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PARENT COMPANY INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
CONDENSED BALANCE SHEETS
(in thousands)
December 31, 2022December 31, 2021
Assets
Current assets:
 Cash and cash equivalents$59,157 $216,413 
Intercompany receivable17,549 14,325 
Prepaid expenses and other current assets3,699 8,195 
Total current assets80,405 238,933 
Other assets:
Investment in subsidiaries1,410,004 1,352,389 
Intercompany note receivable— 20,000 
Other assets, net124 — 
Total assets$1,490,533 $1,611,322 
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable$3,545 $455 
Intercompany payable64,555 60,566 
Founders advisory fees payable - related party4,655 53,547 
Accrued expenses and other current liabilities3,672 636 
Total current liabilities76,427 115,204 
Founders advisory fees payable - related party170,718 312,242 
Redeemable preferred shares101,279 96,867 
Redeemable preferred shares - related party3,209 3,699 
Total liabilities351,633 528,012 
Shareholders’ equity:
Total shareholders’ equity1,138,900 1,083,310 
Total liabilities and shareholders’ equity$1,490,533 $1,611,322 
Condensed Income Statement
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
Year Ended December 31, 2022November 9, 2021 through
December 31, 2021
Operating expenses:
Selling, general and administrative expense$18,471 $2,254 
Founders advisory fees - related party(117,302)652,990 
Total operating (income) expense(98,831)655,244 
Operating income (loss)98,831 (655,244)
Other expenses5,267 934 
Income (loss) before undistributed earnings of subsidiaries93,564 (656,178)
Undistributed earnings of subsidiaries(1,806)(24,279)
Net income (loss)91,758 (680,457)
Total comprehensive income (loss)$91,758 $(680,457)
Condensed Statement of Comprehensive Income
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
Year Ended December 31, 2022November 9, 2021 through
December 31, 2021
Operating expenses:
Selling, general and administrative expense$18,471 $2,254 
Founders advisory fees - related party(117,302)652,990 
Total operating (income) expense(98,831)655,244 
Operating income (loss)98,831 (655,244)
Other expenses5,267 934 
Income (loss) before undistributed earnings of subsidiaries93,564 (656,178)
Undistributed earnings of subsidiaries(1,806)(24,279)
Net income (loss)91,758 (680,457)
Total comprehensive income (loss)$91,758 $(680,457)
Condensed Cash Flow Statement
CONDENSED STATEMENT OF CASH FLOWS
(in thousands)
Year Ended December 31, 2022November 9, 2021 through
December 31, 2021
Cash flows from operating activities:
Net income (loss)$91,758 $(680,457)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Founders advisory fees - related party (change in accounting fair value)(117,302)— 
Equity in earnings of subsidiaries1,806 24,279 
Interest and payment-in-kind on preferred shares5,229 944 
Share-based compensation285 1,182 
Share-based compensation - Founders advisory fees - related party (equity settled)— 287,200 
Changes in operating assets and liabilities, net of acquisitions:
Intercompany receivable766 (14,325)
Prepaid expenses and current other assets4,496 (8,195)
Accounts payable3,090 455 
Accrued expenses and other current liabilities1,729 889 
Founders advisory fees - related party (cash settled)(53,547)365,789 
Net cash used in operating activities(61,690)(22,239)
Cash flows from investing activities:
Purchase of property and equipment(124)— 
Investment in subsidiaries(71,638)(1,209,155)
Intercompany note receivable20,000 (20,000)
Net cash used in investing activities(51,762)(1,229,155)
Cash flows from financing activities:
Ordinary shares repurchased(44,333)— 
Proceeds from exercise of warrants529 — 
Sale of Ordinary Shares issued to Director Subscribers— 2,000 
Net cash (used in) provided by financing activities(43,804)2,000 
Net change in cash and cash equivalents(157,256)(1,249,394)
Cash and cash equivalents, beginning of period216,413 1,465,807 
Cash and cash equivalents, end of period$59,157 $216,413 
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital$19,568 $— 
Redeemable preferred shares issued as consideration for business combination$— $100,000 
Management Subscribers rollover contribution$— $11,048