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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 145,518,000 $ 100,452,000
Marketable securities 0 40,135,000
Accounts receivable, net 358,240,000 424,814,000
Prepaid expenses and other current assets 18,889,000 10,145,000
Total current assets 522,647,000 575,546,000
Property, equipment and software - net 52,657,000 58,522,000
Operating lease right-of-use assets 38,149,000 44,402,000
Acquisition-related intangible assets, net 2,704,000 4,284,000
Goodwill 29,577,000 29,577,000
Deferred income tax asset 30,986,000 24,864,000
Other assets, non-current 3,475,000 2,324,000
TOTAL ASSETS 680,195,000 739,519,000
Current liabilities    
Accounts payable 343,619,000 386,602,000
Accrued liabilities 25,278,000 26,365,000
Operating lease liabilities, current 6,953,000 5,843,000
Total current liabilities 375,850,000 418,810,000
Operating lease liabilities, non-current 36,910,000 39,538,000
Other liabilities, non-current 4,846,000 3,908,000
TOTAL LIABILITIES 417,606,000 462,256,000
Commitments and contingencies (Note 8)
Stockholders' Equity    
Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of December 31, 2025 and 2024; No shares issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock, par value $0.0001 per share; 1,000,000 Class A shares authorized as of December 31, 2025 and 2024; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 48,177 shares issued and 39,860 shares outstanding as of December 31, 2024; 1,000,000 Class B shares authorized as of December 31, 2025 and 2024; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025; 11,382 shares issued and 8,241 outstanding as of December 31, 2024 7,000 6,000
Treasury stock, at cost; 15,546 and 11,458 shares as of December 31, 2025 and 2024, respectively (193,471,000) (146,796,000)
Additional paid-in capital 321,062,000 275,304,000
Accumulated other comprehensive income (loss) 68,000 (636,000)
Retained earnings 134,923,000 149,385,000
TOTAL STOCKHOLDERS’ EQUITY 262,589,000 277,263,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 680,195,000 $ 739,519,000