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OPENLANE, Inc. Reports Third Quarter 2024 Financial Results

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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

investor_relations@openlane.com

laurie.dippold@openlane.com 

 

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SOURCE OPENLANE, Inc.

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Green Cubes Technology Unveils Revolutionary Swappable Power Platform for Mobile Workstations

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Innovative Swappable Power Platform is designed for mobile medical and industrial workstations

KOKOMO, Ind., Nov. 6, 2024 /PRNewswire-PRWeb/ — Green Cubes Technology, a leader in providing cutting-edge power solutions, today announced the launch of its innovative Swappable Power Platform designed for mobile medical and industrial workstations. This breakthrough AC platform aims to streamline the power system design process for manufacturers, providing a cost-effective and time-saving solution for powering mobile workstations.

The Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes, “making the conversion to power as simple as design in and go.”

The Swappable Power Platform is a complete pre-engineered energy storage solution that includes three essential components:

1. Battery Assembly:

Utilizes LiFePO4 technologyOffers 290Whr at 19.2 volts nominalDelivers a continuous power output of up to 300WCompliant with IEC 62133 standards

2. Cart Power Module:

Supports one or two batteries with 300 Watt continuous power outputAvailable models with 120VAC @ 60 Hz and 230VAC @ 50 Hz outputFeatures universal input from 100VAC to 230VAC @ 50Hz to 60 HzIncludes 2 minutes of integrated battery backup for hot swap operationCharges both internal integrated and external swap batteriesMeets IEC 60601 standardsOptional remote LCD display available

3. Charger:

Capable of charging two or four batteries simultaneouslyUniversal input from 100VAC to 230VAC @ 50Hz to 60 HzCompliant with IEC 60601 standardsOptional remote LCD display available

“Designed with the OEM in mind, the Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes. “This makes the conversion to power as simple as design in and go.”

Exceeding the highest performance for equipment manufacturers, the Green Cubes swappable battery platform offers a highly accurate state-of-charge display with a five-stage LED indicator. Its advanced technology, featuring cell balancing, ensures maximum cycle life and runtime.

About Green Cubes Technology
Green Cubes Technology develops and manufactures safe and reliable electrification solutions that enable its OEM and enterprise customers to transition from Lead Acid and Internal Combustion Engine (ICE) power to Lithium-ion battery power. Green Cubes utilizes proven hardware and software platforms to build the most reliable Lithium power solutions in its industries. With over 300 employees across six countries, Green Cubes has been producing innovative, high-performance and high-quality power solutions since 1986. For more information about Green Cubes Technology and its innovative power solutions, please visit http://www.greencubes.com.

Media Contact

Hayley Luz, Green Cubes Technology, 425-918-2742, hluz@greencubes.com, www.greencubes.com

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Big wins await retailers that focus on the first and final hours of seasonal sales

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Criteo research finds that online sales in the opening and closing hours of Singles Day capture over 300% increase in transaction volume across Southeast Asia

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Criteo (NASDAQ: CRTO), the commerce media company, today unveiled key insights from the 2023 Singles’ Day sales across Southeast Asia (SEA) and Greater China.

Singles’ Day (11/11) presents an enormous opportunity for retailers in these regions to connect with consumers at crucial decision-making moments, build brand loyalty and stand out from the competition. In 2023, online retail transactions in SEA surged 140% compared to the first week of October, and the average basket size increased by 16% compared to the same baseline. In Greater China, online retail transactions grew 237% while the average basket size saw a 6% uptick.

“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”

Key findings: 

1.    Singles’ Day is the largest seasonal sales opportunity for retailers

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

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Technology

CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT

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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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