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KAR - KAR Auction Services, Inc.

NYSE -> Consumer Cyclical -> Specialty Retail
Carmel, United States

KAR price evolution
KAR
(in millions $) 30 Sep 2021 30 Jun 2021 31 Mar 2021 31 Dec 2020
Current assets
Cash $684.3 $675.4 $811.5 $812.3
Short term investments
Net receivables $2733 $2634.1 $2618.2 $2256.2
Inventory
Total current assets $3528.2 $3414.6 $3525.5 $3175.2
Long term investments $16.2
Property, plant & equipment $901.3 $918.6 $921.2 $940.5
Goodwill & intangible assets $2673.7 $2696.6 $2617.8 $2641.7
Total noncurrent assets $3642 $3703.7 $3634.7 $3623
Total investments
Total assets $7170.2 $7118.3 $7160.2 $6798.2
Current liabilities
Accounts payable $1070.2 $1074.5 $1118.1 $688.9
Deferred revenue
Short long term debt $19.1 $22.7 $30.4 $24.3
Total current liabilities $2756.7 $2683.3 $2656 $2250.6
Long term debt $2173.7 $2183.8 $2189.1 $2198
Total noncurrent liabilities $2930.8 $2933.7 $2916.7 $2931.8
Total debt $2192.8 $2206.5 $2219.5 $2222.3
Total liabilities $5687.5 $5617 $5572.7 $5182.4
Shareholders' equity
Retained earnings $631.1 $642.5 $641.2 $600.7
Other shareholder equity -$28.4 -$17 -$24.4 -$32.7
Total shareholder equity $1482.7 $1501.3 $1587.5 $1615.8
(in millions $) 31 Dec 2020 31 Dec 2019 31 Dec 2018 31 Dec 2017
Current assets
Cash $812.3 $560.9 $364.7 $336.6
Short term investments
Net receivables $2256.2 $2557.7 $2766.4 $2625.1
Inventory
Total current assets $3175.2 $3244.5 $3314.2 $3137.4
Long term investments $5.2 $2.6
Property, plant & equipment $940.5 $973.1 $976.2 $908.2
Goodwill & intangible assets $2641.7 $2328.1 $2874.5 $2917.9
Total noncurrent assets $3623 $3336.7 $3892 $3846.9
Total investments
Total assets $6798.2 $6581.2 $7206.2 $6984.3
Current liabilities
Accounts payable $688.9 $704.6 $820.3 $682.7
Deferred revenue
Short long term debt $24.3 $28.8 $13.1 $12.4
Total current liabilities $2250.6 $2517.7 $2624.8 $2389.2
Long term debt $2198 $2219.6 $2654.3 $2667.7
Total noncurrent liabilities $2931.8 $2413.3 $3117.2 $3110.2
Total debt $2222.3 $2248.4 $2667.4 $2680.1
Total liabilities $5182.4 $4931 $5742 $5499.4
Shareholders' equity
Retained earnings $600.7 $651 $392.3 $257
Other shareholder equity -$32.7 -$31 -$61.3 -$25.2
Total shareholder equity $1615.8 $1650.2 $1464.2 $1484.9
(in millions $) 30 Sep 2021 30 Jun 2021 31 Mar 2021 31 Dec 2020
Revenue
Total revenue $535.2 $585.4 $581.6 $529.6
Cost of revenue $313.1 $333.2 $330.4 $325.4
Gross Profit $222.1 $252.2 $251.2 $204.2
Operating activities
Research & development
Selling, general & administrative $134.1 $140.2 $149 $139.7
Total operating expenses $178.8 $185.6 $196 $190.3
Operating income $43.3 $66.6 $55.2 $13.9
Income from continuing operations
EBIT $30 $51.8 $105.4 $10
Income tax expense -$1.2 $9.1 $23.6 -$3.4
Interest expense $32.2 $31.2 $30.9 $30.5
Net income
Net income -$1 $11.5 $50.9 -$17.1
Income (for common shares) -$1 $11.5 $50.9 -$17.1
(in millions $) 31 Dec 2020 31 Dec 2019 31 Dec 2018 31 Dec 2017
Revenue
Total revenue $2187.7 $2781.9 $3769.6 $3458
Cost of revenue $1284.8 $1617.1 $2142.7 $1987.2
Gross Profit $902.9 $1164.8 $1626.9 $1470.8
Operating activities
Research & development
Selling, general & administrative $545.4 $662 $732.8 $640.2
Total operating expenses $766.5 $850.7 $1002.7 $904.8
Operating income $136.4 $314.1 $624.2 $566
Income from continuing operations
EBIT $134.3 $415.7 $627.7 $562
Income tax expense $4.9 $37.7 $107.7 $36
Interest expense $128.9 $189.5 $192 $164
Net income
Net income $0.5 $188.5 $328 $362
Income (for common shares) $0.5 $188.5 $328 $362
(in millions $) 30 Sep 2021 30 Jun 2021 31 Mar 2021 31 Dec 2020
Net income -$1 $11.5 $50.9 -$17.1
Operating activities
Depreciation $44.7 $45.4 $47 $50.6
Business acquisitions & disposals -$78.6 $0.9 -$396.7
Stock-based compensation $4 $4.5 $5.4 $2.9
Total cash flows from operations $56.9 $131.2 $164.5 -$47.5
Investing activities
Capital expenditures -$17.8 -$36.2 -$12.6 -$27
Investments -$71.5 -$131.7 -$67.5 -$166.5
Total cash flows from investing -$89.3 -$246.5 -$79.2 -$590.2
Financing activities
Dividends paid -$49
Sale and purchase of stock $0.2 -$99.4 -$80.5 $5.9
Net borrowings -$12.2 -$7.3 $40.4 -$44.7
Total cash flows from financing $50.6 -$24.6 -$88.7 $105.9
Effect of exchange rate -$9.3 $3.8 $2.6 $12.7
Change in cash and equivalents $8.9 -$136.1 -$0.8 -$519.1
(in millions $) 31 Dec 2020 31 Dec 2019 31 Dec 2018 31 Dec 2017
Net income $0.5 $188.5 $328 $362
Operating activities
Depreciation $191.3 $188.7 $269.9 $264.6
Business acquisitions & disposals -$396.7 -$120.7 -$45.2 -$73.3
Stock-based compensation $14 $19.6 $23.4 $24.2
Total cash flows from operations $384.4 $542 $749.8 $588.8
Investing activities
Capital expenditures -$100.5 -$161.6 -$197.4 -$151.5
Investments $170.6 -$132.7 -$138.6 -$153.5
Total cash flows from investing -$326.6 -$452.4 -$381.2 -$379.8
Financing activities
Dividends paid -$49 -$164.3 -$188.3 -$174.8
Sale and purchase of stock $6.9 -$115.4 -$135 -$138.6
Net borrowings -$46.5 -$798.9 $44.2 $243
Total cash flows from financing $194.8 $153.8 -$320.1 -$107.6
Effect of exchange rate -$1.2 $12.8 -$20.4 $14
Change in cash and equivalents $251.4 $256.2 $28.1 $115.4
Fundamentals
Market cap $2.01B
Enterprise value $3.52B
Shares outstanding 121.15M
Revenue $2.23B
EBITDA $384.90M
EBIT $197.20M
Net Income $44.30M
Revenue Q/Q -9.84%
Revenue Y/Y -4.19%
P/E ratio 45.48
EV/Sales 1.58
EV/EBITDA 9.15
EV/EBIT 17.87
P/S ratio 0.90
P/B ratio 1.33
Book/Share 12.47
Cash/Share 5.65
EPS $0.37
ROA 0.63%
ROE 2.86%
Debt/Equity 3.21
Net debt/EBITDA 13.00
Current ratio 1.28
Quick ratio 1.28