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Equity
 3 Months Ended
Oct. 31, 2024
Equity:  
Equity

Note 13—Equity

 

Dividend Payments

 

In the three months ended October 31, 2024, the Company paid a cash dividend of $0.05 per share on the Company’s Class A and Class B common stock. In the three months ended October 31, 2024, the Company paid aggregate cash dividends of $1.3 million.

 

Stock Repurchases

 

The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. In January 2016, the Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months ended October 31, 2024, the Company repurchased 37,714 shares of its Class B common stock for an aggregate purchase price of $1.3 million. In the three months ended October 31, 2023, the Company repurchased 125,470 shares of its Class B common stock for an aggregate purchase price of $2.8 million. At October 31, 2024, 4.4 million shares remained available for repurchase under the stock repurchase program.

 

In the three months ended October 31, 2024 and 2023, the Company paid $1.1 million and $15,000, respectively, to repurchase 24,290 and 654 shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on restricted stock and shares issued for bonus payments. Such shares were repurchased by the Company based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.

 

Amended and Restated Employment Agreement with Abilio (“Bill”) Pereira

 

On December 21, 2023, the Company entered into an Amended and Restated Employment Agreement with Bill Pereira, the Company’s President and Chief Operating Officer. The agreement provides for, among other things, certain equity grants and a contingent bonus subject to the completion of certain financial milestones as set forth in the agreement. In October 2024, the Company issued to Mr. Pereira 39,155 shares of its Class B common stock with an issue date value of $1.8 million in connection with the achievement of one of these milestones.