11. Capital Stock

Preference shares

Since the Company’s initial public offering, or IPO, a total of 20,000,000 preference shares, with a $0.00045 par value per share, were authorized. There were no preference shares issued and outstanding as of January 31, 2022 and 2021, respectively.

Ordinary shares

As of January 31, 2022 and 2021, the following ordinary shares were reserved for future issuance under the Company’s equity plans and employee stock purchase plan:

Shares repurchased

On May 29, 2019, the Company’s Board of Directors authorized a program to repurchase up to $50.0 million of the Company’s ordinary shares commencing immediately through June 30, 2020. On March 16, 2020, the Company repurchased a total of 25,719 shares for approximately $1.0 million in cash. On May 29, 2020, the Board approved an extension of this program for an additional twelve months, ending June 30, 2021. On May 25, 2021, the Board extended the repurchase program for another 12 months through June 30, 2022. Since the inception of the repurchase programs in June 2016, a total of $275.0 million has been authorized and a total of 4,011,595 shares have been repurchased for approximately $175.8 million in cash. Repurchases may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares. As of January 31, 2022, there was $49.0 million available for repurchases under the repurchase program through June 30, 2022.