UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2011

LKQ CORPORATION
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	000-50404	 	36-4215970	
(State or other jurisdiction of
incorporation or organization)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

120 North LaSalle Street, Suite 3300
Chicago, IL	 	60602	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (312) 621-1950
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	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))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 28, 2011, LKQ Corporation (the “Company”) issued a press release regarding its first quarter 2011 earnings and 2011 financial guidance. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits

Exhibit
Number	  	Description of Exhibit	
		
99.1	  	LKQ Corporation Press Release dated April 28, 2011.	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 28, 2011

LKQ CORPORATION	
		
By:	 	/s/ J OHN S. Q UINN	
	 	John S. Quinn	
	 	Executive Vice President and Chief Financial Officer	

Exhibit 99.1

LKQ CORPORATION POSTS RECORD FIRST QUARTER 2011 RESULTS
 
 	•	 	Revenue growth of 30% to $787 million	
 
 	•	 	Diluted EPS from continuing operations of $0.39	
 
 	•	 	EPS includes $0.02 loss on debt extinguishment	
 
 	•	 	Increases 2011 outlook for income and EPS	
Chicago, IL (April 28, 2011)- LKQ Corporation (Nasdaq:LKQX) today reported revenue for the first quarter of 2011 of $786.6 million, an increase of 30.3% as compared to $603.5 million in the first quarter of 2010. Income from continuing operations for the first quarter of 2011 was $58.2 million, an increase of 11.9% as compared to $52.0 million for the same period of 2010. Diluted earnings per share from continuing operations of $0.39 for the first quarter ended March 31, 2011 increased 8.3% from $0.36 for the first quarter of 2010. The Company noted that the 2011 diluted earnings per share results included a loss on debt extinguishment equal to $0.02 for the write-off of debt issuance costs in conjunction with the previously announced refinancing of its credit facility.
The Company attributed the high revenue growth to a combination of acquisition activity and improved organic growth in its core lines of business. “I am particularly pleased that our wholesale parts and services organic growth exceeded ten percent,” stated Joseph Holsten, Vice Chairman & Co-Chief Executive Officer of LKQ Corporation. “The quarter includes an additional $100 million of acquisition revenue compared to the same quarter last year and we are starting to see leverage in our results as we integrate those transactions,” commented Mr. Holsten.
Robert Wagman, President and Co-Chief Executive Officer of LKQ Corporation added, “Despite a continued difficult buying environment for salvage cars, the Company improved its margins compared to Q4 2010.”
Balance Sheet and Liquidity
As of March 31, 2011, LKQ’s balance sheet reflected cash and equivalents of $64.5 million, and the outstanding obligations under the Company’s credit facilities were $547.5 million ($250.0 million of term loans and $297.5 million of revolver borrowings). Availability under the revolver at March 31, 2011, including the impact of outstanding letters of credit of $25.7 million, was $426.8 million.
Other Events
During the quarter ended March 31, 2011, LKQ acquired four businesses: an engine remanufacturer, an automotive heating and cooling component distributor, a wholesale recycled products business and a recycled heavy-duty truck business.
On March 25, 2011 the Company announced that it entered into a definitive credit agreement with several lenders to borrow up to $1.0 billion. The new facility replaced the Company’s $750 million facility that would have expired in October 2013.

Company Outlook
The Company also announced that it is raising earnings guidance for 2011. Mr. Wagman commented “The revised guidance reflects our strong first quarter results.”
Income from continuing operations and diluted earnings per share from continuing operations are anticipated to be within the range of $197 million to $211 million and $1.33 to $1.42, respectively. LKQ’s previous guidance was $194 million to $208 million for income from continuing operations, and $1.31 to $1.39 for diluted earnings per share.
The Company left unchanged its previous guidance of approximately $195 million for cash flows from continuing operations, $85-$95 million in capital expenditures, and organic growth of 6-8% from parts and services revenue. The Company noted that it does not include sale of scrap or cores in its definition of parts and services revenue. Additionally, the guidance provided excludes restructuring expenses and any gains or losses or capital expenditures related to acquisitions or divestitures.
Quarterly Conference Call
LKQ will host a conference call and Webcast on April 28, 2011 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: 371279 #. An online replay of the audio webcast will be available on the Company’s website. Both formats of replay will be available through May 27, 2011. 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, 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 operates more than 325 facilities, offering its customers a broad range of replacement systems, components and parts to repair automobiles and light, medium and heavy-duty trucks. LKQ’s operations include locations in Canada, Mexico and Central America.
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 U.S. 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 Canadian dollar, the Mexican peso and the Taiwan dollar;	
 
 	•	 	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.
Contact:
Joseph P. Boutross
Director, Investor Relations
(312) 621-2793

LKQ CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Condensed Statements of Income
( In thousands, except per share data )

 	  	Three Months Ended March 31,	 	
 	  	2011	 	 	2010	 	
Revenue	  	$	786,648	  	 	$	603,516	  	
			
Cost of goods sold	  	 	443,002	  	 	 	320,226	  	

Gross margin	  	 	343,646	  	 	 	283,290	  	
			
Facility and warehouse expenses	  	 	69,818	  	 	 	57,776	  	
			
Distribution expenses	  	 	65,811	  	 	 	51,189	  	
			
Selling, general and administrative expenses	  	 	89,761	  	 	 	75,087	  	
			
Restructuring expenses	  	 	46	  	 	 	80	  	
			
Depreciation and amortization	  	 	10,839	  	 	 	9,229	  	

Operating income	  	 	107,371	  	 	 	89,929	  	
			
Other expense (income):	  				 				
Interest expense, net	  	 	6,409	  	 	 	7,276	  	
Loss on debt extinguishment	  	 	5,345	  	 	 	—  	  	
Other income, net	  	 	(106	) 	 	 	(161	) 	

Total other expense, net	  	 	11,648	  	 	 	7,115	  	

Income from continuing operations before provision for income taxes	  	 	95,723	  	 	 	82,814	  	
			
Provision for income taxes	  	 	37,541	  	 	 	30,831	  	

Income from continuing operations	  	 	58,182	  	 	 	51,983	  	
			
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	  	$	58,182	  	 	$	53,936	  	

Basic earnings per share (1) :	  				 				
Income from continuing operations	  	$	0.40	  	 	$	0.37	  	
Income from discontinued operations	  	 	0.00	  	 	 	0.01	  	

Total	  	$	0.40	  	 	$	0.38	  	

Diluted earnings per share (1) :	  				 				
Income from continuing operations	  	$	0.39	  	 	$	0.36	  	
Income from discontinued operations	  	 	0.00	  	 	 	0.01	  	

Total	  	$	0.39	  	 	$	0.37	  	

Weighted average common shares outstanding:	  				 				
Basic	  	 	145,611	  	 	 	142,194	  	

Diluted	  	 	147,920	  	 	 	145,124	  	

(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)

 	  	March 31,
2011	 	  	December 31,
2010	 	
Assets	  				  				
			
Current Assets:	  				  				
Cash and equivalents	  	$	64,517	  	  	$	95,689	  	
Receivables, net	  	 	222,581	  	  	 	191,085	  	
Inventory	  	 	514,894	  	  	 	492,688	  	
Deferred income taxes	  	 	34,135	  	  	 	32,506	  	
Prepaid income taxes	  	 	—  	  	  	 	10,923	  	
Prepaid expenses	  	 	15,990	  	  	 	13,985	  	
	  	 	 	 	  	 	 	 	
Total Current Assets	  	 	852,117	  	  	 	836,876	  	
			
Property and Equipment, net	  	 	342,181	  	  	 	331,312	  	
Intangibles	  	 	1,125,278	  	  	 	1,102,275	  	
Other Assets	  	 	35,803	  	  	 	29,046	  	

Total Assets	  	$	2,355,379	  	  	$	2,299,509	  	

Liabilities and Stockholders’ Equity	  				  				
			
Current Liabilities:	  				  				
Accounts payable	  	$	75,377	  	  	$	76,437	  	
Accrued expenses	  	 	85,518	  	  	 	84,028	  	
Income taxes payable	  	 	20,754	  	  	 	—  	  	
Deferred revenue	  	 	9,245	  	  	 	9,224	  	
Current portion of long-term obligations	  	 	14,817	  	  	 	52,888	  	
Liabilities of discontinued operations	  	 	2,561	  	  	 	2,744	  	

Total Current Liabilities	  	 	208,272	  	  	 	225,321	  	
			
Long-Term Obligations, Excluding Current Portion	  	 	544,451	  	  	 	548,066	  	
Deferred Income Tax Liabilities	  	 	67,582	  	  	 	66,059	  	
Other Noncurrent Liabilities	  	 	49,704	  	  	 	45,902	  	
			
Commitments and Contingencies	  				  				
			
Stockholders’ Equity:	  				  				
Common stock, $0.01 par value, 500,000,000 shares authorized, 145,879,504 and 145,466,575 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively	  	 	1,459	  	  	 	1,455	  	
Additional paid-in capital	  	 	878,206	  	  	 	869,798	  	
Retained earnings	  	 	596,712	  	  	 	538,530	  	
Accumulated other comprehensive income	  	 	8,993	  	  	 	4,378	  	

Total Stockholders’ Equity	  	 	1,485,370	  	  	 	1,414,161	  	

Total Liabilities and Stockholders’ Equity	  	$	2,355,379	  	  	$	2,299,509	  	

LKQ CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Condensed Statements of Cash Flows
( In thousands )

 	  	Three Months Ended
March 31,	 	
 	  	2011	 	 	2010	 	
			
CASH FLOWS FROM OPERATING ACTIVITIES:	  				 				
Net income	  	$	58,182	  	 	$	53,936	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	11,926	  	 	 	9,980	  	
Stock-based compensation expense	  	 	3,342	  	 	 	2,524	  	
Deferred income taxes	  	 	562	  	 	 	418	  	
Excess tax benefit from share-based payments	  	 	(2,460	) 	 	 	(3,500	) 	
Gain on sale of discontinued operations	  	 	—  	  	 	 	(2,744	) 	
Loss on debt extinguishment	  	 	5,345	  	 	 	—  	  	
Other	  	 	642	  	 	 	785	  	
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:	  				 				
Receivables	  	 	(19,039	) 	 	 	(3,306	) 	
Inventory	  	 	2,678	  	 	 	(4,173	) 	
Prepaid income taxes/income taxes payable	  	 	33,769	  	 	 	30,276	  	
Accounts payable	  	 	(9,658	) 	 	 	5,663	  	
Other operating assets and liabilities	  	 	(7,974	) 	 	 	(1,794	) 	

Net cash provided by operating activities	  	 	77,315	  	 	 	88,065	  	

CASH FLOWS FROM INVESTING ACTIVITIES:	  				 				
Purchases of property and equipment	  	 	(18,093	) 	 	 	(10,902	) 	
Proceeds from sales of property and equipment	  	 	91	  	 	 	92	  	
Proceeds from sales of businesses, net of cash sold	  	 	—  	  	 	 	11,992	  	
Cash used in acquisitions, net of cash acquired	  	 	(43,517	) 	 	 	(3,746	) 	

Net cash used in investing activities	  	 	(61,519	) 	 	 	(2,564	) 	

CASH FLOWS FROM FINANCING ACTIVITIES:	  				 				
Proceeds from exercise of stock options	  	 	2,610	  	 	 	3,185	  	
Excess tax benefit from share-based payments	  	 	2,460	  	 	 	3,500	  	
Debt issuance costs	  	 	(7,741	) 	 	 	—  	  	
Borrowings under line of credit	  	 	341,753	  	 	 	—  	  	
Repayments under line of credit	  	 	(44,328	) 	 	 	—  	  	
Borrowings under term loans	  	 	250,000	  	 	 	—  	  	
Repayments under term loans	  	 	(591,089	) 	 	 	—  	  	
Repayments of other long-term debt	  	 	(652	) 	 	 	(7,827	) 	

Net cash used in financing activities	  	 	(46,987	) 	 	 	(1,142	) 	

Effect of exchange rate changes on cash and equivalents	  	 	19	  	 	 	271	  	
			
Net (decrease) increase in cash and equivalents	  	 	(31,172	) 	 	 	84,630	  	
			
Cash and equivalents, beginning of period	  	 	95,689	  	 	 	108,906	  	

Cash and equivalents, end of period	  	$	64,517	  	 	$	193,536	  	

LKQ CORPORATION AND SUBSIDIARIES
Unaudited Supplementary Data
( In thousands, except per share data )

 	  	Three Months Ended March 31,	 	
Operating Highlights	  	2011	 	 	2010	 	 	 	 	 	 	 	
 	  	 	 	 	% of
Revenue	 	 	 	 	 	% of
Revenue	 	 	Change	 	 	% Change	 	
							
Revenue	  	$	786,648	  	 	 	100.0	% 	 	$	603,516	  	 	 	100.0	% 	 	$	183,132	  	 	 	30.3	% 	
							
Cost of goods sold	  	 	443,002	  	 	 	56.3	% 	 	 	320,226	  	 	 	53.1	% 	 	 	122,776	  	 	 	38.3	% 	

Gross margin	  	 	343,646	  	 	 	43.7	% 	 	 	283,290	  	 	 	46.9	% 	 	 	60,356	  	 	 	21.3	% 	
							
Facility and warehouse expenses	  	 	69,818	  	 	 	8.9	% 	 	 	57,776	  	 	 	9.6	% 	 	 	12,042	  	 	 	20.8	% 	
							
Distribution expenses	  	 	65,811	  	 	 	8.4	% 	 	 	51,189	  	 	 	8.5	% 	 	 	14,622	  	 	 	28.6	% 	
							
Selling, general and administrative expenses	  	 	89,761	  	 	 	11.4	% 	 	 	75,087	  	 	 	12.4	% 	 	 	14,674	  	 	 	19.5	% 	
							
Restructuring expenses	  	 	46	  	 	 	0.0	% 	 	 	80	  	 	 	0.0	% 	 	 	(34	) 	 	 	-42.5	% 	
							
Depreciation and amortization	  	 	10,839	  	 	 	1.4	% 	 	 	9,229	  	 	 	1.5	% 	 	 	1,610	  	 	 	17.4	% 	

Operating income	  	 	107,371	  	 	 	13.6	% 	 	 	89,929	  	 	 	14.9	% 	 	 	17,442	  	 	 	19.4	% 	
							
Other expense (income):	  				 				 				 				 				 				
Interest expense, net	  	 	6,409	  	 	 	0.8	% 	 	 	7,276	  	 	 	1.2	% 	 	 	(867	) 	 	 	-11.9	% 	
Loss on debt extinguishment	  	 	5,345	  	 	 	0.7	% 	 	 	—  	  	 	 	0.0	% 	 	 	5,345	  	 	 	n/m	  	
Other income, net	  	 	(106	) 	 	 	0.0	% 	 	 	(161	) 	 	 	0.0	% 	 	 	55	  	 	 	34.2	% 	

Total other expense, net	  	 	11,648	  	 	 	1.5	% 	 	 	7,115	  	 	 	1.2	% 	 	 	4,533	  	 	 	63.7	% 	

Income from continuing operations before provision for income taxes	  	 	95,723	  	 	 	12.2	% 	 	 	82,814	  	 	 	13.7	% 	 	 	12,909	  	 	 	15.6	% 	
							
Provision for income taxes	  	 	37,541	  	 	 	4.8	% 	 	 	30,831	  	 	 	5.1	% 	 	 	6,710	  	 	 	21.8	% 	

Income from continuing operations	  	 	58,182	  	 	 	7.4	% 	 	 	51,983	  	 	 	8.6	% 	 	 	6,199	  	 	 	11.9	% 	
							
Discontinued operations:	  				 				 				 				 				 				
Income from discontinued operations, net of taxes	  	 	—  	  	 	 	0.0	% 	 	 	224	  	 	 	0.0	% 	 	 	(224	) 	 	 	n/m	  	
Gain on sale of discontinued operations, net of taxes	  	 	—  	  	 	 	0.0	% 	 	 	1,729	  	 	 	0.3	% 	 	 	(1,729	) 	 	 	n/m	  	

Income from discontinued operations	  	 	—  	  	 	 	0.0	% 	 	 	1,953	  	 	 	0.3	% 	 	 	(1,953	) 	 	 	n/m	  	

Net income	  	$	58,182	  	 	 	7.4	% 	 	$	53,936	  	 	 	8.9	% 	 	$	4,246	  	 	 	7.9	% 	

Basic earnings per share (1) :	  				 				 				 				 				 				
Income from continuing operations	  	$	0.40	  	 				 	$	0.37	  	 				 	$	0.03	  	 	 	8.1	% 	
Income from discontinued operations	  	 	0.00	  	 				 	 	0.01	  	 				 	 	(0.01	) 	 	 	n/m	  	

Total	  	$	0.40	  	 				 	$	0.38	  	 				 	$	0.02	  	 	 	5.3	% 	

Diluted earnings per share (1) :	  				 				 				 				 				 				
Income from continuing operations	  	$	0.39	  	 				 	$	0.36	  	 				 	$	0.03	  	 	 	8.3	% 	
Income from discontinued operations	  	 	0.00	  	 				 	 	0.01	  	 				 	 	(0.01	) 	 	 	n/m	  	

Total	  	$	0.39	  	 				 	$	0.37	  	 				 	$	0.02	  	 	 	5.4	% 	

Weighted average common shares outstanding:	  				 				 				 				 				 				
Basic	  	 	145,611	  	 				 	 	142,194	  	 				 	 	3,417	  	 	 	2.4	% 	

Diluted	  	 	147,920	  	 				 	 	145,124	  	 				 	 	2,796	  	 	 	1.9	% 	

(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
March 31,	 	
 	  	2011	 	 	2010	 	
 	  	(In thousands)	 	
			
Income from continuing operations	  	$	58,182	  	 	$	51,983	  	
Depreciation and amortization	  	 	11,926	  	 	 	9,980	  	
Interest expense, net	  	 	6,409	  	 	 	7,276	  	
Loss on debt extinguishment (1)	  	 	5,345	  	 	 	—  	  	
Provision for income taxes	  	 	37,541	  	 	 	30,831	  	

Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations	  	$	119,403	  	 	$	100,070	  	

EBITDA as a percentage of revenue	  	 	15.2	% 	 	 	16.6	% 	
 
(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
March 31,	 	  	 	 	  	 	 	
 	  	2011	 	  	2010	 	  	Change	 	  	% Change	 	
 	  	(In thousands)	 	  	 	 	  	 	 	
					
Included Unaudited in Consolidated Condensed Statements of Income of LKQ Corporation	  				  				  				  				
					
Recycled, remanufactured and related products and services	  	$	275,782	  	  	$	215,223	  	  	$	60,559	  	  	 	28.1	% 	
Aftermarket, other new and refurbished products	  	 	381,116	  	  	 	312,373	  	  	 	68,743	  	  	 	22.0	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Parts and services	  	 	656,898	  	  	 	527,596	  	  	 	129,302	  	  	 	24.5	% 	
Other	  	 	129,750	  	  	 	75,920	  	  	 	53,830	  	  	 	70.9	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Total	  	$	786,648	  	  	$	603,516	  	  	$	183,132	  	  	 	30.3	% 	
	  	 	 	 	  	 	 	 	  	 	 	 	  				
Revenue changes by category for the three months ended March 31, 2011 vs. 2010:

 	  	Revenue Change Attributable to:	 	 	% Change	 	
 	  	Acquisition	 	 	Organic	 	 	Foreign
Exchange	 	 			
					
Recycled, remanufactured and related products and services	  	 	17.0	% 	 	 	10.9	% 	 	 	0.3	% 	 	 	28.1	% 	
Aftermarket, other new and refurbished products	  	 	11.9	% 	 	 	10.0	% 	 	 	0.2	% 	 	 	22.0	% 	
Parts and services	  	 	14.0	% 	 	 	10.3	% 	 	 	0.2	% 	 	 	24.5	% 	
Other	  	 	34.1	% 	 	 	36.7	% 	 	 	0.1	% 	 	 	70.9	% 	
Total	  	 	16.5	% 	 	 	13.6	% 	 	 	0.2	% 	 	 	30.3	%