XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net (loss) income $ (8,295) $ 24,012
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Income from discontinued operations, net of taxes (438) (450)
Loss on disposal of discontinued operations, net of taxes 620 1,988
Equity in net loss of limited liability investments 162 44
Depreciation and amortization expense 6,997 6,220
Stock-based compensation expense 1,785 1,639
Net realized gains (1,557) (761)
Net loss (gain) on equity investments 3 (3,397)
Gain on change in fair value of limited liability investment, at fair value (342) (78)
Net change in unrealized gain on private company investments 0 (63)
Goodwill and Intangible Asset Impairment 2,848 (0)
Loss on change in fair value of debt 198 68
Loss on change in fair value of derivatives 49 1,643
Loss on change in fair value of contingent consideration 270 262
Deferred income taxes, adjusted for SPI and DDI liabilities assumed in 2023 (537) (1,924)
Impairment losses on investments (0) 229
Amortization of fixed maturities premiums and discounts (23) 19
Gain on disposal of subsidiary 0 (342)
Loss (gain) on extinguishment of debt 160 (31,616)
Changes in operating assets and liabilities:    
Service fee receivable, net, adjusted for Image Solutions (2024) and SPI and DDI (2023) acquired 1,270 1,123
Other receivables, net, adjusted for Image Solutions assets acquired in 2024 (163) 2,546
Deferred contract costs (155) (477)
Other assets, adjusted for Image Solutions (2024) and SPI and DDI (2023) assets acquired (270) 945
Deferred service fees, adjusted for SPI liabilities assumed in 2023 (887) 859
Other, net, adjusted for Image Solutions (2024) and SPI and DDI (2023) assets acquired and liabilities assumed (1,091) (29,338)
Cash provided by (used in) operating activities - continuing operations 605 (26,849)
Cash provided by operating activities - discontinued operations 462 663
Net cash provided by (used in) operating activities 1,067 (26,186)
Investing activities:    
Proceeds from sales and maturities of fixed maturities 7,845 8,468
Proceeds from sales of equity investments 77 3,471
Purchases of fixed maturities (7,760) (6,467)
Net proceeds from limited liability investments 4 314
Net proceeds from limited liability investments, at fair value 2,347 14,123
Net proceeds from investments in private companies 270 39
Net proceeds from other investments and short-term investments (2) 16
Net proceeds from disposal of subsidiary 0 342
Net proceeds from sale of discontinued operations 1,136 0
Acquisition of business, net of cash acquired (20,054) (13,633)
Net purchases of property and equipment, adjusted for Image Solutions (2024) and DDI (2023) assets acquired (709) (205)
Cash (used in) provided by investing activities - continuing operations (16,846) 6,468
Cash used in investing activities - discontinued operations 0 (11)
Net cash (used in) provided by investing activities (16,846) 6,457
Financing activities:    
Proceeds from exercise of warrants 0 16,658
Cash paid for repurchase of warrants 0 (4,031)
Proceeds from issuance of preferred stock 8,250 0
Cash paid for repurchase of common stock (2,504) (3,204)
Cash paid to acquire noncontrolling interest (2,500) 0
Distributions to noncontrolling interest holders (1,413) (4,018)
Payment of contingent consideration from acquisition (650) (375)
Taxes paid related to net share settlements of restricted stock awards (2,314) (450)
Principal proceeds from bank loans, net of debt issuance costs of $287 in 2024 and $68 in 2023 34,613 5,533
Principal payments on bank loans (21,590) (9,113)
Purchase of subordinated debt 0 (40,328)
Payment of preferred stock dividends (13) 0
Cash provided by (used in) financing activities - continuing operations 11,879 (39,353)
Cash used in financing activities - discontinued operations (435) (610)
Net cash provided by (used in) financing activities 11,444 (39,963)
Net decrease in cash and cash equivalents and restricted cash from continuing operations (4,362) (59,734)
Cash and cash equivalents and restricted cash at beginning of period 18,110 77,802
Less: cash and cash equivalents and restricted cash of discontinued operations 612 570
Cash and cash equivalents and restricted cash of continuing operations at beginning of period 17,498 77,232
Cash and cash equivalents and restricted cash of continuing operations at end of period 13,136 17,498
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 5,493 9,098
Restricted cash 7,643 8,400
Cash and cash equivalents and restricted cash per statements of cash flows 13,136 17,498
Supplemental disclosures of cash flows information:    
Interest 4,659 24,581
Income taxes (112) 1,894
Non-cash investing and financing activities from continuing operations:    
Conversion of redeemable Class A preferred stock to common stock 0 6,086
Accrued dividends on Class B preferred stock (2024) and Class A preferred stock (2023) issued 166 74
Debt, Excluding Bank Loans [Member]    
Financing activities:    
Payment of debt issuance costs $ 0 $ (25)