v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income $ 17,738 $ 50,576  
Adjustments to reconcile net income with net cash (used in) provided by operating activities:      
Equity-based compensation 45,604 0  
Depreciation and amortization 2,274 2,095  
Non-cash lease expense 3,637 3,166  
Provision for credit losses on accounts receivable 1,261 (801) $ (1,198)
Amortization of discount on held-to-maturity debt securities (22) (204)  
Deferred income tax (95) 997  
Reserves on loans and notes receivable from related parties 0 250  
Other, net 95 47  
Changes in operating assets and liabilities:      
Accounts receivable (91,410) (64,012)  
Prepaid expenses and other current assets 1,493 (4)  
Other assets 36 0  
Accounts payable and other accrued expenses (576) 4,162  
Accrued payroll and benefits 3,212 11,698  
Deferred revenue 9,530 5,274  
Other current liabilities 3,736 (1,363)  
Operating lease liabilities (310) (3,787)  
Other liabilities (70) 3,133  
Net cash (used in) provided by operating activities (3,867) 11,227  
Cash flows from investing activities:      
Proceeds from maturity of held-to-maturity debt securities 3,103 10,289  
Issuance of loans and notes receivable from related parties 0 (725)  
Proceeds from loans and notes receivable from related parties 401 6  
Payments for purchases of property and equipment (3,703) (1,268)  
Payments for capitalized internal-use software costs (196) (168)  
Net cash (used in) provided by investing activities (395) 8,134  
Cash flows from financing activities:      
Payments of deferred offering costs (1,209) (857)  
Principal payments under finance lease obligations (29) (29)  
Principal payments on notes payable to related parties (13,586) 0  
Distributions paid (24,380) (11,250)  
Net cash used in financing activities (39,204) (12,136)  
Net change in cash and cash equivalents (43,466) 7,225  
Cash and cash equivalents at beginning of period 250,280 87,993 87,993
Cash and cash equivalents at end of period 206,814 95,218 $ 250,280
Non-cash investing and financing transactions      
Property and equipment acquired through finance leases 238 0  
Right-of-use assets obtained in exchange for lease liabilities (including remeasurements) 2,034 3,202  
Purchases of property and equipment included in accounts payable and other accrued expenses 1,772 0  
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity $ 804,297 $ 0  

Source

10-Q XBRL Zip