$LPRO
Open Lending Corp

2023 Q4 Form 10-Q Financial Statement

#000180620123000144 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $14.94M $26.01M
YoY Change -44.3% -48.67%
Cost Of Revenue $5.365M $5.369M
YoY Change 9.58% 3.27%
Gross Profit $9.574M $20.64M
YoY Change -56.33% -54.61%
Gross Profit Margin 64.09% 79.35%
Selling, General & Admin $16.35M $14.38M
YoY Change 6.78% -6.09%
% of Gross Profit 170.79% 69.7%
Research & Development $1.500M $1.717M
YoY Change -18.43% -27.09%
% of Gross Profit 15.67% 8.32%
Depreciation & Amortization $335.0K $300.0K
YoY Change -49.17% 354.55%
% of Gross Profit 3.5% 1.45%
Operating Expenses $17.85M $16.10M
YoY Change 4.08% -8.88%
Operating Profit -$8.277M $4.536M
YoY Change -273.41% -83.68%
Interest Expense $198.0K $2.799M
YoY Change -129.55% 74.07%
% of Operating Profit 61.71%
Other Income/Expense, Net $118.0K -$3.000K
YoY Change 11700.0% -98.74%
Pretax Income -$7.961M $4.535M
YoY Change -293.98% -82.73%
Income Tax -$3.119M $1.500M
% Of Pretax Income 33.08%
Net Earnings -$4.842M $3.003M
YoY Change 15.59% -87.76%
Net Earnings / Revenue -32.41% 11.55%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share -$0.04 $0.02
COMMON SHARES
Basic Shares Outstanding 119.8M shares 120.7M shares
Diluted Shares Outstanding 121.3M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.2M $232.6M
YoY Change 17.49% 15.26%
Cash & Equivalents $240.2M $232.6M
Short-Term Investments
Other Short-Term Assets $2.852M $3.137M
YoY Change 20.8% -10.75%
Inventory
Prepaid Expenses
Receivables $4.616M $5.266M
Other Receivables $7.035M $9.200M
Total Short-Term Assets $289.9M $293.9M
YoY Change 3.25% 3.76%
LONG-TERM ASSETS
Property, Plant & Equipment $3.913M $3.713M
YoY Change 52.08% 33.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.535M $5.539M
YoY Change -0.72% 1106.75%
Total Long-Term Assets $84.16M $89.52M
YoY Change -14.89% -22.66%
TOTAL ASSETS
Total Short-Term Assets $289.9M $293.9M
Total Long-Term Assets $84.16M $89.52M
Total Assets $374.0M $383.4M
YoY Change -1.47% -3.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.0K $221.0K
YoY Change 30.21% 20.77%
Accrued Expenses $8.131M $9.302M
YoY Change 27.29% 5.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.688M $3.750M
YoY Change 25.01% 0.0%
Total Short-Term Liabilities $20.59M $19.97M
YoY Change 36.29% 17.63%
LONG-TERM LIABILITIES
Long-Term Debt $139.4M $141.1M
YoY Change -3.01% -2.31%
Other Long-Term Liabilities $5.060M $3.926M
YoY Change 29.74% -7.21%
Total Long-Term Liabilities $5.060M $145.1M
YoY Change -96.57% 0.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.59M $19.97M
Total Long-Term Liabilities $5.060M $145.1M
Total Liabilities $168.5M $168.7M
YoY Change 0.99% 1.79%
SHAREHOLDERS EQUITY
Retained Earnings -$193.7M -$188.9M
YoY Change -10.23% -10.74%
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 $205.6M $214.7M
YoY Change
Total Liabilities & Shareholders Equity $374.0M $383.4M
YoY Change -1.47% -3.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.842M $3.003M
YoY Change 15.59% -87.76%
Depreciation, Depletion And Amortization $335.0K $300.0K
YoY Change -49.17% 354.55%
Cash From Operating Activities $16.75M $20.30M
YoY Change -25.31% -35.37%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $0.00
YoY Change -253.85% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$570.0K -$700.0K
YoY Change
Cash From Investing Activities -$590.0K -$800.0K
YoY Change -4638.46% 193.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.907M -10.90M
YoY Change -58.57% -474.31%
NET CHANGE
Cash From Operating Activities 16.75M 20.30M
Cash From Investing Activities -590.0K -800.0K
Cash From Financing Activities -7.907M -10.90M
Net Change In Cash 8.258M 8.600M
YoY Change 145.55% -74.74%
FREE CASH FLOW
Cash From Operating Activities $16.75M $20.30M
Capital Expenditures $20.00K $0.00
Free Cash Flow $16.73M $20.30M
YoY Change -25.45% -35.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
550000000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
128198185 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
123646059 shares
CY2023Q3 us-gaap Common Stock Value
CommonStockValue
1282000 usd
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
1282000 usd
CY2023Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
503981000 usd
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
4552126 shares
CY2023Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
101631000 usd
CY2022Q4 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
72264000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
214725000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
212824000 usd
CY2023Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
383380000 usd
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
379631000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102521000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
152773000 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13708000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4075000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6366000 usd
us-gaap Operating Expenses
OperatingExpenses
48252000 usd
us-gaap Operating Expenses
OperatingExpenses
44859000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-239000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36819000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
89436000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9907000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18627000 usd
us-gaap Net Income Loss
NetIncomeLoss
26912000 usd
us-gaap Net Income Loss
NetIncomeLoss
70809000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126222415 shares
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
212824000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1844000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-129000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
12538000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
205549000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2361000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-131000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
11371000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
219150000 usd
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
550000000 shares
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
499625000 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-188907000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-215819000 usd
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
8698681 shares
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
16917000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
15072000 usd
us-gaap Gross Profit
GrossProfit
85604000 usd
us-gaap Gross Profit
GrossProfit
137701000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
31041000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
24785000 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13136000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
37352000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
92842000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
2799000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
1608000 usd
us-gaap Interest Expense
InterestExpense
7841000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2684000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-5000 usd
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
10107000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
3003000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
214725000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1281000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-39000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
23154000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
183378000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
988000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-24000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
23126000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
207468000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1295000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-18000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
24529000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
233274000 usd
us-gaap Net Income Loss
NetIncomeLoss
26912000 usd
us-gaap Net Income Loss
NetIncomeLoss
70809000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6826000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3564000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
824000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
680000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
319000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
265000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
461000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
431000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
386000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7860000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-10000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-455000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
129000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-26199000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-13016000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
789000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1331000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-67000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1101000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2299000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4849000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
513000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-984000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-412000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-363000 usd
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
1749000 usd
us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
308000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
218000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
181000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
65903000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84997000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
103000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
222000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1485000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
415000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1588000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-637000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
150000000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2813000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
122656000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
25000000 usd
lpro Payments Of Deferred Financings Costs
PaymentsOfDeferredFinancingsCosts
0 usd
lpro Payments Of Deferred Financings Costs
PaymentsOfDeferredFinancingsCosts
976000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
31322000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
288000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
81000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-34423000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1287000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
29892000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
85647000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
119509000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
238411000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205156000 usd
us-gaap Interest Paid Net
InterestPaidNet
7593000 usd
us-gaap Interest Paid Net
InterestPaidNet
2859000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27471000 usd
lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
230000 usd
lpro Accrued Excise Tax From Share Repurchases
AccruedExciseTaxFromShareRepurchases
290000 usd
lpro Accrued Excise Tax From Share Repurchases
AccruedExciseTaxFromShareRepurchases
0 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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.
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 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. </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 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.</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, 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.</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.
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 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 </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%">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><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 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.</span></div>
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
59655000 usd
CY2023Q3 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
34063000 usd
CY2023Q3 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
-8057000 usd
CY2023Q3 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
16484000 usd
CY2023Q3 lpro Payments Received From Insurance Carriers
PaymentsReceivedFromInsuranceCarriers
19940000 usd
CY2023Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
49231000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
75430000 usd
us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
111038000 usd
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
-8517000 usd
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
52684000 usd
lpro Payments Received From Insurance Carriers
PaymentsReceivedFromInsuranceCarriers
76051000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-15000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
49231000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
37900000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
54400000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
11400000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
21000000 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1361000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1630000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
144889000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
147433000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
141139000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
143683000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
300000000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1500000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9900000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.338
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.269
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18600000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.066
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
lpro Effective Income Tax Rate Reconciliation Change In Tax Law Amount
EffectiveIncomeTaxRateReconciliationChangeInTaxLawAmount
-5100000 usd
CY2022Q3 lpro Effective Income Tax Rate Reconciliation Change In Tax Law Amount
EffectiveIncomeTaxRateReconciliationChangeInTaxLawAmount
-5100000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3003000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24529000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26912000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
70809000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120217857 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126228723 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121318872 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126222084 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
3003000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
24529000 usd
us-gaap Net Income Loss
NetIncomeLoss
26912000 usd
us-gaap Net Income Loss
NetIncomeLoss
70809000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120217857 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126228723 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121318872 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126222084 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1081023 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
746846 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
331 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121298880 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126228723 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122065718 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126222415 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
848367 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
978381 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
848367 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
978381 shares
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
208982000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
187426000 usd
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001806201-23-000144-index-headers.html Edgar Link pending
0001806201-23-000144-index.html Edgar Link pending
0001806201-23-000144.txt Edgar Link pending
0001806201-23-000144-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lpro-20230930.htm Edgar Link pending
lpro-20230930.xsd Edgar Link pending
lpro-20230930ex311.htm Edgar Link pending
lpro-20230930ex312.htm Edgar Link pending
lpro-20230930ex321.htm Edgar Link pending
lpro-20230930ex322.htm Edgar Link pending
lpro-20230930_g1.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
lpro-20230930_cal.xml Edgar Link unprocessable
lpro-20230930_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
lpro-20230930_def.xml Edgar Link unprocessable
lpro-20230930_pre.xml Edgar Link unprocessable
lpro-20230930_htm.xml Edgar Link completed