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Lithia Motors Inc (LAD) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Lithia Motors Inc

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CIK: 1507964 Ticker: LAD

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Lithia & Driveway (LAD) Increases Revenue 11% and Reports Diluted EPS of $9.00
________________________________________________

Announces Dividend of $0.42 per Share for Fourth Quarter

Medford, Oregon, February 15, 2023
 - Lithia & Driveway (NYSE: LAD) today reported the highest fourth quarter revenue in company history.

Fourth quarter 2022 revenue increased 11% to $7.0 billion from $6.3 billion in the fourth quarter of 2021.

Fourth quarter 2022 net income attributable to LAD per diluted share was $9.00, a 6% decrease from $9.57 per diluted share reported in the fourth quarter of 2021. Adjusted fourth quarter 2022 net income attributable to LAD per diluted share was $9.05, a 21% decrease compared to $11.39 per diluted share in the same period of 2021. Unrealized foreign currency gains positively impacted earnings per share by $0.13.

Fourth quarter 2022 net income was $250 million, a 15% decrease compared to net income of $293 million in the same period of 2021. Adjusted fourth quarter 2022 net income was $251 million, a 28% decrease compared to adjusted net income of $348 million for the same period of 2021.

As shown in the attached non-GAAP reconciliation tables, the 2022 fourth quarter adjusted results exclude a $0.05 per diluted share impact resulting from non-core charges, specifically non-cash unrealized investment loss, insurance reserves, and acquisition expenses, partially offset by a net gain on the sale of stores. The 2021 fourth quarter adjusted results were $1.82 per diluted share, net of non-core charges related to a non-cash unrealized investment loss, acquisition expenses, and insurance reserves, partially offset by a net gain on sale of stores.

Fourth Quarter-Over-Quarter Comparisons and 2022 Performance Highlights:

•Revenues increased 11%
•New and used unit growth was 5% and 9%, respectively
•Total vehicle gross profit per unit of $5,691, down $1,191
•Driveway averaged more than 2 million monthly unique visitors in Q4
•Driveway Finance penetration rate rose to over 13% in Q4, originated over $600 million
•Service, body, and parts revenues increased 18%
•Adjusted SG&A as a percentage of gross profit was 62.8%
•Total outstanding share count was reduced by 10%

“The Lithia & Driveway team had another great year with a solid finish in the final quarter of 2022 across all our businesses. Operational excellence is critical across our core in-store operations, growing omnichannel offerings and captive finance arm. We are nimbly adjusting to the environment and focused on achieving our 2025 Plan. Our balance sheet is well capitalized and we’re executing on the growth initiatives across our segments. With the significant capital engine we have built, we are well positioned for further consolidation in our sector,” said Bryan DeBoer, Lithia & Driveway, President and CEO.

Full year 2022 revenue increased 24% to a record $28.2 billion from $22.8 billion in 2021.

Full year 2022 net income attributable to LAD per diluted share increased 21% to $44.17 from $36.54 for 2021. Adjusted net income attributable to LAD per diluted share increased 11% to $44.42 from $40.03 for 2021. Unrealized foreign currency losses negatively impacted earnings per share by $0.54. Full year 2022 net income attributable to LAD increased 19% to $1.3 billion from $1.1 billion for 2021. Adjusted net income attributable to LAD increased 9% to $1.3 billion for 2022 from $1.2 billion for 2021.


The following information was filed by Lithia Motors Inc (LAD) on Wednesday, February 15, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lithia Motors Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parentheticals)
Consolidated Statements Of Equity And Redeemable Non-Controlling Interest
Consolidated Statements Of Equity And Redeemable Non-Controlling Interest (Parentheticals)
Consolidated Statements Of Operations
401(K) Profit Sharing, Deferred Compensation And Long-Term Incentive Plans
401(K) Profit Sharing, Deferred Compensation And Long-Term Incentive Plans (Tables)
401(K) Profit Sharing, Deferred Compensation And Long-Term Incentive Plans - Narrative (Details)
401(K) Profit Sharing, Deferred Compensation And Long-Term Incentive Plans - Serp (Details)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Schedule Of Accounts Receivable (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Pro Forma Summary Of All Acquisitions (Details)
Acquisitions - Revenue And Operating Income From Acquisitions (Details)
Acquisitions - Summary Of Consideration Paid (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Charge-Backs For Various Contracts (Details)
Commitments And Contingencies - Lifetime Lube, Oil And Filter Contracts Acquired (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Lease Costs (Details)
Commitments And Contingencies - Schedule Of Lease-Related Liabilities Recorded On The Balance Sheet (Details)
Commitments And Contingencies - Schedule Of Maturities Of Operating And Finance Lease Liabilities (Details)
Credit Facilities And Long-Term Debt
Credit Facilities And Long-Term Debt (Tables)
Credit Facilities And Long-Term Debt - Annual Interest Rates (Details)
Credit Facilities And Long-Term Debt - Details Of Financial Covenants (Details)
Credit Facilities And Long-Term Debt - Future Principal Payments On Long-Term Debt (Details)
Credit Facilities And Long-Term Debt - Narrative (Details)
Credit Facilities And Long-Term Debt - Schedule Of Credit Facilities And Long-Term Debt (Details)
Credit Facilities And Long-Term Debt - Schedule Of Non-Recourse Notes Payable (Details)
Credit Facilities And Long-Term Debt- Summary Of Outstanding Senior Notes (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Zero-Cost Interest Rate Collar (Details)
Equity And Redeemable Non-Controlling Interest
Equity And Redeemable Non-Controlling Interest (Tables)
Equity And Redeemable Non-Controlling Interest - Dividends (Details)
Equity And Redeemable Non-Controlling Interest - Narrative (Details)
Equity And Redeemable Non-Controlling Interest - Summary Of Share Repurchases (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Finance Receivables
Finance Receivables (Tables)
Finance Receivables - Allowance For Credit Losses (Details)
Finance Receivables - Auto Loan And Lease Receivables (Details)
Finance Receivables - Fico Score (Details)
Goodwill And Franchise Value
Goodwill And Franchise Value (Tables)
Goodwill And Franchise Value - Franchise Value (Details)
Goodwill And Franchise Value - Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Tax Provision (Benefit) (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Unrecognized Tax Benefits (Details)
Income Taxes - Tax Rate Reconciliation (Details)
Inventories And Floor Plan Notes Payable
Inventories And Floor Plan Notes Payable (Tables)
Inventories And Floor Plan Notes Payable - Components Of Inventories (Details)
Inventories And Floor Plan Notes Payable - Narrative (Details)
Inventories And Floor Plan Notes Payable - Schedule Of Floor Plan Notes Payable (Details)
Net Income Per Share Of Common Stock
Net Income Per Share Of Common Stock (Details)
Net Income Per Share Of Common Stock (Tables)
Net Investment In Operating Leases
Net Investment In Operating Leases (Details)
Net Investment In Operating Leases (Tables)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Segments
Segments (Tables)
Segments - Certain Segment Financial Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Stock Incentive Plan Activity, Restricted Stock (Details)
Stock-Based Compensation - Stock-Based Compensation Information (Details)
Stock-Based Compensation - Summary Of 2009 Espp (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Advertising Expense And Manufacturing Cooperative Advertising Credits (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Property And Equipment Estimated Useful Lives (Details)
Ticker: LAD
CIK: 1023128
Form Type: 10-K Annual Report
Accession Number: 0001023128-23-000053
Submitted to the SEC: Fri Feb 24 2023 4:09:42 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: Retail Auto Dealers And Gasoline Stations

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