Open Lending (LPRO) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		126,300,303
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 201,807	$ 116,454
Restricted cash	3,349	3,055
Accounts receivable, net	6,654	6,525
Current contract assets, net	65,555	70,542
Income tax receivable	2,329	1,345
Other current assets	3,515	4,873
Total current assets	283,209	202,794
Property and equipment, net	2,789	2,663
Operating lease right-of-use assets, net	4,758	5,189
Non-current contract assets, net	34,385	42,414
Deferred tax asset, net	73,363	65,503
Other non-current assets	459	262
Total assets	398,963	318,825
Current liabilities
Accounts payable	183	1,285
Accrued expenses	8,838	3,984
Current portion of debt	3,750	3,125
Third-party claims administration liability	3,358	3,050
Other current liabilities	851	621
Total current liabilities	16,980	12,065
Long-term debt, net of deferred financing costs	144,478	143,135
Non-current operating lease liabilities	4,231	4,643
Total liabilities	165,689	159,843
Commitments 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 126,230,762 shares outstanding as of September 30, 2022 and 128,198,185 shares issued and 126,212,876 shares outstanding as of December 31, 2021	1,282	1,282
Additional paid-in capital	499,843	496,983
Accumulated deficit	(211,630)	(282,439)
Treasury stock at cost, 1,967,423 shares as of September 30, 2022 and 1,985,309 shares as of December 31, 2021	(56,221)	(56,844)
Total stockholders’ equity	233,274	158,982
Total liabilities and stockholders’ equity	$ 398,963	$ 318,825

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	126,230,762	126,212,876
Treasury stock (in shares)	1,967,423	1,985,309

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Total revenue	$ 50,661	$ 58,892	$ 152,773	$ 164,025
Cost of services	5,199	6,380	15,072	13,882
Gross profit	45,462	52,512	137,701	150,143
Operating expenses
General and administrative	9,335	7,197	24,785	23,790
Selling and marketing	5,981	3,308	13,708	8,659
Research and development	2,355	1,268	6,366	2,632
Total operating expenses	17,671	11,773	44,859	35,081
Operating income	27,791	40,739	92,842	115,062
Interest expense	(1,608)	(959)	(3,535)	(5,370)
Interest income	321	35	368	177
Gain on extinguishment of tax receivable agreement	0	0	0	55,422
Loss on extinguishment of debt	0	0	0	(8,778)
Other income (expense)	(239)	3	(239)	(130)
Income before income taxes	26,265	39,818	89,436	156,383
Income tax expense	1,736	10,404	18,627	38,141
Net income	$ 24,529	$ 29,414	$ 70,809	$ 118,242
Net income per common share
Basic (in dollars per share)	$ 0.19	$ 0.23	$ 0.56	$ 0.94
Diluted (in dollars per share)	$ 0.19	$ 0.23	$ 0.56	$ 0.94
Weighted average common shares outstanding
Basic (in shares)	126,228,723	126,190,351	126,222,084	126,405,822
Diluted (in shares)	126,228,723	126,247,499	126,222,415	126,451,119
Profit share
Revenue
Total revenue	$ 26,523	$ 35,447	$ 83,990	$ 102,019
Program fees
Revenue
Total revenue	21,845	21,638	62,302	57,146
Claims administration and other service fees
Revenue
Total revenue	$ 2,293	$ 1,807	$ 6,481	$ 4,860

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		128,198,185
Beginning balance at Dec. 31, 2020	$ 26,622	$ 1,282	$ 491,246	$ (428,406)	$ (37,500)
Treasury stock, beginning balance (in shares) at Dec. 31, 2020					1,395,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	701		701
Net income	12,862			12,862
Ending balance at Mar. 31, 2021	40,185	$ 1,282	491,947	(415,544)	$ (37,500)
Ending balance (in shares) at Mar. 31, 2021		128,198,185
Treasury stock, ending balance (in shares) at Mar. 31, 2021					1,395,089
Beginning balance (in shares) at Dec. 31, 2020		128,198,185
Beginning balance at Dec. 31, 2020	26,622	$ 1,282	491,246	(428,406)	$ (37,500)
Treasury stock, beginning balance (in shares) at Dec. 31, 2020					1,395,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,242
Ending balance at Sep. 30, 2021	127,590	$ 1,282	493,972	(310,164)	$ (57,500)
Ending balance (in shares) at Sep. 30, 2021		128,198,185
Treasury stock, ending balance (in shares) at Sep. 30, 2021					2,007,834
Beginning balance (in shares) at Mar. 31, 2021		128,198,185
Beginning balance at Mar. 31, 2021	40,185	$ 1,282	491,947	(415,544)	$ (37,500)
Treasury stock, beginning balance (in shares) at Mar. 31, 2021					1,395,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	927		927
Share repurchase (in shares)					(612,745)
Shares repurchased	(20,000)				$ (20,000)
Net income	75,966			75,966
Ending balance at Jun. 30, 2021	97,078	$ 1,282	492,874	(339,578)	$ (57,500)
Ending balance (in shares) at Jun. 30, 2021		128,198,185
Treasury stock, ending balance (in shares) at Jun. 30, 2021					2,007,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,098		1,098
Net income	29,414			29,414
Ending balance at Sep. 30, 2021	$ 127,590	$ 1,282	493,972	(310,164)	$ (57,500)
Ending balance (in shares) at Sep. 30, 2021		128,198,185
Treasury stock, ending balance (in shares) at Sep. 30, 2021					2,007,834
Beginning balance (in shares) at Dec. 31, 2021	126,212,876	128,198,185
Beginning balance at Dec. 31, 2021	$ 158,982	$ 1,282	496,983	(282,439)	$ (56,844)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021	1,985,309				1,985,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 1,281		1,281
Restricted stock units issued, net of shares withheld for taxes	(39)		(207)		$ 168
Restricted stock units issued, net of shares withheld for taxes (in shares)					5,079
Net income	23,154			23,154
Ending balance at Mar. 31, 2022	$ 183,378	$ 1,282	498,057	(259,285)	$ (56,676)
Ending balance (in shares) at Mar. 31, 2022		128,198,185
Treasury stock, ending balance (in shares) at Mar. 31, 2022					1,980,230
Beginning balance (in shares) at Dec. 31, 2021	126,212,876	128,198,185
Beginning balance at Dec. 31, 2021	$ 158,982	$ 1,282	496,983	(282,439)	$ (56,844)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021	1,985,309				1,985,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 70,809
Ending balance at Sep. 30, 2022	$ 233,274	$ 1,282	499,843	(211,630)	$ (56,221)
Ending balance (in shares) at Sep. 30, 2022	126,230,762	128,198,185
Treasury stock, ending balance (in shares) at Sep. 30, 2022	1,967,423				1,967,423
Beginning balance (in shares) at Mar. 31, 2022		128,198,185
Beginning balance at Mar. 31, 2022	$ 183,378	$ 1,282	498,057	(259,285)	$ (56,676)
Treasury stock, beginning balance (in shares) at Mar. 31, 2022					1,980,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	988		988
Restricted stock units issued, net of shares withheld for taxes	(24)		(300)		$ 276
Restricted stock units issued, net of shares withheld for taxes (in shares)					7,595
Net income	23,126			23,126
Ending balance at Jun. 30, 2022	207,468	$ 1,282	498,745	(236,159)	$ (56,400)
Ending balance (in shares) at Jun. 30, 2022		128,198,185
Treasury stock, ending balance (in shares) at Jun. 30, 2022					1,972,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,295
Restricted stock units issued, net of shares withheld for taxes	(18)		(197)		$ 179
Restricted stock units issued, net of shares withheld for taxes (in shares)					5,212
Net income	24,529			24,529
Ending balance at Sep. 30, 2022	$ 233,274	$ 1,282	$ 499,843	$ (211,630)	$ (56,221)
Ending balance (in shares) at Sep. 30, 2022	126,230,762	128,198,185
Treasury stock, ending balance (in shares) at Sep. 30, 2022	1,967,423				1,967,423

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 70,809	$ 118,242
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	3,564	2,726
Depreciation and amortization	680	322
Amortization of debt issuance costs	265	507
Non-cash operating lease cost	431	405
Gain on extinguishment of tax receivable agreement	0	(55,422)
Loss on extinguishment of debt	0	8,778
Deferred income taxes	(7,860)	19,176
Changes in assets and liabilities:
Accounts receivable, net	(129)	(2,522)
Contract assets, net	13,016	(24,920)
Other current and non-current assets	1,331	(298)
Accounts payable	(1,101)	(2,012)
Accrued expenses	4,849	4,328
Income tax receivable	(984)	(533)
Operating lease liabilities	(363)	(558)
Third-party claims administration liability	308	306
Other current and non-current liabilities	181	(102)
Net cash provided by operating activities	84,997	68,423
Cash flows from investing activities
Purchase of property and equipment	(637)	(1,785)
Net cash used in investing activities	(637)	(1,785)
Cash flows from financing activities
Proceeds from term loans	150,000	125,000
Proceeds from revolving credit facility	0	50,000
Payments on term loans	(122,656)	(168,409)
Payments on revolving credit facility	(25,000)	(25,000)
Payment of deferred financing costs	(976)	(1,669)
Shares withheld for taxes related to restricted stock units	(81)	0
Settlement of tax receivable agreement	0	(36,948)
Shares repurchased	0	(20,000)
Net cash provided by (used in) financing activities	1,287	(77,026)
Net change in cash and cash equivalents and restricted cash	85,647	(10,388)
Cash and cash equivalents and restricted cash at the beginning of the period	119,509	104,148
Cash and cash equivalents and restricted cash at the end of the period	205,156	93,760
Supplemental disclosure of cash flow information:
Interest paid	2,859	4,545
Income tax paid, net	27,471	19,397
Non-cash investing and financing:
Property and equipment accrued but not paid	$ 5	$ 0

Description of Business, Backgr

Description of Business, Background and Nature of Operations	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation (individually or together with its subsidiaries, as the context requires, the “Company”), headquartered in Austin, Texas, provides loan analytics, risk-based loan pricing, risk modeling and automated decision technology for automotive lenders throughout the United States (“U.S.”), 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 clai ms and premium adjustments o n its automotive loans. Nebula Acquisition Corporation (“Nebula” or “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 pursuant to that certain Business Combination Agreement by and among Nebula, Open Lending, LLC, BRP Hold 11, Inc. (the “Blocker”), the Blocker’s sole stockholder, Nebula Parent Corp., NBLA Merger Sub LLC, NBLA Merger Sub Corp., and Shareholder Representative Services LLC, as the security holder representative (the “Business Combination”). 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 as defined above, refers to each legal entity 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 U.S., and all of its revenues are attributable to U.S. customers.

Summary of Significant Accounti

Summary of Significant Accounting and Reporting Policies and Recent Developments	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies and Recent Developments	Summary of Significant Accounting and Reporting Policies The accompanying unaudited 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 prior year amounts have been reclassified to conform to the Company’s current presentation. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flows or accumulated deficit. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these unaudited condensed consolidated financial statements be read in conjunction with its audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). The interim data contained within these unaudited condensed consolidated financial statements includes all adjustments that are of a normal recurring nature, 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, 2022 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2022. Concentrations of revenue and credit risks The Company’s two largest insurance carrier partners accounted for 36% and 12% of the Company’s total revenue during the three months ended September 30, 2022 and its three largest insurance carrier partners accounted for 37%, 11% and 11% of total revenue during the nine months ended September 30, 2022. The Company’s two largest insurance carriers accounted for 38% and 24% of the Company’s total revenue during the three months ended September 30, 2021 and accounted for 41% and 24% for the nine months ended September 30, 2021. In the event that one or more of the Company’s significant insurance carriers terminates their relationship with the Company, it could have a material and adverse effect on the Company’s business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets, net to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents consist of commercial analysis accounts and money market funds. The Company considers securities that are highly liquid, readily convertible into cash and have original maturities of less than three months when purchased to be cash equivalents. 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. 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. As of September 30, 2022, the Company had no customers that individually accounted for 10% of the Company’s net accounts receivable. As of December 31, 2021, the Company had two customers that each represented 10% of the Company’s net accounts receivable. The Company has no material accounts receivable or contract assets, net balances that are past due and has not written off any material balance in its portfolio for the periods presented. The allowance for expected credit losses on accounts receivable and contract assets receivable was less than $0.1 million as of September 30, 2022 and December 31, 2021. 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 valuation 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) , 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, and the underlying assumptions are based on the Company’s observations of the historical behavior for loans with similar risk characteristics. These assumptions also take into consideration the forecast adjustments under various macroeconomic conditions, including the current mix of the underlying portfolio of the Company’s insurance partners. As a result of the changes in facts and circumstances and general market conditions for the three and nine months ended September 30, 2022, management has accordingly adjusted these assumptions. Recently issued but not yet adopted accounting pronouncements 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 the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to 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 Accounting Standards Codification (“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 has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. The Company has considered this guidance in relation to its Credit Agreement, and determined that it is not applicable (refer to Credit Agreement discussion within Note 4 – Debt

Contract Assets

Contract Assets	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract Assets	Contract Assets Changes in the Company’s contract assets primarily result from the timing difference between the satisfaction of its performance obligation and the customer’s payment. The Company fulfills its obligation under a contract with a customer by transferring services in exchange for consideration from the customer. The Company recognizes contract assets when it transfers services to a customer, recognizes profit share revenue, program fee revenue and claims administration services revenue (“TPA fees”) for amounts not yet billed and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. For performance obligations satisfied in previous periods, the Company evaluates and updates its profit share revenue forecast on a quarterly basis and adjusts contract assets accordingly. During the three and nine months ended September 30, 2022, contract asset adjustments attributable to profit share revenue forecast were $1.7 million and $7.1 million, respectively, as compared to contract asset adjustments of $7.5 million and $24.4 million, during the three and nine months ended September 30, 2021, respectively. Contract assets balances for the periods indicated below are as follows: Contract Assets Profit TPA Fees Program Total (in thousands) Ending balance as of June 30, 2022 $ 98,672 $ 1,437 $ 6,639 $ 106,748 Increase due to new business generation 24,853 2,293 21,845 48,991 Change in estimates of revenue from performance obligations satisfied in previous periods 1,670 — — 1,670 Receivables transferred from contract assets upon billing the lending institutions — — (20,830) (20,830) Payments received from insurance carriers (34,446) (2,200) — (36,646) Provision for expected credit losses 8 — (1) 7 Ending balance as of September 30, 2022 $ 90,757 $ 1,530 $ 7,653 $ 99,940 Contract Assets Profit TPA Fees Program Total (in thousands) Ending balance as of December 31, 2021 $ 105,486 $ 1,316 $ 6,154 $ 112,956 Increase due to new business generation 76,855 6,478 62,302 145,635 Change in estimates of revenue from performance obligations satisfied in previous periods 7,135 — — 7,135 Receivables transferred from contract assets upon billing the lending institutions — — (60,808) (60,808) Payments received from insurance carriers (98,773) (6,265) — (105,038) Provision for expected credit losses 54 1 5 60 Ending balance as of September 30, 2022 $ 90,757 $ 1,530 $ 7,653 $ 99,940 As of September 30, 2022 and December 31, 2021, the portion of the contract assets’ balance estimated to be received within one year consisted of $65.6 million and $70.5 million, respectively, and the portion estimated to be received beyond one year consisted of $34.4 million and $42.4 million, respectively. Contract Costs The fulfillment costs associated with the Company’s contracts with customers do not meet the criteria for capitalization and therefore are expensed as incurred.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt balances for the periods indicated below were as follows: September 30, 2022 December 31, 2021 (in thousands) March 2021 Revolving Credit Facility $ — $ 25,000 New Term Loan due 2027 150,000 — Term Loan due 2026 — 122,656 Less: Unamortized deferred financing costs (1,772) (1,396) Total debt 148,228 146,260 Less: Current portion of debt (3,750) (3,125) Total long-term debt, net of deferred financing costs $ 144,478 $ 143,135 Prior Credit Agreement—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 “Prior Credit Agreement”). Pursuant to the Prior 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%) and maturing in March 2027. In March 2021, the Company retired the Term Loan due 2027 by paying off its outstanding principal and interest using proceeds from the issuance of the Term Loan due 2026 and the March 2021 Revolving Credit Facility (both as defined below). The transaction was deemed 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 within loss on extinguishment of debt in the condensed consolidated statements of operations during the nine months ended September 30, 2021. The loss on debt extinguishment was determined 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. Credit Agreement—Term Loan due 2026, New Term Loan due 2027, and Revolving Credit Facility On March 19, 2021, the Company entered into a credit agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) as the administrative agent, 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 “March 2021 Revolving Credit Facility”), collectively, the “March 2021 Credit Agreement”. On September 9, 2022, the Company entered into a first amendment to the March 2021 Credit Agreement with Wells Fargo, as the administrative agent, and the financial institutions party thereto, as the lenders (the “First Amendment” and, together with the March 2021 Credit Agreement, the “Credit Agreement”). The First Amendment provided the Company senior secured credit facilities in an aggregate principal amount of $300.0 million by (i) establishing a new senior secured term loan facility in an aggregate principal amount of $150.0 million (the “New Term Loan due 2027”) and (ii) increasing the aggregate principal amount of commitments under the March 2021 Revolving Credit Facility to $150.0 million (the “New Revolving Credit Facility”), both maturing on September 9, 2027. In addition, the First Amendment, among other things, (i) replaced LIBOR with the Secured Overnight Financing Rate (“SOFR”) as the interest rate benchmark, (ii) decreased the unused fees and the interest rate margins applicable to the New Revolving Credit Facility, (iii) results in lower interest rate margins applicable to the New Term Loan due 2027 compared to those applicable to the Term Loan due 2026 that have been repaid, (iv) provides financial covenant flexibility by extending the date at which the net leverage ratio covenant steps-down from 3.5 to 1.0 to 3.0 to 1.0 to September 30, 2024, and (v) extends the date at which the required term loan amortization payments increase from 2.5% per annum to 5.0% per annum from June 30, 2023 to December 31, 2024. The Company used proceeds from the New Term Loan due 2027 to pay off all outstanding amounts under the March 2021 Credit Agreement and pay transaction costs related to the First Amendment. The remaining proceeds will be used for working capital and other general corporate purposes. The obligations of the Company under the New Term Loan due 2027 and the New 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 New Term Loan due 2027 and the New Revolving Credit Facility are, at the option of the Company, either at an Alternate Base rate (“ABR”) plus a spread ranging from 0.625% to 1.375%, or term SOFR plus 0.10% (“Adjusted SOFR”) plus a spread ranging from 1.625% to 2.375%. With respect to the ABR loans, interest will be payable at the end of each calendar quarter. With respect to the Adjusted SOFR loans, interest will be payable at the end of the selected interest period (at least quarterly). Additionally, there is a commitment fee payable at the end of each quarter at a rate per annum ranging from 0.150% to 0.225% based on the average daily unused portion of the New Revolving Credit Facility and other customary letter of credit fees. Pursuant to the Credit Agreement, the interest rate spreads and commitment fees increase or decrease in increments as the Company’s Funded Secured Debt/EBITDA ratio increases or decreases. As of September 30, 2022, the New Term Loan due 2027 and the New Revolving Credit Facility were both subject to an Adjusted SOFR rate of 2.78% plus a spread of 1.63% per annum. Commitment fees were accrued at 0.15% under the New Revolving Credit Facility’s unused commitment balance of $150.0 million as of September 30, 2022. As of September 30, 2022, the effective interest rate on the Company’s outstanding borrowings was 4.82%. In connection with the March 2021 Credit Agreement, the Company incurred aggregate deferred financing costs of $1.7 million, of which (i) $1.2 million was allocated to the Term Loan due 2026 and capitalized as a contra-liability against the principal balance of the loan, and (ii) $0.5 million was allocated to the March 2021 Revolving Credit Facility and is included within other non-current assets on the condensed consolidated balance sheets. These deferred financing costs are amortized as interest expense using the effective interest method over the term of the Credit Agreement, as amended. Unamortized deferred financing costs related to the Term Loan due 2026 and the March 2021 Revolving Credit Facility were $0.8 million and $0.3 million, respectively, as of September 30, 2022. In connection with the Credit Agreement, the Company also incurred deferred financing costs of $1.0 million attributable to the New Term Loan due 2027, which were capitalized as a contra-liability against the principal balance of the loans and are amortized as interest expense using the effective interest method over the term of the loan. Related unamortized deferred financing costs were $1.0 million as of September 30, 2022. The Credit Agreement contains a maximum total net leverage ratio financial covenant and a minimum fixed charge coverage ratio financial covenant, which are tested quarterly. The maximum total net leverage ratio is 3.5 to 1.0 for any fiscal quarter ending on or prior to June 30, 2024 and then decreases to 3.0 to 1.0 for any fiscal quarter ending after June 30, 2024. The minimum fixed charge coverage ratio is 1.25 to 1.0. As of September 30, 2022, the Company was in compliance with all required covenants under the Credit Agreement.

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income per Share	Net Income per ShareBasic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income 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, 2022 and 2021 were time-based restricted stock units and did not include unvested stock options and performance-based restricted stock units containing unmet performance conditions. The potentially dilutive common shares are included in the calculation of diluted net income per share only when their effect is dilutive. The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except shares and per share data) Basic net income per share: Numerator Net income attributable to common stockholders $ 24,529 $ 29,414 $ 70,809 $ 118,242 Denominator Basic weighted average common shares 126,228,723 126,190,351 126,222,084 126,405,822 Basic net income per share attributable to common stockholders $ 0.19 $ 0.23 $ 0.56 $ 0.94 Diluted net income per share: Numerator Net income attributable to common stockholders $ 24,529 $ 29,414 $ 70,809 $ 118,242 Denominator Basic weighted average common shares 126,228,723 126,190,351 126,222,084 126,405,822 Dilutive effect of outstanding time-based restricted stock units — 57,148 331 45,297 Diluted weighted average common shares 126,228,723 126,247,499 126,222,415 126,451,119 Diluted net income per share attributable to common stockholders $ 0.19 $ 0.23 $ 0.56 $ 0.94 The following potentially dilutive outstanding securities as of September 30, 2022 and 2021 were excluded from the computation of diluted net income 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 that were not satisfied by the end of the periods: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Unvested time-based restricted stock units 562,071 — 562,071 — Unvested performance-based restricted stock units 234,077 99,289 234,077 99,289 Unvested and not exercised stock options 182,233 195,896 182,233 195,896 Total 978,381 295,185 978,381 295,185

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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 determining 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 limited, 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, net of deferred financing costs as of September 30, 2022 and December 31, 2021: Carrying value Fair value measurement as of September 30, 2022 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 148,228 $ — $ 148,228 $ — Total $ 148,228 $ — $ 148,228 $ — Carrying value Fair value measurement as of December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 146,260 $ — $ 146,260 $ — Total $ 146,260 $ — $ 146,260 $ — The carrying amount of the Company’s debt approximates its fair value due to its variable interest rate that is tied to the current Adjusted SOFR 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, 2022 and December 31, 2021.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three and nine months ended September 30, 2022, the Company recognized income tax expense of $1.7 million and $18.6 million, respectively, as compared to income tax expense of $10.4 million and $38.1 million, respectively, during the three and nine months ended September 30, 2021. The effective tax rate for the three and nine months ended September 30, 2022 was 6.6% and 20.8%, respectively, as compared to 26.1% and 24.4%, respectively during the three and nine months ended September 30, 2021. The Company’s income tax expense for the three and nine months ended September 30, 2022 and September 30, 2021 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to state income taxes, the officer’s compensation limitation under Section 162m, and a discrete tax benefit associated with the enactment of state tax legislation during the third quarter with a retroactive effective date of January 1, 2022. The Company recorded a discrete tax benefit of $5.1 million from the change in tax law, which includes a tax benefit associated with the remeasurement of the Company’s deferred tax assets offset by a higher current state income tax expense applied to taxable income through the date of enactment. As of September 30, 2022, 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 a valuation allowance as of September 30, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies and Recent Developments (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation and consolidation	The accompanying unaudited 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 prior year amounts have been reclassified to conform to the Company’s current presentation. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flows or accumulated deficit. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these unaudited condensed consolidated financial statements be read in conjunction with its audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). The interim data contained within these unaudited condensed consolidated financial statements includes all adjustments that are of a normal recurring nature, 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, 2022 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2022.
Concentration of credit risk	In the event that one or more of the Company’s significant insurance carriers terminates their relationship with the Company, it could have a material and adverse effect on the Company’s business and, in turn, its revenue. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets, net to the extent of the amounts recorded on the balance sheets.Cash and cash equivalents consist of commercial analysis accounts and money market funds. The Company considers securities that are highly liquid, readily convertible into cash and have original maturities of less than three months when purchased to be cash equivalents. 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. 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	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 valuation 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)
Recently issued but not yet adopted accounting pronouncements	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 the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to 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 Accounting Standards Codification (“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 has not experienced any unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. The Company has considered this guidance in relation to its Credit Agreement, and determined that it is not applicable (refer to Credit Agreement discussion within Note 4 – Debt
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 determining 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.

Contract Assets (Tables)

Contract Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets	Contract assets balances for the periods indicated below are as follows: Contract Assets Profit TPA Fees Program Total (in thousands) Ending balance as of June 30, 2022 $ 98,672 $ 1,437 $ 6,639 $ 106,748 Increase due to new business generation 24,853 2,293 21,845 48,991 Change in estimates of revenue from performance obligations satisfied in previous periods 1,670 — — 1,670 Receivables transferred from contract assets upon billing the lending institutions — — (20,830) (20,830) Payments received from insurance carriers (34,446) (2,200) — (36,646) Provision for expected credit losses 8 — (1) 7 Ending balance as of September 30, 2022 $ 90,757 $ 1,530 $ 7,653 $ 99,940 Contract Assets Profit TPA Fees Program Total (in thousands) Ending balance as of December 31, 2021 $ 105,486 $ 1,316 $ 6,154 $ 112,956 Increase due to new business generation 76,855 6,478 62,302 145,635 Change in estimates of revenue from performance obligations satisfied in previous periods 7,135 — — 7,135 Receivables transferred from contract assets upon billing the lending institutions — — (60,808) (60,808) Payments received from insurance carriers (98,773) (6,265) — (105,038) Provision for expected credit losses 54 1 5 60 Ending balance as of September 30, 2022 $ 90,757 $ 1,530 $ 7,653 $ 99,940

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt balances for the periods indicated below were as follows: September 30, 2022 December 31, 2021 (in thousands) March 2021 Revolving Credit Facility $ — $ 25,000 New Term Loan due 2027 150,000 — Term Loan due 2026 — 122,656 Less: Unamortized deferred financing costs (1,772) (1,396) Total debt 148,228 146,260 Less: Current portion of debt (3,750) (3,125) Total long-term debt, net of deferred financing costs $ 144,478 $ 143,135

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Summary of Earnings Per Share	The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except shares and per share data) Basic net income per share: Numerator Net income attributable to common stockholders $ 24,529 $ 29,414 $ 70,809 $ 118,242 Denominator Basic weighted average common shares 126,228,723 126,190,351 126,222,084 126,405,822 Basic net income per share attributable to common stockholders $ 0.19 $ 0.23 $ 0.56 $ 0.94 Diluted net income per share: Numerator Net income attributable to common stockholders $ 24,529 $ 29,414 $ 70,809 $ 118,242 Denominator Basic weighted average common shares 126,228,723 126,190,351 126,222,084 126,405,822 Dilutive effect of outstanding time-based restricted stock units — 57,148 331 45,297 Diluted weighted average common shares 126,228,723 126,247,499 126,222,415 126,451,119 Diluted net income per share attributable to common stockholders $ 0.19 $ 0.23 $ 0.56 $ 0.94
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities as of September 30, 2022 and 2021 were excluded from the computation of diluted net income 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 that were not satisfied by the end of the periods: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Unvested time-based restricted stock units 562,071 — 562,071 — Unvested performance-based restricted stock units 234,077 99,289 234,077 99,289 Unvested and not exercised stock options 182,233 195,896 182,233 195,896 Total 978,381 295,185 978,381 295,185

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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, net of deferred financing costs as of September 30, 2022 and December 31, 2021: Carrying value Fair value measurement as of September 30, 2022 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 148,228 $ — $ 148,228 $ — Total $ 148,228 $ — $ 148,228 $ — Carrying value Fair value measurement as of December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Liabilities: Debt at fair value $ 146,260 $ — $ 146,260 $ — Total $ 146,260 $ — $ 146,260 $ —

Description of Business, Back_2

Description of Business, Background and Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 segment
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) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Concentration Risk [Line Items]
Allowance for credit loss (less than)	$ 0.1	$ 0.1		$ 0.1
Insurance Partner One | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage				37%
Insurance Partner Two | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage				11%
Insurance Partner Three | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage				11%
Top Insurance Partner | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					41%
Two Insurance Partners | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					24%
One Customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Customer Two | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Large Insurance Partner 1 | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		36%	38%
Large Insurance Partner 2 | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		12%	24%

Contract Assets - Additional In

Contract Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Contract With Customer Asset And Liability [Line Items]
Change in estimates of revenue from performance obligations satisfied in previous periods	$ 1,670	$ 7,500	$ 7,135	$ 24,400
Current contract assets, net	65,555		65,555		$ 70,542
Non-current contract assets, net	34,385		34,385		$ 42,414
Profit share
Contract With Customer Asset And Liability [Line Items]
Change in estimates of revenue from performance obligations satisfied in previous periods	$ 1,670		$ 7,135

Contract Assets - Summary Of Co

Contract Assets - Summary Of Contract Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 106,748		$ 112,956
Increase due to new business generation	48,991		145,635
Change in estimates of revenue from performance obligations satisfied in previous periods	1,670	$ 7,500	7,135	$ 24,400
Receivables transferred from contract assets upon billing the lending institutions	(20,830)		(60,808)
Payments received from insurance carriers	(36,646)		(105,038)
Provision for expected credit losses	7		60
Ending balance	99,940		99,940
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	98,672		105,486
Increase due to new business generation	24,853		76,855
Change in estimates of revenue from performance obligations satisfied in previous periods	1,670		7,135
Receivables transferred from contract assets upon billing the lending institutions	0		0
Payments received from insurance carriers	(34,446)		(98,773)
Provision for expected credit losses	8		54
Ending balance	90,757		90,757
TPA Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,437		1,316
Increase due to new business generation	2,293		6,478
Change in estimates 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	(2,200)		(6,265)
Provision for expected credit losses	0		1
Ending balance	1,530		1,530
Program Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	6,639		6,154
Increase due to new business generation	21,845		62,302
Change in estimates of revenue from performance obligations satisfied in previous periods	0		0
Receivables transferred from contract assets upon billing the lending institutions	(20,830)		(60,808)
Payments received from insurance carriers	0		0
Provision for expected credit losses	(1)		5
Ending balance	$ 7,653		$ 7,653

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 09, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 19, 2021
Debt Instrument [Line Items]
Long-term debt, gross		$ 300,000
Less: Unamortized deferred financing costs	$ (1,772)		$ (1,396)
Total debt	148,228		146,260
Less: Current portion of debt	(3,750)		(3,125)
Total long-term debt, net of deferred financing costs	144,478		143,135
New Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross		$ 150,000
Medium-term Notes | New Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	150,000		0
Medium-term Notes | Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross	0		$ 122,656		$ 125,000
Less: Unamortized deferred financing costs					(1,200)
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			$ 25,000
Less: Unamortized deferred financing costs					$ (500)

Debt - Additional Information (

Debt - Additional Information (Detail)			3 Months Ended		9 Months Ended
	Sep. 09, 2022 USD ($)	Mar. 11, 2020 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2021 USD ($)	Mar. 19, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 0	$ 0	$ (8,778,000)
Long-term debt, gross	$ 300,000,000
Debt issuance costs, net			1,772,000		1,772,000				$ 1,396,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			$ 150,000,000		$ 150,000,000
Debt instrument, effective interest rate (as a percent)			4.82%		4.82%
Maximum total net leverage ratio	3.5
Financing Receivable, Unamortized Loan Cost (Fee)			$ 300,000		$ 300,000
Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Maximum total net leverage ratio								3
Revolving Credit Facility | Maximum | Forecast
Debt Instrument [Line Items]
Principal payment rate (as a percent)							5%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Principal payment rate (as a percent)	2.50%
New Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net										$ 1,700,000
Additional rate (as a percent)	0.10%
New Credit Agreement | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.225%
Term Loan due 2026
Debt Instrument [Line Items]
Financing Receivable, Unamortized Loan Cost (Fee)			$ 800,000		$ 800,000
New Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000,000
Maximum total net leverage ratio			3.5		3.5
Minimum fixed charge coverage ratio			1.25		1.25
Financing Receivable, Unamortized Loan Cost (Fee)	$ (1,000,000)
New Term Loan due 2027 | Forecast
Debt Instrument [Line Items]
Decrease maximum total net leverage ratio								3
Base Rate | New Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
Base Rate | New Credit Agreement | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.625%
Secured Overnight Financing Rate (SOFR) | New Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.375%
Secured Overnight Financing Rate (SOFR) | New Credit Agreement | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.625%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | New Credit Agreement
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.78%
Debt instrument, margin rate					1.63%
Medium-term Notes
Debt Instrument [Line Items]
Principal amount		$ 170,000,000
Debt instrument, LIBOR floor rate		1%
Medium-term Notes | Term Loan due 2026
Debt Instrument [Line Items]
Long-term debt, gross			$ 0		$ 0				122,656,000	125,000,000
Debt issuance costs, net										1,200,000
Medium-term Notes | New Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross			150,000,000		150,000,000				$ 0
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			$ 0	$ 25,000,000	$ 0	$ 25,000,000
Line of credit facility, maximum borrowing capacity										50,000,000
Line of credit facility, unused capacity, commitment fee percentage					0.15%
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	0.15%

Net Income per Share - Summary

Net Income per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income attributable to common stockholders	$ 24,529			$ 29,414			$ 70,809	$ 118,242
Denominator
Weighted average common shares (in shares)	126,228,723			126,190,351			126,222,084	126,405,822
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.19			$ 0.23			$ 0.56	$ 0.94
Numerator
Net income attributable to common stockholders	$ 24,529	$ 23,126	$ 23,154	$ 29,414	$ 75,966	$ 12,862	$ 70,809	$ 118,242
Denominator
Basic weighted average common shares (in shares)	126,228,723			126,190,351			126,222,084	126,405,822
Dilutive effect of outstanding time-based restricted stock units (in shares)	0			57,148			331	45,297
Diluted weighted average common shares (in shares)	126,228,723			126,247,499			126,222,415	126,451,119
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.19			$ 0.23			$ 0.56	$ 0.94

Net Income per Share - Summar_2

Net Income per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	978,381	295,185	978,381	295,185
Unvested time-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)	562,071	0	562,071	0
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)	234,077	99,289	234,077	99,289
Unvested and not exercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	182,233	195,896	182,233	195,896

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, 2022	Dec. 31, 2021
Liabilities:
Debt at fair value	$ 148,228	$ 146,260
Total	148,228	146,260
Level 1
Liabilities:
Debt at fair value	0	0
Total	0	0
Level 2
Liabilities:
Debt at fair value	148,228	146,260
Total	148,228	146,260
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,736	$ 10,404	$ 18,627	$ 38,141
Effective income tax rate reconciliation, percent	6.60%	26.10%	20.80%	24.40%
Discrete tax benefit	$ 5,100		$ 5,100