Open Lending Corp Q2 2024 10-Q Filing
Ticker: LPRO · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1806201
Sentiment: neutral
Topics: 10-Q, financials, lending
TL;DR
LPRO Q2 24 10-Q filed. Revenue and profit share details out.
AI Summary
Open Lending Corp filed its 10-Q for the period ending June 30, 2024. The company reported its financial results for the second quarter of 2024, detailing revenues and expenses related to its lending programs. Key figures include program fees and profit sharing, with specific amounts for the second quarter and year-to-date periods.
Why It Matters
This filing provides investors with a detailed look at Open Lending's financial performance and operational metrics for the second quarter of 2024, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — The filing contains detailed financial data which requires careful analysis to assess the company's performance and associated risks.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024 financial results)
- 2024-01-01 to 2024-06-30 — Year-to-Date Period (Financial results for the first six months of 2024)
- 2023-01-01 to 2023-06-30 — Prior Year Period (Financial results for the first six months of 2023 for comparison)
Key Players & Entities
- Open Lending Corp (company) — Filer of the 10-Q
- Nebula Parent Corp. (company) — Former name of Open Lending Corp
- 20240630 (date) — End of reporting period
- 20240809 (date) — Filing date
FAQ
What were Open Lending Corp's total program fees for the second quarter of 2024?
The filing indicates program fees for the period April 1, 2024 to June 30, 2024, but the specific dollar amount is not provided in this excerpt.
How did Open Lending Corp's profit share revenue compare between Q2 2024 and Q2 2023?
The filing lists profit share revenue for both periods (April 1, 2024 - June 30, 2024 and April 1, 2023 - June 30, 2023), but the exact figures are not detailed in this excerpt.
What is the fiscal year end for Open Lending Corp?
Open Lending Corp's fiscal year ends on December 31st.
When was Open Lending Corp previously known as Nebula Parent Corp.?
The company changed its name from Nebula Parent Corp. on March 10, 2020.
What is the primary business of Open Lending Corp?
Open Lending Corp operates in the Personal Credit Institutions sector, with SIC code 6141.
Filing Stats: 4,620 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-08-09 16:08:18
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-20240630.htm (10-Q) — 914KB
- lpro-20240630ex311.htm (EX-31.1) — 9KB
- lpro-20240630ex321.htm (EX-32.1) — 5KB
- lpro-20240630_g1.jpg (GRAPHIC) — 692KB
- 0001806201-24-000123.txt ( ) — 5762KB
- lpro-20240630.xsd (EX-101.SCH) — 23KB
- lpro-20240630_cal.xml (EX-101.CAL) — 48KB
- lpro-20240630_def.xml (EX-101.DEF) — 106KB
- lpro-20240630_lab.xml (EX-101.LAB) — 403KB
- lpro-20240630_pre.xml (EX-101.PRE) — 262KB
- lpro-20240630_htm.xml (XML) — 488KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.
Controls and Procedures
Controls and Procedures 29 PART II. Other Information 30 Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Default Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
SIGNATURES
SIGNATURES 32 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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 248,007 $ 240,206 Restricted cash 4,458 6,463 Accounts receivable, net 4,439 4,616 Current contract assets, net 22,601 28,704 Income tax receivable 8,060 7,035 Other current assets 5,650 2,852 Total current assets 293,215 289,876 Fixed assets, net 4,835 3,913 Operating lease right-of-use asset, net 3,663 3,990 Contract assets 11,130 610 Deferred tax asset, net 66,256 70,113 Other assets 3,703 5,535 Total assets $ 382,802 $ 374,037 Liabilities and stockholders' equity Current liabilities Accounts payable $ 899 $ 375 Accrued expenses 8,214 8,131 Current portion of debt 7,500 4,688 Third-party claims administration liability 4,482 6,464 Other current liabilities 915 932 Total current liabilities 22,010 20,590 Long-term debt, net of deferred financing costs 135,787 139,357 Operating lease liabilities 3,105 3,450 Other liabilities 5,117 5,060 Total liabilities $ 166,019 $ 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 119,251,295 shares outstanding as of June 30, 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 499,732 502,032 Accumulated deficit ( 185,760 ) ( 193,749 ) Treasury stock at cost, 8,946,890 shares at June 30, 2024 and 9,378,390 at December 31, 2023 ( 98,471 ) ( 103,985 ) Total stockholders' equity $ 216,783 $ 205,580 Total liabilities and stockholders' equity $ 382,802 $ 374,037 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents OPEN LENDING CORPORATION Cond