Open Lending Q3 2023 revenue down 49% YoY to $26.0M; certified loans drop 29% to 29,959

Open Lending Corp

2023-Q3 EPS reported $0.22 revenue$102,521,000

Total revenue $26.0M, down from $50.7M YoY; includes $8.1M reduction in estimated future profit share revenues.
Net income $3.0M vs $24.5M YoY; adjusted EBITDA $10.3M vs $29.4M.
Certified loans 29,959, down 29% from 42,186 in Q3 2022.
CEO cites challenging market conditions but strong balance sheet and no near-term debt maturities.
Company continues to invest for future recovery amid pent-up demand expectations.

item 2.02

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Open Lending Corp reported financial results for third quarter of 2023.

Period: third quarter of 2023
Result: reported results

Exact text from the filing

Total revenue was $26.0 million during the third quarter of 2023, compared to $50.7 million in the third quarter of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Open Lending Corp reported financial results for third quarter of 2023.

Period: third quarter of 2023
Result: reported results

Exact text from the filing

Net income was $3.0 million during the third quarter of 2023, compared to $24.5 million in the third quarter of 2022.

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Source: SEC EDGAR

accession 0001806201-23-000134

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