v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity
10. Equity
Common shares:
We have two classes of authorized common shares with a par value of $0.0000011951862 per share.
As of both June 30, 2026 and December 31, 2025, there were 500,000,000 Class A and 140,000,000 Class B shares authorized.
The following table shows a roll forward of our common shares issued and outstanding for the three and six months ended June 30, 2026:
Three Months Ended June 30, 2026Class AClass BTotal
Common shares as of April 1, 2026115,973,643105,402,146221,375,789
Shares converted from Class B to Class A6,762,273(6,762,273)—
Shares repurchased and retired(4,725,968)—(4,725,968)
Net shares issued for vested restricted share units268,224—268,224
Common shares as of June 30, 2026118,278,17298,639,873216,918,045
Six Months Ended June 30, 2026Class AClass BTotal
Common shares as of January 1, 2026114,580,918107,241,428221,822,346
Shares converted from Class B to Class A8,601,555(8,601,555)—
Shares repurchased and retired(5,554,301)—(5,554,301)
Net shares issued for vested restricted share units650,000—650,000
Common shares as of June 30, 2026118,278,17298,639,873216,918,045
Preference shares:
As of June 30, 2026 and December 31, 2025, there were 100,000,000 preference shares authorized and no preference shares issued and outstanding. The Board of Directors is authorized, without any action by our shareholders, to designate and issue preference shares in one or more classes and to designate the powers, preferences and rights of each class, which may be greater than the rights of our common shares.
Share repurchase and retirement:
On March 18, 2026, the Board of Directors approved a share repurchase program with respect to our Class A common shares in an amount not to exceed $200 million in the aggregate (excluding any fees, commission, taxes or other expenses associated with such repurchases), with such purchases to be completed on or before December 31, 2028, unless earlier modified, suspended, or terminated by the Board (the “Repurchase Program”). Under the Repurchase Program, shares may be purchased from time to time, at the Company’s discretion and subject to the market conditions, share price, alternative uses for capital, our financial performance and other potential factors. These purchases may be carried out through open market purchases, accelerated share repurchase plans, negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Shares repurchased under this program are retired and cancelled upon repurchase. During the three months ended June 30, 2026, we repurchased and retired 4,725,968 common shares for $66.4 million under the Repurchase Program, reflected as a reduction to additional paid-in-capital. During the six months ended June 30, 2026, we repurchased and retired 5,554,301 common shares for $77.3 million under the Repurchase Program.
As of June 30, 2026, we had outstanding approval to purchase up to $122.7 million, in the aggregate, of our outstanding common share under the Repurchase Program.
In addition, during the three months ended June 30, 2026, we acquired 174,026 common shares related to employee tax withholding obligations associated with employee incentive plans for $2.4 million which were retired in the same period. During the six months ended June 30, 2026, we acquired 403,288 common shares related to employee tax withholding obligations associated with employee incentive plans for $5.3 million which were retired in the same period.
The excess of the repurchase price over the par value of the common shares was required to be reflected as a reduction to additional paid-in capital presented within our condensed consolidated statement of shareholders’ equity as we have an accumulated deficit.