Open Lending Corp Files 10-Q/A for Period Ending March 31, 2024
Ticker: LPRO · Form: 10-Q/A · Filed: May 8, 2024 · CIK: 1806201
Sentiment: neutral
Topics: Open Lending, 10-Q/A, Financial Filing, Q1 2024, SEC Filing
TL;DR
<b>Open Lending Corp has filed an amended 10-Q for Q1 2024, providing updated financial details.</b>
AI Summary
Open Lending Corp (LPRO) filed a Amended Quarterly Report (10-Q/A) with the SEC on May 8, 2024. Filing is an amendment (10-Q/A) for the period ending March 31, 2024. The company's fiscal year ends on December 31. Open Lending Corp is classified under Personal Credit Institutions (SIC 6141). The filing includes data related to Program Fee, Profit Share, and Administrative Service segments. Information on common stock, additional paid-in capital, retained earnings, and treasury stock is provided for various periods.
Why It Matters
For investors and stakeholders tracking Open Lending Corp, this filing contains several important signals. This amended filing may contain corrections or additions to previously reported financial information, crucial for investors to assess the company's current financial health. The inclusion of segment data (Program Fee, Profit Share, Administrative Service) allows for a deeper understanding of revenue drivers and operational performance.
Risk Assessment
Risk Level: medium — Open Lending Corp shows moderate risk based on this filing. The filing is an amendment (10-Q/A), which suggests potential inaccuracies or omissions in the original filing that require correction, indicating a medium level of risk.
Analyst Insight
Review the specific changes and additions in this 10-Q/A filing to understand the nature of the amendments and their potential impact on Open Lending Corp's financial reporting.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| ProgramFeeMember | ||
| ProfitShareMember | ||
| AdministrativeServiceMember |
Key Numbers
- 2024-03-31 — Conformed Period of Report (10-Q/A filing)
- 2024-05-08 — Filed As Of Date (10-Q/A filing)
- 20200310 — Date of Name Change (From Nebula Parent Corp.)
Key Players & Entities
- Open Lending Corp (company) — Filer name
- 2024-03-31 (date) — Conformed period of report
- 2024-05-08 (date) — Filed as of date
- 1501 S. MOPAC EXPRESSWAY (address) — Business address street 1
- AUSTIN (location) — Business address city
- TX (location) — Business address state
- 78746 (postal_code) — Business address zip
- Nebula Parent Corp. (company) — Former company name
FAQ
When did Open Lending Corp file this 10-Q/A?
Open Lending Corp filed this Amended Quarterly Report (10-Q/A) with the SEC on May 8, 2024.
What is a 10-Q/A filing?
A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by Open Lending Corp (LPRO).
Where can I read the original 10-Q/A filing from Open Lending Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Open Lending Corp.
What are the key takeaways from Open Lending Corp's 10-Q/A?
Open Lending Corp filed this 10-Q/A on May 8, 2024. Key takeaways: Filing is an amendment (10-Q/A) for the period ending March 31, 2024.. The company's fiscal year ends on December 31.. Open Lending Corp is classified under Personal Credit Institutions (SIC 6141)..
Is Open Lending Corp a risky investment based on this filing?
Based on this 10-Q/A, Open Lending Corp presents a moderate-risk profile. The filing is an amendment (10-Q/A), which suggests potential inaccuracies or omissions in the original filing that require correction, indicating a medium level of risk.
What should investors do after reading Open Lending Corp's 10-Q/A?
Review the specific changes and additions in this 10-Q/A filing to understand the nature of the amendments and their potential impact on Open Lending Corp's financial reporting. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — financial]: Revenue from contract with customer is analyzed for concentration with the top insurance partner and the top two insurance partners for Q1 2024 and Q1 2023.
Key Dates
- 2024-03-31: End of Reporting Period — Q1 2024 financial data
- 2024-05-08: Filing Date — 10-Q/A submission
Glossary
- 10-Q/A
- An amended quarterly report filed with the SEC. (Indicates a correction or supplement to a previously filed 10-Q.)
Filing Stats: 4,546 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-05-08 17:17:12
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share LPRO The Nasdaq Stock Market
- $250,000 — surance Corporation insurance limits of $250,000 per institution. The Company has not ex
Filing Documents
- lpro-20240331.htm (10-Q/A) — 709KB
- lpro-20240331ex311.htm (EX-31.1) — 9KB
- lpro-20240331ex321.htm (EX-32.1) — 5KB
- lpro-20240331_g1.jpg (GRAPHIC) — 692KB
- 0001806201-24-000097.txt ( ) — 5256KB
- lpro-20240331.xsd (EX-101.SCH) — 22KB
- lpro-20240331_cal.xml (EX-101.CAL) — 48KB
- lpro-20240331_def.xml (EX-101.DEF) — 105KB
- lpro-20240331_lab.xml (EX-101.LAB) — 383KB
- lpro-20240331_pre.xml (EX-101.PRE) — 253KB
- lpro-20240331_htm.xml (XML) — 383KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 27 PART II. Other Information 28 Item 1.
Legal Proceedings
Legal Proceedings 28 Item 1A.
Risk Factors
Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Default Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29
SIGNATURES
SIGNATURES 30 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements OPEN LENDING CORPORATION Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share data) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 246,972 $ 240,206 Restricted cash 8,103 6,463 Accounts receivable, net 5,751 4,616 Current contract assets, net 21,346 28,704 Income tax receivable 5,631 7,035 Other current assets 2,665 2,852 Total current assets 290,468 289,876 Fixed assets, net 4,131 3,913 Operating lease right-of-use asset, net 3,828 3,990 Contract assets 10,582 610 Deferred tax asset, net 67,959 70,113 Other assets 3,630 5,535 Total assets $ 380,598 $ 374,037 Liabilities and stockholders' equity Current liabilities Accounts payable $ 440 $ 375 Accrued expenses 7,895 8,131 Current portion of debt 4,688 4,688 Third-party claims administration liability 8,126 6,464 Other current liabilities 956 932 Total current liabilities 22,105 20,590 Long-term debt, net of deferred financing costs 138,510 139,357 Operating lease liabilities 3,279 3,450 Other liabilities 5,166 5,060 Total liabilities 169,060 168,457 Stockholders' equity Preferred stock, $ 0.01 par value; 10,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 119,151,161 shares outstanding as of March 31, 2024 and 128,198,185 shares issued and 118,819,795 shares outstanding as of December 31, 2023 1,282 1,282 Additional paid-in capital 498,617 502,032 Accumulated deficit ( 188,662 ) ( 193,749 ) Treasury stock at cost, 9,047,024 shares at March 31, 2024 and 9,378,390 at December 31, 2023 ( 99,699 ) ( 103,985 ) Total stockholders' equity 211,538 205,580 Total liabilities and stockholders' equity $ 380,598 $ 374,037 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents OPEN LENDING CORPORATION Condensed Con