Open Lending Corp (LPRO) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Open Lending Corporation's first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Open Lending Corporation 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I'd now like to turn the call over to Ryan Gardella. Please go ahead.

現在我想把電話交給 Ryan Gardella。請開始。

Thank you. Prior to the start of this call, the company posted their first-quarter 2026 earnings release and supplemental slides to the 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. 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, May 7, 2026.

謝謝。在本次電話會議開始之前，公司已將 2026 年第一季財報新聞稿與補充簡報上傳至投資人網站。在新聞稿中，您將看到本次電話會議所討論之非 GAAP 財務衡量指標，與最可比 GAAP 財務衡量指標之調節表。在開始之前，我想提醒各位，本通話可能包含估計或其他前瞻性陳述，代表公司截至今日（2026 年 5 月 7 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 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. And now I will pass the call over to Jessica to give an update on the business and financial results for the first quarter 2026.

Open Lending 不承擔更新這些陳述以反映未來事件或情況的任何義務。有關可能導致實際結果與此類陳述所明示或暗示者不同的因素之更多資訊，請參閱今日的財報新聞稿以及我們向美國證券交易委員會（SEC）提交的文件。接下來我將把電話交給 Jessica，請她就 2026 年第一季的業務與財務結果提供最新進展。

Thanks, everyone, for joining us today on our first quarter 2026 earnings conference call. I am joined today by our CFO, Mass Monaco; and our Chief Underwriting Officer, Matt Sather. The first quarter marked another step forward in our operational execution and reinforce the impact of the changes we've been making across the organization. We believe that this progress is translating into certain momentum and supports our path towards a more durable, high-quality and more profitable portfolio of insured loans. The macroeconomic environment remains challenging.

感謝各位今天加入我們的 2026 年第一季財報電話會議。今天與我一同出席的有我們的財務長 Mass Monaco，以及我們的首席核保長 Matt Sather。第一季是我們營運執行再向前邁進的一步，也強化了我們在整個組織推動變革所帶來的影響。我們相信，這些進展正轉化為一定的動能，並支持我們朝向更具韌性、更高品質且更高獲利的承保貸款組合邁進。總體經濟環境仍然充滿挑戰。

Credit quality pressures and consumer stress continue to weigh on the auto lending market, and we are not immune to those dynamics. That said, our first quarter results reflect continued operational discipline. While applications grew 18% year over year, driven by stronger go-to-market performance, approval rates declined as a direct result of our deliberate decision to pull back from higher risk credit segments and borrowers in favor of higher quality certified loan volume. We are confident that discipline is paying off, our strategy is working and the necessary tightening actions and credit box changes are now in place. Quality continues to take precedence over quantity.

信用品質壓力與消費者壓力持續對汽車貸款市場造成影響，我們也無法置身事外。儘管如此，我們第一季的結果反映出持續的營運紀律。雖然申請量年增 18%，主要受更強的市場拓展（go-to-market）表現帶動，但核准率下降，直接原因是我們刻意決定自較高風險的信用區隔與借款人退場，轉而偏好更高品質的認證（certified）貸款量。我們有信心這項紀律正在發揮成效，我們的策略奏效，且必要的緊縮措施與信用框（credit box）調整現已到位。品質仍優先於數量。

We facilitated 21,064 certified loans in the first quarter. Cert volume in the first two weeks of January still reflected some residual impact from the fourth quarter pricing conversion factor that rolled off on January 15. Even so, the net result for the quarter was higher quality certified loans and volume that exceeded the top end of our guidance.

第一季我們促成了 21,064 筆認證貸款。1 月前兩週的認證量仍反映出部分殘留影響，源自第四季的定價轉換係數於 1 月 15 日到期退場。即便如此，本季的淨結果是更高品質的認證貸款，且量能超過我們指引區間的上緣。

We are pleased with our first quarter certified loan results and believe our performance to date positions us well to achieve full year guidance of 100,000 to 110,000 certified loans. As Mass will discuss in more detail, adjusted EBITDA was $2 million for the quarter compared to $3.2 million in the first quarter of 2025.

我們對第一季認證貸款結果感到滿意，並相信截至目前的表現使我們具備良好條件達成全年 100,000 至 110,000 筆認證貸款的指引。如 Mass 將更詳細說明，本季調整後 EBITDA 為 200 萬美元，相較於 2025 年第一季的 320 萬美元。

Now let me turn to the quality of our book and details on certified loan volumes. As expected, total volumes were lower year over year in the first quarter. Keep in mind, Q1 2025 was the last period in which SuperThin borrowers meaningfully contributed to volume, which inflated the comparison. We have taken significant steps in an effort to improve the composition of our book. This is a deliberate value-creating trade-off we've actively chosen to make and a consistent theme we have communicated on prior earnings calls.

接下來我將談談我們帳簿（book）的品質，以及認證貸款量的細節。如預期，第一季總量年減。請記住，2025 年第一季是 SuperThin 借款人仍對量能有顯著貢獻的最後一個期間，因而拉高了比較基期。我們已採取重大措施以改善我們帳簿的組成。這是一項我們主動選擇、用以創造價值的取捨，也是我們在先前財報電話會議中一再傳達的主題。

Our performance was driven primarily by a combination of slightly stronger-than-expected volume in our core credit union channel and the continued ramp of OEM 3. We are encouraged by the impact of OEM 3 on cert performance so far this year. We expect that ramp to accelerate as we roll out in the high-volume states I discussed last quarter, with the most meaningful cert contribution expected to come in the third and fourth quarters.

我們的表現主要由兩項因素共同驅動：核心信用合作社通路的量能略優於預期，以及 OEM 3 的持續爬坡。我們對 OEM 3 今年迄今對認證表現的影響感到鼓舞。隨著我們在上季提到的高量州別推進上線，我們預期該爬坡將加速，且最具意義的認證貢獻預計將出現在第三與第四季。

At the same time, legacy OEM certs continue their intentional decline, a direct reflection of the disciplined actions we took in 2025 to improve the quality of our book. With that as context, I would like to emphasize that with the profitability muscle memory we have built and the model enhancements underway through Project Red Rocks, which I'll discuss shortly in more detail, we believe we can do both, grow and be profitable.

同時，既有（legacy）OEM 的認證量持續按計畫下降，這直接反映我們在 2025 年為提升帳簿品質所採取的紀律性行動。在此背景下，我想強調，憑藉我們建立的獲利「肌肉記憶」，以及透過 Red Rocks 專案正在進行的模型強化（我稍後會更詳細說明），我們相信我們可以兩者兼得：成長並且獲利。

We will continue to pursue growth through the key initiatives we've outlined last quarter, led by our new Chief Growth Officer, Anthony Capizzano. We are already seeing tangible progress in these areas, including upticks in customer retention, applications, daily certified loan volumes and improved profit share unit economics for our 2026 vintage.

我們將持續透過上季所概述的關鍵計畫追求成長，由我們的新任首席成長長 Anthony Capizzano 領導。我們已在這些領域看到具體進展，包括客戶留存率提升、申請量增加、每日認證貸款量上升，以及 2026 年承作批次（vintage）的分潤（profit share）單位經濟效益改善。

Turning to credit quality and loss ratio improvement. The underwriting actions we implemented throughout 2025 are now fully flowing through and have positively impacted our Q1 2026 unit economics. Based on the underwriting changes and rate increases we took in 2025 and resulting book mix, we have booked our Q1 2026 vintage certs at a 70% loss ratio versus the 72.5% we used for the full year 2025.

接著談信用品質與損失率改善。我們在 2025 年全年實施的核保措施如今已完全反映，並對 2026 年第一季的單位經濟效益帶來正面影響。基於我們在 2025 年採取的核保調整與費率上調，以及由此形成的帳簿組合，我們將 2026 年第一季承作批次的認證貸款以 70% 的損失率入帳，相較於我們用於 2025 全年的 72.5%。

I want to make it clear that this is not a change in our incremental risk stance, but rather it is simply an adjustment that reflects the realities of our improved underwriting and the higher quality book that we have built. At a 70% loss ratio, we are still maintaining the same level of constrained conservatism at the time of origination that we built in for 2025. At 70%, this remains a consistent and very conservative approach.

我想清楚說明，這並非我們對邊際風險立場的改變，而只是反映我們核保改善與所建立之更高品質帳簿的現實情況所做的調整。在 70% 的損失率下，我們仍維持與 2025 年在放款起始時所設定的同等程度之受限保守性。在 70% 的水準下，這仍是一個一致且非常保守的方法。

Now I'd like to walk through the specific actions and performance indicators underpinning this improvement. First, our book mix has shifted favorably towards our core credit union customers and OEM 3, channels that have consistently delivered better performance than the rest of our portfolio.

現在我想說明支撐此改善的具體行動與績效指標。第一，我們的帳簿組合已朝有利方向轉移，更偏向我們的核心信用合作社客戶與 OEM 3；這些通路一向較我們投資組合的其他部分展現更佳表現。

Second, the rate increases we deployed on OEM 1 and OEM 2 in May 2025 are now delivering their full impact in 2026. Third, we have continued to refine our understanding of CreditBuilder products in the market. This has allowed us to target and price loans featuring CreditBuilder trade lines more appropriately with more rate. Fourth, SuperThin, which historically carried loss ratios in the 90s are no longer part of our portfolio. And finally, our 2025 vintage core credit union business has performed better than expected, reflecting what we view to be a durable, well-underwritten foundation of our franchise.

第二，我們於 2025 年 5 月在 OEM 1 與 OEM 2 推出的費率上調，現在於 2026 年正發揮其完整效果。第三，我們持續精進對市場上 CreditBuilder 產品的理解。這使我們能以更適當的方式鎖定並為包含 CreditBuilder 交易線（trade lines）的貸款定價，並採用更高的利率。第四，歷來損失率落在 90% 區間的 SuperThin 已不再屬於我們的投資組合。最後，我們 2025 年承作批次的核心信用合作社業務表現優於預期，反映出我們認為具韌性且核保良好的特許經營基礎。

In fact, on the whole, our 2025 vintage continues to outperform the 2023 and 2024 vintages with the ever 60-day plus delinquency rates maintaining an approximate 200 basis point advantage at the 14-month on-book mark. As a result of these efforts, our profit share unit economics for new originations has improved meaningfully, reaching $363 per certified loan in the first quarter of 2026 compared to 322 in the fourth quarter of 2025 and 278 in the first quarter of 2025, a 30% year over year improvement.

事實上，整體而言，我們的 2025 年期別（vintage）持續優於 2023 與 2024 年期別，在入帳後第 14 個月時，逾期 60 天以上比率始終維持約 200 個基點的優勢。受惠於這些努力，我們新承作業務的利潤分成單位經濟性顯著改善，於 2026 年第一季每筆已認證貸款達到 363 美元，相較 2025 年第四季的 322 美元與 2025 年第一季的 278 美元，年增 30%。

In the first quarter, we recorded a negative change in estimate of $700,000, driven entirely by our pre-2023 back book more seasoned vintages, which is a very small percentage change when considering the size of those vintages. This adjustment was partially the result of the continued deterioration in macroeconomic trends, in essence, adding to our reserve estimates, not currently a reflection of additional paid losses. It is important to note that while we continue to see favorable development in our 2025 vintage, we are maintaining a measured approach before recognizing these trends as positive adjustments.

第一季我們記錄了 70 萬美元的估計變動為負，完全由 2023 年以前的存量組合（back book）中較成熟的期別所驅動；考量這些期別的規模，這其實是非常小的百分比變動。此調整部分源自總體經濟趨勢持續惡化，本質上是增加我們的準備金估計，目前並非反映額外的已實現損失。需要強調的是，儘管我們持續看到 2025 年期別的有利發展，在將這些趨勢認列為正向調整之前，我們仍維持審慎的作法。

Looking ahead, we expect further incremental improvements in our core business loss ratio over the course of the year as the underwriting actions taken in 2025 continue to earn out in 2026. These include rate increases on thin files and rate reductions on fixed files, a net positive given the mix shift towards more profitable fixed file business as well as rate increases on borrowers in the 5.60 to 5.99 LP score band and the introduction of our lender experience rating. I would now like to discuss efforts on retention and strategy.

展望未來，隨著 2025 年採取的承保措施在 2026 年持續發酵，我們預期今年內核心業務損失率將進一步逐步改善。這些措施包括：對薄檔（thin file）調升利率、對固定檔（fixed file）調降利率；在業務組合轉向獲利性更高的固定檔業務之下，整體為淨正向；此外亦包括對 LP 分數介於 5.60 至 5.99 區間的借款人調升利率，以及導入我們的放款機構經驗評等。接下來我想談談留存與策略方面的努力。

In December 2025, we engaged a third party to conduct a voice of the customer exercise, to better understand our customers' needs and how we can deepen those relationships. It's paramount that our investments and our strategic road map reflect what our customers actually want, not what we assume they want.

2025 年 12 月，我們委託第三方進行「客戶之聲」（voice of the customer）調研，以更深入了解客戶需求，以及我們如何加深這些關係。至關重要的是，我們的投資與策略路線圖必須反映客戶真正想要的，而不是我們自以為他們想要的。

We're in the early phases of laying out those initiatives. We expect that these initiatives have the potential to improve visibility into profitability, reduce friction in claims and reporting and create opportunities to enhance and expand our product offerings to drive stickiness. With that in mind, we're making targeted investments to deepen our credit decisioning capabilities, both vertically within our core auto lending platform and over time, horizontally across broader opportunities.

我們目前正處於規劃這些倡議的早期階段。我們預期這些倡議有潛力提升獲利能見度、降低理賠與報告流程的摩擦，並創造機會以強化與擴充產品供給，進而提升黏著度。基於此，我們正進行有針對性的投資，以深化我們的信用決策能力：一方面在核心汽車放款平台上做縱向深化，並隨時間推進，橫向拓展至更廣泛的機會。

On the vertical side, we continue the disciplined tactical work to improve borrower evaluation. That includes the CreditBuilder initiatives that I will discuss later, application optimization and refined credit rating models that strengthen our underwriting precision and overall portfolio quality.

在縱向方面，我們持續以紀律性、戰術性的工作來改善借款人評估。這包括我稍後會談到的 CreditBuilder 倡議、申請流程最佳化，以及更精細的信用評等模型，以強化我們的承保精準度與整體投資組合品質。

Strategically, we have prioritized extending our advanced decisioning engine and proprietary data assets, leveraging our mature machine learning operations and data infrastructure to support additional products. We anticipate that AI-enabled tools will allow us to develop and bring new decisioning models to market faster. These enhancements are being designed to increase platform stickiness with our credit union partners and broaden top-of-the-funnel opportunities. We anticipate that additional decisioning products will position us for the future growth through incremental low-execution risk revenue streams. This strategy builds on the full credit spectrum borrowers of ApexOne Auto, which we delivered in late 2025, and we will expand our ability to create more solutions for our credit union partners.

在策略上，我們已優先推動延伸先進決策引擎與自有資料資產，運用成熟的機器學習營運能力與資料基礎設施來支援更多產品。我們預期 AI 賦能工具將使我們能更快開發並將新的決策模型推向市場。這些強化設計旨在提升與信用合作社夥伴的平台黏著度，並擴大漏斗頂端（top-of-the-funnel）的機會。我們預期新增的決策產品將透過增量、低執行風險的營收來源，使我們具備未來成長的定位。此策略建立在我們於 2025 年底推出的 ApexOne Auto 全信用光譜借款人基礎之上，我們也將擴大為信用合作社夥伴打造更多解決方案的能力。

Turning to ApexOne Auto. We continue to build a pipeline of opportunities with prospective partners. We continue to shape our go-to-market and sales process around ApexOne Auto. We expect these enhancements will enable us to deliver a more comprehensive solution that better meets the needs of our credit union customers and should accelerate adoption in the future.

接著談 ApexOne Auto。我們持續與潛在合作夥伴建立機會管線。我們也持續圍繞 ApexOne Auto 來塑造我們的上市策略（go-to-market）與銷售流程。我們預期這些強化將使我們能提供更全面的解決方案，更好地滿足信用合作社客戶的需求，並在未來加速採用。

Although ApexOne Auto is not yet a significant contributor to our results, we are encouraged by the quality of the pipeline and the strategic foundation we are establishing, which we expect will drive incremental subscription reoccurring revenue and incremental cert volumes for our Lenders Protection platform as the rollout advances. Our belief is that top of the funnel, automated underwriting and dynamic pricing is the way of the future to maximize profit and efficiencies for our customers. Our customer retention metrics continue to be strong and lender partnerships are deepening.

雖然 ApexOne Auto 目前尚未對我們的業績做出重大貢獻，但我們對機會管線的品質與正在建立的策略基礎感到鼓舞；隨著推廣進展，我們預期這將帶來增量的訂閱型經常性收入，以及為我們的 Lenders Protection 平台帶來增量的認證量（cert volumes）。我們相信，漏斗頂端、自動化承保與動態定價將是未來趨勢，可為客戶最大化利潤與效率。我們的客戶留存指標持續強勁，且與放款機構的合作關係正在加深。

During the quarter, we added 15 new logos and lost 3. Our voice of the customer exercise also helps us identify and define our ideal customer profile, matching our capabilities to partners where we have had the most success. We are a more focused and disciplined company than we were 12 months ago, and we are building the infrastructure as we view necessary to return to sustainable growth for our shareholders.

本季我們新增 15 個新客戶（logo），並流失 3 個。我們的「客戶之聲」調研也協助我們辨識並定義理想客戶輪廓，將我們的能力與我們最成功的合作夥伴類型進行匹配。相較 12 個月前，我們是一家更聚焦、更有紀律的公司；同時，我們也正在建置我們認為回到可持續成長、為股東創造價值所必需的基礎設施。

I am very proud of the team we have built and what they have accomplished to date. We expect to see rolling 12-month impact of these efforts begin in the third quarter and become fully evident by the fourth quarter. The bottom line is that we are actively managing every lever across the entire certified loan life cycle from applications to approvals to certification to drive growth in 2026 after building the foundation of profitability in 2025. Understanding what drives certified loan volume across borrower quality, approval decisioning, and market pricing is fundamental to delivering profitable growth.

我為我們打造的團隊以及他們迄今的成果感到非常自豪。我們預期這些努力的滾動 12 個月影響將在第三季開始顯現，並在第四季完全明朗。重點是：在 2025 年奠定獲利基礎之後，我們正積極管理已認證貸款全生命週期中的每一個槓桿，從申請、核准到認證，以推動 2026 年的成長。理解已認證貸款量的驅動因素——涵蓋借款人品質、核准決策與市場定價——是實現獲利性成長的根本。

Next, on Project Red Rocks. We have continued to make consistent progress on this important initiative. As I said before, building this muscle memory, consistently refreshing our data and evolving our models is essential for long-term success. And we view this capability as an advantage over our competitors.

接下來談 Project Red Rocks。我們在這項重要倡議上持續取得穩定進展。如我先前所說，建立這種肌肉記憶、持續更新資料並演進模型，對長期成功至關重要。我們也將此能力視為相較競爭對手的優勢。

Through Project Red Rocks, we are establishing a true core competency in simulation and decision intelligence that we expect will differentiate Open Lending through superior execution. The platform is already delivering tangible benefits by enabling us to model the impact of pricing, credit policy and underwriting changes on volume, loss performance and profitability with greater precision and speed from application through certification.

透過 Project Red Rocks，我們正在建立真正的核心能力：模擬與決策智慧（decision intelligence）。我們預期這將以更卓越的執行力使 Open Lending 脫穎而出。該平台已透過具體效益展現價值：使我們能以更高的精準度與速度，從申請到認證，建模定價、信用政策與承保變更對量能、損失表現與獲利能力的影響。

As we've discussed in the past, we are always focused on greater pricing segmentation, and we expect Red Rocks will allow us to access additional customer cohorts. We anticipate this progress will translate directly into additional certified loan volume with more differentiated and profitable customer segments. A case study of the importance of Project Red Rock can be seen in the work we are doing in our Credit Builder segment, which represents approximately 30% of our application flow.

如同我們過去所討論的，我們始終聚焦於更細緻的定價分層（pricing segmentation），我們預期 Red Rocks 將使我們能觸及更多客戶族群（cohorts）。我們預期這項進展將直接轉化為更多已認證貸款量，並帶來更具差異化且更高獲利的客戶區隔。Project Red Rock 重要性的案例研究，可見於我們在 Credit Builder 區隔所進行的工作；該區隔約占我們申請流量的 30%。

Red Rocks has improved our ability to differentiate between stronger and weaker Credit Builders, giving us the ability to improve pricing and capture more of what we view as the higher quality volume in this large segment. By more precisely evaluating and pricing applications that have Credit Builder trade lines, we expect to gain a significant opportunity to add high-quality certs in a segment that has an outsized impact on our ability to write new business for our credit union customers at a better overall loss ratio for that segment.

Red Rocks 已提升我們區分較強與較弱 Credit Builder（信用建立者）客群的能力，使我們得以優化定價，並在這個龐大區隔中，擷取更多我們認為屬於較高品質的業務量。透過更精準地評估與定價具有 Credit Builder 交易線（trade lines）的申請案，我們預期將獲得顯著機會，在一個對我們為信用合作社客戶以更佳整體損失率承作新業務能力具有不成比例影響的區隔中，增加高品質的 cert（認證貸款）。

We expect that this change will be executed in the middle of the second quarter. We remain on track with the project and are encouraged by the value we are realizing from the components already deployed.

我們預期此項變更將於第二季中期執行。我們的專案仍按計畫推進，且對已部署組件所帶來的價值感到振奮。

Lastly, I want to provide an update on our insurance company partners. Our insurance capacity is a cornerstone of our lenders protection platform and a critical differentiator for Open Lending, enabling us to mitigate risk and support disciplined growth for our customers. We hosted our annual carrier meeting last month, and the feedback from three insurance partners was consistently positive.

最後，我想就我們的保險公司合作夥伴提供最新進展。我們的保險承保能力是我們放款人保護平台的基石，也是 Open Lending 的關鍵差異化優勢，使我們能夠降低風險並支持客戶的紀律性成長。我們上個月舉辦年度承保公司（carrier）會議，三家保險合作夥伴的回饋一致正面。

They continue to express strong alignment with our disciplined growth strategy and a clear desire to write more business. Our carrier alignment is an important source of confidence as we execute through 2026, and we believe a unique and effective component to our offerings. We are entering Q2 with improving daily set production, healthy application volumes and what we see as our highest quality portfolio in several years. While much of this year's expected cert volume lift is expected to occur during Q3 and Q4, we believe we are well positioned to deliver throughout 2026.

他們持續表達與我們的紀律性成長策略高度一致，並明確希望承作更多業務。在我們推進至 2026 年的過程中，承保公司的一致性是重要的信心來源，我們也相信這是我們產品組合中獨特且有效的一環。我們以每日 set 產量改善、健康的申請量，以及我們認為數年來最高品質的投資組合進入第二季。雖然今年預期的 cert 量提升多數預計發生在第三季與第四季，但我們相信我們已具備良好條件在整個 2026 年持續交付成果。

Portfolio durability remains our top priority. It's how we grow responsibly. Disciplined decisions in tough markets are what sustain long-term relevance and shareholder value. We have developed the models, data, discipline and talent we anticipate will contribute to the profitable growth. Q1 delivered on cert and performed as expected. We're looking forward to discussing the impact and momentum of our 2026 initiatives on next quarter's call.

投資組合的耐久性仍是我們的首要任務。這是我們負責任成長的方式。在艱難市場中做出有紀律的決策，才能維持長期的相關性與股東價值。我們已建立模型、數據、紀律與人才，我們預期這些將促成獲利性成長。第一季在 cert 方面達成目標，且表現符合預期。我們期待在下季電話會議中，討論我們 2026 年各項計畫的影響與動能。

With that, I'd like to turn the call over to Mass to discuss the financials in detail.

接下來，我想把電話會議交給 Mass，請他詳細說明財務狀況。

Thanks, Jessica. Before walking through the results, I will highlight a few key financial takeaways from the quarter.

謝謝，Jessica。在逐一說明結果之前，我先強調本季幾項關鍵財務重點。

First, certified loan volume exceeded the top end of our first quarter guidance, reflecting the deliberate value-accretive decisions we've made to build a higher quality book of business. Second, per loan unit economics improved meaningfully year over year, driven by the underwriting and pricing enhancements Jessica outlined. And third, we continue to demonstrate disciplined expense management while still investing in the key initiatives that will drive sustainable growth.

第一，認證貸款量超出我們第一季指引區間的上緣，反映我們為建立更高品質業務組合而做出的審慎、可增值（value-accretive）的決策。第二，單筆貸款的單位經濟效益（unit economics）較去年同期顯著改善，主要受 Jessica 所提到的核保與定價強化所帶動。第三，我們持續展現有紀律的費用管理，同時仍投資於將推動可持續成長的關鍵計畫。

Now let me walk you through the numbers for the quarter and guidance before Jessica and I open the line for Q&A. During the first quarter, we facilitated 21,064 certified loans, which came in above the high end of our quarterly guidance. While this compared to 27,638 certified loans in the first quarter of 2025, the composition of this year's volume is meaningfully stronger, reflecting the intentional shift towards higher quality segments.

現在在 Jessica 和我開放問答之前，我先帶各位看本季數字與指引。第一季期間，我們促成 21,064 筆認證貸款，超出我們季度指引的上緣。雖然相較於 2025 年第一季的 27,638 筆認證貸款有所下降，但今年的量體組成明顯更強，反映我們有意轉向更高品質區隔。

Looking ahead, we expect volumes to accelerate throughout 2026 as anticipated in our guidance. We expect OEM 3 to continue to ramp as we expand into additional high-volume states. Our core credit union channel remains healthy with lenders demonstrating both capacity and appetite to grow as our pipeline reflects. Together, these dynamics reinforce our confidence in the volume acceleration we expect over the remainder of the year.

展望未來，我們預期如同指引所述，量體將在 2026 年全年加速成長。隨著我們擴展至更多高量州別，我們預期 OEM 3 將持續爬坡（ramp）。我們的核心信用合作社通路仍維持健康，從我們的管線來看，放款人同時展現出擴張的能力與意願。綜合上述動態，進一步強化我們對今年剩餘期間量體加速的信心。

Total revenue for the first quarter was $20.5 million compared to $24.4 million in the prior year period. The quarter included a $0.7 million reduction in estimated profit share revenue related to historic vintages compared to a $0.9 million reduction in the first quarter of 2025. We have continued to see encouraging signs from our 2025 vintage, which has performed well.

第一季總營收為 2,050 萬美元，去年同期為 2,440 萬美元。本季包含與歷史批次（historic vintages）相關的預估分潤收入下修 70 萬美元；相較之下，2025 年第一季下修 90 萬美元。我們持續看到 2025 年批次的令人鼓舞跡象，其表現良好。

As we've noted on prior calls, we remain measured in our constrained approach to the recognition of additional profit share revenue from this and other more recent vintages. Breaking down total revenues in the current quarter, program fee revenues were $11.4 million. Profit share revenue was $7.0 million, inclusive of the $0.7 million negative change in estimate and claims administration fees and other revenue were $2.2 million. As a reminder, profit share revenue represents our share of the expected earned premiums net of expected lifetime claims and program expenses.

如同我們在先前電話會議中所提到的，對於來自此批次及其他較新批次的額外分潤收入認列，我們仍採取審慎且受限的作法。拆解本季總營收：方案費（program fee）收入為 1,140 萬美元。分潤收入為 700 萬美元（包含 70 萬美元的估計變動負向調整），理賠管理費及其他收入為 220 萬美元。提醒一下，分潤收入代表我們在扣除預期全期理賠與方案費用後，對預期已賺保費（earned premiums）的分配份額。

Open Lending received 72% of the net profit share. Any losses are accrued and carry forward for future profit share calculations. And when cash received exceeds expected profit share revenue, the excess is recorded as an excess profit share receipt liability.

Open Lending 取得淨分潤的 72%。任何損失都會計提並結轉，供未來分潤計算使用。當實際收到的現金超過預期分潤收入時，超出部分會記錄為超額分潤收款負債（excess profit share receipt liability）。

Profit share revenue associated with new originations was $7.7 million or $363 per certified loan compared to $7.7 million or $278 per certified loan in the first quarter of 2025, a 30% improvement year over year and up from $322 per certified loan in the fourth quarter of 2025. As we have discussed previously, we have reduced volatility in change in estimate adjustments by booking more conservative unit economics at the time of certification.

與新承作（new originations）相關的分潤收入為 770 萬美元，或每筆認證貸款 363 美元；相較之下，2025 年第一季為 770 萬美元，或每筆認證貸款 278 美元，年增改善 30%，且高於 2025 年第四季每筆認證貸款 322 美元。如同我們先前討論過的，我們在認證時點採用更保守的單位經濟假設入帳，以降低估計變動調整的波動性。

For the 2026 vintage, we applied an implied loss ratio of approximately 70%, an improvement from the 72.5% we applied in our 2025 vintages, reflecting the measurable progress we have made in underwriting quality and improved pricing.

針對 2026 年批次（vintage），我們採用約 70% 的隱含損失率（implied loss ratio），較我們在 2025 年批次採用的 72.5% 有所改善，反映我們在核保品質與定價改善方面取得的可衡量進展。

Based on our current pricing and expected credit performance, we anticipate these vintages will ultimately perform closer to a mid-60s percent loss ratio. Our continued focus on expense management delivered further success this quarter.

基於我們目前的定價與預期信用表現，我們預期這些批次最終的表現將更接近 60% 中段的損失率。我們持續聚焦費用管理，本季也帶來進一步成果。

Operating expenses were $16.3 million in the first quarter, down 7% from $17.5 million in the first quarter of 2025, while we continue to invest in our key growth initiatives. As I have noted previously, disciplined expense management remains a top priority.

第一季營業費用為 1,630 萬美元，較 2025 年第一季的 1,750 萬美元下降 7%，同時我們仍持續投資於關鍵成長計畫。如我先前所提到的，有紀律的費用管理仍是首要任務。

Q1 operating expense included $0.8 million in nonrecurring items, which are excluded from adjusted EBITDA and approximately $1 million related to our Red Rocks project and other initiatives.

第一季營業費用包含80萬美元的一次性項目，該等項目已自調整後EBITDA中排除，另約100萬美元與我們的Red Rocks專案及其他計畫相關。

Net loss for the quarter was $0.5 million compared to net income of $0.6 million in the first quarter of 2025. Diluted net loss per share was $0 in the first quarter compared to a diluted net income of $0.01 per share in the first quarter of 2025.

本季淨損為50萬美元，較2025年第一季淨利60萬美元。第一季稀釋後每股淨損為0美元，相較於2025年第一季稀釋後每股淨利0.01美元。

Adjusted EBITDA for the quarter was $2 million compared to $3.2 million in the first quarter of 2025. 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 nonrecurring expenses that do not contribute directly to management's evaluation of its operating results.

本季調整後EBITDA為200萬美元，較2025年第一季的320萬美元。自截至2025年6月30日止季度起，我們更新了調整後EBITDA的呈列方式，將利息收入排除，以使我們的定義與同業公司更一致。此外，自截至2025年9月30日止季度起，我們更新了調整後EBITDA的呈列方式，排除若干其他不經常性費用，因其不會直接影響管理層對其營運結果的評估。

Prior period presentations 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.

先前期間的呈列已調整以符合本期的呈列方式。GAAP與非GAAP財務衡量指標之調節表可於我們的財報新聞稿末尾查閱。

Turning to cash flow and balance sheet. For the first quarter, our cash flow from operating activities was a negative $0.8 million, primarily reflecting the timing of payment of our 2025 annual short-term incentive program of approximately $4.5 million. Beginning this year, the payment occurred in the first quarter following the performance year.

接著談現金流量與資產負債表。第一季來自營運活動的現金流為負80萬美元，主要反映我們約450萬美元的2025年度短期獎勵計畫付款時點所致。自今年起，該筆款項於績效年度結束後的第一季支付。

Previously, the nonexecutive portion was paid in the fourth quarter. We exited the first quarter with $231.1 million in total assets, of which $173.3 million was in unrestricted cash. We had $155.8 million in total liabilities, of which $82.9 million was outstanding debt.

先前，非主管人員部分是在第四季支付。第一季期末我們的總資產為2億3,110萬美元，其中1億7,330萬美元為不受限制現金。我們的總負債為1億5,580萬美元，其中8,290萬美元為未償還債務。

During the quarter, we continued to make our scheduled principal payments on our senior secured term loan. In conjunction with our Board, we remain committed to a disciplined approach to capital deployment, one that strengthens the balance sheet, reduces leverage over time and preserves financial flexibility going forward.

本季期間，我們持續按期對我們的高級擔保定期貸款進行本金償付。在董事會的共同支持下，我們仍致力於採取嚴謹的資本配置方式，以強化資產負債表、隨時間降低槓桿，並在未來維持財務彈性。

Our capital allocation priorities remain consistent. First, investing in the organic growth of the platform; second, maintaining a strong balance sheet; and third, returning capital to shareholders through share repurchases when appropriate. In the first quarter, we did not repurchase any shares under our share repurchase program, partially due to the brief open trading window between the filing of our 2025 10-K and the end of the quarter.

我們的資本配置優先順序維持一致。第一，投資於平台的內生成長；第二，維持強健的資產負債表；第三，在適當時透過庫藏股回購向股東返還資本。第一季我們未依據庫藏股回購計畫回購任何股份，部分原因是我們提交2025年10-K後至季末之間的可公開交易窗口期相當短暫。

As announced, our Board recently extended the expiration of the program from May 2026 to May 2027 and increased the size of the program to $50 million, reflecting our continued commitment to return capital to shareholders over time. We have approximately $45.1 million remaining on our share repurchase program.

如先前所宣布，我們董事會近期將該計畫的到期日自2026年5月延長至2027年5月，並將計畫規模提高至5,000萬美元，反映我們持續致力於隨時間向股東返還資本。我們的庫藏股回購計畫尚餘約4,510萬美元額度。

Finally, I wanted to address our guidance. For the second quarter, we are expecting total certified loans to be between 22,000 and 25,000. For the full year, we continue to expect 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. We are also continuing to expect adjusted EBITDA for the full year to be between $25 million and $29 million.

最後，我想談談我們的財測指引。就第二季而言，我們預期認證貸款總量介於22,000至25,000筆。就全年而言，我們仍預期認證貸款總量介於100,000至110,000筆。以指引中位數計算，這較我們2025年的結果增加8%。我們也持續預期全年調整後EBITDA介於2,500萬至2,900萬美元。

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. We entered the second quarter with improving daily cert production, a portfolio that we consider to reflect the highest quality we have seen in several years and profit share unit economics that are meaningfully stronger than a year ago.

我們打算在業務組合中持續秉持「重質不重量」的承諾，確保此成長率能為我們的貸款投資組合帶來增益。我們以每日認證產出改善的態勢進入第二季；我們認為目前的投資組合反映了我們數年來所見的最高品質；且利潤分成的單位經濟效益也明顯優於一年前。

We are confident this quarter validates the deliberate choices we've made over the past year and positions us well for the acceleration we expect throughout the remainder of 2026. We remain confident in our full year guidance and in the platform we are building. And we look forward to demonstrating continued progress as the year unfolds.

我們有信心，本季驗證了我們過去一年所做的審慎選擇，並使我們在2026年剩餘期間預期的加速成長上具備良好定位。我們對全年指引以及我們正在打造的平台仍具信心。我們也期待在今年推進過程中展現持續進展。

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

接下來，我們開放提問。接線員？

(Operator Instructions) It appears that we have no questions at this time.

(接線員指示) 目前看來我們暫時沒有問題。

I'd like to turn the floor over to Jessica Buss for closing remarks.

我想把時間交給Jessica Buss作結語。

Thank you for joining us today and for your continued interest in Open Lending. We appreciate your time and look forward to continuing the conversation on our second quarter earnings call as we execute on our priorities for the year ahead. I also want to thank our Open Lending employees whose dedication and hard work make everything we've accomplished and our vision for the future possible. Goodbye.

感謝各位今天參與，並持續關注Open Lending。我們感謝各位撥冗，並期待在第二季財報電話會議中，隨著我們執行未來一年的優先事項，持續與各位交流。我也要感謝我們Open Lending的員工，他們的投入與辛勤工作，讓我們所達成的一切以及對未來的願景成為可能。再見。

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

謝謝。今天的會議到此結束。感謝各位的時間與參與。您可以掛線。