v3.25.1
Share-based Compensation (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Summary of Discount was Determined Using the Finnerty Model   The discount was determined using the Finnerty Model using the following assumptions:
 
    
Year ended December 31,

2024
 
Volatility
     60.0
Expected life (in months)
     6.0  
Risk-free rate
     4.3
Fair value per unit
   $ 14.00  
Summary of Class B Common Stock, Issued as Incentive Awards, Activity  
Class B common stock, issued as incentive awards, activity is as follows during the periods indicated:
 
    
Class B Common Stock
    
Weighted Average Grant

Date Fair Value
 
Unvested at September 27, 2024
          $  
Granted
     12,321,282      $ 12.67  
Vested
     (11,070,502    $ 12.60  
Forfeited
     (7,074    $ 13.30  
  
 
 
    
Unvested at December 31, 2024
     1,243,706      $ 13.30  
  
 
 
    
Summary of Restricted Stock Unit Activity  
Restricted Stock Unit activity was as follows during the periods indicated:
 
    
Restricted Stock Units
    
Weighted Average Grant

Date Fair Value
 
Unvested at September 27, 2024
          $  
Granted
     10,713      $ 14.00  
Forfeited
          $  
  
 
 
    
Unvested at December 31, 2024
     10,713      $ 14.00  
  
 
 
    
Summary of Share-based Compensation Expense
Share-based compensation expense is recorded to selling, general, and administrative expenses in the consolidated statements of operations, and is as follows for the periods indicated:
 
 
  
Three Months Ended March 31,
 
 
  
 2024 
 
  
 2025 
 
Pre-IPO
awards
   $ 5,945      $ —     
Unvested Class A and B common stock
     —           3,384  
Restricted stock units
     —           584  
  
 
 
    
 
 
 
Total share-based compensation expense
   $ 5,945      $ 3,968  
  
 
 
    
 
 
 
 
Schedule of Unamortized Share Based Compensation Incentive Awards
As of March 31, 2025, unamortized share-based compensation costs related to share-based incentive awards is as follows (in thousands, except for
the
remaining service period):
 
 
  
Amount
 
  
Weighted Average
Remaining Service Period
(years)
 
Unvested Class A and B common stock
   $ 6,661        0.5  
Restricted stock units
     11,779        2.9  
  
 
 
    
Total unamortized share-based compensation cost
   $ 18,440     
  
 
 
    
As of December 31, 2024, unamortized share-based compensation costs related to each share-based incentive award described above is as follows (in thousands, except for the remaining service period):
 
    
Amount
    
Weighted Average

Remaining Service Period

(years)
 
Class B common stock
   $ 10,050        0.7  
Restricted stock units
     75        0.3  
  
 
 
    
Total unamortized share-based compensation cost
   $ 10,125