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Lkq Corp (LKQ) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Lkq Corp

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CIK: 1065696 Ticker: LKQ
Exhibit 99.1
lkqpressreleaseimage1.jpg


LKQ CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 2021

•First quarter revenue of $3.2 billion (up 5.7% year-over-year)
•Parts and services organic revenue increased 0.6% (2.2% on a per day basis)
•Diluted EPS1 of $0.88 (up 83.3%); adjusted diluted EPS1 of $0.94 (up 64.9%)
•First quarter Segment EBITDA margin of 19.9% for North America
•Europe first quarter Segment EBITDA margin up 390 basis points to 9.6%
•First quarter Segment EBITDA margin of 13.4% for Specialty
•First quarter operating cash flow of $523 million (up 169% YoY); free cash flow of $481 million (up 220% YoY)
•Net leverage down to 1.4x EBITDA
•2021 outlook raised

Chicago, IL (April 29, 2021) -- LKQ Corporation (Nasdaq:LKQ) today reported first quarter 2021 results that reflect strength for the Company in a number of key metrics including overall profitability, segment margins and free cash flow.
"We significantly exceeded our expectations for the quarter as our segment teams continue to embrace operational excellence and execute on our key initiatives. Our North America team delivered a 19.9% Segment EBITDA margin in the first quarter, the highest level in the Company’s history. Additionally, our Specialty team delivered its highest quarterly organic revenue growth at 30.9% and first quarter Segment EBITDA margin of 13.4%. I am also pleased with the Europe Segment EBITDA margin of 9.6% in the quarter, a year-over-year improvement of 390 basis points. This level of performance gives us confidence regarding the progress of our 1 LKQ Europe program and our team’s ability to achieve the longer-term margin targets we set forth in 2019,” noted Dominick Zarcone, President and Chief Executive Officer.

First Quarter 2021 Financial Results
Revenue for the first quarter of 2021 was $3.2 billion, an increase of 5.7% as compared to $3.0 billion in the first quarter of 2020. For the first quarter of 2021, parts and services organic revenue increased 0.6% (2.2% on a per day basis), while the net impact of acquisitions and divestitures decreased revenue 0.6% and foreign exchange rates increased revenue 4.2%, for a total parts and services revenue increase of 4.2%. The organic revenue growth for the quarter reflects the annualization of the initial pandemic impact last March. Through February, organic parts and services revenue was 4.4% lower on a per day basis, primarily as a result of mobility restrictions from COVID-19. In March 2021, compared to a lower prior year period, organic parts and services revenue grew by 15.7% on a per day basis. Other revenue grew 27.0% in the first quarter of 2021, driven by higher scrap steel and precious metals prices.
Net income1 for the first quarter of 2021 was $266 million as compared to $146 million for the same period in 2020, an increase of 81.9%. Diluted earnings per share1 for the first quarter was $0.88 as compared to $0.48 for the same period of 2020, an increase of 83.3%.
1 References in this release to Net income and Diluted earnings per share, and the corresponding adjusted figures, reflect amounts from continuing operations attributable to LKQ stockholders.

The following information was filed by Lkq Corp (LKQ) on Thursday, April 29, 2021 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 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 Unvested Restricted Stock Units Activity (Details)
Ticker: LKQ
CIK: 1065696
Form Type: 10-Q Quarterly Report
Accession Number: 0001065696-21-000025
Submitted to the SEC: Wed May 05 2021 4:16:25 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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