Stock Repurchase Program

9 Months Ended

Jul. 31, 2022

Our Board of Directors (the Board) approved a stock repurchase program (the Program) with authorization to purchase up to $1.0 billion of our common stock in December 2021. As of July 31, 2022, $242.7 million remained available for future repurchases under the Program.

In May 2022, we entered into an accelerated stock repurchase agreement (the May 2022 ASR) to repurchase an aggregate of $200.0 million of our common stock. Pursuant to the May 2022 ASR, we made a prepayment of $200.0 million to receive initial deliveries of shares valued at $160.0 million. The remaining balance of $40.0 million was settled in August 2022. Total shares purchased under the May 2022 ASR were approximately 0.6 million shares, at an average purchase price of $320.24 per share.

During the three months ended July 31, 2022, we also repurchased on the open market approximately 0.2 million shares of our common stock at an average price of $298.50 per share for an aggregate purchase price of $57.3 million.

Stock repurchase activities as well as the reissuance of treasury stock for employee stock-based compensation purposes were as follows:


	Three Months Ended July 31,				Nine Months Ended July 31,
	2022 (1)		2021(2)		2022(1)		2021(2)
	(in thousands)
Total shares repurchased	715		521		2,400		2,114

Total cost of the repurchased shares	$	217,266	$	140,000	$	752,266	$	538,082
Reissuance of treasury stock	764		564		2,342		2,093

(1) Excluded the 101,821 shares and $40.0 million equity forward contract from the May 2022 ASR settled in August 2022.

(2) Excluded the 99,573 shares and $35.0 million equity forward contract from the June 2021 ASR settled in August 2021.