v3.26.1
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 (loss) $ 14,046 $ (2,334)  
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Equity-based compensation expense 7,259 7,024  
Non-cash lease expense 261 227  
Depreciation expense on property and equipment 74 62  
Amortization of intangible assets 477 1,444 $ 2,979
Amortization of deferred debt issuance costs 140 180  
Loss on extinguishment of debt 235 0  
Write-off of intangible assets 0 13,416 13,416
Credit losses 45 (95)  
Deferred taxes 6,035 0  
Tax receivables agreement (803) 0  
Changes in operating assets and liabilities:      
Accounts receivable (10,822) 28,181  
Prepaid expenses and other current assets (108) (363)  
Other assets 125 125  
Accounts payable 304 (23,209)  
Accrued expenses (18,824) (957)  
Net cash (used in) provided by operating activities (1,556) 23,701  
Cash flows from investing activities      
Purchases of property and equipment (42) (57)  
Net cash (used in) investing activities (42) (57)  
Cash flows from financing activities      
Proceeds from revolving line of credit 15,000 0  
Repayments on revolving line of credit (5,000) 0  
Proceeds from issuance of long-term debt 150,000 0  
Repayments on long-term debt (148,953) (2,375)  
Payments of debt issuance costs (2,101) 0  
Repurchases of Class A common stock (20,268) 0  
Contributions from QLH’s members 274 0  
Distributions to non-controlling interests (508) (107)  
Payments pursuant to tax receivables agreement (6,990) 0  
Shares withheld for taxes on vesting of restricted stock units (681) (867)  
Net cash (used in) financing activities (19,227) (3,349)  
Net (decrease) increase in cash and cash equivalents (20,825) 20,295  
Cash and cash equivalents, beginning of period 46,876 43,266 43,266
Cash and cash equivalents, end of period 26,051 63,561 $ 46,876
Supplemental disclosures of cash flow information      
Interest 4,434 2,961  
Non-cash Investing and Financing Activities:      
Right-of-use assets obtained in exchange of lease obligations 0 176  
Vesting of performance-based restricted stock units 0 1,649  
Accrued excise tax on repurchases of Class A common stock $ 20 $ 0