Announces Dividend of $0.53 per Share for Fourth Quarter
MEDFORD,
Ore., Feb. 12, 2025 /PRNewswire/ -- Lithia &
Driveway (NYSE: LAD) today reported the highest fourth quarter
revenue in company history and the first profitable year for
Financing Operations, which includes Driveway Finance
Corporation.
Fourth quarter 2024 revenue increased 20% to $9.2 billion from $7.7
billion in the fourth quarter of 2023.
Fourth quarter 2024 diluted earnings per share attributable
to LAD was $8.12, a 5% increase from
$7.74 per share reported in the
fourth quarter of 2023. Fourth quarter 2024 adjusted diluted
earnings per share attributable to LAD was $7.79, a 6% decrease compared to $8.32 per share in the same period of 2023.
Insurance proceeds related to a business interruption claim,
partially offset by foreign currency exchange losses, increased
diluted earnings per share by $0.17.
Fourth quarter 2024 net income was $217 million, remained flat compared to net
income of $216 million in the same
period of 2023. Adjusted fourth quarter 2024 net income was
$209 million, a 10% decrease compared
to adjusted net income of $232
million for the same period of 2023.
As shown in the attached non-GAAP reconciliation tables, the
2024 fourth quarter adjusted results exclude a $0.33 per diluted share impact resulting from
non-core items, including a net gain on the disposal of stores and
tax attributes, partially offset by acquisition expenses. The 2023
fourth quarter adjusted results exclude a $0.58 per diluted share impact resulting from
non-core items, including acquisitions expenses and a net loss on
the disposal of stores, partially offset by
insurance reserves.
Key Fourth Quarter 2024 Highlights:
- Total revenues increased 20% compared to fourth quarter
2023
- New retail units increased 7.4 % on a same-store basis
- Aftersales gross profit increased 4.5% on a same-store
basis
- Driveway Finance Corporation (DFC) originated $501 million in loans, for a portfolio of
$3.9 billion in average managed
receivables, with net interest margin increasing to 4.7%
- Repurchased 0.9% of outstanding shares
"2024 marks another milestone year
for Lithia & Driveway, with record-breaking fourth-quarter
revenues, the first profitable year for Driveway Finance, and the
continued maturity of foundational elements to our strategy." said
Bryan DeBoer, President and CEO.
"Our focus on providing experiences that enhance customer loyalty,
unlocking the full potential of our platform, and accelerating the
growth of our unique ecosystem, positions us to deliver sustainable
performance and best-in-class returns. We believe our omnichannel
strategy, supported by a strong financial foundation, will allow us
to drive continued growth in 2025 and beyond."
Full year 2024 revenue increased 17% to a record $36.2 billion from $31.0
billion in 2023.
Full year 2024 diluted earnings per share attributable to LAD
was $29.65, an 18% decrease from
$36.29 per share reported in 2023.
Full year 2024 adjusted diluted earnings per share attributable to
LAD was $29.96, a 19% decrease from
$36.94 per share reported in 2023.
Equity method investment gains and foreign currency exchange losses
had a positive net impact to our diluted earnings per share by
$0.44. Full year 2024 net income
attributable to LAD decreased 20% to $0.8
billion from $1.0 billion for
2023. Adjusted net income attributable to LAD decreased 20% to
$0.8 billion for 2024 from
$1.0 billion for 2023.
As shown in the attached non-GAAP reconciliation tables, the
2024 adjusted results exclude a $0.31
per diluted share net impact resulting from non-core items,
including a premium paid for the redemption of the remaining
non-controlling interest in Pfaff Automotive, acquisition expenses,
and insurance reserves, offset by a net gain on disposal of stores
and tax attributes. The 2023 adjusted results exclude a
$0.65 per diluted share impact
resulting from non-core items, including acquisition expenses,
one-time contract buyout, and insurance reserves, offset by a net
gain on disposal of stores.
Full Year-over-Year and 2024 Operating Highlights:
- Record full year revenues of $36.2
billion, including $5.9 billion of acquired annual
revenue
- Aftersales gross profit increased 4.7% on a same-store
basis
- Financing operations first profitable year with income of
$15.4 million, compared to a loss of
$45.9 million in 2023
- Driveway Finance Corporation scaled portfolio to $3.7 billion in average managed receivables, and
increased net interest margin by 135 basis points to 4.2%
- Repurchased $348 million of
shares, 4.6% of shares outstanding
Corporate Development
In January 2025, LAD continued to expand its network
in the Mid-Atlantic region with the acquisition of the Stohlman
Subaru store in Sterling,
Virginia. This addition will strengthen LAD's brand
offerings in the region's market and increase our presence in this
growing market. This acquisition adds expected annual revenue of
$80 million.
Balance Sheet Update
LAD ended the fourth quarter with
approximately $1.4 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 $0.3 billion.
Dividend Payment and Share Repurchases
The Board of
Directors approved a dividend of $0.53 per share related to fourth quarter 2024
financial results. The dividend is expected to be paid on
March 21, 2025 to shareholders of record on March 7,
2025.
During 2024, we repurchased approximately 1,230,000 shares at a
weighted average price of $283. To
date in 2025, we have repurchased approximately 43,000 shares at a
weighed average price of $345. Under
the current share repurchase authorization
approximately $454.3 million remains available.
Fourth Quarter Earnings Conference Call and Updated
Presentation
The fourth 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
fourth 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 the largest global automotive retailer
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
X
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," "ensure," "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 and gross profit 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, including evolving vehicle
distribution models
- 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 team member 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 inflation, governmental programs and
spending, and public health issues
- The market for dealerships, including the availability of
stores to us for an acceptable price
- Changes in customer demand and the electric vehicle landscape
and the impact of evolving digital technologies
- Changes in our relationship with, and the financial and
operational stability of, OEMs and other suppliers, and vehicle
delivery models
- 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,
adjusted net income attributable to LAD, adjusted net income
attributable to non-controlling interests, adjusted net income
attributable to redeemable non-controlling interest, adjusted
diluted earnings per share attributable to LAD, adjusted SG&A,
adjusted SG&A as a percentage of revenue and gross profit,
adjusted operating income, adjusted net cash provided by operating
activities, adjusted income before income taxes, adjusted income
tax (provision) benefit, adjusted operating profit as a percentage
of revenue and gross profit, adjusted pre-tax margin and net profit
margin, EBITDA, adjusted EBITDA and net 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
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
4,705.9
|
|
$
3,974.8
|
|
18.4 %
|
|
$
17,553.8
|
|
$
15,154.2
|
|
15.8 %
|
|
Used vehicle
retail
|
2,638.5
|
|
2,267.5
|
|
16.4
|
|
11,268.6
|
|
9,570.2
|
|
17.7
|
|
Used vehicle
wholesale
|
340.9
|
|
242.9
|
|
40.3
|
|
1,359.0
|
|
1,325.3
|
|
2.5
|
|
Finance and
insurance
|
355.8
|
|
331.5
|
|
7.3
|
|
1,417.7
|
|
1,337.0
|
|
6.0
|
|
Aftersales
|
973.8
|
|
818.3
|
|
19.0
|
|
3,850.1
|
|
3,197.1
|
|
20.4
|
|
Fleet and
other
|
207.2
|
|
39.5
|
|
424.6
|
|
787.7
|
|
458.5
|
|
71.8
|
|
Total
revenues
|
9,222.1
|
|
7,674.5
|
|
20.2 %
|
|
36,236.9
|
|
31,042.3
|
|
16.7 %
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
4,398.7
|
|
3,660.5
|
|
20.2
|
|
16,324.1
|
|
13,760.1
|
|
18.6
|
|
Used vehicle
retail
|
2,477.0
|
|
2,113.4
|
|
17.2
|
|
10,539.9
|
|
8,848.8
|
|
19.1
|
|
Used vehicle
wholesale
|
344.5
|
|
251.8
|
|
36.8
|
|
1,365.3
|
|
1,343.7
|
|
1.6
|
|
Aftersales
|
442.1
|
|
368.0
|
|
20.1
|
|
1,727.2
|
|
1,445.7
|
|
19.5
|
|
Fleet and
other
|
188.3
|
|
20.0
|
|
841.5
|
|
719.4
|
|
415.1
|
|
73.3
|
|
Total cost of
sales
|
7,850.6
|
|
6,413.7
|
|
22.4
|
|
30,675.9
|
|
25,813.4
|
|
18.8
|
|
Gross
profit
|
1,371.5
|
|
1,260.8
|
|
8.8 %
|
|
5,561.0
|
|
5,228.9
|
|
6.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance operations
income (loss)
|
9.0
|
|
(2.1)
|
|
NM
|
|
15.4
|
|
(45.9)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
expense
|
902.1
|
|
836.8
|
|
7.8
|
|
3,755.2
|
|
3,294.8
|
|
14.0
|
|
Depreciation and
amortization
|
62.1
|
|
49.4
|
|
25.7
|
|
245.6
|
|
195.8
|
|
25.4
|
|
Income from
operations
|
416.3
|
|
372.5
|
|
11.8 %
|
|
1,575.6
|
|
1,692.4
|
|
(6.9) %
|
|
Floor plan interest
expense
|
(64.8)
|
|
(48.3)
|
|
34.2
|
|
(278.8)
|
|
(150.9)
|
|
84.8
|
|
Other interest
expense
|
(68.4)
|
|
(59.7)
|
|
14.6
|
|
(257.8)
|
|
(201.2)
|
|
28.1
|
|
Other income
|
3.9
|
|
15.2
|
|
(74.3)
|
|
39.3
|
|
22.0
|
|
78.6
|
|
Income before income
taxes
|
287.0
|
|
279.7
|
|
2.6 %
|
|
1,078.3
|
|
1,362.3
|
|
(20.8) %
|
|
Income tax
expense
|
(69.8)
|
|
(63.6)
|
|
9.7
|
|
(256.7)
|
|
(350.6)
|
|
(26.8)
|
|
Income tax
rate
|
24.3 %
|
|
22.7 %
|
|
|
|
23.8 %
|
|
25.7 %
|
|
|
|
Net
income
|
$
217.2
|
|
$
216.1
|
|
0.5 %
|
|
$
821.6
|
|
$
1,011.7
|
|
(18.8) %
|
|
Net income attributable
to non-controlling interests
|
(1.0)
|
|
(1.9)
|
|
(47.4) %
|
|
(4.8)
|
|
(6.5)
|
|
(26.2) %
|
|
Net income attributable
to redeemable non-controlling interest
|
—
|
|
(0.8)
|
|
(100.0) %
|
|
(14.8)
|
|
(4.4)
|
|
236.4 %
|
|
Net income
attributable to LAD
|
$
216.2
|
|
$
213.4
|
|
1.3 %
|
|
$
802.0
|
|
$
1,000.8
|
|
(19.9) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
$ 8.12
|
|
$ 7.74
|
|
4.9 %
|
|
$
29.65
|
|
$
36.29
|
|
(18.3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
26.6
|
|
27.6
|
|
(3.6) %
|
|
27.1
|
|
27.6
|
|
(1.8) %
|
|
LAD
Key
Performance Metrics (Unaudited)
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
6.5 %
|
|
7.9 %
|
|
(140) bps
|
|
7.0 %
|
|
9.2 %
|
|
(220) bps
|
|
Used vehicle
retail
|
6.1
|
|
6.8
|
|
(70)
|
|
6.5
|
|
7.5
|
|
(100)
|
|
Finance and
insurance
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
|
Aftersales
|
54.6
|
|
55.0
|
|
(40)
|
|
55.1
|
|
54.8
|
|
30
|
|
Gross profit
margin
|
14.9
|
|
16.4
|
|
(150)
|
|
15.3
|
|
16.8
|
|
(150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
96,760
|
|
80,596
|
|
20.1 %
|
|
369,913
|
|
314,116
|
|
17.8 %
|
|
Used vehicle
retail
|
95,342
|
|
78,424
|
|
21.6
|
|
411,925
|
|
325,764
|
|
26.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
48,635
|
|
$
49,318
|
|
(1.4) %
|
|
$
47,454
|
|
$
48,244
|
|
(1.6) %
|
|
Used vehicle
retail
|
27,674
|
|
28,913
|
|
(4.3)
|
|
27,356
|
|
29,378
|
|
(6.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 3,175
|
|
$ 3,899
|
|
(18.6) %
|
|
$
3,324
|
|
$
4,438
|
|
(25.1) %
|
|
Used vehicle
retail
|
1,694
|
|
1,965
|
|
(13.8)
|
|
1,769
|
|
2,215
|
|
(20.1)
|
|
Finance and
insurance
|
1,852
|
|
2,084
|
|
(11.1)
|
|
1,813
|
|
2,090
|
|
(13.3)
|
|
Total
vehicle(1)
|
4,273
|
|
4,973
|
|
(14.1)
|
|
4,310
|
|
5,367
|
|
(19.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
51.0 %
|
|
51.8 %
|
|
|
|
48.4 %
|
|
48.8 %
|
|
|
|
Used vehicle
retail
|
28.6
|
|
29.5
|
|
|
|
31.1
|
|
30.8
|
|
|
|
Used vehicle
wholesale
|
3.7
|
|
3.2
|
|
|
|
3.8
|
|
4.3
|
|
|
|
Finance and insurance,
net
|
3.9
|
|
4.3
|
|
|
|
3.9
|
|
4.3
|
|
|
|
Aftersales
|
10.6
|
|
10.7
|
|
|
|
10.6
|
|
10.3
|
|
|
|
Fleet and
other
|
2.2
|
|
0.5
|
|
|
|
2.2
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
Mix
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
22.4 %
|
|
24.9 %
|
|
|
|
22.1 %
|
|
26.7 %
|
|
|
|
Used vehicle
retail
|
11.8
|
|
12.2
|
|
|
|
13.1
|
|
13.8
|
|
|
|
Used vehicle
wholesale
|
(0.3)
|
|
(0.7)
|
|
|
|
(0.1)
|
|
(0.4)
|
|
|
|
Finance and insurance,
net
|
25.9
|
|
26.3
|
|
|
|
25.5
|
|
25.6
|
|
|
|
Aftersales
|
38.8
|
|
35.7
|
|
|
|
38.2
|
|
33.5
|
|
|
|
Fleet and
other
|
1.4
|
|
1.6
|
|
|
|
1.2
|
|
0.8
|
|
|
|
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
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
SG&A as a % of
revenue
|
9.9 %
|
|
10.7 %
|
|
9.8 %
|
|
10.9 %
|
|
10.3 %
|
|
10.6 %
|
|
10.4 %
|
|
10.6 %
|
|
SG&A as a % of
gross profit
|
66.3
|
|
65.2
|
|
65.8
|
|
66.4
|
|
67.4
|
|
62.7
|
|
67.5
|
|
63.0
|
|
Operating profit as a %
of revenue
|
4.4
|
|
5.1
|
|
4.5
|
|
4.9
|
|
4.4
|
|
5.5
|
|
4.3
|
|
5.5
|
|
Operating profit as a %
of gross profit
|
29.8
|
|
30.8
|
|
30.4
|
|
29.5
|
|
28.5
|
|
32.7
|
|
28.3
|
|
32.4
|
|
Pretax
margin
|
3.0
|
|
3.8
|
|
3.1
|
|
3.6
|
|
3.0
|
|
4.4
|
|
3.0
|
|
4.4
|
|
Net profit
margin
|
2.3
|
|
3.0
|
|
2.4
|
|
2.8
|
|
2.3
|
|
3.3
|
|
2.3
|
|
3.3
|
|
|
(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
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$
4,200.5
|
|
$
3,949.8
|
|
6.3 %
|
|
$
15,150.8
|
|
$
14,884.6
|
|
1.8 %
|
|
Used vehicle
retail
|
2,119.0
|
|
2,248.4
|
|
(5.8)
|
|
8,623.9
|
|
9,372.6
|
|
(8.0)
|
|
Finance and
insurance
|
321.8
|
|
328.4
|
|
(2.0)
|
|
1,251.0
|
|
1,311.4
|
|
(4.6)
|
|
Aftersales
|
838.1
|
|
810.3
|
|
3.4
|
|
3,220.2
|
|
3,128.1
|
|
2.9
|
|
Total
revenues
|
7,854.3
|
|
7,615.4
|
|
3.1
|
|
29,634.2
|
|
30,446.9
|
|
(2.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 265.3
|
|
$ 312.6
|
|
(15.1) %
|
|
$ 1,030.3
|
|
$ 1,369.1
|
|
(24.7) %
|
|
Used vehicle
retail
|
145.8
|
|
153.6
|
|
(5.1)
|
|
638.4
|
|
707.7
|
|
(9.8)
|
|
Finance and
insurance
|
321.8
|
|
328.4
|
|
(2.0)
|
|
1,251.0
|
|
1,311.4
|
|
(4.6)
|
|
Aftersales
|
467.3
|
|
447.3
|
|
4.5
|
|
1,799.2
|
|
1,719.0
|
|
4.7
|
|
Total gross
profit
|
1,206.0
|
|
1,252.7
|
|
(3.7)
|
|
4,738.1
|
|
5,132.5
|
|
(7.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
6.3 %
|
|
7.9 %
|
|
(160) bps
|
|
6.8 %
|
|
9.2 %
|
|
(240) bps
|
|
Used vehicle
retail
|
6.9
|
|
6.8
|
|
10
|
|
7.4
|
|
7.6
|
|
(20)
|
|
Finance and
insurance
|
100.0
|
|
100.0
|
|
—
|
|
100.0
|
|
100.0
|
|
—
|
|
Aftersales
|
55.8
|
|
55.2
|
|
60
|
|
55.9
|
|
55.0
|
|
90
|
|
Gross profit
margin
|
15.4
|
|
16.4
|
|
(100)
|
|
16.0
|
|
16.9
|
|
(90)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
86,077
|
|
80,110
|
|
7.4 %
|
|
315,728
|
|
308,662
|
|
2.3 %
|
|
Used vehicle
retail
|
74,407
|
|
77,714
|
|
(4.3)
|
|
306,408
|
|
319,225
|
|
(4.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling
price
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 48,800
|
|
$ 49,305
|
|
(1.0) %
|
|
$ 47,987
|
|
$ 48,223
|
|
(0.5) %
|
|
Used vehicle
retail
|
28,478
|
|
28,931
|
|
(1.6)
|
|
28,145
|
|
29,361
|
|
(4.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit
per unit
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle
retail
|
$ 3,082
|
|
$ 3,902
|
|
(21.0) %
|
|
$
3,263
|
|
$
4,436
|
|
(26.4) %
|
|
Used vehicle
retail
|
1,959
|
|
1,976
|
|
(0.9)
|
|
2,084
|
|
2,217
|
|
(6.0)
|
|
Finance and
insurance
|
2,005
|
|
2,081
|
|
(3.7)
|
|
2,011
|
|
2,089
|
|
(3.7)
|
|
Total
vehicle(1)
|
4,535
|
|
4,979
|
|
(8.9)
|
|
4,668
|
|
5,368
|
|
(13.0)
|
|
|
(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,
|
|
2024
|
|
2024
|
|
Key Performance by
Country
|
Total
Revenue
|
|
Total Gross
Profit
|
|
Total
Revenue
|
|
Total Gross
Profit
|
|
United
States
|
79.3 %
|
|
84.6 %
|
|
77.9 %
|
|
83.7 %
|
|
United
Kingdom
|
17.5 %
|
|
12.9 %
|
|
18.9 %
|
|
13.7 %
|
|
Canada
|
3.2 %
|
|
2.5 %
|
|
3.2 %
|
|
2.6 %
|
|
As of
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
Days'
Supply(1)
|
2024
|
|
2023
|
|
2022
|
|
New vehicle
inventory
|
59
|
|
47
|
|
32
|
|
Used vehicle
inventory
|
53
|
|
41
|
|
43
|
|
|
(1)
|
Days' supply in
inventory is calculated using on-ground inventory unit levels and a
30-day total unit sales volumes, both at
the end of each reporting period.
|
|
Selected Financing
Operations Financial Information
|
|
|
Three months ended
December 31,
|
|
Twelve months ended
December 31,
|
|
($ in
millions)
|
2024
|
|
% (1)
|
|
2023
|
|
% (1)
|
|
2024
|
|
% (1)
|
|
2023
|
|
% (1)
|
|
Interest and fee
income
|
$
95.6
|
|
9.7
|
|
$
73.2
|
|
8.9
|
|
$
347.8
|
|
9.5
|
|
$
249.4
|
|
8.9
|
|
Interest
expense
|
(49.1)
|
|
(5.0)
|
|
(45.0)
|
|
(5.4)
|
|
(195.1)
|
|
(5.3)
|
|
(170.5)
|
|
(6.1)
|
|
Total interest
margin
|
$
46.5
|
|
4.7
|
|
$
28.2
|
|
3.4
|
|
$
152.7
|
|
4.2
|
|
$
78.9
|
|
2.8
|
|
Lease income
|
13.4
|
|
|
|
5.0
|
|
|
|
74.6
|
|
|
|
19.1
|
|
|
|
Lease costs
|
(9.3)
|
|
|
|
(2.1)
|
|
|
|
(60.3)
|
|
|
|
(8.4)
|
|
|
|
Lease income,
net
|
4.1
|
|
|
|
2.9
|
|
|
|
14.3
|
|
|
|
10.7
|
|
|
|
Provision
expense
|
(29.7)
|
|
(3.0)
|
|
(23.8)
|
|
(2.9)
|
|
(106.7)
|
|
(2.9)
|
|
(98.8)
|
|
(3.5)
|
|
Other financing
operations expenses
|
(11.8)
|
|
|
|
(9.4)
|
|
|
|
(44.9)
|
|
|
|
(36.7)
|
|
|
|
Finance operations
income (loss)
|
$
9.0
|
|
|
|
$
(2.1)
|
|
|
|
$
15.4
|
|
|
|
$
(45.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average managed
finance receivables
|
$
3,928.7
|
|
|
|
$
3,277.0
|
|
|
|
$
3,659.9
|
|
|
|
$
2,802.8
|
|
|
|
|
(1)
|
Annualized
percentage of total average managed finance receivables
|
|
LAD
Condensed Consolidated Balance
Sheets (Unaudited)
(In millions)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Cash, restricted cash,
and cash equivalents
|
$
402.2
|
|
$
941.4
|
|
Trade receivables,
net
|
1,237.0
|
|
1,105.5
|
|
Inventories,
net
|
5,911.7
|
|
4,753.9
|
|
Other current
assets
|
221.3
|
|
136.8
|
|
Total current
assets
|
$
7,772.2
|
|
$
6,937.6
|
|
|
|
|
|
Property and equipment,
net
|
4,629.9
|
|
3,981.4
|
|
Finance receivables,
net
|
3,875.2
|
|
3,259.9
|
|
Intangibles
|
4,665.8
|
|
4,332.8
|
|
Other non-current
assets
|
2,184.8
|
|
1,120.8
|
|
Total
assets
|
$
23,127.9
|
|
$
19,632.5
|
|
|
|
|
|
Floor plan notes
payable
|
4,903.1
|
|
3,635.5
|
|
Other current
liabilities
|
1,648.0
|
|
1,296.7
|
|
Total current
liabilities
|
$
6,551.1
|
|
$
4,932.2
|
|
|
|
|
|
Long-term debt, less
current maturities
|
6,119.3
|
|
5,483.7
|
|
Non-recourse notes
payable, less current maturities
|
2,051.2
|
|
1,671.7
|
|
Other long-term
liabilities and deferred revenue
|
1,726.9
|
|
1,262.0
|
|
Total
liabilities
|
$
16,448.5
|
|
$
13,349.6
|
|
|
|
|
|
Equity and redeemable
non-controlling interest
|
6,679.4
|
|
6,282.9
|
|
Total liabilities,
equity, and redeemable non-controlling interest
|
$
23,127.9
|
|
$
19,632.5
|
|
LAD
Condensed Consolidated Statements of
Cash Flows (Unaudited)
(In millions)
|
|
|
Twelve months ended
December 31,
|
|
Cash flows from
operating activities:
|
2024
|
|
2023
|
|
Net income
|
$
821.6
|
|
$
1,011.7
|
|
Adjustments to
reconcile net income to net cash used in operating
activities
|
436.9
|
|
329.1
|
|
Changes in:
|
|
|
|
|
Inventories
|
(260.9)
|
|
(863.5)
|
|
Finance
receivables
|
(629.4)
|
|
(1,052.0)
|
|
Floor plan notes
payable
|
109.4
|
|
363.7
|
|
Other operating
activities
|
(137.6)
|
|
(261.4)
|
|
Net cash provided
by (used in) operating activities
|
340.0
|
|
(472.4)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(351.4)
|
|
(230.2)
|
|
Cash paid for
acquisitions, net of cash acquired
|
(1,248.5)
|
|
(1,185.1)
|
|
Proceeds from sales of
stores
|
85.7
|
|
142.9
|
|
Other investing
activities
|
(340.2)
|
|
2.1
|
|
Net cash used in
investing activities
|
(1,854.4)
|
|
(1,270.3)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net borrowings on floor
plan notes payable, non-trade
|
389.9
|
|
878.7
|
|
Net borrowings
non-recourse notes payable
|
403.7
|
|
1,283.4
|
|
Net borrowings of other
debt and finance lease liabilities
|
615.8
|
|
358.3
|
|
Proceeds from issuance
of common stock
|
27.3
|
|
29.7
|
|
Repurchase of common
stock
|
(365.9)
|
|
(48.9)
|
|
Dividends
paid
|
(56.5)
|
|
(52.8)
|
|
Other financing
activity
|
(21.6)
|
|
(38.6)
|
|
Net cash provided
by financing activities
|
992.7
|
|
2,409.8
|
|
Effect of exchange
rate changes on cash and restricted cash
|
(4.5)
|
|
33.4
|
|
Change in cash,
restricted cash, and cash equivalents
|
(526.2)
|
|
700.5
|
|
Cash, restricted
cash, and cash equivalents at beginning of period
|
972.0
|
|
271.5
|
|
Cash, restricted
cash, and cash equivalents at end of period
|
445.8
|
|
972.0
|
|
LAD
Reconciliation of Non-GAAP Cash Flow
from Operations (Unaudited)
(In millions)
|
|
|
Twelve months ended
December 31,
|
|
Net cash provided by
operating activities
|
2024
|
|
2023
|
|
As reported
|
$
340.0
|
|
$
(472.4)
|
|
Floor plan notes
payable, non-trade, net
|
389.9
|
|
878.7
|
|
Adjust: finance
receivables activity
|
629.4
|
|
1,052.0
|
|
Less: Borrowings on
floor plan notes payable, non-trade associated with
acquired new vehicle inventory
|
(105.5)
|
|
(109.2)
|
|
Adjusted
|
$
1,253.8
|
|
$
1,349.1
|
|
LAD
Reconciliation of Certain Non-GAAP
Financial Measures (Unaudited)
(In millions, except for per share data)
|
|
|
Three Months Ended
December 31, 2024
|
|
As
reported
|
|
Net gain on
disposal of
stores
|
|
Acquisition
expenses
|
|
Tax
attribute
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
902.1
|
|
$
7.9
|
|
$
(0.3)
|
|
$
—
|
|
$
909.7
|
|
Operating
income
|
416.3
|
|
(7.9)
|
|
0.3
|
|
—
|
|
408.7
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
287.0
|
|
(7.9)
|
|
0.3
|
|
—
|
|
279.4
|
|
Income tax (provision)
benefit
|
(69.8)
|
|
4.1
|
|
(0.1)
|
|
(5.1)
|
|
(70.9)
|
|
Net income
|
$
217.2
|
|
$
(3.8)
|
|
$
0.2
|
|
$
(5.1)
|
|
$
208.5
|
|
Net income attributable
to non-
controlling interests
|
(1.0)
|
|
—
|
|
—
|
|
—
|
|
(1.0)
|
|
Net income attributable
to
redeemable non-controlling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Net income attributable
to LAD
|
$
216.2
|
|
$
(3.8)
|
|
$
0.2
|
|
$
(5.1)
|
|
$
207.5
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
8.12
|
|
$
(0.15)
|
|
$
0.01
|
|
$
(0.19)
|
|
$
7.79
|
|
Diluted share
count
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2023
|
|
As
reported
|
|
Net loss on
disposal of
stores
|
|
Insurance
reserves
|
|
Acquisition
expenses
|
|
Adjusted
|
|
Selling, general and
administrative
|
$
836.8
|
|
$
(0.2)
|
|
$
1.7
|
|
$
(16.7)
|
|
$
821.6
|
|
Operating
income
|
372.5
|
|
0.2
|
|
(1.7)
|
|
16.7
|
|
387.7
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
279.7
|
|
0.2
|
|
(1.7)
|
|
16.6
|
|
294.8
|
|
Income tax (provision)
benefit
|
(63.6)
|
|
(0.3)
|
|
0.5
|
|
0.6
|
|
(62.8)
|
|
Net income
|
$
216.1
|
|
$
(0.1)
|
|
$
(1.2)
|
|
$
17.2
|
|
$
232.0
|
|
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
|
$
213.4
|
|
$
(0.1)
|
|
$
(1.2)
|
|
$
17.2
|
|
$
229.3
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
7.74
|
|
$
—
|
|
$
(0.04)
|
|
$
0.62
|
|
$
8.32
|
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
LAD
Reconciliation of Certain Non-GAAP
Financial Measures (Unaudited)
(In millions, except for per share data)
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 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
|
$
3,755.2
|
|
$
8.2
|
|
$
(6.1)
|
|
$
(10.0)
|
|
$
—
|
|
$
—
|
|
$
3,747.3
|
|
Operating
income
|
1,575.6
|
|
(8.2)
|
|
6.1
|
|
10.0
|
|
—
|
|
—
|
|
1,583.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,078.3
|
|
(8.2)
|
|
6.1
|
|
10.0
|
|
—
|
|
—
|
|
1,086.2
|
|
Income tax (provision)
benefit
|
(256.7)
|
|
4.1
|
|
(1.6)
|
|
(0.5)
|
|
—
|
|
(13.1)
|
|
(267.8)
|
|
Net income
|
$
821.6
|
|
$
(4.1)
|
|
$
4.5
|
|
$
9.5
|
|
$
—
|
|
$
(13.1)
|
|
$
818.4
|
|
Net income attributable
to non-
controlling interests
|
(4.8)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4.8)
|
|
Net income attributable
to
redeemable non-controlling interest
|
(14.8)
|
|
—
|
|
—
|
|
—
|
|
11.6
|
|
—
|
|
(3.2)
|
|
Net income attributable
to LAD
|
$
802.0
|
|
$
(4.1)
|
|
$
4.5
|
|
$
9.5
|
|
$
11.6
|
|
$
(13.1)
|
|
$
810.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
attributable to LAD
|
$
29.65
|
|
$
(0.15)
|
|
$
0.17
|
|
$
0.35
|
|
$
0.43
|
|
$
(0.49)
|
|
$
29.96
|
|
Diluted share
count
|
27.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2023
|
|
As
reported
|
|
Net gain on
disposal of
stores
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,362.3
|
|
(31.2)
|
|
5.4
|
|
27.2
|
|
14.3
|
|
1,378.0
|
|
Income tax (provision)
benefit
|
(350.6)
|
|
8.2
|
|
(1.4)
|
|
(1.0)
|
|
(3.8)
|
|
(348.6)
|
|
Net income
|
$
1,011.7
|
|
$
(23.0)
|
|
$
4.0
|
|
$
26.2
|
|
$
10.5
|
|
$
1,029.4
|
|
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)
|
|
$
4.0
|
|
$
26.2
|
|
$
10.5
|
|
$
1,018.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to LAD
|
$
36.29
|
|
$
(0.83)
|
|
$
0.15
|
|
$
0.95
|
|
$
0.38
|
|
$
36.94
|
|
Diluted share
count
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
LAD
Adjusted EBITDA and Net Debt to
Adjusted EBITDA (Unaudited)
(In millions)
|
|
|
Three months
ended
December 31,
|
|
%
|
|
Twelve months
ended
December 31,
|
|
%
|
|
|
Increase
|
|
|
Increase
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
2024
|
|
2023
|
|
(Decrease)
|
|
EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 217.2
|
|
$ 216.1
|
|
0.5 %
|
|
$ 821.6
|
|
$
1,011.7
|
|
(18.8) %
|
|
Flooring interest
expense
|
64.8
|
|
48.3
|
|
34.2
|
|
278.8
|
|
150.9
|
|
84.8
|
|
Other interest
expense
|
68.4
|
|
59.7
|
|
14.6
|
|
257.8
|
|
201.2
|
|
28.1
|
|
Financing operations
interest expense
|
49.1
|
|
45.0
|
|
9.1
|
|
195.1
|
|
170.5
|
|
14.4
|
|
Income tax
expense
|
69.8
|
|
63.6
|
|
9.7
|
|
256.7
|
|
350.6
|
|
(26.8)
|
|
Depreciation and
amortization
|
62.1
|
|
49.4
|
|
25.7
|
|
245.6
|
|
195.8
|
|
25.4
|
|
Financing operations
depreciation expense
|
13.7
|
|
2.1
|
|
552.4
|
|
51.0
|
|
8.4
|
|
507.1
|
|
EBITDA
|
$ 545.1
|
|
$ 484.2
|
|
12.6 %
|
|
$
2,106.6
|
|
$
2,089.1
|
|
0.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: flooring interest
expense
|
$ (64.8)
|
|
$ (48.3)
|
|
34.2
|
|
$
(278.8)
|
|
$
(150.9)
|
|
84.8
|
|
Less: financing
operations interest expense
|
(49.1)
|
|
(45.0)
|
|
9.1
|
|
(195.1)
|
|
(170.5)
|
|
14.4
|
|
Less: used vehicle line
of credit interest
|
(4.6)
|
|
(8.4)
|
|
(45.2)
|
|
(24.2)
|
|
(19.6)
|
|
23.5
|
|
Add: acquisition
expenses
|
0.3
|
|
16.6
|
|
(98.2)
|
|
10.0
|
|
27.2
|
|
(63.2)
|
|
Less: loss (gain) on
disposal of stores
|
(7.9)
|
|
0.2
|
|
NM
|
|
(8.2)
|
|
(31.2)
|
|
NM
|
|
Add: insurance
reserves
|
—
|
|
(1.7)
|
|
NM
|
|
6.1
|
|
5.4
|
|
NM
|
|
Add: contract
buyouts
|
—
|
|
—
|
|
NM
|
|
—
|
|
14.3
|
|
NM
|
|
Adjusted
EBITDA
|
$
419.0
|
|
$
397.6
|
|
5.4 %
|
|
$
1,616.4
|
|
$
1,763.8
|
|
(8.4) %
|
|
As of
|
%
|
|
December
31,
|
Increase
|
|
Net Debt to Adjusted
EBITDA
|
2024
|
|
2023
|
(Decrease)
|
|
Floor plan notes
payable
|
$ 4,903.1
|
|
$ 3,635.5
|
34.9 %
|
|
Used and service loaner
vehicle inventory financing facility
|
975.3
|
|
902.8
|
8.0
|
|
Revolving lines of
credit
|
1,633.2
|
|
1,620.7
|
0.8
|
|
Warehouse
facilities
|
834.0
|
|
587.0
|
42.1
|
|
Non-recourse notes
payable
|
2,109.3
|
|
1,705.6
|
23.7
|
|
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
|
1,085.9
|
|
730.8
|
48.6
|
|
Unamortized debt
issuance costs
|
(25.1)
|
|
(31.8)
|
(21.1)
|
|
Total debt
|
$
13,265.7
|
|
$
10,900.5
|
21.7 %
|
|
|
|
|
|
|
Less: Floor plan
related debt
|
$
(5,878.4)
|
|
$
(4,538.3)
|
29.5 %
|
|
Less: Financing
operations related debt
|
(2,943.3)
|
|
(2,292.6)
|
28.4
|
|
Less: Unrestricted cash
and cash equivalents
|
(225.1)
|
|
(825.0)
|
(72.7)
|
|
Less: Marketable
securities
|
(53.4)
|
|
—
|
—
|
|
Less: Availability on
used vehicle and service loaner financing facilities
|
(23.3)
|
|
(25.5)
|
(8.6)
|
|
Net
Debt
|
$
4,142.2
|
|
$
3,219.1
|
28.7 %
|
|
|
|
|
|
|
TTM Adjusted
EBITDA
|
$
1,616.4
|
|
$
1,763.8
|
(8.4) %
|
|
|
|
|
|
|
Net debt to Adjusted
EBITDA
|
2.56
x
|
|
1.83
x
|
|
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SOURCE Lithia Motors, Inc.
