v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 139.5 $ 175.9
Short-term investments 0.5 4.0
Restricted cash, current 13.1 0.0
Accounts receivable, net 168.3 225.6
Prepaid expenses and other current assets 83.1 48.5
Total current assets 404.5 454.0
Restricted cash, non-current 10.2 9.8
Property and equipment, net 179.4 162.6
Operating lease right-of-use assets, net 112.6 113.3
Intangible assets, net 180.6 217.3
Goodwill 1,042.2 1,692.7
Deferred tax assets 3,618.9 3,662.3
Deferred costs and other assets, net of current portion 120.2 127.5
Total assets 5,668.6 6,439.5
Current liabilities:    
Accounts payable 16.3 31.3
Accrued expenses and other current liabilities 164.0 115.1
Unearned revenue, current portion 418.9 474.6
Current portion of operating lease liabilities 7.5 6.0
Current portion of long-term debt 5.9 5.9
Total current liabilities 612.6 632.9
Unearned revenue, net of current portion 1.9 3.2
Tax receivable agreements liability 2,725.4 2,731.9
Operating lease liabilities, net of current portion 246.2 239.2
Long-term debt, net of current portion 1,222.6 1,318.1
Deferred tax liabilities 5.6 3.8
Other long-term liabilities 1.6 1.7
Total liabilities 4,815.9 4,930.8
Commitments and Contingencies (Note 9)
Stockholders' Equity:    
Common stock, par value $0.01; 3,300,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 291,993,252 and 307,293,985 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 2.9 3.0
Preferred stock, par value $0.01; 200,000,000 shares authorized as of September 30, 2026 and December 31, 2025; zero issued and outstanding as of September 30, 2026 and December 31, 2025 0.0 0.0
Additional paid-in capital 1,019.7 1,068.1
Accumulated other comprehensive income 5.7 1.0
Retained earnings (deficit) (175.6) 436.6
Total stockholders' equity 852.7 1,508.7
Total liabilities and stockholders' equity $ 5,668.6 $ 6,439.5