2024 Q2 Form 10-Q Financial Statement

#000102312824000064 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $9.232B $8.562B
YoY Change 13.81% 22.77%
Cost Of Revenue $7.801B $7.227B
YoY Change 15.65% 24.96%
Gross Profit $1.431B $1.335B
YoY Change 4.74% 12.14%
Gross Profit Margin 15.5% 15.59%
Selling, General & Admin $973.4M $934.3M
YoY Change 16.06% 23.6%
% of Gross Profit 68.02% 69.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.30M $75.90M
YoY Change 28.72% 60.47%
% of Gross Profit 4.35% 5.68%
Operating Expenses $1.036B $934.3M
YoY Change 16.75% 16.32%
Operating Profit $395.4M $341.4M
YoY Change -17.5% -11.9%
Interest Expense -$137.8M -$124.8M
YoY Change 72.68% 85.71%
% of Operating Profit -34.85% -36.56%
Other Income/Expense, Net $27.00M $3.500M
YoY Change 145.45% 40.0%
Pretax Income $282.8M $220.6M
YoY Change -30.52% -29.81%
Income Tax $66.20M $55.60M
% Of Pretax Income 23.41% 25.2%
Net Earnings $214.2M $162.6M
YoY Change -27.93% -28.9%
Net Earnings / Revenue 2.32% 1.9%
Basic Earnings Per Share $7.88 $5.90
Diluted Earnings Per Share $7.88 $5.89
COMMON SHARES
Basic Shares Outstanding 27.41M shares 27.53M shares
Diluted Shares Outstanding 27.20M shares 27.60M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $516.4M $264.4M
YoY Change 158.59% -11.69%
Cash & Equivalents $516.4M $264.4M
Short-Term Investments
Other Short-Term Assets $194.8M $217.4M
YoY Change 48.93% 45.32%
Inventory $6.243B $5.862B
Prepaid Expenses
Receivables $1.243B $1.249B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.355B $7.733B
YoY Change 52.08% 50.23%
LONG-TERM ASSETS
Property, Plant & Equipment $5.339B $5.255B
YoY Change 36.64% 25.31%
Goodwill $2.118B $2.082B
YoY Change 31.54% 37.3%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.200B $1.159B
YoY Change -32.27% 10.41%
Total Long-Term Assets $14.85B $14.45B
YoY Change 21.83% 28.15%
TOTAL ASSETS
Total Short-Term Assets $8.355B $7.733B
Total Long-Term Assets $14.85B $14.45B
Total Assets $23.21B $22.18B
YoY Change 31.23% 35.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $380.4M $327.6M
YoY Change 27.78% 2.38%
Accrued Expenses $1.198B $1.177B
YoY Change 39.53% 33.5%
Deferred Revenue
YoY Change
Short-Term Debt $5.288B $4.962B
YoY Change 87.72% 86.25%
Long-Term Debt Due $154.3M $124.8M
YoY Change 104.64% 52.01%
Total Short-Term Liabilities $7.020B $6.592B
YoY Change 73.41% 66.96%
LONG-TERM LIABILITIES
Long-Term Debt $8.034B $7.466B
YoY Change 21.49% 27.73%
Other Long-Term Liabilities $287.6M $277.4M
YoY Change -76.41% 42.92%
Total Long-Term Liabilities $287.6M $277.4M
YoY Change -96.33% 42.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.020B $6.592B
Total Long-Term Liabilities $287.6M $277.4M
Total Liabilities $16.77B $15.76B
YoY Change 41.13% 44.05%
SHAREHOLDERS EQUITY
Retained Earnings $5.362B $5.162B
YoY Change 17.43% 20.54%
Common Stock $1.004B $1.186B
YoY Change -14.86% 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.368B $6.351B
YoY Change
Total Liabilities & Shareholders Equity $23.21B $22.18B
YoY Change 31.23% 35.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $214.2M $162.6M
YoY Change -27.93% -28.9%
Depreciation, Depletion And Amortization $62.30M $75.90M
YoY Change 28.72% 60.47%
Cash From Operating Activities -$148.4M $292.4M
YoY Change -40.57% -696.73%
INVESTING ACTIVITIES
Capital Expenditures $130.1M $79.60M
YoY Change 123.54% 104.63%
Acquisitions $1.074B
YoY Change 177.34%
Other Investing Activities -$119.1M -$1.186B
YoY Change -77.45% 216.35%
Cash From Investing Activities -$249.2M -$1.266B
YoY Change -57.5% 205.85%
FINANCING ACTIVITIES
Cash Dividend Paid $13.80M
YoY Change 20.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 672.6M $445.0M
YoY Change -8.94% -12.73%
NET CHANGE
Cash From Operating Activities -148.4M $292.4M
Cash From Investing Activities -249.2M -$1.266B
Cash From Financing Activities 672.6M $445.0M
Net Change In Cash 275.0M -$531.5M
YoY Change -382.34% -1099.06%
FREE CASH FLOW
Cash From Operating Activities -$148.4M $292.4M
Capital Expenditures $130.1M $79.60M
Free Cash Flow -$278.5M $212.8M
YoY Change -9.55% -342.09%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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140200000 usd
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CashRestrictedCashAndCashEquivalents
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CashRestrictedCashAndCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
440500000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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IncomeTaxesPaid
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IncomeTaxesPaid
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CashPaidForRepaymentsOfDebtDueToDisposalGroup
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CashPaidForRepaymentsOfDebtDueToDisposalGroup
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CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 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. Within our financing operations income, we disaggregated our “lease income” out of our previously reported “interest, fee, and lease income”, to be its own separately presented line item.</span></div>
CY2024Q1 lad Floor Plan Notes Payable
FloorPlanNotesPayable
2533300000 usd
CY2023Q4 lad Floor Plan Notes Payable
FloorPlanNotesPayable
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AccountsReceivableGrossCurrent
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AccountsReceivableGrossCurrent
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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AccountsReceivableNetCurrent
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CY2024Q1 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2024Q1 lad Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
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CY2023Q4 lad Floor Plan Notes Payable Non Trade
FloorPlanNotesPayableNonTrade
2288500000 usd
CY2024Q1 lad Floor Plan Debt
FloorPlanDebt
4962000000 usd
CY2023Q4 lad Floor Plan Debt
FloorPlanDebt
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Noncurrent
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossNoncurrent
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FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossNoncurrent
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CY2024Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
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CY2023Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Noncurrent
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossNoncurrent
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Noncurrent
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossNoncurrent
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Noncurrent
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossNoncurrent
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Noncurrent
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossNoncurrent
3348700000 usd
CY2024Q1 us-gaap Financing Receivable Threshold Period Past Due
FinancingReceivableThresholdPeriodPastDue
P120D
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
106400000 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
69300000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
14800000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
11400000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Loan Sold
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossLoanSold
300000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Loan Sold
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossLoanSold
0 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
25000000.0 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
26300000 usd
CY2024Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest Noncurrent
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestNoncurrent
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff
13400000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff
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CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff
14200000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff
4900000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year Writeoff
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff
8900000 usd
CY2024Q1 lad Financing Receivable Excluding Accrued Interest Other Financing Receivables Writeoff
FinancingReceivableExcludingAccruedInterestOtherFinancingReceivablesWriteoff
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CY2023Q1 lad Financing Receivable Excluding Accrued Interest Other Financing Receivables Writeoff
FinancingReceivableExcludingAccruedInterestOtherFinancingReceivablesWriteoff
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CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
34100000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
24800000 usd
CY2022Q4 us-gaap Goodwill
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1460700000 usd
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
519100000 usd
CY2023 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
51100000 usd
CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1900000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
1930600000 usd
CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
47600000 usd
CY2024Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
105500000 usd
CY2024Q1 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
200000 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1800000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
2081700000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 usd
CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-600000 usd
CY2024Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
12700000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsRemainderOfFiscalYear
3300000 usd
CY2024Q1 lad Net Investment In Operating Leases Gross
NetInvestmentInOperatingLeasesGross
295700000 usd
CY2023Q4 lad Net Investment In Operating Leases Gross
NetInvestmentInOperatingLeasesGross
102700000 usd
CY2024Q1 lad Net Investment In Operating Leases Accumulated Depreciation
NetInvestmentInOperatingLeasesAccumulatedDepreciation
16300000 usd
CY2023Q4 lad Net Investment In Operating Leases Accumulated Depreciation
NetInvestmentInOperatingLeasesAccumulatedDepreciation
11200000 usd
CY2024Q1 lad Net Investment In Operating Leases
NetInvestmentInOperatingLeases
279400000 usd
CY2023Q4 lad Net Investment In Operating Leases
NetInvestmentInOperatingLeases
91500000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
385500000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
317000000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15800000 usd
CY2024Q1 lad Lessee Operating Lease Option To Renew
LesseeOperatingLeaseOptionToRenew
1 option
CY2024Q1 us-gaap Defined Benefit Plan Benefit Obligation Period Increase Decrease
DefinedBenefitPlanBenefitObligationPeriodIncreaseDecrease
465700000 usd
CY2024Q1 us-gaap Defined Benefit Plan Actual Return On Plan Assets
DefinedBenefitPlanActualReturnOnPlanAssets
466400000 usd
CY2024Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
5600000 usd
CY2024Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
6.20
CY2023Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
8.94
CY2024Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
6.19
CY2023Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
8.92
CY2024Q1 us-gaap Stock Repurchased During Period Shares
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0 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0
CY2024Q1 lad Cumulative Stock Repurchases Shares
CumulativeStockRepurchasesShares
7047510 shares
CY2024Q1 lad Cumulative Stock Repurchases Average Purchase Price Per Share
CumulativeStockRepurchasesAveragePurchasePricePerShare
174.96
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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467000000 usd
CY2024Q1 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
-200000 usd
CY2024Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
100000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
50100000 usd
CY2024Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
7700000 usd
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1300000 usd
CY2024Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
9024400000 usd
CY2023Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
8197200000 usd
CY2024Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
170800000 usd
CY2023Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
245700000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
162600000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
228700000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27500000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27600000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27500000 shares
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EarningsPerShareBasic
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EarningsPerShareBasic
8.32
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EarningsPerShareDiluted
5.89
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2 segment
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
220600000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
314300000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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