v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 14. Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and that are regularly reviewed by the CODM for the purpose of allocating resources and assessing performance. The Company's CEO serves as the CODM. The CODM reviews financial information on a consolidated basis and evaluates performance based on consolidated revenue and net income. Accordingly, the Company operates in one operating segment, which is also its single reportable segment.

Geographic Information

All of the Company's revenues are generated in the United States, and substantially all of its long-lived assets are located in the United States. As a result, no geographic information by country is presented. Refer to Note 7. Concentrations of Risk for additional details.

The consolidated revenue, net income and significant expense categories regularly reviewed by the CODM for the periods indicated are as follows:

 

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Revenue

$

 

57,787

 

 

$

 

56,091

 

 

$

 

113,321

 

 

$

 

108,498

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policy commission and related expenses

 

 

 

10,038

 

 

 

 

10,074

 

 

 

 

22,212

 

 

 

 

22,741

 

Outsourced claims fees

 

 

 

1,494

 

 

 

 

3,831

 

 

 

 

3,023

 

 

 

 

6,086

 

Direct personnel expense

 

 

 

5,387

 

 

 

 

5,063

 

 

 

 

10,371

 

 

 

 

10,079

 

Other operating expenses

 

 

 

3,451

 

 

 

 

2,964

 

 

 

 

6,985

 

 

 

 

6,011

 

Depreciation and amortization

 

 

 

579

 

 

 

 

608

 

 

 

 

1,149

 

 

 

 

1,205

 

Gross profit

 

 

 

36,838

 

 

 

 

33,551

 

 

 

 

69,581

 

 

 

 

62,376

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel cost

 

 

 

4,221

 

 

 

 

2,135

 

 

 

 

8,161

 

 

 

 

4,224

 

Other operating expenses

 

 

 

1,567

 

 

 

 

825

 

 

 

 

2,843

 

 

 

 

1,442

 

Research and development

 

 

 

2,440

 

 

 

 

2,354

 

 

 

 

4,746

 

 

 

 

4,575

 

Depreciation and amortization

 

 

 

147

 

 

 

 

110

 

 

 

 

293

 

 

 

 

211

 

Total operating expenses

 

 

 

8,375

 

 

 

 

5,424

 

 

 

 

16,043

 

 

 

 

10,452

 

Operating income

 

 

 

28,463

 

 

 

 

28,127

 

 

 

 

53,538

 

 

 

 

51,924

 

Investment income

 

 

 

2,963

 

 

 

 

763

 

 

 

 

5,475

 

 

 

 

1,161

 

Income before income taxes

 

 

31,426

 

 

 

 

28,890

 

 

 

 

59,013

 

 

 

 

53,085

 

Income tax expense

 

 

 

8,157

 

 

 

 

7,227

 

 

 

 

15,338

 

 

 

 

13,471

 

Net income

$

 

23,269

 

 

$

 

21,663

 

 

$

 

43,675

 

 

$

 

39,614