Stockholders' Equity

3 Months Ended

May 07, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

We have 20,000,000 authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of the first quarter of fiscal 2024, there were no shares of preferred stock issued or outstanding.

Class A and Class B Common Stock

We have two classes of authorized common stock, Class A common stock, which we refer to as our "common stock", and Class B common stock. At the end of the first quarter of fiscal 2024, we had 2,000,000,000 authorized shares of Class A common stock and 250,000,000 authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of the first quarter of fiscal 2024, 306,452,699 shares of Class A common stock were issued and outstanding.

Share Repurchase Program

In March 2022, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock, which was completed in the first quarter of fiscal 2024. In March 2023, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock. During the first quarter of fiscal 2024, we repurchased and retired 2,872,040 shares of common stock at an average purchase price of $24.32 per share for an aggregate repurchase price of $69.9 million. At the end of the first quarter of fiscal 2024, $211.2 million remained available for future share repurchases under our current repurchase authorization.