OPENLANE Inc

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 7, 2024

OPLN$35.23+0.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2024	2023
Operating activities
Net income (loss)	$57.6	$(168.4)
Net income from discontinued operations	—	—
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	72.2	76.2
Provision for credit losses	42.2	42.0
Deferred income taxes	(0.1)	(26.8)
Amortization of debt issuance costs	6.9	6.6
Stock-based compensation	13.9	13.1
Contingent consideration adjustment	—	1.3
Net change in unrealized loss on investment securities	—	0.4
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	(0.3)	0.8
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets	(36.1)	(94.0)
Accounts payable and accrued expenses	103.8	104.7
Payments of contingent consideration in excess of acquisition-date fair value	—	(2.6)
Net cash provided by operating activities - continuing operations	260.1	216.2
Net cash used by operating activities - discontinued operations	(1.4)	(0.1)
Investing activities
Net decrease in finance receivables held for investment	50.4	1.3
Purchases of property, equipment and computer software	(39.0)	(39.8)
Investments in securities	(1.9)	(1.0)
Proceeds from the sale of property and equipment	0.9	0.3
Net cash provided by (used by) investing activities - continuing operations	10.4	(39.2)
Net cash provided by investing activities - discontinued operations	—	7.0
Financing activities
Net decrease in book overdrafts	(3.6)	(3.5)
Net repayments of lines of credit	(86.4)	(106.4)
Net (decrease) increase in obligations collateralized by finance receivables	(93.0)	13.2
Payments for debt issuance costs/amendments	(14.7)	(5.4)
Payment for early extinguishment of debt	—	(140.1)
Payments on finance leases	(0.9)	(1.6)
Payments of contingent consideration and deferred acquisition costs	—	(12.4)
Issuance of common stock under stock plans	1.0	2.1
Tax withholding payments for vested RSUs	(3.4)	(2.5)
Repurchase and retirement of common stock	(30.0)	(22.2)
Dividends paid on Series A Preferred Stock	(33.3)	(33.3)
Net cash used by financing activities - continuing operations	(264.3)	(312.1)
Net cash provided by financing activities - discontinued operations	—	—
Net change in cash balances of discontinued operations	—	—
Effect of exchange rate changes on cash	(3.1)	2.6
Net increase (decrease) in cash, cash equivalents and restricted cash	1.7	(125.6)
Cash, cash equivalents and restricted cash at beginning of period	158.9	277.7
Cash, cash equivalents and restricted cash at end of period	$160.6	$152.1
See accompanying condensed notes to consolidated financial statements

Supplemental Disclosure of Cash Flow Information
(In millions)	Nine Months Ended September 30,
	2024	2023
Cash paid for interest	$105.8	$106.5
Cash paid for taxes, net of refunds - continuing operations	$34.7	$28.3
Cash paid for taxes, net of refunds - discontinued operations	$(0.5)	$—

ContentsView on SEC.gov

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