Slide 1: Second Quarter 2024 Earnings Slides
Second Quarter 2024 Earnings Slides // August 7, 2024
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: 2024 Guidance
2024 Guidance Reflects Newly Enacted Canadian DST 2024 GUIDANCE (In millions, except per share amounts) (Unaudited) Low High Income from continuing operations $65 $80 Add back: Income taxes 38 47 Interest expense, net of interest income 147 145 Depreciation and amortization 100 98 EBITDA $350 $370 T
Slide 4: Second Quarter & Year-to-Date Results
Second Quarter & Year-to-Date Results Q2 | 2024 4
Slide 5: OPENLANE Q2 & YTD 2024 Highlights
OPENLANE Q2 & YTD 2024 Highlights* ($ in millions, except per share amounts) OPENLANE Q2 2024 Q2 2023 YTD 2024 YTD 2023 Total operating revenues from continuing operations $431.8 $416.9 $848.1 $837.5 Gross profit** $185.9 $194.3 $388.3 $390.7 % of revenue** 43.1% 46.6% 45.8% 46.7% SG&A $106.0 $111.2
Slide 6: Marketplace Q2 & YTD 2024 Highlights
Marketplace Q2 & YTD 2024 Highlights* ($ in millions, except volumes) Marketplace Q2 2024 Q2 2023 YTD 2024 YTD 2023 Auction fees $108.7 $103.3 $218.6 $203.2 Service revenue $147.1 $155.7 $297.3 $321.3 Purchased vehicle sales $80.2 $60.4 $138.4 $115.9 Total Marketplace revenue from continuing operati
Slide 7: Finance Q2 & YTD 2024 Highlights
Finance Q2 & YTD 2024 Highlights* ($ in millions, except for revenue per loan transaction) Finance Q2 2024 Q2 2023 YTD 2024 YTD 2023 Interest income $59.5 $61.9 $120.5 $122.5 Fee income $45.9 $44.1 $94.4 $91.7 Other revenue $2.4 $3.7 $4.5 $7.1 Provision for credit losses ($12.0) ($12.2) ($25.6) ($24
Slide 8: June 30, 2024 Leverage
June 30, 2024 Leverage (US$ in millions) Balance Maturity Revolving Credit Facility (Adjusted Term SOFR + 2.25%) $28 2028 Canadian Revolving Credit Facility (Adjusted Term CORRA +2.50%) 29 2028 Senior Notes (Fixed 5.125%) 210 2025 Other 15 Total 282 Less: Cash and cash equivalents 61 Net Debt 221 Ne
Slide 9: Historical Data
Historical Data Q2 | 2024 9
Slide 10: Marketplace Metrics
Marketplace Metrics (Volumes in thousands) 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 2022 Revenue1 ($M) $336.0 $318.3 $1,251.7 $294.7 $316.6 $319.4 $321.0 $1,143.5 Commercial vehicles sold 217 222 710 183 180 180 167 661 Dealer consignment 151 150 621 135 159 164 163 636 vehicles sold Total vehicles sold 3
Slide 11: Finance Metrics
Finance Metrics ($ in millions, except for revenue per loan transaction; LTUs in thousands) 2Q24 1Q24 2023 4Q23 3Q23 2Q23 1Q23 2022 Interest income $59.5 $61.0 $248.4 $62.9 $63.0 $61.9 $60.6 $202.8 Fee income $45.9 $48.5 $183.3 $46.0 $45.6 $44.1 $47.6 $171.9 Other revenue $2.4 $2.1 $12.3 $2.5 $2.7 $
Slide 12: Appendix
APPENDIX Q2 | 2024 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 2024 Adjusted EBITDA Reconciliation
Q2 2024 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended June 30, 2024 Marketplace Finance Consolidated Income (loss) from continuing operations ($16.1) $26.8 $10.7 Add back: Income taxes (1.2) 8.7 7.5 Interest expense, net of interest income 5.2 31.9 37.1 Depreciation and amortizat
Slide 15: Q2 2023 Adjusted EBITDA Reconciliation
Q2 2023 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended June 30, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($219.4) $25.6 ($193.8) Add back: Income taxes (36.0) 16.7 (19.3) Interest expense, net of interest income 5.4 32.1 37.5 Depreciation and
Slide 16: YTD 2024 Adjusted EBITDA Reconciliation
YTD 2024 Adjusted EBITDA Reconciliation ($ in millions) Six Months ended June 30, 2024 Marketplace Finance Consolidated Income (loss) from continuing operations ($29.0) $58.2 $29.2 Add back: Income taxes (1.0) 19.2 18.2 Interest expense, net of interest income 11.9 64.5 76.4 Depreciation and amortiz
Slide 17: YTD 2023 Adjusted EBITDA Reconciliation
YTD 2023 Adjusted EBITDA Reconciliation ($ in millions) Six Months ended June 30, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($240.5) $59.4 ($181.1) Add back: Income taxes (39.9) 27.9 (12.0) Interest expense, net of interest income 12.5 62.4 74.9 Depreciation and
Slide 18: Operating Adjusted Net Income per Share Reconciliation
Operating Adjusted Net Income per Share Reconciliation ($ in millions, except per share amounts), (Unaudited) Three Months ended Six Months ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) from continuing operations (1) $10.7 ($193.8) $29.2 ($181.1) Acquired amortization expense 9.1 9.8