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

全年業績包括創紀錄的 152 億美元年收入，比去年增長 7%

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

創紀錄的年度毛利潤，得益於固定業務和金融服務毛利潤的雙重創紀錄

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

創紀錄的年度 EchoPark 和動力運動部門收入及調整後 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.

北卡羅來納州夏洛特 --（商業新聞）--Sonic Automotive, Inc.（“Sonic Automotive”，“Sonic”，“公司”，“我們” 或 “我們的”）（紐約證券交易所代碼：SAH），作為全國最大的汽車零售商之一，今天公佈了截至2025年12月31日的第四季度和財政年度的財務業績。

Fourth Quarter 2025 Financial Summary

2025 年第四季度財務摘要

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

總收入為 39 億美元，同比下降 1%；第四季度創紀錄的總毛利潤為 5.987 億美元，同比增長 4%
報告的淨收入為 4690 萬美元，同比下降 20%（每股攤薄收益 1.36 美元，同比下降 19%）
- 2025 年第四季度報告的淨收入包括 530 萬美元的一次性所得税費用
- 2024 年第四季度報告的淨收入包括來自網絡保險賠償的 1000 萬美元税前收益的影響，以及 270 萬美元的税前收購和處置相關收益，部分抵消了 320 萬美元的税前風暴損失費用、150 萬美元的税前非現金減值費用和 50 萬美元的税前長期補償費用（這些項目的淨收益部分抵消了 200 萬美元的税費）
不包括上述項目，調整後的第四季度淨收入* 為 5220 萬美元，同比下降 2%（每股調整後攤薄收益 1.52 美元，同比增長 1%）
報告的銷售、一般和行政（“SG&A”）費用佔毛利潤的比例為 72.4%（特許經銷商部門為 71.4%，EchoPark 部門為 78.9%，動力運動部門為 96.2%）
特許經銷商部門收入為 34 億美元，同比持平；第四季度特許經銷商部門創紀錄的毛利潤為 5.358 億美元，同比增長 4%
EchoPark 部門收入為 4.807 億美元，同比下降 5%；第四季度 EchoPark 部門創紀錄的毛利潤為 535 萬美元，同比增長 9%；EchoPark 部門零售二手車銷量為 15743 輛，同比下降 6%
報告的 EchoPark 部門收入為 360 萬美元，同比改善 238%，相比於去年同期的 260 萬美元虧損，調整後的 EchoPark 部門收入* 為 360 萬美元，同比改善 300%，相比於去年同期的 180 萬美元虧損
第四季度 EchoPark 部門創紀錄的調整後 EBITDA* 為 880 萬美元，同比增長 110%，相比於去年同期的 420 萬美元
在第四季度，Sonic 回購了約 60 萬股 A 類普通股，總購買價格約為 3830 萬美元
在2025年12月31日之後，Sonic 董事會批准每股 0.38 美元的季度現金股息，將於2026年4月15日支付給2026年3月13日的所有股東

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

* 請參閲下面關於非公認會計原則財務指標的討論和調節。

Full Year 2025 Financial Summary

2025 年全年財務摘要

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

創紀錄的年度總收入為 152 億美元，同比增長 7%；創紀錄的年度總毛利為 24 億美元，同比增長 9%
報告的全年淨收入為 1.187 億美元，同比下降 45%（每股攤薄收益 3.42 美元，同比下降 45%）
- 2025 年全年報告的淨收入包括與風暴損害相關的 500 萬美元税前費用、560 萬美元税前處置相關損失、1738 萬美元税前與非現金減值費用相關的費用，以及 70 萬美元的法律和解準備金的淨税前費用，部分抵消了來自網絡保險賠償的 4000 萬美元税前收益（這些項目的總和部分抵消了上述淨費用的 3990 萬美元税收利益），以及 530 萬美元的一次性所得税費用
- 2024 年全年報告的淨收入包括與 CDK 停機相關支付給員工的 1340 萬美元超額補償費用、830 萬美元的税前風暴損害費用、550 萬美元的税前遣散和長期補償費用、390 萬美元的税前與非現金減值費用相關的費用，以及 210 萬美元的税前與關閉門店應計費用相關的費用，部分抵消了來自網絡保險賠償的 1000 萬美元税前收益、560 萬美元的淨税前收購和處置相關收益，以及 300 萬美元的税前與租賃經銷商退出相關的收益（這些項目的總和部分抵消了上述淨費用的 380 萬美元税收利益），以及 3100 萬美元的一次性所得税收益，涉及對先前期間與特許經營資產減值相關的錯誤進行的調整
不包括這些項目，調整後的淨收入* 為 2.292 億美元，同比增長 17%（每股調整後收益 6.60 美元，增長 18% ）
報告的銷售、一般和行政（“SG&A”）費用佔毛利的比例為 70.4%（特許經銷商部門為 69.9%，EchoPark 部門為 73.8%，Powersports 部門為 77.7%）
- 調整後的 SG&A 費用佔毛利的比例為 71.6%（特許經銷商部門為 71.2%，EchoPark 部門為 74.2%，Powersports 部門為 75.8%）
創紀錄的年度特許經銷商部門收入為 129 億美元，同比增長 8%；特許經銷商部門毛利為 21 億美元，同比增長 8%
EchoPark 部門收入為 21 億美元，同比下降 3%；創紀錄的年度 EchoPark 部門毛利為 2.339 億美元，同比增長 13%；EchoPark 部門零售二手車銷量為 67,636 輛，同比下降 2%
報告的 EchoPark 部門收入為 2810 萬美元，同比增長 703%，而去年為 350 萬美元，調整後的 EchoPark 部門收入* 為 2720 萬美元，同比增長 635%，而去年為 370 萬美元
創紀錄的年度 EchoPark 部門調整後 EBITDA* 為 4920 萬美元，同比增長 78%，而去年為 2760 萬美元
創紀錄的年度 Powersports 部門調整後 EBITDA* 為 1150 萬美元，同比增長 83%，而去年為 630 萬美元
_在 2025 年，Sonic 回購了約 130 萬股 A 類普通股，總購買價格約為 8240 萬美元。

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

* 請參閲下面關於非公認會計原則財務指標的討論和調整。

Commentary

評論

“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.”

“我們第四季度的業績反映了 Sonic Automotive 多元化商業模式的強大和我們長期戰略的嚴格執行，” Sonic Automotive 董事長兼首席執行官 David Smith 表示。“儘管在 2025 年面臨動態的運營環境，我們的團隊在所有三個業務部門都實現了創紀錄的業績。隨着新年的到來，我們將繼續專注於運營卓越、成本控制，並持續為我們的客户和股東提供卓越的價值。”

“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.”

“我們的運營團隊在整個季度中保持專注和一致性，推動了我們特許經銷商組合的強勁表現，同時繼續優化 EchoPark 的庫存和定價策略，” Sonic Automotive 總裁 Jeff Dyke 表示。“我們在庫存管理、費用控制和提供卓越客户體驗方面保持嚴格的紀律，我們在進入 2026 年時處於良好的位置，以繼續推動這一勢頭。”

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 首席財務官 Heath Byrd 補充道：“我們第四季度的財務結果反映了嚴格的成本管理、強勁的現金流生成和持續的資產負債表強勁，截至2025年12月31日可用流動資金超過 7 億美元。我們致力於採取謹慎的資本配置方法，同時在我們的增長計劃中進行戰略投資，使公司在變化的市場環境中保持靈活和財務韌性。”

Fourth Quarter 2025 Segment Highlights

2025 年第四季度部門亮點

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.

以下討論的財務指標是 2025 年第四季度的結果，除非另有説明，否則與 2024 年第四季度進行比較。

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

特許經銷商部門的經營結果包括：
- 同店收入下降 5%；同店毛利潤下降 2%
- 同店零售新車銷量下降 11%；同店零售新車每單位毛利潤下降 7%，至$3,033
- 同店零售二手車銷量上升 5%；同店零售二手車每單位毛利潤下降 2%，至$1,379
- 同店零件、服務和碰撞修理（“固定業務”）毛利潤上升 3%；同店客户支付毛利潤上升 6%；同店保修毛利潤上升 2%；同店固定業務毛利率上升 10 個基點，至 50.8%
- 同店金融和保險（“F&I”）毛利潤持平；同店 F&I 每零售單位毛利潤為$2,541，上升 5%
- 根據過去一個季度的銷售成本，特許經銷商部門的新車庫存（包括在途）供應為 48 天，二手車庫存供應為 31 天
EchoPark 部門的經營結果包括：
- 收入為$480.7 百萬，同比下降 5%；第四季度創紀錄的毛利潤為$53.5 百萬，同比上升 9%
- 零售二手車銷量為 15,743 輛，同比下降 6%
- 報告的部門收入為$3.6 百萬，第四季度創紀錄的調整後 EBITDA* 為$8.8 百萬
- 根據過去一個季度的銷售成本，EchoPark 部門的二手車庫存供應為 40 天
動力運動部門的經營結果包括：
- 第四季度創紀錄的收入為$36.4 百萬，上升 19%；第四季度創紀錄的毛利潤為$9.4 百萬，上升 25%；毛利率為 25.7%
- 報告的部門虧損為$2.0 百萬，調整後 EBITDA* 為$0.1 百萬

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

* 請參閲下面關於非公認財務指標的討論和調整。

Full Year 2025 Segment Highlights

2025 財年部門亮點

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

以下討論的財務指標是 2025 財年的結果，與 2024 財年進行比較，除非另有説明。

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

特許經銷商部門的經營結果包括：
- 同店收入上升 5%；同店毛利潤上升 4%
- 同店零售新車銷量上升 2%；同店零售新車每單位毛利潤下降 9%，至$3,094
- 同店零售二手車銷量持平；同店零售二手車每單位毛利潤上升 2%，至$1,516
- 同店固定業務毛利潤上升 8%；同店客户支付毛利潤上升 6%；同店保修毛利潤上升 20%；同店固定業務毛利率上升 60 個基點，至 51.0%
- 同店 F&I 毛利潤上升 9%；同店 F&I 每零售單位毛利潤為$2,551，上升 7%
EchoPark 部門的經營結果包括：
- 收入為$21 億，同比下降 3%；創紀錄的年度毛利潤為$233.9 百萬，上升 13%
- 零售二手車銷量為 67,636 輛，下降 2%
- 報告的部門收入為$28.1 百萬，調整後的部門收入 * 為$27.2 百萬，創紀錄的年度調整後 EBITDA* 為$49.2 百萬
動力運動部門的經營結果包括：
- 創紀錄的年度收入為$202.9 百萬，上升 29%；創紀錄的年度毛利潤為$53.8 百萬，上升 23%；毛利率為 26.5%
- 報告的部門收入為$2.3 百萬，調整後的部門收入 * 為$3.4 百萬，創紀錄的年度調整後 EBITDA* 為$11.5 百萬

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

* 請參閲下面關於非公認財務指標的討論和調整。

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 的董事會批准每股$0.38 的季度現金股息，將於2026年4月15日支付給2026年3月13日的所有股東。

Fourth Quarter 2025 Earnings Conference Call

2025 年第四季度財報電話會議

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.

高級管理層將於今天上午 11:00（東部時間）召開電話會議。投資者演示文稿和財報新聞稿材料將在會議開始前可在公司網站上訪問，網址為 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.

要訪問電話會議的實時網絡廣播，請訪問 ir.sonicautomotive.com 並選擇頁面頂部的網絡廣播鏈接。要撥打電話參加此次電話會議，請撥打（877）407-8289（國內）或 +1（201）689-8341（國際），並要求連接到 Sonic Automotive 2025 年第四季度財報電話會議。撥入訪問在整個實時通話期間保持可用；然而，為確保您能完整連接，我們建議您在會議開始前至少 10 分鐘撥入。會議結束後，網絡廣播重播將在 ir.sonicautomotive.com 上提供 14 天。

About Sonic Automotive

關於 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.是一家總部位於北卡羅來納州夏洛特的財富 500 強公司，致力於成為美國最有價值的多元化汽車零售和服務品牌。我們的公司文化致力於創造、創新和提供行業領先的客户體驗，依靠對技術、團隊成員和想法的戰略投資，最終實現擁有夢想、豐富生活，併為我們的客户和團隊成員帶來快樂。作為美國最大的汽車和動力運動零售商之一，我們致力於實現這一目標，同時追求廣泛的增長，並採取積極措施成為這些領域的領導者。我們的新平台、項目和團隊將推動下一代汽車和動力運動體驗。有關 Sonic Automotive 的更多信息，請訪問 www.sonicautomotive.com 和 ir.sonicautomotive.com。

About EchoPark Automotive

關於 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 是美國目前最全面的近乎全新的二手車零售商之一。我們獨特的商業模式提供了最佳的購物體驗，並利用了行業內最具創新性的技術驅動銷售策略。我們的方法提供了個性化且經過驗證的以客户為中心的購買流程，始終為全國的汽車買家提供屢獲殊榮的客户體驗和卓越的價值，與競爭對手相比，節省高達 $3,000。消費者的反饋使 EchoPark 成為全國頂級的二手車零售商之一，在產品、銷售和服務方面均表現出色。EchoPark 的使命體現在名稱中：每一輛車，快樂的車主。這推動了客户的體驗，並使 EchoPark 在競爭中脱穎而出。有關 EchoPark Automotive 的更多信息，請訪問 www.echopark.com。

Forward-Looking Statements

前瞻性聲明

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.

本文件中包含根據 1995 年《私人證券訴訟改革法》定義的前瞻性聲明。這些前瞻性聲明涉及我們的未來目標、計劃和目標，以及我們對未來運營表現、結果和事件的意圖、信念和當前預期，通常可以通過 “可能”、“將”、“應該”、“可以”、“相信”、“期望”、“估計”、“預期”、“打算”、“計劃”、“預見” 和其他類似詞語或短語來識別。您不應對這些聲明過於依賴，並且請注意，這些前瞻性聲明並不保證未來的表現。許多因素會影響管理層對公司業務未來事件和趨勢的看法。這些因素涉及風險和不確定性，可能導致實際結果或趨勢與管理層的看法有重大差異，包括但不限於關税對車輛和零部件定價及供應的影響、關税對消費者需求的影響、我們運營市場的經濟狀況、供應鏈中斷和製造延遲、勞動力短缺、通貨膨脹的影響和利率變化、新舊車輛行業的銷售量、未來對新舊車輛的消費者需求水平、我們各個運營部門的預期未來增長、我們運營策略的成功及對新技術的投資、整體經濟擴張或收縮的速度和時機、收購的整合、網絡安全事件及其他對我們信息系統的干擾，以及在公司截至2024年12月31日的年度報告（Form 10-K）和其他向美國證券交易委員會（“SEC”）提交的報告和信息中描述的風險因素。除非根據聯邦證券法和 SEC 的規則和規定要求，否則公司不承擔更新前瞻性信息的任何義務。由於四捨五入，本文件及其他文件中呈現的數字可能與提供的總數不完全相符，百分比也可能不完全反映絕對數字。

Non-GAAP Financial Measures

非公認會計原則財務指標

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.

本新聞稿及附帶的財務表格包含根據 SEC 規則定義的某些非公認會計原則財務指標，例如調整後的淨收入、調整後的每稀釋股收益、調整後的銷售及管理費用佔毛利潤的百分比、調整後的部門收入和調整後的息税折舊攤銷前利潤（EBITDA）。根據 SEC 規則，公司已在本新聞稿中包含的附表中提供了這些非公認會計原則財務指標與最直接可比的公認會計原則財務指標的對賬。公司認為，這些非公認會計原則財務指標提高了公司披露的透明度，並提供了公司業績的有意義展示。


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


索尼克汽車公司
經營業績（未經審計）
*經營業績 - 合併*
	截至 12 月 31 日的三個月		好於/
（差於）		截至 12 月 31 日的十二個月		好於/
（差於）
		2025				2024		% 變化		2025			2024			% 變化
	（以百萬計，除每股金額外）
收入：
零售新車	$	1,852.2			$	1,932.3		(4	)%	$	7,047.4		$	6,507.5			8	%
租賃新車		24.1				27.3		(12	)%		101.5			95.3			7	%
新車總計		1,876.3				1,959.6		(4	)%		7,148.9			6,602.8			8	%
二手車		1,213.8				1,197.6		1	%		4,872.6			4,780.1			2	%
批發車輛		63.6				71.3		(11	)%		314.1			287.1			9	%
車輛總計		3,153.7				3,228.5		(2	)%		12,335.6			11,670.0			6	%
零件、服務和碰撞修理		515.3				476.7		8	%		2,019.1			1,846.5			9	%
財務、保險及其他，淨額		202.3				190.6		6	%		798.9			707.8			13	%
總收入		3,871.3				3,895.8		(1	)%		15,153.6			14,224.3			7	%
銷售成本：
零售新車		(1,754.9	)			(1,825.7	)	4	%		(6,664.1	)		(6,119.1	)		(9	)%
租賃新車		(23.4	)			(26.6	)	12	%		(99.8	)		(92.3	)		(8	)%
新車總計		(1,778.3	)			(1,852.3	)	4	%		(6,763.9	)		(6,211.4	)		(9	)%
二手車		(1,172.4	)			(1,159.8	)	(1	)%		(4,691.5	)		(4,609.4	)		(2	)%
批發車輛		(68.8	)			(74.6	)	8	%		(325.3	)		(293.1	)		(11	)%
車輛總計		(3,019.5	)			(3,086.7	)	2	%		(11,780.7	)		(11,113.9	)		(6	)%
零件、服務和碰撞修理		(253.1	)			(235.1	)	(8	)%		(990.0	)		(917.6	)		(8	)%
總銷售成本		(3,272.6	)			(3,321.8	)	1	%		(12,770.7	)		(12,031.5	)		(6	)%
毛利潤		598.7				574.0		4	%		2,382.9			2,192.8			9	%
銷售、一般和行政費用		(433.7	)			(399.6	)	(9	)%		(1,678.2	)		(1,577.0	)		(6	)%
減值損失		—				(1.5	)	NM			(173.8	)		(3.9	)		NM
折舊和攤銷		(41.8	)			(39.4	)	(6	)%		(163.4	)		(150.4	)		(9	)%
營業收入（損失）		123.2				133.5		(8	)%		367.5			461.5			(20	)%
其他收入（費用）：
利息費用，地板計劃		(22.4	)			(21.4	)	(5	)%		(84.7	)		(86.9	)		3	%
利息費用，其他，淨額		(27.6	)			(29.9	)	8	%		(110.1	)		(118.0	)		7	%
其他收入（費用），淨額		—				(0.1	)	100	%		0.1			(0.5	)		120	%
總其他收入（費用）		(50.0	)			(51.4	)	3	%		(194.7	)		(205.4	)		5	%
税前收入（損失）		73.2				82.1		(11	)%		172.8			256.1			(33	)%
所得税準備 - 益處（費用）		(26.3	)			(23.5	)	(12	)%		(54.1	)		(40.1	)		(35	)%
淨收入（損失）	$	46.9			$	58.6		(20	)%	$	118.7		$	216.0			(45	)%

每普通股基本收益（損失）	$	1.39			$	1.72		(19	)%	$	3.49		$	6.34			(45	)%
每普通股基本加權平均流通股數		33.8				34.1		1	%		34.0			34.1			—	%

每普通股攤薄收益（損失）	$	1.36			$	1.67		(19	)%	$	3.42		$	6.18			(45	)%
每普通股攤薄加權平均流通股數		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 = 無意義


*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.


*特許經銷商部門 - 報告*
	截至 12 月 31 日的三個月		好於/
（差於）		截至 12 月 31 日的十二個月		% 變化			2025			2024			% 變化
		2025			2024
	（以百萬計，單位和每單位數據除外）
收入：
零售新車	$	1,831.8		$	1,914.8			(4	)%	$	6,941.9			$	6,425.5		8	%
租賃新車		24.0			27.2			(12	)%		101.5				95.3		7	%
新車總計		1,855.8			1,942.0			(4	)%		7,043.4				6,520.8		8	%
二手車		799.7			757.0			6	%		3,087.0				2,919.8		6	%
批發車輛		41.8			49.8			(16	)%		207.0				188.9		10	%
車輛總計		2,697.3			2,748.8			(2	)%		10,337.4				9,629.5		7	%
零件、服務和碰撞修理		507.8			469.7			8	%		1,970.2				1,802.9		9	%
財務、保險及其他，淨額		149.1			140.5			6	%		571.5				506.8		13	%
總收入		3,354.2			3,359.0			—	%		12,879.1				11,939.2		8	%
毛利潤：
零售新車		94.3			104.4			(10	)%		367.6				376.9		(2	)%
租賃新車		0.7			0.7			—	%		1.7				3.0		(43	)%
新車總計		95.0			105.1			(10	)%		369.3				379.9		(3	)%
二手車		38.1			36.0			6	%		157.8				150.2		5	%
批發車輛		(4.9	)		(2.7	)		(81	)%		(9.3	)			(4.6	)	(102	)%
車輛總計		128.2			138.4			(7	)%		517.8				525.5		(1	)%
零件、服務和碰撞修理		258.5			238.5			8	%		1,005.9				908.9		11	%
財務、保險及其他，淨額		149.1			140.5			6	%		571.5				506.8		13	%
總毛利潤		535.8			517.4			4	%		2,095.2				1,941.2		8	%
銷售、一般和行政費用		(382.4	)		(348.5	)		(10	)%		(1,463.6	)			(1,375.4	)	(6	)%
減值費用		—			(0.2	)		NM			(165.9	)			(1.2	)	NM
折舊和攤銷		(35.6	)		(32.7	)		(9	)%		(137.7	)			(124.4	)	(11	)%
營業收入（損失）		117.8			136.0			(13	)%		328.0				440.2		(25	)%
其他收入（費用）：
利息費用，地板計劃		(19.6	)		(18.0	)		(9	)%		(72.0	)			(70.6	)	(2	)%
利息費用，其他，淨額		(26.5	)		(28.6	)		7	%		(105.9	)			(112.7	)	6	%
其他收入（費用），淨額		—			—			—	%		0.1				(0.5	)	120	%
總其他收入（費用）		(46.1	)		(46.6	)		1	%		(177.8	)			(183.8	)	3	%
税前收入（損失）		71.7			89.4			(20	)%		150.2				256.4		(41	)%
加：減值費用		—			0.2			NM			165.9				1.2		NM
部門收入（損失）	$	71.7		$	89.6			(20	)%	$	316.1			$	257.6		23	%

單位銷售量：
零售新車		29,400			32,250			(9	)%		115,981				111,450		4	%
租賃新車		458			506			(9	)%		1,991				1,805		10	%
新車總計		29,858			32,756			(9	)%		117,972				113,255		4	%
二手車		27,401			25,702			7	%		104,202				101,976		2	%
批發車輛		4,811			5,692			(15	)%		22,868				21,018		9	%
零售新車和二手車		56,801			57,952			(2	)%		220,183				213,426		3	%
二手車：新車比例		0.93			0.80			17	%		0.90				0.91		(1	)%

每單位毛利潤：
零售新車	$	3,209		$	3,238			(1	)%	$	3,170			$	3,382		(6	)%
租賃新車	$	1,398		$	1,363			3	%	$	869			$	1,636		(47	)%
新車	$	3,181		$	3,209			(1	)%	$	3,131			$	3,354		(7	)%
二手車	$	1,389		$	1,401			(1	)%	$	1,514			$	1,473		3	%
財務、保險及其他，淨額	$	2,624		$	2,424			8	%	$	2,596			$	2,374		9	%
NM = 不具意義
注：報告的特許經銷商部門結果包括（i）來自 “特許經銷商部門 - 同店” 表格的同店結果和（ii）報告期間收購、開放點、處置和控股公司影響的效果。所有當前運營的特許經銷商門店在開業或收購的第一個週年的第一個完整月份後均被納入同店組。


*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.


*特許經銷商部門 - 同店*
	截至 12 月 31 日的三個月		好於/
差於		截至 12 月 31 日的十二個月		好於/
差於
		2025				2024		% 變化		2025			2024			% 變化
	（以百萬計，單位和每單位數據除外）
收入：
零售新車	$	1,732.1			$	1,906.7		(9	)%	$	6,696.7		$	6,397.8			5	%
租賃新車		24.1				27.3		(12	)%		99.5			94.9			5	%
新車總計		1,756.2				1,934.0		(9	)%		6,796.2			6,492.7			5	%
二手車		769.8				752.6		2	%		2,995.0			2,902.3			3	%
批發車輛		38.8				49.6		(22	)%		197.8			187.7			5	%
車輛總計		2,564.8				2,736.2		(6	)%		9,989.0			9,582.7			4	%
配件、服務和碰撞修理		481.7				467.4		3	%		1,903.9			1,794.8			6	%
財務、保險及其他，淨額		140.0				139.7		—	%		547.8			503.8			9	%
總收入		3,186.5				3,343.3		(5	)%		12,440.7			11,881.3			5	%
毛利潤：
零售新車		86.3				104.2		(17	)%		350.2			377.0			(7	)%
租賃新車		0.6				0.7		(14	)%		1.8			3.0			(40	)%
新車總計		86.9				104.9		(17	)%		352.0			380.0			(7	)%
二手車		36.8				35.9		3	%		154.0			150.9			2	%
批發車輛		(4.4	)			(2.6	)	(69	)%		(8.8	)		(4.3	)		(105	)%
車輛總計		119.3				138.2		(14	)%		497.2			526.6			(6	)%
配件、服務和碰撞修理		244.6				237.1		3	%		971.4			903.9			8	%
財務、保險及其他，淨額		140.0				139.7		—	%		547.8			503.8			9	%
總毛利潤	$	503.9			$	515.0		(2	)%	$	2,016.4		$	1,934.3			4	%

單位銷售量：
零售新車		28,435				32,067		(11	)%		113,181			110,770			2	%
租賃新車		458				506		(9	)%		1,972			1,797			10	%
新車總計		28,893				32,573		(11	)%		115,153			112,567			2	%
二手車		26,687				25,528		5	%		101,587			101,220			—	%
批發車輛		4,667				5,648		(17	)%		22,233			20,809			7	%
零售新車及二手車		55,122				57,595		(4	)%		214,768			211,990			1	%
二手：新車比例		0.94				0.80		18	%		0.90			0.91			(1	)%

每單位毛利潤：
零售新車	$	3,033			$	3,250		(7	)%	$	3,094		$	3,404			(9	)%
租賃新車	$	1,398			$	1,363		3	%	$	909		$	1,646			(45	)%
新車	$	3,008			$	3,221		(7	)%	$	3,057		$	3,376			(9	)%
二手車	$	1,379			$	1,408		(2	)%	$	1,516		$	1,491			2	%
財務、保險及其他，淨額	$	2,541			$	2,425		5	%	$	2,551		$	2,377			7	%
注：所有當前運營的特許經銷商門店在開業或收購滿一週年後的第一個完整月份內均被納入同店組。


*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 部門 - 報告*
	截至 12 月 31 日的三個月		好於 /
差於		截至 12 月 31 日的十二個月		% 變化			2025			2024			% 變化
		2025			2024
	（以百萬計，單位和每單位數據除外）
收入：
二手車	$	407.5		$	436.0			(7	)%	$	1,747.8			$	1,838.0		(5	)%
批發車輛		21.5			21.4			—	%		104.6				95.8		9	%
總車輛		429.0			457.4			(6	)%		1,852.4				1,933.8		(4	)%
財務、保險及其他淨收入		51.7			48.8			6	%		219.2				194.0		13	%
總收入		480.7			506.2			(5	)%		2,071.6				2,127.8		(3	)%
毛利潤：
二手車		2.1			0.8			163	%		16.5				15.2		9	%
批發車輛		(0.3	)		(0.6	)		50	%		(1.8	)			(1.3	)	(38	)%
總車輛		1.8			0.2			800	%		14.7				13.9		6	%
財務、保險及其他淨收入		51.7			48.8			6	%		219.2				194.0		13	%
總毛利潤		53.5			49.0			9	%		233.9				207.9		13	%
銷售、一般及行政費用		(42.2	)		(42.6	)		1	%		(172.8	)			(165.7	)	(4	)%
減值費用		—			(1.3	)		NM			(0.2	)			(2.7	)	NM
折舊和攤銷		(4.9	)		(5.4	)		9	%		(20.4	)			(21.8	)	6	%
營業收入（損失）		6.4			(0.3	)		NM			40.5				17.7		129	%
其他收入（費用）：
利息費用，地板計劃		(2.5	)		(3.0	)		17	%		(11.1	)			(14.2	)	22	%
利息費用，其他，淨		(0.3	)		(0.7	)		57	%		(1.5	)			(2.7	)	44	%
其他收入（費用），淨		—			0.1			(100	)%		—				—		—	%
總其他收入（費用）		(2.8	)		(3.6	)		22	%		(12.6	)			(16.9	)	25	%
税前收入（損失）		3.6			(3.9	)		192	%		27.9				0.8		NM
加：減值費用		—			1.3			NM			0.2				2.7		NM
部門收入（損失）	$	3.6		$	(2.6	)		238	%	$	28.1			$	3.5		703	%

單位銷售量：
二手車		15,743			16,674			(6	)%		67,636				69,053		(2	)%
批發車輛		2,365			2,752			(14	)%		11,836				11,059		7	%

每單位毛利潤：
總二手車及財務與保險	$	3,420		$	2,974			15	%	$	3,484			$	3,029		15	%
NM = 無意義


*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 細分市場 - 同一市場*
	截至 12 月 31 日的三個月		好於/
差於		截至 12 月 31 日的十二個月		% 變化			2025			2024			% 變化
		2025			2024
	（以百萬計，單位和每單位數據除外）
收入：
二手車	$	407.5		$	436.0			(7	)%	$	1,747.8			$	1,828.3		(4	)%
批發車輛		21.5			21.5			—	%		104.6				92.7		13	%
總車輛		429.0			457.5			(6	)%		1,852.4				1,921.0		(4	)%
財務、保險及其他淨收入		51.8			49.3			5	%		220.3				195.5		13	%
總收入		480.8			506.8			(5	)%		2,072.7				2,116.5		(2	)%
毛利潤：
二手車		2.1			0.8			163	%		16.5				15.8		4	%
批發車輛		(0.3	)		(0.6	)		50	%		(1.7	)			(0.6	)	(183	)%
總車輛		1.8			0.2			800	%		14.8				15.2		(3	)%
財務、保險及其他淨收入		51.8			49.3			5	%		220.3				195.5		13	%
總毛利潤	$	53.6		$	49.5			8	%	$	235.1			$	210.7		12	%

單位銷售量：
二手車		15,743			16,674			(6	)%		67,636				68,690		(2	)%
批發車輛		2,365			2,752			(14	)%		11,836				10,850		9	%

每單位毛利潤：
總二手車及財務與保險	$	3,427		$	3,004			14	%	$	3,501			$	3,077		14	%
注：截至市場開業滿一週年後的第一個完整月份，所有在當地地理市場運營的 EchoPark 門店均被納入同一市場組。


*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


*動力運動部門 - 報告*
	截至 12 月 31 日的三個月		好於/
差於		截至 12 月 31 日的十二個月		% 變化			2025			2024			% 變化
		2025			2024
	（以百萬計，單位和每單位數據除外）
收入：
新零售車輛	$	20.4		$	17.5			17	%	$	105.5			$	82.0		29	%
二手車輛		6.6			4.7			40	%		37.9				22.3		70	%
批發車輛		0.4			0.1			300	%		2.4				2.3		4	%
總車輛		27.4			22.3			23	%		145.8				106.6		37	%
配件、服務和碰撞修理		7.5			7.0			7	%		48.9				43.6		12	%
財務、保險及其他淨收入		1.5			1.3			15	%		8.2				7.1		15	%
總收入		36.4			30.6			19	%		202.9				157.3		29	%
毛利潤：
新零售車輛		3.0			2.2			36	%		15.7				11.5		37	%
二手車輛		1.2			1.0			20	%		6.8				5.3		28	%
批發車輛		—			(0.1	)		100	%		(0.1	)			(0.3	)	67	%
總車輛		4.2			3.1			35	%		22.4				16.5		36	%
配件、服務和碰撞修理		3.7			3.1			19	%		23.2				20.1		15	%
財務、保險及其他淨收入		1.5			1.3			15	%		8.2				7.1		15	%
總毛利潤		9.4			7.5			25	%		53.8				43.7		23	%
銷售、一般和行政費用		(9.0	)		(8.5	)		(6	)%		(41.8	)			(35.9	)	(16	)%
減值費用		—			—			NM			(7.6	)			—		NM
折舊和攤銷		(1.4	)		(1.2	)		(17	)%		(5.3	)			(4.2	)	(26	)%
營業收入（損失）		(1.0	)		(2.2	)		55	%		(0.9	)			3.6		(125	)%
其他收入（費用）：
利息費用，地板計劃		(0.3	)		(0.5	)		40	%		(1.6	)			(2.1	)	24	%
其他利息費用，淨		(0.7	)		(0.7	)		—	%		(2.8	)			(2.6	)	(8	)%
其他收入（費用），淨		—			—			—	%		—				—		—	%
總其他收入（費用）		(1.0	)		(1.2	)		17	%		(4.4	)			(4.7	)	6	%
税前收入（損失）		(2.0	)		(3.4	)		41	%		(5.3	)			(1.1	)	(382	)%
加：減值費用		—			—			NM			7.6				—		NM
部門收入（損失）	$	(2.0	)	$	(3.4	)		41	%	$	2.3			$	(1.1	)	309	%

單位銷售量：
新零售車輛		1,085			940			15	%		5,143				4,244		21	%
二手車輛		640			520			23	%		3,442				2,228		54	%
批發車輛		76			16			375	%		278				146		90	%

每單位毛利潤：
新零售車輛	$	2,742		$	2,338			17	%	$	3,050			$	2,713		12	%
二手車輛	$	1,927		$	1,940			(1	)%	$	1,980			$	2,397		(17	)%
財務、保險及其他淨收入	$	874		$	868			1	%	$	959			$	1,092		(12	)%
NM = 無意義


*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.


*動力運動部門 - 同店*
	截至 12 月 31 日的三個月		好於/
（差於）		截至 12 月 31 日的十二個月		% 變化			2025			2024			% 變化
		2025			2024
	（單位為百萬，除單位和每單位數據外）
收入：
新零售車輛	$	18.8		$	16.7			13	%	$	93.8			$	79.0		19	%
二手車輛		5.9			4.2			40	%		33.7				20.9		61	%
批發車輛		0.5			0.2			150	%		2.5				2.1		19	%
總車輛		25.2			21.1			19	%		130.0				102.0		27	%
配件、服務和碰撞修理		6.8			6.3			8	%		44.7				41.6		7	%
財務、保險及其他淨收入		1.4			1.2			17	%		7.8				6.7		16	%
總收入		33.4			28.6			17	%		182.5				150.3		21	%
毛利潤：
新零售車輛		2.7			2.1			29	%		13.9				11.2		24	%
二手車輛		1.1			0.9			22	%		6.1				5.0		22	%
批發車輛		0.1			(0.1	)		200	%		(0.1	)			(0.3	)	67	%
總車輛		3.9			2.9			34	%		19.9				15.9		25	%
配件、服務和碰撞修理		3.4			2.6			31	%		21.5				19.0		13	%
財務、保險及其他淨收入		1.4			1.2			17	%		7.8				6.7		16	%
總毛利潤	$	8.7		$	6.7			30	%	$	49.2			$	41.6		18	%

單位銷售量：
新零售車輛		999			900			11	%		4,583				4,115		11	%
二手車輛		585			470			24	%		3,101				2,087		49	%
批發車輛		76			16			375	%		275				146		88	%
新零售及二手車輛		1,584			1,370			16	%		7,684				6,202		24	%
二手：新車比例		0.59			0.52			13	%		0.68				0.51		33	%

每單位毛利潤：
新零售車輛	$	2,743		$	2,280			20	%	$	3,032			$	2,713		12	%
二手車輛	$	1,935		$	1,965			(2	)%	$	1,982			$	2,419		(18	)%
財務、保險及其他淨收入	$	902		$	878			3	%	$	1,019			$	1,073		(5	)%
注：所有當前運營的動力運動商店在開店或收購後的第一個完整月份起，均被納入同店組。


*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 調整 - 合併 - 銷售和管理費用*
	截至 12 月 31 日的三個月		改善 / (惡化)
		2025			2024		變化		% 變化
	（以百萬計）
報告的：
薪酬	$	280.6		$	263.5		$	(17.1	)		(6	)%
廣告		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	)%
總銷售和管理費用	$	433.7		$	399.6		$	(34.1	)		(9	)%
調整項：
網絡保險賠償	$	—		$	10.0
收購和處置相關收益（損失）		—			2.7
風暴損害費用		—			(3.2	)
裁員和長期薪酬費用		—			(0.5	)
總銷售和管理費用調整	$	—		$	9.0
調整後：
總調整後銷售和管理費用	$	433.7		$	408.6		$	(25.1	)		(6	)%
報告的：
銷售和管理費用佔毛利潤的百分比：
薪酬		46.9	%		45.9	%		(100	)	基點
廣告		4.4	%		3.3	%		(110	)	基點
租金		2.2	%		1.9	%		(30	)	基點
其他		18.9	%		18.5	%		(40	)	基點
總銷售和管理費用佔毛利潤的百分比		72.4	%		69.6	%		(280	)	基點
調整項：
網絡保險賠償		—	%		1.8	%
收購和處置相關收益（損失）		—	%		0.5	%
風暴損害費用		—	%		(0.6	)%
裁員和長期薪酬費用		—	%		(0.1	)%
調整的總影響		—	%		1.6	%
調整後：
總調整後銷售和管理費用佔毛利潤的百分比		72.4	%		71.2	%		(120	)	基點

報告的：
總毛利潤	$	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 調整 - 合併 - 銷售和管理費用（續）*
	截至 12 月 31 日的十二個月		改善 / (惡化)
		2025			2024		變化		% 變化
	（以百萬計）
報告：
薪酬	$	1,087.4		$	1,013.9		$	(73.5	)		(7	)%
廣告		101.2			84.5			(16.7	)		(20	)%
租金		46.4			36.6			(9.8	)		(27	)%
其他		443.2			442.0			(1.2	)		—	%
總銷售和管理費用	$	1,678.2		$	1,577.0		$	(101.2	)		(6	)%
調整：
與 CDK 停機相關的超額薪酬	$	—		$	(11.4	)
風暴損害費用		(5.0	)		(8.3	)
解僱和長期薪酬費用		—			(5.5	)
關閉商店應計費用		—			(2.1	)
網絡保險賠償		40.0			10.0
與收購和處置相關的收益（損失）		(5.6	)		5.6
法律和解		(0.7	)		—
租賃經銷商退出的收益（損失）		—			3.0
總銷售和管理費用調整	$	28.7		$	(8.7	)
調整後：
總調整後銷售和管理費用	$	1,706.9		$	1,568.3		$	(138.6	)		(9	)%
報告：
銷售和管理費用佔毛利潤的百分比：
薪酬		45.6	%		46.2	%		60		個基點
廣告		4.2	%		3.9	%		(30	)	個基點
租金		1.9	%		1.7	%		(20	)	個基點
其他		18.7	%		20.1	%		140		個基點
總銷售和管理費用佔毛利潤的百分比		70.4	%		71.9	%		150		個基點
調整：
與 CDK 停機相關的超額薪酬		—	%		(0.5	)%
風暴損害費用		(0.2	)%		(0.4	)%
解僱和長期薪酬費用		—	%		(0.3	)%
關閉商店應計費用		—	%		(0.1	)%
網絡保險賠償		1.7	%		0.5	%
與收購和處置相關的收益（損失）		(0.2	)%		0.3	%
法律和解		—	%		—	%
租賃經銷商退出的收益（損失）		—	%		0.1	%
調整的總影響		1.2	%		(0.4	)%
調整後：
總調整後銷售和管理費用佔毛利潤的百分比		71.6	%		71.5	%		(10	)	個基點

報告：
總毛利潤	$	2,382.9		$	2,192.8		$	190.1			9	%
調整：
與 CDK 停機相關的超額薪酬	$	—		$	2.0
總調整	$	—		$	2.0
調整後：
總調整後毛利潤	$	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 調整 - 特許經銷商部門 - SG&A 費用*
	截至 12 月 31 日的三個月		改善 / (惡化)
		2025			2024		變動		% 變動
	（單位：百萬）
報告的：
薪酬	$	249.4		$	233.9		$	(15.5	)		(7	)%
廣告		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	)%
總 SG&A 費用	$	382.4		$	348.5		$	(33.9	)		(10	)%
調整項：
網絡保險賠償	$	—		$	10.0
與收購和處置相關的收益（損失）		—			3.5
風暴損害費用		—			(3.2	)
總 SG&A 調整	$	—		$	10.3
調整後的：
總調整後的 SG&A 費用	$	382.4		$	358.8		$	(23.6	)		(7	)%
報告的：
SG&A 費用佔毛利潤的百分比：
薪酬		46.5	%		45.2	%		(130	)	基點
廣告		3.5	%		2.3	%		(120	)	基點
租金		2.3	%		1.9	%		(40	)	基點
其他		19.1	%		17.9	%		(120	)	基點
總 SG&A 費用佔毛利潤的百分比		71.4	%		67.3	%		(410	)	基點
調整項：
網絡保險賠償		—	%		1.9	%
與收購和處置相關的收益（損失）		—	%		0.7	%
風暴損害費用		—	%		(0.6	)%
調整的總影響		—	%		2.0	%
調整後的：
總調整後的 SG&A 費用佔毛利潤的百分比		71.4	%		69.3	%		(210	)	基點

報告的：
總毛利潤	$	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 調整 - 特許經銷商部門 - SG&A 費用（續）*
	截至 12 月 31 日的十二個月		改善 / (惡化)
		2025			2024		變動		% 變動
	（單位：百萬）
報告的：
薪酬	$	956.9		$	892.4		$	(64.5	)		(7	)%
廣告		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	)%
總 SG&A 費用	$	1,463.6		$	1,375.4		$	(88.2	)		(6	)%
調整項：
與 CDK 停機相關的超額薪酬	$	—		$	(11.0	)
風暴損害費用		(5.0	)		(8.3	)
長期薪酬費用		—			(2.2	)
網絡保險賠償		40.0			10.0
法律和解		(0.7	)		—
與收購和處置相關的收益（損失）		(5.5	)		3.5
總 SG&A 調整	$	28.8		$	(8.0	)
調整後的：
總調整後的 SG&A 費用	$	1,492.4		$	1,367.4		$	(125.0	)		(9	)%
報告的：
SG&A 費用佔毛利潤的百分比：
薪酬		45.7	%		46.0	%		30		基點
廣告		3.3	%		2.8	%		(50	)	基點
租金		2.1	%		2.0	%		(10	)	基點
其他		18.8	%		20.1	%		130		基點
總 SG&A 費用佔毛利潤的百分比		69.9	%		70.9	%		100		基點
調整項：
與 CDK 停機相關的超額薪酬		—	%		(0.7	)%
風暴損害費用		(0.2	)%		(0.5	)%
長期薪酬費用		—	%		(0.1	)%
網絡保險賠償		1.8	%		0.6	%
法律和解		—	%		—	%
與收購和處置相關的收益（損失）		(0.3	)%		0.2	%
調整的總影響		1.3	%		(0.5	)%
調整後的：
總調整後的 SG&A 費用佔毛利潤的百分比		71.2	%		70.4	%		(80	)	基點

報告的：
總毛利潤	$	2,095.2		$	1,941.2		$	154.0			8	%
調整項：
與 CDK 停機相關的超額薪酬	$	—		$	2.0
總調整	$	—		$	2.0
調整後的：
總調整後的毛利潤	$	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 調整 - EchoPark 部門 - SG&A 費用*
	截至 12 月 31 日的三個月		改善 / (惡化)
		2025			2024		變化		% 變化
	（單位：百萬）
報告的：
薪酬	$	24.5		$	23.8		$	(0.7	)		(3	)%
廣告		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	%
總 SG&A 費用	$	42.2		$	42.6		$	0.4			1	%
調整項：
與收購和處置相關的收益（損失）	$	—		$	(0.8	)
總 SG&A 調整	$	—		$	(0.8	)
調整後的：
總調整後的 SG&A 費用	$	42.2		$	41.8		$	(0.4	)		(1	)%
報告的：
SG&A 費用佔毛利潤的百分比：
薪酬		45.7	%		48.6	%		290		基點
廣告		14.5	%		13.7	%		(80	)	基點
租金		1.4	%		1.9	%		50		基點
其他		17.3	%		22.8	%		550		基點
總 SG&A 費用佔毛利潤的百分比		78.9	%		87.0	%		810		基點
調整項：
與收購和處置相關的收益（損失）		—	%		(1.5	)%
調整的總影響		—	%		(1.5	)%
調整後的：
總調整後的 SG&A 費用佔毛利潤的百分比		78.9	%		85.5	%		660		基點

報告的：
總毛利潤	$	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 調整 - EchoPark 部門 - SG&A 費用（續）*
	截至 12 月 31 日的十二個月		改善 / (惡化)
		2025			2024		變化		% 變化
	（單位：百萬）
報告的：
薪酬	$	100.6		$	95.8		$	(4.8	)		(5	)%
廣告		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	%
總 SG&A 費用	$	172.8		$	165.7		$	(7.1	)		(4	)%
調整項：
裁員和長期薪酬費用	$	—		$	(2.8	)
關閉門店的應計費用		—			(2.1	)
與 CDK 故障相關的過高薪酬		—			(0.4	)
退出租賃經銷商的收益（損失）		—			3.0
與收購和處置相關的收益（損失）		0.9			2.1
總 SG&A 調整	$	0.9		$	(0.2	)
調整後的：
總調整後的 SG&A 費用	$	173.7		$	165.5		$	(8.2	)		(5	)%
報告的：
SG&A 費用佔毛利潤的百分比：
薪酬		43.0	%		46.1	%		310		基點
廣告		12.9	%		13.3	%		40		基點
租金		1.3	%		(0.8	)%		(210	)	基點
其他		16.6	%		21.1	%		450		基點
總 SG&A 費用佔毛利潤的百分比		73.8	%		79.7	%		590		基點
調整項：
裁員和長期薪酬費用		—	%		(1.4	)%
關閉門店的應計費用		—	%		(1.1	)%
與 CDK 故障相關的過高薪酬		—	%		(0.2	)%
退出租賃經銷商的收益（損失）		—	%		1.5	%
與收購和處置相關的收益（損失）		0.4	%		1.1	%
調整的總影響		0.4	%		(0.1	)%
調整後的：
總調整後的 SG&A 費用佔毛利潤的百分比		74.2	%		79.6	%		540		基點

報告的：
總毛利潤	$	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 調整 - 動力運動部門 - 銷售和管理費用*
	截至 12 月 31 日的三個月		改善 / (惡化)
		2025			2024		變動		% 變動
	（單位：百萬）
報告的：
薪酬	$	6.7		$	5.9		$	(0.8	)		(14	)%
廣告		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	)%
總銷售和管理費用	$	9.0		$	8.5		$	(0.5	)		(6	)%
調整項：
裁員和長期薪酬費用	$	—		$	(0.5	)
總銷售和管理調整	$	—		$	(0.5	)
調整後的：
總調整後的銷售和管理費用	$	9.0		$	8.0		$	(1.0	)		(12.5	)%
報告的：
銷售和管理費用佔毛利潤的百分比：
薪酬		71.7	%		77.5	%		580		個基點
廣告		3.0	%		6.0	%		300		個基點
租金		(2.4	)%		1.4	%		380		個基點
其他		23.9	%		28.3	%		440		個基點
總銷售和管理費用佔毛利潤的百分比		96.2	%		113.2	%		1,700		個基點
調整項：
長期薪酬費用		—	%		(6.6	)%
調整的總影響		—	%		(6.6	)%
調整後的：
總調整後的銷售和管理費用佔毛利潤的百分比		96.2	%		106.6	%		1,040			個基點

報告的：
總毛利潤	$	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 調整 - 動力運動部門 - 銷售和管理費用（續）*
	截至 12 月 31 日的十二個月		改善 / (惡化)
		2025			2024		變動		% 變動
	（單位：百萬）
報告的：
薪酬	$	29.9		$	25.7		$	(4.2	)		(16	)%
廣告		1.1			1.7			0.6			35	%
租金		(0.9	)		(0.9	)		—			—	%
其他		11.7			9.4			(2.3	)		(24	)%
總銷售和管理費用	$	41.8		$	35.9		$	(5.9	)		(16	)%
調整項：
裁員和長期薪酬費用	$	—		$	(0.5	)
收購和處置相關收益（損失）		(1.1	)		—
總銷售和管理調整	$	(1.1	)	$	(0.5	)
調整後的：
總調整後的銷售和管理費用	$	40.7		$	35.4		$	(5.3	)		(15	)%
報告的：
銷售和管理費用佔毛利潤的百分比：
薪酬		55.6	%		58.7	%		310		個基點
廣告		2.1	%		3.9	%		180		個基點
租金		(1.6	)%		(2.1	)%		(50	)	個基點
其他		21.6	%		21.5	%		(10	)	個基點
總銷售和管理費用佔毛利潤的百分比		77.7	%		82.0	%		430		個基點
調整項：
裁員和長期薪酬費用		—	%		(1.1	)%
收購和處置相關收益（損失）		(1.9	)%		—	%
調整的總影響		(1.9	)%		(1.1	)%
調整後的：
總調整後的銷售和管理費用佔毛利潤的百分比		75.8	%		80.9	%		510		個基點
報告的：
總毛利潤	$	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	%


*非公認會計原則調整 - 特許經銷商部門 - 税前收入（損失）和部門收入（損失）*
	截至 12 月 31 日的三個月		截至 12 月 31 日的十二個月
		2025			2024		% 變化			2025			2024		% 變化
	（單位：百萬）
報告的：
税前收入（損失）	$	71.7		$	89.4		(20	)%		$	150.2		$	256.4		(41	)%
加：減值費用		—			0.2					165.9			1.2
部門收入（損失）	$	71.7		$	89.6		(20	)%		$	316.1		$	257.6		23	%

調整項：
網絡保險賠償	$	—		$	(10.0	)			$	(40.0	)	$	(10.0	)
收購和處置相關（收益）損失		—			(3.5	)				5.5			(3.5	)
法律和解		—			—					0.7			—
風暴損害費用		—			3.2					5.0			8.3
長期補償費用		—			—					—			2.2
與 CDK 故障相關的超額補償		—			—					—			13.0
税前調整總額	$	—		$	(10.3	)			$	(28.8	)	$	10.0

調整後：
部門收入（損失）	$	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	%


*非公認會計原則調整 - EchoPark 部門 - 税前收入（損失）和部門收入（損失）*
	截至 12 月 31 日的三個月		截至 12 月 31 日的十二個月
		2025			2024		% 變化			2025			2024		% 變化
	（單位：百萬）
報告的：
税前收入（損失）	$	3.6		$	(3.9	)	192	%		$	27.9		$	0.8		NM
加：減值費用		—			1.3					0.2			2.7
部門收入（損失）	$	3.6		$	(2.6	)	238	%		$	28.1		$	3.5		703	%

調整項：
收購和處置相關（收益）損失	$	—		$	0.8				$	(0.9	)	$	(2.1	)
租賃經銷商退出的損失（收益）		—			—					—			(3.0	)
裁員和長期補償費用		—			—					—			2.8
與 CDK 故障相關的超額補償		—			—					—			0.4
關閉商店的應計費用		—			—					—			2.1
税前調整總額	$	—		$	0.8				$	(0.9	)	$	0.2

調整後：
部門收入（損失）	$	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	%


*非公認會計原則調整 - 動力運動部門 - 税前收入（損失）和部門收入（損失）*
	截至 12 月 31 日的三個月		截至 12 月 31 日的十二個月
		2025			2024		% 變化			2025				2024			% 變化
	（單位：百萬）
報告的：
税前收入（損失）	$	(2.0	)	$	(3.4	)	41	%		$	(5.3	)		$	(1.1	)		(382	)%
加：減值費用		—			—					7.6				—
部門收入（損失）	$	(2.0	)	$	(3.4	)	41	%		$	2.3			$	(1.1	)		309	%

調整項：
收購和處置相關（收益）損失	$	—		$	—				$	1.1			$	—
長期補償費用		—			0.5					—				0.5
税前調整總額	$	—		$	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


*非公認會計原則調整 - 合併 - 淨收入（虧損）及稀釋每股收益（虧損）*
	截至2025年12月31日的三個月		截至2024年12月31日的三個月
	加權
平均
股份		淨收入（虧損）		每
股
金額		加權
平均
股份		淨收入（虧損）		每
股
金額
	（以百萬計，除每股金額外）
報告的淨收入（虧損）、稀釋股份及稀釋每股收益（虧損）	34.4			$	46.9	$	1.36		35.2		$	58.6	$	1.67
調整項：
與收購和處置相關的（收益）虧損			$	—				$	(2.7	)
減值費用				—					1.5
風暴損害費用				—					3.2
裁員和長期補償費用				—					0.5
網絡保險賠償				—					(10.0	)
總税前調整			$	—				$	(7.5	)
以上項目的税務影響				—					2.0
非經常性税務項目				5.3					—
調整後的淨收入（虧損）、稀釋股份及稀釋每股收益（虧損）	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日的十二個月		截至2024年12月31日的十二個月
	加權
平均
股份		淨收入（虧損）		每
股
金額		加權
平均
股份		淨收入（虧損）		每
股
金額
	（以百萬計，除每股金額外）
報告的淨收入（虧損）、稀釋股份及稀釋每股收益（虧損）	34.7			$	118.7	$	3.42		35.0		$	216.0	$	6.18
調整項：
與收購和處置相關的（收益）虧損			$	5.6				$	(5.6	)
風暴損害費用				5.0					8.3
法律和解				0.7					—
減值費用				173.8					3.9
租賃經銷商退出的損失（收益）				—					(3.0	)
裁員和長期補償費用				—					5.5
關閉商店的應計費用				—					2.1
網絡保險賠償				(40.0	)				(10.0	)
與 CDK 故障相關的超額補償				—					13.4
總税前調整			$	145.1				$	14.6
以上項目的税務影響				(39.9	)				(3.8	)
非經常性税務項目				5.3					(31.0	)
調整後的淨收入（虧損）、稀釋股份及稀釋每股收益（虧損）	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


*非公認會計准則調整 - 調整後息税折舊攤銷前利潤*
	截至2025年12月31日的三個月		截至2024年12月31日的三個月
	特許經銷商部門		EchoPark 部門		動力運動
部門		總計		特許經銷商部門		EchoPark 部門		動力運動
部門		總計
	（單位：百萬）
淨收入（虧損）							$	46.9						$	58.6
所得税費用								26.3							23.5
税前收入（虧損）	$	71.7			$	3.6			$	(2.0	)	$	73.2	$	89.4		$	(3.9	)	$	(3.4	)	$	82.1
非地板計劃利息（1）		24.8				0.3				0.7			25.8		27.1			0.6			0.7			28.4
折舊和攤銷（2）		37.4				4.9				1.4			43.7		34.2			5.4			1.2			40.8
基於股票的薪酬費用		5.8				—				—			5.8		5.5			—			—			5.5
減值費用		—				—				—			—		0.2			1.3			—			1.5
裁員和長期薪酬費用		—				—				—			—		—			—			0.5			0.5
收購和處置相關（收益）損失		—				—				—			—		(3.5	)		0.8			—			(2.7	)
風暴損害費用		—				—				—			—		3.2			—			—			3.2
網絡保險賠償		—				—				—			—		(10.0	)		—			—			(10.0	)
調整後息税折舊攤銷前利潤	$	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日的十二個月		截至2024年12月31日的十二個月
	特許經銷商部門		EchoPark 部門		動力運動
部門		總計		特許經銷商部門		EchoPark 部門		動力運動
部門		總計
	（單位：百萬）
淨收入（虧損）							$	118.7							$	216.0
所得税費用								54.1								40.1
税前收入（虧損）	$	150.2			$	27.9			$	(5.3	)	$	172.8		$	256.4		$	0.8		$	(1.1	)	$	256.1
非地板計劃利息（1）		99.1				1.6				2.8			103.5			107.0			2.6			2.6			112.2
折舊和攤銷（2）		144.4				20.4				5.3			170.1			130.0			21.6			4.3			155.9
基於股票的薪酬費用		23.1				—				—			23.1			21.3			—			—			21.3
租賃經銷商退出損失（收益）		—				—				—			—			—			(3.0	)		—			(3.0	)
減值費用		165.9				0.2				7.6			173.8			1.2			2.7			—			3.9
債務清償損失		—				—				—			—			0.6			—			—			0.6
裁員和長期薪酬費用		—				—				—			—			2.2			2.9			0.5			5.6
收購和處置相關（收益）損失		5.5				(0.9	)			1.1			5.6			(3.8	)		(2.5	)		—			(6.3	)
風暴損害費用		5.0				—				—			5.0			8.3			—			—			8.3
與 CDK 故障相關的過度薪酬		—				—				—			—			13.0			0.4			—			13.4
網絡保險賠償		(40.0	)			—				—			(40.0	)		(10.0	)		—			—			(10.0	)
關閉商店應計費用		—				—				—			—			—			2.1			—			2.1
法律和解損失（收益）		0.7				—				—			0.7			—			—			—			—
調整後息税折舊攤銷前利潤	$	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：由於四捨五入，細分級別的財務數據可能與合併結果不一致。
(1)	包括在附帶的合併經營報表中的利息費用、其他淨額，不包括（2）中任何債務發行成本的攤銷或淨債務折扣/溢價。
(2)	包括附帶的合併現金流量表中的以下項目：固定資產的折舊和攤銷；債務發行成本的攤銷；以及債務折扣的攤銷，扣除溢價攤銷。

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

公司聯繫人

Investor Inquiries:

投資者諮詢：

Heath Byrd, Executive Vice President and Chief Financial Officer

Heath Byrd，執行副總裁兼首席財務官

Danny Wieland, Vice President, Investor Relations & Financial Reporting

Danny Wieland，副總裁，投資者關係與財務報告

ir@sonicautomotive.com

Press Inquiries:

媒體諮詢：

Sonic Automotive Media Relations

Sonic Automotive 媒體關係

media.relations@sonicautomotive.com

Source: Sonic Automotive, Inc.

來源：Sonic Automotive, Inc.

索尼克汽車發佈第四季度及全年財務報告 | SAH 股票新聞