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Related Parties
12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Parties
25.
RELATED PARTIES

The Company has engaged in transactions within the ordinary course of business with entities affiliated with its principal equity owners.

The following table summarizes revenues and expenses with entities affiliated with one of its principal equity owners for the years ended December 31, 2023, 2022 and 2021 (in thousands):

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

Credit card processing

 

$

1,051

 

 

$

811

 

 

$

399

 

Expenses

 

 

 

 

 

 

 

 

 

Employee health insurance benefits

 

 

3,641

 

 

 

3,166

 

 

$

3,228

 

Human resources support services

 

 

313

 

 

 

237

 

 

 

242

 

Board of director fees for services, including related travel and out-of-pocket reimbursements

 

 

306

 

 

 

131

 

 

 

204

 

IT development software

 

 

130

 

 

*

 

 

*

 

Sales tax processing and license fees for tax information

 

^

 

 

 

561

 

 

 

286

 

* Not significant.

^ Not a related party during the year ended December 31, 2023.

The following table summarizes amounts receivable and payable to entities affiliated with one of its principal equity owners as of December 31, 2023 and 2022 (in thousands):

 

 

December 31,

 

 

 

2023

 

 

2022

 

Receivables

 

 

 

 

 

 

Credit card processing

 

*

 

 

*

 

Payables

 

 

 

 

 

 

Employee health insurance benefits

 

$

480

 

 

$

501

 

Human resources support services

 

*

 

 

*

 

Sales tax processing and license fees for tax information

 

^

 

 

^

 

Board of director fees for services, including related travel and out-of-pocket reimbursements

 

*

 

 

*

 

IT development software

 

*

 

 

*

 

* Not significant.

^ Not a related party as of December 31 of the year indicated.

As of October 2022, the entity which provides sales tax processing and license fees for tax information is no longer affiliated with a director of the Company and is no longer a related party.

During the year ended December 31, 2023, as part of the secondary offering (see Note 19), the Company entered into a share repurchase agreement with its principal equity owner, pursuant to which the Company agreed to repurchase 32.5 million shares of the Company's common stock at a price equal to the price per share paid by the underwriters, net of commissions and discounts. The aggregate price paid by the Company for the repurchased shares was $328.5 million.

During the year ended December 31, 2021, the Company completed a strategic investment in a limited partnership (the “Investee”) in which the Company invested $10.0 million, plus $0.2 million of related fees and expenses, for an approximate 7% interest (see Note 13). The limited partnership is affiliated with one of the Company’s principal equity owners. The limited partnership recognized no income or loss during the years ended December 31, 2023 and 2022.

During the year ended December 31, 2021 the Company issued 110,679 shares of common stock to a board member for aggregate cash proceeds of $1.0 million, equal to the fair value of the shares at the time of issuance.