Lithia Motors, Inc. (NYSE:LAD) Q1 2022 Earnings Conference Call April 20, 2022 10:00 AM ET
Company Participants
Jack Evert - Director of Financial Planning and Analysis
Bryan DeBoer - President & CEO
Chuck Lietz - VP, Driveway Finance Corporation
Chris Holzshu - EVP & COO
Tina Miller - SVP & CFO
Conference Call Participants
Daniel Imbro - Stephens, Inc.
Rajat Gupta - JPMorgan
Chris Bottiglieri - Exane BNP Paribas
John Murphy - Bank of America
Bret Jordan - Jefferies
Kate McShane - Goldman Sachs
David Whiston - Morningstar
Glenn Chin - Seaport Research Partners
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:02 Good morning and welcome to the Lithia & Driveway First Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.
00:17 I would now like to turn the call over to Jack Evert, Director of FP&A. Please begin.
Jack Evert
00:22 Thank you. Presenting today are Bryan DeBoer, President and CEO; Chris Holzshu, Executive Vice President and COO; Tina Miller, Senior Vice President and CFO; and Chuck Lietz, Vice President of Driveway Finance.
00:38 Today's discussions 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.
01:10 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 reconciliation to comparable GAAP measures. We have also posted an updated investor presentation to our website, investors.lithiadriveway.com, highlighting our first quarter results.
01:36 With that, I would like to turn the call over to Bryan DeBoer, President and CEO.
Bryan DeBoer
01:40 Thank you, Jack. Good morning and welcome everyone. Earlier today, we reported the highest adjusted first quarter EPS in company history at $11.96 per share, a 103% increase over last year. Record first quarter revenues of $6.7 billion were driven by strong performance across the Lithia channel and growing contributions from Driveway.