Sonic Automotive Reports First Quarter Financial Results
EchoPark Segment Achieved All-Time Record Quarterly Adjusted EBITDA* in the First Quarter of 2024, Exceeding Previously Stated Target of Breakeven Adjusted EBITDA* in the First Quarter
First Quarter 2024 Financial Summary
-
Total revenues of
$3.4 billion , down 3% year-over-year; total gross profit of$536.2 million , down 3% year-over-year -
Reported net income of
$42.0 million , down 12% year-over-year ($1.20 earnings per diluted share, down 7% year-over-year)-
Reported net income includes the effects of a
$2.2 million pre-tax charge related to accelerated equity compensation vesting and a$1.0 million pre-tax impairment charge in the Franchised Dealerships Segment; a$4.2 million pre-tax charge related to the previously announced closure of the remaining Northwest Motorsport stores in the EchoPark Segment; offset partially by a$1.9 million tax benefit on the above charges -
Excluding these items, adjusted net income* was
$47.5 million , down 3% year-over-year ($1.36 adjusted earnings per diluted share*, up 2% year-over-year)
-
Reported net income includes the effects of a
-
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 73.1% (71.1% on a Franchised Dealerships Segment basis, 86.6% on an EchoPark Segment basis, and 104.8% on a Powersports Segment basis)
- Total adjusted SG&A expenses as a percentage of gross profit* of 72.0% (70.7% on a Franchised Dealerships Segment basis, 78.6% on an EchoPark Segment basis, and 104.8% on a Powersports Segment basis)
-
EchoPark Segment revenues of
$559.4 million , down 14% year-over-year; record first quarter EchoPark Segment total gross profit of$52.6 million , up 34% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 17,981, down 10% year-over-year -
Reported EchoPark Segment loss of
$2.9 million and adjusted EchoPark Segment income* of$1.3 million -
All-time record quarterly EchoPark Segment adjusted EBITDA* of
$7.3 million , up 120% year-over-year- Exceeded previously issued target for an expected return to breakeven EchoPark Segment adjusted EBITDA* in the first quarter of 2024
-
Excluding closed stores, EchoPark Segment adjusted EBITDA* was
$9.4 million , a 142% improvement year-over-year
-
During the first quarter, Sonic repurchased approximately 0.5 million shares of its Class A Common Stock for an aggregate purchase price of approximately
$27.0 million
* Represents a non-GAAP financial measure - please refer to the discussion and reconciliation of non-GAAP financial measures below.
Commentary
First Quarter 2024 Segment Highlights
The financial measures discussed below are results for the first quarter of 2024 with comparisons made to the first quarter of 2023, unless otherwise noted.
-
Franchised Dealerships Segment operating results include:
- Same store revenues up 1%; same store gross profit down 5%
-
Same store retail new vehicle unit sales volume up 5%; same store retail new vehicle gross profit per unit down 32%, to
$3,716 -
Same store retail used vehicle unit sales volume up 4%; same store retail used vehicle gross profit per unit down 3%, to
$1,585 - Same store parts, service and collision repair (“Fixed Operations”) gross profit up 6%; same store customer pay gross profit up 6%; same store warranty gross profit up 13%; same store Fixed Operations gross profit margin up 70 basis points, to 50.1%
-
Same store finance and insurance ("F&I") gross profit up 3%; same store F&I gross profit per retail unit of
$2,350 , down 1% - On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 50 days’ supply of new vehicle inventory (including in-transit) and 28 days’ supply of used vehicle inventory
-
EchoPark Segment operating results include:
-
Revenues of
$559.4 million , down 14%; gross profit of$52.6 million , up 34%- On a same market basis (which excludes closed stores), revenues were up 11% and gross profit was up 79%
-
Retail used vehicle unit sales volume of 17,981, down 10%
- On a same market basis (which excludes closed stores), retail used vehicle unit sales volume was up 13%
-
Reported segment loss of
$2.9 million , adjusted segment income* of$1.3 million , and adjusted EBITDA* of$7.3 million -
Reported segment loss includes
$5.9 million loss related to closed stores (closed stores represent a$2.2 million loss on an adjusted segment loss* basis and a$2.1 million loss on an adjusted EBITDA* basis) -
Excluding closed stores, reported segment income was
$1.3 million , adjusted segment income* was$3.5 million , and adjusted EBITDA* was$9.4 million
-
Reported segment loss includes
- On a trailing quarter cost of sales basis, the EchoPark Segment had 36 days’ supply of used vehicle inventory
-
Revenues of
-
Powersports Segment operating results include:
-
Revenues of
$27.7 million , down 19%; gross profit of$7.8 million , down 20% -
Segment loss of
$2.3 million and adjusted EBITDA* loss of$0.8 million - First quarter Powersports Segment adjusted EBITDA* loss reflects the seasonality of this business and was in line with our previously communicated expectation for near breakeven adjusted EBITDA*
-
Revenues of
* Represents a non-GAAP financial measure - 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
First Quarter 2024 Earnings Conference Call
Senior management will hold a conference call today at
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 First 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
About
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated future EchoPark profitability and anticipated future EchoPark adjusted EBITDA. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and increases in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in 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
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under
|
||||||||||
Results of Operations (Unaudited) |
||||||||||
Results of Operations - Consolidated |
||||||||||
|
Three Months Ended |
|
Better / (Worse) |
|||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
(In millions, except per share amounts) |
|
|
|||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
1,455.8 |
|
|
$ |
1,442.8 |
|
|
1 |
% |
Fleet new vehicles |
|
19.6 |
|
|
|
18.8 |
|
|
4 |
% |
Total new vehicles |
|
1,475.4 |
|
|
|
1,461.6 |
|
|
1 |
% |
Used vehicles |
|
1,215.6 |
|
|
|
1,344.9 |
|
|
(10 |
)% |
Wholesale vehicles |
|
77.3 |
|
|
|
85.6 |
|
|
(10 |
)% |
Total vehicles |
|
2,768.3 |
|
|
|
2,892.1 |
|
|
(4 |
)% |
Parts, service and collision repair |
|
446.7 |
|
|
|
430.5 |
|
|
4 |
% |
Finance, insurance and other, net |
|
169.0 |
|
|
|
168.6 |
|
|
— |
% |
Total revenues |
|
3,384.0 |
|
|
|
3,491.2 |
|
|
(3 |
)% |
Cost of sales: |
|
|
|
|
|
|||||
Retail new vehicles |
|
(1,359.4 |
) |
|
|
(1,304.7 |
) |
|
(4 |
)% |
Fleet new vehicles |
|
(18.9 |
) |
|
|
(17.9 |
) |
|
(6 |
)% |
Total new vehicles |
|
(1,378.3 |
) |
|
|
(1,322.6 |
) |
|
(4 |
)% |
Used vehicles |
|
(1,168.6 |
) |
|
|
(1,314.9 |
) |
|
11 |
% |
Wholesale vehicles |
|
(78.1 |
) |
|
|
(82.6 |
) |
|
5 |
% |
Total vehicles |
|
(2,625.0 |
) |
|
|
(2,720.1 |
) |
|
3 |
% |
Parts, service and collision repair |
|
(222.8 |
) |
|
|
(217.6 |
) |
|
(2 |
)% |
Total cost of sales |
|
(2,847.8 |
) |
|
|
(2,937.7 |
) |
|
3 |
% |
Gross profit |
|
536.2 |
|
|
|
553.5 |
|
|
(3 |
)% |
Selling, general and administrative expenses |
|
(392.2 |
) |
|
|
(412.8 |
) |
|
5 |
% |
Impairment charges |
|
(1.0 |
) |
|
|
— |
|
|
(100 |
)% |
Depreciation and amortization |
|
(36.3 |
) |
|
|
(34.3 |
) |
|
(6 |
)% |
Operating income (loss) |
|
106.7 |
|
|
|
106.4 |
|
|
— |
% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(20.3 |
) |
|
|
(14.6 |
) |
|
(39 |
)% |
Interest expense, other, net |
|
(29.0 |
) |
|
|
(28.4 |
) |
|
(2 |
)% |
Other income (expense), net |
|
0.1 |
|
|
|
0.2 |
|
|
(50 |
)% |
Total other income (expense) |
|
(49.2 |
) |
|
|
(42.8 |
) |
|
(15 |
)% |
Income (loss) before taxes |
|
57.5 |
|
|
|
63.6 |
|
|
(10 |
)% |
Provision for income taxes - benefit (expense) |
|
(15.5 |
) |
|
|
(15.9 |
) |
|
3 |
% |
Net income (loss) |
$ |
42.0 |
|
|
$ |
47.7 |
|
|
(12 |
)% |
|
|
|
|
|
|
|||||
Basic earnings (loss) per common share |
$ |
1.24 |
|
|
$ |
1.33 |
|
|
(7 |
)% |
Basic weighted-average common shares outstanding |
|
34.0 |
|
|
|
35.9 |
|
|
5 |
% |
|
|
|
|
|
|
|||||
Diluted earnings (loss) per common share |
$ |
1.20 |
|
|
$ |
1.29 |
|
|
(7 |
)% |
Diluted weighted-average common shares outstanding |
|
34.9 |
|
|
|
36.9 |
|
|
5 |
% |
|
|
|
|
|
|
|||||
Dividends declared per common share |
$ |
0.30 |
|
|
$ |
0.28 |
|
|
7 |
% |
Franchised Dealerships Segment - Reported
|
Three Months Ended |
|
Better / (Worse) |
|||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
1,439.9 |
|
|
$ |
1,421.0 |
|
|
1 |
% |
Fleet new vehicles |
|
19.6 |
|
|
|
18.8 |
|
|
4 |
% |
Total new vehicles |
|
1,459.5 |
|
|
|
1,439.8 |
|
|
1 |
% |
Used vehicles |
|
729.3 |
|
|
|
767.6 |
|
|
(5 |
)% |
Wholesale vehicles |
|
48.6 |
|
|
|
58.4 |
|
|
(17 |
)% |
Total vehicles |
|
2,237.4 |
|
|
|
2,265.8 |
|
|
(1 |
)% |
Parts, service and collision repair |
|
439.9 |
|
|
|
423.8 |
|
|
4 |
% |
Finance, insurance and other, net |
|
119.6 |
|
|
|
117.1 |
|
|
2 |
% |
Total revenues |
|
2,796.9 |
|
|
|
2,806.7 |
|
|
— |
% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
94.1 |
|
|
|
134.0 |
|
|
(30 |
)% |
Fleet new vehicles |
|
0.7 |
|
|
|
0.9 |
|
|
(22 |
)% |
Total new vehicles |
|
94.8 |
|
|
|
134.9 |
|
|
(30 |
)% |
Used vehicles |
|
40.8 |
|
|
|
40.8 |
|
|
— |
% |
Wholesale vehicles |
|
(0.2 |
) |
|
|
1.9 |
|
|
(111 |
)% |
Total vehicles |
|
135.4 |
|
|
|
177.6 |
|
|
(24 |
)% |
Parts, service and collision repair |
|
220.8 |
|
|
|
209.6 |
|
|
5 |
% |
Finance, insurance and other, net |
|
119.6 |
|
|
|
117.1 |
|
|
2 |
% |
Total gross profit |
|
475.8 |
|
|
|
504.3 |
|
|
(6 |
)% |
Selling, general and administrative expenses |
|
(338.5 |
) |
|
|
(331.2 |
) |
|
(2 |
)% |
Impairment charges |
|
(1.0 |
) |
|
|
— |
|
|
(100 |
)% |
Depreciation and amortization |
|
(29.8 |
) |
|
|
(26.5 |
) |
|
(12 |
)% |
Operating income (loss) |
|
106.5 |
|
|
|
146.6 |
|
|
(27 |
)% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(16.0 |
) |
|
|
(9.9 |
) |
|
(62 |
)% |
Interest expense, other, net |
|
(27.8 |
) |
|
|
(26.9 |
) |
|
(3 |
)% |
Other income (expense), net |
|
— |
|
|
|
— |
|
|
— |
% |
Total other income (expense) |
|
(43.8 |
) |
|
|
(36.8 |
) |
|
(19 |
)% |
Income (loss) before taxes |
|
62.7 |
|
|
|
109.8 |
|
|
(43 |
)% |
Add: Impairment charges |
|
1.0 |
|
|
|
— |
|
|
100 |
% |
Segment income (loss) |
$ |
63.7 |
|
|
$ |
109.8 |
|
|
(42 |
)% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
25,297 |
|
|
|
24,539 |
|
|
3 |
% |
Fleet new vehicles |
|
379 |
|
|
|
441 |
|
|
(14 |
)% |
Total new vehicles |
|
25,676 |
|
|
|
24,980 |
|
|
3 |
% |
Used vehicles |
|
25,666 |
|
|
|
25,107 |
|
|
2 |
% |
Wholesale vehicles |
|
5,105 |
|
|
|
5,483 |
|
|
(7 |
)% |
Retail new & used vehicles |
|
50,963 |
|
|
|
49,646 |
|
|
3 |
% |
Used-to-New Ratio |
|
1.01 |
|
|
|
1.02 |
|
|
(1 |
)% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
3,722 |
|
|
$ |
5,463 |
|
|
(32 |
)% |
Fleet new vehicles |
$ |
1,706 |
|
|
$ |
2,020 |
|
|
(16 |
)% |
New vehicles |
$ |
3,692 |
|
|
$ |
5,402 |
|
|
(32 |
)% |
Used vehicles |
$ |
1,592 |
|
|
$ |
1,626 |
|
|
(2 |
)% |
Finance, insurance and other, net |
$ |
2,348 |
|
|
$ |
2,360 |
|
|
(1 |
)% |
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 |
|
Better / (Worse) |
||||||
|
2024 |
|
2023 |
|
% Change |
||||
|
(In millions, except unit and per unit data) |
||||||||
Revenues: |
|
|
|
|
|
||||
Retail new vehicles |
$ |
1,435.5 |
|
|
$ |
1,398.8 |
|
3 |
% |
Fleet new vehicles |
|
19.6 |
|
|
|
18.9 |
|
4 |
% |
Total new vehicles |
|
1,455.1 |
|
|
|
1,417.7 |
|
3 |
% |
Used vehicles |
|
726.0 |
|
|
|
753.9 |
|
(4 |
)% |
Wholesale vehicles |
|
48.4 |
|
|
|
57.6 |
|
(16 |
)% |
Total vehicles |
|
2,229.5 |
|
|
|
2,229.2 |
|
— |
% |
Parts, service and collision repair |
|
438.6 |
|
|
|
417.8 |
|
5 |
% |
Finance, insurance and other, net |
|
119.3 |
|
|
|
115.3 |
|
3 |
% |
Total revenues |
|
2,787.4 |
|
|
|
2,762.3 |
|
1 |
% |
Gross Profit: |
|
|
|
|
|
||||
Retail new vehicles |
|
93.7 |
|
|
|
132.3 |
|
(29 |
)% |
Fleet new vehicles |
|
0.7 |
|
|
|
0.9 |
|
(22 |
)% |
Total new vehicles |
|
94.4 |
|
|
|
133.2 |
|
(29 |
)% |
Used vehicles |
|
40.5 |
|
|
|
40.1 |
|
1 |
% |
Wholesale vehicles |
|
(0.2 |
) |
|
|
1.8 |
|
(111 |
)% |
Total vehicles |
|
134.7 |
|
|
|
175.1 |
|
(23 |
)% |
Parts, service and collision repair |
|
219.6 |
|
|
|
206.3 |
|
6 |
% |
Finance, insurance and other, net |
|
119.3 |
|
|
|
115.3 |
|
3 |
% |
Total gross profit |
$ |
473.6 |
|
|
$ |
496.7 |
|
(5 |
)% |
|
|
|
|
|
|
||||
Unit Sales Volume: |
|
|
|
|
|
||||
Retail new vehicles |
|
25,225 |
|
|
|
24,053 |
|
5 |
% |
Fleet new vehicles |
|
379 |
|
|
|
441 |
|
(14 |
)% |
Total new vehicles |
|
25,604 |
|
|
|
24,494 |
|
5 |
% |
Used vehicles |
|
25,552 |
|
|
|
24,601 |
|
4 |
% |
Wholesale vehicles |
|
5,094 |
|
|
|
5,389 |
|
(5 |
)% |
Retail new & used vehicles |
|
50,777 |
|
|
|
48,654 |
|
4 |
% |
Used-to-New Ratio |
|
1.01 |
|
|
|
1.02 |
|
(1 |
)% |
|
|
|
|
|
|
||||
Gross Profit Per Unit: |
|
|
|
|
|
||||
Retail new vehicles |
$ |
3,716 |
|
|
$ |
5,499 |
|
(32 |
)% |
Fleet new vehicles |
$ |
1,706 |
|
|
$ |
2,020 |
|
(16 |
)% |
New vehicles |
$ |
3,686 |
|
|
$ |
5,437 |
|
(32 |
)% |
Used vehicles |
$ |
1,585 |
|
|
$ |
1,631 |
|
(3 |
)% |
Finance, insurance and other, net |
$ |
2,350 |
|
|
$ |
2,370 |
|
(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 |
|
Better / (Worse) |
|||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
— |
|
|
$ |
1.0 |
|
|
(100 |
)% |
Used vehicles |
|
482.9 |
|
|
|
572.5 |
|
|
(16 |
)% |
Wholesale vehicles |
|
28.6 |
|
|
|
27.0 |
|
|
6 |
% |
Total vehicles |
|
511.5 |
|
|
|
600.5 |
|
|
(15 |
)% |
Finance, insurance and other, net |
|
47.9 |
|
|
|
50.0 |
|
|
(4 |
)% |
Total revenues |
|
559.4 |
|
|
|
650.5 |
|
|
(14 |
)% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
— |
|
|
|
0.1 |
|
|
(100 |
)% |
Used vehicles |
|
5.3 |
|
|
|
(11.8 |
) |
|
145 |
% |
Wholesale vehicles |
|
(0.6 |
) |
|
|
1.1 |
|
|
(155 |
)% |
Total vehicles |
|
4.7 |
|
|
|
(10.6 |
) |
|
144 |
% |
Finance, insurance and other, net |
|
47.9 |
|
|
|
50.0 |
|
|
(4 |
)% |
Total gross profit |
|
52.6 |
|
|
|
39.4 |
|
|
34 |
% |
Selling, general and administrative expenses |
|
(45.6 |
) |
|
|
(73.8 |
) |
|
38 |
% |
Impairment charges |
|
— |
|
|
|
— |
|
|
— |
% |
Depreciation and amortization |
|
(5.5 |
) |
|
|
(7.0 |
) |
|
21 |
% |
Operating income (loss) |
|
1.5 |
|
|
|
(41.4 |
) |
|
104 |
% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(3.8 |
) |
|
|
(4.6 |
) |
|
17 |
% |
Interest expense, other, net |
|
(0.7 |
) |
|
|
(0.9 |
) |
|
22 |
% |
Other income (expense), net |
|
0.1 |
|
|
|
0.1 |
|
|
— |
% |
Total other income (expense) |
|
(4.4 |
) |
|
|
(5.4 |
) |
|
19 |
% |
Income (loss) before taxes |
|
(2.9 |
) |
|
|
(46.8 |
) |
|
94 |
% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
— |
% |
Segment income (loss) |
$ |
(2.9 |
) |
|
$ |
(46.8 |
) |
|
94 |
% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
— |
|
|
|
11 |
|
|
(100 |
)% |
Used vehicles |
|
17,981 |
|
|
|
19,980 |
|
|
(10 |
)% |
Wholesale vehicles |
|
2,994 |
|
|
|
2,916 |
|
|
3 |
% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Total used vehicle and F&I |
$ |
2,955 |
|
|
$ |
1,906 |
|
|
55 |
% |
EchoPark Segment - Same Market
|
Three Months Ended |
|
Better / (Worse) |
||||||
|
2024 |
|
2023 |
|
% Change |
||||
|
(In millions, except unit and per unit data) |
||||||||
Revenues: |
|
|
|
|
|
||||
Used vehicles |
$ |
473.2 |
|
$ |
433.7 |
|
|
9 |
% |
Wholesale vehicles |
|
25.5 |
|
|
17.9 |
|
|
42 |
% |
Total vehicles |
|
498.7 |
|
|
451.6 |
|
|
10 |
% |
Finance, insurance and other, net |
|
47.5 |
|
|
38.3 |
|
|
24 |
% |
Total revenues |
|
546.2 |
|
|
489.9 |
|
|
11 |
% |
Gross Profit: |
|
|
|
|
|
||||
Used vehicles |
|
5.6 |
|
|
(9.8 |
) |
|
157 |
% |
Wholesale vehicles |
|
0.1 |
|
|
1.2 |
|
|
(92 |
)% |
Total vehicles |
|
5.7 |
|
|
(8.6 |
) |
|
166 |
% |
Finance, insurance and other, net |
|
47.5 |
|
|
38.3 |
|
|
24 |
% |
Total gross profit |
$ |
53.2 |
|
$ |
29.7 |
|
|
79 |
% |
|
|
|
|
|
|
||||
Unit Sales Volume: |
|
|
|
|
|
||||
Used vehicles |
|
17,618 |
|
|
15,551 |
|
|
13 |
% |
Wholesale vehicles |
|
2,785 |
|
|
2,119 |
|
|
31 |
% |
|
|
|
|
|
|
||||
Gross Profit Per Unit: |
|
|
|
|
|
||||
Total used vehicle and F&I |
$ |
3,018 |
|
$ |
1,833 |
|
|
65 |
% |
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 |
|
Better / (Worse) |
|||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
(In millions, except unit and per unit data) |
|||||||||
Revenues: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
15.9 |
|
|
$ |
20.8 |
|
|
(24 |
)% |
Used vehicles |
|
3.4 |
|
|
|
4.8 |
|
|
(29 |
)% |
Wholesale vehicles |
|
0.1 |
|
|
|
0.2 |
|
|
(50 |
)% |
Total vehicles |
|
19.4 |
|
|
|
25.8 |
|
|
(25 |
)% |
Parts, service and collision repair |
|
6.8 |
|
|
|
6.7 |
|
|
1 |
% |
Finance, insurance and other, net |
|
1.5 |
|
|
|
1.5 |
|
|
— |
% |
Total revenues |
|
27.7 |
|
|
|
34.0 |
|
|
(19 |
)% |
Gross Profit: |
|
|
|
|
|
|||||
Retail new vehicles |
|
2.3 |
|
|
|
4.0 |
|
|
(43 |
)% |
Used vehicles |
|
0.9 |
|
|
|
1.0 |
|
|
(10 |
)% |
Wholesale vehicles |
|
— |
|
|
|
— |
|
|
— |
% |
Total vehicles |
|
3.2 |
|
|
|
5.0 |
|
|
(36 |
)% |
Parts, service and collision repair |
|
3.1 |
|
|
|
3.3 |
|
|
(6 |
)% |
Finance, insurance and other, net |
|
1.5 |
|
|
|
1.5 |
|
|
— |
% |
Total gross profit |
|
7.8 |
|
|
|
9.8 |
|
|
(20 |
)% |
Selling, general and administrative expenses |
|
(8.1 |
) |
|
|
(7.8 |
) |
|
(4 |
)% |
Depreciation and amortization |
|
(1.0 |
) |
|
|
(0.8 |
) |
|
(25 |
)% |
Operating income (loss) |
|
(1.3 |
) |
|
|
1.2 |
|
|
(208 |
)% |
Other income (expense): |
|
|
|
|
|
|||||
Interest expense, floor plan |
|
(0.5 |
) |
|
|
(0.1 |
) |
|
(400 |
)% |
Interest expense, other, net |
|
(0.5 |
) |
|
|
(0.6 |
) |
|
17 |
% |
Other income (expense), net |
|
— |
|
|
|
0.1 |
|
|
(100 |
)% |
Total other income (expense) |
|
(1.0 |
) |
|
|
(0.6 |
) |
|
(67 |
)% |
Income (loss) before taxes |
|
(2.3 |
) |
|
|
0.6 |
|
|
(483 |
)% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
— |
% |
Segment income (loss) |
$ |
(2.3 |
) |
|
$ |
0.6 |
|
|
(483 |
)% |
|
|
|
|
|
|
|||||
Unit Sales Volume: |
|
|
|
|
|
|||||
Retail new vehicles |
|
845 |
|
|
|
1,107 |
|
|
(24 |
)% |
Used vehicles |
|
409 |
|
|
|
444 |
|
|
(8 |
)% |
Wholesale vehicles |
|
13 |
|
|
|
7 |
|
|
86 |
% |
|
|
|
|
|
|
|||||
Gross Profit Per Unit: |
|
|
|
|
|
|||||
Retail new vehicles |
$ |
2,676 |
|
|
$ |
3,573 |
|
|
(25 |
)% |
Used vehicles |
$ |
2,185 |
|
|
$ |
2,328 |
|
|
(6 |
)% |
Finance, insurance and other, net |
$ |
1,197 |
|
|
$ |
980 |
|
|
22 |
% |
Powersports Segment - Same Store
|
Three Months Ended |
|
Better / (Worse) |
||||||
|
2024 |
|
2023 |
|
% Change |
||||
|
(In millions, except unit and per unit data) |
||||||||
Revenues: |
|
|
|
|
|
||||
Retail new vehicles |
$ |
15.3 |
|
$ |
20.6 |
|
|
(26 |
)% |
Used vehicles |
|
2.7 |
|
|
4.3 |
|
|
(37 |
)% |
Wholesale vehicles |
|
0.3 |
|
|
0.1 |
|
|
200 |
% |
Total vehicles |
|
18.3 |
|
|
25.0 |
|
|
(27 |
)% |
Parts, service and collision repair |
|
6.1 |
|
|
6.4 |
|
|
(5 |
)% |
Finance, insurance and other, net |
|
1.4 |
|
|
1.5 |
|
|
(7 |
)% |
Total revenues |
|
25.8 |
|
|
32.9 |
|
|
(22 |
)% |
Gross Profit: |
|
|
|
|
|
||||
Retail new vehicles |
|
2.1 |
|
|
3.9 |
|
|
(46 |
)% |
Used vehicles |
|
0.7 |
|
|
0.9 |
|
|
(22 |
)% |
Wholesale vehicles |
|
0.1 |
|
|
(0.1 |
) |
|
200 |
% |
Total vehicles |
|
2.9 |
|
|
4.7 |
|
|
(38 |
)% |
Parts, service and collision repair |
|
2.8 |
|
|
3.2 |
|
|
(13 |
)% |
Finance, insurance and other, net |
|
1.4 |
|
|
1.5 |
|
|
(7 |
)% |
Total gross profit |
$ |
7.1 |
|
$ |
9.4 |
|
|
(24 |
)% |
|
|
|
|
|
|
||||
Unit Sales Volume: |
|
|
|
|
|
||||
Retail new vehicles |
|
828 |
|
|
1,100 |
|
|
(25 |
)% |
Used vehicles |
|
336 |
|
|
401 |
|
|
(16 |
)% |
Wholesale vehicles |
|
10 |
|
|
6 |
|
|
67 |
% |
Retail new & used vehicles |
|
1,164 |
|
|
1,501 |
|
|
(22 |
)% |
Used-to-New Ratio |
|
0.41 |
|
|
0.36 |
|
|
14 |
% |
|
|
|
|
|
|
||||
Gross Profit Per Unit: |
|
|
|
|
|
||||
Retail new vehicles |
$ |
2,553 |
|
$ |
3,549 |
|
|
(28 |
)% |
Used vehicles |
$ |
2,202 |
|
$ |
2,274 |
|
|
(3 |
)% |
Finance, insurance and other, net |
$ |
1,225 |
|
$ |
981 |
|
|
25 |
% |
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 |
|
Better / (Worse) |
||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||
|
(In millions) |
||||||||||||
Reported: |
|
|
|
|
|
|
|
||||||
Compensation |
$ |
247.3 |
|
|
$ |
258.8 |
|
|
$ |
11.5 |
|
4 |
% |
Advertising |
|
22.3 |
|
|
|
26.1 |
|
|
|
3.8 |
|
15 |
% |
Rent |
|
9.3 |
|
|
|
11.3 |
|
|
|
2.0 |
|
18 |
% |
Other |
|
113.3 |
|
|
|
116.6 |
|
|
|
3.3 |
|
3 |
% |
Total SG&A expenses |
$ |
392.2 |
|
|
$ |
412.8 |
|
|
$ |
20.6 |
|
5 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||
Closed store accrued expenses |
$ |
(2.1 |
) |
|
$ |
— |
|
|
|
|
|
||
Severance and long-term compensation charges |
|
(4.3 |
) |
|
|
(2.0 |
) |
|
|
|
|
||
Total SG&A adjustments |
$ |
(6.4 |
) |
|
$ |
(2.0 |
) |
|
|
|
|
||
Adjusted: |
|
|
|
|
|
|
|
||||||
Total adjusted SG&A expenses |
$ |
385.8 |
|
|
$ |
410.8 |
|
|
$ |
25.0 |
|
6 |
% |
|
|
|
|
|
|
|
|
||||||
Reported: |
|
|
|
|
|
|
|
||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
||||||
Compensation |
|
46.1 |
% |
|
|
46.7 |
% |
|
|
60 |
|
bps |
|
Advertising |
|
4.2 |
% |
|
|
4.7 |
% |
|
|
50 |
|
bps |
|
Rent |
|
1.7 |
% |
|
|
2.0 |
% |
|
|
30 |
|
bps |
|
Other |
|
21.1 |
% |
|
|
21.2 |
% |
|
|
10 |
|
bps |
|
Total SG&A expenses as a % of gross profit |
|
73.1 |
% |
|
|
74.6 |
% |
|
|
150 |
|
bps |
|
Adjustments: |
|
|
|
|
|
|
|||||||
Closed store accrued expenses |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
|||
Severance and long-term compensation charges |
|
(0.7 |
)% |
|
|
(0.4 |
)% |
|
|
|
|||
Total effect of adjustments |
|
(1.1 |
)% |
|
|
(0.4 |
)% |
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses as a % of gross profit |
|
72.0 |
% |
|
|
74.2 |
% |
|
|
220 |
|
bps |
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
Better / (Worse) |
|||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|||||||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
216.5 |
|
|
$ |
213.8 |
|
|
$ |
(2.7 |
) |
|
(1 |
)% |
Advertising |
|
15.3 |
|
|
|
9.9 |
|
|
|
(5.4 |
) |
|
(55 |
)% |
Rent |
|
10.1 |
|
|
|
10.2 |
|
|
|
0.1 |
|
|
1 |
% |
Other |
|
96.6 |
|
|
|
97.3 |
|
|
|
0.7 |
|
|
1 |
% |
Total SG&A expenses |
$ |
338.5 |
|
|
$ |
331.2 |
|
|
$ |
(7.3 |
) |
|
(2 |
)% |
Adjustments: |
|
|
|
|
|
|
|
|||||||
Long-term compensation charges |
$ |
(2.2 |
) |
|
$ |
— |
|
|
|
|
|
|||
Total SG&A adjustments |
$ |
(2.2 |
) |
|
$ |
— |
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses |
$ |
336.3 |
|
|
$ |
331.2 |
|
|
$ |
(5.1 |
) |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
45.5 |
% |
|
|
42.4 |
% |
|
|
(310 |
) |
bps |
||
Advertising |
|
3.2 |
% |
|
|
2.0 |
% |
|
|
(120 |
) |
bps |
||
Rent |
|
2.1 |
% |
|
|
2.0 |
% |
|
|
(10 |
) |
bps |
||
Other |
|
20.3 |
% |
|
|
19.3 |
% |
|
|
(100 |
) |
bps |
||
Total SG&A expenses as a % of gross profit |
|
71.1 |
% |
|
|
65.7 |
% |
|
|
(540 |
) |
bps |
||
Adjustments: |
|
|
|
|
|
|
||||||||
Long-term compensation charges |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
||||
Total effect of adjustments |
|
(0.4 |
)% |
|
|
— |
% |
|
|
|
||||
Adjusted: |
|
|
|
|
|
|
||||||||
Total adjusted SG&A expenses as a % of gross profit |
|
70.7 |
% |
|
|
65.7 |
% |
|
|
(500 |
) |
bps |
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
|
Better / (Worse) |
||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||
|
(In millions) |
||||||||||||
Reported: |
|
|
|
|
|
|
|
||||||
Compensation |
$ |
25.2 |
|
|
$ |
39.7 |
|
|
$ |
14.5 |
|
37 |
% |
Advertising |
|
6.6 |
|
|
|
15.8 |
|
|
|
9.2 |
|
58 |
% |
Rent |
|
(0.8 |
) |
|
|
1.1 |
|
|
|
1.9 |
|
173 |
% |
Other |
|
14.6 |
|
|
|
17.2 |
|
|
|
2.6 |
|
15 |
% |
Total SG&A expenses |
$ |
45.6 |
|
|
$ |
73.8 |
|
|
$ |
28.2 |
|
38 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||
Closed store accrued expenses |
$ |
(2.1 |
) |
|
$ |
— |
|
|
|
|
|
||
Severance and long-term compensation charges |
|
(2.1 |
) |
|
|
(2.0 |
) |
|
|
|
|
||
Total SG&A adjustments |
$ |
(4.2 |
) |
|
$ |
(2.0 |
) |
|
|
|
|
||
Adjusted: |
|
|
|
|
|
|
|
||||||
Total adjusted SG&A expenses |
$ |
41.4 |
|
|
$ |
71.8 |
|
|
$ |
30.4 |
|
42 |
% |
|
|
|
|
|
|
|
|
||||||
Reported: |
|
|
|
|
|
|
|
||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
||||||
Compensation |
|
47.8 |
% |
|
|
100.6 |
% |
|
|
5,280 |
|
bps |
|
Advertising |
|
12.6 |
% |
|
|
40.0 |
% |
|
|
2,740 |
|
bps |
|
Rent |
|
(1.4 |
)% |
|
|
2.7 |
% |
|
|
410 |
|
bps |
|
Other |
|
27.6 |
% |
|
|
43.9 |
% |
|
|
1,630 |
|
bps |
|
Total SG&A expenses as a % of gross profit |
|
86.6 |
% |
|
|
187.2 |
% |
|
|
10,060 |
|
bps |
|
Adjustments: |
|
|
|
|
|
|
|||||||
Closed store accrued expenses |
|
(4.0 |
)% |
|
|
— |
% |
|
|
|
|||
Severance and long-term compensation charges |
|
(4.0 |
)% |
|
|
(5.1 |
)% |
|
|
|
|||
Total effect of adjustments |
|
(8.0 |
)% |
|
|
(5.1 |
)% |
|
|
|
|||
Adjusted: |
|
|
|
|
|
|
|||||||
Total adjusted SG&A expenses as a % of gross profit |
|
78.6 |
% |
|
|
182.1 |
% |
|
|
10,350 |
|
bps |
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
Better / (Worse) |
|||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|||||||
|
(In millions) |
|||||||||||||
Reported: |
|
|
|
|
|
|
|
|||||||
Compensation |
$ |
5.6 |
|
|
$ |
5.3 |
|
|
$ |
(0.3 |
) |
|
(6 |
)% |
Advertising |
|
0.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
— |
% |
Rent |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
% |
Other |
|
2.1 |
|
|
|
2.1 |
|
|
|
— |
|
|
— |
% |
Total SG&A expenses |
$ |
8.1 |
|
|
$ |
7.8 |
|
|
$ |
(0.3 |
) |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|||||||
Reported: |
|
|
|
|
|
|
|
|||||||
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
Compensation |
|
72.7 |
% |
|
|
53.9 |
% |
|
|
(1,880 |
) |
|
bps |
|
Advertising |
|
5.1 |
% |
|
|
4.2 |
% |
|
|
(90 |
) |
|
bps |
|
Rent |
|
0.4 |
% |
|
|
0.4 |
% |
|
|
— |
|
|
bps |
|
Other |
|
26.6 |
% |
|
|
21.6 |
% |
|
|
(500 |
) |
|
bps |
|
Total SG&A expenses as a % of gross profit |
|
104.8 |
% |
|
|
80.1 |
% |
|
|
(2,470 |
) |
|
bps |
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
Three Months Ended |
|||||||
|
2024 |
|
2023 |
|
% Change |
|||
|
(In millions) |
|||||||
Reported: |
|
|
|
|
|
|||
Income (loss) before taxes |
$ |
62.7 |
|
$ |
109.8 |
|
(43 |
)% |
Add: Impairment charges |
|
1.0 |
|
|
— |
|
|
|
Segment income (loss) |
$ |
63.7 |
|
$ |
109.8 |
|
(42 |
)% |
|
|
|
|
|
|
|||
Adjustments: |
|
|
|
|
|
|||
Long-term compensation charges |
$ |
2.2 |
|
$ |
— |
|
|
|
Total pre-tax adjustments |
$ |
2.2 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|||
Adjusted: |
|
|
|
|
|
|||
Segment income (loss) |
$ |
65.9 |
|
$ |
109.8 |
|
(40 |
)% |
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
Three Months Ended |
|||||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
(In millions) |
|||||||||
Reported: |
|
|
|
|
|
|||||
Income (loss) before taxes |
$ |
(2.9 |
) |
|
$ |
(46.8 |
) |
|
94 |
% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
|
|
Segment income (loss) |
$ |
(2.9 |
) |
|
$ |
(46.8 |
) |
|
94 |
% |
|
|
|
|
|
|
|||||
Adjustments: |
|
|
|
|
|
|||||
Closed store accrued expenses |
$ |
2.1 |
|
|
$ |
— |
|
|
|
|
Severance and long-term compensation charges |
|
2.1 |
|
|
|
2.0 |
|
|
|
|
Total pre-tax adjustments |
$ |
4.2 |
|
|
$ |
2.0 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted: |
|
|
|
|
|
|||||
Segment income (loss) |
$ |
1.3 |
|
|
$ |
(44.8 |
) |
|
103 |
% |
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
|
Three Months Ended |
||||||||
|
2024 |
|
2023 |
|
% Change |
||||
|
(In millions) |
||||||||
Reported: |
|
|
|
|
|
||||
Income (loss) before taxes |
$ |
(2.3 |
) |
|
$ |
0.6 |
|
(483 |
)% |
Add: Impairment charges |
|
— |
|
|
|
— |
|
|
|
Segment income (loss) |
$ |
(2.3 |
) |
|
$ |
0.6 |
|
(483 |
)% |
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||
|
Weighted-
|
|
Net Income
|
|
Per
|
|
Weighted-
|
|
Net Income
|
|
Per
|
||||||
|
(In millions, except per share amounts) |
||||||||||||||||
Reported net income (loss), diluted shares, and diluted earnings (loss) per share |
34.9 |
|
$ |
42.0 |
|
|
$ |
1.20 |
|
36.9 |
|
$ |
47.7 |
|
|
$ |
1.29 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Closed store accrued expenses |
|
|
$ |
2.1 |
|
|
|
|
|
|
$ |
— |
|
|
|
||
Impairment charges |
|
|
|
1.0 |
|
|
|
|
|
|
|
— |
|
|
|
||
Severance and long-term compensation charges |
|
|
|
4.3 |
|
|
|
|
|
|
|
2.0 |
|
|
|
||
Total pre-tax items of interest |
|
|
$ |
7.4 |
|
|
|
|
|
|
$ |
2.0 |
|
|
|
||
Tax effect of above items |
|
|
|
(1.9 |
) |
|
|
|
|
|
|
(0.5 |
) |
|
|
||
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.9 |
|
$ |
47.5 |
|
|
$ |
1.36 |
|
36.9 |
|
$ |
49.2 |
|
|
$ |
1.33 |
Non-GAAP Reconciliation - Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Three Months Ended |
|||||||||||||||||||||||
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
|||||||||||
|
(In millions) |
|||||||||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
$ |
42.0 |
|
|
|
|
|
|
|
$ |
47.7 |
|||||||||
Provision for income taxes |
|
|
|
|
|
|
|
15.5 |
|
|
|
|
|
|
|
|
15.9 |
|||||||||
Income (loss) before taxes |
$ |
62.7 |
|
$ |
(2.9 |
) |
|
$ |
(2.3 |
) |
|
$ |
57.5 |
|
$ |
109.8 |
|
$ |
(46.8 |
) |
|
$ |
0.6 |
|
$ |
63.6 |
Non-floor plan interest (1) |
|
26.3 |
|
|
0.6 |
|
|
|
0.5 |
|
|
|
27.4 |
|
|
25.4 |
|
|
0.9 |
|
|
|
0.6 |
|
|
26.9 |
Depreciation and amortization (2) |
|
31.5 |
|
|
5.4 |
|
|
|
1.0 |
|
|
|
37.9 |
|
|
28.2 |
|
|
7.0 |
|
|
|
0.7 |
|
|
35.9 |
Stock-based compensation expense |
|
4.4 |
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
5.0 |
|
|
— |
|
|
|
— |
|
|
5.0 |
Impairment charges |
|
1.0 |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
Severance and long-term compensation charges |
|
2.2 |
|
|
2.1 |
|
|
|
— |
|
|
|
4.3 |
|
|
— |
|
|
2.0 |
|
|
|
— |
|
|
2.0 |
Closed store accrued expenses |
$ |
— |
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
2.1 |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
Adjusted EBITDA |
$ |
128.1 |
|
$ |
7.3 |
|
|
$ |
(0.8 |
) |
|
$ |
134.6 |
|
$ |
168.4 |
|
$ |
(36.9 |
) |
|
$ |
1.9 |
|
$ |
133.4 |
(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 |
|
Three Months Ended |
|
Better / (Worse) % Change |
||||||||||||||||||||||||||
|
EchoPark
|
|
Closed
|
|
Total
|
|
EchoPark
|
|
Closed
|
|
Total
|
|
EchoPark
|
|
Closed
|
|
Total
|
||||||||||||||
|
(In millions, except unit and per unit data) |
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total revenues |
$ |
546.2 |
|
$ |
13.2 |
|
|
$ |
559.4 |
|
|
$ |
489.9 |
|
|
$ |
160.6 |
|
|
$ |
650.5 |
|
|
11 |
% |
|
(92 |
)% |
|
(14 |
)% |
Total gross profit |
$ |
53.2 |
|
$ |
(0.6 |
) |
|
$ |
52.6 |
|
|
$ |
29.7 |
|
|
$ |
9.7 |
|
|
$ |
39.4 |
|
|
79 |
% |
|
(106 |
)% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income (loss) before taxes |
$ |
2.9 |
|
$ |
(5.8 |
) |
|
$ |
(2.9 |
) |
|
$ |
(28.0 |
) |
|
$ |
(18.8 |
) |
|
$ |
(46.8 |
) |
|
110 |
% |
|
69 |
% |
|
94 |
% |
Non-floor plan interest (1) |
|
0.6 |
|
|
— |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
0.4 |
|
|
|
0.9 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Depreciation and amortization (2) |
|
5.4 |
|
|
— |
|
|
|
5.4 |
|
|
|
5.3 |
|
|
|
1.7 |
|
|
|
7.0 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Severance and long-term compensation charges |
|
0.5 |
|
|
1.6 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
2.0 |
|
|
NM |
|
|
NM |
|
|
NM |
|
Closed store accrued expenses |
|
— |
|
|
2.1 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
|
NM |
|
|
NM |
|
Adjusted EBITDA |
$ |
9.4 |
|
$ |
(2.1 |
) |
|
$ |
7.3 |
|
|
$ |
(22.2 |
) |
|
$ |
(14.7 |
) |
|
$ |
(36.9 |
) |
|
142 |
% |
|
86 |
% |
|
120 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Used vehicle unit sales volume |
|
17,618 |
|
|
363 |
|
|
|
17,981 |
|
|
|
15,551 |
|
|
|
4,429 |
|
|
|
19,980 |
|
|
13 |
% |
|
(92 |
)% |
|
(10 |
)% |
Total used vehicle and F&I gross profit per unit |
$ |
3,018 |
|
$ |
314 |
|
|
$ |
2,955 |
|
|
$ |
1,833 |
|
|
$ |
2,290 |
|
|
$ |
1,906 |
|
|
65 |
% |
|
(86 |
)% |
|
55 |
% |
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/20240425129250/en/
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