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Open Lending Corporation (LPRO-5.65%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $23.5 million from $26.0 million in the same quarter the previous year. This decrease is attributed to a reduction in certified loan volume and lower program fees.
Cost of services for the quarter increased to $6.1 million from $5.4 million in the same quarter of the previous year. The increase is primarily due to higher employee compensation and benefits and increased fees paid to data service providers.
Operating income for the quarter was $1.9 million, down from $4.5 million in the previous year, with the decline attributed to reduced revenue and increased operating expenses.
Net income for the quarter was $1.4 million, down from $3.0 million in the previous year. The decrease is primarily due to lower revenue and increased interest expense.
Cash provided by operating activities was $21.0 million, while cash used in investing and financing activities was $2.7 million and $4.0 million, respectively.
Open Lending had total assets of $395.7 million as of September 30, 2024, up from $374.0 million at the end of 2023. The increase is mainly due to higher cash and cash equivalents.
The filing also details the company's debt obligations, including a term loan due 2027 with an outstanding principal of $142.5 million.
Open Lending does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its lender base and increasing certified loan volume, despite the current challenges in the market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Open Lending Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.