Openlane, Inc. · NYSE:OPLN
Openlane — Q4 2025 Earnings Presentation
23 slides from Openlane's earnings presentation, Feb 18, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 18, 2026 Q4 | 2025 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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: Letter to Stockholders
Letter to Stockholders At the start of 2025, I challenged the OPENLANE team to achieve four key objectives: 1) grow our customer base; 2) grow vehicle transaction volumes; 3) improve our financial performance; and 4) position OPENLANE for long-term success. I am very pleased to report we exceeded ou
Slide 4: About Our Company and Strategic Differentiators
About Our Company Strategic Differentiators We connect the leading automotive manufacturers, dealers, rental companies, fleet operators, captive finance and lending institutions as buyers and sellers to create the most advanced digital marketplace for wholesale used vehicles. Best Marketplace Our Pu
Slide 5: Marketplace Segment: OPENLANE
Marketplace Segment: OPENLANE Digital Marketplace Leader With Deep Strength in Dealer & Commercial Vehicles 1.5M Dealer 50K active buyers and sellers in Commercial 40+ exclusive OEM & financial total vehicles sold the marketplace institution customers $29B gross merchandise value 200K+ average listi
Slide 6: Finance Segment: AFC
Finance Segment: AFC Highly Digital Model With Localized Approach 1.7M Finance Manage Purchase1 Account finance transactions Application Floorplan 15K Lifecycle unique independent dealers Underwriting $2.4B Payoff Vehicle Add Ancillary Services average receivables managed 1 Q4 | 2025 Includes both a
Slide 7: Highly Synergistic Business Model
Highly Synergistic Business Model Cross-pollination of dealer recruitment & engagement Bundled products, services & promotions Marketplace Segment Dealer credit drives Finance Segment transactions & wallet-share Cash generation for investment in innovation Q4 | 2025 7
Slide 8: Financial Highlights
Financial Highlights Q4 Q3 | 2025 8
Slide 9: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4’25 Q4’24 YOYΔ Revenue $494.3M $455.0M 9% Income from Continuing Operations $59.5M $52.3M 14% Adjusted EBITDA $76.0M $72.7M 5% Adjusted EBITDA Margin 15.4% 16.0% (60 bps) Cash Flow from Operating Activities $125.5M $32.7M 284% Adjusted Free Cash Flow $111.6M $15.5M 620
Slide 10: Q4 2025 Financial Trends
Q4 2025 Financial Trends Growth Profitability Cash Generation Revenue Excl. Purchased Vehicles Purchased Vehicles Adjusted EBITDA Income from Continuing Operations Adjusted FCF Cash Flow from Operating Activities YOY Growth Adjusted EBITDA Margin Adjusted FCF Conversion (TTM) 12% 7% 9% 8% 9% 16% 18%
Slide 11: Appendix
Appendix Q4 Q3 | 2025 11
Slide 12: Q4 2025 Operational Marketplace Metrics
Q4 2025 Operational Marketplace Metrics Commercial Dealer GMV ($B) Volume (000s) GMV ($B) Volume (000s) Q4 | 2025 12
Slide 13: Q4 2025 Operational AFC Metrics
Q4 2025 Operational AFC Metrics Avg Receivables Net Finance Yield Loan Loss Rate Managed1 Q4 | 2025 1 Calculated based on the daily ending balance of total receivables managed. 13
Slide 14: Quarterly Revenue
Quarterly Revenue ($ in millions), (Unaudited) 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating revenues Auction and related fees $158.3 $163.0 $165.1 $148.9 $180.4 $182.7 $188.2 $184.0 $198.9 $213.9 $215.2 $205.5 SaaS and other revenue1 107.2 96.0 90.9 85.6 79.7 73.1 73.1 69.2 66.6 63.1
Slide 15: Full-Year FY26 Guidance
Full-Year FY26 Guidance Guidance is based on Net Income of $130 million to $147 million and Net Income per Share of $0.95 to $1.09 2026 Guidance Range (In millions, except per share amounts) Adjusted EBITDA $350 to $370 Operating Adjusted EPS $1.24 to $1.38 Capital Expenditures $55 to $60 Note: Per
Slide 16: Q4 2025 Adjusted EBITDA Reconciliation
Q4 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended December 31, 2025 Marketplace Finance Consolidated Income from continuing operations $25.8 $33.7 $59.5 Add back: Income taxes (30.9) 3.1 (27.8) Finance interest expense - 27.3 27.3 Interest expense, net of interes
Slide 17: Q3 2025 Adjusted EBITDA Reconciliation
Q3 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended September 30, 2025 Marketplace Finance Consolidated Income from continuing operations $18.5 $29.4 $47.9 Add back: Income taxes 0.8 7.4 8.2 Finance interest expense - 28.1 28.1 Interest expense, net of interest inc
Slide 18: Q2 2025 Adjusted EBITDA Reconciliation
Q2 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended June 30, 2025 Marketplace Finance Consolidated Income from continuing operations $8.6 $24.8 $33.4 Add back: Income taxes 7.5 10.8 18.3 Finance interest expense - 26.9 26.9 Interest expense, net of interest income
Slide 19: Q1 2025 Adjusted EBITDA Reconciliation
Q1 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended March 31, 2025 Marketplace Finance Consolidated Income from continuing operations $7.3 $29.6 $36.9 Add back: Income taxes 5.8 10.0 15.8 Finance interest expense - 27.6 27.6 Interest expense, net of interest income
Slide 20: Q4 2024 Adjusted EBITDA Reconciliation
Q4 2024 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended December 31, 2024 Marketplace Finance Consolidated Income from continuing operations $25.9 $26.4 $52.3 Add back: Income taxes 7.3 9.4 16.7 Finance interest expense - 28.3 28.3 Interest expense, net of interest inc
Slide 21: Operating Adjusted Income per Share Reconciliation
Operating Adjusted Income per Share Reconciliation ($ in millions, except per share amounts), (Unaudited) Three Months ended December 31, 2025 2024 Income from continuing operations $59.5 $52.3 Acquired amortization expense 8.4 8.3 Impact for newly enacted Canadian DST related to prior years - (4.6)
Slide 22: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation ($ in millions), (Unaudited) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net cash provided by operating activities $100.2 $37.5 $122.4 $32.7 $122.6 $71.6 $72.2 $125.5 Purchases of property, equipment and computer software (12.9) (13.0) (13.1) (14.0) (11.9) (14.2) (14.6)
Slide 23: 2026 Guidance
2026 Guidance 2026 GUIDANCE (In millions, except per share amounts) (Unaudited) Low High Net income $130 $147 Add back: Income taxes 51 55 Finance interest expense 101 100 Interest expense, net of interest income 35 35 Depreciation and amortization 93 93 EBITDA $410 $430 Total addbacks (deductions),