Openlane, Inc. · NYSE:OPLN
Openlane — Q1 2025 Earnings Presentation
21 slides from Openlane's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Earnings Slides
First Quarter 2025 Earnings Slides // May 7, 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 110 110 Interest expense, net of interest income 12 12 Depreciation and amortization 94 94 EBITDA $363 $383 Total
Slide 4: First Quarter Results
First Quarter Results Q1 | 2025 4
Slide 5: OPENLANE Q1 2025 Highlights
OPENLANE Q1 2025 Highlights* ($ in millions, except per share amounts) OPENLANE Q1 2025 Q1 2024 Total operating revenues $460.1 $429.9 SG&A $107.2 $106.5 Other (income) expense, net ($5.0) $0.5 EBITDA $106.4 $92.8 Adjusted EBITDA $82.8 $74.8 Income from continuing operations $36.9 $18.5 Income from
Slide 6: Marketplace Q1 2025 Highlights
Marketplace Q1 2025 Highlights* ($ in millions) Marketplace Q1 2025 Q1 2024 Auction fees $125.2 $109.9 Service revenue $140.3 $150.2 Purchased vehicle sales $85.7 $58.2 Total Marketplace revenue $351.2 $318.3 Gross profit $108.7 $101.8 Gross profit % of revenue 31.0% 32.0% Adjusted gross profit** $1
Slide 7: Finance Q1 2025 Highlights
Finance Q1 2025 Highlights* ($ in millions) Finance Q1 2025 Q1 2024 Interest revenue $57.2 $61.0 Fee and other revenue $51.7 $50.6 Total Finance revenue $108.9 $111.6 Finance interest expense $27.6 $32.6 Net Finance margin $81.3 $79.0 Yield (quarters annualized) 13.9% 13.8% SG&A $12.5 $13.9 EBITDA $
Slide 8: March 31, 2025 Leverage
March 31, 2025 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 23 Total 233 Less: Cash and cash equivalents 221 Net Debt $12 Ne
Slide 9: Historical Data
Historical Data Q1 | 2025 9
Slide 10: Marketplace Metrics
Marketplace Metrics (Volumes in thousands) 1Q25 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 Revenue ($M) $351.2 $1,357.4 $348.8 $354.3 $336.0 $318.3 $1,251.7 $294.7 $316.6 $319.4 Commercial vehicles sold 191 826 192 195 217 222 710 183 180 180 Dealer consignment 172 620 155 164 151 150 621 135 159
Slide 11: Finance Metrics
Finance Metrics ($ in millions) 1Q25 1Q24 Total receivables managed $2,327.8 $2,284.4 Average receivables managed 1 $2,364.1 $2,297.1 Portfolio Allowance for credit losses $20.5 $21.0 Performance Information Allowance for credit losses 2 0.9% 0.9% Finance provision for credit losses 3 1.5% 2.4% Rece
Slide 12: Finance Metrics (Continued)
Finance Metrics (Continued) ($ in millions) 1Q25 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 Finance receivables (gross) $2,353.7 $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 Accrued interest and fees $25.9 $28.5 $28.5 $27.0 $28.8 $29.3 $30.9 $30.9 $29.0 $28.4 To
Slide 13: Finance Metrics (Continued)
Finance Metrics (Continued) ($ in millions) 1Q25 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 Yields 1 Interest revenue 9.8% 10.3% 9.6% 10.4% 10.6% 10.6% 10.5% 10.8% 10.7% 10.5% Fee and other revenue 8.9% 9.0% 9.2% 9.2% 8.6% 8.8% 8.3% 8.4% 8.3% 8.1% Total Finance revenue 18.7% 19.3% 18.8% 19.6% 19.2
Slide 14: Finance Metrics (Continued)
Finance Metrics (Continued) ($ in millions) 1Q25 2024 4Q24 3Q24 2Q24 1Q24 2023 4Q23 3Q23 2Q23 Total assets $2,692.3 $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 Intangible assets $259.6 $260.1 $260.1 $260.5 $260.9 $261.4 $261.7 $261.7 $261.5 $261.8 Tangible assets
Slide 15: Appendix
APPENDIX Q1 | 2025 15
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as
Slide 17: 2025 Marketplace Adjusted Gross Profit Reconciliation
2025 Marketplace Adjusted Gross Profit Reconciliation ($ in millions) Marketplace YTD 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Operating revenue A $351.2 $351.2 Purchased vehicle sales B 85.7 85.7 Operating revenue excluding purchased vehicle sales A–B=C $265.5 $265.5 Components of depreciation and amor
Slide 18: 2024 Marketplace Adjusted Gross Profit Reconciliation
2024 Marketplace Adjusted Gross Profit Reconciliation ($ 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 19: Q1 2025 Adjusted EBITDA Reconciliation
Q1 2025 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2025 Marketplace Finance Consolidated Income from continuing operations $7.3 $29.6 $36.9 Add back: Income taxes 5.8 10.0 15.8 Finance interest expense - 27.6 27.6 Interest expense, net of interest income 3.4 - 3.4 De
Slide 20: Q1 2024 Adjusted EBITDA Reconciliation
Q1 2024 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2024 Marketplace Finance Consolidated Income (loss) from continuing operations ($12.9) $31.4 $18.5 Add back: Income taxes 0.2 10.5 10.7 Finance interest expense - 32.6 32.6 Interest expense, net of interest income 6.
Slide 21: Operating Adjusted Net Income per Share Reconciliation
Operating Adjusted Net Income per Share Reconciliation ($ in millions, except per share amounts), (Unaudited) Three Months ended March 31, 2025 2024 Net income from continuing operations $36.9 $18.5 Acquired amortization expense 8.3 9.3 (1) Income taxes (1.1) (0.4) Operating adjusted net income from