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Stockholders’ Deficit
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders’ Deficit
Note 10. Stockholders’ Deficit
Share Repurchase Programs
Under the Company’s share repurchase programs, share repurchases may be made at the Company’s discretion from time to time in open market transactions, privately negotiated transactions, or other means, subject to a minimum cash balance. The programs do not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares of its Class A Common Stock. The timing and number of any shares repurchased under the programs will depend on a variety of factors, including stock price, trading volume, and general business and market conditions.
On November 1, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to $100.0 million of the Company’s outstanding shares of Class A Common Stock, subject to certain limitations. On February 7, 2024, the Company’s board of directors authorized an additional $150.0 million of the Company’s outstanding shares of Class A Common Stock, subject to certain limitations. The authorization expires on December 31, 2024. As of March 31, 2024, approximately $154.7 million remained authorized and available under the Company’s share repurchase programs for future share repurchases.
On May 1, 2024, the Company’s board of directors further increased their authorization by $250 million, subject to certain limitations. This authorization does not expire. Refer to Note 15 – Subsequent Events in this Quarterly Report on Form 10-Q for additional information.
The following table summarizes the share repurchase activity of the Company’s Class A Common Stock for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
20242023
SharesAmountSharesAmount
Repurchases under share repurchase programs2,361 $80,347 2,160 $74,458 
Amounts for excise tax withholdings and broker’s commissions
— 288 — 318 
Total repurchases of common stock2,361 $80,635 2,160 $74,776 
The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended March 31, 2024 and 2023, the Company reflected the applicable excise tax withholdings and broker’s commissions in additional paid in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued liabilities in the Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2024, the Company repurchased approximately 2.4 million of its shares of Class A Common Stock for $80.3 million, of which 115,008 of these shares for $4.0 million, which are reflected in the table above, settled in April 2024. During the three months ended March 31, 2024, the Company settled the repurchase of 117,706 shares of Class A Common Stock for $4.1 million that were pending from the prior quarter. The following table summarizes the number of shares of the Company’s Class A Common Stock repurchased and settled for the three months ended March 31, 2024 (in thousands):
Repurchases under share repurchase programs2,361 
Repurchases unsettled as of quarter end(115)
Prior quarter repurchases settled in current quarter118 
Total repurchases of common stock settled2,364