Stockholders' Equity

9 Months Ended

Oct. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

On September 1, 2023, our board of directors authorized a stock repurchase program, pursuant to which we may repurchase from time to time up to $500.0 million of our outstanding shares of Class A common stock. Repurchases under the program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. This authorization expires on March 1, 2025, subject to modification by the board of directors in the future.

During the three and nine months ended October 31, 2023, we repurchased 3.2 million shares of our Class A common stock at an average price of $16.26 per share (inclusive of brokerage commission).

Subsequent to October 31, 2023, between November 1, 2023 and November 28, 2023, we repurchased an additional 1.7 million shares of our Class A common stock at an average price of $17.38 per share.

Charitable Donations of Class A Common Stock

We have reserved 2.8 million shares of our Class A common stock to fund our social impact and environmental, social, and governance initiatives. During the nine months ended October 31, 2023, we contributed 0.3 million shares of our Class A common stock to a donor-advised fund in connection with our Pledge 1% commitment. The aggregate fair value of the shares on the contribution date of $4.2 million was recorded within general and administrative expense in the condensed consolidated statements of operations.

Accumulated Other Comprehensive Income (Loss)

For the nine months ended October 31, 2023 and 2022, changes in the components of accumulated other comprehensive income (loss) were as follows (in thousands):

	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) on Marketable Securities		Accumulated Other Comprehensive Income (Loss)
Balance as of January 31, 2023	$	8,231	$	(619)	$	7,612
Other comprehensive (loss) income, net of tax	(4,713)		259		(4,454)
Balance as of October 31, 2023	$	3,518	$	(360)	$	3,158

	Foreign Currency Translation Adjustments		Unrealized Gain (Loss) on Marketable Securities		Accumulated Other Comprehensive Income (Loss)
Balance as of January 31, 2022	$	11,234	$	(335)	$	10,899
Other comprehensive loss, net of tax	(3,321)		(625)		(3,946)
Balance as of October 31, 2022	$	7,913	$	(960)	$	6,953