v3.26.1
Stock-Based Compensation
 12 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The following tables summarize the components of stock-based compensation expense recognized in the Company’s consolidated statements of comprehensive income, both by line item and by plan:
Year ended June 30,
($000s)202620252024
Cost of services$161 $508 $76 
Selling, general and administrative7,576 4,924 3,689 
Total stock-based compensation expense$7,737 $5,432 $3,765 
Year ended June 30,
($000s)202620252024
Phantom Stock Plans$302 $1,698 $(152)
2020 Long Term Incentive Plan7,435 3,734 3,917 
Total stock-based compensation expense$7,737 $5,432 $3,765 

Phantom Stock Plans
In 2018, the Company adopted phantom stock plans (“Phantom Stock Plans”) in certain of its operating countries, which provide for grants of “phantom stock options” to certain executive officers and employees in those countries. Each phantom stock option provides the participant with a contractual right to receive an amount equal to the difference between the fair market value of a vested common share of the Company at the time of exercise and the exercise price of the option per share.
The maximum number of phantom stock options available for issuance under the Phantom Stock Plans is 600,000. The Phantom Stock Plans shall continue until the earlier of June 30, 2035 or termination by the Company’s Board pursuant to the terms of the plans.
The following table summarizes the phantom stock option activity for the year ended June 30, 2026:
Share optionsWeighted
Average
Exercise Price		Weighted Average
Remaining
Contractual Term (years)		Aggregate intrinsic
value
(thousands)
Outstanding as of June 30, 2025195,369 $21.40 7.12$1,504 
Granted1,374 20.86 4.64— 
Exercised(69,191)21.62 5.73899 
Forfeited / expired(4,700)18.81 7.20— 
Outstanding as of June 30, 2026122,852$21.37 6.28$1,106 
Vested and exercisable as of June 30, 202686,018$21.23 5.69$786 
The weighted average fair value of the phantom stock options outstanding as of June 30, 2026, 2025, and 2024 was $15.46, $14.52, and $5.71 respectively. The total pre-tax intrinsic value of the options exercised during the years ended June 30, 2026, 2025, and 2024 was $0.9 million, $0.4 million, and $— million, respectively. The liability for outstanding phantom stock options as of June 30, 2026 and 2025 was $1.8 million and $2.3 million, respectively, and is included in accounts payable and accrued liabilities and other non-current liabilities in the consolidated balance sheets.
Phantom stock option awards vest based on service conditions. The Company used the Black-Scholes model to determine the fair value of Phantom stock options, which was estimated using the following assumptions:

Year ended June 30,
202620252024
Expected term
0.83 - 5.94 years
1.33 - 6.94 years
1.40 - 6.12 years
Expected volatility
41.52% - 47.52%
39.43% - 47.77%
36.12% - 37.87%
Expected dividend yield0.00%0.00%0.00%
Risk-free interest rate
3.95% - 4.24%
3.69% - 3.97%
4.33% - 4.90%
The assumptions used in the Black-Scholes model are estimated as follows:
•Expected dividend yield: Zero percent, as we do not anticipate paying dividends on our common shares.
•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.
•Risk-free interest rate: Based on the U.S. Treasury yield curve in effect at the date of valuation.
•Expected term: Estimated based on the simplified method as we do not have adequate historical data.
As of June 30, 2026, the unrecognized compensation expense associated with the phantom stock plans is $0.2 million, which will be recognized over the remaining weighted average vesting period of 2.15 years using a graded vesting model.
2020 Long Term Incentive Plan
On May 20, 2020, our Board and shareholders approved and adopted the Company’s 2020 Long Term Incentive Plan, which was amended and restated on January 14, 2022 and December 5, 2025 (the “2020 LTIP”). The number of common shares that we may issue with respect to awards granted under the 2020 LTIP will not exceed an aggregate of 2,637,326 shares. The 2020 LTIP provides for grants of stock options and restricted stock units (“RSU”).
Stock options
The Company periodically grants stock options to employees and members of the Board. These awards are subject to service-based, and in some cases, performance- and market-based vesting conditions and generally vest in monthly, quarterly, or annual installments over two to four years. The stock options typically expire ten years after they are granted.
The following table summarizes the stock option activity for the year ended June 30, 2026:
Share optionsWeighted
Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(years)		Aggregate intrinsic
value
(thousands)
Outstanding as of June 30, 2025646,850 $19.28 6.50$6,352 
Exercised(206,502)19.75 5.433,477 
Forfeited / expired(6,169)21.22 6.96— 
Outstanding as of June 30, 2026434,179$19.03 5.52$4,924 
Vested and exercisable as of June 30, 2026351,721$18.92 5.09$4,029 
There were no options granted during the years ended June 30, 2026 and 2025. The weighted-average grant-date fair value of options granted during the year ended June 30, 2024 was $6.70. The total pre-tax intrinsic value of the options exercised during the years ended June 30, 2026, 2025 and 2024 was $3.5 million, $2.6 million and $0.1 million, respectively.
The Company used the Black-Scholes model to determine the grant-date fair value of the stock options, which was estimated using the following assumptions:
Year ended
June 30, 2024
Expected term
6.12 years
Expected volatility
35.49% - 35.87%
Expected dividend yield0.00%
Risk-free interest rate
4.24% to 4.33%
The assumptions used in the Black-Scholes model are estimated as follows:
•Expected dividend yield: Zero percent, as we do not anticipate paying dividends on our common shares.
•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.
•Risk-free interest rate: Based on the U.S. Treasury yield curve in effect at the time of grant.
•Expected term: Estimated based on the simplified method as we do not have adequate historical data.
Restricted stock units
The Company periodically grants RSUs which vest based on service conditions over four years.
Performance-based restricted stock units (“PRSU”)
The Company periodically grants PRSUs. PRSUs are subject to service and performance conditions. Performance conditions may be based on certain thresholds such as revenue or EBITDA targets. The Company has PRSUs that vest over varying periods once the performance conditions have been met. If performance conditions are not met, no shares will vest.
The Company calculated the fair value of the RSU and PRSU awards based on the closing price of the Company’s common shares on the date of grant. The weighted average grant-date fair value of the awards
granted during the years ended June 30, 2026, 2025 and 2024 was $30.37, $22.55, and $17.13, respectively. The total fair value of RSU and PRSU awards vested during the years ended June 30, 2026, 2025 and 2024 was $7.7 million, $0.2 million and $0.3 million, respectively.

Market- and Service-based restricted stock units (“TSR Awards”)

The Company periodically grants TSR Awards, which are subject to service and market conditions. The number of shares that could be potentially issued under these TSR Awards depends on the Company performance and may range from zero to 200% of the amount originally granted. The TSR Awards are measured equally over three separate performance periods.
The Company used the Monte Carlo model to determine the grant-date fair value of the TSR Awards, which was estimated using the following assumptions:
Year ended June 30,
20262025
Weighted average remaining performance period1.5 years1.6 years
Expected volatility
42.3% - 45.8%
44%
Expected dividend yield0.00%0.00%
Risk-free interest rate
3.4% to 3.5%
4.2% to 4.4%
•Expected dividend yield: zero percent, as we do not anticipate paying dividends on our common shares.
•Expected volatility: Based on the historical stock price volatility of the Company with a look back period commensurate with the term of the award.
•Risk-free interest rate: Based on the U.S. Treasury yield curve in effect at the time of grant.
•Weighted average remaining performance period: Based on remaining performance period at the time of the grant.
The weighted average grant-date fair value of TSR Awards granted during the years ended June 30, 2026 and 2025 was $42.55 and $26.25, respectively. There were no TSR Awards granted during the year ended June 30, 2024. The total fair value of TSR Awards vested during the year ended June 30, 2026, including the incremental shares that were issued due to market condition achievement, was $1.8 million. There were no TSR Awards vested during the years ended June 30, 2025 or 2024.

A summary of the unvested RSU, PRSU and TSR Awards activity for the year ended June 30, 2026 is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested as of June 30, 2025762,767 $18.19 
Granted301,274 33.53 
Vested(266,792)19.03 
Change due to market condition achievement21,681 26.25 
Forfeitures / cancellations / expirations(31,825)21.40 
Unvested as of June 30, 2026787,105$23.87 
As of June 30, 2026, there was approximately $8.5 million of total unrecognized compensation expense related to the 2020 LTIP awards, which will be recognized over the remaining weighted average vesting period of 2.64 years.