EBITDA and Adjusted EBITDA Measures This section defines EBITDA and Adjusted EBITDA as non-GAAP measures and provides their reconciliation to net income across various periods Definition and Purpose EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management and creditors to evaluate performance - EBITDA and Adjusted EBITDA are non-GAAP measures used to evaluate performance and are not substitutes for GAAP financials23 - EBITDA is calculated as net income (loss) + interest expense (net of interest income) + income tax provision (benefit) + depreciation and amortization3 - Adjusted EBITDA includes supplementary adjustments to EBITDA based on senior secured credit agreement covenant calculations3 Reconciliation to Net Income The company provides detailed reconciliations of income (loss) from continuing operations to EBITDA and Adjusted EBITDA for various periods Three Months Ended June 30, 2025 and 2024 For the three months ended June 30, 2025, consolidated Adjusted EBITDA increased to $86.7 million from $71.4 million in the prior year Consolidated EBITDA and Adjusted EBITDA (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $33.4 | $10.7 | $22.7 | 212.1% | | EBITDA | $102.9 | $79.4 | $23.5 | 29.6% | | Adjusted EBITDA | $86.7 | $71.4 | $15.3 | 21.4% | Marketplace Segment EBITDA and Adjusted EBITDA (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $8.6 | $(16.1) | $24.7 | -153.4% | | EBITDA | $37.3 | $12.4 | $24.9 | 200.8% | | Adjusted EBITDA | $44.5 | $32.7 | $11.8 | 36.1% | Finance Segment EBITDA and Adjusted EBITDA (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $24.8 | $26.8 | $(2.0) | -7.5% | | EBITDA | $65.6 | $67.0 | $(1.4) | -2.1% | | Adjusted EBITDA | $42.2 | $38.7 | $3.5 | 9.0% | Six Months Ended June 30, 2025 and 2024 For the six months ended June 30, 2025, consolidated Adjusted EBITDA increased to $169.5 million from $146.2 million in the prior year Consolidated EBITDA and Adjusted EBITDA (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $70.3 | $29.2 | $41.1 | 140.8% | | EBITDA | $209.3 | $172.2 | $37.1 | 21.5% | | Adjusted EBITDA | $169.5 | $146.2 | $23.3 | 15.9% | Marketplace Segment EBITDA and Adjusted EBITDA (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $15.9 | $(29.0) | $44.9 | -154.8% | | EBITDA | $73.5 | $37.9 | $35.6 | 93.9% | | Adjusted EBITDA | $81.6 | $67.8 | $13.8 | 20.4% | Finance Segment EBITDA and Adjusted EBITDA (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Income (loss) from continuing operations | $54.4 | $58.2 | $(3.8) | -6.5% | | EBITDA | $135.8 | $134.3 | $1.5 | 1.1% | | Adjusted EBITDA | $87.9 | $78.4 | $9.5 | 12.1% | Twelve Months Ended June 30, 2025 For the twelve months ended June 30, 2025, consolidated Net Income was $151.0 million, with Adjusted EBITDA reaching $316.7 million Consolidated EBITDA and Adjusted EBITDA (Twelve Months Ended June 30, 2025) | Metric | Amount (Millions) | | :-------------------------------- | :---------------- | | Net income | $151.0 | | Income from continuing operations | $151.0 | | EBITDA | $433.9 | | Adjusted EBITDA | $316.7 | - Key adjustments for the twelve months included $11.6 million in non-cash stock-based compensation, a $(103.1) million securitization interest deduction, and a $(31.6) million gain on sale of business6 Results of Operations - OPENLANE Consolidated OPENLANE's consolidated results show significant revenue and profit growth for both the three and six months ended June 30, 2025 Consolidated Financial Performance OPENLANE's consolidated results show significant revenue and profit growth for both the three and six months ended June 30, 2025 Three Months Ended June 30, 2025 vs 2024 For the three months ended June 30, 2025, OPENLANE reported a 9% increase in total operating revenues and a substantial 212.1% increase in income from continuing operations Consolidated Financial Highlights (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $481.7 | $443.8 | $37.9 | 8.5% | | Operating profit | $47.4 | $23.9 | $23.5 | 98.3% | | Income from continuing operations | $33.4 | $10.7 | $22.7 | 212.1% | | Net income | $33.4 | $10.7 | $22.7 | 212.1% | | Diluted EPS | $0.15 | $0.00 | $0.15 | - | - Revenue increased by $37.9 million, or 9%, to $481.7 million for Q2 2025, compared to $443.8 million for Q2 20248 Six Months Ended June 30, 2025 vs 2024 For the six months ended June 30, 2025, total operating revenues grew by 8% to $941.8 million, and income from continuing operations more than doubled to $70.3 million Consolidated Financial Highlights (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $941.8 | $873.7 | $68.1 | 7.8% | | Operating profit | $99.1 | $60.7 | $38.4 | 63.3% | | Income from continuing operations | $70.3 | $29.2 | $41.1 | 140.8% | | Net income | $70.3 | $29.2 | $41.1 | 140.8% | | Diluted EPS | $0.33 | $0.05 | $0.28 | 560.0% | - Revenue increased by $68.1 million, or 8%, to $941.8 million for the six months ended June 30, 2025, compared to $873.7 million for the same period in 202417 Key Financial Metrics Analysis Analysis of key financial metrics reveals a decrease in depreciation and amortization and interest expense, alongside a significant increase in other income due to foreign currency gains Depreciation and Amortization Depreciation and amortization decreased by 5% for the three months and 6% for the six months ended June 30, 2025, primarily due to assets becoming fully amortized and depreciated - Q2 2025: Depreciation and amortization decreased by $1.1 million (5%) to $23.0 million9 - YTD Q2 2025: Depreciation and amortization decreased by $2.7 million (6%) to $45.7 million18 - The decrease is primarily due to assets becoming fully amortized and depreciated918 Interest Expense Interest expense significantly decreased by 44% for both the three and six months ended June 30, 2025, mainly due to reduced borrowings on lines of credit and the repayment of senior notes - Q2 2025: Interest expense decreased by $2.4 million (44%) to $3.1 million10 - YTD Q2 2025: Interest expense decreased by $5.5 million (44%) to $7.1 million19 - The decrease is primarily due to reduced borrowings on lines of credit and repayment of senior notes in Q2 20251019 Other (Income) Expense, Net Other (income) expense, net, shifted from an expense to a significant income for both periods, primarily driven by foreign currency gains on intercompany balances - Q2 2025: Other income of $7.4 million, compared to other expense of $0.2 million in Q2 202411 - YTD Q2 2025: Other income of $12.4 million, compared to other expense of $0.7 million in YTD Q2 202420 - The increase in other income is mainly due to foreign currency gains on intercompany balances ($5.6 million in Q2 2025, $8.9 million YTD Q2 2025)1120 Income Taxes The effective tax rate decreased for both periods, but was unfavorably impacted by an increase in the valuation allowance against the U.S. net deferred tax asset - Q2 2025: Effective tax rate was 35.4%, down from 41.2% in Q2 202412 - YTD Q2 2025: Effective tax rate was 32.7%, down from 38.4% in YTD Q2 202421 - The effective tax rate was unfavorably impacted by an increase in the valuation allowance related to the U.S. net deferred tax asset ($38.2 million at June 30, 2025)12132122 - The recently enacted One Big Beautiful Bill Act (OBBBA) is estimated to decrease the deferred tax position and related valuation allowance in 2025, to be recorded in Q3 2025152425 - Pillar Two global minimum corporate tax rules are not expected to materially impact the Company's consolidated financial statements1423 Impact of Foreign Currency Foreign currency fluctuations had a mixed impact, with the euro exchange rate positively affecting revenue, operating profit, and net income, while the Canadian dollar exchange rate had a negative impact - Q2 2025: Euro exchange rate increased revenue by $4.9 million, operating profit by $0.3 million, and net income by $0.2 million16 - Q2 2025: Canadian dollar exchange rate decreased revenue by $1.3 million, operating profit by $0.3 million, and net income by $0.1 million16 - YTD Q2 2025: Canadian dollar exchange rate decreased revenue by $7.6 million, operating profit by $1.9 million, and net income by $0.8 million26 - YTD Q2 2025: Euro exchange rate increased revenue by $2.3 million, operating profit by $0.1 million, and net income by $0.1 million26 Marketplace Segment Results The Marketplace segment demonstrated strong growth, with significant increases in total revenue and a shift from operating loss to profit for both the three and six months ended June 30, 2025 Marketplace Financial Performance The Marketplace segment demonstrated strong growth, with significant increases in total revenue and a shift from operating loss to profit for both the three and six months ended June 30, 2025 Three Months Ended June 30, 2025 vs 2024 For Q2 2025, Marketplace revenue increased by 12% to $375.5 million, and the segment swung from an operating loss of $8.2 million to an operating profit of $11.9 million Marketplace Financial Highlights (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total Marketplace revenue | $375.5 | $336.0 | $39.5 | 11.7% | | Gross profit | $120.6 | $87.9 | $32.7 | 37.2% | | Operating profit (loss) | $11.9 | $(8.2) | $20.1 | -245.1% | | Total vehicles sold (000s) | 380 | 368 | 12 | 3.3% | | GMV (billions) | $7.5 | $6.8 | $0.7 | 10.3% | - Total Marketplace revenue increased by $39.5 million, or 12%, to $375.5 million28 - Total vehicles sold increased by 3% to 380,000, driven by a 21% increase in dealer consignment volumes, partially offset by a 9% decrease in commercial volumes2729 Six Months Ended June 30, 2025 vs 2024 For the six months ended June 30, 2025, Marketplace revenue increased by 11% to $726.7 million, and operating profit improved significantly from a loss of $3.4 million to a profit of $23.9 million Marketplace Financial Highlights (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total Marketplace revenue | $726.7 | $654.3 | $72.4 | 11.1% | | Gross profit | $229.3 | $189.7 | $39.6 | 20.9% | | Operating profit (loss) | $23.9 | $(3.4) | $27.3 | -802.9% | | Total vehicles sold (000s) | 743 | 740 | 3 | 0.4% | | GMV (billions) | $14.4 | $13.8 | $0.6 | 4.3% | - Total Marketplace revenue increased by $72.4 million, or 11%, to $726.7 million39 - Total vehicles sold slightly increased by 0.4% to 743,000, with an 18% increase in dealer consignment volumes offsetting an 11% decrease in commercial volumes2740 Key Marketplace Metrics Analysis The Marketplace segment saw strong growth in auction fees and purchased vehicle sales, driven by price increases and a favorable mix shift towards dealer consignment vehicles Total Marketplace Revenue Total Marketplace revenue increased by 12% for Q2 and 11% for YTD Q2 2025, primarily driven by a significant increase in dealer consignment vehicles sold and higher auction fees - Q2 2025 revenue increased by $39.5 million (12%) to $375.5 million, primarily due to a 21% increase in dealer consignment vehicles sold28 - YTD Q2 2025 revenue increased by $72.4 million (11%) to $726.7 million, primarily due to an 18% increase in dealer consignment vehicles sold39 - Foreign currency fluctuations had a net increase of $3.9 million on Q2 2025 revenue and a net decrease of $3.7 million on YTD Q2 2025 revenue2839 Auction Fees Auction fees saw substantial growth, increasing by 24% for Q2 and 19% for YTD Q2 2025, with auction fees per vehicle sold rising by 20% and 19% respectively - Q2 2025: Auction fees increased by $26.2 million (24%) to $134.9 million30 - Q2 2025: Auction fees per vehicle sold increased by $60 (20%) to $35530 - YTD Q2 2025: Auction fees increased by $41.5 million (19%) to $260.1 million41 - YTD Q2 2025: Auction fees per vehicle sold increased by $55 (19%) to $35041 Service Revenue Service revenue decreased by 3% for Q2 and 5% for YTD Q2 2025, primarily due to the sale of the automotive key business in 2024 and decreases in repossession and inspection revenues - Q2 2025: Service revenue decreased by $5.0 million (3%) to $142.1 million31 - YTD Q2 2025: Service revenue decreased by $14.9 million (5%) to $282.4 million42 - The decrease was mainly due to the sale of the automotive key business ($9.4 million in Q2, $19.9 million YTD Q2) and decreases in repossession and inspection revenue, partially offset by increased transportation revenue3142 Purchased Vehicle Sales Purchased vehicle sales increased significantly by 23% for Q2 and 33% for YTD Q2 2025, driven by higher volumes in the U.S. marketplace and increased average selling prices in Europe - Q2 2025: Purchased vehicle sales increased by $18.3 million (23%) to $98.5 million32 - YTD Q2 2025: Purchased vehicle sales increased by $45.8 million (33%) to $184.2 million43 - The increase was primarily due to higher purchased vehicle sales in the U.S. and increased average selling prices in Europe3243 Gross Profit Gross profit for the Marketplace segment increased substantially by 37% for Q2 and 21% for YTD Q2 2025, with gross profit as a percentage of revenue improving due to pricing, a higher mix of dealer consignment vehicles, and the benefit of lower Canadian DST - Q2 2025: Gross profit increased by $32.7 million (37%) to $120.6 million33 - Q2 2025: Gross profit as a percentage of revenue increased to 32.1% from 26.2%34 - YTD Q2 2025: Gross profit increased by $39.6 million (21%) to $229.3 million44 - YTD Q2 2025: Gross profit as a percentage of revenue increased to 31.6% from 29.0%45 - Improvements were driven by pricing, higher mix of dealer consignment vehicles, and lower Canadian DST ($10.5 million benefit in Q2, $9.1 million YTD Q2)3344 - The Canadian government plans to rescind the Canadian DST, which will lead to a reversal of recorded expenses in the period of official rescission3546 Provision for Credit Losses Provision for credit losses in the Marketplace segment significantly decreased by 85% for Q2 and 86% for YTD Q2 2025, reflecting successful initiatives to reduce risk and bad debt expense - Q2 2025: Provision for credit losses decreased by $1.1 million (85%) to $0.2 million36 - YTD Q2 2025: Provision for credit losses decreased by $3.0 million (86%) to $0.5 million47 - The decrease is primarily due to initiatives implemented to reduce risk and bad debt expense in the marketplace3647 Selling, General and Administrative Selling, general and administrative (SG&A) expenses for the Marketplace segment increased by 8% for Q2 and 5% for YTD Q2 2025, mainly due to higher incentive-based compensation and sales-related expenses - Q2 2025: SG&A expenses increased by $7.2 million (8%) to $99.9 million37 - YTD Q2 2025: SG&A expenses increased by $9.3 million (5%) to $194.6 million48 - Increases were driven by incentive-based compensation ($7.9 million in Q2, $12.2 million YTD Q2) and sales-related expenses3748 - Offsetting factors included decreases in severance, IT costs, and costs related to the automotive key business sale3748 Loss on Sale of Property The Marketplace segment recorded a $7.0 million loss on the sale of excess property in Montreal in April 2025, which was acquired as part of the December 2023 Manheim Canada acquisition - A $7.0 million loss on sale of property was recorded in Q2 2025 due to the sale of excess property in Montreal3849 - The property was originally purchased as part of the December 2023 Manheim Canada acquisition3849 Finance Segment Results The Finance segment experienced a slight decrease in total revenue for both the three and six months ended June 30, 2025, primarily due to lower interest yields Finance Financial Performance The Finance segment experienced a slight decrease in total revenue for both the three and six months ended June 30, 2025, primarily due to lower interest yields Three Months Ended June 30, 2025 vs 2024 For Q2 2025, Finance segment revenue decreased by 1% to $106.2 million, but operating profit increased by 10.6% to $35.5 million Finance Financial Highlights (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total Finance revenue | $106.2 | $107.8 | $(1.6) | -1.5% | | Finance interest expense | $26.9 | $31.9 | $(5.0) | -15.7% | | Net Finance margin | $79.3 | $75.9 | $3.4 | 4.5% | | Operating profit | $35.5 | $32.1 | $3.4 | 10.6% | | Total loan transaction units (000s) | 409 | 413 | (4) | -1.0% | | Average receivables managed (billions) | $2.337.7 | $2.243.6 | $0.094.1 | 4.2% | - Revenue decreased by $1.6 million (1%) to $106.2 million, primarily due to decreases in interest yields and a 1% decrease in loan transaction units, partially offset by an increase in loan values53 Six Months Ended June 30, 2025 vs 2024 For YTD Q2 2025, Finance segment revenue decreased by 2% to $215.1 million, but operating profit increased by 17.3% to $75.2 million Finance Financial Highlights (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total Finance revenue | $215.1 | $219.4 | $(4.3) | -2.0% | | Finance interest expense | $54.5 | $64.5 | $(10.0) | -15.5% | | Net Finance margin | $160.6 | $154.9 | $5.7 | 3.7% | | Operating profit | $75.2 | $64.1 | $11.1 | 17.3% | | Total loan transaction units (000s) | 843 | 837 | 6 | 0.7% | | Average receivables managed (billions) | $2.350.8 | $2.270.4 | $0.080.4 | 3.5% | - Revenue decreased by $4.3 million (2%) to $215.1 million, primarily due to decreases in interest yields, partially offset by a 1% increase in loan transaction units59 Key Finance Metrics Analysis The Finance segment's revenue was impacted by lower interest yields, but profitability improved due to a significant decrease in finance interest expense Revenue Finance revenue decreased slightly for both periods, primarily due to lower interest yields driven by a decrease in prime rates - Q2 2025: Total Finance revenue decreased by $1.6 million (1%) to $106.2 million53 - YTD Q2 2025: Total Finance revenue decreased by $4.3 million (2%) to $215.1 million59 - The decrease was primarily due to lower interest yields driven by a decrease in prime rates5359 Finance Interest Expense Finance interest expense decreased significantly by 16% for both periods, mainly due to a 1.6% decrease in the average interest rate on securitization obligations - Q2 2025: Finance interest expense decreased by $5.0 million (16%) to $26.9 million54 - YTD Q2 2025: Finance interest expense decreased by $10.0 million (16%) to $54.5 million60 - The decrease was attributable to an approximately 1.6% decrease in the average interest rate on securitization obligations5460 Net Finance Margin (Annualized) The net Finance margin percentage remained relatively stable, showing a slight increase for both periods, indicating efficient management of interest income and expense - Q2 2025: Net Finance margin percent was 13.6%, up from 13.5% in Q2 202455 - YTD Q2 2025: Net Finance margin percent was 13.8%, up from 13.7% in YTD Q2 202461 Finance Provision for Credit Losses Finance provision for credit losses decreased significantly by 29% for Q2 and 32% for YTD Q2 2025, with the provision rate falling to 1.5% of average receivables managed - Q2 2025: Provision for credit losses decreased by $3.5 million (29%) to $8.5 million56 - Q2 2025: Provision for credit losses as a percentage of average receivables managed decreased to 1.5% from 2.1%56 - YTD Q2 2025: Provision for credit losses decreased by $8.1 million (32%) to $17.5 million62 - YTD Q2 2025: Provision for credit losses as a percentage of average receivables managed decreased to 1.5% from 2.3%62 - The long-term expectation for provision for credit losses is approximately 2% or under of the average receivables managed balance5662 Cost of Services Cost of services for the Finance segment increased moderately by 6% for Q2 and 4% for YTD Q2 2025, primarily due to increases in incentive-based compensation and general compensation expense - Q2 2025: Cost of services increased by $1.0 million (6%) to $17.8 million57 - YTD Q2 2025: Cost of services increased by $1.3 million (4%) to $34.9 million63 - The increase was primarily due to increases in incentive-based compensation and compensation expense5763 Selling, General and Administrative Selling, general and administrative expenses for the Finance segment increased by 20% for Q2 and 4% for YTD Q2 2025, mainly driven by higher incentive-based compensation and stock-based compensation - Q2 2025: SG&A expenses increased by $2.4 million (20%) to $14.4 million58 - YTD Q2 2025: SG&A expenses increased by $1.0 million (4%) to $26.9 million64 - Increases were primarily due to incentive-based compensation ($1.2 million in Q2, $1.5 million YTD Q2) and stock-based compensation ($0.8 million in Q2)5864 Select Finance Balance Sheet Items As of June 30, 2025, the Finance segment reported total assets of $2,713.6 million and tangible parent equity of $495.9 million Select Finance Balance Sheet Items (Millions) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------ | :-------------- | :---------------- | | Total assets | $2,713.6 | $2,677.7 | | Intangible assets | $259.1 | $260.1 | | Tangible assets | $2,454.5 | $2,417.6 | | Total parent equity | $755.0 | $789.0 | | Tangible parent equity | $495.9 | $528.9 | - Tangible parent equity, a non-GAAP measure of AFC's capital, decreased from $528.9 million at December 31, 2024, to $495.9 million at June 30, 202565 Liquidity and Capital Resources This section outlines OPENLANE's liquidity sources, including cash, working capital, and credit facilities, and summarizes cash flow activities Liquidity Overview OPENLANE's primary sources of liquidity include cash on hand, working capital, and amounts available under Revolving Credit Facilities - Sources of liquidity include cash on hand, working capital, and Revolving Credit Facilities66 Liquidity Position (Millions) | Metric | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------------------ | :-------------- | :---------------- | :-------------- | | Cash and cash equivalents | $119.1 | $143.0 | $60.9 | | Working capital | $395.4 | $286.0 | $198.0 | | Amounts available under Revolving Credit Facilities | $410.9 | $397.9 | $346.5 | Summary of Cash Flows For the six months ended June 30, 2025, OPENLANE experienced a net decrease in cash balances, with strong cash generation from operating activities offset by cash used in investing and financing activities Summary of Cash Flows (Six Months Ended June 30, Millions) | Activity | 2025 | 2024 | | :------------------------------------ | :----- | :----- | | Operating activities - continuing operations | $194.2 | $137.7 | | Investing activities - continuing operations | $(29.4) | $5.9 | | Financing activities - continuing operations | $(218.9) | $(166.5) | | Net decrease in cash, cash equivalents and restricted cash | $(34.9) | $(30.3) | Operating Activities Net cash provided by continuing operating activities increased to $194.2 million for the six months ended June 30, 2025, up from $137.7 million in the prior year - Net cash provided by operating activities (continuing operations) was $194.2 million for YTD Q2 2025, an increase from $137.7 million in YTD Q2 202468 - The increase was primarily attributable to increased profitability and changes in operating assets and liabilities due to timing of collections and disbursement of funds to consignors68 Investing Activities Net cash used by investing activities from continuing operations was $29.4 million for the six months ended June 30, 2025, a shift from cash provided in the prior year - Net cash used by investing activities (continuing operations) was $29.4 million for YTD Q2 2025, compared to net cash provided of $5.9 million in YTD Q2 202470 - Cash used was primarily from an increase in finance receivables held for investment and purchases of property and equipment, partially offset by proceeds from property sales70 Financing Activities Net cash used by financing activities from continuing operations increased to $218.9 million for the six months ended June 30, 2025, primarily due to payments on long-term debt, repayments on lines of credit, and dividends - Net cash used by financing activities (continuing operations) was $218.9 million for YTD Q2 2025, compared to $166.5 million in YTD Q2 202471 - Cash used was primarily due to payments on long-term debt, repayments on lines of credit, and dividends paid on Series A Preferred Stock71 Discontinued Operations Cash Flows There were no cash flows from discontinued operations for the six months ended June 30, 2025, indicating the completion of any prior discontinued activities - No operating, investing, or financing activities from discontinued operations for the six months ended June 30, 20257273
OPENLANE(KAR) - 2025 Q2 - Quarterly Results