OPENLANE, Inc. Reports Third Quarter 2024 Financial Results
OPENLANE (NYSE: KAR) reported strong Q3 2024 financial results with total revenue of $448 million, up 8% YoY. The company achieved income from continuing operations of $28 million and adjusted EBITDA of $75 million, representing 10% YoY growth. Marketplace segment showed notable performance with revenue of $354 million (12% YoY growth) and adjusted EBITDA of $36 million (34% YoY growth). The company generated $260 million in year-to-date operating cash flow and increased its Gross Merchandise Value by 12% to nearly $7 billion. The board authorized a $5 million increase in share repurchase program, extending it through December 2025.
OPENLANE (NYSE: KAR) ha riportato forti risultati finanziari per il terzo trimestre del 2024, con un fatturato totale di 448 milioni di dollari, in aumento dell'8% rispetto allo stesso periodo dell'anno precedente. L'azienda ha raggiunto un reddito dalle operazioni continuative di 28 milioni di dollari e un EBITDA rettificato di 75 milioni di dollari, rappresentando una crescita del 10% su base annua. Il segmento del mercato ha mostrato un notevole rendimento con entrate di 354 milioni di dollari (crescita del 12% anno su anno) e un EBITDA rettificato di 36 milioni di dollari (crescita del 34% anno su anno). L'azienda ha generato 260 milioni di dollari di flusso di cassa operativo dall'inizio dell'anno e ha aumentato il suo Valore Merce Lordo del 12% a quasi 7 miliardi di dollari. Il consiglio di amministrazione ha autorizzato un incremento di 5 milioni di dollari nel programma di riacquisto delle azioni, estendendolo fino a dicembre 2025.
OPENLANE (NYSE: KAR) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales de $448 millones, un aumento del 8% interanual. La compañía logró un ingreso de operaciones continuas de $28 millones y un EBITDA ajustado de $75 millones, representando un crecimiento del 10% interanual. El segmento de mercado mostró un rendimiento notable con ingresos de $354 millones (crecimiento del 12% interanual) y un EBITDA ajustado de $36 millones (crecimiento del 34% interanual). La compañía generó $260 millones en flujos de efectivo operativos acumulados hasta la fecha y aumentó su Valor Bruto de Mercancías en un 12% a casi $7 mil millones. La junta autorizó un incremento de $5 millones en el programa de recompra de acciones, extendiendo esto hasta diciembre de 2025.
OPENLANE (NYSE: KAR)는 2024년 3분기 강력한 재무 실적을 보고했으며, 총 수익은 4억 4,800만 달러로 전년 대비 8% 증가했습니다. 회사는 지속적인 운영에서 2,800만 달러의 소득과 7,500만 달러의 조정된 EBITDA를 달성했으며, 이는 전년 대비 10% 성장한 수치입니다. 마켓플레이스 부문은 총 수익 3억 5,400만 달러 (전년 대비 12% 성장)와 조정된 EBITDA 3,600만 달러 (전년 대비 34% 성장)로 눈에 띄는 성과를 보였습니다. 회사는 올해 누적 운영 현금 흐름으로 2억 6,000만 달러를 생성했으며, 총 상품 가치를 12% 증가시켜 거의 70억 달러에 달했습니다. 이사회는 자사주 매입 프로그램을 500만 달러 늘리는 것을 승인하고, 이를 2025년 12월까지 연장했습니다.
OPENLANE (NYSE: KAR) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total de 448 millions de dollars, en hausse de 8% par rapport à l'année précédente. L'entreprise a réalisé un revenu des opérations continues de 28 millions de dollars et un EBITDA ajusté de 75 millions de dollars, représentant une croissance de 10% d'une année sur l'autre. Le segment marketplace a montré une performance remarquable avec un chiffre d'affaires de 354 millions de dollars (croissance de 12% d'une année sur l'autre) et un EBITDA ajusté de 36 millions de dollars (croissance de 34% d'une année sur l'autre). L'entreprise a généré 260 millions de dollars de flux de trésorerie opérationnel depuis le début de l'année et a augmenté sa valeur brute des marchandises de 12% pour atteindre presque 7 milliards de dollars. Le conseil d'administration a autorisé une augmentation de 5 millions de dollars dans le programme de rachat d'actions, le prolongeant jusqu'en décembre 2025.
OPENLANE (NYSE: KAR) berichtete über starke Finanzresults für das dritte Quartal 2024 mit einem Gesamtumsatz von 448 Millionen Dollar, was einem Anstieg von 8% im Jahresvergleich entspricht. Das Unternehmen erzielte ein Einkommen aus fortführenden Betrieben von 28 Millionen Dollar und ein bereinigtes EBITDA von 75 Millionen Dollar, was einem Wachstum von 10% im Vergleich zum Vorjahr entspricht. Der Marktplatz-Sektor zeigte eine bemerkenswerte Leistung mit einem Umsatz von 354 Millionen Dollar (12% Wachstum im Jahresvergleich) und einem bereinigten EBITDA von 36 Millionen Dollar (34% Wachstum im Jahresvergleich). Das Unternehmen generierte 260 Millionen Dollar im operativen Cashflow seit Jahresbeginn und steigerte seinen Bruttowarenwert um 12% auf nahezu 7 Milliarden Dollar. Der Vorstand genehmigte eine Erhöhung des Aktienrückkaufprogramms um 5 Millionen Dollar und verlängerte es bis Dezember 2025.
- Revenue growth of 8% YoY to $448 million
- Adjusted EBITDA growth of 10% YoY to $75 million
- Marketplace segment revenue increased 12% YoY to $354 million
- Marketplace adjusted EBITDA grew 34% YoY to $36 million
- Strong operating cash flow of $260 million year-to-date
- $100 million available for share repurchases
- None.
Insights
OPENLANE delivered a robust Q3 2024 with notable growth across key metrics.
The company's financial health is further evidenced by strong cash flow generation of
The
The focus on technology investment and innovation positions OPENLANE well in the evolving digital automotive marketplace. Their end-to-end platform strategy addressing whole car, financing and logistics services creates multiple revenue streams and competitive advantages in the wholesale vehicle remarketing industry.
"OPENLANE delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience," said Peter Kelly, CEO of OPENLANE. "I'm particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA with positive contributions from our US, Canadian and European marketplaces."
"OPENLANE extended its track record of strong financial and operational performance in the third quarter," said Brad Lakhia, EVP and CFO of OPENLANE. "On a consolidated basis, we delivered revenue of
Third Quarter 2024 Financial Highlights
- Total revenue of
in Q3 2024, representing$448 million 8% YoY growth - Consolidated income from continuing operations of
, with Marketplace contributing$28 million $5 million - Consolidated adjusted EBITDA of
in Q3 2024, representing$75 million 10% YoY growth of cash flow from operating activities on a year-to-date basis$260 million - Marketplace revenue of
in Q3 2024, representing$354 million 12% YoY growth - Marketplace adjusted EBITDA of
, representing$36 million 34% YoY growth - Marketplace volumes increased
6% YoY - Gross Merchandise Value (GMV) of approximately
, representing$7 billion 12% YoY growth
2024 Guidance
The company is updating its annual guidance to the following:
Annual Guidance | |
Income from continuing operations (in millions) | |
Adjusted EBITDA (in millions) | |
Income from continuing operations per share - diluted * | |
Operating adjusted net income from continuing operations per share - diluted |
* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.
Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company's reported results for any given period. Prospective quantification of these items is generally not practicable. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company's guidance included below.
Share Repurchase Authorization
The board of directors authorized an increase in the size of the company's share repurchase program by approximately
Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, November 6, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE's third quarter 2024 results is available at the investor relations section of corporate.openlane.com.
The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.
About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in
Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "would," "anticipate," "expect," "project," "intend," "contemplate," "plan," "believe," "seek," "estimate," "assume," "can," "could," "continue," "of the opinion," "confident," "is set," "is on track," "outlook," "target," "positioned," "predict," "initiative," "goal," "opportunity" and similar expressions identify forward-looking statements. Such statements are based on management's current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Risk Factors" in the company's Form 10-K for the year ended December 31, 2023 and in the company's other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.
OPENLANE, Inc. Condensed Consolidated Statements of Income (In millions) (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating revenues | |||||||
Auction fees | $ 113.2 | $ 102.1 | $ 331.8 | $ 305.3 | |||
Service revenue | 148.1 | 153.9 | 445.4 | 475.2 | |||
Purchased vehicle sales | 93.0 | 60.6 | 231.4 | 176.5 | |||
Finance-related revenue | 94.1 | 99.7 | 287.9 | 296.8 | |||
Total operating revenues | 448.4 | 416.3 | 1,296.5 | 1,253.8 | |||
Operating expenses | |||||||
Cost of services (exclusive of depreciation and amortization) | 252.0 | 216.0 | 711.8 | 662.8 | |||
Selling, general and administrative | 99.4 | 107.4 | 314.1 | 326.6 | |||
Depreciation and amortization | 23.8 | 26.4 | 72.2 | 76.2 | |||
Goodwill and other intangibles impairment | — | — | — | 250.8 | |||
Total operating expenses | 375.2 | 349.8 | 1,098.1 | 1,316.4 | |||
Operating profit (loss) | 73.2 | 66.5 | 198.4 | (62.6) | |||
Interest expense | 35.3 | 39.4 | 112.4 | 116.5 | |||
Other (income) expense, net | (3.6) | 1.7 | (2.9) | (12.5) | |||
Loss on extinguishment of debt | — | — | — | 1.1 | |||
Income (loss) from continuing operations before income taxes | 41.5 | 25.4 | 88.9 | (167.7) | |||
Income taxes | 13.1 | 12.7 | 31.3 | 0.7 | |||
Income (loss) from continuing operations | 28.4 | 12.7 | 57.6 | (168.4) | |||
Income from discontinued operations, net of income taxes | — | — | — | — | |||
Net income (loss) | $ 28.4 | $ 12.7 | $ 57.6 | $ (168.4) | |||
Net income (loss) per share - basic | |||||||
Income (loss) from continuing operations | $ 0.12 | $ 0.01 | $ 0.17 | $ (1.84) | |||
Income from discontinued operations | — | — | — | — | |||
Net income (loss) per share - basic | $ 0.12 | $ 0.01 | $ 0.17 | $ (1.84) | |||
Net income (loss) per share - diluted | |||||||
Income (loss) from continuing operations | $ 0.12 | $ 0.01 | $ 0.17 | $ (1.84) | |||
Income from discontinued operations | — | — | — | — | |||
Net income (loss) per share - diluted | $ 0.12 | $ 0.01 | $ 0.17 | $ (1.84) |
OPENLANE, Inc. Condensed Consolidated Balance Sheets (In millions) (Unaudited) | |||
September 30, 2024 | December 31, 2023 | ||
Cash and cash equivalents | $ 132.1 | $ 93.5 | |
Restricted cash | 28.5 | 65.4 | |
Trade receivables, net of allowances | 300.0 | 291.8 | |
Finance receivables, net of allowances | 2,192.5 | 2,282.0 | |
Other current assets | 131.7 | 109.2 | |
Total current assets | 2,784.8 | 2,841.9 | |
Goodwill | 1,269.9 | 1,271.2 | |
Customer relationships, net of accumulated amortization | 123.0 | 136.1 | |
Operating lease right-of-use assets | 70.6 | 75.9 | |
Property and equipment, net of accumulated depreciation | 159.6 | 169.8 | |
Intangible and other assets | 217.9 | 231.4 | |
Total assets | $ 4,625.8 | $ 4,726.3 | |
Current liabilities, excluding obligations collateralized by finance receivables and current maturities of debt | $ 788.7 | $ 692.3 | |
Obligations collateralized by finance receivables | 1,528.8 | 1,631.9 | |
Current maturities of debt | 267.8 | 154.6 | |
Total current liabilities | 2,585.3 | 2,478.8 | |
Long-term debt | — | 202.4 | |
Operating lease liabilities | 64.1 | 70.4 | |
Other non-current liabilities | 36.8 | 35.2 | |
Temporary equity | 612.5 | 612.5 | |
Stockholders' equity | 1,327.1 | 1,327.0 | |
Total liabilities, temporary equity and stockholders' equity | $ 4,625.8 | $ 4,726.3 |
OPENLANE, Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities | |||
Net income (loss) | $ 57.6 | $ (168.4) | |
Net income from discontinued operations | — | — | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 72.2 | 76.2 | |
Provision for credit losses | 42.2 | 42.0 | |
Deferred income taxes | (0.1) | (26.8) | |
Amortization of debt issuance costs | 6.9 | 6.6 | |
Stock-based compensation | 13.9 | 13.1 | |
Contingent consideration adjustment | — | 1.3 | |
Net change in unrealized loss on investment securities | — | 0.4 | |
Investment and note receivable impairment | — | 11.0 | |
Goodwill and other intangibles impairment | — | 250.8 | |
Loss on extinguishment of debt | — | 1.1 | |
Other non-cash, net | (0.3) | 0.8 | |
Changes in operating assets and liabilities, net of acquisitions: | |||
Trade receivables and other assets | (36.1) | (94.0) | |
Accounts payable and accrued expenses | 103.8 | 104.7 | |
Payments of contingent consideration in excess of acquisition-date fair value | — | (2.6) | |
Net cash provided by operating activities - continuing operations | 260.1 | 216.2 | |
Net cash used by operating activities - discontinued operations | (1.4) | (0.1) | |
Investing activities | |||
Net decrease in finance receivables held for investment | 50.4 | 1.3 | |
Purchases of property, equipment and computer software | (39.0) | (39.8) | |
Investments in securities | (1.9) | (1.0) | |
Proceeds from the sale of property and equipment | 0.9 | 0.3 | |
Net cash provided by (used by) investing activities - continuing operations | 10.4 | (39.2) | |
Net cash provided by investing activities - discontinued operations | — | 7.0 | |
Financing activities | |||
Net decrease in book overdrafts | (3.6) | (3.5) | |
Net repayments of lines of credit | (86.4) | (106.4) | |
Net (decrease) increase in obligations collateralized by finance receivables | (93.0) | 13.2 | |
Payments for debt issuance costs/amendments | (14.7) | (5.4) | |
Payment for early extinguishment of debt | — | (140.1) | |
Payments on finance leases | (0.9) | (1.6) | |
Payments of contingent consideration and deferred acquisition costs | — | (12.4) | |
Issuance of common stock under stock plans | 1.0 | 2.1 | |
Tax withholding payments for vested RSUs | (3.4) | (2.5) | |
Repurchase and retirement of common stock | (30.0) | (22.2) | |
Dividends paid on Series A Preferred Stock | (33.3) | (33.3) | |
Net cash used by financing activities - continuing operations | (264.3) | (312.1) | |
Net cash provided by financing activities - discontinued operations | — | — | |
Net change in cash balances of discontinued operations | — | — | |
Effect of exchange rate changes on cash | (3.1) | 2.6 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1.7 | (125.6) | |
Cash, cash equivalents and restricted cash at beginning of period | 158.9 | 277.7 | |
Cash, cash equivalents and restricted cash at end of period | $ 160.6 | $ 152.1 | |
Cash paid for interest | $ 105.8 | $ 106.5 | |
Cash paid for taxes, net of refunds - continuing operations | $ 34.7 | $ 28.3 | |
Cash paid for taxes, net of refunds - discontinued operations | $ (0.5) | $ — |
OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in
EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company's performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.
The following tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(In millions), (Unaudited) | 2024 | 2023 | 2024 | 2023 | |||
Income (loss) from continuing operations | $ 28.4 | $ 12.7 | $ 57.6 | $ (168.4) | |||
Add back: | |||||||
Income taxes | 13.1 | 12.7 | 31.3 | 0.7 | |||
Interest expense, net of interest income | 34.9 | 38.5 | 111.3 | 113.4 | |||
Depreciation and amortization | 23.8 | 26.4 | 72.2 | 76.2 | |||
EBITDA | 100.2 | 90.3 | 272.4 | 21.9 | |||
Non-cash stock-based compensation | 4.1 | 4.5 | 14.8 | 13.8 | |||
Loss on extinguishment of debt | — | — | — | 1.1 | |||
Acquisition related costs | — | 0.5 | 0.5 | 1.1 | |||
Securitization interest | (27.9) | (31.6) | (87.0) | (89.0) | |||
Severance | 1.5 | 1.9 | 9.2 | 3.4 | |||
Foreign currency (gains)/losses | (3.2) | (1.2) | (0.7) | (0.8) | |||
Goodwill and other intangibles impairment | — | — | — | 250.8 | |||
Contingent consideration adjustment | — | — | — | 1.3 | |||
Net change in unrealized (gains) losses on investment securities | — | 0.5 | — | 0.4 | |||
Professional fees related to business improvement efforts | — | 1.7 | 1.5 | 4.5 | |||
Impact for newly enacted Canadian DST related to prior years | — | — | 10.0 | — | |||
Other | (0.2) | 0.9 | — | 1.7 | |||
Total addbacks/(deductions) | (25.7) | (22.8) | (51.7) | 188.3 | |||
Adjusted EBITDA | $ 74.5 | $ 67.5 | $ 220.7 | $ 210.2 |
Three Months Ended September 30, 2024 | |||||
(Dollars in millions), (Unaudited) | Marketplace | Finance | Consolidated | ||
Income from continuing operations | $ 4.8 | $ 23.6 | $ 28.4 | ||
Add back: | |||||
Income taxes | 5.0 | 8.1 | 13.1 | ||
Interest expense, net of interest income | 4.2 | 30.7 | 34.9 | ||
Depreciation and amortization | 20.6 | 3.2 | 23.8 | ||
EBITDA | 34.6 | 65.6 | 100.2 | ||
Non-cash stock-based compensation | 3.2 | 0.9 | 4.1 | ||
Securitization interest | — | (27.9) | (27.9) | ||
Severance | 1.4 | 0.1 | 1.5 | ||
Foreign currency (gains)/losses | (3.1) | (0.1) | (3.2) | ||
Other | (0.3) | 0.1 | (0.2) | ||
Total addbacks/(deductions) | 1.2 | (26.9) | (25.7) | ||
Adjusted EBITDA | $ 35.8 | $ 38.7 | $ 74.5 |
Three Months Ended September 30, 2023 | |||||
(Dollars in millions), (Unaudited) | Marketplace | Finance | Consolidated | ||
Income (loss) from continuing operations | $ (19.3) | $ 32.0 | $ 12.7 | ||
Add back: | |||||
Income taxes | 2.0 | 10.7 | 12.7 | ||
Interest expense, net of interest income | 4.3 | 34.2 | 38.5 | ||
Depreciation and amortization | 23.8 | 2.6 | 26.4 | ||
Intercompany interest | 9.6 | (9.6) | — | ||
EBITDA | 20.4 | 69.9 | 90.3 | ||
Non-cash stock-based compensation | 3.5 | 1.0 | 4.5 | ||
Acquisition related costs | 0.5 | — | 0.5 | ||
Securitization interest | — | (31.6) | (31.6) | ||
Severance | 1.7 | 0.2 | 1.9 | ||
Foreign currency (gains)/losses | (1.2) | — | (1.2) | ||
Net change in unrealized (gains) losses on investment securities | — | 0.5 | 0.5 | ||
Professional fees related to business improvement efforts | 1.4 | 0.3 | 1.7 | ||
Other | 0.5 | 0.4 | 0.9 | ||
Total addbacks/(deductions) | 6.4 | (29.2) | (22.8) | ||
Adjusted EBITDA | $ 26.8 | $ 40.7 | $ 67.5 |
The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(In millions, except per share amounts), (Unaudited) | 2024 | 2023 | 2024 | 2023 | |||
Net income (loss) from continuing operations (1) | $ 28.4 | $ 12.7 | $ 57.6 | $ (168.4) | |||
Acquired amortization expense | 9.0 | 11.1 | 27.4 | 28.3 | |||
Impact for newly enacted Canadian DST related to prior years | — | — | 10.0 | — | |||
Loss on extinguishment of debt | — | — | — | 1.1 | |||
Contingent consideration adjustment | — | — | — | 1.3 | |||
Goodwill and other intangibles impairment | — | — | — | 250.8 | |||
Income taxes (2) | (0.4) | 1.9 | (2.9) | (32.3) | |||
Operating adjusted net income from continuing operations | $ 37.0 | $ 25.7 | $ 92.1 | $ 80.8 | |||
Operating adjusted net income from discontinued operations | $ — | $ — | $ — | $ — | |||
Operating adjusted net income | $ 37.0 | $ 25.7 | $ 92.1 | $ 80.8 | |||
Operating adjusted net income from continuing operations per share - diluted | $ 0.26 | $ 0.18 | $ 0.64 | $ 0.56 | |||
Operating adjusted net income from discontinued operations per share - diluted | — | — | — | — | |||
Operating adjusted net income per share - diluted | $ 0.26 | $ 0.18 | $ 0.64 | $ 0.56 | |||
Weighted average diluted shares - including assumed conversion of preferred shares | 144.8 | 145.6 | 145.0 | 145.1 |
(1) | The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share. |
(2) | For the three and nine months ended September 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of |
The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:
2024 Guidance | |||
(In millions), (Unaudited) | Low | High | |
Income from continuing operations | $ 73 | $ 81 | |
Add back: | |||
Income taxes | 40 | 45 | |
Interest expense, net of interest income | 144 | 142 | |
Depreciation and amortization | 99 | 97 | |
EBITDA | 356 | 365 | |
Total addbacks/(deductions), net | (71) | (70) | |
Adjusted EBITDA | $ 285 | $ 295 |
The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:
2024 Guidance | |||
(In millions, except per share amounts), (Unaudited) | Low | High | |
Income from continuing operations | $ 73 | $ 81 | |
Total adjustments, net | 44 | 44 | |
Operating adjusted net income from continuing operations | $ 117 | $ 125 | |
Operating adjusted net income from continuing operations per share – diluted | $ 0.81 | $ 0.87 | |
Weighted average diluted shares - including assumed conversion of preferred shares | 145 | 145 |
Analyst Inquiries: | Media Inquiries: |
Itunu Orelaru | Laurie Dippold |
(317) 249-4559 | (317) 468-3900 |
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SOURCE OPENLANE, Inc.
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