Stock Repurchase Program

6 Months Ended

Apr. 30, 2023

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

In February 2023, we entered into an accelerated stock repurchase agreement (the February 2023 ASR) to repurchase an aggregate of $300.0 million of our common stock. Pursuant to the February 2023 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 May 2023. Total shares purchased under the February 2023 ASR were approximately 0.8 million shares, at an average purchase price of $364.1 per share.

As of April 30, 2023, $794.3 million 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 April 30,				Six Months Ended April 30,
	2023(1) (2)		2022(3)		2023(1)		2022
	(in thousands)
Total shares repurchased	825		984		1,631		1,685

Total cost of the repurchased shares	$	300,000	$	290,000	$	560,724	$	535,000
Reissuance of treasury stock	696		683		1,507		1,578

(1) Excluded the 105,792 shares and $45.0 million equity forward contract from the February 2023 ASR settled in May 2023.

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

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