v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 96,571 $ 61,911
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 115,760 60,796
Stock-based compensation 33,237 17,475
Loss on debt extinguishment 16,084 0
Amortization of debt financing costs 7,664 2,085
Deferred income tax expense 30,029 12,343
Change in payables related to Tax Receivable Agreement 0 3,024
Other 1,309 (532)
Changes in assets and liabilities:    
Accounts receivable and contract assets (75,568) (52,594)
Deferred contract costs (22,744) 0
Prepaid expenses and other assets (88,021) (3,831)
Inventories (23,190) (1,207)
Accounts payable 43,990 7,803
Accrued liabilities 58,089 7,814
Contract liabilities 77,546 0
Deferred revenue 207,248 1,793
Cash settlement of stock-based compensation 0 (3,713)
Net cash provided by operating activities 478,004 113,167
Cash flows from investing activities:    
Investment in equipment held for lease and property, plant and equipment (1,382,369) (392,256)
Business acquisition, net of cash acquired (103,861) (29,423)
Asset acquisition, net of cash acquired (107,623) 0
Short-term loan 0 (7,573)
Repayment of short-term loan 0 3,786
Other (7,657) 3,389
Net cash used in investing activities (1,601,510) (422,077)
Cash flows from financing activities:    
Borrowings from debt financing 1,846,834 71,979
Borrowings from convertible notes 0 155,000
Repayments of debt financing (478,896) (4,063)
Payments of fees related to debt extinguishment (5,921) 0
Payments of financing costs related to debt and convertible notes (44,245) (13,113)
Distributions to non-controlling interest unitholders (4,873) (10,294)
Dividends paid to Class A common stock shareholders (22,782) (15,390)
Payments under finance leases (2,604) (2,424)
Proceeds from issuance of insurance notes payable 0 4,535
Payments under insurance premium financing (1,630) (2,426)
Cancelled shares withheld for taxes from vesting of restricted stock and restricted stock units (16,003) (10,470)
Payment of liabilities under Tax Receivable Agreement (1,717) (3,610)
Capital contributions from non-controlling interest in Stateline 0 86,023
Net cash provided by financing activities 1,268,163 255,747
Net increase (decrease) in cash, cash equivalents and restricted cash 144,657 (53,163)
Cash, cash equivalents and restricted cash at beginning of period 353,319 159,867
Cash, cash equivalents and restricted cash at end of period 497,976 106,704
Non-cash investing and financing activities:    
Additions to equipment held for lease and property, plant and equipment not yet paid at period-end 48,132 21,558
Additions to property, plant, and equipment through finance leases 5,094 2,689
Unpaid capitalized interest on equipment held for lease 12,395 0
Net investment in lease recognized 2,599 0
Issuance of common stock for business acquisition 390,164 19,280
Issuance of common stock for asset acquisition 238,377 0
Contingent consideration recognized in business combination 5,505 0
Holdback consideration payable in connection with business combinations 8,818 0
Asset acquisition cost incurred but not paid at period-end 2,794 0
Incurrence of debt for asset acquisition 123,196 0
Capitalized depreciation in property, plant and equipment 0 273
Capitalized stock-based compensation 0 493
Supplemental cash flow disclosure:    
Interest paid, net of capitalized interest 11,203 19,638
Interest received 14,031 3,758
Income taxes (refunded) paid, net $ (187) $ 950