Open Lending Corp. (NASDAQ: LPRO) stock declined by 5.48% at last close whereas the LPRO stock gains by 17.55% in the after-hours trading. Auto lenders across the country rely on Open Lending for loan analytics, risk-based pricing, risk modeling, and default insurance. They have been enabling banking institutions to build lucrative vehicle loan portfolios by answering “yes” to more auto loans for over 20 years.
LPRO stock, Financial Highlights
Open Lending reported its second quarter of 2021 financial results. The highlights are given below:
Will You Miss Out On This Growth Stock Boom?
A new megatrend in the fintech market is well underway. Mobile payments are projected to boom into a massive $12 trillion market by 2028. According to Motley Fool this growth stock could "deliver huge returns." Not only in the immediate future but also over the next decade. Especially since the man behind this company is a serial entrepreneur who has been wildly successful over the years.
And this is just one of our 5 Best Growth Stocks To Own For 2023.
- In the second quarter of 2021 LPRO managed to facilitate 46,408 certified loans relative to 18,684 certified loans in Q2 2020.
- The total revenue generated for Q2 2021 was $61.1 million while for the second quarter of 2020 the revenue was $22.1 million.
- For the second quarter of 2021 gross profit was calculated as $57.0 million relative to $20.2 million for Q2 2020.
- The net income for the second quarter of 2021 was $76.0 million compared to the net loss of $49.8 million in Q2 2020.
- And lastly, the Adjusted EBTIDA for the second quarter of 2021 was $46.1 million while for the second quarter of 2020 it was $15.4 million.
John Flynn, Chairman, and CEO of Open Lending stated,
They’re making headway on their expansion goals, which include helping underprivileged individuals receive vehicle loans and capturing more of the $250 billion potential market. LPRO struck an arrangement with a third insurance partner, American National, during the quarter, and they have already started writing policies for them. Looking ahead, they have a good pipeline of a new credit union and regional bank clients, and still have a lot of room to develop their OEM captive business.
LPRO stock 2021 Financial Guidance
The Company is reiterating its previously stated guidance based on the second quarter results and trends through the third quarter of 2021:
- For the full year of 2021, the total certified loans are expected to be between 161,000-206,000.
- The net revenue for the full year 2021 is anticipated to be around $184-$234 million.
- Adjusted EBTIDA will be nearly around $125-$168 million.