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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 88,828 $ (41,633)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Share-based compensation 1,628 2,676
Depreciation and amortization 537 483
Amortization of right-of-use assets 268 188
Gain on extinguishment of tax receivable agreement (55,422) 0
Loss on extinguishment of debt 8,778 0
Change in fair value of contingent consideration 0 48,802
Deferred income taxes 16,903 775
Changes in assets & liabilities:    
Accounts receivable (3,217) 574
Contract assets (22,591) 225
Prepaid expenses (2,517) (1,150)
Deferred transaction costs 0 1,081
Other current and non-current assets 1,384 322
Accounts payable (1,455) 176
Accrued expenses 1,377 (1,184)
Income tax payable/receivable (1,720) 569
Operating lease liabilities (349) (178)
Other current and non-current liabilities 551 280
Net cash provided by operating activities 32,983 12,006
Cash flows from investing activities    
Purchase of property and equipment (841) (424)
Net cash used in investing activities (841) (424)
Cash flows from financing activities    
Proceeds from term loans 125,000 170,000
Proceeds from revolving facility 50,000 0
Payments on term loans (167,628) (4,380)
Payments on revolving facility (25,000) 0
Payment of deferred financing costs (1,669) (9,767)
Share repurchase (20,000) 0
Settlement of tax receivable agreement (36,948) 0
Distributions to Open Lending, LLC unitholders 0 (135,380)
Recapitalization transaction, net of transaction costs 0 (13,289)
Net cash (used in) provided by financing activities (76,245) 7,184
Net change in cash and cash equivalents and restricted cash (44,103) 18,766
Cash and cash equivalents and restricted cash at the beginning of the period 104,148 9,898
Cash and cash equivalents and restricted cash at the end of the period 60,045 28,664
Supplemental disclosure of cash flow information:    
Interest paid 3,776 3,958
Income tax paid, net 12,452 20
Non-cash investing and financing:    
Internally developed software costs accrued but not paid 660 0
Change in fair value of redeemable convertible Series C preferred units 0 (47,537)
Conversion of preferred stock to common stock $ 0 $ 257,406