v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 69,681 $ 73,725
Short-term marketable securities 31,367 3,495
Accounts receivable 1,818 7,688
Contract assets – commissions receivable – current 202,804 236,116
Prepaid expenses and other current assets 10,083 13,328
Total current assets 315,753 334,352
Contract assets – commissions receivable – non-current 804,806 886,614
Property and equipment, net 4,105 4,531
Operating lease right-of-use assets 6,915 8,429
Restricted cash 2,630 3,090
Other assets 23,823 25,452
Total assets 1,158,032 1,262,468
Current liabilities:    
Accounts payable 2,953 28,323
Accrued compensation and benefits 14,878 41,009
Accrued marketing expenses 2,779 16,182
Lease liabilities – current 6,615 7,349
Other current liabilities 4,524 6,207
Total current liabilities 31,749 99,070
Long-term debt 114,608 112,954
Deferred income taxes – non-current 48,566 57,223
Lease liabilities – non-current 10,950 14,050
Other non-current liabilities 5,073 5,519
Total liabilities 210,946 288,816
Commitments and contingencies (Note 8)
Convertible preferred stock 406,283 382,057
Stockholders’ equity:    
Common stock 46 44
Additional paid-in capital 752,110 761,495
Treasury stock, at cost (199,998) (199,998)
Retained earnings (deficit) (11,586) 30,116
Accumulated other comprehensive income (loss) 231 (62)
Total stockholders’ equity 540,803 591,595
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,158,032 $ 1,262,468