Openlane (OPLN) FY2021 results: revenue $1.5 billion, up 9.3% on the year

Openlane, Inc. (OPLN) reported revenue of $1.5 billion for fiscal 2021, the year ended 31 December 2021, up 9.3% on the year before. Net income was $66 million, up 13200.0%, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$1.5 billion

+9.3% on the year

FY2016FY2021

Operating margin

8.8%

5.2% a year earlier

FY2016FY2021

Net income

$66 million

+13,200.0% on the year

FY2016FY2021

Diluted EPS

$0.16

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,451	1,327	2,782	+9.3%
Cost of revenue	792	744	1,617	+6.5%
Gross profit	658	583	1,165	+13.0%
Gross margin	45.4%	43.9%	41.9%
Selling, general and administrative	421	374	662	+12.3%
Operating income	128	69.2	314	+84.2%
Operating margin	8.8%	5.2%	11.3%
Interest expense	126	128	190	-2.0%
Pre-tax income	14.3	-64.8	130
Income tax	15.1	-11.2	37.7
Effective tax rate	105.6%	n/a	29.0%
Net income	66.5	0.5	188	+13,200.0%
Net margin	4.6%	0.0%	6.8%
Diluted EPS	$0.16	-$0.16	$1.42

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	413	384	542	+7.5%
Capital expenditure	64.2	62.8	162	+2.2%
Free cash flow	349	322	380	+8.5%
Free cash flow margin	24.1%	24.2%	13.7%
Depreciation and amortisation	110	109	189	+0.7%
Share-based compensation	13.2	11.8	19.6	+11.9%
Buybacks	181	10.2	120	+1,673.5%
Dividends paid	0.0	49.0	164
Dividend per share	$0.00	$0.19	$1.08
Diluted shares, weighted	124m	129m	133m	-4.4%
Shares outstanding at period end	121m	130m	129m	-6.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,513	1,616	1,650	-6.4%
Redeemable equity	591	550	0.0	+7.5%
Debt	3,558	3,139	3,351	+13.3%
Operating lease liabilities	88.1	344	358	-74.4%
Other liabilities	1,700	1,149	1,221	+48.0%
Total liabilities and equity	7,451	6,798	6,581	+9.6%
Fixed assets	144	590	609	-75.7%
Goodwill	1,598	1,160	1,822	+37.8%
Intangible assets	159	211	208	-24.7%
Cash and equivalents	178	752	508	-76.4%
Receivables	381	367	458	+3.8%
Other assets	4,991	3,718	2,978	+34.2%
Total assets	7,451	6,798	6,581	+9.6%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.