OR (State or other jurisdiction of incorporation) | 001-14733 (Commission File Number) | 93-0572810 (IRS Employer Identification Number) | ||
150 N. Bartlett St, Medford, OR (Address of principal executive offices) | 97501 (Zip Code) | |||
541-776-6401 (Registrant's telephone number, including area code) | ||||
Not Applicable (Former Name or Former Address, if changed since last report) |
Dated: | February 13, 2019 | LITHIA MOTORS, INC. | |
By: | /s/ John F. North III | ||
John F. North III | |||
Senior Vice President and Chief Financial Officer |
Exhibit Index | |
Exhibit No. | Description |
Press Release of Lithia Motors, Inc. dated February 13, 2019 |
• | Total revenues increased 10% |
• | Adjusted EPS increased 20% |
• | Total same store used vehicle retail sales increased 10% |
• | Same store F&I per unit increased 5% to $1,400 |
• | Record full year revenues of $11.8 billion |
• | Used vehicle retail same store sales increased 7% |
• | Service, body and parts same store sales increased 4% |
• | Same store F&I per unit increased 5% to $1,373 |
• | Our ability to improve store performance; |
• | Anticipated acquisition opportunities and additions of dealership locations to our portfolio in the future, and our ability to improve earnings and achieve returns on investments; |
• | Anticipated operational synergies related to our investment in Shift Technologies; |
• | Anticipated revenues from acquired and open point stores; and |
• | Anticipated availability of liquidity from our credit facility and unfinanced operating real estate. |
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||
Increase | Increase | |||||||||||||||||||||
2018 | 2017 | (Decrease) | 2018 | 2017 | (Decrease) | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
New vehicle retail | $ | 1,688.3 | $ | 1,615.7 | 4.5 | % | $ | 6,602.8 | $ | 5,763.6 | 14.6 | % | ||||||||||
Used vehicle retail | 753.4 | 629.3 | 19.7 | 3,079.0 | 2,544.4 | 21.0 | ||||||||||||||||
Used vehicle wholesale | 78.1 | 71.1 | 9.8 | 331.3 | 277.8 | 19.3 | ||||||||||||||||
Finance and insurance | 112.8 | 103.2 | 9.3 | 454.8 | 385.9 | 17.9 | ||||||||||||||||
Service, body and parts | 313.9 | 271.5 | 15.6 | 1,222.3 | 1,015.8 | 20.3 | ||||||||||||||||
Fleet and other | 26.7 | 12.2 | 118.9 | 131.2 | 99.0 | 32.5 | ||||||||||||||||
Total revenues | 2,973.2 | 2,703.0 | 10.0 | % | 11,821.4 | 10,086.5 | 17.2 | % | ||||||||||||||
Cost of sales: | ||||||||||||||||||||||
New vehicle retail | 1,592.5 | 1,514.6 | 5.1 | 6,217.7 | 5,423.8 | 14.6 | ||||||||||||||||
Used vehicle retail | 677.6 | 564.5 | 20.0 | 2,756.1 | 2,257.6 | 22.1 | ||||||||||||||||
Used vehicle wholesale | 76.8 | 70.7 | 8.6 | 325.8 | 273.0 | 19.3 | ||||||||||||||||
Service, body and parts | 159.8 | 146.6 | 9.0 | 621.6 | 522.7 | 18.9 | ||||||||||||||||
Fleet and other | 24.6 | 10.5 | 134.3 | 123.2 | 93.3 | 32.0 | ||||||||||||||||
Total cost of sales | 2,531.3 | 2,306.9 | 9.7 | 10,044.4 | 8,570.4 | 17.2 | ||||||||||||||||
Gross profit | 441.9 | 396.1 | 11.6 | % | 1,777.0 | 1,516.1 | 17.2 | % | ||||||||||||||
Asset impairments | 1.3 | — | NM | 1.3 | — | NM | ||||||||||||||||
SG&A expense | 313.4 | 267.1 | 17.3 | 1,253.3 | 1,049.4 | 19.4 | ||||||||||||||||
Depreciation and amortization | 20.1 | 16.1 | 24.8 | 75.4 | 57.7 | 30.7 | ||||||||||||||||
Income from operations | 107.1 | 112.9 | (5.1 | )% | 447.0 | 409.0 | 9.3 | % | ||||||||||||||
Floor plan interest expense | (17.2 | ) | (11.3 | ) | 52.2 | (62.3 | ) | (39.3 | ) | 58.5 | ||||||||||||
Other interest expense | (15.4 | ) | (11.0 | ) | 40.0 | (56.0 | ) | (34.8 | ) | 60.9 | ||||||||||||
Other income, net | 3.5 | 0.8 | NM | 8.8 | 12.2 | NM | ||||||||||||||||
Income before income taxes | 78.0 | 91.4 | (14.7) | % | 337.5 | 347.1 | (2.8 | )% | ||||||||||||||
Income tax expense | (18.1 | ) | (2.0 | ) | 805.0 | (71.8 | ) | (101.9 | ) | (29.5 | ) | |||||||||||
Income tax rate | 23.2 | % | 2.2 | % | 21.3 | % | 29.4 | % | ||||||||||||||
Net income | $ | 59.9 | $ | 89.4 | (33.0 | )% | $ | 265.7 | $ | 245.2 | 8.4 | % | ||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Net income per share | $ | 2.54 | $ | 3.56 | (28.7) | % | $ | 10.86 | $ | 9.75 | 11.4 | % | ||||||||||
Diluted shares outstanding | 23.6 | 25.1 | (6.0) | % | 24.5 | 25.1 | (2.4 | )% |
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||
Increase | Increase | |||||||||||||||||||||
2018 | 2017 | (Decrease) | 2018 | 2017 | (Decrease) | |||||||||||||||||
Gross margin | ||||||||||||||||||||||
New vehicle retail | 5.7 | % | 6.3 | % | (60 | )bps | 5.8 | % | 5.9 | % | (10 | )bps | ||||||||||
Used vehicle retail | 10.1 | 10.3 | (20 | ) | 10.5 | 11.3 | (80 | ) | ||||||||||||||
Finance and insurance | 100.0 | 100.0 | — | 100.0 | 100.0 | — | ||||||||||||||||
Service, body and parts | 49.1 | 46.0 | 310 | 49.1 | 48.5 | 60 | ||||||||||||||||
Gross profit margin | 14.9 | 14.7 | 20 | 15.0 | 15.0 | — | ||||||||||||||||
Unit sales | ||||||||||||||||||||||
New vehicle retail | 45,287 | 45,202 | 0.2 | % | 184,601 | 167,146 | 10.4 | % | ||||||||||||||
Used vehicle retail | 36,273 | 32,242 | 12.5 | 151,234 | 129,913 | 16.4 | ||||||||||||||||
Total retail units sold | 81,560 | 77,444 | 5.3 | 335,835 | 297,059 | 13.1 | ||||||||||||||||
Average selling price | ||||||||||||||||||||||
New vehicle retail | $ | 37,281 | $ | 35,744 | 4.3 | % | $ | 35,768 | $ | 34,482 | 3.7 | % | ||||||||||
Used vehicle retail | 20,771 | 19,519 | 6.4 | 20,359 | 19,585 | 4.0 | ||||||||||||||||
Average gross profit per unit | ||||||||||||||||||||||
New vehicle retail | $ | 2,116 | $ | 2,238 | (5.5 | )% | $ | 2,086 | $ | 2,033 | 2.6 | % | ||||||||||
Used vehicle retail | 2,092 | 2,013 | 3.9 | 2,135 | 2,208 | (3.3 | ) | |||||||||||||||
Finance and insurance | 1,383 | 1,332 | 3.8 | 1,354 | 1,299 | 4.2 | ||||||||||||||||
Total vehicle(1) | 3,503 | 3,481 | 0.6 | 3,479 | 3,425 | 1.6 | ||||||||||||||||
Revenue mix | ||||||||||||||||||||||
New vehicle retail | 56.8 | % | 59.8 | % | 55.9 | % | 57.1 | % | ||||||||||||||
Used vehicle retail | 25.3 | 23.3 | 26.0 | 25.2 | ||||||||||||||||||
Used vehicle wholesale | 2.6 | 2.6 | 2.8 | 2.8 | ||||||||||||||||||
Finance and insurance, net | 3.8 | 3.8 | 3.8 | 3.8 | ||||||||||||||||||
Service, body and parts | 10.6 | 10.0 | 10.3 | 10.1 | ||||||||||||||||||
Fleet and other | 0.9 | 0.5 | 1.2 | 1.0 |
Adjusted | As reported | Adjusted | As reported | |||||||||||||||||||||
Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | |||||||||||||||||||||
Other metrics | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
SG&A as a % of revenue | 10.5 | % | 10.1 | % | 10.5 | % | 9.9 | % | 10.7 | % | 10.3 | % | 10.6 | % | 10.4 | % | ||||||||
SG&A as a % of gross profit | 70.9 | 68.7 | 70.9 | 67.4 | 71.1 | 68.8 | 70.5 | 69.2 | ||||||||||||||||
Operating profit as a % of revenue | 3.7 | 4.0 | 3.6 | 4.2 | 3.7 | 4.1 | 3.8 | 4.1 | ||||||||||||||||
Operating profit as a % of gross profit | 24.6 | 27.2 | 24.2 | 28.5 | 24.6 | 27.4 | 25.2 | 27.0 | ||||||||||||||||
Pretax margin | 2.7 | 3.2 | 2.6 | 3.4 | 2.8 | 3.4 | 2.9 | 3.4 | ||||||||||||||||
Net profit margin | 2.0 | 2.0 | 2.0 | 3.3 | 2.1 | 2.1 | 2.2 | 2.4 |
(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 |
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||
Increase | Increase | |||||||||||||||||||||
2018 | 2017 | (Decrease) | 2018 | 2017 | (Decrease) | |||||||||||||||||
Revenues | ||||||||||||||||||||||
New vehicle retail | $ | 1,508.6 | $ | 1,570.7 | (4.0) | % | $ | 5,463.5 | $ | 5,569.4 | (1.9 | )% | ||||||||||
Used vehicle retail | 678.9 | 615.5 | 10.3 | 2,639.0 | 2,470.7 | 6.8 | ||||||||||||||||
Finance and insurance | 103.5 | 100.4 | 3.1 | 390.7 | 373.6 | 4.6 | ||||||||||||||||
Service, body and parts | 280.4 | 265.7 | 5.5 | 1,021.1 | 985.6 | 3.6 | ||||||||||||||||
Total revenues | 2,658.6 | 2,633.4 | 1.0 | 9,888.7 | 9,768.2 | 1.2 | ||||||||||||||||
Gross profit | ||||||||||||||||||||||
New vehicle retail | $ | 84.4 | $ | 98.2 | (14.1) | % | $ | 310.9 | $ | 326.8 | (4.9 | )% | ||||||||||
Used vehicle retail | 71.2 | 63.7 | 11.8 | 289.2 | 280.9 | 3.0 | ||||||||||||||||
Finance and insurance | 103.5 | 100.4 | 3.1 | 390.7 | 373.6 | 4.6 | ||||||||||||||||
Service, body and parts | 137.7 | 122.4 | 12.5 | 504.6 | 478.4 | 5.5 | ||||||||||||||||
Total gross profit | 399.7 | 386.6 | 3.4 | 1,507.0 | 1,469.9 | 2.5 | ||||||||||||||||
Gross margin | ||||||||||||||||||||||
New vehicle retail | 5.6 | % | 6.2 | % | (60 | )bps | 5.7 | % | 5.9 | % | (20 | )bps | ||||||||||
Used vehicle retail | 10.5 | 10.3 | 20 | 11.0 | 11.4 | (40 | ) | |||||||||||||||
Finance and insurance | 100.0 | 100.0 | — | 100.0 | 100.0 | — | ||||||||||||||||
Service, body and parts | 49.1 | 46.1 | 300 | 49.4 | 48.5 | 90 | ||||||||||||||||
Gross profit margin | 15.0 | 14.7 | 30 | 15.2 | 15.0 | 20 | ||||||||||||||||
Unit sales | ||||||||||||||||||||||
New vehicle retail | 40,940 | 43,660 | (6.2) | % | 153,600 | 160,746 | (4.4 | )% | ||||||||||||||
Used vehicle retail | 33,003 | 31,451 | 4.9 | 130,965 | 125,789 | 4.1 | ||||||||||||||||
Average selling price | ||||||||||||||||||||||
New vehicle retail | $ | 36,848 | $ | 35,976 | 2.4 | % | $ | 35,570 | $ | 34,647 | 2.7 | % | ||||||||||
Used vehicle retail | 20,570 | 19,570 | 5.1 | 20,150 | 19,642 | 2.6 | ||||||||||||||||
Average gross profit per unit | ||||||||||||||||||||||
New vehicle retail | $ | 2,061 | $ | 2,248 | (8.3 | )% | $ | 2,024 | $ | 2,033 | (0.4 | )% | ||||||||||
Used vehicle retail | 2,158 | 2,025 | 6.6 | 2,208 | 2,233 | (1.1 | ) | |||||||||||||||
Finance and insurance | 1,400 | 1,337 | 4.7 | 1,373 | 1,304 | 5.3 | ||||||||||||||||
Total vehicle(1) | 3,517 | 3,497 | 0.6 | 3,497 | 3,441 | 1.6 |
(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 |
As of | |||||
December 31, | December 31, | December 31, | |||
2018 | 2017 | 2016 | |||
Days Supply(1) | |||||
New vehicle inventory | 71 | 69 | 68 | ||
Used vehicle inventory | 66 | 67 | 56 |
Financial covenants | |||
Requirement | As of December 31, 2018 | ||
Current ratio | Not less than 1.10 to 1 | 1.27 to 1 | |
Fixed charge coverage ratio | Not less than 1.20 to 1 | 1.91 to 1 | |
Leverage ratio | Not more than 5.00 to 1 | 2.86 to 1 |
December 31, 2018 | December 31, 2017 | |||||||
Cash and cash equivalents | $ | 31.6 | $ | 57.3 | ||||
Trade receivables, net | 529.4 | 521.9 | ||||||
Inventories, net | 2,365.3 | 2,132.7 | ||||||
Other current assets | 65.1 | 70.9 | ||||||
Total current assets | $ | 2,991.4 | $ | 2,782.8 | ||||
Property and equipment, net | 1,448.0 | 1,185.2 | ||||||
Intangibles | 723.6 | 443.3 | ||||||
Other non-current assets | 221.0 | 271.8 | ||||||
Total assets | $ | 5,384.0 | $ | 4,683.1 | ||||
Floor plan notes payable | 2,057.7 | 1,919.0 | ||||||
Other current liabilities | 435.8 | 382.0 | ||||||
Total current liabilities | $ | 2,493.5 | $ | 2,301.0 | ||||
Long-term debt | 1,358.2 | 1,028.5 | ||||||
Other long-term liabilities and deferred revenue | 335.1 | 270.4 | ||||||
Total liabilities | $ | 4,186.8 | $ | 3,599.9 | ||||
Stockholder's Equity | 1,197.2 | 1,083.2 | ||||||
Total liabilities & stockholders' equity | $ | 5,384.0 | $ | 4,683.1 |
Twelve months ended December 31, | ||||||||
2018 | 2017 | |||||||
Net income | $ | 265.7 | $ | 245.2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Asset impairments | 1.3 | — | ||||||
Depreciation and amortization | 75.4 | 57.7 | ||||||
Stock-based compensation | 13.3 | 11.3 | ||||||
(Gain) loss on disposal of assets | 0.2 | (0.4 | ) | |||||
(Gain) on sale of franchises | (15.1 | ) | (5.1 | ) | ||||
Deferred income taxes | 33.0 | (2.8 | ) | |||||
(Increase) decrease: | ||||||||
Trade receivables, net | 4.7 | (57.4 | ) | |||||
Inventories | (108.9 | ) | (193.1 | ) | ||||
Other assets | (16.0 | ) | (3.1 | ) | ||||
Increase (decrease): | ||||||||
Floor plan notes payable, net | 196.9 | 20.3 | ||||||
Trade payables | 15.1 | 20.0 | ||||||
Accrued liabilities | 28.9 | 37.2 | ||||||
Other long-term liabilities and deferred revenue | 25.2 | 19.1 | ||||||
Net cash provided by operating activities | $ | 519.7 | $ | 148.9 |
Twelve months ended December 31, | ||||||||
Net cash provided by operating activities | 2018 | 2017 | ||||||
As reported | $ | 519.7 | $ | 148.9 | ||||
Floor plan notes payable, non-trade, net | (21.9 | ) | 241.5 | |||||
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory | (120.0 | ) | (111.0 | ) | ||||
Adjusted | $ | 377.8 | $ | 279.4 |
Three Months Ended December 31, 2018 | ||||||||||||||||||||
As reported | Disposal loss on sale of store | Asset Impairment | Tax attributes | Adjusted | ||||||||||||||||
Asset impairments | $ | 1.3 | $ | — | $ | (1.3 | ) | $ | — | $ | — | |||||||||
Selling, general and administrative | 313.4 | (0.3 | ) | — | — | 313.1 | ||||||||||||||
Income from operations | 107.1 | 0.3 | 1.3 | — | 108.7 | |||||||||||||||
Income before income taxes | $ | 78.0 | $ | 0.3 | $ | 1.3 | $ | — | $ | 79.6 | ||||||||||
Income tax benefit (expense) | (18.1 | ) | (0.1 | ) | (0.3 | ) | (0.5 | ) | (19.0 | ) | ||||||||||
Net income | $ | 59.9 | $ | 0.2 | $ | 1.0 | $ | (0.5 | ) | $ | 60.6 | |||||||||
Diluted earnings per share | $ | 2.54 | $ | 0.01 | $ | 0.04 | $ | (0.02 | ) | $ | 2.57 | |||||||||
Diluted share count | 23.6 |
Three Months Ended December 31, 2017 | ||||||||||||||||
As reported | Disposal gain on sale of stores | Tax attribute | Adjusted | |||||||||||||
Selling, general and administrative | $ | 267.1 | $ | 5.1 | $ | — | $ | 272.2 | ||||||||
Income from operations | 112.9 | (5.1 | ) | — | 107.8 | |||||||||||
Income before income taxes | $ | 91.4 | $ | (5.1 | ) | $ | — | $ | 86.3 | |||||||
Income tax expense | (2.0 | ) | 2.5 | (32.9 | ) | (32.4 | ) | |||||||||
Net income | $ | 89.4 | $ | (2.6 | ) | $ | (32.9 | ) | $ | 53.9 | ||||||
Diluted earnings per share | $ | 3.56 | $ | (0.10 | ) | $ | (1.31 | ) | $ | 2.15 | ||||||
Diluted share count | 25.1 |
Twelve Months Ended December 31, 2018 | ||||||||||||||||||||||||||||
As reported | Disposal gain on sale of store | Asset Impairment | Insurance reserves | Acquisition expenses | Tax attributes | Adjusted | ||||||||||||||||||||||
Asset impairments | $ | 1.3 | $ | — | $ | (1.3 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Selling, general and administrative | 1,253.3 | 15.4 | — | (1.5 | ) | (3.3 | ) | — | 1,263.9 | |||||||||||||||||||
Income from operations | 447.0 | (15.4 | ) | 1.3 | 1.5 | 3.3 | — | 437.7 | ||||||||||||||||||||
Income before income taxes | $ | 337.5 | $ | (15.4 | ) | $ | 1.3 | $ | 1.5 | $ | 3.3 | $ | — | $ | 328.2 | |||||||||||||
Income tax benefit (expense) | (71.8 | ) | 4.0 | (0.3 | ) | (0.4 | ) | (0.9 | ) | (14.8 | ) | (84.2 | ) | |||||||||||||||
Net income | $ | 265.7 | $ | (11.4 | ) | $ | 1.0 | $ | 1.1 | $ | 2.4 | $ | (14.8 | ) | $ | 244.0 | ||||||||||||
Diluted earnings per share | $ | 10.86 | $ | (0.47 | ) | $ | 0.04 | 0.05 | $ | 0.10 | $ | (0.60 | ) | $ | 9.98 | |||||||||||||
Diluted share count | 24.5 |
Twelve Months Ended December 31, 2017 | ||||||||||||||||||||||||||||
As reported | Disposal gain on sale of store | Insurance reserves | Acquisition expenses | OEM settlement | Tax Reform | Adjusted | ||||||||||||||||||||||
Selling, general and administrative | $ | 1,049.4 | $ | 5.1 | $ | (5.6 | ) | $ | (5.7 | ) | $ | — | $ | — | $ | 1,043.2 | ||||||||||||
Income from operations | 409.0 | (5.1 | ) | 5.6 | 5.7 | — | — | 415.2 | ||||||||||||||||||||
Other income (expense), net | 12.2 | — | — | — | (9.1 | ) | — | 3.1 | ||||||||||||||||||||
Income before income taxes | $ | 347.1 | $ | (5.1 | ) | $ | 5.6 | $ | 5.7 | $ | (9.1 | ) | $ | — | $ | 344.2 | ||||||||||||
Income tax benefit (expense) | (101.9 | ) | 2.5 | (2.2 | ) | (2.2 | ) | 3.4 | (32.9 | ) | (133.3 | ) | ||||||||||||||||
Net income | $ | 245.2 | $ | (2.6 | ) | $ | 3.4 | $ | 3.5 | $ | (5.7 | ) | $ | (32.9 | ) | $ | 210.9 | |||||||||||
Diluted earnings per share | $ | 9.75 | $ | (0.10 | ) | $ | 0.14 | $ | 0.14 | $ | (0.23 | ) | $ | (1.31 | ) | $ | 8.39 | |||||||||||
Diluted share count | 25.1 |
Three months ended December 31, | % | Twelve months ended December 31, | % | |||||||||||||||||||
Increase | Increase | |||||||||||||||||||||
2018 | 2017 | (Decrease) | 2018 | 2017 | (Decrease) | |||||||||||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||||||||
Net income | $ | 59.9 | $ | 89.4 | (33.0) | % | $ | 265.7 | $ | 245.2 | 8.4 | % | ||||||||||
Other interest expense | 15.4 | 11.0 | 40.0 | 56.0 | 34.8 | 60.9 | ||||||||||||||||
Income tax expense | 18.1 | 2.0 | 805.0 | 71.8 | 101.9 | (29.5 | ) | |||||||||||||||
Depreciation and amortization | 20.1 | 16.1 | 24.8 | 75.4 | 57.7 | 30.7 | ||||||||||||||||
EBITDA | $ | 113.5 | $ | 118.5 | (4.2) | % | $ | 468.9 | $ | 439.6 | 6.7 | % | ||||||||||
Other adjustments: | ||||||||||||||||||||||
Less: used vehicle line of credit interest | $ | (1.9 | ) | $ | (0.2 | ) | 850.0 | $ | (2.9 | ) | $ | (2.7 | ) | 7.4 | ||||||||
Less: (gain) loss on divestitures | 0.3 | (5.1 | ) | — | (15.4 | ) | (5.1 | ) | — | |||||||||||||
Add: asset impairment | 1.3 | — | NM | 1.3 | — | NM | ||||||||||||||||
Add: insurance reserve | — | — | NM | 1.5 | 5.6 | (73.2 | ) | |||||||||||||||
Add: acquisition expenses | — | — | NM | 3.3 | 5.7 | (42.1 | ) | |||||||||||||||
Less: OEM legal settlements | — | — | NM | — | (9.1 | ) | NM | |||||||||||||||
Adjusted EBITDA | $ | 113.2 | $ | 113.2 | — | % | $ | 456.7 | $ | 434.0 | 5.2 | % | ||||||||||
Leveraged EBITDA | ||||||||||||||||||||||
Adjusted EBITDA | $ | 113.2 | $ | 113.2 | — | % | $ | 456.7 | $ | 434.0 | 5.2 | % | ||||||||||
Less: Capital expenditures | (44.6 | ) | (33.2 | ) | 34.3 | (158.0 | ) | (105.4 | ) | 49.9 | ||||||||||||
Leveraged EBITDA | $ | 68.6 | $ | 80.0 | (14.3) | % | $ | 298.7 | $ | 328.6 | (9.1) | % |