OPENLANE, Inc.

Listed Company

OPLNCIK 0001395942NYSELarge AcceleratedRetail-Auto Dealers & Gasoline StationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.93B

Net Income

$177.70M

Total Assets

$4.72B

Equity

$1.24B

Shares Out

106.30M

Op. Cash Flow

$391.90M

Business

OPENLANE, Inc. operates a digital wholesale marketplace that connects sellers and buyers of used vehicles to facilitate fast, transparent transactions. It offers auction and marketplace services plus ancillary products including transportation logistics, reconditioning, vehicle inspection and certification, titling, administrative and collateral recovery services, floorplan financing and SaaS-based remarketing and technology solutions. The company reports two business segments: Marketplace (digital auction and remarketing services) and Finance (AFC floorplan financing and related services). It serves commercial sellers and franchise and independent dealers across the United States, Canada and Europe via online platforms, mobile applications and vehicle logistics centers.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	1,935	1,789	1,696	1,529	1,451
Cost of services (exclusive of depreciation and amortization)	1,042	956	868	834	793
Finance interest expense	110	124	131	79	—
Provision for credit losses	42	54	59	—	—
Selling, general and administrative	445	409	422	436	421
Depreciation and amortization	92	95	102	100	110
Gain on sale of business	0	−32	0	0	—
Loss on sale of property	7	0	0	−34	0
Goodwill and other intangibles impairment	0	0	251	0	0
Total operating expenses	1,738	1,606	1,832	1,435	1,323
Operating profit (loss)	197	182	−136	95	128
Interest expense	18	22	25	40	126
Other (income) expense, net	−14	3	−16	−1	−13
Loss on extinguishment of debt	0	0	1	17	0
Income (loss) from continuing operations before income taxes	192	158	−147	39	14
Income taxes	15	48	8	10	15
Income (loss) from continuing operations	178	110	−155	29	−800,000
Income from discontinued operations, net of income taxes	0	0	700,000	213	67
Net income (loss)	178	110	−154	241	67
Series A Preferred Stock dividends (including deemed dividends)	−281	−44	−44	—	—
Income from continuing operations attributable to participating securities	0	−16	0	—	—
Income (loss) from continuing operations attributable to common stockholders	−103	49	−199	—	—
Income (loss) from continuing operations	−0.96	0.46	−1.83	−0.1	−0.27
Income from discontinued operations	0	0	0.01	1.4	0.43
Net income (loss) (per share)	−0.96	0.46	−1.82	1.3	0.16
Income (loss) from continuing operations	−0.96	0.45	−1.83	−0.1	−0.27
Income from discontinued operations	0	0	0.01	1.4	0.43
Net income (loss) (per share)	−0.96	0.45	−1.82	1.3	0.16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	142	143	94	226	178
Restricted cash	44	41	65	52	26
Trade receivables, net of allowances of $9.7 and $6.7	314	248	292	271	381
Finance receivables, net of allowances of $27.5 and $19.8	2,425	2,323	2,282	2,395	2,506
Other current assets	87	97	109	79	88
Total current assets	3,012	2,852	2,842	3,022	3,392
Goodwill	1,244	1,223	1,271	1,465	1,598
Customer relationships, net of accumulated amortization of $459.2 and $437.4	103	118	136	136	159
Other intangible assets, net of accumulated amortization of $555.0 and $487.4	143	161	182	231	243
Operating lease right-of-use assets	58	67	76	85	95
Property and equipment, net of accumulated depreciation of $141.5 and $159.4	104	149	170	124	144
Other assets	62	53	50	57	54
Total other assets	1,713	1,771	1,884	2,097	4,059
Total assets	4,724	4,622	4,726	5,120	7,451
Accounts payable	666	548	557	551	785
Accrued employee benefits and compensation expenses	51	37	41	32	32
Accrued interest	11	7	10	8	6
Other accrued expenses	91	81	75	79	107
Income taxes payable	21	11	10	7	8
Obligations collateralized by finance receivables	1,758	1,660	1,632	1,678	1,692
Current maturities of long-term debt	6	223	155	289	16
Total current liabilities	2,604	2,566	2,479	2,643	3,009
Long-term debt	530	0	202	205	1,850
Deferred income tax liabilities	600,000	24	21	54	138
Operating lease liabilities	53	60	70	80	88
Other liabilities	6	17	14	7	30
Total non-current liabilities	590	102	308	346	2,338
Commitments and contingencies (Note 18)	—	—	—	—	—
Series A convertible preferred stock (Note 14)	290	613	613	613	591
Common stock, $0.01 par value: Authorized shares: 400,000,000; Issued and outstanding shares: 106,175,229 (2025) 106,849,134 (2024)	1	1	1	1	1
Additional paid-in capital	693	721	738	744	911
Retained earnings	587	690	624	823	626
Accumulated other comprehensive loss	−40	−69	−37	−50	−25
Total stockholders' equity	1,241	1,343	1,327	1,518	1,513
Total liabilities, temporary equity and stockholders' equity	4,724	4,622	4,726	5,120	7,451

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	−32	2	−30	−2	4
Amortization of debt issuance costs	9	9	9	11	12
Stock-based compensation	15	15	17	17	13
Contingent consideration adjustment	0	0	1	0	24
Investment and note receivable impairment	0	0	10	0	0
Other non-cash, net	400,000	−300,000	1	500,000	2
Trade receivables and other assets	−69	44	−66	108	−81
Accounts payable and accrued expenses	150	−5	40	−241	144
Payments of contingent consideration in excess of acquisition-date fair value	0	0	−3	−26	0
Net cash provided by operating activities - continuing operations	392	293	237	4	234
Net cash used by operating activities - discontinued operations	0	−1	−2	−459	179
Net (increase) decrease in finance receivables held for investment	−135	−97	65	98	−619
Acquisition of businesses (net of cash acquired)	0	0	−103	−400,000	−522
Purchases of property, equipment and computer software	−55	−53	−52	−61	−64
Investments in securities	−2	−3	−1	−7	−23
Proceeds from sale of investments	800,000	900,000	0	300,000	39
Proceeds from note receivable	0	0	700,000	0	0
Proceeds from the sale of business	0	80	0	0	2
Proceeds from the sale of property and equipment	42	900,000	300,000	40	0
Net cash used by investing activities - continuing operations	−149	−71	−91	70	−1,186
Net cash provided by investing activities - discontinued operations	0	0	7	2,077	−32
Net (decrease) increase in book overdrafts	−6	800,000	−2	−6	−8
Net (repayments of) borrowings from lines of credit	−24	−132	6	142	−8
Net increase (decrease) in obligations collateralized by finance receivables	82	50	−56	2	424
Proceeds from long-term debt	547	0	0	—	0
Payments for debt issuance costs/amendments	−7	−15	−7	−12	−600,000
Payments on long-term debt	−210	0	0	−929	−10
Payment for early extinguishment of debt	0	0	−140	−606	0
Payments on finance leases	0	−900,000	−2	−4	−6
Payments of contingent consideration and deferred acquisition costs	0	0	−12	−4	−37
Issuance of common stock under stock plans	10	1	3	1	2
Tax withholding payments for vested RSUs	−7	−4	−3	−3	−2
Repurchase and retirement of common stock	−46	−30	−22	−182	−181
Repurchase and retirement of Series A Preferred Stock	−559	0	0	—	—
Dividends paid on Series A Preferred Stock	−39	−44	−44	−22	0
Net cash used by financing activities - continuing operations	−258	−174	−280	−1,622	204
Net cash provided by financing activities - discontinued operations	0	0	0	11	6
Net change in cash balances of discontinued operations	0	0	0	12	16
Effect of exchange rate changes on cash	17	−22	9	−19	−2
Net increase (decrease) in cash, cash equivalents and restricted cash	2	25	−119	74	−581
Cash paid for interest	115	141	145	—	—
Cash paid for taxes, net of refunds	40	37	36	26	25

Filings

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