Lithia Motors, Inc. (NYSE:LAD) Q4 2022 Earnings Conference Call February 15, 2023 10:00 AM ET

Company Participants

Amit Marwaha - Director, Investor Relations

Bryan DeBoer - President and CEO

Chris Holzshu - Executive Vice President and COO

Tina Miller - Senior Vice President and CFO

Chuck Lietz - Senior Vice President, Driveway Finance

Conference Call Participants

Daniel Imbro - Stephens

Rajat Gupta - JPMorgan

John Murphy - Bank of America

Chris Bottiglieri - BNP Paribas

Bret Jordan - Jefferies

Colin Langan - Wells Fargo

David Whiston - Morningstar

Operator

Good morning. And welcome to the Lithia & Driveway Fourth Quarter 2022 Conference Call. All lines have been placed on mute to prevent background noise. After the speakers’ remarks, there will be a question-and-answer session.

I would now like to turn the call over to Amit Marwaha, Director of Investor Relations. Please begin.

Amit Marwaha

Thank you. With me today are Bryan DeBoer, President and CEO; Chris Holzshu, Executive Vice President and COO; Tina Miller, Senior Vice President and CFO; and Chuck Lietz, Senior Vice President of Driveway Finance.

Today’s discussion may include statements about future events, financial projections and expectations about the company’s products, markets and growth. Such statements are forward-looking and subject to risks and uncertainties that could cause actual results to materially differ from the statements made.

We disclose those risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission. We urge you to carefully consider these disclosures and not to place undue reliance on forward-looking statements. We undertake no duty to update any forward-looking statements, which are made as of the date of this release.

Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today’s press release for a reconciliation to comparable GAAP measures. We have also posted an updated Investor Presentation on our website investors.driveway.com, highlighting our fourth quarter results.

With that, I would like to turn the call over to Bryan DeBoer, President and CEO.

Bryan DeBoer

Thanks, Amit, and good morning, everyone. We appreciate you joining us today and look forward to updating you on our business growth and how our differentiated strategy is progressing. We posted another record year of revenues and earnings.

In 2022, we grew revenues to $28.2 billion, up 24% from 2021. Over the past three years and since the launch of our 2025 plan, we have over doubled the size of our company from $12.7 billion in revenues and have nearly quadrupled EPS from $11.76 back in 2018 to $44.42 in 2022, driven by a team and a culture of high performance, a focus on customer optionality to attract and interact with customers, and investments in adjacencies to expand our profitability, we are well positioned for continued growth.