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Sep 30, 2021
Open Lending Q3 2021 Earnings Report
Open Lending reported a record quarter with significant increases in certified loans, revenue, and Adjusted EBITDA compared to Q3 2020.
Key Takeaways
Open Lending reported a strong third quarter in 2021, marked by a 138% increase in certified loans, a 98% increase in revenue, and a 113% increase in Adjusted EBITDA compared to the third quarter of 2020. The company added 16 new accounts, including four tier one accounts, and experienced substantial growth in their OEM segment.
Certified loans increased by 138% compared to Q3 2020, reaching 49,332 loans.
Total revenue grew by 98% to $58.9 million compared to $29.8 million in Q3 2020.
Net income was $29.4 million, a significant turnaround from a net loss of $(71.1) million in Q3 2020.
Adjusted EBITDA increased by 113% to $42.1 million compared to $19.8 million in Q3 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
Open Lending narrowed its previous guidance ranges for the full year 2021, expressing confidence in the business's resilience despite inflated car values and semiconductor chip shortages.
Positive Outlook
- Total Certified Loans: 165,000 - 174,000
- Total Revenue: $200 - $212 million
- Adjusted EBITDA: $140 - $150 million
- Adjusted Operating Cash Flow: $110 - $125 million
- Company is still within the guidance ranges provided 18 months ago, which demonstrates the predictability of our business model
Challenges Ahead
- Guidance includes forward-looking statements withing the meaning of U.S. securities laws
- Financial guidance takes into account the continuing impact of the global COVID-19 pandemic
- The impact of the pandemic has been unprecedented and the future effect of the pandemic on the global economy and our financial results remains uncertain
- Actual results may differ materially
- Forward-looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income