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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
ACQUISITIONS | ACQUISITIONS In the first six months of 2025, we completed the following acquisitions: •In January 2025, Stohlman Subaru in Virginia. •In March 2025, Elk Grove Subaru in California. •In June 2025, Collierville Mercedes-Benz in Tennessee. •In June 2025, Jackson Mercedes-Benz in Mississippi. The acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition. Revenue and operating income contributed by the 2025 acquisitions subsequent to the date of acquisition were as follows (in millions):
Six Months Ended June 30, | 2025
Revenue | $61.9
Operating income | 3.5
The following tables summarize the consideration paid for the 2025 acquisitions and the PPA for identified assets acquired and liabilities assumed as of the acquisition date:
(In millions) | Consideration
Cash paid, net of cash acquired | $278.6
Total consideration transferred | $278.6
(In millions) | Assets Acquired and Liabilities Assumed
Inventories, net | $62.8
Property and equipment | 62.0
Operating lease right-of-use assets | 0.2
Other assets | 153.9
Operating lease liabilities | (0.2)
Other liabilities and deferred revenue | (0.1)
Total net assets acquired and liabilities assumed | $278.6
The PPA for the 2025 acquisitions is preliminary, as we have not obtained and evaluated all of the detailed information necessary to finalize the opening balance sheet amounts in all respects. We recorded the PPA based upon information that is currently available and recorded unallocated items as a component of Other non-current assets in the Consolidated Balance Sheets. We expect all of the goodwill related to the acquisitions in 2025 to be deductible for U.S. federal income tax purposes. In the three and six-month periods ended June 30, 2025, we recorded $0.1 million and $0.3 million in acquisition- related expenses as a component of SG&A expense. Comparatively, we recorded $1.8 million and $9.5 million o f acquisition-related expenses in the same periods of 2024. The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2025 and 2024 had occurred on January 1, 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $9,624.7 |  | $9,318.8 |  | $18,868.7 |  | $17,960.8
Net income attributable to Lithia Motors, Inc. | 260.1 |  | 219.5 |  | 473.5 |  | 387.0
Basic EPS attributable to Lithia Motors, Inc. common stockholders | 10.04 |  | 8.07 |  | 18.13 |  | 14.14
Diluted EPS attributable to Lithia Motors, Inc. common stockholders | 10.02 |  | 8.06 |  | 18.10 |  | 14.12
These amounts have been calculated by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property and equipment, accounting for inventory on a specific identification method, and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring proforma adjustments directly attributable to the acquisitions are included in the reported proforma revenues and earning s.

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