v3.26.1
Combined and Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 37,634 $ 64,227
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 872 1,608
Amortization of debt issuance costs 1,643 1,120
Provision for credit losses 624 542
Stock-based compensation 8,525 350
Deferred income tax 11,309 (18)
Changes in assets and liabilities:    
Other assets 2,190 (1,484)
Accounts receivable (2,968) (6,557)
Accounts payable and accrued expenses (20,189) (8,108)
Net cash provided by operating activities 39,640 51,680
Cash flows from investing activities    
Purchases of property and equipment, net 0 (143)
Net cash used in investing activities (4,024) (56,234)
Cash flow from financing activities    
Proceeds from notes payable 313,148 174,790
Payments on notes payable (290,243) (159,251)
Payment of debt issuance costs 0 (2)
Repurchase of common stock (58,912) 0
Dividends paid to stockholders 0 (16,000)
Net used in financing activities (36,007) (463)
Exchange rate effects on cash balances held in foreign currencies (1,552) (2,819)
Net decrease in cash and cash equivalents and restricted cash (1,943) (7,836)
Cash and cash equivalents and restricted cash, beginning of period 47,551 38,243
Cash and cash equivalents and restricted cash, end of period 45,608 30,407
Supplemental cash flow disclosures    
Interest paid 28,935 37,822
Income taxes paid 2,330 2,699
New leases assumed 0 127
Deferred tax liability recognized in connection with reorganization 0 0
Investments in receivables, net    
Cash flows from investing activities    
Purchases of receivables, net (149,705) (175,222)
Collections applied to receivables 145,235 118,502
Credit card receivables    
Cash flows from investing activities    
Purchases of receivables, net (5,466) (6,123)
Collections applied to receivables $ 5,912 $ 6,752