2022 Q3 Form 10-Q Financial Statement

#000102312822000091 Filed on July 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $7.296B $7.240B $6.310B
YoY Change 18.25% 20.48% 60.07%
Cost Of Revenue $5.982B $5.889B $5.066B
YoY Change 20.09% 20.22% 53.83%
Gross Profit $1.314B $1.351B $1.244B
YoY Change 10.52% 21.62% 91.74%
Gross Profit Margin 18.01% 18.66% 19.71%
Selling, General & Admin $714.7M $781.5M $707.1M
YoY Change 6.15% 23.26% 75.81%
% of Gross Profit 54.38% 57.86% 56.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.90M $41.00M $35.80M
YoY Change 21.8% 35.31% 42.63%
% of Gross Profit 3.19% 3.04% 2.88%
Operating Expenses $756.6M $781.5M $742.9M
YoY Change 12.37% 23.26% 73.9%
Operating Profit $557.6M $528.3M $500.9M
YoY Change 16.29% 18.37% 126.14%
Interest Expense -$60.60M -$56.30M $54.80M
YoY Change 10.58% 57.7% -290.28%
% of Operating Profit -10.87% -10.66% 10.94%
Other Income/Expense, Net -$6.800M -$21.90M -$126.7M
YoY Change -73.54% -388.16% -349.9%
Pretax Income $455.7M $468.2M $431.8M
YoY Change 7.93% 11.64% 68.08%
Income Tax $125.4M $130.6M $139.2M
% Of Pretax Income 27.52% 27.89% 32.24%
Net Earnings $329.6M $331.3M $291.1M
YoY Change 7.05% 8.66% 55.17%
Net Earnings / Revenue 4.52% 4.58% 4.61%
Basic Earnings Per Share $11.97 $11.67
Diluted Earnings Per Share $11.94M $11.60 $9.639M
COMMON SHARES
Basic Shares Outstanding 27.53M shares 28.40M shares 30.28M shares
Diluted Shares Outstanding 27.60M shares 28.60M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.0M $113.2M $174.8M
YoY Change 69.09% -85.5% 9.11%
Cash & Equivalents $233.0M $64.40M $153.0M
Short-Term Investments
Other Short-Term Assets $135.4M $85.20M $63.00M
YoY Change 20.36% 65.76% -10.64%
Inventory $3.309B $2.985B $2.386B
Prepaid Expenses
Receivables $1.009B $978.4M $910.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.687B $4.162B $3.533B
YoY Change 52.39% 7.52% 5.79%
LONG-TERM ASSETS
Property, Plant & Equipment $3.473B $3.777B $3.449B
YoY Change 47.61% 64.26% 56.93%
Goodwill $1.463B $1.238B $977.3M
YoY Change 97.64% 100.49% 64.81%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.585B $2.388B $2.389B
YoY Change -15.53% -10.92% 106.37%
Total Long-Term Assets $9.388B $8.846B $7.614B
YoY Change 31.68% 42.18% 66.88%
TOTAL ASSETS
Total Short-Term Assets $4.687B $4.162B $3.533B
Total Long-Term Assets $9.388B $8.846B $7.614B
Total Assets $14.07B $13.01B $11.15B
YoY Change 37.92% 28.88% 41.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $241.3M $266.5M $235.4M
YoY Change -2.74% 4.1% 48.8%
Accrued Expenses $809.0M $756.6M $753.6M
YoY Change 14.18% 25.74% 64.43%
Deferred Revenue
YoY Change
Short-Term Debt $1.663B $1.471B $1.190B
YoY Change 63.3% 17.49% -33.78%
Long-Term Debt Due $113.4M $120.3M $223.7M
YoY Change -45.19% -75.25% 238.94%
Total Short-Term Liabilities $2.827B $2.614B $2.403B
YoY Change 29.55% 0.72% -3.1%
LONG-TERM LIABILITIES
Long-Term Debt $5.222B $4.722B $3.186B
YoY Change 101.94% 87.23% 54.29%
Other Long-Term Liabilities $997.4M $165.9M $151.3M
YoY Change 502.29% 4.8% 2.58%
Total Long-Term Liabilities $6.220B $165.9M $151.3M
YoY Change 3655.86% 4.8% 2.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.827B $2.614B $2.403B
Total Long-Term Liabilities $6.220B $165.9M $151.3M
Total Liabilities $9.046B $8.270B $6.484B
YoY Change 60.77% 41.03% 23.72%
SHAREHOLDERS EQUITY
Retained Earnings $3.829B $3.511B $2.860B
YoY Change 48.47% 53.86% 55.56%
Common Stock $1.176B $1.186B $1.770B
YoY Change 2215.16% -39.2% 113.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.028B $4.692B $4.626B
YoY Change
Total Liabilities & Shareholders Equity $14.07B $13.01B $11.15B
YoY Change 37.92% 28.88% 41.06%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $329.6M $331.3M $291.1M
YoY Change 7.05% 8.66% 55.17%
Depreciation, Depletion And Amortization $41.90M $41.00M $35.80M
YoY Change 21.8% 35.31% 42.63%
Cash From Operating Activities -$254.4M -$289.4M -$192.0M
YoY Change -135.06% -137.73% -25.67%
INVESTING ACTIVITIES
Capital Expenditures -$73.20M -$75.90M -$66.30M
YoY Change -9.74% 20.48% 57.11%
Acquisitions
YoY Change
Other Investing Activities -$161.4M -$349.5M -$261.0M
YoY Change -75.58% -73.43% -68.75%
Cash From Investing Activities -$234.6M -$425.4M -$327.3M
YoY Change -68.38% -69.14% -62.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 615.4M 668.6M 556.0M
YoY Change -198.06% -45.28% -55.12%
NET CHANGE
Cash From Operating Activities -254.4M -289.4M -192.0M
Cash From Investing Activities -234.6M -425.4M -327.3M
Cash From Financing Activities 615.4M 668.6M 556.0M
Net Change In Cash 126.4M -46.20M 36.70M
YoY Change -119.63% -107.57% -64.4%
FREE CASH FLOW
Cash From Operating Activities -$254.4M -$289.4M -$192.0M
Capital Expenditures -$73.20M -$75.90M -$66.30M
Free Cash Flow -$181.2M -$213.5M -$125.7M
YoY Change -122.46% -125.72% -41.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LITHIA MOTORS INC
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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150 N. Bartlett Street
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dei Security12b Title
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<div><span style="color:#00497f;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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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CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
395500000 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
266100000 usd
CY2020Q4 us-gaap Indefinite Lived Franchise Rights
IndefiniteLivedFranchiseRights
350200000 usd
CY2021 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
459700000 usd
CY2021 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
IndefiniteLivedIntangibleAssetsWrittenOffRelatedToSaleOfBusinessUnit
8900000 usd
CY2021 lad Franchise Value Impairment
FranchiseValueImpairment
1900000 usd
CY2021Q4 us-gaap Indefinite Lived Franchise Rights
IndefiniteLivedFranchiseRights
799100000 usd
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
646700000 usd
us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
IndefiniteLivedIntangibleAssetsWrittenOffRelatedToSaleOfBusinessUnit
2000000.0 usd
CY2022Q2 us-gaap Indefinite Lived Franchise Rights
IndefiniteLivedFranchiseRights
1443800000 usd
CY2021 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
459700000 usd
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
646700000 usd
CY2021Q4 lad Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
750000000 usd
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1250000000 usd
CY2022Q2 lad Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
1100000000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2138878 shares
lad Stock Repurchased And Retired During The Period Average Purchase Price Per Share
StockRepurchasedAndRetiredDuringThePeriodAveragePurchasePricePerShare
284.58
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
6614809 shares
lad Stock Repurchased And Retired During The Period Average Purchase Price Per Share
StockRepurchasedAndRetiredDuringThePeriodAveragePurchasePricePerShare
171.73
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
114100000 usd
CY2021Q3 lad Redeemable Non Controlling Interest Redemption Feature Period
RedeemableNonControllingInterestRedemptionFeaturePeriod
P3Y
CY2022Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-18100000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-33000000 usd
CY2021Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1200000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
900000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
630900000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7240100000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6009400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13945400000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10352400000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
468200000 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
419400000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
938000000.0 usd
CY2022Q2 us-gaap Assets
Assets
13007700000 usd
CY2021Q4 us-gaap Assets
Assets
11146900000 usd
CY2022Q2 lad Lessee Operating Lease Option To Renew
LesseeOperatingLeaseOptionToRenew
1 option
CY2022Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1500000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
8100000 usd
CY2021Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
10400000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
11600000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
7562400000 usd
CY2021Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
6579900000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14588300000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
11331500000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
356200000 usd
CY2021Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
337400000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
712500000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
510200000 usd
CY2022Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
12.54
CY2021Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
11.99
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
24.60
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
18.62
CY2022Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
12.46
CY2021Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
11.89
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
24.48
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
18.47
CY2022Q2 lad Net Investment In Operating Leases Gross
NetInvestmentInOperatingLeasesGross
84700000 usd
CY2021Q4 lad Net Investment In Operating Leases Gross
NetInvestmentInOperatingLeasesGross
66000000.0 usd
CY2022Q2 lad Net Investment In Operating Leases Accumulated Depreciation
NetInvestmentInOperatingLeasesAccumulatedDepreciation
6700000 usd
CY2021Q4 lad Net Investment In Operating Leases Accumulated Depreciation
NetInvestmentInOperatingLeasesAccumulatedDepreciation
900000 usd
CY2022Q2 lad Net Investment In Operating Leases
NetInvestmentInOperatingLeases
78000000.0 usd
CY2021Q4 lad Net Investment In Operating Leases
NetInvestmentInOperatingLeases
65100000 usd

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