Sonic Automotive Q3 2024 10-Q Filed

TL;DR

Sonic Auto's Q3 2024 10-Q is in. Check financials.

AI Summary

Sonic Automotive Inc. filed its Q3 2024 10-Q report on October 24, 2024. The filing covers the period ending September 30, 2024. Key financial details and operational updates are provided within the report, which is a standard quarterly filing for public companies.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Sonic Automotive, crucial for understanding the company's trajectory in the auto retail sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain new, material, or unexpected information.

Key Numbers

• 20240930 — Reporting Period End Date (The end date for the financial data presented in this 10-Q.)
• 20241024 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SONIC AUTOMOTIVE INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241024 (date) — Filing Date
• 4401 COLWICK ROAD (address) — Business and Mail Address
• CHARLOTTE (location) — City
• NC (location) — State
• 28211 (postal_code) — ZIP Code
• 704-566-2400 (phone_number) — Business Phone
• 001-13395 (identifier) — SEC File Number
• 2023 (date) — Reference Year for Annual Report

FAQ

Key Financial Figures

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

Filing Documents

• sah-20240930.htm (10-Q) — 3868KB
• q32024ex31-1cfocertificati.htm (EX-31.1) — 9KB
• q32024ex31-2ceocertificati.htm (EX-31.2) — 9KB
• q32024exhibit321.htm (EX-32.1) — 4KB
• q32024exhibit322.htm (EX-32.2) — 4KB
• 0001043509-24-000070.txt ( ) — 11208KB
• sah-20240930.xsd (EX-101.SCH) — 109KB
• sah-20240930_cal.xml (EX-101.CAL) — 121KB
• sah-20240930_def.xml (EX-101.DEF) — 518KB
• sah-20240930_lab.xml (EX-101.LAB) — 1030KB
• sah-20240930_pre.xml (EX-101.PRE) — 820KB
• sah-20240930_htm.xml (XML) — 748KB

– 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 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

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 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 80

Controls and Procedures

Item 4. Controls and Procedures 81

– OTHER INFORMATION

PART II – OTHER INFORMATION 82

Legal Proceedings

Item 1. Legal Proceedings 82

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 5. Other Information 85

Exhibits

Item 6. Exhibits 86

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SONIC AUTOMOTIVE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars and shares in millions, except per share amounts) Revenues: Retail new vehicles $ 1,566.8 $ 1,573.5 $ 4,575.2 $ 4,624.4 Fleet new vehicles 22.2 23.2 68.0 70.4 Total new vehicles 1,589.0 1,596.7 4,643.2 4,694.8 Used vehicles 1,180.7 1,340.4 3,582.5 3,991.2 Wholesale vehicles 67.2 79.3 215.8 256.3 Total vehicles 2,836.9 3,016.4 8,441.5 8,942.3 Parts, service and collision repair 479.0 453.4 1,369.8 1,327.6 Finance, insurance and other, net 175.6 173.7 517.2 517.7 Total revenues 3,491.5 3,643.5 10,328.5 10,787.6 Cost of sales (1): Retail new vehicles ( 1,479.2 ) ( 1,442.1 ) ( 4,293.4 ) ( 4,213.5 ) Fleet new vehicles ( 21.6 ) ( 22.3 ) ( 65.7 ) ( 67.3 ) Total new vehicles ( 1,500.8 ) ( 1,464.4 ) ( 4,359.1 ) ( 4,280.8 ) Used vehicles ( 1,139.5 ) ( 1,288.1 ) ( 3,449.6 ) ( 3,877.4 ) Wholesale vehicles ( 68.5 ) ( 80.7 ) ( 218.5 ) ( 255.8 ) Total vehicles ( 2,708.8 ) ( 2,833.2 ) ( 8,027.2 ) ( 8,414.0 ) Parts, service and collision repair ( 239.1 ) ( 228.1 ) ( 682.4 ) ( 669.0 ) Total cost of sales ( 2,947.9 ) ( 3,061.3 ) ( 8,709.6 ) ( 9,083.0 ) Gross profit 543.6 582.2 1,618.9 1,704.6 Selling, general and administrative expenses ( 392.1 ) ( 409.6 ) ( 1,177.4 ) ( 1,214.2 ) Impairment charges — — ( 2.4 ) ( 62.6 ) Depreciation and amortization ( 37.9 ) ( 35.2 ) ( 111.1 ) ( 105.7 ) Operating income 113.6 137.4 328.0 322.1 Other income (expense): Interest expense, floor plan ( 23.0 ) ( 17.4 ) ( 65.4 ) ( 48.9 ) Interest expense, other, net ( 29.8 ) ( 29.0 ) ( 88.1 ) ( 86.2 ) Other income (expense), net — 0.2 ( 0.5 ) 0.3 Total other income (expense) ( 52.8 ) ( 46.2 ) ( 154.0 ) ( 134.8 ) Income before taxes 60.8 91.2 174.0 187.3 Provision for income taxes - benefit (expense) 13.4 ( 22.8 ) ( 16.6 ) ( 47.8 ) Net income $ 74.2 $ 68.4 $ 157.4 $

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View this 10-Q filing on SEC EDGAR