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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 23,154 $ 12,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 1,281 701
Depreciation and amortization 304 388
Non-cash operating lease cost 141 134
Loss on extinguishment of debt 0 8,778
Deferred income taxes 554 1,330
Changes in assets & liabilities:    
Accounts receivable, net (1,535) (2,451)
Contract assets, net 5,504 (7,876)
Other current and non-current assets 3,066 1,979
Accounts payable (1,090) (611)
Accrued expenses 1,526 478
Income tax payable/receivable (745) 3,151
Operating lease liabilities (119) (140)
Third-party claims administration liability (21) 62
Other current and non-current liabilities (88) 50
Net cash provided by operating activities 31,932 18,835
Cash flows from investing activities    
Purchase of property and equipment (186) (3)
Net cash used in investing activities (186) (3)
Cash flows from financing activities    
Proceeds from term loans 0 125,000
Proceeds from revolving facility 0 50,000
Payments on term loans (781) (166,847)
Payment of deferred financing costs 0 (1,491)
Shares withheld for taxes for restricted stock units (39) 0
Net cash (used in) provided by financing activities (820) 6,662
Net change in cash and cash equivalents and restricted cash 30,926 25,494
Cash and cash equivalents and restricted cash at the beginning of the period 119,509 104,148
Cash and cash equivalents and restricted cash at the end of the period 150,435 129,642
Supplemental disclosure of cash flow information:    
Interest paid 721 2,722
Income tax paid (refunded), net 8,501 (16)
Non-cash investing and financing:    
Internally developed software costs accrued but not paid 0 463
Deferred financing costs accrued but not paid $ 0 $ 178