Equity-based compensation expense related to stock options and restricted stock units was $10.8 million and $11.0 million during the nine months ended January 31, 2025 and 2024, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
	(shares and dollars in thousands)
Outstanding as of April 30, 2024	968	$	41.79	6.7	$	49,086
Options granted	134	92.63
Options exercised	(106)	29.37
Options forfeited	(10)	60.86
Outstanding as of January 31, 2025	986	$	49.87	6.6	$	35,098
Exercisable as of January 31, 2025	696	$	37.87	5.7	$	32,324
Vested and Expected to vest as of January 31, 2025	972	$	49.37	6.5	$	35,011

The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the nine months ended January 31, 2025 and 2024 was $6.0 million and $12.4 million, respectively. As of January 31, 2025, there was $6.9 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.7 years.

The fair value of stock options granted during the nine months ended January 31, 2025 and 2024 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value:


	Nine Months Ended January 31,
	2025			2024
Volatility	37.53		%	38.70		%
Expected life (years)	6.0			6.0
Risk-free interest rate	3.95		%	4.29		%
Dividend yield	—		%	—		%
Grant date fair value	$	39.88		$	33.33


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
	(shares in thousands)
Outstanding as of April 30, 2024	314	$	60.74
Granted	119	92.63
Vested	(174)	58.34
Forfeited	(10)	74.64
Outstanding as of January 31, 2025	249	$	77.08

The fair value of restricted stock units that vested during the nine months ended January 31, 2025 and 2024 was $16.0 million and $13.0 million, respectively. As of January 31, 2025, there was $10.0 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.5 years.

The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. The Company recognized $1.2 million and $1.0 million of stock-based compensation expense related to the ESPP during the nine months ended January 31, 2025 and 2024, respectively.

The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share:


	Nine Months Ended January 31,
	2025		2024
	(shares in thousands)
Number of shares purchased under the ESPP	83		89
Average purchase price	$	71.33	$	51.74