$LPRO
Open Lending Corp

2024 Q3 Form 10-Q Financial Statement

#000180620124000123 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $23.48M $26.73M
YoY Change -9.73% -29.95%
Cost Of Revenue $6.127M $5.713M
YoY Change 14.12% -6.6%
Gross Profit $17.35M $21.01M
YoY Change -15.93% -34.41%
Gross Profit Margin 73.9% 78.62%
Selling, General & Admin $14.49M $15.89M
YoY Change 0.74% 4.64%
% of Gross Profit 83.53% 75.64%
Research & Development $992.0K $1.130M
YoY Change -42.22% 0.18%
% of Gross Profit 5.72% 5.38%
Depreciation & Amortization $494.0K $415.0K
YoY Change 64.67% 64.68%
% of Gross Profit 2.85% 1.97%
Operating Expenses $15.48M $17.02M
YoY Change -3.84% 4.33%
Operating Profit $1.866M $3.990M
YoY Change -58.86% -74.62%
Interest Expense $259.0K $350.0K
YoY Change -90.75% -86.82%
% of Operating Profit 13.88% 8.77%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $2.125M $4.340M
YoY Change -53.14% -72.02%
Income Tax $700.0K $1.400M
% Of Pretax Income 32.94% 32.26%
Net Earnings $1.437M $2.902M
YoY Change -52.15% -74.48%
Net Earnings / Revenue 6.12% 10.86%
Basic Earnings Per Share $0.01 $0.02
Diluted Earnings Per Share $0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 119.3M shares 119.2M shares
Diluted Shares Outstanding 119.5M shares 119.3M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.2M $248.0M
YoY Change 7.58% 10.5%
Cash & Equivalents $250.2M $248.0M
Short-Term Investments
Other Short-Term Assets $3.364M $5.650M
YoY Change 7.24% 89.6%
Inventory
Prepaid Expenses
Receivables $4.566M $4.439M
Other Receivables $8.041M $8.060M
Total Short-Term Assets $294.7M $293.2M
YoY Change 0.3% 3.06%
LONG-TERM ASSETS
Property, Plant & Equipment $5.534M $4.835M
YoY Change 49.04% 60.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.662M $3.703M
YoY Change -33.89% -34.18%
Total Long-Term Assets $101.0M $89.59M
YoY Change 12.8% -12.42%
TOTAL ASSETS
Total Short-Term Assets $294.7M $293.2M
Total Long-Term Assets $101.0M $89.59M
Total Assets $395.7M $382.8M
YoY Change 3.22% -1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $282.0K $899.0K
YoY Change 27.6% 2896.67%
Accrued Expenses $10.30M $8.214M
YoY Change 10.76% 9.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $7.500M
YoY Change 100.0% 100.0%
Total Short-Term Liabilities $31.28M $22.01M
YoY Change 56.61% 22.5%
LONG-TERM LIABILITIES
Long-Term Debt $134.0M $135.8M
YoY Change -5.06% -4.36%
Other Long-Term Liabilities $6.499M $5.117M
YoY Change 65.54% 30.44%
Total Long-Term Liabilities $140.5M $140.9M
YoY Change -3.15% -3.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.28M $22.01M
Total Long-Term Liabilities $140.5M $140.9M
Total Liabilities $175.2M $166.0M
YoY Change 3.91% -0.97%
SHAREHOLDERS EQUITY
Retained Earnings -$184.3M -$185.8M
YoY Change -2.43% -3.2%
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 $220.5M $216.8M
YoY Change
Total Liabilities & Shareholders Equity $395.7M $382.8M
YoY Change 3.22% -1.03%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.437M $2.902M
YoY Change -52.15% -74.48%
Depreciation, Depletion And Amortization $494.0K $415.0K
YoY Change 64.67% 64.68%
Cash From Operating Activities $11.38M -$1.407M
YoY Change -43.96% -108.75%
INVESTING ACTIVITIES
Capital Expenditures $110.0K $51.00K
YoY Change 24.39%
Acquisitions
YoY Change
Other Investing Activities -$900.0K -$1.035M
YoY Change 28.57% 121.63%
Cash From Investing Activities -$1.010M -$1.086M
YoY Change 26.25% 113.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.885M -116.0K
YoY Change -82.71% -89.29%
NET CHANGE
Cash From Operating Activities 11.38M -1.407M
Cash From Investing Activities -1.010M -1.086M
Cash From Financing Activities -1.885M -116.0K
Net Change In Cash 8.482M -2.609M
YoY Change -1.37% -118.02%
FREE CASH FLOW
Cash From Operating Activities $11.38M -$1.407M
Capital Expenditures $110.0K $51.00K
Free Cash Flow $11.27M -$1.458M
YoY Change -44.5% -109.1%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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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
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23909000 usd
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 Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Deferred Income Tax Expense Benefit
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2023Q1 us-gaap Stock Repurchased During Period Value
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Financing Costs
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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
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Proceeds From Other Operating Activities
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us-gaap Proceeds From Other Operating Activities
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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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
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Operating Lease Liability
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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
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us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Develop Software
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us-gaap Payments To Develop Software
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us-gaap Net Cash Provided By Used In Investing Activities
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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
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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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
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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lpro Share Based Compensation For Capitalized Software Development
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lpro Share Based Compensation For Capitalized Software Development
ShareBasedCompensationForCapitalizedSoftwareDevelopment
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lpro Capitalized Software Development Costs Accrued But Not Paid
CapitalizedSoftwareDevelopmentCostsAccruedButNotPaid
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lpro Capitalized Software Development Costs Accrued But Not Paid
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lpro Accrued Excise Tax From Share Repurchases
AccruedExciseTaxFromShareRepurchases
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lpro Accrued Excise Tax From Share Repurchases
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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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 31% and 10% of the Company’s total revenue during the three months ended June 30, 2024 and 35% and 10% during the six months ended June 30, 2024. The Company’s 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. </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 assets 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.
CY2023Q4 lpro Accounts And Contract Asset Receivable Allowance For Credit Loss
AccountsAndContractAssetReceivableAllowanceForCreditLoss
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CY2024Q2 lpro Accounts And Contract Asset Receivable Allowance For Credit Loss
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us-gaap Use Of Estimates
UseOfEstimates
Use of estimates and judgments<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 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>
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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120648658 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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2902000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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11371000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7989000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23909000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119206370 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120648658 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119066270 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121878503 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
125102 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
891436 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119331472 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121540094 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2155601 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
596908 shares
CY2024Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
222420000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
211792000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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