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Sonic Automotive Inc (SAH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Sonic Automotive Inc

HISTORY TOOLS
CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports All-Time Record Fourth Quarter and Full Year Revenues and Earnings Per Share

Completes RFJ Auto Acquisition, Expected to Add $3.2 Billion in 2022 Revenues
Raises Quarterly Cash Dividend By 108%

CHARLOTTE, N.C. – February 16, 2022 –
Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic” or the “Company”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and fiscal year ended December 31, 2021.

Key Fourth Quarter Highlights

•Record fourth quarter revenues of $3.2 billion, up 13.8% year-over-year
•Record fourth quarter income from continuing operations before taxes of $122.1 million, up 35.1% year-over-year
◦Record fourth quarter adjusted income from continuing operations before taxes* of $145.4 million, up 69.9% year-over-year
•Record fourth quarter net income from continuing operations of $96.3 million ($2.25 per diluted share)
◦All-time record quarterly adjusted net income from continuing operations* of $113.7 million ($2.66 per diluted share)
•Record low fourth quarter selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 64.7% (57.7% on a Franchised Dealerships Segment basis, a decrease of 730 basis points year-over-year)
◦Record low fourth quarter adjusted SG&A expenses as a percentage of gross profit* of 63.3% (57.5% on a Franchised Dealerships Segment basis, a decrease of 770 basis points year-over-year)
•All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,415, up 18.9% year-over-year
•Record fourth quarter EchoPark revenues of $579.2 million, up 49.7% year-over-year
•Sonic’s Board of Directors approved a 108% increase to the Company’s quarterly cash dividend, to $0.25 per share, payable on April 14, 2022 to all stockholders of record on March 15, 2022
•Since the end of the third quarter of 2021, Sonic repurchased approximately one million shares of its Class A Common Stock for an aggregate purchase price of approximately $50.4 million
•In December, Sonic completed the acquisition of RFJ Auto Partners, Inc. and its subsidiaries (collectively, “RFJ Auto”), a top-15 U.S. dealer group by total revenues, which is expected to contribute $3.2 billion to revenues in fiscal year 2022
•In October, Sonic amended its credit facilities to increase revolver and floor plan commitments to $2.95 billion from $1.8 billion, in addition to completing an offering of $1.15 billion aggregate principal amount of unsecured senior notes due 2029 and 2031 at a blended rate of 4.73% to fund the acquisition of RFJ Auto and to repay existing debt

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Commentary

David Smith, Chief Executive Officer of Sonic Automotive, commented, “We are very proud of our performance during the fourth quarter, which capped off a year of significant achievements for our company. Sonic delivered all-time record revenues and earnings for the full year, completed the largest acquisition in company history, and executed on our EchoPark expansion plan, exceeding our previously stated target of reaching 25% of the U.S. population by year end. We achieved these results while navigating unprecedented supply chain issues, record low levels of new vehicle inventory, record-high new and used vehicle pricing, and human capital challenges due to the ongoing pandemic. We are especially thankful to our teammates for their continued dedication and commitment, positioning our company for both top- and bottom-line growth as we move forward in the next phase of our long-term strategic growth plan for Sonic and EchoPark.”


The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 16, 2022 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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Assess how Sonic Automotive Inc's management team is paid from their Annual Proxy

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Sonic Automotive Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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  • Executive Team
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  • Peers / Competitors

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

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
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)
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)
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)
Intangible Assets And Goodwill - Definite Life Intangible Assets (Details)
Intangible Assets And Goodwill - Future Amortization Expense (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 - 2021 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
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: 0001043509-22-000004
Submitted to the SEC: Fri Feb 25 2022 4:10:53 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Retail Auto Dealers And Gasoline Stations

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