– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
INCREASES DIVIDEND TO $0.42 PER SHARE FOR FIRST QUARTER
MEDFORD, Ore., April 20, 2022 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today reported the highest first quarter revenue and earnings per share in company history.
First quarter 2022 revenue increased 54% to $6.7 billion from $4.3 billion in the first quarter of 2021.
First quarter 2022 net income attributable to LAD per diluted share was $11.55, a 99% increase from $5.81 per diluted share reported in the first quarter of 2021. Adjusted first quarter 2022 net income attributable to LAD per diluted share was $11.96, a 103% increase compared to $5.89 per diluted share in the same period of 2021.
First quarter 2022 net income was $344 million, a 120% increase compared to net income of $156 million in the same period of 2021. Adjusted first quarter 2022 net income was $356 million, a 125% increase compared to adjusted net income of $158 million for the same period of 2021.
As shown in the attached non-GAAP reconciliation tables, the 2022 first quarter adjusted results exclude a $0.41 per diluted share net non-core charge related to a non-cash unrealized investment loss and acquisition expenses, partially offset by a net gain on the sale of stores. The 2021 first quarter adjusted results include a $0.08 per diluted share net non-core charge related to a non-cash unrealized investment loss, a net loss on the sale of stores, insurance reserves, and acquisition expenses.
First Quarter-over-Quarter Comparisons and Operating Highlights:
"Our teams delivered another record quarter with strong results across all channels," said Bryan DeBoer, Lithia & Driveway's President and CEO. "Our highly adaptable model generated significant free cash flows and Driveway and DFC each achieved impressive milestones. Combined with our teams' unique ability to quickly integrate acquired businesses, our path forward to being a diversified, omni-channel retailer has never been clearer."
Corporate DevelopmentLAD recently acquired three Stellantis stores in Las Vegas, diversifying our brand mix in that growing market. Collectively the stores are expected to generate $400 million in annualized revenues. Year-to-date, LAD has acquired $1.1 billion in annualized revenues and since the announcement of the 2025 Plan in July 2020, we have acquired $11.5 billion in annualized revenues.
"Our recent strong performance has provided significant optionality in our execution of the 2025 Plan," said DeBoer. "We have deployed incremental capital to Driveway and DFC while maintaining our accelerated acquisition cadence and providing immediate shareholder return through opportunistic share repurchases. These actions are transforming LAD and bringing us closer to the day when each billion dollars of revenues produces significantly more than a dollar of EPS."
Balance Sheet UpdateWe ended the first quarter with approximately $1.6 billion in cash and availability on our revolving lines of credit. In addition, our unfinanced real estate could provide additional liquidity of approximately $1.1 billion.
Dividend Payment and Share RepurchasesOur Board of Directors approved a dividend of $0.42 per share related to first quarter 2022 financial results. We expect to pay the dividend on May 27, 2022 to shareholders of record on May 13, 2022.
Year-to-date, we have repurchased 515,130 shares at a weighted average price of $292.80. Approximately $572 million remains available under our authorization.
First Quarter Earnings Conference Call and Updated PresentationThe first quarter 2022 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the first quarter 2022 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on quarterly earnings.
About Lithia & Driveway (LAD)LAD is a growth company focused on profitably consolidating the largest retail sector in North America through providing personal transportation solutions wherever, whenever, and however consumers desire.
Siteswww.lithia.cominvestors.lithiadriveway.comwww.lithiacareers.comwww.driveway.comwww.greencars.comwww.drivewayfinancecorp.com
Lithia & Driveway on Facebookhttps://www.facebook.com/LithiaMotorshttps://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitterhttps://twitter.com/lithiamotorshttps://twitter.com/DrivewayHQhttps://twitter.com/GreenCarsHQ
Forward-Looking StatementsCertain 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 MeasuresThis 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 |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Revenues: |
||||||
New vehicle retail |
$ 3,061.8 |
$ 2,193.2 |
39.6% |
|||
Used vehicle retail |
2,234.5 |
1,352.2 |
65.2 |
|||
Used vehicle wholesale |
385.8 |
135.2 |
185.4 |
|||
Finance and insurance |
313.2 |
198.4 |
57.9 |
|||
Service, body and parts |
627.8 |
404.0 |
55.4 |
|||
Fleet and other |
82.2 |
60.0 |
37.0 |
|||
Total revenues |
6,705.3 |
4,343.0 |
54.4% |
|||
Cost of sales: |
||||||
New vehicle retail |
2,660.5 |
2,036.5 |
30.6 |
|||
Used vehicle retail |
2,010.7 |
1,216.0 |
65.4 |
|||
Used vehicle wholesale |
378.1 |
130.6 |
189.5 |
|||
Service, body and parts |
298.8 |
185.8 |
60.8 |
|||
Fleet and other |
79.1 |
58.6 |
35.0 |
|||
Total cost of sales |
5,427.2 |
3,627.5 |
49.6 |
|||
Gross profit |
1,278.1 |
715.5 |
78.6% |
|||
SG&A expense |
726.1 |
450.4 |
61.2 |
|||
Depreciation and amortization |
39.2 |
26.8 |
46.3 |
|||
Income from operations |
512.8 |
238.3 |
115.2% |
|||
Floor plan interest expense |
(4.9) |
(6.8) |
(27.9) |
|||
Other interest expense |
(30.1) |
(23.5) |
28.1 |
|||
Other income (expense), net |
(8.0) |
3.4 |
NM |
|||
Income before income taxes |
469.8 |
211.4 |
122.2% |
|||
Income tax expense |
(126.2) |
(55.2) |
128.6 |
|||
Income tax rate |
26.9% |
26.1% |
||||
Net income |
$ 343.6 |
$ 156.2 |
120.0% |
|||
Net income attributable to non-controlling interests |
(0.5) |
— |
NM |
|||
Net income attributable to redeemable non-controlling interest |
(0.9) |
— |
NM |
|||
Net income attributable to LAD |
$ 342.2 |
$ 156.2 |
119.1% |
|||
Diluted earnings per share attributable to LAD: |
||||||
Net income per share |
$ 11.55 |
$ 5.81 |
98.8% |
|||
Diluted shares outstanding |
29.6 |
26.9 |
10.0% |
|||
NM - not meaningful |
||||||
LAD Key Performance Metrics (Unaudited) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Gross margin |
||||||
New vehicle retail |
13.1% |
7.1% |
600 bps |
|||
Used vehicle retail |
10.0 |
10.1 |
(10) |
|||
Finance and insurance |
100.0 |
100.0 |
— |
|||
Service, body and parts |
52.4 |
54.0 |
(160) |
|||
Gross profit margin |
19.1 |
16.5 |
260 |
|||
Unit sales |
||||||
New vehicle retail |
64,942 |
53,864 |
20.6 % |
|||
Used vehicle retail |
73,689 |
59,027 |
24.8 |
|||
Total retail units sold |
138,631 |
112,891 |
22.8 |
|||
Average selling price |
||||||
New vehicle retail |
$ 47,146 |
$ 40,718 |
15.8% |
|||
Used vehicle retail |
30,323 |
22,907 |
32.4 |
|||
Average gross profit per unit |
||||||
New vehicle retail |
$ 6,179 |
$ 2,910 |
112.3% |
|||
Used vehicle retail |
3,037 |
2,307 |
31.6 |
|||
Finance and insurance |
2,260 |
1,757 |
28.6 |
|||
Total vehicle(1) |
6,825 |
4,392 |
55.4 |
|||
Revenue mix |
||||||
New vehicle retail |
45.7% |
50.5% |
||||
Used vehicle retail |
33.3 |
31.1 |
||||
Used vehicle wholesale |
5.8 |
3.1 |
||||
Finance and insurance, net |
4.7 |
4.6 |
||||
Service, body and parts |
9.4 |
9.3 |
||||
Fleet and other |
1.1 |
1.4 |
||||
Gross Profit Mix |
||||||
New vehicle retail |
31.4 % |
21.9 % |
||||
Used vehicle retail |
17.5 |
19.0 |
||||
Used vehicle wholesale |
0.6 |
0.6 |
||||
Finance and insurance, net |
24.5 |
27.7 |
||||
Service, body and parts |
25.8 |
30.6 |
||||
Fleet and other |
0.2 |
0.2 |
||||
Adjusted |
As reported |
|||||||
Three months |
Three months |
|||||||
Other metrics |
2022 |
2021 |
2022 |
2021 |
||||
SG&A as a % of revenue |
10.9% |
10.3% |
10.8% |
10.4% |
||||
SG&A as a % of gross profit |
57.1 |
62.6 |
56.8 |
62.9 |
||||
Operating profit as a % of revenue |
7.6 |
5.6 |
7.6 |
5.5 |
||||
Operating profit as a % of gross profit |
39.9 |
33.7 |
40.1 |
33.3 |
||||
Pretax margin |
7.2 |
4.9 |
7.0 |
4.9 |
||||
Net profit margin |
5.3 |
3.6 |
5.1 |
3.6 |
||||
(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 |
||||||||
LAD Same Store Operating Highlights (Unaudited) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Revenues |
||||||
New vehicle retail |
$ 2,022.3 |
$ 2,076.6 |
(2.6) % |
|||
Used vehicle retail |
1,654.1 |
1,266.8 |
30.6 |
|||
Finance and insurance |
218.4 |
187.3 |
16.6 |
|||
Service, body and parts |
437.4 |
386.0 |
13.3 |
|||
Total revenues |
4,584.0 |
4,103.6 |
11.7 |
|||
Gross profit |
||||||
New vehicle retail |
$ 272.5 |
$ 149.3 |
82.5 % |
|||
Used vehicle retail |
163.5 |
127.5 |
28.2 |
|||
Finance and insurance |
218.4 |
187.3 |
16.6 |
|||
Service, body and parts |
238.6 |
208.9 |
14.2 |
|||
Total gross profit |
897.2 |
678.8 |
32.2 |
|||
Gross margin |
||||||
New vehicle retail |
13.5% |
7.2% |
630 bps |
|||
Used vehicle retail |
9.9 |
10.1 |
(20) |
|||
Finance and insurance |
100.0 |
100.0 |
— |
|||
Service, body and parts |
54.6 |
54.1 |
50 |
|||
Gross profit margin |
19.6 |
16.5 |
310 |
|||
Unit sales |
||||||
New vehicle retail |
42,232 |
51,145 |
(17.4) % |
|||
Used vehicle retail |
54,813 |
55,304 |
(0.9) |
|||
Average selling price |
||||||
New vehicle retail |
$ 47,885 |
$ 40,602 |
17.9% |
|||
Used vehicle retail |
30,177 |
22,906 |
31.7 |
|||
Average gross profit per unit |
||||||
New vehicle retail |
$ 6,453 |
$ 2,919 |
121.1% |
|||
Used vehicle retail |
2,983 |
2,305 |
29.4 |
|||
Finance and insurance |
2,251 |
1,759 |
28.0 |
|||
Total vehicle(1) |
6,767 |
4,401 |
53.8 |
|||
(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 |
|||
March 31, |
December 31, |
||
2022 |
2021 |
||
Days Supply(1) |
|||
New vehicle inventory |
27 |
24 |
|
Used vehicle inventory |
50 |
61 |
|
(1) Days supply calculated based on current inventory levels, including in-transit vehicles, and a 30-day historical cost of sales level. |
|||
Financial covenants |
|||
Requirement |
As of March 31, 2022 |
||
Current ratio |
Not less than 1.10 to 1 |
1.60 to 1 |
|
Fixed charge coverage ratio |
Not less than 1.20 to 1 |
5.19 to 1 |
|
Leverage ratio |
Not more than 5.75 to 1 |
1.16 to 1 |
LAD Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
||||
March 31, 2022 |
December 31, 2021 |
|||
Cash, restricted cash, and cash equivalents |
$ 161.4 |
$ 174.8 |
||
Trade receivables, net |
923.8 |
910.0 |
||
Inventories, net |
2,697.3 |
2,385.5 |
||
Other current assets |
102.1 |
63.0 |
||
Total current assets |
$ 3,884.6 |
$ 3,533.3 |
||
Property and equipment, net |
3,244.5 |
3,052.6 |
||
Intangibles |
1,976.0 |
1,776.4 |
||
Other non-current assets |
2,975.7 |
2,784.6 |
||
Total assets |
$ 12,080.8 |
$ 11,146.9 |
||
Floor plan notes payable |
1,391.0 |
1,190.1 |
||
Other current liabilities |
1,434.1 |
1,212.7 |
||
Total current liabilities |
$ 2,825.1 |
$ 2,402.8 |
||
Long-term debt |
3,395.2 |
3,185.7 |
||
Other long-term liabilities and deferred revenue |
917.9 |
895.2 |
||
Total liabilities |
$ 7,138.2 |
$ 6,483.7 |
||
Equity |
4,942.6 |
4,663.2 |
||
Total liabilities & equity |
$ 12,080.8 |
$ 11,146.9 |
||
LAD Summarized Cash Flow from Operations (Unaudited) (In millions) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
Net income |
$ 343.7 |
$ 156.2 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
39.2 |
26.8 |
||
Stock-based compensation |
10.5 |
8.0 |
||
Gain on disposal of assets |
0.9 |
0.3 |
||
Loss (gain) on sale of franchises |
(10.0) |
0.7 |
||
Unrealized investment loss (gain) |
14.9 |
0.3 |
||
Deferred income taxes |
11.3 |
10.4 |
||
Amortization of operating lease right-of-use assets |
3.6 |
8.2 |
||
(Increase) decrease: |
||||
Trade receivables, net |
(80.4) |
(126.7) |
||
Inventories |
(244.9) |
244.6 |
||
Other assets |
(256.6) |
(59.0) |
||
Increase (decrease): |
||||
Floor plan notes payable, net |
33.7 |
107.3 |
||
Trade payables |
26.0 |
47.8 |
||
Accrued liabilities |
111.5 |
76.7 |
||
Other long-term liabilities and deferred revenue |
22.9 |
(2.1) |
||
Net cash provided by operating activities |
$ 26.3 |
$ 499.5 |
||
LAD Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited) (In millions) |
||||
Three months ended March 31, |
||||
Net cash provided by operating activities |
2022 |
2021 |
||
As reported |
$ 26.3 |
$ 499.5 |
||
Floor plan notes payable, non-trade, net |
177.1 |
(74.8) |
||
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory |
(47.6) |
(69.3) |
||
Adjusted |
$ 155.8 |
$ 355.4 |
||
LAD Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (In millions, except for per share data) |
||||||||||
Three Months Ended March 31, 2022 |
||||||||||
As reported |
Net disposal gain on sale of stores |
Investment loss |
Acquisition expenses |
Adjusted |
||||||
Asset impairments |
$ — |
$ — |
$ — |
$ — |
$ — |
|||||
Selling, general and administrative |
$ 726.1 |
$ 10.0 |
$ — |
$ (6.6) |
$ 729.5 |
|||||
Operating income |
512.8 |
(10.0) |
— |
6.6 |
509.4 |
|||||
Other income (expense), net |
(8.0) |
— |
14.9 |
— |
6.9 |
|||||
Income before income taxes |
469.8 |
(10.0) |
14.9 |
6.6 |
481.3 |
|||||
Income tax (provision) benefit |
(126.2) |
2.6 |
— |
(1.9) |
(125.5) |
|||||
Net income |
$ 343.6 |
$ (7.4) |
$ 14.9 |
$ 4.7 |
$ 355.8 |
|||||
Net income attributable to non-controlling interests |
(0.5) |
— |
— |
— |
(0.5) |
|||||
Net income attributable to redeemable non-controlling interest |
(0.9) |
— |
— |
— |
(0.9) |
|||||
Net income attributable to LAD |
$ 342.2 |
$ (7.4) |
$ 14.9 |
$ 4.7 |
$ 354.4 |
|||||
Diluted earnings per share attributable to LAD |
$ 11.55 |
$ (0.25) |
$ 0.50 |
$ 0.16 |
$ 11.96 |
|||||
Diluted share count |
29.6 |
|||||||||
Three Months Ended March 31, 2021 |
||||||||||||
As reported |
Net disposal loss on sale of stores |
Investment loss |
Insurance reserves |
Acquisition expenses |
Adjusted |
|||||||
Asset impairments |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
||||||
Selling, general and administrative |
$ 450.4 |
$ (0.7) |
$ — |
$ (0.8) |
$ (1.3) |
$ 447.6 |
||||||
Operating income |
238.3 |
0.7 |
— |
0.8 |
1.3 |
241.1 |
||||||
Other income (expense), net |
3.4 |
— |
0.3 |
— |
— |
3.7 |
||||||
Income before income taxes |
211.4 |
0.7 |
0.3 |
0.8 |
1.3 |
214.5 |
||||||
Income tax (provision) benefit |
(55.2) |
(0.2) |
(0.1) |
(0.2) |
(0.4) |
(56.1) |
||||||
Net income attributable to LAD |
$ 156.2 |
$ 0.5 |
$ 0.2 |
$ 0.6 |
$ 0.9 |
$ 158.4 |
||||||
Diluted earnings per share attributable to LAD |
$ 5.81 |
$ 0.02 |
$ 0.01 |
$ 0.02 |
$ 0.03 |
$ 5.89 |
||||||
Diluted share count |
26.9 |
|||||||||||
LAD Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) (In millions) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
EBITDA and Adjusted EBITDA |
||||||
Net income |
$ 343.6 |
$ 156.2 |
120.0 % |
|||
Flooring interest expense |
4.9 |
6.8 |
(27.9) |
|||
Other interest expense |
30.1 |
23.5 |
28.1 |
|||
Income tax expense |
126.2 |
55.2 |
128.6 |
|||
Depreciation and amortization |
39.2 |
26.8 |
46.3 |
|||
EBITDA |
$ 544.0 |
$ 268.5 |
102.6 % |
|||
Other adjustments: |
||||||
Less: flooring interest expense |
$ (4.9) |
$ (6.8) |
(27.9) |
|||
Less: used vehicle line of credit interest |
(0.2) |
— |
NM |
|||
Add: acquisition expenses |
6.6 |
1.3 |
407.7 |
|||
Add: loss (gain) on divestitures |
(10.0) |
0.7 |
NM |
|||
Add: investment loss |
14.9 |
0.3 |
NM |
|||
Add: insurance reserves |
— |
0.8 |
(100.0) |
|||
Adjusted EBITDA |
$ 550.4 |
$ 264.8 |
107.9% |
|||
NM - not meaningful |
||||||
As of |
% |
|||||
March 31, |
Increase |
|||||
Net Debt to Adjusted EBITDA |
2022 |
2021 |
(Decrease) |
|||
Floor plan notes payable: non-trade |
$ 1,002.8 |
$ 1,480.7 |
(32.3)% |
|||
Floor plan notes payable |
388.2 |
341.5 |
13.7 |
|||
Used and service loaner vehicle inventory financing facility |
730.0 |
— |
NM |
|||
Revolving lines of credit |
257.1 |
100.0 |
157.1 |
|||
Real estate mortgages |
573.8 |
604.7 |
(5.1) |
|||
Finance lease obligations |
112.1 |
245.0 |
(54.2) |
|||
Asset backed notes |
278.3 |
— |
NM |
|||
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 |
550.0 |
— |
|||
3.875% Senior notes due 2029 |
800.0 |
— |
NM |
|||
Other debt |
1.7 |
2.3 |
(26.1) |
|||
Unamortized debt issuance costs |
(25.2) |
(17.7) |
42.4 |
|||
Total debt |
$ 5,068.8 |
$ 4,006.5 |
26.5% |
|||
Less: Floor plan related debt |
$ (2,121.0) |
$ (1,822.2) |
16.4% |
|||
Less: Cash, restricted cash, and cash equivalents |
(161.4) |
(175.7) |
(8.1) |
|||
Less: Availability on used vehicle and service loaner financing facilities |
(55.2) |
(455.5) |
(87.9) |
|||
Net Debt |
$ 2,731.2 |
$ 1,553.1 |
75.9% |
|||
TTM Adjusted EBITDA |
$ 2,018.0 |
$ 999.7 |
101.9% |
|||
Net debt to Adjusted EBITDA |
1.35 x |
1.55 x |
||||
NM - not meaningful |
||||||
SOURCE Lithia Motors, Inc.
увеличивает дивиденды до $0,42 на акцию за первый квартал
МЕДФОРД, штат Орегон, 20 апреля 2022 г. /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) сегодня сообщила о самых высоких доходах и прибыли на акцию за первый квартал за всю историю компании.
Выручка за первый квартал 2022 года увеличилась на 54% до 6,7 миллиарда долларов с 4,3 миллиарда долларов в первом квартале 2021 года.
В первом квартале 2022 года чистая прибыль, приходящаяся на LAD в расчете на разводненную акцию, составила 11,55 доллара, что на 99% больше по сравнению с 5,81 доллара на разводненную акцию, о которых сообщалось в первом квартале 2021 года. Скорректированная чистая прибыль за первый квартал 2022 года, приходящаяся на LAD в расчете на разводненную акцию, составила 11,96 доллара, что на 103% больше по сравнению с 5,89 доллара на разводненную акцию за аналогичный период 2021 года.
Чистая прибыль за первый квартал 2022 года составила 344 миллиона долларов, что на 120% больше по сравнению с чистой прибылью в 156 миллионов долларов за аналогичный период 2021 года. Скорректированная чистая прибыль за первый квартал 2022 года составила 356 миллионов долларов, что на 125% больше по сравнению с скорректированной чистой прибылью в размере 158 миллионов долларов за аналогичный период 2021 года.
Как показано в прилагаемых таблицах сверки без учета GAAP, скорректированные результаты за первый квартал 2022 года исключают чистые непрофильные расходы в размере 0,41 доллара на разводненную акцию, связанные с неденежными нереализованными инвестиционными убытками и расходами на приобретение, частично компенсированными чистой прибылью от продажи магазинов. Скорректированные результаты первого квартала 2021 года включают чистые непрофильные расходы в размере 0,08 доллара на разводненную акцию, связанные с неденежным нереализованным инвестиционным убытком, чистым убытком от продажи магазинов, страховыми резервами и расходами на приобретение.
Сравнение первого квартала по сравнению с предыдущим кварталом и основные операционные показатели:
"Наши команды провели еще один рекордный квартал с высокими результатами по всем каналам", - сказал Брайан ДеБоер, президент и генеральный директор Lithia & Driveway. "Наша высоко адаптируемая модель генерировала значительные свободные денежные потоки, а Driveway и DFC достигли впечатляющих результатов. В сочетании с уникальной способностью наших команд быстро интегрировать приобретенные предприятия наш путь к тому, чтобы стать диверсифицированным, многоканальным ритейлером, никогда не был более ясным ".
Отдел корпоративного развития недавно приобрел три магазина Stellantis в Лас-Вегасе, диверсифицировав ассортимент наших брендов на этом растущем рынке. Ожидается, что совокупный годовой доход магазинов составит 400 миллионов долларов. На сегодняшний день годовой доход LAD составил 1,1 миллиарда долларов, а с момента объявления Плана на 2025 год в июле 2020 года мы получили годовой доход в размере 11,5 миллиарда долларов.
"Наши недавние высокие показатели обеспечили значительную гибкость в выполнении нашего плана на 2025 год", - сказал Дебур. "Мы вложили дополнительный капитал в Driveway и DFC, сохраняя при этом нашу ускоренную частоту поглощений и обеспечивая немедленную отдачу акционерам за счет оппортунистических выкупов акций. Эти действия преобразуют LAD и приближают нас к тому дню, когда каждый миллиард долларов выручки принесет значительно больше, чем один доллар прибыли на акцию".
Обновление баланса Мы завершили первый квартал с примерно 1,6 миллиардами долларов наличными и доступными по нашим возобновляемым кредитным линиям. Кроме того, наша нефинансовая недвижимость может обеспечить дополнительную ликвидность примерно на 1,1 миллиарда долларов.
Выплата дивидендов и выкуп акций Наш Совет директоров одобрил выплату дивидендов в размере 0,42 доллара на акцию по финансовым результатам первого квартала 2022 года. Мы ожидаем выплаты дивидендов 27 мая 2022 года акционерам record 13 мая 2022 года.
С начала года мы выкупили 515 130 акций по средневзвешенной цене 292,80 доллара. Примерно 572 миллиона долларов остаются доступными по нашему разрешению.
Конференц-связь по доходам за первый квартал и обновленная презентация Конференц-связь за первый квартал 2022 года можно получить сегодня в 10:00 утра по восточному времени по телефону 877-407-8029. Обновленная презентация, посвященная результатам первого квартала 2022 года, была добавлена на наш веб-сайт по связям с инвесторами. Чтобы прослушать прямой эфир на нашем веб-сайте или для воспроизведения, посетите investors.lithiadriveway.com и нажмите на квартальную прибыль.
О компании Lithia & Driveway (LAD)LAD - растущая компания, нацеленная на прибыльную консолидацию крупнейшего сектора розничной торговли в Северной Америке путем предоставления решений для личного транспорта, где бы, когда бы и как бы ни пожелали потребители.
Siteswww.lithia.cominvestors.lithiadriveway.comwww.lithiacareers.comwww.driveway.comwww.greencars.comwww.drivewayfinancecorp.com
Лития и подъездная дорога на Facebookhttps://www.facebook.com/LithiaMotorshttps://www.facebook.com/DrivewayHQ
Лития и подъездная дорога в Твиттерhttps://twitter.com/lithiamotorshttps://twitter.com/DrivewayHQhttps://twitter.com/GreenCarsHQ
Прогнозные заявления Определенные заявления в этой презентации, а иногда и сделанные нашими должностными лицами и представителями, представляют собой прогнозные заявления по смыслу положений "Безопасной гавани" Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Как правило, вы можете определить прогнозные заявления с помощью таких терминов, как "проект", "перспектива", "цель", "может", "будет", "будет", "должен", "стремиться", "ожидать", "планировать", "намереваться", "прогноз,"предвидеть", "верить", "оценивать", "прогнозировать", "потенциал", "вероятно", "цель", "стратегия", "будущее", "поддерживать" и "продолжать" или отрицательное значение этих терминов или других сопоставимых терминов. Примеры прогнозных заявлений в этой презентации включают, среди прочего, заявления относительно:
Поскольку прогнозные заявления относятся к будущему, они подвержены присущим им неопределенностям, рискам и изменениям обстоятельств, которые трудно предсказать и многие из которых находятся вне нашего контроля. Прогнозные заявления не являются гарантией будущих результатов, и наши фактические результаты деятельности, финансовое состояние и ликвидность, а также развитие отрасли, в которой мы работаем, могут существенно отличаться от тех, которые сделаны или предложены в прогнозных заявлениях в этой презентации. Поэтому вам не следует полагаться ни на одно из этих прогнозных заявлений. Риски и неопределенности, которые могут привести к существенному отличию фактических результатов от расчетных или прогнозируемых результатов, включают, помимо прочего:
Любое прогнозное заявление, сделанное нами в этой презентации, основано только на информации, доступной нам в настоящее время, и относится только к дате, на которую оно сделано. За исключением случаев, предусмотренных законом, мы не берем на себя никаких обязательств по публичному обновлению любых прогнозных заявлений, будь то письменных или устных, которые могут быть сделаны время от времени, будь то в результате новой информации, будущих событий или иным образом.
Финансовые показатели, не относящиеся к GAAP, В этой презентации содержатся финансовые показатели, не относящиеся к GAAP, такие как скорректированная чистая прибыль и разводненная прибыль на акцию, скорректированные SG&A в процентах от выручки и валовой прибыли, скорректированная операционная маржа, скорректированная операционная прибыль в процентах от выручки и валовой прибыли, скорректированная маржа до налогообложения и чистая прибыль маржа, EBITDA, скорректированная EBITDA, EBITDA с использованием заемных средств и скорректированный общий долг. Показатели, не относящиеся к GAAP, не имеют определений в соответствии с GAAP и могут быть определены по-другому и не сопоставимы с показателями с аналогичным названием, используемыми другими компаниями. В результате мы пересматриваем любые финансовые показатели, не относящиеся к GAAP, в связи с пересмотром наиболее непосредственно сопоставимых показателей, рассчитанных в соответствии с GAAP. Мы предупреждаем вас не полагаться чрезмерно на такие показатели, не относящиеся к GAAP, но также рассматривать их с наиболее непосредственно сопоставимыми показателями GAAP. Мы представляем потоки денежных средств от операций в прилагаемых таблицах, скорректированных с учетом изменения задолженности по неторговым планам, чтобы улучшить видимость денежных потоков, связанных с финансированием транспортных средств. Как того требуют правила SEC, мы сверили эти показатели с наиболее непосредственно сопоставимыми показателями GAAP в приложениях к этому выпуску. Мы считаем, что финансовые показатели, не относящиеся к GAAP, которые мы представляем, повышают прозрачность нашей информации; обеспечивают содержательное представление наших результатов по основным бизнес-операциям, поскольку они исключают статьи, не связанные с основными бизнес-операциями, и другие неденежные статьи; и улучшают сопоставимость наших результатов по основным бизнес-операциям от периода к периоду. деловые операции. Эти презентации не следует рассматривать в качестве альтернативы показателям GAAP.
LAD Consolidated Statements of Operations (Unaudited) (In millions except per share data) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Revenues: |
||||||
New vehicle retail |
$ 3,061.8 |
$ 2,193.2 |
39.6% |
|||
Used vehicle retail |
2,234.5 |
1,352.2 |
65.2 |
|||
Used vehicle wholesale |
385.8 |
135.2 |
185.4 |
|||
Finance and insurance |
313.2 |
198.4 |
57.9 |
|||
Service, body and parts |
627.8 |
404.0 |
55.4 |
|||
Fleet and other |
82.2 |
60.0 |
37.0 |
|||
Total revenues |
6,705.3 |
4,343.0 |
54.4% |
|||
Cost of sales: |
||||||
New vehicle retail |
2,660.5 |
2,036.5 |
30.6 |
|||
Used vehicle retail |
2,010.7 |
1,216.0 |
65.4 |
|||
Used vehicle wholesale |
378.1 |
130.6 |
189.5 |
|||
Service, body and parts |
298.8 |
185.8 |
60.8 |
|||
Fleet and other |
79.1 |
58.6 |
35.0 |
|||
Total cost of sales |
5,427.2 |
3,627.5 |
49.6 |
|||
Gross profit |
1,278.1 |
715.5 |
78.6% |
|||
SG&A expense |
726.1 |
450.4 |
61.2 |
|||
Depreciation and amortization |
39.2 |
26.8 |
46.3 |
|||
Income from operations |
512.8 |
238.3 |
115.2% |
|||
Floor plan interest expense |
(4.9) |
(6.8) |
(27.9) |
|||
Other interest expense |
(30.1) |
(23.5) |
28.1 |
|||
Other income (expense), net |
(8.0) |
3.4 |
NM |
|||
Income before income taxes |
469.8 |
211.4 |
122.2% |
|||
Income tax expense |
(126.2) |
(55.2) |
128.6 |
|||
Income tax rate |
26.9% |
26.1% |
||||
Net income |
$ 343.6 |
$ 156.2 |
120.0% |
|||
Net income attributable to non-controlling interests |
(0.5) |
— |
NM |
|||
Net income attributable to redeemable non-controlling interest |
(0.9) |
— |
NM |
|||
Net income attributable to LAD |
$ 342.2 |
$ 156.2 |
119.1% |
|||
Diluted earnings per share attributable to LAD: |
||||||
Net income per share |
$ 11.55 |
$ 5.81 |
98.8% |
|||
Diluted shares outstanding |
29.6 |
26.9 |
10.0% |
|||
NM - not meaningful |
||||||
LAD Key Performance Metrics (Unaudited) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Gross margin |
||||||
New vehicle retail |
13.1% |
7.1% |
600 bps |
|||
Used vehicle retail |
10.0 |
10.1 |
(10) |
|||
Finance and insurance |
100.0 |
100.0 |
— |
|||
Service, body and parts |
52.4 |
54.0 |
(160) |
|||
Gross profit margin |
19.1 |
16.5 |
260 |
|||
Unit sales |
||||||
New vehicle retail |
64,942 |
53,864 |
20.6 % |
|||
Used vehicle retail |
73,689 |
59,027 |
24.8 |
|||
Total retail units sold |
138,631 |
112,891 |
22.8 |
|||
Average selling price |
||||||
New vehicle retail |
$ 47,146 |
$ 40,718 |
15.8% |
|||
Used vehicle retail |
30,323 |
22,907 |
32.4 |
|||
Average gross profit per unit |
||||||
New vehicle retail |
$ 6,179 |
$ 2,910 |
112.3% |
|||
Used vehicle retail |
3,037 |
2,307 |
31.6 |
|||
Finance and insurance |
2,260 |
1,757 |
28.6 |
|||
Total vehicle(1) |
6,825 |
4,392 |
55.4 |
|||
Revenue mix |
||||||
New vehicle retail |
45.7% |
50.5% |
||||
Used vehicle retail |
33.3 |
31.1 |
||||
Used vehicle wholesale |
5.8 |
3.1 |
||||
Finance and insurance, net |
4.7 |
4.6 |
||||
Service, body and parts |
9.4 |
9.3 |
||||
Fleet and other |
1.1 |
1.4 |
||||
Gross Profit Mix |
||||||
New vehicle retail |
31.4 % |
21.9 % |
||||
Used vehicle retail |
17.5 |
19.0 |
||||
Used vehicle wholesale |
0.6 |
0.6 |
||||
Finance and insurance, net |
24.5 |
27.7 |
||||
Service, body and parts |
25.8 |
30.6 |
||||
Fleet and other |
0.2 |
0.2 |
||||
Adjusted |
As reported |
|||||||
Three months |
Three months |
|||||||
Other metrics |
2022 |
2021 |
2022 |
2021 |
||||
SG&A as a % of revenue |
10.9% |
10.3% |
10.8% |
10.4% |
||||
SG&A as a % of gross profit |
57.1 |
62.6 |
56.8 |
62.9 |
||||
Operating profit as a % of revenue |
7.6 |
5.6 |
7.6 |
5.5 |
||||
Operating profit as a % of gross profit |
39.9 |
33.7 |
40.1 |
33.3 |
||||
Pretax margin |
7.2 |
4.9 |
7.0 |
4.9 |
||||
Net profit margin |
5.3 |
3.6 |
5.1 |
3.6 |
||||
(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 |
||||||||
LAD Same Store Operating Highlights (Unaudited) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
Revenues |
||||||
New vehicle retail |
$ 2,022.3 |
$ 2,076.6 |
(2.6) % |
|||
Used vehicle retail |
1,654.1 |
1,266.8 |
30.6 |
|||
Finance and insurance |
218.4 |
187.3 |
16.6 |
|||
Service, body and parts |
437.4 |
386.0 |
13.3 |
|||
Total revenues |
4,584.0 |
4,103.6 |
11.7 |
|||
Gross profit |
||||||
New vehicle retail |
$ 272.5 |
$ 149.3 |
82.5 % |
|||
Used vehicle retail |
163.5 |
127.5 |
28.2 |
|||
Finance and insurance |
218.4 |
187.3 |
16.6 |
|||
Service, body and parts |
238.6 |
208.9 |
14.2 |
|||
Total gross profit |
897.2 |
678.8 |
32.2 |
|||
Gross margin |
||||||
New vehicle retail |
13.5% |
7.2% |
630 bps |
|||
Used vehicle retail |
9.9 |
10.1 |
(20) |
|||
Finance and insurance |
100.0 |
100.0 |
— |
|||
Service, body and parts |
54.6 |
54.1 |
50 |
|||
Gross profit margin |
19.6 |
16.5 |
310 |
|||
Unit sales |
||||||
New vehicle retail |
42,232 |
51,145 |
(17.4) % |
|||
Used vehicle retail |
54,813 |
55,304 |
(0.9) |
|||
Average selling price |
||||||
New vehicle retail |
$ 47,885 |
$ 40,602 |
17.9% |
|||
Used vehicle retail |
30,177 |
22,906 |
31.7 |
|||
Average gross profit per unit |
||||||
New vehicle retail |
$ 6,453 |
$ 2,919 |
121.1% |
|||
Used vehicle retail |
2,983 |
2,305 |
29.4 |
|||
Finance and insurance |
2,251 |
1,759 |
28.0 |
|||
Total vehicle(1) |
6,767 |
4,401 |
53.8 |
|||
(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 |
|||
March 31, |
December 31, |
||
2022 |
2021 |
||
Days Supply(1) |
|||
New vehicle inventory |
27 |
24 |
|
Used vehicle inventory |
50 |
61 |
|
(1) Days supply calculated based on current inventory levels, including in-transit vehicles, and a 30-day historical cost of sales level. |
|||
Financial covenants |
|||
Requirement |
As of March 31, 2022 |
||
Current ratio |
Not less than 1.10 to 1 |
1.60 to 1 |
|
Fixed charge coverage ratio |
Not less than 1.20 to 1 |
5.19 to 1 |
|
Leverage ratio |
Not more than 5.75 to 1 |
1.16 to 1 |
LAD Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
||||
March 31, 2022 |
December 31, 2021 |
|||
Cash, restricted cash, and cash equivalents |
$ 161.4 |
$ 174.8 |
||
Trade receivables, net |
923.8 |
910.0 |
||
Inventories, net |
2,697.3 |
2,385.5 |
||
Other current assets |
102.1 |
63.0 |
||
Total current assets |
$ 3,884.6 |
$ 3,533.3 |
||
Property and equipment, net |
3,244.5 |
3,052.6 |
||
Intangibles |
1,976.0 |
1,776.4 |
||
Other non-current assets |
2,975.7 |
2,784.6 |
||
Total assets |
$ 12,080.8 |
$ 11,146.9 |
||
Floor plan notes payable |
1,391.0 |
1,190.1 |
||
Other current liabilities |
1,434.1 |
1,212.7 |
||
Total current liabilities |
$ 2,825.1 |
$ 2,402.8 |
||
Long-term debt |
3,395.2 |
3,185.7 |
||
Other long-term liabilities and deferred revenue |
917.9 |
895.2 |
||
Total liabilities |
$ 7,138.2 |
$ 6,483.7 |
||
Equity |
4,942.6 |
4,663.2 |
||
Total liabilities & equity |
$ 12,080.8 |
$ 11,146.9 |
||
LAD Summarized Cash Flow from Operations (Unaudited) (In millions) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
Net income |
$ 343.7 |
$ 156.2 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
39.2 |
26.8 |
||
Stock-based compensation |
10.5 |
8.0 |
||
Gain on disposal of assets |
0.9 |
0.3 |
||
Loss (gain) on sale of franchises |
(10.0) |
0.7 |
||
Unrealized investment loss (gain) |
14.9 |
0.3 |
||
Deferred income taxes |
11.3 |
10.4 |
||
Amortization of operating lease right-of-use assets |
3.6 |
8.2 |
||
(Increase) decrease: |
||||
Trade receivables, net |
(80.4) |
(126.7) |
||
Inventories |
(244.9) |
244.6 |
||
Other assets |
(256.6) |
(59.0) |
||
Increase (decrease): |
||||
Floor plan notes payable, net |
33.7 |
107.3 |
||
Trade payables |
26.0 |
47.8 |
||
Accrued liabilities |
111.5 |
76.7 |
||
Other long-term liabilities and deferred revenue |
22.9 |
(2.1) |
||
Net cash provided by operating activities |
$ 26.3 |
$ 499.5 |
||
LAD Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited) (In millions) |
||||
Three months ended March 31, |
||||
Net cash provided by operating activities |
2022 |
2021 |
||
As reported |
$ 26.3 |
$ 499.5 |
||
Floor plan notes payable, non-trade, net |
177.1 |
(74.8) |
||
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory |
(47.6) |
(69.3) |
||
Adjusted |
$ 155.8 |
$ 355.4 |
||
LAD Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (In millions, except for per share data) |
||||||||||
Three Months Ended March 31, 2022 |
||||||||||
As reported |
Net disposal gain on sale of stores |
Investment loss |
Acquisition expenses |
Adjusted |
||||||
Asset impairments |
$ — |
$ — |
$ — |
$ — |
$ — |
|||||
Selling, general and administrative |
$ 726.1 |
$ 10.0 |
$ — |
$ (6.6) |
$ 729.5 |
|||||
Operating income |
512.8 |
(10.0) |
— |
6.6 |
509.4 |
|||||
Other income (expense), net |
(8.0) |
— |
14.9 |
— |
6.9 |
|||||
Income before income taxes |
469.8 |
(10.0) |
14.9 |
6.6 |
481.3 |
|||||
Income tax (provision) benefit |
(126.2) |
2.6 |
— |
(1.9) |
(125.5) |
|||||
Net income |
$ 343.6 |
$ (7.4) |
$ 14.9 |
$ 4.7 |
$ 355.8 |
|||||
Net income attributable to non-controlling interests |
(0.5) |
— |
— |
— |
(0.5) |
|||||
Net income attributable to redeemable non-controlling interest |
(0.9) |
— |
— |
— |
(0.9) |
|||||
Net income attributable to LAD |
$ 342.2 |
$ (7.4) |
$ 14.9 |
$ 4.7 |
$ 354.4 |
|||||
Diluted earnings per share attributable to LAD |
$ 11.55 |
$ (0.25) |
$ 0.50 |
$ 0.16 |
$ 11.96 |
|||||
Diluted share count |
29.6 |
|||||||||
Three Months Ended March 31, 2021 |
||||||||||||
As reported |
Net disposal loss on sale of stores |
Investment loss |
Insurance reserves |
Acquisition expenses |
Adjusted |
|||||||
Asset impairments |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
||||||
Selling, general and administrative |
$ 450.4 |
$ (0.7) |
$ — |
$ (0.8) |
$ (1.3) |
$ 447.6 |
||||||
Operating income |
238.3 |
0.7 |
— |
0.8 |
1.3 |
241.1 |
||||||
Other income (expense), net |
3.4 |
— |
0.3 |
— |
— |
3.7 |
||||||
Income before income taxes |
211.4 |
0.7 |
0.3 |
0.8 |
1.3 |
214.5 |
||||||
Income tax (provision) benefit |
(55.2) |
(0.2) |
(0.1) |
(0.2) |
(0.4) |
(56.1) |
||||||
Net income attributable to LAD |
$ 156.2 |
$ 0.5 |
$ 0.2 |
$ 0.6 |
$ 0.9 |
$ 158.4 |
||||||
Diluted earnings per share attributable to LAD |
$ 5.81 |
$ 0.02 |
$ 0.01 |
$ 0.02 |
$ 0.03 |
$ 5.89 |
||||||
Diluted share count |
26.9 |
|||||||||||
LAD Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) (In millions) |
||||||
Three months ended |
% |
|||||
Increase |
||||||
2022 |
2021 |
(Decrease) |
||||
EBITDA and Adjusted EBITDA |
||||||
Net income |
$ 343.6 |
$ 156.2 |
120.0 % |
|||
Flooring interest expense |
4.9 |
6.8 |
(27.9) |
|||
Other interest expense |
30.1 |
23.5 |
28.1 |
|||
Income tax expense |
126.2 |
55.2 |
128.6 |
|||
Depreciation and amortization |
39.2 |
26.8 |
46.3 |
|||
EBITDA |
$ 544.0 |
$ 268.5 |
102.6 % |
|||
Other adjustments: |
||||||
Less: flooring interest expense |
$ (4.9) |
$ (6.8) |
(27.9) |
|||
Less: used vehicle line of credit interest |
(0.2) |
— |
NM |
|||
Add: acquisition expenses |
6.6 |
1.3 |
407.7 |
|||
Add: loss (gain) on divestitures |
(10.0) |
0.7 |
NM |
|||
Add: investment loss |
14.9 |
0.3 |
NM |
|||
Add: insurance reserves |
— |
0.8 |
(100.0) |
|||
Adjusted EBITDA |
$ 550.4 |
$ 264.8 |
107.9% |
|||
NM - not meaningful |
||||||
As of |
% |
|||||
March 31, |
Increase |
|||||
Net Debt to Adjusted EBITDA |
2022 |
2021 |
(Decrease) |
|||
Floor plan notes payable: non-trade |
$ 1,002.8 |
$ 1,480.7 |
(32.3)% |
|||
Floor plan notes payable |
388.2 |
341.5 |
13.7 |
|||
Used and service loaner vehicle inventory financing facility |
730.0 |
— |
NM |
|||
Revolving lines of credit |
257.1 |
100.0 |
157.1 |
|||
Real estate mortgages |
573.8 |
604.7 |
(5.1) |
|||
Finance lease obligations |
112.1 |
245.0 |
(54.2) |
|||
Asset backed notes |
278.3 |
— |
NM |
|||
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 |
550.0 |
— |
|||
3.875% Senior notes due 2029 |
800.0 |
— |
NM |
|||
Other debt |
1.7 |
2.3 |
(26.1) |
|||
Unamortized debt issuance costs |
(25.2) |
(17.7) |
42.4 |
|||
Total debt |
$ 5,068.8 |
$ 4,006.5 |
26.5% |
|||
Less: Floor plan related debt |
$ (2,121.0) |
$ (1,822.2) |
16.4% |
|||
Less: Cash, restricted cash, and cash equivalents |
(161.4) |
(175.7) |
(8.1) |
|||
Less: Availability on used vehicle and service loaner financing facilities |
(55.2) |
(455.5) |
(87.9) |
|||
Net Debt |
$ 2,731.2 |
$ 1,553.1 |
75.9% |
|||
TTM Adjusted EBITDA |
$ 2,018.0 |
$ 999.7 |
101.9% |
|||
Net debt to Adjusted EBITDA |
1.35 x |
1.55 x |
||||
NM - not meaningful |
||||||
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