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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | Stockholders' Equity Share Repurchases During the year ended December 31, 2025, we had no cash repurchases of our common stock. During the year ended December 31, 2024, we received a total of 2,115,952 shares of our common stock related to the final delivery of our November 2023 accelerated share repurchase (ASR) agreement, which were retired immediately. The November 2023 ASR settled, and we were not required to make any additional cash payments or delivery of common stock to the financial institution upon settlement. During the year ended December 31, 2023, we repurchased a total of 26,505,979 shares of our common stock, which included the initial delivery of 13,498,313 shares from our November 2023 ASR, 3,433,157 shares from open market transactions in June 2023, and the total delivery of 9,574,509 shares from our February 2023 ASR, all of which were retired immediately. Share-based Compensation Expense The following table presents total share-based compensation expense recorded (in thousands):
During the years ended December 31, 2025, 2024 and 2023, we capitalized share-based compensation expense of $1.0 million, $4.9 million, and $3.3 million, respectively, which is included within property and equipment, net on our consolidated balance sheets. As of December 31, 2025, we had a total of approximately $10.6 million of unrecognized share-based compensation expense, related to unvested RSUs and PSUs, that is expected to be recognized over the remaining weighted average period of 1.44. PSUs with Financial and Strategic Performance Targets In June 2024 and March 2023 we granted PSUs to certain executives. The PSUs entitle the executives to receive a certain number of shares of our common stock based on our satisfaction of certain financial and strategic performance targets. Based on the achievement of the performance conditions for the June 2024 and March 2023 PSUs, the final settlement partially met the target threshold, based on a specified objective formula approved by the Compensation Committee of the Board. The June 2024 and March 2023 PSUs vest over either a one-year or three-year period. During the years ended December 31, 2024 and 2023, the number of shares underlying the June 2024 and March 2023 PSUs totaled 693,750 and 565,341, respectively, and each had a grant date fair value per share of $3.61 and $15.89, respectively. 2025 PSUs with Market-Based Conditions In November 2025, we granted PSUs with market-based conditions to our CEO and CFO. The number of PSUs granted totaled 4,350,000 shares and had a weighted average grant date fair value of $0.62 per share. There are four tranches for the PSUs with 1,087,500 shares underlying each tranche. Each tranche requires the volume-weighted average per share price of our common stock for a period of 60 consecutive trading days to reach $1.88, $2.19, $2.50 or $2.81, respectively, for achievement. No payout will be made for performance below the first performance goal of $1.88. These PSUs have a performance period of three years and will vest based on achievement of the performance goals underlying each tranche with the initial vesting to occur in April 2027 for any of the tranches achieved at that date and final vesting occurring in October 2028 for any of the tranches not previously achieved, subject to continued service over the requisite period. As of December 31, 2025, the market-based conditions have not been met. Fair Value of 2025 PSUs with Market-Based Conditions We estimate the fair value of the PSUs using a Monte Carlo simulation approach, which utilizes the fair value of our common stock based on an active market and requires input on the following subjective assumptions: Expected Term. The expected term is from the grant date to the end of the performance period. Expected Volatility. The expected volatility is based on the historical average volatility of our stock price over the expected term. Expected Dividends. The dividend assumption is based on our historical experience. To date we have not paid any dividends on our common stock. Risk-Free Interest Rate. The risk-free interest rate used in the valuation method is the implied yield on the U.S. treasury zero-coupon issues, with a remaining term equal to the expected term. The following table presents the key assumptions used to determine the fair value of the awards:
Fair Value of ESPP Under the ESPP, rights to purchase shares are granted during the second and fourth quarter of each year. We estimate the fair value of each right to purchase shares using the Black-Scholes-Merton option-pricing model, which utilizes the fair value of our common stock based on active market and requires input on the following subjective assumptions: Expected Term. The expected term for rights to purchase shares is six months. Expected Volatility. The expected volatility is based on the average volatility of our stock price over the expected term. Expected Dividends. The dividend assumption is based on our historical experience. To date we have not paid any dividends on our common stock. Risk-Free Interest Rate. The risk-free interest rate used in the valuation method is the implied yield on the United States treasury zero-coupon issues, with a remaining term equal to the expected term. The following table presents the key assumptions used to determine the fair value of rights granted under the ESPP:
Stockholder's Equity Activity RSU and PSU Activity
The weighted-average grant-date fair value of RSUs and PSUs granted during the years ended December 31, 2025, 2024, and 2023 was $1.11, $4.24, and $14.58, respectively. The total fair value of RSUs and PSUs vested as of the vesting dates during the years ended December 31, 2025, 2024, and 2023 was $7.9 million, $26.1 million, and $45.3 million, respectively. ESPP Activity There were 811,545, 859,302 and 454,533 shares purchased during the years ended December 31, 2025, 2024 and 2023, respectively, at an average price per share of $0.72, $3.05 and $8.10, respectively, with cash proceeds from the issuance of shares of $0.6 million, $2.6 million and $3.7 million, respectively. Share-based compensation expense related to ESPP was $0.4 million, $1.5 million, and $2.5 million during the years ended December 31, 2025, 2024 and 2023, respectively. Stock Option Activity
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