Equity

9 Months Ended

Sep. 30, 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. 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 additional increase of $1.25 billion to the repurchase program.

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. 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.

During the nine months ended September 30, 2024 and 2023, the Company repurchased and subsequently retired 16,081,408 and 46,665,285 shares of Class A common stock for an aggregate amount, including commissions and fees, of $981.3 million and $1,153.6 million, respectively. As of September 30, 2024, $271.0 million remains available of the authorized amount under the repurchase program.

During the three and nine months ended September 30, 2024, 268,791 and 34,188,592 shares of Class B common stock were converted to Class A common stock, respectively.