5 unchanged sentences
On July 31, 2020, the last reported sale price of our common stock on the NASDAQ Global Select Market was $93.25 per share.
−Removed: Dividend Policies
−Removed: We have not paid a cash dividend since becoming a public company in 1994.
−Removed: We currently intend to retain any earnings for use in our business.
−Removed: The Credit Agreement to which we are a party contains customary affirmative and negative covenants, including covenants that limit or restrict us and our subsidiaries’ ability to, among other things, pay dividends, subject to certain exceptions.
−Removed: For further detail see Notes to Consolidated Financial Statements, Note 7 — Long-Term Debt and Note 9 — Stockholders’ Equity and under the subheadings “ Credit Agreement ” and “ Note Purchase Agreement ” in the Liquidity and Capital Resources sections of this Annual Report on Form 10-K .
Repurchases of Our Common Stock
3 unchanged sentences
Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as we deem appropriate and may be discontinued at any time.
−Removed: For fiscal 2019 , we repurchased 7,635,596 shares of our common stock under the program at a weighted average price of $47.81 per share totaling $365.0 million .
For fiscal 2020 and 2018, we did not repurchase any shares of our common stock under the program.
+Added: For fiscal 2019, we repurchased 7,635,596 shares of our common stock under the program at a weighted average price of $47.81 per share totaling $365.0 million.
As of July 31, 2020, the total number of shares repurchased under the program was 114,549,198, and 81,450,802 shares were available for repurchase under our program.
The number and average price of shares purchased in each fiscal year are set forth in the table below:
−Removed: Shares Purchased
−Removed: Total Number of
+Added: Shares Purchased Average
+Added: Per Share Total Number of
Shares Purchased
as Part of Publicly
−Removed: Announced Program
−Removed: Maximum Number
+Added: Announced Program Maximum Number
of Shares That May
20 unchanged sentences
Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as we deem appropriate and may be discontinued at any time.
−Removed: During fiscal 2018 and 2017 , certain executive officers and members of our board of directors exercised stock options through cashless exercises.
−Removed: During fiscal 2019 , our former President exercised all of his vested stock options through a cashless exercise.
+Added: In fiscal 2018, certain members of our Board of Directors exercised stock options through cashless exercises.
+Added: In fiscal 2019, our former President exercised all of his vested stock options through a cashless exercise.
+Added: In fiscal 2020, our Chief Executive Officer exercised all of his vested stock options through a cashless exercise.
A portion of the options exercised were net settled in satisfaction of the exercise price.
−Removed: We remitted $45.6 million , no amounts and $134.6 million for the years ended July 31, 2019 , 2018 and 2017 , respectively, to the proper taxing authorities in satisfaction of the employees’ statutory withholding requirements.
+Added: We remitted $101.3 million, $45.6 million, and no amounts for the years ended July 31, 2020, 2019 and 2018, respectively, to the proper taxing authorities in satisfaction of the employees’ statutory withholding requirements.
The exercised stock options, utilizing a cashless exercise, are summarized in the following table:
−Removed: Options Exercised
−Removed: Weighted Average Exercise Price
−Removed: Shares Net Settled for Exercise
−Removed: Shares Withheld for Taxes (1)
−Removed: Net Shares to Employees
−Removed: Weighted Average Share Price for Withholding
−Removed: Employee Stock Based Tax Withholding (in 000s)
+Added: Period Options Exercised Weighted Average Exercise Price Shares Net Settled for Exercise Shares Withheld for Taxes (1)
+Added: Net Shares to Employees Weighted Average Share Price for Withholding Employee Stock Based Tax Withholding (in 000s)
+Added: FY 2018—Q2 80,000 $ 6.54 11,996 — 68,004 $ 43.60 $ —
+Added: FY 2019—Q3 3,000,000 17.81 945,162 806,039 1,248,799 56.53 45,565
+Added: FY 2020—Q1 4,000,000 17.81 865,719 1,231,595 1,902,686 82.29 101,348
(1) Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program.
+Added: Dividend Policies
+Added: We have not paid a cash dividend since becoming a public company in 1994.
+Added: We currently intend to retain any earnings for use in our business.
+Added: The Credit Agreement to which we are a party contains customary affirmative and negative covenants, including covenants that limit or restrict us and our subsidiaries’ ability to, among other things, pay dividends, subject to certain exceptions.
+Added: For further detail see Notes to Consolidated Financial Statements, Note 8 — Long-Term Debt and Note 11 — Stockholders’ Equity and under the subheadings “ Credit Agreement ” and “ Note Purchase Agreement ” in the Liquidity and Capital Resources sections of this Annual Report on Form 10-K .
Issuances of Unregistered Securities
7 unchanged sentences
Fiscal Year Ended July 31,
+Added: 2015 2016 2017 2018 2019 2020
+Added: $ 100.00 $ 139.99 $ 174.80 $ 318.57 $ 430.36 $ 517.62
NASDAQ Composite $ 100.00 $ 101.92 $ 126.80 $ 154.86 $ 166.85 $ 221.55
14 unchanged sentences
Operating Data
+Added: Revenues $ 2,205,583 $ 2,041,957 $ 1,805,695 $ 1,447,981 $ 1,268,449
Operating income 816,099 716,475 584,345 461,299 406,470
Income before income taxes 800,839 704,951 562,511 440,100 395,865
+Added: Income taxes 100,932 113,258 144,504 45,839 125,505
+Added: Net income $ 699,907 $ 591,693 $ 418,007 $ 394,261 $ 270,360
Basic net income per common share $ 3.00 $ 2.57 $ 1.80 $ 1.72 $ 1.18
3 unchanged sentences
Balance Sheet Data
−Removed: Cash and cash equivalents
+Added: Cash, cash equivalents, and restricted cash $ 477,718 $ 186,319 $ 274,520 $ 210,100 $ 155,849
Working capital 607,715 405,163 431,860 285,108 220,523
+Added: Total assets 3,455,261 2,547,617 2,307,698 1,982,501 1,649,820
+Added: Total debt 397,787 401,229 399,898 633,038 640,492
Stockholders’ equity 2,489,516 1,778,381 1,581,099 1,098,600 774,456
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.