2 unchanged sentences
As of June 30, 2024, there were approximately 14,100 holders of record of shares of Class A Common Stock and approximately 3,000 holders of record of shares of Class B Common Stock.
−Removed: Below is a summary of the Company’s repurchases of its Class A Common Stock and Class B Common Stock during fiscal 2023:
+Added: We expect to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors (See Note 11—Stockholders’ Equity to the accompanying Consolidated Financial Statements under the heading “Dividends”).
+Added: Below is a summary of the Company’s repurchases of its Class A Common Stock during fiscal 2024:
of shares purchased (a)
3 unchanged sentences
(in millions)
−Removed: Total first quarter fiscal 2023
−Removed: Class A Common Stock
−Removed: 5,129,765 $ 34.11
−Removed: Class B Common Stock
−Removed: 2,375,616 31.57
−Removed: Total second quarter fiscal 2023
−Removed: Class A Common Stock 5,708,198 30.66
−Removed: Class B Common Stock 2,598,605 28.79
−Removed: Total third quarter fiscal 2023
−Removed: Class A Common Stock (d)
−Removed: 27,481,280 42.55
−Removed: Class B Common Stock 2,567,349 31.48
−Removed: Total fourth quarter fiscal 2023
−Removed: Class A Common Stock 7,712,260 32.42
−Removed: Total fiscal 2023
−Removed: Class A Common Stock (d)
−Removed: 46,031,503 38.44
−Removed: Class B Common Stock
+Added: First quarter fiscal 2024 (d)
15,437,627 $ 16.19
+Added: Second quarter fiscal 2024 8,275,629 30.21
+Added: Third quarter fiscal 2024 8,347,054 29.95
+Added: April 1, 2024 - April 30, 2024 1,609,334 31.07
+Added: May 1, 2024 - May 31, 2024 3,061,001 33.33
+Added: June 1, 2024 - June 30, 2024 2,885,073 33.96
+Added: Total fiscal 2024 (d)
39,615,718 25.24 $ 1,400
The Company has not made any purchases of Common Stock other than in connection with the publicly announced stock repurchase program described below.
−Removed: These amounts exclude any fees, commissions or other costs associated with the share repurchases.
−Removed: The Company’s Board of Directors (the “Board”) previously authorized a stock repurchase program, under which the Company can repurchase $4 billion of Common Stock.
−Removed: In February 2023, the Board authorized incremental stock repurchases of an additional $3 billion of Common Stock.
−Removed: With this increase, the Company’s total stock repurchase authorization is now $7 billion.
+Added: These amounts exclude any fees, commissions, excise taxes or other costs associated with the share repurchases.
+Added: The Company’s Board of Directors has authorized a stock repurchase program, under which the Company can repurchase $7 billion of Common Stock.
The program has no time limit and may be modified, suspended or discontinued at any time.
−Removed: In February 2023, in connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement under which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share (See Note 11—Stockholders’ Equity to the accompanying Consolidated Financial Statements under the heading “Stock Repurchase Program”).
−Removed: In total, the Company repurchased approximately 54 million shares of Common Stock for $2 billion during fiscal 2023.
+Added: In February 2023, in connection with the stock repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement in which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share.
+Added: Upon settlement of the ASR agreement in August 2023, the Company received a final delivery of approximately 7.8 million shares of Class A Common Stock.
+Added: The final number of shares purchased under the ASR agreement was determined using a price of $33.03 per share (the volume-weighted average market price of the Class A Common Stock on the Nasdaq Global Select Market during the term of the ASR agreement less a discount) (See Note 11—Stockholders’ Equity to the accompanying Consolidated Financial Statements under the heading “Stock Repurchase Program”).
+Added: In total, the Company repurchased approximately 40 million shares of Class A Common Stock for approximately $1 billion during fiscal 2024.
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