Stockholders' Deficit

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Deficit

10. STOCKHOLDERS’ DEFICIT

As of June 30, 2022, 96,212,193 shares of common stock were issued in the accompanying unaudited condensed consolidated balance sheet, which includes 27,830,224 shares of treasury stock held by the Company and excludes 7,214 unvested shares of common stock and 1,480,803 unvested restricted stock units or deferred stock units held by certain participants in the Company’s equity compensation plans or members of the Company’s Board (see Note 9–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”). On March 10, 2022, the Board approved a replenishment to the Former Share Repurchase Program of $228.2 million, bringing the total amount authorized for future share repurchases back up to $250.0 million at that time. Under the Former Share Repurchase Program, during the six months ended June 30, 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 as of April 29, 2022.

On May 11, 2022, the Board approved a $250.0 million share repurchase program (the “May Share Repurchase Program”). Under the May Share Repurchase Program, during the six months ended June 30, 2022, the Company repurchased 4,314,096 shares for an aggregate total of approximately $214.6 million, leaving approximately $35.4 million available as of June 30, 2022. Subsequent to June 30, 2022, the Company repurchased 771,656 shares for an aggregate total of approximately $35.4 million, leaving no amount remaining under the May Share Repurchase Program as of July 29, 2022.

On August 4, 2022, the Company announced that its Board approved a new $250.0 million share repurchase program (the “Share Repurchase Program”).  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 and alternative investment opportunities.