v3.26.1
Equity (Policies)
6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity, Policy
5. Stockholders’ equity (deficit)
Stock Repurchase Program. On January 27, 2022, the Company’s board of directors authorized the repurchase of up to $100.0 million of its Class A common stock, and on February 9, 2023, the Company’s board of directors authorized the repurchase of an additional $40.0 million of its Class A common stock. Stock repurchases under the program may be made periodically using a variety of methods, including without limitation, open market purchases, block trades or otherwise in compliance with all federal and state securities laws and state corporate law and in accordance with the single broker, timing, price, and volume guidelines set forth in Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as such guidelines may be modified by the SEC from time to time. This stock repurchase program has no time limit and may be modified, suspended, or discontinued at any time. The Company currently intends to hold its repurchased shares as treasury stock.
As of June 30, 2026, the remaining amount of share repurchases under the program was $60.4 million. The Company did not repurchase any shares during the three and six months ended June 30, 2026 and 2025.
Conversion of Convertible Debentures. During the three and six months ended June 30, 2026, the Company issued 15.5 million shares of the Company’s Class A common stock to YA II PN as repayment upon conversion of a principal amount of $11.2 million of Convertible Debentures.