MEDFORD, Ore., April 20, 2022 \/PRNewswire\/ — Lithia & Driveway (NYSE: LAD) today reported the highest first quarter revenue and earnings per share in company history.<\/p>\n\n\n\n
First quarter 2022 revenue increased 54% to $6.7 billion from $4.3 billion in the first quarter of 2021.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
First Quarter-over-Quarter Comparisons and Operating Highlights:<\/strong><\/p>\n\n\n\n “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.”<\/p>\n\n\n\n Corporate Development “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.”<\/p>\n\n\n\n
<\/strong>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.<\/p>\n\n\n\n