v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 9,760 $ 8,268
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of assets 17,615 13,777
Stock-based compensation, ESPP, and incentive units compensation 2,088 1,586
Amortization of debt issuance costs and discounts 467 434
Debt extinguishment and modification costs 0 38
Deferred income tax (752) (2,236)
Change in contingent consideration 428 1,006
Other non-cash items, net (204) (20)
Change in operating assets and liabilities:    
Accounts receivable 2,753 (12,182)
Prepaid expenses and other current assets (2,991) (73)
Income taxes 4,188 4,429
Accounts payable and accrued expenses (11,743) (8,777)
Accrued residual commissions 3,095 2,981
Customer deposits and advance payments 756 260
Other assets, net (15) 548
Other liabilities, net (1,606) (83)
Net cash provided by operating activities 23,839 9,956
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (4,473)
Additions to property, equipment and software (5,523) (5,095)
Notes receivable, net (see Note 5) (8,059) (147)
Short-term investments 25,000 0
Net cash provided by/(used in) investing activities 11,418 (9,715)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 6,800 0
Debt issuance and modification costs paid 0 (40)
Repayments of long-term debt (191) (10,000)
Shares withheld for taxes (884) (1,470)
Proceeds from exercise of stock options 0 110
Settlement obligations, net 64,981 59,060
Payment of deferred/contingent consideration (80) (400)
Net cash provided by financing activities 70,626 47,260
Net increase in cash and cash equivalents, and restricted cash 105,883 47,501
Cash and cash equivalents and restricted cash at beginning of period 1,345,998 993,864
Cash and cash equivalents and restricted cash at end of period 1,451,881 1,041,365
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 92,152 47,587
Restricted cash 16,403 11,490
Cash and cash equivalents included in settlement assets (restricted in nature) (see Note 4) 1,343,326 982,288
Total cash and cash equivalents, and restricted cash 1,451,881 1,041,365
Supplemental cash flow information:    
Cash paid for interest 20,125 21,471
Cash paid for income taxes, net of refunds 105 31
Non-cash investing and financing activities:    
Deferred consideration accrual 0 6,500
Foreign currency adjustment to goodwill and intangibles $ 149 $ 62