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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports All-Time Record Fourth Quarter and
All-Time Record Full Year 2019

EchoPark Hits Record Revenues of $1.2 Billion;
Sonic Announces Total Annual Revenue Target of $20 Billion

CHARLOTTE, N.C. – February 19, 2020 -
 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, 2019.

Fourth Quarter Highlights

•All-time record quarterly earnings per diluted share from continuing operations of $1.04 for the fourth quarter of 2019, up 104% compared to the fourth quarter of 2018
•All-time record quarterly consolidated total revenues of $2.7 billion and gross profit of $393.9 million for the fourth quarter of 2019, compared to $2.6 billion and $370.7 million, respectively, for the fourth quarter of 2018
•EchoPark revenues of $308.6 million, up 52% from the fourth quarter of 2018, EchoPark retail volume of 12,676 units, up 45% from the fourth quarter of 2018
•EchoPark segment income of $2.1 million, up 145% compared to the fourth quarter of 2018
•Same Store Franchised Dealerships Segment operating results:
◦Revenues up 8.5%, gross profit up 9.4% compared to the fourth quarter of 2018
◦New vehicle unit volume up 7.5%; new vehicle gross profit per unit up 1.4%, to $2,213 per unit
◦Retail used vehicle unit volume up 9.7%; retail used vehicle gross profit per unit up 2.6%, to $1,269 per unit
◦Parts, service and collision repair gross profit up 6.2%, Customer Pay gross profit up 10.2% compared to the fourth quarter of 2018
◦Finance and insurance (“F&I”) gross profit up 13.7% compared to the fourth quarter of 2018 (all-time record quarterly F&I gross profit per retail unit of $1,809 on a total Sonic consolidated basis)

Full Year Highlights

•All-time record full year earnings per diluted share from continuing operations of $3.31, up 171% compared to 2018
•All-time record full year consolidated total revenues of $10.5 billion and gross profit of $1.5 billion, compared to $10.0 billion and $1.4 billion, respectively, for 2018
•EchoPark revenues of $1.2 billion, up 66% from 2018, EchoPark retail volume of 49,520 units, up 68% from 2018
•EchoPark segment income of $9.1 million, up 117% compared to 2018
•Fiscal year 2019 debt reduction of $238 million, in line with $300 million target by mid-to-late 2020
•Same Store Franchised Dealerships Segment operating results:
◦Revenues up 5.5%, gross profit up 6.7% compared to 2018
◦New vehicle unit volume up 0.6%; new vehicle gross profit per unit up 0.4%, to $2,083 per unit
◦Retail used vehicle unit volume up 7.7%; retail used vehicle gross profit per unit down 1.8%, to $1,272 per unit
◦Parts, service and collision repair gross profit up 6.0%, Customer Pay gross profit up 8.2% compared to 2018
◦F&I gross profit up 10.3% compared to 2018 (all-time record annual F&I gross profit per retail unit of $1,743 on a total Sonic consolidated basis)

Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “Our 2019 performance was exceptional, with record-breaking consolidated total revenues and earnings per diluted share from continuing operations. This was led by tremendous year-over-year annual revenue growth of 66% at EchoPark, our specialty pre-owned vehicle stores, as well as strong performance from our franchised dealerships.”

Mr. Smith continued, “During the fourth quarter, EchoPark opened its Long Beach, California store, our ninth location nationwide and our first in California. Upon opening, this location proceeded to sell over 450 vehicles within the first 45 days of operation. This is an excellent start and it speaks to the strength of our unique business model and the industry-leading guest experience our EchoPark stores provide. EchoPark experienced strong growth in 2019, and we believe it is poised for further growth in 2020 as we capitalize on opportunities to expand EchoPark’s reach into new markets, which we expect to include three new stores by the end of 2020. Taking into consideration EchoPark’s growth trajectory and the continued strength of our franchised dealerships, 2020 marks the beginning of our march towards our long-term goal of achieving $20 billion in total annual revenues this decade.”

Jeff Dyke, Sonic's and EchoPark’s President, commented, “In 2019, we continued improving our operational performance, driving increased gross profit to our bottom line. As a result, we achieved record net income from continuing operations of $3.31 per diluted

The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sonic Automotive Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Statement Of Income (Statement)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Business Acquisitions And Dispositions
Business Acquisitions And Dispositions (Tables)
Business Acquisitions And Dispositions - Additional Information (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships Classified As Discontinued Operations (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships That Remain In Continuing Operations (Details)
Capital Structure And Per Share Data
Capital Structure And Per Share Data - Additional Information (Details)
Capital Structure And Per Share Data - Dilutive Effect On Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Financial Covenants Related To Amended Subordination And Guaranty Agreement (Details)
Commitments And Contingencies - Future Minimum Lease Payments For Both Continuing And Discontinued Operations (Details)
Commitments And Contingencies - Summary Of Lease Exit Accruals (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Additional Information (Details)
Description Of Business And Summary Of Significant Accounting Policies - Cumulative Effect Of Adjustments For Adoption Of Asc 606 (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Cost Components Of Supplemental Executive Retirement Plan (Details)
Employee Benefit Plans - Estimated Future Benefit Payments (Details)
Employee Benefit Plans - Schedule Of Multi-Employer Pension Plans Affecting Period-To-Period Comparability Of Contributions (Details)
Employee Benefit Plans - Status Of Non-Vested Restricted Stock And Restricted Stock Unit Grants Related To Stock Plans (Details)
Employee Benefit Plans - Status Of Stock Options Related To Stock Plans (Details)
Employee Benefit Plans - Status Of Supplemental Executive Retirement Plan (Details)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Costs (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value Measurements - Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Fair Value And Carrying Value Of Fixed Rate Long-Term Debt (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision For Income Taxes For Continuing Operations - Benefit (Expense) (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate With Federal And State Overall Effective Income Tax Rate From Continuing Operations (Details)
Income Taxes - Summary Of Changes In Liability Related To Unrecognized Tax Benefits (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Additional Information (Details)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Franchise Assets And Goodwill (Details)
Inventories And Related Notes Payable - Floor Plan
Inventories And Related Notes Payable - Floor Plan (Tables)
Inventories And Related Notes Payable - Floor Plan - Additional Information (Details)
Inventories And Related Notes Payable - Floor Plan - Components Of Inventories (Details)
Leases, Codification Topic 842
Leases, Codification Topic 842 (Details)
Leases, Codification Topic 842 (Tables)
Long-Term Debt (Tables)
Long-Term Debt - Derivative Instruments And Hedging Activities Narrative (Details)
Long-Term Debt - Financial Covenants Include Required Specified Ratios (Details)
Long-Term Debt - Future Maturities Of Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Long-Term Debt - Redemption Price, Percentage (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (Details)
Long-Term Debt Long-Term Debt - 2016 Credit Facilities (Details)
Long-Term Debt Long-Term Debt - Covenants (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment, Net (Details)
Property And Equipment - Impairment Charges (Details)
Related Parties
Related Parties - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reportable Operating Segment (Details)
Subsequent Events (Details)
Summary Of Quarterly Financial Data (Unaudited) (Tables)
Summary Of Quarterly Financial Data (Unaudited) - Additional Information (Details)
Summary Of Quarterly Financial Data (Unaudited) - Consolidated Statements Of Income By Quarter (Details)
Ticker: SAH
CIK: 1043509
Form Type: 10-K Annual Report
Accession Number: 0001043509-20-000006
Submitted to the SEC: Fri Feb 21 2020 5:01:33 PM EST
Accepted by the SEC: Fri Feb 21 2020
Period: Tuesday, December 31, 2019
Industry: Retail Auto Dealers And Gasoline Stations

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