v3.25.4
Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Parties

25. RELATED PARTIES

The Company has engaged in transactions within the ordinary course of business with entities affiliated with its principal equity owners and directors.

The following table summarizes revenues recognized and expenses incurred with entities affiliated with one of its principal equity owners and directors for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

December 31,

 

 

2025

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

Software subscriptions

$

3,600

 

 

$

—

 

 

$

—

 

Credit card processing

 

1,878

 

 

 

1,382

 

 

 

1,051

 

Expenses

 

 

 

 

 

 

 

 

Employee health insurance benefits

 

4,596

 

 

 

4,202

 

 

 

3,641

 

IT security software

 

624

 

 

 

510

 

 

^

 

Board of director fees for services, including related travel and out-of-pocket reimbursements

 

377

 

 

 

275

 

 

 

306

 

Human resources support services

*

 

 

*

 

 

 

313

 

IT development software

*

 

 

*

 

 

 

130

 

* Not significant.

^ Not a related party during the year ended December 31.

As of December 31, 2025, the Company had $3.6 million in accounts receivable from related parties, while related-party payables were de minimis. As of December 31, 2024, all related-party receivables and payables were de minimis.

During the year ended December 31, 2025, concurrent with the closing of the March 2025 secondary offering (see Note 19), 7.0 million shares of common stock were repurchased by the Company from its principal equity owner for an aggregate price of $72.3 million.

During the year ended December 31, 2023, as part of the November 2023 secondary offering (see Note 19), the Company entered into a share repurchase agreement with its principal equity owner, pursuant to which the Company agreed to repurchase 32.5 million shares of the Company’s common stock at a price equal to the price per share paid by the underwriters, net of commissions and discounts. The aggregate price paid by the Company for the repurchased shares was $328.5 million.