Share Capital (Tables)

9 Months Ended

Sep. 30, 2024

Disclosure of Share Capital [Line Items]

Schedule of Common Stock Outstanding Roll Forward

A reconciliation of the beginning and ending amounts of the issued and outstanding shares by class is as follows:

	Issued and Outstanding
	Subordinate Voting Shares	Multiple Voting Shares	Super Voting Shares
As at January 1, 2024	209,871,792	38,531	216,690
Distribution of contingent consideration	1,250,000	—	—
Issuance of shares upon exercise of options	1,331,937	—	—
Issuances of shares upon vesting of RSUs	905,176	—	—
Repurchase of Subordinate Voting Shares	(2,725,000)	—	—
Exchange of shares	1,084,800	(848)	(10,000)
As at September 30, 2024	211,718,705	37,683	206,690

Share-based Payment Arrangement, Option, Activity

Stock option activity is summarized as follows:

	Number of Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life
Balance as of December 31, 2023	10,071,467	$11.75	4.31
Granted	797,289	14.96
Exercised	(1,331,937)	8.66
Forfeited	(1,044,836)	14.06
Balance as of September 30, 2024	8,491,983	$12.65	4.44
Exercisable as of September 30, 2024	3,400,436	$7.66	3.87

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company used the Black-Scholes option pricing model to estimate the fair value of the options granted during the nine months ended September 30, 2024 and the year ended December 31, 2023, using the following ranges of assumptions:

	September 30,	December 31,
	2024	2023
Risk-free interest rate	3.02% - 3.92%	3.06% - 4.32%
Expected dividend yield	0%	0%
Expected volatility	62% - 64%	64%
Expected option life	4.46 - 4.5 years	3.5 – 4.5 years

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
		(in thousands)				(in thousands)
Stock options expense	$	2,387	$	4,009	$	8,081	$	12,795
Restricted Stock Units		5,962		3,206		15,624		8,040
Total Stock Based Compensation Expense	$	8,349	$	7,215	$	23,705	$	20,835

Restricted Stock Units

Disclosure of Share Capital [Line Items]

Non-vested Restricted Stock Shares Activity

The following table summarizes the number of unvested RSU awards as of September 30, 2024 and December 31, 2023 and the changes during the nine months ended September 30, 2024:

	Number of Shares		Weighted Average Grant Date Fair Value
Unvested Shares at December 31, 2023	3,620,638	$	9.25
Granted	2,635,868		14.45
Forfeited	(789,511)		11.62
Vested	(905,176)		9.86
Unvested Shares at September 30, 2024	4,561,819	$	11.52