$LAD
LITHIA MOTORS INC

2019 Q3 Form 10-Q Financial Statement

#000102312819000133 Filed on October 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $3.332B $2.973B $3.092B
YoY Change 7.77% 10.0% 15.36%
Cost Of Revenue $2.822B $2.531B $2.626B
YoY Change 7.45% 9.73% 15.3%
Gross Profit $510.9M $441.9M $466.2M
YoY Change 9.59% 11.56% 15.68%
Gross Profit Margin 15.33% 14.86% 15.08%
Selling, General & Admin $343.2M $312.8M $309.0M
YoY Change 11.07% 17.11% 9.48%
% of Gross Profit 67.18% 70.79% 66.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.90M $20.10M $19.60M
YoY Change 6.63% 24.84% 32.43%
% of Gross Profit 4.09% 4.55% 4.2%
Operating Expenses $343.2M $332.9M $309.0M
YoY Change 11.07% 17.55% 9.48%
Operating Profit $146.8M $109.0M $137.6M
YoY Change 6.69% -3.45% 29.87%
Interest Expense -$32.70M -$32.50M -$31.00M
YoY Change 5.48% 45.09% 51.22%
% of Operating Profit -22.28% -29.82% -22.53%
Other Income/Expense, Net $3.300M $3.400M $2.400M
YoY Change 37.5% 325.0% 113.33%
Pretax Income $117.4M $78.00M $109.0M
YoY Change 7.71% -14.66% 25.95%
Income Tax $32.20M $33.90M $15.90M
% Of Pretax Income 27.43% 43.46% 14.59%
Net Earnings $85.20M $59.90M $93.10M
YoY Change -8.49% -33.0% 79.43%
Net Earnings / Revenue 2.56% 2.01% 3.01%
Basic Earnings Per Share $3.67 $3.85
Diluted Earnings Per Share $3.64 $2.527M $3.84
COMMON SHARES
Basic Shares Outstanding 23.20M shares 24.20M shares
Diluted Shares Outstanding 23.40M shares 24.30M shares

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.10M $31.60M $31.40M
YoY Change -13.69% -44.85% -18.65%
Cash & Equivalents $27.10M $31.60M $31.43M
Short-Term Investments
Other Short-Term Assets $56.70M $65.10M $47.65M
YoY Change 19.0% -8.18% -20.08%
Inventory $2.386B $2.365B $2.276B
Prepaid Expenses
Receivables $459.7M $529.4M $470.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.930B $2.991B $2.826B
YoY Change 3.69% 7.5% 12.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.483B $1.448B $1.249B
YoY Change 18.73% 22.17% 14.78%
Goodwill $456.8M $434.9M $357.0M
YoY Change 27.97% 69.68% 38.8%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $309.6M $221.0M $487.2M
YoY Change -36.45% -18.69% 48.42%
Total Long-Term Assets $2.808B $2.393B $2.349B
YoY Change 19.53% 25.91% 26.26%
TOTAL ASSETS
Total Short-Term Assets $2.930B $2.991B $2.826B
Total Long-Term Assets $2.808B $2.393B $2.349B
Total Assets $5.738B $5.384B $5.175B
YoY Change 10.88% 14.97% 18.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.0M $126.3M $113.7M
YoY Change 11.73% 13.38% 10.24%
Accrued Expenses $328.1M $283.6M $259.8M
YoY Change 26.28% 12.72% 7.77%
Deferred Revenue
YoY Change
Short-Term Debt $2.002B $2.058B $1.956B
YoY Change 2.36% 7.23% 14.19%
Long-Term Debt Due $26.30M $25.90M $33.90M
YoY Change -22.42% 37.04% 92.61%
Total Short-Term Liabilities $2.483B $2.494B $2.363B
YoY Change 5.09% 8.37% 13.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.288B $1.358B $1.287B
YoY Change 0.05% 32.06% 29.84%
Other Long-Term Liabilities $108.1M $122.2M $123.6M
YoY Change -12.56% 10.09% 13.03%
Total Long-Term Liabilities $108.1M $122.2M $123.6M
YoY Change -12.56% 10.09% 13.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.483B $2.494B $2.363B
Total Long-Term Liabilities $108.1M $122.2M $123.6M
Total Liabilities $4.378B $4.187B $3.969B
YoY Change 10.3% 16.3% 18.84%
SHAREHOLDERS EQUITY
Retained Earnings $1.341B $1.162B $1.109B
YoY Change 20.89% 25.95% 32.03%
Common Stock $3.400M $35.00M $45.90M
YoY Change -92.59% 209.73% 8.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.359B $1.197B $1.205B
YoY Change
Total Liabilities & Shareholders Equity $5.738B $5.384B $5.175B
YoY Change 10.88% 14.97% 18.37%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $85.20M $59.90M $93.10M
YoY Change -8.49% -33.0% 79.43%
Depreciation, Depletion And Amortization $20.90M $20.10M $19.60M
YoY Change 6.63% 24.84% 32.43%
Cash From Operating Activities $209.1M $140.4M $143.0M
YoY Change 46.22% -225.81% 74.6%
INVESTING ACTIVITIES
Capital Expenditures -$34.10M -$44.60M -$41.00M
YoY Change -16.83% 34.34% 2.76%
Acquisitions
YoY Change
Other Investing Activities -$55.80M $2.100M -$22.10M
YoY Change 152.49% -105.24% -92.63%
Cash From Investing Activities -$89.90M -$42.50M -$63.10M
YoY Change 42.47% -42.02% -81.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -136.8M -97.80M -78.40M
YoY Change 74.49% -148.04% -129.57%
NET CHANGE
Cash From Operating Activities 209.1M 140.4M 143.0M
Cash From Investing Activities -89.90M -42.50M -63.10M
Cash From Financing Activities -136.8M -97.80M -78.40M
Net Change In Cash -17.60M 100.0K 1.500M
YoY Change -1273.33% -99.47% -79.45%
FREE CASH FLOW
Cash From Operating Activities $209.1M $140.4M $143.0M
Capital Expenditures -$34.10M -$44.60M -$41.00M
Free Cash Flow $243.2M $185.0M $184.0M
YoY Change 32.17% -335.97% 51.07%

Facts In Submission

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us-gaap Increase Decrease In Accounts Payable
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lad Increase Decrease In Vehicle Floor Plan Payable Non Trade Net
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lad Increase Decrease In Vehicle Floor Plan Payable Non Trade Net
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lad Repayments Of Longterm Debt Scheduled Payments
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us-gaap Net Cash Provided By Used In Financing Activities
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<div style="line-height:120%;text-align:justify;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;text-align:justify;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.</span></div>
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CY2019Q3 us-gaap Goodwill
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4000000.0 USD
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us-gaap Revenues
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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q3 us-gaap Revenues
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CY2018Q3 us-gaap Revenues
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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259500000 USD
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CY2018Q4 us-gaap Assets
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25800000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
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CY2019Q3 us-gaap Operating Lease Liability
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CY2019Q3 us-gaap Finance Lease Liability Current
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CY2019Q3 lad Lease Liability
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CY2018Q4 us-gaap Capital Lease Obligations
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P13Y
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P13Y
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CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
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37600000 USD
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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31500000 USD
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26400000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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228200000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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100700000 USD
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1900000 USD
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4300000 USD
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CY2018Q3 us-gaap Business Acquisitions Pro Forma Revenue
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us-gaap Business Acquisitions Pro Forma Revenue
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9557000000.0 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
9326800000 USD
CY2019Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
85200000 USD
CY2018Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
93600000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
204000000.0 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
205600000 USD
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
3.67
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
3.87
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
8.79
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
8.34
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
3.63
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
3.86
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
8.74
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
8.30
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
Recent Accounting Pronouncements<div style="line-height:120%;text-align:justify;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;padding-left:0px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the updated standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if applicable. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The same impairment test also applies to any reporting unit with a zero or negative carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019, on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. We do not expect the adoption of ASU 2017-04 to have a material effect on our financial position, results of operations or cash flows.</span></div>

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