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)	2025		2024		2023
Cost of services	$	508	$	76	$	298
Selling, general and administrative	4,924		3,689		4,308
Total stock-based compensation expense	$	5,432	$	3,765	$	4,606

	Year ended June 30,
($000s)	2025		2024		2023
Phantom Stock Plans	$	1,698	$	(152)	$	800
2018 Restricted Share Plan	—		—		(7)
2020 Long Term Incentive Plan	3,734		3,917		3,813
Total stock-based compensation expense	$	5,432	$	3,765	$	4,606

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.


	Share options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate intrinsic value (thousands)
Outstanding as of June 30, 2024	258,251	$	20.68	7.86	$	113
Granted	10,400	29.43		9.95	$	—
Exercised	(56,239)	20.65		6.06	372
Forfeited / expired	(17,043)	17.84		8.46	$	—
Outstanding as of June 30, 2025	195,369	$	21.40	7.12	$	1,504
Vested and exercisable as of June 30, 2025	124,347	$	21.11	6.35	$	994

The weighted average fair value of the phantom stock options outstanding as of June 30, 2025, 2024, and 2023 was $14.52, $5.71, and $8.33 respectively. The total pre-tax intrinsic value of the options exercised during the years ended June 30, 2025, 2024, and 2023 was $0.4 million, $0.0 million, and $0.6 million, respectively. The liability for outstanding phantom stock options as of June 30, 2025 and 2024 was $2.3 million and $1.0 million, respectively, and is included in accrued liabilities and other non-current liabilities in the consolidated balance sheets.

Phantom stock option awards vest based on service conditions. The Company has elected to use the Black-Scholes model to calculate the fair value of Phantom stock options. The Black-Scholes model requires the use of certain estimates and assumptions that affect the fair value of options in the consolidated statement of profit or loss. These include the price per share, expected term, expected volatility, expected dividend yield and the risk-free interest rate.


	Year ended June 30,
	2025	2024	2023
Expected term	1.33 - 6.94 years	1.40 - 6.12 years	1.40 - 6.12 years
Expected volatility	39.43% - 47.77%	36.12% - 37.87%	33.41% - 36.33%
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	3.69% - 3.97%	4.33% - 4.90%	4.05% - 4.87%

•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.

As of June 30, 2025, the unrecognized compensation expense associated with the phantom stock plans is $0.5 million, which will be recognized over the remaining weighted average vesting period of 2.93 years using a graded vesting model.

On May 20, 2020, our Board and shareholders approved and adopted the Company’s 2020 Long Term Incentive Plan, with an amendment and restatement effective January 14, 2022 (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 1,987,326 shares. The 2020 LTIP provides for grants of stock options and restricted stock units.

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.


	Share options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate intrinsic value (thousands)
Outstanding as of June 30, 2024	956,383	$	18.31	7.25	$	962

Exercised	(271,539)	15.85		5.60	2,579
Forfeited / expired	(37,994)	19.29		6.53	—
Outstanding as of June 30, 2025	646,850	$	19.28	6.50	$	6,352
Vested and exercisable as of June 30, 2025	454,253	$	18.83	5.93	$	4,667

There were no options granted during the year ended June 30, 2025. The weighted-average grant-date fair value of options granted during the years ended June 30, 2024 and 2023 were $6.70, and $10.37, respectively. The total pre-tax intrinsic value of the options exercised during the years ended June 30, 2025, 2024, and 2023 was $2.6 million, $0.1 million, and $1.0 million, respectively.

We use 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	2023
Expected term	6.12 years	6.12 years
Expected volatility	35.49% - 35.87%	32.89% - 33.39%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.24% to 4.33%	3.75% to 4.11%

•Expected volatility: Based on the historical stock price volatility of comparable publicly-traded companies in our peer group.

The Company periodically grants PRSUs. PRSUs are subject to service and performance conditions. Performance triggers are based on revenue or EBITDA targets. If such targets are met, awards begin vesting on a three-year schedule. If targets 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, and records compensation expense over the vesting period using a graded vesting model. The weighted average grant-date fair value of awards granted during the years ended June 30, 2025 and 2024 was $22.55 and $17.13, respectively. There were no awards granted during the year ended June 30, 2023. The total fair value of RSU and PRSU awards vested during the years ended June 30, 2025, 2024, and 2023 was $0.2 million, $0.3 million and $0.6 million, respectively.

During the fiscal year ended June 30, 2025, the Company granted 65,054 RSUs that are subject to service and market conditions based upon the Company's Total Shareholder Return ("TSR") as compared with the TSR of a defined set of peer companies. The number of TSR Awards eligible to vest may range from zero to 200% the granted amount depending on the Company’s performance. The TSR Awards will vest equally over three separate performance periods ending on September 30, 2025, September 30, 2026, and September 30, 2027 if the vesting requirements are met.

Weighted average remaining performance period
(Years)

Expected volatility

Expected dividend yield

Risk-free interest rate

2025 Awards

1.6

44%

0.00%

4.2% to 4.4%

•Expected volatility: Based on the historical stock price volatility of the Company with a look back period commensurate with a term of the award.


	Shares	Weighted Average Grant Date Fair Value
Unvested as of June 30, 2024	571,381	$	16.35
Granted	231,719	22.55
Vested	(9,375)	19.95
Forfeitures / cancellations / expirations	(30,958)	16.28
Unvested as of June 30, 2025	762,767	$	18.19

As of June 30, 2025, there was approximately $6.6 million of total unrecognized compensation expense related to the 2020 LTIP awards, which will be recognized over the remaining weighted average vesting period of 3.75 years.