Description of the business: (Tables)
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6 Months Ended |
Jun. 30, 2026 |
| Description of the business: |
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| Schedule of diluted weighted average shares |
| | | | | | | | | | | Three Months | | Three Months | | Six Months | | Six Months | | | Ended | | Ended | | Ended | | Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Weighted average common shares - basic | | 47,921,120 | | 47,592,836 | | 47,972,542 | | 47,804,421 | Dilutive effect of stock options | | — | | — | | — | | — | Dilutive effect of restricted stock | | 508,046 | | — | | 361,382 | | — | Weighted average common shares - diluted | | 48,429,166 | | 47,592,836 | | 48,333,924 | | 47,804,421 |
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| Schedule of details unvested shares of restricted common stock as well as the anti-dilutive effects of stock options and restricted stock awards outstanding |
| | | | | | | | | | | Three Months | | Three Months | | Six Months | | Six Months | | | Ended | | Ended | | Ended | | Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Unvested shares of restricted common stock | | 3,289,506 | | 1,657,168 | | 3,289,506 | | 1,657,168 | Anti-dilutive options for common stock | | 247,989 | | 223,068 | | 248,576 | | 202,864 | Anti-dilutive shares of restricted common stock | | 1,693,891 | | 782,800 | | 787,174 | | 911,907 |
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| Schedule of stockholders' (Deficit) Equity |
The following details the changes in stockholders’ (deficit) equity for the three and six months ended June 30, 2026 and 2025 (in thousands except share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | | Additional | | Other | | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | | | Shares | | Amount | | Capital | | Loss | | Deficit | | Deficit | Balance at March 31, 2026 | | 50,077,663 | | $ | 50 | | $ | 651,538 | | $ | (6,327) | | $ | (749,423) | | $ | (104,162) | Forfeitures of shares granted to employees | | (80,306) | | | — | | | — | | | — | | | — | | | — | Equity-based compensation | | — | | | — | | | 8,389 | | | — | | | — | | | 8,389 | Foreign currency translation | | — | | | — | | | — | | | (2,713) | | | — | | | (2,713) | Issuances of common stock | | 1,218,379 | | | 1 | | | — | | | — | | | — | | | 1 | Dividends paid | | — | | | — | | | — | | | — | | | (2,281) | | | (2,281) | Net income | | — | | | — | | | — | | | — | | | 66,636 | | | 66,636 | Balance at June 30, 2026 | | 51,215,736 | | $ | 51 | | $ | 659,927 | | $ | (9,040) | | $ | (685,068) | | $ | (34,130) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | | Additional | | Other | | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | | | Shares | | Amount | | Capital | | Loss | | Deficit | | Equity | Balance at March 31, 2025 | | 49,337,310 | | $ | 49 | | $ | 639,248 | | $ | (18,933) | | $ | (477,520) | | $ | 142,844 | Forfeitures of shares granted to employees | | (59,281) | | | — | | | — | | | — | | | — | | | — | Equity-based compensation | | — | | | — | | | 5,422 | | | — | | | — | | | 5,422 | Foreign currency translation | | — | | | — | | | — | | | 17,737 | | | — | | | 17,737 | Issuances of common stock | | 196,788 | | | — | | | — | | | — | | | — | | | — | Exercises of options | | 886 | | | — | | | 30 | | | — | | | — | | | 30 | Common stock purchases & retirement | | (229,507) | | | — | | | (11,998) | | | — | | | — | | | (11,998) | Dividends paid | | — | | | — | | | — | | | — | | | (49,560) | | | (49,560) | Net loss | | — | | | — | | | — | | | — | | | (57,807) | | | (57,807) | Balance at June 30, 2025 | | 49,246,196 | | $ | 49 | | $ | 632,702 | | $ | (1,196) | | $ | (584,887) | | $ | 46,668 |
| | | | | | | | | | | | | | | | | | | | | | | | | Additional | | Other | | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | | | Shares | | Amount | | Capital | | Loss | | Deficit | | Deficit | Balance at December 31, 2025 | | 50,062,158 | | $ | 50 | | $ | 643,256 | | $ | 1,428 | | $ | (708,582) | | $ | (63,848) | Forfeitures of shares granted to employees | | (91,316) | | | — | | | — | | | — | | | — | | | — | Equity-based compensation | | — | | | — | | | 16,671 | | | — | | | — | | | 16,671 | Foreign currency translation | | — | | | — | | | — | | | (10,468) | | | — | | | (10,468) | Issuances of common stock | | 1,244,894 | | | 1 | | | — | | | — | | | — | | | 1 | Dividends paid | | — | | | — | | | — | | | — | | | (3,580) | | | (3,580) | Net income | | — | | | — | | | — | | | — | | | 27,094 | | | 27,094 | Balance at June 30, 2026 | | 51,215,736 | | $ | 51 | | $ | 659,927 | | $ | (9,040) | | $ | (685,068) | | $ | (34,130) |
| | | | | | | | | | | | | | | | | | | | | | | | | Additional | | Other | | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | | | Shares | | Amount | | Capital | | Loss | | Deficit | | Equity | Balance at December 31, 2024 | | 49,034,925 | | $ | 49 | | $ | 629,829 | | $ | (30,685) | | $ | (376,345) | | $ | 222,848 | Forfeitures of shares granted to employees | | (69,541) | | | — | | | — | | | — | | | — | | | — | Equity-based compensation | | — | | | — | | | 14,720 | | | — | | | — | | | 14,720 | Foreign currency translation | | — | | | — | | | — | | | 29,489 | | | — | | | 29,489 | Issuances of common stock | | 507,386 | | | — | | | — | | | — | | | — | | | — | Exercises of options | | 2,933 | | | — | | | 151 | | | — | | | — | | | 151 | Common stock purchases & retirement | | (229,507) | | | — | | | (11,998) | | | — | | | — | | | (11,998) | Dividends paid | | — | | | — | | | — | | | — | | | (98,693) | | | (98,693) | Net loss | | — | | | — | | | — | | | — | | | (109,849) | | | (109,849) | Balance at June 30, 2025 | | 49,246,196 | | $ | 49 | | $ | 632,702 | | $ | (1,196) | | $ | (584,887) | | $ | 46,668 |
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| Schedule of revenue for termination fees |
| | | | | | | | | | | | | | | Three Months | | Three Months | | Six Months | | Six Months | | | Ended | | Ended | | Ended | | Ended | (in thousands) | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Service revenue recognized from deferred revenue balance at beginning of period | | $ | 2,409 | | $ | 2,310 | | $ | 4,528 | | $ | 4,107 | Amortization expense for contract costs | | | 6,747 | | | 5,562 | | | 13,339 | | | 10,935 |
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| Schedule of lease cost |
| | | | | | | | | | | | | | | Three Months | | Three Months | | Six Months | | Six Months | | | Ended | | Ended | | Ended | | Ended | (Amounts in thousands) | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Finance lease cost | | | | | | | | | | | | | Amortization of right-of-use assets | | $ | 13,553 | | $ | 13,975 | | $ | 27,089 | | $ | 27,891 | Interest expense on finance lease liabilities | | | 12,472 | | | 12,509 | | | 24,985 | | | 23,615 | Operating lease cost | | | 18,169 | | | 18,569 | | | 35,816 | | | 36,013 | Total lease costs | | $ | 44,194 | | $ | 45,053 | | $ | 87,890 | | $ | 87,519 |
| | | | | | | | | | Six Months | | Six Months | | | | Ended | | Ended | | | | June 30, 2026 | | June 30, 2025 | | Other lease information (amounts in thousands) | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | Operating cash flows from finance leases | | $ | (28,276) | | $ | (22,650) | | Operating cash flows from operating leases | | | (37,084) | | | (35,790) | | Financing cash flows from finance leases | | | (23,007) | | | (16,523) | | Right-of-use assets obtained in exchange for new finance lease liabilities | | | 52,102 | | | 79,076 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | 1,765 | | | 15,105 | | Weighted-average remaining lease term — finance leases (in years) | | | 16.8 | | | 17.1 | | Weighted-average remaining lease term — operating leases (in years) | | | 11.4 | | | 11.3 | | Weighted-average discount rate — finance leases | | | 8.3 | % | | 8.1 | % | Weighted-average discount rate — operating leases | | | 7.2 | % | | 7.6 | % |
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| Schedule of future minimum payments under these operating lease agreements |
The future minimum payments under the Company’s operating lease and finance lease agreements are as follows (in thousands): | | | | | | | | | Operating | | Finance | For the Twelve Months Ending June 30, | | Leases | | Leases | 2027 | | $ | 60,082 | | $ | 70,239 | 2028 | | | 57,534 | | | 69,157 | 2029 | | | 55,440 | | | 67,913 | 2030 | | | 34,482 | | | 67,537 | 2031 | | | 27,688 | | | 67,426 | Thereafter | | | 220,283 | | | 827,320 | Total minimum lease obligations | | | 455,509 | | | 1,169,592 | Less—amounts representing interest | | | (146,033) | | | (539,382) | Present value of minimum lease obligations | | | 309,476 | | | 630,210 | Current maturities | | | (53,102) | | | (21,171) | Lease obligations, net of current maturities | | $ | 256,374 | | $ | 609,039 |
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| Schedule of future minimum payments under these finance lease agreements |
The future minimum payments under the Company’s operating lease and finance lease agreements are as follows (in thousands): | | | | | | | | | Operating | | Finance | For the Twelve Months Ending June 30, | | Leases | | Leases | 2027 | | $ | 60,082 | | $ | 70,239 | 2028 | | | 57,534 | | | 69,157 | 2029 | | | 55,440 | | | 67,913 | 2030 | | | 34,482 | | | 67,537 | 2031 | | | 27,688 | | | 67,426 | Thereafter | | | 220,283 | | | 827,320 | Total minimum lease obligations | | | 455,509 | | | 1,169,592 | Less—amounts representing interest | | | (146,033) | | | (539,382) | Present value of minimum lease obligations | | | 309,476 | | | 630,210 | Current maturities | | | (53,102) | | | (21,171) | Lease obligations, net of current maturities | | $ | 256,374 | | $ | 609,039 |
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