Open Lending Q3 2024 Earnings Report
Key Takeaways
Open Lending reported a decrease in certified loans and revenue for Q3 2024 compared to Q3 2023. The company facilitated 27,435 certified loans, with a total revenue of $23.5 million. Net income decreased to $1.4 million, and adjusted EBITDA was $7.8 million. The results were near or above the high end of guidance, excluding the negative change in the profit share estimate.
Facilitated 27,435 certified loans, a decrease from 29,959 in Q3 2023.
Total revenue was $23.5 million, down from $26.0 million in Q3 2023, impacted by a $7.0 million reduction in estimated future profit share revenues.
Gross profit was $17.3 million, compared to $20.6 million in Q3 2023.
Net income was $1.4 million, a decrease from $3.0 million in Q3 2023.
Open Lending
Open Lending
Open Lending Revenue by Segment
Forward Guidance
The Company is issuing its fourth quarter 2024 guidance ranges as follows: Total Certified Loans 20,000 - 24,000, Total Revenue $22 - $26 million, Adjusted EBITDA $7 - $10 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income