XML 63 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - PARENT COMPANY CONDENSED BALANCE SHEET
SCHEDULE I - PARENT COMPANY CONDENSED BALANCE SHEET
(amounts in thousands, except shares)
December 31, 2024December 31, 2023
Assets
Investment in subsidiaries$1,072,116 $1,058,308 
Prepaid expenses54 146 
Income tax receivable5,727 — 
Deferred income tax asset466 446 
Total assets$1,078,363 $1,058,900 
Liabilities and stockholders' equity
Current Liabilities:
Accrued expenses and other current liabilities$1,119 $2,435 
Due to affiliates13,531 13,326 
Current portion of Related Party payable pursuant to Tax Receivable Agreement11,842 12,675 
Total current liabilities26,492 28,436 
Related Party payable pursuant to Tax Receivable Agreement177,469 185,496 
Total liabilities203,961 213,932 
Commitments and Contingencies (Note 5)
Stockholders' equity:
Common stock, $0.001 par value per share; 2,000,000,000 shares authorized, 664,224,893 and 660,731,935 shares issued and outstanding as of December 31, 2024 and 2023, respectively
664 671 
Additional paid-in capital487,128 475,079 
Accumulated other comprehensive (loss) income
(765)1,365 
Retained earnings
387,375 367,853 
Total stockholders' equity874,402 844,968 
Total liabilities and stockholders' equity$1,078,363 $1,058,900 
SCHEDULE I- PARENT COMPANY CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
SCHEDULE I - PARENT COMPANY CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
(amounts in thousands)

Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Operating expenses:
Selling, general, and administrative expenses$7,377 $8,380 $5,683 
Total operating expenses7,377 8,380 5,683 
Interest expense2 195 — 
Other expense (income), net
Tax receivable agreement liability adjustment3,915 (7,404)(3,084)
Equity in undistributed earnings(29,263)(60,768)(245,001)
Total other expense (income), net
(25,348)(68,172)(248,085)
Income before benefit for income taxes17,969 59,597 242,402 
Income tax benefit
(1,553)(1,990)(1,671)
Net income19,522 61,587 244,073 
Comprehensive income$19,522 $61,587 $244,073 
SCHEDULE I - PARENT COMPANY CONDENSED STATEMENT OF CASH FLOWS
SCHEDULE I - PARENT COMPANY CONDENSED STATEMENT OF CASH FLOWS
(amounts in thousands)

Year Ended
December 31, 2024December 31, 2023December 31, 2022
Cash flows from operating activities:
Net income$19,522 $61,587 $244,073 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed earnings(29,263)(60,768)(245,001)
Tax receivable agreement liability adjustment3,915 (7,404)(3,084)
Share-based compensation expense1,965 1,800 960 
Deferred income tax asset(19)(11)(239)
Changes in operating assets and liabilities:
Prepaid expenses92 (146)— 
Income taxes
(6,828)5,754 (9,369)
Accrued and other current liabilities(213)507 (465)
Due to affiliates
9,363 20,598 6,262 
Other assets and liabilities— (29)(4,140)
Net cash (used in) provided by operating activities
(1,466)21,888 (11,003)
Cash flows from financing activities:
Distribution of earnings from subsidiaries
13,326 — 9,901 
Proceeds from exercise of stock options919 4,974 1,876 
Payments made pursuant to Tax Receivable Agreement(12,779)(16,452)— 
Payment related to shares withheld to cover tax withholding obligations for options — (10,346)— 
Payment related to shares withheld to cover tax withholding obligation for SARs— (64)(774)
Net cash provided by (used in) financing activities
1,466 (21,888)11,003 
Net increase (decrease) in cash and cash equivalents— — — 
Cash and cash equivalents - beginning of year
— — — 
Cash and cash equivalents - end of year
$— $— $—