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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE:        
Revenue $ 157,688 $ 135,789 $ 433,390 $ 370,672
Earned premium 165,686 139,785 474,917 384,498
Total revenue 323,374 275,574 908,307 755,170
OPERATING EXPENSES:        
Salaries and benefits 47,192 51,318 161,001 160,122
Ceding commissions, net 77,501 65,413 221,877 181,188
Losses and loss adjustment expenses 99,430 57,485 226,515 159,461
Sales expense 59,141 47,737 146,791 124,791
General and administrative 20,837 22,166 62,072 64,865
Depreciation and amortization 9,184 10,753 29,758 34,893
Restructuring, impairment and related charges, net 0 473 0 8,857
Gains, losses, and impairments related to divestitures 0 4,112 (87) 4,112
Total operating expenses 313,285 259,457 847,927 738,289
OPERATING INCOME 10,089 16,117 60,380 16,881
Gain (loss) related to warrant liabilities, net (463) 850 (8,544) (1,419)
Interest and other income (expense), net 8,359 6,260 27,945 15,677
INCOME BEFORE INCOME TAX EXPENSE 17,985 23,227 79,781 31,139
Income tax benefit (expense) 1,022 (4,604) (9,918) (12,002)
NET INCOME 19,007 18,623 69,863 19,137
Net income attributable to non-controlling interest (14,122) (13,269) (55,951) (13,477)
Accretion of Series A Convertible Preferred Stock (1,875) (1,838) (5,552) (1,838)
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS 3,010 3,516 8,360 3,822
Class A Common Stock        
OPERATING EXPENSES:        
Gain (loss) related to warrant liabilities, net 2,000      
NET INCOME 19,007 18,623 69,863 19,137
Net income attributable to non-controlling interest (14,122) (13,269) (55,951) (13,477)
Accretion of Series A Convertible Preferred Stock $ (1,875) $ (1,838) $ (5,552) $ (1,838)
Earnings per share of Class A Common Stock:        
Basic (in dollars per share) $ 0.03 $ 0.04 $ 0.09 $ 0.04
Diluted (in dollars per share) $ 0.03 $ 0.04 $ 0.09 $ 0.04
Weighted average shares of Class A Common Stock outstanding:        
Basic (in shares) 89,691 84,479 86,689 84,042
Diluted (in shares) 89,691 84,479 87,601 84,042
Commission and fee revenue        
REVENUE:        
Revenue $ 116,161 $ 103,173 $ 333,817 $ 287,972
Membership, marketplace and other revenue        
REVENUE:        
Revenue $ 41,527 $ 32,616 $ 99,573 $ 82,700