Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES:    
Net loss $ (277,009) $ (105,312)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 114,322 111,914
Impairment of goodwill 244,006 0
Share-based compensation expense 6,999 11,049
Change in Tax Receivable Agreement liability 15,488 836
Deferred income tax benefit (2,969) (523)
Non-cash interest expense 10,963 10,207
Gains on sales of businesses (10,628) 0
Other 5,386 2,287
Changes in operating assets and liabilities:    
Accounts receivable (72,257) (15,891)
Other receivables 2,177 (273)
Other current and noncurrent assets (5,324) 4,382
Accounts payable, accrued expenses and other liabilities 45,017 48,436
Net cash provided by operating activities 76,171 67,112
INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 3,657 1,789
Purchases of property and equipment (13,241) (20,765)
Proceeds from sales of businesses, net 24,987 0
Net cash provided by (used in) investing activities 15,403 (18,976)
FINANCING ACTIVITIES:    
Repayments of finance lease liabilities (12,508) (12,986)
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 (841) (1,053)
Net cash used in financing activities (12,615) (13,605)
Effect of exchange rate changes on cash (23) 557
NET CHANGE IN CASH AND CASH EQUIVALENTS 78,936 35,088
Cash and cash equivalents at beginning of period 105,996 105,266
Cash and cash equivalents at end of period $ 184,932 $ 140,354