Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY INFORMATION (Tables)

v3.24.0.1
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, 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