v3.25.2
EQUITY AND SHARE-BASED COMPENSATION
 12 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY AND SHARE-BASED COMPENSATION EQUITY AND SHARE-BASED COMPENSATION
Equity
Cash Dividends
For the year ended June 30, 2025, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $1.05 per Common Share in the aggregate amount of $271.5 million, which we paid during the same period (year ended June 30, 2024 and 2023—$1.00 and $0.9720 per Common Share, respectively, in the aggregate amount of $267.4 million and $259.5 million, respectively).
Share Capital
Our authorized share capital includes an unlimited number of Common Shares and an unlimited number of Preference Shares. No Preference Shares have been issued.
Treasury Stock
From time to time we may provide funds to a third-party agent to facilitate repurchases of our Common Shares in connection with the settlement of awards under the Long-Term Incentive Plans (LTIP) or other plans.
During the year ended June 30, 2025, we repurchased 4,619,276 Common Shares on the open market at a cost of $133.1 million for potential settlement of awards under “Long-Term Incentive Plans” and “Restricted Share Units (Other)” or other plans as described below (year ended June 30, 2024 and 2023—1,400,000 and 521,136 Common Shares, respectively, at a cost of $53.1 million and $21.9 million, respectively).
During the year ended June 30, 2025, we delivered to eligible participants 3,107,220 Common Shares that were purchased in the open market in connection with the settlement of awards and other plans (year ended June 30, 2024 and 2023—1,800,395 and 691,181 Common Shares, respectively).
Employee Stock Purchase Plan (ESPP)
Our ESPP offers employees the opportunity to purchase our Common Shares at a purchase price discount of 15%. During the year ended June 30, 2025, 1,291,351 Common Shares were eligible for issuance to employees enrolled in the ESPP (year ended June 30, 2024 and 2023—1,176,466 and 1,089,120 Common Shares, respectively). During the year ended June 30, 2025, cash in the amount of $31.6 million was received from employees relating to the ESPP (year ended June 30, 2024 and 2023—$33.9 million and $31.0 million, respectively).
Share Repurchase Plan
On April 30, 2024, the Board authorized a share repurchase plan (the Fiscal 2024 Repurchase Plan) pursuant to which we were authorized to purchase for cancellation, in open market transactions from time to time over the 12-month period commencing on May 7, 2024 until May 6, 2025, up to $250 million of our Common Shares. The Fiscal 2024 Repurchase Plan included a normal course issuer bid to provide means to execute purchases over the Toronto Stock Exchange (TSX).
On July 31, 2024, in order to align our share repurchase plan to our fiscal year, the Board approved the early termination of the Fiscal 2024 Repurchase Plan and authorized a new share repurchase plan (the Fiscal 2025 Repurchase Plan), pursuant to which we were authorized to purchase for cancellation in open market transactions, from time to time over the 12-month period commencing on August 7, 2024 until August 6, 2025, if considered advisable, up to an aggregate of $300 million of our Common Shares on the TSX, the NASDAQ and/or alternative trading systems in Canada and/or the United States, if eligible, subject to applicable law and stock exchange rules. On March 13, 2025, the Company increased the authorized limit of the Fiscal 2025 Repurchase Plan by $150 million to $450 million and established an automatic share purchase plan (ASPP). The price that we were authorized to pay for Common Shares in open market transactions was the market price at the time of purchase or such other price as was permitted by applicable law or stock exchange rules. The Fiscal 2025 Repurchase Plan was effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the Exchange Act), and included a normal course issuer bid to provide means to execute purchases over the TSX.
During the year ended June 30, 2025, we repurchased and cancelled 14,524,664 Common Shares for $418.3 million, inclusive of 2% Canadian excise taxes recorded (year ended June 30, 2024 and 2023— 5,073,913 and nil Common Shares for $152.3 million and nil, respectively).
Additionally, as of June 30, 2025, we recorded an accrual and a corresponding charge to retained earnings of $24.8 million, representing the estimated value of Common Shares expected to be repurchased following the fiscal quarter ended June 30, 2025 pursuant to the ASPP.
Share-Based Compensation
Share-based compensation expense for the periods indicated below is detailed as follows: 
 Year Ended June 30,
 202520242023
Stock Options (issued under Stock Option Plans)$15,694 $18,167 $20,144 
Performance Share Units (issued under LTIP)21,121 26,415 18,631 
Restricted Share Units (issued under LTIP)15,418 10,677 9,762 
Restricted Share Units (other)42,706 75,642 72,149 
Deferred Share Units (directors)3,922 3,162 4,036 
Employee Stock Purchase Plan5,979 6,016 5,580 
Total share-based compensation expense$104,840 $140,079 $130,302 
No cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented. We have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.
A summary of unrecognized compensation cost for unvested share-based compensation awards is as follows: 
 As of June 30, 2025
 Unrecognized Compensation CostWeighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans)$33,672 2.32
Performance Share Units (issued under LTIP)39,948 1.85
Restricted Share Units (issued under LTIP)13,221 1.33
Restricted Share Units (other)33,972 1.54
Total unrecognized share-based compensation cost$120,813 
Stock Option Plans
Stock Options
A summary of stock options outstanding under our 2004 Stock Option Plan is set forth below.
2004 Stock Option Plan
Date of inceptionOct-04
EligibilityEligible employees, as determined by the Board of Directors
Options granted to date50,635,497
Options exercised to date(23,076,178)
Options cancelled to date(15,252,765)
Options outstanding12,306,554
Options available for issuance4,780,548
Termination grace periods
Immediately “for cause”; 90 days for any other reason; 180 days due to death
Vesting schedule
25% per year, unless otherwise specified
Exercise price range
$25.85 - $52.62
Expiration dates
July 1, 2025 - May 2, 2032
Our stock options generally vest over four years and expire between seven and ten years from the date of the grant. Currently we also have options outstanding that vest over five years, as well as options outstanding that vest based on meeting certain market conditions. The exercise price of all our options is set at an amount that is not less than the closing price of our Common Shares on the NASDAQ on the trading day immediately preceding the applicable grant date.
We estimate the fair value of stock options using the Black-Scholes option-pricing model or, where appropriate, the Monte Carlo pricing model, consistent with the provisions of ASC Topic 718, “Compensation—Stock Compensation” (Topic 718) and SEC Staff Accounting Bulletin No. 107. The option-pricing models require input of subjective assumptions, including the estimated life of the option and the expected volatility of the underlying stock over the estimated life of the option. We use historical volatility as a basis for projecting the expected volatility of the underlying stock and estimate the expected life of our stock options based upon historical data.
We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair value of our stock option grants. Estimates of fair value are not intended, however, to predict actual future events or the value ultimately realized by employees who receive equity awards.
A summary of activity under our stock option plans for the year ended June 30, 2025 is as follows:
OptionsWeighted-
Average Exercise
Price		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000’s)
Outstanding at June 30, 2024
12,207,412 $38.51 4.31$6,142 
Granted2,620,150 28.21 
Exercised(139,077)26.81 
Forfeited or expired(2,381,931)37.04 
Outstanding at June 30, 2025
12,306,554 $36.73 3.93$5,942 
Exercisable at June 30, 2025
5,321,170 $40.67 2.66$1,139 
For the periods indicated, the weighted-average fair value of options and weighted-average assumptions estimated under the Black-Scholes option-pricing model were as follows:
 Year Ended June 30,
 202520242023
Weighted–average fair value of options granted$5.80 $9.00 $6.75 
Weighted-average assumptions used:
Expected volatility28.96 %30.46 %28.73 %
Risk–free interest rate3.81 %4.44 %3.98 %
Expected dividend yield3.60 %2.73 %3.07 %
Expected life (in years)4.324.264.20
Forfeiture rate (based on historical rates)7 %7 %7 %
Average exercise share price$26.81 $36.55 $31.13 
Performance Stock Options
During the year ended June 30, 2025, we did not grant performance stock options (year ended June 30, 2024 and 2023—nil and 1,000,000 performance stock options, respectively).
For the period in which performance stock options were granted, as indicated, the weighted-average fair value of performance stock options and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
Year Ended June 30,
 202520242023
Weighted–average fair value of options granted$— $— $8.09 
Derived service period (in years)——1.70
Weighted-average assumptions used:
Expected volatility— %— %26.00 %
Risk–free interest rate— %— %3.21 %
Expected dividend yield— %— %2.00 %
Average exercise share price$— $— $31.89 
Summary of Stock Options and Performance Stock Options
The aggregate intrinsic value of options exercised during the year ended June 30, 2025 was $0.4 million (year ended June 30, 2024 and 2023—$7.0 million and $1.8 million, respectively). For the year ended June 30, 2025, cash in the amount of $3.7 million was received as the result of the exercise of options granted under share-based compensation arrangements (year ended June 30, 2024 and 2023—$31.4 million and $7.8 million, respectively). The tax benefit realized by us during the year ended June 30, 2025 from the exercise of options eligible for a tax deduction was $0.1 million (year ended June 30, 2024 and 2023—$1.5 million and $0.3 million, respectively).
Long-Term Incentive Plans
We incentivize certain eligible employees, in part, with long-term compensation pursuant to our LTIP. The LTIP is a rolling three-year program that grants eligible employees a certain number of target Performance Share Units (PSUs) and/or Restricted Share Units (RSUs). Target PSUs become vested upon the achievement of certain financial and/or operational performance criteria (the Performance Conditions) that are determined at the time of the grant. The Performance Conditions for vesting of the outstanding PSUs are based on market conditions or performance-based revenue conditions. RSUs are employee service-based awards and vest subject to an eligible employee’s continued employment throughout the applicable vesting period. For the year ended June 30, 2025, we settled LTIP awards that vested by delivering to eligible participants 350,698 Common Shares that were purchased in the open market at a cost of $14.8 million.
PSUs and RSUs granted under the LTIP have been measured at fair value as of the effective date, consistent with ASC Topic 718, and will be charged to share-based compensation expense over the remaining life of the plan. We estimate the fair value of PSUs with market-based conditions using the Monte Carlo pricing model and RSUs have been valued based upon their grant date fair value. The fair value of PSUs with performance-based conditions have been valued based upon their grant date fair value. Beginning in Fiscal 2023, certain PSU and RSU grants were eligible to receive dividend equivalent units that vest under the same conditions as the underlying grants.
Performance Share Units (Issued Under LTIP)
PSUs (issued under LTIP) vest after three years from the respective date of grants and upon the achievement of Performance Conditions determined at the time of the grant.
A summary of activity under our PSUs issued under the LTIP for the year ended June 30, 2025 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000’s)
Outstanding at June 30, 2024
1,605,116 $56.09 1.70$48,218 
Granted (1)
982,503 46.58 
Vested (1)
(257,611)75.14 
Forfeited or expired(357,067)51.43 
Outstanding at June 30, 2025
1,972,941 $49.87 1.52$51,956 
______________________
(1)PSUs are earned based on market or performance conditions and the actual number of PSUs earned, if any, is dependent upon performance and may range from 0 to 200 percent.
For the periods indicated, the weighted-average fair value of market-based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
 Year Ended June 30,
 202520242023
Weighted–average fair value of performance share units granted
$47.96
$21.17 - $59.48
$43.10 - $55.06
Weighted-average assumptions used:
Expected volatility30.26 %28.05 %29.00 %
Risk–free interest rate
3.67%
4.38% - 4.95%
3.13% - 3.39%
Expected dividend yield— %— %— %
Expected life (in years)3.113.003.11
Forfeiture rate (based on historical rates)7 %7 %7 %
Weighted–average fair value of performance share units vested$75.14 $— $41.75 
Aggregate intrinsic value of performance share units vested ($ in ‘000’s)$8,020 $— $6,216 
The weighted average fair value of the performance-based PSUs granted was $40.14 for the year ended June 30, 2024. The Company did not grant any performance-based PSUs for the years ended June 30, 2025 and 2023.
Restricted Share Units (Issued Under LTIP)
Beginning in Fiscal 2025, grants of RSUs (issued under LTIP) vest on a straight-line basis over three years from the respective date of grants. Grants of RSUs (issued under LTIP) prior to Fiscal 2025 vest after three years from the respective date of grants.
A summary of activity under our RSUs issued under the LTIP for the year ended June 30, 2025 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000’s)
Outstanding at June 30, 2024
956,325 $39.61 1.77$28,728 
Granted699,220 28.43 
Vested(170,370)49.92 
Forfeited or expired(213,160)33.70 
Outstanding at June 30, 2025
1,272,015 $33.11 1.70$37,143 
For the periods indicated, the weighted-average fair value and aggregate intrinsic value of RSUs (issued under LTIP) were as follows:
 Year Ended June 30,
 202520242023
Weighted–average fair value of restricted share units granted$28.43 $35.07 $38.82 
Weighted–average fair value of restricted share units vested$49.92 $43.40 $36.83 
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s)
$5,111 $9,093 $3,947 
Restricted Share Units (Other)
In addition to the grants made in connection with the LTIP discussed above, from time to time, we may grant RSUs to certain employees in accordance with employment and other non-LTIP related agreements. RSUs (other) vest over a specified contract date, typically two or four years from the respective date of grants.
A summary of activity under our RSUs (other) issued for the year ended June 30, 2025 is as follows:
UnitsWeighted-Average
Grant Date Fair Value		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000’s)
Outstanding at June 30, 2024
4,555,955 $35.87 1.79$136,861 
Granted923,127 27.37 
Vested(2,459,944)35.63 
Forfeited or expired(379,255)36.06 
Outstanding at June 30, 2025
2,639,883 $33.11 2.00$77,084 
For the periods indicated, the weighted-average fair value and intrinsic value of RSUs (other) were as follows:
 Year Ended June 30,
 202520242023
Weighted–average fair value of restricted share units granted$27.37 $38.04 $30.46 
Weighted–average fair value of restricted share units vested$35.63 $40.94 $36.33 
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s)
$69,891 $62,821 $15,755 
During the year ended June 30, 2025, we delivered to eligible participants 2,459,944 Common Shares that were purchased in the open market in connection with the settlement of vested RSUs, at a cost of $87.6 million (year ended June 30, 2024 and 2023—1,576,565 and 400,210 Common Shares, respectively, with a cost of $70.7 million and $17.6 million).
Deferred Share Units (DSUs)
The DSUs are granted to certain non-employee directors. DSUs are issued under our Deferred Share Unit Plan. DSUs granted as compensation for director fees vest immediately, whereas all other DSUs granted vest at our next annual general meeting following the granting of the DSUs. No DSUs are payable by us until the director ceases to be a member of the Board.
A summary of activity under our deferred share units issued for the year ended June 30, 2025 is as follows:
UnitsWeighted-Average
Price		Weighted-
Average
Remaining
Contractual Term
(years)		Aggregate Intrinsic Value
($’000’s)
Outstanding at June 30, 2024 (1)
1,082,471 $30.67 0.42$32,517 
Granted (2)
118,330 31.03 
Settled(296,831)29.69 
Outstanding at June 30, 2025 (2)
903,970 $31.04 0.34$26,415 
______________________
(1)    Includes 47,871 unvested DSUs.
(2)    Includes 62,177 unvested DSUs.
For the periods indicated, the weighted-average fair value and intrinsic value of DSUs were as follows:
 Year Ended June 30,
 202520242023
Weighted–average fair value of deferred share units granted$31.03 $38.43 $29.72 
Weighted–average fair value of deferred share units vested$34.21 $36.81 $32.44 
Aggregate intrinsic value of deferred share units vested ($ in ‘000’s)
$3,194 $1,461 $1,565 
During the year ended June 30, 2025, we settled 296,831 DSUs at a cost of $7.6 million (year ended June 30, 2024 and 2023—nil and 30,273 Common Shares, respectively, with a cost of nil and $1.1 million, respectively).