• Revenue was $1,195.8 million as compared to $876.1 million in the prior year, an increase of 36.5% and the highest fourth quarter revenue reported in the Company's history
  • Net income for the period was $69.4 million versus $24.3 million in the prior year and includes recovery of non-financial assets of $39.8 million in Q4 2021 and $11.2 million in Q4 2020
  • Net income margin1 was 5.8% versus 2.8% in the prior year, an increase of 3.0 percentage points
  • Adjusted EBITDA2 was $65.9 million versus $40.5 million in the prior year, an increase of 62.8%
  • Adjusted EBITDA margin2 was 5.5% versus 4.6% in the prior year, an increase of 0.9 percentage points
  • Diluted earnings per share was $2.38, an increase of $1.57 from $0.81 in the prior year.
  • Indebtedness of $285.9 million at the end of Q4 2021 compares to $197.2 million at the end of Q4 2020
  • Net indebtedness2 of $212.7 million at the end of Q4 2021 compares to $89.5 million at the end of Q4 2020

EDMONTON, AB, March 2, 2022 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, today reported its financial results for the three and twelve month period ended December 31, 2021.

AutoCanada Inc. Logo (CNW Group/AutoCanada Inc.)

"Our operations delivered yet another record fourth quarter, reflecting the fundamental strength and resiliency of our business model," said Paul Antony, Executive Chairman of AutoCanada.  "Continued strong used vehicle sales and F&I business, proactive inventory management as well as outstanding performance in our U.S. operations were key drivers of our results."

"We also significantly advanced our acquisition strategy in the fourth quarter with the recent Autopoint transaction, providing strong brand and geographic diversification, and adding considerable size, scale and scope to AutoCanada's existing platform in a growing market."

"Looking ahead in 2022, we will continue to build on our positive momentum and focus on strategic growth initiatives to drive industry-leading performance and enhance shareholder returns, regardless of changing market conditions. We remain well positioned to continue to execute on our acquisition strategy in the coming quarters with several dealerships representing over $100 million in annual revenue currently being evaluated."

In addition, AutoCanada announced today that Michael Rawluk, President of Canadian Operations and Director, is departing the Company for personal reasons.

"I would like to thank Michael in his role as President of Canadian Operations, for his dedicated service and substantial contributions to AutoCanada since 2018.  He has been instrumental in stabilizing our Canadian dealership platform, strengthening the team of talented professionals running the business day-to-day and successfully positioning us to enter our next stage of growth. We wish him well in his future endeavors," said Paul Antony, Executive Chairman. "While the team we've put in place over the last few years is exceptional and we do not anticipate any impact on the Company's strong momentum heading into 2022, we have been actively in dialogue with a number of candidates for the role. We expect to make an announcement in the coming weeks, given the advanced stage of these discussions."

"The AutoCanada team has worked tirelessly over the last three and a half years and I am very proud of all that we have accomplished," said Michael Rawluk.  "AutoCanada's future is bright and I am very confident in the team as they embark on the next chapter of the Company's growth story."

2021 Fourth Quarter Key Highlights and Recent Developments

All comparisons presented below are between the three-month period ended December 31, 2021 and the three-month period ended December 31, 2020, unless otherwise indicated.

Executive Overview

The momentum generated by the Company's previous three quarters carried over into the record-setting fourth quarter of 2021 as revenue reached $1,195.8 million as compared to $876.1 million in the prior year, an increase of 36.5%. Record Q4 2021 results were driven by the strong performance of our used vehicle and finance and insurance ("F&I") business operations, and the material improvements from our U.S. Operations.

Net income for the period was $69.4 million, as compared to $24.3 million in Q4 2020. Diluted earnings per share was $2.38, an increase of $1.57 from $0.81 in the prior year.

Adjusted EBITDA2 for the period was $65.9 million as compared to $40.5 million reported in Q4 2020, an improvement of 62.8%. Adjusted EBITDA margin2 was 5.5% as compared to 4.6% in the prior year, an increase of 0.9  percentage points ("ppts").

Gross profit increased by $75.8 million to $228.5 million, an increase of 49.6%, as compared to prior year. This increase was largely driven by the increases of $18.3 million from used vehicles and $20.2 million from F&I. In addition, used retail vehicles1 sales increased by 4,504 units, up 61.0%, to 11,893, which contributed to the consolidated used to new retail units ratio1 moving to 1.45 from 0.86. F&I gross profit per retail unit average1 increased to $3,177, up 16.6% or $451 per unit. Gross profit percentage1 of 19.1% was a result of strong performance across all areas of the business and compares to 17.4% in the prior year.

Contributing to our fourth quarter, our U.S. Operations continued to demonstrate strong growth and performance. Actions taken by management previously, including the strategic build-up of used vehicle inventory, the creation of a dedicated used vehicle team, top-grading dealership management, expanding teams across all levels of the business, and the execution of operational best practices, contributed to $39.2 million of gross profit and gross profit margin of 19.9%. The increase in gross profit of $22.6 million, an increase of 136% as compared to prior year, was driven by improvements across all aspects of the business.

Proactive inventory management for both new and used vehicles continued to be a key driver to the Company's success in delivering both strong revenue and retail margin growth across all our business operations in the fourth quarter. We continue to manage our new vehicle inventory as the chip shortage remains an issue, particularly impacting new vehicle inventory supply. While we are gradually seeing improvements in both available new vehicle inventory and allocations, we are not expecting a return to "normalcy" in inventory levels until late 2022 or early 2023. Compensating for reduced new vehicle inventory supply, we doubled our used vehicle inventory position to $441.7 million as at December 31, 2021 as compared to $218.8 million in the prior year. Our strong inventory position is expected to meet market demand and maximize profitability as we enter the prime selling months at the tail end of Q1 2022.

Net indebtedness2 increased by $182.9 million from September 30, 2021 and increased by $123.2 million from December 31, 2020 to $212.7 million at the end of Q4 2021. The increase from Q3 2021 includes debt incurred in connection with the acquisitions of Airdrie Autobody Ltd., a collision centre in Canada, Crystal Lake Chrysler Dodge Jeep Ram Inc., a Stellantis dealership in the U.S., the 11 dealerships from the Autopoint Group, and the purchase of dealership real estate under development in Maple Ridge, BC, which represented a total cash outflow of approximately $181 million during the quarter. The Crystal Lake and Autopoint Group acquisitions added brands that we did not have in the respective operations groups, including Stellantis in our U.S. Operations and Honda, Acura, and Kia in our Canadian Operations. Free cash flow2 on a trailing twelve month ("TTM") basis was $107.2 million at Q4 2021 as compared to $131.4 million in Q4 2020; the decline in free cash flow2 between years was driven primarily by reduced government assistance in 2021, increased cash taxes, stock based compensation related cash payments, and changes in working capital. Additionally, our net indebtedness leverage ratio2 of 1.0x remained well below our target range at the end of Q4 2021, as compared to 1.3x in Q4 2020.

Had all of the acquisitions completed in fiscal 2021 occurred at January 1, 2021, consolidated pro forma net income would have been $174.8 million compared to consolidated net income $167.2 million for the year ended December 31, 2021. Pro forma normalized adjusted EBITDA2 was $266.4 million as compared to normalized adjusted EBITDA2 of $240.4 million for the year ended December 31, 2021.

The Company remains well-positioned to continue to execute on its acquisition strategy in the coming quarters. We continue to develop a transaction pipeline with a number of dealerships currently being evaluated. We currently have approximately $100 million in annual revenue under signed letters of intent ("LOI's") and purchase agreements.

Our performance, both in Canada and U.S. Operations, continues our trend of sustainable improvement and demonstrates the efficacy of our complete business model and strategic initiatives. We remain aware that uncertainty continues to exist in the macroeconomic environment given the ongoing challenges associated with the global pandemic. Uncertainties may include potential economic recessions or downturns, continued disruptions to the global automotive manufacturing supply chain, and other general economic conditions resulting in reduced demand for vehicle sales and service. We will continue to remain proactive and vigilant in assessing how COVID-19 may impact our organization and remain committed to optimizing and building stability and resiliency into our business model to ensure we are able to drive industry-leading performance regardless of changing market condition.

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the year ended December 31, 2021 for further information regarding the composition of these measures.

2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

Consolidated AutoCanada Highlights

RECORD SETTING FOURTH QUARTER

As a result of the execution of our complete business model, AutoCanada delivered a record setting fourth quarter.

For the three-month period ended December 31, 2021:

  • Revenue was $1,195.8 million, an increase of $319.7 million or 36.5%
  • Total vehicles1 sold were 20,296, an increase of 3,320 units or 19.6%
    • Used retail vehicles1 sold increased by 4,504 or 61.0%
  • Net income for the period was $69.4 million (or $2.38 per diluted share) versus $24.3 million (or $0.81 per diluted share)
    • Recovery of non-financial assets of $39.8 million was recognized in Q4 2021 and $11.2 million was recognized in Q4 2020
    • Loss on redemption liabilities of $(14.1) million was recognized in Q4 2021 and a gain of $2.1 million was recognized in Q4 2020
    • Unrealized fair value gain on embedded derivative of $24.8 million was recognized in Q4 2021
  • Adjusted EBITDA2 increased by 62.8% to $65.9 million, an increase of $25.4 million
  • Net indebtedness2 of $212.7 million reflected an increase of $182.9 million from the end of Q3 2021 and an increase of $123.2 million from the end of the prior year

Canadian Operations Highlights

USED RETAIL UNIT1 SALES INCREASED BY 3,002 UNITS OR 44.6%

We outperformed the Canadian market, as same store new retail unit1 sales decreased by (11.6)% as compared to the market decrease of (11.9)%, for same store brands represented by AutoCanada as reported by DesRosiers Automotive Consultants ("DesRosiers"), an outperformance of 0.3 ppts.

Our used vehicle and F&I segments were key drivers of the record earnings in Q4 2021. Used vehicle gross profit percentage1 increased to 7.8% as compared to 7.4% in the prior year. F&I gross profit per retail unit average1 increased to $3,130, up 11.1% or $313 per unit.

Current period results include the acquisitions of PG Klassic Autobody collision centre in Q2 2021, Mark Wilson's Better Used Cars and Autolux MB Collision in Q3 2021, Airdrie Autobody Ltd. collision centre on October 1, 2021 and the Autopoint Group on December 1, 2021. Unless stated otherwise, all results for acquired businesses are included in all Canadian references in the MD&A.

For the three-month period ended December 31, 2021:

  • Revenue was $998.8 million, an increase of 28.3%
  • Used retail vehicles1 sold increased by 3,002 or 44.6%
    • Average TTM Canadian used retail unit sales per dealership per month1, excluding Used Digital Retail Division dealerships, improved to 52, as compared to 47 in the prior year
  • Used to new retail units ratio1 increased to 1.45 from 0.93
    • TTM used to new retail ratio1 improved to 1.43 at Q4 2021 as compared to 0.95 at Q4 2020
  • F&I gross profit per retail unit average1 increased to $3,130, up 11.1% or $313 per unit
  • Net income for the period was $62.3 million, up 145.5% from a net income of $25.4 million in 2020
  • Adjusted EBITDA2 increased 40.6% to $55.1 million, an increase of $15.9 million
    • Adjusted EBITDA margin2 was 5.5% as compared to 5.0% in the prior year, an increase of 0.5 ppts

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the year ended December 31, 2021 for further information regarding the composition of these measures.

2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

U.S. Operations Highlights

REVENUE INCREASED BY  102% TO $197.0 MILLION

As a result of the U.S. management team transition in late Q1 2021, U.S. Operations have demonstrated continued and sustainable improvements due to a fundamental shift in the operating and sales culture of the dealerships. Management's actions have led to improved metrics on multiple fronts and set a fourth quarter record with a total gross profit percentage of 19.9%. Improvements in U.S. Operations also included a 76.2% increase in retail unit1 sales and an increase in F&I gross profit per retail unit average1 to $3,387 per unit, up 60.5% or $1,277 per unit.

Current period results include the acquisition of Crystal Lake Chrysler Dodge Jeep Ram Inc. on November 4, 2021.

  • Revenue was $197.0 million, an increase of 102%
  • Used retail vehicles1 sold increased by 1,502 units or 226%
  • Net income (loss) for the period increased by $8.2 million to $7.1 million, from $(1.0) million in 2020
  • Adjusted EBITDA2 was $10.7 million, an increase of $9.5 million from 2020

Same Store Metrics - Canadian Operations

F&I GROSS PROFIT PER RETAIL UNIT AVERAGE INCREASED TO $3,312, UP 18.2% OR $509 PER UNIT

We outperformed the Canada market by 0.3 ppts as same store new retail units1 decreased by (11.6)% as compared to the market decrease of (11.9)%, for same store brands represented by AutoCanada as reported by DesRosiers. Same store used retail units1 increased by 1,523, an increase of 22.6% as compared to prior year. The continued optimization of the Company's complete business model is highlighted by the year-over-year 29.4% improvement in gross profit across each individual business segment which collectively totaled $172.7 million.

The Company believes that it takes two years for an acquired dealership to achieve normal operating results. All same store metrics include only Canadian dealerships which have been owned for at least two full years since acquisition to support meaningful analysis. RightRide locations are included in the same stores metrics as they are an extension of the Project 50 initiative to support Canadian dealerships in reaching credit challenged customers.

  • Revenue increased to $852.9 million, an increase of 14.1%
  • Gross profit increased by $39.2 million or 29.4%
  • Used to new retail units ratio1 increased to 1.29 from 0.93
    • Used retail unit1 sales increased by 22.6%, an increase of 1,523 units
    • Average annual same store used retail unit1 sales per dealership per month reached 63, as compared to 46 in the prior year
  • For the thirteenth consecutive quarter of year-over-year growth, F&I gross profit per retail unit average1 increased to $3,312, up 18.2% or $509 per unit; gross profit increased to $48.4 million as compared to $39.1 million in the prior year, an increase of 24.0%
  • Parts, service and collision repair ("PS&CR") gross profit increased to $60.2 million, an increase of 21.1%.
    • PS&CR repair gross profit percentage increased to 56.0% as compared to 55.0% in the prior year

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the year ended December 31, 2021 for further information regarding the composition of these measures.

2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

Financing and Investing Activities and Other Recent Developments

COMPLETED ACQUISITION OF THE AUTOPOINT GROUP, ISSUED $350 MILLION SENIOR UNSECURED NOTES

Net indebtedness2 of $212.7 million resulted in a net indebtedness leverage ratio2 of 1.0x. Acquisition expenditures in the quarter were approximately $181 million. Financing and investing activities included the following:

  • On October 1, 2021, the Company acquired 100% of the shares in Airdrie Autobody Ltd., a collision centre located in Airdrie, Alberta.
  • On November 4, 2021, the Company acquired certain franchise rights, inventories and assets to be used in the operations of Crystal Lake Chrysler Dodge Jeep Ram Inc., a Stellantis dealership located in Crystal Lake, Illinois and the related dealership real estate.
  • On December 1, 2021 the Company acquired substantially all of the assets of eleven dealerships from the Autopoint Group located in Ontario.
  • On December 17, 2021, the Company acquired the dealership real estate under development in Maple Ridge, British Columbia.
  • On December 20, 2021, the Company received approval from the TSX to commence a Normal Course Issuer Bid. As at March 2, 2022, the Company repurchased and cancelled 542,401 shares under the Normal Course Issuer Bid for $20 million.
  • On January 12, 2022, S&P Global Ratings ("S&P") issued a research update and raised both the issuer credit rating and the Company's senior unsecured notes to 'B+'.
  • On February 7, 2022, amended and extended our existing credit facility for total aggregate bank facilities of $1.3 billion, with a maturity date of April 14, 2025, and included the addition of The Toronto-Dominion Bank to its existing syndicate of lenders which includes The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Bank of Montreal, HSBC Bank Canada, and ATB Financial.
  • On February 7, 2022, issued $350 million of Senior Unsecured Notes at 5.75%, due February 7, 2029, with the proceeds used to fund the redemption of the outstanding $250 million 8.75% Senior Unsecured Notes due February 11, 2025, to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes including acquisitions.

Fourth Quarter Financial Information

The following table summarizes the Company's results for the quarter and year ended December 31, 2021:


Three Months Ended December 31


Year Ended December 31

Consolidated Operational Data

2021

2020

% Change


2021

2020

% Change

Revenue

1,195,782

876,121

36.5%


4,653,415

3,329,494

39.8%

Gross profit

228,514

152,737

49.6%


834,183

547,326

52.4%

Gross profit %

19.1%

17.4%

1.7 ppts


17.9%

16.4%

1.5 ppts

Operating expenses

170,008

119,442

42.3%


612,609

461,663

32.7%

Operating profit

99,410

46,664

113.0%


270,068

70,212

284.6%

Net income (loss) for the period

69,398

24,320

185.4%


167,199

(6,623)

2624.5%

Basic net income (loss) per share attributable to AutoCanada shareholders

2.54

0.87

192.0%


5.98

(0.27)

2314.8%

Diluted net income (loss) per share attributable to AutoCanada shareholders

2.38

0.81

193.8%


5.60

(0.27)

2174.1%

   Adjusted EBITDA 2

65,873

40,472

62.8%


251,863

112,093

124.7%









   New retail vehicles1 sold (units)

8,204

8,623

(4.9)%


35,799

33,188

7.9%

   New fleet vehicles1 sold (units)

199

964

(79.4)%


1,872

2,923

(36.0)%

   Total new vehicles1 sold (units)

8,403

9,587

(12.4)%


37,671

36,111

4.3%

   Used retail vehicles1 sold (units)

11,893

7,389

61.0%


48,729

29,862

63.2%

   Total vehicles1 sold

20,296

16,976

19.6%


86,400

65,973

31.0%

   Same store new retail vehicles1 sold (units)

6,380

7,215

(11.6)%


28,762

28,277

1.7%

   Same store new fleet vehicles1 sold (units)

192

963

(80.1)%


1,864

2,919

(36.1)%

   Same store used retail vehicles1 sold (units)

8,248

6,725

22.6%


37,035

26,935

37.5%

   Same store total vehicles1 sold

14,820

14,903

(0.6)%


67,661

58,131

16.4%

   Same store1 revenue

852,913

747,707

14.1%


3,598,793

2,876,957

25.1%

   Same store1 gross profit

172,663

133,429

29.4%


675,771

486,961

38.8%

   Same store1 gross profit %

20.2%

17.8%

2.4%


18.8%

16.9%

1.9%

 

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the year ended December 31, 2021 for further information regarding the composition of these measures.

2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

 

SELECTED QUARTERLY FINANCIAL INFORMATION

The following table shows the unaudited results of the Company for each of the eight most recently completed quarters. The results of operations for these periods are not necessarily indicative of the results of operations to be expected in any given comparable period.


MD&A
Footnote
Reference
3

Q4

2021

Q3

2021 REVISED

Q2

2021 REVISED

Q1

2021 REVISED

Q4

2020

Q3

2020

Q2

2020

Q1

2020

Income Statement Data

4









New vehicles4

7

467,085

498,142

547,593

451,061

466,468

544,415

381,427

341,582

Used vehicles4

7

524,043

518,791

539,785

354,922

257,301

309,193

215,032

229,355

Parts, service and collision repair4

7

136,800

116,953

122,459

108,427

105,362

111,739

90,417

102,453

Finance, insurance and other4

7

67,854

72,868

71,218

55,414

46,990

51,753

40,571

35,436

Revenue


1,195,782

1,206,754

1,281,055

969,824

876,121

1,017,100

727,447

708,826

New vehicles4

7

50,632

46,525

44,619

34,639

31,199

42,230

10,634

24,267

Used vehicles4

7

38,118

39,669

40,269

23,206

19,787

29,819

4,224

10,173

Parts, service and collision repair4

7

75,917

64,748

68,115

57,874

58,109

59,056

45,836

49,969

Finance, insurance and other4

7

63,847

69,250

64,838

51,917

43,642

48,307

37,185

32,889

Gross Profit


228,514

220,192

217,841

167,636

152,737

179,412

97,879

117,298

Gross profit %


19.1%

18.2%

17.0%

17.3%

17.4%

17.6%

13.5%

16.5%

Operating expenses


170,008

159,880

154,773

127,948

119,442

125,785

99,736

116,700

Operating expenses as a % of gross profit


74.4%

72.6%

71.0%

76.3%

78.2%

70.1%

101.9%

99.5%

Operating profit (loss)


99,410

62,841

66,153

41,664

46,664

56,884

(4,388)

(28,948)

(Recoveries) impairment of non-financial assets


(39,846)

(11,248)

3,910

31,545

Net income (loss)


69,398

38,769

37,698

21,334

24,320

35,962

(20,052)

(46,853)

Basic net income (loss) per share attributable to AutoCanada shareholders


2.54

1.37

1.33

0.77

0.87

1.29

(0.72)

(1.70)

Diluted net income (loss) per share attributable to AutoCanada shareholders


2.38

1.27

1.23

0.71

0.81

1.23

(0.72)

(1.70)

Dividends declared per share


0.10

   Adjusted EBITDA 2

2

65,873

68,265

70,491

47,234

40,472

61,054

4,828

5,739

   Free cash flow 2

2

7,603

12,372

67,803

19,391

19,240

53,444

52,557

6,155

Operating Data

4









   New retail vehicles1 sold

3

8,204

9,255

10,107

8,233

8,623

10,750

7,526

6,289

   New fleet vehicles1 sold

3

199

358

575

740

964

582

340

1,037

   Total new vehicles1 sold

3

8,403

9,613

10,682

8,973

9,587

11,332

7,866

7,326

   Used retail vehicles1 sold

3

11,893

13,831

13,271

9,734

7,389

8,836

7,228

6,409

   Total vehicles sold1

3

20,296

23,444

23,953

18,707

16,976

20,168

15,094

13,735

# of service and collision repair orders completed

3, 5

232,373

199,870

214,149

182,869

203,086

195,004

172,956

185,452

# of dealerships at period end

6

80

68

67

67

67

62

63

63

   # of same store dealerships

1

49

49

49

49

47

47

48

48

# of service bays at period end


1,303

1,108

1,098

1,098

1,098

1,039

1,044

1,044

   Same stores1 revenue growth

1

14.1%

15.0%

54.2%

27.8%

6.3%

(1.1)%

(22.4)%

0.8%

   Same stores1 gross profit

   growth

1

29.4%

18.6%

102.5%

35.0%

7.7%

17.1%

(33.9)%

(2.1)%

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15 of the Company's MD&A for   the year ended December 31, 2021 for further information regarding the composition of these measures.

2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

3 See the Company's MD&A for the quarter and year ended December 31, 2021 for complete footnote disclosures.

4 In Q4 2021, it was determined there were Revenues and Cost of sales accounts incorrectly classified between revenue streams in the first three quarters of 2021 within the U.S. Operations segment. As a result, the classification of these accounts has been corrected and we have revised the Q1, Q2, and Q3 2021 amounts. This reclassification had no impact on total gross profit.

The following tables summarize the results for the quarter and year ended December 31, 2021 on a same store basis by revenue source and compares these results to the same period in 2020.

Same Store Revenue and Vehicles Sold1


Three Months Ended December 31


Year Ended December 31


2021

2020

% Change


2021

2020

% Change

Revenue source








New vehicles - retail

359,400

367,151

(2.1)%


1,533,513

1,406,109

9.1%

New vehicles - fleet

11,958

40,203

(70.3)%


91,826

122,806

(25.2)%

Total new vehicles

371,358

407,354

(8.8)%


1,625,339

1,528,915

6.3%

Used vehicles - retail

267,151

176,013

51.8%


1,110,137

678,742

63.6%

Used vehicles - wholesale

54,796

31,683

73.0%


241,861

149,608

61.7%

Total used vehicles

321,947

207,696

55.0%


1,351,998

828,350

63.2%

Parts, service and collision repair

107,491

90,496

18.8%


399,918

360,197

11.0%

Finance, insurance and other

52,117

42,161

23.6%


221,538

159,495

38.9%

Total

852,913

747,707

14.1%


3,598,793

2,876,957

25.1%

New retail vehicles sold (units)

6,380

7,215

(11.6)%


28,762

28,277

1.7%

New fleet vehicles sold (units)

192

963

(80.1)%


1,864

2,919

(36.1)%

Total new vehicles sold (units)

6,572

8,178

(19.6)%


30,626

31,196

(1.8)%

Used retail vehicles sold (units)

8,248

6,725

22.6%


37,035

26,935

37.5%

Total vehicles sold (units)

14,820

14,903

(0.6)%


67,661

58,131

16.4%

Total vehicles retailed (units)

14,628

13,940

4.9%


65,797

55,212

19.2%

Same Store Gross Profit and Profit Percentage1


Three Months Ended December 31


Gross Profit


Gross Profit %


2021

2020

% Change


2021

2020

Revenue source







New vehicles - retail

35,684

28,426

25.5%


9.9%

7.7%

New vehicles - fleet

247

406

(39.2)%


2.1%

1.0%

Total new vehicles

35,931

28,832

24.6%


9.7%

7.1%

Used vehicles - retail

26,079

14,370

81.5%


9.8%

8.2%

Used vehicles - wholesale

1,972

1,393

41.6%


3.6%

4.4%

Total used vehicles

28,051

15,763

78.0%


8.7%

7.6%

Parts, service and collision repair

60,240

49,762

21.1%


56.0%

55.0%

Finance, insurance and other

48,441

39,072

24.0%


92.9%

92.7%

Total

172,663

133,429

29.4%


20.2%

17.8%

 


Year Ended December 31


Gross Profit


Gross Profit %


2021

2020

% Change


2021

2020

Revenue source







New vehicles - retail

140,962

103,062

36.8%


9.2%

7.3%

New vehicles - fleet

(510)

1,015

(150.2)%


(0.6)%

0.8%

Total new vehicles

140,452

104,077

35.0%


8.6%

6.8%

Used vehicles - retail

94,767

43,581

117.5%


8.5%

6.4%

Used vehicles - wholesale

14,021

6,772

107.0%


5.8%

4.5%

Total used vehicles

108,788

50,353

116.1%


8.0%

6.1%

Parts, service and collision repair

221,888

185,015

19.9%


55.5%

51.4%

Finance, insurance and other

204,643

147,516

38.7%


92.4%

92.5%

Total

675,771

486,961

38.8%


18.8%

16.9%

1 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis for the year ended December 31, 2021 for further information regarding the composition of these measures.
2 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.

MD&A and Financial Statements

Information included in this press release is a summary of results. It should be read in conjunction with AutoCanada's Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2021, which can be found on the Company's website at www.autocan.ca or on www.sedar.com.

NON-GAAP AND OTHER FINANCIAL MEASURES

This press release contains certain financial measures that do not have any standardized meaning prescribed by Canadian GAAP. Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned these measures should not be construed as an alternative to net earnings (loss) or to cash provided by (used in) operating, investing, financing activities, cash and cash equivalents, and indebtedness determined in accordance with Canadian GAAP, as indicators of our performance. We provide these additional non-GAAP measures, capital management measures, and supplementary financial measures to assist investors in determining our ability to generate earnings and cash provided by (used in) operating activities and to provide additional information on how these cash resources are used.

Adjusted EBITDA, adjusted EBITDA margin, normalized adjusted EBITDA, income statement impacts and adjusted EBITDA on a pre-IFRS 16 basis, adjusted EBITDA margin on a pre-IFRS 16 basis, pro forma adjusted EBITDA, pro forma normalized adjusted EBITDA, free cash flow, net indebtedness, and net indebtedness leverage ratio are not earnings measures recognized by GAAP and do not have standardized meanings prescribed by GAAP. Investors are cautioned that these non-GAAP measures should not replace net earnings or loss (as determined in accordance with GAAP) as an indicator of the Company's performance, of its cash flows from operating, investing and financing activities or as a measure of its liquidity and cash flows. The Company's methods of calculating referenced non-GAAP measures may differ from the methods used by other issuers. Therefore, these measures may not be comparable to similar measures presented by other issuers.

It should be noted that certain of the financial measures described below include pro forma items estimating the impact of the acquisitions if they had occurred on the first day of the relevant period, or as of a specified date. Readers should understand that these estimates were determined by management in good faith and are not indicative of what the historical results of the businesses acquired in the acquisitions actually were for the relevant period, or what those results would have been if the acquisitions had occurred on the dates indicated, or what they will be for any future period. As a result, the pro forma financial measures may not be indicative of the Company's financial position that would have prevailed, or operating results that would have been obtained, if the transactions had taken place on the dates indicated or of the financial position or operating results which may be obtained in the future. These pro forma financial measures are not a forecast or projection of future results. The actual financial position and results of operations of the Company for any period following the closing of the acquisitions will vary from the amounts set forth following pro forma financial measures, and such variation may be material.

We list and define these "NON-GAAP MEASURES" below:

Adjusted EBITDA

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is an indicator of a company's operating performance over a period of time and ability to incur and service debt. Adjusted EBITDA provides an indication of the results generated by our principal business activities prior to:

  • Interest expense (other than interest expense on floorplan financing), income taxes, depreciation, and amortization;
  • Charges that introduce volatility unrelated to operating performance by virtue of the impact of external factors (such as share-based compensation amounts attributed to certain equity issuances as a part of the Used Digital Retail Division);
  • Non-cash charges (such as impairment, recoveries, gains or losses on free-standing derivatives, revaluation of contingent consideration and revaluation of redemption liabilities);
  • Charges outside the normal course of business (such as restructuring, gains and losses on dealership divestitures and real estate transactions); and
  • Charges that are non-recurring in nature (such as provisions for wholesale fraud and settlement income).

The Company believes adjusted EBITDA provides improved continuity with respect to the comparison of our operating performance over a period of time.

Normalized Adjusted EBITDA

With the onset of COVID-19 during the second quarter of 2020, the impact of COVID-19 related government restrictions resulted in charges that are one-time in nature, and related government programs resulted in subsidies that are non-recurring in the future. In addition, at the onset of the pandemic and related government lockdowns, the Company used the opportunity to complete a comprehensive review of all aspects of the business, in essence re-engineering the business model where applicable. As a result of the impacts of COVID-19 and the accompanying initial review, the Company recognized income, subsidies, write-downs, provisions, and non-recurring charges for impacts related to the pandemic.

Normalized adjusted EBITDA is an indicator of a company's operating performance over a period of time and ability to incur and service debt, normalized for charges that are non-recurring in nature related to the pandemic such as:

  • Canada Emergency Wage Subsidy ("CEWS") income, expected to recur until the Company is no longer eligible for the subsidy;
  • Canada Emergency Rent Subsidy ("CERS"), expected to recur until the Company is no longer eligible for the subsidy;
  • One-time forgiveness of Small Business Association Paycheck Protection Program ("PPP") loans;
  • One-time inventory write-downs for decreased demand for new and used vehicle inventory;
  • One-time severance charges related to the reduction in the Company's workforce;
  • One-time retention and recognition payments for key dealership employees;
  • One-time write-off of prepaid advertising leads provisions for decreased new and used vehicles demand;
  • One-time write-off of aged accounts receivable and onerous provisions; and
  • True-up of accruals and other liabilities as a result of the COVID-19 related comprehensive review.

The Company believes normalized adjusted EBITDA provides improved continuity with respect to the comparison of our operating performance normalized for impacts related to the COVID-19 pandemic.

Pro Forma Adjusted EBITDA and Pro Forma Normalized Adjusted EBITDA

The Company believes pro forma adjusted EBITDA and pro forma normalized adjusted EBITDA provides improved understanding of the progress of our acquisition strategy as if the acquisitions had occurred at the beginning of the period. Pro forma adjusted EBITDA and pro forma normalized adjusted EBITDA includes management's estimate of the net income generated by our acquisitions prior to interest expense (other than interest expense on floorplan financing), income taxes, depreciation, and amortization, assuming acquisitions in the year had occurred on the first day of the 12 month period ended December 31, prior to any synergies, pursuant to the terms of the credit facilities. Pro forma adjustments estimated by management were derived from dealership financial statements. The Company's blended rate of Canadian corporate tax of 25.4% was applied to pro forma adjustments where applicable.

Adjusted EBITDA Margin and Adjusted EBITDA Margin on a Pre-IFRS 16 Basis

Adjusted EBITDA margin is an indicator of a company's operating performance specifically in relation to our revenue performance. The Company believes adjusted EBITDA margin and adjusted EBITDA margin on a pre-IFRS 16 basis provides improved continuity with respect to the comparison of our operating performance with retaining and growing profitability as our revenue and scale increases over a period of time.

Income Statement Impacts and Adjusted EBITDA on a Pre-IFRS 16 Basis

The Company adopted IFRS 16 on January 1, 2019. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases, which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate. There are also corresponding income statement impacts to net income and other comprehensive income as identified in Section 21. IFRS 16 Impacts for the Period of the Company's Management's Discussion & Analysis for the year ended December 31, 2021.

The Company believes adjusted EBITDA on a pre-IFRS 16 basis provides improved continuity for purposes of comparing to our historical operating performance prior to fiscal year 2019. Our Credit Facility financial covenants are calculated and presented on a pre-IFRS 16 basis. In addition, the net indebtedness leverage ratio is calculated on a pre-IFRS 16 basis.

Adjusted EBITDA on a pre-IFRS 16 basis is calculated as adjusted EBITDA less the rental expense, fair market value rent adjustment and step lease rent adjustment eliminated from the adoption of IFRS 16 lease liabilities accounting standards

Free Cash Flow

Free cash flow is a measure used by Management to evaluate the Company's performance. While the closest Canadian GAAP measure is cash provided by operating activities, free cash flow is considered relevant because it provides an indication of how much cash generated by operations is available after capital expenditures. It shall be noted that although we consider this measure to be free cash flow, financial and non-financial covenants in our credit facilities and dealer agreements may restrict cash from being available for distributions, re-investment in the Company, potential acquisitions, or other purposes. Investors should be cautioned that free cash flow may not actually be available for such purposes. References to "Free cash flow" are to cash provided by (used in) operating activities (including the net change in non-cash working capital balances) less capital expenditure (not including acquisitions of dealerships and dealership facilities).

Net Indebtedness Leverage Ratio

Net indebtedness leverage ratio is a measure used by management to evaluate the liquidity of the Company.

The Company believes presenting the net indebtedness leverage ratio on a pre-IFRS 16 basis provides improved continuity for purposes of comparing to our historical operating performance prior to fiscal year 2019 and remains relevant while our Credit Facility financial covenants continues to be calculated and presented on a pre-IFRS 16 basis. Net indebtedness leverage ratio is calculated as net indebtedness compared to Adjusted EBITDA pre-IFRS 16 on a TTM basis.

We list and define "CAPITAL MANAGEMENT MEASURES" below:

Net Indebtedness

Net indebtedness is used by management to evaluate the liquidity of the Company.

Net indebtedness is calculated as indebtedness, net of unamortized deferred financing costs, adding back embedded derivative asset, and less cash and cash equivalents.

NON-GAAP AND OTHER FINANCIAL MEASURES RECONCILIATIONS

Adjusted EBITDA, Normalized Adjusted EBITDA, Pro Forma Adjusted EBITDA, and Pro Forma Normalized Adjusted EBITDA Reconciliation

The following table illustrates adjusted EBITDA and normalized adjusted EBITDA for the three-month periods ended December 31, over the last two years of operations:


2021

2020

Period from October 1 to December 31



Net income for the period

69,398

24,320

Add back:



Income tax expense

24,463

8,030

Depreciation of property and equipment

4,830

4,823

Interest on long-term indebtedness

6,161

3,964

Depreciation of right of use assets

7,465

6,037

Lease liability interest

6,520

5,256


118,837

52,430

Add back:



Recoveries of non-financial assets, net

(39,846)

(11,248)

Share-based compensation (Used Digital Retail Division)

435

Loss (gain) on redemption liabilities

14,116

(2,108)

Unrealized fair value changes in derivative instruments

(2,853)

(841)

Amortization of loss on terminated hedges

817

817

Unrealized foreign exchange losses

25

442

Unrealized fair value changes on embedded derivative

(24,778)

Gain on termination of lease

(492)

Loss on disposal of assets, net

47

545

Adjusted EBITDA

65,873

40,472

Normalizing items:



Add back:



Inventory write-down

1,841

One-time employee recognition payments

309

Operational incentive payments

851

Less:



Canada Emergency Wage Subsidy

(2,789)

Canada Emergency Rent Subsidy

(200)

Normalized Adjusted EBITDA

65,873

40,484

The following table illustrates adjusted EBITDA, normalized adjusted EBITDA, pro forma adjusted EBITDA, and pro forma normalized adjusted EBITDA for the year ended December 31 for the last two years of operations:


2021

2020

Period from January 1 to December 31



Net income (loss) for the period

167,199

(6,623)

Add back:



Income tax expense

54,021

5,418

Depreciation of property and equipment

17,272

17,372

Interest on long-term indebtedness

21,900

16,200

Depreciation of right of use assets

26,420

24,759

Lease liability interest

23,062

22,189


309,874

79,315

Add back:



(Recoveries) impairment of non-financial assets, net

(39,846)

24,207

Share-based compensation (Used Digital Retail Division)

435

Loss (gain) on redemption liabilities

14,116

(762)

Loss on extinguishment of debt

1,128

4,002

Unrealized fair value changes in derivative instruments

(7,873)

2,809

Amortization of loss on terminated hedges

3,268

2,308

Unrealized foreign exchange losses

115

1,153

Unrealized fair value changes on embedded derivative

(29,306)

Loss on termination of lease, net

427

Gain on disposal of assets, net

(40)

(1,374)

Adjusted EBITDA

251,863

112,093

Normalizing items:



Add back:



Inventory write-down

22,725

Severance charges

8,170

Write-off of prepaid advertising leads

2,131

One-time retention and recognition payments for key dealership employees

1,742

One-time write-off of accounts receivable and onerous provisions

5,633

Other charges including true-up of accruals and other liabilities

4,686

One-time employee recognition payments

309

Operational incentive payments

851

Less:



Canada Emergency Wage Subsidy

(4,388)

(35,264)

Canada Emergency Rent Subsidy

(336)

(200)

Forgiveness of PPP loans

(6,728)

Normalized Adjusted EBITDA

240,411

122,876

Pro forma items had the acquisitions occurred on January 1, 20211:



Net income (loss) for the period

7,634

Add back:



Income tax expense (recovery)

2,464

Depreciation of property and equipment

1,765

Interest on long-term indebtedness

5,698

Depreciation of right of use assets

3,224

Lease liability interest

5,235

Pro Forma Adjusted EBITDA

277,883

112,093

Pro Forma Normalized Adjusted EBITDA

266,431

122,876

See the Company's Management's Discussion and Analysis for the year ended December 31, 2021 for complete footnote disclosures.

Segmented Adjusted EBITDA and Segmented Normalized Adjusted EBITDA Reconciliation

The following table illustrates segmented adjusted EBITDA and normalized adjusted EBITDA for the three-month period ended December 31, over the last two years of operations:


Three Months Ended December 31, 2021


Three Months Ended December 31, 2020


Canada

U.S.

Total


Canada

U.S.

Total

Period from October 1 to December 31








Net income (loss) for the period

62,253

7,145

69,398


25,355

(1,035)

24,320

Add back:








Income tax expense (recovery)

24,144

319

24,463


8,155

(125)

8,030

Depreciation of property and equipment

4,467

363

4,830


4,494

329

4,823

Interest on long-term indebtedness

4,818

1,343

6,161


3,739

225

3,964

Depreciation of right of use assets

6,796

669

7,465


5,387

650

6,037

Lease liability interest

5,630

890

6,520


4,303

953

5,256


108,108

10,729

118,837


51,433

997

52,430

Add back:








(Recoveries) of non-financial assets, net

(39,846)

(39,846)


(11,248)

(11,248)

Share-based compensation (Used Digital Retail Division)


435

435

Loss (gain) on redemption liabilities

14,116

14,116


(2,108)

(2,108)

Unrealized fair value changes in derivative instruments

(2,853)

(2,853)


(841)

(841)

Amortization of loss on terminated hedges

817

817


764

53

817

Unrealized foreign exchange losses

25

25


442

442

Unrealized fair value changes on embedded derivative

(24,778)

(24,778)


Gain on termination of lease

(492)

(492)


Loss on disposal of assets, net

47

47


352

193

545

Adjusted EBITDA

55,144

10,729

65,873


39,229

1,243

40,472

Normalizing Items:








Add back:








Inventory write-down


1,841

1,841

One-time employee recognition payments


309

309

Operational incentive payments


851

851

Less:








Canada Emergency Wage Subsidy


(2,789)

(2,789)

Canada Emergency Rent Subsidy


(200)

(200)

Normalized Adjusted EBITDA

55,144

10,729

65,873


39,241

1,243

40,484

The following table illustrates segmented adjusted EBITDA and normalized adjusted EBITDA for the year ended December 31 for the last two years of operations:


Year Ended December 31, 2021


Year Ended December 31, 2020


Canada

U.S.

Total


Canada

U.S.

Total

Period from January 1 to December 31








Net income (loss) for the period

150,104

17,095

167,199


13,343

(19,966)

(6,623)

Add back:








Income tax expense (recovery)

53,702

319

54,021


5,543

(125)

5,418

Depreciation of property and equipment

15,995

1,277

17,272


16,151

1,221

17,372

Interest on long-term indebtedness

15,631

6,269

21,900


13,350

2,850

16,200

Depreciation of right of use assets

23,759

2,661

26,420


22,405

2,354

24,759

Lease liability interest

19,503

3,559

23,062


18,481

3,708

22,189


278,694

31,180

309,874


89,273

(9,958)

79,315

Add back:








(Recoveries) impairment of non-financial assets, net

(39,846)

(39,846)


15,312

8,895

24,207

Share-based compensation (Used Digital Retail Division)


435

435

Loss (gain) on redemption liabilities

14,116

14,116


(762)

(762)

Loss on extinguishment of debt

1,128

1,128


4,002

4,002

Unrealized fair value changes in derivative instruments

(7,873)

(7,873)


2,809

2,809

Amortization of loss on terminated hedges

3,268

3,268


1,993

315

2,308

Unrealized foreign exchange losses

115

115


1,153

1,153

Unrealized fair value changes on embedded derivative

(29,306)

(29,306)


Loss on termination of lease, net

427

427


(Gain) loss on disposal of assets, net

(40)

(40)


(1,567)

193

(1,374)

Adjusted EBITDA

220,683

31,180

251,863


112,648

(555)

112,093

Normalizing Items:








Add back:








Inventory write-down


19,735

2,990

22,725

Severance charges


8,170

8,170

Write-off of prepaid advertising leads


2,131

2,131

One-time retention and recognition payments for key dealership employees


1,742

1,742

One-time write-off of accounts receivable and onerous provisions


5,633

5,633

Other charges including true-up of accruals and other liabilities


3,240

1,446

4,686

One-time employee recognition payments


309

309

Operational incentive payments


851

851

Less:








Canada Emergency Wage Subsidy

(4,388)

(4,388)


(35,264)

(35,264)

Canada Emergency Rent Subsidy

(336)

(336)


(200)

(200)

Forgiveness of PPP loans

(6,728)

(6,728)


Normalized Adjusted EBITDA

215,959

24,452

240,411


118,995

3,881

122,876

Quarter-to-Date Adjusted EBITDA Margin

The following table illustrates adjusted EBITDA margin for the three-month periods ended December 31, over the last two years of operations:


2021

2020

Period from October 1 to December 31



Adjusted EBITDA

65,873

40,472

Revenue

1,195,782

876,121

Adjusted EBITDA Margin

5.5%

4.6%

Quarter-to-Date Adjusted EBITDA Margin on a Pre-IFRS 16 Basis

The following table illustrates adjusted EBITDA margin on a pre-IFRS 16 basis for the three-month periods ended December 31, over the last two years of operations:


2021

2020

Period from October 1 to December 31



Adjusted EBITDA on a pre-IFRS 16 basis

53,464

30,559

Revenue

1,195,782

876,121

Adjusted EBITDA Margin on a Pre-IFRS 16 basis

4.5%

3.5%

Quarter-to-Date Adjusted EBITDA on a Pre-IFRS 16 Basis Reconciliation

The following table illustrates segmented adjusted EBITDA on a pre-IFRS 16 basis, for the three-month periods ended December 31, over the last two years of operations:


Three Months Ended December 31, 2021


Three Months Ended December 31, 2020


Canada

U.S.

Total


Canada

U.S.

Total

Adjusted EBITDA

55,144

10,729

65,873


39,229

1,243

40,472

Rental expense 1

(11,040)

(2,149)

(13,189)


(8,522)

(2,210)

(10,732)

FMV rent adjustment 1

1,044

1,044


1,103

1,103

Step lease adjustment 1

(252)

(12)

(264)


(225)

(59)

(284)

Adjusted EBITDA on a pre-IFRS 16 basis

43,852

9,612

53,464


30,482

77

30,559

See the Company's Management's Discussion and Analysis for the quarter and year ended December 31, 2021 for complete footnote disclosures.

Year-to-Date Adjusted EBITDA on a Pre-IFRS 16 Basis Reconciliation

The following table illustrates segmented adjusted EBITDA on a pre-IFRS 16 basis, for the year ended December 31  for the last two years of operations:


Year Ended December 31, 2021


Year Ended December 31, 2020


Canada

U.S.

Total


Canada

U.S.

Total

Adjusted EBITDA

220,683

31,180

251,863


112,648

(555)

112,093

Rental expense 1

(40,230)

(8,597)

(48,827)


(36,067)

(8,263)

(44,330)

FMV rent adjustment 1

4,181

4,181


4,433

4,433

Step lease adjustment 1

(722)

89

(633)


(1,013)

(244)

(1,257)

Adjusted EBITDA on a pre-IFRS 16 basis

179,731

26,853

206,584


75,568

(4,629)

70,939

See the Company's Management's Discussion and Analysis for the quarter and year ended December 31, 2021 for complete footnote disclosures.

Free Cash Flow

The following table illustrates free cash flow for the last eight consecutive quarters:


Q4 2021

Q3 2021

Q2 2021

Q1 2021

Q4 2020

Q3 2020

Q2 2020

Q1 2020

Cash provided by operating activities 

10,153

13,721

68,604

20,506

20,447

54,366

54,114

7,350

Deduct:









Purchase of non-growth property and equipment

(2,550)

(1,349)

(801)

(1,115)

(1,207)

(922)

(1,557)

(1,195)

Free cash flow

7,603

12,372

67,803

19,391

19,240

53,444

52,557

6,155

Free cash flow - TTM

107,169

118,806

159,878

144,632

131,396

177,981

179,325

104,987

Net Indebtedness and Net Indebtedness Leverage Ratio Reconciliation

The following table illustrates the Company's net indebtedness and net indebtedness leverage ratio as at December 31, 2021 and December 31, 2020:


December 31, 2021

$

December 31, 2020

$

Syndicated Credit Facility - revolving credit

63,842

68,827

Senior unsecured notes (including embedded derivative asset)

221,965

120,716

Mortgage and other debt

101

7,688

Indebtedness as reported

285,908

197,231

Add back:



Embedded derivative asset

29,306

Indebtedness for net indebtedness purpose

315,214

197,231

Cash and cash equivalents

(102,480)

(107,704)

Net indebtedness

212,734

89,527

Adjusted EBITDA - pre-IFRS 16 - trailing twelve months

206,584

70,939

Net indebtedness leverage ratio

1.0x

1.3x

Conference Call

A conference call to discuss the results for the three months ended December 31, 2021 will be held on March 3, 2022 at 9:00am Mountain (11:00am Eastern). To participate in the conference call, please dial 1.888.664.6392  approximately 10 minutes prior to the call.

This conference call will also be webcast live over the internet and can be accessed by all interested parties at the following URL: https://investors.autocan.ca/event/2021-q4-conference-call/

About AutoCanada

AutoCanada is a leading North American multi-location automobile dealership group currently operating 78 franchised dealerships, comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Honda, Acura and Porsche branded vehicles. In 2021, our dealerships sold approximately 86,000 vehicles and processed over 800,000 service and collision repair orders in our 1,303 service bays generating revenue in excess of $4 billion.

Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.

Forward Looking Statements

Certain statements contained in this press release are forward-looking statements and information (collectively "forward-looking statements", including "with respect to", "among other things", "future performance", "expense reductions" and the "Go Forward Plan"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe", "shall" and similar expressions) are not historical facts and are forward-looking and may involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict.

Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Therefore, any such forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this press release.

The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.

Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

Additional Information

Additional information about AutoCanada is available at the Company's website at www.autocan.ca and www.sedar.com.

SOURCE AutoCanada Inc.

Copyright 2022 Canada NewsWire

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