v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (17,170) $ (23,008)
Adjustments to reconcile net loss to cash provided by operating activities:    
Amortization of intangible assets 65,954 42,237
Depreciation of property and equipment 20,512 15,884
Goodwill impairment 21,586 0
Long-lived asset impairment 19,491 0
Amortization of debt issuance costs and discounts 859 2,065
Stock-based compensation 96,478 3,241
Compensation expense - Performance Interests 15,554 0
Deferred taxes (26,647) (3,929)
Equity in earnings of joint venture (592) (824)
Operating lease right-of-use asset lease expense 14,413 8,301
Other 755 430
Changes in operating assets and liabilities:    
Accounts receivable, net (151,052) (41,071)
Contract assets (53,696) (24,516)
Prepaid expenses and other current assets (2,934) 3,887
Accounts payable 105,297 46,514
Accrued compensation and benefits 42,716 21,771
Accrued and other current liabilities 1,908 (2,410)
Contract liabilities 51,421 20,039
Operating lease liabilities, current and long-term (12,051) (6,652)
Other long-term assets and liabilities 1,692 583
Cash provided by operating activities 194,494 62,542
Cash flows from investing activities:    
Purchases of property and equipment (41,867) (14,164)
Consideration paid for acquisitions, net of cash acquired (281,293) (453)
Proceeds from sale of property and equipment 220 166
Cash used in investing activities (322,940) (14,451)
Cash flows from financing activities:    
Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties) 200,000 2,495
Term loan payments (4,983) (10,714)
Revolver borrowings 25,000 0
Revolver payments (25,000) 0
Notes payable payments (3,273) (4,354)
Finance lease payments (2,855) (1,813)
Payments for deferred offering costs (60) (16,973)
Other 1,431 0
Cash provided by (used in) financing activities 190,260 (31,359)
Increase in cash and cash equivalents 61,814 16,732
Cash and cash equivalents, beginning of period 230,166 81,167
Cash and cash equivalents, end of period $ 291,980 $ 97,899