Last10K.com

Sonic Automotive Inc (SAH) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

SAH Valuations

Intrinsic Value
Financial Stability
Financial Ratios
Insider Trades
Manager Portfolios
Notifications

SAH Annual Reports

SAH Quarterly Reports

SAH Corporate News

Sonic Automotive Inc

HISTORY TOOLS
CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports 1st Quarter 2020 Results With All-Time
Record EchoPark Revenue And Unit Sales

Strengthens Balance Sheet and Liquidity

CHARLOTTE, N.C. – April 29, 2020
- Sonic Automotive Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the first quarter ended March 31, 2020. The Company also provided a business update regarding the effects of the COVID-19 pandemic, and the actions Sonic is taking to protect the health and safety of its guests and teammates.

In the first quarter of 2020, the Company was required to record a non-cash goodwill impairment charge of $268.0 million related to its franchised dealerships reporting unit as a result of a decrease in the Company’s market value due to the COVID-19 pandemic’s effect on the stock market and expected reduction in economic activity in the near term. Including the effect of this non-cash goodwill impairment charge, the Company reported GAAP loss per diluted share from continuing operations of $4.67 for the first quarter of 2020, compared to GAAP earnings per diluted share from continuing operations of $0.99 for the first quarter of 2019.

Excluding the effect of the non-cash goodwill impairment charge, adjusted earnings per diluted share from continuing operations* were $0.40 for the first quarter of 2020, compared to $0.39 for the first quarter of 2019, up nearly 3%.

First Quarter Highlights

•Adjusted earnings per diluted share from continuing operations* of $0.40 for the first quarter of 2020, compared to $0.39 for the first quarter of 2019
•SG&A expenses as a percentage of gross profit were 80.5% for the first quarter of 2020, compared to 68.8% for the first quarter of 2019 (adjusted SG&A expenses as a percentage of gross profit* were 80.5% for the first quarter of 2020 and 80.1% for the first quarter of 2019)
•Total Sonic consolidated first quarter 2020 revenues of $2.3 billion and gross profit of $350.6 million
•Record quarterly EchoPark revenues of $331.7 million, up 33% from the first quarter of 2019
•Record quarterly EchoPark retail sales volume of 13,986 units, up 27% from the first quarter of 2019
•EchoPark segment income of $2.1 million, in-line with the first quarter of 2019
•Total available liquidity of $418.4 million as of April 28, 2020, an increase from $311.5 million as of March 31, 2020, and $280.0 million as of December 31, 2019
•Same store Franchised Dealerships Segment operating results for the first quarter of 2020, compared to the first quarter of 2019:
◦Revenues down 2.7%, gross profit up 0.8%
◦New vehicle unit volume down 6.1%; new vehicle gross profit per unit down 6.5%, to $2,093 per unit
◦Retail used vehicle unit volume up 1.5%; retail used vehicle gross profit per unit down 2.5%, to $1,240 per unit
◦Parts, service and collision repair (“Fixed Operations”) gross profit up 2.0%; customer pay gross profit up 5.3%
◦Finance and insurance (“F&I”) gross profit up 6.9% (all-time record quarterly F&I gross profit per retail unit of $1,885 on a total Sonic consolidated basis)

* Adjusted net income from continuing operations, adjusted earnings per diluted share from continuing operations, adjusted SG&A expenses, and adjusted SG&A expenses as a percentage of gross profit are non-GAAP financial measures. The schedules included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.


Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “Our exceptional 2019 momentum carried over into the first quarter of 2020, where we saw strong operational performance prior to the impact of the COVID-19 pandemic on our business in the last three weeks of March. Through the first two months of 2020, same store total revenues increased 17% versus the comparable two-month period in 2019, driven by an 11% increase in new vehicle unit sales volume, a 27% increase in used vehicle unit sales volume and an 8% increase in Fixed Operations revenues. In mid-

The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Sonic Automotive Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Sonic Automotive Inc.

Continue

Assess how Sonic Automotive Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Sonic Automotive Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Expense
Earnings
Income
Debt
Cash Flow
Product
Dividend
Other
Inside Sonic Automotive Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Details
Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
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)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Fair Value And Carrying Value Of Significant Fixed Rate Long-Term Debt (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Details)
Inventories
Inventories (Tables)
Inventories - 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 - 2016 Credit Facilities (Details)
Long-Term Debt - Covenants (Details)
Long-Term Debt - Debt Redemption (Details)
Long-Term Debt - Derivative Instruments And Hedging Activities (Details)
Long-Term Debt - Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Long-Term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (Details)
Per Share Data And Stockholders' Equity - Dilutive Effect On Earnings Per Share (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment, Net (Details)
Segment Information
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reportable Operating Segment (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Activity (Details)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Cumulative Effect Of Adjustments For Adoption Of Asc 606 (Details)
Summary Of Significant Accounting Policies - Other Information (Details)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Undiscounted Lease Cash Flows (Details)
Ticker: SAH
CIK: 1043509
Form Type: 10-Q Quarterly Report
Accession Number: 0001043509-20-000015
Submitted to the SEC: Mon May 11 2020 3:56:08 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Retail Auto Dealers And Gasoline Stations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sah/0001043509-20-000015.htm