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Mar 31, 2021
Open Lending Q1 2021 Earnings Report
Reported strong first quarter results with significant increases in certified loans, revenue, and Adjusted EBITDA compared to the first quarter of 2020.
Key Takeaways
Open Lending reported a strong first quarter in 2021, marked by a 19% increase in certified loans, a 152% increase in revenue, and a 217% increase in Adjusted EBITDA compared to Q1 2020. The company also achieved a record month in March for certified loans and continued to expand its customer base and partnerships.
Facilitated 33,318 certified loans, a 19% increase year-over-year.
Total revenue reached $44.0 million, a 152% increase year-over-year.
Gross profit was $40.6 million, compared to $14.9 million in the first quarter of 2020.
Net income was $12.9 million, compared to $8.2 million in the first quarter of 2020.
Open Lending
Open Lending
Open Lending Revenue by Segment
Revenue by Segment
Program Fees Revenue
CapyFin.comProfit Share Revenue
CapyFin.comClaims Admin & Other Service Fees Revenue
CapyFin.com Forward Guidance
The Company is reaffirming its previously issued guidance for the full year 2021.
Positive Outlook
- Total Certified Loans: 161,000 - 206,000
- Total Revenue: $184 - $234 million
- Adjusted EBITDA: $125 - $168 million
- Adjusted Operating Cash Flow: $81 - $111 million
Challenges Ahead
- The impact of the COVID-19 pandemic has been unprecedented and the future effect of the pandemic on the global economy and our financial results remains uncertain.
- Our actual results may differ materially.
- General economic, political and business conditions
- Consumer behavior
- Demand for automotive loans
Revenue & Expenses
Visualization of income flow from segment revenue to net income