Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity

v3.25.1
Stockholders' Equity
 3 Months Ended
Apr. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
On January 4, 2024, the Company announced that its board of directors authorized and approved a share repurchase plan (the “2024 Share Repurchase Program”), which authorized the Company to periodically repurchase up to $100 million of its Class A common stock through December 31, 2024. On both March 26, 2024 and June 3, 2024, the Company’s board of directors approved an additional $100 million of repurchases under the 2024 Share Repurchase Program, bringing the total amount authorized for purchase under the 2024 Share Repurchase Program to $300 million.
During the three months ended April 30, 2024, the Company repurchased 8,340,641 shares of its Class A common stock for an aggregate cost of $101.2 million, including commissions. There were no share repurchases during the three months ended April 30, 2025. All of the Company’s repurchases are subject to a one percent excise tax enacted by the Inflation Reduction Act of 2022 (the “IRA”). The Company recorded excise taxes of $0.6 million during the three months ended April 30, 2024 as part of the cost basis of shares acquired in its consolidated statement of stockholders’ equity. All of the shares repurchased have been returned to the Company’s authorized but unissued share reserve. During the second quarter of fiscal year 2025, the Company completed the full purchase authorization of $300 million under the 2024 Share Repurchase Program.