Open Lending (LPRO) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Open Lending Corp
Entity Central Index Key	0001806201
Entity Filer Category	Non-accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Shell Company	false
Entity Ex Transition Period	true
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	LPRO
Security Exchange Name	NASDAQ
Title of 12(g) Security	Common stock, par value $0.01 per share
Entity Address, State or Province	TX
Entity Address, Country	DE
Entity Common Stock, Shares Outstanding		111,539,609

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 26,252	$ 7,676
Restricted cash	2,412	2,222
Accounts receivable	3,193	3,767
Current contract assets	19,491	29,782
Prepaid expenses	1,629	479
Other current assets	328	205
Deferred transaction costs		1,081
Total current assets	53,305	45,212
Property and equipment, net	669	299
Non-current contract assets	43,235	33,169
Deferred tax asset, net	89,177
Other assets	148	506
Total assets	186,534	79,186
Current liabilities
Accounts payable	3,086	1,337
Accrued expenses	924	2,006
Income tax payable	569
Current portion of notes payable	4,463	2,484
Other current liabilities	2,647	2,366
Total current liabilities	11,689	8,193
Estimated fair value of contingent consideration	395,891
Long-term notes payable, net of unamortized debt issuance costs	155,128	829
Other long-term liabilities	88,077
Total liabilities	650,785	9,022
Commitment and contingencies
Redeemable convertible preferred Series C units, 0 and 14,278,603 units issued and outstanding as of June 30, 2020 and December 31, 2019, respectively		304,943
Stockholders' deficit
Preferred stock, $0.01 par value; 10,000,000 shares authorized and 0 shares issued as of June 30, 2020 and December 31, 2019, respectively
Common stock, $0.01 par value; 550,000,000 shares authorized and 91,849,909 issued and outstanding as of June 30, 2020; 110,000,000 shares authorized and 37,631,052 issued and outstanding as of December 31, 2019	918	376
Additional paid-in capital	(92,912)	7,626
Accumulated deficit	(372,257)	(242,781)
Total stockholders' deficit	(464,251)	(234,779)
Total liabilities and stockholders' deficit	$ 186,534	$ 79,186

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	550,000,000	110,000,000
Common stock, shares issued	91,849,909	37,631,052
Common stock, shares outstanding	91,849,909	37,631,052
Series C Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, shares outstanding		21,906,852
Series C Redeemable Convertible Preferred Stock | Cumulative Effect, Period of Adoption, Adjusted Balance
Redeemable convertible preferred stock, shares issued	0	14,278,603
Redeemable convertible preferred stock, shares outstanding	0	14,278,603

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Total revenue	$ 22,067	$ 25,183	$ 39,497	$ 44,667
Cost of services	1,827	2,067	4,322	3,594
Gross profit	20,240	23,116	35,175	41,073
Operating expenses
General and administrative	14,650	3,315	18,218	6,407
Selling and marketing	1,295	1,889	3,373	3,645
Research and development	349	332	707	578
Operating income	3,946	17,580	12,877	30,443
Change in fair value of contingent consideration	(48,802)		(48,802)
Interest expense	(3,644)	(82)	(4,408)	(168)
Interest income	44	5	61	8
Other income	3	2	3	6
Income/(loss) before income taxes	(48,453)	17,505	(40,269)	30,289
Provision (benefit) for income taxes	1,352	21	1,364	(99)
Net income (loss) and comprehensive income (loss)	$ (49,805)	$ 17,484	$ (41,633)	$ 30,388
Net income (loss) and comprehensive income (loss) per common share
Basic and diluted net loss per share	$ (1.01)	$ (0.19)	$ (0.80)	$ (0.53)
Weighted average basic and diluted shares of common stock outstanding	49,547,284	37,631,052	43,589,168	37,631,052
Program fees [Member]
Revenue
Total revenue	$ 8,793	$ 9,482	$ 21,505	$ 17,457
Profit share [Member]
Revenue
Total revenue	12,163	14,943	15,938	25,779
Claims administration service fees [Member]
Revenue
Total revenue	$ 1,111	$ 758	$ 2,054	$ 1,431

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands	Total	Revision of Prior Period, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjustment	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Accumulated DeficitRevision of Prior Period, Adjustment	Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance	Redeemable Convertible Series C Preferred	Redeemable Convertible Series C PreferredCumulative Effect, Period of Adoption, Adjustment	Redeemable Convertible Series C PreferredCumulative Effect, Period of Adoption, Adjusted Balance	Common	CommonCumulative Effect, Period of Adoption, Adjustment	Series A and B PreferredPreferred Stock	Series A and B PreferredPreferred StockCumulative Effect, Period of Adoption, Adjustment
Beginning balance, Redeemable Convertible, Units at Dec. 31, 2018													21,906,852	(7,628,249)	14,278,603	23,885,352	(23,885,352)
Beginning balance, Redeemable Convertible at Dec. 31, 2018													$ 141,518		$ 141,518	$ 5,540	$ (5,540)
Beginning balance. Shares at Dec. 31, 2018					37,631,052	37,631,052												29,058,266	(29,058,266)
Beginning balance at Dec. 31, 2018	$ (133,792)	$ 32,768	$ (133,792)		$ 376	$ 376		$ 5,642	$ 5,642	$ (139,810)	$ 32,768	$ (139,810)						$ 478	$ (478)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock, Redeemable Convertible													$ 23,112
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock	(23,112)									(23,112)
Vesting of Open Lending, LLC share-based compensation plan	523						$ 523
Distribution to Open Lending, LLC unitholders before Business Combination	(7,554)									(7,554)
Net income (loss)	12,904									12,904
Ending balance, Redeemable Convertible, Units at Mar. 31, 2019													14,278,603
Ending balance, Redeemable Convertible at Mar. 31, 2019													$ 164,630
Ending balance, Shares at Mar. 31, 2019				37,631,052
Ending balance at Mar. 31, 2019	(118,263)			$ 376			6,165			(124,804)
Beginning balance, Redeemable Convertible, Units at Dec. 31, 2018													21,906,852	(7,628,249)	14,278,603	23,885,352	(23,885,352)
Beginning balance, Redeemable Convertible at Dec. 31, 2018													$ 141,518		$ 141,518	$ 5,540	$ (5,540)
Beginning balance. Shares at Dec. 31, 2018					37,631,052	37,631,052												29,058,266	(29,058,266)
Beginning balance at Dec. 31, 2018	(133,792)	$ 32,768	(133,792)		$ 376	$ 376		5,642	5,642	(139,810)	$ 32,768	(139,810)						$ 478	$ (478)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock	46,224
Net income (loss)	30,388
Ending balance, Redeemable Convertible, Units at Jun. 30, 2019													14,278,603
Ending balance, Redeemable Convertible at Jun. 30, 2019													$ 187,742
Ending balance, Shares at Jun. 30, 2019				37,631,052
Ending balance at Jun. 30, 2019	(128,479)			$ 376			6,652			(135,507)
Beginning balance, Redeemable Convertible, Units at Mar. 31, 2019													14,278,603
Beginning balance, Redeemable Convertible at Mar. 31, 2019													$ 164,630
Beginning balance. Shares at Mar. 31, 2019				37,631,052
Beginning balance at Mar. 31, 2019	(118,263)			$ 376			6,165			(124,804)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock, Redeemable Convertible													$ 23,112
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock	(23,112)									(23,112)
Vesting of Open Lending, LLC share-based compensation plan	487						487
Distribution to Open Lending, LLC unitholders before Business Combination	(5,075)									(5,075)
Net income (loss)	17,484									17,484
Ending balance, Redeemable Convertible, Units at Jun. 30, 2019													14,278,603
Ending balance, Redeemable Convertible at Jun. 30, 2019													$ 187,742
Ending balance, Shares at Jun. 30, 2019				37,631,052
Ending balance at Jun. 30, 2019	(128,479)			$ 376			6,652			(135,507)
Beginning balance, Redeemable Convertible, Units at Dec. 31, 2019													21,906,852	(7,628,249)	14,278,603	25,381,873	(25,381,873)
Beginning balance, Redeemable Convertible at Dec. 31, 2019													$ 304,943		$ 304,943	$ 7,524	$ (7,524)
Beginning balance. Shares at Dec. 31, 2019					37,631,052	37,631,052												29,058,266	(29,058,266)
Beginning balance at Dec. 31, 2019	(234,779)		(234,779)		$ 376	$ 376		7,626	7,626	(242,781)		(242,781)						$ 478	$ (478)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock, Redeemable Convertible													$ (47,537)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock	47,537									47,537
Vesting of Open Lending, LLC share-based compensation plan	487						487
Distribution to Open Lending, LLC unitholders before Business Combination	(135,380)									(135,380)
Net income (loss)	8,172									8,172
Ending balance, Redeemable Convertible, Units at Mar. 31, 2020													14,278,603
Ending balance, Redeemable Convertible at Mar. 31, 2020													$ 257,406
Ending balance, Shares at Mar. 31, 2020				37,631,052
Ending balance at Mar. 31, 2020	(313,963)			$ 376			8,113			(322,452)
Beginning balance, Redeemable Convertible, Units at Dec. 31, 2019													21,906,852	(7,628,249)	14,278,603	25,381,873	(25,381,873)
Beginning balance, Redeemable Convertible at Dec. 31, 2019													$ 304,943		$ 304,943	$ 7,524	$ (7,524)
Beginning balance. Shares at Dec. 31, 2019					37,631,052	37,631,052												29,058,266	(29,058,266)
Beginning balance at Dec. 31, 2019	(234,779)		$ (234,779)		$ 376	$ 376		$ 7,626	$ 7,626	(242,781)		$ (242,781)						$ 478	$ (478)
Fair value adjustment of redemption option in Open Lending, LLC convertible preferred stock	(47,537)
Net income (loss)	(41,633)
Ending balance, Redeemable Convertible, Units at Jun. 30, 2020															0
Ending balance, Shares at Jun. 30, 2020				91,849,909
Ending balance at Jun. 30, 2020	(464,251)			$ 918			(92,912)			(372,257)
Beginning balance, Redeemable Convertible, Units at Mar. 31, 2020													14,278,603
Beginning balance, Redeemable Convertible at Mar. 31, 2020													$ 257,406
Beginning balance. Shares at Mar. 31, 2020				37,631,052
Beginning balance at Mar. 31, 2020	(313,963)			$ 376			8,113			(322,452)
Vesting of Open Lending, LLC share-based compensation plan	2,189						2,189
Net income (loss)	(49,805)									(49,805)
Recapitalization transaction, net of transaction costs, Redeemable Convertible, Units													(14,278,603)
Recapitalization transaction, net of transaction costs, Redeemable Convertible													$ (257,406)
Recapitalization transaction, net of transaction costs, Shares				54,218,857
Recapitalization transaction, net of transaction costs	242,543			$ 542			242,001
Deferred tax asset	1,874						1,874
Estimated fair value of contingent consideration at June 10, 2020	(347,089)						(347,089)
Ending balance, Redeemable Convertible, Units at Jun. 30, 2020															0
Ending balance, Shares at Jun. 30, 2020				91,849,909
Ending balance at Jun. 30, 2020	$ (464,251)			$ 918			$ (92,912)			$ (372,257)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (41,633)	$ 30,388
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation	2,676	1,010
Depreciation and amortization	671	52
Change in fair value of contingent consideration	48,802
Deferred income taxes	775
Changes in assets & liabilities:
Accounts receivable	574	(829)
Contract assets	225	(13,439)
Prepaid expenses	(69)	(400)
Other current and non-current assets	322	(339)
Accounts payable	176	44
Accrued expenses	(1,184)	316
Income tax payable	569
Other liabilities	102	240
Net cash provided by operating activities	12,006	17,043
Cash flows from investing activities
Purchase of property and equipment	(424)	(57)
Net cash used in investing activities	(424)	(57)
Cash flows from financing activities
Repayments of notes payable	(4,380)	(1,242)
Proceeds from issuance of long-term debt, net of issuance costs	160,233
Distributions to Open Lending, LLC unitholders	(135,380)	(20,179)
Recapitalization transaction, net of transaction costs	(13,289)
Net cash provided by (used in) financing activities	7,184	(21,421)
Net change in cash and cash equivalents and restricted cash	18,766	(4,435)
Cash and cash equivalents and restricted cash at the beginning of the period	9,898	13,136
Cash and cash equivalents and restricted cash at the end of the period	28,664	8,701
Supplemental disclosure of cash flow information:
Interest paid	3,958	160
Income tax paid (refunded), net	20	(99)
Change in fair value of Open Lending, LLC redeemable convertible preferred units	(47,537)	$ 46,224
Conversion of preferred stock to common stock	$ 257,406

Description of Business Backgro

Description of Business Background and Nature of Operations	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	1. Description of Business, Background and Nature of Operations Open Lending Corporation (the “Company”), headquartered in Austin, Texas, provides loan analytics, risk-based loan pricing, risk modeling, and automated decision technology for automotive lenders throughout the United States of America which allows each lending institution to book incremental non-prime Nebula Acquisition Corporation (“Nebula”), our predecessor, was originally incorporated in Delaware on October 2, 2017 as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On June 10, 2020 (the “Closing”), Nebula consummated a business combination (the “Business Combination”) pursuant to that certain Business Combination Agreement, dated as of January 5, 2020 (as amended by that certain Amendment No. 1 and Waiver, dated as of March 18, 2020, that certain Amendment No. 2 and Consent, dated as of March 26, 2020, that certain Amendment No. 3, dated as of May 13, 2020, and that certain amendment No. 4, dated as of June 9, 2020, the “Business Combination Agreement”) by and among Nebula, Open Lending, LLC, a Texas limited liability company, BRP Hold 11, Inc., a Delaware corporation (“Blocker”), the Blocker’s sole stockholder, Nebula Parent Corp., a Delaware Corporation (“ParentCo”), NBLA Merger Sub LLC, a Texas limited liability company, NBLA Merger Sub Corp., a Delaware corporation, and Shareholder Representative Services LLC, a Colorado limited liability company, as the Securityholder Representative. Immediately upon the completion of the Business Combination and the other transactions contemplated by the Business Combination Agreement (the “Transactions”, and such completion, the “Closing”), Open Lending, LLC became a wholly-owned subsidiary of ParentCo, and, ParentCo changed its name to Open Lending Corporation. The Company is now listed on NASDAQ under the symbol “LPRO”. Unless the context otherwise requires, “we,” “us,” “our,” “Open Lending,” and the “Company” refers to Open Lending Corporation, the combined company and its subsidiaries following the Business Combination. “Open Lending, LLC” and “Nebula” refers to Open Lending, LLC and Nebula Acquisition Corporation prior to the Closing. Refer to Note 3 for further discussion on the Business Combination. The Company has evaluated how it is organized and managed and has identified only one operating segment. All of the Company’s operations and assets are in the United States, and all of its revenues are attributable to United States customers.

Summary of Significant Accounti

Summary of Significant Accounting and Reporting Policies and Recent Developments	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies and Recent Developments	2. Summary of Significant Accounting and Reporting Policies and Recent Developments The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements. a) Unaudited i f s The accompanying consolidated balance sheet as of June 30, 2020, consolidated statements of operations and comprehensive income (loss) and consolidated statements of stockholders’ deficit for the three and six months ended June 30, 2020 and 2019, respectively and consolidated statements of cash flows for the six months ended June 30, 2020 and 2019, respectively, are unaudited. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. However, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of June 30, 2020, and its results of operations, including its comprehensive income (loss), stockholders’ deficit for three and six months ended June 30, 2020 and 2019, respectively, and its cash flows for the six months ended June 30, 2020 and 2019, respectively. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2020. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on May 22, 2020. Certain prior year amounts, such as deferred transaction costs, have been reclassified to conform to the June 30, 2020 balance sheet presentation. b) Basis of p The Business Combination is accounted for as a reverse recapitalization as Open Lending, LLC was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances: • the pre-combination • the pre-combination • senior management of Open Lending, LLC became the senior management of the Company; and • operations of Open Lending, LLC comprise the ongoing operations of the Company. In connection with the Business Combination, outstanding units of Open Lending, LLC were converted into common stock of the Company, par value $0.01 per share, representing a recapitalization, and the net assets of Nebula were acquired at historical cost, with no goodwill or intangible assets recorded. Open Lending, LLC was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing (for the year ended December 31, 2019 and the quarter ended March 31, 2020 and 2019) are those of Open Lending, LLC. The shares and corresponding capital amounts and net income (loss) per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement. The number of Series C preferred units in mezzanine equity was also retroactively restated in shares reflecting the exchange ratio, and the carrying amount of the Series C Preferred Units is based on the fair value of its redemption amount on each reporting date. All Series C Preferred Units were converted to the Company’s common stock on the closing date of the Business Combination. c) Principles of consolidation The accompanying financial statements include the accounts of the Company and all its subsidiaries that are directly or indirectly owned or controlled by the Company. Intercompany transactions and balances have been eliminated upon consolidation. d) Coronavirus outbreak The recent outbreak of the novel coronavirus (“COVID-19”), COVID-19 and potential increased defaults , COVID-19 e) Emerging growth company The Company is an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act (“JOBS Act”). As such, the Company is eligible for and intends to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as it continues to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act, (ii) the exemptions from say-on-pay, say-on-frequency say-on-golden The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of the shares of its common stock that are held by non-affiliates non-convertible f) Use of estimates and judgements The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Significant items subject to such estimates and assumptions include, but are not limited to, the recognition of the valuations of share-based compensation arrangements, valuation of contingent consideration, valuation of interest rate swaps, the useful lives of property and equipment, revenue recognition, and assumptions used in the recognition of contract assets. At the end of first quarter 2020, changes in facts and circumstances and general market conditions from the COVID-19 (“ ASU ”) 2014-09, g) Income taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured as the largest amount that is greater than 50% likely of being realized. The Company records potential interest and penalties related to an underpayment of income taxes as interest expense and penalties included within operating expenses in the consolidated statements of operations and comprehensive income. h) Recently adopted accounting pronouncements On January 1, 2020, we adopted ASU 2016-02, (“ Topic 842 ”) non-lease We recognized operating right-of-use . i) Recently issued accounting pronouncements not yet adopted In December 2019, the FASB released ASU 2019-12, 2019-12 2019-12 In June 2016, the FASB issued ASU 2016-13, Financial (“ Topic 326 ”) - Although there are several other new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Business Combination	3. Business Combination On June 10, 2020, Nebula consummated a business combination with Open Lending, LLC pursuant to the Business Combination Agreement. Pursuant to ASC 805, for financial accounting and reporting purposes, Open Lending, LLC was deemed the accounting acquirer and Nebula was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of Open Lending, LLC issuing stock for the net assets of Nebula, accompanied by a recapitalization. Under this method of accounting, the consolidated financial statements of Open Lending, LLC are the historical financial statements of Open Lending Corporation. The net assets of Nebula were stated at historical costs, with no goodwill or other intangible assets recorded in accordance with U.S. GAAP, and are consolidated with Open Lending, LLC’s financial statements on the Closing date. The shares and net income (loss) per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement . As a result of the Business Combination, Open Lending, LLC’s unitholders received aggregate consideration of approximately $1.0 billion, which consists of (i) $328.8 million in cash at the closing of the Business Combination , net of transaction expenses , (ii) $135.0 million in cash distribution from debt issued in March 2020, and (iii) 51,909,655 shares of common stock valued at $10.00 per share, totaling $519.1 million. In addition, Open Lending, LLC’s unitholders are entitled to receive additional contingency consideration of up to an aggregate of 22,500,000 shares if the price of the Company’s common stock trading on the In connection with the Business Combination, the Company incurred direct and incremental costs of approximately $55.5 million related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees, which were recorded to additional paid-in non-cash and comprehensive income (loss) B

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	4. Notes Payable The Company is the Borrower under that certain Credit Agreement, dated as of March 11, 2020, among Open Lending, UBS AG, Stamford Branch, as administrative agent, the lenders from time to time party thereto and the other parties thereto, as amended, the Credit Agreement ( the non-liquidation ( subject to a LIBOR floor of 1 For the three and six months ended June 30, 2020, the weighted average effective interest rate was 7.50 year-to-year The Company’s outstanding Notes Payable consists of the following: (in thousands) June 30, 2020 December 31, 2019 Note payable — 3,334 Term loan due 2027 168,938 — Less: debt issuance costs (9,347 ) (21 ) Less: current portion of notes payable (4,463 ) (2,484 ) Long-term notes payable, ne t of debt issuance costs $ 155,128 $ 829 As of June 30, 2020, the Company was in

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Deficit	5. Stockholders’ Deficit On June 11, 2020, Open Lending Corporation’s common stock began trading on the established in the Business Combination Agreement to determine the number of shares of common stock into which they were converted. In connection to the Business Combination, on July 1, 2020, the Company filed a Registration Statement on Form S-1 earn-out Common stock In conjunction with the Business Combination, Nebula obtained commitments from certain investors (collectively, the “PIPE Investors”) to purchase shares of Nebula Class A common stock, which were converted into 20,000,000 Private Investment in Public Entity (“PIPE”) shares for a purchase price of $10.00 per share. Of the 20,000,000 PIPE shares, 11,500,000 shares are held by other institutional investors and 8,500,000 shares are held by Nebula Holdings, LLC and its affiliates lock-up Shares % Open Lending, LLC unitholders 51,909,655 56 % Public stockholders 16,502,754 18 % Nebula Holdings, LLC and its affiliates 11,937,500 13 % PIPE Investors 11,500,000 13 % Total 91,849,909 100 % Preferred Stock As of December 31, 2019, Open Lending, LLC had 29,058,266 shares of no par value Series A and Series B preferred units outstanding and 21,906,852 shares of redeemable convertible Series C preferred units, all of which were convertible on a 1:1 basis with Open Lending, LLC common units. Upon the Closing, the preferred units outstanding were converted into common stock of the Company at the exchange rate established in the Business Combination Agreement , par value $0.01 per share. Public Warrants Upon the Closing, there are 9,166,659 outstanding public warrants to purchase shares of the Company’s common stock that were issued by Nebula with other consideration prior to the B C Each whole warrant entitles the holder to purchase one whole share of the Company’s common stock at a price of $11.50 per share, subject to adjustments. The warrants are exercisable 30 days after the completion of the B C 20- a 30-trading day Dividend Any decision to declare and pay dividends in the future will be made at the sole discretion of Open Lending Corporation’s Board of Directors and will depend on, among other things, results of operations, cash requirements, financial condition, contractual restrictions and other factors that Open Lending Corporation’s Board of Directors may deem relevant. In addition, the Company’s ability to pay dividends will be limited by covenants in its existing indebtedness and may be limited by the agreements governing other indebtedness that it or its subsidiaries incur in the future.

Contingent Consideration

Contingent Consideration	6 Months Ended
	Jun. 30, 2020
Business Combination, Contingent Consideration Arrangements [Abstract]
Contingent Consideration	6. Contingent Consideration As part of the Business Combination, Open Lending, LLC unitholders and certain Nebula equity holders are entitled to additional consideration in form of shares of the Company’s common stock to be issued when the Company’s common stock price achieves certain market share price milestones within specified periods following the Closing. In addition, the Nebula sponsors are restricted to transfer a portion of their founder shares unless certain market share price targets are achieved within the specified period. As of June 30, 2020, no shares of the consideration issued or released from transfer restrictions. Refer to Note 13 Subsequent Events for the events after June 30, 2020 that triggered the issuance the contingent consideration shares. Pursuant to the guidance under ASC 815, Derivatives and Hedging, the contingent consideration classified a measurement liability , and the increase or decrease in the fair value is recognized as expense or income in each period accordingly. The fair value of the contingent consideration on each valuation date is estimated using the Monte Carlo simulation of the stock prices based on historical and implied market volatility. For the June 30, 2020 valuation date, management also used historical stock prices over the trading period since the Business Combination date to account for the days that the share price had exceeded the respective target price milestones. On June 10, 2020, the contingency consideration had a fair value of $347.1 million. On June 30, 2020, the contingency consideration shares had a fair value of $395.9 million. The increase in contingent consideration fair value of $48.8 million was recorded as expense in the statements of operations and comprehensive income (loss). Founders Shares Subject to Transfer Restrictions Immediately following the consummation of the Business Combination, 3,437,500 shares of common stock issued and outstanding held by Nebula Holdings, LLC and its affiliates are subject to transfer restrictions (the “Lock-up Lock-up lock-up Lock-up Lock-up 1) The 3,437,500 shares will be released from the lock-up one-half Lock-up one-half Lock-up 30-trading 2) The Lock-up lock-up The Lock-up Contingently Issuable Shares Pursuant to the Business Combination Agreement, Open Lending, LLC’s unitholders may receive up to 22,500,000 shares of common stock (the “Contingency Consideration”) contingent upon achieving certain market share price milestones within a period of 42 months post Business Combination. The Company will issue 7,500,000 shares of common stock when each of the following conditions is met, respectively: 1) the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading 2) the VWAP is greater than or equal to $14.00 over any 20 trading days within any 30-trading 3) the VWAP is greater than or equal to $16.00 over any 20 trading days within any 30-trading In connection with the Business Combination, certain Nebula’s equity holders will receive up to 1,250,000 earn-out “Earn-out 1) the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading 2) the VWAP is greater than or equal to $14.00 over any 20 trading days within any 30-trading The Contingency Consideration and the Earn-out

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration it is entitled to. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Performance Obligations The Company generates revenue primarily by providing services to lending institutions and insurance carriers. The following is a description of the principle activities from which the Company generates revenue. 1) Revenue from contracts with lending institutions Program fees are derived from contracts with automotive lenders. Through the Company’s proprietary Lenders Protection Program (“LPP”), we enable automotive lenders to make loans that are insured against certain credit losses from defaults. The Company generates program fee revenue from our proprietary, cloud-based software platform that enables automotive lenders, OEM captive finance companies and other financial institutions (collectively “lending institutions”) to approve loans to traditionally underserved non-prime The Company receives program fees for providing loan decision-making analytics solutions and automated issuance of credit default insurance with third-party insurance providers. The Company’s performance obligation is complete when a loan is certified through the Company’s Lenders Protection program and is issued by the lending institution. Program fee contracts contain a single performance obligation, which consist of a series of distinct services that are substantially the same with the same pattern of transfer to customers. Program fees are based on a percentage of the initial principal amount of the loans processed by the Company. There are two types of payment arrangements: 1) a single pay program fee is due based on the volume of loans originated by the lending institution in a calendar month; or 2) a monthly pay program fee is due in equal monthly installments within 12 months of loan origination. We bill the customer for an amount calculated based on the actual number of loans processed in a calendar month, which corresponds directly with the value of service transferred to the customer in that month. 2) Revenue from customer with insurance carriers We have producer agreements with two insurance carriers, AmTrust Financial Services, Inc. (“AmTrust”) and CNA Financial Corporation (“CNA”), from which we earn profit-share revenue and claims administration service fees. In the profit share arrangement, the Company facilitates placement of credit default insurance policies with lending institutions on behalf of our insurance partners. Profit share revenue represents our participation in the underwriting profit of our third-party insurance partners who provide lenders with credit default insurance on loans the automotive lenders make using our LPP. We receive a percentage of the aggregate monthly insurance underwriting profit. Monthly insurance underwriting profit is calculated as the monthly earned premium less expenses and losses (including reserves for incurred but not reported losses), with losses accrued and carried forward for future profit share calculations. The Company fulfills its performance obligation upon placement of the insurance, at which point the Company is entitled to the profit share of all future net premiums earned by the insurance carrier on the policy. To determine the profit share revenue, we use forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, prepayments and severity rates. These assumptions are based on our observations of the historical behavior for loans with similar risk characteristics. The assumptions also take consideration of the forecast adjustments under various macroeconomic conditions and the current mix of the underlying portfolio of our insurance partners. To the extent these assumptions change, our profit share revenue will be adjusted. In accordance with ASC 606, Revenue from Contracts with Customers, at the time of the placement of a policy by an insurance company, we estimate the variable consideration based on undiscounted expected future profit share to be received from the insurance carriers, and we applied economic stress factors in our forecast to constraint our estimation of transaction price to an amount. Claims administration service fees are generated from us acting as a third-party administrator to process and adjudicate the credit default insurance claims on behalf of the insurance companies. In this arrangement, the performance obligation to provide claims administration services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligations. Contract Balances The Company has no contract liabilities. Contract asset balances for the periods indicated below are as follows: Contract Asset (in thousands) Profit Share TPA Fee Program Total Ending balance as of December 31, 2019 $ 57,367 $ 575 $ 5,009 $ 62,951 Increase of contract asset due to new business generation 28,915 2,054 21,505 52,474 Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods (12,980 ) — — (12,980 ) Receivables transferred from contract assets upon billing the lending institutions — — (21,522 ) (21,522 ) Payments received from insurance carriers (16,252 ) (1,945 ) — (18,197 ) Ending balance of June 30, 2020 $ 57,050 $ 684 $ 4,992 $ 62,726

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	8. Share-Based Compensation Class B Common Unit Incentive Plan Prior to the Business Combination, commencing in 2013, the Board of Managers of Open Lending, LLC approved the Class B Unit Incentive Plan (the “Class B Plan”), which was a form of long-term compensation that provided for the issuance of ownership shares to Service Providers for purposes of retaining them and enabling such individuals to participate in the long-term growth and financial success of Open Lending, LLC. As a result of the Business Combination, the Board of Managers approved an acceleration of the awards granted in connection with the Class B Plan, to allow accelerated vesting of the units at the consummation of the Business Combination. On the date of the Closing, the accelerated vesting for 14,129,158 awards resulted in $2.2 million of non-cash 2020 Stock Option and Incentive Plan (“2020 Plan”) Prior to the closing of the Business Combination, on June 9, 2020, Nebula’s stockholders approved the 2020 Plan. The 2020 Plan provides for the grant of stock options, stock appreciation rights, restricted stock units and other stock or cash-based awards. The Company has initially reserved 9,693,750, approximately 10% of the number of shares of its common stock outstanding upon the closing, as the “Initial Limit” for the issuance of awards under the 2020 Plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2021, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, or the “Annual Increase.” This limit is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. There were no grants issued under the 2020 Plan during the three months ended June 30, 2020.

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) per Share	9. Net Income (Loss) per Share Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 10, 2020 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include stock purchase warrants and contingently issuable shares attributable to the contingency consideration and earn-out The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the three and six months ended June 30, 2020, and 2019 (in thousands, except per share amounts): ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic net income (loss) per share: Numerator Net income (loss) $ (49,805 ) $ 17,484 $ (41,633 ) $ 30,388 Preferred distribution to redeemable convertible preferred units (214 ) (1,689 ) (40,689 ) (4,182 ) Non-cash — (23,112 ) 47,537 (46,224 ) Net income (loss) attributable to common unitholders (50,019 ) (7,317 ) (34,785 ) (20,018 ) Denominator Basic weighted-average common shares 49,547,284 37,631,052 43,589,168 37,631,052 Basic net inc ome $ (1.01 ) $ (0.19 ) $ (0.80 ) $ (0.53 ) Warrants to purchase 9,166,659 shares of common stock at $11.50 per share were issued during Nebula’s initial public offering, and no such warrants were exercisable or exercised during the presented periods. The warrants were excluded from the basic and diluted net income (loss) per share as they were anti-dilutive given the Company had a net loss for the three and six months ended June 30, 2020 earn-out Open Lending, LLC’s legacy redeemable and convertible Series C preferred units were outstanding in mezzanine equity during January 1, 2020 through June 9 , 2020 and were retroactively restated in shares reflecting the exchange ratio as established in the Business Combination Agreement. All Series C preferred units were converted at a conversion rate of Therefore, the calculation for the period prior to June 10, 2020 , and they were excluded from the diluted net income (loss) per share considering their anti-dilutive impact by adjusting net income (loss) attributable to common unitholders with preferred distribution and non-cash adjustment to the redemption amount. The following potentially dilutive outstanding securities for the three and six months ended June 30, 2020 and 2019 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the respective period presented. ( in thousands Three Months Ended Six Months Ended 2020 2019 2020 2019 Redeemable stock warrants 9,167 — 9,167 — Contingency consideration 27,188 — 27,188 — Retroactively restated Series C preferred units 14,279 14,279 14,279 14,279 Total 50,634 14,279 50,634 14,279 The Company’s pre-merger two-class

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	10. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments on ( in thousands Quarter Ended June 30, 2020 Year Ended December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents $ 26,252 $ 26,252 $ 7,676 $ 7,676 Restricted cash 2,412 2,412 2,222 2,222 Accounts receivable 3,193 3,193 3,767 3,767 Interest Rate Swaps (Other assets) — — 9 9 Total $ 31,857 $ 31,857 $ 13,674 $ 13,674 Financial liabilities Notes payable $ 159,591 $ 159,591 $ 3,313 $ 3,313 Accounts payable 3,086 3,086 1,337 1,337 Accrued expenses 924 924 2,006 2,006 Income tax payable 569 569 — — Estimated fair value of contingent consideration 395,891 395,891 — — Total $ 560,061 $ 560,061 $ 6,656 $ 6,656 The fair value of the financial instruments shown in the table above as of June 30, 2020 and December 31, 2019 represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between the market participants at that date. Those fair value measurements maximize the use of observable and unobservable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses. The carrying amounts, at face value or cost-plus accrued interest, approximate fair value because of the short maturity of these instruments. • Interest rate swaps: The fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Company and of the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. The Company’s interest rate swap was settled in March of 2020. • Estimated fair value of contingent consideration: Contingent consideration represents the future potential issuance of the Company’s common stock related to the Contingency Consideration, Earn-out Lock-up o n on • Notes payable: the carrying amount of the Company’s debt approximates its fair value due to its variable interest rate that is tied to the current LIBOR rate plus an applicable spread and consistency in our credit ratings. Fair Value Hierarchy The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (including items that are required to be measured at fair value) at June 30, 2020 and December 31, 2019. Fair value measurements at (in thousands) June 30, Level 1 Level 2 Level 3 Liabilities: Contingent consideration $ 395,891 $ — $ — $ 395,891 Notes payable 159,591 — 159,591 — Total $ 555,482 $ — $ 159,591 $ 395,891 Fair value measurements at (in thousands) December 31, Level 1 Level 2 Level 3 Assets: Interest rate swaps $ 9 $ — $ 9 $ — Total 9 — 9 — Liabilities: Notes payable 3,313 — 3,313 — Total $ 3,313 $ — $ 3,313 $ — The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of any level for the periods ended June 30, 2020 and December 31, 2019. The Company does not have any long-lived asset which is being measured at fair value on a recurring basis.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Income tax expense from continuing operations is summarized as follows (in thousands): For the Six Months Ended June 30, 2020 Current: Federal $ 451 State 138 Total current tax expense (benefit) 589 Deferred: Federal 640 State 135 Total deferred tax (benefit) 775 Total income tax expense (benefit) $ 1,364 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effect of temporary differences giving rise to the Company’s net deferred tax assets (liabilities) o n June , is as follows: At June 30, 2020 Deferred tax assets: Professional fees capitalized $ 40 Deferred rent 11 Tax Receivable Agreement 103,266 Gross deferred tax assets 103,317 Valuation allowance — Net deferred tax assets 103,317 Deferred tax liabilities: Depreciation & amortization (87 ) Interest rate swap (21 ) Investment in Lenders Protection, LLC (1,594 ) Revenue recognition (12,438 ) Gross deferred tax liabilities (14,140 ) Net deferred tax assets $ 89,177 Net deferred tax assets totaling $89.9 million were recorded as of June 10, 2020 in relation to the Business Combination, of which $88.1 million was recorded to other long-term liabilities to reflect the Company’s estimated liability associated with the Tax Receivable Agreement, dated June 10, 2020, by and among Nebula, the Blocker, Blocker’s sole shareholder, and Open Lending, LLC and the excess amount of $1.9 million was recorded to additional paid-in-capital. As of June 30, 2020, the Company has assessed whether it is more likely than not that our deferred tax assets will be realized. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions. The Company considers, among other things, the reversal of its deferred tax liabilities, the overall business environment, its historical earnings and losses, current industry trends and its outlook for future years. The Company believes it is more-likely-than-not On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), an economic stimulus package in response to the COVID-19 C-corporation, Act Management of the Company has evaluated the aggregate exposure for uncertain tax positions for all open tax years and concluded that the Company and its predecessor has no material uncertain tax positions as of June 30, 2020 or for any open tax years. Tax penalties and interest, if any, would be reflected in the condensed consolidated statements of operations and comprehensive income in other expenses. The Company has not recorded any penalties or interest related to uncertain tax positions as of June 30, 2020 or for any open tax years.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions On March 25, 2020, Ross Jessup, our COO, CFO and Secretary, borrowed $6,000,000 from Open Lending, LLC in accordance with the promissory note in place and the loan was paid in full by Mr. Jessup on March 30, 2020, with proceeds received as result of the non-liquidating

Tax Receivable Agreement

Tax Receivable Agreement	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Tax Receivable Agreement	13. Tax Receivable Agreement In connection with the Closing, the Company entered into the The liability recognized for the Tax Receivable Agreement was $88.1 million and is classified as other long-term liabilities on our consolidated balance sheet and the deferred tax asset was $103.6 million, which has been recognized due to the increase in tax basis and certain tax benefits attributable to imputed interest. The Company expects to benefit from the remaining 15% of cash savings, if any, realized. The excess of the deferred tax asset over the Tax Receivable Agreement liability is , and netted by other deferrals of $ 13.6 million, the Company recorded a net tax impact of $ 1.9 million paid-in

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events In connection to the Business Combination, on July 1, 2020, the Company filed a Registration Statement on Form S-1 earn-out which bec a n July 10, 2020 On July 10 30-trading f Earn-out 5 30-trading an Earn-out On August 1 1 triggering the a n In addition, upon achievement of the daily VWAP milestones of both $12.00 per share and $14.00 per share discussed above, 3,437,500 Lock-up lock-up

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies and Recent Developments - (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Unaudited interim financial statements	a) Unaudited i f s The accompanying consolidated balance sheet as of June 30, 2020, consolidated statements of operations and comprehensive income (loss) and consolidated statements of stockholders’ deficit for the three and six months ended June 30, 2020 and 2019, respectively and consolidated statements of cash flows for the six months ended June 30, 2020 and 2019, respectively, are unaudited. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. However, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of June 30, 2020, and its results of operations, including its comprehensive income (loss), stockholders’ deficit for three and six months ended June 30, 2020 and 2019, respectively, and its cash flows for the six months ended June 30, 2020 and 2019, respectively. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2020. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on May 22, 2020. Certain prior year amounts, such as deferred transaction costs, have been reclassified to conform to the June 30, 2020 balance sheet presentation.
Basis of presentation	b) Basis of p The Business Combination is accounted for as a reverse recapitalization as Open Lending, LLC was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances: • the pre-combination • the pre-combination • senior management of Open Lending, LLC became the senior management of the Company; and • operations of Open Lending, LLC comprise the ongoing operations of the Company. In connection with the Business Combination, outstanding units of Open Lending, LLC were converted into common stock of the Company, par value $0.01 per share, representing a recapitalization, and the net assets of Nebula were acquired at historical cost, with no goodwill or intangible assets recorded. Open Lending, LLC was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing (for the year ended December 31, 2019 and the quarter ended March 31, 2020 and 2019) are those of Open Lending, LLC. The shares and corresponding capital amounts and net income (loss) per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement. The number of Series C preferred units in mezzanine equity was also retroactively restated in shares reflecting the exchange ratio, and the carrying amount of the Series C Preferred Units is based on the fair value of its redemption amount on each reporting date. All Series C Preferred Units were converted to the Company’s common stock on the closing date of the Business Combination.
Principles of consolidation	c) Principles of consolidation The accompanying financial statements include the accounts of the Company and all its subsidiaries that are directly or indirectly owned or controlled by the Company. Intercompany transactions and balances have been eliminated upon consolidation.
Coronavirus outbreak	d) Coronavirus outbreak The recent outbreak of the novel coronavirus (“COVID-19”), COVID-19 and potential increased defaults , COVID-19
Emerging growth company	e) Emerging growth company The Company is an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act (“JOBS Act”). As such, the Company is eligible for and intends to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as it continues to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act, (ii) the exemptions from say-on-pay, say-on-frequency say-on-golden The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of the shares of its common stock that are held by non-affiliates non-convertible
Use of estimates and judgements	f) Use of estimates and judgements The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Significant items subject to such estimates and assumptions include, but are not limited to, the recognition of the valuations of share-based compensation arrangements, valuation of contingent consideration, valuation of interest rate swaps, the useful lives of property and equipment, revenue recognition, and assumptions used in the recognition of contract assets. At the end of first quarter 2020, changes in facts and circumstances and general market conditions from the COVID-19 (“ ASU ”) 2014-09,
Income taxes	g) Income taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured as the largest amount that is greater than 50% likely of being realized. The Company records potential interest and penalties related to an underpayment of income taxes as interest expense and penalties included within operating expenses in the consolidated statements of operations and comprehensive income.
Recently adopted accounting pronouncements	h) Recently adopted accounting pronouncements On January 1, 2020, we adopted ASU 2016-02, (“ Topic 842 ”) non-lease We recognized operating right-of-use .
Recently issued accounting pronouncements not yet adopted	i) Recently issued accounting pronouncements not yet adopted In December 2019, the FASB released ASU 2019-12, 2019-12 2019-12 In June 2016, the FASB issued ASU 2016-13, Financial (“ Topic 326 ”) - Although there are several other new accounting pronouncements issued or proposed by the FASB, which we have adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of outstanding notes payable	The Company’s outstanding Notes Payable consists of the following: (in thousands) June 30, 2020 December 31, 2019 Note payable — 3,334 Term loan due 2027 168,938 — Less: debt issuance costs (9,347 ) (21 ) Less: current portion of notes payable (4,463 ) (2,484 ) Long-term notes payable, ne t of debt issuance costs $ 155,128 $ 829

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Summary Of Common Stock Outstanding Immediately After The Business Combination	The following summarizes the Company’s common stock outstanding immediately after the Business Combination: Shares % Open Lending, LLC unitholders 51,909,655 56 % Public stockholders 16,502,754 18 % Nebula Holdings, LLC and its affiliates 11,937,500 13 % PIPE Investors 11,500,000 13 % Total 91,849,909 100 %

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary Of Contract Assets	The Company has no contract liabilities. Contract asset balances for the periods indicated below are as follows: Contract Asset (in thousands) Profit Share TPA Fee Program Total Ending balance as of December 31, 2019 $ 57,367 $ 575 $ 5,009 $ 62,951 Increase of contract asset due to new business generation 28,915 2,054 21,505 52,474 Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods (12,980 ) — — (12,980 ) Receivables transferred from contract assets upon billing the lending institutions — — (21,522 ) (21,522 ) Payments received from insurance carriers (16,252 ) (1,945 ) — (18,197 ) Ending balance of June 30, 2020 $ 57,050 $ 684 $ 4,992 $ 62,726

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of Earnings Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the three and six months ended June 30, 2020, and 2019 (in thousands, except per share amounts): ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic net income (loss) per share: Numerator Net income (loss) $ (49,805 ) $ 17,484 $ (41,633 ) $ 30,388 Preferred distribution to redeemable convertible preferred units (214 ) (1,689 ) (40,689 ) (4,182 ) Non-cash — (23,112 ) 47,537 (46,224 ) Net income (loss) attributable to common unitholders (50,019 ) (7,317 ) (34,785 ) (20,018 ) Denominator Basic weighted-average common shares 49,547,284 37,631,052 43,589,168 37,631,052 Basic net inc ome $ (1.01 ) $ (0.19 ) $ (0.80 ) $ (0.53 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities for the three and six months ended June 30, 2020 and 2019 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the respective period presented. ( in thousands Three Months Ended Six Months Ended 2020 2019 2020 2019 Redeemable stock warrants 9,167 — 9,167 — Contingency consideration 27,188 — 27,188 — Retroactively restated Series C preferred units 14,279 14,279 14,279 14,279 Total 50,634 14,279 50,634 14,279

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments	The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments on ( in thousands Quarter Ended June 30, 2020 Year Ended December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents $ 26,252 $ 26,252 $ 7,676 $ 7,676 Restricted cash 2,412 2,412 2,222 2,222 Accounts receivable 3,193 3,193 3,767 3,767 Interest Rate Swaps (Other assets) — — 9 9 Total $ 31,857 $ 31,857 $ 13,674 $ 13,674 Financial liabilities Notes payable $ 159,591 $ 159,591 $ 3,313 $ 3,313 Accounts payable 3,086 3,086 1,337 1,337 Accrued expenses 924 924 2,006 2,006 Income tax payable 569 569 — — Estimated fair value of contingent consideration 395,891 395,891 — — Total $ 560,061 $ 560,061 $ 6,656 $ 6,656
Summary of Fair Value Assets and Liabilities Measured on Recurring Basis	The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (including items that are required to be measured at fair value) at June 30, 2020 and December 31, 2019. Fair value measurements at (in thousands) June 30, Level 1 Level 2 Level 3 Liabilities: Contingent consideration $ 395,891 $ — $ — $ 395,891 Notes payable 159,591 — 159,591 — Total $ 555,482 $ — $ 159,591 $ 395,891 Fair value measurements at (in thousands) December 31, Level 1 Level 2 Level 3 Assets: Interest rate swaps $ 9 $ — $ 9 $ — Total 9 — 9 — Liabilities: Notes payable 3,313 — 3,313 — Total $ 3,313 $ — $ 3,313 $ —

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Summary of Components of Income Tax Expense Benefit	Income tax expense from continuing operations is summarized as follows (in thousands): For the Six Months Ended June 30, 2020 Current: Federal $ 451 State 138 Total current tax expense (benefit) 589 Deferred: Federal 640 State 135 Total deferred tax (benefit) 775 Total income tax expense (benefit) $ 1,364
Summary of Deferred Tax Assets (Liabilities) (Detail)	The tax effect of temporary differences giving rise to the Company’s net deferred tax assets (liabilities) o n June , is as follows: At June 30, 2020 Deferred tax assets: Professional fees capitalized $ 40 Deferred rent 11 Tax Receivable Agreement 103,266 Gross deferred tax assets 103,317 Valuation allowance — Net deferred tax assets 103,317 Deferred tax liabilities: Depreciation & amortization (87 ) Interest rate swap (21 ) Investment in Lenders Protection, LLC (1,594 ) Revenue recognition (12,438 ) Gross deferred tax liabilities (14,140 ) Net deferred tax assets $ 89,177

Description of Business Backg_2

Description of Business Background and Nature of Operations - Additonal Information (Detail)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Date Of Incorporation	Oct. 2, 2017

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies and Recent Developments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Significant Of Accounting Polices [Line Items]
Threshold On Market Value Of Shares	$ 700,000
Threshold On Annual Gross Revenue	1,070,000
Threshold On Convertible Debt Issued	1,000,000
Contract assets	$ (225)	$ 13,439
Likelihood Percentage Of Realization	50.00%
Common stock, par value	$ 0.01		$ 0.01
Accounting Standards Update 2014-09
Significant Of Accounting Polices [Line Items]
Contract assets	$ 13,000
Open Lending LLC
Significant Of Accounting Polices [Line Items]
Stockholders' Equity Note, Changes in Capital Structure, Retroactive Impact	The shares and corresponding capital amounts and net income (loss) per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement.

Business Combination - Addition

Business Combination - Additional Information (Detail) - Open Lending LLC - USD ($) $ / shares in Units, $ in Millions	Jun. 10, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Business acquisition, agreement date	Jun. 10, 2020
Business Combination, Aggregate Consideration	$ 1,000
Cash Payments To Acquire Businesses	328.8
Business Combination, Liabilities Incurred	$ 135
Business combination, number of shares issued	51,909,655
Business Combination, Share Price	$ 10
Business Combination, Equity Issued	$ 519.1
Accrued Transaction Costs		$ 1.6
Direct and Incremental Costs
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs	55.5
Share Based Compensation Expense
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs	2.2
Bonus
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs	$ 9.1
Earn out Consideration
Business Acquisition [Line Items]
Business combination, number of shares issued	22,500,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - Term Loan $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2026
Debt Instrument [Line Items]
Debt Face Amount	$ 170
Debt Instrument, Maturity Month And Year	2027-03
Debt Instrument Description Leverage Ratio	The maximum total net leverage ratio begins at 4.75 to 1.0 and then gradually decreases from year-to-year down to 2.5 to 1.0 on or after June 30, 2026.
Debt, Weighted Average Interest Rate	7.50%
Maximum
Debt Instrument [Line Items]
Debt Instrument Leverage Ratio	0.0475	0.025
Minimum
Debt Instrument [Line Items]
Debt Instrument Leverage Ratio	0.010	0.010
London Inter bank Offered Rate (LIBOR) Swap Rate
Debt Instrument [Line Items]
Debt, Variable Interest Rate	6.50%
Description Of Variable Rate	LIBOR floor of 1%
Base Rate
Debt Instrument [Line Items]
Debt, Variable Interest Rate	5.50%
Description Of Variable Rate	base rate plus 5.50%

Notes Payable - Summary of outs

Notes Payable - Summary of outstanding notes payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Note payable		$ 3,334
Term loan due 2027	$ 168,938
Less: debt issuance costs	(9,347)	(21)
Less: current portion of notes payable	4,463	2,484
Long-term notes payable, net of debt issuance costs	$ 155,128	$ 829

Stockholders' Deficit - Additio

Stockholders' Deficit - Additional information (Detail)	Jul. 01, 2020$ / sharesshares	Jun. 10, 2020shares	Dec. 31, 2019$ / sharesshares	Jun. 30, 2020Tradingdays$ / sharesshares	Jul. 12, 2020$ / sharesshares	Mar. 31, 2020shares	Jun. 30, 2019shares	Mar. 31, 2019shares	Dec. 31, 2018shares
Common stock, par value | $ / shares			$ 0.01	$ 0.01
Common stock, shares authorized			110,000,000	550,000,000
Preferred stock, par value | $ / shares			$ 0.01	$ 0.01
Preferred stock, shares authorized			10,000,000	10,000,000
Common stock, shares outstanding			37,631,052	91,849,909	91,849,909
Common Stock Issued Upon Warrant Exercise				9,166,659
Class of Warrant, Exercise Price | $ / shares				$ 11.50
Common Stock, Shares, Issued			37,631,052	91,849,909
Other institutional investors
Common stock, shares outstanding				11,500,000
Open Lending LLC
Business combination, number of shares issued		51,909,655
Open Lending LLC | Earn out Consideration
Business combination, number of shares issued		22,500,000
Open Lending LLC | Earn out Consideration | Maximum
Business combination, number of shares issued	23,750,000
Common Stock
Common Stock Issued Upon Warrant Exercise	9,166,659
SharePrice | $ / shares				$ 18
Common Stock | Open Lending LLC
Number Of Shares Registered For Issuance	52,916,659
Public Warrants
Class of Warrant, Outstanding				9,166,659
Class of Warrant, Exercise Price | $ / shares	$ 11.50			$ 11.50
Warrants, maturity date				Jun. 10, 2025
Class of Warrant or Right, Threshold Trading Days For Exercise				30 days
Class of Warrant or Right, Redemption Price | $ / shares				$ 0.01
Class of Warrant or Right, Minimum Notice Period For Redemption				30 days
Class of Warrant or Right, Redemption, Threshold Consecutive Trading Days | Tradingdays				30
Public Warrants | Minimum
Class of Warrant or Right, Redemption, Threshold Consecutive Trading Days | Tradingdays				20
Series A and B Preferred
Preferred stock, shares outstanding			29,058,266
Preferred stock, No Par Value | $ / shares			$ 0
Series C Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, shares outstanding			21,906,852			14,278,603	14,278,603	14,278,603	21,906,852
Preferred Stock, Conversion Basis			convertible on a 1:1 basis
PIPE Shares
Common stock, shares outstanding				20,000,000
PIPE Shares | Nebula
Commitment To Issue Shares					20,000,000
Shares Issued, Price Per Share | $ / shares					$ 10
PIPE Shares | Nebula | Nebula Holdings LLC
Common stock, shares outstanding				8,500,000
Common Stock Subject To Lock Up And Forfeiture Agreements
Common stock, shares outstanding				3,437,500
Common Stock, Shares, Issued					3,437,500

Stockholders' Deficit - Summary

Stockholders' Deficit - Summary Of Common Stock Outstanding Immediately After The Business Combination (Detail) - shares	Jul. 12, 2020	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares outstanding	91,849,909	91,849,909	37,631,052
Percentage of common stock held by stockholders		100.00%
Open Lending, LLC unitholders
Class of Stock [Line Items]
Common stock, shares outstanding		51,909,655
Percentage of common stock held by stockholders		56.00%
Public stockholders
Class of Stock [Line Items]
Common stock, shares outstanding		16,502,754
Percentage of common stock held by stockholders		18.00%
Nebula Holdings LLC and its affiliates
Class of Stock [Line Items]
Common stock, shares outstanding		11,937,500
Percentage of common stock held by stockholders		13.00%
PIPE Investors
Class of Stock [Line Items]
Common stock, shares outstanding		11,500,000
Percentage of common stock held by stockholders		13.00%

Contingent Consideration - Addi

Contingent Consideration - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 15, 2020	Jul. 14, 2020	Jul. 01, 2020	Jun. 10, 2020	Jun. 30, 2020	Jun. 30, 2020
Contingent Consideration [Line Items]
Contingent consideration fair value					$ 395,891	$ 395,891
Increase decrease in contingent consideration					48,802	48,802
Earn out Consideration
Contingent Consideration [Line Items]
Contingent consideration fair value				$ 347,100	$ 395,900	$ 395,900
Open Lending LLC
Contingent Consideration [Line Items]
Business combination, number of shares issued				51,909,655
Open Lending LLC | Earn out Consideration
Contingent Consideration [Line Items]
Business combination, number of shares issued				22,500,000
Subsequent Event | Open Lending LLC
Contingent Consideration [Line Items]
Number of shares issued in transaction			7,500,000
Subsequent Event | Open Lending LLC | Stock Triggering Price 1
Contingent Consideration [Line Items]
Stock trading price			$ 12
Subsequent Event | Open Lending LLC | Stock Triggering Price 2
Contingent Consideration [Line Items]
Stock trading price			14
Subsequent Event | Open Lending LLC | Stock Triggering Price 3
Contingent Consideration [Line Items]
Stock trading price			$ 16
Subsequent Event | Nebula Equity Holders
Contingent Consideration [Line Items]
Number of shares issued in transaction			625,000
Contingency consideration shares			1,250,000
Subsequent Event | Nebula Equity Holders | Stock Triggering Price 1
Contingent Consideration [Line Items]
Stock trading price			$ 12
Subsequent Event | Nebula Equity Holders | Stock Triggering Price 2
Contingent Consideration [Line Items]
Stock trading price			$ 14
Lock Up Shares | Subsequent Event
Contingent Consideration [Line Items]
Number of shares issued in transaction	3,437,500	3,437,500
Lock Up Shares | Subsequent Event | Stock Triggering Price 1
Contingent Consideration [Line Items]
Stock trading price	$ 12	$ 12
Lock Up Shares | Subsequent Event | Stock Triggering Price 2
Contingent Consideration [Line Items]
Stock trading price	$ 14	$ 14

Revenue - Summary Of Contract A

Revenue - Summary Of Contract Assets (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Contract With Customer Asset And Liability [Line Items]
Ending balance as of December 31, 2019	$ 62,951
Increase of contract asset due to new business generation	52,474
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(12,980)
Receivables transferred from contract assets upon billing the lending institutions	(21,522)
Payments received from insurance carriers	(18,197)
Ending balance of June 30, 2020	62,726
Profit Share
Contract With Customer Asset And Liability [Line Items]
Ending balance as of December 31, 2019	57,367
Increase of contract asset due to new business generation	28,915
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(12,980)
Payments received from insurance carriers	(16,252)
Ending balance of June 30, 2020	57,050
TPA Fee
Contract With Customer Asset And Liability [Line Items]
Ending balance as of December 31, 2019	575
Increase of contract asset due to new business generation	2,054
Payments received from insurance carriers	(1,945)
Ending balance of June 30, 2020	684
Program Fee
Contract With Customer Asset And Liability [Line Items]
Ending balance as of December 31, 2019	5,009
Increase of contract asset due to new business generation	21,505
Receivables transferred from contract assets upon billing the lending institutions	(21,522)
Ending balance of June 30, 2020	$ 4,992

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation number of shares vested	14,129,158
Non-cash share-based compensation expense | $	$ 2.2
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	9,693,750
Percent on number of shares outstanding	10.00%
Percent of incremental shares on outstanding common stock	4.00%
Share-based Payment Award, Options, Grants in Period	0

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Detail) - $ / shares	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 09, 2020	Jun. 30, 2020	Jun. 30, 2019
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	9,166,659			9,166,659
Class of warrant or right exercise price	$ 11.50			$ 11.50
Antidilutive Securities Excluded from Computation of Earnings Per Share	50,634,000	14,279,000		50,634,000	14,279,000
Stock conversion ratio			1:1
Contingency Consideration And Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share				23,750,000

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator
Net income (loss)	$ (49,805)	$ 8,172	$ 17,484	$ 12,904	$ (41,633)	$ 30,388
Preferred distribution to redeemable convertible preferred units	(214)		(1,689)		(40,689)	(4,182)
Non-cash adjustment to redemption amount of the redeemable convertible preferred units			(23,112)		47,537	(46,224)
Net income (loss) attributable to common unitholders	$ (50,019)		$ (7,317)		$ (34,785)	$ (20,018)
Denominator
Basic weighted-average common shares	49,547,284		37,631,052		43,589,168	37,631,052
Basic net income (loss) per share	$ (1.01)		$ (0.19)		$ (0.80)	$ (0.53)

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	50,634	14,279	50,634	14,279
Redeemable stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,167		9,167
Contingency consideration
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	27,188		27,188
Retroactively restated Series C preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	14,279	14,279	14,279	14,279

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial assets, Carrying Amount
Cash and cash equivalents	$ 26,252	$ 7,676
Restricted cash	2,412	2,222
Accounts receivable	3,193	3,767
Interest Rate Swaps (Other assets)		9
Total	31,857	13,674
Financial liabilities, Carrying Amount
Notes payable	159,591	3,313
Accounts payable	3,086	1,337
Accrued expenses	924	2,006
Income tax payable	569
Estimated fair value of contingent consideration	395,891
Total	560,061	6,656
Financial assets, Fair Value
Cash and cash equivalents	26,252	7,676
Restricted cash	2,412	2,222
Accounts receivable	3,193	3,767
Interest Rate Swaps (Other assets)		9
Total	31,857	13,674
Financial liabilities, Fair Value
Notes payable	159,591	3,313
Accounts payable	3,086	1,337
Accrued expenses	924	2,006
Income tax payable	569
Estimated fair value of contingent consideration	395,891
Total	$ 560,061	$ 6,656

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities:
Contingent consideration	$ 395,891
Notes payable	159,591	$ 3,313
Total	560,061	6,656
Assets:
Interest rate swaps		9
Total	31,857	13,674
Fair Value, Recurring [Member]
Liabilities:
Contingent consideration	395,891
Notes payable	159,591	3,313
Total	555,482	3,313
Assets:
Interest rate swaps		9
Total		9
Fair Value, Recurring [Member] | Level 2 [Member]
Liabilities:
Notes payable	159,591	3,313
Total	159,591	3,313
Assets:
Interest rate swaps		9
Total		$ 9
Fair Value, Recurring [Member] | Level 3 [Member]
Liabilities:
Contingent consideration	395,891
Total	$ 395,891

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Income Tax Expense Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal			$ 451
State			138
Total current tax expense (benefit)			589
Deferred:
Federal			640
State			135
Total deferred tax (benefit)			775
Total income tax expense (benefit) from continuing operations	$ 1,352	$ 21	$ 1,364	$ (99)

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 10, 2020
Deferred tax assets:
Professional fees capitalized	$ 40
Deferred rent	11
Tax Receivable Agreement	103,266
Other deferred tax assets
Gross deferred tax assets	103,317
Net deferred tax assets	103,317
Deferred tax liabilities:
Depreciation & amortization	(87)
Interest rate swap	(21)
Investment in Lender's Protection, LLC	(1,594)
Revenue recognition	(12,438)
Gross deferred tax liabilities	(14,140)
Net deferred tax assets	$ 89,177	$ 89,900

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 10, 2020
Income Tax Disclosure [Line Items]
Deferred tax assets, net	$ 89,177	$ 89,900
Valuation allowance	$ 0
Other Noncurrent Liabilities [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets, net		88,100
Additional Paid-in Capital [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets, net		$ 1,900

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Mar. 25, 2020USD ($)
Related Party Transactions [Abstract]
Related party receivables	$ 6,000,000

Tax Receivable Agreement - Addi

Tax Receivable Agreement - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 10, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax liabilities	$ 14,140
Deferred tax assets	103,317
Deferred tax assets, net	$ 89,177	$ 89,900
Additional Paid-in Capital
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax assets, net		$ 1,900
Tax Receivable Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of net cash savings payable	85.00%
Percent of cash savings retain the benefit	15.00%
Deferred tax liabilities	$ 88,100
Deferred tax assets	103,600
Tax Receivable Agreement | Additional Paid-in Capital
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred tax assets, net	15,500
Deferred tax assets, netted by other deferrals	13,600
Deferred tax liabilities other	$ 1,900

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Aug. 11, 2020	Jul. 15, 2020	Jul. 14, 2020	Jul. 10, 2020	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Common stock, shares authorized						550,000,000	110,000,000
Class of warrant or right, number of securities called by warrants or rights						9,166,659
Class of warrant or right exercise price						$ 11.50
Outstanding public warrants exercisable, date						Jul. 10, 2020
Nebula Equity Holders
Subsequent Event [Line Items]
Contingency consideration shares					1,250,000
Subsequent Event | Stock Triggering Price 3 | Open Lending, LLC unitholders
Subsequent Event [Line Items]
Contingency consideration shares	22,500,000
Registration Statement | Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized					52,916,659
Earn out consideration shares					23,750,000
Class of warrant or right, number of securities called by warrants or rights					9,166,659
Class of warrant or right exercise price					$ 11.50
Registration Statement | Subsequent Event | Stock Triggering Price 1
Subsequent Event [Line Items]
Earn out consideration shares				625,000
Stock trading price				$ 12
Contingency consideration shares				7,500,000
Registration Statement | Subsequent Event | Stock Triggering Price 2
Subsequent Event [Line Items]
Earn out consideration shares		625,000
Stock trading price		$ 14
Contingency consideration shares		7,500,000
Registration Statement | Subsequent Event | Stock Triggering Price 3
Subsequent Event [Line Items]
Stock trading price	$ 16
Contingency consideration shares	7,500,000
Private Placement | Subsequent Event
Subsequent Event [Line Items]
Number of shares issued in transaction					20,000,000
Lock Up Shares | Subsequent Event
Subsequent Event [Line Items]
Number of shares issued in transaction		3,437,500	3,437,500
Lock Up Shares | Subsequent Event | Stock Triggering Price 1
Subsequent Event [Line Items]
Stock trading price		$ 12	$ 12
Lock Up Shares | Subsequent Event | Stock Triggering Price 2
Subsequent Event [Line Items]
Stock trading price		$ 14	$ 14