Stockholders' Deficit

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Deficit

18. STOCKHOLDERS’ DEFICIT

As of December 31, 2023, 96,660,357 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 32,690,289 shares of treasury stock held by the Company (see Share Repurchase Programs discussion which follows), but excludes 1,461,605 unvested restricted stock awards held by certain participants in the Company’s equity compensation plans (see Note 17–Equity-Based Compensation).

Share Repurchase Programs

The Board had previously authorized a share repurchase program of up to $250.0 million of the Company’s common stock (the “Former Share Repurchase Program”). In March 2022, the Board approved a replenishment to the Former Share Repurchase Program of $228.2 million, bringing the total amount authorized back up to $250.0 million at that time. Under the Former Share Repurchase Program, during the year ended December 31, 2022, the Company repurchased 3,563,086 shares for an aggregate total of approximately $250.0 million, leaving no amount remaining under the Former Share Repurchase Program.

In May 2022, the Board approved a $250.0 million share repurchase program (the “May Share Repurchase Program”). Under the May Share Repurchase Program, during the year ended December 31, 2022, the Company repurchased 5,085,752 shares for an aggregate total of approximately $250.0 million, leaving no amount remaining under the May Share Repurchase Program.

In August 2022, the Board approved a new $250.0 million share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, during the years ended December 31, 2023 and 2022, the Company repurchased 313,750 shares and 3,774,659 shares, respectively, for an aggregate total of approximately $17.9 million and $193.6 million, respectively, leaving approximately $38.5 million available under the Share Repurchase Program as of December 31, 2023.

During the year ended December 31, 2021, the Company repurchased 3,692,794 shares for an aggregate total of approximately $215.7 million leaving approximately $21.8 million available under the Former Share Repurchase Program as of December 31, 2021.

Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limits and could be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, share ownership thresholds, debt covenant restrictions, future tax implications and alternative investment opportunities.

All shares repurchased pursuant to the repurchase programs disclosed above, other repurchase transactions, and shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $1,342.5 million and $1,324.7 million as of December 31, 2023 and 2022, respectively, and are reflected within stockholders’ deficit in the accompanying consolidated statements of changes in stockholders’ deficit.