Open Lending Q2 2021 Earnings Report
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
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