v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 171.2 $ 175.9
Short-term investments 4.0 4.0
Accounts receivable, net 183.8 225.6
Prepaid expenses and other current assets 51.0 48.5
Total current assets 410.0 454.0
Restricted cash, non-current 10.0 9.8
Property and equipment, net 171.6 162.6
Operating lease right-of-use assets, net 109.5 113.3
Intangible assets, net 204.6 217.3
Goodwill 1,692.7 1,692.7
Deferred tax assets 3,647.1 3,662.3
Deferred costs and other assets, net of current portion 124.2 127.5
Total assets 6,369.7 6,439.5
Current liabilities:    
Accounts payable 21.3 31.3
Accrued expenses and other current liabilities 88.8 115.1
Unearned revenue, current portion 476.1 474.6
Current portion of operating lease liabilities 6.4 6.0
Current portion of long-term debt 5.9 5.9
Total current liabilities 598.5 632.9
Unearned revenue, net of current portion 3.1 3.2
Tax receivable agreements liability 2,730.4 2,731.9
Operating lease liabilities, net of current portion 240.8 239.2
Long-term debt, net of current portion 1,317.2 1,318.1
Deferred tax liabilities 4.0 3.8
Other long-term liabilities 2.1 1.7
Total liabilities 4,896.1 4,930.8
Commitments and Contingencies (Note 9)
Stockholders' Equity:    
Common stock, par value $0.01; 3,300,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 296,079,543 and 307,293,985 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2.9 3.0
Preferred stock, par value $0.01; 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; zero issued and outstanding as of March 31, 2026 and December 31, 2025 0.0 0.0
Additional paid-in capital ("APIC") 1,003.0 1,068.1
Accumulated other comprehensive income ("AOCI") 1.8 1.0
Retained earnings 465.9 436.6
Total stockholders' equity 1,473.6 1,508.7
Total liabilities and stockholders' equity $ 6,369.7 $ 6,439.5