The Company issues individual grants of share-based compensation awards, subject to board approval, for purposes of recruiting and as part of its overall compensation strategy. During the periods presented, the Company granted Restricted Stock Units (“RSUs”) under the 2018 Omnibus Plans, which are further described below.

The Company may award certain individuals with RSUs. Time-based RSUs (“TBRSUs”) contain only a service condition, and the related compensation cost is recognized over the requisite service period of typically three years using the straight-line vesting method. The Company has determined the fair value of TBRSUs as the fair value of an ordinary share on the grant date.

In the first quarter of 2024, 2023 and 2022, the Company granted 2.7 million, 2.7 million and 1.6 million TBRSUs, respectively, to a select group of management and employees. Throughout the remainder of 2024, 2023 and 2022, an additional 0.3 million, 0.5 million and 0.1 million TBRSUs, respectively, were granted. The compensation cost for these grants will be recognized over a requisite service period of 3 years.

Performance-based RSUs (“PBRSUs”) contain certain performance and market conditions, as defined in the award agreements, as well as a service condition, and vest upon the satisfaction of such service condition and achievement of performance targets during the defined performance periods.

The 2023 PBRSU awards are comprised of three one-year performance periods (referred to herein as 2023 PBRSU Tranche A, 2023 PBRSU Tranche B and 2023 PBRSU Tranche C). Under U.S. GAAP, awards are not considered granted until the performance conditions are established. In 2023, performance conditions were only established for 2023 PBRSU Tranche A. In 2024, performance conditions were established for 2023 PBRSU Tranche B. The performance conditions for 2023 PBRSU Tranche C have not yet been established and, as a result, this tranche is not considered granted under U.S. GAAP until the respective performance conditions are established.

Of the PBRSU grants in 2024, 1.6 million related to 2024 awards. The remaining 0.3 million related to the 2023 PBRSU Tranche B awards, for which performance conditions were set in 2024.

Of the 2024 PBRSU awards, for select executive members, 25% vest based upon the satisfaction of certain Strategic Cost Efficiency (“SCE”) goals and 75% vest based upon the satisfaction of certain Strategic Cash Generation (“SCG”) goals. For the rest of the 2024 award recipients, 50% vest based upon the satisfaction of certain SCE goals and 50% vest based upon the satisfaction of certain SCG goals. Of the 2023 PBRSU awards, 50% vest based upon the satisfaction of certain SCE goals and 50% vest based upon the satisfaction of certain Adjusted Free Cash Flow goals, both with a relative Total Shareholder Return (“TSR”) modifier. Of the 2022 PBRSU awards, 50% vest based upon the satisfaction of certain Adjusted EBITDA margin performance goals and 50% vest based upon the satisfaction of certain Adjusted EBITDA growth goals, both with a relative TSR modifier.

As the 2024 PBRSUs contain only performance conditions, the fair value of these awards was equal to the fair value of an ordinary share on the grant date. The Company considered the achievement of the SCE and SCG performance conditions to be probable and therefore began recognizing expense for such awards as of the grant date.

As the 2023 and 2022 PBRSUs contain both performance conditions and market conditions (due to the relative TSR modifier), the fair value at grant date of these awards was determined using a Monte Carlo simulation model, which used the following assumptions:


	2023 PBRSU Tranche B (Q1 2024 grant)			2023 PBRSU Tranche A (Q3 2023 grant)			2023 PBRSU Tranche A (Q1 2023 grant)			2022 PBRSU
Stock price (1)	$	10.01		$	8.18		$	13.38		$	22.45
Period (2)	1.9 years			2.5 years			2.9 years			2.9 years
Risk-free interest rate (3)	4.6		%	4.6		%	4.4		%	1.7		%
Historical volatility rate (4)	46.9		%	39.9		%	44.4		%	54.7		%
Dividend yield (5)	—		%	—		%	—		%	—		%

(3) The risk-free interest rate used is based on zero-coupon risk-free rates over the time from the valuation date to the end of the performance period, based on interpolation.

(4) For the 2023 PBRSU Tranche A and 2023 PBRSU Tranche B awards, a weighted average of the daily historical stock price volatility of the Company over the time from the valuation to the end of the performance period is used to determine volatility. For the awards granted in 2022, the daily historical stock price volatility of the Company over its trading history is used to determine volatility.

The Company considered achievement of the performance and market conditions for the 2022 and 2023 awards to be probable and therefore began recognizing expense for these awards as of the respective grant dates.

The fair value of the PBRSUs granted during the year ended December 31, 2024 ranged from $10.01 to $10.35. The fair value of the PBRSUs granted during the year ended December 31, 2023 ranged from $8.25 to $14.64. The fair value of PBRSUs granted during the year ended December 31, 2022 was $25.02 per award.


	Time-Based RSUs			Performance-Based RSUs
	Number of RSUs	Weighted Average Fair Value per Share		Number of RSUs	Weighted Average Fair Value per Share
Unvested as of December 31, 2021	4.9	$	16.61	2.5	$	16.72
Granted	1.7	21.93		0.7	25.02
Vested	(2.3)	16.47		(0.8)	17.29
Forfeited	(0.3)	17.77		(0.1)	18.57
Unvested as of December 31, 2022	4.0	$	18.81	2.3	$	19.04
Granted	3.2	12.66		0.5	13.85
Vested	(1.8)	17.97		(0.2)	14.84
Forfeited	(0.5)	18.70		(1.0)	16.74
Unvested as of December 31, 2023	4.9	$	15.18	1.6	$	19.22
Granted	3.0	10.28		1.9	10.07
Vested	(2.3)	15.50		(0.4)	16.24
Forfeited	(0.4)	15.02		—	—
Unvested as of December 31, 2024	5.2	$	11.88	3.1	$	12.61


	Year Ended December 31,						Unrecognized at December 31, 2024
	2024		2023		2022		Unrecognized at December 31, 2024
Time-Based RSUs	$	26.4	$	40.0	$	31.8	$	35.1
Performance-Based RSUs	9.0		13.6		7.8		17.5
Total RSU stock-based compensation cost	$	35.4	$	53.6	$	39.6	$	52.6