Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Schedule of Stock-Based Compensation Expense and Equity-Based Compensation Expense |
The Company recognized stock-based compensation expense as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands) |
2026 |
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2025 |
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2026 |
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2025 |
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Restricted stock-based unit awards |
$ |
6,419 |
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$ |
4,552 |
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$ |
7,554 |
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$ |
8,198 |
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Other share-based awards |
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758 |
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2,032 |
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1,623 |
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4,871 |
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Total stock-based compensation before tax |
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7,177 |
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6,584 |
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9,177 |
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13,069 |
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Tax benefit |
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(1,430 |
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(1,134 |
) |
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(1,726 |
) |
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(2,144 |
) |
Total stock-based compensation expense included in net loss |
$ |
5,747 |
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$ |
5,450 |
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$ |
7,451 |
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$ |
10,925 |
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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. The maximum potential expense below assumes the maximum and threshold achievement level for periods not yet approved by the HCC. 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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2026 |
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10,700 |
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85,603 |
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171,206 |
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$ |
33.10 |
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$ |
2,940,462 |
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2.8 years |
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2025 |
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42,465 |
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127,396 |
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169,861 |
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$ |
32.65 |
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$ |
1,559,943 |
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1.8 years |
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2024 |
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16,973 |
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28,558 |
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31,525 |
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$ |
108.29 |
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$ |
698,449 |
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0.8 years |
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2023 |
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8,865 |
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8,865 |
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8,865 |
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$ |
75.40 |
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$ |
38,465 |
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0.3 years |
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| Employee Stock Option |
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| Summary of Stock Option Plan Activity |
During the six months ended June 30, 2026, the following activities involving nonqualified 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, 2026 |
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1,027,639 |
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$ |
111.56 |
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Granted |
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244,000 |
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$ |
50.00 |
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Forfeited |
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(142,693 |
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$ |
135.68 |
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Cancelled/Expired |
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(95,061 |
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$ |
82.05 |
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Outstanding at June 30, 2026 |
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1,033,885 |
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$ |
96.41 |
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6.1 years |
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$ |
2,403 |
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Exercisable at June 30, 2026 |
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433,123 |
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$ |
84.97 |
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5.7 years |
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$ |
801 |
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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 using a Black-Scholes option valuation model:
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Period Ended June 30, 2026 |
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Exercise Price |
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$ |
50.00 |
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Dividend yield |
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0.0 |
% |
Expected volatility |
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84.8 |
% |
Risk-free interest rate |
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4.0 |
% |
Expected term |
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6.5 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 six months ended June 30, 2026:
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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, 2026 |
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314,483 |
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$ |
49.20 |
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Granted |
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85,603 |
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$ |
33.10 |
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Distributed |
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(63,726 |
) |
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$ |
51.06 |
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Forfeited |
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(33,013 |
) |
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$ |
53.44 |
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PSU performance adjustment (1) |
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(52,925 |
) |
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$ |
52.34 |
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Outstanding at June 30, 2026 (2) |
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250,422 |
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$ |
42.63 |
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(1) Adjusted for final 2023 performance achievement as approved by the HCC at 117.5%. (2) PSU award activity for each year used in the three year average achievement is presented at target until three year average achievement is approved by the HCC, at which point the awards are adjusted as outstanding awards, subject to additional performance requirements, TSR 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 six months ended June 30, 2026, 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, 2026 |
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925,673 |
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$ |
42.64 |
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Granted |
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945,773 |
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$ |
33.30 |
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Distributed |
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(372,040 |
) |
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$ |
46.07 |
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Forfeited |
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(86,167 |
) |
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$ |
41.04 |
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Outstanding at June 30, 2026 |
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1,413,239 |
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$ |
35.58 |
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