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:
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|
|
|
|
|
|
|
|
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:
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|
|
|
|
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:
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|
|
|
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:
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|
|
|
|
|
|
|
|
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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:
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|
|
|
|
|
|
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 |
|