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Jun 30, 2023
OPENLANE Q2 2023 Earnings Report
Reported solid financial results for the second quarter of 2023.
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
OPENLANE Revenue by Segment
Revenue by Segment
Marketplace Revenue
CapyFin.comFinance Revenue
CapyFin.comPurchased Vehicle Sales Revenue
CapyFin.com 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)
Revenue & Expenses
Visualization of income flow from segment revenue to net income