Business
Open Lending Reports Third Quarter 2021 Financial Results
AUSTIN, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), a leading provider of lending
About this update from Open Lending Corporation
[{"type":"text","content":"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 2020Total revenue was $58.9 million during the third quarter of 2021, compared to $29.8 million in the third quarter of 2020Gross profit was $52.5 million during the third quarter of 2021, compared to $27.3 million in the third quarter of 2020Net income was $29.4 million during the third quarter of 2021, compared to net loss of $(71.1) million in the third quarter of 2020Adjusted 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 ...