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KAR Auction Services, Inc. – ‘10-Q’ for 3/31/20 – ‘R19’

On:  Thursday, 5/7/20, at 11:24am ET   ·   For:  3/31/20   ·   Accession #:  1395942-20-72   ·   File #:  1-34568

Previous ‘10-Q’:  ‘10-Q’ on 11/6/19 for 9/30/19   ·   Next:  ‘10-Q’ on 8/5/20 for 6/30/20   ·   Latest:  ‘10-Q’ on 5/2/24 for 3/31/24   ·   19 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 5/07/20  KAR Auction Services, Inc.        10-Q        3/31/20   62:6.7M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.00M 
 4: EX-10.15B   Exhibit 10.15B - Amendment No. 1 to 8th A&R Rpa     HTML     54K 
 5: EX-10.15C   Exhibit 10.15C - Amendment No. 2 to 8th A&R Rpa     HTML     54K 
 6: EX-10.16D   Exhibit 10.16D - Afci Amendment No. 3 to 4th A&R    HTML     41K 
                Rpa                                                              
 3: EX-10.16E   Exhibit 10.16E - Afci Amendment No. 4 to 4th A&R    HTML     37K 
                Rpa                                                              
 2: EX-10.9     Exhibit 10.9 - Employment Agreement - Peter Kelly   HTML     70K 
 7: EX-31.1     Exhibit 31.1 - CEO Sox 302 Certification            HTML     26K 
 8: EX-31.2     Exhibit 31.2 - CFO Sox 302 Certification            HTML     26K 
 9: EX-32.1     Exhibit 32.1 - CEO Sox 906 Certification            HTML     20K 
10: EX-32.2     Exhibit 32.2 - CFO Sox 906 Certification            HTML     20K 
60: R1          Document and Entity Information                     HTML     76K 
37: R2          Consolidated Statements of Income                   HTML    100K 
28: R3          Consolidated Statements of Comprehensive Income     HTML     36K 
49: R4          Consolidated Statements of Comprehensive Income     HTML     22K 
                (Parenthetical)                                                  
61: R5          Consolidated Balance Sheets                         HTML    136K 
38: R6          Consolidated Balance Sheets (Parenthetical)         HTML     47K 
29: R7          Consolidated Statements of Stockholders' Equity     HTML     65K 
48: R8          Consolidated Statements of Stockholders' Equity     HTML     19K 
                (Parenthetical)                                                  
62: R9          Consolidated Statements of Cash Flows               HTML    119K 
58: R10         Basis of Presenation and Nature of Operations       HTML     50K 
47: R11         IAA Separation and Discontinued Operations          HTML     44K 
23: R12         Stock and Stock-Based Compensation Plans            HTML     32K 
33: R13         Net Income from Continuing Operations Per Share     HTML     37K 
57: R14         Finance Receivables and Obligations Collateralized  HTML     68K 
                by Finance Receivables                                           
46: R15         Long-Term Debt                                      HTML     59K 
22: R16         Derivatives                                         HTML     45K 
31: R17         Commitments and Contingencies                       HTML     23K 
59: R18         Accumulated Other Comprehensive Income (Loss)       HTML     28K 
45: R19         Segment Information                                 HTML    118K 
21: R20         Basis of Presentation and Nature of Operations      HTML     57K 
                Accounting Policies (Policies)                                   
41: R21         IAA Separation and Discontinued Operations          HTML     45K 
                (Tables)                                                         
54: R22         Stock and Stock-Based Compensation Plans (Tables)   HTML     28K 
52: R23         Net Income from Continuing Operations Per Share     HTML     34K 
                (Tables)                                                         
19: R24         Finance Receivables and Obligations Collateralized  HTML     69K 
                by Finance Receivables (Tables)                                  
40: R25         Long-Term Debt (Tables)                             HTML     53K 
53: R26         Derivatives (Tables)                                HTML     43K 
51: R27         Accumulated Other Comprehensive Income (Loss)       HTML     28K 
                (Tables)                                                         
17: R28         Segment Information (Tables)                        HTML    120K 
42: R29         Basis of Presentation and Nature of Operations      HTML     73K 
                (Details)                                                        
35: R30         IAA Separation and Discontinued Operations          HTML     64K 
                (Details)                                                        
24: R31         Stock and Stock-Based Compensation Summary          HTML     41K 
                (Details)                                                        
43: R32         Share Repurchase Plan (Details)                     HTML     25K 
55: R33         Net Income from Continuing Operations Per Share     HTML     55K 
                (Details)                                                        
36: R34         Finance Receivables and Obligations Collateralized  HTML     81K 
                by Finance Receivables (Details)                                 
25: R35         Long-Term Debt Summary (Details)                    HTML     57K 
44: R36         Credit Facilities (Details)                         HTML     75K 
56: R37         Derivatives (Details)                               HTML     44K 
34: R38         Derivatives (Details 2)                             HTML     30K 
27: R39         Commitments and Contingencies (Details)             HTML     20K 
39: R40         Accumulated Other Comprehensive Income (Loss)       HTML     29K 
                (Details)                                                        
16: R41         Segment Information (Details 1)                     HTML     88K 
50: R42         Segment Information (Details 2)                     HTML     28K 
30: XML         IDEA XML File -- Filing Summary                      XML    100K 
20: XML         XBRL Instance -- karq1202010-q_htm                   XML   1.16M 
26: EXCEL       IDEA Workbook of Financial Reports                  XLSX     54K 
12: EX-101.CAL  XBRL Calculations -- kar-20200331_cal                XML    168K 
13: EX-101.DEF  XBRL Definitions -- kar-20200331_def                 XML    421K 
14: EX-101.LAB  XBRL Labels -- kar-20200331_lab                      XML   1.19M 
15: EX-101.PRE  XBRL Presentations -- kar-20200331_pre               XML    698K 
11: EX-101.SCH  XBRL Schema -- kar-20200331                          XSD    109K 
18: JSON        XBRL Instance as JSON Data -- MetaLinks              264±   394K 
32: ZIP         XBRL Zipped Folder -- 0001395942-20-000072-xbrl      Zip    286K

‘R19’   —   Segment Information

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.1
Segment Information
 3 Months Ended
Segment Reporting [Abstract]  
Segment Information Segment Information
ASC 280, Segment Reporting, requires reporting of segment information that is consistent with the manner in which the chief operating decision maker operates and views the Company. Our operations are grouped into two operating segments: ADESA Auctions and AFC, which also serve as our reportable business segments. These reportable business segments offer different services and have fundamental differences in their operations. Results of the former IAA segment and spin-related costs are now reported as discontinued operations (see Note 2). Segment results for the three months ended March 31, 2019 have been reclassified to conform with the new presentation of segments.
The holding company is maintained separately from the reportable segments and includes expenses associated with the corporate offices, such as salaries, benefits and travel costs for the corporate management team, certain human resources, information technology and accounting costs, and certain insurance, treasury, legal and risk management costs. Holding company interest expense includes the interest expense incurred on finance leases and the corporate debt structure. Intercompany charges relate primarily to interest on intercompany debt or receivables and certain administrative costs allocated by the holding company.
Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2020 (in millions):
 
ADESA
Auctions
 
AFC
 
Holding
Company
 
Consolidated
Operating revenues
$
567.0

 
$
78.5

 
$
—

 
$
645.5

Operating expenses
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization)
370.7

 
23.9

 
—

 
394.6

Selling, general and administrative
122.8

 
6.5

 
33.1

 
162.4

Depreciation and amortization          
39.1

 
2.7

 
5.9

 
47.7

Total operating expenses
532.6

 
33.1

 
39.0

 
604.7

Operating profit (loss)
34.4

 
45.4

 
(39.0
)
 
40.8

Interest expense
0.8

 
13.6

 
23.6

 
38.0

Other (income) expense, net
—

 
(0.1
)
 
(1.9
)
 
(2.0
)
Intercompany expense (income)
0.7

 
(0.8
)
 
0.1

 
—

Income (loss) from continuing operations before income taxes
32.9

 
32.7

 
(60.8
)
 
4.8

Income taxes
8.8

 
8.1

 
(14.9
)
 
2.0

Net income (loss) from continuing operations
$
24.1

 
$
24.6

 
$
(45.9
)
 
$
2.8

Total assets
$
3,279.5

 
$
2,445.3

 
$
274.9

 
$
5,999.7

Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2019 (in millions):
 
ADESA
Auctions
 
AFC
 
Holding
Company
 
Consolidated
Operating revenues
$
599.7

 
$
89.9

 
$
—

 
$
689.6

Operating expenses
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization)
370.7

 
23.2

 
—

 
393.9

Selling, general and administrative
126.6

 
7.2

 
41.4

 
175.2

Depreciation and amortization          
35.0

 
2.4

 
6.9

 
44.3

Total operating expenses
532.3

 
32.8

 
48.3

 
613.4

Operating profit (loss)
67.4

 
57.1

 
(48.3
)
 
76.2

Interest expense
0.7

 
17.1

 
38.7

 
56.5

Other (income) expense, net
(1.9
)
 
(0.1
)
 
(0.1
)
 
(2.1
)
Intercompany expense (income)
10.3

 
(1.2
)
 
(9.1
)
 
—

Income (loss) from continuing operations before income taxes
58.3

 
41.3

 
(77.8
)
 
21.8

Income taxes
15.9

 
10.8

 
(20.2
)
 
6.5

Net income (loss) from continuing operations
$
42.4

 
$
30.5

 
$
(57.6
)
 
$
15.3

Total assets
$
3,797.0

 
$
2,406.1

 
$
98.5

 
$
6,301.6

Geographic Information
Our foreign operations include Canada, Mexico, Continental Europe and the U.K. Most of our operations outside the U.S. are in Canada. Approximately 57% and 70% of our foreign operating revenues were from Canada for the three months ended March 31, 2020 and 2019, respectively. The 2019 acquisition of COTW has increased the percentage of operating revenues from Europe. Information regarding the geographic areas of our operations is set forth below (in millions):
 
Three Months Ended March 31,
 
2020
 
2019
Operating revenues
 
 
 
U.S. 
$
523.3

 
$
579.9

Foreign
122.2

 
109.7

 
$
645.5

 
$
689.6

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/7/208-K
For Period end:3/31/20
3/31/1910-Q
 List all Filings 

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Filing Submission 0001395942-20-000072   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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