Lithia & Driveway (LAD) Reports Record First Quarter Revenue of $9.2 billion, Achieves 35% Increase in Diluted Earnings Per Share, 25% Increase in Adjusted Diluted Earnings Per Share

About this update from Lithia Motors, Inc.

Announces Increased Dividend of $0.55 per Share for First Quarter MEDFORD, Ore. , April 23, 2025 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) today reported the highest first quarter revenue in company history, and a 35% increase in diluted earnings per share compared to the same period in 2024. First quarter 2025 revenue increased 7% to $9.2 billion from $8.6 billion in the first quarter of 2024. First quarter 2025 diluted earnings per share attributable to LAD was $7.94 , a 35% increase from $5.89 per share reported in the first quarter of 2024. First quarter 2025 adjusted diluted earnings per share attributable to LAD was $7.66 , a 25% increase compared to $6.11 per share in the same period of 2024. Unrealized losses on our investment in Pinewood Technologies Group PLC decreased diluted earnings per share by $0.27 . First quarter 2025 net income was $211 million , a 28.0% increase compared to net income of $165 million in the same period of 2024. Adjusted first quarter 2025 net income was $204 million , a 20% increase compared to adjusted net income of $171 million for the same period of 2024. As shown in the attached non-GAAP reconciliation tables, the 2025 first quarter adjusted results exclude a $0.28 per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes, partially offset by insurance reserves and acquisition expenses. The 2024 first quarter adjusted results exclude a $0.22 per diluted share impact resulting from non-core items, specifically acquisition expenses. Key First Quarter 2025 Highlights: "Our strong first quarter performance reflects the power of our integrated ecosystem and the disciplined execution of the Lithia & Driveway strategy by our teams," said Bryan DeBoer , President and CEO. "We achieved profitable growth year over year in each month this quarter as we grew market share and drove operating efficiencies across our network and adjacencies. Our diverse business model allows us to be agile in a dynamic market, and we remain focused on delivering consistent, high-quality experiences across every channel throughout 2025 and beyond." Corporate Development In January 2025 , LAD continued to expand its network in the Mid-Atlantic region with the acquisition of the Stohlman Subaru store in Sterling, Virginia . This addition adds $80 million of expected annualized revenue. In March 2025 , LAD continued to strengthen its density in the Southwest region with the acquisition of the Elk Grove Subaru store in Elk Grove, California . This addition adds $100 million of expected annualized revenue. Year-to-date, we have acquired $180 million of expected annualized revenues. Balance Sheet Update LAD ended the first quarter with approximately $1.4 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit. In addition, unfinanced real estate could provide additional liquidity of approximately $0.1 billion . Dividend Payment and Share Repurchases The Board of Directors approved an increased dividend of $0.55 per share related to first quarter 2025 financial results, a 4% increase. The dividend is expected to be paid on May 23, 2025 to shareholders of record on May 9, 2025. During the first quarter 2025, we repurchased approximately 403,000 shares at a weighted average price of $326 . To date in 2025, we have repurchased approximately 470,000 shares at a weighed average price of $319 . Under the current share repurchase authorization approximately $669.2 million remains available. First Quarter Earnings Conference Call and Updated Presentation The first quarter 2025 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 2025 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on quarterly earnings. About Lithia & Driveway (LAD) Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire. Sites www.lithia.com investors.lithiadriveway.com www.lithiacareers.com www.driveway.com www.greencars.com www.drivewayfinancecorp.com Lithia & Driveway on Facebook https://www.facebook.com/LithiaMotors https://www.facebook.com/DrivewayHQ Lithia & Driveway on X https://x.com/lithiamotors https://x.com/DrivewayHQ https://x.com/GreenCarsHQ Lithia & Driveway on LinkedIn https://www.linkedin.com/company/lithia-motors/ Lithia & Driveway on YouTube https://www.youtube.com/@Lithia_Motors/featured 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," "ensure," "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: 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: 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. Except as required by law, 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, which may include adjusted net income, adjusted net income attributable to LAD, adjusted net income attributable to non-controlling interests, adjusted net income attributable to redeemable non-controlling interest, adjusted diluted earnings per share attributable to LAD, adjusted SG&A, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating income, adjusted net cash provided by operating activities, adjusted income before income taxes, adjusted income tax (provision) benefit, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA and net 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.                             View original content to download multimedia: https://www.prnewswire.com/news-releases/lithia--driveway-lad-reports-record-first-quarter-revenue-of-9-2-billion-achieves-35-increase-in-diluted-earnings-per-share-25-increase-in-adjusted-diluted-earnings-per-share-302435137.html SOURCE Lithia Motors, Inc.

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