Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net income	$ 118.2	$ 57.6
Net income from discontinued operations	0.0	0.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68.4	72.2
Provision for credit losses	29.5	42.2
Deferred income taxes	4.0	(0.1)
Amortization of debt issuance costs	6.6	6.9
Stock-based compensation	9.9	13.9
Loss on sale of property	7.0	0.0
Other non-cash, net	0.3	(0.3)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets	(120.8)	(36.1)
Accounts payable and accrued expenses	143.3	103.8
Net cash provided by operating activities - continuing operations	266.4	260.1
Net cash used by operating activities - discontinued operations	0.0	(1.4)
Investing activities
Net (increase) decrease in finance receivables held for investment	(196.1)	50.4
Purchases of property, equipment and computer software	(40.7)	(39.0)
Investments in securities	(1.1)	(1.9)
Proceeds from the sale of property and equipment	42.4	0.9
Net cash (used by) provided by investing activities - continuing operations	(195.5)	10.4
Net cash provided by investing activities - discontinued operations	0.0	0.0
Financing activities
Net increase (decrease) in book overdrafts	13.1	(3.6)
Net repayments of lines of credit	(0.6)	(86.4)
Net increase (decrease) in obligations collateralized by finance receivables	145.8	(93.0)
Payments for debt issuance costs/amendments	(0.4)	(14.7)
Payments on long-term debt	(210.0)	0.0
Payments on finance leases	0.0	(0.9)
Issuance of common stock under stock plans	7.8	1.0
Tax withholding payments for vested RSUs	(6.5)	(3.4)
Repurchase and retirement of common stock	(35.8)	(30.0)
Dividends paid on Series A Preferred Stock	(33.3)	(33.3)
Net cash used by financing activities - continuing operations	(119.9)	(264.3)
Net cash provided by financing activities - discontinued operations	0.0	0.0
Net change in cash balances of discontinued operations	0.0	0.0
Effect of exchange rate changes on cash	11.7	(3.1)
Net (decrease) increase in cash, cash equivalents and restricted cash	(37.3)	1.7
Cash, cash equivalents and restricted cash at beginning of period	183.7	158.9
Cash, cash equivalents and restricted cash at end of period	146.4	160.6
Supplemental Cash Flow Information
Cash paid for interest	85.6	105.8
Cash paid for taxes, net of refunds	29.6	34.7
Discontinued Operations
Cash paid for taxes, net of refunds	$ (1.5)	$ (0.5)

OPENLANE, Inc. 10-Q