XML 26 R15.htm IDEA: XBRL DOCUMENT v3.22.2.2
Equity
6 Months Ended
Jul. 31, 2022
Equity [Abstract]  
Equity Equity
The following table summarizes the changes in stockholders' equity during the six months ended July 31, 2022:
Accumulated
AdditionalOtherTotal
Common StockPaid-InComprehensiveAccumulatedTreasuryStockholders’
(in thousands)SharesAmountCapital(Loss)DeficitStockEquity
Balance, January 31, 2022
131,157 $137 $834,429 $(187)$(610,604)$(11,905)$211,870 
Exercise of stock options123 — 302 — — — 302 
Vested restricted stock units converted to common shares1,165 (1)— — — — 
Issuance of common stock under employee stock purchase plan457 2,353 — — — 2,354 
Stock-based compensation— — 18,201 — — — 18,201 
Repurchase of common stock(4,838)— — — — (30,554)(30,554)
Other comprehensive loss— — — (3,414)— — (3,414)
Net loss— — — — (25,839)— (25,839)
Balance, April 30, 2022
128,064 $139 $855,284 $(3,601)$(636,443)$(42,459)$172,920 
Exercise of stock options74 — 191 — — — 191 
Vested restricted stock units converted to common shares1,081 (1)— — — — 
Stock-based compensation— — 16,226 — — — 16,226 
Repurchase of common stock(5,386)— — — — (28,393)(28,393)
Other comprehensive loss— — — (2,007)— — (2,007)
Net loss— — — — (19,991)— (19,991)
Balance, July 31, 2022
123,833 $140 $871,700 $(5,608)$(656,434)$(70,852)$138,946 
The following table summarizes the changes in stockholders' equity during the six months ended July 31, 2021:
Accumulated
AdditionalOtherTotal
Common StockPaid-InComprehensiveAccumulatedTreasuryStockholders’
(in thousands)SharesAmountCapitalIncomeDeficitStockEquity
Balance, January 31, 2021
123,989 $130 $733,933 $2,422 $(517,345)$(11,905)$207,235 
Exercise of stock options1,069 12,110 — — — 12,111 
Vested restricted stock units converted to common shares871 (1)— — — — 
Issuance of restricted stock— — — — — — 
Issuance of common stock under employee stock purchase plan282 — 3,817 — — — 3,817 
Stock-based compensation— — 15,288 — — — 15,288 
Other comprehensive income— — — 355 — — 355 
Net loss— — — — (17,631)— (17,631)
Balance, April 30, 2021
126,215 132 765,147 2,777 (534,976)(11,905)221,175 
Exercise of stock options402 2,273 — — — $2,274 
Vested restricted stock units converted to common shares1,172 (1)— — — $— 
Issuance of restricted stock11 — — — — — $— 
Stock-based compensation— — 20,730 — — — $20,730 
Other comprehensive loss— — — (8)— — $(8)
Net loss— — — — (27,592)— $(27,592)
Balance, July 31, 2021
127,800 $134 $788,149 $2,769 $(562,568)$(11,905)$216,579 
Preferred Stock
Effective April 2017, the Company’s Board of Directors is authorized to issue up to 50,000,000 shares of preferred stock, $0.001 par value, in one or more series without stockholder approval. The Company's Board of Directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The issuance of preferred stock could have the effect of restricting dividends on the Company’s common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock, or delaying or preventing changes in control or management of the Company. As of July 31, 2022 and January 31, 2022, no shares of preferred stock were issued or outstanding.
Common Stock
        As of July 31, 2022 and January 31, 2022, the Company had authorized 500,000,000 shares of voting $0.001 par value common stock. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Company's Board of Directors out of legally available funds. If there is a liquidation, dissolution or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock.
        Holders of the Company's common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company's common stock will be fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future.
Treasury Stock
 As of July 31, 2022, the Company had 16,729,429 shares of treasury stock carried at its cost basis of $70.9 million. As of January 31, 2022, the Company had 6,505,334 shares of treasury stock carried at its cost basis of $11.9 million.
Share Repurchase Program
In March 2022, the Company's Board of Directors authorized a $100.0 million share repurchase program of the Company’s common stock. As of July 31, 2022, a total of 10,224,095 shares have been purchased at an average price of $5.77 per share for a total cost of $58.9 million since the commencement of the share repurchase program. As of July 31, 2022, there was approximately $41.1 million that remained available to be purchased under this share repurchase program.
As part of the share repurchase program, shares may be purchased in open market transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases.