Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenue and expenses during the periods reported. Some of the significant estimates that we have made pertain to the determination of deferred tax assets and liabilities and certain assumptions used related to the evaluation of goodwill, intangibles, and property and equipment asset impairment. Actual results could differ from those estimates.

Accounts Receivable, Net

Accounts Receivable, Net

Accounts receivable are presented net of an allowance for doubtful accounts of $148 and $123 as of September 30, 2025 and December 31, 2024, respectively. The activity in the allowance for doubtful accounts was immaterial for the three and nine months ended September 30, 2025 and 2024.

Other Receivables

Other Receivables

Other receivables consisted of the following for the periods presented:

	As of
	September 30, 2025		December 31, 2024
Payroll tax withholding and exercise proceeds receivable	$	—	$	834
Construction receivable		4,174		4,584
Income tax receivable		1,193		1,864
Insurance receivable		5,341		4,250
Other		3,743		1,986
Total other receivables	$	14,451	$	13,518

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following for the periods presented:

	As of
	September 30, 2025		December 31, 2024
Spare parts	$	3,929	$	4,801
Prepaid insurance		1,873		2,658
Other		4,796		4,131
Total prepaid expenses and other current assets	$	10,598	$	11,590

Inventory, Net

Inventory, Net

Inventory consisted of the following for the periods presented:

	As of
	September 30, 2025			December 31, 2024
Chemical washing solutions	$	5,427		$	5,831
Other		67			14
Total inventory, gross		5,494			5,845
Reserve for obsolescence		(110	)		(117	)
Total inventory, net	$	5,384		$	5,728

The activity in the reserve for obsolescence was immaterial for the three and nine months ended September 30, 2025 and 2024.

Derivative Financial Instruments

Derivative Financial Instruments

The Company has a pay fixed, receive variable interest rate swap contract (“Swap”) to manage its exposure to changes in interest rates. The Swap is recognized in the consolidated balance sheets at fair value. The Swap is a cash flow hedge and is recorded using hedge accounting, as such, changes in the fair value of the Swap are recorded in other comprehensive income (loss), net of tax until the hedged item is recognized in earnings. Amounts reported in other comprehensive income, net of tax related to the Swap are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The swap is scheduled to terminate June 30, 2027.

The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivative used as a hedging instrument is highly effective in offsetting the changes in the cash flow of the hedged item. If it is determined that the derivative is not highly effective as a hedge or ceases to be highly effective, the Company will discontinue hedge accounting prospectively. See Note 8-Fair Value Measurements and Note 9-Interest Rate Swap for additional information.

Revenue Recognition

Revenue Recognition

The following table summarizes the composition of our net revenues for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Recognized over time	$	203,293	$	184,725	$	595,332	$	545,066
Recognized at a point in time		59,692		64,441		194,293		198,148
Other revenue		432		163		863		341
Net revenues	$	263,417	$	249,329	$	790,488	$	743,555

Earnings Per Share

Earnings Per Share

Reconciliations of the numerators and denominators of the basic and diluted earnings per share calculations for the periods presented are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net income	$	27,411	$	22,342	$	83,006	$	61,070
Denominator
Weighted-average common shares outstanding - basic		327,389,467		321,917,525		325,728,763		319,067,596
Effect of potentially dilutive securities
Stock options		3,039,335		5,562,479		3,710,846		8,585,621
Restricted stock units		1,907,438		1,763,531		2,449,938		1,540,123
Stock purchase rights		22,935		55,791		9,642		29,301
Weighted-average common shares outstanding - diluted		332,359,175		329,299,326		331,899,189		329,222,641
Earnings per share - basic	$	0.08	$	0.07	$	0.25	$	0.19
Earnings per share - diluted	$	0.08	$	0.07	$	0.25	$	0.19

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options		6,358,906		5,209,783		5,382,773		4,343,090
Restricted stock units		—		—		469,852		445,641
Stock purchase rights		26		—		27,538		32,905

Employee Retention Credit

Employee Retention Credit

In response to the COVID-19 pandemic, the Employee Retention Credit (“ERC”), was established under the Coronavirus Aid, Relief, and Economic Security Act. The ERC is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer paid to employees from March 13, 2020 to December 31, 2020. Companies who meet the eligibility requirements can claim the ERC on an original or adjusted employment tax return for a period within those dates.

In March 2024, we determined that we qualified for and recognized $4,663 (net of tax advisory costs) in relief for the period from March 13, 2020 to December 31, 2020. Upon receipt of the credit, we will owe an immaterial amount for tax advisory costs associated with the assessment of the tax credit. As there is no authoritative guidance under U.S. GAAP for government assistance to for-profit business entities, the Company accounted for the ERC by analogy to International Accounting Standards 20, or IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, management determined it has reasonable assurance of receipt of the identified ERC amount and recorded the credit in other income on our consolidated statements of operations and comprehensive income.

As of September 30, 2025 and December 31, 2024, the tax credit receivable was $2,125 and $4,663, respectively. As of September 30, 2025 and December 31, 2024, these amounts are included in other receivables and other assets, respectively, on our consolidated balance sheets.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU will be reflected in the Company's annual financial statements for the year ending December 31, 2025, and is not expected to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a PBE to disclose additional information about specific expense categories in the notes to financial statements at interim and annual periods. This information is generally not presented in the financial statements. The ASU requires that at each interim and annual period a PBE: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization; (2) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are still assessing the impact of this ASU.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU is intended to improve the operability and application of guidance related to capitalized software development costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are still assessing the impact of this ASU.