Open Lending Corp (LPRO) 2025 Q4 法說會逐字稿

Hello, and welcome everyone joining today’s Open Lending Corporation’s fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

大家好，歡迎各位參加今日 Open Lending Corporation 2025 年第四季財報電話會議。（操作員指示）請注意，本次通話正在錄音。（操作說明）

It is now my pleasure to turn the meeting 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部的瑞安·加德拉主持。請繼續。

Thanks, Leo. Prior to the start of this call, the company posted their fourth-quarter and full-year 2025 earnings release and supplemental slides to its investor website. In the release, you’ll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call.

謝謝你，Leo。在本次電話會議開始之前，該公司已在其投資者網站上發布了 2025 年第四季和全年財報及補充投影片。在新聞稿中，您將找到非 GAAP 財務指標與本次電話會議中討論的最可比較 GAAP 財務指標的調整表。

Before we begin, I would like to remind you this call may contain estimates or other forward-looking statements that represent the company’s view as of today, March 12, 2026. Open Lending disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to today’s earnings press release and our filings with the SEC for more information concerning factors that would cause actual results to differ from those expressed or implied in such statements.

在開始之前，我想提醒各位，本次電話會議可能包含估計或其他前瞻性陳述，這些陳述代表了本公司截至 2026 年 3 月 12 日的觀點。Open Lending 聲明不承擔任何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，請參閱我們今天的盈利新聞稿和我們向美國證券交易委員會提交的文件。

And now I’ll pass the call over to Jessica to give an update on the business and financial results for the fourth-quarter and full-year 2025.

現在我將把電話交給傑西卡，讓她介紹一下2025年第四季和全年的業務和財務表現。

Thanks, everyone, for joining us here on our fourth-quarter and full-year 2025 earnings conference call. I’m joined today by our CFO, Mas Monaco; and our Chief Underwriting Officer, Matt Sather.

感謝各位參加我們2025年第四季及全年業績電話會議。今天，我們的財務長馬斯·摩納哥和首席承保官馬特·薩瑟也加入了我們。

This quarter marks the completion of my first full year as CEO. From day one, my focus has been clear: stabilize the business and position it for durable growth. That meant improving profitability, reducing volatility in our profit share revenue, growing total revenue and customer retention, strengthening operational execution, and building a culture of accountability. I am pleased to report that one year in, we believe we’ve made meaningful progress on executing these goals.

本季標誌著我擔任執行長的第一個完整年度的結束。從一開始，我的目標就很明確：穩定業務，並使其處於可持續成長的狀態。這意味著要提高獲利能力，降低利潤分成收入的波動性，提高總收入和客戶留存率，加強營運執行，並建立問責文化。我很高興地報告，一年過去了，我們相信我們在實現這些目標方面取得了實質進展。

We’ve improved the stability of our profit share unit economics, strengthened underwriting standards, and expanded our platform through ApexOne Auto. With that launch, we are evolving from a single product company into a full spectrum decisioning and dynamic pricing engine.

我們提高了利潤分成單位經濟效益的穩定性，加強了承保標準，並透過 ApexOne Auto 擴展了我們的平台。隨著此次發布，我們正在從單一產品公司轉型為全方位決策和動態定價引擎公司。

We believe this progress is reflected in our full-year results and, more importantly, in the stronger foundation we’ve built to drive higher quality growth in the years ahead. Over the past year, we have also strengthened the leadership team by bringing in new executives and elevating internal leaders across the organization as we position Open Lending for the next phase of growth.

我們相信，這一進展體現在我們的全年業績中，更重要的是，體現在我們為在未來幾年推動更高品質的成長而建立的更堅實的基礎中。過去一年，我們也透過引進新的主管和提拔組織內部的領導者來加強領導團隊，為 Open Lending 的下一個成長階段做好準備。

Before jumping into our results, I want to put a finer point on the strategic reasons behind the significance for maintaining tighter underwriting standards and appropriately pricing risks, both of which contributed to our cert results in the fourth quarter. As an experienced executive coming from the underwriting and insurance industry, I believe that we have positioned ourselves to deliver disciplined, profitable growth to our stakeholders over multiple credit cycles, not just the one we currently find ourselves in.

在深入探討我們的業績之前，我想更詳細地闡述一下保持更嚴格的承保標準和適當定價風險的重要性背後的戰略原因，這兩點都對我們第四季度的認證業績做出了貢獻。作為一名來自承保和保險行業的資深高管，我相信我們已經做好準備，在多個信貸週期內為我們的利益相關者帶來穩健、盈利的增長，而不僅僅是我們目前所處的這個週期。

Trust, relevance, and discipline combined with our unique product offering define Open Lending. As I have said many times in the past, we are, at our core, an auto credit pricing and decisioning engine. The name of our flagship product, Lenders Protection Program, is not branding. It’s our operating philosophy.

信任、相關性和紀律性，再加上我們獨特的產品，定義了開放式貸款。正如我過去多次說過的那樣，我們的核心是一個汽車信貸定價和決策引擎。我們的旗艦產品「貸款人保護計畫」的名稱並非品牌識別。這是我們的經營理念。

When we look at the current commercial credit environment, the importance of this discipline is clear. Over the last few years of volatility, we’ve seen several auto lenders go out of business, largely due to overextension, loosened underwriting standards, and rates that were not balancing the actual risks. When economic pressures and delinquencies rose, they couldn’t sustain the losses they had at the prices they were charging.

當我們審視當前的商業信貸環境時，這項原則的重要性就顯而易見了。在過去幾年的市場波動中，我們看到多家汽車貸款機構倒閉，這主要是由於過度擴張、放鬆承保標準以及利率未能平衡實際風險所致。當經濟壓力和違約率上升時，他們無法以當時的定價承受損失。

I mention this to say that we have clearly chosen a different path for our company, our employees, and our stakeholders. The decisive changes made in 2025 and the strategic initiatives we have put into place and outlined on all of the earnings calls since I became CEO have all contributed to our continued relevance in the near and non-prime space. We believe that these changes are working and driving real value for our stakeholders in the form of sustainable, profitable growth regardless of the changing macroeconomic environment.

我提到這一點是為了說明，我們顯然為公司、員工和利害關係人選擇了一條不同的道路。2025 年做出的決定性改變，以及自從我擔任 CEO 以來我們在所有收益電話會議上提出的戰略舉措，都為我們在近優質和非優質領域保持持續的相關性做出了貢獻。我們相信，無論宏觀經濟環境如何變化，這些變革都在發揮作用，並為我們的利害關係人帶來可持續的、獲利性的成長，從而創造真正的價值。

With that as a backdrop, I would like to move on to results. For the full year, we facilitated 97,348 certified loans and recorded total revenue of $93.2 million, resulting in adjusted EBITDA of $15.6 million. For the fourth quarter, we facilitated 19,308 loans, generating revenue of $19.3 million and adjusted EBITDA of $2.8 million.

在此背景下，我想談談結果。全年共發放 97,348 筆經認證的貸款，總收入達 9,320 萬美元，調整後 EBITDA 為 1,560 萬美元。第四季度，我們促成了 19,308 筆貸款，創造了 1,930 萬美元的收入和 280 萬美元的調整後 EBITDA。

We believe that our deliberate tightening of lending standards will result in a higher quality book, and we have already observed improved 2025 vintage performance as compared to prior-year vintages. For vintage year 2025, the over 60-day delinquency at 12 months on book is approximately 200 basis points lower than both the 2023 and 2024 vintages.

我們相信，我們刻意收緊貸款標準將帶來更高品質的貸款組合，而且我們已經觀察到，與往年相比，2025 年的貸款表現有所改善。2025 年年份的葡萄酒，帳齡 12 個月內逾期 60 天以上的貸款率比 2023 年和 2024 年年份的葡萄酒低約 200 個基點。

In the fourth quarter, our certified loan shortfall compared to guidance was driven by a temporary headwind in conversion rates as we actively managed risk and made targeted adjustments to how retail vehicle values were treated in our pricing models. As new information became available, we tested price elasticity, measured the response results, and then refined our response accordingly.

第四季度，由於我們積極管理風險並對定價模型中零售車輛價值的處理方式進行了有針對性的調整，導致轉換率暫時下降，因此我們認證貸款與預期之間的差距有所擴大。隨著新資訊的出現，我們測試了價格彈性，衡量了回應結果，然後相應地改進了我們的應對措施。

After reviewing the performance of the quarter, we determined that certain rate increases implemented were creating unnecessary obstacles to our certified loan pipeline. After rolling back a subset of the changes in phases, concluding the week of January 16, we are now seeing improved momentum and sustainable growth while credit performance remains strong. This is disciplined risk management: test, measure, and refine.

在回顧本季業績後，我們發現，某些利率上調措施對我們的認證貸款流程造成了不必要的障礙。在 1 月 16 日當週結束，分階段撤回部分變更後，我們現在看到成長動能改善，實現永續成長，同時信貸表現依然強勁。這是嚴謹的風險管理：測試、衡量和改進。

Exercising this process and creating this muscle memory is essential not just to our LPP product, but for our ApexOne Auto platform and the full spectrum of credit products. Ultimately, our decision to maintain a tighter credit box and appropriate pricing was deliberately done to reinforce the strategic principles we have emphasized all year of discipline in our underwriting and pricing.

練習這個流程並形成這種肌肉記憶不僅對我們的 LPP 產品至關重要，而且對我們的 ApexOne Auto 平台和所有信貸產品也至關重要。最終，我們決定維持更嚴格的信用標準和適當的定價，是為了強化我們全年強調的在核保和定價方面保持紀律的策略原則。

We believe this approach reduces exposure to elevated defaults, rising delinquencies, and adverse loss ratios over time. While that discipline may have resulted in fewer certified loans in the fourth quarter, intentionally avoiding business that we believe is mispriced or inconsistent with long-term profitability is ultimately in the best interest of Open Lending and our stakeholders. While we were not happy with the impact of certs, the silver lining is that our controls and feedback loops are working as intended.

我們相信，隨著時間的推移，這種方法可以降低違約率上升、拖欠率增加和損失率惡化的風險。雖然這種自律可能導致第四季度認證貸款數量減少，但有意避免我們認為定價錯誤或與長期盈利能力不符的業務，最終符合 Open Lending 和我們利益相關者的最大利益。雖然我們對認證的影響並不滿意，但令人欣慰的是，我們的控制和回饋機制正在按預期發揮作用。

I’m also pleased to report that since February 1, we have averaged 353 certs per business day compared to 293 certs during the impacted period. Importantly, the 353 level is consistent with the average certs per business day we experienced in the 60 days prior to the change being implemented.

我很高興地報告，自 2 月 1 日以來，我們平均每個工作日頒發 353 份證書，而受影響期間的平均證書數量為 293 份。重要的是，353 的水平與我們在實施變更前的 60 天內每個工作日的平均認證數量一致。

Additionally, through February, our application flow was approximately 20% up year over year. We are getting more at bats as the business we want, which is direct evidence that our lender profitability initiatives and newly launched dashboards are working, and that our customers see tangible value in the full life cycle of the Open Lending relationship.

此外，截至2月份，我們的申請量年增了約20%。我們正在獲得更多我們想要的業務機會，這直接證明了我們的貸款機構盈利能力計劃和新推出的儀表板正在發揮作用，並且我們的客戶在開放式貸款關係的整個生命週期中看到了切實的價值。

Now I’d like to move on to talk about our ongoing initiatives across the company. First, as discussed on our prior earnings call, we have been actively working with our third-party modeling partner on a more sophisticated real-time simulation engine that we have internally called Project Red Rocks. Once completed, we expect Red Rocks will allow us to instantly see the impact of any proposed rate or credit box change on volume, loss ratio, and profitability before we implement it.

現在我想談談我們公司正在進行的各項措施。首先，正如我們在先前的財報電話會議上所討論的，我們一直在積極與第三方建模合作夥伴合作開發一個更複雜的即時模擬引擎，我們內部稱之為「紅岩計畫」。一旦建成，我們預計 Red Rocks 將使我們能夠在實施任何擬議的利率或信用額度變更之前，立即看到其對交易量、損失率和盈利能力的影響。

It will also serve as a safety valve and control check on the trade-off between rate and market acceptance, which we believe will prevent future headwinds like we experienced in the fourth quarter. We remain committed to disciplined pricing and building more sophisticated models to predict our actions on the market. Understanding the dynamics of price elasticity, volume, and profitability is critical to being best in class, and we believe Project Red Rocks will deliver that for us. This project is running on time and on budget, and we are seeing preliminary benefits as we roll components of the model out quarterly.

它還將起到安全閥和控制檢查的作用，以平衡利率和市場接受度，我們相信這將防止未來像我們在第四季度遇到的那種不利因素。我們將繼續堅持穩健的定價策略，並建立更複雜的模型來預測我們在市場上的行動。了解價格彈性、銷售量和獲利能力的動態變化對於成為產業翹楚至關重要，我們相信紅岩專案將為我們實現這一目標。該專案按時按預算進行，隨著我們按季度推出模型的各個組件，我們已經看到了初步效益。

We also entered 2026 with a strengthened go-to-market engine. Anthony Campuzano joined us early in the first quarter as Chief Growth Officer. His first four priorities are clear.

進入 2026 年，我們的市場推廣引擎也得到了加強。Anthony Campuzano 於第一季初加入我們，擔任首席成長長。他的首要四項任務很明確。

One, increase wallet share with existing credit union partners and continue to focus on existing customer retention. Two, penetrate larger credit unions, banks, and other institutions which we have historically underserved. Three, build the go-to-market strategy around ApexOne Auto platform and the additional products and credit spectrums we now service with this introduction. And four, reorient and expand the sales team with additional hunters focused on new logo acquisition and deeper penetration.

第一，提高與現有信用社合作夥伴的錢包份額，並持續專注於現有客戶的留存。第二，打入我們歷來服務不足的大型信用社、銀行和其他機構。第三，圍繞 ApexOne Auto 平台以及我們透過此次引進而提供的其他產品和信用範圍，建構市場進入策略。第四，重新調整和擴充銷售團隊，增加專注於獲取新客戶和更深入滲透的銷售人員。

Anthony will also begin exploring opportunities to organically expand our platform into additional credit products, leveraging our proprietary data and analytics to extend the reach of our model. Anthony has hit the ground running and quickly made an impact in the sales organization. We have been operating without a Chief Growth Officer for several months and believe there are significant opportunities for Anthony to help us accelerate our growth throughout the year.

Anthony 也將開始探索機會，利用我們專有的數據和分析，將我們的平台有機地擴展到其他信貸產品，從而擴大我們模式的影響範圍。安東尼迅速進入狀態，很快就在銷售團隊中發揮了作用。我們已經幾個月沒有首席成長長了，我們相信安東尼有很大的機會幫助我們在今年加速成長。

Now I would like to report on the impacts of our initiatives to improve profitability and drive cert volume growth. I’ll also do a deeper dive into the fourth-quarter and full-year results, but our profit tier unit economics for the 2025 vintage continue to be booked at a constrained 72.5% loss ratio, and we believe will perform at our target loss ratio of mid-60%.

現在我想報告我們為提高獲利能力和推動證書數量成長而採取的各項措施的影響。我也會深入分析第四季和全年業績，但我們 2025 年年份的利潤層級單位經濟效益繼續以 72.5% 的受限損失率計入，我們相信將達到 60% 左右的目標損失率。

For the full year, our profit tier change in estimate resulted in $0.4 million positive impact to adjusted EBITDA, or in essence, was non-volatile and flat. Our ApexOne Auto platform was launched in the fourth quarter with two customers in the prime credit auto segment, making us a full credit spectrum dynamic pricing auto solution. Applications flowing through the platform from these customers and our pilot partners are already in the mid five figures, all on a subscription-based minimum volume model.

全年來看，我們利潤層級估計的變化對調整後的 EBITDA 產生了 40 萬美元的正面影響，或者說，本質上是穩定且不波動的。我們的 ApexOne Auto 平台於第四季度推出，擁有兩家優質信用汽車客戶，使我們成為全信用範圍動態定價汽車解決方案。透過該平台從這些客戶和我們的試點合作夥伴處獲得的應用程式數量已達到五位數，全部採用基於訂閱的最低數量模式。

The pipeline has more than doubled since launch, with several new potential customers in various stages of diligence. Importantly, because ApexOne Auto sits on top of the prime credit funnel, it seamlessly routes declined prime loans into our core LPP product and increases application flow. Not only does ApexOne Auto operate on a subscription basis recurring revenue model, but it increases stickiness with customers and gives us an opportunity to capitalize on the $500 million prime decisioning market.

自啟動以來，該專案的潛在客戶數量已經增加了一倍多，目前有幾位新的潛在客戶正處於不同的盡職調查階段。重要的是，由於 ApexOne Auto 位於優質信貸管道的頂端，它可以無縫地將拒絕的優質貸款路由到我們的核心 LPP 產品中，並增加申請流量。ApexOne Auto 不僅採用訂閱式經常性收入模式，而且還提高了客戶黏著度，並讓我們有機會從價值 5 億美元的優質決策市場中獲利。

The introduction of ApexOne Auto platform also means we now have exposure to the entire spectrum of credit scores. Given the massive amount of historical data we have access to, we believe we are well-positioned to find new ways to leverage and monetize them across the full spectrum of credit and markets that rely on this data to price loans.

ApexOne Auto 平台的引入也意味著我們現在可以接觸到所有類型的信用評分。鑑於我們擁有大量的歷史數據，我們相信我們有能力找到新的方法，在整個信貸和依賴這些數據進行貸款定價的市場中利用這些數據並將其貨幣化。

Next, on to OEM 3. The ramp-up continues as planned. Volume has grown steadily through Q4, and we are now deploying in Southern California and Texas, which make up a substantial portion of the opportunity.

接下來，我們來看OEM 3。產能提升工作按計畫繼續進行。第四季銷售量穩定成長，我們現在正在南加州和德州部署，這兩個地區佔據了相當大的市場機會。

Longer term, we see a substantial opportunity in non-branded business for OEM 3 dealers, where we will become the first look decisioning engine. Early performance is in line with credit union loss ratios, and we expect OEM 3 to contribute positively to both channel mix and overall book quality in 2026.

從長遠來看，我們看到 OEM 3 經銷商在非品牌業務方面擁有巨大的機會，我們將成為他們的首選決策引擎。早期表現與信用社的損失率相符，我們預計 OEM 3 將在 2026 年對通路組合和整體帳簿品質做出積極貢獻。

Credit union health also continues to improve. Share growth, deposit recovery, and lending capacity are all trending positively.

信用社的經營狀況也持續改善。市佔率成長、存款回收率和貸款能力均呈現正面趨勢。

I recently attended the Governmental Affairs Conference in Washington, DC, and sat with many of our credit union customers and prospects. One message was clear: they are looking to grow, looking for solutions, and have the capital to do it. Credit unions have seen improved strength with loan-to-share ratios at 83.2% in the fourth quarter of 2025. We believe this supports an environment where our platform and relationships are poised to organically grow more products and solutions, driving a deeper relationship.

我最近參加了在華盛頓特區舉行的政府事務會議，並與我們信用社的許多客戶和潛在客戶進行了交流。傳遞出的訊息很明確：他們正在尋求發展，尋求解決方案，並且擁有實現這一目標的資金。信用合作社的實力有所增強，2025 年第四季的貸款持股比率達到 83.2%。我們相信，這將有利於我們的平台和關係有機地發展更多產品和解決方案，從而推動更深層的關係。

Our responsibility is to ensure that growth occurs with the right loans at the right price. Without that discipline, the industry risks repeating the performance challenges seen in 2021 and 2022 vintage years. Discipline is precisely why they trust us.

我們的責任是確保以合適的價格提供合適的貸款，從而促進經濟成長。如果沒有這種自律，該行業就有可能重蹈 2021 年和 2022 年葡萄酒年份的覆轍，面臨業績挑戰。正是因為紀律嚴明，他們才會信任我們。

Moving on to our customer retention efforts, we lost zero customers in the fourth quarter and four in the full year of 2025. We added 6 new logos in the fourth quarter and 46 in the full year and saw existing clients send us materially higher application volumes. The lender profitability dashboards have been universally well-received and are driving deeper engagement. We are also prioritizing annual profitability reviews with each customer, which is an initiative championed by our new Chief Growth Officer.

接下來談談我們的客戶留存工作，我們在第四季沒有流失任何客戶，2025 年全年也隻流失了 4 位客戶。我們在第四季度新增了 6 個徽標，全年新增了 46 個徽標，現有客戶向我們發送的申請數量也顯著增加。貸款機構獲利能力儀錶板受到了普遍好評，並正在推動更深入的參與。我們也優先考慮與每位客戶進行年度獲利能力審查，這是我們新任首席成長長大力倡導的一項舉措。

Our increased same customer application flow is another proof point that our retention efforts are driving more stickiness. We are of the opinion that the auto refinance market remains an opportunity across the credit union ecosystem, particularly following the elevated interest rate environment of the past several years.

我們不斷成長的同一客戶申請量再次證明，我們的客戶留存工作正在提高客戶黏著度。我們認為，汽車再融資市場在整個信用合作社生態系統中仍然是一個機遇，尤其是在過去幾年利率高漲的環境下。

While auto loan rates remain higher than pre-pandemic levels, they have began to moderate following the Federal Reserve’s 75 basis points of cumulative easing that began in late Q3 of 2025. Historically, this type of rate environment has driven increased re-refinance activity. As borrowers who originate loans during peak rate environments seek payment relief, we expect the refinance channels to show renewed momentum.

雖然汽車貸款利率仍高於疫情前的水平，但隨著聯準會自 2025 年第三季末開始累積放鬆 75 個基點的貨幣政策，利率已開始趨於緩和。從歷史上看，這種利率環境會推動再融資活動的增加。當利率高峰期發放貸款的借款人尋求還款減免時，我們預期再融資管道將呈現新的成長動能。

Against this backdrop, we believe Open Lending is well-positioned to capture incremental certification and partner expansion within the credit union market if rates decline further in 2026. We are actively working with our credit union partners to appropriately and timely loosen ROA targets in response to rate drops to remain competitive.

在此背景下，我們認為，如果 2026 年利率進一步下降，Open Lending 將能夠很好地掌握信用社市場中新增的認證和合作夥伴擴張機會。為了保持競爭力，我們正積極與信用社合作夥伴合作，在利率下降時適當及時地放寬資產收益率目標。

The next area I want to address is our book mix and full-year impact of credit builders and super thin files. As we discussed on prior calls, we virtually eliminated our exposure to super thin files following underwriting guideline changes implemented in the fourth quarter of 2024. At one point, these represented approximately 11% of quarterly certifications, and today we underwrite none, making them a negligible part of our portfolio.

接下來我想談談我們的圖書組合以及信用提升書籍和超薄檔案的全年影響。正如我們在之前的電話會議中討論的那樣，在 2024 年第四季度實施承保準則變更後，我們實際上消除了對超薄文件的風險敞口。曾經，這些保單約佔季度保單的 11%，而如今我們已不再承保任何保單，因此它們在我們投資組合中所佔比例微乎其微。

With respect to credit builders, they remain a relatively small portion of the book. As a reminder, we took a more blunt approach initially with approximately 100% insurance premium rate increase to ensure appropriate risk-adjusted returns.

就提升信用評分的書籍而言，它們在本書中所佔比例仍然相對較小。需要提醒的是，我們最初採取了更直接的方式，將保險費率提高了約 100%，以確保適當的風險調整收益。

In 2025, credit builders represented approximately 6% of our new certifications and are performing as expected. Each quarter, we continue refining our definitions and segmentation of credit builders across cohorts, and we are confident in our ability to screen, price, and underwrite these applications with increasing precision, allowing us to responsibly grow this segment while maintaining strong profitability. Much of this has been made possible by the model enhancements we are already seeing from Project Red Rocks.

2025 年，信用建設者約占我們新認證的 6%，且表現符合預期。每個季度，我們都會不斷完善對不同群體信用建設者的定義和細分，我們有信心能夠越來越精確地篩選、定價和承保這些申請，從而在保持強勁盈利能力的同時，負責任地發展這一領域。這一切都很大程度上得益於我們從紅岩計畫（Project Red Rocks）中已經看到的模型改進。

Next, we turn to the elements of our business that we considered in shaping our outlook for 2026. We feel strongly that our conversion rate headwind from the fourth quarter has been completely solved at this point, and we believe we are well positioned for growth in 2026. However, we believe that growth will compound over each quarter in 2026, or said another way, will be greater in the latter quarters and is likely to increase incrementally each quarter.

接下來，我們將探討我們在製定 2026 年展望時所考慮的業務要素。我們堅信，第四季以來的轉換率逆風問題目前已徹底解決，我們相信，我們已為 2026 年的成長做好了充分準備。然而，我們認為 2026 年每季的成長將呈現複利成長，或者換句話說，後幾季的成長幅度會更大，每季可能會逐步成長。

This is also impacted by the fact that we had super thins and credit builders in the first quarter of 2025, and we have to replace that volume with growth that we want, which is why we believe our 2025 vintage is performing better than expected. We believe our new models, sales strategy, and underwriting clarity will drive that.

這也受到了以下事實的影響：我們在 2025 年第一季發行了超薄債券和信用提升債券，我們必須用我們想要的成長來取代這些債券的發行量，這就是為什麼我們認為我們 2025 年發行的債券表現比預期要好。我們相信，我們的新模式、銷售策略和承保透明度將推動這一目標的實現。

In addition, we believe the strength of our go-to-market strategy will improve customer retention and drive new logos in 2026. We believe these factors, coupled with the expected impacts of the refinance market and the anticipated ramp of OEM 3, will be drivers that position us for growth in 2026.

此外，我們相信，我們強大的市場推廣策略將在 2026 年提高客戶留存率並帶來新的客戶。我們相信，這些因素，加上再融資市場的預期影響和 OEM 3 的預期成長，將成為推動我們在 2026 年實現成長的動力。

As we discussed earlier, due to the increased health of credit union partners, we believe credit unions are in one of the strongest capital positions they have been in over recent years and are seeking responsible growth.

正如我們之前討論的那樣，由於信用社合作夥伴的健康狀況有所改善，我們認為信用社目前處於近年來最強勁的資本狀況之一，並且正在尋求負責任的增長。

Lastly, with the introduction of ApexOne Auto, we now have full credit spectrum dynamic pricing and decision capabilities that we believe will help facilitate additional certified loans. This enables customized growth strategies aligned with each institution’s risk appetite with and without insurance while preserving our core commitment to protecting lenders and serving the underserved. We plan to continue to innovate and deepen our relationships.

最後，隨著 ApexOne Auto 的推出，我們現在擁有了完整的信用範圍動態定價和決策能力，我們相信這將有助於促進更多認證貸款的發放。這使得我們能夠根據每個機構的風險承受能力製定客製化的成長策略，無論是否購買保險，同時保持我們對保護貸款人和為服務不足群體提供服務的核心承諾。我們計劃繼續創新並深化合作關係。

Taken together, we are providing full-year certified loan guidance of 100,000 to 110,000 for 2026, with between 21,000 and 22,000 expected in the first quarter, and full-year adjusted EBITDA guidance of $25 million to $29 million for 2026. We believe introducing annual guidance for the first time since 2022 reflects our confidence in the growth trajectory of our business in 2026 following the strong execution on improving profitability we delivered in 2025.

綜合來看，我們預計 2026 年全年經認證的貸款額為 10 萬至 11 萬，預計第一季為 2.1 萬至 2.2 萬，2026 年全年調整後 EBITDA 預計為 2,500 萬至 2,900 萬美元。我們相信，自 2022 年以來首次推出年度業績指引，反映了我們對 2026 年業務成長軌蹟的信心，這得益於我們在 2025 年成功提高了盈利能力。

On the capital allocation side in the fourth quarter, we paid down approximately $50 million of our senior secured term loan, which, based on projected forward interest rate curves, will result in quarterly interest savings expense of approximately $575,000. With our strong cash balance, partially due to favorable profit share cash flows, our Board of Directors and management team ultimately decided that this was the best use of capital for our shareholders.

在第四季度的資本配置方面，我們償還了約 5,000 萬美元的優先擔保定期貸款，根據預測的遠期利率曲線，這將導致季度利息節省支出約 57.5 萬美元。由於我們擁有強勁的現金餘額（部分原因是有利的利潤分成現金流），我們的董事會和管理團隊最終決定，這是對股東而言最好的資本利用方式。

We also repurchased approximately 564,000 shares in the quarter at an average price of $1.66 per share. We will continue to evaluate capital allocation strategies each quarter and focus our priorities where we believe we are driving the best strategic returns for our shareholders.

本季我們也以每股 1.66 美元的平均價格回購了約 564,000 股股票。我們將繼續每季評估資本配置策略，並將重點放在我們認為能為股東帶來最佳策略回報的領域。

I would like to conclude with this. By all accounts, 2025 was a successful year for Open Lending. We set the company on the right course with largely flat CIEs or back book adjustments. We generated meaningful revenue and adjusted EBITDA in our core business, and we reinforced the strategic pillars of our business and cut unnecessary costs out of our organization.

最後我想補充一點。總的來說，2025年對於開放式借貸來說是成功的一年。我們透過大幅調整帳面價值或進行帳面調整，使公司走上了正確的道路。我們在核心業務中創造了可觀的收入和調整後的 EBITDA，並加強了業務的策略支柱，削減了組織中不必要的成本。

By remaining disciplined in our underwriting and pricing, we believe we have avoided the fate of those who overextended and prioritized volume over building a durable cycle-agnostic business. As a result, we believe we are positioned to capitalize on future opportunities from a position of strength. And importantly, we are protecting our carriers, our credit union partners, and our broader financial institution relationships.

我們相信，透過在承保和定價方面保持嚴謹，我們已經避免了那些過度擴張、優先考慮業務量而不建立持久的、不受週期影響的業務的公司的命運。因此，我們相信我們已做好充分準備，從優勢地位出發，把握未來的機會。更重要的是，我們正在保護我們的營運商、信用社合作夥伴以及更廣泛的金融機構關係。

I am personally excited about the future. We believe this positions us well for growth in 2026, but growth in the right business at the right price and within the right risk framework. This philosophy is embedded in our full-year guidance. Our number one priority is ensuring the durability of our portfolio in order to grow responsibly.

我個人對未來充滿期待。我們相信這將使我們在 2026 年實現成長，但成長必須是在合適的業務中以合適的價格在合適的風險框架內進行的。這一理念已融入我們全年的指導方針中。我們首要任務是確保投資組合的可持續性，從而實現負責任的成長。

Making disciplined decisions in challenging markets is what sustains long-term relevance and long-term shareholder value. We have remained relevant and intend to keep it that way. We have the models, data, and talent to grow profitably at a time when others have lost their way. This is the definition of opportunity.

在充滿挑戰的市場中做出審慎的決策，以維持長期的競爭力，並為股東創造長期的價值。我們一直保持著與時俱進的地位，並打算繼續維持下去。我們擁有實現獲利成長所需的模型、數據和人才，而此時其他人卻迷失了方向。這就是機會的定義。

Now I’d like to turn the call over to Mas to discuss the financials in detail. Mas?

現在我想把電話交給馬斯，讓他詳細討論一下財務狀況。嗎？

Thanks, Jessica. Before walking through the results, I will highlight a few key financial takeaways from the quarter. First, the business delivered stable financial performance as we continue to move beyond last year’s change in estimate adjustment. Second, we made good progress on expense discipline while continuing to invest in key growth initiatives. And third, we strengthened the balance sheet through debt reduction and ongoing share repurchases.

謝謝你，潔西卡。在詳細介紹業績之前，我將重點介紹本季的一些關鍵財務要點。首先，隨著我們繼續擺脫去年預期調整的影響，公司實現了穩定的財務表現。其次，我們在控製成本方面取得了良好進展，同時繼續投資於關鍵成長計劃。第三，我們透過減少債務和持續回購股票來加強資產負債表。

Now let me walk through the numbers for the quarter and guidance before Jessica and I open it up for Q&A. During the fourth quarter, we facilitated 19,308 certified loans compared to 26,065 certified loans in the fourth quarter of 2024. As Jessica mentioned, the shortfall in certified loans was driven by a temporary headwind in conversion rates as we tested pricing adjustments in response to emerging credit trends.

現在讓我先介紹本季的數據和預期，之後我和潔西卡將開放問答環節。第四季度，我們促成了 19,308 筆經認證的貸款，而 2024 年第四季則促成了 26,065 筆經認證的貸款。正如傑西卡所提到的那樣，認證貸款的短缺是由於我們在測試價格調整以應對新興信貸趨勢時，轉換率暫時受到不利影響所致。

These adjustments had an outsized impact on certain segments. Select changes were rolled back in phases and completed by mid-January. Based on current trends, we do not expect this issue to create any ongoing disruptions.

這些調整對某些領域產生了過大的影響。部分變更分階段撤銷，1月中旬完成。根據目前的趨勢，我們預計這個問題不會造成任何持續的干擾。

Certified loan volume in the quarter also reflected typical seasonal patterns along with further strategic implementation of enhanced underwriting standards aimed at building a higher quality loan portfolio. Looking ahead, we expect volumes to accelerate throughout 2026 as anticipated in our guidance.

本季度認證貸款量也反映了典型的季節性模式，同時進一步策略性地實施了加強的承銷標準，旨在建立更高品質的貸款組合。展望未來，我們預計銷量將在 2026 年加速成長，正如我們在預測中所預期的那樣。

We believe the business is well-positioned to capitalize on new growth channels such as the ApexOne Auto platform and the continued rollout of OEM Three. We are also placing increased emphasis on sourcing from our credit union and bank partners, which typically carry higher program fees and more attractive unit economics compared to OEM certs.

我們相信，公司已做好充分準備，利用 ApexOne Auto 平台和 OEM Three 的持續推廣等新的成長管道。我們也更加重視從我們的信用合作社和銀行合作夥伴那裡採購，與 OEM 認證相比，這些合作夥伴通常會收取更高的專案費用，但單位經濟效益卻更具吸引力。

Total revenue for the fourth quarter was $19.3 million, compared to a negative $56.9 million in the prior-year period. The current quarter included an insignificant change in estimate profit share revenue compared to an $81.3 million reduction in the fourth quarter of 2024. As a reminder, the fourth quarter of 2024 included a significant negative change in estimate adjustment driven by macroeconomic factors and unexpected performance issues in certain newer vintage cohorts.

第四季總營收為 1,930 萬美元，而上年同期則虧損 5,690 萬美元。與 2024 年第四季減少 8,130 萬美元相比，本季預計利潤分成營收的變化微乎其微。提醒一下，2024 年第四季由於宏觀經濟因素和某些較新年份的股票出現意外的業績問題，導致估計值進行了重大的負面調整。

Breaking down total revenues in the current quarter. Program fee revenues were $10.9 million. Profit share revenues was $6.2 million, and claims, administration fees, and other revenues were $2.3 million. As a reminder, profit share revenue represents our share of the expected earned premiums less the expected lifetime claims and program expenses.

將本季總收入進行細分。項目費用收入為1090萬美元。利潤分成收入為 620 萬美元，索賠、管理費和其他收入為 230 萬美元。再次提醒，利潤分成收入代表我們應得的預期已賺保費減去預期終身索賠和項目支出。

Open Lending receives 72% of net profit share, and any losses in the net profit share are accrued and carried forward for future profit share calculations. When cash consideration previously received is in excess of the expected profit share revenue, the amount of excess funds and the forecasted losses are recorded as an excess profit share receipt liability.

Open Lending 獲得 72% 的淨利潤分成，淨利潤分成中的任何損失都會被累積並結轉至未來的利潤分成計算中。當先前收到的現金對價超過預期利潤分成收入時，超額資金和預計損失將記為超額利潤分成收入負債。

Profit share revenue in the fourth quarter of 2025 associated with new originations was $6.2 million or $322 per certified loan, as compared to $8.2 million or $314 per certified loan in the fourth quarter of 2024. As we have previously mentioned, we have taken steps to reduce volatility in future change in estimate adjustments by booking more conservative unit economics at the time of certification. At this level, the initial booking reflects an implied loss ratio of approximately 72.5%.

2025 年第四季與新發放貸款相關的利潤分成收入為 620 萬美元，即每筆認證貸款 322 美元，而 2024 年第四季為 820 萬美元，即每筆認證貸款 314 美元。正如我們之前提到的，我們已採取措施，透過在認證時採用更保守的單位經濟效益來降低未來估計調整的波動性。在這個層面上，初始預訂反映出隱含損失率約為 72.5%。

Based on our current pricing actions and expected credit performance, we believe these vintages will ultimately perform closer to a mid-60% loss ratio. Operating expenses were $13.9 million in the fourth quarter compared to $15.4 million in the fourth quarter of 2024, representing a decrease of 9.3% year over year. As I mentioned last quarter, one of my priorities moving forward will be to closely monitor and control operating expenses and continue to find efficiencies in our spending.

根據我們目前的定價策略和預期的信用表現，我們認為這些年份的債券最終的損失率將接近 60% 左右。第四季營運費用為 1,390 萬美元，而 2024 年第四季為 1,540 萬美元，年減 9.3%。正如我上個季度提到的，我接下來的首要任務之一是密切監控和控制營運費用，並繼續提高我們的支出效率。

Net income for the fourth quarter was $1.7 million, compared to a net loss of $144 million in the fourth quarter of 2024. Diluted net income per share was $0.01 in the fourth quarter, compared to a net loss of $1.21 per share in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $2.8 million compared to negative $75.9 million in the fourth quarter of 2024.

第四季淨收入為 170 萬美元，而 2024 年第四季淨虧損為 1.44 億美元。第四季稀釋後每股淨收益為 0.01 美元，而 2024 年第四季每股淨虧損為 1.21 美元。本季調整後 EBITDA 為 280 萬美元，而 2024 年第四季為負 7,590 萬美元。

Beginning in the quarter ended June 30, 2025, we updated the presentation of adjusted EBITDA to exclude interest income to better align our definition with comparable companies. In addition, beginning in the quarter ended September 30, 2025, we updated the presentation of adjusted EBITDA to exclude certain other non-recurring expenses that do not contribute directly to management’s evaluation of its operating results.

從截至 2025 年 6 月 30 日的季度開始，我們更新了調整後 EBITDA 的列報方式，剔除了利息收入，以便更好地使我們的定義與可比公司保持一致。此外，從截至 2025 年 9 月 30 日的季度開始，我們更新了調整後 EBITDA 的列報方式，以排除某些其他非經常性支出，這些支出不會直接影響管理層對其經營業績的評估。

Prior periods have been conformed to the current period presentation. A reconciliation of GAAP to non-GAAP financial measures can be found at the back of our earnings press release.

前期數據已與本期數據一致。GAAP 與非 GAAP 財務指標的調整表可在我們的獲利新聞稿末尾找到。

Turning to cash flow and balance sheet. For the full year of 2025, our cash flow from operating activities was a negative $3.2 million. However, excluding the one-time payment of $11 million made to Allied in Q3, cash flows from operating activities was $7.8 million, inclusive of approximately $16.8 million in profit share cash received.

接下來分析現金流量表和資產負債表。2025 年全年，我們的營運活動現金流為負 320 萬美元。然而，若不計入第三季向 Allied 支付的 1,100 萬美元一次性款項，經營活動產生的現金流量為 780 萬美元，其中包括收到的約 1,680 萬美元利潤分成現金。

We exited the fourth quarter with $236.7 million in total assets, of which $176.6 million was unrestricted cash. We had $161.7 million in total liabilities, of which $84.8 million was outstanding debt.

第四季末，我們的總資產為 2.367 億美元，其中 1.766 億美元為非限制性現金。我們共有負債1.617億美元，其中未償債務為8,480萬美元。

During the quarter, we used $50 million in cash to pay down a portion of our senior secured term loan. In conjunction with our Board, we determined that reducing leverage represented the most prudent use of capital at this time. While the remaining debt continues to carry attractive terms and favorable cost of funds, this action strengthens the balance sheet, reduces leverage, and preserves financial flexibility going forward.

本季度，我們動用了 5000 萬美元現金償還了部分優先擔保定期貸款。我們與董事會共同決定，降低槓桿比率是目前最審慎的資本運用方式。儘管剩餘債務的條款仍具有吸引力，資金成本也較為優惠，但此舉將增強資產負債表，降低槓桿率，並維持未來的財務彈性。

Importantly, we remain disciplined in how we deploy capital and continue to prioritize investments that support organic growth and long-term shareholder value. Based on current interest rate expectations, this paydown is expected to reduce quarterly interest expense by approximately $575,000. We believe this will allow further value to accrue to shareholders in the future.

重要的是，我們在資本部署方面保持嚴謹，並繼續優先考慮支持內生成長和長期股東價值的投資。根據目前的利率預期，此次還款預計將減少季度利息支出約 57.5 萬美元。我們相信這將使股東在未來獲得更多價值。

In the fourth quarter, we repurchased approximately 564,000 shares for a total consideration of approximately $0.9 million. We have approximately $20.1 million remaining on our current share repurchase program, which expires in May 2026.

第四季度，我們回購了約 564,000 股股票，總對價約為 0.9 百萬美元。我們目前的股票回購計畫還剩下約 2,010 萬美元，該計畫將於 2026 年 5 月到期。

Our capital allocation priorities remain consistent. First, investing in the organic growth of the platform. Second, maintaining a strong balance sheet. Third, returning capital to shareholders through share repurchases when appropriate.

我們的資本配置優先事項保持不變。首先，投資於平台的自然成長。第二，保持穩健的資產負債表。第三，在適當的時候透過股票回購向股東返還資本。

Finally, I wanted to address our guidance. For the first quarter, we are expecting total certified loans to be between 21,000 and 22,000 (sic - see press release, "20,000 and 21,000") units. For the full year, we are expecting total certified loans to be between 100,000 and 110,000. At the midpoint of our guidance, this represents an 8% increase over our 2025 results.

最後，我想談談我們的指導原則。第一季度，我們預計認證貸款總數將在 21,000 至 22,000 單位之間（原文如此 - 請參閱新聞稿，「20,000 至 21,000 單位」）。我們預計全年認證貸款總額將在 10 萬至 11 萬筆之間。根據我們預測的中點，這比我們 2025 年的預期結果增加 8%。

We are also expecting adjusted EBITDA for the full year to be between $25 million and $29 million. We intend to maintain our dedication to quality over quantity in our book of business, ensuring that this growth rate is additive to our loan portfolio.

我們也預計全年調整後 EBITDA 將在 2,500 萬美元至 2,900 萬美元之間。我們將繼續秉持品質優先於數量的原則，確保貸款組合的成長速度能帶來收益。

We believe our strategy and performance have become increasingly strong and predictable, striking the right balance between growth and profitability as we continue to scale Open Lending and deliver consistent results for our stakeholders across the market cycle. Most importantly, as we move into 2026, we believe the strength of our platform and the investments we’ve discussed continue to deepen our relevance with partners and position us well for the opportunities ahead.

我們相信，我們的策略和績效變得越來越強勁和可預測，在不斷擴大開放式借貸規模並在整個市場週期中為我們的利益相關者帶來持續成果的同時，實現了成長和盈利能力之間的適當平衡。最重要的是，隨著我們邁入 2026 年，我們相信我們平台的實力和我們討論過的投資將繼續加深我們與合作夥伴的相關性，並使我們為未來的機會做好充分準備。

With that, we will open it up for questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Madison Suhr, Raymond James.

（操作說明）Madison Suhr，Raymond James。

I wanted to start here just at a very high level. Obviously, there’s a lot of concern in the marketplace around AI and potential AI disruption across, you know, both software and payments and all kinds of technology names. 1

我想從很高的水平開始。顯然，市場上對人工智慧及其可能帶來的顛覆性影響感到非常擔憂，無論是軟體、支付或各種技術領域，都存在著許多問題。1

I guess with that context, would love to just hear your guys’ high-level thoughts about how you view AI both from an opportunity standpoint and then what risks you’re assessing as it relates to potential AI threats?

我想，在這種背景下，我很想聽聽你們對人工智慧的看法，包括從機會的角度，以及你們正在評估的與潛在人工智慧威脅相關的風險？

Yes. Hi, Madison, this is Jessica Buss, and thank you for your question today. You know, we, as a technology company, obviously use many forms of AI in our tools and in our models, not as much in our pricing mechanisms, but certainly in the build out of Red Rocks and so where we’re going as a company. We’ve built AI, as you’ve probably seen in some of our press releases, and some of the mechanical tools results in our claims process as well.

是的。你好，麥迪遜，我是傑西卡·巴斯，感謝你今天提出的問題。你知道，作為一家科技公司，我們顯然在我們的工具和模型中使用了許多形式的人工智慧，雖然在定價機制中用得不多，但在紅岩劇場的建設以及我們公司的發展方向中肯定用到了。我們已經開發了人工智慧，您可能在我們的一些新聞稿中看到了這一點，一些機械工具也應用於我們的理賠流程。

Now, we do have human in the loops, and we are obviously validating those AI processes as we bring them on board. But again, we believe that our models and what we’ve built, which are primarily using machine learning, and the data we have is far superior to what you know what you could build with just a straight AI tool. So we believe the combination of what we have in AI, what we have in terms of proprietary data, and what we’ve built with again our machine learning tools and our Project Red Rocks is superior to what anybody else has out in the market.

現在，我們確實有人工參與其中，而且我們顯然會在引入人工智慧流程的同時對其進行驗證。但是，我們再次相信，我們的模型以及我們建造的東西（主要使用機器學習）和我們擁有的數據，遠遠優於你用純粹的人工智慧工具所能建立的東西。因此，我們相信，我們在人工智慧方面所擁有的、我們在專有數據方面所擁有的，以及我們利用機器學習工具和紅岩專案所建造的一切，結合起來，優於市場上任何其他人所擁有的。

Okay. Then I did want to ask on the cert outlook both for, you know, 1Q and 2026. Obviously 1Q implies that certs are going to be down in the mid-20% range. You know, you mentioned full year up in the high-single digits.

好的。然後我想詢問一下關於證書的展望，包括第一季和 2026 年的情況。顯然，第一季意味著證書數量將下降 20% 左右。你知道，你提到全年成長率將達到個位數以上。

Can you just help us kind of bridge how we get from, you know, the down mid-20s? I know there was some, you know, pricing changes and things of that nature that have since been rolled back. Can you just help us frame how we get from kind of that down mid-20s to up high singles? Kind of how quickly do you think the business can return to cert growth as 2026 progresses?

您能幫我們理清一下如何從20多歲的低谷過渡到現在的水平嗎？我知道之前有過一些價格調整之類的措施，但後來都已經取消了。您能幫我們解釋一下，我們如何從20多歲的低收入人群上升到10多歲的高收入者嗎？您認為隨著 2026 年的到來，企業大概需要多久才能恢復到先前穩定的成長水準？

Yes. Yes. That’s a great question. So you know, first quarter compared to first quarter last year, if you had been following in 2025, you would know that the first quarter of last year contained a high number of credit builders and super thins, which we had in essence eliminated all super thins in 2025 and significantly reduced the amount of credit builders that we approved by implementing almost 100% rate increase. And then also, we took a tighter, you know, credit stance and put a tighter credit box on our OEM. That’s sort of influencing the change quarter-over-quarter.

是的。是的。這是一個很好的問題。所以你知道，與去年第一季相比，如果你在 2025 年就關注此事，你就會知道去年第一季度包含大量的信用提升貸款和超薄貸款，而我們在 2025 年基本上取消了所有超薄貸款，並通過實施近 100% 的利率增長，大幅減少了我們批准的信用提升貸款的數量。此外，我們也採取了更嚴格的信貸政策，為我們的原始設備製造商設定了更嚴格的信貸標準。這在某種程度上影響了季度環比的變化。

Now the good news is that we do believe that incrementally, quarter over quarter, we are going to experience the growth that we have in our cert projection, and that’s going to come from a variety of different things that I’d like to outline for you. So one, we’re already seeing application volume up 20%. Second thing is that we have now found, through our Project Red Rocks, a solution to write credit builders at a profitable level.

好消息是，我們相信，隨著季度的推進，我們將逐步實現我們在認證預測中所述的成長，而這將來自各種不同的因素，我想向你們概述一下。首先，我們已經看到申請量增加了 20%。第二點是，我們現在已經透過「紅岩計畫」找到了以獲利水準編寫信用提升書籍的解決方案。

And credit builders currently represent about 30% of our applications. We believe that they’re here to stay. We believe that we can price the good ones correctly and write those and not be adversely selected against. We’ve been monitoring the performance. And again, based on our new model, have additional applicant data that we believe is a better predictor.

目前，信用提升類申請約占我們申請總數的 30%。我們相信他們會一直在這裡。我們相信，我們可以對好的產品進行正確的定價，並撰寫這些產品，而不會因此而受到不利影響。我們一直在關注其表現。此外，根據我們的新模型，我們還有額外的申請人數據，我們認為這些數據能更好地預測結果。

We have -- you know, our strategy that we’re implementing with OEM 3. We’ve seen that certification volume jump significantly quarter over quarter, up 76% into the fourth quarter over the third quarter. So OEM 3 will be a driver. We believe if rates continue to go down, refinance.

我們有—你知道，我們正在與 OEM 3 一起實施我們的策略。我們看到，認證量較上季大幅成長，第四季比第三季成長了 76%。所以 OEM 3 將會是個驅動因素。我們認為，如果利率繼續下降，就應該進行再融資。

But as importantly, you know, both Apex One and our new go-to-market strategy and engine with what we’re doing with retention tools, with additional hunters, with our profitability tools, it's something that’s also going to drive growth. So we have many tailwinds, I believe, to our growth story.

但同樣重要的是，Apex One 和我們新的市場進入策略和引擎，以及我們在客戶留存工具、更多獵頭和獲利工具方面所做的工作，都將推動成長。所以我相信，我們的發展有很多有利因素。

So we believe those will start to ramp up, as I say in my script, you know, incrementally, you know, and get stronger quarter over quarter. It will be, you know, sort of third and fourth quarter loaded. We did have, you know, the issue that was the headwind in the fourth quarter that was reversed on January 16, so the first quarter is slightly impacted by that.

所以我們相信這些成長將會開始加速，就像我在稿子裡說的那樣，逐步地，並且逐季增強。你知道，比賽會在第三和第四季進入白熱化階段。你知道，我們確實遇到了第四季度的逆風問題，但這種情況在 1 月 16 日得到了逆轉，因此第一季受到了一定程度的影響。

But again, we have a new Chief Growth Officer. We’ll start to see that in the second quarter. And then from the third and fourth quarter on, we believe those fundamentals will really drive growth for us.

但是，我們又迎來了一位新的首席成長長。我們將在第二季開始看到這種情況。我們相信，從第三季和第四季開始，這些基本面因素將真正推動我們的成長。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Nice to see an outlook showing some sequential increases here in Q1. Maybe we just start with that on the certs line. Maybe could you walk us through a little bit, you know, maybe Q4 to Q1 on kind of a certs walk.

很高興看到第一季業績展望顯示季增。或許我們可以先從證書那一行開始。或許您可以給我們簡單介紹一下，例如從第四季度到第一季度，回顧一下相關認證情況。

You know, there’s OEM 3. I’d be interested in some commentary on, you know, also how OEM 1 and 2 are doing in terms of stability. And then if you wanted to just drill down a little bit more into health of the credit union channel with some more comments, that’d be appreciated.

你知道，還有 OEM 3。我很想了解一下，OEM 1 和 OEM 2 在穩定性方面的表現如何。如果您也想就信用社管道的健康狀況再深入探討一下，並發表一些評論，我們將不勝感激。

Sure. Sure, Joseph, I would be happy to do that. So our walk from fourth quarter to first quarter, again, you know, we have the sort of reversal of the headwind on the rate issue that we discussed that will help. We have OEM 1 and OEM 2 that remain stable and flat. It's sort of where they’ve been in the last couple of quarters.

當然。當然可以，約瑟夫，我很樂意這麼做。所以，從第四季度到第一季度，我們再次看到了利率問題上不利因素的逆轉，正如我們討論的那樣，這將有所幫助。我們有 OEM 1 和 OEM 2，它們保持穩定和平整。這和他們過去幾季的情況差不多。

We will see a ramp up in OEM 3. I think you may have heard us talk prior earnings calls, and even in the current script, that they’ll be launching two of our largest states, sometime at the end of the first quarter, beginning of the second quarter. So while we are seeing pretty large increases, as I mentioned, 79% fourth quarter over third quarter, we would expect that to continue. We’ll see that sort of magnify as they add those states on throughout the year and even in the first quarter. So we’re excited about that piece as well.

我們將看到 OEM 3 的產量上升。我想你可能在之前的財報電話會議上聽我們說過，甚至在目前的方案中，他們也提到過，他們將在第一季末或第二季初推出我們最大的兩個州的業務。因此，雖然我們看到了相當大的成長，正如我所提到的，第四季比第三季成長了 79%，但我們預計這種情況還會繼續下去。隨著他們在今年全年甚至第一季陸續加入這些州，我們將看到這種情況進一步擴大。所以我們也對那件作品感到興奮。

We’ll have the solution to the credit builders that will probably impact more of the second quarter. But again, we’ve seen significant increase in applications, the hiring of our Chief Growth Officer. I think all those things will have the impact going from Q4 to Q1. If that’s kind of the cadence you’re looking for.

我們將找到解決信用建設問題的方案，這可能會對第二季產生更大的影響。但是，我們看到申請人數大幅增加，我們也聘請了首席成長長。我認為所有這些因素都會對第四季到第一季產生影響。如果你想要的就是這種節奏的話。

That’s great. If you want to just double-click on the health of the credit union channel and, you know, how you see that, you know, potentially, you know, how that could evolve if, you know, we get another 50 basis points here in 2026 on rate cuts.

那太好了。如果您想雙擊查看信用社管道的健康狀況，以及您如何看待它，以及如果 2026 年利率再下調 50 個基點，它可能會如何發展。

Yeah. Yeah, that’s a great question. So you know, I just spent, you know, four or five days in Washington, DC with our credit unions at GAC, as I mentioned in my script. And one of the messages that was clear is that their loan-to-share values are, you know, and I won’t say at all-time lows, but lower than they’ve been probably the last couple of years, close to the 80% mark. And they are looking to grow. They’re looking to grow in the auto space, and they’re looking to do it in a disciplined way.

是的。是的，這是一個很好的問題。你知道，正如我在稿子裡提到的，我剛剛在華盛頓特區和GAC的信用合作社一起待了四、五天。其中一個明確的訊息是，他們的貸款與股票比率，你知道，我不會說是歷史最低點，但肯定比過去幾年都要低，接近 80%。他們正尋求發展壯大。他們希望在汽車領域發展壯大，並且希望以嚴謹的方式實現這一目標。

A lot of their Boards are concerned, obviously, with, you know, what’s going on in consumer credit. That’s why our tool is even more important. And our insurance carriers and the credit projection they provide with our insurance products is even more important. That’s why we’re expanding our conversations with ApexOne, which allows us to do both prime and near-prime sort of decisioning pricing with and without insurance. So the health of the credit unions is good. They’ve gotten more sophisticated. They are looking to grow.

顯然，他們的許多董事會都非常關註消費者信貸領域正在發生的事情。正因如此，我們的工具才顯得更加重要。我們的保險公司以及他們為我們的保險產品提供的信用預測就更加重要了。這就是為什麼我們要擴大與 ApexOne 的對話，這使我們能夠進行有保險和無保險的優質和次優質決策定價。所以信用社的經營狀況良好。他們變得更加老練了。他們正在尋求發展壯大。

Now with rates. One of the other interesting things that we’re working on is working with our credit unions to be more nimble in reducing their ROA targets. Typically it takes them a little bit longer than, let’s say, a sophisticated bank to react to rate changes. We’ve been working with them to bring those down quicker.

現在有利率了。我們正在努力做的另一件有趣的事情是與我們的信用合作社合作，使其在降低資產回報率目標方面更加靈活。通常情況下，它們對利率變化的反應速度會比一家成熟的銀行慢一些。我們一直在與他們合作，以加快降低這些數值。

As those begin to come down, both with rate cuts from the Fed and with our working with them on their ROA targets, we believe that there is a very large refinance opportunity for us in the future, and we’ve been opening up and continuing to open up refi channels with our credit union partners. So we’re really excited about that as an opportunity for 2026 as well.

隨著這些因素開始下降，包括聯準會降息以及我們與他們合作實現其資產回報率目標，我們相信未來我們將迎來巨大的再融資機會，我們一直在與信用社合作夥伴一起開拓和繼續開拓再融資管道。所以我們也對2026年的機會感到非常興奮。

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作說明）Mike Grondahl，Northland Securities。

This is Keaton Schuelke on for Mike. You’ve made a lot of moves in the management with new Chief Growth Officer, new CFO, and you becoming a new CEO. Is the team built out now, or are there any more additions that you would be expecting for 2026?

這裡是基頓·舒爾克替麥克報道。您在管理層方面進行了許多調整，包括任命新的首席成長官、新的首席財務官，以及您自己成為新的執行長。球隊目前是否已經組成完畢，還是預計在 2026 年還會有其他人員加入？

Yeah, thank you for the question, and I’m really excited to talk about our management team. I think the most important thing to having a great business is having a great team. And the people that we’ve brought on board in all of the key management positions, all of my direct reports, with most recently the addition of Anthony, as you mentioned, Mas earlier this year -- or at the end of last year, are all key players to how we’re going to be able to execute on these priorities.

是的，謝謝你的提問，我非常興奮能和你談談我們的管理團隊。我認為，對於一家成功的企業來說，最重要的就是擁有一支優秀的團隊。我們聘請的所有關鍵管理職位人員，我的所有直接下屬，最近新增的安東尼，正如你提到的，還有今年早些時候——或者說是去年年底——加入的馬斯，都是我們能夠執行這些優先事項的關鍵人物。

At this point, all positions -- or all sort of senior executive positions that reports to me and have accountability for running all aspects of our business are now filled. I can tell you that the team is working very well together, and I think that you can see that sort of in the execution that Open Lending has been able to sort of deliver this year.

目前，所有職位——或者說所有向我報告並負責公司所有方面的高階管理職位——都已有人擔任。我可以告訴你，團隊合作非常出色，我認為你可以從 Open Lending 今年的成果中看出這一點。

For the first time, you know, we delivered a new product. You know, we increased our EBITDA. We have, you know, had flat CIE. We have been in the process of implementing Project Red Rocks. Those are things that, you know, weren’t possible before, and that’s really a tribute to our senior management team and all of our employees as well. You know, we spent a lot of time on culture and, breaking down silos and focusing on getting four things right this year, and I feel like we’ve delivered on those promises to our shareholders.

你知道，我們第一次推出了新產品。你知道嗎，我們的 EBITDA 提高了。你知道，我們曾經有過平坦的 CIE 色彩空間。我們一直在實施紅岩計畫。你知道，這些都是以前不可能實現的事情，這真的要歸功於我們的高階管理團隊和所有員工。你知道，我們花了很多時間在企業文化建設上，打破部門壁壘，並專注於今年做好四件事，我覺得我們兌現了對股東的承諾。

Great. And then I was hoping to get a little more color on kind of your current outlook for delinquencies or credit quality for auto loans in your book?

偉大的。然後，我希望能更詳細地了解您目前對汽車貸款違約或信用品質的看法？

Yes. So I’ll start, and I’ll let Matt jump in here. I think I said in my script that the delinquencies that we’re seeing on our most recent vintage are running about 200 basis points better at the 60-day delinquency mark than they were in vintage years, you know, 2023 and 2024. You know, we do not participate in the full subprime market. We are near a non-prime.

是的。那我就先開始，然後讓馬特插話。我想我在稿子裡說過，我們最新年份的違約率在 60 天違約點上比 2023 年和 2024 年的年份要好 200 個基點左右。你知道，我們並不參與完整的次貸市場。我們接近一個非質數。

So we are actually, you know, feel like we’re pricing correctly for the delinquencies. We’re seeing better than expected outcomes, so we’re excited about that. Again, it has lots to do with our tighter credit underwriting and our pricing mechanisms we put into place and the investments that we’ve made into models.

所以，我們覺得我們對違約金的定價是合理的。我們看到的結果比預期的要好，所以我們對此感到興奮。這與我們更嚴格的信貸審批、我們實施的定價機制以及我們對模型的投資有很大關係。

But I’ll let Matt add any color that he wants.

但我會讓馬特隨意添加他想要的任何顏色。

No, I think you covered most of it. We’re seeing across all measures of delinquency, 30-day delinquency, 60-day, 90-day. Every measure that we look at shows favorable improvements in vintage year '25. We’re very comfortable with where we’re pricing our book today. We look forward to strong performance into the future.

不，我覺得你已經涵蓋了大部分內容。我們看到，在所有衡量違約率的指標中，包括 30 天違約率、60 天違約率和 90 天違約率。我們所檢視的各項指標均顯示，2025年份的葡萄酒品質有所提升。我們對目前本書的定價非常滿意。我們期待未來能取得優異的成績。

And I guess the only other piece of color I would add that is sort of an indicator of that is that we have had a flat change in estimate, in essence, a positive $400,000 for the year in total, on our back book of business, which would indicate that we have, you know, correctly sized -- we believe we’ve correctly sized those delinquencies for our back book as well.

我想補充的唯一其他資訊是，我們對本年度剩餘業務的預估基本持平，總計增加了 40 萬美元，這表明我們已經正確地評估了剩餘業務的拖欠款項。

(Operator Instructions) Peter Heckmann, D.A. Davidson.

（操作員說明）Peter Heckmann，D.A.戴維森。

Thanks for providing the guidance for full-year 2026. I think that’s helpful for investors to think about how management’s thinking about the full year. Wanted to see if you could maybe give a range about thinking about the conversion from EBITDA to free cash flow for 2026?

感謝您提供2026年全年的指導。我認為這有助於投資者思考管理階層對全年的規劃。我想請問您能否大致估算一下2026年EBITDA轉換為自由現金流的幅度？

I know you have a you know a few you know working capital needs in the form of the excess profit share receipts. But I guess could you give us a little bit of additional detail to maybe give us some pieces that can help us get to a you know maybe even it’s a wide free cash flow range?

我知道你們有一些營運資金需求，以超額利潤分成收入的形式體現。但我想您能否提供一些額外的細節，以便我們能夠獲得一些信息，幫助我們估算出一個更廣泛的自由現金流範圍？

Sure, Peter. This is Jessica, and nice to hear from you. Yeah, so first off, you know, again, we are really excited and feel confident in providing our full-year guidance, and that was a nice thing to be able to do after multiple years of not being in a position to do that. So thank you for recognizing that.

當然可以，彼得。我是傑西卡，很高興收到你的來信。是的，首先，我們再次感到非常興奮，並且有信心提供全年業績指引。在多年無法做到這一點之後，能夠做到這一點是一件令人高興的事情。所以，謝謝你意識到這一點。

In terms of free cash flows, we obviously do not provide guidance on free cash flows, and I’ll let Mas jump in here in a minute. I would say that, you know, we did collect, you know, profit share this year. We do not have a capital allocation or capital set aside for the liability that you’re referring to in terms of, you know, a cash flow mechanism.

至於自由現金流，我們顯然不提供自由現金流的指導，我稍後會讓 Mas 來補充。我想說的是，我們今年確實收到了利潤分成。我們沒有為您提到的現金流量機制中的負債預留資本或資金。

If you remember that, that is -- that will be collected from the future cash flows, yes, but it’s not sort of a cash flow set aside. But again, so we’re not actually predicting that.

如果你記住這一點，那就是——這筆錢將從未來的現金流中收回，是的，但它並不是專門預留的現金流。但是，我們並不是預測這一點。

You know, what we can tell you is sort of what we’ve talked about before in terms of profitability, in terms of how we’re booking our loss ratio at a more constrained level, how we think that book is actually performing, and that sort of drives how our cash flows from profit share comes in.

你知道，我們可以告訴你的是，就像我們之前討論過的盈利能力一樣，我們如何在更嚴格的水平上記錄我們的損失率，我們認為這部分賬簿的實際表現如何，而這在某種程度上決定了我們從利潤分成中獲得的現金流。

But I don’t know, Mas, if you want to add anything to that.

但我不知道，馬斯，你是否還有什麼要補充的。

Yeah, no. Peter, how are you? You know, I think as we’ve mentioned in the past, it is difficult for us to predict when the losses will come in with back book. But as the forecast stands right now, the free cash flows would be relatively in line with the EBITDA guidance we’re giving.

不，不是。彼得，你好嗎？你知道，我認為正如我們過去提到的那樣，我們很難預測積壓訂單何時會出現虧損。但就目前的預測而言，自由現金流將與我們給出的 EBITDA 指引基本一致。

Okay. That's great.

好的。那太棒了。

Again, I do caution that it is difficult to forecast the losses.

我再次提醒，損失很難預測。

Right. Right.

正確的。正確的。

The timing of the losses.

損失發生的時機。

It is, yes.

是的。

Okay, I appreciate it. I look forward to seeing the ramp through the year.

好的，謝謝。我期待著在這一年中看到這個坡道。

At this time, there are no further questions in queue. I’d be happy to return the call to Jessica for closing comments.

目前隊列中沒有其他問題了。我很樂意回電給潔西卡，讓她做最後的總結發言。

Thank you all for your time today, and thank you to our shareholders, investors, credit unions, and insurance carriers for your continued support. I’d also like to thank the entire Open Lending team for their dedication and execution over the past year.

感謝各位今天抽出時間，也感謝我們的股東、投資人、信用社和保險公司一直以來的支持。我還要感謝 Open Lending 團隊在過去一年中的奉獻和執行。

We laid the foundation for sustainable, profitable growth in 2025, and we believe we are well positioned to build on that momentum in 2026 while maintaining disciplined risk management. We appreciate your confidence in our strategy and look forward to updating you on our continued progress on our next call. Thank you.

我們為 2025 年的可持續獲利成長奠定了基礎，我們相信，在保持嚴格的風險管理的同時，我們有能力在 2026 年鞏固這一勢頭。我們感謝您對我們策略的信任，並期待在下次電話會議上向您報告我們的最新進展。謝謝。

Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。