KAR Q1 revenue +14%, adj EBITDA +20% to $58.9M; rebranding to OPENLANE May 15

OPENLANE, Inc.

2023-Q1 EPS reported $0.01 revenue$420,600,000

Revenue $420.6M (+14% YoY); income from continuing ops $12.7M ($0.01/share) vs loss of $8.4M.
Adjusted EBITDA $58.9M (+20% YoY); includes $11M impairment charge on early-stage auto investment.
FY 2023 guidance reaffirmed: adjusted EBITDA $250-$270M; operating adj net income $0.37-$0.47 per diluted share.
Rebranding to OPENLANE, Inc. effective May 15, 2023; all digital marketplaces will carry OPENLANE brand.
Marketplace rev ex purchased vehicles $265.5M (+11%); Finance loan transactions +13% and revenue per loan +5%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OPENLANE, Inc. reported the three months ended March 31, 2023 results: revenue $420.6 million, net income $12.7 million, EPS $0.01 per diluted share. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Revenue: $420.6 million
Net income: $12.7 million
EPS: $0.01 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenue was $420.6 million, an increase of 14% for the first quarter of 2023, compared with $369.4 million for the first quarter of 2022. • Income from continuing operations of $12.7 million, or $0.01 per diluted share, for the first quarter of 2023

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Source: SEC EDGAR

accession 0001395942-23-000043

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