v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 84,178 $ 54,887
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization expense 33,950 29,506
Share-based compensation expense 21,423 21,290
Deferred income taxes 15,490 (121,409)
Noncash lease expense 875 740
Change in tax receivable agreement liability 0 113,037
Changes in operating assets and liabilities:    
Players’ receivables 1,169 (6,603)
Due from affiliates 1,398 804
Prepaid expenses and other assets (6,072) (4,506)
Accounts payable, accrued expenses and other liabilities (10,988) 4,087
Players’ liabilities 1,911 4,082
Net cash provided by operating activities 143,334 95,915
Cash flows from investing activities    
Internally developed software costs (23,746) (21,612)
Purchases of property and equipment (1,482) (590)
Proceeds from short-term investments 1,219 0
Purchases of short-term investments 0 (1,029)
Net cash used in investing activities (34,058) (28,867)
Cash flows from financing activities    
Payments for employee taxes related to shares withheld (30,940) (24,400)
Class A Common Stock repurchased and retired (28,800) 0
Class A Common Stock repurchased to treasury (13,528) (7,634)
Principal payments of finance leases and other financing obligations (5,112) (2,369)
Tax distributions to non-controlling interests (2,904) 0
Payments of tax receivable agreement liability (1,066) 0
Proceeds from exercise of stock options 980 0
Net cash used in financing activities (81,370) (34,403)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 17,501 12,152
Net change in cash, cash equivalents and restricted cash 45,407 44,797
Cash, cash equivalents and restricted cash, at the beginning of the period [1] 340,504 232,756
Cash, cash equivalents and restricted cash, at the end of the period [1] 385,911 277,553
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use assets obtained in exchange for new or modified operating lease liabilities 0 487
Right-of-use assets obtained in exchange for new or modified finance lease liabilities 2,828 3,482
Allocation of equity and non-controlling interests upon changes in RSILP ownership 19,151 5,192
Employee tax liability related to shares withheld in Other Current Liabilities 149 1,921
Investing activities in Accounts Payable and Accrued Expenses 643 336
Acquisition of license fee intangible assets through recognition of a financing obligation 2,038 0
Re-issuance of treasury stock under the equity compensation plan 7,634 0
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 37,659 29,369
Cash paid for interest 618 695
License Fees    
Cash flows from investing activities    
Payments to acquire intangible assets (5,069) (3,178)
Other Intangible Assets    
Cash flows from investing activities    
Payments to acquire intangible assets $ (4,980) $ (2,458)
[1] Cash and cash equivalents and Restricted cash are each presented separately on the condensed consolidated balance sheets.