v3.26.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Stock Options Activity
The following table summarizes stock option activity under the PH Parent Option Plan and the Plan:
Number of SharesWeighted-
Average
 Exercise Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate Intrinsic
Value
(in thousands)
Balance at December 31, 20257,534,665 $10.26 6.28$102,102 
Granted— — 
Exercised(128,215)3.18 
Forfeited(5,538)4.31 
Balance at March 31, 20267,400,912 $10.38 6.13$83,298 
Exercisable at March 31, 20267,384,690 $10.35 6.13$83,298 
Schedule of RSU Activity
The following table summarizes the RSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 20253,847,183 $24.39 
Granted2,294,160 22.48 
Vested(1,294,191)24.05 
Forfeited(27,460)23.30 
Unvested and outstanding at March 31, 20264,819,692 $23.58 
Schedule of PSU Activity
The following table summarizes the PSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 20252,443,331 $26.41 
Granted
974,645 22.47 
Vested(621,253)27.99 
Forfeited— — 
Unvested and outstanding at March 31, 20262,796,723 $24.96 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:
For the Three Months Ended March 31,
(Dollars in thousands)
20262025
Cost of platform$6,723 $5,971 
Sales and marketing1,791 1,203 
General and administrative13,407 10,616 
Total stock-based compensation$21,921 $17,790