Open Lending Q3 2023 Earnings Report
Key Takeaways
Open Lending reported a decrease in certified loans and total revenue for Q3 2023 compared to the previous year. The company is focusing on positioning itself for future growth through strategic investments and believes it has a strong foundation with a substantial addressable market and positive cash flow.
The Company facilitated 29,959 certified loans during the third quarter of 2023, compared to 42,186 certified loans in the third quarter of 2022.
Total revenue was $26.0 million during the third quarter of 2023, compared to $50.7 million in the third quarter of 2022.
Net income was $3.0 million during the third quarter of 2023, compared to $24.5 million in the third quarter of 2022.
Adjusted EBITDA was $10.3 million during the third quarter of 2023, compared to $29.4 million in the third quarter of 2022.
Open Lending
Open Lending
Open Lending Revenue by Segment
Forward Guidance
The Company is issuing guidance ranges for Q4 2023 as follows: Total Certified Loans between 22,000 and 26,000; Total Revenue between $25 and $29 million; Adjusted EBITDA between $11 and $14 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income