CHARLOTTE, N.C., July 20, 2015 /PRNewswire/ --
Second Quarter 2015 Results
- Record Q2 total gross profit of $355.6 million, up 2.5% over the prior year
quarter
- Achieved milestone of retailing 100 pre-owned units per store
per month for the quarter on a same store basis
- All-time record quarterly pre-owned retail sales of 30,301
units, up 6.3% over the prior year quarter
- All-time record quarterly fixed operations gross profit of
$170.2 million, up 6.5% over the
prior year quarter
- Echo Park® stores
retail 881 units, up 221 units, or 33.5%, from the prior
quarter
Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest
automotive retailers, today reported adjusted net income from
continuing operations for the second quarter of 2015 of
$23.4 million, or $0.46 per diluted share. Included in these
adjusted amounts are pre-tax expenses of $4.1 million, or $0.05 per diluted share, related to
EchoPark® operations.
Adjusted net income from continuing operations for the second
quarter of 2014 was $23.5 million, or
$0.44 per diluted share. Included in
these adjusted amounts are pre-tax expenses of $3.2 million, or $0.04 per diluted share, related to
EchoPark® operations.
On a GAAP basis, net income from continuing operations and
related diluted earnings per share for the second quarter of 2015
were $15.1 million and $0.30 per share, respectively, and net income
from continuing operations and related diluted earnings per share
for the second quarter of 2014 were $27.1
million and $0.51 per share,
respectively. See the accompanying tables for a
reconciliation of the adjusted balances to GAAP basis amounts and
further details of the quarterly adjustments.
B. Scott Smith, Sonic's
President, noted, "I'm proud of our operations team for achieving
the lofty goal of retailing 100 pre-owned vehicles per store per
month. We have had quarters in the past when we approached
achieving this metric and several months where we surpassed this
metric, but it had never been achieved on a quarterly basis.
Generating this type of retail activity fuels our fixed operations
and F&I areas where we are most profitable."
"We also worked to build our fixed operations business in the
quarter. In addition to the benefits we experienced through
the reconditioning work performed to achieve the sale of 100
pre-owned vehicles per store per month, we were able to grow
overall same store fixed operations gross profit $13.1 million, or 8.5%, compared to the prior
year quarter. Fixed operations growth was achieved in our
customer pay, warranty and internal categories. This type of
internal growth strategy is central to our One Sonic-One Experience
(OSOE) initiative which is intended to grow the top-line revenue
categories, generate retail activity, and realize benefits over
multiple gross profit streams."
Jeff Dyke, Sonic's EVP of
Operations, stated, "We had another very busy quarter at Sonic
Automotive. From a franchise store perspective, we executed
our playbook and delivered another solid operating performance
allowing our team to leverage this performance while we build on
our OSOE strategy and our EchoPark® business
model. I am very excited about our pre-owned volume and the
continued focus and execution from our team as they achieved 100
units per store per month for the quarter. Our focus on our
fixed operations business, and in particular our customer pay
business, is beginning to pay off and the result showed in the
quarter. Warranty business was also robust."
"Our OSOE strategy continues to make progress. The
associated technology's performance is working very well and as a
result, we have decided to move ahead with the rollout of several
of its technology applications that will benefit our guests and
associates. Our proprietary CRM, desking and appraisal tools
will be added to our stores over the next year and a half in the
first wave of three planned waves that will ultimately result in
the complete rollout of OSOE. We will roll out our F&I
and pricing tools as part of the OSOE strategy once we are
comfortable with our performance in the Charlotte test market."
"EchoPark® made great strides again this quarter as
we ramped up and executed our business plan. We are meeting
our goals and have started the acquisition of properties for our
next market. We plan to begin construction in this next market
before the end of this year. We also plan on adding an
additional five locations to our Denver market over the next twelve
months. Our associates have created a culture in the stores
which allows them to offer our customers an easy, transparent
shopping experience and, as a result, our guest feedback is
overwhelmingly positive. We expect our initial neighborhood
locations in Denver will become
cash flow positive prior to the end of this year and we have
developed a next generation neighborhood store that further
improves our guest experience and operational efficiency."
Second Quarter 2015 Earnings Conference Call
Senior management will host a conference call today at
10:00 A.M. (Eastern) to discuss the
quarter's results. To access the live broadcast of the call over
the Internet go to: www.sonicautomotive.com, then click on "Our
Company," then "Investor Relations," then "Webcasts &
Presentations."
Presentation materials for the conference call can be accessed
on the Company's website at www.sonicautomotive.com by clicking on
the "Investor Relations" tab under "Our Company" and choosing
"Webcasts & Presentations."
The conference call will also be available live by dialing in 10
minutes prior to the start of the call at:
Domestic: 1.877.450.3867
International: 1.706.643.0958
Conference ID: 76953618
A conference call replay will be available one hour following
the call for seven days and can be accessed by calling:
Domestic: 1.855.859.2056
International: 1.404.537.3406
Conference ID: 76953618
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the
nation's largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Included herein are forward-looking statements, including
statements with respect to anticipated future success and impacts
from the implementation of our planned customer experience and
stand-alone pre-owned store initiatives. There are many factors
that affect management's views about future events and trends of
the Company's business. These factors involve risk and
uncertainties that could cause actual results or trends to differ
materially from management's view, including without limitation,
economic conditions in the markets in which we operate, new and
used vehicle industry sales volume, the success of our operational
strategies, the rate and timing of overall economic recovery or
decline, and the risk factors described in the Company's annual
report on Form 10-K for the year ending December 31, 2014. The Company does not undertake
any obligation to update forward-looking information.
Sonic Automotive, Inc.
|
Results of Operations
(Unaudited)
|
|
|
This release contains
certain non-GAAP financial measures as defined under SEC rules,
such as, but not limited to, adjusted income from continuing
operations and related earnings per share data. The Company
has reconciled these measures to the most directly comparable GAAP
measures in the release. The Company believes that these
non-GAAP financial measures improve the transparency of the
Company's disclosure by providing period-to-period comparability of
the Company's results from operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
(In thousands,
except per share and unit data)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
$
1,285,632
|
|
$
1,283,231
|
|
$
2,475,847
|
|
$
2,395,521
|
|
|
Fleet
vehicles
|
|
9,656
|
|
15,546
|
|
21,763
|
|
49,876
|
|
|
Total new
vehicles
|
|
1,295,288
|
|
1,298,777
|
|
2,497,610
|
|
2,445,397
|
|
|
Used
vehicles
|
|
658,794
|
|
603,868
|
|
1,252,536
|
|
1,163,684
|
|
|
Wholesale
vehicles
|
|
41,131
|
|
44,765
|
|
82,789
|
|
86,363
|
|
|
Total
vehicles
|
|
1,995,213
|
|
1,947,410
|
|
3,832,935
|
|
3,695,444
|
|
|
Parts, service and
collision repair
|
|
346,164
|
|
329,134
|
|
669,358
|
|
647,905
|
|
|
Finance, insurance
and other, net
|
|
82,363
|
|
76,736
|
|
156,963
|
|
146,317
|
|
|
Total
revenues
|
|
2,423,740
|
|
2,353,280
|
|
4,659,256
|
|
4,489,666
|
|
|
Gross
profit
|
|
355,554
|
|
346,947
|
|
690,513
|
|
675,947
|
|
|
Selling, general and
administrative expenses
|
|
(284,661)
|
|
(268,914)
|
|
(555,523)
|
|
(532,887)
|
|
|
Impairment
charges
|
|
(10,469)
|
|
(4)
|
|
(16,661)
|
|
(7)
|
|
|
Depreciation and
amortization
|
|
(17,294)
|
|
(14,431)
|
|
(33,703)
|
|
(28,812)
|
|
|
Operating income
(loss)
|
|
43,130
|
|
63,598
|
|
84,626
|
|
114,241
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense,
floor plan
|
|
(5,345)
|
|
(4,846)
|
|
(10,123)
|
|
(9,535)
|
|
|
Interest expense,
other, net
|
|
(13,054)
|
|
(13,865)
|
|
(26,274)
|
|
(27,683)
|
|
|
Other income
(expense), net
|
|
10
|
|
3
|
|
100
|
|
100
|
|
|
Total other
income (expense)
|
|
(18,389)
|
|
(18,708)
|
|
(36,297)
|
|
(37,118)
|
|
|
Income (loss) from
continuing operations before taxes
|
|
24,741
|
|
44,890
|
|
48,329
|
|
77,123
|
|
|
Provision for income
taxes for continuing operations- benefit (expense)
|
|
(9,649)
|
|
(17,829)
|
|
(18,848)
|
|
(30,078)
|
|
|
Income (loss) from
continuing operations
|
|
15,092
|
|
27,061
|
|
29,481
|
|
47,045
|
|
|
Income (loss) from
discontinued operations
|
|
(311)
|
|
(68)
|
|
(732)
|
|
(666)
|
|
|
Net income
(loss)
|
|
$
14,781
|
|
$
26,993
|
|
$
28,749
|
|
$
46,379
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share from continuing operations
|
|
$
0.30
|
|
$
0.51
|
|
$
0.57
|
|
$
0.89
|
|
|
Earnings (loss) per
share from discontinued operations
|
|
(0.01)
|
|
-
|
|
(0.01)
|
|
(0.02)
|
|
|
Earnings (loss) per
common share
|
|
$
0.29
|
|
$
0.51
|
|
$
0.56
|
|
$
0.87
|
|
|
Weighted average
common shares outstanding
|
|
51,093
|
|
52,930
|
|
51,247
|
|
52,938
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Data
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
New retail
vehicles
|
|
5.1%
|
|
5.8%
|
|
5.2%
|
|
5.8%
|
|
|
Fleet
vehicles
|
|
(0.1%)
|
|
2.3%
|
|
(0.3%)
|
|
2.5%
|
|
|
Total new
vehicles
|
|
5.0%
|
|
5.7%
|
|
5.1%
|
|
5.8%
|
|
|
Used
vehicles
|
|
6.2%
|
|
6.2%
|
|
6.5%
|
|
6.7%
|
|
|
Wholesale
vehicles
|
|
(6.5%)
|
|
(2.9%)
|
|
(3.5%)
|
|
(1.6%)
|
|
|
Parts, service and
collision repair
|
|
49.2%
|
|
48.6%
|
|
48.8%
|
|
48.2%
|
|
|
Finance, insurance
and other
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
Overall gross
margin
|
|
14.7%
|
|
14.7%
|
|
14.8%
|
|
15.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A Expenses
(Continuing Operations):
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
167,811
|
|
$
163,109
|
|
$
329,669
|
|
$
320,263
|
|
|
Advertising
|
|
15,358
|
|
13,864
|
|
30,689
|
|
27,982
|
|
|
Rent
|
|
18,246
|
|
18,643
|
|
36,500
|
|
37,178
|
|
|
Other
|
|
83,246
|
|
73,298
|
|
158,665
|
|
147,464
|
|
|
Total SG&A
expenses
|
|
$
284,661
|
|
$
268,914
|
|
$
555,523
|
|
$
532,887
|
|
|
SG&A expenses as
% of gross profit
|
|
80.1%
|
|
77.5%
|
|
80.5%
|
|
78.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin
%
|
|
1.8%
|
|
2.7%
|
|
1.8%
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit Data (Continuing
Operations):
|
|
|
|
|
|
|
|
|
|
New retail
units
|
|
34,676
|
|
34,847
|
|
66,010
|
|
64,876
|
|
|
Fleet
units
|
|
287
|
|
558
|
|
642
|
|
1,660
|
|
|
Total new
units
|
|
34,963
|
|
35,405
|
|
66,652
|
|
66,536
|
|
|
Used
units
|
|
30,301
|
|
28,514
|
|
58,436
|
|
56,171
|
|
|
Wholesale
units
|
|
8,010
|
|
7,738
|
|
15,787
|
|
15,118
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive, Inc.
Results of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Average
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
50,784
|
|
$ 15,092
|
|
|
|
$ (311)
|
|
|
|
$ 14,781
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested
restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(7)
|
|
|
|
-
|
|
|
|
(7)
|
|
|
|
Basic earnings (loss)
and shares
|
|
50,784
|
|
$ 15,085
|
|
$ 0.30
|
|
$ (311)
|
|
$ (0.01)
|
|
$ 14,774
|
|
$ 0.29
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation plans
|
|
309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
51,093
|
|
$ 15,085
|
|
$ 0.30
|
|
$ (311)
|
|
$ (0.01)
|
|
$ 14,774
|
|
$ 0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (645)
|
|
$ (0.01)
|
|
$
-
|
|
$
-
|
|
$ (645)
|
|
$ (0.01)
|
|
Impairment
charges
|
|
|
|
6,386
|
|
0.12
|
|
-
|
|
-
|
|
6,386
|
|
0.12
|
|
Storm damage and
other
|
|
|
|
2,555
|
|
0.05
|
|
-
|
|
-
|
|
2,555
|
|
0.05
|
|
Total
adjustments
|
|
|
|
$ 8,296
|
|
$ 0.16
|
|
$
-
|
|
$
-
|
|
$ 8,296
|
|
$ 0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (1)
|
|
|
|
$ 23,388
|
|
$ 0.46
|
|
$ (311)
|
|
$ (0.01)
|
|
$ 23,077
|
|
$ 0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Expenses
attributable to EchoPark® operations were $0.05 per fully diluted
share in the three months ended June 30, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
52,514
|
|
$ 27,061
|
|
|
|
$ (68)
|
|
|
|
$ 26,993
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested
restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(87)
|
|
|
|
-
|
|
|
|
(87)
|
|
|
|
Basic earnings (loss)
and shares
|
|
52,514
|
|
$ 26,974
|
|
$ 0.51
|
|
$ (68)
|
|
$
-
|
|
$ 26,906
|
|
$ 0.51
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation plans
|
|
416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
52,930
|
|
$ 26,974
|
|
$ 0.51
|
|
$ (68)
|
|
$
-
|
|
$ 26,906
|
|
$ 0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (4,446)
|
|
$ (0.08)
|
|
$
-
|
|
$
-
|
|
$ (4,446)
|
|
$ (0.08)
|
|
Storm damage and
other
|
|
|
|
840
|
|
0.01
|
|
-
|
|
-
|
|
840
|
|
0.01
|
|
Total
adjustments
|
|
|
|
$ (3,606)
|
|
$ (0.07)
|
|
$
-
|
|
$
-
|
|
$ (3,606)
|
|
$ (0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (2)
|
|
|
|
$ 23,455
|
|
$ 0.44
|
|
$ (68)
|
|
$
-
|
|
$ 23,387
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Expenses
attributable to EchoPark® operations were $0.04 per fully diluted
share in the three months ended June 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive, Inc.
Results of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2015
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
50,819
|
|
$ 29,481
|
|
|
|
$ (732)
|
|
|
|
$ 28,749
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested
restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(14)
|
|
|
|
-
|
|
|
|
(14)
|
|
|
|
Basic earnings (loss)
and shares
|
|
50,819
|
|
$ 29,467
|
|
$ 0.58
|
|
$ (732)
|
|
$ (0.01)
|
|
$ 28,735
|
|
$ 0.57
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation plans
|
|
428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
51,247
|
|
$ 29,467
|
|
$ 0.57
|
|
$ (732)
|
|
$ (0.01)
|
|
$ 28,735
|
|
$ 0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (583)
|
|
$ (0.01)
|
|
$
-
|
|
$
-
|
|
$ (583)
|
|
$ (0.01)
|
|
Impairment
charges
|
|
|
|
10,166
|
|
0.20
|
|
-
|
|
-
|
|
10,166
|
|
0.20
|
|
Storm damage and
other
|
|
|
|
3,132
|
|
0.06
|
|
-
|
|
-
|
|
3,132
|
|
0.06
|
|
Total
adjustments
|
|
|
|
$ 12,715
|
|
$ 0.25
|
|
$
-
|
|
$
-
|
|
$ 12,715
|
|
$ 0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (3)
|
|
|
|
$ 42,196
|
|
$ 0.82
|
|
$ (732)
|
|
$ (0.01)
|
|
$ 41,464
|
|
$ 0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
attributable to EchoPark® operations were $0.11 per fully diluted
share in the six months ended June 30, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2014
|
|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
|
Operations
|
|
Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
52,466
|
|
$ 47,045
|
|
|
|
$ (666)
|
|
|
|
$ 46,379
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested
restricted stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(151)
|
|
|
|
-
|
|
|
|
(151)
|
|
|
|
Basic earnings (loss)
and shares
|
|
52,466
|
|
$ 46,894
|
|
$ 0.89
|
|
$ (666)
|
|
$ (0.01)
|
|
$ 46,228
|
|
$ 0.88
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
compensation plans
|
|
472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
52,938
|
|
$ 46,894
|
|
$ 0.89
|
|
$ (666)
|
|
$ (0.02)
|
|
$ 46,228
|
|
$ 0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (4,446)
|
|
$ (0.08)
|
|
$
-
|
|
$
-
|
|
$ (4,446)
|
|
$ (0.08)
|
|
Storm damage and
other
|
|
|
|
840
|
|
0.01
|
|
-
|
|
-
|
|
840
|
|
0.01
|
|
Effect of two-class
method & rounding
|
|
|
|
-
|
|
-
|
|
-
|
|
0.01
|
|
-
|
|
0.01
|
|
Total
adjustments
|
|
|
|
$ (3,606)
|
|
$ (0.07)
|
|
$
-
|
|
$ 0.01
|
|
$ (3,606)
|
|
$ (0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share (4)
|
|
|
|
$ 43,439
|
|
$ 0.82
|
|
$ (666)
|
|
$ (0.01)
|
|
$ 42,773
|
|
$ 0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Expenses
attributable to EchoPark® operations were $0.06 per fully diluted
share in the six months ended June 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,295,288
|
|
$
1,298,777
|
|
$
(3,489)
|
|
(0.3%)
|
|
|
|
Gross
profit
|
|
$
64,936
|
|
$
74,193
|
|
$
(9,257)
|
|
(12.5%)
|
|
|
|
Unit sales
|
|
34,963
|
|
35,405
|
|
(442)
|
|
(1.2%)
|
|
|
|
Revenue per
unit
|
|
$
37,047
|
|
$
36,683
|
|
$
364
|
|
1.0%
|
|
|
|
Gross profit per
unit
|
|
$
1,857
|
|
$
2,096
|
|
$
(239)
|
|
(11.4%)
|
|
|
|
Gross profit as a %
of revenue
|
|
5.0%
|
|
5.7%
|
|
(70)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
2,497,610
|
|
$
2,445,397
|
|
$
52,213
|
|
2.1%
|
|
|
|
Gross
profit
|
|
$
128,285
|
|
$
140,866
|
|
$
(12,581)
|
|
(8.9%)
|
|
|
|
Unit sales
|
|
66,652
|
|
66,536
|
|
116
|
|
0.2%
|
|
|
|
Revenue per
unit
|
|
$
37,472
|
|
$
36,753
|
|
$
719
|
|
2.0%
|
|
|
|
Gross profit per
unit
|
|
$
1,925
|
|
$
2,117
|
|
$
(192)
|
|
(9.1%)
|
|
|
|
Gross profit as a %
of revenue
|
|
5.1%
|
|
5.8%
|
|
(70)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,282,668
|
|
$
1,252,870
|
|
$
29,798
|
|
2.4%
|
|
|
|
Gross
profit
|
|
$
64,789
|
|
$
71,765
|
|
$
(6,976)
|
|
(9.7%)
|
|
|
|
Unit sales
|
|
34,575
|
|
34,125
|
|
450
|
|
1.3%
|
|
|
|
Revenue per
unit
|
|
$
37,098
|
|
$
36,714
|
|
$
384
|
|
1.0%
|
|
|
|
Gross profit per
unit
|
|
$
1,874
|
|
$
2,103
|
|
$
(229)
|
|
(10.9%)
|
|
|
|
Gross profit as a %
of revenue
|
|
5.1%
|
|
5.7%
|
|
(60)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
2,472,920
|
|
$
2,362,936
|
|
$
109,984
|
|
4.7%
|
|
|
|
Gross
profit
|
|
$
127,227
|
|
$
136,397
|
|
$
(9,170)
|
|
(6.7%)
|
|
|
|
Unit sales
|
|
65,911
|
|
64,207
|
|
1,704
|
|
2.7%
|
|
|
|
Revenue per
unit
|
|
$
37,519
|
|
$
36,802
|
|
$
717
|
|
1.9%
|
|
|
|
Gross profit per
unit
|
|
$
1,930
|
|
$
2,124
|
|
$
(194)
|
|
(9.1%)
|
|
|
|
Gross profit as a %
of revenue
|
|
5.1%
|
|
5.8%
|
|
(70)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Used
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
658,794
|
|
$
603,868
|
|
$
54,926
|
|
9.1%
|
|
Gross
profit
|
|
$
40,696
|
|
$
37,473
|
|
$
3,223
|
|
8.6%
|
|
Unit sales
|
|
30,301
|
|
28,514
|
|
1,787
|
|
6.3%
|
|
Revenue per
unit
|
|
$
21,742
|
|
$
21,178
|
|
$
564
|
|
2.7%
|
|
Gross profit per
unit
|
|
$
1,343
|
|
$
1,314
|
|
$
29
|
|
2.2%
|
|
Gross profit as a %
of revenue
|
|
6.2%
|
|
6.2%
|
|
0
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,252,536
|
|
$
1,163,684
|
|
$
88,852
|
|
7.6%
|
|
Gross
profit
|
|
$
81,540
|
|
$
78,167
|
|
$
3,373
|
|
4.3%
|
|
Unit sales
|
|
58,436
|
|
56,171
|
|
2,265
|
|
4.0%
|
|
Revenue per
unit
|
|
$
21,434
|
|
$
20,717
|
|
$
717
|
|
3.5%
|
|
Gross profit per
unit
|
|
$
1,395
|
|
$
1,392
|
|
$
3
|
|
0.2%
|
|
Gross profit as a %
of revenue
|
|
6.5%
|
|
6.7%
|
|
(20)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
632,838
|
|
$
581,024
|
|
$
51,814
|
|
8.9%
|
|
Gross
profit
|
|
$
38,884
|
|
$
36,647
|
|
$
2,237
|
|
6.1%
|
|
Unit sales
|
|
28,973
|
|
27,397
|
|
1,576
|
|
5.8%
|
|
Revenue per
unit
|
|
$
21,842
|
|
$
21,208
|
|
$
634
|
|
3.0%
|
|
Gross profit per
unit
|
|
$
1,342
|
|
$
1,338
|
|
$
4
|
|
0.3%
|
|
Gross profit as a %
of revenue
|
|
6.1%
|
|
6.3%
|
|
(20)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,205,597
|
|
$
1,118,663
|
|
$
86,934
|
|
7.8%
|
|
Gross
profit
|
|
$
78,897
|
|
$
75,933
|
|
$
2,964
|
|
3.9%
|
|
Unit sales
|
|
56,052
|
|
53,998
|
|
2,054
|
|
3.8%
|
|
Revenue per
unit
|
|
$
21,509
|
|
$
20,717
|
|
$
792
|
|
3.8%
|
|
Gross profit per
unit
|
|
$
1,408
|
|
$
1,406
|
|
$
2
|
|
0.1%
|
|
Gross profit as a %
of revenue
|
|
6.5%
|
|
6.8%
|
|
(30)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
Results of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
41,131
|
|
$
44,765
|
|
$
(3,634)
|
|
(8.1%)
|
|
Gross profit
(loss)
|
|
$
(2,676)
|
|
$
(1,314)
|
|
$
(1,362)
|
|
(103.7%)
|
|
Unit sales
|
|
8,010
|
|
7,738
|
|
272
|
|
3.5%
|
|
Revenue per
unit
|
|
$
5,135
|
|
$
5,785
|
|
$
(650)
|
|
(11.2%)
|
|
Gross profit (loss)
per unit
|
|
$
(334)
|
|
$
(170)
|
|
$
(164)
|
|
(96.5%)
|
|
Gross profit (loss)
as a % of revenue
|
|
(6.5%)
|
|
(2.9%)
|
|
(360)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
82,789
|
|
$
86,363
|
|
$
(3,574)
|
|
(4.1%)
|
|
Gross profit
(loss)
|
|
$
(2,884)
|
|
$
(1,409)
|
|
$
(1,475)
|
|
(104.7%)
|
|
Unit sales
|
|
15,787
|
|
15,118
|
|
669
|
|
4.4%
|
|
Revenue per
unit
|
|
$
5,244
|
|
$
5,713
|
|
$
(469)
|
|
(8.2%)
|
|
Gross profit (loss)
per unit
|
|
$
(183)
|
|
$
(93)
|
|
$
(90)
|
|
(96.8%)
|
|
Gross profit (loss)
as a % of revenue
|
|
(3.5%)
|
|
(1.6%)
|
|
(190)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
39,497
|
|
$
43,326
|
|
$
(3,829)
|
|
(8.8%)
|
|
Gross profit
(loss)
|
|
$
(2,344)
|
|
$
(1,307)
|
|
$
(1,037)
|
|
(79.3%)
|
|
Unit sales
|
|
7,637
|
|
7,476
|
|
161
|
|
2.2%
|
|
Revenue per
unit
|
|
$
5,172
|
|
$
5,795
|
|
$
(623)
|
|
(10.8%)
|
|
Gross profit (loss)
per unit
|
|
$
(307)
|
|
$
(175)
|
|
$
(132)
|
|
(75.4%)
|
|
Gross profit (loss)
as a % of revenue
|
|
(5.9%)
|
|
(3.0%)
|
|
(290)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except units and per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
80,270
|
|
$
83,573
|
|
$
(3,303)
|
|
(4.0%)
|
|
Gross profit
(loss)
|
|
$
(2,530)
|
|
$
(1,331)
|
|
$
(1,199)
|
|
(90.1%)
|
|
Unit sales
|
|
15,160
|
|
14,621
|
|
539
|
|
3.7%
|
|
Revenue per
unit
|
|
$
5,295
|
|
$
5,716
|
|
$
(421)
|
|
(7.4%)
|
|
Gross profit (loss)
per unit
|
|
$
(167)
|
|
$
(91)
|
|
$
(76)
|
|
(83.5%)
|
|
Gross profit (loss)
as a % of revenue
|
|
(3.2%)
|
|
(1.6%)
|
|
(160)
|
|
bps
|
|
Sonic Automotive,
Inc. Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
Reported:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
146,548
|
|
$
145,040
|
|
$
1,508
|
|
1.0%
|
|
Warranty
|
|
57,150
|
|
47,050
|
|
10,100
|
|
21.5%
|
|
Wholesale
parts
|
|
45,850
|
|
47,145
|
|
(1,295)
|
|
(2.7%)
|
|
Internal,
sublet and other
|
|
96,616
|
|
89,899
|
|
6,717
|
|
7.5%
|
|
Total
|
|
$
346,164
|
|
$
329,134
|
|
$
17,030
|
|
5.2%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
80,286
|
|
$
79,606
|
|
$
680
|
|
0.9%
|
|
Warranty
|
|
32,679
|
|
25,671
|
|
7,008
|
|
27.3%
|
|
Wholesale
parts
|
|
8,148
|
|
8,308
|
|
(160)
|
|
(1.9%)
|
|
Internal,
sublet and other
|
|
49,122
|
|
46,274
|
|
2,848
|
|
6.2%
|
|
Total
|
|
$
170,235
|
|
$
159,859
|
|
$
10,376
|
|
6.5%
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.8%
|
|
54.9%
|
|
(10)
|
|
bps
|
|
Warranty
|
|
57.2%
|
|
54.6%
|
|
260
|
|
bps
|
|
Wholesale
parts
|
|
17.8%
|
|
17.6%
|
|
20
|
|
bps
|
|
Internal,
sublet and other
|
|
50.8%
|
|
51.5%
|
|
(70)
|
|
bps
|
|
Total
|
|
49.2%
|
|
48.6%
|
|
60
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
Reported:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
284,171
|
|
$
286,162
|
|
$
(1,991)
|
|
(0.7%)
|
|
Warranty
|
|
110,648
|
|
93,641
|
|
17,007
|
|
18.2%
|
|
Wholesale
parts
|
|
90,862
|
|
95,089
|
|
(4,227)
|
|
(4.4%)
|
|
Internal,
sublet and other
|
|
183,677
|
|
173,013
|
|
10,664
|
|
6.2%
|
|
Total
|
|
$
669,358
|
|
$
647,905
|
|
$
21,453
|
|
3.3%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
155,963
|
|
$
157,605
|
|
$
(1,642)
|
|
(1.0%)
|
|
Warranty
|
|
62,440
|
|
50,909
|
|
11,531
|
|
22.7%
|
|
Wholesale
parts
|
|
16,287
|
|
16,469
|
|
(182)
|
|
(1.1%)
|
|
Internal,
sublet and other
|
|
91,919
|
|
87,023
|
|
4,896
|
|
5.6%
|
|
Total
|
|
$
326,609
|
|
$
312,006
|
|
$
14,603
|
|
4.7%
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.9%
|
|
55.1%
|
|
(20)
|
|
bps
|
|
Warranty
|
|
56.4%
|
|
54.4%
|
|
200
|
|
bps
|
|
Wholesale
parts
|
|
17.9%
|
|
17.3%
|
|
60
|
|
bps
|
|
Internal,
sublet and other
|
|
50.0%
|
|
50.3%
|
|
(30)
|
|
bps
|
|
Total
|
|
48.8%
|
|
48.2%
|
|
60
|
|
bps
|
|
Sonic Automotive,
Inc. Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
Same
Store:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
145,235
|
|
$
140,701
|
|
$
4,534
|
|
3.2%
|
|
Warranty
|
|
56,672
|
|
45,065
|
|
11,607
|
|
25.8%
|
|
Wholesale
parts
|
|
45,502
|
|
45,855
|
|
(353)
|
|
(0.8%)
|
|
Internal,
sublet and other
|
|
93,761
|
|
87,105
|
|
6,656
|
|
7.6%
|
|
Total
|
|
$
341,170
|
|
$
318,726
|
|
$
22,444
|
|
7.0%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
79,537
|
|
$
77,320
|
|
$
2,217
|
|
2.9%
|
|
Warranty
|
|
32,435
|
|
24,631
|
|
7,804
|
|
31.7%
|
|
Wholesale
parts
|
|
8,082
|
|
8,064
|
|
18
|
|
0.2%
|
|
Internal,
sublet and other
|
|
47,764
|
|
44,676
|
|
3,088
|
|
6.9%
|
|
Total
|
|
$
167,818
|
|
$
154,691
|
|
$
13,127
|
|
8.5%
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.8%
|
|
55.0%
|
|
(20)
|
|
bps
|
|
Warranty
|
|
57.2%
|
|
54.7%
|
|
250
|
|
bps
|
|
Wholesale
parts
|
|
17.8%
|
|
17.6%
|
|
20
|
|
bps
|
|
Internal,
sublet and other
|
|
50.9%
|
|
51.3%
|
|
(40)
|
|
bps
|
|
Total
|
|
49.2%
|
|
48.5%
|
|
70
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
Same
Store:
|
|
(In
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
281,002
|
|
$
277,187
|
|
$
3,815
|
|
1.4%
|
|
Warranty
|
|
109,644
|
|
89,838
|
|
19,806
|
|
22.0%
|
|
Wholesale
parts
|
|
90,082
|
|
92,522
|
|
(2,440)
|
|
(2.6%)
|
|
Internal,
sublet and other
|
|
178,717
|
|
167,665
|
|
11,052
|
|
6.6%
|
|
Total
|
|
$
659,445
|
|
$
627,212
|
|
$
32,233
|
|
5.1%
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
154,225
|
|
$
152,877
|
|
$
1,348
|
|
0.9%
|
|
Warranty
|
|
61,892
|
|
48,901
|
|
12,991
|
|
26.6%
|
|
Wholesale
parts
|
|
16,135
|
|
15,971
|
|
164
|
|
1.0%
|
|
Internal,
sublet and other
|
|
89,573
|
|
83,821
|
|
5,752
|
|
6.9%
|
|
Total
|
|
$
321,825
|
|
$
301,570
|
|
$
20,255
|
|
6.7%
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.9%
|
|
55.2%
|
|
(30)
|
|
bps
|
|
Warranty
|
|
56.4%
|
|
54.4%
|
|
200
|
|
bps
|
|
Wholesale
parts
|
|
17.9%
|
|
17.3%
|
|
60
|
|
bps
|
|
Internal,
sublet and other
|
|
50.1%
|
|
50.0%
|
|
10
|
|
bps
|
|
Total
|
|
48.8%
|
|
48.1%
|
|
70
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc. Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Finance,
Insurance and Other, Net ("F&I")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
82,363
|
|
$
76,736
|
|
$
5,627
|
|
7.3%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,268
|
|
$
1,211
|
|
$
57
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
156,963
|
|
$
146,317
|
|
$
10,646
|
|
7.3%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,261
|
|
$
1,209
|
|
$
52
|
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
80,573
|
|
$
74,237
|
|
$
6,336
|
|
8.5%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,274
|
|
$
1,218
|
|
$
56
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In thousands,
except per unit data)
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
153,702
|
|
$
141,419
|
|
$
12,283
|
|
8.7%
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,267
|
|
$
1,213
|
|
$
54
|
|
4.5%
|
|
Sonic Automotive,
Inc. Results of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative ("SG&A") Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In
thousands)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
167,811
|
|
$
163,109
|
|
$
(4,702)
|
|
(2.9%)
|
|
Advertising
|
|
15,358
|
|
13,864
|
|
(1,494)
|
|
(10.8%)
|
|
Rent
|
|
18,246
|
|
18,643
|
|
397
|
|
2.1%
|
|
Other
|
|
83,246
|
|
73,298
|
|
(9,948)
|
|
(13.6%)
|
|
Total
|
|
$
284,661
|
|
$
268,914
|
|
$
(15,747)
|
|
(5.9%)
|
|
SG&A expenses as
a % of gross profit
|
|
|
|
|
|
|
|
|
Compensation
|
|
47.2%
|
|
47.0%
|
|
(20)
|
|
bps
|
|
Advertising
|
|
4.3%
|
|
4.0%
|
|
(30)
|
|
bps
|
|
Rent
|
|
5.1%
|
|
5.4%
|
|
30
|
|
bps
|
|
Other
|
|
23.5%
|
|
21.1%
|
|
(240)
|
|
bps
|
|
Total
|
|
80.1%
|
|
77.5%
|
|
(260)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Better /
(Worse)
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
(In
thousands)
|
|
Reported:
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
329,669
|
|
$
320,263
|
|
$
(9,406)
|
|
(2.9%)
|
|
Advertising
|
|
30,689
|
|
27,982
|
|
(2,707)
|
|
(9.7%)
|
|
Rent
|
|
36,500
|
|
37,178
|
|
678
|
|
1.8%
|
|
Other
|
|
158,665
|
|
147,464
|
|
(11,201)
|
|
(7.6%)
|
|
Total
|
|
$
555,523
|
|
$
532,887
|
|
$
(22,636)
|
|
(4.2%)
|
|
SG&A expenses as
a % of gross profit
|
|
|
|
|
|
|
|
|
Compensation
|
|
47.7%
|
|
47.4%
|
|
(30)
|
|
bps
|
|
Advertising
|
|
4.4%
|
|
4.1%
|
|
(30)
|
|
bps
|
|
Rent
|
|
5.3%
|
|
5.5%
|
|
20
|
|
bps
|
|
Other
|
|
23.1%
|
|
21.8%
|
|
(130)
|
|
bps
|
|
Total
|
|
80.5%
|
|
78.8%
|
|
(170)
|
|
bps
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sonic-automotive-inc-reports-quarterly-adjusted-continuing-operations-earnings-per-share-of-046-300115266.html
SOURCE Sonic Automotive, Inc.