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KAR Auction Services (KAR)

KAR Auction Services, Inc. d/b/a 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, financing, logistics and other ancillary and related services, including the sale of nearly 3.1 million units valued at approximately $30 billion through its auctions in 2020. The Company's integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, U.K. and Europe.

Company profile

Ticker
KAR
Exchange
CEO
James Hallett
Employees
Incorporated
Location
Fiscal year end
Former names
KAR Holdings, Inc.
SEC CIK
Subsidiaries
ADESA, Inc. • ADESA Corporation, LLC • A.D.E. of Ark-La-Tex, Inc. • A.D.E. of Knoxville, LLC • ADESA Ark-La-Tex, LLC • ADESA Arkansas, LLC • ADESA Atlanta, LLC • ADESA Birmingham, LLC • ADESA California, LLC • ADESA Charlotte, LLC ...
IRS number
208744739

KAR stock data

Calendar

3 Aug 22
25 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 832.5M 832.5M 832.5M 832.5M 832.5M 832.5M
Cash burn (monthly) (no burn) (no burn) (no burn) (no burn) 80.27M 23.75M
Cash used (since last report) n/a n/a n/a n/a 230.69M 68.26M
Cash remaining n/a n/a n/a n/a 601.81M 764.24M
Runway (months of cash) n/a n/a n/a n/a 7.5 32.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Jacoby Stefan Common Stock Grant Acquire A No No 14.77 1,439 21.25K 15,735
30 Jun 22 Smith Mary Ellen Common Stock Grant Acquire A No No 14.77 1,566 23.13K 25,467
2 Jun 22 Howell J Mark Phantom Stock Common Stock Grant Acquire A No No 16.6 7,832 130.01K 38,548.296
2 Jun 22 Smith Mary Ellen Phantom Stock Common Stock Grant Acquire A No No 16.6 7,832 130.01K 14,964
2 Jun 22 Jacoby Stefan Common Stock Grant Acquire A No No 16.6 7,832 130.01K 14,296
13F holders Current Prev Q Change
Total holders 218 234 -6.8%
Opened positions 25 36 -30.6%
Closed positions 41 46 -10.9%
Increased positions 73 69 +5.8%
Reduced positions 81 95 -14.7%
13F shares Current Prev Q Change
Total value 2.35B 2.76B -14.9%
Total shares 154.83M 154.86M -0.0%
Total puts 341.5K 299K +14.2%
Total calls 376.5K 363.7K +3.5%
Total put/call ratio 0.9 0.8 +10.3%
Largest owners Shares Value Change
Ignition Acquisition 28.17M $480.28M 0.0%
BLK Blackrock 19.37M $286.1M +1.1%
Vanguard 13.25M $195.74M +0.5%
Burgundy Asset Management 8.28M $122.22M +14.3%
Cardinal Capital Management 5.62M $83.04M -3.0%
Marathon Asset Mgmt 5.42M $80.08M +5.9%
Hawk Ridge Capital Management 5.27M $77.79M +46.6%
Snyder Capital Management L P 5.13M $75.75M +3.5%
Paradice Investment Management 4.78M $70.67M +3.1%
STT State Street 4.41M $65.06M +2.0%
Largest transactions Shares Bought/sold Change
FMR 1.98M -1.91M -49.1%
Hawk Ridge Capital Management 5.27M +1.68M +46.6%
American Century Companies 4.4M +1.2M +37.3%
Burgundy Asset Management 8.28M +1.03M +14.3%
No Street GP 0 -960K EXIT
Harris Associates L P 2.91M +943.14K +47.9%
MS Morgan Stanley 1.42M +908.18K +177.2%
William Blair Investment Management 1.63M -817.66K -33.3%
Boston Partners 1.36M -778.65K -36.3%
Parametric Portfolio Associates 0 -693.91K EXIT

Financial report summary

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Competition
CarmaxACV AuctionsCarvana
Risks
  • Unsuccessful implementation of business initiatives to reduce costs and align our business to our digital operating model, or unintended consequences of the implementation of such initiatives, may adversely affect our business.
  • The ADESA U.S. physical auction business sale transaction may result in disruptions to, and negatively impact our relationships with, our customers and other business partners.
  • The ADESA U.S. physical auction business sale transaction may result in increased costs.
  • Our ability to access capital in the future may be challenging.
  • Macroeconomic conditions and geopolitical events may adversely affect our business, sources of liquidity and related costs of capital.
Management Discussion
  • Overview of Results of KAR Auction Services, Inc. for the Three Months Ended June 30, 2022 and 2021:
  • The financial performance of the ADESA U.S. physical auction business is presented as discontinued operations. As a result, revenue, cost of services and all costs of discontinued operations (including the gain on sale) are presented as one line item in the above table as "Income from discontinued operations."
  • For the three months ended June 30, 2022, we had revenue of $384.2 million compared with revenue of $376.0 million for the three months ended June 30, 2021, an increase of 2%. Businesses acquired in the last 12 months accounted for an increase in revenue of $16.6 million or 4% of revenue. For a further discussion of revenues, gross profit and selling, general and administrative expenses, see the segment results discussions below.

Content analysis

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H.S. sophomore Avg
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Removed: amortized, approximate, back, broader, CarsOnTheWeb, COTW, depend, develop, discount, effort, Extensible, governmental, GRS, HBC, health, implement, imposed, Inline, Language, length, lifted, light, limitation, maturity, mitigate, NaN, original, outbreak, preventative, reimposed, reimposition, relaxed, resume, safety, scaled, spread, subsided, uncertain, uncertainty, unpredictable, vi, World