Thanks, strong times EBITDA Nick, call. pleased for cash of generation. results everyone and The Overall, we These in quarter free our our us good us as margin, speak cash are joining to profitable performance, expansion themselves. free are to flow and teams with the especially on related priorities the segment generation. exciting morning margin third revenue growth, for financial have field flow and key improvement embraced
positive through Seeing priorities quarter ability strategic LKQ's momentum on the them. deliver carrying and about the to third enhances our confidence our
into start the key financial highlights. results, diving Before the with let's
the in most quarter quarter being history, that the of Operating only the XXXX. amount million, quarter, third in second highest were the previous trailing cash flows $XXX quarterly the second recent company's
to expect flows. a of to cover capital teams working segment cash two in quarters doing softer guidance operating full cash generation, terms discussion. in high outlook the tremendous strong the flows. we quarter flow job are fourth of Our see operating do deliver I'll trade year After cash a historically managing
the totaled basis. and million period the flow Free higher XXXX $XXX for million a cash million September quarter $XXX in than on or $XXX same year-to-date
important, analyzing While convert we we basis. cash level flows cash the efficiency cash can our actively of absolute number of of the is on our earnings to flow and also what free sustainable are a
place in cash million improvement half can well while this of strong $XXX positive free flow our the relative growth ratio EBITDA the the moderate million buy back last about X.X the in we of on initial see the at a fourth trend in stock number The is Looking will in conversion the trajectory XX, slide ratio quarter, the us in programs approximately five third years. to to year's second quarter. XXXX. expectations. am This And for that above year put I flows to enabled cash shares LKQ’s very encouraged you
discount at Looking to of an recent levels. we XX, number healthy the million to-date slide XX.X have trading for shares program average a purchased $XX.XX, price at
$XXX by we is decrease of in doing X.X before to debt so, able as XXXX, the acquired XX. ratio were in the net our times, last million Additionally, September the paid nine months million quarter Stahlgruber. level the leverage to we down the quarter and By $XXX same through we quarter first which
our speaks share strength which ratio of to ratio, not And accomplishment. to generate reflect transaction, a our leverage leverage referenced to back program repurchase the Getting Nick expansion reducing to cash share sustained this share the of ever the is repurchase five program company's business following the strong pre-acquisition and expectation cash net largest our terrific $XXX our course the flows. the strong is active does the quarters within while supported of million Returning repurchase our authorization, earlier. by cash shareholders mentioned flows, to success to-date. of I
and to last self explanatory, to to diluted please as the net from accompanying the refer note LKQ shareholders. and when income continuing save words earnings I Now that our deck referring similar be some consolidated quarter, I will to operations myself is results, segment will largely attributable I also to and EPS, cover amounts
per will In details covered income addition, Nick not so share, on repeat. I and net earnings the
a note slides XX Please of quarter margin. of though XXX improvement costs the driven percentage that America. consolidated in to million margin quarter-over-quarter the third a aside please XX.X%, consolidated reported point the basis quarter classified in few in The we on impact negative and XX points the on the points by sold, presentation results. restructuring which to point includes for decreased turn gross North saw basis $XX basis represents XX related XX in restructuring, improvement cost margin goods gross Setting
$X rates a balances million and ongoing third primarily some Restructuring expenses and favorable of the acquisition to quarter by Interest the owing restructuring translation XX% to quarter. initiative $X XXXX, as were favorable by average lower announced related related costs debt or in interest was expense last effects. operating expenses we of result million compared to low and
the Mekonomen rate taxes, income the the to the for caused to incremental a expense Moving the our tax change increased primarily tax million XX.X% estimate XXXX. our income quarter, estimated reflects annual We which from to shift Equity to in projected of income. unconsolidated third this relates mostly earnings $X versus expense in XX.X%, rate. our XX% was of rate effective the of in which investment allocation a effective our for of geographic catch in due up, quarter, of subsidiaries, by $XX in reflected year-to-date up million quarter of
impairment You will million year. recall charge that a investment on our we recorded Mekonomen last $XX
Now please to year. with Gross than points XXX North segment for basis starting XX.X% XX margin was last higher or turn America. Slide on performance highlights
and of to the ability well and underperforming continued most in quality of the and of part, the expansion also successfully our as in breadth glass service and For benefits of reflects inventory, aftermarket our the initiatives depth to both salvage operations, contracts. as margin efforts and recognized business for renegotiate our be
a quarter-over-quarter with year-over-year compared material further an the a impact creating $X in million of due changes the million we prices impact operation was hit even With in not had at year-over-year drag October, basis. margin, quarter, the lower $X on gross of pricing, are fourth negative to self-service to decrease was impact in third the trading a negative quarter. scrap $X a unfavorable the anticipating for million Sequential a scrap segment on of levels XXXX, swing. quarter While in scrap a
several factors for of a a than but by had up year, year day expenses offsetting points the there expenses pushed We XXXX. the were basis positive which to increased prior quarter higher this that leverage selling year to third effect, ago. a Operating XX% XX relative picked
of to XX contributed bonus in causing the compensation revisions basis whereas Last incentive behind the year-over-year. the First, points a generated revisions strong bonus year's targets, this quarter. increase year, performance in accrual, its fell upward third segment downward
year year rate increased due to and continued a points renewals. higher expenses previously, increases trend ago. basis expansions Facilities relative by related XX Second, expenses facilities as this to mentioned to to
potential actively team underperforming Our monitoring America for North on locations rationalization. working is
leverage reduction side, up described as $XX $XXX third positive plan implementation million North the In quarter. last EBITDA million, North the costs America showed of through hiring, disciplined and well America claim for quarter segment I the total, than other personnel as cost lower insurance costs basis On positive year. in prior or XX in higher was the points
North and like the objectives. revenue year on out America revenue Closing the EBITDA margin points and enabler X.X% in improvement. of a profitable on parts variance North with organic growth growth the XX revenue I'd period profitable organic growth. recognize a in year, focusing margin approach basis. through almost day for team been of following with per A on the This significant A in on full we ago, basis decrease year-over-year has the services disclosed services growth segment X.X% recovered disciplined has a parts of of a America, to margin revenue pursuit
segment down Moving period margin on to to XX.X%, comparable basis the XXXX. the Slide XX, of Europe relative gross European was on in points XXX
to XX basis flat, in previously represented Outside the margins and charges, expenses Andrew Kingdom the related improving of lower procurement benefits centralized margin our Central basis operations the quarter. operation. noted, recognized mix with negative from the by gross in was point impact brand pricing restructuring in these rationalization XXX we for branch mostly roughly the to points Nick Kingdom. offset due segment As margins United and expenses United and a European These Page of for
represented bonus sales the expenses accrual growth. the the basis increase, operating increase leverage to effect tightening related a a versus ago. inflation wage a primarily of and negative by lower European quarter the comparable caused adjustments, basis experienced XX of largest we expenses, the respect on Personnel With consolidated to year point from portion
third the example, basis the are amount costs the of currently are was being in For a point in to quarter for LKQ headwind program. stages, in program. there relatively Europe The and associated efforts many the transformation the the with all capitalized, related low quarter XXXX, projects that ongoing XX the X early ERP reflects
these the into fourth expect the quarter forward We of and operating XXXX. increase to costs expense portion going in
X.X% totaled EBITDA last million, $XXX a year. segment European over decrease
about causing from penny basis of slide this costs. on respectively shown and Segment headwind to a but decrease euro EPS. third not was As effect both weakened on down period negative on quarter EPS was a and relative effect the sterling the attributable GAAP transformation with XX, X% XX to the X% by for net quarter material, the the dollar compared year, adjusted represented the same of number XXXX, translation. The EBITDA last the about half quarter, X.X% to points against
disclosed We in segment X EBITDA detailed full Europe the within deliver ability outcomes goal September X.X%. range X.X% to to LKQ the of our remain XX finish margin in previously our expect the to confident and year
XX, the XX segment product our basis discounts gross to points the XXXX. period of basis supplier to comparable percentage related product Slide prior net Of the on XX unfavorable specialty in than Turning margin mix, year. were this in points realized to points while basis from XX QX the amount, as relative lower higher declined costs, resulted
EBITDA and costs, the points revenue year-over-year of of decisive selling expenses leverage evidenced to cost more the million, structure with XXX operating of for partially was and than margin. from team With growth, hand, up dollars $XX XXXX. quarter the about in improved up to attributable day Segment benefit other an XXXX the taken to in segment points a The expense the the basis additional specialty action, is evaluate third basis selling specialty has improvement On operating expenses. protect freight in offsetting higher X% in QX reductions by decrease was continues to the as percentage XX XX.X%. low a from by backdrop as and personnel revenue
and the Let's to move liquidity on sheet. balance
or for our QX cash note higher on you presented was Slide than XX, $XXX XX% As ago. million will that a flow year operating
ago. trade an year-over-year to is to inventory the million Our cash in to accounts a compared trading contributed improvement purchasing capital. quarter take that approach teams a $XX a $XX to outflow working in disciplined receivables, The has key payables of of working inventory, continue inflow soft million and capital year given a conditions, generated which
the quarter That opportunities said, as year. we increase inventory we expected are going note use inventory on represent not a revenue we new the solid we QX. program take Europe, that the benefits seasonal financing into buying of get expect in while fourth making the cash into anticipate and meaningful of advantage Do vendor till to we build do for in progress
for cash the million, for year-to-date million free $XX and flow on resulting the was a of quarter $XXX quarter $XXX CapEx in basis. million
number cash, XX, to Finally, Slide about of unrestricted net million had we XX, September billion. $XXX debt as in of moving of resulting $X.X
provide on an at update annual rates Now, the I foreign note current exchange that would like assumes prices guidance levels. our guidance. to hold and scrap Please
pleased prices. third quarter As Nick noted metal challenges the results. are earlier, ongoing perform well with in scrap we to North the despite continues America
management has Our won We acclaim various simplifying softer programs in by challenges programs been the that integration given underlying costs in the outlook. revenue for to specialty offerings remainder efficiency addition team and of deliver segment thoughtfully near-term. despite being the on the that benefit resilient, by conditions, is evaluating the and the European industry-wide may market with economic conditions year. to see service adapting cost to business And holding is the decisive the not continuing accelerating new create have
briefing September XX. European As were provided details actions the comprehensive on you’ll recall, a at of
and at As in at expect from Despite mentioned quarter. FX adjusted EPS continue midpoint current the we to this $X.XX, while some prices headwind our of levels. metal results backdrop, earlier, scrap metal holding the in are we the impact negatively scrap QX prices to appreciating fourth the
from $X million end end. million to our low and high the hit year at to for by flows the We cash at increasing million $XXX by expected $XXX $XXX operations billion are the
basis basis recent the $X.XX primarily first the growth to revenue I'll quarter. full points for points run a Diluted account and for GAAP take you Organic for into the actual $X.XX XX year through EPS half most updated accounting revised to basis activity services related non-cash from the range operations $X.XX, increased EPS been charges to range the of a to Adjusted and midpoint. September; to $XXX a a through range million. charges at so as in $X.XX capital has as of incurred $XXX well $X on $X.XX range XXX restructuring flows the to of million spending to a is narrowed to impairment diluted is narrower to guidance updated parts Cash to $XXX figures. billion the to million and
third where In flow funded highlights as has quarter bearing and higher debt fruit margins summary, free the strong several American program the showing North the actions repurchase down. such pay that's share are generating and cash materially ongoing
While downward conditions resiliency remain the macro in to gives full support, the model commitments. we scrap and deliver on Overall, optimistic the in and is prospects Europe our to adjust our the softer believe us in about there future. for market conditions the pressure ongoing we
to Nick remarks. back closing turn Now, call for the I'll
