OPENLANE Q2 2021 Earnings Report
Key Takeaways
KAR Auction Services, Inc. reported a 40% year-over-year increase in total revenue, reaching $585.4 million for the second quarter of 2021. GAAP net income increased to $11.5 million, up from a net loss of $32.3 million in the same quarter of the previous year. The company's digital dealer-to-dealer segment saw record participation and a 65% volume growth.
Second quarter total revenue of $585.4 million, up 40% year-over-year
GAAP net income of $11.5 million, up from a GAAP net loss of $32.3 million in the second quarter of 2020
Adjusted EBITDA for the quarter ended June 30, 2021 increased 46% to $116.5 million, compared with $80.0 million for the quarter ended June 30, 2020.
Operating adjusted net income per diluted share increased 88% to $0.15 for the quarter ended June 30, 2021, compared with $0.08 for the quarter ended June 30, 2020.
OPENLANE
OPENLANE
Forward Guidance
The company's previously stated guidance remains unchanged.