Openlane (OPLN) FY2019 results: revenue $2.8 billion, up 13.9% on the year
Openlane, Inc. (OPLN) reported revenue of $2.8 billion for fiscal 2019, the year ended 31 December 2019, up 13.9% on the year before. Net income was $188 million, down 42.5%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$2.8 billion
+13.9% on the year
FY2016FY2019
Operating margin
11.3%
13.9% a year earlier
FY2016FY2019
Net income
$188 million
-42.5% on the year
FY2016FY2019
Diluted EPS
$1.42
-41.3% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,782
2,443
2,239
+13.9%
Cost of revenue
1,617
1,322
1,209
+22.4%
Gross profit
1,165
1,121
1,030
+3.9%
Gross margin
41.9%
45.9%
46.0%
Selling, general and administrative
662
609
532
+8.7%
Operating income
314
340
326
-7.6%
Operating margin
11.3%
13.9%
14.6%
Interest expense
190
191
163
-0.9%
Pre-tax income
130
152
158
-14.4%
Income tax
37.7
34.3
-15.6
+9.9%
Effective tax rate
29.0%
22.6%
-9.8%
Net income
188
328
362
-42.5%
Net margin
6.8%
13.4%
16.2%
Diluted EPS
$1.42
$2.42
$2.62
-41.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
542
750
589
-27.7%
Capital expenditure
162
131
97.3
+23.1%
Free cash flow
380
618
492
-38.5%
Free cash flow margin
13.7%
25.3%
22.0%
Cash from investing
n/a
-381
-378
Cash from financing
n/a
-320
-108
Depreciation and amortisation
189
172
172
+9.5%
Share-based compensation
19.6
19.6
20.4
0.0%
Buybacks
120
150
150
-20.2%
Dividends paid
164
188
175
-12.7%
Dividend per share
$1.08
$1.40
$1.31
-22.9%
Diluted shares, weighted
133m
136m
138m
-2.1%
Shares outstanding at period end
129m
133m
134m
-3.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,650
1,464
1,485
+12.7%
Redeemable equity
0.0
n/a
n/a
Debt
3,351
4,113
4,038
-18.5%
Operating lease liabilities
358
0.0
n/a
Other liabilities
1,221
1,629
1,461
-25.0%
Total liabilities and equity
6,581
7,206
6,984
-8.7%
Fixed assets
609
631
908
-3.5%
Goodwill
1,822
1,677
1,654
+8.6%
Intangible assets
208
227
376
-8.6%
Cash and equivalents
508
277
317
+83.2%
Receivables
458
455
726
+0.6%
Other assets
2,978
3,939
3,004
-24.4%
Total assets
6,581
7,206
6,984
-8.7%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.