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MEDFORD, Ore., April 20, 2022 /PRNewswire/ — Lithia & Driveway (NYSE: LAD) today reported the highest first quarter revenue and earnings per share in company history.

First quarter 2022 revenue increased 54% to $6.7 billion from $4.3 billion in the first quarter of 2021.

First quarter 2022 net income attributable to LAD per diluted share was $11.55, a 99% increase from $5.81 per diluted share reported in the first quarter of 2021. Adjusted first quarter 2022 net income attributable to LAD per diluted share was $11.96, a 103% increase compared to $5.89 per diluted share in the same period of 2021.

First quarter 2022 net income was $344 million, a 120% increase compared to net income of $156 million in the same period of 2021. Adjusted first quarter 2022 net income was $356 million, a 125% increase compared to adjusted net income of $158 million for the same period of 2021.

As shown in the attached non-GAAP reconciliation tables, the 2022 first quarter adjusted results exclude a $0.41 per diluted share net non-core charge related to a non-cash unrealized investment loss and acquisition expenses, partially offset by a net gain on the sale of stores. The 2021 first quarter adjusted results include a $0.08 per diluted share net non-core charge related to a non-cash unrealized investment loss, a net loss on the sale of stores, insurance reserves, and acquisition expenses.

First Quarter-over-Quarter Comparisons and Operating Highlights:

  • 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
  • Driveway achieved 3,100 transactions in March, quarterly transaction volumes increased over 1,000%
  • Driveway Finance (DFC) became #1 lender to LAD customers with 6.2% penetration rate
  • F&I per unit increased 28.6% to $2,260
  • Service, body, and parts revenues increased 55.4%
  • Total vehicle gross profit per unit increased 55.4% to $6,825
  • Adjusted SG&A as a percentage of gross profit improved by 550 basis points from 62.6% to 57.1%

“Our teams delivered another record quarter with strong results across all channels,” said Bryan DeBoer, Lithia & Driveway’s President and CEO. “Our highly adaptable model generated significant free cash flows and Driveway and DFC each achieved impressive milestones. Combined with our teams’ unique ability to quickly integrate acquired businesses, our path forward to being a diversified, omni-channel retailer has never been clearer.”

Corporate Development
LAD recently acquired three Stellantis stores in Las Vegas, diversifying our 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, we have acquired $11.5 billion in annualized revenues.

“Our recent strong performance has provided significant optionality in our execution of the 2025 Plan,” said DeBoer. “We have deployed incremental capital to Driveway and DFC while maintaining our accelerated acquisition cadence and providing immediate shareholder return through opportunistic share repurchases. These actions are transforming LAD and bringing us closer to the day when each billion dollars of revenues produces significantly more than a dollar of EPS.”

Balance Sheet Update
We ended the first quarter with approximately $1.6 billion in cash and availability on our revolving lines of credit. In addition, our unfinanced real estate could provide additional liquidity of approximately $1.1 billion.

Dividend Payment and Share Repurchases
Our Board of Directors approved a dividend of $0.42 per share related to first quarter 2022 financial results. We expect to pay the dividend on May 27, 2022 to shareholders of record on May 13, 2022.

Year-to-date, we have repurchased 515,130 shares at a weighted average price of $292.80. Approximately $572 million remains available under our authorization.

First Quarter Earnings Conference Call and Updated Presentation
The first quarter 2022 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 2022 results has been added to our investor relations website. To listen live on our website or for replay, visit and click on quarterly earnings.

About Lithia & Driveway (LAD)
LAD is a growth company focused on profitably consolidating the largest retail sector in North America through providing personal transportation solutions wherever, whenever, and however consumers desire.

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