v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (114,780) $ (48,843)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 174,079 127,884
Amortization of deferred financing costs 24,116 11,837
Employee loan extinguishment 8,340 0
Loss on extinguishment of debt 0 5,313
Deferred income tax benefit (6,562) (8,167)
Gain on modification of leases (40,043) (51)
Unrealized loss on foreign exchange transactions 10,247 0
Other operating activities 4,103 370
Changes in operating assets and liabilities:    
Accounts receivable (47,309) (25,144)
Prepaid and other current assets 3,682 (1,736)
Operating lease right-of-use assets 20,708 26,552
Due to (from) related parties 4,161 260
Other assets (36,669) (21,771)
Accounts payable and accrued expenses 8,474 (46,343)
Other long-term liabilities 40,012 63,499
Operating lease liabilities (18,938) (18,130)
Net cash provided by operating activities 33,621 65,530
Investing activities    
Purchase of property and equipment (277,976) (113,200)
Related party loans and deposits 127,590 0
Net cash used in investing activities (150,386) (113,200)
Financing activities    
Borrowings on long term debt, net of discount 0 908,204
Repayments on long-term debt 0 (646,695)
Borrowings on revolving credit facility 112,000 60,000
Repayments on revolving credit facility 0 (207,900)
Repayment of finance lease liabilities (6,116) (8,066)
Distributions to members (130,528) 0
Contributions from members 266 732
Borrowings - related party 75,000 0
Payment of debt financing cost (443) (20,847)
Net cash provided by financing activities 50,179 85,428
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (1,216) (66)
Cash, cash equivalents and restricted cash    
Net change in cash, cash equivalents and restricted cash (67,802) 37,692
Balance, beginning of period 403,416 120,587
Balance, end of period 335,614 158,279
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets    
Cash and cash equivalents 120,843 32,296
Restricted cash 209,517 125,983
Long-term restricted cash held within Other assets 5,254 0
Total cash and cash equivalents and restricted cash 335,614 158,279
Supplemental disclosure of cash flow information:    
Taxes paid (received) 5,016 (217)
Interest paid $ 156,597 $ 98,576