Page 1

OpenLending Open Lending Reports Third Quarter 2021 Financial Results November 9 , 2021 AUSTIN , Texas , Nov. 09 , 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 third quarter of 2021 . " We are pleased to report another record quarter , which included a 138 % increase in certified loans , a 98 % increase in revenue and a 113 % increase in Adjusted EBITDA compared to the third quarter of 2020 , " 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 . We are very encouraged by the continued growth in our credit union and bank line where we achieved a 91 % year - over - year increase in certified loans in the third quarter of 2021. We added 16 new accounts in the third quarter of 2021 , of which four were tier one accounts with assets of $ 1 billion or greater . In addition , our OEMs have grown a combined 205 % year - to - date in 2021. " Three Months Ended September 30 , 2021 Highlights • The Company facilitated 49,332 certified loans during the third quarter of 2021 , compared to 20,696 certified loans in the third quarter of 2020 • Total revenue was $ 58.9 million during the third quarter of 2021 , compared to $ 29.8 million in the third quarter of 2020 • Gross profit was $ 52.5 million during the third quarter of 2021 , compared to $ 27.3 million in the third quarter of 2020 • Net income was $ 29.4 million during the third quarter of 2021 , compared to net loss of $ ( 71.1 ) million in the third quarter of 2020 ● Adjusted EBITDA was $ 42.1 million during the third quarter of 2021 , compared to $ 19.8 million in the third 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 third quarter results and trends into the fourth quarter of 2021 , we are narrowing our previous guidance ranges . We are excited about the resiliency of our business despite inflated car values and the global semiconductor chip shortages . In addition , we are still within the guidance ranges provided 18 months ago , which demonstrates the predictability of our business model , " said Chuck Jehl , CFO of Open Lending . Total Certified Loans Total Revenue Adjusted EBITDA Adjusted Operating Cash Flow ( a ) Full Year 2021 Outlook 165,000 - 174,000 $ 200 $ 212 million $ 140 - $ 150 million $ 110 $ 125 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 third 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 ( 800 ) 926-4951 , or for international callers ( 416 ) 981-9029 . 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 21998539. The replay will be available until Tuesday , November 23 , 2021. An archive of the webcast