v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income (loss) $ (10,094) $ (95,983) $ 7,644 $ (45,407)  
Adjustments to reconcile net income (loss) with net cash provided by operating activities:          
Gain on reversal of legal accrual     0 (9,455)  
Equity-based compensation     93,884 129,559  
Depreciation and amortization     4,796 4,131  
Non-cash lease expense     7,073 6,080  
Provision for credit losses on accounts receivable     2,587 (931) $ (1,198)
Amortization of discount on held-to-maturity debt securities     (35) (316)  
Deferred income tax     (125) (721)  
Reserves on loans and notes receivable from related parties     74 1,164  
Gain on bargain purchase     (1,383) 0  
Other, net     170 92  
Changes in operating assets and liabilities:          
Accounts receivable     (62,076) (36,717)  
Prepaid expenses and other current assets     (7,736) (5,982)  
Other assets     (5) 0  
Accounts payable and other accrued expenses     2,550 6,441  
Accrued payroll and benefits     (3,930) 12,784  
Deferred revenue     22,082 14,710  
Other current liabilities     671 (5,690)  
Operating lease liabilities     (2,080) (7,705)  
Other liabilities     1,654 (162)  
Net cash provided by operating activities     65,815 61,875  
Cash flows from investing activities:          
Proceeds from maturity of held-to-maturity debt securities     6,144 19,579  
Issuance of loans and notes receivable from related parties     (850) (2,027)  
Proceeds from loans and notes receivable from related parties     408 1,295  
Payments for purchases of property and equipment     (12,764) (2,867)  
Payments for capitalized internal-use software costs     (395) (376)  
Cash acquired, net of cash paid for business combinations     765 0  
Net cash (used in) provided by investing activities     (6,692) 15,604  
Cash flows from financing activities:          
Payments of deferred offering costs     (1,209) (3,633)  
Principal payments under finance lease obligations     (34) (44)  
Principal payments on notes payable to related parties     (48,925) 0  
Distributions paid     (83,556) (82,050)  
Deferred consideration payments for business combination     0 (800)  
Net cash used in financing activities     (133,724) (86,527)  
Effect of exchange rate changes on cash and cash equivalents     (48) 0  
Net change in cash and cash equivalents     (74,649) (9,048)  
Cash and cash equivalents at beginning of period     250,280 87,993 87,993
Cash and cash equivalents at end of period $ 175,631 $ 78,945 175,631 78,945 $ 250,280
Non-cash investing and financing transactions          
Property and equipment acquired through finance leases     304 14  
Right-of-use assets obtained in exchange for lease liabilities (including remeasurements)     2,025 2,191  
Purchases of property and equipment included in accounts payable and other accrued expenses     335 0  
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity     804,297 0  
Deferred consideration payments payable for business combinations     $ 6,421 $ 0