Sonic Automotive Reports All-Time Record Quarterly Revenues and Earnings Per Share
Record Second Quarter Results Driven By Strong Franchised Dealership Performance Across All Business Lines
Fourth Consecutive Quarter of Record EchoPark Revenues and Retail Unit Sales Volume
EchoPark Announces Plans To Achieve 2 Million Vehicle Sales Annually At Maturity
Board Announces Review of Strategic Alternatives for EchoPark Business
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the second quarter and six months ended June 30, 2021.
Key Highlights
- All-time record quarterly revenues of $3.4 billion, up 58.7% year-over-year
- All-time record quarterly income from continuing operations before taxes of $151.0 million, up 303.4% year-over-year
- All-time record quarterly earnings from continuing operations of $114.0 million ($2.63 per diluted share)
- All-time record quarterly selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 62.8%
- All-time record quarterly Adjusted EBITDA margin* of 5.7%, up 220 basis points year-over-year
- All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,214, up 13.8% year-over-year
- All-time record quarterly EchoPark revenues of $595.6 million, up 88.9% year-over-year
- All-time record quarterly EchoPark retail sales volume of 21,261, up 61.0% year-over-year
Commentary
David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “During the second quarter, our team continued to execute at a high level, driving record performance in our franchised dealerships and a fourth consecutive quarter of record revenue and retail unit sales volume for our EchoPark business. Given the increasing consumer demand we’ve experienced, our success in maximizing operating efficiency at our franchised dealerships and continued expansion of the EchoPark brand, we believe we can sustain our strong operating performance throughout the balance of 2021 and well into 2022. Longer-term, we’re confident of attaining our goal of more than doubling total revenues to $25 billion by 2025 while continuing to significantly increase profitability.”
Jeff Dyke, Sonic’s and EchoPark’s President, commented, “We are pleased to report that we are halfway through our nationwide EchoPark distribution network & digital expansion plan for 2021, and expect to achieve 25% population coverage by the end of 2021 and 90% population coverage by 2025. At 10% share of our segment of the market, which we already exceed in our more mature markets, this represents a 2 million vehicle annual sales opportunity at maturity. Complementing this, we are making excellent progress with our new, proprietary digital retail platform and are on track for a fourth quarter 2021 launch. In the meantime, our guest-centric EchoPark buying experience continues to drive market share gains and we anticipate our market penetration and brand recognition will continue to grow rapidly in tandem with our nationwide network.”
Second Quarter Financial Highlights
The financial measures discussed below are results for the second quarter of 2021 with comparisons made to the second quarter of 2020, unless otherwise noted. Certain metrics are also compared to the second quarter of 2019 to exclude the effects of the onset of the COVID-19 pandemic on comparative results.
- All-time record quarterly revenues of $3.4 billion, up 58.7% year-over-year (up 28.2% compared to the second quarter of 2019), and all-time record quarterly income from continuing operations before taxes of $151.0 million, up 303.4% (up 310.1% compared to the second quarter of 2019)
- All-time record quarterly earnings from continuing operations of $114.0 million ($2.63 per diluted share), compared to second quarter 2020 reported earnings from continuing operations of $31.0 million ($0.71 per diluted share) and adjusted earnings from continuing operations* of $27.8 million ($0.64 per diluted share)
- All-time record quarterly selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 62.8%, a 1,210 basis-point decrease from 74.9% in the second quarter of 2020
- All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,214, up 13.8%
-
Franchised Dealerships Segment operating results include:
- Same store revenues up 54.8%, gross profit up 74.0% (up 24.9% and 39.6%, respectively, compared to the second quarter of 2019)
- Same store new vehicle unit sales volume up 55.3% (up 17.6% compared to the second quarter of 2019); new vehicle gross profit per unit up 71.5%, to $3,827 (up 85.2% compared to the second quarter of 2019)
- Same store retail used vehicle unit sales volume up 20.5% (up 6.6% compared to the second quarter of 2019); retail used vehicle gross profit per unit up 63.3%, to $1,844 (up 41.4% compared to the second quarter of 2019)
- Same store parts, service and collision repair gross profit up 42.6% (up 6.9% compared to the second quarter of 2019); customer pay gross profit up 41.7% (up 16.6% compared to the second quarter of 2019); gross margin up 130 basis points, to 50.6% (up 150 basis points compared to the second quarter of 2019)
- Same store F&I gross profit up 56.5% (up 43.0% compared to the second quarter of 2019); all-time record reported Franchised Dealerships Segment F&I gross profit per retail unit of $2,110, up 14.7% (up 33.5% compared to the second quarter of 2019)
- All-time record Franchised Dealerships Segment SG&A expenses as a percentage of gross profit of 58.1%, a 1,660 basis-point decrease from 74.7% in the second quarter of 2020 (a decrease of 1,900 basis points from 77.1% in the second quarter of 2019)
-
EchoPark Segment operating results include:
- All-time record quarterly EchoPark revenues of $595.6 million, up 88.9% (up 104.2% compared to the second quarter of 2019)
- All-time record quarterly EchoPark retail sales volume of 21,261, up 61.0% (up 68.9% compared to the second quarter of 2019)
- EchoPark market share increase of 90 basis points, to 5.0% of the 1-4-year old vehicle segment in our current markets
- EchoPark pre-tax loss of $14.4 million and Adjusted EBITDA* loss of $9.4 million (including market expansion-related losses of $6.6 million and $5.4 million, respectively)
- EchoPark loss reflects expansion-related losses and the effect of strategic price management to grow top line sales and market share amidst temporary used market pricing inversion
Board Announces Review of Strategic Alternatives for EchoPark
As a result of the success of the EchoPark strategy and our confidence in our runway for continued expansion, Sonic’s Board of Directors, working together with financial and legal advisors, has initiated a review process to evaluate potential strategic alternatives for its EchoPark business. The Company is considering a full range of potential alternatives with respect to its EchoPark business. No timetable has been established for the completion of the review, and the review may not result in any transaction. The Company does not intend to disclose further developments with respect to its review process unless and until its Board approves a specific action or otherwise concludes the review.
Lazard and Kirkland & Ellis LLP are acting as financial and legal advisors to the Company, respectively, in connection with the review.
Dividend
Sonic’s Board of Directors approved a quarterly cash dividend of $0.12 per share payable on October 15, 2021 to all stockholders of record on September 15, 2021.
Second Quarter 2021 Earnings Conference Call
Senior management will hold a conference call on Thursday, July 29, 2021 at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning the morning of the conference call on the Company’s website at ir.sonicautomotive.com.
To access the live webcast, please go to ir.sonicautomotive.com. For telephone access to this conference call, please register in advance using this link: http://www.directeventreg.com/registration/event/6951789. After registering, you will receive a confirmation email that includes dial-in numbers and unique conference call and registrant passcodes for entry. Registration remains available through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call.
A conference call replay will be available one hour 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 one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.
About EchoPark Automotive
EchoPark Automotive is a rapidly growing operating segment within the Company that specializes in pre-owned vehicle sales, utilizing technology to provide a unique, guest-centric buying experience and deliver superior value to customers. 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 revenue levels, future profitability, pre-owned vehicle sales projections, the opening of additional EchoPark markets, and future population coverage. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted earnings from continuing operations, adjusted earnings per diluted share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin. 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.
*Adjusted earnings from continuing operations, adjusted earnings per diluted share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. The tables included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.
Sonic Automotive, Inc. Results of Operations (Unaudited) |
|||||||||||||||||||||
Results of Operations - Consolidated |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
Better /
|
|
Six Months Ended June 30, |
|
Better /
|
||||||||||||||
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
|
(In thousands, except per share amounts) |
|
|
||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
1,462,893 |
|
|
$ |
900,003 |
|
|
62.5 |
% |
|
$ |
2,619,210 |
|
|
$ |
1,859,492 |
|
|
40.9 |
% |
Used vehicles |
1,266,696 |
|
|
808,877 |
|
|
56.6 |
% |
|
2,356,794 |
|
|
1,658,930 |
|
|
42.1 |
% |
||||
Wholesale vehicles |
84,807 |
|
|
33,175 |
|
|
155.6 |
% |
|
159,614 |
|
|
81,718 |
|
|
95.3 |
% |
||||
Total vehicles |
2,814,396 |
|
|
1,742,055 |
|
|
61.6 |
% |
|
5,135,618 |
|
|
3,600,140 |
|
|
42.7 |
% |
||||
Parts, service and collision repair |
360,596 |
|
|
259,058 |
|
|
39.2 |
% |
|
681,509 |
|
|
593,738 |
|
|
14.8 |
% |
||||
Finance, insurance and other, net |
177,254 |
|
|
110,773 |
|
|
60.0 |
% |
|
321,916 |
|
|
226,064 |
|
|
42.4 |
% |
||||
Total revenues |
3,352,246 |
|
|
2,111,886 |
|
|
58.7 |
% |
|
6,139,043 |
|
|
4,419,942 |
|
|
38.9 |
% |
||||
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
(1,344,467 |
) |
|
(854,617 |
) |
|
(57.3 |
)% |
|
(2,431,319 |
) |
|
(1,768,690 |
) |
|
(37.5 |
)% |
||||
Used vehicles |
(1,231,943 |
) |
|
(781,506 |
) |
|
(57.6 |
)% |
|
(2,291,171 |
) |
|
(1,599,428 |
) |
|
(43.2 |
)% |
||||
Wholesale vehicles |
(80,280 |
) |
|
(33,601 |
) |
|
(138.9 |
)% |
|
(154,240 |
) |
|
(82,303 |
) |
|
(87.4 |
)% |
||||
Total vehicles |
(2,656,690 |
) |
|
(1,669,724 |
) |
|
(59.1 |
)% |
|
(4,876,730 |
) |
|
(3,450,421 |
) |
|
(41.3 |
)% |
||||
Parts, service and collision repair |
(184,748 |
) |
|
(134,779 |
) |
|
(37.1 |
)% |
|
(350,612 |
) |
|
(311,560 |
) |
|
(12.5 |
)% |
||||
Total cost of sales |
(2,841,438 |
) |
|
(1,804,503 |
) |
|
(57.5 |
)% |
|
(5,227,342 |
) |
|
(3,761,981 |
) |
|
(39.0 |
)% |
||||
Gross profit |
510,808 |
|
|
307,383 |
|
|
66.2 |
% |
|
911,701 |
|
|
657,961 |
|
|
38.6 |
% |
||||
Selling, general and administrative expenses |
(320,620 |
) |
|
(230,359 |
) |
|
(39.2 |
)% |
|
(609,976 |
) |
|
(512,515 |
) |
|
(19.0 |
)% |
||||
Impairment charges |
— |
|
|
(833 |
) |
|
100.0 |
% |
|
— |
|
|
(268,833 |
) |
|
100.0 |
% |
||||
Depreciation and amortization |
(24,761 |
) |
|
(22,647 |
) |
|
(9.3 |
)% |
|
(48,448 |
) |
|
(44,944 |
) |
|
(7.8 |
)% |
||||
Operating income (loss) |
165,427 |
|
|
53,544 |
|
|
209.0 |
% |
|
253,277 |
|
|
(168,331 |
) |
|
(250.5 |
)% |
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
(4,329 |
) |
|
(6,314 |
) |
|
31.4 |
% |
|
(9,441 |
) |
|
(16,822 |
) |
|
43.9 |
% |
||||
Interest expense, other, net |
(10,077 |
) |
|
(9,797 |
) |
|
(2.9 |
)% |
|
(20,363 |
) |
|
(20,762 |
) |
|
1.9 |
% |
||||
Other income (expense), net |
— |
|
|
— |
|
|
— |
% |
|
100 |
|
|
100 |
|
|
— |
% |
||||
Total other income (expense) |
(14,406 |
) |
|
(16,111 |
) |
|
10.6 |
% |
|
(29,704 |
) |
|
(37,484 |
) |
|
20.8 |
% |
||||
Income (loss) from continuing operations before taxes |
151,021 |
|
|
37,433 |
|
|
303.4 |
% |
|
223,573 |
|
|
(205,815 |
) |
|
(208.6 |
)% |
||||
Provision for income taxes for continuing operations - benefit (expense) |
(37,030 |
) |
|
(6,437 |
) |
|
(475.3 |
)% |
|
(55,893 |
) |
|
37,680 |
|
|
248.3 |
% |
||||
Income (loss) from continuing operations |
113,991 |
|
|
30,996 |
|
|
267.8 |
% |
|
167,680 |
|
|
(168,135 |
) |
|
(199.7 |
)% |
||||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from discontinued operations before taxes |
(204 |
) |
|
(289 |
) |
|
29.4 |
% |
|
516 |
|
|
(573 |
) |
|
190.1 |
% |
||||
Provision for income taxes for discontinued operations - benefit (expense) |
58 |
|
|
84 |
|
|
(31.0 |
)% |
|
(129 |
) |
|
166 |
|
|
(177.7 |
)% |
||||
Income (loss) from discontinued operations |
(146 |
) |
|
(205 |
) |
|
28.8 |
% |
|
387 |
|
|
(407 |
) |
|
195.1 |
% |
||||
Net income (loss) |
$ |
113,845 |
|
|
$ |
30,791 |
|
|
269.7 |
% |
|
$ |
168,067 |
|
|
$ |
(168,542 |
) |
|
(199.7 |
)% |
Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from continuing operations |
$ |
2.74 |
|
|
$ |
0.72 |
|
|
280.6 |
% |
|
$ |
4.03 |
|
|
$ |
(3.93 |
) |
|
(202.5 |
)% |
Earnings (loss) per share from discontinued operations |
— |
|
|
— |
|
|
— |
% |
|
0.01 |
|
|
(0.01 |
) |
|
200.0 |
% |
||||
Earnings (loss) per common share |
$ |
2.74 |
|
|
$ |
0.72 |
|
|
280.6 |
% |
|
$ |
4.04 |
|
|
$ |
(3.94 |
) |
|
(202.5 |
)% |
Weighted-average common shares outstanding |
41,581 |
|
|
42,940 |
|
|
3.2 |
% |
|
41,561 |
|
|
42,779 |
|
|
2.8 |
% |
||||
Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per share from continuing operations |
$ |
2.63 |
|
|
$ |
0.71 |
|
|
270.4 |
% |
|
$ |
3.86 |
|
|
$ |
(3.93 |
) |
|
(198.2 |
)% |
Earnings (loss) per share from discontinued operations |
— |
|
|
— |
|
|
— |
% |
|
0.01 |
|
|
(0.01 |
) |
|
200.0 |
% |
||||
Earnings (loss) per common share |
$ |
2.63 |
|
|
$ |
0.71 |
|
|
270.4 |
% |
|
$ |
3.87 |
|
|
$ |
(3.94 |
) |
|
(198.2 |
)% |
Weighted-average common shares outstanding |
43,424 |
|
|
43,575 |
|
|
0.3 |
% |
|
43,483 |
|
|
42,779 |
|
|
(1.6 |
)% |
||||
Dividends declared per common share |
$ |
0.12 |
|
|
$ |
0.10 |
|
|
20.0 |
% |
|
$ |
0.22 |
|
|
$ |
0.20 |
|
|
10.0 |
% |
Franchised Dealerships Segment - Reported |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
Better /
|
|
Six Months Ended June 30, |
|
Better /
|
||||||||||||||
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
|
(In thousands, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
1,461,984 |
|
|
$ |
900,003 |
|
|
62.4 |
% |
|
$ |
2,618,301 |
|
|
$ |
1,859,492 |
|
|
40.8 |
% |
Used vehicles |
761,524 |
|
|
535,699 |
|
|
42.2 |
% |
|
1,423,059 |
|
|
1,102,587 |
|
|
29.1 |
% |
||||
Wholesale vehicles |
62,956 |
|
|
28,509 |
|
|
120.8 |
% |
|
119,160 |
|
|
70,948 |
|
|
68.0 |
% |
||||
Total vehicles |
2,286,464 |
|
|
1,464,211 |
|
|
56.2 |
% |
|
4,160,520 |
|
|
3,033,027 |
|
|
37.2 |
% |
||||
Parts, service and collision repair |
346,118 |
|
|
251,998 |
|
|
37.3 |
% |
|
654,194 |
|
|
576,499 |
|
|
13.5 |
% |
||||
Finance, insurance and other, net |
124,060 |
|
|
80,401 |
|
|
54.3 |
% |
|
221,586 |
|
|
163,429 |
|
|
35.6 |
% |
||||
Total revenues |
2,756,642 |
|
|
1,796,610 |
|
|
53.4 |
% |
|
5,036,300 |
|
|
3,772,955 |
|
|
33.5 |
% |
||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
118,326 |
|
|
45,386 |
|
|
160.7 |
% |
|
187,790 |
|
|
90,802 |
|
|
106.8 |
% |
||||
Used vehicles |
55,220 |
|
|
30,416 |
|
|
81.5 |
% |
|
87,219 |
|
|
62,730 |
|
|
39.0 |
% |
||||
Wholesale vehicles |
1,434 |
|
|
(357 |
) |
|
501.7 |
% |
|
2,172 |
|
|
(440 |
) |
|
593.6 |
% |
||||
Total vehicles |
174,980 |
|
|
75,445 |
|
|
131.9 |
% |
|
277,181 |
|
|
153,092 |
|
|
81.1 |
% |
||||
Parts, service and collision repair |
175,578 |
|
|
124,465 |
|
|
41.1 |
% |
|
330,844 |
|
|
282,561 |
|
|
17.1 |
% |
||||
Finance, insurance and other, net |
124,060 |
|
|
80,401 |
|
|
54.3 |
% |
|
221,586 |
|
|
163,429 |
|
|
35.6 |
% |
||||
Total gross profit |
474,618 |
|
|
280,311 |
|
|
69.3 |
% |
|
829,611 |
|
|
599,082 |
|
|
38.5 |
% |
||||
Selling, general and administrative expenses |
(275,709 |
) |
|
(209,496 |
) |
|
(31.6 |
)% |
|
(525,785 |
) |
|
(465,914 |
) |
|
(12.9 |
)% |
||||
Impairment charges |
— |
|
|
(833 |
) |
|
NM |
|
|
— |
|
|
(268,833 |
) |
|
NM |
|
||||
Depreciation and amortization |
(20,616 |
) |
|
(19,895 |
) |
|
(3.6 |
)% |
|
(40,992 |
) |
|
(39,484 |
) |
|
(3.8 |
)% |
||||
Operating income (loss) |
178,293 |
|
|
50,087 |
|
|
256.0 |
% |
|
262,834 |
|
|
(175,149 |
) |
|
250.1 |
% |
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
(3,155 |
) |
|
(5,675 |
) |
|
44.4 |
% |
|
(7,271 |
) |
|
(15,283 |
) |
|
52.4 |
% |
||||
Interest expense, other, net |
(9,721 |
) |
|
(9,556 |
) |
|
(1.7 |
)% |
|
(19,682 |
) |
|
(20,156 |
) |
|
2.4 |
% |
||||
Other income (expense), net |
(2 |
) |
|
— |
|
|
(100.0 |
)% |
|
76 |
|
|
100 |
|
|
(24.0 |
)% |
||||
Total other income (expense) |
(12,878 |
) |
|
(15,231 |
) |
|
15.4 |
% |
|
(26,877 |
) |
|
(35,339 |
) |
|
23.9 |
% |
||||
Income (loss) before taxes |
165,415 |
|
|
34,856 |
|
|
374.6 |
% |
|
235,957 |
|
|
(210,488 |
) |
|
(212.1 |
)% |
||||
Add: impairment charges |
— |
|
|
833 |
|
|
NM |
|
|
— |
|
|
268,833 |
|
|
NM |
|
||||
Segment income (loss) |
$ |
165,415 |
|
|
$ |
35,689 |
|
|
363.5 |
% |
|
$ |
235,957 |
|
|
$ |
58,346 |
|
|
304.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
30,488 |
|
|
19,891 |
|
|
53.3 |
% |
|
54,846 |
|
|
41,615 |
|
|
31.8 |
% |
||||
Used vehicles |
28,550 |
|
|
23,973 |
|
|
19.1 |
% |
|
55,786 |
|
|
50,011 |
|
|
11.5 |
% |
||||
Wholesale vehicles |
6,753 |
|
|
4,827 |
|
|
39.9 |
% |
|
13,585 |
|
|
11,737 |
|
|
15.7 |
% |
||||
Retail new & used vehicles |
59,038 |
|
|
43,864 |
|
|
34.6 |
% |
|
110,632 |
|
|
91,626 |
|
|
20.7 |
% |
||||
Used-to-New Ratio |
0.94 |
|
|
1.21 |
|
|
(22.3 |
)% |
|
1.02 |
|
|
1.20 |
|
|
(15.4 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
3,881 |
|
|
$ |
2,282 |
|
|
70.1 |
% |
|
$ |
3,424 |
|
|
$ |
2,182 |
|
|
56.9 |
% |
Used vehicles |
$ |
1,934 |
|
|
$ |
1,269 |
|
|
52.4 |
% |
|
$ |
1,563 |
|
|
$ |
1,254 |
|
|
24.6 |
% |
Finance, insurance and other, net |
$ |
2,110 |
|
|
$ |
1,839 |
|
|
14.7 |
% |
|
$ |
2,017 |
|
|
$ |
1,798 |
|
|
12.2 |
% |
NM = Not Meaningful |
|||||||||||||||||||||
Franchised Dealerships Segment - Same Store |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
Better /
|
|
Six Months Ended June 30, |
|
Better /
|
||||||||||||||
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
|
(In thousands, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
1,461,984 |
|
|
$ |
892,958 |
|
|
63.7 |
% |
|
$ |
2,618,301 |
|
|
$ |
1,843,548 |
|
|
42.0 |
% |
Used vehicles |
761,524 |
|
|
531,335 |
|
|
43.3 |
% |
|
1,423,059 |
|
|
1,092,131 |
|
|
30.3 |
% |
||||
Wholesale vehicles |
62,956 |
|
|
28,236 |
|
|
123.0 |
% |
|
119,160 |
|
|
70,339 |
|
|
69.4 |
% |
||||
Total vehicles |
2,286,464 |
|
|
1,452,529 |
|
|
57.4 |
% |
|
4,160,520 |
|
|
3,006,018 |
|
|
38.4 |
% |
||||
Parts, service and collision repair |
343,441 |
|
|
247,134 |
|
|
39.0 |
% |
|
649,631 |
|
|
568,429 |
|
|
14.3 |
% |
||||
Finance, insurance and other, net |
116,657 |
|
|
74,522 |
|
|
56.5 |
% |
|
208,903 |
|
|
152,213 |
|
|
37.2 |
% |
||||
Total revenues |
2,746,562 |
|
|
1,774,185 |
|
|
54.8 |
% |
|
5,019,054 |
|
|
3,726,660 |
|
|
34.7 |
% |
||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
116,692 |
|
|
43,811 |
|
|
166.4 |
% |
|
185,648 |
|
|
88,926 |
|
|
108.8 |
% |
||||
Used vehicles |
52,647 |
|
|
26,759 |
|
|
96.7 |
% |
|
82,920 |
|
|
58,900 |
|
|
40.8 |
% |
||||
Wholesale vehicles |
4,199 |
|
|
(289 |
) |
|
1,552.9 |
% |
|
4,935 |
|
|
(338 |
) |
|
1,560.1 |
% |
||||
Total vehicles |
173,538 |
|
|
70,281 |
|
|
146.9 |
% |
|
273,503 |
|
|
147,488 |
|
|
85.4 |
% |
||||
Parts, service and collision repair |
173,900 |
|
|
121,946 |
|
|
42.6 |
% |
|
327,583 |
|
|
278,411 |
|
|
17.7 |
% |
||||
Finance, insurance and other, net |
116,657 |
|
|
74,522 |
|
|
56.5 |
% |
|
208,903 |
|
|
152,213 |
|
|
37.2 |
% |
||||
Total gross profit |
$ |
464,095 |
|
|
$ |
266,749 |
|
|
74.0 |
% |
|
$ |
809,989 |
|
|
$ |
578,112 |
|
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
30,488 |
|
|
19,631 |
|
|
55.3 |
% |
|
54,846 |
|
|
41,041 |
|
|
33.6 |
% |
||||
Used vehicles |
28,550 |
|
|
23,701 |
|
|
20.5 |
% |
|
55,786 |
|
|
49,336 |
|
|
13.1 |
% |
||||
Wholesale vehicles |
6,753 |
|
|
4,773 |
|
|
41.5 |
% |
|
13,585 |
|
|
11,611 |
|
|
17.0 |
% |
||||
Retail new & used vehicles |
59,038 |
|
|
43,332 |
|
|
36.2 |
% |
|
110,632 |
|
|
90,377 |
|
|
22.4 |
% |
||||
Used-to-New Ratio |
0.94 |
|
|
1.21 |
|
|
(22.4 |
)% |
|
1.02 |
|
|
1.20 |
|
|
(15.4 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
3,827 |
|
|
$ |
2,232 |
|
|
71.5 |
% |
|
$ |
3,385 |
|
|
$ |
2,167 |
|
|
56.2 |
% |
Used vehicles |
$ |
1,844 |
|
|
$ |
1,129 |
|
|
63.3 |
% |
|
$ |
1,486 |
|
|
$ |
1,194 |
|
|
24.5 |
% |
Finance, insurance and other, net |
$ |
1,984 |
|
|
$ |
1,726 |
|
|
14.9 |
% |
|
$ |
1,902 |
|
|
$ |
1,698 |
|
|
12.0 |
% |
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 /
|
|
Six Months Ended June 30, |
|
Better /
|
||||||||||||||
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
|
(In thousands, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
$ |
909 |
|
|
$ |
— |
|
|
100.0 |
% |
|
$ |
909 |
|
|
$ |
— |
|
|
100.0 |
% |
Used vehicles |
505,172 |
|
|
273,178 |
|
|
84.9 |
% |
|
933,735 |
|
|
556,343 |
|
|
67.8 |
% |
||||
Wholesale vehicles |
21,851 |
|
|
4,666 |
|
|
368.3 |
% |
|
40,454 |
|
|
10,770 |
|
|
275.6 |
% |
||||
Total vehicles |
527,932 |
|
|
277,844 |
|
|
90.0 |
% |
|
975,098 |
|
|
567,113 |
|
|
71.9 |
% |
||||
Parts, service and collision repair |
14,478 |
|
|
7,060 |
|
|
105.1 |
% |
|
27,315 |
|
|
17,239 |
|
|
58.4 |
% |
||||
Finance, insurance and other, net |
53,194 |
|
|
30,372 |
|
|
75.1 |
% |
|
100,330 |
|
|
62,635 |
|
|
60.2 |
% |
||||
Total revenues |
595,604 |
|
|
315,276 |
|
|
88.9 |
% |
|
1,102,743 |
|
|
646,987 |
|
|
70.4 |
% |
||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
100 |
|
|
— |
|
|
100.0 |
% |
|
100 |
|
|
— |
|
|
100.0 |
% |
||||
Used vehicles |
(20,467 |
) |
|
(3,045 |
) |
|
(572.2 |
)% |
|
(21,596 |
) |
|
(3,228 |
) |
|
(569.0 |
)% |
||||
Wholesale vehicles |
3,093 |
|
|
(69 |
) |
|
4,582.6 |
% |
|
3,202 |
|
|
(145 |
) |
|
2,308.3 |
% |
||||
Total vehicles |
(17,274 |
) |
|
(3,114 |
) |
|
(454.7 |
)% |
|
(18,294 |
) |
|
(3,373 |
) |
|
442.4 |
% |
||||
Parts, service and collision repair |
270 |
|
|
(186 |
) |
|
245.2 |
% |
|
54 |
|
|
(383 |
) |
|
113.8 |
% |
||||
Finance, insurance and other, net |
53,194 |
|
|
30,372 |
|
|
75.1 |
% |
|
100,330 |
|
|
62,635 |
|
|
60.2 |
% |
||||
Total gross profit |
36,190 |
|
|
27,072 |
|
|
33.7 |
% |
|
82,090 |
|
|
58,879 |
|
|
39.4 |
% |
||||
Selling, general and administrative expenses |
(44,911 |
) |
|
(20,863 |
) |
|
(115.3 |
)% |
|
(84,191 |
) |
|
(46,601 |
) |
|
(80.7 |
)% |
||||
Impairment charges |
— |
|
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
|
— |
% |
||||
Depreciation and amortization |
(4,145 |
) |
|
(2,752 |
) |
|
(50.6 |
)% |
|
(7,456 |
) |
|
(5,460 |
) |
|
(36.6 |
)% |
||||
Operating income (loss) |
(12,866 |
) |
|
3,457 |
|
|
(472.2 |
)% |
|
(9,557 |
) |
|
6,818 |
|
|
(240.2 |
)% |
||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, floor plan |
(1,174 |
) |
|
(639 |
) |
|
(83.7 |
)% |
|
(2,170 |
) |
|
(1,539 |
) |
|
(41.0 |
)% |
||||
Interest expense, other, net |
(356 |
) |
|
(241 |
) |
|
(47.7 |
)% |
|
(681 |
) |
|
(606 |
) |
|
(12.4 |
)% |
||||
Other income (expense), net |
2 |
|
|
— |
|
|
100.0 |
% |
|
24 |
|
|
— |
|
|
100.0 |
% |
||||
Total other income (expense) |
(1,528 |
) |
|
(880 |
) |
|
(73.6 |
)% |
|
(2,827 |
) |
|
(2,145 |
) |
|
(31.8 |
)% |
||||
Income (loss) before taxes |
(14,394 |
) |
|
2,577 |
|
|
(658.6 |
)% |
|
(12,384 |
) |
|
4,673 |
|
|
(365.0 |
)% |
||||
Add: impairment charges |
— |
|
|
— |
|
|
NM |
|
|
— |
|
|
— |
|
|
NM |
|
||||
Segment income (loss) |
$ |
(14,394 |
) |
|
$ |
2,577 |
|
|
(658.6 |
)% |
|
$ |
(12,384 |
) |
|
$ |
4,672 |
|
|
(365.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New vehicles |
14 |
|
|
— |
|
|
100.0 |
% |
|
14 |
|
|
— |
|
|
100.0 |
% |
||||
Used vehicles |
21,261 |
|
|
13,207 |
|
|
61.0 |
% |
|
40,931 |
|
|
27,193 |
|
|
50.5 |
% |
||||
Wholesale vehicles |
2,878 |
|
|
1,454 |
|
|
97.9 |
% |
|
5,739 |
|
|
3,219 |
|
|
78.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total used vehicle and F&I |
$ |
1,539 |
|
|
$ |
2,069 |
|
|
(25.6 |
)% |
|
$ |
1,924 |
|
|
$ |
2,185 |
|
|
(11.9 |
)% |
NM = Not Meaningful |
|||||||||||||||||||||
EchoPark Segment - Same Market |
|||||||||||||||||||||
|
Three Months Ended June 30, |
|
Better /
|
|
Six Months Ended June 30, |
|
Better /
|
||||||||||||||
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
|
(In thousands, except unit and per unit data) |
||||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
$ |
368,857 |
|
|
$ |
273,178 |
|
|
35.0 |
% |
|
$ |
716,654 |
|
|
$ |
556,353 |
|
|
28.8 |
% |
Wholesale vehicles |
14,951 |
|
|
4,666 |
|
|
220.4 |
% |
|
30,722 |
|
|
10,770 |
|
|
185.3 |
% |
||||
Total vehicles |
383,808 |
|
|
277,844 |
|
|
38.1 |
% |
|
747,376 |
|
|
567,123 |
|
|
31.8 |
% |
||||
Parts, service and collision repair |
10,602 |
|
|
7,060 |
|
|
50.2 |
% |
|
21,248 |
|
|
17,205 |
|
|
23.5 |
% |
||||
Finance, insurance and other, net |
39,007 |
|
|
30,259 |
|
|
28.9 |
% |
|
77,473 |
|
|
62,430 |
|
|
24.1 |
% |
||||
Total revenues |
433,417 |
|
|
315,163 |
|
|
37.5 |
% |
|
846,097 |
|
|
646,758 |
|
|
30.8 |
% |
||||
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
(17,118 |
) |
|
(6,545 |
) |
|
(161.5 |
)% |
|
(18,633 |
) |
|
(10,703 |
) |
|
(74.1 |
)% |
||||
Wholesale vehicles |
2,288 |
|
|
(69 |
) |
|
3,415.9 |
% |
|
2,410 |
|
|
(145 |
) |
|
1,762.1 |
% |
||||
Total vehicles |
(14,830 |
) |
|
(6,614 |
) |
|
(124.2 |
)% |
|
(16,223 |
) |
|
(10,848 |
) |
|
49.5 |
% |
||||
Parts, service and collision repair |
(4 |
) |
|
(186 |
) |
|
97.8 |
% |
|
(27 |
) |
|
(383 |
) |
|
93.0 |
% |
||||
Finance, insurance and other, net |
39,007 |
|
|
30,259 |
|
|
28.9 |
% |
|
77,473 |
|
|
62,430 |
|
|
24.1 |
% |
||||
Total gross profit |
$ |
24,173 |
|
|
$ |
23,459 |
|
|
3.0 |
% |
|
$ |
61,223 |
|
|
$ |
51,199 |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Used vehicles |
15,382 |
|
|
13,207 |
|
|
16.5 |
% |
|
31,189 |
|
|
27,193 |
|
|
14.7 |
% |
||||
Wholesale vehicles |
1,847 |
|
|
1,454 |
|
|
27.0 |
% |
|
4,151 |
|
|
3,219 |
|
|
29.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total used vehicle and F&I |
$ |
1,423 |
|
|
$ |
1,796 |
|
|
(20.8 |
)% |
|
$ |
1,887 |
|
|
$ |
1,902 |
|
|
(0.8 |
)% |
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. |
|||||||||||||||||||||
Selling, General and Administrative ("SG&A") Expenses - Consolidated |
||||||||||||||
|
Three Months Ended June 30, |
|
Better / (Worse) |
|||||||||||
|
2021 |
|
2020 |
|
Change |
|
% Change |
|||||||
|
(In thousands) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
213,842 |
|
|
$ |
140,266 |
|
|
$ |
(73,576 |
) |
|
(52.5 |
)% |
Advertising |
15,345 |
|
|
8,087 |
|
|
(7,258 |
) |
|
(89.7 |
)% |
|||
Rent |
13,665 |
|
|
13,223 |
|
|
(442 |
) |
|
(3.3 |
)% |
|||
Other |
77,768 |
|
|
68,783 |
|
|
(8,985 |
) |
|
(13.1 |
)% |
|||
Total SG&A expenses |
$ |
320,620 |
|
|
$ |
230,359 |
|
|
$ |
(90,261 |
) |
|
(39.2 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
41.9 |
% |
|
45.6 |
% |
|
370 |
|
bps |
|||||
Advertising |
3.0 |
% |
|
2.6 |
% |
|
(40 |
) |
bps |
|||||
Rent |
2.7 |
% |
|
4.3 |
% |
|
160 |
|
bps |
|||||
Other |
15.2 |
% |
|
22.4 |
% |
|
720 |
|
bps |
|||||
Total SG&A expenses as a % of gross profit |
62.8 |
% |
|
74.9 |
% |
|
1,210 |
|
bps |
|||||
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30, |
|
Better / (Worse) |
|||||||||||
|
2021 |
|
2020 |
|
Change |
|
% Change |
|||||||
|
(In thousands) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
402,333 |
|
|
$ |
314,688 |
|
|
$ |
(87,645 |
) |
|
(27.9 |
)% |
Advertising |
27,515 |
|
|
22,222 |
|
|
(5,293 |
) |
|
(23.8 |
)% |
|||
Rent |
27,409 |
|
|
27,088 |
|
|
(321 |
) |
|
(1.2 |
)% |
|||
Other |
152,719 |
|
|
148,517 |
|
|
(4,202 |
) |
|
(2.8 |
)% |
|||
Total SG&A expenses |
$ |
609,976 |
|
|
$ |
512,515 |
|
|
$ |
(97,461 |
) |
|
(19.0 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
44.1 |
% |
|
47.8 |
% |
|
370 |
|
bps |
|||||
Advertising |
3.0 |
% |
|
3.4 |
% |
|
40 |
|
bps |
|||||
Rent |
3.0 |
% |
|
4.1 |
% |
|
110 |
|
bps |
|||||
Other |
16.8 |
% |
|
22.6 |
% |
|
580 |
|
bps |
|||||
Total SG&A expenses as a % of gross profit |
66.9 |
% |
|
77.9 |
% |
|
1,100 |
|
bps |
|||||
Earnings Per Share from Continuing Operations - Non-GAAP Reconciliation |
|||||||||||||||||||||
|
Three Months Ended June 30, 2021 |
|
Three Months Ended June 30, 2020 |
||||||||||||||||||
|
Weighted-
|
|
Amount |
|
Per
|
|
Weighted-
|
|
Amount |
|
Per
|
||||||||||
|
(In thousands, except per share amounts) |
||||||||||||||||||||
Diluted earnings (loss) and shares from continuing operations |
43,424 |
|
|
$ |
113,991 |
|
|
$ |
2.63 |
|
|
43,575 |
|
|
$ |
30,996 |
|
|
$ |
0.71 |
|
Pre-tax items of interest: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-recurring tax items |
|
|
$ |
— |
|
|
|
|
|
|
$ |
(3,175 |
) |
|
|
||||||
Adjusted diluted earnings (loss) and shares from continuing operations |
43,424 |
|
|
$ |
113,991 |
|
|
$ |
2.63 |
|
|
43,575 |
|
|
$ |
27,821 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 2021 |
|
Six Months Ended June 30, 2020 |
||||||||||||||||||
|
Weighted-
|
|
Amount |
|
Per
|
|
Weighted-
|
|
Amount |
|
Per
|
||||||||||
|
(In thousands, except per share amounts) |
||||||||||||||||||||
Diluted earnings (loss) and shares from continuing operations (1) |
43,483 |
|
|
$ |
167,680 |
|
|
$ |
3.86 |
|
|
42,779 |
|
|
$ |
(168,135 |
) |
|
$ |
(3.93 |
) |
Pre-tax items of interest: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment charges |
|
|
$ |
— |
|
|
|
|
|
|
$ |
268,000 |
|
|
|
||||||
Total pre-tax items of interest |
|
|
$ |
— |
|
|
|
|
|
|
$ |
268,000 |
|
|
|
||||||
Tax effect of above items |
|
|
— |
|
|
|
|
|
|
(51,295 |
) |
|
|
||||||||
Non-recurring tax items |
|
|
— |
|
|
|
|
|
|
(3,175 |
) |
|
|
||||||||
Adjusted diluted earnings (loss) and shares from continuing operations |
43,483 |
|
|
$ |
167,680 |
|
|
$ |
3.86 |
|
|
42,779 |
|
|
$ |
45,395 |
|
|
$ |
1.06 |
|
(1) Basic weighted-average shares used for six months ended June 30, 2020 due to net loss on GAAP basis. |
|||||||||||||||||||||
Adjusted EBITDA - Non-GAAP Reconciliation |
|||||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2021 |
|
Three Months Ended June 30, 2020 |
||||||||||||||||||||||||||||
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
113,845 |
|
|
|
|
|
|
|
|
$ |
30,791 |
|
||||||||||||
Provision for income taxes |
|
|
|
|
|
|
36,972 |
|
|
|
|
|
|
|
|
6,353 |
|
||||||||||||||
Income (loss) before taxes |
$ |
165,415 |
|
|
$ |
(14,394) |
|
|
$ |
(204) |
|
|
$ |
150,817 |
|
|
$ |
34,856 |
|
|
$ |
2,577 |
|
|
$ |
(289) |
|
|
$ |
37,144 |
|
Non-floor plan interest |
8,895 |
|
|
348 |
|
|
— |
|
|
9,243 |
|
|
8,938 |
|
|
234 |
|
|
— |
|
|
9,172 |
|
||||||||
Depreciation and amortization |
21,444 |
|
|
4,152 |
|
|
— |
|
|
25,596 |
|
|
20,514 |
|
|
2,758 |
|
|
— |
|
|
23,272 |
|
||||||||
Stock-based compensation expense |
3,989 |
|
|
— |
|
|
— |
|
|
3,989 |
|
|
2,971 |
|
|
— |
|
|
— |
|
|
2,971 |
|
||||||||
Asset impairment charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
833 |
|
|
— |
|
|
— |
|
|
833 |
|
||||||||
Long-term compensation charges |
— |
|
|
500 |
|
|
— |
|
|
500 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||||
Loss (gain) on franchise and real estate disposals |
(400) |
|
|
(23) |
|
|
— |
|
|
(423) |
|
|
1,117 |
|
|
— |
|
|
— |
|
|
1,117 |
|
||||||||
Adjusted EBITDA |
$ |
199,343 |
|
|
$ |
(9,417) |
|
|
$ |
(204) |
|
|
$ |
189,722 |
|
|
$ |
69,229 |
|
|
$ |
5,569 |
|
|
$ |
(289) |
|
|
$ |
74,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Six Months Ended June 30, 2021 |
|
Six Months Ended June 30, 2020 |
||||||||||||||||||||||||||||
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Discontinued
|
|
Total |
||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
168,067 |
|
|
|
|
|
|
|
|
$ |
(168,542) |
|
||||||||||||
Provision for income taxes |
|
|
|
|
|
|
56,022 |
|
|
|
|
|
|
|
|
(37,846) |
|
||||||||||||||
Income (loss) before taxes |
$ |
235,957 |
|
|
$ |
(12,384) |
|
|
$ |
516 |
|
|
$ |
224,089 |
|
|
$ |
(210,487) |
|
|
$ |
4,672 |
|
|
$ |
(573) |
|
|
$ |
(206,388) |
|
Non-floor plan interest |
18,022 |
|
|
682 |
|
|
— |
|
|
18,704 |
|
|
18,981 |
|
|
599 |
|
|
— |
|
|
19,580 |
|
||||||||
Depreciation & amortization |
42,650 |
|
|
7,456 |
|
|
— |
|
|
50,106 |
|
|
40,658 |
|
|
5,466 |
|
|
— |
|
|
46,124 |
|
||||||||
Stock-based compensation expense |
7,474 |
|
|
— |
|
|
— |
|
|
7,474 |
|
|
5,398 |
|
|
— |
|
|
— |
|
|
5,398 |
|
||||||||
Asset impairment charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
268,833 |
|
|
— |
|
|
— |
|
|
268,833 |
|
||||||||
Long-term compensation charges |
— |
|
|
1,000 |
|
|
— |
|
|
1,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||||
Loss (gain) on franchise disposals |
(421) |
|
|
(9) |
|
|
— |
|
|
(430) |
|
|
1,117 |
|
|
— |
|
|
— |
|
|
1,117 |
|
||||||||
Adjusted EBITDA |
$ |
303,682 |
|
|
$ |
(3,255) |
|
|
$ |
516 |
|
|
$ |
300,943 |
|
|
$ |
124,500 |
|
|
$ |
10,737 |
|
|
$ |
(573) |
|
|
$ |
134,664 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005270/en/
Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400
Danny Wieland, Vice President, Investor Relations & Financial Reporting (704) 927-3462
[email protected]
Press Inquiries:
Danielle DeVoren / Joshua Greenwald
212-896-1272 / 646-379-7971
[email protected]/[email protected]
Source: Sonic Automotive, Inc.