$LAD
LITHIA MOTORS INC

2020 Q3 Form 10-Q Financial Statement

#000102312820000123 Filed on October 23, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q1 2019 Q4
Revenue $3.620B $2.804B $3.269B
YoY Change 8.64% -1.61% 9.95%
Cost Of Revenue $2.969B $2.343B $2.770B
YoY Change 5.21% -2.34% 9.44%
Gross Profit $651.6M $460.9M $498.6M
YoY Change 27.54% 2.26% 12.83%
Gross Profit Margin 18.0% 16.44% 15.25%
Selling, General & Admin $389.1M $346.0M $352.3M
YoY Change 13.37% 7.52% 12.63%
% of Gross Profit 59.71% 75.07% 70.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.00M $22.00M $21.50M
YoY Change 10.05% 11.11% 6.97%
% of Gross Profit 3.53% 4.77% 4.31%
Operating Expenses $389.1M $346.0M $373.8M
YoY Change 13.37% 7.52% 12.29%
Operating Profit $239.6M $92.90M $124.8M
YoY Change 63.22% -14.46% 14.5%
Interest Expense -$22.70M -$31.00M -$32.90M
YoY Change -30.58% -7.19% 1.23%
% of Operating Profit -9.47% -33.37% -26.36%
Other Income/Expense, Net $2.200M $2.300M $4.900M
YoY Change -33.33% -11.54% 44.12%
Pretax Income $219.1M $64.20M $94.70M
YoY Change 86.63% -17.48% 21.41%
Income Tax $60.30M $18.00M $26.70M
% Of Pretax Income 27.52% 28.04% 28.19%
Net Earnings $158.8M $46.20M $68.00M
YoY Change 86.38% -18.09% 13.52%
Net Earnings / Revenue 4.39% 1.65% 2.08%
Basic Earnings Per Share $6.95 $1.99
Diluted Earnings Per Share $6.86 $1.97 $2.869M
COMMON SHARES
Basic Shares Outstanding 22.90M shares 23.30M shares
Diluted Shares Outstanding 23.10M shares 23.50M shares

Balance Sheet

Concept 2020 Q3 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.10M $56.60M $84.00M
YoY Change 110.7% 25.78% 165.82%
Cash & Equivalents $57.10M $56.60M $84.00M
Short-Term Investments
Other Short-Term Assets $52.90M $58.20M $47.80M
YoY Change -6.7% 14.34% -26.57%
Inventory $2.129B $2.513B $2.434B
Prepaid Expenses
Receivables $511.7M $504.5M $505.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.750B $2.926B $3.071B
YoY Change -6.13% -3.37% 2.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.798B $1.632B $1.612B
YoY Change 21.29% 12.18% 11.31%
Goodwill $592.2M $457.7M $454.6M
YoY Change 29.64% 0.2% 4.53%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $632.8M $382.5M $388.5M
YoY Change 104.39% 96.36% 75.79%
Total Long-Term Assets $3.645B $3.152B $3.013B
YoY Change 29.84% 20.48% 25.95%
TOTAL ASSETS
Total Short-Term Assets $2.750B $2.926B $3.071B
Total Long-Term Assets $3.645B $3.152B $3.013B
Total Assets $6.396B $6.077B $6.084B
YoY Change 11.47% 7.68% 13.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.2M $108.9M $125.3M
YoY Change 18.27% -8.72% -0.79%
Accrued Expenses $402.2M $291.0M $336.9M
YoY Change 22.58% -6.19% 18.79%
Deferred Revenue
YoY Change
Short-Term Debt $1.604B $1.986B $2.068B
YoY Change -19.91% -6.6% 0.48%
Long-Term Debt Due $56.50M $45.80M $39.30M
YoY Change 114.83% 86.18% 51.74%
Total Short-Term Liabilities $2.212B $2.432B $2.569B
YoY Change -10.91% -5.95% 3.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.799B $1.490B $1.431B
YoY Change 39.7% 14.98% 5.33%
Other Long-Term Liabilities $152.8M $126.9M $109.0M
YoY Change 41.35% 13.4% -10.8%
Total Long-Term Liabilities $152.8M $126.9M $109.0M
YoY Change 41.35% 13.4% -10.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.212B $2.432B $2.569B
Total Long-Term Liabilities $152.8M $126.9M $109.0M
Total Liabilities $4.701B $4.615B $4.616B
YoY Change 7.38% 3.8% 10.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.659B $1.397B $1.402B
YoY Change 23.73% 20.12% 20.63%
Common Stock $36.40M $26.00M $46.00M
YoY Change 970.59% -7.14% 31.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.694B $1.457B $1.468B
YoY Change
Total Liabilities & Shareholders Equity $6.396B $6.077B $6.084B
YoY Change 11.47% 7.68% 13.0%

Cashflow Statement

Concept 2020 Q3 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $158.8M $46.20M $68.00M
YoY Change 86.38% -18.09% 13.52%
Depreciation, Depletion And Amortization $23.00M $22.00M $21.50M
YoY Change 10.05% 11.11% 6.97%
Cash From Operating Activities $10.60M $121.7M $71.00M
YoY Change -94.93% 57.64% -49.43%
INVESTING ACTIVITIES
Capital Expenditures -$47.30M $41.60M -$33.00M
YoY Change 38.71% 42.96% -26.01%
Acquisitions $72.30M
YoY Change
Other Investing Activities -$513.9M -$76.70M -$230.3M
YoY Change 820.97% 1137.1% -11066.67%
Cash From Investing Activities -$561.2M -$118.3M -$263.3M
YoY Change 524.25% 235.13% 519.53%
FINANCING ACTIVITIES
Cash Dividend Paid $7.000M
YoY Change 4.48%
Common Stock Issuance & Retirement, Net $45.60M
YoY Change 5600.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 487.4M -$30.80M 249.2M
YoY Change -456.29% 8.07% -354.81%
NET CHANGE
Cash From Operating Activities 10.60M $121.7M 71.00M
Cash From Investing Activities -561.2M -$118.3M -263.3M
Cash From Financing Activities 487.4M -$30.80M 249.2M
Net Change In Cash -63.20M -$27.40M 56.90M
YoY Change 259.09% -304.48% 56800.0%
FREE CASH FLOW
Cash From Operating Activities $10.60M $121.7M $71.00M
Capital Expenditures -$47.30M $41.60M -$33.00M
Free Cash Flow $57.90M $80.10M $104.0M
YoY Change -76.19% 66.53% -43.78%

Facts In Submission

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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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BusinessAcquisitionProFormaEarningsPerShareBasic
9.50
CY2020Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
6.92
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
3.94
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
12.58
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
9.44
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 December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are currently in the process of evaluating the effects of this pronouncement on our consolidated financial statements.</span></div>

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