Open Lending Corporation , a leading provider of lending enablement and risk analytics solutions to financial institutions, today reported financial results for its fourth quarter and fiscal year 2020.
“The fourth quarter was a great end to a very productive year for Open Lending. During the quarter we reported a 19% increase in certified loans, a 52% increase in revenue and a 37% increase in Adjusted EBITDA compared to the fourth quarter of 2019,” said John Flynn, Chairman and CEO Open Lending. “We announced some new larger credit union partnerships in the fourth quarter and continue to make progress on the ramp and expansion of our OEM relationships. Our pipeline of additional partnerships remains robust as our lending partners continue to be resilient during this time.”
Three Months Ended December 31, 2020 Highlights
Twelve Months Ended December 31, 2020 Highlights
Adjusted EBITDA is a non-GAAP financial measure. Reconciliations of this non-GAAP financial measure to its most directly comparable GAAP financial measure are provided in the financial tables included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”
Based on the fourth quarter results and trends into 2021, the Company is reaffirming its previously issued guidance of the following:
|Full Year 2021 Outlook|
|Total Certified Loans||161,000 – 206,000|
|Total Revenue||$184 – 234 million|
|Adjusted EBITDA||$125 – 168 million|
|Adjusted Operating Cash Flow (a)||$81 – 111 million|
The guidance provided above includes forward-looking statements within the meaning of U.S. securities laws. While the financial guidance takes into account the anticipated impact of the global COVID-19 pandemic, the impact of the pandemic is unprecedented and the future effect of the pandemic on the global economy and our financial results remains highly uncertain, and our actual results may differ materially. See “Forward-Looking Statements” below.
Open Lending will host a conference call to discuss the fourth quarter 2020 financial results today at 5:00 pm ET. Hosting the call will be John Flynn, Chairman and CEO, Ross Jessup, President and COO, and Chuck Jehl, CFO. The conference call will be webcast live from the Company’s investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-4018, or for international callers (201) 689-8471. A replay will be available two hours after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13715762. The replay will be available until Tuesday, March 23, 2021. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years they have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com.