STOCKHOLDERS' EQUITY |
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Warrants — As of September 30, 2026 and December 31, 2025, the Company had warrants outstanding which entitle holders to purchase an immaterial number of shares of common stock. Share Repurchase Program — In January 2026, the Company’s Board of Directors approved an increase to its 2025 share repurchase program authorization from $500.0 million to $1.0 billion of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date. Under the terms of the Merger Agreement (as defined herein), during the period from the execution of the Merger Agreement until the earlier of the effective time of the Merger or termination of the Merger Agreement, the Company is not permitted to redeem, repurchase or otherwise acquire any of its capital stock or other equity or voting interests without the prior written consent of Parent (which consent may not be unreasonably withheld, conditioned or delayed), subject to customary exceptions. See Note 18, Subsequent Events, for further discussion of the Merger Agreement. During the three months ended September 30, 2026, the Company did not make any share repurchases. During the nine months ended September 30, 2026, the Company purchased 7,880,038 shares of common stock for an average share price of $21.26, totaling $167.5 million. During the three and nine months ended September 30, 2025, the Company purchased 2,205,535 and 6,805,621 shares of common stock for an average share price of $28.32 and $31.22, totaling $62.5 million and $212.5 million, respectively. All repurchased shares became treasury stock. As of September 30, 2026, the Company is authorized to repurchase up to a remaining $525.0 million of common stock of the Company. Shares Outstanding — The following table shows the Company’s changes in shares of common stock for the three and nine months ended September 30, 2026 and 2025 (in thousands):
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