v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 17,394 $ (19,139)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Amortization of intangible assets 32,554 21,462
Depreciation of property and equipment 9,722 7,889
Amortization of debt issuance costs and discounts 425 1,084
Stock-based compensation 36,652 (4,458)
Compensation expense - Performance Interests 3,763 0
Deferred taxes (19,321) (1,452)
Equity in earnings of joint venture (504) (460)
Operating lease right-of-use asset lease expense 6,877 4,001
Other 31 (200)
Changes in operating assets and liabilities:    
Accounts receivable, net (59,199) 32,451
Contract assets (25,711) (9,991)
Prepaid expenses and other current assets (1,549) (664)
Accounts payable 26,144 (5,733)
Accrued compensation and benefits 24,044 11,009
Accrued and other current liabilities (5,856) 1,919
Contract liabilities 79,141 (4,932)
Operating lease liabilities, current and long-term (5,153) (3,272)
Other long-term assets and liabilities 658 (53)
Cash provided by operating activities 120,112 29,461
Cash flows from investing activities:    
Purchases of property and equipment (17,822) (5,364)
Consideration paid for acquisitions, net of cash acquired (281,330) (453)
Proceeds from sale of property and equipment 133 67
Cash used in investing activities (299,019) (5,750)
Cash flows from financing activities:    
Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties) 200,000 2,495
Term loan payments (2,494) (6,604)
Revolver borrowings 25,000 0
Revolver payments (25,000) 0
Notes payable payments (1,905) (3,379)
Finance lease payments (1,288) (849)
Debt issuance costs (892) 0
Payments for deferred offering costs (60) (7,416)
Cash provided by (used in) financing activities 193,361 (15,753)
Increase in cash and cash equivalents 14,454 7,958
Cash and cash equivalents, beginning of period 230,166 81,167
Cash and cash equivalents, end of period $ 244,620 $ 89,125