利西亚车行 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Lithia Motors, Inc. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Large accelerated filerNon-accelerated filerAcceleratedfiler☒☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒As ofApril24, 2025, there were26,030,572shares of the registrant’s common stock outstanding. Item NumberItem GLOSSARY OF DEFINITIONS The following are abbreviations and definitions of terms used within this report: AFSAvailable-for-saleASCAccounting Standards CodificationASUAccounting standards updateBoardBoard of directorsBNSThe Bank of Nova ScotiaBPSBasis pointsCADCanadian Dollar ($)CORRACanadian Overnight Repo Rate AverageCPOCertified pre-ownedDFCDriveway Finance CorporationEBITDAEarnings before interest, taxes, depreciation, and amortizationEPSEarnings per shareFASBFinancial Accounting Standards BoardGAAPGenerally accepted accounting principlesGBPGreat Britain Pound (£)JPMJPMorgan Chase Bank, N.A.LADLithia and Driveway CONSOLIDATED BALANCE SHEETS Assets Current assets:Cash, restricted cash, and cash equivalents Property and equipment, net of accumulated depreciation of$871.6and$825.5Operating lease right-of-use assetsFinance receivables, net of allowance for estimated losses of$127.5and$123.4GoodwillFranchise valueOther non-current assets Liabilities and equity Current liabilities: Floor plan notes payableFloor plan notes payable: non-tradeCurrent maturities of long-term debtCurrent maturities of non-recourse notes payableTrade payablesAccrued liabilitiesTotal current liabilities Long-term debt, less current maturitiesNon-recourse notes payable, less current maturities CONSOLIDATED STATEMENTS OF CASH FLOWS Cash flows from operating activities: Net income SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Reconciliation of cash, restricted cash, and cash equivalents to the consolidated balance sheets Cash and cash equivalentsRestricted cash from collections on auto loans receivable and customer depositsCash, restricted cash, and cash equivalentsRestricted cash on deposit in reserve accounts, included in other non-current assetsTotal cash, restricted cash, and cash equivalents reported in the ConsolidatedStatements of Cash Flows Supplemental cash flow information: Cash paid during the period for interestCash paid during the period for income taxes, netDebt paid in connection with store disposals Non-cash activities: Debt assumed in connection with acquisitionsRight-of-use assets obtained in exchange for lease liabilities Unsettled repurchases of common stock2.3 CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE1.INTERIM FINANCIAL STATEMENTS Basis of Presentation These Consolidated Financial Statements contain unaudited information as ofMarch31, 2025, and for thethreemonths endedMarch31, 2025and2024. The unaudited interim financial statements have been prepared pursuantto the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accountingprinciples generally accepted in the United States of America for annual financial statements are not includedherein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying ConsolidatedFinancial Statements to maintain consistency and comparability between periods presented.Within our financingoperations income, we disaggregated our lease income out of our previously reported interest, fee, and lease Correction of an Error In the three months ended March 31, 2025, the Company identified an immaterial error related to interest and feeincome recognition in our previously issued financial statements for the year ended December 31, 2024. As a result, In accordance with ASC 250, Accounting Changes and Error Corrections, the Company has corrected this error byretrospectively restating the aff