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

Lkq Corp

CIK: 1065696 Ticker: LKQ
Exhibit 99.1
lkqpressreleaseimage.jpg


LKQ CORPORATION ANNOUNCES RESULTS FOR THIRD QUARTER 2021

Third quarter 2021 revenue of $3.3 billion (up 8.2% year-over-year)
Diluted EPS1 of $0.96 (up 50.0%); adjusted diluted EPS1,2 of $1.02 (up 36.0%)
Third quarter operating cash flow of $429 million; free cash flow2 of $384 million
Net leverage decreased to 1.1x EBITDA
Repurchased 4.3 million shares for $219 million in the quarter
Full year 2021 financial outlook raised
Announced inaugural quarterly dividend of $0.25 per share

Chicago, IL (October 28, 2021) -- LKQ Corporation (Nasdaq:LKQ) today reported third quarter 2021 results that reflect continued strength for the C
ompany in a number of key metrics including total revenue, segment profitability and free cash flow.
"Our operating excellence initiatives continue to drive record results for LKQ; in the quarter, we recorded the highest third quarter EPS and Segment EBITDA2 margin in the Company's history. We are particularly pleased with the results of our Europe segment, as its third quarter margin of 11.5% is the highest in over nine years. This performance validates our confidence in the 1 LKQ Europe program, the strategic initiatives that underpin it, and the capabilities of the team driving the implementation,” noted Dominick Zarcone, President and Chief Executive Officer.
Third Quarter 2021 Financial Results
Revenue for the third quarter of 2021 was $3.3 billion, an increase of 8.2% as compared to $3.0 billion in the third quarter of 2020, reflecting the annualization of the pandemic impact during the third quarter of 2020. For the third quarter of 2021, parts and services organic revenue increased 4.0%, while the net impact of acquisitions and divestitures increased revenue 0.5% and foreign exchange rates increased revenue 1.5%, for a total parts and services revenue increase of 6.1%. Other revenue grew 45.3% in the third quarter of 2021, driven by higher scrap steel and precious metals prices.
Net income1 for the third quarter of 2021 was $284 million as compared to $193 million for the same period in 2020, an increase of 46.8%. Diluted earnings per share1 for the third quarter was $0.96 as compared to $0.64 for the same period of 2020, an increase of 50.0%.
On an adjusted basis, net income1,2 in the third quarter was $300 million compared to $228 million in the same period of 2020, a 31.6% increase. Adjusted diluted earnings per share1,2 for the third quarter was $1.02 as compared to $0.75 for the same period of 2020, a 36.0% increase.



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.
2 Non-GAAP measure. See the table accompanying this release that reconciles the actual or forecasted U.S. GAAP measure to the actual or forecasted adjusted measure, which is non-GAAP.


The following information was filed by Lkq Corp (LKQ) on Thursday, October 28, 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 And Disposal Groups
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 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)
Subsequent Events
Subsequent Events (Details)
Ticker: LKQ
CIK: 1065696
Form Type: 10-Q Quarterly Report
Accession Number: 0001065696-21-000052
Submitted to the SEC: Wed Nov 03 2021 5:04:43 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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