Open Lending Corporation (NASDAQ:LPRO) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Chuck Jehl - Chief Financial Officer and Interim Chief Executive Officer
Cecilia Camarillo - Chief Accounting Officer

Conference Call Participants

Joseph Vafi - Canaccord
Kyle Peterson - Needham
Zachary Oster - Citizens JMP

Operator

Good afternoon and welcome to Open Lending’s First Quarter 2024 Earnings Conference Call. As a reminder, today’s conference call is being recorded. On the call today are Chuck Jehl, Chief Financial Officer and Interim Chief Executive Officer, Cecilia Camarillo, Chief Accounting Officer. Earlier today, the company posted its first quarter 2024 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 would like to remind you that this call may contain estimated or other forward-looking statements that represent the company’s view as of today, May 7, 2024. 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 different materially from those expressed or implied with such statements.

And now I’ll pass the call over to Mr. Chuck Jehl. Please go ahead.

Chuck Jehl

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Open Lending’s first quarter 2024 earnings conference call.

Before I discuss our quarterly highlights, I want to take a moment to thank our Board of Directors and our team members at Open Lending for their confidence and trust in me. We have an experienced executive leadership team across functions. And joining me today on the call is Cecilia Camarillo, our Chief Accounting Officer, who will discuss the Q1 financial results in more detail.

With that, let’s review the first quarter financial highlights. I am pleased to report that in the first quarter of 2024, we exceeded the high end of our guidance range for both certified loans and revenue and exceeded the midpoint for adjusted EBITDA. Despite the continued impact of elevated interest rates, automotive industry-specific challenges and credit union lending capacity constraints, we certified 28,189 loans during the quarter, which was a 7% sequential increase compared to fourth quarter of 2023. We generated total revenue of $30.7 million and adjusted EBITDA was $12.5 million.