Announces Dividend of $0.53 per Share for Third Quarter
MEDFORD,
Ore., Oct. 23, 2024 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) today reported the highest third quarter
revenue in company history and the second profitable quarter for
Financing Operations, which includes Driveway Finance
Corporation.
Third quarter 2024 revenue increased 11% to $9.2 billion from $8.3
billion in the third quarter of 2023.
Third quarter 2024 diluted earnings per share attributable
to LAD was $7.80, an 18% decrease
from $9.46 per share reported in the
third quarter of 2023. Third quarter 2024 adjusted diluted earnings
per share attributable to LAD was $8.21, an 11% decrease compared to $9.22 per share in the same period of 2023.
Unrealized investment gains and foreign currency exchange gains
positively impacted diluted earnings per share by $0.11.
Third quarter 2024 net income was $223 million, a 16% decrease compared to net
income of $265 million in the same
period of 2023. Adjusted third quarter 2024 net income was
$222 million, a 14% decrease compared
to adjusted net income of $258
million for the same period of 2023.
As shown in the attached non-GAAP reconciliation tables, the
2024 third quarter adjusted results exclude a $0.41 per diluted share impact resulting from
non-core items, including a premium paid for the redemption of the
remaining non-controlling interest in Pfaff Automotive and
acquisition expenses, partially offset by a net gain on the
disposal of stores and tax attributes. The 2023 third quarter
adjusted results exclude a $0.24 per
diluted share impact resulting from non-core items, including a net
gain on the disposal of stores, partially offset by acquisition
expenses, insurance reserves, and one-time contract buyouts.
Key Third Quarter 2024 Highlights:
- Total revenues increased 11% compared to third quarter
2023
- Aftersales gross profit increased 6.3% on a same-store
basis
- Financing operations continued profitability with quarterly
income of $1 million
- Driveway Finance Corporation (DFC) originated $518 million in loans, for a total portfolio of
$3.8 billion, and priced a
$615 million ABS offering in October,
our ninth securitization
- Repurchased 0.7% of outstanding shares
"Our third quarter performance was strong and demonstrated the
team's ability to grow our business, leveraging size and scale and
seizing new opportunities while focusing on operational efficiency.
Our core businesses showed consistent growth while delivering
substantial cost savings, and our adjacent operations continued
building momentum, positioning us well for the future," said
Bryan DeBoer, President and CEO.
"Our diversified model continues to strengthen our market position,
driving shareholder value. We remain committed to creating customer
loyalty through exceptional experiences and operational excellence
across our omnichannel ecosystem."
For the first nine months of 2024 revenues increased 16% to
$27.0 billion, compared to
$23.4 billion in 2023.
Diluted earnings per share attributable to LAD for the
first nine months of 2024 was $21.54,
compared to $28.54 per share in 2023,
a decrease of 25%. Adjusted diluted earnings per share attributable
to LAD for the first nine months of 2024 decreased 23% to
$22.17 from $28.61 in the same period of 2023. Unrealized
gain on investments partially offset by foreign currency exchange
losses for the first nine months of 2024 positively impacted
diluted earnings per share by $0.74.
Corporate Development
During the third quarter, LAD
continued to expand its network in the Southeast region with the
acquisition of three stores from the Duval Motor Company in
Jacksonville and Gainesville, Florida. These additions will
strengthen LAD's import and luxury store footprint in Florida and increase the geographic reach of
the Company's retail network.Year-to-date, LAD acquired over
$5.9 billion in annualized
revenues.
Balance Sheet Update
LAD ended the third quarter with
approximately $1.1 billion in cash
and cash equivalents, marketable securities, 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 $0.53 per share related to third quarter 2024
financial results. The dividend is expected to be paid on
November 15, 2024 to shareholders of record on
November 8, 2024.
During 2024, we repurchased approximately 986,000 shares at a
weighted average price of $260. Under
the current share repurchase authorization approximately
$560.9 million remains available.
Third Quarter Earnings Conference Call and Updated
Presentation
The third quarter 2024 conference call may be
accessed at 10:00 a.m. ET today by
telephone at 877-407-8029. An updated presentation highlighting the
third quarter 2024 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. Simple, convenient, and
transparent experiences are offered through our comprehensive
network of physical locations, e-commerce platforms, captive
finance solutions, fleet management offerings, 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://x.com/lithiamotors
https://x.com/DrivewayHQ
https://x.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
long-term EPS and other financial targets
- The growth, expansion, make-up and success of our network,
including our finding accretive acquisitions that meet our target
valuations and acquiring additional stores
- Annualized revenues from acquired stores or achieving target
returns
- 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, which may include adjusted net income
and adjusted 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
September 30,
|
|
%
|
|
Nine months
ended
September 30,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
4,430.0
|
|
$
3,885.8
|
|
14.0 %
|
|
$
12,847.9
|
|
$
11,179.5
|
|
14.9 %
|
|
Used vehicle
retail
|
2,843.3
|
|
2,620.2
|
|
8.5
|
|
8,630.1
|
|
7,302.8
|
|
18.2
|
|
Used vehicle
wholesale
|
390.9
|
|
316.1
|
|
23.7
|
|
1,018.1
|
|
1,082.4
|
|
(5.9)
|
|
Finance and
insurance
|
360.4
|
|
349.4
|
|
3.1
|
|
1,061.9
|
|
1,005.6
|
|
5.6
|
|
Aftersales
|
1,012.8
|
|
838.0
|
|
20.9
|
|
2,876.3
|
|
2,378.8
|
|
20.9
|
|
Fleet and
other
|
183.6
|
|
267.5
|
|
(31.4)
|
|
580.4
|
|
418.9
|
|
38.6
|
|
Total
revenues
|
9,221.0
|
|
8,277.0
|
|
11.4 %
|
|
27,014.7
|
|
23,368.0
|
|
15.6 %
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
4,123.6
|
|
3,526.9
|
|
16.9
|
|
11,925.4
|
|
10,099.6
|
|
18.1
|
|
Used vehicle
retail
|
2,654.4
|
|
2,431.2
|
|
9.2
|
|
8,062.9
|
|
6,735.4
|
|
19.7
|
|
Used vehicle
wholesale
|
393.0
|
|
322.1
|
|
22.0
|
|
1,020.7
|
|
1,091.9
|
|
(6.5)
|
|
Aftersales
|
453.0
|
|
375.2
|
|
20.7
|
|
1,285.1
|
|
1,077.7
|
|
19.2
|
|
Fleet and
other
|
166.6
|
|
250.3
|
|
(33.4)
|
|
531.1
|
|
395.2
|
|
34.4
|
|
Total cost of
sales
|
7,790.6
|
|
6,905.7
|
|
12.8
|
|
22,825.2
|
|
19,399.8
|
|
17.7
|
|
Gross
profit
|
1,430.4
|
|
1,371.3
|
|
4.3 %
|
|
4,189.5
|
|
3,968.2
|
|
5.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance operations
income (loss)
|
0.9
|
|
(4.4)
|
|
NM
|
|
6.4
|
|
(43.8)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expense
|
943.6
|
|
850.8
|
|
10.9
|
|
2,853.0
|
|
2,458.1
|
|
16.1
|
|
Depreciation and
amortization
|
63.5
|
|
50.8
|
|
25.0
|
|
183.6
|
|
146.4
|
|
25.4
|
|
Income from
operations
|
424.2
|
|
465.3
|
|
(8.8) %
|
|
1,159.3
|
|
1,319.9
|
|
(12.2) %
|
|
Floor plan interest
expense
|
(76.6)
|
|
(40.2)
|
|
90.5
|
|
(214.0)
|
|
(102.6)
|
|
108.6
|
|
Other interest
expense
|
(64.5)
|
|
(58.5)
|
|
10.3
|
|
(189.3)
|
|
(141.5)
|
|
33.8
|
|
Other income
(expense)
|
5.1
|
|
(5.3)
|
|
196.2
|
|
35.4
|
|
6.8
|
|
420.6
|
|
Income before income
taxes
|
288.2
|
|
361.3
|
|
(20.2) %
|
|
791.4
|
|
1,082.6
|
|
(26.9) %
|
|
Income tax
expense
|
(65.3)
|
|
(96.4)
|
|
(32.3)
|
|
(187.0)
|
|
(287.0)
|
|
(34.8)
|
|
Income tax
rate
|
22.7 %
|
|
26.7 %
|
|
|
|
23.6 %
|
|
26.5 %
|
|
|
|
Net
income
|
$
222.9
|
|
$
264.9
|
|
(15.9) %
|
|
$
604.4
|
|
$
795.6
|
|
(24.0) %
|
|
Net income attributable
to non-controlling
interests
|
(1.2)
|
|
(2.1)
|
|
(42.9) %
|
|
(3.8)
|
|
(4.7)
|
|
(19.1) %
|
|
Net income attributable
to redeemable non-
controlling interest
|
(12.6)
|
|
(1.3)
|
|
869.2 %
|
|
(14.8)
|
|
(3.6)
|
|
311.1 %
|
|
Net income
attributable to LAD
|
$
209.1
|
|
$
261.5
|
|
(20.0) %
|
|
$
585.8
|
|
$
787.3
|
|
(25.6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable
to LAD:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
$ 7.80
|
|
$ 9.46
|
|
(17.5) %
|
|
$
21.54
|
|
$
28.54
|
|
(24.5) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
26.8
|
|
27.6
|
|
(2.9) %
|
|
27.2
|
|
27.6
|
|
(1.4) %
|
|
LAD
|
|
Key Performance
Metrics (Unaudited)
|
|
|
Three months
ended
September 30,
|
|
%
|
|
Nine months
ended
September 30,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
6.9 %
|
|
9.2 %
|
|
(230) bps
|
|
7.2 %
|
|
9.7 %
|
|
(250) bps
|
|
Used vehicle
retail
|
6.6
|
|
7.2
|
|
(60)
|
|
6.6
|
|
7.8
|
|
(120)
|
|
Finance and
insurance
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
|
Aftersales
|
55.3
|
|
55.2
|
|
10
|
|
55.3
|
|
54.7
|
|
60
|
|
Gross profit
margin
|
15.5
|
|
16.6
|
|
(110)
|
|
15.5
|
|
17.0
|
|
(150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
94,964
|
|
82,188
|
|
15.5 %
|
|
273,154
|
|
233,521
|
|
17.0 %
|
|
Used vehicle
retail
|
104,898
|
|
88,625
|
|
18.4
|
|
316,583
|
|
247,340
|
|
28.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
46,649
|
|
$
47,279
|
|
(1.3) %
|
|
$
47,035
|
|
$
47,874
|
|
(1.8) %
|
|
Used vehicle
retail
|
27,105
|
|
29,565
|
|
(8.3)
|
|
27,260
|
|
29,525
|
|
(7.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 3,226
|
|
$ 4,367
|
|
(26.1) %
|
|
$
3,377
|
|
$
4,624
|
|
(27.0) %
|
|
Used vehicle
retail
|
1,801
|
|
2,132
|
|
(15.5)
|
|
1,792
|
|
2,294
|
|
(21.9)
|
|
Finance and
insurance
|
1,803
|
|
2,045
|
|
(11.8)
|
|
1,801
|
|
2,091
|
|
(13.9)
|
|
Total
vehicle(1)
|
4,271
|
|
5,218
|
|
(18.1)
|
|
4,322
|
|
5,497
|
|
(21.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
48.0 %
|
|
46.9 %
|
|
|
|
47.6 %
|
|
47.8 %
|
|
|
|
Used vehicle
retail
|
30.8
|
|
31.7
|
|
|
|
31.9
|
|
31.3
|
|
|
|
Used vehicle
wholesale
|
4.2
|
|
3.8
|
|
|
|
3.8
|
|
4.6
|
|
|
|
Finance and insurance,
net
|
3.9
|
|
4.2
|
|
|
|
3.9
|
|
4.3
|
|
|
|
Aftersales
|
11.0
|
|
10.1
|
|
|
|
10.6
|
|
10.2
|
|
|
|
Fleet and
other
|
2.1
|
|
3.3
|
|
|
|
2.2
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
21.4 %
|
|
26.2 %
|
|
|
|
22.0 %
|
|
27.2 %
|
|
|
|
Used vehicle
retail
|
13.2
|
|
13.8
|
|
|
|
13.5
|
|
14.3
|
|
|
|
Used vehicle
wholesale
|
(0.1)
|
|
(0.4)
|
|
|
|
(0.1)
|
|
(0.2)
|
|
|
|
Finance and insurance,
net
|
25.2
|
|
25.5
|
|
|
|
25.3
|
|
25.3
|
|
|
|
Aftersales
|
39.1
|
|
33.6
|
|
|
|
38.1
|
|
32.8
|
|
|
|
Fleet and
other
|
1.2
|
|
1.3
|
|
|
|
1.2
|
|
0.6
|
|
|
|
Adjusted
|
|
As
reported
|
|
Adjusted
|
|
As
reported
|
|
Three months
ended September
30,
|
|
Three months
ended September
30,
|
|
Nine months
ended September
30,
|
|
Nine months
ended September
30,
|
|
Other
metrics
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
SG&A as a % of
revenue
|
10.2 %
|
|
10.4 %
|
|
10.2 %
|
|
10.3 %
|
|
10.5 %
|
|
10.5 %
|
|
10.6 %
|
|
10.5 %
|
|
SG&A as a % of
gross profit
|
66.0
|
|
62.7
|
|
66.0
|
|
62.0
|
|
67.7
|
|
61.9
|
|
68.1
|
|
61.9
|
|
Operating profit as a %
of revenue
|
4.6
|
|
5.5
|
|
4.6
|
|
5.6
|
|
4.3
|
|
5.7
|
|
4.3
|
|
5.6
|
|
Operating profit as a %
of gross profit
|
29.6
|
|
33.2
|
|
29.7
|
|
33.9
|
|
28.0
|
|
33.3
|
|
27.7
|
|
33.3
|
|
Pretax
margin
|
3.1
|
|
4.3
|
|
3.1
|
|
4.4
|
|
3.0
|
|
4.6
|
|
2.9
|
|
4.6
|
|
Net profit
margin
|
2.4
|
|
3.1
|
|
2.4
|
|
3.2
|
|
2.3
|
|
3.4
|
|
2.2
|
|
3.4
|
|
|
|
(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
September 30,
|
|
%
|
|
Nine months
ended
September 30,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
3,900.9
|
|
$
3,851.6
|
|
1.3 %
|
|
$
10,946.7
|
|
$
10,959.3
|
|
(0.1) %
|
|
Used vehicle
retail
|
2,213.1
|
|
2,592.5
|
|
(14.6)
|
|
6,488.8
|
|
7,135.6
|
|
(9.1)
|
|
Finance and
insurance
|
322.0
|
|
345.1
|
|
(6.7)
|
|
931.6
|
|
986.6
|
|
(5.6)
|
|
Aftersales
|
871.6
|
|
829.3
|
|
5.1
|
|
2,382.0
|
|
2,327.2
|
|
2.4
|
|
Total
revenues
|
7,690.6
|
|
8,199.1
|
|
(6.2)
|
|
21,754.2
|
|
22,881.9
|
|
(4.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 265.2
|
|
$ 356.9
|
|
(25.7) %
|
|
$
764.5
|
|
$
1,058.7
|
|
(27.8) %
|
|
Used vehicle
retail
|
169.4
|
|
187.2
|
|
(9.5)
|
|
491.4
|
|
554.9
|
|
(11.4)
|
|
Finance and
insurance
|
322.0
|
|
345.1
|
|
(6.7)
|
|
931.6
|
|
986.6
|
|
(5.6)
|
|
Aftersales
|
487.8
|
|
458.9
|
|
6.3
|
|
1,332.5
|
|
1,276.6
|
|
4.4
|
|
Total gross
profit
|
1,250.3
|
|
1,359.4
|
|
(8.0)
|
|
3,532.3
|
|
3,891.1
|
|
(9.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
6.8 %
|
|
9.3 %
|
|
(250) bps
|
|
7.0 %
|
|
9.7 %
|
|
(270) bps
|
|
Used vehicle
retail
|
7.7
|
|
7.2
|
|
50
|
|
7.6
|
|
7.8
|
|
(20)
|
|
Finance and
insurance
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
|
Aftersales
|
56.0
|
|
55.3
|
|
70
|
|
55.9
|
|
54.9
|
|
100
|
|
Gross profit
margin
|
16.3
|
|
16.6
|
|
(30)
|
|
16.2
|
|
17.0
|
|
(80)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
83,177
|
|
81,520
|
|
2.0 %
|
|
229,520
|
|
229,145
|
|
0.2 %
|
|
Used vehicle
retail
|
79,297
|
|
87,672
|
|
(9.6)
|
|
231,665
|
|
242,017
|
|
(4.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
46,898
|
|
$
47,248
|
|
(0.7) %
|
|
$
47,694
|
|
$
47,827
|
|
(0.3) %
|
|
Used vehicle
retail
|
27,909
|
|
29,571
|
|
(5.6)
|
|
28,009
|
|
29,484
|
|
(5.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 3,188
|
|
$ 4,377
|
|
(27.2) %
|
|
$
3,331
|
|
$
4,620
|
|
(27.9) %
|
|
Used vehicle
retail
|
2,136
|
|
2,135
|
|
—
|
|
2,121
|
|
2,293
|
|
(7.5)
|
|
Finance and
insurance
|
1,982
|
|
2,040
|
|
(2.8)
|
|
2,020
|
|
2,094
|
|
(3.5)
|
|
Total
vehicle(1)
|
4,631
|
|
5,221
|
|
(11.3)
|
|
4,719
|
|
5,499
|
|
(14.2)
|
|
|
(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
September 30,
|
|
Nine months ended
September 30,
|
|
2024
|
|
2024
|
|
Key Performance by
Country
|
Total
Revenue
|
|
Total Gross
Profit
|
|
Total
Revenue
|
|
Total Gross
Profit
|
|
United
States
|
76.6 %
|
|
83.1 %
|
|
77.5 %
|
|
83.4 %
|
|
United
Kingdom
|
20.2 %
|
|
14.3 %
|
|
19.3 %
|
|
13.9 %
|
|
Canada
|
3.2 %
|
|
2.6 %
|
|
3.2 %
|
|
2.7 %
|
|
As of
|
|
September
30,
|
|
December
31,
|
|
September
30,
|
|
Days
Supply(1)
|
2024
|
|
2023
|
|
2023
|
|
New vehicle
inventory
|
68
|
|
65
|
|
55
|
|
Used vehicle
inventory
|
68
|
|
64
|
|
58
|
|
|
(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
September 30,
|
|
Nine months ended
September 30,
|
|
($ in
millions)
|
2024
|
|
% (1)
|
|
2023
|
|
% (1)
|
|
2024
|
|
% (1)
|
|
2023
|
|
% (1)
|
|
Interest
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fee
income
|
$
91.1
|
|
9.5
|
|
$
67.5
|
|
8.7
|
|
$
252.2
|
|
9.3
|
|
$
176.2
|
|
8.6
|
|
Interest
expense
|
(51.2)
|
|
(5.3)
|
|
(42.5)
|
|
(5.4)
|
|
(146.0)
|
|
(5.4)
|
|
(125.5)
|
|
(6.1)
|
|
Total interest
margin
|
$
39.9
|
|
4.1
|
|
$
25.0
|
|
3.2
|
|
$
106.2
|
|
3.9
|
|
$
50.7
|
|
2.5
|
|
Lease income
|
25.6
|
|
|
|
4.9
|
|
|
|
61.2
|
|
|
|
14.1
|
|
|
|
Lease costs
|
(21.6)
|
|
|
|
(2.0)
|
|
|
|
(51.0)
|
|
|
|
(6.3)
|
|
|
|
Lease income,
net
|
4.0
|
|
|
|
2.9
|
|
|
|
10.2
|
|
|
|
7.8
|
|
|
|
Selling, general and
administrative
|
(11.2)
|
|
|
|
(9.2)
|
|
|
|
(33.0)
|
|
|
|
(27.3)
|
|
|
|
Provision
expense
|
(31.8)
|
|
(3.3)
|
|
(23.1)
|
|
(3.0)
|
|
(77.0)
|
|
(2.8)
|
|
(75.0)
|
|
(3.7)
|
|
Finance operations
income (loss)
|
$
0.9
|
|
|
|
$
(4.4)
|
|
|
|
$
6.4
|
|
|
|
$
(43.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average managed
finance receivables
|
$
3,812.8
|
|
|
|
$
3,092.4
|
|
|
|
$
3,617.4
|
|
|
|
$
2,731.0
|
|
|
|
|
(1)
Annualized percentage of total average managed finance
receivables
|
|
LAD
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
|
(In
millions)
|
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Cash, restricted cash,
and cash equivalents
|
$
359.5
|
|
$
941.4
|
|
Trade receivables,
net
|
1,209.4
|
|
1,123.1
|
|
Inventories,
net
|
6,100.2
|
|
4,753.9
|
|
Other current
assets
|
224.0
|
|
136.8
|
|
Total current
assets
|
$
7,893.1
|
|
$
6,955.2
|
|
|
|
|
|
Property and equipment,
net
|
4,664.0
|
|
3,981.4
|
|
Finance receivables,
net
|
3,765.5
|
|
3,242.3
|
|
Intangibles
|
4,701.5
|
|
4,332.8
|
|
Other non-current
assets
|
2,237.4
|
|
1,120.8
|
|
Total
assets
|
$
23,261.5
|
|
$
19,632.5
|
|
|
|
|
|
Floor plan notes
payable
|
5,119.6
|
|
3,635.5
|
|
Other current
liabilities
|
1,544.5
|
|
1,296.7
|
|
Total current
liabilities
|
$
6,664.1
|
|
$
4,932.2
|
|
|
|
|
|
Long-term debt, less
current maturities
|
6,399.8
|
|
5,483.7
|
|
Non-recourse notes
payable, less current maturities
|
1,772.7
|
|
1,671.7
|
|
Other long-term
liabilities and deferred revenue
|
1,796.7
|
|
1,262.0
|
|
Total
liabilities
|
$
16,633.3
|
|
$
13,349.6
|
|
|
|
|
|
Equity and redeemable
non-controlling interest
|
6,628.2
|
|
6,282.9
|
|
Total liabilities,
equity, and redeemable non-controlling interest
|
$
23,261.5
|
|
$
19,632.5
|
|
LAD
|
|
Condensed
Consolidated Statements of Cash
Flows (Unaudited)
|
|
(In
millions)
|
|
|
Nine months ended
September 30,
|
|
Cash flows from
operating activities:
|
2024
|
|
2023
|
|
Net income
|
$
604.4
|
|
$
795.6
|
|
Adjustments to
reconcile net income to net cash used in operating
activities
|
397.2
|
|
250.2
|
|
Changes in:
|
|
|
|
|
Inventories
|
(324.3)
|
|
(498.2)
|
|
Finance
receivables
|
(526.5)
|
|
(907.0)
|
|
Floor plan notes
payable
|
325.0
|
|
292.0
|
|
Other operating
activities
|
(112.5)
|
|
(109.8)
|
|
Net cash provided
by (used in) operating activities
|
363.3
|
|
(177.2)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(271.9)
|
|
(163.7)
|
|
Cash paid for
acquisitions, net of cash acquired
|
(1,247.0)
|
|
(1,204.7)
|
|
Proceeds from sales of
stores
|
21.9
|
|
136.1
|
|
Other investing
activities
|
(323.8)
|
|
(8.0)
|
|
Net cash used in
investing activities
|
(1,820.8)
|
|
(1,240.3)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net borrowings on floor
plan notes payable, non-trade
|
280.1
|
|
426.7
|
|
Net borrowings
non-recourse notes payable
|
77.4
|
|
1,047.7
|
|
Net borrowings of other
debt and finance lease liabilities
|
900.7
|
|
(5.7)
|
|
Proceeds from issuance
of common stock
|
21.3
|
|
23.0
|
|
Repurchase of common
stock
|
(273.2)
|
|
(14.5)
|
|
Dividends
paid
|
(42.4)
|
|
(39.1)
|
|
Other financing
activity
|
(83.7)
|
|
(11.1)
|
|
Net cash provided
by financing activities
|
880.2
|
|
1,427.0
|
|
Effect of exchange
rate changes on cash and restricted cash
|
3.9
|
|
5.7
|
|
Change in cash,
restricted cash, and cash equivalents
|
(573.4)
|
|
15.2
|
|
Cash, restricted
cash, and cash equivalents at beginning of period
|
972.0
|
|
271.5
|
|
Cash, restricted
cash, and cash equivalents at end of period
|
398.6
|
|
286.7
|
|
LAD
|
|
Reconciliation of
Non-GAAP Cash Flow from Operations (Unaudited)
|
|
(In
millions)
|
|
|
Nine months ended
September 30,
|
|
Net cash provided by
operating activities
|
2024
|
|
2023
|
|
As reported
|
$
363.3
|
|
$
(177.2)
|
|
Floor plan notes
payable, non-trade, net
|
280.1
|
|
426.7
|
|
Adjust: finance
receivables activity
|
526.5
|
|
907.0
|
|
Less: Borrowings on
floor plan notes payable, non-trade associated with
acquired new vehicle inventory
|
(105.5)
|
|
(110.6)
|
|
Adjusted
|
$
1,064.4
|
|
$
1,045.9
|
|
LAD
|
|
Reconciliation of
Certain Non-GAAP Financial Measures (Unaudited)
|
|
(In millions, except
for per share data)
|
|
|
Three Months Ended
September 30, 2024
|
|
As
reported
|
|
Net gain
on disposal
of stores
|
|
Acquisition
expenses
|
|
Premium on
redeemable
NCI buyout
|
|
Tax
attribute
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
943.6
|
|
$
0.3
|
|
$
(0.2)
|
|
$
—
|
|
$
—
|
|
$
943.7
|
|
Operating
income
|
424.2
|
|
(0.3)
|
|
0.2
|
|
—
|
|
—
|
|
424.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
288.2
|
|
(0.3)
|
|
0.2
|
|
—
|
|
—
|
|
288.1
|
|
Income tax (provision)
benefit
|
(65.3)
|
|
0.1
|
|
(0.1)
|
|
—
|
|
(0.5)
|
|
(65.8)
|
|
Net income
|
$
222.9
|
|
$
(0.2)
|
|
$
0.1
|
|
$
—
|
|
$
(0.5)
|
|
$
222.3
|
|
Net income attributable
to non-controlling
interests
|
(1.2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.2)
|
|
Net income attributable
to redeemable non-
controlling interest
|
(12.6)
|
|
—
|
|
—
|
|
11.6
|
|
—
|
|
(1.0)
|
|
Net income attributable
to LAD
|
$
209.1
|
|
$
(0.2)
|
|
$
0.1
|
|
$
11.6
|
|
$
(0.5)
|
|
$
220.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
7.80
|
|
$
(0.01)
|
|
$
—
|
|
$
0.43
|
|
$
(0.01)
|
|
$
8.21
|
|
Diluted share
count
|
26.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2023
|
|
As
reported
|
|
Net gain
on disposal
of stores
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Contract
buyouts
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
850.8
|
|
$
23.1
|
|
$
(4.6)
|
|
$
(4.8)
|
|
$
(4.2)
|
|
$
860.3
|
|
Operating
income
|
465.3
|
|
(23.1)
|
|
4.6
|
|
4.8
|
|
4.2
|
|
455.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
361.3
|
|
(23.1)
|
|
4.6
|
|
4.8
|
|
4.2
|
|
351.8
|
|
Income tax (provision)
benefit
|
(96.4)
|
|
6.1
|
|
(1.2)
|
|
(0.8)
|
|
(1.1)
|
|
(93.4)
|
|
Net income
|
$
264.9
|
|
$
(17.0)
|
|
$
3.4
|
|
$
4.0
|
|
$
3.1
|
|
$
258.4
|
|
Net income attributable
to non-controlling
interests
|
$
(2.1)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(2.1)
|
|
Net income attributable
to redeemable non-
controlling interest
|
$
(1.3)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1.3)
|
|
Net income attributable
to LAD
|
$
261.5
|
|
$
(17.0)
|
|
$
3.4
|
|
$
4.0
|
|
$
3.1
|
|
$
255.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
9.46
|
|
$
(0.62)
|
|
$
0.12
|
|
$
0.15
|
|
$
0.11
|
|
$
9.22
|
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
LAD
|
|
Reconciliation of
Certain Non-GAAP Financial Measures (Unaudited)
|
|
(In millions, except
for per share data)
|
|
|
Nine Months Ended
September 30, 2024
|
|
As
reported
|
|
Net gain on
disposal of
stores
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Premium on
redeemable
NCI buyout
|
|
Tax
attribute
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
2,853.0
|
|
$
0.3
|
|
$
(6.0)
|
|
$
(9.7)
|
|
$
—
|
|
$
—
|
|
$
2,837.6
|
|
Operating
income
|
1,159.3
|
|
(0.3)
|
|
6.0
|
|
9.7
|
|
—
|
|
—
|
|
1,174.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
791.4
|
|
(0.3)
|
|
6.0
|
|
9.7
|
|
—
|
|
—
|
|
806.8
|
|
Income tax (provision)
benefit
|
(187.0)
|
|
0.1
|
|
(1.5)
|
|
(0.5)
|
|
—
|
|
(8.0)
|
|
(196.9)
|
|
Net income
|
$
604.4
|
|
$
(0.2)
|
|
$
4.5
|
|
$
9.2
|
|
$
—
|
|
$
(8.0)
|
|
$
609.9
|
|
Net income attributable
to non-controlling
interests
|
(3.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.8)
|
|
Net income attributable
to redeemable non-
controlling interest
|
(14.8)
|
|
—
|
|
—
|
|
—
|
|
11.6
|
|
—
|
|
(3.2)
|
|
Net income attributable
to LAD
|
$
585.8
|
|
$
(0.2)
|
|
$
4.5
|
|
$
9.2
|
|
$
11.6
|
|
$
(8.0)
|
|
$
602.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
21.54
|
|
$
(0.01)
|
|
$
0.17
|
|
$
0.34
|
|
$
0.43
|
|
$
(0.30)
|
|
$
22.17
|
|
Diluted share
count
|
27.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
As
reported
|
|
Net gain on
disposal of
stores
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Contract
buyouts
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
2,458.1
|
|
$
31.4
|
|
$
(7.1)
|
|
$
(10.5)
|
|
$
(14.4)
|
|
$
2,457.5
|
|
Operating
income
|
1,319.9
|
|
(31.4)
|
|
7.1
|
|
10.5
|
|
14.4
|
|
1,320.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,082.6
|
|
(31.4)
|
|
7.1
|
|
10.5
|
|
14.4
|
|
1,083.2
|
|
Income tax (provision)
benefit
|
(287.0)
|
|
8.5
|
|
(1.9)
|
|
(1.5)
|
|
(3.9)
|
|
(285.8)
|
|
Net income
|
$
795.6
|
|
$
(22.9)
|
|
$
5.2
|
|
$
9.0
|
|
$
10.5
|
|
$
797.4
|
|
Net income attributable
to non-controlling
interests
|
(4.7)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4.7)
|
|
Net income attributable
to redeemable non-
controlling interest
|
(3.6)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.6)
|
|
Net income attributable
to LAD
|
$
787.3
|
|
$
(22.9)
|
|
$
5.2
|
|
$
9.0
|
|
$
10.5
|
|
$
789.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
28.54
|
|
$
(0.83)
|
|
$
0.19
|
|
$
0.33
|
|
$
0.38
|
|
$
28.61
|
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
LAD
|
|
Adjusted EBITDA and
Net Debt to Adjusted EBITDA (Unaudited)
|
|
(In
millions)
|
|
|
Three months
ended
September 30,
|
|
%
|
|
Nine months
ended
September 30,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 222.9
|
|
$ 264.9
|
|
(15.9) %
|
|
$ 604.4
|
|
$ 795.6
|
|
(24.0) %
|
|
Flooring interest
expense
|
76.6
|
|
40.2
|
|
90.5
|
|
214.0
|
|
102.6
|
|
108.6
|
|
Other interest
expense
|
64.5
|
|
58.5
|
|
10.3
|
|
189.3
|
|
141.5
|
|
33.8
|
|
Financing operations
interest expense
|
51.2
|
|
42.5
|
|
20.5
|
|
146.0
|
|
125.5
|
|
16.3
|
|
Income tax
expense
|
65.3
|
|
96.4
|
|
(32.3)
|
|
187.0
|
|
287.0
|
|
(34.8)
|
|
Depreciation and
amortization
|
63.5
|
|
50.8
|
|
25.0
|
|
183.6
|
|
146.4
|
|
25.4
|
|
Financing operations
depreciation expense
|
12.7
|
|
2.0
|
|
535.0
|
|
37.3
|
|
6.3
|
|
492.1
|
|
EBITDA
|
$ 556.7
|
|
$ 555.3
|
|
0.3 %
|
|
$
1,561.6
|
|
$
1,604.9
|
|
(2.7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: flooring interest
expense
|
$ (76.6)
|
|
$ (40.2)
|
|
90.5
|
|
$
(214.0)
|
|
$
(102.6)
|
|
108.6
|
|
Less: financing
operations interest expense
|
(51.2)
|
|
(42.5)
|
|
20.5
|
|
(146.0)
|
|
(125.5)
|
|
16.3
|
|
Less: used vehicle line
of credit interest
|
(7.4)
|
|
(6.4)
|
|
15.6
|
|
(19.5)
|
|
(11.2)
|
|
74.1
|
|
Add: acquisition
expenses
|
0.2
|
|
4.8
|
|
(95.8)
|
|
9.7
|
|
10.5
|
|
(7.6)
|
|
Less: loss (gain) on
disposal of stores
|
(0.3)
|
|
(23.1)
|
|
NM
|
|
(0.3)
|
|
(31.4)
|
|
NM
|
|
Add: insurance
reserves
|
—
|
|
4.6
|
|
NM
|
|
6.0
|
|
7.1
|
|
NM
|
|
Add: contract
buyouts
|
—
|
|
4.2
|
|
NM
|
|
—
|
|
14.4
|
|
NM
|
|
Adjusted
EBITDA
|
$
421.4
|
|
$
456.7
|
|
(7.7) %
|
|
$
1,197.5
|
|
$
1,366.2
|
|
(12.3) %
|
|
As of
|
%
|
|
September
30,
|
Increase
|
|
Net Debt to Adjusted
EBITDA
|
2024
|
|
2023
|
(Decrease)
|
|
Floor plan notes
payable: non-trade
|
$ 2,516.7
|
|
$ 1,863.4
|
35.1 %
|
|
Floor plan notes
payable
|
2,602.9
|
|
1,261.2
|
106.4
|
|
Used and service loaner
vehicle inventory financing facility
|
925.7
|
|
860.2
|
7.6
|
|
Revolving lines of
credit
|
1,848.2
|
|
1,281.4
|
44.2
|
|
Warehouse
facilities
|
1,035.0
|
|
585.0
|
76.9
|
|
Non-recourse notes
payable
|
1,783.0
|
|
1,469.9
|
21.3
|
|
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
|
980.5
|
|
746.8
|
31.3
|
|
Unamortized debt
issuance costs
|
(26.4)
|
|
(33.4)
|
(21.0)
|
|
Total debt
|
$
13,415.6
|
|
$ 9,784.5
|
37.1 %
|
|
|
|
|
|
|
Less: Floor plan
related debt
|
$
(6,045.3)
|
|
$
(3,984.8)
|
51.7 %
|
|
Less: Financing
operations related debt
|
(2,818.0)
|
|
(2,054.9)
|
37.1
|
|
Less: Unrestricted cash
and cash equivalents
|
(209.8)
|
|
(146.9)
|
42.8
|
|
Less: Marketable
securities
|
(53.9)
|
|
—
|
—
|
|
Less: Availability on
used vehicle and service loaner financing facilities
|
(9.8)
|
|
(66.8)
|
(85.3)
|
|
Net
Debt
|
$
4,278.8
|
|
$
3,531.1
|
21.2 %
|
|
|
|
|
|
|
TTM Adjusted
EBITDA
|
$
1,594.2
|
|
$
1,780.1
|
(10.4) %
|
|
|
|
|
|
|
Net debt to Adjusted
EBITDA
|
2.68
x
|
|
1.98
x
|
|
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SOURCE Lithia Motors, Inc.