Lithia Motors, Inc. (NYSE:LAD) Q2 2022 Earnings Conference Call July 20, 2022 10:00 AM ET

Company Participants

Amit Marwaha - Director of IR

Bryan DeBoer - President and CEO

Chuck Lietz - VP, Driveway Finance Corporation

Chris Holzshu - EVP and COO

Tina Miller - SVP and CFO

Conference Call Participants

Daniel Imbro - Stephens Inc.

Rajat Gupta - JPMorgan

Chris Bottiglieri - BNP

John Murphy - Bank of America

Colin Langan - Wells Fargo

Bret Jordan - Jefferies

Ryan Sigdahl - Craig-Hallum Capital

Michael Ward - Benchmark

Adam Jonas - Morgan Stanley

David Whiston - Morningstar

Josh Taykowski - Credit Suisse

Operator

Good morning, and welcome to the Lithia & Driveway Second Quarter 2022 Conference Call. [Operator Instructions]

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

Amit Marwaha

Thank you. Presenting today are Bryan DeBoer, President and CEO; Tina Miller, Senior Vice President and CFO; Chuck Lietz, Vice President of Driveway Finance. Chris Holzshu, Executive Vice President and COO, is traveling in Canada with the FAF team.

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 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 to our website investors.lithiadriveway.com, highlighting our second quarter results.

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

Bryan DeBoer

Thanks, Amit, and welcome to the team. Good morning, everyone. Thank you for joining us today, and we look forward to updating you on business growth and substantial progress towards our 2025 strategic plan.

Earlier, we reported second quarter adjusted earnings per share of $12.43 adjusted for foreign currency or a 12% increase compared to $11.12 per diluted share in the same period of 2021. We grew revenues to $7.2 billion, a 21% increase year-over-year, driven by continued performance of our Lithia stores, Driveway and contributions from our newly acquired stores.