v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net (loss) income $ (259,622) $ (138,375) $ 490,663
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 20,852 12,898 7,566
Amortization of intangible assets 27,531 27,356 24,269
Amortization of operating lease right-of-use assets 8,482 8,527 6,268
Amortization of deferred financing costs 2,896 2,929 2,788
Stock-based compensation expense 49,415 34,588 18,670
Loss on extinguishment of debt 3,187 0 208
Deferred income taxes 11 754,942 42,318
Change in estimated fair value of contingent consideration (2,003) (3,286) (7,800)
Goodwill impairment 166,151 0 0
Revaluation of liabilities under the Tax Receivable Agreement 40 (668,886) 4,102
Acquisition related tax adjustment 2,306 1,293 349
Other 833 (3,606) (8,342)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 14,359 84,395 (22,272)
Inventory 377 649 9,459
Prepaid expenses and other current and noncurrent assets 1,966 8,136 (35,900)
Accounts payable 723 5,284 (1,578)
Accrued expenses and other current liabilities (22,754) 15,108 8,503
Deferred revenue (986) 250 (7,123)
Other long-term liabilities (6,299) (15,978) 3,829
Net cash provided by operating activities 7,465 126,224 535,977
Investing activities:      
Cash paid for acquisition, net of cash acquired 0 (69,622) (238,969)
Acquisition deposit (300) 0 0
Purchases of property and equipment (29,658) (65,553) (17,090)
Proceeds from government assistance allocated to property and equipment 7,142 12,865 1,105
Prepaid lease payments on finance lease yet to commence 0 0 (13,278)
Purchase of technology (1,500) 0 0
Proceeds from sale of business, net of cash divested 0 0 620
Net cash used in investing activities (24,316) (122,310) (267,612)
Financing activities:      
Distributions to non-controlling interests holders (494) (9,607) (150,206)
Proceeds from borrowings of long-term debt, net of discount 953 0 8,455
Principal repayments of long-term debt (234,393) (5,440) (13,895)
Financing costs paid to acquire long-term debt (1,241) 0 0
Payments of finance lease liabilities (633) (332) 0
Proceeds from interest rate cap agreement 9,287 6,168 0
Payment of acquisition consideration holdback 0 (9,706) 0
(Taxes paid for shares withheld) proceeds from issuance of Class A common stock under employee equity plans, net (2,082) (20) 2,358
Net cash used in financing activities (235,712) (61,090) (187,499)
Net (decrease) increase in cash and cash equivalents (252,563) (57,176) 80,866
Cash and cash equivalents, beginning of period 574,962 632,138 551,272
Cash and cash equivalents, end of period 322,399 574,962 632,138
Supplemental cash flow information:      
Cash paid for interest 50,973 44,256 20,198
Cash paid (refunded) for income taxes, net 670 (2,987) 23,032
Supplemental disclosures of non-cash activities:      
Property and equipment included in accounts payable and accrued expenses 2,616 2,011 1,701
Accrued receivable for capital expenditures to be reimbursed under a government contract 734 1,118 0
Right-of-use assets obtained in exchange for finance lease liabilities 0 32,862 0
Right-of-use assets obtained in exchange for operating lease liabilities 1,287 3,931 17,513
Fair value of contingent consideration liability recorded in connection with acquisition of a business 0 5,289 7,800
Accrued consideration payable for MyChem acquisition 0 0 10,000
MLSH 1      
Financing activities:      
Payments pursuant to the Tax Receivable Agreement (6,014) (35,661) (29,108)
MLSH 2      
Financing activities:      
Payments pursuant to the Tax Receivable Agreement $ (1,095) $ (6,492) $ (5,103)

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