Stockholders’ Equity Transactions

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders’ Equity Transactions

Stockholders’ Equity Transactions

Share Repurchase Programs

On May 6, 2024, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2024 Share Repurchase Program has no set expiration date.

During the three and six months ended June 30, 2024, the Company repurchased approximately 11.0 million shares in the open market for $59.1 million under the 2024 Share Repurchase Program, for an average price of $5.39. The total price of the shares repurchased and the related transaction costs and excise taxes of $0.6 million are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2024, $140.9 million remained available for future share repurchases under the 2024 Share Repurchase Program.

Under the share repurchase program authorized in May 2023 (the “2023 Share Repurchase Program”), the Company repurchased 5.2 million shares in the open market for $32.8 million at an average price of $6.27 during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company repurchased 10.2 million shares in the open market for $48.5 million under the 2023 Share Repurchase Program, for an average price of $4.75. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024.

Common Stock Conversions

During the second quarter of 2024, a shareholder voluntarily converted 17.7 million outstanding shares of Class B common stock into shares of Class A common stock on a one-for-one basis. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting as Class A common stock holders are entitled to one vote per share while Class B common stock holders are entitled to 10 votes per share.