Business
Open Lending Reports First Quarter 2023 Financial Results
AUSTIN, Texas, May 09, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending
About this update from Open Lending Corporation
[{"type":"text","content":"AUSTIN, Texas, May 09, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today reported financial results for its first quarter of 2023. “First quarter results were ahead of our expectations and included the certification of 32,408 loans and total revenue of $38.4 million. We also reported net income of $12.5 million and Adjusted EBITDA of $21.2 million, ” said Keith Jezek, CEO of Open Lending. “In this challenging economic environment, we remain laser focused on further refining and optimizing our sales channels, enhancing our technology offering and attracting and retaining top talent. We feel that the challenges our industry faces will eventually subside and that we are well positioned to capture the pent-up demand when conditions improve.” Three Months Ended March 31, 2023 Highlights The Company facilitated 32,408 certified loans during the first quarter of 2023, compared to 43,944 certified loans in the first quarter of 2022Total revenue was $38.4 million during the first quarter of 2023, compared to $50.1 million in the first quarter of 2022Gross profit was $32.9 million during the first quarter of 2023, compared to $45.3 million in the first quarter of 2022Net income was $12.5 million during the first quarter of 2023, compared to $23.2 million in the first quarter of 2022Adjusted EBITDA was $21.2 million during the first quarter of 2023, compared to $33.8 million in the first quarter of 2022 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the financial table included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.” Second Quarter 2023 Outlook Based on trends into second quarter 2023, the Company is issuing guidance ranges as follows: Total Certified Loans29,000 - 33,000Total Revenue$33 - $37 millionAdjusted EBITDA$16 - $20 million The guidance provided above includes forward-looking statements within the meaning of U.S. securities laws. While the financial guidance takes into account the continuing impact of the global COVID-19 pandemic, the impa...