KAR posts Q1 revenue $369.4M, net loss $8.4M; expects Carvana deal close within week

OPENLANE, Inc.

2022-Q1 EPS reported -$0.09 revenue$369,400,000

Revenue from continuing ops flat at $369.4M; net loss from continuing ops $8.4M ($0.16 diluted loss per share).
Adjusted EBITDA from continuing ops fell to $49.1M from $77.2M in Q1 2021; includes $17M prior-year investment gains.
Expects to close ADESA U.S. physical auction sale to Carvana within a week; pro forma KAR to target $265M Adjusted EBITDA in 2022.
ADESA digital dealer-to-dealer volumes up 31% YoY; gross profit per vehicle sold rose to $255 from $248.
Board authorized $200M increase in share repurchase program, leaving ~$309M available for repurchases through Dec 2023.

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