Last10K.com

Sonic Automotive Inc (SAH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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 All-Time Record Fourth Quarter and Full Year Revenues

Repurchased 5.6 Million Shares of Class A Common Stock During 2022, or 14% of Total Shares Outstanding as of December 31, 2021
Announces Acquisition of 13 Powersports Locations, Further Diversifying Retail Portfolio

CHARLOTTE, N.C. – February 15, 2023 –
Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” "we," "us" or "our") (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and fiscal year ended December 31, 2022.

Fourth Quarter 2022 Financial Summary
•All-time record quarterly revenues of $3.6 billion, up 13% year-over-year; record fourth quarter gross profit of $576.1 million, up 9% year-over-year
•Reported fourth quarter net loss of $190.9 million ($5.22 loss per diluted share)
◦Reported net loss includes the effect of a $320.4 million pre-tax charge related to non-cash impairment charges, offset partially by a $9.1 million pre-tax gain on the disposal of real estate and an income tax benefit of $22.6 million related to these non-recurring items
◦Excluding non-recurring items, adjusted fourth quarter net income* was $97.8 million ($2.61 adjusted earnings per diluted share*)
•Selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 63.6% (56.6% on a Franchised Dealerships Segment basis, a decrease of 110 basis points year-over-year)
◦Adjusted SG&A expenses as a percentage of gross profit* of 65.2% (58.3% on a Franchised Dealerships Segment basis, an increase of 80 basis points year-over-year)
•Record fourth quarter EchoPark revenues of $589.3 million, up 2% year-over-year; fourth quarter EchoPark gross profit of $40.8 million, flat year-over-year
•Since October 1, 2022, Sonic has repurchased approximately 0.7 million shares of its Class A Common Stock for an aggregate purchase price of approximately $35.8 million, or an average of $48.25 per share

Full Year 2022 Financial Summary
•All-time record annual revenues of $14.0 billion, up 13% year-over-year; all-time record annual gross profit of $2.3 billion, up 21% year-over-year
•Reported full year net income of $88.5 million ($2.23 earnings per diluted share)
◦Reported net income includes the effect of a $320.4 million pre-tax charge related to non-cash impairment charges and a $4.4 million pre-tax charge related to long-term compensation charges, offset partially by a $9.1 million pre-

The following information was filed by Sonic Automotive Inc (SAH) on Wednesday, February 15, 2023 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.

View differences made from one year 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-K Annual 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 2023 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
Cash Flow
Earnings
Dividend
Debt
Income
Product
Expense
Shares
Other
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)
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: 0001043509-23-000003
Submitted to the SEC: Fri Feb 17 2023 4:00:55 PM EST
Accepted by the SEC: Fri Feb 17 2023
Period: Saturday, December 31, 2022
Industry: Retail Auto Dealers And Gasoline Stations

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/sah/0001043509-23-000003.htm