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Lkq Corp (LKQ) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Lkq Corp

CIK: 1065696 Ticker: LKQ
Exhibit 99.1
lkqpressreleaseimagea.jpg


LKQ CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER 2021

Second quarter 2021 revenue of $3.4 billion (up 30.8% year-over-year)
Diluted EPS1 of $1.01 (up 159.0%); adjusted diluted EPS1 of $1.13 (up 113.2%)
Second quarter 2021 Segment EBITDA margin of 20.8% for North America; 14.9% for Specialty; and 10.7% for Europe
Second quarter operating cash flow of $411 million; free cash flow of $365 million
Net leverage decreased to 1.2x EBITDA
Repurchased 6.2 million shares for $304 million in the quarter
Stock repurchase program expanded by a further $1 billion, raising aggregate authorization to $2 billion
2021 outlook raised

Chicago, IL (July 29, 2021) -- LKQ Corporation (Nasdaq:LKQ) today reported second quarter 2021 results that reflect strength for the Company in a number of key metrics including total revenue, segment margins and free cash flow. In other second quarter developments, MSCI increased the Company's ESG rating from A to AA, and Fitch Ratings, Inc. assigned LKQ an initial rating of
‘BBB-’ (outlook stable).
"We were able to produce yet another record performance in the second quarter. This performance marks two key milestones as the first quarterly period with EPS of over $1 and the highest quarterly Segment EBITDA in the Company’s history. The North America and Specialty segments achieved record Segment EBITDA margins in the quarter, and Europe delivered a double-digit margin for the first time since the second quarter of 2016. The European performance further validates the margin targets provided at the start of the 1 LKQ Europe program and gives us confidence that we are on track with the overall goals of the program,” noted Dominick Zarcone, President and Chief Executive Officer.
Second Quarter 2021 Financial Results
Revenue for the second quarter of 2021 was $3.4 billion, an increase of 30.8% as compared to $2.6 billion in the second quarter of 2020, reflecting the annualization of the pandemic impact during the second quarter of 2020. For the second quarter of 2021, parts and services organic revenue increased 21.9%, while the net impact of acquisitions and divestitures decreased revenue 0.3% and foreign exchange rates increased revenue 5.4%, for a total parts and services revenue increase of 27.0%. Other revenue grew 108.5% in the second quarter of 2021, driven by higher scrap steel and precious metals prices.
Net income1 for the second quarter of 2021 was $305 million as compared to $119 million for the same period in 2020, an increase of 157.0%. Diluted earnings per share1 for the second quarter was $1.01 as compared to $0.39 for the same period of 2020, an increase of 159.0%.

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, July 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 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: 0001065696-21-000042
Submitted to the SEC: Wed Aug 04 2021 12:28:06 PM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Wednesday, June 30, 2021
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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