Openlane (OPLN) FY2022 results: revenue $1.5 billion, up 5.4% on the year

Openlane, Inc. (OPLN) reported revenue of $1.5 billion for fiscal 2022, the year ended 31 December 2022, up 5.4% on the year before. Net income was $241 million, up 262.7%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 9 March 2023.

Revenue

$1.5 billion

+5.4% on the year

FY2016FY2022

Operating margin

6.2%

8.8% a year earlier

FY2016FY2022

Net income

$241 million

+262.7% on the year

FY2016FY2022

Diluted EPS

$1.30

+712.5% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,529	1,451	1,327	+5.4%
Cost of revenue	834	792	744	+5.3%
Gross profit	695	658	583	+5.6%
Gross margin	45.4%	45.4%	43.9%
Selling, general and administrative	436	421	374	+3.7%
Operating income	94.7	128	69.2	-25.7%
Operating margin	6.2%	8.8%	5.2%
Interest expense	40.2	126	128	-68.0%
Pre-tax income	38.6	14.3	-64.8	+169.9%
Income tax	10.0	15.1	-11.2	-33.8%
Effective tax rate	25.9%	105.6%	n/a
Net income	241	66.5	0.5	+262.7%
Net margin	15.8%	4.6%	0.0%
Diluted EPS	$1.30	$0.16	-$0.16	+712.5%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-455	413	384
Capital expenditure	60.9	64.2	62.8	-5.1%
Free cash flow	-516	349	322
Free cash flow margin	-33.7%	24.1%	24.2%
Depreciation and amortisation	100	110	109	-8.8%
Share-based compensation	16.6	13.2	11.8	+25.8%
Buybacks	182	181	10.2	+0.7%
Dividends paid	0.0	0.0	49.0
Dividend per share	$0.00	$0.00	$0.19
Diluted shares, weighted	116m	124m	129m	-5.9%
Shares outstanding at period end	109m	121m	130m	-10.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,518	1,513	1,616	+0.4%
Redeemable equity	612	591	550	+3.7%
Debt	2,172	3,558	3,139	-39.0%
Operating lease liabilities	79.7	88.1	344	-9.5%
Other liabilities	738	1,700	1,149	-56.6%
Total liabilities and equity	5,120	7,451	6,798	-31.3%
Fixed assets	124	144	590	-13.9%
Goodwill	1,464	1,598	1,160	-8.4%
Intangible assets	136	159	211	-14.6%
Cash and equivalents	226	178	752	+27.1%
Receivables	271	381	367	-29.0%
Other assets	2,899	4,991	3,718	-41.9%
Total assets	5,120	7,451	6,798	-31.3%

10-K for the year ended 31 December 2022, filed 9 March 2023: the filing.