Sonic Automotive Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Sonic Automotive Inc. filed its Q1 2024 10-Q report on April 25, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

SONIC AUTOMOTIVE INC (SAH) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Sonic Automotive Inc. reported Q1 2024 results on April 25, 2024. The filing covers the period ending March 31, 2024. The company's fiscal year ends on December 31st. Sonic Automotive Inc. is incorporated in Delaware. The company's principal business address is in Charlotte, NC.

Why It Matters

For investors and stakeholders tracking SONIC AUTOMOTIVE INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Sonic Automotive Inc. Understanding these results is crucial for assessing the company's current financial health, growth trajectory, and potential risks in the automotive retail sector.

Risk Assessment

Risk Level: low — SONIC AUTOMOTIVE INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for detailed segment performance and any updates on share repurchase programs.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 5500 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• SONIC AUTOMOTIVE INC (company) — FILER
• 0001043509 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• NC (company) — STATE
• 704-566-2400 (company) — BUSINESS PHONE
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240425 (date) — FILED AS OF DATE
• 1934 Act (regulator) — SEC ACT

FAQ

Industry Context

Sonic Automotive Inc. operates in the automotive retail sector, which is subject to economic conditions, consumer spending, and inventory levels.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze segment performance, particularly in new and used vehicle sales, and parts/service.
3. Track any future announcements regarding share repurchases or other capital allocation strategies.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the company's 2023 Annual Report on Form 10-K.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share SAH New York Stock Exchange

Filing Documents

• sah-20240331.htm (10-Q) — 2497KB
• q12024ex31-1cfocertificati.htm (EX-31.1) — 9KB
• q12024ex31-2ceocertificati.htm (EX-31.2) — 9KB
• q12024exhibit321.htm (EX-32.1) — 4KB
• q12024exhibit322.htm (EX-32.2) — 4KB
• 0001043509-24-000043.txt (&nbsp;) — 9097KB
• sah-20240331.xsd (EX-101.SCH) — 107KB
• sah-20240331_cal.xml (EX-101.CAL) — 121KB
• sah-20240331_def.xml (EX-101.DEF) — 509KB
• sah-20240331_lab.xml (EX-101.LAB) — 1011KB
• sah-20240331_pre.xml (EX-101.PRE) — 803KB
• sah-20240331_htm.xml (XML) — 508KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Operations 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 58

– OTHER INFORMATION

PART II – OTHER INFORMATION 59

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 5. Other Information 62

Exhibits

Item 6. Exhibits 63

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SONIC AUTOMOTIVE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 2023 (Dollars and shares in millions, except per share amounts) Revenues: Retail new vehicles $ 1,455.8 $ 1,442.8 Fleet new vehicles 19.6 18.8 Total new vehicles 1,475.4 1,461.6 Used vehicles 1,215.6 1,344.9 Wholesale vehicles 77.3 85.6 Total vehicles 2,768.3 2,892.1 Parts, service and collision repair 446.7 430.5 Finance, insurance and other, net 169.0 168.6 Total revenues 3,384.0 3,491.2 Cost of sales: Retail new vehicles ( 1,359.4 ) ( 1,304.7 ) Fleet new vehicles ( 18.9 ) ( 17.9 ) Total new vehicles ( 1,378.3 ) ( 1,322.6 ) Used vehicles ( 1,168.6 ) ( 1,314.9 ) Wholesale vehicles ( 78.1 ) ( 82.6 ) Total vehicles ( 2,625.0 ) ( 2,720.1 ) Parts, service and collision repair ( 222.8 ) ( 217.6 ) Total cost of sales ( 2,847.8 ) ( 2,937.7 ) Gross profit 536.2 553.5 Selling, general and administrative expenses ( 392.2 ) ( 412.8 ) Impairment charges ( 1.0 ) — Depreciation and amortization ( 36.3 ) ( 34.3 ) Operating income 106.7 106.4 Other income (expense): Interest expense, floor plan ( 20.3 ) ( 14.6 ) Interest expense, other, net ( 29.0 ) ( 28.4 ) Other income (expense), net 0.1 0.2 Total other income (expense) ( 49.2 ) ( 42.8 ) Income before taxes 57.5 63.6 Provision for income taxes - benefit (expense) ( 15.5 ) ( 15.9 ) Net income $ 42.0 $ 47.7 Basic earnings per common share: Earnings per common share $ 1.24 $ 1.33 Weighted-average common shares outstanding 34.0 35.9 Diluted earnings per common share: Earnings per common share $ 1.20 $ 1.29 Weighted-average common shares outstanding 34.9 36.9 See notes to unaudited condensed consolidated financial statements. 1 SONIC AUTOMOTIVE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS ( Unaudited) Three Months Ended March 31, 2024 2023 (Dollars in millions) Net income $ 42.0 $ 47.7 Other comprehensive

View Full Filing

View this 10-Q filing on SEC EDGAR