Related party transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related-party transactions

Related party transactions

The Company made pledges to the JNGF of $1.1 million, $1.2 million, and $0.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022 and 2021, the Company accrued $1.3 million and $1.5 million, respectively, related to JNGF pledges, which are included in accrued liabilities in the consolidated balance sheets. The Company has an ongoing lease agreement for office space in Eau Claire, Wisconsin with an entity in which a related party is a minority owner. See Note 7 for further discussion of this lease agreement. The Company may engage in transactions in the ordinary course of business with significant shareholders or other companies whose directors or officers may also serve as directors or officers for the Company. The Company carries out these transactions on customary terms.

Vista is a U.S.-based investment firm that controls the funds which previously owned a majority of the Company. In 2021, Vista sold a portion of its investment in the Company such that its funds no longer owned a majority of the Company as of December 31, 2022. However, Vista is deemed a related party in accordance with ASC 850 as it continues to be a principal

owner of the Company. Except as discussed below, there were no material transactions with Vista or its affiliates during the years ended December 31, 2022, 2021, and 2020.

During the year ended December 31, 2020, affiliates of Vista were paid $2.1 million in interest on the portion of the 2017 Term Loan Facility held by them.