CHARLOTTE, N.C., April 26, 2016 /PRNewswire/ --
First Quarter 2016 Results
- Record Q1 pre-owned units of 29,333, up 4.3% over the prior
year quarter
- Record Q1 finance and insurance ("F&I") gross profit of
$81.3 million, up 8.9% over the prior
year quarter
- Record Q1 fixed operations gross profit of $166.0 million, up 6.2% over the prior year
quarter
- Record Q1 total gross profit of $345.2
million, up 3.0% over the prior year quarter
- EchoPark® stores retailed 941 units
Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest
automotive retailers, today reported adjusted net income from
continuing operations for the first quarter of 2016 of $18.2 million, or $0.39 per diluted share. Included in these
adjusted amounts are pre-tax expenses of $3.6 million, or $0.05 per diluted share, related to the Company's
EchoPark® operations. Adjusted net income from
continuing operations and related diluted earnings per share are
non-GAAP financial measures. The schedules included in this
press release reconcile these non-GAAP financial measures to the
comparable GAAP financial measures.
Adjusted net income from continuing operations for the first
quarter of 2015 was $18.8 million, or
$0.37 per diluted share. Included in
these adjusted amounts are pre-tax expenses of $4.9 million, or $0.06 per share, related to the Company's
EchoPark® operations.
On a GAAP basis, net income from continuing operations and
related diluted earnings per share for the first quarter of 2016
were $14.5 million and $0.31 per share, respectively, compared to
$14.4 million and $0.28 per diluted share, respectively, for the
first quarter of 2015.
Jeff Dyke, Sonic's EVP of
Operations, stated, "We are pleased with our operating results
during the quarter. Strong performances in the fixed
operations and the F&I areas drove the overall increase in
gross profit to record levels. We continued to see gross
profit compression in new vehicles and expect this to continue
until inventory supply corrects to more normalized levels.
The used vehicle market continues to demonstrate its resiliency
despite the compression related to new vehicles. Our
EchoPark® stores continue to grow and mature. The
expansion in Denver is on schedule
and we anticipate opening two additional stores in the second
quarter of 2016 and another by the end of the year. We are
also happy to announce we will be introducing the
EchoPark® brand to the Texas and Carolinas markets in 2017 where we
have been actively accumulating property."
B. Scott Smith, the Company's
Chief Executive Officer, noted, "Execution of our core strategies
continued in the first quarter. Our commitment to return
capital through dividends and share repurchases has rewarded our
long-term stockholders. Subsequent to the end of the quarter,
we repurchased an additional 363,000 shares for approximately
$6.4 million. In addition to
the real estate and construction activities related to
EchoPark®, we are aggressively replacing leased
properties with image-compliant facilities on owned land. We
anticipate investing approximately $250
million in land and facilities in the current year funded by
mortgages and cash generated through operations. These hard
assets are the cornerstones of our long-term plan. We are
maintaining our guidance of adjusted diluted earnings per share
from continuing operations for 2016 to be between $2.07 and $2.17 per share."
Dividend
Sonic's Board of Directors approved a quarterly dividend of
$0.05 per share payable in cash for
stockholders of record on June 15,
2016. The dividend will be payable on July 15, 2016.
First Quarter Earnings Conference Call
Senior management will host a conference call today at
11:00 A.M. (Eastern) to discuss the
quarter's results. To access the live broadcast of the call over
the Internet go to: www.sonicautomotive.com, then click on "Our
Company," then "Investor Relations," then "Earnings Conference
Calls."
Presentation materials for the conference call can be accessed
on the Company's website at www.sonicautomotive.com by
clicking on the "Investor Relations" tab under "Our Company" and
choosing "Webcasts & Presentations."
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 81083014
A conference call replay will be available one hour following
the call for seven days and can be accessed by calling:
Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 81083014
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the
nation's largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Included herein are forward-looking statements, including
statements with respect to anticipated expansion of our
EchoPark® store initiatives and the anticipated amount
of investments related to capital expenditures. There are many
factors that affect management's views about future events and
trends of the Company's business. These factors involve risk 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, new and
used vehicle industry sales volume, the success of our operational
strategies, the rate and timing of overall economic recovery or
decline, and the risk factors described in the Company's annual
report on Form 10-K for the year ending December 31, 2015. The Company does not undertake
any obligation to update forward-looking information.
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
This release contains
certain non-GAAP financial measures as defined under SEC rules,
such as, but not limited to, adjusted income from continuing
operations and related earnings per share data. The Company
has reconciled these measures to the most directly comparable GAAP
measures in the release. The Company believes that these
non-GAAP financial measures improve the transparency of the
Company's disclosure by providing period-to-period comparability of
the Company's results from operations.
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(In thousands,
except per share and unit data)
|
|
Revenues:
|
|
|
|
|
|
New retail
vehicles
|
|
$
1,149,437
|
|
$
1,190,215
|
|
Fleet
vehicles
|
|
15,133
|
|
12,108
|
|
Total new
vehicles
|
|
1,164,570
|
|
1,202,323
|
|
Used
vehicles
|
|
598,355
|
|
593,742
|
|
Wholesale
vehicles
|
|
44,374
|
|
41,656
|
|
Total
vehicles
|
|
1,807,299
|
|
1,837,721
|
|
Parts, service and
collision repair
|
|
346,054
|
|
323,194
|
|
Finance, insurance and
other, net
|
|
81,273
|
|
74,600
|
|
Total
revenues
|
|
2,234,626
|
|
2,235,515
|
|
Gross
profit
|
|
345,150
|
|
334,959
|
|
Selling, general and
administrative expenses
|
|
(284,375)
|
|
(270,862)
|
|
Impairment
charges
|
|
-
|
|
(6,192)
|
|
Depreciation and
amortization
|
|
(18,470)
|
|
(16,409)
|
|
Operating income
(loss)
|
|
42,305
|
|
41,496
|
|
Other income
(expense):
|
|
|
|
|
Interest expense,
floor plan
|
|
(6,436)
|
|
(4,778)
|
|
Interest expense,
other, net
|
|
(12,339)
|
|
(13,219)
|
|
Other income
(expense), net
|
|
104
|
|
90
|
|
Total other income
(expense)
|
|
(18,671)
|
|
(17,907)
|
|
Income (loss) from
continuing operations before taxes
|
|
23,634
|
|
23,589
|
|
Provision for income
taxes for continuing operations - benefit (expense)
|
|
(9,170)
|
|
(9,200)
|
|
Income (loss) from
continuing operations
|
|
14,464
|
|
14,389
|
|
Income (loss) from
discontinued operations
|
|
160
|
|
(422)
|
|
Net income
(loss)
|
|
$
14,624
|
|
$
13,967
|
|
|
|
|
|
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
Earnings (loss) per
share from continuing operations
|
|
$
0.31
|
|
$
0.28
|
|
Earnings (loss) per
share from discontinued operations
|
|
-
|
|
(0.01)
|
|
Earnings (loss) per
common share
|
|
$
0.31
|
|
$
0.27
|
|
Weighted average
common shares outstanding
|
|
47,122
|
|
51,403
|
|
|
|
|
|
|
Gross Margin Data
(Continuing Operations):
|
|
|
|
|
New retail
vehicles
|
|
5.1%
|
|
5.3%
|
|
Fleet
vehicles
|
|
0.2%
|
|
(0.6%)
|
|
Total new
vehicles
|
|
5.0%
|
|
5.3%
|
|
Used
vehicles
|
|
6.8%
|
|
6.9%
|
|
Wholesale
vehicles
|
|
(2.4%)
|
|
(0.5%)
|
|
Parts, service and
collision repair
|
|
48.0%
|
|
48.4%
|
|
Finance, insurance and
other
|
|
100.0%
|
|
100.0%
|
|
Overall gross
margin
|
|
15.4%
|
|
15.0%
|
|
|
|
|
|
|
SG&A Expenses
(Continuing Operations):
|
|
|
|
|
Compensation
|
|
$
169,041
|
|
$
161,858
|
|
Advertising
|
|
15,347
|
|
15,332
|
|
Rent
|
|
18,720
|
|
18,254
|
|
Other
|
|
81,267
|
|
75,418
|
|
Total SG&A
expenses
|
|
$
284,375
|
|
$
270,862
|
|
SG&A expenses as %
of gross profit
|
|
82.4%
|
|
80.9%
|
|
|
|
|
|
|
Operating Margin
%
|
|
1.9%
|
|
1.9%
|
|
|
|
|
|
|
Unit Data (Continuing
Operations):
|
|
|
|
|
New retail
units
|
|
30,156
|
|
31,334
|
|
Fleet units
|
|
449
|
|
355
|
|
Total new
units
|
|
30,605
|
|
31,689
|
|
Used units
|
|
29,333
|
|
28,135
|
|
Wholesale
units
|
|
8,423
|
|
7,777
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
46,950
|
|
$ 14,464
|
|
|
|
$ 160
|
|
|
|
$ 14,624
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
(6)
|
|
|
|
-
|
|
|
|
(6)
|
|
|
|
Basic earnings (loss)
and shares
|
|
46,950
|
|
$ 14,458
|
|
$ 0.31
|
|
$ 160
|
|
$
-
|
|
$ 14,618
|
|
$ 0.31
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
47,122
|
|
$ 14,458
|
|
$ 0.31
|
|
$ 160
|
|
$
-
|
|
$ 14,618
|
|
$ 0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storm damage and
other
|
|
|
|
$ 3,698
|
|
$ 0.08
|
|
$ (320)
|
|
$ (0.01)
|
|
$ 3,378
|
|
$ 0.07
|
|
Total
adjustments
|
|
|
|
$ 3,698
|
|
$ 0.08
|
|
$ (320)
|
|
$ (0.01)
|
|
$ 3,378
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
diluted earnings
(loss) per share (1)
|
|
|
|
$ 18,162
|
|
$ 0.39
|
|
$ (160)
|
|
$ (0.01)
|
|
$ 18,002
|
|
$ 0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net loss
attributable to EchoPark® operations was $0.05 per fully diluted
share in the three months ended March 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
50,854
|
|
$ 14,389
|
|
|
|
$ (422)
|
|
|
|
$ 13,967
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(5)
|
|
|
|
-
|
|
|
|
(5)
|
|
|
|
Basic earnings (loss)
and shares
|
|
50,854
|
|
$ 14,384
|
|
$ 0.28
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 13,962
|
|
$ 0.27
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
51,403
|
|
$ 14,384
|
|
$ 0.28
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 13,962
|
|
$ 0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storm damage and
other
|
|
|
|
$
634
|
|
$ 0.02
|
|
$
-
|
|
$
-
|
|
$
634
|
|
$ 0.02
|
|
Impairment
charges
|
|
|
|
3,777
|
|
0.07
|
|
-
|
|
-
|
|
3,777
|
|
0.07
|
|
Total
adjustments
|
|
|
|
$ 4,411
|
|
$ 0.09
|
|
$
-
|
|
$
-
|
|
$ 4,411
|
|
$ 0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
diluted earnings
(loss) per share (2)
|
|
|
|
$ 18,800
|
|
$ 0.37
|
|
$ (422)
|
|
$ (0.01)
|
|
$ 18,378
|
|
$ 0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net loss
attributable to EchoPark® operations was $0.06 per fully diluted
share in the three months ended March 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,164,570
|
|
$
1,202,323
|
|
$
(37,753)
|
|
(3.1%)
|
|
Gross
profit
|
|
$
58,424
|
|
$
63,350
|
|
$
(4,926)
|
|
(7.8%)
|
|
Unit sales
|
|
30,605
|
|
31,689
|
|
(1,084)
|
|
(3.4%)
|
|
Revenue per
unit
|
|
$
38,052
|
|
$
37,941
|
|
$
111
|
|
0.3%
|
|
Gross profit per
unit
|
|
$
1,909
|
|
$
1,999
|
|
$
(90)
|
|
(4.5%)
|
|
Gross profit as a % of
revenue
|
|
5.0%
|
|
5.3%
|
|
(30)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,164,570
|
|
$
1,189,495
|
|
$
(24,925)
|
|
(2.1%)
|
|
Gross
profit
|
|
$
58,375
|
|
$
62,498
|
|
$
(4,123)
|
|
(6.6%)
|
|
Unit sales
|
|
30,605
|
|
31,372
|
|
(767)
|
|
(2.4%)
|
|
Revenue per
unit
|
|
$
38,052
|
|
$
37,916
|
|
$
136
|
|
0.4%
|
|
Gross profit per
unit
|
|
$
1,907
|
|
$
1,992
|
|
$
(85)
|
|
(4.3%)
|
|
Gross profit as a % of
revenue
|
|
5.0%
|
|
5.3%
|
|
(30)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Used
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
598,355
|
|
$
593,742
|
|
$
4,613
|
|
0.8%
|
|
Gross
profit
|
|
$
40,531
|
|
$
40,844
|
|
$
(313)
|
|
(0.8%)
|
|
Unit sales
|
|
29,333
|
|
28,135
|
|
1,198
|
|
4.3%
|
|
Revenue per
unit
|
|
$
20,399
|
|
$
21,103
|
|
$
(704)
|
|
(3.3%)
|
|
Gross profit per
unit
|
|
$
1,382
|
|
$
1,452
|
|
$
(70)
|
|
(4.8%)
|
|
Gross profit as a % of
revenue
|
|
6.8%
|
|
6.9%
|
|
(10)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
598,355
|
|
$
584,987
|
|
$
13,368
|
|
2.3%
|
|
Gross
profit
|
|
$
40,690
|
|
$
41,008
|
|
$
(318)
|
|
(0.8%)
|
|
Unit sales
|
|
29,333
|
|
27,687
|
|
1,646
|
|
5.9%
|
|
Revenue per
unit
|
|
$
20,399
|
|
$
21,129
|
|
$
(730)
|
|
(3.5%)
|
|
Gross profit per
unit
|
|
$
1,387
|
|
$
1,481
|
|
$
(94)
|
|
(6.3%)
|
|
Gross profit as a % of
revenue
|
|
6.8%
|
|
7.0%
|
|
(20)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Wholesale
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
44,374
|
|
$
41,656
|
|
$
2,718
|
|
6.5%
|
|
Gross profit
(loss)
|
|
$
(1,078)
|
|
$
(210)
|
|
$
(868)
|
|
(413.3%)
|
|
Unit sales
|
|
8,423
|
|
7,777
|
|
646
|
|
8.3%
|
|
Revenue per
unit
|
|
$
5,268
|
|
$
5,356
|
|
$
(88)
|
|
(1.6%)
|
|
Gross profit (loss)
per unit
|
|
$
(128)
|
|
$
(27)
|
|
$
(101)
|
|
(374.1%)
|
|
Gross profit (loss) as
a % of revenue
|
|
(2.4%)
|
|
(0.5%)
|
|
(190)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
44,353
|
|
$
41,253
|
|
$
3,100
|
|
7.5%
|
|
Gross profit
(loss)
|
|
$
(1,076)
|
|
$
(197)
|
|
$
(879)
|
|
(446.2%)
|
|
Unit sales
|
|
8,418
|
|
7,688
|
|
730
|
|
9.5%
|
|
Revenue per
unit
|
|
$
5,269
|
|
$
5,366
|
|
$
(97)
|
|
(1.8%)
|
|
Gross profit (loss)
per unit
|
|
$
(128)
|
|
$
(26)
|
|
$
(102)
|
|
(392.3%)
|
|
Gross profit (loss) as
a % of revenue
|
|
(2.4%)
|
|
(0.5%)
|
|
(190)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
Reported:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
147,394
|
|
$
137,623
|
|
$
9,771
|
|
7.1%
|
|
Warranty
|
|
57,559
|
|
53,498
|
|
4,061
|
|
7.6%
|
|
Wholesale
parts
|
|
45,309
|
|
45,012
|
|
297
|
|
0.7%
|
|
Internal, sublet and
other
|
|
95,792
|
|
87,061
|
|
8,731
|
|
10.0%
|
|
Total
|
|
$
346,054
|
|
$
323,194
|
|
$
22,860
|
|
7.1%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
80,358
|
|
$
75,678
|
|
$
4,680
|
|
6.2%
|
|
Warranty
|
|
31,326
|
|
29,760
|
|
1,566
|
|
5.3%
|
|
Wholesale
parts
|
|
7,941
|
|
8,138
|
|
(197)
|
|
(2.4%)
|
|
Internal, sublet and
other
|
|
46,375
|
|
42,799
|
|
3,576
|
|
8.4%
|
|
Total
|
|
$
166,000
|
|
$
156,375
|
|
$
9,625
|
|
6.2%
|
|
Gross profit as a % of
revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.5%
|
|
55.0%
|
|
(50)
|
bps
|
|
|
Warranty
|
|
54.4%
|
|
55.6%
|
|
(120)
|
bps
|
|
|
Wholesale
parts
|
|
17.5%
|
|
18.1%
|
|
(60)
|
bps
|
|
|
Internal, sublet and
other
|
|
48.4%
|
|
49.2%
|
|
(80)
|
bps
|
|
|
Total
|
|
48.0%
|
|
48.4%
|
|
(40)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
Same
Store:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
147,394
|
|
$
134,636
|
|
$
12,758
|
|
9.5%
|
|
Warranty
|
|
57,559
|
|
52,694
|
|
4,865
|
|
9.2%
|
|
Wholesale
parts
|
|
45,309
|
|
44,201
|
|
1,108
|
|
2.5%
|
|
Internal, sublet and
other
|
|
95,792
|
|
85,742
|
|
10,050
|
|
11.7%
|
|
Total
|
|
$
346,054
|
|
$
317,273
|
|
$
28,781
|
|
9.1%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
80,358
|
|
$
74,050
|
|
$
6,308
|
|
8.5%
|
|
Warranty
|
|
31,282
|
|
29,300
|
|
1,982
|
|
6.8%
|
|
Wholesale
parts
|
|
7,941
|
|
7,988
|
|
(47)
|
|
(0.6%)
|
|
Internal, sublet and
other
|
|
46,068
|
|
42,165
|
|
3,903
|
|
9.3%
|
|
Total
|
|
$
165,649
|
|
$
153,503
|
|
$
12,146
|
|
7.9%
|
|
Gross profit as a % of
revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.5%
|
|
55.0%
|
|
(50)
|
bps
|
|
|
Warranty
|
|
54.3%
|
|
55.6%
|
|
(130)
|
bps
|
|
|
Wholesale
parts
|
|
17.5%
|
|
18.1%
|
|
(60)
|
bps
|
|
|
Internal, sublet and
other
|
|
48.1%
|
|
49.2%
|
|
(110)
|
bps
|
|
|
Total
|
|
47.9%
|
|
48.4%
|
|
(50)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
Finance,
Insurance and Other, Net ("F&I")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
81,273
|
|
$
74,600
|
|
$
6,673
|
|
8.9%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,366
|
|
$
1,254
|
|
$
112
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
80,852
|
|
$
73,689
|
|
$
7,163
|
|
9.7%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,359
|
|
$
1,255
|
|
$
104
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative ("SG&A") Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Better /
(Worse)
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
%
Change
|
|
|
|
(In
thousands)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
169,041
|
|
$
161,858
|
|
$
(7,183)
|
|
(4.4%)
|
|
Advertising
|
|
15,347
|
|
15,332
|
|
(15)
|
|
(0.1%)
|
|
Rent
|
|
18,720
|
|
18,254
|
|
(466)
|
|
(2.6%)
|
|
Other
|
|
81,267
|
|
75,418
|
|
(5,849)
|
|
(7.8%)
|
|
Total
|
|
$
284,375
|
|
$
270,862
|
|
$
(13,513)
|
|
(5.0%)
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
(6,042)
|
|
(1,051)
|
|
4,991
|
|
NM
|
|
Adjusted
SG&A
|
|
$
278,333
|
|
$
269,811
|
|
(8,522)
|
|
(3.2%)
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses as a
% of gross profit
|
|
|
|
|
|
|
|
|
Compensation
|
|
49.0%
|
|
48.3%
|
|
(70)
|
bps
|
|
|
Advertising
|
|
4.4%
|
|
4.6%
|
|
20
|
bps
|
|
|
Rent
|
|
5.4%
|
|
5.4%
|
|
0
|
bps
|
|
|
Other
|
|
23.6%
|
|
22.6%
|
|
(100)
|
bps
|
|
|
Total
|
|
82.4%
|
|
80.9%
|
|
(150)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments .
|
|
(1.8%)
|
|
(0.3%)
|
|
150
|
bps
|
|
|
Adjusted SG&A as a
% of gross profit
|
|
80.6%
|
|
80.6%
|
|
0
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
meaningful
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sonic-automotive-inc-reports-record-q1-results-300256742.html
SOURCE Sonic Automotive, Inc.