OPENLANE Q2 revenue $416.9M (+9%), adjusted EBITDA $83.8M (+49%), net loss $193.8M on impairment charges

OPENLANE, Inc.

2023-Q2 EPS reported -$1.86 revenue$837,500,000

Revenue $416.9M (+9% YoY); loss from continuing ops $193.8M (diluted EPS $(1.87)) driven by $221.4M net impairment charges.
Adjusted EBITDA $83.8M (+49%, incl. $20M early termination payment); Marketplace adj EBITDA $43.5M vs $5.0M prior year.
Operating adjusted net income $36.8M ($0.25/diluted share) vs $6.6M ($0.04) in Q2 2022.
FY2023 guidance: Adj EBITDA $250-270M reaffirmed; op adj net income per share $0.60-0.70; GAAP EPS loss $(1.92)-$(1.80).
Recorded non-cash impairments: goodwill $225.3M (U.S. D2D & Europe) and $25.5M ADESA tradename; net debt reduced $117.5M in H1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OPENLANE, Inc. updated its the fiscal year ending December 31, 2023 guidance (reaffirmed).

Period: the fiscal year ending December 31, 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The company’s previously stated annual guidance for Adjusted EBITDA remains unchanged, while the company's other guidance measures have been updated as shown below. Annual Guidance Income (loss) from continuing operations ( in millions ) ($166) - ($153) Adjusted EBITDA ( in millions ) $250 - $270 Income (loss) from continuing operations per share - diluted * ($1.92) - ($1.80) Operating adjusted net income from continuing operations per share - diluted $0.60 - $0.70

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OPENLANE, Inc. reported the three months ended June 30, 2023 results: revenue $416.9 million, net income $193.8 million, EPS $(1.87) per diluted share.

Period: the three months ended June 30, 2023
Revenue: $416.9 million
Net income: $193.8 million
EPS: $(1.87) per diluted share
Result: reported results

Exact text from the filing

Total revenue of $416.9 million, an increase of 9% year-over-year • Loss from continuing operations of $193.8 million, or $(1.87) per diluted share, driven by non-cash goodwill and intangibles impairment charges of $221.4 million, net of tax impacts

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Source: SEC EDGAR

accession 0001395942-23-000076

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