Capital Stock and Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Capital Stock and Stockholders' Equity

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of September 30, 2025, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. The Class B common stock is set to automatically convert into Class A common stock on December 9, 2025. On October 10, 2025, the Company filed a preliminary proxy statement with the SEC to seek stockholder approval of a proposed amendment to the Company's certificate of incorporation that would extend the automatic conversion date of the Class B common stock to December 9, 2030. On November 5, 2025, the Company determined to not pursue this action further and allow the Class B common stock to automatically convert into Class A common stock pursuant to the Company’s current certificate of incorporation, due to being informed by Nasdaq of its position, in a departure from recent precedent and related guidance, that the proposed amendment would violate Nasdaq’s listing standards. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

Share Repurchase Program

The following table summarizes the Company's share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Number of shares repurchased		1,006,400		3,710,180		5,232,886		5,739,609
Total cost (1)	$	2,013	$	6,637	$	10,141	$	10,385
Average per share cost (2)	$	1.99	$	1.78	$	1.93	$	1.80

(1)Includes broker commissions and excludes excise tax.

(2)Average price paid per share is calculated on a settlement basis and excludes broker commissions and excise tax.

As of September 30, 2025, the Company has a total of $3.1 million, excluding broker commissions and excise tax, available under the current authorization for additional share repurchases.