XML 55 R40.htm IDEA: XBRL DOCUMENT v3.25.4
COMPENSATION ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The stock-based compensation expense, net of capitalization related to stock awards issued under the 2011 Plan are presented within the following line items of the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Cost of revenue $47 $121 $119 
Marketing440 52 53 
Selling, general and administrative37,287 26,561 14,309 
Total stock-based compensation expense (1)
$37,774 $26,734 $14,481 
(1)    Excludes expense related to the 2024 Executive PSUs that were required to be settled in cash.
Schedule of Restricted Stock Unit Activity
The table below summarizes RSUs activity under the 2011 Plan for the year ended December 31, 2025:
RSUs
Weighted- Average Grant Date Fair Value (per share)
Unvested at December 31, 2024711,346 $11.18 
Granted252,882 13.43 
Vested(317,668)13.99 
Forfeited(200,116)12.09 
Reclassified from Liability (1)
109,120 $33.91 
Unvested at December 31, 2025555,564 $17.36 
(1)    Reclassification of liability-classified 2024 Executive PSUs following modification of the award to equity-classified units as of June 26, 2025. Please refer to the modification details in the "Liability-classified 2024 Executive PSU" section below.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The weighted-average assumptions for stock options granted are outlined in the following table:
Dividend yield0.0 %
Risk-free interest rate4.1 %
Expected term (in years)2.00
Expected volatility78.2 %
Schedule of Stock Options Roll Forward
OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 20243,062,500 6.00 1.2518,834 
Outstanding at December 31, 20253,062,500 6.00 0.2535,556 
Exercisable at December 31, 20253,062,500 $6.00 0.25$35,556 
Schedule of Share-Based Payment Award, Equity Instrument Other than Options, Valuation Assumptions
The key inputs used in the Monte Carlo simulation and requisite service period for the 2025 PSUs are outlined in the following table:
May 20, 2025 (1)
Dividend yield0.00 %
Risk-free interest rate3.91 %
Expected volatility98.88 %
Requisite service period (in years)
2.95
(1)    Only one award of 2025 PSUs was granted in June 2025, three awards of 2025 PSUs were granted in July 2025, and four awards of 2025 PSUs were granted in October 2025. Key inputs used in the Monte Carlo simulation and requisite service period are materially the same as the awards granted in May 2025.
The key inputs used in the Monte Carlo simulation and requisite service period for the equity-classified 2024 Executive PSUs by grant date are outlined in the following table:
Equity-classified 2024 Executive PSUs
June 12, 2024October 14, 2024
Dividend yield0.00 %0.00 %
Risk-free interest rate4.46 %3.86 %
Expected volatility95.73 %98.70 %
Requisite service period (in years)
2.882.54
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
The table below summarizes 2025 PSU activity for the year ended December 31, 2025:
2025 PSUsWeighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 2024— $— 
Granted 1,869,411 24.10 
Vested— — 
Forfeited(139,343)23.71 
Unvested at December 31, 20251,730,068 $24.14 
The table below summarizes equity-classified 2024 Executive PSU activity for the year ended December 31, 2025:
Equity-classified 2024 Executive PSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 20243,698,064 $13.29 
Granted— — 
Vested(848,408)13.75 
Forfeited(389,984)12.60 
Reclassified from Liability (1)
130,683 28.54 
Unvested at December 31, 20252,590,355 $14.00 
(1)    Reclassification of liability-classified 2024 Executive PSUs following modification of the award to equity-classified units as of June 26, 2025. Please refer to the modification details in the "Liability-classified 2024 Executive PSU" section below.
The table below summarizes liability-classified 2024 Executive PSU activity for the year ended December 31, 2025:

Liability-classified 2024 Executive PSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 2024261,365 $6.70 
Granted — — 
Vested(21,562)6.70 
Forfeited— — 
Reclassified to Equity(239,803)$6.70 
Unvested at December 31, 2025— $— 
The table below summarizes PSU activity for the year ended December 31, 2025:

PSUsWeighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 202416,417 $16.68 
Granted — — 
Vested— — 
Forfeited(16,417)16.68 
Unvested at December 31, 2025— $—