$LAD
LITHIA MOTORS INC

2016 Q3 Form 10-Q Financial Statement

#000143774916040504 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $2.270B $2.085B
YoY Change 8.88% 60.73%
Cost Of Revenue $1.933B $1.774B
YoY Change 8.97% 61.35%
Gross Profit $337.3M $311.2M
YoY Change 8.38% 57.29%
Gross Profit Margin 14.86% 14.93%
Selling, General & Admin $228.1M $223.7M
YoY Change 1.97% 69.97%
% of Gross Profit 67.64% 71.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.20M $10.50M
YoY Change 16.19% 72.13%
% of Gross Profit 3.62% 3.37%
Operating Expenses $228.1M $223.7M
YoY Change 1.97% 69.97%
Operating Profit $93.42M $72.80M
YoY Change 28.33% 21.03%
Interest Expense -$11.80M -$9.900M
YoY Change 19.19% 90.38%
% of Operating Profit -12.63% -13.6%
Other Income/Expense, Net -$1.513M -$307.0K
YoY Change 392.83% -129.89%
Pretax Income $80.08M $62.64M
YoY Change 27.84% 11.87%
Income Tax $26.04M $19.25M
% Of Pretax Income 32.51% 30.73%
Net Earnings $54.04M $43.39M
YoY Change 24.54% 25.64%
Net Earnings / Revenue 2.38% 2.08%
Basic Earnings Per Share $2.15 $1.65
Diluted Earnings Per Share $2.14 $1.64
COMMON SHARES
Basic Shares Outstanding 25.19M shares 26.29M
Diluted Shares Outstanding 25.29M shares 26.48M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.10M $32.70M
YoY Change -26.3% 50.69%
Cash & Equivalents $24.12M $32.71M
Short-Term Investments
Other Short-Term Assets $33.23M $32.64M
YoY Change 1.79% 59.22%
Inventory $1.658B $1.387B
Prepaid Expenses
Receivables $317.7M $285.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.033B $1.738B
YoY Change 16.95% 49.09%
LONG-TERM ASSETS
Property, Plant & Equipment $991.7M $854.1M
YoY Change 16.12% 59.19%
Goodwill $219.0M $210.6M
YoY Change 3.99%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $156.9M $101.9M
YoY Change 54.02% 71.55%
Total Long-Term Assets $1.531B $1.322B
YoY Change 15.82% 78.84%
TOTAL ASSETS
Total Short-Term Assets $2.033B $1.738B
Total Long-Term Assets $1.531B $1.322B
Total Assets $3.564B $3.060B
YoY Change 16.46% 60.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.44M $77.72M
YoY Change 0.93% 30.63%
Accrued Expenses $204.4M $167.1M
YoY Change 22.27% 44.83%
Deferred Revenue
YoY Change
Short-Term Debt $1.426B $1.215B
YoY Change 17.35% 64.26%
Long-Term Debt Due $26.70M $38.70M
YoY Change -31.01% 316.13%
Total Short-Term Liabilities $1.735B $1.502B
YoY Change 15.5% 61.57%
LONG-TERM LIABILITIES
Long-Term Debt $727.2M $591.2M
YoY Change 23.0% 124.71%
Other Long-Term Liabilities $98.85M $86.37M
YoY Change 14.45% -1.97%
Total Long-Term Liabilities $98.85M $86.37M
YoY Change 14.45% -75.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.735B $1.502B
Total Long-Term Liabilities $98.85M $86.37M
Total Liabilities $2.698B $2.272B
YoY Change 18.72% 77.37%
SHAREHOLDERS EQUITY
Retained Earnings $658.9M $488.4M
YoY Change 34.91%
Common Stock $39.36M $35.92M
YoY Change 9.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $866.1M $787.7M
YoY Change
Total Liabilities & Shareholders Equity $3.564B $3.060B
YoY Change 16.46% 60.63%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $54.04M $43.39M
YoY Change 24.54% 25.64%
Depreciation, Depletion And Amortization $12.20M $10.50M
YoY Change 16.19% 72.13%
Cash From Operating Activities $119.0M $77.60M
YoY Change 53.35% -15.56%
INVESTING ACTIVITIES
Capital Expenditures -$38.20M -$14.20M
YoY Change 169.01% -24.87%
Acquisitions
YoY Change
Other Investing Activities -$184.6M -$40.20M
YoY Change 359.2% -1105.0%
Cash From Investing Activities -$222.8M -$54.40M
YoY Change 309.56% 262.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 112.8M -13.90M
YoY Change -911.51% -83.37%
NET CHANGE
Cash From Operating Activities 119.0M 77.60M
Cash From Investing Activities -222.8M -54.40M
Cash From Financing Activities 112.8M -13.90M
Net Change In Cash 9.000M 9.300M
YoY Change -3.23% -238.81%
FREE CASH FLOW
Cash From Operating Activities $119.0M $77.60M
Capital Expenditures -$38.20M -$14.20M
Free Cash Flow $157.2M $91.80M
YoY Change 71.24% -17.15%

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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 13. 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 (&quot;ASU&quot;) 2014-09, &quot;Revenue from Contracts with Customers,&quot; 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> <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, &quot;Simplifying the Measurement of Inventory (Topic 330).&quot; 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 or 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 pronouncement 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">&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 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 pronouncement will have on our consolidated financial statements and related disclosures. 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> <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 August 2016, the FASB issued ASU 2016-15, &quot;Classification of Certain Cash Receipts and Cash Payments.&quot; ASU 2016-15 provides guidance for eight cash flow classification issues to reduce diversity in practice. The clarification includes guidance on items such as debt prepayment or debt extinguishment cost, contingent consideration payment made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures.</div></div></div>
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<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 condensed 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>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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