Openlane, Inc. · NYSE:OPLN
Openlane — Q2 2023 Earnings Presentation
18 slides from Openlane's earnings presentation, Aug 3, 2023
Slide 1: Second Quarter 2023 Earnings Slides
Second Quarter 2023 Earnings Slides // August 2, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations, are not guarantees of future performance and are subject t
Slide 3: 2023 Guidance
2023 Guidance 2023 GUIDANCE (in millions, except per share amounts) (unaudited) Low High Income (loss) from continuing operations ($166) ($153) Add back: Income taxes (4) 4 Interest expense, net of interest income 157 155 Depreciation and amortization 108 107 EBITDA $95 $113 Total addbacks/(deductio
Slide 4: Second Quarter & Year-to-Date Results
Second Quarter & Year-to-Date Results Q2 | 2023 4
Slide 5: OPENLANE Q2 & YTD 2023 Highlights
OPENLANE Q2 & YTD 2023 Highlights* ($ in millions, except per share amounts) OPENLANE Q2 2023 Q2 2022 YTD 2023 YTD 2022 Total operating revenues from continuing operations $416.9 $384.2 $837.5 $753.6 Gross profit** $194.3 $172.3 $390.7 $330.9 % of revenue** 46.6% 44.8% 46.7% 43.9% SG&A $111.2 $124.1
Slide 6: Marketplace Q2 & YTD 2023 Highlights
Marketplace Q2 & YTD 2023 Highlights* ($ in millions, except RPU) Marketplace Q2 2023 Q2 2022 YTD 2023 YTD 2022 Auction fees $103.3 $99.2 $203.2 $200.6 Service revenue $155.7 $147.3 $321.3 $284.8 Purchased vehicle sales $60.4 $45.8 $115.9 $92.1 Total Marketplace revenue from continuing operations $3
Slide 7: Finance Q2 & YTD 2023 Highlights
Finance Q2 & YTD 2023 Highlights* ($ in millions, except for revenue per loan transaction) Finance Q2 2023 Q2 2022 YTD 2023 YTD 2022 Interest income $61.9 $46.5 $122.5 $89.7 Fee income $44.1 $42.7 $91.7 $82.9 Other revenue $3.7 $2.6 $7.1 $4.8 Net recovery (provision) for credit losses ($12.2) $0.1 (
Slide 8: June 30, 2023 Leverage
June 30, 2023 Leverage (US$ in millions) Balance Maturity Revolving Credit Facility (Adjusted Term SOFR + 2.25%) $162 2028 Senior Notes (Fixed 5.125%) 210 2025 Other 26 Total 398 Less: Cash and cash equivalents 242 Net Debt 156 Net Debt Ratio 1 0.6 Corporate Credit Ratings: S&P B, Moodys B1 1 When c
Slide 9: Historical Data
Historical Data Q2 | 2023 9
Slide 10: Marketplace Metrics
Marketplace Metrics 2Q23 1Q23 2022 4Q22 3Q22 2Q22 1Q22 2021 Revenue1 $319.4 $321.0 $1,143.5 $272.1 $293.9 $292.3 $285.2 $1,161.4 Commercial vehicles 180 167 661 151 159 177 174 948 sold Dealer consignment 164 163 636 138 155 166 177 651 vehicles sold Total vehicles sold 344 330 1,297 289 314 343 351
Slide 11: Finance Metrics
Finance Metrics 2Q23 1Q23 2022 4Q22 3Q22 2Q22 1Q22 2021 Interest income $61.9 $60.6 $202.8 $59.7 $53.4 $46.5 $43.2 $139.7 Fee income $44.1 $47.6 $171.9 $44.7 $44.3 $42.7 $40.2 $144.4 Other revenue $3.7 $3.4 $11.0 $3.3 $2.9 $2.6 $2.2 $8.6 Net recovery (provision) for ($12.2) ($12.0) ($9.8) ($7.0) ($1
Slide 12: Appendix
APPENDIX Q2 | 2023 12
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as
Slide 14: Q2 2023 Adjusted EBITDA Reconciliation
Q2 2023 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended June 30, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($219.4) $25.6 ($193.8) Add back: Income taxes (36.0) 16.7 (19.3) Interest expense, net of interest income 5.4 32.1 37.5 Depreciation and
Slide 15: Q2 2022 Adjusted EBITDA Reconciliation
Q2 2022 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended June 30, 2022 Marketplace Finance Consolidated Income (loss) from continuing operations ($36.3) $30.9 ($5.4) Add back: Income taxes (20.2) 10.3 (9.9) Interest expense, net of interest income 9.0 16.2 25.2 Depreciation and amor
Slide 16: YTD 2023 Adjusted EBITDA Reconciliation
YTD 2023 Adjusted EBITDA Reconciliation ($ in millions) Six Months ended June 30, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($240.5) $59.4 ($181.1) Add back: Income taxes (39.9) 27.9 (12.0) Interest expense, net of interest income 12.5 62.4 74.9 Depreciation and
Slide 17: YTD 2022 Adjusted EBITDA Reconciliation
YTD 2022 Adjusted EBITDA Reconciliation ($ in millions) Six Months ended June 30, 2022 Marketplace Finance Consolidated Income (loss) from continuing operations ($75.7) $61.9 ($13.8) Add back: Income taxes (35.3) 20.7 (14.6) Interest expense, net of interest income 22.2 28.5 50.7 Depreciation and am
Slide 18: Operating Adjusted Net Income (Loss) per Share Reconciliation
Operating Adjusted Net Income (Loss) per Share Reconciliation ($ in millions, except per share amounts), (unaudited) Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Net income (loss) from continuing operations (1) ($193.8) ($5.4) ($181.1) ($13.8) Acquired amortization expen