UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 20, 2015
SONIC AUTOMOTIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
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1-13395 |
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56-2010790 |
(Commission
File Number) |
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(IRS Employer
Identification No.) |
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4401 Colwick Road
Charlotte, North Carolina |
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28211 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (704) 566-2400
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On July 20, 2015, Sonic Automotive,
Inc. (the Company) issued a press release announcing its financial results for its fiscal second quarter ended June 30, 2015. A copy of the press release is attached hereto as Exhibit 99.1 and a copy of the earnings call
presentation materials is attached hereto as Exhibit 99.2.
Item 7.01. |
Regulation FD Disclosure. |
On July 20, 2015, the Company issued a press release
announcing the approval of a quarterly cash dividend. A copy of the press release is attached hereto as Exhibit 99.3.
Item 9.01. |
Financial Statements and Exhibits. |
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99.1 |
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Press release of Sonic Automotive, Inc., dated July 20, 2015, reporting Sonic Automotive, Inc.s financial results for the fiscal second quarter ended June 30, 2015 |
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99.2 |
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Earnings call presentation materials |
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99.3 |
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Press release of Sonic Automotive, Inc., dated July 20, 2015, reporting quarterly cash dividend |
The information in this Form 8-K, including the exhibits attached hereto, is being furnished and shall
not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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SONIC AUTOMOTIVE, INC. |
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Date: July 20, 2015 |
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By: |
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/s/ Stephen K. Coss |
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Stephen K. Coss |
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Senior Vice President and General Counsel |
INDEX TO EXHIBITS
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Exhibit
No. |
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Description |
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99.1 |
|
Press release of Sonic Automotive, Inc., dated July 20, 2015, reporting Sonic Automotive, Inc.s financial results for the fiscal second quarter ended June 30, 2015 |
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99.2 |
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Earnings call presentation materials |
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99.3 |
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Press release of Sonic Automotive, Inc., dated July 20, 2015, reporting quarterly cash dividend |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Sonic Automotive, Inc. Reports Quarterly Adjusted Continuing Operations Earnings per Share of $0.46
All-Time Record Gross Profit and Achieved 100 Pre-Owned Retail Unit Sales per Store per Month
Second Quarter 2015 Results
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Record Q2 total gross profit of $355.6 million, up 2.5% over the prior year quarter |
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Achieved milestone of retailing 100 pre-owned units per store per month for the quarter on a same store basis |
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All-time record quarterly pre-owned retail sales of 30,301 units, up 6.3% over the prior year quarter |
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All-time record quarterly fixed operations gross profit of $170.2 million, up 6.5% over the prior year quarter |
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Echo Park® stores retail 881 units, up 221 units, or 33.5%, from the prior quarter |
CHARLOTTE, N.C. July 20, 2015 Sonic Automotive, Inc. (NYSE: SAH), one of the nations largest automotive retailers,
today reported adjusted net income from continuing operations for the second quarter of 2015 of $23.4 million, or $0.46 per diluted share. Included in these adjusted amounts are pre-tax expenses of $4.1 million, or $0.05 per diluted share, related
to EchoPark® operations.
Adjusted net income from continuing operations for the second quarter
of 2014 was $23.5 million, or $0.44 per diluted share. Included in these adjusted amounts are pre-tax expenses of $3.2 million, or $0.04 per diluted share, related to EchoPark® operations.
On a GAAP basis, net income from continuing operations and related diluted earnings per share for the second quarter of 2015 were $15.1 million and $0.30
per share, respectively, and net income from continuing operations and related diluted earnings per share for the second quarter of 2014 were $27.1 million and $0.51 per share, respectively. See the accompanying tables for a reconciliation of the
adjusted balances to GAAP basis amounts and further details of the quarterly adjustments.
B. Scott Smith, Sonics President, noted, Im
proud of our operations team for achieving the lofty goal of retailing 100 pre-owned vehicles per store per month. We have had quarters in the past when we approached achieving this metric and several months where we surpassed this metric, but it
had never been achieved on a quarterly basis. Generating this type of retail activity fuels our fixed operations and F&I areas where we are most profitable.
We also worked to build our fixed operations business in the quarter. In addition to the benefits we experienced through the reconditioning work
performed to achieve the sale of 100 pre-owned vehicles per store per month, we were able to grow overall same store fixed operations gross profit $13.1 million, or 8.5%, compared to the prior year quarter. Fixed operations growth was achieved in
our customer pay, warranty and internal categories. This type of internal growth
strategy is central to our One Sonic-One Experience (OSOE) initiative which is intended to grow the top-line revenue categories, generate retail activity, and realize benefits over multiple gross
profit streams.
Jeff Dyke, Sonics EVP of Operations, stated, We had another very busy quarter at Sonic Automotive. From a franchise
store perspective, we executed our playbook and delivered another solid operating performance allowing our team to leverage this performance while we build on our OSOE strategy and our
EchoPark® business model. I am very excited about our pre-owned volume and the continued focus and execution from our team as they achieved 100 units per store per month for the quarter. Our
focus on our fixed operations business, and in particular our customer pay business, is beginning to pay off and the result showed in the quarter. Warranty business was also robust.
Our OSOE strategy continues to make progress. The associated technologys performance is working very well and as a result, we have decided to move
ahead with the rollout of several of its technology applications that will benefit our guests and associates. Our proprietary CRM, desking and appraisal tools will be added to our stores over the next year and a half in the first wave of three
planned waves that will ultimately result in the complete rollout of OSOE. We will roll out our F&I and pricing tools as part of the OSOE strategy once we are comfortable with our performance in the Charlotte test market.
EchoPark® made great strides again this quarter as we ramped up and executed our business plan.
We are meeting our goals and have started the acquisition of properties for our next market. We plan to begin construction in this next market before the end of this year. We also plan on adding an additional five locations to our Denver market over
the next twelve months. Our associates have created a culture in the stores which allows them to offer our customers an easy, transparent shopping experience and, as a result, our guest feedback is overwhelmingly positive. We expect our initial
neighborhood locations in Denver will become cash flow positive prior to the end of this year and we have developed a next generation neighborhood store that further improves our guest experience and operational efficiency.
Second Quarter 2015 Earnings Conference Call
Senior
management will host a conference call today at 10:00 A.M. (Eastern) to discuss the quarters results. To access the live broadcast of the call over the Internet go to: www.sonicautomotive.com, then click on Our Company, then
Investor Relations, then Webcasts & Presentations.
Presentation materials for the conference call can be accessed on the
Companys website at www.sonicautomotive.com by clicking on the Investor Relations tab under Our Company and choosing Webcasts & Presentations.
The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:
Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 76953618
A conference call replay will be available one hour following the call for seven days and can be accessed by
calling:
Domestic: 1.855.859.2056
International:
1.404.537.3406
Conference ID: 76953618
About Sonic
Automotive
Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nations largest automotive retailers. Sonic can
be reached on the web at www.sonicautomotive.com.
Included herein are forward-looking statements, including statements with respect to anticipated
future success and impacts from the implementation of our planned customer experience and stand-alone pre-owned store initiatives. There are many factors that affect managements views about future events and trends of the Companys
business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from managements view, including without limitation, economic conditions in the markets in which we operate, new and used
vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic recovery or decline, and the risk factors described in the Companys annual report on Form 10-K for the year ending
December 31, 2014. The Company does not undertake any obligation to update forward-looking information.
###
Contact: |
Heath Byrd, Chief Financial Officer (704) 566-2400 |
C.G. Saffer, Vice President and Chief
Accounting Officer (704) 566-2439
Sonic Automotive, Inc.
Results of Operations (Unaudited)
This release contains certain non-GAAP financial measures as defined under SEC rules, such as, but not limited to, adjusted income from
continuing operations and related earnings per share data. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the
transparency of the Companys disclosure by providing period-to-period comparability of the Companys results from operations.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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(In thousands, except per share and unit data) |
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Revenues: |
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New retail vehicles |
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$ |
1,285,632 |
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$ |
1,283,231 |
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$ |
2,475,847 |
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$ |
2,395,521 |
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Fleet vehicles |
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9,656 |
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15,546 |
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21,763 |
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49,876 |
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Total new vehicles |
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1,295,288 |
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1,298,777 |
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2,497,610 |
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2,445,397 |
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Used vehicles |
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658,794 |
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603,868 |
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1,252,536 |
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1,163,684 |
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Wholesale vehicles |
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41,131 |
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44,765 |
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82,789 |
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86,363 |
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Total vehicles |
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1,995,213 |
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1,947,410 |
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3,832,935 |
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3,695,444 |
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Parts, service and collision repair |
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346,164 |
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329,134 |
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669,358 |
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647,905 |
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Finance, insurance and other, net |
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82,363 |
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76,736 |
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156,963 |
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146,317 |
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Total revenues |
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2,423,740 |
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2,353,280 |
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4,659,256 |
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4,489,666 |
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Gross profit |
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355,554 |
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|
|
346,947 |
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|
690,513 |
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|
675,947 |
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Selling, general and administrative expenses |
|
|
(284,661 |
) |
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|
(268,914 |
) |
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|
(555,523 |
) |
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|
(532,887 |
) |
Impairment charges |
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|
(10,469 |
) |
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(4 |
) |
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|
(16,661 |
) |
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|
(7 |
) |
Depreciation and amortization |
|
|
(17,294 |
) |
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|
(14,431 |
) |
|
|
(33,703 |
) |
|
|
(28,812 |
) |
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Operating income (loss) |
|
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43,130 |
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|
63,598 |
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|
|
84,626 |
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|
|
114,241 |
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Other income (expense): |
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Interest expense, floor plan |
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(5,345 |
) |
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(4,846 |
) |
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(10,123 |
) |
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|
(9,535 |
) |
Interest expense, other, net |
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(13,054 |
) |
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(13,865 |
) |
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(26,274 |
) |
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|
(27,683 |
) |
Other income (expense), net |
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10 |
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3 |
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|
|
100 |
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100 |
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Total other income (expense) |
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(18,389 |
) |
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|
(18,708 |
) |
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(36,297 |
) |
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(37,118 |
) |
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Income (loss) from continuing operations before taxes |
|
|
24,741 |
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|
|
44,890 |
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|
|
48,329 |
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|
77,123 |
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Provision for income taxes for continuing operations- benefit (expense) |
|
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(9,649 |
) |
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(17,829 |
) |
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(18,848 |
) |
|
|
(30,078 |
) |
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|
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|
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|
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Income (loss) from continuing operations |
|
|
15,092 |
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|
|
27,061 |
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|
|
29,481 |
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|
|
47,045 |
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Income (loss) from discontinued operations |
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|
(311 |
) |
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|
(68 |
) |
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|
(732 |
) |
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|
(666 |
) |
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|
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|
|
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|
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Net income (loss) |
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$ |
14,781 |
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$ |
26,993 |
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$ |
28,749 |
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$ |
46,379 |
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Diluted earnings (loss) per common share: |
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Earnings (loss) per share from continuing operations |
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$ |
0.30 |
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$ |
0.51 |
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$ |
0.57 |
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$ |
0.89 |
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Earnings (loss) per share from discontinued operations |
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|
(0.01 |
) |
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|
|
|
|
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(0.01 |
) |
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(0.02 |
) |
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Earnings (loss) per common share |
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$ |
0.29 |
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$ |
0.51 |
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$ |
0.56 |
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$ |
0.87 |
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Weighted average common shares outstanding |
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|
51,093 |
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|
52,930 |
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|
|
51,247 |
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|
|
52,938 |
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|
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Gross Margin Data (Continuing Operations): |
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New retail vehicles |
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5.1 |
% |
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5.8 |
% |
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5.2 |
% |
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5.8 |
% |
Fleet vehicles |
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(0.1 |
%) |
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2.3 |
% |
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(0.3 |
%) |
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2.5 |
% |
Total new vehicles |
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5.0 |
% |
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|
5.7 |
% |
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5.1 |
% |
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|
5.8 |
% |
Used vehicles |
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6.2 |
% |
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6.2 |
% |
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6.5 |
% |
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6.7 |
% |
Wholesale vehicles |
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(6.5 |
%) |
|
|
(2.9 |
%) |
|
|
(3.5 |
%) |
|
|
(1.6 |
%) |
Parts, service and collision repair |
|
|
49.2 |
% |
|
|
48.6 |
% |
|
|
48.8 |
% |
|
|
48.2 |
% |
Finance, insurance and other |
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|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Overall gross margin |
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|
14.7 |
% |
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|
14.7 |
% |
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|
14.8 |
% |
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|
15.1 |
% |
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SG&A Expenses (Continuing Operations): |
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|
|
|
|
|
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|
|
|
|
|
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Compensation |
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$ |
167,811 |
|
|
$ |
163,109 |
|
|
$ |
329,669 |
|
|
$ |
320,263 |
|
Advertising |
|
|
15,358 |
|
|
|
13,864 |
|
|
|
30,689 |
|
|
|
27,982 |
|
Rent |
|
|
18,246 |
|
|
|
18,643 |
|
|
|
36,500 |
|
|
|
37,178 |
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Other |
|
|
83,246 |
|
|
|
73,298 |
|
|
|
158,665 |
|
|
|
147,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total SG&A expenses |
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$ |
284,661 |
|
|
$ |
268,914 |
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|
$ |
555,523 |
|
|
$ |
532,887 |
|
SG&A expenses as % of gross profit |
|
|
80.1 |
% |
|
|
77.5 |
% |
|
|
80.5 |
% |
|
|
78.8 |
% |
|
|
|
|
|
Operating Margin % |
|
|
1.8 |
% |
|
|
2.7 |
% |
|
|
1.8 |
% |
|
|
2.5 |
% |
|
|
|
|
|
Unit Data (Continuing Operations): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New retail units |
|
|
34,676 |
|
|
|
34,847 |
|
|
|
66,010 |
|
|
|
64,876 |
|
Fleet units |
|
|
287 |
|
|
|
558 |
|
|
|
642 |
|
|
|
1,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total new units |
|
|
34,963 |
|
|
|
35,405 |
|
|
|
66,652 |
|
|
|
66,536 |
|
Used units |
|
|
30,301 |
|
|
|
28,514 |
|
|
|
58,436 |
|
|
|
56,171 |
|
Wholesale units |
|
|
8,010 |
|
|
|
7,738 |
|
|
|
15,787 |
|
|
|
15,118 |
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Per Share Data
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015 |
|
|
|
|
|
|
Income (Loss) From Continuing Operations |
|
|
Income (Loss) From Discontinued Average |
|
|
Net Income (Loss) |
|
|
|
Weighted Average Shares |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
|
(In thousands, except per share amounts) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and shares |
|
|
50,784 |
|
|
$ |
15,092 |
|
|
|
|
|
|
$ |
(311 |
) |
|
|
|
|
|
$ |
14,781 |
|
|
|
|
|
Effect of participating securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock and stock units |
|
|
|
|
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) and shares |
|
|
50,784 |
|
|
$ |
15,085 |
|
|
$ |
0.30 |
|
|
$ |
(311 |
) |
|
$ |
(0.01 |
) |
|
$ |
14,774 |
|
|
$ |
0.29 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans |
|
|
309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) and shares |
|
|
51,093 |
|
|
$ |
15,085 |
|
|
$ |
0.30 |
|
|
$ |
(311 |
) |
|
$ |
(0.01 |
) |
|
$ |
14,774 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal |
|
|
|
|
|
$ |
(645 |
) |
|
$ |
(0.01 |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(645 |
) |
|
$ |
(0.01 |
) |
Impairment charges |
|
|
|
|
|
|
6,386 |
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
6,386 |
|
|
|
0.12 |
|
Storm damage and other |
|
|
|
|
|
|
2,555 |
|
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
2,555 |
|
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
$ |
8,296 |
|
|
$ |
0.16 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
8,296 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (1) |
|
|
|
|
|
$ |
23,388 |
|
|
$ |
0.46 |
|
|
$ |
(311 |
) |
|
$ |
(0.01 |
) |
|
$ |
23,077 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Expenses attributable to EchoPark® operations were $0.05 per fully diluted share in the three months ended June 30, 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2014 |
|
|
|
|
|
|
Income (Loss) From Continuing Operations |
|
|
Income (Loss) From Discontinued Operations |
|
|
Net Income (Loss) |
|
|
|
Weighted Average Shares |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
|
(In thousands, except per share amounts) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and shares |
|
|
52,514 |
|
|
$ |
27,061 |
|
|
|
|
|
|
$ |
(68 |
) |
|
|
|
|
|
$ |
26,993 |
|
|
|
|
|
Effect of participating securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock and stock units |
|
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) and shares |
|
|
52,514 |
|
|
$ |
26,974 |
|
|
$ |
0.51 |
|
|
$ |
(68 |
) |
|
$ |
|
|
|
$ |
26,906 |
|
|
$ |
0.51 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans |
|
|
416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) and shares |
|
|
52,930 |
|
|
$ |
26,974 |
|
|
$ |
0.51 |
|
|
$ |
(68 |
) |
|
$ |
|
|
|
$ |
26,906 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal |
|
|
|
|
|
$ |
(4,446 |
) |
|
$ |
(0.08 |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(4,446 |
) |
|
$ |
(0.08 |
) |
Storm damage and other |
|
|
|
|
|
|
840 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
840 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
$ |
(3,606 |
) |
|
$ |
(0.07 |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(3,606 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (2) |
|
|
|
|
|
$ |
23,455 |
|
|
$ |
0.44 |
|
|
$ |
(68 |
) |
|
$ |
|
|
|
$ |
23,387 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
Expenses attributable to EchoPark® operations were $0.04 per fully diluted share in the three months ended June 30, 2014. |
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
|
|
|
|
|
Income (Loss) From Continuing Operations |
|
|
Income (Loss) From Discontinued Operations |
|
|
Net Income (Loss) |
|
|
|
Weighted Average Shares |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
|
(In thousands, except per share amounts) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and shares |
|
|
50,819 |
|
|
$ |
29,481 |
|
|
|
|
|
|
$ |
(732 |
) |
|
|
|
|
|
$ |
28,749 |
|
|
|
|
|
Effect of participating securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock and stock units |
|
|
|
|
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) and shares |
|
|
50,819 |
|
|
$ |
29,467 |
|
|
$ |
0.58 |
|
|
$ |
(732 |
) |
|
$ |
(0.01 |
) |
|
$ |
28,735 |
|
|
$ |
0.57 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans |
|
|
428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) and shares |
|
|
51,247 |
|
|
$ |
29,467 |
|
|
$ |
0.57 |
|
|
$ |
(732 |
) |
|
$ |
(0.01 |
) |
|
$ |
28,735 |
|
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal |
|
|
|
|
|
$ |
(583 |
) |
|
$ |
(0.01 |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(583 |
) |
|
$ |
(0.01 |
) |
Impairment charges |
|
|
|
|
|
|
10,166 |
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
10,166 |
|
|
|
0.20 |
|
Storm damage and other |
|
|
|
|
|
|
3,132 |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
3,132 |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
$ |
12,715 |
|
|
$ |
0.25 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
12,715 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (3) |
|
|
|
|
|
$ |
42,196 |
|
|
$ |
0.82 |
|
|
$ |
(732 |
) |
|
$ |
(0.01 |
) |
|
$ |
41,464 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
Expenses attributable to EchoPark® operations were $0.11 per fully diluted share in the six months ended June 30, 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
|
|
|
|
|
Income (Loss) From Continuing Operations |
|
|
Income (Loss) From Discontinued Operations |
|
|
Net Income (Loss) |
|
|
|
Weighted Average Shares |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
Amount |
|
|
Per Share Amount |
|
|
|
(In thousands, except per share amounts) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and shares |
|
|
52,466 |
|
|
$ |
47,045 |
|
|
|
|
|
|
$ |
(666 |
) |
|
|
|
|
|
$ |
46,379 |
|
|
|
|
|
Effect of participating securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted stock and stock units |
|
|
|
|
|
|
(151 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(151 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) and shares |
|
|
52,466 |
|
|
$ |
46,894 |
|
|
$ |
0.89 |
|
|
$ |
(666 |
) |
|
$ |
(0.01 |
) |
|
$ |
46,228 |
|
|
$ |
0.88 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation plans |
|
|
472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) and shares |
|
|
52,938 |
|
|
$ |
46,894 |
|
|
$ |
0.89 |
|
|
$ |
(666 |
) |
|
$ |
(0.02 |
) |
|
$ |
46,228 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal |
|
|
|
|
|
$ |
(4,446 |
) |
|
$ |
(0.08 |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(4,446 |
) |
|
$ |
(0.08 |
) |
Storm damage and other |
|
|
|
|
|
|
840 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
840 |
|
|
|
0.01 |
|
Effect of two-class method & rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
$ |
(3,606 |
) |
|
$ |
(0.07 |
) |
|
$ |
|
|
|
$ |
0.01 |
|
|
$ |
(3,606 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (4) |
|
|
|
|
|
$ |
43,439 |
|
|
$ |
0.82 |
|
|
$ |
(666 |
) |
|
$ |
(0.01 |
) |
|
$ |
42,773 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
Expenses attributable to EchoPark® operations were $0.06 per fully diluted share in the six months ended June 30, 2014. |
Sonic Automotive, Inc.
Results of Operations (Unaudited)
New Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,295,288 |
|
|
$ |
1,298,777 |
|
|
$ |
(3,489 |
) |
|
|
|
|
(0.3 |
%) |
Gross profit |
|
$ |
64,936 |
|
|
$ |
74,193 |
|
|
$ |
(9,257 |
) |
|
|
|
|
(12.5 |
%) |
Unit sales |
|
|
34,963 |
|
|
|
35,405 |
|
|
|
(442 |
) |
|
|
|
|
(1.2 |
%) |
Revenue per unit |
|
$ |
37,047 |
|
|
$ |
36,683 |
|
|
$ |
364 |
|
|
|
|
|
1.0 |
% |
Gross profit per unit |
|
$ |
1,857 |
|
|
$ |
2,096 |
|
|
$ |
(239 |
) |
|
|
|
|
(11.4 |
%) |
Gross profit as a % of revenue |
|
|
5.0 |
% |
|
|
5.7 |
% |
|
|
(70 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,497,610 |
|
|
$ |
2,445,397 |
|
|
$ |
52,213 |
|
|
|
|
|
2.1 |
% |
Gross profit |
|
$ |
128,285 |
|
|
$ |
140,866 |
|
|
$ |
(12,581 |
) |
|
|
|
|
(8.9 |
%) |
Unit sales |
|
|
66,652 |
|
|
|
66,536 |
|
|
|
116 |
|
|
|
|
|
0.2 |
% |
Revenue per unit |
|
$ |
37,472 |
|
|
$ |
36,753 |
|
|
$ |
719 |
|
|
|
|
|
2.0 |
% |
Gross profit per unit |
|
$ |
1,925 |
|
|
$ |
2,117 |
|
|
$ |
(192 |
) |
|
|
|
|
(9.1 |
%) |
Gross profit as a % of revenue |
|
|
5.1 |
% |
|
|
5.8 |
% |
|
|
(70 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,282,668 |
|
|
$ |
1,252,870 |
|
|
$ |
29,798 |
|
|
|
|
|
2.4 |
% |
Gross profit |
|
$ |
64,789 |
|
|
$ |
71,765 |
|
|
$ |
(6,976 |
) |
|
|
|
|
(9.7 |
%) |
Unit sales |
|
|
34,575 |
|
|
|
34,125 |
|
|
|
450 |
|
|
|
|
|
1.3 |
% |
Revenue per unit |
|
$ |
37,098 |
|
|
$ |
36,714 |
|
|
$ |
384 |
|
|
|
|
|
1.0 |
% |
Gross profit per unit |
|
$ |
1,874 |
|
|
$ |
2,103 |
|
|
$ |
(229 |
) |
|
|
|
|
(10.9 |
%) |
Gross profit as a % of revenue |
|
|
5.1 |
% |
|
|
5.7 |
% |
|
|
(60 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,472,920 |
|
|
$ |
2,362,936 |
|
|
$ |
109,984 |
|
|
|
|
|
4.7 |
% |
Gross profit |
|
$ |
127,227 |
|
|
$ |
136,397 |
|
|
$ |
(9,170 |
) |
|
|
|
|
(6.7 |
%) |
Unit sales |
|
|
65,911 |
|
|
|
64,207 |
|
|
|
1,704 |
|
|
|
|
|
2.7 |
% |
Revenue per unit |
|
$ |
37,519 |
|
|
$ |
36,802 |
|
|
$ |
717 |
|
|
|
|
|
1.9 |
% |
Gross profit per unit |
|
$ |
1,930 |
|
|
$ |
2,124 |
|
|
$ |
(194 |
) |
|
|
|
|
(9.1 |
%) |
Gross profit as a % of revenue |
|
|
5.1 |
% |
|
|
5.8 |
% |
|
|
(70 |
) |
|
bps |
|
|
|
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Used Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
658,794 |
|
|
$ |
603,868 |
|
|
$ |
54,926 |
|
|
|
|
|
9.1 |
% |
Gross profit |
|
$ |
40,696 |
|
|
$ |
37,473 |
|
|
$ |
3,223 |
|
|
|
|
|
8.6 |
% |
Unit sales |
|
|
30,301 |
|
|
|
28,514 |
|
|
|
1,787 |
|
|
|
|
|
6.3 |
% |
Revenue per unit |
|
$ |
21,742 |
|
|
$ |
21,178 |
|
|
$ |
564 |
|
|
|
|
|
2.7 |
% |
Gross profit per unit |
|
$ |
1,343 |
|
|
$ |
1,314 |
|
|
$ |
29 |
|
|
|
|
|
2.2 |
% |
Gross profit as a % of revenue |
|
|
6.2 |
% |
|
|
6.2 |
% |
|
|
0 |
|
|
bps |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,252,536 |
|
|
$ |
1,163,684 |
|
|
$ |
88,852 |
|
|
|
|
|
7.6 |
% |
Gross profit |
|
$ |
81,540 |
|
|
$ |
78,167 |
|
|
$ |
3,373 |
|
|
|
|
|
4.3 |
% |
Unit sales |
|
|
58,436 |
|
|
|
56,171 |
|
|
|
2,265 |
|
|
|
|
|
4.0 |
% |
Revenue per unit |
|
$ |
21,434 |
|
|
$ |
20,717 |
|
|
$ |
717 |
|
|
|
|
|
3.5 |
% |
Gross profit per unit |
|
$ |
1,395 |
|
|
$ |
1,392 |
|
|
$ |
3 |
|
|
|
|
|
0.2 |
% |
Gross profit as a % of revenue |
|
|
6.5 |
% |
|
|
6.7 |
% |
|
|
(20 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
632,838 |
|
|
$ |
581,024 |
|
|
$ |
51,814 |
|
|
|
|
|
8.9 |
% |
Gross profit |
|
$ |
38,884 |
|
|
$ |
36,647 |
|
|
$ |
2,237 |
|
|
|
|
|
6.1 |
% |
Unit sales |
|
|
28,973 |
|
|
|
27,397 |
|
|
|
1,576 |
|
|
|
|
|
5.8 |
% |
Revenue per unit |
|
$ |
21,842 |
|
|
$ |
21,208 |
|
|
$ |
634 |
|
|
|
|
|
3.0 |
% |
Gross profit per unit |
|
$ |
1,342 |
|
|
$ |
1,338 |
|
|
$ |
4 |
|
|
|
|
|
0.3 |
% |
Gross profit as a % of revenue |
|
|
6.1 |
% |
|
|
6.3 |
% |
|
|
(20 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,205,597 |
|
|
$ |
1,118,663 |
|
|
$ |
86,934 |
|
|
|
|
|
7.8 |
% |
Gross profit |
|
$ |
78,897 |
|
|
$ |
75,933 |
|
|
$ |
2,964 |
|
|
|
|
|
3.9 |
% |
Unit sales |
|
|
56,052 |
|
|
|
53,998 |
|
|
|
2,054 |
|
|
|
|
|
3.8 |
% |
Revenue per unit |
|
$ |
21,509 |
|
|
$ |
20,717 |
|
|
$ |
792 |
|
|
|
|
|
3.8 |
% |
Gross profit per unit |
|
$ |
1,408 |
|
|
$ |
1,406 |
|
|
$ |
2 |
|
|
|
|
|
0.1 |
% |
Gross profit as a % of revenue |
|
|
6.5 |
% |
|
|
6.8 |
% |
|
|
(30 |
) |
|
bps |
|
|
|
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Wholesale Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
41,131 |
|
|
$ |
44,765 |
|
|
$ |
(3,634 |
) |
|
|
|
|
|
|
(8.1 |
%) |
Gross profit (loss) |
|
$ |
(2,676 |
) |
|
$ |
(1,314 |
) |
|
$ |
(1,362 |
) |
|
|
|
|
|
|
(103.7 |
%) |
Unit sales |
|
|
8,010 |
|
|
|
7,738 |
|
|
|
272 |
|
|
|
|
|
|
|
3.5 |
% |
Revenue per unit |
|
$ |
5,135 |
|
|
$ |
5,785 |
|
|
$ |
(650 |
) |
|
|
|
|
|
|
(11.2 |
%) |
Gross profit (loss) per unit |
|
$ |
(334 |
) |
|
$ |
(170 |
) |
|
$ |
(164 |
) |
|
|
|
|
|
|
(96.5 |
%) |
Gross profit (loss) as a % of revenue |
|
|
(6.5 |
%) |
|
|
(2.9 |
%) |
|
|
(360 |
) |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
82,789 |
|
|
$ |
86,363 |
|
|
$ |
(3,574 |
) |
|
|
|
|
|
|
(4.1 |
%) |
Gross profit (loss) |
|
$ |
(2,884 |
) |
|
$ |
(1,409 |
) |
|
$ |
(1,475 |
) |
|
|
|
|
|
|
(104.7 |
%) |
Unit sales |
|
|
15,787 |
|
|
|
15,118 |
|
|
|
669 |
|
|
|
|
|
|
|
4.4 |
% |
Revenue per unit |
|
$ |
5,244 |
|
|
$ |
5,713 |
|
|
$ |
(469 |
) |
|
|
|
|
|
|
(8.2 |
%) |
Gross profit (loss) per unit |
|
$ |
(183 |
) |
|
$ |
(93 |
) |
|
$ |
(90 |
) |
|
|
|
|
|
|
(96.8 |
%) |
Gross profit (loss) as a % of revenue |
|
|
(3.5 |
%) |
|
|
(1.6 |
%) |
|
|
(190 |
) |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
39,497 |
|
|
$ |
43,326 |
|
|
$ |
(3,829 |
) |
|
|
|
|
|
|
(8.8 |
%) |
Gross profit (loss) |
|
$ |
(2,344 |
) |
|
$ |
(1,307 |
) |
|
$ |
(1,037 |
) |
|
|
|
|
|
|
(79.3 |
%) |
Unit sales |
|
|
7,637 |
|
|
|
7,476 |
|
|
|
161 |
|
|
|
|
|
|
|
2.2 |
% |
Revenue per unit |
|
$ |
5,172 |
|
|
$ |
5,795 |
|
|
$ |
(623 |
) |
|
|
|
|
|
|
(10.8 |
%) |
Gross profit (loss) per unit |
|
$ |
(307 |
) |
|
$ |
(175 |
) |
|
$ |
(132 |
) |
|
|
|
|
|
|
(75.4 |
%) |
Gross profit (loss) as a % of revenue |
|
|
(5.9 |
%) |
|
|
(3.0 |
%) |
|
|
(290 |
) |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
|
|
|
% Change |
|
|
|
(In thousands, except units and per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
80,270 |
|
|
$ |
83,573 |
|
|
$ |
(3,303 |
) |
|
|
|
|
|
|
(4.0 |
%) |
Gross profit (loss) |
|
$ |
(2,530 |
) |
|
$ |
(1,331 |
) |
|
$ |
(1,199 |
) |
|
|
|
|
|
|
(90.1 |
%) |
Unit sales |
|
|
15,160 |
|
|
|
14,621 |
|
|
|
539 |
|
|
|
|
|
|
|
3.7 |
% |
Revenue per unit |
|
$ |
5,295 |
|
|
$ |
5,716 |
|
|
$ |
(421 |
) |
|
|
|
|
|
|
(7.4 |
%) |
Gross profit (loss) per unit |
|
$ |
(167 |
) |
|
$ |
(91 |
) |
|
$ |
(76 |
) |
|
|
|
|
|
|
(83.5 |
%) |
Gross profit (loss) as a % of revenue |
|
|
(3.2 |
%) |
|
|
(1.6 |
%) |
|
|
(160 |
) |
|
|
bps |
|
|
|
|
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Parts, Service and Collision Repair (Fixed Operations)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
146,548 |
|
|
$ |
145,040 |
|
|
$ |
1,508 |
|
|
|
1.0 |
% |
Warranty |
|
|
57,150 |
|
|
|
47,050 |
|
|
|
10,100 |
|
|
|
21.5 |
% |
Wholesale parts |
|
|
45,850 |
|
|
|
47,145 |
|
|
|
(1,295 |
) |
|
|
(2.7 |
%) |
Internal, sublet and other |
|
|
96,616 |
|
|
|
89,899 |
|
|
|
6,717 |
|
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
346,164 |
|
|
$ |
329,134 |
|
|
$ |
17,030 |
|
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
80,286 |
|
|
$ |
79,606 |
|
|
$ |
680 |
|
|
|
0.9 |
% |
Warranty |
|
|
32,679 |
|
|
|
25,671 |
|
|
|
7,008 |
|
|
|
27.3 |
% |
Wholesale parts |
|
|
8,148 |
|
|
|
8,308 |
|
|
|
(160 |
) |
|
|
(1.9 |
%) |
Internal, sublet and other |
|
|
49,122 |
|
|
|
46,274 |
|
|
|
2,848 |
|
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
170,235 |
|
|
$ |
159,859 |
|
|
$ |
10,376 |
|
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
|
54.8 |
% |
|
|
54.9 |
% |
|
|
(10 |
) |
|
bps |
|
|
Warranty |
|
|
57.2 |
% |
|
|
54.6 |
% |
|
|
260 |
|
|
bps |
|
|
Wholesale parts |
|
|
17.8 |
% |
|
|
17.6 |
% |
|
|
20 |
|
|
bps |
|
|
Internal, sublet and other |
|
|
50.8 |
% |
|
|
51.5 |
% |
|
|
(70 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
49.2 |
% |
|
|
48.6 |
% |
|
|
60 |
|
|
bps |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
284,171 |
|
|
$ |
286,162 |
|
|
$ |
(1,991 |
) |
|
|
(0.7 |
%) |
Warranty |
|
|
110,648 |
|
|
|
93,641 |
|
|
|
17,007 |
|
|
|
18.2 |
% |
Wholesale parts |
|
|
90,862 |
|
|
|
95,089 |
|
|
|
(4,227 |
) |
|
|
(4.4 |
%) |
Internal, sublet and other |
|
|
183,677 |
|
|
|
173,013 |
|
|
|
10,664 |
|
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
669,358 |
|
|
$ |
647,905 |
|
|
$ |
21,453 |
|
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
155,963 |
|
|
$ |
157,605 |
|
|
$ |
(1,642 |
) |
|
|
(1.0 |
%) |
Warranty |
|
|
62,440 |
|
|
|
50,909 |
|
|
|
11,531 |
|
|
|
22.7 |
% |
Wholesale parts |
|
|
16,287 |
|
|
|
16,469 |
|
|
|
(182 |
) |
|
|
(1.1 |
%) |
Internal, sublet and other |
|
|
91,919 |
|
|
|
87,023 |
|
|
|
4,896 |
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
326,609 |
|
|
$ |
312,006 |
|
|
$ |
14,603 |
|
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
|
54.9 |
% |
|
|
55.1 |
% |
|
|
(20 |
) |
|
bps |
|
|
Warranty |
|
|
56.4 |
% |
|
|
54.4 |
% |
|
|
200 |
|
|
bps |
|
|
Wholesale parts |
|
|
17.9 |
% |
|
|
17.3 |
% |
|
|
60 |
|
|
bps |
|
|
Internal, sublet and other |
|
|
50.0 |
% |
|
|
50.3 |
% |
|
|
(30 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
48.8 |
% |
|
|
48.2 |
% |
|
|
60 |
|
|
bps |
|
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Parts, Service and Collision Repair (Fixed Operations)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
145,235 |
|
|
$ |
140,701 |
|
|
$ |
4,534 |
|
|
|
3.2 |
% |
Warranty |
|
|
56,672 |
|
|
|
45,065 |
|
|
|
11,607 |
|
|
|
25.8 |
% |
Wholesale parts |
|
|
45,502 |
|
|
|
45,855 |
|
|
|
(353 |
) |
|
|
(0.8 |
%) |
Internal, sublet and other |
|
|
93,761 |
|
|
|
87,105 |
|
|
|
6,656 |
|
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
341,170 |
|
|
$ |
318,726 |
|
|
$ |
22,444 |
|
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
79,537 |
|
|
$ |
77,320 |
|
|
$ |
2,217 |
|
|
|
2.9 |
% |
Warranty |
|
|
32,435 |
|
|
|
24,631 |
|
|
|
7,804 |
|
|
|
31.7 |
% |
Wholesale parts |
|
|
8,082 |
|
|
|
8,064 |
|
|
|
18 |
|
|
|
0.2 |
% |
Internal, sublet and other |
|
|
47,764 |
|
|
|
44,676 |
|
|
|
3,088 |
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
167,818 |
|
|
$ |
154,691 |
|
|
$ |
13,127 |
|
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
|
54.8 |
% |
|
|
55.0 |
% |
|
|
(20 |
) |
|
bps |
|
|
Warranty |
|
|
57.2 |
% |
|
|
54.7 |
% |
|
|
250 |
|
|
bps |
|
|
Wholesale parts |
|
|
17.8 |
% |
|
|
17.6 |
% |
|
|
20 |
|
|
bps |
|
|
Internal, sublet and other |
|
|
50.9 |
% |
|
|
51.3 |
% |
|
|
(40 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
49.2 |
% |
|
|
48.5 |
% |
|
|
70 |
|
|
bps |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
281,002 |
|
|
$ |
277,187 |
|
|
$ |
3,815 |
|
|
|
1.4 |
% |
Warranty |
|
|
109,644 |
|
|
|
89,838 |
|
|
|
19,806 |
|
|
|
22.0 |
% |
Wholesale parts |
|
|
90,082 |
|
|
|
92,522 |
|
|
|
(2,440 |
) |
|
|
(2.6 |
%) |
Internal, sublet and other |
|
|
178,717 |
|
|
|
167,665 |
|
|
|
11,052 |
|
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
659,445 |
|
|
$ |
627,212 |
|
|
$ |
32,233 |
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
$ |
154,225 |
|
|
$ |
152,877 |
|
|
$ |
1,348 |
|
|
|
0.9 |
% |
Warranty |
|
|
61,892 |
|
|
|
48,901 |
|
|
|
12,991 |
|
|
|
26.6 |
% |
Wholesale parts |
|
|
16,135 |
|
|
|
15,971 |
|
|
|
164 |
|
|
|
1.0 |
% |
Internal, sublet and other |
|
|
89,573 |
|
|
|
83,821 |
|
|
|
5,752 |
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
321,825 |
|
|
$ |
301,570 |
|
|
$ |
20,255 |
|
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit as a % of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer pay |
|
|
54.9 |
% |
|
|
55.2 |
% |
|
|
(30 |
) |
|
bps |
|
|
Warranty |
|
|
56.4 |
% |
|
|
54.4 |
% |
|
|
200 |
|
|
bps |
|
|
Wholesale parts |
|
|
17.9 |
% |
|
|
17.3 |
% |
|
|
60 |
|
|
bps |
|
|
Internal, sublet and other |
|
|
50.1 |
% |
|
|
50.0 |
% |
|
|
10 |
|
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
48.8 |
% |
|
|
48.1 |
% |
|
|
70 |
|
|
bps |
|
|
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Finance, Insurance and Other, Net (F&I)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands, except per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
82,363 |
|
|
$ |
76,736 |
|
|
$ |
5,627 |
|
|
|
7.3 |
% |
Gross profit per retail unit (excludes fleet) |
|
$ |
1,268 |
|
|
$ |
1,211 |
|
|
$ |
57 |
|
|
|
4.7 |
% |
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands, except per unit data) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
156,963 |
|
|
$ |
146,317 |
|
|
$ |
10,646 |
|
|
|
7.3 |
% |
Gross profit per retail unit (excludes fleet) |
|
$ |
1,261 |
|
|
$ |
1,209 |
|
|
$ |
52 |
|
|
|
4.3 |
% |
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands, except per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
80,573 |
|
|
$ |
74,237 |
|
|
$ |
6,336 |
|
|
|
8.5 |
% |
Gross profit per retail unit (excludes fleet) |
|
$ |
1,274 |
|
|
$ |
1,218 |
|
|
$ |
56 |
|
|
|
4.6 |
% |
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands, except per unit data) |
|
Same Store: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
153,702 |
|
|
$ |
141,419 |
|
|
$ |
12,283 |
|
|
|
8.7 |
% |
Gross profit per retail unit (excludes fleet) |
|
$ |
1,267 |
|
|
$ |
1,213 |
|
|
$ |
54 |
|
|
|
4.5 |
% |
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Selling, General and Administrative (SG&A) Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
167,811 |
|
|
$ |
163,109 |
|
|
$ |
(4,702 |
) |
|
|
(2.9 |
%) |
Advertising |
|
|
15,358 |
|
|
|
13,864 |
|
|
|
(1,494 |
) |
|
|
(10.8 |
%) |
Rent |
|
|
18,246 |
|
|
|
18,643 |
|
|
|
397 |
|
|
|
2.1 |
% |
Other |
|
|
83,246 |
|
|
|
73,298 |
|
|
|
(9,948 |
) |
|
|
(13.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
284,661 |
|
|
$ |
268,914 |
|
|
$ |
(15,747 |
) |
|
|
(5.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses as a % of gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
47.2 |
% |
|
|
47.0 |
% |
|
|
(20 |
) |
|
bps |
|
|
Advertising |
|
|
4.3 |
% |
|
|
4.0 |
% |
|
|
(30 |
) |
|
bps |
|
|
Rent |
|
|
5.1 |
% |
|
|
5.4 |
% |
|
|
30 |
|
|
bps |
|
|
Other |
|
|
23.5 |
% |
|
|
21.1 |
% |
|
|
(240 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
80.1 |
% |
|
|
77.5 |
% |
|
|
(260 |
) |
|
bps |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Better / (Worse) |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
|
% Change |
|
|
|
(In thousands) |
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
329,669 |
|
|
$ |
320,263 |
|
|
$ |
(9,406 |
) |
|
|
(2.9 |
%) |
Advertising |
|
|
30,689 |
|
|
|
27,982 |
|
|
|
(2,707 |
) |
|
|
(9.7 |
%) |
Rent |
|
|
36,500 |
|
|
|
37,178 |
|
|
|
678 |
|
|
|
1.8 |
% |
Other |
|
|
158,665 |
|
|
|
147,464 |
|
|
|
(11,201 |
) |
|
|
(7.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
555,523 |
|
|
$ |
532,887 |
|
|
$ |
(22,636 |
) |
|
|
(4.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses as a % of gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
47.7 |
% |
|
|
47.4 |
% |
|
|
(30 |
) |
|
bps |
|
|
Advertising |
|
|
4.4 |
% |
|
|
4.1 |
% |
|
|
(30 |
) |
|
bps |
|
|
Rent |
|
|
5.3 |
% |
|
|
5.5 |
% |
|
|
20 |
|
|
bps |
|
|
Other |
|
|
23.1 |
% |
|
|
21.8 |
% |
|
|
(130 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
80.5 |
% |
|
|
78.8 |
% |
|
|
(170 |
) |
|
bps |
|
|
Q2 2015 EARNINGS REVIEW July 20, 2015 Exhibit 99.2 |
2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements relate to future events,
are not historical facts and are based on our current
expectations and assumptions regarding our business, the economy and other future conditions. These statements can generally be identified by lead-in words such as believe, expect,
anticipate, intend, plan,
foresee, may ,will and other similar words. Statements that describe our Companys objectives, plans or goals are also forward-looking statements. Examples of such forward-looking
information we may be discussing in this presentation include,
without limitation, anticipated 2015 industry new vehicle sales
volume, the implementation of growth and operating strategies, including acquisitions of dealerships and properties, the development of open points and stand-alone pre-owned stores, the return of
capital to shareholders , anticipated future success and impacts from the
implementation of our strategic initiatives and earnings per
share expectations. You are cautioned that these
forward-looking statements are not guarantees of future performance, involve risks and uncertainties and actual results may differ materially from those projected in the forward-looking
statements as a result of various factors. These risks and uncertainties
include, among other things, (a) economic conditions in the
markets in which we operate, (b) the success of our operational strategies, (c) our relationships with the automobile manufacturers, (d) new and pre-owned vehicle sales volume, and (e)
earnings expectations for the year ending December 31, 2015. These risks and
uncertainties, as well as additional factors that could affect
our forward-looking statements, are described in our Form 10-K for the year ended December 31, 2014. These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this
presentation. We undertake no obligation to update any such
statements. |
CONTENT STRATEGIC FOCUS FINANCIAL RESULTS OPERATIONS REVIEW SUMMARY AND OUTLOOK 3 |
4 STRATEGIC FOCUS 1. Growth One Sonic-One Experience EchoPark ® Acquisitions & Open Points 2. Own Our Properties 3. Return Capital to Shareholders |
5 STRATEGIC FOCUS EchoPark ® Denver Market with three stores open and two additional planned openings in next 12 months Currently acquiring property in another market which may include up to 10 stores |
6 STRATEGIC FOCUS ACQUISITIONS & OPEN POINTS Open Points Mercedes Benz in Dallas Market Operational in 2016 Audi in Pensacola Market Operational in 2016 Nissan in TN Market Operational in late 2016 / early 2017 Exploring Acquisition and Open Point Opportunities in Other Markets |
7 STRATEGIC FOCUS OWN OUR PROPERTIES 2007 2008 2011 2012 2013 2014 Q2 2015 Proj. 2017 0% 12% 18% 23% 31% 36% 37% 49% - |
8 STRATEGIC FOCUS RETURN CAPITAL TO SHAREHOLDERS Shares (in thousands) Average Price / Share $ (in millions) 2015 Activity 599 $ 24.66 $ 14.8 Unused Authorization of Approximately $ 65 million Quarterly Dividend of $0.025 Per Share |
Q2 2015 FINANCIAL REVIEW FRANCHISE DEALERSHIPS |
ADJUSTED FRANCHISED OPERATIONS B/(W) than Q2 2014 (amounts in millions, except per share data) Q2 2015 $ % Revenue $ 2,403 $ 49 2.1% Gross Profit $ 353 $ 6 1.7% SG&A as % of Gross (1) 78.2% 10 bps Operating Profit (1) $ 61 ($ 0) (0.7%) Interest & Other $ 18 $ 1 3.4% Pretax (1) $ 42 $ 0 0.5% Diluted EPS (1) $ 0.51 $ 0 .03 6.3% 11 Note Continuing operations includes results of sold stores after March 31, 2014.
(1) Amounts are adjusted. See appendix for reconciliation of adjusted amounts to GAAP amounts |
Q2 2015 FINANCIAL REVIEW ECHOPARK ® |
EchoPark ® Q2 RESULTS 13 B/(W) than Q2 2014 (amounts in millions, except per share data) Q2 2015 $ Revenue $ 21.0 $21.0 Gross Profit $ 2.6 $ 2.6 Operating Profit ($ 3.8) ($ 0.5) Interest & Other ($ 0.3) ($ 0.3) Pre-tax Profit (Loss) ($ 4.1) ($ 0.9) Diluted EPS Impact ($.05) ($.01) Store Level (retail units) 881 n/a |
Q2 2015 FINANCIAL REVIEW TOTAL ENTERPRISE |
15 ADJUSTED Q2 2015 RESULTS B/(W) than Q2 2014 (amounts in millions, except per share data) Q2 2015 $ % Revenue $ 2,424 $ 70 3.0% Gross Profit $ 356 $ 9 2.5% Operating Profit (1) $ 57 ($ 1) (1.7%) Interest & Other $ 18 $ 0 1.7% Continuing Ops: Profit (after tax) (1) $ 23 ($ 0) (1.3%) Diluted EPS (1) $ 0.46 $ 0.02 4.5% SG&A as % of Gross (1) 79.2% 0 bps Discontinued Ops Profit/(Loss) (after tax) ($ 0.3) ($0.2) Note Continuing operations includes results of sold stores after March 31, 2014.
(1) Amounts are adjusted. See appendix for reconciliation of adjusted amounts to GAAP amounts |
16 REVENUE & GROSS PROFIT Q2 2015 B/(W) than Q2 2014 (amounts in millions, except per share data) Q2 2015 $ % New Retail Revenue $ 1,286 $ 2 0.2% Used Retail Revenue $ 659 $ 55 9.1% Fixed Operations Revenue $ 346 $ 17 5.2% F&I Revenue $ 82 $ 6 7.3% Total Revenue $ 2,424 $ 70 3.0% New Retail Gross $ 65 ($ 9) (12%) Used Retail Gross $ 41 $3 8.6% Fixed Operations Gross $ 170 $ 10 6.5% F&I Gross $ 82 $ 6 7.3% Total Gross $ 356 $ 9 2.5% |
17 ADJUSTED SG&A TO GROSS Note Amounts are adjusted. See appendix for reconciliation of adjusted amounts to GAAP amounts
79.2% 79.2% Q2 2015 Q2 2014 4.3% 4.0% 47.2% 47.0% 7.3% 7.7% 20.4% 20.5% Advertising Comp Rent & Related Other |
18 (amounts in millions, except per share date) Q2 2015 Q2 2014 Pre-Tax EPS Pre-Tax EPS Adjusted Franchised $42.4 $ 0.51 $ 42.2 $0.48 Adjusted EchoPark® ($4.1) ($0.05) ($ 3.2) ($ 0.04) Adjusted Total $ 38.3 $ 0.46 $39.0 $ 0.44 Adjustments: Impairment/Disposal ($9.7) ($ 0.12) $ 7.3 $ 0.08 Physical Damage ($3.4) ($0.04) ($ 1.1) ($0.01) Other ($0.5) ($ 0.00) ($ 0.3) ($ 0.0) GAAP EPS $ 0.30 $ 0.51 ADJUSTED AND GAAP EPS SUMMARY Continuing Operations |
CAPITAL SPEND (amounts in millions) YTD Q2 2015 Estimated 2015 Real Estate & Facility Related $ 58.7 $180.1 All Other Cap Ex 24.2 33.8 Subtotal $ 82.9 $ 213.9 Less: Mortgage Funding (1) (46.0) (110.4) Total Cash Used Cap Ex $ 36.9 $ 103.5 Note Spending excludes the effect of franchise acquisitions. 19 |
LIQUIDITY (amounts in millions) Q2 2015 Q4 2014 Cash $ 3.6 $ 4.2 Revolver Availability 144.2 165.6 Used floor plan availability 75.0 22.6 Floor plan deposit balance 54.0 57.5 Total $ 276.8 $ 249.9 20 |
DEBT COVENANTS Covenant Actual Q2 2015 Liquidity Ratio >= 1.05 1.19 Fixed Charge Coverage Ratio >= 1.20 1.75 Total Lease Adjusted Leverage Ratio <= 5.50 4.24 Compliant with all Covenants 21 |
NEW VEHICLE RETAIL SAME STORE Q2 2015 Q2 2014 B/(W) Volume 34,288 33,567 2.1% Selling Price $ 37,127 $ 36,861 0.7% Gross Margin % 5.1% 5.8% (70 bps) GPU $ 1,890 $ 2,127 ($ 238) Gross Profit $65 million $ 71 million (9.3%) SAAR (includes fleet) 17.1 million 16.5 million 3.6% 23 |
USED VEHICLE RETAIL SAME STORE 24 Q2 2015 Q2 2014 B/(W) Retail Volume 28,973 27,397 5.8% Used Retail GPU $ 1,342 $ 1,338 $ 4 Used to New 0.84:1.00 0.82:1.00 0.02 Vehicles / store / month (97 stores) 100 94 6 1 st time Averaging 100 units per store per month for an entire quarter! |
FIXED OPS SAME STORE Q2 2015 B/(W) than Q2 2014 (amounts in millions) $ % Revenue $ 341 $ 22 7.0% Gross Profit $ 168 $ 13 8.5% 25 (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Customer Pay Warranty Wholesale Parts Internal & Sublet 2.9% 31.7% 0.2% 6.9% YOY Gross % Change |
FIXED OPS SAME STORE CUSTOMER PAY 26 + 1 Day - 1 Day (5.0%) (3.0%) (1.0%) 1.0% 3.0% 5.0% Jan Feb Mar Q1 Apr May Jun Q2 (2.0%) (3.7%) 2.0% (1.2%) 2.1% (3.7%) 10.5% 2.9% YOY Gross % Change |
28 OSOE Operational Metrics New Retail Units Upward Trend 182 167 182 153 200 257 237 314 273 73 93 108 100 83 121 117 123 117 86 77 114 108 84 111 110 132 93 40 30 34 30 35 53 53 38 36 39 23 39 32 28 35 35 29 35 0 50 100 150 200 250 300 350 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 T&C Toyota T&C Ford Fort Mill Ford Infiniti of CHL Cadillac of CHL |
29 OSOE Operational Metrics Pre-Owned Retail Units Upward Trend 122 108 125 117 122 142 143 160 186 96 86 75 91 90 109 95 120 120 74 61 78 78 78 90 78 107 104 37 26 48 34 36 47 52 53 65 67 60 68 63 57 58 72 66 79 0 20 40 60 80 100 120 140 160 180 200 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 T&C Toyota T&C Ford Fort Mill Ford Infiniti of CHL Cadillac of CHL |
30 OSOE NEXT STEPS 1. Continue to focus on inventory management and pricing 2. OSOE stores continue to improve across all areas of our business
3. We continue to learn and have excellent CSI and guest feedback 4. Begin rollout of technology CRM, Desking tool and Appraisal tool effective 8/1/15 to give stores access to this incredible technology |
EchoPark ® - Total 32 183 185 292 251 304 326 150 170 190 210 230 250 270 290 310 330 350 Jan Feb Mar Apr May June Retail Unit Sales Actual 1,039 1,331 1,636 804 1,228 1,877 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jan Feb Mar Apr May June Gross Per Retail Unit Actual 829 926 901 924 877 930 800 1,000 Jan Feb Mar Apr May June F&I Per Unit Actual |
Continue to grow sales across all revenue categories
Pre-owned milestone achieved believe we can continue to grow volumes per store Fixed operations growth showed strength in customer pay and warranty OSOE roll out to additional markets will include portions of the technology components Growth plans in EchoPark ® expected to accelerate in the latter half of the year SUMMARY 33 |
NON-GAAP RECONCILIATIONS 36 Consolidated Franchised Dealerships EchoPark® Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 (In millions) SG&A Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
284.7
$
268.9
$
279.1
$
265.7
$
5.6
$
3.2 $
Pre-tax Adjustments:
Gain on disposal . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 1.1
7.3
1.1
7.3
-
-
Storm damage and other . . . . . . . . . .
. . . . . . . . . . . . . . .
(4.3)
(1.4)
(4.3)
(1.4)
-
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
(3.2)
5.9
(3.2)
5.9
-
-
Adjusted SG&A . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . 281.5 $
274.8
$
275.9
$
271.6
$
5.6
$
3.2 $
SG&A as % of Gross
Reconciliation: As Reported . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.1% 77.5% 79.1% 76.6% NM NM Pre-tax Adjustments: Gain on disposal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.3%
2.1%
0.3%
2.1%
NM
NM
Storm damage and other . . . . . . . . . . . . . . . . .
. . . . . . . . (1.2%)
(0.4%)
(1.2%)
(0.4%)
NM
NM
Total pre-tax adjustments . . . . . . . . . . . . .
. . . . . . . . (0.9%)
1.7%
(0.9%)
1.7%
NM
NM
Adjusted SG&A as % of Gross . . . . . . . . . . . .
. . . . . . . . . . 79.2%
79.2%
78.2%
78.3%
NM
NM
NM = Not meaningful
This release contains certain non-GAAP financial
measures (the "Adjusted" amounts) as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations and related earnings per share data. The Company has reconciled these measures to the most
directly comparable GAAP measures (the "Reported" amounts) in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Companys
disclosure by providing period-to-period comparability of the Companys results from operations. |
37 NON-GAAP RECONCILIATIONS Consolidated Franchised Dealerships EchoPark® Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 (In millions) Operating Profit Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43.1
$
63.6
$
46.9
$
66.8
$
(3.8)
$
(3.2)
$
Pre-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
3.2
(5.9)
3.2
(5.9)
-
-
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
10.4
-
10.4
-
-
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
13.6
(5.9)
13.6
(5.9)
-
-
Adjusted Operating Profit . . . . .
. . . . . . . . . . . . . . . . . . . . .
56.7
$
57.7
$
60.5
$
60.9
$
(3.8)
$
(3.2)
$
Pre-tax Profit from Continuing Operations
Reconciliation: As Reported . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.7 $
44.9
$
28.8
$
48.1
$
(4.1)
$
(3.2)
$
Pre-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
3.2
(5.9)
3.2
(5.9)
-
-
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
10.4
-
10.4
-
-
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
13.6
(5.9)
13.6
(5.9)
-
-
Adjusted Pre-tax Profit from
Continuing Operations . . . . .
38.3
$
39.0
$
42.4
$
42.2
$
(4.1)
$
(3.2)
$
Profit
from Continuing Operations (after-tax) Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.1
$
27.1
$
After-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
2.0
(3.6)
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
6.3
-
Total after-tax adjustments . . . . .
. . . . . . . . . . . . . . .
8.3
(3.6)
Adjusted Profit from Continuing Operations
(after-tax) . . . 23.4
$
23.5
$
|
NON-GAAP RECONCILIATIONS 38 Consolidated Franchised Dealerships EchoPark® Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 (In millions) SG&A Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
555.5
$
532.9
$
544.0
$
527.9
$
11.5
$
5.0
$
Pre-tax Adjustments: Gain on disposal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.0
7.3
1.0
7.3
-
-
Storm damage, severance and other . . . .
. . . . . . . . . . . .
(5.2)
(1.4)
(5.2)
(1.4)
-
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
(4.2)
5.9
(4.2)
5.9
-
-
Adjusted SG&A . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . 551.3 $
538.8
$
539.8
$
533.8
$
11.5
$
5.0
$
SG&A as % of Gross Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80.5%
78.8%
79.3%
78.1%
NM
NM
Pre-tax Adjustments:
Gain on disposal . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 0.1%
1.1%
0.1%
1.1%
NM
NM
Storm damage, severance and other . . . . . . . . . . .
. . . . . (0.8%)
(0.2%)
(0.7%)
(0.2%)
NM
NM
Total pre-tax adjustments . . . . . . . . . . . . .
. . . . . . . . (0.7%)
0.9%
(0.6%)
0.9%
NM
NM
Adjusted SG&A as % of Gross . . . . . . . . . . . .
. . . . . . . . . . 79.8%
79.7%
78.7%
79.0%
NM
NM
NM = Not meaningful
|
39 NON-GAAP RECONCILIATIONS Consolidated Franchised Dealerships EchoPark® Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 (In millions) Operating Profit Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84.6
$
114.2
$
94.6
$
119.2
$
(10.0)
$
(5.0)
$
Pre-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
4.2
(5.9)
4.2
(5.9)
-
-
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
16.7
-
15.3
-
1.4
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
20.9
(5.9)
19.5
(5.9)
1.4
-
Adjusted Operating Profit . . . . .
. . . . . . . . . . . . . . . . . . . . .
105.5
$
108.3
$
114.1
$
113.3
$
(8.6)
$
(5.0)
$
Pre-tax Profit from Continuing Operations
Reconciliation: As Reported . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.3 $
77.1
$
58.7
$
82.1
$
(10.4)
$
(5.0)
$
Pre-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
4.2
(5.9)
4.2
(5.9)
-
-
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
16.7
-
15.3
-
1.4
-
Total pre-tax adjustments . . . . . .
. . . . . . . . . . . . . . .
20.9
(5.9)
19.5
(5.9)
1.4
-
Adjusted Pre-tax Profit from
Continuing Operations . . . . .
69.2
$
71.2
$
78.2
$
76.2
$
(9.0)
$
(5.0)
$
Profit
from Continuing Operations (after-tax) Reconciliation: As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29.5
$
47.0
$
After-tax Adjustments:
SG&A . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
2.6
(3.6)
Impairment charges . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
10.2
-
Total after-tax adjustments . . . . .
. . . . . . . . . . . . . . .
12.7
(3.6)
Adjusted Profit from Continuing Operations
(after-tax) . . . 42.2
$
43.4
$
|
40 NON-GAAP RECONCILIATIONS Three Months Ended June 30, 2015 Income (Loss) Income (Loss) From Continuing From Discontinued Operations Average Net Income (Loss) Weighted Per Per Per Average Share Share Share Shares Amount Amount Amount Amount Amount Amount (In thousands, except per share amounts) Reported: Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
50,784
15,092
$
(311)
$
14,781
$
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
. . . (7)
-
(7)
Basic
earnings (loss) and shares . . . . . . . . . . . . . 50,784 15,085 $ 0.30 $ (311) $ (0.01) $ 14,774 $ 0.29 $ Effect of dilutive securities: Stock compensation plans . . . . . . . . . . . . . . . .
309
Diluted earnings (loss)
and shares . . . . . . . . . . . .
51,093
15,085
$
0.30
$
(311)
$
(0.01)
$
14,774
$
0.29
$
Adjustments (net of tax):
Gain on disposal. . . . . . . . . . . . . . . . . . . .
. . . . . (645)
$
(0.01)
$
-
$
-
$
(645)
$
(0.01)
$
Impairment charges. . . . . . . . . . . . . . . . . . .
. . . .
6,386
0.12
-
-
6,386
0.12
Storm damage and other. . . . . . . . . .
. . . . . . . . . . 2,555
0.05
-
-
2,555
0.05
Total adjustments . . . . . . . . . . . .
. . . . . . . . . . 8,296
$
0.16
$
-
$
-
$
8,296
$
0.16
$
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share (1) . . . . . . . .
23,388
$
0.46
$
(311)
$
(0.01)
$
23,077
$
0.45
$
(1) Expenses attributable to
EchoPark® operations were $0.05 per fully diluted share in the three months ended June 30, 2015. |
41 NON-GAAP RECONCILIATIONS Three Months Ended June 30, 2014 Income (Loss) Income (Loss) From Continuing From Discontinued Operations Operations Net Income (Loss) Weighted Per Per Per Average Share Share Share Shares Amount Amount Amount Amount Amount Amount (In thousands, except per share amounts) Reported: Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
52,514
27,061
$
(68)
$
26,993
$
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
. . . (87)
-
(87)
Basic earnings (loss)
and shares . . . . . . . . . . . . .
52,514
26,974
$
0.51
$
(68)
$
-
$
26,906
$
0.51
$
Effect of dilutive
securities: Stock compensation plans . . .
. . . . . . . . . . . . . 416
Diluted earnings (loss)
and shares. . . . . . . . . . . .
52,930
26,974
$
0.51
$
(68)
$
-
$
26,906
$
0.51
$
Adjustments (net of tax):
Gain on disposal. . . . . . . . . . . . . . . . . . . .
. . . . . (4,446)
$
(0.08)
$
-
$
-
$
(4,446)
$
(0.08)
$
Storm damage and other. . . . . . . . . . . . . . . . .
. . . 840
0.01
-
-
840
0.01
Total adjustments . . . . . . . . . . . .
. . . . . . . . . . (3,606)
$
(0.07)
$
-
$
-
$
(3,606)
$
(0.07)
$
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share (2) . . . . . . . .
23,455
$
0.44
$
(68)
$
-
$
23,387
$
0.44
$
(2) Expenses attributable to
EchoPark® operations were $0.04 per fully diluted share in the three months ended June 30, 2014. |
42 NON-GAAP RECONCILIATIONS Six Months Ended June 30, 2015 Income (Loss) Income (Loss) From Continuing From Discontinued Operations Operations Net Income (Loss) Weighted Per Per Per Average Share Share Share Shares Amount Amount Amount Amount Amount Amount (In thousands, except per share amounts) Reported: Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
50,819
29,481
$
(732)
$
28,749
$
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
. . . (14)
-
(14)
Basic earnings (loss)
and shares . . . . . . . . . . . . .
50,819
29,467
$
0.58
$
(732)
$
(0.01)
$
28,735
$
0.57
$
Effect of dilutive
securities: Stock compensation plans . . .
. . . . . . . . . . . . . 428
Diluted earnings (loss)
and shares. . . . . . . . . . . .
51,247
29,467
$
0.57
$
(732)
$
(0.01)
$
28,735
$
0.56
$
Adjustments (net of tax):
Gain on disposal. . . . . . . . . . . . . . . . . . . .
. . . . .
(583)
$
(0.01)
$
-
$
-
$
(583)
$
(0.01)
$
Impairment charges. . . . . . . . . . . . . . . . . . .
. . . . 10,166
0.20
-
-
10,166
0.20
Storm damage and other. . . . . . . . . .
. . . . . . . . . .
3,132
0.06
-
-
3,132
0.06
Total adjustments . . . . . . . . . . . .
. . . . . . . . . . 12,715
$
0.25
$
-
$
-
$
12,715
$
0.25
$
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share (3) . . . . . . . .
42,196
$
0.82
$
(732)
$
(0.01)
$
41,464
$
0.81
$
(3) Expenses attributable to
EchoPark® operations were $0.11 per fully diluted share in the six months ended June 30, 2015. |
43 NON-GAAP RECONCILIATIONS Six Months Ended June 30, 2014 Income (Loss) Income (Loss) From Continuing From Discontinued Operations Operations Net Income (Loss) Weighted Per Per Per Average Share Share Share Shares Amount Amount Amount Amount Amount Amount (In thousands, except per share amounts) Reported: Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
52,466
47,045
$
(666)
$
46,379
$
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
. . . (151)
-
(151)
Basic earnings (loss) and shares .
. . . . . . . . . . . .
52,466
46,894
$
0.89
$
(666)
$
(0.01)
$
46,228
$
0.88
$
Effect of dilutive
securities: Stock compensation plans . . .
. . . . . . . . . . . . . 472
Diluted earnings (loss)
and shares . . . . . . . . . . . .
52,938
46,894
$
0.89
$
(666)
$
(0.02)
$
46,228
$
0.87
$
Adjustments (net of tax):
Gain on disposal. . . . . . . . . . . . . . . . . . . .
. . . . . (4,446)
$
(0.08)
$
-
$
-
$
(4,446)
$
(0.08)
$
Storm damage and other. . . . . . . . . . . . . . . . .
. . . 840
0.01
-
-
840
0.01
Effect of two-class method &
rounding . . . . . . . -
-
-
0.01
-
0.01
Total adjustments . . . . . . . . . . . .
. . . . . . . . . . (3,606)
$
(0.07)
$
-
$
0.01
$
(3,606)
$
(0.06)
$
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share (4) . . . . . . . .
43,439
$
0.82
$
(666)
$
(0.01)
$
42,773
$
0.81
$
(4) Expenses attributable to
EchoPark® operations were $0.06 per fully diluted share in the six months ended June 30, 2014. |
Exhibit 99.3
FOR IMMEDIATE RELEASE
SONIC AUTOMOTIVE, INC. DECLARES QUARTERLY CASH DIVIDEND
CHARLOTTE, N.C. July 20, 2015 Sonic Automotive, Inc. (NYSE: SAH), a leader in automotive retailing, today announced that its
Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on September 15, 2015. The dividend will be payable on October 15, 2015.
Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nations largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Included herein is a forward-looking statement pertaining to an anticipated cash dividend to shareholders. There are many
factors that affect managements views about future events and trends of the Companys business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from managements view,
including without limitation, economic conditions in the markets in which we operate, new and used vehicle sales volume, the success of our operational strategies and the risk factors described in the Companys annual report on Form 10-K for
the year ending December 31, 2014. The Company does not undertake any obligation to update forward-looking information.
###
Contact: |
Heath Byrd, Chief Financial Officer (704) 566-2400 |
C.G. Saffer, Vice President and Chief
Accounting Officer (704) 566-2439
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