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Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Note 7 - Stockholders' Equity
The Company is authorized to issue up to 350,000,000 shares of common stock, par value $0.01 per share. As of June 30, 2026 and
December 31, 2025, the Company had 71,388,065 and 76,979,625 shares of common stock issued and outstanding.
The Company is authorized to issue 30,000,000 shares of preferred stock, par value $0.01 per share. No preferred shares are issued or
outstanding.
Issuance of Common Stock
In March 2025, the Company announced the completion of its previously announced acquisition of Maverick. The transaction was
funded in part through the issuance of 21,194,213 new shares of common stock directly to the unitholders of Maverick. The total value
of the stock consideration was $253 million, excluding transaction costs of $0.4 million, based on the Company’s stock price on the
NYSE on the closing date of the Maverick transaction.
In February 2025, the Company issued 8,500,000 new shares of common stock at $14.50 per share to raise gross proceeds of $123
million, excluding transaction costs of $6 million. The Company used the net proceeds to repay a portion of the debt incurred in
connection with the Maverick acquisition.
For further details related to acquisitions, refer to Note 2.
Treasury Stock
The Company’s holdings in its own equity instruments are classified as treasury stock. The consideration paid, along with any directly
attributable incremental costs, is deducted from the Company’s stockholders’ equity until the shares are either cancelled or reissued.
No gain or loss is recognized in the Consolidated Statements of Comprehensive Income (Loss) upon the purchase, sale, issuance, or
cancellation of treasury stock.
Employee Benefit Trust (“EBT”)
In March 2022, the Company established the EBT to benefit its employees. The Company provides funding to the EBT to facilitate the
acquisition of shares. These shares are held in the EBT to fulfill awards and grants under the Company’s 2017 and 2025 Equity
Incentive Plans and the Employee Stock Purchase Plan (the “ESPP”). Shares held in the EBT are treated in the same manner as
treasury stock and are thus included in the Condensed Consolidated Financial Statements as treasury stock. No shares were acquired
by the EBT during the six months ended June 30, 2026 and 2025. As of June 30, 2026, the EBT held a total of 1,662,012 shares. For
further details related to share-based compensation, refer to Note 8.
Stock Repurchase Program
During the six months ended June 30, 2026, the Company repurchased 5,978,251 shares of common stock at an average price of
$14.08 per share, amounting to a total of $84 million and representing 8% of common stock issued and outstanding as of June 30,
2026. During the six months ended June 30, 2025, the Company repurchased 2,581,827 shares of common stock at an average price of
$13.33 per share, amounting to a total of $34 million and representing 3% of common stock issued and outstanding as of June 30,
2025.
The Company has recorded the repurchase of these shares of common stock as a reduction in common stock and additional paid in
capital. All repurchased shares of common stock were cancelled upon repurchase. As of June 30, 2026 and December 31, 2025, the
par value of the cancelled shares was retired from common stock in the Condensed Consolidated Balance Sheets.
Dividends
Dividends are declared at the discretion of the Board of Directors and are subject to applicable law and contractual restrictions.
Dividends are paid to holders of record as of the record date. Dividends are waived on shares held in the EBT.
The Company’s ability to pay dividends is subject to certain restrictions under its Credit Facility and other debt agreements, which
may limit dividend payments based on leverage ratios and other financial covenants. Refer to Note 10 for additional information.