Open Lending (LPRO) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 0.8
Entity Common Stock, Shares Outstanding		118,876,821
Documents Incorporated by Reference	Selected portions of the Company’s definitive proxy statement for the 2024 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001806201
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Austin, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 240,206	$ 204,450
Restricted cash	6,463	4,069
Accounts receivable, net	4,616	5,721
Current contract assets, net	28,704	54,429
Income tax receivable	7,035	9,714
Other current assets	2,852	2,361
Total current assets	289,876	280,744
Fixed assets, net	3,913	2,573
Operating lease right-of-use asset, net	3,990	4,610
Contract assets	610	21,001
Deferred tax asset, net	70,113	65,128
Other assets	5,535	5,575
Total assets	374,037	379,631
Current liabilities
Accounts payable	375	288
Accrued expenses	8,131	6,388
Current portion of debt	4,688	3,750
Third-party claims administration liability	6,464	4,055
Other current liabilities	932	626
Total current liabilities	20,590	15,107
Long-term debt, net of deferred financing costs	139,357	143,683
Operating lease liabilities	3,450	4,082
Other liabilities	5,060	3,935
Total liabilities	168,457	166,807
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized and none issued and outstanding	0	0
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 118,819,795 shares outstanding as of December 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	502,032	499,625
Accumulated deficit	(193,749)	(215,819)
Treasury stock at cost, 9,378,390 shares at December 31, 2023 and 4,552,126 at December 31, 2022	(103,985)	(72,264)
Total stockholders’ equity	205,580	212,824
Total liabilities and stockholders’ equity	$ 374,037	$ 379,631

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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)	118,819,795	123,646,059
Treasury stock (in shares)	9,378,390	4,552,126

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 117,460	$ 179,594	$ 215,655
Cost of services	22,282	19,968	18,621
Gross profit	95,178	159,626	197,034
Operating expenses
General and administrative	43,043	35,950	30,393
Selling and marketing	17,485	17,856	12,000
Research and development	5,575	8,205	4,352
Total operating expenses	66,103	62,011	46,745
Operating income	29,075	97,615	150,289
Interest expense	(10,661)	(5,832)	(5,859)
Interest income	10,335	1,995	213
Gain on extinguishment of tax receivable agreement	0	0	55,422
Loss on extinguishment of debt	0	0	(8,778)
Other expense, net	109	(238)	(119)
Income before income taxes	28,858	93,540	191,168
Income tax expense	6,788	26,920	45,086
Net income	$ 22,070	$ 66,620	$ 146,082
Net income per common share
Basic (in dollars per share)	$ 0.18	$ 0.53	$ 1.16
Diluted (in dollars per share)	$ 0.18	$ 0.53	$ 1.16
Weighted average common shares outstanding
Basic (in shares)	120,826,644	126,108,329	126,354,597
Diluted (in shares)	121,474,880	126,261,614	126,390,435
Profit share
Revenue
Total revenue	$ 43,301	$ 90,056	$ 133,215
Program fees
Revenue
Total revenue	64,092	80,611	75,630
Claims administration and other service fees
Revenue
Total revenue	$ 10,067	$ 8,927	$ 6,810

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock
Common stock, beginning balance (in shares) at Dec. 31, 2020			128,198,185
Beginning balance at Dec. 31, 2020	$ 26,622	$ (115)	$ 1,282	$ 491,246	$ (428,406)	$ (115)	$ (37,500)
Treasury stock, beginning balance (in shares) at Dec. 31, 2020							1,395,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in deferred tax asset	2,836			2,836
Share-based compensation	3,815			3,815
Shares repurchased (in shares)							(612,745)
Shares repurchased	(20,000)						$ (20,000)
Restricted stock units issued, net of shares withheld for taxes	(258)			(914)			$ 656
Restricted stock units issued, net of shares withheld for taxes (in shares)							22,525
Net income	146,082				146,082
Common stock, ending balance (in shares) at Dec. 31, 2021			128,198,185
Ending balance at Dec. 31, 2021	158,982		$ 1,282	496,983	(282,439)		$ (56,844)
Treasury stock, ending balance (in shares) at Dec. 31, 2021							1,985,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,449			5,449
Shares repurchased (in shares)							(2,643,306)
Shares repurchased	(18,018)						$ (18,018)
Restricted stock units issued, net of shares withheld for taxes	(209)			(2,807)			$ 2,598
Restricted stock units issued, net of shares withheld for taxes (in shares)							76,489
Net income	$ 66,620				66,620
Preferred stock, ending balance (in shares) at Dec. 31, 2022	0
Common stock, ending balance (in shares) at Dec. 31, 2022	123,646,059		128,198,185
Ending balance at Dec. 31, 2022	$ 212,824		$ 1,282	499,625	(215,819)		$ (72,264)
Treasury stock, ending balance (in shares) at Dec. 31, 2022	4,552,126						4,552,126
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 9,580			9,580
Shares repurchased (in shares)							(5,233,065)
Shares repurchased	(37,695)						$ (37,695)
Restricted stock units issued, net of shares withheld for taxes	(1,199)			(7,173)			$ 5,974
Restricted stock units issued, net of shares withheld for taxes (in shares)							406,801
Net income	$ 22,070				22,070
Preferred stock, ending balance (in shares) at Dec. 31, 2023	0
Common stock, ending balance (in shares) at Dec. 31, 2023	118,819,795		128,198,185
Ending balance at Dec. 31, 2023	$ 205,580		$ 1,282	$ 502,032	$ (193,749)		$ (103,985)
Treasury stock, ending balance (in shares) at Dec. 31, 2023	9,378,390						9,378,390

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 22,070	$ 66,620	$ 146,082
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	9,492	5,449	3,815
Depreciation and amortization of fixed assets	1,159	915	525
Amortization of debt issuance costs	428	424	597
Non-cash operating lease cost	620	579	544
Gain on extinguishment of tax receivable agreement	0	0	(55,422)
Loss on extinguishment of debt	0	0	8,778
Deferred income taxes	(4,985)	375	20,055
Other	15	0	0
Changes in assets & liabilities:
Accounts receivable, net	1,105	804	(2,181)
Contract assets, net	46,116	37,527	(23,763)
Other current and non-current assets	(507)	(2,685)	(1,120)
Accounts payable	86	(996)	(2,157)
Accrued expenses	1,183	2,405	693
Income tax receivable, net	2,699	(8,369)	(450)
Operating lease liabilities	(561)	(495)	(364)
Third-party claims administration liability	2,409	1,005	459
Other current and non-current liabilities	1,329	3,873	(935)
Net cash provided by operating activities	82,658	107,431	95,156
Cash flows from investing activities
Capitalized software development costs	(123)	(238)	(111)
Capitalized software development costs	(2,055)	(386)	(1,876)
Net cash used in investing activities	(2,178)	(624)	(1,987)
Cash flows from financing activities
Proceeds from term loans	0	150,000	125,000
Proceeds from revolving facility	0	0	50,000
Payments on term loans	(3,750)	(123,594)	(169,191)
Payments on revolving facility	0	(25,000)	(25,000)
Payment of deferred financing cost	0	(976)	(1,669)
Shares repurchased	(37,322)	(18,018)	(20,000)
Shares withheld for taxes related to restricted stock units	(1,258)	(209)	0
Settlement of tax receivable agreement	0	0	(36,948)
Net cash used in financing activities	(42,330)	(17,797)	(77,808)
Net change in cash and cash equivalents and restricted cash	38,150	89,010	15,361
Cash and cash equivalents and restricted cash at the beginning of the period	208,519	119,509	104,148
Cash and cash equivalents and restricted cash at the end of the period	246,669	208,519	119,509
Supplemental disclosure of cash flow information:
Interest paid	10,313	3,520	5,243
Income tax paid, net	9,075	36,112	25,280
Non-cash investing and financing:
Fixed assets accrued but not paid	0	0	24
Share-based compensation for capitalized software development	88	0	0
Capitalized software development costs accrued but not paid	248	0	0
Accrued excise tax associated with share repurchases	314	0	0
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 0	$ 0

Description of Business, Backgr

Description of Business, Background and Nature of Operations	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business, Background and Nature of Operations	Description of Business, Background and Nature of Operations Open Lending Corporation, headquartered in Austin, Texas, provides loan analytics, risk-based loan pricing, risk modeling, and automated decision technology for automotive lenders throughout the 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, 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 contract interest 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 (the “Business Combination”) pursuant to that certain Business Combination Agreement by and among Nebula, Open Lending, LLC, and the other parties named therein (the “Business Combination Agreement”). 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.

Summary of Significant Accounti

Summary of Significant Accounting and Reporting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting and Reporting Policies	Summary of Significant Accounting and Reporting Policies a) Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of the Company 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 presentation of its consolidated financial statements as of and for the year ended December 31, 2023. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flow or accumulated deficit. b) Use of estimates and judgments The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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 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. c) Income taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. d) Cash and cash equivalents Cash and cash equivalents consist of commercial analysis accounts, money market funds and U.S. Treasury securities. 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. The Company determines the appropriate classification of the Company’s cash and cash equivalents at the time of purchase. e) Restricted cash Restricted cash relates to deposits held in a financial institution for the processing of automated clearing house transactions and 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. As a third-party administrator of insurance claims and refund adjudication, the Company collects funds from insurance partners which are intended to be used to settle insurance claims and process funds on behalf of the insurance partners. The balance of these funds held on behalf of insurance partners was $6.5 million and $4.1 million as of December 31, 2023 and 2022 respectively, with an offsetting liability included in Third-party claims administration liability on the Consolidated Balance Sheets. f) Accounts receivable Accounts receivable includes program fees billed to customers, for which payments are expected to be received within 30 days from billing. The program fees are assessed at the time when the customer uses LPP to certify consumer loans and are billed either as an upfront fee or in 12 equal installments. The Company bills customers for the upfront fee following the month the service is provided and for the monthly installment fee over 12 months. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statement of cash flows. g) Contract assets Contract assets for program fees are increased by recognized and unbilled program fee revenues related to monthly-pay arrangements. Once the monthly-pay arrangement’s program fees for the current month are due, they are reclassified from contract assets and recognized as accounts receivable. Contract assets for profit share and claims administration fees (“TPA fees”) are increased for recognized profit share and TPA fees revenue and are decreased by payments received from insurance carriers within 60 days after month end. These payments are reported in net cash provided by operating activities within the consolidated statement of cash flows. Refer to Note 3—Contract Assets for additional information. h) Allowance for current expected credit losses (“CECL”) The Company maintains a CECL allowance on its accounts receivable and contract assets. The allowance 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 asset 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 as of December 31, 2023 and 2022. i) Fixed Assets The Company’s fixed assets primarily consists of software developed for internal use, furniture, fixtures and equipment used in the normal course of business, and leasehold improvements. Fixed assets are recorded at cost, less accumulated depreciation, amortization and impairment losses, if any. Major additions and improvements are capitalized, while maintenance and repairs that do not improve or extend the useful life of the respective asset are expensed as incurred. Costs related to internally developed software are capitalized when preliminary development efforts are successfully completed, and it is probable that the project will be completed and the software will be used as intended. Salaries and compensation costs for employees and fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and enhancements that result in additional functionality of the software are capitalized as fixed assets on the Consolidated Balance Sheets. Related training and maintenance costs are expensed as incurred. Amortization of internal-use software begins when the software is ready for its intended use and is amortized over three years, the period for which the software is expected to contribute to future cash flows. Depreciation and amortization expense is calculated using the straight-line method based on the estimated useful lives of the fixed assets, which ranges from three General and administrative in the Consolidated Statements of Operations. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. The Company’s fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the amount recorded may not be recoverable, and if not deemed recoverable based on the assets’ expected undiscounted cash flows, an impairment loss is recognized to the extent that the carrying amount exceeds the fair value. j) Operating Leases The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluates whether the lease is an operating lease or a finance lease at the commencement date. The Company recognizes lease right-of-use (“ROU”) assets and lease liabilities for operating and finance leases with initial terms greater than 12 months. ROU assets represent the Company’s right to use an asset for the lease term, while lease liabilities represent the Company’s obligation to make the related lease payments. The ROU assets for operating and finance leases and liabilities are recognized based on the present value of fixed lease payments over the lease term at the lease commencement date. Lease liabilities are calculated as the present value of fixed payments not yet paid at the measurement date. Since the interest rate implicit in the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of its lease payments. The Company’s incremental borrowing rate is determined based on the interest rate paid to borrow on a collateralized basis over a similar term. Operating lease ROU assets are recognized net of any lease prepayments and incentives. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease payments that are not based on an index or a rate, such as common area maintenance fees, taxes and insurance, are expensed as incurred. k) Fair value measurements 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. l) Revenue recognition The Company’s revenue is generated through three streams: (i) program fees paid to the Company by automotive lenders, (ii) profit share paid to the Company by insurance partners and (iii) claims administration service fees paid to the Company by insurance partners. The Company disaggregates revenues by revenue source (i.e., program fees, profit share and claims administration and other service fees), and the level of disaggregation is presented in the Consolidated Statements of Operations. The Company accounts for a contract with a customer when (i) both parties have approved the contract and are committed to perform their respective obligations, (ii) each party’s rights and payment terms can be identified, (iii) the contract has commercial substance, and (iv) it is probable the Company will collect substantially all of the consideration it is entitled to receive. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. In compliance with ASC 606, when the Company’s performance obligations have been completed, however the final amount of transaction price is unknown, the Company estimates the amount of the transaction price it expects to be entitled to under the Company’s customer contracts. The Company recognizes subsequent adjustments to an estimated transaction price upon the receipt of additional information or final settlement, whichever occurs first. Program fee revenue . The Company earns program fees by providing customers with access to and use of LPP. Program fee contracts contain a single performance obligation, which is complete when a loan is certified through LPP and is issued by the lending institution. Approximately 10% of loan originations are paid through 12-month financing arrangements. Profit Share Revenue . Profit share represents the Company’s participation in the underwriting profit of third-party insurance partners who provide automotive lenders with credit default insurance on loans those lenders make using LPP. The Company receives a percentage of the aggregate monthly insurance underwriting profit. Monthly insurance underwriting profit is calculated as the monthly earned premium less expenses and losses (including reserves for incurred, but not reported losses), with losses accrued and carried forward for future profit share calculations. The Company fulfills its performance obligation upon placement of the insurance and recognizes profit share based on the amount of cash flows it expects to receive from the insurance company over the term of the underlying insured loan. On a quarterly basis, 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 incremental revenue will not occur in future periods. The Company continually assesses the default and prepayment assumptions of its core forecast model against reported performance and lender delinquency data. The forecast model is updated to ensure that default and prepayment rate projections align with actual experience. Claims administration services . For the insurance policies issued through the Company’s program, the Company provides adjudication services for insurance claims on the third-party insurer’s policies for auto loans processed through LPP. The Company earns a monthly service fee which is calculated by the third-party insurance providers as 3% of the monthly net insurance earned premium collected over the life of the underlying loan. In this arrangement, the performance obligation to provide claims administration services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. Revenue is recognized as the service is provided over the term of the adjudication contract with the insurance carrier. m) Research and development costs Research and development costs consist primarily of compensation and benefits of employees engaged in the ongoing development of the Company’s lending enablement platform, LPP. n) Advertising Costs Advertising costs are typically expensed as incurred and are included in Selling and marketing in the accompanying Consolidated Statements of Operations. These costs were $1.1 million during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, such costs were minimal. o) Deferred financing costs Deferred financing costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense in accordance with the related debt agreement. Deferred financing costs related to the Term Loan due 2027 (as defined hereinafter) are included as a reduction within Long-term debt, net of deferred financing costs in the accompanying Consolidated Balance Sheets. Deferred financing costs related to the Revolving Credit Facility are included in Other assets on the accompanying Consolidated Balance Sheets. p) Share-based compensation The Company uses the grant date fair value of time-based restricted stock units (“RSUs”). The Company uses the grant date fair value for performance-based restricted stock units (“PSUs”) and utilizes the Monte Carlo simulation for PSUs with performance and market conditions. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award to calculate the fair value. The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock options. This model requires the use of input assumptions, including expected volatility, expected life, expected dividend yield, and expected risk-free rate of return. The expected life of the awards is estimated using the “Simplified Method”, which utilizes the midpoint between the vesting date and the end of the contractual term. The Company uses the Simplified Method due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. The risk-free interest rate assumption is based on observed interest rates appropriate for the terms of awards . The expected volatility is based on the average of implied and observed historical volatility of comparable companies since the Company does not have enough history as a public company. Changes in these assumptions can materially affect the fair value estimate of the awards. The Company recognizes compensation expense for unvested awards in the Consolidated Statements of Operations and, net of actual forfeitures in the period they occur, on a straight-line basis over the requisite service or performance period. Certain PSUs are evaluated on a quarterly basis for probability of meeting performance metrics and any adjustments to share-based compensation expense are then made in the quarter of evaluation. For PSUs, the Company must also make assumptions regarding the likelihood of achieving performance metrics. If actual results differ significantly from these estimates, share-based compensation expense and the Company’s results of operations could be materially affected. The Company expects to issue shares from treasury stock when stock options are exercised or when RSUs and PSUs vest. q) Treasury stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. r) Net income per share The Company’s basic net income per share is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net income per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. Diluted net income per share is the same as basic net income per share in periods when the effects of potentially dilutive shares of common stock are anti-dilutive. s) Concentrations of revenue and credit risks The Company’s largest insurance carrier partner accounted for 30% of the Company’s total revenue during the year ended December 31, 2023. The Company’s largest insurance carrier partners accounted for 34%, 11% and 10%, respectively, of the Company’s total revenue during the year ended December 31, 2022. There were no lender customers who accounted for 10% or more of the Company’s total revenue during the years ended December 31, 2023, 2022 and 2021. Financial instruments that potentially subject the Company to credit risk consist of Cash and cash equivalents , Restricted cash , Accounts receivable, net 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, designated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts. The Company’s accounts receivable and contract assets are derived from revenue earned from customers. The Company maintains an allowance for expected credit losses on its accounts receivable and contract asset receivable in accordance with CECL. As of December 31, 2023, the Company had one customer that represented at least 10% of the Company’s accounts receivable. As of December 31, 2022, the Company had no customers that represented at least 10% of the Company’s accounts receivable. t) Recently issued accounting pronouncements not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about a public entity's reportable segments through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires additional disclosure related to rate reconciliation, income taxes paid, and other disclosures to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024, and applied on a prospective basis. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. There were no new standards adopted by the Company during the year ended December 31, 2023.

Contract Assets

Contract Assets	12 Months Ended
	Dec. 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 years ended December 31, 2023 and 2022, contract asset adjustments attributable to profit share revenue forecast adjustments resulted in a reduction of $22.8 million and a reduction of $5.7 million, respectively. Contract assets balances for the periods indicated below were as follows: Contract Assets Profit TPA Fee Program Total (in thousands) Ending balance as of December 31, 2021 $ 105,486 $ 1,316 $ 6,154 $ 112,956 Increase of contract asset due to new business generation 95,733 8,924 80,812 185,469 Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods (5,677) — — (5,677) Receivables transferred from contract assets upon billing the lending institutions — — (79,039) (79,039) Payments received from insurance carriers (129,740) (8,632) — (138,372) Provision for expected credit losses 87 1 5 93 Ending balance as of December 31, 2022 65,889 1,609 7,932 75,430 Increase of contract assets due to new business generation 66,113 10,055 64,245 140,413 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods (22,812) — — (22,812) Receivables transferred from contract assets upon billing the lending institutions — — (67,440) (67,440) Payments received from insurance carriers (86,383) (9,942) — (96,325) Provision for expected credit losses 48 (1) 1 48 Ending balance as of December 31, 2023 $ 22,855 $ 1,721 $ 4,738 $ 29,314 As of December 31, 2023 and 2022, the Company’s contract assets consisted of $28.7 million and $54.4 million, respectively, as the current portion estimated to be received within one year, and $0.6 million and $21.0 million, respectively, in the non-current portion to be received beyond one year. Contract Costs

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table provides a summary of the Company’s debt as of the dates indicated: December 31, 2023 2022 (in thousands) Term Loan due 2027 $ 145,313 $ 149,063 Revolving Credit Facility — — Less: Unamortized deferred financing costs (1,268) (1,630) Total debt 144,045 147,433 Less: current portion of debt (4,688) (3,750) Total long-term debt, net of deferred financing costs $ 139,357 $ 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 (the “First Amendment”) with Wells Fargo Bank, N.A. (“Wells Fargo”), 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, “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 0.10% (“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 0.15% 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 December 31, 2023, the Term Loan due 2027 and the Revolving Credit Facility were both subject to an Adjusted SOFR rate of 5.477% 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 December 31, 2023. As of December 31, 2023, the effective interest rate on the Company’s outstanding borrowings was 7.348%. 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 is included within Other assets on the 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 $1.3 million and $0.3 million, respectively, as of December 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 December 31, 2023, the Company was in compliance with all required covenants under the Credit Agreement. Principal Maturities of Debt Principal maturities of debt outstanding as of December 31, 2023 are as follows: (in thousands) 2024 $ 4,688 2025 7,500 2026 7,500 2027 125,625 Thereafter — Total $ 145,313

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity On June 11, 2020, the Company’s common stock began trading on the Nasdaq under the symbol “LPRO.” Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company was authorized to issue the following shares and classes of capital stock, each with a par value of $0.01 per share: (i) 550,000,000 shares of common stock and (ii) 10,000,000 shares of preferred stock. Share Repurchase Program On November 17, 2022, the Board of Directors authorized the Share Repurchase Program allowing the Company to repurchase up to $75.0 million of the Company’s outstanding common stock until November 17, 2023. On October 26, 2023, the Board of Directors extended the expiration date of the Share Repurchase Program to March 31, 2024. Repurchases may be made at management’s discretion from time to time on the open market. The Share Repurchase Program may be suspended, amended, or discontinued at any time. Pursuant to the Share Repurchase Program, the Company repurchased 5,233,065 shares at an average price of $7.13 for a total of $37.3 million, excluding excise tax, during the year ended December 31, 2023. Pursuant to the Share Repurchase Program, the Company repurchased 2,643,306 shares at an average price of $6.82 for a total of $18.0 million during the year ended December 31, 2022. These shares were recorded to Treasury stock at cost in the Consolidated Balance Sheets, which includes $0.3 million of excise tax expected to be paid in April 2024. This excise tax payable is included within Accrued expenses in the Consolidated Balance Sheets. As of December 31, 2023, the Company had $19.6 million available under the Share Repurchase Program. Common Stock During the year ended December 31, 2023, the Company repurchased 5,233,065 shares of common stock and issued 406,801 shares of common stock, net of shares withheld for taxes, related to RSUs that vested during 2023. During the year ended December 31, 2022, the Company repurchased 2,643,306 shares of common stock and issued 76,489 shares of common stock, net of shares withheld for taxes, related to RSUs that vested during 2022. As a result of these events, the Company’s outstanding common stock was 118,819,795 shares, net of treasury shares, as of December 31, 2023. Dividend Any decision to declare and pay dividends in the future will be made at the sole discretion of the Company’s Board of Directors and will depend on, among other things, results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company’s Board of Directors may deem relevant. In addition, the Company’s ability to pay dividends will be limited by covenants in its existing indebtedness and may be limited by the agreements governing other indebtedness that it or its subsidiaries incur in the future.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2020 Stock Option and Incentive Plan (the “2020 Plan”) The 2020 Plan, approved by Nebula’s stockholders on June 9, 2020, provides for the grant of stock options, stock appreciation rights, restricted stock units and other stock or cash-based awards. The Company initially reserved 9,693,750 shares, approximately 10% the number of shares of its common stock outstanding upon the Closing Date, as the initial limit for the issuance of awards under the 2020 Plan. The 2020 Plan provides that effective January 1, 2021, the number of shares reserved and available for issuance under the plan automatically increases on January 1 of each year by 4% of the outstanding number of shares of the Company’s common stock on December 31 of the immediately preceding year. The total reserved shares are subject to an adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of December 31, 2023, the shares available for issuance under the 2020 Plan were 21 million shares, which includes the 4% annual increase in 2023 less RSUs, PSUs and stock options granted under the 2020 Plan. Share-based compensation expense recorded for each type of award is as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Time-based restricted stock units $ 8,010 $ 5,458 $ 1,934 Performance-based restricted stock units 965 (727) 1,122 Stock options 517 718 759 Total share-based compensation expense $ 9,492 $ 5,449 $ 3,815 During the years ended December 31, 2023, 2022 and 2021, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unitholders in the accompanying Consolidated Statements of Operations as follows: Year Ended December 31, 2023 2022 2021 (in thousands) General and administrative $ 7,565 $ 4,028 $ 3,102 Selling and marketing 858 687 366 Research and development 385 395 217 Cost of services 684 339 130 Total $ 9,492 $ 5,449 $ 3,815 Time-Based Restricted Stock Units RSUs represent the right to receive shares of common stock at the end of the vesting period in an amount equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases providing services to the Company prior to the lapse of the restriction. The fair value used to calculate share-based compensation expense of such RSUs is determined using the closing price on the date of grant applied to the total number of shares that were anticipated to fully vest based on schedules as set forth in the respective award agreements, generally over four years. The following table summarizes the RSU activity for the year end December 31, 2023: Time-Based Number of Awards Weighted Average Fair Value at Grant Date Outstanding as of December 31, 2022 2,023,383 $ 11.52 Granted 1,615,305 6.85 Vested (588,586) 13.26 Forfeited (229,568) 8.04 Outstanding as of December 31, 2023 2,820,534 $ 8.77 The total fair value of the RSUs that vested during the years ended December 31, 2023 and 2022 was $4.2 million and $0.9 million, respectively. Performance-Based Restricted Stock Units During 2021 and 2022, PSUs were granted with a three-year performance period. The terms and conditions of the PSUs allow for vesting of the awards ranging between forfeiture and 100% of target. PSUs represent the right to receive shares of common stock at the end of the vesting period in an amount equal to the number of PSUs that vest. PSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases providing services to the Company prior to the lapse of the restriction. The Company evaluates the probability of achieving performance goals on a quarterly basis for these awards and recognizes share-based compensation to the extent achievement of performance goals is considered probable. During the year ended December 31, 2022, the Company determined certain performance goals were improbable of being achieved and recorded a reduction to its share-based compensation expense of approximately $1.0 million, which represented a change in estimate related to share-based compensation expense reported in prior periods. During the year ended December 31, 2023, PSUs were granted with a three-year performance period. The terms and conditions of the PSUs allow for vesting of the awards ranging between forfeiture and 200% of target. The vesting level is calculated based on the total stockholder return achieved during the performance period compared to the total stockholder return of a predetermined peer group. The fair value of the PSUs was determined using a Monte Carlo simulation and will be recognized over the requisite service period. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award to calculate the fair value of the award. Expected volatility in the model was estimated using were estimated using a historical period consistent with the performance period of approximately three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the expected life of the grant. The Company used the following assumptions to estimate the fair value of PSUs granted during the periods indicated: Year ended December 31, 2023 Risk-free interest rate 5 % Volatility 63 % The following table summarizes the PSU activity for the year ended December 31, 2023: Performance-Based Number of Awards Weighted Average Fair Value at Grant Date Unvested as of December 31, 2022 159,965 $ 23.35 Granted 281,425 14.80 Outstanding as of December 31, 2023 441,390 $ 17.90 Stock Options The Company’s outstanding stock options vest, subject to the continued employment of the grantees, in equal annual installments over four years following the grant date. The contractual term for the exercisability of the stock options is ten years from the grant date. The following table summarizes the stock option activity for the year ended December 31, 2023: Stock Options Number of Awards Weighted Average Exercise Price Weighted Average Contractual Term (Years) Outstanding as of December 31, 2022 172,461 $ 33.56 7.44 Expired (20,244) 33.56 Forfeited (12,168) 33.56 Outstanding as of December 31, 2023 140,049 $ 33.56 6.81 Vested and expected to vest at December 31, 2023 140,049 $ 33.56 6.81 Exercisable at December 31, 2023 106,012 $ 33.56 6.75 The Company’s stock options had no intrinsic value as of December 31, 2023 and 2022. The Company estimated the fair value of each stock option on the date of grant using a Black–Scholes option-pricing model, applying the following assumptions: Grant date December 30, 2020 Weighted average grant date fair value $15.51 Risk-free interest rate (a) 0.55% Expected term (years) (b) 6.25 Expected volatility rate (c) 50.00% Expected dividend yield (d) —% a) The risk-free interest rate was interpolated from the five-year and seven-year Constant Maturity Treasury rate published by the U.S. Treasury as of the date of the grant. b) The expected life was estimated using the Simplified Method, which utilizes the midpoint between the vesting date and the end of the contractual term. c) The expected volatility rate was based on the average of implied and observed historical volatility of comparable companies. d) At the grant date, no dividends were expected to be paid over the contractual term of the stock options granted, based on the Company's dividend policy, resulting in the use of a zero dividend rate. Unrecognized Share-Based Compensation Expense The following table reflects future compensation expense to be recorded for share-based compensation awards that were outstanding as of December 31, 2023: Unrecognized Expense Weighted Average Amortization Period (Years) (in thousands) Time-based restricted stock units $ 19,943 2.67 Performance-based restricted stock units 3,645 2.00 Stock options 526 1.00 Total unrecognized stock-based compensation expense $ 24,114 2.54

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 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 years ended December 31, 2023, 2022 and 2021 include unvested and unexercised stock options, unvested time-based restricted stock units and unvested performance-based restricted stock units whose performance conditions have been satisfied. The potentially dilutive common shares during the same periods do not include performance-based restricted stock units if 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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands, except share and per share data) Basic net income per share: Numerator Net income $ 22,070 $ 66,620 $ 146,082 Net income attributable to common stockholders $ 22,070 $ 66,620 $ 146,082 Denominator Basic weighted average common shares outstanding 120,826,644 126,108,329 126,354,597 Basic net income per share attributable to common stockholders $ 0.18 $ 0.53 $ 1.16 Diluted net income per share: Numerator Net income attributable to common stockholders $ 22,070 $ 66,620 $ 146,082 Denominator Basic weighted average common shares outstanding 120,826,644 126,108,329 126,354,597 Dilutive effect of time-based restricted stock units outstanding 648,236 153,285 35,838 Diluted weighted average common shares outstanding 121,474,880 126,261,614 126,390,435 Diluted net income per share attributable to common stockholders $ 0.18 $ 0.53 $ 1.16 The following potentially dilutive outstanding securities for the years ended December 31, 2023, 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 the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the periods: Year Ended December 31, 2023 2022 2021 Unvested and unexercised stock options 140,049 172,461 194,348 Unvested time-based restricted stock units 280,702 411,349 150,000 Unvested performance-based restricted stock units 424,675 159,965 99,289 Total 845,426 743,775 443,637

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 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. 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 fixed assets 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 years ended December 31, 2023, 2022 and 2021, the Company had no impairment charges related to its fixed assets 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 (in thousands): Total Fair value measurement as of December 31, 2023 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 12,671 $ 12,671 $ — $ — U.S. Treasury securities 199,121 199,121 — — Total $ 211,792 $ 211,792 $ — $ — 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 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: December 31, 2023 December 31, 2022 Carrying value Fair value Carrying value Fair value Liabilities: Debt $ 144,045 $ 144,045 $ 147,433 $ 147,433 Total $ 144,045 $ 144,045 $ 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 December 31, 2023, and 2022, plus an applicable spread, a Level 2 classification in the fair value hierarchy. 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 in or out of any level for the years ended December 31, 2023 and 2022.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company has one real estate operating lease associated with its corporate headquarters, which commenced on September 1, 2020 and expires on January 31, 2029. The lease agreement provides a five For the years ended December 31, 2023, 2022 and 2021, the Company recorded the following lease expenses: Year Ended December 31, 2023 2022 2021 (in thousands) Operating lease expense $ 953 $ 953 $ 953 Variable lease payments 401 408 455 Total lease expense $ 1,354 $ 1,361 $ 1,408 Additional information related to the Company’s operating lease is as follows: Year Ended December 31, 2023 2022 2021 ($ in thousands) Operating cash outflows $ 896 $ 871 $ 774 ROU assets obtained in exchange for new lease liabilities — — — Weighted average remaining lease term (in years) 5.08 6.08 7.08 Weighted average discount rate 7.72 % 7.72 % 7.72 % The Company’s operating lease ROU asset and lease liability is summarized below. The current and non-current lease liabilities are reflected in Other current liabilities and Operating lease liabilities , respectively, on the Company’s Consolidated Balance Sheets, as follows: December 31, 2023 December 31, 2022 (in thousands) Operating lease right-of-use asset $ 5,911 $ 5,911 Accumulated amortization (1,921) (1,301) Net operating lease right-of-use asset, net $ 3,990 $ 4,610 Other current liabilities $ 632 $ 561 Operating lease liabilities 3,450 4,082 Total operating lease liability $ 4,082 $ 4,643 The maturity of the Company’s operating lease liability is as follows: As of December 31, 2023 (in thousands) 2024 $ 919 2025 945 2026 970 2027 996 2028 1,021 Thereafter 87 Total undiscounted liabilities 4,938 Less: Imputed interest 856 Present value of lease liabilities $ 4,082 Contingencies As of December 31, 2023, the Company was not involved in any claim, proceeding or litigation which may be deemed to have a material adverse effect on the Company’s consolidated financial statements.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	Retirement Plan The Company has a 401(k) profit-sharing plan (the “401(k) Plan”) for the benefit of all employees who have attained the age of 21 years old and have completed 60 days of service. Eligible employees may contribute to the 401(k) Plan subject to certain limitations. Under the provisions of the 401(k) Plan, the Company will make a safe harbor non-elective contribution equal to 3% of each participant’s compensation and may make discretionary matching contributions, as well as profit-sharing contributions, as determined by management. The Company made no profit-sharing contributions during the years ended December 31, 2023, 2022 and 2021. The Company made safe harbor non-elective contributions of $0.9 million, $0.7 million and $0.5 million to the 401(k) Plan during the years ended December 31, 2023, 2022 and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the years ended December 31, 2023, 2022 and 2021, the Company recognized income tax expense of $6.8 million, $26.9 million and $45.1 million, respectively, resulting in effective tax rates of 23.5%, 28.8% and 23.6%, respectively. The Company’s income tax expense for the year ended December 31, 2023 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% are primarily the result of permanent book/tax differences related to non-deductible compensation under Section 162(m). The Company’s income tax expense for the year ended December 31, 2022 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to the impact of state income taxes. The Company’s income tax expense for the year ended December 31, 2021 differs from amounts computed by applying the U.S. federal statutory tax rate of 21% primarily due to the impact of state income taxes and the gain associated with the extinguishment of the liability associated with the tax receivable agreement. The components of the Company’s income tax expense attributable to operations are as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Current tax expense Federal $ 10,091 $ 22,029 $ 19,537 State 1,682 4,516 5,494 Deferred tax expense (benefit) Federal (2,821) (4,165) 16,098 State (2,164) 4,540 3,957 Income tax expense $ 6,788 $ 26,920 $ 45,086 The Company’s income tax expense attributable to operations differs from the expected tax benefit amount computed by applying the statutory federal income tax rate to income before taxes is as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) computed at the statutory rate 21.0 % 21.0 % 21.0 % State income taxes — % 7.7 % 3.7 % Officer's compensation limitation under 162(m) (1) 2.5 % 0.7 % 0.3 % Stock-based compensation (1) 1.1 % 0.5 % 0.1 % Gain on extinguishment of tax receivable agreement — % — % (1.0) % Other, net (1) (1.1) % (1.1) % (0.5) % Income tax expense (benefit) effective tax rate 23.5 % 28.8 % 23.6 % (1) Certain prior year tax component amounts have been reclassified to conform to the current year presentation. The Company’s state income taxes include a decrease in expense associated with the remeasurement of the Company’s deferred tax assets for increases to estimated tax rates expected to be applied in future years. The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended December 31, 2023 2022 (in thousands) Deferred tax assets Amortizable intangible assets $ 73,650 $ 78,296 Operating lease liability 995 1,113 Accrued expenses 1,418 563 Total deferred tax assets (1) $ 76,063 $ 79,972 Deferred tax liabilities Contract assets (4,056) (12,863) Operating lease right-of-use asset (972) (1,105) Fixed assets (463) (608) Other (459) (268) Total deferred tax liabilities $ (5,950) $ (14,844) Deferred tax asset, net $ 70,113 $ 65,128 (1) Certain prior year deferred tax component amounts have been reclassified to conform to the current year presentation. As of December 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 December 31, 2023. The total amount of unrecognized tax benefits as of December 31, 2023 that, if recognized, would impact the effective income tax rate was $4.0 million. The total amount of unrecognized tax benefits as of December 31, 2022 that, if recognized, would impact the effective income tax rate was $3.9 million. As of December 31, 2023, the Company has a receivable of $5.1 million related to state income tax refund claims filed for prior tax years. The liability for unrecognized tax benefits includes $3.8 million of tax expense associated with these refund claims and tax uncertainties in various state jurisdictions due to the complexity of applying evolving state tax laws and uncertainties with respect to sustaining the Company’s refunds claims. The Company believes it is not reasonably possible that the unrecognized tax benefits will significantly change during the next twelve months. 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 had no impact to net income or basic and diluted earnings per share, or to the Consolidated Statements of Operations, for any previous period. The Company files its federal and state income tax returns and some of these returns remain open for examination, with the earliest open years in its key jurisdictions as follows: U.S. Federal 2016 State of Texas 2016 State of New York 2017 State of Illinois 2020

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date these consolidated financial statements were issued. The Company determined there were no events, other than described below, that required disclosure or recognition in these consolidated financial statements. On February 15, 2024, we entered into a program management agreement with Core Specialty, who will provide auto loan default insurance policies for LPP certified loans, from which we expect to earn profit share revenue and claims administration fees.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 22,070	$ 66,620	$ 146,082

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting and Reporting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of the Company and all its subsidiaries that are directly or indirectly owned or controlled by the Company.
Consolidation	All intercompany transactions and balances have been eliminated upon consolidation. Certain prior year amounts have been reclassified to conform to the Company’s presentation of its consolidated financial statements as of and for the year ended December 31, 2023. Such reclassifications had no effect on the Company’s previously reported net income, earnings per share, cash flow or accumulated deficit.
Use of estimates and judgements	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the 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 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.
Income taxes	The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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.
Cash and cash equivalents	Cash and cash equivalents consist of commercial analysis accounts, money market funds and U.S. Treasury securities. 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. The Company determines the appropriate classification of the Company’s cash and cash equivalents at the time of purchase.
Restricted cash	Restricted cash relates to deposits held in a financial institution for the processing of automated clearing house transactions and 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. As a third-party administrator of insurance claims and refund adjudication, the Company collects funds from insurance partners which are intended to be used to settle insurance claims and process funds on behalf of the insurance partners.
Accounts receivable	Accounts receivable
Contract assets and Revenue recognition	Contract assets Contract assets for program fees are increased by recognized and unbilled program fee revenues related to monthly-pay arrangements. Once the monthly-pay arrangement’s program fees for the current month are due, they are reclassified from contract assets and recognized as accounts receivable. Contract assets for profit share and claims administration fees (“TPA fees”) are increased for recognized profit share and TPA fees revenue and are decreased by payments received from insurance carriers within 60 days after month end. These payments are reported in net cash provided by operating activities within the consolidated statement of cash flows. Refer to Note 3—Contract Assets for additional information. The Company’s revenue is generated through three streams: (i) program fees paid to the Company by automotive lenders, (ii) profit share paid to the Company by insurance partners and (iii) claims administration service fees paid to the Company by insurance partners. The Company disaggregates revenues by revenue source (i.e., program fees, profit share and claims administration and other service fees), and the level of disaggregation is presented in the Consolidated Statements of Operations. The Company accounts for a contract with a customer when (i) both parties have approved the contract and are committed to perform their respective obligations, (ii) each party’s rights and payment terms can be identified, (iii) the contract has commercial substance, and (iv) it is probable the Company will collect substantially all of the consideration it is entitled to receive. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. In compliance with ASC 606, when the Company’s performance obligations have been completed, however the final amount of transaction price is unknown, the Company estimates the amount of the transaction price it expects to be entitled to under the Company’s customer contracts. The Company recognizes subsequent adjustments to an estimated transaction price upon the receipt of additional information or final settlement, whichever occurs first. Program fee revenue . The Company earns program fees by providing customers with access to and use of LPP. Program fee contracts contain a single performance obligation, which is complete when a loan is certified through LPP and is issued by the lending institution. Approximately 10% of loan originations are paid through 12-month financing arrangements. Profit Share Revenue . Profit share represents the Company’s participation in the underwriting profit of third-party insurance partners who provide automotive lenders with credit default insurance on loans those lenders make using LPP. The Company receives a percentage of the aggregate monthly insurance underwriting profit. Monthly insurance underwriting profit is calculated as the monthly earned premium less expenses and losses (including reserves for incurred, but not reported losses), with losses accrued and carried forward for future profit share calculations. The Company fulfills its performance obligation upon placement of the insurance and recognizes profit share based on the amount of cash flows it expects to receive from the insurance company over the term of the underlying insured loan. On a quarterly basis, 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 incremental revenue will not occur in future periods. The Company continually assesses the default and prepayment assumptions of its core forecast model against reported performance and lender delinquency data. The forecast model is updated to ensure that default and prepayment rate projections align with actual experience. Claims administration services . For the insurance policies issued through the Company’s program, the Company provides adjudication services for insurance claims on the third-party insurer’s policies for auto loans processed through LPP. The Company earns a monthly service fee which is calculated by the third-party insurance providers as 3% of the monthly net insurance earned premium collected over the life of the underlying loan. In this arrangement, the performance obligation to provide claims administration services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. Revenue is recognized as the service is provided over the term of the adjudication contract with the insurance carrier.
Allowance for current expected credit losses ("CECL")	The Company maintains a CECL allowance on its accounts receivable and contract assets. The allowance 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 asset receivable balances that are past due and has not written off any balances in its portfolio for the periods presented.
Fixed Assets	The Company’s fixed assets primarily consists of software developed for internal use, furniture, fixtures and equipment used in the normal course of business, and leasehold improvements. Fixed assets are recorded at cost, less accumulated depreciation, amortization and impairment losses, if any. Major additions and improvements are capitalized, while maintenance and repairs that do not improve or extend the useful life of the respective asset are expensed as incurred. Costs related to internally developed software are capitalized when preliminary development efforts are successfully completed, and it is probable that the project will be completed and the software will be used as intended. Salaries and compensation costs for employees and fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and enhancements that result in additional functionality of the software are capitalized as fixed assets on the Consolidated Balance Sheets. Related training and maintenance costs are expensed as incurred. Amortization of internal-use software begins when the software is ready for its intended use and is amortized over three years, the period for which the software is expected to contribute to future cash flows. Depreciation and amortization expense is calculated using the straight-line method based on the estimated useful lives of the fixed assets, which ranges from three General and administrative in the Consolidated Statements of Operations. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets.
Operating Leases	The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluates whether the lease is an operating lease or a finance lease at the commencement date. The Company recognizes lease right-of-use (“ROU”) assets and lease liabilities for operating and finance leases with initial terms greater than 12 months. ROU assets represent the Company’s right to use an asset for the lease term, while lease liabilities represent the Company’s obligation to make the related lease payments. The ROU assets for operating and finance leases and liabilities are recognized based on the present value of fixed lease payments over the lease term at the lease commencement date. Lease liabilities are calculated as the present value of fixed payments not yet paid at the measurement date. Since the interest rate implicit in the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of its lease payments. The Company’s incremental borrowing rate is determined based on the interest rate paid to borrow on a collateralized basis over a similar term.
Fair value measurements	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.
Research and development costs	Research and development costs consist primarily of compensation and benefits of employees engaged in the ongoing development of the Company’s lending enablement platform, LPP.
Deferred financing costs	Deferred financing costs incurred in connection with the issuance of debt are capitalized and amortized to interest expense in accordance with the related debt agreement. Deferred financing costs related to the Term Loan due 2027 (as defined hereinafter) are included as a reduction within Long-term debt, net of deferred financing costs in the accompanying Consolidated Balance Sheets. Deferred financing costs related to the Revolving Credit Facility are included in Other assets on the accompanying Consolidated Balance Sheets.
Share-based compensation	The Company uses the grant date fair value of time-based restricted stock units (“RSUs”). The Company uses the grant date fair value for performance-based restricted stock units (“PSUs”) and utilizes the Monte Carlo simulation for PSUs with performance and market conditions. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award to calculate the fair value. The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock options. This model requires the use of input assumptions, including expected volatility, expected life, expected dividend yield, and expected risk-free rate of return. The expected life of the awards is estimated using the “Simplified Method”, which utilizes the midpoint between the vesting date and the end of the contractual term. The Company uses the Simplified Method due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. The risk-free interest rate assumption is based on observed interest rates appropriate for the terms of awards . The expected volatility is based on the average of implied and observed historical volatility of comparable companies since the Company does not have enough history as a public company. Changes in these assumptions can materially affect the fair value estimate of the awards. The Company recognizes compensation expense for unvested awards in the Consolidated Statements of Operations and, net of actual forfeitures in the period they occur, on a straight-line basis over the requisite service or performance period. Certain PSUs are evaluated on a quarterly basis for probability of meeting performance metrics and any adjustments to share-based compensation expense are then made in the quarter of evaluation. For PSUs, the Company must also make assumptions regarding the likelihood of achieving performance metrics. If actual results differ significantly from these estimates, share-based compensation expense and the Company’s results of operations could be materially affected.
Treasury stock	The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity.
Net income (loss) per share	The Company’s basic net income per share is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net income per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. Diluted net income per share is the same as basic net income per share in periods when the effects of potentially dilutive shares of common stock are anti-dilutive.
Concentrations of revenue and credit risks	Financial instruments that potentially subject the Company to credit risk consist of Cash and cash equivalents , Restricted cash , Accounts receivable, net 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, designated for the use of insurance claim payments. Restricted cash is deposited in commercial analysis accounts at one financial institution. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits of $250,000 per institution. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes the Company is not exposed to significant risks on such accounts. The Company’s accounts receivable and contract assets are derived from revenue earned from customers. The Company maintains an allowance for expected credit losses on its accounts receivable and contract asset receivable in accordance with CECL.
Recently issued accounting pronouncements not yet adopted and recently adopted new accounting standards	n November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about a public entity's reportable segments through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires additional disclosure related to rate reconciliation, income taxes paid, and other disclosures to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024, and applied on a prospective basis. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. There were no new standards adopted by the Company during the year ended December 31, 2023.

Contract Assets (Tables)

Contract Assets (Tables)	12 Months Ended
	Dec. 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 TPA Fee Program Total (in thousands) Ending balance as of December 31, 2021 $ 105,486 $ 1,316 $ 6,154 $ 112,956 Increase of contract asset due to new business generation 95,733 8,924 80,812 185,469 Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods (5,677) — — (5,677) Receivables transferred from contract assets upon billing the lending institutions — — (79,039) (79,039) Payments received from insurance carriers (129,740) (8,632) — (138,372) Provision for expected credit losses 87 1 5 93 Ending balance as of December 31, 2022 65,889 1,609 7,932 75,430 Increase of contract assets due to new business generation 66,113 10,055 64,245 140,413 Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods (22,812) — — (22,812) Receivables transferred from contract assets upon billing the lending institutions — — (67,440) (67,440) Payments received from insurance carriers (86,383) (9,942) — (96,325) Provision for expected credit losses 48 (1) 1 48 Ending balance as of December 31, 2023 $ 22,855 $ 1,721 $ 4,738 $ 29,314

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 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 dates indicated: December 31, 2023 2022 (in thousands) Term Loan due 2027 $ 145,313 $ 149,063 Revolving Credit Facility — — Less: Unamortized deferred financing costs (1,268) (1,630) Total debt 144,045 147,433 Less: current portion of debt (4,688) (3,750) Total long-term debt, net of deferred financing costs $ 139,357 $ 143,683
Schedule of Maturities of Long-term Debt	Principal maturities of debt outstanding as of December 31, 2023 are as follows: (in thousands) 2024 $ 4,688 2025 7,500 2026 7,500 2027 125,625 Thereafter — Total $ 145,313

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Share-based compensation expense recorded for each type of award is as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Time-based restricted stock units $ 8,010 $ 5,458 $ 1,934 Performance-based restricted stock units 965 (727) 1,122 Stock options 517 718 759 Total share-based compensation expense $ 9,492 $ 5,449 $ 3,815 During the years ended December 31, 2023, 2022 and 2021, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unitholders in the accompanying Consolidated Statements of Operations as follows: Year Ended December 31, 2023 2022 2021 (in thousands) General and administrative $ 7,565 $ 4,028 $ 3,102 Selling and marketing 858 687 366 Research and development 385 395 217 Cost of services 684 339 130 Total $ 9,492 $ 5,449 $ 3,815 The following table reflects future compensation expense to be recorded for share-based compensation awards that were outstanding as of December 31, 2023: Unrecognized Expense Weighted Average Amortization Period (Years) (in thousands) Time-based restricted stock units $ 19,943 2.67 Performance-based restricted stock units 3,645 2.00 Stock options 526 1.00 Total unrecognized stock-based compensation expense $ 24,114 2.54
Share-based Payment Arrangement, Activity	The following table summarizes the RSU activity for the year end December 31, 2023: Time-Based Number of Awards Weighted Average Fair Value at Grant Date Outstanding as of December 31, 2022 2,023,383 $ 11.52 Granted 1,615,305 6.85 Vested (588,586) 13.26 Forfeited (229,568) 8.04 Outstanding as of December 31, 2023 2,820,534 $ 8.77 The following table summarizes the PSU activity for the year ended December 31, 2023: Performance-Based Number of Awards Weighted Average Fair Value at Grant Date Unvested as of December 31, 2022 159,965 $ 23.35 Granted 281,425 14.80 Outstanding as of December 31, 2023 441,390 $ 17.90 Stock Options The Company’s outstanding stock options vest, subject to the continued employment of the grantees, in equal annual installments over four years following the grant date. The contractual term for the exercisability of the stock options is ten years from the grant date. The following table summarizes the stock option activity for the year ended December 31, 2023: Stock Options Number of Awards Weighted Average Exercise Price Weighted Average Contractual Term (Years) Outstanding as of December 31, 2022 172,461 $ 33.56 7.44 Expired (20,244) 33.56 Forfeited (12,168) 33.56 Outstanding as of December 31, 2023 140,049 $ 33.56 6.81 Vested and expected to vest at December 31, 2023 140,049 $ 33.56 6.81 Exercisable at December 31, 2023 106,012 $ 33.56 6.75
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The Company estimated the fair value of each stock option on the date of grant using a Black–Scholes option-pricing model, applying the following assumptions: Grant date December 30, 2020 Weighted average grant date fair value $15.51 Risk-free interest rate (a) 0.55% Expected term (years) (b) 6.25 Expected volatility rate (c) 50.00% Expected dividend yield (d) —% a) The risk-free interest rate was interpolated from the five-year and seven-year Constant Maturity Treasury rate published by the U.S. Treasury as of the date of the grant. b) The expected life was estimated using the Simplified Method, which utilizes the midpoint between the vesting date and the end of the contractual term. c) The expected volatility rate was based on the average of implied and observed historical volatility of comparable companies. d) At the grant date, no dividends were expected to be paid over the contractual term of the stock options granted, based on the Company's dividend policy, resulting in the use of a zero dividend rate.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The Company used the following assumptions to estimate the fair value of PSUs granted during the periods indicated: Year ended December 31, 2023 Risk-free interest rate 5 % Volatility 63 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands, except share and per share data) Basic net income per share: Numerator Net income $ 22,070 $ 66,620 $ 146,082 Net income attributable to common stockholders $ 22,070 $ 66,620 $ 146,082 Denominator Basic weighted average common shares outstanding 120,826,644 126,108,329 126,354,597 Basic net income per share attributable to common stockholders $ 0.18 $ 0.53 $ 1.16 Diluted net income per share: Numerator Net income attributable to common stockholders $ 22,070 $ 66,620 $ 146,082 Denominator Basic weighted average common shares outstanding 120,826,644 126,108,329 126,354,597 Dilutive effect of time-based restricted stock units outstanding 648,236 153,285 35,838 Diluted weighted average common shares outstanding 121,474,880 126,261,614 126,390,435 Diluted net income per share attributable to common stockholders $ 0.18 $ 0.53 $ 1.16
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive outstanding securities for the years ended December 31, 2023, 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 the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the periods: Year Ended December 31, 2023 2022 2021 Unvested and unexercised stock options 140,049 172,461 194,348 Unvested time-based restricted stock units 280,702 411,349 150,000 Unvested performance-based restricted stock units 424,675 159,965 99,289 Total 845,426 743,775 443,637

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 (in thousands): Total Fair value measurement as of December 31, 2023 Level 1 Level 2 Level 3 (in thousands) Cash equivalents: Money market funds $ 12,671 $ 12,671 $ — $ — U.S. Treasury securities 199,121 199,121 — — Total $ 211,792 $ 211,792 $ — $ — 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: December 31, 2023 December 31, 2022 Carrying value Fair value Carrying value Fair value Liabilities: Debt $ 144,045 $ 144,045 $ 147,433 $ 147,433 Total $ 144,045 $ 144,045 $ 147,433 $ 147,433

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	For the years ended December 31, 2023, 2022 and 2021, the Company recorded the following lease expenses: Year Ended December 31, 2023 2022 2021 (in thousands) Operating lease expense $ 953 $ 953 $ 953 Variable lease payments 401 408 455 Total lease expense $ 1,354 $ 1,361 $ 1,408 Additional information related to the Company’s operating lease is as follows: Year Ended December 31, 2023 2022 2021 ($ in thousands) Operating cash outflows $ 896 $ 871 $ 774 ROU assets obtained in exchange for new lease liabilities — — — Weighted average remaining lease term (in years) 5.08 6.08 7.08 Weighted average discount rate 7.72 % 7.72 % 7.72 %
Assets and Liabilities, Lessee	The Company’s operating lease ROU asset and lease liability is summarized below. The current and non-current lease liabilities are reflected in Other current liabilities and Operating lease liabilities , respectively, on the Company’s Consolidated Balance Sheets, as follows: December 31, 2023 December 31, 2022 (in thousands) Operating lease right-of-use asset $ 5,911 $ 5,911 Accumulated amortization (1,921) (1,301) Net operating lease right-of-use asset, net $ 3,990 $ 4,610 Other current liabilities $ 632 $ 561 Operating lease liabilities 3,450 4,082 Total operating lease liability $ 4,082 $ 4,643
Lessee, Operating Lease, Liability, Maturity	The maturity of the Company’s operating lease liability is as follows: As of December 31, 2023 (in thousands) 2024 $ 919 2025 945 2026 970 2027 996 2028 1,021 Thereafter 87 Total undiscounted liabilities 4,938 Less: Imputed interest 856 Present value of lease liabilities $ 4,082

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the Company’s income tax expense attributable to operations are as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Current tax expense Federal $ 10,091 $ 22,029 $ 19,537 State 1,682 4,516 5,494 Deferred tax expense (benefit) Federal (2,821) (4,165) 16,098 State (2,164) 4,540 3,957 Income tax expense $ 6,788 $ 26,920 $ 45,086
Schedule of Effective Income Tax Rate Reconciliation	The Company’s income tax expense attributable to operations differs from the expected tax benefit amount computed by applying the statutory federal income tax rate to income before taxes is as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) computed at the statutory rate 21.0 % 21.0 % 21.0 % State income taxes — % 7.7 % 3.7 % Officer's compensation limitation under 162(m) (1) 2.5 % 0.7 % 0.3 % Stock-based compensation (1) 1.1 % 0.5 % 0.1 % Gain on extinguishment of tax receivable agreement — % — % (1.0) % Other, net (1) (1.1) % (1.1) % (0.5) % Income tax expense (benefit) effective tax rate 23.5 % 28.8 % 23.6 % (1) Certain prior year tax component amounts have been reclassified to conform to the current year presentation.
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended December 31, 2023 2022 (in thousands) Deferred tax assets Amortizable intangible assets $ 73,650 $ 78,296 Operating lease liability 995 1,113 Accrued expenses 1,418 563 Total deferred tax assets (1) $ 76,063 $ 79,972 Deferred tax liabilities Contract assets (4,056) (12,863) Operating lease right-of-use asset (972) (1,105) Fixed assets (463) (608) Other (459) (268) Total deferred tax liabilities $ (5,950) $ (14,844) Deferred tax asset, net $ 70,113 $ 65,128 (1) Certain prior year deferred tax component amounts have been reclassified to conform to the current year presentation.
Summary of Income Tax Examinations	The Company files its federal and state income tax returns and some of these returns remain open for examination, with the earliest open years in its key jurisdictions as follows: U.S. Federal 2016 State of Texas 2016 State of New York 2017 State of Illinois 2020

Description of Business, Back_2

Description of Business, Background and Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting and Reporting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Restricted cash	$ 6,463	$ 4,069
Accounts receivable, allowance for credit loss	100	100
Depreciation expense	$ 1,200	$ 900	$ 800
Monthly service fee (as a percent)	3%
Advertising Expense	$ 1,100
Finite-Lived Intangible Assets, Remaining Amortization Period	3 years
Top Insurance Partner | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	30%	34%
Two Insurance Partners | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)		11%
Three Insurance Partner | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)		10%
Customer One | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	10%
Program fees
Concentration Risk [Line Items]
Loan origination paid through financing arrangements (as a percent)	10%
Financing arrangement duration (in months)	12 months
Minimum
Concentration Risk [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Maximum
Concentration Risk [Line Items]
Property, plant and equipment, useful life (in years)	8 years

Contract Assets - Additional In

Contract Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	$ (22,812)	$ (5,677)
Current contract assets, net	28,704	54,429
Contract assets	$ 610	$ 21,001

Contract Assets - Summary Of Co

Contract Assets - Summary Of Contract Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Asset [Roll Forward]
Beginning balance	$ 75,430	$ 112,956
Increase of contract asset due to new business generation	140,413	185,469
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(22,812)	(5,677)
Receivables transferred from contract assets upon billing the lending institutions	(67,440)	(79,039)
Payments received from insurance carriers	(96,325)	(138,372)
Provision for expected credit losses	48	93
Ending balance	29,314	75,430
Profit Share
Contract With Customer, Asset [Roll Forward]
Beginning balance	65,889	105,486
Increase of contract asset due to new business generation	66,113	95,733
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	(22,812)	(5,677)
Receivables transferred from contract assets upon billing the lending institutions	0	0
Payments received from insurance carriers	(86,383)	(129,740)
Provision for expected credit losses	48	87
Ending balance	22,855	65,889
TPA Fee
Contract With Customer, Asset [Roll Forward]
Beginning balance	1,609	1,316
Increase of contract asset due to new business generation	10,055	8,924
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	0	0
Receivables transferred from contract assets upon billing the lending institutions	0	0
Payments received from insurance carriers	(9,942)	(8,632)
Provision for expected credit losses	(1)	1
Ending balance	1,721	1,609
Program Fee
Contract With Customer, Asset [Roll Forward]
Beginning balance	7,932	6,154
Increase of contract asset due to new business generation	64,245	80,812
Adjustment of contract asset due to estimation of revenue from performance obligations satisfied in previous periods	0	0
Receivables transferred from contract assets upon billing the lending institutions	(67,440)	(79,039)
Payments received from insurance carriers	0	0
Provision for expected credit losses	1	5
Ending balance	$ 4,738	$ 7,932

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 09, 2022	Mar. 19, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 145,313
Less: Unamortized deferred financing costs	(1,268)	$ (1,630)
Total debt	144,045	147,433
Less: current portion of debt	(4,688)	(3,750)
Term Loan due 2027
Debt Instrument [Line Items]
Long-term debt, gross			$ 150,000
Term Loan due 2027 | Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross	145,313	149,063
Total long-term debt, net of deferred financing costs	139,357	143,683
Term Loan Due 2026 | Medium-term Notes
Debt Instrument [Line Items]
Less: Unamortized deferred financing costs				$ (2,100)
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	$ 0
Less: Unamortized deferred financing costs				$ (500)

Debt - Narrative (Details)

Debt - Narrative (Details)		12 Months Ended
	Sep. 09, 2022 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024	Dec. 31, 2022 USD ($)	Mar. 19, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 145,313,000
Debt issuance costs, net		1,268,000		$ 1,630,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 150,000,000
Debt instrument, effective interest rate (as a percent)		7.348%
Unamortized deferred financing costs		$ 300,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 0		0
Debt issuance costs, net					$ 500,000
Term Loan due 2027
Debt Instrument [Line Items]
Principal amount	$ 300,000,000
Long-term debt, gross	$ 150,000,000
Maximum total net leverage ratio		3.5
Minimum fixed charge coverage ratio		1.25
Term Loan due 2027 | Forecast
Debt Instrument [Line Items]
Decreased maximum total net leverage ratio			3
Term Loan due 2027 | Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 145,313,000		$ 149,063,000
New Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net					2,600,000
New Credit Agreement | Minimum | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.15%
New Credit Agreement | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.225%
New Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.10%	5.477%
Debt instrument, margin rate (as a percent)		1.625%
New Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.625%
New Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.375%
New Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.625%
New Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.375%
Term Loan Due 2026
Debt Instrument [Line Items]
Unamortized deferred financing costs		$ 1,300,000
Term Loan Due 2026 | Medium-term Notes
Debt Instrument [Line Items]
Debt issuance costs, net					$ 2,100,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 4,688
2025	7,500
2026	7,500
2027	125,625
Thereafter	0
Total debt	$ 145,313

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 17, 2022	Jun. 11, 2020
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	550,000,000	550,000,000			550,000,000
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000			10,000,000
Stock repurchase program, authorized amount				$ 75,000
Stock repurchased during period	$ 37,695	$ 18,018	$ 20,000
Excise tax payable	300
Remain amount of shares to be repurchased	$ 19,600
Common stock, shares outstanding (in shares)	118,819,795	123,646,059
Treasury Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	5,233,065	2,643,306	612,745
Treasury stock acquired, average cost per share (in dollars per share)	$ 7.13	$ 6.82
Stock repurchased during period	$ 37,695	$ 18,018	$ 20,000
Restricted stock units issued, net of shares withheld for taxes (in shares)	406,801	76,489	22,525
Stock Repurchased During Period, Value, Excluding Excised Tax	$ 37,300

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 9,492	$ 5,449	$ 3,815
Intrinsic value	$ 0	$ 0
Options outstanding	140,049	172,461
Time-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value	$ 4,200	$ 900
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 1,000
Ranget of target (as a percent)		100%	100%
2020 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)				9,693,750
Percent on number of shares outstanding				10%
Percent of incremental shares on outstanding common stock	4%			4%
Number of shares available for issuance (in shares)	21,000,000
Award vesting period	4 years
Expiration period (in years)	10 years
2020 Stock Option and Incentive Plan | Time-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
2020 Stock Option and Incentive Plan | Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 9,492	$ 5,449	$ 3,815
Time-based restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	8,010	5,458	1,934
Performance-based restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	965	(727)	1,122
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 517	$ 718	$ 759

Share-Based Compensation - Sh_2

Share-Based Compensation - Share-based Compensation Expense Allocated to Income Statement Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 9,492	$ 5,449	$ 3,815
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	7,565	4,028	3,102
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	858	687	366
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	385	395	217
Cost of services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 684	$ 339	$ 130

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options and Restricted Stock Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Awards
Beginning balance (in shares)	172,461
Expired (in shares)	(20,244)
Forfeitures (in shares)	(12,168)
Ending balance (in shares)	140,049	172,461
Vested and expected to vest (in shares)	140,049
Exercisable (in shares)	106,012
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 33.56
Expired (in dollars per share)	33.56
Forfeited (in dollars per share)	33.56
Ending balance (in dollars per share)	33.56	$ 33.56
Vested and expected to vest (in dollars per share)	33.56
Exercisable (in dollars per share)	$ 33.56
Weighted Average Contractual Term (Years)
Outstanding balance	6 years 9 months 21 days	7 years 5 months 8 days
Exercisable ending balance	6 years 9 months
Time-based restricted stock units
Number of Awards
Beginning balance (in shares)	2,023,383
Granted (in shares)	1,615,305
Vested (in shares)	(588,586)
Forfeited (in shares)	(229,568)
Ending balance (in shares)	2,820,534	2,023,383
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share)	$ 11.52
Granted (in dollars per share)	6.85
Vested (in dollars per share)	13.26
Forfeited (in dollars per share)	8.04
Ending balance (in dollars per share)	$ 8.77	$ 11.52
Performance-based restricted stock units
Number of Awards
Beginning balance (in shares)	159,965
Granted (in shares)	281,425
Ending balance (in shares)	441,390	159,965
Weighted Average Fair Value at Grant Date
Beginning balance (in dollars per share)	$ 23.35
Granted (in dollars per share)	14.80
Ending balance (in dollars per share)	$ 17.90	$ 23.35

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	5%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	63%
2020 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average option grant date fair value (in dollars per share)		$ 15.51
Risk-free interest rate		0.55%
Expected life		6 years 3 months
Expected volatility rate		50%
Expected dividend yield		0%
2020 Stock Option and Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average time to vest (in years)		5 years
2020 Stock Option and Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average time to vest (in years)		7 years

Share-Based Compensation - Unre

Share-Based Compensation - Unrecognized Share-based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total unrecognized stock-based compensation expense	$ 24,114
Weighted Average Amortization Period (Years)	2 years 6 months 14 days
Time-based restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 19,943
Weighted Average Amortization Period (Years)	2 years 8 months 1 day
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, stock options	$ 526
Weighted Average Amortization Period (Years)	1 year
Performance-based restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized expense, restricted stock	$ 3,645
Weighted Average Amortization Period (Years)	2 years

Net Income Per Share - Summary

Net Income Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income	$ 22,070	$ 66,620	$ 146,082
Net income attributable to common stockholders	$ 22,070	$ 66,620	$ 146,082
Denominator
Weighted average common shares outstanding (in shares)	120,826,644	126,108,329	126,354,597
Basic net income per share attributable to common stockholders (in dollars per share)	$ 0.18	$ 0.53	$ 1.16
Numerator
Net income attributable to common stockholders	$ 22,070	$ 66,620	$ 146,082
Denominator
Basic weighted average common shares (in shares)	120,826,644	126,108,329	126,354,597
Dilutive effect of outstanding Time-Based Restricted Stock Units (in shares)	648,236	153,285	35,838
Diluted weighted average common shares (in shares)	121,474,880	126,261,614	126,390,435
Diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.18	$ 0.53	$ 1.16

Net Income Per Share - Summar_2

Net Income Per Share - Summary of Antidilutive Securities Excluded from Computation Of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	845,426	743,775	443,637
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)	140,049	172,461	194,348
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)	280,702	411,349	150,000
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)	424,675	159,965	99,289

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	Dec. 31, 2023	Dec. 31, 2022
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 211,792	$ 187,426
Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	211,792	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	12,671	35,915
Money market funds | Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	12,671	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	199,121	151,511
U.S. Treasury securities | Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	199,121	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	Dec. 31, 2023	Dec. 31, 2022
Reported Value Measurement
Liabilities:
Debt	$ 144,045	$ 147,433
Total	144,045	147,433
Estimate of Fair Value Measurement
Liabilities:
Debt	144,045	147,433
Total	$ 144,045	$ 147,433

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - lease		12 Months Ended
	Jan. 31, 2029	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Number of operating leases		1
Operating Leased Assets [Line Items]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Other current liabilities	Other current liabilities
Forecast
Operating Leased Assets [Line Items]
Optional extension period (in months)	5 years

Commitment and Contingencies _2

Commitment and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 953	$ 953	$ 953
Variable lease payments	401	408	455
Total lease expense	$ 1,354	$ 1,361	$ 1,408

Commitment and Contingencies _3

Commitment and Contingencies - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating cash outflows	$ 896	$ 871	$ 774
Right-of-use assets obtained in exchange for lease obligations	$ 0	$ 0	$ 0
Weighted average remaining lease term (in years)	5 years 29 days	6 years 29 days	7 years 29 days
Weighted average discount rate	7.72%	7.72%	7.72%

Commitment and Contingencies _4

Commitment and Contingencies - Balance Sheet Classification of ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 5,911	$ 5,911
Accumulated amortization	(1,921)	(1,301)
Net operating lease right-of-use asset, net	3,990	4,610
Other current liabilities	632	561
Operating lease liabilities	3,450	4,082
Present value of lease liabilities	$ 4,082	$ 4,643

Commitment and Contingencies _5

Commitment and Contingencies - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 919
2025	945
2026	970
2027	996
2028	1,021
Thereafter	87
Total undiscounted liabilities	4,938
Less: Imputed interest	856
Present value of lease liabilities	$ 4,082	$ 4,643

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan, minimum employee age requirement for participation	21 years
Defined contribution plan, minimum days of service required for participation	60 days
Defined contribution plan, employer matching contribution, percent of employees' gross pay	3%
Defined contribution plan, cost	$ 0	$ 0	$ 0
Defined contribution plan, employer discretionary contribution amount	$ 900,000	$ 700,000	$ 500,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 6,788	$ 26,920	$ 45,086
Effective income tax rate reconciliation (as a percent)	23.50%	28.80%	23.60%
Unrecognized tax benefits	$ 4,000	$ 3,900
Income taxes receivable	$ 5,100

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) Attributable to Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense
Federal	$ 10,091	$ 22,029	$ 19,537
State	1,682	4,516	5,494
Deferred tax expense (benefit)
Federal	(2,821)	(4,165)	16,098
State	(2,164)	4,540	3,957
Income tax expense	$ 6,788	$ 26,920	$ 45,086

Income Taxes - Components of th

Income Taxes - Components of the Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense (benefit) computed at the statutory rate	21%	21%	21%
State income taxes	0%	7.70%	3.70%
Officer's compensation limitation under 162(m) (1)	2.50%	0.70%	0.30%
Stock-based compensation	1.10%	0.50%	0.10%
Gain on extinguishment of tax receivable agreement	0%	0%	(1.00%)
Other, net (1)	(1.10%)	(1.10%)	(0.50%)
Income tax expense (benefit) effective tax rate	23.50%	28.80%	23.60%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Amortizable intangible assets	$ 73,650	$ 78,296
Operating lease liability	995	1,113
Accrued expenses	1,418	563
Total deferred tax assets (1)	76,063	79,972
Deferred tax liabilities
Contract assets	(4,056)	(12,863)
Operating lease right-of-use asset	(972)	(1,105)
Fixed assets	(463)	(608)
Other	(459)	(268)
Total deferred tax liabilities	(5,950)	(14,844)
Deferred tax asset, net	$ 70,113	$ 65,128

Uncategorized Items - lpro-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]