Open Lending Q4 2023 Earnings Report
Key Takeaways
Open Lending reported a decrease in certified loans and revenue for Q4 2023 compared to Q4 2022, with revenue negatively impacted by a reduction in estimated future profit share revenues. The company's priorities for 2024 include optimizing the core business and expanding into the bank segment.
The Company facilitated 26,263 certified loans during the fourth quarter of 2023, compared to 34,550 certified loans in the fourth quarter of 2022.
Total revenue was $14.9 million during the fourth quarter of 2023, compared to $26.8 million in the quarter of 2022.
Gross profit was $9.6 million during the fourth quarter of 2023, compared to $21.9 million in the fourth quarter of 2022.
Net loss was $4.8 million during the fourth quarter of 2023, compared to a $4.2 million net loss in the fourth quarter of 2022.
Open Lending
Open Lending
Open Lending Revenue by Segment
Forward Guidance
The Company is issuing its first quarter 2024 guidance ranges as follows: Total Certified Loans 24,000 - 28,000 Total Revenue $26 - $30 million Adjusted EBITDA $10 - $14 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income