Repurchase Program

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Repurchase Program

Repurchase Program

In February 2023, our Board of Directors approved certain changes to our repurchase program and increased the total authorization available to $50.0 million. Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Amended ABL Facility (as defined in Note 7) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from borrowings under our Amended ABL Facility, operating cash flows, and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of September 30, 2023, we had $24.1 million remaining under the program.

During the first nine months of 2023, we repurchased an aggregate of 5.6 million shares of our common stock under the repurchase program for a total cost of $26.2 million, inclusive of commissions and excise taxes. There were no shares of common stock repurchased under the repurchase program during the first nine months of 2022.

In October 2023, we repurchased an additional 0.9 million shares of our common stock pursuant to the repurchase program under a Rule 10b5-1 trading plan for a total cost of $6.0 million, leaving $18.1 million of authorization remaining under the program as of October 31, 2023.