CHARLOTTE, N.C., Oct. 28, 2015 /PRNewswire/ --
Third Quarter 2015 Results
- Record third quarter net income from continuing operations of
$27.1 million, up $3.1 million, or 12.7% from the prior year period
quarterly adjusted amount of $24.0
million
- All-time record quarterly new retail sales of 36,891 units, up
1.6% over the prior year quarter
- All-time record quarterly pre-owned retail sales of 30,467
units, up 10.6% over the prior year quarter – retailed 100
pre-owned units per store per month in the quarter
- All-time record quarterly pre-owned gross profit of
$41.7 million, up 1.2% over the prior
year quarter
- Record third quarter fixed operations gross profit of
$169.7 million, up 9.3% over the
prior year quarter
- All-time quarterly total gross profit of $360.3 million, up 5.5% over the prior year
quarter
- Echo Park® stores
retail 920 units, up 4.4% from the prior quarter
Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest
automotive retailers, today reported net income from continuing
operations for the third quarter of 2015 of $27.1 million, or $0.53 per diluted share. Included in these
amounts are pre-tax expenses of $3.7
million, or $0.04 per diluted
share, related to EchoPark® operations.
Adjusted net income from continuing operations for the third
quarter of 2014 was $24.0 million, or
$0.46 per diluted share. Included in
these adjusted amounts are pre-tax expenses of $3.6 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 third quarter of 2014 were $24.6
million and $0.47 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 Chief
Executive Officer, noted, "The overall increase in retail activity
and our dedication to provide our customers with an outstanding
buying and servicing experience contributed to record results
during the quarter. The automotive retail environment
continues to expand and present us with opportunities to strengthen
and grow our business."
"We are extremely excited about the development of our EchoPark®
brand. Our EchoPark® stores continue to grow and
we expect two additional stores to open in the Denver market in the first half of 2016.
We are in the process of acquiring property in two additional
markets as we look to accelerate the EchoPark rollout in the latter
part of 2016 and early 2017."
"During the quarter, our One Sonic-One Experience ("OSOE")
stores experienced year-over-year net new vehicle market share
gains. Our customers love the speed and ease offered by this
buying experience. We have been mystery shopped by various
parties over the last year and have received rave reviews, notably,
a July 20, 2015 review by
Matt Jones, Senior Editor for
Edmunds.com entitled, "Mystery Shopping Sonic Automotive's New
Sales Process." We believe customers will come to the same
conclusion Mr. Jones came to in the article… that we are onto
something."
Jeff Dyke, Sonic's EVP of
Operations, stated, "We continue to make progress on all fronts of
our business. Our core business is performing well and steps that
we have taken to increase inventory levels in pre-owned and our
technician count are beginning to payoff. We are gaining
share across all brands in our One Sonic-One Experience stores in
Charlotte and should be ready to
begin phase I of our technology rollout in the first quarter of
2016. We also continue to make excellent progress at our
EchoPark stores and are right on our forecast. This is a very
exciting time for our team that has worked countless hours to bring
us to this point as we look forward to offering our guests an
experience they simply cannot get anywhere else in the
industry."
Third 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: 30271525
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: 30271525
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)
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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.
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2015
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2014
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2015
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2014
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(In thousands,
except per share and unit data)
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Revenues:
|
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|
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|
|
|
|
|
|
New retail
vehicles
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$
1,352,180
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$
1,312,592
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$
3,828,027
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$
3,708,114
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Fleet
vehicles
|
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15,849
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15,245
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37,612
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65,120
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Total new
vehicles
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1,368,029
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1,327,837
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3,865,639
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3,773,234
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Used
vehicles
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652,058
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583,570
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1,904,594
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1,747,254
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Wholesale
vehicles
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37,971
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41,433
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120,760
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127,797
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Total
vehicles
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2,058,058
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1,952,840
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5,890,993
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5,648,285
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Parts, service and
collision repair
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350,520
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325,740
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1,019,878
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973,646
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Finance, insurance
and other, net
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85,830
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77,024
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242,792
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223,340
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Total
revenues
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2,494,408
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2,355,604
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7,153,663
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6,845,271
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Gross
profit
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360,251
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341,489
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1,050,764
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1,017,436
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Selling, general and
administrative expenses
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(280,041)
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(270,144)
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(835,564)
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(803,031)
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Impairment
charges
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(37)
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(208)
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(16,698)
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(215)
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Depreciation and
amortization
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(17,250)
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(14,235)
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(50,953)
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(43,047)
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Operating income
(loss)
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62,923
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56,902
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147,549
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|
171,143
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Other income
(expense):
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Interest expense,
floor plan
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(5,364)
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(4,406)
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(15,488)
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(13,941)
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Interest expense,
other, net
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(12,361)
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(12,893)
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(38,635)
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(40,576)
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Other income
(expense), net
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-
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(1)
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|
102
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|
98
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Total other income
(expense)
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(17,725)
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(17,300)
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(54,021)
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(54,419)
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Income (loss) from
continuing operations before taxes
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|
45,198
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|
39,602
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|
93,528
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|
116,724
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Provision for income
taxes for continuing operations- benefit (expense)
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(18,095)
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(15,045)
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(36,944)
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(45,122)
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Income (loss) from
continuing operations
|
|
27,103
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|
24,557
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|
56,584
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|
71,602
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|
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Income (loss) from
discontinued operations
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|
(598)
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|
155
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|
(1,331)
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|
(511)
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Net income
(loss)
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$
26,505
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|
$
24,712
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$
55,253
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$
71,091
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Diluted earnings
(loss) per common share:
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Earnings (loss) per
share from continuing operations
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$
0.53
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$
0.47
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$
1.11
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$
1.35
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Earnings (loss) per
share from discontinued operations
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(0.01)
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-
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(0.03)
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(0.01)
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Earnings (loss) per
common share
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$
0.52
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$
0.47
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$
1.08
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$
1.34
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Weighted average
common shares outstanding
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50,769
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52,553
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51,086
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52,808
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Gross Margin Data
(Continuing Operations):
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New retail
vehicles
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4.8%
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5.3%
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5.1%
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5.6%
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Fleet
vehicles
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(0.8%)
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0.6%
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(0.5%)
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2.1%
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Total new
vehicles
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4.8%
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5.2%
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5.0%
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5.6%
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Used
vehicles
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6.4%
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7.1%
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6.5%
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6.8%
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Wholesale
vehicles
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(6.5%)
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(2.6%)
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(4.4%)
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(2.0%)
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Parts, service and
collision repair
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48.4%
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47.7%
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48.7%
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48.0%
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Finance, insurance
and other
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100.0%
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100.0%
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100.0%
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100.0%
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Overall gross
margin
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14.4%
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14.5%
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14.7%
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14.9%
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SG&A Expenses
(Continuing Operations):
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Compensation
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$
167,489
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$
163,230
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$
497,158
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$
483,493
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Advertising
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15,470
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14,045
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46,160
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42,027
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Rent
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18,558
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18,145
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55,058
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55,324
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Other
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78,524
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74,724
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237,188
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222,187
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Total SG&A
expenses
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$
280,041
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$
270,144
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$
835,564
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$
803,031
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SG&A expenses as
% of gross profit
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77.7%
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79.1%
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79.5%
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78.9%
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Operating Margin
%
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2.5%
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2.4%
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2.1%
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2.5%
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Unit Data (Continuing
Operations):
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New retail
units
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36,891
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36,301
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102,901
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|
101,177
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Fleet
units
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602
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|
473
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1,244
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2,133
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Total new
units
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37,493
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36,774
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104,145
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103,310
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Used units
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30,467
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27,536
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88,903
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83,707
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Wholesale
units
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7,787
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7,916
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23,574
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|
23,034
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|
|
|
|
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Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
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Per Share
Data
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|
|
|
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Three Months Ended
September 30, 2015
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|
|
|
|
|
Income
(Loss)
|
|
Income
(Loss)
|
|
|
|
|
|
|
|
|
|
From
Continuing
|
|
From
Discontinued
|
|
|
|
|
|
|
|
|
|
Operations
|
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Average
|
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Net Income
(Loss)
|
|
|
|
Weighted
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Per
|
|
|
|
Average
|
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|
|
Share
|
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|
|
Share
|
|
|
|
Share
|
|
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
|
|
(In thousands,
except per share amounts)
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) and
shares
|
|
50,456
|
|
$ 27,103
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|
|
|
$ (598)
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|
|
|
$ 26,505
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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and stock
units
|
|
|
|
(13)
|
|
|
|
-
|
|
|
|
(13)
|
|
|
|
Basic earnings (loss)
and shares
|
|
50,456
|
|
$ 27,090
|
|
$ 0.54
|
|
$ (598)
|
|
$ (0.01)
|
|
$ 26,492
|
|
$ 0.53
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares (1)
|
|
50,769
|
|
$ 27,090
|
|
$ 0.53
|
|
$ (598)
|
|
$ (0.01)
|
|
$ 26,492
|
|
$ 0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
(1) Expenses
attributable to EchoPark® operations were $0.04 per fully diluted
share in the three months ended September 30,
2015.
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 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
|
|
52,070
|
|
$ 24,557
|
|
|
|
$ 155
|
|
|
|
$ 24,712
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(79)
|
|
|
|
-
|
|
|
|
(79)
|
|
|
|
Basic earnings (loss)
and shares
|
|
52,070
|
|
$ 24,478
|
|
$ 0.47
|
|
$ 155
|
|
$
-
|
|
$ 24,633
|
|
$ 0.47
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
52,553
|
|
$ 24,478
|
|
$ 0.47
|
|
$ 155
|
|
$
-
|
|
$ 24,633
|
|
$ 0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (1,953)
|
|
$ (0.04)
|
|
$
-
|
|
$
-
|
|
$ (1,953)
|
|
$ (0.04)
|
|
Impairment
charges
|
|
|
|
126
|
|
-
|
|
-
|
|
-
|
|
126
|
|
-
|
|
Storm damage and
other
|
|
|
|
1,317
|
|
0.03
|
|
-
|
|
-
|
|
1,317
|
|
0.03
|
|
Lease exit
adjustments
|
|
|
|
-
|
|
-
|
|
(845)
|
|
(0.02)
|
|
(845)
|
|
(0.02)
|
|
Total
adjustments
|
|
|
|
$ (510)
|
|
$ (0.01)
|
|
$ (845)
|
|
$ (0.02)
|
|
$ (1,355)
|
|
$ (0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share (2)
|
|
|
|
$ 24,047
|
|
$ 0.46
|
|
$ (690)
|
|
$ (0.02)
|
|
$ 23,357
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Expenses
attributable to EchoPark® operations were $0.04 per fully diluted
share in the three months ended September 30,
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 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
|
|
50,697
|
|
$ 56,584
|
|
|
|
$ (1,331)
|
|
|
|
$ 55,253
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(27)
|
|
|
|
-
|
|
|
|
(27)
|
|
|
|
Basic earnings (loss)
and shares
|
|
50,697
|
|
$ 56,557
|
|
$ 1.12
|
|
$ (1,331)
|
|
$ (0.03)
|
|
$ 55,226
|
|
$ 1.09
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
51,086
|
|
$ 56,557
|
|
$ 1.11
|
|
$ (1,331)
|
|
$ (0.03)
|
|
$ 55,226
|
|
$ 1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
$ 69,299
|
|
$ 1.36
|
|
$ (1,331)
|
|
$ (0.03)
|
|
$ 67,968
|
|
$ 1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
attributable to EchoPark® operations were $0.15 per fully diluted
share in the nine months ended September 30, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 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
|
|
52,333
|
|
$ 71,602
|
|
|
|
$ (511)
|
|
|
|
$ 71,091
|
|
|
|
Effect of
participating securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested restricted
stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and stock
units
|
|
|
|
(229)
|
|
|
|
-
|
|
|
|
(229)
|
|
|
|
Basic earnings (loss)
and shares
|
|
52,333
|
|
$ 71,373
|
|
$ 1.36
|
|
$ (511)
|
|
$ (0.01)
|
|
$ 70,862
|
|
$ 1.35
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
plans
|
|
475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) and shares
|
|
52,808
|
|
$ 71,373
|
|
$ 1.35
|
|
$ (511)
|
|
$ (0.01)
|
|
$ 70,862
|
|
$ 1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments (net of
tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
disposal
|
|
|
|
$ (6,400)
|
|
$ (0.12)
|
|
$
-
|
|
$
-
|
|
$ (6,400)
|
|
$ (0.12)
|
|
Impairment
charges
|
|
|
|
126
|
|
-
|
|
-
|
|
-
|
|
126
|
|
-
|
|
Storm damage and
other
|
|
|
|
2,158
|
|
0.04
|
|
-
|
|
-
|
|
2,158
|
|
0.04
|
|
Lease exit
adjustments
|
|
|
|
-
|
|
-
|
|
(845)
|
|
(0.01)
|
|
(845)
|
|
(0.01)
|
|
Total
adjustments
|
|
|
|
$ (4,116)
|
|
$ (0.08)
|
|
$ (845)
|
|
$ (0.01)
|
|
$ (4,961)
|
|
$ (0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share (4)
|
|
|
|
$ 67,486
|
|
$ 1.27
|
|
$ (1,356)
|
|
$ (0.02)
|
|
$ 66,130
|
|
$ 1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Expenses
attributable to EchoPark® operations were $0.10 per fully diluted
share in the nine months ended September 30, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
|
New
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,368,029
|
|
$
1,327,837
|
|
$
40,192
|
|
3.0%
|
|
|
Gross
profit
|
|
$
65,435
|
|
$
69,026
|
|
$
(3,591)
|
|
(5.2%)
|
|
|
Unit sales
|
|
37,493
|
|
36,774
|
|
719
|
|
2.0%
|
|
|
Revenue per
unit
|
|
$
36,488
|
|
$
36,108
|
|
$
380
|
|
1.1%
|
|
|
Gross profit per
unit
|
|
$
1,745
|
|
$
1,877
|
|
$
(132)
|
|
(7.0%)
|
|
|
Gross profit as a %
of revenue
|
|
4.8%
|
|
5.2%
|
|
(40)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
3,865,639
|
|
$
3,773,234
|
|
$
92,405
|
|
2.4%
|
|
|
Gross
profit
|
|
$
193,720
|
|
$
209,892
|
|
$
(16,172)
|
|
(7.7%)
|
|
|
Unit sales
|
|
104,145
|
|
103,310
|
|
835
|
|
0.8%
|
|
|
Revenue per
unit
|
|
$
37,118
|
|
$
36,523
|
|
$
595
|
|
1.6%
|
|
|
Gross profit per
unit
|
|
$
1,860
|
|
$
2,032
|
|
$
(172)
|
|
(8.5%)
|
|
|
Gross profit as a %
of revenue
|
|
5.0%
|
|
5.6%
|
|
(60)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,357,281
|
|
$
1,307,800
|
|
$
49,481
|
|
3.8%
|
|
|
Gross
profit
|
|
$
64,860
|
|
$
67,826
|
|
$
(2,966)
|
|
(4.4%)
|
|
|
Unit sales
|
|
37,147
|
|
36,143
|
|
1,004
|
|
2.8%
|
|
|
Revenue per
unit
|
|
$
36,538
|
|
$
36,184
|
|
$
354
|
|
1.0%
|
|
|
Gross profit per
unit
|
|
$
1,746
|
|
$
1,877
|
|
$
(131)
|
|
(7.0%)
|
|
|
Gross profit as a %
of revenue
|
|
4.8%
|
|
5.2%
|
|
(40)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
3,830,202
|
|
$
3,670,736
|
|
$
159,466
|
|
4.3%
|
|
|
Gross
profit
|
|
$
192,086
|
|
$
204,223
|
|
$
(12,137)
|
|
(5.9%)
|
|
|
Unit sales
|
|
103,058
|
|
100,350
|
|
2,708
|
|
2.7%
|
|
|
Revenue per
unit
|
|
$
37,165
|
|
$
36,579
|
|
$
586
|
|
1.6%
|
|
|
Gross profit per
unit
|
|
$
1,864
|
|
$
2,035
|
|
$
(171)
|
|
(8.4%)
|
|
|
Gross profit as a %
of revenue
|
|
5.0%
|
|
5.6%
|
|
(60)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Used
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
652,058
|
|
$
583,570
|
|
$
68,488
|
|
11.7%
|
|
|
Gross
profit
|
|
$
41,730
|
|
$
41,245
|
|
$
485
|
|
1.2%
|
|
|
Unit sales
|
|
30,467
|
|
27,536
|
|
2,931
|
|
10.6%
|
|
|
Revenue per
unit
|
|
$
21,402
|
|
$
21,193
|
|
$
209
|
|
1.0%
|
|
|
Gross profit per
unit
|
|
$
1,370
|
|
$
1,498
|
|
$
(128)
|
|
(8.5%)
|
|
|
Gross profit as a %
of revenue
|
|
6.4%
|
|
7.1%
|
|
(70)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,904,594
|
|
$
1,747,254
|
|
$
157,340
|
|
9.0%
|
|
|
Gross
profit
|
|
$
123,271
|
|
$
119,412
|
|
$
3,859
|
|
3.2%
|
|
|
Unit sales
|
|
88,903
|
|
83,707
|
|
5,196
|
|
6.2%
|
|
|
Revenue per
unit
|
|
$
21,423
|
|
$
20,873
|
|
$
550
|
|
2.6%
|
|
|
Gross profit per
unit
|
|
$
1,387
|
|
$
1,427
|
|
$
(40)
|
|
(2.8%)
|
|
|
Gross profit as a %
of revenue
|
|
6.5%
|
|
6.8%
|
|
(30)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
625,760
|
|
$
571,295
|
|
$
54,465
|
|
9.5%
|
|
|
Gross
profit
|
|
$
40,288
|
|
$
40,816
|
|
$
(528)
|
|
(1.3%)
|
|
|
Unit sales
|
|
29,173
|
|
26,902
|
|
2,271
|
|
8.4%
|
|
|
Revenue per
unit
|
|
$
21,450
|
|
$
21,236
|
|
$
214
|
|
1.0%
|
|
|
Gross profit per
unit
|
|
$
1,381
|
|
$
1,517
|
|
$
(136)
|
|
(9.0%)
|
|
|
Gross profit as a %
of revenue
|
|
6.4%
|
|
7.1%
|
|
(70)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
1,831,379
|
|
$
1,689,958
|
|
$
141,421
|
|
8.4%
|
|
|
Gross
profit
|
|
$
119,184
|
|
$
116,749
|
|
$
2,435
|
|
2.1%
|
|
|
Unit sales
|
|
85,225
|
|
80,900
|
|
4,325
|
|
5.3%
|
|
|
Revenue per
unit
|
|
$
21,489
|
|
$
20,889
|
|
$
600
|
|
2.9%
|
|
|
Gross profit per
unit
|
|
$
1,398
|
|
$
1,443
|
|
$
(45)
|
|
(3.1%)
|
|
|
Gross profit as a %
of revenue
|
|
6.5%
|
|
6.9%
|
|
(40)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Wholesale
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
37,971
|
|
$
41,433
|
|
$
(3,462)
|
|
(8.4%)
|
|
|
Gross profit
(loss)
|
|
$
(2,481)
|
|
$
(1,086)
|
|
$
(1,395)
|
|
(128.5%)
|
|
|
Unit sales
|
|
7,787
|
|
7,916
|
|
(129)
|
|
(1.6%)
|
|
|
Revenue per
unit
|
|
$
4,876
|
|
$
5,234
|
|
$
(358)
|
|
(6.8%)
|
|
|
Gross profit (loss)
per unit
|
|
$
(319)
|
|
$
(137)
|
|
$
(182)
|
|
(132.8%)
|
|
|
Gross profit (loss)
as a % of revenue
|
|
(6.5%)
|
|
(2.6%)
|
|
(390)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
120,760
|
|
$
127,797
|
|
$
(7,037)
|
|
(5.5%)
|
|
|
Gross profit
(loss)
|
|
$
(5,366)
|
|
$
(2,493)
|
|
$
(2,873)
|
|
(115.2%)
|
|
|
Unit sales
|
|
23,574
|
|
23,034
|
|
540
|
|
2.3%
|
|
|
Revenue per
unit
|
|
$
5,123
|
|
$
5,548
|
|
$
(425)
|
|
(7.7%)
|
|
|
Gross profit (loss)
per unit
|
|
$
(228)
|
|
$
(108)
|
|
$
(120)
|
|
(111.1%)
|
|
|
Gross profit (loss)
as a % of revenue
|
|
(4.4%)
|
|
(2.0%)
|
|
(240)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
36,803
|
|
$
40,338
|
|
$
(3,535)
|
|
(8.8%)
|
|
|
Gross profit
(loss)
|
|
$
(2,445)
|
|
$
(1,065)
|
|
$
(1,380)
|
|
(129.6%)
|
|
|
Unit sales
|
|
7,463
|
|
7,750
|
|
(287)
|
|
(3.7%)
|
|
|
Revenue per
unit
|
|
$
4,931
|
|
$
5,205
|
|
$
(274)
|
|
(5.3%)
|
|
|
Gross profit (loss)
per unit
|
|
$
(328)
|
|
$
(137)
|
|
$
(191)
|
|
(139.4%)
|
|
|
Gross profit (loss)
as a % of revenue
|
|
(6.6%)
|
|
(2.6%)
|
|
(400)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except units and per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
117,037
|
|
$
123,910
|
|
$
(6,873)
|
|
(5.5%)
|
|
|
Gross profit
(loss)
|
|
$
(4,969)
|
|
$
(2,396)
|
|
$
(2,573)
|
|
(107.4%)
|
|
|
Unit sales
|
|
22,622
|
|
22,371
|
|
251
|
|
1.1%
|
|
|
Revenue per
unit
|
|
$
5,174
|
|
$
5,539
|
|
$
(365)
|
|
(6.6%)
|
|
|
Gross profit (loss)
per unit
|
|
$
(220)
|
|
$
(107)
|
|
$
(113)
|
|
(105.6%)
|
|
|
Gross profit (loss)
as a % of revenue
|
|
(4.2%)
|
|
(1.9%)
|
|
(230)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
Reported:
|
|
(In
thousands)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
147,308
|
|
$
141,458
|
|
$
5,850
|
|
4.1%
|
|
|
Warranty
|
|
58,522
|
|
48,431
|
|
10,091
|
|
20.8%
|
|
|
Wholesale
parts
|
|
45,832
|
|
46,983
|
|
(1,151)
|
|
(2.4%)
|
|
|
Internal, sublet and
other
|
|
98,858
|
|
88,868
|
|
9,990
|
|
11.2%
|
|
|
Total
|
|
$
350,520
|
|
$
325,740
|
|
$
24,780
|
|
7.6%
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
80,588
|
|
$
77,546
|
|
$
3,042
|
|
3.9%
|
|
|
Warranty
|
|
32,337
|
|
26,254
|
|
6,083
|
|
23.2%
|
|
|
Wholesale
parts
|
|
8,045
|
|
8,122
|
|
(77)
|
|
(0.9%)
|
|
|
Internal, sublet and
other
|
|
48,767
|
|
43,358
|
|
5,409
|
|
12.5%
|
|
|
Total
|
|
$
169,737
|
|
$
155,280
|
|
$
14,457
|
|
9.3%
|
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.7%
|
|
54.8%
|
|
(10)
|
|
bps
|
|
|
Warranty
|
|
55.3%
|
|
54.2%
|
|
110
|
|
bps
|
|
|
Wholesale
parts
|
|
17.6%
|
|
17.3%
|
|
30
|
|
bps
|
|
|
Internal, sublet and
other
|
|
49.3%
|
|
48.8%
|
|
50
|
|
bps
|
|
|
Total
|
|
48.4%
|
|
47.7%
|
|
70
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
Reported:
|
|
(In
thousands)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
431,479
|
|
$
427,620
|
|
$
3,859
|
|
0.9%
|
|
|
Warranty
|
|
169,170
|
|
142,072
|
|
27,098
|
|
19.1%
|
|
|
Wholesale
parts
|
|
136,693
|
|
142,071
|
|
(5,378)
|
|
(3.8%)
|
|
|
Internal, sublet and
other
|
|
282,536
|
|
261,883
|
|
20,653
|
|
7.9%
|
|
|
Total
|
|
$
1,019,878
|
|
$
973,646
|
|
$
46,232
|
|
4.7%
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
236,551
|
|
$
235,151
|
|
$
1,400
|
|
0.6%
|
|
|
Warranty
|
|
94,776
|
|
77,163
|
|
17,613
|
|
22.8%
|
|
|
Wholesale
parts
|
|
24,332
|
|
24,590
|
|
(258)
|
|
(1.0%)
|
|
|
Internal, sublet and
other
|
|
140,688
|
|
130,381
|
|
10,307
|
|
7.9%
|
|
|
Total
|
|
$
496,347
|
|
$
467,285
|
|
$
29,062
|
|
6.2%
|
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.8%
|
|
55.0%
|
|
(20)
|
|
bps
|
|
|
Warranty
|
|
56.0%
|
|
54.3%
|
|
170
|
|
bps
|
|
|
Wholesale
parts
|
|
17.8%
|
|
17.3%
|
|
50
|
|
bps
|
|
|
Internal, sublet and
other
|
|
49.8%
|
|
49.8%
|
|
0
|
|
bps
|
|
|
Total
|
|
48.7%
|
|
48.0%
|
|
70
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Parts, Service
and Collision Repair ("Fixed Operations")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
Same
Store:
|
|
(In
thousands)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
146,360
|
|
$
139,186
|
|
$
7,174
|
|
5.2%
|
|
|
Warranty
|
|
58,128
|
|
47,460
|
|
10,668
|
|
22.5%
|
|
|
Wholesale
parts
|
|
45,561
|
|
46,041
|
|
(480)
|
|
(1.0%)
|
|
|
Internal, sublet and
other
|
|
96,460
|
|
87,261
|
|
9,199
|
|
10.5%
|
|
|
Total
|
|
$
346,509
|
|
$
319,948
|
|
$
26,561
|
|
8.3%
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
80,053
|
|
$
76,324
|
|
$
3,729
|
|
4.9%
|
|
|
Warranty
|
|
32,216
|
|
25,784
|
|
6,432
|
|
24.9%
|
|
|
Wholesale
parts
|
|
7,979
|
|
7,941
|
|
38
|
|
0.5%
|
|
|
Internal, sublet and
other
|
|
47,440
|
|
42,418
|
|
5,022
|
|
11.8%
|
|
|
Total
|
|
$
167,688
|
|
$
152,467
|
|
$
15,221
|
|
10.0%
|
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.7%
|
|
54.8%
|
|
(10)
|
|
bps
|
|
|
Warranty
|
|
55.4%
|
|
54.3%
|
|
110
|
|
bps
|
|
|
Wholesale
parts
|
|
17.5%
|
|
17.2%
|
|
30
|
|
bps
|
|
|
Internal, sublet and
other
|
|
49.2%
|
|
48.6%
|
|
60
|
|
bps
|
|
|
Total
|
|
48.4%
|
|
47.7%
|
|
70
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
Same
Store:
|
|
(In
thousands)
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
426,683
|
|
$
415,998
|
|
$
10,685
|
|
2.6%
|
|
|
Warranty
|
|
167,771
|
|
137,297
|
|
30,474
|
|
22.2%
|
|
|
Wholesale
parts
|
|
135,643
|
|
138,563
|
|
(2,920)
|
|
(2.1%)
|
|
|
Internal, sublet and
other
|
|
274,892
|
|
254,753
|
|
20,139
|
|
7.9%
|
|
|
Total
|
|
$
1,004,989
|
|
$
946,611
|
|
$
58,378
|
|
6.2%
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
$
234,006
|
|
$
228,983
|
|
$
5,023
|
|
2.2%
|
|
|
Warranty
|
|
94,108
|
|
74,684
|
|
19,424
|
|
26.0%
|
|
|
Wholesale
parts
|
|
24,114
|
|
23,912
|
|
202
|
|
0.8%
|
|
|
Internal, sublet and
other
|
|
136,931
|
|
126,192
|
|
10,739
|
|
8.5%
|
|
|
Total
|
|
$
489,159
|
|
$
453,771
|
|
$
35,388
|
|
7.8%
|
|
|
Gross profit as a %
of revenue
|
|
|
|
|
|
|
|
|
|
|
Customer
pay
|
|
54.8%
|
|
55.0%
|
|
(20)
|
|
bps
|
|
|
Warranty
|
|
56.1%
|
|
54.4%
|
|
170
|
|
bps
|
|
|
Wholesale
parts
|
|
17.8%
|
|
17.3%
|
|
50
|
|
bps
|
|
|
Internal, sublet and
other
|
|
49.8%
|
|
49.5%
|
|
30
|
|
bps
|
|
|
Total
|
|
48.7%
|
|
47.9%
|
|
80
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Finance,
Insurance and Other, Net ("F&I")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
85,830
|
|
$
77,024
|
|
$
8,806
|
|
11.4%
|
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,274
|
|
$
1,207
|
|
$
67
|
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except per unit data)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
242,792
|
|
$
223,340
|
|
$
19,452
|
|
8.7%
|
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,266
|
|
$
1,208
|
|
$
58
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
84,052
|
|
$
75,797
|
|
$
8,255
|
|
10.9%
|
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,279
|
|
$
1,211
|
|
$
68
|
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In thousands,
except per unit data)
|
|
|
Same
Store:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
237,771
|
|
$
217,216
|
|
$
20,555
|
|
9.5%
|
|
|
Gross profit per
retail unit (excludes fleet)
|
|
$
1,271
|
|
$
1,213
|
|
$
58
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonic Automotive,
Inc.
|
Results of
Operations (Unaudited)
|
|
|
Selling,
General and Administrative ("SG&A") Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In
thousands)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
167,489
|
|
$
163,230
|
|
$
(4,259)
|
|
(2.6%)
|
|
|
Advertising
|
|
15,470
|
|
14,045
|
|
(1,425)
|
|
(10.1%)
|
|
|
Rent
|
|
18,558
|
|
18,145
|
|
(413)
|
|
(2.3%)
|
|
|
Other
|
|
78,524
|
|
74,724
|
|
(3,800)
|
|
(5.1%)
|
|
|
Total
|
|
$
280,041
|
|
$
270,144
|
|
$
(9,897)
|
|
(3.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
-
|
|
1,043
|
|
|
|
|
|
|
Adjusted
SG&A
|
|
$
280,041
|
|
$
271,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses as
a % of gross profit
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
46.5%
|
|
47.8%
|
|
130
|
|
bps
|
|
|
Advertising
|
|
4.3%
|
|
4.1%
|
|
(20)
|
|
bps
|
|
|
Rent
|
|
5.2%
|
|
5.3%
|
|
10
|
|
bps
|
|
|
Other
|
|
21.7%
|
|
21.9%
|
|
20
|
|
bps
|
|
|
Total
|
|
77.7%
|
|
79.1%
|
|
140
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
0.0%
|
|
0.3%
|
|
|
|
|
|
|
Adjusted SG&A as %
of Gross
|
|
77.7%
|
|
79.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
Better /
(Worse)
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
(In
thousands)
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
$
497,158
|
|
$
483,493
|
|
$
(13,665)
|
|
(2.8%)
|
|
|
Advertising
|
|
46,160
|
|
42,027
|
|
(4,133)
|
|
(9.8%)
|
|
|
Rent
|
|
55,058
|
|
55,324
|
|
266
|
|
0.5%
|
|
|
Other
|
|
237,188
|
|
222,187
|
|
(15,001)
|
|
(6.8%)
|
|
|
Total
|
|
$
835,564
|
|
$
803,031
|
|
$
(32,533)
|
|
(4.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
(4,183)
|
|
6,955
|
|
|
|
|
|
|
Adjusted
SG&A
|
|
$
831,381
|
|
$
809,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expenses as
a % of gross profit
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
47.3%
|
|
47.5%
|
|
20
|
|
bps
|
|
|
Advertising
|
|
4.4%
|
|
4.1%
|
|
(30)
|
|
bps
|
|
|
Rent
|
|
5.2%
|
|
5.4%
|
|
20
|
|
bps
|
|
|
Other
|
|
22.6%
|
|
21.9%
|
|
(70)
|
|
bps
|
|
|
Total
|
|
79.5%
|
|
78.9%
|
|
(60)
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
adjustments
|
|
(0.4%)
|
|
0.7%
|
|
|
|
|
|
|
Adjusted SG&A as %
of Gross
|
|
79.1%
|
|
79.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sonic-automotive-inc-reports-record-earnings-300167492.html
SOURCE Sonic Automotive, Inc.