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Lkq Corp (LKQ) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Lkq Corp

CIK: 1065696 Ticker: LKQ
Exhibit 99.1
lkqpressreleaseimage1a.jpg


LKQ CORPORATION ANNOUNCES RESULTS FOR THIRD QUARTER 2020


Third quarter 2020 revenue of $3.0 billion (down 3.2% year-over-year)
Parts and services organic revenue declined 4.5% year-over-year
Net income1 of $193 million (up 27.4%); adjusted net income of $228 million (up 20.9%)
Targeted cost and productivity actions continue to contribute to operating leverage
Diluted EPS1 of $0.64 (up 30.6%); adjusted diluted EPS of $0.75 (up 23.0%)
Year-to-date 2020 operating cash flow of $1.1 billion (up 17.6%); free cash flow of $1.0 billion (up 28.1%)
Reduced borrowings by $256 million; year-to-date debt paydown of $1.0 billion
Net leverage down to 2.0x EBITDA
Liquidity up to $2.7 billion as of September 30, 2020
Share repurchase program to recommence in the fourth quarter 2020

Chicago, IL (October 29, 2020) -- LKQ Corporation (Nasdaq: LKQ) today reported third quarter 2020 results that reflect continued improvement in revenue trends, operational and balance sheet productivity, and further debt reduction.

“We delivered exceptionally strong third quarter results owing to the resilience and dedication of the entire LKQ organization. I couldn’t be prouder of what our global team accomplished during these unprecedented times,” noted Dominick Zarcone, President and Chief Executive Officer. “Facing a continued challenging demand environment, our team maintained their sharp focus on the cost structure, and we achieved the highest quarterly earnings in the Company’s history and delivered year-over-year margin improvements in each of our operating segments, with North America also achieving its highest level of segment EBITDA margin in the Company’s history. Additionally, year-to-date we have generated over $1.0 billion in global free cash flow. These metrics validate the continued focus of our team on our key operating initiatives of profitable revenue growth, enhanced margins and free cash flow generation.”

Third Quarter 2020 Financial Results

Revenue for the third quarter of 2020 was $3.0 billion, a decrease of 3.2% as compared to $3.1 billion in the third quarter of 2019. For the third quarter of 2020, parts and services organic revenue decreased 4.5% year-over-year, while the net impact of acquisition and divestitures revenue was (1.0%) and foreign exchange rates was 2.1%, for a total parts and services revenue decline of 3.4%.
Net income for the third quarter of 2020 was $193 million as compared to $152 million for the same period in 2019, an increase of 27.4% year-over-year. Diluted earnings per share for the third quarter was $0.64 as compared to $0.49 for the same period of 2019, an increase of 30.6% year-over-year.


1 References to Net income and Diluted earnings per share, and the corresponding adjusted figures, in this release reflect amounts from continuing operations attributable to LKQ stockholders.


The following information was filed by Lkq Corp (LKQ) on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lkq Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income Statement
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) Additional Information (Details)
Accumulated Other Comprehensive Income (Loss) Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Derivative Instruments And Hedging Activities (Details)
Derivative Instruments And Hedging Activities (Notes)
Derivative Instruments And Hedging Activities (Tables)
Discontinued Operations (Details)
Discontinued Operations (Notes)
Earnings Per Share Earnings Per Share (Notes)
Earnings Per Share Earnings Per Share, Basic And Diluted (Details)
Earnings Per Share Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Tables)
Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted (Tables)
Employee Benefit Plans (Details)
Employee Benefit Plans (Notes)
Employee Benefit Plans (Tables)
Equity Incentive Plans
Equity Incentive Plans (Tables)
Equity Incentive Plans - Additional Information (Details)
Fair Value Measurements (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Tables)
Financial Statement Information (Details)
Financial Statement Information (Notes)
Financial Statement Information (Tables)
Financial Statement Information Government Assistance (Details)
Financial Statement Information Intangible Assets (Details)
Financial Statement Information Inventories (Policies)
Financial Statement Information Investments In Unconsolidated Subsidiaries (Details)
Financial Statement Information Investments In Unconsolidated Subsidiaries (Policies)
Financial Statement Information Litigation And Related Contingencies (Policies)
Financial Statement Information Net Assets Held For Sale (Details)
Financial Statement Information Net Assets Held For Sale (Policies)
Financial Statement Information Noncontrolling Interest (Details)
Financial Statement Information Receivables (Policies)
Financial Statement Information Recent Accounting Pronouncements (Policies)
Financial Statement Information Recently Adopted Accounting Pronouncements (Details)
Financial Statement Information Treasury Stock (Details)
Financial Statement Information Treasury Stock (Policies)
Financial Statement Information Warranty Reserve (Details)
Financial Statement Information Warranty Reserve (Policies)
Income Taxes (Notes)
Income Taxes - Additional Information (Details)
Interim Financial Statements
Long-Term Obligations
Long-Term Obligations (Tables)
Long-Term Obligations - Additional Information (Details)
Reconciliation Of Segment Ebitda To Net Income (Details)
Restructuring And Acquisition Related Expenses (Details)
Restructuring And Acquisition Related Expenses (Notes)
Revenue Recognition Disaggregation Of Revenue (Details)
Revenue Recognition Disaggregation Of Revenue (Tables)
Revenue Recognition Movement In Standard Product Warranty Accrual (Details)
Revenue Recognition Product Warranty Liability (Tables)
Revenue Recognition Revenue Recognition (Policies)
Revenue Recognition Revenue Reconition (Notes)
Schedule Of Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Schedule Of Assets By Reportable Segment (Details)
Schedule Of Capital Expenditures By Reportable Segment (Details)
Schedule Of Financial Performance By Reportable Segment (Details)
Schedule Of Long-Term Obligations (Details)
Schedule Of Long-Term Obligations (Parenthetical) (Details)
Schedule Of Stock-Based Compensation Expense Expected To Be Recognized (Details)
Schedule Of Tangible Long-Lived Assets By Geographic Area (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Details)
Segment And Geographic Information Schedule Of Revenue By Geographic Area (Details)
Stock-Based Compensation Schedule Of Stock Option Activity (Details)
Stock-Based Compensation Schedule Of Unvested Restricted Stock Units Activity (Details)
Ticker: LKQ
CIK: 1065696
Form Type: 10-Q Quarterly Report
Accession Number: 0001065696-20-000053
Submitted to the SEC: Tue Nov 03 2020 12:13:55 PM EST
Accepted by the SEC: Tue Nov 03 2020
Period: Wednesday, September 30, 2020
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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