Open Lending reports Q4 EPS (4c), consensus 4c

Reports Q4 revenue $14.94M, consensus $27.55M.The fourth quarter was negatively impacted by a $14.3M reduction in estimated future profit share revenues related to business in historic vintages as compared to a $12.8M reduction in the fourth quarter of 2022. “We exceeded the high-end of our guidance range for certified loans and revenues in the fourth quarter, excluding a negative change in estimate associated with our profit share. In 2023, we continued to improve our product and technology and further refined our go-to-market strategy to position us well for growth,” said Keith Jezek, CEO of Open Lending. “In 2024, our priorities will be to optimize the core business as well as further expand into the bank segment. I believe our value proposition to the various players in the auto retail ecosystem is as strong as ever, and by executing on our priorities, we will be well-positioned to capture the pent-up demand as the industry inevitably recovers. I am proud of the continued execution by our team as we remain focused on our mission to change lives by making transportation affordable.”