Latest news with #BryanDeBoer
Yahoo
6 days ago
- Automotive
- Yahoo
Lithia & Driveway (LAD) Rises to Number 124 on 2025 Fortune 500
MEDFORD, Ore., June 3, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) has announced that the company now ranks #124 on the 2025 Fortune 500 list, rising 16 positions from its 2024 ranking of No. 140. In addition, the company has strengthened its position as the world's largest automotive retailer, securing the No. 1 spot in the Automotive Retail category for the second year in a row. Published annually, the Fortune 500 list ranks the largest U.S. corporations by total revenue. Lithia & Driveway first appeared on the list in 2015 at #482 with revenue of $7.9 billion. Over the past decade, the company has demonstrated consistent growth, steadily advancing its standing by achieving $36.2 billion of revenue in 2024. "Advancing to No. 124 on the Fortune 500 and maintaining our leadership in automotive retail underscores the strength of long-term growth strategy and the disciplined execution of our business model," said Bryan DeBoer, President and CEO of Lithia & Driveway. "As we continue to grow, we remain committed to driving operational excellence, accelerating our growth, and delivering exceptional experiences that meet customers wherever they are." Lithia & Driveway's growth has been driven by a combination of organic growth, strategic acquisitions, digital innovation, and a growing network of dealerships. 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. Lithia & Driveway on Facebookhttps:// Lithia & Driveway on Xhttps:// Lithia & Driveway on LinkedInhttps:// Lithia & Driveway on YouTubehttps:// View original content to download multimedia: SOURCE Lithia Motors, Inc.
Yahoo
13-05-2025
- Automotive
- Yahoo
LAD Q1 Earnings Call: Lithia Addresses Tariffs, Operational Efficiency, and Future Growth Mix
Automotive retailer Lithia Motors (NYSE:LAD) fell short of the market's revenue expectations in Q1 CY2025, but sales rose 7.2% year on year to $9.18 billion. Its non-GAAP profit of $7.65 per share was 2.8% below analysts' consensus estimates. Is now the time to buy LAD? Find out in our full research report (it's free). Revenue: $9.18 billion vs analyst estimates of $9.37 billion (7.2% year-on-year growth, 2.1% miss) Adjusted EPS: $7.65 vs analyst expectations of $7.87 (2.8% miss) Adjusted EBITDA: $461.4 million vs analyst estimates of $406.3 million (5% margin, 13.6% beat) Operating Margin: 4.4%, in line with the same quarter last year Free Cash Flow Margin: 2.8%, similar to the same quarter last year Locations: 451 at quarter end, up from 387 in the same quarter last year Same-Store Sales rose 2.5% year on year (-1.9% in the same quarter last year) Market Capitalization: $7.96 billion Lithia's first quarter results reflected the impact of ongoing market changes and operational adjustments, as management pointed to growth in new vehicle sales and aftersales as key drivers. CEO Bryan DeBoer noted that the company's omnichannel approach, which integrates digital and physical retail, has begun to yield measurable gains in engagement and unit volume, particularly in its value auto segment and financing operations. DeBoer emphasized the adaptability of Lithia's business model, especially its ability to offer a broad range of vehicle affordability options and to navigate shifts in consumer sentiment and tariffs. Looking forward, management highlighted a disciplined focus on operational execution and capital allocation. CFO Tina Miller discussed ongoing efforts to lower selling, general, and administrative (SG&A) costs and to optimize the financing portfolio. DeBoer also reiterated plans to pursue targeted acquisitions within the United States, while maintaining flexibility for share repurchases given current market valuations. The executive team acknowledged potential volatility from tariffs and industry consolidation but expressed confidence in Lithia's ability to increase market share and deliver consistent profitability across its expanding footprint. Lithia's management attributed Q1 performance to a combination of diversified product offerings, cost discipline, and the maturing of key business adjacencies. The company's ability to adapt to tariffs and maintain operational flexibility was a recurring theme throughout the call. Tariff Resilience and Inventory Management: Lithia's product mix, with about 45% of inventory unaffected by current tariffs, helped cushion the impact of supply chain disruptions. Management noted that recent inventory reductions improved cost efficiency, with new and used vehicle days' supply falling by nearly 10 days sequentially. Growth in Value Auto Segment: The value auto segment, targeting affordability-conscious buyers, saw a 39% year-over-year increase in sales. DeBoer explained this segment is less sensitive to tariffs and general market fluctuations, supporting Lithia's strategy of serving a wide range of customer needs. Financing Operations Expansion: The Driveway Finance subsidiary reported a significant sequential increase in loan originations and improved net interest margin. Management emphasized the importance of this adjacency, noting its higher contribution to earnings relative to traditional indirect lending. After-Sales and Service Strength: Aftersales gross profit rose 7.5% year over year, driven by both warranty and customer-pay work. Management highlighted the potential to further expand capacity and utilization in this high-margin business. SG&A Efficiency Initiatives: The company reduced SG&A as a percentage of gross profit, building on its 'sixty-day plan.' Management aims for ongoing monthly improvements, driven by both personnel cost optimization and vendor consolidation, while leveraging technology upgrades like the Pinewood software system. Management's outlook for the remainder of the year centers on maintaining operational flexibility in the face of tariff-related uncertainty, leveraging adjacencies, and disciplined capital allocation. Tariff Environment Adaptability: Lithia's diversified inventory and ability to adjust mix position it to respond to potential tariff changes and supply chain shifts, limiting exposure compared to peers more reliant on affected imports. Adjacency Contribution and Ecosystem Scaling: The company's ecosystem, including financing, aftersales, digital platforms, and fleet management, is expected to deliver incremental earnings growth and enhance customer retention. Cost Discipline and Capital Allocation: Ongoing SG&A reduction, targeted acquisitions in profitable regions, and balanced share repurchases are expected to underpin profitability. Management flagged personnel and vendor cost reductions, as well as operational scale, as critical levers for further margin improvement. Ryan Sigdahl (Craig Hallum Group): Asked about the impact of tariffs and inventory levels on demand trends. DeBoer explained that Lithia's diversified inventory lessens tariff exposure and that recent inventory reductions position the company well for future quarters. John Murphy (Bank of America): Inquired about the role of adjacencies like Driveway Finance and whether margin trade-offs are considered to gain market share. DeBoer stressed that transparent pricing and expanded financing help attract more customers, while maintaining gross profit per vehicle. Rajat Gupta (JPMorgan): Sought clarification on SG&A trends and the sustainability of recent improvements. Miller responded that disciplined execution and technology initiatives are driving cost reductions, with further opportunities identified for the second half of the year. Jeff Licht (Stephens): Focused on the value auto segment's sales dynamics. DeBoer detailed how value autos appeal to cash buyers and turn over faster than certified used vehicles, supporting capital efficiency and customer acquisition. Bret Jordan (Jefferies): Queried aftersales growth potential amid tariffs and regional profit differences. DeBoer highlighted that aftersales demand is relatively inelastic, and that certain regions, especially in the South, remain more profitable due to regulatory and fee structures. In the coming quarters, the StockStory team will monitor (1) Lithia's ability to further expand its value auto and aftersales segments, (2) progress toward SG&A efficiency targets and technology-driven cost savings, and (3) execution of strategic acquisitions and capital allocation priorities. We will also track how the company adapts its inventory and pricing strategies in response to ongoing tariff developments and shifting consumer demand patterns. Lithia currently trades at a forward P/E ratio of 8.6×. At this valuation, is it a buy or sell post earnings? Find out in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
23-04-2025
- Business
- Yahoo
Lithia & Driveway (LAD) Reports Record First Quarter Revenue of $9.2 billion, Achieves 35% Increase in Diluted Earnings Per Share, 25% Increase in Adjusted Diluted Earnings Per Share
Announces Increased Dividend of $0.55 per Share for First Quarter MEDFORD, Ore., April 23, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today reported the highest first quarter revenue in company history, and a 35% increase in diluted earnings per share compared to the same period in 2024. First quarter 2025 revenue increased 7% to $9.2 billion from $8.6 billion in the first quarter of 2024. First quarter 2025 diluted earnings per share attributable to LAD was $7.94, a 35% increase from $5.89 per share reported in the first quarter of 2024. First quarter 2025 adjusted diluted earnings per share attributable to LAD was $7.66, a 25% increase compared to $6.11 per share in the same period of 2024. Unrealized losses on our investment in Pinewood Technologies Group PLC decreased diluted earnings per share by $0.27. First quarter 2025 net income was $211 million, a 28.0% increase compared to net income of $165 million in the same period of 2024. Adjusted first quarter 2025 net income was $204 million, a 20% increase compared to adjusted net income of $171 million for the same period of 2024. As shown in the attached non-GAAP reconciliation tables, the 2025 first quarter adjusted results exclude a $0.28 per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes, partially offset by insurance reserves and acquisition expenses. The 2024 first quarter adjusted results exclude a $0.22 per diluted share impact resulting from non-core items, specifically acquisition expenses. Key First Quarter 2025 Highlights: Total revenues increased 7% compared to first quarter 2024 New retail units increased 3.6% on a same-store basis compared to first quarter 2024 Used retail unit growth improved from -4.3% to -0.4% on a sequential same-store basis Aftersales gross profit increased 7.5% on a same-store basis compared to first quarter 2024 Driveway Finance Corporation (DFC) originated $623 million in loans, for a portfolio of $4.1 billion in average managed receivables, with net interest margin increasing to 4.6% Repurchased 1.7% of outstanding shares "Our strong first quarter performance reflects the power of our integrated ecosystem and the disciplined execution of the Lithia & Driveway strategy by our teams," said Bryan DeBoer, President and CEO. "We achieved profitable growth year over year in each month this quarter as we grew market share and drove operating efficiencies across our network and adjacencies. Our diverse business model allows us to be agile in a dynamic market, and we remain focused on delivering consistent, high-quality experiences across every channel throughout 2025 and beyond." Corporate DevelopmentIn 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 adds $80 million of expected annualized revenue. In March 2025, LAD continued to strengthen its density in the Southwest region with the acquisition of the Elk Grove Subaru store in Elk Grove, California. This addition adds $100 million of expected annualized revenue. Year-to-date, we have acquired $180 million of expected annualized revenues. Balance Sheet UpdateLAD ended the first 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 $0.1 billion. Dividend Payment and Share RepurchasesThe Board of Directors approved an increased dividend of $0.55 per share related to first quarter 2025 financial results, a 4% increase. The dividend is expected to be paid on May 23, 2025 to shareholders of record on May 9, 2025. During the first quarter 2025, we repurchased approximately 403,000 shares at a weighted average price of $326. To date in 2025, we have repurchased approximately 470,000 shares at a weighed average price of $319. Under the current share repurchase authorization approximately $669.2 million remains available. First Quarter Earnings Conference Call and Updated PresentationThe first quarter 2025 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the first quarter 2025 results has been added to our investor relations website. To listen live on our website or for replay, visit 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. Lithia & Driveway on Facebookhttps:// Lithia & Driveway on Xhttps:// Lithia & Driveway on LinkedInhttps:// Lithia & Driveway on YouTubehttps:// Forward-Looking StatementsCertain 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 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 MeasuresThis 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 March 31,% Increase20252024(Decrease) Revenues:New vehicle retail $ 4,380.2$ 4,014.19.1 % Used vehicle retail 2,919.12,800.84.2 Used vehicle wholesale 331.0337.7(2.0) Finance and insurance 364.3340.67.0 Aftersales 979.1912.87.3 Fleet and other 204.6155.831.3 Total revenues 9,178.38,561.87.2 % Cost of sales:New vehicle retail 4,102.83,718.810.3 Used vehicle retail 2,729.22,618.14.2 Used vehicle wholesale 332.6338.7(1.8) Aftersales 417.6410.81.7 Fleet and other 185.7140.232.5 Total cost of sales 7,767.97,226.67.5 Gross profit 1,410.41,335.25.6 % Finance operations income (loss) 12.5(1.7)NM SG&A expense 952.7934.32.0 Depreciation and amortization 63.957.810.6 Income from operations 406.3341.419.0 % Floor plan interest expense (57.1)(60.7)(5.9) Other interest expense (65.5)(63.6)3.0 Other income 0.83.5(77.1) Income before income taxes 284.5220.629.0 % Income tax expense (73.3)(55.6)31.8 Income tax rate 25.8 %25.2 % Net income $ 211.2$ 165.028.0 % Net income attributable to non-controlling interests (1.7)(1.5)13.3 % Net income attributable to redeemable non-controlling interest —(0.9)(100.0) % Net income attributable to LAD $ 209.5$ 162.628.8 % Diluted earnings per share attributable to LAD:Net income per share $ 7.94$ 5.8934.8 % Diluted shares outstanding 26.427.6(4.3) % NM - not meaningful LAD Key Performance Metrics (Unaudited) Three months ended March 31,% Increase20252024(Decrease) Gross marginNew vehicle retail 6.3 %7.4 % (110) bps Used vehicle retail 6.56.5— Finance and insurance 100.0100.0— Aftersales 57.355.0230 Gross profit margin 15.415.6(20) Unit salesNew vehicle retail 91,99085,6837.4 % Used vehicle retail 107,326102,4364.8 Average selling priceNew vehicle retail $ 47,616$ 46,8481.6 % Used vehicle retail 27,19827,342(0.5) Average gross profit per unitNew vehicle retail $ 3,016$ 3,447(12.5) % Used vehicle retail 1,7691,783(0.8) Finance and insurance 1,8281,8110.9 Total vehicle(1) 4,1644,346(4.2) Revenue mixNew vehicle retail 47.7 %46.9 % Used vehicle retail 31.832.7 Used vehicle wholesale 3.63.9 Finance and insurance, net 4.04.0 Aftersales 10.710.7 Fleet and other 2.21.8 Gross Profit MixNew vehicle retail 19.7 %22.1 % Used vehicle retail 13.513.7 Used vehicle wholesale (0.1)(0.1) Finance and insurance, net 25.825.5 Aftersales 39.837.6 Fleet and other 1.31.2 AdjustedAs reportedThree months ended March 31,Three months ended March 31, Other metrics 2025202420252024 SG&A as a % of revenue 10.5 %10.8 %10.4 %10.9 % SG&A as a % of gross profit 68.269.467.570.0 Operating profit as a % of revenue 4.34.14.44.0 Operating profit as a % of gross profit 28.226.128.825.6 Pretax margin 3.02.73.12.6 Net profit margin 2.22.02.31.9(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 March 31,% Increase20252024(Decrease) RevenuesNew vehicle retail $ 4,166.6$ 3,940.75.7 % Used vehicle retail 2,658.42,683.6(0.9) Finance and insurance 345.0333.63.4 Aftersales 913.0891.52.4 Total revenues 8,543.28,332.52.5 Gross profitNew vehicle retail $ 264.9$ 290.4(8.8) % Used vehicle retail 181.1180.30.4 Finance and insurance 345.0333.63.4 Aftersales 528.0491.17.5 Total gross profit 1,333.71,310.01.8 Gross marginNew vehicle retail 6.4 %7.4 % (100) bps Used vehicle retail 6.86.710 Finance and insurance 100.0100.0— Aftersales 57.855.1270 Gross profit margin 15.615.7(10) Unit salesNew vehicle retail 86,96483,9273.6 % Used vehicle retail 96,46296,850(0.4) Average selling priceNew vehicle retail $ 47,912$ 46,9542.0 % Used vehicle retail 27,55927,709(0.5) Average gross profit per unitNew vehicle retail $ 3,046$ 3,460(12.0) % Used vehicle retail 1,8771,8610.9 Finance and insurance 1,8811,8452.0 Total vehicle(1) 4,3014,445(3.2)(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 March 31,2025 Key Performance by Country Total RevenueTotal Gross Profit United States 77.0 %82.7 % United Kingdom 20.2 %15.0 % Canada 2.8 %2.3 % As ofMarch 31,December 31,March 31, Days' Supply(1) 202520242024 New vehicle inventory 435944 Used vehicle inventory 455344(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 March 31, ($ in millions) 2025% (1)2024% (1) Interest and fee income $ 94.49.4$ 77.39.0 Interest expense (48.1)(4.8)(47.8)(5.6) Total interest margin $ 46.34.6$ 29.53.5 Lease income 20.515.2 Lease costs (16.8)(10.8) Lease income, net 3.74.4 Provision expense (25.5)(2.5)(25.0)(2.9) Other financing operations expenses (12.0)(10.6) Finance operations income (loss) $ 12.5$ (1.7) Total average managed finance receivables $ 4,062.1$ 3,436.6(1) Annualized percentage of total average managed finance receivables LAD Condensed Consolidated Balance Sheets (Unaudited) (In millions) March 31, 2025December 31, 2024 Cash, restricted cash, and cash equivalents $ 430.3$ 402.2 Trade receivables, net 1,399.21,237.0 Inventories, net 5,749.05,911.7 Other current assets 222.2223.0 Total current assets $ 7,800.7$ 7,773.9 Property and equipment, net 4,661.54,629.9 Finance receivables, net 4,047.53,868.2 Intangibles 5,139.64,665.8 Other non-current assets 1,830.92,184.8 Total assets $ 23,480.2$ 23,122.6 Floor plan notes payable 4,904.94,903.1 Other current liabilities 1,711.81,648.0 Total current liabilities $ 6,616.7$ 6,551.1 Long-term debt, less current maturities 5,961.96,119.3 Non-recourse notes payable, less current maturities 2,299.92,051.2 Other long-term liabilities and deferred revenue 1,819.51,726.9 Total liabilities $ 16,698.0$ 16,448.5 Equity 6,782.26,674.1 Total liabilities and equity $ 23,480.2$ 23,122.6 LAD Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three months ended March 31, Cash flows from operating activities: 20252024 Net income $ 211.2$ 165.0 Adjustments to reconcile net income to net cash provided by operating activities 146.9127.0 Changes in:Inventories 186.4(183.3) Finance receivables (179.1)(173.8) Floor plan notes payable 23.3327.7 Other operating activities (66.6)29.8 Net cash provided by operating activities 322.1292.4 Cash flows from investing activities:Capital expenditures (68.7)(79.6) Cash paid for acquisitions, net of cash acquired (84.5)(1,074.4) Proceeds from sales of stores 43.26.4 Other investing activities (7.1)(118.3) Net cash used in investing activities (117.1)(1,265.9) Cash flows from financing activities:Net (repayments) borrowings on floor plan notes payable, non-trade (44.0)156.1 Net borrowings non-recourse notes payable 254.4125.9 Net (repayments) borrowings of other debt and finance lease liabilities (159.7)201.8 Proceeds from issuance of common stock 5.65.7 Repurchase of common stock (143.4)(15.0) Dividends paid (13.9)(13.8) Other financing activity (72.0)(15.7) Net cash (used in) provided by financing activities (173.0)445.0 Effect of exchange rate changes on cash and restricted cash 0.3(3.0) Change in cash, restricted cash, and cash equivalents 32.3(531.5) Cash, restricted cash, and cash equivalents at beginning of period 445.8972.0 Cash, restricted cash, and cash equivalents at end of period 478.1440.5 LAD Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited) (In millions) Three months ended March 31, Net cash provided by operating activities 20252024 As reported $ 322.1$ 292.4 Floor plan notes payable, non-trade, net (44.0)156.1 Adjust: finance receivables activity 179.1173.8 Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory (9.9)(71.7) Adjusted $ 447.3$ 550.6 LAD Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (In millions, except for per share data) Three Months Ended March 31, 2025As reportedNet gain on disposal of storesInsurance reservesAcquisition expensesTax attributeAdjusted Selling, general and administrative $ 952.7$ 9.4$ (0.4)$ (0.2)$ —$ 961.5 Operating income 406.3(9.4)0.40.2—397.5 Income before income taxes 284.5(9.4)0.40.2—275.7 Income tax (provision) benefit (73.3)2.4(0.1)—(1.0)(72.0) Net income $ 211.2$ (7.0)$ 0.3$ 0.2$ (1.0)$ 203.7 Net income attributable to non-controlling interests (1.7)————(1.7) Net income attributable to LAD $ 209.5$ (7.0)$ 0.3$ 0.2$ (1.0)$ 202.0 Diluted earnings per share attributable to LAD $ 7.94$ (0.25)$ 0.01$ —$ (0.04)$ 7.66 Diluted share count 26.4 Three Months Ended March 31, 2024As reportedAcquisition expensesAdjusted Selling, general and administrative $ 934.3$ (7.7)$ 926.6 Operating income 341.47.7349.1 Income before income taxes 220.67.7228.3 Income tax (provision) benefit (55.6)(1.6)(57.2) Net income $ 165.0$ 6.1$ 171.1 Net income attributable to non-controlling interests (1.5)—(1.5) Net income attributable to redeemable non-controlling interest (0.9)—(0.9) Net income attributable to LAD $ 162.6$ 6.1$ 168.7 Diluted earnings per share attributable to LAD $ 5.89$ 0.22$ 6.11 Diluted share count 27.6 LAD Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) (In millions) Three months ended March 31,% Increase20252024(Decrease) EBITDA and Adjusted EBITDANet income $ 211.2$ 165.028.0 % Flooring interest expense 57.160.7(5.9) Other interest expense 65.563.63.0 Financing operations interest expense 48.147.80.6 Income tax expense 73.355.631.8 Depreciation and amortization 63.957.810.6 EBITDA $ 519.1$ 450.515.2 % Other adjustments:Less: flooring interest expense $ (57.1)$ (60.7)(5.9) Less: financing operations interest expense (48.1)(47.8)0.6 Less: used vehicle line of credit interest (3.0)(6.2)(51.6) Add: acquisition expenses 0.27.7(97.4) Less: gain on disposal of stores (9.4)—NM Add: insurance reserves 0.4—NM Adjusted EBITDA $ 402.1$ 343.517.1 % NM - not meaningful As of %March 31, Increase Net Debt to Adjusted EBITDA 20252024 (Decrease) Floor plan notes payable $ 4,904.9$ 4,962.0 (1.2) % Used and service loaner vehicle inventory financing facility 968.7912.7 6.1 Revolving lines of credit 1,563.31,610.5 (2.9) Warehouse facilities 768.5636.0 20.8 Non-recourse notes payable 2,363.71,831.5 29.1 4.625% Senior notes due 2027 400.0400.0 — 4.375% Senior notes due 2031 550.0550.0 — 3.875% Senior notes due 2029 800.0800.0 — Finance leases and other debt 1,009.7880.6 14.7 Unamortized debt issuance costs (24.1)(30.2) (20.2) Total debt $ 13,304.7$ 12,553.1 6.0 %Less: Floor plan related debt $ (5,873.6)$ (5,874.7) — % Less: Financing operations related debt (3,132.2)(2,467.5) 26.9 Less: Unrestricted cash and cash equivalents (234.4)(264.5) (11.4) Less: Marketable securities (53.7)— — Less: Availability on used vehicle and service loaner financing facilities (24.3)(31.7) (23.3) Net Debt $ 3,986.5$ 3,914.7 1.8 %TTM Adjusted EBITDA $ 1,617.0$ 1,696.0 (4.7) %Net debt to Adjusted EBITDA 2.47 x 2.31 xNM - not meaningful View original content to download multimedia: SOURCE Lithia Motors, Inc.
Yahoo
04-03-2025
- Automotive
- Yahoo
Lithia & Driveway (LAD) Expands Retail Network in Southwest Region and Announces Share Repurchase Authorization Increase
MEDFORD, Ore., March 4, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announced the acquisition today of Elk Grove Subaru in Elk Grove, California, adding an additional store to its network in the Sacramento area, and continuing to strengthen its density in the Southwest region. "We are excited to welcome the talented team at Elk Grove Subaru to the Lithia and Driveway team. This addition strengthens our presence in the Southwest region and continues our strategy of expanding our network with high-performing partners like Subaru. We look forward to continuing the store's legacy of building customer loyalty and leveraging our omnichannel capabilities to realize Elk Grove's potential," said Bryan DeBoer, Lithia & Driveway President and CEO. This acquisition adds expected annual revenue of $100 million and brings LAD's total year-to-date annualized revenue acquired to $180 million. This acquisition was financed using existing on-balance sheet capacity. Increase to Share Repurchase Authorization LAD announced today a $350 million increase to its share repurchase authorization by its Board of Directors, bringing total funds available for future repurchases to approximately $748 million. To date this year, LAD has invested over $71 million to repurchase over 197,500 shares at a weighted average price of $361 per share. This represents 0.75% of outstanding shares. 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. Lithia & Driveway on Facebookhttps:// Lithia & Driveway on Xhttps:// Lithia & Driveway on LinkedInhttps:// & Driveway on YouTubehttps:// View original content to download multimedia: SOURCE Lithia Motors, Inc.
Yahoo
14-02-2025
- Automotive
- Yahoo
Lithia Motors' Solid Q4 Propels Stock Higher: Earnings Beat, Sales Jump, Dividend & More
Lithia Motors, Inc. (NYSE:LAD) reported fourth-quarter adjusted earnings per share of $7.79 on Wednesday, beating the street view of $7.24. Quarterly sales of $9.22 billion (up 20% year over year) outpaced the analyst consensus estimate of $9.10 billion. '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. Lithia Motors said that the fourth quarter adjusted results exclude a 33 cents per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes. Also Read: The new retail units in the quarter under review increased 7.4 % on a same-store basis, while aftersales gross profit increased 4.5% on a same-store basis. Last month, Lithia Motors expanded its network in the Mid-Atlantic region by acquiring the Stohlman Subaru store in Sterling, Virginia, which will add an expected annual revenue of $80 million. The company ended the quarter with approximately $402.2 million in cash and equivalents, with net inventories worth $5.911 billion. In addition, unfinanced real estate could provide additional liquidity of approximately $0.3 billion. Lithia Motors' long-term debt, less current maturities, totaled $6.119 billion. Dividend: The company approved a dividend of $0.53 per share related to fourth-quarter results. The dividend is expected to be paid on March 21 to shareholders of record on March 7. Price Action: LAD shares are trading higher by 6.59% to $393.00 premarket at last check Wednesday. Read Next:Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? LITHIA MOTORS (LAD): Free Stock Analysis Report This article Lithia Motors' Solid Q4 Propels Stock Higher: Earnings Beat, Sales Jump, Dividend & More originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
