Last10K.com

Sonic Automotive Inc (SAH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Sonic Automotive Inc

HISTORY TOOLS
CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports All-Time Record Quarterly Revenues and Earnings Per Share

Record Second Quarter Results Driven By Strong Franchised Dealership Performance Across All Business Lines
Fourth Consecutive Quarter of Record EchoPark Revenues and Retail Unit Sales Volume
EchoPark Announces Plans To Achieve 2 Million Vehicle Sales Annually At Maturity

Board Announces Review of Strategic Alternatives for EchoPark Business

CHARLOTTE, N.C. – July 29, 2021 –
Sonic Automotive, Inc. (“Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the second quarter and six months ended June 30, 2021.

Key Highlights

•All-time record quarterly revenues of $3.4 billion, up 58.7% year-over-year
•All-time record quarterly income from continuing operations before taxes of $151.0 million, up 303.4% year-over-year
•All-time record quarterly earnings from continuing operations of $114.0 million ($2.63 per diluted share)
•All-time record quarterly selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 62.8%
•All-time record quarterly Adjusted EBITDA margin* of 5.7%, up 220 basis points year-over-year
•All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,214, up 13.8% year-over-year
•All-time record quarterly EchoPark revenues of $595.6 million, up 88.9% year-over-year
•All-time record quarterly EchoPark retail sales volume of 21,261, up 61.0% year-over-year

Commentary

David Smith, Sonic’s and EchoPark’s Chief Executive Officer, commented, “During the second quarter, our team continued to execute at a high level, driving record performance in our franchised dealerships and a fourth consecutive quarter of record revenue and retail unit sales volume for our EchoPark business. Given the increasing consumer demand we’ve experienced, our success in maximizing operating efficiency at our franchised dealerships and continued expansion of the EchoPark brand, we believe we can sustain our strong operating performance throughout the balance of 2021 and well into 2022. Longer-term, we’re confident of attaining our goal of more than doubling total revenues to $25 billion by 2025 while continuing to significantly increase profitability.”

Jeff Dyke, Sonic’s and EchoPark’s President, commented, “We are pleased to report that we are halfway through our nationwide EchoPark distribution network & digital expansion plan for 2021, and expect to achieve 25% population coverage by the end of 2021 and 90% population coverage by 2025. At 10% share of our segment of the market, which we already exceed in our more mature markets, this represents a 2 million vehicle annual sales opportunity at maturity. Complementing this, we are making excellent progress with our new, proprietary digital retail platform and are on track for a fourth quarter 2021 launch. In the meantime, our guest-centric EchoPark buying experience continues to drive market share gains and we anticipate our market penetration and brand recognition will continue to grow rapidly in tandem with our nationwide network.”

Second Quarter Financial Highlights

The financial measures discussed below are results for the second quarter of 2021 with comparisons made to the second quarter of 2020, unless otherwise noted. Certain metrics are also compared to the second quarter of 2019 to exclude the effects of the onset of the COVID-19 pandemic on comparative results.

•All-time record quarterly revenues of $3.4 billion, up 58.7% year-over-year (up 28.2% compared to the second quarter of 2019), and all-time record quarterly income from continuing operations before taxes of $151.0 million, up 303.4% (up 310.1% compared to the second quarter of 2019)
•All-time record quarterly earnings from continuing operations of $114.0 million ($2.63 per diluted share), compared to second quarter 2020 reported earnings from continuing operations of $31.0 million ($0.71 per diluted share) and adjusted earnings from continuing operations* of $27.8 million ($0.64 per diluted share)
•All-time record quarterly selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 62.8%, a 1,210 basis-point decrease from 74.9% in the second quarter of 2020
•All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,214, up 13.8%
•Franchised Dealerships Segment operating results include:

The following information was filed by Sonic Automotive Inc (SAH) on Thursday, July 29, 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-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 2021 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
Revenue
Financial
M & A
Other
Filter Subcategory:
All
Product
Expense
Earnings
Cash Flow
Debt
Shares
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 Statement Of Stockholders' Equity (Unaudited) (Parenthetical)
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 - Additional Information (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships Classified As Discontinued Operations (Details)
Business Combinations
Business Combinations (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 (Details)
Leases, Codification Topic 842 (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 2016 Credit Facilities (Details)
Long-Term Debt - 2019 Mortgage Facility (Details)
Long-Term Debt - Covenants (Details)
Long-Term Debt - Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Per Share Data And Stockholders' Equity
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)
Subsequent Events
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
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 - Recent Accounting Pronouncements (Details)

Material Contracts, Statements, Certifications & more

Sonic Automotive Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: SAH
CIK: 1043509
Form Type: 10-Q Quarterly Report
Accession Number: 0001043509-21-000015
Submitted to the SEC: Thu Jul 29 2021 4:01:19 PM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Retail Auto Dealers And Gasoline Stations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sah/0001043509-21-000015.htm