Liberty Global Ltd.LBTYA
Liberty Global Ltd. Stock Compensation Disclosure
Share-based Compensation
Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below:
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| in millions | |||||||||||||||||
Liberty Global (a)(b): | |||||||||||||||||
| Non-performance based incentive awards (c) | $ | 83.5 | $ | 113.9 | $ | 137.7 | |||||||||||
| Performance based incentive awards | 46.9 | 18.6 | 6.9 | ||||||||||||||
| Other (d) | 35.0 | 29.7 | 26.9 | ||||||||||||||
Total Liberty Global | 165.4 | 162.2 | 171.5 | ||||||||||||||
| Telenet share-based incentive awards (e) | — | — | 27.7 | ||||||||||||||
| Other | 4.0 | 6.1 | 5.6 | ||||||||||||||
| Total | $ | 169.4 | $ | 168.3 | $ | 204.8 | |||||||||||
| Included in: | |||||||||||||||||
| Other operating expenses | $ | 12.6 | $ | 17.8 | $ | 11.3 | |||||||||||
SG&A expenses | 156.8 | 150.5 | 193.5 | ||||||||||||||
Total | $ | 169.4 | $ | 168.3 | $ | 204.8 | |||||||||||
_______________
(a)In November 2024, in connection with the Sunrise Distribution and the Spin-off, the compensation committee of our board of directors approved modifications to our outstanding share-based incentive awards (the Award Modifications) in accordance with the underlying share-based incentive plans. As we determined that there was no incremental value associated with the Award Modifications, we did not recognize any incremental share-based compensation expense associated with these modifications.
(b)In accordance with the terms of the Telenet Takeover Bid, we issued Liberty Global share-based incentive awards (Telenet Replacement Awards) to employees and former directors of Telenet in exchange for corresponding Telenet awards. In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C common shares. No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards. The Telenet Replacement Awards were re-granted on November 7, 2023, resulting in total share-based compensation expense of $50.0 million, of which $8.5 million was recognized on this date due to the immediate vesting of select Telenet Replacement Awards. The remaining expense of $41.5 million is amortized over the remaining service periods of the unvested Telenet Replacement Awards, subject to forfeitures and the satisfaction of performance conditions as further described below. For further information regarding the Telenet Takeover Bid, see note 14.
(c)In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2016 through 2018 from a seven-year term to a ten-year term (prior to 2019, awards granted under the 2014 Incentive Plans, as defined and described below, expired seven years after the grant date). Accordingly, the Black-Scholes fair values of the respective outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $25.9 million during 2023.
(d)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled in Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash. In addition, amounts include compensation expense related to the Liberty Growth Incentive Plans as defined and described below.
(e)Represents the share-based compensation expense associated with Telenet’s share-based incentive awards prior to the Telenet Takeover Bid. In addition, €7.6 million ($8.2 million at the applicable rate) was expensed during the fourth quarter of 2023 related to the reimbursement of certain employee income taxes associated with the ESOP 2019 and the ESOP 2020, each as defined and described below.
As of December 31, 2025, $152.8 million of total unrecognized compensation cost related to our Liberty Global share-based incentive awards is expected to be recognized by our company over a weighted-average period of approximately 1.8 years.
The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global common shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted):
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Assumptions used to estimate fair value of options and SARs granted: | |||||||||||||||||
| Risk-free interest rate | 3.69 - 3.71% | 3.39 - 4.11% | 3.12 - 4.10% | ||||||||||||||
| Expected life | 6.2 years | 3.7 - 6.2 years | 3.7 - 6.2 years | ||||||||||||||
| Expected volatility | 30.5 - 31.3% | 28.9 - 31.4% | 29.0 - 33.1% | ||||||||||||||
| Expected dividend yield | none | none | none | ||||||||||||||
| Weighted average grant-date fair value per share of awards granted: | |||||||||||||||||
| Options | $ | 4.29 | $ | 6.57 | $ | 7.18 | |||||||||||
SARs | (a) | $ | 5.06 | $ | 5.85 | ||||||||||||
RSUs - prior to the Sunrise Distribution | (b) | $ | 17.39 | $ | 18.59 | ||||||||||||
RSUs - subsequent to the Sunrise Distribution | $ | 11.75 | $ | 12.95 | (b) | ||||||||||||
PSUs | $ | 12.34 | $ | 25.16 | $ | 16.60 | |||||||||||
| Total intrinsic value of awards exercised (in millions): | |||||||||||||||||
| Options | (c) | (c) | (c) | ||||||||||||||
SARs | $ | 3.0 | $ | 23.0 | $ | 4.6 | |||||||||||
PSARs | (c) | (c) | (c) | ||||||||||||||
| Cash received from exercise of options (in millions) | $ | — | $ | — | $ | 1.2 | |||||||||||
| Income tax benefit (expense) related to share-based compensation of our continuing operations (in millions) | $ | (1.8) | $ | (1.0) | $ | 9.1 | |||||||||||
_______________
(a)There were no grants of SARs made during the indicated period.
(b)Not applicable.
(c)There were no exercises of this award type during the indicated period.
Share Incentive Plans — Liberty Global Common Shares
2023 Incentive Plan
As of December 31, 2025, we are authorized to grant incentive awards under the “Liberty Global 2023 Incentive Plan,” which was approved by our shareholders on June 14, 2023. Generally, we may grant options, SARs, RSUs, performance awards or cash awards or any combination of the foregoing under this incentive plan (collectively, “awards”). The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2023 Incentive Plan is 72,448,191 (as adjusted for the Spin-off), which represents the number of common shares available for grant under the previous “Liberty Global 2014 Incentive Plan” and the “Liberty Global 2014 Nonemployee Director Incentive Plan” (collectively, the 2014 Incentive Plans) immediately prior to the 2023 Annual General Meeting of Shareholders of Liberty Global plc, plus any common shares subject to outstanding awards under the 2014 Incentive Plans that become available for issuance under the Liberty Global 2023 Incentive Plan pursuant to its terms. The maximum number of common shares reserved for issuance under the Liberty Global 2023 Incentive Plan is also subject to anti-dilution and other adjustment provisions of the Liberty Global 2023 Incentive Plan. Outstanding awards granted under the 2014 Incentive Plans will continue to be governed by the terms of that plan until exercised, expired, paid or otherwise terminated. No further awards will be granted under the 2014 Incentive Plans. As of December 31, 2025, the Liberty Global 2023 Incentive Plan had 62,996,261 common shares available for grant.
Awards (other than performance based awards) under the Liberty Global 2023 Incentive Plan and the Liberty Global 2014 Incentive Plan generally (i) vest annually over a three-year period and (ii) expire 10 years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire ten years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of common shares.
In connection with the Telenet Takeover Bid, the compensation committee of our board of directors approved the issuance of Telenet Replacement Awards as part of the Liberty Global 2023 Incentive Plan in exchange for corresponding Telenet awards. Prior to the Telenet Takeover Bid, Telenet had several outstanding equity award plans including the 2019 Employee Stock Option Plan (ESOP 2019), the 2020 Employee Stock Option Plan (ESOP 2020), the 2021 Performance Share Plan (PSP 2021), the 2021 CEO Performance Share Plan (CEO PSP 2021) and the 2022 Restricted Share Plan (RSP 2022). Liberty Global proposed to rollover any Telenet equity awards into equivalent awards in Liberty Global shares, excluding the ESOP 2019 and ESOP 2020 which were out-of-the-money at the time of the Telenet Takeover Bid. Additionally, due to regulatory constraints associated with the Telenet Takeover Bid, Telenet was unable to issue equity awards from the 2020 Performance Share Plan (PSP 2020), the 2022 Performance Share Plan (PSP 2022), the 2023 Performance Share Plan (PSP 2023), the 2022 CEO Performance Share Plan (CEO PSP 2022), the 2023 Restricted Share Plan (RSP 2023), the 2023 CEO Performance Share Plan (CEO PSP 2023) and the 2023 Dividend Share Plan (Dividend Plan 2023). Liberty Global has also granted equivalent awards under these Telenet plans. The Telenet Replacement Awards were issued as either RSUs or PSUs, depending on the presence of a performance factor. Generally, (i) awards issued under the CEO PSP 2021, CEO PSP 2022 and CEO PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period, (ii) awards issued under the Dividend Plan 2023 vest immediately, (iii) awards issued under the RSP 2022 and RSP 2023 vest 40% after year one and 60% after year two and are subject to a two-year holding restriction, (iv) awards issued under the PSP 2020 are subject to certain performance metrics, vest immediately and are subject to a two-year holding restriction, (v) awards issued under the PSP 2021 and PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period and (vi) awards issued under the PSP 2022 were issued as RSUs, vest 40% after year one and 60% after year two and are subject to a two-year holding restriction.
Liberty Growth Incentive Plans
Annually, beginning in April 2021, the compensation committee of our board of directors has approved grants under the “Liberty Growth Incentive Plans” (formerly “Ventures Incentive Plans”). The Liberty Growth Incentive Plans are provided to executive officers and other key employees based on the performance of the Liberty Growth Portfolio (the “Portfolio”), or a specific portion of the Portfolio in the instance of the “Tech Liberty Growth Incentive Plan” (formerly “Tech Ventures Incentive Plan”). A fair value assessment is performed for the Portfolio as of December 31st by an independent third-party valuation specialist and the Portfolio performance is measured by assessing the fair value of the Portfolio over a three-year period beginning on December 31st of the year preceding each annual grant. Payout will be denominated in cash and will be assessed at the end of each three-year period using eligible participants’ initial contributions, which are between 10% and 50%
of their annual target equity value (10% and 100% for the 2021 Liberty Growth Incentive Plan) and the contributed amount is in lieu of their normal annual equity grant. The compensation committee has the discretion to settle the final payout amount in (i) cash or (ii) Liberty Global Class A and Class C common shares based on the change in the Portfolio’s value. Subject to forfeitures, 100% of each participant’s payout will vest on or around March of the year subsequent to the conclusion of the three-year performance period. In order to receive the payout, participants are required to remain employed through the final vesting date. Awards under the Liberty Growth Incentive Plans are liability classified due to the fact that the final payout under these plans will be denominated in cash and may be settled in a variable number of shares. The estimated fair value of the final payouts under our Liberty Growth Incentive Plans as of December 31, 2025 are shown below:
| Performance period | Vesting date | Estimated fair value of final payout | |||||||||||||||
| in millions | |||||||||||||||||
| 2023 Liberty Growth Incentive Plan | 12/31/2022 - 12/31/2025 | March 15, 2026 | 10.8 | ||||||||||||||
| 2023 Tech Liberty Growth Incentive Plan | 12/31/2022 - 12/31/2025 | March 15, 2026 | 0.5 | ||||||||||||||
| 2024 Liberty Growth Incentive Plan | 12/31/2023 - 12/31/2026 | March 15, 2027 | 13.2 | ||||||||||||||
| 2024 Tech Liberty Growth Incentive Plan | 12/31/2023 - 12/31/2026 | March 15, 2027 | 0.6 | ||||||||||||||
| 2025 Liberty Growth Incentive Plan | 12/31/2024 - 12/31/2027 | March 15, 2028 | 12.3 | ||||||||||||||
| 2025 Tech Liberty Growth Incentive Plan | 12/31/2024 - 12/31/2027 | March 15, 2028 | 1.0 | ||||||||||||||
| Total | $ | 38.4 | |||||||||||||||
The 2022 Liberty Growth Incentive Plan vested on March 15, 2025. Participants earned 87.6% of their targeted payout which was settled in 371,261 shares of Liberty Global Class A and 371,261 Class C common shares.
The 2021 Liberty Growth Incentive Plan vested on March 15, 2024. Participants earned 108.5% of their targeted payout which was settled in 442,221 shares of Liberty Global Class A and 442,221 Class C common shares.
Performance Awards
The following is a summary of the material terms and conditions with respect to our performance based awards for certain executive officers and key employees.
2025 PSUs
In March 2025, the compensation committee of our board of directors approved the grant of PSUs to executive officers and certain employees (the 2025 PSUs). The performance metric for the 2025 PSUs is the appreciation of Liberty Global’s average share price during the performance period commencing March 21, 2025 and ending December 31, 2027. The payout is determined based on the achievement of certain share price levels, as adjusted by the committee for (i) corporate transactions, including acquisitions, dispositions, spin-offs and mergers, and (ii) force majeure type events such as natural disasters, acts of war or terrorism or other unanticipated events impacting the business that are outside of our control. Share price appreciation of 0% to 80% will generally result in award recipients earning 0% to 200% of their target 2025 PSUs. In addition, 50% of the 2025 PSUs award payout may be “banked” if Liberty Global’s average share price exceeds specific target levels ranging from 30% to 50% during the performance period, subject to a cap of 75% of the target 2025 PSUs. The earned 2025 PSUs will fully vest on February 15, 2028.
2024 PSUs
In May 2024, the compensation committee of our board of directors approved the grant of PSUs to executive officers and other key employees (the 2024 PSUs). The performance metric for the 2024 PSUs is based on Liberty Global’s relative total shareholder return (rTSR) during the performance period commencing May 10, 2024 and ending December 31, 2026, calculated based on a comparison of Liberty Global’s total shareholder return (TSR) compared to the TSR of a comparator group of companies, which comprises all companies continuously listed in the NASDAQ Telecommunications Index or the Stoxx Europe 600 Telecom Index during the performance period. The market condition related to Liberty Global’s rTSR performance relative to the comparator group of companies is incorporated into the measurement of the grant date fair value of the award. The 2024 PSUs include over- and under-performance payout opportunities should the rTSR exceed or fail to meet the target, as applicable. Achieving an rTSR between the 25th percentile to at or above the 75th percentile will generally result in award recipients earning 25% to 200% of their target 2024 PSUs, subject to forfeitures. The 2024 PSUs have a maximum payout of 100% should the TSR be negative. In February 2026, the compensation committee of our board of directors determined that 50% of the 2024 PSUs were earned as Liberty Global’s rTSR was equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025. This resulted in 731,307 Liberty Global Class A and 1,044,574 Liberty Global Class C PSUs being “banked” out of 1,462,613 Liberty Global Class A and 2,089,147 Liberty Global Class C outstanding PSUs. The value of these banked 2024 PSUs is $8.0 million and $11.2 million for Liberty Global Class A and Liberty Global Class C PSUs, respectively, at a weighted average grant price of $10.89 and $10.75, respectively. The earned 2024 PSUs will fully vest on or around February 15, 2027.
Share-based Award Activity — Liberty Global Common Shares
The following tables summarize the share-based award activity during 2025 with respect to awards issued by Liberty Global. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding.
Options — Class A common shares | Number of awards | Weighted average exercise price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 1,159,996 | $ | 15.23 | |||||||||||||||||||||||
| Granted | 166,034 | 9.78 | ||||||||||||||||||||||||
| Forfeited | (164,255) | 21.73 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 1,161,775 | $ | 13.54 | 5.1 | $ | 0.6 | ||||||||||||||||||||
Exercisable at December 31, 2025 | 828,706 | $ | 15.03 | 3.6 | $ | 0.2 | ||||||||||||||||||||
| Options — Class C common shares | Number of awards | Weighted average exercise price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 5,203,985 | $ | 13.62 | |||||||||||||||||||||||
| Granted | 664,635 | 11.62 | ||||||||||||||||||||||||
| Forfeited | (325,404) | 20.90 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 5,543,216 | $ | 12.95 | 5.5 | $ | 2.4 | ||||||||||||||||||||
Exercisable at December 31, 2025 | 4,128,315 | $ | 13.62 | 4.4 | $ | 1.7 | ||||||||||||||||||||
SARs — Class A common shares | Number of awards | Weighted average base price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 34,684,640 | $ | 14.15 | |||||||||||||||||||||||
| Forfeited | (2,158,325) | 21.15 | ||||||||||||||||||||||||
| Exercised | (749,640) | 9.77 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 31,776,675 | $ | 13.78 | 4.6 | $ | 16.2 | ||||||||||||||||||||
Exercisable at December 31, 2025 | 26,955,382 | $ | 14.47 | 4.0 | $ | 10.3 | ||||||||||||||||||||
SARs — Class C common shares | Number of awards | Weighted average base price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 75,630,289 | $ | 14.40 | |||||||||||||||||||||||
| Forfeited | (4,036,375) | 21.43 | ||||||||||||||||||||||||
| Exercised | (868,049) | 9.93 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 70,725,865 | $ | 14.05 | 4.6 | $ | 20.8 | ||||||||||||||||||||
Exercisable at December 31, 2025 | 62,474,003 | $ | 14.51 | 4.2 | $ | 16.5 | ||||||||||||||||||||
PSARs — Class A common shares | Number of awards | Weighted average base price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 4,969,045 | $ | 15.00 | |||||||||||||||||||||||
| Forfeited | (117,260) | 15.00 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 4,851,785 | $ | 15.00 | 3.0 | $ | — | ||||||||||||||||||||
Exercisable at December 31, 2025 | 4,851,785 | $ | 15.00 | 3.0 | $ | — | ||||||||||||||||||||
PSARs — Class C common shares | Number of awards | Weighted average base price | Weighted average remaining contractual term | Aggregate intrinsic value | ||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
Outstanding at January 1, 2025 | 9,674,673 | $ | 14.70 | |||||||||||||||||||||||
| Forfeited | (231,033) | 14.70 | ||||||||||||||||||||||||
Outstanding at December 31, 2025 | 9,443,640 | $ | 14.70 | 3.0 | $ | — | ||||||||||||||||||||
Exercisable at December 31, 2025 | 9,443,640 | $ | 14.70 | 3.0 | $ | — | ||||||||||||||||||||
RSUs — Class A common shares | Number of awards | Weighted average grant-date fair value per share | Weighted average remaining contractual term | |||||||||||||||||
| in years | ||||||||||||||||||||
Outstanding at January 1, 2025 | 2,553,035 | $ | 9.36 | |||||||||||||||||
| Granted | 3,215,649 | 11.58 | ||||||||||||||||||
| Forfeited | (336,273) | 10.64 | ||||||||||||||||||
| Exercised | (2,330,104) | 10.54 | ||||||||||||||||||
Outstanding at December 31, 2025 | 3,102,307 | $ | 10.64 | 1.1 | ||||||||||||||||
| RSUs — Class C common shares | Number of awards | Weighted average grant-date fair value per share | Weighted average remaining contractual term | |||||||||||||||||
| in years | ||||||||||||||||||||
Outstanding at January 1, 2025 | 4,229,272 | $ | 10.02 | |||||||||||||||||
| Granted | 3,480,155 | 12.07 | ||||||||||||||||||
| Forfeited | (361,871) | 11.06 | ||||||||||||||||||
| Exercised | (3,233,272) | 10.90 | ||||||||||||||||||
Outstanding at December 31, 2025 | 4,114,284 | $ | 10.97 | 1.0 | ||||||||||||||||
PSUs — Class A common shares | Number of awards | Weighted average grant-date fair value per share | Weighted average remaining contractual term | |||||||||||||||||
| in years | ||||||||||||||||||||
Outstanding at January 1, 2025 | 1,963,824 | $ | 13.08 | |||||||||||||||||
| Granted | 3,179,733 | 12.34 | ||||||||||||||||||
| Forfeited | (208,836) | 12.24 | ||||||||||||||||||
| Released from restrictions | (110,973) | 9.11 | ||||||||||||||||||
Outstanding at December 31, 2025 | 4,823,748 | $ | 12.72 | 1.7 | ||||||||||||||||
PSUs — Class C common shares | Number of awards | Weighted average grant-date fair value per share | Weighted average remaining contractual term | |||||||||||||||||
| in years | ||||||||||||||||||||
Outstanding at January 1, 2025 | 2,965,058 | $ | 13.48 | |||||||||||||||||
| Granted | 4,105,505 | 12.34 | ||||||||||||||||||
| Forfeited | (238,285) | 12.20 | ||||||||||||||||||
| Released from restrictions | (202,815) | 9.94 | ||||||||||||||||||
Outstanding at December 31, 2025 | 6,629,463 | $ | 12.93 | 1.7 | ||||||||||||||||
Share-based Award Activity — Liberty Global Common Shares held by former Liberty Global employees
The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain spin-off or disposal transactions, or as otherwise permitted under applicable Liberty Global equity plan documents. Any future exercises of SARs or PSARs, or vesting of RSUs and PSUs, will increase the number of our outstanding common shares.
| Number of awards | Weighted average exercise or base price | Weighted average remaining contractual term | Aggregate intrinsic value | |||||||||||||||||||||||
| in years | in millions | |||||||||||||||||||||||||
SARs and PSARs: | ||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||
Outstanding | 2,706,841 | $ | 15.60 | 3.5 | $ | 0.4 | ||||||||||||||||||||
Exercisable | 2,556,946 | $ | 15.89 | 3.3 | $ | 0.3 | ||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||
Outstanding | 5,309,254 | $ | 15.61 | 3.5 | $ | 0.4 | ||||||||||||||||||||
Exercisable | 5,012,390 | $ | 15.87 | 3.3 | $ | 0.4 | ||||||||||||||||||||
| Number of awards | Weighted average grant-date fair value per share | Weighted average remaining contractual term | ||||||||||||||||||
| in years | ||||||||||||||||||||
Outstanding RSUs and PSUs: | ||||||||||||||||||||
Class A: | ||||||||||||||||||||
RSUs | 49,586 | $ | 9.89 | 0.4 | ||||||||||||||||
PSUs | 1,080 | $ | 12.34 | 2.1 | ||||||||||||||||
Class C: | ||||||||||||||||||||
RSUs | 95,312 | $ | 10.38 | 0.4 | ||||||||||||||||
PSUs | 1,080 | $ | 12.34 | 2.1 | ||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 16, 2016 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.