Supplemental Information to the Condensed Consolidated Financial Statements

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Information to the Condensed Consolidated Financial Statements

Note 9 – Supplemental Information to the Condensed Consolidated Financial Statements

Allowance for Credit Losses

The following table summarizes the change in the accounts receivable allowance for credit losses for the periods presented (in thousands):


	As of March 31,
	2025			2024
Accounts receivable allowance for credit losses, beginning of period	$	1,169		$	1,259
Write-offs		(319	)		(206	)
Expense		456			97
Accounts receivable allowance for credit losses, end of period	$	1,306		$	1,150

Contract Balances

The following table provides information about accounts receivable and deferred revenues from contracts with customers (in thousands):


	As of March 31,		As of December 31,
	2025		2024
Accounts receivable, net	$	134,301	$	120,353
Deferred revenue	$	7,578	$	8,002

The Company does not disclose the aggregate transaction price for remaining performance obligations, generally because either the revenue from the satisfaction of the performance obligations is recognized in the amount invoiced or the original expected duration of the contract is one year or less.

Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract and is included within deferred revenue in the accompanying consolidated balance sheets.

The following table presents a reconciliation of contract liabilities for the periods presented (in thousands):


	As of March 31,
	2025			2024
Deferred revenue, beginning of period	$	8,002		$	1,515
Deposits received		7,735			3,308
Revenue recognized		(8,159	)		(952	)
Deferred revenue, end of period	$	7,578		$	3,871

Accrued Liabilities

Accrued liabilities as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024
Accrued payroll and employee expenses	$	14,850	$	17,102
Accrued taxes		8,118		7,284
Customer deposits		270		530
Accrued interest		1,514		3,557
Accrued IPO costs		594		1,687
Other accrued liabilities		1,786		3,669
Total accrued expenses	$	27,132	$	33,829

Supplemental Cash Flow Information


	Three Months Ended March 31,
	2025		2024
Supplemental disclosures of investing and financing activities
Cash paid for interest	$	4,274	$	98
Cash paid for income taxes	$	—	$	—
Supplemental schedule of non-cash activities
Issuance of 64,823,042 shares of Class B common stock to the Continuing Equity Owners, net of redemption of certain LLC Interests and Blocker Shareholders' exchange to Class A shares	$	—	$	—
Issuance of 5,251,620 shares of Class A common stock to the Blocker Shareholders in exchange of LLC Interests	$	—	$	—
Establishment of liabilities under Tax Receivable Agreement in the IPO	$	10,173	$	—
Establishment of deferred tax asset under Tax Receivable Agreement and the UPO	$	12,484	$	—
Lease liabilities arising from obtaining operating right-of-use assets	$	345	$	—
Lease liabilities arising from obtaining financing right-of-use assets	$	3,803	$	1,109