Announces Dividend of $0.50 per Share for Fourth Quarter
MEDFORD,
Ore., Feb. 14, 2024 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) today reported the highest fourth quarter
revenue in company history.
Lithia & Driveway (LAD) Reports Record
Fourth Quarter Revenue of $7.7
billion, 10% Increase
Fourth quarter 2023 revenue increased 10% to $7.7 billion from $6.9
billion in the fourth quarter of 2022.
Fourth quarter 2023 net income attributable to LAD per diluted
share was $7.74, a 14% decrease from
$9.00 per diluted share reported in
the fourth quarter of 2022. Adjusted fourth quarter 2023 net income
attributable to LAD per diluted share was $8.24, a 9% decrease compared to $9.05 per diluted share in the same period of
2022. Unrealized foreign currency gains positively impacted
earnings per share by $0.21.
Fourth quarter 2023 net income was $216
million, a 13% decrease compared to net income of
$250 million in the same period of
2022. Adjusted fourth quarter 2023 net income was $230 million, a 8% decrease compared to adjusted
net income of $251 million for the
same period of 2022.
As shown in the attached non-GAAP reconciliation tables, the
2023 fourth quarter adjusted results exclude a $0.50 per diluted share impact resulting from
non-core items, specifically acquisition expenses, investment loss,
and net loss on sale of stores, partially offset by changes in
insurance reserves. The 2022 fourth quarter adjusted results
exclude a $0.05 per diluted share net
non-core charge related to a net gain on the sale of stores,
partially offset by investment loss, acquisition expenses and
insurances reserves.
Fourth Quarter-Over-Quarter Comparisons and Fourth
Quarter 2023 Performance Highlights:
- Total revenues increased 10%
- New vehicle same store units grew by 9.6 %
- Total vehicle gross profit per unit of $4,973, down $717
- Driveway averaged nearly 2.8 million monthly unique visitors
(MUVs) in the quarter
- Driveway Finance Corporation (DFC) originated over $428 million in loans in Q4
- Service, body, and parts revenues increased 14%
- SG&A as a percentage of gross profit was 66.4%, and 65.2%
adjusted for non-core items
"2023 completes another successful year of tremendous growth and
building strategic diversification. My team and I are excited to
turn our efforts to even higher levels of execution in 2024, as we
now have all the key components of our long-term growth strategy in
place," said Bryan DeBoer, President
and CEO. "Our financial position, combined with the diversity and
reach of our network and complementary adjacencies, positions us to
continue to positively drive results and return capital to our
shareholders, providing a distinctive growth strategy."
Full year 2023 revenue increased 10% to a record $31.0 billion from $28.2
billion in 2022.
Full year 2023 net income attributable to LAD per diluted share
decreased 18% to $36.29 from
$44.17 for 2022. Adjusted net income
attributable to LAD per diluted share decreased 17% to $36.86 from $44.42
for 2022. Unrealized foreign currency gains positively impacted
earnings per share by $0.14. Full
year 2023 net income attributable to LAD decreased 20% to
$1.0 billion from $1.3 billion for 2022. Adjusted net income
attributable to LAD decreased 19% to $1.0
billion for 2023 from $1.3
billion for 2022.
As shown in the attached non-GAAP reconciliation tables, the
2023 adjusted results exclude a $0.57
per diluted share net non-core charge related to an investment
loss, acquisition expenses, and insurance reserves, partially
offset by a net gain on sale of stores. The 2022 adjusted results
exclude a $0.25 per diluted share
impact resulting from non-core items, specifically acquisition
expenses, one-time contract buyouts, insurance reserves, and
investment loss, partially offset by a net gain on the sale of
stores.
Full Year-over-Year and 2023 Operating Highlights:
- Record full year revenues of $31.0
billion
- Used vehicle retail sales increased 1.5%
- F&I per unit decreased 5.1% to $2,090
- Total vehicle gross profit per unit decreased 14.8% to
$5,367
- GreenCars MUVs increased by 102% to nearly 900,000
- Driveway Finance Corporation scaled portfolio to over
$3 billion
Corporate Development
During the fourth quarter, LAD
did not acquire any stores. Year-to-date, we have acquired over
$3.8 billion in annualized revenues.
Since announcing our plan back in July
2020, we have acquired over $17.7
billion in annualized revenues.
Balance Sheet Update
LAD ended the fourth quarter with
approximately $1.7 billion in cash
and availability on our revolving lines of credit. In addition,
unfinanced real estate could provide additional liquidity of
approximately $0.4 billion.
Dividend Payment and Share Repurchases
The Board of
Directors approved a dividend of $0.50 per share related to fourth quarter 2023
financial results. The dividend is expected to be paid on
March 22, 2024 to shareholders of
record on March 9, 2024.
During the fourth quarter and for 2023, we repurchased over
142,700 shares at a weighted average price of $240.81. Under the current share repurchase
authorization approximately $467.0
million remains available.
Fourth Quarter Earnings Conference Call and Updated
Presentation
The fourth quarter 2023 conference call may be
accessed at 10:00 a.m. ET today by
telephone at 877-407-8029. An updated presentation highlighting the
fourth quarter 2023 results has been added to our investor
relations website. To listen live on our website or for replay,
visit investors.lithiadriveway.com and click on quarterly
earnings.
About Lithia & Driveway (LAD)
Lithia &
Driveway (NYSE: LAD) is one of the largest global automotive
retailers providing a wide array of products and services
throughout the vehicle ownership lifecycle. We offer convenient and
hassle-free experiences through our comprehensive network of
physical locations, e-commerce platforms, captive finance solutions
and other synergistic adjacencies. We deliver consistent,
profitable growth in a massive and unconsolidated industry. Our
highly diversified and competitively differentiated design provides
us the flexibility and scale to pursue our vision to modernize
personal transportation solutions wherever, whenever and however
consumers desire.
Sites
www.lithia.com
investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on
Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on
Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ
Forward-Looking Statements
Certain statements in this
presentation, and at times made by our officers and
representatives, constitute forward-looking statements within the
meaning of the "Safe Harbor"provisions of the Private Securities
Litigation Reform Act of 1995. Generally, you can identify
forward-looking statements by terms such as "project," "outlook,"
"target," "may," "will," "would," "should," "seek," "expect,"
"plan," "intend," "forecast," "anticipate," "believe," "estimate,"
"predict," "potential," "likely," "goal," "strategy," "future,"
"maintain," and "continue" or the negative of these terms or other
comparable terms. Examples of forward-looking statements in this
presentation include, among others, statements regarding:
- Future market conditions, including anticipated car and other
sales levels and the supply of inventory
- Our business strategy and plans, including our achieving our
2025 Plan and related targets
- The growth, expansion, make-up and success of our network,
including our finding accretive acquisitions and acquiring
additional stores
- Annualized revenues from acquired stores
- The growth and performance of our Driveway e-commerce home
solution and Driveway Finance Corporation (DFC), their synergies
and other impacts on our business and our ability to meet Driveway
and DFC-related targets
- The impact of sustainable vehicles and other market and
regulatory changes on our business
- Our capital allocations and uses and levels of capital
expenditures in the future
- Expected operating results, such as improved store performance,
continued improvement of selling, general and administrative
expenses as a percentage of gross profit and any projections
- Our anticipated financial condition and liquidity, including
from our cash and the future availability of our credit facilities,
unfinanced real estate and other financing sources
- Our continuing to purchase shares under our share repurchase
program
- Our compliance with financial and restrictive covenants in our
credit facilities and other debt agreements
- Our programs and initiatives for employee recruitment,
training, and retention
- Our strategies and targets for customer retention, growth,
market position, operations, financial results and risk
management
Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Forward-looking statements are not
guarantees of future performance, and our actual results of
operations, financial condition and liquidity and development of
the industry in which we operate may differ materially from those
made in or suggested by the forward-looking statements in this
presentation. Therefore, you should not rely on any of these
forward-looking statements. The risks and uncertainties that could
cause actual results to differ materially from estimated or
projected results include, without limitation:
- Future national and local economic and financial conditions,
including as a result of regional or global public health issues,
inflation and governmental programs, and spending
- The market for dealerships, including the availability of
stores to us for an acceptable price
- Changes in customer demand, our relationship with, and the
financial and operational stability of, OEMs and other
suppliers
- Changes in the competitive landscape, including through
technology and our ability to deliver new products, services and
customer experiences and a portfolio of in-demand and available
vehicles
- Risks associated with our indebtedness, including available
borrowing capacity, interest rates, compliance with financial
covenants and ability to refinance or repay indebtedness on
favorable terms
- The adequacy of our cash flows and other conditions which may
affect our ability to fund capital expenditures, obtain favorable
financing and pay our quarterly dividend at planned levels
- Disruptions to our technology network including computer
systems, as well as natural events such as severe weather or
man-made or other disruptions of our operating systems, facilities
or equipment
- Government regulations and legislation
- The risks set forth throughout "Part II, Item 7. Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and in "Part I, Item 1A. Risk Factors" of our most
recent Annual Report on Form 10-K, and in "Part II, Item 1A. Risk
Factors" of our Quarterly Reports on Form 10-Q, and from time to
time in our other filings with the SEC.
Any forward-looking statement made by us in this presentation is
based only on information currently available to us and speaks only
as of the date on which it is made. Except as required by law, we
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Non-GAAP Financial Measures
This presentation
contains non-GAAP financial measures such as adjusted net income
and diluted earnings per share, adjusted SG&A as a percentage
of revenue and gross profit, adjusted operating margin, adjusted
operating profit as a percentage of revenue and gross profit,
adjusted pre-tax margin and net profit margin, EBITDA, adjusted
EBITDA, leveraged EBITDA and adjusted total debt. Non-GAAP measures
do not have definitions under GAAP and may be defined differently
by and not comparable to similarly titled measures used by other
companies. As a result, we review any non-GAAP financial measures
in connection with a review of the most directly comparable
measures calculated in accordance with GAAP. We caution you not to
place undue reliance on such non-GAAP measures, but also to
consider them with the most directly comparable GAAP measures. We
present cash flows from operations in the attached tables, adjusted
to include the change in non-trade floor plan debt to improve the
visibility of cash flows related to vehicle financing. As required
by SEC rules, we have reconciled these measures to the most
directly comparable GAAP measures in the attachments to this
release. We believe the non-GAAP financial measures we present
improve the transparency of our disclosures; provide a meaningful
presentation of our results from core business operations, because
they exclude items not related to core business operations and
other non-cash items; and improve the period-to-period
comparability of our results from core business operations. These
presentations should not be considered an alternative to GAAP
measures.
LAD
Consolidated
Statements of Operations (Unaudited)
(In millions except per
share data)
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
|
Increase
|
|
|
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
3,974.8
|
|
$
3,275.1
|
|
21.4 %
|
|
$
15,154.2
|
|
$
12,894.5
|
|
17.5 %
|
Used vehicle
retail
|
|
2,267.5
|
|
2,228.1
|
|
1.8
|
|
9,570.2
|
|
9,425.0
|
|
1.5
|
Used vehicle
wholesale
|
|
242.9
|
|
293.7
|
|
(17.3)
|
|
1,325.3
|
|
1,425.2
|
|
(7.0)
|
Finance and
insurance
|
|
331.5
|
|
308.4
|
|
7.5
|
|
1,337.0
|
|
1,285.4
|
|
4.0
|
Service, body and
parts
|
|
818.3
|
|
716.2
|
|
14.3
|
|
3,197.1
|
|
2,738.8
|
|
16.7
|
Fleet and
other
|
|
39.4
|
|
125.0
|
|
(68.5)
|
|
458.5
|
|
418.9
|
|
9.5
|
Total
revenues
|
|
7,674.4
|
|
6,946.5
|
|
10.5 %
|
|
31,042.3
|
|
28,187.8
|
|
10.1 %
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
3,660.5
|
|
2,910.9
|
|
25.8
|
|
13,760.1
|
|
11,314.8
|
|
21.6
|
Used vehicle
retail
|
|
2,113.4
|
|
2,066.0
|
|
2.3
|
|
8,848.8
|
|
8,599.6
|
|
2.9
|
Used vehicle
wholesale
|
|
251.8
|
|
309.1
|
|
(18.5)
|
|
1,343.7
|
|
1,440.6
|
|
(6.7)
|
Service, body and
parts
|
|
368.0
|
|
329.9
|
|
11.5
|
|
1,445.7
|
|
1,275.8
|
|
13.3
|
Fleet and
other
|
|
19.9
|
|
121.4
|
|
(83.6)
|
|
415.1
|
|
404.6
|
|
2.6
|
Total cost of
sales
|
|
6,413.6
|
|
5,737.3
|
|
11.8
|
|
25,813.4
|
|
23,035.4
|
|
12.1
|
Gross
profit
|
|
1,260.8
|
|
1,209.2
|
|
4.3 %
|
|
5,228.9
|
|
5,152.4
|
|
1.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing operations
loss
|
|
(2.1)
|
|
(7.7)
|
|
(72.7) %
|
|
(45.9)
|
|
(4.0)
|
|
1,047.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expense
|
|
836.8
|
|
753.4
|
|
11.1
|
|
3,294.8
|
|
3,044.1
|
|
8.2
|
Depreciation and
amortization
|
|
49.4
|
|
48.2
|
|
2.5
|
|
195.8
|
|
163.2
|
|
20.0
|
Income from
operations
|
|
372.5
|
|
399.9
|
|
(6.9) %
|
|
1,692.4
|
|
1,941.1
|
|
(12.8) %
|
Floor plan interest
expense
|
|
(48.3)
|
|
(19.3)
|
|
150.3
|
|
(150.9)
|
|
(38.8)
|
|
288.9
|
Other interest
expense
|
|
(59.7)
|
|
(38.3)
|
|
55.9
|
|
(201.2)
|
|
(129.1)
|
|
55.8
|
Other income (expense),
net
|
|
15.2
|
|
(6.1)
|
|
NM
|
|
22.0
|
|
(43.2)
|
|
NM
|
Income before income
taxes
|
|
279.7
|
|
336.2
|
|
(16.8) %
|
|
1,362.3
|
|
1,730.0
|
|
(21.3) %
|
Income tax
expense
|
|
(63.5)
|
|
(86.3)
|
|
(26.4)
|
|
(350.6)
|
|
(468.4)
|
|
(25.1)
|
Income tax
rate
|
|
22.7 %
|
|
25.7 %
|
|
|
|
25.7 %
|
|
27.1 %
|
|
|
Net
income
|
|
$
216.2
|
|
$
249.9
|
|
(13.5) %
|
|
$
1,011.7
|
|
$
1,261.6
|
|
(19.8) %
|
Net income attributable
to non-controlling interests
|
|
(1.9)
|
|
(0.9)
|
|
111.1 %
|
|
(6.5)
|
|
(4.8)
|
|
35.4 %
|
Net income attributable
to redeemable non-controlling interest
|
|
(0.8)
|
|
(1.3)
|
|
(38.5) %
|
|
(4.4)
|
|
(5.8)
|
|
(24.1) %
|
Net income
attributable to LAD
|
|
$
213.5
|
|
$
247.7
|
|
(13.8) %
|
|
$
1,000.8
|
|
$
1,251.0
|
|
(20.0) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
$ 7.74
|
|
$ 9.00
|
|
(14.0) %
|
|
$
36.29
|
|
$
44.17
|
|
(17.8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
|
27.6
|
|
27.5
|
|
0.4 %
|
|
27.6
|
|
28.3
|
|
(2.5) %
|
NM - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
LAD
Key Performance
Metrics (Unaudited)
|
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
|
Increase
|
|
|
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
7.9 %
|
|
11.1 %
|
|
(320) bps
|
|
9.2 %
|
|
12.3 %
|
|
(310) bps
|
Used vehicle
retail
|
|
6.8
|
|
7.3
|
|
(50)
|
|
7.5
|
|
8.8
|
|
(130)
|
Finance and
insurance
|
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
Service, body and
parts
|
|
55.0
|
|
53.9
|
|
110
|
|
54.8
|
|
53.4
|
|
140
|
Gross profit
margin
|
|
16.4
|
|
17.4
|
|
(100)
|
|
16.8
|
|
18.3
|
|
(150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
80,596
|
|
68,159
|
|
18.2 %
|
|
314,116
|
|
271,596
|
|
15.7 %
|
Used vehicle
retail
|
|
78,424
|
|
75,834
|
|
3.4
|
|
325,764
|
|
311,764
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
49,318
|
|
$
48,051
|
|
2.6 %
|
|
$ 48,244
|
|
$
47,477
|
|
1.6 %
|
Used vehicle
retail
|
|
28,913
|
|
29,381
|
|
(1.6)
|
|
29,378
|
|
30,231
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$ 3,899
|
|
$ 5,344
|
|
(27.0) %
|
|
$
4,438
|
|
$
5,816
|
|
(23.7) %
|
Used vehicle
retail
|
|
1,965
|
|
2,137
|
|
(8.0)
|
|
2,215
|
|
2,648
|
|
(16.4)
|
Finance and
insurance
|
|
2,084
|
|
2,142
|
|
(2.7)
|
|
2,090
|
|
2,203
|
|
(5.1)
|
Total
vehicle(1)
|
|
4,973
|
|
5,691
|
|
(12.6)
|
|
5,367
|
|
6,300
|
|
(14.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
51.8 %
|
|
47.1 %
|
|
|
|
48.8 %
|
|
45.7 %
|
|
|
Used vehicle
retail
|
|
29.5
|
|
32.1
|
|
|
|
30.8
|
|
33.4
|
|
|
Used vehicle
wholesale
|
|
3.2
|
|
4.2
|
|
|
|
4.3
|
|
5.1
|
|
|
Finance and insurance,
net
|
|
4.3
|
|
4.4
|
|
|
|
4.3
|
|
4.6
|
|
|
Service, body and
parts
|
|
10.7
|
|
10.3
|
|
|
|
10.3
|
|
9.7
|
|
|
Fleet and
other
|
|
0.5
|
|
1.9
|
|
|
|
1.5
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
24.9 %
|
|
30.1 %
|
|
|
|
26.7 %
|
|
30.7 %
|
|
|
Used vehicle
retail
|
|
12.2
|
|
13.4
|
|
|
|
13.8
|
|
16.0
|
|
|
Used vehicle
wholesale
|
|
(0.7)
|
|
(1.3)
|
|
|
|
(0.4)
|
|
(0.3)
|
|
|
Finance and insurance,
net
|
|
26.3
|
|
25.5
|
|
|
|
25.6
|
|
24.9
|
|
|
Service, body and
parts
|
|
35.7
|
|
32.0
|
|
|
|
33.5
|
|
28.4
|
|
|
Fleet and
other
|
|
1.6
|
|
0.3
|
|
|
|
0.8
|
|
0.3
|
|
|
|
|
Adjusted
|
|
As
reported
|
|
Adjusted
|
|
As
reported
|
|
|
Three months
ended
December 31,
|
|
Three months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
|
Twelve months
ended
December 31,
|
Other
metrics
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
SG&A as a % of
revenue
|
|
10.7 %
|
|
10.9 %
|
|
10.9 %
|
|
10.8 %
|
|
10.6 %
|
|
11.0 %
|
|
10.6 %
|
|
10.8 %
|
SG&A as a % of
gross profit
|
|
65.2
|
|
62.8
|
|
66.4
|
|
62.3
|
|
62.7
|
|
60.0
|
|
63.0
|
|
59.1
|
Operating profit as a %
of revenue
|
|
5.1
|
|
5.7
|
|
4.9
|
|
5.8
|
|
5.5
|
|
6.7
|
|
5.5
|
|
6.9
|
Operating profit as a %
of gross profit
|
|
30.7
|
|
32.5
|
|
29.5
|
|
33.1
|
|
32.7
|
|
36.8
|
|
32.4
|
|
37.7
|
Pretax
margin
|
|
3.9
|
|
4.8
|
|
3.6
|
|
4.8
|
|
4.4
|
|
6.1
|
|
4.4
|
|
6.1
|
Net profit
margin
|
|
3.0
|
|
3.6
|
|
2.8
|
|
3.6
|
|
3.3
|
|
4.5
|
|
3.3
|
|
4.5
|
(1)
Includes the sales and gross profit related to new, used retail,
used wholesale and finance and insurance and unit sales for new and
used retail
|
LAD
Same Store Operating
Highlights (Unaudited)
|
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
|
Increase
|
|
|
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
3,548.1
|
|
$
3,223.1
|
|
10.1 %
|
|
$
13,197.3
|
|
$
12,562.0
|
|
5.1 %
|
Used vehicle
retail
|
|
1,954.2
|
|
2,191.6
|
|
(10.8)
|
|
8,173.4
|
|
9,182.3
|
|
(11.0)
|
Finance and
insurance
|
|
309.0
|
|
304.5
|
|
1.5
|
|
1,205.0
|
|
1,253.9
|
|
(3.9)
|
Service, body and
parts
|
|
723.5
|
|
704.5
|
|
2.7
|
|
2,803.1
|
|
2,657.4
|
|
5.5
|
Total
revenues
|
|
6,702.2
|
|
6,837.2
|
|
(2.0)
|
|
26,708.4
|
|
27,454.4
|
|
(2.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$ 279.3
|
|
$ 359.2
|
|
(22.2) %
|
|
$
1,205.3
|
|
$
1,541.9
|
|
(21.8) %
|
Used vehicle
retail
|
|
134.4
|
|
159.3
|
|
(15.6)
|
|
614.1
|
|
801.1
|
|
(23.3)
|
Finance and
insurance
|
|
309.0
|
|
304.5
|
|
1.5
|
|
1,205.0
|
|
1,253.9
|
|
(3.9)
|
Service, body and
parts
|
|
399.6
|
|
381.3
|
|
4.8
|
|
1,533.5
|
|
1,424.0
|
|
7.7
|
Total gross
profit
|
|
1,119.6
|
|
1,192.6
|
|
(6.1)
|
|
4,554.2
|
|
5,018.8
|
|
(9.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
7.9 %
|
|
11.1 %
|
|
(320) bps
|
|
9.1 %
|
|
12.3 %
|
|
(320) bps
|
Used vehicle
retail
|
|
6.9
|
|
7.3
|
|
(40)
|
|
7.5
|
|
8.7
|
|
(120)
|
Finance and
insurance
|
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
Service, body and
parts
|
|
55.2
|
|
54.1
|
|
110
|
|
54.7
|
|
53.6
|
|
110
|
Gross profit
margin
|
|
16.7
|
|
17.4
|
|
(70)
|
|
17.1
|
|
18.3
|
|
(120)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
73,728
|
|
67,247
|
|
9.6 %
|
|
272,780
|
|
264,510
|
|
3.1 %
|
Used vehicle
retail
|
|
69,854
|
|
74,550
|
|
(6.3)
|
|
285,708
|
|
303,037
|
|
(5.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$
48,125
|
|
$
47,929
|
|
0.4 %
|
|
$
48,381
|
|
$
47,492
|
|
1.9 %
|
Used vehicle
retail
|
|
27,975
|
|
29,398
|
|
(4.8)
|
|
28,607
|
|
30,301
|
|
(5.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
|
$ 3,789
|
|
$ 5,341
|
|
(29.1) %
|
|
$
4,419
|
|
$
5,829
|
|
(24.2) %
|
Used vehicle
retail
|
|
1,925
|
|
2,137
|
|
(9.9)
|
|
2,149
|
|
2,643
|
|
(18.7)
|
Finance and
insurance
|
|
2,152
|
|
2,147
|
|
0.2
|
|
2,158
|
|
2,209
|
|
(2.3)
|
Total
vehicle(1)
|
|
4,980
|
|
5,697
|
|
(12.6)
|
|
5,383
|
|
6,312
|
|
(14.7)
|
(1)
Includes the sales and gross profit related to new, used retail,
used wholesale and finance and insurance and unit sales for new and
used retail
|
LAD
Other Highlights
(Unaudited)
|
|
|
|
Three months
ended December 31,
|
|
Twelve months
ended December 31,
|
|
|
2023
|
|
2023
|
Key Performance by
Region
|
|
Total
Revenue
|
|
Total Gross
Profit
|
|
Total
Revenue
|
|
Total Gross
Profit
|
United
States
|
|
90 %
|
|
92 %
|
|
90 %
|
|
92 %
|
United
Kingdom
|
|
7 %
|
|
5 %
|
|
6 %
|
|
5 %
|
Canada
|
|
3 %
|
|
3 %
|
|
4 %
|
|
3 %
|
|
As of
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
2021
|
Days
Supply(1)
|
|
|
|
|
|
New vehicle
inventory
|
65
|
|
47
|
|
24
|
Used vehicle
inventory
|
64
|
|
55
|
|
61
|
(1) Days
supply calculated based on current inventory levels, including
in-transit vehicles, and a 30-day historical cost of sales
level.
|
Selected Financing Operations Financial Information
|
Three months ended
December 31,
|
|
Twelve months ended
December 31,
|
($ in
millions)
|
2023
|
|
%
(1)
|
|
2022
|
|
%
(1)
|
|
2023
|
|
%
(1)
|
|
2022
|
|
%
(1)
|
Interest
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, fee, and
lease income
|
$
78.2
|
|
9.5
|
|
$
51.9
|
|
10.1
|
|
$
268.5
|
|
9.6
|
|
$
134.1
|
|
8.7
|
Interest
expense
|
(45.0)
|
|
(5.4)
|
|
(28.9)
|
|
(5.6)
|
|
(170.5)
|
|
(6.1)
|
|
(52.2)
|
|
(3.4)
|
Total interest
margin
|
$
33.2
|
|
4.0
|
|
$
23.0
|
|
4.5
|
|
$
98.0
|
|
3.5
|
|
$
81.9
|
|
5.3
|
Provision
expense
|
$
(23.8)
|
|
(2.9)
|
|
$
(18.9)
|
|
(3.7)
|
|
$
(98.8)
|
|
(3.5)
|
|
$
(44.4)
|
|
(2.9)
|
Financing operations
income (loss)
|
$
(2.1)
|
|
(0.3)
|
|
$
(7.7)
|
|
(1.5)
|
|
$
(45.9)
|
|
(1.6)
|
|
$
(4.0)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average managed
finance receivables
|
$
3,277.0
|
|
|
|
$
2,039.2
|
|
|
|
$
2,802.8
|
|
|
|
$
1,542.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending funded managed
receivables
|
$
2,895.8
|
|
|
|
$
1,866.0
|
|
|
|
$
2,895.8
|
|
|
|
$
1,866.0
|
|
|
% of ending managed
receivables
|
86.5 %
|
|
|
|
82.7 %
|
|
|
|
86.5 %
|
|
|
|
82.7 %
|
|
|
(1)
Annualized percentage of total average managed finance
receivables
|
LAD
Condensed
Consolidated Balance Sheets (Unaudited)
(In
millions)
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Cash and restricted
cash
|
|
$
941.4
|
|
$
246.7
|
Trade receivables,
net
|
|
1,123.1
|
|
813.1
|
Inventories,
net
|
|
4,753.9
|
|
3,409.4
|
Other current
assets
|
|
136.8
|
|
161.7
|
Total current
assets
|
|
$
6,955.2
|
|
$
4,630.9
|
|
|
|
|
|
Property and equipment,
net
|
|
3,981.4
|
|
3,574.6
|
Finance receivables,
net
|
|
3,242.3
|
|
2,187.6
|
Intangibles
|
|
4,332.8
|
|
3,316.9
|
Other non-current
assets
|
|
1,120.8
|
|
1,296.6
|
Total
assets
|
|
$
19,632.5
|
|
$
15,006.6
|
|
|
|
|
|
Floor plan notes
payable
|
|
3,635.5
|
|
2,116.6
|
Other current
liabilities
|
|
1,296.7
|
|
1,061.6
|
Total current
liabilities
|
|
$
4,932.2
|
|
$
3,178.3
|
|
|
|
|
|
Long-term debt, less
current maturities
|
|
5,483.7
|
|
5,088.3
|
Non-recourse notes
payable, less current maturities
|
|
1,671.7
|
|
422.2
|
Other long-term
liabilities and deferred revenue
|
|
1,262.0
|
|
1,066.7
|
Total
liabilities
|
|
$
13,349.6
|
|
$
9,755.5
|
|
|
|
|
|
Equity
|
|
6,282.9
|
|
5,251.1
|
Total liabilities
& equity
|
|
$
19,632.5
|
|
$
15,006.6
|
LAD
Condensed
Consolidated Statements of Cash Flows (Unaudited)
(In
millions)
|
|
|
|
Twelve months ended
December 31,
|
Cash flows from
operating activities:
|
|
2023
|
|
2022
|
Net income
|
|
$
1,011.7
|
|
$
1,261.6
|
Adjustments to
reconcile net income to net cash used in operating
activities
|
|
329.1
|
|
337.5
|
Changes in:
|
|
|
|
|
Inventories
|
|
(863.5)
|
|
(923.0)
|
Finance receivables,
net
|
|
(1,045.5)
|
|
(1,363.0)
|
Floor plan notes
payable, net
|
|
363.7
|
|
273.3
|
Other operating
activities
|
|
(267.9)
|
|
(196.5)
|
Net cash used in
operating activities
|
|
(472.4)
|
|
(610.1)
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
|
(230.2)
|
|
(303.1)
|
Cash paid for
acquisitions, net of cash acquired
|
|
(1,185.1)
|
|
(1,243.6)
|
Proceeds from sales of
stores
|
|
142.9
|
|
212.1
|
Other investing
activities
|
|
2.1
|
|
4.8
|
Net cash used in
investing activities
|
|
(1,270.3)
|
|
(1,329.8)
|
Cash flows from
financing activities:
|
|
|
|
|
Net borrowings on floor
plan notes payable, non-trade
|
|
878.7
|
|
737.9
|
Net borrowings
non-recourse notes payable
|
|
1,283.4
|
|
104.6
|
Net borrowings
(repayments) of other debt and finance lease liabilities
|
|
358.3
|
|
1,914.2
|
Proceeds from issuance
of common stock
|
|
29.7
|
|
36.1
|
Repurchase of common
stock
|
|
(48.9)
|
|
(688.3)
|
Dividends
paid
|
|
(52.8)
|
|
(45.2)
|
Other financing
activity
|
|
(38.6)
|
|
(23.4)
|
Net cash provided
by financing activities
|
|
2,409.8
|
|
2,035.9
|
Effect of exchange
rate changes on cash and restricted cash
|
|
33.4
|
|
(3.0)
|
Change in cash and
restricted cash
|
|
700.5
|
|
93.0
|
Cash and restricted
cash at beginning of period
|
|
271.5
|
|
178.5
|
Cash and restricted
cash at end of period
|
|
972.0
|
|
271.5
|
LAD
Reconciliation of
Non-GAAP Cash Flow from Operations (Unaudited)
(In
millions)
|
|
|
Twelve months ended
December 31,
|
Net cash provided by
operating activities
|
|
2023
|
|
2022
|
As reported
|
|
$
(472.4)
|
|
$
(610.1)
|
Floor plan notes
payable, non-trade, net
|
|
878.7
|
|
737.9
|
Adjust: finance
receivables activity
|
|
1,045.5
|
|
1,363.0
|
Less: Borrowings on
floor plan notes payable, non-trade associated with acquired new
vehicle inventory
|
|
(109.2)
|
|
(116.5)
|
Adjusted
|
|
$
1,342.6
|
|
$
1,374.3
|
LAD
Reconciliation of
Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except
for per share data)
|
|
|
Three Months Ended
December 31, 2023
|
|
As
reported
|
|
Net disposal
loss on sale
of stores
|
|
Investment
loss
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Contract
buyouts
|
|
Adjusted
|
Selling, general and
administrative
|
$
836.8
|
|
$
(0.2)
|
|
$
—
|
|
$
1.7
|
|
$
(16.6)
|
|
$
—
|
|
$
821.7
|
Operating
income
|
372.5
|
|
0.2
|
|
—
|
|
(1.7)
|
|
16.6
|
|
—
|
|
387.6
|
Other income (expense),
net
|
15.2
|
|
—
|
|
1.9
|
|
—
|
|
—
|
|
—
|
|
17.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
279.7
|
|
0.2
|
|
1.9
|
|
(1.7)
|
|
16.6
|
|
—
|
|
296.7
|
Income tax (provision)
benefit
|
(63.5)
|
|
(0.3)
|
|
(4.0)
|
|
0.5
|
|
0.6
|
|
—
|
|
(66.7)
|
Net income
|
$
216.2
|
|
$
(0.1)
|
|
$
(2.1)
|
|
$
(1.2)
|
|
$
17.2
|
|
$
—
|
|
$
230.0
|
Net income attributable
to non-controlling interests
|
(1.9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.9)
|
Net income attributable
to redeemable non-controlling interest
|
(0.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.8)
|
Net income attributable
to LAD
|
$
213.5
|
|
$
(0.1)
|
|
$
(2.1)
|
|
$
(1.2)
|
|
$
17.2
|
|
$
—
|
|
$
227.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
7.74
|
|
$
—
|
|
$
(0.08)
|
|
$
(0.04)
|
|
$
0.62
|
|
$
—
|
|
$
8.24
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022
|
|
As
reported
|
|
Net disposal
gain on sale
of stores
|
|
Investment
loss
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Adjusted
|
Selling, general and
administrative
|
$
753.4
|
|
$
16.4
|
|
$
—
|
|
$
(4.9)
|
|
$
(5.0)
|
|
$
759.9
|
Operating
income
|
399.9
|
|
(16.4)
|
|
—
|
|
4.9
|
|
5.0
|
|
393.4
|
Other income (expense),
net
|
(6.1)
|
|
—
|
|
6.5
|
|
—
|
|
—
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
336.2
|
|
(16.4)
|
|
6.5
|
|
4.9
|
|
5.0
|
|
336.2
|
Income tax (provision)
benefit
|
(86.3)
|
|
5.9
|
|
—
|
|
(1.3)
|
|
(3.5)
|
|
(85.2)
|
Net income
|
$
249.9
|
|
$
(10.5)
|
|
$
6.5
|
|
$
3.6
|
|
$
1.5
|
|
$
251.0
|
Net income attributable
to non-controlling interests
|
$
(0.9)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(0.9)
|
Net income attributable
to redeemable non-controlling interest
|
$
(1.3)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.3)
|
Net income attributable
to LAD
|
$
247.7
|
|
$
(10.5)
|
|
$
6.5
|
|
$
3.6
|
|
$
1.5
|
|
$
248.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
9.00
|
|
$
(0.38)
|
|
$
0.24
|
|
$
0.13
|
|
$
0.06
|
|
$
9.05
|
Diluted share
count
|
27.5
|
|
|
|
|
|
|
|
|
|
|
LAD
Reconciliation of
Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except
for per share data)
|
|
|
Twelve Months Ended
December 31, 2023
|
|
As
reported
|
|
Net disposal
gain on sale
of stores
|
|
Investment
loss
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Contract
buyouts
|
|
Adjusted
|
Selling, general and
administrative
|
$
3,294.8
|
|
$
31.2
|
|
$
—
|
|
$
(5.4)
|
|
$
(27.2)
|
|
$
(14.3)
|
|
$
3,279.1
|
Operating
income
|
1,692.4
|
|
(31.2)
|
|
—
|
|
5.4
|
|
27.2
|
|
14.3
|
|
1,708.1
|
Other income (expense),
net
|
22.0
|
|
—
|
|
1.7
|
|
—
|
|
—
|
|
—
|
|
23.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,362.3
|
|
(31.2)
|
|
1.7
|
|
5.4
|
|
27.2
|
|
14.3
|
|
1,379.7
|
Income tax (provision)
benefit
|
(350.6)
|
|
8.2
|
|
(4.0)
|
|
(1.4)
|
|
(1.0)
|
|
(3.8)
|
|
(352.6)
|
Net income
|
$
1,011.7
|
|
$
(23.0)
|
|
$
(2.3)
|
|
$
4.0
|
|
$
26.2
|
|
$
10.5
|
|
$
1,027.1
|
Net income attributable
to non-controlling interests
|
(6.5)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6.5)
|
Net income attributable
to redeemable non-controlling interest
|
(4.4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4.4)
|
Net income attributable
to LAD
|
$
1,000.8
|
|
$
(23.0)
|
|
$
(2.3)
|
|
$
4.0
|
|
$
26.2
|
|
$
10.5
|
|
$
1,016.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
36.29
|
|
$
(0.83)
|
|
$
(0.08)
|
|
$
0.15
|
|
$
0.95
|
|
$
0.38
|
|
$
36.86
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2022
|
|
As
reported
|
|
Net disposal
gain on sale
of stores
|
|
Investment
loss
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Adjusted
|
Selling, general and
administrative
|
$
3,044.1
|
|
$
66.0
|
|
$
—
|
|
$
(4.9)
|
|
$
(15.0)
|
|
$
3,090.2
|
Operating
income
|
1,941.1
|
|
(66.0)
|
|
—
|
|
4.9
|
|
15.0
|
|
1,895.0
|
Other income (expense),
net
|
(43.2)
|
|
—
|
|
39.2
|
|
—
|
|
—
|
|
(4.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,730.0
|
|
(66.0)
|
|
39.2
|
|
4.9
|
|
15.0
|
|
1,723.1
|
Income tax (provision)
benefit
|
(468.4)
|
|
19.1
|
|
—
|
|
(1.3)
|
|
(4.0)
|
|
(454.6)
|
Net income
|
$
1,261.6
|
|
$
(46.9)
|
|
$
39.2
|
|
$
3.6
|
|
$
11.0
|
|
$
1,268.5
|
Net income attributable
to non-controlling interests
|
(4.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4.8)
|
Net income attributable
to redeemable non-controlling interest
|
(5.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.8)
|
Net income attributable
to LAD
|
$
1,251.0
|
|
$
(46.9)
|
|
$
39.2
|
|
$
3.6
|
|
$
11.0
|
|
$
1,257.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
44.17
|
|
$
(1.65)
|
|
$
1.38
|
|
$
0.13
|
|
$
0.39
|
|
$
44.42
|
Diluted share
count
|
28.3
|
|
|
|
|
|
|
|
|
|
|
LAD
Adjusted EBITDA and
Net Debt to Adjusted EBITDA (Unaudited)
(In
millions)
|
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
|
Increase
|
|
|
Increase
|
|
|
2023
|
|
2022
|
|
(Decrease)
|
|
2023
|
|
2022
|
|
(Decrease)
|
EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 216.2
|
|
$ 249.9
|
|
(13.5) %
|
|
$
1,011.7
|
|
$
1,261.6
|
|
(19.8) %
|
Flooring interest
expense
|
|
48.3
|
|
19.3
|
|
150.3
|
|
150.9
|
|
38.8
|
|
288.9
|
Other interest
expense
|
|
59.7
|
|
38.3
|
|
55.9
|
|
201.2
|
|
129.1
|
|
55.8
|
Financing operations
interest expense
|
|
45.0
|
|
28.9
|
|
55.7
|
|
170.5
|
|
52.2
|
|
226.6
|
Income tax
expense
|
|
63.5
|
|
86.3
|
|
(26.4)
|
|
350.6
|
|
468.4
|
|
(25.1)
|
Depreciation and
amortization
|
|
49.4
|
|
48.2
|
|
2.5
|
|
195.8
|
|
163.2
|
|
20.0
|
Financing operations
depreciation expense
|
|
2.1
|
|
2.5
|
|
(16.0) %
|
|
8.4
|
|
9.5
|
|
(11.6) %
|
EBITDA
|
|
$ 484.2
|
|
$ 473.4
|
|
2.3 %
|
|
$
2,089.1
|
|
$
2,122.8
|
|
(1.6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: flooring interest
expense
|
|
$ (48.3)
|
|
$ (19.3)
|
|
150.3
|
|
$
(150.9)
|
|
$ (38.8)
|
|
288.9
|
Less: financing
operations interest expense
|
|
(45.0)
|
|
(28.9)
|
|
55.7
|
|
(170.5)
|
|
(52.2)
|
|
226.6
|
Less: used vehicle line
of credit interest
|
|
(8.4)
|
|
(4.7)
|
|
78.7
|
|
(19.6)
|
|
(9.6)
|
|
104.2
|
Add: acquisition
expenses
|
|
16.6
|
|
5.0
|
|
232.0
|
|
27.2
|
|
15.0
|
|
81.3
|
Less: loss (gain) on
divestitures
|
|
0.2
|
|
(16.4)
|
|
NM
|
|
(31.2)
|
|
(66.0)
|
|
NM
|
Add: investment
loss
|
|
1.9
|
|
6.5
|
|
NM
|
|
1.7
|
|
39.2
|
|
NM
|
Add: insurance
reserves
|
|
(1.7)
|
|
4.9
|
|
NM
|
|
5.4
|
|
4.9
|
|
NM
|
Add: contract
buyouts
|
|
—
|
|
—
|
|
NM
|
|
14.3
|
|
—
|
|
NM
|
Adjusted
EBITDA
|
|
$
399.5
|
|
$
420.5
|
|
(5.0) %
|
|
$
1,765.5
|
|
$
2,015.3
|
|
(12.4) %
|
NM - not
meaningful
|
|
|
As of
|
|
%
|
|
|
December
31,
|
|
Increase
|
Net Debt to Adjusted
EBITDA
|
|
2023
|
|
2022
|
|
(Decrease)
|
Floor plan notes
payable: non-trade
|
|
$ 2,288.5
|
|
$ 1,489.4
|
|
53.7 %
|
Floor plan notes
payable
|
|
1,347.0
|
|
627.2
|
|
114.8
|
Used and service loaner
vehicle inventory financing facility
|
|
902.8
|
|
877.2
|
|
2.9
|
Revolving lines of
credit
|
|
1,620.7
|
|
927.6
|
|
74.7
|
Warehouse
facilities
|
|
587.0
|
|
930.0
|
|
(36.9)
|
Non-recourse notes
payable
|
|
1,705.6
|
|
422.2
|
|
304.0
|
4.625% Senior notes due
2027
|
|
400.0
|
|
400.0
|
|
—
|
4.375% Senior notes due
2031
|
|
550.0
|
|
550.0
|
|
—
|
3.875% Senior notes due
2029
|
|
800.0
|
|
800.0
|
|
—
|
Finance leases and
other debt
|
|
730.7
|
|
653.1
|
|
11.9
|
Unamortized debt
issuance costs
|
|
(31.8)
|
|
(29.2)
|
|
8.9
|
Total debt
|
|
$
10,900.5
|
|
$ 7,647.5
|
|
42.5 %
|
|
|
|
|
|
|
|
Less: Floor plan
related debt
|
|
$
(4,538.3)
|
|
$
(2,993.8)
|
|
51.6 %
|
Less: Financing
operations related debt
|
|
(2,292.6)
|
|
(1,352.2)
|
|
69.5
|
Less: Unrestricted
cash
|
|
(825.0)
|
|
(168.1)
|
|
390.8
|
Less: Availability on
used vehicle and service loaner financing facilities
|
|
(25.5)
|
|
(18.4)
|
|
38.6
|
Net
Debt
|
|
$
3,219.1
|
|
$
3,115.0
|
|
3.3 %
|
|
|
|
|
|
|
|
TTM Adjusted
EBITDA
|
|
$
1,765.5
|
|
$
2,015.3
|
|
(12.4) %
|
|
|
|
|
|
|
|
Net debt to Adjusted
EBITDA
|
|
1.82
x
|
|
1.55
x
|
|
|
NM - not
meaningful
|
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SOURCE Lithia Motors, Inc.