OPENLANE Q2 2023 Earnings Report
Key Takeaways
OPENLANE, Inc. reported a 9% year-over-year increase in total revenue, reaching $416.9 million. Adjusted EBITDA increased by 49% to $83.8 million, including a $20.0 million early termination payment, while the Marketplace segment led the performance.
Total revenue increased by 9% year-over-year, reaching $416.9 million.
Loss from continuing operations was $193.8 million, or $(1.87) per diluted share, driven by non-cash impairment charges.
Adjusted EBITDA increased by 49% to $83.8 million, including a $20.0 million early termination payment.
Marketplace Adjusted EBITDA increased by $38.5 million year-over-year to $43.5 million, including a $20.0 million early termination payment.
OPENLANE
OPENLANE
Forward Guidance
The company’s previously stated annual guidance for Adjusted EBITDA remains unchanged, while the company's other guidance measures have been updated.
Positive Outlook
- Adjusted EBITDA (in millions): $250 - $270
- Operating adjusted net income from continuing operations per share - diluted: $0.60 - $0.70
Challenges Ahead
- Income (loss) from continuing operations (in millions): ($166) - ($153)
- Income (loss) from continuing operations per share - diluted: *($1.92) - ($1.80)