Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| REVENUE: | ||||
| Earned premium | $ 177,785 | $ 157,612 | $ 347,140 | $ 309,231 |
| Total revenue | 368,699 | 313,225 | 688,292 | 584,933 |
| OPERATING EXPENSES: | ||||
| Salaries and benefits | 64,062 | 57,693 | 123,165 | 113,809 |
| Ceding commissions, net | 82,938 | 73,446 | 160,271 | 144,376 |
| Losses and loss adjustment expenses | 75,213 | 64,729 | 146,343 | 127,085 |
| Sales expense | 67,380 | 47,990 | 122,006 | 87,650 |
| General and administrative expenses | 22,574 | 21,373 | 44,759 | 41,235 |
| Depreciation and amortization | 8,833 | 10,014 | 18,321 | 20,574 |
| Gain related to divestiture | 0 | (87) | 0 | (87) |
| Total operating expenses | 321,000 | 275,158 | 614,865 | 534,642 |
| OPERATING INCOME | 47,699 | 38,067 | 73,427 | 50,291 |
| Loss related to warrant liabilities, net | 0 | (1,941) | 0 | (8,081) |
| Interest and other income (expense), net | 5,664 | 12,342 | 12,718 | 19,586 |
| INCOME BEFORE INCOME TAX EXPENSE | 53,363 | 48,468 | 86,145 | 61,796 |
| Income tax expense | (6,161) | (5,811) | (11,650) | (10,940) |
| NET INCOME | 47,202 | 42,657 | 74,495 | 50,856 |
| Net income attributable to non-controlling interest | (36,229) | (32,279) | (55,151) | (41,829) |
| Accretion of Series A Convertible Preferred Stock | (1,875) | (1,839) | (3,750) | (3,677) |
| NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | 9,098 | 8,539 | 15,594 | 5,350 |
| Class A Common Stock | ||||
| OPERATING EXPENSES: | ||||
| NET INCOME | 47,202 | 42,657 | 74,495 | 50,856 |
| Net income attributable to non-controlling interest | (36,229) | (32,279) | (55,151) | (41,829) |
| Accretion of Series A Convertible Preferred Stock | $ (1,875) | $ (1,839) | $ (3,750) | $ (3,677) |
| Earnings per share of Class A Common Stock: | ||||
| Basic (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.16 | $ 0.06 |
| Diluted (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.16 | $ 0.06 |
| Weighted average shares of Class A Common Stock outstanding: | ||||
| Basic (in shares) | 90,698 | 85,687 | 90,374 | 85,171 |
| Diluted (in shares) | 90,698 | 85,687 | 91,247 | 86,072 |
| Commission and fee revenue | ||||
| REVENUE: | ||||
| Revenue | $ 143,287 | $ 128,816 | $ 243,574 | $ 217,656 |
| Membership, marketplace and other revenue | ||||
| REVENUE: | ||||
| Revenue | $ 47,627 | $ 26,797 | $ 97,578 | $ 58,046 |
| X | ||||||||||
- Definition Ceded Commission Expense No definition available.
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- Definition Gain (Loss) Related To Warrant Liabilities No definition available.
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- Definition Preferred Stock, Accretion of Convertible Preferred Stock No definition available.
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- Definition Revenue From Contract With Customer, Including Finance Revenue, Excluding Assessed Tax No definition available.
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- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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