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Mar 31, 2024
Open Lending Q1 2024 Earnings Report
Open Lending's financial performance declined in Q1 2024 due to lower certified loans and revenue, but exceeded guidance for certified loans and revenue.
Key Takeaways
Open Lending reported a decrease in certified loans and revenue for Q1 2024 compared to the previous year. The company facilitated 28,189 certified loans and generated $30.7 million in revenue. Net income and Adjusted EBITDA also decreased. However, the company exceeded the high end of its guidance for both certified loans and revenue.
The Company facilitated 28,189 certified loans during Q1 2024, compared to 32,408 in Q1 2023.
Total revenue was $30.7 million in Q1 2024, compared to $38.4 million in Q1 2023.
Net income was $5.1 million in Q1 2024, compared to $12.5 million in Q1 2023.
Adjusted EBITDA was $12.5 million in Q1 2024, compared to $21.2 million in Q1 2023.
Revenue by Segment
Forward Guidance
The Company is issuing its second quarter 2024 guidance ranges as follows: Total Certified Loans 27,000 - 30,000, Total Revenue $29 - $33 million, Adjusted EBITDA $10 - $14 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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