v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (41,450) $ (13,025)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 19,960 13,686
Amortization of deferred loan costs 765 421
Loss on derivative instruments, net (393) 490
Loss from equity method investment 208 330
Provision for credit losses 1,041 695
Non-cash stock-based compensation expense 2,396 973
Other non-cash items 114 179
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable, net (2,535) 1,807
Prepaid expenses 1,686 805
Other assets, net (421) (62)
Accounts payable and accrued expenses (1,865) (3,476)
Federal and state income taxes payable 202 69
Deferred income (15,666) 1,043
Customer deposits 69 (112)
Net cash provided by (used in) operating activities (35,889) 3,823
Cash flows from investing activities:    
Acquisition of new businesses, net of cash acquired (913,002) 0
Return of investment in unconsolidated entity 0 392
Acquisition of noncontrolling interest (3,577) 0
Capital expenditures (6,756) (8,337)
Net cash used in investing activities (923,335) (7,945)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 108,780 0
Proceeds from issuance of debt 1,102,500 0
Repayments of debt (159,013) (918)
Distributions to noncontrolling investors in joint ventures 0 (132)
Purchase of derivative assets (1,202) 0
Series A convertible preferred induced conversion consideration and closing costs (5,125) 0
Dividends paid on Series A convertible preferred stock (1,093) (1,409)
Deferred loan costs paid (15,175) (38)
Other financing costs (496) (51)
Net cash provided by (used in) financing activities 1,029,176 (2,548)
Increase (decrease) in cash and cash equivalents and restricted cash 69,952 (6,670)
Cash, cash equivalents, and restricted cash at beginning of period 30,272 39,087
Cash, cash equivalents, and restricted cash at end of period 100,224 32,417
Cash paid during the period for:    
Interest 9,198 8,806
Income taxes paid, net 6 7
Non-cash investing and financing activities:    
Non-cash common stock issued for acquisition of new business 771,819 0
Non-cash issuance of common stock for induced conversion of Series A convertible preferred stock 47,656 0
Non-cash modification of warrants 3,577 0
Non-cash additions of property and equipment 975 1,412
Non-cash right-of-use assets $ 0 $ 643