$LPRO
Open Lending Corp

2023 Q2 Form 10-Q Financial Statement

#000180620123000069 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $38.15M $38.36M $50.07M
YoY Change -26.69% -23.38% 13.77%
Cost Of Revenue $6.117M $5.431M $4.788M
YoY Change 20.29% 13.43% 42.42%
Gross Profit $32.04M $32.93M $45.28M
YoY Change -31.78% -27.27% 11.4%
Gross Profit Margin 83.97% 85.84% 90.44%
Selling, General & Admin $15.19M $14.60M $11.22M
YoY Change 26.98% 30.22% 5.71%
% of Gross Profit 47.41% 44.35% 24.77%
Research & Development $1.128M $1.230M $1.823M
YoY Change -48.45% -32.53% 208.46%
% of Gross Profit 3.52% 3.74% 4.03%
Depreciation & Amortization $252.0K $244.0K $304.0K
YoY Change -18.71% -19.74% -21.65%
% of Gross Profit 0.79% 0.74% 0.67%
Operating Expenses $16.32M $15.83M $13.04M
YoY Change 15.31% 21.45% 16.41%
Operating Profit $15.72M $17.10M $32.24M
YoY Change -52.09% -46.98% 9.5%
Interest Expense $2.655M $2.387M $803.0K
YoY Change 136.21% 197.26% -75.59%
% of Operating Profit 16.89% 13.96% 2.49%
Other Income/Expense, Net -$6.000K $0.00
YoY Change -100.0%
Pretax Income $15.51M $16.77M $31.46M
YoY Change -51.08% -46.69% 81.54%
Income Tax $4.100M $4.200M $8.300M
% Of Pretax Income 26.43% 25.04% 26.38%
Net Earnings $11.37M $12.54M $23.15M
YoY Change -50.83% -45.85% 80.02%
Net Earnings / Revenue 29.8% 32.68% 46.25%
Basic Earnings Per Share $0.09 $0.10 $0.18
Diluted Earnings Per Share $0.09 $0.10 $0.18
COMMON SHARES
Basic Shares Outstanding 120.7M shares 123.7M shares 126.2M shares
Diluted Shares Outstanding 121.5M shares 123.4M shares 126.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.4M $210.6M $147.4M
YoY Change 33.84% 42.87% 16.07%
Cash & Equivalents $224.4M $210.6M $147.4M
Short-Term Investments
Other Short-Term Assets $2.980M $1.832M $1.749M
YoY Change -10.81% 4.75% 78.47%
Inventory
Prepaid Expenses
Receivables $6.329M $6.620M $8.060M
Other Receivables $11.76M $6.530M $2.090M
Total Short-Term Assets $284.5M $272.0M $220.6M
YoY Change 9.82% 23.3% 15.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.013M $2.664M $2.792M
YoY Change 7.95% -4.58% 73.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.626M $5.642M $157.0K
YoY Change 3601.32% 3493.63% 26.61%
Total Long-Term Assets $102.3M $100.9M $122.1M
YoY Change -5.07% -17.38% -10.0%
TOTAL ASSETS
Total Short-Term Assets $284.5M $272.0M $220.6M
Total Long-Term Assets $102.3M $100.9M $122.1M
Total Assets $386.8M $372.9M $342.7M
YoY Change 5.45% 8.8% 4.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.00K $741.0K $195.0K
YoY Change -92.87% 280.0% -93.48%
Accrued Expenses $7.491M $6.369M $5.510M
YoY Change 22.7% 15.59% 37.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.750M $3.750M $3.125M
YoY Change -3.99% 20.0% 0.0%
Total Short-Term Liabilities $17.97M $16.75M $12.41M
YoY Change 28.21% 34.95% -34.72%
LONG-TERM LIABILITIES
Long-Term Debt $142.0M $142.8M $142.4M
YoY Change 0.73% 0.28% -16.32%
Other Long-Term Liabilities $3.923M $3.844M $4.508M
YoY Change -10.25% -14.73% -95.12%
Total Long-Term Liabilities $145.9M $146.7M $142.4M
YoY Change 3.51% 2.97% -45.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.97M $16.75M $12.41M
Total Long-Term Liabilities $145.9M $146.7M $142.4M
Total Liabilities $167.7M $167.3M $159.4M
YoY Change 5.21% 5.02% -44.4%
SHAREHOLDERS EQUITY
Retained Earnings -$191.9M -$203.3M -$259.3M
YoY Change -18.74% -21.6% -37.6%
Common Stock $1.282M $1.282M $1.282M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.68M
YoY Change 51.14%
Treasury Stock Shares 1.980M shares
Shareholders Equity $219.2M $205.5M $183.4M
YoY Change
Total Liabilities & Shareholders Equity $386.8M $372.9M $342.7M
YoY Change 5.45% 8.8% 4.88%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $11.37M $12.54M $23.15M
YoY Change -50.83% -45.85% 80.02%
Depreciation, Depletion And Amortization $252.0K $244.0K $304.0K
YoY Change -18.71% -19.74% -21.65%
Cash From Operating Activities $16.07M $29.51M $31.93M
YoY Change -25.79% -7.59% 69.54%
INVESTING ACTIVITIES
Capital Expenditures $41.00K $36.00K $186.0K
YoY Change -123.03% -80.65% 6100.0%
Acquisitions
YoY Change
Other Investing Activities -$467.0K -$299.0K
YoY Change
Cash From Investing Activities -$508.0K -$335.0K -$186.0K
YoY Change 185.39% 80.11% 6100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.083M -$22.39M -$820.0K
YoY Change 34.53% 2630.49% -112.31%
NET CHANGE
Cash From Operating Activities 16.07M $29.51M $31.93M
Cash From Investing Activities -508.0K -$335.0K -$186.0K
Cash From Financing Activities -1.083M -$22.39M -$820.0K
Net Change In Cash 14.48M $6.783M $30.93M
YoY Change -29.95% -78.07% 21.31%
FREE CASH FLOW
Cash From Operating Activities $16.07M $29.51M $31.93M
Capital Expenditures $41.00K $36.00K $186.0K
Free Cash Flow $16.03M $29.47M $31.75M
YoY Change -26.58% -7.16% 68.57%

Facts In Submission

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-745000 usd
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-135000 usd
CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-119000 usd
CY2023Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
658000 usd
CY2022Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
-21000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
530000 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-88000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29508000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31932000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
56000 usd
CY2023Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
299000 usd
CY2022Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
130000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-335000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-186000 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
938000 usd
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
781000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21323000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
129000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
39000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-22390000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-820000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6783000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
30926000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
208519000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
119509000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215302000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150435000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2537000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
721000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
197000 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8501000 usd
CY2023Q1 lpro Accrued Intangible Assets Costs
AccruedIntangibleAssetsCosts
11000 usd
CY2022Q1 lpro Accrued Intangible Assets Costs
AccruedIntangibleAssetsCosts
0 usd
CY2023Q1 lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
20000 usd
CY2022Q1 lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
0 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s two largest insurance carrier partners accounted for 33% and 12% of the Company’s total revenue during the three months ended March 31, 2023 and accounted for 38% and 14% of the Company's total revenue during the three months ended March 31, 2022. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, delegated 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.</span></div>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.
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',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, profit share revenue recognition and the corresponding impact on contract assets, the recognition of the valuations of share-based compensation arrangements and assessing the realizability of deferred tax assets. 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.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>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.
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
75430000 usd
CY2023Q1 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
37647000 usd
CY2023Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
-714000 usd
CY2023Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
17577000 usd
CY2023Q1 lpro Payments Received From Insurance Carriers
PaymentsReceivedFromInsuranceCarriers
30310000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-38000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
65942000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
41700000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
54400000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
24200000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
21000000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1546000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1630000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
146579000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
147433000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
142829000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
143683000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
300000000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4200000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8300000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12538000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23154000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123122014 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126215698 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
12538000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
23154000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123122014 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126215698 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
302308 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
499 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
123424322 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126216197 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
678613 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
742386 shares
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
174260000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
187426000 usd

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