Open Lending Q2 revenue $52M (-15% YoY); net income $23.1M; lowers FY 2022 guidance

Open Lending Corp

2022-Q2 EPS reported $0.37 revenue$102,112,000

Revenue $52.0M vs $61.1M in Q2 2021; net income $23.1M vs $76.0M.
Adjusted EBITDA $34.0M vs $46.1M YoY; gross profit $47.0M (90.4% margin).
Certified loans 44,531, down 4% from 46,408 in Q2 2021.
Added 18 new customers; top 10 non-OEM customers increased certification volume 33% YoY.
Updated FY 2022 guidance to reflect auto lending headwinds; expects auto originations in line with 2021.

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