Open Lending Q1 revenue up 14% to $50.1M; net income $23.2M; signs Arch as insurance partner

Open Lending Corp

2022-Q1 EPS reported $0.18 revenue$50,068,000

Revenue of $50.1M (up 14% YoY); net income of $23.2M vs $12.9M in Q1 2021.
Adjusted EBITDA of $33.8M (up 11% YoY from $30.3M); certified loans of 43,944 (up 32% YoY).
Added 18 new customers in Q1; top 10 customers (ex-OEM) boosted certification volume by 166% YoY.
Signed Program Management Agreement with Arch Specialty Insurance Co. as fourth carrier partner; 5-year term, auto-renew.
Management cites semiconductor shortages and inflated used car values as near-term headwinds.

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