Open Lending Q3 revenue $23.5M, down 9.6% YoY; net income $1.4M vs $3.0M

Open Lending Corp

2024-Q3 EPS reported $0.08 revenue$80,948,000

Certified loans fell to 27,435 from 29,959 YoY, a decline of 8.4%.
Revenue $23.5M, hit by $7.0M reduction in profit share estimates for historic vintages.
Net income dropped to $1.4M ($0.01 EPS) from $3.0M; adjusted EBITDA $7.8M vs $10.3M.
CEO says results near or above high-end of guidance for certified loans, revenue, adj. EBITDA excl. estimate change.
Management sees improving auto inventory, retail sales and affordability, but no updated guidance provided.

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