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Jun 30, 2024
Open Lending Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024.
Key Takeaways
Open Lending reported its second quarter 2024 financial results, with performance near or above the high end of guidance for certified loans, revenue, and Adjusted EBITDA, excluding a negative change in estimated profit share. Total revenue was $26.7 million and net income was $2.9 million.
Facilitated 28,963 certified loans during the second quarter of 2024, compared to 34,354 in the second quarter of 2023.
Total revenue was $26.7 million, compared to $38.2 million in the second quarter of 2023, impacted by a $6.7 million reduction in estimated future profit share revenues.
Gross profit was $21.0 million, compared to $32.0 million in the second quarter of 2023.
Net income was $2.9 million, compared to $11.4 million in the second quarter of 2023.
Open Lending
Open Lending
Open Lending Revenue by Segment
Revenue by Segment
Program Fees Revenue
CapyFin.comProfit Share Revenue
CapyFin.comClaims Admin & Other Service Fees Revenue
CapyFin.com Forward Guidance
The Company is issuing its third quarter 2024 guidance ranges as follows: Total Certified Loans 25,000 - 28,000, Total Revenue $28 - $31 million, Adjusted EBITDA $11 - $14 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income