| Schedule of Stockholder's Deficit |
The below table summarizes the activity during the six months ended June 30, 2026 related to the Offering: | | | | | | Six Months Ended | (In millions) | | June 30, 2026 | Shares issued direct offering | | | 95.3 | Direct offering gross proceeds | | $ | 200.0 | Placement fees paid | | $ | 11.0 | Other third-party issuance costs incurred | | $ | 0.2 | Other third-party issuance costs paid | | $ | 0.2 |
The below table summarizes the activity of the various “at-the-market” offerings for the six months ended June 30, 2026 and June 30, 2025: | | | | | | | | | Six Months Ended | (In millions) | | June 30, 2026 | | June 30, 2025 | Shares issued through at-the-market offering | | | 105.3 | | | 17.1 | At-the-market offering gross proceeds | | $ | 150.0 | | $ | 63.0 | Sales agent fees paid | | $ | 3.0 | | $ | 0.6 | Other third-party issuance costs incurred | | $ | 1.9 | | $ | 0.3 | Other third-party issuance costs paid | | $ | 1.2 | | $ | 1.5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | Class A | | Additional | | Other | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | (In millions, except share data) | | Shares | | Amount | | Capital | | Loss | | Deficit | | Deficit | Balances December 31, 2025 | | 512,943,561 | | $ | 5.1 | | $ | 7,121.5 | | $ | (42.2) | | $ | (8,979.2) | | $ | (1,894.8) | Net loss | | — | | | — | | | — | | | — | | | (117.1) | | | (117.1) | Other comprehensive loss | | — | | | — | | | — | | | (15.5) | | | — | | | (15.5) | Taxes paid for restricted unit withholdings | | — | | | — | | | (3.7) | | | — | | | — | | | (3.7) | Consent fees paid in shares | | 33,117,743 | | | 0.3 | | | 34.2 | | | — | | | — | | | 34.5 | Shares issued through at-the-market offerings | | 55,224,032 | | | 0.6 | | | 62.2 | | | — | | | — | | | 62.8 | Stock-based compensation (1) | | 3,937,759 | | | 0.1 | | | 7.2 | | | — | | | — | | | 7.3 | Balances March 31, 2026 | | 605,223,095 | | $ | 6.1 | | $ | 7,221.4 | | $ | (57.7) | | $ | (9,096.3) | | $ | (1,926.5) | Net loss | | — | | | — | | | — | | | — | | | (11.4) | | | (11.4) | Other comprehensive loss | | — | | | — | | | — | | | (16.0) | | | — | | | (16.0) | Shares issued through at-the-market offerings | | 50,029,248 | | | 0.5 | | | 81.8 | | | — | | | — | | | 82.3 | Shares issued through registered direct offering | | 95,250,000 | | | 0.9 | | | 187.9 | | | — | | | — | | | 188.8 | Shares issued upon exchange of New Exchangeable Notes | | 142,102,295 | | | 1.4 | | | 225.4 | | | — | | | — | | | 226.8 | Stock-based compensation | | — | | | — | | | 3.3 | | | — | | | — | | | 3.3 | Balances June 30, 2026 | | 892,604,638 | | $ | 8.9 | | $ | 7,719.8 | | $ | (73.7) | | $ | (9,107.7) | | $ | (1,452.7) |
| (1) | Includes 869,571 Common Stock shares awarded to the board of directors, and 3,068,188 vested Common Stock RSUs and PSUs. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | Class A | | Additional | | Other | | | | Total | | | Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ | (In millions, except share data) | | Shares | | Amount | | Capital | | Loss | | Deficit | | Deficit | Balances December 31, 2024 | | 414,417,797 | | $ | 4.1 | | $ | 6,714.2 | | $ | (132.0) | | $ | (8,346.8) | | $ | (1,760.5) | Net loss | | — | | | — | | | — | | | — | | | (202.1) | | | (202.1) | Other comprehensive income | | — | | | — | | | — | | | 52.7 | | | — | | | 52.7 | Taxes paid for restricted unit withholdings | | — | | | — | | | (4.4) | | | — | | | — | | | (4.4) | Shares issued and proceeds received through at-the-market offerings and forward agreements | | 17,052,756 | | | 0.2 | | | 170.6 | | | — | | | — | | | 170.8 | Stock-based compensation (1) | | 1,673,008 | | | — | | | 5.7 | | | — | | | — | | | 5.7 | Balances March 31, 2025 | | 433,143,561 | | $ | 4.3 | | $ | 6,886.1 | | $ | (79.3) | | $ | (8,548.9) | | $ | (1,737.8) | Net loss | | — | | | — | | | — | | | — | | | (4.7) | | | (4.7) | Other comprehensive income | | — | | | — | | | — | | | 11.1 | | | — | | | 11.1 | Stock-based compensation | | — | | | — | | | 6.0 | | | — | | | — | | | 6.0 | Balances June 30, 2025 | | 433,143,561 | | $ | 4.3 | | $ | 6,892.1 | | $ | (68.2) | | $ | (8,553.6) | | $ | (1,725.4) |
| (1) | Includes 370,586 Common Stock shares awarded to the board of directors and 1,302,422 vested Common Stock RSUs and PSUs. |
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| Schedule of Nonvested RSU and PSU Activity |
| | | | | | | | | | | | | RSUs | | PSUs | | | | | Weighted | | | | Weighted | | | | | Average | | | | Average | | | Number of | | Grant Date | | Number of | | Grant Date | | | RSUs | | Fair Value | | PSUs | | Fair Value | Nonvested at December 31, 2025 | | 4,573,078 | | $ | 4.73 | | 324,969 | | $ | 3.57 | Granted (1) | | — | | | — | | 3,448,938 | | | 1.24 | Granted - Special Award | | — | | | — | | 3,778,642 | | | 1.22 | Vested | | (942,900) | | | 5.82 | | (119,307) | | | 3.57 | Vested - Special Award | | — | | | — | | (2,005,981) | | | 1.22 | Cancelled (2) | | (882,087) | | | 5.95 | | (97,339) | | | 3.57 | Cancelled - Special Award (2) | | — | | | — | | (1,772,661) | | | 1.22 | Nonvested at June 30, 2026 | | 2,748,091 | | | 3.96 | | 3,557,261 | | | 1.35 | Tranche Year 2027 awarded under the 2025 PSU award with grant date fair values to be determined in year 2027 (3) | | — | | | | | 1,213,279 | | | | Total nonvested at June 30, 2026 | | 2,748,091 | | | | | 4,770,540 | | | |
| (1) | The number of PSUs granted under the 2026 Tranche Year assumes the Company will vest at 185% for the Adjusted EBITDA performance target, 200% for the free cash flow performance target, and 133% for the strategic initiatives performance target. |
| (2) | Represents vested RSUs and PSUs surrendered in lieu of taxes. As a result, the Company paid taxes for restricted unit withholdings of approximately $3.7 million during the six months ended June 30, 2026. |
| (3) | Assumes PSUs will vest at 100% of targets. |
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