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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 115,722 $ 144,401
Short-term marketable securities 5,930 0
Accounts receivable 3,993 2,633
Contract assets – commissions receivable – current 244,663 242,749
Prepaid expenses and other current assets 12,044 11,301
Total current assets 382,352 401,084
Contract assets – commissions receivable – non-current 673,514 641,555
Property and equipment, net 4,864 5,501
Operating lease right-of-use assets 22,767 26,516
Restricted cash 3,090 3,239
Other assets 26,758 34,716
Total assets 1,113,345 1,112,611
Current liabilities:    
Accounts payable 7,197 6,732
Accrued compensation and benefits 40,800 20,690
Accrued marketing expenses 20,340 23,770
Lease liabilities – current 7,070 6,486
Other current liabilities 3,131 2,887
Total current liabilities 78,538 60,565
Long-term debt 67,754 66,129
Deferred income taxes – non-current 29,687 32,359
Lease liabilities – non-current 28,333 34,187
Other non-current liabilities 4,949 5,132
Total liabilities 209,261 198,372
Commitments and contingencies (Note 8)
Convertible preferred stock, par value $0.001 per share; 2,250 issued and outstanding as of December 31, 2023 and 2022 298,053 263,284
Stockholders’ equity:    
Preferred stock, par value $0.001 per share, other than convertible preferred stock; 7,750 authorized; none issued and outstanding as of December 31, 2023 and 2022 0 0
Common stock, par value $0.001 per share; 100,000 authorized; 41,457 and 39,977 issued as of December 31, 2023 and 2022, respectively; 28,629 and 27,562 outstanding as of December 31, 2023 and 2022, respectively 41 40
Additional paid-in capital 798,786 777,187
Treasury stock, at cost: 12,828 and 12,415 shares as of December 31, 2023 and 2022, respectively (199,998) (199,998)
Retained earnings 7,284 73,799
Accumulated other comprehensive loss (82) (73)
Total stockholders’ equity 606,031 650,955
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,113,345 $ 1,112,611