OPENLANE Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
OPLN$35.23+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income (loss) | $29.2 | $(181.1) |
| Net income from discontinued operations | — | — |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 48.4 | 49.8 |
| Provision for credit losses | 29.1 | 28.4 |
| Deferred income taxes | 0.4 | (29.1) |
| Amortization of debt issuance costs | 4.7 | 4.4 |
| Stock-based compensation | 10.1 | 8.9 |
| Contingent consideration adjustment | — | 1.3 |
| Net change in unrealized (gain) loss on investment securities | — | (0.1) |
| Investment and note receivable impairment | — | 11.0 |
| Goodwill and other intangibles impairment | — | 250.8 |
| Loss on extinguishment of debt | — | 1.1 |
| Other non-cash, net | 0.1 | 0.8 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Trade receivables and other assets | (23.7) | (76.2) |
| Accounts payable and accrued expenses | 39.4 | 75.2 |
| Payments of contingent consideration in excess of acquisition-date fair value | — | (2.6) |
| Net cash provided by operating activities - continuing operations | 137.7 | 142.6 |
| Net cash used by operating activities - discontinued operations | (0.1) | (0.1) |
| Investing activities | ||
| Net decrease (increase) in finance receivables held for investment | 33.1 | (24.4) |
| Purchases of property, equipment and computer software | (25.9) | (26.9) |
| Investments in securities | (1.6) | (0.6) |
| Proceeds from the sale of property and equipment | 0.3 | 0.3 |
| Net cash provided by (used by) investing activities - continuing operations | 5.9 | (51.6) |
| Net cash provided by investing activities - discontinued operations | — | 7.0 |
| Financing activities | ||
| Net decrease in book overdrafts | (1.6) | (2.2) |
| Net (repayments of) borrowings from lines of credit | (81.2) | 39.2 |
| Net (decrease) increase in obligations collateralized by finance receivables | (56.1) | 33.1 |
| Payments for debt issuance costs/amendments | (2.2) | (5.3) |
| Payment for early extinguishment of debt | — | (140.1) |
| Payments on finance leases | (0.6) | (1.1) |
| Payments of contingent consideration and deferred acquisition costs | — | (12.4) |
| Issuance of common stock under stock plans | 0.8 | 1.6 |
| Tax withholding payments for vested RSUs | (3.4) | (2.5) |
| Dividends paid on Series A Preferred Stock | (22.2) | (22.2) |
| Net cash used by financing activities - continuing operations | (166.5) | (111.9) |
| Net cash provided by financing activities - discontinued operations | — | — |
| Net change in cash balances of discontinued operations | — | — |
| Effect of exchange rate changes on cash | (7.3) | 8.8 |
| Net decrease in cash, cash equivalents and restricted cash | (30.3) | (5.2) |
| Cash, cash equivalents and restricted cash at beginning of period | 158.9 | 277.7 |
| Cash, cash equivalents and restricted cash at end of period | $128.6 | $272.5 |
| See accompanying condensed notes to consolidated financial statements | ||
| Supplemental Disclosure of Cash Flow Information | ||
|---|---|---|
| (In millions) | Six Months Ended June 30, | |
| 2024 | 2023 | |
| Cash paid for interest | $74.6 | $72.8 |
| Cash paid for taxes, net of refunds - continuing operations | $29.4 | $21.4 |
| Cash paid for taxes, net of refunds - discontinued operations | $— | $— |
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