v3.26.1
Condensed Combined Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Net income (loss) $ 53,309 $ (4,324)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 51,528 48,994
Amortization of deferred financing cost and accretion of paid-in-kind interest 1,338 1,908
Amortization of inventory fair value adjustment 722 18,177
Loss (gain) on sale and disposal of assets and businesses 194 316
Share-based compensation expense 2,480 2,330
Interest rate hedges change in fair value (725) 88
Deferred income taxes 68 (4,217)
Loss on extinguishment of debt   15,535
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable (23,329) (14,602)
Inventories (5,528) (15,831)
Prepaid expenses and other current assets 841 (29,566)
Accounts payable 2,057 (5,771)
Accrued expenses and other current liabilities (27,526) 16,648
Contract assets and liabilities, net (17,180) (5,263)
All other assets and liabilities (1,840) (3,168)
Other operating activities, net 60 (492)
Net cash provided by (used in) operating activities 36,469 20,762
Cash flow from investing activities:    
Capital expenditures (11,703) (8,795)
Proceeds from sale and disposal of assets and businesses, net of cash sold 21  
Acquisition of businesses, net of cash acquired (68,819) (48,450)
Net cash used in investing activities (80,501) (57,245)
Cash flow from financing activities:    
Proceeds from issuance of debt 25,000 2,692,000
Repayments of debt (6,751) (2,598,321)
Payments of debt financing fees   (38,907)
Issuance of related party notes receivable   (3,000)
Settlement of related party notes receivable [1] 4,361 1,500
Repayments of related party payables   (7,000)
Distributions (307) (350,257)
Contributions 11,344 385,000
Other financing activities, net (145) (521)
Net cash provided by financing activities 33,502 80,494
Effect of exchange rate changes on cash and cash equivalents (855) (2,065)
Net increase (decrease) in cash and cash equivalents (11,385) 41,946
Cash and cash equivalents, beginning of the period 250,303 110,838
Cash and cash equivalents, end of the period 238,918 152,784
Supplemental schedule of non-cash investing and financing activities:    
Settlement of related party notes receivable in exchange for membership units [1] 18,748  
Rollover equity issued in connection with acquisition 2,500  
Operating lease assets obtained in exchange for operating lease liabilities $ 2,309 $ 10,849
[1] Refer to “Note 16. Related Party Transactions” for further information on related party arrangements.