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Sonic Automotive Inc (SAH) SEC Filing 8-K Material Event for the period ending Thursday, April 28, 2022

Sonic Automotive Inc

CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive Reports Record First Quarter Financial Results

Record First Quarter Revenues and EPS Driven by Strong Demand and Benefits from Strategic Acquisitions
13th Consecutive Quarter of Year-Over-Year EPS Growth

CHARLOTTE, N.C. – April 28, 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 first quarter ended March 31, 2022.

Key Highlights

All-time record quarterly revenues of $3.6 billion, up 28.7% year-over-year
Record first quarter income from continuing operations before taxes of $128.9 million, up 77.5% year-over-year
Record first quarter net income from continuing operations of $97.3 million ($2.33 per diluted share, up 89.4% year-over-year)
Record low first quarter selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 67.7% (59.8% on a Franchised Dealerships Segment basis, a decrease of 1,060 basis points year-over-year)
All-time record quarterly total Finance & Insurance (“F&I”) gross profit per retail unit of $2,495, up 22.0% year-over-year
Record first quarter EchoPark revenues of $625.3 million, up 23.3% year-over-year
Since the end of the fourth quarter of 2021, Sonic has repurchased approximately 1.7 million shares of its Class A Common Stock for an aggregate purchase price of approximately $76.1 million

Commentary

David Smith, Chief Executive Officer of Sonic Automotive, commented, “Building on our record performance in 2021, Sonic generated record first quarter revenues and earnings per share, including 89.4% year-over-year EPS growth. These exceptional results were driven by persistent consumer demand, our enhanced digital sales and marketing initiatives as well as the tremendous efforts of our teammates. Despite inventory constraints and inflation due to ongoing supply chain issues, we continue to see solid consumer demand for vehicle sales and parts and services throughout our business. With these favorable trends and our continued focus on executing our long-term strategic growth plan for Sonic and EchoPark, we remain confident in reaching our stated goal of $28 billion in total revenues by 2025.”

Jeff Dyke, President of Sonic Automotive, stated, “In 2022, we have continued the nationwide expansion of the EchoPark Automotive brand, opening locations in three new markets and rolling out the new EchoPark.com to 80% of our EchoPark web traffic nationwide. Early results from our enhanced digital retail platform continue to exceed our expectations, driving higher conversion rates, incremental out-of-market sales volume, and high F&I product attachment rates. Our focus on the guest experience continues to pay dividends, with EchoPark recently achieving the highest guest experience scores in the pre-owned competitive segment. With the continuing evolution of our digital retail offerings and our exceptional guest experience, we believe EchoPark’s omnichannel strategy is well-positioned to grow market share in the highly fragmented used vehicle market. We remain focused on achieving our goal of 90% U.S. population coverage by 2025, delivering 575,000 vehicles and generating $14 billion in annual EchoPark revenues by that time.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our consistently strong sales performance, expense management, cash flow generation and balanced capital allocation strategy have all contributed to our solid financial position, allowing Sonic to raise its quarterly cash dividend by 108% in the first quarter. These attributes have also enabled the Company to repurchase approximately 1.7 million shares of its Class A Common Stock for an aggregate purchase price of approximately $76.1 million since the end of 2021. These actions all demonstrate the strength and flexibility of our business model, our positive operating outlook, and our dedication to returning capital to our stockholders.”






First Quarter Segment Highlights

The financial measures discussed below are results for the first quarter of 2022 with comparisons made to the first quarter of 2021, unless otherwise noted.

Franchised Dealerships Segment operating results include:
Same store revenues up 4.6%, same store gross profit up 26.9%
Same store retail new vehicle unit sales volume down 14.5%; same store retail new vehicle gross profit per unit up 134.4%, to $6,799
Same store retail used vehicle unit sales volume down 16.2%; same store retail used vehicle gross profit per unit up 35.7%, to $1,728
Same store parts, service and collision repair gross profit up 10.0%; same store customer pay gross profit up 20.6%; same store warranty gross profit down 3.6%; same store gross margin down 110 basis points, to 49.2%
Same store F&I gross profit up 6.6%; all-time record quarterly reported Franchised Dealerships Segment F&I gross profit per retail unit of $2,448, up 28.2%
On a trailing quarter cost of sales basis, Franchised Dealerships Segment new vehicle inventory had approximately 15 days’ supply, and Franchised Dealerships Segment used vehicle inventory had approximately 33 days’ supply

EchoPark Segment operating results include:
Record first quarter EchoPark revenues of $625.3 million, up 23.3% year-over-year
First quarter EchoPark retail used vehicle unit sales volume of 14,995, down 23.8% year-over-year
EchoPark market share was 2.1% of the 1-4-year old vehicle segment in our current markets (on a same market basis, EchoPark share was 3.2% of the 1-4-year old vehicle segment)
EchoPark reported pre-tax loss of $34.9 million and adjusted EBITDA* loss of $29.0 million (including market expansion-related losses of $11.8 million and $11.1 million, respectively)
On a trailing quarter cost of sales basis, EchoPark Segment used vehicle inventory had approximately 57 days’ supply (including the effect of building up inventory for newly opened and future locations)

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

Dividend

Sonic’s Board of Directors approved a quarterly cash dividend of $0.25 per share payable on July 15, 2022 to all stockholders of record on June 15, 2022.

First Quarter 2022 Earnings Conference Call

Senior management will hold a conference call today at 11:00 A.M. (Eastern).

Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.

To access the live webcast of the conference call, please go to ir.sonicautomotive.com.

For telephone access to this conference call, please register in advance using this link:



https://www.incommglobalevents.com/registration/q4inc/10643/sonic-automotive-q1-2022-earnings-conference-call/

After registering, you will receive a confirmation that includes dial-in numbers and a unique conference call access code and PIN for entry. Registration remains available through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes before the start of the call.

A conference call replay will be available beginning two hours following the call for 14 days at ir.sonicautomotive.com.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is one of the fastest growing and most comprehensive retailers of nearly new pre-owned vehicles in America today. Our rapid growth plan is expected to bring our unique business model to 90% of the U.S. population by 2025, utilizing one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. We believe EchoPark is on pace to become the #1 retailer in the nearly new pre-owned vehicle market by 2025, and is already making its mark by earning the 2021 Consumer Satisfaction Award from DealerRater, expanding its Owner Experience Centers, developing an all-new digital ecommerce platform and focusing on growing its brand nationwide. EchoPark’s mission is in its name: Every Car deserves a Happy Owner. This drives the car buying experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.

Forward-Looking Statements

Included herein are forward-looking statements, including statements regarding expected future revenue levels, EchoPark's omnichannel strategy, and future population coverage. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the integration of the RFJ Auto acquisition, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.

Non-GAAP Financial Measures

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.




Company Contacts

Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer (704) 566-2400
Danny Wieland, Vice President, Investor Relations & Financial Reporting (704) 927-3462
ir@sonicautomotive.com

Press Inquiries:
Danielle DeVoren / Joshua Greenwald
212-896-1272 / 646-379-7971
ddevoren@kcsa.com/jgreenwald@kcsa.com




Sonic Automotive, Inc.
Results of Operations (Unaudited)

Results of Operations - Consolidated
Three Months Ended March 31,Better / (Worse)
20222021% Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles$1,351.3 $1,134.0 19.2 %
Fleet new vehicles148.6 22.3 566.4 %
Total new vehicles1,499.9 1,156.3 29.7 %
Used vehicles1,370.9 1,090.1 25.8 %
Wholesale vehicles168.7 74.8 125.5 %
Total vehicles3,039.5 2,321.2 30.9 %
Parts, service and collision repair380.5 320.9 18.6 %
Finance, insurance and other, net166.6 144.7 15.1 %
Total revenues3,586.6 2,786.8 28.7 %
Cost of sales:
Retail new vehicles(1,183.6)(1,064.8)(11.2)%
Fleet new vehicles(147.8)(22.1)(568.8)%
Total new vehicles(1,331.4)(1,086.9)(22.5)%
Used vehicles(1,322.7)(1,059.2)(24.9)%
Wholesale vehicles(167.3)(73.9)(126.4)%
Total vehicles(2,821.4)(2,220.0)(27.1)%
Parts, service and collision repair(193.9)(165.9)(16.9)%
Total cost of sales(3,015.3)(2,385.9)(26.4)%
Gross profit571.3 400.9 42.5 %
Selling, general and administrative expenses(387.0)(289.4)(33.7)%
Impairment charges— — — %
Depreciation and amortization(29.9)(23.6)(26.7)%
Operating income (loss)154.4 87.9 75.7 %
Other income (expense):
Interest expense, floor plan(5.0)(5.1)2.0 %
Interest expense, other, net(20.8)(10.3)(101.9)%
Other income (expense), net0.3 0.1 200.0 %
Total other income (expense)(25.5)(15.3)(66.7)%
Income (loss) from continuing operations before taxes128.9 72.6 77.5 %
Provision for income taxes for continuing operations - benefit (expense)(31.6)(18.9)(67.2)%
Income (loss) from continuing operations97.3 53.7 81.2 %
Discontinued operations:
Income (loss) from discontinued operations before taxes— 0.7 (100.0)%
Provision for income taxes for discontinued operations - benefit (expense)— (0.2)100.0 %
Income (loss) from discontinued operations— 0.5 (100.0)%
Net income (loss)$97.3 $54.2 79.5 %
Basic earnings (loss) per common share:
Earnings (loss) per share from continuing operations$2.41 $1.29 86.8 %
Earnings (loss) per share from discontinued operations— 0.02 (100.0)%
Earnings (loss) per common share$2.41 $1.31 84.0 %
Weighted-average common shares outstanding40.4 41.5 2.6 %
Diluted earnings (loss) per common share:
Earnings (loss) per share from continuing operations$2.33 $1.23 89.4 %
Earnings (loss) per share from discontinued operations— 0.02 (100.0)%
Earnings (loss) per common share$2.33 $1.25 86.4 %
Weighted-average common shares outstanding41.8 43.5 3.9 %
Dividends declared per common share$0.25 $0.10 150.0 %






Franchised Dealerships Segment - Reported
Three Months Ended March 31,Better / (Worse)
20222021% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles$1,345.7 $1,134.0 18.7 %
Fleet new vehicles148.6 22.3 566.4 %
Total new vehicles1,494.3 1,156.3 29.2 %
Used vehicles853.7 661.5 29.1 %
Wholesale vehicles106.3 56.2 89.1 %
Total vehicles2,454.3 1,874.0 31.0 %
Parts, service and collision repair380.5 308.1 23.5 %
Finance, insurance and other, net126.5 97.6 29.6 %
Total revenues2,961.3 2,279.7 29.9 %
Gross Profit:
Retail new vehicles166.6 69.2 140.8 %
Fleet new vehicles0.8 0.3 166.7 %
Total new vehicles167.4 69.5 140.9 %
Used vehicles46.9 32.0 46.6 %
Wholesale vehicles(0.4)0.7 (157.1)%
Total vehicles213.9 102.2 109.3 %
Parts, service and collision repair186.6 155.3 20.2 %
Finance, insurance and other, net126.5 97.5 29.7 %
Total gross profit527.0 355.0 48.5 %
Selling, general and administrative expenses(315.2)(250.1)(26.0)%
Impairment charges— — NM
Depreciation and amortization(24.9)(20.4)(22.2)%
Operating income (loss)186.9 84.5 121.1 %
Other income (expense):
Interest expense, floor plan(3.3)(4.1)19.5 %
Interest expense, other, net(20.0)(10.0)(100.0)%
Other income (expense), net0.2 0.2 — %
Total other income (expense)(23.1)(13.9)(66.2)%
Income (loss) before taxes163.8 70.6 132.0 %
Add: impairment charges— — NM
Segment income (loss)$163.8 $70.6 132.0 %
Unit Sales Volume:
Retail new vehicles24,602 23,817 3.3 %
Fleet new vehicles4,381 541 709.8 %
Total new vehicles28,983 24,358 19.0 %
Used vehicles27,078 27,236 (0.6)%
Wholesale vehicles6,772 6,832 (0.9)%
Retail new & used vehicles51,680 51,053 1.2 %
Used-to-New Ratio0.93 1.12 17.0 %
Gross Profit Per Unit:
Retail new vehicles$6,771 $2,906 133.0 %
Fleet new vehicles$193 $459 (58.0)%
Total new vehicles$5,777 $2,852 102.6 %
Used vehicles$1,731 $1,175 47.3 %
Finance, insurance and other, net$2,448 $1,910 28.2 %
NM = Not Meaningful




Franchised Dealerships Segment - Same Store
Three Months Ended March 31,Better / (Worse)
20222021% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles$1,109.7 $1,130.7 (1.9)%
Fleet new vehicles13.6 22.3 (39.0)%
Total new vehicles1,123.3 1,153.0 (2.6)%
Used vehicles723.1 659.1 9.7 %
Wholesale vehicles82.5 56.0 47.3 %
Total vehicles1,928.9 1,868.1 3.3 %
Parts, service and collision repair344.7 306.9 12.3 %
Finance, insurance and other, net98.1 92.0 6.6 %
Total revenues2,371.7 2,267.0 4.6 %
Gross Profit:
Retail new vehicles137.9 68.8 100.4 %
Fleet new vehicles0.7 0.3 133.3 %
Total new vehicles138.6 69.1 100.6 %
Used vehicles39.2 34.5 13.6 %
Wholesale vehicles(0.4)0.8 (150.0)%
Total vehicles177.4 104.4 69.9 %
Parts, service and collision repair169.7 154.3 10.0 %
Finance, insurance and other, net98.1 92.0 6.6 %
Total gross profit$445.2 $350.7 26.9 %
Unit Sales Volume:
Retail new vehicles20,283 23,736 (14.5)%
Fleet new vehicles277 541 (48.8)%
Total new vehicles20,560 24,277 (15.3)%
Used vehicles22,717 27,120 (16.2)%
Wholesale vehicles5,362 6,803 (21.2)%
Retail new & used vehicles43,000 50,856 (15.4)%
Used-to-New Ratio1.10 1.12 (1.1)%
Gross Profit Per Unit:
Retail new vehicles$6,799 $2,900 134.4 %
Fleet new vehicles$2,348 $459 411.5 %
New vehicles$6,739 $2,846 136.9 %
Used vehicles$1,728 $1,273 35.7 %
Finance, insurance and other, net$2,280 $1,808 26.1 %

Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.




EchoPark Segment - Reported
Three Months Ended March 31,Better / (Worse)
20222021% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles$5.6 $— 100.0 %
Used vehicles517.2 441.4 17.2 %
Wholesale vehicles62.4 18.6 235.5 %
Total vehicles585.2 460.0 27.2 %
Finance, insurance and other, net40.1 47.1 (14.5)%
Total revenues625.3 507.1 23.3 %
Gross Profit:
Retail new vehicles1.1 — 100.0 %
Used vehicles1.3 (1.4)192.9 %
Wholesale vehicles1.8 0.2 800.0 %
Total vehicles4.2 (1.2)450.0 %
Finance, insurance and other, net40.1 46.9 (14.5)%
Total gross profit44.3 45.9 (3.5)%
Selling, general and administrative expenses(71.8)(39.3)(82.6)%
Impairment charges— — — %
Depreciation and amortization(5.0)(3.2)(56.3)%
Operating income (loss)(32.5)3.4 NM
Other income (expense):
Interest expense, floor plan(1.7)(1.0)(70.0)%
Interest expense, other, net(0.8)(0.3)(166.7)%
Other income (expense), net0.1 (0.1)200.0 %
Total other income (expense)(2.4)(1.4)(71.4)%
Income (loss) before taxes(34.9)2.0 NM
Add: impairment charges— — NM
Segment income (loss)$(34.9)$2.0 NM
Unit Sales Volume:
Retail new vehicles85 — 100.0 %
Used vehicles14,995 19,670 (23.8)%
Wholesale vehicles3,649 2,861 27.5 %
Gross Profit Per Unit:
Total used vehicle and F&I $2,755 $2,318 18.8 %

NM = Not Meaningful




EchoPark Segment - Same Market
Three Months Ended March 31,Better / (Worse)
20222021% Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles$4.0 $— 100.0 %
Used vehicles293.4 391.7 (25.1)%
Wholesale vehicles45.4 16.6 173.5 %
Total vehicles342.8 408.3 (16.0)%
Finance, insurance and other, net22.4 41.9 (46.5)%
Total revenues365.2 450.2 (18.9)%
Gross Profit:
Retail new vehicles0.4 — 100.0 %
Used vehicles(3.9)(1.6)(143.8)%
Wholesale vehicles1.8 0.1 NM
Total vehicles(1.7)(1.5)(13.3)%
Parts, service and collision repair— — — %
Finance, insurance and other, net22.4 41.9 (46.5)%
Total gross profit$20.7 $40.4 (48.8)%
Unit Sales Volume:
Retail new vehicles44 — 100.0 %
Used vehicles8,984 17,358 (48.2)%
Wholesale vehicles2,438 2,501 (2.5)%
Gross Profit Per Unit:
Total used vehicle and F&I$2,064 $2,327 (11.3)%
NM = Not Meaningful

Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market's opening.





Consolidated Selling, General and Administrative ("SG&A") Expenses

Three Months Ended March 31,Better / (Worse)
20222021Change% Change
(In millions)
Reported:
Compensation$252.5 $188.5 $(64.0)(34.0)%
Advertising26.2 12.2 (14.0)(114.8)%
Rent12.7 13.7 1.0 7.3 %
Other95.6 75.0 (20.6)(27.5)%
Total SG&A expenses$387.0 $289.4 $(97.6)(33.7)%
Reported:
SG&A expenses as a % of gross profit:
Compensation44.2 %47.0 %280 bps
Advertising4.6 %3.0 %(160)bps
Rent2.2 %3.4 %120 bps
Other16.7 %18.8 %210 bps
Total SG&A expenses as a % of gross profit67.7 %72.2 %450 bps


Franchised Dealerships Segment - SG&A Expenses

Three Months Ended March 31,Better / (Worse)
20222021Change% Change
(In millions)
Reported:
Compensation$215.1 $165.4 $(49.7)(30.0)%
Advertising7.9 5.8 (2.1)(36.2)%
Rent10.9 12.1 1.2 9.9 %
Other81.3 66.8 (14.5)(21.7)%
Total SG&A expenses$315.2 $250.1 $(65.1)(26.0)%
Reported:
SG&A expenses as a % of gross profit:
Compensation40.8 %46.6 %580 bps
Advertising1.5 %1.6 %10 bps
Rent2.1 %3.4 %130 bps
Other15.4 %18.8 %340 bps
Total SG&A expenses as a % of gross profit59.8 %70.4 %1,060 bps




EchoPark Segment - SG&A Expenses

Three Months Ended March 31,Better / (Worse)
20222021Change% Change
(In millions)
Reported:
Compensation$37.4 $23.1 $(14.3)(61.9)%
Advertising18.3 6.4 (11.9)(185.9)%
Rent1.8 1.6 (0.2)(12.5)%
Other14.3 8.2 (6.1)(74.4)%
Total SG&A expenses$71.8 $39.3 $(32.5)(82.7)%
Reported:
SG&A expenses as a % of gross profit:
Compensation84.4 %50.3 %(3,410)bps
Advertising41.3 %13.9 %(2,740)bps
Rent4.1 %3.5 %(60)bps
Other32.3 %17.9 %(1,440)bps
Total SG&A expenses as a % of gross profit162.1 %85.6 %(7,650)bps





Adjusted EBITDA - Non-GAAP Reconciliation
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Franchised Dealerships SegmentEchoPark SegmentDiscontinued OperationsTotalFranchised Dealerships SegmentEchoPark SegmentDiscontinued OperationsTotal
(In millions)
Net income (loss)$97.3 $54.2 
Provision for income taxes31.6 19.1 
Income (loss) before taxes$163.8 $(34.9)$— $128.9 $70.6 $2.0 $0.7 $73.3 
Non-floor plan interest 19.0 0.7 — 19.7 9.1 0.4 — 9.5 
Depreciation and amortization25.9 5.2 — 31.1 21.2 3.3 — 24.5 
Stock-based compensation expense4.4 — — 4.4 3.5 — — 3.5 
Long-term compensation charges— — — — — 0.5 — 0.5 
Loss (gain) on franchise and real estate disposals(1.1)— — (1.1)— — — — 
Adjusted EBITDA $212.0 $(29.0)$— $183.0 $104.4 $6.2 $0.7 $111.3 



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Ticker: SAH
CIK: 1043509
Form Type: 8-K Corporate News
Accession Number: 0001043509-22-000007
Submitted to the SEC: Thu Apr 28 2022 7:41:57 AM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, April 28, 2022
Industry: Retail Auto Dealers And Gasoline Stations
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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