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Openlane (OPLN) Q1 FY2024 earnings: revenue $430 million, down 0.6% on the year

Openlane, Inc. (OPLN) reported revenue of $430 million for Q1 FY2024, the quarter ended 31 March 2024, down 0.6% on the same quarter a year earlier. Net income was $18 million, up 45.7% on the year, and diluted earnings per share $0.05. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$430 milliondown 0.6%
Net income$18 millionup 45.7%
Diluted EPS$0.05
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue430406n/an/a
Cost of revenue214205n/an/a
Gross profit216201n/an/a
Gross margin50.2%49.6%n/a
Selling, general and administrative106101n/an/a
Operating income36.823.4n/an/a
Operating margin8.6%5.8%n/a
Interest expense7.15.3n/an/a
Pre-tax income29.221.2n/an/a
Income tax10.77.6n/an/a
Effective tax rate36.6%35.8%n/a
Net income18.514.3n/an/a
Net margin4.3%3.5%n/a
Diluted EPS$0.05$0.03n/an/a
$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Capital expenditure12.912.2n/an/a
Depreciation and amortisation24.325.3n/an/a
Share-based compensation6.63.4n/an/a
Buybacks0.0n/an/an/a
Diluted shares, weighted109mn/an/an/a
Shares outstanding at period end108m108mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity1,3301,327n/an/a
Redeemable equity612612n/an/a
Debt1,9181,989n/an/a
Operating lease liabilities67.470.4n/an/a
Other liabilities890728n/an/a
Total liabilities and equity4,8184,726n/an/a
Fixed assets164170n/an/a
Goodwill1,2661,271n/an/a
Intangible assets131136n/an/a
Cash and equivalents10593.5n/an/a
Receivables391292n/an/a
Other assets2,7622,764n/an/a
Total assets4,8184,726n/an/a

Questions

What was Openlane's revenue in Q1 FY2024?

Openlane (OPLN) reported revenue of $430 million for Q1 FY2024, the quarter ended 31 March 2024, down 0.6% on the same quarter a year earlier.

How much did Openlane earn in Q1 FY2024?

Net income for Q1 FY2024 was $18 million, up 45.7% on the year, and diluted earnings per share $0.05.

When did Openlane report Q1 FY2024 results?

Openlane filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 2024.

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 †Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Revenue428406430444460455460482498494528555
Cost of revenue216205214246252244242254270276272306
Gross profit212201216198208210218227228219256248
Gross margin50%50%50%45%45%46%47%47%46%44%49%45%
SG&A10510110610597.799.7107114111113124124
Operating income32.323.436.823.942.579.051.747.455.042.573.867.5
Operating margin8%6%9%5%9%17%11%10%11%9%14%12%
Interest expense5.25.37.15.54.64.64.03.11.19.910.110.0
Pre-tax income25.421.229.218.241.569.052.751.756.131.765.361.1
Tax rate50%36%37%41%32%24%30%35%15%-88%25%27%
Net income12.714.318.510.728.452.336.933.447.959.548.944.3
Net margin3%4%4%2%6%11%8%7%10%12%9%8%
Diluted EPS$0.01$0.03$0.05$0.00$0.12$0.28$0.18$0.15$0.25-$1.54$0.35$0.32
Operating cash flown/an/an/an/an/an/a12371.6n/an/a16052.8
Capital expenditure12.912.212.913.013.114.011.914.214.614.713.113.8
Free cash flown/an/an/an/an/an/a11157.4n/an/a14639.0
Buybacks22.2n/a0.00.030.00.00.19.326.49.825.722.5
Shares outstanding108m108m108m109m107m107m107m107m106m106m106m123m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read moreA quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0001395942-24-000026: the filing on EDGAR. All of Openlane, Inc.'s filings: EDGAR company page.

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