104 results
10-Q/A
2024 Q1
LPRO
Open Lending Corp
8 May 24
Quarterly report (amended)
5:17pm
(Unaudited, in thousands)
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | Net income | $ | 5,087 | $ | 12,538 | Adjustments to reconcile net income to net cash provided by operating activities: | Share-based compensation | 1,854 | 1,844 | Depreciation and amortization of fixed assets | 372 | 244 | Amortization of debt issuance costs | 107 | 101 | Non-cash operating lease cost | 162 | 151 | Deferred income taxes | 2,154 | 1,221 | Other | 41 | — | Changes in assets & liabilities: | Accounts receivable, net | (1,135) | (899) | Contract assets, net | (2,614) | 9,488 | Other current and non-current assets | 188 | 515 | Accounts payable | 66 | 454 | Accrued expenses | (189) | (19) | Income tax receivable, net | 3,358 | 2,817 | Operating lease liabilities | (152) | (135) | Third-party claims administration liability | 1,662 | 658 | Other current and non-current liabilities | 45 | 530 | Net cash provided by operating activities | 11,006 | 29,508 | Cash flows from investing activities | Purchase of property and equipment | — | (36) | Capitalized software development costs | (642) | (299) | Net cash used in investing activities | (642) | (335) | Cash flows from financing activities | Payments on term loans | (938) | (938) | Shares repurchased | — | (21,323) | Shares withheld for taxes related to restricted stock units | (1,021) | (129) | Net cash used in financing activities | (1,959) | (22,390) | Net change in cash and cash equivalents and restricted cash | 8,405 | 6,783 | Cash and cash equivalents and restricted cash at the beginning of the period | 246,669 | 208,519 | Cash and cash equivalents and restricted cash at the end of the period | $ | 255,074 | $ | 215,302 | Supplemental disclosure of cash flow information: | Interest paid | $ | 3,541 | $ | 2,537 | Income tax paid (refunded), net | $ | (3,075) | $ | 197 | Non-cash investing and financing: | Share-based compensation for capitalized software development | $ | 38 | $ | 11 | Capitalized software development costs accrued but not paid | $ | 66 | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||
10-Q/A
2024 Q1
LPRO
Open Lending Corp
8 May 24
Quarterly report (amended)
5:17pm
The following table summarizes the non-cash adjustments in the operating activities in the unaudited Condensed Statement of Cash Flows:
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net income | $ | 5,087 | $ | 12,538 | Non-cash adjustments | 4,649 | 3,561 | Non-cash (gains) losses | 41 | — | Change in contract assets | (2,614) | 9,488 | Change in other assets and liabilities | 3,843 | 3,921 | Net cash provided by operating activities | $ | 11,006 | $ | 29,508 |
10-Q/A
2024 Q1
LPRO
Open Lending Corp
8 May 24
Quarterly report (amended)
5:17pm
The following table provides a summary of cash flow data:
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 11,006 | $ | 29,508 | Net cash used in investing activities | $ | (642) | $ | (335) | Net cash used in financing activities | $ | (1,959) | $ | (22,390) |
10-Q/A
2024 Q1
LPRO
Open Lending Corp
8 May 24
Quarterly report (amended)
5:17pm
The following table sets forth information with respect to our repurchases of shares of common stock during the three months ended March 31, 2024.
Period | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (2) | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (2) | ||||||||||||||||||||||||||||||||||||||||||
01/01/2024-01/31/2024 | 23,131 | $ | 7.80 | — | $ | 19.6 | 02/01/2024-02/29/2024 | 10,373 | $ | 7.29 | — | $ | 19.6 | 03/01/2024-03/31/2024 | 114,257 | $ | 6.68 | — | $ | — | Total | 147,761 | — | |||||||||||||||||||||||
10-Q/A
2024 Q1
LPRO
Open Lending Corp
8 May 24
Quarterly report (amended)
5:17pm
The following table provides a summary of the Company’s debt as of the periods indicated:
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Term Loan due 2027 | $ | 144,376 | $ | 145,313 | Revolving Credit Facility | — | — | Less: Unamortized deferred financing costs | (1,178) | (1,268) | Total debt | 143,198 | 144,045 | Less: current portion of debt | (4,688) | (4,688) | Total long-term debt, net of deferred financing costs | $ | 138,510 | $ | 139,357 |
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