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Open Lending Corporation (LPRO+6.41%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a total revenue of $24.0 million for the year, a decrease from $117.5 million in the previous year. This decline is primarily attributed to a significant reduction in profit share revenue.
The company facilitated 110,652 certified loans in 2024, down from 122,984 in 2023. The average loan size per certified loan decreased to $28,122 from $29,388.
Operating expenses totaled $65.5 million, slightly down from $66.1 million in the prior year. General and administrative expenses increased by 2% to $43.9 million.
Open Lending reported a net loss of $135.0 million for 2024, compared to a net income of $22.1 million in 2023. The loss is mainly due to a $96.1 million reduction in estimated profit share revenues.
The company recorded an income tax expense of $70.4 million, significantly higher than the $6.8 million in 2023, primarily due to a valuation allowance on deferred tax assets.
Cash and cash equivalents at the end of the year were $243.2 million, slightly up from $240.2 million at the end of 2023.
Open Lending's total assets decreased to $296.4 million from $374.0 million the previous year, while total liabilities increased to $218.3 million from $168.5 million.
The filing also details the company's credit facilities, including a $150 million term loan and a $150 million revolving credit facility, both maturing in 2027.
Open Lending's Board of Directors appointed Jessica Buss as the Chief Executive Officer effective March 31, 2025.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.