Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity | 10. Stockholders' Equity Share Repurchase Program On February 4, 2026, our Board of Directors authorized a share repurchase program to purchase up to $1.0 billion of our Class A common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase shares of our Class A common stock from time to time on the open market (including via pre-set trading plans), in privately negotiated transactions, or through other transactions in accordance with applicable securities laws. The Share Repurchase Program does not obligate us to acquire any particular amount of Class A common stock, has no expiration date, and may be suspended or discontinued at any time at our discretion. During the six months ended June 30, 2026, we repurchased 1,523,502 shares of Class A common stock for $239.6 million. As of June 30, 2026, $760.4 million remained available for repurchases. We immediately retire shares repurchased under the Share Repurchase Program and reduce our Class A common stock component of stockholders’ equity by the par value of repurchased shares. The excess of the repurchase price over par value for shares repurchased is recorded to additional paid-in capital. Common Stock Reserved for Issuance In February 2024, our board of directors adopted the 2024 Incentive Award Plan (the “2024 Plan”), which became effective in connection with our initial public offering in March 2024. Under the 2024 Plan, shares of our Class A common stock are reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. We have reserved the following shares of common stock, on an as-converted basis, for future issuance:
The remaining shares reserved for future issuance under the 2024 Plan relate to our Class A common stock.
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