Sonic Automotive, Inc. (NYSE:SAH) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET

Company Participants

David Smith - Chairman & CEO

Jeff Dyke - President

Heath Byrd - CFO

Tim Keen - Chief Operating Officer, EchoPark

Steve Wittman - Chief Digital Retail Officer

Danny Wieland - VP of IR

Conference Call Participants

Daniel Imbro - Stephens

John Murphy - Bank of America

Ajay Gupta - JPMorgan

Operator

Good morning, and welcome to the Sonic Automotive First Quarter 2023 Earnings Conference Call. This conference call is being recorded today, Thursday, April 27, 2023.

Presentation materials, which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com. At this time, I would like to refer to the safe harbor statement under the Private Securities and Litigation Reform Act of 1995.

During this conference call, management may discuss financial projections, information or expectations about the company's products or market or otherwise make statements about the future. Such statements are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission. In addition, management may discuss certain non-GAAP financial measures as defined by the Securities and Exchange Commission.

Please refer to the non-GAAP reconciliation tables in the company's current report on Form 8-K filed with the Securities and Exchange Commission earlier today.

I would now like to introduce Mr. David Smith, Chief Executive Officer of Sonic Automotive. Mr. Smith, you may begin your conference.

David Smith

Thanks very much, and good morning, everyone. Welcome to Sonic Automotive's first quarter 2023 earnings call. As he said, I'm David Smith, the company's Chairman and CEO. Joining me on the call today is our President, Jeff Dyke; our CFO, Heath Byrd, our EchoPark Chief Operating Officer, Tim Keen; our Chief Digital Retail Officer; Steve Wittman; and our VP of Investor Relations, Danny Weiland.

Earlier this morning, reported first quarter financial results, including record first quarter total revenues of $3.5 billion and record first quarter EchoPark segment revenues of $651 million. First quarter GAAP EPS was $1.29 per share, and adjusted EPS was $1.33 per share. I'm very proud of our team's performance in the first quarter, and we're excited to build on last year's success as we move forward in 2023.

Despite ongoing challenges in the automotive retail industry, including rising interest rates and vehicle affordability concerns, we remain focused on delivering an exceptional guest experience and executing our long-term strategic plan. Our strong relationships with our teammates, our manufacturer and lending partners and our guests [ph] are key to our long-term success, and I'd like to sincerely thank them for their continued support.