Openlane, Inc. · NYSE:OPLN
Openlane — Q4 2024 Earnings Presentation
22 slides from Openlane's earnings presentation, Feb 19, 2025
Slide 1: Q4 2024 & Annual Earnings Slides
Q4 2024 & Annual Earnings Slides // February 19, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this presentation include, and OPENLANE may make related oral, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts (including b
Slide 3: 2025 Guidance
2025 Guidance 2025 GUIDANCE (In millions, except per share amounts) (Unaudited) Low High Income from continuing operations $100 $114 Add back: Income taxes 47 53 Finance interest expense 103 103 Interest expense, net of interest income 12 12 Depreciation and amortization 95 95 EBITDA $357 $377 Total
Slide 4: Fourth Quarter & Year-to-Date Results
Fourth Quarter & Year-to-Date Results Q4 | 2024 4
Slide 5: OPENLANE 2024 Highlights
OPENLANE 2024 Highlights* ($ in millions, except per share amounts) OPENLANE Q4 2024 Q4 2023 YTD 2024 YTD 2023 Total operating revenues $455.0 $406.1 $1,788.5 $1,695.7 SG&A $99.7 $101.4 $408.6 $421.8 Other expense (income), net** $5.4 ($3.1) $2.5 ($15.6) EBITDA $124.4 $85.4 $396.8 $107.3 Adjusted EB
Slide 6: Marketplace 2024 Highlights
Marketplace 2024 Highlights* ($ in millions) Marketplace Q4 2024 Q4 2023 YTD 2024 YTD 2023 Auction fees $112.0 $90.0 $443.8 $395.3 Service revenue $141.2 $144.5 $586.6 $619.7 Purchased vehicle sales $95.6 $60.2 $327.0 $236.7 Total Marketplace revenue $348.8 $294.7 $1,357.4 $1,251.7 Gross profit $103
Slide 7: Finance 2024 Highlights
Finance 2024 Highlights* ($ in millions) Finance Q4 2024 Q4 2023 YTD 2024 YTD 2023 Interest revenue $54.5 $62.9 $231.1 $248.4 Fee and other revenue $51.7 $48.5 $200.0 $195.6 Total Finance revenue $106.2 $111.4 $431.1 $444.0 Finance interest expense $28.3 $34.0 $123.5 $130.6 Net Finance margin $77.9
Slide 8: December 31, 2024 Leverage
December 31, 2024 Leverage (US$ in millions) Balance Maturity Revolving Credit Facility (Adjusted Term SOFR + 2.25%) $- 2028 Canadian Revolving Credit Facility (Adjusted Term CORRA +2.50%) - 2028 Senior Notes (Fixed 5.125%) 210 2025 Other 21 Total 231 Less: Cash and cash equivalents 143 Net Debt 88
Slide 9: Historical Data
Historical Data Q4 | 2024 9
Slide 10: Marketplace Metrics
Marketplace Metrics (Volumes in thousands) 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 Revenue ($M) $1,357.4 $348.8 $354.3 $336.0 $318.3 $1,251.7 $294.7 $316.6 $319.4 $321.0 Commercial vehicles 826 192 195 217 222 710 183 180 180 167 sold Dealer consignment 620 155 164 151 150 621 135 159 164
Slide 11: Finance Metrics
Finance Metrics ($ in millions) 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 Finance receivables (gross) $2,342.5 $2,342.5 $2,211.5 $2,239.0 $2,313.7 $2,305.0 $2,305.0 $2,379.0 $2,418.2 $2,406.4 Accrued interest and fees $28.5 $28.5 $27.0 $28.8 $29.3 $30.9 $30.9 $29.0 $28.4 $27.3 Total receivab
Slide 12: Finance Metrics (Continued)
Finance Metrics (Continued) ($ in millions) 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 Yields Interest revenue 1 10.3% 9.6% 10.4% 10.6% 10.6% 10.5% 10.8% 10.7% 10.5% 10.0% Fee and other revenue 1 9.0% 9.2% 9.2% 8.6% 8.8% 8.3% 8.4% 8.3% 8.1% 8.5% Total Finance revenue 1 19.3% 18.8% 19.6% 19.2%
Slide 13: Finance Metrics (Continued)
Finance Metrics (Continued) ($ in millions) 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 Total assets $2,677.7 $2,677.7 $2,549.0 $2,578.2 $2,659.1 $2,660.7 $2,660.7 $2,723.5 $2,792.4 $2,771.4 Intangible assets $260.1 $260.1 $260.5 $260.9 $261.4 $261.7 $261.7 $261.5 $261.8 $260.9 Tangible assets
Slide 14: Appendix
APPENDIX Q4 | 2024 14
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as
Slide 16: 2024 Marketplace Adjusted Gross Profit Reconciliation
2024 Marketplace Adjusted Gross Profit Reconciliation ($ in millions) Marketplace YTD 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Operating revenue A $1,357.4 $348.8 $354.3 $336.0 $318.3 Purchased vehicle sales B 327.0 95.6 93.0 80.2 58.2 Operating revenue excluding purchased vehicle sales A–B=C $1,030.4 $
Slide 17: 2023 Marketplace Adjusted Gross Profit Reconciliation
2023 Marketplace Adjusted Gross Profit Reconciliation ($ in millions) Marketplace YTD 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Operating revenue A $1,251.7 $294.7 $316.6 $319.4 $321.0 Purchased vehicle sales B 236.7 60.2 60.6 60.4 55.5 Operating revenue excluding purchased vehicle sales A–B=C $1,015.0 $
Slide 18: Q4 2024 Adjusted EBITDA Reconciliation
Q4 2024 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended December 31, 2024 Marketplace Finance Consolidated Income from continuing operations $25.9 $26.4 $52.3 Add back: Income taxes 7.3 9.4 16.7 Finance interest expense - 28.3 28.3 Interest expense, net of interest income 4.1 - 4.1
Slide 19: Q4 2023 Adjusted EBITDA Reconciliation
Q4 2023 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended December 31, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($17.7) $31.3 $13.6 Add back: Income taxes (2.5) 10.1 7.6 Finance interest expense - 34.0 34.0 Interest expense, net of interest incom
Slide 20: YTD 2024 Adjusted EBITDA Reconciliation
YTD 2024 Adjusted EBITDA Reconciliation ($ in millions) Year ended December 31, 2024 Marketplace Finance Consolidated Income from continuing operations $1.7 $108.2 $109.9 Add back: Income taxes 11.3 36.7 48.0 Finance interest expense - 123.5 123.5 Interest expense, net of interest income 20.2 - 20.2
Slide 21: YTD 2023 Adjusted EBITDA Reconciliation
YTD 2023 Adjusted EBITDA Reconciliation ($ in millions) Year ended December 31, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($277.5) $122.7 ($154.8) Add back: Income taxes (40.4) 48.7 8.3 Finance interest expense - 130.6 130.6 Interest expense, net of interest inco
Slide 22: Operating Adjusted Net Income per Share Reconciliation
Operating Adjusted Net Income per Share Reconciliation ($ in millions, except per share amounts), (Unaudited) Three Months ended Year ended December 31, December 31, 2024 2023 2024 2023 Net income (loss) from continuing operations $52.3 $13.6 $109.9 ($154.8) Acquired amortization expense 8.3 9.5 35.