Declares Dividend of $0.30 Per Share for First Quarter
Lithia Motors, Inc. (NYSE: LAD) today reported the highest first quarter
revenue and earnings per share in company history.
First quarter 2019 revenue increased 7% to a record $2.8 billion from
$2.7 billion in the first quarter of 2018.
First quarter 2019 net income per diluted share was $2.42, a 17 %
increase over $2.07 per diluted share reported in the first quarter of
2018. Adjusted first quarter 2019 net income per diluted share was
$2.44, an 18% increase compared to net income of $2.07 per diluted share
in the same period of 2018. First quarter 2019 net income was $56
million, an 8% increase compared to net income of $52 million in the
same period of 2018. Adjusted first quarter 2019 net income was $57
million, a 9% increase compared to net income of $52 million for the
same period of 2018.
First Quarter-over-Quarter Operating Highlights: -
Total income from operations increased 16%
-
Total same store sales increased 3%
-
Same store used vehicle retail sales increased 11%
-
Same store F&I per unit increased 8% to a record $1,485
-
Same store service, body and parts sales increased 6%
-
Same store total gross profit per unit increased 4% to $3,614
Results for the quarter were driven by strong same store increases in
three of our four business lines with retail used vehicles up 11%, F&I
up 9%, and service body and parts up 6% compared to the same period of
2018. The performance in these more-profitable business lines
contributed to revenue growth of 7%, and generated gross profit and
adjusted pretax income increases of 10% and 12%, respectively, compared
to the same period of 2018.
"First quarter results demonstrate a marked improvement in our store
teams capturing their potential," said Bryan DeBoer, President and CEO.
"The resiliency of our diversified business model and operational
improvements, combined with opportunities in corporate development, is
driving us towards our $15.00 in annual earnings per share aspirations."
Corporate Development
Our corporate development strategy centers around purchasing strong
businesses that have yet to realize their earnings potential. We focus
teams on consumer experience and clear performance measurements to
increase profitability. The capital generated through these efforts is
redeployed to expand our nationwide footprint and diversify our business.
"We made a small number of strategic adjustments to our portfolio in the
quarter through a disciplined approach to optimizing our network," said
DeBoer. "Our over half billion dollars of available liquidity combined
with disciplined return expectations strongly positions us for continued
expansion of our network and other strategic opportunities."
We invest in innovation to advance our position as a leading provider of
personal transportation solutions. Initiatives are pursued in several
categories, including investments to drive improvements and efficiencies
in our existing operations, vertical and horizontal adjacencies to our
core business, and through bold partnerships with emerging disruptors.
"The path to dominant U.S. market share is the combination of a
strategically diversified physical network enhanced by solutions that
serve customers wherever, whenever, and however they desire," said
DeBoer.
In 2018 we partnered with Shift Technologies, a San Francisco-based
digital retailer that provides vehicle purchase and selling experiences
to consumers' homes. Our collaborative partnership leverages Shift's
technology, Lithia's existing retail network, vendor and lender
relationships, and robust set of transactional data. We expect that
these efforts will drive a mutual expansion of consumer reach, and that
available liquidity and financing capacity can enable Shift to scale
towards $1 billion in annual revenues.
Balance Sheet Update
We ended the first quarter with $45 million in cash and $235 million in
availability under our credit facility. Additionally, approximately $330
million of our operating real estate is currently unfinanced, which we
estimate could provide $247 million in capital, for total potential
liquidity of approximately $527 million.
Dividend Payment
Our Board of Directors approved a dividend of $0.30 per share related to
first quarter 2019 financial results. We expect to pay the dividend on
May 24, 2019 to shareholders of record on May 10, 2019.
First Quarter Earnings Conference Call and Updated Presentation
The first quarter 2019 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 2019 results has been added to our investor relations
website. To listen live on our website or for replay, visit www.lithiainvestorrelations.com
and click on webcasts.
About Lithia
Lithia Motors, Inc. is one of the largest providers of personal
transportation solutions in the United States and is among the fastest
growing companies in the Fortune 500 (#294-2018). Consumers can buy,
sell and service vehicles digitally or through our 182 nationwide
locations. Our mission, Growth Powered by People, drives us to grow and
serve our customers wherever, whenever, and however they choose.
Sites
www.lithia.com
www.shift.com www.lithiainvestorrelations.com
www.lithiacareers.com Lithia Motors on Facebook
https://www.facebook.com/LithiaMotors Lithia Motors on Twitter
https://twitter.com/lithiamotors Forward-Looking Statements
Certain statements in this presentation, and at times made by our
officers and representatives, constitute forward-looking statements
within the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Generally, you can identify
forward-looking statements by terms such as "project", "outlook,"
"target", "may," "will," "would," "should," "seek," "expect," "plan,"
"intend," "forecast," "anticipate," "believe," "estimate," "predict,"
"potential," "likely," "goal," "strategy," "future," "maintain," and
"continue" or the negative of these terms or other comparable terms.
Examples of forward-looking statements in this presentation include,
among others, statements regarding:
-
Future market conditions, including anticipated national new car sales
levels;
-
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 increase ownership and ability to
monetize our investment in Shift;
-
Anticipated ability for Shift to reach revenue projections;
-
Anticipated additions of dealership locations to our portfolio in the
future;
-
Anticipated availability of liquidity from our unfinanced operating
real estate;
-
Anticipated levels of capital expenditures in the future; and
-
Our strategies for customer retention, growth, market position,
financial results and risk management.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our
control. Forward-looking statements are not guarantees of future
performance, and our actual results of operations, financial condition
and liquidity and development of the industry in which we operate may
differ materially from those made in or suggested by the forward-looking
statements in this presentation. Therefore, you should not rely on any
of these forward-looking statements. The risks and uncertainties that
could cause actual results to differ materially from estimated or
projected results include, without limitation:
-
future economic and financial conditions (both nationally and locally);
-
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, and from time
to time in our other filings with the SEC.
Any forward-looking statement made by us in this presentation is based
only on information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future
developments or otherwise.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures such as adjusted
net income and diluted earnings per share, adjusted SG&A as a percentage
of revenue and gross profit, adjusted operating margin, adjusted
operating profit as a percentage of gross profit, adjusted pre-tax
margin, EBITDA, adjusted EBITDA, leveraged EBITDA and adjusted total
debt. Non-GAAP measures do not have definitions under GAAP and may be
defined differently by and not comparable to similarly titled measures
used by other companies. As a result, we review any non-GAAP financial
measures in connection with a review of the most directly comparable
measures calculated in accordance with GAAP. We caution you not to place
undue reliance on such non-GAAP measures, but also to consider them with
the most directly comparable GAAP measures. We present cash flows from
operations in the attached tables, 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, we have
reconciled these measures to the most directly comparable GAAP measures
in the attachments to this release. We believe the non-GAAP financial
measures we present improve the transparency of our disclosures; provide
a meaningful presentation of our results from core business operations,
because they exclude items not related to core business operations and
other non-cash items; and improve the period-to-period comparability of
our results from core business operations. These presentations should
not be considered an alternative to GAAP measures.
|
| Lithia Motors, Inc. | Consolidated Statements of Operations (Unaudited)
|
(In millions except per share data)
| |
| |
| Three months ended
March 31, |
| % | | | | Increase | | | 2019 |
| 2018 | | (Decrease) | | Revenues: | | | | | | | |
New vehicle retail
| |
$
|
1,461.1
| | |
$
|
1,454.7
| | |
0.4
|
%
| |
Used vehicle retail
| |
827.9
| | |
715.6
| | |
15.7
| | |
Used vehicle wholesale
| |
77.4
| | |
76.0
| | |
1.8
| | |
Finance and insurance
| |
117.5
| | |
106.5
| | |
10.3
| | |
Service, body and parts
| |
317.4
| | |
285.7
| | |
11.1
| | |
Fleet and other
| |
48.4
|
| |
21.2
|
| |
128.3
|
| | Total revenues | | 2,849.7 | | | 2,659.7 | | | 7.1 | % | | Cost of sales: | | | | | | | |
New vehicle retail
| |
1,375.2
| | |
1,367.8
| | |
0.5
| | |
Used vehicle retail
| |
743.3
| | |
642.0
| | |
15.8
| | |
Used vehicle wholesale
| |
76.5
| | |
75.0
| | |
2.0
| | |
Service, body and parts
| |
157.9
| | |
147.3
| | |
7.2
| | |
Fleet and other
| |
46.1
|
| |
19.5
|
| |
136.4
|
| | Total cost of sales | |
2,399.0
|
| |
2,251.6
|
| |
6.5
|
| | Gross profit | | 450.7 | | | 408.1 | | | 10.4 | % | |
Asset impairments
| |
0.5
| | |
-
| | |
NM
| | |
SG&A expense
| |
321.8
| | |
297.5
| | |
8.2
| | |
Depreciation and amortization
| |
19.8
|
| |
16.8
|
| |
17.9
|
| | Income from operations | | 108.6 | | | 93.8 | | | 15.8 | % | |
Floor plan interest expense
| |
(18.1
|
)
| |
(13.5
|
)
| |
34.1
| | |
Other interest expense
| |
(15.3
|
)
| |
(11.8
|
)
| |
29.7
| | |
Other income, net
| |
2.6
|
| |
1.3
|
| |
NM
|
| | Income before income taxes | | 77.8 | | | 69.8 | | | 11.5 | % | |
Income tax expense
| |
(21.4
|
)
| |
(17.7
|
)
| |
20.9
| | |
Income tax rate
| |
27.5
|
%
| |
25.4
|
%
| |
| | Net income | | $ | 56.4 |
| | $ | 52.1 |
| | 8.3 | % | | | | | | |
| | Diluted net income per share: | | | | | | | |
Net income per share
| |
$
|
2.42
| | |
$
|
2.07
| | |
16.9
|
%
| | | | | | |
| |
Diluted shares outstanding
| |
23.2
|
| |
25.2
|
| |
(7.9
|
)%
|
NM - not meaningful
| |
|
|
| Lithia Motors, Inc. | Key Performance Metrics (Unaudited)
| |
| |
| Three months ended
March 31, |
| % | | | | Increase | | | 2019 |
| 2018 | | (Decrease) | Gross margin | | | | | | | |
New vehicle retail
| |
5.9
|
%
| |
6.0
|
%
| |
(10
|
)bps
| |
Used vehicle retail
| |
10.2
| | |
10.3
| | |
(10
|
)
| |
Finance and insurance
| |
100.0
| | |
100.0
| | |
-
| | |
Service, body and parts
| |
50.2
| | |
48.4
| | |
180
| | |
Gross profit margin
| |
15.8
| | |
15.3
| | |
50
| | | | | | | |
| Unit sales | | | | | | | |
New vehicle retail
| |
39,695
| | |
41,497
| | |
(4.3
|
)%
| |
Used vehicle retail
| |
40,675
| | |
36,114
| | |
12.6
| | |
Total retail units sold
| |
80,370
| | |
77,611
| | |
3.6
| | | | | | | |
| Average selling price | | | | | | | |
New vehicle retail
| |
$
|
36,809
| | |
$
|
35,056
| | |
5.0
|
%
| |
Used vehicle retail
| |
20,353
| | |
19,814
| | |
2.7
| | | | | | | |
| Average gross profit per unit | | | | | | | |
New vehicle retail
| |
$
|
2,165
| | |
$
|
2,095
| | |
3.3
|
%
| |
Used vehicle retail
| |
2,079
| | |
2,038
| | |
2.0
| | |
Finance and insurance
| |
1,462
| | |
1,372
| | |
6.6
| | |
Total vehicle(1) | |
3,594
| | |
3,453
| | |
4.1
| | | | | | | |
| Revenue mix | | | | | | | |
New vehicle retail
| |
51.3
|
%
| |
54.7
|
%
| | | |
Used vehicle retail
| |
29.1
| | |
26.9
| | | | |
Used vehicle wholesale
| |
2.7
| | |
2.9
| | | | |
Finance and insurance, net
| |
4.1
| | |
4.0
| | | | |
Service, body and parts
| |
11.1
| | |
10.7
| | | | |
Fleet and other
| |
1.7
| | |
0.8
| | | | | | | | | | | |
|
|
| Adjusted |
| As reported | | | Three months
ended March 31, | | Three months
ended March 31, | Other metrics | | 2019 |
| 2018 | | 2019 |
| 2018 | |
SG&A as a % of revenue
| |
11.3
|
%
| |
11.2
|
%
| |
11.3
|
%
| |
11.2
|
%
| |
SG&A as a % of gross profit
| |
71.4
| | |
72.9
| | |
71.4
| | |
72.9
| | |
Operating profit as a % of revenue
| |
3.8
| | |
3.5
| | |
3.8
| | |
3.5
| | |
Operating profit as a % of gross profit
| |
24.2
| | |
23.0
| | |
24.1
| | |
23.0
| | |
Pretax margin
| |
2.8
| | |
2.6
| | |
2.7
| | |
2.6
| | |
Net profit margin
| |
2.0
| | |
2.0
| | |
2.0
| | |
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
| | |
|
|
| Lithia Motors, Inc. | Same Store Operating Highlights (Unaudited)
| |
| |
| Three months ended
March 31, |
| % | | | | Increase | | | 2019 |
| 2018 | | (Decrease) | Revenues | | | | | | | |
New vehicle retail
| |
$
|
1,371.1
| | |
$
|
1,417.9
| | |
(3.3
|
)%
| |
Used vehicle retail
| |
778.5
| | |
699.3
| | |
11.3
| | |
Finance and insurance
| |
113.0
| | |
103.9
| | |
8.8
| | |
Service, body and parts
| |
297.1
| | |
279.2
| | |
6.4
| | |
Total revenues
| |
2,676.6
| | |
2,594.6
| | |
3.2
| | | | | | | |
| Gross profit | | | | | | | |
New vehicle retail
| |
$
|
80.2
| | |
$
|
84.7
| | |
(5.3
|
)%
| |
Used vehicle retail
| |
81.2
| | |
72.4
| | |
12.2
| | |
Finance and insurance
| |
113.0
| | |
103.9
| | |
8.8
| | |
Service, body and parts
| |
149.7
| | |
135.5
| | |
10.5
| | |
Total gross profit
| |
427.1
| | |
399.2
| | |
7.0
| | | | | | | |
| Gross margin | | | | | | | |
New vehicle retail
| |
5.8
|
%
| |
6.0
|
%
| |
(20
|
)bps
| |
Used vehicle retail
| |
10.4
| | |
10.4
| | |
-
| | |
Finance and insurance
| |
100.0
| | |
100.0
| | |
-
| | |
Service, body and parts
| |
50.4
| | |
48.6
| | |
180
| | |
Gross profit margin
| |
16.0
| | |
15.4
| | |
60
| | | | | | | |
| Unit sales | | | | | | | |
New vehicle retail
| |
37,540
| | |
40,259
| | |
(6.8
|
)%
| |
Used vehicle retail
| |
38,568
| | |
35,172
| | |
9.7
| | | | | | | |
| Average selling price | | | | | | | |
New vehicle retail
| |
$
|
36,522
| | |
$
|
35,220
| | |
3.7
|
%
| |
Used vehicle retail
| |
20,185
| | |
19,884
| | |
1.5
| | | | | | | |
| Average gross profit per unit | | | | | | | |
New vehicle retail
| |
$
|
2,136
| | |
$
|
2,104
| | |
1.5
|
%
| |
Used vehicle retail
| |
2,106
| | |
2,059
| | |
2.3
| | |
Finance and insurance
| |
1,485
| | |
1,378
| | |
7.8
| | |
Total vehicle(1) | |
3,614
| | |
3,474
| | |
4.0
| |
| (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
| | |
|
|
| Lithia Motors, Inc. | Other Highlights (Unaudited)
| |
| |
| As of | | | March 31, |
| December 31, |
| March 31, | | | 2019 | | 2018 | | 2018 | Days Supply(1) | | | | | | | |
New vehicle inventory
| |
82
| |
71
| |
76
| |
Used vehicle inventory
| |
53
| |
66
| |
57
|
| (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, 2019 | |
Current ratio
| | |
Not less than 1.10 to 1
| |
1.26 to 1
| |
Fixed charge coverage ratio
| | |
Not less than 1.20 to 1
| |
1.96 to 1
| |
Leverage ratio
| | |
Not more than 5.00 to 1
| |
2.66 to 1
| | | | | |
|
|
| Lithia Motors, Inc. | Condensed Consolidated Balance Sheets (Unaudited)
|
(In millions)
| |
| |
| March 31, 2019 |
| December 31, 2018 | |
Cash and cash equivalents
| |
$
|
45.0
| | |
$
|
31.6
| |
Trade receivables, net
| |
491.0
| | |
529.4
| |
Inventories, net
| |
2,441.0
| | |
2,365.3
| |
Other current assets
| |
50.9
|
| |
65.1
| | Total current assets | | $ | 3,027.9 | | | $ | 2,991.4 | | | | |
| |
Property and equipment, net
| |
1,454.4
| | |
1,448.0
| |
Intangibles
| |
764.9
| | |
723.6
| |
Other non-current assets
| |
444.8
|
| |
221.0
| | Total assets | | $ | 5,692.0 |
| | $ | 5,384.0 | | | | |
| |
Floor plan notes payable
| |
2,126.2
| | |
2,057.7
| |
Other current liabilities
| |
459.0
|
| |
435.8
| | Total current liabilities | | $ | 2,585.2 | | | $ | 2,493.5 | | | | |
| |
Long-term debt
| |
1,295.7
| | |
1,358.2
| |
Other long-term liabilities and deferred revenue
| |
560.6
|
| |
335.1
| | Total liabilities | | $ | 4,441.5 |
| | $ | 4,186.8 | | | | |
| |
Stockholder's Equity
| |
1,250.5
|
| |
1,197.2
| | Total liabilities & stockholders' equity | | $ | 5,692.0 |
| | $ | 5,384.0 | | | | | | | |
|
|
| Lithia Motors, Inc. | Summarized Cash Flow from Operations (Unaudited)
|
(In millions)
| |
| |
| Three months ended March 31, | | | 2019 |
| 2018 | |
Net income
| |
$
|
56.4
| | |
$
|
52.1
| | | Adjustments to reconcile net income to net cash provided by
operating activities: | | | | | |
Asset impairments
| |
0.5
| | |
-
| | |
Depreciation and amortization
| |
19.8
| | |
16.8
| | |
Stock-based compensation
| |
3.5
| | |
3.6
| | |
Gain on sale of franchises
| |
0.1
| | |
-
| | |
Deferred income taxes
| |
5.2
| | |
2.7
| | | (Increase) decrease: | | | | | |
Trade receivables, net
| |
49.9
| | |
42.6
| | |
Inventories
| |
(81.4
|
)
| |
(98.9
|
)
| |
Other assets
| |
9.0
| | |
14.7
| | | Increase (decrease): | | | | | |
Floor plan notes payable, net
| |
34.6
| | |
17.7
| | |
Trade payables
| |
(6.4
|
)
| |
6.9
| | |
Accrued liabilities
| |
(14.5
|
)
| |
(13.6
|
)
| |
Other long-term liabilities and deferred revenue
| |
0.5
|
| |
4.3
|
| | Net cash provided by operating activities | | $ | 77.2 |
| | $ | 48.9 |
| | | | | | | | |
|
|
| Lithia Motors, Inc. | Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
|
(In millions)
| |
| |
| Three months ended March 31, | Net cash provided by operating activities | | 2019 |
| 2018 | |
As reported
| |
$
|
77.2
| | |
$
|
48.9
| | |
Floor plan notes payable, non-trade, net
| |
43.5
| | |
47.8
| | |
Add: Borrowings on unsecured revolver to increase new vehicle floor
plan capacity(1) | |
-
| | |
150.0
| | |
Less: Borrowings on floor plan notes payable, non-trade associated
with acquired new vehicle inventory
| |
-
|
| |
(117.1
|
)
| | Adjusted | | $ | 120.7 |
| | $ | 129.6 |
|
| (1) |
|
Indebtedness associated with a six month unsecured revolving credit
facility to provide flooring capacity in anticipation of expanding
syndicated credit facility in 2018.
| | |
|
|
| Lithia Motors, Inc. | Reconciliation of Certain Non-GAAP Financial Measures
(Unaudited)
|
(In millions, except for per share data)
| |
| |
| Three Months Ended March 31, 2019 | | | As reported |
| Net disposal
gain on sale
of store |
| Asset
Impairment |
| Acquisition
expenses |
| Adjusted | |
Asset impairments
| |
$
|
0.5
| | |
$
|
-
| | |
$
|
(0.5
|
)
| |
$
|
-
| | |
$
|
-
| | | | | | | | | | | |
| |
Selling, general and administrative
| |
321.8
| | |
0.1
| | |
-
| | |
$
|
(0.2
|
)
| |
321.7
| | | | | | | | | | | |
| |
Income from operations
| |
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 benefit (expense)
| |
(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
| | | | | | | | | | | | | | | | | | | | |
|
|
| Lithia Motors, Inc. | Adjusted EBITDA and Leveraged Free Cash Flow (Unaudited)
|
(In millions)
| |
| |
| Three months ended
March 31, |
| % | | | | Increase | | | 2019 |
| 2018 | | (Decrease) | EBITDA and Adjusted EBITDA | | | | | | | |
Net income
| |
$
|
56.4
| | |
$
|
52.1
| | |
8.3
|
%
| |
Other interest expense
| |
15.3
| | |
11.8
| | |
29.7
| | |
Income tax expense
| |
21.4
| | |
17.7
| | |
20.9
| | |
Depreciation and amortization
| |
19.8
|
| |
16.8
|
| |
17.9
| | |
EBITDA
| |
$
|
112.9
|
| |
$
|
98.4
|
| |
14.7
|
%
| | | | | | |
| |
Other adjustments:
| | | | | | | |
Less: used vehicle line of credit interest
| |
$
|
(1.6
|
)
| |
$
|
(0.5
|
)
| |
220.0
| | |
Less: (gain) loss on divestitures
| |
(0.1
|
)
| |
-
| | |
NM
| | |
Add: asset impairment
| |
0.5
| | |
-
| | |
NM
| | |
Add: acquisition expenses
| |
0.2
|
| |
-
|
| |
NM
| | |
Adjusted EBITDA
| |
$
|
111.9
|
| |
$
|
97.9
|
| |
14.3
|
%
| | | | | | |
| Leveraged EBITDA | | | | | | | |
Adjusted EBITDA
| |
$
|
111.9
| | |
$
|
97.9
| | |
14.3
|
%
| |
Less: Capital expenditures
| |
(29.1
|
)
| |
(42.0
|
)
| |
(30.7
|
)
| |
Leveraged EBITDA
| |
$
|
82.8
|
| |
$
|
55.9
|
| |
48.1
|
%
|
NM - not meaningful
| |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190424005345/en/
Megan Kurz
Director, Corporate Finance
(541) 864-1729
|
