A Business at a Glance
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Unless the context otherwise requires, “we,” “us,” “our,” “Open Lending,” and the “Company” refers to Open Lending Corporation, the combined company and its subsidiaries. Open Lending, LLC and Lenders Protection, LLC are wholly owned subsidiaries of Open Lending Corporation. Company Overview We are a leading provider of lending enablement and risk analytics to credit unions, regional banks, finance companies and the captive finance companies of automakers (“OEM captive finance companies”). Our customers, collectively referred to herein as automotive lenders, make automotive consumer loans to underserved near-prime and non-prime borrowers by harnessing our risk-based interest rate pricing models, powered by our proprietary data and real-time underwriting of automotive loan default insurance coverage from insurers. Since our inception in 2000, we have facilitated over one million automotive loans representing over $25.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 17M | - | 117M | 180M | 216M | 109M |
| Net Income | -150M | -135M | 22M | 67M | 146M | -91M |
| EPS | $-1.26 | $-1.13 | $0.18 | $0.53 | $1.16 | $-1.09 |
| Free Cash Flow | -12M | 17M | 83M | 107M | 93M | 23M |
| ROIC | -23.2% | -64.2% | 21.2% | 45.7% | 61.9% | 72.7% |
| Gross Margin | -36.7% | - | 81.0% | 88.9% | 91.4% | 91.0% |
| Debt/Equity | 0.00 | 1.69 | 0.68 | 0.68 | 0.90 | 5.74 |
| Dividends/Share | $0.00 | - | - | - | - | $1.63 |
| Operating Income | -84M | -65M | 29M | 98M | 150M | 57M |
| Operating Margin | -497.5% | - | 24.8% | 54.4% | 69.7% | 52.1% |
| ROE | -206.5% | -95.2% | 10.7% | 31.3% | 91.9% | -340.8% |
| Shares Outstanding | 118M | 119M | 123M | 126M | 126M | 83M |
| Metric | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 93M | 109M | 216M | 180M | 117M | N/A | 17M |
| Gross Margin | 91.6% | 91.0% | 91.4% | 88.9% | 81.0% | N/A | -36.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 63M | 57M | 150M | 98M | 29M | -65M | -84M |
| Op. Margin | 67.4% | 52.1% | 69.7% | 54.4% | 24.8% | N/A | -497.5% |
| Net Income | -112M | -91M | 146M | 67M | 22M | -135M | -150M |
| Net Margin | -120.6% | -83.3% | 67.7% | 37.1% | 18.8% | N/A | -887.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | 62.5% | 72.7% | 61.9% | 45.7% | 21.2% | -64.2% | -23.2% |
| ROE | N/A | -340.8% | 91.9% | 31.3% | 10.7% | -95.2% | -206.5% |
| ROA | -141.4% | -30.9% | 45.8% | 17.5% | 5.9% | -40.3% | -52.3% |
| Cash Flow | |||||||
| Op. Cash Flow | 42M | 25M | 95M | 107M | 83M | 18M | -12M |
| Free Cash Flow | 42M | 23M | 93M | 107M | 83M | 17M | -12M |
| Owner Earnings | 40M | 20M | 90M | 101M | 72M | 7.2M | -22M |
| CapEx | 99K | 1.2M | 2.0M | 238K | 123K | 165K | 0 |
| Maint. CapEx | 105K | 1.8M | 1.1M | 915K | 1.2M | 1.7M | 1.7M |
| Growth CapEx | 0 | 0 | 865K | 0 | 0 | 0 | 0 |
| D&A | 105K | 1.8M | 1.1M | 915K | 1.2M | 1.7M | 1.7M |
| CapEx/OCF | 0.2% | 4.9% | 2.1% | 0.2% | 0.1% | 0.9% | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 42M | 136M | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 3.3% | 9.3% | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 38M | 20M | 18M | 37M | 0 | 0 |
| Buyback Yield | N/A | 1.4% | 0.7% | 2.2% | 3.5% | N/A | 0.0% |
| Stock-Based Comp | 2.0M | 2.8M | 3.8M | 5.4M | 9.5M | 8.7M | 8.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -6.8M | 51M | 27M | -61M | -101M | -111M | -222M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | 222M |
| Long-Term Debt | 829K | 153M | 143M | 144M | 139M | 132M | 132M |
| Debt/Equity | -0.00 | 5.74 | 0.90 | 0.68 | 0.68 | 1.69 | 0.00 |
| Interest Coverage | 194.5 | 4.9 | 25.7 | 16.7 | 2.7 | -5.8 | -5.8 |
| Equity | -235M | 27M | 159M | 213M | 206M | 78M | 73M |
| Total Assets | 79M | 294M | 319M | 380M | 374M | 296M | 288M |
| Total Liabilities | 9.0M | 267M | 160M | 167M | 168M | 218M | 215M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -243M | -428M | -282M | -216M | -194M | -329M | -329M |
| Working Capital | 37M | 146M | 191M | 266M | 269M | 228M | 228M |
| Current Assets | 45M | 163M | 203M | 281M | 290M | 276M | 276M |
| Current Liabilities | 8.2M | 17M | 12M | 15M | 21M | 47M | 47M |
| Per Share Data | |||||||
| EPS | -2.97 | -1.09 | 1.16 | 0.53 | 0.18 | -1.13 | -1.26 |
| Owner EPS | 0.31 | 0.24 | 0.72 | 0.80 | 0.59 | 0.06 | -0.19 |
| Book Value | -1.85 | 0.32 | 1.26 | 1.69 | 1.68 | 0.65 | 0.62 |
| Cash Flow/Share | 0.33 | 0.30 | 0.76 | 0.85 | 0.67 | 0.15 | -1.26 |
| Dividends/Share | 0.33 | 1.63 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 126.8M | 83.2M | 125.9M | 125.7M | 122.6M | 119.5M | 118.2M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 19.9 | 12.2 | 47.9 | N/A | -1.2 |
| P/FCF | 32.0 | 115.4 | 31.2 | 7.6 | 12.8 | 40.3 | N/A |
| EV/EBIT | 21.2 | 48.6 | 19.5 | 7.7 | 32.9 | N/A | N/A |
| Price/Book | N/A | 101.6 | 18.3 | 3.8 | 5.1 | 9.0 | 2.5 |
| Price/Sales | 13.8 | 13.3 | 20.9 | 8.8 | 8.5 | N/A | 10.7 |
| FCF Yield | 3.1% | 0.9% | 3.2% | 13.2% | 7.8% | 2.5% | -6.6% |
| Market Cap | 1.3B | 2.7B | 2.9B | 812M | 1.1B | 703M | 182M |
| Avg. Price | 10.11 | 17.43 | 35.76 | 12.60 | 8.11 | 6.22 | 1.54 |
| Year-End Price | 10.50 | 32.50 | 23.07 | 6.46 | 8.62 | 5.88 | 1.54 |
Open Lending Corp passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 27.5% with a gross margin of 88.1%. At current prices, the estimated annualized return to fair value is -2.2%.
Open Lending Corp (LPRO) has a 5-year average return on invested capital (ROIC) of 27.5%. This indicates strong capital allocation and a potential competitive advantage.
Open Lending Corp (LPRO) has a market capitalization of $182M. It is classified as a small-cap stock.
Open Lending Corp (LPRO) does not currently pay a regular dividend.
Open Lending Corp (LPRO) operates in the Personal Credit Institutions industry, within the Financials sector.
Open Lending Corp (LPRO) generated $17 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Open Lending Corp (LPRO) has a debt-to-equity ratio of 1.69. This indicates higher leverage, which may increase financial risk.
Open Lending Corp (LPRO) reported earnings per share (EPS) of $-1.13 in its most recent fiscal year.
Open Lending Corp (LPRO) has a return on equity (ROE) of -95.2%. A negative ROE may indicate losses or negative equity.
Open Lending Corp (LPRO) has a 5-year average gross margin of 88.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Open Lending Corp (LPRO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Open Lending Corp (LPRO) has a book value per share of $0.65, based on its most recent annual SEC filing.
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