v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 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(386,900)5.65 
Forfeited(21,581)17.97 
Balance at June 30, 20267,126,184 $10.48 5.99$109,137 
Exercisable at June 30, 20267,126,184 $10.48 5.99$109,137 
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 
Granted2,435,096 22.52 
Vested(1,695,847)24.68 
Forfeited(98,413)23.35 
Unvested and outstanding at June 30, 20264,488,019 $23.29 
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(21,535)23.88 
Unvested and outstanding at June 30, 20262,775,188 $24.97 
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 June 30,For the Six Months Ended June 30,
(Dollars in thousands)
2026202520262025
Cost of platform$6,200 $7,223 $12,923 $13,194 
Sales and marketing1,677 1,488 3,467 2,690 
General and administrative11,519 10,138 24,927 20,755 
Total stock-based compensation$19,396 $18,849 $41,317 $36,639