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Jun 30, 2021
Open Lending Q2 2021 Earnings Report
Open Lending reported a record quarter with significant increases in certified loans, revenue, and Adjusted EBITDA compared to the second quarter of 2020.
Key Takeaways
Open Lending reported a record second quarter of 2021, with a 148% increase in certified loans, a 177% increase in revenue, and a 199% increase in Adjusted EBITDA compared to the second quarter of 2020. The company signed an agreement with a third insurance partner, American National, and sees a strong pipeline of new credit union and regional bank customers.
Facilitated 46,408 certified loans, a 148% increase year-over-year.
Total revenue reached $61.1 million, a 177% increase year-over-year.
Gross profit was $57.0 million, a 182% increase year-over-year.
Net income was $76.0 million, compared to a net loss of $(49.8) million in the same quarter last year.
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.
- General economic, political and business conditions
- Applicable taxes, inflation, interest rates and the regulatory environment
- The outcome of judicial proceedings to which Open Lending is, or may become a party
- Failure to realize the anticipated benefits of the business combination
Revenue & Expenses
Visualization of income flow from segment revenue to net income