v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income (loss) $ (497,755) $ (7,319) $ (151,270)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Share-based compensation 9,170 11,281 19,549
Depreciation and amortization 9,564 11,833 11,691
Amortization of intangible assets 70,542 94,057 94,057
Amortization of debt discount and issuance costs 7,578 8,950 3,196
Gain on bargain purchase 0 (84,492) 0
Loss on extinguishment of debt 1,655 10,463 0
Deferred tax liability (3,762) 4,480 0
Non-cash lease expense 2,976 4,039 4,016
Other non-cash items, net (346) 3 (902)
Accrued interest payable in kind 39,327 0 0
Indefinite and long-lived asset impairment charges 259,961 0 12,687
Changes in assets and liabilities:      
Accounts receivable 4,379 (2,168) 5,386
Commissions receivable 128,447 (51,364) 119,706
Prepaid expenses and other assets 22,554 14,952 7,512
Accounts payable (7,667) (5,060) 2,556
Accrued liabilities (86,649) 27,644 32,920
Deferred revenue (28,228) 1,317 1,809
Commissions payable (55,949) (45,560) (47,954)
Operating lease liabilities (2,894) (6,100) (8,731)
Other liabilities 5,150 (8,563) 2,913
Net cash provided by (used in) operating activities (121,947) (21,607) 109,141
Investing Activities      
Acquisition of business, net 0 17,536 0
Purchases of property, equipment and software (8,248) (13,729) (13,732)
Net cash (used in) provided by investing activities (8,248) 3,807 (13,732)
Financing Activities      
Proceeds from borrowings 137,999 558,251 0
Repayment of borrowings (2,375) (556,047) (15,336)
Payment of debt discount and issuance costs (8,408) (33,126) 0
Repurchase of shares to satisfy employee tax withholding obligations (5,221) (1,510) (2,295)
Proceeds from stock option exercises 1 399 91
Payment of preferred stock dividends 0 0 (3,566)
Net cash provided by (used in) financing activities 121,996 (32,033) (21,106)
Effect of exchange rate changes on cash and cash equivalents 182 (55) 42
Increase (decrease) in cash and cash equivalents (8,017) (49,888) 74,345
Cash and cash equivalents at beginning of period 40,921 90,809 16,464
Cash and cash equivalents at end of period 32,904 40,921 90,809
Supplemental Disclosure of Cash Flow Information      
Interest paid 45,813 65,531 55,345
Income taxes paid 432 416 548
Non-cash investing and financing activities:      
Purchases of property, equipment and software included in accounts payable $ 0 $ 252 $ 2