PARENT COMPANY INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Condensed Financial Information Disclosure [Abstract] |
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| Condensed Balance Sheet |
CONDENSED BALANCE SHEETS
(in thousands)
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December 31, 2022 |
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December 31, 2021 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ |
59,157 |
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$ |
216,413 |
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| Intercompany receivable |
17,549 |
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14,325 |
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| Prepaid expenses and other current assets |
3,699 |
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8,195 |
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| Total current assets |
80,405 |
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238,933 |
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| Other assets: |
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| Investment in subsidiaries |
1,410,004 |
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1,352,389 |
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| Intercompany note receivable |
— |
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20,000 |
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| Other assets, net |
124 |
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— |
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| Total assets |
$ |
1,490,533 |
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$ |
1,611,322 |
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| Liabilities and Shareholders’ Equity |
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| Current Liabilities: |
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| Accounts payable |
$ |
3,545 |
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$ |
455 |
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| Intercompany payable |
64,555 |
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60,566 |
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| Founders advisory fees payable - related party |
4,655 |
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53,547 |
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| Accrued expenses and other current liabilities |
3,672 |
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|
636 |
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| Total current liabilities |
76,427 |
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115,204 |
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| Founders advisory fees payable - related party |
170,718 |
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312,242 |
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| Redeemable preferred shares |
101,279 |
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96,867 |
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| Redeemable preferred shares - related party |
3,209 |
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3,699 |
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| Total liabilities |
351,633 |
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528,012 |
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| Shareholders’ equity: |
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| Total shareholders’ equity |
1,138,900 |
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1,083,310 |
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| Total liabilities and shareholders’ equity |
$ |
1,490,533 |
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$ |
1,611,322 |
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| Condensed Income Statement |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
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Year Ended December 31, 2022 |
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November 9, 2021 through
December 31, 2021 |
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| Operating expenses: |
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| Selling, general and administrative expense |
$ |
18,471 |
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$ |
2,254 |
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| Founders advisory fees - related party |
(117,302) |
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652,990 |
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| Total operating (income) expense |
(98,831) |
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655,244 |
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| Operating income (loss) |
98,831 |
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(655,244) |
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| Other expenses |
5,267 |
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934 |
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| Income (loss) before undistributed earnings of subsidiaries |
93,564 |
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(656,178) |
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| Undistributed earnings of subsidiaries |
(1,806) |
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(24,279) |
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| Net income (loss) |
91,758 |
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(680,457) |
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| Total comprehensive income (loss) |
$ |
91,758 |
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$ |
(680,457) |
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| Condensed Statement of Comprehensive Income |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
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Year Ended December 31, 2022 |
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November 9, 2021 through
December 31, 2021 |
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| Operating expenses: |
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| Selling, general and administrative expense |
$ |
18,471 |
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$ |
2,254 |
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| Founders advisory fees - related party |
(117,302) |
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|
652,990 |
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| Total operating (income) expense |
(98,831) |
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655,244 |
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| Operating income (loss) |
98,831 |
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(655,244) |
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| Other expenses |
5,267 |
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934 |
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| Income (loss) before undistributed earnings of subsidiaries |
93,564 |
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(656,178) |
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| Undistributed earnings of subsidiaries |
(1,806) |
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(24,279) |
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| Net income (loss) |
91,758 |
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(680,457) |
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| Total comprehensive income (loss) |
$ |
91,758 |
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$ |
(680,457) |
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| Condensed Cash Flow Statement |
CONDENSED STATEMENT OF CASH FLOWS
(in thousands)
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Year Ended December 31, 2022 |
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November 9, 2021 through
December 31, 2021 |
| Cash flows from operating activities: |
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| Net income (loss) |
$ |
91,758 |
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$ |
(680,457) |
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| Adjustments to reconcile net income (loss) to net cash used in operating activities |
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| Founders advisory fees - related party (change in accounting fair value) |
(117,302) |
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— |
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| Equity in earnings of subsidiaries |
1,806 |
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24,279 |
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| Interest and payment-in-kind on preferred shares |
5,229 |
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944 |
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| Share-based compensation |
285 |
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1,182 |
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| Share-based compensation - Founders advisory fees - related party (equity settled) |
— |
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287,200 |
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| Changes in operating assets and liabilities, net of acquisitions: |
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| Intercompany receivable |
766 |
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(14,325) |
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| Prepaid expenses and current other assets |
4,496 |
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(8,195) |
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| Accounts payable |
3,090 |
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|
455 |
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| Accrued expenses and other current liabilities |
1,729 |
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|
889 |
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| Founders advisory fees - related party (cash settled) |
(53,547) |
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365,789 |
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| Net cash used in operating activities |
(61,690) |
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(22,239) |
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| Cash flows from investing activities: |
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| Purchase of property and equipment |
(124) |
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— |
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| Investment in subsidiaries |
(71,638) |
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(1,209,155) |
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| Intercompany note receivable |
20,000 |
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(20,000) |
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| Net cash used in investing activities |
(51,762) |
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(1,229,155) |
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| Cash flows from financing activities: |
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| Ordinary shares repurchased |
(44,333) |
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— |
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| Proceeds from exercise of warrants |
529 |
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— |
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| Sale of Ordinary Shares issued to Director Subscribers |
— |
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|
2,000 |
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| Net cash (used in) provided by financing activities |
(43,804) |
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2,000 |
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| Net change in cash and cash equivalents |
(157,256) |
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(1,249,394) |
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| Cash and cash equivalents, beginning of period |
216,413 |
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1,465,807 |
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| Cash and cash equivalents, end of period |
$ |
59,157 |
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$ |
216,413 |
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| Non-cash investing and financing activities: |
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| Liability portion of founders advisory fees - related party reclassified to additional paid in capital |
$ |
19,568 |
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$ |
— |
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| Redeemable preferred shares issued as consideration for business combination |
$ |
— |
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$ |
100,000 |
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| Management Subscribers rollover contribution |
$ |
— |
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$ |
11,048 |
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