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PARENT COMPANY INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | CONDENSED BALANCE SHEETS (in thousands)
| December 31, 2023 |  | December 31, 2022 |  |  |
Assets |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents | $ | 3,731 |  |  | $ | 59,157 |  |  |  |
Intercompany receivable | 19,667 |  |  | 17,549 |  |  |  |
Prepaid expenses and other current assets | 2,801 |  |  | 3,699 |  |  |  |
Total current assets | 26,199 |  |  | 80,405 |  |  |  |
Other assets: |  |  |  |  |  |
Investment in subsidiaries | 1,382,092 |  |  | 1,410,004 |  |  |  |
Other assets, net | 266 |  |  | 124 |  |  |  |
Total assets | $ | 1,408,557 |  |  | $ | 1,490,533 |  |  |  |
Liabilities and Shareholders’ Equity |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Accounts payable | $ | 753 |  |  | $ | 3,545 |  |  |  |
Intercompany payable | 82,711 |  |  | 64,555 |  |  |  |
Founders advisory fees payable - related party | 2,702 |  |  | 4,655 |  |  |  |
Accrued expenses and other current liabilities | 4,616 |  |  | 3,672 |  |  |  |
Total current liabilities | 90,782 |  |  | 76,427 |  |  |  |
Founders advisory fees payable - related party | 56,917 |  |  | 170,718 |  |  |  |
Redeemable preferred shares | 105,799 |  |  | 101,279 |  |  |  |
Redeemable preferred shares - related party | 2,764 |  |  | 3,209 |  |  |  |
Total liabilities | 256,262 |  |  | 351,633 |  |  |  |
Shareholders’ equity: |  |  |  |  |  |
Total shareholders’ equity | 1,152,295 |  |  | 1,138,900 |  |  |  |
Total liabilities and shareholders’ equity | $ | 1,408,557 |  |  | $ | 1,490,533 |  |  |  |
Condensed Income Statement | CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands)
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | November 9, 2021 through December 31, 2021 |  |  |
Operating expenses: |  |  |  |  |  |  |  |
Selling, general and administrative expense | $ | 13,886 |  |  | $ | 18,471 |  |  | $ | 2,254 |  |  |  |
Founders advisory fees - related party | (108,481) |  |  | (117,302) |  |  | 652,990 |  |  |  |
Total operating (income) expense | (94,595) |  |  | (98,831) |  |  | 655,244 |  |  |  |
Operating income (loss) | 94,595 |  |  | 98,831 |  |  | (655,244) |  |  |  |
Other expenses | 6,201 |  |  | 5,267 |  |  | 934 |  |  |  |
Income (loss) before undistributed earnings of subsidiaries | 88,394 |  |  | 93,564 |  |  | (656,178) |  |  |  |
Undistributed earnings of subsidiaries | (20,908) |  |  | (1,806) |  |  | (24,279) |  |  |  |
Net income (loss) | 67,486 |  |  | 91,758 |  |  | (680,457) |  |  |  |
Total comprehensive income (loss) | $ | 67,486 |  |  | $ | 91,758 |  |  | $ | (680,457) |  |  |  |
Condensed Statement of Comprehensive Income | CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands)
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | November 9, 2021 through December 31, 2021 |  |  |
Operating expenses: |  |  |  |  |  |  |  |
Selling, general and administrative expense | $ | 13,886 |  |  | $ | 18,471 |  |  | $ | 2,254 |  |  |  |
Founders advisory fees - related party | (108,481) |  |  | (117,302) |  |  | 652,990 |  |  |  |
Total operating (income) expense | (94,595) |  |  | (98,831) |  |  | 655,244 |  |  |  |
Operating income (loss) | 94,595 |  |  | 98,831 |  |  | (655,244) |  |  |  |
Other expenses | 6,201 |  |  | 5,267 |  |  | 934 |  |  |  |
Income (loss) before undistributed earnings of subsidiaries | 88,394 |  |  | 93,564 |  |  | (656,178) |  |  |  |
Undistributed earnings of subsidiaries | (20,908) |  |  | (1,806) |  |  | (24,279) |  |  |  |
Net income (loss) | 67,486 |  |  | 91,758 |  |  | (680,457) |  |  |  |
Total comprehensive income (loss) | $ | 67,486 |  |  | $ | 91,758 |  |  | $ | (680,457) |  |  |  |
Condensed Cash Flow Statement | CONDENSED STATEMENT OF CASH FLOWS (in thousands)
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | November 9, 2021 through December 31, 2021
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | $ | 67,486 |  |  | $ | 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) | (108,481) |  |  | (117,302) |  |  | — |
Equity in earnings of subsidiaries | 20,908 |  |  | 1,806 |  |  | 24,279 |
Interest and payment-in-kind on preferred shares | 4,754 |  |  | 5,229 |  |  | 944 |
Share-based compensation | 361 |  |  | 285 |  |  | 1,182 |
Share-based compensation - Founders advisory fees - related party (equity settled) | — |  |  | — |  |  | 287,200 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |
Intercompany receivable | 16,038 |  |  | 766 |  |  | (14,325) |
Prepaid expenses and current other assets | 898 |  |  | 4,496 |  |  | (8,195) |
Accounts payable | (2,792) |  |  | 3,090 |  |  | 455 |
Accrued expenses and other current liabilities | 265 |  |  | 1,729 |  |  | 889 |
Founders advisory fees - related party (cash settled) | (4,655) |  |  | (53,547) |  |  | 365,789 |
Net cash used in operating activities | (5,218) |  |  | (61,690) |  |  | (22,239) |
Cash flows from investing activities: |  |  |  |  |
Purchase of property and equipment | (142) |  |  | (124) |  |  | — |
Investment in subsidiaries | 14,000 |  |  | (71,638) |  |  | (1,209,155) |
Intercompany note receivable | — |  |  | 20,000 |  |  | (20,000) |
Net cash provided by (used in) investing activities | 13,858 |  |  | (51,762) |  |  | (1,229,155) |
Cash flows from financing activities: |  |  |  |  |
Ordinary shares repurchased | (64,066) |  |  | (44,333) |  |  | — |
Proceeds from exercise of warrants | — |  |  | 529 |  |  | — |
Sale of Ordinary Shares issued to Director Subscribers | — |  |  | — |  |  | 2,000 |
Net cash (used in) provided by financing activities | (64,066) |  |  | (43,804) |  |  | 2,000 |
Net change in cash and cash equivalents | (55,426) |  |  | (157,256) |  |  | (1,249,394) |
Cash and cash equivalents, beginning of period | 59,157 |  |  | 216,413 |  |  | 1,465,807 |
Cash and cash equivalents, end of period | $ | 3,731 |  |  | $ | 59,157 |  |  | $ | 216,413 |
Non-cash investing and financing activities: |  |  |  |  |
Liability portion of founders advisory fees - related party reclassified to additional paid in capital | $ | 2,618 |  |  | $ | 19,568 |  |  | $ | — |
Redeemable preferred shares issued as consideration for business combination | $ | — |  |  | $ | — |  |  | $ | 100,000 |
Management Subscribers rollover contribution | $ | — |  |  | $ | — |  |  | $ | 11,048 |

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