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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income (loss) $ 146,082 $ (97,564) $ 62,544
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation 3,815 2,828 1,984
Depreciation and amortization 1,122 1,768 105
Non-cash operating lease cost 544 0 0
Gain on extinguishment of tax receivable agreement (55,422) 0 0
Loss on extinguishment of debt 8,778 0 0
Deferred income taxes 20,055 4,734 0
Change in fair value of contingent consideration 0 131,932 0
Non-cash interest expense 0 0 92
Changes in assets & liabilities      
Accounts receivable, net (2,181) (585) (1,829)
Contract assets, net (23,763) (26,391) (21,714)
Operating lease right-of-use assets 0 (548) 0
Prepaid expenses (606) (313) (830)
Other current and non-current assets (514) (1,431) (481)
Accounts payable (2,157) 2,105 583
Accrued expenses 693 1,027 896
Income tax payable/receivable (450) 1,640 0
Operating lease liabilities (364) (280) 0
Third-party claims administration liability 459 409 293
Other current and noncurrent liabilities (935) 5,309 119
Net cash provided by operating activities 95,156 24,640 41,762
Cash flows from investing activities      
Purchase of property and equipment (1,987) (1,196) (99)
Net cash used in investing activities (1,987) (1,196) (99)
Cash flows from financing activities      
Proceeds from term loans 125,000 170,000 0
Proceeds from revolving facility 50,000 0 0
Payments on term loans (169,191) (6,521) (2,500)
Payments on revolving facility (25,000) 0 0
Payment of deferred financing costs (1,669) (10,061) 0
Share repurchase (20,000) (37,500) 0
Settlement of tax receivable agreement (36,948) 0 0
Distributions to Open Lending, LLC unitholders 0 (135,598) (42,401)
Proceeds from stock warrant exercises 0 105,349 0
Recapitalization transaction, net of transaction costs 0 (14,863) 0
Net cash (used in) provided by financing activities (77,808) 70,806 (44,901)
Net change in cash and cash equivalents and restricted cash 15,361 94,250 (3,238)
Cash and cash equivalents and restricted cash at the beginning of the year 104,148 9,898 13,136
Cash and cash equivalents and restricted cash at the end of the year 119,509 104,148 9,898
Supplemental disclosure of cash flow information:      
Interest paid 5,243 10,444 320
Income tax paid (refunded), net 25,280 144 (40)
Property and equipment accrued but not paid 24 0 0
Right of use assets obtained in exchange for lease obligations 0 5,362 0
Non-cash investing and financing:      
Change in fair value of redeemable convertible Series C preferred units 0 (47,537) 163,425
Conversion of preferred stock to common stock $ 0 $ 257,406 $ 0