®Sonic Automotive-投资者演示文稿2023年2月更新2023年2月15日
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。我们在本演示文稿中可能讨论的此类前瞻性信息的例子包括但不限于，我们预期的未来新车销售量、收入和盈利能力、我们预期的未来二手车销售量、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”)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、我们EchoPark部门的盈利能力和定价预期、EchoPark的全方位战略、预期的未来EchoPark人口覆盖范围。预计未来EchoPark的收入和单位销售量、我们特许经销商部门的预期未来业绩和增长、我们PowerSports部门的预期增长、预期的流动性状况、预期的行业新车销量、增长和运营战略的实施，包括收购经销商和物业、预期的未来收购协同效应、资本返还给股东, 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)一家财富500强公司和全国最大的汽车零售商之一175 25+25 17$140亿美元23亿美元新车销售总收入汽车品牌地点二手车销售碰撞中心州毛利润注：地点计算截至2023年2月15日。收入、毛利润、销售的新车和二手车是2022财年我们的核心特许经销商部门是一项全方位服务的汽车零售业务，拥有跨多个业务线和多元化的品牌组合的战略增长杠杆我们的高增长潜力EchoPark部门提供独特的方法，以低于市场的价格销售二手车和F&I，没有讨价还价的购买体验推动行业领先的二手车产量早期整合增长机会以诱人的倍数增长
5投资突出特许经销商的多重增长和利润驱动因素独特的、高回报潜力的EchoPark业务模式广泛的收入来源多元化经营部门之间的互补关系严格的资本分配以推动股东回报专注于费用控制和保持强劲的资产负债表
6按地理位置划分的收入构成TX 26%CA 22%CO 8%TN 7%ID 6%FL 6%AL 5%NC 4%GA 4%VA 2%MD 2%SC 2%所有其他6%广泛的地理分布地理足迹、收入流和品牌组合在整个汽车零售领域提供具有吸引力的多样化注意：百分比是截至2022年12月31日的年度总收入的百分比
7收入构成-多元化收入来源注：百分比是截至2022年12月31日的年度总收入的百分比5%29%11%34%43%8%41%29%收入毛利新车(包括批发)二手车(包括批发)零件、服务及防撞修理(“固定业务”)财务及保险(“F&I”)品牌分布注：百分比是截至12月31日的年度总收入的百分比，2022品牌占收入的百分比特许经营品牌占收入的比例宝马21%梅赛德斯10%奥迪5%雷克萨斯4%保时捷3%路虎3%凯迪拉克2%其他豪华车(1)4%本田8%丰田7%其他进口(2)3%EchoPark 17%非特许经营17%雪佛兰GMC别克5%福特4%克莱斯勒道奇吉普RAM4%动力体育
8®EchoPark汽车-一个独特的增长故事不断增长的全国分销网络独特的，高回报潜力的商业模式专注于高质量的二手车，店内或在线预计到2025年将达到美国人口的90%，价格最高可低于市场价3,000美元与简化，轻松的购买体验专注于二手车市场-比新车市场大2.5倍，更稳定的新车替代™价格。质量。体验。注：预期美国人口可及范围是一项预测，实际结果可能有所不同。请参阅“前瞻性陈述”。
9战略重点·部件和服务的持续增长机会·每单位F&I·通过SG&A费用控制、库存管理不断提高盈利能力·随着市场的发展寻求战略收购机会·利用现有基础设施支持全方位分销网络·早期强劲的长期增长阶段·迄今美国人口覆盖率超过50%，预计到2025年覆盖率将达到90%·不断增长的电子商务业务提供了可扩展的增量覆盖范围·成熟时每年200万辆汽车的潜在市场机会·专注于客人体验和电子商务机会，以推动市场份额增长·平衡资本分配战略优先考虑最高投资回报·通过股票回购计划和股息向股东返还资本·进一步多元化相邻行业的商业模式(PowerSports)特许经销商EchoPark战略重点注意：盈利能力、单位销售量和人口覆盖预测是对未来业绩的估计。实际结果可能会有所不同。请参阅“前瞻性陈述”。
10 Strong Balance Sheet And Liquidity December 31, 2022 December 31, 2021 (In Millions) Cash and cash equivalents 229.2$ 299.4$ Availability under the 2021 Revolving Credit Facility 303.3 281.4 Availability under the 2019 Mortgage Facility(1) - 22.2 Floor plan deposit balance 272.0 99.8 Total available liquidity resources 804.5$ 702.8$ Covenant Requirement* December 31, 2022 December 31, 2021 Liquidity ratio >= 1.05 1.38 1.26 Fixed charge coverage ratio >= 1.20 1.87 2.69 Total lease adjusted leverage ratio
11股票回购的影响在2022年回购了560万股，或占截至2021年12月31日未回购股份总数的14%$4.548亿美元剩余回购授权42.8 43.1 41.8 40.7 36.2 30.0 35.0 40.0 45.0 2018年12月2019年12月2022年12月未偿还的A类和B类股份总数注：剩余回购授权截至2023年2月15日
12家特许经销商
13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
14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
15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的库存管理应用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
16 EchoPark
17 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
18 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
19 EchoPark-可寻址的市场机会*符合Core1-4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%，全国分销网络不断增长目标10%的市场份额已经达到这一份额*在定价最高低于市场价3,000美元的大多数成熟市场，消费者可以购买更新的汽车，价格比旧车低40%新车的价格最高可低于40%新车转换潜在的新车买家200万机会1500万+1-4年旧车1000万辆5年期至8年的旧车1300万辆新车长期战略仍然专注于近新、1-4年旧车细分市场尽管最近进行了战略调整，以包括5年以上的旧车库存年度零售车销售量注：年度零售车销售量、EchoPark销售量机会、人口覆盖率和市场份额目标基于预测。实际结果可能会有所不同。请参阅“前瞻性陈述”。
20 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
21 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-2023年第一季度开始放缓·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年初那么高(2022年第四季度推动三年期旧车曼海姆价格下降8.4%)·二手车价格占新价格的百分比在12月份为63%(通常在55%-60%范围内)·2023年迄今，二手车价格对可负担性产生了负面影响，3年旧车曼海姆价格上涨2.6%-通过退税季节的趋势可能是2023年二手车价格和需求前景的指标EchoPark行动计划正在进行·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的定价和费用优化预计将推动整个2023年盈利能力的提高·EchoPark行动计划迄今继续专注于保持二手竞争领域的最高声誉分数·非拍卖2022年第四季度，采购组合占销售额的28%，而2022年第三季度为32%(历史上不到10%)·老款年款队列汽车(5年以上)占2022年第四季度EchoPark单位销量的19%(与2022年第三季度持平)，平均降价35%，创收1美元, 与1-4年旧车相比，总GPU增加了650个·2022年第四季度新EchoPark.com电子商务结果(2022年6月发布至100%的网络流量)·2022年第四季度全方位渠道交易占EchoPark零售单元量的38%(2022年第三季度为31%)，2022年第四季度EchoPark在线销售量的9%(2022年第三季度为7%)·约50%的端到端在线销售单元从市场发货·在线F&I附件继续超出预期，平均为每台2,183美元(低于2022年第三季度的7%)2022年第三季度为325)
22 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 14,931 16,496 15,245 17,435$-100$200$300$400$500$600$700(百万美元)2021年第四季度开始进行战略调整以管理库存水平和缓解运营亏损二手车价格环境2022年第四季度销量因价格下降而改善，可负担性提高
23 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美元)$5.0$4.8$6.4$5.3$5.2$5.6$3.1($2.9)$6.2($9.4)($28.5)($14.6)($29.5)($27.3)($23.2)($25.4)$6.1$6.2$6.8$4.8$(0.3)$6.7$(4.0)$(11.7)$(6.1)$(18.3)$(17.6)$(17.5)$(21.8)$(32)$(27)$(22)$(17)$(12)$(7)$(2)$3$8调整后的EBITDA较少受新店影响较小(单位为百万美元)现有员工人数和SG&A结构基于较高单位预计销售量一旦使用定价环境正常化预计调整后的EBITDA亏损在2023年10月至2022年10月2022年11月2022年第四季度2022年园区总价$(6.8)$(9.9)$(8.6)$(25.4)门店开张的影响
24国体育强国
25 PowerSports-机会主义增长·以诱人的市盈率通过收购实现增长·在340亿美元的市场中有整合机会*85%的美国经销商拥有单一地点·通过技术和流程开发提高盈利能力·与传统汽车零售相比产生更高的利润率*根据全球市场洞察Sonic PowerSports，2022年北美PowerSports行业的估计价值
26全方位渠道战略
27按您的方式购买和销售·使用现代、技术支持的方法完成传统的车辆购买体验·可在一小时内完成·在线研究，利用聊天、文本、电话、缩放功能减少面对面流程·审查和选择保险产品和融资选项·包括在线折价评估和确定购买优惠·在几分钟内完成完整的电子商务交易·在特许经销商、EchoPark零售中心或EchoPark交付中心进行便捷的试驾和最终购买开始在线购买和销售现场完成或完全在线购买现场购买·我们的实体店和电子商务战略相结合，允许客人选择他们首选的购买方式·具有选项的灵活、以客人为中心的体验·将无缝连接到客人，无论他们选择哪条路径，都代表着2022年第四季度EchoPark单位销售额的38%
28到目前为止，新的EchoPark.com结果在2022年6月达到100%的全国网络流量转换率比旧网站2022年第4季度的F&I每台2,183美元高出30%超过端到端在线F&I产品销售的预测2022年第4季度市场已售出近50%的汽车，推动增长覆盖范围从2022年第3季度到2022年第4季度，网站总访问量提高了29%，达到430万独立访问量，从2022年第3季度到2022年第4季度，销售领先转化率提高了10%
29附录
30 GAAP Income Statement Annual Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts FY 2022 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 Year-Over-Year Revenues: Retail new vehicles 5,622.6$ 4,993.5$ 4,224.4$ 4,777.3$ 4,905.9$ 13% Fleet new vehicles 99.4 124.5 56.8 111.9 68.2 (20%) Total new vehicles 5,722.0 5,118.0 4,281.2 4,889.2 4,974.1 12% Used vehicles 5,515.4 4,877.2 3,564.8 3,490.0 2,973.5 13% Wholesale vehicles 484.9 367.2 197.4 202.8 217.6 32% Total vehicles 11,722.3 10,362.4 8,043.4 8,582.0 8,165.2 13% Parts, service and collision repair 1,599.7 1,396.8 1,233.7 1,395.3 1,380.9 15% Finance, insurance and other, net ("F&I") 679.1 637.2 489.9 477.0 405.5 7% Total revenues 14,001.1 12,396.4 9,767.0 10,454.3 9,951.6 13% Gross profit: Retail new vehicles 662.8 459.7 233.2 231.7 240.5 44% Fleet new vehicles 4.9 1.7 0.9 1.4 1.0 201% Total new vehicles 667.7 461.4 234.1 233.1 241.5 45% Used vehicles 180.8 131.9 106.0 147.4 143.0 37% Wholesale vehicles (3.1) 9.8 (1.0) (4.5) (11.3) (131%) Total vehicles 845.4 603.1 339.1 376.0 373.2 40% Parts, service and collision repair 792.5 674.0 594.6 668.0 667.4 18% Finance, insurance and other, net 679.1 637.2 489.9 477.0 405.5 7% Total gross profit 2,317.0 1,914.3 1,423.6 1,521.0 1,446.1 21% SG&A expenses (1,555.1) (1,274.7) (1,028.7) (1,099.4) (1,145.3) (22%) Impairment charges (320.4) (0.1) (270.0) (20.8) (29.5) NM Depreciation and amortization (127.5) (101.1) (91.0) (93.1) (93.6) (26%) Operating income (loss) 314.0 538.4 33.9 307.7 177.7 (42%) Interest expense, floor plan (34.3) (16.7) (27.2) (48.5) (48.4) (105%) Interest expense, other, net (89.9) (48.0) (41.6) (53.0) (54.1) (87%) Other income (expense), net 0.2 (15.5) 0.1 (6.6) 0.1 NM Income (loss) from continuing operations before taxes 190.0 458.2 (34.8) 199.6 75.3 (59%) Income tax benefit (expense) (101.5) (109.3) (15.9) (55.1) (22.9) 7% Net income (loss) from continuing operations 88.5$ 348.9$ (50.7)$ 144.5$ 52.4$ (75%) Diluted weighted-average shares outstanding 39.7 43.3 42.5 43.7 43.0 8% Diluted earnings (loss) per share from continuing operations 2.23$ 8.06$ (1.19)$ 3.31$ 1.22$ (72%) Unit sales volume: Retail new vehicles 101,168 99,943 91,939 111,457 120,819 1% Fleet new vehicles 2,115 3,543 1,342 2,674 1,898 (40%) Used vehicles 173,209 183,292 159,025 162,149 139,605 (6%) Wholesale vehicles 35,323 36,795 32,057 34,153 34,167 (4%) Gross profit per unit ("GPU"): Retail new vehicles 6,552$ 4,600$ 2,536$ 2,078$ 1,991$ 42% Used vehicles 1,044$ 720$ 667$ 909$ 1,024$ 45% F&I 2,475$ 2,250$ 1,952$ 1,743$ 1,557$ 10%
31 Non-GAAP Reconciliation – Annual Trend – Consolidated NM = Not Meaningful Note: Earnings (Loss) Per Share and SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Note: Balance Sheet Amounts Are As Of December 31 For The FY Then Ended FY 2022 Better / (Worse) % Change (In millions, except per share data) FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 Year-Over-Year Reported net income (loss) from continuing operations 88.5$ 348.9$ (50.7)$ 144.5$ 52.4$ (75%) Adjustments: Impairment charges 320.4$ -$ 269.2$ 19.6$ 29.5$ NM Acquisition and disposition-related (gain) loss (9.1) 1.2 (9.2) (76.0) (38.9) NM Long-term compensation charges 4.4 6.5 - 6.3 34.1 NM Loss on debt extinguishment - 15.6 - 7.2 - NM Legal and storm damage charges - - - - 5.7 NM Loss (gain) on exit of leased dealerships - - - - 1.5 NM Total pre-tax adjustments 315.7 23.3 260.0 (42.9) 31.9 NM Tax effect of above items (22.6) (5.9) (40.4) 14.2 (7.4) NM Total net income effect of adjustments 293.1 17.4 219.6 (28.7) 24.5 NM Adjusted net income (loss) from continuing operations 381.6$ 366.3$ 168.9$ 115.8$ 76.9$ 4% Diluted weighted-average shares outstanding 39.7 43.3 43.9 43.7 43.0 8% Adjusted diluted earnings (loss) per share from continuing operations 9.61$ 8.46$ 3.85$ 2.65$ 1.79$ 14% Reported SG&A expenses (1,555.1)$ (1,274.7)$ (1,028.7)$ (1,099.4)$ (1,145.3)$ (22%) Acquisition and disposition-related (gain) loss (9.1) 1.2 (9.2) (76.0) (38.9) NM Long-term compensation charges 4.4 6.5 - 6.3 34.1 NM Adjusted SG&A expenses (1,559.8)$ (1,267.0)$ (1,037.9)$ (1,169.1)$ (1,150.1)$ (23%) Adjusted SG&A expenses as a percentage of gross profit 67.3% 66.2% 72.9% 76.9% 79.0% (110) bps Reported net income (loss) 88.5$ 348.9$ (51.4)$ 144.1$ 51.7$ NM Income tax (benefit) expense 101.5 109.3 15.6 55.0 22.6 NM Income (loss) before taxes 190.0 458.2 (35.8) 199.1 74.3 NM Non-floor plan interest 84.7 44.7 38.7 50.5 52.0 NM Depreciation and amortization 132.7 104.3 93.9 95.6 96.7 NM Stock-based compensation expense 16.0 15.0 11.7 10.8 11.9 NM Loss (gain) on exit of leased dealerships - - - (0.2) 1.7 NM Impairment charges 320.4 0.1 270.0 20.8 29.5 NM Loss on debt extinguishment - 15.6 - 6.7 - NM Long-term compensation charges 4.4 8.0 - - 32.5 NM Acquisition and disposition-related (gain) loss (9.7) (0.4) (8.2) (74.8) (39.3) NM Adjusted EBITDA 738.5$ 645.5$ 370.3$ 308.5$ 259.3$ 14% Long-term debt (including current portion) 1,751.7$ 1,561.2$ 720.1$ 706.9$ 945.1$ NM Cash and equivalents (229.2) (299.4) (170.3) (29.1) (5.9) NM Floor plan deposit balance (272.0) (99.8) (73.2) - - NM Net debt 1,250.5$ 1,162.0$ 476.6$ 677.8$ 939.2$ NM Net debt to adjusted EBITDA ratio 1.69 1.80 1.29 2.20 3.62 NM Long-term debt (including current portion) to adjusted EBITDA ratio 2.37 2.42 1.94 2.29 3.64 NM
32 GAAP Income Statement Quarterly Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Revenues: Retail new vehicles 1,555.3$ 1,371.8$ 1,344.3$ 1,351.3$ 1,278.3$ 13% 22% Fleet new vehicles 29.3 32.0 19.8 18.2 73.6 (8%) (60%) Total new vehicles 1,584.6 1,403.8 1,364.1 1,369.5 1,351.9 13% 17% Used vehicles 1,341.1 1,354.1 1,449.4 1,370.9 1,210.9 (1%) 11% Wholesale vehicles 80.0 114.6 121.4 168.7 110.5 (30%) (28%) Total vehicles 3,005.7 2,872.5 2,934.9 2,909.1 2,673.3 5% 12% Parts, service and collision repair 411.1 410.0 398.1 380.5 360.1 0% 14% Finance, insurance and other, net ("F&I") 173.8 165.6 173.2 166.6 151.2 5% 15% Total revenues 3,590.6 3,448.1 3,506.2 3,456.2 3,184.6 4% 13% Gross profit: Retail new vehicles 164.6 162.2 168.3 167.7 157.4 1% 5% Fleet new vehicles 1.8 1.3 0.9 0.8 0.6 33% 172% Total new vehicles 166.4 163.5 169.2 168.5 158.0 2% 5% Used vehicles 35.5 50.1 47.1 48.1 46.6 (29%) (24%) Wholesale vehicles (3.7) (2.2) 1.2 1.5 3.2 (62%) (208%) Total vehicles 198.2 211.4 217.5 218.1 207.8 (6%) (5%) Parts, service and collision repair 204.1 203.7 198.1 186.6 171.6 0% 19% Finance, insurance and other, net 173.8 165.6 173.2 166.6 151.2 5% 15% Total gross profit 576.1 580.7 588.8 571.3 530.6 (1%) 9% SG&A expenses (366.3) (399.0) (402.8) (387.0) (343.3) 8% (7%) Impairment charges (320.4) - - - (0.1) NM NM Depreciation and amortization (33.5) (32.8) (31.2) (29.9) (27.4) (2%) (23%) Operating income (loss) (144.1) 148.9 154.8 154.4 159.8 (197%) (190%) Interest expense, floor plan (13.6) (9.6) (6.1) (4.9) (4.0) (42%) (245%) Interest expense, other, net (24.9) (22.9) (21.3) (20.8) (17.8) (8%) (40%) Other income (expense), net 0.1 - (0.2) 0.2 (15.6) NM NM Income (loss) before taxes (182.5) 116.4 127.2 128.9 122.4 (257%) (249%) Income tax benefit (expense) (8.4) (29.1) (32.5) (31.6) (25.9) 71% 67% Net income (loss) (190.9)$ 87.3$ 94.8$ 97.3$ 96.6$ (319%) (298%) Diluted weighted-average shares outstanding 36.5 39.2 40.5 41.8 42.8 7% 15% Diluted earnings (loss) per share (5.22)$ 2.23$ 2.34$ 2.33$ 2.25$ (334%) (332%) Unit sales volume: Retail new vehicles 27,278 24,776 24,427 24,687 23,534 10% 16% Fleet new vehicles 661 672 422 360 2,246 (2%) (71%) Used vehicles 44,303 42,069 44,764 42,073 39,046 5% 13% Wholesale vehicles 8,094 8,263 8,545 10,421 7,860 (2%) 3% Gross profit per unit ("GPU"): Retail new vehicles 6,034$ 6,547$ 6,890$ 6,793$ 6,687$ (8%) (10%) Used vehicles 800$ 1,190$ 1,053$ 1,144$ 1,193$ (33%) (33%) F&I 2,428$ 2,477$ 2,503$ 2,495$ 2,415$ (2%) 1%
33 Non-GAAP Reconciliation – Quarterly Trend – Consolidated NM = Not MeaningfulNote: Earnings (Loss) Per Share and SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions, except per share data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Reported net income (loss) (190.9)$ 87.3$ 94.8$ 97.3$ 96.6$ (319%) (298%) Adjustments: Impairment charges 320.4$ -$ -$ -$ -$ NM NM Acquisition and disposition-related (gain) loss (9.1) - - - 1.2 NM NM Long-term compensation charges - - 4.4 - 6.5 NM NM Loss on debt extinguishment - - - - 15.6 NM NM Total pre-tax adjustments 311.3 - 4.4 - 23.3 NM NM Tax effect of above items (22.6) - - - (5.9) NM NM Total net income effect of adjustments 288.7 - 4.4 - 17.4 NM NM Adjusted net income (loss) 97.8$ 87.3$ 99.2$ 97.3$ 114.0$ 12% (14%) Diluted weighted-average shares outstanding 37.4 39.2 40.5 41.8 42.8 5% 13% Adjusted diluted earnings (loss) per share 2.61$ 2.23$ 2.45$ 2.33$ 2.66$ 17% (2%) Reported SG&A expenses (366.3)$ (399.0)$ (402.8)$ (387.0)$ (343.3)$ 8% (7%) Acquisition and disposition-related (gain) loss (9.1) - - - 1.2 NM NM Long-term compensation charges - - 4.4 - 6.5 NM NM Adjusted SG&A expenses (375.4)$ (399.0)$ (398.4)$ (387.0)$ (335.6)$ 6% (12%) Adjusted SG&A expenses as a percentage of gross profit 65.2% 68.7% 67.7% 67.7% 63.3% 350 bps (190) bps Reported net income (loss) (190.9)$ 87.3$ 94.8$ 97.3$ 96.6$ NM NM Income tax (benefit) expense 8.4 29.1 32.5 31.6 25.9 NM NM Income (loss) before taxes (182.5) 116.4 127.2 128.9 122.4 NM NM Non-floor plan interest 23.5 21.4 20.1 19.7 16.9 NM NM Depreciation and amortization 34.9 34.3 32.4 31.1 28.3 NM NM Stock-based compensation expense 3.6 3.8 4.2 4.4 3.8 NM NM Impairment charges 320.4 - - - 0.1 NM NM Loss on debt extinguishment - - - - 15.6 NM NM Long-term compensation charges - - 4.4 - 6.5 NM NM Acquisition and disposition-related (gain) loss (9.2) 0.5 0.1 (1.1) 0.5 NM NM Adjusted EBITDA 190.7$ 176.4$ 188.4$ 183.0$ 193.8$ 8% (2%)
34 GAAP Income Statement – Quarterly Trend – Franchised Dealerships Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Revenues: Retail new vehicles 1,534.5$ 1,359.6$ 1,341.7$ 1,345.7$ 1,273.6$ 13% 20% Fleet new vehicles 29.4 32.0 19.9 18.1 73.7 (8%) (60%) Total new vehicles 1,563.9 1,391.6 1,361.6 1,363.8 1,347.3 12% 16% Used vehicles 823.4 842.4 871.9 853.7 727.7 (2%) 13% Wholesale vehicles 52.6 75.7 79.3 106.4 74.0 (30%) (29%) Total vehicles 2,439.9 2,309.7 2,312.8 2,323.9 2,149.0 6% 14% Parts, service and collision repair 404.8 404.7 398.1 380.5 346.2 0% 17% Finance, insurance and other, net ("F&I") 128.0 125.9 129.8 126.5 110.1 2% 16% Total revenues 2,972.7 2,840.3 2,840.7 2,830.9 2,605.3 5% 14% Gross profit: Retail new vehicles 160.8 160.7 167.3 166.6 156.7 0% 3% Fleet new vehicles 1.8 1.3 0.9 0.8 0.6 33% 172% Total new vehicles 162.6 162.0 168.2 167.4 157.3 0% 3% Used vehicles 38.4 45.4 43.7 46.9 50.8 (15%) (24%) Wholesale vehicles (3.2) (2.1) (0.5) (0.4) 0.4 (57%) (855%) Total vehicles 197.8 205.3 211.4 213.9 208.5 (4%) (5%) Parts, service and collision repair 200.9 201.0 198.1 186.6 171.1 0% 17% Finance, insurance and other, net 128.0 125.9 129.8 126.5 110.1 2% 16% Total gross profit 526.7 532.2 539.3 527.0 489.7 (1%) 8% SG&A expenses (298.1) (332.0) (327.6) (315.2) (282.8) 10% (5%) Impairment charges (115.5) - - - - NM NM Depreciation and amortization (26.0) (25.9) (25.2) (24.9) (22.5) (1%) (16%) Operating income (loss) 87.1 174.3 186.5 186.9 184.4 (50%) (53%) Interest expense, floor plan (9.8) (6.6) (3.9) (3.3) (2.5) (47%) (293%) Interest expense, other, net (23.4) (21.4) (20.2) (20.0) (17.1) (9%) (37%) Other income (expense), net - - (0.3) 0.2 (15.6) NM NM Income (loss) before taxes 53.9$ 146.3$ 162.1$ 163.8$ 149.2$ (63%) (64%) Unit sales volume: Retail new vehicles 26,239 24,241 24,342 24,602 23,475 8% 12% Fleet new vehicles 661 672 422 360 2,246 (2%) (71%) Used vehicles 26,631 26,647 28,156 27,078 23,397 0% 14% Wholesale vehicles 5,616 5,813 5,851 6,772 5,424 (3%) 4% Gross profit per unit ("GPU"): Retail new vehicles 6,130$ 6,627$ 6,871$ 6,771$ 6,673$ (8%) (8%) Used vehicles 1,442$ 1,704$ 1,553$ 1,731$ 2,172$ (15%) (34%) F&I 2,421$ 2,473$ 2,472$ 2,448$ 2,349$ (2%) 3%
35 Non-GAAP Reconciliation – Quarterly Trend – Franchised Dealerships Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Reported income (loss) before taxes 53.9$ 146.3$ 162.1$ 163.8$ 149.2$ (63%) (64%) Impairment charges 115.5 - - - - NM NM Segment income (loss) 169.4$ 146.3$ 162.1$ 163.8$ 149.2$ 16% 14% Acquisition and disposition-related (gain) loss (9.1) - - - 1.2 NM NM Long-term compensation charges - - 4.4 - - NM NM Loss on debt extinguishment - - - - 15.6 NM NM Adjusted segment income (loss) 160.3$ 146.3$ 166.5$ 163.8$ 166.0$ 10% (3%) Reported SG&A expenses (298.1)$ (332.0)$ (327.6)$ (315.2)$ (282.8)$ 10% (5%) Acquisition and disposition-related (gain) loss (9.1) - - - 1.2 NM NM Long-term compensation charges - - 4.4 - - NM NM Adjusted SG&A expenses (307.2)$ (332.0)$ (323.2)$ (315.2)$ (281.6)$ 7% (9%) Adjusted SG&A expenses as a percentage of gross profit 58.3% 62.4% 59.9% 59.8% 57.5% 410 bps (80) bps Income (loss) before taxes 53.9$ 146.3$ 162.1$ 163.8$ 149.2$ NM NM Non-floor plan interest 22.0 19.9 19.1 19.0 16.2 NM NM Depreciation and amortization 27.4 27.3 26.4 25.9 23.4 NM NM Stock-based compensation expense 3.6 3.8 4.2 4.4 3.8 NM NM Impairment charges 115.5 - - - - NM NM Loss on debt extinguishment - - - - 15.6 NM NM Long-term compensation charges - - 4.4 - - NM NM Acquisition and disposition-related (gain) loss (9.2) 0.5 0.1 (1.1) 0.5 NM NM Adjusted EBITDA 213.2$ 197.8$ 216.3$ 212.0$ 208.4$ 8% 2%
36 GAAP Income Statement – Quarterly Trend – EchoPark Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Revenues: Retail new vehicles 2.0$ 1.6$ 1.2$ 4.5$ 4.6$ 24% (57%) Used vehicles 515.5 511.4 574.5 515.3 497.0 1% 7% Wholesale vehicles 27.3 38.9 42.1 62.4 36.5 (30%) (25%) Total vehicles 544.8 551.9 617.8 582.2 538.1 (1%) 4% Finance, insurance and other, net ("F&I") 44.5 38.9 43.1 39.9 41.1 14% 8% Total revenues 589.3 590.8 660.9 622.1 579.2 0% 2% Gross profit: Retail new vehicles 0.2 (0.6) 0.7 0.8 0.7 132% (75%) Used vehicles (3.6) 5.0 2.4 0.7 (3.7) (173%) 14% Wholesale vehicles (0.3) (0.1) 1.6 1.9 2.8 (166%) (110%) Total vehicles (3.7) 4.3 4.7 3.4 (0.2) (187%) (446%) Finance, insurance and other, net 44.5 38.9 43.1 39.9 41.1 14% 8% Total gross profit 40.8 43.2 47.8 43.3 40.9 (6%) 0% SG&A expenses (62.3) (63.4) (72.9) (71.2) (60.5) 2% (3%) Impairment charges (204.9) - - - (0.1) NM NM Depreciation and amortization (7.0) (6.7) (5.9) (5.1) (4.8) (4%) (45%) Operating income (loss) (233.4) (26.9) (31.0) (33.0) (24.5) (766%) (847%) Interest expense, floor plan (3.9) (3.0) (2.2) (1.6) (1.5) (30%) (162%) Interest expense, other, net (0.9) (1.1) (1.0) (0.8) (0.7) 21% (31%) Other income (expense), net - - - 0.1 - NM NM Income (loss) before taxes (238.2)$ (31.0)$ (34.2)$ (35.3)$ (26.7)$ (667%) (789%) Unit sales volume: Retail new vehicles 26 45 37 44 59 (42%) (56%) Used vehicles 17,435 15,245 16,496 14,931 15,649 14% 11% Wholesale vehicles 2,444 2,449 2,694 3,649 2,436 0% 0% Gross profit per unit ("GPU"): Total used vehicle and F&I 2,340$ 2,869$ 2,751$ 2,707$ 2,344$ (18%) 0%
37 Non-GAAP Reconciliation – Quarterly Trend – EchoPark Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Reported income (loss) before taxes (238.2)$ (31.0)$ (34.2)$ (35.3)$ (26.7)$ (667%) (789%) Impairment charges 204.9 - - - 0.1 NM NM Segment income (loss) (33.3)$ (31.0)$ (34.2)$ (35.3)$ (26.6)$ (7%) (25%) Long-term compensation charges - - - - 6.5 NM NM Adjusted segment income (loss) (33.3)$ (31.0)$ (34.2)$ (35.3)$ (20.1)$ (7%) (65%) Reported SG&A expenses (62.3)$ (63.4)$ (72.9)$ (71.2)$ (60.5)$ 2% (3%) Long-term compensation charges - - - - 6.5 NM NM Adjusted SG&A expenses (62.3)$ (63.4)$ (72.9)$ (71.2)$ (54.0)$ 2% (15%) Adjusted SG&A expenses as a percentage of gross profit 152.8% 146.8% 152.6% 164.4% 132.2% (600) bps (2,060) bps Income (loss) before taxes (238.2)$ (31.0)$ (34.2)$ (35.3)$ (26.7)$ NM NM Non-floor plan interest 0.9 1.1 1.0 0.7 0.7 NM NM Depreciation and amortization 7.0 6.8 5.9 5.1 4.9 NM NM Impairment charges 204.9 - - - 0.1 NM NM Long-term compensation charges - - - - 6.5 NM NM Adjusted EBITDA (25.4)$ (23.2)$ (27.3)$ (29.5)$ (14.6)$ 9% 74%
38 GAAP Income Statement – Quarterly Trend – Powersports Segment NM = Not MeaningfulNote: Gross Profit Per Unit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions, except unit and per unit data) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Revenues: Retail new vehicles 18.8$ 10.6$ 1.3$ 1.1$ -$ 78% NM Used vehicles 2.1 0.2 3.0 1.8 - 841% NM Wholesale vehicles 0.1 - 0.1 - - 62% NM Total vehicles 21.0 10.8 4.4 3.0 - 94% NM Parts, service and collision repair 6.3 5.3 - - - 19% NM Finance, insurance and other, net ("F&I") 1.3 0.9 0.3 0.2 - 48% NM Total revenues 28.6 17.0 4.7 3.2 - 68% NM Gross profit: NM Retail new vehicles 3.6 2.1 0.4 0.3 - 70% NM Used vehicles 0.7 (0.3) 1.0 0.6 - 316% NM Wholesale vehicles - - - - - 0% NM Total vehicles 4.3 1.8 1.4 0.9 - 137% NM Parts, service and collision repair 3.1 2.7 - - - 15% NM Finance, insurance and other, net 1.3 0.9 0.3 0.2 - 48% NM Total gross profit 8.7 5.4 1.7 1.1 - 61% NM SG&A expenses (5.9) (3.6) (2.3) (0.6) - (66%) NM Impairment charges - - - - - NM NM Depreciation and amortization (0.6) (0.2) (0.1) (0.1) - (108%) NM Operating income (loss) 2.2 1.6 (0.7) 0.4 - 42% NM Interest expense, floor plan - - - - - NM NM Interest expense, other, net (0.6) (0.4) - - - (42%) NM Other income (expense), net 0.2 - - - - NM NM Income (loss) before taxes 1.8$ 1.2$ (0.7)$ 0.4$ -$ 51% NM Unit sales volume: Retail new vehicles 1,013 490 48 41 - 107% NM Used vehicles 237 177 112 64 - 34% NM Wholesale vehicles 34 1 - - - NM NM Gross profit per unit ("GPU"): Retail new vehicles 3,535$ 4,304$ 7,401$ 6,829$ NM (18%) NM Used vehicles 2,860$ (1,773)$ 9,000$ 9,433$ NM 261% NM F&I 1,026$ 1,297$ 1,933$ 1,643$ NM (21%) NM
39 Non-GAAP Reconciliation – Quarterly Trend – Powersports Segment NM = Not MeaningfulNote: SG&A Expenses As A Percentage Of Gross Profit Metrics Are Calculated Based On Actual Unrounded Amounts Q4 2022 Better / (Worse) % Change (In millions) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Sequential Year-Over-Year Reported income (loss) before taxes 1.8$ 1.2$ (0.7)$ 0.4$ -$ 51% NM Impairment charges - - - - - NM NM Segment income (loss) 1.8$ 1.2$ (0.7)$ 0.4$ -$ 51% NM Long-term compensation charges - - - - - NM NM Adjusted segment income (loss) 1.8$ 1.2$ (0.7)$ 0.4$ -$ 51% NM Reported SG&A expenses (5.9)$ (3.6)$ (2.3)$ (0.6)$ -$ (66%) NM Acquisition and disposition-related (gain) loss - - - - - NM NM Long-term compensation charges - - - - - NM NM Adjusted SG&A expenses (5.9)$ (3.6)$ (2.3)$ (0.6)$ -$ (66%) NM Adjusted SG&A expenses as a percentage of gross profit 68.4% 66.2% 135.2% 53.2% NM (220) bps NM Income (loss) before taxes 1.8$ 1.2$ (0.7)$ 0.4$ -$ NM NM Non-floor plan interest 0.6 0.4 - - - NM NM Depreciation and amortization 0.5 0.2 0.1 0.1 - NM NM Impairment charges - - - - - NM NM Long-term compensation charges - - - - - NM NM Adjusted EBITDA 2.9$ 1.8$ (0.6)$ 0.5$ -$ 61% NM
40 Non-GAAP Reconciliation – Adjusted EBITDA – EchoPark Segment (In millions) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Income (loss) before taxes (4.4)$ (4.0)$ (14.7)$ (27.8)$ (5.5)$ (6.2)$ 0.2$ 1.7$ 2.1$ (14.5)$ Non-floor plan interest 0.3 0.3 0.3 0.4 0.5 0.4 0.5 0.4 0.5 0.4 Depreciation and amortization 1.3 1.3 1.7 1.9 2.0 2.2 2.4 2.7 2.7 2.8 Stock-based compensation expense - - - - - - - - - - Loss (gain) on exit of leased dealerships - - - - - - - - - - Impairment charges - - 0.1 - - 1.5 1.9 - 1.1 16.6 Loss (gain) on debt extinguishment - - - - - - - - - - Long-term compensation charges - - - - - - - - - - Acquisition and disposition-related (gain) loss - - - - - - - - - - Adjusted EBITDA (2.8)$ (1.1)$ (3.4)$ (2.2)$ (3.0)$ (2.1)$ 5.0$ 4.8$ 6.4$ 5.3$ (In millions) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Income (loss) before taxes 2.1$ 2.6$ 0.2$ (0.8)$ 2.0$ (14.4)$ (32.9)$ (26.8)$ (35.3)$ (34.2)$ (31.1)$ (238.2)$ Non-floor plan interest 0.4 0.2 0.1 0.2 0.4 0.3 0.3 0.7 0.7 1.0 1.1 0.9 Depreciation and amortization 2.7 2.8 2.8 2.9 3.3 4.2 4.0 4.9 5.1 5.9 6.8 7.0 Stock-based compensation expense - - - - - - - - - - - - Loss (gain) on exit of leased dealerships - - - - - - - - - - - - Impairment charges - - - - - - - 0.1 - - - 204.9 Loss (gain) on debt extinguishment - - - - - - - - - - - - Long-term compensation charges - - - - 0.5 0.5 0.5 6.5 - - - - Acquisition and disposition-related (gain) loss - - - (5.2) - - (0.4) - - - - - Adjusted EBITDA 5.2$ 5.6$ 3.1$ (2.9)$ 6.2$ (9.4)$ (28.5)$ (14.6)$ (29.5)$ (27.3)$ (23.2)$ (25.4)$
® ®
®投资者关系部联系人：索尼克汽车公司投资者关系和财务报告副总裁丹尼·维兰德