Le Lézard
Classified in: Transportation, Business, Covid-19 virus
Subject: ERN

Lithia & Driveway (LAD) Increases Revenue 70%, EPS 47%, And Adjusted EPS 63%, Record Third Quarter Performance


MEDFORD, Ore., Oct. 20, 2021 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today reported the highest third quarter revenue and earnings per share in company history.

Third quarter 2021 revenue increased 70% to $6.2 billion from $3.6 billion in the third quarter of 2020.

Third quarter 2021 net income attributable to LAD per diluted share was $10.11, a 47% increase from $6.86 per diluted share reported in the third quarter of 2020. Adjusted third quarter 2021 net income attributable to LAD per diluted share was $11.21, a 63% increase compared to $6.89 per diluted share in the same period of 2020.

Third quarter 2021 net income was $309 million, a 95% increase compared to net income of $159 million in the same period of 2020. Adjusted third quarter 2021 net income was $342 million, a 115% increase compared to adjusted net income of $160 million for the same period of 2020.

As shown in the attached non-GAAP reconciliation tables, the 2021 third quarter adjusted results exclude a $1.10 per diluted share net non-core charges related to a non-cash unrealized investment loss, the redemption of senior notes, acquisition expenses, an asset impairment, and insurance reserves. The 2020 third quarter adjusted results exclude a $0.03 per diluted share net non-core charge related to insurance reserves and acquisition expenses.

Third Quarter-over-Quarter Comparisons and Operating Highlights:

"Our third quarter results demonstrate the dynamism of LAD's model," said Bryan DeBoer, Lithia & Driveway's President and CEO. "We excelled at procuring used vehicles during the challenging environment, enabling us to offer consumers the most diverse inventory available, driving same store volume increases while continuing to increase margins. In addition, Driveway and our store e-commerce offerings are positioned to gain incremental market share as consumers seek out a more transparent and frictionless buying experience."

For the first nine months of 2021 revenues increased 80% to $16.5 billion, compared to $9.2 billion in 2020.

Net income attributable to LAD for the first nine months of 2021 was $26.91 per diluted share, compared to $12.18 per diluted share in 2020, an increase of 121%. Adjusted net income attributable to LAD per diluted share for the first nine months of 2021 increased 127% to $28.52 from $12.59 in the same period of 2020.

Corporate Development
During the quarter, we completed several acquisitions expected to contribute $1.7 billion in annualized revenue, including partnering with Pfaff Automotive to enter Canada, our first international acquisition, and expanding our United States footprint into new markets.

"Year-to-date we have acquired $6.2 billion in annualized revenue and are pacing ahead of schedule toward our goal of achieving $50 billion in revenue and $50 of earnings per share by 2025," said DeBoer. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds."

Balance Sheet Update
We ended the third quarter with approximately $1.7 billion in cash and availability on our revolving lines of credit. In addition, our unfinanced real estate could provide additional liquidity of approximately $729 million.

Dividend Payment
Our Board of Directors approved a dividend of $0.35 per share related to third quarter 2021 financial results. We expect to pay the dividend on November 19, 2021 to shareholders of record on November 12, 2021.

Third Quarter Earnings Conference Call and Updated Presentation
The third quarter 2021 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the third quarter 2021 results has been added to our investor relations website. To listen live on our website or for replay, visit www.lithiainvestorrelations.com and click on webcasts.

About Lithia & Driveway (LAD)
LAD is a growth company powered by people and innovation with a plan to profitably consolidate the largest retail sector in?North America. As the leading provider of personal transportation solutions in?North America, LAD is?among the fastest-growing companies in the Fortune?500 and is currently ranked #231?(#2?on 10-Year EPS Growth, #3?on 10-Year TSR and?#12 on 10-year Revenue growth?in 2021).?By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, LAD builds magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. LAD continues to lead the industry's consolidation, and this combined with Driveway's e-commerce in-home experiences, further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.?

Sites
www.lithia.com
www.lithiainvestorrelations.com
www.lithiacareers.com
www.driveway.com

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ

Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ

Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as "project", "outlook", "target", "may", "will", "would", "should", "seek", "expect", "plan", "intend", "forecast", "anticipate", "believe", "estimate", "predict", "potential", "likely", "goal", "strategy", "future", "maintain", and "continue" or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures such as adjusted net income and diluted earnings per share, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating margin, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA, leveraged EBITDA and adjusted total debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

 

LAD

Consolidated Statements of Operations (Unaudited)

(In millions except per share data)




Three months ended
September 30,


%


Nine months ended
September 30,


%




Increase



Increase



2021


2020


(Decrease)


2021


2020


(Decrease)

Revenues:













New vehicle retail


$

2,898.2



$

1,883.3



53.9

%


$

8,237.7



$

4,624.6



78.1

%

Used vehicle retail


2,079.5



1,093.2



90.2



5,236.6



2,889.7



81.2


Used vehicle wholesale


260.9



98.8



164.1



613.5



216.8



183.0


Finance and insurance


297.0



160.5



85.0



765.0



407.2



87.9


Service, body and parts


578.3



359.5



60.9



1,503.4



964.9



55.8


Fleet and other


55.9



24.9



124.5



166.0



79.3



109.3


Total revenues


6,169.8



3,620.2



70.4

%


16,522.2



9,182.5



79.9

%

Cost of sales:













New vehicle retail


2,548.9



1,743.2



46.2



7,418.0



4,314.2



71.9


Used vehicle retail


1,846.9



948.4



94.7



4,635.2



2,556.8



81.3


Used vehicle wholesale


255.2



91.2



179.8



586.8



206.5



184.2


Service, body and parts


275.8



163.6



68.6



704.3



456.5



54.3


Fleet and other


53.9



22.2



142.8



162.7



71.6



127.2


Total cost of sales


4,980.7



2,968.6



67.8



13,507.0



7,605.6



77.6


Gross profit


1,189.1



651.6



82.5

%


3,015.2



1,576.9



91.2

%

Asset impairments


1.9



?



NM



1.9



7.9



NM


SG&A expense


673.3



389.1



73.0



1,757.6



1,039.6



69.1


Depreciation and amortization


34.4



22.9



50.2



91.5



67.3



36.0


Income from operations


479.5



239.6



100.1

%


1,164.2



462.1



151.9

%

Floor plan interest expense


(3.6)



(6.1)



(41.0)



(16.9)



(28.3)



(40.3)


Other interest expense


(28.0)



(16.6)



68.7



(79.6)



(50.4)



57.9


Other income, net


(25.7)



2.2



NM



(14.6)



8.2



NM


Income before income taxes


422.2



219.1



92.7

%


1,053.0



391.6



168.9

%

Income tax expense


(113.2)



(60.3)



87.7



(282.9)



(108.9)



159.8


Income tax rate


26.8

%


27.5

%




26.9

%


27.8

%



Net income


$

309.0



$

158.8



94.6

%


$

770.1



$

282.7



172.4

%

Net income attributable to non-controlling interests


(1.1)



?



NM



(1.1)



?



NM


Net income attributable to LAD


$

307.9



$

158.8



93.9

%


$

769.0



$

282.7



172.0

%














Diluted earnings per share attributable to LAD:













Net income per share


$

10.11



$

6.86



47.4

%


$

26.91



$

12.18



120.9

%














Diluted shares outstanding


30.5



23.1



32.0

%


28.6



23.2



23.3

%

NM - not meaningful


 

LAD

Key Performance Metrics (Unaudited)




Three months ended
September 30,


%


Nine months ended
September 30,


%




Increase



Increase



2021


2020


(Decrease)


2021


2020


(Decrease)

Gross margin













New vehicle retail


12.1

%


7.4

%


470

bps


10.0

%


6.7

%


330

bps

Used vehicle retail


11.2



13.2



(200)



11.5



11.5



?


Finance and insurance


100.0



100.0



?



100.0



100.0



?


Service, body and parts


52.3



54.5



(220)



53.2



52.7



50


Gross profit margin


19.3



18.0



130



18.2



17.2



100















Unit sales













New vehicle retail


66,894



47,923



39.6

%


195,934



118,699



65.1

%

Used vehicle retail


76,362



49,363



54.7



205,643



135,499



51.8


Total retail units sold


143,256



97,286



47.3



401,577



254,198



58.0















Average selling price













New vehicle retail


$

43,325



$

39,298



10.2

%


$

42,043



$

38,960



7.9

%

Used vehicle retail


27,233



22,145



23.0



25,464



21,326



19.4















Average gross profit per unit













New vehicle retail


$

5,221



$

2,922



78.7

%


$

4,184



$

2,615



60.0

%

Used vehicle retail


3,046



2,932



3.9



2,924



2,457



19.0


Finance and insurance


2,074



1,649



25.8



1,905



1,602



18.9


Total vehicle(1)


6,175



4,655



32.7



5,510



4,173



32.0















Revenue mix













New vehicle retail


47.0

%


52.0

%




49.9

%


50.4

%



Used vehicle retail


33.7



30.2





31.7



31.5




Used vehicle wholesale


4.2



2.7





3.7



2.4




Finance and insurance, net


4.8



4.4





4.6



4.4




Service, body and parts


9.4



9.9





9.1



10.5




Fleet and other


0.9



0.8





1.0



0.8

















Gross Profit Mix













New vehicle retail


29.4

%


21.5

%




27.2

%


19.7

%



Used vehicle retail


19.6



22.2





19.9



21.1




Used vehicle wholesale


0.5



1.2





0.9



0.7




Finance and insurance, net


25.0



24.6





25.4



25.8




Service, body and parts


25.3



30.1





26.5



32.2




Fleet and other


0.2



0.4





0.1



0.5




 




Adjusted


As reported


Adjusted


As reported



Three months ended September 30,


Three months ended September 30,


Nine months ended September 30,


Nine months ended September 30,

Other metrics


2021


2020


2021


2020


2021


2020


2021


2020

SG&A as a % of revenue


10.8

%


10.7

%


10.9

%


10.7

%


10.5

%


11.3

%


10.6

%


11.3

%

SG&A as a % of gross profit


55.8



59.6



56.6



59.7



57.4



65.5



58.3



65.9


Operating profit as a % of revenue


8.0



6.6



7.8



6.6



7.2



5.2



7.0



5.0


Operating profit as a % of gross profit


41.3



36.9



40.3



36.8



39.6



30.2



38.6



29.3


Pretax margin


7.6



6.1



6.8



6.1



6.8



4.4



6.4



4.3


Net profit margin


5.5



4.4



5.0



4.4



4.9



3.2



4.7



3.1


(1) 

Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail 

 


LAD

Same Store Operating Highlights (Unaudited)



Three months ended
September 30,


%


Nine months ended
September 30,


%




Increase



Increase



2021


2020


(Decrease)


2021


2020


(Decrease)

Revenues













New vehicle retail


$

1,765.0



$

1,822.6



(3.2)

%


$

5,566.6



$

4,494.5



23.9

%

Used vehicle retail


1,485.8



1,062.4



39.9



3,948.0



2,813.8



40.3


Finance and insurance


189.2



154.9



22.1



526.4



396.0



32.9


Service, body and parts


374.3



349.0



7.2



1,042.6



938.1



11.1


Total revenues


3,978.2



3,509.1



13.4



11,574.8



8,931.0



29.6















Gross profit













New vehicle retail


$

213.9



$

136.5



56.7

%


$

550.4



$

302.9



81.7

%

Used vehicle retail


172.0



141.5



21.6



472.1



327.0



44.4


Finance and insurance


189.2



154.9



22.1



526.4



396.0



32.9


Service, body and parts


201.5



189.5



6.3



563.7



493.8



14.2


Total gross profit


779.3



632.5



23.2



2,130.1



1,537.4



38.6















Gross margin













New vehicle retail


12.1

%


7.5

%


460

bps


9.9

%


6.7

%


320

bps

Used vehicle retail


11.6



13.3



(170)



12.0



11.6



40


Finance and insurance


100.0



100.0



?



100.0



100.0



?


Service, body and parts


53.8



54.3



(50)



54.1



52.6



150


Gross profit margin


19.6



18.0



160



18.4



17.2



120















Unit sales













New vehicle retail


39,886



46,161



(13.6)

%


131,478



115,031



14.3

%

Used vehicle retail


54,300



47,863



13.4



155,375



131,686



18.0















Average selling price













New vehicle retail


$

44,251



$

39,484



12.1

%


$

42,339



$

39,072



8.4

%

Used vehicle retail


27,362



22,196



23.3



25,409



21,368



18.9















Average gross profit per unit













New vehicle retail


$

5,362



$

2,956



81.4

%


$

4,186



$

2,633



59.0

%

Used vehicle retail


3,167



2,956



7.1



3,039



2,483



22.4


Finance and insurance


2,009



1,647



22.0



1,835



1,605



14.3


Total vehicle(1)


6,130



4,681



31.0



5,452



4,200



29.8


(1) 

Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail 

 

 

LAD

Other Highlights (Unaudited)



As of


September 30,


December 31,


September 30,


2021


2020


2020

Days Supply(1)






New vehicle inventory

24


50


50

Used vehicle inventory

48


65


64

(1) 

Days supply calculated based on current inventory levels, excluding in-transit vehicles, and a 30-day historical cost of sales level.

 


Financial covenants





Requirement


As of September 30, 2021

Current ratio

Not less than 1.10 to 1


1.91 to 1

Fixed charge coverage ratio

Not less than 1.20 to 1


6.91 to 1

Leverage ratio

Not more than 5.75 to 1


1.51 to 1

 

LAD

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)




September 30, 2021


December 31, 2020

Cash and cash equivalents


$

137.8



$

160.1


Trade receivables, net


812.6



614.0


Inventories, net


2,012.6



2,492.9


Other current assets


112.5



70.6


Total current assets


$

3,075.5



$

3,337.6







Property and equipment, net


2,352.9



2,197.5


Intangibles


1,348.7



943.2


Other non-current assets


3,427.5



1,423.8


Total assets


$

10,204.6



$

7,902.1







Floor plan notes payable


1,018.3



1,797.2


Other current liabilities


1,163.5



682.5


Total current liabilities


$

2,181.8



$

2,479.7







Long-term debt


2,586.1



2,064.7


Other long-term liabilities and deferred revenue


858.9



696.2


Total liabilities


$

5,626.8



$

5,240.6







Stockholder's Equity


4,577.8



2,661.5


Total liabilities & stockholders' equity


$

10,204.6



$

7,902.1



 

LAD

Summarized Cash Flow from Operations (Unaudited)

(In millions)




Nine months ended September 30,



2021


2020

Net income


$

770.1



$

282.7


Adjustments to reconcile net income to net cash provided by operating activities:





Asset impairments


1.9



7.9


Depreciation and amortization


91.5



67.3


Stock-based compensation


25.6



17.2


Loss on redemption of senior notes


10.3



?


Loss on disposal of assets


(2.5)



(0.5)


Loss (gain) on sale of franchises


5.2



(1.4)


Unrealized investment loss


22.3



?


Deferred income taxes


25.6



6.8


Amortization of operating lease right-of-use assets


27.0



20.8


(Increase) decrease:





Trade receivables, net


(85.0)



(11.3)


Inventories


1,003.2



457.0


Other assets


(351.1)



(36.4)


Increase (decrease):





Floor plan notes payable, net


91.3



(128.0)


Trade payables


97.2



25.0


Accrued liabilities


236.9



66.8


Other long-term liabilities and deferred revenue


19.7



26.7


Net cash provided by operating activities


$

1,989.2



$

800.6


 

LAD

Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)

(In millions)




Nine months ended September 30,

Net cash provided by operating activities


2021


2020

As reported


$

1,989.2



$

800.6


Floor plan notes payable, non-trade, net


(840.9)



(317.8)


Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory


(317.1)



(133.6)


Adjusted


$

831.2



$

349.2



 

LAD

Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

(In millions, except for per share data)




Three Months Ended September 30, 2021



As reported


Asset impairment


Investment loss


Insurance reserves


Acquisition expenses


Loss on redemption of senior notes


Adjusted

Asset impairments


$

1.9



$

(1.9)



$

?



$

?



$

?



$

?



$

?

















Selling, general and administrative


673.3



?



?



(3.4)



(6.3)



?



663.6

















Operating income


479.5



1.9



?



3.4



6.3



?



491.1

















Other income (expense), net


(25.7)



?



23.2



?



?



10.3



7.8

















Income before income taxes


422.2



1.9



23.2



3.4



6.3



10.3



467.3


Income tax (provision) benefit


(113.2)



(0.5)



(6.2)



(0.9)



(1.4)



(2.7)



(124.9)


Net income


$

309.0



$

1.4



$

17.0



$

2.5



$

4.9



$

7.6



$

342.4


Net income attributable to non-controlling interests


(1.1)



?



?



?



?



?



(1.1)


Net income attributable to LAD


$

307.9



$

1.4



$

17.0



$

2.5



$

4.9



$

7.6



$

341.3

















Diluted earnings per share attributable to LAD


$

10.11



$

0.05



$

0.56



$

0.08



$

0.16



$

0.25



$

11.21


Diluted share count


30.5














 




Three Months Ended September 30, 2020



As reported


Insurance reserves


Acquisition expenses


Adjusted

Selling, general and administrative


$

389.1



$

(0.3)



$

(0.6)



$

388.2











Operating income


239.6



0.3



0.6



240.5











Income before income taxes


219.1



0.3



0.6



220.0


Income tax (provision) benefit


(60.3)



?



(0.1)



(60.4)


Net income


$

158.8



$

0.3



$

0.5



$

159.6











Diluted earnings per share


$

6.86



$

0.01



$

0.02



$

6.89


Diluted share count


23.1








 

 

LAD

Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

(In millions, except for per share data)




Nine Months Ended September 30, 2021



As reported


Net disposal loss on sale of stores


Asset impairment


Investment loss


Insurance reserves


Acquisition expenses


Loss on redemption of senior notes


Adjusted

Asset impairments


$

1.9



$

?



$

(1.9)



$

?



$

?



$

?



$

?



$

?



















Selling, general and administrative


1,757.6



(5.2)



?



?



(5.0)



(17.9)



?



1,729.5



















Operating income


1,164.2



5.2



1.9



?



5.0



17.9



?



1,194.2



















Other income (expense), net


(14.6)



?



?



22.3



?



?



10.3



18.0



















Income before income taxes


1,053.0



5.2



1.9



22.3



5.0



17.9



10.3



1,115.6


Income tax (provision) benefit


(282.9)



(1.4)



(0.5)



(6.0)



(1.4)



(4.5)



(2.7)



(299.4)


Net income


$

770.1



$

3.8



$

1.4



$

16.3



$

3.6



$

13.4



$

7.6



$

816.2


Net income attributable to non-controlling interests


(1.1)



?



?



?



?



?



?



(1.1)


Net income attributable to LAD


$

769.0



$

3.8



$

1.4



$

16.3



$

3.6



$

13.4



$

7.6



$

815.1



















Diluted earnings per share attributable to LAD


$

26.91



$

0.13



$

0.05



$

0.57



$

0.13



$

0.47



$

0.26



$

28.52


Diluted share count


28.6
















 




Nine Months Ended September 30, 2020



As reported


Net disposal gain on sale of stores


Asset impairment


Insurance reserves


Acquisition expenses


Tax attribute


Adjusted

Asset impairments


$

7.9



$

?



$

(7.9)



$

?



$

?



$

?



$

?

















Selling, general and administrative


1,039.6



1.4



?



(6.1)



(1.6)



?



1,033.3

















Operating income


462.1



(1.4)



7.9



6.1



1.6



?



476.3

















Income before income taxes


391.6



(1.4)



7.9



6.1



1.6



?



405.8


Income tax (provision) benefit


(108.9)



0.4



(2.3)



(1.6)



(0.4)



(0.8)



(113.6)


Net income


$

282.7



$

(1.0)



$

5.6



$

4.5



$

1.2



$

(0.8)



$

292.2

















Diluted earnings per share


$

12.18



$

(0.04)



$

0.24



$

0.19



$

0.05



$

(0.03)



$

12.59


Diluted share count


23.2














 

 

LAD

Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)

(In millions)




Three months ended
September 30,


%


Nine months ended
September 30,


%




Increase



Increase



2021


2020


(Decrease)


2021


2020


(Decrease)

EBITDA and Adjusted EBITDA













Net income


$

309.0



$

158.8



94.6

%


$

770.1



$

282.7



172.4

%

Flooring interest expense


3.6



6.1



(41.0)



16.9



28.3



(40.3)


Other interest expense


28.0



16.6



68.7



79.6



50.4



57.9


Income tax expense


113.2



60.3



87.7



282.9



108.9



159.8


Depreciation and amortization


34.4



22.9



50.2



91.5



67.3



36.0


EBITDA


$

488.2



$

264.7



84.4

%


$

1,241.0



$

537.6



130.8

%














Other adjustments:













Less: flooring interest expense


$

(3.6)



$

(6.1)



(41.0)



$

(16.9)



$

(28.3)



(40.3)


Less: used vehicle line of credit interest


?



(0.1)



(100.0)



?



(0.5)



(100.0)


Add: acquisition expenses


6.3



0.6



950.0



17.9



1.6



1,018.8


Add: loss (gain) on divestitures


?



?



NM



5.2



(1.4)



NM


Add: investment loss


23.2



?



NM



22.3



?



NM


Add: insurance reserves


3.4



0.3



1,033.3



5.0



6.1



(18.0)


Add: loss on redemption of senior notes


10.3



?



NM



10.3



?



NM


Add: asset impairment


1.9



?



NM



1.9



7.9



NM


Adjusted EBITDA


$

529.7



$

259.4



104.2

%


$

1,286.7



$

523.0



146.0

%

NM - not meaningful

 



As of


%



September 30,


Increase

Net Debt to Adjusted EBITDA


2021


2020


(Decrease)

Floor plan notes payable: non-trade


$

688.9



$

1,293.2



(46.7)

%

Floor plan notes payable


329.4



310.3



6.2


Used and service loaner vehicle inventory financing facility


?



357.0



(100.0)


Revolving lines of credit


404.8



47.5



752.2


Real estate mortgages


606.0



628.8



(3.6)


Finance lease obligations


54.1



132.4



(59.1)


5.250% Senior notes due 2025


?



300.0



(100.0)


4.625% Senior notes due 2027


400.0



400.0



?


4.375% Senior notes due 2031


550.0



?



NM


3.875% Senior notes due 2029


800.0



?



NM


Other debt


10.0



2.6



284.6


Unamortized debt issuance costs


(31.9)



(12.8)



149.2


Total debt


$

3,811.3



$

3,459.0



10.2

%








Less: Floor plan related debt


$

(1,018.3)



$

(1,960.5)



(48.1)

%

Less: Investment in floorplan offset accounts


(24.8)



?



?


Less: Cash and cash equivalents


(137.8)



(57.1)



141.3


Less: Availability on used vehicle and service loaner financing facilities


(707.1)



(72.0)



882.1


Net Debt


$

1,923.3



$

1,369.4



40.4

%








TTM Adjusted EBITDA


$

1,533.8



$

655.3



134.1

%








Net debt to Adjusted EBITDA


1.25

x


2.09

x



 

 

SOURCE Lithia Motors, Inc.


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