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ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Pro Forma Summary of All Acquisitions

Revenue and operating income contributed by the 2023 acquisitions subsequent to the date of acquisition were as follows (in millions):

Nine Months Ended September 30,						2023
Revenue						$	1,721.2
Operating income						54.5

The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and nine-month periods ended September 30, 2023 and 2022 had occurred on January 1, 2022:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except per share amounts)						2023						2022						2023						2022
Revenue						$	8,317.4					$	8,284.7					$	24,560.3					$	24,102.2
Net income attributable to Lithia Motors, Inc.						266.1						357.1						838.6						1,094.7
Basic earnings attributable to Lithia Motors, Inc. per share						9.65						12.96						30.46						38.43
Diluted earnings attributable to Lithia Motors, Inc. per share						9.63						12.91						30.40						38.29

Summary of Acquisitions

The following tables summarize the consideration paid for the 2023 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date:

(in millions)						Consideration
Cash paid, net of cash acquired						$	1,204.7
Contingent consideration						7.3
Total consideration transferred						$	1,212.0

Summary of Assets Acquired and Liabilities Assumed

(in millions)						Assets Acquired and Liabilities Assumed
Trade receivables, net						$	75.0
Inventories						573.2
Goodwill						30.5
Property and equipment						393.0
Operating lease right-of-use assets						89.6
Finance receivables, net						8.0
Other assets						725.4
Trade payables						(83.5)
Floor plan notes payable						(353.7)
Borrowings on lines of credit						(47.9)
Finance lease obligations						(45.0)
Deferred taxes, net						9.8
Other liabilities						(162.4)
Total net assets acquired and liabilities assumed						$	1,212.0

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Section 50
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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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