v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate as one operating segment. The following table sets forth significant expense categories and other specified amounts included in consolidated net income that are reviewed by the chief operating decision maker (“CODM”), or are otherwise regularly provided to the CODM, for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30, Six Months Ended June 30,
2025202420252024
(in thousands)
Revenue
Program fees
$14,933 $14,836 $30,143 $29,145 
Profit share
7,969 9,333 14,699 23,215 
Claims administration and other service fees
2,408 2,558 4,861 5,112 
Total revenue
25,310 26,727 49,703 57,472 
Cost of services
Employee compensation and benefits
1,335 1,962 2,861 4,049 
Share-based compensation
109 166 211 244 
Depreciation and amortization263 87 476 146 
Other cost of services(1)
3,802 3,498 8,045 7,024 
Total cost of services5,509 5,713 11,593 11,463 
Gross profit
19,801 21,014 38,110 46,009 
Operating expenses
Employee compensation and benefits
11,271 8,350 21,742 18,416 
Share-based compensation
2,225 2,202 3,969 3,978 
Professional fees
1,789 3,000 4,087 5,017 
IT services
961 1,074 1,941 2,249 
Depreciation and amortization
327 328 658 641 
Other(2)
2,052 2,070 3,775 4,395 
Total operating expenses18,625 17,024 36,172 34,696 
Operating income
1,176 3,990 1,938 11,313 
Other income (expense)
Interest expense
(2,419)(2,736)(5,008)(5,506)
Interest income
2,357 3,086 4,857 6,057 
Total other expense, net
(62)350 (151)551 
Income before income taxes
1,114 4,340 1,787 11,864 
Income tax expense (benefit)
80 1,438 136 3,875 
Net income
$1,034 $2,902 $1,651 $7,989 
(1) Other cost of services primarily consists of costs incurred to third party partners for partner commissions, fees paid for actuarial services, fees for integration with the loan origination system of automotive lenders and fees paid to credit bureaus and data service providers.
(2) Other operating expenses includes marketing expenses, insurance expenses, travel expenses, meals and entertainment expenses, facilities expenses and business development expenses.