Stock-Based Compensation and Other Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Schedule of Stock-Based Compensation Expense and Equity-Based Compensation Expense |
The Company recognized stock-based compensation expense and equity-based compensation expense as follows:
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Year Ended December 31, |
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(in thousands) |
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2025 |
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2024 |
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2023 |
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Restricted stock-based unit awards |
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$ |
19,101 |
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$ |
17,731 |
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$ |
22,177 |
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Other share-based awards |
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7,814 |
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13,288 |
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|
13,090 |
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Total stock-based compensation before tax |
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26,915 |
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31,019 |
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35,267 |
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Tax benefit |
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(5,487 |
) |
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(5,050 |
) |
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(8,005 |
) |
Total stock-based compensation expense included in net loss |
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$ |
21,428 |
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$ |
25,969 |
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$ |
27,262 |
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| Summary of Performance Stock Units |
The following table presents the number of PSUs that would potentially be issued upon achievement of performance criteria at threshold, target and maximum along with the maximum potential expense if the Maximum Goals were met for these awards. Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring.
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Year Granted |
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Number of
Shares
Threshold |
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Number of
Shares
Target |
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Number of
Shares
Maximum |
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Weighted Average Grant Date Fair Value Per Share |
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Maximum Remaining Unrecognized Compensation Expense |
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Weighted-average remaining requisite service periods |
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2025 |
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— |
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3,647,842 |
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7,295,684 |
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$ |
1.31 |
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$ |
5,284,685 |
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2.3 years |
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2024 |
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|
360,689 |
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843,388 |
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1,265,082 |
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$ |
4.35 |
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$ |
1,165,249 |
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1.4 years |
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2023 |
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3,371,860 |
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3,371,860 |
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3,371,860 |
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$ |
2.10 |
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$ |
796,609 |
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0.4 years |
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| Employee Stock Option |
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| Summary of Stock Option Plan Activity |
During the year ended December 31, 2025, the following activities involving stock options occurred under the Plan:
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Stock Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value
(in thousands) |
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Outstanding at January 1, 2025 |
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20,433,018 |
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$ |
5.75 |
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Granted |
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7,216,054 |
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$ |
1.31 |
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Forfeited |
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(1,811,428 |
) |
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$ |
6.59 |
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Cancelled/Expired |
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(146,373 |
) |
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$ |
2.83 |
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Outstanding at December 31, 2025 |
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25,691,271 |
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$ |
4.46 |
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6.2 years |
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$ |
— |
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Exercisable at December 31, 2025 |
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8,071,629 |
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$ |
3.36 |
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6.2 years |
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$ |
— |
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| Schedule of Assumption Used to Determine Fair Value |
The fair value of the employee stock options was estimated using the following weighted average assumptions:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Dividend yield |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
Expected volatility |
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57.7 |
% |
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40.0 |
% |
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40.0 |
% |
Risk-free interest rate |
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3.6 |
% |
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4.7 |
% |
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3.5 |
% |
Expected term |
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4.5 years |
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4.5 years |
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6.4 years |
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| PSU [Member] |
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| Summary of Stock Option Plan Activity |
The following table summarizes the PSU activity for the year ended December 31, 2025:
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Performance Share Units |
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Weighted Average Grant
Date Fair Value |
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Outstanding at January 1, 2025 |
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6,770,840 |
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$ |
2.56 |
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Granted |
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4,005,531 |
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$ |
1.30 |
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Distributed |
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(1,652,830 |
) |
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$ |
2.22 |
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Forfeited |
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(1,548,872 |
) |
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$ |
2.19 |
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PSU performance adjustment (1) |
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288,421 |
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$ |
4.33 |
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Outstanding at December 31, 2025 (2) |
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7,863,090 |
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$ |
1.97 |
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(1)The number of PSUs outstanding was adjusted during the first quarter of fiscal year 2025, to reflect the 128.3% achievement level approved by the HCC for fiscal year 2024. (2)PSU award activity is presented at target until the period in which the HCC approves the achievement percentages, at which point the awards are adjusted accordingly, subject to additional performance requirements and service-based vesting conditions.
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| Restricted Stock Units (RSUs) [Member] |
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| Summary of Stock Option Plan Activity |
During the year ended December 31, 2025, the following activities involving RSUs occurred under the Plan:
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Number of RSUs |
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Weighted Average Grant
Date Fair Value |
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Outstanding at January 1, 2025 |
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11,817,446 |
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$ |
3.28 |
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Granted |
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21,161,919 |
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$ |
1.30 |
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Distributed |
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(5,900,414 |
) |
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$ |
3.18 |
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Forfeited |
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(3,936,324 |
) |
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$ |
1.93 |
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Outstanding at December 31, 2025 |
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23,142,627 |
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$ |
1.71 |
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