- Revenue growth of 32% to $3.3 billion
- Fourth quarter 2011 diluted EPS increases
36%
- 2011 diluted EPS increases 23%
- Provides 2012 guidance
LKQ Corporation (Nasdaq:LKQX) today announced results for its
fourth quarter and full year ended December 31, 2011. Income from
continuing operations for the fourth quarter was $56.1 million and
diluted earnings per share was $0.38, a 36% increase over the $0.28
reported for 2010. For the full year 2011, income from continuing
operations was $210.3 million and diluted earnings per share was
$1.42, a 23% increase over the $1.15 reported for 2010.
"We completed a successful 2011 with a solid fourth quarter,"
stated Robert Wagman, President and Chief Executive Officer of LKQ
Corporation. "In 2011, the Company surpassed $3 billion in revenue
for the first time, and achieved double digit total organic revenue
growth and diluted EPS growth despite the headwinds of high fuel
costs, the high cost of salvage vehicles and the reduction in miles
driven that we faced throughout the year."
Mr. Wagman added, "We made 21 acquisitions in 2011 including the
purchase of Euro Car Parts. The financial performance of these
businesses and their integration into our existing operations is
progressing as expected."
Fourth Quarter 2011 Reported Results
For the fourth quarter of 2011, revenue was $939.6 million
compared with $674.1 million for the fourth quarter of 2010, an
increase of 39.4%. Income from continuing operations for the fourth
quarter was $56.1 million compared with $41.3 million in the prior
year, an increase of 35.9%. For the fourth quarter, organic revenue
growth was 6.4%, and parts and services revenue grew organically by
5.6%. Acquisition revenue growth for the fourth quarter was
33.1%.
Full Year 2011 Reported Results
For the full year of 2011, revenue was $3.27 billion compared
with $2.47 billion in 2010, an increase of 32.4%. Income from
continuing operations for the full year was $210.3 million compared
with $167.1 million for the prior year, an increase of 25.8%. For
the full year of 2011, organic revenue growth was 10.7%, and parts
and services revenue grew organically by 7.9%. Acquisition revenue
growth for 2011 was 21.5%.
Balance Sheet and Liquidity
As of December 31, 2011, LKQ's balance sheet reflected cash and
equivalents of $48.2 million, and the outstanding obligations under
the Company's credit facilities were $901.4 million ($240.6 million
of term loans and $660.7 million of revolver borrowings). Total
availability under the credit agreement at December 31, 2011 was
$453.9 million, composed of $253.9 million on its revolving credit
facility and $200.0 million of delayed draw term loan under its
credit facility. On January 31, 2012, the Company borrowed the full
$200 million available term loan and used those proceeds to repay a
portion of its revolver debt.
Other Events
During the fourth quarter, LKQ acquired four businesses
including the previously announced Euro Car Parts acquisition, the
largest automotive aftermarket parts distributor in the United
Kingdom. In North America, the Company acquired a heavy duty truck
business in Colorado, a wholesale salvage business in Idaho, and a
classic vehicle restoration parts and accessories distribution
business in Georgia.
On November 7, 2011, the Board of Directors elected Joseph M.
Holsten as the Chairman of the Board of Directors and elected
Robert L. Wagman as a member of the Board of Directors.
In January 2012, Mr. Wagman was appointed LKQ's President and
Chief Executive Officer, succeeding Mr. Holsten who retired as an
employee effective January 1, 2012. Mr. Holsten will continue as a
consultant to the Company and Chairman of the Board of
Directors.
Company Outlook
Based on current conditions and excluding restructuring expenses
and any gains or losses related to acquisitions or divestitures
(including changes in the fair value of contingent consideration
liabilities), LKQ anticipates full year 2012 organic revenue growth
from parts and services will be in the range of 5.5% to 7.5%,
income from continuing operations will be in the range of $258
million to $278 million and diluted earnings per share from
continuing operations will be in the range of $1.72 to $1.85.
Cash flow from operations for 2012 is projected to be in the
range of $250 million to $280 million. The Company estimates
capital expenditures related to property and equipment (excluding
any acquisition related expenditures) will be between $100 million
to $115 million.
Quarterly Conference Call
LKQ will host a conference call and Webcast on February 23, 2012
at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) with members of
senior management to discuss the Company's results.
To access the investor conference call, please dial (877)
407-0315. International access to the call may be obtained by
dialing (201) 689-8501. The audio webcast can be accessed via the
Company's website at www.lkqcorp.com in the Investor Relations
section.
A replay of the conference call will be available by telephone
at (877) 660-6853 or (201) 612-7415 for international calls. The
telephone replay will require you to enter account: 286 #,
conference ID: 387182 #. An online replay of the audio webcast will
be available on the Company's website. Both formats of replay will
be available through March 23, 2012. Please allow approximately two
hours after the live presentation before attempting to access the
replay.
About LKQ Corporation
LKQ Corporation is the largest nationwide provider of
aftermarket and recycled collision replacement parts and
refurbished collision replacement products such as wheels, bumper
covers and lights, and a leading provider of mechanical replacement
parts including remanufactured engines, all in connection with the
repair of automobiles and other vehicles. LKQ also has operations
in the United Kingdom, Canada, Mexico and Central America. LKQ
operates more than 440 facilities, offering its customers a broad
range of replacement systems, components and parts to repair
automobiles and light, medium and heavy-duty trucks.
Forward Looking Statements
The statements in this press release that are not historical in
nature are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements regarding our expectations, beliefs, hopes, intentions
or strategies. Forward-looking statements involve risks and
uncertainties, some of which are not currently known to us. Actual
events or results may differ materially from those expressed or
implied in the forward looking statements as a result of various
factors.
These factors include:
- uncertainty as to changes in North American and European
general economic activity and the impact of these changes on the
demand for our products and our ability to obtain financing for
operations;
- fluctuations in the pricing of new original equipment
manufacturer ("OEM") replacement parts;
- the availability and cost of our inventory;
- variations in vehicle accident rates or miles driven;
- changes in state or federal laws or regulations affecting our
business;
- changes in the types of replacement parts that insurance
carriers will accept in the repair process;
- changes in the demand for our products and the supply of our
inventory due to severity of weather and seasonality of weather
patterns;
- increasing competition in the automotive parts industry;
- uncertainty as to the impact on our industry of any terrorist
attacks or responses to terrorist attacks;
- our ability to operate within the limitations imposed by
financing agreements;
- our ability to obtain financing on acceptable terms to finance
our growth;
- declines in the values of our assets;
- fluctuations in fuel and other commodity prices;
- fluctuations in the prices of scrap metal and other
metals;
- our ability to develop and implement the operational and
financial systems needed to manage our operations;
- our ability to integrate and successfully operate acquired
companies and any companies acquired in the future and the risks
associated with these companies;
- claims by OEMs or others that attempt to restrict or eliminate
the sale of aftermarket products:
- termination of business relationships with insurance companies
that promote the use of our products;
- product liability claims by the end users of our products or
claims by other parties who we have promised to indemnify for
product liability matters;
- currency fluctuations in the U.S. dollar versus the pound
sterling, the Canadian dollar, the Mexican peso and the Taiwan
dollar;
- periodic adjustments to estimated contingent purchase price
amounts;
- instability in regions in which we operate, such as Mexico,
that can affect our supply of certain products; and
- other risks that are described in our Form 10-K filed February
25, 2011 and in other reports filed by us from time to time with
the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking
statements. All of these forward-looking statements are based on
our expectations as of the date of this press release. We undertake
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
LKQ CORPORATION AND
SUBSIDIARIES |
Unaudited Consolidated
Condensed Statements of Income |
( In thousands, except
per share data ) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenue |
$ 939,632 |
$ 674,063 |
$ 3,269,862 |
$ 2,469,881 |
|
|
|
|
|
Cost of goods sold |
547,843 |
386,563 |
1,877,869 |
1,376,401 |
|
|
|
|
|
Gross margin |
391,789 |
287,500 |
1,391,993 |
1,093,480 |
|
|
|
|
|
Facility and warehouse expenses |
82,239 |
63,868 |
293,423 |
233,993 |
|
|
|
|
|
Distribution expenses |
84,326 |
58,578 |
287,626 |
212,718 |
|
|
|
|
|
Selling, general and administrative
expenses |
117,800 |
81,791 |
391,942 |
310,228 |
|
|
|
|
|
Restructuring and acquisition related
expenses |
2,257 |
75 |
7,590 |
668 |
|
|
|
|
|
Depreciation and amortization |
15,029 |
10,056 |
49,929 |
37,996 |
|
|
|
|
|
Operating income |
90,138 |
73,132 |
361,483 |
297,877 |
|
|
|
|
|
Other expense (income): |
|
|
|
Interest expense, net |
6,520 |
6,699 |
22,447 |
28,316 |
Loss on debt extinguishment |
-- |
-- |
5,345 |
-- |
Change in fair value of contingent
consideration liabilities |
207 |
-- |
(1,408) |
-- |
Other (income) expense, net |
(807) |
9 |
(672) |
(564) |
|
|
|
|
|
Total other expense, net |
5,920 |
6,708 |
25,712 |
27,752 |
|
|
|
Income from continuing
operations before provision for income taxes |
84,218 |
66,424 |
335,771 |
270,125 |
|
|
|
|
|
Provision for income taxes |
28,073 |
25,096 |
125,507 |
103,007 |
|
|
|
|
|
Income from continuing
operations |
56,145 |
41,328 |
210,264 |
167,118 |
|
|
|
|
|
Discontinued operations: |
|
|
|
Income from discontinued operations, net
of taxes |
-- |
-- |
-- |
224 |
Gain on sale of discontinued operations,
net of taxes |
-- |
-- |
-- |
1,729 |
|
|
|
|
|
Income from discontinued operations |
-- |
-- |
-- |
1,953 |
|
|
|
|
|
Net income |
$ 56,145 |
$ 41,328 |
$ 210,264 |
$ 169,071 |
|
|
|
|
|
Basic earnings per
share (1): |
|
|
|
Income from continuing operations |
$ 0.38 |
$ 0.29 |
$ 1.44 |
$ 1.17 |
Income from discontinued operations |
-- |
-- |
-- |
0.01 |
|
|
|
|
|
Total |
$ 0.38 |
$ 0.29 |
$ 1.44 |
$ 1.18 |
|
|
|
|
|
Diluted earnings per
share (1): |
|
|
|
Income from continuing operations |
$ 0.38 |
$ 0.28 |
$ 1.42 |
$ 1.15 |
Income from discontinued operations |
-- |
-- |
-- |
0.01 |
|
|
|
|
|
Total |
$ 0.38 |
$ 0.28 |
$ 1.42 |
$ 1.16 |
|
|
|
|
|
Weighted average common shares
outstanding: |
|
Basic |
146,639 |
144,762 |
146,126 |
143,271 |
|
|
|
|
|
Diluted |
149,034 |
147,056 |
148,375 |
145,857 |
|
|
|
|
|
(1) The sum of the
individual earnings per share amounts may not equal the total due
to rounding. |
|
|
|
|
|
LKQ CORPORATION AND
SUBSIDIARIES |
Unaudited Consolidated
Condensed Balance Sheets |
( In thousands, except
share and per share data ) |
|
|
|
|
December 31, |
December 31, |
|
2011 |
2010 |
Assets |
|
|
|
|
|
Current Assets: |
|
|
Cash and equivalents |
$ 48,247 |
$ 95,689 |
Receivables, net |
281,764 |
191,085 |
Inventory |
736,846 |
492,688 |
Deferred income taxes |
45,690 |
32,506 |
Prepaid income taxes |
17,597 |
10,923 |
Prepaid expenses and other current
assets |
19,591 |
13,985 |
Total Current Assets |
1,149,735 |
836,876 |
|
|
|
Property and Equipment, net |
424,098 |
331,312 |
Intangibles |
1,584,973 |
1,102,275 |
Other Assets |
40,898 |
29,046 |
|
|
|
Total Assets |
$ 3,199,704 |
$ 2,299,509 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
Current Liabilities: |
|
|
Accounts payable |
$ 210,875 |
$ 76,437 |
Accrued expenses |
131,025 |
84,028 |
Other current liabilities |
24,481 |
9,224 |
Current portion of long-term
obligations |
29,524 |
52,888 |
Liabilities of discontinued
operations |
1,788 |
2,744 |
|
|
|
Total Current Liabilities |
397,693 |
225,321 |
|
|
|
Long-Term Obligations, Excluding Current
Portion |
926,552 |
548,066 |
Deferred Income Taxes |
88,796 |
66,059 |
Contingent Consideration Liabilities |
81,782 |
1,500 |
Other Noncurrent Liabilities |
60,796 |
44,402 |
|
|
|
Commitments and
Contingencies |
|
|
|
|
Stockholders' Equity: |
|
|
Common stock, $0.01 par value,
500,000,000 shares authorized, 146,948,608 and 145,466,575
shares |
|
issued and outstanding at December 31,
2011 and 2010, respectively |
1,470 |
1,455 |
Additional paid-in capital |
902,782 |
869,798 |
Retained earnings |
748,794 |
538,530 |
Accumulated other comprehensive (loss)
income |
(8,961) |
4,378 |
|
|
|
Total Stockholders' Equity |
1,644,085 |
1,414,161 |
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 3,199,704 |
$ 2,299,509 |
|
|
LKQ CORPORATION AND
SUBSIDIARIES |
Unaudited Consolidated
Condensed Statements of Cash Flows |
( In thousands
) |
|
Year
Ended |
|
December
31, |
|
2011 |
2010 |
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
Net income |
$ 210,264 |
$ 169,071 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
Depreciation and amortization |
54,505 |
41,428 |
Stock-based compensation expense |
13,107 |
9,974 |
Deferred income taxes |
9,302 |
8,963 |
Excess tax benefit from stock-based
payments |
(7,973) |
(15,000) |
Amortization of debt issuance costs |
2,013 |
2,322 |
Loss on debt extinguishment |
5,345 |
-- |
Gain on sale of discontinued
operations |
-- |
(2,744) |
Other |
(802) |
375 |
Changes in operating assets and
liabilities, net of effects from acquisitions and
divestitures: |
|
Receivables |
(18,074) |
(12,309) |
Inventory |
(90,091) |
(67,795) |
Prepaid income taxes/income taxes
payable |
2,251 |
7,492 |
Accounts payable |
28,589 |
10,156 |
Other operating assets and
liabilities |
3,336 |
7,250 |
|
|
|
Net cash provided by operating
activities |
211,772 |
159,183 |
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
Purchases of property and equipment |
(86,416) |
(61,438) |
Proceeds from sales of property and
equipment |
1,743 |
1,441 |
Proceeds from sale of businesses, net of
cash sold |
-- |
11,992 |
Cash used in acquisitions, net of cash
acquired |
(486,934) |
(143,578) |
|
|
|
Net cash used in investing
activities |
(571,607) |
(191,583) |
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
Proceeds from exercise of stock
options |
11,919 |
13,962 |
Excess tax benefit from stock-based
payments |
7,973 |
15,000 |
Debt issuance costs |
(11,048) |
(419) |
Borrowings under revolving credit
facility |
1,111,369 |
-- |
Repayments under revolving credit
facility |
(453,867) |
-- |
Borrowings under term loan |
250,000 |
-- |
Repayments under term loans |
(600,464) |
(7,476) |
Repayments of other long-term debt |
(4,471) |
(2,105) |
|
|
|
Net cash provided by financing
activities |
311,411 |
18,962 |
|
|
|
Effect of exchange rate changes on cash and
equivalents |
982 |
221 |
|
|
|
Net decrease in cash and equivalents |
(47,442) |
(13,217) |
|
|
|
Cash and equivalents, beginning of
period |
95,689 |
108,906 |
|
|
|
Cash and equivalents, end of period |
$ 48,247 |
$ 95,689 |
|
|
LKQ CORPORATION AND
SUBSIDIARIES |
Unaudited Supplementary
Data |
(In thousands, except
per share data) |
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
Operating
Highlights |
2011 |
2010 |
|
|
|
|
% of |
|
% of |
|
|
|
|
Revenue |
|
Revenue |
Change |
% Change |
|
|
|
|
|
|
|
Revenue |
$ 939,632 |
100.0% |
$ 674,063 |
100.0% |
$ 265,569 |
39.4% |
|
|
|
|
|
|
|
Cost of goods sold |
547,843 |
58.3% |
386,563 |
57.3% |
161,280 |
41.7% |
|
|
|
|
|
|
|
Gross margin |
391,789 |
41.7% |
287,500 |
42.7% |
104,289 |
36.3% |
|
|
|
|
|
|
|
Facility and warehouse expenses |
82,239 |
8.8% |
63,868 |
9.5% |
18,371 |
28.8% |
|
|
|
|
|
|
|
Distribution expenses |
84,326 |
9.0% |
58,578 |
8.7% |
25,748 |
44.0% |
|
|
|
|
|
|
|
Selling, general and administrative
expenses |
117,800 |
12.5% |
81,791 |
12.1% |
36,009 |
44.0% |
|
|
|
|
|
|
|
Restructuring and acquisition related
expenses |
2,257 |
0.2% |
75 |
0.0% |
2,182 |
n/m |
|
|
|
|
|
|
|
Depreciation and amortization |
15,029 |
1.6% |
10,056 |
1.5% |
4,973 |
49.5% |
|
|
|
|
|
|
|
Operating income |
90,138 |
9.6% |
73,132 |
10.8% |
17,006 |
23.3% |
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
Interest expense, net |
6,520 |
0.7% |
6,699 |
1.0% |
(179) |
-2.7% |
Loss on debt extinguishment |
-- |
0.0% |
-- |
0.0% |
-- |
n/m |
Change in fair value of contingent
consideration liabilities |
207 |
0.0% |
-- |
0.0% |
207 |
n/m |
Other (income) expense, net |
(807) |
-0.1% |
9 |
0.0% |
(816) |
n/m |
|
|
|
|
|
|
|
Total other expense, net |
5,920 |
0.6% |
6,708 |
1.0% |
(788) |
-11.7% |
|
|
|
|
|
|
Income from continuing operations
before provision for income taxes |
84,218 |
9.0% |
66,424 |
9.9% |
17,794 |
26.8% |
|
|
|
|
|
|
|
Provision for income taxes |
28,073 |
3.0% |
25,096 |
3.7% |
2,977 |
11.9% |
|
|
|
|
|
|
|
Income from continuing
operations |
56,145 |
6.0% |
41,328 |
6.1% |
14,817 |
35.9% |
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
Income from discontinued operations, net
of taxes |
-- |
0.0% |
-- |
0.0% |
-- |
n/m |
Gain on sale of discontinued operations,
net of taxes |
-- |
0.0% |
-- |
0.0% |
-- |
n/m |
|
|
|
|
|
|
|
Income from discontinued operations |
-- |
0.0% |
-- |
0.0% |
-- |
n/m |
|
|
|
|
|
|
|
Net income |
$ 56,145 |
6.0% |
$ 41,328 |
6.1% |
$ 14,817 |
35.9% |
|
|
|
|
|
|
|
Basic earnings per
share (1): |
|
|
|
|
|
Income from continuing operations |
$ 0.38 |
|
$ 0.29 |
|
$ 0.09 |
31.0% |
Income from discontinued operations |
-- |
|
-- |
|
-- |
n/m |
|
|
|
|
|
|
|
Total |
$ 0.38 |
|
$ 0.29 |
|
$ 0.09 |
31.0% |
|
|
|
|
|
|
|
Diluted earnings per
share (1): |
|
|
|
|
|
Income from continuing operations |
$ 0.38 |
|
$ 0.28 |
|
$ 0.10 |
35.7% |
Income from discontinued operations |
-- |
|
-- |
|
-- |
n/m |
|
|
|
|
|
|
|
Total |
$ 0.38 |
|
$ 0.28 |
|
$ 0.10 |
35.7% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
Basic |
146,639 |
|
144,762 |
|
1,877 |
1.3% |
|
|
|
|
|
|
|
Diluted |
149,034 |
|
147,056 |
|
1,978 |
1.3% |
|
|
|
|
|
|
|
(1) The sum of the individual
earnings per share amounts may not equal the total due to
rounding. |
|
|
|
|
|
LKQ CORPORATION AND
SUBSIDIARIES |
Unaudited Supplementary
Data |
( In thousands, except
per share data ) |
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
Operating
Highlights |
2011 |
2010 |
|
|
|
|
% of |
|
% of |
|
|
|
|
Revenue |
|
Revenue |
Change |
% Change |
Revenue |
$ 3,269,862 |
100.0% |
$ 2,469,881 |
100.0% |
$ 799,981 |
32.4% |
|
|
|
|
|
|
|
Cost of goods sold |
1,877,869 |
57.4% |
1,376,401 |
55.7% |
501,468 |
36.4% |
|
|
|
|
|
|
|
Gross margin |
1,391,993 |
42.6% |
1,093,480 |
44.3% |
298,513 |
27.3% |
|
|
|
|
|
|
|
Facility and warehouse expenses |
293,423 |
9.0% |
233,993 |
9.5% |
59,430 |
25.4% |
|
|
|
|
|
|
|
Distribution expenses |
287,626 |
8.8% |
212,718 |
8.6% |
74,908 |
35.2% |
|
|
|
|
|
|
|
Selling, general and administrative
expenses |
391,942 |
12.0% |
310,228 |
12.6% |
81,714 |
26.3% |
|
|
|
|
|
|
|
Restructuring and acquisition related
expenses |
7,590 |
0.2% |
668 |
0.0% |
6,922 |
n/m |
|
|
|
|
|
|
|
Depreciation and amortization |
49,929 |
1.5% |
37,996 |
1.5% |
11,933 |
31.4% |
|
|
|
|
|
|
|
Operating income |
361,483 |
11.1% |
297,877 |
12.1% |
63,606 |
21.4% |
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
Interest expense, net |
22,447 |
0.7% |
28,316 |
1.1% |
(5,869) |
-20.7% |
Loss on debt extinguishment |
5,345 |
0.2% |
-- |
0.0% |
5,345 |
n/m |
Change in fair value of contingent
consideration liabilities |
(1,408) |
0.0% |
-- |
0.0% |
(1,408) |
n/m |
Other (income) expense, net |
(672) |
0.0% |
(564) |
0.0% |
(108) |
19.1% |
|
|
|
|
|
|
|
Total other expense, net |
25,712 |
0.8% |
27,752 |
1.1% |
(2,040) |
-7.4% |
|
|
|
|
|
|
Income from continuing
operations before provision for income taxes |
335,771 |
10.3% |
270,125 |
10.9% |
65,646 |
24.3% |
|
|
|
|
|
|
|
Provision for income taxes |
125,507 |
3.8% |
103,007 |
4.2% |
22,500 |
21.8% |
|
|
|
|
|
|
|
Income from continuing
operations |
210,264 |
6.4% |
167,118 |
6.8% |
43,146 |
25.8% |
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
Income from discontinued operations, net
of taxes |
-- |
0.0% |
224 |
0.0% |
(224) |
-100.0% |
Gain on sale of discontinued operations,
net of taxes |
-- |
0.0% |
1,729 |
0.1% |
(1,729) |
-100.0% |
|
|
|
|
|
|
|
Income from discontinued operations |
-- |
0.0% |
1,953 |
0.1% |
(1,953) |
-100.0% |
|
|
|
|
|
|
|
Net income |
$ 210,264 |
6.4% |
$ 169,071 |
6.8% |
$ 41,193 |
24.4% |
|
|
|
|
|
|
|
Basic earnings per
share (1): |
|
|
|
|
|
Income from continuing operations |
$ 1.44 |
|
$ 1.17 |
|
$ 0.27 |
23.1% |
Income from discontinued operations |
-- |
|
0.01 |
|
(0.01) |
-100.0% |
|
|
|
|
|
|
|
Total |
$ 1.44 |
|
$ 1.18 |
|
$ 0.26 |
22.0% |
|
|
|
|
|
|
|
Diluted earnings per
share (1): |
|
|
|
|
|
Income from continuing operations |
$ 1.42 |
|
$ 1.15 |
|
$ 0.27 |
23.5% |
Income from discontinued operations |
-- |
|
0.01 |
|
(0.01) |
-100.0% |
|
|
|
|
|
|
|
Total |
$ 1.42 |
|
$ 1.16 |
|
$ 0.26 |
22.4% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
Basic |
146,126 |
|
143,271 |
|
2,855 |
2.0% |
|
|
|
|
|
|
|
Diluted |
148,375 |
|
145,857 |
|
2,518 |
1.7% |
|
|
|
|
|
|
|
(1) The sum of the individual
earnings per share amounts may not equal the total due to
rounding. |
|
|
|
|
|
|
|
The following
unaudited table reconciles income from continuing operations to
EBITDA: |
|
|
|
|
|
|
Three
Months Ended December 31, |
Year Ended
December 31, |
|
|
2011 |
2010 |
2011 |
2010 |
|
(In
thousands) |
|
|
|
|
|
Income from continuing operations |
$ 56,145 |
$ 41,328 |
$ 210,264 |
$ 167,118 |
Depreciation and amortization |
16,197 |
11,039 |
54,505 |
41,428 |
Interest expense, net |
6,520 |
6,699 |
22,447 |
28,316 |
Loss on debt extinguishment (1) |
-- |
-- |
5,345 |
-- |
Provision for income taxes |
28,073 |
25,096 |
125,507 |
103,007 |
|
|
|
Earnings before interest, taxes,
depreciation and amortization (EBITDA) from
continuing operations |
$ 106,935 |
$ 84,162 |
$ 418,068 |
$ 339,869 |
|
|
|
|
|
EBITDA as a percentage of
revenue |
11.4% |
12.5% |
12.8% |
13.8% |
|
(1) Loss on debt extinguishment
is considered a component of interest in calculating EBITDA, as the
write-off of debt issuance costs is similar to the treatment of
debt issuance cost amortization. |
|
|
|
|
|
We provide a reconciliation of
Income from Continuing Operations to EBITDA as we believe it offers
investors, securities analysts and other interested parties useful
information regarding our results of operations because it assists
in analyzing our performance and the value of our business. EBITDA
provides insight into our profitability trends, and allows
management and investors to analyze our operating results with and
without the impact of depreciation, amortization, interest and
income tax expense. We believe EBITDA is used by securities
analysts, investors, and other interested parties in evaluating
companies, many of which present EBITDA when reporting their
results. EBITDA should not be construed as an alternative to
operating income, net income or net cash provided by (used in)
operating activities, as determined in accordance with accounting
principles generally accepted in the United States. In addition,
not all companies that report EBITDA information calculate EBITDA
in the same manner as we do and, accordingly, our calculation is
not necessarily comparable to similarly named measures of other
companies and may not be an appropriate measure for performance
relative to other companies. |
|
|
The following unaudited
tables compare certain revenue categories: |
|
|
|
|
|
|
Three Months
Ended |
|
|
|
December
31, |
|
|
|
2011 |
2010 |
Change |
% Change |
|
(In
thousands) |
|
|
|
|
|
|
|
Included in Unaudited
Consolidated Condensed |
|
|
Statements of Income of
LKQ Corporation |
|
|
|
|
|
|
|
Aftermarket, other new and refurbished
products |
$ 531,116 |
$ 342,555 |
$ 188,561 |
55.0% |
Recycled, remanufactured and related products
and services |
284,946 |
230,141 |
54,805 |
23.8% |
Parts and services |
816,062 |
572,696 |
243,366 |
42.5% |
Other |
123,570 |
101,367 |
22,203 |
21.9% |
Total |
$ 939,632 |
$ 674,063 |
$ 265,569 |
39.4% |
|
|
|
|
|
Revenue changes by
category for the three months ended December 31, 2011 vs.
2010: |
|
|
|
|
|
Revenue Change
Attributable to: |
|
|
Acquisition |
Organic |
Foreign
Exchange |
% Change |
|
|
|
|
|
Aftermarket, other new and refurbished
products |
50.7% |
4.4% |
-0.1% |
55.0% |
Recycled, remanufactured and related products
and services |
16.5% |
7.3% |
0.0% |
23.8% |
Parts and services |
37.0% |
5.6% |
-0.1% |
42.5% |
Other |
11.0% |
10.9% |
0.0% |
21.9% |
Total |
33.1% |
6.4% |
0.0% |
39.4% |
|
|
|
|
|
|
Year
Ended |
|
|
|
December
31, |
|
|
|
2011 |
2010 |
Change |
% Change |
|
(In
thousands) |
|
|
|
|
|
|
|
Included in Unaudited
Consolidated Condensed |
|
|
Statements of Income of
LKQ Corporation |
|
|
|
|
|
|
|
Aftermarket, other new and refurbished
products |
$ 1,634,003 |
$ 1,236,806 |
$ 397,197 |
32.1% |
Recycled, remanufactured and related products
and services |
1,115,088 |
888,320 |
226,768 |
25.5% |
Parts and services |
2,749,091 |
2,125,126 |
623,965 |
29.4% |
Other |
520,771 |
344,755 |
176,016 |
51.1% |
Total |
$ 3,269,862 |
$ 2,469,881 |
$ 799,981 |
32.4% |
|
|
|
|
|
Revenue changes by
category for the year ended December 31, 2011 vs.
2010: |
|
|
|
|
|
Revenue Change
Attributable to: |
|
|
Acquisition |
Organic |
Foreign
Exchange |
% Change |
|
|
|
|
|
Aftermarket, other new and refurbished
products |
25.1% |
6.9% |
0.1% |
32.1% |
Recycled, remanufactured and related products
and services |
15.9% |
9.4% |
0.2% |
25.5% |
Parts and services |
21.3% |
7.9% |
0.2% |
29.4% |
Other |
23.0% |
28.0% |
0.1% |
51.1% |
Total |
21.5% |
10.7% |
0.1% |
32.4% |
|
|
The following unaudited
table compares our revenue and EBITDA by reportable
segment: |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2011 |
2010 |
2011 |
2010 |
|
(In
thousands) |
|
|
|
|
|
Revenue |
|
|
|
|
North America |
$ 801,146 |
$ 674,063 |
$ 3,131,376 |
$ 2,469,881 |
Europe |
138,486 |
-- |
138,486 |
-- |
Total revenue |
$ 939,632 |
$ 674,063 |
$ 3,269,862 |
$ 2,469,881 |
|
|
|
|
|
EBITDA |
|
|
|
|
North America |
$ 94,791 |
$ 84,162 |
$ 405,924 |
$ 339,869 |
Europe |
12,144 |
-- |
12,144 |
-- |
Total EBITDA |
$ 106,935 |
$ 84,162 |
$ 418,068 |
$ 339,869 |
CONTACT: Joseph P. Boutross
Director, Investor Relations
(312) 621-2793
jpboutross@lkqcorp.com
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