v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss) income $ (130,169) $ 134,801 $ 118,683
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Gain on reversal of legal accrual (9,455) 0 0
Equity-based compensation 147,372 0 0
Depreciation and amortization 9,005 8,325 7,691
Non-cash lease expense 12,613 12,914 11,405
Provision for credit losses on accounts receivable (1,198) (870) (328)
Amortization of discount on held-to-maturity debt securities (412) (1,064) (696)
Deferred income tax (511) (102) 171
Reserves on loans and notes receivable from related parties 2,664 3,671 500
Net loss from equity restructuring 193,163 0 0
Other, net 145 (30) 651
Changes in operating assets and liabilities:      
Accounts receivable (4,372) (7,876) (14,519)
Prepaid expenses and other current assets (12,688) 348 (2,348)
Other assets (1,598) 0 0
Accounts payable and other accrued expenses 2,189 6,376 4,400
Accrued payroll and benefits 12,036 9,797 (1,863)
Deferred revenue (3,059) 1,281 (1,083)
Other current liabilities (16,921) 173 2,521
Operating lease liabilities (15,358) (12,297) (13,491)
Other liabilities 1,173 (3,136) 6,372
Net cash provided by operating activities 184,619 152,311 118,066
Cash flows from investing activities:      
Purchases of held-to-maturity debt securities 0 (28,198) (36,964)
Proceeds from maturity of held-to-maturity debt securities 22,783 23,132 30,288
Issuance of loans and notes receivable from related parties (2,873) (6,286) (4,133)
Proceeds from loans and notes receivable from related parties 1,762 2,114 3,690
Payments for purchases of property and equipment (10,345) (8,596) (4,899)
Payments for capitalized internal-use software costs (717) (622) (606)
Net cash provided by (used in) investing activities 10,610 (18,456) (12,624)
Cash flows from financing activities:      
Proceeds from IPO, net of underwriting discounts and commissions 188,232 0 0
Payments of deferred offering costs (8,114) (615) 0
Proceeds from issuance of Class B common stock 10 0 0
Deferred consideration payments for business combination (800) (800) (800)
Principal payments under finance lease obligations (117) (105) (139)
Distributions paid (212,153) (116,050) (90,300)
Net cash used in financing activities (32,942) (117,570) (91,239)
Net change in cash and cash equivalents 162,287 16,285 14,203
Cash and cash equivalents at beginning of period 87,993 71,708 57,505
Cash and cash equivalents at end of period 250,280 87,993 71,708
Supplemental disclosures      
Interest paid 217 12 18
Income taxes paid 3,222 2,380 1,557
Non-cash investing and financing transactions      
Property and equipment acquired through finance leases 32 0 331
Right-of-use assets obtained in exchange for lease liabilities 19,560 9,429 8,061
Right-of-use asset and lease liability adjustments due to remeasurement (1,751) 0 0
Purchases of property and equipment included in accounts payable and other accrued expenses 1,185 0 0
Unpaid deferred offering costs included in accounts payable and other accrued expenses 1,209 0 0
Reclassification of deferred offering costs paid in prior year to additional paid-in-capital upon IPO 615 0 0
Distributions payable 52,745 0 0
Issuance of notes payable to related parties 156,922 0 0
Settlement of deferred compensation liability with LTIP Unit issuance 1,477 0 0
Related Party      
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Reserves on loans and notes receivable from related parties $ 2,664 $ 3,671 $ 500