EXHIBIT 99.1
LITHIA MOTORS REPORTS ADJUSTED CONTINUING OPERATIONS EPS OF $0.60 FOR FIRST QUARTER 2012; INCREASES 2012 OUTLOOK
__________________________________________________
Medford, Oregon, April 25, 2012 –Lithia Motors, Inc. (NYSE: LAD) today reported 2012 first quarter adjusted income from continuing operations was $15.8 million, or $0.60 per diluted share. This compares to a 2011 first quarter adjusted income from continuing operations of $8.8 million, or $0.33 per diluted share. Unadjusted net income from continuing operations for the first quarter of 2012 was $16.8 million or $0.63 per diluted share, compared to $8.4 million or $0.31 per diluted share for 2011.
As shown in the attached non-GAAP reconciliation table, the 2012 first quarter adjusted income from continuing operations is reduced to exclude a benefit of $0.03 per share for the gain on the disposal of assets, an adjustment to an investment and a non-core tax attribute. The 2011 first quarter adjusted results from continuing operations exclude a charge of $0.02 per share on asset impairments and a stock based compensation tax shortfall.
First quarter 2012 revenue from continuing operations increased $176.0 million, or 30% to $758.9 million, compared to $582.9 million in the first quarter of 2011.
First Quarter Year-over-Year Operating Highlights:
- New vehicle same store sales increased 25%
- Used vehicle retail same store sales increased 18%
- Service, body and parts same store sales increased 5%
- Adjusted SG&A expense as a percentage of gross profit reduced 370 basis points, to 72.2%
- Adjusted income from continuing operations increased 79%
“We remain focused on consistent execution of our operational strategies,” said Bryan DeBoer, President and COO. “Our first quarter results build on our momentum from 2011. Our team continues to expand market share by understanding customers and meeting their needs. Store-specific strategies that are optimized for local market conditions focus on increasing revenue while maintaining expense discipline. This unique approach for each of our stores is the foundation of our success today and in the future.”
Corporate Development
On March 27, 2012, Lithia completed the sale of an 80% interest in our Nissan, Volkswagen and BMW stores in Medford, Oregon, to Dick Heimann, Vice Chairman. The remaining 20% ownership interest will be accounted for as an equity investment.
Balance Sheet Update
Lithia ended the first quarter with $9 million in cash, $17 million in available credit on our credit facility and $76 million in unfinanced new vehicle inventory. In total, this represents approximately $102 million in available liquidity.
On April 18, 2012, Lithia entered into a new five-year $650 million credit facility with 10 financial institutions. The revolving facility will provide $500 million for new vehicle inventory floor plan financing, $100 million for used vehicle inventory financing and $50 million for general corporate purposes including working capital and acquisitions, and can be expanded to $800 million in total availability.
Chris Holzshu, SVP and Chief Financial Officer, commented, “Our partner banks and manufacturer-affiliated finance companies have made a significant vote of confidence in Lithia. In addition to increasing the liquidity we can utilize for corporate development, this facility reduces our borrowing costs and provides for a five-year commitment. Continuing to strengthen our balance sheet through more favorable debt financing has been a key focus area.”
CEO Succession
As previously announced, effective May 1, 2012, Bryan DeBoer, President and COO, will be promoted to Chief Executive Officer. Sid DeBoer, Founder, Chairman and CEO, will assume the role of Executive Chairman and remain Chairman of the Board.
Updated Outlook for 2012
Commenting on Lithia’s outlook for the future, Sid DeBoer, Chairman and CEO, stated, “The first quarter of 2012 supports our belief that a multi-year recovery in new vehicle sales is ahead of us. Consumers have proven resilient to increases in gas prices and improved safety and technology features are creating additional demand. We still remain conservative in our estimate of how quickly demand will return to normalized levels, and anticipate a new vehicle Seasonally Adjusted Annualized Rate (SAAR) of sales between 14.0 and 14.5 million for the full year 2012. ”
Lithia projects its 2012 second quarter earnings within a range of $0.60 to $0.62 per diluted share. Full-year 2012 earnings are projected within a range of $2.45 to $2.53 per diluted share. Both projections are based on the following annual assumptions:
- Total revenues in range of $2.9 to $3.1 billion
- New vehicle same store sales increasing 16.0%
- New vehicle gross margin ranging from 7.6% to 7.8%
- Used vehicle same store sales increasing 13.0%
- Used vehicle gross margin ranging from 14.4% to 14.6%
- Service body and parts same store sales increasing 2.5%
- Service body and parts gross margin ranging from 48.0% to 48.2%
- Finance and insurance gross profit of $1,000 per unit
- Tax rate of 40%
- Average diluted shares outstanding of 26.6 million
- Capital expenditures of $43 million
- Guidance excludes the impact of future acquisitions, dispositions, and any potential non-core items
First Quarter Earnings Conference Call and Updated Presentation
The first quarter 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 results has been added to Investor Relations on www.lithia.com.
To listen live on our website or for replay, visit Investor Relations on www.lithia.com and click on webcasts. A playback of the conference call will be available after 1:00 p.m. ET on April 25, 2012through May 9, 2012by calling 877-660-6853 (Conference ID: 392149, Account: 305).
About Lithia
Lithia Motors, Inc. is the ninth largest automotive retailer in the United States. Lithia sells 25 brands of new and all brands of used vehicles at 83 stores, which are located in 11 states. Lithia also arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.
For additional information on Lithia Motors, contact John North, VP Finance and Controller at (541) 618-5748.
Sites
www.lithia.com
www.lithiacareers.com
www.assuredservice.com
Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter
http://twitter.com/lithiamotors
Source: Lithia Motors, Inc.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. Forward-looking statements in this press release include our guidance regarding second quarter and full year 2012 results, the impact of gas prices and consumer demand on vehicle sales levels and the sustainability of future incremental operating leverage. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation, future economic conditions and others set forth from time to time in the company's filings with the SEC. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and diluted earnings per share from continuing operations, adjusted SG&A as a percentage of revenues and gross profit, adjusted operating margin, adjusted operating profit as a percentage of gross profit, and adjusted pre-tax margin. These measures exclude certain items disclosed in the attached financial tables. Cash flows from operations were 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, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding adjustments for items not related to the Company's ongoing core business operations or other non-cash adjustments, and improves the period-to-period comparability of the Company's results from its core business operations. These presentations are not intended to provide net income, cash flows from operations, operating income, or selling, general and administrative costs in accordance with GAAP and should not be considered an alternative to GAAP measures.
Lithia Motors, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands except per share data)
| | | Three Months Ended | | | | % | |
| | | March 31, | | Increase | | Increase | |
| | | 2012 | | 2011 | | (Decrease) | | (Decrease) | |
| Revenues: | | | | | | | | | |
| New vehicle retail | $ | 404,288 | $ | 300,640 | $ | 103,648 | | 34.5 | % |
| Used vehicle retail | | 195,421 | | 156,478 | | 38,943 | | 24.9 | |
| Used vehicle wholesale | | 34,336 | | 29,537 | | 4,799 | | 16.2 | |
| Finance and insurance | | 25,420 | | 19,299 | | 6,121 | | 31.7 | |
| Service, body and parts | | 86,448 | | 73,761 | | 12,687 | | 17.2 | |
| Fleet and other | | 12,981 | | 3,142 | | 9,839 | | 313.1 | |
| Total revenues | | 758,894 | | 582,857 | | 176,037 | | 30.2 | |
| Cost of sales: | | | | | | | | | |
| New vehicle retail | | 373,162 | | 278,034 | | 95,128 | | 34.2 | |
| Used vehicle retail | | 166,507 | | 133,494 | | 33,013 | | 24.7 | |
| Used vehicle wholesale | | 33,918 | | 29,138 | | 4,780 | | 16.4 | |
| Service, body and parts | | 44,855 | | 38,000 | | 6,855 | | 18.0 | |
| Fleet and other | | 12,581 | | 2,595 | | 9,986 | | 384.8 | |
| Total cost of sales | | 631,023 | | 481,261 | | 149,762 | | 31.1 | |
| Gross profit | | 127,871 | | 101,596 | | 26,275 | | 25.9 | |
| Other asset impairments | | 115 | | 382 | | (267) | | (69.9) | |
| SG&A expense | | 91,590 | | 77,134 | | 14,456 | | 18.7 | |
| Depreciation and amortization | | 4,199 | | 4,092 | | 107 | | 2.6 | |
| Income from operations | | 31,967 | | 19,988 | | 11,979 | | 59.9 | |
| Floor plan interest expense | | (2,950) | | (2,462) | | 488 | | 19.8 | |
| Other interest expense | | (2,747) | | (3,292) | | (545) | | (16.6) | |
| Other income, net | | 499 | | 77 | | 422 | | 548.1 | |
| Income from continuing operations before income taxes | | 26,769 | | 14,311 | | 12,458 | | 87.1 | |
| Income tax expense | | (9,973) | | (5,923) | | 4,050 | | 68.4 | |
| Income tax rate | | 37.3% | | 41.4% | | | | | |
| Income from continuing operations | $ | 16,796 | $ | 8,388 | $ | 8,408 | | 100.2 | % |
| Income from discontinued operations | | - | | 317 | | (317) | | NM | |
| Net income | $ | 16,796 | $ | 8,705 | $ | 8,091 | | 92.9 | % |
| | | | | | | | | | |
| Diluted net income per share: | | | | | | | | | |
| Continuing operations | $ | 0.63 | $ | 0.31 | $ | 0.32 | | 103.2 | % |
| Discontinued operations | | - | | 0.02 | | (0.02) | | NM | |
| Net income per share | $ | 0.63 | $ | 0.33 | $ | 0.30 | | 90.9 | % |
| | | | | | | | | | |
| Diluted shares outstanding | | 26,478 | | 26,694 | | (216) | | (0.8) | % |
NM – not meaningful
Lithia Motors, Inc.
Key Performance Metrics (Unaudited)
| | Three Months Ended | | | | % | |
| | March 31, | | Increase | | Increase | |
| | 2012 | | 2011 | | (Decrease) | | (Decrease) | |
| Gross margin | | | | | | | | |
| New vehicle retail | 7.7 | % | 7.5 | % | 20 bps | | | |
| Used vehicle retail | 14.8 | | 14.7 | | 10 bps | | | |
| Used vehicle wholesale | 1.2 | | 1.4 | | (20) bps | | | |
| Finance and insurance | 100.0 | | 100.0 | | - bps | | | |
| Service, body and parts | 48.1 | | 48.5 | | (40) bps | | | |
| Fleet and Other | 3.1 | | 17.4 | | (1,430) bps | | | |
| Gross profit margin | 16.8 | | 17.4 | | (60) bps | | | |
| | | | | | | | | |
| Unit sales | | | | | | | | |
| New vehicle retail | 12,469 | | 9,525 | | 2,944 | | 30.9 | % |
| Used vehicle retail | 11,508 | | 9,506 | | 2,002 | | 21.1 | |
| Used vehicle wholesale | 4,593 | | 3,742 | | 851 | | 22.7 | |
| Total units sold | 28,570 | | 22,773 | | 5,797 | | 25.5 | |
| | | | | | | | | |
| Average selling price | | | | | | | | |
| New vehicle retail | $ 32,423 | | $ 31,563 | | $ 860 | | 2.7 | % | |
| Used vehicle retail | 16,981 | | 16,461 | | 520 | | 3.2 | |
| Used vehicle wholesale | 7,476 | | 7,893 | | (417) | | (5.3) | |
| | | | | | | | | |
| Average gross profit per unit | | | | | | | | |
| New vehicle retail | $ 2,496 | | $ 2,373 | | $ 123 | | 5.2 | % |
| Used vehicle retail | 2,513 | | 2,418 | | 95 | | 3.9 | |
| Used vehicle wholesale | 91 | | 107 | | (16) | | (15.0) | |
| Finance and insurance | 1,060 | | 1,014 | | 46 | | 4.5 | |
| | | | | | | | | |
| Revenue mix | | | | | | | | |
| New vehicle retail | 53.3 | % | 51.6 | % | | | | |
| Used vehicle retail | 25.8 | | 26.8 | | | | | |
| Used vehicle wholesale | 4.5 | | 5.1 | | | | | |
| Finance and insurance, net | 3.3 | | 3.3 | | | | | |
| Service, body and parts | 11.4 | | 12.7 | | | | | |
| Fleet and other | 1.7 | | 0.5 | | | | | |
| | | | | | | | | |
| Other metrics | | | | | | | | |
| SG&A as a % of revenue | 12.1 | % | 13.2 | % | (110) bps | | | |
| SG&A as a % of gross profit | 71.6 | | 75.9 | | (430) bps | | | |
| Operating profit as a % of revenue | 4.2 | | 3.4 | | 80 bps | | | |
| Operating profit as a % of gross profit | 25.0 | | 19.7 | | 530 bps | | | |
| Pretax margin | 3.5 | | 2.5 | | 100 bps | | | |
| | | | | | | | | |
| | | | | | | | | | | | |
Lithia Motors, Inc.
Same Store Operating Highlights(Unaudited)
| | | Three Months Ended | | | | % | |
| | | March 31, | | Increase | | Increase | |
| | | 2012 | | 2011 | | (Decrease) | | (Decrease) | |
| Revenues | | | | | | | | | |
| New vehicle retail | $ | 371,503 | $ | 296,679 | $ | 74,824 | | 25.2 | % |
| Used vehicle retail | | 182,135 | | 153,907 | | 28,228 | | 18.3 | |
| Used vehicle wholesale | | 31,961 | | 28,735 | | 3,226 | | 11.2 | |
| Finance and insurance | | 23,696 | | 18,463 | | 5,233 | | 28.3 | |
| Service, body and parts | | 75,931 | | 72,525 | | 3,406 | | 4.7 | |
| Fleet and Other | | 9,763 | | 2,910 | | 6,853 | | 235.5 | |
| Total revenues | $ | 694,989 | $ | 573,219 | $ | 121,770 | | 21.2 | |
| | | | | | | | | | |
| Gross profit | | | | | | | | | |
| New vehicle retail | $ | 28,364 | $ | 22,192 | $ | 6,172 | | 27.8 | % |
| Used vehicle retail | | 27,288 | | 22,310 | | 4,978 | | 22.3 | |
| Used vehicle wholesale | | 380 | | 392 | | (12) | | (3.1) | |
| Finance and insurance | | 23,696 | | 18,463 | | 5,233 | | 28.3 | |
| Service, body and parts | | 35,563 | | 34,137 | | 1,426 | | 4.2 | |
| Fleet and Other | | 208 | | 154 | | 54 | | 35.1 | |
| Total gross profit | $ | 115,499 | $ | 97,648 | $ | 17,851 | | 18.3 | | |
| | | | | | | | | | | |
| Unit sales | | | | | | | | | | |
| New vehicle retail | | 11,631 | | 9,391 | | 2,240 | | 23.9 | % | |
| Used vehicle retail | | 10,806 | | 9,350 | | 1,456 | | 15.6 | | |
| Used vehicle wholesale | | 4,312 | | 3,671 | | 641 | | 17.5 | | |
| Total units sold | | 26,749 | | 22,412 | | 4,337 | | 19.4 | | |
| | | | | | | | | | | |
| Average selling price | | | | | | | | | | |
| New vehicle retail | $ | 31,941 | $ | 31,592 | $ | 349 | | 1.1 | % | |
| Used vehicle retail | | 16,855 | | 16,461 | | 394 | | 2.4 | | |
| Used vehicle wholesale | | 7,412 | | 7,828 | | (416) | | (5.3) | | |
| | | | | | | | | | | |
| Average gross profit per unit | | | | | | | | | | |
| New vehicle retail | $ | 2,439 | $ | 2,363 | $ | 76 | | 3.2 | % | |
| Used vehicle retail | | 2,525 | | 2,386 | | 139 | | 5.8 | | |
| Used vehicle wholesale | | 88 | | 107 | | (19) | | (17.8) | | |
| Finance and insurance | | 1,056 | | 985 | | 71 | | 7.2 | | |
Lithia Motors, Inc.
Non-GAAP Performance Metrics(Unaudited)
| | | | | | | |
| | Three Months Ended | | | | | |
| | March 31, | | Increase | | | |
| | 2012 | | 2011 | | (Decrease) | | | |
| Adjusted other metrics | | | | | | | | |
| SG&A as a % of revenue | 12.2 | % | 13.2 | % | (100) bps | | | |
| SG&A as a % of gross profit | 72.2 | | 75.9 | | (370) bps | | | |
| Operating profit as a % of revenue | 4.1 | | 3.5 | | 60 bps | | | |
| Operating profit as a % of gross profit | 24.5 | | 20.1 | | 440 bps | | | |
| Pretax margin | 3.4 | | 2.5 | | 90 bps | | | |
| | | | | | | | | | | | |
Lithia Motors, Inc.
Other Highlights(Unaudited)
| | As of | |
| | March 31, | | December 31, | | March 31, | |
| | 2012 | | 2011 | | 2011 | |
| Days Supply(1) | | | | | | | |
| New vehicle inventory | 61 | | 62 | | 60 | |
| Used vehicle inventory | 48 | | 52 | | 47 | |
| | | | | | | | | | |
| (1) Days supply calculated based on current inventory levels, excluding in-transit vehicles, and a 30-day historical cost of sales level. |
| | | | | | | | | |
| Financial covenants | | | | | | | | |
| | Requirement | | As of March 31, 2012 | |
| Current ratio | Not less than 1.20 to 1 | | 1.40 to 1 | |
| Fixed charge coverage ratio | Not less than 1.20 to 1 | | 1.74 to 1 | |
| Liabilities to tangible net worth ratio | Not more than 4.00 to 1 | | 2.71 to 1 | |
| Funded debt restriction | Not more than $310 million | | $205.9 million | |
| | | | | | | | | | | | | | | | | |
Lithia Motors, Inc.
Revenue Mix(Unaudited)
| | Three Months Ended
March 31, | |
| | 2012 | | 2011 | |
| New vehicle unit sales brand mix | | | | |
| Chrysler | 32.2 | % | 28.8 | % |
| General Motors | 14.3 | | 16.4 | |
| Toyota | 12.6 | | 14.5 | |
| Subaru | 7.4 | | 6.0 | |
| BMW, Mini | 6.8 | | 4.8 | |
| Honda, Acura | 6.4 | | 8.1 | |
| Ford | 5.6 | | 5.8 | |
| Hyundai | 4.8 | | 6.1 | |
| Nissan | 3.2 | | 4.4 | |
| Mercedes | 2.6 | | 0.9 | |
| Volkswagen, Audi | 2.0 | | 2.2 | |
| Kia | 1.2 | | 1.2 | |
| Mazda | 0.6 | | 0.5 | |
| Other | 0.3 | | 0.3 | |
| | Three Months Ended
March 31, | |
| | 2012 | | 2011 | |
| Revenue geographic mix | | | | |
| Texas | 24.4 | % | 24.9 | % |
| Oregon | 21.6 | | 16.6 | |
| California | 10.3 | | 10.5 | |
| Washington | 9.0 | | 10.7 | |
| Alaska | 8.6 | | 9.0 | |
| Montana | 8.4 | | 8.3 | |
| Idaho | 5.3 | | 6.6 | |
| Nevada | 4.9 | | 4.9 | |
| Iowa | 4.5 | | 5.4 | |
| North Dakota | 2.0 | | 2.1 | |
| New Mexico | 1.0 | | 1.0 | |
| | As of April 25, 2012 | |
| Current store count mix | # of stores | | % of total | |
| Chrysler | 22 | | 26.5 | % |
| General Motors | 12 | | 14.5 | |
| Honda, Acura | 9 | | 10.9 | |
| Toyota | 8 | | 9.6 | |
| BMW, MINI | 7 | | 8.5 | |
| Hyundai | 6 | | 7.2 | |
| Ford | 5 | | 6.0 | |
| Nissan | 3 | | 3.6 | |
| Mercedes | 3 | | 3.6 | |
| Subaru | 3 | | 3.6 | |
| Kia | 2 | | 2.4 | |
| Other | 2 | | 2.4 | |
| Volkswagen, Audi | 1 | | 1.2 | |
| | | | | | |
Lithia Motors, Inc.
Consolidated Balance Sheets(Unaudited)
(In thousands except per share data)
| | | March 31, 2012 | | December 31, 2011 |
| Cash and cash equivalents | $ | 8,965 | | $ 20,851 |
| Trade receivables, net | | 111,040 | | 99,407 |
| Inventories, net | | 559,216 | | 506,484 |
| Deferred income taxes | | 4,427 | | 4,730 |
| Other current assets | | 10,618 | | 16,719 |
| Total current assets | $ | 694,266 | | $ 648,191 |
| | | | | |
| Property and equipment, net | | 379,351 | | 373,779 |
| Goodwill | | 18,727 | | 18,958 |
| Franchise value | | 59,095 | | 59,095 |
| Deferred income taxes | | 30,536 | | 29,270 |
| Other non-current assets | | 16,752 | | 16,840 |
| Total assets | $ | 1,198,727 | | 1,146,133 |
| | | | | |
| Floor plan notes payable | $ | 372,717 | $ | 343,940 |
| Current maturities of long-term debt | | 22,982 | | 8,221 |
| Trade payables | | 34,934 | | 31,712 |
| Accrued liabilities | | 77,874 | | 72,711 |
| Total current liabilities | $ | 508,507 | | 456,584 |
| | | | | |
| Long-term debt | | 262,934 | | 278,653 |
| Deferred revenue | | 26,820 | | 25,146 |
| Other long-term liabilities | | 18,787 | | 18,629 |
| Total liabilities | $ | 817,048 | $ | 779,012 |
| | | | | |
| Class A common stock | | 278,970 | | 279,366 |
| Class B common stock | | 449 | | 468 |
| Additional paid-in capital | | 10,483 | | 10,918 |
| Accumulated other comprehensive loss | | (4,082) | | (4,508) |
| Retained earnings | | 95,859 | | 80,877 |
| Total liabilities & stockholders' equity | $ | 1,198,727 | $ | 1,146,133 |
Lithia Motors, Inc.
Summarized Cash Flow from Operations(Unaudited)
(In thousands)
| | | Three Months Ended | |
| | | March 31, | |
| | | 2012 | | 2011 | |
| Net income | $ | 16,796 | $ | 8,705 | |
| | | | | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | |
| Asset impairments | | 115 | | 382 | |
| Depreciation and amortization | | 4,199 | | 4,092 | |
Depreciation and amortization
within discontinued operations | | - | | 101 | |
| Stock-based compensation | | 576 | | 491 | |
| Gain on disposal of assets | | (988) | | 105 | |
| Deferred income taxes | | (870) | | (394) | |
Excess tax benefit from share-based payment arrangements | | (749) | | (21) | |
| (Increase) decrease: | | | | | |
| Trade receivables, net | | (11,633) | | (4,648) | |
| Inventories | | (62,113) | | (41,769) | |
| Other current assets | | 5,292 | | (888) | |
| Other non-current assets | | 2,778 | | (412) | |
| Increase (decrease): | | | | | |
| Floor plan notes payable | | (3,324) | | 9,905 | |
| Trade payables | | 1,549 | | 3,296 | |
| Accrued liabilities | | 5,105 | | 9,683 | |
Other long-term liabilities and
deferred revenue | | 2,280 | | 132 | |
| Net cash used in operating activities | $ | (40,987) | $ | (11,240) | |
| | | | | | |
| | | | | | |
| | | | | | |
Lithia Motors, Inc.
Reconciliation of Non-GAAP Cash Flow from Operations(Unaudited)
(In thousands)
| | | Three Months Ended | |
| | | March 31, | |
| Net cash provided by (used in) operating activities | | 2012 | | 2011 | |
| As reported | $ | (40,987) | $ | (11,240) | |
| Floor plan notes payable, non-trade | | 39,401 | | 39,262 | |
| Adjusted | $ | (1,586) | $ | 28,022 | |
Lithia Motors, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In thousands, except for per share data)
| | | Three Months Ended March 31, 2012 |
| | | As reported | | Asset impairment and disposal gain | | Equity investment | | Tax attribute | | Adjusted |
| Other asset impairments | $ | 115 | $ | (115) | $ | - | $ | - | $ | - |
| Selling, general and administrative | | 91,590 | | 739 | | - | | - | | 92,329 |
| | | | | | | | | | | |
| Income from operations | | 31,967 | | (624) | | - | | - | | 31,343 |
| | | | | | | | | | | |
| Other income, net | | 499 | | - | | (244) | | - | | 255 |
| | | | | | | | | | | |
Income from continuing operations before
income taxes | $ | 26,769 | $ | (624) | $ | (244) | $ | - | $ | 25,901 |
| Income tax expense | | (9,973) | | 244 | | 95 | | (494) | | (10,128) |
| Net income from continuing operations | $ | 16,796 | $ | (380) | $ | (149) | $ | (494) | $ | 15,773 |
| | | | | | | | | | | |
Diluted earnings per share from continuing
operations | $ | 0.63 | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | 0.60 |
| Diluted share count | | 26,478 | | | | | | | | |
| | | Three Months Ended March 31, 2011 |
| | | As reported | | Asset impairment | | Stock based comp tax shortfall | | Adjusted |
| Other asset impairments | $ | 382 | $ | (382) | $ | - | $ | - |
| | | | | | | | | |
| Income from operations | | 19,988 | | 382 | | - | | 20,370 |
| | | | | | | | | |
Income from continuing operations before
income taxes | $ | 14,311 | $ | 382 | $ | - | $ | 14,693 |
| Income tax expense | | (5,923) | | (153) | | 186 | | (5,890) |
| Net income from continuing operations | $ | 8,388 | $ | 229 | $ | 186 | $ | 8,803 |
| | | | | | | | | |
Diluted earnings per share from continuing
operations | $ | 0.31 | $ | 0.01 | $ | 0.01 | $ | 0.33 |
| Diluted share count | | 26,694 | | | | | | |
