Item 2. Unregistered Sales of Equity Securities
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
In January 2023, our Board of Directors authorized a three-year $1.0 billion share repurchase program. In March 2024, the Board of Directors authorized a new $2.0 billion share repurchase program, supplementing the $196.7 million remaining authorization under the prior program (collectively, the "share repurchase program"), pursuant to which we may repurchase our outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Exchange Act"). The March 2024 share repurchase authorization does not have an expiration date.
On March 27, 2024, we announced a secondary public offering (the "March Offering") of an aggregate of 12.1 million shares of our common stock (which includes approximately 1.6 million shares that underwriters had the option to purchase) that were sold by certain entities managed by affiliates of Apollo Global Management, Inc (the "Selling Stockholders"). All the shares in the March Offering were sold by the Selling Stockholders. We did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the March Offering. Also pursuant to the related underwriting agreement, we repurchased 500 thousand shares of our common stock from the underwriters as part of the March Offering (the "March Concurrent Share Repurchase") at a repurchase price of $108.60 per share, resulting in a purchase price of $54.3 million.
On April 4, 2024, we announced a secondary public offering (the "April Offering") of an aggregate of 5.3 million shares of our common stock that were sold by the Selling Stockholders. All the shares in the April Offering were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the April Offering. The April Offering reduced the Selling Stockholders' ownership interest in the Company to zero. Also pursuant to the related underwriting agreement, the Company repurchased 1.8 million shares of its common stock from the underwriters as part of the April Offering (the "April Concurrent Share Repurchase") at a repurchase price of $114.20 per share, resulting in a purchase price of approximately $199.9 million.
The March Concurrent Share Repurchase and the April Concurrent Share Repurchase were both made under our existing share repurchase program, and are included within the respective activity for the months of March and April shown in the table below.
The following table presents information with respect to purchases of common stock by the Company under the share repurchase program described above, during the quarter ended May 31, 2024:
Issuer Purchases of Equity Securities (amounts in thousands except for per share amounts)
Period Total number of shares purchased Average price paid per share (1)
Total number of shares purchased as part of publicly announced plans or program Maximum dollar value of shares that may yet be purchased under the plans or programs
March 1 - March 31, 2024 500 $ 108.60 500 $ 2,142,358
April 1 - April 30, 2024 1,750 114.20 1,750 1,942,508
May 1 - May 31, 2024 — — — 1,942,508
Total 2,250 $ 112.96 2,250
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(1) Excludes excise taxes, whether accrued or paid, and excludes broker's commissions.
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