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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income (loss) $ (151,270) $ (376,384) $ (534,194)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Share-based compensation 19,549 27,142 27,297
Depreciation and amortization 11,691 12,945 13,451
Amortization of intangible assets 94,057 94,057 94,056
Amortization of debt discount and issuance costs 3,196 2,896 2,222
Loss on extinguishment of debt 0 0 11,935
Operating lease impairment charges 2,687 25,345 1,062
Goodwill and intangible asset impairment charges 10,000 0 386,553
Non-cash restructuring charges 0 976 0
Non-cash lease expense 4,016 4,017 5,033
Other non-cash items, net (902) (250) (5)
Other non-cash items, net      
Accounts receivable 5,386 12,574 (2,758)
Commissions receivable 119,706 231,274 (452,950)
Prepaid expenses and other assets 7,512 2,140 (18,613)
Accounts payable 2,556 (24,795) 30,477
Accrued liabilities 32,920 546 25,745
Deferred revenue 1,809 50,058 (200)
Commissions payable (53,154) (3,423) 117,489
Operating lease liabilities (8,731) (6,597) (4,885)
Other liabilities 8,113 8,383 (721)
Net cash provided by (used in) operating activities 109,141 60,904 (299,006)
Investing Activities      
Purchases of property, equipment and capitalized software (13,732) (13,512) (19,801)
Net cash (used in) provided by investing activities (13,732) (13,512) (19,801)
Financing Activities      
Repayment of borrowings (15,336) (160,270) (298,970)
Proceeds from stock option exercises 91 5 0
Proceeds from sale of Series A redeemable convertible preferred stock 0 50,000 0
Issuance cost payments from issuance of Series A redeemable convertible preferred stock 0 (1,641) 0
Payment of preferred stock dividends (3,566) 0 0
Debt issuance cost payments 0 (2,697) (4,108)
Repurchase of shares to satisfy employee tax withholding obligations (2,295) (345) 0
Principal payments under capital lease obligations 0 (103) (318)
Proceeds from borrowings 0 0 565,000
Call premium paid for debt extinguishment 0 0 (5,910)
Advancement to NVX Holdings, Inc. 0 0 3,395
Net cash (used in) provided by financing activities (21,106) (115,051) 259,089
Effect of exchange rate changes on cash and cash equivalents 42 (238) (155)
Increase (decrease) in cash and cash equivalents 74,345 (67,897) (59,873)
Cash and cash equivalents at beginning of period 16,464 84,361 144,234
Cash and cash equivalents at end of period 90,809 16,464 84,361
Supplemental Disclosure of Cash Flow Information      
Interest paid 55,345 56,920 28,244
Income taxes paid 548 486 879
Non-cash investing and financing activities:      
Purchases of property, equipment and software included in accounts payable $ 2 $ 123 $ 633