v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 180,633 $ 144,401
Short-term marketable securities 22,059 0
Accounts receivable 1,027 2,633
Contract assets – commissions receivable – current 205,679 242,749
Prepaid expenses and other current assets 11,266 11,301
Total current assets 420,664 401,084
Contract assets – commissions receivable – non-current 596,354 641,555
Property and equipment, net 4,994 5,501
Operating lease right-of-use assets 25,381 26,516
Restricted cash 3,239 3,239
Other assets 32,402 34,716
Total assets 1,083,034 1,112,611
Current liabilities:    
Accounts payable 5,273 6,732
Accrued compensation and benefits 27,884 20,690
Accrued marketing expenses 8,751 23,770
Lease liabilities – current 6,628 6,486
Other current liabilities 2,931 2,887
Total current liabilities 51,467 60,565
Long-term debt 66,508 66,129
Deferred income taxes – non-current 28,748 32,359
Lease liabilities – non-current 32,549 34,187
Other non-current liabilities 4,400 5,132
Total liabilities 183,672 198,372
Commitments and contingencies (Note 8)
Convertible preferred stock 271,454 263,284
Stockholders’ equity:    
Common stock 40 40
Additional paid-in capital 782,065 777,187
Treasury stock, at cost (199,998) (199,998)
Retained earnings 45,751 73,799
Accumulated other comprehensive income (loss) 50 (73)
Total stockholders’ equity 627,908 650,955
Total liabilities, convertible preferred stock, and stockholders’ equity $ 1,083,034 $ 1,112,611