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OPENLANE
🇺🇸 NYSE:KAR
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•
Jun 30, 2024

OPENLANE Q2 2024 Earnings Report

OPENLANE's second quarter demonstrated the power of its differentiated platform, scalability, and focus on execution and profitable growth.

Key Takeaways

OPENLANE reported a 4% YoY increase in total revenue, reaching $432 million. Marketplace volumes grew by 7% YoY, and adjusted EBITDA was $71 million. The company updated its 2024 annual guidance due to Canada's Digital Services Tax.

Marketplace volumes increased 7% YoY.

Total revenue reached $432 million, a 4% YoY increase.

Marketplace revenue was $336 million, up 5% YoY.

Adjusted EBITDA was $71 million, with Marketplace contributing 46%.

Total Revenue
$432M
Previous year: $417M
+3.6%
EPS
$0.19
Previous year: $0.25
-24.0%
Adjusted EBITDA
$71M
Previous year: $83.8M
-15.3%
Gross Profit
$162M
Previous year: $194M
-16.7%
Cash and Equivalents
$129M
Previous year: $242M
-46.9%
Free Cash Flow
$24.2M
Total Assets
$4.62B
Previous year: $4.9B
-5.7%

OPENLANE

OPENLANE

Forward Guidance

As a result of Canada’s abrupt implementation of a retroactive Digital Services Tax (DST), which was enacted on June 28, 2024 retroactive to January 1, 2022, the company has updated its 2024 annual guidance. Annual Guidance Income from continuing operations (in millions)$65 - $80 Adjusted EBITDA (in millions)$285 - $305

Company Overview

Full financial data and analysis

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