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Dec 31, 2022
OPENLANE Q4 2022 Earnings Report
Reported an increase in total revenue and gross profit, completed cost actions, consolidated U.S. dealer-to-dealer marketplaces, migrated European marketplace technology, and repaid corporate debt while repurchasing common stock.
Key Takeaways
KAR Auction Services, Inc. reported a 4% increase in total revenue, reaching $372.8 million for Q4 2022. The company's income from continuing operations was $41.9 million, or $0.21 per diluted share. The company focused on cost management and growth, positioning itself to capture future opportunities.
Total revenue increased by 4% compared to Q4 2021.
Income from continuing operations was $41.9 million, or $0.21 per diluted share.
Operating adjusted net income from continuing operations was $47.6 million, or $0.33 per diluted share.
Marketplace revenue, excluding purchased vehicle sales, increased slightly.
OPENLANE
OPENLANE
Forward Guidance
The company provided guidance for the full year 2023.
Positive Outlook
- Income from continuing operations (in millions) $33 - $48
- Adjusted EBITDA (in millions) $250 - $270
- Operating adjusted net income from continuing operations per share - diluted $0.37 - $0.47
Challenges Ahead
- Income (loss) from continuing operations per share - diluted *($0.08) - $0.02