v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 19,623 $ 19,147
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of assets 38,508 27,870
Stock-based compensation, ESPP, and incentive units compensation 4,371 4,792
Amortization of debt issuance costs and discounts 949 882
Debt extinguishment and modification costs 0 38
Deferred income tax (327) (2,318)
Change in contingent consideration (679) 2,039
Other non-cash items, net (136) (228)
Change in operating assets and liabilities:    
Accounts receivable (1,775) (17,912)
Prepaid expenses and other current assets (1,146) (2,312)
Income taxes 5,081 (339)
Accounts payable and accrued expenses (13,002) (6,810)
Accrued residual commissions 3,952 2,966
Customer deposits and advance payments (335) 1,187
Other assets, net 433 1,043
Other liabilities, net (172) (2,965)
Net cash provided by operating activities 55,345 27,080
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (4,452)
Additions to property, equipment and software (12,612) (12,988)
Notes receivable, net (see Note 5) (3,012) (1,430)
Short-term investments, net (185,000) 0
Other investing activities (2,400) (2,275)
Net cash used in investing activities (203,024) (21,145)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 7,681 0
Debt issuance and modification costs paid 0 (40)
Repayments of long-term debt (191) (10,000)
Shares withheld for taxes (1,523) (2,314)
Proceeds from exercise of stock options 0 334
Settlement obligations, net 77,359 190,863
Payment of deferred/contingent consideration (96) (752)
Net cash provided by financing activities 83,230 178,091
Net (decrease)/increase in cash and cash equivalents, and restricted cash (64,449) 184,026
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 1,281,549 1,177,890
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 120,261 50,564
Restricted cash 17,439 14,205
Cash and cash equivalents included in settlement assets (restricted in nature) (see Note 4) 1,143,849 1,113,121
Total cash and cash equivalents, and restricted cash 1,281,549 1,177,890
Supplemental cash flow information:    
Cash paid for interest 40,447 43,331
Cash paid for income taxes, net of refunds 2,311 8,950
Non-cash investing and financing activities:    
Foreign currency adjustment to goodwill and intangibles 327 488
Exercise of stock options $ 0 $ 11