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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lithia Motors Inc | NYSE:LAD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
8.83 | 3.48% | 262.31 | 262.56 | 255.00 | 255.94 | 216,450 | 21:03:26 |
Declares Dividend of $0.31 Per Share for Third Quarter
Lithia Motors, Inc. (NYSE: LAD) today reported the highest third quarter revenue and earnings per share in company history.
Third quarter 2020 revenue increased 9% to $3.6 billion from $3.3 billion in the third quarter of 2019.
Third quarter 2020 net income per diluted share was $6.86, an 88% increase from $3.64 per diluted share reported in the third quarter of 2019. Adjusted third quarter 2020 net income per diluted share was $6.89, a 103% increase compared to adjusted net income of $3.39 per diluted share in the same period of 2019.
Third quarter 2020 net income was $159 million, an 86% increase compared to net income of $85 million in the same period of 2019. Adjusted third quarter 2020 net income was $160 million, a 101% increase compared to adjusted net income of $79 million for the same period of 2019.
As shown in the attached non-GAAP reconciliation tables, the 2020 third quarter adjusted results exclude a $0.03 net non-core charge related to insurance reserves and acquisition expenses. The 2019 third quarter adjusted results exclude a $0.25 net non-core benefit due to a net gain on sale of stores, partially offset by insurance reserves and acquisition expenses.
Third Quarter-over-Quarter Operating Highlights:
"Our strong used vehicle performance and sequential improvements in service, body and parts throughout the quarter, coupled with our strategic cost saving measures taken earlier in the year, led us to the highest quarterly earnings per share in our company's history, more than doubling our adjusted earnings per share compared to the third quarter of last year," said Bryan DeBoer, President and CEO. "This record performance and profitability demonstrate the high performance being achieved at our existing stores and only the very beginning of the benefits to be realized through the activation of Driveway, our ecommerce digital home solution."
For the first nine months of 2020 revenues decreased 2% to $9.2 billion, compared to $9.4 billion in 2019.
Net income for the first nine months of 2020 was $12.18 per diluted share, compared to $8.72 per diluted share in 2019, an increase of 40%. Adjusted net income per diluted share for the first nine months of 2020 increased 43% to $12.59 from $8.81 in the same period of 2019.
Corporate Development
During the quarter, we announced the acquisitions of San Francisco BMW, the John Eagle Auto Group in Texas and a Chrysler Jeep Dodge Ram store in Knoxville, Tennessee. In addition, earlier this month we completed the acquisition of Latham Ford in the Albany, New York area. These acquisitions are anticipated to generate $1.46 billion in annualized steady state revenues. For the year, this brings our total anticipated annualized revenue from acquired locations to $1.75 billion and expands our density in key geographic areas.
Balance Sheet Update
We ended the third quarter with over $694 million in cash and availability on our revolving lines of credit.
Earlier this month, we raised $805 million of gross proceeds through to the sale of 3,659,091 shares of Class A common stock, no par value per share, which includes the exercise in full by the Underwriters of their option to purchase up to 477,272 additional shares of Class A common stock. Concurrently, we completed an issuance of $550 million in aggregate principal amount of 4.375% senior notes due 2031 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. We intend to use the net proceeds for general corporate purposes, which may include financing acquisitions, capital expenditures, working capital and repaying or refinancing debt.
Together, this brings our current total cash and available credit to over $2 billion. In addition, our unfinanced real estate could provide additional liquidity of approximately $225 million.
"With the significant amount of capital raised in October, we continue to accelerate the build out of our coast-to-coast network, expanding our ability to provide consumers with convenient, affordable solutions throughout their vehicle ownership lifecycle," said DeBoer. "Together, with our Driveway digital home channel, we are providing the most transparent and comprehensive offerings wherever, whenever and however consumers desire."
Dividend Payment
Our Board of Directors approved a dividend of $0.31 per share related to third quarter 2020 financial results. We expect to pay the dividend on November 27, 2020 to shareholders of record on November 13, 2020.
Third Quarter Earnings Conference Call and Updated Presentation
The third quarter 2020 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 2020 results has been added to our investor relations website. To listen live on our website or for replay, visit www.lithiainvestorrelations.com and click on webcasts.
About Lithia
Lithia Motors, Inc. is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. They are a leading provider of personal transportation solutions in the United States and are among the fastest-growing companies in the Fortune 500 (#6 on 10-Year EPS Growth, #4 10-Year TSR in 2020). By providing a wide array of products throughout the entire lifecycle of the consumer's vehicle ownership experience, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to increase market share, consumer loyalty and team performance. Lithia's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and its physical network. By purchasing strong businesses, they further strengthen this network, leveraging their national digital home channel Driveway and building upon their massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever and however consumers desire.
Sites www.lithia.com www.lithiainvestorrelations.com www.lithiacareers.com www.driveway.com
Lithia Motors on Facebook http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter http://twitter.com/lithiamotors
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:
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:
Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures such as adjusted net income and diluted earnings per share, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating margin, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA, leveraged EBITDA and adjusted total debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
Lithia Motors, Inc.
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)
Three months ended September 30,
%
Nine months ended September 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Revenues:
New vehicle retail
$
1,883.3
$
1,824.8
3.2
%
$
4,624.6
$
4,993.3
(7.4
)%
Used vehicle retail
1,093.2
916.3
19.3
2,889.7
2,632.4
9.8
Used vehicle wholesale
98.8
74.4
32.8
216.8
233.5
(7.2
)
Finance and insurance
160.5
136.3
17.8
407.2
382.7
6.4
Service, body and parts
359.5
340.5
5.6
964.9
993.3
(2.9
)
Fleet and other
24.9
40.1
(37.9
)
79.3
168.6
(53.0
)
Total revenues
3,620.2
3,332.4
8.6
%
9,182.5
9,403.8
(2.4
)%
Cost of sales:
New vehicle retail
1,743.2
1,724.8
1.1
4,314.2
4,711.9
(8.4
)
Used vehicle retail
948.4
816.6
16.1
2,556.8
2,355.0
8.6
Used vehicle wholesale
91.2
73.3
24.4
206.5
229.7
(10.1
)
Service, body and parts
163.6
169.0
(3.2
)
456.5
492.2
(7.3
)
Fleet and other
22.2
37.8
(41.3
)
71.6
159.8
(55.2
)
Total cost of sales
2,968.6
2,821.5
5.2
7,605.6
7,948.6
(4.3
)
Gross profit
651.6
510.9
27.5
%
1,576.9
1,455.2
8.4
%
Asset impairments
—
—
NM
7.9
0.5
NM
SG&A expense
389.1
343.2
13.4
1,039.6
1,021.5
1.8
Depreciation and amortization
22.9
20.9
9.6
67.3
60.9
10.5
Income from operations
239.6
146.8
63.2
%
462.1
372.3
24.1
%
Floor plan interest expense
(6.1
)
(17.9
)
(65.9
)
(28.3
)
(55.5
)
(49.0
)
Other interest expense
(16.6
)
(14.8
)
12.2
(50.4
)
(45.0
)
12.0
Other income, net
2.2
3.3
NM
8.2
8.9
NM
Income before income taxes
219.1
117.4
86.6
%
391.6
280.7
39.5
%
Income tax expense
(60.3
)
(32.2
)
87.3
(108.9
)
(77.2
)
41.1
Income tax rate
27.5
%
27.4
%
27.8
%
27.5
%
Net income
$
158.8
$
85.2
86.4
%
$
282.7
$
203.5
38.9
%
Diluted net income per share:
Net income per share
$
6.86
$
3.64
88.5
%
$
12.18
$
8.72
39.7
%
Diluted shares outstanding
23.1
23.4
(1.3
)%
23.2
23.3
(0.4
)%
NM - not meaningful
Lithia Motors, Inc.
Key Performance Metrics (Unaudited)
Three months ended September 30,
%
Nine months ended September 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Gross margin
New vehicle retail
7.4
%
5.5
%
190
bps
6.7
%
5.6
%
110
bps
Used vehicle retail
13.2
10.9
230
11.5
10.5
100
Finance and insurance
100.0
100.0
—
100.0
100.0
—
Service, body and parts
54.5
50.5
400
52.7
50.4
230
Gross profit margin
18.0
15.3
270
17.2
15.5
170
Unit sales
New vehicle retail
47,923
48,508
(1.2
)%
118,699
134,090
(11.5
)%
Used vehicle retail
49,363
44,143
11.8
135,499
127,683
6.1
Total retail units sold
97,286
92,651
5.0
254,198
261,773
(2.9
)
Average selling price
New vehicle retail
$
39,298
$
37,618
4.5
%
$
38,960
$
37,238
4.6
%
Used vehicle retail
22,145
20,756
6.7
21,326
20,617
3.4
Average gross profit per unit
New vehicle retail
$
2,922
$
2,061
41.8
%
$
2,615
$
2,098
24.6
%
Used vehicle retail
2,932
2,258
29.8
2,457
2,173
13.1
Finance and insurance
1,649
1,471
12.1
1,602
1,462
9.6
Total vehicle(1)
4,655
3,638
28.0
4,173
3,611
15.6
Revenue mix
New vehicle retail
52.0
%
54.8
%
50.4
%
53.1
%
Used vehicle retail
30.2
27.5
31.5
28.0
Used vehicle wholesale
2.7
2.2
2.4
2.5
Finance and insurance, net
4.4
4.1
4.4
4.1
Service, body and parts
9.9
10.2
10.5
10.6
Fleet and other
0.8
1.2
0.8
1.7
Gross Profit Mix
New vehicle retail
21.5
%
19.6
%
19.7
%
19.3
%
Used vehicle retail
22.2
19.5
21.1
19.1
Used vehicle wholesale
1.2
0.2
0.7
0.3
Finance and insurance, net
24.6
26.7
25.8
26.3
Service, body and parts
30.1
33.5
32.2
34.4
Fleet and other
0.4
0.5
0.5
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
2020
2019
2020
2019
2020
2019
2020
2019
SG&A as a % of revenue
10.7
%
10.5
%
10.7
%
10.3
%
11.3
%
10.8
%
11.3
%
10.9
%
SG&A as a % of gross profit
59.6
68.8
59.7
67.2
65.5
70.0
65.9
70.2
Operating profit as a % of revenue
6.6
4.2
6.6
4.4
5.2
4.0
5.0
4.0
Operating profit as a % of gross profit
36.9
27.1
36.8
28.7
30.2
25.8
29.3
25.6
Pretax margin
6.1
3.3
6.1
3.5
4.4
3.0
4.3
3.0
Net profit margin
4.4
2.4
4.4
2.6
3.2
2.2
3.1
2.2
(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
Lithia Motors, Inc.
Same Store Operating Highlights (Unaudited)
Three months ended September 30,
%
Nine months ended September 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Revenues
New vehicle retail
$
1,714.1
$
1,793.7
(4.4
)%
$
4,265.0
$
4,886.6
(12.7
)%
Used vehicle retail
998.3
897.9
11.2
2,693.9
2,566.4
5.0
Finance and insurance
142.5
133.7
6.6
372.9
373.7
(0.2
)
Service, body and parts
324.3
334.1
(2.9
)
891.5
966.4
(7.8
)
Total revenues
3,294.7
3,272.7
0.7
8,501.1
9,185.4
(7.4
)
Gross profit
New vehicle retail
$
130.0
$
98.9
31.4
%
$
287.8
$
276.5
4.1
%
Used vehicle retail
133.9
98.7
35.7
309.6
273.0
13.4
Finance and insurance
142.5
133.7
6.6
372.9
373.7
(0.2
)
Service, body and parts
174.9
168.3
3.9
467.7
488.4
(4.2
)
Total gross profit
591.0
503.1
17.5
1,455.4
1,424.2
2.2
Gross margin
New vehicle retail
7.6
%
5.5
%
210
bps
6.7
%
5.7
%
100
bps
Used vehicle retail
13.4
11.0
240
11.5
10.6
90
Finance and insurance
100.0
100.0
—
100.0
100.0
—
Service, body and parts
53.9
50.4
350
52.5
50.5
200
Gross profit margin
17.9
15.4
250
17.1
15.5
160
Unit sales
New vehicle retail
43,029
47,548
(9.5
)%
108,370
130,721
(17.1
)%
Used vehicle retail
45,066
43,180
4.4
126,160
124,147
1.6
Average selling price
New vehicle retail
$
39,836
$
37,725
5.6
%
$
39,356
$
37,382
5.3
%
Used vehicle retail
22,151
20,794
6.5
21,353
20,672
3.3
Average gross profit per unit
New vehicle retail
$
3,022
$
2,079
45.4
%
$
2,656
$
2,115
25.6
%
Used vehicle retail
2,971
2,286
30.0
2,454
2,199
11.6
Finance and insurance
1,617
1,473
9.8
1,590
1,466
8.5
Total vehicle(1)
4,690
3,663
28.0
4,178
3,637
14.9
(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
Lithia Motors, Inc.
Other Highlights (Unaudited)
As of
September 30,
December 31,
September 30,
2020
2019
2019
Days Supply(1)
New vehicle inventory
50
71
77
Used vehicle inventory
64
65
67
(1) Days supply calculated based on current inventory levels, excluding in-transit vehicles, and a 30-day historical cost of sales level.
Financial covenants
Requirement
As of September 30, 2020
Current ratio
Not less than 1.10 to 1
1.38 to 1
Fixed charge coverage ratio
Not less than 1.20 to 1
3.33 to 1
Leverage ratio
Not more than 5.75 to 1
2.33 to 1
Lithia Motors, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
September 30, 2020
December 31, 2019
Cash and cash equivalents
$
57.1
$
84.0
Trade receivables, net
511.7
505.0
Inventories, net
2,128.7
2,433.7
Other current assets
52.9
47.8
Total current assets
$
2,750.4
$
3,070.5
Property and equipment, net
1,798.3
1,611.7
Intangibles
947.7
761.3
Other non-current assets
899.3
640.4
Total assets
$
6,395.7
$
6,083.9
Floor plan notes payable
1,603.5
2,067.6
Other current liabilities
608.9
501.5
Total current liabilities
$
2,212.4
$
2,569.1
Long-term debt
1,799.0
1,430.6
Other long-term liabilities and deferred revenue
689.9
616.5
Total liabilities
$
4,701.3
$
4,616.2
Stockholder's Equity
1,694.4
1,467.7
Total liabilities & stockholders' equity
$
6,395.7
$
6,083.9
Lithia Motors, Inc.
Summarized Cash Flow from Operations (Unaudited)
(In millions)
Nine months ended September 30,
2020
2019
Net income
$
282.7
$
203.5
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments
7.9
0.5
Depreciation and amortization
67.3
60.9
Stock-based compensation
17.2
11.8
Gain on disposal of assets
(0.5
)
—
Gain on sale of franchises
(1.4
)
(9.1
)
Deferred income taxes
6.8
39.5
(Increase) decrease:
Trade receivables, net
(11.3
)
69.7
Inventories
457.0
(4.1
)
Other assets
7.8
22.3
Increase (decrease):
Floor plan notes payable, net
(128.0
)
83.1
Trade payables
25.0
0.1
Accrued liabilities
23.6
(36.5
)
Other long-term liabilities and deferred revenue
46.5
11.8
Net cash provided by operating activities
$
800.6
$
453.5
Lithia Motors, Inc.
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
Nine months ended September 30,
Net cash provided by operating activities
2020
2019
As reported
$
800.6
$
453.5
Floor plan notes payable, non-trade, net
(317.8
)
(114.0
)
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory
(133.6
)
(46.0
)
Adjusted
$
349.2
$
293.5
Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Three Months Ended September 30, 2020
As reported
Insurance reserves
Acquisition expenses
Adjusted
Selling, general and administrative
$
389.1
$
(0.3
)
$
(0.6
)
$
388.2
Operating income
239.6
0.3
0.6
240.5
Income before income taxes
219.1
0.3
0.6
220.0
Income tax (provision) benefit
(60.3
)
—
(0.1
)
(60.4
)
Net income
$
158.8
$
0.3
$
0.5
$
159.6
Diluted earnings per share
$
6.86
$
0.01
$
0.02
$
6.89
Diluted share count
23.1
Three Months Ended September 30, 2019
As reported
Disposal gain on sale of stores
Insurance reserves
Acquisition expenses
Adjusted
Selling, general and administrative
$
343.2
$
9.4
$
(1.1
)
$
(0.2
)
$
351.3
Operating income
146.8
(9.4
)
1.1
0.2
138.7
Income before income taxes
117.4
(9.4
)
1.1
0.2
109.3
Income tax (provision) benefit
(32.2
)
2.7
(0.3
)
(0.1
)
(29.9
)
Net income
$
85.2
$
(6.7
)
$
0.8
$
0.1
$
79.4
Diluted earnings per share
$
3.64
$
(0.28
)
$
0.03
$
—
$
3.39
Diluted share count
23.4
Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Nine Months Ended September 30, 2020
As reported
Disposal gain on sale of stores
Asset impairment
Insurance reserves
Acquisition expenses
Tax attribute
Adjusted
Asset impairments
$
7.9
$
—
$
(7.9
)
$
—
$
—
$
—
$
—
Selling, general and administrative
1,039.6
1.4
—
(6.1
)
(1.6
)
—
1,033.3
Operating income
462.1
(1.4
)
7.9
6.1
1.6
—
476.3
Income before income taxes
391.6
(1.4
)
7.9
6.1
1.6
—
405.8
Income tax (provision) benefit
(108.9
)
0.4
(2.3
)
(1.6
)
(0.4
)
(0.8
)
(113.6
)
Net income
$
282.7
$
(1.0
)
$
5.6
$
4.5
$
1.2
$
(0.8
)
$
292.2
Diluted earnings per share
$
12.18
$
(0.04
)
$
0.24
$
0.19
$
0.05
$
(0.03
)
$
12.59
Diluted share count
23.2
Nine Months Ended September 30, 2019
As reported
Disposal gain on sale of stores
Asset impairment
Insurance reserves
Acquisition expenses
Adjusted
Asset impairments
$
0.5
$
—
$
(0.5
)
$
—
$
—
$
—
Selling, general and administrative
1,021.5
9.1
—
(9.5
)
(1.9
)
1,019.2
Operating income
372.3
(9.1
)
0.5
9.5
1.9
375.1
Income before income taxes
280.7
(9.1
)
0.5
9.5
1.9
283.5
Income tax (provision) benefit
(77.2
)
2.6
(0.1
)
(2.6
)
(0.5
)
(77.8
)
Net income
$
203.5
$
(6.5
)
$
0.4
$
6.9
$
1.4
$
205.7
Diluted earnings per share
$
8.72
$
(0.28
)
$
0.02
$
0.29
$
0.06
$
8.81
Diluted share count
23.3
Lithia Motors, Inc.
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
Three months ended September 30,
%
Nine months ended September 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
EBITDA and Adjusted EBITDA
Net income
$
158.8
$
85.2
86.4
%
$
282.7
$
203.5
38.9
%
Flooring interest expense
6.1
17.9
(65.9
)
28.3
55.5
(49.0
)
Other interest expense
16.6
14.8
12.2
50.4
45.0
12.0
Income tax expense
60.3
32.2
87.3
108.9
77.2
41.1
Depreciation and amortization
22.9
20.9
9.6
67.3
60.9
10.5
EBITDA
$
264.7
$
171.0
54.8
%
$
537.6
$
442.1
21.6
%
Other adjustments:
Less: flooring interest expense
$
(6.1
)
$
(17.9
)
(65.9
)
$
(28.3
)
$
(55.5
)
(49.0
)
Less: used vehicle line of credit interest
(0.1
)
(1.2
)
(91.7
)
(0.5
)
(3.9
)
(87.2
)
Add: acquisition expenses
0.6
0.2
200.0
1.6
1.9
(15.8
)
Less: gain on divestitures
—
(9.4
)
(100.0
)
(1.4
)
(9.1
)
(84.6
)
Add: insurance reserve
0.3
1.1
(72.7
)
6.1
9.5
(35.8
)
Add: asset impairment
—
—
NM
7.9
0.5
NM
Adjusted EBITDA
$
259.4
$
143.8
80.4
%
$
523.0
$
385.5
35.7
%
NM - not meaningful
As of
%
September 30,
Increase
Net Debt to Adjusted EBITDA
2020
2019
(Decrease)
Floor plan notes payable: non-trade
$
1,293.2
$
1,594.5
(18.9
)%
Floor plan notes payable
310.3
407.5
(23.9
)
Used and service loaner vehicle inventory financing facility
357.0
332.0
7.5
Revolving lines of credit
35.0
69.0
NM
Real estate mortgages
628.8
585.1
7.5
5.250% Senior notes due 2025
300.0
300.0
—
4.625% Senior notes due 2027
400.0
—
NM
Other debt
147.5
33.5
340.3
Unamortized debt issuance costs
(12.8
)
(5.5
)
132.7
Total debt
$
3,459.0
$
3,316.1
4.3
%
Less: Floor plan related debt
$
(1,960.5
)
$
(2,334.0
)
(16.0
)%
Less: Cash and cash equivalents
(57.1
)
(27.1
)
110.7
Less: Availability on used vehicle and service loaner financing facility
(72.0
)
—
NM
Net Debt
$
1,369.4
$
955.0
43.4
%
TTM Adjusted EBITDA
$
655.3
$
498.6
31.4
%
Net debt to Adjusted EBITDA
2.09
x
1.92
x
8.9
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005301/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com (541) 864-1748
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