v3.25.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 19,147 $ 6,187
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of assets 27,870 30,497
Stock-based, ESPP and incentive units compensation 4,792 3,462
Amortization of debt issuance costs and discounts 882 1,824
Debt extinguishment and modification costs 38 8,623
Deferred income tax (2,318) (3,023)
Change in deferred consideration 2,039 2,213
Other non-cash items, net (228) (929)
Change in operating assets and liabilities:    
Accounts receivable (17,912) (7,145)
Prepaid expenses and other current assets (2,312) (1,148)
Income taxes (receivable) payable (339) (5,037)
Notes receivable 0 (584)
Accounts payable and accrued expenses (6,810) 10,225
Accrued residuals commissions 2,966 3,066
Customer deposits and advance payments 1,187 (365)
Other noncurrent assets and liabilities, net (1,922) (5,859)
Net cash provided by operating activities 27,080 42,007
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (4,452) 0
Additions to property, equipment and software (12,988) (11,718)
Notes receivable, net (1,430) (1,406)
Acquisitions of assets and other investing activities (2,275) (7,474)
Net cash used in investing activities (21,145) (20,598)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of issue discount 0 830,200
Debt issuance and modification costs paid (40) (7,555)
Repayments of long-term debt (10,000) (654,372)
Redemption of PHOT redeemable NCI 0 (2,130)
Repurchases of shares withheld for taxes (2,314) (604)
Redemption of senior preferred stock 0 (136,936)
Redemption of accumulated unpaid dividend on redeemable senior preferred stock 0 (30,819)
Dividends paid to redeemable senior preferred stockholders 0 (16,393)
Proceeds from exercise of stock options 334 0
Settlement obligations, net 190,863 40,914
Payment of deferred/contingent consideration related to business combination (752) (4,156)
Net cash provided by financing activities 178,091 18,149
Net increase in cash and cash equivalents, and restricted cash 184,026 39,558
Cash and cash equivalents and restricted cash at beginning of period 993,864 796,223
Cash and cash equivalents and restricted cash at end of period 1,177,890 835,781
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 50,564 34,626
Restricted cash 14,205 12,625
Cash and cash equivalents included in settlement assets (restricted in nature) (see Note 4) 1,113,121 788,530
Cash paid for income taxes, net of refunds 1,177,890 835,781
Supplemental cash flow information:    
Cash paid for interest 43,331 35,934
Non-cash investing and financing activities:    
Acquisition of intangible asset   (5,751)
Issuance of NCI 0 178
Foreign currency adjustment to goodwill and intangibles 488 0
Exercise of stock options $ 11 $ 0