0001023128-20-000013.txt : 20200212 0001023128-20-000013.hdr.sgml : 20200212 20200212141545 ACCESSION NUMBER: 0001023128-20-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200212 DATE AS OF CHANGE: 20200212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITHIA MOTORS INC CENTRAL INDEX KEY: 0001023128 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 930572810 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14733 FILM NUMBER: 20603286 BUSINESS ADDRESS: STREET 1: 150 NORTH BARTLETT STREET CITY: MEDFORD STATE: OR ZIP: 97501 BUSINESS PHONE: 541-776-6401 MAIL ADDRESS: STREET 1: 150 NORTH BARTLETT STREET CITY: MEDFORD STATE: OR ZIP: 97501 8-K 1 lad20190212-8k.htm 8-K Document
false0001023128 0001023128 2020-02-12 2020-02-12


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 12, 2020
Date of Report (date of earliest event reported)

LITHIA MOTORS INC
(Exact name of registrant as specified in its charter)
Oregon
001-14733
93-0572810
(State or other jurisdiction of incorporation or organization)
(Commission File Number) 
(I.R.S. Employer Identification No.)
 
 
 
150 N. Bartlett Street
Medford
Oregon
97501
(Address of principal executive offices)
(Zip Code)
(541) 776-6401
Registrant's telephone number, including area code

Not Applicable
(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A common stock without par value
 
LAD
 
The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition

On February 12, 2020 Lithia Motors, Inc. issued a press release announcing financial results for the fourth quarter of 2019. A copy of the press release is attached as Exhibit 99.1

Item 8.01. Other Events

On February 12, 2020, Lithia Motors, Inc. announced a $0.30 per share cash dividend, to be paid on March 27, 2020 to shareholders of record as of March 13, 2020.

The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits
            99.1       Press Release of Lithia Motors, Inc. dated February 12, 2020




SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:
February 12, 2020
 
LITHIA MOTORS, INC.
 
 
By:
/s/ Tina Miller
 
 
 
Tina Miller
 
 
 
Senior Vice President and Chief Financial Officer




Exhibit Index
Exhibit No.
Description
Press Release of Lithia Motors, Inc. dated February 12, 2020
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).


 EX-99 2 lad20190212-8k_ex99.htm EXHIBIT 99 Exhibit


lithiamotorsinclogoa32.jpg


LITHIA REPORTS RECORD FULL YEAR 2019 REVENUES AND EARNINGS PER SHARE
________________________________________________

DECLARES DIVIDEND OF $0.30 PER SHARE FOR FOURTH QUARTER

Medford, Oregon, February 12, 2020 - Lithia Motors, Inc. (NYSE: LAD) today reported the highest full year revenue and earnings per share in company history.

Fourth quarter 2019 revenue increased 10% to a record $3.3 billion from $3.0 billion in the fourth quarter of 2018.

Fourth quarter 2019 net income per diluted share was $2.89, a 14% increase over $2.54 per diluted share reported in the fourth quarter of 2018. Adjusted fourth quarter 2019 net income per diluted share was $2.95, a 15% increase compared to adjusted net income of $2.57 per diluted share in the same period of 2018. Fourth quarter 2019 net income was $68 million, a 14% increase compared to net income of $60 million in the same period of 2018. Adjusted fourth quarter 2019 net income was $70 million, a 15% increase compared to adjusted net income of $61 million for the same period of 2018.

As shown in the attached non-GAAP reconciliation tables, the 2019 fourth quarter adjusted results exclude a $0.06 net non-core charge related to asset impairments and acquisition expenses partially offset by a net gain on sale of stores. The 2018 fourth quarter adjusted results exclude a $0.03 net non-core charge due to asset impairments and a net disposal loss on sale of stores partially offset by tax attributes.

Fourth Quarter-over-Quarter Operating Highlights:
•
Total adjusted net income per diluted share increased 15%
•
Total same store sales increased 7%
•
Same store new vehicle retail sales increased 4%
•
Same store used vehicle retail sales increased 17%
•
Same store F&I per unit increased 10% to $1,526
•
Same store total gross profit per unit increased 5% to $3,705

"We increased same store sales in all core business lines, including double digit revenue growth of over 16% in both used vehicle sales and F&I," said Bryan DeBoer, President and CEO. "Our stores and their phenomenal teams continue to be focused on creating convenient and transparent consumer experiences to generate our strong results."

Full year 2019 revenue increased 7% to a record $12.7 billion from $11.8 billion in 2018.

Full year 2019 net income per diluted share increased 7% to $11.60 from $10.86 for 2018. Adjusted net income per diluted share increased 18% to $11.76 from $9.98 for 2018. Full year 2019 net income increased 2% to $271 million from $266 million for 2018. Adjusted net income increased 13% to $275 million for 2019 from $244 million for 2018.

As shown in the attached non-GAAP reconciliation tables, the 2019 adjusted results exclude a cumulative net non-core charge of $0.16 related to asset impairments, insurance reserves and acquisition expenses partially offset by a net gain on the sale of stores. The 2018 adjusted results exclude a cumulative net non-core benefit of $0.88 from a net gain on the sale of stores and certain tax attributes partially offset by charges related to insurance reserves, acquisitions expenses, and asset impairments.

Full Year-over-Year Operating Highlights:
•
Record full year revenues of $12.7 billion
•
Used vehicle retail same store sales increased 14%
•
Service, body and parts same store sales increased 7%
•
Same store F&I per unit increased 9% to $1,486

Corporate Development
As previously announced, we acquired the Williams Automotive Group in Florida consisting of Tampa Honda, Wesley Chapel Honda, and Wesley Chapel Toyota. For the year, we acquired nine stores with anticipated annual revenues of over $825 million.





"With over $1 billion in liquidity through our cash, availability on our credit facility, and unfinanced real estate, we remain well positioned to take advantage of the robust acquisition market in 2020," said DeBoer.

Balance Sheet Update
In December, we executed an amended and restated loan agreement modifying our existing syndicated credit facility. The amendment increased the total financing commitment to $2.8 billion and reduced the interest rates on the new vehicle, used vehicle, and working capital lines. The credit facility maturity has been extended to 2025.

In addition, during the quarter we completed an issuance of $400 million in aggregate principal amount of 4.625% senior notes due 2027 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. We intend to use the net proceeds for general corporate purposes, which includes funding acquisitions, capital expenditures, and debt repayment.

Dividend Payment
Our Board of Directors approved a dividend of $0.30 per share related to fourth quarter 2019 financial results. We expect to pay the dividend on March 27, 2020 to shareholders of record on March 13, 2020.

Fourth Quarter Earnings Conference Call and Updated Presentation
The fourth quarter 2019 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the fourth quarter 2019 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
Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#265-2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows with low leverage. Operational excellence is achieved by refocusing the business on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. Lithia’s unique growth model invests to expand its nationwide network and to fund innovations that create personal transportation solutions wherever, whenever and however consumers desire.

Sites
www.lithia.com
www.shift.com

www.lithiainvestorrelations.com
www.lithiacareers.com

Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors

Lithia Motors on Twitter
http://twitter.com/lithiamotors

Contact:
Eric Pitt 
VP, Investor Relations and Treasurer
EPitt@lithia.com 
(541) 864-1748

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:

•
Future market conditions, including anticipated national new car sales levels;




•
Expected operating results, such as improved store performance; continued improvement of selling, general and administrative expenses ("SG&A") as a percentage of gross profit and all projections;
•
Anticipated integration, success and growth of acquired stores;
•
Anticipated ability to capture additional market share;
•
Anticipated ability to find accretive acquisitions;
•
Expected revenues from acquired stores;
•
Anticipated synergies, ability to monetize our investment in digital innovation;
•
Anticipated additions of dealership locations to our portfolio in the future;
•
Anticipated availability of liquidity from our cash, availability on our credit facility and unfinanced operating real estate;
•
Anticipated use of proceeds from our financings;
•
Anticipated levels of capital expenditures in the future; and
•
Our strategies for customer retention, growth, market position, financial results and risk management.

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:

•
future economic and financial conditions (both nationally and locally);
•
changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers;
•
risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms);
•
the adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level;
•
disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures, facilities or equipment; and
•
government regulations, legislation and others set forth throughout "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC.

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.






Lithia Motors, Inc.
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)
 
 
Three months ended December 31,
 
%
 
Twelve months ended December 31,
 
%
 
 
 
Increase
 
 
Increase
 
 
2019
 
2018
 
(Decrease)
 
2019
 
2018
 
(Decrease)
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
1,805.8

 
$
1,688.3

 
7.0
 %
 
$
6,799.1

 
$
6,602.8

 
3.0
 %
Used vehicle retail
 
894.7

 
753.4

 
18.8

 
3,527.2

 
3,079.0

 
14.6

Used vehicle wholesale
 
67.7

 
78.1

 
(13.3
)
 
301.2

 
331.3

 
(9.1
)
Finance and insurance
 
136.0

 
112.8

 
20.6

 
518.6

 
454.8

 
14.0

Service, body and parts
 
331.8

 
313.9

 
5.7

 
1,325.1

 
1,222.3

 
8.4

Fleet and other
 
33.0

 
26.7

 
23.6

 
201.5

 
131.2

 
53.6

Total revenues
 
3,269.0

 
2,973.2

 
9.9
 %
 
12,672.7

 
11,821.4

 
7.2
 %
Cost of sales:
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
1,701.5

 
1,592.5

 
6.8

 
6,413.5

 
6,217.7

 
3.1

Used vehicle retail
 
804.6

 
677.6

 
18.7

 
3,159.6

 
2,756.1

 
14.6

Used vehicle wholesale
 
67.8

 
76.8

 
(11.7
)
 
297.5

 
325.8

 
(8.7
)
Service, body and parts
 
165.3

 
159.8

 
3.4

 
657.5

 
621.6

 
5.8

Fleet and other
 
31.2

 
24.6

 
26.8

 
190.9

 
123.2

 
55.0

Total cost of sales
 
2,770.4

 
2,531.3

 
9.4

 
10,719.0

 
10,044.4

 
6.7

Gross profit
 
498.6

 
441.9

 
12.8
 %
 
1,953.8

 
1,777.0

 
9.9
 %
Asset impairments
 
2.1

 
1.3

 
61.5

 
2.6

 
1.3

 
100.0

SG&A expense
 
352.2

 
313.4

 
12.4

 
1,373.8

 
1,253.3

 
9.6

Depreciation and amortization
 
21.5

 
20.1

 
7.0

 
82.4

 
75.4

 
9.3

Income from operations
 
122.8

 
107.1

 
14.7
 %
 
495.0

 
447.0

 
10.7
 %
Floor plan interest expense
 
(17.2
)
 
(17.2
)
 
—

 
(72.8
)
 
(62.3
)
 
16.9

Other interest expense
 
(15.7
)
 
(15.4
)
 
1.9

 
(60.6
)
 
(56.0
)
 
8.2

Other income, net
 
4.8

 
3.5

 
NM

 
13.8

 
8.8

 
NM

Income before income taxes
 
94.7

 
78.0

 
21.4
 %
 
375.4

 
337.5

 
11.2
 %
Income tax expense
 
(26.7
)
 
(18.1
)
 
47.5

 
(103.9
)
 
(71.8
)
 
44.7

Income tax rate
 
28.2
%
 
23.2
%
 


 
27.7
%
 
21.3
%
 
 
Net income

$
68.0

 
$
59.9

 
13.5
 %
 
$
271.5

 
$
265.7

 
2.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share
 
$
2.89

 
$
2.54

 
13.8
 %
 
$
11.60

 
$
10.86

 
6.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted shares outstanding
 
23.5
 
23.6
 
(0.4)
 %
 
23.4
 
24.5
 
(4.5
)%
NM - not meaningful




Lithia Motors, Inc.
Key Performance Metrics (Unaudited)
 
 
Three months ended December 31,
 
%
 
Twelve months ended December 31,
 
%
 
 
 
Increase
 
 
Increase
 
 
2019
 
2018
 
(Decrease)
 
2019
 
2018
 
(Decrease)
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
5.8
%
 
5.7
%
 
10
bps
 
5.7
%
 
5.8
%
 
(10
)bps
Used vehicle retail
 
10.1

 
10.1

 
—

 
10.4

 
10.5

 
(10
)
Finance and insurance
 
100.0

 
100.0

 
—

 
100.0

 
100.0

 
—

Service, body and parts
 
50.2

 
49.1

 
110

 
50.4

 
49.1

 
130

Gross profit margin
 
15.3

 
14.9

 
40

 
15.4

 
15.0

 
40

 
 
 
 
 
 
 
 
 
 
 
 
 
Unit sales
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
46,442

 
45,287

 
2.6
%
 
180,532

 
184,601

 
(2.2)
 %
Used vehicle retail
 
42,740

 
36,273

 
17.8

 
170,423

 
151,234

 
12.7

Total retail units sold
 
89,182

 
81,560

 
9.3

 
350,955

 
335,835

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Average selling price
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
38,884

 
$
37,281

 
4.3
%
 
$
37,661

 
$
35,768

 
5.3
 %
Used vehicle retail
 
20,934

 
20,771

 
0.8

 
20,697

 
20,359

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Average gross profit per unit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
2,246

 
$
2,116

 
6.1
%
 
$
2,136

 
$
2,086

 
2.4
 %
Used vehicle retail
 
2,109

 
2,092

 
0.8

 
2,157

 
2,135

 
1.0

Finance and insurance
 
1,524

 
1,383

 
10.2

 
1,478

 
1,354

 
9.2

Total vehicle(1)
 
3,704

 
3,503

 
5.7

 
3,634

 
3,479

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue mix
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
55.2
%
 
56.8
%
 
 
 
53.7
%
 
55.9
%
 
 
Used vehicle retail
 
27.4

 
25.3

 
 
 
27.8

 
26.0

 
 
Used vehicle wholesale
 
2.1

 
2.6

 
 
 
2.4

 
2.8

 
 
Finance and insurance, net
 
4.2

 
3.8

 
 
 
4.1

 
3.8

 
 
Service, body and parts
 
10.1

 
10.6

 
 
 
10.5

 
10.3

 
 
Fleet and other
 
1.0

 
0.9

 
 
 
1.5

 
1.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit Mix
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
20.9
%
 
21.7
%
 
 
 
19.7
%
 
21.7
%
 
 
Used vehicle retail
 
18.1

 
17.2

 
 
 
18.8

 
18.2

 
 
Used vehicle wholesale
 
—

 
0.3

 
 
 
0.2

 
0.3

 
 
Finance and insurance, net
 
27.3

 
25.5

 
 
 
26.5

 
25.6

 
 
Service, body and parts
 
33.3

 
34.8

 
 
 
34.3

 
33.8

 
 
Fleet and other
 
0.4

 
0.5

 
 
 
0.5

 
0.4

 
 
 
 
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
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
SG&A as a % of revenue
 
10.8
%
 
10.5
%
 
10.8
%
 
10.5
%
 
10.8
%
 
10.7
%
 
10.8
%
 
10.6
%
SG&A as a % of gross profit
 
70.6

 
70.9

 
70.6

 
70.9

 
70.2

 
71.1

 
70.3

 
70.5

Operating profit as a % of revenue
 
3.8

 
3.7

 
3.8

 
3.6

 
3.9

 
3.7

 
3.9

 
3.8

Operating profit as a % of gross profit
 
25.0

 
24.6

 
24.6

 
24.2

 
25.6

 
24.6

 
25.3

 
25.2

Pretax margin
 
3.0

 
2.7

 
2.9

 
2.6

 
3.0

 
2.8

 
3.0

 
2.9

Net profit margin
 
2.1

 
2.0

 
2.1

 
2.0

 
2.2

 
2.1

 
2.1

 
2.2

(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




Lithia Motors, Inc.
Same Store Operating Highlights (Unaudited)
 
 
Three months ended December 31,
 
%
 
Twelve months ended December 31,
 
%
 
 
 
Increase
 
 
Increase
 
 
2019
 
2018
 
(Decrease)
 
2019
 
2018
 
(Decrease)
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
1,721.2

 
$
1,659.7

 
3.7
 %
 
$
6,499.2

 
$
6,400.9

 
1.5
 %
Used vehicle retail
 
864.0

 
739.5

 
16.8

 
3,391.5

 
2,984.0

 
13.7

Finance and insurance
 
129.9

 
111.0

 
17.0

 
499.4

 
441.3

 
13.2

Service, body and parts
 
318.1

 
306.7

 
3.7

 
1,268.5

 
1,180.7

 
7.4

Total revenues
 
3,130.8

 
2,917.2

 
7.3

 
12,143.7

 
11,444.4

 
6.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
99.6

 
$
94.4

 
5.5
 %
 
$
368.3

 
$
373.2

 
(1.3)
 %
Used vehicle retail
 
85.9

 
74.6

 
15.1

 
354.5

 
315.3

 
12.4

Finance and insurance
 
129.9

 
111.0

 
17.0

 
499.4

 
441.3

 
13.2

Service, body and parts
 
159.6

 
151.0

 
5.7

 
640.1

 
582.1

 
10.0

Total gross profit
 
476.6

 
434.3

 
9.7

 
1,876.0

 
1,725.1

 
8.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
5.8
%
 
5.7
%
 
10
bps
 
5.7
%
 
5.8
%
 
(10
)bps
Used vehicle retail
 
9.9

 
10.1

 
(20
)
 
10.5

 
10.6

 
(10
)
Finance and insurance
 
100.0

 
100.0

 
—

 
100.0

 
100.0

 
—

Service, body and parts
 
50.2

 
49.2

 
100

 
50.5

 
49.3

 
120

Gross profit margin
 
15.2

 
14.9

 
30

 
15.4

 
15.1

 
30

 
 
 
 
 
 
 
 
 
 
 
 
 
Unit sales
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
43,953

 
44,398

 
(1.0)
 %
 
172,224

 
178,119

 
(3.3)
 %
Used vehicle retail
 
41,129

 
35,546

 
15.7

 
163,889

 
145,992

 
12.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Average selling price
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
39,161

 
$
37,382

 
4.8
 %
 
$
37,737

 
$
35,936

 
5.0
 %
Used vehicle retail
 
21,007

 
20,803

 
1.0

 
20,694

 
20,439

 
1.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Average gross profit per unit
 
 
 
 
 
 
 
 
 
 
 
 
New vehicle retail
 
$
2,267

 
$
2,127

 
6.6
 %
 
$
2,138

 
$
2,095

 
2.1
 %
Used vehicle retail
 
2,088

 
2,100

 
(0.6
)
 
2,163

 
2,160

 
0.1

Finance and insurance
 
1,526

 
1,388

 
9.9

 
1,486

 
1,362

 
9.1

Total vehicle(1)
 
3,705

 
3,520

 
5.3

 
3,646

 
3,503

 
4.1

(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




Lithia Motors, Inc.
Other Highlights (Unaudited)
 
As of
 
December 31,
 
December 31,
 
December 31,
 
2019
 
2018
 
2017
Days Supply(1)
 
 
 
 
 
New vehicle inventory
71
 
71
 
69
Used vehicle inventory
65
 
66
 
67
(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 December 31, 2019
Current ratio
Not less than 1.10 to 1
 
1.31 to 1
Fixed charge coverage ratio
Not less than 1.20 to 1
 
2.88 to 1
Leverage ratio
Not more than 5.75 to 1
 
2.62 to 1





Lithia Motors, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
 
 
December 31, 2019
 
December 31, 2018
Cash and cash equivalents
 
$
84.0

 
$
31.6

Trade receivables, net
 
505.0

 
529.4

Inventories, net
 
2,433.7

 
2,365.3

Other current assets
 
47.8

 
65.1

Total current assets
 
$
3,070.5

 
$
2,991.4

 
 
 
 
 
Property and equipment, net
 
1,611.7

 
1,448.0

Intangibles
 
761.3

 
723.6

Other non-current assets
 
640.4

 
221.0

Total assets
 
$
6,083.9

 
$
5,384.0

 
 
 
 
 
Floor plan notes payable
 
2,067.6

 
2,057.7

Other current liabilities
 
501.5

 
435.8

Total current liabilities
 
$
2,569.1

 
$
2,493.5

 
 
 
 
 
Long-term debt
 
1,430.6

 
1,358.2

Other long-term liabilities and deferred revenue
 
616.5

 
335.1

Total liabilities
 
$
4,616.2

 
$
4,186.8

 
 
 
 
 
Stockholder's Equity
 
1,467.7

 
1,197.2

Total liabilities & stockholders' equity
 
$
6,083.9

 
$
5,384.0






Lithia Motors, Inc.
Summarized Cash Flow from Operations (Unaudited)
(In millions)
 
 
Twelve months ended December 31,
 
 
2019
 
2018
Net income
 
$
271.5

 
$
265.7

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Asset impairments
 
2.6

 
1.3

Depreciation and amortization
 
82.4

 
75.4

Stock-based compensation
 
16.2

 
13.3

Gain on disposal of assets
 
(0.1
)
 
0.2

Gain on sale of franchises
 
(9.7
)
 
(15.1
)
Deferred income taxes
 
40.1

 
33.0

(Increase) decrease:
 
 
 
 
Trade receivables, net
 
24.4

 
4.7

Inventories
 
(19.7
)
 
(108.9
)
Other assets
 
12.0

 
(16.0
)
Increase (decrease):
 
 
 
 
Floor plan notes payable, net
 
100.7

 
196.9

Trade payables
 
(1.8
)
 
15.1

Accrued liabilities
 
(38.0
)
 
28.9

Other long-term liabilities and deferred revenue
 
18.9

 
25.2

Net cash provided by operating activities
 
$
499.5

 
$
519.7




Lithia Motors, Inc.
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
 
 
Twelve months ended December 31,
Net cash provided by operating activities
 
2019
 
2018
As reported
 
$
499.5

 
$
519.7

Floor plan notes payable, non-trade, net
 
(54.6
)
 
(21.9
)
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory
 
(80.0
)
 
(120.0
)
Adjusted
 
$
364.9

 
$
377.8






Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 
 
Three Months Ended December 31, 2019
 
 
As reported
 
Disposal gain on sale of stores
 
Asset impairments
 
Acquisition expenses
 
Adjusted
Asset impairments
 
$
2.1

 
$
—

 
$
(2.1
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
352.2

 
0.6

 
—

 
(0.6
)
 
352.2

 
 
 
 
 
 
 
 
 
 
 
Operating income
 
122.8

 
(0.6
)
 
2.1

 
0.6

 
124.9

 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
94.7

 
(0.6
)
 
2.1

 
0.6

 
96.8

Income tax (provision) benefit
 
(26.7
)
 
0.2

 
(0.6
)
 
(0.2
)
 
(27.3
)
Net income
 
$
68.0

 
$
(0.4
)
 
$
1.5

 
$
0.4

 
$
69.5

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
2.89

 
$
(0.02
)
 
$
0.06

 
$
0.02

 
$
2.95

Diluted share count
 
23.5

 
 
 
 
 
 
 
 

 
 
Three Months Ended December 31, 2018
 
 
As reported
 
Disposal loss on sale of stores
 
Asset impairments
 
Tax attribute
 
Adjusted
Asset impairments
 
$
1.3

 
$
—

 
$
(1.3
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
313.4

 
(0.3
)
 
—

 
—

 
313.1

 
 
 
 
 
 
 
 
 
 
 
Operating income
 
107.1

 
0.3

 
1.3

 
—

 
108.7

 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
78.0

 
0.3

 
1.3

 
—

 
79.6

Income tax (provision) benefit
 
(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

 
 
 
 
 
 
 
 





Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 
 
Twelve Months Ended December 31, 2019
 
 
As reported
 
Disposal gain on sale of stores
 
Asset impairments
 
Insurance reserves
 
Acquisition expenses
 
Adjusted
Asset impairments
 
$
2.6

 
$
—

 
$
(2.6
)
 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
1,373.8

 
9.7

 
—

 
(9.5
)
 
(2.5
)
 
1,371.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
495.0

 
(9.7
)
 
2.6

 
9.5

 
2.5

 
499.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
375.4

 
(9.7
)
 
2.6

 
9.5

 
2.5

 
380.3

Income tax (provision) benefit
 
(103.9
)
 
2.8

 
(0.7
)
 
(2.6
)
 
(0.7
)
 
(105.1
)
Net income
 
$
271.5

 
$
(6.9
)
 
$
1.9

 
$
6.9

 
$
1.8

 
$
275.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
11.60

 
$
(0.30
)
 
$
0.08

 
$
0.30

 
$
0.08

 
$
11.76

Diluted share count
 
23.4

 
 
 
 
 
 
 
 
 
 

 
 
Twelve Months Ended December 31, 2018
 
 
As reported
 
Disposal gain on sale of stores
 
Asset impairments
 
Insurance reserves
 
Acquisition expenses
 
Tax attribute
 
Adjusted
Asset impairments
 
$
1.3

 
$
—

 
$
(1.3
)
 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
1,253.3

 
15.4

 
—

 
(1.5
)
 
(3.3
)
 
—

 
1,263.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
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 (provision) benefit
 
(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

 
 
 
 
 
 
 
 
 
 
 
 






Lithia Motors, Inc.
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
 
 
Three months ended December 31,
 
%
 
Twelve months ended December 31,
 
%
 
 
 
Increase
 
 
Increase
 
 
2019
 
2018
 
(Decrease)
 
2019
 
2018
 
(Decrease)
EBITDA and Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
68.0

 
$
59.9

 
13.5
 %
 
$
271.5

 
$
265.7

 
2.2
 %
Flooring interest expense
 
17.2

 
17.2

 
—

 
72.8

 
62.3

 
16.9

Other interest expense
 
15.7

 
15.4

 
1.9

 
60.6

 
56.0

 
8.2

Income tax expense
 
26.7

 
18.1

 
47.5

 
103.9

 
71.8

 
44.7

Depreciation and amortization
 
21.5

 
20.1

 
7.0

 
82.4

 
75.4

 
9.3

EBITDA
 
$
149.1

 
$
130.7

 
14.1
 %
 
$
591.2

 
$
531.2

 
11.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Other adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Less: flooring interest expense
 
$
(17.2
)
 
$
(17.2
)
 
—

 
$
(72.8
)
 
$
(62.3
)
 
16.9

Less: used vehicle line of credit interest
 
(1.6
)
 
(1.9
)
 
(15.8
)
 
(5.5
)
 
(2.9
)
 
89.7

Add: acquisition expenses
 
0.6

 
—

 
NM

 
2.5

 
3.3

 
(24.2
)
Less: gain on divestitures
 
(0.6
)
 
0.3

 
(300.0
)
 
(9.7
)
 
(15.4
)
 
(37.0
)
Add: insurance reserve
 
—

 
—

 
NM

 
9.5

 
1.5

 
533.3

Add: asset impairment
 
2.1

 
1.3

 
61.5

 
2.6

 
1.3

 
100.0

Adjusted EBITDA
 
$
132.4

 
$
113.2

 
17.0
 %
 
$
517.8

 
$
456.7

 
13.4
 %
NM - not meaningful

 
 
As of
 
%
 
 
December 31,
 
Increase
Net Debt to Adjusted EBITDA
 
2019
 
2018
 
(Decrease)
Floor plan notes payable: non-trade
 
$
1,642.4

 
$
1,733.3

 
(5.2
)%
Floor plan notes payable
 
425.2

 
324.4

 
31.1

Used and service loaner vehicle inventory financing facility
 
149.0

 
332.0

 
(55.1
)
Revolving lines of credit
 
—

 
131.6

 
(100.0
)
Real estate mortgages
 
597.7

 
592.3

 
0.9

5.250% Senior notes due 2025
 
300.0

 
300.0

 
—

4.625% Senior notes due 2027
 
400.0

 
—

 
—

Other debt
 
33.6

 
34.2

 
(1.8
)
Unamortized debt issuance costs
 
(10.4
)
 
(6.1
)
 
70.5

Total debt
 
$
3,537.5

 
$
3,441.7

 
2.8
 %
 
 
 
 
 
 
 
Less: Floor plan related debt
 
$
(2,216.6
)
 
$
(2,389.7
)
 
(7.2
)%
Less: Cash and cash equivalents
 
(84.0
)
 
(31.6
)
 
165.8

Less: Availability on used vehicle and service loaner LOCs
 
(239.8
)
 
—

 
—

Net Debt
 
$
997.1

 
$
1,020.4

 
(2.3
)%
 
 
 
 
 
 
 
TTM Adjusted EBITDA
 
$
517.8

 
$
456.7

 
13.4
 %
 
 
 
 
 
 
 
Net debt to Adjusted EBITDA
 
1.93
x
 
2.23
x
 
(13.5
)%


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Cover
Feb. 12, 2020
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 12, 2020
Entity Registrant Name LITHIA MOTORS INC
Entity Incorporation, State or Country Code OR
Entity File Number 001-14733
Entity Tax Identification Number 93-0572810
Entity Address, Address Line One 150 N. Bartlett Street
Entity Address, City or Town Medford
Entity Address, State or Province OR
Entity Address, Postal Zip Code 97501
City Area Code 541
Local Phone Number 776-6401
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock without par value
Trading Symbol LAD
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001023128
Amendment Flag false
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