Slide 1: Earnings Supplement Q1 2024
Earnings Supplement Q1 2024 a at @®penLending
Slide 2: Q1 2024 Financial Highlights
Q1 2024 Financial Highlights Q1 2024 Q1 2023 Total Certs 28,189 32,408 Revenue $30.7 million $38.4 million Adj. EBITDA1 $12.5 million $21.2 million Adj. Operating Cash Flows2 $9.3 million $30.4 million (1) See reconciliation of GAAP to non-GAAP financial measures on page 5 (2) Defined as Adj. EBITDA
Slide 3: Key Performance Indicators
Key Performance Indicators Three Months Ended March 31, 2024 2023 Certs Credit Union & Bank 21,078 26,362 OEM 7,111 6,046 Total Certs 28,189 32,408 Unit Economics Avg. Profit Share Revenue per Cert (1) $ 533 $ 552 Avg. Program Fee Revenue per Cert $ 508 $ 534 Originations Facilitated Loan Originatio
Slide 4: Financial Results
Financial Results ($ in '000s) Three Months Ended March 31, 2024 2023 Revenue Program fees $ 14,309 $ 17,301 Profit share 13,882 18,602 Claims administration and other service fees 2,554 2,458 Total revenue 30,745 38,361 Cost of services 5,750 5,431 Gross profit 24,995 32,930 Operating expenses Gene
Slide 5: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Adjusted EBITDA ($ in 000's) Three Months Ended March 31, 2024 2023 Net income $ 5,087 $ 12,538 Non-GAAP adjustments: Interest expense 2,770 2,387 Income tax expense 2,437 4,235 Depreciation and amortization of fixed assets 372 244 Share-based co
Slide 6: Profit Share Revenue Change in Estimate
Profit Share Revenue Change in Estimate Q1 2024 negative change in estimate of $1.1 million is associated with cumulative reported profit share revenue of approximately $395 million(1). Cumulative change in estimate at Q1 2024 is $4.4 million(2). ($ in millions) $50 $30.9 $25 $4.4 $4.9 $0.7 $0 $(1.6
Slide 7: Total Current Share Count
Total Current Share Count Shares In thousands Total Shares Outstanding May 7, 2024 119,165 Treasury Shares 9,033 Total Shares Issued 128,198 7