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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Sonic Automotive Inc

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CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports All-Time Record Quarterly Revenues and Pre-Tax Earnings
Record Fourth Quarter Results Reflect Strong Performance and Improved Cost Structure

CHARLOTTE, N.C. – February 17, 2021 –
Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and full year ended December 31, 2020. The financial measures discussed below are results for the fourth quarter of 2020 compared to the fourth quarter of 2019, or full year 2020 compared to full year 2019, as applicable, unless otherwise noted.

Fourth Quarter Highlights

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

Full Year Highlights

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

Commentary

Jeff Dyke, Sonic’s and EchoPark’s President, commented, “We are extremely proud of our team for all they have accomplished in 2020, driving the highest adjusted earnings from continuing operations* in our Company’s history in the face of the challenges of a global

The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 17, 2021 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 - Additional Information (Details)
Commitments And Contingencies - Financial Covenants Related To Amended Subordination And Guaranty Agreement (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)
Description Of Business And Summary Of Significant Accounting Policies - Range Of Estimated Useful Lives (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
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) - 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: 0001043509-21-000004
Submitted to the SEC: Mon Feb 22 2021 5:34:00 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Thursday, December 31, 2020
Industry: Retail Auto Dealers And Gasoline Stations

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