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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
2 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Jul. 29, 2024
Dec. 31, 2025
Dec. 31, 2023
Cash flows from operating activities:          
Net loss $ (105,452) $ (105,452)   $ (87,116)  
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization 47,313 47,313 $ 45,777 178,330 $ 94,818
Noncash lease expense 3,667     16,610  
Share-based compensation expense 64,626     17,155  
Amortization of deferred financing costs 1,366     5,350  
Loss on extinguishment of debt 0 0   0  
Fair value adjustments on interest rate derivatives 0     0  
Deferred taxes (13,983)     (32,966)  
Other 2,200     2,946  
Changes in operating assets and liabilities, net of effects of business acquisitions:          
Accounts receivable 18,400     41,078  
Contract assets 9,382     (5,550)  
Prepaid expenses and other current assets (9,380)     (4,590)  
Accounts payable (4,479)     (1,435)  
Accrued expenses and other current liabilities (7,892)     (12,190)  
Operating lease obligations (3,429)     (15,979)  
Contract liabilities 17     (1,486)  
Other assets and liabilities 273     (5,139)  
Net cash provided by operating activities 2,629     95,018  
Cash flows from investing activities:          
Business acquisitions, net of cash acquired (1,822,186)     (845,018)  
Purchases of property and equipment (13,241)     (33,758)  
Proceeds from sale of property and equipment 776     4,687  
Net cash used in investing activities (1,834,651)     (874,089)  
Cash flows from financing activities:          
Proceeds from long-term borrowings 775,000     875,000  
Payments on long-term borrowings (1,938)     (12,128)  
Payments of debt issuance costs (21,355)     (24,331)  
Payments on finance lease obligations and other long-term debt (3,991)     (13,267)  
Dividends paid to stockholder 0     0  
Proceeds from issuance of common shares and exercise of warrants, net of issuance costs 666,630     250,454  
Net cash provided by (used in) financing activities 1,414,346     1,075,728  
Net effect of exchange rate fluctuations on cash and cash equivalents (123)     3,745  
Net change in cash and cash equivalents (417,799)     300,402  
Cash and Cash Equivalents          
Beginning of period 556,933 556,933   139,134  
End of period $ 139,134 139,134   439,536  
Supplemental disclosure of cash flow information          
Interest paid   36,984   80,804  
Income taxes paid   12,334   27,768  
Supplemental disclosure of non-cash operating, investing, and financing activities:          
Equity consideration issued for business combinations   4,000   798,048  
Purchase of property and equipment accrued and not yet paid   1,606   6,506  
Notes payable and other obligations issued for acquisitions   0   6,741  
Settlement of derivative liability   967   0  
Increases in Lease Assets in Exchange for Lease Liabilities [Abstract]          
Operating leases   5,575   44,935  
Finance leases   $ 4,673   $ 21,454  
Predecessor          
Cash flows from operating activities:          
Net loss     (15,703)   (6,289)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization     45,777   94,818
Noncash lease expense     5,453   9,992
Share-based compensation expense     17,858   4,975
Amortization of deferred financing costs     2,406   3,586
Loss on extinguishment of debt     9,073   0
Fair value adjustments on interest rate derivatives     3,102   7,244
Deferred taxes     (8,376)   (23,442)
Other     (180)   1,275
Changes in operating assets and liabilities, net of effects of business acquisitions:          
Accounts receivable     (32,576)   (6,260)
Contract assets     (221)   7,141
Prepaid expenses and other current assets     (2,829)   (3,243)
Accounts payable     (9,691)   2,917
Accrued expenses and other current liabilities     17,669   6,111
Operating lease obligations     (5,751)   (9,284)
Contract liabilities     179   (153)
Other assets and liabilities     (5,751)   6,421
Net cash provided by operating activities     20,439   95,809
Cash flows from investing activities:          
Business acquisitions, net of cash acquired     (44,680)   (6,010)
Purchases of property and equipment     (14,334)   (22,141)
Proceeds from sale of property and equipment     1,029   1,617
Net cash used in investing activities     (57,985)   (26,534)
Cash flows from financing activities:          
Proceeds from long-term borrowings     30,000   195,000
Payments on long-term borrowings     (16,346)   (81,384)
Payments of debt issuance costs     0   (2,844)
Payments on finance lease obligations and other long-term debt     (5,836)   (9,948)
Dividends paid to stockholder     0   (150,000)
Proceeds from issuance of common shares and exercise of warrants, net of issuance costs     0   0
Net cash provided by (used in) financing activities     7,818   (49,176)
Net effect of exchange rate fluctuations on cash and cash equivalents     (7,877)   4,377
Net change in cash and cash equivalents     (37,605)   24,476
Cash and Cash Equivalents          
Beginning of period     87,061   62,585
End of period     49,456   87,061
Supplemental disclosure of cash flow information          
Interest paid     32,332   60,355
Income taxes paid     14,579   29,761
Supplemental disclosure of non-cash operating, investing, and financing activities:          
Equity consideration issued for business combinations     0   0
Purchase of property and equipment accrued and not yet paid     2,434   2,147
Notes payable and other obligations issued for acquisitions     0   0
Settlement of derivative liability     0   0
Increases in Lease Assets in Exchange for Lease Liabilities [Abstract]          
Operating leases     6,748   6,949
Finance leases     $ 5,988   $ 11,049