Stockholders' Equity |
6 Months Ended |
|---|---|
Jul. 31, 2025 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity On January 4, 2024, the Company announced that its board of directors had 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 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 second quarter of fiscal year 2025, the Company completed the full purchase authorization of $300 million under the 2024 Share Repurchase Program.
On June 4, 2025, the Company announced that its board of directors had authorized and approved a share repurchase plan (the “2025 Share Repurchase Program”), which authorized the Company to periodically repurchase up to $150 million of its Class A common stock through June 30, 2026.
All of the Company’s repurchases are subject to a one percent excise tax enacted by the Inflation Reduction Act of 2022 (the “IRA”). All of the shares repurchased under the repurchase plans have been returned to the Company’s authorized but unissued share reserve.
During the three and six months ended July 31, 2024, the Company repurchased 17,119,411 and 25,460,052 shares, respectively, of its Class A common stock for an aggregate cost of $169.8 million and $271.0 million, respectively, including commissions. The Company recorded excise taxes of $1.5 million and $2.1 million during the three and six months ended July 31, 2024, respectively, as part of the cost basis of shares acquired in its consolidated statement of stockholders’ equity. During the three and six months ended July 31, 2025, the Company repurchased 16,494,694 shares of its Class A common stock for an aggregate cost of $140.4 million, including commissions. The Company recorded excise taxes of $1.0 million during each of the three and six months ended July 31, 2025 as part of the cost basis of shares acquired in its consolidated statement of stockholders’ equity. As of July 31, 2025, the remaining amount authorized for share repurchase under the 2025 Share Repurchase Program was $9.9 million. Between August 1, 2025 and August 7, 2025, the Company purchased an additional 1,121,854 shares of its Class A common stock for an aggregate cost of $9.9 million including commissions and completed the full purchase authorization of $150 million under the 2025 Share Repurchase Program.
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