v3.26.3
Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment arrangement expense
Share-based compensation consisted of the following for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30, Nine months ended September 30,
2026202520262025
Equity-classified awards:
Stock options$1,494 $2,180 $4,634 $6,185 
Performance stock units4,395 4,004 12,715 4,986 
Restricted stock units8,156 3,041 16,830 8,611 
Share-based compensation expense: equity-classified awards14,045 9,225 34,179 19,782 
Liability-classified awards:
Virtual share option awards(1)
— 1,069 (199)3,613 
Share-based compensation expense: liability-settled awards— 1,069 (199)3,613 
Total share-based compensation expense$14,045 $10,294 $33,980 $23,395 
(1) Includes the cumulative share-based compensation expense recognized for VSOs granted during the second quarter of 2025, for which the requisite service periods retroactively commenced in January 2023. During the nine months ended September 30, 2026, the Company recorded a benefit of $0.2 million related to a true-up of the liability associated with certain VSOs, which reduced share-based compensation expense during the period.
Schedule of stock option activity
The total intrinsic value of stock options exercised and the total fair value of stock options vested during the nine months ended September 30, 2026 and 2025 were as follows:
Nine months ended September 30,
20262025
Total intrinsic value of options exercised$10,867 $4,767 
Total fair value of options vested4,678 4,816 
The Company's stock option activity during the nine months ended September 30, 2026 were as follows:
Number of
options		Weighted
average
exercise price		Weighted average remaining contractual life
(years) 		Aggregate intrinsic value
Outstanding at January 1, 2026
10,618,602 $8.658 
Forfeited(670,855)4.596 
Cancelled under the Option Exchange Program(3,305,683)15.912 
Expired(282,827)24.889 
Exercised(1,572,346)1.292 
Granted241,645 9.449 
Outstanding at September 30, 20265,028,536 $5.858 7.19$26,413 
Options exercisable at September 30, 20262,359,455 $7.388 5.60$10,677 
Schedule of fair value assumptions
Significant assumptions used to estimate the fair value of the Company's stock options granted during the nine months ended September 30, 2026 and 2025 were as follows:
Nine months ended September 30,
20262025
Expected volatility
  82% — 85%
72% — 74%
Expected life in years
5.38 — 6.05
     6.16 — 6.24
Expected dividends(1)
—%
—%
Risk-free interest rate (based on government bonds)
3.89% — 4.84%
3.81% — 4.21%
(1) The Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.
Schedule of restricted stock units activity
The Company's PSU activity during the nine months ended September 30, 2026 were as follows:
Number of PSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 2026
3,263,478 $3.180 
Forfeited(622,681)2.811 
Vested(1)
(928,214)3.623 
Granted2,025,655 6.788 
Unvested at September 30, 20263,738,238 $5.096 
Inception-to-date PSUs vested at September 30, 20261,180,376 $4.872 
(1) Includes 320,791 SVS, at a weighted-average fair value of $6.855, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of PSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.
The Company's RSU activity during the nine months ended September 30, 2026 were as follows:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 2026
8,848,666 $4.830 
Forfeited(740,423)5.528 
Vested(1)
(2,636,879)4.315 
Granted under the Option Exchange Program3,305,683 6.020 
Granted2,888,413 8.980 
Unvested at September 30, 202611,665,460 $6.274 
Inception-to-date RSUs vested at September 30, 20266,530,078 $12.329 
(1) Includes 598,324 SVS, at a weighted-average fair value of $7.080, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of RSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.