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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 39,197 $ 115,722
Short-term marketable securities 43,043 5,930
Accounts receivable 16,807 3,993
Contract assets – commissions receivable – current 242,467 244,663
Prepaid expenses and other current assets 12,961 12,044
Total current assets 354,475 382,352
Contract assets – commissions receivable – non-current 757,523 673,514
Property and equipment, net 4,437 4,864
Operating lease right-of-use assets 12,081 22,767
Restricted cash 3,090 3,090
Other assets 23,819 26,758
Total assets 1,155,425 1,113,345
Current liabilities:    
Accounts payable 23,448 7,197
Accrued compensation and benefits 43,888 40,800
Accrued marketing expenses 16,612 20,340
Lease liabilities – current 7,732 7,070
Other current liabilities 4,331 3,131
Total current liabilities 96,011 78,538
Long-term debt 68,458 67,754
Deferred income taxes – non-current 38,870 29,687
Lease liabilities – non-current 20,731 28,333
Other non-current liabilities 5,418 4,949
Total liabilities 229,488 209,261
Commitments and contingencies (Note 8)
Convertible preferred stock, par value $0.001 per share; 2,250 issued and outstanding as of December 31, 2024 and 2023 337,509 298,053
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, 2024 and 2023 0 0
Common stock, par value $0.001 per share; 100,000 authorized; 43,225 and 41,457 issued as of December 31, 2024 and 2023, respectively; 29,846 and 28,629 outstanding as of December 31, 2024 and 2023, respectively 43 41
Additional paid-in capital 773,371 798,786
Treasury stock, at cost: 13,379 and 12,828 shares as of December 31, 2024 and 2023, respectively (199,998) (199,998)
Retained earnings 15,246 7,284
Accumulated other comprehensive loss (234) (82)
Total stockholders’ equity 588,428 606,031
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,155,425 $ 1,113,345