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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%.
OPENLANE
OPENLANE
OPENLANE Revenue by Segment
Revenue by Segment
Finance Revenue
CapyFin.comAuction Fees Revenue
CapyFin.comService Revenue
CapyFin.comPurchased Vehicle Sales Revenue
CapyFin.com 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income