STOCKHOLDERS' DEFICIT (Tables)
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12 Months Ended |
Dec. 31, 2023 |
| Equity [Abstract] |
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| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable |
Share-based compensation expense for continuing operations, which is recognized within “Corporate expenses” on the Consolidated Statements of Loss, was as follows: | | | | | | | | | | | | | | | | | | | (In thousands) | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Restricted stock units and awards | $ | 15,369 | | | $ | 15,298 | | | $ | 14,774 | | | Performance stock units | 4,830 | | | 5,083 | | | 4,007 | | | Stock options and other | 131 | | | 131 | | | 27 | | | Total share-based compensation expense | $ | 20,330 | | | $ | 20,512 | | | $ | 18,808 | |
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| Schedule of Restricted Stock and Restricted Stock Units Outstanding and Activity |
The following table presents a summary of the Company’s RSUs and RSAs outstanding at December 31, 2023 and related activity during the year: | | | | | | | | | | | | | (Shares in thousands) | Number of RSUs and RSAs | | Weighted-Average Grant-Date Fair Value | Outstanding, January 1, 2023(1) | 12,635 | | | $ | 2.08 | | Granted(2) | 15,605 | | | $ | 1.32 | | Vested(3) | (7,734) | | | $ | 1.93 | | | Forfeited | (457) | | | $ | 1.78 | | Outstanding, December 31, 2023(3) | 20,049 | | | $ | 1.56 | |
(1)Excludes shares granted to employees of discontinued operations. (2)The weighted-average grant-date fair value of the Company’s RSUs granted during 2023, 2022 and 2021 was $1.32, $2.58 and $2.27 per share, respectively. (3)All RSAs that were outstanding as of January 1, 2023 vested during the year, resulting in only RSUs remaining outstanding as of December 31, 2023.
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| Schedule of Assumptions Used to Calculate Fair Value of Options |
The following assumptions were used to calculate the fair value of the Company’s PSUs on the date of grant: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Expected volatility | 79.3% | | 68.6% | | 65.8% | | Risk-free interest rate | 3.7% | | 2.8% | | 0.3% | | Expected dividend yield | —% | | —% | | —% |
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| Schedule of Unvested Options and Changes |
The following table presents a summary of the Company’s PSUs outstanding, assuming a 100% payout, at December 31, 2023 and related activity during the year: | | | | | | | | | | | | | (Shares in thousands) | Number of PSUs | | Weighted-Average Grant-Date Fair Value | | Outstanding, January 1, 2023 | 7,564 | | | $ | 1.83 | | Granted(1) | 3,433 | | | $ | 1.62 | | | Vested | (2,400) | | | $ | 1.00 | | Forfeited(2) | (1,310) | | | $ | 1.00 | | | Outstanding, December 31, 2023 | 7,287 | | | $ | 2.15 | |
(1)The weighted-average grant-date fair value of the Company’s PSUs granted during 2023, 2022 and 2021 was $1.62, $2.69 and $2.55 per share, respectively. (2)Forfeitures include the portion of PSUs granted in 2020 that were not earned based on the Company’s Relative TSR over the three-year performance period.
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| Schedule of Stock Options Outstanding and Stock Option Activity |
The following table presents a summary of the Company’s stock options outstanding at December 31, 2023 and related activity during the year: | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands, except per share data) | Options | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term | | Aggregate Intrinsic Value | Outstanding, January 1, 2023(1) | 3,373 | | | $ | 5.55 | | | 4.0 years | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Expired | (156) | | | $ | 5.89 | | | | | | | | | | | | | | Outstanding, December 31, 2023(2) | 3,217 | | | $ | 5.53 | | | 3.2 years | | $ | — | | | | | | | | | | | | | | | | | |
(1)Excludes shares granted to employees of discontinued operations. (2)All outstanding stock options were fully vested and exercisable as of December 31, 2023.
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| Schedule of Computation of Earnings (Loss) Per Share |
The following table presents the computation of net loss per share for 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | | | (In thousands, except per share data) | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Numerators: | | | | | | | Loss from continuing operations | $ | (157,107) | | | $ | (47,303) | | | $ | (358,144) | | | Less: Net income from continuing operations attributable to noncontrolling interests | 2,009 | | | 2,253 | | | 599 | | | Net loss from continuing operations attributable to the Company | (159,116) | | | (49,556) | | | (358,743) | | | Loss from discontinued operations | (151,709) | | | (47,085) | | | (74,976) | | | Less: Net income (loss) from discontinued operations attributable to noncontrolling interests | 97 | | | (37) | | | 96 | | | Net loss from discontinued operations attributable to the Company | (151,806) | | | (47,048) | | | (75,072) | | | Net loss attributable to the Company | $ | (310,922) | | | $ | (96,604) | | | $ | (433,815) | | | | | | | | Denominators: | | | | | | Weighted average common shares outstanding – Basic | 481,727 | | | 474,362 | | | 468,491 | | | | | | | | Weighted average common shares outstanding – Diluted | 481,727 | | | 474,362 | | | 468,491 | | | | | | | | | Net loss attributable to the Company per share of common stock — Basic: | | | | | | | Net loss from continuing operations attributable to the Company per share of common stock | $ | (0.33) | | | $ | (0.10) | | | $ | (0.77) | | | Net loss from discontinued operations attributable to the Company per share of common stock | (0.32) | | | (0.10) | | | (0.16) | | Net loss attributable to the Company per share of common stock — Basic(1) | $ | (0.65) | | | $ | (0.20) | | | $ | (0.93) | | | | | | | | | Net loss attributable to the Company per share of common stock — Diluted: | | | | | | | Net loss from continuing operations attributable to the Company per share of common stock | $ | (0.33) | | | $ | (0.10) | | | $ | (0.77) | | | Net loss from discontinued operations attributable to the Company per share of common stock | (0.32) | | | (0.10) | | | (0.16) | | Net loss attributable to the Company per share of common stock — Diluted(1) | $ | (0.65) | | | $ | (0.20) | | | $ | (0.93) | |
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
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