1 unchanged sentence
Issuer Purchases of Equity Securities
−Removed: 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):
+Added: Share repurchases of our Class A Common Stock for the three months ended March 31, 2026 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 (3)
−Removed: October 2025 226 $ 155.05 226 $ 3,386,325
−Removed: November 2025 265 150.76 265 3,346,368
−Removed: December 2025 788 $ 159.23 788 $ 3,220,928
+Added: January 2026 1,761,468 $ 132.07 1,761,468 $ 2,988,318,380
+Added: February 2026 3,790,571 82.20 3,790,571 $ 2,676,777,248
+Added: March 2026 6,264,858 $ 73.53 6,264,858 $ 2,216,194,305
Total 11,816,897 11,816,897
1 unchanged sentence
The 2024 Share Repurchase Program commenced in April 2025 following completion of the previous share repurchase program.
+Added: The 2024 Repurchase Program was completed in March 2026.
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 2025 Repurchase Program commenced in March 2026 following completion of the 2024 Repurchase Program.
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.
1 unchanged sentence
The timing, manner, price, and amount of any repurchases will be determined by us at our discretion and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.
−Removed: (2) Average price paid per share includes costs associated with the repurchases, when applicable.
−Removed: Unregistered Sales of Equity Securities
−Removed: 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.
−Removed: The issuances did not involve any underwriters, any underwriting discounts or commissions, or any public offering.
−Removed: 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.
+Added: (2) Average price paid per share includes costs associated with the repurchases, but excludes the 1% excise tax as a result of the Inflation Reduction Act of 2022.
+Added: (3) Amounts presented exclude the 1% excise tax.
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.