Openlane, Inc. · NYSE:OPLN
Openlane — Q1 2026 Earnings Presentation
23 slides from Openlane's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings
Q1 2026 Earnings May 5, 2026 Q1 | 2026 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 Three years ago this week, we rebranded to OPENLANE and forged a new company founded on a single purpose: to make wholesale easy so our customers can be more successful. Over the last three years, our investments, strategy and execution have delivered on this commitment, diffe
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 Q1 | 2026 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 Q1 | 2026 7
Slide 8: Financial Highlights
Financial Highlights Q1 | 2026 8
Slide 9: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Q1’26 Q1’25 YOYΔ Revenue $527.9M $460.1M 15% Net Income $48.9M $36.9M 33% Adjusted EBITDA $96.7M $82.8M 17% Adjusted EBITDA Margin 18.3% 18.0% 30 bps Cash Flow from Operating Activities $159.6M $122.6M 30% Adjusted Free Cash Flow $56.1M $93.1M (40%) Net Income Per Share1
Slide 10: Q1 2026 Financial Trends
Q1 2026 Financial Trends Growth Profitability Cash Generation Revenue Excl. Purchased Vehicles Purchased Vehicles Adjusted EBITDA Net Income Adjusted FCF Cash Flow from Operating Activities YOY Growth Adjusted EBITDA Margin Adjusted FCF Conversion (TTM) 7% 9% 8% 9% 15% 18% 18% 17% 15% 18% 88% 91% 61
Slide 11: Q1 2026 Operational Marketplace Metrics
Q1 2026 Operational Marketplace Metrics Commercial Dealer GMV ($B) Yield (%) GMV ($B) Yield (%) Vehicles Sold (000s) Vehicles Sold (000s) 191 198 185 188 238 172 182 187 169 194 Gross merchandise value (“GMV”) represents the total dollar value of vehicles sold through our marketplaces. Yield represe
Slide 12: Q1 2026 Operational AFC Metrics
Q1 2026 Operational AFC Metrics Avg Receivables Net Finance Yield Loan Loss Rate Managed1 Q1 | 2026 1 Calculated based on the daily ending balance of total receivables managed. 12
Slide 13: Full-Year FY26 Guidance
Full-Year FY26 Guidance Revised guidance is based on Net Income of $147 million to $164 million and Net Income per Share of $1.09 to $1.23 (up from previous guidance of $130 million to $147 million and $0.95 to $1.09, respectively). 2026 Guidance Previous Guidance Revised Guidance (In millions, exce
Slide 14: Reconciliations and Other
Reconciliations and Other Q1 | 2026 14
Slide 15: Quarterly Revenue
Quarterly Revenue ($ in millions), (Unaudited) 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating revenues Auction and related fees $180.4 $182.7 $188.2 $184.0 $198.9 $213.9 $215.2 $205.5 $241.8 SaaS and other revenue 79.7 73.1 73.1 69.2 66.6 63.1 65.3 62.1 67.5 Purchased vehicle sales 58.2 80.2 93
Slide 16: Q1 2026 Adjusted EBITDA Reconciliation
Q1 2026 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended March 31, 2026 Marketplace Finance Consolidated Net income $21.2 $27.7 $48.9 Add back: Income taxes 7.2 9.2 16.4 Finance interest expense - 24.8 24.8 Interest expense, net of interest income 9.7 - 9.7 Depreciation
Slide 17: Q4 2025 Adjusted EBITDA Reconciliation
Q4 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended December 31, 2025 Marketplace Finance Consolidated Net income $25.8 $33.7 $59.5 Add back: Income taxes (30.9) 3.1 (27.8) Finance interest expense - 27.3 27.3 Interest expense, net of interest income 9.6 - 9.6 Depr
Slide 18: Q3 2025 Adjusted EBITDA Reconciliation
Q3 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended September 30, 2025 Marketplace Finance Consolidated Net income $18.5 $29.4 $47.9 Add back: Income taxes 0.8 7.4 8.2 Finance interest expense - 28.1 28.1 Interest expense, net of interest income 0.6 - 0.6 Depreciat
Slide 19: Q2 2025 Adjusted EBITDA Reconciliation
Q2 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended June 30, 2025 Marketplace Finance Consolidated Net income $8.6 $24.8 $33.4 Add back: Income taxes 7.5 10.8 18.3 Finance interest expense - 26.9 26.9 Interest expense, net of interest income 1.3 - 1.3 Depreciation
Slide 20: Q1 2025 Adjusted EBITDA Reconciliation
Q1 2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Three Months ended March 31, 2025 Marketplace Finance Consolidated Net income $7.3 $29.6 $36.9 Add back: Income taxes 5.8 10.0 15.8 Finance interest expense - 27.6 27.6 Interest expense, net of interest income 3.4 - 3.4 Depreciation
Slide 21: Operating Adjusted EPS Reconciliation
Operating Adjusted EPS Reconciliation ($ in millions, except per share amounts), (Unaudited) Three Months ended March 31, 2026 2025 Net income $48.9 $36.9 Acquired amortization expense 8.3 8.3 Impact of Canadian DST related to prior years (15.9) - ERP implementation costs 0.4 - Income taxes (1) 2.1
Slide 22: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation ($ in millions), (Unaudited) 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net cash provided by operating activities $100.2 $37.5 $122.4 $32.7 $122.6 $71.6 $72.2 $125.5 $159.6 Purchases of property, equipment and computer software (12.9) (13.0) (13.1) (14.0) (11.9)
Slide 23: 2026 Guidance Reconciliation
2026 Guidance Reconciliation 2026 GUIDANCE - PREVIOUS 2026 GUIDANCE - REVISED (In millions, except per share amounts) (Unaudited) Low High Low High Net income $130 $147 $147 $164 Add back: Income taxes 51 55 54 58 Finance interest expense 101 100 102 101 Interest expense, net of interest income 35 3