Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net loss $ (286,129) $ (81,555)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 76,783 74,166
Impairment of goodwill 244,006 0
Share-based compensation expense 4,032 7,669
Change in Tax Receivable Agreement liability 15,488 6,864
Deferred income tax benefit (2,774) (4,725)
Non-cash interest expense 7,227 6,846
Gain on sale of business (3,649) 0
Other 4,191 2,399
Changes in operating assets and liabilities:    
Accounts receivable (36,020) (16,945)
Other receivables (499) 309
Other current and noncurrent assets 932 9,719
Accounts payable, accrued expenses and other current liabilities 17,267 9,651
Net cash provided by operating activities 40,855 14,398
INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 2,553 1,495
Purchases of property and equipment (10,159) (16,650)
Proceeds from sale of business, net 8,739 0
Other 0 31
Net cash provided by (used in) investing activities 1,133 (15,124)
FINANCING ACTIVITIES:    
Repayments of finance lease obligations (8,374) (9,376)
Proceeds from borrowings under credit facility 0 85,000
Repayments of borrowings under credit facility 0 (85,000)
Proceeds from common stock issued under employee stock purchase plan 734 434
Payment of minimum tax withholdings on share-based awards and other (805) (1,001)
Net cash used in financing activities (8,445) (9,943)
Effect of exchange rate changes on cash (91) 710
NET CHANGE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 33,452 (9,959)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 105,996 105,266
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 139,448 95,307
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents    
Cash and cash equivalents 139,448 95,128
Restricted cash and restricted cash equivalents 0 179
Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 139,448 $ 95,307