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Open Lending Announces Second Quarter 2020 Certified Loans

·4 min read

The Company will Host its Second Quarter 2020 Earnings Call on August 11, 2020

AUSTIN, Texas, July 16, 2020 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending”), a leading provider of lending enablement and risk analytics solutions to financial institutions, today announced it certified over 18,680 loans in the second quarter 2020, of which, approximately 7,100 loans were certified in the month of June (“certs”). The second quarter 2020 certs represent a 39% increase to the midpoint of the revised guidance and ahead of the high end of the revised guidance for the quarter. Open Lending’s certification volume is up 26% year-to-date.

John Flynn, CEO and President of Open Lending commented, “We continued to see momentum in our certification volumes throughout June as markets began to open up. These results were ahead of our revised guidance for the quarter, primarily driven by pent up demand and increased used car sales as commuters are reluctant to take public transportation. Lenders have been resilient with our current partners continuing to utilize our platform and we have added 28 new lenders onto the platform year-to-date, resulting in a net increase in lenders over the same period.”

Open Lending also announced that the Company will host a conference call to discuss second quarter 2020 financial results on Tuesday, August 11, 2020 at 4:00pm CT. Hosting the call will be John Flynn and Ross Jessup, Chief Financial Officer and Chief Operating Officer. A press release with second quarter 2020 financial results will be issued after the market closes that same day.

The conference call will be webcast live from the Company's investor relations website at https://investors.openlending.com/ under the “Events” section. 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 13706479. The replay will be available until Tuesday, August 25, 2020. 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, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions throughout the United States. For more information, please visit www.OpenLending.com.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to market trends and the anticipated impact of the recent novel coronavirus (COVID-19) pandemic on used car sales, consumer behavior, default rates, our partners’ businesses as well as other factors impacting the Company’s business. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions, the potential effects of COVID-19; risks associated with our customer concentration, applicable taxes, inflation, interest rates, privacy concerns or security breaches, and the regulatory environment; the outcome of judicial proceedings to which the Company is, or may become a party; factors that may impact our ability to attract, retain and maintain the confidence of our automotive lender and insurance carrier partners; and those factors discussed in the Company’s filings with the SEC, including those under the header “Risk Factors” in the Registration Statement on Form S-1 filed with the SEC on July 1, 2020, as amended. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

ICR for Open Lending