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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 65,920 $ 39,197
Short-term marketable securities 39,280 43,043
Accounts receivable 1,856 16,807
Contract assets – commissions receivable – current 209,654 242,467
Prepaid expenses and other current assets 11,464 12,961
Total current assets 328,174 354,475
Contract assets – commissions receivable – non-current 707,337 757,523
Property and equipment, net 5,219 4,437
Operating lease right-of-use assets 10,032 12,081
Restricted cash 3,090 3,090
Other assets 25,859 23,819
Total assets 1,079,711 1,155,425
Current liabilities:    
Accounts payable 5,748 23,448
Accrued compensation and benefits 17,054 43,888
Accrued marketing expenses 4,048 16,612
Short term debt 69,087 0
Lease liabilities – current 7,581 7,732
Other current liabilities 6,687 4,331
Total current liabilities 110,205 96,011
Long-term debt 0 68,458
Deferred income taxes – non-current 33,675 38,870
Lease liabilities – non-current 17,091 20,731
Other non-current liabilities 4,907 5,418
Total liabilities 165,878 229,488
Commitments and contingencies (Note 8)
Convertible preferred stock 358,910 337,509
Stockholders’ equity:    
Common stock 44 43
Additional paid-in capital 767,261 773,371
Treasury stock, at cost (199,998) (199,998)
Retained earnings (accumulated deficit) (12,124) 15,246
Accumulated other comprehensive loss (260) (234)
Total stockholders’ equity 554,923 588,428
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,079,711 $ 1,155,425