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STOCKHOLDERS' EQUITY
 3 Months Ended
Apr. 30, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
 
Common Stock Dividends

We did not declare or pay any cash dividends on our common stock during the three months ended April 30, 2025 and 2024. Under the terms of our Credit Agreement, we are subject to certain restrictions on declaring and paying cash dividends on our common stock.

Treasury Stock

From time to time, our board of directors has approved limited programs to repurchase shares of our common stock from our directors or officers in connection with the vesting of restricted stock or restricted performance stock units to facilitate required income tax withholding by us or the payment of required incomes taxes by such holders. In addition, the terms of some of our equity award agreements with all grantees provide for automatic repurchases by us for the same purpose if a vesting-related or delivery-related tax event occurs at a time when the holder is not permitted to sell shares in the market. Our stock bonus program contains similar terms. Any such repurchases of common stock occur at prevailing market prices and are recorded as treasury stock.

When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired.

No treasury stock remained outstanding at April 30, 2025 and January 31, 2025, respectively.

Stock Repurchase Programs

On September 4, 2024, we announced that our board of directors had authorized a new stock repurchase program for the period from August 29, 2024 until August 29, 2026, whereby we may repurchase shares of common stock not to exceed, in the aggregate, $200.0 million.

On December 7, 2022, we announced that our board of directors had authorized a stock repurchase program for the period from December 12, 2022 until January 31, 2025, whereby we may repurchase shares of common stock in an amount not to exceed, in the aggregate, $200.0 million during, which was completed during the six months ended July 31, 2024.

During the three months ended April 30, 2025, we repurchased approximately 2,449,000 shares of common stock for a cost of $40.7 million under the new stock repurchase program, with $0.2 million of these repurchases settled in cash in early May 2025. In addition, approximately 83,000 shares were repurchased to facilitate income tax withholding or payments as described above for a cost of $1.3 million. Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act (“IRA”). We recognized excise tax of $0.3 million as part of the cost basis of shares acquired in the condensed consolidated statements of stockholders’ equity during the three months ended April 30, 2025. We retired all 2,532,000 shares, reducing common stock and additional paid-in capital, and returned the shares to the status of authorized and unissued share capital.

During the three months ended April 30, 2024, we repurchased and retired 1,234,000 shares of our common stock for a cost of $38.1 million, including excise tax of $0.3 million.

Issuance of Convertible Preferred Stock

On December 4, 2019, in conjunction with the planned Spin-Off, we announced that an affiliate of Apax Partners would invest up to $400.0 million in us, in the form of convertible preferred stock. Under the terms of the Investment Agreement, the Apax Investor purchased $200.0 million of our Series A Preferred Stock, which closed on May 7, 2020. In connection with the completion of the Spin-Off, the Apax Investor purchased $200.0 million of our Series B Preferred Stock, which closed on April 6, 2021. As of April 30, 2025, Apax’s ownership in us on an as-converted basis was approximately 13.7%. Please refer to Note 9, “Convertible Preferred Stock” for a more detailed discussion of the Apax investment.

Accumulated Other Comprehensive Loss
 
Accumulated other comprehensive loss includes items such as foreign currency translation adjustments and unrealized gains and losses on derivative financial instruments designated as hedges. Accumulated other comprehensive loss is presented as a separate line item in the stockholders’ equity section of our condensed consolidated balance sheets. Accumulated other comprehensive loss items have no impact on our net (loss) income as presented in our condensed consolidated statements of operations.
The following table summarizes changes in the components of our accumulated other comprehensive loss by component for the three months ended April 30, 2025:

(in thousands)Unrealized Gains (Losses) on Foreign Exchange Contracts Designated as HedgesForeign Currency Translation AdjustmentsTotal
Accumulated other comprehensive income (loss) at January 31, 2025$117 $(153,056)$(152,939)
Other comprehensive (loss) income before reclassifications(86)34,219 34,133 
Amounts reclassified out of accumulated other comprehensive income (loss)11 — 11 
Net other comprehensive (loss) income(97)34,219 34,122 
Accumulated other comprehensive income (loss) at April 30, 2025$20 $(118,837)$(118,817)

All amounts presented in the table above are net of income taxes, if applicable. The accumulated net losses in foreign currency translation adjustments primarily reflect the strengthening of the U.S. dollar against the British pound sterling, which has resulted in lower U.S. dollar-translated balances of British pound sterling-denominated goodwill and intangible assets.

The amounts reclassified out of accumulated other comprehensive loss into the condensed consolidated statements of operations were not material for the three months ended April 30, 2025 and 2024.