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Lithia Motors(LAD) - 2025 Q1 - Quarterly Results
LADLithia Motors(LAD)2025-04-23 13:02
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Financial Performance - Lithia & Driveway reported record first quarter revenue of 9.2billion,a79.2 billion, a 7% increase from 8.6 billion in Q1 2024[3]. - Diluted earnings per share increased by 35% to 7.94,upfrom7.94, up from 5.89 in the same period last year[4]. - Net income for Q1 2025 was 211million,representinga28211 million, representing a 28% increase compared to 165 million in Q1 2024[5]. - Adjusted diluted earnings per share rose 25% to 7.66,comparedto7.66, compared to 6.11 in Q1 2024[4]. - New vehicle retail revenue increased by 5.7% to 4,166.6millioncomparedto4,166.6 million compared to 3,940.7 million in the same period last year[25]. - Total revenues rose by 2.5% to 8,543.2millionfrom8,543.2 million from 8,332.5 million year-over-year[25]. - Net income for the three months ended March 31, 2025, was 211.2million,upfrom211.2 million, up from 165.0 million in the prior year[29]. - Adjusted EBITDA for Q1 2025 reached 402.1million,representinga17.1402.1 million, representing a 17.1% increase from 343.5 million in Q1 2024[32]. Cash and Assets - Lithia & Driveway ended Q1 2025 with approximately 1.4billionincashandcashequivalents[12].−Cash,restrictedcash,andcashequivalentsattheendoftheperiodroseto1.4 billion in cash and cash equivalents[12]. - Cash, restricted cash, and cash equivalents at the end of the period rose to 478.1 million from 440.5million[29].−Totalassetsincreasedto440.5 million[29]. - Total assets increased to 23,480.2 million from 23,122.6millionasofDecember31,2024[28].DebtandFinancing−Totaldebtincreasedby6.023,122.6 million as of December 31, 2024[28]. Debt and Financing - Total debt increased by 6.0% to 13,304.7 million as of March 31, 2025, compared to 12,553.1millioninthepreviousyear[33].−Netdebtroseto12,553.1 million in the previous year[33]. - Net debt rose to 3,986.5 million, a 1.8% increase from 3,914.7millioninQ12024,withanetdebttoadjustedEBITDAratioof2.47xcomparedto2.31xintheprioryear[33].−Thecompanyreportedadecreaseinflooringinterestexpenseto3,914.7 million in Q1 2024, with a net debt to adjusted EBITDA ratio of 2.47x compared to 2.31x in the prior year[33]. - The company reported a decrease in flooring interest expense to 57.1 million in Q1 2025 from 60.7millioninQ12024,showingimprovedfinancingconditions[32].OperationalMetrics−Newretailunitsincreasedby3.660.7 million in Q1 2024, showing improved financing conditions[32]. Operational Metrics - New retail units increased by 3.6% on a same-store basis compared to Q1 2024[11]. - Aftersales gross profit grew by 7.5% on a same-store basis compared to Q1 2024[11]. - Driveway Finance Corporation originated 623 million in loans, with a portfolio of 4.1billioninaveragemanagedreceivables[11].−Days′supplyfornewvehicleinventorydecreasedto43daysfrom59daysyear−over−year[26].−Selling,generalandadministrativeexpensesforQ12025werereportedat4.1 billion in average managed receivables[11]. - Days' supply for new vehicle inventory decreased to 43 days from 59 days year-over-year[26]. - Selling, general and administrative expenses for Q1 2025 were reported at 952.7 million, up from 934.3millioninQ12024[31].−OperatingincomeforQ12025was934.3 million in Q1 2024[31]. - Operating income for Q1 2025 was 406.3 million, compared to 341.4millioninQ12024,reflectingasignificantoperationalimprovement[31].DividendandShareholderReturns−TheBoardapprovedanincreaseddividendof341.4 million in Q1 2024, reflecting a significant operational improvement[31]. Dividend and Shareholder Returns - The Board approved an increased dividend of 0.55 per share, a 4% increase from the previous dividend[13]. Future Outlook - Future outlook includes continued focus on market expansion and potential new product developments, although specific figures were not disclosed in the call[31].