0001806201-23-000144 | 10-Q | XBRL Viewer

Net Income per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income	$ 3,003			$ 24,529			$ 26,912	$ 70,809
Denominator
Weighted average common shares (in shares)	120,217,857			126,228,723			121,318,872	126,222,084
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.02			$ 0.19			$ 0.22	$ 0.56
Numerator
Net income attributable to common stockholders	$ 3,003	$ 11,371	$ 12,538	$ 24,529	$ 23,126	$ 23,154	$ 26,912	$ 70,809
Denominator
Basic weighted average common shares (in shares)	120,217,857			126,228,723			121,318,872	126,222,084
Dilutive effect of time-based restricted stock units outstanding	1,081,023			0			746,846	331
Diluted weighted average common shares (in shares)	121,298,880			126,228,723			122,065,718	126,222,415
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.02			$ 0.19			$ 0.22	$ 0.56

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three and nine months ended September 30, 2023, the Company recognized income tax expense of $1.5 million and $9.9 million, respectively, resulting in effective tax rates of 33.8% and 26.9%, respectively. During the three and nine months ended September 30, 2022, the Company recognized income tax expense of $1.7 million and $18.6 million, respectively, resulting in effective tax rates of 6.6% and 20.8%, respectively. The Company’s income tax expense for the three and nine months ended September 30, 2023 and September 30, 2022 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to state income tax expenses, the officer’s compensation limitation under Section 162(m) and a discrete tax benefit of $5.1 million from a change in state tax law during the third quarter of 2022, which included a tax benefit associated with the remeasurement of the Company’s deferred tax assets offset by a higher current state income tax. The increase in effective tax rates for the three and nine months ended September 30, 2023 compared to the same period in 2022 is primarily due to decreased income before income taxes combined with the recognition of a discrete tax benefit associated with the enactment of state tax legislation with a retroactive effective date during the three months ended September 30, 2022. As of September 30, 2023, 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 September 30, 2023. In 2023, the Company changed its policy to recognize interest and penalties related to income taxes as a component of income tax expense to better align the classification with the substance of the associated transactions. This accounting policy change has no impact to net income or basic and diluted earnings per share, or to the unaudited Condensed Consolidated Statements of Operations, for any previous period.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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)		119,753,737
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001806201
Current Fiscal Year End Date	--12-31

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

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.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis. These assets, including property and equipment and operating lease right-of-use asset, are subject to fair value adjustments whenever events or circumstances indicate the carrying value of the assets may not be recoverable and are subsequently written down to fair value when impaired. During the three and nine months ended September 30, 2023 and 2022, the Company had no impairment charges related to its property and equipment or operating lease right-of-use asset.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company’s financial assets measured at fair value on a recurring basis were as follows:


	Total		Fair value measurement as of September 30, 2023
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	9,893	$	9,893	$	—	$	—
U.S. Treasury securities	199,089		199,089		—		—
Total	$	208,982	$	208,982	$	—	$	—


	Total		Fair value measurement as of December 31, 2022
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	35,915	$	35,915	$	—	$	—
U.S. Treasury securities	151,511		151,511		—		—
Total	$	187,426	$	187,426	$	—	$	—

The amounts reported in the unaudited 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.

Financial Instruments Not Carried at Fair Value

The following table provides the fair value of financial assets that are not measured at fair value:


	September 30, 2023				December 31, 2022
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Liabilities:
Debt	$	144,889	$	144,889	$	147,433	$	147,433
Total	$	144,889	$	144,889	$	147,433	$	147,433

The carrying amount of the Company’s debt approximates its fair value due to its variable interest rate. The fair value was determined using the Adjusted SOFR as of September 30, 2023 and December 31, 2022 plus an applicable spread, a Level 2 classification in the fair value hierarchy.

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 September 30, 2023 and December 31, 2022.

- 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

Summary of Significant Accounting and Reporting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and consolidation	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 and all its subsidiaries that are directly or indirectly owned or controlled by the Company.
Principles of consolidation	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 accumulated deficit.
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. The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading.
Concentration of revenue and credit risks	Concentrations of revenue and credit risks The Company’s largest insurance carrier partners accounted for 29% and 10% of the Company’s total revenue during the three months ended September 30, 2023, and 32% and 11% during the nine months ended September 30, 2023. The Company’s largest insurance carrier partners accounted for 36% and 12% of the Company's total revenue during the three months ended September 30, 2022 and 37%, 11% and 11% during the nine months ended September 30, 2022. The Company’s largest lender customer accounted for 10% of the Company’s total revenue during the three months ended September 30, 2023. There were no lender customers who accounted for 10% or more of the Company’s total revenue during the nine months ended September 30, 2023 or during the three and nine months ended September 30, 2022. 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 accounts, money market funds and U.S. Treasury securities at financial institutions with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, designated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per 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. The Company’s accounts receivable and contract assets are derived from revenue earned from customers. The Company maintains an allowance for expected credit losses, which represents an estimate based primarily on market implied lifetime probabilities of default and loss severities for assets with similar risk characteristics. As these inputs are derived from market observations, they inherently include forward-looking expectations about macro-economic conditions. The allowance is evaluated quarterly by the Company for adequacy by taking into consideration factors such as reasonableness of the market implied loss statistics, historical lifetime loss data and credit quality of the customer base. Provisions for the allowance for expected credit losses attributable to bad debt are recorded as general and administrative expenses. Account balances deemed uncollectible are written off, net of actual recoveries. If circumstances related to specific customers change, the Company’s estimate of the recoverability of its contract asset could be further adjusted. The Company does not have any material accounts receivable or contract assets receivable balances that are past due and has not written off any balances in its portfolio for the periods presented.
Use of estimates and judgements	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 assessing the realizability of deferred tax assets. The Company bases its estimates on historical trends and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. In connection with profit share revenue recognition and the estimation of contract assets, the Company uses a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. 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. These assumptions are derived from an analysis of the historical performance of the active loan portfolio, 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. The Company continually assesses the default and prepayment assumptions of the forecast model against reported performance and lender delinquency data. The forecast model is updated to align the default and prepayment rate projections with actual experience.
Recently adopted new accounting standards and Recently issued accounting pronouncements not yet adopted	Although there may be new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or may adopt, as applicable, the Company believes none of these accounting pronouncements has materially impacted or will materially impact the Company’s consolidated financial position or results of operations.
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 fair value was determined using the Adjusted SOFR as of September 30, 2023 and December 31, 2022 plus an applicable spread, a Level 2 classification in the fair value hierarchy.

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

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


	September 30, 2023		December 31, 2022
	(in thousands)
Term Loan due 2027	$	146,250	$	149,063

Less: Unamortized deferred financing costs	(1,361)		(1,630)
Total debt	144,889		147,433
Less: current portion of debt	(3,750)		(3,750)
Total long-term debt, net of deferred financing costs	$	141,139	$	143,683

Credit Agreement—Term Loan due 2027 and Revolving Credit Facility

On September 9, 2022, the Company entered into a First Amendment to its 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 the Company 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”).

The Company used proceeds from the Term Loan due 2027 to pay off all outstanding amounts under its prior credit agreement and pay transaction costs related to the First Amendment. The remaining proceeds were used for working capital and other general corporate purposes. The transaction was treated as a debt modification under ASC Topic 470-50, Debt — Modifications and Extinguishments.

The obligations of the Company under the Credit Agreement 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.

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 0.100% (“Adjusted SOFR”) plus a spread that is based upon the Company’s 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 will be payable at the end of each calendar quarter. With respect to the Adjusted SOFR loans, interest will be 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 0.150% 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 Company’s Funded Secured Debt/EBITDA ratio increases or decreases.

As of September 30, 2023, the Credit Agreement was subject to an Adjusted SOFR rate of 5.472% plus a spread of 1.625% per annum. Commitment fees were accrued at 0.150% under the Revolving Credit Facility’s unused commitment balance of $150.0 million as of September 30, 2023. As of September 30, 2023, the effective interest rate on the Company’s outstanding borrowings was 7.343%.

In connection with the Credit Agreement, the Company incurred aggregate deferred financing costs of $2.6 million, of which (i) $2.1 million was allocated to the related term loans and capitalized as a contra-liability against the principal balance of the term loans, and (ii) $0.5 million was allocated to the Revolving Credit Facility and included within Other assets on the unaudited Condensed Consolidated Balance Sheets. These deferred financing costs are amortized as interest expense using the effective interest method over the term of the Credit Agreement. Unamortized deferred financing costs related to the Term Loan due 2027 and the Revolving Credit Facility were $1.4 million and $0.3 million, respectively, as of September 30, 2023.

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 3.5:1 for any fiscal quarter ending on or prior to June 30, 2024 and then decreases to 3.0:1 for any fiscal quarter ending after

June 30, 2024. The minimum fixed charge coverage ratio is 1.25:1. As of September 30, 2023, the Company was 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 - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contract With Customer Asset And Liability [Line Items]
Increase (decrease) in contract asset due to estimation of revenue from performance obligations satisfied in previous periods	$ (8,057)		$ (8,517)
Current contract assets, net	37,850		37,850		$ 54,429
Contract assets	11,381		11,381		$ 21,001
Profit share
Contract With Customer Asset And Liability [Line Items]
Increase (decrease) in contract asset due to estimation of revenue from performance obligations satisfied in previous periods	$ (8,057)	$ 1,700	$ (8,517)	$ 7,100

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, 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)
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]
Net income	70,809
Ending balance (in shares) at Sep. 30, 2022		128,198,185			1,967,423
Ending balance at Sep. 30, 2022	233,274	$ 1,282	499,843	(211,630)	$ (56,221)
Beginning balance (in shares) at Mar. 31, 2022		128,198,185			1,980,230
Beginning balance at Mar. 31, 2022	183,378	$ 1,282	498,057	(259,285)	$ (56,676)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	988		988
Restricted stock units issued, net of shares withheld for taxes	(24)		(300)		$ 276
Restricted stock units issued, net of shares withheld for taxes (in shares)					7,595
Net income	23,126			23,126
Ending balance (in shares) at Jun. 30, 2022		128,198,185			1,972,635
Ending balance at Jun. 30, 2022	207,468	$ 1,282	498,745	(236,159)	$ (56,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,295		1,295
Restricted stock units issued, net of shares withheld for taxes	(18)		(197)		$ 179
Restricted stock units issued, net of shares withheld for taxes (in shares)					5,212
Net income	24,529			24,529
Ending balance (in shares) at Sep. 30, 2022		128,198,185			1,967,423
Ending balance at Sep. 30, 2022	233,274	$ 1,282	499,843	(211,630)	$ (56,221)
Beginning balance (in shares) at Dec. 31, 2022		128,198,185			4,552,126
Beginning balance at Dec. 31, 2022	212,824	$ 1,282	499,625	(215,819)	$ (72,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,844		1,844
Restricted stock units issued, net of shares withheld for taxes	(129)		(939)		$ 810
Restricted stock units issued, net of shares withheld for taxes (in shares)					41,148
Shares repurchased, including excise tax (in shares)					(3,095,334)
Shares repurchased, including excise tax	(21,528)				$ (21,528)
Net income	12,538			12,538
Ending balance (in shares) at Mar. 31, 2023		128,198,185			7,606,312
Ending balance at Mar. 31, 2023	205,549	$ 1,282	500,530	(203,281)	$ (92,982)
Beginning balance (in shares) at Dec. 31, 2022		128,198,185			4,552,126
Beginning balance at Dec. 31, 2022	212,824	$ 1,282	499,625	(215,819)	$ (72,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,912
Ending balance (in shares) at Sep. 30, 2023		128,198,185			8,698,681
Ending balance at Sep. 30, 2023	214,725	$ 1,282	503,981	(188,907)	$ (101,631)
Beginning balance (in shares) at Mar. 31, 2023		128,198,185			7,606,312
Beginning balance at Mar. 31, 2023	205,549	$ 1,282	500,530	(203,281)	$ (92,982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,361		2,361
Restricted stock units issued, net of shares withheld for taxes	(131)		(1,517)		$ 1,386
Restricted stock units issued, net of shares withheld for taxes (in shares)					104,283
Net income	11,371			11,371
Ending balance (in shares) at Jun. 30, 2023		128,198,185			7,502,029
Ending balance at Jun. 30, 2023	219,150	$ 1,282	501,374	(191,910)	$ (91,596)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,684		2,684
Restricted stock units issued, net of shares withheld for taxes	(5)		(77)		$ 72
Restricted stock units issued, net of shares withheld for taxes (in shares)					4,941
Shares repurchased, including excise tax (in shares)					(1,201,593)
Shares repurchased, including excise tax	(10,107)				$ (10,107)
Net income	3,003			3,003
Ending balance (in shares) at Sep. 30, 2023		128,198,185			8,698,681
Ending balance at Sep. 30, 2023	$ 214,725	$ 1,282	$ 503,981	$ (188,907)	$ (101,631)

- 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

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

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

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+ Details

Summary of Significant Accounting and Reporting Policies	9 Months Ended
	Sep. 30, 2023
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 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 accumulated deficit. 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. The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these unaudited condensed consolidated financial statements 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, 2022 (the “Annual Report”). The interim data includes all adjustments that are of a normal recurring nature, 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 and nine months ended September 30, 2023 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2023. (a) Concentrations of revenue and credit risks The Company’s largest insurance carrier partners accounted for 29% and 10% of the Company’s total revenue during the three months ended September 30, 2023, and 32% and 11% during the nine months ended September 30, 2023. The Company’s largest insurance carrier partners accounted for 36% and 12% of the Company's total revenue during the three months ended September 30, 2022 and 37%, 11% and 11% during the nine months ended September 30, 2022. The Company’s largest lender customer accounted for 10% of the Company’s total revenue during the three months ended September 30, 2023. There were no lender customers who accounted for 10% or more of the Company’s total revenue during the nine months ended September 30, 2023 or during the three and nine months ended September 30, 2022. 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 accounts, money market funds and U.S. Treasury securities at financial institutions with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, designated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per 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. The Company’s accounts receivable and contract assets are derived from revenue earned from customers. The Company maintains an allowance for expected credit losses, which represents an estimate based primarily on market implied lifetime probabilities of default and loss severities for assets with similar risk characteristics. As these inputs are derived from market observations, they inherently include forward-looking expectations about macro-economic conditions. The allowance is evaluated quarterly by the Company for adequacy by taking into consideration factors such as reasonableness of the market implied loss statistics, historical lifetime loss data and credit quality of the customer base. Provisions for the allowance for expected credit losses attributable to bad debt are recorded as general and administrative expenses. Account balances deemed uncollectible are written off, net of actual recoveries. If circumstances related to specific customers change, the Company’s estimate of the recoverability of its contract asset could be further adjusted. The Company does not have any material accounts receivable or contract assets receivable balances that are past due and has not written off any balances in its portfolio for the periods presented. The allowance for expected credit losses on accounts receivable and contract assets receivable, in the aggregate, was approximately $0.1 million at September 30, 2023 and December 31, 2022. At September 30, 2023 and December 31, 2022, the Company had one customer that individually accounted for 15% and 12%, respectively, of the Company’s accounts receivable, net. (b) 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 assessing the realizability of deferred tax assets. The Company bases its estimates on historical trends and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. In connection with profit share revenue recognition and the estimation of contract assets, the Company uses a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. 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. These assumptions are derived from an analysis of the historical performance of the active loan portfolio, 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. The Company continually assesses the default and prepayment assumptions of the forecast model against reported performance and lender delinquency data. The forecast model is updated to align the default and prepayment rate projections with actual experience. (c) Recently issued but not yet adopted accounting pronouncements Although there may be new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or may adopt, as applicable, the Company believes none of these accounting pronouncements has materially impacted or will materially impact the Company’s consolidated financial position or results of operations.

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2023

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:


	September 30, 2023		December 31, 2022
	(in thousands)
Term Loan due 2027	$	146,250	$	149,063

Less: Unamortized deferred financing costs	(1,361)		(1,630)
Total debt	144,889		147,433
Less: current portion of debt	(3,750)		(3,750)
Total long-term debt, net of deferred financing costs	$	141,139	$	143,683

- 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.

+ References

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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Total revenue	$ 26,006	$ 50,661	$ 102,521	$ 152,773
Cost of services	5,369	5,199	16,917	15,072
Gross profit	20,637	45,462	85,604	137,701
Operating expenses
General and administrative	9,875	9,335	31,041	24,785
Selling and marketing	4,509	5,981	13,136	13,708
Research and development	1,717	2,355	4,075	6,366
Total operating expenses	16,101	17,671	48,252	44,859
Operating income	4,536	27,791	37,352	92,842
Interest expense	(2,799)	(1,608)	(7,841)	(3,535)
Interest income	2,801	321	7,317	368
Other expense, net	(3)	(239)	(9)	(239)
Income before income taxes	4,535	26,265	36,819	89,436
Income tax expense	1,532	1,736	9,907	18,627
Net income	$ 3,003	$ 24,529	$ 26,912	$ 70,809
Weighted average common shares outstanding
Basic (in shares)	120,217,857	126,228,723	121,318,872	126,222,084
Diluted (in shares)	121,298,880	126,228,723	122,065,718	126,222,415
Basic (in dollars per share)	$ 0.02	$ 0.19	$ 0.22	$ 0.56
Diluted (in dollars per share)	$ 0.02	$ 0.19	$ 0.22	$ 0.56
Profit share
Revenue
Total revenue	$ 8,022	$ 26,523	$ 44,433	$ 83,990
Program fees
Revenue
Total revenue	15,416	21,845	50,610	62,302
Claims administration and other service fees
Revenue
Total revenue	$ 2,568	$ 2,293	$ 7,478	$ 6,481

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 3,003	$ 11,371	$ 12,538	$ 24,529	$ 23,126	$ 23,154	$ 26,912	$ 70,809

- Definition

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

+ References

+ Details

Contract Assets (Tables)

9 Months Ended

Sep. 30, 2023

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		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of June 30, 2023	$	50,930	$	6,927	$	1,798	$	59,655
Increase of contract asset due to new business generation	16,079		15,416		2,568		34,063
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(8,057)		—		—		(8,057)
Receivables transferred from contract assets upon billing the lending institutions	—		(16,484)		—		(16,484)
Payments received from insurance carriers	(17,295)		—		(2,645)		(19,940)
Provision for expected credit losses	(3)		(2)		(1)		(6)
Ending balance as of September 30, 2023	$	41,654	$	5,857	$	1,720	$	49,231


	Contract Assets
	Profit Share		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of December 31, 2022	$	65,889	$	7,932	$	1,609	$	75,430
Increase of contract assets due to new business generation	52,950		50,610		7,478		111,038
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	(8,517)		—		—		(8,517)
Receivables transferred from contract assets upon billing the lending institutions	—		(52,684)		—		(52,684)
Payments received from insurance carriers	(68,685)		—		(7,366)		(76,051)
Provision for expected credit losses	17		(1)		(1)		15
Ending balance as of September 30, 2023	$	41,654	$	5,857	$	1,720	$	49,231

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 208,982	$ 187,426
Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	208,982	187,426
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]
Total	9,893	35,915
Money market funds \| Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	9,893	35,915
Money market funds \| Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Money market funds \| Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
U.S. Treasury securities
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	199,089	151,511
U.S. Treasury securities \| Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	199,089	151,511
U.S. Treasury securities \| Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
U.S. Treasury securities \| Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 0	$ 0

Long-term Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 09, 2022
Debt Instrument [Line Items]
Long-term debt, gross			$ 300,000
Less: Unamortized deferred financing costs	$ (1,361)	$ (1,630)
Total debt	144,889	147,433
Less: current portion of debt	(3,750)	(3,750)
Total long-term debt, net of deferred financing costs	141,139	143,683
Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross			150,000
Less: Unamortized deferred financing costs			$ (2,100)
Medium-term Notes \| Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 146,250	$ 149,063

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-term Debt - Additional Information (Detail) $ in Thousands		9 Months Ended
	Sep. 09, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000
Debt issuance costs, net		$ 1,361		$ 1,630
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Unused commitment		$ 150,000
Debt instrument, effective interest rate		7.343%
Unamortized deferred financing costs		$ 300
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs, net	500
Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Debt issuance costs, net	$ 2,100
Unamortized deferred financing costs		$ 1,400
Maximum total net leverage ratio		3.5
Minimum fixed charge coverage ratio		1.25
Term Loan due 2027 \| Forecast
Debt Instrument [Line Items]
Decrease maximum total net leverage ratio			3.0
New Credit Agreement
Debt Instrument [Line Items]
Additional rate (as a percent)	0.10%
Debt issuance costs, net	$ 2,600
New Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.15%
New Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		5.472%
Debt instrument, margin rate		1.625%
New Credit Agreement \| Minimum \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.15%
New Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.625%
New Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.625%
New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.225%
New Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
New Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.375%

Net Income per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	848,367	978,381	848,367	978,381
Unvested and unexercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	146,655	182,233	146,655	182,233
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)	277,037	562,071	277,037	562,071
Unvested 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)	424,675	234,077	424,675	234,077

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,532	$ 1,736	$ 9,907	$ 18,627
Effective income tax rate (as a percent)	33.80%	6.60%	26.90%	20.80%
Discrete tax benefit		$ 5,100		$ 5,100

- Definition

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

+ References + Details

Summary of Significant Accounting and Reporting Policies (Detail) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Allowance for credit loss (less than)	$ 0.1	$ 0.1	$ 0.1		$ 0.1
Top Insurance Partner \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			29.00%	36.00%	32.00%	37.00%
Top Insurance Partner \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	12.00%
Two Insurance Partners \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%	12.00%	11.00%	11.00%
Three Insurance Partner \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage						11.00%
Top Lender Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%

Contract Assets - Summary of Contract Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 59,655		$ 75,430
Increase of contract assets due to new business generation	34,063		111,038
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(8,057)		(8,517)
Receivables transferred from contract assets upon billing the lending institutions	(16,484)		(52,684)
Payments received from insurance carriers	(19,940)		(76,051)
Provision for expected credit losses	(6)		15
Ending balance	49,231		49,231
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	50,930		65,889
Increase of contract assets due to new business generation	16,079		52,950
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(8,057)	$ 1,700	(8,517)	$ 7,100
Receivables transferred from contract assets upon billing the lending institutions	0		0
Payments received from insurance carriers	(17,295)		(68,685)
Provision for expected credit losses	(3)		17
Ending balance	41,654		41,654
Program Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	6,927		7,932
Increase of contract assets due to new business generation	15,416		50,610
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	0		0
Receivables transferred from contract assets upon billing the lending institutions	(16,484)		(52,684)
Payments received from insurance carriers	0		0
Provision for expected credit losses	(2)		(1)
Ending balance	5,857		5,857
Claims Administration and Other Service Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,798		1,609
Increase of contract assets due to new business generation	2,568		7,478
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	0		0
Receivables transferred from contract assets upon billing the lending institutions	0		0
Payments received from insurance carriers	(2,645)		(7,366)
Provision for expected credit losses	(1)		(1)
Ending balance	$ 1,720		$ 1,720

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 26,912	$ 70,809
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	6,826	3,564
Depreciation and amortization of property and equipment	824	680
Amortization of debt issuance costs	319	265
Non-cash operating lease cost	461	431
Other	10	0
Deferred income taxes	386	(7,860)
Changes in assets & liabilities:
Accounts receivable, net	455	(129)
Contract assets, net	26,199	13,016
Other current and non-current assets	(789)	1,331
Accounts payable	(67)	(1,101)
Accrued expenses	2,299	4,849
Income tax receivable, net	513	(984)
Operating lease liabilities	(412)	(363)
Third-party claims administration liability	1,749	308
Other current and non-current liabilities	218	181
Net cash provided by operating activities	65,903	84,997
Cash flows from investing activities
Purchase of property and equipment	(103)	(222)
Capitalized software development costs	(1,485)	(415)
Net cash used in investing activities	(1,588)	(637)
Cash flows from financing activities
Proceeds from term loans	0	150,000
Payments on term loans	(2,813)	(122,656)
Payments on revolving facility	0	(25,000)
Payment of deferred financing cost	0	(976)
Shares repurchased	(31,322)	0
Shares withheld for taxes related to restricted stock units	(288)	(81)
Shares withheld for taxes related to restricted stock units	(34,423)	1,287
Net cash (used in) provided by financing activities	29,892	85,647
Cash and cash equivalents and restricted cash at the beginning of the period	208,519	119,509
Cash and cash equivalents and restricted cash at the end of the period	238,411	205,156
Cash and cash equivalents and restricted cash at the end of the period
Interest paid	7,593	2,859
Income tax paid, net	9,008	27,471
Non-cash investing and financing:
Property and equipment accrued but not paid	2	5
Share-based compensation for capitalized software development	63	0
Capitalized software development costs accrued but not paid	230	0
Accrued excise tax associated with share repurchases	$ 290	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	119,499,504	123,646,059
Treasury stock (in shares)	8,698,681	4,552,126

Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands, except shares and per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	3,003	$	24,529	$	26,912	$	70,809
Denominator
Weighted-average common shares outstanding	120,217,857		126,228,723		121,318,872		126,222,084
Basic net income per share attributable to common stockholders	$	0.02	$	0.19	$	0.22	$	0.56

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	3,003	$	24,529	$	26,912	$	70,809
Denominator
Basic weighted-average common shares outstanding	120,217,857		126,228,723		121,318,872		126,222,084
Dilutive effect of time-based restricted stock units outstanding	1,081,023		—		746,846		331
Diluted weighted average common shares outstanding	121,298,880		126,228,723		122,065,718		126,222,415
Diluted net income per share attributable to common stockholders	$	0.02	$	0.19	$	0.22	$	0.56

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive outstanding securities as of September 30, 2023 and 2022 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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Unvested and unexercised stock options	146,655	182,233	146,655	182,233
Unvested time-based restricted stock units	277,037	562,071	277,037	562,071
Unvested performance-based restricted stock units	424,675	234,077	424,675	234,077
Total	848,367	978,381	848,367	978,381

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 232,608	$ 204,450
Restricted cash	5,803	4,069
Accounts receivable, net	5,266	5,721
Current contract assets, net	37,850	54,429
Income tax receivable	9,192	9,714
Other current assets	3,137	2,361
Total current assets	293,856	280,744
Property and equipment, net	3,713	2,573
Operating lease right-of-use asset, net	4,149	4,610
Contract assets	11,381	21,001
Deferred tax asset, net	64,742	65,128
Other assets	5,539	5,575
Total assets	383,380	379,631
Current liabilities
Accounts payable	221	288
Accrued expenses	9,302	6,388
Current portion of debt	3,750	3,750
Third-party claims administration liability	5,804	4,055
Other current liabilities	896	626
Total current liabilities	19,973	15,107
Long-term debt, net of deferred financing costs	141,139	143,683
Operating lease liabilities	3,617	4,082
Other liabilities	3,926	3,935
Total liabilities	168,655	166,807
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 119,499,504 shares outstanding as of September 30, 2023 and 128,198,185 shares issued and 123,646,059 shares outstanding as of December 31, 2022	1,282	1,282
Additional paid-in capital	503,981	499,625
Accumulated deficit	(188,907)	(215,819)
Treasury stock at cost, 8,698,681 shares at September 30, 2023 and 4,552,126 at December 31, 2022	(101,631)	(72,264)
Total stockholders’ equity	214,725	212,824
Total liabilities and stockholders’ equity	$ 383,380	$ 379,631

Net Income per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income per Share

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 and nine months ended September 30, 2023 and 2022 include unvested and unexercised stock options, unvested time-based restricted stock units and unvested performance-based restricted stock units whose performance conditions have been satisfied. The potentially dilutive common shares during the same periods did not include performance-based restricted stock units if the performance conditions of these awards have not been satisfied. 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 and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands, except shares and per share data)
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	3,003	$	24,529	$	26,912	$	70,809
Denominator
Weighted-average common shares outstanding	120,217,857		126,228,723		121,318,872		126,222,084
Basic net income per share attributable to common stockholders	$	0.02	$	0.19	$	0.22	$	0.56

Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	3,003	$	24,529	$	26,912	$	70,809
Denominator
Basic weighted-average common shares outstanding	120,217,857		126,228,723		121,318,872		126,222,084
Dilutive effect of time-based restricted stock units outstanding	1,081,023		—		746,846		331
Diluted weighted average common shares outstanding	121,298,880		126,228,723		122,065,718		126,222,415
Diluted net income per share attributable to common stockholders	$	0.02	$	0.19	$	0.22	$	0.56


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Unvested and unexercised stock options	146,655	182,233	146,655	182,233
Unvested time-based restricted stock units	277,037	562,071	277,037	562,071
Unvested performance-based restricted stock units	424,675	234,077	424,675	234,077
Total	848,367	978,381	848,367	978,381

Contract Assets

9 Months Ended

Sep. 30, 2023

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 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.

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 and nine months ended September 30, 2023, contract asset adjustments attributable to profit share revenue forecast adjustments resulted in decreases of $8.1 million and $8.5 million, respectively, as compared to increases of $1.7 million and $7.1 million, respectively, during the three and nine months ended September 30, 2022.

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


	Contract Assets
	Profit Share		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of June 30, 2023	$	50,930	$	6,927	$	1,798	$	59,655
Increase of contract asset due to new business generation	16,079		15,416		2,568		34,063
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(8,057)		—		—		(8,057)
Receivables transferred from contract assets upon billing the lending institutions	—		(16,484)		—		(16,484)
Payments received from insurance carriers	(17,295)		—		(2,645)		(19,940)
Provision for expected credit losses	(3)		(2)		(1)		(6)
Ending balance as of September 30, 2023	$	41,654	$	5,857	$	1,720	$	49,231


	Contract Assets
	Profit Share		Program Fees		Claims Administration and Other Service Fees		Total
	(in thousands)
Ending balance as of December 31, 2022	$	65,889	$	7,932	$	1,609	$	75,430
Increase of contract assets due to new business generation	52,950		50,610		7,478		111,038
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	(8,517)		—		—		(8,517)
Receivables transferred from contract assets upon billing the lending institutions	—		(52,684)		—		(52,684)
Payments received from insurance carriers	(68,685)		—		(7,366)		(76,051)
Provision for expected credit losses	17		(1)		(1)		15
Ending balance as of September 30, 2023	$	41,654	$	5,857	$	1,720	$	49,231

As of September 30, 2023 and December 31, 2022, the Company’s contract assets consisted of $37.9 million and $54.4 million, respectively, as the portion estimated to be received within one year and $11.4 million and $21.0 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
-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

Description of Business, Background and Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Description of Business, Background and Nature of Operations	9 Months Ended
	Sep. 30, 2023
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 (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 their existing business flow. The Company also operates as a third-party administrator that adjudicates insurance claims and premium adjustments on automotive loans. The Company’s flagship product, Lenders Protection Platform (“LPP”), is a cloud-based automotive lending platform. LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance by linking automotive lenders to insurance companies. The platform uses risk-based pricing models that enable automotive lenders to assess the credit risk of a potential borrower using data driven analysis. The Company’s proprietary risk models project loan performance, including expected losses and prepayments in arriving at the optimal contract interest rate. LPP generates 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. 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 completed a business combination pursuant to that certain Business Combination Agreement by and among Nebula, Open Lending, LLC, BRP Hold 11, Inc. (the “Blocker”), the Blocker’s sole stockholder, Nebula Parent Corp., NBLA Merger Sub LLC, NBLA Merger Sub Corp. and Shareholder Representative Services LLC, as the security holder representative, each as defined in the Business Combination Agreement (the “Business Combination”). 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” refer to Open Lending, LLC and Nebula Acquisition Corporation, respectively, 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.

Fair Value of Financial Instruments - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair value
Liabilities:
Debt	$ 144,889	$ 147,433
Total	144,889	147,433
Carrying value
Liabilities:
Debt	144,889	147,433
Total	$ 144,889	$ 147,433

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The Company’s financial assets measured at fair value on a recurring basis were as follows:


	Total		Fair value measurement as of September 30, 2023
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	9,893	$	9,893	$	—	$	—
U.S. Treasury securities	199,089		199,089		—		—
Total	$	208,982	$	208,982	$	—	$	—


	Total		Fair value measurement as of December 31, 2022
			Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	35,915	$	35,915	$	—	$	—
U.S. Treasury securities	151,511		151,511		—		—
Total	$	187,426	$	187,426	$	—	$	—

Summary of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table provides the fair value of financial assets that are not measured at fair value:


	September 30, 2023				December 31, 2022
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Liabilities:
Debt	$	144,889	$	144,889	$	147,433	$	147,433
Total	$	144,889	$	144,889	$	147,433	$	147,433