Stockholders' Deficit

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Deficit

10. STOCKHOLDERS’ DEFICIT

As of September 30, 2022, 96,255,843 shares of common stock were issued in the accompanying unaudited condensed consolidated balance sheet, which includes 30,993,771 shares of treasury stock held by the Company and excludes 1,514,970 unvested restricted stock awards 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”). 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 nine months ended September 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.

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 nine months ended September 30, 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 nine months ended September 30, 2022, the Company repurchased 2,391,891 shares for an aggregate total of approximately $123.1 million, leaving approximately $126.9 million available under the Share Repurchase Program as of September 30, 2022. Subsequent to September 30, 2022, the Company repurchased an additional 1,214,882 shares for an aggregate total of approximately $60.8 million, leaving approximately $66.1 million remaining under the Share Repurchase Program as of October 31, 2022.

Collectively, as a result of the repurchase programs disclosed above, the Company has repurchased a combined total of 3,163,547 shares for an aggregate combined total of approximately $158.5 million during the three months ended September 30, 2022 and a combined total of 11,040,729 shares for an aggregate combined total of approximately $623.1 million during the nine months ended September 30, 2022.

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.