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PARENT COMPANY INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
CONDENSED BALANCE SHEETS
(in thousands)
December 31, 2023December 31, 2022
Assets
Current assets:
 Cash and cash equivalents$3,731 $59,157 
Intercompany receivable19,667 17,549 
Prepaid expenses and other current assets2,801 3,699 
Total current assets26,199 80,405 
Other assets:
Investment in subsidiaries1,382,092 1,410,004 
Other assets, net266 124 
Total assets$1,408,557 $1,490,533 
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable$753 $3,545 
Intercompany payable82,711 64,555 
Founders advisory fees payable - related party2,702 4,655 
Accrued expenses and other current liabilities4,616 3,672 
Total current liabilities90,782 76,427 
Founders advisory fees payable - related party56,917 170,718 
Redeemable preferred shares105,799 101,279 
Redeemable preferred shares - related party2,764 3,209 
Total liabilities256,262 351,633 
Shareholders’ equity:
Total shareholders’ equity1,152,295 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, 2023Year Ended December 31, 2022November 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 expenses6,201 5,267 934 
Income (loss) before undistributed earnings of subsidiaries88,394 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, 2023Year Ended December 31, 2022November 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 expenses6,201 5,267 934 
Income (loss) before undistributed earnings of subsidiaries88,394 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, 2023Year Ended December 31, 2022November 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 subsidiaries20,908 1,806 24,279 
Interest and payment-in-kind on preferred shares4,754 5,229 944 
Share-based compensation361 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 receivable16,038 766 (14,325)
Prepaid expenses and current other assets898 4,496 (8,195)
Accounts payable(2,792)3,090 455 
Accrued expenses and other current liabilities265 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 subsidiaries14,000 (71,638)(1,209,155)
Intercompany note receivable— 20,000 (20,000)
Net cash provided by (used in) investing activities13,858 (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 period59,157 216,413 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