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Basic and Diluted Net Income per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Basic and Diluted Net Income per Share | Basic and Diluted Net Income per Share Basic net income per share has been computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share has been computed in a manner consistent with that of basic net income per share while giving effect to all shares of potentially dilutive common stock that were outstanding during the period. The following table presents the calculation of basic and diluted net income per share under the two-class method.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 33.4 |  |  | $ | 72.2 |  |  | $ | 94.0 |  |  | $ | 155.2 |
Less: Net income attributable to non-redeemable noncontrolling interests | (5.3) |  |  | (18.4) |  |  | (15.2) |  |  | (41.6) |
Less: Dividends on Preferred Stock and redeemable noncontrolling interests | (15.1) |  |  | — |  |  | (24.6) |  |  | — |
Adjustment to net income attributable to common stockholders | — |  |  | (0.4) |  |  | (0.9) |  |  | (1.1) |
Net income attributable to common stockholders - basic | 13.0 |  |  | 53.4 |  |  | 53.3 |  |  | 112.5 |
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities | 2.8 |  |  | 14.2 |  |  | 9.9 |  |  | 32.1 |
Net income attributable to common stockholders - diluted | $ | 15.8 |  |  | $ | 67.6 |  |  | $ | 63.2 |  |  | $ | 144.6 |
Numerator - allocation of net income attributable to common stockholders: |  |  |  |  |  |  |
Net income allocated to Class A common stock - basic | $ | 12.8 |  |  | $ | 52.1 |  |  | $ | 52.2 |  |  | $ | 109.7 |
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities | 2.8 |  |  | 14.2 |  |  | 10.0 |  |  | 32.2 |
Net income allocated to Class A common stock - diluted | $ | 15.6 |  |  | $ | 66.3 |  |  | $ | 62.2 |  |  | $ | 141.9 |
Net income allocated to Class C common stock - basic | $ | 0.2 |  |  | $ | 1.3 |  |  | $ | 1.1 |  |  | $ | 2.8 |
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Net income allocated to Class C common stock - diluted | $ | 0.2 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 2.7 |
Denominator: |  |  |  |  |  |  |
Weighted average shares of Class A common stock outstanding - basic (a) | 67,243,324 |  |  | 66,791,329 |  |  | 67,131,538 |  |  | 65,230,377 |
Effect of dilutive securities: |  |  |  |  |  |  |
LLC Interests | 19,801,028 |  |  | 21,216,195 |  |  | 19,801,028 |  |  | 22,953,032 |
RSUs | 1,168,776 |  |  | 1,349,414 |  |  | 1,314,783 |  |  | 1,331,271 |
2025 Convertible Notes | 1,151,294 |  |  | — |  |  | 1,255,978 |  |  | — |
Weighted average shares of Class A common stock outstanding - diluted | 89,364,422 |  |  | 89,356,938 |  |  | 89,503,327 |  |  | 89,514,680 |
Weighted average shares of Class C common stock outstanding - basic and diluted | 1,318,499 |  |  | 1,659,314 |  |  | 1,371,660 |  |  | 1,681,264 |
Net income per share - basic: |  |  |  |  |  |  |
Class A common stock | $ | 0.19 |  |  | $ | 0.78 |  |  | $ | 0.78 |  |  | $ | 1.68 |
Class C common stock | $ | 0.19 |  |  | $ | 0.78 |  |  | $ | 0.78 |  |  | $ | 1.68 |
Net income per share - diluted: |  |  |  |  |  |  |
Class A common stock | $ | 0.17 |  |  | $ | 0.74 |  |  | $ | 0.70 |  |  | $ | 1.59 |
Class C common stock | $ | 0.17 |  |  | $ | 0.74 |  |  | $ | 0.70 |  |  | $ | 1.59 |
(a) For the three and nine months ended September 30, 2024, included 1,253,470 shares that had been committed but not issued as of September 30, 2024 primarily related to the acquisition of Finaro. Diluted EPS was computed using the treasury stock method for RSUs and the if-converted method for convertible instruments. For the three and nine months ended September 30, 2025, the Company has excluded from the calculation of diluted net income per share the effect of the following: •the conversion of the Preferred Stock, as the effect would be anti-dilutive; •the conversion of the 2027 Convertible Notes, as the effect would be anti-dilutive, and •shares of the Company’s Class A common stock to be issued in connection with an earnout for the period prior to the issuance of such shares. For the three and nine months ended September 30, 2024, the Company has excluded from the calculation of diluted net income per share the effect of the following: •the conversion of the 2025 Convertible Notes and 2027 Convertible Notes, as the effect would be anti-dilutive, and •shares of the Company’s Class A common stock to be issued in connection with certain earnouts for the period prior to the issuance of such shares.

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