Stock Repurchase Program

9 Months Ended

Jul. 31, 2023

In September 2022, our Board of Directors approved a replenishment of our stock repurchase program (the Program) with authorization to purchase up to $1.5 billion of our common stock.

In May 2023, we entered into an accelerated stock repurchase agreement (the May 2023 ASR) to repurchase an aggregate of $300.0 million of our common stock. Pursuant to the May 2023 ASR, we made a prepayment of $300.0 million to receive initial deliveries of shares valued at $255.0 million. The remaining balance of $45.0 million was settled in August 2023. Total shares purchased under the May 2023 ASR were approximately 0.7 million shares, at an average purchase price of $436.93 per share.

As of July 31, 2023, $494.3 million remained available for future repurchases under the Program.

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,
	2023(1) (2)		2022(3)		2023(1)		2022(3)
	(in thousands)
Total shares repurchased	751		715		2,382		2,400

Total cost of the repurchased shares	$	300,000	$	217,266	$	860,724	$	752,266
Reissuance of treasury stock	625		764		2,132		2,342

(1) Excluded the 41,682 shares and $45.0 million equity forward contract from the May 2023 ASR settled in August 2023.

(2) Included the 105,792 shares and $45.0 million equity forward contract from the February 2023 ASR settled in May 2023.

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