Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Stockholders' Equity | |
| Stockholders' Equity |
14. Stockholders’ Equity The Company had 1,000,000 shares of authorized common stock, par value $0.001 per share, as of December 31, 2024 and 2023. Holders of the Company’s common stock are entitled: (1) to cast one vote for each share held of record on all matters submitted to a vote of the stockholders; (2) to receive, on a pro rata basis, dividends and distributions, if any, that the Board of Directors may declare out of legally available funds, subject to preferences that may be applicable to preferred stock, if any, then outstanding; and (3) upon the Company’s liquidation, dissolution or winding-up, to share equally and ratably in any assets remaining after the payment of all debt and other liabilities, subject to the prior rights, if any, of holders of any outstanding shares of preferred stock. The Company’s ability to pay dividends on its common stock is subject to the discretion of the Board of Directors. The Company had 100,000 shares of authorized preferred stock, par value $0.01 per share. Because the Board of Directors has the power to establish the preferences and rights of the shares of any additional series of preferred stock, it may afford holders of any preferred stock preferences, powers and rights, including voting and dividend rights, senior to the rights of holders of the Company’s common stock. The Company did not issue any preferred stock during the years ended December 31, 2024 and 2023. There are no outstanding shares of preferred stock as of December 31, 2024 and 2023. Repurchase Program On May 16, 2024, the Company announced that the Board authorized the repurchase of up to $150.0 million of the Company’s outstanding common stock (the “Repurchase Program”). Under the Repurchase Program, the Company may repurchase for cash from time to time shares of its common stock through open market purchases pursuant to Rule 10b-18 and/or Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The Repurchase Program does not obligate the Company to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the Company’s discretion. During the year ended December 31, 2024, the Company repurchased 6.8 million shares of its common stock for an aggregate repurchase amount of $128.0 million under the Repurchase Program, which included immaterial amounts of broker commissions. The repurchase amounts included in the Consolidated Statements of Stockholders’ Equity includes immaterial amounts related to the 1% excise tax on share repurchases, net of share issuances, as a result of the Inflation Reduction Act of 2022 (“IRA”). As of December 31, 2024, $22.1 million remained available and authorized for repurchase under the Repurchase Program. Activity under the Repurchase Program was recognized in the Consolidated Balance Sheets on a trade-date basis. Refer to Footnote 18, Subsequent Events, for further information. New Repurchase Program On November 6, 2024, the Company announced that the Board authorized the repurchase of up to $200.0 million of the Company’s outstanding common stock (the “New Repurchase Program”), which amount is in addition to the initial Repurchase Program previously approved by the Board in May 2024. Under the New Repurchase Program, the Company may repurchase for cash from time to time shares of its common stock through open market purchases pursuant to Rule 10b-18 and/or Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The New Repurchase Program does not obligate the Company to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the Company’s discretion. As of December 31, 2024, $200.0 million remained available and authorized for repurchase under the New Repurchase Program. |