future EchoPark profitability and anticipated future EchoPark adjusted EBITDA. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, the ultimate impact of the CDK outage on the Company, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the integration of recent or future acquisitions, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, adjusted segment income, and adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Results of Operations - Consolidated
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles
$
1,566.8
$
1,573.5
—
%
$
4,575.2
$
4,624.4
(1
)%
Fleet new vehicles
22.2
23.2
(4
)%
68.0
70.4
(3
)%
Total new vehicles
1,589.0
1,596.7
—
%
4,643.2
4,694.8
(1
)%
Used vehicles
1,180.7
1,340.4
(12
)%
3,582.5
3,991.2
(10
)%
Wholesale vehicles
67.2
79.3
(15
)%
215.8
256.3
(16
)%
Total vehicles
2,836.9
3,016.4
(6
)%
8,441.5
8,942.3
(6
)%
Parts, service and collision repair
479.0
453.4
6
%
1,369.8
1,327.6
3
%
Finance, insurance and other, net
175.6
173.7
1
%
517.2
517.7
—
%
Total revenues
3,491.5
3,643.5
(4
)%
10,328.5
10,787.6
(4
)%
Cost of sales:
Retail new vehicles
(1,479.2
)
(1,442.1
)
(3
)%
(4,293.4
)
(4,213.5
)
(2
)%
Fleet new vehicles
(21.6
)
(22.3
)
3
%
(65.7
)
(67.3
)
2
%
Total new vehicles
(1,500.8
)
(1,464.4
)
(2
)%
(4,359.1
)
(4,280.8
)
(2
)%
Used vehicles
(1,139.5
)
(1,288.1
)
12
%
(3,449.6
)
(3,877.4
)
11
%
Wholesale vehicles
(68.5
)
(80.7
)
15
%
(218.5
)
(255.8
)
15
%
Total vehicles
(2,708.8
)
(2,833.2
)
4
%
(8,027.2
)
(8,414.0
)
5
%
Parts, service and collision repair
(239.1
)
(228.1
)
(5
)%
(682.4
)
(669.0
)
(2
)%
Total cost of sales
(2,947.9
)
(3,061.3
)
4
%
(8,709.6
)
(9,083.0
)
4
%
Gross profit
543.6
582.2
(7
)%
1,618.9
1,704.6
(5
)%
Selling, general and administrative expenses
(392.1
)
(409.6
)
4
%
(1,177.4
)
(1,214.2
)
3
%
Impairment charges
—
—
NM
(2.4
)
(62.6
)
NM
Depreciation and amortization
(37.9
)
(35.2
)
(8
)%
(111.1
)
(105.7
)
(5
)%
Operating income (loss)
113.6
137.4
(17
)%
328.0
322.1
2
%
Other income (expense):
Interest expense, floor plan
(23.0
)
(17.4
)
(32
)%
(65.4
)
(48.9
)
(34
)%
Interest expense, other, net
(29.8
)
(29.0
)
(3
)%
(88.1
)
(86.2
)
(2
)%
Other income (expense), net
—
0.2
NM
(0.5
)
0.3
NM
Total other income (expense)
(52.8
)
(46.2
)
(14
)%
(154.0
)
(134.8
)
(14
)%
Income (loss) before taxes
60.8
91.2
(33
)%
174.0
187.3
(7
)%
Provision for income taxes - benefit (expense)
13.4
(22.8
)
159
%
(16.6
)
(47.8
)
65
%
Net income (loss)
$
74.2
$
68.4
8
%
$
157.4
$
139.5
13
%
Basic earnings (loss) per common share
$
2.18
$
1.96
11
%
$
4.63
$
3.94
18
%
Basic weighted-average common shares outstanding
34.0
34.9
3
%
34.0
35.4
4
%
Diluted earnings (loss) per common share
$
2.13
$
1.92
11
%
$
4.52
$
3.85
17
%
Diluted weighted-average common shares outstanding
34.9
35.6
2
%
34.8
36.2
4
%
Dividends declared per common share
$
0.30
$
0.30
—
%
$
0.90
$
0.86
5
%
NM = Not Meaningful
Franchised Dealerships Segment - Reported
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,539.9
$
1,546.7
—
%
$
4,510.8
$
4,550.9
(1
)%
Fleet new vehicles
22.2
23.2
(4
)%
68.0
70.4
(3
)%
Total new vehicles
1,562.1
1,569.9
—
%
4,578.8
4,621.3
(1
)%
Used vehicles
701.4
780.7
(10
)%
2,162.8
2,322.8
(7
)%
Wholesale vehicles
42.4
51.4
(18
)%
139.1
165.3
(16
)%
Total vehicles
2,305.9
2,402.0
(4
)%
6,880.7
7,109.4
(3
)%
Parts, service and collision repair
458.9
431.8
6
%
1,333.2
1,289.0
3
%
Finance, insurance and other, net
122.4
126.0
(3
)%
366.3
375.4
(2
)%
Total revenues
2,887.2
2,959.8
(2
)%
8,580.2
8,773.8
(2
)%
Gross Profit:
Retail new vehicles
83.5
125.5
(33
)%
272.5
396.5
(31
)%
Fleet new vehicles
0.6
0.9
(33
)%
2.3
3.1
(26
)%
Total new vehicles
84.1
126.4
(33
)%
274.8
399.6
(31
)%
Used vehicles
34.6
42.6
(19
)%
114.1
127.9
(11
)%
Wholesale vehicles
(1.1
)
(1.5
)
27
%
(1.8
)
(0.8
)
(125
)%
Total vehicles
117.6
167.5
(30
)%
387.1
526.7
(27
)%
Parts, service and collision repair
230.7
215.1
7
%
670.4
640.1
5
%
Finance, insurance and other, net
122.4
126.0
(3
)%
366.3
375.4
(2
)%
Total gross profit
470.7
508.6
(7
)%
1,423.8
1,542.2
(8
)%
Selling, general and administrative expenses
(340.5
)
(338.3
)
(1
)%
(1,027.0
)
(985.5
)
(4
)%
Impairment charges
—
—
NM
(1.0
)
—
NM
Depreciation and amortization
(31.5
)
(28.2
)
(12
)%
(91.6
)
(82.8
)
(11
)%
Operating income (loss)
98.7
142.1
(31
)%
304.2
473.9
(36
)%
Other income (expense):
Interest expense, floor plan
(18.7
)
(12.9
)
(45
)%
(52.5
)
(34.7
)
(51
)%
Interest expense, other, net
(28.5
)
(27.9
)
(2
)%
(84.1
)
(82.2
)
(2
)%
Other income (expense), net
0.1
0.2
NM
(0.6
)
0.2
NM
Total other income (expense)
(47.1
)
(40.6
)
(16
)%
(137.2
)
(116.7
)
(18
)%
Income (loss) before taxes
51.6
101.5
(49
)%
167.0
357.2
(53
)%
Add: Impairment charges
—
—
NM
1.0
—
NM
Segment income (loss)
$
51.6
$
101.5
(49
)%
$
168.0
$
357.2
(53
)%
Unit Sales Volume:
Retail new vehicles
27,391
26,869
2
%
79,200
78,766
1
%
Fleet new vehicles
406
469
(13
)%
1,299
1,500
(13
)%
Total new vehicles
27,797
27,338
2
%
80,499
80,266
—
%
Used vehicles
24,940
25,541
(2
)%
76,274
75,845
1
%
Wholesale vehicles
4,973
5,163
(4
)%
15,326
16,162
(5
)%
Retail new & used vehicles
52,331
52,410
—
%
155,474
154,611
1
%
Used-to-New Ratio
0.91
0.95
(4
)%
0.96
0.96
—
%
Gross Profit Per Unit:
Retail new vehicles
$
3,047
$
4,672
(35
)%
$
3,441
$
5,034
(32
)%
Fleet new vehicles
$
1,596
$
2,046
(22
)%
$
1,743
$
2,059
(15
)%
New vehicles
$
3,026
$
4,627
(35
)%
$
3,413
$
4,978
(31
)%
Used vehicles
$
1,386
$
1,666
(17
)%
$
1,497
$
1,685
(11
)%
Finance, insurance and other, net
$
2,340
$
2,403
(3
)%
$
2,356
$
2,428
(3
)%
NM = Not Meaningful
Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
Franchised Dealerships Segment - Same Store
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
1,539.8
$
1,542.8
—
%
$
4,502.1
$
4,502.8
—
%
Fleet new vehicles
22.2
23.2
(4
)%
68.0
69.6
(2
)%
Total new vehicles
1,562.0
1,566.0
—
%
4,570.1
4,572.4
—
%
Used vehicles
701.2
778.0
(10
)%
2,155.0
2,295.4
(6
)%
Wholesale vehicles
42.2
51.1
(17
)%
138.5
163.0
(15
)%
Total vehicles
2,305.4
2,395.1
(4
)%
6,863.6
7,030.8
(2
)%
Parts, service and collision repair
458.8
430.5
7
%
1,329.6
1,276.3
4
%
Finance, insurance and other, net
122.4
125.9
(3
)%
365.5
371.8
(2
)%
Total revenues
2,886.6
2,951.5
(2
)%
8,558.7
8,678.9
(1
)%
Gross Profit:
Retail new vehicles
83.5
125.4
(33
)%
272.3
392.9
(31
)%
Fleet new vehicles
0.6
1.0
(40
)%
2.3
3.1
(26
)%
Total new vehicles
84.2
126.3
(33
)%
274.5
396.1
(31
)%
Used vehicles
34.6
42.4
(18
)%
114.3
126.6
(10
)%
Wholesale vehicles
(1.3
)
(1.3
)
—
%
(1.7
)
0.1
(1,800
)%
Total vehicles
117.5
167.4
(30
)%
387.1
522.8
(26
)%
Parts, service and collision repair
230.4
214.1
8
%
667.8
632.9
6
%
Finance, insurance and other, net
122.4
125.9
(3
)%
365.5
371.8
(2
)%
Total gross profit
$
470.3
$
507.4
(7
)%
$
1,420.4
$
1,527.5
(7
)%
Unit Sales Volume:
Retail new vehicles
27,387
26,774
2
%
79,016
77,639
2
%
Fleet new vehicles
406
469
(13
)%
1,299
1,471
(12
)%
Total new vehicles
27,793
27,243
2
%
80,315
79,110
2
%
Used vehicles
24,934
25,426
(2
)%
75,973
74,777
2
%
Wholesale vehicles
4,968
5,127
(3
)%
15,242
15,913
(4
)%
Retail new & used vehicles
52,321
52,200
—
%
154,989
152,416
2
%
Used-to-New Ratio
0.91
0.95
(4
)%
0.96
0.96
—
%
Gross Profit Per Unit:
Retail new vehicles
$
3,049
$
4,682
(35
)%
$
3,446
$
5,061
(32
)%
Fleet new vehicles
$
1,596
$
2,046
(22
)%
$
1,743
$
2,131
(18
)%
New vehicles
$
3,028
$
4,637
(35
)%
$
3,418
$
5,006
(32
)%
Used vehicles
$
1,386
$
1,669
(17
)%
$
1,505
$
1,694
(11
)%
Finance, insurance and other, net
$
2,339
$
2,411
(3
)%
$
2,358
$
2,440
(3
)%
Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
EchoPark Segment - Reported
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 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
470.3
554.8
(15
)%
1,402.0
1,651.3
(15
)%
Wholesale vehicles
23.8
26.6
(11
)%
74.4
89.1
(16
)%
Total vehicles
494.1
581.4
(15
)%
1,476.4
1,741.4
(15
)%
Finance, insurance and other, net
50.8
45.3
12
%
145.2
136.4
6
%
Total revenues
544.9
626.7
(13
)%
1,621.6
1,877.8
(14
)%
Gross Profit:
Retail new vehicles
—
—
—
%
—
0.1
(100
)%
Used vehicles
4.4
7.3
(40
)%
14.4
(18.8
)
177
%
Wholesale vehicles
—
0.2
(100
)%
(0.7
)
1.3
(154
)%
Total vehicles
4.4
7.5
(41
)%
13.7
(17.4
)
179
%
Finance, insurance and other, net
50.8
45.3
12
%
145.2
136.4
6
%
Total gross profit
55.2
52.8
5
%
158.9
119.0
34
%
Selling, general and administrative expenses
(40.2
)
(58.6
)
31
%
(123.1
)
(199.0
)
38
%
Impairment charges
—
—
NM
(1.4
)
(62.6
)
NM
Depreciation and amortization
(5.4
)
(6.1
)
11
%
(16.4
)
(20.4
)
20
%
Operating income (loss)
9.6
(11.9
)
181
%
18.0
(163.0
)
111
%
Other income (expense):
Interest expense, floor plan
(3.7
)
(4.3
)
14
%
(11.3
)
(13.6
)
17
%
Interest expense, other, net
(0.7
)
(0.7
)
—
%
(2.0
)
(2.5
)
20
%
Other income (expense), net
—
—
NM
—
—
NM
Total other income (expense)
4.4
(5.0
)
188
%
13.3
(16.1
)
183
%
Income (loss) before taxes
5.2
(16.9
)
131
%
4.7
(179.1
)
103
%
Add: Impairment charges
—
—
NM
1.4
62.6
NM
Segment income (loss)
$
5.2
$
(16.9
)
131
%
$
6.1
$
(116.5
)
105
%
Unit Sales Volume:
Retail new vehicles
—
—
—
%
—
11
(100
)%
Used vehicles
17,757
19,050
(7
)%
52,379
56,114
(7
)%
Wholesale vehicles
2,720
2,740
(1
)%
8,307
8,891
(7
)%
Gross Profit Per Unit:
Total used vehicle and F&I
$
3,111
$
2,767
12
%
$
3,047
$
2,095
45
%
NM = Not Meaningful
EchoPark Segment - Same Market
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles
$
470.3
$
497.2
(5
)%
$
1,392.4
$
1,340.9
4
%
Wholesale vehicles
23.8
24.2
(2
)%
71.2
68.4
4
%
Total vehicles
494.1
521.4
(5
)%
1,463.6
1,409.3
4
%
Finance, insurance and other, net
51.4
41.0
25
%
146.2
111.9
31
%
Total revenues
545.5
562.4
(3
)%
1,609.8
1,521.2
6
%
Gross Profit:
Used vehicles
4.4
4.7
(6
)%
14.8
(9.3
)
259
%
Wholesale vehicles
—
0.4
(100
)%
—
1.8
(100
)%
Total vehicles
4.4
5.1
(14
)%
14.8
(7.5
)
297
%
Finance, insurance and other, net
51.4
41.0
25
%
146.2
111.9
31
%
Total gross profit
$
55.8
$
46.1
21
%
$
161.0
$
104.4
54
%
Unit Sales Volume:
Used vehicles
17,757
17,454
2
%
52,016
46,534
12
%
Wholesale vehicles
2,720
2,491
9
%
8,098
7,012
15
%
Gross Profit Per Unit:
Total used vehicle and F&I
$
3,145
$
2,621
20
%
$
3,096
$
2,203
41
%
Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market's opening.
Powersports Segment - Reported
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
26.9
$
26.8
—
%
$
64.4
$
72.5
(11
)%
Used vehicles
9.0
4.9
84
%
17.6
17.1
3
%
Wholesale vehicles
1.1
1.3
(15
)%
2.3
1.9
21
%
Total vehicles
37.0
33.0
12
%
84.3
91.5
(8
)%
Parts, service and collision repair
20.1
21.6
(7
)%
36.6
38.6
(5
)%
Finance, insurance and other, net
2.3
2.4
(4
)%
5.8
5.9
(2
)%
Total revenues
59.4
57.0
4
%
126.7
136.0
(7
)%
Gross Profit:
Retail new vehicles
4.1
5.9
(31
)%
9.3
14.3
(35
)%
Used vehicles
2.2
2.4
(8
)%
4.3
4.7
(9
)%
Wholesale vehicles
(0.1
)
(0.1
)
—
%
(0.2
)
—
(100
)%
Total vehicles
6.2
8.2
(24
)%
13.4
19.0
(29
)%
Parts, service and collision repair
9.2
10.2
(10
)%
17.0
18.5
(8
)%
Finance, insurance and other, net
2.3
2.4
(4
)%
5.8
5.9
(2
)%
Total gross profit
17.7
20.8
(15
)%
36.2
43.4
(17
)%
Selling, general and administrative expenses
(11.3
)
(12.7
)
11
%
(27.3
)
(29.7
)
8
%
Depreciation and amortization
(1.1
)
(0.9
)
(22
)%
(3.1
)
(2.5
)
(24
)%
Operating income (loss)
5.3
7.2
(26
)%
5.8
11.2
(48
)%
Other income (expense):
Interest expense, floor plan
(0.7
)
(0.2
)
(250
)%
(1.6
)
(0.6
)
(167
)%
Interest expense, other, net
(0.6
)
(0.4
)
(50
)%
(1.9
)
(1.5
)
(27
)%
Other income (expense), net
—
—
NM
—
0.1
NM
Total other income (expense)
(1.3
)
(0.6
)
(117
)%
(3.5
)
(2.0
)
(75
)%
Income (loss) before taxes
4.0
6.6
(39
)%
2.3
9.2
(75
)%
Add: Impairment charges
—
—
NM
—
—
NM
Segment income (loss)
$
4.0
$
6.6
(39
)%
$
2.3
$
9.2
(75
)%
Unit Sales Volume:
Retail new vehicles
1,266
1,391
(9
)%
3,304
3,894
(15
)%
Used vehicles
777
837
(7
)%
1,708
1,972
(13
)%
Wholesale vehicles
99
93
6
%
130
150
(13
)%
Gross Profit Per Unit:
Retail new vehicles
$
3,249
$
4,213
(23
)%
$
2,820
$
3,680
(23
)%
Used vehicles
$
2,798
$
2,833
(1
)%
$
2,537
$
2,407
5
%
Finance, insurance and other, net
$
1,136
$
1,075
6
%
$
1,157
$
1,006
15
%
NM = Not Meaningful
Powersports Segment - Same Store
Three Months Ended September 30,
Better / (Worse)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
% Change
2024
2023
% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles
$
26.9
$
26.8
—
%
$
63.9
$
72.3
(12
)%
Used vehicles
9.0
4.9
84
%
17.0
16.6
2
%
Wholesale vehicles
1.1
1.3
(15
)%
2.2
1.8
22
%
Total vehicles
37.0
33.0
12
%
83.1
90.7
(8
)%
Parts, service and collision repair
20.1
21.6
(7
)%
35.9
38.3
(6
)%
Finance, insurance and other, net
2.3
2.4
(4
)%
5.7
5.9
(3
)%
Total revenues
59.4
57.0
4
%
124.7
134.9
(8
)%
Gross Profit:
Retail new vehicles
4.1
5.9
(31
)%
9.2
14.3
(36
)%
Used vehicles
2.2
2.4
(8
)%
4.2
4.6
(9
)%
Wholesale vehicles
(0.1
)
(0.1
)
—
%
(0.3
)
(0.1
)
(200
)%
Total vehicles
6.2
8.2
(24
)%
13.1
18.8
(30
)%
Parts, service and collision repair
9.2
10.2
(10
)%
16.7
18.3
(9
)%
Finance, insurance and other, net
2.3
2.4
(4
)%
5.7
5.9
(3
)%
Total gross profit
$
17.7
$
20.8
(15
)%
$
35.5
$
43.0
(17
)%
Unit Sales Volume:
Retail new vehicles
1,266
1,391
(9
)%
3,287
3,887
(15
)%
Used vehicles
777
837
(7
)%
1,635
1,929
(15
)%
Wholesale vehicles
99
93
6
%
127
149
(15
)%
Retail new & used vehicles
2,043
2,228
(8
)%
4,922
5,816
(15
)%
Used-to-New Ratio
0.61
0.60
2
%
0.50
0.50
—
%
Gross Profit Per Unit:
Retail new vehicles
$
3,249
$
4,213
(23
)%
$
2,790
$
3,674
(24
)%
Used vehicles
$
2,798
$
2,833
(1
)%
$
2,556
$
2,397
7
%
Finance, insurance and other, net
$
1,136
$
1,075
6
%
$
1,163
$
1,007
15
%
Note: All currently operating powersports stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
Non-GAAP Reconciliation - Consolidated - SG&A Expenses
Three Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
252.2
$
256.0
$
3.8
1
%
Advertising
21.5
22.5
1.0
4
%
Rent
8.9
11.7
2.8
24
%
Other
109.5
119.4
9.9
8
%
Total SG&A expenses
$
392.1
$
409.6
$
17.5
4
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
2.3
$
—
Excess compensation related to CDK outage
(1.8
)
—
Storm damage charges
(1.5
)
—
Gain (loss) on exit of leased dealerships
—
(3.9
)
Severance and long-term compensation charges
—
(0.9
)
Total SG&A adjustments
$
(1.0
)
$
(4.8
)
Adjusted:
Total adjusted SG&A expenses
$
391.1
$
404.8
$
13.7
3
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.4
%
44.0
%
(240
)
bps
Advertising
4.0
%
3.9
%
(10
)
bps
Rent
1.6
%
2.0
%
40
bps
Other
20.1
%
20.5
%
40
bps
Total SG&A expenses as a % of gross profit
72.1
%
70.4
%
(170
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.5
%
—
%
Excess compensation related to CDK outage
(0.4
)%
—
%
Storm damage charges
(0.3
)%
—
%
Gain (loss) on exit of leased dealerships
—
%
(0.7
)%
Severance and long-term compensation charges
—
%
(0.2
)%
Total effect of adjustments
(0.2
)%
(0.9
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.9
%
69.5
%
(240
)
bps
Reported:
Total gross profit
$
543.6
$
582.2
$
(38.6
)
(7
)%
Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
750.3
$
775.8
$
25.5
3
%
Advertising
65.5
71.4
5.9
8
%
Rent
25.9
34.5
8.6
25
%
Other
335.7
332.5
(3.2
)
(1
)%
Total SG&A expenses
$
1,177.4
$
1,214.2
$
36.8
3
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
2.9
$
20.7
Closed store accrued expenses
(2.1
)
—
Excess compensation related to CDK outage
(11.4
)
—
Storm damage charges
(5.1
)
(1.9
)
Gain (loss) on exit of leased dealerships
3.0
(4.3
)
Severance and long-term compensation charges
(5.0
)
(5.1
)
Total SG&A adjustments
$
(17.7
)
$
9.4
Adjusted:
Total adjusted SG&A expenses
$
1,159.7
$
1,223.6
$
63.9
5
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.3
%
45.5
%
(80
)
bps
Advertising
4.0
%
4.2
%
20
bps
Rent
1.6
%
2.0
%
40
bps
Other
20.8
%
19.5
%
(130
)
bps
Total SG&A expenses as a % of gross profit
72.7
%
71.2
%
(150
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
0.2
%
0.4
%
Closed store accrued expenses
(0.1
)%
—
%
Excess compensation related to CDK outage
(0.8
)%
—
%
Storm damage charges
(0.3
)%
—
%
Gain (loss) on exit of leased dealerships
0.2
%
(0.1
)%
Severance and long-term compensation charges
(0.3
)%
(0.1
)%
Total effect of adjustments
(1.2
)%
0.2
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.5
%
71.4
%
(20
)
bps
Reported:
Total gross profit
$
1,618.9
$
1,704.6
$
(85.7
)
(5
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Used vehicle inventory valuation adjustment
—
10.0
Total adjustments
$
2.0
$
10.0
Adjusted:
Total adjusted gross profit
$
1,620.9
$
1,714.6
$
(93.7
)
(5
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
Three Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
220.2
$
216.9
$
(3.3
)
(2
)%
Advertising
13.7
11.0
(2.7
)
(25
)%
Rent
9.2
10.2
1.0
10
%
Other
97.4
100.2
2.8
3
%
Total SG&A expenses
$
340.5
$
338.3
$
(2.2
)
(1
)%
Adjustments:
Excess compensation related to CDK outage
(1.8
)
—
Storm damage charges
$
(1.5
)
$
—
Total SG&A adjustments
$
(3.3
)
$
—
Adjusted:
Total adjusted SG&A expenses
$
337.2
$
338.3
$
1.1
—
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.8
%
42.6
%
(420
)
bps
Advertising
2.9
%
2.2
%
(70
)
bps
Rent
2.0
%
2.0
%
—
bps
Other
20.7
%
19.7
%
(100
)
bps
Total SG&A expenses as a % of gross profit
72.4
%
66.5
%
(590
)
bps
Adjustments:
Excess compensation related to CDK outage
(0.4
)%
—
%
Storm damage charges
(0.4
)%
—
%
Total effect of adjustments
(0.8
)%
—
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
71.6
%
66.5
%
(510
)
bps
Reported:
Total gross profit
$
470.7
$
508.6
$
(37.9
)
(7
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
658.5
$
649.7
$
(8.8
)
(1
)%
Advertising
43.2
29.7
(13.5
)
(45
)%
Rent
29.6
29.8
0.2
1
%
Other
295.7
276.3
(19.4
)
(7
)%
Total SG&A expenses
$
1,027.0
$
985.5
$
(41.5
)
(4
)%
Adjustments:
Acquisition and disposition-related gain (loss)
$
—
$
20.9
Excess compensation related to CDK outage
(11.0
)
—
Storm damage charges
(5.1
)
(1.9
)
Severance and long-term compensation charges
(2.2
)
—
Total SG&A adjustments
$
(18.3
)
$
19.0
Adjusted:
Total adjusted SG&A expenses
$
1,008.7
$
1,004.5
$
(4.2
)
—
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
46.3
%
42.1
%
(420
)
bps
Advertising
3.0
%
1.9
%
(110
)
bps
Rent
2.1
%
1.9
%
(20
)
bps
Other
20.7
%
18.0
%
(270
)
bps
Total SG&A expenses as a % of gross profit
72.1
%
63.9
%
(820
)
bps
Adjustments:
Acquisition and disposition-related gain (loss)
—
%
1.3
%
Excess compensation related to CDK outage
(0.8
)%
—
%
Storm damage charges
(0.4
)%
(0.1
)%
Severance and long-term compensation charges
(0.2
)%
—
%
Total effect of adjustments
(1.4
)%
1.2
%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
70.7
%
65.1
%
(560
)
bps
Reported:
Total gross profit
$
1,423.8
$
1,542.2
$
(118.4
)
(8
)%
Adjustments:
Excess compensation related to CDK outage
$
2.0
$
—
Total adjustments
$
2.0
$
—
Adjusted:
Total adjusted gross profit
$
1,425.8
$
1,542.2
$
(116.4
)
(8
)%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
Three Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
23.5
$
30.0
$
6.5
22
%
Advertising
7.4
10.9
3.5
32
%
Rent
0.7
2.1
1.4
67
%
Other
8.6
15.6
7.0
45
%
Total SG&A expenses
$
40.2
$
58.6
$
18.4
31
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
2.3
$
—
Gain (loss) on exit of leased dealerships
—
(3.9
)
Severance and long-term compensation charges
—
(0.9
)
Total SG&A adjustments
$
2.3
$
(4.8
)
Adjusted:
Total adjusted SG&A expenses
$
42.5
$
53.8
$
11.3
21
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
42.6
%
56.9
%
1,430
bps
Advertising
13.5
%
20.5
%
700
bps
Rent
1.3
%
3.9
%
260
bps
Other
15.5
%
29.8
%
1,430
bps
Total SG&A expenses as a % of gross profit
72.9
%
111.1
%
3,820
bps
Adjustments:
Acquisition and disposition-related gain (loss)
4.2
%
—
%
Gain (loss) on exit of leased dealerships
—
%
(7.5
)%
Severance and long-term compensation charges
—
%
(1.7
)%
Total effect of adjustments
4.2
%
(9.2
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
77.1
%
101.9
%
2,480
bps
Reported:
Total gross profit
$
55.2
$
52.8
$
2.4
5
%
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)
Nine Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
72.0
$
105.1
$
33.1
31
%
Advertising
21.0
40.3
19.3
48
%
Rent
(2.7
)
5.3
8.0
151
%
Other
32.8
48.3
15.5
32
%
Total SG&A expenses
$
123.1
$
199.0
$
75.9
38
%
Adjustments:
Acquisition and disposition-related gain (loss)
$
2.9
$
(0.3
)
Closed store accrued expenses
(2.1
)
—
Excess compensation related to CDK outage
(0.4
)
—
Gain (loss) on exit of leased dealerships
3.0
(4.3
)
Severance and long-term compensation charges
(2.8
)
(5.1
)
Total SG&A adjustments
$
0.6
$
(9.7
)
Adjusted:
Total adjusted SG&A expenses
$
123.7
$
189.3
$
65.6
35
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
45.3
%
88.4
%
4,310
bps
Advertising
13.2
%
33.9
%
2,070
bps
Rent
(1.7
)%
4.4
%
610
bps
Other
20.6
%
40.5
%
1,990
bps
Total SG&A expenses as a % of gross profit
77.4
%
167.2
%
8,980
bps
Adjustments:
Acquisition and disposition-related gain (loss)
1.9
%
(0.6
)%
Closed store accrued expenses
(1.4
)%
—
%
Excess compensation related to CDK outage
(0.3
)%
—
%
Gain (loss) on exit of leased dealerships
2.0
%
(9.0
)%
Severance and long-term compensation charges
(1.9
)%
(10.8
)%
Total effect of adjustments
0.4
%
(20.4
)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit
77.8
%
146.8
%
6,900
bps
Reported:
Total gross profit
$
158.9
$
119.0
$
39.9
34
%
Adjustments:
Used vehicle inventory valuation adjustment
$
—
$
10.0
Total adjustments
$
—
$
10.0
Adjusted:
Total adjusted gross profit
$
158.9
$
129.0
$
29.9
23
%
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
Three Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
8.4
$
9.1
$
0.7
8
%
Advertising
0.4
0.6
0.2
33
%
Rent
(1.1
)
(0.6
)
0.5
(83
)%
Other
3.6
3.6
—
—
%
Total SG&A expenses
$
11.3
$
12.7
$
1.4
11
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
47.8
%
44.0
%
(380
)
bps
Advertising
2.5
%
2.9
%
40
bps
Rent
(6.4
)%
(2.9
)%
350
bps
Other
19.8
%
17.1
%
(270
)
bps
Total SG&A expenses as a % of gross profit
63.7
%
61.1
%
(260
)
bps
Reported:
Total gross profit
$
17.7
$
20.8
$
(3.1
)
(15
)%
Nine Months Ended September 30,
Better / (Worse)
2024
2023
Change
% Change
(In millions)
Reported:
Compensation
$
19.8
$
21.0
$
1.2
6
%
Advertising
1.2
1.4
0.2
14
%
Rent
(1.0
)
(0.6
)
0.4
(67
)%
Other
7.3
7.9
0.6
8
%
Total SG&A expenses
$
27.3
$
29.7
$
2.4
8
%
Reported:
SG&A expenses as a % of gross profit:
Compensation
54.7
%
48.4
%
(630
)
bps
Advertising
3.4
%
3.2
%
(20
)
bps
Rent
(2.8
)%
(1.2
)%
160
bps
Other
20.2
%
18.1
%
(210
)
bps
Total SG&A expenses as a % of gross profit
75.5
%
68.5
%
(700
)
bps
Reported:
Total gross profit
$
36.2
$
43.4
$
(7.2
)
(17
)%
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
51.6
$
101.5
(49
)%
$
167.0
$
357.2
(53
)%
Add: Impairment charges
—
—
1.0
—
Segment income (loss)
$
51.6
$
101.5
(49
)%
$
168.0
$
357.2
(53
)%
Adjustments:
Acquisition and disposition-related (gain) loss
$
—
$
—
$
—
$
(20.9
)
Excess compensation related to CDK outage
1.8
—
13.0
—
Storm damage charges
1.5
—
5.1
1.9
Severance and long-term compensation charges
—
—
2.2
—
Total pre-tax adjustments
$
3.3
$
—
$
20.3
$
(19.0
)
Adjusted:
Segment income (loss)
$
54.9
$
101.5
(46
)%
$
188.3
$
338.2
(44
)%
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
5.2
$
(16.9
)
131
%
$
4.7
$
(179.1
)
103
%
Add: Impairment charges
—
—
1.4
62.6
Segment income (loss)
$
5.2
$
(16.9
)
131
%
$
6.1
$
(116.5
)
105
%
Adjustments:
Acquisition and disposition-related (gain) loss
$
(2.3
)
$
—
$
(2.9
)
$
0.3
Closed store accrued expenses
—
—
2.1
—
Excess compensation related to CDK outage
—
—
0.4
—
Loss (gain) on exit of leased dealerships
—
3.9
(3.0
)
4.3
Severance and long-term compensation charges
—
0.9
2.8
5.1
Used vehicle inventory valuation adjustment
—
—
—
10.0
Total pre-tax adjustments
$
(2.3
)
$
4.8
$
(0.6
)
$
19.7
Adjusted:
Segment income (loss)
$
2.9
$
(12.1
)
124
%
$
5.5
$
(96.8
)
106
%
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
% Change
2024
2023
% Change
(In millions)
Reported:
Income (loss) before taxes
$
4.0
$
6.6
(39
)%
$
2.3
$
9.2
(75
)%
Add: Impairment charges
—
—
—
—
Segment income (loss)
$
4.0
$
6.6
(39
)%
$
2.3
$
9.2
(75
)%
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
Weighted-
Average
Shares
Amount
Per
Share
Amount
Weighted-
Average
Shares
Amount
Per
Share
Amount
(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share
34.9
$
74.2
$
2.13
35.6
$
68.4
$
1.92
Adjustments:
Acquisition and disposition-related gain (loss)
$
(2.3
)
$
—
Excess compensation related to CDK outage
1.8
—
Storm damage charges
1.5
—
Loss (gain) on exit of leased dealerships
—
3.9
Severance and long-term compensation charges
—
0.9
Total pre-tax adjustments
$
1.0
$
4.8
Tax effect of above items
(0.2
)
(1.2
)
Non-recurring tax items
$
(31.0
)
$
—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
34.9
$
44.0
$
1.26
35.6
$
72.0
$
2.02
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
Weighted-
Average
Shares
Net Income (Loss)
Per
Share
Amount
Weighted-
Average
Shares
Net Income (Loss)
Per
Share
Amount
(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share
34.8
$
157.4
$
4.52
36.2
$
139.5
$
3.85
Adjustments:
Acquisition and disposition-related gain (loss)
$
(2.9
)
$
(20.7
)
Closed store accrued expenses
2.1
—
Excess compensation related to CDK outage
13.4
—
Storm damage charges
5.1
1.9
Impairment charges
2.4
62.6
Loss (gain) on exit of leased dealerships
(3.0
)
4.3
Severance and long-term compensation charges
5.0
5.1
Used vehicle inventory valuation adjustment
—
10.0
Total pre-tax adjustments
$
22.1
$
63.2
Tax effect of above items
(5.8
)
(15.6
)
Non-recurring tax items
$
(31.0
)
$
—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share
34.8
$
142.7
$
4.10
36.2
$
187.1
$
5.17
Non-GAAP Reconciliation - Adjusted EBITDA
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
Franchised Dealerships Segment
EchoPark Segment
Powersports Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports Segment
Total
(In millions)
Net income (loss)
$
74.2
$
68.4
Provision for income taxes
(13.4
)
22.8
Income (loss) before taxes
$
51.6
$
5.2
$
4.0
$
60.8
$
101.5
$
(16.9
)
$
6.6
$
91.2
Non-floor plan interest (1)
27.1
0.7
0.6
28.4
26.2
0.7
0.4
27.3
Depreciation and amortization (2)
32.8
5.3
1.2
39.3
29.9
6.1
0.9
36.9
Stock-based compensation expense
5.5
—
—
5.5
6.7
—
—
6.7
Loss (gain) on exit of leased dealerships
—
—
—
—
—
3.9
—
3.9
Severance and long-term compensation charges
—
—
—
—
—
0.9
—
0.9
Excess compensation related to CDK outage
1.8
—
—
1.8
—
—
—
—
Acquisition and disposition related (gain) loss
—
(2.3
)
—
(2.3
)
0.2
0.1
—
0.3
Storm damage charges
1.5
—
—
1.5
—
—
—
—
Adjusted EBITDA
$
120.3
$
8.9
$
5.8
$
135.0
$
164.5
$
(5.2
)
$
7.9
$
167.2
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
Franchised Dealerships Segment
EchoPark Segment
Powersports Segment
Total
Franchised Dealerships Segment
EchoPark Segment
Powersports Segment
Total
(In millions)
Net income (loss)
$
157.4
$
139.5
Provision for income taxes
16.6
47.8
Income (loss) before taxes
$
167.0
$
4.7
$
2.3
$
174.0
$
357.2
$
(179.1
)
$
9.2
$
187.3
Non-floor plan interest (1)
79.8
2.0
1.9
83.7
77.4
2.5
1.6
81.5
Depreciation & amortization (2)
95.8
16.3
3.1
115.2
87.6
20.4
2.4
110.4
Stock-based compensation expense
15.8
—
—
15.8
17.3
—
—
17.3
Loss (gain) on exit of leased dealerships
—
(3.0
)
—
(3.0
)
—
4.3
—
4.3
Impairment charges
1.0
1.4
—
2.4
—
62.6
—
62.6
Loss on debt extinguishment
0.6
—
—
0.6
—
—
—
—
Severance and long-term compensation charges
2.2
2.9
—
5.1
—
5.1
—
5.1
Excess compensation related to CDK outage
13.0
0.4
—
13.4
—
—
—
—
Acquisition and disposition related (gain) loss
(0.3
)
(3.3
)
—
(3.6
)
(20.7
)
0.3
—
(20.4
)
Storm damage charges
5.1
—
—
5.1
1.9
—
—
1.9
Used vehicle inventory valuation adjustment
—
—
—
—
—
10.0
—
10.0
Closed store accrued expenses
$
—
$
2.1
$
—
$
2.1
$
—
$
—
$
—
$
—
Adjusted EBITDA
$
380.0
$
23.5
$
7.3
$
410.8
$
520.7
$
(73.9
)
$
13.2
$
460.0
(1)
Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.
(2)
Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
Better / (Worse) % Change
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
(In millions, except unit and per unit data)
Total revenues
$
545.5
$
(0.6
)
$
544.9
$
562.4
$
64.3
$
626.7
(3
)%
(101
)%
(13
)%
Total gross profit
$
55.8
$
(0.6
)
$
55.2
$
46.1
$
6.7
$
52.8
21
%
(109
)%
5
%
Income (loss) before taxes
$
5.6
$
(0.4
)
$
5.2
$
(8.7
)
$
(8.2
)
$
(16.9
)
164
%
95
%
131
%
Non-floor plan interest (1)
0.6
0.1
0.7
0.3
0.4
0.7
NM
NM
NM
Depreciation and amortization (2)
5.3
—
5.3
5.8
0.3
6.1
NM
NM
NM
Acquisition and disposition-related (gain) loss
(2.3
)
—
(2.3
)
—
0.1
0.1
NM
NM
NM
Loss (gain) on exit of leased dealerships
—
—
—
—
3.9
3.9
NM
NM
NM
Severance and long-term compensation charges
—
—
—
—
0.9
0.9
NM
NM
NM
Adjusted EBITDA
$
9.2
$
(0.3
)
$
8.9
$
(2.6
)
$
(2.6
)
$
(5.2
)
454
%
88
%
271
%
Used vehicle unit sales volume
17,757
—
17,757
17,454
1,596
19,050
2
%
(100
)%
(7
)%
Total used vehicle and F&I gross profit per unit
$
3,145
$
—
$
3,111
$
2,621
$
4,333
$
2,767
20
%
(100
)%
12
%
NM = Not Meaningful
Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
Better / (Worse) % Change
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
EchoPark
Operations
Closed
Stores
Total
EchoPark
Segment
(In millions, except unit and per unit data)
Total revenues
$
1,609.8
$
11.8
$
1,621.6
$
1,521.3
$
356.5
$
1,877.8
6
%
(97
)%
(14
)%
Total gross profit
$
160.8
$
(1.9
)
$
158.9
$
94.1
$
24.9
$
119.0
71
%
(108
)%
34
%
Income (loss) before taxes
$
12.2
$
(7.5
)
$
4.7
$
(88.0
)
$
(91.1
)
$
(179.1
)
114
%
92
%
103
%
Non-floor plan interest (1)
1.7
0.3
2.0
1.7
0.8
2.5
NM
NM
NM
Depreciation and amortization (2)
16.3
—
16.3
16.4
4.0
20.4
NM
NM
NM
Acquisition and disposition-related (gain) loss
—
(3.3
)
(3.3
)
—
0.3
0.3
NM
NM
NM
Closed store accrued expenses
—
2.1
2.1
—
—
—
NM
NM
NM
Impairment charges
—
1.4
1.4
—
62.6
62.6
NM
NM
NM
Loss (gain) on exit of leased dealerships
—
(3.0
)
(3.0
)
—
4.3
4.3
NM
NM
NM
Severance and long-term compensation charges
—
2.9
2.9
—
5.1
5.1
NM
NM
NM
Excess compensation related to CDK outage
0.4
—
0.4
—
—
—
NM
NM
NM
Used vehicle inventory valuation adjustment
—
—
—
7.7
2.3
10.0
NM
NM
NM
Adjusted EBITDA
$
30.6
$
(7.1
)
$
23.5
$
(62.2
)
$
(11.7
)
$
(73.9
)
149
%
39
%
132
%
Used vehicle unit sales volume
52,016
363
52,379
46,534
9,580
56,114
12
%
(96
)%
(7
)%
Total used vehicle and F&I gross profit per unit
$
3,096
$
(3,630
)
$
3,047
$
2,203
$
2,666
$
2,095
41
%
(236
)%
45
%
NM = Not Meaningful
(1)
Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.
(2)
Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024198899/en/
Investor Inquiries: Heath Byrd, Executive Vice President and Chief Financial Officer Danny Wieland, Vice President, Investor Relations & Financial Reporting ir@sonicautomotive.com
Press Inquiries: Sonic Automotive Media Relations media.relations@sonicautomotive.com
1 Year Sonic Automotive Chart |
1 Month Sonic Automotive Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
