Stockholders Equity

9 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

The Board previously authorized a stock repurchase program under which the Company can repurchase $4 billion of Class A Common Stock (the “Class A Common Stock”) and Class B Common Stock (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”). In February 2023, the Board authorized incremental stock repurchases of an additional $3 billion of Common Stock. With this increase, the Company’s total stock repurchase authorization is now $7 billion. The program has no time limit and may be modified, suspended or discontinued at any time.

In February 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement in which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share, which was the Nasdaq Global Select Market closing share price of the Class A Common Stock on February 8, 2023. The Company will receive a final delivery of shares of Class A Common Stock, which is determined using the volume-weighted average market price of the Class A Common Stock on the Nasdaq Global Select Market during the term of the ASR agreement less a discount. The Company accounted for the ASR agreement as two separate transactions. The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date. The final settlement of Class A Common Stock is accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction.

During the nine months ended March 31, 2023, the Company repurchased approximately 46 million shares of Common Stock for approximately $1.8 billion.

Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.

As of March 31, 2023, the Company’s remaining stock repurchase authorization was approximately $2.6 billion. Subsequent to March 31, 2023, the Company repurchased approximately 1.5 million shares of Common Stock for approximately $50 million.

(Loss) Earnings Per Share

The computation of diluted (loss) earnings per share did not include common stock equivalents during each period presented if their inclusion would have been antidilutive.

Dividends

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:

	For the three months ended March 31,				For the nine months ended March 31,
	2023		2022		2023		2022
Cash dividend per share	$	0.25	$	0.24	$	0.50	$	0.48

The Company declared a semi-annual dividend of $0.25 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2023, which was paid on March 29, 2023 to stockholders of record on March 1, 2023.