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     116  0 Kommentare Sonic Automotive Reports All-Time Record Quarterly Revenues and Pre-Tax Earnings

    Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year ended December 31, 2020. The financial measures discussed below are results for the fourth quarter of 2020 compared to the fourth quarter of 2019, or full year 2020 compared to full year 2019, as applicable, unless otherwise noted.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210217005340/en/

    Fourth Quarter Highlights

    • All-time record quarterly revenues of $2.8 billion, up 1.8%, and all-time record quarterly income from continuing operations before taxes of $90.4 million, up 48.3%
    • Reported earnings from continuing operations of $57.5 million ($1.31 per diluted share), compared to $46.3 million ($1.04 per diluted share) for the fourth quarter of 2019
    • All-time record quarterly adjusted earnings from continuing operations* of $65.8 million ($1.50 per diluted share), an increase of 52.7% compared to $43.1 million ($0.97 per diluted share) for the fourth quarter of 2019
    • Reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit were 66.6%, compared to 66.2% for the fourth quarter of 2019
    • All-time record quarterly adjusted SG&A expenses as a percentage of gross profit* of 68.1%, compared to 73.7% for the fourth quarter of 2019, a 560-basis point improvement
    • All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,031, up 12.3%
    • Reported EchoPark results include:
      • All-time record quarterly EchoPark revenues of $386.9 million, up 25.4%
      • EchoPark retail sales volume of 14,841, up 17.1%
    • Same store Franchised Dealerships Segment operating results include:
      • Revenues up 1.5%, gross profit up 1.7%
      • New vehicle unit sales volume down 6.9%; new vehicle gross profit per unit up 31.4%, to all-time record $2,932
      • Retail used vehicle unit sales volume down 2.9%; retail used vehicle gross profit per unit down 24.2%, to $972
      • Parts, service and collision repair gross profit down 3.2% (customer pay gross profit down 0.5%); gross margin up 180 basis points, to 50.7%
      • F&I gross profit up 7.8%; all-time record quarterly reported Franchised Dealerships Segment F&I gross profit per retail unit of $1,965, up 14.9%

    Full Year Highlights

    • Total revenues of $9.8 billion, down 6.6%, and gross profit of $1.4 billion, down 6.4%,
    • Reported loss from continuing operations of $50.7 million ($1.19 per diluted share), compared to earnings from continuing operations of $144.5 million ($3.31 per diluted share) for full year 2019
    • All-time record annual adjusted earnings from continuing operations* of $168.9 million ($3.85 per diluted share), an increase of 45.9% compared to $115.8 million ($2.65 per diluted share) for full year 2019
    • Reported SG&A expenses as a percentage of gross profit were 72.3%, compared to 72.3% for full year 2019
    • Adjusted SG&A expenses as a percentage of gross profit* were 72.9%, compared to 76.9% for full year 2019, a 400-basis point improvement
    • All-time record annual total F&I gross profit per retail unit of $1,952, up 12.0%
    • Reported EchoPark results include:
      • All-time record annual EchoPark revenues of $1.4 billion, up 22.1%
      • All-time record annual EchoPark retail sales volume of 57,161 units, up 15.4%
    • Same store Franchised Dealerships Segment operating results include:
      • Revenues down 6.4%, gross profit down 3.9%
      • New vehicle sales volume down 12.9%; new vehicle unit gross profit per unit up 19.0%, to all-time record $2,508
      • Retail used vehicle unit sales volume down 4.4%; retail used vehicle gross profit per unit down 8.8%, to $1,168
      • Parts, service and collision repair gross profit down 7.7% (customer pay gross profit down 3.6%); gross margin up 100 basis points, to 49.9%
      • F&I gross profit up 1.2%; all-time record annual reported Franchised Dealerships Segment F&I gross profit per retail unit of $1,846, up 14.0%

    Commentary

    Jeff Dyke, Sonic’s and EchoPark’s President, commented, “We are extremely proud of our team for all they have accomplished in 2020, driving the highest adjusted earnings from continuing operations* in our Company’s history in the face of the challenges of a global pandemic. Our fourth quarter and full year 2020 results reflect the continued strength and resilience of both our EchoPark and franchised dealerships segments, a significant rebound in customer activity and increasing demand for both new and used vehicles during the second half of the year, as well as fundamental improvements in our operating cost structure. These trends have continued into early 2021 and we believe we are well on the path to more than double the Company’s total revenues and significantly increase profitability over the next five years.”

    Mr. Dyke continued, “Our EchoPark business achieved strong top-line growth during the fourth quarter, with record quarterly revenues of $386.9 million, up 25.4% from the prior year period. EchoPark’s continued growth demonstrates the significant benefits we offer our guests, who continue to see value in the excellent pricing, inventory selection and buying experience that EchoPark offers. This in-store experience, combined with our hybrid approach between online and on-site, offers consumers a full range of buying options in order to provide their ideal pre-owned vehicle purchase experience. With the opening of four new EchoPark points in the fourth quarter and the recent acquisition of two pre-owned businesses in Maryland and New York, we remain committed to developing our nationwide distribution network, which we continue to expect to retail over half a million pre-owned vehicles annually and drive $14.0 billion in annual EchoPark revenues by 2025.”

    Heath Byrd, Sonic’s and EchoPark’s Chief Financial Officer, commented, “In 2020, we took significant steps to improve operating efficiencies and manage expenses throughout our entire organization, which drove record adjusted SG&A expenses as a percentage of gross profit* of 68.1% for the fourth quarter of 2020. Our team met the hurdles of the COVID-19 pandemic head on, initiating cost control measures to meet these challenges and remaining disciplined in this focus even as consumer demand rebounded in the second half of the year. Additionally, our balance sheet position is stronger than it has ever been, with the lowest net debt to adjusted EBITDA* ratio in our Company’s history and total available liquidity of $526.4 million as of December 31, 2020, up 88.0% from the beginning of the year.”

    *Adjusted earnings from continuing operations, adjusted earnings per diluted share from continuing operations, adjusted SG&A expenses, adjusted SG&A expenses as a percentage of gross profit, and adjusted EBITDA 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.

    Dividend

    Sonic’s Board of Directors approved a quarterly cash dividend of $0.10 per share payable on April 15, 2021 to all stockholders of record on March 15, 2021.

    Fourth Quarter 2020 Earnings Conference Call

    Senior management will hold a conference call on Wednesday, February 17, 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 broadcast of the call over the internet, 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/7083166. 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 growing operating segment within the Company that specializes in pre-owned vehicle sales and provides a unique guest experience unlike traditional used car stores. 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, projected SG&A expense levels, pre-owned vehicle sales projections and the opening of additional EchoPark points. 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, 2019, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, the Company’s Current Report on Form 8-K filed on February 12, 2021 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 SG&A expenses, adjusted SG&A expenses as a percentage of gross profit 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

     

     

    Three Months Ended
    December 31,

     

    Better /
    (Worse)

     

    Twelve Months Ended
    December 31,

     

    Better /
    (Worse)

     

    2020

     

     

    2019

     

     

    % Change

     

    2020

     

     

    2019

     

     

    % Change

     

    (In thousands, except per share amounts)

     

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    1,323,429

     

     

     

    $

    1,360,064

     

     

     

    (2.7

    )

    %

     

    $

    4,281,223

     

     

     

    $

    4,889,171

     

     

     

    (12.4

    )

    %

    Used vehicles

    959,875

     

     

     

    869,708

     

     

     

    10.4

     

    %

     

    3,564,832

     

     

     

    3,489,972

     

     

     

    2.1

     

    %

    Wholesale vehicles

    59,156

     

     

     

    46,596

     

     

     

    27.0

     

    %

     

    197,378

     

     

     

    202,946

     

     

     

    (2.7

    )

    %

    Total vehicles

    2,342,460

     

     

     

    2,276,368

     

     

     

    2.9

     

    %

     

    8,043,433

     

     

     

    8,582,089

     

     

     

    (6.3

    )

    %

    Parts, service and collision repair

    319,068

     

     

     

    346,514

     

     

     

    (7.9

    )

    %

     

    1,233,735

     

     

     

    1,395,303

     

     

     

    (11.6

    )

    %

    Finance, insurance and other, net

    137,026

     

     

     

    125,522

     

     

     

    9.2

     

    %

     

    489,874

     

     

     

    476,951

     

     

     

    2.7

     

    %

    Total revenues

    2,798,554

     

     

     

    2,748,404

     

     

     

    1.8

     

    %

     

    9,767,042

     

     

     

    10,454,343

     

     

     

    (6.6

    )

    %

    Cost of Sales:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    (1,242,818

    )

     

     

    (1,292,480

    )

     

     

    3.8

     

    %

     

    (4,047,132

    )

     

     

    (4,656,084

    )

     

     

    13.1

     

    %

    Used vehicles

    (941,413

    )

     

     

    (832,877

    )

     

     

    (13.0

    )

    %

     

    (3,458,834

    )

     

     

    (3,342,576

    )

     

     

    (3.5

    )

    %

    Wholesale vehicles

    (61,988

    )

     

     

    (47,941

    )

     

     

    (29.3

    )

    %

     

    (198,249

    )

     

     

    (207,378

    )

     

     

    4.4

     

    %

    Total vehicles

    (2,246,219

    )

     

     

    (2,173,298

    )

     

     

    (3.4

    )

    %

     

    (7,704,215

    )

     

     

    (8,206,038

    )

     

     

    6.1

     

    %

    Parts, service and collision repair

    (163,218

    )

     

     

    (181,222

    )

     

     

    9.9

     

    %

     

    (639,182

    )

     

     

    (727,288

    )

     

     

    12.1

     

    %

    Total cost of sales

    (2,409,437

    )

     

     

    (2,354,520

    )

     

     

    (2.3

    )

    %

     

    (8,343,397

    )

     

     

    (8,933,326

    )

     

     

    6.6

     

    %

    Gross profit

    389,117

     

     

     

    393,884

     

     

     

    (1.2

    )

    %

     

    1,423,645

     

     

     

    1,521,017

     

     

     

    (6.4

    )

    %

    Selling, general and administrative expenses

    (258,977

    )

     

     

    (260,921

    )

     

     

    0.7

     

    %

     

    (1,028,666

    )

     

     

    (1,099,374

    )

     

     

    6.4

     

    %

    Impairment charges

    (1,158

    )

     

     

    (17,692

    )

     

     

    93.5

     

    %

     

    (270,017

    )

     

     

    (20,768

    )

     

     

    (1,200.2

    )

    %

    Depreciation and amortization

    (23,145

    )

     

     

    (23,048

    )

     

     

    (0.4

    )

    %

     

    (91,023

    )

     

     

    (93,169

    )

     

     

    2.3

     

    %

    Operating income (loss)

    105,837

     

     

     

    92,223

     

     

     

    14.8

     

    %

     

    33,939

     

     

     

    307,706

     

     

     

    (89.0

    )

    %

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, floor plan

    (5,406

    )

     

     

    (11,137

    )

     

     

    51.5

     

    %

     

    (27,228

    )

     

     

    (48,519

    )

     

     

    43.9

     

    %

    Interest expense, other, net

    (10,048

    )

     

     

    (13,458

    )

     

     

    25.3

     

    %

     

    (41,572

    )

     

     

    (52,953

    )

     

     

    21.5

     

    %

    Other income (expense), net

    (5

    )

     

     

    (6,680

    )

     

     

    99.9

     

    %

     

    97

     

     

     

    (6,589

    )

     

     

    101.5

     

    %

    Total other income (expense)

    (15,459

    )

     

     

    (31,275

    )

     

     

    50.6

     

    %

     

    (68,703

    )

     

     

    (108,061

    )

     

     

    36.4

     

    %

    Income (loss) from continuing operations before taxes

    90,378

     

     

     

    60,948

     

     

     

    48.3

     

    %

     

    (34,764

    )

     

     

    199,645

     

     

     

    (117.4

    )

    %

    Provision for income taxes for continuing operations - benefit (expense)

    (32,895

    )

     

     

    (14,676

    )

     

     

    (124.1

    )

    %

     

    (15,900

    )

     

     

    (55,108

    )

     

     

    71.1

     

    %

    Income (loss) from continuing operations

    57,483

     

     

     

    46,272

     

     

     

    24.2

     

    %

     

    (50,664

    )

     

     

    144,537

     

     

     

    (135.1

    )

    %

    Discontinued operations:

     

     

     

     

     

     

     

     

     

     

     

    Income (loss) from discontinued operations before taxes

    (194

    )

     

     

    62

     

     

     

    (412.9

    )

    %

     

    (1,002

    )

     

     

    (554

    )

     

     

    (80.9

    )

    %

    Provision for income taxes for discontinued operations - benefit (expense)

    50

     

     

     

    (27

    )

     

     

    285.2

     

    %

     

    281

     

     

     

    154

     

     

     

    82.5

     

    %

    Income (loss) from discontinued operations

    (144

    )

     

     

    35

     

     

     

    (511.4

    )

    %

     

    (721

    )

     

     

    (400

    )

     

     

    (80.3

    )

    %

    Net income (loss)

    $

    57,339

     

     

     

    $

    46,307

     

     

     

    23.8

     

    %

     

    $

    (51,385

    )

     

     

    $

    144,137

     

     

     

    (135.7

    )

    %

    Basic earnings (loss) per common share:

     

     

     

     

     

     

     

     

     

     

     

    Earnings (loss) per share from continuing operations

    $

    1.37

     

     

     

    $

    1.07

     

     

     

    28.0

     

    %

     

    $

    (1.19

    )

     

     

    $

    3.36

     

     

     

    (135.4

    )

    %

    Earnings (loss) per share from discontinued operations

     

     

     

     

     

     

     

    %

     

    (0.02

    )

     

     

    (0.01

    )

     

     

    (100.0

    )

    %

    Earnings (loss) per common share

    $

    1.37

     

     

     

    $

    1.07

     

     

     

    28.0

     

    %

     

    $

    (1.21

    )

     

     

    $

    3.35

     

     

     

    (136.1

    )

    %

    Weighted-average common shares outstanding

    41,874

     

     

     

    43,078

     

     

     

    2.8

     

    %

     

    42,483

     

     

     

    43,016

     

     

     

    1.2

     

    %

    Diluted earnings (loss) per common share:

     

     

     

     

     

     

     

     

     

     

     

    Earnings (loss) per share from continuing operations

    $

    1.31

     

     

     

    $

    1.04

     

     

     

    26.0

     

    %

     

    $

    (1.19

    )

     

     

    $

    3.31

     

     

     

    (136.0

    )

    %

    Earnings (loss) per share from discontinued operations

    (0.01

    )

     

     

     

     

     

    (100.0

    )

    %

     

    (0.02

    )

     

     

    (0.01

    )

     

     

    (100.0

    )

    %

    Earnings (loss) per common share

    $

    1.30

     

     

     

    $

    1.04

     

     

     

    25.0

     

    %

     

    $

    (1.21

    )

     

     

    $

    3.30

     

     

     

    (136.7

    )

    %

    Weighted-average common shares outstanding(1)

    44,022

     

     

     

    44,463

     

     

     

    1.0

     

    %

     

    42,483

     

     

     

    43,710

     

     

     

    2.8

     

    %

    Dividends declared per common share

    $

    0.10

     

     

     

    $

    0.10

     

     

     

     

    %

     

    $

    0.40

     

     

     

    $

    0.40

     

     

     

     

    %

    (1) Basic weighted-average shares used for twelve months ended December 31, 2020 due to net loss on reported GAAP basis.

    Franchised Dealerships Segment - Reported

     

     

    Three Months Ended
    December 31,

     

    Better /
    (Worse)

     

    Twelve Months Ended
    December 31,

     

    Better /
    (Worse)

     

    2020

     

     

    2019

     

     

    % Change

     

    2020

     

     

    2019

     

     

    % Change

     

    (In thousands, except unit and per unit data)

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    1,323,429

     

     

     

    $

    1,360,064

     

     

     

    (2.7

    )

    %

     

    $

    4,281,223

     

     

     

    $

    4,889,171

     

     

     

    (12.4

    )

    %

    Used vehicles

    627,786

     

     

     

    604,422

     

     

     

    3.9

     

    %

     

    2,345,936

     

     

     

    2,493,467

     

     

     

    (5.9

    )

    %

    Wholesale vehicles

    49,181

     

     

     

    39,250

     

     

     

    25.3

     

    %

     

    168,655

     

     

     

    180,020

     

     

     

    (6.3

    )

    %

    Total vehicles

    2,000,396

     

     

     

    2,003,736

     

     

     

    (0.2

    )

    %

     

    6,795,814

     

     

     

    7,562,658

     

     

     

    (10.1

    )

    %

    Parts, service and collision repair

    307,861

     

     

     

    339,168

     

     

     

    (9.2

    )

    %

     

    1,194,394

     

     

     

    1,366,550

     

     

     

    (12.6

    )

    %

    Finance, insurance and other, net

    103,383

     

     

     

    96,947

     

     

     

    6.6

     

    %

     

    357,848

     

     

     

    363,117

     

     

     

    (1.5

    )

    %

    Total revenues

    2,411,640

     

     

     

    2,439,851

     

     

     

    (1.2

    )

    %

     

    8,348,056

     

     

     

    9,292,325

     

     

     

    (10.2

    )

    %

    Gross Profit:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    80,611

     

     

     

    67,583

     

     

     

    19.3

     

    %

     

    234,091

     

     

     

    233,087

     

     

     

    0.4

     

    %

    Used vehicles

    25,834

     

     

     

    35,727

     

     

     

    (27.7

    )

    %

     

    122,948

     

     

     

    147,541

     

     

     

    (16.7

    )

    %

    Wholesale vehicles

    (2,905

    )

     

     

    (1,254

    )

     

     

    (131.7

    )

    %

     

    (789

    )

     

     

    (4,100

    )

     

     

    80.8

     

    %

    Total vehicles

    103,540

     

     

     

    102,056

     

     

     

    1.5

     

    %

     

    356,250

     

     

     

    376,528

     

     

     

    (5.4

    )

    %

    Parts, service and collision repair

    156,070

     

     

     

    165,647

     

     

     

    (5.8

    )

    %

     

    595,342

     

     

     

    668,958

     

     

     

    (11.0

    )

    %

    Finance, insurance and other, net

    103,383

     

     

     

    96,947

     

     

     

    6.6

     

    %

     

    357,848

     

     

     

    363,117

     

     

     

    (1.5

    )

    %

    Total gross profit

    362,993

     

     

     

    364,650

     

     

     

    (0.5

    )

    %

     

    1,309,440

     

     

     

    1,408,603

     

     

     

    (7.0

    )

    %

    Selling, general and administrative expenses

    (235,941

    )

     

     

    (237,849

    )

     

     

    0.8

     

    %

     

    (933,738

    )

     

     

    (1,011,763

    )

     

     

    7.7

     

    %

    Impairment charges

    (1,158

    )

     

     

    (1,075

    )

     

     

    (7.7

    )

    %

     

    (270,017

    )

     

     

    (1,101

    )

     

     

    NM

     

    Depreciation and amortization

    (20,275

    )

     

     

    (20,288

    )

     

     

    0.1

     

    %

     

    (79,929

    )

     

     

    (82,636

    )

     

     

    3.3

     

    %

    Operating income (loss)

    105,619

     

     

     

    105,438

     

     

     

    0.2

     

    %

     

    25,756

     

     

     

    313,103

     

     

     

    (91.8

    )

    %

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, floor plan

    (4,549

    )

     

     

    (10,275

    )

     

     

    55.7

     

    %

     

    (24,066

    )

     

     

    (45,055

    )

     

     

    46.6

     

    %

    Interest expense, other, net

    (9,853

    )

     

     

    (13,019

    )

     

     

    24.3

     

    %

     

    (40,624

    )

     

     

    (51,231

    )

     

     

    20.7

     

    %

    Other income (expense), net

    (5

    )

     

     

    (6,680

    )

     

     

    99.9

     

    %

     

    92

     

     

     

    (6,651

    )

     

     

    101.4

     

    %

    Total other income (expense)

    (14,407

    )

     

     

    (29,974

    )

     

     

    51.9

     

    %

     

    (64,598

    )

     

     

    (102,937

    )

     

     

    37.2

     

    %

    Income (loss) before taxes

    91,212

     

     

     

    75,464

     

     

     

    20.9

     

    %

     

    (38,842

    )

     

     

    210,166

     

     

     

    (118.5

    )

    %

    Add: impairment charges

    1,158

     

     

     

    1,075

     

     

     

    NM

     

     

    270,017

     

     

     

    1,101

     

     

     

    NM

     

    Segment income (loss)

    $

    92,370

     

     

     

    $

    76,539

     

     

     

    20.7

     

    %

     

    $

    231,175

     

     

     

    $

    211,267

     

     

     

    9.4

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Unit Sales Volume:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    27,566

     

     

     

    30,591

     

     

     

    (9.9

    )

    %

     

    93,281

     

     

     

    114,131

     

     

     

    (18.3

    )

    %

    Used vehicles

    25,490

     

     

     

    27,099

     

     

     

    (5.9

    )

    %

     

    101,864

     

     

     

    112,629

     

     

     

    (9.6

    )

    %

    Wholesale vehicles

    6,463

     

     

     

    6,148

     

     

     

    5.1

     

    %

     

    24,879

     

     

     

    28,379

     

     

     

    (12.3

    )

    %

    Retail new & used vehicles

    53,056

     

     

     

    57,690

     

     

     

    (8.0

    )

    %

     

    195,145

     

     

     

    226,760

     

     

     

    (13.9

    )

    %

    Used:New Ratio

    0.92

     

     

     

    0.89

     

     

     

    4.4

     

    %

     

    1.09

     

     

     

    0.99

     

     

     

    10.7

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit Per Unit:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    2,924

     

     

     

    $

    2,209

     

     

     

    32.4

     

    %

     

    $

    2,510

     

     

     

    $

    2,042

     

     

     

    22.9

     

    %

    Used vehicles

    $

    1,014

     

     

     

    $

    1,318

     

     

     

    (23.1

    )

    %

     

    $

    1,207

     

     

     

    $

    1,310

     

     

     

    (7.9

    )

    %

    Finance, insurance and other, net

    $

    1,965

     

     

     

    $

    1,710

     

     

     

    14.9

     

    %

     

    $

    1,846

     

     

     

    $

    1,620

     

     

     

    14.0

     

    %

    NM = Not Meaningful

    Franchised Dealerships Segment - Same Store

     

     

    Three Months Ended
    December 31,

     

    Better /
    (Worse)

     

    Twelve Months Ended
    December 31,

     

    Better /
    (Worse)

     

    2020

     

     

    2019

     

     

    % Change

     

    2020

     

     

    2019

     

     

    % Change

     

    (In thousands, except unit and per unit data)

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    1,322,958

     

     

     

    $

    1,326,947

     

     

     

    (0.3

    )%

     

    $

    4,258,098

     

     

     

    $

    4,654,982

     

     

     

    (8.5

    )%

    Used vehicles

    627,656

     

     

     

    582,582

     

     

     

    7.7

    %

     

    2,332,150

     

     

     

    2,376,141

     

     

     

    (1.9

    )%

    Wholesale vehicles

    49,165

     

     

     

    38,419

     

     

     

    28.0

    %

     

    167,794

     

     

     

    172,306

     

     

     

    (2.6

    )%

    Total vehicles

    1,999,779

     

     

     

    1,947,948

     

     

     

    2.7

    %

     

    6,758,042

     

     

     

    7,203,429

     

     

     

    (6.2

    )%

    Parts, service and collision repair

    308,098

     

     

     

    330,337

     

     

     

    (6.7

    )%

     

    1,184,428

     

     

     

    1,309,201

     

     

     

    (9.5

    )%

    Finance, insurance and other, net

    97,570

     

     

     

    90,550

     

     

     

    7.8

    %

     

    335,695

     

     

     

    331,860

     

     

     

    1.2

    %

    Total revenues

    $

    2,405,447

     

     

     

    $

    2,368,835

     

     

     

    1.5

    %

     

    $

    8,278,165

     

     

     

    $

    8,844,490

     

     

     

    (6.4

    )%

    Gross Profit:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    80,776

     

     

     

    $

    66,011

     

     

     

    22.4

    %

     

    $

    231,871

     

     

     

    $

    223,661

     

     

     

    3.7

    %

    Used vehicles

    24,768

     

     

     

    33,646

     

     

     

    (26.4

    )%

     

    117,903

     

     

     

    135,259

     

     

     

    (12.8

    )%

    Wholesale vehicles

    (2,868

    )

     

     

    (1,255

    )

     

     

    (128.5

    )%

     

    (520

    )

     

     

    (3,382

    )

     

     

    84.6

    %

    Total vehicles

    102,676

     

     

     

    98,402

     

     

     

    4.3

    %

     

    349,254

     

     

     

    355,538

     

     

     

    (1.8

    )%

    Parts, service and collision repair

    156,321

     

     

     

    161,500

     

     

     

    (3.2

    )%

     

    590,946

     

     

     

    640,015

     

     

     

    (7.7

    )%

    Finance, insurance and other, net

    97,570

     

     

     

    90,550

     

     

     

    7.8

    %

     

    335,695

     

     

     

    331,860

     

     

     

    1.2

    %

    Total gross profit

    $

    356,567

     

     

     

    $

    350,452

     

     

     

    1.7

    %

     

    $

    1,275,895

     

     

     

    $

    1,327,413

     

     

     

    (3.9

    )%

     

     

     

     

     

     

     

     

     

     

     

     

    Unit Sales Volume:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    27,552

     

     

     

    29,586

     

     

     

    (6.9

    )%

     

    92,445

     

     

     

    106,170

     

     

     

    (12.9

    )%

    Used vehicles

    25,479

     

     

     

    26,251

     

     

     

    (2.9

    )%

     

    100,983

     

     

     

    105,639

     

     

     

    (4.4

    )%

    Wholesale vehicles

    6,460

     

     

     

    5,871

     

     

     

    10.0

    %

     

    24,701

     

     

     

    26,114

     

     

     

    (5.4

    )%

    Retail new & used vehicles

    53,031

     

     

     

    55,837

     

     

     

    (5.0

    )%

     

    193,428

     

     

     

    211,809

     

     

     

    (8.7

    )%

    Used:New Ratio

    0.92

     

     

     

    0.89

     

     

     

    4.2

    %

     

    1.09

     

     

     

    0.99

     

     

     

    9.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit Per Unit:

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

    $

    2,932

     

     

     

    $

    2,231

     

     

     

    31.4

    %

     

    $

    2,508

     

     

     

    $

    2,107

     

     

     

    19.0

    %

    Used vehicles

    $

    972

     

     

     

    $

    1,282

     

     

     

    (24.2

    )%

     

    $

    1,168

     

     

     

    $

    1,280

     

     

     

    (8.8

    )%

    Finance, insurance and other, net

    $

    1,855

     

     

     

    $

    1,650

     

     

     

    12.4

    %

     

    $

    1,748

     

     

     

    $

    1,587

     

     

     

    10.1

    %

    EchoPark Segment - Reported

     

     

    Three Months Ended
    December 31,

     

    Better /
    (Worse)

     

    Twelve Months Ended
    December 31,

     

    Better /
    (Worse)

     

    2020

     

     

    2019

     

     

    % Change

     

    2020

     

     

    2019

     

     

    % Change

     

    (In thousands, except unit and per unit data)

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    Used vehicles

    $

    332,089

     

     

     

    $

    265,286

     

     

     

    25.2

     

    %

     

    $

    1,218,896

     

     

     

    $

    996,505

     

     

     

    22.3

     

    %

    Wholesale vehicles

    9,975

     

     

     

    7,346

     

     

     

    35.8

     

    %

     

    28,723

     

     

     

    22,926

     

     

     

    25.3

     

    %

    Total vehicles

    342,064

     

     

     

    272,632

     

     

     

    25.5

     

    %

     

    1,247,619

     

     

     

    1,019,431

     

     

     

    22.4

     

    %

    Parts, service and collision repair

    11,207

     

     

     

    7,346

     

     

     

    52.6

     

    %

     

    39,341

     

     

     

    28,753

     

     

     

    36.8

     

    %

    Finance, insurance and other, net

    33,643

     

     

     

    28,575

     

     

     

    17.7

     

    %

     

    132,026

     

     

     

    113,834

     

     

     

    16.0

     

    %

    Total revenues

    386,914

     

     

     

    308,553

     

     

     

    25.4

     

    %

     

    1,418,986

     

     

     

    1,162,018

     

     

     

    22.1

     

    %

    Gross Profit:

     

     

     

     

     

     

     

     

     

     

     

    Used

    (7,372

    )

     

     

    1,104

     

     

     

    (767.8

    )

    %

     

    (16,950

    )

     

     

    (145

    )

     

     

    (11,589.7

    )

    %

    Wholesale

    73

     

     

     

    (92

    )

     

     

    179.3

     

    %

     

    (82

    )

     

     

    (332

    )

     

     

    75.3

     

    %

    Total vehicles

    (7,299

    )

     

     

    1,012

     

     

     

    (821.2

    )

    %

     

    (17,032

    )

     

     

    (477

    )

     

     

    (3,470.6

    )

    %

    Parts, service and collision repair

    (220

    )

     

     

    (354

    )

     

     

    37.9

     

    %

     

    (789

    )

     

     

    (943

    )

     

     

    16.3

     

    %

    Finance & insurance

    33,643

     

     

     

    28,576

     

     

     

    17.7

     

    %

     

    132,026

     

     

     

    113,834

     

     

     

    16.0

     

    %

    Total gross profit

    26,124

     

     

     

    29,234

     

     

     

    (10.6

    )

    %

     

    114,205

     

     

     

    112,414

     

     

     

    1.6

     

    %

    SG&A

    (23,036

    )

     

     

    (23,072

    )

     

     

    0.2

     

    %

     

    (94,928

    )

     

     

    (87,611

    )

     

     

    (8.4

    )

    %

    Impairment

     

     

     

    (16,617

    )

     

     

    100.0

     

    %

     

     

     

     

    (19,667

    )

     

     

    100.0

     

    %

    Depreciation

    (2,870

    )

     

     

    (2,760

    )

     

     

    (4.0

    )

    %

     

    (11,094

    )

     

     

    (10,533

    )

     

     

    (5.3

    )

    %

    Operating income

    218

     

     

     

    (13,215

    )

     

     

    101.6

     

    %

     

    8,183

     

     

     

    (5,397

    )

     

     

    251.6

     

    %

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

    Interest floor plan

    (857

    )

     

     

    (862

    )

     

     

    0.6

     

    %

     

    (3,162

    )

     

     

    (3,464

    )

     

     

    8.7

     

    %

    Interest other

    (195

    )

     

     

    (439

    )

     

     

    55.6

     

    %

     

    (948

    )

     

     

    (1,722

    )

     

     

    44.9

     

    %

    Other income (expense)

     

     

     

     

     

     

     

    %

     

    5

     

     

     

    62

     

     

     

    (91.9

    )

    %

    Total other income (expense)

    (1,052

    )

     

     

    (1,301

    )

     

     

    19.1

     

    %

     

    (4,105

    )

     

     

    (5,124

    )

     

     

    19.9

     

    %

    Income (loss) before taxes

    (834

    )

     

     

    (14,516

    )

     

     

    94.3

     

    %

     

    4,078

     

     

     

    (10,521

    )

     

     

    138.8

     

    %

    Less: impairment charges

     

     

     

    (16,617

    )

     

     

    NM

     

     

     

     

     

    (19,667

    )

     

     

    NM

     

    Segment income (loss)

    $

    (834

    )

     

     

    $

    2,101

     

     

     

    (139.7

    )

    %

     

    $

    4,078

     

     

     

    $

    9,146

     

     

     

    (55.4

    )

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Unit Sales Volume:

     

     

     

     

     

     

     

     

     

     

     

    Used vehicles

    14,841

     

     

     

    12,676

     

     

     

    17.1

     

    %

     

    57,161

     

     

     

    49,520

     

     

     

    15.4

     

    %

    Wholesale vehicles

    2,004

     

     

     

    1,751

     

     

     

    14.4

     

    %

     

    7,178

     

     

     

    5,774

     

     

     

    24.3

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit Per Unit:

     

     

     

     

     

     

     

     

     

     

     

    Total used vehicle and F&I

    $

    1,770

     

     

     

    $

    2,341

     

     

     

    (24.4

    )

    %

     

    $

    2,013

     

     

     

    $

    2,296

     

     

     

    (12.3

    )

    %

    NM = Not Meaningful

    EchoPark Segment - Same Store

     

     

    Three Months Ended
    December 31,

     

    Better /
    (Worse)

     

    Twelve Months Ended
    December 31,

     

    Better /
    (Worse)

     

    2020

     

    2019

     

    % Change

     

    2020

     

    2019

     

    % Change

     

    (In thousands, except unit and per unit data)

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

    Used vehicles

    $

    236,074

     

     

    $

    262,913

     

     

    (10.2)

    %

     

    $

    1,026,377

     

     

    $

    994,131

     

     

    3.2

    %

    Wholesale vehicles

    7,319

     

     

    7,346

     

     

    (0.4)

    %

     

    24,737

     

     

    22,927

     

     

    7.9

    %

    Total vehicles

    243,393

     

     

    270,259

     

     

    (9.9)

    %

     

    1,051,114

     

     

    1,017,058

     

     

    3.3

    %

    Parts, service and collision repair

    9,243

     

     

    7,104

     

     

    30.1

    %

     

    34,768

     

     

    28,510

     

     

    22.0

    %

    Finance, insurance and other, net

    24,607

     

     

    28,052

     

     

    (12.3)

    %

     

    112,403

     

     

    112,891

     

     

    (0.4)

    %

    Total revenues

    $

    277,243

     

     

    $

    305,415

     

     

    (9.2)

    %

     

    $

    1,198,285

     

     

    $

    1,158,459

     

     

    3.4

    %

    Gross Profit:

     

     

     

     

     

     

     

     

     

     

     

    Used vehicles

    $

    (6,785)

     

     

    $

    (609)

     

     

    (1,014.1)

    %

     

    $

    (19,983)

     

     

    $

    (5,831)

     

     

    (242.7)

    %

    Wholesale vehicles

    (2)

     

     

    (92)

     

     

    97.8

    %

     

    (158)

     

     

    (332)

     

     

    52.4

    %

    Total vehicles

    (6,787)

     

     

    (701)

     

     

    (868.2)

    %

     

    (20,141)

     

     

    (6,163)

     

     

    (226.8)

    %

    Parts, service and collision repair

    (138)

     

     

    (325)

     

     

    57.5

    %

     

    (533)

     

     

    (894)

     

     

    40.4

    %

    Finance, insurance and other, net

    24,607

     

     

    28,052

     

     

    (12.3)

    %

     

    112,403

     

     

    112,891

     

     

    (0.4)

    %

    Total gross profit

    $

    17,682

     

     

    $

    27,026

     

     

    (34.6)

    %

     

    $

    91,729

     

     

    $

    105,834

     

     

    (13.3)

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Unit Sales Volume:

     

     

     

     

     

     

     

     

     

     

     

    Used vehicles

    10,794

     

     

    12,548

     

     

    (14.0)

    %

     

    48,446

     

     

    49,392

     

     

    (1.9)

    %

    Wholesale vehicles

    1,673

     

     

    1,751

     

     

    (4.5)

    %

     

    6,388

     

     

    5,774

     

     

    10.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit Per Unit:

     

     

     

     

     

     

     

     

     

     

     

    Total used vehicle and F&I

    $

    1,651

     

     

    $

    2,187

     

     

    (24.5)

    %

     

    $

    1,908

     

     

    $

    2,168

     

     

    (12.0)

    %

    Selling, General and Administrative (“SG&A”) Expenses - Non-GAAP Reconciliation

     

     

    Three Months Ended December 31,

     

    Better / (Worse)

     

    2020

     

    2019

     

    Change

     

    % Change

     

    (In thousands)

    Reported:

     

     

     

     

     

     

     

    Compensation

    $

    176,050

     

     

    $

    184,455

     

     

    $

    8,405

     

     

    4.6

    %

    Advertising

    10,509

     

     

    14,522

     

     

    4,013

     

     

    27.6

    %

    Rent

    13,560

     

     

    13,303

     

     

    (257)

     

     

    (1.9)

    %

    Other

    58,858

     

     

    48,641

     

     

    (10,217)

     

     

    (21.0)

    %

    Total SG&A expenses

    $

    258,977

     

     

    $

    260,921

     

     

    $

    1,944

     

     

    0.7

    %

    Items of interest:

     

     

     

     

     

     

     

    Gain on franchise and real estate disposals

    $

    6,039

     

     

    $

    29,303

     

     

     

     

     

    Total SG&A adjustments

    $

    6,039

     

     

    $

    29,303

     

     

     

     

     

    Adjusted:

     

     

     

     

     

     

     

    Total adjusted SG&A expenses

    $

    265,016

     

     

    $

    290,224

     

     

    $

    25,208

     

     

    8.7

    %

    Reported:

     

     

     

     

     

     

     

    SG&A expenses as a % of gross profit:

     

     

     

     

     

     

     

    Compensation

    45.2

    %

     

    46.8

    %

     

    160

     

    bps

    Advertising

    2.7

    %

     

    3.7

    %

     

    100

     

    bps

    Rent

    3.5

    %

     

    3.4

    %

     

    (10)

     

    bps

    Other

    15.2

    %

     

    12.3

    %

     

    (290)

     

    bps

    Total SG&A expenses as a % of gross profit

    66.6

    %

     

    66.2

    %

     

    (40)

     

    bps

    Items of interest:

     

     

     

     

     

     

    Gain on franchise and real estate disposals

    1.5

    %

     

    7.5

    %

     

     

     

    Total effect of adjustments

    1.5

    %

     

    7.5

    %

     

     

     

    Adjusted:

     

     

     

     

     

     

    Total adjusted SG&A expenses as a % of gross profit

    68.1

    %

     

    73.7

    %

     

    560

     

    bps

    SG&A Expenses - Non-GAAP Reconciliation (Continued)

     

     

    Twelve Months Ended December 31,

     

    Better / (Worse)

     

    2020

     

    2019

     

    Change

     

    % Change

     

    (In thousands)

    Reported:

     

     

     

     

     

     

     

    Compensation

    $

    659,834

     

     

    $

    733,925

     

     

    $

    74,091

     

     

    10.1

    %

    Advertising

    42,186

     

     

    60,831

     

     

    18,645

     

     

    30.7

    %

    Rent

    54,494

     

     

    54,611

     

     

    117

     

     

    0.2

    %

    Other

    272,152

     

     

    250,007

     

     

    (22,145)

     

     

    (8.9)

    %

    Total SG&A expenses

    $

    1,028,666

     

     

    $

    1,099,374

     

     

    $

    70,708

     

     

    6.4

    %

    Items of interest:

     

     

     

     

     

     

     

    Executive transition costs

    $

     

     

    $

    (6,264)

     

     

     

     

     

    Gain on franchise and real estate disposals

    9,188

     

     

    75,983

     

     

     

     

     

    Total SG&A adjustments

    $

    9,188

     

     

    $

    69,719

     

     

     

     

     

    Adjusted:

     

     

     

     

     

     

     

    Total adjusted SG&A expenses

    $

    1,037,854

     

     

    $

    1,169,093

     

     

    $

    131,239

     

     

    11.2

    %

    Reported:

     

     

     

     

     

     

     

    SG&A expenses as a % of gross profit:

     

     

     

     

     

     

     

    Compensation

    46.3

    %

     

    48.3

    %

     

    200

     

    bps

    Advertising

    3.0

    %

     

    4.0

    %

     

    100

     

    bps

    Rent

    3.8

    %

     

    3.6

    %

     

    (20)

     

    bps

    Other

    19.2

    %

     

    16.4

    %

     

    (280)

     

    bps

    Total SG&A expenses as a % of gross profit

    72.3

    %

     

    72.3

    %

     

     

    bps

    Items of interest:

     

     

     

     

     

     

    Executive transition costs

    %

     

    (0.4)

    %

     

     

     

     

    Gain on franchise and real estate disposals

    0.6

    %

     

    5.0

    %

     

     

     

    Total effect of adjustments

    0.6

    %

     

    4.6

    %

     

     

     

    Adjusted:

     

     

     

     

     

     

    Total adjusted SG&A expenses as a % of gross profit

    72.9

    %

     

    76.9

    %

     

    400

     

    bps

    Earnings Per Share from Continuing Operations - Non-GAAP Reconciliation

     

     

    Three Months Ended December 31, 2020

     

    Three Months Ended December 31, 2019

     

    Weighted-
    Average
    Shares

     

    Amount

     

    Per
    Share
    Amount

     

    Weighted-
    Average
    Shares

     

    Amount

     

    Per
    Share
    Amount

     

    (In thousands, except per share amounts)

    Diluted earnings (loss) and shares from continuing operations

    44,022

     

     

    $

    57,483

     

     

     

    $

    1.31

     

     

    44,463

     

     

    $

    46,272

     

     

     

    $

    1.04

     

    Pre-tax items of interest:

     

     

     

     

     

     

     

     

     

     

     

    Gain on franchise and real estate disposals

     

     

    $

    (6,039

    )

     

     

     

     

     

     

    $

    (29,303

    )

     

     

     

    Loss on debt extinguishment

     

     

     

     

     

     

     

     

     

    7,157

     

     

     

     

    Impairment charges

     

     

    1,158

     

     

     

     

     

     

     

    17,692

     

     

     

     

    Total pre-tax items of interest

     

     

    $

    (4,881

    )

     

     

     

     

     

     

    $

    (4,454

    )

     

     

     

    Tax effect of above items

     

     

    1,281

     

     

     

     

     

     

     

    1,292

     

     

     

     

    Non-recurring tax items

     

     

    11,941

     

     

     

     

     

     

     

     

     

     

     

    Adjusted diluted earnings (loss) and shares from continuing operations

    44,022

     

     

    $

    65,824

     

     

     

    $

    1.50

     

     

    44,463

     

     

    $

    43,110

     

     

     

    $

    0.97

     

     

    Twelve Months Ended December 31, 2020

     

    Twelve Months Ended December 31, 2019

     

    Weighted-
    Average
    Shares

     

    Amount

     

    Per
    Share
    Amount

     

    Weighted-
    Average
    Shares

     

    Amount

     

    Per
    Share
    Amount

     

    (In thousands, except per share amounts)

    Diluted earnings (loss) and shares from continuing operations(1)

    42,483

     

     

    $

    (50,664

    )

     

     

    $

    (1.19

    )

     

     

    43,710

     

     

    $

    144,537

     

     

     

    $

    3.31

     

    Pre-tax items of interest:

     

     

     

     

     

     

     

     

     

     

     

    Gain on franchise and real estate disposals

     

     

    $

    (9,188

    )

     

     

     

     

     

     

    $

    (75,983

    )

     

     

     

    Executive transition costs

     

     

     

     

     

     

     

     

     

    6,264

     

     

     

     

    Loss on debt extinguishment

     

     

     

     

     

     

     

     

     

    7,157

     

     

     

    Impairment charges

     

     

    269,158

     

     

     

     

     

     

     

    19,618

     

     

     

    Total pre-tax items of interest

     

     

    $

    259,970

     

     

     

     

     

     

     

    $

    (42,944

    )

     

     

     

    Tax effect of above items

     

     

    (40,421

    )

     

     

     

     

     

     

    14,193

     

     

     

     

    Adjusted diluted earnings (loss) and shares from continuing operations

    43,903

     

     

    $

    168,885

     

     

     

    $

    3.85

     

     

     

    43,710

     

     

    $

    115,786

     

     

     

    $

    2.65

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Basic weighted-average shares used for twelve months ended December 31, 2020 due to net loss on reported GAAP basis.

    Adjusted EBITDA - Non-GAAP Reconciliation

     

     

    Twelve Months Ended December 31, 2020

     

    Twelve Months Ended December 31, 2019

     

    Franchised
    Dealerships
    Segment

     

    EchoPark
    Segment

     

    Discontinued
    Operations

     

    Total

     

    Franchised
    Dealerships
    Segment

     

    EchoPark
    Segment

     

    Discontinued
    Operations

     

    Total

     

    (In thousands)

    Net income (loss)

     

     

     

     

     

     

    $

    (51,385

    )

     

     

     

     

     

     

     

     

    $

    144,137

     

     

    Provision for income taxes

     

     

     

     

     

     

    15,619

     

     

     

     

     

     

     

     

     

    54,954

     

     

    Income (loss) before taxes

    $

    (38,842

    )

     

     

    $

    4,078

     

     

     

    $

    (1,002

    )

     

     

    $

    (35,766

    )

     

     

    $

    210,167

     

     

     

    $

    (10,522

    )

     

     

    $

    (554

    )

     

     

    $

    199,091

     

     

    Non-floor plan interest (1)

    37,746

     

     

     

    926

     

     

     

     

     

     

    38,672

     

     

     

    48,774

     

     

     

    1,701

     

     

     

     

     

     

    50,475

     

     

    Depreciation and amortization (2)

    82,807

     

     

     

    11,115

     

     

     

     

     

     

    93,922

     

     

     

    85,093

     

     

     

    10,553

     

     

     

     

     

     

    95,646

     

     

    Stock-based compensation expense

    11,704

     

     

     

     

     

     

     

     

     

    11,704

     

     

     

    10,797

     

     

     

     

     

     

     

     

     

    10,797

     

     

    Loss (gain) on exit of leased dealerships

     

     

     

     

     

     

     

     

     

     

     

     

    (170

    )

     

     

     

     

     

     

     

     

    (170

    )

     

    Asset impairment charges

    270,017

     

     

     

     

     

     

     

     

     

    270,017

     

     

     

    1,101

     

     

     

    19,667

     

     

     

     

     

     

    20,768

     

     

    Loss (gain) on debt extinguishment

     

     

     

     

     

     

     

     

     

     

     

     

    6,690

     

     

     

     

     

     

     

     

     

    6,690

     

     

    Loss (gain) on franchise and real estate disposals

    (3,095

    )

     

     

    (5,152

    )

     

     

     

     

     

    (8,247

    )

     

     

    (74,812

    )

     

     

     

     

     

     

     

     

    (74,812

    )

     

    Adjusted EBITDA

    $

    360,337

     

     

     

    $

    10,967

     

     

     

    $

    (1,002

    )

     

     

    $

    370,302

     

     

     

    $

    287,640

     

     

     

    $

    21,399

     

     

     

    $

    (554

    )

     

     

    $

    308,485

     

     

    Long-term debt (including current portion)

     

     

     

     

     

     

    $

    720,067

     

     

     

     

     

     

     

     

     

    $

    706,886

     

     

    Cash and equivalents

     

     

     

     

     

     

    (170,313

    )

     

     

     

     

     

     

     

     

    (29,103

    )

     

    Floor plan deposit balance

     

     

     

     

     

     

    (73,180

    )

     

     

     

     

     

     

     

     

     

     

    Net debt

     

     

     

     

     

     

    $

    476,574

     

     

     

     

     

     

     

     

     

    $

    677,783

     

     

    Net debt to adjusted EBITDA ratio

     

     

     

     

     

     

    1.29

     

     

     

     

     

     

     

     

     

    2.20

     

     

    (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.

     



    Business Wire (engl.)
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    Sonic Automotive Reports All-Time Record Quarterly Revenues and Pre-Tax Earnings Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year ended December 31, 2020. The financial measures discussed below are …