SAH Sonic Automotive Inc

Fourth Quarter Results Include All-Time Record Quarterly Revenues of $3.9 Billion

All-Time Record Annual EchoPark Segment Adjusted EBITDA*

The Company Exceeded Its Technician Hiring Goal, Increasing Headcount By 335 Technicians In 2024

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, 2024.

Fourth Quarter 2024 Financial Summary

• All-time record quarterly total revenues of $3.9 billion, up 9% year-over-year; total gross profit of $574.0 million, up 6% year-over-year
• Reported net income of $58.6 million, up 51% year-over-year ($1.67 earnings per diluted share, up 50% year-over-year)
  • Reported net income for the fourth quarter of 2024 includes the effect of a $10.0 million pre-tax gain from cyber insurance proceeds and a $2.7 million net pre-tax acquisition and disposition related gain, offset partially by a $3.2 million pre-tax storm damage charge, a $1.5 million pre-tax charge related to non-cash impairment charges, and a $0.5 million pre-tax long-term compensation charge (collectively, these items are partially offset by a $2.0 million tax expense on the above net benefit). Reported net income for the fourth quarter of 2023 includes the effect of a $16.7 million pre-tax charge related to non-cash impairment charges (partially offset by a $4.3 million tax benefit on the charge) and a one time income tax charge of $5.8 million related to certain non-deductible tax items.
  • Excluding these items, adjusted fourth quarter net income* was $53.1 million, down 7% year-over-year ($1.51 adjusted earnings per diluted share*, down 7% year-over-year)
• Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 69.6% (67.3% on a Franchised Dealerships Segment basis, 87.0% on an EchoPark Segment basis, and 113.2% on a Powersports Segment basis)
  • Total adjusted SG&A expenses as a percentage of gross profit* of 71.2% (69.3% on a Franchised Dealerships Segment basis, 85.5% on an EchoPark Segment basis, and 106.6% on a Powersports Segment basis)
• All-time record quarterly Franchised Dealerships Segment revenues of $3.4 billion, up 12% year-over-year; Franchised Dealerships Segment gross profit of $517.4 million, up 5% year-over-year
• EchoPark Segment revenues of $506.2 million, down 9% year-over-year; fourth quarter record EchoPark Segment gross profit of $49.0 million, up 14% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 16,674 units, down 5% year-over-year
• Reported EchoPark Segment loss of $2.6 million, an 84% improvement year-over-year, and adjusted EchoPark Segment loss* of $1.8 million, an 89% improvement year-over-year
• EchoPark Segment adjusted EBITDA* of $4.2 million, up 146% year-over-year, as compared to a $9.1 million adjusted EBITDA* loss in the prior year period
  • Excluding the impact from closed stores, EchoPark Segment adjusted EBITDA* was $4.9 million, a 178% improvement from an adjusted EBITDA* loss of $6.3 million in the prior year period
• During the fourth quarter, Sonic acquired the remaining 50% equity in a joint venture in North Point Volvo, in addition to acquiring Audi New Orleans and Motorcycles of Charlotte & Greensboro, which collectively are expected to add approximately $145.0 million in annualized revenues
• Subsequent to December 31, 2024, Sonic’s Board of Directors approved a quarterly cash dividend of $0.35 per share, payable on April 15, 2025 to all stockholders of record on March 14, 2025

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

Full Year 2024 Financial Summary

• Total revenues of $14.2 billion, down 1% year-over-year; gross profit of $2.2 billion, down 2% year-over-year
• Reported full year net income of $216.0 million, up 21% year-over-year ($6.18 earnings per diluted share, up 24% year-over-year)
  • Reported net income for full year 2024 includes the effect of $13.4 million in excess compensation expense paid to our teammates related to the CDK outage, an $8.3 million pre-tax storm damage charge, $5.5 million in pre-tax severance and long-term compensation charges, a $3.9 million pre-tax charge related to non-cash impairment charges, and a $2.1 million pre-tax charge related to closed store accrued expenses, offset by a $10.0 million pre-tax gain from cyber insurance proceeds, a $5.6 million net pre-tax acquisition and disposition related gain, and a $3.0 million pre-tax gain on the exit of leased dealerships (collectively, these items are partially offset by a $3.8 million tax benefit on the above net charges), and a one-time income tax benefit of $31.0 million associated with an out of period adjustment correcting an error recorded in connection with the impairment of franchise assets in a prior period. Reported net income for full year 2023 includes the effect of a $79.3 million pre-tax charge related to non-cash impairment charges and a $10.0 million pre-tax charge to gross profit related to inventory valuation adjustments, offset partially by a net $9.4 million net pre-tax benefit to SG&A expenses (collectively, partially offset by a $19.9 million tax benefit on the above net charges) and a one-time tax charge of $5.8 million related to certain non-deductible tax items.
  • Excluding these items, adjusted net income* was $195.8 million, down 20% year-over year ($5.60 adjusted earnings per diluted share*, down 18% year-over-year)
• Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 71.9% (70.9% on a Franchised Dealerships Segment basis, 79.7% on an EchoPark Segment basis, and 82.0% on a Powersports Segment basis)
  • Total adjusted SG&A expenses as a percentage of gross profit* of 71.5% (70.4% on a Franchised Dealerships Segment basis, 79.6% on an EchoPark Segment basis, and 80.9% on a Powersports Segment basis)
• All-time record annual Franchised Dealerships Segment revenues of $11.9 billion, up 1% year-over-year; Franchised Dealerships Segment gross profit of $1.9 billion, down 5% year-over-year
• EchoPark Segment revenues of $2.1 billion, down 13% year-over-year; EchoPark Segment gross profit of $207.9 million, up 28% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 69,053 units, down 6% year-over-year
• Reported EchoPark Segment income of $3.5 million, up 103% year-over-year from a loss of $132.5 million in the prior year, and adjusted EchoPark Segment income* of $3.7 million, up 103% year-over year from a loss of $112.8 million in the prior year
• EchoPark Segment adjusted EBITDA*of $27.6 million, up 133% year-over-year from a loss of $83.0 million in the prior year
  • Excluding closed stores, EchoPark Segment adjusted EBITDA* was $32.5 million, a 166% improvement from an adjusted EBITDA* loss of $49.4 million in the prior year
• During 2024, Sonic repurchased approximately 0.6 million shares of its Class A Common Stock for an aggregate purchase price of approximately $34.4 million

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

Commentary

David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, “I'm very proud of our team's performance in the fourth quarter, building positive momentum heading into 2025. Our franchised dealerships segment achieved all-time record quarterly revenues, outperforming the industry in both new and used retail unit sales volume growth and generating all-time quarterly record parts and service revenues. In the fourth quarter, we accelerated our technician hiring and retention initiative, exceeding our goal of increasing technician headcount by 300 in 2024, with a final net increase of 335 technicians. This strong finish to 2024 positions us well for continued growth in 2025, and our entire team remains focused on executing our strategy and continuing to grow our business, creating long-term value for our stakeholders.”

Jeff Dyke, President of Sonic Automotive, commented, “2024 was a strong year of execution across all of our operating segments, despite affordability challenges for our guests, operational disruptions from the CDK outage, manufacturer stop-sale orders on certain makes and models, and continued normalization of new vehicle margins. Our EchoPark team did an excellent job executing our strategy to return to profitability, achieving all-time record annual adjusted EBITDA* of $27.6 million - an incredible turnaround from a loss of $83.0 million in 2023. As we look ahead to 2025, our focus remains on delivering an outstanding experience for our guests and teammates, continuing to grow our EchoPark volume and profitability, gaining market share in our franchised dealerships and powersports segments, and optimizing our expense structure to drive sustained success.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “As we close out 2024, Sonic is in a strong financial position to continue to execute our long-term strategic plan. As of December 31, 2024, we had approximately $384 million in cash and floor plan deposits on hand, with total liquidity of approximately $862 million, before considering unencumbered real estate. In 2025, we anticipate numerous opportunities to deploy our capital to grow our revenue base and enhance shareholder returns.”

Fourth Quarter 2024 Segment Highlights

The financial measures discussed below are results for the fourth quarter of 2024 with comparisons made to the fourth quarter of 2023, unless otherwise noted.

• Franchised Dealerships Segment operating results include:
  • Same store revenues up 12%; same store gross profit up 5%
  • Same store retail new vehicle unit sales volume up 13%; same store retail new vehicle gross profit per unit down 25%, to $3,241
  • Same store retail used vehicle unit sales volume up 5%; same store retail used vehicle gross profit per unit down 3%, to $1,396
  • Same store parts, service and collision repair (“Fixed Operations”) gross profit up 12%; same store customer pay gross profit up 5%; same store warranty gross profit up 45%; same store Fixed Operations gross margin up 80 basis points, to 50.7%
  • Same store finance and insurance ("F&I") gross profit up 14%; same store F&I gross profit per retail unit of $2,427, up 4%
  • On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 46 days’ supply of new vehicle inventory (including in-transit) and 31 days’ supply of used vehicle inventory
• EchoPark Segment operating results include:
  • Revenues of $506.2 million, down 9% year-over-year; gross profit of $49.0 million, up 14% year-over-year
    • On a same market basis (which excludes closed stores), revenues were flat and gross profit was up 29%
  • Retail used vehicle unit sales volume of 16,674, down 5% year-over-year
    • On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up 4%
  • Reported segment loss of $2.6 million, adjusted segment loss* of $1.8 million, and adjusted EBITDA* of $4.2 million
    • Closed stores within the segment negatively impacted reported segment loss by $0.8 million, adjusted segment loss by $0.8 million and segment adjusted EBITDA* by $0.7 million
  • On a trailing quarter cost of sales basis, the EchoPark Segment had 38 days’ supply of used vehicle inventory
• Powersports Segment operating results include:
  • Revenues of $30.6 million, up 13%; gross profit of $7.5 million, up 7%; gross margin of 24.6%
  • Reported segment loss of $3.4 million, adjusted segment loss* of $2.9 million, and adjusted EBITDA loss* of $1.0 million

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

Full Year 2024 Segment Highlights

The financial measures discussed below are results for the full year 2024 with comparisons made to the full year 2023, unless otherwise noted.

• Franchised Dealerships Segment operating results include:
  • Same store revenues up 2%; same store gross profit down 4%
  • Same store retail new vehicle unit sales volume up 5%; same store retail new vehicle gross profit per unit down 30%, to $3,387
  • Same store retail used vehicle unit sales volume up 2%; same store retail used vehicle gross profit per unit down 9%, to $1,477
  • Same store Fixed Operations gross profit up 7%; same store customer pay gross profit up 4%; same store warranty gross profit up 25%; same store Fixed Operations gross margin up 70 basis points, to 50.4%
  • Same store F&I gross profit up 2% year-over-year; same store F&I gross profit per retail unit of $2,377, down 1% year-over-year
• EchoPark Segment operating results include:
  • Revenues of $2.1 billion, down 13% year-over-year; gross profit of $207.9 million, up 28% year-over-year
    • On a same market basis (which excludes closed stores), revenues were up 4% and gross profit was up 48%
  • Retail used vehicle unit sales volume of 69,053, down 6% year-over-year
    • On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up 10%
  • Reported segment income of $3.5 million, adjusted segment income* of $3.7 million, and adjusted EBITDA* of $27.6 million
    • Closed stores within the segment negatively impacted segment income by $6.8 million, adjusted segment income* by $4.5 million and segment adjusted EBITDA* by $4.9 million
• Powersports Segment operating results include:
  • Revenues of $157.3 million, down 4%; gross profit of $43.7 million, down 13%; gross margin of 27.8%
  • Reported segment loss of $1.1 million, adjusted segment loss* of $0.6 million, and adjusted EBITDA* of $6.3 million

* 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 $0.35 per share, payable on April 15, 2025 to all stockholders of record on March 14, 2025.

Fourth Quarter 2024 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 and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Fourth Quarter 2024 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available 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 diversified automotive retail 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 and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports 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 most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes 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. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service, while receiving the 2023 Consumer Satisfaction Award from DealerRater. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the 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 anticipated future EchoPark unit sales volume, anticipated future EchoPark profitability, anticipated future Franchised Dealerships Segment market share, and anticipated future Powersports Segment market share. 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, the ultimate impact of the CDK outage on the Company, 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 each of our operating segments, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the integration of recent or future acquisitions, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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 net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, segment income (loss), adjusted segment income (loss), adjusted EBITDA, and adjusted EBITDA loss. 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.

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Results of Operations - Consolidated

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except per share amounts)

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,932.3

 

 

$

1,680.2

 

 

15

%

 

$

6,507.5

 

 

$

6,304.6

 

 

3

%

Fleet new vehicles

 

27.3

 

 

 

21.8

 

 

25

%

 

 

95.3

 

 

 

92.2

 

 

3

%

Total new vehicles

 

1,959.6

 

 

 

1,702.0

 

 

15

%

 

 

6,602.8

 

 

 

6,396.8

 

 

3

%

Used vehicles

 

1,197.6

 

 

 

1,222.4

 

 

(2

)%

 

 

4,780.1

 

 

 

5,213.6

 

 

(8

)%

Wholesale vehicles

 

71.3

 

 

 

62.6

 

 

14

%

 

 

287.1

 

 

 

318.8

 

 

(10

)%

Total vehicles

 

3,228.5

 

 

 

2,987.0

 

 

8

%

 

 

11,670.0

 

 

 

11,929.2

 

 

(2

)%

Parts, service and collision repair

 

476.7

 

 

 

431.9

 

 

10

%

 

 

1,846.5

 

 

 

1,759.5

 

 

5

%

Finance, insurance and other, net

 

190.6

 

 

 

166.0

 

 

15

%

 

 

707.8

 

 

 

683.7

 

 

4

%

Total revenues

 

3,895.8

 

 

 

3,584.9

 

 

9

%

 

 

14,224.3

 

 

 

14,372.4

 

 

(1

)%

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

(1,825.7

)

 

 

(1,555.7

)

 

(17

)%

 

 

(6,119.1

)

 

 

(5,769.2

)

 

(6

)%

Fleet new vehicles

 

(26.6

)

 

 

(20.9

)

 

(27

)%

 

 

(92.3

)

 

 

(88.2

)

 

(5

)%

Total new vehicles

 

(1,852.3

)

 

 

(1,576.6

)

 

(17

)%

 

 

(6,211.4

)

 

 

(5,857.4

)

 

(6

)%

Used vehicles

 

(1,159.8

)

 

 

(1,184.9

)

 

2

%

 

 

(4,609.4

)

 

 

(5,062.4

)

 

9

%

Wholesale vehicles

 

(74.6

)

 

 

(65.8

)

 

(13

)%

 

 

(293.1

)

 

 

(321.4

)

 

9

%

Total vehicles

 

(3,086.7

)

 

 

(2,827.3

)

 

(9

)%

 

 

(11,113.9

)

 

 

(11,241.2

)

 

1

%

Parts, service and collision repair

 

(235.1

)

 

 

(216.5

)

 

(9

)%

 

 

(917.6

)

 

 

(885.5

)

 

(4

)%

Total cost of sales

 

(3,321.8

)

 

 

(3,043.8

)

 

(9

)%

 

 

(12,031.5

)

 

 

(12,126.7

)

 

1

%

Gross profit

 

574.0

 

 

 

541.1

 

 

6

%

 

 

2,192.8

 

 

 

2,245.7

 

 

(2

)%

Selling, general and administrative expenses

 

(399.6

)

 

 

(386.3

)

 

(3

)%

 

 

(1,577.0

)

 

 

(1,600.5

)

 

1

%

Impairment charges

 

(1.5

)

 

 

(16.7

)

 

NM

 

 

 

(3.9

)

 

 

(79.3

)

 

NM

 

Depreciation and amortization

 

(39.4

)

 

 

(36.6

)

 

(8

)%

 

 

(150.4

)

 

 

(142.3

)

 

(6

)%

Operating income (loss)

 

133.5

 

 

 

101.5

 

 

32

%

 

 

461.5

 

 

 

423.6

 

 

9

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(21.4

)

 

 

(18.4

)

 

(16

)%

 

 

(86.9

)

 

 

(67.2

)

 

(29

)%

Interest expense, other, net

 

(29.9

)

 

 

(28.3

)

 

(6

)%

 

 

(118.0

)

 

 

(114.6

)

 

(3

)%

Other income (expense), net

 

(0.1

)

 

 

(0.1

)

 

NM

 

 

 

(0.5

)

 

 

0.1

 

 

NM

 

Total other income (expense)

 

(51.4

)

 

 

(46.8

)

 

(10

)%

 

 

(205.4

)

 

 

(181.7

)

 

(13

)%

Income (loss) before taxes

 

82.1

 

 

 

54.7

 

 

50

%

 

 

256.1

 

 

 

241.9

 

 

6

%

Provision for income taxes - benefit (expense)

 

(23.5

)

 

 

(16.0

)

 

(47

)%

 

 

(40.1

)

 

 

(63.7

)

 

37

%

Net income (loss)

$

58.6

 

 

$

38.7

 

 

51

%

 

$

216.0

 

 

$

178.2

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

$

1.72

 

 

$

1.14

 

 

51

%

 

$

6.34

 

 

$

5.09

 

 

25

%

Basic weighted-average common shares outstanding

 

34.1

 

 

 

33.9

 

 

(1

)%

 

 

34.1

 

 

 

35.0

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

$

1.67

 

 

$

1.11

 

 

50

%

 

$

6.18

 

 

$

4.97

 

 

24

%

Diluted weighted-average common shares outstanding

 

35.2

 

 

 

34.8

 

 

(1

)%

 

 

35.0

 

 

 

35.9

 

 

3

%

Dividends declared per common share

$

0.35

 

 

$

0.30

 

 

17

%

 

$

1.25

 

 

$

1.16

 

 

8

%

 

NM = Not Meaningful

Franchised Dealerships Segment - Reported

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,914.8

 

 

$

1,664.1

 

 

15

%

 

$

6,425.5

 

 

$

6,215.0

 

 

3

%

Fleet new vehicles

 

27.2

 

 

 

21.8

 

 

25

%

 

 

95.3

 

 

 

92.2

 

 

3

%

Total new vehicles

 

1,942.0

 

 

 

1,685.9

 

 

15

%

 

 

6,520.8

 

 

 

6,307.2

 

 

3

%

Used vehicles

 

757.0

 

 

 

727.5

 

 

4

%

 

 

2,919.8

 

 

 

3,050.3

 

 

(4

)%

Wholesale vehicles

 

49.8

 

 

 

39.3

 

 

27

%

 

 

188.9

 

 

 

204.5

 

 

(8

)%

Total vehicles

 

2,748.8

 

 

 

2,452.7

 

 

12

%

 

 

9,629.5

 

 

 

9,562.0

 

 

1

%

Parts, service and collision repair

 

469.7

 

 

 

425.2

 

 

10

%

 

 

1,802.9

 

 

 

1,714.2

 

 

5

%

Finance, insurance and other, net

 

140.5

 

 

 

123.2

 

 

14

%

 

 

506.8

 

 

 

498.6

 

 

2

%

Total revenues

 

3,359.0

 

 

 

3,001.1

 

 

12

%

 

 

11,939.2

 

 

 

11,774.8

 

 

1

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

104.4

 

 

 

122.2

 

 

(15

)%

 

 

376.9

 

 

 

518.7

 

 

(27

)%

Fleet new vehicles

 

0.7

 

 

 

0.9

 

 

(22

)%

 

 

3.0

 

 

 

4.0

 

 

(25

)%

Total new vehicles

 

105.1

 

 

 

123.1

 

 

(15

)%

 

 

379.9

 

 

 

522.7

 

 

(27

)%

Used vehicles

 

36.0

 

 

 

35.1

 

 

3

%

 

 

150.2

 

 

 

162.9

 

 

(8

)%

Wholesale vehicles

 

(2.7

)

 

 

(2.7

)

 

—

%

 

 

(4.6

)

 

 

(3.3

)

 

(39

)%

Total vehicles

 

138.4

 

 

 

155.5

 

 

(11

)%

 

 

525.5

 

 

 

682.3

 

 

(23

)%

Parts, service and collision repair

 

238.5

 

 

 

212.6

 

 

12

%

 

 

908.9

 

 

 

852.7

 

 

7

%

Finance, insurance and other, net

 

140.5

 

 

 

123.2

 

 

14

%

 

 

506.8

 

 

 

498.6

 

 

2

%

Total gross profit

 

517.4

 

 

 

491.3

 

 

5

%

 

 

1,941.2

 

 

 

2,033.6

 

 

(5

)%

Selling, general and administrative expenses

 

(348.5

)

 

 

(329.1

)

 

(6

)%

 

 

(1,375.4

)

 

 

(1,314.6

)

 

(5

)%

Impairment charges

 

(0.2

)

 

 

(1.0

)

 

NM

 

 

 

(1.2

)

 

 

(1.0

)

 

NM

 

Depreciation and amortization

 

(32.7

)

 

 

(29.4

)

 

(11

)%

 

 

(124.4

)

 

 

(112.3

)

 

(11

)%

Operating income (loss)

 

136.0

 

 

 

131.8

 

 

3

%

 

 

440.2

 

 

 

605.7

 

 

(27

)%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(18.0

)

 

 

(14.6

)

 

(23

)%

 

 

(70.6

)

 

 

(49.2

)

 

(43

)%

Interest expense, other, net

 

(28.6

)

 

 

(27.5

)

 

(4

)%

 

 

(112.7

)

 

 

(109.7

)

 

(3

)%

Other income (expense), net

 

—

 

 

 

0.1

 

 

NM

 

 

 

(0.5

)

 

 

0.2

 

 

NM

 

Total other income (expense)

 

(46.6

)

 

 

(42.0

)

 

(11

)%

 

 

(183.8

)

 

 

(158.7

)

 

(16

)%

Income (loss) before taxes

 

89.4

 

 

 

89.8

 

 

—

%

 

 

256.4

 

 

 

447.0

 

 

(43

)%

Add: Impairment charges

 

0.2

 

 

 

1.0

 

 

NM

 

 

 

1.2

 

 

 

1.0

 

 

NM

 

Segment income (loss)

$

89.6

 

 

$

90.8

 

 

(1

)%

 

$

257.6

 

 

$

448.0

 

 

(43

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

32,250

 

 

 

28,491

 

 

13

%

 

 

111,450

 

 

 

107,257

 

 

4

%

Fleet new vehicles

 

506

 

 

 

500

 

 

1

%

 

 

1,805

 

 

 

2,000

 

 

(10

)%

Total new vehicles

 

32,756

 

 

 

28,991

 

 

13

%

 

 

113,255

 

 

 

109,257

 

 

4

%

Used vehicles

 

25,702

 

 

 

24,365

 

 

5

%

 

 

101,976

 

 

 

100,210

 

 

2

%

Wholesale vehicles

 

5,692

 

 

 

4,440

 

 

28

%

 

 

21,018

 

 

 

20,602

 

 

2

%

Retail new & used vehicles

 

57,952

 

 

 

52,856

 

 

10

%

 

 

213,426

 

 

 

207,467

 

 

3

%

Used:New Ratio

 

0.80

 

 

 

0.86

 

 

(7

)%

 

 

0.91

 

 

 

0.93

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,238

 

 

$

4,289

 

 

(25

)%

 

$

3,382

 

 

$

4,836

 

 

(30

)%

Fleet new vehicles

$

1,363

 

 

$

1,780

 

 

(23

)%

 

$

1,636

 

 

$

1,989

 

 

(18

)%

New vehicles

$

3,209

 

 

$

4,246

 

 

(24

)%

 

$

3,354

 

 

$

4,784

 

 

(30

)%

Used vehicles

$

1,401

 

 

$

1,440

 

 

(3

)%

 

$

1,473

 

 

$

1,626

 

 

(9

)%

Finance, insurance and other, net

$

2,424

 

 

$

2,330

 

 

4

%

 

$

2,374

 

 

$

2,403

 

 

(1

)%

NM = Not Meaningful

Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. 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.

Franchised Dealerships Segment - Same Store

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

1,907.0

 

 

$

1,661.0

 

 

15

%

 

$

6,409.0

 

 

$

6,163.8

 

 

4

%

Fleet new vehicles

 

27.2

 

 

 

21.8

 

 

25

%

 

 

95.3

 

 

 

91.3

 

 

4

%

Total new vehicles

 

1,934.2

 

 

 

1,682.8

 

 

15

%

 

 

6,504.3

 

 

 

6,255.1

 

 

4

%

Used vehicles

 

750.6

 

 

 

725.9

 

 

3

%

 

 

2,905.6

 

 

 

3,021.3

 

 

(4

)%

Wholesale vehicles

 

49.7

 

 

 

39.0

 

 

27

%

 

 

188.2

 

 

 

202.1

 

 

(7

)%

Total vehicles

 

2,734.5

 

 

 

2,447.7

 

 

12

%

 

 

9,598.0

 

 

 

9,478.5

 

 

1

%

Parts, service and collision repair

 

466.9

 

 

 

424.0

 

 

10

%

 

 

1,796.6

 

 

 

1,700.3

 

 

6

%

Finance, insurance and other, net

 

139.8

 

 

 

123.0

 

 

14

%

 

 

505.3

 

 

 

494.8

 

 

2

%

Total revenues

 

3,341.2

 

 

 

2,994.7

 

 

12

%

 

 

11,899.9

 

 

 

11,673.6

 

 

2

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

104.1

 

 

 

122.0

 

 

(15

)%

 

 

376.4

 

 

 

514.9

 

 

(27

)%

Fleet new vehicles

 

0.7

 

 

 

0.9

 

 

(22

)%

 

 

3.0

 

 

 

4.0

 

 

(25

)%

Total new vehicles

 

104.8

 

 

 

122.9

 

 

(15

)%

 

 

379.3

 

 

 

518.9

 

 

(27

)%

Used vehicles

 

35.6

 

 

 

35.0

 

 

2

%

 

 

149.9

 

 

 

161.6

 

 

(7

)%

Wholesale vehicles

 

(2.7

)

 

 

(2.6

)

 

(4

)%

 

 

(4.3

)

 

 

(2.3

)

 

(87

)%

Total vehicles

 

137.7

 

 

 

155.3

 

 

(11

)%

 

 

524.9

 

 

 

678.2

 

 

(23

)%

Parts, service and collision repair

 

236.9

 

 

 

211.6

 

 

12

%

 

 

904.6

 

 

 

844.5

 

 

7

%

Finance, insurance and other, net

 

139.8

 

 

 

123.0

 

 

14

%

 

 

505.3

 

 

 

494.8

 

 

2

%

Total gross profit

$

514.4

 

 

$

489.9

 

 

5

%

 

$

1,934.8

 

 

$

2,017.5

 

 

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

32,122

 

 

 

28,408

 

 

13

%

 

 

111,138

 

 

 

106,047

 

 

5

%

Fleet new vehicles

 

506

 

 

 

500

 

 

1

%

 

 

1,805

 

 

 

1,971

 

 

(8

)%

Total new vehicles

 

32,628

 

 

 

28,908

 

 

13

%

 

 

112,943

 

 

 

108,018

 

 

5

%

Used vehicles

 

25,492

 

 

 

24,286

 

 

5

%

 

 

101,465

 

 

 

99,063

 

 

2

%

Wholesale vehicles

 

5,665

 

 

 

4,411

 

 

28

%

 

 

20,907

 

 

 

20,324

 

 

3

%

Retail new & used vehicles

 

57,614

 

 

 

52,694

 

 

9

%

 

 

212,603

 

 

 

205,110

 

 

4

%

Used:New Ratio

 

0.79

 

 

 

0.85

 

 

(7

)%

 

 

0.91

 

 

 

0.93

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

3,241

 

 

$

4,294

 

 

(25

)%

 

$

3,387

 

 

$

4,855

 

 

(30

)%

Fleet new vehicles

$

1,363

 

 

$

1,780

 

 

(23

)%

 

$

1,636

 

 

$

2,042

 

 

(20

)%

New vehicles

$

3,212

 

 

$

4,250

 

 

(24

)%

 

$

3,359

 

 

$

4,804

 

 

(30

)%

Used vehicles

$

1,396

 

 

$

1,440

 

 

(3

)%

 

$

1,477

 

 

$

1,631

 

 

(9

)%

Finance, insurance and other, net

$

2,427

 

 

$

2,334

 

 

4

%

 

$

2,377

 

 

$

2,413

 

 

(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 December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

—

 

 

$

—

 

 

—

%

 

$

—

 

 

$

1.0

 

 

(100

)%

Used vehicles

 

436.0

 

 

 

492.5

 

 

(11

)%

 

 

1,838.0

 

 

 

2,143.8

 

 

(14

)%

Wholesale vehicles

 

21.4

 

 

 

22.6

 

 

(5

)%

 

 

95.8

 

 

 

111.7

 

 

(14

)%

Total vehicles

 

457.4

 

 

 

515.1

 

 

(11

)%

 

 

1,933.8

 

 

 

2,256.5

 

 

(14

)%

Finance, insurance and other, net

 

48.8

 

 

 

41.5

 

 

18

%

 

 

194.0

 

 

 

177.9

 

 

9

%

Total revenues

 

506.2

 

 

 

556.6

 

 

(9

)%

 

 

2,127.8

 

 

 

2,434.4

 

 

(13

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

 

0.1

 

 

(100

)%

Used vehicles

 

0.8

 

 

 

1.7

 

 

(53

)%

 

 

15.2

 

 

 

(17.1

)

 

189

%

Wholesale vehicles

 

(0.6

)

 

 

(0.4

)

 

(50

)%

 

 

(1.3

)

 

 

0.9

 

 

(244

)%

Total vehicles

 

0.2

 

 

 

1.3

 

 

(85

)%

 

 

13.9

 

 

 

(16.1

)

 

186

%

Finance, insurance and other, net

 

48.8

 

 

 

41.5

 

 

18

%

 

 

194.0

 

 

 

177.9

 

 

9

%

Total gross profit

 

49.0

 

 

 

42.8

 

 

14

%

 

 

207.9

 

 

 

161.8

 

 

28

%

Selling, general and administrative expenses

 

(42.6

)

 

 

(48.0

)

 

11

%

 

 

(165.7

)

 

 

(247.0

)

 

33

%

Impairment charges

 

(1.3

)

 

 

(15.7

)

 

NM

 

 

 

(2.7

)

 

 

(78.3

)

 

NM

 

Depreciation and amortization

 

(5.4

)

 

 

(6.2

)

 

13

%

 

 

(21.8

)

 

 

(26.6

)

 

18

%

Operating income (loss)

 

(0.3

)

 

 

(27.1

)

 

99

%

 

 

17.7

 

 

 

(190.1

)

 

109

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(3.0

)

 

 

(3.8

)

 

21

%

 

 

(14.2

)

 

 

(17.4

)

 

18

%

Interest expense, other, net

 

(0.7

)

 

 

(0.7

)

 

—

%

 

 

(2.7

)

 

 

(3.2

)

 

16

%

Other income (expense), net

 

0.1

 

 

 

—

 

 

NM

 

 

 

—

 

 

 

(0.1

)

 

NM

 

Total other income (expense)

 

(3.6

)

 

 

(4.5

)

 

20

%

 

 

(16.9

)

 

 

(20.7

)

 

18

%

Income (loss) before taxes

 

(3.9

)

 

 

(31.6

)

 

88

%

 

 

0.8

 

 

 

(210.8

)

 

100

%

Add: Impairment charges

 

1.3

 

 

 

15.7

 

 

NM

 

 

 

2.7

 

 

 

78.3

 

 

NM

 

Segment income (loss)

$

(2.6

)

 

$

(15.9

)

 

84

%

 

$

3.5

 

 

$

(132.5

)

 

103

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

—

 

 

 

—

 

 

—

%

 

 

—

 

 

 

11

 

 

(100

)%

Used vehicles

 

16,674

 

 

 

17,562

 

 

(5

)%

 

 

69,053

 

 

 

73,676

 

 

(6

)%

Wholesale vehicles

 

2,752

 

 

 

2,621

 

 

5

%

 

 

11,059

 

 

 

11,512

 

 

(4

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

2,974

 

 

$

2,461

 

 

21

%

 

$

3,029

 

 

$

2,183

 

 

39

%

 

NM = Not Meaningful

EchoPark Segment - Same Market

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

 

436.0

 

 

 

447.7

 

 

(3

)%

 

 

1,828.3

 

 

 

1,788.6

 

 

2

%

Wholesale vehicles

 

21.3

 

 

 

19.8

 

 

8

%

 

 

92.6

 

 

 

88.3

 

 

5

%

Total vehicles

 

457.4

 

 

 

467.5

 

 

(2

)%

 

 

1,920.9

 

 

 

1,876.9

 

 

2

%

Finance, insurance and other, net

 

49.3

 

 

 

37.5

 

 

31

%

 

 

195.5

 

 

 

149.4

 

 

31

%

Total revenues

 

506.7

 

 

 

505.0

 

 

—

%

 

 

2,116.4

 

 

 

2,026.3

 

 

4

%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

 

0.8

 

 

 

1.0

 

 

(20

)%

 

 

15.6

 

 

 

(8.3

)

 

288

%

Wholesale vehicles

 

(0.6

)

 

 

(0.3

)

 

(100

)%

 

 

(0.6

)

 

 

1.6

 

 

(138

)%

Total vehicles

 

0.2

 

 

 

0.8

 

 

(75

)%

 

 

15.0

 

 

 

(6.7

)

 

324

%

Finance, insurance and other, net

 

49.3

 

 

 

37.5

 

 

31

%

 

 

195.5

 

 

 

149.4

 

 

31

%

Total gross profit

$

49.5

 

 

$

38.3

 

 

29

%

 

$

210.5

 

 

$

142.7

 

 

48

%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Used vehicles

 

16,674

 

 

 

16,071

 

 

4

%

 

 

68,690

 

 

 

62,605

 

 

10

%

Wholesale vehicles

 

2,752

 

 

 

2,363

 

 

16

%

 

 

10,850

 

 

 

9,375

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Total used vehicle and F&I

$

3,004

 

 

$

2,398

 

 

25

%

 

$

3,074

 

 

$

2,253

 

 

36

%

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.

Powersports Segment - Reported

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

17.5

 

 

$

16.1

 

 

9

%

 

$

82.0

 

 

$

88.6

 

 

(7

)%

Used vehicles

 

4.7

 

 

 

2.4

 

 

96

%

 

 

22.3

 

 

 

19.5

 

 

14

%

Wholesale vehicles

 

0.1

 

 

 

0.7

 

 

(86

)%

 

 

2.3

 

 

 

2.6

 

 

(12

)%

Total vehicles

 

22.3

 

 

 

19.2

 

 

16

%

 

 

106.6

 

 

 

110.7

 

 

(4

)%

Parts, service and collision repair

 

7.0

 

 

 

6.7

 

 

4

%

 

 

43.6

 

 

 

45.3

 

 

(4

)%

Finance, insurance and other, net

 

1.3

 

 

 

1.3

 

 

—

%

 

 

7.1

 

 

 

7.2

 

 

(1

)%

Total revenues

 

30.6

 

 

 

27.2

 

 

13

%

 

 

157.3

 

 

 

163.2

 

 

(4

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

2.2

 

 

 

2.3

 

 

(4

)%

 

 

11.5

 

 

 

16.6

 

 

(31

)%

Used vehicles

 

1.0

 

 

 

0.7

 

 

43

%

 

 

5.3

 

 

 

5.4

 

 

(2

)%

Wholesale vehicles

 

(0.1

)

 

 

(0.1

)

 

—

%

 

 

(0.3

)

 

 

(0.2

)

 

(50

)%

Total vehicles

 

3.1

 

 

 

2.9

 

 

7

%

 

 

16.5

 

 

 

21.8

 

 

(24

)%

Parts, service and collision repair

 

3.1

 

 

 

2.8

 

 

11

%

 

 

20.1

 

 

 

21.3

 

 

(6

)%

Finance, insurance and other, net

 

1.3

 

 

 

1.3

 

 

—

%

 

 

7.1

 

 

 

7.2

 

 

(1

)%

Total gross profit

 

7.5

 

 

 

7.0

 

 

7

%

 

 

43.7

 

 

 

50.3

 

 

(13

)%

Selling, general and administrative expenses

 

(8.5

)

 

 

(9.2

)

 

8

%

 

 

(35.9

)

 

 

(38.9

)

 

8

%

Depreciation and amortization

 

(1.2

)

 

 

(1.0

)

 

(20

)%

 

 

(4.2

)

 

 

(3.4

)

 

(24

)%

Operating income (loss)

 

(2.2

)

 

 

(3.2

)

 

31

%

 

 

3.6

 

 

 

8.0

 

 

(55

)%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense, floor plan

 

(0.5

)

 

 

—

 

 

(100

)%

 

 

(2.1

)

 

 

(0.6

)

 

(250

)%

Interest expense, other, net

 

(0.7

)

 

 

(0.2

)

 

(250

)%

 

 

(2.6

)

 

 

(1.7

)

 

(53

)%

Other income (expense), net

 

—

 

 

 

(0.1

)

 

NM

 

 

 

—

 

 

 

—

 

 

NM

 

Total other income (expense)

 

(1.2

)

 

 

(0.3

)

 

(300

)%

 

 

(4.7

)

 

 

(2.3

)

 

(104

)%

Income (loss) before taxes

 

(3.4

)

 

 

(3.5

)

 

3

%

 

 

(1.1

)

 

 

5.7

 

 

(119

)%

Add: impairment charges

 

—

 

 

 

—

 

 

NM

 

 

 

—

 

 

 

—

 

 

NM

 

Segment income (loss)

$

(3.4

)

 

$

(3.5

)

 

3

%

 

$

(1.1

)

 

$

5.7

 

 

(119

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

940

 

 

 

948

 

 

(1

)%

 

 

4,244

 

 

 

4,842

 

 

(12

)%

Used vehicles

 

520

 

 

 

289

 

 

80

%

 

 

2,228

 

 

 

2,261

 

 

(1

)%

Wholesale vehicles

 

16

 

 

 

66

 

 

(76

)%

 

 

146

 

 

 

216

 

 

(32

)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

2,338

 

 

$

2,429

 

 

(4

)%

 

$

2,713

 

 

$

3,435

 

 

(21

)%

Used vehicles

$

1,940

 

 

$

2,307

 

 

(16

)%

 

$

2,397

 

 

$

2,394

 

 

—

%

Finance, insurance and other, net

$

868

 

 

$

1,066

 

 

(19

)%

 

$

1,092

 

 

$

1,017

 

 

7

%

 

NM = Not Meaningful

Powersports Segment - Same Store

 

Three Months Ended December 31,

 

Better / (Worse)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions, except unit and per unit data)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

16.4

 

$

16.1

 

 

2

%

 

$

80.3

 

 

$

88.4

 

 

(9

)%

Used vehicles

 

4.3

 

 

2.4

 

 

79

%

 

 

21.3

 

 

 

19.0

 

 

12

%

Wholesale vehicles

 

0.2

 

 

0.7

 

 

(71

)%

 

 

2.5

 

 

 

2.6

 

 

(4

)%

Total vehicles

 

20.9

 

 

19.2

 

 

9

%

 

 

104.1

 

 

 

110.0

 

 

(5

)%

Parts, service and collision repair

 

6.6

 

 

6.7

 

 

(1

)%

 

 

42.4

 

 

 

45.0

 

 

(6

)%

Finance, insurance and other, net

 

1.2

 

 

1.3

 

 

(8

)%

 

 

7.0

 

 

 

7.2

 

 

(3

)%

Total revenues

 

28.7

 

 

27.2

 

 

6

%

 

 

153.5

 

 

 

162.2

 

 

(5

)%

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

2.0

 

 

2.3

 

 

(13

)%

 

 

11.2

 

 

 

16.6

 

 

(33

)%

Used vehicles

 

1.0

 

 

0.7

 

 

43

%

 

 

5.1

 

 

 

5.3

 

 

(4

)%

Wholesale vehicles

 

—

 

 

(0.2

)

 

100

%

 

 

(0.2

)

 

 

(0.3

)

 

33

%

Total vehicles

 

3.0

 

 

2.8

 

 

7

%

 

 

16.1

 

 

 

21.6

 

 

(25

)%

Parts, service and collision repair

 

2.9

 

 

2.8

 

 

4

%

 

 

19.5

 

 

 

21.2

 

 

(8

)%

Finance, insurance and other, net

 

1.2

 

 

1.3

 

 

(8

)%

 

 

7.0

 

 

 

7.2

 

 

(3

)%

Total gross profit

$

7.1

 

$

6.9

 

 

3

%

 

$

42.6

 

 

$

50.0

 

 

(15

)%

 

 

 

 

 

 

 

 

 

 

 

 

Unit Sales Volume:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

 

884

 

 

948

 

 

(7

)%

 

 

4,171

 

 

 

4,835

 

 

(14

)%

Used vehicles

 

490

 

 

289

 

 

70

%

 

 

2,125

 

 

 

2,218

 

 

(4

)%

Wholesale vehicles

 

16

 

 

66

 

 

(76

)%

 

 

143

 

 

 

215

 

 

(33

)%

Retail new & used vehicles

 

1,374

 

 

1,237

 

 

11

%

 

 

6,296

 

 

 

7,053

 

 

(11

)%

Used:New Ratio

 

0.55

 

 

0.30

 

 

83

%

 

 

0.51

 

 

 

0.46

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit Per Unit:

 

 

 

 

 

 

 

 

 

 

 

Retail new vehicles

$

2,307

 

$

2,429

 

 

(5

)%

 

$

2,687

 

 

$

3,430

 

 

(22

)%

Used vehicles

$

1,969

 

$

2,307

 

 

(15

)%

 

$

2,420

 

 

$

2,386

 

 

1

%

Finance, insurance and other, net

$

903

 

$

1,066

 

 

(15

)%

 

$

1,106

 

 

$

1,017

 

 

9

%

Note: All currently operating powersports 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.

Non-GAAP Reconciliation - Consolidated - SG&A Expenses

 

Three Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

263.5

 

 

$

240.5

 

 

$

(23.0

)

 

(10

)%

Advertising

 

19.1

 

 

 

20.8

 

 

 

1.7

 

 

8

%

Rent

 

10.7

 

 

 

11.5

 

 

 

0.8

 

 

7

%

Other

 

106.3

 

 

 

113.5

 

 

 

7.2

 

 

6

%

Total SG&A expenses

$

399.6

 

 

$

386.3

 

 

$

(13.3

)

 

(3

)%

Adjustments:

 

 

 

 

 

 

 

Cyber insurance proceeds

$

10.0

 

 

$

—

 

 

 

 

 

Acquisition and disposition related gain (loss)

 

2.7

 

 

 

—

 

 

 

 

 

Storm damage charges

 

(3.2

)

 

 

—

 

 

 

 

 

Severance and long-term compensation charges

 

(0.5

)

 

 

—

 

 

 

 

 

Total SG&A adjustments

$

9.0

 

 

$

—

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

408.6

 

 

$

386.3

 

 

$

(22.3

)

 

(6

)%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

45.9

%

 

 

44.4

%

 

 

(150

)

bps

Advertising

 

3.3

%

 

 

3.8

%

 

 

50

 

bps

Rent

 

1.9

%

 

 

2.1

%

 

 

20

 

bps

Other

 

18.5

%

 

 

21.1

%

 

 

260

 

bps

Total SG&A expenses as a % of gross profit

 

69.6

%

 

 

71.4

%

 

 

180

 

bps

Adjustments:

 

 

 

 

 

 

Cyber insurance proceeds

 

1.8

%

 

 

—

%

 

 

 

Acquisition and disposition related gain (loss)

 

0.5

%

 

 

—

%

 

 

 

 

Storm damage charges

 

(0.6

)%

 

 

—

%

 

 

 

 

Severance and long-term compensation charges

 

(0.1

)%

 

 

—

%

 

 

 

 

Total effect of adjustments

 

1.6

%

 

 

—

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

71.2

%

 

 

71.4

%

 

 

20

 

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

574.0

 

 

$

541.1

 

 

$

32.9

 

 

6

%

Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

1,013.9

 

 

$

1,016.3

 

 

$

2.4

 

 

—

%

Advertising

 

84.5

 

 

 

92.2

 

 

 

7.7

 

 

8

%

Rent

 

36.6

 

 

 

46.1

 

 

 

9.5

 

 

21

%

Other

 

442.0

 

 

 

445.9

 

 

 

3.9

 

 

1

%

Total SG&A expenses

$

1,577.0

 

 

$

1,600.5

 

 

$

23.5

 

 

1

%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

(11.4

)

 

$

—

 

 

 

 

 

Storm damage charges

 

(8.3

)

 

 

(1.9

)

 

 

 

 

Severance and long-term compensation charges

 

(5.5

)

 

 

(5.1

)

 

 

 

 

Closed store accrued expenses

 

(2.1

)

 

 

—

 

 

 

 

 

Cyber insurance proceeds

 

10.0

 

 

 

—

 

 

 

 

 

Acquisition and disposition related gain (loss)

 

5.6

 

 

 

20.7

 

 

 

 

 

Gain (loss) on exit of leased dealerships

 

3.0

 

 

 

(4.3

)

 

 

 

 

Total SG&A adjustments

$

(8.7

)

 

$

9.4

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

1,568.3

 

 

$

1,609.9

 

 

$

41.6

 

 

3

%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.2

%

 

 

45.3

%

 

 

(90

)

bps

Advertising

 

3.9

%

 

 

4.1

%

 

 

20

 

bps

Rent

 

1.7

%

 

 

2.1

%

 

 

40

 

bps

Other

 

20.1

%

 

 

19.8

%

 

 

(30

)

bps

Total SG&A expenses as a % of gross profit

 

71.9

%

 

 

71.3

%

 

 

(60

)

bps

Adjustments:

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(0.5

)%

 

 

—

%

 

 

 

Storm damage charges

 

(0.4

)%

 

 

—

%

 

 

 

 

Severance and long-term compensation charges

 

(0.3

)%

 

 

(0.1

)%

 

 

 

 

Closed store accrued expenses

 

(0.1

)%

 

 

—

%

 

 

 

 

Cyber insurance proceeds

 

0.5

%

 

 

—

%

 

 

 

 

Acquisition and disposition related gain (loss)

 

0.3

%

 

 

0.2

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

0.1

%

 

 

—

%

 

 

 

 

Total effect of adjustments

 

(0.4

)%

 

 

0.1

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

71.5

%

 

 

71.4

%

 

 

(10

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

2,192.8

 

 

$

2,245.7

 

 

$

(52.9

)

 

(2

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

2.0

 

 

$

—

 

 

 

 

 

Used vehicle inventory adjustment

 

—

 

 

 

10.0

 

 

 

 

 

Total adjustments

$

2.0

 

 

$

10.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

2,194.8

 

 

$

2,255.7

 

 

$

(60.9

)

 

(3

)%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses

 

Three Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

233.9

 

 

$

206.9

 

 

$

(27.0

)

 

(13

)%

Advertising

 

11.9

 

 

 

10.8

 

 

 

(1.1

)

 

(10

)%

Rent

 

9.6

 

 

 

10.5

 

 

 

0.9

 

 

9

%

Other

 

93.1

 

 

 

100.9

 

 

 

7.8

 

 

8

%

Total SG&A expenses

$

348.5

 

 

$

329.1

 

 

$

(19.4

)

 

(6

)%

Adjustments:

 

 

 

 

 

 

 

Cyber insurance proceeds

$

10.0

 

 

$

—

 

 

 

 

 

Acquisition and disposition related gain (loss)

 

3.5

 

 

 

—

 

 

 

 

 

Storm damage charges

 

(3.2

)

 

 

—

 

 

 

 

 

Total SG&A adjustments

$

10.3

 

 

$

—

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

358.8

 

 

$

329.1

 

 

$

(29.7

)

 

(9

)%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

45.2

%

 

 

42.1

%

 

 

(310

)

bps

Advertising

 

2.3

%

 

 

2.2

%

 

 

(10

)

bps

Rent

 

1.9

%

 

 

2.1

%

 

 

20

 

bps

Other

 

17.9

%

 

 

20.6

%

 

 

270

 

bps

Total SG&A expenses as a % of gross profit

 

67.3

%

 

 

67.0

%

 

 

(30

)

bps

Adjustments:

 

 

 

 

 

 

Cyber insurance proceeds

 

1.9

%

 

 

—

%

 

 

 

Acquisition and disposition related gain (loss)

 

0.7

%

 

 

—

%

 

 

 

 

Storm damage charges

 

(0.6

)%

 

 

—

%

 

 

 

 

Total effect of adjustments

 

2.0

%

 

 

—

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

69.3

%

 

 

67.0

%

 

 

(230

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

517.4

 

 

$

491.3

 

 

$

26.1

 

 

5

%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

892.4

 

 

$

856.6

 

 

$

(35.8

)

 

(4

)%

Advertising

 

55.1

 

 

 

40.5

 

 

 

(14.6

)

 

(36

)%

Rent

 

39.2

 

 

 

40.3

 

 

 

1.1

 

 

3

%

Other

 

388.7

 

 

 

377.2

 

 

 

(11.5

)

 

(3

)%

Total SG&A expenses

$

1,375.4

 

 

$

1,314.6

 

 

$

(60.8

)

 

(5

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

(11.0

)

 

$

—

 

 

 

 

 

Storm damage charges

 

(8.3

)

 

 

(1.9

)

 

 

 

 

Long-term compensation charges

 

(2.2

)

 

 

—

 

 

 

 

 

Cyber insurance proceeds

 

10.0

 

 

 

—

 

 

 

 

 

Acquisition and disposition related gain (loss)

 

3.5

 

 

 

20.9

 

 

 

 

 

Total SG&A adjustments

$

(8.0

)

 

$

19.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

1,367.4

 

 

$

1,333.6

 

 

$

(33.8

)

 

(3

)%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.0

%

 

 

42.1

%

 

 

(390

)

bps

Advertising

 

2.8

%

 

 

2.0

%

 

 

(80

)

bps

Rent

 

2.0

%

 

 

2.0

%

 

 

—

 

bps

Other

 

20.1

%

 

 

18.5

%

 

 

(160

)

bps

Total SG&A expenses as a % of gross profit

 

70.9

%

 

 

64.6

%

 

 

(630

)

bps

Adjustments:

 

 

 

 

 

 

Excess compensation related to CDK outage

 

(0.7

)%

 

 

—

%

 

 

 

Storm damage charges

 

(0.5

)%

 

 

(0.1

)%

 

 

 

 

Long-term compensation charges

 

(0.1

)%

 

 

—

%

 

 

 

 

Cyber insurance proceeds

 

0.6

%

 

 

—

%

 

 

 

 

Acquisition and disposition related gain (loss)

 

0.2

%

 

 

1.1

%

 

 

 

 

Total effect of adjustments

 

(0.5

)%

 

 

1.0

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

70.4

%

 

 

65.6

%

 

 

(480

)

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

1,941.2

 

 

$

2,033.6

 

 

$

(92.4

)

 

(5

)%

Adjustments:

 

 

 

 

 

 

 

Excess compensation related to CDK outage

$

2.0

 

 

$

—

 

 

 

 

 

Total adjustments

$

2.0

 

 

$

—

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

1,943.2

 

 

$

2,033.6

 

 

$

(90.4

)

 

(4

)%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses

 

Three Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

23.8

 

 

$

26.9

 

 

$

3.1

 

 

12

%

Advertising

 

6.7

 

 

 

9.6

 

 

 

2.9

 

 

30

%

Rent

 

0.9

 

 

 

1.0

 

 

 

0.1

 

 

10

%

Other

 

11.2

 

 

 

10.5

 

 

 

(0.7

)

 

(7

)%

Total SG&A expenses

$

42.6

 

 

$

48.0

 

 

$

5.4

 

 

11

%

Adjustments:

 

 

 

 

 

 

 

Acquisition and disposition related gain (loss)

$

(0.8

)

 

$

—

 

 

 

 

 

Total SG&A adjustments

$

(0.8

)

 

$

—

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

41.8

 

 

$

48.0

 

 

$

6.2

 

 

13

%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

48.6

%

 

 

62.8

%

 

 

1,420

 

bps

Advertising

 

13.7

%

 

 

22.5

%

 

 

880

 

bps

Rent

 

1.9

%

 

 

2.3

%

 

 

40

 

bps

Other

 

22.8

%

 

 

24.7

%

 

 

190

 

bps

Total SG&A expenses as a % of gross profit

 

87.0

%

 

 

112.3

%

 

 

2,530

 

bps

Adjustments:

 

 

 

 

 

 

Acquisition and disposition related gain (loss)

 

(1.5

)%

 

 

—

%

 

 

 

Total effect of adjustments

 

(1.5

)%

 

 

—

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

85.5

%

 

 

112.3

%

 

 

2,680

 

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

49.0

 

 

$

42.8

 

 

$

6.2

 

 

14

%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

95.8

 

 

$

132.0

 

 

$

36.2

 

27

%

Advertising

 

27.7

 

 

 

49.9

 

 

 

22.2

 

44

%

Rent

 

(1.7

)

 

 

6.3

 

 

 

8.0

 

127

%

Other

 

43.9

 

 

 

58.8

 

 

 

14.9

 

25

%

Total SG&A expenses

$

165.7

 

 

$

247.0

 

 

$

81.3

 

33

%

Adjustments:

 

 

 

 

 

 

 

Severance and long-term compensation charges

$

(2.8

)

 

$

(5.1

)

 

 

 

 

Closed store accrued expenses

 

(2.1

)

 

 

—

 

 

 

 

 

Excess compensation related to CDK outage

 

(0.4

)

 

 

—

 

 

 

 

 

Gain (loss) on exit of leased dealerships

 

3.0

 

 

 

(4.3

)

 

 

 

 

Acquisition and disposition related gain (loss)

 

2.1

 

 

 

(0.3

)

 

 

 

 

Total SG&A adjustments

$

(0.2

)

 

$

(9.7

)

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

165.5

 

 

$

237.3

 

 

$

71.8

 

30

%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

46.1

%

 

 

81.6

%

 

 

3,550

bps

Advertising

 

13.3

%

 

 

30.9

%

 

 

1,760

bps

Rent

 

(0.8

)%

 

 

3.9

%

 

 

470

bps

Other

 

21.1

%

 

 

36.3

%

 

 

1,520

bps

Total SG&A expenses as a % of gross profit

 

79.7

%

 

 

152.7

%

 

 

7,300

bps

Adjustments:

 

 

 

 

 

 

Severance and long-term compensation charges

 

(1.4

)%

 

 

(7.7

)%

 

 

 

Closed store accrued expenses

 

(1.1

)%

 

 

—

%

 

 

 

 

Excess compensation related to CDK outage

 

(0.2

)%

 

 

—

%

 

 

 

 

Gain (loss) on exit of leased dealerships

 

1.5

%

 

 

(6.4

)%

 

 

 

Acquisition and disposition related gain (loss)

 

1.1

%

 

 

(0.4

)%

 

 

 

 

Total effect of adjustments

 

(0.1

)%

 

 

(14.5

)%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

79.6

%

 

 

138.2

%

 

 

7,310

bps

 

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

 

Total gross profit

$

207.9

 

 

$

161.8

 

 

$

46.1

 

28

%

Adjustments:

 

 

 

 

 

 

 

Used vehicle inventory adjustment

$

—

 

 

$

10.0

 

 

 

 

 

Total adjustments

$

—

 

 

$

10.0

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted gross profit

$

207.9

 

 

$

171.8

 

 

$

36.1

 

21

%

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses

 

Three Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

Compensation

$

5.9

 

 

$

6.7

 

 

$

0.8

 

12

%

Advertising

 

0.5

 

 

 

0.4

 

 

 

(0.1

)

(25

)%

Rent

 

0.1

 

 

 

—

 

 

 

(0.1

)

—

%

Other

 

2.0

 

 

 

2.1

 

 

 

0.1

 

5

%

Total SG&A expenses

$

8.5

 

 

$

9.2

 

 

$

0.7

 

8

%

Adjustments:

 

 

 

 

 

 

Long-term compensation charges

$

(0.5

)

 

$

—

 

 

 

 

Total SG&A adjustments

$

(0.5

)

 

$

—

 

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses

$

8.0

 

 

$

9.2

 

 

$

1.2

 

13.0

%

Reported:

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

Compensation

 

77.5

%

 

 

96.2

%

 

 

1,870

 

bps

Advertising

 

6.0

%

 

 

5.2

%

 

 

(80

)

bps

Rent

 

1.4

%

 

 

0.7

%

 

 

(70

)

bps

Other

 

28.3

%

 

 

29.5

%

 

 

120

 

bps

Total SG&A expenses as a % of gross profit

 

113.2

%

 

 

131.6

%

 

 

1,840

 

bps

Adjustments:

 

 

 

 

 

 

Long-term compensation charges

 

(6.6

)%

 

 

—

%

 

 

 

Total effect of adjustments

 

(6.6

)%

 

 

—

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

106.6

%

 

 

131.6

%

 

 

2,500

 

bps

 

 

 

 

 

 

 

Reported:

 

 

 

 

 

 

Total gross profit

$

7.5

 

 

$

7.0

 

 

$

0.5

 

7

%

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses (Continued)

 

Twelve Months Ended December 31,

 

Better / (Worse)

 

 

2024

 

 

 

2023

 

 

Change

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

Compensation

$

25.7

 

 

$

27.7

 

 

$

2.0

 

 

7

%

Advertising

 

1.7

 

 

 

1.8

 

 

 

0.1

 

 

6

%

Rent

 

(0.9

)

 

 

(0.5

)

 

 

0.4

 

 

80

%

Other

 

9.4

 

 

 

9.9

 

 

 

0.5

 

 

5

%

Total SG&A expenses

$

35.9

 

 

$

38.9

 

 

$

3.0

 

 

8

%

Adjustments:

 

 

 

 

 

 

 

Long-term compensation charges

$

(0.5

)

 

$

—

 

 

 

 

 

Total SG&A adjustments

$

(0.5

)

 

$

—

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Total adjusted SG&A expenses

$

35.4

 

 

$

38.9

 

 

$

3.5

 

 

9

%

Reported:

 

 

 

 

 

 

 

SG&A expenses as a % of gross profit:

 

 

 

 

 

 

 

Compensation

 

58.7

%

 

 

55.0

%

 

 

(370

)

bps

Advertising

 

3.9

%

 

 

3.5

%

 

 

(40

)

bps

Rent

 

(2.1

)%

 

 

(1.0

)%

 

 

110

 

bps

Other

 

21.5

%

 

 

19.7

%

 

 

(180

)

bps

Total SG&A expenses as a % of gross profit

 

82.0

%

 

 

77.2

%

 

 

(480

)

bps

Adjustments:

 

 

 

 

 

 

Long-term compensation charges

 

(1.1

)%

 

 

—

%

 

 

 

Total effect of adjustments

 

(1.1

)%

 

 

—

%

 

 

 

Adjusted:

 

 

 

 

 

 

Total adjusted SG&A expenses as a % of gross profit

 

80.9

%

 

 

77.2

%

 

 

(370

)

bps

Reported:

 

 

 

 

 

 

 

Total gross profit

$

43.7

 

 

$

50.3

 

 

$

(6.6

)

 

(13

)%

Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

89.4

 

 

$

89.8

 

—

%

 

$

256.4

 

 

$

447.0

 

 

(43

)%

Add: impairment charges

 

0.2

 

 

 

1.0

 

 

 

 

1.2

 

 

 

1.0

 

 

 

Segment income (loss)

$

89.6

 

 

$

90.8

 

(1

)%

 

$

257.6

 

 

$

448.0

 

 

(43

)%

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Cyber insurance proceeds

$

(10.0

)

 

$

—

 

 

 

$

(10.0

)

 

$

—

 

 

 

Acquisition and disposition related (gain) loss

 

(3.5

)

 

 

—

 

 

 

 

(3.5

)

 

 

(20.9

)

 

 

Storm damage charges

 

3.2

 

 

 

—

 

 

 

 

8.3

 

 

 

1.9

 

 

 

Long-term compensation charges

 

—

 

 

 

—

 

 

 

 

2.2

 

 

 

—

 

 

 

Excess compensation related to CDK outage

 

—

 

 

 

—

 

 

 

 

13.0

 

 

 

—

 

 

 

Total pre-tax adjustments

$

(10.3

)

 

$

—

 

 

 

$

10.0

 

 

$

(19.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

$

79.3

 

 

$

90.8

 

(13

)%

 

$

267.6

 

 

$

429.0

 

 

(38

)%

Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

(3.9

)

 

$

(31.6

)

 

88

%

 

$

0.8

 

 

$

(210.8

)

 

100

%

Add: impairment charges

 

1.3

 

 

 

15.7

 

 

 

 

 

2.7

 

 

 

78.3

 

 

 

Segment income (loss)

$

(2.6

)

 

$

(15.9

)

 

84

%

 

$

3.5

 

 

$

(132.5

)

 

103

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition related (gain) loss

$

0.8

 

 

$

—

 

 

 

 

$

(2.1

)

 

$

0.3

 

 

 

Loss (gain) on exit of leased dealerships

 

—

 

 

 

—

 

 

 

 

 

(3.0

)

 

 

4.3

 

 

 

Severance and long-term compensation charges

 

—

 

 

 

—

 

 

 

 

 

2.8

 

 

 

5.1

 

 

 

Used vehicle inventory valuation adjustment

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

10.0

 

 

 

Excess compensation related to CDK outage

 

—

 

 

 

—

 

 

 

 

 

0.4

 

 

 

—

 

 

 

Closed store accrued expenses

 

—

 

 

 

—

 

 

 

 

 

2.1

 

 

 

—

 

 

 

Total pre-tax adjustments

$

0.8

 

 

$

—

 

 

 

 

$

0.2

 

 

$

19.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

$

(1.8

)

 

$

(15.9

)

 

89

%

 

$

3.7

 

 

$

(112.8

)

 

103

%

Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

% Change

 

(In millions)

Reported:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

(3.4

)

 

$

(3.5

)

 

3

%

 

$

(1.1

)

 

$

5.7

 

(119

)%

Add: impairment charges

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

 

Segment income (loss)

$

(3.4

)

 

$

(3.5

)

 

3

%

 

$

(1.1

)

 

$

5.7

 

(119

)%

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Long-term compensation charges

$

0.5

 

 

$

—

 

 

 

 

$

0.5

 

 

$

—

 

 

Total pre-tax adjustments

$

0.5

 

 

$

—

 

 

 

 

$

0.5

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

 

 

 

 

Adjusted segment income (loss)

$

(2.9

)

 

$

(3.5

)

 

17

%

 

$

(0.6

)

 

$

5.7

 

(111

)%

Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

(In millions, except per share amounts)

Reported net income (loss), diluted shares, and diluted earnings (loss) per share

35.2

 

$

58.6

 

 

$

1.67

 

34.8

 

$

38.7

 

 

$

1.11

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition related (gain) loss

 

 

$

(2.7

)

 

 

 

 

 

$

—

 

 

 

Impairment charges

 

 

 

1.5

 

 

 

 

 

 

 

16.7

 

 

 

Storm damage charges

 

 

 

3.2

 

 

 

 

 

 

 

—

 

 

 

Severance and long-term compensation charges

 

 

 

0.5

 

 

 

 

 

 

 

—

 

 

 

Cyber insurance proceeds

 

 

 

(10.0

)

 

 

 

 

 

 

—

 

 

 

Total pre-tax adjustments

 

 

$

(7.5

)

 

 

 

 

 

$

16.7

 

 

 

Tax effect of above items

 

 

 

2.0

 

 

 

 

 

 

 

(4.3

)

 

 

Non-recurring tax items

 

 

 

—

 

 

 

 

 

 

 

5.8

 

 

 

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

35.2

 

$

53.1

 

 

$

1.51

 

34.8

 

$

56.9

 

 

$

1.63

 

Twelve Months Ended December 31, 2024

 

Twelve Months Ended December 31, 2023

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

Weighted-

Average

Shares

 

Net Income (Loss)

 

Per

Share

Amount

 

(In millions, except per share amounts)

Reported net income (loss), diluted shares, and diluted earnings (loss) per share

35.0

 

$

216.0

 

 

$

6.18

 

35.9

 

$

178.2

 

 

$

4.97

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Acquisition and disposition related (gain) loss

 

 

$

(5.6

)

 

 

 

 

 

$

(20.7

)

 

 

Storm damage charges

 

 

 

8.3

 

 

 

 

 

 

 

1.9

 

 

 

Impairment charges

 

 

 

3.9

 

 

 

 

 

 

 

79.3

 

 

 

Loss (gain) on exit of leased dealerships

 

 

 

(3.0

)

 

 

 

 

 

 

4.3

 

 

 

Severance and long-term compensation charges

 

 

 

5.5

 

 

 

 

 

 

 

5.1

 

 

 

Used vehicle inventory valuation adjustment

 

 

 

—

 

 

 

 

 

 

 

10.0

 

 

 

Closed store accrued expenses

 

 

 

2.1

 

 

 

 

 

 

 

—

 

 

 

Cyber insurance proceeds

 

 

 

(10.0

)

 

 

 

 

 

 

—

 

 

 

Excess compensation related to CDK outage

 

 

 

13.4

 

 

 

 

 

 

 

—

 

 

 

Total pre-tax adjustments

 

 

$

14.6

 

 

 

 

 

 

$

79.9

 

 

 

Tax effect of above items

 

 

 

(3.8

)

 

 

 

 

 

 

(19.9

)

 

 

Non-recurring tax items

 

 

 

(31.0

)

 

 

 

 

 

 

5.8

 

 

 

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

35.0

 

$

195.8

 

 

$

5.60

 

35.9

 

$

244.0

 

 

$

6.81

Non-GAAP Reconciliation - Adjusted EBITDA

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports

Segment

 

Total

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports

Segment

 

Total

 

(In millions)

Net income (loss)

 

 

 

 

 

 

$

58.6

 

 

 

 

 

 

 

 

$

38.7

Provision for income taxes

 

 

 

 

 

 

 

23.5

 

 

 

 

 

 

 

 

 

16.0

Income (loss) before taxes

$

89.4

 

 

$

(3.9

)

 

$

(3.4

)

 

$

82.1

 

 

$

89.8

 

$

(31.6

)

 

$

(3.5

)

 

$

54.7

Non-floor plan interest (1)

 

27.1

 

 

 

0.6

 

 

 

0.7

 

 

 

28.4

 

 

 

25.9

 

 

0.7

 

 

 

0.1

 

 

 

26.7

Depreciation and amortization (2)

 

34.2

 

 

 

5.4

 

 

 

1.2

 

 

 

40.8

 

 

 

31.2

 

 

6.1

 

 

 

1.0

 

 

 

38.3

Stock-based compensation expense

 

5.5

 

 

 

—

 

 

 

—

 

 

 

5.5

 

 

 

6.0

 

 

—

 

 

 

—

 

 

 

6.0

Impairment charges

 

0.2

 

 

 

1.3

 

 

 

—

 

 

 

1.5

 

 

 

1.0

 

 

15.7

 

 

 

—

 

 

 

16.7

Severance and long-term compensation charges

 

—

 

 

 

—

 

 

 

0.5

 

 

 

0.5

 

 

 

—

 

 

—

 

 

 

—

 

 

 

—

Acquisition and disposition-related (gain) loss

 

(3.5

)

 

 

0.8

 

 

 

—

 

 

 

(2.7

)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

Storm damage charges

 

3.2

 

 

 

—

 

 

 

—

 

 

 

3.2

 

 

 

—

 

 

—

 

 

 

—

 

 

 

—

Cyber insurance proceeds

 

(10.0

)

 

 

—

 

 

 

—

 

 

 

(10.0

)

 

 

—

 

 

 

 

—

 

 

 

—

Adjusted EBITDA

$

146.1

 

 

$

4.2

 

 

$

(1.0

)

 

$

149.3

 

 

$

153.9

 

$

(9.1

)

 

$

(2.4

)

 

$

142.4

 

Twelve Months Ended December 31, 2024

 

Twelve Months Ended December 31, 2023

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports

Segment

 

Total

 

Franchised Dealerships Segment

 

EchoPark Segment

 

Powersports

Segment

 

Total

 

(In millions)

Net income (loss)

 

 

 

 

 

 

$

216.0

 

 

 

 

 

 

 

 

$

178.2

 

Provision for income taxes

 

 

 

 

 

 

 

40.1

 

 

 

 

 

 

 

 

 

63.7

 

Income (loss) before taxes

$

256.4

 

 

$

0.8

 

 

$

(1.1

)

 

$

256.1

 

 

$

447.0

 

 

$

(210.8

)

 

$

5.7

 

$

241.9

 

Non-floor plan interest (1)

 

107.0

 

 

 

2.6

 

 

 

2.6

 

 

 

112.2

 

 

 

103.2

 

 

 

3.2

 

 

 

1.7

 

 

108.1

 

Depreciation and amortization (2)

 

130.0

 

 

 

21.6

 

 

 

4.3

 

 

 

155.9

 

 

 

118.8

 

 

 

26.6

 

 

 

3.4

 

 

148.8

 

Stock-based compensation expense

 

21.3

 

 

 

—

 

 

 

—

 

 

 

21.3

 

 

 

23.3

 

 

 

—

 

 

 

—

 

 

23.3

 

Loss (gain) on exit of leased dealerships

 

—

 

 

 

(3.0

)

 

 

—

 

 

 

(3.0

)

 

 

—

 

 

 

4.3

 

 

 

—

 

 

4.3

 

Impairment charges

 

1.2

 

 

 

2.7

 

 

 

—

 

 

 

3.9

 

 

 

1.0

 

 

 

78.3

 

 

 

—

 

 

79.3

 

Loss on debt extinguishment

 

0.6

 

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

Severance and long-term compensation charges

 

2.2

 

 

 

2.9

 

 

 

0.5

 

 

 

5.6

 

 

 

—

 

 

 

5.1

 

 

 

—

 

 

5.1

 

Acquisition and disposition-related (gain) loss

 

(3.8

)

 

 

(2.5

)

 

 

—

 

 

 

(6.3

)

 

 

(20.7

)

 

 

0.3

 

 

 

—

 

 

(20.4

)

Storm damage charges

 

8.3

 

 

 

—

 

 

 

—

 

 

 

8.3

 

 

 

1.9

 

 

 

—

 

 

 

—

 

 

1.9

 

Used vehicle inventory valuation adjustment

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.0

 

 

 

—

 

 

10.0

 

Excess compensation related to CDK outage

 

13.0

 

 

 

0.4

 

 

 

—

 

 

 

13.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

Cyber insurance proceeds

 

(10.0

)

 

 

—

 

 

 

—

 

 

 

(10.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

Closed store accrued expenses

 

—

 

 

 

2.1

 

 

 

—

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

Adjusted EBITDA

$

526.2

 

 

$

27.6

 

 

$

6.3

 

 

$

560.1

 

 

$

674.5

 

 

$

(83.0

)

 

$

10.8

 

$

602.3

 

(1)

Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.

(2)

Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.

Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

 

Better / (Worse) % Change

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

(In millions, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

506.7

 

 

$

(0.5

)

 

$

506.2

 

 

$

505.0

 

 

$

51.6

 

 

$

556.6

 

 

—

%

 

(101

)%

 

(9

)%

Total gross profit

$

49.5

 

 

$

(0.5

)

 

$

49.0

 

 

$

38.3

 

 

$

4.5

 

 

$

42.8

 

 

29

%

 

(111

)%

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

(1.0

)

 

$

(2.9

)

 

$

(3.9

)

 

$

(12.6

)

 

$

(19.0

)

 

$

(31.6

)

 

92

%

 

85

%

 

88

%

Non-floor plan interest (1)

$

0.5

 

 

$

0.1

 

 

$

0.6

 

 

$

0.6

 

 

$

0.1

 

 

$

0.7

 

 

NM

 

NM

 

NM

Depreciation and amortization (2)

$

5.4

 

 

$

—

 

 

$

5.4

 

 

$

5.7

 

 

$

0.4

 

 

$

6.1

 

 

NM

 

NM

 

NM

Acquisition and disposition-related (gain) loss

$

—

 

 

$

0.8

 

 

$

0.8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

NM

 

NM

 

NM

Impairment charges

$

—

 

 

$

1.3

 

 

$

1.3

 

 

$

—

 

 

$

15.7

 

 

$

15.7

 

 

NM

 

NM

 

NM

Adjusted EBITDA

$

4.9

 

 

$

(0.7

)

 

$

4.2

 

 

$

(6.3

)

 

$

(2.8

)

 

$

(9.1

)

 

178

%

 

75

%

 

146

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Used vehicle unit sales volume

 

16,674

 

 

$

—

 

 

 

16,674

 

 

 

16,071

 

 

 

1,491

 

 

 

17,562

 

 

4

%

 

(100

)%

 

(5

)%

Total used vehicle and F&I gross profit per unit

 

3,004

 

 

 

NM

 

 

$

2,927

 

 

$

2,398

 

 

 

NM

 

 

$

2,461

 

 

25

%

 

NM

 

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NM = Not Meaningful

Non-GAAP Reconciliation - EchoPark Segment Operations and Closed Stores (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2024

 

Twelve Months Ended December 31, 2023

Better / (Worse) % Change

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

EchoPark

Operations

 

Closed

Stores

 

Total

EchoPark

Segment

 

(In millions, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

2,116.4

 

$

11.4

 

 

$

2,127.8

 

 

$

2,026.3

 

 

$

408.1

 

 

$

2,434.4

 

 

4

%

 

(97

)%

 

(13

)%

Total gross profit

$

210.5

 

$

(2.6

)

 

$

207.9

 

 

$

142.7

 

 

$

19.1

 

 

$

161.8

 

 

48

%

 

(114

)%

 

28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

$

8.3

 

$

(7.5

)

 

$

0.8

 

 

$

(79.9

)

 

$

(130.9

)

 

$

(210.8

)

 

110

%

 

94

%

 

100

%

Non-floor plan interest (1)

$

2.2

 

$

0.4

 

 

$

2.6

 

 

$

2.4

 

 

$

0.8

 

 

$

3.2

 

 

NM

 

NM

 

NM

Depreciation and amortization (2)

$

21.6

 

$

—

 

 

$

21.6

 

 

$

22.2

 

 

$

4.4

 

 

$

26.6

 

 

NM

 

NM

 

NM

Acquisition and disposition-related (gain) loss

$

—

 

$

(2.5

)

 

$

(2.5

)

 

$

—

 

 

$

0.3

 

 

$

0.3

 

 

NM

 

NM

 

NM

Closed store accrued expenses

$

—

 

$

2.1

 

 

$

2.1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

NM

 

NM

 

NM

Impairment charges

$

—

 

$

2.7

 

 

$

2.7

 

 

$

—

 

 

$

78.3

 

 

$

78.3

 

 

NM

 

NM

 

NM

Loss (gain) on exit of leased dealerships

$

—

 

$

(3.0

)

 

$

(3.0

)

 

$

—

 

 

$

4.3

 

 

$

4.3

 

 

NM

 

NM

 

NM

Severance and long-term compensation charges

$

—

 

$

2.9

 

 

$

2.9

 

 

$

—

 

 

$

5.1

 

 

$

5.1

 

 

NM

 

NM

 

NM

Excess compensation related to CDK outage

$

0.4

 

$

—

 

 

$

0.4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

NM

 

NM

 

NM

Used vehicle inventory valuation adjustment

$

—

 

$

—

 

 

$

—

 

 

$

5.8

 

 

$

4.2

 

 

$

10.0

 

 

NM

 

NM

 

NM

Adjusted EBITDA

$

32.5

 

$

(4.9

)

 

$

27.6

 

 

$

(49.5

)

 

$

(33.5

)

 

$

(83.0

)

 

166

%

 

85

%

 

133

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Used vehicle unit sales volume

 

68,690

 

 

363

 

 

 

69,053

 

 

 

62,605

 

 

 

11,071

 

 

 

73,676

 

 

10

%

 

(97

)%

 

(6

)%

Total used vehicle and F&I gross profit per unit

$

3,074

 

 

NM

 

 

$

3,029

 

 

$

2,253

 

 

 

NM

 

 

$

2,183

 

 

36

%

 

NM

 

 

39

%

NM = Not Meaningful

 

(1)

Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.

(2)

Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250212836689/en/

Company Contacts Investor Inquiries: Heath Byrd, Executive Vice President and Chief Financial Officer Danny Wieland, Vice President, Investor Relations & Financial Reporting ir@sonicautomotive.com

Press Inquiries: Sonic Automotive Media Relations media.relations@sonicautomotive.com