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OpenLending Open Lending Reports Second Quarter 2021 Financial Results August 10 , 2021 AUSTIN , Texas , Aug. 10 , 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 second quarter of 2021 . " We are pleased to report another record quarter , which included a 148 % increase in certified loans , a 177 % increase in revenue and a 199 % increase in Adjusted EBITDA compared to the second quarter of 2020. June 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 of Open Lending . " We continue to make progress on our growth strategies to capture more of the $ 250 billion addressable market and help underserved consumers get auto loans . During the quarter , we signed an agreement with a third insurance partner , American National , and they have already begun to write policies for us . Looking ahead , our pipeline of new credit union and regional bank customers is strong and there remains a large opportunity in front of us to grow our OEM captive business . " Three Months Ended June 30 , 2021 Highlights • The Company facilitated 46,408 certified loans during the second quarter of 2021 , compared to 18,684 certified loans in the second quarter of 2020 • Total revenue was $ 61.1 million during the second quarter of 2021 , compared to $ 22.1 million in the second quarter of 2020 • Gross profit was $ 57.0 million during the second quarter of 2021 , compared to $ 20.2 million in the second quarter of 2020 • Net income was $ 76.0 million during the second quarter of 2021 , compared to net loss of $ ( 49.8 ) million in the second quarter of 2020 • Adjusted EBITDA was $ 46.1 million during the second quarter of 2021 , compared to $ 15.4 million in the second 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 table 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 second quarter results and trends into the third quarter of 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 1- $ 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 call to discuss the second 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 13721622. The replay will be available until Tuesday , August 24 , 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded .