Open Lending (LPRO) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39326
Entity Registrant Name	OPEN LENDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5031428
Entity Address, Address Line One	1501 S. MoPac Expressway
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78746
City Area Code	512
Local Phone Number	892-0400
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		126,190,351
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001806201
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 90,864	$ 101,513
Restricted cash	2,896	2,635
Accounts receivable	6,874	4,352
Current contract assets	60,739	50,386
Prepaid expenses	3,436	1,873
Other current assets	753	2,018
Total current assets	165,562	162,777
Property and equipment, net	2,664	1,201
Operating lease right-of-use assets, net	5,328	5,733
Non-current contract assets	53,523	38,956
Deferred tax asset, net	66,042	85,218
Other non-current assets	124	124
Total assets	293,243	294,009
Current liabilities
Accounts payable	1,430	3,442
Accrued expenses	7,361	3,033
Income tax payable	1,107	1,640
Current portion of debt	3,125	4,888
Other current liabilities	4,027	4,005
Total current liabilities	17,050	17,008
Long-term debt, net of deferred financing costs	143,828	152,859
Non-current operating lease liabilities	4,775	5,138
Tax receivable agreement liability	0	92,369
Other non-current liabilities	0	13
Total liabilities	165,653	267,387
Commitment and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 126,190,351 shares outstanding as of September 30, 2021 and 128,198,185 shares issued and 126,803,096 shares outstanding as of December 31, 2020	1,282	1,282
Additional paid-in capital	493,972	491,246
Accumulated deficit	(310,164)	(428,406)
Treasury stock at cost, 2,007,834 shares at September 30, 2021 and 1,395,089 at December 31, 2020, respectively	(57,500)	(37,500)
Total stockholders’ equity	127,590	26,622
Total liabilities and stockholders’ equity	$ 293,243	$ 294,009

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	550,000,000	550,000,000
Common stock, shares issued (in shares)	128,198,185	128,198,185
Common stock, shares outstanding (in shares)	126,190,351	126,803,096
Treasury stock (in shares)	2,007,834	1,395,089

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 58,892	$ 29,762	$ 164,025	$ 69,259
Cost of services	6,380	2,496	13,882	6,818
Gross profit	52,512	27,266	150,143	62,441
Operating expenses
General and administrative	7,197	5,015	23,790	23,233
Selling and marketing	3,308	2,118	8,659	5,491
Research and development	1,268	579	2,632	1,286
Operating income	40,739	19,554	115,062	32,431
Interest expense	(959)	(3,572)	(5,370)	(7,980)
Interest income	35	36	177	97
Gain on extinguishment of tax receivable agreement	0	0	55,422	0
Loss on extinguishment of debt	0	0	(8,778)	0
Change in fair value of contingent consideration	0	(83,130)	0	(131,932)
Other income (expense)	3	0	(130)	3
Income (loss) before income taxes	39,818	(67,112)	156,383	(107,381)
Provision for income taxes	10,404	4,021	38,141	5,385
Net income (loss) and comprehensive income (loss)	29,414	(71,133)	118,242	(112,766)
Preferred distribution to redeemable convertible Series C preferred units	0	0	0	(40,689)
Accretion to redemption value of redeemable convertible Series C preferred units	0	0	0	47,537
Net income (loss) attributable to common stockholders	$ 29,414	$ (71,133)	$ 118,242	$ (105,918)
Net income (loss) and comprehensive income (loss) per common share
Basic (in dollars per share)	$ 0.23	$ (0.62)	$ 0.94	$ (1.56)
Diluted (in dollars per share)	$ 0.23	$ (0.62)	$ 0.94	$ (1.56)
Weighted average common shares outstanding
Basic (in shares)	126,190,351	115,189,532	126,405,822	67,828,046
Diluted (in shares)	126,247,499	115,189,532	126,451,119	67,828,046
Program fees
Revenue
Total revenue	$ 21,638	$ 10,087	$ 57,146	$ 31,592
Profit share
Revenue
Total revenue	35,447	18,544	102,019	34,482
Claims administration and other service fees
Revenue
Total revenue	$ 1,807	$ 1,131	$ 4,860	$ 3,185

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Earn-Out Shares Contingent Consideration	Lock-Up Shares Contingent Consideration	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockEarn-Out Shares Contingent Consideration	Common StockLock-Up Shares Contingent Consideration	Common StockCumulative Effect, Period of Adoption, Adjustment	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalEarn-Out Shares Contingent Consideration	Additional Paid-in CapitalLock-Up Shares Contingent Consideration	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Redeemable Convertible Series C Preferred Units	Redeemable Convertible Series C Preferred UnitsCumulative Effect, Period of Adoption, Adjustment	Redeemable Convertible Series C Preferred UnitsCumulative Effect, Period of Adoption, Adjusted Balance	Common Units	Common UnitsCumulative Effect, Period of Adoption, Adjustment	Common UnitsCumulative Effect, Period of Adoption, Adjusted Balance	Series A and B Preferred UnitsPreferred Stock	Series A and B Preferred UnitsPreferred StockCumulative Effect, Period of Adoption, Adjustment	Series A and B Preferred UnitsPreferred StockCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in units) at Dec. 31, 2019																			21,906,852	(7,628,249)	14,278,603	25,381,873	(25,381,873)	0
Beginning balance at Dec. 31, 2019																			$ 304,943		$ 304,943	$ 7,524	$ (7,524)	$ 0
Redeemable Convertible Series C Preferred Units
Fair value adjustment of redemption option																			$ (47,537)
Ending balance (in units) at Mar. 31, 2020																			14,278,603			0
Ending balance at Mar. 31, 2020																			$ 257,406			$ 0
Beginning balance (in shares) at Dec. 31, 2019						0			37,631,052	37,631,052															29,058,266	(29,058,266)	0
Beginning balance at Dec. 31, 2019	$ (234,779)			$ 0	$ (234,779)	$ 0			$ 376	$ 376	$ 0			$ 7,626	$ 7,626	$ (242,781)	$ (242,781)								$ 478	$ (478)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fair value adjustment of redemption option	47,537															47,537
Share-based compensation	487										487
Distribution to Open Lending, LLC unitholders	(135,380)															(135,380)
Net income (loss)	8,172															8,172
Ending balance (in shares) at Mar. 31, 2020						37,631,052																			0
Ending balance at Mar. 31, 2020	(313,963)					$ 376					8,113					(322,452)									$ 0
Beginning balance (in units) at Dec. 31, 2019																			21,906,852	(7,628,249)	14,278,603	25,381,873	(25,381,873)	0
Beginning balance at Dec. 31, 2019																			$ 304,943		$ 304,943	$ 7,524	$ (7,524)	$ 0
Redeemable Convertible Series C Preferred Units
Fair value adjustment of redemption option	(47,537)
Ending balance (in units) at Sep. 30, 2020																			0			0
Ending balance at Sep. 30, 2020																			$ 0			$ 0
Beginning balance (in shares) at Dec. 31, 2019						0			37,631,052	37,631,052															29,058,266	(29,058,266)	0
Beginning balance at Dec. 31, 2019	(234,779)			$ 0	$ (234,779)	$ 0			$ 376	$ 376	0			$ 7,626	$ 7,626	(242,781)	$ (242,781)								$ 478	$ (478)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(112,766)
Ending balance (in shares) at Sep. 30, 2020						126,919,572																			0
Ending balance at Sep. 30, 2020	34,282					$ 1,269					476,403					(443,390)									$ 0
Beginning balance (in units) at Mar. 31, 2020																			14,278,603			0
Beginning balance at Mar. 31, 2020																			$ 257,406			$ 0
Redeemable Convertible Series C Preferred Units
Recapitalization transaction, net of transaction costs (in units)																			(14,278,603)
Recapitalization transaction, net of transaction costs																			$ (257,406)
Ending balance (in units) at Jun. 30, 2020																			0			0
Ending balance at Jun. 30, 2020																			$ 0			$ 0
Beginning balance (in shares) at Mar. 31, 2020						37,631,052																			0
Beginning balance at Mar. 31, 2020	(313,963)					$ 376					8,113					(322,452)									$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recapitalization transaction, net of transaction costs (in 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)
Share-based compensation	2,189										2,189
Net income (loss)	(49,805)															(49,805)
Ending balance (in shares) at Jun. 30, 2020						91,849,909																			0
Ending balance at Jun. 30, 2020	(464,251)					$ 918					(92,912)					(372,257)									$ 0
Ending balance (in units) at Sep. 30, 2020																			0			0
Ending balance at Sep. 30, 2020																			$ 0			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, New Issues	90,645					$ 79					90,566
Stock warrant exercise (in shares)						7,882,163
Stock issued during period, acquisitions		$ 419,844	$ 59,177				$ 238	$ 34				$ 419,606	$ 59,143
Stock issued during period, acquisitions (in shares)							23,750,000	3,437,500
Net income (loss)	(71,133)															(71,133)
Ending balance (in shares) at Sep. 30, 2020						126,919,572																			0
Ending balance at Sep. 30, 2020	34,282					$ 1,269					476,403					(443,390)									$ 0
Beginning balance (in shares) at Dec. 31, 2020						128,198,185												1,395,089
Beginning balance at Dec. 31, 2020	26,622					$ 1,282					491,246					(428,406)		$ (37,500)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	701										701
Net income (loss)	12,862															12,862
Ending balance (in shares) at Mar. 31, 2021						128,198,185												1,395,089
Ending balance at Mar. 31, 2021	40,185					$ 1,282					491,947					(415,544)		$ (37,500)
Redeemable Convertible Series C Preferred Units
Fair value adjustment of redemption option	0
Beginning balance (in shares) at Dec. 31, 2020						128,198,185												1,395,089
Beginning balance at Dec. 31, 2020	26,622					$ 1,282					491,246					(428,406)		$ (37,500)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	118,242
Ending balance (in shares) at Sep. 30, 2021						128,198,185												2,007,834
Ending balance at Sep. 30, 2021	127,590					$ 1,282					493,972					(310,164)		$ (57,500)
Beginning balance (in shares) at Mar. 31, 2021						128,198,185												1,395,089
Beginning balance at Mar. 31, 2021	40,185					$ 1,282					491,947					(415,544)		$ (37,500)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	927										927
Share repurchase (in shares)																		(612,745)
Share repurchase	(20,000)																	$ (20,000)
Net income (loss)	75,966															75,966
Ending balance (in shares) at Jun. 30, 2021						128,198,185												2,007,834
Ending balance at Jun. 30, 2021	97,078					$ 1,282					492,874					(339,578)		$ (57,500)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,098										1,098
Net income (loss)	29,414															29,414
Ending balance (in shares) at Sep. 30, 2021						128,198,185												2,007,834
Ending balance at Sep. 30, 2021	$ 127,590					$ 1,282					$ 493,972					$ (310,164)		$ (57,500)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 118,242	$ (112,766)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-based compensation	2,726	2,676
Depreciation and amortization	829	787
Non-cash operating lease cost	405	325
Gain on extinguishment of tax receivable agreement	(55,422)	0
Loss on extinguishment of debt	8,778	0
Change in fair value of contingent consideration	0	131,932
Deferred income taxes	19,176	4,683
Changes in assets & liabilities:
Accounts receivable	(2,522)	375
Contract assets	(24,920)	(10,037)
Operating lease right-of-use assets	0	(523)
Prepaid expenses	(1,563)	(1,415)
Other current and non-current assets	1,265	(2,002)
Accounts payable	(2,012)	946
Accrued expenses	4,328	(597)
Income tax payable/receivable	(533)	544
Operating lease liabilities	(558)	(280)
Other current and non-current liabilities	204	1,727
Net cash provided by operating activities	68,423	16,375
Cash flows from investing activities
Purchase of property and equipment	(1,785)	(1,097)
Net cash used in investing activities	(1,785)	(1,097)
Cash flows from financing activities
Proceeds from term loans	125,000	170,000
Proceeds from revolving facility	50,000	0
Payments on term loans	(168,409)	(5,443)
Payments on revolving facility	(25,000)	0
Payment of deferred financing costs	(1,669)	(9,767)
Share repurchase	(20,000)	0
Settlement of tax receivable agreement	(36,948)	0
Distributions to Open Lending, LLC unitholders	0	(135,380)
Proceeds from stock warrant exercises	0	88,042
Recapitalization transaction, net of transaction costs	0	(14,862)
Net cash (used in) provided by financing activities	(77,026)	92,590
Net change in cash and cash equivalents and restricted cash	(10,388)	107,868
Cash and cash equivalents and restricted cash at the beginning of the period	104,148	9,898
Cash and cash equivalents and restricted cash at the end of the period	93,760	117,766
Supplemental disclosure of cash flow information:
Interest paid	4,545	7,209
Income tax paid, net	19,397	158
Right-of-use assets obtained in exchange for lease obligations	0	5,375
Non-cash investing and financing:
Change in fair value of redeemable convertible Series C preferred units	0	(47,537)
Conversion of preferred stock to common stock	$ 0	$ 257,406

Description of Business, Backgr

Description of Business, Background and Nature of Operations	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation, headquartered in Austin, Texas, provides loan analytics, risk-based loan pricing, risk modeling, and automated decision technology for automotive lenders throughout the United States, which allows each lending institution to book incremental near-prime and non-prime automotive loans out of their existing business flow. The Company also operates as a third-party administrator that adjudicates insurance claims and refunds on those automotive loans. Nebula Acquisition Corporation (“Nebula”), the Company’s 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 Date”), 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 Date. 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	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies and Recent Developments	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 condensed consolidated financial statements. a) Basis of presentation and consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending and all its subsidiaries that are directly or indirectly owned or controlled by the Company. All intercompany transactions and balances have been eliminated upon consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these condensed consolidated financial statements should be read in conjunction with its audited consolidated financial statements and related notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2020. The interim data includes all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2021. 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 (“FASB”) Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination was primarily based on the evaluation of the following facts and circumstances: • the pre-combination unitholders of Open Lending, LLC held the majority of voting rights in the Company; • the pre-combination unitholders of Open Lending, LLC had the right to appoint the majority of the directors of the Company; • 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, all 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 are those of Open Lending, LLC. The shares and corresponding capital amounts and net income 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. b) COVID-19 The COVID-19 pandemic continues to create uncertainty regarding the U.S. and global economies and the Company’s operating results, financial condition and cash flows. The extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance depends on certain developments, including the duration and continued spread of variants of COVID-19; the impact on the Company’s revenues, which are generated with automobile lenders and insurance company partners and driven by consumer demand for automobiles and automotive loans; extended closures of businesses, the effectiveness of the vaccine distribution program and the vaccines themselves; supply chain disruptions caused by the COVID-19 pandemic; unemployment levels and the overall impact on the Company’s customer behavior, all of which are uncertain and cannot be predicted. The Company is diligently working to ensure that it can continue to operate with minimal disruption, mitigate the impact of the pandemic on its employees’ health and safety, and address potential business interruptions on itself and its customers. The Company believes that the COVID-19 pandemic, the mitigation efforts and the resulting economic impact have had, and may continue to have, an overall adverse effect on its business, results of operations and financial condition. The Company saw a reduction in loan applications and certified loans throughout the majority of 2020. As consumers and lenders have adjusted to the pandemic, application and certification levels have increased in 2021. Lenders’ forbearance programs, government stimulus packages, extended unemployment benefits and other government assistance have resulted in a reduction in expected defaults since the onset of the pandemic. As these programs end, defaults may increase. The potential increase in defaults may impact revenues and subsequent recovery as the automotive finance industry and overall economy recover. The Company continues to closely monitor the current macro environment, particularly monetary and fiscal policies. c) 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 and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. The Company will remain an emerging growth company until the earliest of (i) the Company is deemed to be a “large accelerated filer,” as defined in the Securities Exchange Act of 1934, as amended, (ii) the last day of the fiscal year in which it has total annual gross revenue of $1.07 billion or more during such fiscal year, (iii) the date on which it has issued more than $1 billion in non-convertible debt in the prior three-year period, or (iv) the last day of the fiscal year following the fifth anniversary of the date of the first sale of the Company’s common stock in the Company’s initial public offering. The Company expects to be deemed a large accelerated filer for filings due after January 1, 2022. d) Concentrations of revenue and credit risks The Company’s business relationships with its three insurance partners generated approximately 63% and 65% of the Company’s total revenue for each of the three and nine months ended September 30, 2021, respectively, with the top insurance partner accounting for approximately 63% of the total profit share revenue. In the event that one or more of the Company’s insurance partners or other significant customers terminate their relationships with the Company, or elect to utilize an alternative source to price its auto loans, the number of loans originated through the Lender’s Protection Platform (“LPP”) would decline, which would materially and adversely affect its business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash and accounts receivable to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis and savings accounts at two financial institutions, both with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, delegated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts. The Company’s accounts receivables are derived from revenue earned from customers. The Company performs credit evaluations of its customers’ financial condition. As of September 30, 2021 and December 31, 2020, there was no allowance for doubtful accounts. At September 30, 2021, the Company had one customer that represented 13% of the Company’s accounts receivable. At December 31, 2020, the Company had one customer that represented 19% of the Company’s accounts receivable. e) Use of estimates and judgments The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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. The most significant items subject to such estimates and assumptions include, but are not limited to, profit share revenue recognition and the corresponding impact on contract assets, the recognition of the valuations of share-based compensation arrangements, and assessing the realizability of deferred tax assets. These estimates, although based on actual historical trend and modeling, may potentially show significant variances over time. In connection with profit share revenue recognition and the estimation of contract assets under Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), the Company uses forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, prepayments and default severity rates. These assumptions are based on the Company’s observations of the historical behavior for loans with similar risk characteristics. The assumptions also take into consideration the forecast adjustments under various macroeconomic conditions, including the potential impact from the COVID-19 pandemic, and the current mix of the underlying portfolio of the Company’s insurance partners. As the Company closely monitors the development of the pandemic and its ongoing impact on its business, management has accordingly adjusted these assumptions during the three and nine months ended September 30, 2021 as a result of changes in facts and circumstances and general market conditions derived from the COVID-19 pandemic. f) Property and equipment The Company's property and equipment balance primarily consists of furniture, fixtures and equipment used in the normal course of business, as well as leasehold improvements and computer software developed for internal use. g) Recently adopted new accounting standards On January, 1, 2021, the Company adopted ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The impact of the adoption of this standard was immaterial to the condensed consolidated financial statements. On January 1, 2021, the Company adopted ASU 2018-15, Intangibles—Goodwill and Other—Internal—Use Software, Subtopic, 350-40, which provides guidance on a customer’s accounting for implementation costs incurred in a cloud-computing arrangement when hosted by a vendor. The guidance provides that, in a hosting arrangement that is a service contract, certain implementation costs should be capitalized and amortized over the term of the arrangement. The Company adopted this guidance using the prospective method. The impact of the adoption of this standard was immaterial to the condensed consolidated financial statements. h) Recently issued accounting pronouncements not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company expects to be deemed a large accelerated filer and no longer an emerging growth company effective December 31, 2021. Accordingly, the Company is in the process of assessing the impact of this ASU on its condensed consolidated financial statements and disclosures effective January 1, 2021. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform within Topic 848, which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the effect of ASU 2020-04 on the Company’s condensed consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has 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 the Company’s condensed consolidated financial position or results of operations.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combination	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 equity 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 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 consisted of (i) $328.8 million in cash at the Closing, 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 received additional contingent consideration of 22,500,000 shares based on meeting certain thresholds following the Business Combination. All contingent consideration shares were issued or released during the third quarter of 2020. 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 capital as a reduction of proceeds. In addition, the Company incurred $9.1 million in transaction bonuses paid to key employees and directors and $2.2 million in non-cash share-based compensation expense due to the accelerated vesting of Open Lending, LLC’s legacy share-based compensation plan in the second quarter of 2020. The transaction bonuses and share-based compensation were included in general and administrative expense on the Company’s consolidated statements of operations and comprehensive income (loss) during the second quarter of 2020. See Note 7—Share-Based Compensation for additional information.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table provides a summary of the Company’s debt as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Revolving Facility, matures in 2026 $ 25,000 $ — Term Loan due 2026 123,438 — Term Loan due 2027 — 166,813 Less: unamortized deferred financing costs (1,485) (9,066) Total debt 146,953 157,747 Less: current portion of debt (3,125) (4,888) Total long-term debt, net of deferred financing costs $ 143,828 $ 152,859 Term Loan due 2027 On March 11, 2020, the Company entered into a credit agreement with UBS A.G. as the administrative agent and the lenders from time to time party thereto (the “Credit Agreement”). Pursuant to the Credit Agreement, the lenders thereto funded a term loan (the “Term Loan due 2027”) in a principal amount of $170.0 million bearing an interest rate per annum of LIBOR plus 6.5% (subject to a LIBOR floor of 1%), with a maturity date in March 2027. The Term Loan due 2027 was retired by the Company paying off its outstanding principal and interest with proceeds from issuance of the Term Loan due 2026 and the Revolving Facility (both as defined below) in March 2021. The transaction was deemed as a debt extinguishment under ASC Topic 405-20, “Liabilities—Extinguishments of Liabilities,” and, accordingly, the Company recognized a non-cash debt extinguishment loss of $8.8 million, which was recorded under the caption loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive income during the nine months ended September 30, 2021. The loss on debt extinguishment was calculated as the difference between the carrying amount of the debt and the price paid to retire the debt, which primarily consisted of the write-off of the unamortized deferred financing costs related to the Term Loan due 2027. New Credit Agreement—Term Loan due 2026 and Revolving Credit Facility On March 19, 2021, the Company entered into a credit agreement with Wells Fargo Bank, N.A. as the administrative agent (the “New Credit Agreement”), pursuant to which the lenders thereto (i) funded a senior secured term loan in an aggregate principal amount of $125.0 million, maturing in March 2026 (the “Term Loan due 2026”) and (ii) committed to provide a $50.0 million senior secured revolving credit facility, including a $10.0 million letter of credit sub-facility, maturing in March 2026 (the “Revolving Facility”). The obligations of the Company under the Term Loan due 2026 and the Revolving Facility are guaranteed by all of the Company’s U.S. subsidiaries and are secured by substantially all of the assets of the Company and its U.S. subsidiaries, subject to customary exceptions. Interest under the Term Loan due 2026 and the Revolving Facility are, at the option of the Company, either at an Alternate Base Rate (“ABR”) plus a spread ranging from 0.75% to 1.50%, or LIBOR plus a spread ranging from 1.75% to 2.50%. With respect to the ABR loans, interest will be payable at the end of each calendar quarter. With respect to the LIBOR loans, interest will be payable at the end of the selected interest period. Additionally, there is a commitment fee payable at the end of each quarter at a rate per annum ranging from 0.200% to 0.275% based on the average daily unused portion of the Revolving Facility, and other customary letter of credit fees. Pursuant to the New Credit Agreement, the interest rate spreads and commitment fees increase or decrease in increments as the Company’s Funded Secured Debt/EBITDA ratio increase or decreases. As of September 30, 2021, both the Term Loan due 2026 and the Revolving Facility are subject to LIBOR of 0.086% plus a spread of 1.75% per annum. In June 2021, the Company made a payment of $25.0 million to the outstanding balance of the Revolving Facility and has an unused commitment balance of $25.0 million under the Revolving Facility at September 30, 2021. Commitment fees were accrued at a weighted average of 0.218% per annum on the unused commitment balance. In connection with the issuance of the Term Loan due 2026 and the Revolving Facility, the Company incurred total deferred financing costs of $1.7 million, of which $1.2 million was allocated to the Term Loan due 2026 and $0.5 million was allocated to the Revolving Facility. The deferred financing costs were capitalized as a contra-liability against the principal balance of the loans and are amortized as interest expense using the effective interest method. Unamortized deferred financing costs were $1.5 million as of September 30, 2021. As of September 30, 2021, the weighted average effective interest rate on the Company’s outstanding borrowings was 2.13%. The New Credit Agreement contains a maximum total net leverage ratio financial covenant and a minimum fixed charge coverage ratio financial covenant that are tested quarterly. The maximum total net leverage ratio is 3.5 to 1.0 for periods on or prior to December 31, 2022, and then decreases to 3.0 to 1.0 after December 31, 2022. The minimum fixed charge coverage ratio is 1.25 to 1.0. As of September 30, 2021, the Company was in compliance with all required covenants under the New Credit Agreement.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity On June 11, 2020, Open Lending Corporation’s common stock began trading on the Nasdaq under the symbol “LPRO.” Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized and has available for issuance the following shares and classes of capital stock, each with a par value of $0.01 per share: (i) 550,000,000 shares of common stock; and (ii) 10,000,000 shares of preferred stock. Immediately following the Business Combination, there were 91,849,909 shares of common stock, which excluded 3,437,500 shares issued and outstanding that were subject to certain lock-up and forfeiture arrangements, with a par value of $0.01 per share, and 9,166,659 warrants outstanding. In addition to the shares issued on the Closing Date, Open Lending, LLC’s unitholders received additional contingent consideration of 22,500,000 shares and certain Nebula’s equity holders received 1,250,000 earn-out shares of common stock as the price of the Company’s common stock trading on the Nasdaq met certain thresholds following the Business Combination. As discussed in Note 3—Business Combination , the Company has retroactively adjusted the shares issued and outstanding prior to June 10, 2020 to give effect to the exchange ratio 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 to register 52,916,659 shares of common stock for the issuance by the Company of (i) up to an aggregate of 23,750,000 shares of the common stock that may be issued as earn-out consideration upon certain triggering events, and (ii) 9,166,659 shares of common stock that may be issued upon exercise of warrants to purchase common stock at an exercise price of $11.50 per share of common stock, herein referenced as public warrants. Public Warrants Upon the Closing, there were 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 Business Combination. The warrants were set to expire on June 10, 2025, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. Each whole warrant entitled 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 were exercisable 30 days after the completion of the Business Combination. Once the public warrants became exercisable, the Company had the right to redeem the outstanding warrants in whole and not in part at a price of $0.01 per warrant (the “Redemption Price”) upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s common stock matched or exceeded $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sent the notice of redemption to the warrant holders (“Redemption Right”). On September 11, 2020, the Company provided notice of redemption that all public warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on October 13, 2020 (the “Redemption Date”). Any public warrants that remained unexercised following 5:00 p.m. New York City time on October 13, 2020 would no longer be exercisable and would be redeemed by the Company at the Redemption Price. In the three months ended September 30, 2020, 7,882,163 public warrants were exercised from which the Company received $88.0 million in cash proceeds. Underwritten Public Offering On April 6, 2021, the Company completed an underwritten public offering of 9,000,000 shares of the Company’s common stock at a public offering price of $34.00 per share. All shares were sold by existing stockholders, including Nebula Holdings, LLC and its affiliates, Bregal Sagemount, and certain executive officers of the Company. The selling stockholders also granted the underwriters a 30-day option to purchase up to 1,350,000 additional shares of common stock. The Company did not issue any shares and did not receive any of the proceeds of the offering. Share Repurchase Pursuant to a Stock Repurchase Agreement, dated as of March 29, 2021, between Open Lending and the selling stockholders named therein, the Company repurchased from the selling stockholders on April 6, 2021 an aggregate number of 612,745 shares of its common stock totaling $20.0 million at the same per share price paid by the underwriters to the selling stockholders in the offering. The $20.0 million stock repurchase was recorded in treasury stock at cost. Dividend Any decision to declare and pay dividends in the future will be made at the sole discretion of the Company’s Board of Directors and will depend on, among other things, results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company’s Board of Directors may deem relevant. In addition, the Company’s ability to pay dividends is limited by covenants in the Company’s existing indebtedness and may be limited by the agreements governing other indebtedness that it or its subsidiaries incur in the future.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	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 to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Revenue from contracts with lending institutions Program fees are derived from contracts with automotive lenders. Through the Company’s proprietary LPP, the Company enables automotive lenders to make loans that are insured against certain credit losses from defaults. The Company generates program fee revenue from its proprietary, cloud-based software platform that enables automotive lenders, Original Equipment Manufacturing (“OEM”) captive finance companies and other financial institutions (collectively, “lending institutions”) to approve loans to traditionally underserved non-prime or near-prime borrowers. 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 LPP and is issued by the lending institution. Program fee contracts contain a single performance obligation, which consists 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: i) a single-pay program fee is due based on the volume of loans originated by the lending institution in a calendar month; or ii) a monthly-pay program fee is due in equal monthly installments within 12 months of loan origination. The Company bills 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. Revenue from contracts with insurance carriers As of September 30, 2021, the Company has producer agreements with three insurance carrier partners from which the Company earns 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 the Company’s insurance partners. Profit share revenue represents the Company’s participation in the underwriting profit of the Company’s third-party insurance partners who provide lenders with credit default insurance on loans the automotive lenders make using the Company’s LPP. The Company receives 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, the Company uses 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 the Company’s 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 the Company’s insurance partners. To the extent these assumptions change, the Company’s profit share revenue is adjusted. In accordance with ASC 606, at the time of the placement of a policy by an insurance company, the Company estimates the variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. The Company applies economic stress factors in the Company’s forecast to constrain its estimation of future profit share revenue to an amount reflecting the Company’s belief that a significant reversal in the cumulative amount of revenue is not probable of occurring when the uncertainty is resolved. Claims administration service fees are generated from the Company 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 the Company satisfies its performance obligations. Contract Balances Contract assets for the periods indicated below were as follows: Contract Assets Profit TPA Fee Program Total (in thousands) Ending balance as of June 30, 2021 $ 104,886 $ 1,099 $ 5,948 $ 111,933 Increase of contract assets due to new business generation 27,932 1,801 21,638 51,371 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 7,515 — — 7,515 Receivables transferred from contract assets upon billing the lending institutions — — (21,197) (21,197) Payments received from insurance carriers (33,678) (1,682) — (35,360) Ending balance as of September 30, 2021 $ 106,655 $ 1,218 $ 6,389 $ 114,262 Contract Assets Profit TPA Fee Program Total (in thousands) Ending balance as of December 31, 2020 $ 83,177 $ 822 $ 5,343 $ 89,342 Increase of contract assets due to new business generation 77,605 4,854 57,146 139,605 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 24,414 — — 24,414 Receivables transferred from contract assets upon billing the lending institutions — — (56,100) (56,100) Payments received from insurance carriers (78,541) (4,458) — (82,999) Ending balance as of September 30, 2021 $ 106,655 $ 1,218 $ 6,389 $ 114,262 As of September 30, 2021 and December 31, 2020, the Company’s contract assets consisted of $60.7 million and $50.4 million, respectively, as the portion estimated to be received within one year, and $53.5 million and $39.0 million, respectively, in the non-current portion to be received beyond one year. During the three months ended September 30, 2021, the Company recorded $27.9 million in anticipated profit share, associated with 49,332 new certified loans, for an average of $566 per new certified loan, as compared to $14.7 million recorded in anticipated profit share, associated with 20,696 new certified loans, for an average of $711 per new certified loan, during the three months ended September 30, 2020. In addition, during the three months ended September 30, 2021, the Company recorded $7.5 million in estimated future profit share on business in historic periods, as compared to an increase of $3.8 million in estimated future profit share on historic vintages, during the three months ended September 30, 2020. In April 2021, the Company removed the vehicle value discount established as part of the Company’s underwriting changes implemented at the onset of COVID-19, which had the effect of increasing credit default insurance premiums and corresponding profit share during the pandemic by approximately 15% per certified loan. As a result of this underwriting change, the Company’s average profit share per certified loan decreased in the second and third quarter of 2021 and is comparable to pre-COVID-19 profit share unit economics. In addition, this change had a positive impact by increasing the Company’s closure rates on certified loans. During the nine months ended September 30, 2021, the profit share component of the Company’s contract assets increased $77.6 million in anticipated profit share associated with 129,058 new certified loans for an average of $601 per loan, and a $24.4 million positive adjustment in the contract asset related to performance obligations satisfied in previous periods as a result of the continued positive portfolio performance due to lower than projected default frequency and severity stress and overall fewer claims for loss. This positive change in estimate of $24.4 million in the first nine months of 2021 resulted in an increase in contract assets, revenue and expected future cash flows from historical vintages. The Company received $33.7 million and $78.5 million, respectively, in profit share payments from the Company’s insurance carriers, during the three and nine months ended September 30, 2021, an increase in collections over the Company’s previous quarters. The increase is primarily the result of an increase in certified loan volumes and the Company’s carriers releasing reserves established due to uncertainty related to the COVID-19 pandemic. More specifically, reserves were established to reflect the potential for higher defaults, increased severity of defaults and accelerated prepayments. These risks have not materialized as the portfolio has performed better than expected. Contract Costs The fulfillment costs associated with the Company’s contracts with customers do not meet the criteria for capitalization and are expensed as incurred. Disaggregation of Revenues The Company disaggregates revenues by revenue source (i.e., program fee, profit share and claims administration and other service fees), and the level of disaggregation is presented in the condensed consolidated statement of operations and comprehensive income.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Class B Common Unit Incentive Plan (the “Class B 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 Class B common units were converted into shares of Company common stock utilizing the exchange ratio established in the Business Combination Agreement, and the accelerated vesting of 571,983 awards resulted in $2.2 million of non-cash share-based compensation expense recorded to general and administrative expense during the nine months ended September 30, 2020. 2020 Stock Option and Incentive Plan (the “2020 Plan”) Prior to the Closing 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 initially reserved 9,693,750 shares, approximately 10% 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. As of September 30, 2021, the shares reserved and available for issuance under the 2020 Plan are 14,207,175, which includes the 4% annual increase in 2021 less restricted stock units and stock options granted under the 2020 Plan. Share-based compensation expense recorded for each type of award is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Time-Based Restricted Stock Units $ 638 $ — $ 1,329 $ — Performance-Based Restricted Stock Units 277 — 830 — Stock Options 183 — 567 — Class B Common Units — — — 2,676 Total share-based compensation expense $ 1,098 $ — $ 2,726 $ 2,676 During the three and nine months ended September 30, 2021 and 2020, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unit holders in the accompanying condensed consolidated statements of operations and comprehensive income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) General and administrative $ 925 $ — $ 2,252 $ 2,633 Selling and marketing 89 — 271 12 Cost of services 45 — 102 25 Research and development 39 — 101 6 Total $ 1,098 $ — $ 2,726 $ 2,676 The following table provides information related to the Company’s share-based compensation award activity for the nine months ended September 30, 2021: Time-Based Stock Options Performance-Based Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Exercise Price Number of Awards Weighted Average Fair Value at Grant Date Outstanding as of December 31, 2020 109,920 $ 28.20 199,764 $ 33.56 — $ — Granted 153,594 38.72 — — 99,289 33.44 Vested/Exercised — — — — — — Forfeited — — (3,868) 33.56 — — Outstanding as of September 30, 2021 263,514 $ 34.33 195,896 $ 33.56 99,289 $ 33.44 The unrecognized share-based compensation expense at September 30, 2021 was as follows: Unrecognized Share-based Compensation Expense Weighted Average Amortization Period (in thousands) Time-Based Restricted Stock Units $ 7,571 3.18 years Stock Options 2,467 3.25 years Performance-Based Restricted Stock Units 2,490 2.25 years Total unrecognized share-based compensation expense $ 12,528 3.01 years

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) per Share	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 potentially dilutive common shares outstanding during the period using the applicable methods. The potentially dilutive common shares during the three and nine months ended September 30, 2021 include unvested stock options and time-based restricted stock units. The potentially dilutive common shares during the three and nine months ended September 30, 2021 do not include performance-based restricted stock units containing unmet performance conditions. The potentially dilutive common shares are included in the calculation of diluted net income (loss) per share only when their effect is dilutive. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except shares and per share data) Basic net income (loss) per share: Numerator Net income (loss) $ 29,414 $ (71,133) $ 118,242 $ (112,766) Preferred distribution to redeemable convertible Series C preferred units — — — (40,689) Non-cash adjustment to redemption amount of the redeemable convertible Series C preferred units — — — 47,537 Net income (loss) attributable to common stockholders $ 29,414 $ (71,133) $ 118,242 $ (105,918) Denominator Weighted average common shares 126,190,351 115,189,532 126,405,822 67,828,046 Basic net income (loss) per share attributable to common stockholders $ 0.23 $ (0.62) $ 0.94 $ (1.56) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 29,414 $ (71,133) $ 118,242 $ (105,918) Denominator Basic weighted average common shares 126,190,351 115,189,532 126,405,822 67,828,046 Dilutive effect of outstanding Time-Based Restricted Stock Units 57,148 — 45,297 — Diluted weighted average common shares 126,247,499 115,189,532 126,451,119 67,828,046 Diluted net income (loss) per share attributable to common stockholders $ 0.23 $ (0.62) $ 0.94 $ (1.56) The following potentially dilutive outstanding securities for the three and nine months ended September 30, 2021 and 2020 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 periods: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested Stock Options 195,896 — 195,896 — Unvested Performance-Based Restricted Stock Units 99,289 — 99,289 — Redeemable stock warrants — 2,230,897 — 890,291 Contingency consideration — 5,803,329 — 4,032,276 Retroactively restated Series C preferred units — — — 8,389,982 Total 295,185 8,034,226 295,185 13,312,549

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, the Company uses a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 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 the 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. Fair Value Hierarchy The following table presents the placement in the fair value hierarchy of the Company’s debt instruments at September 30, 2021 and December 31, 2020. Carrying value Fair value measurement at September 30, 2021 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 146,953 $ — $ 146,953 $ — Total $ 146,953 $ — $ 146,953 $ — Carrying value Fair value measurement at December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 157,747 $ — $ 157,747 $ — Total $ 157,747 $ — $ 157,747 $ — 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 plus an applicable spread. 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 September 30, 2021 and December 31, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDuring the three and nine months ended September 30, 2021, the Company recognized income tax expense of $10.4 million and $38.1 million, respectively, as compared to income tax expense of $4.0 million and $5.4 million, respectively, during the three and nine months ended September 30, 2020. The effective tax rate for the three and nine months ended September 30, 2021 was 26.1% and 24.4%, respectively, as compared to effective tax rate of (6.0)% and (5.0)% for the three and nine months ended September 30, 2020, respectively. The Company’s income tax expense for the three and nine months ended September 30, 2021 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to the early termination of the tax receivable agreement, officer’s compensation limitation under Section 162(m), and state income tax expenses. The Company’s income tax expense for the three and nine months ended September 30, 2020 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to the flow-thru entity structure prior to the Business Combination. As of September 30, 2021, the Company has assessed whether it is more likely than not that its 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 that all deferred tax assets will be realized and has not recorded any valuation allowance as of September 30, 2021. 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 have no material uncertain tax positions as of September 30, 2021 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 September 30, 2021 or for any open tax years.

Tax Receivable Agreement

Tax Receivable Agreement	9 Months Ended
	Sep. 30, 2021
Tax Receivable Agreement Disclosure [Abstract]
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Business Combination, the Company entered into the Tax Receivable Agreement (“TRA”). The TRA generally provides for the payment by the Company to the Open Lending, LLC unitholders and Blocker’s sole shareholder (the “TRA holders”), as applicable, of 85% of the net cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes (or are deemed to realize in certain circumstances) in periods after the Closing as a result of: (i) certain tax attributes of Blocker and/or Open Lending, LLC that existed prior to the Business Combination and were attributable to the Blocker; (ii) certain increases in the tax basis of Open Lending, LLC’s assets resulting from the Transactions; (iii) imputed interest deemed to be paid by the Company as a result of payments the Company makes under the TRA; and (iv) certain increases in tax basis resulting from payments the Company makes under the TRA. The Company will retain the benefit of the remaining 15% of these cash savings. The liability for the TRA was $92.4 million at December 31, 2020, which is shown as tax receivable agreement liability on the Company’s condensed consolidated balance sheets. The Company entered into Amendment No. 1 (the “Amendment”) to the TRA effective April 9, 2021. The Amendment provides that in lieu of early termination payments, the TRA holders are instead entitled to payments equal to 40% of all Tax Benefit Payments (all definitions used herein and otherwise not defined herein shall have the meanings set forth in the Amendment) other than any Actual Interest Amounts that would be required to be paid by the Company under the TRA, using certain valuation. The Amendment provides the Company with the right to terminate and settle all present and future obligations under the TRA with a single payment by the Company to the TRA holders of $36.9 million (the “Early Termination Right”). Absent the Amendment and the exercise of the Early Termination Right, the Company anticipated making TRA payments totaling $92.4 million, undiscounted, over the life of the TRA. On April 12, 2021, an independent committee of disinterested members of the Board of Directors approved the Company’s decision to exercise the Early Termination Right. With the early settlement of the TRA, the Company recognized a gain of $55.4 million, which is included in gain on extinguishment of tax receivable agreement on the Company’s condensed consolidated statements of operations and comprehensive income.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the nine months ended September 30, 2021, cash payments were made to certain related parties totaling $18.5 million in connection with the early termination and settlement of the TRA, as discussed in Note 11—Tax Receivable Agreement . On March 25, 2020, Ross Jessup, the Company’s President, borrowed $6.0 million 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 distribution paid by Open Lending, LLC to its members.

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies and Recent Developments (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Open Lending and all its subsidiaries that are directly or indirectly owned or controlled by the Company. All intercompany transactions and balances have been eliminated upon consolidation. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these condensed consolidated financial statements should be read in conjunction with its audited consolidated financial statements and related notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2020. The interim data includes all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of the Company’s management, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2021. 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 (“FASB”) Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination was primarily based on the evaluation of the following facts and circumstances: • the pre-combination unitholders of Open Lending, LLC held the majority of voting rights in the Company; • the pre-combination unitholders of Open Lending, LLC had the right to appoint the majority of the directors of the Company; • 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, all 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 are those of Open Lending, LLC. The shares and corresponding capital amounts and net income 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.
Concentrations of revenue and of credit risks	Concentrations of revenue and credit risks The Company’s business relationships with its three insurance partners generated approximately 63% and 65% of the Company’s total revenue for each of the three and nine months ended September 30, 2021, respectively, with the top insurance partner accounting for approximately 63% of the total profit share revenue. In the event that one or more of the Company’s insurance partners or other significant customers terminate their relationships with the Company, or elect to utilize an alternative source to price its auto loans, the number of loans originated through the Lender’s Protection Platform (“LPP”) would decline, which would materially and adversely affect its business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash and accounts receivable to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis and savings accounts at two financial institutions, both with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, delegated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts.
Use of estimates and judgements	Use of estimates and judgments The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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. The most significant items subject to such estimates and assumptions include, but are not limited to, profit share revenue recognition and the corresponding impact on contract assets, the recognition of the valuations of share-based compensation arrangements, and assessing the realizability of deferred tax assets. These estimates, although based on actual historical trend and modeling, may potentially show significant variances over time. In connection with profit share revenue recognition and the estimation of contract assets under Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), the Company uses forecasts of loan-level earned premium and insurance claim payments. These forecasts are driven by the projection of loan defaults, prepayments and default severity rates. These assumptions are based on the Company’s observations of the historical behavior for loans with similar risk characteristics. The assumptions also take into consideration the forecast adjustments under various macroeconomic conditions, including the potential impact from the COVID-19 pandemic, and the current mix of the underlying portfolio of the Company’s insurance partners. As the Company closely monitors the development of the pandemic and its ongoing impact on its business, management has accordingly adjusted these assumptions during the three and nine months ended September 30, 2021 as a result of changes in facts and circumstances and general market conditions derived from the COVID-19 pandemic.
Property and equipment	Property and equipmentThe Company's property and equipment balance primarily consists of furniture, fixtures and equipment used in the normal course of business, as well as leasehold improvements and computer software developed for internal use.
Recently adopted new accounting standards and Recently issued accounting pronouncements not yet adopted	Recently adopted new accounting standards On January, 1, 2021, the Company adopted ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The impact of the adoption of this standard was immaterial to the condensed consolidated financial statements. On January 1, 2021, the Company adopted ASU 2018-15, Intangibles—Goodwill and Other—Internal—Use Software, Subtopic, 350-40, which provides guidance on a customer’s accounting for implementation costs incurred in a cloud-computing arrangement when hosted by a vendor. The guidance provides that, in a hosting arrangement that is a service contract, certain implementation costs should be capitalized and amortized over the term of the arrangement. The Company adopted this guidance using the prospective method. The impact of the adoption of this standard was immaterial to the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company expects to be deemed a large accelerated filer and no longer an emerging growth company effective December 31, 2021. Accordingly, the Company is in the process of assessing the impact of this ASU on its condensed consolidated financial statements and disclosures effective January 1, 2021. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform within Topic 848, which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the effect of ASU 2020-04 on the Company’s condensed consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has 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 the Company’s condensed consolidated financial position or results of operations.
Revenue from Contract with Customer	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 to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Revenue from contracts with lending institutions Program fees are derived from contracts with automotive lenders. Through the Company’s proprietary LPP, the Company enables automotive lenders to make loans that are insured against certain credit losses from defaults. The Company generates program fee revenue from its proprietary, cloud-based software platform that enables automotive lenders, Original Equipment Manufacturing (“OEM”) captive finance companies and other financial institutions (collectively, “lending institutions”) to approve loans to traditionally underserved non-prime or near-prime borrowers. 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 LPP and is issued by the lending institution. Program fee contracts contain a single performance obligation, which consists 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: i) a single-pay program fee is due based on the volume of loans originated by the lending institution in a calendar month; or ii) a monthly-pay program fee is due in equal monthly installments within 12 months of loan origination. The Company bills 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. Revenue from contracts with insurance carriers As of September 30, 2021, the Company has producer agreements with three insurance carrier partners from which the Company earns 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 the Company’s insurance partners. Profit share revenue represents the Company’s participation in the underwriting profit of the Company’s third-party insurance partners who provide lenders with credit default insurance on loans the automotive lenders make using the Company’s LPP. The Company receives 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, the Company uses 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 the Company’s 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 the Company’s insurance partners. To the extent these assumptions change, the Company’s profit share revenue is adjusted. In accordance with ASC 606, at the time of the placement of a policy by an insurance company, the Company estimates the variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. The Company applies economic stress factors in the Company’s forecast to constrain its estimation of future profit share revenue to an amount reflecting the Company’s belief that a significant reversal in the cumulative amount of revenue is not probable of occurring when the uncertainty is resolved. Claims administration service fees are generated from the Company 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 the Company satisfies its performance obligations.
Fair Value of Financial Instruments	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.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table provides a summary of the Company’s debt as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Revolving Facility, matures in 2026 $ 25,000 $ — Term Loan due 2026 123,438 — Term Loan due 2027 — 166,813 Less: unamortized deferred financing costs (1,485) (9,066) Total debt 146,953 157,747 Less: current portion of debt (3,125) (4,888) Total long-term debt, net of deferred financing costs $ 143,828 $ 152,859

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets	Contract assets for the periods indicated below were as follows: Contract Assets Profit TPA Fee Program Total (in thousands) Ending balance as of June 30, 2021 $ 104,886 $ 1,099 $ 5,948 $ 111,933 Increase of contract assets due to new business generation 27,932 1,801 21,638 51,371 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 7,515 — — 7,515 Receivables transferred from contract assets upon billing the lending institutions — — (21,197) (21,197) Payments received from insurance carriers (33,678) (1,682) — (35,360) Ending balance as of September 30, 2021 $ 106,655 $ 1,218 $ 6,389 $ 114,262 Contract Assets Profit TPA Fee Program Total (in thousands) Ending balance as of December 31, 2020 $ 83,177 $ 822 $ 5,343 $ 89,342 Increase of contract assets due to new business generation 77,605 4,854 57,146 139,605 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 24,414 — — 24,414 Receivables transferred from contract assets upon billing the lending institutions — — (56,100) (56,100) Payments received from insurance carriers (78,541) (4,458) — (82,999) Ending balance as of September 30, 2021 $ 106,655 $ 1,218 $ 6,389 $ 114,262

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Share-based compensation expense recorded for each type of award is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Time-Based Restricted Stock Units $ 638 $ — $ 1,329 $ — Performance-Based Restricted Stock Units 277 — 830 — Stock Options 183 — 567 — Class B Common Units — — — 2,676 Total share-based compensation expense $ 1,098 $ — $ 2,726 $ 2,676 During the three and nine months ended September 30, 2021 and 2020, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unit holders in the accompanying condensed consolidated statements of operations and comprehensive income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) General and administrative $ 925 $ — $ 2,252 $ 2,633 Selling and marketing 89 — 271 12 Cost of services 45 — 102 25 Research and development 39 — 101 6 Total $ 1,098 $ — $ 2,726 $ 2,676 The unrecognized share-based compensation expense at September 30, 2021 was as follows: Unrecognized Share-based Compensation Expense Weighted Average Amortization Period (in thousands) Time-Based Restricted Stock Units $ 7,571 3.18 years Stock Options 2,467 3.25 years Performance-Based Restricted Stock Units 2,490 2.25 years Total unrecognized share-based compensation expense $ 12,528 3.01 years
Share-based Payment Arrangement, Activity	The following table provides information related to the Company’s share-based compensation award activity for the nine months ended September 30, 2021: Time-Based Stock Options Performance-Based Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Exercise Price Number of Awards Weighted Average Fair Value at Grant Date Outstanding as of December 31, 2020 109,920 $ 28.20 199,764 $ 33.56 — $ — Granted 153,594 38.72 — — 99,289 33.44 Vested/Exercised — — — — — — Forfeited — — (3,868) 33.56 — — Outstanding as of September 30, 2021 263,514 $ 34.33 195,896 $ 33.56 99,289 $ 33.44

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except shares and per share data) Basic net income (loss) per share: Numerator Net income (loss) $ 29,414 $ (71,133) $ 118,242 $ (112,766) Preferred distribution to redeemable convertible Series C preferred units — — — (40,689) Non-cash adjustment to redemption amount of the redeemable convertible Series C preferred units — — — 47,537 Net income (loss) attributable to common stockholders $ 29,414 $ (71,133) $ 118,242 $ (105,918) Denominator Weighted average common shares 126,190,351 115,189,532 126,405,822 67,828,046 Basic net income (loss) per share attributable to common stockholders $ 0.23 $ (0.62) $ 0.94 $ (1.56) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 29,414 $ (71,133) $ 118,242 $ (105,918) Denominator Basic weighted average common shares 126,190,351 115,189,532 126,405,822 67,828,046 Dilutive effect of outstanding Time-Based Restricted Stock Units 57,148 — 45,297 — Diluted weighted average common shares 126,247,499 115,189,532 126,451,119 67,828,046 Diluted net income (loss) per share attributable to common stockholders $ 0.23 $ (0.62) $ 0.94 $ (1.56)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities for the three and nine months ended September 30, 2021 and 2020 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 periods: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Unvested Stock Options 195,896 — 195,896 — Unvested Performance-Based Restricted Stock Units 99,289 — 99,289 — Redeemable stock warrants — 2,230,897 — 890,291 Contingency consideration — 5,803,329 — 4,032,276 Retroactively restated Series C preferred units — — — 8,389,982 Total 295,185 8,034,226 295,185 13,312,549

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value Assets and Liabilities Measured on Recurring Basis	The following table presents the placement in the fair value hierarchy of the Company’s debt instruments at September 30, 2021 and December 31, 2020. Carrying value Fair value measurement at September 30, 2021 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 146,953 $ — $ 146,953 $ — Total $ 146,953 $ — $ 146,953 $ — Carrying value Fair value measurement at December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 157,747 $ — $ 157,747 $ — Total $ 157,747 $ — $ 157,747 $ —

Description of Business, Back_2

Description of Business, Background and Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies and Recent Developments - Additional Information (Detail) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 11, 2020
Concentration Risk [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Three Insurance Partners | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	63.00%	65.00%
Top Insurance Partner | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		63.00%
One Customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%	19.00%

Business Combination - Addition

Business Combination - Additional Information (Detail) - Nebula Holdings LLC $ / shares in Units, $ in Millions	Jun. 10, 2020USD ($)$ / sharesshares
Business Acquisition [Line Items]
Aggregate consideration	$ 1,000
Cash payments to acquire businesses	328.8
Business combination, consideration transferred, liabilities incurred	$ 135
Business combination, number of shares issued (in shares) | shares	51,909,655
Business combination, share price (in dollars per share) | $ / shares	$ 10
Business combination, equity issued	$ 519.1
Direct and Incremental Costs
Business Acquisition [Line Items]
Business combination, acquisition related costs	55.5
Bonus
Business Acquisition [Line Items]
Business combination, acquisition related costs	9.1
Share Based Compensation Expense
Business Acquisition [Line Items]
Business combination, acquisition related costs	$ 2.2
Earnout Consideration
Business Acquisition [Line Items]
Business combination, number of shares issued (in shares) | shares	22,500,000

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($)	Sep. 30, 2021	Mar. 19, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	$ (1,485,000)		$ (9,066,000)
Total debt	146,953,000		157,747,000
Less: current portion of debt	(3,125,000)		(4,888,000)
Total long-term debt, net of deferred financing costs	143,828,000		152,859,000
Medium-term Notes | Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	123,438,000	$ 125,000,000	0
Less: unamortized deferred financing costs		(1,200,000)
Medium-term Notes | Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	0		166,813,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 25,000,000		$ 0
Less: unamortized deferred financing costs		$ (500,000)

Debt - Additional Information (

Debt - Additional Information (Detail)	Mar. 19, 2021USD ($)	Mar. 11, 2020USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 8,800,000		$ 0	$ 0	$ 8,778,000	$ 0
Debt issuance costs, net				$ 1,485,000		$ 1,485,000		$ 9,066,000
New Credit Agreement
Debt Instrument [Line Items]
Repayments of debt			$ 25,000,000
Debt issuance costs, net	$ 1,700,000
Debt, weighted average interest rate				2.13%		2.13%
Maximum total net leverage ratio	3.5
Decrease maximum total net leverage ratio	3
Minimum fixed charge coverage ratio	1.25
New Credit Agreement | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.275%
London Interbank Offered Rate (LIBOR) | New Credit Agreement
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						0.086%
Debt instrument, margin rate						1.75%
London Interbank Offered Rate (LIBOR) | New Credit Agreement | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
London Interbank Offered Rate (LIBOR) | New Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Base Rate | New Credit Agreement | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Base Rate | New Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Medium-term Notes
Debt Instrument [Line Items]
Principal amount		$ 170,000,000
Debt instrument, LIBOR floor rate		1.00%
Medium-term Notes | Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 125,000,000			$ 123,438,000		$ 123,438,000		0
Debt issuance costs, net	1,200,000
Medium-term Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		6.50%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross				25,000,000		25,000,000		$ 0
Line of credit facility, maximum borrowing capacity	50,000,000
Line of credit facility, remaining borrowing capacity				$ 25,000,000		$ 25,000,000
Line of credit facility, unused capacity, commitment fee percentage						0.218%
Debt issuance costs, net	500,000
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Line of Credit | New Credit Agreement | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.20%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 06, 2021USD ($)$ / sharesshares	Jul. 01, 2020$ / sharesshares	Jun. 10, 2020shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2021USD ($)day$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares	Jun. 11, 2020$ / sharesshares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)					550,000,000		550,000,000	550,000,000
Preferred stock, shares authorized (in shares)					10,000,000		10,000,000	10,000,000
Common stock, shares outstanding (in shares)					126,190,351		126,803,096	91,849,909
Common stock, shares, issued, subject to certain lock-up and forfeiture arrangements (in shares)								3,437,500
Common stock, shares, outstanding, subject to certain lock-up and forfeiture arrangements (in shares)								3,437,500
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01	$ 0.01
Class of warrant or right, outstanding (in shares)								9,166,659
Share price (in dollars per share) | $ / shares								$ 18
Proceeds from stock warrant exercises | $					$ 0	$ 88,042
Common stock repurchased (in shares)	612,745
Common stock repurchased | $	$ 20,000
Public Stock Offering
Class of Stock [Line Items]
Sale of stock, maximum shares authorized (in shares)	9,000,000
Sale of stock, price per share (in dollars per share) | $ / shares	$ 34
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, maximum shares authorized (in shares)	1,350,000
Sale of stock, over-allotment purchase period	30 days
Public Warrants
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares)								9,166,659
Class of warrant or right exercise price (in dollars per share) | $ / shares		$ 11.50						$ 11.50
Class of warrant or right threshold trading days for exercise					30 days
Class of warrant or right, redemption price (in dollars per share) | $ / shares								$ 0.01
Class of warrant or right, minimum notice period for redemption					30 days
Class of warrant or right, redemption, threshold trading days | day					30
Class of warrant or right, exercised (in shares)				7,882,163
Proceeds from stock warrant exercises | $				$ 88,000
Minimum | Public Warrants
Class of Stock [Line Items]
Class of warrant or right, redemption, threshold consecutive trading days | day					20
Common Stock
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		9,166,659
Nebula Holdings LLC
Class of Stock [Line Items]
Business combination, number of shares issued (in shares)			51,909,655
Nebula Holdings LLC | Earnout Consideration
Class of Stock [Line Items]
Business combination, number of shares issued (in shares)			22,500,000
Nebula Holdings LLC | Earnout Consideration | Nebula Equity Holders
Class of Stock [Line Items]
Business combination, number of shares issued (in shares)			1,250,000
Nebula Holdings LLC | Maximum | Earnout Consideration
Class of Stock [Line Items]
Business combination, number of shares issued (in shares)		23,750,000
Nebula Holdings LLC | Common Stock
Class of Stock [Line Items]
Number of shares registered for issuance (in shares)		52,916,659

Revenue - Summary Of Contract A

Revenue - Summary Of Contract Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 111,933		$ 89,342
Increase of contract assets due to new business generation	51,371		139,605
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	7,515		24,414
Receivables transferred from contract assets upon billing the lending institutions	(21,197)		(56,100)
Payments received from insurance carriers	(35,360)		(82,999)
Ending balance	114,262		114,262
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	104,886		83,177
Increase of contract assets due to new business generation	27,932	$ 14,700	77,605
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	7,515		24,414
Receivables transferred from contract assets upon billing the lending institutions	0		0
Payments received from insurance carriers	(33,678)		(78,541)
Ending balance	106,655		106,655
TPA Fee
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,099		822
Increase of contract assets due to new business generation	1,801		4,854
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0		0
Receivables transferred from contract assets upon billing the lending institutions	0		0
Payments received from insurance carriers	(1,682)		(4,458)
Ending balance	1,218		1,218
Program Fee
Contract With Customer, Asset [Roll Forward]
Beginning balance	5,948		5,343
Increase of contract assets due to new business generation	21,638		57,146
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0		0
Receivables transferred from contract assets upon billing the lending institutions	(21,197)		(56,100)
Payments received from insurance carriers	0		0
Ending balance	$ 6,389		$ 6,389

Revenue - Additional Informatio

Revenue - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)
Contract With Customer Asset And Liability [Line Items]
Current contract assets	$ 60,739,000		$ 60,739,000	$ 50,386,000
Non-current contract assets	53,523,000		53,523,000	$ 38,956,000
Increase of contract assets due to new business generation	51,371,000		139,605,000
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	7,515,000		24,414,000
Payments received from insurance carriers	35,360,000		82,999,000
Profit share
Contract With Customer Asset And Liability [Line Items]
Increase of contract assets due to new business generation	$ 27,932,000	$ 14,700,000	$ 77,605,000
Number of new certified loans | loan	49,332	20,696	129,058
Contract with customer, asset, average price per loan	$ 566	$ 711	$ 601
Estimated future profit share recorded	7,500,000	$ 3,800,000
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	7,515,000		24,414,000
Payments received from insurance carriers	33,678,000		78,541,000
Profit share | COVID-19
Contract With Customer Asset And Liability [Line Items]
Payments received from insurance carriers	$ 33,700,000		$ 78,500,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 2,726	$ 2,676
Class B Unit Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)	571,983
Share-based compensation	$ 2,200
Stock Option and Incentive Plan, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		14,207,175		9,693,750
Percent on number of shares outstanding				10.00%
Percent of incremental shares on outstanding common stock		4.00%		4.00%

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,098	$ 0	$ 2,726	$ 2,676
Time-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	638	0	1,329	0
Performance-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	277	0	830	0
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	183	0	567	0
Class B Common Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ 0	$ 2,676

Share-Based Compensation - Sh_2

Share-Based Compensation - Share-based Compensation Expense Allocated to Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,098	$ 0	$ 2,726	$ 2,676
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	925	0	2,252	2,633
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	89	0	271	12
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	45	0	102	25
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 39	$ 0	$ 101	$ 6

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options and Restricted Stock Award Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Time-Based Restricted Stock Units
Number of Awards
Beginning balance (in shares) | shares	109,920
Granted (in shares) | shares	153,594
Vested/Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	263,514
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share) | $ / shares	$ 28.20
Granted (in dollars per share) | $ / shares	38.72
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 34.33
Stock Options
Number of Awards
Beginning balance (in shares) | shares	199,764
Granted (in shares) | shares	0
Vested/Exercised (in shares) | shares	0
Forfeitures (in shares) | shares	(3,868)
Ending balance (in shares) | shares	195,896
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 33.56
Granted (in dollars per share) | $ / shares	0
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	33.56
Ending balance (in dollars per share) | $ / shares	$ 33.56
Performance-Based Restricted Stock Units
Number of Awards
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	99,289
Vested/Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	99,289
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	33.44
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 33.44

Share-Based Compensation - Unre

Share-Based Compensation - Unrecognized Share-based Compensation Expense (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total unrecognized share-based compensation expense	$ 12,528
Weighted Average Amortization Period	3 years 3 days
Time-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 7,571
Weighted Average Amortization Period	3 years 2 months 4 days
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, stock options	$ 2,467
Weighted Average Amortization Period	3 years 3 months
Performance-Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 2,490
Weighted Average Amortization Period	2 years 3 months

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income (loss)	$ 29,414	$ 75,966	$ 12,862	$ (71,133)	$ (49,805)	$ 8,172	$ 118,242	$ (112,766)
Preferred distribution to redeemable convertible Series C preferred units	0			0			0	(40,689)
Non-cash adjustment to redemption amount of the redeemable convertible Series C preferred units	0			0			0	47,537
Net income (loss) attributable to common stockholders	$ 29,414			$ (71,133)			$ 118,242	$ (105,918)
Denominator
Weighted average common shares (in shares)	126,190,351			115,189,532			126,405,822	67,828,046
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.23			$ (0.62)			$ 0.94	$ (1.56)
Numerator
Net income (loss) attributable to common stockholders	$ 29,414			$ (71,133)			$ 118,242	$ (105,918)
Denominator
Basic weighted average common shares (in shares)	126,190,351			115,189,532			126,405,822	67,828,046
Dilutive effect of outstanding Time-Based Restricted Stock Units (in shares)	57,148			0			45,297	0
Diluted weighted average common shares (in shares)	126,247,499			115,189,532			126,451,119	67,828,046
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.23			$ (0.62)			$ 0.94	$ (1.56)

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	295,185	8,034,226	295,185	13,312,549
Unvested Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	195,896	0	195,896	0
Unvested Performance-Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	99,289	0	99,289	0
Redeemable stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	2,230,897	0	890,291
Contingency consideration
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	5,803,329	0	4,032,276
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 (in shares)	0	0	0	8,389,982

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Debt at fair value	$ 146,953	$ 157,747
Total	146,953	157,747
Level 1
Liabilities:
Debt at fair value	0	0
Total	0	0
Level 2
Liabilities:
Debt at fair value	146,953	157,747
Total	146,953	157,747
Level 3
Liabilities:
Debt at fair value	0	0
Total	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 10,404	$ 4,021	$ 38,141	$ 5,385
Effective income tax rate reconciliation, percent	26.10%	(6.00%)	24.40%	(5.00%)

Tax Receivable Agreement - Addi

Tax Receivable Agreement - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 12, 2021	Apr. 09, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on extinguishment of tax receivable agreement			$ 0	$ 0	$ 55,422	$ 0
Tax Receivable Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of net cash savings payable			85.00%		85.00%
Percent of cash savings retain the benefit			15.00%		15.00%
Deferred tax liabilities							$ 92,400
Percentage of tax benefit payments		40.00%
Tax receivable agreement, termination payment right		$ 36,900
Tax receivable agreement, expected cost		$ 92,400
Gain on extinguishment of tax receivable agreement	$ 55,400

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Mar. 25, 2020
Ross Jessup, President
Related Party Transaction [Line Items]
Related party receivables		$ 6
Tax Receivable Agreement
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 18.5