$LPRO
Open Lending Corp

2020 Q4 Form 10-Q Financial Statement

#000180620120000007 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $39.63M $29.76M $22.10M
YoY Change 51.99% 34.65%
Cost Of Revenue $2.970M $2.496M $1.923M
YoY Change 29.8%
Gross Profit $36.67M $27.27M $20.18M
YoY Change 54.14% 35.11%
Gross Profit Margin 92.51% 91.61% 91.3%
Selling, General & Admin $11.70M $7.133M $5.073M
YoY Change 550.0% 40.61% 2884.12%
% of Gross Profit 31.91% 26.16% 25.14%
Research & Development $680.0K $579.0K $291.0K
YoY Change 98.97%
% of Gross Profit 1.85% 2.12% 1.44%
Depreciation & Amortization $660.0K $440.0K
YoY Change
% of Gross Profit 1.8% 1.61%
Operating Expenses $12.38M $7.712M $5.364M
YoY Change 587.78% 43.77% 3055.29%
Operating Profit $24.29M $19.55M $14.82M
YoY Change 39.94% 31.97%
Interest Expense -$3.520M $3.572M $70.00K
YoY Change -383.87% 5002.86% -94.26%
% of Operating Profit -14.49% 18.27% 0.47%
Other Income/Expense, Net -$4.380M $0.00
YoY Change
Pretax Income $16.39M -$67.11M $14.76M
YoY Change -3026.79% -554.78% 1305.43%
Income Tax $1.190M $4.000M $40.75K
% Of Pretax Income 7.26% 0.28%
Net Earnings $15.20M -$71.13M $14.72M
YoY Change -12.83% -583.37% 1888.65%
Net Earnings / Revenue 38.36% -239.01% 66.58%
Basic Earnings Per Share $0.12 -$0.62 -$1.25
Diluted Earnings Per Share $0.12 -$0.62 -$1.25
COMMON SHARES
Basic Shares Outstanding 128.2M shares 115.2M shares 37.63B shares
Diluted Shares Outstanding 115.2M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.5M $115.2M $900.0K
YoY Change 7707.69% 12700.0% -25.0%
Cash & Equivalents $101.5M $115.2M $9.984M
Short-Term Investments
Other Short-Term Assets $2.018M $5.168M $0.00
YoY Change 884.39%
Inventory
Prepaid Expenses $1.873M $2.975M
Receivables $4.352M $3.392M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.8M $157.1M $900.0K
YoY Change 260.03% 17357.22% -30.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.201M $1.315M
YoY Change 301.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $281.9M
YoY Change 1.7%
Other Assets $124.0K $181.0K
YoY Change -75.49%
Total Long-Term Assets $131.2M $137.8M $281.9M
YoY Change 286.27% -51.12% 1.7%
TOTAL ASSETS
Total Short-Term Assets $162.8M $157.1M $900.0K
Total Long-Term Assets $131.2M $137.8M $281.9M
Total Assets $294.0M $294.9M $282.8M
YoY Change 271.29% 4.28% 1.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.442M $2.283M $0.00
YoY Change 157.44%
Accrued Expenses $3.033M $1.409M
YoY Change 51.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.888M $4.700M
YoY Change
Total Short-Term Liabilities $17.01M $13.13M $1.200M
YoY Change 107.59% 994.25% 200.0%
LONG-TERM LIABILITIES
Long-Term Debt $152.9M $154.1M $0.00
YoY Change
Other Long-Term Liabilities $13.00K $88.09M $9.600M
YoY Change 817.6% 0.0%
Total Long-Term Liabilities $152.9M $88.09M $9.600M
YoY Change 817.6% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.01M $13.13M $1.200M
Total Long-Term Liabilities $152.9M $88.09M $9.600M
Total Liabilities $267.4M $260.6M $10.80M
YoY Change 2863.72% 2313.19% 8.0%
SHAREHOLDERS EQUITY
Retained Earnings -$428.4M -$443.4M
YoY Change 76.46%
Common Stock $1.282M $1.269M
YoY Change 240.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.50M
YoY Change
Treasury Stock Shares 1.395M shares
Shareholders Equity $26.62M $34.28M -$182.1M
YoY Change
Total Liabilities & Shareholders Equity $294.0M $294.9M $282.8M
YoY Change 271.29% 4.28% 1.54%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $15.20M -$71.13M $14.72M
YoY Change -12.83% -583.37% 1888.65%
Depreciation, Depletion And Amortization $660.0K $440.0K
YoY Change
Cash From Operating Activities $8.260M $4.370M -$80.00K
YoY Change -654.36% -5562.5% -73.33%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$680.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $40.00K
YoY Change -85.19%
Cash From Investing Activities -$100.0K -$680.0K $40.00K
YoY Change -105.21% -1800.0% -85.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.78M 85.41M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 8.260M 4.370M -80.00K
Cash From Investing Activities -100.0K -680.0K 40.00K
Cash From Financing Activities -21.78M 85.41M 0.000
Net Change In Cash -13.62M 89.10M -40.00K
YoY Change -3267.44% -222850.0% 33.33%
FREE CASH FLOW
Cash From Operating Activities $8.260M $4.370M -$80.00K
Capital Expenditures -$100.0K -$680.0K
Free Cash Flow $8.360M $5.050M
YoY Change

Facts In Submission

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OPEN LENDING CORPORATION
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
78000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
131932000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4683000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-375000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
828000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
10037000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
16871000 USD
lpro Increase Decrease In Operating Leases Right Of Use Assets
IncreaseDecreaseInOperatingLeasesRightOfUseAssets
523000 USD
lpro Increase Decrease In Operating Leases Right Of Use Assets
IncreaseDecreaseInOperatingLeasesRightOfUseAssets
0 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1415000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
293000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2002000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
388000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
946000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-285000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-597000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
829000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
544000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
lpro Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
280000 USD
lpro Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1727000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
295000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16375000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29138000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1097000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
66000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1097000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-66000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
5443000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1863000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
160233000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
135380000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
30361000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
88042000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
lpro Payments For Recapitalization Net Of Transaction Costs
PaymentsForRecapitalizationNetOfTransactionCosts
14862000 USD
lpro Payments For Recapitalization Net Of Transaction Costs
PaymentsForRecapitalizationNetOfTransactionCosts
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
92590000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-32224000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
107868000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3152000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9898000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13136000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117766000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9984000 USD
us-gaap Interest Paid Net
InterestPaidNet
7209000 USD
us-gaap Interest Paid Net
InterestPaidNet
238000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
158000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-58000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5375000 USD
lpro Temporary Equity Fair Value Adjustment Of Redemption Option
TemporaryEquityFairValueAdjustmentOfRedemptionOption
-47537000 USD
lpro Temporary Equity Fair Value Adjustment Of Redemption Option
TemporaryEquityFairValueAdjustmentOfRedemptionOption
104825000 USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
257406000 USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q3 lpro Emerging Growth Company Threshold On Market Value Of Shares
EmergingGrowthCompanyThresholdOnMarketValueOfShares
700000000.0 USD
CY2020Q3 lpro Emerging Growth Company Threshold On Annual Gross Revenue
EmergingGrowthCompanyThresholdOnAnnualGrossRevenue
1070000000.00 USD
CY2020Q3 lpro Emerging Growth Company Threshold On Convertible Debt Issued
EmergingGrowthCompanyThresholdOnConvertibleDebtIssued
1000000000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of credit risk<div style="padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div><div style="padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash and accounts receivable to the extent of the amounts recorded on the balance sheets.</span></div><div><span><br/></span></div><div style="padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">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 are 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.</span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s accounts receivables are derived from revenue earned from customers. The Company performs credit evaluations of its customers’ financial condition. As of September 30, 2020 and December 31, 2019, there was no allowance for doubtful accounts. At September 30, 2020, the Company had no customers accounting for 10% or more of the Company’s accounts receivable.</span><span style="color:#2f5496;font-family:'Calibri',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> At December 31, 2019, the Company had one customer that represented 22% of the Company’s accounts receivable.</span>
us-gaap Use Of Estimates
UseOfEstimates
Use of estimates and judgements<div style="margin-top:6pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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.</span></div><div style="margin-top:6pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant items subject to such estimates and assumptions include, but are not limited to, the recognition of the valuations of share-based compensation arrangements, valuation of contingent consideration, valuation of interest rate swaps, the useful lives of property and equipment, assessing the realizability of deferred tax assets, credit losses, profit share revenue recognition, and assumptions used in the recognition of contract asset. These estimates, although based on actual historical trend and modeling, may potentially show significant variances over time.</span></div><div style="margin-top:6pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with profit share revenue recognition and the estimation of contract asset under Accounting Standards Update (“ASU”) 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), we use forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">prepayments and default severity rates. These assumptions are based on our observations of the historical behavior for loans with similar risk characteristics. The assumptions also take consideration of the forecast adjustments under various macroeconomic conditions, including the potential impact from the COVID-19 pandemic, and the current mix of the underlying portfolio of our insurance partners. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As th</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e Company closely monitors the development of the pandemic and its ongoing impact on Open Lending's business, management has accordingly adjusted these assumptions during the first nine months of 2020 as a result of changes in facts and circumstances and general market conditions derived from the COVID-19 pandemic.</span>
CY2020Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P100M
CY2020Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P60M
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000 USD
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 USD
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
628000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
803000 USD
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5375000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5375000 USD
CY2020Q3 lpro Operating Lease Payments And Right Of Use Asset Obtained In Exchange For Operating Lease Liability
OperatingLeasePaymentsAndRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6003000 USD
lpro Operating Lease Payments And Right Of Use Asset Obtained In Exchange For Operating Lease Liability
OperatingLeasePaymentsAndRightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6178000 USD
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y5M1D
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y5M1D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0772
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0772
CY2020Q3 lpro Operating Lease Right Of Use Asset Before Accumulated Amortization
OperatingLeaseRightOfUseAssetBeforeAccumulatedAmortization
5898000 USD
CY2020Q3 lpro Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
45000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5853000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
144000 USD
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5265000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5409000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
0 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
774000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
869000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
894000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
920000 USD
CY2020Q3 lpro Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4018000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7475000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2066000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5409000 USD
CY2020Q3 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
0 USD
CY2019Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
3334000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
167875000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
0 USD
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9061000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21000 USD
CY2020Q3 us-gaap Notes Payable Current
NotesPayableCurrent
4675000 USD
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2484000 USD
CY2020Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
154139000 USD
CY2019Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
829000 USD
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
550000000 shares
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
91849909 shares
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9166659 shares
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
91849909 shares
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
91849909 shares
CY2020Q2 lpro Percentage Of Common Stock Held By Stockholders
PercentageOfCommonStockHeldByStockholders
1
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
126919572 shares
CY2020Q3 lpro Percentage Of Common Stock Held By Stockholders
PercentageOfCommonStockHeldByStockholders
1
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q3 lpro Common Stock Shares Issued Or Released
CommonStockSharesIssuedOrReleased
27187500 shares
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
347089000 USD
CY2020Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
48802000 USD
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
395891000 USD
CY2020Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
83130000 USD
CY2020Q3 lpro Business Combination Contingent Consideration Arrangements Reclassification Of Contingent Consideration To Equity
BusinessCombinationContingentConsiderationArrangementsReclassificationOfContingentConsiderationToEquity
-479021000 USD
CY2020Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
0 USD
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
347100000 USD
CY2020Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
83100000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
131900000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
62951000 USD
us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
78398000 USD
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
9139000 USD
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
31160000 USD
lpro Payments Received From Insurance Carriers
PaymentsReceivedFromInsuranceCarriers
28062000 USD
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
72988000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-71133000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
14716000 USD
us-gaap Net Income Loss
NetIncomeLoss
-112766000 USD
us-gaap Net Income Loss
NetIncomeLoss
45104000 USD
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2019Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3252000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
40689000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7435000 USD
CY2020Q3 lpro Noncash Adjustment To Redemption Amount Of The Redeemable Convertible Preferred Units
NoncashAdjustmentToRedemptionAmountOfTheRedeemableConvertiblePreferredUnits
0 USD
CY2019Q3 lpro Noncash Adjustment To Redemption Amount Of The Redeemable Convertible Preferred Units
NoncashAdjustmentToRedemptionAmountOfTheRedeemableConvertiblePreferredUnits
58601000 USD
lpro Noncash Adjustment To Redemption Amount Of The Redeemable Convertible Preferred Units
NoncashAdjustmentToRedemptionAmountOfTheRedeemableConvertiblePreferredUnits
-47537000 USD
lpro Noncash Adjustment To Redemption Amount Of The Redeemable Convertible Preferred Units
NoncashAdjustmentToRedemptionAmountOfTheRedeemableConvertiblePreferredUnits
104825000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-71133000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-47137000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-105918000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-67156000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115189532000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37631052000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67828046000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37631052000 shares
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.62
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.56
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.78
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8034226 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14278603 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13312549 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14278603 shares
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
115153000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
115153000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7676000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
7676000 USD
CY2020Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
2613000 USD
CY2020Q3 lpro Restricted Cash Fair Value
RestrictedCashFairValue
2613000 USD
CY2019Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
2222000 USD
CY2019Q4 lpro Restricted Cash Fair Value
RestrictedCashFairValue
2222000 USD
CY2020Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3392000 USD
CY2020Q3 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
3392000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3767000 USD
CY2019Q4 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
3767000 USD
CY2020Q3 lpro Interest Rate Swaps Other Assets
InterestRateSwapsOtherAssets
0 USD
CY2020Q3 lpro Interest Rate Swap Fair Value Disclosure
InterestRateSwapFairValueDisclosure
0 USD
CY2019Q4 lpro Interest Rate Swaps Other Assets
InterestRateSwapsOtherAssets
9000 USD
CY2019Q4 lpro Interest Rate Swap Fair Value Disclosure
InterestRateSwapFairValueDisclosure
9000 USD
CY2020Q3 lpro Financial Assets
FinancialAssets
121158000 USD
CY2020Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
121158000 USD
CY2019Q4 lpro Financial Assets
FinancialAssets
13674000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
13674000 USD
CY2020Q3 us-gaap Notes Payable
NotesPayable
158814000 USD
CY2020Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
158814000 USD
CY2019Q4 us-gaap Notes Payable
NotesPayable
3313000 USD
CY2019Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3313000 USD
CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
2283000 USD
CY2020Q3 us-gaap Accounts Payable Fair Value Disclosure
AccountsPayableFairValueDisclosure
2283000 USD
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1337000 USD
CY2019Q4 us-gaap Accounts Payable Fair Value Disclosure
AccountsPayableFairValueDisclosure
1337000 USD
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1409000 USD
CY2020Q3 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
1409000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2006000 USD
CY2019Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
2006000 USD
CY2020Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
544000 USD
CY2020Q3 lpro Accrued Income Tax Fair Value Disclosure
AccruedIncomeTaxFairValueDisclosure
544000 USD
CY2019Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
0 USD
CY2019Q4 lpro Accrued Income Tax Fair Value Disclosure
AccruedIncomeTaxFairValueDisclosure
0 USD
CY2020Q3 lpro Financial Liabilities
FinancialLiabilities
163050000 USD
CY2020Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
163050000 USD
CY2019Q4 lpro Financial Liabilities
FinancialLiabilities
6656000 USD
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
6656000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000.0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5400000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.060
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.050
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40745 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-58320 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.003
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2020Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
89900000 USD
CY2020Q1 us-gaap Due From Related Parties
DueFromRelatedParties
6000000 USD

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