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OpenLending Open Lending Reports First Quarter 2021 Financial Results May 11 , 2021 AUSTIN , Texas , May 11 , 2021 ( GLOBE NEWSWIRE ) -- Open Lending Corporation ( NASDAQ : LPRO ) ( the " Company " or " Open Lending " ) , a leading provider of lending enablement and risk analytics solutions to financial institutions , today reported financial results for its first quarter of 2021 . " We are pleased with our strong first quarter results , which included a 19 % increase in certified loans , a 152 % increase in revenue and a 217 % increase in Adjusted EBITDA compared to the first quarter of 2020. March was especially notable , a record month in our Company's history from a certified loan perspective , and the momentum has continued , " said John Flynn , Chairman and CEO Open Lending . ' We've continued to make a lot of progress on our growth objectives , including the addition of many new credit union customers during the quarter , making traction in our efforts to expand into regional banks and online lending channels , OEM growth , as well as continuing to make progress adding additional insurance carrier partners to the platform . " Three Months Ended March 31 , 2021 Highlights • The Company facilitated 33,318 certified loans during the first quarter of 2021 , compared to 28,024 certified loans in the first quarter of 2020 • Total revenue was $ 44.0 million during the first quarter of 2021 , compared to $ 17.4 million in the first quarter of 2020 • Gross profit was $ 40.6 million during the first quarter of 2021 , compared to $ 14.9 million in the first quarter of 2020 • Net income was $ 12.9 million during the first quarter of 2021 , compared to $ 8.2 million in the first quarter of 2020 Adjusted EBITDA was $ 30.3 million during the first quarter of 2021 , compared to $ 9.6 million in the first quarter of 2020 Adjusted EBITDA is a non - GAAP financial measure . Reconciliations of this non - GAAP financial measure to its most directly comparable GAAP financial measure are provided in the financial tables included at the end of this press release . An explanation of this measure and how it is calculated is also included under the heading " Non - GAAP Financial Measures . " 2021 Outlook Based on the first quarter results and trends into second quarter 2021 , the Company is reaffirming its previously issued guidance of the following : Total Certified Loans Total Revenue Adjusted EBITDA Adjusted Operating Cash Flow ( a ) Full Year 2021 Outlook 161,000 206,000 - $ 184 $ 234 million $ 125 $ 168 million $ 81 $ 111 million . - a . Adjusted Operating Cash Flow is defined as Adjusted EBITDA , minus CAPEX , plus or minus change in contract assets . The guidance provided above includes forward - looking statements within the meaning of U.S. securities laws . While the financial guidance takes into account the continuing impact of the global COVID - 19 pandemic , the impact of the pandemic has been unprecedented and the future effect of the pandemic on the global economy and our financial results remains uncertain , and our actual results may differ materially . See " Forward - Looking Statements " below . Conference Call Open Lending will host a conference to uss the first quarter 2021 financial results today at 5:00 pm ET . Hosting the call will be John Flynn , Chairman and CEO , Ross Jessup , President and COO , and Chuck Jehl , CFO . The conference call will be webcast live from the Company's investor relations website at https://investors.openlending.com/ under the " Events " section . The conference call can also be accessed live over the phone by dialing ( 877 ) 407-4018 , or for international callers ( 201 ) 689-8471 . A replay will be available two hours after the call and can be accessed by dialing ( 844 ) 512-2921 or ( 412 ) 317-6671 for international callers ; the conference ID is 13719185. The replay will be available until Tuesday , May 25 , 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded . About Open Lending Open Lending ( NASDAQ : LPRO ) provides loan analytics , risk - based pricing , risk modeling and default insurance to auto lenders throughout the United States . For 20 years we have been empowering financial institutions to create profitable auto loan portfolios by saying " yes " to more automotive loans . For more information , please visit www.openlending.com .