$CSQR

BIF III US Aggregator (Delaware) LLC

CIK:0002105398|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 280,351	$ 244,751	$ 550,813	$ 477,510
Costs and operating expenses:
Cost of revenues, excluding depreciation and amortization	133,206	122,613	269,660	246,138
Selling, marketing, general and administrative	35,170	22,720	60,892	45,648
Depreciation and amortization	89,581	64,151	174,079	127,884
Gain on lease modification	(40,043)	0	(40,043)	(51)
Transaction and other costs	3,274	1,757	13,783	4,584
Total costs and operating expenses	221,188	211,241	478,371	424,203
Income from operations	59,163	33,510	72,442	53,307
Interest expense	(92,826)	(51,566)	(181,189)	(106,119)
Loss on extinguishment of debt	0	0	0	(5,313)
Other (loss) income, net	(2,933)	1,929	(5,551)	1,625
Loss before income taxes	(36,596)	(16,127)	(114,298)	(56,500)
Income tax (expense) benefit	(12,231)	2,199	(482)	7,657
Net loss	$ (48,827)	$ (13,928)	$ (114,780)	$ (48,843)
Net loss per share:
Basic	$ (0.47)	$ (0.13)	$ (1.1)	$ (0.47)
Diluted	$ (0.47)	$ (0.13)	$ (1.1)	$ (0.47)
Weighted average common shares outstanding:
Basic	103,887	103,887	103,887	103,887
Diluted	103,887	103,887	103,887	103,887

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (114,780)	$ (48,843)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	174,079	127,884
Amortization of deferred financing costs	24,116	11,837
Employee loan extinguishment	8,340	0
Loss on extinguishment of debt	0	5,313
Deferred income tax benefit	(6,562)	(8,167)
Gain on modification of leases	(40,043)	(51)
Unrealized loss on foreign exchange transactions	10,247	0
Other operating activities	4,103	370
Changes in operating assets and liabilities:
Accounts receivable	(47,309)	(25,144)
Prepaid and other current assets	3,682	(1,736)
Operating lease right-of-use assets	20,708	26,552
Due to (from) related parties	4,161	260
Other assets	(36,669)	(21,771)
Accounts payable and accrued expenses	8,474	(46,343)
Other long-term liabilities	40,012	63,499
Operating lease liabilities	(18,938)	(18,130)
Net cash provided by operating activities	33,621	65,530
Investing activities
Purchase of property and equipment	(277,976)	(113,200)
Related party loans and deposits	127,590	0
Net cash used in investing activities	(150,386)	(113,200)
Financing activities
Borrowings on long term debt, net of discount	0	908,204
Repayments on long-term debt	0	(646,695)
Borrowings on revolving credit facility	112,000	60,000
Repayments on revolving credit facility	0	(207,900)
Repayment of finance lease liabilities	(6,116)	(8,066)
Distributions to members	(130,528)	0
Contributions from members	266	732
Borrowings - related party	75,000	0
Payment of debt financing cost	(443)	(20,847)
Net cash provided by financing activities	50,179	85,428
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(1,216)	(66)
Cash, cash equivalents and restricted cash
Net change in cash, cash equivalents and restricted cash	(67,802)	37,692
Balance, beginning of period	403,416	120,587
Balance, end of period	335,614	158,279
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	120,843	32,296
Restricted cash	209,517	125,983
Long-term restricted cash held within Other assets	5,254	0
Total cash and cash equivalents and restricted cash	335,614	158,279
Supplemental disclosure of cash flow information:
Taxes paid (received)	5,016	(217)
Interest paid	$ 156,597	$ 98,576

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 120,843	$ 140,159
Restricted cash	209,517	263,257
Due from related parties	7,768	144,451
Accounts receivable, net of allowance for expected credit losses of $5,282 and $2,643 as of June 30, 2026 and December 31, 2025, respectively	134,711	90,708
Prepaid assets	14,359	7,013
Other current assets	61,143	73,307
Total current assets	548,341	718,895
Property and equipment, net	4,062,607	3,951,089
Right-of-use assets	319,863	355,237
Goodwill	537,233	541,493
Intangible assets, net	404,825	436,299
Other assets	130,445	91,410
Total assets	6,003,314	6,094,423
Current liabilities:
Accounts payable	47,933	34,477
Accrued expenses	123,578	128,606
Due to related parties	3,335	0
Contract liabilities, current	100,653	96,358
Operating lease liabilities, current	39,566	41,755
Finance lease liabilities, current	13,209	15,020
Total current liabilities	328,274	316,216
Contract liabilities, non-current	159,990	122,762
Long-term related party loan	75,000	0
Long-term debt, net of deferred financing costs	4,890,179	4,755,553
Operating lease liabilities, net of current portion	320,117	391,577
Finance lease liabilities, net of current portion	422,787	428,364
Deferred tax liabilities	154,669	165,600
Other liabilities, non-current	40,915	41,097
Total liabilities	6,391,931	6,221,169
Commitments and contingencies (Note 13)
Stockholders'/member's deficit:
Member's interest, 150,000 common shares authorized, 103,887 issued and outstanding as of December 31, 2025	0	1,094,620
Common stock, 1,000,000 common shares authorized, 103,887 issued and outstanding as of June 30, 2026	1,039	0
Additional paid-in capital	1,092,791	0
Accumulated deficit	(1,469,893)	(1,225,641)
Accumulated other comprehensive (loss) income	(12,554)	4,275
Total stockholders'/member's deficit	(388,617)	(126,746)
Total liabilities and stockholders'/member's deficit	$ 6,003,314	$ 6,094,423