v3.25.4
PARENT COMPANY INFORMATION - Condensed Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss) income $ (206,366) $ (5,905) $ 67,486
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization expense 74,032 65,718 64,855
Interest and payment-in-kind on preferred stock 7,332 7,057 6,792
Stock-based compensation 16,647 12,849 1,596
Foreign currency (gain) loss (3,038) 2,443 (1,655)
Changes in operating assets and liabilities, net of acquisitions:      
Intercompany receivable (6,954) (13,293) (14,435)
Prepaid expenses and other current assets 971 (843) 1,014
Accounts payable 6,228 (754) (15,335)
Accrued expenses and other current liabilities 4,159 4,306 (1,758)
Net cash provided by operating activities 238,149 188,388 193
Cash flows from investing activities:      
Purchase of property and equipment (29,591) (15,531) (9,435)
Net cash used in investing activities (106,817) (42,940) (14,894)
Cash flows from financing activities:      
Common stock / ordinary shares repurchased (40,370) (14,420) (64,066)
Proceeds from exercises of warrants 0 23,509 0
Proceeds from exercises of options 34,453 0 0
Net cash (used in) provided by financing activities (8,971) 8,349 (64,453)
Effect of foreign currency on cash and cash equivalents 5,110 (2,617) (320)
Net change in cash and cash equivalents 127,471 151,180 (79,474)
Cash and cash equivalents, beginning of period 198,456 47,276 126,750
Cash and cash equivalents, end of period 325,927 198,456 47,276
Non-cash investing and financing activities:      
Liability portion of founders advisory fees - related party reclassified to additional paid in capital 138,823 8,464 2,618
Parent Company      
Cash flows from operating activities:      
Net (loss) income (206,366) (5,905) 67,486
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Founders advisory fees - related party (change in fair value) 435,163 198,308 (108,481)
Equity in earnings of subsidiaries (248,269) (210,409) 20,908
Depreciation and amortization expense 133 133 0
Interest and payment-in-kind on preferred stock 7,332 7,057 4,754
Stock-based compensation 1,158 829 361
Foreign currency (gain) loss 595 0 0
Changes in operating assets and liabilities, net of acquisitions:      
Intercompany receivable 26,574 19,125 16,038
Prepaid expenses and other current assets (68) 1,567 898
Accounts payable (117) (91) (2,792)
Accrued expenses and other current liabilities (2,721) (2,443) 265
Founders advisory fees - related party (cash settled) (6,677) (2,702) (4,655)
Net cash provided by operating activities 6,737 5,469 (5,218)
Cash flows from investing activities:      
Purchase of property and equipment 0 0 (142)
Investment in subsidiaries 0 0 14,000
Proceeds from intercompany note payable 0 20,569 0
Payment of intercompany note payable (15,570) 0 0
Net cash used in investing activities (15,570) 20,569 13,858
Cash flows from financing activities:      
Common stock / ordinary shares repurchased (40,370) (14,420) (64,066)
Proceeds from exercises of warrants 0 23,509 0
Proceeds from exercises of options 34,453 0 0
Net cash (used in) provided by financing activities (5,917) 9,089 (64,066)
Effect of foreign currency on cash and cash equivalents (595) 0 0
Net change in cash and cash equivalents (15,345) 35,127 (55,426)
Cash and cash equivalents, beginning of period 38,858 3,731 59,157
Cash and cash equivalents, end of period 23,513 38,858 3,731
Non-cash investing and financing activities:      
Liability portion of founders advisory fees - related party reclassified to additional paid in capital $ 138,823 $ 8,464 $ 2,618