Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Use of Proceeds
On September 25, 2020, we completed our IPO. All shares sold were registered pursuant to a registration statement on
Form S-1 (File No. 333-248465), as amended (the “Registration Statement”), declared effective by the SEC on September
22, 2020.
There have been no material changes in the expected use of the net proceeds from our IPO as described in our
Registration Statement. As of September 30, 2025 , we estimated we had used approximately $792.4 million of the net
proceeds from our IPO: (i) $184.4 million for the acquisition of businesses that complement our business; ( ii) $427.0 million
for the repurchases of our Class A common stock; (iii) $160.0 million for the repayment of our outstanding debt obligations;
and (iv) $21.0 million for working capital and other general corporate purposes. As of September 30, 2025 , we had $94.5
million estimated remaining net proceeds from our IPO which have been invested in investment grade, interest-bearing
instruments.
Issuer Repurchases of Equity Securities
The following table presents information with respect to our repurchases of our Class A common stock during the three
months ended September 30, 2025 .
Period
Total Number of
Shares Repurchased (1)
Average Price Paid
per Share (2)
Total Number of Shares
Repurchased as Part of
Publicly Announced
Program (1)
Approximate Dollar
Value of Shares that
May Yet Be
Repurchased
Under the Program
(in thousands)
July 1 - 31
5,730,536
$ 4.92
5,730,536
$ 114,825
August 1 - 31
2,877,972
$ 4.65
2,877,972
$ 101,455
September 1 - 30
4,750,659
$ 4.21
4,750,659
$ 81,435
Total
13,359,167
13,359,167
_____________________________________________________
(1) The repurchases are being executed from time to time, subject to general business and market conditions and
other investment opportunities, through open market purchases or privately negotiated transactions, which may
include repurchases through a trading plan intended to satisfy the affirmative defense conditions of Rule
10b5-1(c)(1) under the Exchange Act. See Note 10 to our condensed consolidated financial statements included
elsewhere in this Quarterly Report on Form 10-Q for additional information related to our current $450.0 million
stock repurchase program with no expiration date, which was publicly announced on February 29, 2024.
(2) Average price paid per share includes direct costs and estimated excise taxes associated with the repurchases.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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