- Revenue was $1,342.4 million as
compared to $969.8 million in the
prior year, an increase of 38.4% and the highest first quarter
revenue reported in the Company's history
- Net income for the period was $4.3
million versus $21.3 million
in the prior year and includes a loss on extinguishment of embedded
derivative of $(29.3) million and a
loss on extinguishment of debt of $(9.9)
million in Q1 2022
- Adjusted EBITDA1 was $62.2
million versus $47.2 million
in the prior year, an increase of 31.7%; normalized increase of
60.6% as compared to prior year normalized adjusted
EBITDA1 of $38.7
million
-
- Adjusted EBITDA margin1 was 4.6% versus 4.9% in the
prior year, a decrease of (0.3) percentage points; normalized
increase of 0.6 percentage points as compared to prior year
normalized adjusted EBITDA margin1of 4.0%
- Diluted earnings per share was $0.10, a decrease of $(0.61) from $0.71
in the prior year
- Indebtedness of $358.5 million at
the end of Q1 2022 compares to $285.9
million at the end of Q4 2021
- Net indebtedness1 of $248.8
million at the end of Q1 2022 compares to $212.7 million at the end of Q4 2021
EDMONTON, AB, May 4, 2022
/CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ),
a multi-location North American automobile dealership group, today
reported its financial results for the three month period ended
March 31, 2022.
"We opened 2022 with yet another record first quarter,
reflecting ongoing positive momentum and our business as a whole
continues to perform better than ever," said Paul Antony, Executive Chairman of AutoCanada.
"Our Q1 results speak to the determination, agility and strength of
our team, and the trend of sustainable improvement across all areas
of our business. Continued strong performance from used vehicles,
F&I, and our U.S. operations were key drivers in the
quarter.
"We continued to advance our acquisition strategy with the
recent addition of the Audi Windsor and Porsche of London dealerships, further expanding our
platform in Ontario while adding
brand diversity and increasing the mix of luxury dealerships within
our overall portfolio.
"Looking forward to the remainder of 2022, with our newly
expanded executive team in place, we will continue to build on our
strong momentum and focus on our strategic growth pillars to
deliver industry-leading performance and enhance shareholder
returns. We remain well positioned to continue to execute on our
acquisition strategy in the coming quarters with several
dealerships currently being evaluated. We also expect to see
continued realization of synergies from our acquisitions which will
further drive our 2022 Adjusted EBITDA performance."
AutoCanada also announced today that Maryann Keller will be retiring from the
Company's Board of Directors effective May
5, 2022.
Mr. Antony continued, "On behalf of the Board and the management
team at AutoCanada, I would like to thank Maryann for her
dedication and capable guidance during her board tenure. Maryann
has been with us since May 2015,
including four years as our Lead Independent Director. Maryann has
seen the Company through numerous critical transformations, leaving
us with a strong foundation to pursue our growth strategy. We wish
her all the best."
1
|
See "NON-GAAP AND OTHER
FINANCIAL MEASURES" below.
|
2
|
This press release
contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15.
NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's
Discussion & Analysis (MD&A) for the three month period
ended March 31, 2022 for further information regarding the
composition of these measures.
|
First Quarter Key Highlights and Recent Developments
The Company set another first quarter record as revenue reached
$1,342.4 million as compared to
$969.8 million in the prior year, an
increase of 38.4%. Record Q1 2022 results were driven by strong
performance across all areas of our complete business model, in
particular our used vehicle and finance and insurance ("F&I")
business operations, and continued material improvements from our
U.S. Operations.
Net income for the period was $4.3
million, as compared to $21.3
million in Q1 2021, including a loss on extinguishment of
embedded derivative of $(29.3)
million and a loss on extinguishment of debt of $(9.9) million in Q1 2022. Diluted earnings per
share was $0.10, an decrease of
$(0.61) from $0.71 in the prior year.
Adjusted EBITDA1 for the period was $62.2 million as compared to $47.2 million reported in Q1 2021, an improvement
of 31.7%. Prior year results include $8.5
million of government assistance related to COVID. Excluding
these typically non-recurring income items in the prior year,
adjusted EBITDA1 of $62.2
million compares to normalized adjusted EBITDA1
of $38.7 million in the prior year, a
normalized improvement of 60.6%. Adjusted EBITDA margin1
of 4.6% compares to normalized adjusted EBITDA margin1
of 4.0% in the prior year, an increase of 0.6 percentage points
("ppts").
Gross profit increased by $79.7
million to $247.3 million, an
increase of 47.5%, as compared to prior year. This increase was
largely driven by the increases of $13.6
million from used vehicles and $26.8
million from F&I. In addition, used retail
vehicles2 sales increased by 4,338 units, up 44.6%, to
14,072, which contributed to the consolidated used to new retail
units ratio2 moving to 1.55 from 1.18. F&I gross
profit per retail unit average2 increased to
$3,406, up 17.9% or $516 per unit. Gross profit
percentage2 of 18.4% was a result of strong performance
across all areas of the business and compares to 17.3% in the prior
year.
Our U.S. Operations continues to demonstrate strong growth and
contributed $38.9 million of gross
profit, an increase of $23.5 million
or 152% as compared to prior year. This improvement in gross profit
was driven by gains across all aspects of the business, resulting
in a gross profit percentage of 18.4%.
Proactive inventory management for both new and used vehicles
continued to be a key driver to the Company's success in delivering
both strong revenue and retail margin growth across all our
business operations in the first quarter. We continue to manage our
new vehicle inventory as the chip shortage remains an issue,
particularly impacting new vehicle inventory supply. While we are
gradually seeing improvements in both available new vehicle
inventory and allocations, we are not expecting a return to
"normalcy" in inventory levels until late 2023 to 2024.
Compensating for reduced new vehicle supply, we more than doubled
our used vehicle inventory position to $717.3 million as at March 31, 2022 as
compared to $311.4 million in Q1
2021. Management continues to monitor the used vehicle market and
actively manage our used vehicle inventory position to ensure it is
appropriate to meet current market demand.
Net indebtedness1 increased by $36.0 million from December 31, 2021 to $248.8 million at the end of Q1 2022. This
increase is primarily driven by the repurchase and cancellation of
$(31.2) million of shares under the
authorized Normal Course Issuer Bid ("NCIB"). Free cash
flow1 on a trailing twelve month ("TTM") basis was
$93.6 million at Q1 2022 as compared
to $144.6 million in Q1 2021; the
decline in free cash flow1 between years was driven
primarily by reduced government assistance in 2021, increased cash
taxes, stock based compensation related cash payments, and changes
in working capital. Additionally, our net indebtedness leverage
ratio1 of 1.1x remained well below our target range at
the end of Q1 2022, as compared to 0.7x in Q1 2021.
Had all of the completed acquisitions, as identified in Section
5 Acquisitions, Divestitures, Relocations and Real Estate, occurred
at April 1, 2021, consolidated
pro forma net income would have been $155.7
million for the TTM ended March 31,
2022, as compared to consolidated pro forma net income of
$174.8 million for the year ended
December 31, 2021. Pro forma
normalized adjusted EBITDA1 would be $282.4 million for the TTM ended March 31, 2022, as compared to pro forma
normalized adjusted EBITDA1 of $266.4 million for the year ended December 31, 2021.
We remain well-positioned to continue to execute on our
acquisition strategy in the coming quarters. We continue to develop
a transaction pipeline with a number of dealerships currently being
evaluated.
The Company welcomed Jeffery
Thorpe, President, Canadian Operations, Brian Feldman, Senior Vice President, Canadian
Operations and Disruptive Technologies, and Lee Wittick, Senior Vice President, Operations
and OEM Relations to the executive team April 2022 to continue to drive the Company's
ongoing growth, synergies, and efficiencies. All three executive
team members have significant industry expertise operating a
dealership platform at scale using centralized services through
head office, which closely mirrors AutoCanada's operating rhythm.
With our 2022 strategic growth pillars and the new executive team
in place, we are poised to demonstrate our best in class
operations, and continue to grow our scalable and repeatable
business model.
Our performance, both in Canada
and U.S. Operations, continues our trend of sustainable improvement
and demonstrates the efficacy of our complete business model and
strategic initiatives. We remain aware that uncertainty continues
to exist in the macroeconomic environment given the ongoing
challenges associated with the global pandemic and the Russia-Ukraine war. Uncertainties may include
potential economic recessions or downturns, continued disruptions
to the global automotive manufacturing supply chain, and other
general economic conditions resulting in reduced demand for vehicle
sales and service. We will continue to remain proactive and
vigilant in assessing the impacts on our organization and remain
committed to optimizing and building stability and resiliency into
our business model to ensure we are able to drive industry-leading
performance regardless of changing market condition.
1
|
See "NON-GAAP AND OTHER
FINANCIAL MEASURES" below.
|
2
|
This press release
contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15.
NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's
Discussion & Analysis (MD&A) for the three month period
ended March 31, 2022 for further information regarding the
composition of these measures.
|
Consolidated AutoCanada Highlights
ANOTHER RECORD SETTING FIRST QUARTER
AutoCanada delivered another record setting first quarter.
Refer to Section 5 Acquisitions, Divestitures, Relocations and
Real Estate of the Company's MD&A for the three month period
ended March 31, 2022 for acquisitions
included in Q1 2022 results.
For the three-month period ended March
31, 2022:
- Revenue was $1,342.4 million, an
increase of $372.6 million or
38.4%
- Total vehicles sold2 were 23,414, an increase of
4,707 units or 25.2%
-
- Used retail vehicles2 sold increased by 4,338 or
44.6%
- Net income for the period was $4.3
million (or $0.11 per basic
share) versus $21.3 million (or
$0.71 per diluted share)
-
- Loss on extinguishment of embedded derivative of $(29.3) million and loss on extinguishment of
debt of $(9.9) million were
recognized in Q1 2022
- Adjusted EBITDA1 increased by 31.7% to $62.2 million, an increase of $15.0 million
-
- Adjusted EBITDA1 increased by 60.6% over prior year
normalized adjusted EBITDA1 of $38.7 million, an increase of $23.5 million
- Adjusted EBITDA1 on a trailing twelve month basis
was $266.8 million
- Net indebtedness1 of $248.8
million reflected an increase of $36.0 million from the end of Q4 2021
Canadian Operations Highlights
OUTPERFORMED NEW RETAIL MARKET BY 6.6
PPTS, USED RETAIL UNIT2 SALES INCREASED BY
30%
We outperformed the Canadian market, as same store new retail
unit2 sales decreased by (6.8)% as compared to the
market decrease of (13.4)%, for same store brands represented by
AutoCanada as reported by DesRosiers Automotive Consultants
("DesRosiers"), an outperformance of 6.6 ppts.
Our used vehicle and F&I segments were key drivers of the
record earnings in Q1 2022. Used vehicle gross profit
percentage2 increased to 7.0% as compared to 6.7% in the
prior year. F&I gross profit per retail unit
average2 increased to $3,368, up 12.7% or $379 per unit.
Unless stated otherwise, all results for acquired businesses are
included in all Canadian references in the MD&A.
For the three-month period ended March
31, 2022:
- Revenue was $1,131.0 million, an
increase of 30.9%
- Used retail vehicles2 sold increased by 2,620 or
29.6%
-
- Average TTM Canadian used retail unit2 sales per
dealership per month, excluding Used Digital Retail Division
dealerships2, improved to 54, as compared to 50 in the
prior year
- Used to new retail units ratio2 increased to 1.50
from 1.29
-
- TTM used to new retail ratio2 improved to 1.48 at Q1
2022 as compared to 1.01 at Q1 2021
- F&I gross profit per retail unit average2
increased to $3,368, up 12.7% or
$379 per unit
- Net loss for the period was $(1.0)
million, down (104.8)% from a net income of $21.0 million in 2021
-
- Loss on extinguishment of embedded derivative of $(29.3) million and loss on extinguishment of
debt of $(9.9) million were
recognized in Q1 2022
- Adjusted EBITDA1 increased 23.6% to $53.4 million, an increase of $10.2 million
-
- Adjusted EBITDA1 increased by 33.1% over prior year
normalized adjusted EBITDA1 of $40.1 million
- Adjusted EBITDA margin1 was 4.7% as compared to
normalized adjusted EBITDA margin1 of 4.6% in the prior
year, an increase of 0.1 ppts
1
|
See "NON-GAAP AND OTHER
FINANCIAL MEASURES" below.
|
2
|
This press release
contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15.
NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's
Discussion & Analysis (MD&A) for the three month period
ended March 31, 2022 for further information regarding the
composition of these measures.
|
U.S. Operations Highlights
REVENUE DOUBLED TO $211
MILLION
U.S. Operations continues to improve under the new management
team, as demonstrated by the fourth consecutive quarter of
year-over year growth in adjusted EBITDA1. This growth
was driven by improvements across all aspects of the business and
resulted in a gross profit percentage of 18.4% and a 77.3% increase
in total retail unit sales.
- Revenue was $211.4 million, an
increase of 99%, from $106.0
million
- Used retail vehicles2 sold increased by 1,718 units
or 192%
- F&I gross profit per retail unit average2
increased to $3,583 per unit, up
62.3% or $1,375 per unit
- Net income for the period increased by $5.0 million to $5.3
million, from $0.3
million
-
- Net income on a trailing twelve month basis was $22.1 million
- Adjusted EBITDA1 was $8.8
million as compared to $4.0
million, an increase of $4.8
million
-
- Normalized adjusted EBITDA1 for the prior year was
$(1.4) million, resulting in a
normalized increase of $10.2
million
- Adjusted EBITDA1 on a trailing twelve month basis
was $36.0 million
Same Store Metrics - Canadian Operations
F&I GROSS PROFIT PER RETAIL UNIT
AVERAGE2 INCREASED TO $3,702, UP 20% OR $617 PER UNIT
We outperformed the Canadian market by 6.6 ppts as same
store new retail units2 decreased by (6.8)% as compared
to the market decrease of (13.4)%, for same store brands
represented by AutoCanada as reported by DesRosiers. The continued
optimization of the Company's complete business model is
highlighted by the year-over-year 23.2% improvement in gross profit
across each individual business segment which collectively totaled
$179.6 million.
Refer to Section 19 Same Stores Results Data of the Company's
MD&A for the three month period ended March 31, 2022 for the definition of same store
and further information.
- Revenue increased to $926.7
million, an increase of 17.2%
- Gross profit increased by $33.8
million or 23.2%
- Used to new retail units ratio2 increased to 1.46
from 1.19
-
- Used retail unit2 sales increased by 14.0%, an
increase of 1,144 units
- For the fourteenth consecutive quarter of year-over-year
growth, F&I gross profit per retail unit average2
increased to $3,702, up 20.0% or
$617 per unit; gross profit increased
to $58.1 million as compared to
$46.3 million in the prior year, an
increase of 25.4%
- Parts, service and collision repair ("PS&CR") gross profit
increased to $59.2 million, an
increase of 17.3%
-
- PS&CR gross profit percentage2 decreased to
52.2% as compared to 54.6% in the prior year
Financing and Investing Activities and Other Recent
Developments
ISSUED $350
MILLION SENIOR UNSECURED NOTES
Net indebtedness1 of $248.8
million resulted in a net indebtedness leverage
ratio1 of 1.1x. Financing and investing activities
included the following:
- On January 12, 2022, S&P
Global Ratings ("S&P") issued a research update and raised both
the issuer credit rating and the Company's senior unsecured notes
to 'B+'.
- On February 7, 2022, amended and
extended our existing credit facility for total aggregate bank
facilities of $1.3 billion, with a
maturity date of April 14, 2025.
- On February 7, 2022, issued
$350 million of Senior Unsecured
Notes at 5.75%, due February 7, 2029,
with the proceeds used to fund the redemption of the outstanding
$250 million 8.75% Senior Unsecured
Notes due February 11, 2025, to
reduce the outstanding balance under its syndicated credit facility
and for general corporate purposes including acquisitions.
- On May 2, 2022, the Company
acquired substantially all of the assets used in or relating to the
Audi Windsor and Porsche of London
dealerships, located in London and
Windsor, Ontario, respectively.
The acquisition supports management's strategic objectives of
further establishing the Company's presence in the province of
Ontario, increasing both brand
diversity and luxury mix within our portfolio. The acquisition
included the underlying real estate for both dealerships.
- On May 4, 2022, the Company
entered into an arrangement with the Bank of Nova Scotia to provide non-recourse mortgage
financing for a previously purchased property in Maple Ridge, BC. The non-recourse mortgage
arrangement will fund land value as well as construction costs
associated with the development of two dealerships. The
non-recourse mortgage is secured by the real estate as collateral.
The credit facility allows for up to $100
million of non-recourse mortgage financing. The non-recourse
mortgage liability is not considered a liability for purposes of
calculating our credit facility financial covenants.
1
|
See "NON-GAAP AND
OTHER FINANCIAL MEASURES" below.
|
2
|
This press release
contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section
15. NON-GAAP AND OTHER FINANCIAL MEASURES of the
Company's Management's Discussion & Analysis (MD&A) for the
three month period ended March 31, 2022 for further information
regarding the composition of these measures.
|
First Quarter Financial Information
The following table summarizes the Company's performance for the
quarter:
|
Three Months Ended
March 31
|
Consolidated
Operational Data
|
2022
|
2021
|
%
Change
|
Revenue
|
1,342,438
|
969,824
|
38.4%
|
Gross profit
|
247,339
|
167,636
|
47.5%
|
Gross profit
%
|
18.4%
|
17.3%
|
1.1%
|
Operating
expenses
|
193,646
|
127,948
|
51.3%
|
Operating
profit
|
56,690
|
41,664
|
36.1%
|
Net income for the
period
|
4,322
|
21,334
|
(79.7)%
|
Basic net income per
share attributable to AutoCanada shareholders
|
0.11
|
0.77
|
(85.7)%
|
Diluted net income per
share attributable to AutoCanada shareholders
|
0.10
|
0.71
|
(85.9)%
|
Adjusted
EBITDA1
|
62,196
|
47,234
|
31.7%
|
|
|
|
|
New retail
vehicles2 sold (units)
|
9,052
|
8,233
|
9.9%
|
New fleet
vehicles2 sold (units)
|
290
|
740
|
(60.8)%
|
Total new
vehicles2 sold (units)
|
9,342
|
8,973
|
4.1%
|
Used
retail vehicles2 sold (units)
|
14,072
|
9,734
|
44.6%
|
Total
vehicles2 sold
|
23,414
|
18,707
|
25.2%
|
Same store
new retail vehicles2 sold (units)
|
6,383
|
6,848
|
(6.8)%
|
Same store
new fleet vehicles2 sold (units)
|
264
|
739
|
(64.3)%
|
Same store
used retail vehicles2 sold (units)
|
9,306
|
8,162
|
14.0%
|
Same store
total vehicles2 sold
|
15,953
|
15,749
|
1.3%
|
Same
store2 revenue
|
926,660
|
790,798
|
17.2%
|
Same
store2 gross profit
|
179,559
|
145,799
|
23.2%
|
Same
store2 gross profit %
|
19.4%
|
18.4%
|
1.0%
|
SELECTED QUARTERLY FINANCIAL INFORMATION
The following table shows the unaudited results of the Company
for each of the eight most recently completed quarters. The results
of operations for these periods are not necessarily indicative of
the results of operations to be expected in any given comparable
period.
|
MD&A
Footnote
Reference3
|
Q1
2022
|
Q4
2021
|
Q3
2021
REVISED
|
Q2
2021
REVISED
|
Q1
2021
REVISED
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Income Statement
Data
|
4
|
|
|
|
|
|
|
|
|
New
vehicles 4
|
7
|
511,195
|
467,085
|
498,142
|
547,593
|
451,061
|
466,468
|
544,415
|
381,427
|
Used
vehicles 4
|
7
|
595,514
|
524,043
|
518,791
|
539,785
|
354,922
|
257,301
|
309,193
|
215,032
|
Parts,
service and collision repair 4
|
7
|
152,009
|
136,800
|
116,953
|
122,459
|
108,427
|
105,362
|
111,739
|
90,417
|
Finance,
insurance and other 4
|
7
|
83,720
|
67,854
|
72,868
|
71,218
|
55,414
|
46,990
|
51,753
|
40,571
|
Revenue
|
|
1,342,438
|
1,195,782
|
1,206,754
|
1,281,055
|
969,824
|
876,121
|
1,017,100
|
727,447
|
New
vehicles 4
|
7
|
53,384
|
50,632
|
46,525
|
44,619
|
34,639
|
31,199
|
42,230
|
10,634
|
Used
vehicles 4
|
7
|
36,772
|
38,118
|
39,669
|
40,269
|
23,206
|
19,787
|
29,819
|
4,224
|
Parts,
service and collision repair 4
|
7
|
78,431
|
75,917
|
64,748
|
68,115
|
57,874
|
58,109
|
59,056
|
45,836
|
Finance,
insurance and other 4
|
7
|
78,752
|
63,847
|
69,250
|
64,838
|
51,917
|
43,642
|
48,307
|
37,185
|
Gross
Profit
|
|
247,339
|
228,514
|
220,192
|
217,841
|
167,636
|
152,737
|
179,412
|
97,879
|
Gross
profit %
|
|
18.4%
|
19.1%
|
18.2%
|
17.0%
|
17.3%
|
17.4%
|
17.6%
|
13.5%
|
Operating
expenses
|
|
193,646
|
170,008
|
159,880
|
154,773
|
127,948
|
119,442
|
125,785
|
99,736
|
Operating
expenses as a % of gross profit
|
|
78.3%
|
74.4%
|
72.6%
|
71.0%
|
76.3%
|
78.2%
|
70.1%
|
101.9%
|
Operating
profit (loss)
|
|
56,690
|
99,410
|
62,841
|
66,153
|
41,664
|
46,664
|
56,884
|
(4,388)
|
(Recoveries) impairment of non-financial assets
|
|
—
|
(39,846)
|
—
|
—
|
—
|
(11,248)
|
—
|
3,910
|
Net
income (loss)
|
|
4,322
|
69,398
|
38,769
|
37,698
|
21,334
|
24,320
|
35,962
|
(20,052)
|
Basic net
income (loss) per share attributable to AutoCanada
shareholders
|
|
0.11
|
2.54
|
1.37
|
1.33
|
0.77
|
0.87
|
1.29
|
(0.72)
|
Diluted
net income (loss) per share attributable to AutoCanada
shareholders
|
|
0.10
|
2.38
|
1.27
|
1.23
|
0.71
|
0.81
|
1.23
|
(0.72)
|
Dividends
declared per share
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Adjusted EBITDA1
|
2
|
62,196
|
65,873
|
68,265
|
70,491
|
47,234
|
40,472
|
61,054
|
4,828
|
Free cash flow1
|
2
|
5,852
|
7,603
|
12,372
|
67,803
|
19,391
|
19,240
|
53,444
|
52,557
|
|
|
|
|
|
|
|
|
|
|
Operating
Data
|
4
|
|
|
|
|
|
|
|
|
New retail vehicles2 sold
|
3
|
9,052
|
8,204
|
9,255
|
10,107
|
8,233
|
8,623
|
10,750
|
7,526
|
New fleet vehicles2 sold
|
3
|
290
|
199
|
358
|
575
|
740
|
964
|
582
|
340
|
Total new vehicles2 sold
|
3
|
9,342
|
8,403
|
9,613
|
10,682
|
8,973
|
9,587
|
11,332
|
7,866
|
Used retail vehicles2 sold
|
3
|
14,072
|
11,893
|
13,831
|
13,271
|
9,734
|
7,389
|
8,836
|
7,228
|
Total
vehicles2 sold
|
3
|
23,414
|
20,296
|
23,444
|
23,953
|
18,707
|
16,976
|
20,168
|
15,094
|
# of service and
collision repair orders2 completed
|
3, 5,
6
|
221,632
|
232,373
|
199,870
|
214,149
|
182,869
|
203,086
|
195,004
|
172,956
|
# of dealerships at
period end
|
6
|
80
|
80
|
68
|
67
|
67
|
67
|
62
|
63
|
# of same store
dealerships
|
1
|
49
|
49
|
49
|
49
|
49
|
47
|
47
|
48
|
# of service bays at
period end
|
|
1,293
|
1,303
|
1,108
|
1,098
|
1,098
|
1,098
|
1,039
|
1,044
|
Same
stores2 revenue growth
|
1
|
17.2%
|
14.1%
|
15.0%
|
54.2%
|
27.8%
|
6.3%
|
(1.1)%
|
(22.4)%
|
Same
stores2 gross profit growth
|
1
|
23.2%
|
29.4%
|
18.6%
|
102.5%
|
35.0%
|
7.7%
|
17.1%
|
(33.9)%
|
1
|
See "NON-GAAP AND OTHER
FINANCIAL MEASURES" below.
|
2
|
This press release
contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15.
NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's
Discussion & Analysis (MD&A) for the three month period
ended March 31, 2022 for further information regarding the
composition of these measures.
|
3
|
See the Company's
MD&A for the quarter ended March 31, 2022 for complete footnote
disclosures.
|
4
|
In Q4 2021, it was
determined there were Revenues and Cost of sales accounts
incorrectly classified between revenue streams in the first three
quarters of 2021 within the U.S. Operations segment. As a result,
the classification of these accounts has been corrected and we have
revised the Q1, Q2, and Q3 2021 amounts. This reclassification had
no impact on total gross profit.
|
MD&A and Financial Statements
Information included in this press release is a summary of
results. It should be read in conjunction with AutoCanada's
Consolidated Financial Statements and Management's Discussion and
Analysis for the quarter ended March 31, 2022, which can be
found on the Company's website at www.autocan.ca or on
www.sedar.com.
NON-GAAP MEASURES
This press release contains certain financial measures that do
not have any standardized meaning prescribed by Canadian GAAP.
Therefore, these financial measures may not be comparable to
similar measures presented by other issuers. Investors are
cautioned these measures should not be construed as an alternative
to net earnings (loss) or to cash provided by (used in) operating,
investing, financing activities, cash and cash equivalents, and
indebtedness determined in accordance with Canadian GAAP, as
indicators of our performance. We provide these additional non-GAAP
measures, capital management measures, and supplementary financial
measures to assist investors in determining our ability to generate
earnings and cash provided by (used in) operating activities and to
provide additional information on how these cash resources are
used.
Adjusted EBITDA, adjusted EBITDA margin, normalized adjusted
EBITDA, normalized adjusted EBITDA margin, income statement impacts
and adjusted EBITDA on a pre-IFRS 16 basis, adjusted EBITDA margin
on a pre-IFRS 16 basis, pro forma adjusted EBITDA, pro forma
normalized adjusted EBITDA, free cash flow, net indebtedness, and
net indebtedness leverage ratio are not earnings measures
recognized by GAAP and do not have standardized meanings prescribed
by GAAP. Investors are cautioned that these non-GAAP measures
should not replace net earnings or loss (as determined in
accordance with GAAP) as an indicator of the Company's performance,
of its cash flows from operating, investing and financing
activities or as a measure of its liquidity and cash flows. The
Company's methods of calculating referenced non-GAAP measures may
differ from the methods used by other issuers. Therefore, these
measures may not be comparable to similar measures presented by
other issuers.
It should be noted that certain of the financial measures
described below include pro forma items estimating the impact of
the acquisitions if they had occurred on the first day of the
relevant period, or as of a specified date. Readers should
understand that these estimates were determined by management in
good faith and are not indicative of what the historical results of
the businesses acquired in the acquisitions actually were for the
relevant period, or what those results would have been if the
acquisitions had occurred on the dates indicated, or what they will
be for any future period. As a result, the pro forma financial
measures may not be indicative of the Company's financial position
that would have prevailed, or operating results that would have
been obtained, if the transactions had taken place on the dates
indicated or of the financial position or operating results which
may be obtained in the future. These pro forma financial measures
are not a forecast or projection of future results. The actual
financial position and results of operations of the Company for any
period following the closing of the acquisitions will vary from the
amounts set forth following pro forma financial measures, and such
variation may be material.
We list and define these "NON-GAAP MEASURES" below:
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation,
and amortization) is an indicator of a company's operating
performance over a period of time and ability to incur and service
debt. Adjusted EBITDA provides an indication of the results
generated by our principal business activities prior to:
- Interest expense (other than interest expense on floorplan
financing), income taxes, depreciation, and amortization;
- Charges that introduce volatility unrelated to operating
performance by virtue of the impact of external factors (such as
share-based compensation amounts attributed to certain equity
issuances as a part of the Used Digital Retail Division);
- Non-cash charges (such as impairment, recoveries, gains or
losses on free-standing derivatives, revaluation of contingent
consideration and revaluation of redemption liabilities);
- Charges outside the normal course of business (such as
restructuring, gains and losses on dealership divestitures and real
estate transactions); and
- Charges that are non-recurring in nature (such as provisions
for wholesale fraud and settlement income).
The Company believes adjusted EBITDA provides improved
continuity with respect to the comparison of our operating
performance over a period of time.
Normalized Adjusted EBITDA
With the onset of COVID-19 during the second quarter of 2020,
the impact of COVID-19 related government restrictions resulted in
charges that are one-time in nature, and related government
programs resulted in subsidies that are non-recurring in the
future.
Normalized adjusted EBITDA is an indicator of a company's
operating performance over a period of time and ability to incur
and service debt, normalized for charges that are non-recurring in
nature related to the pandemic such as:
- Canada Emergency Wage Subsidy
("CEWS") income expected to recur until the Company is no longer
eligible for the subsidy;
- Canada Emergency Rent Subsidy
("CERS") income expected to recur until the Company is no longer
eligible for the subsidy; and
- One-time forgiveness of Small Business Association Paycheck
Protection Program ("PPP") loans.
The Company believes normalized adjusted EBITDA provides
improved continuity with respect to the comparison of our operating
performance normalized for impacts related to the COVID-19
pandemic.
Pro Forma Adjusted EBITDA and Pro Forma Normalized Adjusted
EBITDA
The Company believes pro forma adjusted EBITDA and pro forma
normalized adjusted EBITDA provides improved understanding of the
progress of our acquisition strategy as if the acquisitions had
occurred at the beginning of the period. Pro forma adjusted EBITDA
and pro forma normalized adjusted EBITDA includes management's
estimate of the net income generated by our acquisitions prior to
interest expense (other than interest expense on floorplan
financing), income taxes, depreciation, and amortization, assuming
acquisitions in the year had occurred on the first day of the 12
month period ended December 31, prior
to any synergies, pursuant to the terms of the credit facilities.
Pro forma adjustments estimated by management were derived from
dealership financial statements. The Company's blended rate of
Canadian corporate tax of 25.4% was applied to pro forma
adjustments where applicable.
Refer to the MD&A for the year ended December 31, 2021 for the reconciliation of the
pro forma normalized adjusted EBITDA for the year ended
December 31, 2021.
Adjusted EBITDA Margin, Normalized Adjusted EBITDA Margin,
and Adjusted EBITDA Margin on a Pre-IFRS 16 Basis
Adjusted EBITDA margin is an indicator of a company's operating
performance specifically in relation to our revenue performance.
Normalized adjusted EBITDA margin is an indicator of a company's
operating performance specifically in relation to our revenue
performance, normalized for government programs subsidies that are
non-recurring in nature related to the pandemic such as:
- CEWS income expected to recur until the Company is no longer
eligible for the subsidy;
- CERS expected to recur until the Company is no longer eligible
for the subsidy; and
- One-time forgiveness of Small Business Association PPP
loans.
The Company believes adjusted EBITDA margin, normalized adjusted
EBITDA margin and adjusted EBITDA margin on a pre-IFRS 16 basis
provides improved continuity with respect to the comparison of our
operating performance with retaining and growing profitability as
our revenue and scale increases over a period of time.
Income Statement Impacts and Adjusted EBITDA on a Pre-IFRS 16
basis
The Company adopted IFRS 16 on January 1,
2019. On adoption of IFRS 16, the Company recognized lease
liabilities in relation to leases, which had previously been
classified as 'operating leases' under the principles of IAS 17
Leases. These liabilities were measured at the present value of the
remaining lease payments, discounted using the lessee's incremental
borrowing rate. There are also corresponding income statement
impacts to net income and other comprehensive income.
The Company believes adjusted EBITDA on a pre-IFRS 16 basis
provides improved continuity for purposes of comparing to our
historical operating performance prior to fiscal year 2019. Our
Credit Facility financial covenants are calculated and presented on
a pre-IFRS 16 basis. In addition, the net indebtedness leverage
ratio is calculated on a pre-IFRS 16 basis.
Adjusted EBITDA on a pre-IFRS 16 basis is calculated as adjusted
EBITDA less the rental expense, fair market value rent adjustment,
and step lease rent adjustment eliminated from the adoption of IFRS
16 lease liabilities accounting standards.
Free Cash Flow
Free cash flow is a measure used by Management to evaluate the
Company's performance. While the closest Canadian GAAP measure is
cash provided by operating activities, free cash flow is considered
relevant because it provides an indication of how much cash
generated by operations is available after capital expenditures. It
shall be noted that although we consider this measure to be free
cash flow, financial and non-financial covenants in our credit
facilities and dealer agreements may restrict cash from being
available for distributions, re-investment in the Company,
potential acquisitions, or other purposes. Investors should be
cautioned that free cash flow may not actually be available for
such purposes. References to "Free cash flow" are to cash provided
by (used in) operating activities (including the net change in
non-cash working capital balances) less capital expenditure (not
including acquisitions of dealerships and dealership
facilities).
Net Indebtedness Leverage Ratio
Net indebtedness leverage ratio is a measure used by management
to evaluate the liquidity of the Company.
The Company believes presenting the net indebtedness leverage
ratio on a pre-IFRS 16 basis provides improved continuity for
purposes of comparing to our historical operating performance prior
to fiscal year 2019 and remains relevant while our Credit Facility
financial covenants continues to be calculated and presented on a
pre-IFRS 16 basis. Net indebtedness leverage ratio is calculated as
net indebtedness compared to Adjusted EBITDA pre-IFRS 16 on a TTM
basis.
We list and define "CAPITAL MANAGEMENT MEASURES" below:
Net Indebtedness
Net indebtedness is used by management to evaluate the
liquidity of the Company.
Net indebtedness is calculated as indebtedness, net of
unamortized deferred financing costs, adding back embedded
derivative asset, and less cash and cash equivalents.
NON-GAAP AND OTHER FINANCIAL MEASURES RECONCILIATIONS
Adjusted EBITDA and Normalized Adjusted EBITDA
The following table illustrates adjusted EBITDA and normalized
adjusted EBITDA, for the three-month period ended March 31, over the last two years of
operations:
|
2022
|
2021
|
Period from January
1 to March 31
|
|
|
Net income for the
period
|
4,322
|
21,334
|
Add back:
|
|
|
Income tax (recovery)
expense
|
(463)
|
7,220
|
Depreciation of
property and equipment
|
4,740
|
4,054
|
Interest on long-term
indebtedness
|
7,158
|
4,663
|
Depreciation of right
of use assets
|
7,431
|
6,344
|
Lease liability
interest
|
7,372
|
5,722
|
|
30,560
|
49,337
|
Add back:
|
|
|
Loss on
extinguishment of debt
|
9,860
|
—
|
Unrealized fair value changes in derivative instruments
|
(7,795)
|
(2,919)
|
Amortization of loss on terminated hedges
|
817
|
817
|
Unrealized foreign exchange (gains) losses
|
(268)
|
57
|
Loss on
extinguishment of embedded derivative
|
29,306
|
—
|
Gain on
disposal of assets
|
(284)
|
(58)
|
Adjusted
EBITDA
|
62,196
|
47,234
|
Normalizing
items:
|
|
|
Less:
|
|
|
Canada
Emergency Wage Subsidy
|
—
|
(2,901)
|
Canada
Emergency Rent Subsidy
|
—
|
(200)
|
Forgiveness of PPP loans
|
—
|
(5,398)
|
Normalized Adjusted
EBITDA
|
62,196
|
38,735
|
Segmented Adjusted EBITDA and Segmented Normalized
Adjusted EBITDA
The following table illustrates the segmented adjusted EBITDA
and normalized adjusted EBITDA, for the three-month period ended
March 31, over the last two years of
operations:
|
Three Months Ended
March 31, 2022
|
|
Three Months Ended
March 31, 2021
|
|
Canada
|
U.S.
|
Total
|
|
Canada
|
U.S.
|
Total
|
Period from January
1 to March 31
|
|
|
|
|
|
|
|
Net (loss) income for
the period
|
(1,006)
|
5,328
|
4,322
|
|
21,044
|
290
|
21,334
|
Add back:
|
|
|
|
|
|
|
|
Income tax (recovery)
expense
|
(677)
|
214
|
(463)
|
|
7,220
|
—
|
7,220
|
Depreciation of
property and equipment
|
4,382
|
358
|
4,740
|
|
3,745
|
309
|
4,054
|
Interest on long-term
indebtedness
|
5,787
|
1,371
|
7,158
|
|
2,825
|
1,838
|
4,663
|
Depreciation of right
of use assets
|
6,759
|
672
|
7,431
|
|
5,677
|
667
|
6,344
|
Lease liability
interest
|
6,492
|
880
|
7,372
|
|
4,786
|
936
|
5,722
|
|
21,737
|
8,823
|
30,560
|
|
45,297
|
4,040
|
49,337
|
Add back:
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt
|
9,860
|
—
|
9,860
|
|
—
|
—
|
—
|
Unrealized
fair value changes in derivative instruments
|
(7,795)
|
—
|
(7,795)
|
|
(2,919)
|
—
|
(2,919)
|
Amortization of loss on terminated hedges
|
817
|
—
|
817
|
|
817
|
—
|
817
|
Unrealized
foreign exchange (gains) losses
|
(268)
|
—
|
(268)
|
|
57
|
—
|
57
|
Loss on
extinguishment of embedded derivative
|
29,306
|
—
|
29,306
|
|
—
|
—
|
—
|
Gain on
disposal of assets
|
(284)
|
—
|
(284)
|
|
(58)
|
—
|
(58)
|
Adjusted
EBITDA
|
53,373
|
8,823
|
62,196
|
|
43,194
|
4,040
|
47,234
|
Normalizing
Items:
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
Canada
Emergency Wage Subsidy
|
—
|
—
|
—
|
|
(2,901)
|
—
|
(2,901)
|
Canada
Emergency Rent Subsidy
|
—
|
—
|
—
|
|
(200)
|
—
|
(200)
|
Forgiveness of PPP loans
|
—
|
—
|
—
|
|
—
|
(5,398)
|
(5,398)
|
Normalized Adjusted
EBITDA
|
53,373
|
8,823
|
62,196
|
|
40,093
|
(1,358)
|
38,735
|
Pro Forma Adjusted EBITDA and Pro Forma Normalized
Adjusted EBITDA Reconciliation
The following table illustrates pro forma adjusted EBITDA and
pro forma normalized adjusted EBITDA for the trailing twelve
month period ended March 31, over the
last two years of operations:
|
2022
|
2021
|
Period from
April 1 to March 31
|
|
|
Net income for the
period
|
150,187
|
61,564
|
Add back:
|
|
|
Income tax
expense
|
46,338
|
15,775
|
Depreciation of
property and equipment
|
17,958
|
17,039
|
Interest on long-term
indebtedness
|
24,395
|
17,190
|
Depreciation of right
of use assets
|
27,507
|
24,895
|
Lease liability
interest
|
24,712
|
22,274
|
|
291,097
|
158,737
|
Add back:
|
|
|
(Recoveries) impairment of non-financial assets,
net
|
(39,846)
|
(7,338)
|
Share-based compensation (Used Digital Retail
Division)
|
—
|
435
|
Loss (gain) on redemption liabilities
|
14,116
|
(762)
|
Loss on extinguishment of debt
|
10,988
|
—
|
Unrealized fair value changes in derivative
instruments
|
(12,749)
|
(1,579)
|
Amortization of loss on terminated hedges
|
3,268
|
2,810
|
Unrealized foreign exchange (gains) losses
|
(210)
|
2,193
|
Loss on termination of lease, net
|
427
|
—
|
Gain on disposal of assets
|
(266)
|
(1,399)
|
Adjusted
EBITDA
|
266,825
|
153,097
|
Normalizing
items:
|
|
|
Add back:
|
|
|
Inventory write-down
|
—
|
22,725
|
Severance charges
|
—
|
8,170
|
Write-off of prepaid advertising leads
|
—
|
2,131
|
One-time retention and recognition payments for key
dealership employees
|
—
|
1,742
|
One-time write-off of accounts receivable and onerous
provisions
|
—
|
5,633
|
Other charges including true-up of accruals and other
liabilities
|
—
|
4,686
|
One-time employee recognition payments
|
—
|
309
|
Operational incentive payments
|
—
|
851
|
Less:
|
|
|
Canada Emergency Wage Subsidy
|
(1,487)
|
(38,165)
|
Canada Emergency Rent Subsidy
|
(136)
|
(400)
|
Forgiveness of PPP loans
|
(1,330)
|
(5,398)
|
Normalized Adjusted
EBITDA
|
263,872
|
155,381
|
Pro forma items had
the acquisitions occurred on April 1:
|
|
|
Net income for the
period
|
5,481
|
2,153
|
Add back:
|
|
|
Income tax
expense
|
1,769
|
695
|
Depreciation of
property and equipment
|
1,262
|
504
|
Interest on long-term
indebtedness
|
3,966
|
1,732
|
Depreciation of right
of use assets
|
2,278
|
946
|
Lease liability
interest
|
3,738
|
1,498
|
Pro Forma Adjusted
EBITDA
|
285,319
|
160,625
|
Pro Forma Normalized
Adjusted EBITDA
|
282,366
|
162,909
|
Quarter-to-Date Adjusted EBITDA Margin
The following table illustrates adjusted EBITDA margin for the
three-month periods ended March 31,
over the last two years of operations:
|
2022
|
2021
|
Period from January
1 to March 31
|
|
|
Adjusted
EBITDA
|
62,196
|
47,234
|
Revenue
|
1,342,438
|
969,824
|
Adjusted EBITDA
Margin
|
4.6%
|
4.9%
|
Quarter-to-Date Normalized Adjusted EBITDA Margin
The following table illustrates normalized adjusted EBITDA
margin for the three-month periods ended March 31, over the last two years of
operations:
|
2022
|
2021
|
Period from January
1 to March 31
|
|
|
Normalized Adjusted
EBITDA
|
62,196
|
38,735
|
Revenue
|
1,342,438
|
969,824
|
Normalized Adjusted
EBITDA Margin
|
4.6%
|
4.0%
|
Quarter-to-Date Adjusted EBITDA Margin on a Pre-IFRS 16
basis
The following table illustrates adjusted EBITDA margin on a
pre-IFRS 16 basis for the three-month periods ended March 31, over the last two years of
operations:
|
2022
|
2021
|
Period from January
1 to March 31
|
|
|
Adjusted EBITDA on a
pre-IFRS 16 basis
|
49,196
|
36,100
|
Revenue
|
1,342,438
|
969,824
|
Adjusted EBITDA
Margin on a Pre-IFRS 16 basis
|
3.7%
|
3.7%
|
Quarter-to-Date Adjusted EBITDA on a Pre-IFRS 16 Basis
Reconciliation
The following table illustrates segmented adjusted EBITDA on a
pre-IFRS 16 basis, for the three-month periods ended March 31, over the last two years of
operations:
|
Three Months Ended
March 31, 2022
|
|
Three Months Ended
March 31, 2021
|
|
Canada
|
U.S.
|
Total
|
|
Canada
|
U.S.
|
Total
|
Adjusted
EBITDA
|
53,373
|
8,823
|
62,196
|
|
43,194
|
4,040
|
47,234
|
Rental
expense
|
(11,616)
|
(2,160)
|
(13,776)
|
|
(9,921)
|
(2,182)
|
(12,103)
|
FMV rent
adjustment
|
—
|
1,040
|
1,040
|
|
—
|
1,056
|
1,056
|
Step lease
adjustment
|
(252)
|
(12)
|
(264)
|
|
(87)
|
—
|
(87)
|
Adjusted EBITDA on a
pre-IFRS 16 basis
|
41,505
|
7,691
|
49,196
|
|
33,186
|
2,914
|
36,100
|
Free Cash Flow
The following table illustrates free cash flow for the last
eight consecutive quarters.
|
Q1
2022
|
Q4
2021
|
Q3
2021
|
Q2
2021
|
Q1
2021
|
Q4
2020
|
Q3
2020
|
Q2
2020
|
Cash provided by
operating activities
|
7,279
|
10,153
|
13,721
|
68,604
|
20,506
|
20,447
|
54,366
|
54,114
|
Deduct:
|
|
|
|
|
|
|
|
|
Purchase of non-growth
property and equipment
|
(1,427)
|
(2,550)
|
(1,349)
|
(801)
|
(1,115)
|
(1,207)
|
(922)
|
(1,557)
|
Free cash
flow
|
5,852
|
7,603
|
12,372
|
67,803
|
19,391
|
19,240
|
53,444
|
52,557
|
Free cash flow -
TTM
|
93,630
|
107,169
|
118,806
|
159,878
|
144,632
|
131,396
|
177,981
|
179,325
|
Net Indebtedness and Net Indebtedness Leverage Ratio
Reconciliation
The following table illustrates the Company's net indebtedness
and net indebtedness leverage ratio as at March 31, 2022 and
December 31, 2021:
|
March 31,
2022
$
|
December 31,
2021
$
|
Syndicated Credit
Facility - Revolving Credit
|
13,886
|
63,842
|
Senior unsecured notes
(including embedded derivative asset)
|
344,120
|
221,965
|
Mortgage and other
debt
|
501
|
101
|
Total
indebtedness
|
358,507
|
285,908
|
Add
back:
|
|
|
Embedded derivative asset
|
—
|
29,306
|
Indebtedness for net
indebtedness purpose
|
358,507
|
315,214
|
Cash and cash
equivalents
|
(109,753)
|
(102,480)
|
Net
indebtedness
|
248,754
|
212,734
|
Adjusted EBITDA pre-IFRS 16 - trailing twelve
months
|
219,680
|
206,584
|
Net indebtedness
leverage ratio
|
1.1x
|
1.0x
|
Conference Call
A conference call to discuss the results for the three months
ended March 31, 2022 will be held on May 5, 2022 at
9:00am Mountain (11:00am Eastern). To participate in the
conference call, please dial 1.888.664.6392 approximately 10
minutes prior to the call.
This conference call will also be webcast live over the internet
and can be accessed by all interested parties at the following URL:
https://investors.autocan.ca/event/2022-q1-conference-call/
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 80 franchised dealerships,
comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC,
Buick, Cadillac, Ford, Infiniti,
Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda,
Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Acura, Honda and Porsche branded
vehicles. Additionally, the Company's Canadian Operations segment
currently operates 2 used vehicle dealerships supporting the Used
Digital Retail Division, the RightRide division operates 7
locations, and 4 stand-alone collision centres (within our group of
18 collision centres). In 2021, our dealerships sold approximately
86,000 vehicles and processed over 800,000 service and collision
repair orders in our 1,303 service bays generating revenue in
excess of $4 billion.
Additional information about AutoCanada Inc. is available at
www.sedar.com and the Company's website at www.autocan.ca.
Forward Looking Statements
Certain statements contained in this press release are
forward-looking statements and information (collectively
"forward-looking statements", including "with respect to", "among
other things", "future performance", "expense reductions" and the
"Go Forward Plan"), within the meaning of the applicable Canadian
securities legislation. We hereby provide cautionary statements
identifying important factors that could cause our actual results
to differ materially from those projected in these forward-looking
statements. Any statements that express, or involve discussions as
to, expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"will continue", "is anticipated", "projection", "vision", "goals",
"objective", "target", "schedules", "outlook", "anticipate",
"expect", "estimate", "could", "should", "plan", "seek", "may",
"intend", "likely", "will", "believe", "shall" and similar
expressions) are not historical facts and are forward-looking and
may involve estimates and assumptions and are subject to risks,
uncertainties and other factors some of which are beyond our
control and difficult to predict.
Accordingly, these factors could cause actual results or
outcomes to differ materially from those expressed in the
forward-looking statements. Therefore, any such forward-looking
statements are qualified in their entirety by reference to the
factors discussed throughout this press release.
The Company's Annual Information Form and other documents filed
with securities regulatory authorities (accessible through the
SEDAR website at www.sedar.com) describe the risks, material
assumptions and other factors that could influence actual results
and which are incorporated herein by reference.
Further, any forward-looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statement.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.