v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash, cash equivalents, and restricted cash $ 552,019 $ 521,264
Prepaid expenses and other current assets 66,906 92,824
Total current assets 784,043 810,175
Non-Current Assets:    
Investments 37,309 38,725
Property and equipment, net 2,550,078 2,710,643
Right-of-use lease assets 96,500 91,372
Goodwill 344,772 344,772
Intangible assets, net 18,506 21,817
Other non-current assets 204,760 192,404
Total assets 4,035,968 4,209,908
Current Liabilities:    
Accounts payable 13,880 24,593
Accrued expenses and other current liabilities 391,507 431,477
Current portion of long-term debt, net 58,263 63,009
Operating lease liabilities, current 14,085 17,186
Deferred revenue 158,443 192,808
Total current liabilities 640,412 743,374
Non-Current Liabilities:    
Long-term debt, net 722,142 767,439
Operating lease liabilities, non-current 118,816 113,824
Deferred tax liabilities, net 135,198 172,111
Other non-current liabilities 191,542 179,921
Total liabilities 1,808,110 1,976,669
Commitments and contingencies (see Note $9)
Equity:    
Additional paid-in capital 2,499,315 2,470,120
Treasury stock, at cost, 1,054 shares as of June 30, 2026 and December 31, 2025 (50,024) (50,024)
Accumulated deficit (220,308) (186,441)
Accumulated other comprehensive loss (1,495) (782)
Total stockholders’ equity 2,227,858 2,233,239
Total liabilities and equity 4,035,968 4,209,908
Common Class A    
Equity:    
Common stock [1] 301 297
Common Class B    
Equity:    
Common stock [2] 69 69
Nonrelated Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 152,316 171,630
Related Party    
Current Assets:    
Accounts receivable, net / Related party receivables, current 12,802 24,457
Current Liabilities:    
Related party payables, current $ 4,234 $ 14,301
[1] Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 29,046 and 28,629 shares outstanding as of June 30, 2026 and December 31, 2025, respectively.
[2] Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares outstanding as of June 30, 2026 and December 31, 2025.