$LPRO
Open Lending Corp

2023 Q3 Form 10-Q Financial Statement

#000180620123000108 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $26.01M $38.15M
YoY Change -48.67% -26.69%
Cost Of Revenue $5.369M $6.117M
YoY Change 3.27% 20.29%
Gross Profit $20.64M $32.04M
YoY Change -54.61% -31.78%
Gross Profit Margin 79.35% 83.97%
Selling, General & Admin $14.38M $15.19M
YoY Change -6.09% 26.98%
% of Gross Profit 69.7% 47.41%
Research & Development $1.717M $1.128M
YoY Change -27.09% -48.45%
% of Gross Profit 8.32% 3.52%
Depreciation & Amortization $300.0K $252.0K
YoY Change 354.55% -18.71%
% of Gross Profit 1.45% 0.79%
Operating Expenses $16.10M $16.32M
YoY Change -8.88% 15.31%
Operating Profit $4.536M $15.72M
YoY Change -83.68% -52.09%
Interest Expense $2.799M $2.655M
YoY Change 74.07% 136.21%
% of Operating Profit 61.71% 16.89%
Other Income/Expense, Net -$3.000K -$6.000K
YoY Change -98.74%
Pretax Income $4.535M $15.51M
YoY Change -82.73% -51.08%
Income Tax $1.500M $4.100M
% Of Pretax Income 33.08% 26.43%
Net Earnings $3.003M $11.37M
YoY Change -87.76% -50.83%
Net Earnings / Revenue 11.55% 29.8%
Basic Earnings Per Share $0.02 $0.09
Diluted Earnings Per Share $0.02 $0.09
COMMON SHARES
Basic Shares Outstanding 120.7M shares 120.7M shares
Diluted Shares Outstanding 121.3M shares 121.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.6M $224.4M
YoY Change 15.26% 33.84%
Cash & Equivalents $232.6M $224.4M
Short-Term Investments
Other Short-Term Assets $3.137M $2.980M
YoY Change -10.75% -10.81%
Inventory
Prepaid Expenses
Receivables $5.266M $6.329M
Other Receivables $9.200M $11.76M
Total Short-Term Assets $293.9M $284.5M
YoY Change 3.76% 9.82%
LONG-TERM ASSETS
Property, Plant & Equipment $3.713M $3.013M
YoY Change 33.13% 7.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.539M $5.626M
YoY Change 1106.75% 3601.32%
Total Long-Term Assets $89.52M $102.3M
YoY Change -22.66% -5.07%
TOTAL ASSETS
Total Short-Term Assets $293.9M $284.5M
Total Long-Term Assets $89.52M $102.3M
Total Assets $383.4M $386.8M
YoY Change -3.91% 5.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.0K $30.00K
YoY Change 20.77% -92.87%
Accrued Expenses $9.302M $7.491M
YoY Change 5.25% 22.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.750M $3.750M
YoY Change 0.0% -3.99%
Total Short-Term Liabilities $19.97M $17.97M
YoY Change 17.63% 28.21%
LONG-TERM LIABILITIES
Long-Term Debt $141.1M $142.0M
YoY Change -2.31% 0.73%
Other Long-Term Liabilities $3.926M $3.923M
YoY Change -7.21% -10.25%
Total Long-Term Liabilities $145.1M $145.9M
YoY Change 0.41% 3.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.97M $17.97M
Total Long-Term Liabilities $145.1M $145.9M
Total Liabilities $168.7M $167.7M
YoY Change 1.79% 5.21%
SHAREHOLDERS EQUITY
Retained Earnings -$188.9M -$191.9M
YoY Change -10.74% -18.74%
Common Stock $1.282M $1.282M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.7M $219.2M
YoY Change
Total Liabilities & Shareholders Equity $383.4M $386.8M
YoY Change -3.91% 5.45%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $3.003M $11.37M
YoY Change -87.76% -50.83%
Depreciation, Depletion And Amortization $300.0K $252.0K
YoY Change 354.55% -18.71%
Cash From Operating Activities $20.30M $16.07M
YoY Change -35.37% -25.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $41.00K
YoY Change -100.0% -123.03%
Acquisitions
YoY Change
Other Investing Activities -$700.0K -$467.0K
YoY Change
Cash From Investing Activities -$800.0K -$508.0K
YoY Change 193.04% 185.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.90M -1.083M
YoY Change -474.31% 34.53%
NET CHANGE
Cash From Operating Activities 20.30M 16.07M
Cash From Investing Activities -800.0K -508.0K
Cash From Financing Activities -10.90M -1.083M
Net Change In Cash 8.600M 14.48M
YoY Change -74.74% -29.95%
FREE CASH FLOW
Cash From Operating Activities $20.30M $16.07M
Capital Expenditures $0.00 $41.00K
Free Cash Flow $20.30M $16.03M
YoY Change -35.93% -26.58%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
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us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
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us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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lpro Accrued Intangible Assets Costs
AccruedIntangibleAssetsCosts
42000 usd
lpro Accrued Intangible Assets Costs
AccruedIntangibleAssetsCosts
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lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
59000 usd
lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
27000 usd
lpro Accrued Excise Tax From Share Repurchases
AccruedExciseTaxFromShareRepurchases
190000 usd
lpro Accrued Excise Tax From Share Repurchases
AccruedExciseTaxFromShareRepurchases
0 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentrations of revenue and credit risks<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 34% and 10% of the Company’s total revenue during the three months ended June 30, 2023, and 34% and 11% during the six months ended June 30, 2023, respectively. The Company’s three largest insurance carrier partners accounted for 38%, 11% and 11% of the Company's total revenue during the three months ended June 30, 2022 and 38%, 13% and 10% during the six months ended June 30, 2022, respectively. </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.
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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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.
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
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CY2023Q2 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
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CY2023Q2 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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CY2023Q2 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
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CY2023Q2 lpro Payments Received From Insurance Carriers
PaymentsReceivedFromInsuranceCarriers
25801000 usd
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2022Q4 us-gaap Contract With Customer Asset Net
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us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
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us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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us-gaap Contract With Customer Asset Reclassified To Receivable
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lpro Payments Received From Insurance Carriers
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us-gaap Provision For Doubtful Accounts
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CY2023Q2 us-gaap Contract With Customer Asset Net Noncurrent
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CY2022Q4 us-gaap Deferred Finance Costs Net
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CY2023Q2 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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CY2023Q2 us-gaap Long Term Debt Noncurrent
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
405 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122456565 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126219115 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q2 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

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0001806201-23-000108.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
lpro-20230630_cal.xml Edgar Link unprocessable
lpro-20230630_lab.xml Edgar Link unprocessable
lpro-20230630_pre.xml Edgar Link unprocessable
lpro-20230630_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable
lpro-20230630_def.xml Edgar Link unprocessable