Summary of Contract Assets |
Contract assets balances for the periods indicated below were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contract Assets | | | Profit Share | | Program Fees | | Claims Administration and Other Service Fees | | Total | | | (in thousands) | Ending balance as of December 31, 2023 | | $ | 22,855 | | | $ | 4,738 | | | $ | 1,721 | | | $ | 29,314 | | Increase of contract assets due to new business generation | | 31,019 | | | 29,185 | | | 5,112 | | | 65,316 | | Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods | | (7,804) | | | — | | | — | | | (7,804) | | Payables (receivables) transferred from contract assets upon billing the lending institutions | | 678 | | | (30,299) | | | — | | | (29,621) | | Payments received from insurance carriers | | (18,826) | | | — | | | (4,632) | | | (23,458) | | Provision for expected credit losses | | (22) | | | 5 | | | 1 | | | (16) | | Ending balance as of June 30, 2024 | | $ | 27,900 | | | $ | 3,629 | | | $ | 2,202 | | | $ | 33,731 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contract Assets | | | Profit Share | | Program Fees | | Claims Administration and Other Service Fees | | Total | | | (in thousands) | Ending balance as of March 31, 2024 | | $ | 25,551 | | | $ | 4,006 | | | $ | 2,371 | | | $ | 31,928 | | Increase of contract assets due to new business generation | | 15,989 | | | 14,835 | | | 2,558 | | | 33,382 | | Adjustment of contract assets due to estimation of revenue from performance obligations satisfied in previous periods | | (6,656) | | | — | | | — | | | (6,656) | | Payables (receivables) transferred from contract assets upon billing the lending institutions | | 678 | | | (15,212) | | | — | | | (14,534) | | Payments received from insurance carriers | | (7,626) | | | — | | | (2,727) | | | (10,353) | | Provision for expected credit losses | | (36) | | | — | | | — | | | (36) | | Ending balance as of June 30, 2024 | | $ | 27,900 | | | $ | 3,629 | | | $ | 2,202 | | | $ | 33,731 | |
|