Open Lending Reports Fourth Quarter and Full Year 2024 Financial Results
Open Lending (NASDAQ: LPRO) reported significant financial challenges in Q4 and full year 2024. The company facilitated 26,065 certified loans in Q4 2024, slightly down from 26,263 in Q4 2023. Q4 2024 showed concerning results with total revenue at $(56.9) million compared to $14.9 million in Q4 2023, primarily due to an $81.3 million reduction in estimated profit share revenues.
For full year 2024, certified loans decreased to 110,652 from 122,984 in 2023. Total revenue dropped to $24.0 million from $117.5 million, with a net loss of $135.0 million compared to net income of $22.1 million in 2023. The company's performance was heavily impacted by heightened delinquencies and defaults, particularly in loans originated between 2021-2024.
The company projects Q1 2025 certified loans between 27,000-28,000. Additionally, Jessica Buss has been appointed as CEO while maintaining her position as Board Chairman, and Michelle Glasl joins as COO.
Open Lending (NASDAQ: LPRO) ha riportato significative difficoltà finanziarie nel quarto trimestre e nell'intero anno 2024. L'azienda ha facilitato 26.065 prestiti certificati nel Q4 2024, leggermente in calo rispetto ai 26.263 del Q4 2023. I risultati del Q4 2024 sono preoccupanti, con un fatturato totale di $(56,9) milioni rispetto ai $14,9 milioni del Q4 2023, principalmente a causa di una riduzione di $81,3 milioni nelle entrate stimate da profitti condivisi.
Per l'intero anno 2024, i prestiti certificati sono diminuiti a 110.652 rispetto ai 122.984 del 2023. Il fatturato totale è sceso a $24,0 milioni rispetto ai $117,5 milioni, con una perdita netta di $135,0 milioni rispetto a un reddito netto di $22,1 milioni nel 2023. Le performance dell'azienda sono state pesantemente influenzate da un aumento dei ritardi nei pagamenti e dei default, in particolare nei prestiti originati tra il 2021 e il 2024.
L'azienda prevede per il Q1 2025 un numero di prestiti certificati compreso tra 27.000 e 28.000. Inoltre, Jessica Buss è stata nominata CEO mantenendo la sua posizione di Presidente del Consiglio, e Michelle Glasl entra come COO.
Open Lending (NASDAQ: LPRO) informó sobre desafíos financieros significativos en el cuarto trimestre y en todo el año 2024. La compañía facilitó 26,065 préstamos certificados en el Q4 2024, ligeramente por debajo de los 26,263 en el Q4 2023. Los resultados del Q4 2024 son preocupantes, con ingresos totales de $(56.9) millones en comparación con $14.9 millones en el Q4 2023, principalmente debido a una reducción de $81.3 millones en los ingresos estimados por participación en las ganancias.
Para el año completo 2024, los préstamos certificados disminuyeron a 110,652 desde 122,984 en 2023. Los ingresos totales cayeron a $24.0 millones desde $117.5 millones, con una pérdida neta de $135.0 millones en comparación con un ingreso neto de $22.1 millones en 2023. El desempeño de la empresa se vio gravemente afectado por un aumento en la morosidad y los incumplimientos, particularmente en los préstamos originados entre 2021 y 2024.
La empresa proyecta para el Q1 2025 préstamos certificados entre 27,000 y 28,000. Además, Jessica Buss ha sido nombrada CEO, manteniendo su posición como Presidenta de la Junta, y Michelle Glasl se une como COO.
Open Lending (NASDAQ: LPRO)는 2024년 4분기 및 전체 연도에 심각한 재정적 어려움을 보고했습니다. 이 회사는 2024년 4분기 동안 26,065개의 인증된 대출을 지원했으며, 이는 2023년 4분기의 26,263개에서 약간 감소한 수치입니다. 2024년 4분기의 결과는 우려스럽고, 총 수익은 $(56.9)백만 달러로 2023년 4분기의 14.9백만 달러에 비해 크게 감소했으며, 이는 주로 추정된 이익 공유 수익이 8130만 달러 감소했기 때문입니다.
2024년 전체 연도 동안 인증된 대출은 110,652건으로 2023년의 122,984건에서 감소했습니다. 총 수익은 2400만 달러로 1억 1750만 달러에서 감소했으며, 2023년의 순이익 2210만 달러에 비해 1억 3500만 달러의 순손실이 발생했습니다. 회사의 성과는 특히 2021-2024년 사이에 발생한 대출의 연체 및 채무불이행 증가로 인해 크게 영향을 받았습니다.
회사는 2025년 1분기에 인증된 대출이 27,000에서 28,000 사이가 될 것으로 예상하고 있습니다. 또한 제시카 부스가 CEO로 임명되었으며 이사회 의장직도 유지하고, 미셸 글라슬이 COO로 합류합니다.
Open Lending (NASDAQ: LPRO) a signalé d'importants défis financiers au quatrième trimestre et pour l'ensemble de l'année 2024. L'entreprise a facilité 26 065 prêts certifiés au Q4 2024, légèrement en baisse par rapport à 26 263 au Q4 2023. Le Q4 2024 a montré des résultats préoccupants avec un chiffre d'affaires total de $(56,9) millions comparé à 14,9 millions de dollars au Q4 2023, principalement en raison d'une réduction de 81,3 millions de dollars des revenus estimés de partage des bénéfices.
Pour l'année complète 2024, les prêts certifiés ont diminué à 110 652 contre 122 984 en 2023. Le chiffre d'affaires total a chuté à 24,0 millions de dollars contre 117,5 millions de dollars, avec une perte nette de 135,0 millions de dollars par rapport à un revenu net de 22,1 millions de dollars en 2023. La performance de l'entreprise a été fortement impactée par une augmentation des retards de paiement et des défauts, en particulier pour les prêts accordés entre 2021 et 2024.
L'entreprise prévoit pour le Q1 2025 un nombre de prêts certifiés compris entre 27 000 et 28 000. De plus, Jessica Buss a été nommée PDG tout en conservant son poste de présidente du conseil, et Michelle Glasl rejoint l'entreprise en tant que COO.
Open Lending (NASDAQ: LPRO) berichtete über erhebliche finanzielle Herausforderungen im vierten Quartal und im gesamten Jahr 2024. Das Unternehmen vermittelte im Q4 2024 insgesamt 26.065 zertifizierte Kredite, was einen leichten Rückgang gegenüber 26.263 im Q4 2023 darstellt. Das Q4 2024 zeigte besorgniserregende Ergebnisse mit einem Gesamtumsatz von $(56,9) Millionen im Vergleich zu 14,9 Millionen Dollar im Q4 2023, hauptsächlich aufgrund eines Rückgangs der geschätzten Gewinnbeteiligung um 81,3 Millionen Dollar.
Im gesamten Jahr 2024 sank die Zahl der zertifizierten Kredite auf 110.652 von 122.984 im Jahr 2023. Der Gesamtumsatz fiel auf 24,0 Millionen Dollar von 117,5 Millionen Dollar, mit einem Nettoverlust von 135,0 Millionen Dollar im Vergleich zu einem Nettogewinn von 22,1 Millionen Dollar im Jahr 2023. Die Leistung des Unternehmens wurde stark von erhöhten Zahlungsausfällen und -verzögerungen beeinflusst, insbesondere bei Krediten, die zwischen 2021 und 2024 vergeben wurden.
Das Unternehmen prognostiziert für das Q1 2025 zertifizierte Kredite zwischen 27.000 und 28.000. Darüber hinaus wurde Jessica Buss zur CEO ernannt, während sie weiterhin als Vorstandsvorsitzende fungiert, und Michelle Glasl tritt als COO bei.
- New leadership appointments with Jessica Buss as CEO and Michelle Glasl as COO
- Q1 2025 guidance projects slight improvement in certified loans (27,000-28,000)
- Q4 2024 revenue declined to $(56.9)M from $14.9M in Q4 2023
- Full-year revenue dropped 79.6% to $24.0M from $117.5M
- Net loss of $135.0M in 2024 versus $22.1M profit in 2023
- Certified loans decreased 10% year-over-year to 110,652
- $81.3M reduction in estimated profit share revenues due to loan defaults
- $86.1M valuation allowance on deferred tax assets
- Negative Adjusted EBITDA of $(42.9)M compared to positive $50.2M in 2023
Insights
Open Lending's Q4 2024 results reveal severe financial deterioration with revenue plunging to
The company's financial collapse is evident across all metrics: gross loss of
Full-year performance follows the same alarming trajectory with revenue nosediving
Three critical factors drove the profit share implosion: deteriorating 2021-2022 loan vintages (
The concerning financial situation coincides with major leadership changes, including Board Chair Jessica Buss assuming the CEO role. The recording of an
AUSTIN, Texas, March 31, 2025 (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 fourth quarter and full year ended December 31, 2024.
In a separate press release today, the Company announced that its Board of Directors (the “Board”) has appointed Jessica Buss, Chairman of the Board, as Chief Executive Officer, effective immediately. The Board has also appointed Michelle Glasl as Chief Operating Officer. Charles Jehl will continue to serve as Interim Chief Financial Officer and as a member of the Board.
Three Months Ended December 31, 2024 Highlights
- The Company facilitated 26,065 certified loans during the fourth quarter of 2024, compared to 26,263 certified loans in the fourth quarter of 2023.
- Total revenue was
$(56.9) million during the fourth quarter of 2024, compared to$14.9 million in the fourth quarter of 2023. The fourth quarter of 2024 was negatively impacted by a$81.3 million reduction in estimated profit share revenues related to business in historic vintages as compared to a$14.3 million reduction in the fourth quarter of 2023. - Gross loss was
$63.2 million during the fourth quarter of 2024, compared to gross profit of$9.6 million in the fourth quarter of 2023. - Net loss was
$144.4 million during the fourth quarter of 2024, compared to a net loss of$4.8 million in the fourth quarter of 2023. The fourth quarter of 2024 was negatively impacted by the recording of a valuation allowance on our deferred tax assets of$86.1 million , which increased our income tax expense during the period. - Adjusted EBITDA was
$(73.1) million during the fourth quarter of 2024, compared to$(2.1) million in the fourth quarter of 2023.
Twelve Months Ended December 31, 2024 Highlights
- The Company facilitated 110,652 certified loans during the year ended December 31, 2024, compared to 122,984 certified loans in the prior year.
- Total revenue was
$24.0 million during the year ended December 31, 2024, compared to$117.5 million in the prior year. The year ended December 31, 2024 was negatively impacted by a$96.1 million reduction in estimated profit share revenues related to business in historic vintages as compared to a$22.8 million reduction in the prior year. - Gross profit was
$0.2 million during the year ended December 31, 2024, compared to$95.2 million in the prior year. - Net loss was
$135.0 million during the year ended December 31, 2024, compared to net income of$22.1 million in the prior year. - Adjusted EBITDA was
$(42.9) million during the year ended December 31, 2024, compared to$50.2 million in the prior year.
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.”
Fourth Quarter 2024 Impact Related to Profit Share Revenue Change in Estimates
Each quarter, the Company evaluates and updates its profit share revenue forecast and makes adjustments to its profit share revenue and related contract assets accordingly. Following this evaluation, for the fourth quarter of 2024, adjustments attributable to the Company's profit share revenue forecast resulted in a negative change in estimate of
As discussed below, three factors primarily contributed to this reduction of estimated profit share.
First, there was continued deterioration of the Company's 2021 and 2022 vintages. These certified loans were generated when used car values reached an all-time high in late 2021, driven by pandemic-related disruptions in the supply chain. The subsequent decline in used car values has increased the likelihood of default on vehicles that are now worth significantly less than their corresponding outstanding loan balances. Adjustments to the forecasted performance of the Company's 2021 and 2022 vintages accounted for approximately
Second, continued elevated delinquencies and ultimate defaults as a result of broader macroeconomic conditions accounted for approximately
Finally, the Company identified two cohorts of borrowers, borrowers with credit builder tradelines and borrowers with fewer positive tradelines, that caused its 2023 and 2024 vintages to underperform. Adjustments to the forecasted performance of loans to these two cohorts of borrowers accounted for approximately
As a result of the profit share change in estimate adjustment, for the fourth quarter of 2024, the Company reduced its contract assets by
First Quarter 2025 Outlook
For the first quarter of 2025, the Company currently expects total certified loans to be between 27,000 and 28,000.
The guidance provided includes forward-looking statements within the meaning of U.S. securities laws. See “Forward-Looking Statements” below.
Board Changes
Jessica Buss will continue to serve as Chairman of the Board but will no longer be a member of the nominating and corporate governance and audit committees of the Board. Thomas Hegge will join the audit committee effective immediately.
Conference Call
Open Lending will host a conference call to discuss the fourth quarter and full year 2024 financial results tomorrow, April 1, 2025, at 8:00 am ET. The conference call will be webcast live from the Company's investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-4018, or for international callers (201) 689-8471; the conference ID is 13752724. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
About Open Lending
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to market trends, consumer behavior and demand for automotive loans, as well as future financial performance under the heading "First Quarter 2025 Outlook" above. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, tariffs, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP. The Company uses Adjusted EBITDA and Adjusted EBITDA margin internally in analyzing our financial results and believes these measures are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. The Company believes that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.
The Company believes these measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. In addition, these measures provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain non-recurring variable charges. Adjusted EBITDA is defined as GAAP net income (loss) excluding interest expense, income tax expense, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release.
Investor Relations Contact:
InvestorRelations@openlending.com
| OPEN LENDING CORPORATION Consolidated Balance Sheets (Unaudited, in thousands, except share data) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 243,164 | $ | 240,206 | ||||
| Restricted cash | 10,760 | 6,463 | ||||||
| Accounts receivable, net | 5,055 | 4,616 | ||||||
| Current contract assets, net | 9,973 | 28,704 | ||||||
| Income tax receivable | 3,558 | 7,035 | ||||||
| Other current assets | 3,215 | 2,852 | ||||||
| Total current assets | 275,725 | 289,876 | ||||||
| Property and equipment, net | 729 | 826 | ||||||
| Capitalized software development costs, net | 5,386 | 3,087 | ||||||
| Operating lease right-of-use assets, net | 3,878 | 3,990 | ||||||
| Contract assets | 5,094 | 610 | ||||||
| Deferred tax asset, net | — | 70,113 | ||||||
| Other assets | 5,556 | 5,535 | ||||||
| Total assets | $ | 296,368 | $ | 374,037 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 953 | $ | 375 | ||||
| Accrued expenses | 5,166 | 8,131 | ||||||
| Current portion of debt | 7,500 | 4,688 | ||||||
| Third-party claims administration liability | 10,797 | 6,464 | ||||||
| Current portion of excess profit share receipts | 19,346 | — | ||||||
| Other current liabilities | 3,490 | 932 | ||||||
| Total current liabilities | 47,252 | 20,590 | ||||||
| Long-term debt, net of deferred financing costs | 132,217 | 139,357 | ||||||
| Operating lease liabilities | 3,273 | 3,450 | ||||||
| Excess profit share receipts | 28,210 | — | ||||||
| Other liabilities | 7,329 | 5,060 | ||||||
| Total liabilities | 218,281 | 168,457 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 1,282 | 1,282 | ||||||
| Additional paid-in capital | 502,664 | 502,032 | ||||||
| Accumulated deficit | (328,759 | ) | (193,749 | ) | ||||
| Treasury stock at cost, 8,848,184 shares at December 31, 2024 and 9,378,390 at December 31, 2023 | (97,100 | ) | (103,985 | ) | ||||
| Total stockholders’ equity | $ | 78,087 | $ | 205,580 | ||||
| Total liabilities and stockholders’ equity | $ | 296,368 | $ | 374,037 | ||||
| OPEN LENDING CORPORATION Consolidated Statements of Operations (Unaudited, in thousands, except share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| Program fees | $ | 13,734 | $ | 13,482 | $ | 57,040 | $ | 64,092 | |||||||
| Profit share | (73,160 | ) | (1,132 | ) | (43,123 | ) | 43,301 | ||||||||
| Claims administration and other service fees | 2,502 | 2,589 | 10,107 | 10,067 | |||||||||||
| Total revenue | (56,924 | ) | 14,939 | 24,024 | 117,460 | ||||||||||
| Cost of services | 6,265 | 5,365 | 23,855 | 22,282 | |||||||||||
| Gross profit (loss) | (63,189 | ) | 9,574 | 169 | 95,178 | ||||||||||
| Operating expenses | |||||||||||||||
| General and administrative | 10,549 | 12,002 | 43,867 | 43,043 | |||||||||||
| Selling and marketing | 3,958 | 4,349 | 17,218 | 17,485 | |||||||||||
| Research and development | 861 | 1,500 | 4,462 | 5,575 | |||||||||||
| Total operating expenses | 15,368 | 17,851 | 65,547 | 66,103 | |||||||||||
| Operating income (loss) | (78,557 | ) | (8,277 | ) | (65,378 | ) | 29,075 | ||||||||
| Interest expense | (2,849 | ) | (2,820 | ) | (11,317 | ) | (10,661 | ) | |||||||
| Interest income | 2,812 | 3,018 | 12,090 | 10,335 | |||||||||||
| Other income (expense), net | — | 118 | — | 109 | |||||||||||
| Income (loss) before income taxes | (78,594 | ) | (7,961 | ) | (64,605 | ) | 28,858 | ||||||||
| Income tax expense (benefit) | 65,842 | (3,119 | ) | 70,405 | 6,788 | ||||||||||
| Net income (loss) | $ | (144,436 | ) | $ | (4,842 | ) | $ | (135,010 | ) | $ | 22,070 | ||||
| Net income (loss) per common share | |||||||||||||||
| Basic | $ | (1.21 | ) | $ | (0.04 | ) | $ | (1.13 | ) | $ | 0.18 | ||||
| Diluted | $ | (1.21 | ) | $ | (0.04 | ) | $ | (1.13 | ) | $ | 0.18 | ||||
| Weighted average common shares outstanding | |||||||||||||||
| Basic | 119,331,553 | 119,366,013 | 119,179,766 | 120,826,644 | |||||||||||
| Diluted | 119,331,553 | 119,366,013 | 119,179,766 | 121,474,880 | |||||||||||
| OPEN LENDING CORPORATION Consolidated Statements of Cash Flows (Unaudited, in thousands) | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | (135,010 | ) | $ | 22,070 | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Share-based compensation | 8,677 | 9,492 | ||||||
| Depreciation and amortization | 1,674 | 1,159 | ||||||
| Amortization of debt issuance costs | 427 | 428 | ||||||
| Non-cash operating lease cost | 705 | 620 | ||||||
| Deferred income taxes | 70,113 | (4,985 | ) | |||||
| Other | 127 | 15 | ||||||
| Changes in assets & liabilities: | ||||||||
| Accounts receivable, net | (439 | ) | 1,105 | |||||
| Contract assets, net | 14,247 | 46,116 | ||||||
| Excess profit share receipts | 47,556 | — | ||||||
| Other current and non-current assets | (429 | ) | (507 | ) | ||||
| Accounts payable | 578 | 86 | ||||||
| Accrued expenses | (2,473 | ) | 1,183 | |||||
| Income tax receivable, net | 4,198 | 2,699 | ||||||
| Operating lease liabilities | (624 | ) | (561 | ) | ||||
| Third-party claims administration liability | 4,333 | 2,409 | ||||||
| Other current and non-current liabilities | 3,938 | 1,329 | ||||||
| Net cash provided by operating activities | 17,598 | 82,658 | ||||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (165 | ) | (123 | ) | ||||
| Capitalized software development costs | (3,731 | ) | (2,055 | ) | ||||
| Net cash used in investing activities | (3,896 | ) | (2,178 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments on term loans | (4,688 | ) | (3,750 | ) | ||||
| Payment of excise tax on shares repurchased | (314 | ) | — | |||||
| Shares repurchased | — | (37,322 | ) | |||||
| Shares withheld for taxes related to restricted stock units | (1,445 | ) | (1,258 | ) | ||||
| Net cash used in financing activities | (6,447 | ) | (42,330 | ) | ||||
| Net change in cash and cash equivalents and restricted cash | 7,255 | 38,150 | ||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 246,669 | 208,519 | ||||||
| Cash and cash equivalents and restricted cash at the end of the period | $ | 253,924 | $ | 246,669 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid | $ | 12,590 | $ | 10,313 | ||||
| Income tax paid (refunded), net | (3,907 | ) | 9,075 | |||||
| Non-cash investing and financing: | ||||||||
| Right-of-use assets obtained in exchange for lease obligations | $ | 594 | $ | — | ||||
| Share-based compensation for capitalized software development | 285 | 88 | ||||||
| Capitalized software development costs accrued but not paid | 15 | 248 | ||||||
| Accrued excise tax associated with share repurchases | — | 314 | ||||||
| OPEN LENDING CORPORATION Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited, in thousands) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | (144,436 | ) | $ | (4,842 | ) | $ | (135,010 | ) | $ | 22,070 | ||||
| Non-GAAP adjustments: | |||||||||||||||
| Interest expense | 2,849 | 2,820 | 11,317 | 10,661 | |||||||||||
| Income tax expense (benefit) | 65,842 | (3,119 | ) | 70,405 | 6,788 | ||||||||||
| Depreciation and amortization expense | 393 | 335 | 1,674 | 1,159 | |||||||||||
| Share-based compensation | 2,269 | 2,666 | 8,677 | 9,492 | |||||||||||
| Total adjustments | 71,353 | 2,702 | 92,073 | 28,100 | |||||||||||
| Adjusted EBITDA | $ | (73,083 | ) | $ | (2,140 | ) | $ | (42,937 | ) | $ | 50,170 | ||||
| Total revenue | $ | (56,924 | ) | $ | 14,939 | $ | 24,024 | $ | 117,460 | ||||||
| Adjusted EBITDA margin | 128 | % | (14 | )% | (179 | )% | 43 | % | |||||||
FAQ
What caused Open Lending (LPRO) significant revenue decline in Q4 2024?
How many certified loans did LPRO facilitate in full year 2024?
What is LPRO's guidance for certified loans in Q1 2025?
What major leadership changes occurred at Open Lending (LPRO) in 2024?
How did LPRO's full-year 2024 performance compare to 2023?
