Welcome to our dedicated page for Open Lending Corporation news (Ticker: LPRO), a resource for investors and traders seeking the latest updates and insights on Open Lending Corporation stock.
Open Lending Corporation Common Stock (NASDAQ: LPRO) is a prominent player in the financial technology sector, providing automated lending services to financial institutions across the United States. Founded in 2000 and headquartered in Austin, Texas, Open Lending specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology, primarily for automotive lenders.
The company's flagship product, the Lenders Protection Program (LPP), is a unique auto lending solution that empowers lenders to increase volumes and yields on near-prime and non-prime auto loans without adding risk to their loan portfolios. By combining sophisticated risk-based pricing models tailored to each lender's financial targets and reliable loan default insurance from AmTrust Financial Services, LPP offers a powerful and secure way to boost loan performance.
Open Lending has received significant recognition for its rapid growth and positive work environment. It has been listed among Austin's Fast 50 growing companies for the past four years and has been named one of Austin's Best Places to Work for the last two years.
Recent achievements for Open Lending include expanding partnerships with various financial institutions and enhancing their technology to provide even more precise risk assessments and improved loan outcomes. These efforts have solidified Open Lending's reputation as a leader in the fintech space, helping lenders reduce losses and improve profitability through innovative solutions.
Financially, Open Lending has demonstrated strong performance, reflecting its robust business model and commitment to innovation. The company's financial health is bolstered by its strategic partnerships, cutting-edge technology, and dedicated workforce.
For investors and stakeholders looking to stay informed about the latest developments, Open Lending's commitment to transparency and regular updates ensures that they are well-informed about the company's performance and strategic direction.
Open Lending Corporation (NASDAQ: LPRO) will host a conference call to discuss its third quarter 2021 financial results on November 9, 2021 at 5:00 PM ET. Key executives, including John Flynn (Chairman and CEO), Ross Jessup (President and COO), and Chuck Jehl (CFO), will lead the call. The results will be announced after market close on the same day. The call can be accessed via the Company’s investor relations website and by phone. A replay will be available for two weeks post-call.
Open Lending (NASDAQ: LPRO) reported impressive second-quarter 2021 results, achieving a 177% increase in revenue to $61.1 million and a 199% rise in Adjusted EBITDA to $46.1 million, compared to Q2 2020. The company facilitated 46,408 certified loans, a 148% increase year-over-year. Notably, they recorded a net income of $76.0 million, a turnaround from a net loss of $(49.8) million in the same quarter last year. Open Lending reaffirmed its 2021 guidance, projecting total revenue between $184 million and $234 million, and total certified loans in the range of 161,000 to 206,000.
Open Lending (NASDAQ: LPRO) will participate in Canaccord Genuity’s 41st Annual Growth Stock Conference on August 12, 2021, at 4:00 PM ET. The discussion will focus on their lending enablement and risk analytics solutions for financial institutions. With 20 years in the industry, Open Lending has helped auto lenders enhance loan portfolios. Access the event through their investor relations website.
On July 30, 2021, Rover completed its business combination with Nebula Caravel Acquisition Corp, which was approved by Caravel's stockholders on July 28, 2021. Following the merger, Caravel rebranded as Rover Group, Inc., with trading set to commence on Nasdaq under the symbols 'ROVR' and 'ROVRW' on August 2, 2021. Aaron Easterly remains CEO, and Adam Clammer joins the board. Rover is the largest online marketplace for pet care, providing various services such as boarding and dog walking, while True Wind Capital acts as the principal investment partner.
Open Lending Corporation (NASDAQ: LPRO) will host a conference call on August 10, 2021, at 5:00 PM ET to discuss its second quarter 2021 financial results. The call will feature John Flynn (Chairman and CEO), Ross Jessup (President and COO), and Chuck Jehl (CFO). A press release detailing the financial results will be issued after market close on the same day. Investors can access the call via the company's investor relations website or by phone. A replay of the call will be available until August 24, 2021.
True Wind Capital announced the appointment of Scott Wagner as Head of Strategic Capital on July 15, 2021. Wagner, with nearly 30 years of experience, previously served as CEO at GoDaddy, where revenue grew from $800 million to $3 billion. He has been involved with True Wind's SPACs, including NEBC and TWCTU. His leadership is expected to enhance True Wind's operations within the SPAC sector, which continues to be vital for growth opportunities in technology markets. Notably, True Wind's first SPAC, LPRO, saw shares appreciate over 300% since its merger.
Open Lending Corporation (NASDAQ: LPRO) has partnered with American National to provide credit default insurance for its Lenders Protection Program. The agreement marks the addition of a third insurance carrier, enhancing the company's offerings in the market. American National boasts an 'Excellent' financial rating (A by A.M. Best), which complements its national coverage and reputation. CEO John Flynn expressed optimism about growth prospects, believing the arrangement will bolster existing relationships and facilitate expansion to more financial institutions.
Open Lending (NASDAQ: LPRO) partners with Westerra Credit Union, a $1.9 billion institution in Denver, to enhance auto loan services for the underserved community. The Lenders Protection™ program will help Westerra increase its auto loan volume while managing risk effectively. This collaboration aims to provide fair financing options to members who face challenges obtaining loans. Open Lending's expertise in analytics and risk modeling supports financial institutions in creating profitable auto loan portfolios.
Open Lending (NASDAQ: LPRO) reported robust first quarter 2021 results, with a 19% increase in certified loans and a 152% revenue growth to $44 million year-over-year. Adjusted EBITDA surged 217% to $30.3 million, driven by record certified loans of 33,318. The company is optimistic about continued growth, reaffirming its forecast for total revenue between $184 - $234 million and Adjusted EBITDA of $125 - $168 million for 2021. Open Lending is expanding its customer base and strengthening partnerships in the lending sector.
Open Lending (NASDAQ: LPRO) announced a conference call to discuss its first quarter 2021 financial results, scheduled for May 11, 2021, at 5:00 PM ET.
The call will feature Chairman and CEO John Flynn, President and COO Ross Jessup, and CFO Chuck Jehl. A press release with the financial results will be issued after market close on the same day. The call will be available via webcast on the company's investor relations website and can also be accessed by phone. Replay options will be available after the call.
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