Lithia＆Driveway (LAD)報告第三季度營業收入創紀錄，達到92億美元，增長11%
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宣佈第三季度每股派息0.53美元
2024年10月23日，俄勒岡州梅德福 - 立榮汽車交易所（紐交所：LAD）今天報告了公司歷史上最高的第三季度營業收入，同時也是包括Driveway Finance Corporation在內的金融業務的第二個盈利季度。
2024年第三季度營業收入增長11%，從2023年第三季度的83億美元增至92億美元。
2024年第三季度每股攤薄收益作爲調整的按金對LAD而言爲7.80美元，較2023年第三季度每股9.46美元減少18%。2024年第三季度調整後的每股攤薄收益歸屬LAD爲8.21美元，較2023年同期每股9.22美元減少11%。未實現投資收益和外幣兌換收益對每股攤薄收益產生了0.11美元的正面影響。
2024年第三季度淨利潤爲22300萬美元，比2023年同期的淨利潤26500萬美元下降了16%。2024年第三季度調整後淨利潤爲22200萬美元，比2023年同期的調整後淨利潤25800萬美元下降了14%。
根據附上的非通用會計覈算調和表，2024年第三季度調整後結果不包括每股攤薄0.41美元的影響，該影響源於非核心項目，包括支付溢價贖回Pfaff Automotive其餘非控股權益的費用和收購費用，部分抵消的部分來自出售商鋪和稅收減免的淨收益。2023年第三季度調整後結果不包括每股攤薄0.24美元的影響，該影響源於非核心項目，包括出售商鋪的淨收益，部分抵消的部分來自收購費用、保險儲備和一次性合同買斷費用。
2024年第三季度重點亮點：
•總收入比上年增長11% 第三 2023
•售後毛利潤增加 6.3% 在同店銷售基礎上
•融資運營繼續盈利，本季度收入達 $100萬
•Driveway Finance Corporation (dfc)發起 51800萬美元 貸款組合總額爲 3800000000美元，並於十月定價61500萬美元的ABS offering，爲我們的第九次證券化
•已回購0.7%的流通股份
「我們第三季度的業績強勁，並展示了團隊在實現業務增長方面的能力，利用規模和範圍，抓住新機遇，同時專注於提高運營效率。我們的核心業務表現出持續增長，實現了可觀的成本節約，而我們的附屬業務持續建立動力，爲未來打下良好基礎，」 總裁兼首席執行官布萊恩·德博爾表示。「我們多元化的模式繼續加強我們的市場地位，推動股東價值。我們致力於通過異常體驗和跨渠道生態系統的卓越運營，打造客戶忠誠度。」
2024年前九個月營收增長16%，達到270億美元，相比之下2023年爲234億美元。
2024年前9個月LAD每股攤薄收益爲21.54美元，相比於2023年的每股28.54美元，下降了25%。2024年前9個月歸屬於LAD的調整後每股攤薄收益從2023年同期的28.61美元下降了23%，降至22.17美元。2024年前9個月投資未實現收益部分被外匯兌換虧損部分部分抵消，對每股攤薄收益產生了0.74美元的積極影響。
企業發展
在第三季度，LAD繼續通過收購佛羅里達州傑克遜維爾和蓋恩斯維爾的Duval Motor Company的三家門店，擴展其在東南地域板塊的網絡。這些新增門店將進一步增強LAD的進口和奢侈品業務。
在佛羅里達擴大門店規模，並增加公司零售網絡的地理覆蓋範圍。截止目前，LAD已經收購超過59億美元的年收入。
資產負債表更新
LAD在第三季度結束時擁有約11億美元的現金及現金等價物、可交易證券，以及循環信用額度的可用性。此外，未融資的房地產業可能提供約4億美元的額外流動性。
分紅支付和股票回購
董事會批准了與2024年第三季度財務結果相關的每股股息爲0.53美元。股息預計將於2024年11月8日記載股東中的股東在2024年11月15日支付。
在2024年，我們以每股約260美元的加權平均價格回購了大約986,000股。根據當前的股份回購授權，約56090萬美元仍然可用。
第三季度業績會電話會議和更新的演示
2024年第三季度電話會議可能在美國東部時間上午10:00通過電話877-407-8029接入。已在我們的投資者關係網站上添加了突出2024年第三季度結果的更新演示文稿。要在我們的網站上實時收聽或重播，請訪問investors.lithiadriveway.com並點擊季度收益。
關於利西亞車行（LAD）
利西亞車行(LAD)是全球最大的汽車零售商之一，爲車輛擁有周期中的各種產品和服務提供廣泛的選擇。通過我們的綜合物理位置網絡、電子商務平台、佔有性金融解決方案、車隊管理提供的簡單、方便和透明的體驗，以及其他協同鄰域，我們可爲客戶提供一致、有利可圖的增長，在一家規模龐大且未經整合的行業中積極多樣化和競爭差異化的設計爲我們提供了靈活性和規模，以追求我們現代化的個人交通解決方案的願景，無論消費者何時、何地以及何種方式需要。
網站
www.lithia.com
investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
利西亞車行Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia及Driveway在Twitter上
https://x.com/lithiamotors
https://x.com/DrivewayHQ
https://x.com/GreenCarsHQ
聯繫方式：
Jardon Jaramillo
財務與投資者關係高級董事
IR@lithia.com
(503) 799-5254
前瞻性聲明
本演示中某些聲明，以及我們的官員和代表之間有時會做出屬於「安全港」條款所規定的前瞻性聲明。通常，您可以通過術語如「項目」，「展望」，「目標」，「可能」，「將」，「應該」，「尋求」，「期望」，「計劃」，「打算」，「預測」，「預測」，「相信」，「估計」，「預測」，「潛在」，「可能」，「目標」，「策略」，「未來」，「維持」，以及「持續」或這些術語的否定形式或其他類似術語來辨認前瞻性聲明。本演示中的前瞻性聲明示例包括，且不限於，關於的聲明：
•Future market conditions, including anticipated car and other sales levels and the supply of inventory
•Our business strategy and plans, including our achieving our long-term EPS and other financial targets
•The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores
•Annualized revenues from acquired stores or achieving target returns
•The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
•The impact of sustainable vehicles and other market and regulatory changes on our business
•Our capital allocations and uses and levels of capital expenditures in the future
•Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections
•Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sources
•Our continuing to purchase shares under our share repurchase program
•Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements
•Our programs and initiatives for employee recruitment, training, and retention
•Our strategies and targets for customer retention, growth, market position, operations, 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 national and local economic and financial conditions, including as a result of regional or global public health issues, inflation and governmental programs, and spending
•The market for dealerships, including the availability of stores to us for an acceptable price
•Changes in customer demand, our relationship with, and the financial and operational stability of, OEMs and other suppliers
•Changes in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehicles
•Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms
•The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levels
•Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipment
•Government regulations and legislation
•The risks 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 in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, 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, which may include adjusted net income and adjusted diluted earnings per share, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating margin, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA, leveraged EBITDA and adjusted total debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)
| Three months ended September 30, | % | Nine months ended September 30, | % | ||||||||||||||||||||||||||||||||
| Increase | Increase | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 4,430.0 | $ | 3,885.8 | 14.0 | % | $ | 12,847.9 | $ | 11,179.5 | 14.9 | % | |||||||||||||||||||||||
| Used vehicle retail | 2,843.3 | 2,620.2 | 8.5 | 8,630.1 | 7,302.8 | 18.2 | |||||||||||||||||||||||||||||
| Used vehicle wholesale | 390.9 | 316.1 | 23.7 | 1,018.1 | 1,082.4 | (5.9) | |||||||||||||||||||||||||||||
| Finance and insurance | 360.4 | 349.4 | 3.1 | 1,061.9 | 1,005.6 | 5.6 | |||||||||||||||||||||||||||||
| Aftersales | 1,012.8 | 838.0 | 20.9 | 2,876.3 | 2,378.8 | 20.9 | |||||||||||||||||||||||||||||
| Fleet and other | 183.6 | 267.5 | (31.4) | 580.4 | 418.9 | 38.6 | |||||||||||||||||||||||||||||
Total revenues | 9,221.0 | 8,277.0 | 11.4 | % | 27,014.7 | 23,368.0 | 15.6 | % | |||||||||||||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 4,123.6 | 3,526.9 | 16.9 | 11,925.4 | 10,099.6 | 18.1 | |||||||||||||||||||||||||||||
| Used vehicle retail | 2,654.4 | 2,431.2 | 9.2 | 8,062.9 | 6,735.4 | 19.7 | |||||||||||||||||||||||||||||
| Used vehicle wholesale | 393.0 | 322.1 | 22.0 | 1,020.7 | 1,091.9 | (6.5) | |||||||||||||||||||||||||||||
| Aftersales | 453.0 | 375.2 | 20.7 | 1,285.1 | 1,077.7 | 19.2 | |||||||||||||||||||||||||||||
| Fleet and other | 166.6 | 250.3 | (33.4) | 531.1 | 395.2 | 34.4 | |||||||||||||||||||||||||||||
| Total cost of sales | 7,790.6 | 6,905.7 | 12.8 | 22,825.2 | 19,399.8 | 17.7 | |||||||||||||||||||||||||||||
| Gross profit | 1,430.4 | 1,371.3 | 4.3 | % | 4,189.5 | 3,968.2 | 5.6 | % | |||||||||||||||||||||||||||
| Finance operations income (loss) | 0.9 | (4.4) | NM | 6.4 | (43.8) | NM | |||||||||||||||||||||||||||||
| SG&A expense | 943.6 | 850.8 | 10.9 | 2,853.0 | 2,458.1 | 16.1 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 63.5 | 50.8 | 25.0 | 183.6 | 146.4 | 25.4 | |||||||||||||||||||||||||||||
| Income from operations | 424.2 | 465.3 | (8.8) | % | 1,159.3 | 1,319.9 | (12.2) | % | |||||||||||||||||||||||||||
| Floor plan interest expense | (76.6) | (40.2) | 90.5 | (214.0) | (102.6) | 108.6 | |||||||||||||||||||||||||||||
| Other interest expense | (64.5) | (58.5) | 10.3 | (189.3) | (141.5) | 33.8 | |||||||||||||||||||||||||||||
| Other income (expense) | 5.1 | (5.3) | 196.2 | 35.4 | 6.8 | 420.6 | |||||||||||||||||||||||||||||
| Income before income taxes | 288.2 | 361.3 | (20.2) | % | 791.4 | 1,082.6 | (26.9) | % | |||||||||||||||||||||||||||
| Income tax expense | (65.3) | (96.4) | (32.3) | (187.0) | (287.0) | (34.8) | |||||||||||||||||||||||||||||
| Income tax rate | 22.7 | % | 26.7 | % | 23.6 | % | 26.5 | % | |||||||||||||||||||||||||||
| Net income | $ | 222.9 | $ | 264.9 | (15.9) | % | $ | 604.4 | $ | 795.6 | (24.0) | % | |||||||||||||||||||||||
| Net income attributable to non-controlling interests | (1.2) | (2.1) | (42.9)% | (3.8) | (4.7) | (19.1)% | |||||||||||||||||||||||||||||
| Net income attributable to redeemable non-controlling interest | (12.6) | (1.3) | 869.2% | (14.8) | (3.6) | 311.1% | |||||||||||||||||||||||||||||
| Net income attributable to LAD | $ | 209.1 | $ | 261.5 | (20.0) | % | $ | 585.8 | $ | 787.3 | (25.6) | % | |||||||||||||||||||||||
| Diluted earnings per share attributable to LAD: | |||||||||||||||||||||||||||||||||||
| Net income per share | $ | 7.80 | $ | 9.46 | (17.5) | % | $ | 21.54 | $ | 28.54 | (24.5) | % | |||||||||||||||||||||||
| Diluted shares outstanding | 26.8 | 27.6 | (2.9) | % | 27.2 | 27.6 | (1.4) | % | |||||||||||||||||||||||||||
NM - not meaningful
LAD
Key Performance Metrics (Unaudited)
| Three months ended September 30, | % | Nine months ended September 30, | % | ||||||||||||||||||||||||||||||||
| Increase | Increase | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||||||||||||||||||||||
| Gross margin | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 6.9 | % | 9.2 | % | (230) | bps | 7.2 | % | 9.7 | % | (250) | bps | |||||||||||||||||||||||
| Used vehicle retail | 6.6 | 7.2 | (60) | 6.6 | 7.8 | (120) | |||||||||||||||||||||||||||||
| Finance and insurance | 100.0 | 100.0 | — | 100.0 | 100.0 | — | |||||||||||||||||||||||||||||
| Aftersales | 55.3 | 55.2 | 10 | 55.3 | 54.7 | 60 | |||||||||||||||||||||||||||||
| Gross profit margin | 15.5 | 16.6 | (110) | 15.5 | 17.0 | (150) | |||||||||||||||||||||||||||||
| Unit sales | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 94,964 | 82,188 | 15.5 | % | 273,154 | 233,521 | 17.0 | % | |||||||||||||||||||||||||||
| Used vehicle retail | 104,898 | 88,625 | 18.4 | 316,583 | 247,340 | 28.0 | |||||||||||||||||||||||||||||
| Average selling price | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 46,649 | $ | 47,279 | (1.3) | % | $ | 47,035 | $ | 47,874 | (1.8) | % | |||||||||||||||||||||||
| Used vehicle retail | 27,105 | 29,565 | (8.3) | 27,260 | 29,525 | (7.7) | |||||||||||||||||||||||||||||
| Average gross profit per unit | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 3,226 | $ | 4,367 | (26.1) | % | $ | 3,377 | $ | 4,624 | (27.0) | % | |||||||||||||||||||||||
| Used vehicle retail | 1,801 | 2,132 | (15.5) | 1,792 | 2,294 | (21.9) | |||||||||||||||||||||||||||||
| Finance and insurance | 1,803 | 2,045 | (11.8) | 1,801 | 2,091 | (13.9) | |||||||||||||||||||||||||||||
Total vehicle(1) | 4,271 | 5,218 | (18.1) | 4,322 | 5,497 | (21.4) | |||||||||||||||||||||||||||||
| Revenue mix | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 48.0 | % | 46.9 | % | 47.6 | % | 47.8 | % | |||||||||||||||||||||||||||
| Used vehicle retail | 30.8 | 31.7 | 31.9 | 31.3 | |||||||||||||||||||||||||||||||
| Used vehicle wholesale | 4.2 | 3.8 | 3.8 | 4.6 | |||||||||||||||||||||||||||||||
| Finance and insurance, net | 3.9 | 4.2 | 3.9 | 4.3 | |||||||||||||||||||||||||||||||
| Aftersales | 11.0 | 10.1 | 10.6 | 10.2 | |||||||||||||||||||||||||||||||
| Fleet and other | 2.1 | 3.3 | 2.2 | 1.8 | |||||||||||||||||||||||||||||||
| Gross Profit Mix | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 21.4 | % | 26.2 | % | 22.0 | % | 27.2 | % | |||||||||||||||||||||||||||
| Used vehicle retail | 13.2 | 13.8 | 13.5 | 14.3 | |||||||||||||||||||||||||||||||
| Used vehicle wholesale | (0.1) | (0.4) | (0.1) | (0.2) | |||||||||||||||||||||||||||||||
| Finance and insurance, net | 25.2 | 25.5 | 25.3 | 25.3 | |||||||||||||||||||||||||||||||
| Aftersales | 39.1 | 33.6 | 38.1 | 32.8 | |||||||||||||||||||||||||||||||
| Fleet and other | 1.2 | 1.3 | 1.2 | 0.6 | |||||||||||||||||||||||||||||||
| Adjusted | As reported | Adjusted | As reported | ||||||||||||||||||||||||||||||||||||||||||||
| Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
| Other metrics | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||
| SG&A as a % of revenue | 10.2 | % | 10.4 | % | 10.2 | % | 10.3 | % | 10.5 | % | 10.5 | % | 10.6 | % | 10.5 | % | |||||||||||||||||||||||||||||||
| SG&A as a % of gross profit | 66.0 | 62.7 | 66.0 | 62.0 | 67.7 | 61.9 | 68.1 | 61.9 | |||||||||||||||||||||||||||||||||||||||
| Operating profit as a % of revenue | 4.6 | 5.5 | 4.6 | 5.6 | 4.3 | 5.7 | 4.3 | 5.6 | |||||||||||||||||||||||||||||||||||||||
| Operating profit as a % of gross profit | 29.6 | 33.2 | 29.7 | 33.9 | 28.0 | 33.3 | 27.7 | 33.3 | |||||||||||||||||||||||||||||||||||||||
| Pretax margin | 3.1 | 4.3 | 3.1 | 4.4 | 3.0 | 4.6 | 2.9 | 4.6 | |||||||||||||||||||||||||||||||||||||||
| Net profit margin | 2.4 | 3.1 | 2.4 | 3.2 | 2.3 | 3.4 | 2.2 | 3.4 | |||||||||||||||||||||||||||||||||||||||
(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
LAD
Same Store Operating Highlights (Unaudited)
| Three months ended September 30, | % | Nine months ended September 30, | % | ||||||||||||||||||||||||||||||||
| Increase | Increase | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 3,900.9 | $ | 3,851.6 | 1.3 | % | $ | 10,946.7 | $ | 10,959.3 | (0.1) | % | |||||||||||||||||||||||
| Used vehicle retail | 2,213.1 | 2,592.5 | (14.6) | 6,488.8 | 7,135.6 | (9.1) | |||||||||||||||||||||||||||||
| Finance and insurance | 322.0 | 345.1 | (6.7) | 931.6 | 986.6 | (5.6) | |||||||||||||||||||||||||||||
| Aftersales | 871.6 | 829.3 | 5.1 | 2,382.0 | 2,327.2 | 2.4 | |||||||||||||||||||||||||||||
| Total revenues | 7,690.6 | 8,199.1 | (6.2) | 21,754.2 | 22,881.9 | (4.9) | |||||||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 265.2 | $ | 356.9 | (25.7) | % | $ | 764.5 | $ | 1,058.7 | (27.8) | % | |||||||||||||||||||||||
| Used vehicle retail | 169.4 | 187.2 | (9.5) | 491.4 | 554.9 | (11.4) | |||||||||||||||||||||||||||||
| Finance and insurance | 322.0 | 345.1 | (6.7) | 931.6 | 986.6 | (5.6) | |||||||||||||||||||||||||||||
| Aftersales | 487.8 | 458.9 | 6.3 | 1,332.5 | 1,276.6 | 4.4 | |||||||||||||||||||||||||||||
| Total gross profit | 1,250.3 | 1,359.4 | (8.0) | 3,532.3 | 3,891.1 | (9.2) | |||||||||||||||||||||||||||||
| Gross margin | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 6.8 | % | 9.3 | % | (250) | bps | 7.0 | % | 9.7 | % | (270) | bps | |||||||||||||||||||||||
| Used vehicle retail | 7.7 | 7.2 | 50 | 7.6 | 7.8 | (20) | |||||||||||||||||||||||||||||
| Finance and insurance | 100.0 | 100.0 | — | 100.0 | 100.0 | — | |||||||||||||||||||||||||||||
| Aftersales | 56.0 | 55.3 | 70 | 55.9 | 54.9 | 100 | |||||||||||||||||||||||||||||
| Gross profit margin | 16.3 | 16.6 | (30) | 16.2 | 17.0 | (80) | |||||||||||||||||||||||||||||
| Unit sales | |||||||||||||||||||||||||||||||||||
| New vehicle retail | 83,177 | 81,520 | 2.0 | % | 229,520 | 229,145 | 0.2 | % | |||||||||||||||||||||||||||
| Used vehicle retail | 79,297 | 87,672 | (9.6) | 231,665 | 242,017 | (4.3) | |||||||||||||||||||||||||||||
| Average selling price | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 46,898 | $ | 47,248 | (0.7) | % | $ | 47,694 | $ | 47,827 | (0.3) | % | |||||||||||||||||||||||
| Used vehicle retail | 27,909 | 29,571 | (5.6) | 28,009 | 29,484 | (5.0) | |||||||||||||||||||||||||||||
| Average gross profit per unit | |||||||||||||||||||||||||||||||||||
| New vehicle retail | $ | 3,188 | $ | 4,377 | (27.2) | % | $ | 3,331 | $ | 4,620 | (27.9) | % | |||||||||||||||||||||||
| Used vehicle retail | 2,136 | 2,135 | — | 2,121 | 2,293 | (7.5) | |||||||||||||||||||||||||||||
| Finance and insurance | 1,982 | 2,040 | (2.8) | 2,020 | 2,094 | (3.5) | |||||||||||||||||||||||||||||
Total vehicle(1) | 4,631 | 5,221 | (11.3) | 4,719 | 5,499 | (14.2) | |||||||||||||||||||||||||||||
(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
LAD
Other Highlights (Unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2024 | 2024 | ||||||||||||||||||||||
| Key Performance by Country | Total Revenue | Total Gross Profit | Total Revenue | Total Gross Profit | |||||||||||||||||||
United States | 76.6% | 83.1% | 77.5% | 83.4% | |||||||||||||||||||
United Kingdom | 20.2% | 14.3% | 19.3% | 13.9% | |||||||||||||||||||
Canada | 3.2% | 2.6% | 3.2% | 2.7% | |||||||||||||||||||
| As of | |||||||||||||||||
| September 30, | December 31, | September 30, | |||||||||||||||
Days Supply(1) | 2024 | 2023 | 2023 | ||||||||||||||
| New vehicle inventory | 68 | 65 | 55 | ||||||||||||||
| Used vehicle inventory | 68 | 64 | 58 | ||||||||||||||
(1) Days supply calculated based on current inventory levels, including in-transit vehicles, and a 30-day historical cost of sales level.
Selected Financing Operations Financial Information
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | 2024 | % (1) | 2023 | % (1) | 2024 | % (1) | 2023 | % (1) | |||||||||||||||||||||||||||||||||||||||
| Interest margin: | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest and fee income | $ | 91.1 | 9.5 | $ | 67.5 | 8.7 | $ | 252.2 | 9.3 | $ | 176.2 | 8.6 | |||||||||||||||||||||||||||||||||||
| Interest expense | (51.2) | (5.3) | (42.5) | (5.4) | (146.0) | (5.4) | (125.5) | (6.1) | |||||||||||||||||||||||||||||||||||||||
| Total interest margin | $ | 39.9 | 4.1 | $ | 25.0 | 3.2 | $ | 106.2 | 3.9 | $ | 50.7 | 2.5 | |||||||||||||||||||||||||||||||||||
| Lease income | 25.6 | 4.9 | 61.2 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||
| Lease costs | (21.6) | (2.0) | (51.0) | (6.3) | |||||||||||||||||||||||||||||||||||||||||||
Lease income, net | 4.0 | 2.9 | 10.2 | 7.8 | |||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | (11.2) | (9.2) | (33.0) | (27.3) | |||||||||||||||||||||||||||||||||||||||||||
| Provision expense | (31.8) | (3.3) | (23.1) | (3.0) | (77.0) | (2.8) | (75.0) | (3.7) | |||||||||||||||||||||||||||||||||||||||
| Finance operations income (loss) | $ | 0.9 | $ | (4.4) | $ | 6.4 | $ | (43.8) | |||||||||||||||||||||||||||||||||||||||
| Total average managed finance receivables | $ | 3,812.8 | $ | 3,092.4 | $ | 3,617.4 | $ | 2,731.0 | |||||||||||||||||||||||||||||||||||||||
(1)Annualized percentage of total average managed finance receivables
LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| September 30, 2024 | December 31, 2023 | ||||||||||
| Cash, restricted cash, and cash equivalents | $ | 359.5 | $ | 941.4 | |||||||
| Trade receivables, net | 1,209.4 | 1,123.1 | |||||||||
| Inventories, net | 6,100.2 | 4,753.9 | |||||||||
| Other current assets | 224.0 | 136.8 | |||||||||
| Total current assets | $ | 7,893.1 | $ | 6,955.2 | |||||||
| Property and equipment, net | 4,664.0 | 3,981.4 | |||||||||
| Finance receivables, net | 3,765.5 | 3,242.3 | |||||||||
| Intangibles | 4,701.5 | 4,332.8 | |||||||||
| Other non-current assets | 2,237.4 | 1,120.8 | |||||||||
| Total assets | $ | 23,261.5 | $ | 19,632.5 | |||||||
| Floor plan notes payable | 5,119.6 | 3,635.5 | |||||||||
| Other current liabilities | 1,544.5 | 1,296.7 | |||||||||
| Total current liabilities | $ | 6,664.1 | $ | 4,932.2 | |||||||
| Long-term debt, less current maturities | 6,399.8 | 5,483.7 | |||||||||
| Non-recourse notes payable, less current maturities | 1,772.7 | 1,671.7 | |||||||||
| Other long-term liabilities and deferred revenue | 1,796.7 | 1,262.0 | |||||||||
| Total liabilities | $ | 16,633.3 | $ | 13,349.6 | |||||||
| Equity and redeemable non-controlling interest | 6,628.2 | 6,282.9 | |||||||||
| Total liabilities, equity, and redeemable non-controlling interest | $ | 23,261.5 | $ | 19,632.5 | |||||||
LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Nine months ended September 30, | |||||||||||
| Cash flows from operating activities: | 2024 | 2023 | |||||||||
| Net income | $ | 604.4 | $ | 795.6 | |||||||
Adjustments to reconcile net income to net cash used in operating activities | 397.2 | 250.2 | |||||||||
| Changes in: | |||||||||||
| Inventories | (324.3) | (498.2) | |||||||||
| Finance receivables | (526.5) | (907.0) | |||||||||
| Floor plan notes payable | 325.0 | 292.0 | |||||||||
| Other operating activities | (112.5) | (109.8) | |||||||||
| Net cash provided by (used in) operating activities | 363.3 | (177.2) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (271.9) | (163.7) | |||||||||
| Cash paid for acquisitions, net of cash acquired | (1,247.0) | (1,204.7) | |||||||||
| Proceeds from sales of stores | 21.9 | 136.1 | |||||||||
| Other investing activities | (323.8) | (8.0) | |||||||||
| Net cash used in investing activities | (1,820.8) | (1,240.3) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net borrowings on floor plan notes payable, non-trade | 280.1 | 426.7 | |||||||||
| Net borrowings non-recourse notes payable | 77.4 | 1,047.7 | |||||||||
Net borrowings of other debt and finance lease liabilities | 900.7 | (5.7) | |||||||||
| Proceeds from issuance of common stock | 21.3 | 23.0 | |||||||||
| Repurchase of common stock | (273.2) | (14.5) | |||||||||
| Dividends paid | (42.4) | (39.1) | |||||||||
| Other financing activity | (83.7) | (11.1) | |||||||||
| Net cash provided by financing activities | 880.2 | 1,427.0 | |||||||||
| Effect of exchange rate changes on cash and restricted cash | 3.9 | 5.7 | |||||||||
| Change in cash, restricted cash, and cash equivalents | (573.4) | 15.2 | |||||||||
| Cash, restricted cash, and cash equivalents at beginning of period | 972.0 | 271.5 | |||||||||
| Cash, restricted cash, and cash equivalents at end of period | 398.6 | 286.7 | |||||||||
LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
| Nine months ended September 30, | |||||||||||
| Net cash provided by operating activities | 2024 | 2023 | |||||||||
| As reported | $ | 363.3 | $ | (177.2) | |||||||
| Floor plan notes payable, non-trade, net | 280.1 | 426.7 | |||||||||
| Adjust: finance receivables activity | 526.5 | 907.0 | |||||||||
| Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory | (105.5) | (110.6) | |||||||||
| Adjusted | $ | 1,064.4 | $ | 1,045.9 | |||||||
LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
| Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||
| As reported | Net gain on disposal of stores | Acquisition expenses | Premium on redeemable NCI buyout | Tax attribute | Adjusted | ||||||||||||||||||||||||||||||
| Selling, general and administrative | $ | 943.6 | $ | 0.3 | $ | (0.2) | $ | — | $ | — | $ | 943.7 | |||||||||||||||||||||||
| Operating income | 424.2 | (0.3) | 0.2 | — | — | 424.1 | |||||||||||||||||||||||||||||
| Income before income taxes | 288.2 | (0.3) | 0.2 | — | — | 288.1 | |||||||||||||||||||||||||||||
| Income tax (provision) benefit | (65.3) | 0.1 | (0.1) | — | (0.5) | (65.8) | |||||||||||||||||||||||||||||
| Net income | $ | 222.9 | $ | (0.2) | $ | 0.1 | $ | — | $ | (0.5) | $ | 222.3 | |||||||||||||||||||||||
| Net income attributable to non-controlling interests | (1.2) | — | — | — | — | (1.2) | |||||||||||||||||||||||||||||
| Net income attributable to redeemable non-controlling interest | (12.6) | — | — | 11.6 | — | (1.0) | |||||||||||||||||||||||||||||
| Net income attributable to LAD | $ | 209.1 | $ | (0.2) | $ | 0.1 | $ | 11.6 | $ | (0.5) | $ | 220.1 | |||||||||||||||||||||||
| Diluted earnings per share attributable to LAD | $ | 7.80 | $ | (0.01) | $ | — | $ | 0.43 | $ | (0.01) | $ | 8.21 | |||||||||||||||||||||||
| Diluted share count | 26.8 | ||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| As reported | Net gain on disposal of stores | Insurance reserves | Acquisition expenses | Contract buyouts | Adjusted | ||||||||||||||||||||||||||||||
| Selling, general and administrative | $ | 850.8 | $ | 23.1 | $ | (4.6) | $ | (4.8) | $ | (4.2) | $ | 860.3 | |||||||||||||||||||||||
| Operating income | 465.3 | (23.1) | 4.6 | 4.8 | 4.2 | 455.8 | |||||||||||||||||||||||||||||
| Income before income taxes | 361.3 | (23.1) | 4.6 | 4.8 | 4.2 | 351.8 | |||||||||||||||||||||||||||||
| Income tax (provision) benefit | (96.4) | 6.1 | (1.2) | (0.8) | (1.1) | (93.4) | |||||||||||||||||||||||||||||
| Net income | $ | 264.9 | $ | (17.0) | $ | 3.4 | $ | 4.0 | $ | 3.1 | $ | 258.4 | |||||||||||||||||||||||
| Net income attributable to non-controlling interests | $ | (2.1) | $ | — | $ | — | $ | — | $ | — | $ | (2.1) | |||||||||||||||||||||||
| Net income attributable to redeemable non-controlling interest | $ | (1.3) | $ | — | $ | — | $ | — | $ | — | $ | (1.3) | |||||||||||||||||||||||
| Net income attributable to LAD | $ | 261.5 | $ | (17.0) | $ | 3.4 | $ | 4.0 | $ | 3.1 | $ | 255.0 | |||||||||||||||||||||||
| Diluted earnings per share attributable to LAD | $ | 9.46 | $ | (0.62) | $ | 0.12 | $ | 0.15 | $ | 0.11 | $ | 9.22 | |||||||||||||||||||||||
| Diluted share count | 27.6 | ||||||||||||||||||||||||||||||||||
LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
| Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| As reported | Net gain on disposal of stores | Insurance reserves | Acquisition expenses | Premium on redeemable NCI buyout | Tax attribute | Adjusted | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative | $ | 2,853.0 | $ | 0.3 | $ | (6.0) | $ | (9.7) | $ | — | $ | — | $ | 2,837.6 | |||||||||||||||||||||||||||
| Operating income | 1,159.3 | (0.3) | 6.0 | 9.7 | — | — | 1,174.7 | ||||||||||||||||||||||||||||||||||
| Income before income taxes | 791.4 | (0.3) | 6.0 | 9.7 | — | — | 806.8 | ||||||||||||||||||||||||||||||||||
| Income tax (provision) benefit | (187.0) | 0.1 | (1.5) | (0.5) | — | (8.0) | (196.9) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 604.4 | $ | (0.2) | $ | 4.5 | $ | 9.2 | $ | — | $ | (8.0) | $ | 609.9 | |||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | (3.8) | — | — | — | — | — | (3.8) | ||||||||||||||||||||||||||||||||||
| Net income attributable to redeemable non-controlling interest | (14.8) | — | — | — | 11.6 | — | (3.2) | ||||||||||||||||||||||||||||||||||
| Net income attributable to LAD | $ | 585.8 | $ | (0.2) | $ | 4.5 | $ | 9.2 | $ | 11.6 | $ | (8.0) | $ | 602.9 | |||||||||||||||||||||||||||
| Diluted earnings per share attributable to LAD | $ | 21.54 | $ | (0.01) | $ | 0.17 | $ | 0.34 | $ | 0.43 | $ | (0.30) | $ | 22.17 | |||||||||||||||||||||||||||
| Diluted share count | 27.2 | ||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| As reported | Net gain on disposal of stores | Insurance reserves | Acquisition expenses | Contract buyouts | Adjusted | ||||||||||||||||||||||||||||||
| Selling, general and administrative | $ | 2,458.1 | $ | 31.4 | $ | (7.1) | $ | (10.5) | $ | (14.4) | $ | 2,457.5 | |||||||||||||||||||||||
| Operating income | 1,319.9 | (31.4) | 7.1 | 10.5 | 14.4 | 1,320.5 | |||||||||||||||||||||||||||||
| Income before income taxes | 1,082.6 | (31.4) | 7.1 | 10.5 | 14.4 | 1,083.2 | |||||||||||||||||||||||||||||
| Income tax (provision) benefit | (287.0) | 8.5 | (1.9) | (1.5) | (3.9) | (285.8) | |||||||||||||||||||||||||||||
| Net income | $ | 795.6 | $ | (22.9) | $ | 5.2 | $ | 9.0 | $ | 10.5 | $ | 797.4 | |||||||||||||||||||||||
| Net income attributable to non-controlling interests | (4.7) | — | — | — | — | (4.7) | |||||||||||||||||||||||||||||
| Net income attributable to redeemable non-controlling interest | (3.6) | — | — | — | — | (3.6) | |||||||||||||||||||||||||||||
| Net income attributable to LAD | $ | 787.3 | $ | (22.9) | $ | 5.2 | $ | 9.0 | $ | 10.5 | $ | 789.1 | |||||||||||||||||||||||
| Diluted earnings per share attributable to LAD | $ | 28.54 | $ | (0.83) | $ | 0.19 | $ | 0.33 | $ | 0.38 | $ | 28.61 | |||||||||||||||||||||||
| Diluted share count | 27.6 | ||||||||||||||||||||||||||||||||||
LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
| Three months ended September 30, | % | Nine months ended September 30, | % | ||||||||||||||||||||||||||||||||
| Increase | Increase | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||||||||||||||||||||||
| EBITDA and Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
| Net income | $ | 222.9 | $ | 264.9 | (15.9) | % | $ | 604.4 | $ | 795.6 | (24.0) | % | |||||||||||||||||||||||
| Flooring interest expense | 76.6 | 40.2 | 90.5 | 214.0 | 102.6 | 108.6 | |||||||||||||||||||||||||||||
| Other interest expense | 64.5 | 58.5 | 10.3 | 189.3 | 141.5 | 33.8 | |||||||||||||||||||||||||||||
| Financing operations interest expense | 51.2 | 42.5 | 20.5 | 146.0 | 125.5 | 16.3 | |||||||||||||||||||||||||||||
| Income tax expense | 65.3 | 96.4 | (32.3) | 187.0 | 287.0 | (34.8) | |||||||||||||||||||||||||||||
| Depreciation and amortization | 63.5 | 50.8 | 25.0 | 183.6 | 146.4 | 25.4 | |||||||||||||||||||||||||||||
| Financing operations depreciation expense | 12.7 | 2.0 | 535.0 | 37.3 | 6.3 | 492.1 | |||||||||||||||||||||||||||||
| EBITDA | $ | 556.7 | $ | 555.3 | 0.3 | % | $ | 1,561.6 | $ | 1,604.9 | (2.7) | % | |||||||||||||||||||||||
| Other adjustments: | |||||||||||||||||||||||||||||||||||
| Less: flooring interest expense | $ | (76.6) | $ | (40.2) | 90.5 | $ | (214.0) | $ | (102.6) | 108.6 | |||||||||||||||||||||||||
| Less: financing operations interest expense | (51.2) | (42.5) | 20.5 | (146.0) | (125.5) | 16.3 | |||||||||||||||||||||||||||||
| Less: used vehicle line of credit interest | (7.4) | (6.4) | 15.6 | (19.5) | (11.2) | 74.1 | |||||||||||||||||||||||||||||
| Add: acquisition expenses | 0.2 | 4.8 | (95.8) | 9.7 | 10.5 | (7.6) | |||||||||||||||||||||||||||||
| Less: loss (gain) on disposal of stores | (0.3) | (23.1) | NM | (0.3) | (31.4) | NM | |||||||||||||||||||||||||||||
| Add: insurance reserves | — | 4.6 | NM | 6.0 | 7.1 | NM | |||||||||||||||||||||||||||||
Add: contract buyouts | — | 4.2 | NM | — | 14.4 | NM | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 421.4 | $ | 456.7 | (7.7) | % | $ | 1,197.5 | $ | 1,366.2 | (12.3) | % | |||||||||||||||||||||||
NM - not meaningful
| As of | % | |||||||||||||
| September 30, | Increase | |||||||||||||
| Net Debt to Adjusted EBITDA | 2024 | 2023 | (Decrease) | |||||||||||
| Floor plan notes payable: non-trade | $ | 2,516.7 | $ | 1,863.4 | 35.1 | % | ||||||||
| Floor plan notes payable | 2,602.9 | 1,261.2 | 106.4 | |||||||||||
| Used and service loaner vehicle inventory financing facility | 925.7 | 860.2 | 7.6 | |||||||||||
| Revolving lines of credit | 1,848.2 | 1,281.4 | 44.2 | |||||||||||
| Warehouse facilities | 1,035.0 | 585.0 | 76.9 | |||||||||||
| Non-recourse notes payable | 1,783.0 | 1,469.9 | 21.3 | |||||||||||
| 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 | 800.0 | — | |||||||||||
| Finance leases and other debt | 980.5 | 746.8 | 31.3 | |||||||||||
| Unamortized debt issuance costs | (26.4) | (33.4) | (21.0) | |||||||||||
| Total debt | $ | 13,415.6 | $ | 9,784.5 | 37.1 | % | ||||||||
| Less: Floor plan related debt | $ | (6,045.3) | $ | (3,984.8) | 51.7 | % | ||||||||
| Less: Financing operations related debt | (2,818.0) | (2,054.9) | 37.1 | |||||||||||
Less: Unrestricted cash and cash equivalents | (209.8) | (146.9) | 42.8 | |||||||||||
Less: Marketable securities | (53.9) | — | — | |||||||||||
| Less: Availability on used vehicle and service loaner financing facilities | (9.8) | (66.8) | (85.3) | |||||||||||
| Net Debt | $ | 4,278.8 | $ | 3,531.1 | 21.2 | % | ||||||||
| TTM Adjusted EBITDA | $ | 1,594.2 | $ | 1,780.1 | (10.4) | % | ||||||||
| Net debt to Adjusted EBITDA | 2.68 | x | 1.98 | x | ||||||||||
NM - not meaningful