Open Lending (LPRO) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 09, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		120,653,954
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001806201
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 210,589	$ 204,450
Restricted cash	4,713	4,069
Accounts receivable, net	6,620	5,721
Current contract assets, net	41,711	54,429
Income tax receivable	6,530	9,714
Other current assets	1,832	2,361
Total current assets	271,995	280,744
Property and equipment, net	2,664	2,573
Operating lease right-of-use asset, net	4,459	4,610
Contract assets, net	24,231	21,001
Deferred tax asset, net	63,907	65,128
Other assets	5,642	5,575
Total assets	372,898	379,631
Current liabilities
Accounts payable	741	288
Accrued expenses	6,369	6,388
Current portion of debt	3,750	3,750
Third-party claims administration liability	4,713	4,055
Other current liabilities	1,173	626
Total current liabilities	16,746	15,107
Long-term debt, net of deferred financing costs	142,829	143,683
Operating lease liabilities	3,930	4,082
Total liabilities	167,349	166,807
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 120,591,873 shares outstanding as of March 31, 2023 and 128,198,185 shares issued and 123,646,059 shares outstanding as of December 31, 2022	1,282	1,282
Additional paid-in capital	500,530	499,625
Accumulated deficit	(203,281)	(215,819)
Treasury stock at cost, 7,606,312 shares at March 31, 2023 and 4,552,126 at December 31, 2022	(92,982)	(72,264)
Total stockholders’ equity	205,549	212,824
Total liabilities and stockholders’ equity	372,898	379,631
Other liabilities	$ 3,844	$ 3,935
Common stock, shares outstanding (in shares)	120,591,873	123,646,059
Common stock, shares issued (in shares)	128,198,185	128,198,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	120,591,873	123,646,059
Treasury stock (in shares)	7,606,312	4,552,126

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 38,361	$ 50,068
Cost of services	5,431	4,788
Gross profit	32,930	45,280
Operating expenses
General and administrative	10,195	7,482
Selling and marketing	4,409	3,733
Research and development	1,230	1,823
Total operating expenses	15,834	13,038
Operating income	17,096	32,242
Interest expense	(2,387)	(803)
Interest income	2,064	25
Income before income taxes	16,773	31,464
Income tax expense	4,235	8,310
Net income	$ 12,538	$ 23,154
Weighted average common shares outstanding
Basic (in shares)	123,122,014	126,215,698
Diluted (in shares)	123,424,322	126,216,197
Profit share
Revenue
Total revenue	$ 18,602	$ 28,310
Program fees
Revenue
Total revenue	17,301	19,726
Claims administration and other service fees
Revenue
Total revenue	$ 2,458	$ 2,032

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' (Equity) Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		128,198,185			1,985,309
Beginning balance at Dec. 31, 2021	$ 158,982	$ 1,282	$ 496,983	$ (282,439)	$ (56,844)
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 (in shares) at Mar. 31, 2022		128,198,185			1,980,230
Ending balance at Mar. 31, 2022	183,378	$ 1,282	498,057	(259,285)	$ (56,676)
Beginning balance (in shares) at Dec. 31, 2022		128,198,185			4,552,126
Beginning balance at Dec. 31, 2022	212,824	$ 1,282	499,625	(215,819)	$ (72,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,844		1,844
Restricted stock units issued, net of shares withheld for taxes	(129)		(939)		$ 810
Restricted stock units issued, net of shares withheld for taxes (in shares)					41,148
Net income	12,538			12,538
Ending balance (in shares) at Mar. 31, 2023		128,198,185			7,606,312
Ending balance at Mar. 31, 2023	$ 205,549	$ 1,282	$ 500,530	$ (203,281)	$ (92,982)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 12,538	$ 23,154
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	1,844	1,281
Depreciation and amortization of property and equipment	244	221
Amortization of debt issuance costs	101	83
Non-cash operating lease cost	151	141
Deferred income taxes	1,221	554
Changes in assets & liabilities:
Accounts receivable, net	(899)	(1,535)
Contract assets, net	9,488	5,504
Other current and non-current assets	515	3,066
Accounts payable	454	(1,090)
Accrued expenses	(19)	1,526
Income tax receivable, net	2,817	(745)
Operating lease liabilities	(135)	(119)
Third-party claims administration liability	658	(21)
Other current and non-current liabilities	530	(88)
Net cash provided by operating activities	29,508	31,932
Cash flows from investing activities
Purchase of property and equipment	(36)	(56)
Capitalized software development costs	(299)	(130)
Net cash used in investing activities	(335)	(186)
Cash flows from financing activities
Payments on term loans	(938)	(781)
Shares repurchased	(21,323)	0
Shares withheld for taxes related to restricted stock units	(129)	(39)
Shares withheld for taxes related to restricted stock units	(22,390)	(820)
Net cash used in financing activities	6,783	30,926
Cash and cash equivalents and restricted cash at the beginning of the period	208,519	119,509
Cash and cash equivalents and restricted cash at the end of the period	215,302	150,435
Cash and cash equivalents and restricted cash at the end of the period
Interest paid	2,537	721
Income tax paid (refunded), net	197	8,501
Non-cash investing and financing:
Share-based compensation for capitalized software development	11	0
Capitalized software development costs accrued but not paid	$ 20	$ 0

Description of Business, Backgr

Description of Business, Background and Nature of Operations	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation (either 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 of America (the “U.S.”), which enables each lending institution to book near-prime and non-prime automotive loans, coupled with real-time underwriting of loan default insurance, out of their existing business flow. The Company also operates as a third-party administrator that adjudicates insurance claims and premium adjustments on automotive loans. The Company’s flagship product, Lenders Protection Platform (“LPP”), is a cloud-based automotive lending platform. LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance by linking automotive lenders to insurance companies. The platform uses risk-based pricing models that enable automotive lenders to assess the credit risk of a potential borrower using data driven analysis. The Company’s proprietary risk models project loan performance, including expected losses and prepayments in arriving at the optimal rate. LPP generates a risk-based, all-inclusive interest rate for a loan that is customized to each automotive lender, reflecting cost of capital, loan servicing and acquisition costs, expected recovery rates and target return on assets. Nebula Acquisition Corporation (“Nebula”), our predecessor, was originally incorporated in Delaware on October 2, 2017 as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On June 10, 2020 (the “Closing Date”), Nebula completed 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, each as defined in the Business Combination Agreement (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” refer to Open Lending, LLC and Nebula Acquisition Corporation, respectively, 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies	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 footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. 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, 2022 (“Annual Report”). The interim data 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 months ended March 31, 2023 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2023. (a) Concentrations of revenue and credit risks The Company’s two largest insurance carrier partners accounted for 33% and 12% of the Company’s total revenue during the three months ended March 31, 2023 and accounted for 38% and 14% of the Company's total revenue during the three months ended March 31, 2022. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis accounts, money market funds and U.S. Treasury securities at financial institutions with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, 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 receivable and contract assets are derived from revenue earned from customers. The Company maintains an allowance for expected credit losses, which represents an estimate based primarily on market implied lifetime probabilities of default and loss severities for assets with similar risk characteristics. As these inputs are derived from market observations, they inherently include forward-looking expectations about macro-economic conditions. The allowance is evaluated quarterly by the Company for adequacy by taking into consideration factors such as reasonableness of the market implied loss statistics, historical lifetime loss data and credit quality of the customer base. Provisions for the allowance for expected credit losses attributable to bad debt are recorded as general and administrative expenses. Account balances deemed uncollectible are written off, net of actual recoveries. If circumstances related to specific customers change, the Company’s estimate of the recoverability of its contract asset could be further adjusted. The Company does not have any material accounts receivable or contract assets receivable balances that are past due and has not written off any balances in its portfolio for the periods presented. The allowance for expected credit losses on accounts receivable and contract assets receivable, in the aggregate, was less than $0.1 million at March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had one customer that individually accounted for 12% of the Company’s accounts receivable. (b) Use of estimates and judgments The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. 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. The Company bases its estimates on historical trends and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. In connection with profit share revenue recognition and the estimation of contract assets, the Company uses a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. The forecast model projects loan-level earned premiums and insurance claim payments driven by projections of prepayment rate, loan default rate and severity of loss. These assumptions are derived from an analysis of the historical performance of the active loan portfolio, prevailing default and prepayment trends, and macroeconomic projections. Estimates of variable consideration generated by the forecast model are constrained to the extent that it is probable that a significant reversal of revenue will not occur in future periods. The Company continually assesses the default and prepayment assumptions of the forecast model against reported performance and lender delinquency data. The forecast model is updated to align the default and prepayment rate projections with actual experience. (c) 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 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 experienced no unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. As such, the Company has considered this guidance in relation to its existing Credit Agreement, as defined in Note 4—Debt and determined that it is not applicable (refer to the Credit Agreement discussion within Note 4 —Debt ). Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or may adopt, as applicable, the Company believes none of these accounting pronouncements has materially impacted or will materially impact the Company’s consolidated financial position or results of operations.

Contract Assets

Contract Assets	3 Months Ended
	Mar. 31, 2023
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 revenue 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 months ended March 31, 2023 and 2022, contract asset adjustments attributable to profit share revenue forecast adjustments resulted in an increase of $0.7 million and $2.6 million, respectively. Contract assets balances for the periods indicated below were as follows: Contract Assets Profit Program Claims Administration and Other Service Fees Total (in thousands) Ending balance as of December 31, 2022 $ 65,889 $ 7,932 $ 1,609 $ 75,430 Increase of contract assets due to new business generation 17,888 17,301 2,458 37,647 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 714 — — 714 Receivables transferred from contract assets upon billing the lending institutions — (17,577) — (17,577) Payments received from insurance carriers (27,882) — (2,428) (30,310) Provision for expected credit losses 32 5 1 38 Ending balance as of March 31, 2023 $ 56,641 $ 7,661 $ 1,640 $ 65,942 As of March 31, 2023 and December 31, 2022, the Company’s contract assets consisted of $41.7 million and $54.4 million, respectively, as the portion estimated to be received within one year and $24.2 million and $21.0 million, respectively, as the non-current portion to be received beyond one year. 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	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The following table provides a summary of the Company’s debt as of the periods indicated: March 31, 2023 December 31, 2022 (in thousands) Term Loan due 2027 $ 148,125 $ 149,063 Revolving Credit Facility — — Less: Unamortized deferred financing costs (1,546) (1,630) Total debt 146,579 147,433 Less: current portion of debt (3,750) (3,750) Total long-term debt, net of deferred financing costs $ 142,829 $ 143,683 Credit Agreement—Term Loan due 2027 and Revolving Credit Facility On September 9, 2022, the Company entered into a First Amendment to its existing Credit Agreement (“First Amendment”) with Wells Fargo Bank, N.A., as the administrative agent, and the financial institutions party thereto, as the lenders. The First Amendment provided the Company senior secured credit facilities in an aggregate principal amount of $300.0 million, which (i) established a term loan due 2027 with a principal amount of $150.0 million (the “Term Loan due 2027”), and (ii) increased the borrowing capacity on the existing revolving credit facility to $150.0 million (the “Revolving Credit Facility”), both scheduled to mature on September 9, 2027 (collectively, the “Credit Agreement”). The Company used proceeds from the Term Loan due 2027 to pay off all outstanding amounts under its prior credit agreement and pay transaction costs related to the First Amendment. The remaining proceeds were used for working capital and other general corporate purposes. The transaction was treated as a debt modification under ASC Topic 470-50, Debt — Modifications and Extinguishments . The obligations of the Company under the Credit Agreement 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. Borrowings under the Credit Agreement bear interest at a rate equal to either (i) an Alternate Base rate (“ABR”) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 0.100% (“Adjusted SOFR”) plus a spread that is based upon the Company’s total net leverage ratio. The spread ranges from 0.625% to 1.375% per annum for ABR loans and 1.625% to 2.375% per annum for Adjusted SOFR loans. 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 an unused 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 Revolving Credit Facility and other customary letter of credit fees. Pursuant to the Credit Agreement, the interest rate spread and commitment fees increase or decrease in increments as the Company’s Funded Secured Debt/EBITDA ratio increases or decreases. As of March 31, 2023, the Credit Agreement was subject to an Adjusted SOFR rate of 4.776% plus a spread of 1.625% per annum. Commitment fees were accrued at 0.150% under the Revolving Credit Facility’s unused commitment balance of $150.0 million as of March 31, 2023. As of March 31, 2023, the effective interest rate on the Company’s outstanding borrowings was 6.647%. In connection with the Credit Agreement, the Company incurred aggregate deferred financing costs of $2.6 million, of which (i) $2.1 million was allocated to the related term loans and capitalized as a contra-liability against the principal balance of the term loans, and (ii) $0.5 million was allocated to the Revolving Credit Facility and included within Other assets on the unaudited 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. Unamortized deferred financing costs related to the Term Loan due 2027 and the Revolving Credit Facility were $1.5 million and $0.3 million, respectively, as of March 31, 2023. 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 3.5:1 for any fiscal quarter ending on or prior to June 30, 2024 and then decreases to 3.0:1 for any fiscal quarter ending after June 30, 2024. The minimum fixed charge coverage ratio is 1.25:1. As of March 31, 2023, the Company was in compliance with all required covenants under the Credit Agreement.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share Basic 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 months ended March 31, 2023 and 2022 include unvested and unexercised stock options and unvested time-based restricted stock units. The potentially dilutive common shares during the same periods did not include performance-based restricted stock units because the performance conditions of these awards have not been satisfied. 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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands, except shares and per share data) Basic net income per share: Numerator Net income attributable to common stockholders $ 12,538 $ 23,154 Denominator Weighted-average common shares outstanding 123,122,014 126,215,698 Basic net income per share attributable to common stockholders $ 0.10 $ 0.18 Diluted net income per share: Numerator Net income attributable to common stockholders $ 12,538 $ 23,154 Denominator Basic weighted-average common shares outstanding 123,122,014 126,215,698 Dilutive effect of time-based restricted stock units outstanding 302,308 499 Diluted weighted average common shares outstanding 123,424,322 126,216,197 Diluted net income per share attributable to common stockholders $ 0.10 $ 0.18 The following potentially dilutive outstanding securities as of March 31, 2023 and 2022 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 March 31, 2023 2022 Unvested and unexercised stock options 155,897 188,540 Unvested time-based restricted stock units 362,751 459,431 Unvested performance-based restricted stock units 159,965 94,415 Total 678,613 742,386

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis. These assets, including property and equipment and operating lease right-of-use asset, are subject to fair value adjustments whenever events or circumstances indicate the carrying value of the assets may not be recoverable and are subsequently written down to fair value when impaired. During the three months ended March 31, 2023 and 2022, the Company had no impairment charges related to its property and equipment or operating lease right-of-use asset. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company’s financial assets measured at fair value on a recurring basis were as follows: Total Fair value measurement as of March 31, 2023 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 4,955 $ 4,955 $ — $ — U.S. Treasury securities 169,305 169,305 — — Total $ 174,260 $ 174,260 $ — $ — Total Fair value measurement as of December 31, 2022 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 35,915 $ 35,915 $ — $ — U.S. Treasury securities 151,511 151,511 — — Total $ 187,426 $ 187,426 $ — $ — The amounts reported in the unaudited Condensed Consolidated Balance Sheets as current assets or current liabilities, including Cash , Restricted cash , Accounts receivable, net , Current contract assets, net , Other current assets , Accounts payable and Accrued expenses , each approximate their fair value due to the short-term maturities of the instruments. Financial Instruments Not Carried at Fair Value The following table provides the fair value of financial assets that are not measured at fair value: March 31, 2023 December 31, 2022 (in thousands) Carrying value Fair value Carrying value Fair value Liabilities: Debt $ 146,579 $ 146,579 $ 147,433 $ 147,433 Total $ 146,579 $ 146,579 $ 147,433 $ 147,433 The carrying amount of the Company’s debt approximates its fair value due to its variable interest rate. The fair value was determined using the Adjusted SOFR as of March 31, 2023 and December 31, 2022 plus an applicable spread, a Level 2 classification in the fair value hierarchy.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2023 and 2022, the Company recognized income tax expense of $4.2 million and $8.3 million, respectively, resulting in effective tax rates of 25.2% and 26.5%, respectively. The Company’s income tax expense for the three months ended March 31, 2023 and March 31, 2022 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to state income tax expenses and the officer’s compensation limitation under Section 162m. As of March 31, 2023, the Company has assessed whether it is more likely than not that the Company’s 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 all deferred tax assets will be realized and has not recorded any valuation allowance as of March 31, 2023. In 2023, the Company changed its policy to recognize interest and penalties related to income taxes as a component of income tax expense to better align the classification with the substance of the associated transactions. This accounting policy change has no impact to net income or basic and diluted earnings per share, or to the unaudited Condensed Consolidated Statements of Operations, for any previous period.

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted from these unaudited condensed consolidated financial statements, as permitted by Securities and Exchange Commission (“SEC”) rules and regulations. The Company believes the disclosures made in these unaudited condensed consolidated financial statements are adequate to make the information herein not misleading. 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, 2022 (“Annual Report”). The interim data 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 months ended March 31, 2023 are not necessarily indicative of the Company’s operating results for the entire fiscal year ending December 31, 2023.
Concentration of revenue and credit risks	The Company’s two largest insurance carrier partners accounted for 33% and 12% of the Company’s total revenue during the three months ended March 31, 2023 and accounted for 38% and 14% of the Company's total revenue during the three months ended March 31, 2022. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable and contract assets to the extent of the amounts recorded on the balance sheets. Cash and cash equivalents are deposited in commercial analysis accounts, money market funds and U.S. Treasury securities at financial institutions with high credit standing. Restricted cash relates to funds held by the Company on behalf of the insurance carriers, 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	The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and those differences may be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. 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. The Company bases its estimates on historical trends and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. In connection with profit share revenue recognition and the estimation of contract assets, the Company uses a forecast model to estimate variable consideration based on undiscounted expected future profit share to be received from the insurance carriers. The forecast model projects loan-level earned premiums and insurance claim payments driven by projections of prepayment rate, loan default rate and severity of loss. These assumptions are derived from an analysis of the historical performance of the active loan portfolio, prevailing default and prepayment trends, and macroeconomic projections. Estimates of variable consideration generated by the forecast model are constrained to the extent that it is probable that a significant reversal of revenue will not occur in future periods.
Recently adopted new accounting standards and Recently issued accounting pronouncements not yet adopted	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 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 experienced no unintended outcomes or consequences of reference rate reform that would necessitate the adoption of this guidance. As such, the Company has considered this guidance in relation to its existing Credit Agreement, as defined in Note 4—Debt and determined that it is not applicable (refer to the Credit Agreement discussion within Note 4 —Debt ). Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or may adopt, as applicable, the Company believes none of these accounting pronouncements has materially impacted or will materially impact the Company’s consolidated financial position or results of operations.
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

Contract Assets (Tables)

Contract Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets	Contract assets balances for the periods indicated below were as follows: Contract Assets Profit Program Claims Administration and Other Service Fees Total (in thousands) Ending balance as of December 31, 2022 $ 65,889 $ 7,932 $ 1,609 $ 75,430 Increase of contract assets due to new business generation 17,888 17,301 2,458 37,647 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods 714 — — 714 Receivables transferred from contract assets upon billing the lending institutions — (17,577) — (17,577) Payments received from insurance carriers (27,882) — (2,428) (30,310) Provision for expected credit losses 32 5 1 38 Ending balance as of March 31, 2023 $ 56,641 $ 7,661 $ 1,640 $ 65,942

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table provides a summary of the Company’s debt as of the periods indicated: March 31, 2023 December 31, 2022 (in thousands) Term Loan due 2027 $ 148,125 $ 149,063 Revolving Credit Facility — — Less: Unamortized deferred financing costs (1,546) (1,630) Total debt 146,579 147,433 Less: current portion of debt (3,750) (3,750) Total long-term debt, net of deferred financing costs $ 142,829 $ 143,683

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands, except shares and per share data) Basic net income per share: Numerator Net income attributable to common stockholders $ 12,538 $ 23,154 Denominator Weighted-average common shares outstanding 123,122,014 126,215,698 Basic net income per share attributable to common stockholders $ 0.10 $ 0.18 Diluted net income per share: Numerator Net income attributable to common stockholders $ 12,538 $ 23,154 Denominator Basic weighted-average common shares outstanding 123,122,014 126,215,698 Dilutive effect of time-based restricted stock units outstanding 302,308 499 Diluted weighted average common shares outstanding 123,424,322 126,216,197 Diluted net income per share attributable to common stockholders $ 0.10 $ 0.18
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities as of March 31, 2023 and 2022 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 March 31, 2023 2022 Unvested and unexercised stock options 155,897 188,540 Unvested time-based restricted stock units 362,751 459,431 Unvested performance-based restricted stock units 159,965 94,415 Total 678,613 742,386

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments	The Company’s financial assets measured at fair value on a recurring basis were as follows: Total Fair value measurement as of March 31, 2023 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 4,955 $ 4,955 $ — $ — U.S. Treasury securities 169,305 169,305 — — Total $ 174,260 $ 174,260 $ — $ — Total Fair value measurement as of December 31, 2022 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 35,915 $ 35,915 $ — $ — U.S. Treasury securities 151,511 151,511 — — Total $ 187,426 $ 187,426 $ — $ —
Summary of Fair Value Assets and Liabilities Measured on Recurring Basis	The following table provides the fair value of financial assets that are not measured at fair value: March 31, 2023 December 31, 2022 (in thousands) Carrying value Fair value Carrying value Fair value Liabilities: Debt $ 146,579 $ 146,579 $ 147,433 $ 147,433 Total $ 146,579 $ 146,579 $ 147,433 $ 147,433

Description of Business, Back_2

Description of Business, Background and Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Allowance for credit loss (less than)	$ 0.1		$ 0.1
Top Insurance Partner | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	33%	38%
Two Insurance Partners | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	12%	14%

Contract Assets - Additional In

Contract Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract With Customer Asset And Liability [Line Items]
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	$ 714
Contract assets, net	24,231		$ 21,001
Current contract assets, net	41,711		$ 54,429
Profit share
Contract With Customer Asset And Liability [Line Items]
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	$ 714	$ 2,600

Contract Assets - Summary Of Co

Contract Assets - Summary Of Contract Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 75,430
Increase of contract assets due to new business generation	37,647
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	714
Receivables transferred from contract assets upon billing the lending institutions	(17,577)
Payments received from insurance carriers	(30,310)
Provision for expected credit losses	38
Ending balance	65,942
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	65,889
Increase of contract assets due to new business generation	17,888
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	714	$ 2,600
Receivables transferred from contract assets upon billing the lending institutions	0
Payments received from insurance carriers	(27,882)
Provision for expected credit losses	32
Ending balance	56,641
Claims Administration and Other Service Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,609
Increase of contract assets due to new business generation	2,458
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0
Receivables transferred from contract assets upon billing the lending institutions	0
Payments received from insurance carriers	(2,428)
Provision for expected credit losses	1
Ending balance	1,640
Program Fees
Contract With Customer, Asset [Roll Forward]
Beginning balance	7,932
Increase of contract assets due to new business generation	17,301
Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods	0
Receivables transferred from contract assets upon billing the lending institutions	(17,577)
Payments received from insurance carriers	0
Provision for expected credit losses	5
Ending balance	$ 7,661

Long-term Debt - Summary of Deb

Long-term Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 09, 2022
Debt Instrument [Line Items]
Long-term debt, gross			$ 300,000
Less: Unamortized deferred financing costs	$ (1,546)	$ (1,630)
Total debt	146,579	147,433
Less: current portion of debt	(3,750)	(3,750)
Total long-term debt, net of deferred financing costs	142,829	143,683
Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross			150,000
Less: Unamortized deferred financing costs			(2,100)
Medium-term Notes | Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	148,125	149,063
Medium-term Notes | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross			150,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Less: Unamortized deferred financing costs			$ (500)

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) $ in Thousands		3 Months Ended
	Sep. 09, 2022 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000
Debt issuance costs, net		$ 1,546		$ 1,630
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Unused commitment		$ 150,000
Debt instrument, effective interest rate		6.647%
Financing Receivable, Unamortized Loan Cost (Fee)		$ 300
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt issuance costs, net	500
Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Debt issuance costs, net	$ 2,100
Maximum total net leverage ratio		3.5
Minimum fixed charge coverage ratio		1.25
Term Loan due 2027 | Forecast [Member]
Debt Instrument [Line Items]
Decrease maximum total net leverage ratio			3
Term Loan due 2027 | Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 148,125		149,063
New Credit Agreement
Debt Instrument [Line Items]
Additional rate (as a percent)	0.10%
Debt issuance costs, net	$ 2,600
New Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.776%
Debt instrument, margin rate		1.625%
New Credit Agreement | Minimum | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.15%
New Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.625%
New Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.625%
New Credit Agreement | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.225%
New Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
New Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.375%
Revolving Credit Facility | Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 0		$ 0

Net Income per Share - Summary

Net Income per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income	$ 12,538	$ 23,154
Denominator
Weighted average common shares (in shares)	123,122,014	126,215,698
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.10	$ 0.18
Numerator
Net income attributable to common stockholders	$ 12,538	$ 23,154
Denominator
Basic weighted average common shares (in shares)	123,122,014	126,215,698
Dilutive effect of time-based restricted stock units outstanding	302,308	499
Diluted weighted average common shares (in shares)	123,424,322	126,216,197
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.10	$ 0.18

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
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	678,613	742,386
Unvested and unexercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	155,897	188,540
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)	362,751	459,431
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)	159,965	94,415

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 174,260	$ 187,426
Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	174,260	187,426
Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Money market funds
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	4,955	35,915
Money market funds | Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	4,955	35,915
Money market funds | Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Money market funds | Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
U.S. Treasury securities
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	169,305	151,511
U.S. Treasury securities | Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	169,305	151,511
U.S. Treasury securities | Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
U.S. Treasury securities | Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities:
Debt	$ 146,579
Total	146,579
Fair value
Liabilities:
Debt	146,579
Total	$ 146,579
Carrying value
Liabilities:
Debt		$ 147,433
Total		147,433
Fair value
Liabilities:
Debt		147,433
Total		$ 147,433

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 4,235	$ 8,310
Effective income tax rate (as a percent)	25.20%	26.50%

Uncategorized Items - lpro-2023

Label	Element	Value
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	$ 21,528,000
Treasury Stock, Common [Member]
Stock Repurchased During Period, Value	us-gaap_StockRepurchasedDuringPeriodValue	$ 21,528,000
Stock Repurchased During Period, Shares	us-gaap_StockRepurchasedDuringPeriodShares	3,095,334