Oregon
|
001-14733
|
93-0572810
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|
150 N. Bartlett Street
|
Medford
|
Oregon
|
97501
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Class A common stock without par value
|
|
LAD
|
|
The New York Stock Exchange
|
Press Release of Lithia Motors, Inc. dated April 22, 2020
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
Dated:
|
April 22, 2020
|
|
LITHIA MOTORS, INC.
|
|
|
By:
|
/s/ Tina Miller
|
|
|
|
Tina Miller
|
|
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit Index
|
|
Exhibit No.
|
Description
|
Press Release of Lithia Motors, Inc. dated April 22, 2020
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
•
|
Same store new vehicle sales decreased 10.6 %
|
•
|
Same store used vehicle retail sales increased 2.7%
|
•
|
Same store F&I per unit increased 6.1% to $1,557
|
•
|
Same store service, body, and part sales increased 0.5 %
|
•
|
Same store total gross profit per unit increased 2.3% to $3,697
|
•
|
Future market conditions, including anticipated car sales levels;
|
•
|
Anticipated impacts on consumer demand or governmental restrictions related to the COVID-19 pandemic or otherwise;
|
•
|
Expected level of business interruption due to shelter in place policies or lifting of those restrictions, and when volumes and consumer demand will return;
|
•
|
Continuation of our sales and services, including in-store appointments and home deliveries;
|
•
|
Expected operating results, such as improved store performance; continued improvement of selling, general and administrative expenses ("SG&A") as a percentage of gross profit and all projections;
|
•
|
Anticipated integration, success and growth of acquired stores;
|
•
|
Anticipated ability to capture additional market share;
|
•
|
Anticipated ability to find accretive acquisitions;
|
•
|
Expected revenues from acquired stores;
|
•
|
Anticipated synergies, ability to monetize our investment in digital innovation;
|
•
|
Anticipated additions of dealership locations to our portfolio in the future;
|
•
|
Anticipated financial condition and liquidity, including from our cash, availability on our credit facility and unfinanced real estate;
|
•
|
Anticipated use of proceeds from our financings;
|
•
|
Anticipated allocations, uses and levels of capital expenditures in the future;
|
•
|
Expectations regarding compliance with financial and restrictive covenants in our credit facility and other debt agreements; and
|
•
|
Our strategies for customer retention, growth, market position, financial results and risk management.
|
•
|
Future economic and financial conditions (both nationally and locally), including as a result of the COVID-19 pandemic;
|
•
|
Changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers;
|
•
|
Risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms);
|
•
|
The adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level;
|
•
|
Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures, facilities or equipment; and
|
•
|
Government regulations, legislation and others 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, Item 8.01 in our Form 8-K filed on April 13, 2020, and from time to time in our other filings with the SEC.
|
|
|
Three months ended March 31,
|
|
%
|
|||||||
|
|
|
Increase
|
||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|||||
Revenues:
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
1,373.5
|
|
|
$
|
1,461.1
|
|
|
(6.0
|
)%
|
Used vehicle retail
|
|
874.4
|
|
|
827.9
|
|
|
5.6
|
|
||
Used vehicle wholesale
|
|
66.7
|
|
|
77.4
|
|
|
(13.8
|
)
|
||
Finance and insurance
|
|
121.9
|
|
|
117.5
|
|
|
3.7
|
|
||
Service, body and parts
|
|
329.9
|
|
|
317.4
|
|
|
3.9
|
|
||
Fleet and other
|
|
37.4
|
|
|
48.4
|
|
|
(22.7
|
)
|
||
Total revenues
|
|
2,803.8
|
|
|
2,849.7
|
|
|
(1.6
|
)%
|
||
Cost of sales:
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
1,295.3
|
|
|
1,375.2
|
|
|
(5.8
|
)
|
||
Used vehicle retail
|
|
784.4
|
|
|
743.3
|
|
|
5.5
|
|
||
Used vehicle wholesale
|
|
66.1
|
|
|
76.5
|
|
|
(13.6
|
)
|
||
Service, body and parts
|
|
161.8
|
|
|
157.9
|
|
|
2.5
|
|
||
Fleet and other
|
|
35.3
|
|
|
46.1
|
|
|
(23.4
|
)
|
||
Total cost of sales
|
|
2,342.9
|
|
|
2,399.0
|
|
|
(2.3
|
)
|
||
Gross profit
|
|
460.9
|
|
|
450.7
|
|
|
2.3
|
%
|
||
Asset impairments
|
|
—
|
|
|
0.5
|
|
|
NM
|
|||
SG&A expense
|
|
346.0
|
|
|
321.8
|
|
|
7.5
|
|
||
Depreciation and amortization
|
|
22.0
|
|
|
19.8
|
|
|
11.1
|
|
||
Income from operations
|
|
92.9
|
|
|
108.6
|
|
|
(14.5
|
)%
|
||
Floor plan interest expense
|
|
(14.0
|
)
|
|
(18.1
|
)
|
|
(22.7
|
)
|
||
Other interest expense
|
|
(17.0
|
)
|
|
(15.3
|
)
|
|
11.1
|
|
||
Other income, net
|
|
2.3
|
|
|
2.6
|
|
|
NM
|
|||
Income before income taxes
|
|
64.2
|
|
|
77.8
|
|
|
(17.5
|
)%
|
||
Income tax expense
|
|
(18.0
|
)
|
|
(21.4
|
)
|
|
(15.9
|
)
|
||
Income tax rate
|
|
28.0
|
%
|
|
27.5
|
%
|
|
|
|||
Net income
|
|
$
|
46.2
|
|
|
$
|
56.4
|
|
|
(18.1
|
)%
|
|
|
|
|
|
|
|
|||||
Diluted net income per share:
|
|
|
|
|
|
|
|||||
Net income per share
|
|
$
|
1.97
|
|
|
$
|
2.42
|
|
|
(18.6
|
)%
|
|
|
|
|
|
|
|
|||||
Diluted shares outstanding
|
|
23.5
|
|
23.2
|
|
1.3
|
%
|
|
|
Three months ended March 31,
|
|
%
|
|||||||
|
|
|
Increase
|
||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|||||
Gross margin
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
5.7
|
%
|
|
5.9
|
%
|
|
(20
|
)bps
|
||
Used vehicle retail
|
|
10.3
|
|
|
10.2
|
|
|
10
|
|
||
Finance and insurance
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
||
Service, body and parts
|
|
51.0
|
|
|
50.2
|
|
|
80
|
|
||
Gross profit margin
|
|
16.4
|
|
|
15.8
|
|
|
60
|
|
||
|
|
|
|
|
|
|
|||||
Unit sales
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
35,907
|
|
|
39,695
|
|
|
(9.5)
|
%
|
||
Used vehicle retail
|
|
42,631
|
|
|
40,675
|
|
|
4.8
|
|
||
Total retail units sold
|
|
78,538
|
|
|
80,370
|
|
|
(2.3
|
)
|
||
|
|
|
|
|
|
|
|||||
Average selling price
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
38,252
|
|
|
$
|
36,809
|
|
|
3.9
|
%
|
Used vehicle retail
|
|
20,510
|
|
|
20,353
|
|
|
0.8
|
|
||
|
|
|
|
|
|
|
|||||
Average gross profit per unit
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
2,178
|
|
|
$
|
2,165
|
|
|
0.6
|
%
|
Used vehicle retail
|
|
2,110
|
|
|
2,079
|
|
|
1.5
|
|
||
Finance and insurance
|
|
1,552
|
|
|
1,462
|
|
|
6.2
|
|
||
Total vehicle(1)
|
|
3,701
|
|
|
3,594
|
|
|
3.0
|
|
||
|
|
|
|
|
|
|
|||||
Revenue mix
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
49.0
|
%
|
|
51.3
|
%
|
|
|
|||
Used vehicle retail
|
|
31.2
|
|
|
29.1
|
|
|
|
|||
Used vehicle wholesale
|
|
2.4
|
|
|
2.7
|
|
|
|
|||
Finance and insurance, net
|
|
4.3
|
|
|
4.1
|
|
|
|
|||
Service, body and parts
|
|
11.8
|
|
|
11.1
|
|
|
|
|||
Fleet and other
|
|
1.3
|
|
|
1.7
|
|
|
|
|||
|
|
|
|
|
|
|
|||||
Gross Profit Mix
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
17.0
|
%
|
|
19.1
|
%
|
|
|
|||
Used vehicle retail
|
|
19.5
|
|
|
18.8
|
|
|
|
|||
Used vehicle wholesale
|
|
0.1
|
|
|
0.2
|
|
|
|
|||
Finance and insurance, net
|
|
26.4
|
|
|
26.1
|
|
|
|
|||
Service, body and parts
|
|
36.5
|
|
|
35.3
|
|
|
|
|||
Fleet and other
|
|
0.5
|
|
|
0.5
|
|
|
|
|
|
Adjusted
|
|
As reported
|
||||||||
|
|
Three months ended March 31,
|
|
Three months ended March 31,
|
||||||||
Other metrics
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
SG&A as a % of revenue
|
|
12.3
|
%
|
|
11.3
|
%
|
|
12.3
|
%
|
|
11.3
|
%
|
SG&A as a % of gross profit
|
|
74.8
|
|
|
71.4
|
|
|
75.1
|
|
|
71.4
|
|
Operating profit as a % of revenue
|
|
3.4
|
|
|
3.8
|
|
|
3.3
|
|
|
3.8
|
|
Operating profit as a % of gross profit
|
|
20.4
|
|
|
24.2
|
|
|
20.1
|
|
|
24.1
|
|
Pretax margin
|
|
2.3
|
|
|
2.8
|
|
|
2.3
|
|
|
2.7
|
|
Net profit margin
|
|
1.7
|
|
|
2.0
|
|
|
1.6
|
|
|
2.0
|
|
(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
|
|
|
Three months ended March 31,
|
|
%
|
|||||||
|
|
|
Increase
|
||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|||||
Revenues
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
1,281.5
|
|
|
$
|
1,433.6
|
|
|
(10.6)
|
%
|
Used vehicle retail
|
|
831.6
|
|
|
809.7
|
|
|
2.7
|
|
||
Finance and insurance
|
|
114.5
|
|
|
115.3
|
|
|
(0.7
|
)
|
||
Service, body and parts
|
|
311.0
|
|
|
309.3
|
|
|
0.5
|
|
||
Total revenues
|
|
2,637.5
|
|
|
2,789.1
|
|
|
(5.4
|
)
|
||
|
|
|
|
|
|
|
|||||
Gross profit
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
73.0
|
|
|
$
|
84.6
|
|
|
(13.7)
|
%
|
Used vehicle retail
|
|
83.7
|
|
|
83.0
|
|
|
0.8
|
|
||
Finance and insurance
|
|
114.5
|
|
|
115.3
|
|
|
(0.7
|
)
|
||
Service, body and parts
|
|
158.5
|
|
|
155.9
|
|
|
1.7
|
|
||
Total gross profit
|
|
432.6
|
|
|
442.1
|
|
|
(2.1
|
)
|
||
|
|
|
|
|
|
|
|||||
Gross margin
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
5.7
|
%
|
|
5.9
|
%
|
|
(20
|
)bps
|
||
Used vehicle retail
|
|
10.1
|
|
|
10.3
|
|
|
(20
|
)
|
||
Finance and insurance
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
||
Service, body and parts
|
|
51.0
|
|
|
50.4
|
|
|
60
|
|
||
Gross profit margin
|
|
16.4
|
|
|
15.9
|
|
|
50
|
|
||
|
|
|
|
|
|
|
|||||
Unit sales
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
33,178
|
|
|
38,865
|
|
|
(14.6)
|
%
|
||
Used vehicle retail
|
|
40,374
|
|
|
39,708
|
|
|
1.7
|
|
||
|
|
|
|
|
|
|
|||||
Average selling price
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
38,625
|
|
|
$
|
36,886
|
|
|
4.7
|
%
|
Used vehicle retail
|
|
20,597
|
|
|
20,390
|
|
|
1.0
|
|
||
|
|
|
|
|
|
|
|||||
Average gross profit per unit
|
|
|
|
|
|
|
|||||
New vehicle retail
|
|
$
|
2,200
|
|
|
$
|
2,177
|
|
|
1.1
|
%
|
Used vehicle retail
|
|
2,073
|
|
|
2,091
|
|
|
(0.9
|
)
|
||
Finance and insurance
|
|
1,557
|
|
|
1,468
|
|
|
6.1
|
|
||
Total vehicle(1)
|
|
3,697
|
|
|
3,613
|
|
|
2.3
|
|
(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
|
Financial covenants
|
|
|
|
|
Requirement
|
|
As of March 31, 2020
|
Current ratio
|
Not less than 1.10 to 1
|
|
1.34 to 1
|
Fixed charge coverage ratio
|
Not less than 1.20 to 1
|
|
2.68 to 1
|
Leverage ratio
|
Not more than 5.75 to 1
|
|
2.67 to 1
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Cash and cash equivalents
|
|
$
|
56.6
|
|
|
$
|
84.0
|
|
Trade receivables, net
|
|
298.2
|
|
|
505.0
|
|
||
Inventories, net
|
|
2,512.8
|
|
|
2,433.7
|
|
||
Other current assets
|
|
58.2
|
|
|
47.8
|
|
||
Total current assets
|
|
$
|
2,925.8
|
|
|
$
|
3,070.5
|
|
|
|
|
|
|
||||
Property and equipment, net
|
|
1,631.5
|
|
|
1,611.7
|
|
||
Intangibles
|
|
763.7
|
|
|
761.3
|
|
||
Other non-current assets
|
|
693.1
|
|
|
640.4
|
|
||
Total assets
|
|
$
|
6,014.1
|
|
|
$
|
6,083.9
|
|
|
|
|
|
|
||||
Floor plan notes payable
|
|
1,985.8
|
|
|
2,067.6
|
|
||
Other current liabilities
|
|
445.7
|
|
|
501.5
|
|
||
Total current liabilities
|
|
$
|
2,431.5
|
|
|
$
|
2,569.1
|
|
|
|
|
|
|
||||
Long-term debt
|
|
1,489.8
|
|
|
1,430.6
|
|
||
Other long-term liabilities and deferred revenue
|
|
636.3
|
|
|
616.5
|
|
||
Total liabilities
|
|
$
|
4,557.6
|
|
|
$
|
4,616.2
|
|
|
|
|
|
|
||||
Stockholder's Equity
|
|
1,456.5
|
|
|
1,467.7
|
|
||
Total liabilities & stockholders' equity
|
|
$
|
6,014.1
|
|
|
$
|
6,083.9
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Net income
|
|
$
|
46.2
|
|
|
$
|
56.4
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Asset impairments
|
|
—
|
|
|
0.5
|
|
||
Depreciation and amortization
|
|
22.0
|
|
|
19.8
|
|
||
Stock-based compensation
|
|
5.1
|
|
|
3.5
|
|
||
Gain on disposal of assets
|
|
0.1
|
|
|
—
|
|
||
Gain on sale of franchises
|
|
(0.1
|
)
|
|
0.1
|
|
||
Deferred income taxes
|
|
8.2
|
|
|
5.2
|
|
||
(Increase) decrease:
|
|
|
|
|
||||
Trade receivables, net
|
|
202.1
|
|
|
49.9
|
|
||
Inventories
|
|
(69.8
|
)
|
|
(81.4
|
)
|
||
Other assets
|
|
(6.8
|
)
|
|
9.0
|
|
||
Increase (decrease):
|
|
|
|
|
||||
Floor plan notes payable, net
|
|
(32.7
|
)
|
|
34.6
|
|
||
Trade payables
|
|
(14.6
|
)
|
|
(6.4
|
)
|
||
Accrued liabilities
|
|
(49.4
|
)
|
|
(14.5
|
)
|
||
Other long-term liabilities and deferred revenue
|
|
11.4
|
|
|
0.5
|
|
||
Net cash provided by operating activities
|
|
$
|
121.7
|
|
|
$
|
77.2
|
|
|
|
Three months ended March 31,
|
||||||
Net cash provided by operating activities
|
|
2020
|
|
2019
|
||||
As reported
|
|
$
|
121.7
|
|
|
$
|
77.2
|
|
Floor plan notes payable, non-trade, net
|
|
(43.5
|
)
|
|
43.5
|
|
||
Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory
|
|
(14.1
|
)
|
|
—
|
|
||
Adjusted
|
|
$
|
64.1
|
|
|
$
|
120.7
|
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
|
|
As reported
|
|
Disposal gain on sale of stores
|
|
Insurance reserves
|
|
Acquisition expenses
|
|
Adjusted
|
||||||||||
Selling, general and administrative
|
|
$
|
346.0
|
|
|
$
|
0.1
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
344.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
|
92.9
|
|
|
(0.1
|
)
|
|
0.8
|
|
|
0.5
|
|
|
94.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
64.2
|
|
|
(0.1
|
)
|
|
0.8
|
|
|
0.5
|
|
|
65.4
|
|
|||||
Income tax (provision) benefit
|
|
(18.0
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(18.3
|
)
|
|||||
Net income
|
|
$
|
46.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.6
|
|
|
$
|
0.4
|
|
|
$
|
47.1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share
|
|
$
|
1.97
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
2.01
|
|
Diluted share count
|
|
23.5
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
|
|
As reported
|
|
Disposal gain on sale of stores
|
|
Asset impairment
|
|
Acquisition expenses
|
|
Adjusted
|
||||||||||
Asset impairments
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative
|
|
321.8
|
|
|
0.1
|
|
|
—
|
|
|
(0.2
|
)
|
|
321.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
|
108.6
|
|
|
(0.1
|
)
|
|
0.5
|
|
|
0.2
|
|
|
109.2
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
77.8
|
|
|
(0.1
|
)
|
|
0.5
|
|
|
0.2
|
|
|
78.4
|
|
|||||
Income tax (provision) benefit
|
|
(21.4
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(21.6
|
)
|
|||||
Net income
|
|
$
|
56.4
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
56.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share
|
|
$
|
2.42
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
2.44
|
|
Diluted share count
|
|
23.2
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
%
|
|||||||
|
|
|
Increase
|
||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|||||
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
46.2
|
|
|
$
|
56.4
|
|
|
(18.1)
|
%
|
Flooring interest expense
|
|
14.0
|
|
|
18.1
|
|
|
(22.7
|
)
|
||
Other interest expense
|
|
17.0
|
|
|
15.3
|
|
|
11.1
|
|
||
Income tax expense
|
|
18.0
|
|
|
21.4
|
|
|
(15.9
|
)
|
||
Depreciation and amortization
|
|
22.0
|
|
|
19.8
|
|
|
11.1
|
|
||
EBITDA
|
|
$
|
117.2
|
|
|
$
|
131.0
|
|
|
(10.5)
|
%
|
|
|
|
|
|
|
|
|||||
Other adjustments:
|
|
|
|
|
|
|
|||||
Less: flooring interest expense
|
|
$
|
(14.0
|
)
|
|
$
|
(18.1
|
)
|
|
(22.7
|
)
|
Less: used vehicle line of credit interest
|
|
(0.2
|
)
|
|
(1.6
|
)
|
|
(87.5
|
)
|
||
Add: acquisition expenses
|
|
0.5
|
|
|
0.2
|
|
|
150.0
|
|
||
Less: gain on divestitures
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
||
Add: insurance reserve
|
|
0.8
|
|
|
—
|
|
|
NM
|
|||
Add: asset impairment
|
|
—
|
|
|
0.5
|
|
|
NM
|
|||
Adjusted EBITDA
|
|
$
|
104.2
|
|
|
$
|
111.9
|
|
|
(6.9
|
)%
|
|
|
As of
|
|
%
|
|||||||
|
|
March 31,
|
|
Increase
|
|||||||
Net Debt to Adjusted EBITDA
|
|
2020
|
|
2019
|
|
(Decrease)
|
|||||
Floor plan notes payable: non-trade
|
|
$
|
1,595.9
|
|
|
$
|
1,767.2
|
|
|
(9.7
|
)%
|
Floor plan notes payable
|
|
389.9
|
|
|
359.0
|
|
|
8.6
|
|
||
Used and service loaner vehicle inventory financing facility
|
|
204.0
|
|
|
332.0
|
|
|
(38.6
|
)
|
||
Revolving lines of credit
|
|
—
|
|
|
76.6
|
|
|
NM
|
|||
Real estate mortgages
|
|
608.9
|
|
|
583.4
|
|
|
4.4
|
|
||
5.250% Senior notes due 2025
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
||
4.625% Senior notes due 2027
|
|
400.0
|
|
|
—
|
|
|
NM
|
|||
Other debt
|
|
33.1
|
|
|
34.2
|
|
|
(3.2
|
)
|
||
Unamortized debt issuance costs
|
|
(10.4
|
)
|
|
(5.9
|
)
|
|
76.3
|
|
||
Total debt
|
|
$
|
3,521.4
|
|
|
$
|
3,446.5
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|||||
Less: Floor plan related debt
|
|
$
|
(2,189.8
|
)
|
|
$
|
(2,458.2
|
)
|
|
(10.9
|
)%
|
Less: Cash and cash equivalents
|
|
(56.6
|
)
|
|
(45.0
|
)
|
|
25.8
|
|
||
Less: Availability on used vehicle and service loaner LOCs
|
|
(162.9
|
)
|
|
—
|
|
|
—
|
|
||
Net Debt
|
|
$
|
1,112.1
|
|
|
$
|
943.3
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|||||
TTM Adjusted EBITDA
|
|
$
|
510.3
|
|
|
$
|
470.6
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|||||
Net debt to Adjusted EBITDA
|
|
2.18
|
x
|
|
2.00
|
x
|
|
9.0
|
%
|