Related party transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related party transactions

Related party transactions

The Company made pledges to JNGF of nil, $2.4 million, and $1.1 million during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the Company accrued $1.5 million related to JNGF pledges, which was included in accrued liabilities in the consolidated balance sheet. As of December 31, 2023, the Company accrued $2.7 million related to JNGF pledges, of which $1.5 million was included in accrued liabilities and $1.2 million was included in other liabilities in the consolidated balance sheet. 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. Vista has sold a portion of its investment in the Company such that its funds no longer own a majority of the Company. However, Vista is deemed a related party in accordance with ASC 850 as it continues to be a principal owner of the Company. Other than the share repurchase disclosed in Note 2, there were no material transactions with Vista or its affiliates during the years ended December 31, 2024, 2023, and 2022.