XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | 9. Segment Information As of September 30, 2022, Sonic had two operating segments: (1) retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle maintenance, warranty and repair services, and arrange finance and insurance products (the “Franchised Dealerships Segment”); and (2) pre-owned vehicle specialty retail locations that provide guests an opportunity to search our nationwide inventory, purchase a pre-owned vehicle, select finance and insurance products and sell their current vehicle to us (the “EchoPark Segment”). Sonic has determined that its operating segments also represent its reportable segments. The reportable segments identified above are the business activities of Sonic for which discrete financial information is available and for which operating results are regularly reviewed by Sonic’s chief operating decision maker to assess operating performance and allocate resources. Sonic’s chief operating decision maker is a group of three individuals consisting of: (1) the Company’s Chief Executive Officer; (2) the Company’s President; and (3) the Company’s Chief Financial Officer. Reportable segment financial information for the three and nine months ended September 30, 2022 and 2021 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Revenues: |  |  |  |  |  |  |
Franchised Dealerships Segment revenues: |  |  |  |  |  |  |
Retail new vehicles | $ | 1,359.6 |  |  | $ | 1,124.5 |  |  | $ | 4,047.1 |  |  | $ | 3,710.8 |
Fleet new vehicles | 32.0 |  |  | 18.9 |  |  | 70.0 |  |  | 50.9 |
Total new vehicles | $ | 1,391.6 |  |  | $ | 1,143.4 |  |  | $ | 4,117.1 |  |  | $ | 3,761.7 |
Used vehicles | 842.4 |  |  | 750.3 |  |  | 2,568.1 |  |  | 2,173.3 |
Wholesale vehicles | 75.8 |  |  | 64.1 |  |  | 261.2 |  |  | 183.2 |
Parts, service and collision repair | 404.7 |  |  | 339.9 |  |  | 1,183.4 |  |  | 994.1 |
Finance, insurance and other, net | 125.8 |  |  | 111.8 |  |  | 382.1 |  |  | 333.5 |
Franchised Dealerships Segment revenues | $ | 2,840.3 |  |  | $ | 2,409.5 |  |  | $ | 8,511.9 |  |  | $ | 7,445.8 |
EchoPark Segment revenues: |  |  |  |  |  |  |
Retail new vehicles | $ | 13.5 |  |  | $ | 3.5 |  |  | $ | 21.6 |  |  | $ | 4.4 |
Used vehicles | 515.6 |  |  | 574.5 |  | 1,610.2 |  |  | 1,535.6 |
Wholesale vehicles | 38.9 |  |  | 33.0 |  |  | 143.6 |  |  | 73.5 |
Finance, insurance and other, net | 39.8 |  |  | 52.3 |  |  | 123.2 |  |  | 152.6 |
EchoPark Segment revenues | $ | 607.8 |  |  | $ | 663.3 |  |  | $ | 1,898.6 |  |  | $ | 1,766.1 |
Total consolidated revenues | $ | 3,448.1 |  |  | $ | 3,072.8 |  |  | $ | 10,410.5 |  |  | $ | 9,211.9 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Income (Loss) (1): |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 146.3 |  |  | $ | 145.1 |  |  | $ | 472.2 |  |  | $ | 381.1 |
EchoPark Segment | (29.9) |  |  | (32.9) |  |  | (99.7) |  |  | (45.3) |
Income from continuing operations before taxes | $ | 116.4 |  |  | $ | 112.2 |  |  | $ | 372.5 |  |  | $ | 335.8 |
(1)Segment income (loss) for each segment is defined as income (loss) from continuing operations before taxes and impairment charges.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Depreciation and Amortization: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 25.8 |  |  | $ | 21.2 |  |  | $ | 75.8 |  |  | $ | 62.3 |
EchoPark Segment | 7.0 |  |  | 4.0 |  |  | 18.2 |  |  | 11.4 |
Total depreciation and amortization | $ | 32.8 |  |  | $ | 25.2 |  |  | $ | 94.0 |  |  | $ | 73.7 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Floor Plan Interest Expense: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 6.6 |  |  | $ | 2.0 |  |  | $ | 13.9 |  |  | $ | 9.2 |
EchoPark Segment | 3.0 |  |  | 1.3 |  |  | 6.7 |  |  | 3.5 |
Total floor plan interest expense | $ | 9.6 |  |  | $ | 3.3 |  |  | $ | 20.6 |  |  | $ | 12.8 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Interest Expense, Other, Net: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 21.4 |  |  | $ | 9.5 |  |  | $ | 61.7 |  |  | $ | 29.2 |
EchoPark Segment | 1.5 |  |  | 0.3 |  |  | 3.4 |  |  | 1.0 |
Total interest expense, other, net | $ | 22.9 |  |  | $ | 9.8 |  |  | $ | 65.1 |  |  | $ | 30.2 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Capital Expenditures: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 43.8 |  |  | $ | 53.8 |  |  | $ | 95.8 |  |  | $ | 122.0 |
EchoPark Segment | 53.5 |  |  | 22.7 |  |  | 101.8 |  |  | 59.5 |
Total capital expenditures | $ | 97.3 |  |  | $ | 76.5 |  |  | $ | 197.6 |  |  | $ | 181.5 |
| September 30, 2022 |  | December 31, 2021 |  |  |  |
| (In millions) |  |  |  |
Assets: |  |  |  |  |  |  |
Franchised Dealerships Segment | $ | 4,004.9 |  |  | $ | 3,934.9 |  |  |  |  |
EchoPark Segment | 684.4 |  |  | 740.6 |  |  |  |  |
Corporate and other: |  |  |  |  |  |  |
Cash and cash equivalents | 139.0 |  |  | 299.4 |  |  |  |  |
Other corporate assets | — |  |  | 0.2 |  |  |  |  |
Total assets | $ | 4,828.3 |  |  | $ | 4,975.1 |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration