Openlane, Inc. · NYSE:OPLN
Openlane — Q1 2024 Earnings Presentation
16 slides from Openlane's earnings presentation, May 1, 2024
Slide 1: First Quarter 2024 Earnings Slides
First Quarter 2024 Earnings Slides // May 1, 2024
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: 2024 Guidance
2024 Guidance 2024 GUIDANCE (in millions, except per share amounts) (unaudited) Low High Income from continuing operations $74 $88 Add back: Income taxes 49 59 Interest expense, net of interest income 156 154 Depreciation and amortization 106 104 EBITDA $385 $405 Total addbacks/(deductions), net (10
Slide 4: First Quarter Results
First Quarter Results Q1 | 2024 4
Slide 5: OPENLANE Q1 2024 Highlights
OPENLANE Q1 2024 Highlights* ($ in millions, except per share amounts) OPENLANE Q1 2024 Q1 2023 Total operating revenues from continuing operations $416.3 $420.6 Gross profit** $202.4 $196.4 % of revenue** 48.6% 46.7% SG&A $108.7 $108.0 Other (income) expense, net*** $0.5 $7.1 EBITDA $92.8 $80.4 Adj
Slide 6: Marketplace Q1 2024 Highlights
Marketplace Q1 2024 Highlights* ($ in millions, except volumes) Marketplace Q1 2024 Q1 2023 Auction fees $109.9 $99.9 Service revenue $150.2 $165.6 Purchased vehicle sales $58.2 $55.5 Total Marketplace revenue from continuing operations $318.3 $321.0 Gross profit** $121.2 $113.2 % of revenue, exclud
Slide 7: Finance Q1 2024 Highlights
Finance Q1 2024 Highlights* ($ in millions, except for revenue per loan transaction) Finance Q1 2024 Q1 2023 Interest income $61.0 $60.6 Fee income $48.5 $47.6 Other revenue $2.1 $3.4 Provision for credit losses ($13.6) ($12.0) Total Finance revenue $98.0 $99.6 Gross profit** $81.2 $83.2 % of revenu
Slide 8: March 31, 2024 Leverage
March 31, 2024 Leverage (US$ in millions) Balance Maturity Revolving Credit Facility (Adjusted Term SOFR + 2.25%) $29 2028 Canadian Revolving Credit Facility (Adjusted Term CORRA +2.50%) 67 2028 Senior Notes (Fixed 5.125%) 210 2025 Other 25 Total 331 Less: Cash and cash equivalents 105 Net Debt 226
Slide 9: Historical Data
Historical Data Q1 | 2024 9
Slide 10: Marketplace Metrics
Marketplace Metrics (Volumes in thousands) 1Q24 2023 4Q23 3Q23 2Q23 1Q23 2022 4Q22 Revenue1 ($M) $318.3 $1,251.7 $294.7 $316.6 $319.4 $321.0 $1,143.5 $272.1 Commercial vehicles sold 222 710 183 180 180 167 661 151 Dealer consignment 150 621 135 159 164 163 636 138 vehicles sold Total vehicles sold 3
Slide 11: Finance Metrics
Finance Metrics ($ in millions, except for revenue per loan transaction; LTUs in thousands) 1Q24 2023 4Q23 3Q23 2Q23 1Q23 2022 4Q22 Interest income $61.0 $248.4 $62.9 $63.0 $61.9 $60.6 $202.8 $59.7 Fee income $48.5 $183.3 $46.0 $45.6 $44.1 $47.6 $171.9 $44.7 Other revenue $2.1 $12.3 $2.5 $2.7 $3.7 $
Slide 12: Appendix
APPENDIX Q1 | 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: Q1 2024 Adjusted EBITDA Reconciliation
Q1 2024 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2024 Marketplace Finance Consolidated Income (loss) from continuing operations ($12.9) $31.4 $18.5 Add back: Income taxes 0.2 10.5 10.7 Interest expense, net of interest income 6.7 32.6 39.3 Depreciation and amortiza
Slide 15: Q1 2023 Adjusted EBITDA Reconciliation
Q1 2023 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($21.1) $33.8 $12.7 Add back: Income taxes (3.9) 11.2 7.3 Interest expense, net of interest income 7.1 30.3 37.4 Depreciation and amortiz
Slide 16: Operating Adjusted Net Income per Share Reconciliation
Operating Adjusted Net Income per Share Reconciliation ($ in millions, except per share amounts), (unaudited) Three Months ended March 31, 2024 2023 Net income from continuing operations (1) $18.5 $12.7 Acquired amortization expense 9.3 7.4 (2) Income taxes (0.4) (2.7) Operating adjusted net income