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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

A summary of option activity under the employee share option plan as of September 30, 2025 and September 30, 2024, respectively, and changes during the year then ended is presented below:

 

Options

 

Shares (in
thousands)

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2025

 

 

14,828

 

 

$

0.84

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

674

 

 

 

0.97

 

 

 

 

 

 

 

Forfeited or expired

 

 

61

 

 

 

1.06

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

14,093

 

 

$

0.84

 

 

 

7.45

 

 

$

136,256

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

28

 

 

 

0.00

 

 

 

 

 

 

 

Forfeited or expired

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

14,065

 

 

$

0.84

 

 

 

7.20

 

 

$

289,296

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

262

 

 

 

1.38

 

 

 

 

 

 

 

Forfeited or expired

 

 

41

 

 

 

1.38

 

 

 

 

 

 

 

Outstanding at September 30, 2025

 

 

13,762

 

 

$

0.83

 

 

 

6.95

 

 

$

207,638

 

Vested or expected to vest at September 30, 2025

 

 

10,930

 

 

$

0.74

 

 

 

6.85

 

 

$

148,262

 

Exercisable at September 30, 2025

 

 

10,930

 

 

$

0.74

 

 

 

6.85

 

 

$

148,262

 

 

Options

 

Shares (in
thousands)

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2024

 

 

15,400

 

 

$

0.86

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

179

 

 

 

0.73

 

 

 

 

 

 

 

Outstanding at March 31, 2024

 

 

15,221

 

 

$

0.86

 

 

 

8.46

 

 

$

76,657

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

55

 

 

 

0.67

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

15,166

 

 

$

0.86

 

 

 

8.21

 

 

$

76,657

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

110

 

 

 

0.73

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

15,056

 

 

$

0.86

 

 

 

7.96

 

 

$

76,657

 

Vested or expected to vest at September 30, 2024

 

 

7,562

 

 

$

0.60

 

 

 

7.06

 

 

$

35,649

 

Exercisable at September 30, 2024

 

 

7,562

 

 

$

0.60

 

 

 

7.06

 

 

$

35,649

 

Summary of Nonvested Shares

A summary of the status of the Company’s nonvested shares as of September 30, 2025 and 2024, and changes during the nine months ended September 30, 2025, is presented below:

 

Nonvested Shares

 

Shares (in
thousands)

 

 

Weighted-
Average
Grant-Date

 

Nonvested at January 1, 2024

 

 

10,621

 

 

 

0.75

 

Granted

 

 

 

 

 

 

Vested

 

 

596

 

 

 

0.71

 

Forfeited or expired

 

 

179

 

 

 

0.73

 

Nonvested at March 31, 2024

 

 

9,846

 

 

 

0.75

 

Granted

 

 

 

 

 

 

Vested

 

 

225

 

 

 

0.80

 

Forfeited or expired

 

 

55

 

 

 

0.67

 

Nonvested at June 30, 2024

 

 

9,566

 

 

 

0.75

 

Granted

 

 

 

 

 

 

Vested

 

 

941

 

 

 

0.56

 

Forfeited or expired

 

 

110

 

 

 

0.73

 

Nonvested at September 30, 2024

 

 

8,515

 

 

 

0.77

 

Nonvested at January 1, 2025

 

 

4,269

 

 

 

0.73

 

Granted

 

 

 

 

 

 

Vested

 

 

392

 

 

 

1.19

 

Forfeited or expired

 

 

61

 

 

 

1.06

 

Nonvested at March 31, 2025

 

 

3,816

 

 

 

0.68

 

Granted

 

 

 

 

 

 

Vested

 

 

192

 

 

 

1.17

 

Forfeited or expired

 

 

 

 

 

 

Nonvested at June 30, 2025

 

 

3,624

 

 

 

0.66

 

Granted

 

 

 

 

 

 

Vested

 

 

1,126

 

 

 

0.74

 

Forfeited or expired

 

 

41

 

 

 

1.38

 

Nonvested at September 30, 2025

 

 

2,457

 

 

 

0.61

 

Summary of Unvested Restricted Stock Unit Activity Information with respect to the activity of unvested restricted stock awards during the nine months ended September 30, 2025 and September 30, 2024 is as follows:

 

Nonvested Shares

 

Shares (in
thousands)

 

 

Weighted-
Average
Grant-Date

 

Nonvested at January 1, 2024

 

 

 

 

 

 

Granted

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Forfeited or expired

 

 

 

 

 

 

Nonvested at March 31, 2024

 

 

 

 

 

 

Granted

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Forfeited or expired

 

 

 

 

 

 

Nonvested at June 30, 2024

 

 

 

 

 

 

Granted

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Forfeited or expired

 

 

 

 

 

 

Nonvested at September 30, 2024

 

 

 

 

 

 

Nonvested at January 1, 2025

 

 

2,127

 

 

 

10.64

 

Granted

 

 

 

 

 

 

Vested

 

 

6

 

 

 

10.64

 

Forfeited or expired

 

 

 

 

 

 

Nonvested at March 31, 2025

 

 

2,121

 

 

 

10.64

 

Granted

 

 

 

 

 

 

Vested

 

 

282

 

 

 

10.64

 

Forfeited or expired

 

 

17

 

 

 

10.64

 

Nonvested at June 30, 2025

 

 

1,822

 

 

 

10.64

 

Granted

 

 

10

 

 

 

14.72

 

Vested

 

 

144

 

 

 

10.64

 

Forfeited or expired

 

 

17

 

 

 

10.64

 

Nonvested at September 30, 2025

 

 

1,671

 

 

 

10.66

 

Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized Related to Stock-Based Compensation

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to stock-based compensation for the nine months ended September 30, 2025 and 2024:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Deferred tax benefits recognized

 

$

724

 

 

$

72

 

 

$

2,287

 

 

$

205

 

Tax benefits realized for vested stock

 

 

938

 

 

 

147

 

 

 

1,899

 

 

 

300

 

Fair value of vested stock

 

 

172,481

 

 

 

44,669

 

 

 

172,481

 

 

 

44,669