Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the 2023 Form 10-K. The consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the included disclosures are adequate, and the accompanying consolidated financial statements contain all adjustments which are necessary for a fair presentation of our consolidated financial position as of September 30, 2024, consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, and consolidated cash flows for the nine months ended September 30, 2024 and 2023. Such adjustments are of a normal and recurring nature. The consolidated results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the consolidated results of operations that may be expected for any other future interim or annual period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company. All material intercompany balances and transactions have been eliminated in consolidation. Reclassification Within the consolidated financial statements certain immaterial amounts have been reclassified to conform with current period presentation. We reclassified Restricted cash of $ 146 and $ 72 from an individual line item on the consolidated balance sheets at September 30, 2024 and December 31, 2023 , respectively, to Prepaid expenses and other current assets to conform with the current period presentation. Use of Estimates The preparation of the 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; estimates utilized to determine the fair value of assets acquired and liabilities assumed in business combinations and the related goodwill and intangibles; 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 are presented net of an allowance for doubtful accounts of $ 95 and $ 68 a s of September 30, 2024 and December 31, 2023, respectively. The activity in the allowance for doubtful accounts was immaterial for the three and nine months ended September 30, 2024 and 2023 . Other Receivables Other receivables consisted of the following for the periods presented: As of September 30, 2024 December 31, 2023 Construction receivable $ 7,660 $ 6,480 Income tax receivable 1,046 3,051 Insurance receivable 3,634 3,686 Other 3,082 1,497 Total other receivables $ 15,422 $ 14,714 Inventory, Net Inventory consisted of the following for the periods presented: As of September 30, 2024 December 31, 2023 Chemical washing solutions $ 5,607 $ 9,135 Reserve for obsolescence ( 116 ) ( 183 ) Total inventory, net $ 5,491 $ 8,952 The activity in the reserve for obsolescence was immaterial for the three and nine months ended September 30, 2024 and 2023 . 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, 2024 2023 2024 2023 Recognized over time $ 184,725 $ 167,670 $ 545,066 $ 489,294 Recognized at a point in time 64,441 66,320 198,148 207,319 Other revenue 163 86 341 317 Net revenues $ 249,329 $ 234,076 $ 743,555 $ 696,930 Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted-average shares outstanding for the period and includes the dilutive impact of potential new shares issuable upon vesting and exercise of stock options, vesting of restricted stock units, and stock purchase rights granted under an employee stock purchase plan. Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is antidilutive. 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, 2024 2023 2024 2023 Numerator: Net income $ 22,342 $ 19,485 $ 61,070 $ 67,753 Denominator: Weighted-average common shares outstanding - basic 321,917,525 312,883,586 319,067,596 309,850,600 Effect of potentially dilutive securities: Stock options 5,562,479 15,573,984 8,585,621 17,912,009 Restricted stock units 1,763,531 289,840 1,540,123 463,687 Employee stock purchase plan 55,791 97,159 29,301 39,582 Weighted-average common shares outstanding - diluted 329,299,326 328,844,569 329,222,641 328,265,878 Earnings per share - basic $ 0.07 $ 0.06 $ 0.19 $ 0.22 Earnings per share - diluted $ 0.07 $ 0.06 $ 0.19 $ 0.21 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, 2024 2023 2024 2023 Stock options 5,209,783 3,798,034 4,343,090 3,343,733 Restricted stock units - 8,049 445,641 199,888 Employee stock purchase plan - - 32,905 30,594 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 qualify for $ 5,189 in relief for the period from March 13, 2020 to December 31, 2020. Upon receipt of the credit, we will owe $ 526 in tax advisory costs associated with the assessment of the tax credit. This amount was expensed within General and administrative expenses in the amount of $ 0 and $ 526 during the three and nine months ended September 30, 2024, respectively. As there is no authoritative guidance under U.S. GAAP for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standards 20, or IAS 20, Accounting for Government Grants and Disclosure of Government Assistance . In accordance w ith IAS 20, management determined it has reasonable assurance of receipt of the identified ERC amount and recorded the credit in the amount of $ 0 and $ 5,189 in Other income on our consolidated statements of operations during the three and nine months ended September 30, 2024, respectively. A corresponding accrual of the tax credit receivable was recorded under Other assets on our consolidated balance sheet as of September 30, 2024 . 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. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures regarding significant segment expenses and other segment items for public entities on both an annual and interim basis. Specifically, the update requires that entities provide, during interim periods, all disclosures related to a reportable segment's profit or loss and assets that were previously required only on an annual basis. Additionally, this guidance necessitates the disclosure of the title and position of the Chief Operating Decision Maker ("CODM"). The new guidance does not modify how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements. |