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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 230,659 $ 243,164
Restricted cash 10,678 10,760
Accounts receivable, net 4,406 5,055
Current contract assets, net 14,553 9,973
Income tax receivable 3,576 3,558
Other current assets 3,230 3,215
Total current assets 267,102 275,725
Property and equipment, net 586 729
Capitalized software development costs, net 5,123 5,386
Operating lease right-of-use assets, net 3,478 3,878
Contract assets 14,895 5,094
Other assets 5,477 5,556
Total assets 296,661 296,368
Current liabilities    
Accounts payable 481 953
Accrued expenses 7,954 5,166
Current portion of debt 7,500 7,500
Third-party claims administration liability 10,724 10,797
Current portion of excess profit share receipts 18,410 19,346
Other current liabilities 2,072 3,490
Total current liabilities 47,141 47,252
Long-term debt, net of deferred financing costs 128,640 132,217
Operating lease liabilities 2,839 3,273
Excess profit share receipts 31,966 28,210
Other liabilities 7,128 7,329
Total liabilities 217,714 218,281
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 118,172,477 shares outstanding as of June 30, 2025 and 128,198,185 shares issued and 119,350,001 shares outstanding as of December 31, 2024 1,282 1,282
Additional paid-in capital 495,415 502,664
Accumulated deficit (327,108) (328,759)
Treasury stock at cost, $10,025,708 shares at June 30, 2025 and $8,848,184 shares at December 31, 2024 (90,642) (97,100)
Total stockholders’ equity 78,947 78,087
Total liabilities and stockholders’ equity $ 296,661 $ 296,368