KAR - OPENLANE Inc. (KAR) Q4 2023 Earnings Call Transcript
2024-02-20 22:46:06 ET
OPENLANE, Inc. (KAR)
Q4 2023 Earnings Conference Call
February 20, 2024 05:00 PM ET
Company Participants
Michael Eliason - Treasurer and VP, IR
Peter Kelly - CEO
Brad Lakhia - EVP and CFO
Conference Call Participants
Rajat Gupta - JPMorgan
Craig Kennison - Baird
John Murphy - Bank of America Merrill Lynch
Gary Prestopino - Barrington Research
Pete Lukas - CJS Securities
Daniel Imbro - Stephens
Bret Jordan - Jefferies
Presentation
Operator
Good day, and welcome to OPENLANE's 2023 Year End Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Mike Eliason. Please go ahead.
Michael Eliason
Thanks Ed. Good afternoon and thank you for joining us today for the OPENLANE fourth quarter 2023 earnings conference call. Today, I will discuss the financial performance of OPENLANE for the year ended December 31st, 2023. After concluding our commentary, we'll take questions from participants.
Before Peter kicks off our discussion, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect OPENLANE's business, prospects, and results of operations and such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements.
Let me also mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measure can be found in the press release that we issued this afternoon, which is also available in the Investor Relations section of our website.
Now, I'd like to turn this call over to OPENLANE's CEO, Peter Kelly. Peter?
Peter Kelly
Thank you, Mike and good afternoon everybody. I'm delighted to be here today to provide you with an update on OPENLANE. Joining me is OPENLANE's Chief Financial Officer, Brad Lakhia, who will cover the majority of our financial and operating metrics later in the call.
I will begin by highlighting a few key areas of our 2023 performance, but I will focus most of my remarks on the execution of our company strategy, the broader industry environment, and our positive outlook for the future.
In terms of results, it's clear that our business made significant progress in 2023. We are now beginning to see the positive impacts of our strategic investments in innovation and technology, our brand simplification work, as well as our diligence around costs. I believe our solid execution in the fourth quarter and throughout 2023, delivered strong and encouraging results that position OPENLANE for future growth and success.
When I look at OPENLANE's consolidated performance for the year, a few things stand out. We grew our volumes, revenue and gross profit. Notably, consolidated gross profit increased by $92 million or 13% compared to the prior year....
OPENLANE, Inc. (KAR) Q4 2023 Earnings Call Transcript