Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Share Repurchase Program

On April 26, 2023, our board of directors approved a share repurchase program with authorization to purchase up to $95 million of our common stock, excluding commissions and fees (the “Repurchase Program”). We may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The Repurchase Program may be suspended or discontinued at any time and does not obligate us to acquire any amount of common stock.

To date, we have utilized our existing cash and cash equivalents to fund repurchases under the Repurchase Program. During the three and nine months ended September 30, 2023, we repurchased an aggregate of 309,510 shares and 4,829,803 shares of our common stock for $3.9 million and $58.5 million pursuant to a Rule 10b5-1 trading plan. As of September 30, 2023, we had $36.6 million remaining under the Repurchase Program, which has no expiration date and will continue unless otherwise suspended or discontinued.