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Treasury Shares
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Treasury Shares

Note 19 Treasury Shares

During 2025, the Company repurchased an aggregate of 274,490 shares of Class A common stock for a total cost of $43.7 million, inclusive of transaction costs, under the share repurchase programs then in effect. Refer to Note 21, Treasury Shares, in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.

On February 27, 2026, the Company's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $300.0 million of its outstanding Class A common stock (the "Repurchase Program"), which replaced the Company's prior $125.0 million program. Prior to being replaced, approximately $113.3 million remained available under the prior program. Under the Repurchase Program, repurchases may be made from time to time through open market transactions, privately negotiated transactions, block trades, accelerated share repurchase agreements, trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or other means as management may determine. The Repurchase Program does not obligate the Company to acquire any particular number of shares. The timing, price, and volume of repurchases are subject to management's discretion and depend on market conditions, share price, legal requirements, available liquidity, and other factors. The Company may suspend or discontinue the Repurchase Program at any time without prior notice. The Repurchase Program has no expiration date.

During the three months ended March 31, 2026, the Company repurchased shares of its Class A common stock under the Repurchase Program as follows:

In connection with the offering of the 2031 Notes (see Note 8, Convertible Notes), on March 9, 2026, the Company repurchased 334,600 shares in privately negotiated transactions effected through J.P. Morgan Securities LLC, as agent, at a price of $210.67 per share (the closing price on the date of pricing), for an aggregate cost of approximately $70.5 million, funded from the net proceeds of the offering.
Additionally, during March 2026, the Company repurchased 578,022 shares through open market transactions for an aggregate cost of approximately $116.2 million, inclusive of commissions and transaction costs, funded from general corporate funds.

In total, during the three months ended March 31, 2026, the Company repurchased 912,622 shares of Class A common stock for an aggregate cost of approximately $186.7 million under the Repurchase Program.

All repurchased shares are recorded as treasury shares at cost as a component of stockholders' equity on the condensed consolidated balance sheets. No treasury shares were retired or reissued during the three months ended March 31, 2026. As of March 31, 2026, approximately $113.3 million remained available for future repurchases under the Repurchase Program.