The company's acquisition strategy continues to be a key driver of revenue growth, with acquisitions contributing 11.6% to the overall revenue increase. This highlights the importance of strategic acquisitions in LKQ's growth strategy.

LKQ began a global restructuring initiative focused on enhancing profitability, which includes exiting certain businesses or markets that do not align with their strategic objectives. This plan is scheduled to be substantially complete by the end of 2025 with an estimated total incurred cost of between $55 million and $75 million.

LKQ expects to incur additional expenses of between $5 million and $15 million by the end of 2024 to substantially complete the integration plan related to the Uni-Select Acquisition in our Wholesale - North America segment.

Selling, general, and administrative (SG&A) expenses increased to 28.2% of revenue in Q1 2024 from 27.8% in Q1 2023. This indicates potential challenges in managing operational efficiency.

The company continues to implement the 1 LKQ Europe plan, incurring $8 million in costs during Q1 2024. The total cost of the plan is expected to range between $125 million and $155 million for 2024 through the projected plan completion date in 2027.

Parts and services organic revenue decreased 3.3% in Wholesale - North America, primarily driven by decreased aftermarket collision volumes. This suggests challenges in maintaining organic growth in key segments.

The company may identify additional initiatives under the global restructuring plan that may result in additional expenditures, although they are currently unable to estimate the range of charges for such potential future initiatives.

While LKQ does not currently estimate Pillar Two to have a material impact on their effective tax rate, their analysis will continue as the OECD continues to release additional guidance and countries implement legislation.

Parts and services organic revenue decreased 3.3% in Wholesale - North America, primarily driven by decreased aftermarket collision volumes which were negatively impacted by lower repairable claims, which the company believes is primarily attributable to comparatively warmer weather.

Parts and services organic revenue for the three months ended March 31, 2024 decreased by 1.4% primarily due to demand softness in the recreational vehicle ("RV") product line, as RV unit retail sales have declined year over year.

Cost of goods sold as a percentage of revenue increased to 60.8% of revenue for the three months ended March 31, 2024 from 59.0% of revenue for the three months ended March 31, 2023.

Segment EBITDA decreased $6 million in the Self Service segment due to the decline in revenue from unfavorable movements in commodity prices and lower volumes compared to the prior year period.

In March 2024, LKQ completed an offering of €750 million aggregate principal amount of the 4.125% Euro Notes (2031). The net proceeds were used to pay outstanding indebtedness.

The company continues to repurchase shares under its stock repurchase program, with $30 million of shares repurchased during Q1 2024.

On April 22, 2024, the Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock, payable on May 30, 2024.

Parts and services organic revenue decreased 10.5% for the three months ended March 31, 2024 compared to the prior year period, primarily driven by lower retail volumes from reduced admissions, which were impacted by adverse weather conditions (primarily in California).

Parts and services organic revenue for the three months ended March 31, 2024 increased by 2.7% (4.4% on a per day basis), primarily driven by increased volumes and, to a lesser extent, pricing initiatives to offset increased costs resulting from inflationary pressures.