®Sonic Automotive-投資者演示文稿2022年10月更新2022年10月27日展覽99.2
2前瞻性陳述本報告包含“1995年私人證券訴訟改革法”所指的“前瞻性陳述”。這些陳述與未來事件有關，不是歷史事實，是基於我們目前對我們的業務、經濟和其他未來狀況的預期和假設。這些陳述通常可以通過諸如“可能”、“將”、“應該”、“可能”、“相信”、“期望”、“估計”、“預期”、“打算”、“計劃”、“預見”和其他類似的詞語或短語來識別。描述我們公司的目標、計劃或目標的陳述也是前瞻性陳述。我們可能在本演示文稿中討論的此類前瞻性信息的例子包括但不限於新冠肺炎及其新變種對運營的影響、我們預期的未來新車銷量、收入和盈利能力、我們預期未來的二手車銷量、收入和盈利能力、未來消費者對新車和二手車的需求水平、我們預期的未來零部件、服務和碰撞維修(“固定運營”)的毛利潤、我們預期的開支削減、長期的年度收入和盈利目標、預期的未來增長資本支出、盈利能力和我們生態園區部門的定價預期。EchoPark的全方位渠道戰略，預計未來EchoPark人口覆蓋範圍，預計未來EchoPark收入和單位銷售量，我們特許經銷商部門的預期未來業績和增長，預期流動資金狀況，預計行業新車銷量，增長和運營戰略的實施，包括收購經銷商和物業，預期未來收購協同效應, RFJ汽車收購的整合、向股東返還資本、預期未來的成功和實施我們的戰略舉措的影響，以及每股收益預期。請注意，這些前瞻性陳述不是對未來業績的保證，涉及風險和不確定因素，由於各種因素，實際結果可能與前瞻性陳述中預測的結果大不相同。這些風險和不確定性包括但不限於我們經營所在市場的經濟狀況、供應鏈中斷和製造延遲、勞動力短缺、通脹和利率上升的影響、新車和二手車行業銷量、我們運營策略的成功、整體經濟擴張或收縮的速度和時機、以及公司在提交給美國證券交易委員會(“美國證券交易委員會”)的截止到2021年12月31日的10-K表格年度報告和其他報告和信息中描述的風險因素。這些前瞻性陳述、風險、不確定性和其他因素僅代表截至本報告發表之日的情況。我們沒有義務更新任何此類聲明，除非聯邦證券法和美國證券交易委員會的規則和法規要求這樣做。
3公司概述
4®音速汽車：我們是誰快速事實(紐約證券交易所代碼：SAH)財富500強公司和全國最大的汽車零售商之一163 25+24 17 124億美元19億美元10.3K新車銷售總收入汽車品牌地點二手車銷售碰撞中心州毛利潤注：地點統計截至2022年10月27日。收入、毛利潤、新車和二手車銷售是2021財年我們的核心特許經銷部門是一項全方位服務的汽車零售業務，擁有跨多個業務線的戰略增長槓桿和多元化的品牌組合我們的高增長潛力EchoPark部門為二手車和F&I銷售提供了一種獨特的方法，以低於市場的價格定價，沒有討價還價的購買體驗推動行業領先的二手車產量
5投資突出特許經銷商的多重增長和利潤驅動因素獨特的、高回報潛力的EchoPark業務模式廣泛的收入來源多樣化互補關係-Sonic特許經銷商和EchoPark紀律嚴明的資本分配，以推動股東回報專注於費用控制和保持強勁的資產負債表
6按地理位置劃分的收入構成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%廣泛的地理分佈地理足跡、收入流和品牌組合在整個汽車零售領域提供具有吸引力的多樣化注意：百分比是截至2022年9月30日的九個月總收入的百分比
7收入構成-多元化收入來源注：百分比為截至2022年9月30日的九個月總收入的百分比5%29%11%34%44%8%40%29%收入二手車(包括批發)零件、服務及防撞修理(“固定業務”)財務及保險(“F&I”)品牌分佈注：百分比為截至9月30日的九個月總收入的百分比，2022品牌佔收入的百分比特許經營品牌佔收入的百分比寶馬20%奔馳10%奧迪5%雷克薩斯4%保時捷3%路虎3%凱迪拉克2%沃爾沃1%其他豪華車(1)4%本田8%豐田7%大眾1%現代1%日產1%其他進口(2)
8®EchoPark汽車-一個獨特的增長故事不斷增長的全國分銷網絡獨特的，高回報潛力的商業模式專注於高質量的二手車，店內或在線預計到2025年將達到美國人口的90%，價格最高可低於市場價3,000美元與簡化，輕鬆的購買體驗專注於二手車市場-比新車市場大2.5倍，更穩定的新車替代™價格。質量。體驗。注：預期美國人口可及範圍是一項預測，實際結果可能有所不同。請參閲“前瞻性陳述”。
9特許經銷商®®細分市場之間的互補關係·當新汽車行業健康發展時蓬勃發展，特別是在豪華品牌強大的地方·多元化收入來源·相對較低的固定成本和多個戰略槓桿·進一步的增長機會：零部件和服務業務二手車F&I滲透費用槓桿戰略收購·強勁的長期增長階段，原因是：專注於高度分散的二手車市場低於-市場定價策略簡化，輕鬆的購買體驗·在二手車價格不斷下降的環境下，生態公園應該：受益於快速的庫存週轉，創造比競爭對手更大的定價優勢，推動額外的單位銷售量
10個戰略方向·部件和服務的持續增長機會、單位F&I·通過SG&A費用控制、庫存管理不斷提高盈利能力·隨着市場的發展尋求戰略收購機會·利用現有基礎設施支持全方位分銷網絡·早期強勁的長期增長階段·迄今為止，美國人口覆蓋率超過50%，預計到2025年覆蓋率將達到90%·不斷增長的電子商務業務提供了可擴展的增量覆蓋範圍·成熟時每年200萬輛汽車的潛在市場機會·投資於專有數字零售平臺以加速增長·專注於客户體驗以推動市場份額增長·平衡資本分配戰略優先考慮最高投資回報·通過股票回購計劃和股息(2022年10月，Sonic董事會批准將季度現金股息增加12%，至每股0.28美元)特許經銷商EchoPark戰略驅動因素：盈利能力、單位銷售量和人口覆蓋預測是對未來業績的估計。實際結果可能會有所不同。請參閲“前瞻性陳述”。
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股份回購的影響2022年回購520萬股，或佔截至2021年12月31日未償還股份總數的13%$4.81億美元剩餘回購授權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類和B類未償還股份總數
13家特許經銷商
14新車和二手車銷售和服務(P&S)金融和保險(F&I)®特許經銷商特許經銷111個品牌，豪華重量25+多元化收入來源·新車和二手車銷售·部件服務(P&S)·金融和保險(F&I)碰撞維修中心17 18個州穩定的業務，具有有機和收購增長機會通過經濟週期彈性和靈活的商業模式
15家特許經銷商-地理足跡多元化地理市場平臺111家門店，25個以上品牌，17個碰撞修復中心
16家特許經銷商-戰略增長槓桿成熟現金流+多種增長驅動因素尋求戰略收購機會增長部件和服務保有量最大化F&I滲透率高二手車吞吐量數據驅動庫存管理應用EchoPark L收益開發全方位渠道平臺SG&A費用紀律通過收購實現協同效應
17 EchoPark
18 EchoPark-品牌承諾高達40%的新車價格低於二手車市場價格高達3,000美元以下的二手車高質量的二手車提供保修透明的以客人為中心的體驗新車感覺沒有新車價格在一小時內完成購買與每輛車免費Carfax報告購買和銷售您的方式-現場或在線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-發展中的全國分銷網絡到2025年實現了50%以上的人口覆蓋率目標90%的人口覆蓋率注：未來的地點和美國人口覆蓋率是基於預測的。實際結果可能會有所不同。請參閲“前瞻性陳述”。現有配送中心未來配送中心覆蓋區域現有零售樞紐未來市場機會
20 EchoPark-可尋址的市場機會*適合1-4年舊車型的車輛在現有EchoPark市場中的份額目標到2025年人口覆蓋率90%，全國分銷網絡目標10%的市場份額已經達到這一份額*在價格最高低於市場價3,000美元的大多數成熟市場，消費者可以以相同價格購買較新的汽車，價格最高可低於40%新車轉換潛在的新車買家200萬機會1500萬+1-4年舊車600萬+5-6年舊車1300萬輛新車長期戰略仍然專注於近新、1-4年的舊車細分市場，儘管最近進行了戰略調整，將5年以上的舊車庫存包括在內，年零售車銷量
21 EchoPark-配送中心模式現有零售樞紐示例配送中心市場覆蓋機會配送中心模式·利用附近的零售樞紐進行庫存存儲和更新(資產輕型擴展)·在周圍市場在線宣傳庫存·推動新市場的遞增電子商務銷售·在線評估和確定購買優惠後檢查和從客人那裏購買車輛·安排車輛運輸到配送中心·客人在離他們家最近的EchoPark配送中心提車(即倒數第二英里的送貨)戰略優勢·以最小的資本支出或管理成本加速進入新市場·相同的以客人為中心的購買體驗便利性·實體配送網絡和電子商務配送網絡的融合創造了運營槓桿配送中心市場·預計每個零售中心在到期時支持3至4個配送中心·目標是傳統經銷房地產無法提供或成本過高的鄰近二級市場或大型大都市市場
22 EchoPark-行業逆風與行動計劃行業逆風·供應鏈中斷繼續抑制新車生產和庫存水平·二手車公司繼續成為二手車拍賣市場的淨買家，但支付的價格沒有2022年上半年那麼高(導致2022年第三季度三年期舊車曼海姆價格下降8.9%)·二手車價格佔新價的百分比為67%(通常在55%-60%範圍內)繼續對可負擔性產生負面影響·10月至今，三年期舊車曼海姆價格下降2.7%，現在比2022年下降了15.7%·10月份拍賣了55%-60%的上市商品(批發需求持續放緩的指標，近期價格進一步下跌的風險)EchoPark行動計劃正在進行中·擴大庫存，將5年以上的舊車納入所有市場，推動庫存採購成本和零售價格下降, 擴大客户細分市場，同時受益於消費者的負擔能力和單位毛利潤(“GPU”)·實施營銷戰略，從非拍賣來源採購更多車輛(歷史上不到庫存的10%)·於2022年6月推出新的EchoPark.com，以實現電子商務服務的現代化，並推動更高的銷售效率和銷量·EchoPark品牌發佈-提高消費者意識和廣告覆蓋範圍，超越低價領導者·EchoPark有針對性的費用削減預計將在2022年第4季度推動盈利能力的進一步提高，EchoPark EBITDA將在2023年第二季度實現盈虧平衡·繼續專注於保持二手競爭細分市場EchoPark行動計劃中的最高聲譽到目前為止的結果·非拍賣採購組合從2022年第二季度的25%提高到2022年第三季度的32%(歷史上不到10%)·較老的車型年隊列車輛(5年以上)佔2022年第三季度EchoPark單位銷售額的19%(高於2022年第二季度的9%)，與1至4年的舊車相比，平均售價低30%，總圖形處理器多1,850美元·2022年第三季度新EchoPark.com電子商務結果(2022年6月發佈至100%的網絡流量)·2022年第三季度全方位渠道交易佔EchoPark零售單元量的31%(高於2022年第二季度的19%)，其中7%的EchoPark單元量是端到端在線銷售(2022年第二季度為7%)·60%的銷售量從市場發貨·在線餐飲附件繼續超出預期，平均為每台2,325美元(高於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(百萬美元)2021年第四季度開始的季度使用零售單位季度收入減少單位數量管理庫存水平和緩解運營虧損的戰略調整的結果
24 EchoPark-調整後EBITDA趨勢(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$10調整後的EBITDA減去新門店的影響(單位為百萬美元)當前的員工人數和SG&A結構基於一旦暫時使用定價環境正常化後預計的更高的單位銷售量預測計算和調節調整後EBITDA(非公認會計準則衡量標準)截至2022年7月2022年8月2022年9月2022年第三季度調整後EBITDA合計EchoPark$(7.1)$(7.4)$(6.9)$(21.4)商店開業的影響
25全方位渠道戰略
26全方位基礎架構客户體驗經理集中評估、庫存採購、定價集中呼叫支持集中式F&I數字接口人員專有技術集中營銷開發並推出電子商務平臺B u y&S e l l Yo u r Wa專有能力在線購買汽車或在兩者之間的任何步驟轉換為全方位利用SIMS、Python Analytics、機器人流程自動化、超智能技術現場在線銷售
27按您的方式購買和銷售·使用現代、技術支持的方法完成傳統的車輛購買體驗·可在一小時內完成·在線研究，利用聊天、文本、電話、縮放功能減少面對面流程·審查和選擇保險產品和融資選項·包括在線折價評估和確定購買優惠·在幾分鐘內完成完整的電子商務交易·在特許經銷商、EchoPark零售中心或EchoPark交付中心進行便捷的試駕和最終購買開始在線購買和銷售現場完成或完全在線購買現場購買·我們的實體店和電子商務戰略相結合，允許客人選擇他們首選的購買方式·具有選項的靈活、以客人為中心的體驗·將無縫連接到客人，無論他們選擇哪條路徑，都代表着2022年第三季度EchoPark單位銷售額的31%
28到目前為止，新的EchoPark.com結果在2022年6月實現了100%的全國網絡流量轉換率比舊網站高出30%2022年第三季度F&I每台2325美元超過了端到端在線F&I產品銷售的預測2022年第三季度市場已售出近60%的車輛推動了增量覆蓋技術網站的改進-退貨率提高了90%，站點停留時間提高了33%，每次頁面數增加了33%
29附錄
30 Non-GAAP Reconciliation – Segment Income – QTD Franchised Dealerships Segment EchoPark Segment Consolidated (In millions, except unit data) Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Revenues 2,840.3$ 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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®投資者關係部聯繫人：索尼克汽車公司(紐約證券交易所市場代碼：SAH)丹尼·維蘭德，副總裁總裁