LKQ Corp Files 10-Q for Period Ending March 31, 2024
Ticker: LKQ · Form: 10-Q · Filed: Apr 23, 2024 · CIK: 1065696
Sentiment: neutral
Topics: LKQ Corp, 10-Q, Quarterly Report, Financials, SEC Filing
TL;DR
<b>LKQ Corp submitted its Q1 2024 10-Q filing on April 23, 2024, detailing financial performance and operational status.</b>
AI Summary
LKQ CORP (LKQ) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. LKQ Corp filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 500 West Madison Street, Suite 2800, Chicago, IL 60661. LKQ Corp is listed on the Nasdaq stock exchange. The filing was submitted on April 23, 2024.
Why It Matters
For investors and stakeholders tracking LKQ CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational insights for LKQ Corp, crucial for evaluating the company's performance and future prospects. As a public company, LKQ Corp is required to disclose detailed financial information quarterly, ensuring transparency for shareholders and the market.
Risk Assessment
Risk Level: low — LKQ CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.
Analyst Insight
Review the detailed financial statements and management discussion within the 10-Q to assess LKQ Corp's performance trends and identify any emerging risks or opportunities.
Key Numbers
- 2024-03-31 — Period End Date (Conformed period of report)
- 2024-04-23 — Filing Date (Filed as of date)
- 2024 Q1 — Reporting Quarter (Indicates the period covered by the filing)
Key Players & Entities
- LKQ CORP (company) — Filer name
- 2024-03-31 (date) — Conformed period of report
- 2024-04-23 (date) — Filed as of date
- 500 WEST MADISON STREET (address) — Business address street 1
- CHICAGO (city) — Business address city
- IL (state) — Business address state
- 60661 (zip_code) — Business address zip
- Nasdaq (exchange) — Stock exchange
FAQ
When did LKQ CORP file this 10-Q?
LKQ CORP filed this Quarterly Report (10-Q) with the SEC on April 23, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by LKQ CORP (LKQ).
Where can I read the original 10-Q filing from LKQ CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by LKQ CORP.
What are the key takeaways from LKQ CORP's 10-Q?
LKQ CORP filed this 10-Q on April 23, 2024. Key takeaways: LKQ Corp filed its quarterly report on Form 10-Q for the period ended March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. The company's principal executive offices are located at 500 West Madison Street, Suite 2800, Chicago, IL 60661..
Is LKQ CORP a risky investment based on this filing?
Based on this 10-Q, LKQ CORP presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.
What should investors do after reading LKQ CORP's 10-Q?
Review the detailed financial statements and management discussion within the 10-Q to assess LKQ Corp's performance trends and identify any emerging risks or opportunities. The overall sentiment from this filing is neutral.
How does LKQ CORP compare to its industry peers?
LKQ Corp operates in the wholesale distribution of automotive aftermarket parts and services. This sector is influenced by vehicle age, repair rates, and economic conditions.
Are there regulatory concerns for LKQ CORP?
As a publicly traded company, LKQ Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.
Industry Context
LKQ Corp operates in the wholesale distribution of automotive aftermarket parts and services. This sector is influenced by vehicle age, repair rates, and economic conditions.
Regulatory Implications
As a publicly traded company, LKQ Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.
What Investors Should Do
- Analyze the revenue and profitability figures for the first quarter of 2024.
- Examine any disclosed changes in debt or equity structure.
- Review management's discussion and analysis for insights into operational performance and future outlook.
Key Dates
- 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
- 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial filing for the first quarter of 2024, providing a baseline for comparison with subsequent filings and historical data.
Filing Stats: 4,667 words · 19 min read · ~16 pages · Grade level 16.3 · Accepted 2024-04-23 14:12:29
Key Financial Figures
- $0.30 — Dividends declared to LKQ stockholders ($0.30 per share) — — — — — ( 81 ) — — ( 81 )
- $0.275 — Dividends declared to LKQ stockholders ($0.275 per share) — — — — — ( 74 ) — — ( 74 )
Filing Documents
- lkq-20240331.htm (10-Q) — 1421KB
- lkq-ex311_20240331.htm (EX-31.1) — 10KB
- lkq-ex312_20240331.htm (EX-31.2) — 10KB
- lkq-ex321_20240331.htm (EX-32.1) — 5KB
- lkq-ex322_20240331.htm (EX-32.2) — 5KB
- 0001065696-24-000086.txt ( ) — 7779KB
- lkq-20240331.xsd (EX-101.SCH) — 55KB
- lkq-20240331_cal.xml (EX-101.CAL) — 53KB
- lkq-20240331_def.xml (EX-101.DEF) — 356KB
- lkq-20240331_lab.xml (EX-101.LAB) — 590KB
- lkq-20240331_pre.xml (EX-101.PRE) — 499KB
- lkq-20240331_htm.xml (XML) — 1260KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements: Unaudited Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31 , 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 39
Controls and Procedures
Item 4. Controls and Procedures 39
OTHER INFORMATION
PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 40
Risk Factors
Item 1A. Risk Factors 40
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 40
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 40
Other Information
Item 5. Other Information 40
Exhibits
Item 6. Exhibits 41 SIGNATURES 42 2 PART I FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Income (In millions, except per share data) Three Months Ended March 31, 2024 2023 Revenue $ 3,703 $ 3,349 Cost of goods sold 2,251 1,977 Gross margin 1,452 1,372 Selling, general and administrative expenses 1,044 931 Restructuring and transaction related expenses 30 18 Depreciation and amortization 89 58 Operating income 289 365 Other expense (income): Interest expense 64 36 Gains on foreign exchange contracts - acquisition related (1) — ( 23 ) Interest income and other income, net ( 6 ) ( 9 ) Total other expense, net 58 4 Income before provision for income taxes 231 361 Provision for income taxes 71 94 Equity in (losses) earnings of unconsolidated subsidiaries ( 2 ) 3 Net income $ 158 $ 270 Earnings per share: Basic $ 0.59 $ 1.01 Diluted $ 0.59 $ 1.01 (1) Related to the Uni-Select Inc. ("Uni-Select") acquisition. Refer to Note 2, "Business Combinations" and Note 13, "Derivative Instruments and Hedging Activities" for further information. The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements. 3 LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Comprehensive Income (In millions) Three Months Ended March 31, 2024 2023 Net income $ 158 $ 270 Other comprehensive income (loss): Foreign currency translation, net of tax ( 57 ) 57 Net change in unrealized gains/losses on cash flow hedges, net of tax 4 ( 17 ) Other comprehensive (loss) income from unconsolidated subsidiaries ( 5 ) 3 Other comprehensive (loss) income ( 58 ) 43 Comprehensive income $ 100 $ 313 The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements. 4 LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (In millions, except per share data) March 31, 2024 December 31, 2023 Assets Curr