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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 23,909 $ 46,280
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 4,163 2,269
Depreciation and amortization of property and equipment 496 447
Amortization of debt issuance costs 210 167
Non-cash operating lease cost 305 285
Other 6 0
Deferred income taxes 1,782 (998)
Changes in assets & liabilities:    
Accounts receivable, net (608) (435)
Contract assets, net 15,775 6,208
Other current and non-current assets (633) 1,477
Accounts payable (259) (885)
Accrued expenses 857 2,094
Income tax receivable, net (2,133) (2,964)
Operating lease liabilities (272) (240)
Third-party claims administration liability 1,263 (13)
Other current and non-current liabilities 718 (105)
Net cash provided by operating activities 45,579 53,587
Cash flows from investing activities    
Purchase of property and equipment (77) (70)
Capitalized software development costs (766) (294)
Net cash used in investing activities (843) (364)
Cash flows from financing activities    
Payments on term loans (1,875) (1,562)
Shares repurchased (21,323) 0
Shares withheld for taxes related to restricted stock units (275) (63)
Shares withheld for taxes related to restricted stock units (23,473) (1,625)
Net cash used in financing activities 21,263 51,598
Cash and cash equivalents and restricted cash at the beginning of the period 208,519 119,509
Cash and cash equivalents and restricted cash at the end of the period 229,782 171,107
Cash and cash equivalents and restricted cash at the end of the period    
Interest paid 4,974 1,756
Income tax paid (refunded), net 8,726 20,853
Non-cash investing and financing:    
Property and equipment accrued but not paid 0 21
Share-based compensation for capitalized software development 42 0
Capitalized software development costs accrued but not paid 59 27
Accrued excise tax associated with share repurchases $ 190 $ 0