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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (5,918) $ 9,426
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Share-based compensation 5,626 6,408
Depreciation and amortization 1,757 1,281
Amortization of debt issuance costs 310 321
Non-cash operating lease cost 605 511
Deferred income taxes 0 4,499
Other 149 37
Changes in operating assets & liabilities:    
Accounts receivable, net 637 50
Contract assets, net (12,035) (10,594)
Excess profit share receipts (324) 0
Other current and non-current assets (3,137) (576)
Accounts payable 85 (92)
Accrued expenses 3,476 2,164
Income tax receivable, net 1,479 881
Operating lease liabilities (587) (464)
Third-party claims administration liability 853 4,286
Other current and non-current liabilities (1,620) 2,838
Net cash provided by (used in) operating activities (8,644) 20,976
Cash flows from investing activities    
Purchase of property and equipment (56) (161)
Capitalized software development costs (855) (2,577)
Net cash used in investing activities (911) (2,738)
Cash flows from financing activities    
Payments on term loans (5,625) (2,813)
Shares repurchased (3,952) 0
Shares withheld for taxes related to restricted stock units (1,063) (1,147)
Net cash used in financing activities (10,640) (3,960)
Net change in cash and cash equivalents and restricted cash (20,195) 14,278
Cash and cash equivalents and restricted cash at the beginning of the period 253,924 246,669
Cash and cash equivalents and restricted cash at the end of the period 233,729 260,947
Supplemental disclosure of cash flow information:    
Interest paid 7,148 7,981
Income tax paid (refunded), net (1,359) (817)
Right-of-use assets obtained in exchange for lease obligations $ 0 $ 592