v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 56,384 $ 38,583
Adjustments to reconcile net income to net cash provided from operating activities:    
Depreciation of property and equipment 6,718 5,432
Amortization of intangible assets 112 1,100
Noncash lease expense 1,572 1,606
Equity-based compensation 11,311 7,798
Deferred income tax 7,749 (790)
Amortization of revolver loan costs 33 32
Premium amortization and (discount accretion), net on marketable securities (350) 256
Changes in operating assets and liabilities:    
Accounts receivable 863 (1)
Prepaid expenses and other assets (2,741) 2,738
Prepaid revenue share fee 1,050 (429)
Accounts payable (1,776) (7,721)
Accrued and other long term liabilities 72,123 55,683
Deferred revenue 38,693 (4,256)
Operating lease liabilities (1,385) (1,684)
Net cash provided by operating activities 190,356 98,347
Investing activities:    
Purchases of marketable securities (286,945) (97,381)
Sales of marketable securities 270,415 197,748
Purchases of property and equipment (4,873) (7,084)
Net cash (used in) provided by investing activities (21,403) 93,283
Financing activities:    
Repurchase of Class A Common Stock (1,238) (101,740)
Payment of dividend (15,064) (11,720)
Payment of special dividend (20,105) (25,316)
Distributions to members (4,948) (5,011)
Tax distribution to members (15,078) (24,542)
Payment of taxes on net settled stock-based awards (13,245) (2,621)
Payments under tax receivable agreements (14,254) (334)
Net cash used in financing activities (83,932) (171,284)
Net increase in cash, cash equivalents, and restricted cash 85,021 20,346
Cash, cash equivalents, and restricted cash, beginning of period 88,498 70,348
Exchange rate effect on cash and cash equivalents, and restricted cash 7 (11)
Cash, cash equivalents, and restricted cash, end of period $ 173,526 $ 90,683