Core Insights - Open Lending (LPRO) reported a revenue of $23.48 million for the quarter ended September 2024, reflecting a decline of 9.7% year-over-year and falling short of the Zacks Consensus Estimate of $29.46 million by 20.32% [1] - The company's earnings per share (EPS) was $0.01, down from $0.02 in the same quarter last year, resulting in an EPS surprise of -80.00% against the consensus estimate of $0.05 [1] Revenue Breakdown - Profit share revenue was reported at $6.82 million, significantly below the four-analyst average estimate of $13.37 million, marking a year-over-year decline of 15% [3] - Program fees generated revenue of $14.16 million, slightly above the average estimate of $13.44 million, but still down 8.1% year-over-year [3] - Claims administration service fees amounted to $2.49 million, in line with the average estimate of $2.48 million, representing a year-over-year decrease of 2.9% [3] Stock Performance - Over the past month, Open Lending's shares have increased by 16.2%, outperforming the Zacks S&P 500 composite, which saw a change of 3.2% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

Core Viewpoint - Open Lending (LPRO) reported quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.05 per share, representing an earnings surprise of -80% [1][2] Financial Performance - The company posted revenues of $23.48 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 20.32%, compared to year-ago revenues of $26.01 million [2] - Over the last four quarters, Open Lending has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] Stock Performance - Open Lending shares have declined approximately 20.8% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $30.02 million, and for the current fiscal year, it is $0.18 on revenues of $116.95 million [7] - The estimate revisions trend for Open Lending is mixed, and future changes in estimates will be closely monitored [6][7] Industry Context - The Financial - Consumer Loans industry, to which Open Lending belongs, is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges ahead [8]

Financial Performance - Total revenue for Q3 2024 was $23.5 million, compared to $26.0 million in Q3 2023, reflecting a decline of about 9.6%[3] - Adjusted EBITDA for Q3 2024 was $7.8 million, down from $10.3 million in Q3 2023, a decrease of approximately 24.3%[3] - Gross profit in Q3 2024 was $17.3 million, compared to $20.6 million in Q3 2023, indicating a decline of about 16.0%[3] - Net income for Q3 2024 was $1.4 million, down from $3.0 million in Q3 2023, a decrease of approximately 53.3%[3] - Net income for the nine months ended September 30, 2024, was $9,426,000, a decrease of 65% compared to $26,912,000 in 2023[11] - Adjusted EBITDA for the nine months ended September 30, 2024, was $30,146,000, down from $52,310,000 in 2023, reflecting a margin of 37%[12] - Total revenue for the nine months ended September 30, 2024, was $80,948,000, compared to $102,521,000 in the same period of 2023, indicating a decline of approximately 21%[12] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $250.2 million, an increase from $240.2 million as of December 31, 2023[9] - Total assets increased to $395.7 million as of September 30, 2024, compared to $374.0 million as of December 31, 2023[9] - Cash and cash equivalents at the end of the period increased to $260,947,000 from $238,411,000 at the end of the previous year[11] - The company reported a net change in cash and cash equivalents of $14,278,000 for the nine months ended September 30, 2024, compared to $29,892,000 in 2023[11] Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2024, was $20,976,000, significantly lower than $65,903,000 in 2023[11] Shareholder Compensation and Expenses - Share-based compensation for the nine months ended September 30, 2024, was $6,408,000, slightly down from $6,826,000 in 2023[11] - Interest expense for the nine months ended September 30, 2024, totaled $8,468,000, compared to $7,841,000 in 2023[12] - Capitalized software development costs for the nine months ended September 30, 2024, were $2,577,000, an increase from $1,485,000 in 2023[11] Future Guidance - The company has issued guidance for Q4 2024, projecting total revenue between $22 million and $26 million[1] Market Conditions - The company continues to focus on market conditions in the automotive industry, noting improvements in inventory levels and retail sales volumes[2] Profit Share Revenues - The company reported a $7.0 million reduction in estimated future profit share revenues in Q3 2024, compared to an $8.1 million reduction in Q3 2023[3] Non-GAAP Measures - Total adjustments for non-GAAP measures amounted to $20,720,000 for the nine months ended September 30, 2024, down from $25,398,000 in 2023[12]

Core Viewpoint - Open Lending Corporation will host a conference call on November 7, 2024, to discuss its third quarter 2024 financial results, with a press release to be issued after market close on the same day [1]. Group 1: Company Overview - Open Lending Corporation (NASDAQ: LPRO) specializes in automotive lending enablement and risk analytics solutions for financial institutions [1]. - The company has been providing loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders in the United States for over 20 years [2]. Group 2: Conference Call Details - The conference call will take place at 5:00 PM ET and will be accessible via the company's investor relations website and by phone [1]. - The conference ID for the call is LENDING, and an archive of the webcast will be available shortly after the call concludes [1].

AUSTIN, Texas, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) ("Open Lending" or the "Company"), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced that its Board of Directors has appointed Chuck Jehl to serve as Chief Executive Officer and a member of the Board of Directors, effective immediately. Mr. Jehl will continue to serve as Open Lending's Interim Chief Financial Officer while the Company condu ...

AUSTIN, Texas, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) ("Open Lending" or the "Company"), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced that the Company will be attending the Canaccord Genuity 44th Annual Growth Conference in Boston, MA. The Company will participate in a fireside chat discussion, which will begin at 11:00am ET and can be accessed by visiting the Company's investor relations ...

Core Insights - Open Lending (LPRO) reported a revenue of $26.73 million for the quarter ended June 2024, reflecting a year-over-year decline of 29.9% and an EPS of $0.02 compared to $0.09 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $31.52 million, resulting in a surprise of -15.21%, while the EPS surprise was -60.00% against a consensus estimate of $0.05 [1] Revenue Breakdown - Revenue from profit share was $9.33 million, significantly below the average estimate of $14.76 million from four analysts, marking a year-over-year decline of 47.6% [3] - Revenue from program fees was $14.84 million, slightly above the average estimate of $14.29 million, but still represented a year-over-year decline of 17.1% [4] - Revenue from claims administration service fees was $2.56 million, exceeding the average estimate of $2.41 million, and showed a year-over-year increase of 4.3% [5] Stock Performance - Over the past month, shares of Open Lending have returned +1.3%, contrasting with the Zacks S&P 500 composite's decline of -6.5% [5] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [5]

Core Viewpoint - Open Lending (LPRO) reported quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.05 per share, representing a 60% earnings surprise [1] - The company also reported revenues of $26.73 million for the quarter, missing the Zacks Consensus Estimate by 15.21%, compared to $38.15 million in the same quarter last year [2] Group 1: Earnings Performance - Open Lending's earnings of $0.02 per share is a decrease from $0.09 per share a year ago [1] - The company has not surpassed consensus EPS estimates over the last four quarters [2] - The earnings surprise of -60% indicates significant underperformance relative to expectations [1] Group 2: Revenue Analysis - The reported revenue of $26.73 million is a decline from $38.15 million year-over-year [2] - Open Lending has only topped consensus revenue estimates once in the last four quarters [2] Group 3: Stock Performance and Outlook - Open Lending shares have decreased by approximately 35.3% since the beginning of the year, contrasting with the S&P 500's gain of 9% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call [3][4] - Current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $31.93 million, and $0.22 on revenues of $127.61 million for the current fiscal year [7] Group 4: Industry Context - The Financial - Consumer Loans industry, to which Open Lending belongs, is currently in the top 12% of over 250 Zacks industries [8] - Historical data indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than a factor of 2 to 1 [8]

AUSTIN, Texas, Aug. 08, 2024 (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 second quarter of 2024. "For the second quarter of 2024 we were near or above the high end of our guidance range across certified loans, revenue, and Adjusted EBITDA, excluding a negative change in estimate associated with our profit share," sa ...

AUSTIN, Texas, July 22, 2024 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) ("Open Lending" or "the Company"), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced that the Company will host a conference call to discuss second quarter 2024 financial results on Thursday, August 8, 2024 at 5:00pm ET. A press release with second quarter 2024 financial results will be issued after the market closes that same day. About Ope ...