v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 24,525 $ (60,908)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Founders advisory fees - related party (change in fair value) 16,270 68,921
Depreciation and amortization expense 34,817 32,771
Interest and payment-in-kind on preferred stock 3,666 3,528
Stock-based compensation 4,909 4,736
Non-cash lease expense 2,913 2,622
Deferred income taxes (11,293) (4,756)
Amortization of deferred financing costs 890 856
Foreign currency (gain) loss (3,255) 1,517
Loss on disposal of assets 6 9
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (63,460) (57,319)
Inventories (21,834) 2,681
Prepaid expenses and other current assets 4,687 (126)
Accounts payable 12,003 277
Deferred revenue 18,340 7,927
Income taxes payable, net 7,962 8,635
Accrued expenses and other current liabilities (763) 5,237
Founders advisory fees - related party (cash settled) (6,677) (2,702)
Operating lease liabilities (1,998) (1,629)
Finance lease liabilities (251) (262)
Other, net (563) (597)
Net cash provided by operating activities 20,894 11,418
Cash flows from investing activities:    
Purchase of property and equipment (17,577) (5,196)
Purchase of intangible assets (15,226) 0
Proceeds from short-term investments 0 5,383
Purchase of businesses, net of cash acquired (10,000) 0
Net cash (used in) provided by investing activities (42,803) 187
Cash flows from financing activities:    
Common stock / ordinary shares repurchased (40,370) (14,417)
Proceeds from exercises of options 292 0
Principal payments on finance lease obligations (482) (367)
Net cash used in financing activities (40,560) (14,784)
Effect of foreign currency on cash and cash equivalents 4,671 (935)
Net change in cash and cash equivalents (57,798) (4,114)
Cash and cash equivalents, beginning of period 198,456 47,276
Cash and cash equivalents, end of period 140,658 43,162
Supplemental disclosures of cash flow information:    
Cash paid for interest 19,698 17,153
Cash paid for income taxes $ 12,844 $ 4,448