Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

From April 1, 2023 through May 8, 2023, the Company repurchased 7,684,860 shares of its Class A common stock for an aggregate amount, including commissions and fees, of $125.8 million pursuant to the Share Repurchase Program. Year-to-date through May 8th, the Company repurchased $202.2 million of its Class A common stock. As of May 8, 2023, $209.6 million of the $750.0 million authorized amount under the share repurchase program remains available.

In April 2023, Mr. Foroughi granted the remaining 3,451,000 PSUs at an estimated weighted average grant date fair value of $8.76 per share, pursuant to delegated authority from the Company's Board, to Additional Participants in consultation with the chair of our Compensation Committee. These PSUs are subject to the vesting conditions as described in Note 8 – Stock-based Compensation.

In April 2023, the Company amended the multi-year performance-based incentive plan established for certain key employees of Wurl (the “Wurl Plan”) at the time of the acquisition into a one-year plan for 2023, under which the Company may be obligated to issue up to a total of $90 million in additional shares of the Company's Class A common stock, contingent upon Wurl’s achievement of certain revenue and other performance targets and the continued employment of the key employees.