The company approved the existing share repurchase program in March 2020 with repurchase authorization of $2B and extended and upsized it to $3B in December 2021. Pursuant to the existing share repurchase program, the company has repurchased a total of 55.5M Class A ordinary shares for a total of approximately $1.5B as of December 31, 2023, including the repurchase of 15M Class A ordinary shares for a total of approximately $203.1M during the three months ended December 31, 2023, and 22.7M Class A ordinary shares for a total of approximately US$356.2 million in the full year of 2023. The company’s Board has approved a new share repurchase program, effective upon the expiry of the company’s existing share repurchase program on March 17. Pursuant to the new share repurchase program, the company may repurchase up to $3B worth of its shares over the next 36 months through March 2027.
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