v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 305,398 $ 133,306
Accounts receivable, net 366,112 355,277
Income tax receivable 995 1,651
Prepaid expenses and other current assets 20,498 26,891
Total current assets 693,003 517,125
Restricted cash 789 789
Property, equipment, and software, net 128,984 115,968
Intangible assets, net 153,313 178,677
Goodwill 1,056,302 1,057,180
Other assets 33,571 31,590
Total assets 2,065,962 1,901,329
Current liabilities:    
Accounts payable 355,096 356,519
Accrued liabilities 99,294 77,216
Current portion of long-term debt 18,550 18,550
Other current liabilities 30,274 29,169
Total current liabilities 503,214 481,454
Deferred tax liability 40,813 29,009
Long-term debt, net 1,392,149 1,801,150
Other liabilities 135,320 126,597
Total liabilities 2,071,496 2,438,210
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock:    
Series A redeemable convertible preferred stock ($0.0001 par value – 1,000,000 shares authorized, and 425,000 shares issued and outstanding at March 31, 2026 and December 31, 2025) Liquidation preference of $425,000 as of March 31, 2026 and December 31, 2025. 0 414,607
Stockholders’ equity (deficit):    
Preferred stock ($0.0001 par value - 700,000,000 shares authorized, no shares issued and outstanding) 0 0
Common Stock ($0.0001 par value 7,000,000,000 shares authorized; 21,850,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025) 17 12
Additional paid-in capital 906,720 5,867
Accumulated other comprehensive loss (1,400) (1,396)
Accumulated deficit (910,871) (955,971)
Total stockholders’ equity (deficit) (5,534) (951,488)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) $ 2,065,962 $ 1,901,329