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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 121,092 $ 39,197
Short-term marketable securities 34,495 43,043
Accounts receivable 3,387 16,807
Contract assets – commissions receivable – current 197,493 242,467
Prepaid expenses and other current assets 12,974 12,961
Total current assets 369,441 354,475
Contract assets – commissions receivable – non-current 725,764 757,523
Property and equipment, net 4,123 4,437
Operating lease right-of-use assets 11,265 12,081
Restricted cash 3,090 3,090
Other assets 23,479 23,819
Total assets 1,137,162 1,155,425
Current liabilities:    
Accounts payable 7,349 23,448
Accrued compensation and benefits 44,974 43,888
Accrued marketing expenses 9,071 16,612
Short term debt 68,765 0
Lease liabilities – current 7,841 7,732
Other current liabilities 5,354 4,331
Total current liabilities 143,354 96,011
Long-term debt 0 68,458
Deferred income taxes – non-current 40,400 38,870
Lease liabilities – non-current 18,739 20,731
Other non-current liabilities 5,061 5,418
Total liabilities 207,554 229,488
Commitments and contingencies (Note 8)
Convertible preferred stock 347,985 337,509
Stockholders’ equity:    
Common stock 43 43
Additional paid-in capital 776,569 773,371
Treasury stock, at cost (199,998) (199,998)
Retained earnings 5,274 15,246
Accumulated other comprehensive loss (265) (234)
Total stockholders’ equity 581,623 588,428
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,137,162 $ 1,155,425