AOCIF - AutoCanada estimates 32% growth in Q2 revenue: Prelim

• AutoCanada ( OTCPK:AOCIF ) reported Monday the preliminary estimates for its second quarter with revenue expected to be $1.7B (+32% Y/Y).
• Same store total retail unit sales growth of approximately 0.6% as compared to 40.5% in the prior year.
• An increase in AutoCanada's same store used-to-new retail units ratio to approximately 1.59 in Q2 2022 from 1.37 in Q2 2021.
• Adjusted EBITDA reached $75.6M (+7.23% Y/Y). Adjusted EBITDA on a trailing twelve month basis was $271.9M.
• Net income is estimated to be approximately $39.1M versus $37.7M in the prior year, which includes $10M of incremental inventory write-downs in Q2 2022.
• The automobile dealership group completed its last $56.6M normal course issuer bid on May 19 and has its current issuer bid for up to $100M of its common shares to expire on August 4, 2022.
• AutoCanada's net indebtedness increased to $293.8M at the quarter end from $248.8M as at March 31, 2022.
• "The increase includes debt incurred in connection with the acquisition of Porsche of London, Audi Windsor, Burwell Auto Body, and the repurchase and cancellation of $25.4 million of shares under the Company's normal course issuer bid," report.
• The company's final quarterly earnings are scheduled to be released on August 10, 2022.

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