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Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

The holders of common stock are entitled to one vote for each share.

Authorized Shares

The Company is authorized to issue 1,600,000,000 shares of common stock, $0.001 par value per share, and 50,000,000 shares of preferred stock, $0.001 par value per share.

Common Stock

At September 30, 2024, the Company had reserved a total of 52,312,253 of its 1,600,000,000 shares of common stock for future issuance as follows:

 

 

As of September 30, 2024

 

Outstanding stock options

 

 

7,422,922

 

Restricted stock units

 

 

10,127,567

 

Available for future issuance under stock award plans

 

 

26,812,935

 

Available for future issuance under employee stock purchase plan

 

 

7,948,829

 

Total common shares reserved for future issuance

 

 

52,312,253

 

 

Share Repurchase Program

In August 2024, our board of directors authorized the repurchase of up to $100,000 of our outstanding shares of common stock (the "Share Repurchase Program"). Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, including pursuant to a Rule 10b5-1 plan. The timing, price, and volume of the repurchases will be executed based on various market and legal factors, and subject to a $50,000 cap in any fiscal year pursuant to the terms of the 2024 Amended and Restated Credit Agreement. The share repurchase program will terminate upon the earlier of December 31, 2025 or the date on which the maximum dollar amount has been expended, but is subject to suspension, modification, or termination at any time at the Company's discretion.

During the three and nine months ended September 30, 2024, the Company repurchased and subsequently retired 3,104,312 shares of common stock for $25,062, including $62 of fees, under the Share Repurchase Program. The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and additional paid-in capital on the Company's consolidated balance sheets. As of September 30, 2024, $75,000 remained available for future share repurchases under the Share Repurchase Program.