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Stockholders’ (Deficit) Equity | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Stockholders’ (Deficit) Equity | Stockholders’ (Deficit) Equity Stock Repurchase Program In March 2025, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program to allow for the repurchase of up to $500,000 of shares of the Company’s common stock for the period from March 7, 2025, to March 6, 2027. In February 2026, the Company’s Board authorized an increase in the stock repurchase program by an additional $400,000, and extended the repurchase period to March 6, 2029 (collectively, the “Stock Repurchase Program”), increasing the aggregate authorization to repurchase up to $900,000 of shares of the Company’s common stock. The Company may repurchase shares of the Company’s common stock in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases will depend on a number of factors including the price and availability of the Company's common stock, trading volume, and general market conditions. The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022. During the three and six months ended June 30, 2026, the Company did not repurchase shares from open market transactions. During the three months ended June 30, 2025, the Company repurchased and retired 7,727,020 shares of the Company’s common stock from the open market for an aggregate purchase price of $152,988, which equates to an average price of $19.80 per share. During the six months ended June 30, 2025, the Company repurchased and retired 15,995,957 shares of the Company’s common stock from the open market for an aggregate purchase price of $294,127, which equates to an average price of $18.39 per share. In connection with the Stock Repurchase Program, the Company entered into prepaid written put option transactions, accelerated share repurchase transactions, and forward repurchase transactions (collectively, the “Equity Instruments”) detailed as follows: Prepaid Written Put Options During the fourth quarter of 2025, the Company entered into prepaid written put options with a major financial institution. The Company paid a fixed sum of cash upon execution of each agreement in exchange for the right to receive either a pre-determined amount of cash or common stock, depending on the closing market price of the Company’s common stock on the expiration date of the agreement. Upon expiration of each agreement, if the closing market price of the Company’s common stock is above the pre-determined price, the Company would be paid a cash amount equal to the initial fixed sum plus a premium. If the closing market price is at or below the pre-determined price, the Company will receive the number of shares specified in the agreement. The Company paid $50,000 upon execution of the agreements, which was recorded as a reduction of “Additional Paid-in Capital”. During the three months ended June 30, 2026, certain transactions from the prepaid written put options were settled, for which the Company received no shares and was paid a cash amount of $21,293 upon expiration of certain transactions. During the six months ended June 30, 2026, certain transactions from the prepaid written put options were settled and the Company received 1,594,650 shares at an effective purchase price of $12.11 per share, and was paid a cash amount of $32,223 upon expiration of certain transactions. The prepaid written put options were fully settled and expired as of June 30, 2026. Accelerated Share Repurchases During the first quarter of 2026, the Company entered into an accelerated share repurchase transaction with a major financial institution (the “March ASR”) to repurchase an aggregate of $50,000 of the Company’s common stock. At inception, the Company made an initial payment of $50,000 and received and immediately retired 3,439,381 shares of the Company’s common stock, representing 80% of the dollar amount of the transaction based on the closing share price of $11.63 at inception. Final settlement of the transactions under the March ASR is expected to occur no later than the third quarter of 2026. During the second quarter of 2026, the Company entered into an accelerated share repurchase transaction with a major financial institution (the “June ASR” and, together with the March ASR, the “ASRs”) to repurchase an aggregate of $60,000 of the Company’s common stock. At inception, the Company made an initial payment of $60,000 and received and immediately retired 4,217,927 shares of the Company’s common stock, representing 80% of the dollar amount of the transaction based on the closing share price of $11.38 at inception. Final settlement of the transactions under the June ASR is expected to occur no later than the third quarter of 2026. The total number of shares the Company will ultimately repurchase will be based on the volume-weighted average price per share of the Company’s common stock over the term of the ASRs, less an agreed upon discount, and subject to customary adjustments pursuant to the terms and conditions of the ASRs. Both the March ASR and June ASR were accounted for as two distinct transactions: (1) an immediate repurchase and retirement of common stock; and (2) a forward contract indexed to the Company’s stock. The forward contracts represent the remaining shares to be delivered by the financial institution. Both transactions were recorded as a reduction of “Additional Paid-in Capital” in the condensed consolidated statements of stockholders’ (deficit) equity. Forward Repurchase Transactions During the first quarter of 2026, the Company entered into certain forward repurchase transactions with a major financial institution (the “FRTs”) to repurchase an aggregate of $50,000 of the Company’s common stock. The Company made an aggregate payment of $49,925 and following an initial measurement period retired an aggregate of 3,265,846 shares of the Company’s common stock, representing 80% of the notional amount of the transactions based on the volume-weighted average price per share of the Company’s common stock over that initial measurement period. The total number of shares the Company will ultimately repurchase under the FRTs will be based on the volume-weighted average price per share of the Company’s common stock on the applicable valuation dates, subject to upper and lower price thresholds that limit the range of shares deliverable. Final settlement of the FRTs is expected to occur no later than the third quarter of 2026. The FRTs were accounted for as two distinct transactions: (1) an immediate repurchase and retirement of common stock; and (2) a forward contract that was assessed as a hybrid instrument. The embedded settlement features of the hybrid instrument were not considered indexed to the Company’s stock under ASC 815-40 and as such were separately accounted for as a bifurcated derivative. The fair value of the Company’s common stock immediately retired and the remaining host component of the forward contract were recorded as a reduction of “Additional Paid-in Capital” in the condensed consolidated statements of stockholders’ (deficit) equity. The fair value of the bifurcated derivative as of June 30, 2026, was $1,392 recorded as “Accrued expenses and other current liabilities” in the condensed consolidated balance sheets. The loss in fair value for the three and six months ended June 30, 2026, was $1,011 and $681, respectively, and were recorded in “Other (expense) income, net” in the condensed consolidated statement of operations. Share repurchase activity summary The table below is a plan-to-date summary of the Company’s repurchase program activity as of June 30, 2026:
| Aggregate Price |  | Repurchased Shares |  | Average Price Per Share
Authorized amount | $ | 900,000 |  |  |  |
Open market repurchases | $ | 450,506 |  | 25,129,829 |  | $ | 17.93
Equity Instruments: |  |  |  |  |
Prepaid written put options | 19,306 |  | 1,594,650 |  | $ | 12.11
Accelerated share repurchases | 88,000 |  | 7,657,308 |  | $ | 11.49
Forward repurchase transactions | 39,940 |  | 3,265,846 |  | $ | 12.23
Total repurchases | $ | 597,752 |  | 37,647,633 |  | $ | 15.88
Available for repurchase | $ | 302,248 |  |  |  |

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