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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 | |
---|---|---|---|---|---|---|---|---|
2.67 | 1.06% | 253.87 | 259.20 | 252.77 | 255.84 | 85,807 | 18:59:44 |
Declares Dividend of $0.31 Per Share for Second Quarter
Lithia Motors, Inc. (NYSE: LAD) today reported second quarter 2020 revenue of $2.8 billion.
Second quarter 2020 net income per diluted share was $3.38, a 29% increase from $2.63 per diluted share reported in the second quarter of 2019. Adjusted second quarter 2020 net income per diluted share was $3.72, a 26% increase compared to adjusted net income of $2.95 per diluted share in the same period of 2019.
Second quarter 2020 net income was $78 million, a 26% increase compared to net income of $62 million in the same period of 2019. Adjusted second quarter 2020 net income was $86 million, a 23% increase compared to adjusted net income of $69 million for the same period of 2019.
As shown in the attached non-GAAP reconciliation tables, the 2020 second quarter adjusted results exclude a $0.34 net non-core charge related to an impairment charge, insurance reserves and acquisition expenses, partially offset by a net gain on sale of stores and a beneficial tax attribute. The 2019 second quarter adjusted results exclude a $0.32 net non-core charge due to a net loss on sale of stores, insurance reserves, and acquisition expenses.
Second Quarter-over-Quarter Operating Highlights:
"The strong sequential improvements throughout the quarter, coupled with our stores' responsiveness to the current environment, led us to the highest quarterly adjusted earnings per share in our company's history," said Bryan DeBoer, President and CEO. "This record performance illustrates the massive opportunity that exists within our $2 trillion industry that we are unlocking through continued growth and the activation of our ecommerce digital home solutions."
For the first six months of 2020 revenues decreased 8% to $5.6 billion, compared to $6.1 billion in 2019.
Net income for the first six months of 2020 was $5.32 per diluted share, compared to $5.08 per diluted share in 2019, an increase of 5%. Adjusted net income per diluted share for the first six months of 2020 increased 5% to $5.70 from $5.42 in the same period of 2019.
Corporate Development
In July, we announced the acquisitions of Smolich CJDR and Nissan in Bend, Oregon and Ladin Subaru in Thousand Oaks, California. These acquisitions are anticipated to generate $160 million in annualized steady state revenues. For the year, this brings our total anticipated annualized revenue from acquired locations to $320 million and expanded our density in both the Southwest and Northwest regions.
Balance Sheet Update
We ended the second quarter with over $750 million in cash and availability on our revolving lines of credit. Earlier this month, we closed on a $255 million syndicated real estate revolving line of credit, bringing our current total cash and available credit to over $1 billion. Our unfinanced real estate could provide additional liquidity of approximately $250 million.
"The acquisition market is robust and we are accelerating the build out of our coast-to-coast network enabling us to serve customers wherever, whenever, and however they desire," said DeBoer. "Our balance sheet is in the strongest position in our company's history and we are well positioned to accelerate our plan to reach 5% national market share."
Dividend Payment
Our Board of Directors approved increasing our dividend to $0.31 per share. We expect to pay the dividend on August 28, 2020 to shareholders of record on August 14, 2020.
Second Quarter Earnings Conference Call and Updated Presentation
The second 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 second 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 leading provider of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#252-2020). Lithia's rapid growth is powered by people, an industry leading coast-to-coast physical network and ecommerce digital home solutions. Lithia increases market share and optimizes profitability by focusing on the consumer experience and applying proprietary performance measurement systems fueled by data science. Lithia's unique growth model generates significant cash flows, which funds innovations and the expansion of its nationwide network, creating personal transportation solutions wherever, whenever and however consumers desire.
Sites www.lithia.com www.lithiainvestorrelations.com www.lithiacareers.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 June 30,
%
Six months ended June 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Revenues:
New vehicle retail
$
1,367.8
$
1,707.4
(19.9
)%
$
2,741.3
$
3,168.5
(13.5
)%
Used vehicle retail
922.2
888.3
3.8
1,796.5
1,716.2
4.7
Used vehicle wholesale
51.3
81.7
(37.2
)
118.0
159.1
(25.8
)
Finance and insurance
124.9
129.0
(3.2
)
246.7
246.5
0.1
Service, body and parts
275.5
335.5
(17.9
)
605.4
652.9
(7.3
)
Fleet and other
16.9
79.8
(78.8
)
54.4
128.2
(57.6
)
Total revenues
2,758.6
3,221.7
(14.4
)%
5,562.3
6,071.4
(8.4
)%
Cost of sales:
New vehicle retail
1,275.6
1,612.0
(20.9
)
2,570.9
2,987.2
(13.9
)
Used vehicle retail
823.9
795.1
3.6
1,608.3
1,538.4
4.5
Used vehicle wholesale
49.2
79.9
(38.4
)
115.3
156.4
(26.3
)
Service, body and parts
131.1
165.2
(20.6
)
292.8
323.1
(9.4
)
Fleet and other
14.4
75.9
(81.0
)
49.7
122.0
(59.3
)
Total cost of sales
2,294.2
2,728.1
(15.9
)
4,637.0
5,127.1
(9.6
)
Gross profit
464.4
493.6
(5.9
)%
925.3
944.3
(2.0
)%
Asset impairments
7.9
—
NM
7.9
0.5
NM
SG&A expense
304.5
356.5
(14.6
)
650.5
678.3
(4.1
)
Depreciation and amortization
22.3
20.2
10.4
44.3
40.0
10.8
Income from operations
129.7
116.9
10.9
%
222.6
225.5
(1.3
)%
Floor plan interest expense
(8.1
)
(19.4
)
(58.2
)
(22.1
)
(37.5
)
(41.1
)
Other interest expense
(16.8
)
(15.0
)
12.0
(33.8
)
(30.3
)
11.6
Other income, net
3.5
3.0
NM
5.8
5.6
NM
Income before income taxes
108.3
85.5
26.7
%
172.5
163.3
5.6
%
Income tax expense
(30.6
)
(23.6
)
29.7
(48.6
)
(45.0
)
8.0
Income tax rate
28.3
%
27.6
%
28.2
%
27.6
%
Net income
$
77.7
$
61.9
25.5
%
$
123.9
$
118.3
4.7
%
Diluted net income per share:
Net income per share
$
3.38
$
2.63
28.5
%
$
5.32
$
5.08
4.7
%
Diluted shares outstanding
23.0
23.5
(2.1
) %
23.3
23.3
—
%
NM - not meaningful
Lithia Motors, Inc.
Key Performance Metrics (Unaudited)
Three months ended June 30,
%
Six months ended June 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Gross margin
New vehicle retail
6.7
%
5.6
%
110
bps
6.2
%
5.7
%
50
bps
Used vehicle retail
10.7
10.5
20
10.5
10.4
10
Finance and insurance
100.0
100.0
—
100.0
100.0
—
Service, body and parts
52.4
50.8
160
51.6
50.5
110
Gross profit margin
16.8
15.3
150
16.6
15.6
100
Unit sales
New vehicle retail
34,869
45,887
(24.0
)%
70,776
85,582
(17.3
)%
Used vehicle retail
43,505
42,865
1.5
86,136
83,540
3.1
Total retail units sold
78,374
88,752
(11.7
)
156,912
169,122
(7.2
)
Average selling price
New vehicle retail
$
39,226
$
37,208
5.4
%
$
38,732
$
37,023
4.6
%
Used vehicle retail
21,196
20,724
2.3
20,857
20,543
1.5
Average gross profit per unit
New vehicle retail
$
2,643
$
2,078
27.2
%
$
2,407
$
2,119
13.6
%
Used vehicle retail
2,259
2,174
3.9
2,185
2,128
2.7
Finance and insurance
1,593
1,453
9.6
1,572
1,457
7.9
Total vehicle(1)
4,050
3,598
12.6
3,875
3,596
7.8
Revenue mix
New vehicle retail
49.6
%
53.0
%
49.3
%
52.2
%
Used vehicle retail
33.4
27.6
32.3
28.3
Used vehicle wholesale
1.9
2.5
2.1
2.6
Finance and insurance, net
4.5
4.0
4.4
4.1
Service, body and parts
10.0
10.4
10.9
10.8
Fleet and other
0.6
2.5
1.0
2.0
Gross Profit Mix
New vehicle retail
19.8
%
19.3
%
18.4
%
19.2
%
Used vehicle retail
21.2
18.9
20.3
18.8
Used vehicle wholesale
0.5
0.4
0.3
0.3
Finance and insurance, net
26.9
26.1
26.7
26.1
Service, body and parts
31.0
34.5
33.8
34.9
Fleet and other
0.6
0.8
0.5
0.7
Adjusted
As reported
Adjusted
As reported
Three months ended June 30,
Three months ended June 30,
Six months ended June 30,
Six months ended June 30,
Other metrics
2020
2019
2020
2019
2020
2019
2020
2019
SG&A as a % of revenue
10.9
%
10.7
%
11.0
%
11.1
%
11.6
%
11.0
%
11.7
%
11.2
%
SG&A as a % of gross profit
64.7
70.1
65.6
72.2
69.7
70.7
70.3
71.8
Operating profit as a % of revenue
5.1
3.9
4.7
3.6
4.2
3.9
4.0
3.7
Operating profit as a % of gross profit
30.5
25.8
27.9
23.7
25.5
25.0
24.1
23.9
Pretax margin
4.4
3.0
3.9
2.7
3.3
2.9
3.1
2.7
Net profit margin
3.1
2.2
2.8
1.9
2.4
2.1
2.2
1.9
(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.
Same Store Operating Highlights (Unaudited)
Three months ended June 30,
%
Six months ended June 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
Revenues
New vehicle retail
$
1,277.9
$
1,670.2
(23.5
)%
$
2,550.9
$
3,092.8
(17.5
)%
Used vehicle retail
869.6
865.4
0.5
1,695.6
1,668.5
1.6
Finance and insurance
116.9
125.6
(6.9
)
230.4
240.0
(4.0
)
Service, body and parts
259.0
326.4
(20.6
)
567.2
632.4
(10.3
)
Total revenues
2,587.4
3,146.2
(17.8
)
5,206.4
5,912.7
(11.9
)
Gross profit
New vehicle retail
$
85.2
$
93.7
(9.1
) %
$
157.8
$
177.6
(11.1
)%
Used vehicle retail
92.0
91.5
0.5
175.7
174.3
0.8
Finance and insurance
116.9
125.6
(6.9
)
230.4
240.0
(4.0
)
Service, body and parts
135.6
166.0
(18.3
)
292.8
320.2
(8.6
)
Total gross profit
434.4
482.4
(10.0
)
864.3
921.1
(6.2
)
Gross margin
New vehicle retail
6.7
%
5.6
%
110
bps
6.2
%
5.7
%
50
bps
Used vehicle retail
10.6
10.6
—
10.4
10.4
—
Finance and insurance
100.0
100.0
—
100.0
100.0
—
Service, body and parts
52.4
50.8
160
51.6
50.6
100
Gross profit margin
16.8
15.3
150
16.6
15.6
100
Unit sales
New vehicle retail
32,461
44,700
(27.4
)%
65,341
83,173
(21.4
)%
Used vehicle retail
41,030
41,676
(1.6
)
81,094
80,967
0.2
Average selling price
New vehicle retail
$
39,366
$
37,364
5.4
%
$
39,039
$
37,185
5.0
%
Used vehicle retail
21,194
20,766
2.1
20,910
20,607
1.5
Average gross profit per unit
New vehicle retail
$
2,625
$
2,095
25.3
%
$
2,415
$
2,136
13.1
%
Used vehicle retail
2,243
2,195
2.2
2,167
2,153
0.7
Finance and insurance
1,590
1,454
9.4
1,573
1,462
7.6
Total vehicle(1)
4,030
3,618
11.4
3,870
3,622
6.8
(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)
Financial covenants
Requirement
As of June 30, 2020
Current ratio
Not less than 1.10 to 1
1.37 to 1
Fixed charge coverage ratio
Not less than 1.20 to 1
2.78 to 1
Leverage ratio
Not more than 5.75 to 1
2.60 to 1
Lithia Motors, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
June 30, 2020
December 31, 2019
Cash and cash equivalents
$
120.3
$
84.0
Trade receivables, net
446.4
505.0
Inventories, net
1,812.8
2,433.7
Other current assets
50.6
47.8
Total current assets
$
2,430.1
$
3,070.5
Property and equipment, net
1,663.0
1,611.7
Intangibles
947.7
761.3
Other non-current assets
498.2
640.4
Total assets
$
5,539.0
$
6,083.9
Floor plan notes payable
1,460.6
2,067.6
Other current liabilities
565.8
501.5
Total current liabilities
$
2,026.4
$
2,569.1
Long-term debt
1,357.9
1,430.6
Other long-term liabilities and deferred revenue
622.5
616.5
Total liabilities
$
4,006.8
$
4,616.2
Stockholder's Equity
1,532.2
1,467.7
Total liabilities & stockholders' equity
$
5,539.0
$
6,083.9
Lithia Motors, Inc.
Summarized Cash Flow from Operations (Unaudited)
(In millions)
Six months ended June 30,
2020
2019
Net income
$
123.9
$
118.3
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments
7.9
0.5
Depreciation and amortization
44.3
40.0
Stock-based compensation
10.0
7.4
Gain on disposal of assets
(0.3
)
—
Gain on sale of franchises
(1.4
)
0.3
Deferred income taxes
(4.9
)
7.6
(Increase) decrease:
Trade receivables, net
53.8
40.1
Inventories
624.7
(63.0
)
Other assets
(10.6
)
6.4
Increase (decrease):
Floor plan notes payable, net
(130.7
)
89.7
Trade payables
0.3
3.5
Accrued liabilities
51.1
(8.8
)
Other long-term liabilities and deferred revenue
21.9
2.4
Net cash provided by operating activities
$
790.0
$
244.4
Lithia Motors, Inc.
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
Six months ended June 30,
Net cash provided by operating activities
2020
2019
As reported
$
790.0
$
244.4
Floor plan notes payable, non-trade, net
(456.8
)
(11.1
)
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory
(22.3
)
(19.3
)
Adjusted
$
310.9
$
214.0
Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Three Months Ended June 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
304.5
1.3
—
(5.0
)
(0.5
)
—
300.3
Operating income
129.7
(1.3
)
7.9
5.0
0.5
—
141.8
Income before income taxes
108.3
(1.3
)
7.9
5.0
0.5
—
120.4
Income tax (provision) benefit
(30.6
)
0.4
(2.3
)
(1.4
)
(0.2
)
(0.8
)
(34.9
)
Net income
$
77.7
$
(0.9
)
$
5.6
$
3.6
$
0.3
$
(0.8
)
$
85.5
Diluted earnings per share
$
3.38
$
(0.04
)
$
0.24
$
0.16
$
0.01
$
(0.03
)
$
3.72
Diluted share count
23.0
Three Months Ended June 30, 2019
As reported
Disposal loss on sale of stores
Insurance reserves
Acquisition expenses
Adjusted
Selling, general and administrative
$
356.5
$
(0.4
)
$
(8.4
)
$
(1.5
)
$
346.2
Operating income
116.9
0.4
8.4
1.5
127.2
Income before income taxes
85.5
0.4
8.4
1.5
95.8
Income tax (provision) benefit
(23.6
)
(0.1
)
(2.3
)
(0.4
)
(26.4
)
Net income
$
61.9
$
0.3
$
6.1
$
1.1
$
69.4
Diluted earnings per share
$
2.63
$
0.01
$
0.26
$
0.05
$
2.95
Diluted share count
23.5
Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Six Months Ended June 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
650.5
1.4
—
(5.8
)
(1.0
)
—
645.1
Operating income
222.6
(1.4
)
7.9
5.8
1.0
—
235.9
Income before income taxes
172.5
(1.4
)
7.9
5.8
1.0
—
185.8
Income tax (provision) benefit
(48.6
)
0.4
(2.3
)
(1.6
)
(0.3
)
(0.8
)
(53.2
)
Net income
$
123.9
$
(1.0
)
$
5.6
$
4.2
$
0.7
$
(0.8
)
$
132.6
Diluted earnings per share
$
5.32
$
(0.04
)
$
0.24
$
0.18
$
0.03
$
(0.03
)
$
5.70
Diluted share count
23.3
Six Months Ended June 30, 2019
As reported
Disposal loss on sale of stores
Asset impairment
Insurance reserves
Acquisition expenses
Adjusted
Asset impairments
$
0.5
$
—
$
(0.5
)
$
—
$
—
$
—
Selling, general and administrative
678.3
(0.3
)
—
(8.4
)
(1.7
)
667.9
Operating income
225.5
0.3
0.5
8.4
1.7
236.4
Income before income taxes
163.3
0.3
0.5
8.4
1.7
174.2
Income tax (provision) benefit
(45.0
)
(0.1
)
(0.1
)
(2.3
)
(0.5
)
(48.0
)
Net income
$
118.3
$
0.2
$
0.4
$
6.1
$
1.2
$
126.2
Diluted earnings per share
$
5.08
$
0.01
$
0.02
$
0.26
$
0.05
$
5.42
Diluted share count
23.3
Lithia Motors, Inc.
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
Three months ended June 30,
%
Six months ended June 30,
%
Increase
Increase
2020
2019
(Decrease)
2020
2019
(Decrease)
EBITDA and Adjusted EBITDA
Net income
$
77.7
$
61.9
25.5
%
$
123.9
$
118.3
4.7
%
Flooring interest expense
8.1
19.4
(58.2
)
22.1
37.5
(41.1
)
Other interest expense
16.8
15.0
12.0
33.8
30.3
11.6
Income tax expense
30.6
23.6
29.7
48.6
45.0
8.0
Depreciation and amortization
22.3
20.2
10.4
44.3
40.0
10.8
EBITDA
$
155.5
$
140.1
11.0
%
$
272.7
$
271.1
0.6
%
Other adjustments:
Less: flooring interest expense
$
(8.1
)
$
(19.4
)
(58.2
)
$
(22.1
)
$
(37.5
)
(41.1
)
Less: used vehicle line of credit interest
(0.1
)
(1.1
)
(90.9
)
(0.3
)
(2.7
)
(88.9
)
Add: acquisition expenses
0.5
1.5
(66.7
)
1.0
1.7
(41.2
)
Less: gain on divestitures
(1.3
)
0.4
(425.0
)
(1.4
)
0.3
(566.7
)
Add: insurance reserve
5.0
8.4
(40.5
)
5.8
8.4
(31.0
)
Add: asset impairment
7.9
—
NM
7.9
0.5
NM
Adjusted EBITDA
$
159.4
$
129.9
22.7
%
$
263.6
$
241.8
9.0
%
NM - not meaningful
As of
%
June 30,
Increase
Net Debt to Adjusted EBITDA
2020
2019
(Decrease)
Floor plan notes payable: non-trade
$
1,168.6
$
1,709.6
(31.6
)%
Floor plan notes payable
292.0
414.1
(29.5
)
Used and service loaner vehicle inventory financing facility
40.0
320.0
(87.5
)
Revolving lines of credit
—
104.5
NM
Real estate mortgages
636.9
596.7
6.7
5.250% Senior notes due 2025
300.0
300.0
—
4.625% Senior notes due 2027
400.0
—
NM
Other debt
48.0
33.8
42.0
Unamortized debt issuance costs
(10.4
)
(5.5
)
89.1
Total debt
$
2,875.1
$
3,473.2
(17.2
)%
Less: Floor plan related debt
$
(1,500.6
)
$
(2,443.7
)
(38.6
)%
Less: Cash and cash equivalents
(120.3
)
(44.7
)
169.1
Less: Availability on used vehicle and service loaner financing facility
(281.9
)
(1.9
)
NM
Net Debt
$
972.3
$
982.9
(1.1
)%
TTM Adjusted EBITDA
$
539.7
$
482.4
11.9
%
Net debt to Adjusted EBITDA
1.80
x
2.04
x
(11.8
)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20200722005285/en/
Eric Pitt VP, Investor Relations and Treasurer EPitt@lithia.com (541) 864-1748
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