AutoCanada Inc (TSX:ACQ)
C$ 14.54 -0.3 (-2.02%) Market Cap: 337.16 Mil Enterprise Value: 2.56 Bil PE Ratio: 0 PB Ratio: 0.68 GF Score: 74/100
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Q2 2024 AutoCanada Inc Earnings Call Transcript

Aug 13, 2024 / 08:30PM GMT
Release Date Price: C$18.09 (-2.79%)

Key Points

Positve
  • AutoCanada Inc (AOCIF) recorded total sales of $1.6 billion in Q2 2024.
  • The company has engaged Bain & Company to accelerate key Project Elevate initiatives.
  • AutoCanada Inc (AOCIF) is halting all M&A and return of capital initiatives to focus on core operations.
  • A freeze on discretionary spending has been implemented to manage costs.
  • The company is actively reviewing strategic alternatives for all non-core and underperforming assets.
Negative
  • Total sales were down 8.8% year-over-year.
  • Adjusted EBITDA fell significantly by $67.1 million from Q2 last year.
  • The company reported a diluted loss per share of $1.47.
  • Canadian Operations revenue fell 9% year-over-year, with same-store sales declining 10.5%.
  • US Operations recorded a loss in adjusted EBITDA of $5.4 million, compared to a positive $4.9 million in Q2 2023.
Operator

Thank you for joining AutoCanada's Conference Call to discuss financial results for the second quarter of 2024. I'm John, your moderator for today's call. Before we begin, I'd like to remind everyone that today's discussion may include forward-looking statements, which are subject to risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements.

I encourage you to review AutoCanada's filings on SEDAR-plus for a discussion of these risks, the second quarter news release, financial statements, and MD&A.

(Operator Instructions). I'd like to remind everyone that this conference call is being recorded today, Tuesday, August 13, 2024.

Now I'd like to turn the conference call over to Mr. Paul Antony, Executive Chairman of AutoCanada, Inc. Please go ahead, Mr. Antony.

Paul Antony
AutoCanada Inc - Executive Chairman of the Board

Thank you, and good evening, everyone. During the second quarter, AutoCanada faced a combination of factors that significantly impacted our

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