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topics Before detail, let I into the review cover the I this that to me morning. get plan
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able gross to last direct gross from Most transactions. our year. the believe XX.X% a execute in profit revenue of increase result the cost as the to to is in going processes of a reducing percentage to and This XXX that’s we’re are points labor First, forward. We experienced costs revenue, model. reduction a basis importantly, the in quarter of committed marketplace we direct digital third sustainable are up changes
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these committed stick. are We making to savings fully
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go dealer-to-dealer me on space. our efforts the let more detail in So, into digital
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years. the by annual opportunity for expected in we the the ultimate acquisition the we of same As the that that We be opportunity competition KAR, EBITDA within that adjusted increase With than is greater close in even $XXX the year years. next million it the from believe believe BacklotCars we the XX next contribution period. could This our addition critical we gap to over over four the the will size per on space. said, that this TradeRev is space dealer-to-dealer in that over
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cover segment. me by Let this segment
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repo XX% XXXX. volumes our XX% in to industry be in expect to up We
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over expect We dealer of source a X the the segment next growth years. to be
balance Now, our capital let me for sheet to allocation. priorities position speak and
from First, and obvious sheet it improved is year. materially earlier is our cash balance position this
over in have cash. $X.X billion We
is down leverage X.X to net times. Our
and sheet balance announced XXXX have could We this even efficient Pipe during if the during through needed under transaction, the Pipe asked capital the demonstrated strong really you times been circumstances. we characteristics businesses KAR us the year. transaction we businesses more earlier get the we When I’ve raise made yes. through the XXXX is cash and a we many our told flow that pandemic a any continue Well, that that pandemic. of to wanted answer
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with Now, dealer-to-dealer the space, pursuing sheet we it have aggressively the as BacklotCars. confidence balance acquiring digital including is, in the
be our KAR amount our by repurchase position shares stabilized have share expect We $XXX stock leverage conditions. commit market The to million to and repurchasing repurchase will under we authorization. existing determined
future the be as expect XXXX. And these markets this offset preferred we return needed normal, working year. partially likely that our expect from of issuance do will earlier dilution stock purchases capital We sometime to finally, in will our
future. business of capital on time have normal to this to the support continue to return will in adequate as growth cash of the to things focus generation We the ensure disruption efficient during of we
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comments, lot will I the the to growth and had it to strategy have support over then Eric now focus the and take a to that Eric? I a some I’ve so to and about right turn know your future. We break will talk we get in today, more for questions.
