$LAD
LITHIA MOTORS INC

2023 Q2 Form 10-Q Financial Statement

#000102312823000090 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $8.112B $6.974B
YoY Change 12.04% 4.0%
Cost Of Revenue $6.745B $5.783B
YoY Change 14.53% 6.56%
Gross Profit $1.366B $1.191B
YoY Change 1.16% -6.84%
Gross Profit Margin 16.85% 17.07%
Selling, General & Admin $838.7M $755.9M
YoY Change 7.32% 4.1%
% of Gross Profit 61.38% 63.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.40M $47.30M
YoY Change 18.05% 20.66%
% of Gross Profit 3.54% 3.97%
Operating Expenses $887.1M $803.2M
YoY Change 13.51% 10.62%
Operating Profit $479.3M $387.5M
YoY Change -9.28% -24.43%
Interest Expense -$79.80M -$67.20M
YoY Change 41.74% 34.67%
% of Operating Profit -16.65% -17.34%
Other Income/Expense, Net $11.00M $2.500M
YoY Change -150.23% -131.25%
Pretax Income $407.0M $314.3M
YoY Change -13.07% -33.1%
Income Tax $105.9M $84.70M
% Of Pretax Income 26.02% 26.95%
Net Earnings $297.2M $228.7M
YoY Change -10.29% -33.17%
Net Earnings / Revenue 3.66% 3.28%
Basic Earnings Per Share $10.79 $8.32
Diluted Earnings Per Share $10.77 $8.32
COMMON SHARES
Basic Shares Outstanding 27.53M shares 27.34M shares
Diluted Shares Outstanding 27.60M shares 27.50M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $199.7M $299.4M
YoY Change 76.41% 85.5%
Cash & Equivalents $199.7M $324.7M
Short-Term Investments
Other Short-Term Assets $130.8M $149.6M
YoY Change 53.52% 46.52%
Inventory $4.279B $3.856B
Prepaid Expenses
Receivables $884.6M $843.1M
Other Receivables $0.00 $8.500M
Total Short-Term Assets $5.494B $5.148B
YoY Change 32.01% 32.52%
LONG-TERM ASSETS
Property, Plant & Equipment $3.908B $4.194B
YoY Change 3.46% 15.28%
Goodwill $1.610B $1.516B
YoY Change 30.11% 48.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.772B $1.050B
YoY Change -25.77% -59.34%
Total Long-Term Assets $12.19B $11.27B
YoY Change 37.79% 37.55%
TOTAL ASSETS
Total Short-Term Assets $5.494B $5.148B
Total Long-Term Assets $12.19B $11.27B
Total Assets $17.68B $16.42B
YoY Change 35.94% 35.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $297.7M $320.0M
YoY Change 11.71% 22.84%
Accrued Expenses $858.4M $881.7M
YoY Change 13.45% -1.03%
Deferred Revenue
YoY Change
Short-Term Debt $2.817B $2.664B
YoY Change 91.48% 91.53%
Long-Term Debt Due $75.40M $82.10M
YoY Change -37.32% -70.96%
Total Short-Term Liabilities $4.048B $3.948B
YoY Change 54.84% 39.75%
LONG-TERM LIABILITIES
Long-Term Debt $6.613B $5.845B
YoY Change 40.05% 72.16%
Other Long-Term Liabilities $1.219B $194.1M
YoY Change 634.84% 23.79%
Total Long-Term Liabilities $7.832B $194.1M
YoY Change 4620.8% 23.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.048B $3.948B
Total Long-Term Liabilities $7.832B $194.1M
Total Liabilities $11.88B $10.94B
YoY Change 43.65% 53.25%
SHAREHOLDERS EQUITY
Retained Earnings $4.566B $4.283B
YoY Change 30.05% 34.19%
Common Stock $1.179B $1.160B
YoY Change -0.64% -32.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.803B $5.437B
YoY Change
Total Liabilities & Shareholders Equity $17.68B $16.42B
YoY Change 35.94% 35.93%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $297.2M $228.7M
YoY Change -10.29% -33.17%
Depreciation, Depletion And Amortization $48.40M $47.30M
YoY Change 18.05% 20.66%
Cash From Operating Activities -$249.7M -$49.00M
YoY Change -13.72% -286.31%
INVESTING ACTIVITIES
Capital Expenditures $58.20M $38.90M
YoY Change -176.68% -35.91%
Acquisitions $387.4M
YoY Change 18.65%
Other Investing Activities -$528.1M -$375.0M
YoY Change 51.1% 26.43%
Cash From Investing Activities -$586.3M -$413.9M
YoY Change 37.82% 15.84%
FINANCING ACTIVITIES
Cash Dividend Paid $11.50M
YoY Change 11.65%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 738.6M $509.9M
YoY Change 10.47% 61.36%
NET CHANGE
Cash From Operating Activities -249.7M -$49.00M
Cash From Investing Activities -586.3M -$413.9M
Cash From Financing Activities 738.6M $509.9M
Net Change In Cash -97.40M $53.20M
YoY Change 110.82% -500.0%
FREE CASH FLOW
Cash From Operating Activities -$249.7M -$49.00M
Capital Expenditures $58.20M $38.90M
Free Cash Flow -$307.9M -$87.90M
YoY Change 44.22% 155.52%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LITHIA MOTORS INC
CY2023Q1 dei Entity Central Index Key
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CY2023Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2022Q1 lad Cash Paid For Repayments Of Debt Due To Disposal Group
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CY2023Q1 lad Acquisition Of Finance Leases In Connection With Acquisitions Noncash Activities
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CY2022Q1 lad Acquisition Of Finance Leases In Connection With Acquisitions Noncash Activities
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 lad Unsettled Repurchases Of Common Stock
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CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
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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 reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements to maintain consistency and comparability between periods presented. We reclassified certain components within our Consolidated Statements of Cash Flows, to present activity associated with Finance Receivables and Non-Recourse Notes Payable. We also reclassified components of our Consolidated Statements of Operations to present Finance Operations Income, and to change our presentation of segment reporting.</span></div>
CY2023Q1 lad Lessee Operating Lease Option To Renew
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Noncurrent
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
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CY2022Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
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CY2022Q1 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
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CY2022Q1 lad Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year Writeoff
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CY2023Q1 lad Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff
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CY2023Q1 us-gaap Goodwill
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CY2022Q4 lad Stock Repurchase Program Additional Authorized Amount
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CY2023Q1 us-gaap Stock Repurchased And Retired During Period Shares
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CY2023Q1 lad Stock Repurchased And Retired During The Period Average Purchase Price Per Share
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CY2023Q1 lad Cumulative Stock Repurchased And Retired During Period Shares
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CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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BusinessAcquisitionsProFormaRevenue
7385500000 usd
CY2022Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
7222900000 usd
CY2023Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
236800000 usd
CY2022Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
352900000 usd
CY2023Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
8.61
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
11.95
CY2023Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
8.60
CY2022Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
11.91
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
228700000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
342200000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27500000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29500000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27500000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29600000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.32
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.59
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.30
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.55
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
314300000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
469800000 usd

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