Stockholders' Equity

9 Months Ended

Apr. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock-based Compensation

Total stock-based compensation expense recognized in the three-month periods ended April 30, 2023 and April 30, 2022 for stock-based awards totaled $9,672 and $9,750, respectively. Total stock-based compensation expense recognized in the nine-month periods ended April 30, 2023 and April 30, 2022 for stock-based awards totaled $26,607 and $22,736, respectively.

Share Repurchase Program

On December 21, 2021, the Company’s Board of Directors (“Board”) authorized Company management to utilize up to $250,000 to repurchase shares of the Company’s common stock through December 21, 2024. On June 24, 2022, the Board authorized Company management to utilize up to an additional $448,321 to repurchase shares of the Company’s common stock through July 31, 2025.

Under the share repurchase program, the Company is authorized to repurchase, on a discretionary basis and from time-to-time, outstanding shares of its common stock in the open market, in privately negotiated transactions or by other means. The timing and amount of share repurchases will be determined at the discretion of the Company’s management team based upon the market price of the stock, management's evaluation of general market and economic conditions, cash availability and other factors. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

During the three months ended April 30, 2023, the Company purchased 210,799 shares of its common stock, at various times in the open market, at a weighted-average price of $78.75 and held them as treasury shares at an aggregate purchase price of $16,600, all from the December 21, 2021 authorization. During the nine months ended April 30, 2023, the Company repurchased 549,532 shares of its common stock, at various times in the open market, at a weighted-average price of $76.44 and held them as treasury shares at an aggregate purchase price of $42,007, all from the December 21, 2021 authorization. Since the inception of the initial December 21, 2021 authorization, the Company has repurchased 2,493,775 shares of its common stock, at various times in the open market, at a weighted-average price of $83.05 and held them as treasury shares at an aggregate purchase price of $207,114.

As of April 30, 2023, the remaining amount of the Company's common stock that may be repurchased under the December 21, 2021 $250,000 authorization expiring on December 21, 2024 is $42,886. As of April 30, 2023, the remaining amount of the Company’s common stock that may be repurchased under the June 24, 2022 authorization expiring on July 31, 2025 is $448,321. As of April 30, 2023, the total remaining amount of the Company’s common stock that may be repurchased under these two authorizations is $491,207.