1 unchanged sentence
Issuer Purchases of Equity Securities
−Removed: Share repurchases of our Class A Common Stock for the three months ended September 30, 2025 were as follows (in thousands, except for average price paid per share):
+Added: Share repurchases of our Class A Common Stock for the three months ended December 31, 2025 were as follows (in thousands, except for average price paid per share):
Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
−Removed: July 2025 475 $ 199.95 475 $ 1,076,290
−Removed: August 2025 664 170.78 664 962,845
−Removed: September 2025 244 $ 170.45 244 $ 921,323
+Added: October 2025 226 $ 155.05 226 $ 3,386,325
+Added: November 2025 265 150.76 265 3,346,368
+Added: December 2025 788 $ 159.23 788 $ 3,220,928
Total 1,279 1,279
−Removed: (1) In January 2023, the Board of Directors authorized a program to repurchase up to $1.0 billion of our outstanding Class A Common Stock (the “2023 Repurchase Program”), The 2023 Share Repurchase Program was completed in fiscal year 2025.
−Removed: In September 2024, the Board of Directors authorized a new program under which we may repurchase up to an additional $1.5 billion of the Company’s outstanding Class A Common Stock (the “2024 Repurchase Program”).
−Removed: The 2024 Share Repurchase Program commenced in April 2025 following completion of the 2023 Share Repurchase Program.
−Removed: The 2024 Share Repurchase Program does not have a fixed expiration date, may be suspended or discontinued at any time, and does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.
+Added: (1) In September 2024, the Board of Directors authorized a program to repurchase up to an additional $1.5 billion of the Company’s outstanding Class A Common Stock (the “2024 Repurchase Program”).
+Added: The 2024 Share Repurchase Program commenced in April 2025 following completion of the previous share repurchase program.
+Added: In October 2025, the Board of Directors authorized a new program under which we may repurchase up to an additional $2.5 billion of the Company’s outstanding Class A Common Stock (the “2025 Repurchase Program” and, together with the 2024 Repurchase Program, the “Repurchase Programs”).
+Added: The Repurchase Programs do not have a fixed expiration date, may be suspended or discontinued at any time, and does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.
We may repurchase shares of Class A Common Stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions.
2 unchanged sentences
Unregistered Sales of Equity Securities
−Removed: During the quarter ended September 30, 2025, we issued 7,744 unregistered shares of our Class A Common Stock, subject to certain time-based vesting provisions, in connection with our acquisition of a private company.
−Removed: The issuance did not involve any underwriters, any underwriting discounts or commissions, or any public offering.
−Removed: The issuance was made in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act and Regulation D and Regulation S promulgated under the Securities Act.
+Added: During the quarter ended December 31, 2025, we issued 1,026,598 unregistered shares of our Class A Common Stock, subject to certain time-based vesting provisions, in connection with our acquisitions of certain private companies.
+Added: The issuances did not involve any underwriters, any underwriting discounts or commissions, or any public offering.
+Added: The issuances were made in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act and Regulation D and Regulation S promulgated under the Securities Act.
DEFAULTS UPON SENIOR SECURITIES
3 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.