0001628280-22-013049 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		126,217,955
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001806201
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 147,404	$ 116,454
Restricted cash	3,031	3,055
Accounts receivable, net	8,060	6,525
Current contract assets, net	58,265	70,542
Income tax receivable	2,090	1,345
Other current assets	1,749	4,873
Total current assets	220,599	202,794
Property and equipment, net	2,792	2,663
Operating lease right-of-use assets, net	5,048	5,189
Non-current contract assets, net	49,187	42,414
Deferred tax asset, net	64,949	65,503
Other non-current assets	157	262
Total assets	342,732	318,825
Current liabilities
Accounts payable	195	1,285
Accrued expenses	5,510	3,984
Current portion of debt	3,125	3,125
Third-party claims administration liability	3,029	3,050
Other current liabilities	550	621
Total current liabilities	12,409	12,065
Long-term debt, net of deferred financing costs	142,437	143,135
Non-current operating lease liabilities	4,508	4,643
Total liabilities	159,354	159,843
Commitments and contingencies
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 126,217,955 shares outstanding as of March 31, 2022 and 128,198,185 shares issued and 126,212,876 shares outstanding as of December 31, 2021	1,282	1,282
Additional paid-in capital	498,057	496,983
Accumulated deficit	(259,285)	(282,439)
Treasury stock at cost, 1,980,230 shares at March 31, 2022 and 1,985,309 at December 31, 2021, respectively	(56,676)	(56,844)
Total stockholders’ equity	183,378	158,982
Total liabilities and stockholders’ equity	$ 342,732	$ 318,825
Treasury stock (in shares)	1,980,230	1,985,309

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	126,217,955	126,212,876
Treasury stock (in shares)	1,980,230	1,985,309

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Total revenue	$ 50,068	$ 44,008
Cost of services	4,788	3,362
Gross profit	45,280	40,646
Operating expenses
General and administrative	7,482	8,212
Selling and marketing	3,733	2,397
Research and development	1,823	591
Total operating expenses	13,038	11,200
Operating income	32,242	29,446
Interest expense	(803)	(3,289)
Interest income	25	84
Loss on extinguishment of debt	0	(8,778)
Other expense	0	(131)
Income before income taxes	31,464	17,332
Income tax expense	8,310	4,470
Net income	$ 23,154	$ 12,862
Net income per common share
Basic (in dollars per share)	$ 0.18	$ 0.10
Diluted (in dollars per share)	$ 0.18	$ 0.10
Weighted average common shares outstanding
Basic (in shares)	126,215,698	126,803,096
Diluted (in shares)	126,216,197	126,837,832
Profit share
Revenue
Total revenue	$ 28,310	$ 27,730
Program fees
Revenue
Total revenue	19,726	14,911
Claims administration and other service fees
Revenue
Total revenue	$ 2,032	$ 1,367

Condensed Consolidated Statements of Changes in Stockholders' (Equity) Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		128,198,185			1,395,089
Beginning balance at Dec. 31, 2020	$ 26,622	$ 1,282	$ 491,246	$ (428,406)	$ (37,500)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	701		701
Net income	12,862			12,862
Ending balance (in shares) at Mar. 31, 2021		128,198,185			1,395,089
Ending balance at Mar. 31, 2021	40,185	$ 1,282	491,947	(415,544)	$ (37,500)
Beginning balance (in shares) at Dec. 31, 2021		128,198,185			1,985,309
Beginning balance at Dec. 31, 2021	158,982	$ 1,282	496,983	(282,439)	$ (56,844)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,281		1,281
Restricted stock units issued, net of shares withheld for taxes	(39)		(207)		$ 168
Restricted stock units issued, net of shares withheld for taxes (in shares)					5,079
Net income	23,154			23,154
Ending balance (in shares) at Mar. 31, 2022		128,198,185			1,980,230
Ending balance at Mar. 31, 2022	$ 183,378	$ 1,282	$ 498,057	$ (259,285)	$ (56,676)

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 23,154	$ 12,862
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	1,281	701
Depreciation and amortization	304	388
Non-cash operating lease cost	141	134
Loss on extinguishment of debt	0	8,778
Deferred income taxes	554	1,330
Changes in assets & liabilities:
Accounts receivable, net	(1,535)	(2,451)
Contract assets, net	5,504	(7,876)
Other current and non-current assets	3,066	1,979
Accounts payable	(1,090)	(611)
Accrued expenses	1,526	478
Income tax payable/receivable	(745)	3,151
Operating lease liabilities	(119)	(140)
Third-party claims administration liability	(21)	62
Other current and non-current liabilities	(88)	50
Net cash provided by operating activities	31,932	18,835
Cash flows from investing activities
Purchase of property and equipment	(186)	(3)
Net cash used in investing activities	(186)	(3)
Cash flows from financing activities
Proceeds from term loans	0	125,000
Proceeds from revolving facility	0	50,000
Payments on term loans	(781)	(166,847)
Payment of deferred financing costs	0	(1,491)
Shares withheld for taxes for restricted stock units	(39)	0
Net cash (used in) provided by financing activities	(820)	6,662
Net change in cash and cash equivalents and restricted cash	30,926	25,494
Cash and cash equivalents and restricted cash at the beginning of the period	119,509	104,148
Cash and cash equivalents and restricted cash at the end of the period	150,435	129,642
Supplemental disclosure of cash flow information:
Interest paid	721	2,722
Income tax paid (refunded), net	8,501	(16)
Non-cash investing and financing:
Internally developed software costs accrued but not paid	0	463
Deferred financing costs accrued but not paid	$ 0	$ 178

Description of Business, Background and Nature of Operations	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation (either individually or together with its subsidiaries, as the context requires, the “Company”), 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, which allows each lending institution to book incremental near-prime and non-prime automotive loans out of their existing business flow. The Company also operates as a third-party administrator that adjudicates insurance claims and refunds on those automotive loans. Nebula Acquisition Corporation (“Nebula”), our predecessor, was originally incorporated in Delaware on October 2, 2017 as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On June 10, 2020 (the “Closing Date”), Nebula consummated a business combination (the “Business Combination”) pursuant to that certain Business Combination Agreement, dated as of January 5, 2020 (as amended by that certain Amendment No. 1 and Waiver, dated as of March 18, 2020, that certain Amendment No. 2 and Consent, dated as of March 26, 2020, that certain Amendment No. 3, dated as of May 13, 2020, and that certain amendment No. 4, dated as of June 9, 2020, the “Business Combination Agreement”) by and among Nebula, Open Lending, LLC, a Texas limited liability company, BRP Hold 11, Inc., a Delaware corporation (“Blocker”), the Blocker’s sole stockholder, Nebula Parent Corp., a Delaware Corporation (“ParentCo”), NBLA Merger Sub LLC, a Texas limited liability company, NBLA Merger Sub Corp., a Delaware corporation, and Shareholder Representative Services LLC, a Colorado limited liability company, as the Securityholder Representative. Unless the context otherwise requires, “we,” “us,” “our,” “Open Lending,” and the “Company” refers to Open Lending Corporation, the combined company and its subsidiaries following the Business Combination. “Open Lending, LLC” and “Nebula” refers to Open Lending, LLC and Nebula Acquisition Corporation prior to the Closing Date. The Company has evaluated how it is organized and managed and has identified only one operating segment. All of the Company’s operations and assets are in the U.S., and all of its revenues are attributable to U.S. customers.

Summary of Significant Accounting and Reporting Policies and Recent Developments	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies and Recent Developments	Summary of Significant Accounting and Reporting Policies The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending and all its subsidiaries that are directly or indirectly owned or controlled by the Company. All intercompany transactions and balances have been eliminated upon consolidation. Certain prior year amounts have been reclassified to conform to the Company’s current presentation. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flows or retained earnings. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these condensed consolidated financial statements should be read in conjunction with its audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). The interim data includes all adjustments that are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2022. Concentrations of revenue and credit risks The Company’s two largest insurance carrier partners accounted for 38% and 14% of the Company’s total revenue during the three months ended March 31, 2022 and accounted for 44% and 22% of the Company's total revenue during the three months ended March 31, 2021. In the event that one or more of the Company’s significant insurance carriers terminates their relationship with the Company, it could have a material and adverse effect on the Company’s business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis and savings accounts at two financial institutions, both with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, delegated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts. At March 31, 2022, the Company had one customer that individually accounted for 10% of the Company’s accounts receivable. At December 31, 2021, the Company had two customers that each represented 10% of the Company’s accounts receivable. The Company does not have material accounts receivable or contract asset balances that are past due and has not written off any balance in its portfolio for the periods presented. The allowance for expected credit losses on accounts receivable and contract assets receivable was less than $0.2 million at March 31, 2022 and December 31, 2021. Use of estimates and judgments The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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, the recognition of the valuations of share-based compensation arrangements, and assessing the realizability of deferred tax assets. These estimates, although based on actual historical trend and modeling, may potentially show significant variances over time. In connection with profit share revenue recognition and the estimation of contract assets under Accounting Standards Update (“ASU”) 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), the Company uses forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, prepayments and default severity rates. These assumptions are based on the Company’s observations of the historical behavior for loans with similar risk characteristics. The assumptions also take into consideration the forecast adjustments under various macroeconomic conditions, including the current mix of the underlying portfolio of our insurance partners. Management has accordingly adjusted these assumptions during the first three months of 2022 as a result of changes in facts and circumstances and general market conditions. Recently issued but not yet adopted accounting pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform within Topic 848, which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. The Company will not need to consider the application of this guidance related to its credit agreements as such agreements provide for a replacement rate when LIBOR is discontinued. The Company will continue to closely monitor all potential instances of reference rate reform to determine if the adoption of ASU 2020-04 becomes necessary in the future.

Contract Assets

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract Assets

Changes in the Company’s contract assets primarily result from the timing difference between the satisfaction of its performance obligation and the customer’s payment. The Company fulfills its obligation under a contract with a customer by transferring services in exchange for consideration from the customer. The Company recognizes contract assets when it transfers services to a customer, recognizes profit share revenue, program fee revenue and claims administration services revenue (“TPA fees”) 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.

For performance obligations satisfied in previous periods, the Company evaluates and updates its profit share revenue forecast on a quarterly basis and adjusts contract assets accordingly. During the three months ended March 31, 2022 and 2021, contract asset adjustments attributable to profit share revenue forecast adjustments were $2.6 million and $5.1 million, respectively.

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


	Contract Assets
	Profit Share		TPA Fees		Program Fees		Total
	(in thousands)
Ending balance as of December 31, 2021	$	105,486	$	1,316	$	6,154	$	112,956
Increase of contract assets due to new business generation	25,669		2,030		19,726		47,425
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	2,641		—		—		2,641
Receivables transferred from contract assets upon billing the lending institutions	—		—		(19,800)		(19,800)
Payments received from insurance carriers	(33,831)		(1,987)		—		(35,818)
Provision for expected credit losses	43		1		4		48
Ending balance as of March 31, 2022	$	100,008	$	1,360	$	6,084	$	107,452

As of March 31, 2022 and December 31, 2021, the Company’s contract assets consisted of $58.3 million and $70.5 million, respectively, as the portion estimated to be received within one year and $49.2 million and $42.4 million, respectively, as the non-current portion to be received beyond one year.

Contract Costs

The fulfillment costs associated with the Company’s contracts with customers 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
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

The following table provides a summary of the Company’s debt as of the periods indicated:


	March 31, 2022		December 31, 2021
	(in thousands)
Revolving Facility, matures in 2026	$	25,000	$	25,000
Term Loan due 2026	121,875		122,656
Less: unamortized deferred financing costs	(1,313)		(1,396)
Total debt	145,562		146,260
Less: current portion of debt	(3,125)		(3,125)
Total long-term debt, net of deferred financing costs	$	142,437	$	143,135

Term Loan due 2027

On March 11, 2020, the Company entered into a credit agreement with UBS A.G. as the administrative agent and the lenders from time to time party thereto (the “Credit Agreement”). Pursuant to the Credit Agreement, the lenders thereto funded a term loan (the “Term Loan due 2027”) in a principal amount of $170.0 million bearing an interest rate per annum of LIBOR plus 6.5% (subject to a LIBOR floor of 1%), with a maturity date in March 2027. The Term Loan due 2027 was retired by the Company paying off its outstanding principal and interest with proceeds from issuance of the Term Loan due 2026 and the Revolving Facility (both as defined below) in March 2021. The transaction was deemed as a debt extinguishment under ASC Topic 405-20, “Liabilities—Extinguishments of Liabilities,” and accordingly, the Company recognized a non-cash debt extinguishment loss of $8.8 million, which was recorded under the caption loss on extinguishment of debt in the consolidated statements of operations during the three months ended March 31, 2021. The loss on debt extinguishment was calculated as the difference between the carrying amount of the debt and the price paid to retire the debt, which primarily consisted of the write-off of the unamortized deferred financing costs related to the Term Loan due 2027.

New Credit Agreement—Term Loan due 2026 and Revolving Credit Facility

On March 19, 2021, the Company entered into a credit agreement with Wells Fargo Bank, N.A. as the administrative agent (the “New Credit Agreement”), pursuant to which the lenders thereto (i) funded a senior secured term loan in an aggregate principal amount of $125.0 million maturing in March 2026 (the “Term Loan due 2026”) and (ii) committed to provide a $50.0 million senior secured revolving credit facility, including a $10.0 million letter of credit sub-facility, maturing in March 2026 (the “Revolving Facility”). The obligations of the Company under the Term Loan due 2026 and the Revolving Facility are guaranteed by all of the Company’s U.S. subsidiaries and are secured by substantially all of the assets of the Company and its U.S. subsidiaries, subject to customary exceptions.

Interest under the Term Loan due 2026 and the Revolving Facility are, at the option of the Company, either at an Alternate Base rate (“ABR”) plus a spread ranging from 0.75% to 1.50%, or LIBOR plus a spread ranging from 1.75% to 2.50%. With respect to the ABR loans, interest will be payable at the end of each calendar quarter. With respect to the LIBOR loans, interest will be payable at the end of the selected interest period. Additionally, there is a commitment fee payable at the end of each quarter at a rate per annum ranging from 0.200% to 0.275% based on the average daily unused portion of the Revolving Facility, and other customary letter of credit fees. Pursuant to the New Credit Agreement, the interest rate spreads and commitment fees increase or decrease in increments as the Company’s Funded Secured Debt/EBITDA ratio increase or decreases.

As of March 31, 2022, both the Term Loan due 2026 and the Revolving Facility are subject a LIBOR rate of 0.21% plus a spread of 1.75% per annum. Commitment fees were accrued at 0.200% under the Revolving Facility’s unused commitment balance of $25.0 million at March 31, 2022.

In connection with the issuance of the Term Loan due 2026 and the Revolving Facility, the Company incurred total deferred financing costs of $1.7 million, of which $1.2 million was allocated to the Term Loan due 2026 and $0.5 million was allocated to the Revolving Facility. The deferred financing costs were capitalized as a contra-liability against the principal balance of the loans and are amortized as interest expense using the effective interest method. Unamortized deferred financing costs were $1.3 million as of March 31, 2022. As of March 31, 2022, the weighted average effective interest rate on the Company’s outstanding borrowings was 2.26%.

The New Credit Agreement contains a maximum total net leverage ratio financial covenant and a minimum fixed charge coverage ratio financial covenant that are tested quarterly. The maximum total net leverage ratio is 3.5 to 1.0 for periods on or prior to December 31, 2022, and then decreases to 3.0 to 1.0 after December 31, 2022. The minimum fixed charge coverage ratio is 1.25 to 1.0. As of March 31, 2022, the Company was in compliance with all required covenants under the New 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.

+ References

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

2020 Stock Option and Incentive Plan (the “2020 Plan”)

The 2020 Plan, approved on June 9, 2020, provides for the grant of stock options, stock appreciation rights, restricted stock units and other stock or cash-based awards. The Company initially reserved 9,693,750 shares, approximately 10% of the number of shares of its common stock outstanding upon the Closing Date, as the “Initial Limit” for the issuance of awards under the 2020 Plan. The 2020 Plan provides that beginning on January 1, 2021, the number of shares reserved and available for issuance under the plan will automatically increase each January 1st by 4% of the outstanding number of shares of the

Company’s common stock on the immediately preceding December 31st, or the “Annual Increase.” This limit is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of March 31, 2022, there were 19,029,306 shares reserved and available for issuance under the 2020 Plan, which includes the 4% annual increase in 2022 less restricted stock units, performance stock units and stock options granted under the 2020 Plan.

Share-based compensation expense recorded for each type of award is as follows:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Time-Based Restricted Stock Units	$	907	$	233
Performance-Based Restricted Stock Units	206		277
Stock Options	168		191
Total share-based compensation expense	$	1,281	$	701

During the three months ended March 31, 2022 and 2021, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the award recipient in the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
General and administrative	$	922	$	554
Selling and marketing	180		91
Research and development	95		28
Cost of services	84		28
Total	$	1,281	$	701

The following table provides information related to the Company’s share-based compensation award activity for the three months ended March 31, 2022:


	Time-Based Restricted Stock Units			Stock Options			Performance-Based Restricted Stock Units
	Number of Awards	Weighted Average Fair Value at Grant Date		Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Fair Value at Grant Date
Outstanding as of December 31, 2021	231,625	$	35.17	194,348	$	33.56	99,289	$	33.44
Granted	259,069	22.49		—	—		—	—
Vested	(7,214)	28.20		—	—		—	—
Forfeited or expired	(20,455)	23.42		(5,808)	33.56		(4,874)	33.44
Outstanding as of March 31, 2022	463,025	$	28.71	188,540	$	33.56	94,415	$	33.44

The following table reflects the future share-based compensation expense for the outstanding awards at March 31, 2022:

Unrecognized Share-based Compensation Expense

Weighted Average Amortization Period

(in thousands)

Time-Based Restricted Stock Units

11,395

3.27 years

Stock Options

1,991

2.75 years

Performance-Based Restricted Stock Units

1,850

1.75 years

Total unrecognized share-based compensation expense

15,236

3.02 years

Net Income per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income per Share

Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the applicable methods. The potentially dilutive common shares during the three months ended March 31, 2022 and 2021 were time-based restricted stock units. The potentially dilutive common shares during the same periods did not include unvested stock options and performance-based restricted stock units containing unmet performance conditions. The potentially dilutive common shares are included in the calculation of diluted net income per share only when their effect is dilutive.

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, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
	(in thousands, except shares and per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	23,154	$	12,862
Denominator
Weighted average common shares	126,215,698		126,803,096
Basic net income per share attributable to common stockholders	$	0.18	$	0.10

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	23,154	$	12,862
Denominator
Basic weighted average common shares	126,215,698		126,803,096
Dilutive effect of outstanding Time-Based Restricted Stock Units	499		34,736
Diluted weighted average common shares	126,216,197		126,837,832
Diluted net income per share attributable to common stockholders	$	0.18	$	0.10

The following potentially dilutive outstanding securities as of March 31, 2022 and 2021 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,
	2022	2021
Unvested and not exercised Stock Options	188,540	199,764
Unvested Time-Based Restricted Stock Units	459,431	—
Unvested Performance-Based Restricted Stock Units	94,415	99,289
Total	742,386	299,053

Pursuant to a Stock Repurchase Agreement, dated as of March 29, 2021, between Open Lending and the selling stockholders named therein, the Company repurchased from the selling stockholders on April 6, 2021 an aggregate of 612,745 shares of common stock. The repurchased shares were recorded as treasury stock in April 2021. The repurchase would have changed the number of common shares or potential common shares outstanding at the end of the current reporting period if the transaction had occurred before March 31, 2021.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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, the Company uses 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 the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs.

Fair Value Hierarchy

The following table presents the placement in the fair value hierarchy of the Company’s debt, net of deferred financing costs at March 31, 2022 and December 31, 2021:


	Carrying value		Fair value measurement at March 31, 2022
			Level 1		Level 2		Level 3
	(in thousands)
Liabilities:
Debt at fair value	$	145,562	$	—	$	145,562	$	—
Total	$	145,562	$	—	$	145,562	$	—


	Carrying value		Fair value measurement at December 31, 2021
			Level 1		Level 2		Level 3
	(in thousands)
Liabilities:
Debt at fair value	$	146,260	$	—	$	146,260	$	—
Total	$	146,260	$	—	$	146,260	$	—

The carrying amount of the Company’s debt approximates its fair value due to its variable interest rate that is tied to the current LIBOR plus an applicable spread. The Company’s 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, 2022 and December 31, 2021.

The Company does not have any long-lived asset which is being measured at fair value on a recurring basis.

- 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.

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2022 and 2021, the Company recognized income tax expense of $8.3 million and $4.5 million, respectively, resulting in effective tax rates of 26.5% and 25.8%, respectively. The Company’s income tax expense for the three months ended March 31, 2022 and March 31, 2021 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to state income tax expenses and the officer’s compensation limitation under Section 162m. As of March 31, 2022, the Company has assessed whether it is more likely than not that the Company’s deferred tax assets will be realized. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, the reversal of its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for future years. The Company believes it is more-likely-than-not all deferred tax assets will be realized and has not recorded any valuation allowance as of March 31, 2022. The Company has evaluated the aggregate exposure for uncertain tax positions for all open tax years and concluded that the Company and its predecessor have no material uncertain tax positions as of March 31, 2022 or for any open tax years. When applicable, tax penalties and interest are recognized within general and administrative expenses in the condensed consolidated statements of operations. The Company has not recorded any penalties or interest related to uncertain tax positions as of March 31, 2022 or for any open tax years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Summary of Significant Accounting and Reporting Policies and Recent Developments (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation and consolidation	The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending and all its subsidiaries that are directly or indirectly owned or controlled by the Company. All intercompany transactions and balances have been eliminated upon consolidation. Certain prior year amounts have been reclassified to conform to the Company’s current presentation. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flows or retained earnings. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these condensed consolidated financial statements should be read in conjunction with its audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). The interim data includes all adjustments that are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2022.
Concentration of credit risk	The Company’s two largest insurance carrier partners accounted for 38% and 14% of the Company’s total revenue during the three months ended March 31, 2022 and accounted for 44% and 22% of the Company's total revenue during the three months ended March 31, 2021. In the event that one or more of the Company’s significant insurance carriers terminates their relationship with the Company, it could have a material and adverse effect on the Company’s business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis and savings accounts at two financial institutions, both with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, delegated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts. At March 31, 2022, the Company had one customer that individually accounted for 10% of the Company’s accounts receivable. At December 31, 2021, the Company had two customers that each represented 10% of the Company’s accounts receivable. The Company does not have material accounts receivable or contract asset balances that are past due and has not written off any balance in its portfolio for the periods presented. The allowance for expected credit losses on accounts receivable and contract assets receivable was less than $0.2 million at March 31, 2022 and December 31, 2021.
Use of estimates and judgements	The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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, the recognition of the valuations of share-based compensation arrangements, and assessing the realizability of deferred tax assets. These estimates, although based on actual historical trend and modeling, may potentially show significant variances over time. In connection with profit share revenue recognition and the estimation of contract assets under Accounting Standards Update (“ASU”) 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), the Company uses forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, prepayments and default severity rates. These assumptions are based on the Company’s observations of the historical behavior for loans with similar risk characteristics. The assumptions also take into consideration the forecast adjustments under various macroeconomic conditions, including the current mix of the underlying portfolio of our insurance partners. Management has accordingly adjusted these assumptions during the first three months of 2022 as a result of changes in facts and circumstances and general market conditions.
Recently adopted new accounting standards and Recently issued accounting pronouncements not yet adopted	In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform within Topic 848, which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. The Company will not need to consider the application of this guidance related to its credit agreements as such agreements provide for a replacement rate when LIBOR is discontinued. The Company will continue to closely monitor all potential instances of reference rate reform to determine if the adoption of ASU 2020-04 becomes necessary in the future.
Fair Value of Financial Instruments	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, the Company uses 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 the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs. The Company’s 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.

Contract Assets (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets

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


	Contract Assets
	Profit Share		TPA Fees		Program Fees		Total
	(in thousands)
Ending balance as of December 31, 2021	$	105,486	$	1,316	$	6,154	$	112,956
Increase of contract assets due to new business generation	25,669		2,030		19,726		47,425
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	2,641		—		—		2,641
Receivables transferred from contract assets upon billing the lending institutions	—		—		(19,800)		(19,800)
Payments received from insurance carriers	(33,831)		(1,987)		—		(35,818)
Provision for expected credit losses	43		1		4		48
Ending balance as of March 31, 2022	$	100,008	$	1,360	$	6,084	$	107,452

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table provides a summary of the Company’s debt as of the periods indicated:


	March 31, 2022		December 31, 2021
	(in thousands)
Revolving Facility, matures in 2026	$	25,000	$	25,000
Term Loan due 2026	121,875		122,656
Less: unamortized deferred financing costs	(1,313)		(1,396)
Total debt	145,562		146,260
Less: current portion of debt	(3,125)		(3,125)
Total long-term debt, net of deferred financing costs	$	142,437	$	143,135

- 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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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Share-based compensation expense recorded for each type of award is as follows:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Time-Based Restricted Stock Units	$	907	$	233
Performance-Based Restricted Stock Units	206		277
Stock Options	168		191
Total share-based compensation expense	$	1,281	$	701


	Three Months Ended March 31,
	2022		2021
	(in thousands)
General and administrative	$	922	$	554
Selling and marketing	180		91
Research and development	95		28
Cost of services	84		28
Total	$	1,281	$	701

The following table reflects the future share-based compensation expense for the outstanding awards at March 31, 2022:

Unrecognized Share-based Compensation Expense

Weighted Average Amortization Period

(in thousands)

Time-Based Restricted Stock Units

11,395

3.27 years

Stock Options

1,991

2.75 years

Performance-Based Restricted Stock Units

1,850

1.75 years

Total unrecognized share-based compensation expense

15,236

3.02 years

Share-based Payment Arrangement, Activity

The following table provides information related to the Company’s share-based compensation award activity for the three months ended March 31, 2022:


	Time-Based Restricted Stock Units			Stock Options			Performance-Based Restricted Stock Units
	Number of Awards	Weighted Average Fair Value at Grant Date		Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Fair Value at Grant Date
Outstanding as of December 31, 2021	231,625	$	35.17	194,348	$	33.56	99,289	$	33.44
Granted	259,069	22.49		—	—		—	—
Vested	(7,214)	28.20		—	—		—	—
Forfeited or expired	(20,455)	23.42		(5,808)	33.56		(4,874)	33.44
Outstanding as of March 31, 2022	463,025	$	28.71	188,540	$	33.56	94,415	$	33.44

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
	(in thousands, except shares and per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	23,154	$	12,862
Denominator
Weighted average common shares	126,215,698		126,803,096
Basic net income per share attributable to common stockholders	$	0.18	$	0.10

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	23,154	$	12,862
Denominator
Basic weighted average common shares	126,215,698		126,803,096
Dilutive effect of outstanding Time-Based Restricted Stock Units	499		34,736
Diluted weighted average common shares	126,216,197		126,837,832
Diluted net income per share attributable to common stockholders	$	0.18	$	0.10

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
	2022	2021
Unvested and not exercised Stock Options	188,540	199,764
Unvested Time-Based Restricted Stock Units	459,431	—
Unvested Performance-Based Restricted Stock Units	94,415	99,289
Total	742,386	299,053

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents the placement in the fair value hierarchy of the Company’s debt, net of deferred financing costs at March 31, 2022 and December 31, 2021:


	Carrying value		Fair value measurement at March 31, 2022
			Level 1		Level 2		Level 3
	(in thousands)
Liabilities:
Debt at fair value	$	145,562	$	—	$	145,562	$	—
Total	$	145,562	$	—	$	145,562	$	—


	Carrying value		Fair value measurement at December 31, 2021
			Level 1		Level 2		Level 3
	(in thousands)
Liabilities:
Debt at fair value	$	146,260	$	—	$	146,260	$	—
Total	$	146,260	$	—	$	146,260	$	—

Description of Business, Background and Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accounting and Reporting Policies and Recent Developments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Allowance for credit loss (less than)	$ 0.2		$ 0.2
Top Insurance Partner \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		44.00%
Two Insurance Partners \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		22.00%
One Customer \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Insurance Partner One \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%
Insurance Partner Two \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%
Customer Two \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%

Contract Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Contract With Customer Asset And Liability [Line Items]
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	$ 2,641
Current contract assets, net	58,265		$ 70,542
Non-current contract assets, net	49,187		$ 42,414
Profit share
Contract With Customer Asset And Liability [Line Items]
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	$ 2,641	$ 5,100

Contract Assets - Summary Of Contract Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 112,956
Increase of contract assets due to new business generation	47,425
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	2,641
Receivables transferred from contract assets upon billing the lending institutions	(19,800)
Payments received from insurance carriers	(35,818)
Provision for expected credit losses	48
Ending balance	107,452
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	105,486
Increase of contract assets due to new business generation	25,669
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	2,641	$ 5,100
Receivables transferred from contract assets upon billing the lending institutions	0
Payments received from insurance carriers	(33,831)
Provision for expected credit losses	43
Ending balance	100,008
TPA Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,316
Increase of contract assets due to new business generation	2,030
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0
Receivables transferred from contract assets upon billing the lending institutions	0
Payments received from insurance carriers	(1,987)
Provision for expected credit losses	1
Ending balance	1,360
Program Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	6,154
Increase of contract assets due to new business generation	19,726
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0
Receivables transferred from contract assets upon billing the lending institutions	(19,800)
Payments received from insurance carriers	0
Provision for expected credit losses	4
Ending balance	$ 6,084

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 19, 2021
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	$ (1,313)	$ (1,396)
Total debt	145,562	146,260
Less: current portion of debt	(3,125)	(3,125)
Total long-term debt, net of deferred financing costs	142,437	143,135
Medium-term Notes \| Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	121,875	122,656	$ 125,000
Less: unamortized deferred financing costs			(1,200)
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 25,000	$ 25,000
Less: unamortized deferred financing costs			$ (500)

Debt - Additional Information (Detail)			3 Months Ended
Debt - Additional Information (Detail)	Mar. 19, 2021 USD ($)	Mar. 11, 2020 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ (8,778,000)
Debt issuance costs, net			$ 1,313,000		$ 1,396,000
New Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net	$ 1,700,000
Debt, weighted average interest rate			2.26%
Maximum total net leverage ratio	3.5
Decrease maximum total net leverage ratio	3.0
Minimum fixed charge coverage ratio	1.25
New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.275%
Base Rate \| New Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Base Rate \| New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
London Interbank Offered Rate (LIBOR) \| New Credit Agreement
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.21%
Debt instrument, margin rate			1.75%
London Interbank Offered Rate (LIBOR) \| New Credit Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
London Interbank Offered Rate (LIBOR) \| New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Medium-term Notes
Debt Instrument [Line Items]
Principal amount		$ 170,000,000
Debt instrument, LIBOR floor rate		1.00%
Medium-term Notes \| Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 125,000,000		$ 121,875,000		122,656,000
Debt issuance costs, net	1,200,000
Medium-term Notes \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		6.50%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			25,000,000		$ 25,000,000
Line of credit facility, maximum borrowing capacity	50,000,000
Line of credit facility, remaining borrowing capacity			$ 25,000,000
Line of credit facility, unused capacity, commitment fee percentage			0.20%
Debt issuance costs, net	500,000
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Line of Credit \| New Credit Agreement \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.20%

Share-Based Compensation - Additional Information (Details) - Stock Option And Incentive Plan, 2020 - shares	Mar. 31, 2022	Jun. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	19,029,306	9,693,750
Percent on number of shares outstanding		10.00%
Percent of incremental shares on outstanding common stock	4.00%	4.00%

Share-Based Compensation - Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,281	$ 701
Time-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	907	233
Performance-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	206	277
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 168	$ 191

Share-Based Compensation - Share-based Compensation Expense Allocated to Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,281	$ 701
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	922	554
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	180	91
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	95	28
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 84	$ 28

Share-Based Compensation - Stock Options and Restricted Stock Award Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Awards
Beginning balance (in shares) \| shares	194,348
Granted (in shares) \| shares	0
Vested/Exercised (in shares) \| shares	0
Forfeitures (in shares) \| shares	(5,808)
Ending balance (in shares) \| shares	188,540
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 33.56
Granted (in dollars per share) \| $ / shares	0
Vested/Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	33.56
Ending balance (in dollars per share) \| $ / shares	$ 33.56
Time-Based Restricted Stock Units
Number of Awards
Beginning balance (in shares) \| shares	231,625
Granted (in shares) \| shares	259,069
Vested/Exercised (in shares) \| shares	(7,214)
Forfeited (in shares) \| shares	(20,455)
Ending balance (in shares) \| shares	463,025
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share) \| $ / shares	$ 35.17
Granted (in dollars per share) \| $ / shares	22.49
Vested/Exercised (in dollars per share) \| $ / shares	28.20
Forfeited (in dollars per share) \| $ / shares	23.42
Ending balance (in dollars per share) \| $ / shares	$ 28.71
Performance-Based Restricted Stock Units
Number of Awards
Beginning balance (in shares) \| shares	99,289
Granted (in shares) \| shares	0
Vested/Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(4,874)
Ending balance (in shares) \| shares	94,415
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share) \| $ / shares	$ 33.44
Granted (in dollars per share) \| $ / shares	0
Vested/Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	33.44
Ending balance (in dollars per share) \| $ / shares	$ 33.44

Share-Based Compensation - Unrecognized Share-based Compensation Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total unrecognized share-based compensation expense	$ 15,236
Weighted Average Amortization Period	3 years 7 days
Time-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 11,395
Weighted Average Amortization Period	3 years 3 months 7 days
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, stock options	$ 1,991
Weighted Average Amortization Period	2 years 9 months
Performance-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 1,850
Weighted Average Amortization Period	1 year 9 months

Net Income per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income attributable to common stockholders	$ 23,154	$ 12,862
Denominator
Weighted average common shares (in shares)	126,215,698	126,803,096
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.18	$ 0.10
Numerator
Net income attributable to common stockholders	$ 23,154	$ 12,862
Denominator
Basic weighted average common shares (in shares)	126,215,698	126,803,096
Dilutive effect of outstanding Time-Based Restricted Stock Units	499	34,736
Diluted weighted average common shares (in shares)	126,216,197	126,837,832
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.18	$ 0.10

Net Income per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	742,386	299,053
Unvested and not exercised Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	188,540	199,764
Unvested 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)	459,431	0
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)	94,415	99,289

Net Income per Share - Additional Information (Details)	Apr. 06, 2021 shares
Earnings Per Share [Abstract]
Common stock repurchased (in shares)	612,745

Fair Value of Financial Instruments - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Debt at fair value	$ 145,562	$ 146,260
Total	145,562	146,260
Level 1
Liabilities:
Debt at fair value	0	0
Total	0	0
Level 2
Liabilities:
Debt at fair value	145,562	146,260
Total	145,562	146,260
Level 3
Liabilities:
Debt at fair value	0	0
Total	$ 0	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 8,310	$ 4,470
Effective income tax rate reconciliation, percent	26.50%	25.80%

- Definition

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

+ References + Details