v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash, cash equivalents, and restricted cash $ 630,151 $ 521,264
Prepaid expenses and other current assets 71,655 92,824
Total current assets 903,570 810,175
Non-Current Assets:    
Investments 37,650 38,725
Property and equipment, net 2,629,439 2,710,643
Right-of-use lease assets 88,851 91,372
Goodwill 344,772 344,772
Intangible assets, net 20,161 21,817
Other non-current assets 198,243 192,404
Total assets 4,222,686 4,209,908
Current Liabilities:    
Accounts payable 36,484 24,593
Accrued expenses and other current liabilities 427,060 431,477
Current portion of long-term debt, net 57,690 63,009
Operating lease liabilities, current 16,515 17,186
Deferred revenue 193,510 192,808
Total current liabilities 742,663 743,374
Non-Current Liabilities:    
Long-term debt, net 752,700 767,439
Operating lease liabilities, non-current 111,463 113,824
Deferred tax liabilities, net 166,661 172,111
Other non-current liabilities 201,272 179,921
Total liabilities 1,974,759 1,976,669
Commitments and contingencies (see Note 9)
Equity:    
Additional paid-in capital 2,480,705 2,470,120
Treasury stock, at cost, 1,054 shares as of March 31, 2026 and December 31, 2025, respectively (50,024) (50,024)
Accumulated deficit (181,981) (186,441)
Accumulated other comprehensive loss (1,141) (782)
Total stockholders’ equity 2,247,927 2,233,239
Total liabilities and equity 4,222,686 4,209,908
Common Class A    
Equity:    
Common stock [1] 299 297
Common Class B    
Equity:    
Common stock [2] 69 69
Nonrelated Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 181,549 171,630
Related Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 20,215 24,457
Current Liabilities:    
Related party payables, current $ 11,404 $ 14,301
[1] Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 29,921 and 28,629 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.
[2] Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of March 31, 2026 and December 31, 2025.