Technology
OPENLANE, Inc. Reports Third Quarter 2024 Financial Results
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5 hours agoon
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CARMEL, Ind., Nov. 6, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), today reported its third quarter financial results for the period ended September 30, 2024.
“OPENLANE delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience,” said Peter Kelly, CEO of OPENLANE. “I’m particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA with positive contributions from our US, Canadian and European marketplaces.”
“OPENLANE extended its track record of strong financial and operational performance in the third quarter,” said Brad Lakhia, EVP and CFO of OPENLANE. “On a consolidated basis, we delivered revenue of $448 million driven by 6% volume growth, income from continuing operations of $28 million, adjusted EBITDA of $75 million, and year-to-date cash flow from operating activities of $260 million. Our marketplace segment also demonstrated continued resiliency and profitability, with significant adjusted EBITDA growth while increasing our Gross Merchandise Value by 12% to nearly $7 billion.”
Third Quarter 2024 Financial Highlights
Total revenue of $448 million in Q3 2024, representing 8% YoY growthConsolidated income from continuing operations of $28 million, with Marketplace contributing $5 millionConsolidated adjusted EBITDA of $75 million in Q3 2024, representing 10% YoY growth$260 million of cash flow from operating activities on a year-to-date basisMarketplace revenue of $354 million in Q3 2024, representing 12% YoY growthMarketplace adjusted EBITDA of $36 million, representing 34% YoY growthMarketplace volumes increased 6% YoYGross Merchandise Value (GMV) of approximately $7 billion, representing 12% YoY growth
2024 Guidance
The company is updating its annual guidance to the following:
Annual
Guidance
Income from continuing operations (in millions)
$73 – $81
Adjusted EBITDA (in millions)
$285 – $295
Income from continuing operations per share – diluted *
$0.21 – $0.27
Operating adjusted net income from continuing operations per share – diluted
$0.81 – $0.87
* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.
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), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. 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. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company’s guidance included below.
Share Repurchase Authorization
The board of directors authorized an increase in the size of the company’s share repurchase program by approximately $5 million and an extension of the share repurchase program through December 31, 2025. With the increase, and giving effect to the company’s previous repurchases, approximately $100 million remains available for repurchases under the share repurchase program.
Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, November 6, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s third quarter 2024 results is available at the investor relations section of corporate.openlane.com.
The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.
About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.
Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “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,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “positioned,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes 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, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s Form 10-K for the year ended December 31, 2023 and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.
OPENLANE, Inc.
Condensed Consolidated Statements of Income
(In millions) (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Operating revenues
Auction fees
$ 113.2
$ 102.1
$ 331.8
$ 305.3
Service revenue
148.1
153.9
445.4
475.2
Purchased vehicle sales
93.0
60.6
231.4
176.5
Finance-related revenue
94.1
99.7
287.9
296.8
Total operating revenues
448.4
416.3
1,296.5
1,253.8
Operating expenses
Cost of services (exclusive of depreciation and amortization)
252.0
216.0
711.8
662.8
Selling, general and administrative
99.4
107.4
314.1
326.6
Depreciation and amortization
23.8
26.4
72.2
76.2
Goodwill and other intangibles impairment
—
—
—
250.8
Total operating expenses
375.2
349.8
1,098.1
1,316.4
Operating profit (loss)
73.2
66.5
198.4
(62.6)
Interest expense
35.3
39.4
112.4
116.5
Other (income) expense, net
(3.6)
1.7
(2.9)
(12.5)
Loss on extinguishment of debt
—
—
—
1.1
Income (loss) from continuing operations before income taxes
41.5
25.4
88.9
(167.7)
Income taxes
13.1
12.7
31.3
0.7
Income (loss) from continuing operations
28.4
12.7
57.6
(168.4)
Income from discontinued operations, net of income taxes
—
—
—
—
Net income (loss)
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Net income (loss) per share – basic
Income (loss) from continuing operations
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – basic
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Net income (loss) per share – diluted
Income (loss) from continuing operations
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – diluted
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
OPENLANE, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)
September 30,
2024
December 31,
2023
Cash and cash equivalents
$ 132.1
$ 93.5
Restricted cash
28.5
65.4
Trade receivables, net of allowances
300.0
291.8
Finance receivables, net of allowances
2,192.5
2,282.0
Other current assets
131.7
109.2
Total current assets
2,784.8
2,841.9
Goodwill
1,269.9
1,271.2
Customer relationships, net of accumulated amortization
123.0
136.1
Operating lease right-of-use assets
70.6
75.9
Property and equipment, net of accumulated depreciation
159.6
169.8
Intangible and other assets
217.9
231.4
Total assets
$ 4,625.8
$ 4,726.3
Current liabilities, excluding obligations collateralized by
finance receivables and current maturities of debt
$ 788.7
$ 692.3
Obligations collateralized by finance receivables
1,528.8
1,631.9
Current maturities of debt
267.8
154.6
Total current liabilities
2,585.3
2,478.8
Long-term debt
—
202.4
Operating lease liabilities
64.1
70.4
Other non-current liabilities
36.8
35.2
Temporary equity
612.5
612.5
Stockholders’ equity
1,327.1
1,327.0
Total liabilities, temporary equity and stockholders’ equity
$ 4,625.8
$ 4,726.3
OPENLANE, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
Nine Months Ended
September 30,
2024
2023
Operating activities
Net income (loss)
$ 57.6
$ (168.4)
Net income from discontinued operations
—
—
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
72.2
76.2
Provision for credit losses
42.2
42.0
Deferred income taxes
(0.1)
(26.8)
Amortization of debt issuance costs
6.9
6.6
Stock-based compensation
13.9
13.1
Contingent consideration adjustment
—
1.3
Net change in unrealized loss on investment securities
—
0.4
Investment and note receivable impairment
—
11.0
Goodwill and other intangibles impairment
—
250.8
Loss on extinguishment of debt
—
1.1
Other non-cash, net
(0.3)
0.8
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets
(36.1)
(94.0)
Accounts payable and accrued expenses
103.8
104.7
Payments of contingent consideration in excess of acquisition-date fair value
—
(2.6)
Net cash provided by operating activities – continuing operations
260.1
216.2
Net cash used by operating activities – discontinued operations
(1.4)
(0.1)
Investing activities
Net decrease in finance receivables held for investment
50.4
1.3
Purchases of property, equipment and computer software
(39.0)
(39.8)
Investments in securities
(1.9)
(1.0)
Proceeds from the sale of property and equipment
0.9
0.3
Net cash provided by (used by) investing activities – continuing operations
10.4
(39.2)
Net cash provided by investing activities – discontinued operations
—
7.0
Financing activities
Net decrease in book overdrafts
(3.6)
(3.5)
Net repayments of lines of credit
(86.4)
(106.4)
Net (decrease) increase in obligations collateralized by finance receivables
(93.0)
13.2
Payments for debt issuance costs/amendments
(14.7)
(5.4)
Payment for early extinguishment of debt
—
(140.1)
Payments on finance leases
(0.9)
(1.6)
Payments of contingent consideration and deferred acquisition costs
—
(12.4)
Issuance of common stock under stock plans
1.0
2.1
Tax withholding payments for vested RSUs
(3.4)
(2.5)
Repurchase and retirement of common stock
(30.0)
(22.2)
Dividends paid on Series A Preferred Stock
(33.3)
(33.3)
Net cash used by financing activities – continuing operations
(264.3)
(312.1)
Net cash provided by financing activities – discontinued operations
—
—
Net change in cash balances of discontinued operations
—
—
Effect of exchange rate changes on cash
(3.1)
2.6
Net increase (decrease) in cash, cash equivalents and restricted cash
1.7
(125.6)
Cash, cash equivalents and restricted cash at beginning of period
158.9
277.7
Cash, cash equivalents and restricted cash at end of period
$ 160.6
$ 152.1
Cash paid for interest
$ 105.8
$ 106.5
Cash paid for taxes, net of refunds – continuing operations
$ 34.7
$ 28.3
Cash paid for taxes, net of refunds – discontinued operations
$ (0.5)
$ —
OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) 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 (loss) and operating adjusted net income (loss) 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 (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) 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 tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions), (Unaudited)
2024
2023
2024
2023
Income (loss) from continuing operations
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Add back:
Income taxes
13.1
12.7
31.3
0.7
Interest expense, net of interest income
34.9
38.5
111.3
113.4
Depreciation and amortization
23.8
26.4
72.2
76.2
EBITDA
100.2
90.3
272.4
21.9
Non-cash stock-based compensation
4.1
4.5
14.8
13.8
Loss on extinguishment of debt
—
—
—
1.1
Acquisition related costs
—
0.5
0.5
1.1
Securitization interest
(27.9)
(31.6)
(87.0)
(89.0)
Severance
1.5
1.9
9.2
3.4
Foreign currency (gains)/losses
(3.2)
(1.2)
(0.7)
(0.8)
Goodwill and other intangibles impairment
—
—
—
250.8
Contingent consideration adjustment
—
—
—
1.3
Net change in unrealized (gains) losses on investment securities
—
0.5
—
0.4
Professional fees related to business improvement efforts
—
1.7
1.5
4.5
Impact for newly enacted Canadian DST related to prior years
—
—
10.0
—
Other
(0.2)
0.9
—
1.7
Total addbacks/(deductions)
(25.7)
(22.8)
(51.7)
188.3
Adjusted EBITDA
$ 74.5
$ 67.5
$ 220.7
$ 210.2
Three Months Ended September 30, 2024
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income from continuing operations
$ 4.8
$ 23.6
$ 28.4
Add back:
Income taxes
5.0
8.1
13.1
Interest expense, net of interest income
4.2
30.7
34.9
Depreciation and amortization
20.6
3.2
23.8
EBITDA
34.6
65.6
100.2
Non-cash stock-based compensation
3.2
0.9
4.1
Securitization interest
—
(27.9)
(27.9)
Severance
1.4
0.1
1.5
Foreign currency (gains)/losses
(3.1)
(0.1)
(3.2)
Other
(0.3)
0.1
(0.2)
Total addbacks/(deductions)
1.2
(26.9)
(25.7)
Adjusted EBITDA
$ 35.8
$ 38.7
$ 74.5
Three Months Ended September 30, 2023
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income (loss) from continuing operations
$ (19.3)
$ 32.0
$ 12.7
Add back:
Income taxes
2.0
10.7
12.7
Interest expense, net of interest income
4.3
34.2
38.5
Depreciation and amortization
23.8
2.6
26.4
Intercompany interest
9.6
(9.6)
—
EBITDA
20.4
69.9
90.3
Non-cash stock-based compensation
3.5
1.0
4.5
Acquisition related costs
0.5
—
0.5
Securitization interest
—
(31.6)
(31.6)
Severance
1.7
0.2
1.9
Foreign currency (gains)/losses
(1.2)
—
(1.2)
Net change in unrealized (gains) losses on investment securities
—
0.5
0.5
Professional fees related to business improvement efforts
1.4
0.3
1.7
Other
0.5
0.4
0.9
Total addbacks/(deductions)
6.4
(29.2)
(22.8)
Adjusted EBITDA
$ 26.8
$ 40.7
$ 67.5
The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share amounts), (Unaudited)
2024
2023
2024
2023
Net income (loss) from continuing operations (1)
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Acquired amortization expense
9.0
11.1
27.4
28.3
Impact for newly enacted Canadian DST related to prior years
—
—
10.0
—
Loss on extinguishment of debt
—
—
—
1.1
Contingent consideration adjustment
—
—
—
1.3
Goodwill and other intangibles impairment
—
—
—
250.8
Income taxes (2)
(0.4)
1.9
(2.9)
(32.3)
Operating adjusted net income from continuing operations
$ 37.0
$ 25.7
$ 92.1
$ 80.8
Operating adjusted net income from discontinued operations
$ —
$ —
$ —
$ —
Operating adjusted net income
$ 37.0
$ 25.7
$ 92.1
$ 80.8
Operating adjusted net income from continuing operations per share – diluted
$ 0.26
$ 0.18
$ 0.64
$ 0.56
Operating adjusted net income from discontinued operations per share – diluted
—
—
—
—
Operating adjusted net income per share – diluted
$ 0.26
$ 0.18
$ 0.64
$ 0.56
Weighted average diluted shares – including assumed conversion of preferred shares
144.8
145.6
145.0
145.1
(1)
The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share.
(2)
For the three and nine months ended September 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we currently have a $42.9 million valuation allowance against the U.S. net deferred tax asset.
The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions), (Unaudited)
Low
High
Income from continuing operations
$ 73
$ 81
Add back:
Income taxes
40
45
Interest expense, net of interest income
144
142
Depreciation and amortization
99
97
EBITDA
356
365
Total addbacks/(deductions), net
(71)
(70)
Adjusted EBITDA
$ 285
$ 295
The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions, except per share amounts), (Unaudited)
Low
High
Income from continuing operations
$ 73
$ 81
Total adjustments, net
44
44
Operating adjusted net income from continuing operations
$ 117
$ 125
Operating adjusted net income from continuing operations per share – diluted
$ 0.81
$ 0.87
Weighted average diluted shares – including assumed conversion of preferred shares
145
145
Analyst Inquiries:
Media Inquiries:
Itunu Orelaru
Laurie Dippold
(317) 249-4559
(317) 468-3900
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SOURCE OPENLANE, Inc.
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Across the board, all sales metrics perform higher on Singles’ Day – be it online retail transactions, unit sales, and average basket sizes. This marks consumers’ willingness to spend during this period, which is widely known for its festive deals, loyalty promotions, and immersive e-commerce experiences.
In Southeast Asia:
Online retail transactions surged by 140% compared to the first week of October 2023.In comparison, sales on Black Friday 2023 increased 101% from the first four weeks of October 2023.Unit sales, which denotes the number of individual items sold, skyrocketed by 178%, compared to 139% in 2022.During Cyber 6 (Black Friday to Cyber Wednesday 2023), sales increased 4% compared to the same period in 2022.The average basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16%, compared to the first week of October 2023.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%).
In Greater China:
Online retail transactions surged by 237% compared to the first week of October.In comparison, sales on Black Friday 2023 rose 58% from the first four weeks of October 2023.Unit sales saw a 257% increase, compared to 248% in 2022.Sales during Cyber 6 (Black Friday to Cyber Wednesday 2023) increase 2% compared to the same period in 2022.The average basket size saw an uptick of 6%, compared to the first week of October.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%) and Toys & Games (311%).Online transactions saw a 9% Year-on-Year growth on Singles’ Day.Interestingly, average order values showed an increase of 14%, with the average unit price going up by 7%.
2. Shoppers are prepared to spend the most during the first and last hours of Singles’ Day
Shopper activity tends to spike in the first (12AM – 1AM) and last hours (11PM – 12AM) of the day. Early bird shoppers are a segment of shoppers who tend to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalise on by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers tend to seize deals available at the day’s final hours – marking a final opportunity to convert buyers who hold out until the very end for a good deal. Savvy retailers that take note of this pattern will leverage their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.
The first hour of Singles’ Day (12AM – 1AM) sees the greatest spike in SEA online transactions (+325%) and unit sales (+370%), compared to baseline sales at the start of October.This trend is reversed in Greater China, with online transactions (+345%) and unit sales (363%) spiking in the final hour of Singles’ Day (11PM – 12AM).
3. ‘Tis the season to convert new buyers: conversion rates are exceptionally high during Singles’ Day
In the past few years, Singles’ Day has consistently recorded substantial spikes in new purchases by new buyers. While the number of new buyers fell in 2023, there is still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers who can build on this momentum of first-time buyers during Singles’ Day will also see the chance to ensure continued patronage as the holiday season progresses.
Singles’ Day 2023 saw a whopping 63% increase in new shoppers in SEA compared to the month of October.
Taking action:
Sales events such as Singles’ Day are becoming more important for consumers today and represent a growing opportunity for retailers and brands. To realise the true potential of such events, retailers and brands should follow these key learnings for sales season:
1. Starting Early Matters: with sales events recording much higher-than-average transaction figures, ensuring the relevant media collateral and sales logistics are ready in advance will be helpful to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and 47% of consumers globally[1] tend to start their search at retailers rather than search engines, when they know the general type of item they want to buy. As retail media continues to grow with new formats such as offsite and in-store, using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness. Kicking off new campaigns early also ensures campaigns are optimised as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.
2. Go Full-Funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns push the needle in capturing new and returning customers during such events and keeping the brand or retail platform top of mind. Keeping in mind that shoppers tend to view several brands before deciding, these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.
3. Be Diligent with Speed: There is increased shopper activity in the first and final hours of these sales events. Savvy retailers and brands drive additional sales by leveraging the data to plan budget accordingly and positioning key advertisements in front of these shoppers in those critical moments.
Methodology
Criteo captures organic data from 20 countries, 600 product categories and over 19,000 advertiser clients. Indexed sales are monitored on retailers who partner with Criteo Marketing Solutions and Criteo Retail Media. Criteo data includes only product categories represented by at least 5 retailers at the most granular level. Organic data means that all events from our clients, including those not attributed to Criteo, are leveraged. This allows us to produce insights regarding the market rather than Criteo campaigns.
About Criteo
Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.
[1] Criteo shopper survey, Q3 2024, Global (N=7120)
Criteo 2023 Holiday Shopping Season Country-Specific Findings
In Singapore:
Singles’ Day remains the largest seasonal sales opportunity for retailers in Singapore, with online sales skyrocketing +159% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 104%, compared to the first four weeks of October 2023.
In Indonesia
Singles’ Day remains the largest seasonal sales opportunity for retailers in Indonesia, with online sales skyrocketing +194% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 56%, compared to the first four weeks of October 2023.
View original content:https://www.prnewswire.com/apac/news-releases/big-wins-await-retailers-that-focus-on-the-first-and-final-hours-of-seasonal-sales-302298185.html
SOURCE Criteo
Technology
CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT
Published
22 mins agoon
November 7, 2024By
SINGAPORE, Nov. 7, 2024 /PRNewswire/ — On November 1st, UBS Asset Management announced the launch of its first tokenised investment, UBS USD Money Market Investment Fund Token (uMINT). CapBridge, a digital investment platform and a member of FOMO Group, has been selected as an authorised distribution partner of uMINT, offering this innovative investment product to its corporate and institutional clients.
Built on the Ethereum blockchain, the launch of uMINT forms part of the broader expansion of UBS’s tokenisation services through UBS Tokenize. Tokenholders can now access UBS Asset Management’s institutional grade cash management solutions underpinned by high quality money market instruments based on a conservative, risk-managed framework. UBS’s tokenisation services seek to address growing investor demand for tokenised financial assets across asset classes.
Johnson Chen, Founder and CEO of CapBridge, said, “At CapBridge, we are always committed to bridging the gap between digital and traditional assets. The launch of UBS’s first tokenised money market fund highlights the synergy between traditional banking and digital asset innovation. CapBridge is delighted to be an authorised distribution partner of uMINT, contributing to the greater mission of making digital finance products more accessible to a wider range of investors and moving towards the seamless integration of traditional and digital finance.”
Earlier in May this year, CapBridge was also selected to be the international partner for Hong Kong’s virtual asset ETFs, namely spot virtual asset ETF products issued by Bosera Asset Management, China Asset Management, and Harvest Global Investment listed on the Hong Kong Stock Exchange.
Looking ahead, CapBridge remains dedicated to serving as a one-stop platform for investors looking to invest in both traditional and digital asset funds.
About CapBridge
CapBridge, a member of FOMO Group, is a leading digital investment platform headquartered in Singapore. As a Capital Markets Services licensee, CapBridge is regulated by the Monetary Authority of Singapore (MAS) to deal in capital markets products, including securities and collective investment schemes, and to provide custodial services. It is also an exempt financial adviser licensed to issue or promulgate analyses and reports on investment products.
CapBridge enables HNWIs and institutional clients to invest in traditional and digital assets via its one-stop digital investment platform, providing highly curated, top-quality, and institutional-grade opportunities to meet clients’ diverse asset allocation needs. Through CapBridge’s associated company, FOMO Pay Pte Ltd, a regulated MAS Payment Services Act (PSA) Digital Payment Token (DPT) entity, qualified clients can also invest into CapBridge curated products using DPTs, providing a seamless bridge between Traditional Finance (TradFi) and Web3 Finance.
For more information, please visit www.capbridge.sg. For media inquiries, please contact media@capbridge.sg.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/capbridge-is-an-authorised-distribution-partner-of-ubss-first-tokenised-money-market-fund-umint-302297594.html
SOURCE Capbridge
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CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT
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