v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (135,010) $ 22,070 $ 66,620
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation 8,677 9,492 5,449
Depreciation and amortization 1,674 1,159 915
Amortization of debt issuance costs 427 428 424
Non-cash operating lease cost 705 620 579
Deferred income taxes 70,113 (4,985) 375
Other 127 15 0
Changes in operating assets and liabilities:      
Accounts receivable, net (439) 1,105 804
Contract assets, net 14,247 46,116 37,527
Excess profit share receipts 47,556 0 0
Other current and non-current assets (429) (507) (2,685)
Accounts payable 578 86 (996)
Accrued expenses (2,473) 1,183 2,405
Income tax receivable, net 4,198 2,699 (8,369)
Operating lease liabilities (624) (561) (495)
Third-party claims administration liability 4,333 2,409 1,005
Other current and non-current liabilities 3,938 1,329 3,873
Net cash provided by operating activities 17,598 82,658 107,431
Cash flows from investing activities      
Purchase of property and equipment (165) (123) (238)
Capitalized software development costs (3,731) (2,055) (386)
Net cash used in investing activities (3,896) (2,178) (624)
Cash flows from financing activities      
Proceeds from term loans 0 0 150,000
Payments on term loans (4,688) (3,750) (123,594)
Payments on revolving credit facility 0 0 (25,000)
Payment of deferred financing cost 0 0 (976)
Payment of excise tax on shares repurchased (314) 0 0
Shares repurchased 0 (37,322) (18,018)
Shares withheld for taxes related to restricted stock units (1,445) (1,258) (209)
Net cash used in financing activities (6,447) (42,330) (17,797)
Net change in cash and cash equivalents and restricted cash 7,255 38,150 89,010
Cash and cash equivalents and restricted cash at the beginning of the period 246,669 208,519 119,509
Cash and cash equivalents and restricted cash at the end of the period 253,924 246,669 208,519
Supplemental disclosure of cash flow information:      
Interest paid 12,590 10,313 3,520
Income tax paid (refunded), net (3,907) 9,075 36,112
Non-cash investing and financing:      
Right-of-use assets obtained in exchange for lease obligations 594 0 0
Share-based compensation for capitalized software development 285 88 0
Capitalized software development costs accrued but not paid 15 248 0
Accrued excise tax associated with share repurchases $ 0 $ 314 $ 0