Share Repurchase Program

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Share Repurchase Program

Share Repurchase Program

On March 14, 2022 we announced that our Board of Directors had authorized a share repurchase program, pursuant to which we were authorized to repurchase up to 2,000,000 million shares of our Class A common stock through, March 14, 2023, in open market transactions through a broker-dealer at prevailing market prices, in block trades, or by any other means in accordance with federal securities laws. For the quarter ended April 30, 2022, we repurchased 892,033 shares at a weighted average price of $9.14 per share for a total of $8.2 million under the program. At April 30, 2022, the remaining repurchase authorization totaled 1,107,967 shares.

During May 2022, we repurchased an additional 95,394 shares at a weighted average price of $8.76 per share for a total of $0.8 million. Since the inception of the repurchase program, we have repurchased 987,427 shares at a weighted average price of $9.10 per share for a total of $9.0 million. The remaining repurchase authorization as of the date of this filing was 1,012,573 shares.

We are not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the Program, and we may modify, suspend or discontinue the Program at any time. We will determine the timing and amount of repurchased shares, if any, in our discretion based on a variety of factors, such as the market price of our Class A common stock, corporate requirements, general market economic conditions, and applicable legal requirements.