v3.26.1
STOCKHOLDERS' DEFICIT (Tables)
6 Months Ended
Jun. 30, 2026
STOCKHOLDERS' DEFICIT  
Schedule of Stockholder's Deficit

The below table summarizes the activity during the six months ended June 30, 2026 related to the Offering:

​

​

​

​

​

​

Six Months Ended

(In millions)

​

June 30, 2026

Shares issued direct offering

​

​

95.3

Direct offering gross proceeds

​

$

200.0

Placement fees paid

​

$

11.0

Other third-party issuance costs incurred

​

$

0.2

Other third-party issuance costs paid

​

$

0.2

​

The below table summarizes the activity of the various “at-the-market” offerings for the six months ended June 30, 2026 and June 30, 2025:

​

​

​

​

​

​

​

​

​

Six Months Ended

(In millions)

​

June 30, 2026

​

June 30, 2025

Shares issued through at-the-market offering

​

​

105.3

​

​

17.1

At-the-market offering gross proceeds

​

$

150.0

​

$

63.0

Sales agent fees paid

​

$

3.0

​

$

0.6

Other third-party issuance costs incurred

​

$

1.9

​

$

0.3

Other third-party issuance costs paid

​

$

1.2

​

$

1.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

Class A

​

Additional

​

Other

​

​

​

Total

​

​

Common Stock

​

Paid-in

​

Comprehensive

​

Accumulated

​

Stockholders’

(In millions, except share data)

  ​ ​ ​

Shares

  ​ ​ ​

Amount

​

Capital

​

Loss

  ​ ​ ​

Deficit

  ​ ​ ​

Deficit

Balances December 31, 2025

​

512,943,561

​

$

5.1

​

$

7,121.5

​

$

(42.2)

​

$

(8,979.2)

​

$

(1,894.8)

Net loss

​

—

​

​

—

​

​

—

​

​

—

​

​

(117.1)

​

​

(117.1)

Other comprehensive loss

​

—

​

​

—

​

​

—

​

​

(15.5)

​

​

—

​

​

(15.5)

Taxes paid for restricted unit withholdings

​

—

​

​

—

​

​

(3.7)

​

​

—

​

​

—

​

​

(3.7)

Consent fees paid in shares

​

33,117,743

​

​

0.3

​

​

34.2

​

​

—

​

​

—

​

​

34.5

Shares issued through at-the-market offerings

​

55,224,032

​

​

0.6

​

​

62.2

​

​

—

​

​

—

​

​

62.8

Stock-based compensation (1)

​

3,937,759

​

​

0.1

​

​

7.2

​

​

—

​

​

—

​

​

7.3

Balances March 31, 2026

​

605,223,095

​

$

6.1

​

$

7,221.4

​

$

(57.7)

​

$

(9,096.3)

​

$

(1,926.5)

Net loss

​

—

​

​

—

​

​

—

​

​

—

​

​

(11.4)

​

​

(11.4)

Other comprehensive loss

​

—

​

​

—

​

​

—

​

​

(16.0)

​

​

—

​

​

(16.0)

Shares issued through at-the-market offerings

​

50,029,248

​

​

0.5

​

​

81.8

​

​

—

​

​

—

​

​

82.3

Shares issued through registered direct offering

​

95,250,000

​

​

0.9

​

​

187.9

​

​

—

​

​

—

​

​

188.8

Shares issued upon exchange of New Exchangeable Notes

​

142,102,295

​

​

1.4

​

​

225.4

​

​

—

​

​

—

​

​

226.8

Stock-based compensation

​

—

​

​

—

​

​

3.3

​

​

—

​

​

—

​

​

3.3

Balances June 30, 2026

​

892,604,638

​

$

8.9

​

$

7,719.8

​

$

(73.7)

​

$

(9,107.7)

​

$

(1,452.7)

​

(1)Includes 869,571 Common Stock shares awarded to the board of directors, and 3,068,188 vested Common Stock RSUs and PSUs.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

Class A

​

Additional

​

Other

​

​

​

Total

​

​

Common Stock

​

Paid-in

​

Comprehensive

​

Accumulated

​

Stockholders’

(In millions, except share data)

  ​ ​ ​

Shares

  ​ ​ ​

Amount

​

Capital

​

Loss

  ​ ​ ​

Deficit

  ​ ​ ​

Deficit

Balances December 31, 2024

​

414,417,797

​

$

4.1

​

$

6,714.2

​

$

(132.0)

​

$

(8,346.8)

​

$

(1,760.5)

Net loss

​

—

​

​

—

​

​

—

​

​

—

​

​

(202.1)

​

​

(202.1)

Other comprehensive income

​

—

​

​

—

​

​

—

​

​

52.7

​

​

—

​

​

52.7

Taxes paid for restricted unit withholdings

​

—

​

​

—

​

​

(4.4)

​

​

—

​

​

—

​

​

(4.4)

Shares issued and proceeds received through at-the-market offerings and forward agreements

​

17,052,756

​

​

0.2

​

​

170.6

​

​

—

​

​

—

​

​

170.8

Stock-based compensation (1)

​

1,673,008

​

​

—

​

​

5.7

​

​

—

​

​

—

​

​

5.7

Balances March 31, 2025

​

433,143,561

​

$

4.3

​

$

6,886.1

​

$

(79.3)

​

$

(8,548.9)

​

$

(1,737.8)

Net loss

​

—

​

​

—

​

​

—

​

​

—

​

​

(4.7)

​

​

(4.7)

Other comprehensive income

​

—

​

​

—

​

​

—

​

​

11.1

​

​

—

​

​

11.1

Stock-based compensation

​

—

​

​

—

​

​

6.0

​

​

—

​

​

—

​

​

6.0

Balances June 30, 2025

​

433,143,561

​

$

4.3

​

$

6,892.1

​

$

(68.2)

​

$

(8,553.6)

​

$

(1,725.4)

​

(1)Includes 370,586 Common Stock shares awarded to the board of directors and 1,302,422 vested Common Stock RSUs and PSUs.
Summary of stock based compensation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

June 30,

​

June 30,

​

June 30,

​

June 30,

(In millions)

​

2026

​

2025

​

2026

​

2025

Special awards expense

​

$

—

​

$

—

​

$

4.6

​

$

1.0

Board of director stock award expense

​

​

—

​

​

—

​

​

1.1

​

​

1.3

Restricted stock unit expense

​

​

1.5

​

​

3.6

​

​

2.9

​

​

6.2

Performance stock unit expense

​

​

1.8

​

​

2.4

​

​

2.0

​

​

3.2

Total stock-based compensation expense

​

$

3.3

​

$

6.0

​

$

10.6

​

$

11.7

Schedule of Nonvested RSU and PSU Activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RSUs

​

PSUs

​

​

​

​

Weighted

​

​

​

Weighted

​

​

​

​

Average

​

​

​

Average

​

​

Number of

​

Grant Date

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

​

PSUs

​

Fair Value

Nonvested at December 31, 2025

​

4,573,078

​

$

4.73

​

324,969

​

$

3.57

Granted (1)

​

—

​

​

—

​

3,448,938

​

​

1.24

Granted - Special Award

​

—

​

​

—

​

3,778,642

​

​

1.22

Vested

​

(942,900)

​

​

5.82

​

(119,307)

​

​

3.57

Vested - Special Award

​

—

​

​

—

​

(2,005,981)

​

​

1.22

Cancelled (2)

​

(882,087)

​

​

5.95

​

(97,339)

​

​

3.57

Cancelled - Special Award (2)

​

—

​

​

—

​

(1,772,661)

​

​

1.22

Nonvested at June 30, 2026

​

2,748,091

​

​

3.96

​

3,557,261

​

​

1.35

Tranche Year 2027 awarded under the 2025 PSU award with grant date fair values to be determined in year 2027 (3)

​

—

​

​

​

​

1,213,279

​

​

​

Total nonvested at June 30, 2026

​

2,748,091

​

​

​

​

4,770,540

​

​

​

​

(1)The number of PSUs granted under the 2026 Tranche Year assumes the Company will vest at 185% for the Adjusted EBITDA performance target, 200% for the free cash flow performance target, and 133% for the strategic initiatives performance target.
(2)Represents vested RSUs and PSUs surrendered in lieu of taxes. As a result, the Company paid taxes for restricted unit withholdings of approximately $3.7 million during the six months ended June 30, 2026.
(3)Assumes PSUs will vest at 100% of targets.