Stock Repurchase Program

3 Months Ended

Jan. 31, 2023

In September 2022, our Board of Directors (the Board) approved a replenishment of our stock repurchase program (the Program) with authorization to purchase up to $1.5 billion of our common stock.

In December 2022, we entered into an accelerated stock repurchase agreement (the December 2022 ASR) to repurchase an aggregate of $300.0 million of our common stock. Pursuant to the December 2022 ASR, we made a prepayment of $300.0 million to receive initial deliveries of shares valued at $255.0 million. The remaining balance of $45.0 million was settled in February 2023. Total shares purchased under the December 2022 ASR were approximately 0.9 million shares, at an average purchase price of $335.39 per share.

During the three months ended January 31, 2023, we also repurchased on the open market approximately 18.2 thousand shares of our common stock at an average price of $314.77 per share for an aggregate purchase price of $5.7 million.

As of January 31, 2023, $1.1 billion remained available for future repurchases under the Program.

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


	Three Months Ended January 31,
	2023(1)		2022(2)(3)
	(in thousands)
Total shares repurchased	806		701

Total cost of the repurchased shares	$	260,724	$	245,000
Reissuance of treasury stock	811		895

(1) Excluded the 107,020 shares and $45.0 million equity forward contract from the December 2022 ASR settled in February 2023.

(2) Included the 107,701 shares and $35.0 million equity forward contract from the August 2021 ASR settled in November 2021.

(3) Excluded the 161,215 shares and $40.0 million equity forward contract from the December 2021 ASR settled in February 2022.