Core Viewpoint - The company plans to issue $1.5 billion of convertible preferred notes due in 2031 to qualified institutional buyers outside the U.S. to refinance and repurchase its Class A common shares and for general corporate purposes [1] Group 1: Notes Issuance - The company intends to use the net proceeds from the notes issuance to finance share repurchase plans, options premiums, and other general corporate purposes [1] - The pricing of the notes is expected to involve a call option transaction with initial buyers to mitigate potential dilution of Class A common shares upon conversion [2] - The company may engage in various derivative transactions related to its securities to adjust its hedging positions, which could impact the market prices of its shares and notes [3] Group 2: Share Repurchase - The company plans to conduct a simultaneous share repurchase to facilitate initial hedging for note buyers, which is expected to offset potential dilution from the notes conversion [4] - The share repurchase will be conducted under the existing share repurchase plan, effective until June 30, 2026, with the purchase price based on the closing price of Class A common shares on February 4, 2026 [4] - The repurchase activities are anticipated to alleviate negative stock price impacts typically observed after announcing the issuance of convertible notes [5] Group 3: Management Confidence - The board believes that the repurchase activity reflects confidence in the company's long-term strategy and growth, aligning with the best interests of the company and its shareholders [6]