Full Year Results Include All-Time Record Annual Revenues of $15.2 Billion, Up 7% from the Prior Year

全年业绩包括创纪录的 152 亿美元年收入，比去年增长 7%

All-Time Record Annual Gross Profit Driven by All-Time Records in Both Fixed Operations and F&I Gross Profit

创纪录的年度毛利润，得益于固定业务和金融服务毛利润的双重创纪录

All-Time Record Annual EchoPark and Powersports Segment Income and Adjusted EBITDA*

创纪录的年度 EchoPark 和动力运动部门收入及调整后 EBITDA*

CHARLOTTE, N.C.--(BUSINESS WIRE)--Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” "we," "us" or "our") (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.

北卡罗来纳州夏洛特 --（商业新闻）--Sonic Automotive, Inc.（“Sonic Automotive”，“Sonic”，“公司”，“我们” 或 “我们的”）（纽约证券交易所代码：SAH），作为全国最大的汽车零售商之一，今天公布了截至2025年12月31日的第四季度和财政年度的财务业绩。

Fourth Quarter 2025 Financial Summary

2025 年第四季度财务摘要

Total revenues of $3.9 billion, down 1% year-over-year; fourth quarter record total gross profit of $598.7 million, up 4% year-over-year
Reported net income of $46.9 million, down 20% year-over-year ($1.36 earnings per diluted share, down 19% year-over-year)
- Reported net income for the fourth quarter of 2025 includes a $5.3 million non-recurring income tax charge
- Reported net income for the fourth quarter of 2024 includes the effect of a $10.0 million pre-tax gain from cyber insurance proceeds and a $2.7 million net pre-tax acquisition and disposition related gain, offset partially by a $3.2 million pre-tax storm damage charge, a $1.5 million pre-tax charge related to non-cash impairment charges, and a $0.5 million pre-tax long-term compensation charge (collectively, these items are partially offset by a $2.0 million tax expense on the above net benefit)
Excluding the above items, adjusted fourth quarter net income* was $52.2 million, down 2% year-over-year ($1.52 adjusted earnings per diluted share*, up 1% year-over-year)
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 72.4% (71.4% on a Franchised Dealerships Segment basis, 78.9% on an EchoPark Segment basis, and 96.2% on a Powersports Segment basis)
Franchised Dealerships Segment revenues of $3.4 billion, flat year-over-year; fourth quarter record Franchised Dealerships Segment gross profit of $535.8 million, up 4% year-over-year
EchoPark Segment revenues of $480.7 million, down 5% year-over-year; fourth quarter record EchoPark Segment gross profit of $53.5 million, up 9% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 15,743 units, down 6% year-over-year
Reported EchoPark Segment income of $3.6 million, a 238% improvement year-over-year, as compared to a $2.6 million loss in the prior year period, and adjusted EchoPark Segment income* of $3.6 million, a 300% improvement year-over-year, as compared to a $1.8 million loss in the prior year period
Fourth quarter record EchoPark Segment adjusted EBITDA* of $8.8 million, up 110% year-over-year, as compared to $4.2 million in the prior year period
During the fourth quarter, Sonic repurchased approximately 0.6 million shares of its Class A Common Stock for an aggregate purchase price of approximately $38.3 million
Subsequent to December 31, 2025, Sonic’s Board of Directors approved a quarterly cash dividend of $0.38 per share, payable on April 15, 2026 to all stockholders of record on March 13, 2026

总收入为 39 亿美元，同比下降 1%；第四季度创纪录的总毛利润为 5.987 亿美元，同比增长 4%
报告的净收入为 4690 万美元，同比下降 20%（每股摊薄收益 1.36 美元，同比下降 19%）
- 2025 年第四季度报告的净收入包括 530 万美元的一次性所得税费用
- 2024 年第四季度报告的净收入包括来自网络保险赔偿的 1000 万美元税前收益的影响，以及 270 万美元的税前收购和处置相关收益，部分抵消了 320 万美元的税前风暴损失费用、150 万美元的税前非现金减值费用和 50 万美元的税前长期补偿费用（这些项目的净收益部分抵消了 200 万美元的税费）
不包括上述项目，调整后的第四季度净收入* 为 5220 万美元，同比下降 2%（每股调整后摊薄收益 1.52 美元，同比增长 1%）
报告的销售、一般和行政（“SG&A”）费用占毛利润的比例为 72.4%（特许经销商部门为 71.4%，EchoPark 部门为 78.9%，动力运动部门为 96.2%）
特许经销商部门收入为 34 亿美元，同比持平；第四季度特许经销商部门创纪录的毛利润为 5.358 亿美元，同比增长 4%
EchoPark 部门收入为 4.807 亿美元，同比下降 5%；第四季度 EchoPark 部门创纪录的毛利润为 535 万美元，同比增长 9%；EchoPark 部门零售二手车销量为 15743 辆，同比下降 6%
报告的 EchoPark 部门收入为 360 万美元，同比改善 238%，相比于去年同期的 260 万美元亏损，调整后的 EchoPark 部门收入* 为 360 万美元，同比改善 300%，相比于去年同期的 180 万美元亏损
第四季度 EchoPark 部门创纪录的调整后 EBITDA* 为 880 万美元，同比增长 110%，相比于去年同期的 420 万美元
在第四季度，Sonic 回购了约 60 万股 A 类普通股，总购买价格约为 3830 万美元
在2025年12月31日之后，Sonic 董事会批准每股 0.38 美元的季度现金股息，将于2026年4月15日支付给2026年3月13日的所有股东

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

* 请参阅下面关于非公认会计原则财务指标的讨论和调节。

Full Year 2025 Financial Summary

2025 年全年财务摘要

All-time record annual total revenues of $15.2 billion, up 7% year-over-year; all-time record annual total gross profit of $2.4 billion, up 9% year-over-year
Reported full year net income of $118.7 million, down 45% year-over-year ($3.42 earnings per diluted share, down 45% year-over-year)
- Reported net income for the full year 2025 includes the effect of a $5.0 million pre-tax charge related to storm damage, a $5.6 million pre-tax disposition-related loss, a $173.8 million pre-tax charge related to non-cash impairment charges in the second quarter, and a $0.7 million net pre-tax charge for legal settlement reserves, offset partially by a $40.0 million pre-tax gain from cyber insurance proceeds (collectively, these items are partially offset by a $39.9 million tax benefit on the above net charge), and a non-recurring income tax charge of $5.3 million.
- Reported net income for full year 2024 includes the effect of $13.4 million in excess compensation expense paid to our teammates related to the CDK outage, an $8.3 million pre-tax storm damage charge, $5.5 million in pre-tax severance and long-term compensation charges, a $3.9 million pre-tax charge related to non-cash impairment charges, and a $2.1 million pre-tax charge related to closed store accrued expenses, offset partially by a $10.0 million pre-tax gain from cyber insurance proceeds, a $5.6 million net pre-tax acquisition and disposition related gain, and a $3.0 million pre-tax gain on the exit of leased dealerships (collectively, these items are partially offset by a $3.8 million tax benefit on the above net charges), and a one-time income tax benefit of $31.0 million associated with an out of period adjustment correcting an error recorded in connection with the impairment of franchise assets in a prior period
Excluding these items, adjusted net income* was $229.2 million, up 17% year-over year ($6.60 adjusted earnings per diluted share*, up 18% year-over-year)
Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 70.4% (69.9% on a Franchised Dealerships Segment basis, 73.8% on an EchoPark Segment basis, and 77.7% on a Powersports Segment basis)
- Total adjusted SG&A expenses as a percentage of gross profit* of 71.6% (71.2% on a Franchised Dealerships Segment basis, 74.2% on an EchoPark Segment basis, and 75.8% on a Powersports Segment basis)
All-time record annual Franchised Dealerships Segment revenues of $12.9 billion, up 8% year-over-year; Franchised Dealerships Segment gross profit of $2.1 billion, up 8% year-over-year
EchoPark Segment revenues of $2.1 billion, down 3% year-over-year; all-time record annual EchoPark Segment gross profit of $233.9 million, up 13% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 67,636 units, down 2% year-over-year
Reported EchoPark Segment income of $28.1 million, up 703% year-over-year from $3.5 million in the prior year, and adjusted EchoPark Segment income* of $27.2 million, up 635% year-over year from $3.7 million in the prior year
All-time record annual EchoPark Segment adjusted EBITDA* of $49.2 million, up 78% year-over-year from $27.6 million in the prior year
All-time record annual Powersports Segment adjusted EBITDA* of $11.5 million, up 83% year-over-year from $6.3 million in the prior year
During 2025, Sonic repurchased approximately 1.3 million shares of its Class A Common Stock for an aggregate purchase price of approximately $82.4 million

创纪录的年度总收入为 152 亿美元，同比增长 7%；创纪录的年度总毛利为 24 亿美元，同比增长 9%
报告的全年净收入为 1.187 亿美元，同比下降 45%（每股摊薄收益 3.42 美元，同比下降 45%）
- 2025 年全年报告的净收入包括与风暴损害相关的 500 万美元税前费用、560 万美元税前处置相关损失、1738 万美元税前与非现金减值费用相关的费用，以及 70 万美元的法律和解准备金的净税前费用，部分抵消了来自网络保险赔偿的 4000 万美元税前收益（这些项目的总和部分抵消了上述净费用的 3990 万美元税收利益），以及 530 万美元的一次性所得税费用
- 2024 年全年报告的净收入包括与 CDK 停机相关支付给员工的 1340 万美元超额补偿费用、830 万美元的税前风暴损害费用、550 万美元的税前遣散和长期补偿费用、390 万美元的税前与非现金减值费用相关的费用，以及 210 万美元的税前与关闭门店应计费用相关的费用，部分抵消了来自网络保险赔偿的 1000 万美元税前收益、560 万美元的净税前收购和处置相关收益，以及 300 万美元的税前与租赁经销商退出相关的收益（这些项目的总和部分抵消了上述净费用的 380 万美元税收利益），以及 3100 万美元的一次性所得税收益，涉及对先前期间与特许经营资产减值相关的错误进行的调整
不包括这些项目，调整后的净收入* 为 2.292 亿美元，同比增长 17%（每股调整后收益 6.60 美元，增长 18% ）
报告的销售、一般和行政（“SG&A”）费用占毛利的比例为 70.4%（特许经销商部门为 69.9%，EchoPark 部门为 73.8%，Powersports 部门为 77.7%）
- 调整后的 SG&A 费用占毛利的比例为 71.6%（特许经销商部门为 71.2%，EchoPark 部门为 74.2%，Powersports 部门为 75.8%）
创纪录的年度特许经销商部门收入为 129 亿美元，同比增长 8%；特许经销商部门毛利为 21 亿美元，同比增长 8%
EchoPark 部门收入为 21 亿美元，同比下降 3%；创纪录的年度 EchoPark 部门毛利为 2.339 亿美元，同比增长 13%；EchoPark 部门零售二手车销量为 67,636 辆，同比下降 2%
报告的 EchoPark 部门收入为 2810 万美元，同比增长 703%，而去年为 350 万美元，调整后的 EchoPark 部门收入* 为 2720 万美元，同比增长 635%，而去年为 370 万美元
创纪录的年度 EchoPark 部门调整后 EBITDA* 为 4920 万美元，同比增长 78%，而去年为 2760 万美元
创纪录的年度 Powersports 部门调整后 EBITDA* 为 1150 万美元，同比增长 83%，而去年为 630 万美元
_在 2025 年，Sonic 回购了约 130 万股 A 类普通股，总购买价格约为 8240 万美元。

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

* 请参阅下面关于非公认会计原则财务指标的讨论和调整。

Commentary

“Our fourth quarter results reflect the strength of Sonic Automotive’s diversified business model and the disciplined execution of our long-term strategy,” said David Smith, Chairman and Chief Executive Officer of Sonic Automotive. “Despite a dynamic operating environment throughout 2025, our team delivered record performance across all three segments of our business. As we enter the new year, we remain focused on operational excellence, cost control, and continuing to deliver exceptional value to our guests and shareholders.”

“我们第四季度的业绩反映了 Sonic Automotive 多元化商业模式的强大和我们长期战略的严格执行，” Sonic Automotive 董事长兼首席执行官 David Smith 表示。“尽管在 2025 年面临动态的运营环境，我们的团队在所有三个业务部门都实现了创纪录的业绩。随着新年的到来，我们将继续专注于运营卓越、成本控制，并持续为我们的客户和股东提供卓越的价值。”

“Our operating teams executed with focus and consistency throughout the quarter, driving strong performance across our franchised dealership portfolio while continuing to optimize EchoPark's inventory and pricing strategy,” said Jeff Dyke, President of Sonic Automotive. “We remain disciplined in our approach to inventory management, expense control, and delivering an outstanding guest experience, and we are well positioned to build on this momentum as we move into 2026.”

“我们的运营团队在整个季度中保持专注和一致性，推动了我们特许经销商组合的强劲表现，同时继续优化 EchoPark 的库存和定价策略，” Sonic Automotive 总裁 Jeff Dyke 表示。“我们在库存管理、费用控制和提供卓越客户体验方面保持严格的纪律，我们在进入 2026 年时处于良好的位置，以继续推动这一势头。”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our fourth quarter financial results reflect disciplined cost management, strong cash flow generation, and continued balance sheet strength, with over $700 million of available liquidity as of December 31, 2025. We are committed to a prudent approach to capital allocation while investing strategically in our growth initiatives, positioning the company to remain flexible and financially resilient in a changing market environment.”

Sonic Automotive 首席财务官 Heath Byrd 补充道：“我们第四季度的财务结果反映了严格的成本管理、强劲的现金流生成和持续的资产负债表强劲，截至2025年12月31日可用流动资金超过 7 亿美元。我们致力于采取谨慎的资本配置方法，同时在我们的增长计划中进行战略投资，使公司在变化的市场环境中保持灵活和财务韧性。”

Fourth Quarter 2025 Segment Highlights

2025 年第四季度部门亮点

The financial measures discussed below are results for the fourth quarter of 2025 with comparisons made to the fourth quarter of 2024, unless otherwise noted.

以下讨论的财务指标是 2025 年第四季度的结果，除非另有说明，否则与 2024 年第四季度进行比较。

Franchised Dealerships Segment operating results include:
- Same store revenues down 5%; same store gross profit down 2%
- Same store retail new vehicle unit sales volume down 11%; same store retail new vehicle gross profit per unit down 7%, to $3,033
- Same store retail used vehicle unit sales volume up 5%; same store retail used vehicle gross profit per unit down 2%, to $1,379
- Same store parts, service and collision repair (“Fixed Operations”) gross profit up 3%; same store customer pay gross profit up 6%; same store warranty gross profit up 2%; same store Fixed Operations gross margin up 10 basis points, to 50.8%
- Same store finance and insurance (“F&I”) gross profit remained flat; same store F&I gross profit per retail unit of $2,541, up 5%
- On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 48 days’ supply of new vehicle inventory (including in-transit) and 31 days’ supply of used vehicle inventory
EchoPark Segment operating results include:
- Revenues of $480.7 million, down 5% year-over-year; fourth quarter record gross profit of $53.5 million, up 9% year-over-year
- Retail used vehicle unit sales volume of 15,743, down 6% year-over-year
- Reported segment income of $3.6 million and fourth quarter record adjusted EBITDA* of $8.8 million
- On a trailing quarter cost of sales basis, the EchoPark Segment had 40 days’ supply of used vehicle inventory
Powersports Segment operating results include:
- Fourth quarter record revenues of $36.4 million, up 19%; fourth quarter record gross profit of $9.4 million, up 25%; gross margin of 25.7%
- Reported segment loss of $2.0 million and adjusted EBITDA* of $0.1 million

特许经销商部门的经营结果包括：
- 同店收入下降 5%；同店毛利润下降 2%
- 同店零售新车销量下降 11%；同店零售新车每单位毛利润下降 7%，至$3,033
- 同店零售二手车销量上升 5%；同店零售二手车每单位毛利润下降 2%，至$1,379
- 同店零件、服务和碰撞修理（“固定业务”）毛利润上升 3%；同店客户支付毛利润上升 6%；同店保修毛利润上升 2%；同店固定业务毛利率上升 10 个基点，至 50.8%
- 同店金融和保险（“F&I”）毛利润持平；同店 F&I 每零售单位毛利润为$2,541，上升 5%
- 根据过去一个季度的销售成本，特许经销商部门的新车库存（包括在途）供应为 48 天，二手车库存供应为 31 天
EchoPark 部门的经营结果包括：
- 收入为$480.7 百万，同比下降 5%；第四季度创纪录的毛利润为$53.5 百万，同比上升 9%
- 零售二手车销量为 15,743 辆，同比下降 6%
- 报告的部门收入为$3.6 百万，第四季度创纪录的调整后 EBITDA* 为$8.8 百万
- 根据过去一个季度的销售成本，EchoPark 部门的二手车库存供应为 40 天
动力运动部门的经营结果包括：
- 第四季度创纪录的收入为$36.4 百万，上升 19%；第四季度创纪录的毛利润为$9.4 百万，上升 25%；毛利率为 25.7%
- 报告的部门亏损为$2.0 百万，调整后 EBITDA* 为$0.1 百万

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

* 请参阅下面关于非公认财务指标的讨论和调整。

Full Year 2025 Segment Highlights

2025 财年部门亮点

The financial measures discussed below are results for the full year 2025 with comparisons made to the full year 2024, unless otherwise noted.

以下讨论的财务指标是 2025 财年的结果，与 2024 财年进行比较，除非另有说明。

Franchised Dealerships Segment operating results include:
- Same store revenues up 5%; same store gross profit up 4%
- Same store retail new vehicle unit sales volume up 2%; same store retail new vehicle gross profit per unit down 9%, to $3,094
- Same store retail used vehicle unit sales volume flat; same store retail used vehicle gross profit per unit up 2%, to $1,516
- Same store Fixed Operations gross profit up 8%; same store customer pay gross profit up 6%; same store warranty gross profit up 20%; same store Fixed Operations gross margin up 60 basis points, to 51.0%
- Same store F&I gross profit up 9%; same store F&I gross profit per retail unit of $2,551, up 7%
EchoPark Segment operating results include:
- Revenues of $2.1 billion, down 3% year-over-year; all-time record annual gross profit of $233.9 million, up 13%
- Retail used vehicle unit sales volume of 67,636, down 2%
- Reported segment income of $28.1 million, adjusted segment income* of $27.2 million, and all-time record annual adjusted EBITDA* of $49.2 million
Powersports Segment operating results include:
- All-time record annual revenues of $202.9 million, up 29%; all-time record annual gross profit of $53.8 million, up 23%; gross margin of 26.5%
- Reported segment income of $2.3 million, adjusted segment income* of $3.4 million, and all-time record annual adjusted EBITDA* of $11.5 million

特许经销商部门的经营结果包括：
- 同店收入上升 5%；同店毛利润上升 4%
- 同店零售新车销量上升 2%；同店零售新车每单位毛利润下降 9%，至$3,094
- 同店零售二手车销量持平；同店零售二手车每单位毛利润上升 2%，至$1,516
- 同店固定业务毛利润上升 8%；同店客户支付毛利润上升 6%；同店保修毛利润上升 20%；同店固定业务毛利率上升 60 个基点，至 51.0%
- 同店 F&I 毛利润上升 9%；同店 F&I 每零售单位毛利润为$2,551，上升 7%
EchoPark 部门的经营结果包括：
- 收入为$21 亿，同比下降 3%；创纪录的年度毛利润为$233.9 百万，上升 13%
- 零售二手车销量为 67,636 辆，下降 2%
- 报告的部门收入为$28.1 百万，调整后的部门收入 * 为$27.2 百万，创纪录的年度调整后 EBITDA* 为$49.2 百万
动力运动部门的经营结果包括：
- 创纪录的年度收入为$202.9 百万，上升 29%；创纪录的年度毛利润为$53.8 百万，上升 23%；毛利率为 26.5%
- 报告的部门收入为$2.3 百万，调整后的部门收入 * 为$3.4 百万，创纪录的年度调整后 EBITDA* 为$11.5 百万

* Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

* 请参阅下面关于非公认财务指标的讨论和调整。

Dividend

股息

Sonic’s Board of Directors approved a quarterly cash dividend of $0.38 per share, payable on April 15, 2026 to all stockholders of record on March 13, 2026.

Sonic 的董事会批准每股$0.38 的季度现金股息，将于2026年4月15日支付给2026年3月13日的所有股东。

Fourth Quarter 2025 Earnings Conference Call

2025 年第四季度财报电话会议

Senior management will hold a conference call today at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.

高级管理层将于今天上午 11:00（东部时间）召开电话会议。投资者演示文稿和财报新闻稿材料将在会议开始前可在公司网站上访问，网址为 ir.sonicautomotive.com。

To access the live webcast of the conference call, please go to ir.sonicautomotive.com and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Fourth Quarter 2025 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.

要访问电话会议的实时网络广播，请访问 ir.sonicautomotive.com 并选择页面顶部的网络广播链接。要拨打电话参加此次电话会议，请拨打（877）407-8289（国内）或 +1（201）689-8341（国际），并要求连接到 Sonic Automotive 2025 年第四季度财报电话会议。拨入访问在整个实时通话期间保持可用；然而，为确保您能完整连接，我们建议您在会议开始前至少 10 分钟拨入。会议结束后，网络广播重播将在 ir.sonicautomotive.com 上提供 14 天。

About Sonic Automotive

关于 Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable diversified automotive retail and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

Sonic Automotive, Inc.是一家总部位于北卡罗来纳州夏洛特的财富 500 强公司，致力于成为美国最有价值的多元化汽车零售和服务品牌。我们的公司文化致力于创造、创新和提供行业领先的客户体验，依靠对技术、团队成员和想法的战略投资，最终实现拥有梦想、丰富生活，并为我们的客户和团队成员带来快乐。作为美国最大的汽车和动力运动零售商之一，我们致力于实现这一目标，同时追求广泛的增长，并采取积极措施成为这些领域的领导者。我们的新平台、项目和团队将推动下一代汽车和动力运动体验。有关 Sonic Automotive 的更多信息，请访问 www.sonicautomotive.com 和 ir.sonicautomotive.com。

About EchoPark Automotive

关于 EchoPark Automotive

EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award-winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.

EchoPark Automotive 是美国目前最全面的近乎全新的二手车零售商之一。我们独特的商业模式提供了最佳的购物体验，并利用了行业内最具创新性的技术驱动销售策略。我们的方法提供了个性化且经过验证的以客户为中心的购买流程，始终为全国的汽车买家提供屡获殊荣的客户体验和卓越的价值，与竞争对手相比，节省高达 $3,000。消费者的反馈使 EchoPark 成为全国顶级的二手车零售商之一，在产品、销售和服务方面均表现出色。EchoPark 的使命体现在名称中：每一辆车，快乐的车主。这推动了客户的体验，并使 EchoPark 在竞争中脱颖而出。有关 EchoPark Automotive 的更多信息，请访问 www.echopark.com。

Forward-Looking Statements

前瞻性声明

Included herein are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address our future objectives, plans and goals, as well as our intent, beliefs and current expectations regarding future operating performance, results and events, and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “foresee” and other similar words or phrases. You should not place undue reliance on these statements, and you are cautioned that these forward-looking statements are not guarantees of future performance. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, the effects of tariffs on vehicle and parts pricing and supply, the effects of tariffs on consumer demand, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and changes in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies and investment in new technologies, the rate and timing of overall economic expansion or contraction, the integration of acquisitions, cybersecurity incidents and other disruptions to our information systems, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

本文件中包含根据 1995 年《私人证券诉讼改革法》定义的前瞻性声明。这些前瞻性声明涉及我们的未来目标、计划和目标，以及我们对未来运营表现、结果和事件的意图、信念和当前预期，通常可以通过 “可能”、“将”、“应该”、“可以”、“相信”、“期望”、“估计”、“预期”、“打算”、“计划”、“预见” 和其他类似词语或短语来识别。您不应对这些声明过于依赖，并且请注意，这些前瞻性声明并不保证未来的表现。许多因素会影响管理层对公司业务未来事件和趋势的看法。这些因素涉及风险和不确定性，可能导致实际结果或趋势与管理层的看法有重大差异，包括但不限于关税对车辆和零部件定价及供应的影响、关税对消费者需求的影响、我们运营市场的经济状况、供应链中断和制造延迟、劳动力短缺、通货膨胀的影响和利率变化、新旧车辆行业的销售量、未来对新旧车辆的消费者需求水平、我们各个运营部门的预期未来增长、我们运营策略的成功及对新技术的投资、整体经济扩张或收缩的速度和时机、收购的整合、网络安全事件及其他对我们信息系统的干扰，以及在公司截至2024年12月31日的年度报告（Form 10-K）和其他向美国证券交易委员会（“SEC”）提交的报告和信息中描述的风险因素。除非根据联邦证券法和 SEC 的规则和规定要求，否则公司不承担更新前瞻性信息的任何义务。由于四舍五入，本文件及其他文件中呈现的数字可能与提供的总数不完全相符，百分比也可能不完全反映绝对数字。

Non-GAAP Financial Measures

非公认会计原则财务指标

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per diluted share, adjusted SG&A expenses as a percentage of gross profit, adjusted segment income, and adjusted EBITDA. As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.

本新闻稿及附带的财务表格包含根据 SEC 规则定义的某些非公认会计原则财务指标，例如调整后的净收入、调整后的每稀释股收益、调整后的销售及管理费用占毛利润的百分比、调整后的部门收入和调整后的息税折旧摊销前利润（EBITDA）。根据 SEC 规则，公司已在本新闻稿中包含的附表中提供了这些非公认会计原则财务指标与最直接可比的公认会计原则财务指标的对账。公司认为，这些非公认会计原则财务指标提高了公司披露的透明度，并提供了公司业绩的有意义展示。


Sonic Automotive, Inc. Results of Operations (Unaudited) *Results of Operations - Consolidated*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except per share amounts)
Revenues:
Retail new vehicles	$	1,852.2		$	1,932.3		(4	)%	$	7,047.4		$	6,507.5			8	%
Fleet new vehicles		24.1			27.3		(12	)%		101.5			95.3			7	%
Total new vehicles		1,876.3			1,959.6		(4	)%		7,148.9			6,602.8			8	%
Used vehicles		1,213.8			1,197.6		1	%		4,872.6			4,780.1			2	%
Wholesale vehicles		63.6			71.3		(11	)%		314.1			287.1			9	%
Total vehicles		3,153.7			3,228.5		(2	)%		12,335.6			11,670.0			6	%
Parts, service and collision repair		515.3			476.7		8	%		2,019.1			1,846.5			9	%
Finance, insurance and other, net		202.3			190.6		6	%		798.9			707.8			13	%
Total revenues		3,871.3			3,895.8		(1	)%		15,153.6			14,224.3			7	%
Cost of sales:
Retail new vehicles		(1,754.9	)		(1,825.7	)	4	%		(6,664.1	)		(6,119.1	)		(9	)%
Fleet new vehicles		(23.4	)		(26.6	)	12	%		(99.8	)		(92.3	)		(8	)%
Total new vehicles		(1,778.3	)		(1,852.3	)	4	%		(6,763.9	)		(6,211.4	)		(9	)%
Used vehicles		(1,172.4	)		(1,159.8	)	(1	)%		(4,691.5	)		(4,609.4	)		(2	)%
Wholesale vehicles		(68.8	)		(74.6	)	8	%		(325.3	)		(293.1	)		(11	)%
Total vehicles		(3,019.5	)		(3,086.7	)	2	%		(11,780.7	)		(11,113.9	)		(6	)%
Parts, service and collision repair		(253.1	)		(235.1	)	(8	)%		(990.0	)		(917.6	)		(8	)%
Total cost of sales		(3,272.6	)		(3,321.8	)	1	%		(12,770.7	)		(12,031.5	)		(6	)%
Gross profit		598.7			574.0		4	%		2,382.9			2,192.8			9	%
Selling, general and administrative expenses		(433.7	)		(399.6	)	(9	)%		(1,678.2	)		(1,577.0	)		(6	)%
Impairment charges		—			(1.5	)	NM			(173.8	)		(3.9	)		NM
Depreciation and amortization		(41.8	)		(39.4	)	(6	)%		(163.4	)		(150.4	)		(9	)%
Operating income (loss)		123.2			133.5		(8	)%		367.5			461.5			(20	)%
Other income (expense):
Interest expense, floor plan		(22.4	)		(21.4	)	(5	)%		(84.7	)		(86.9	)		3	%
Interest expense, other, net		(27.6	)		(29.9	)	8	%		(110.1	)		(118.0	)		7	%
Other income (expense), net		—			(0.1	)	100	%		0.1			(0.5	)		120	%
Total other income (expense)		(50.0	)		(51.4	)	3	%		(194.7	)		(205.4	)		5	%
Income (loss) before taxes		73.2			82.1		(11	)%		172.8			256.1			(33	)%
Provision for income taxes - benefit (expense)		(26.3	)		(23.5	)	(12	)%		(54.1	)		(40.1	)		(35	)%
Net income (loss)	$	46.9		$	58.6		(20	)%	$	118.7		$	216.0			(45	)%

Basic earnings (loss) per common share	$	1.39		$	1.72		(19	)%	$	3.49		$	6.34			(45	)%
Basic weighted-average common shares outstanding		33.8			34.1		1	%		34.0			34.1			—	%

Diluted earnings (loss) per common share	$	1.36		$	1.67		(19	)%	$	3.42		$	6.18			(45	)%
Diluted weighted-average common shares outstanding		34.4			35.2		2	%		34.7			35.0			1	%
Dividends declared per common share	$	0.38		$	0.35		9	%	$	1.46		$	1.25			17	%
NM = Not Meaningful


索尼克汽车公司
经营业绩（未经审计）
*经营业绩 - 合并*
	截至 12 月 31 日的三个月		好于/
（差于）		截至 12 月 31 日的十二个月		好于/
（差于）
		2025				2024		% 变化		2025			2024			% 变化
	（以百万计，除每股金额外）
收入：
零售新车	$	1,852.2			$	1,932.3		(4	)%	$	7,047.4		$	6,507.5			8	%
租赁新车		24.1				27.3		(12	)%		101.5			95.3			7	%
新车总计		1,876.3				1,959.6		(4	)%		7,148.9			6,602.8			8	%
二手车		1,213.8				1,197.6		1	%		4,872.6			4,780.1			2	%
批发车辆		63.6				71.3		(11	)%		314.1			287.1			9	%
车辆总计		3,153.7				3,228.5		(2	)%		12,335.6			11,670.0			6	%
零件、服务和碰撞修理		515.3				476.7		8	%		2,019.1			1,846.5			9	%
财务、保险及其他，净额		202.3				190.6		6	%		798.9			707.8			13	%
总收入		3,871.3				3,895.8		(1	)%		15,153.6			14,224.3			7	%
销售成本：
零售新车		(1,754.9	)			(1,825.7	)	4	%		(6,664.1	)		(6,119.1	)		(9	)%
租赁新车		(23.4	)			(26.6	)	12	%		(99.8	)		(92.3	)		(8	)%
新车总计		(1,778.3	)			(1,852.3	)	4	%		(6,763.9	)		(6,211.4	)		(9	)%
二手车		(1,172.4	)			(1,159.8	)	(1	)%		(4,691.5	)		(4,609.4	)		(2	)%
批发车辆		(68.8	)			(74.6	)	8	%		(325.3	)		(293.1	)		(11	)%
车辆总计		(3,019.5	)			(3,086.7	)	2	%		(11,780.7	)		(11,113.9	)		(6	)%
零件、服务和碰撞修理		(253.1	)			(235.1	)	(8	)%		(990.0	)		(917.6	)		(8	)%
总销售成本		(3,272.6	)			(3,321.8	)	1	%		(12,770.7	)		(12,031.5	)		(6	)%
毛利润		598.7				574.0		4	%		2,382.9			2,192.8			9	%
销售、一般和行政费用		(433.7	)			(399.6	)	(9	)%		(1,678.2	)		(1,577.0	)		(6	)%
减值损失		—				(1.5	)	NM			(173.8	)		(3.9	)		NM
折旧和摊销		(41.8	)			(39.4	)	(6	)%		(163.4	)		(150.4	)		(9	)%
营业收入（损失）		123.2				133.5		(8	)%		367.5			461.5			(20	)%
其他收入（费用）：
利息费用，地板计划		(22.4	)			(21.4	)	(5	)%		(84.7	)		(86.9	)		3	%
利息费用，其他，净额		(27.6	)			(29.9	)	8	%		(110.1	)		(118.0	)		7	%
其他收入（费用），净额		—				(0.1	)	100	%		0.1			(0.5	)		120	%
总其他收入（费用）		(50.0	)			(51.4	)	3	%		(194.7	)		(205.4	)		5	%
税前收入（损失）		73.2				82.1		(11	)%		172.8			256.1			(33	)%
所得税准备 - 益处（费用）		(26.3	)			(23.5	)	(12	)%		(54.1	)		(40.1	)		(35	)%
净收入（损失）	$	46.9			$	58.6		(20	)%	$	118.7		$	216.0			(45	)%

每普通股基本收益（损失）	$	1.39			$	1.72		(19	)%	$	3.49		$	6.34			(45	)%
每普通股基本加权平均流通股数		33.8				34.1		1	%		34.0			34.1			—	%

每普通股摊薄收益（损失）	$	1.36			$	1.67		(19	)%	$	3.42		$	6.18			(45	)%
每普通股摊薄加权平均流通股数		34.4				35.2		2	%		34.7			35.0			1	%
每普通股宣告股息	$	0.38			$	0.35		9	%	$	1.46		$	1.25			17	%
NM = 无意义


*Franchised Dealerships Segment - Reported*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	1,831.8		$	1,914.8		(4	)%	$	6,941.9		$	6,425.5			8	%
Fleet new vehicles		24.0			27.2		(12	)%		101.5			95.3			7	%
Total new vehicles		1,855.8			1,942.0		(4	)%		7,043.4			6,520.8			8	%
Used vehicles		799.7			757.0		6	%		3,087.0			2,919.8			6	%
Wholesale vehicles		41.8			49.8		(16	)%		207.0			188.9			10	%
Total vehicles		2,697.3			2,748.8		(2	)%		10,337.4			9,629.5			7	%
Parts, service and collision repair		507.8			469.7		8	%		1,970.2			1,802.9			9	%
Finance, insurance and other, net		149.1			140.5		6	%		571.5			506.8			13	%
Total revenues		3,354.2			3,359.0		—	%		12,879.1			11,939.2			8	%
Gross Profit:
Retail new vehicles		94.3			104.4		(10	)%		367.6			376.9			(2	)%
Fleet new vehicles		0.7			0.7		—	%		1.7			3.0			(43	)%
Total new vehicles		95.0			105.1		(10	)%		369.3			379.9			(3	)%
Used vehicles		38.1			36.0		6	%		157.8			150.2			5	%
Wholesale vehicles		(4.9	)		(2.7	)	(81	)%		(9.3	)		(4.6	)		(102	)%
Total vehicles		128.2			138.4		(7	)%		517.8			525.5			(1	)%
Parts, service and collision repair		258.5			238.5		8	%		1,005.9			908.9			11	%
Finance, insurance and other, net		149.1			140.5		6	%		571.5			506.8			13	%
Total gross profit		535.8			517.4		4	%		2,095.2			1,941.2			8	%
Selling, general and administrative expenses		(382.4	)		(348.5	)	(10	)%		(1,463.6	)		(1,375.4	)		(6	)%
Impairment charges		—			(0.2	)	NM			(165.9	)		(1.2	)		NM
Depreciation and amortization		(35.6	)		(32.7	)	(9	)%		(137.7	)		(124.4	)		(11	)%
Operating income (loss)		117.8			136.0		(13	)%		328.0			440.2			(25	)%
Other income (expense):
Interest expense, floor plan		(19.6	)		(18.0	)	(9	)%		(72.0	)		(70.6	)		(2	)%
Interest expense, other, net		(26.5	)		(28.6	)	7	%		(105.9	)		(112.7	)		6	%
Other income (expense), net		—			—		—	%		0.1			(0.5	)		120	%
Total other income (expense)		(46.1	)		(46.6	)	1	%		(177.8	)		(183.8	)		3	%
Income (loss) before taxes		71.7			89.4		(20	)%		150.2			256.4			(41	)%
Add: Impairment charges		—			0.2		NM			165.9			1.2			NM
Segment income (loss)	$	71.7		$	89.6		(20	)%	$	316.1		$	257.6			23	%

Unit Sales Volume:
Retail new vehicles		29,400			32,250		(9	)%		115,981			111,450			4	%
Fleet new vehicles		458			506		(9	)%		1,991			1,805			10	%
Total new vehicles		29,858			32,756		(9	)%		117,972			113,255			4	%
Used vehicles		27,401			25,702		7	%		104,202			101,976			2	%
Wholesale vehicles		4,811			5,692		(15	)%		22,868			21,018			9	%
Retail new & used vehicles		56,801			57,952		(2	)%		220,183			213,426			3	%
Used:New Ratio		0.93			0.80		17	%		0.90			0.91			(1	)%

Gross Profit Per Unit:
Retail new vehicles	$	3,209		$	3,238		(1	)%	$	3,170		$	3,382			(6	)%
Fleet new vehicles	$	1,398		$	1,363		3	%	$	869		$	1,636			(47	)%
New vehicles	$	3,181		$	3,209		(1	)%	$	3,131		$	3,354			(7	)%
Used vehicles	$	1,389		$	1,401		(1	)%	$	1,514		$	1,473			3	%
Finance, insurance and other, net	$	2,624		$	2,424		8	%	$	2,596		$	2,374			9	%
NM = Not Meaningful Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.


*特许经销商部门 - 报告*
	截至 12 月 31 日的三个月		好于/
（差于）		截至 12 月 31 日的十二个月		% 变化			2025			2024			% 变化
		2025			2024
	（以百万计，单位和每单位数据除外）
收入：
零售新车	$	1,831.8		$	1,914.8			(4	)%	$	6,941.9			$	6,425.5		8	%
租赁新车		24.0			27.2			(12	)%		101.5				95.3		7	%
新车总计		1,855.8			1,942.0			(4	)%		7,043.4				6,520.8		8	%
二手车		799.7			757.0			6	%		3,087.0				2,919.8		6	%
批发车辆		41.8			49.8			(16	)%		207.0				188.9		10	%
车辆总计		2,697.3			2,748.8			(2	)%		10,337.4				9,629.5		7	%
零件、服务和碰撞修理		507.8			469.7			8	%		1,970.2				1,802.9		9	%
财务、保险及其他，净额		149.1			140.5			6	%		571.5				506.8		13	%
总收入		3,354.2			3,359.0			—	%		12,879.1				11,939.2		8	%
毛利润：
零售新车		94.3			104.4			(10	)%		367.6				376.9		(2	)%
租赁新车		0.7			0.7			—	%		1.7				3.0		(43	)%
新车总计		95.0			105.1			(10	)%		369.3				379.9		(3	)%
二手车		38.1			36.0			6	%		157.8				150.2		5	%
批发车辆		(4.9	)		(2.7	)		(81	)%		(9.3	)			(4.6	)	(102	)%
车辆总计		128.2			138.4			(7	)%		517.8				525.5		(1	)%
零件、服务和碰撞修理		258.5			238.5			8	%		1,005.9				908.9		11	%
财务、保险及其他，净额		149.1			140.5			6	%		571.5				506.8		13	%
总毛利润		535.8			517.4			4	%		2,095.2				1,941.2		8	%
销售、一般和行政费用		(382.4	)		(348.5	)		(10	)%		(1,463.6	)			(1,375.4	)	(6	)%
减值费用		—			(0.2	)		NM			(165.9	)			(1.2	)	NM
折旧和摊销		(35.6	)		(32.7	)		(9	)%		(137.7	)			(124.4	)	(11	)%
营业收入（损失）		117.8			136.0			(13	)%		328.0				440.2		(25	)%
其他收入（费用）：
利息费用，地板计划		(19.6	)		(18.0	)		(9	)%		(72.0	)			(70.6	)	(2	)%
利息费用，其他，净额		(26.5	)		(28.6	)		7	%		(105.9	)			(112.7	)	6	%
其他收入（费用），净额		—			—			—	%		0.1				(0.5	)	120	%
总其他收入（费用）		(46.1	)		(46.6	)		1	%		(177.8	)			(183.8	)	3	%
税前收入（损失）		71.7			89.4			(20	)%		150.2				256.4		(41	)%
加：减值费用		—			0.2			NM			165.9				1.2		NM
部门收入（损失）	$	71.7		$	89.6			(20	)%	$	316.1			$	257.6		23	%

单位销售量：
零售新车		29,400			32,250			(9	)%		115,981				111,450		4	%
租赁新车		458			506			(9	)%		1,991				1,805		10	%
新车总计		29,858			32,756			(9	)%		117,972				113,255		4	%
二手车		27,401			25,702			7	%		104,202				101,976		2	%
批发车辆		4,811			5,692			(15	)%		22,868				21,018		9	%
零售新车和二手车		56,801			57,952			(2	)%		220,183				213,426		3	%
二手车：新车比例		0.93			0.80			17	%		0.90				0.91		(1	)%

每单位毛利润：
零售新车	$	3,209		$	3,238			(1	)%	$	3,170			$	3,382		(6	)%
租赁新车	$	1,398		$	1,363			3	%	$	869			$	1,636		(47	)%
新车	$	3,181		$	3,209			(1	)%	$	3,131			$	3,354		(7	)%
二手车	$	1,389		$	1,401			(1	)%	$	1,514			$	1,473		3	%
财务、保险及其他，净额	$	2,624		$	2,424			8	%	$	2,596			$	2,374		9	%
NM = 不具意义
注：报告的特许经销商部门结果包括（i）来自 “特许经销商部门 - 同店” 表格的同店结果和（ii）报告期间收购、开放点、处置和控股公司影响的效果。所有当前运营的特许经销商门店在开业或收购的第一个周年的第一个完整月份后均被纳入同店组。


*Franchised Dealerships Segment - Same Store*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	1,732.1		$	1,906.7		(9	)%	$	6,696.7		$	6,397.8			5	%
Fleet new vehicles		24.1			27.3		(12	)%		99.5			94.9			5	%
Total new vehicles		1,756.2			1,934.0		(9	)%		6,796.2			6,492.7			5	%
Used vehicles		769.8			752.6		2	%		2,995.0			2,902.3			3	%
Wholesale vehicles		38.8			49.6		(22	)%		197.8			187.7			5	%
Total vehicles		2,564.8			2,736.2		(6	)%		9,989.0			9,582.7			4	%
Parts, service and collision repair		481.7			467.4		3	%		1,903.9			1,794.8			6	%
Finance, insurance and other, net		140.0			139.7		—	%		547.8			503.8			9	%
Total revenues		3,186.5			3,343.3		(5	)%		12,440.7			11,881.3			5	%
Gross Profit:
Retail new vehicles		86.3			104.2		(17	)%		350.2			377.0			(7	)%
Fleet new vehicles		0.6			0.7		(14	)%		1.8			3.0			(40	)%
Total new vehicles		86.9			104.9		(17	)%		352.0			380.0			(7	)%
Used vehicles		36.8			35.9		3	%		154.0			150.9			2	%
Wholesale vehicles		(4.4	)		(2.6	)	(69	)%		(8.8	)		(4.3	)		(105	)%
Total vehicles		119.3			138.2		(14	)%		497.2			526.6			(6	)%
Parts, service and collision repair		244.6			237.1		3	%		971.4			903.9			8	%
Finance, insurance and other, net		140.0			139.7		—	%		547.8			503.8			9	%
Total gross profit	$	503.9		$	515.0		(2	)%	$	2,016.4		$	1,934.3			4	%

Unit Sales Volume:
Retail new vehicles		28,435			32,067		(11	)%		113,181			110,770			2	%
Fleet new vehicles		458			506		(9	)%		1,972			1,797			10	%
Total new vehicles		28,893			32,573		(11	)%		115,153			112,567			2	%
Used vehicles		26,687			25,528		5	%		101,587			101,220			—	%
Wholesale vehicles		4,667			5,648		(17	)%		22,233			20,809			7	%
Retail new & used vehicles		55,122			57,595		(4	)%		214,768			211,990			1	%
Used:New Ratio		0.94			0.80		18	%		0.90			0.91			(1	)%

Gross Profit Per Unit:
Retail new vehicles	$	3,033		$	3,250		(7	)%	$	3,094		$	3,404			(9	)%
Fleet new vehicles	$	1,398		$	1,363		3	%	$	909		$	1,646			(45	)%
New vehicles	$	3,008		$	3,221		(7	)%	$	3,057		$	3,376			(9	)%
Used vehicles	$	1,379		$	1,408		(2	)%	$	1,516		$	1,491			2	%
Finance, insurance and other, net	$	2,541		$	2,425		5	%	$	2,551		$	2,377			7	%
Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.


*特许经销商部门 - 同店*
	截至 12 月 31 日的三个月		好于/
差于		截至 12 月 31 日的十二个月		好于/
差于
		2025				2024		% 变化		2025			2024			% 变化
	（以百万计，单位和每单位数据除外）
收入：
零售新车	$	1,732.1			$	1,906.7		(9	)%	$	6,696.7		$	6,397.8			5	%
租赁新车		24.1				27.3		(12	)%		99.5			94.9			5	%
新车总计		1,756.2				1,934.0		(9	)%		6,796.2			6,492.7			5	%
二手车		769.8				752.6		2	%		2,995.0			2,902.3			3	%
批发车辆		38.8				49.6		(22	)%		197.8			187.7			5	%
车辆总计		2,564.8				2,736.2		(6	)%		9,989.0			9,582.7			4	%
配件、服务和碰撞修理		481.7				467.4		3	%		1,903.9			1,794.8			6	%
财务、保险及其他，净额		140.0				139.7		—	%		547.8			503.8			9	%
总收入		3,186.5				3,343.3		(5	)%		12,440.7			11,881.3			5	%
毛利润：
零售新车		86.3				104.2		(17	)%		350.2			377.0			(7	)%
租赁新车		0.6				0.7		(14	)%		1.8			3.0			(40	)%
新车总计		86.9				104.9		(17	)%		352.0			380.0			(7	)%
二手车		36.8				35.9		3	%		154.0			150.9			2	%
批发车辆		(4.4	)			(2.6	)	(69	)%		(8.8	)		(4.3	)		(105	)%
车辆总计		119.3				138.2		(14	)%		497.2			526.6			(6	)%
配件、服务和碰撞修理		244.6				237.1		3	%		971.4			903.9			8	%
财务、保险及其他，净额		140.0				139.7		—	%		547.8			503.8			9	%
总毛利润	$	503.9			$	515.0		(2	)%	$	2,016.4		$	1,934.3			4	%

单位销售量：
零售新车		28,435				32,067		(11	)%		113,181			110,770			2	%
租赁新车		458				506		(9	)%		1,972			1,797			10	%
新车总计		28,893				32,573		(11	)%		115,153			112,567			2	%
二手车		26,687				25,528		5	%		101,587			101,220			—	%
批发车辆		4,667				5,648		(17	)%		22,233			20,809			7	%
零售新车及二手车		55,122				57,595		(4	)%		214,768			211,990			1	%
二手：新车比例		0.94				0.80		18	%		0.90			0.91			(1	)%

每单位毛利润：
零售新车	$	3,033			$	3,250		(7	)%	$	3,094		$	3,404			(9	)%
租赁新车	$	1,398			$	1,363		3	%	$	909		$	1,646			(45	)%
新车	$	3,008			$	3,221		(7	)%	$	3,057		$	3,376			(9	)%
二手车	$	1,379			$	1,408		(2	)%	$	1,516		$	1,491			2	%
财务、保险及其他，净额	$	2,541			$	2,425		5	%	$	2,551		$	2,377			7	%
注：所有当前运营的特许经销商门店在开业或收购满一周年后的第一个完整月份内均被纳入同店组。


*EchoPark Segment - Reported*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Used vehicles	$	407.5		$	436.0		(7	)%	$	1,747.8		$	1,838.0			(5	)%
Wholesale vehicles		21.5			21.4		—	%		104.6			95.8			9	%
Total vehicles		429.0			457.4		(6	)%		1,852.4			1,933.8			(4	)%
Finance, insurance and other, net		51.7			48.8		6	%		219.2			194.0			13	%
Total revenues		480.7			506.2		(5	)%		2,071.6			2,127.8			(3	)%
Gross Profit:
Used vehicles		2.1			0.8		163	%		16.5			15.2			9	%
Wholesale vehicles		(0.3	)		(0.6	)	50	%		(1.8	)		(1.3	)		(38	)%
Total vehicles		1.8			0.2		800	%		14.7			13.9			6	%
Finance, insurance and other, net		51.7			48.8		6	%		219.2			194.0			13	%
Total gross profit		53.5			49.0		9	%		233.9			207.9			13	%
Selling, general and administrative expenses		(42.2	)		(42.6	)	1	%		(172.8	)		(165.7	)		(4	)%
Impairment charges		—			(1.3	)	NM			(0.2	)		(2.7	)		NM
Depreciation and amortization		(4.9	)		(5.4	)	9	%		(20.4	)		(21.8	)		6	%
Operating income (loss)		6.4			(0.3	)	NM			40.5			17.7			129	%
Other income (expense):
Interest expense, floor plan		(2.5	)		(3.0	)	17	%		(11.1	)		(14.2	)		22	%
Interest expense, other, net		(0.3	)		(0.7	)	57	%		(1.5	)		(2.7	)		44	%
Other income (expense), net		—			0.1		(100	)%		—			—			—	%
Total other income (expense)		(2.8	)		(3.6	)	22	%		(12.6	)		(16.9	)		25	%
Income (loss) before taxes		3.6			(3.9	)	192	%		27.9			0.8			NM
Add: Impairment charges		—			1.3		NM			0.2			2.7			NM
Segment income (loss)	$	3.6		$	(2.6	)	238	%	$	28.1		$	3.5			703	%

Unit Sales Volume:
Used vehicles		15,743			16,674		(6	)%		67,636			69,053			(2	)%
Wholesale vehicles		2,365			2,752		(14	)%		11,836			11,059			7	%

Gross Profit Per Unit:
Total used vehicle and F&I	$	3,420		$	2,974		15	%	$	3,484		$	3,029			15	%
NM = Not Meaningful


*EchoPark 部门 - 报告*
	截至 12 月 31 日的三个月		好于 /
差于		截至 12 月 31 日的十二个月		% 变化			2025			2024			% 变化
		2025			2024
	（以百万计，单位和每单位数据除外）
收入：
二手车	$	407.5		$	436.0			(7	)%	$	1,747.8			$	1,838.0		(5	)%
批发车辆		21.5			21.4			—	%		104.6				95.8		9	%
总车辆		429.0			457.4			(6	)%		1,852.4				1,933.8		(4	)%
财务、保险及其他净收入		51.7			48.8			6	%		219.2				194.0		13	%
总收入		480.7			506.2			(5	)%		2,071.6				2,127.8		(3	)%
毛利润：
二手车		2.1			0.8			163	%		16.5				15.2		9	%
批发车辆		(0.3	)		(0.6	)		50	%		(1.8	)			(1.3	)	(38	)%
总车辆		1.8			0.2			800	%		14.7				13.9		6	%
财务、保险及其他净收入		51.7			48.8			6	%		219.2				194.0		13	%
总毛利润		53.5			49.0			9	%		233.9				207.9		13	%
销售、一般及行政费用		(42.2	)		(42.6	)		1	%		(172.8	)			(165.7	)	(4	)%
减值费用		—			(1.3	)		NM			(0.2	)			(2.7	)	NM
折旧和摊销		(4.9	)		(5.4	)		9	%		(20.4	)			(21.8	)	6	%
营业收入（损失）		6.4			(0.3	)		NM			40.5				17.7		129	%
其他收入（费用）：
利息费用，地板计划		(2.5	)		(3.0	)		17	%		(11.1	)			(14.2	)	22	%
利息费用，其他，净		(0.3	)		(0.7	)		57	%		(1.5	)			(2.7	)	44	%
其他收入（费用），净		—			0.1			(100	)%		—				—		—	%
总其他收入（费用）		(2.8	)		(3.6	)		22	%		(12.6	)			(16.9	)	25	%
税前收入（损失）		3.6			(3.9	)		192	%		27.9				0.8		NM
加：减值费用		—			1.3			NM			0.2				2.7		NM
部门收入（损失）	$	3.6		$	(2.6	)		238	%	$	28.1			$	3.5		703	%

单位销售量：
二手车		15,743			16,674			(6	)%		67,636				69,053		(2	)%
批发车辆		2,365			2,752			(14	)%		11,836				11,059		7	%

每单位毛利润：
总二手车及财务与保险	$	3,420		$	2,974			15	%	$	3,484			$	3,029		15	%
NM = 无意义


*EchoPark Segment - Same Market*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Used vehicles	$	407.5		$	436.0		(7	)%	$	1,747.8		$	1,828.3			(4	)%
Wholesale vehicles		21.5			21.5		—	%		104.6			92.7			13	%
Total vehicles		429.0			457.5		(6	)%		1,852.4			1,921.0			(4	)%
Finance, insurance and other, net		51.8			49.3		5	%		220.3			195.5			13	%
Total revenues		480.8			506.8		(5	)%		2,072.7			2,116.5			(2	)%
Gross Profit:
Used vehicles		2.1			0.8		163	%		16.5			15.8			4	%
Wholesale vehicles		(0.3	)		(0.6	)	50	%		(1.7	)		(0.6	)		(183	)%
Total vehicles		1.8			0.2		800	%		14.8			15.2			(3	)%
Finance, insurance and other, net		51.8			49.3		5	%		220.3			195.5			13	%
Total gross profit	$	53.6		$	49.5		8	%	$	235.1		$	210.7			12	%

Unit Sales Volume:
Used vehicles		15,743			16,674		(6	)%		67,636			68,690			(2	)%
Wholesale vehicles		2,365			2,752		(14	)%		11,836			10,850			9	%

Gross Profit Per Unit:
Total used vehicle and F&I	$	3,427		$	3,004		14	%	$	3,501		$	3,077			14	%
Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market’s opening.


*EchoPark 细分市场 - 同一市场*
	截至 12 月 31 日的三个月		好于/
差于		截至 12 月 31 日的十二个月		% 变化			2025			2024			% 变化
		2025			2024
	（以百万计，单位和每单位数据除外）
收入：
二手车	$	407.5		$	436.0			(7	)%	$	1,747.8			$	1,828.3		(4	)%
批发车辆		21.5			21.5			—	%		104.6				92.7		13	%
总车辆		429.0			457.5			(6	)%		1,852.4				1,921.0		(4	)%
财务、保险及其他净收入		51.8			49.3			5	%		220.3				195.5		13	%
总收入		480.8			506.8			(5	)%		2,072.7				2,116.5		(2	)%
毛利润：
二手车		2.1			0.8			163	%		16.5				15.8		4	%
批发车辆		(0.3	)		(0.6	)		50	%		(1.7	)			(0.6	)	(183	)%
总车辆		1.8			0.2			800	%		14.8				15.2		(3	)%
财务、保险及其他净收入		51.8			49.3			5	%		220.3				195.5		13	%
总毛利润	$	53.6		$	49.5			8	%	$	235.1			$	210.7		12	%

单位销售量：
二手车		15,743			16,674			(6	)%		67,636				68,690		(2	)%
批发车辆		2,365			2,752			(14	)%		11,836				10,850		9	%

每单位毛利润：
总二手车及财务与保险	$	3,427		$	3,004			14	%	$	3,501			$	3,077		14	%
注：截至市场开业满一周年后的第一个完整月份，所有在当地地理市场运营的 EchoPark 门店均被纳入同一市场组。


*Powersports Segment - Reported*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	20.4		$	17.5		17	%	$	105.5		$	82.0			29	%
Used vehicles		6.6			4.7		40	%		37.9			22.3			70	%
Wholesale vehicles		0.4			0.1		300	%		2.4			2.3			4	%
Total vehicles		27.4			22.3		23	%		145.8			106.6			37	%
Parts, service and collision repair		7.5			7.0		7	%		48.9			43.6			12	%
Finance, insurance and other, net		1.5			1.3		15	%		8.2			7.1			15	%
Total revenues		36.4			30.6		19	%		202.9			157.3			29	%
Gross Profit:
Retail new vehicles		3.0			2.2		36	%		15.7			11.5			37	%
Used vehicles		1.2			1.0		20	%		6.8			5.3			28	%
Wholesale vehicles		—			(0.1	)	100	%		(0.1	)		(0.3	)		67	%
Total vehicles		4.2			3.1		35	%		22.4			16.5			36	%
Parts, service and collision repair		3.7			3.1		19	%		23.2			20.1			15	%
Finance, insurance and other, net		1.5			1.3		15	%		8.2			7.1			15	%
Total gross profit		9.4			7.5		25	%		53.8			43.7			23	%
Selling, general and administrative expenses		(9.0	)		(8.5	)	(6	)%		(41.8	)		(35.9	)		(16	)%
Impairment charges		—			—		NM			(7.6	)		—			NM
Depreciation and amortization		(1.4	)		(1.2	)	(17	)%		(5.3	)		(4.2	)		(26	)%
Operating income (loss)		(1.0	)		(2.2	)	55	%		(0.9	)		3.6			(125	)%
Other income (expense):
Interest expense, floor plan		(0.3	)		(0.5	)	40	%		(1.6	)		(2.1	)		24	%
Interest expense, other, net		(0.7	)		(0.7	)	—	%		(2.8	)		(2.6	)		(8	)%
Other income (expense), net		—			—		—	%		—			—			—	%
Total other income (expense)		(1.0	)		(1.2	)	17	%		(4.4	)		(4.7	)		6	%
Income (loss) before taxes		(2.0	)		(3.4	)	41	%		(5.3	)		(1.1	)		(382	)%
Add: impairment charges		—			—		NM			7.6			—			NM
Segment income (loss)	$	(2.0	)	$	(3.4	)	41	%	$	2.3		$	(1.1	)		309	%

Unit Sales Volume:
Retail new vehicles		1,085			940		15	%		5,143			4,244			21	%
Used vehicles		640			520		23	%		3,442			2,228			54	%
Wholesale vehicles		76			16		375	%		278			146			90	%

Gross Profit Per Unit:
Retail new vehicles	$	2,742		$	2,338		17	%	$	3,050		$	2,713			12	%
Used vehicles	$	1,927		$	1,940		(1	)%	$	1,980		$	2,397			(17	)%
Finance, insurance and other, net	$	874		$	868		1	%	$	959		$	1,092			(12	)%
NM = Not Meaningful


*动力运动部门 - 报告*
	截至 12 月 31 日的三个月		好于/
差于		截至 12 月 31 日的十二个月		% 变化			2025			2024			% 变化
		2025			2024
	（以百万计，单位和每单位数据除外）
收入：
新零售车辆	$	20.4		$	17.5			17	%	$	105.5			$	82.0		29	%
二手车辆		6.6			4.7			40	%		37.9				22.3		70	%
批发车辆		0.4			0.1			300	%		2.4				2.3		4	%
总车辆		27.4			22.3			23	%		145.8				106.6		37	%
配件、服务和碰撞修理		7.5			7.0			7	%		48.9				43.6		12	%
财务、保险及其他净收入		1.5			1.3			15	%		8.2				7.1		15	%
总收入		36.4			30.6			19	%		202.9				157.3		29	%
毛利润：
新零售车辆		3.0			2.2			36	%		15.7				11.5		37	%
二手车辆		1.2			1.0			20	%		6.8				5.3		28	%
批发车辆		—			(0.1	)		100	%		(0.1	)			(0.3	)	67	%
总车辆		4.2			3.1			35	%		22.4				16.5		36	%
配件、服务和碰撞修理		3.7			3.1			19	%		23.2				20.1		15	%
财务、保险及其他净收入		1.5			1.3			15	%		8.2				7.1		15	%
总毛利润		9.4			7.5			25	%		53.8				43.7		23	%
销售、一般和行政费用		(9.0	)		(8.5	)		(6	)%		(41.8	)			(35.9	)	(16	)%
减值费用		—			—			NM			(7.6	)			—		NM
折旧和摊销		(1.4	)		(1.2	)		(17	)%		(5.3	)			(4.2	)	(26	)%
营业收入（损失）		(1.0	)		(2.2	)		55	%		(0.9	)			3.6		(125	)%
其他收入（费用）：
利息费用，地板计划		(0.3	)		(0.5	)		40	%		(1.6	)			(2.1	)	24	%
其他利息费用，净		(0.7	)		(0.7	)		—	%		(2.8	)			(2.6	)	(8	)%
其他收入（费用），净		—			—			—	%		—				—		—	%
总其他收入（费用）		(1.0	)		(1.2	)		17	%		(4.4	)			(4.7	)	6	%
税前收入（损失）		(2.0	)		(3.4	)		41	%		(5.3	)			(1.1	)	(382	)%
加：减值费用		—			—			NM			7.6				—		NM
部门收入（损失）	$	(2.0	)	$	(3.4	)		41	%	$	2.3			$	(1.1	)	309	%

单位销售量：
新零售车辆		1,085			940			15	%		5,143				4,244		21	%
二手车辆		640			520			23	%		3,442				2,228		54	%
批发车辆		76			16			375	%		278				146		90	%

每单位毛利润：
新零售车辆	$	2,742		$	2,338			17	%	$	3,050			$	2,713		12	%
二手车辆	$	1,927		$	1,940			(1	)%	$	1,980			$	2,397		(17	)%
财务、保险及其他净收入	$	874		$	868			1	%	$	959			$	1,092		(12	)%
NM = 无意义


*Powersports Segment - Same Store*
	Three Months Ended December 31,		Better / (Worse)	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		% Change		2025			2024			% Change
	(In millions, except unit and per unit data)
Revenues:
Retail new vehicles	$	18.8		$	16.7		13	%	$	93.8		$	79.0			19	%
Used vehicles		5.9			4.2		40	%		33.7			20.9			61	%
Wholesale vehicles		0.5			0.2		150	%		2.5			2.1			19	%
Total vehicles		25.2			21.1		19	%		130.0			102.0			27	%
Parts, service and collision repair		6.8			6.3		8	%		44.7			41.6			7	%
Finance, insurance and other, net		1.4			1.2		17	%		7.8			6.7			16	%
Total revenues		33.4			28.6		17	%		182.5			150.3			21	%
Gross Profit:
Retail new vehicles		2.7			2.1		29	%		13.9			11.2			24	%
Used vehicles		1.1			0.9		22	%		6.1			5.0			22	%
Wholesale vehicles		0.1			(0.1	)	200	%		(0.1	)		(0.3	)		67	%
Total vehicles		3.9			2.9		34	%		19.9			15.9			25	%
Parts, service and collision repair		3.4			2.6		31	%		21.5			19.0			13	%
Finance, insurance and other, net		1.4			1.2		17	%		7.8			6.7			16	%
Total gross profit	$	8.7		$	6.7		30	%	$	49.2		$	41.6			18	%

Unit Sales Volume:
Retail new vehicles		999			900		11	%		4,583			4,115			11	%
Used vehicles		585			470		24	%		3,101			2,087			49	%
Wholesale vehicles		76			16		375	%		275			146			88	%
Retail new & used vehicles		1,584			1,370		16	%		7,684			6,202			24	%
Used:New Ratio		0.59			0.52		13	%		0.68			0.51			33	%

Gross Profit Per Unit:
Retail new vehicles	$	2,743		$	2,280		20	%	$	3,032		$	2,713			12	%
Used vehicles	$	1,935		$	1,965		(2	)%	$	1,982		$	2,419			(18	)%
Finance, insurance and other, net	$	902		$	878		3	%	$	1,019		$	1,073			(5	)%
Note: All currently operating powersports stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.


*动力运动部门 - 同店*
	截至 12 月 31 日的三个月		好于/
（差于）		截至 12 月 31 日的十二个月		% 变化			2025			2024			% 变化
		2025			2024
	（单位为百万，除单位和每单位数据外）
收入：
新零售车辆	$	18.8		$	16.7			13	%	$	93.8			$	79.0		19	%
二手车辆		5.9			4.2			40	%		33.7				20.9		61	%
批发车辆		0.5			0.2			150	%		2.5				2.1		19	%
总车辆		25.2			21.1			19	%		130.0				102.0		27	%
配件、服务和碰撞修理		6.8			6.3			8	%		44.7				41.6		7	%
财务、保险及其他净收入		1.4			1.2			17	%		7.8				6.7		16	%
总收入		33.4			28.6			17	%		182.5				150.3		21	%
毛利润：
新零售车辆		2.7			2.1			29	%		13.9				11.2		24	%
二手车辆		1.1			0.9			22	%		6.1				5.0		22	%
批发车辆		0.1			(0.1	)		200	%		(0.1	)			(0.3	)	67	%
总车辆		3.9			2.9			34	%		19.9				15.9		25	%
配件、服务和碰撞修理		3.4			2.6			31	%		21.5				19.0		13	%
财务、保险及其他净收入		1.4			1.2			17	%		7.8				6.7		16	%
总毛利润	$	8.7		$	6.7			30	%	$	49.2			$	41.6		18	%

单位销售量：
新零售车辆		999			900			11	%		4,583				4,115		11	%
二手车辆		585			470			24	%		3,101				2,087		49	%
批发车辆		76			16			375	%		275				146		88	%
新零售及二手车辆		1,584			1,370			16	%		7,684				6,202		24	%
二手：新车比例		0.59			0.52			13	%		0.68				0.51		33	%

每单位毛利润：
新零售车辆	$	2,743		$	2,280			20	%	$	3,032			$	2,713		12	%
二手车辆	$	1,935		$	1,965			(2	)%	$	1,982			$	2,419		(18	)%
财务、保险及其他净收入	$	902		$	878			3	%	$	1,019			$	1,073		(5	)%
注：所有当前运营的动力运动商店在开店或收购后的第一个完整月份起，均被纳入同店组。


*Non-GAAP Reconciliation - Consolidated - SG&A Expenses*
	Three Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	280.6		$	263.5		$	(17.1	)		(6	)%
Advertising		26.5			19.1			(7.4	)		(39	)%
Rent		13.1			10.7			(2.4	)		(22	)%
Other		113.5			106.3			(7.2	)		(7	)%
Total SG&A expenses	$	433.7		$	399.6		$	(34.1	)		(9	)%
Adjustments:
Cyber insurance proceeds	$	—		$	10.0
Acquisition and disposition related gain (loss)		—			2.7
Storm damage charges		—			(3.2	)
Severance and long-term compensation charges		—			(0.5	)
Total SG&A adjustments	$	—		$	9.0
Adjusted:
Total adjusted SG&A expenses	$	433.7		$	408.6		$	(25.1	)		(6	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		46.9	%		45.9	%		(100	)	bps
Advertising		4.4	%		3.3	%		(110	)	bps
Rent		2.2	%		1.9	%		(30	)	bps
Other		18.9	%		18.5	%		(40	)	bps
Total SG&A expenses as a % of gross profit		72.4	%		69.6	%		(280	)	bps
Adjustments:
Cyber insurance proceeds		—	%		1.8	%
Acquisition and disposition related gain (loss)		—	%		0.5	%
Storm damage charges		—	%		(0.6	)%
Severance and long-term compensation charges		—	%		(0.1	)%
Total effect of adjustments		—	%		1.6	%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		72.4	%		71.2	%		(120	)	bps

Reported:
Total gross profit	$	598.7		$	574.0		$	24.7			4	%


*非 GAAP 调整 - 合并 - 销售和管理费用*
	截至 12 月 31 日的三个月		改善 / (恶化)
		2025			2024		变化		% 变化
	（以百万计）
报告的：
薪酬	$	280.6		$	263.5		$	(17.1	)		(6	)%
广告		26.5			19.1			(7.4	)		(39	)%
租金		13.1			10.7			(2.4	)		(22	)%
其他		113.5			106.3			(7.2	)		(7	)%
总销售和管理费用	$	433.7		$	399.6		$	(34.1	)		(9	)%
调整项：
网络保险赔偿	$	—		$	10.0
收购和处置相关收益（损失）		—			2.7
风暴损害费用		—			(3.2	)
裁员和长期薪酬费用		—			(0.5	)
总销售和管理费用调整	$	—		$	9.0
调整后：
总调整后销售和管理费用	$	433.7		$	408.6		$	(25.1	)		(6	)%
报告的：
销售和管理费用占毛利润的百分比：
薪酬		46.9	%		45.9	%		(100	)	基点
广告		4.4	%		3.3	%		(110	)	基点
租金		2.2	%		1.9	%		(30	)	基点
其他		18.9	%		18.5	%		(40	)	基点
总销售和管理费用占毛利润的百分比		72.4	%		69.6	%		(280	)	基点
调整项：
网络保险赔偿		—	%		1.8	%
收购和处置相关收益（损失）		—	%		0.5	%
风暴损害费用		—	%		(0.6	)%
裁员和长期薪酬费用		—	%		(0.1	)%
调整的总影响		—	%		1.6	%
调整后：
总调整后销售和管理费用占毛利润的百分比		72.4	%		71.2	%		(120	)	基点

报告的：
总毛利润	$	598.7		$	574.0		$	24.7			4	%


*Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)*
	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	1,087.4		$	1,013.9		$	(73.5	)		(7	)%
Advertising		101.2			84.5			(16.7	)		(20	)%
Rent		46.4			36.6			(9.8	)		(27	)%
Other		443.2			442.0			(1.2	)		—	%
Total SG&A expenses	$	1,678.2		$	1,577.0		$	(101.2	)		(6	)%
Adjustments:
Excess compensation related to CDK outage	$	—		$	(11.4	)
Storm damage charges		(5.0	)		(8.3	)
Severance and long-term compensation charges		—			(5.5	)
Closed store accrued expenses		—			(2.1	)
Cyber insurance proceeds		40.0			10.0
Acquisition and disposition related gain (loss)		(5.6	)		5.6
Legal settlements		(0.7	)		—
Gain (loss) on exit of leased dealerships		—			3.0
Total SG&A adjustments	$	28.7		$	(8.7	)
Adjusted:
Total adjusted SG&A expenses	$	1,706.9		$	1,568.3		$	(138.6	)		(9	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		45.6	%		46.2	%		60		bps
Advertising		4.2	%		3.9	%		(30	)	bps
Rent		1.9	%		1.7	%		(20	)	bps
Other		18.7	%		20.1	%		140		bps
Total SG&A expenses as a % of gross profit		70.4	%		71.9	%		150		bps
Adjustments:
Excess compensation related to CDK outage		—	%		(0.5	)%
Storm damage charges		(0.2	)%		(0.4	)%
Severance and long-term compensation charges		—	%		(0.3	)%
Closed store accrued expenses		—	%		(0.1	)%
Cyber insurance proceeds		1.7	%		0.5	%
Acquisition and disposition related gain (loss)		(0.2	)%		0.3	%
Legal settlements		—	%		—	%
Gain (loss) on exit of leased dealerships		—	%		0.1	%
Total effect of adjustments		1.2	%		(0.4	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		71.6	%		71.5	%		(10	)	bps

Reported:
Total gross profit	$	2,382.9		$	2,192.8		$	190.1			9	%
Adjustments:
Excess compensation related to CDK outage	$	—		$	2.0
Total adjustments	$	—		$	2.0
Adjusted:
Total adjusted gross profit	$	2,382.9		$	2,194.8		$	188.1			9	%


*非 GAAP 调整 - 合并 - 销售和管理费用（续）*
	截至 12 月 31 日的十二个月		改善 / (恶化)
		2025			2024		变化		% 变化
	（以百万计）
报告：
薪酬	$	1,087.4		$	1,013.9		$	(73.5	)		(7	)%
广告		101.2			84.5			(16.7	)		(20	)%
租金		46.4			36.6			(9.8	)		(27	)%
其他		443.2			442.0			(1.2	)		—	%
总销售和管理费用	$	1,678.2		$	1,577.0		$	(101.2	)		(6	)%
调整：
与 CDK 停机相关的超额薪酬	$	—		$	(11.4	)
风暴损害费用		(5.0	)		(8.3	)
解雇和长期薪酬费用		—			(5.5	)
关闭商店应计费用		—			(2.1	)
网络保险赔偿		40.0			10.0
与收购和处置相关的收益（损失）		(5.6	)		5.6
法律和解		(0.7	)		—
租赁经销商退出的收益（损失）		—			3.0
总销售和管理费用调整	$	28.7		$	(8.7	)
调整后：
总调整后销售和管理费用	$	1,706.9		$	1,568.3		$	(138.6	)		(9	)%
报告：
销售和管理费用占毛利润的百分比：
薪酬		45.6	%		46.2	%		60		个基点
广告		4.2	%		3.9	%		(30	)	个基点
租金		1.9	%		1.7	%		(20	)	个基点
其他		18.7	%		20.1	%		140		个基点
总销售和管理费用占毛利润的百分比		70.4	%		71.9	%		150		个基点
调整：
与 CDK 停机相关的超额薪酬		—	%		(0.5	)%
风暴损害费用		(0.2	)%		(0.4	)%
解雇和长期薪酬费用		—	%		(0.3	)%
关闭商店应计费用		—	%		(0.1	)%
网络保险赔偿		1.7	%		0.5	%
与收购和处置相关的收益（损失）		(0.2	)%		0.3	%
法律和解		—	%		—	%
租赁经销商退出的收益（损失）		—	%		0.1	%
调整的总影响		1.2	%		(0.4	)%
调整后：
总调整后销售和管理费用占毛利润的百分比		71.6	%		71.5	%		(10	)	个基点

报告：
总毛利润	$	2,382.9		$	2,192.8		$	190.1			9	%
调整：
与 CDK 停机相关的超额薪酬	$	—		$	2.0
总调整	$	—		$	2.0
调整后：
总调整后毛利润	$	2,382.9		$	2,194.8		$	188.1			9	%


*Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses*
	Three Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	249.4		$	233.9		$	(15.5	)		(7	)%
Advertising		18.5			11.9			(6.6	)		(55	)%
Rent		12.6			9.6			(3.0	)		(31	)%
Other		101.9			93.1			(8.8	)		(9	)%
Total SG&A expenses	$	382.4		$	348.5		$	(33.9	)		(10	)%
Adjustments:
Cyber insurance proceeds	$	—		$	10.0
Acquisition and disposition related gain (loss)		—			3.5
Storm damage charges		—			(3.2	)
Total SG&A adjustments	$	—		$	10.3
Adjusted:
Total adjusted SG&A expenses	$	382.4		$	358.8		$	(23.6	)		(7	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		46.5	%		45.2	%		(130	)	bps
Advertising		3.5	%		2.3	%		(120	)	bps
Rent		2.3	%		1.9	%		(40	)	bps
Other		19.1	%		17.9	%		(120	)	bps
Total SG&A expenses as a % of gross profit		71.4	%		67.3	%		(410	)	bps
Adjustments:
Cyber insurance proceeds		—	%		1.9	%
Acquisition and disposition related gain (loss)		—	%		0.7	%
Storm damage charges		—	%		(0.6	)%
Total effect of adjustments		—	%		2.0	%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		71.4	%		69.3	%		(210	)	bps

Reported:
Total gross profit	$	535.8		$	517.4		$	18.4			4	%


*非 GAAP 调整 - 特许经销商部门 - SG&A 费用*
	截至 12 月 31 日的三个月		改善 / (恶化)
		2025			2024		变动		% 变动
	（单位：百万）
报告的：
薪酬	$	249.4		$	233.9		$	(15.5	)		(7	)%
广告		18.5			11.9			(6.6	)		(55	)%
租金		12.6			9.6			(3.0	)		(31	)%
其他		101.9			93.1			(8.8	)		(9	)%
总 SG&A 费用	$	382.4		$	348.5		$	(33.9	)		(10	)%
调整项：
网络保险赔偿	$	—		$	10.0
与收购和处置相关的收益（损失）		—			3.5
风暴损害费用		—			(3.2	)
总 SG&A 调整	$	—		$	10.3
调整后的：
总调整后的 SG&A 费用	$	382.4		$	358.8		$	(23.6	)		(7	)%
报告的：
SG&A 费用占毛利润的百分比：
薪酬		46.5	%		45.2	%		(130	)	基点
广告		3.5	%		2.3	%		(120	)	基点
租金		2.3	%		1.9	%		(40	)	基点
其他		19.1	%		17.9	%		(120	)	基点
总 SG&A 费用占毛利润的百分比		71.4	%		67.3	%		(410	)	基点
调整项：
网络保险赔偿		—	%		1.9	%
与收购和处置相关的收益（损失）		—	%		0.7	%
风暴损害费用		—	%		(0.6	)%
调整的总影响		—	%		2.0	%
调整后的：
总调整后的 SG&A 费用占毛利润的百分比		71.4	%		69.3	%		(210	)	基点

报告的：
总毛利润	$	535.8		$	517.4		$	18.4			4	%


*Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)*
	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	956.9		$	892.4		$	(64.5	)		(7	)%
Advertising		69.9			55.1			(14.8	)		(27	)%
Rent		44.3			39.2			(5.1	)		(13	)%
Other		392.5			388.7			(3.8	)		(1	)%
Total SG&A expenses	$	1,463.6		$	1,375.4		$	(88.2	)		(6	)%
Adjustments:
Excess compensation related to CDK outage	$	—		$	(11.0	)
Storm damage charges		(5.0	)		(8.3	)
Long-term compensation charges		—			(2.2	)
Cyber insurance proceeds		40.0			10.0
Legal settlements		(0.7	)		—
Acquisition and disposition related gain (loss)		(5.5	)		3.5
Total SG&A adjustments	$	28.8		$	(8.0	)
Adjusted:
Total adjusted SG&A expenses	$	1,492.4		$	1,367.4		$	(125.0	)		(9	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		45.7	%		46.0	%		30		bps
Advertising		3.3	%		2.8	%		(50	)	bps
Rent		2.1	%		2.0	%		(10	)	bps
Other		18.8	%		20.1	%		130		bps
Total SG&A expenses as a % of gross profit		69.9	%		70.9	%		100		bps
Adjustments:
Excess compensation related to CDK outage		—	%		(0.7	)%
Storm damage charges		(0.2	)%		(0.5	)%
Long-term compensation charges		—	%		(0.1	)%
Cyber insurance proceeds		1.8	%		0.6	%
Legal settlements		—	%		—	%
Acquisition and disposition related gain (loss)		(0.3	)%		0.2	%
Total effect of adjustments		1.3	%		(0.5	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		71.2	%		70.4	%		(80	)	bps

Reported:
Total gross profit	$	2,095.2		$	1,941.2		$	154.0			8	%
Adjustments:
Excess compensation related to CDK outage	$	—		$	2.0
Total adjustments	$	—		$	2.0
Adjusted:
Total adjusted gross profit	$	2,095.2		$	1,943.2		$	154.0			8	%


*非 GAAP 调整 - 特许经销商部门 - SG&A 费用（续）*
	截至 12 月 31 日的十二个月		改善 / (恶化)
		2025			2024		变动		% 变动
	（单位：百万）
报告的：
薪酬	$	956.9		$	892.4		$	(64.5	)		(7	)%
广告		69.9			55.1			(14.8	)		(27	)%
租金		44.3			39.2			(5.1	)		(13	)%
其他		392.5			388.7			(3.8	)		(1	)%
总 SG&A 费用	$	1,463.6		$	1,375.4		$	(88.2	)		(6	)%
调整项：
与 CDK 停机相关的超额薪酬	$	—		$	(11.0	)
风暴损害费用		(5.0	)		(8.3	)
长期薪酬费用		—			(2.2	)
网络保险赔偿		40.0			10.0
法律和解		(0.7	)		—
与收购和处置相关的收益（损失）		(5.5	)		3.5
总 SG&A 调整	$	28.8		$	(8.0	)
调整后的：
总调整后的 SG&A 费用	$	1,492.4		$	1,367.4		$	(125.0	)		(9	)%
报告的：
SG&A 费用占毛利润的百分比：
薪酬		45.7	%		46.0	%		30		基点
广告		3.3	%		2.8	%		(50	)	基点
租金		2.1	%		2.0	%		(10	)	基点
其他		18.8	%		20.1	%		130		基点
总 SG&A 费用占毛利润的百分比		69.9	%		70.9	%		100		基点
调整项：
与 CDK 停机相关的超额薪酬		—	%		(0.7	)%
风暴损害费用		(0.2	)%		(0.5	)%
长期薪酬费用		—	%		(0.1	)%
网络保险赔偿		1.8	%		0.6	%
法律和解		—	%		—	%
与收购和处置相关的收益（损失）		(0.3	)%		0.2	%
调整的总影响		1.3	%		(0.5	)%
调整后的：
总调整后的 SG&A 费用占毛利润的百分比		71.2	%		70.4	%		(80	)	基点

报告的：
总毛利润	$	2,095.2		$	1,941.2		$	154.0			8	%
调整项：
与 CDK 停机相关的超额薪酬	$	—		$	2.0
总调整	$	—		$	2.0
调整后的：
总调整后的毛利润	$	2,095.2		$	1,943.2		$	154.0			8	%


*Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses*
	Three Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	24.5		$	23.8		$	(0.7	)		(3	)%
Advertising		7.7			6.7			(1.0	)		(15	)%
Rent		0.7			0.9			0.2			22	%
Other		9.3			11.2			1.9			17	%
Total SG&A expenses	$	42.2		$	42.6		$	0.4			1	%
Adjustments:
Acquisition and disposition related gain (loss)	$	—		$	(0.8	)
Total SG&A adjustments	$	—		$	(0.8	)
Adjusted:
Total adjusted SG&A expenses	$	42.2		$	41.8		$	(0.4	)		(1	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		45.7	%		48.6	%		290		bps
Advertising		14.5	%		13.7	%		(80	)	bps
Rent		1.4	%		1.9	%		50		bps
Other		17.3	%		22.8	%		550		bps
Total SG&A expenses as a % of gross profit		78.9	%		87.0	%		810		bps
Adjustments:
Acquisition and disposition related gain (loss)		—	%		(1.5	)%
Total effect of adjustments		—	%		(1.5	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		78.9	%		85.5	%		660		bps

Reported:
Total gross profit	$	53.5		$	49.0		$	4.5			9	%


*非 GAAP 调整 - EchoPark 部门 - SG&A 费用*
	截至 12 月 31 日的三个月		改善 / (恶化)
		2025			2024		变化		% 变化
	（单位：百万）
报告的：
薪酬	$	24.5		$	23.8		$	(0.7	)		(3	)%
广告		7.7			6.7			(1.0	)		(15	)%
租金		0.7			0.9			0.2			22	%
其他		9.3			11.2			1.9			17	%
总 SG&A 费用	$	42.2		$	42.6		$	0.4			1	%
调整项：
与收购和处置相关的收益（损失）	$	—		$	(0.8	)
总 SG&A 调整	$	—		$	(0.8	)
调整后的：
总调整后的 SG&A 费用	$	42.2		$	41.8		$	(0.4	)		(1	)%
报告的：
SG&A 费用占毛利润的百分比：
薪酬		45.7	%		48.6	%		290		基点
广告		14.5	%		13.7	%		(80	)	基点
租金		1.4	%		1.9	%		50		基点
其他		17.3	%		22.8	%		550		基点
总 SG&A 费用占毛利润的百分比		78.9	%		87.0	%		810		基点
调整项：
与收购和处置相关的收益（损失）		—	%		(1.5	)%
调整的总影响		—	%		(1.5	)%
调整后的：
总调整后的 SG&A 费用占毛利润的百分比		78.9	%		85.5	%		660		基点

报告的：
总毛利润	$	53.5		$	49.0		$	4.5			9	%


*Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)*
	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	100.6		$	95.8		$	(4.8	)		(5	)%
Advertising		30.2			27.7			(2.5	)		(9	)%
Rent		3.0			(1.7	)		(4.7	)		(276	)%
Other		39.0			43.9			4.9			11	%
Total SG&A expenses	$	172.8		$	165.7		$	(7.1	)		(4	)%
Adjustments:
Severance and long-term compensation charges	$	—		$	(2.8	)
Closed store accrued expenses		—			(2.1	)
Excess compensation related to CDK outage		—			(0.4	)
Gain (loss) on exit of leased dealerships		—			3.0
Acquisition and disposition related gain (loss)		0.9			2.1
Total SG&A adjustments	$	0.9		$	(0.2	)
Adjusted:
Total adjusted SG&A expenses	$	173.7		$	165.5		$	(8.2	)		(5	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		43.0	%		46.1	%		310		bps
Advertising		12.9	%		13.3	%		40		bps
Rent		1.3	%		(0.8	)%		(210	)	bps
Other		16.6	%		21.1	%		450		bps
Total SG&A expenses as a % of gross profit		73.8	%		79.7	%		590		bps
Adjustments:
Severance and long-term compensation charges		—	%		(1.4	)%
Closed store accrued expenses		—	%		(1.1	)%
Excess compensation related to CDK outage		—	%		(0.2	)%
Gain (loss) on exit of leased dealerships		—	%		1.5	%
Acquisition and disposition related gain (loss)		0.4	%		1.1	%
Total effect of adjustments		0.4	%		(0.1	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		74.2	%		79.6	%		540		bps

Reported:
Total gross profit	$	233.9		$	207.9		$	26.0			13	%


*非 GAAP 调整 - EchoPark 部门 - SG&A 费用（续）*
	截至 12 月 31 日的十二个月		改善 / (恶化)
		2025			2024		变化		% 变化
	（单位：百万）
报告的：
薪酬	$	100.6		$	95.8		$	(4.8	)		(5	)%
广告		30.2			27.7			(2.5	)		(9	)%
租金		3.0			(1.7	)		(4.7	)		(276	)%
其他		39.0			43.9			4.9			11	%
总 SG&A 费用	$	172.8		$	165.7		$	(7.1	)		(4	)%
调整项：
裁员和长期薪酬费用	$	—		$	(2.8	)
关闭门店的应计费用		—			(2.1	)
与 CDK 故障相关的过高薪酬		—			(0.4	)
退出租赁经销商的收益（损失）		—			3.0
与收购和处置相关的收益（损失）		0.9			2.1
总 SG&A 调整	$	0.9		$	(0.2	)
调整后的：
总调整后的 SG&A 费用	$	173.7		$	165.5		$	(8.2	)		(5	)%
报告的：
SG&A 费用占毛利润的百分比：
薪酬		43.0	%		46.1	%		310		基点
广告		12.9	%		13.3	%		40		基点
租金		1.3	%		(0.8	)%		(210	)	基点
其他		16.6	%		21.1	%		450		基点
总 SG&A 费用占毛利润的百分比		73.8	%		79.7	%		590		基点
调整项：
裁员和长期薪酬费用		—	%		(1.4	)%
关闭门店的应计费用		—	%		(1.1	)%
与 CDK 故障相关的过高薪酬		—	%		(0.2	)%
退出租赁经销商的收益（损失）		—	%		1.5	%
与收购和处置相关的收益（损失）		0.4	%		1.1	%
调整的总影响		0.4	%		(0.1	)%
调整后的：
总调整后的 SG&A 费用占毛利润的百分比		74.2	%		79.6	%		540		基点

报告的：
总毛利润	$	233.9		$	207.9		$	26.0			13	%


*Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses*
	Three Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	6.7		$	5.9		$	(0.8	)		(14	)%
Advertising		0.3			0.5			0.2			40	%
Rent		(0.2	)		0.1			0.3			300	%
Other		2.2			2.0			(0.2	)		(10	)%
Total SG&A expenses	$	9.0		$	8.5		$	(0.5	)		(6	)%
Adjustments:
Severance and long-term compensation charges	$	—		$	(0.5	)
Total SG&A adjustments	$	—		$	(0.5	)
Adjusted:
Total adjusted SG&A expenses	$	9.0		$	8.0		$	(1.0	)		(12.5	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		71.7	%		77.5	%		580		bps
Advertising		3.0	%		6.0	%		300		bps
Rent		(2.4	)%		1.4	%		380		bps
Other		23.9	%		28.3	%		440		bps
Total SG&A expenses as a % of gross profit		96.2	%		113.2	%		1,700		bps
Adjustments:
Long-term compensation charges		—	%		(6.6	)%
Total effect of adjustments		—	%		(6.6	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		96.2	%		106.6	%		1,040			bps

Reported:
Total gross profit	$	9.4		$	7.5		$	1.9			25	%


*非 GAAP 调整 - 动力运动部门 - 销售和管理费用*
	截至 12 月 31 日的三个月		改善 / (恶化)
		2025			2024		变动		% 变动
	（单位：百万）
报告的：
薪酬	$	6.7		$	5.9		$	(0.8	)		(14	)%
广告		0.3			0.5			0.2			40	%
租金		(0.2	)		0.1			0.3			300	%
其他		2.2			2.0			(0.2	)		(10	)%
总销售和管理费用	$	9.0		$	8.5		$	(0.5	)		(6	)%
调整项：
裁员和长期薪酬费用	$	—		$	(0.5	)
总销售和管理调整	$	—		$	(0.5	)
调整后的：
总调整后的销售和管理费用	$	9.0		$	8.0		$	(1.0	)		(12.5	)%
报告的：
销售和管理费用占毛利润的百分比：
薪酬		71.7	%		77.5	%		580		个基点
广告		3.0	%		6.0	%		300		个基点
租金		(2.4	)%		1.4	%		380		个基点
其他		23.9	%		28.3	%		440		个基点
总销售和管理费用占毛利润的百分比		96.2	%		113.2	%		1,700		个基点
调整项：
长期薪酬费用		—	%		(6.6	)%
调整的总影响		—	%		(6.6	)%
调整后的：
总调整后的销售和管理费用占毛利润的百分比		96.2	%		106.6	%		1,040			个基点

报告的：
总毛利润	$	9.4		$	7.5		$	1.9			25	%


*Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses (Continued)*
	Twelve Months Ended December 31,		Better / (Worse)
		2025			2024		Change		% Change
	(In millions)
Reported:
Compensation	$	29.9		$	25.7		$	(4.2	)		(16	)%
Advertising		1.1			1.7			0.6			35	%
Rent		(0.9	)		(0.9	)		—			—	%
Other		11.7			9.4			(2.3	)		(24	)%
Total SG&A expenses	$	41.8		$	35.9		$	(5.9	)		(16	)%
Adjustments:
Severance and long-term compensation charges	$	—		$	(0.5	)
Acquisition and disposition related gain (loss)		(1.1	)		—
Total SG&A adjustments	$	(1.1	)	$	(0.5	)
Adjusted:
Total adjusted SG&A expenses	$	40.7		$	35.4		$	(5.3	)		(15	)%
Reported:
SG&A expenses as a % of gross profit:
Compensation		55.6	%		58.7	%		310		bps
Advertising		2.1	%		3.9	%		180		bps
Rent		(1.6	)%		(2.1	)%		(50	)	bps
Other		21.6	%		21.5	%		(10	)	bps
Total SG&A expenses as a % of gross profit		77.7	%		82.0	%		430		bps
Adjustments:
Severance and long-term compensation charges		—	%		(1.1	)%
Acquisition and disposition related gain (loss)		(1.9	)%		—	%
Total effect of adjustments		(1.9	)%		(1.1	)%
Adjusted:
Total adjusted SG&A expenses as a % of gross profit		75.8	%		80.9	%		510		bps
Reported:
Total gross profit	$	53.8		$	43.7		$	10.1			23	%


*非 GAAP 调整 - 动力运动部门 - 销售和管理费用（续）*
	截至 12 月 31 日的十二个月		改善 / (恶化)
		2025			2024		变动		% 变动
	（单位：百万）
报告的：
薪酬	$	29.9		$	25.7		$	(4.2	)		(16	)%
广告		1.1			1.7			0.6			35	%
租金		(0.9	)		(0.9	)		—			—	%
其他		11.7			9.4			(2.3	)		(24	)%
总销售和管理费用	$	41.8		$	35.9		$	(5.9	)		(16	)%
调整项：
裁员和长期薪酬费用	$	—		$	(0.5	)
收购和处置相关收益（损失）		(1.1	)		—
总销售和管理调整	$	(1.1	)	$	(0.5	)
调整后的：
总调整后的销售和管理费用	$	40.7		$	35.4		$	(5.3	)		(15	)%
报告的：
销售和管理费用占毛利润的百分比：
薪酬		55.6	%		58.7	%		310		个基点
广告		2.1	%		3.9	%		180		个基点
租金		(1.6	)%		(2.1	)%		(50	)	个基点
其他		21.6	%		21.5	%		(10	)	个基点
总销售和管理费用占毛利润的百分比		77.7	%		82.0	%		430		个基点
调整项：
裁员和长期薪酬费用		—	%		(1.1	)%
收购和处置相关收益（损失）		(1.9	)%		—	%
调整的总影响		(1.9	)%		(1.1	)%
调整后的：
总调整后的销售和管理费用占毛利润的百分比		75.8	%		80.9	%		510		个基点
报告的：
总毛利润	$	53.8		$	43.7		$	10.1			23	%


*Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)*
	Three Months Ended December 31,		Twelve Months Ended December 31,
		2025			2024		% Change			2025			2024		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	71.7		$	89.4		(20	)%		$	150.2		$	256.4		(41	)%
Add: impairment charges		—			0.2					165.9			1.2
Segment income (loss)	$	71.7		$	89.6		(20	)%		$	316.1		$	257.6		23	%

Adjustments:
Cyber insurance proceeds	$	—		$	(10.0	)			$	(40.0	)	$	(10.0	)
Acquisition and disposition related (gain) loss		—			(3.5	)				5.5			(3.5	)
Legal settlements		—			—					0.7			—
Storm damage charges		—			3.2					5.0			8.3
Long-term compensation charges		—			—					—			2.2
Excess compensation related to CDK outage		—			—					—			13.0
Total pre-tax adjustments	$	—		$	(10.3	)			$	(28.8	)	$	10.0

Adjusted:
Segment income (loss)	$	71.7		$	79.3		(10	)%		$	287.3		$	267.6		7	%


*非公认会计原则调整 - 特许经销商部门 - 税前收入（损失）和部门收入（损失）*
	截至 12 月 31 日的三个月		截至 12 月 31 日的十二个月
		2025			2024		% 变化			2025			2024		% 变化
	（单位：百万）
报告的：
税前收入（损失）	$	71.7		$	89.4		(20	)%		$	150.2		$	256.4		(41	)%
加：减值费用		—			0.2					165.9			1.2
部门收入（损失）	$	71.7		$	89.6		(20	)%		$	316.1		$	257.6		23	%

调整项：
网络保险赔偿	$	—		$	(10.0	)			$	(40.0	)	$	(10.0	)
收购和处置相关（收益）损失		—			(3.5	)				5.5			(3.5	)
法律和解		—			—					0.7			—
风暴损害费用		—			3.2					5.0			8.3
长期补偿费用		—			—					—			2.2
与 CDK 故障相关的超额补偿		—			—					—			13.0
税前调整总额	$	—		$	(10.3	)			$	(28.8	)	$	10.0

调整后：
部门收入（损失）	$	71.7		$	79.3		(10	)%		$	287.3		$	267.6		7	%


*Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)*
	Three Months Ended December 31,		Twelve Months Ended December 31,
		2025			2024		% Change			2025			2024		% Change
	(In millions)
Reported:
Income (loss) before taxes	$	3.6		$	(3.9	)	192	%		$	27.9		$	0.8		NM
Add: impairment charges		—			1.3					0.2			2.7
Segment income (loss)	$	3.6		$	(2.6	)	238	%		$	28.1		$	3.5		703	%

Adjustments:
Acquisition and disposition related (gain) loss	$	—		$	0.8				$	(0.9	)	$	(2.1	)
Loss (gain) on exit of leased dealerships		—			—					—			(3.0	)
Severance and long-term compensation charges		—			—					—			2.8
Excess compensation related to CDK outage		—			—					—			0.4
Closed store accrued expenses		—			—					—			2.1
Total pre-tax adjustments	$	—		$	0.8				$	(0.9	)	$	0.2

Adjusted:
Segment income (loss)	$	3.6		$	(1.8	)	300	%		$	27.2		$	3.7		635	%


*非公认会计原则调整 - EchoPark 部门 - 税前收入（损失）和部门收入（损失）*
	截至 12 月 31 日的三个月		截至 12 月 31 日的十二个月
		2025			2024		% 变化			2025			2024		% 变化
	（单位：百万）
报告的：
税前收入（损失）	$	3.6		$	(3.9	)	192	%		$	27.9		$	0.8		NM
加：减值费用		—			1.3					0.2			2.7
部门收入（损失）	$	3.6		$	(2.6	)	238	%		$	28.1		$	3.5		703	%

调整项：
收购和处置相关（收益）损失	$	—		$	0.8				$	(0.9	)	$	(2.1	)
租赁经销商退出的损失（收益）		—			—					—			(3.0	)
裁员和长期补偿费用		—			—					—			2.8
与 CDK 故障相关的超额补偿		—			—					—			0.4
关闭商店的应计费用		—			—					—			2.1
税前调整总额	$	—		$	0.8				$	(0.9	)	$	0.2

调整后：
部门收入（损失）	$	3.6		$	(1.8	)	300	%		$	27.2		$	3.7		635	%


*Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)*
	Three Months Ended December 31,		Twelve Months Ended December 31,
		2025			2024		% Change			2025				2024			% Change
	(In millions)
Reported:
Income (loss) before taxes	$	(2.0	)	$	(3.4	)	41	%		$	(5.3	)		$	(1.1	)		(382	)%
Add: impairment charges		—			—					7.6				—
Segment income (loss)	$	(2.0	)	$	(3.4	)	41	%		$	2.3			$	(1.1	)		309	%

Adjustments:
Acquisition and disposition related (gain) loss	$	—		$	—				$	1.1			$	—
Long-term compensation charges		—			0.5					—				0.5
Total pre-tax adjustments	$	—		$	0.5				$	1.1			$	0.5

Adjusted:
Adjusted segment income (loss)	$	(2.0	)	$	(2.9	)	31	%		$	3.4			$	(0.6	)		667	%


*非公认会计原则调整 - 动力运动部门 - 税前收入（损失）和部门收入（损失）*
	截至 12 月 31 日的三个月		截至 12 月 31 日的十二个月
		2025			2024		% 变化			2025				2024			% 变化
	（单位：百万）
报告的：
税前收入（损失）	$	(2.0	)	$	(3.4	)	41	%		$	(5.3	)		$	(1.1	)		(382	)%
加：减值费用		—			—					7.6				—
部门收入（损失）	$	(2.0	)	$	(3.4	)	41	%		$	2.3			$	(1.1	)		309	%

调整项：
收购和处置相关（收益）损失	$	—		$	—				$	1.1			$	—
长期补偿费用		—			0.5					—				0.5
税前调整总额	$	—		$	0.5				$	1.1			$	0.5


*Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share*
	Three Months Ended December 31, 2025	Three Months Ended December 31, 2024
	Weighted- Average Shares	Net Income (Loss)		Per Share Amount	Weighted- Average Shares		Net Income (Loss)	Per Share Amount
	(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share	34.4		$	46.9		$	1.36		35.2		$	58.6	$	1.67
Adjustments:
Acquisition and disposition related (gain) loss		$	—					$	(2.7	)
Impairment charges			—						1.5
Storm damage charges			—						3.2
Severance and long-term compensation charges			—						0.5
Cyber insurance proceeds			—						(10.0	)
Total pre-tax adjustments		$	—					$	(7.5	)
Tax effect of above items			—						2.0
Non-recurring tax items			5.3						—
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share	34.4		$	52.2		$	1.52		35.2		$	53.1	$	1.51


*非公认会计原则调整 - 合并 - 净收入（亏损）及稀释每股收益（亏损）*
	截至2025年12月31日的三个月		截至2024年12月31日的三个月
	加权
平均
股份		净收入（亏损）		每
股
金额		加权
平均
股份		净收入（亏损）		每
股
金额
	（以百万计，除每股金额外）
报告的净收入（亏损）、稀释股份及稀释每股收益（亏损）	34.4			$	46.9	$	1.36		35.2		$	58.6	$	1.67
调整项：
与收购和处置相关的（收益）亏损			$	—				$	(2.7	)
减值费用				—					1.5
风暴损害费用				—					3.2
裁员和长期补偿费用				—					0.5
网络保险赔偿				—					(10.0	)
总税前调整			$	—				$	(7.5	)
以上项目的税务影响				—					2.0
非经常性税务项目				5.3					—
调整后的净收入（亏损）、稀释股份及稀释每股收益（亏损）	34.4			$	52.2	$	1.52		35.2		$	53.1	$	1.51


	Twelve Months Ended December 31, 2025	Twelve Months Ended December 31, 2024
	Weighted- Average Shares	Net Income (Loss)		Per Share Amount	Weighted- Average Shares		Net Income (Loss)	Per Share Amount
	(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share	34.7		$	118.7		$	3.42		35.0		$	216.0	$	6.18
Adjustments:
Acquisition and disposition related (gain) loss		$	5.6					$	(5.6	)
Storm damage charges			5.0						8.3
Legal settlements			0.7						—
Impairment charges			173.8						3.9
Loss (gain) on exit of leased dealerships			—						(3.0	)
Severance and long-term compensation charges			—						5.5
Closed store accrued expenses			—						2.1
Cyber insurance proceeds			(40.0	)					(10.0	)
Excess compensation related to CDK outage			—						13.4
Total pre-tax adjustments		$	145.1					$	14.6
Tax effect of above items			(39.9	)					(3.8	)
Non-recurring tax items			5.3						(31.0	)
Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share	34.7		$	229.2		$	6.60		35.0		$	195.8	$	5.60


	截至2025年12月31日的十二个月		截至2024年12月31日的十二个月
	加权
平均
股份		净收入（亏损）		每
股
金额		加权
平均
股份		净收入（亏损）		每
股
金额
	（以百万计，除每股金额外）
报告的净收入（亏损）、稀释股份及稀释每股收益（亏损）	34.7			$	118.7	$	3.42		35.0		$	216.0	$	6.18
调整项：
与收购和处置相关的（收益）亏损			$	5.6				$	(5.6	)
风暴损害费用				5.0					8.3
法律和解				0.7					—
减值费用				173.8					3.9
租赁经销商退出的损失（收益）				—					(3.0	)
裁员和长期补偿费用				—					5.5
关闭商店的应计费用				—					2.1
网络保险赔偿				(40.0	)				(10.0	)
与 CDK 故障相关的超额补偿				—					13.4
总税前调整			$	145.1				$	14.6
以上项目的税务影响				(39.9	)				(3.8	)
非经常性税务项目				5.3					(31.0	)
调整后的净收入（亏损）、稀释股份及稀释每股收益（亏损）	34.7			$	229.2	$	6.60		35.0		$	195.8	$	5.60


*Non-GAAP Reconciliation - Adjusted EBITDA*
	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024
	Franchised Dealerships Segment		EchoPark Segment	Powersports Segment		Total		Franchised Dealerships Segment		EchoPark Segment	Powersports Segment		Total
	(In millions)
Net income (loss)						$	46.9							$	58.6
Provision for income taxes							26.3								23.5
Income (loss) before taxes	$	71.7		$	3.6			$	(2.0	)	$	73.2		$	89.4		$	(3.9	)	$	(3.4	)	$	82.1
Non-floor plan interest (1)		24.8			0.3				0.7			25.8			27.1			0.6			0.7			28.4
Depreciation and amortization (2)		37.4			4.9				1.4			43.7			34.2			5.4			1.2			40.8
Stock-based compensation expense		5.8			—				—			5.8			5.5			—			—			5.5
Impairment charges		—			—				—			—			0.2			1.3			—			1.5
Severance and long-term compensation charges		—			—				—			—			—			—			0.5			0.5
Acquisition and disposition-related (gain) loss		—			—				—			—			(3.5	)		0.8			—			(2.7	)
Storm damage charges		—			—				—			—			3.2			—			—			3.2
Cyber insurance proceeds		—			—				—			—			(10.0	)		—			—			(10.0	)
Adjusted EBITDA	$	139.7		$	8.8			$	0.1		$	148.5		$	146.1		$	4.2		$	(1.0	)	$	149.3


*非公认会计准则调整 - 调整后息税折旧摊销前利润*
	截至2025年12月31日的三个月		截至2024年12月31日的三个月
	特许经销商部门		EchoPark 部门		动力运动
部门		总计		特许经销商部门		EchoPark 部门		动力运动
部门		总计
	（单位：百万）
净收入（亏损）							$	46.9						$	58.6
所得税费用								26.3							23.5
税前收入（亏损）	$	71.7			$	3.6			$	(2.0	)	$	73.2	$	89.4		$	(3.9	)	$	(3.4	)	$	82.1
非地板计划利息（1）		24.8				0.3				0.7			25.8		27.1			0.6			0.7			28.4
折旧和摊销（2）		37.4				4.9				1.4			43.7		34.2			5.4			1.2			40.8
基于股票的薪酬费用		5.8				—				—			5.8		5.5			—			—			5.5
减值费用		—				—				—			—		0.2			1.3			—			1.5
裁员和长期薪酬费用		—				—				—			—		—			—			0.5			0.5
收购和处置相关（收益）损失		—				—				—			—		(3.5	)		0.8			—			(2.7	)
风暴损害费用		—				—				—			—		3.2			—			—			3.2
网络保险赔偿		—				—				—			—		(10.0	)		—			—			(10.0	)
调整后息税折旧摊销前利润	$	139.7			$	8.8			$	0.1		$	148.5	$	146.1		$	4.2		$	(1.0	)	$	149.3


	Twelve Months Ended December 31, 2025		Twelve Months Ended December 31, 2024
	Franchised Dealerships Segment		EchoPark Segment	Powersports Segment		Total		Franchised Dealerships Segment		EchoPark Segment	Powersports Segment		Total
	(In millions)
Net income (loss)						$	118.7							$	216.0
Provision for income taxes							54.1								40.1
Income (loss) before taxes	$	150.2		$	27.9			$	(5.3	)	$	172.8		$	256.4		$	0.8		$	(1.1	)	$	256.1
Non-floor plan interest (1)		99.1			1.6				2.8			103.5			107.0			2.6			2.6			112.2
Depreciation and amortization (2)		144.4			20.4				5.3			170.1			130.0			21.6			4.3			155.9
Stock-based compensation expense		23.1			—				—			23.1			21.3			—			—			21.3
Loss (gain) on exit of leased dealerships		—			—				—			—			—			(3.0	)		—			(3.0	)
Impairment charges		165.9			0.2				7.6			173.8			1.2			2.7			—			3.9
Loss on debt extinguishment		—			—				—			—			0.6			—			—			0.6
Severance and long-term compensation charges		—			—				—			—			2.2			2.9			0.5			5.6
Acquisition and disposition-related (gain) loss		5.5			(0.9	)			1.1			5.6			(3.8	)		(2.5	)		—			(6.3	)
Storm damage charges		5.0			—				—			5.0			8.3			—			—			8.3
Excess compensation related to CDK outage		—			—				—			—			13.0			0.4			—			13.4
Cyber insurance proceeds		(40.0	)		—				—			(40.0	)		(10.0	)		—			—			(10.0	)
Closed store accrued expenses		—			—				—			—			—			2.1			—			2.1
Loss (gain) on legal settlements		0.7			—				—			0.7			—			—			—			—
Adjusted EBITDA	$	553.9		$	49.2			$	11.5		$	614.6		$	526.2		$	27.6		$	6.3		$	560.1


	截至2025年12月31日的十二个月		截至2024年12月31日的十二个月
	特许经销商部门		EchoPark 部门		动力运动
部门		总计		特许经销商部门		EchoPark 部门		动力运动
部门		总计
	（单位：百万）
净收入（亏损）							$	118.7							$	216.0
所得税费用								54.1								40.1
税前收入（亏损）	$	150.2			$	27.9			$	(5.3	)	$	172.8		$	256.4		$	0.8		$	(1.1	)	$	256.1
非地板计划利息（1）		99.1				1.6				2.8			103.5			107.0			2.6			2.6			112.2
折旧和摊销（2）		144.4				20.4				5.3			170.1			130.0			21.6			4.3			155.9
基于股票的薪酬费用		23.1				—				—			23.1			21.3			—			—			21.3
租赁经销商退出损失（收益）		—				—				—			—			—			(3.0	)		—			(3.0	)
减值费用		165.9				0.2				7.6			173.8			1.2			2.7			—			3.9
债务清偿损失		—				—				—			—			0.6			—			—			0.6
裁员和长期薪酬费用		—				—				—			—			2.2			2.9			0.5			5.6
收购和处置相关（收益）损失		5.5				(0.9	)			1.1			5.6			(3.8	)		(2.5	)		—			(6.3	)
风暴损害费用		5.0				—				—			5.0			8.3			—			—			8.3
与 CDK 故障相关的过度薪酬		—				—				—			—			13.0			0.4			—			13.4
网络保险赔偿		(40.0	)			—				—			(40.0	)		(10.0	)		—			—			(10.0	)
关闭商店应计费用		—				—				—			—			—			2.1			—			2.1
法律和解损失（收益）		0.7				—				—			0.7			—			—			—			—
调整后息税折旧摊销前利润	$	553.9			$	49.2			$	11.5		$	614.6		$	526.2		$	27.6		$	6.3		$	560.1


Note: Due to rounding, segment level financial data may not sum to consolidated results.
(1)	Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.
(2)	Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.


注：由于四舍五入，细分级别的财务数据可能与合并结果不一致。
(1)	包括在附带的合并经营报表中的利息费用、其他净额，不包括（2）中任何债务发行成本的摊销或净债务折扣/溢价。
(2)	包括附带的合并现金流量表中的以下项目：固定资产的折旧和摊销；债务发行成本的摊销；以及债务折扣的摊销，扣除溢价摊销。

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218554758/en/

在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260218554758/en/

Company Contacts

公司联系人

Investor Inquiries:

投资者咨询：

Heath Byrd, Executive Vice President and Chief Financial Officer

Heath Byrd，执行副总裁兼首席财务官

Danny Wieland, Vice President, Investor Relations & Financial Reporting

Danny Wieland，副总裁，投资者关系与财务报告

ir@sonicautomotive.com

Press Inquiries:

媒体咨询：

Sonic Automotive Media Relations

Sonic Automotive 媒体关系

media.relations@sonicautomotive.com

Source: Sonic Automotive, Inc.

来源：Sonic Automotive, Inc.

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