v3.26.1
Combined and Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 78,929 $ 111,876
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 1,716 2,854
Amortization of debt issuance costs 3,337 2,494
Provision for credit losses 1,380 1,101
Change in Recoveries (16,067) 0
Stock-based compensation 16,857 0
Deferred income tax 21,893 12,386
Changes in assets and liabilities:    
Other assets 2,032 (2,812)
Accounts receivable (4,745) (3,175)
Accounts payable and accrued expenses (22,438) 5,841
Net cash provided by operating activities 82,894 130,565
Cash flows from investing activities    
Purchases of property and equipment, net (531) (539)
Net cash used in investing activities (5,978) (66,938)
Cash flow from financing activities    
Proceeds from notes payable 412,452 681,790
Payments on notes payable (417,798) (694,872)
Payment of debt issuance costs (935) (7,605)
Repurchase of common stock (58,912) 0
Dividends paid to stockholders (29,592) (32,422)
Proceeds from issuance of common stock 0 10,000
Net used in financing activities (94,785) (43,109)
Exchange rate effects on cash balances held in foreign currencies (3,635) (3,261)
Net decrease in cash and cash equivalents and restricted cash (21,504) 17,257
Cash and cash equivalents and restricted cash, beginning of period 47,551 38,243
Cash and cash equivalents and restricted cash, end of period 26,047 55,500
Supplemental cash flow disclosures    
Interest paid 57,611 43,450
Income taxes paid 4,272 4,748
New leases assumed 45 321
Deferred tax liability recognized in connection with reorganization 0 79,484
Investments in receivables, net    
Cash flows from investing activities    
Purchases of receivables, net (301,947) (300,501)
Collections applied to receivables 296,889 233,761
Credit card receivables    
Cash flows from investing activities    
Purchases of receivables, net (11,890) (13,138)
Collections applied to receivables $ 11,501 $ 13,479