$LAD
LITHIA MOTORS INC

2016 Q1 Form 10-Q Financial Statement

#000143774916030369 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.983B $1.789B
YoY Change 10.83% 65.96%
Cost Of Revenue $1.676B $1.516B
YoY Change 10.55% 67.31%
Gross Profit $307.2M $273.4M
YoY Change 12.37% 58.85%
Gross Profit Margin 15.49% 15.28%
Selling, General & Admin $219.1M $191.6M
YoY Change 14.35% 57.32%
% of Gross Profit 71.33% 70.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.66M $9.726M
YoY Change 19.92% 76.84%
% of Gross Profit 3.8% 3.56%
Operating Expenses $219.1M $191.6M
YoY Change 14.35% 50.41%
Operating Profit $72.92M $67.90M
YoY Change 7.38% 51.9%
Interest Expense -$11.40M -$9.500M
YoY Change 20.0% 90.0%
% of Operating Profit -15.63% -13.99%
Other Income/Expense, Net -$1.526M -$368.0K
YoY Change 314.67% -140.89%
Pretax Income $60.02M $58.06M
YoY Change 3.38% 42.63%
Income Tax $19.75M $17.40M
% Of Pretax Income 32.91% 29.98%
Net Earnings $40.27M $40.65M
YoY Change -0.94% 64.59%
Net Earnings / Revenue 2.03% 2.27%
Basic Earnings Per Share $1.56 $1.55
Diluted Earnings Per Share $1.55 $1.53
COMMON SHARES
Basic Shares Outstanding 25.82M 26.28M
Diluted Shares Outstanding 25.97M 26.52M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.60M $21.00M
YoY Change 2.86% -5.83%
Cash & Equivalents $21.56M $21.02M
Short-Term Investments
Other Short-Term Assets $50.47M $36.50M
YoY Change 38.28% 37.22%
Inventory $1.541B $1.287B
Prepaid Expenses
Receivables $286.3M $290.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.899B $1.635B
YoY Change 16.19% 40.01%
LONG-TERM ASSETS
Property, Plant & Equipment $882.4M $828.7M
YoY Change 6.48% 68.03%
Goodwill $213.9M $199.3M
YoY Change 7.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $110.2M $110.7M
YoY Change -0.45% 107.69%
Total Long-Term Assets $1.368B $1.290B
YoY Change 6.1% 90.57%
TOTAL ASSETS
Total Short-Term Assets $1.899B $1.635B
Total Long-Term Assets $1.368B $1.290B
Total Assets $3.268B $2.924B
YoY Change 11.74% 58.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.25M $76.50M
YoY Change 2.29% 41.4%
Accrued Expenses $179.1M $153.6M
YoY Change 16.63% 45.04%
Deferred Revenue
YoY Change
Short-Term Debt $1.353B $1.156B
YoY Change 17.05% 51.1%
Long-Term Debt Due $33.70M $40.50M
YoY Change -16.79% 454.79%
Total Short-Term Liabilities $1.644B $1.433B
YoY Change 14.69% 52.4%
LONG-TERM LIABILITIES
Long-Term Debt $595.7M $621.9M
YoY Change -4.21% 130.5%
Other Long-Term Liabilities $84.38M $119.9M
YoY Change -29.63% 55.11%
Total Long-Term Liabilities $84.38M $741.8M
YoY Change -88.63% 113.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.644B $1.433B
Total Long-Term Liabilities $84.38M $741.8M
Total Liabilities $2.453B $2.217B
YoY Change 10.67% 72.17%
SHAREHOLDERS EQUITY
Retained Earnings $566.0M
YoY Change
Common Stock $34.87M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $814.7M $707.8M
YoY Change
Total Liabilities & Shareholders Equity $3.268B $2.924B
YoY Change 11.74% 58.56%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $40.27M $40.65M
YoY Change -0.94% 64.59%
Depreciation, Depletion And Amortization $11.66M $9.726M
YoY Change 19.92% 76.84%
Cash From Operating Activities $34.59M $38.23M
YoY Change -9.51% -270.67%
INVESTING ACTIVITIES
Capital Expenditures $15.90M $24.92M
YoY Change -36.19% -297.75%
Acquisitions $13.80M
YoY Change
Other Investing Activities -$13.30M -$6.000M
YoY Change 121.67% -82.95%
Cash From Investing Activities -$29.23M -$30.94M
YoY Change -5.51% -35.28%
FINANCING ACTIVITIES
Cash Dividend Paid $5.151M $4.216M
YoY Change 22.18%
Common Stock Issuance & Retirement, Net $56.27M $9.304M
YoY Change 504.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.81M -16.17M
YoY Change 78.2% -123.46%
NET CHANGE
Cash From Operating Activities 34.59M 38.23M
Cash From Investing Activities -29.23M -30.94M
Cash From Financing Activities -28.81M -16.17M
Net Change In Cash -23.45M -8.875M
YoY Change 164.21% 582.69%
FREE CASH FLOW
Cash From Operating Activities $34.59M $38.23M
Capital Expenditures $15.90M $24.92M
Free Cash Flow $18.69M $13.31M
YoY Change 40.42% -235.84%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Note 12. Recent Accounting Pronouncements</div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the Financial Accounting Standards Board (&quot;FASB&quot;) issued accounting standards update (&#x201c;ASU&#x201d;) 2014-09, &#x201c;Revenue from Contracts with Customers,&#x201d; which amends the accounting guidance related to revenues. This amendment will replace most of the existing revenue recognition guidance when it becomes effective. The new standard, as amended in July 2015, is effective for fiscal years beginning after December 15, 2017 and entities are allowed to adopt the standard as early as annual periods beginning after December 15, 2016, and interim periods therein.&nbsp;The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures and believe the financial impact is not material. We have not yet selected a transition method.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></div></div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In July 2015, the FASB issued ASU 2015-11, &#x201c;Simplifying the Measurement of Inventory (Topic 330).&#x201d; ASU 2015-11 simplifies the accounting for the valuation of all inventory not accounted for using the last-in, first-out method by prescribing inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash flows.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In February 2016, the FASB issued ASU 2016-02, &quot;Leases.&quot; ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In March 2016, the FASB issued ASU 2016-09, &quot;Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting.&quot; ASU 2016-09 simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We are evaluating the effect this amendment will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method.</div></div></div>
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OtherNonoperatingIncomeExpense
-368000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
67901000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
57736000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10343000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
5151000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4216000
CY2016Q1 us-gaap Notes Reduction
NotesReduction
5284000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
81984000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1526000
CY2015Q1 us-gaap Notes Reduction
NotesReduction
2208000
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
50473000
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
54408000
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
110202000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
100855000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
163000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
139000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
103000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
86000
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
84375000
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
13799000
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2016Q1 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
11449000
CY2015Q1 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
9804000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15900000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24917000
CY2016Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Reclassifications</div></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements to maintain consistency and comparability between periods presented. These reclassifications had no impact on previously reported net income.</div></div></div></div></div></div></div></div></div></div></div></div>
CY2016Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
11822000
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
3680000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1464000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1039000
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
12080000
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50350000
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
213123000
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
271023000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
92000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
103000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
882405000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
876660000
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
229311000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
293960000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
566007000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
530893000
CY2016Q1 us-gaap Revenues
Revenues
1982861000
CY2015Q1 us-gaap Revenues
Revenues
1789178000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
219106000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
191618000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3149000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2727000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
814677000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
828164000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25973000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26519000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25816000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26283000

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