Sonic Automotive Reports Second Quarter 2025 Financial Results
EchoPark Reports All-Time Record Quarterly Segment Income and Adjusted EBITDA*
Previously Announced Acquisition of Four Jaguar Land Rover Dealerships in California Makes Sonic the Largest Jaguar Land Rover Volume Retailer in the
Second Quarter 2025 Financial Summary
-
Second quarter record total revenues of
$3.7 billion , up 6% year-over-year; total gross profit of$602.2 million , up 12% year-over-year -
Primarily as a result of a
$172.4 million non-cash pre-tax franchise asset impairment charge, reported net loss in the second quarter was$45.6 million , down 211% year-over-year ($1.34 loss per share, down 214% year-over-year)-
In addition to the non-cash pre-tax impairment charge, reported net loss for the second quarter of 2025 includes a
$4.1 million pre-tax charge related to storm damage and a$2.4 million pre-tax disposition-related loss, offset partially by a$10.0 million pre-tax gain from cyber insurance proceeds and a$0.8 million pre-tax gain on the sale of real estate (collectively, these items are partially offset by a$46.3 million tax benefit on the above net charge) -
Reported net income for the second quarter of 2024 includes the effect of an
$11.6 million pre-tax excess compensation expense related to theCDK Global software outage, a$3.6 million pre-tax charge related to storm damage, a$1.4 million non-cash pre-tax impairment charge, and a$0.7 million pre-tax charge for severance expense, offset partially by a$3.6 million pre-tax gain related to the exit of leases and sale of real estate at previously closed EchoPark Segment stores (collectively, these items are partially offset by a$3.6 million tax benefit on the above net charge)
-
In addition to the non-cash pre-tax impairment charge, reported net loss for the second quarter of 2025 includes a
-
Excluding the above items, adjusted net income* for the second quarter of 2025 was
$76.2 million , up 49% year-over-year ($2.19 adjusted earnings per diluted share*, up 49% year-over-year) -
In the prior year, the
CDK Global software outage reduced second quarter 2024 GAAP income before taxes by an estimated$30.0 million , and net income by an estimated$22.2 million , or$0.64 in earnings per diluted share.-
Approximately
$11.6 million ($0.25 in earnings per diluted share) of the pre-tax CDK impact on the second quarter of 2024 was related to excess compensation paid to our teammates as a result of the CDK outage, which is included as a reconciling item in the non-GAAP reconciliation tables below
-
Approximately
-
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 68.5% (68.3% on a Franchised Dealerships Segment basis, 68.0% on an EchoPark Segment basis, and 81.1% on a Powersports Segment basis)
- Total adjusted SG&A expenses as a percentage of gross profit* of 69.2% (68.9% on a Franchised Dealerships Segment basis, 69.3% on an EchoPark Segment basis, and 81.1% on a Powersports Segment basis)
-
EchoPark Segment revenues of
$508.6 million , down 2% year-over-year; second quarter record EchoPark Segment total gross profit of$62.1 million , up 22% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 16,742, up 1% year-over-year -
Reported EchoPark Segment income of
$11.7 million , as compared to$3.9 million in the prior year period, a 200% improvement year-over-year-
Adjusted EchoPark Segment income* of
$10.9 million , as compared to$1.4 million in the prior year period, a 679% improvement year-over-year
-
Adjusted EchoPark Segment income* of
-
All-time record quarterly EchoPark Segment adjusted EBITDA* of
$16.4 million , as compared to$7.2 million adjusted EBITDA* in the prior year period, up 128% year-over-year, -
Previously announced acquisition of Jaguar Land Rover Los Angeles, Jaguar Land Rover Newport Beach, Jaguar Land Rover San Jose, and Land Rover Pasadena on
June 30, 2025 is expected to add approximately$500 million in annualized revenues to Sonic's Franchised Dealerships Segment -
Sonic’s Board of Directors approved a 9% increase to the quarterly cash dividend, to
$0.38 per share, payable onOctober 15, 2025 to all stockholders of record onSeptember 15, 2025
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
Commentary
Second Quarter 2025 Segment Highlights
The financial measures discussed below are results for the second quarter of 2025 with comparisons made to the second quarter of 2024, unless otherwise noted.
-
Franchised Dealerships Segment operating results include:
- Same store revenues up 6%; same store gross profit up 9%
-
Same store retail new vehicle unit sales volume up 5%; same store retail new vehicle gross profit per unit down 6%, to
$3,391 -
Same store retail used vehicle unit sales volume down 4%; same store retail used vehicle gross profit per unit up 3%, to
$1,590 - Same store parts, service and collision repair (“Fixed Operations”) gross profit up 12%; same store customer pay gross profit up 9%; same store warranty gross profit up 34%; same store Fixed Operations gross profit margin up 90 basis points, to 51.3%
-
Same store finance and insurance (“F&I”) gross profit up 15%; same store F&I gross profit per retail unit of
$2,718 , up 14% - On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 54 days’ supply of new vehicle inventory (including in-transit) and 35 days’ supply of used vehicle inventory
-
EchoPark Segment operating results include:
-
Revenues of
$508.6 million , down 2%; second quarter record gross profit of$62.1 million , up 22% - Retail used vehicle unit sales volume of 16,742, up 1%
-
All-time record quarterly reported segment income of
$11.7 million , all-time record quarterly adjusted segment income* of$10.9 million , and all-time record quarterly adjusted EBITDA* of$16.4 million - On a trailing quarter cost of sales basis, the EchoPark Segment had 41 days’ supply of used vehicle inventory
-
Revenues of
-
Powersports Segment operating results include:
-
First quarter record revenues of
$48.1 million , up 21%; gross profit of$12.5 million , up 17% -
Segment income of
$0.0 million , a 100% decrease from segment income of$0.5 million in the prior year period, and adjusted EBITDA* of$2.0 million , a 13% decrease from adjusted EBITDA* of$2.3 million in the prior year period
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
-
First quarter record revenues of
Dividend
Sonic’s Board of Directors approved a 9% increase to the quarterly cash dividend, to
Second Quarter 2025 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 Second Quarter 2025 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, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address our future objectives, plans and goals, as well as our intent, beliefs and current expectations regarding future operating performance, results and events, and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “foresee” and other similar words or phrases. You should not place undue reliance on these statements, and you are cautioned that these forward-looking statements are not guarantees of future performance. 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 effects of tariffs on vehicle and parts pricing and supply, the effects of tariffs on consumer demand, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and changes 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 and investment in new technologies, the rate and timing of overall economic expansion or contraction, the integration of acquisitions, cybersecurity incidents and other disruptions to our information systems, 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 /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except per share amounts) |
|
|
||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
1,666.1 |
|
|
$ |
1,552.6 |
|
|
7 |
% |
|
$ |
3,322.4 |
|
|
$ |
3,008.4 |
|
|
10 |
% |
|
Fleet new vehicles |
|
29.4 |
|
|
|
26.2 |
|
|
12 |
% |
|
|
51.5 |
|
|
|
45.8 |
|
|
12 |
% |
|
Total new vehicles |
|
1,695.5 |
|
|
|
1,578.8 |
|
|
7 |
% |
|
|
3,373.9 |
|
|
|
3,054.2 |
|
|
10 |
% |
|
Used vehicles |
|
1,180.7 |
|
|
|
1,186.2 |
|
|
— |
% |
|
|
2,405.7 |
|
|
|
2,401.8 |
|
|
— |
% |
|
Wholesale vehicles |
|
83.3 |
|
|
|
71.3 |
|
|
17 |
% |
|
|
166.1 |
|
|
|
148.6 |
|
|
12 |
% |
|
Total vehicles |
|
2,959.5 |
|
|
|
2,836.3 |
|
|
4 |
% |
|
|
5,945.7 |
|
|
|
5,604.6 |
|
|
6 |
% |
|
Parts, service and collision repair |
|
495.6 |
|
|
|
444.1 |
|
|
12 |
% |
|
|
970.0 |
|
|
|
890.8 |
|
|
9 |
% |
|
Finance, insurance and other, net |
|
202.1 |
|
|
|
172.6 |
|
|
17 |
% |
|
|
392.8 |
|
|
|
341.6 |
|
|
15 |
% |
|
Total revenues |
|
3,657.2 |
|
|
|
3,453.0 |
|
|
6 |
% |
|
|
7,308.5 |
|
|
|
6,837.0 |
|
|
7 |
% |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
(1,566.9 |
) |
|
|
(1,454.8 |
) |
|
(8 |
)% |
|
|
(3,133.8 |
) |
|
|
(2,814.2 |
) |
|
(11 |
)% |
|
Fleet new vehicles |
|
(28.9 |
) |
|
|
(25.2 |
) |
|
(15 |
)% |
|
|
(50.4 |
) |
|
|
(44.1 |
) |
|
(14 |
)% |
|
Total new vehicles |
|
(1,595.8 |
) |
|
|
(1,480.0 |
) |
|
(8 |
)% |
|
|
(3,184.2 |
) |
|
|
(2,858.3 |
) |
|
(11 |
)% |
|
Used vehicles |
|
(1,132.6 |
) |
|
|
(1,141.5 |
) |
|
1 |
% |
|
|
(2,311.3 |
) |
|
|
(2,310.1 |
) |
|
— |
% |
|
Wholesale vehicles |
|
(84.9 |
) |
|
|
(71.9 |
) |
|
(18 |
)% |
|
|
(168.8 |
) |
|
|
(149.9 |
) |
|
(13 |
)% |
|
Total vehicles |
|
(2,813.3 |
) |
|
|
(2,693.4 |
) |
|
(4 |
)% |
|
|
(5,664.3 |
) |
|
|
(5,318.3 |
) |
|
(7 |
)% |
|
Parts, service and collision repair |
|
(241.7 |
) |
|
|
(220.5 |
) |
|
(10 |
)% |
|
|
(475.5 |
) |
|
|
(443.4 |
) |
|
(7 |
)% |
|
Total cost of sales |
|
(3,055.0 |
) |
|
|
(2,913.9 |
) |
|
(5 |
)% |
|
|
(6,139.8 |
) |
|
|
(5,761.7 |
) |
|
(7 |
)% |
|
Gross profit |
|
602.2 |
|
|
|
539.1 |
|
|
12 |
% |
|
|
1,168.7 |
|
|
|
1,075.3 |
|
|
9 |
% |
|
Selling, general and administrative expenses |
|
(412.6 |
) |
|
|
(393.0 |
) |
|
(5 |
)% |
|
|
(792.9 |
) |
|
|
(785.3 |
) |
|
(1 |
)% |
|
Impairment charges |
|
(172.4 |
) |
|
|
(1.4 |
) |
|
NM |
|
|
|
(173.8 |
) |
|
|
(2.4 |
) |
|
NM |
|
|
Depreciation and amortization |
|
(40.5 |
) |
|
|
(37.0 |
) |
|
(9 |
)% |
|
|
(80.4 |
) |
|
|
(73.2 |
) |
|
(10 |
)% |
|
Operating income (loss) |
|
(23.3 |
) |
|
|
107.7 |
|
|
(122 |
)% |
|
|
121.6 |
|
|
|
214.4 |
|
|
(43 |
)% |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, floor plan |
|
(18.3 |
) |
|
|
(22.2 |
) |
|
18 |
% |
|
|
(38.3 |
) |
|
|
(42.5 |
) |
|
10 |
% |
|
Interest expense, other, net |
|
(27.4 |
) |
|
|
(29.3 |
) |
|
6 |
% |
|
|
(55.0 |
) |
|
|
(58.3 |
) |
|
6 |
% |
|
Other income (expense), net |
|
(0.1 |
) |
|
|
(0.5 |
) |
|
NM |
|
|
|
— |
|
|
|
(0.4 |
) |
|
NM |
|
|
Total other income (expense) |
|
(45.8 |
) |
|
|
(52.0 |
) |
|
12 |
% |
|
|
(93.3 |
) |
|
|
(101.2 |
) |
|
8 |
% |
|
Income (loss) before taxes |
|
(69.1 |
) |
|
|
55.7 |
|
|
(224 |
)% |
|
|
28.3 |
|
|
|
113.2 |
|
|
(75 |
)% |
|
Provision for income taxes - benefit (expense) |
|
23.5 |
|
|
|
(14.5 |
) |
|
262 |
% |
|
|
(3.3 |
) |
|
|
(30.0 |
) |
|
89 |
% |
|
Net income (loss) |
$ |
(45.6 |
) |
|
$ |
41.2 |
|
|
(211 |
)% |
|
$ |
25.0 |
|
|
$ |
83.2 |
|
|
(70 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic earnings (loss) per common share |
$ |
(1.34 |
) |
|
$ |
1.21 |
|
|
(211 |
)% |
|
$ |
0.74 |
|
|
$ |
2.45 |
|
|
(70 |
)% |
|
Basic weighted-average common shares outstanding |
|
34.1 |
|
|
|
34.0 |
|
|
— |
% |
|
|
34.0 |
|
|
|
34.0 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted earnings (loss) per common share |
$ |
(1.34 |
) |
|
$ |
1.18 |
|
|
(214 |
)% |
|
$ |
0.72 |
|
|
$ |
2.39 |
|
|
(70 |
)% |
|
Diluted weighted-average common shares outstanding |
|
34.1 |
|
|
|
34.9 |
|
|
2 |
% |
|
|
34.7 |
|
|
|
34.8 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Dividends declared per common share |
$ |
0.35 |
|
|
$ |
0.30 |
|
|
17 |
% |
|
$ |
0.70 |
|
|
$ |
0.60 |
|
|
17 |
% |
|
NM = Not Meaningful |
|
Franchised Dealerships Segment - Reported |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Better /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
1,639.1 |
|
|
$ |
1,530.9 |
|
|
7 |
% |
|
$ |
3,276.1 |
|
|
$ |
2,970.8 |
|
|
10 |
% |
|
Fleet new vehicles |
|
29.5 |
|
|
|
26.2 |
|
|
13 |
% |
|
|
51.5 |
|
|
|
45.8 |
|
|
12 |
% |
|
Total new vehicles |
|
1,668.6 |
|
|
|
1,557.1 |
|
|
7 |
% |
|
|
3,327.6 |
|
|
|
3,016.6 |
|
|
10 |
% |
|
Used vehicles |
|
744.9 |
|
|
|
732.1 |
|
|
2 |
% |
|
|
1,490.6 |
|
|
|
1,461.4 |
|
|
2 |
% |
|
Wholesale vehicles |
|
57.8 |
|
|
|
48.4 |
|
|
19 |
% |
|
|
112.2 |
|
|
|
96.9 |
|
|
16 |
% |
|
Total vehicles |
|
2,471.3 |
|
|
|
2,337.6 |
|
|
6 |
% |
|
|
4,930.4 |
|
|
|
4,574.9 |
|
|
8 |
% |
|
Parts, service and collision repair |
|
484.9 |
|
|
|
434.4 |
|
|
12 |
% |
|
|
952.4 |
|
|
|
874.3 |
|
|
9 |
% |
|
Finance, insurance and other, net |
|
144.3 |
|
|
|
124.2 |
|
|
16 |
% |
|
|
274.9 |
|
|
|
243.8 |
|
|
13 |
% |
|
Total revenues |
|
3,100.5 |
|
|
|
2,896.2 |
|
|
7 |
% |
|
|
6,157.7 |
|
|
|
5,693.0 |
|
|
8 |
% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
95.2 |
|
|
|
94.9 |
|
|
— |
% |
|
|
182.0 |
|
|
|
189.0 |
|
|
(4 |
)% |
|
Fleet new vehicles |
|
0.6 |
|
|
|
1.0 |
|
|
(40 |
)% |
|
|
1.1 |
|
|
|
1.7 |
|
|
(35 |
)% |
|
Total new vehicles |
|
95.8 |
|
|
|
95.9 |
|
|
— |
% |
|
|
183.1 |
|
|
|
190.7 |
|
|
(4 |
)% |
|
Used vehicles |
|
39.5 |
|
|
|
38.7 |
|
|
2 |
% |
|
|
79.4 |
|
|
|
79.6 |
|
|
— |
% |
|
Wholesale vehicles |
|
(0.9 |
) |
|
|
(0.5 |
) |
|
(80 |
)% |
|
|
(1.9 |
) |
|
|
(0.7 |
) |
|
(171 |
)% |
|
Total vehicles |
|
134.4 |
|
|
|
134.1 |
|
|
— |
% |
|
|
260.6 |
|
|
|
269.6 |
|
|
(3 |
)% |
|
Parts, service and collision repair |
|
248.9 |
|
|
|
219.0 |
|
|
14 |
% |
|
|
486.1 |
|
|
|
439.7 |
|
|
11 |
% |
|
Finance, insurance and other, net |
|
144.3 |
|
|
|
124.2 |
|
|
16 |
% |
|
|
274.9 |
|
|
|
243.8 |
|
|
13 |
% |
|
Total gross profit |
|
527.6 |
|
|
|
477.3 |
|
|
11 |
% |
|
|
1,021.6 |
|
|
|
953.1 |
|
|
7 |
% |
|
Selling, general and administrative expenses |
|
(360.2 |
) |
|
|
(347.9 |
) |
|
(4 |
)% |
|
|
(686.1 |
) |
|
|
(686.4 |
) |
|
— |
% |
|
Impairment charges |
|
(165.9 |
) |
|
|
— |
|
|
NM |
|
|
|
(165.9 |
) |
|
|
(1.0 |
) |
|
NM |
|
|
Depreciation and amortization |
|
(34.1 |
) |
|
|
(30.4 |
) |
|
(12 |
)% |
|
|
(67.5 |
) |
|
|
(60.2 |
) |
|
(12 |
)% |
|
Operating income (loss) |
|
(32.6 |
) |
|
|
99.0 |
|
|
(133 |
)% |
|
|
102.1 |
|
|
|
205.5 |
|
|
(50 |
)% |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, floor plan |
|
(15.3 |
) |
|
|
(18.0 |
) |
|
15 |
% |
|
|
(31.6 |
) |
|
|
(34.0 |
) |
|
7 |
% |
|
Interest expense, other, net |
|
(26.3 |
) |
|
|
(27.8 |
) |
|
5 |
% |
|
|
(52.9 |
) |
|
|
(55.6 |
) |
|
5 |
% |
|
Other income (expense), net |
|
(0.1 |
) |
|
|
(0.5 |
) |
|
NM |
|
|
|
0.1 |
|
|
|
(0.5 |
) |
|
NM |
|
|
Total other income (expense) |
|
(41.7 |
) |
|
|
(46.3 |
) |
|
10 |
% |
|
|
(84.4 |
) |
|
|
(90.1 |
) |
|
6 |
% |
|
Income (loss) before taxes |
|
(74.3 |
) |
|
|
52.7 |
|
|
(241 |
)% |
|
|
17.7 |
|
|
|
115.4 |
|
|
(85 |
)% |
|
Add: Impairment charges |
|
165.9 |
|
|
|
— |
|
|
NM |
|
|
|
165.9 |
|
|
|
1.0 |
|
|
NM |
|
|
Segment income (loss) |
$ |
91.6 |
|
|
$ |
52.7 |
|
|
74 |
% |
|
$ |
183.6 |
|
|
$ |
116.4 |
|
|
58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
28,084 |
|
|
|
26,512 |
|
|
6 |
% |
|
|
56,166 |
|
|
|
51,809 |
|
|
8 |
% |
|
Fleet new vehicles |
|
571 |
|
|
|
514 |
|
|
11 |
% |
|
|
954 |
|
|
|
893 |
|
|
7 |
% |
|
Total new vehicles |
|
28,655 |
|
|
|
27,026 |
|
|
6 |
% |
|
|
57,120 |
|
|
|
52,702 |
|
|
8 |
% |
|
Used vehicles |
|
24,953 |
|
|
|
25,668 |
|
|
(3 |
)% |
|
|
50,394 |
|
|
|
51,334 |
|
|
(2 |
)% |
|
Wholesale vehicles |
|
6,213 |
|
|
|
5,248 |
|
|
18 |
% |
|
|
12,408 |
|
|
|
10,353 |
|
|
20 |
% |
|
Retail new & used vehicles |
|
53,037 |
|
|
|
52,180 |
|
|
2 |
% |
|
|
106,560 |
|
|
|
103,143 |
|
|
3 |
% |
|
Used-to-New Ratio |
|
0.89 |
|
|
|
0.97 |
|
|
(8 |
)% |
|
|
0.90 |
|
|
|
0.99 |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
3,391 |
|
|
$ |
3,579 |
|
|
(5 |
)% |
|
$ |
3,240 |
|
|
$ |
3,649 |
|
|
(11 |
)% |
|
Fleet new vehicles |
$ |
918 |
|
|
$ |
1,885 |
|
|
(51 |
)% |
|
$ |
1,129 |
|
|
$ |
1,809 |
|
|
(38 |
)% |
|
New vehicles |
$ |
3,342 |
|
|
$ |
3,547 |
|
|
(6 |
)% |
|
$ |
3,205 |
|
|
$ |
3,618 |
|
|
(11 |
)% |
|
Used vehicles |
$ |
1,583 |
|
|
$ |
1,508 |
|
|
5 |
% |
|
$ |
1,575 |
|
|
$ |
1,550 |
|
|
2 |
% |
|
Finance, insurance and other, net |
$ |
2,721 |
|
|
$ |
2,380 |
|
|
14 |
% |
|
$ |
2,580 |
|
|
$ |
2,364 |
|
|
9 |
% |
|
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 |
|
Better /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
1,625.4 |
|
|
$ |
1,527.3 |
|
|
6 |
% |
|
$ |
3,246.9 |
|
|
$ |
2,963.0 |
|
|
10 |
% |
|
Fleet new vehicles |
|
29.5 |
|
|
|
26.2 |
|
|
13 |
% |
|
|
51.5 |
|
|
|
45.8 |
|
|
12 |
% |
|
Total new vehicles |
|
1,654.9 |
|
|
|
1,553.5 |
|
|
7 |
% |
|
|
3,298.4 |
|
|
|
3,008.8 |
|
|
10 |
% |
|
Used vehicles |
|
733.4 |
|
|
|
728.5 |
|
|
1 |
% |
|
|
1,464.2 |
|
|
|
1,453.8 |
|
|
1 |
% |
|
Wholesale vehicles |
|
56.7 |
|
|
|
48.1 |
|
|
18 |
% |
|
|
110.6 |
|
|
|
95.9 |
|
|
15 |
% |
|
Total vehicles |
|
2,445.0 |
|
|
|
2,330.1 |
|
|
5 |
% |
|
|
4,873.2 |
|
|
|
4,558.5 |
|
|
7 |
% |
|
Parts, service and collision repair |
|
478.3 |
|
|
|
433.2 |
|
|
10 |
% |
|
|
939.5 |
|
|
|
871.7 |
|
|
8 |
% |
|
Finance, insurance and other, net |
|
142.5 |
|
|
|
123.9 |
|
|
15 |
% |
|
|
271.5 |
|
|
|
243.1 |
|
|
12 |
% |
|
Total revenues |
|
3,065.8 |
|
|
|
2,887.2 |
|
|
6 |
% |
|
|
6,084.2 |
|
|
|
5,673.3 |
|
|
7 |
% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
94.5 |
|
|
|
95.2 |
|
|
(1 |
)% |
|
|
180.7 |
|
|
|
189.5 |
|
|
(5 |
)% |
|
Fleet new vehicles |
|
0.5 |
|
|
|
1.0 |
|
|
(50 |
)% |
|
|
1.1 |
|
|
|
1.6 |
|
|
(31 |
)% |
|
Total new vehicles |
|
95.0 |
|
|
|
96.2 |
|
|
(1 |
)% |
|
|
181.8 |
|
|
|
191.1 |
|
|
(5 |
)% |
|
Used vehicles |
|
39.1 |
|
|
|
39.4 |
|
|
(1 |
)% |
|
|
78.0 |
|
|
|
80.3 |
|
|
(3 |
)% |
|
Wholesale vehicles |
|
(0.8 |
) |
|
|
(0.5 |
) |
|
(60 |
)% |
|
|
(1.7 |
) |
|
|
(0.7 |
) |
|
(143 |
)% |
|
Total vehicles |
|
133.3 |
|
|
|
135.1 |
|
|
(1 |
)% |
|
|
258.1 |
|
|
|
270.7 |
|
|
(5 |
)% |
|
Parts, service and collision repair |
|
245.4 |
|
|
|
218.3 |
|
|
12 |
% |
|
|
479.6 |
|
|
|
437.9 |
|
|
10 |
% |
|
Finance, insurance and other, net |
|
142.5 |
|
|
|
123.9 |
|
|
15 |
% |
|
|
271.5 |
|
|
|
243.1 |
|
|
12 |
% |
|
Total gross profit |
$ |
521.2 |
|
|
$ |
477.3 |
|
|
9 |
% |
|
$ |
1,009.2 |
|
|
$ |
951.7 |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
27,867 |
|
|
|
26,432 |
|
|
5 |
% |
|
|
55,695 |
|
|
|
51,630 |
|
|
8 |
% |
|
Fleet new vehicles |
|
571 |
|
|
|
514 |
|
|
11 |
% |
|
|
954 |
|
|
|
893 |
|
|
7 |
% |
|
Total new vehicles |
|
28,438 |
|
|
|
26,946 |
|
|
6 |
% |
|
|
56,649 |
|
|
|
52,523 |
|
|
8 |
% |
|
Used vehicles |
|
24,584 |
|
|
|
25,545 |
|
|
(4 |
)% |
|
|
49,567 |
|
|
|
51,039 |
|
|
(3 |
)% |
|
Wholesale vehicles |
|
6,109 |
|
|
|
5,206 |
|
|
17 |
% |
|
|
12,213 |
|
|
|
10,261 |
|
|
19 |
% |
|
Retail new & used vehicles |
|
52,451 |
|
|
|
51,977 |
|
|
1 |
% |
|
|
105,262 |
|
|
|
102,669 |
|
|
3 |
% |
|
Used-to-New Ratio |
|
0.88 |
|
|
|
0.97 |
|
|
(9 |
)% |
|
|
0.89 |
|
|
|
0.99 |
|
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
3,391 |
|
|
$ |
3,603 |
|
|
(6 |
)% |
|
$ |
3,245 |
|
|
$ |
3,670 |
|
|
(12 |
)% |
|
Fleet new vehicles |
$ |
918 |
|
|
$ |
1,885 |
|
|
(51 |
)% |
|
$ |
1,129 |
|
|
$ |
1,809 |
|
|
(38 |
)% |
|
New vehicles |
$ |
3,342 |
|
|
$ |
3,570 |
|
|
(6 |
)% |
|
$ |
3,209 |
|
|
$ |
3,638 |
|
|
(12 |
)% |
|
Used vehicles |
$ |
1,590 |
|
|
$ |
1,541 |
|
|
3 |
% |
|
$ |
1,573 |
|
|
$ |
1,573 |
|
|
— |
% |
|
Finance, insurance and other, net |
$ |
2,718 |
|
|
$ |
2,383 |
|
|
14 |
% |
|
$ |
2,580 |
|
|
$ |
2,367 |
|
|
9 |
% |
|
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 /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
|
427.4 |
|
|
|
448.9 |
|
|
(5 |
)% |
|
$ |
901.1 |
|
|
$ |
931.7 |
|
|
(3 |
)% |
|
Wholesale vehicles |
|
25.4 |
|
|
|
21.9 |
|
|
16 |
% |
|
|
52.8 |
|
|
|
50.7 |
|
|
4 |
% |
|
Total vehicles |
|
452.8 |
|
|
|
470.8 |
|
|
(4 |
)% |
|
|
953.9 |
|
|
|
982.4 |
|
|
(3 |
)% |
|
Finance, insurance and other, net |
|
55.8 |
|
|
|
46.5 |
|
|
20 |
% |
|
|
114.5 |
|
|
|
94.3 |
|
|
21 |
% |
|
Total revenues |
|
508.6 |
|
|
|
517.3 |
|
|
(2 |
)% |
|
|
1,068.4 |
|
|
|
1,076.7 |
|
|
(1 |
)% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
|
6.9 |
|
|
|
4.7 |
|
|
47 |
% |
|
|
12.3 |
|
|
|
10.0 |
|
|
23 |
% |
|
Wholesale vehicles |
|
(0.6 |
) |
|
|
(0.1 |
) |
|
(500 |
)% |
|
|
(0.8 |
) |
|
|
(0.6 |
) |
|
(33 |
)% |
|
Total vehicles |
|
6.3 |
|
|
|
4.6 |
|
|
37 |
% |
|
|
11.5 |
|
|
|
9.4 |
|
|
22 |
% |
|
Finance, insurance and other, net |
|
55.8 |
|
|
|
46.5 |
|
|
20 |
% |
|
|
114.5 |
|
|
|
94.3 |
|
|
21 |
% |
|
Total gross profit |
|
62.1 |
|
|
|
51.1 |
|
|
22 |
% |
|
|
126.0 |
|
|
|
103.7 |
|
|
22 |
% |
|
Selling, general and administrative expenses |
|
(42.2 |
) |
|
|
(37.2 |
) |
|
(13 |
)% |
|
|
(87.0 |
) |
|
|
(82.8 |
) |
|
(5 |
)% |
|
Impairment charges |
|
— |
|
|
|
(1.4 |
) |
|
NM |
|
|
|
(0.2 |
) |
|
|
(1.4 |
) |
|
NM |
|
|
Depreciation and amortization |
|
(5.2 |
) |
|
|
(5.6 |
) |
|
7 |
% |
|
|
(10.5 |
) |
|
|
(11.1 |
) |
|
5 |
% |
|
Operating income (loss) |
|
14.7 |
|
|
|
6.9 |
|
|
113 |
% |
|
|
28.3 |
|
|
|
8.4 |
|
|
237 |
% |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, floor plan |
|
(2.6 |
) |
|
|
(3.8 |
) |
|
32 |
% |
|
|
(5.8 |
) |
|
|
(7.6 |
) |
|
24 |
% |
|
Interest expense, other, net |
|
(0.4 |
) |
|
|
(0.7 |
) |
|
43 |
% |
|
|
(0.8 |
) |
|
|
(1.3 |
) |
|
38 |
% |
|
Other income (expense), net |
|
— |
|
|
|
0.1 |
|
|
NM |
|
|
|
0.1 |
|
|
|
— |
|
|
NM |
|
|
Total other income (expense) |
|
3.0 |
|
|
|
(4.4 |
) |
|
168 |
% |
|
|
(6.5 |
) |
|
|
(8.9 |
) |
|
27 |
% |
|
Income (loss) before taxes |
|
11.7 |
|
|
|
2.5 |
|
|
368 |
% |
|
|
21.8 |
|
|
|
(0.5 |
) |
|
NM |
|
|
Add: Impairment charges |
|
— |
|
|
|
1.4 |
|
|
NM |
|
|
|
0.2 |
|
|
|
1.4 |
|
|
NM |
|
|
Segment income (loss) |
$ |
11.7 |
|
|
$ |
3.9 |
|
|
200 |
% |
|
$ |
22.0 |
|
|
$ |
0.9 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
|
16,742 |
|
|
|
16,641 |
|
|
1 |
% |
|
|
35,540 |
|
|
|
34,622 |
|
|
3 |
% |
|
Wholesale vehicles |
|
3,097 |
|
|
|
2,593 |
|
|
19 |
% |
|
|
6,247 |
|
|
|
5,587 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total used vehicle and F&I |
$ |
3,747 |
|
|
$ |
3,078 |
|
|
22 |
% |
|
$ |
3,569 |
|
|
$ |
3,014 |
|
|
18 |
% |
|
NM = Not Meaningful |
|
EchoPark Segment - Same Market |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Better /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
$ |
427.5 |
|
|
$ |
448.9 |
|
|
(5 |
)% |
|
$ |
901.2 |
|
|
$ |
922.1 |
|
(2 |
)% |
|
|
Wholesale vehicles |
|
25.4 |
|
|
|
21.9 |
|
|
16 |
% |
|
|
52.8 |
|
|
|
47.4 |
|
|
11 |
% |
|
Total vehicles |
|
452.9 |
|
|
|
470.8 |
|
|
(4 |
)% |
|
|
954.0 |
|
|
|
969.5 |
|
|
(2 |
)% |
|
Finance, insurance and other, net |
|
56.1 |
|
|
|
47.3 |
|
|
19 |
% |
|
|
115.2 |
|
|
|
94.8 |
|
|
22 |
% |
|
Total revenues |
|
509.0 |
|
|
|
518.1 |
|
|
(2 |
)% |
|
|
1,069.2 |
|
|
|
1,064.3 |
|
|
— |
% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
|
6.1 |
|
|
|
4.8 |
|
|
27 |
% |
|
|
10.4 |
|
|
|
10.4 |
|
|
— |
% |
|
Wholesale vehicles |
|
(0.6 |
) |
|
|
(0.2 |
) |
|
(200 |
)% |
|
|
(0.8 |
) |
|
|
— |
|
|
(100 |
)% |
|
Total vehicles |
|
5.5 |
|
|
|
4.6 |
|
|
20 |
% |
|
|
9.6 |
|
|
|
10.4 |
|
|
(8 |
)% |
|
Finance, insurance and other, net |
|
56.1 |
|
|
|
47.3 |
|
|
19 |
% |
|
|
115.2 |
|
|
|
94.8 |
|
|
22 |
% |
|
Total gross profit |
$ |
61.6 |
|
|
$ |
51.9 |
|
|
19 |
% |
|
$ |
124.8 |
|
|
$ |
105.2 |
|
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Used vehicles |
|
16,742 |
|
|
|
16,641 |
|
|
1 |
% |
|
|
35,540 |
|
|
|
34,259 |
|
|
4 |
% |
|
Wholesale vehicles |
|
3,097 |
|
|
|
2,593 |
|
|
19 |
% |
|
|
6,247 |
|
|
|
5,378 |
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total used vehicle and F&I |
$ |
3,717 |
|
|
$ |
3,127 |
|
|
19 |
% |
|
$ |
3,535 |
|
|
$ |
3,071 |
|
|
15 |
% |
|
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 /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
26.9 |
|
|
$ |
21.7 |
|
|
24 |
% |
|
$ |
46.3 |
|
|
$ |
37.5 |
|
|
23 |
% |
|
Used vehicles |
|
8.3 |
|
|
|
5.3 |
|
|
57 |
% |
|
|
14.0 |
|
|
|
8.7 |
|
|
61 |
% |
|
Wholesale vehicles |
|
0.3 |
|
|
|
0.9 |
|
|
(67 |
)% |
|
|
1.1 |
|
|
|
1.1 |
|
|
— |
% |
|
Total vehicles |
|
35.5 |
|
|
|
27.9 |
|
|
27 |
% |
|
|
61.4 |
|
|
|
47.3 |
|
|
30 |
% |
|
Parts, service and collision repair |
|
10.6 |
|
|
|
9.7 |
|
|
9 |
% |
|
|
17.6 |
|
|
|
16.5 |
|
|
7 |
% |
|
Finance, insurance and other, net |
|
2.0 |
|
|
|
2.0 |
|
|
— |
% |
|
|
3.4 |
|
|
|
3.5 |
|
|
(3 |
)% |
|
Total revenues |
|
48.1 |
|
|
|
39.6 |
|
|
21 |
% |
|
|
82.4 |
|
|
|
67.3 |
|
|
22 |
% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
3.9 |
|
|
|
2.9 |
|
|
34 |
% |
|
|
6.6 |
|
|
|
5.2 |
|
|
27 |
% |
|
Used vehicles |
|
1.6 |
|
|
|
1.3 |
|
|
23 |
% |
|
|
2.7 |
|
|
|
2.2 |
|
|
23 |
% |
|
Wholesale vehicles |
|
— |
|
|
|
(0.1 |
) |
|
100 |
% |
|
|
— |
|
|
|
(0.1 |
) |
|
100 |
% |
|
Total vehicles |
|
5.5 |
|
|
|
4.1 |
|
|
34 |
% |
|
|
9.3 |
|
|
|
7.3 |
|
|
27 |
% |
|
Parts, service and collision repair |
|
5.0 |
|
|
|
4.6 |
|
|
9 |
% |
|
|
8.4 |
|
|
|
7.7 |
|
|
9 |
% |
|
Finance, insurance and other, net |
|
2.0 |
|
|
|
2.0 |
|
|
— |
% |
|
|
3.4 |
|
|
|
3.5 |
|
|
(3 |
)% |
|
Total gross profit |
|
12.5 |
|
|
|
10.7 |
|
|
17 |
% |
|
|
21.1 |
|
|
|
18.5 |
|
|
14 |
% |
|
Selling, general and administrative expenses |
|
(10.2 |
) |
|
|
(7.9 |
) |
|
(29 |
)% |
|
|
(19.8 |
) |
|
|
(16.0 |
) |
|
(24 |
)% |
|
Impairment charges |
|
(6.5 |
) |
|
|
— |
|
|
NM |
|
|
|
(7.6 |
) |
|
|
— |
|
|
NM |
|
|
Depreciation and amortization |
|
(1.2 |
) |
|
|
(1.0 |
) |
|
(20 |
)% |
|
|
(2.5 |
) |
|
|
(2.0 |
) |
|
(25 |
)% |
|
Operating income (loss) |
|
(5.4 |
) |
|
|
1.8 |
|
|
(400 |
)% |
|
|
(8.8 |
) |
|
|
0.5 |
|
|
(1,860 |
)% |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, floor plan |
|
(0.4 |
) |
|
|
(0.5 |
) |
|
20 |
% |
|
|
(0.9 |
) |
|
|
(1.0 |
) |
|
10 |
% |
|
Interest expense, other, net |
|
(0.7 |
) |
|
|
(0.8 |
) |
|
13 |
% |
|
|
(1.4 |
) |
|
|
(1.3 |
) |
|
(8 |
)% |
|
Other income (expense), net |
|
— |
|
|
|
— |
|
|
NM |
|
|
|
— |
|
|
|
0.1 |
|
|
NM |
|
|
Total other income (expense) |
|
(1.1 |
) |
|
|
(1.3 |
) |
|
15 |
% |
|
|
(2.3 |
) |
|
|
(2.2 |
) |
|
(5 |
)% |
|
Income (loss) before taxes |
|
(6.5 |
) |
|
|
0.5 |
|
|
(1,400 |
)% |
|
|
(11.1 |
) |
|
|
(1.7 |
) |
|
(553 |
)% |
|
Add: Impairment charges |
|
6.5 |
|
|
|
— |
|
|
NM |
|
|
|
7.6 |
|
|
|
— |
|
|
NM |
|
|
Segment income (loss) |
$ |
— |
|
|
$ |
0.5 |
|
|
(100 |
)% |
|
$ |
(3.5 |
) |
|
$ |
(1.7 |
) |
|
(106 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
1,394 |
|
|
|
1,193 |
|
|
17 |
% |
|
|
2,387 |
|
|
|
2,038 |
|
|
17 |
% |
|
Used vehicles |
|
817 |
|
|
|
522 |
|
|
57 |
% |
|
|
1,395 |
|
|
|
931 |
|
|
50 |
% |
|
Wholesale vehicles |
|
58 |
|
|
|
18 |
|
|
222 |
% |
|
|
118 |
|
|
|
31 |
|
|
281 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
2,828 |
|
|
$ |
2,466 |
|
|
15 |
% |
|
$ |
2,767 |
|
|
$ |
2,553 |
|
|
8 |
% |
|
Used vehicles |
$ |
2,014 |
|
|
$ |
2,423 |
|
|
(17 |
)% |
|
$ |
1,935 |
|
|
$ |
2,318 |
|
|
(17 |
)% |
|
Finance, insurance and other, net |
$ |
889 |
|
|
$ |
1,153 |
|
|
(23 |
)% |
|
$ |
912 |
|
|
$ |
1,172 |
|
|
(22 |
)% |
|
NM = Not Meaningful |
|
Powersports Segment - Same Store |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Better /
|
|
Six Months Ended |
|
Better /
|
||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions, except unit and per unit data) |
||||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
23.5 |
|
$ |
20.8 |
|
13 |
% |
|
$ |
39.8 |
|
$ |
36.0 |
|
|
11 |
% |
|||
|
Used vehicles |
|
7.2 |
|
|
|
5.0 |
|
|
44 |
% |
|
|
11.6 |
|
|
|
8.0 |
|
|
45 |
% |
|
Wholesale vehicles |
|
0.1 |
|
|
|
0.8 |
|
|
(88 |
)% |
|
|
1.1 |
|
|
|
0.9 |
|
|
22 |
% |
|
Total vehicles |
|
30.8 |
|
|
|
26.6 |
|
|
16 |
% |
|
|
52.5 |
|
|
|
44.9 |
|
|
17 |
% |
|
Parts, service and collision repair |
|
9.5 |
|
|
|
9.3 |
|
|
2 |
% |
|
|
15.2 |
|
|
|
15.6 |
|
|
(3 |
)% |
|
Finance, insurance and other, net |
|
1.9 |
|
|
|
1.8 |
|
|
6 |
% |
|
|
3.2 |
|
|
|
3.2 |
|
|
— |
% |
|
Total revenues |
|
42.2 |
|
|
|
37.7 |
|
|
12 |
% |
|
|
70.9 |
|
|
|
63.7 |
|
|
11 |
% |
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
3.4 |
|
|
|
2.9 |
|
|
17 |
% |
|
|
5.6 |
|
|
|
5.1 |
|
|
10 |
% |
|
Used vehicles |
|
1.5 |
|
|
|
1.2 |
|
|
25 |
% |
|
|
2.3 |
|
|
|
2.0 |
|
|
15 |
% |
|
Wholesale vehicles |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
(0.1 |
) |
|
100 |
% |
|
Total vehicles |
|
4.9 |
|
|
|
4.1 |
|
|
20 |
% |
|
|
7.9 |
|
|
|
7.0 |
|
|
13 |
% |
|
Parts, service and collision repair |
|
4.6 |
|
|
|
4.4 |
|
|
5 |
% |
|
|
7.4 |
|
|
|
7.4 |
|
|
— |
% |
|
Finance, insurance and other, net |
|
1.9 |
|
|
|
1.8 |
|
|
6 |
% |
|
|
3.2 |
|
|
|
3.2 |
|
|
— |
% |
|
Total gross profit |
$ |
11.4 |
|
|
$ |
10.3 |
|
|
11 |
% |
|
$ |
18.5 |
|
|
$ |
17.6 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit Sales Volume: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
|
1,237 |
|
|
|
1,159 |
|
|
7 |
% |
|
|
2,087 |
|
|
|
1,975 |
|
|
6 |
% |
|
Used vehicles |
|
725 |
|
|
|
495 |
|
|
46 |
% |
|
|
1,191 |
|
|
|
869 |
|
|
37 |
% |
|
Wholesale vehicles |
|
55 |
|
|
|
18 |
|
|
206 |
% |
|
|
115 |
|
|
|
31 |
|
|
271 |
% |
|
Retail new & used vehicles |
|
1,962 |
|
|
|
1,654 |
|
|
19 |
% |
|
|
3,278 |
|
|
|
2,844 |
|
|
15 |
% |
|
Used-to-New Ratio |
|
0.59 |
|
|
|
0.43 |
|
|
37 |
% |
|
|
0.57 |
|
|
|
0.44 |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Profit Per Unit: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Retail new vehicles |
$ |
2,771 |
|
|
$ |
2,489 |
|
|
11 |
% |
|
$ |
2,696 |
|
|
$ |
2,564 |
|
|
5 |
% |
|
Used vehicles |
$ |
2,043 |
|
|
$ |
2,458 |
|
|
(17 |
)% |
|
$ |
1,940 |
|
|
$ |
2,327 |
|
|
(17 |
)% |
|
Finance, insurance and other, net |
$ |
948 |
|
|
$ |
1,095 |
|
|
(13 |
)% |
|
$ |
984 |
|
|
$ |
1,125 |
|
|
(13 |
)% |
|
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) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
264.8 |
|
|
$ |
250.9 |
|
|
$ |
(13.9 |
) |
|
(6 |
)% |
|
Advertising |
|
24.4 |
|
|
|
21.6 |
|
|
|
(2.8 |
) |
|
(13 |
)% |
|
Rent |
|
9.9 |
|
|
|
7.7 |
|
|
|
(2.2 |
) |
|
(29 |
)% |
|
Other |
|
113.5 |
|
|
|
112.8 |
|
|
|
(0.7 |
) |
|
(1 |
)% |
|
Total SG&A expenses |
$ |
412.6 |
|
|
$ |
393.0 |
|
|
$ |
(19.6 |
) |
|
(5 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
(1.6 |
) |
|
$ |
0.6 |
|
|
|
|
|
|||
|
Cyber insurance proceeds |
|
10.0 |
|
|
|
— |
|
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(9.6 |
) |
|
|
|
|
|||
|
Storm damage charges |
|
(4.1 |
) |
|
|
(3.6 |
) |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
3.0 |
|
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
|
|
|
(0.7 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
4.3 |
|
|
$ |
(10.3 |
) |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
416.9 |
|
|
$ |
382.7 |
|
|
$ |
(34.2 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
44.0 |
% |
|
|
46.5 |
% |
|
|
250 |
|
bps |
||
|
Advertising |
|
4.1 |
% |
|
|
4.0 |
% |
|
|
(10 |
) |
bps |
||
|
Rent |
|
1.6 |
% |
|
|
1.4 |
% |
|
|
(20 |
) |
bps |
||
|
Other |
|
18.8 |
% |
|
|
21.0 |
% |
|
|
220 |
|
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
68.5 |
% |
|
|
72.9 |
% |
|
|
440 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
(0.3 |
)% |
|
|
0.1 |
% |
|
|
|
||||
|
Cyber insurance proceeds |
|
1.7 |
% |
|
|
— |
% |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(2.1 |
)% |
|
|
|
|
|||
|
Storm damage charges |
|
(0.7 |
)% |
|
|
(0.7 |
)% |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
0.6 |
% |
|
|
|
||||
|
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.1 |
)% |
|
|
|
|
|||
|
Total effect of adjustments |
|
0.7 |
% |
|
|
(2.2 |
)% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
69.2 |
% |
|
|
70.7 |
% |
|
|
150 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
602.2 |
|
|
$ |
539.1 |
|
|
$ |
63.1 |
|
|
12 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Excess compensation related to CDK outage |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Total adjustments |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted gross profit |
$ |
602.2 |
|
|
$ |
541.1 |
|
|
$ |
61.1 |
|
|
11 |
% |
|
|
Six Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
523.3 |
|
|
$ |
498.1 |
|
|
$ |
(25.2 |
) |
|
(5 |
)% |
|
Advertising |
|
48.2 |
|
|
|
43.9 |
|
|
|
(4.3 |
) |
|
(10 |
)% |
|
Rent |
|
20.1 |
|
|
|
17.1 |
|
|
|
(3.0 |
) |
|
(18 |
)% |
|
Other |
|
201.3 |
|
|
|
226.2 |
|
|
|
24.9 |
|
|
11 |
% |
|
Total SG&A expenses |
$ |
792.9 |
|
|
$ |
785.3 |
|
|
$ |
(7.6 |
) |
|
(1 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
(2.6 |
) |
|
$ |
0.6 |
|
|
|
|
|
|||
|
Closed store accrued expenses |
|
— |
|
|
|
(2.1 |
) |
|
|
|
|
|||
|
Cyber insurance proceeds |
|
40.0 |
|
|
|
— |
|
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(9.6 |
) |
|
|
|
|
|||
|
Storm damage charges |
|
(5.0 |
) |
|
|
(3.6 |
) |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
3.0 |
|
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
|
|
|
(5.0 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
32.4 |
|
|
$ |
(16.7 |
) |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
825.3 |
|
|
$ |
768.6 |
|
|
$ |
(56.7 |
) |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
44.8 |
% |
|
|
46.3 |
% |
|
|
150 |
|
|
bps |
|
|
Advertising |
|
4.1 |
% |
|
|
4.1 |
% |
|
|
— |
|
|
bps |
|
|
Rent |
|
1.7 |
% |
|
|
1.6 |
% |
|
|
(10 |
) |
|
bps |
|
|
Other |
|
17.2 |
% |
|
|
21.0 |
% |
|
|
380 |
|
|
bps |
|
|
Total SG&A expenses as a % of gross profit |
|
67.8 |
% |
|
|
73.0 |
% |
|
|
520 |
|
|
bps |
|
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
(0.2 |
)% |
|
|
0.1 |
% |
|
|
|
|
|||
|
Closed store accrued expenses |
|
— |
% |
|
|
(0.2 |
)% |
|
|
|
|
|||
|
Cyber insurance proceeds |
|
3.4 |
% |
|
|
— |
% |
|
|
|
||||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(1.0 |
)% |
|
|
|
|
|||
|
Storm damage charges |
|
(0.4 |
)% |
|
|
(0.4 |
)% |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
0.3 |
% |
|
|
|
||||
|
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.5 |
)% |
|
|
|
||||
|
Total effect of adjustments |
|
2.8 |
% |
|
|
(1.7 |
)% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
70.6 |
% |
|
|
71.3 |
% |
|
|
70 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
1,168.7 |
|
|
$ |
1,075.3 |
|
|
$ |
93.4 |
|
|
9 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Excess compensation related to CDK outage |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Total adjustments |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted gross profit |
$ |
1,168.7 |
|
|
$ |
1,077.3 |
|
|
$ |
91.4 |
|
|
8 |
% |
|
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses |
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
232.3 |
|
|
$ |
221.9 |
|
|
$ |
(10.4 |
) |
|
(5 |
)% |
|
Advertising |
|
16.7 |
|
|
|
14.3 |
|
|
|
(2.4 |
) |
|
(17 |
)% |
|
Rent |
|
9.4 |
|
|
|
10.3 |
|
|
|
0.9 |
|
|
9 |
% |
|
Other |
|
101.8 |
|
|
|
101.4 |
|
|
|
(0.4 |
) |
|
— |
% |
|
Total SG&A expenses |
$ |
360.2 |
|
|
$ |
347.9 |
|
|
$ |
(12.3 |
) |
|
(4 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
(2.4 |
) |
|
$ |
— |
|
|
|
|
|
|||
|
Cyber insurance proceeds |
|
10.0 |
|
|
|
— |
|
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(9.2 |
) |
|
|
|
|
|||
|
Storm damage charges |
|
(4.1 |
) |
|
|
(3.6 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
3.5 |
|
|
$ |
(12.8 |
) |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
363.7 |
|
|
$ |
335.1 |
|
|
$ |
(28.6 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
44.0 |
% |
|
|
46.5 |
% |
|
|
250 |
|
bps |
||
|
Advertising |
|
3.2 |
% |
|
|
3.0 |
% |
|
|
(20 |
) |
bps |
||
|
Rent |
|
1.8 |
% |
|
|
2.2 |
% |
|
|
40 |
|
bps |
||
|
Other |
|
19.3 |
% |
|
|
21.2 |
% |
|
|
190 |
|
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
68.3 |
% |
|
|
72.9 |
% |
|
|
460 |
|
bps |
||
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
(0.5 |
)% |
|
|
— |
% |
|
|
|
||||
|
Cyber insurance proceeds |
|
1.9 |
% |
|
|
— |
% |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(2.2 |
)% |
|
|
|
|
|||
|
Storm damage charges |
|
(0.8 |
)% |
|
|
(0.8 |
)% |
|
|
|
|
|||
|
Total effect of adjustments |
|
0.6 |
% |
|
|
(3.0 |
)% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
68.9 |
% |
|
|
69.9 |
% |
|
|
100 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
527.6 |
|
|
$ |
477.3 |
|
|
$ |
50.3 |
|
|
11 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Excess compensation related to CDK outage |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Total adjustments |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted gross profit |
$ |
527.6 |
|
|
$ |
479.3 |
|
|
$ |
48.3 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|||||||
|
|
Six Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
458.7 |
|
|
$ |
438.3 |
|
|
$ |
(20.4 |
) |
|
(5 |
)% |
|
Advertising |
|
32.6 |
|
|
|
29.6 |
|
|
|
(3.0 |
) |
|
(10 |
)% |
|
Rent |
|
19.1 |
|
|
|
20.4 |
|
|
|
1.3 |
|
|
6 |
% |
|
Other |
|
175.7 |
|
|
|
198.1 |
|
|
|
22.4 |
|
|
11 |
% |
|
Total SG&A expenses |
$ |
686.1 |
|
|
$ |
686.4 |
|
|
$ |
0.3 |
|
|
— |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
(2.7 |
) |
|
$ |
— |
|
|
|
|
|
|||
|
Cyber insurance proceeds |
|
40.0 |
|
|
|
— |
|
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(9.2 |
) |
|
|
|
|
|||
|
Storm damage charges |
|
(5.0 |
) |
|
|
(3.6 |
) |
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
|
|
|
(2.2 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
32.3 |
|
|
$ |
(15.0 |
) |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
718.4 |
|
|
$ |
671.4 |
|
|
$ |
(47.0 |
) |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
44.9 |
% |
|
|
46.0 |
% |
|
|
110 |
|
|
bps |
|
|
Advertising |
|
3.2 |
% |
|
|
3.1 |
% |
|
|
(10 |
) |
|
bps |
|
|
Rent |
|
1.9 |
% |
|
|
2.1 |
% |
|
|
20 |
|
|
bps |
|
|
Other |
|
17.2 |
% |
|
|
20.8 |
% |
|
|
360 |
|
|
bps |
|
|
Total SG&A expenses as a % of gross profit |
|
67.2 |
% |
|
|
72.0 |
% |
|
|
480 |
|
|
bps |
|
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
(0.3 |
)% |
|
|
— |
% |
|
|
|
||||
|
Cyber insurance proceeds |
|
3.9 |
% |
|
|
— |
% |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(1.1 |
)% |
|
|
|
|
|||
|
Storm damage charges |
|
(0.5 |
)% |
|
|
(0.4 |
)% |
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
% |
|
|
(0.2 |
)% |
|
|
|
||||
|
Total effect of adjustments |
|
3.1 |
% |
|
|
(1.7 |
)% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
70.3 |
% |
|
|
70.3 |
% |
|
|
— |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
1,021.6 |
|
|
$ |
953.1 |
|
|
$ |
68.5 |
|
|
7 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Excess compensation related to CDK outage |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
Total adjustments |
$ |
— |
|
|
$ |
2.0 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted gross profit |
$ |
1,021.6 |
|
|
$ |
955.1 |
|
|
$ |
66.5 |
|
|
7 |
% |
|
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses |
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
25.2 |
|
|
$ |
23.3 |
|
|
$ |
(1.9 |
) |
|
(8 |
)% |
|
Advertising |
|
7.3 |
|
|
|
7.0 |
|
|
|
(0.3 |
) |
|
(4 |
)% |
|
Rent |
|
0.7 |
|
|
|
(2.7 |
) |
|
|
(3.4 |
) |
|
126 |
% |
|
Other |
|
9.0 |
|
|
|
9.6 |
|
|
|
0.6 |
|
|
6 |
% |
|
Total SG&A expenses |
$ |
42.2 |
|
|
$ |
37.2 |
|
|
$ |
(5.0 |
) |
|
(13 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
0.8 |
|
|
$ |
0.6 |
|
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(0.4 |
) |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
3.0 |
|
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
|
|
|
(0.7 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
0.8 |
|
|
$ |
2.5 |
|
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
43.0 |
|
|
$ |
39.7 |
|
|
$ |
(3.3 |
) |
|
(8 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
42.7 |
% |
|
|
45.6 |
% |
|
|
290 |
|
bps |
||
|
Advertising |
|
12.4 |
% |
|
|
13.6 |
% |
|
|
120 |
|
bps |
||
|
Rent |
|
1.2 |
% |
|
|
(5.2 |
)% |
|
|
(640 |
) |
bps |
||
|
Other |
|
11.7 |
% |
|
|
18.9 |
% |
|
|
720 |
|
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
68.0 |
% |
|
|
72.9 |
% |
|
|
490 |
|
bps |
||
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
1.3 |
% |
|
|
1.2 |
% |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(0.8 |
)% |
|
|
|
||||
|
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
5.7 |
% |
|
|
|
||||
|
Severance and long-term compensation charges |
|
— |
% |
|
|
(1.3 |
)% |
|
|
|
||||
|
Total effect of adjustments |
|
1.3 |
% |
|
|
4.8 |
% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
69.3 |
% |
|
|
77.7 |
% |
|
|
840 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
62.1 |
|
|
$ |
51.1 |
|
|
$ |
11.0 |
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|||||||
|
|
Six Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
51.1 |
|
|
$ |
48.5 |
|
|
$ |
(2.6 |
) |
|
(5 |
)% |
|
Advertising |
|
15.1 |
|
|
|
13.6 |
|
|
|
(1.5 |
) |
|
(11 |
)% |
|
Rent |
|
1.4 |
|
|
|
(3.4 |
) |
|
|
(4.8 |
) |
|
(141 |
)% |
|
Other |
|
19.4 |
|
|
|
24.1 |
|
|
|
4.7 |
|
|
20 |
% |
|
Total SG&A expenses |
$ |
87.0 |
|
|
$ |
82.8 |
|
|
$ |
(4.2 |
) |
|
(5 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
1.0 |
|
|
$ |
0.6 |
|
|
|
|
|
|||
|
Closed store accrued expenses |
|
— |
|
|
|
(2.1 |
) |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
(0.4 |
) |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
|
|
|
3.0 |
|
|
|
|
|
|||
|
Severance and long-term compensation charges |
|
— |
|
|
|
(2.8 |
) |
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
1.0 |
|
|
$ |
(1.7 |
) |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
88.0 |
|
|
$ |
81.1 |
|
|
$ |
(6.9 |
) |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
41.6 |
% |
|
|
46.7 |
% |
|
|
510 |
|
bps |
||
|
Advertising |
|
12.3 |
% |
|
|
13.1 |
% |
|
|
80 |
|
bps |
||
|
Rent |
|
1.1 |
% |
|
|
(3.3 |
)% |
|
|
(440 |
) |
bps |
||
|
Other |
|
14.1 |
% |
|
|
23.4 |
% |
|
|
930 |
|
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
69.1 |
% |
|
|
79.9 |
% |
|
|
1,080 |
|
bps |
||
|
Adjustments: |
|
|
|
|
|
|
||||||||
|
Acquisition and disposition-related gain (loss) |
|
0.8 |
% |
|
|
0.6 |
% |
|
|
|
||||
|
Closed store accrued expenses |
|
— |
% |
|
|
(2.1 |
)% |
|
|
|
|
|||
|
Excess compensation related to CDK outage |
|
— |
% |
|
|
(0.4 |
)% |
|
|
|
|
|||
|
Gain (loss) on exit of leased dealerships |
|
— |
% |
|
|
3.0 |
% |
|
|
|
||||
|
Severance and long-term compensation charges |
|
— |
% |
|
|
(2.8 |
)% |
|
|
|
||||
|
Total effect of adjustments |
|
0.8 |
% |
|
|
(1.7 |
)% |
|
|
|
||||
|
Adjusted: |
|
|
|
|
|
|
||||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
69.9 |
% |
|
|
78.2 |
% |
|
|
830 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
126.0 |
|
|
$ |
103.7 |
|
|
$ |
22.3 |
|
|
22 |
% |
|
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses |
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
7.3 |
|
|
$ |
5.7 |
|
|
$ |
(1.6 |
) |
|
(28 |
)% |
|
Advertising |
|
0.3 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
25 |
% |
|
Rent |
|
(0.3 |
) |
|
|
0.1 |
|
|
|
0.4 |
|
|
400 |
% |
|
Other |
|
2.9 |
|
|
|
1.7 |
|
|
|
(1.2 |
) |
|
(71 |
)% |
|
Total SG&A expenses |
$ |
10.2 |
|
|
$ |
7.9 |
|
|
$ |
(2.3 |
) |
|
(29 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
58.1 |
% |
|
|
53.2 |
% |
|
|
(490 |
) |
bps |
||
|
Advertising |
|
2.4 |
% |
|
|
3.8 |
% |
|
|
140 |
|
bps |
||
|
Rent |
|
(2.0 |
)% |
|
|
0.9 |
% |
|
|
290 |
|
bps |
||
|
Other |
|
22.6 |
% |
|
|
15.8 |
% |
|
|
(680 |
) |
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
81.1 |
% |
|
|
73.7 |
% |
|
|
(740 |
) |
bps |
||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
12.5 |
|
|
$ |
10.7 |
|
|
$ |
1.8 |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|||||||
|
|
Six Months Ended |
|
Better / (Worse) |
|||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
% Change |
|||
|
|
(In millions) |
|||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
$ |
13.5 |
|
|
$ |
11.4 |
|
|
$ |
(2.1 |
) |
|
(18 |
)% |
|
Advertising |
|
0.6 |
|
|
|
0.8 |
|
|
|
0.2 |
|
|
25 |
% |
|
Rent |
|
(0.4 |
) |
|
|
0.1 |
|
|
|
0.5 |
|
|
500 |
% |
|
Other |
|
6.1 |
|
|
|
3.7 |
|
|
|
(2.4 |
) |
|
(65 |
)% |
|
Total SG&A expenses |
$ |
19.8 |
|
|
$ |
16.0 |
|
|
$ |
(3.8 |
) |
|
(24 |
)% |
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
$ |
(0.9 |
) |
|
$ |
— |
|
|
|
|
|
|||
|
Total SG&A adjustments |
$ |
(0.9 |
) |
|
$ |
— |
|
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses |
$ |
18.9 |
|
|
$ |
16.0 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
SG&A expenses as a % of gross profit: |
|
|
|
|
|
|
|
|||||||
|
Compensation |
|
64.0 |
% |
|
|
61.4 |
% |
|
|
(260 |
) |
bps |
||
|
Advertising |
|
2.6 |
% |
|
|
4.3 |
% |
|
|
170 |
|
bps |
||
|
Rent |
|
(2.0 |
)% |
|
|
0.7 |
% |
|
|
270 |
|
bps |
||
|
Other |
|
29.2 |
% |
|
|
20.3 |
% |
|
|
(890 |
) |
bps |
||
|
Total SG&A expenses as a % of gross profit |
|
93.8 |
% |
|
|
86.7 |
% |
|
|
(710 |
) |
bps |
||
|
Adjustments: |
|
|
|
|
|
|
|
|||||||
|
Acquisition and disposition-related gain (loss) |
|
(4.2 |
)% |
|
|
— |
% |
|
|
|
|
|||
|
Total effect of adjustments |
|
(4.2 |
)% |
|
|
— |
% |
|
|
|
|
|||
|
Adjusted: |
|
|
|
|
|
|
|
|||||||
|
Total adjusted SG&A expenses as a % of gross profit |
|
89.6 |
% |
|
|
86.7 |
% |
|
|
(290 |
) |
|
bps |
|
|
|
|
|
|
|
|
|
|
|||||||
|
Reported: |
|
|
|
|
|
|
|
|||||||
|
Total gross profit |
$ |
21.1 |
|
|
$ |
18.5 |
|
|
$ |
2.6 |
|
|
14 |
% |
|
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions) |
||||||||||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (loss) before taxes |
$ |
(74.3 |
) |
|
$ |
52.7 |
|
(241 |
)% |
|
$ |
17.7 |
|
|
$ |
115.4 |
|
(85 |
)% |
||
|
Add: Impairment charges |
|
165.9 |
|
|
|
— |
|
|
|
|
|
165.9 |
|
|
|
1.0 |
|
|
|
||
|
Segment income (loss) |
$ |
91.6 |
|
|
$ |
52.7 |
|
|
74 |
% |
|
$ |
183.6 |
|
|
$ |
116.4 |
|
|
58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisition and disposition-related (gain) loss |
$ |
2.4 |
|
|
$ |
— |
|
|
|
|
$ |
2.7 |
|
|
$ |
— |
|
|
|
||
|
Cyber insurance proceeds |
|
(10.0 |
) |
|
|
— |
|
|
|
|
|
(40.0 |
) |
|
|
— |
|
|
|
||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
11.2 |
|
|
|
|
|
— |
|
|
|
11.2 |
|
|
|
||
|
Storm damage charges |
|
4.1 |
|
|
|
3.6 |
|
|
|
|
|
5.0 |
|
|
|
3.6 |
|
|
|
||
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
2.2 |
|
|
|
||
|
Total pre-tax adjustments |
$ |
(3.5 |
) |
|
$ |
14.8 |
|
|
|
|
$ |
(32.3 |
) |
|
$ |
17.0 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Segment income (loss) |
$ |
88.1 |
|
|
$ |
67.5 |
|
|
31 |
% |
|
$ |
151.3 |
|
|
$ |
133.4 |
|
|
13 |
% |
|
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions) |
||||||||||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (loss) before taxes |
$ |
11.7 |
|
|
$ |
2.5 |
|
|
(368 |
)% |
|
$ |
21.8 |
|
|
$ |
(0.5 |
) |
|
4460 |
% |
|
Add: Impairment charges |
|
— |
|
|
|
1.4 |
|
|
|
|
|
0.2 |
|
|
|
1.4 |
|
|
|
||
|
Segment income (loss) |
$ |
11.7 |
|
|
$ |
3.9 |
|
|
(200 |
)% |
|
$ |
22.0 |
|
|
$ |
0.9 |
|
|
(2344 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisition and disposition-related (gain) loss |
$ |
(0.8 |
) |
|
$ |
(0.6 |
) |
|
|
|
$ |
(1.0 |
) |
|
$ |
(0.6 |
) |
|
|
||
|
Closed store accrued expenses |
|
— |
|
|
|
— |
|
|
|
|
$ |
— |
|
|
$ |
2.1 |
|
|
|
||
|
Excess compensation related to CDK outage |
|
— |
|
|
|
0.4 |
|
|
|
|
|
— |
|
|
|
0.4 |
|
|
|
||
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
(3.0 |
) |
|
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
||
|
Severance and long-term compensation charges |
|
— |
|
|
|
0.7 |
|
|
|
|
|
— |
|
|
|
2.8 |
|
|
|
||
|
Total pre-tax adjustments |
$ |
(0.8 |
) |
|
$ |
(2.5 |
) |
|
|
|
$ |
(1.0 |
) |
|
$ |
1.7 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Segment income (loss) |
$ |
10.9 |
|
|
$ |
1.4 |
|
|
(679 |
)% |
|
$ |
21.0 |
|
|
$ |
2.6 |
|
|
708 |
% |
|
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss) |
|||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
|
2024 |
|
|
% Change |
||
|
|
(In millions) |
||||||||||||||||||||
|
Reported: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (loss) before taxes |
$ |
(6.5 |
) |
|
$ |
0.5 |
|
(1400 |
)% |
|
$ |
(11.1 |
) |
|
$ |
(1.7 |
) |
|
(553 |
)% |
|
|
Add: Impairment charges |
|
6.5 |
|
|
|
— |
|
|
|
|
|
7.6 |
|
|
|
— |
|
|
|
||
|
Segment income (loss) |
$ |
— |
|
|
$ |
0.5 |
|
|
(100 |
)% |
|
$ |
(3.5 |
) |
|
$ |
(1.7 |
) |
|
(106 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisition and disposition-related (gain) loss |
$ |
— |
|
|
$ |
— |
|
|
|
|
$ |
0.9 |
|
|
$ |
— |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Adjusted segment income (loss) |
$ |
— |
|
|
$ |
0.5 |
|
|
(100.0 |
)% |
|
$ |
(2.6 |
) |
|
$ |
(1.7 |
) |
|
(53 |
)% |
|
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||
|
|
Weighted-
|
|
Amount |
|
Per
|
|
Weighted-
|
|
Amount |
|
Per
|
||||||||||
|
|
(In millions, except per share amounts) |
||||||||||||||||||||
|
Reported net income (loss), diluted shares, and diluted earnings (loss) per share (1) |
34.1 |
|
$ |
(45.6 |
) |
|
$ |
(1.34 |
) |
|
34.9 |
|
$ |
41.2 |
|
|
$ |
1.18 |
|||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisition and disposition-related (gain) loss |
|
|
$ |
1.6 |
|
|
|
|
|
|
$ |
(0.6 |
) |
|
|
||||||
|
Cyber insurance proceeds |
|
|
|
(10.0 |
) |
|
|
|
|
|
|
— |
|
|
|
||||||
|
Excess compensation related to CDK outage |
|
|
|
— |
|
|
|
|
|
|
|
11.6 |
|
|
|
||||||
|
Storm damage charges |
|
|
|
4.1 |
|
|
|
|
|
|
|
3.6 |
|
|
|
||||||
|
Impairment charges |
|
|
|
172.4 |
|
|
|
|
|
|
|
1.4 |
|
|
|
||||||
|
Loss (gain) on exit of leased dealerships |
|
|
|
— |
|
|
|
|
|
|
|
(3.0 |
) |
|
|
||||||
|
Severance and long-term compensation charges |
|
|
|
— |
|
|
|
|
|
|
|
0.7 |
|
|
|
||||||
|
Total pre-tax adjustments |
|
|
$ |
168.1 |
|
|
|
|
|
|
$ |
13.7 |
|
|
|
||||||
|
Tax effect of above items |
|
|
|
(46.3 |
) |
|
|
|
|
|
|
(3.6 |
) |
|
|
||||||
|
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.8 |
|
|
$ |
76.2 |
|
|
$ |
2.19 |
|
|
34.9 |
|
|
$ |
51.3 |
|
|
$ |
1.47 |
|
|
(1) |
Basic Weighted-Average Shares Used For Three Months Ended |
|
|
Six Months Ended |
|
Six 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 |
34.7 |
|
$ |
25.0 |
|
|
$ |
0.72 |
|
34.8 |
|
$ |
83.2 |
|
|
$ |
2.39 |
||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Acquisition and disposition-related (gain) loss |
|
|
$ |
2.6 |
|
|
|
|
|
|
$ |
(0.6 |
) |
|
|
||||||
|
Closed store accrued expenses |
|
|
|
— |
|
|
|
|
|
|
|
2.1 |
|
|
|
||||||
|
Cyber insurance proceeds |
|
|
|
(40.0 |
) |
|
|
|
|
|
|
— |
|
|
|
||||||
|
Excess compensation related to CDK outage |
|
|
|
— |
|
|
|
|
|
|
|
11.6 |
|
|
|
||||||
|
Storm damage charges |
|
|
|
5.0 |
|
|
|
|
|
|
|
3.6 |
|
|
|
||||||
|
Impairment charges |
|
|
|
173.8 |
|
|
|
|
|
|
|
2.4 |
|
|
|
||||||
|
Loss (gain) on exit of leased dealerships |
|
|
|
— |
|
|
|
|
|
|
|
(3.0 |
) |
|
|
||||||
|
Severance and long-term compensation charges |
|
|
|
— |
|
|
|
|
|
|
|
5.0 |
|
|
|
||||||
|
Total pre-tax adjustments |
|
|
$ |
141.4 |
|
|
|
|
|
|
$ |
21.1 |
|
|
|
||||||
|
Tax effect of above items |
|
|
|
(38.9 |
) |
|
|
|
|
|
|
(5.6 |
) |
|
|
||||||
|
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share |
34.7 |
|
|
$ |
127.5 |
|
|
$ |
3.68 |
|
|
34.8 |
|
|
$ |
98.7 |
|
|
$ |
2.84 |
|
|
Non-GAAP Reconciliation - Adjusted EBITDA |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||||||||||
|
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
||||||||||||||||
|
|
(In millions) |
||||||||||||||||||||||||||||||
|
Net income (loss) |
|
|
|
|
|
|
$ |
(45.6 |
) |
|
|
|
|
|
|
|
$ |
41.2 |
|
||||||||||||
|
Provision for income taxes |
|
|
|
|
|
|
|
(23.5 |
) |
|
|
|
|
|
|
|
|
14.5 |
|
||||||||||||
|
Income (loss) before taxes |
$ |
(74.3 |
) |
|
$ |
11.7 |
|
|
$ |
(6.5 |
) |
|
$ |
(69.1 |
) |
|
$ |
52.7 |
|
|
$ |
2.5 |
|
|
$ |
0.5 |
|
$ |
55.7 |
|
|
|
Non-floor plan interest (1) |
|
24.7 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
25.8 |
|
|
|
26.5 |
|
|
|
0.7 |
|
|
|
0.8 |
|
|
|
28.0 |
|
|
Depreciation and amortization (2) |
|
35.8 |
|
|
|
5.1 |
|
|
|
1.3 |
|
|
|
42.2 |
|
|
|
31.6 |
|
|
|
5.4 |
|
|
|
1.0 |
|
|
|
38.0 |
|
|
Stock-based compensation expense |
|
5.7 |
|
|
|
— |
|
|
|
— |
|
|
|
5.7 |
|
|
|
5.9 |
|
|
|
— |
|
|
|
— |
|
|
|
5.9 |
|
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
(3.0 |
) |
|
Impairment charges |
|
165.9 |
|
|
|
— |
|
|
|
6.5 |
|
|
|
172.4 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
|
1.4 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.8 |
|
|
Excess compensation related to CDK outage |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11.2 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
11.6 |
|
|
Cyber insurance proceeds |
|
(10.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Acquisition and disposition related (gain) loss |
|
2.4 |
|
|
|
(0.8 |
) |
|
|
— |
|
|
|
1.6 |
|
|
|
(0.3 |
) |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
Storm damage charges |
|
4.1 |
|
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
|
|
3.6 |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
Adjusted EBITDA |
$ |
154.3 |
|
|
$ |
16.4 |
|
|
$ |
2.0 |
|
|
$ |
172.7 |
|
|
$ |
131.8 |
|
|
$ |
7.2 |
|
|
$ |
2.3 |
|
|
$ |
141.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Six Months Ended June 30, 2025 |
|
Six Months Ended June 30, 2024 |
||||||||||||||||||||||||||||
|
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
|
Franchised
|
|
EchoPark
|
|
Powersports
|
|
Total |
||||||||||||||||
|
|
(In millions) |
||||||||||||||||||||||||||||||
|
Net income (loss) |
|
|
|
|
|
|
$ |
25.0 |
|
|
|
|
|
|
|
|
$ |
83.2 |
|
||||||||||||
|
Provision for income taxes |
|
|
|
|
|
|
|
3.3 |
|
|
|
|
|
|
|
|
|
30.0 |
|
||||||||||||
|
Income (loss) before taxes |
$ |
17.7 |
|
|
$ |
21.8 |
|
|
$ |
(11.1 |
) |
|
$ |
28.3 |
|
|
$ |
115.4 |
|
|
$ |
(0.5 |
) |
|
$ |
(1.7 |
) |
|
$ |
113.2 |
|
|
Non-floor plan interest (1) |
|
49.6 |
|
|
|
0.9 |
|
|
|
1.4 |
|
|
|
51.9 |
|
|
|
52.8 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
55.4 |
|
|
Depreciation & amortization (2) |
|
70.8 |
|
|
|
10.3 |
|
|
|
2.5 |
|
|
|
83.6 |
|
|
|
63.1 |
|
|
|
10.8 |
|
|
|
2.0 |
|
|
|
75.9 |
|
|
Stock-based compensation expense |
|
11.5 |
|
|
|
— |
|
|
|
— |
|
|
|
11.5 |
|
|
|
10.3 |
|
|
|
— |
|
|
|
— |
|
|
|
10.3 |
|
|
Loss (gain) on exit of leased dealerships |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
(3.0 |
) |
|
Impairment charges |
|
165.9 |
|
|
|
0.2 |
|
|
|
7.6 |
|
|
|
173.8 |
|
|
|
1.0 |
|
|
|
1.4 |
|
|
|
— |
|
|
|
2.4 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
Severance and long-term compensation charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.2 |
|
|
|
2.9 |
|
|
|
— |
|
|
|
5.1 |
|
|
Excess compensation related to CDK outage |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11.2 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
11.6 |
|
|
Cyber insurance proceeds |
|
(40.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
(40.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Acquisition and disposition related (gain) loss |
|
2.7 |
|
|
|
(1.0 |
) |
|
|
0.9 |
|
|
|
2.6 |
|
|
|
(0.3 |
) |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
Storm damage charges |
|
5.0 |
|
|
|
— |
|
|
|
— |
|
|
|
5.0 |
|
|
|
3.6 |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
Closed store accrued expenses |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.1 |
|
|
$ |
— |
|
|
$ |
2.1 |
|
|
Adjusted EBITDA |
$ |
283.2 |
|
|
$ |
32.2 |
|
|
$ |
1.3 |
|
|
$ |
316.7 |
|
|
$ |
259.9 |
|
|
$ |
14.4 |
|
|
$ |
1.6 |
|
|
$ |
275.9 |
|
|
Note: Due to rounding, segment level financial data may not sum to consolidated results. |
|
|
|
|
|
(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/20250724980564/en/
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