Open Lending Corporation · NASDAQ:LPRO
Open Lending — Q3 2024 Earnings Presentation
8 slides from Open Lending's earnings presentation, Nov 7, 2024
Slide 1: Earnings Supplement Q3 2024
Earnings Supplement Q3 2024
Slide 2: Q3 2024 Financial Highlights
Q3 2024 Financial Highlights Q3 2024 Q3 2023 Total Certs 27,435 29,959 Revenue $23.5 million $26.0 million Adj. EBITDA1 $7.8 million $10.3 million (1) See reconciliation of GAAP to non-GAAP financial measures on page 5 2
Slide 3: Key Performance Indicators
Key Performance Indicators Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Certs Credit Union & Bank 21,808 22,660 64,924 76,069 OEM 5,627 7,299 19,663 20,652 Total Certs 27,435 29,959 84,587 96,721 Unit Economics Avg. Profit Share Revenue per Cert (1) $ 502 $ 53
Slide 4: Financial Results
Financial Results ($ in '000s) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue Program fees $ 14,161 $ 15,416 $ 43,306 $ 50,610 Profit share 6,822 8,022 30,037 44,433 Claims administration and other service fees 2,493 2,568 7,605 7,478 Total revenue 23,47
Slide 5: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, ($ in 000's) 2024 2023 2024 2023 Net income $ 1,437 $ 3,003 $ 9,426 $ 26,912 Non-GAAP adjustments: Interest expense 2,962 2,799 8,468 7,841 Income tax expense 688 1,
Slide 6: Cumulative Profit Share Revenue Change in Estimate
Cumulative Profit Share Revenue Change in Estimate Q3 2024 negative change in estimate of $7.0 million is associated with cumulative previously reported profit share revenue of approximately $403 million(1). Cumulative change in estimate at Q3 2024 is negative $6.2 million(2). ($ in millions) $50 $3
Slide 7: Changes in Contract Asset and Profit Share Revenue Estimates
Changes in Contract Asset and Profit Share Revenue Estimates Changes in Contract Asset and Profit Share Revenue Estimate attributable to Realized Portfolio Performance versus Prospective Changes in Assumptions * Figures on this page include the non-recurring change in estimate of negative $3.0 milli
Slide 8: Total Current Share Count
Total Current Share Count Shares In thousands Total Shares Outstanding November 7, 2024 119,350 Treasury Shares 8,848 Total Shares Issued 128,198 8