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Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Adjusted EBITDA Reconciled to Net Income | A reconciliation of Segment Adjusted EBITDA to net (loss) income for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 58,637 |  |  | $ | 60,188 |  |  | $ | 153,900 |  |  | $ | 157,168 |
International |  |  | 5,409 |  |  |  | 4,603 |  |  |  | 12,465 |  |  |  | 12,154 |
Total |  | $ | 64,046 |  |  | $ | 64,791 |  |  | $ | 166,365 |  |  | $ | 169,322 |
Adjustments to reconcile to net (loss) income: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 17,191 |  |  |  | 7,557 |  |  |  | 28,114 |  |  |  | 20,125 |
Provision for income taxes |  |  | 782 |  |  |  | 4,881 |  |  |  | 83 |  |  |  | 9,530 |
Depreciation and amortization |  |  | 30,168 |  |  |  | 32,419 |  |  |  | 89,968 |  |  |  | 96,341 |
Share-based compensation |  |  | 9,504 |  |  |  | 4,790 |  |  |  | 19,303 |  |  |  | 10,449 |
Transaction and acquisition-related charges(a) |  |  | 13,218 |  |  |  | 1,571 |  |  |  | 35,083 |  |  |  | 3,832 |
Integration, restructuring, and other charges(b) |  |  | 2,043 |  |  |  | 2,800 |  |  |  | 3,721 |  |  |  | 6,565 |
Net (loss) income |  | $ | (8,860 | ) |  | $ | 10,773 |  |  | $ | (9,907 | ) |  | $ | 22,480 |
(a) Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the three and nine months ended September 30, 2024 include approximately $13.2 million and $33.5 million of expense, respectively, associated with the acquisition of Sterling, primarily consisting of legal, regulatory, and diligence professional service fees. The three and nine months ended September 30, 2024 and 2023 also include insurance costs incurred related to the initial public offering. (b) Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non-recurring items.
Schedule of Revenues by Geographic Region | The following summarizes revenues by geographical region (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 174,905 |  |  | $ | 176,046 |  |  | $ | 486,410 |  |  | $ | 490,784 |
International |  |  | 26,624 |  |  |  | 25,805 |  |  |  | 72,834 |  |  |  | 74,766 |
Eliminations |  |  | (2,410 | ) |  |  | (1,487 | ) |  |  | (6,163 | ) |  |  | (4,351 | )
Total revenues |  | $ | 199,119 |  |  | $ | 200,364 |  |  | $ | 553,081 |  |  | $ | 561,199 |
Summary of Long Lived Assets by Geographical Area | The following table sets forth net long-lived assets by geographic area (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Long-lived assets, net |  |  |  |  |  |
United States, country of domicile |  | $ | 1,021,330 |  |  | $ | 1,083,318 |
All other countries |  |  | 163,393 |  |  |  | 168,068 |
Total long-lived assets, net |  | $ | 1,184,723 |  |  | $ | 1,251,386 |

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