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Mar 31, 2022
Lithia Motors Q1 2022 Earnings Report
Lithia & Driveway reported record first quarter performance with revenue increased by 54%, EPS by 99%, and adjusted EPS by 103%.
Key Takeaways
Lithia & Driveway (LAD) reported a record first quarter with a 54% increase in revenue, a 99% increase in EPS, and a 103% increase in adjusted EPS. The company's Driveway platform reached 1 million monthly unique visitors, and Driveway Finance became the #1 lender to LAD customers.
Revenues increased 54.4%.
New vehicle retail revenues increased 39.6%.
Used vehicle retail revenues increased 65.2%.
Driveway reached 1 million monthly unique visitors.
Lithia Motors
Lithia Motors
Lithia Motors Revenue by Segment
Revenue by Segment
New Vehicle Retail Revenue
CapyFin.comUsed Vehicle Retail Revenue
CapyFin.comUsed Vehicle Wholesale Revenue
CapyFin.comFinance and Insurance Revenue
CapyFin.comAftersales Revenue
CapyFin.comFleet and Other Revenue
CapyFin.com Forward Guidance
LAD recently acquired three Stellantis stores in Las Vegas, diversifying their 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, they have acquired $11.5 billion in annualized revenues.
Positive Outlook
- Strong results across all channels.
- Significant free cash flows generated.
- Driveway achieved impressive milestones.
- DFC achieved impressive milestones.
- Ability to quickly integrate acquired businesses.
Challenges Ahead
- Future national and local economic and financial conditions, including as a result of the COVID-19 pandemic, 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income