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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 70,809 $ 118,242
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 3,564 2,726
Depreciation and amortization 680 322
Amortization of debt issuance costs 265 507
Non-cash operating lease cost 431 405
Gain on extinguishment of tax receivable agreement 0 (55,422)
Loss on extinguishment of debt 0 8,778
Deferred income taxes (7,860) 19,176
Changes in assets and liabilities:    
Accounts receivable, net (129) (2,522)
Contract assets, net 13,016 (24,920)
Other current and non-current assets 1,331 (298)
Accounts payable (1,101) (2,012)
Accrued expenses 4,849 4,328
Income tax receivable (984) (533)
Operating lease liabilities (363) (558)
Third-party claims administration liability 308 306
Other current and non-current liabilities 181 (102)
Net cash provided by operating activities 84,997 68,423
Cash flows from investing activities    
Purchase of property and equipment (637) (1,785)
Net cash used in investing activities (637) (1,785)
Cash flows from financing activities    
Proceeds from term loans 150,000 125,000
Proceeds from revolving credit facility 0 50,000
Payments on term loans (122,656) (168,409)
Payments on revolving credit facility (25,000) (25,000)
Payment of deferred financing costs (976) (1,669)
Shares withheld for taxes related to restricted stock units (81) 0
Settlement of tax receivable agreement 0 (36,948)
Shares repurchased 0 (20,000)
Net cash provided by (used in) financing activities 1,287 (77,026)
Net change in cash and cash equivalents and restricted cash 85,647 (10,388)
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 205,156 93,760
Supplemental disclosure of cash flow information:    
Interest paid 2,859 4,545
Income tax paid, net 27,471 19,397
Non-cash investing and financing:    
Property and equipment accrued but not paid $ 5 $ 0