Earnings Supplement Q2 2022 Q2 2022 Financial Highlights Q2 2021 Total Certs 44,531 46,408 Revenue $52.0 million $61.1 million Adj. EBITDA1 $34.0 million $46.1 million Q2 2022 Adj. Operating Cash Flow2 $34.6 million $30.5 million (1) See reconciliation of GAAP to non-GAAP financial measures on page 6 (2) Defined as Adj. EBITDA, minus CAPEX, +/- change in contract assets 2 Understanding Changes in Contract Assets and Profit Share Revenue In LTM period on a net basis, ~151% of Changes in Contract Asset Estima ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2022 was $52 million, down from $61.1 million in Q2 2021, indicating a year-over-year decline [25] - Net income for Q2 2022 was $23.1 million compared to $76 million in Q2 2021, with the previous year including a one-time gain of $55.4 million [29] - Adjusted EBITDA for Q2 2022 was $34 million, down from $46.1 million in Q2 2021 [30] - Basic and diluted earnings per share were $0.18 in Q2 2022, compared to $0.60 in the previous year [29] Business Line Data and Key Metrics Changes - The company facilitated 44,531 certified loans in Q2 2022, compared to 46,408 in Q2 2021 [24] - Non-OEM business, primarily credit unions, grew certified loans by 27% year-over-year [11] - Profit share revenue in Q2 2022 was $29.2 million, with $26.3 million from new originations, slightly down from $27 million in Q2 2021 [25][26] Market Data and Key Metrics Changes - The average used car price reached $28,000, a 47% increase from pre-pandemic levels [18] - New vehicle sales are forecasted to grow by 5.2% over the next five years, despite current supply challenges [20] - The total addressable market (TAM) for auto loan origination is approximately $270 billion, up 8% from previous assessments [12] Company Strategy and Development Direction - The company is focused on investing in its go-to-market sales strategy to capture a larger share of the growing TAM [9] - Strategic investments are being made in technology and talent to enhance lender protection and improve onboarding processes [12][15] - The company aims to maintain growth rates exceeding industry averages while managing risk prudently [16] Management's Comments on Operating Environment and Future Outlook - Management noted that high inflation and rising borrowing costs have negatively impacted consumer sentiment, which is at a historic low [8] - Despite industry headwinds, the company expects full-year 2022 auto originations to be in line with 2021 [9] - The company remains optimistic about its long-term opportunities, citing a significant moat due to proprietary data and relationships with insurance partners [15] Other Important Information - Selling, general, and administrative expenses increased to $14.1 million in Q2 2022, primarily due to hiring to support growth [28] - The company exited Q2 2022 with $366.8 million in total assets, including $167.7 million in unrestricted cash [31] - Guidance for full-year 2022 includes total certified loans between 155,000 and 180,000 and total revenue between $175 million and $205 million [32] Q&A Session Summary Question: Market share perspective and growth rate outlook - Management expressed excitement about growth opportunities, particularly in the credit union space, and noted a significant increase in the TAM [44][43] Question: Credit quality and default rates - The average score in the portfolio is about 640, with expected defaults aligning with management's expectations [52] Question: Factors affecting affordability - Management indicated that geopolitical factors, inflation, and supply chain issues are significant drivers affecting consumer affordability [57] Question: Underwriting model adjustments - The company has expanded loan amounts and introduced longer loan terms to improve capture rates [67] Question: Resilience of the refinance market - Management noted that refinance activity remains strong, with new funding sources interested in the refinance channel [70] Question: Credit unions' interest in the program - Credit unions have adopted the program and are likely to seek more loans as delinquencies rise, making the program more appealing [88] Question: Competitive landscape - Management stated that they have not identified competitors that offer the same value proposition, noting a decline in larger banks' loan volumes [93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ | | Trading | Name of each exchange | | --- | --- | --- | | Title of each class | Symbol(s) | on which registered | | Common sto ...

Earnings Supplement Q1 2022 Q1 2022 Financial Highlights Q1 2021 Total Certs 43,944 33,318 Revenue $50.1 million $44.0 million Adj. EBITDA1 $33.8 million $30.3 million Q1 2022 Adj. Operating Cash Flow2 $39.1 million $22.4 million (1) See reconciliation of GAAP to non-GAAP financial measures on page 7 (2) Defined as Adj. EBITDA, minus CAPEX, +/- change in contract assets 2 Well Defined Growth Plan | --- | --- | --- | --- | |------------------|----------------------------|-------|----------------------------- ...

Financial Data and Key Metrics Changes - Certified loans increased by 32% year-over-year to 43,944 in Q1 2022 compared to Q1 2021 [6] - Revenue for Q1 2022 was $50.1 million, a 14% increase from $44 million in Q1 2021 [30] - Adjusted EBITDA rose by 11% to $33.8 million in Q1 2022 compared to $30.3 million in Q1 2021 [36] - Net income for Q1 2022 was $23.2 million, up from $12.9 million in Q1 2021 [35] - Gross profit increased by 11% to $45.3 million, with a gross margin of 90% in Q1 2022 [32] Business Line Data and Key Metrics Changes - Profit share revenue was $28.3 million in Q1 2022, with $25.7 million from new originations [30][31] - The refinance program accounted for nearly 40% of total searches, with significant growth in certified loans from existing customers [9][11] - The top 10 customers, excluding OEMs, increased their certification volume by 166% year-over-year [11][62] Market Data and Key Metrics Changes - North American vehicle production is expected to be around 15 million units in 2022, in line with 2021 levels [19] - Average used vehicle pricing increased by 18% year-over-year, with average monthly payments for used cars at approximately $488 [20] - The company anticipates a gradual return to affordability for near-prime and non-prime consumers over the next 18 months [21] Company Strategy and Development Direction - The company plans to invest in its go-to-market sales strategy and expand account management staff to capture a significant $250 billion total addressable market (TAM) [13] - Key hires are being made to support growth in OEM captive and large institution opportunities [14] - Investments in technology are aimed at enhancing the Lenders Protection Platform and improving lender reporting and claims capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the automotive market, noting improvements in inventory and demand conditions [18] - The company reaffirmed its guidance for 2022, expecting total revenue between $210 million and $240 million [37] - Management highlighted the resilience of the business despite macroeconomic headwinds, including inflation and supply chain issues [38] Other Important Information - The company signed 18 new accounts in Q1 2022, including five Tier 1 accounts with over $1 billion in assets [7] - A new agreement with Arch Specialty Insurance Company was announced, expanding the company's insurance partner relationships [27] Q&A Session Summary Question: Sustainability of Refinance Growth - Management confirmed that the refinance channel's growth is sustainable and will help bridge the gap until new car inventories recover [41] Question: CECL Compliance and Credit Unions - Management noted that larger credit unions are positioning for CECL relief, which will benefit their volume despite rising rates [48] Question: Advantages of New Insurance Carrier - The addition of new insurance carriers provides more capacity and credibility, enhancing the company's market position [59][60] Question: Growth from Top Customers - Growth from the top 10 customers is attributed to underwriting rule changes and expansion of refinance channel partners [62] Question: Capital Priorities - The company is focused on investing in business growth and technology enhancements, with share buybacks being evaluated at the board level [86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-39326 OPEN LENDING CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 84-5 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) | Delaware | | 84-5031428 | | | --- | --- | --- | --- | | (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employ ...

Open Lending Corporation (NASDAQ:LPRO) Q4 2021 Earnings Conference Call February 24, 2022 5:00 PM ET Company Participants John Flynn - Chairman & Chief Executive Officer Ross Jessup - President & Chief Operating Officer Chuck Jehl - Chief Financial Officer Conference Call Participants David Scharf - JMP Securities Peter Heckmann - D.A. Davidson Vincent Caintic - Stephens Joseph Vafi - Canaccord Genuity Mike Grondahl - Northland Securities John Davis - Raymond James James Faucette - Morgan Stanley Operator G ...

Earnings Supplement Q4 2021 Q4 2021 Financial Highlights Q4 2021 Total Certs 42,639 26,822 Revenue $51.6 million $39.6 million Adj. EBITDA $36.6 million $24.8 million Q4 2020 Adj. Operating Cash Flow1 $37.5 million $8.3 million (1) Defined as Adj. EBITDA, minus CAPEX, plus or minus change in contract assets 2 2021 Financial Highlights FY 2021 Total Certs 171,697 94,226 Revenue $215.7 million $108.9 million Adj. EBITDA $155.0 million $69.5 million FY 2020 Adj. Operating Cash Flow1 $129.2 million $41.9 millio ...

PART I. Financial Information Presents the company's financial performance, condition, cash flows, management's analysis, and risk disclosures [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Presents unaudited condensed consolidated financial statements, highlighting revenue growth, net income, and increased equity [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the balance sheet, showing stable assets, reduced liabilities, and increased stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$293,243** | **$294,009** | | Cash and cash equivalents | $90,864 | $101,513 | | Total contract assets | $114,262 | $89,342 | | **Total Liabilities** | **$165,653** | **$267,387** | | Long-term debt, net | $143,828 | $152,859 | | Tax receivable agreement liability | $— | $92,369 | | **Total Stockholders' Equity** | **$127,590** | **$26,622** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Presents the income statement, showing doubled revenue and a significant turnaround from net loss to net income Statement of Operations Summary (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Total Revenue** | **$164,025** | **$69,259** | | Gross Profit | $150,143 | $62,441 | | Operating Income | $115,062 | $32,431 | | Gain on extinguishment of TRA | $55,422 | $— | | Change in fair value of contingent consideration | $— | $(131,932) | | **Net Income (Loss)** | **$118,242** | **$(112,766)** | | Diluted EPS | $0.94 | $(1.56) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Details cash flows, showing increased operating cash and significant cash used in financing for debt repayment Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $68,423 | $16,375 | | Net cash used in investing activities | $(1,785) | $(1,097) | | Net cash (used in) provided by financing activities | $(77,026) | $92,590 | | **Net change in cash** | **$(10,388)** | **$107,868** | | Cash at end of period | $93,760 | $117,766 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides key notes on corporate actions, accounting estimates, revenue concentration, debt refinancing, and TRA termination - The company's business relationships with its three insurance partners generated approximately **65% of total revenue** for the nine months ended September 30, 2021, indicating a significant concentration of revenue[37](index=37&type=chunk) - In March 2021, the company retired its 'Term Loan due 2027' and entered into a new credit agreement for a 'Term Loan due 2026' and a revolving facility, resulting in a **non-cash loss of $8.8 million** from debt extinguishment[57](index=57&type=chunk)[58](index=58&type=chunk) - On April 12, 2021, the company exercised its right to terminate the Tax Receivable Agreement (TRA) with a single payment of **$36.9 million**, resulting in a recognized **gain of $55.4 million**[114](index=114&type=chunk)[115](index=115&type=chunk) Contract Asset Changes (Profit Share Component, in thousands) | Description | Nine Months Ended Sep 30, 2021 | | :--- | :--- | | Beginning Balance (Profit Share) | $83,177 | | Increase from new business | $77,605 | | Positive adjustment from prior periods | $24,414 | | Payments received | $(78,541) | | **Ending Balance (Profit Share)** | **$106,655** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, highlighting strong revenue growth, increased loan volume, and strategic actions Key Financial and Operational Metrics (in millions, except as noted) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | % Change | | :--- | :--- | :--- | :--- | | Certified Loans | 129,058 | 67,404 | 91% | | Total Revenue | $164.0M | $69.3M | 137% | | Operating Income | $115.1M | $32.4M | 255% | | Net Income (Loss) | $118.2M | $(112.8)M | (205)% | | Adjusted EBITDA | $118.4M | $44.7M | 165% | - The company signed a producer agreement with a third insurance carrier partner, American National Group, Inc., to provide additional credit default insurance policies for its LPP platform[150](index=150&type=chunk) - Profit share revenue for the nine months ended Sep 30, 2021, included a **$24.4 million positive adjustment** related to historical business, reflecting continued improvement in portfolio performance compared to initial pandemic-era expectations[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discloses market risks including economic conditions, competition, interest rate fluctuations, and concentration risk - The company identifies significant concentration risk, as a large portion of certified loan volume is expected from OEM Captives and a significant portion of profit share revenue relies on its largest insurance partner[206](index=206&type=chunk) - The company is exposed to interest rate risk through its variable-rate debt under the New Credit Facility, which is tied to LIBOR or an Alternate Base Rate plus a spread[207](index=207&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms effective disclosure controls and procedures, noting changes from new ERP system implementation - Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of the end of the period[209](index=209&type=chunk) - The company implemented a new Enterprise Resource Planning (ERP) system during Q3 2021, leading to changes in processes and the design of certain internal controls[210](index=210&type=chunk) PART II. Other Information Presents other required information including legal proceedings, updated risk factors, and equity security sales [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) Reports no material legal proceedings as of the filing date - The company reports no material legal proceedings as of the date of the Quarterly Report[212](index=212&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, including new credit agreement covenants, LIBOR phase-out, and semiconductor chip shortage - The New Credit Agreement contains covenants that could limit the company's ability to incur debt, engage in M&A, or pay dividends, with breaches potentially leading to default and acceleration of the loan[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) - The company acknowledges risk related to the planned phase-out of LIBOR, which is a reference rate for its credit facility, and the transition to alternative rates like SOFR[218](index=218&type=chunk) - The global semiconductor chip shortage is identified as a significant risk, as it has reduced new vehicle production, lowered inventory, and pushed prices higher, thereby diminishing demand for automotive loans and the LPP platform[220](index=220&type=chunk)[221](index=221&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports no unregistered sales of equity securities or common stock repurchases during the period - No shares of common stock were repurchased by the company during the three-month period from July 1, 2021, to September 30, 2021[222](index=222&type=chunk)[223](index=223&type=chunk)