v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (108,699) $ 24,525
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Founders advisory fees - related party (change in fair value) 189,877 16,270
Depreciation and amortization expense 56,047 34,817
Interest and payment-in-kind on preferred stock 3,809 3,666
Stock-based compensation 5,490 4,909
Non-cash lease expense 5,283 2,913
Deferred income taxes (73,319) (11,293)
Amortization of deferred financing costs 1,347 890
Foreign currency gain (2,554) (3,255)
Loss on disposal of assets 17 6
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (69,451) (63,460)
Inventories (15,856) (21,834)
Prepaid expenses and other current assets (21,335) 4,687
Accounts payable 7,281 12,003
Deferred revenue 23,275 18,340
Income taxes payable, net 2,721 7,962
Accrued expenses and other current liabilities 5,105 (763)
Founders advisory fees - related party (cash settled) (95,726) (6,677)
Operating lease liabilities (4,085) (1,998)
Finance lease liabilities (236) (251)
Other, net 1,394 (563)
Net cash (used in) provided by operating activities (89,615) 20,894
Cash flows from investing activities:    
Purchase of property and equipment (18,526) (17,577)
Purchase of intangible assets 0 (15,226)
Purchase of businesses, net of cash acquired (682,294) (10,000)
Net cash used in investing activities (700,820) (42,803)
Cash flows from financing activities:    
Common stock repurchased 0 (40,370)
Proceeds from exercises of options 7,648 292
Principal payments on finance lease obligations (379) (482)
Proceeds from issuance of long-term debt 550,000 0
Payment of debt issuance costs (10,057) 0
Net cash provided by (used in) financing activities 547,212 (40,560)
Effect of foreign currency on cash and cash equivalents 72 4,671
Net change in cash and cash equivalents (243,151) (57,798)
Cash and cash equivalents, beginning of period 325,927 198,456
Cash and cash equivalents, end of period 82,776 140,658
Supplemental disclosures of cash flow information:    
Cash paid for interest 19,573 19,698
Cash paid for income taxes $ 5,647 $ 12,844