Open Lending Corp (LPRO) 2025 Q3 法說會逐字稿

Please stand by. Your program is about to begin. Good day everyone, and welcome to the Open Lending 3rd quarter 2025 earnings conference call. (Operator instructions).

請稍候。您的會議即將開始。大家好，歡迎參加 Open Lending 2025 年第三季業績電話會議。 （操作說明）

It is now my pleasure to turn the conference over to Ryan Gardella Investor relations. Please go ahead.

現在我很高興將會議交給投資者關係負責人瑞安·加德拉先生。請開始吧。

Thank you. Appreciate you joining us. Prior to the start of this call, the company posted their third quarter 2025 earnings release and supplemental slides to its investor relations website. In the release you will find reconciliations of non-GAAP financial measures, the most comparable GAAP financial measures discussed on this call. Before we begin, I would like to remind you that this call may contain estimates or other forward-looking statements that represent the company's view as of today, November 6, 2025.

謝謝。感謝您參加本次電話會議。在本次電話會議開始前，本公司已在其投資者關係網站上發布了2025年第三季財報及補充投影片。您可以在該報告中找到非GAAP財務指標的調節表，以及本次電話會議討論的最接近的GAAP財務指標。在會議開始之前，我想提醒各位，本次電話會議可能包含一些估計或其他前瞻性陳述，這些陳述代表了公司截至2025年11月6日的觀點。

Open lending disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to today's earnings release in our filings with the SEC for more information concerning factors that could cause actual results to differ from those expressed or implied in such statements and now I will pass the call over to Jessica to give an update on the business and financial results for the 3rd quarter of 2025.

Open Lending 聲明不承擔更新這些聲明以反映未來事件或情況的義務。有關可能導致實際結果與此類聲明中明示或暗示的結果存在差異的因素的更多信息，請參閱我們今天向美國證券交易委員會提交的盈利報告。現在我將把電話交給 Jessica，讓她介紹 2025 年第三季的業務和財務表現。

Thank you. Good afternoon, everyone, and thank you for joining us today. We are pleased to announce our results for the 3rd quarter of 2025, which we believe reflects the transition we are making from a company stabilizing their business to what I would consider the new norm of running and operating open lending. When I assumed the role of CEO, two of my key objectives were to promote earnings stability and to guide the company towards predictable results for our shareholders.

謝謝大家。下午好，各位，感謝各位今天蒞臨。我們很高興地宣布2025年第三季的業績，我們相信這反映了公司正在從一家業務趨於穩定的公司轉型為我所認為的開放式貸款運營新常態。當我擔任執行長時，我的兩大主要目標是促進獲利穩定，並引導公司為股東帶來可預測的回報。

We have sought to achieve these objectives by fostering less volatile profit share unit economics and more segmented and sophisticated pricing changes. We have executed on both of these objectives with positive outcomes, as I will discuss today. In addition to the work we have done on our core lenders protection platform, we have recognized the need to diversify Open Lending's current offering to meet the evolving needs of our lender customers.

我們力求透過降低利潤分成單元經濟效益的波動性，以及製定更細分和精細化的定價策略來實現這些目標。正如我今天將要討論的，我們在這兩個目標上都取得了積極的成果。除了在核心貸款人保護平台所做的工作之外，我們也意識到需要拓展Open Lending的現有產品，以滿足貸款人客戶不斷變化的需求。

Based on customer feedback, our first new product initiative was to deliver a pricing, underwriting, and decisioning tool for our lender customers to use for their prime auto borrowers. Therefore, we are excited to announce the introduction of Apex One Auto, our new prime credit automated decisioning platform.

根據客戶回饋，我們的首個新產品計劃是為貸款機構客戶提供一款定價、核保和決策工具，用於其優質汽車貸款借款人。因此，我們很高興地宣布推出 Apex One Auto，我們全新的優質信貸自動化決策平台。

Apex One Auto not only diversifies open lending's revenue by product but also adds a reoccurring revenue stream driven by subscription-based minimum application volumes. Apex One Auto will address the approximately $500 million per year opportunity to serve segments of the automotive credit market that our current decisioning engine does not.

Apex One Auto不僅透過產品多元化實現了開放式貸款的收入來源，還新增了基於訂閱模式的最低申請量驅動的經常性收入。 Apex One Auto將抓住每年約5億美元的市場機遇，服務於我們現有決策引擎尚未涵蓋的汽車信貸市場細分領域。

Built on our core LPP offering, Apex One Auto extends our analytics into the prime auto lending segment. A strategic expansion that addresses the industry's shift towards higher rated credit where our customers and their borrowers demand faster, more efficient, and more accurate loan decisioning and pricing. Over the years we have received strong interest from our customers for a product addressing the prime auto loan segment.

Apex One Auto 基於我們核心的 LPP 產品，將分析功能擴展至優質汽車貸款領域。這項策略性擴張旨在因應產業向高評級信貸的轉變，滿足客戶及其借款人對更快、更有效率、更精準的貸款決策和定價的需求。多年來，我們一直收到客戶對一款針對優質汽車貸款領域的產品的強烈需求。

To date, we've already launched with 2 customers with additional interest in the pipeline. There is strong applicability within our existing client base as the industry gravitates towards comprehensive solutions for the entire credit spectrum. Unlike our traditional LPP offering, Apex One auto decision loans are priced and placed without the insurance wrapper or profit sharing components, focusing purely on an automated advanced decisioning process that many financial institutions aren't equipped to handle internally.

迄今為止，我們已成功與兩家客戶合作，另有更多客戶正在洽談合作。隨著產業向涵蓋整個信貸領域的綜合解決方案轉型，我們的產品在我們現有客戶群中具有很強的適用性。與我們傳統的LPP產品不同，Apex One汽車決策貸款的定價和發放不包含保險或利潤分成等附加條款，而是完全基於自動化高級決策流程，而許多金融機構本身並不具備處理此類流程的能力。

It is also worth noting that Apex One Auto and LPP are complementary products, with loans not approved in Apex One Auto being seamlessly directed to LPP for review. As a result, we believe the use of Apex One Auto by our customers may result in additional revenue from our core lenders protection platform over time.

值得注意的是，Apex One Auto 和 LPP 是互補產品，未在 Apex One Auto 獲得批准的貸款將無縫轉至 LPP 進行審核。因此，我們相信，隨著時間的推移，客戶使用 Apex One Auto 可能會為我們的核心貸款人保障平台帶來額外收入。

We believe Apex One Auto is a logical expansion of our brand, helping to protect ourselves from competitive intrusion while also giving financial institutions one vendor to provide them with decisioning support over the entire auto credit spectrum, which we anticipate will help us with customer retention. From an expense and investment perspective, Apex One Auto was developed internally, and no large outside capital investments have been made.

我們相信Apex One Auto是我們品牌發展的必然延伸，它不僅有助於我們抵禦競爭對手的衝擊，還能讓金融機構透過單一供應商獲得涵蓋整個汽車信貸領域的決策支持，我們預計這將有助於提高客戶留存率。從成本和投資角度來看，Apex One Auto完全由我們內部開發，並沒有進行任何大規模的外部資本投資。

Apex One Auto gives open lending a new revenue opportunity that utilizes our existing expertise and, in the future, may contribute positively to our growth. We will continue to update our investors on our progress. While we recognize it is still early days as we begin the rollout of Apex One Auto with our current LPP customers, we are committed to the future of open lending, and we are here to stay. Now I wanted to talk through our ongoing efforts to improve profitability and produce less volatile profit share unit economics in our core lenders protection platform.

Apex One Auto 為開放式貸款業務帶來了新的收入機會，充分利用了我們現有的專業知識，未來有望對我們的成長做出積極貢獻。我們將持續向投資者匯報進度。雖然我們意識到目前 Apex One Auto 的推廣尚處於初期階段，我們正著手向現有貸款人保護平台 (LPP) 客戶推廣該服務，但我們致力於開放式貸款業務的未來發展，並將長期紮根於此。接下來，我想談談我們為提升核心貸款人保護平台的獲利能力和降低利潤分成單位經濟波動所做的持續努力。

We are proud to say that we have delivered three consecutive quarters of positive adjusted EBITDA and reduced volatility in backbook performance, including a positive CIE adjustment of $1.1 million. Further, we continue to apply conservative profit share unit economics to our current period originations, which we believe enhances the quality and sustainability of our earnings.

我們很自豪地宣布，我們已連續三個季度實現調整後 EBITDA 為正，並降低了未償貸款業務的波動性，其中包括 110 萬美元的 CIE 正調整。此外，我們繼續對當期新增貸款採用保守的利潤分成單位經濟模型，我們相信這有助於提升獲利的品質和永續性。

3rd quarter results also benefited from an 8% year over year increase in program fee unit economics, reflecting a more favourable mix of lenders. We facilitated 23,880 certified loans in the third quarter of 2025, down from 27,435 in the third quarter of 2024. This decrease primarily reflects our deliberate tightening of lending standards and targeted rate adjustments in lower margin credit segments, particularly within super thin and credit builder profiles.

第三季業績也受惠於專案費用單位經濟效益年增8%，反映出貸款機構組合更有利。 2025年第三季度，我們促成了23,880筆認證貸款，低於2024年第三季的27,435筆。這一下降主要反映了我們有意收緊貸款標準，並對低利潤信貸領域（尤其是信用極薄和信用提升型借款人）進行了有針對性的利率調整。

We believe these tightening and repricing actions have positioned our book for more sustainable profitability in future vintages. Moreover, and just as importantly, we believe we have a higher quality book than we have had in the past in terms of having more loans with the characteristics that we believe drive profitability. We will continue to monitor and measure our progress to promote our desired outcomes. To that extent, I wanted to highlight 3 incremental pieces of data from our earnings supplement that I think deserve to be recognized on our call today.

我們相信，這些收緊和重新定價措施使我們的貸款組合在未來的年份中能夠實現更永續的利潤。此外，同樣重要的是，我們相信，就我們認為能夠提升獲利能力的貸款而言，我們目前的貸款組合品質比以往更高。我們將繼續監測和評估進展，以實現預期目標。為此，我想重點介紹我們獲利補充報告中的三項重要數據，我認為這些數據值得在今天的電話會議上提及。

First, our start mix by channel for the quarter was 89.8% through credit union and banks, with the remaining 10.2% coming from OEMs, with a drop in the OEM production primarily driven by our tighter underwriting requirements on lower credit debt files. As we have flagged in the past, we expect OEM 3 to perform more like a credit union, and we are now seeing them begin to steadily ramp up volume on our platform.

首先，本季我們各通路的初始業務組成中，89.8%來自信用社和銀行，其餘10.2%來自原始設備製造商 (OEM)。 OEM業務量下降的主要原因是我們對低信用債務文件的承保要求更加嚴格。正如我們之前所指出的，我們預計OEM 3的表現將更接近信用社，目前我們看到他們在我們平台上的業務量正在穩步增長。

There may be a dynamic of steadily or slightly increasing OEM share due to this ramping up. We expect these loans, however, to have similar loss ratio performance to those of our credit union customers and believe these loans will contribute positively to the overall quality of our book. Additionally, across the credit union landscape, we have seen financial health continue to improve with another quarter of strong credit union share growth. While we're mindful of ongoing challenges such as rising delinquencies, affordability pressures, and moderating wage growth, these dynamics also create opportunities, and we're taking a proactive approach to capture them.

由於業務成長，OEM（原始設備製造商）的份額可能會穩定或略有上升。然而，我們預計這些貸款的損失率表現將與我們信用社客戶的貸款類似，並相信這些貸款將對我們整體資產組合的品質做出積極貢獻。此外，在整個信用社領域，我們看到財務狀況持續改善，信用社份額連續第二季強勁成長。儘管我們意識到當前仍存在一些挑戰，例如拖欠率上升、償付能力壓力和工資增長放緩，但這些因素也創造了機遇，我們將積極主動地掌握這些機會。

Second, while flat compared to the second quarter of 2025, we are continuing to see refinance volumes recover and believe that this could be a positive tailwind for Cert volume in 2026 and third, we're dedicated to continuously enhancing and validating our discipline underwriting standards. Our current credit builder exposure has been reduced, and super thin files now comprise a negligible amount of new originations.

其次，雖然與2025年第二季相比持平，但我們持續看到再融資業務量回升，並認為這可能對2026年的認證貸款業務量起到積極的推動作用；第三，我們致力於不斷提升和驗證我們的承保標準。我們目前的信用建設貸款曝險已減少，信用極度薄弱的貸款項目在新發放貸款中所佔比例微乎其微。

For the most recent quarter, our credit debt concentration in super thin and credit builder loans was 6%, down from 24% in the third quarter of 2024. On the pricing and predictive modelling front, we've partnered with a leading third-party expert to execute a series of one-time efforts aimed at reconfiguring and strengthening our pricing models. However, on the whole, this is not a one-time event. This will be regularly fine-tuning our pricing models with new data and new variables that reflect current and anticipated changes to macroeconomic conditions to stay ahead of the curve.

最近一個季度，我們超薄信用貸款和信用提升貸款的信貸債務集中度為6%，低於2024年第三季的24%。在定價和預測建模方面，我們與一家領先的第三方專家合作，開展了一系列旨在重新配置和加強定價模型的短期專案。然而，這並非一次性措施。我們將定期利用反映當前和預期宏觀經濟狀況變化的新數據和新變數來微調我們的定價模型，以保持領先地位。

This is a muscle memory that we will look to continue to build given our desire to be a best in class pricing and risk decisioner in the auto space. As further evidence of our commitment to making tough decisions and investing in the right places, we've also engaged with the third parties to help our lender partners improve their performance with repossessions. We believe the servicing of claims is one of the driving factors of performance and severity once a loss occurs.

鑑於我們力求成為汽車領域定價和風險決策的佼佼者，我們將繼續努力培養這種肌肉記憶。為了進一步證明我們致力於做出艱難決策並在正確的領域進行投資，我們還與第三方合作，幫助我們的貸款合作夥伴提升其在車輛回收方面的表現。我們認為，理賠服務是影響損失發生後業績和損失嚴重程度的關鍵因素之一。

Next, I wanted to walk through our progress on driving customer attention with enhanced service and technology. We've now rolled out the first phase of our lender profitability dashboards to customers, which have been well received thus far. These dashboards provide real-time data on the full life cycle value of our lender’s protection platform, ensuring that customers see tangible value in our product before defaults start to happen. Since rollout, we have received really positive feedback from customers.

接下來，我想和大家分享我們在透過提昇服務和技術來吸引客戶注意力方面取得的進展。我們目前已向客戶推出了貸款機構獲利能力儀錶板的第一階段，反應良好。這些儀錶板提供我們貸款機構資金保障平台全生命週期價值的即時數據，確保客戶在違約發生之前就能看到我們產品的實際價值。自推出以來，我們收到了來自客戶的非常正面的回饋。

I also wanted to mention that in the quarter we added 10 new logos and had no customers cancel, which we believe is a testament to the changes we have made to improve customer retention. In the 3rd quarter we also hosted our 12th annual executive lending roundtable with 264 attendees, including credit union and bank partners. This was a fantastic and successful event that gave us an opportunity to hear directly from our customers and solicit feedback and ideas to help us increase the value of our products and relationships.

我還想提及，本季度我們新增了10個客戶標識，且沒有客戶取消訂單，我們認為這證明了我們為提高客戶留存率所做的改進是卓有成效的。第三季度，我們也舉辦了第十二屆高階主管貸款圓桌會議，共有264位與會者，其中包括信用社和銀行合作夥伴。這是一個非常成功且意義非凡的活動，讓我們有機會直接傾聽客戶的聲音，並收集回饋和建議，以幫助我們提升產品價值和客戶關係。

We're thrilled to have had the opportunity to connect with our customers and are grateful they dedicated the time to identify and execute on the action items that we jointly feel are necessary to enable more opportunities to grow and to be better partners. Our industry has always been a relationship business, and there is no better return we get than on strengthening these relationships to ensure we continue to add value for our customers, their customers, and our joint mission. We hold this event annually and look forward to next year's events.

我們非常高興有機會與客戶交流，並感謝他們抽出時間共同確定並落實各項行動計畫。我們一致認為，這些行動計畫對於創造更多發展機會、成為更優秀的合作夥伴至關重要。我們的產業始終以人際關係為基礎，而加強這些關係是我們獲得最大回報的方式，這能確保我們持續為客戶、客戶的客戶以及我們共同的使命創造價值。我們每年都會舉辦這項活動，並期待明年的活動。

In addition, I'm pleased to announce the amendment to our reseller agreement with Allied Solutions, which has been a strong and loyal partner to Open Lending for over 12 years. This revised agreement demonstrates the strengthening of our partnership with Allied and their belief in our product. Allied has been instrumental to our growth since the early days of open lending.

此外，我很高興地宣布我們與 Allied Solutions 的經銷商協議已修訂。 Allied Solutions 一直是 Open Lending 的強大而忠實的合作夥伴，合作已超過 12 年。此次修訂後的協議體現了我們與 Allied 合作關係的進一步加強，以及他們對我們產品的信任。自 Open Lending 創立之初，Allied 就一直是我們發展壯大的重要力量。

This updated agreement builds upon our original partnership which has enabled us to expand our reach within the credit union ecosystem through Allied's valuable introductions and endorsements. Recognizing the evolution of our business, we've thoughtfully realigned the terms to better support mutual incentives and long-term sustainability, ensuring both parties are positioned for continued success.

這份更新後的協議建立在我們原有合作關係的基礎上，此前，Allied 的寶貴引薦和支持使我們能夠拓展在信用社生態系統中的影響力。考慮到我們業務的發展變化，我們精心調整了協議條款，以更好地支持雙方的利益和長期永續發展，確保雙方都能持續成功。

The new terms align very well with the behaviours and outcomes we are trying to build into our culture to retain and grow both current customers and new logos. This amendment also brings us future cost savings, which Massimo will speak more about shortly.

新條款與我們努力融入企業文化、旨在留住現有客戶並拓展新客戶的行為和成果高度契合。此次修訂也能為我們帶來未來的成本節約，Massimo稍後將對此進行更詳細的闡述。

We've also made continued progress on reducing costs and improving the accountability of our employee base. We continue to execute towards our committed operating expense reductions and now have a clear line of sight to achieving our cost saving goals.

我們在降低成本和提升員工責任感方面也持續取得進展。我們正持續推動既定的營運費用削減計劃，目前已清楚地朝著實現成本節約目標邁進。

On the talent front, we continue to focus on retaining and attracting top talent to further our mission. We're actively looking to bolster our team in certain areas where we feel there is room for improvement, including actively recruiting for a new chief of revenue or a growth officer.

在人才方面，我們將繼續致力於留住和吸引頂尖人才，以推進我們的使命。我們正在積極尋求在某些領域加強團隊，因為我們認為這些領域還有提升空間，例如正在積極招募新的首席營收長或成長長。

We also look forward to a refresh to our go to market strategy once we have identified and appointed a new Chief Revenue Officer. We are also pleased to announce Ben Massey, who has been with us since 2022 and our assistant general counsel since January 2024, has been named General Counsel and corporate secretary effective November 7th.

我們期待在確定並任命新的首席營收長後，對我們的市場策略進行更新。同時，我們很高興地宣布，自2022年加入公司並自2024年1月起擔任助理總法律顧問的本·馬西（Ben Massey）已被任命為總法律顧問兼公司秘書，該任命將於11月7日生效。

Lastly, I would like to formally introduce and welcome Maxwell Monaco, our newly appointed CFO to his first. Open lending earnings call. Moss has been with us for just over 2 months, and he has already made a tremendous impact on the organization in many areas. Before I pass it over to Moss to review the numbers, I wanted to address some of the macroeconomic movements we have all observed in data recently.

最後，我謹正式介紹並歡迎新任財務長麥克斯韋·莫納科 (Maxwell Monaco) 出席他的首次公開貸款業務獲利電話會議。莫納科先生加入我們僅兩個多月，就已經在許多方面對公司產生了巨大的影響。在將電話會議交給莫納科先生來解讀財務數據之前，我想先談談我們近期在數據中觀察到的一些宏觀經濟趨勢。

We have seen a lot of headlines about the k-shaped economy highlighting vulnerabilities in near and non-prime borrowers. As of mid-October, over 6% of below prime auto loans in the industry were over 60 days delinquent, which is the highest currently on record. However, as you all know, we have been strengthening our book and tightening our credit box for over 8 months already.

我們看到很多關於K型經濟的報道，強調了次優質和非優質借款人的脆弱性。截至10月中旬，業界超過6%的非優質汽車貸款逾期超過60天，創歷史新高。然而，正如大家所知，我們已經加強了貸款結構，並在過去8個多月裡收緊了信貸標準。

We believe we have taken steps to account for the conditions that are affecting others in our market segment right now, which we believe is why we have seen minimal impact to our profit share revenue in Q3 from the current credit environment on our prior vintages. As I mentioned earlier, we are constantly adding new information to our pricing and decisioning models to ensure we are ahead of the curve.

我們相信，我們已採取措施應對目前影響我們細分市場其他公司的各種狀況，因此，我們認為，當前信貸環境對我們前期債券第三季度利潤分成收入的影響微乎其微。正如我之前提到的，我們不斷將新資訊添加到定價和決策模型中，以確保我們始終保持領先地位。

And right now we believe our changes starting in the 1st quarter of 2025 have positioned us well. The bottom line is that there is a lot of good news and in the sights within what appears to be another consistent quarter, and now I'd like to pass the call over to Moss for a more detailed review of the numbers.

目前我們相信，從2025年第一季開始實施的各項改革措施已經讓我們處於有利地位。總而言之，有很多好消息，而且預計未來一個季度業績也將保持穩定成長。現在，我想把電話交給莫斯先生，讓他對這些數據進行更詳細的分析。

Thanks, Jessica. I'm pleased to join you all on my first earnings call as Open Lending's CFO. As Jessica mentioned, I joined in August after more than 2 decades in financial leadership roles across the residential mortgage and financial services industry. I'm excited to bring that experience to Open Lending as we continue to strengthen our financial discipline and pursuing our growth strategy. It's a privilege to be part of such a talented team, and I look forward to connecting more with our investors and analysts soon.

謝謝傑西卡。很高興能以Open Lending財務長的身分參加我的首次財報電話會議。正如傑西卡所提到的，我在加入Open Lending之前，在住宅抵押貸款和金融服務業擔任財務領導職務超過20年，並於今年8月正式加入公司。我很高興能將這些經驗帶到Open Lending，協助我們持續加強財務紀律，並推動成長策略。能夠成為如此優秀團隊的一員，我深感榮幸，並期待盡快與我們的投資者和分析師進行更多交流。

After spending a few months in the seat, I firmly believe that open lending has a bright future with significant potential and growth opportunities ahead. I look forward to building on the strong foundation already in place, driving renewed growth and value creation to our stakeholders while advancing the company's mission to serve the underserved.

經過幾個月的歷練，我堅信開放式借貸擁有光明的前景，蘊藏著巨大的潛力和成長機會。我期待在現有堅實的基礎上，推動公司實現新的成長，為利害關係人創造價值，同時推動公司服務弱勢群體的使命。

Now let me walk through the numbers for the quarter and guidance before Jessica and I open up the line for QA. During the third quarter of 2025, we facilitated 23,880 certified loans compared to 27,435 certified loans in the third quarter of 2024. Total certified loan volumes reflect typical seasonal patterns in our strategic tightening of underwriting standards aimed at building a higher quality loan portfolio.

現在，在我和傑西卡開放品質保證熱線之前，讓我先來看看本季的數據和業績展望。 2025年第三季度，我們促成了23,880筆認證貸款，而2024年第三季為27,435筆。認證貸款總量的變化反映了我們為建立更高品質的貸款組合而策略性收緊貸款審批標準過程中典型的季節性波動。

To add on what Jessica mentioned earlier, when we exclude super thin and credit builder certs, our cert volume for the quarter. We're up approximately 7% year over year, highlighting continued momentum in our core higher quality segment. While we anticipate volumes to remain relatively stable through the remainder of 2025 on a seasonally adjusted basis, we believe we are well positioned for renewed growth in 2026 with improved underwriting and pricing actions. Our credit union and bank channel loans typically have higher program fees compared to our OEM loans, which leads to more favourable economics.

正如傑西卡先前提到的，如果我們剔除信用額度極低和信用提升型擔保貸款，本季擔保貸款總量同比增長約7%，凸顯了我們核心優質業務板塊的持續增長勢頭。雖然我們預期經季節性調整後，2025年剩餘時間的貸款總量將保持相對穩定，但我們相信，隨著核保和定價策略的改進，我們已做好充分準備，迎接2026年的再次成長。與我們的OEM貸款相比，我們的信用合作社和銀行通路貸款通常會收取更高的專案費用，從而帶來更有利的經濟效益。

Total revenue for the third quarter of 2025 was $24.2 million up 3% from the prior year period and includes a positive $1.1 million change in estimate profit share revenue associated with historical vintages compared to a $7 million reduction during the prior year quarter. To break down total revenue in the third quarter of 2025, program fee revenues were $13.3 million profit share revenues were $8.5 million and claims administration fees and other revenues were $2.4 million. As a reminder, profit share revenue comprises the expected earned premiums less the expected claims to be paid over the life of the contracts, and less expenses attributable to the program. The net profit share to open lending is 72%.

2025年第三季總收入為2,420萬美元，較上年同期成長3%，其中包括與歷史保單相關的預計利潤分成收入增加110萬美元，而去年同期該收入則減少了700萬美元。 2025年第三季總收入組成如下：專案費用收入1,330萬美元，利潤分成收入850萬美元，理賠管理費及其他收入240萬美元。需要說明的是，利潤分成收入包括預計已賺保費減去合約有效期內預計支付的理賠款，再減去與該項目相關的費用。淨利分成比例為72%。

When cash constraints previously received is in excess of the expected profit share revenue, the amount of excess funds and the projected future losses are recorded as an excess profit share receipt liability. Profit share revenue in the third quarter of 2025 associated with new originations was $7.4 million or $310 per certified loan as compared to $13.8 million or $502 per certified loan in the third quarter of 2024.

當先前收到的現金約束超過預期利潤分成收入時，超出部分和預期的未來損失將記為超額利潤分成收入負債。 2025年第三季與新發放貸款相關的利潤分成收入為740萬美元，即每筆認證貸款310美元，而2024年第三季為1,380萬美元，即每筆認證貸款502美元。

As Jessica mentioned previously, one of the steps we've taken to reduce future volatility and profit share revenue related to the change in estimate is to book more conservative union economics at the time of originations. At these levels, the economics equates to 72.5% loss ratio, and with the pricing actions now in place, we expect newer vintages to ultimately perform closer to a mid-sixties loss ratio.

正如傑西卡之前提到的，為了降低未來波動性以及與預估變化相關的利潤分成收入，我們採取的措施之一是在保單發放時採用更保守的工會經濟模型。在目前的水平下，該模型對應的賠付率為72.5%，而隨著定價措施的實施，我們預計新發行的保單最終賠付率將接近60%左右。

We plan to continue booking a conservative unit economics going forward. Additionally, we do not anticipate recording future positive change in estimates to these newer vintages until the vintages are more seasoned. As Jessica mentioned, in the third quarter, we amended our contract with Allied, which we anticipate will generate over $2.5 million in annual cost savings once the changes are fully implemented in 2027. As part of this contract amendment, we've made a one-time payment to Allied of $11 million which will generate ROI by eliminating a portion of future commission fees from businesses that is referred to us by Allied.

我們計劃繼續沿用保守的單位經濟效益模型。此外，我們預計在這些年份較新的葡萄酒成熟之前，不會對這些年份的葡萄酒進行估值調整。正如傑西卡所提到的，我們在第三季度修訂了與Allied的合同，預計一旦這些變更在2027年全面實施，每年將節省超過250萬美元的成本。作為此次合約修訂的一部分，我們已向Allied一次性支付了1100萬美元，這筆款項將透過免除Allied推薦給我們的企業未來部分佣金的方式產生投資回報。

This evolution to our relationship with ally reinforces our mutual commitment, extending the term through 2029 and underscoring our commitment to prudent partner management. We believe this will contribute positively to our financial outlook. Overall, this revised agreement positions open lending for sustained growth while supporting valued partners like Allied. Operating expenses were $26.6 million in the third quarter of 2025 compared to $15.5 million in the third quarter of 2024, representing an increase of 71% year over year. Excluding the aforementioned one-time payment to Allied of $11 million operating expenses were relatively flat to the third quarter of 2024.

我們與合作關係的這一演變鞏固了我們雙方的共同承諾，將合作期限延長至2029年，並彰顯了我們對審慎合作夥伴管理的承諾。我們相信這將對我們的財務前景產生積極影響。總體而言，這項修訂後的協議為持續成長的開放式貸款業務奠定了基礎，同時支持了像Allied這樣重要的合作夥伴。 2025年第三季的營運支出為2,660萬美元，而2024年第三季為1,550萬美元，年增71%。若不計入上述向Allied支付的1,100萬美元一次性款項，則營運支出與2024年第三季基本持平。

One of my priorities moving forward will be to closely monitor and control operating expenses and find efficiencies in our spending. The reduction the team already made will have a full financial benefit in 2026. Net losses for the third quarter of 2025 were $7.6 million compared to net income of $1.4 million in the third quarter of 2024.

接下來，我的工作重點之一是密切監控和控制營運支出，並提高支出效率。團隊先前已實施的削減措施將在2026年產生全面的財務效益。 2025年第三季淨虧損為760萬美元，而2024年第三季淨利為140萬美元。

Diluted net loss per share was $0.06 in the third quarter of 2025 as compared to a net income per share of $0.01 in the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was $5.6 million as compared to $4.5 million in the third quarter of 2024. Our third quarter 2025 adjusted EBITDA excludes the one-time payment of $11 million in connection to the amendment to the resale agreement with Allied. We exited the third quarter with $287.7 million in total assets, of which $222.1 million was in unrestricted cash. We had $214.8 million in total liabilities, of which $134.4 million was an outstanding debt.

2025年第三季稀釋後每股淨虧損為0.06美元，而2024年第三季每股淨收益為0.01美元。 2025年第三季調整後EBITDA為560萬美元，而2024年第三季為450萬美元。 2025年第三季調整後EBITDA不包括與Allied公司修訂轉售協議相關的1,100萬美元一次性付款。截至第三季末，公司總資產為2.877億美元，其中2.221億美元為非限制性現金。公司總負債為2.148億美元，其中1.344億美元為未償債務。

Moving on to our capital allocation priorities, we have $21 million remaining on our share repurchase program, which expires in May of 2026. Our intent is to utilize our balance sheet to invest in our organic business in a controlled and measured manner to fuel profitable growth. Further, the cash interest expense on our debt continues to be about equal to the amount of interest income.

接下來談談我們的資本配置重點。我們的股票回購計畫還有2,100萬美元剩餘，該計畫將於2026年5月到期。我們計劃利用資產負債表，以可控且穩健的方式投資於我們的有機業務，從而推動獲利成長。此外，我們的債務現金利息支出與利息收入基本持平。

Being generated on our cash and cash equivalents on a quarterly basis. We remain in compliance with all of our covenants under our credit agreement and expect to remain in compliance based on our projected performance. Finally, I wanted to address our guidance for the fourth quarter. We are expecting total certified loans to be between 21,500 and 23,500. With that, I will open it up for questions. Operator.

資金按季度從我們的現金及現金等價物中產生。我們始終遵守信貸協議中的所有條款，並預期根據我們的預期業績，將繼續保持合規。最後，我想談談我們對第四季的業績指引。我們預計認證貸款總額將在21,500至23,500筆之間。接下來，我將開放提問環節。接線生。

Thank you. (Operator instructions).

謝謝。 （操作說明）

Peter Heckman with DA Davidson.

Peter Heckman 與 DA Davidson 合照。

Hey, good afternoon, everyone. Thanks for taking the question. It's good to hear about Apex, One Auto, the new credit decisioning tool. Jessica, I think you mentioned it was going to be on a subscription basis, but I, but I think you said something about some like a volume component. Can you talk a little bit more about how that might work, how much of the payment might be fixed versus, a volume based?

大家好，下午好。感謝回答這個問題。很高興聽到關於Apex、One Auto以及新的信用決策工具的消息。 Jessica，我記得你提到過它會採用訂閱模式，但好像你也說過會有一些類似交易量相關的費用。能詳細說說這部分費用是如何運作的嗎？費用中固定部分及交易量部分各佔多少比例？

Yeah, nice to hear from you, Peter. Thank you for the question today. Yeah, Apex One Auto will be a completely subscription-based product, with, we're looking to do 3 year contracts which will have monthly minimums and then any overage per loan will be charged based that is over the minimum amount, so it'll equate to like a per loan fee and none of it will be variable, meaning that we will have a meaning that we will have a minimum so the only variable amount would be if there was an overage and then anything that is and I think I mentioned this during the script, anything that is not then decisioned in Apex one would be eligible to go into the LP product so they would be complementary to each other but anything related strictly to apex one would be with a non-insurance wrapper and would not be subject to any change in the revenue once booked. It would be on the subscription basis.

是的，很高興收到你的來信，Peter。感謝你今天的提問。 Apex One Auto 將是一款完全基於訂閱模式的產品，我們計劃簽訂三年期合同，每月設有最低還款額，超出最低還款額的部分將按每筆貸款收取費用，費用固定不變，也就是說，我們會設定最低還款額，只有超出部分才會收取額外費用。此外，正如我在先前的講解中提到的，任何未在 Apex One 中處理完畢的貸款都可以納入 LP 產品，兩者可以互為補充。但任何與 Apex One 直接相關的貸款將獨立於保險業務，一旦確認收入，就不會再進行任何調整。所有貸款都將採用訂閱模式。

Okay, that makes sense. That makes sense. And then, Mass, just to follow-up on the Allied, change in terms, I think you said, you would approximate about a $2.5 million annual savings. Did you say that that was going to start phasing in next year, or is it was just going to be for the full year 2027?

好的，明白了。明白了。然後，馬斯，關於盟軍的條款變更，我想您之前說過，預計每年可以節省約250萬美元。您是說這項變更明年開始逐步實施，還是說要到2027年全年都有效？

A small amount we expect to phase in in 2026, the second half of 2026, but the, lion's share of it will be realized in 2027.And Peter, it will have applicability then it sort of going forward in perpetuity, right? It'll have a benefit.

我們預計其中一小部分將在2026年下半年分階段實施，但絕大部分將在2027年實現。彼得，到那時它就具有適用性，而且會持續下去，對吧？它會帶來好處。

Right? It, it's an ongoing benefit.

對吧？這的確是一項持續的益處。

Yes, correct.

是的，沒錯。

All right, thank you, I'll get back in the queue.

好的，謝謝，我會重新排隊。

Joseph Duffy with Canaccord.

Joseph Duffy，Canaccord公司員工。

Hey, this is Will Johnson on for Joe. Thanks for taking my question. Maybe just one, kind of high level on the macro environment. Just curious kind of any more colour you can share on when you think, things could kind of stabilize and trends you're seeing in the Mannheim index and, just any thoughts on conversations with customers. Thanks.

嗨，我是威爾·約翰遜，替喬提問。謝謝您回答我的問題。可能只有一個問題，想了解宏觀環境方面的一些狀況。我很好奇您能否分享一些關於市場何時趨於穩定的信息，以及您在曼海姆指數中觀察到的趨勢，以及您與客戶交流的一些想法。謝謝。

Yeah, as we've sort of weaved through our script, we feel like 2025 was a transition year. There was lots of tightening and changes we needed to make to our pricing models that we felt and we do feel have proven to put us in a much better and less volatile financial position.

是的，正如我們在計劃中逐步闡述的那樣，我們認為2025年是一個過渡年。我們需要對定價模式進行許多收緊和調整，我們認為，現在也仍然認為，這些調整使我們的財務狀況更加穩健，波動性也更低。

We feel like we're very well positioned for growth in 2026. There are a few things we can point to. We obviously aren't giving guidance into 2026. We're seeing, a lot more flow coming in from the refi Channel. We believe OEM is starting to build some very positive momentum now live in 32 states with a few of the larger states coming live towards the end of the year. We are bringing in a new CRO.

我們認為公司已為2026年的成長做好了充分準備。以下幾點值得關注。當然，我們目前不提供2026年的業績指引。我們看到，來自再融資管道的業務量顯著增加。我們相信，OEM業務目前已在32個州上線，並逐步建立起非常積極的發展勢頭，一些較大的州也將在年底前上線。此外，我們還將引進一位新的首席營收長（CRO）。

Which we believe will also bring more of a strategic lens to how we approach our credit union and of course we are seeing an improvement in retention of our credit unions. If you were to actually look at year over year our certain growth or a certain volume excluding credit builders and super thins, which is where we took most of our underwriting action, our cert growth is actually up 7% year over year. So I think that gives us a good starting pad as we move into 2026.

我們相信，這將使我們對信用社的運作方式更具策略性，當然，我們也看到信用社的客戶留存率有所提高。如果逐年比較我們的特定業務成長或特定業務量（不包括信用提升型貸款和超低利率貸款，因為我們主要針對的是這類貸款），我們的特定業務成長實際上比去年同期成長了7%。因此，我認為這為我們邁向2026年奠定了良好的基礎。

Thanks.

謝謝。

Thank you.

謝謝。

(Operator instructions).

（操作說明）

John Davis with Raymond James.

約翰戴維斯與雷蒙德詹姆斯。

Hey, this is Taylor on for JD. Thanks for taking the question. Maybe just to start on the 4Q certified loan assumptions. Looks like certs are supposed to be down about 14% year over year at the midpoint. So just curious what you're expecting from a refi versus purchase volume perspective and then just also the contribution expected from your FIs, credit unions, and OEMs. Thanks.

嗨，我是泰勒，代表JD。感謝您回答這個問題。我們先來談談第四季認證貸款的預期。看起來認證貸款的中位數年減了約14%。所以我想了解一下，從再融資和購車貸款量的角度來看，您預計會有哪些變化？另外，您預期金融機構、信用社和汽車製造商會做出哪些貢獻？謝謝。

Yeah, so, seasonality, 4th quarter is one of our lowest 3rd volume quarters, so we did take that into consideration, and then again, we will still have some of the impact of the OEM strengthening that we put into place as that works through sort of its full year effect. There could be some uplift from refi, we are, doing, 3 different things right now to become more refi. Ready at working with active refi partners and our current credit union base, whether we see that uplift in in the fourth quarter or we see that more going into 2026 and then of course again, there's still some uncertainty as to when we'll get some of the full benefits from OEM 3 I don't know oh and about 90% of our business is coming from the CEU in the bank so we would expect that. To sort of stabilize as we move into the 4th quarter and into 2026, I think kind of our goal with, I'll say OEM 1 and 2 is to that that volume will remain below 10% of our overall start volume. I don't know, Matt, if you have anything else to add to that. No.

是的，季節性因素確實存在，第四季通常是我們業務量最低的季度之一，所以我們已經考慮到了這一點。此外，我們實施的OEM強化措施的影響也會持續存在，其全年效應需要時間才能完全顯現。再融資業務可能會帶來一些成長，我們目前正在採取三項不同的措施來增加再融資業務。我們準備與活躍的再融資合作夥伴和我們現有的信用社客戶群合作，但這種成長是否會在第四季度出現，或者是否會在2026年更加明顯，目前還存在一些不確定性，例如我們何時才能從OEM 3措施中獲得全部收益。另外，我們大約90%的業務來自銀行的CEU（客戶體驗單位），所以我們預期會如此。為了在進入第四季度和2026年時保持穩定，我認為我們對OEM 1和OEM 2的目標是，使其銷量保持在我們整體初始銷量的10%以下。馬特，你還有什麼要補充的嗎？沒有。

I agree, and we, we're comfortable with that OEM 3 or OEMs 1 and 2 at less than 10% of our volume or around 10%, but they could still grow as we grow the overall portfolio. The OEMs 1 and 2 could grow along with it, but the mix has been our focus.

我同意，我們對OEM 3或OEM 1和2的銷售佔比低於10%或接近10%感到滿意，但隨著我們整體產品組合的擴展，它們的銷售量仍有可能成長。 OEM 1和2的銷售也可能隨之成長，但我們一直關注的是產品組合的平衡。

Got it. Makes sense. And then maybe just one more on Apex one. It's obviously very early days with two customers launched, but, just curious, longer-term, what you're expecting from an uptake perspective and then, a growth contribution perspective as well. And then, does this make sense for all of your lenders to use or just a certain subset? Just love to hear some detail on that.

明白了，很有道理。關於Apex One，或許可以再補充一點。目前只有兩位客戶上線，顯然還處於早期階段，但我很好奇，從長遠來看，您對用戶接受度和成長貢獻有何預期？另外，這項服務適合所有貸款機構使用，還是只適合部分客戶？很想了解這方面的細節。

Thanks. Sure, I would love to share. We're very excited about its launch and a product that we've been working on, for the last couple of years as we've gotten feedback from our credit unions and again really wanted to diversify into the full credit spectrum. If we sort of look at the credit unions we do business with today, we estimate that about 25% of the apps that we see are the subprime apps, and if we were able to capture what we, and which is what is required, Apex One, sort of a look at all the applications, and we were to get about a 50% adoption rate, we're looking at revenues, somewhere between $30 million and $40 million dollars, which we consider to be. Significant, but again, early days, and that will take time, as we start to sign credit unions up. We have seen a lot of interest from our credit union clients.

謝謝。當然，我很樂意分享。我們對這款產品的發布感到非常興奮，這是我們過去幾年一直在研發的產品。我們一直在收集信用社的回饋，並希望能夠涵蓋整個信貸領域。如果我們觀察目前與我們合作的信用社，我們估計大約25%的申請都是次級貸款申請。如果我們能夠收集到所需的信息，也就是Apex One系統所需的信息，並達到50%的採用率，那麼我們預計收入將在3000萬至4000萬美元之間，我們認為這筆收入相當可觀。但目前還處於早期階段，還需要時間，因為我們需要逐步與信用社簽約。我們已經看到信用社客戶對這款產品表現出了濃厚的興趣。

Again, there's been sort of the flight to quality on paper as the macroeconomic environment is what it is and so this also, I think, protects us from, sort of. Being more resilient to different market cycles, so again we're excited about this product for many different reasons, and we also think it has applicability outside of our credit union customers, right? So, there's other institutions, financial institutions that are interested in getting into and learning about and participating in auto decisioning that don't have those tools that we may be able to partner with.

再次強調，鑑於當前的宏觀經濟環境，投資人普遍傾向投資優質資產，而這款產品也能在某種程度上幫助我們抵禦市場週期波動的影響。因此，我們對這款產品充滿信心，原因有很多。而且，我們認為它不僅適用於我們的信用社客戶，也適用於其他金融機構。例如，有些金融機構如果對自動決策感興趣，但目前還沒有相關的工具，我們可以考慮與他們合作。

Got it, very helpful. Thank you.

明白了，很有幫助。謝謝。

(Operator instructions).

（操作說明）

And we show no further questions at this time. I will now turn the call over to Chief Executive Officer Jessica Boss for closing remarks.

目前我們不再接受其他提問。現在我將把電話交給執行長傑西卡·博斯，請她作總結發言。

Thanks everyone for your participation and support today. The 3rd quarter represented tangible progress against the initiatives I laid out in my 1st quarter as CEO and believe that open lending is now in a stronger position today than it was just 6 months ago. We believe we are well positioned for growth in 2026, and I look forward to updating you on our next call.

感謝各位今天的參與與支持。第三季在我擔任執行長第一季所製定的各項措施上取得了切實進展，我相信開放式借貸目前的情況比六個月前更加穩健。我們相信公司已為2026年的成長做好了充分準備，期待在下次電話會議上與大家分享最新情況。

Thank you.

謝謝。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。