Open Lending Corporation

$8.8 million in total liabilities, of which $82.9 million was outstanding debt. 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. 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 10K and the end of the quarter. 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 recurring capital to shareholders over time. We have approximately $45.1 million remaining on our share repurchase program. 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 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. We enter 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. 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. With that, we will open it up for questions. Operator?

Thank you. At this time, if you would like to ask a question, please press star 1 on your keypad. You may remove yourself from the queue at any time by pressing star 2. Once again, that is star 1 to signal and star 2 to remove yourself. I'll pause for just a moment to allow questions to queue.

Once again, that is star 1 to signal.

It appears that we have no questions at this time. I'd like to turn the floor over to Jessica Buss for closing remarks.

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.

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