XML 61 R41.htm IDEA: XBRL DOCUMENT
v3.25.4

Equity-based compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Equity-Based Compensation Expense | A summary of equity-based compensation expense during the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Stock options | $ | 23,375 |  |  | $ | 27,971 |  |  | $ | 23,989 |
Equity-based compensation expense | $ | 23,375 |  |  | $ | 27,971 |  |  | $ | 23,989 |
Schedule of Stock Option Valuation Assumptions | A summary of the weighted average assumptions used for valuing stock options granted in the periods 2025, 2024, and 2023 are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Expected volatility | 55 | % |  | 55% |  | 60% - 65%
Expected dividend yield | — | % |  | — | % |  | — | %
Expected term (in years) | 2.69 - 4.75 |  | 2.75 - 4.75 |  | 2.75 - 4.75
Risk-free interest rate | 3.44% - 4.27% |  | 3.46%- 4.58% |  | 3.44% - 4.06%
Schedule of Stock Option Activity | A summary of stock option activity for the year ended December 31, 2025 is as follows (in thousands except per-share amounts):
| Stock Options |  | Weighted-average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted-average Remaining Contractual Life (Years)
Outstanding as of December 31, 2024 | 3,263 |  |  | $ | 68.50 |  |  |  |  |
Granted | 637 |  |  | 106.42 |  |  |  |  |
Exercised | (309) |  |  | 43.75 |  |  |  |  |
Forfeited | (56) |  |  | 68.02 |  |  |  |  |
Expired | (100) |  |  | 125.79 |  |  |  |  |
Outstanding as of December 31, 2025 | 3,436 |  |  | $ | 76.11 |  |  | $ | 51,810 |  |  | 6.88
Options vested and exercisable as of December 31, 2025 | 2,091 |  |  | $ | 71.09 |  |  | $ | 42,923 |  |  | 5.90
Options unvested as of December 31, 2025 | 1,344 |  |  | $ | 83.93 |  |  | $ | 8,887 |  |  | 8.40
A summary of stock option activity for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands except per-share amounts):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted-average grant-date fair value of options granted | $ | 46.36 |  |  | $ | 32.41 |  |  | $ | 19.08 |
Total intrinsic value of options exercised | $ | 21,435 |  |  | $ | 27,106 |  |  | $ | 16,424 |
Total fair value of shares vested during the year | $ | 28,555 |  |  | $ | 24,645 |  |  | $ | 23,269 |
A summary of unvested stock option activity for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands except per-share amounts):
| Stock Options |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024 | 1,657 |  |  | $ | 30.10 |
Vested | (894) |  |  | 31.94 |
Granted | 637 |  |  | 46.36 |
Forfeited | (56) |  |  | 31.86 |
Unvested as of December 31, 2025 | 1,344 |  |  | $ | 36.51 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration