v3.24.3
Stockholders’ Deficit
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders’ Deficit
Note 11—Stockholders’ Deficit
On June 14, 2023, the Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $1 billion of its common stock (the “June 2023 Stock Repurchase Program”). As of September 30, 2024, the remaining amount available to be repurchased under this program was $259.9 million.
On October 30, 2024, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to an additional $1 billion of its common stock (the “October 2024 Stock Repurchase Program”). See “Note 14—Subsequent Event” for additional information.
The stock repurchase programs have no expiration date and may be modified, suspended, or terminated at any time by the Board of Directors. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume, and general market conditions, along with the Company’s working capital requirements, general business conditions, and other factors.
Under the stock repurchase programs, the Company may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, tender offers, or any combination thereof. In addition, open market repurchases of common stock have and could be made pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.
The following table summarizes the Company’s cumulative share repurchase activity under the program noted above (in thousands, except per share amounts):
Shares RepurchasedAverage Price Paid per Share (1)Value of Shares Repurchased (1)Remaining Amount Authorized
Balance as of January 1, 2024$724,360 
Repurchases of common stock for the three months ended:
March 31, 20242,222 $71.28 $158,377 (158,377)
June 30, 20242,355 63.87 150,418 (150,418)
September 30, 20242,744 56.67 155,629 (155,629)
Balance as of September 30, 20247,321 $63.42 $464,424 $259,936 
(1) Average price paid per share excludes broker commissions and excise tax. Value of shares repurchased includes broker commissions.
All repurchases were made using cash on hand, and all repurchased shares of common stock have been retired.