v3.26.3
Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Stock Options Activity
The following table summarizes stock option activity under the PH Parent Option Plan and the Plan:
Number of SharesWeighted-
Average
 Exercise Price		Weighted-
Average
Remaining
Contractual
Life		Aggregate Intrinsic
Value
(in thousands)
Balance at December 31, 20257,534,665 $10.26 6.28$102,102 
Granted— — 
Exercised(1,785,162)4.18 
Forfeited(28,014)18.22 
Balance at September 30, 20265,721,489 $12.11 2.76$53,154 
Exercisable at September 30, 20265,721,489 $12.11 2.76$53,154 
Schedule of RSU Activity
The following table summarizes the RSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 20253,847,183 $24.39 
Granted2,465,199 22.51 
Vested(1,740,494)24.74 
Forfeited(173,120)23.27 
Unvested and outstanding at September 30, 20264,398,768 $23.25 
Schedule of PSU Activity
The following table summarizes the PSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 20252,443,331 $26.41 
Granted
974,645 22.47 
Vested(621,253)27.99 
Forfeited(30,368)23.47 
Unvested and outstanding at September 30, 20262,766,355 $24.98 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(Dollars in thousands)
2026202520262025
Cost of platform$5,489 $6,785 $18,411 $19,979 
Sales and marketing1,282 1,462 4,749 4,152 
General and administrative7,261 10,730 32,189 31,485 
Total stock-based compensation$14,032 $18,977 $55,349 $55,616