CHICAGO, May 12, 2022 (GLOBE NEWSWIRE) — LKQ Corporation (LKQ, Financial) today announced that its board of directors has authorized a $500 million increase to its existing stock buyback program. This brings the program’s overall authorization to $2.5 billion through October 25, 2024. Since the share buyback plan launched in October 2018, the company has repurchased 37.3 million shares through October 25, 2024. March 31, 2022 for total consideration of approximately $1.5 billion.
Varun Laroyia, Executive Vice President and Chief Financial Officer of LKQ Corporation, said, “The strength of the balance sheet and our expectations for continued free cash flow generation position the company well to execute the expanded buyout program. shares. The strong financial metrics and expansion of this program further validates our commitment to a disciplined capital allocation strategy that balances returning capital to our shareholders and investing in the company’s continued growth.
Under the repurchase program, the Company is authorized to repurchase shares on the open market as well as through over-the-counter transactions. The timing and amount of any repurchase of common shares will be determined by management based on its assessment of market conditions and other factors. The buyback program will be conducted in accordance with SEC Rule 10b-18 and other applicable legal requirements. The buyback program does not oblige the Company to acquire a specific number of shares and may be suspended or terminated at any time. Shares purchased under this program will be held as treasury shares.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading supplier of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a wide range of remanufactured OEM parts and replacement parts, replacement systems, components, equipment and services to repair and accessorize automobiles, trucks and recreational and performance vehicles.
Statements and information contained in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of that Act.
Forward-looking statements include, but are not limited to, statements regarding our outlook, advice, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors, including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied by the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results anticipated or implied by our forward-looking statements include, among others, major events affecting the bond markets, changes in interest rates, changes in our cash position or our cash requirements for other purposes, general market conditions and other factors discussed in our filings with the SEC, including those disclosed under the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our subsequent quarterly reports on Form 10-Q. These reports are available on our Investor Relations website at lkqcorp.com and on the SEC’s website at sec.gov.
Joseph P. Boutross
Vice President, Investor Relations