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Equity-based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity-based Compensation | Equity-based Compensation The Company recognized equity-based compensation expense of $16 million and $26 million for the three months ended March 31, 2026 and 2025, respectively. 2020 Incentive Award Plan The Company’s 2020 Incentive Award Plan, as amended and restated in June 2022 (the “Restated Equity Plan”), provides for the grant of restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”), stock options, dividend equivalent awards, stock payments, stock appreciation rights, and other stock or cash awards. The number of shares available for issuance is subject to an annual increase on the first day of each year beginning in 2023 and ending in and including 2032, equal to the lesser of (1) 2% of the shares outstanding on the last day of the immediately preceding fiscal year and (2) such smaller number of shares as determined by the Board. As of March 31, 2026, a maximum of 2,848,962 shares of the Company’s Class A common stock were available for issuance under the Restated Equity Plan. RSUs and PRSUs RSUs and PRSUs represent the right to receive shares of the Company’s Class A common stock at a specified date in the future. The RSU and PRSU activity for the three months ended March 31, 2026 was as follows:
| Three Months Ended March 31, 2026
Number of RSUs and PRSUs |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2025 | 1,940,436 |  |  | $ | 75.99 |
Granted | 1,540,604 |  |  | 44.07 |
Vested | (369,118) |  |  | 82.75 |
Forfeited or cancelled | (45,194) |  |  | 64.03 |
Unvested balance at March 31, 2026 | 3,066,728 |  |  | $ | 59.33 |
The grant date fair value of RSUs and PRSUs subject to continued service or those that vest immediately was determined based on the price of the Company’s Class A common stock on the grant date. As of March 31, 2026, the Comp any had $150 million of total unrecognized equity-based compensation expense related to outstanding RSUs and PRSUs, which is expected to be recognized over a weighted-average period of 2.5 years.

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