Stock Repurchase Program

6 Months Ended

Apr. 30, 2020

The Company’s Board of Directors (the Board) previously approved a stock repurchase program pursuant to which the Company was authorized to purchase up to $500.0 million of its common stock, and has periodically replenished the stock repurchase program to such amount. The Board replenished the stock repurchase program up to $500.0 million on June 14, 2019. The program does not obligate the Company to acquire any particular amount of common stock, and the program may be suspended or terminated at any time by the Company's Chief Financial Officer or the Board. The Company repurchases shares to offset dilution caused by ongoing stock issuances from existing equity plans for equity compensation awards and issuances related to acquisitions, and when management believes it is a good use of cash. Repurchases are transacted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) and may be made through any means, including, but not limited to, open market purchases, plans executed under Rule 10b5-1(c) of the Exchange Act and

structured transactions. As of April 30, 2020, $200.0 million remained available for future repurchases under the program.

In December 2019, the Company entered into an accelerated share repurchase agreement (the December 2019 ASR) to repurchase an aggregate of $100.0 million of the Company's common stock. Pursuant to the December 2019 ASR, the Company made a prepayment of $100.0 million to receive initial share deliveries of shares valued at $80.0 million. The remaining balance of $20.0 million was settled in February 2020. Total shares purchased under the December 2019 ASR were approximately 0.7 million shares, at an average purchase price of $149.75 per share.

In February 2020, the Company entered into an accelerated share repurchase agreement (the February 2020 ASR) to repurchase an aggregate of $100.0 million of the Company's common stock. Pursuant to the February 2020 ASR, the Company made a prepayment of $100.0 million to receive initial share deliveries of shares valued at $80.0 million. The remaining balance of $20.0 million was settled in May 2020. Total shares purchased under the February 2020 ASR were approximately 0.7 million shares, at an average purchase price of $140.41 per share.

Stock repurchase activities as well as the reissuance of treasury stock for employee stock-based compensation purposes are as follows:



	Three Months Ended April 30,				Six Months Ended April 30,
	2020⁽²⁾		2019⁽¹⁾		2020⁽²⁾		2019⁽¹⁾
	(in thousands)
Total shares repurchased	652		780		1,231		1,126
Total cost of the repurchased shares	$	100,000	$	80,000	$	180,000	$	109,185
Reissuance of treasury stock	1,358		1,486		1,808		1,843

⁽¹⁾Does not include the 97,601 shares and $20.0 million equity forward contract, respectively, from the February 2019 ASR settled in May 2019.

⁽²⁾Does not include the 148,953 shares and $20.0 million equity forward contract, respectively, from the February 2020 ASR settled in May 2020.