Lkq Corp 8-K, filed Apr 25, 2022

Lkq Corp (LKQ)

8-K 2022-04-25 For: 2022-04-25

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Added on April 09, 2026

About this 8-K

Lkq Corp filed this 8-K on April 25, 2022.

Items reported

Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Exhibit Number						Description of Exhibit
99.1						Recast historical quarterly and annual unaudited financial information reflecting the change in segment reporting.
99.2						Graphical depiction of historical Segment EBITDA as a percentage of revenue and scrap and precious metal prices.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).



LKQ CORPORATION

By:			/s/ Varun Laroyia
			Varun Laroyia
			Executive Vice President and Chief Financial Officer


	Three Months Ended																Year Ended
($ in thousands)	March 31, 2021				June 30, 2021				September 30, 2021				December 31, 2021				December 31, 2021
Revenue
Wholesale - North America	$	1,050,644			$	1,119,104			$	1,111,130			$	1,097,343			$	4,378,221
Europe	1,463,453				1,576,661				1,525,274				1,496,560				6,061,948
Specialty	458,939				532,279				465,842				410,237				1,867,297
Self Service	199,049				208,590				195,835				183,125				786,599
Eliminations	(1,299)				(1,520)				(1,470)				(1,272)				(5,561)
Total revenue	$	3,170,786			$	3,435,114			$	3,296,611			$	3,185,993			$	13,088,504
Segment EBITDA			% of Revenue				% of Revenue				% of Revenue				% of Revenue				% of Revenue
Wholesale - North America	$	193,649	18.4	%	$	219,487	19.6	%	$	189,525	17.1	%	$	166,763	15.2	%	$	769,424	17.6	%
Europe	140,958		9.6	%	168,106		10.7	%	175,093		11.5	%	133,668		8.9	%	617,825		10.2	%
Specialty	61,482		13.4	%	79,399		14.9	%	51,644		11.1	%	30,624		7.5	%	223,149		12.0	%
Self Service	55,518		27.9	%	56,699		27.2	%	36,057		18.4	%	26,767		14.6	%	175,041		22.3	%
Total Segment EBITDA	$	451,607	14.2	%	$	523,691	15.2	%	$	452,319	13.7	%	$	357,822	11.2	%	$	1,785,439	13.6	%


	Three Months Ended																Year Ended
($ in thousands)	March 31, 2020				June 30, 2020				September 30, 2020				December 31, 2020				December 31, 2020
Revenue
Wholesale - North America	$	1,134,867			$	881,699			$	1,015,427			$	1,007,884			$	4,039,877
Europe	1,363,594				1,211,185				1,484,099				1,433,306				5,492,184
Specialty	348,582				404,874				400,429				355,110				1,508,995
Self Service	155,328				129,696				148,814				158,624				592,462
Eliminations	(1,436)				(1,131)				(1,085)				(1,036)				(4,688)
Total revenue	$	3,000,935			$	2,626,323			$	3,047,684			$	2,953,888			$	11,628,830
Segment EBITDA			% of Revenue				% of Revenue				% of Revenue				% of Revenue				% of Revenue
Wholesale - North America	$	176,263	15.5	%	$	131,237	14.9	%	$	180,129	17.7	%	$	177,535	17.6	%	$	665,164	16.5	%
Europe	78,262		5.7	%	89,387		7.4	%	136,165		9.2	%	123,768		8.6	%	427,582		7.8	%
Specialty	32,232		9.2	%	52,233		12.9	%	48,340		12.1	%	29,868		8.4	%	162,673		10.8	%
Self Service	35,175		22.6	%	18,317		14.1	%	24,828		16.7	%	35,020		22.1	%	113,340		19.1	%
Total Segment EBITDA	$	321,932	10.7	%	$	291,174	11.1	%	$	389,462	12.8	%	$	366,191	12.4	%	$	1,368,759	11.8	%


	Three Months Ended																Year Ended
($ in thousands)	March 31, 2019				June 30, 2019				September 30, 2019				December 31, 2019				December 31, 2019
Revenue
Wholesale - North America	$	1,179,455			$	1,183,430			$	1,167,594			$	1,152,013			$	4,682,492
Europe	1,445,541				1,516,240				1,451,483				1,424,860				5,838,124
Specialty	353,737				411,636				395,314				303,355				1,464,042
Self Service	122,854				138,336				134,553				131,059				526,802
Eliminations	(1,284)				(1,469)				(1,171)				(1,427)				(5,351)
Total revenue	$	3,100,303			$	3,248,173			$	3,147,773			$	3,009,860			$	12,506,109
Segment EBITDA			% of Revenue				% of Revenue				% of Revenue				% of Revenue				% of Revenue
Wholesale - North America	$	166,128	14.1	%	$	175,744	14.9	%	$	157,833	13.5	%	$	163,582	14.2	%	$	663,287	14.2	%
Europe	105,298		7.3	%	116,281		7.7	%	124,712		8.6	%	107,929		7.6	%	454,220		7.8	%
Specialty	37,959		10.7	%	52,367		12.7	%	45,464		11.5	%	25,394		8.4	%	161,184		11.0	%
Self Service	10,508		8.6	%	14,304		10.3	%	8,477		6.3	%	16,381		12.5	%	49,670		9.4	%
Total Segment EBITDA	$	319,893	10.3	%	$	358,696	11.0	%	$	336,486	10.7	%	$	313,286	10.4	%	$	1,328,361	10.6	%


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Year Ended
	December 31,						2021 vs. 2020				2020 vs. 2019
($ in thousands)	2021		2020		2019		$ Change		% Change		$ Change		% Change
Wholesale - North America	$	4,036,577	$	3,785,127	$	4,409,098	$	251,450	6.6	%	$	(623,971)	(14.2	%)
Europe	6,033,396		5,470,159		5,817,547		563,237		10.3	%	(347,388)		(6.0	%)
Specialty	1,863,917		1,505,340		1,459,396		358,577		23.8	%	45,944		3.1	%
Self Service	206,626		203,087		191,805		3,539		1.7	%	11,282		5.9	%
Parts and services	12,140,516		10,963,713		11,877,846		1,176,803		10.7	%	(914,133)		(7.7	%)

Wholesale - North America	339,465		253,717		272,689		85,748		33.8	%	(18,972)		(7.0	%)
Europe	28,552		22,025		20,577		6,527		29.6	%	1,448		7.0	%

Self Service	579,971		389,375		334,997		190,596		49.0	%	54,378		16.2	%
Other	947,988		665,117		628,263		282,871		42.5	%	36,854		5.9	%
Total	$	13,088,504	$	11,628,830	$	12,506,109	$	1,459,674	12.6	%	$	(877,279)	(7.0	%)


	Year Ended								Year Ended
	December 31, 2021 vs 2020								December 31, 2020 vs 2019
	Revenue Change Attributable to:								Revenue Change Attributable to:
	Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)		Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)
Wholesale - North America	5.8	%	0.4	%	0.4	%	6.6	%	(13.7	%)	(0.3	%)	(0.1	%)	(14.2	%)
Europe	6.2	%	(0.4	%)	4.6	%	10.3	%	(6.1	%)	(0.9	%)	1.1	%	(6.0	%)
Specialty	20.2	%	3.0	%	0.6	%	23.8	%	3.0	%	0.3	%	(0.1	%)	3.1	%
Self Service	1.7	%	—	%	—	%	1.7	%	5.2	%	0.7	%	—	%	5.9	%
Parts and services	7.9	%	0.3	%	2.5	%	10.7	%	(7.6	%)	(0.5	%)	0.5	%	(7.7	%)

Wholesale - North America	33.3	%	0.1	%	0.4	%	33.8	%	(6.8	%)	—	%	(0.1	%)	(7.0	%)
Europe	24.1	%	—	%	5.5	%	29.6	%	5.4	%	—	%	1.6	%	7.0	%

Self Service	49.0	%	—	%	—	%	49.0	%	15.5	%	0.7	%	—	%	16.2	%
Other	42.3	%	—	%	0.2	%	42.5	%	5.5	%	0.4	%	—	%	5.9	%
Total	9.8	%	0.3	%	2.4	%	12.6	%	(7.0	%)	(0.5	%)	0.4	%	(7.0	%)


	Three Months Ended
	March 31,						2021 vs. 2020				2020 vs. 2019
($ in thousands)	2021		2020		2019		$ Change		% Change		$ Change		% Change
Wholesale - North America	$	968,309	$	1,058,433	$	1,108,839	$	(90,124)	(8.5	%)	$	(50,406)	(4.5	%)
Europe	1,455,370		1,357,969		1,440,841		97,401		7.2	%	(82,872)		(5.8	%)
Specialty	457,959		347,406		352,556		110,553		31.8	%	(5,150)		(1.5	%)
Self Service	50,128		48,909		46,859		1,219		2.5	%	2,050		4.4	%
Parts and services	2,931,766		2,812,717		2,949,095		119,049		4.2	%	(136,378)		(4.6	%)

Wholesale - North America	82,016		76,174		70,513		5,842		7.7	%	5,661		8.0	%
Europe	8,083		5,625		4,700		2,458		43.7	%	925		19.7	%

Self Service	148,921		106,419		75,995		42,502		39.9	%	30,424		40.0	%
Other	239,020		188,218		151,208		50,802		27.0	%	37,010		24.5	%
Total	$	3,170,786	$	3,000,935	$	3,100,303	$	169,851	5.7	%	$	(99,368)	(3.2	%)


	Three Months Ended								Three Months Ended
	March 31, 2021 vs 2020								March 31, 2020 vs 2019
	Revenue Change Attributable to:								Revenue Change Attributable to:
	Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)		Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)
Wholesale - North America	(8.9	%)	—	%	0.4	%	(8.5	%)	(4.4	%)	—	%	(0.1	%)	(4.5	%)
Europe	0.3	%	(1.4	%)	8.3	%	7.2	%	(3.4	%)	0.1	%	(2.5	%)	(5.8	%)
Specialty	30.9	%	0.4	%	0.5	%	31.8	%	(1.4	%)	0.1	%	(0.1	%)	(1.5	%)
Self Service	2.5	%	—	%	—	%	2.5	%	2.1	%	2.3	%	—	%	4.4	%
Parts and services	0.6	%	(0.6	%)	4.2	%	4.2	%	(3.5	%)	0.1	%	(1.3	%)	(4.6	%)

Wholesale - North America	7.2	%	—	%	0.5	%	7.7	%	8.1	%	—	%	(0.1	%)	8.0	%
Europe	33.1	%	—	%	10.6	%	43.7	%	22.8	%	—	%	(3.1	%)	19.7	%

Self Service	39.9	%	—	%	—	%	39.9	%	37.3	%	2.8	%	—	%	40.0	%
Other	26.6	%	—	%	0.4	%	27.0	%	23.2	%	1.4	%	(0.1	%)	24.5	%
Total	2.3	%	(0.6	%)	4.0	%	5.7	%	(2.2	%)	0.2	%	(1.2	%)	(3.2	%)


	Three Months Ended
	June 30,						2021 vs. 2020				2020 vs. 2019
($ in thousands)	2021		2020		2019		$ Change		% Change		$ Change		% Change
Wholesale - North America	$	1,024,699	$	837,760	$	1,115,526	$	186,939	22.3	%	$	(277,766)	(24.9	%)
Europe	1,569,697		1,206,330		1,510,952		363,367		30.1	%	(304,622)		(20.2	%)
Specialty	531,403		404,002		410,263		127,401		31.5	%	(6,261)		(1.5	%)
Self Service	52,472		55,066		49,956		(2,594)		(4.7	%)	5,110		10.2	%
Parts and services	3,178,271		2,503,158		3,086,697		675,113		27.0	%	(583,539)		(18.9	%)

Wholesale - North America	93,761		43,680		67,808		50,081		114.7	%	(24,128)		(35.6	%)
Europe	6,964		4,855		5,288		2,109		43.4	%	(433)		(8.2	%)

Self Service	156,118		74,630		88,380		81,488		109.2	%	(13,750)		(15.6	%)
Other	256,843		123,165		161,476		133,678		108.5	%	(38,311)		(23.7	%)
Total	$	3,435,114	$	2,626,323	$	3,248,173	$	808,791	30.8	%	$	(621,850)	(19.1	%)


	Three Months Ended								Three Months Ended
	June 30, 2021 vs 2020								June 30, 2020 vs 2019
	Revenue Change Attributable to:								Revenue Change Attributable to:
	Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)		Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)
Wholesale - North America	21.3	%	0.2	%	0.8	%	22.3	%	(24.0	%)	(0.7	%)	(0.2	%)	(24.9	%)
Europe	20.7	%	(0.9	%)	10.3	%	30.1	%	(16.6	%)	(0.7	%)	(2.9	%)	(20.2	%)
Specialty	30.1	%	0.4	%	1.1	%	31.5	%	(1.4	%)	0.3	%	(0.4	%)	(1.5	%)
Self Service	(4.7	%)	—	%	—	%	(4.7	%)	9.8	%	0.4	%	—	%	10.2	%
Parts and services	21.9	%	(0.3	%)	5.4	%	27.0	%	(16.8	%)	(0.5	%)	(1.5	%)	(18.9	%)

Wholesale - North America	113.9	%	0.1	%	0.7	%	114.7	%	(35.4	%)	—	%	(0.2	%)	(35.6	%)
Europe	31.7	%	—	%	11.7	%	43.4	%	(4.9	%)	—	%	(3.3	%)	(8.2	%)

Self Service	109.2	%	—	%	—	%	109.2	%	(15.8	%)	0.2	%	—	%	(15.6	%)
Other	108.0	%	—	%	0.5	%	108.5	%	(23.7	%)	0.1	%	(0.1	%)	(23.7	%)
Total	25.9	%	(0.3	%)	5.2	%	30.8	%	(17.2	%)	(0.5	%)	(1.5	%)	(19.1	%)


	Three Months Ended
	September 30,						2021 vs. 2020				2020 vs. 2019
($ in thousands)	2021		2020		2019		$ Change		% Change		$ Change		% Change
Wholesale - North America	$	1,024,756	$	955,228	$	1,096,596	$	69,528	7.3	%	$	(141,368)	(12.9	%)
Europe	1,519,682		1,479,174		1,446,392		40,508		2.7	%	32,782		2.3	%
Specialty	465,027		399,554		394,204		65,473		16.4	%	5,350		1.4	%
Self Service	51,843		51,773		48,806		70		0.1	%	2,967		6.1	%
Parts and services	3,061,308		2,885,729		2,985,998		175,579		6.1	%	(100,269)		(3.4	%)

Wholesale - North America	85,719		59,989		70,937		25,730		42.9	%	(10,948)		(15.4	%)
Europe	5,592		4,925		5,091		667		13.6	%	(166)		(3.3	%)

Self Service	143,992		97,041		85,747		46,951		48.4	%	11,294		13.2	%
Other	235,303		161,955		161,775		73,348		45.3	%	180		0.1	%
Total	$	3,296,611	$	3,047,684	$	3,147,773	$	248,927	8.2	%	$	(100,089)	(3.2	%)


Item 7.01			Regulation FD Disclosure.


Item 9.01			Financial Statements and Exhibits.


	Three Months Ended
	December 31,						2021 vs. 2020				2020 vs. 2019
($ in thousands)	2021		2020		2019		$ Change		% Change		$ Change		% Change
Wholesale - North America	$	1,018,813	$	933,706	$	1,088,137	$	85,107	9.1	%	$	(154,431)	(14.2	%)
Europe	1,488,647		1,426,686		1,419,362		61,961		4.3	%	7,324		0.5	%
Specialty	409,528		354,378		302,373		55,150		15.6	%	52,005		17.2	%
Self Service	52,183		47,339		46,184		4,844		10.2	%	1,155		2.5	%
Parts and services	2,969,171		2,762,109		2,856,056		207,062		7.5	%	(93,947)		(3.3	%)

Wholesale - North America	77,967		73,874		63,431		4,093		5.5	%	10,443		16.5	%
Europe	7,913		6,620		5,498		1,293		19.5	%	1,122		20.4	%

Self Service	130,942		111,285		84,875		19,657		17.7	%	26,410		31.1	%
Other	216,822		191,779		153,804		25,043		13.1	%	37,975		24.7	%
Total	$	3,185,993	$	2,953,888	$	3,009,860	$	232,105	7.9	%	$	(55,972)	(1.9	%)


	Three Months Ended								Year Ended
(In thousands)	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		December 31, 2021
Net income	$	266,332	$	305,008	$	284,006	$	236,778	$	1,092,124
Less: net income (loss) attributable to continuing noncontrolling interest	419		384		(49)		497		1,251

Net income attributable to LKQ stockholders	265,913		304,624		284,055		236,281		1,090,873
Subtract:
Net income from discontinued operations	—		—		—		648		648

Net income from continuing operations attributable to LKQ stockholders	265,913		304,624		284,055		235,633		1,090,225
Add:
Depreciation and amortization	65,801		64,896		63,995		65,300		259,992
Depreciation and amortization - cost of goods sold	5,615		5,649		5,947		5,888		23,099
Depreciation and amortization - restructuring expenses (1)	181		198		408		125		912
Interest expense, net of interest income	24,179		16,172		15,427		14,514		70,292
Loss on debt extinguishment	—		23,564		—		—		23,564
Provision for income taxes	92,969		107,719		89,340		40,563		330,591
EBITDA	454,658		522,822		459,172		362,023		1,798,675
Subtract:
Equity in earnings of unconsolidated subsidiaries	5,819		3,478		7,731		5,909		22,937
Equity investment fair value adjustments	4,739		1,061		2,445		2,596		10,841


Add:
Restructuring and acquisition related expenses (1)	7,704		4,871		2,117		4,707		19,399
Restructuring expenses - cost of goods sold	(163)		—		—		256		93


Loss (gain) on disposal of businesses and impairment of net assets held for sale	15		(597)		822		(212)		28

Change in fair value of contingent consideration liabilities	(49)		1,134		384		(447)		1,022
Segment EBITDA	$	451,607	$	523,691	$	452,319	$	357,822	$	1,785,439


	Three Months Ended								Three Months Ended
	September 30, 2021 vs 2020								September 30, 2020 vs 2019
	Revenue Change Attributable to:								Revenue Change Attributable to:
	Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)		Organic (1)		Acquisition and Divestiture		Foreign Exchange		Total Change (2)
Wholesale - North America	6.2	%	0.7	%	0.4	%	7.3	%	(12.1	%)	(0.7	%)	(0.1	%)	(12.9	%)
Europe	0.1	%	—	%	2.6	%	2.7	%	(0.7	%)	(1.5	%)	4.5	%	2.3	%
Specialty	13.7	%	2.1	%	0.6	%	16.4	%	1.1	%	0.3	%	(0.1	%)	1.4	%
Self Service	0.1	%	—	%	—	%	0.1	%	6.1	%	—	%	—	%	6.1	%
Parts and services	4.0	%	0.5	%	1.5	%	6.1	%	(4.5	%)	(1.0	%)	2.1	%	(3.4	%)

Wholesale - North America	42.3	%	0.3	%	0.3	%	42.9	%	(15.4	%)	—	%	(0.1	%)	(15.4	%)
Europe	10.9	%	—	%	2.6	%	13.6	%	(8.8	%)	—	%	5.5	%	(3.3	%)

Self Service	48.4	%	—	%	—	%	48.4	%	13.2	%	—	%	—	%	13.2	%
Other	45.1	%	0.1	%	0.1	%	45.3	%	(0.1	%)	—	%	0.2	%	0.1	%
Total	6.2	%	0.5	%	1.5	%	8.2	%	(4.3	%)	(0.9	%)	2.0	%	(3.2	%)