Open Lending Corp. (LPRO) Misses Q1 EPS by 4c, Revenues Beat; Offers FY21 Revenues Outlook

Open Lending Corp. (NASDAQ: LPRO) reported Q1 EPS of $0.10, $0.04 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $44 million versus the consensus estimate of $40.91 million.

Three Months Ended March 31, 2021 Highlights

• The Company facilitated 33,318 certified loans during the first quarter of 2021, compared to 28,024 certified loans in the first quarter of 2020
• Total revenue was $44.0 million during the first quarter of 2021, compared to $17.4 million in the first quarter of 2020
• Gross profit was $40.6 million during the first quarter of 2021, compared to $14.9 million in the first quarter of 2020
• Net income was $12.9 million during the first quarter of 2021, compared to $8.2 million in the first quarter of 2020
• Adjusted EBITDA was $30.3 million during the first quarter of 2021, compared to $9.6 million in the first quarter of 2020

“We are pleased with our strong first quarter results, which included a 19% increase in certified loans, a 152% increase in revenue and a 217% increase in Adjusted EBITDA compared to the first quarter of 2020. March was especially notable, a record month in our Company’s history from a certified loan perspective, and the momentum has continued,” said John Flynn, Chairman and CEO Open Lending. “We’ve continued to make a lot of progress on our growth objectives, including the addition of many new credit union customers during the quarter, making traction in our efforts to expand into regional banks and online lending channels, OEM growth, as well as continuing to make progress adding additional insurance carrier partners to the platform.”

GUIDANCE:

Open Lending Corp. sees FY2021 revenue of $184-234 million, versus the consensus of $213 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 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, and our actual results may differ materially.

For earnings history and earnings-related data on Open Lending Corp. (LPRO) click here.

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