Open Lending Corp-A 2025年季度报告

SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549 FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ______________ to ______________Commission File Number:001-39326 OPEN LENDING CORPORATION (Exact Name of Registrant as Specified in its Charter) Registrant’s telephone number, including area code: (512)892-0400 Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☒ As of November4, 2025, the registranthad118,189,443shares of common stock, $0.01 par value per share,outstanding. OPEN LENDING CORPORATIONFORM 10-QTABLE OF CONTENTS PART I.Financial Information2Item 1.Condensed Consolidated Financial Statements (Unaudited)2Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations4Condensed Consolidated Statements of Changes in Stockholders’ Equity5Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements (Unaudited)8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations18Item 3.Quantitative and Qualitative Disclosures about Market Risk32Item 4.Controls and Procedures33PART II.Other Information34Item 1.Legal Proceedings34Item 1A.Risk Factors34Item 2.Unregistered Sales of Equity Securities and Use of Proceeds35Item 3.Defaults Upon Senior Securities35Item 4.Mine Safety Disclosures35Item 5.Other Information36Item 6.Exhibits37SIGNATURES38 PART I.FINANCIAL INFORMATION OPEN LENDING CORPORATIONCondensed Consolidated Balance Sheets(Unaudited)(In thousands, except share data) OPEN LENDING CORPORATION Condensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share data) OPEN LENDING CORPORATIONCondensed Consolidated Statements of Changes in Stockholders’ Equity(Unaudited)(In thousands) OPEN LENDING CORPORATIONCondensed Consolidated Statements of Changes in Stockholders’ Equity (continued)(Unaudited, in thousands) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. OPEN LENDING CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited)(In thousands) OPEN LENDING CORPORATIONNotes to Condensed Consolidated Financial Statements(Unaudited) Note 1—Description of Business, Background and Nature of Operations Open Lending Corporation and its subsidiaries (“Company,” “we,” “us” and “our”), headquartered in Austin, Texas,provides loan analytics, risk-based loan pricing, risk modeling and automated decision technology for automotive lendersthroughout the United States of America (the “U.S.”), which enables each lending institution to book near-prime and non-prime automotive loans, coupled with real-time underwriting of loan default insurance, out of its existing business flow. Wealso operate as a third-party administrator that adjudicates insurance claims and premium adjustments on automotiveloans. Our flagship product, Lenders Protectionplatform (“LPP”), is a cloud-based automotive lending enablement platform.LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance bylinking automotive lenders to our insurance partners. The platform uses risk-based pricing models that enable automotivelenders to assess the credit risk of a potential borrower using data driven analysis. Our proprietary risk models project loanperformance,including expected losses and prepayments,in arriving a