Open Lending Corporation (NASDAQ:LPRO) Q3 2023 Earnings Call November 7, 2023 5:00 PM ET

Company Participants

Keith A. Jezek - Chief Executive Officer

Charles D. Jehl - Chief Financial Officer

Conference Call Participants

Joseph Vafi - Canaccord Genuity

Vincent Caintic - Stephens

Lance Jessurun - BTIG

Operator

Good afternoon, and welcome to Open Lending's Third Quarter 2023 Earnings Conference Call. As a reminder, today's conference call is being recorded.

On the call today are Keith Jezek, CEO; and Chuck Jehl, CFO. Earlier today, the Company posted its third quarter 2023 earnings release and supplemental slides to its Investor Relations website. In the release, you will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call.

Before we begin, I'd like to remind you, that this call may contain estimated and other forward-looking statements that represent the Company's views as of today, November 7, 2023. Open Lending disclaims any obligation to update these statements to reflect future events or circumstances, please refer to today's earnings release and our filings with the SEC for more information concerning factors that could cause actual results to differ from those expressed or implied with such statements.

And now, I'll pass the call over to Mr. Keith Jezek. Please go ahead, sir.

Keith A. Jezek

Well, thank you, operator, and good afternoon, everyone. Thank you for joining us today for Open Lending's third quarter 2023 earnings conference call. It was another quarter of positive results and execution by our team.

Through our Lenders Protection program, we continue to execute on our mission to serve the underserved consumer and provide unmatched loan analytics, risk-based pricing, risk modeling, and default insurance to our lender customers. I am proud of our team's focus and accomplishments, specifically our recent launch of an enhanced scorecard, our continued improvements in technology, thoughtful underwriting changes and strengthening our marketing and sales capabilities to further capture market share.

For the third quarter of 2023, we generated approximately 30,000 certified loans, which was near the high-end of our guidance range, and excluding the impact of the non-cash profit share change in estimate that Chuck will discuss in more detail. We exceeded the high-end of our guidance range for both revenue and adjusted EBITDA.

I would like to thank all our team members in Open Lending who executed and delivered these positive results in a challenging environment. I'd like to turn to the specific market conditions that are impacting our lender customers the most and ultimately impacting our performance at Open Lending.