Openlane, Inc. · NYSE:OPLN
Openlane — Q1 2023 Earnings Presentation
15 slides from Openlane's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Earnings Slides
First Quarter 2023 Earnings Slides May 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: First Quarter Results
WANS AUCTION SERVICES. First Quarter Results
Slide 4: KAR Q1 2023 Highlights
KAR Q1 2023 Highlights* ($ in millions, except per share amounts) KAR Q1 2023 Q1 2022 Total operating revenues from continuing operations $420.6 $369.4 Gross profit** $196.4 $158.6 % of revenue** 46.7% 42.9% SG&A $108.0 $118.9 Other (income) expense, net*** $7.1 $1.2 EBITDA $80.4 $38.4 Adjusted EBIT
Slide 5: Marketplace Q1 2023 Highlights
Marketplace Q1 2023 Highlights* ($ in millions, except RPU) Marketplace Q1 2023 Q1 2022 Auction fees $99.9 $101.4 Service revenue $165.6 $137.5 Purchased vehicle sales $55.5 $46.3 Total Marketplace revenue from continuing operations $321.0 $285.2 Gross profit** $113.2 $89.4 % of revenue, excluding p
Slide 6: Finance Q1 2023 Highlights
Finance Q1 2023 Highlights* ($ in millions, except for revenue per loan transaction) Finance Q1 2023 Q1 2022 Interest income $60.6 $43.2 Fee income $47.6 $40.2 Other revenue $3.4 $2.2 Provision for credit losses ($12.0) ($1.4) Total Finance revenue $99.6 $84.2 Gross profit** $83.2 $69.2 % of revenue
Slide 7: March 31, 2023 Leverage
March 31, 2023 Leverage (US$ in millions) Balance Maturity Term Loan B-6 (Adjusted LIBOR + 2.25%) $- 2026 Revolving Credit Facility (Adjusted LIBOR + 1.75%) 65 2024 Senior Notes (Fixed 5.125%) 350 2025 Finance Leases & Other 23 Total 438 Less: Available Cash* 193 Net Debt 245 Senior Secured Net Leve
Slide 8: Historical Data
AUCTION SERVICES; HISTORICAL DATA
Slide 9: Marketplace Metrics
Marketplace Metrics 1Q23 2022 4Q22 3Q22 2Q22 1Q22 2021 4Q21 Revenue1 $321.0 $1,143.5 $272.1 $293.9 $292.3 $285.2 $1,161.4 $278.5 Commercial vehicles sold 167 661 151 159 177 174 948 162 Dealer consignment 163 636 138 155 166 177 651 180 vehicles sold Total vehicles sold 330 1,297 289 314 343 351 1,5
Slide 10: Finance Metrics
Finance Metrics 1Q23 2022 4Q22 3Q22 2Q22 1Q22 2021 4Q21 Interest income $60.6 $202.8 $59.7 $53.4 $46.5 $43.2 $139.7 $39.7 Fee income $47.6 $171.9 $44.7 $44.3 $42.7 $40.2 $144.4 $36.4 Other revenue $3.4 $11.0 $3.3 $2.9 $2.6 $2.2 $8.6 $2.2 Net recovery (provision) for ($12.0) ($9.8) ($7.0) ($1.5) $0.1
Slide 11: Appendix
AUCTION SERVICES; APPENDIX
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as
Slide 13: Q1 2023 Adjusted EBITDA Reconciliation
Q1 2023 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2023 Marketplace Finance Consolidated Income (loss) from continuing operations ($21.1) $33.8 $12.7 Add back: Income taxes (3.9) 11.2 7.3 Interest expense, net of interest income 7.1 30.3 37.4 Depreciation and amortiz
Slide 14: Q1 2022 Adjusted EBITDA Reconciliation
Q1 2022 Adjusted EBITDA Reconciliation ($ in millions) Three Months ended March 31, 2022 Marketplace Finance Consolidated Income (loss) from continuing operations ($39.4) $31.0 ($8.4) Add back: Income taxes (15.1) 10.4 (4.7) Interest expense, net of interest income 13.2 12.3 25.5 Depreciation and am
Slide 15: Operating Adjusted Net Income (Loss) per Share Reconciliation
Operating Adjusted Net Income (Loss) per Share Reconciliation ($ in millions, except per share amounts), (unaudited) Three Months ended March 31, 2023 2022 Net income (loss) from continuing operations (1) $12.7 ($8.4) Acquired amortization expense 7.4 8.6 (2) Income taxes (2.7) (3.1) Operating adjus