Equity Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Stockholders' Equity Note [Abstract] | |
| Equity Transactions | Equity Transactions Preferred Stock The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have been converted to common stock. The remaining 0.5 million authorized shares of preferred stock remained undesignated and unissued as of September 30, 2026 and December 31, 2025. As of September 30, 2026 and December 31, 2025, there were no outstanding shares of preferred stock, as all previously designated and issued preferred stock was converted into common stock in prior periods. Dividends Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. In December 2022, the Company’s Board of Directors initiated a quarterly dividend. The Company paid dividends of $0.15 per share of common stock for each of the three months ended March 31, June 30 and September 30, 2026, resulting in total payments to stockholders of $49.0 million for the nine months ended September 30, 2026. The Company paid dividends of $0.14 per share of common stock for each of the three months ended March 31 and June 30, 2025, and a dividend of $0.15 per share of common stock for the three months ended September 30, 2025, resulting in total dividend payments for the nine months ended September 30, 2025 of $46.9 million. The Company’s liability related to dividends on common shares underlying unvested restricted stock units (“RSUs”) was $3.9 million and $3.5 million as of September 30, 2026 and December 31, 2025, respectively. Share Repurchase Program Since February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,500.0 million of the Company’s common stock. The most recent share repurchase program for $500.0 million through December 31, 2027, was approved in September 2024. On June 28, 2026, the Company’s Board of Directors terminated this share repurchase program in connection with entering into the Agreement and Plan of Merger with Rocket Lab (see Note 15). The Company repurchased and subsequently retired 1.9 million and 6.8 million shares of its common stock during the three and nine months ended September 30, 2025, respectively, for a total purchase price of $50.0 million and $185.0 million, respectively, exclusive of $0.4 million and $1.5 million, respectively, of excise taxes incurred. The Company made no share repurchases in the nine months ended September 30, 2026, and, following the June 28, 2026 termination of the most recent program, does not have an active share repurchase program in place.
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