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Stockholders' Deficit
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Deficit

18. STOCKHOLDERS’ DEFICIT

As of December 31, 2025, 97,330,004 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 46,236,087 shares of treasury stock held by the Company (see Share Repurchase Programs discussion which follows), but excludes 2,096,959 unvested restricted stock awards held by certain participants in the Company’s equity compensation plans (see Note 17–Equity-Based Compensation).

Share Repurchase Programs

In August 2022, the Board of Directors approved a $250.0 million share repurchase program (the “2022 Share Repurchase Program”) of which approximately $38.5 million remained available as of December 31, 2023. During the year ended December 31, 2024, the Company repurchased 375,000 shares for an aggregate total of approximately $20.2 million, leaving approximately $18.3 million remaining under the 2022 Share Repurchase Program as of December 31, 2025.

In March 2024, the Company announced that its Stockholders and Board of Directors approved a new $500.0 million share repurchase program (the "2024 Share Repurchase Program"). During the year ended December 31, 2024, the Company repurchased 8,990,000 shares for an aggregate total of approximately $462.8 million. During the year ended December 31, 2025, the Company repurchased 100,000 shares for an aggregate total of approximately $4.6 million, leaving approximately $32.6 million remaining under the 2024 Share Repurchase Program as of December 31, 2025.

In September 2025, the Company's Stockholders and Board of Directors approved a new $500.0 million share repurchase program (the "2025 Share Repurchase Program"). During the year ended December 31, 2025, the Company repurchased 4,080,798 shares for

an aggregate total of approximately $152.4 million, leaving approximately $347.6 million remaining under the 2025 Share Repurchase Program as of December 31, 2025.

Collectively, under the 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Company repurchased 4,180,798 shares for an aggregate total of approximately $157.0 million during the year ended December 31, 2025.

As a result of the Inflation Reduction Act of 2022, as of December 31, 2025 and 2024, respectively, the Company accrued approximately $1.5 and $4.6 million for an expected excise tax related to shares repurchases made which is included in accounts payable and accrued expenses and treasury stock, at cost in the accompanying consolidated balance sheets. During the year ended December 31, 2025, the Company paid $4.6 million in excise tax related shares repurchases during the year ended December 31, 2024.

Under the 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program have no time limits and could be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, share ownership thresholds, debt covenant restrictions, future tax implications and alternative investment opportunities.

All shares repurchased pursuant to the repurchase programs disclosed above, other repurchase transactions, and shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $1,988.5 million and $1,830.1 million as of December 31, 2025 and 2024, respectively, and are reflected within stockholders’ deficit in the accompanying consolidated statements of changes in stockholders’ deficit.