®Sonic Automotive-投资者演示文稿2022年10月更新2022年10月27日展览99.2
2前瞻性陈述本报告包含“1995年私人证券诉讼改革法”所指的“前瞻性陈述”。这些陈述与未来事件有关，不是历史事实，是基于我们目前对我们的业务、经济和其他未来状况的预期和假设。这些陈述通常可以通过诸如“可能”、“将”、“应该”、“可能”、“相信”、“期望”、“估计”、“预期”、“打算”、“计划”、“预见”和其他类似的词语或短语来识别。描述我们公司的目标、计划或目标的陈述也是前瞻性陈述。我们可能在本演示文稿中讨论的此类前瞻性信息的例子包括但不限于新冠肺炎及其新变种对运营的影响、我们预期的未来新车销量、收入和盈利能力、我们预期未来的二手车销量、收入和盈利能力、未来消费者对新车和二手车的需求水平、我们预期的未来零部件、服务和碰撞维修(“固定运营”)的毛利润、我们预期的开支削减、长期的年度收入和盈利目标、预期的未来增长资本支出、盈利能力和我们生态园区部门的定价预期。EchoPark的全方位渠道战略，预计未来EchoPark人口覆盖范围，预计未来EchoPark收入和单位销售量，我们特许经销商部门的预期未来业绩和增长，预期流动资金状况，预计行业新车销量，增长和运营战略的实施，包括收购经销商和物业，预期未来收购协同效应, RFJ汽车收购的整合、向股东返还资本、预期未来的成功和实施我们的战略举措的影响，以及每股收益预期。请注意，这些前瞻性陈述不是对未来业绩的保证，涉及风险和不确定因素，由于各种因素，实际结果可能与前瞻性陈述中预测的结果大不相同。这些风险和不确定性包括但不限于我们经营所在市场的经济状况、供应链中断和制造延迟、劳动力短缺、通胀和利率上升的影响、新车和二手车行业销量、我们运营策略的成功、整体经济扩张或收缩的速度和时机、以及公司在提交给美国证券交易委员会(“美国证券交易委员会”)的截止到2021年12月31日的10-K表格年度报告和其他报告和信息中描述的风险因素。这些前瞻性陈述、风险、不确定性和其他因素仅代表截至本报告发表之日的情况。我们没有义务更新任何此类声明，除非联邦证券法和美国证券交易委员会的规则和法规要求这样做。
3公司概述
4®音速汽车：我们是谁快速事实(纽约证券交易所代码：SAH)财富500强公司和全国最大的汽车零售商之一163 25+24 17 124亿美元19亿美元10.3K新车销售总收入汽车品牌地点二手车销售碰撞中心州毛利润注：地点统计截至2022年10月27日。收入、毛利润、新车和二手车销售是2021财年我们的核心特许经销部门是一项全方位服务的汽车零售业务，拥有跨多个业务线的战略增长杠杆和多元化的品牌组合我们的高增长潜力EchoPark部门为二手车和F&I销售提供了一种独特的方法，以低于市场的价格定价，没有讨价还价的购买体验推动行业领先的二手车产量
5投资突出特许经销商的多重增长和利润驱动因素独特的、高回报潜力的EchoPark业务模式广泛的收入来源多样化互补关系-Sonic特许经销商和EchoPark纪律严明的资本分配，以推动股东回报专注于费用控制和保持强劲的资产负债表
6按地理位置划分的收入构成TX 26%CA 22%CO 8%ID 7%TN 7%FL 6%AL 5%IN 1%NC 4%GA 4%VA 2%MD 2%所有其他6%广泛的地理分布地理足迹、收入流和品牌组合在整个汽车零售领域提供具有吸引力的多样化注意：百分比是截至2022年9月30日的九个月总收入的百分比
7收入构成-多元化收入来源注：百分比为截至2022年9月30日的九个月总收入的百分比5%29%11%34%44%8%40%29%收入二手车(包括批发)零件、服务及防撞修理(“固定业务”)财务及保险(“F&I”)品牌分布注：百分比为截至9月30日的九个月总收入的百分比，2022品牌占收入的百分比特许经营品牌占收入的百分比宝马20%奔驰10%奥迪5%雷克萨斯4%保时捷3%路虎3%凯迪拉克2%沃尔沃1%其他豪华车(1)4%本田8%丰田7%大众1%现代1%日产1%其他进口(2)
8®EchoPark汽车-一个独特的增长故事不断增长的全国分销网络独特的，高回报潜力的商业模式专注于高质量的二手车，店内或在线预计到2025年将达到美国人口的90%，价格最高可低于市场价3,000美元与简化，轻松的购买体验专注于二手车市场-比新车市场大2.5倍，更稳定的新车替代™价格。质量。体验。注：预期美国人口可及范围是一项预测，实际结果可能有所不同。请参阅“前瞻性陈述”。
9特许经销商®®细分市场之间的互补关系·当新汽车行业健康发展时蓬勃发展，特别是在豪华品牌强大的地方·多元化收入来源·相对较低的固定成本和多个战略杠杆·进一步的增长机会：零部件和服务业务二手车F&I渗透费用杠杆战略收购·强劲的长期增长阶段，原因是：专注于高度分散的二手车市场低于-市场定价策略简化，轻松的购买体验·在二手车价格不断下降的环境下，生态公园应该：受益于快速的库存周转，创造比竞争对手更大的定价优势，推动额外的单位销售量
10个战略方向·部件和服务的持续增长机会、单位F&I·通过SG&A费用控制、库存管理不断提高盈利能力·随着市场的发展寻求战略收购机会·利用现有基础设施支持全方位分销网络·早期强劲的长期增长阶段·迄今为止，美国人口覆盖率超过50%，预计到2025年覆盖率将达到90%·不断增长的电子商务业务提供了可扩展的增量覆盖范围·成熟时每年200万辆汽车的潜在市场机会·投资于专有数字零售平台以加速增长·专注于客户体验以推动市场份额增长·平衡资本分配战略优先考虑最高投资回报·通过股票回购计划和股息(2022年10月，Sonic董事会批准将季度现金股息增加12%，至每股0.28美元)特许经销商EchoPark战略驱动因素：盈利能力、单位销售量和人口覆盖预测是对未来业绩的估计。实际结果可能会有所不同。请参阅“前瞻性陈述”。
11 Strong Balance Sheet And Liquidity September 30, 2022 December 31, 2021 (In Millions) Cash and cash equivalents 139.0$ 299.4$ Availability under the 2021 Revolving Credit Facility 286.6 281.4 Availability under the 2019 Mortgage Facility 30.4 22.2 Floor plan deposit balance 32.0 99.8 Total available liquidity resources 488.0$ 702.8$ Covenant Requirement* September 30, 2022 December 31, 2021 Liquidity ratio >= 1.05 1.22 1.26 Fixed charge coverage ratio >= 1.20 2.51 2.69 Total lease adjusted leverage ratio
12股份回购的影响2022年回购520万股，或占截至2021年12月31日未偿还股份总数的13%$4.81亿美元剩余回购授权43.1 41.8 40.7 36.6 30.0 35.0 40.0 45.0 2019年12月2021年12月2022年9月A类和B类未偿还股份总数
13家特许经销商
14新车和二手车销售和服务(P&S)金融和保险(F&I)®特许经销商特许经销111个品牌，豪华重量25+多元化收入来源·新车和二手车销售·部件服务(P&S)·金融和保险(F&I)碰撞维修中心17 18个州稳定的业务，具有有机和收购增长机会通过经济周期弹性和灵活的商业模式
15家特许经销商-地理足迹多元化地理市场平台111家门店，25个以上品牌，17个碰撞修复中心
16家特许经销商-战略增长杠杆成熟现金流+多种增长驱动因素寻求战略收购机会增长部件和服务保有量最大化F&I渗透率高二手车吞吐量数据驱动库存管理应用EchoPark L收益开发全方位渠道平台SG&A费用纪律通过收购实现协同效应
17 EchoPark
18 EchoPark-品牌承诺高达40%的新车价格低于二手车市场价格高达3,000美元以下的二手车高质量的二手车提供保修透明的以客人为中心的体验新车感觉没有新车价格在一小时内完成购买与每辆车免费Carfax报告购买和销售您的方式-现场或在线P r i c e。Q u a l i t y.e x p e r i e n c e.L o w C o s t O m n i c h a n n e l M o d e l
19 EchoPark-发展中的全国分销网络到2025年实现了50%以上的人口覆盖率目标90%的人口覆盖率注：未来的地点和美国人口覆盖率是基于预测的。实际结果可能会有所不同。请参阅“前瞻性陈述”。现有配送中心未来配送中心覆盖区域现有零售枢纽未来市场机会
20 EchoPark-可寻址的市场机会*适合1-4年旧车型的车辆在现有EchoPark市场中的份额目标到2025年人口覆盖率90%，全国分销网络目标10%的市场份额已经达到这一份额*在价格最高低于市场价3,000美元的大多数成熟市场，消费者可以以相同价格购买较新的汽车，价格最高可低于40%新车转换潜在的新车买家200万机会1500万+1-4年旧车600万+5-6年旧车1300万辆新车长期战略仍然专注于近新、1-4年的旧车细分市场，尽管最近进行了战略调整，将5年以上的旧车库存包括在内，年零售车销量
21 EchoPark-配送中心模式现有零售枢纽示例配送中心市场覆盖机会配送中心模式·利用附近的零售枢纽进行库存存储和更新(资产轻型扩展)·在周围市场在线宣传库存·推动新市场的递增电子商务销售·在线评估和确定购买优惠后检查和从客人那里购买车辆·安排车辆运输到配送中心·客人在离他们家最近的EchoPark配送中心提车(即倒数第二英里的送货)战略优势·以最小的资本支出或管理成本加速进入新市场·相同的以客人为中心的购买体验便利性·实体配送网络和电子商务配送网络的融合创造了运营杠杆配送中心市场·预计每个零售中心在到期时支持3至4个配送中心·目标是传统经销房地产无法提供或成本过高的邻近二级市场或大型大都市市场
22 EchoPark-行业逆风与行动计划行业逆风·供应链中断继续抑制新车生产和库存水平·二手车公司继续成为二手车拍卖市场的净买家，但支付的价格没有2022年上半年那么高(导致2022年第三季度三年期旧车曼海姆价格下降8.9%)·二手车价格占新价的百分比为67%(通常在55%-60%范围内)继续对可负担性产生负面影响·10月至今，三年期旧车曼海姆价格下降2.7%，现在比2022年下降了15.7%·10月份拍卖了55%-60%的上市商品(批发需求持续放缓的指标，近期价格进一步下跌的风险)EchoPark行动计划正在进行中·扩大库存，将5年以上的旧车纳入所有市场，推动库存采购成本和零售价格下降, 扩大客户细分市场，同时受益于消费者的负担能力和单位毛利润(“GPU”)·实施营销战略，从非拍卖来源采购更多车辆(历史上不到库存的10%)·于2022年6月推出新的EchoPark.com，以实现电子商务服务的现代化，并推动更高的销售效率和销量·EchoPark品牌发布-提高消费者意识和广告覆盖范围，超越低价领导者·EchoPark有针对性的费用削减预计将在2022年第4季度推动盈利能力的进一步提高，EchoPark EBITDA将在2023年第二季度实现盈亏平衡·继续专注于保持二手竞争细分市场EchoPark行动计划中的最高声誉到目前为止的结果·非拍卖采购组合从2022年第二季度的25%提高到2022年第三季度的32%(历史上不到10%)·较老的车型年队列车辆(5年以上)占2022年第三季度EchoPark单位销售额的19%(高于2022年第二季度的9%)，与1至4年的旧车相比，平均售价低30%，总图形处理器多1,850美元·2022年第三季度新EchoPark.com电子商务结果(2022年6月发布至100%的网络流量)·2022年第三季度全方位渠道交易占EchoPark零售单元量的31%(高于2022年第二季度的19%)，其中7%的EchoPark单元量是端到端在线销售(2022年第二季度为7%)·60%的销售量从市场发货·在线餐饮附件继续超出预期，平均为每台2,325美元(高于2022年第二季度的19%)2022年第二季度250人)
23 EchoPark-Growth Path 212 660 881 920 764 941 1 136 1,585 1,673 2,049 2,400 4,496 5,518 7,459 7,698 8,762 11,051 12,587 13,206 12,676 13,986 13,207 15,127 14,841 19,670 21,261 21,255 15,649 14,995 16,608 15,422$-$100$200$300$400$500$700$800(百万美元)2021年第四季度开始的季度使用零售单位季度收入减少单位数量管理库存水平和缓解运营亏损的战略调整的结果
24 EchoPark-调整后EBITDA趋势(2.8美元)(1.1美元)(3.4美元)(2.2美元)(3.0美元)(2.1)$5.0$4.8$6.4$5.3$5.2$5.6$3.1($2.9)$6.2($9.4)($28.5)($14.6)($29.0)($27.9)($21.4)$6.1$6.2$6.8$4.8$(0.3)$6.7$(4.0)$(11.7)$(6.1)$(17.9)$(18.2)$(15.7)$(30)$(25)$(20)$(15)$(10)$(5)$-$5$10调整后的EBITDA减去新门店的影响(单位为百万美元)当前的员工人数和SG&A结构基于一旦暂时使用定价环境正常化后预计的更高的单位销售量预测计算和调节调整后EBITDA(非公认会计准则衡量标准)截至2022年7月2022年8月2022年9月2022年第三季度调整后EBITDA合计EchoPark$(7.1)$(7.4)$(6.9)$(21.4)商店开业的影响
25全方位渠道战略
26全方位基础架构客户体验经理集中评估、库存采购、定价集中呼叫支持集中式F&I数字接口人员专有技术集中营销开发并推出电子商务平台B u y&S e l l Yo u r Wa专有能力在线购买汽车或在两者之间的任何步骤转换为全方位利用SIMS、Python Analytics、机器人流程自动化、超智能技术现场在线销售
27按您的方式购买和销售·使用现代、技术支持的方法完成传统的车辆购买体验·可在一小时内完成·在线研究，利用聊天、文本、电话、缩放功能减少面对面流程·审查和选择保险产品和融资选项·包括在线折价评估和确定购买优惠·在几分钟内完成完整的电子商务交易·在特许经销商、EchoPark零售中心或EchoPark交付中心进行便捷的试驾和最终购买开始在线购买和销售现场完成或完全在线购买现场购买·我们的实体店和电子商务战略相结合，允许客人选择他们首选的购买方式·具有选项的灵活、以客人为中心的体验·将无缝连接到客人，无论他们选择哪条路径，都代表着2022年第三季度EchoPark单位销售额的31%
28到目前为止，新的EchoPark.com结果在2022年6月实现了100%的全国网络流量转换率比旧网站高出30%2022年第三季度F&I每台2325美元超过了端到端在线F&I产品销售的预测2022年第三季度市场已售出近60%的车辆推动了增量覆盖技术网站的改进-退货率提高了90%，站点停留时间提高了33%，每次页面数增加了33%
29附录
30 Non-GAAP Reconciliation – Segment Income – QTD Franchised Dealerships Segment EchoPark Segment Consolidated (In millions, except unit data) Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Revenues 2,840.3$ 2,409.5$ 607.8$ 663.3$ 3,448.1$ 3,072.8$ Gross profit 532.1$ 446.2$ 48.6$ 25.8$ 580.7$ 472.0$ SG&A expenses 332.0$ 268.4$ 67.0$ 53.0$ 399.0$ 321.4$ Segment income 146.3$ 145.1$ (29.9)$ (32.9)$ 116.4$ 112.2$ Impairment charges - - - - - - Earnings (loss) from continuing operations before taxes 146.3$ 145.1$ (29.9)$ (32.9)$ 116.4$ 112.2$ Net income (loss) from continuing operations 87.3$ 84.7$ Retail new vehicle unit sales volume 24,241 22,280 535 55 24,776 22,335 Fleet new vehicle unit sales volume 672 511 - - 672 511 Retail used vehicle unit sales volume 26,647 26,274 15,422 21,255 42,069 47,529 Wholesale used vehicle unit sales volume 5,813 6,119 2,450 3,492 8,263 9,611 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges
31 Non-GAAP Reconciliation – Segment Income – YTD Franchised Dealerships Segment EchoPark Segment Consolidated (In millions, except unit data) YTD Q3 2022 YTD Q3 2021 YTD Q3 2022 YTD Q3 2021 YTD Q3 2022 YTD Q3 2021 Revenues 8,511.9$ 7,445.8$ 1,898.6$ 1,766.1$ 10,410.5$ 9,211.9$ Gross profit 1,598.4$ 1,275.8$ 142.5$ 107.9$ 1,740.9$ 1,383.7$ SG&A expenses 974.9$ 794.1$ 213.9$ 137.2$ 1,188.8$ 931.3$ Adjusted segment income 476.6$ 381.1$ (99.7)$ (45.3)$ 376.9$ 335.8$ Long-term compensation charges (4.4) - - - (4.4) - Segment income 472.2$ 381.1$ (99.7)$ (45.3)$ 372.5$ 335.8$ Impairment charges - - - - - - Earnings (loss) from continuing operations before taxes 472.2$ 381.1$ (99.7)$ (45.3)$ 372.5$ 335.8$ Adjusted earnings (loss) from continuing operations before taxes 476.6$ 381.1$ (99.7)$ (45.3)$ 376.9$ 335.8$ Long-term compensation charges (4.4) - - - (4.4) - Earnings (loss) from continuing operations before taxes 472.2$ 381.1$ (99.7)$ (45.3)$ 372.5$ 335.8$ Adjusted net income (loss) from continuing operations 283.8$ 252.4$ Long-term compensation charges (before taxes) (4.4) - Tax effect of items of interest and non-recurring tax items - - Net income (loss) from continuing operations 279.4$ 252.4$ Retail new vehicle unit sales volume 73,185 76,340 705 69 73,890 76,409 Fleet new vehicle unit sales volume 1,454 1,297 - - 1,454 1,297 Retail used vehicle unit sales volume 81,881 82,060 47,025 62,186 128,906 144,246 Wholesale used vehicle unit sales volume 18,436 19,704 8,793 9,231 27,229 28,935 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges
32 Non-GAAP Reconciliation – Segment Income – Prior FY Franchised Dealerships Segment EchoPark Segment Consolidated (In millions, except unit data) FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Revenues 10,051.1$ 8,348.0$ 2,345.3$ 1,419.0$ 12,396.4$ 9,767.0$ Gross profit 1,765.6$ 1,309.4$ 148.8$ 114.0$ 1,914.3$ 1,423.6$ SG&A expenses 1,076.9$ 933.7$ 197.8$ 94.9$ 1,274.7$ 1,028.7$ Adjusted segment income 547.1$ 227.2$ (65.5)$ (1.2)$ 481.6$ 226.0$ Acquisition and disposition-related gain (loss) (1.2) 4.0 - 5.2 (1.2) 9.2 Long-term compensation charges - - (6.5) - (6.5) - Loss on extinguishment of debt (15.6) - - - (15.6) - Segment income 530.3$ 231.2$ (72.0)$ 4.0$ 458.3$ 235.2$ Impairment charges - (270.0) (0.1) - (0.1) (270.0) Earnings (loss) from continuing operations before taxes 530.3$ (38.8)$ (72.1)$ 4.0$ 458.2$ (34.8)$ Adjusted earnings (loss) from continuing operations before taxes 547.1$ 226.4$ (65.6)$ (1.2)$ 481.5$ 225.2$ Acquisition and disposition-related gain (loss) (1.2) 4.0 - 5.2 (1.2) 9.2 Long-term compensation charges - - (6.5) - (6.5) - Loss on extinguishment of debt (15.6) - - - (15.6) - Impairment charges - (269.2) - - - (269.2) Earnings (loss) from continuing operations before taxes 530.3$ (38.8)$ (72.1)$ 4.0$ 458.2$ (34.8)$ Adjusted net income (loss) from continuing operations 366.3$ 168.9$ Acquisition and disposition-related gain (loss) (before taxes) (1.2) 9.2 Long-term compensation charges (before taxes) (6.5) - Loss on extinguishment of debt (before taxes) (15.6) - Impairment charges (before taxes) - (269.2) Tax effect of items of interest and non-recurring tax items 5.9 40.4 Net income (loss) from continuing operations 348.9$ (50.7)$ New vehicle unit sales volume 103,358 93,281 128 - 103,486 93,281 Retail used vehicle unit sales volume 105,457 101,864 77,835 57,161 183,292 159,025 Note: Segment Income (Loss) Defined As Earnings (Loss) From Continuing Operations Before Taxes And Impairment Charges
33 Non-GAAP Reconciliation – Adjusted EBITDA Note – Balance Sheet Amounts Are As Of December 31 For The FY Then Ended. For The LTM Q3 2022 Period, Balance Sheet Amounts Are As Of September 30, 2022. (In millions) FY 2018 FY 2019 FY 2020 FY 2021 LTM Q3 2022 Net Income (Loss) 51.7$ 144.1$ (51.4)$ 348.9$ 375.7$ Provision For Income Taxes 22.6 55.0 15.6 109.3 118.9 Income (Loss) Before Taxes 74.3$ 199.1$ (35.8)$ 458.2$ 494.6$ Non-Floor Plan Interest 52.0 50.5 38.7 44.7 78.1 Depreciation and Amortization 96.7 95.6 93.9 104.3 126.1 Stock-Based Compensation Expense 11.9 10.8 11.7 15.0 16.2 Loss (Gain) On Exit Of Leased Dealerships 1.7 (0.2) - - - Impairment Charges 29.5 20.8 270.0 0.1 0.1 Loss (Gain) On Debt Extinguishment - 6.7 - 15.6 15.6 Long-Term Compensation Charges 32.5 - - 8.0 10.9 Acquisition and Disposition-Related (Gain) Loss (39.3) (74.8) (8.2) (0.4) - Adjusted EBITDA 259.3$ 308.5$ 370.3$ 645.5$ 741.6$ Long-Term Debt (Including Current Portion) 945.1$ 706.9$ 720.1$ 1,561.2$ 1,522.4$ Cash and Equivalents (5.9) (29.1) (170.3) (299.4) (139.0) Floor Plan Deposit Balance - - (73.2) (99.8) (32.0) Net Debt 939.2$ 677.8$ 476.6$ 1,162.0$ 1,351.4$ Net Debt To Adjusted EBITDA Ratio 3.62 2.20 1.29 1.80 1.82 Long-Term Debt (Including Current Portion) To Adjusted EBITDA Ratio 3.64 2.29 1.94 2.42 2.05
34 Non-GAAP Reconciliation – Adjusted EBITDA By Segment Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 87.3 $ 84.5 Provision For Income Taxes 29.1 27.5 Income (Loss) Before Taxes $ 146.3 $ (29.9) $ - $ 116.4 $ 145.1 $ (32.9) $ (0.2) $ 112.0 Non-Floor Plan Interest 19.9 1.5 - 21.4 8.8 0.3 - 9.1 Depreciation And Amortization 27.3 7.0 - 34.3 21.9 4.0 - 25.9 Stock-Based Compensation Expense 3.8 - - 3.8 3.7 - - 3.7 Long-Term Compensation Charges - - - - - 0.5 - 0.5 Gain On Franchise And Real Estate Disposals 0.5 - - 0.5 (0.1) (0.4) - (0.5) Adjusted EBITDA $ 197.8 $ (21.4) $ - $ 176.4 $ 179.4 $ (28.5) $ (0.2) $ 150.7 Q3 2022 Q3 2021
35 Non-GAAP Reconciliation – Adjusted EBITDA By Segment Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 97.3 $ 54.2 Provision For Income Taxes 31.6 19.1 Income (Loss) Before Taxes $ 163.8 $ (34.9) $ - $ 128.9 $ 70.6 $ 2.0 $ 0.7 $ 73.3 Non-Floor Plan Interest 19.0 0.7 - 19.7 9.1 0.4 - 9.5 Depreciation And Amortization 25.9 5.2 - 31.1 21.2 3.3 - 24.5 Stock-Based Compensation Expense 4.4 - - 4.4 3.5 - - 3.5 Long-Term Compensation Charges - - - - - 0.5 - 0.5 Gain On Franchise And Real Estate Disposals (1.1) - - (1.1) - - - - Adjusted EBITDA $ 212.0 $ (29.0) $ - $ 183.0 $ 104.4 $ 6.2 $ 0.7 $ 111.3 Q1 2022 Q1 2021 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) 94.8$ 113.8$ Provision For Income Taxes 32.4 37.0 Income (Loss) Before Taxes 162.1$ (34.9)$ -$ 127.2$ 165.4$ (14.4)$ (0.2)$ 150.8$ Non-Floor Plan Interest 19.1 1.0 - 20.1 8.9 0.3 - 9.2 Depreciation And Amortization 26.4 6.0 - 32.4 21.4 4.2 - 25.6 Stock-Based Compensation Expense 4.2 - - 4.2 4.0 - - 4.0 Long-Term Compensation Charges 4.4 - - 4.4 - 0.5 - 0.5 Gain On Franchise And Real Estate Disposals 0.1 - - 0.1 (0.4) - - (0.4) Adjusted EBITDA 216.3$ (27.9)$ -$ 188.4$ 199.3$ (9.4)$ (0.2)$ 189.7$ Q2 2022 Q2 2021
36 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 96.3 $ 57.3 Provision For Income Taxes 25.8 32.8 Income (Loss) Before Taxes $ 148.9 $ (26.8) $ - $ 122.1 $ 90.6 $ (0.8) $ 0.3 $ 90.1 Non-Floor Plan Interest 16.2 0.7 - 16.9 9.0 0.2 - 9.2 Depreciation And Amortization 23.4 4.9 - 28.3 21.1 2.9 - 24.0 Stock-Based Compensation Expense 3.8 - - 3.8 3.2 - - 3.2 Impairment Charges - 0.1 - 0.1 1.2 - - 1.2 Loss On Debt Extinguishment 15.6 - - 15.6 - - - - Long-Term Compensation Charges - 6.5 - 6.5 - - - - Acquisition and Disposition-Related (Gain) Loss 0.5 - - 0.5 (0.8) (5.2) - (6.0) Adjusted EBITDA $ 208.4 $ (14.6) $ - $ 193.8 $ 124.3 $ (2.9) $ 0.3 $ 121.7 Q4 2021 Q4 2020 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 84.5 $ 59.8 Provision For Income Taxes 27.5 20.6 Income (Loss) Before Taxes $ 145.1 $ (32.9) $ (0.2) $ 112.0 $ 80.4 $ 0.2 $ (0.2) $ 80.4 Non-Floor Plan Interest 8.8 0.3 - 9.1 9.8 0.1 - 9.9 Depreciation And Amortization 21.9 4.0 - 25.9 21.0 2.8 - 23.8 Stock-Based Compensation Expense 3.7 - - 3.7 3.2 - - 3.2 Impairment Charges - - - - - - - - Long-Term Compensation Charges - 0.5 - 0.5 - - - - Gain On Franchise And Real Estate Disposals (0.1) (0.4) - (0.5) (3.4) - - (3.4) Adjusted EBITDA $ 179.4 $ (28.5) $ (0.2) $ 150.7 $ 111.0 $ 3.1 $ (0.2) $ 113.9 Q3 2021 Q3 2020 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
37 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 113.8 $ 30.8 Provision For Income Taxes 37.0 6.3 Income (Loss) Before Taxes $ 165.4 $ (14.4) $ (0.2) $ 150.8 $ 34.8 $ 2.6 $ (0.3) $ 37.1 Non-Floor Plan Interest 8.9 0.3 - 9.2 9.0 0.2 - 9.2 Depreciation And Amortization 21.4 4.2 - 25.6 20.5 2.8 - 23.3 Stock-Based Compensation Expense 4.0 - - 4.0 3.0 - - 3.0 Impairment Charges - - - - 0.8 - - 0.8 Long-Term Compensation Charges - 0.5 - 0.5 - - - - Gain On Franchise And Real Estate Disposals (0.4) - - (0.4) 1.1 - - 1.1 Adjusted EBITDA $ 199.3 $ (9.4) $ (0.2) $ 189.7 $ 69.2 $ 5.6 $ (0.3) $ 74.5 Q2 2021 Q2 2020 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 54.2 $ (199.3) Provision For Income Taxes 19.1 (44.2) Income (Loss) Before Taxes $ 70.5 $ 2.0 $ 0.8 $ 73.3 $ (245.3) $ 2.1 $ (0.3) $ (243.5) Non-Floor Plan Interest 9.1 0.4 - 9.5 10.0 0.4 - 10.4 Depreciation And Amortization 21.2 3.3 - 24.5 20.1 2.7 - 22.8 Stock-Based Compensation Expense 3.5 - - 3.5 2.4 - - 2.4 Impairment Charges - - - - 268.0 - - 268.0 Long-Term Compensation Charges - 0.5 - 0.5 - - - - Gain On Franchise And Real Estate Disposals - - - - - - - - Adjusted EBITDA $ 104.3 $ 6.2 $ 0.8 $ 111.3 $ 55.2 $ 5.2 $ (0.3) $ 60.1 Q1 2021 Q1 2020 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
38 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 57.3 $ 46.3 Provision For Income Taxes 32.8 14.7 Income (Loss) Before Taxes $ 90.6 $ (0.8) $ 0.3 $ 90.1 $ 75.5 $ (14.5) $ - $ 61.0 Non-Floor Plan Interest 9.0 0.2 - 9.2 12.2 0.4 - 12.6 Depreciation And Amortization 21.1 2.9 - 24.0 21.0 2.8 - 23.8 Stock-Based Compensation Expense 3.2 - - 3.2 2.7 - - 2.7 Impairment Charges 1.2 - - 1.2 1.1 16.6 - 17.7 Loss On Debt Extinguishment - - - - 6.7 - - 6.7 Gain On Franchise And Real Estate Disposals (0.8) (5.2) - (6.0) (29.2) - - (29.2) Adjusted EBITDA $ 124.3 $ (2.9) $ 0.3 $ 121.7 $ 90.0 $ 5.3 $ - $ 95.3 Q4 2020 Q4 2019 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 59.8 $ 29.0 Provision For Income Taxes 20.6 11.3 Income (Loss) Before Taxes $ 80.4 $ 0.2 $ (0.2) $ 80.4 $ 38.4 $ 2.1 $ (0.2) $ 40.3 Non-Floor Plan Interest 9.8 0.1 - 9.9 11.9 0.5 - 12.4 Depreciation And Amortization 21.0 2.8 - 23.8 21.6 2.7 - 24.3 Stock-Based Compensation Expense 3.2 - - 3.2 2.7 - - 2.7 Impairment Charges - - - - - 1.1 - 1.1 Gain On Franchise Disposals (3.4) - - (3.4) 0.8 - - 0.8 Adjusted EBITDA $ 111.0 $ 3.1 $ (0.2) $ 113.9 $ 75.4 $ 6.4 $ (0.2) $ 81.6 Q3 2020 Q3 2019 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
39 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 30.8 $ 26.6 Provision For Income Taxes 6.3 10.0 Income (Loss) Before Taxes $ 34.8 $ 2.6 $ (0.3) $ 37.1 $ 35.1 $ 1.7 $ (0.2) $ 36.6 Non-Floor Plan Interest 9.0 0.2 - 9.2 12.6 0.4 - 13.0 Depreciation And Amortization 20.5 2.8 - 23.3 21.7 2.7 - 24.4 Stock-Based Compensation Expense 3.0 - - 3.0 2.6 - - 2.6 Impairment Charges 0.8 - - 0.8 - - - - Gain On Franchise Disposals 1.1 - - 1.1 0.4 - - 0.4 Adjusted EBITDA $ 69.2 $ 5.6 $ (0.3) $ 74.5 $ 72.4 $ 4.8 $ (0.2) $ 77.0 Q2 2020 Q2 2019 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ (199.3) $ 42.2 Provision For Income Taxes (44.2) 19.0 Income (Loss) Before Taxes $ (245.3) $ 2.1 $ (0.3) $ (243.5) $ 61.2 $ 0.2 $ (0.2) $ 61.2 Non-Floor Plan Interest 10.0 0.4 - 10.4 11.8 0.5 - 12.3 Depreciation And Amortization 20.1 2.7 - 22.8 20.8 2.4 - 23.2 Stock-Based Compensation Expense 2.4 - - 2.4 2.8 - - 2.8 Loss (Gain) On Exit Of Leased Dealerships - - - - (0.2) - - (0.2) Impairment Charges 268.0 - - 268.0 - 1.9 - 1.9 Gain On Franchise Disposals - - - - (46.7) - - (46.7) Adjusted EBITDA $ 55.2 $ 5.2 $ (0.3) $ 60.1 $ 49.7 $ 5.0 $ (0.2) $ 54.5 Q1 2020 Q1 2019 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
40 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 46.3 $ 21.8 Provision For Income Taxes 14.7 9.2 Income (Loss) Before Taxes $ 75.5 $ (14.5) $ - $ 61.0 $ 37.4 $ (6.2) $ (0.2) $ 31.0 Non-Floor Plan Interest 12.2 0.4 - 12.6 12.9 0.4 0.1 13.4 Depreciation And Amortization 21.0 2.8 - 23.8 21.1 2.2 - 23.3 Stock-Based Compensation Expense 2.7 - - 2.7 1.3 - - 1.3 Loss (Gain) On Exit Of Leased Dealerships - - - - (1.1) - 0.1 (1.0) Impairment Charges 1.1 16.6 - 17.7 14.1 1.5 - 15.6 Loss On Debt Extinguishment 6.7 - - 6.7 - - - - Gain On Franchise Disposals (29.2) - - (29.2) (0.2) - - (0.2) Adjusted EBITDA $ 90.0 $ 5.3 $ - $ 95.3 $ 85.5 $ (2.1) $ - $ 83.4 Q4 2019 Q4 2018 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 29.0 $ 15.1 Provision For Income Taxes $ 11.3 7.3 Income (Loss) Before Taxes $ 38.4 $ 2.1 $ (0.2) $ 40.3 $ 28.1 $ (5.5) $ (0.2) $ 22.4 Non-Floor Plan Interest $ 11.9 $ 0.5 - 12.4 12.3 0.5 0.1 12.9 Depreciation And Amortization $ 21.6 $ 2.7 - 24.3 22.1 2.0 - 24.1 Stock-Based Compensation Expense $ 2.7 - - 2.7 4.6 - - 4.6 Loss (Gain) On Exit Of Leased Dealerships - - - - - - 0.1 0.1 Impairment Charges - $ 1.1 - 1.1 - - - - Gain On Franchise Disposals $ 0.8 - - 0.8 - - - - Adjusted EBITDA $ 75.4 $ 6.4 $ (0.2) $ 81.6 $ 67.1 $ (3.0) $ (0.0) $ 64.1 Q3 2019 Q3 2018 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
41 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 42.2 $ (2.2) Provision For Income Taxes 19.0 (1.9) Income (Loss) Before Taxes $ 61.2 $ 0.2 $ (0.2) $ 61.2 $ 10.8 $ (14.7) $ (0.2) $ (4.1) Non-Floor Plan Interest 11.8 0.5 - 12.3 12.4 0.3 0.1 12.8 Depreciation And Amortization 20.8 2.4 - 23.2 22.8 1.7 - 24.5 Stock-Based Compensation Expense 2.8 - - 2.8 3.0 - - 3.0 Loss (Gain) On Exit Of Leased Dealerships (0.2) - - (0.2) 5.0 - 0.1 5.1 Impairment Charges - 1.9 - 1.9 3.6 0.1 - 3.7 Long-Term Compensation Charges - - - - - 9.2 - 9.2 Gain On Franchise Disposals (46.7) - - (46.7) (1.2) - - (1.2) Adjusted EBITDA $ 49.7 $ 5.0 $ (0.2) $ 54.5 $ 56.4 $ (3.4) $ - $ 53.0 Q1 2019 Q1 2018 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 26.6 $ 16.9 Provision For Income Taxes $ 10.0 8.1 Income (Loss) Before Taxes $ 35.1 $ 1.7 $ (0.2) $ 36.6 $ 53.2 $ (27.8) $ (0.4) $ 25.0 Non-Floor Plan Interest $ 12.6 $ 0.4 - 13.0 12.3 0.4 0.1 12.8 Depreciation And Amortization $ 21.7 $ 2.7 - 24.4 22.8 1.9 - 24.7 Stock-Based Compensation Expense $ 2.6 - - 2.6 3.0 - - 3.0 Loss (Gain) On Exit Of Leased Dealerships - - - - (2.6) - 0.1 (2.5) Impairment Charges - - - - 10.3 - - 10.3 Long-Term Compensation Charges - - - - - 23.3 - 23.3 Gain On Franchise Disposals $ 0.4 - - 0.4 (38.0) - - (38.0) Adjusted EBITDA $ 72.4 $ 4.8 $ (0.2) $ 77.0 $ 61.0 $ (2.2) $ (0.2) $ 58.6 Q2 2019 Q2 2018 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
42 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 21.8 $ 62.0 Provision For Income Taxes 9.2 (8.4) Income (Loss) Before Taxes $ 37.4 $ (6.2) $ (0.2) $ 31.0 $ 57.8 $ (4.0) $ (0.2) $ 53.6 Non-Floor Plan Interest 12.9 0.4 0.1 13.4 12.4 0.3 0.1 12.8 Depreciation And Amortization 21.1 2.2 - 23.3 22.6 1.3 - 23.9 Stock-Based Compensation Expense 1.3 - - 1.3 2.2 - - 2.2 Loss (Gain) On Exit Of Leased Dealerships (1.1) - 0.1 (1.0) - - 0.1 0.1 Impairment Charges 14.1 1.5 - 15.6 6.1 - - 6.1 Long-Term Compensation Charges - - - - - 1.3 - 1.3 Gain On Franchise Disposals (0.2) - - (0.2) (1.5) - - (1.5) Adjusted EBITDA $ 85.5 $ (2.1) $ - $ 83.4 $ 99.6 $ (1.1) $ 0.0 $ 98.5 Q4 2018 Q4 2017 Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total Franchised Dealerships Segment EchoPark Segment Discontinued Operations Total (In millions) (In millions) Net Income (Loss) $ 15.1 $ 19.4 Provision For Income Taxes 7.3 13.9 Income (Loss) Before Taxes $ 28.1 $ (5.5) $ (0.2) $ 22.4 $ 38.2 $ (4.4) $ (0.5) $ 33.3 Non-Floor Plan Interest 12.3 0.5 0.1 12.9 12.1 0.3 0.1 12.5 Depreciation And Amortization 22.1 2.0 - 24.1 22.2 1.3 - 23.5 Stock-Based Compensation Expense 4.6 - - 4.6 3.2 - - 3.2 Loss (Gain) On Exit Of Leased Dealerships - - 0.1 0.1 (0.2) - 0.4 0.2 Impairment Charges - - - - 0.2 - - 0.2 Gain On Franchise Disposals - - - - (8.5) - - (8.5) Adjusted EBITDA $ 67.1 $ (3.0) $ (0.0) $ 64.1 $ 67.2 $ (2.8) $ - $ 64.4 Q3 2018 Q3 2017 Non-GAAP Reconciliation – Adjusted EBITDA By Segment
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®投资者关系部联系人：索尼克汽车公司(纽约证券交易所市场代码：SAH)丹尼·维兰德，副总裁总裁