CARMEL, Ind., Nov. 5, 2019 /PRNewswire/ -- KAR Auction
Services, Inc. (NYSE: KAR), today reported its third quarter
financial results for the period ended September 30, 2019. For the third quarter of
2019, the company reported revenue from continuing operations of
$701.9 million as compared with
revenue from continuing operations of $612.4
million for the third quarter of 2018, an increase of 15%.
Net income from continuing operations for the third quarter of 2019
increased 11% to $34.4 million, or
$0.26 per diluted share, as compared
with net income from continuing operations of $30.9 million, or $0.23 per diluted share, in the third quarter of
2018. Adjusted EBITDA from continuing operations for the quarter
ended September 30, 2019 increased 2%
to $129.2 million, as compared with
Adjusted EBITDA from continuing operations of $126.4 million for the quarter ended September 30, 2018. Operating adjusted net income
from continuing operations per diluted share increased 9% to
$0.35 for the quarter ended
September 30, 2019, as compared with
operating adjusted net income from continuing operations per
diluted share of $0.32 for the
quarter ended September 30, 2018.
Included in the company's consolidated results were operating
losses from TradeRev of $18.8 million
and $14.8 million for the three
months ended September 30, 2019 and
2018, respectively.
For the nine months ended September 30,
2019, the company reported revenue from continuing
operations of $2,110.6 million as
compared with revenue from continuing operations of $1,849.0 million for the nine months ended
September 30, 2018, an increase of
14%. Net income from continuing operations for the nine months
ended September 30, 2019 decreased
25% to $77.1 million, or $0.58 per diluted share, as compared with net
income from continuing operations of $102.5
million, or $0.76 per diluted
share, in the first nine months of 2018. Adjusted EBITDA from
continuing operations for the nine months ended September 30, 2019 decreased 2% to $388.0 million, as compared with Adjusted EBITDA
from continuing operations of $394.7
million for the nine months ended September 30, 2018. Operating adjusted net income
from continuing operations per diluted share decreased 19% to
$0.85 for the nine months ended
September 30, 2019, as compared with
operating adjusted net income from continuing operations per
diluted share of $1.05 for the nine
months ended September 30, 2018.
Included in the company's consolidated results were operating
losses from TradeRev of $51.6 million
and $37.3 million for the nine months
ended September 30, 2019 and 2018,
respectively.
"Though we experienced growth across our businesses in the third
quarter, volume and margin pressures drove consolidated results
lower than we anticipated," said Jim
Hallett, chairman and CEO of KAR. "We are focused on
stabilizing our cost structure and performance to drive sustainable
growth and deliver long-term shareholder value."
2019 Outlook
KAR has updated its outlook as noted below.
(in millions, except
per share amounts)
|
Annual Guidance
|
|
|
Net income from
continuing operations
|
$101.8 -
$115.8
|
Income tax
expense
|
$39.0 -
$45.0
|
Interest expense, net
of interest income
|
$187
|
Depreciation and
amortization
|
$185
|
EBITDA
|
$512.8 -
$532.8
|
Adjusted EBITDA
addbacks, net
|
($2.8)
|
Adjusted
EBITDA
|
$510 -
$530
|
Capital
expenditures
|
$160
|
Cash taxes
|
$50
|
Cash interest on
corporate debt
|
$110
|
Effective tax
rate
|
28%
|
Net income from
continuing operations per share - diluted
|
$0.77 -
$0.87
|
Operating adjusted net
income per share
|
$1.12 -
$1.22
|
Weighted average
diluted shares
|
133
|
Earnings guidance does not contemplate future items such as
business development activities, strategic developments (such as
restructurings, spin-offs or dispositions of assets or
investments), gains/losses associated with step acquisitions,
contingent purchase price adjustments, significant expenses related
to litigation and changes in applicable laws and regulations
(including significant accounting and tax matters). The timing and
amounts of these items are highly variable, difficult to predict,
and of a potential size that could have a substantial impact on the
company's reported results for any given period. Prospective
quantification of these items is generally not practicable.
Forward-looking non-GAAP guidance excludes amortization expense
associated with acquired intangible assets, as well as one-time
charges, net of taxes. See reconciliations of the company's
guidance on pages 8 and 9.
Dividend Announcement
The company announced a cash dividend today of $0.19 per share on the company's common stock.
The dividend is payable on January 3,
2020, to stockholders of record as of the close of business
on December 20, 2019.
Earnings Conference Call Information
KAR will be hosting an earnings conference call and webcast on
Wednesday, November 6, 2019 at
11:00 a.m. EST (10:00 a.m. CST). The call will be hosted by KAR's
Chief Executive Officer and Chairman of the Board, Jim Hallett, and Executive Vice President and
Chief Financial Officer, Eric
Loughmiller. The conference call may be accessed by calling
1-844-778-4145 and entering participant passcode 4918547, while the
live web cast will be available at the investors section of
www.karglobal.com. Supplemental financial information for KAR's
third quarter 2019 results is available at the investors section of
www.karglobal.com.
A replay of the call will be available for two weeks via
telephone starting approximately 30 minutes after the completion of
the call. The replay may be accessed by calling
1-855-859-2056 and entering passcode 4918547. The archive of
the web cast will also be available following the call and will be
available at the investors section of www.karglobal.com for a
limited time.
About KAR
KAR Auction Services, Inc. (NYSE: KAR), known as KAR Global,
provides sellers and buyers across the global wholesale used
vehicle industry with innovative, technology-driven remarketing
solutions. KAR Global's unique end-to-end platform supports whole
car, salvage, financing, logistics and other ancillary and related
services, including the sale of nearly 3.5 million units valued at
over $40 billion through our
auctions. Our integrated physical, online and mobile marketplaces
reduce risk, improve transparency and streamline transactions for
customers in more than 70 countries. Headquartered in Carmel, Indiana, KAR Global has approximately
15,000 employees across the United
States, Canada,
Mexico, U.K. and Europe. For more information go to
www.KARglobal.com. For the latest KAR Global news, follow us on
Twitter @KARSpeaks.
Forward Looking Statements
Certain statements contained in this release include
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and which are subject to
certain risks, trends and uncertainties. In particular, statements
made that are not historical facts may be forward-looking
statements. Words such as "should," "may," "will," "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
and similar expressions identify forward-looking statements. Such
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause actual results to
differ materially from the results projected, expressed or implied
by these forward-looking statements. Factors that could cause or
contribute to such differences include those matters disclosed in
the Company's Securities and Exchange Commission filings. The
Company does not undertake any obligation to update any
forward-looking statements.
Analyst
Inquiries:
|
Media
Inquiries:
|
Mike
Eliason
|
Gene Rodriguez
Miller
|
(317)
249-4559
|
(317)
343-5243
|
mike.eliason@karglobal.com
|
gene.rodriguez@karglobal.com
|
KAR Auction
Services, Inc.
|
Condensed
Consolidated Statements of Income
|
(In millions)
(Unaudited)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Operating
revenues
|
|
|
|
|
|
|
|
ADESA Auction
Services
|
$
|
613.6
|
|
$
|
527.0
|
|
$
|
1,845.7
|
|
$
|
1,593.4
|
AFC
|
88.3
|
|
85.4
|
|
264.9
|
|
255.6
|
Total operating
revenues
|
701.9
|
|
612.4
|
|
2,110.6
|
|
1,849.0
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
410.9
|
|
330.7
|
|
1,222.2
|
|
989.2
|
Selling, general and
administrative
|
158.9
|
|
154.7
|
|
497.3
|
|
460.1
|
Depreciation and
amortization
|
46.4
|
|
41.4
|
|
138.6
|
|
129.8
|
Total operating
expenses
|
616.2
|
|
526.8
|
|
1,858.1
|
|
1,579.1
|
|
|
|
|
|
|
|
|
Operating
profit
|
85.7
|
|
85.6
|
|
252.5
|
|
269.9
|
|
|
|
|
|
|
|
|
Interest
expense
|
37.9
|
|
49.0
|
|
150.0
|
|
138.7
|
Other income,
net
|
(2.0)
|
|
(3.0)
|
|
(5.2)
|
|
(3.8)
|
Loss on
extinguishment of debt
|
2.2
|
|
—
|
|
2.2
|
|
—
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes
|
47.6
|
|
39.6
|
|
105.5
|
|
135.0
|
|
|
|
|
|
|
|
|
Income
taxes
|
13.2
|
|
8.7
|
|
28.4
|
|
32.5
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
34.4
|
|
30.9
|
|
77.1
|
|
102.5
|
Income from
discontinued operations, net of income taxes
|
0.9
|
|
46.6
|
|
91.6
|
|
158.2
|
Net income
|
$
|
35.3
|
|
$
|
77.5
|
|
$
|
168.7
|
|
$
|
260.7
|
|
|
|
|
|
|
|
|
Net income per share
- basic
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
0.26
|
|
$
|
0.23
|
|
$
|
0.58
|
|
$
|
0.76
|
Income from
discontinued operations
|
0.01
|
|
0.35
|
|
0.69
|
|
1.18
|
Net income
|
$
|
0.27
|
|
$
|
0.58
|
|
$
|
1.27
|
|
$
|
1.94
|
|
|
|
|
|
|
|
|
Net income per share
- diluted
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
0.26
|
|
$
|
0.23
|
|
$
|
0.58
|
|
$
|
0.76
|
Income from
discontinued operations
|
0.01
|
|
0.34
|
|
0.68
|
|
1.16
|
Net income
|
$
|
0.27
|
|
$
|
0.57
|
|
$
|
1.26
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.19
|
|
$
|
0.35
|
|
$
|
0.89
|
|
$
|
1.05
|
KAR Auction
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(In millions)
(Unaudited)
|
|
|
September
30, 2019
|
|
December
31,
2018
|
Cash and cash
equivalents
|
$
|
508.6
|
|
$
|
277.1
|
Restricted
cash
|
23.3
|
|
27.6
|
Trade receivables,
net of allowances
|
510.2
|
|
454.6
|
Finance receivables,
net of allowances
|
2,095.6
|
|
2,000.8
|
Other current
assets
|
120.0
|
|
100.6
|
Current assets,
discontinued operations
|
—
|
|
453.5
|
Total current
assets
|
3,257.7
|
|
3,314.2
|
|
|
|
|
Goodwill
|
1,810.3
|
|
1,676.9
|
Customer
relationships, net of accumulated amortization
|
218.3
|
|
227.4
|
Operating lease
right-of-use assets
|
366.4
|
|
—
|
Intangible and other
assets
|
323.9
|
|
303.4
|
Non-current assets,
discontinued operations
|
—
|
|
1,053.3
|
Property and
equipment, net of accumulated depreciation
|
603.1
|
|
631.0
|
Total
assets
|
$
|
6,579.7
|
|
$
|
7,206.2
|
|
|
|
|
Current liabilities,
excluding obligations collateralized by finance receivables and
current maturities of debt
|
$
|
1,060.8
|
|
$
|
952.0
|
Obligations
collateralized by finance receivables
|
1,428.4
|
|
1,445.3
|
Current maturities of
debt
|
27.0
|
|
13.1
|
Current liabilities,
discontinued operations
|
—
|
|
214.4
|
Total current
liabilities
|
2,516.2
|
|
2,624.8
|
|
|
|
|
Long-term
debt
|
1,863.0
|
|
2,654.3
|
Operating lease
liabilities
|
361.1
|
|
—
|
Other non-current
liabilities
|
203.6
|
|
196.9
|
Non-current
liabilities, discontinued operations
|
—
|
|
266.0
|
Stockholders'
equity
|
1,635.8
|
|
1,464.2
|
Total liabilities and
stockholders' equity
|
$
|
6,579.7
|
|
$
|
7,206.2
|
KAR Auction
Services, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In millions)
(Unaudited)
|
|
|
Nine Months
Ended September
30,
|
|
2019
|
|
2018
|
Operating
activities
|
|
|
|
Net income
|
$
|
168.7
|
|
$
|
260.7
|
Net income from
discontinued operations
|
(91.6)
|
|
(158.2)
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
Depreciation and
amortization
|
138.6
|
|
129.8
|
Provision for credit
losses
|
28.9
|
|
25.6
|
Deferred income
taxes
|
2.5
|
|
(0.1)
|
Amortization of debt
issuance costs
|
9.6
|
|
8.0
|
Stock-based
compensation
|
14.6
|
|
15.3
|
Loss (gain) on disposal of
fixed assets
|
0.1
|
|
(0.1)
|
Loss on
extinguishment of debt
|
2.2
|
|
—
|
Other non-cash,
net
|
7.8
|
|
(2.6)
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
Trade receivables and other
assets
|
(41.3)
|
|
(158.3)
|
Accounts payable and accrued
expenses
|
51.0
|
|
206.8
|
Net cash provided
by operating activities - continuing operations
|
291.1
|
|
326.9
|
Net cash provided
by operating activities - discontinued operations
|
156.7
|
|
238.2
|
Investing
activities
|
|
|
|
Net increase in finance
receivables held for investment
|
(119.0)
|
|
(90.2)
|
Acquisition of businesses
(net of cash acquired)
|
(120.7)
|
|
(23.3)
|
Purchases of property,
equipment and computer software
|
(127.6)
|
|
(82.7)
|
Net cash used by
investing activities - continuing operations
|
(367.3)
|
|
(196.2)
|
Net cash used by
investing activities - discontinued operations
|
(37.4)
|
|
(37.9)
|
Financing
activities
|
|
|
|
Net increase in book
overdrafts
|
9.2
|
|
8.5
|
Net increase in borrowings
from lines of credit
|
17.5
|
|
—
|
Net (decrease) increase in
obligations collateralized by finance receivables
|
(25.0)
|
|
6.0
|
Proceeds from
long term debt
|
947.6
|
|
—
|
Payments for
debt issuance costs/amendments
|
(13.7)
|
|
—
|
Payments on long-term
debt
|
(1,746.6)
|
|
(8.0)
|
Payments on capital
leases
|
(12.2)
|
|
(11.0)
|
Payments of contingent
consideration and deferred acquisition costs
|
(0.5)
|
|
(7.4)
|
Issuance of common stock
under stock plans
|
4.1
|
|
14.2
|
Tax withholding payments for
vested RSUs
|
(10.5)
|
|
(10.1)
|
Repurchase and retirement of
common stock
|
(119.7)
|
|
(50.0)
|
Dividends paid to
stockholders
|
(139.8)
|
|
(141.2)
|
Cash transferred to
IAA
|
(50.9)
|
|
—
|
Net cash used by
financing activities - continuing operations
|
(1,140.5)
|
|
(199.0)
|
Net cash provided
by (used by) financing activities - discontinued
operations
|
1,317.6
|
|
(6.7)
|
Effect of exchange
rate changes on cash
|
7.0
|
|
(4.9)
|
Net increase in
cash, cash equivalents and restricted cash
|
227.2
|
|
120.4
|
Cash, cash
equivalents and restricted cash at beginning of period
|
304.7
|
|
303.5
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
531.9
|
|
$
|
423.9
|
Cash paid for
interest, net of proceeds from interest rate caps
|
$
|
120.0
|
|
$
|
120.7
|
Cash paid for taxes,
net of refunds - continuing operations
|
$
|
27.8
|
|
$
|
47.5
|
Cash paid for taxes,
net of refunds - discontinued operations
|
$
|
40.1
|
|
$
|
49.4
|
KAR Auction Services, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income from
continuing operations and operating adjusted net income from
continuing operations per share as presented herein are
supplemental measures of our performance that are not required by,
or presented in accordance with, generally accepted accounting
principles in the United States
("GAAP"). They are not measurements of our financial performance
under GAAP and should not be considered as substitutes for net
income (loss) or any other performance measures derived in
accordance with GAAP. Management believes that these measures
provide investors additional meaningful methods to evaluate certain
aspects of the company's results period over period and for the
other reasons set forth below.
EBITDA is defined as net income (loss), plus interest expense
net of interest income, income tax provision (benefit),
depreciation and amortization. Adjusted EBITDA is EBITDA adjusted
for the items of income and expense and expected incremental
revenue and cost savings as described in our senior secured credit
agreement covenant calculations. Management believes that the
inclusion of supplementary adjustments to EBITDA applied in
presenting Adjusted EBITDA is appropriate to provide additional
information to investors about one of the principal measures of
performance used by our creditors. In addition, management uses
EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization
expense of capitalized internally developed software costs relate
to ongoing capital expenditures; however, amortization expense
associated with acquired intangible assets, such as customer
relationships, software, tradenames and noncompete agreements are
not representative of ongoing capital expenditures, but have a
continuing effect on our reported results. Non-GAAP financial
measures of operating adjusted net income from continuing
operations and operating adjusted net income from continuing
operations per share, in the opinion of the company, provide
comparability of the company's performance to other companies that
may not have incurred these types of non-cash expenses or that
report a similar measure. In addition, operating adjusted net
income from continuing operations and operating adjusted net income
from continuing operations per share may include adjustments for
certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income from
continuing operations and operating adjusted net income from
continuing operations per share have limitations as analytical
tools, and should not be considered in isolation or as a substitute
for analysis of the results as reported under GAAP. These measures
may not be comparable to similarly titled measures reported by
other companies.
The following table reconciles EBITDA and Adjusted EBITDA to net
income for the periods presented:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(in
millions), (unaudited)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net
income
|
$
|
35.3
|
|
$
|
77.5
|
|
$
|
168.7
|
|
$
|
260.7
|
Less: Income from
discontinued operations
|
(0.9)
|
|
(46.6)
|
|
(91.6)
|
|
(158.2)
|
Net income from
continuing operations
|
34.4
|
|
30.9
|
|
77.1
|
|
102.5
|
Add back:
|
|
|
|
|
|
|
|
Income
taxes
|
13.2
|
|
8.7
|
|
28.4
|
|
32.5
|
Interest expense, net
of interest income
|
37.2
|
|
47.7
|
|
148.1
|
|
136.1
|
Depreciation and
amortization
|
46.4
|
|
41.4
|
|
138.6
|
|
129.8
|
EBITDA
|
131.2
|
|
128.7
|
|
392.2
|
|
400.9
|
Non-cash stock-based
compensation
|
4.5
|
|
5.8
|
|
15.1
|
|
15.9
|
Loss on
extinguishment of debt
|
2.2
|
|
—
|
|
2.2
|
|
—
|
Acquisition related
costs
|
2.7
|
|
1.5
|
|
10.3
|
|
5.2
|
Securitization
interest
|
(13.3)
|
|
(12.9)
|
|
(41.9)
|
|
(37.0)
|
Severance
|
0.9
|
|
1.4
|
|
5.7
|
|
3.8
|
Foreign currency
gains/losses
|
(0.4)
|
|
—
|
|
(1.0)
|
|
—
|
IAA allocated
costs
|
—
|
|
1.4
|
|
2.3
|
|
3.9
|
Other
|
1.4
|
|
0.5
|
|
3.1
|
|
2.0
|
Total
addbacks
|
(2.0)
|
|
(2.3)
|
|
(4.2)
|
|
(6.2)
|
Adjusted
EBITDA
|
$
|
129.2
|
|
$
|
126.4
|
|
$
|
388.0
|
|
$
|
394.7
|
The following table reconciles operating adjusted net income
from continuing operations and operating adjusted net income from
continuing operations per share to net income and net income per
share for the periods presented:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(in millions,
except per share amounts), (unaudited)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Net income
|
$
|
35.3
|
|
$
|
77.5
|
|
$
|
168.7
|
|
$
|
260.7
|
Less: income from
discontinued operations
|
(0.9)
|
|
(46.6)
|
|
(91.6)
|
|
(158.2)
|
Net income from
continuing operations
|
34.4
|
|
30.9
|
|
77.1
|
|
102.5
|
Acquired
amortization expense
|
14.5
|
|
13.9
|
|
43.9
|
|
49.6
|
IAA allocated
costs
|
—
|
|
1.4
|
|
2.3
|
|
3.9
|
Acceleration of debt
issuance costs
|
—
|
|
—
|
|
1.8
|
|
—
|
Loss on extinguishment
of debt
|
2.2
|
|
—
|
|
2.2
|
|
—
|
Income
taxes (1)
|
(4.6)
|
|
(3.4)
|
|
(13.5)
|
|
(12.9)
|
Operating adjusted
net income from continuing operations
|
$
|
46.5
|
|
$
|
42.8
|
|
$
|
113.8
|
|
$
|
143.1
|
|
|
|
|
|
|
|
|
Net income from
continuing operations per share - diluted
|
$
|
0.26
|
|
$
|
0.23
|
|
$
|
0.58
|
|
$
|
0.76
|
Acquired
amortization expense
|
0.11
|
|
0.10
|
|
0.33
|
|
0.36
|
IAA allocated
costs
|
—
|
|
0.01
|
|
0.02
|
|
0.03
|
Acceleration of debt
issuance costs
|
—
|
|
—
|
|
0.01
|
|
—
|
Loss on extinguishment
of debt
|
0.02
|
|
—
|
|
0.02
|
|
—
|
Income
taxes
|
(0.04)
|
|
(0.02)
|
|
(0.11)
|
|
(0.10)
|
Operating adjusted
net income from continuing operations per share -
diluted
|
$
|
0.35
|
|
$
|
0.32
|
|
$
|
0.85
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares
|
132.4
|
|
135.6
|
|
133.8
|
|
135.7
|
|
|
(1)
|
The effective tax
rate at the end of each period presented was used to determine the
amount of income tax on the adjustments to net income.
|
The following table reconciles EBITDA and Adjusted EBITDA to net
income from continuing operations for the 2019 guidance
presented:
|
2019
Outlook
|
(in
millions), (unaudited)
|
Low
|
|
High
|
|
|
|
|
Net income from
continuing operations
|
$
|
101.8
|
|
$
|
115.8
|
Add back:
|
|
|
|
Income tax
expense
|
39.0
|
|
45.0
|
Interest expense, net
of interest income
|
187.0
|
|
187.0
|
Depreciation and
amortization
|
185.0
|
|
185.0
|
EBITDA
|
512.8
|
|
532.8
|
Total
addbacks, net
|
(2.8)
|
|
(2.8)
|
Adjusted
EBITDA
|
$
|
510.0
|
|
$
|
530.0
|
The following table reconciles operating adjusted net income
from continuing operations and operating adjusted net income from
continuing operations per share to net income from continuing
operations and net income from continuing operations per share for
the 2019 guidance presented:
|
2019
Outlook
|
(in millions,
except per share amounts), (unaudited)
|
Low
|
|
High
|
|
|
|
|
Net income from
continuing operations
|
$
|
101.8
|
|
$
|
115.8
|
Acquired
amortization expense
|
58.3
|
|
58.3
|
IAA
allocated costs
|
2.3
|
|
2.3
|
Acceleration of debt issuance costs
|
1.8
|
|
1.8
|
Loss on
extinguishment of debt
|
2.2
|
|
2.2
|
Income
taxes
|
(18.1)
|
|
(18.1)
|
Operating adjusted
net income from continuing operations
|
$
|
148.3
|
|
$
|
162.3
|
|
|
|
|
Net income from
continuing operations per share – diluted
|
$
|
0.77
|
|
$
|
0.87
|
Acquired
amortization expense
|
0.44
|
|
0.44
|
IAA
allocated costs
|
0.02
|
|
0.02
|
Acceleration of debt issuance costs
|
0.01
|
|
0.01
|
Loss on
extinguishment of debt
|
0.02
|
|
0.02
|
Income
taxes
|
(0.14)
|
|
(0.14)
|
Operating adjusted
net income from continuing operations per share –
diluted
|
$
|
1.12
|
|
$
|
1.22
|
|
|
|
|
Weighted average
diluted shares
|
133
|
|
133
|
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SOURCE KAR Auction Services, Inc.