(1) Defined as Adj. EBITDA, minus CAPEX, plus or minus change in contract assets
2
Recent Accomplishments
Company Highlights
LPRO began trading on the Nasdaq Stock Market on June 11, 2020
Appointed 3 new independent Directors to the Board
Ross Jessup elevated to President and Chuck Jehl appointed as CFO of the Company
Open Lending and
Partners Strongly
Positioned
Q3 Update
Credit union and bank lenders are well capitalized and expected to have ample liquidity
Insurers modestly impacted relative to other industries and anticipating profitability through 2020
Low interest rate environment, traditional lenders retrenching, and commuters shifting away from public modes of transportation are driving positive trends
OEM #2 came back on to Open Lending's platform in October 2020
New partnerships such as A+ Federal Credit Union, Sound Credit Union and First Investors Financial Services.
Partnered with 4 new refinance lenders in Q3
Added 11 new lender customers / contracts executed in Q3
6 active implementations with "go live" dates in the next 60 days
3
Growth Plan
Expand Core Business
OEM Opportunity
CECL Relief
Launch into New Channels
Broaden Our Offerings
4
Q3 2020 Key Performance Indicators
Effective January 1, 2019, the Company adopted ASC 606 which requires us to recognize the full amount of profit share revenue up front. This was not retroactively applied to prior periods and therefore 2018 and 2017 are not comparable.
5
Q3 2020 Financial Update
6
Reconciliation of Net Income (Loss) to Consolidated Adjusted EBITDA
Reflects non-cash charges for the change in the estimated fair value of contingent consideration earn-out shares from June 10 through September 30, 2020.
Reflects transaction bonuses awarded to key employees and directors in connection with the business combination.
Represents non-cash charges associated with the Class B Unit Incentive Plan of Open Lending, LLC. For the nine months ended September 30, 2020 reflects accelerated vesting of the legacy plan as result of the business combination.
7
Total Outstanding Share Count
Shares
In millions
Total Shares Outstanding September 30, 2020
126.9
Warrants Exercised in October 2020
1.3
Total Diluted Shares Outstanding
128.2
8
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Open Lending Corporation published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2020 21:36:03 UTC
Open Lending Corporation is a provider of lending enablement and risk analytics to credit unions, regional banks, finance companies and the captive finance companies of automakers. The Company provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. It targets the financing needs of near-prime and non-prime borrowers, or borrowers with a credit bureau score generally between 560 and 699. Lenders Protection platform (LPP), the Company's flagship product, is a cloud-based automotive lending platform. LPP supports the full transaction lifecycle, including credit application, underwriting, real-time insurance approval, settlement, servicing, invoicing of insurance premiums and fees and advanced data analytics of the automotive lender's portfolio under the program. Its risk models project loan performance, including expected losses and prepayments, in arriving at the optimal rate. It serves around 454 active lenders.
OPEN LENDING CORPORATION 
