Stockholders' Equity

9 Months Ended

May 31, 2022

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Shares of common stock outstanding were as follows:

	Nine Months Ended
	May 31,
(in thousands)	2022	2021
Balance, beginning of period	37,615	38,030
Common stock issued for employee stock plans	409	280
Repurchase of common stock from employees(1)	(7)	(7)
Repurchase of common stock under the share repurchase program(2)	(46)	(532)
Balance, end of period	37,971	37,771

(1)For the nine months ended May 31, 2022 and May 31, 2021, we repurchased 7,432 and 7,469 shares from employees, or $3.3 million and $2.4 million of common stock, respectively, primarily to satisfy withholding tax obligations due upon the vesting of stock-based awards.

(2)Refer to Share Repurchase Program below for more information on the year over year change.

Share Repurchase Program

Under our share repurchase program, we may repurchase shares of our common stock from time to time in the open market and privately negotiated transactions, subject to market conditions.

Beginning in the second quarter of fiscal 2022, we suspended our share repurchase program through at least the second half of fiscal 2023, with the exception of potential minor repurchases to offset dilution from grants of equity awards or repurchases to satisfy withholding tax obligations due upon the vesting of stock-based awards. The suspension of our share repurchase

program allows us to prioritize the repayment of debt under the 2022 Credit Facilities. Refer to Note 12, Debt for more information on the 2022 Credit Facilities.

As such, for the three months ended May 31, 2022, we did not make any repurchases under our existing share repurchase program, compared to 178,100 shares repurchased for $57.6 million for the three months ended May 31, 2021. During the nine months ended May 31, 2022, we repurchased 46,200 shares for $18.6 million under our existing share repurchase program compared with 531,859 shares for $172.2 million in the same period a year ago.

As of May 31, 2022, a total of $181.3 million remained authorized for future share repurchases under this program. There is no defined number of shares to be repurchased over a specified timeframe through the life of the share repurchase program.

Restricted Stock

Restricted stock awards entitle the holders to receive shares of common stock as the awards vest over time. For the nine months ended May 31, 2022, 18,384 shares of previously granted restricted stock vested and were included in common stock outstanding as of May 31, 2022 (recorded net of 7,172 shares repurchased from employees at a cost of $3.1 million to cover their cost of taxes upon vesting of the restricted stock). During the nine months ended May 31, 2021, 18,995 shares of previously granted restricted stock vested and were included in common stock outstanding as of May 31, 2021 (recorded net of 7,151 shares repurchased from employees at a cost of $2.3 million to cover their cost of taxes upon vesting of the restricted stock).

Dividends

Our Board of Directors declared dividends in the nine months ended May 31, 2022 and May 31, 2021 as follows:

Year Ended	Dividends per Share of Common Stock		Record Date	Total $ Amount (in thousands)		Payment Date
Fiscal 2022
First Quarter	$	0.82	November 30, 2021	$	30,973	December 16, 2021
Second Quarter	$	0.82	February 28, 2022	$	31,065	March 17, 2022
Third Quarter	$	0.89	May 31, 2022	$	33,795	June 16, 2022
Fiscal 2021
First Quarter	$	0.77	November 30, 2020	$	29,266	December 17, 2020
Second Quarter	$	0.77	February 26, 2021	$	29,141	March 18, 2021
Third Quarter	$	0.82	May 31, 2021	$	30,972	June 17, 2021

Future cash dividend payments will depend on our earnings, capital requirements, financial condition and other factors considered relevant by us and are subject to final determination by our Board of Directors.

Accumulated Other Comprehensive Loss

The components of AOCL are as follows:

(in thousands)	May 31, 2022		August 31, 2021
Accumulated unrealized gains (losses) on cash flow hedges	$	3,524	$	(2,095)
Accumulated foreign currency translation adjustment losses	(80,658)		(36,867)
Total AOCL	$	(77,134)	$	(38,962)