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OPENLANE Inc (KAR+0.53%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total operating revenues to $448.4 million from $416.3 million in the same quarter the previous year. This increase was driven by higher auction fees and purchased vehicle sales.
Operating expenses for the quarter rose to $375.2 million, compared to $349.8 million in the same quarter of the previous year. This increase was primarily due to higher cost of services.
The company reported an operating profit of $73.2 million for the quarter, compared to $66.5 million in the previous year.
Interest expense for the quarter decreased to $35.3 million from $39.4 million in the previous year, attributed to a decrease in the average balance on AFC securitization obligations.
Net income for the quarter was $28.4 million, up from $12.7 million in the previous year. Basic and diluted earnings per share were $0.12, compared to $0.01 in the previous year.
Cash provided by operating activities was $260.1 million for the nine months ended September 30, 2024, compared to $216.2 million in the previous year.
OPENLANE had a working capital of $199.5 million as of September 30, 2024. The company continues to rely on cash generated by operations and borrowings under its revolving credit facilities.
The filing also details various financial agreements, including amendments to the Tenth Amended and Restated Receivables Purchase Agreement and the Receivables Purchase Agreement for Automotive Finance Canada Inc.
OPENLANE's management does not currently believe that ongoing litigation will have a material adverse effect on the company's financial condition.
The company continues to focus on its digital marketplace for used vehicles, with growth in auction fees and purchased vehicle sales contributing to its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OPENLANE Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.