8 unchanged sentences
Dividend Policy
−Removed: On October 18, 2022, the Company’s Board of Directors (the “Board”) reinstated quarterly dividends after they were suspended on April 2, 2020.
−Removed: The Company paid cash dividends of $0.05 per share of Class A Common Stock on December 20, 2022, March 20, 2023, June 20, 2023, and September 20, 2023 to stockholders of record as of December 6, 2022, March 6, 2023, June 6, 2023, and September 6, 2023, respectively.
−Removed: Additionally, the Company paid cash dividends of $0.07 per share of Class A Common Stock on December 20, 2023 to stockholders of record as of December 6, 2023.
+Added: The Company has paid consecutive quarterly cash dividends since December 2022.
+Added: Dividends are usually declared in January, April, July, and October, paid on the 20th of March, June, September, and December to stockholders of record as of the 6th of each respective payment month.
+Added: If the record or payment date falls on a weekend or holiday, it is moved to the preceding or following business day.
The declaration of dividends is subject to approval by the Board and to the Board’s continuing determination that such declaration of dividends is in the best interests of the Company and its stockholders.
1 unchanged sentence
We are not required to pay dividends, and our stockholders will not be guaranteed, or have contractual or other rights to receive, dividends.
−Removed: During the years ended December 31, 2023 and 2022, dividend payments totaled $37.5 million and $9.0 million, respectively.
+Added: See Note 10—Equity to the consolidated financial statements included in Part II, Item 8 of this Annual Report for further details.
Recent Sales of Unregistered Equity Securities
1 unchanged sentence
Purchase of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: On July 25, 2022, the Board authorized and the Company announced a share repurchase program that allowed the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through and including July 31, 2024.
−Removed: On January 24, 2023, the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $500.0 million.
−Removed: Furthermore, on January 23, 2024, the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $750.0 million and extended the authorization through July 31, 2026.
−Removed: The shares may be repurchased from time to time in open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws.
−Removed: The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations.
−Removed: The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice.
+Added: On July 25, 2022, the Board authorized and the Company announced a share repurchase program that allowed the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through July 31, 2024.
+Added: Additionally, on January 24, 2023, the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $500.0 million.
+Added: Furthermore, on January 23, 2024, the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $750.0 million and extended the authorization through July 31, 2026 (collectively “the Share Repurchase Plan”).
+Added: Shares may be repurchased from time to time for cash in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable federal securities laws.
+Added: The timing and the amount of repurchases will be determined by the Company at its discretion based on an evaluation of market conditions, capital allocation alternatives and other factors.
+Added: The share repurchase program does not require us to purchase any dollar amount or number of shares of our Class A Common Stock and may be modified, suspended, extended or terminated at any time without prior notice.
The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility, and expected free cash flow to be generated through the duration of the share repurchase program.
−Removed: During the year ended December 31, 2023, the Company repurchased and retired 13,705,622 shares of Class A Common Stock for $203.1 million or $14.82 average price per share including commissions, under the share repurchase program.
−Removed: As of December 31, 2023, $171.9 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program and $417.5 million as of February 5, 2024, following the authorization increase.
+Added: As of December 31, 2024, $294.2 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program.
The following sets forth information with respect to our repurchases of shares of Class A Common Stock during the three months ended December 31, 2024:
4 unchanged sentences
Total 1,581,495 17.90 1,581,495 294,191,766
−Removed: (1) On July 25, 2022, the Board authorized and the Company announced a share repurchase program that allowed the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through and including July 31, 2024.
−Removed: On January 24, 2023, the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $500.0 million.
−Removed: Furthermore, on January 23, 2024, the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $750.0 million and extended the authorization through July 31, 2026.
−Removed: The shares may be repurchased from time to time in open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws.
−Removed: (2) The average price paid per share of $19.21 was calculated excluding commissions.
+Added: (1) All share repurchases are executed under the Share Repurchase Plan, as defined above.
+Added: The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable state and federal securities laws.
+Added: (2) The average price paid per share of $17.90 was calculated including commissions.
Stock Performance Graph
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.