OPENLANE Q1 2020 Earnings Report
Key Takeaways
KAR Auction Services, Inc. reported a decrease in revenue by 6% to $645.5 million compared to Q1 2019. Net income decreased significantly by 82% to $2.8 million, and Adjusted EBITDA decreased by 28% to $88.6 million, primarily due to the impact of the COVID-19 pandemic.
Revenue decreased by 6% compared to the first quarter of 2019.
Net income from continuing operations decreased by 82%.
Adjusted EBITDA decreased by 28% compared to the same period last year.
Company operations were significantly impacted by the COVID-19 pandemic, leading to modified auction processes and temporary suspensions of physical sales.
OPENLANE
OPENLANE
Forward Guidance
The company has withdrawn its 2020 outlook and financial guidance previously provided on February 18, 2020 given the uncertainty of the business climate as impacted by COVID-19 and the unpredictable timeline of market recovery.