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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 116,454 $ 101,513
Restricted cash 3,055 2,635
Accounts receivable, net 6,525 4,352
Current contract assets, net 70,542 50,386
Income tax receivable 1,345 0
Prepaid expenses 2,479 1,873
Other current assets 2,394 2,018
Total current assets 202,794 162,777
Property and equipment, net 2,663 1,201
Operating lease right-of-use assets, net 5,189 5,733
Non-current contract assets, net 42,414 38,956
Deferred tax asset, net 65,503 85,218
Other non-current assets 262 124
Total assets 318,825 294,009
Current liabilities    
Accounts payable 1,285 3,442
Accrued expenses 3,984 3,033
Income tax payable 0 1,640
Current portion of debt 3,125 4,888
Third-party claims administration liability 3,050 2,591
Other current liabilities 621 1,414
Total current liabilities 12,065 17,008
Long-term debt, net of deferred financing costs 143,135 152,859
Non-current operating lease liabilities 4,643 5,138
Tax receivable agreement liability 0 92,369
Other non-current liabilities 0 13
Total liabilities 159,843 267,387
Commitments and contingencies
Stockholders’ equity    
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 126,212,876 shares outstanding as of December 31, 2021 and 128,198,185 shares issued and 126,803,096 shares outstanding as of December 31, 2020 1,282 1,282
Additional paid-in capital 496,983 491,246
Accumulated deficit (282,439) (428,406)
Treasury stock at cost, 1,985,309 shares at December 31, 2021, and 1,395,089 shares at December 31, 2020 (56,844) (37,500)
Total stockholders’ equity 158,982 26,622
Total liabilities and stockholders’ equity $ 318,825 $ 294,009