Business
Open Lending Reports Fourth Quarter and Fiscal Year 2022 Financial Results
AUSTIN, Texas, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), a leading provider of lending
About this update from Open Lending Corporation
[{"type":"text","content":"AUSTIN, Texas, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), a leading provider of lending enablement and risk analytics solutions to financial institutions, today reported financial results for its fourth quarter and fiscal year 2022. “For the year ended December 31, 2022, we certified over 165,000 loans, reported total revenue of $179.6 million and adjusted operating cash flows of $142.6 million. While these results were below our expectations, we faced unprecedented industry challenges including new and used vehicle sales being the worst in nearly a decade, historic declines in wholesale used car values, and vehicle affordability at record highs,” said Keith Jezek, CEO of Open Lending. “While we expect these challenges to persist throughout 2023, we are thoughtfully investing in initiatives that support our long-term competitive advantages. These initiatives focus on growing our customer base as well as expanding with our existing customers. We believe that optimizing our sales channels and refining our technology offering will position us for long term success by supporting our goal of gaining market share.” Three Months Ended December 31, 2022 Highlights The Company facilitated 34,550 certified loans during the fourth quarter of 2022, compared to 42,639 certified loans in the fourth quarter of 2021.Total revenue was $26.8 million during the fourth quarter of 2022, compared to $51.6 million in the fourth quarter of 2021. The fourth quarter of 2022 was impacted by a $12.8 million reduction in estimated future revenues related to business in historic vintages.Gross profit was $21.9 million during the fourth quarter of 2022, compared to $46.9 million in the fourth quarter of 2021.Net loss was $4.2 million during the fourth quarter of 2022, compared to net income of $27.8 million in the fourth quarter of 2021.Adjusted EBITDA was $8.5 million during the fourth quarter of 2022, compared to $36.6 million in the fourth quarter of 2021. Twelve Months Ended December 31, 2022 Highlights The Company facilitated 165,211 certified loans during the year ended December 31, 2022, compared to 171,697 certified loans in the prior year.Total revenue was $179.6 million during the year ended December 31, 2022, compared to $215.7 million in the prior year.Gross profit was $159.6 millio...