$Open Lending (LPRO.US)$Since listing in 2018, revenue has c...
$Open Lending (LPRO.US)$Since listing in 2018, revenue has continued to grow for 3 years, falling sharply by 17% in 2022. After reaching a high of 150 million in 2021, operating profit fell sharply by 35% in 2022, while net profit lost in 2020 and reached a high of 146 million in 2021, then fell sharply by 54% in 2022.
The income statement shows that the company's operating expenses continue to grow rapidly, and once revenue declines, operating profit declines at an accelerated pace.
The losses in 2020 were mainly due to restructuring and mergers and acquisitions of 130 million dollars.
Interest expenses have recently been reduced to a very low level, accounting for 4% of operating profit in 2022, and the burden is very light.
The balance sheet is relatively healthy, and asset liquidity is very strong. Of the 280 million current assets, 200 million are cash, and long-term loans are 144 million, accounting for 68% of net assets of 213 million, and the leverage ratio is medium.
The net operating cash flow over the past 5 years has been far lower than the net investment, and the shareholders' surplus ratio is very high.
Currently, the price-earnings ratio is 13. The valuation is relatively normal and not very attractive.
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