0001806201-25-000057 | 10-Q | XBRL Viewer

Summary of Significant Accounting and Reporting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending Corporation and all its subsidiaries.
Consolidation	All intercompany transactions and balances have been eliminated upon consolidation.
Comparability adjustment	Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. We believe the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading.
Use of estimates and judgements	Use of estimates and judgments The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The most significant items subject to such estimates and assumptions include, but are not limited to, profit share revenue recognition and the corresponding impact on contract assets and the excess profit share receipts liability and assessing the realizability of deferred tax assets. Our estimates are based on historical trends and relevant assumptions that we believe to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates.
Profit Share Revenue	Profit Share Revenue Profit share represents our participation in the net underwriting profit of third-party insurance partners who provide automotive lenders with credit default insurance on loans those lenders make using LPP. We receive a percentage of the aggregate net monthly insurance underwriting profit over the term of the underlying insured loan. Monthly insurance underwriting profit is calculated as the monthly earned premium less expenses and losses (including reserves for incurred, but not reported losses), with losses accrued and carried forward for future profit share calculations. In periods where the expenses and losses on the aggregated loan portfolio exceed the monthly earned premiums, no profit share payments are received and future monthly insurance underwriting profits earned are reduced until the earned premiums for the aggregate loan portfolio exceed the accumulated losses at the insurance partner level. We fulfill our performance obligation upon placement of the insurance and recognize profit share revenue based on the amount of cash flows we expect to receive from the insurance company over the term of the underlying insured loan. We use a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from our insurance partners. The forecast model projects loan-level earned premiums and insurance claim payments driven by projections of prepayment rate, loan default rate and severity of loss on the remaining active loan portfolio as of the reporting date. These assumptions are derived from an analysis of the historical portfolio performance, prevailing default and prepayment trends, and macroeconomic projections. Estimates of variable consideration generated by the forecast model are constrained to the extent that it is probable that a significant reversal of revenue will not occur in future periods. On a quarterly basis, we update the assumptions used in the forecast model and recognize a change in estimate adjustment to profit share revenue, contract assets and excess profit share receipts liability in the period. We assess the default and prepayment assumptions of the forecast model against reported performance and lender delinquency data. The forecast model is updated to consider the actual prepayment rate, default, and severity of results and macroeconomic conditions. During the three months ended March 31, 2025 and 2024, we recorded reductions in estimated profit share revenues of $0.9 million and $1.1 million, respectively, for changes in estimates of variable consideration related to performance obligations satisfied in previous periods, primarily as a result of actual portfolio performance and forecast assumption changes due to changes in anticipated loan default rates, severity of losses and prepayment rates.
Fair value measurements	Fair value measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects our judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs.
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires additional disclosure related to rate reconciliation, income taxes paid, and other disclosures to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024, and applied on a prospective basis. Early adoption and retrospective application is permitted. We believe this ASU will have no impact on our consolidated financial statements but may result in additional disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new disclosures, in a separate note to financial statements, of specified information about certain costs and expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We believe this ASU will have no impact on our consolidated financial statements but will result in additional disclosures.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Shareholder Class Action In May 2025, a putative shareholder class action lawsuit was filed against the Company and our three former Chief Executive Officers in the U.S. District Court for the Western District of Texas. The class action is purportedly brought on behalf of persons who allegedly suffered damages as a result of alleged materially false and/or misleading statements and omissions about our business, operations, and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants: (1) misrepresented the capabilities of the Company’s risk-based pricing models; (2) issued materially misleading statements regarding the Company’s profit share revenue; (3) failed to disclose the Company’s 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; (4) misrepresented the underperformance of the Company’s 2023 and 2024 vintage loans; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Motions for appointment of lead plaintiff are due on June 30, 2025. We cannot predict the timing, outcome or consequences of the class action at the current stage. As of March 31, 2025, we have not recorded a loss contingency liability related to this matter. We will continue to evaluate information as it becomes available and will record an estimate for losses when it is both probable a loss has been incurred and the amount of the loss can be reasonably estimated.

Contract Assets and Excess Profit Share Receipts (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets

Contract assets balances for the period indicated below were as follows:


	Contract Assets
	Profit Share		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of December 31, 2024	$	9,633	$	3,229	$	2,205	$	15,067
Increase of contract assets due to new business generation	7,679		15,210		2,453		25,342
Change in estimates of revenue from performance obligations satisfied in previous periods	(281)		—		—		(281)
Payables (receivables) transferred from contract assets	(7)		(15,243)		—		(15,250)
Payments received from insurance carriers	(677)		—		(2,280)		(2,957)
Transfer from/(to) excess profit share receipts liability	7,977		—		—		7,977
Provision for expected credit losses	(53)		—		—		(53)
Ending balance as of March 31, 2025	$	24,271	$	3,196	$	2,378	$	29,845

The excess profit share receipts liability balance for the period indicated below was as follows:


	Profit Share
	(in thousands)
Ending balance as of December 31, 2024	$	47,556

Change in estimates of revenue from performance obligations satisfied in previous periods	668
Payments received from insurance carriers	355
Transfer from/(to) contract asset	7,977
Ending balance as of March 31, 2025	$	56,556

Net Income per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	818	483
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	123	133
Time-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	579	201
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	116	149

Summary of Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Concentration Risk [Line Items]
Total revenue	$ 24,393	$ 30,745
Profit share
Concentration Risk [Line Items]
Total revenue	6,730	13,882
Profit share \| Change in estimates of variable consideration related to performance obligations satisfied in previous periods
Concentration Risk [Line Items]
Total revenue	$ (900)	$ (1,100)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We compute our interim provision for income taxes by applying the estimated annual effective tax rate to year-to-date income before income tax and adjust the provision for discrete tax items recorded in the period. Each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The interim provision for income taxes and estimated annual effective tax rate are subject to volatility due to several factors, including changes in our earnings, changes to our valuation allowance, material discrete tax items and the effects of tax law changes. During the three months ended March 31, 2025 and 2024, we recognized income tax expense of $0.1 million and $2.4 million, respectively, resulting in an effective tax rate of 8.3% and 32.4%, respectively. The decrease in effective tax rate for the three months ended March 31, 2025 compared to the same period in 2024 is primarily due to the impact of changes in our valuation allowance during the period and decreased income before income taxes.

- Definition

The entire disclosure for income tax.

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+ Details

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 228,602	$ 238,198
Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	228,602	238,198
Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Money market funds
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	228,602	238,198
Money market funds \| Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	228,602	238,198
Money market funds \| Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 56	$ 2,437
Effective income tax rate (as a percent)	8.30%	32.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39326
Entity Registrant Name	OPEN LENDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5031428
Entity Address, Address Line One	1501 S. MoPac Expressway
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78746
City Area Code	512
Local Phone Number	892-0400
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		119,786,421
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001806201
Current Fiscal Year End Date	--12-31

Commitments and Contingencies (Details)	May 08, 2025 defendant
Shareholder Class Action Lawsuit \| Subsequent Event
Loss Contingencies [Line Items]
Number of defendants	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Contract Assets and Excess Profit Share Receipts

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract Assets and Excess Profit Share Receipts

Contract Assets

We recognize contract assets when we transfer services to a customer, recognize revenue for amounts not yet billed, and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. Changes in our contract assets primarily result from the timing difference between the satisfaction of our performance obligation and receipt of the customer’s payment.

For performance obligations related to profit share revenue that were satisfied in previous periods, we evaluate and update our profit share revenue forecast on a quarterly basis and adjust the contract assets accordingly. An increase in the profit share revenue forecast associated with performance obligations satisfied in previous periods, or historic vintages, is reported as a positive change in estimate and generates an increase in our contract asset, additional revenues and future expected cash flows. A decrease in the profit share revenue forecast associated with historic vintages is reported as a negative change in estimate and generates a decrease in our contract asset, a reduction in revenues and future expected cash flows.

Contract assets balances for the period indicated below were as follows:


	Contract Assets
	Profit Share		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of December 31, 2024	$	9,633	$	3,229	$	2,205	$	15,067
Increase of contract assets due to new business generation	7,679		15,210		2,453		25,342
Change in estimates of revenue from performance obligations satisfied in previous periods	(281)		—		—		(281)
Payables (receivables) transferred from contract assets	(7)		(15,243)		—		(15,250)
Payments received from insurance carriers	(677)		—		(2,280)		(2,957)
Transfer from/(to) excess profit share receipts liability	7,977		—		—		7,977
Provision for expected credit losses	(53)		—		—		(53)
Ending balance as of March 31, 2025	$	24,271	$	3,196	$	2,378	$	29,845

Excess Profit Share Receipts Liability

When profit share cash consideration received is in excess of the expected profit share consideration at the loan level, the amount of excess funds and the forecasted losses are recorded as an excess profit share receipts liability. The excess profit share receipts liability is based on the current forecast of future losses of the active loan portfolio and will be impacted by future changes in estimate related to profit share revenue. There is generally no contractual obligation to return the excess funds while an insurance partner is actively participating in our profit share program; however, future expected profit share cash flows may be reduced.

The excess profit share receipts liability balance for the period indicated below was as follows:


	Profit Share
	(in thousands)
Ending balance as of December 31, 2024	$	47,556

Change in estimates of revenue from performance obligations satisfied in previous periods	668
Payments received from insurance carriers	355
Transfer from/(to) contract asset	7,977
Ending balance as of March 31, 2025	$	56,556

Contract Costs

The fulfillment costs associated with our contracts with customers generally do not meet the criteria for capitalization and therefore are expensed as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less: Unamortized deferred financing costs	$ (821)	$ (908)
Total debt	137,929	139,717
Less: current portion of debt	(7,500)	(7,500)
Total long-term debt, net of deferred financing costs	130,429	132,217
Term Loan \| Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	138,750	140,625
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Segment Reporting (Details) $ in Thousands	3 Months Ended
Segment Reporting (Details) $ in Thousands	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Revenue
Total revenue	$ 24,393	$ 30,745
Cost of services
Gross profit	18,309	24,995
Operating expenses
Depreciation and amortization	544	372
Total operating expenses	17,547	17,672
Operating income	762	7,323
Operating income
Interest expense	(2,589)	(2,770)
Interest income	2,500	2,971
Income before income taxes	673	7,524
Income tax expense	56	2,437
Net income	617	5,087
Program fees
Revenue
Total revenue	15,210	14,309
Profit share
Revenue
Total revenue	6,730	13,882
Claims administration and other service fees
Revenue
Total revenue	2,453	2,554
Reportable Segment
Revenue
Total revenue	24,393	30,745
Cost of services
Employee compensation and benefits	1,526	2,087
Share-based compensation	102	78
Depreciation and amortization	213	59
Other cost of services	4,243	3,526
Total cost of services	6,084	5,750
Gross profit	18,309	24,995
Operating expenses
Employee compensation and benefits	10,471	10,066
Share-based compensation	1,744	1,776
Professional fees	2,298	2,017
IT services	980	1,175
Depreciation and amortization	331	313
Other	1,723	2,325
Total operating expenses	17,547	17,672
Operating income	762	7,323
Operating income
Interest expense	(2,589)	(2,770)
Interest income	2,500	2,971
Total other income (expense), net	(89)	201
Income before income taxes	673	7,524
Income tax expense	56	2,437
Net income	617	5,087
Reportable Segment \| Program fees
Revenue
Total revenue	15,210	14,309
Reportable Segment \| Profit share
Revenue
Total revenue	6,730	13,882
Reportable Segment \| Claims administration and other service fees
Revenue
Total revenue	$ 2,453	$ 2,554

Long-term Debt - Additional Information (Details) $ in Thousands		3 Months Ended
	Sep. 09, 2022 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt financing costs, net		$ 821	$ 908
New Credit Agreement
Debt Instrument [Line Items]
Principal amount	$ 300,000
Line of credit facility, commitment fee percentage		0.225%
Debt instrument, effective interest rate		7.02%	7.05%
Minimum fixed charge coverage ratio	1.25
New Credit Agreement \| Fiscal Quarter Ending After June 30, 2024
Debt Instrument [Line Items]
Maximum total net leverage ratio	3.0
New Credit Agreement \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.15%
New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.225%
New Credit Agreement \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.10%	2.375%
Adjusted SOFR rate		0.04399
New Credit Agreement \| SOFR \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.625%
New Credit Agreement \| SOFR \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	2.375%
New Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.625%
New Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.375%
New Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 150,000
Unused commitment balance		$ 150,000
New Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Principal amount	$ 150,000
Debt financing costs, net		800
New Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt financing costs, net		$ 200

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	550,000,000	550,000,000
Common stock, shares issued (in shares)	128,198,185	128,198,185
Common stock, shares outstanding (in shares)	119,782,899	119,350,001
Treasury stock (in shares)	8,415,286	8,848,184

Net Income per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
	(in thousands, except per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	617	$	5,087
Denominator
Weighted average common shares outstanding	119,451		118,926
Basic net income per share attributable to common stockholders	$	0.01	$	0.04

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	617	$	5,087
Denominator
Basic weighted average common shares outstanding	119,451		118,926
Dilutive effect of employee share awards outstanding	178		490
Diluted weighted average common shares outstanding	119,629		119,416
Diluted net income per share attributable to common stockholders	$	0.01	$	0.04

The following potentially dilutive outstanding securities for the three months ended March 31, 2025 and 2024 were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the periods:


	Three Months Ended March 31,
	2025	2024
	(in thousands)
Stock options	123	133
Time-based restricted stock units	579	201
Performance-based restricted stock units	116	149
Total	818	483

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Summary of Earnings Per Share

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
	(in thousands, except per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	617	$	5,087
Denominator
Weighted average common shares outstanding	119,451		118,926
Basic net income per share attributable to common stockholders	$	0.01	$	0.04

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	617	$	5,087
Denominator
Basic weighted average common shares outstanding	119,451		118,926
Dilutive effect of employee share awards outstanding	178		490
Diluted weighted average common shares outstanding	119,629		119,416
Diluted net income per share attributable to common stockholders	$	0.01	$	0.04

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
	2025	2024
	(in thousands)
Stock options	123	133
Time-based restricted stock units	579	201
Performance-based restricted stock units	116	149
Total	818	483

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2023		128,198,000
Beginning balance at Dec. 31, 2023	$ 205,580	$ 1,282	$ 502,032	$ (193,749)	$ (103,985)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023					(9,378,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,892		1,892
Restricted stock units issued, net of shares withheld for taxes	(1,021)		(5,307)		$ 4,286
Restricted stock units issued, net of shares withheld for taxes (in shares)					331,000
Net income	5,087			5,087
Ending balance (in shares) at Mar. 31, 2024		128,198,000
Ending balance at Mar. 31, 2024	$ 211,538	$ 1,282	498,617	(188,662)	$ (99,699)
Treasury stock, ending balance (in shares) at Mar. 31, 2024					(9,047,000)
Beginning balance (in shares) at Dec. 31, 2024	128,198,185	128,198,000
Beginning balance at Dec. 31, 2024	$ 78,087	$ 1,282	502,664	(328,759)	$ (97,100)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024	(8,848,184)				(8,848,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 1,883		1,883
Restricted stock units issued, net of shares withheld for taxes	(758)		(6,663)		$ 5,905
Restricted stock units issued, net of shares withheld for taxes (in shares)					433,000
Net income	$ 617			617
Ending balance (in shares) at Mar. 31, 2025	128,198,185	128,198,000
Ending balance at Mar. 31, 2025	$ 79,829	$ 1,282	$ 497,884	$ (328,142)	$ (91,195)
Treasury stock, ending balance (in shares) at Mar. 31, 2025	(8,415,286)				(8,415,000)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Expense Categories and Other Specific Amount

The following table sets forth significant expense categories and other specified amounts included in consolidated net income that are reviewed by the chief operating decision maker (“CODM”), or are otherwise regularly provided to the CODM, for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Revenue
Program fees	$	15,210	$	14,309
Profit share	6,730		13,882
Claims administration and other service fees	2,453		2,554
Total revenue	24,393		30,745
Cost of services
Employee compensation and benefits	1,526		2,087
Share-based compensation	102		78
Depreciation and amortization	213		59
Other cost of services(1)	4,243		3,526
Total cost of services	6,084		5,750
Gross profit	18,309		24,995
Operating expenses
Employee compensation and benefits	10,471		10,066
Share-based compensation	1,744		1,776
Professional fees	2,298		2,017
IT services	980		1,175
Depreciation and amortization	331		313
Other(2)	1,723		2,325
Total operating expenses	17,547		17,672
Operating income	762		7,323
Other income (expense)
Interest expense	(2,589)		(2,770)
Interest income	2,500		2,971

Total other income (expense), net	(89)		201
Income before income taxes	673		7,524
Income tax expense	56		2,437
Net income	$	617	$	5,087

(1) Other cost of services primarily consists of costs incurred to third party partners for partner commissions, fees paid for actuarial services, fees for integration with the loan origination system of automotive lenders and fees paid to credit bureaus and data service providers.

(2) Other operating expenses includes marketing expenses, insurance expenses, travel expenses, meals and entertainment expenses, facilities expenses and business development expenses.

Long-term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

The following table provides a summary of our debt as of the periods indicated:


	March 31, 2025		December 31, 2024
	(in thousands)
Term Loan due 2027	$	138,750	$	140,625
Revolving Credit Facility	—		—
Less: Unamortized deferred financing costs	(821)		(908)
Total debt	137,929		139,717
Less: current portion of debt	(7,500)		(7,500)
Total long-term debt, net of deferred financing costs	$	130,429	$	132,217

Credit Agreement—Term Loan due 2027 and Revolving Credit Facility

On September 9, 2022, we entered into a First Amendment to our existing Credit Agreement (the “First Amendment”) with Wells Fargo Bank, N.A., as the administrative agent, and the financial institutions party thereto, as the lenders. The First Amendment provided senior secured credit facilities in an aggregate principal amount of $300 million, which (i) established a term loan due 2027 with a principal amount of $150 million (the “Term Loan due 2027”), and (ii) increased the borrowing capacity on the existing revolving credit facility to $150 million (the “Revolving Credit Facility”), both scheduled to mature on September 9, 2027 (collectively, the “Credit Agreement”).

Borrowings under the Credit Agreement bear interest at a rate equal to either (i) an Alternate Base rate (“ABR”) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 0.10% (“Adjusted SOFR”) plus a spread that is based upon our total net leverage ratio. The spread ranges from 0.625% to 1.375% per annum for ABR loans and 1.625% to 2.375% per annum for Adjusted SOFR loans. With respect to the ABR loans, interest is payable at the end of each calendar quarter. With respect to the Adjusted SOFR loans, interest is payable at the end of the selected interest period (at least quarterly). Additionally, there is an unused commitment fee payable at the end of each quarter at a rate per annum ranging from 0.15% to 0.225% based on the average daily unused portion of the Revolving Credit Facility and other customary letter of credit fees. Pursuant to the Credit Agreement, the interest rate spread and commitment fees increase or decrease in increments as the Funded Secured Debt/EBITDA ratio increases or decreases.

As of March 31, 2025, the Term Loan due 2027 and the Revolving Credit Facility were both subject to an Adjusted SOFR rate of 4.399% plus a spread of 2.375% per annum. Commitment fees were accrued at 0.225% under the Revolving Credit Facility’s unused commitment balance of $150 million as of March 31, 2025. As of March 31, 2025 and December 31, 2024, the effective interest rate on the outstanding borrowings was 7.020% and 7.050%, respectively.

Unamortized deferred financing costs related to the Term Loan due 2027 and the Revolving Credit Facility were $0.8 million and $0.2 million, respectively, as of March 31, 2025.

The obligations under the Credit Agreement are guaranteed by our U.S. subsidiaries and are secured by substantially all of our assets and our U.S. subsidiaries, subject to customary exceptions. The Credit Agreement contains a maximum total net leverage ratio financial covenant and a minimum fixed charge coverage ratio financial covenant, which are tested quarterly. The maximum total net leverage ratio is 3.0:1 and the minimum fixed charge coverage ratio is 1.25:1. As of March 31, 2025, we were in compliance with all required covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Contract Assets and Excess Profit Share Receipts - Summary of Contract Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 15,067
Increase of contract assets due to new business generation	25,342
Change in estimates of revenue from performance obligations satisfied in previous periods	(281)
Payables (receivables) transferred from contract assets	(15,250)
Payments received from insurance carriers	(2,957)
Transfer from/(to) excess profit share receipts liability	7,977
Provision for expected credit losses	(53)
Ending balance	29,845
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	9,633
Increase of contract assets due to new business generation	7,679
Change in estimates of revenue from performance obligations satisfied in previous periods	(281)
Payables (receivables) transferred from contract assets	(7)
Payments received from insurance carriers	(677)
Transfer from/(to) excess profit share receipts liability	7,977
Provision for expected credit losses	(53)
Ending balance	24,271
Program Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	3,229
Increase of contract assets due to new business generation	15,210
Change in estimates of revenue from performance obligations satisfied in previous periods	0
Payables (receivables) transferred from contract assets	(15,243)
Payments received from insurance carriers	0
Transfer from/(to) excess profit share receipts liability	0
Provision for expected credit losses	0
Ending balance	3,196
Claims Administration and Other Service Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	2,205
Increase of contract assets due to new business generation	2,453
Change in estimates of revenue from performance obligations satisfied in previous periods	0
Payables (receivables) transferred from contract assets	0
Payments received from insurance carriers	(2,280)
Transfer from/(to) excess profit share receipts liability	0
Provision for expected credit losses	0
Ending balance	$ 2,378

Description of Business, Background and Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets measured at fair value on a recurring basis were as follows:


	Total		Fair value measurement as of March 31, 2025
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	228,602	$	228,602	$	—	$	—

Total	$	228,602	$	228,602	$	—	$	—


	Total		Fair value measurement as of December 31, 2024
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	238,198	$	238,198	$	—	$	—

Total	$	238,198	$	238,198	$	—	$	—

The amounts reported in our Condensed Consolidated Balance Sheets as current assets or current liabilities, including Cash, Restricted cash, Accounts receivable, net, Current contract assets, net, Other current assets, Accounts payable and Accrued expenses, each approximate their fair value due to the short-term maturities of the instruments.

The carrying amount of our debt approximates its fair value due to its variable interest rate. The fair value is determined using the Adjusted SOFR as of March 31, 2025 and December 31, 2024 plus an applicable spread, a Level 2 classification in the fair value hierarchy. Refer to Note 4 - Long-term Debt for the carrying amount of our debt.

Our accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of any level for the periods ended March 31, 2025 and December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 617	$ 5,087
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation	1,846	1,854
Depreciation and amortization	544	372
Amortization of debt issuance costs	103	107
Non-cash operating lease cost	198	162
Deferred income taxes	0	2,154
Other	144	41
Changes in operating assets & liabilities:
Accounts receivable, net	(495)	(1,135)
Contract assets, net	(14,778)	(2,614)
Excess profit share receipts	9,000	0
Other current and non-current assets	70	188
Accounts payable	(600)	66
Accrued expenses	2,454	(189)
Income tax receivable, net	39	3,358
Operating lease liabilities	(185)	(152)
Third-party claims administration liability	(137)	1,662
Other current and non-current liabilities	(2,658)	45
Net cash provided by (used in) operating activities	(3,838)	11,006
Cash flows from investing activities
Purchase of property and equipment	(45)	0
Capitalized software development costs	(561)	(642)
Net cash used in investing activities	(606)	(642)
Cash flows from financing activities
Payments on term loans	(1,875)	(938)
Shares withheld for taxes related to restricted stock units	(758)	(1,021)
Net cash used in financing activities	(2,633)	(1,959)
Net change in cash and cash equivalents and restricted cash	(7,077)	8,405
Cash and cash equivalents and restricted cash at the beginning of the period	253,924	246,669
Cash and cash equivalents and restricted cash at the end of the period	246,847	255,074
Supplemental disclosure of cash flow information:
Interest paid	2,489	3,541
Income tax paid (refunded), net	$ 16	$ (3,075)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 236,226	$ 243,164
Restricted cash	10,621	10,760
Accounts receivable, net	5,550	5,055
Current contract assets, net	18,643	9,973
Income tax receivable	3,568	3,558
Other current assets	3,179	3,215
Total current assets	277,787	275,725
Property and equipment, net	650	729
Capitalized software development costs, net	5,398	5,386
Operating lease right-of-use assets, net	3,680	3,878
Contract assets	11,202	5,094
Other assets	5,506	5,556
Total assets	304,223	296,368
Current liabilities
Accounts payable	352	953
Accrued expenses	7,598	5,166
Current portion of debt	7,500	7,500
Third-party claims administration liability	10,660	10,797
Current portion of excess profit share receipts	17,445	19,346
Other current liabilities	1,143	3,490
Total current liabilities	44,698	47,252
Long-term debt, net of deferred financing costs	130,429	132,217
Operating lease liabilities	3,061	3,273
Excess profit share receipts	39,111	28,210
Other liabilities	7,095	7,329
Total liabilities	224,394	218,281
Stockholders’ equity
Preferred stock, $0.01 par value; $10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 119,782,899 shares outstanding as of March 31, 2025 and 128,198,185 shares issued and 119,350,001 shares outstanding as of December 31, 2024	1,282	1,282
Additional paid-in capital	497,884	502,664
Accumulated deficit	(328,142)	(328,759)
Treasury stock at cost, $8,415,286 shares at March 31, 2025 and $8,848,184 shares at December 31, 2024	(91,195)	(97,100)
Total stockholders’ equity	79,829	78,087
Total liabilities and stockholders’ equity	$ 304,223	$ 296,368

Net Income per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net income attributable to common stockholders	$ 617	$ 5,087
Denominator
Weighted average common shares outstanding (in shares)	119,451	118,926
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.01	$ 0.04
Numerator
Net income attributable to common stockholders	$ 617	$ 5,087
Denominator
Basic weighted average common shares outstanding (in shares)	119,451	118,926
Dilutive effect of employee share awards outstanding (in shares)	178	490
Diluted weighted average common shares outstanding (in shares)	119,629	119,416
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.01	$ 0.04

Description of Business, Background and Nature of Operations	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation and its subsidiaries (“Company,” “we,” “us” and “our”), headquartered in Austin, Texas, provides loan analytics, risk-based loan pricing, risk modeling and automated decision technology for automotive lenders throughout the United States of America (the “U.S.”), which enables each lending institution to book near-prime and non-prime automotive loans, coupled with real-time underwriting of loan default insurance, out of its existing business flow. We also operate as a third-party administrator that adjudicates insurance claims and premium adjustments on automotive loans. Our flagship product, Lenders ProtectionTM platform (“LPP”), is a cloud-based automotive lending enablement platform. LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance by linking automotive lenders to our insurance partners. The platform uses risk-based pricing models that enable automotive lenders to assess the credit risk of a potential borrower using data driven analysis. Our proprietary risk models project loan performance, including expected losses and prepayments, in arriving at the optimal contract interest rate. LPP recommends a risk-based, all-inclusive interest rate for a loan that is customized to each automotive lender, reflecting cost of capital, loan servicing and acquisition costs, expected recovery rates and target return on assets. All of our operations and assets are in the U.S., and all of our revenues are attributable to U.S. customers.

Subsequent Events (Details) $ in Millions	May 01, 2025 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, authorized, amount	$ 25.0

Contract Assets and Excess Profit Share Receipts - Excess Profit Share Receipts (Details) - Profit share $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Excess profit share receipts balance:
Beginning balance	$ 47,556
Change in estimates of revenue from performance obligations satisfied in previous periods	668
Payments received from insurance carriers	355
Transfer from/(to) contract asset	7,977
Ending balance	$ 56,556

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 617	$ 5,087

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Repurchase Program On May 1, 2025, the Board of Directors authorized share repurchases under a share repurchase program (the “Share Repurchase Program”) allowing the Company to repurchase up to $25.0 million of the Company’s outstanding common stock until May 1, 2026. Repurchases may be made at management’s discretion from time to time on the open market. The Share Repurchase Program may be suspended, amended, or discontinued at any time.

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue
Total revenue	$ 24,393	$ 30,745
Cost of services	6,084	5,750
Gross profit	18,309	24,995
Operating expenses
General and administrative	10,898	11,979
Selling and marketing	4,382	4,214
Research and development	2,267	1,479
Total operating expenses	17,547	17,672
Operating income	762	7,323
Interest expense	(2,589)	(2,770)
Interest income	2,500	2,971
Income before income taxes	673	7,524
Income tax expense	56	2,437
Net income	$ 617	$ 5,087
Net income per common share
Basic (in dollars per share)	$ 0.01	$ 0.04
Diluted (in dollars per share)	$ 0.01	$ 0.04
Weighted average common shares outstanding
Basic (in shares)	119,451	118,926
Diluted (in shares)	119,629	119,416
Program fees
Revenue
Total revenue	$ 15,210	$ 14,309
Profit share
Revenue
Total revenue	6,730	13,882
Claims administration and other service fees
Revenue
Total revenue	$ 2,453	$ 2,554

Summary of Significant Accounting and Reporting Policies	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies	Summary of Significant Accounting and Reporting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending Corporation and all its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. We believe the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”). The interim data includes all normal adjustments that are, in our opinion, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of our operating results for the entire fiscal year ending December 31, 2025. Use of estimates and judgments The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The most significant items subject to such estimates and assumptions include, but are not limited to, profit share revenue recognition and the corresponding impact on contract assets and the excess profit share receipts liability and assessing the realizability of deferred tax assets. Our estimates are based on historical trends and relevant assumptions that we believe to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. Profit Share Revenue Profit share represents our participation in the net underwriting profit of third-party insurance partners who provide automotive lenders with credit default insurance on loans those lenders make using LPP. We receive a percentage of the aggregate net monthly insurance underwriting profit over the term of the underlying insured loan. Monthly insurance underwriting profit is calculated as the monthly earned premium less expenses and losses (including reserves for incurred, but not reported losses), with losses accrued and carried forward for future profit share calculations. In periods where the expenses and losses on the aggregated loan portfolio exceed the monthly earned premiums, no profit share payments are received and future monthly insurance underwriting profits earned are reduced until the earned premiums for the aggregate loan portfolio exceed the accumulated losses at the insurance partner level. We fulfill our performance obligation upon placement of the insurance and recognize profit share revenue based on the amount of cash flows we expect to receive from the insurance company over the term of the underlying insured loan. We use a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from our insurance partners. The forecast model projects loan-level earned premiums and insurance claim payments driven by projections of prepayment rate, loan default rate and severity of loss on the remaining active loan portfolio as of the reporting date. These assumptions are derived from an analysis of the historical portfolio performance, prevailing default and prepayment trends, and macroeconomic projections. Estimates of variable consideration generated by the forecast model are constrained to the extent that it is probable that a significant reversal of revenue will not occur in future periods. On a quarterly basis, we update the assumptions used in the forecast model and recognize a change in estimate adjustment to profit share revenue, contract assets and excess profit share receipts liability in the period. We assess the default and prepayment assumptions of the forecast model against reported performance and lender delinquency data. The forecast model is updated to consider the actual prepayment rate, default, and severity of results and macroeconomic conditions. During the three months ended March 31, 2025 and 2024, we recorded reductions in estimated profit share revenues of $0.9 million and $1.1 million, respectively, for changes in estimates of variable consideration related to performance obligations satisfied in previous periods, primarily as a result of actual portfolio performance and forecast assumption changes due to changes in anticipated loan default rates, severity of losses and prepayment rates. Fair value measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects our judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs. Refer to Note 7—Fair Value of Financial Instruments for a summary of our financial instruments measured at fair value on a recurring basis. Recently issued accounting pronouncements not yet adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires additional disclosure related to rate reconciliation, income taxes paid, and other disclosures to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024, and applied on a prospective basis. Early adoption and retrospective application is permitted. We believe this ASU will have no impact on our consolidated financial statements but may result in additional disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new disclosures, in a separate note to financial statements, of specified information about certain costs and expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We believe this ASU will have no impact on our consolidated financial statements but will result in additional disclosures.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments

Financial assets measured at fair value on a recurring basis were as follows:


	Total		Fair value measurement as of March 31, 2025
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	228,602	$	228,602	$	—	$	—

Total	$	228,602	$	228,602	$	—	$	—


	Total		Fair value measurement as of December 31, 2024
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	238,198	$	238,198	$	—	$	—

Total	$	238,198	$	238,198	$	—	$	—

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

We operate as one operating segment. The following table sets forth significant expense categories and other specified amounts included in consolidated net income that are reviewed by the chief operating decision maker (“CODM”), or are otherwise regularly provided to the CODM, for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024
	(in thousands)
Revenue
Program fees	$	15,210	$	14,309
Profit share	6,730		13,882
Claims administration and other service fees	2,453		2,554
Total revenue	24,393		30,745
Cost of services
Employee compensation and benefits	1,526		2,087
Share-based compensation	102		78
Depreciation and amortization	213		59
Other cost of services(1)	4,243		3,526
Total cost of services	6,084		5,750
Gross profit	18,309		24,995
Operating expenses
Employee compensation and benefits	10,471		10,066
Share-based compensation	1,744		1,776
Professional fees	2,298		2,017
IT services	980		1,175
Depreciation and amortization	331		313
Other(2)	1,723		2,325
Total operating expenses	17,547		17,672
Operating income	762		7,323
Other income (expense)
Interest expense	(2,589)		(2,770)
Interest income	2,500		2,971

Total other income (expense), net	(89)		201
Income before income taxes	673		7,524
Income tax expense	56		2,437
Net income	$	617	$	5,087

(2) Other operating expenses includes marketing expenses, insurance expenses, travel expenses, meals and entertainment expenses, facilities expenses and business development expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Summary of Debt

The following table provides a summary of our debt as of the periods indicated:


	March 31, 2025		December 31, 2024
	(in thousands)
Term Loan due 2027	$	138,750	$	140,625
Revolving Credit Facility	—		—
Less: Unamortized deferred financing costs	(821)		(908)
Total debt	137,929		139,717
Less: current portion of debt	(7,500)		(7,500)
Total long-term debt, net of deferred financing costs	$	130,429	$	132,217

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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