v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities              
Net income (loss) $ 41,783 $ 14,046 $ (22,533) $ (2,334) $ 55,829 $ (24,867)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Equity-based compensation expense         15,731 15,136  
Non-cash lease expense         524 456  
Depreciation expense on property and equipment         150 130  
Amortization of intangible assets 500   500   955 1,956 $ 2,979
Amortization of deferred debt issuance costs         271 359  
Loss on extinguishment of debt         235 0  
Gain on repurchase of interests in tax receivables agreement         (37,651) 0  
Write-off of intangible assets 0   0   0 13,416 13,416
Credit losses         106 (192)  
Deferred taxes         19,215 0  
Tax receivables agreement         (855) 79  
Changes in operating assets and liabilities:              
Accounts receivable         (18,654) 40,348  
Prepaid expenses and other current assets         (74) (637)  
Other assets         250 250  
Accounts payable         22,310 (29,725)  
Accrued expenses         (17,311) 32,714  
Net cash provided by operating activities         41,031 49,423  
Cash flows from investing activities              
Purchases of property and equipment         (816) (232)  
Net cash (used in) investing activities         (816) (232)  
Cash flows from financing activities              
Proceeds from revolving line of credit         30,000 0  
Repayments on revolving line of credit         (5,000) 0  
Proceeds from issuance of long-term debt         150,000 0  
Repayments on long-term debt         (150,828) (4,750)  
Payments of debt issuance costs         (2,101) 0  
Repurchases of Class A common stock         (40,869) 0  
Contributions from QLH’s members         751 391  
Distributions to non-controlling interests         (5,681) (787)  
Payments pursuant to tax receivables agreement         (6,990) 0  
Repurchase of interests in tax receivables agreement         (31,000) 0  
Shares withheld for taxes on vesting of restricted stock units         (1,628) (1,930)  
Net cash (used in) financing activities         (63,346) (7,076)  
Net (decrease) increase in cash and cash equivalents         (23,131) 42,115  
Cash and cash equivalents, beginning of period   $ 46,876   $ 43,266 46,876 43,266 43,266
Cash and cash equivalents, end of period $ 23,745   $ 85,381   23,745 85,381 $ 46,876
Supplemental disclosures of cash flow information              
Interest         7,090 5,616  
Income taxes paid         760 824  
Non-cash Investing and Financing Activities:              
Right-of-use assets obtained in exchange of lease obligations         0 176  
Vesting of performance-based restricted stock units         0 1,649  
Accrued excise tax on repurchases of Class A common stock         $ 196 $ 0