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Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Equity | 12. Equity Corporate Simplification Prior to the Corporate Simplification, VSI held a 63.1% interest in Hoya Intermediate and Hoya Topco held the remaining 36.9%, in addition to holding 100% of our Class B common stock. As a result, Hoya Topco’s interest in Hoya Intermediate represented a redeemable noncontrolling interest in VSI. At its discretion, Hoya Topco had the right to exchange its Intermediate Units for shares of Class A common stock on a one-to-one basis or for cash proceeds of equal value at the time of redemption. As the redeemable noncontrolling interests were redeemable upon the occurrence of an event not solely within our control, we classified them as temporary equity. Our redeemable noncontrolling interests were initially measured at Hoya Topco’s share in the net assets of Hoya Intermediate upon consummation of the Merger Transaction. Subsequent remeasurements of our redeemable noncontrolling interests (which were based on the fair value of our Class A common stock) were recorded as a deemed dividend each reporting period, which reduced Retained earnings, if any, or Additional paid-in capital in the Consolidated Balance Sheets. For periods through the consummation of the Corporate Simplification, net loss attributable to redeemable noncontrolling interests is calculated by multiplying Hoya Intermediate’s net loss incurred in the period by Hoya Topco’s weighted average percentage allocation of Intermediate Units during the period. See Note 16, Earnings Per Share, for computation of net loss attributable to redeemable noncontrolling interests. In connection with the Corporate Simplification, all of the Intermediate Units previously held by Hoya Topco (and corresponding shares of Class B common stock) were exchanged for an equal number of shares of Class A common stock. As a result, our redeemable noncontrolling interests were extinguished, Hoya Intermediate is now a wholly owned subsidiary of VSI, and the net loss attributable to Hoya Topco’s redeemable noncontrolling interests presented throughout this Report only pertains to the three months ended March 31, 2025. See Note 1, Background and Basis of Presentation, for more information. Share Repurchase Program In February 2024, our Board of Directors (our “Board”) authorized a share repurchase program for up to $100.0 million of Class A common stock (the “Share Repurchase Program”). The Share Repurchase Program was publicly announced in March 2024, does not have a fixed expiration date, and does not obligate us to purchase any minimum number of shares. During the three months ended March 31, 2025, we repurchased 0.1 million shares of Class A common stock under the Share Repurchase Program, for which we paid $6.0 million and incurred commissions and excise taxes of less than $0.1 million. As of December 31, 2025, we recognized a liability of $0.1 million for unpaid excise taxes related to repurchases of Class A common stock, which is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. We did no t repurchase any shares of Class A common stock under the Share Repurchase Program during the three months ended March 31, 2026, no r did we recognize a liability for unpaid excise taxes related to repurchases of Class A common stock as of March 31, 2026. Cumulatively as of March 31, 2026, we have repurchased 0.6 million shares of Class A common stock under the Share Repurchase Program, for which we have paid $40.9 million and incurred commissions and excise taxes of $0.4 million. As of March 31, 2026, $59.1 million remained available for future repurchases under the Share Repurchase Program. All of the above share repurchases were accounted for as equity transactions and are recorded in Treasury stock in the Condensed Consolidated Balance Sheets. Accumulated Other Comprehensive Income The following table summarizes the changes in each major component of Accumulated other comprehensive income during the three months ended March 31, 2026 (in thousands):
|  | Accumulated Unrealized Gain on Note |  |  | Accumulated Foreign Currency Translation Adjustment |  |  | Accumulated Other Comprehensive Income |
Balances at January 1, 2026 |  | $ | 195 |  |  | $ | (22 | ) |  | $ | 173 |
Recorded in Other comprehensive income |  |  | 2 |  |  |  | 171 |  |  |  | 173 |
Balances at March 31, 2026 |  | $ | 197 |  |  | $ | 149 |  |  | $ | 346 |

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