Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

Equity

In February 2022, the Company's Board authorized the repurchase of up to $750.0 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may also, from time to time, enter into Rule 10b-5 trading plans, to facilitate repurchases of shares. In May and August 2023, the Company's Board authorized increases to the repurchase program of $296.0 million and $447.6 million, respectively. In February 2024, the Company's Board authorized an increase of $1.25 billion to the repurchase program.

The repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, has no expiration date and may be modified, suspended, or terminated at any time at the Company's discretion. The Company retires its Class A common stock upon repurchase, and records any excess of the cost of the repurchased shares over their par value as a reduction to additional paid-in capital, or in the absence of additional paid-in capital, to accumulated deficit. During the three months ended March 31, 2024 and 2023, the Company repurchased 13,466,397 and 5,396,617 shares of Class A common stock for an aggregate amount, including commissions and fees, of $752.2 million and $76.4 million, respectively. As of March 31, 2024, $500.0 million remains available of the authorized amount under the repurchase program.

During the three months ended March 31,2024, 16,069,801 shares of Class B common stock were converted to Class A common stock.