v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows Provided by (Used In) Operating Activities    
Net loss before preferred dividends and accretion of Series A preferred stock $ (84,515) $ (15,684)
Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities:    
Change in fair value of contingent consideration 2,926 8,908
Loss (gain) from equity method investees (178) 1,394
Extinguishment of Series A Preferred Stock 9,000 0
Loss on option exercise 52,544 0
Depreciation and amortization expenses 47,199 59,373
Stock-based compensation expense 22,661 31,445
Deferred tax expense (benefit) (570) (979)
Amortization of contract cost assets 2,523 2,319
Amortization of deferred financing costs 2,403 1,765
Loss on lease termination 1,906 0
Change in tax receivables agreement liability 0 173
Right-of-use operating assets 792 1,940
Other current operating cash inflows (outflows), net 0 12
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable, net and contract assets 55,925 73,021
Prepaid expenses and other current and non-current assets (1,803) 5,935
Contract cost assets (1,649) (3,619)
Accounts payable 18,189 (15,330)
Accrued liabilities (5,867) (490)
Operating lease liabilities (20,973) (10,688)
Accrued compensation and employee benefits 4,543 (25,065)
Deferred revenue (174) (1,418)
Reserve for claims and performance-based arrangements (131,454) (86,485)
Other long-term liabilities 803 (201)
Net cash and restricted cash (used in) provided by operating activities (25,769) 26,326
Cash Flows Used In Investing Activities    
Cash paid for asset acquisitions and business combinations (56,047) (5,947)
Return of equity method investments 788 7
Purchases of investments and contributions to equity method investees (1,000) (4,880)
Investments in internal-use software and purchases of property and equipment (17,365) (12,453)
Net cash and restricted cash used in investing activities (73,624) (23,273)
Cash Flows (Used In) Provided by Financing Activities    
Changes in working capital balances related to claims processing (44,754) 6,109
Payment of contingent consideration (1,000) (70,355)
Proceeds from stock option exercises 0 1,119
Proceeds from issuance of long-term debt, net of offering costs 221,000 (529)
Repayment of long-term debt (62,500) 0
Payment of preferred dividends (9,198) (10,145)
Taxes withheld and paid for vesting of equity awards (4,621) (14,698)
Net cash and restricted cash provided by (used in) financing activities 98,927 (88,499)
Effect of exchange rate on cash and cash equivalents and restricted cash (60) (62)
Net decrease in cash and cash equivalents and restricted cash (526) (85,508)
Cash and cash equivalents and restricted cash as of beginning-of-period 178,496 223,457
Cash and cash equivalents and restricted cash as of end-of-period $ 177,970 $ 137,949