XML 24 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Stockholders' Equity
 6 Months Ended
Oct. 31, 2025
Equity [Abstract]  
Stockholders' Equity

(7) Stockholders’ Equity:

Treasury Stock

On September 19, 2023, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions through September 19, 2024, or the 2023 Authorization. During fiscal 2025, we purchased 1,531,763 shares of our common stock for $21.4 million under the 2023 Authorization. The 2023 Authorization expired on September 19, 2024. On September 5, 2024, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions from September 20, 2024 through September 20, 2025, or the 2024 Authorization. As of October 31, 2025, we had repurchased 312,310 shares of our common stock for $4.1 million under the 2024 Authorization. On September 15, 2025, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions

from September 21, 2025 through September 21, 2026, or the 2025 Authorization. As of October 31, 2025, we had not repurchased any shares of our common stock under the 2025 Authorization.

During the three and six months ended October 31, 2025, there were no common stock repurchases. During the three months ended October 31, 2024, we repurchased a total of 753,631 shares of our common stock for $9.8 million. During the six months ended October 31, 2024, we repurchased a total of 1,624,300 shares of our common stock for $22.6 million.

Earnings per Share

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per common share for the three months ended October 31, 2025 and 2024 (in thousands, except per share data):

 

For the Three Months Ended October 31,

 

 

2025

 

 

2024

 

 

Net

 

 

 

 

 

Per Share

 

 

Net

 

 

 

 

 

Per Share

 

 

Income

 

 

Shares

 

 

Amount

 

 

Income

 

 

Shares

 

 

Amount

 

Basic earnings

$

 

1,917

 

 

 

44,396

 

 

$

 

0.04

 

 

$

 

4,546

 

 

 

44,523

 

 

$

 

0.10

 

Effect of dilutive stock awards

 

—

 

 

341

 

 

 

—

 

 

 

—

 

 

 

412

 

 

 

—

 

Diluted earnings

$

 

1,917

 

 

 

44,737

 

 

$

 

0.04

 

 

$

 

4,546

 

 

 

44,935

 

 

$

 

0.10

 

The following table provides a reconciliation of the net (loss)/income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per common share for the six months ended October 31, 2025 and 2024 (in thousands, except per share data):

 

For the Six Months Ended October 31,

 

 

2025

 

 

2024

 

 

Net

 

 

 

 

 

Per Share

 

 

Net

 

 

 

 

 

Per Share

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Income

 

 

Shares

 

 

Amount

 

Basic earnings

$

 

(1,494

)

 

 

44,329

 

 

$

 

(0.03

)

 

$

 

2,691

 

 

 

44,922

 

 

$

 

0.06

 

Effect of dilutive stock awards

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

482

 

 

 

—

 

Diluted earnings

$

 

(1,494

)

 

 

44,329

 

 

$

 

(0.03

)

 

$

 

2,691

 

 

 

45,404

 

 

$

 

0.06

 

For the three months ended October 31, 2025 and 2024, there were 24,867 shares and 16,328 shares, respectively, excluded from the computation of diluted earnings because the effect would be antidilutive. For the six months ended October 31, 2025, there were no shares excluded from the computation of diluted earnings per share as a result of the net loss for the period. For the six months ended October 31, 2024, there were 18,587 shares excluded from the computation of diluted earnings because the effect would be antidilutive.

Incentive Stock and Employee Stock Purchase Plans

We have two stock incentive plans: the 2013 Incentive Stock Plan and the 2022 Incentive Stock Plan, or, together, the Incentive Stock Plans, under which employees and non-employees may be granted stock options, restricted stock awards, restricted stock units, or RSUs, stock appreciation rights, bonus stock, and awards in lieu of obligations, performance awards, and dividend equivalents. No grants have been made under the 2013 Incentive Stock Plan since our stockholders approved the 2022 Incentive Stock Plan at our annual meeting of stockholders held in September 2022. All new grants are issued under the 2022 Incentive Stock Plan.

We have an Employee Stock Purchase Plan, or the ESPP, under which each participant is granted an option to purchase our common stock at a discount on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP.

The total stock-based compensation expense, including purchases under our ESPP and grants of RSUs and performance-based RSUs, or PSUs, under the Incentive Stock Plans, was $4.0 million and $3.7 million for the six months ended October 31, 2025 and 2024, respectively. We include stock-based compensation expense in cost of sales, sales, marketing, and distribution, research and development, and general and administrative expenses.

We grant RSUs to employees and non-employee members of our Board of Directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees prior to fiscal 2026 vest over a period of four years and RSU grants to employees

during fiscal 2026 vest over a period of three years with one-fourth and one-third, respectively, of the units vesting on each grant anniversary date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period.

We grant PSUs to our executive officers and, from time to time, certain management employees who are not executive officers. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period.

During the six months ended October 31, 2025, we granted an aggregate of 603,336 RSUs, including 289,376 RSUs to non-executive officer employees, 237,694 RSUs to our executive officers, and 76,266 RSUs to our directors. During the six months ended October 31, 2025, we granted 237,691 PSUs to certain of our executive officers. During the six months ended October 31, 2025, we cancelled 108,736 PSUs as a result of the failure to satisfy the performance metrics. During the six months ended October 31, 2025, we cancelled 48,841 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2025, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $3.6 million.

During the six months ended October 31, 2024, we granted an aggregate of 455,485 RSUs, including 257,937 RSUs to non-executive officer employees, 142,882 RSUs to our executive officers, and 54,666 RSUs to our directors. During the six months ended October 31, 2024, we granted 142,878 PSUs to certain of our executive officers. During the six months ended October 31, 2024, we cancelled 63,469 PSUs as a result of the failure to satisfy the performance metrics and 28,575 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2024, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $4.5 million.

A summary of activity for unvested RSUs and PSUs for the six months ended October 31, 2025 and 2024 is as follows:

 

 

For the Six Months Ended October 31,

 

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

Total # of

 

 

Average

 

 

Total # of

 

 

 

Average

 

 

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

 

Grant Date

 

 

 

 

Stock Units

 

 

Fair Value

 

 

Stock Units

 

 

 

Fair Value

 

 

RSUs and PSUs outstanding, beginning of period

 

 

1,204,133

 

 

$

14.21

 

 

 

1,000,347

 

 

 

$

13.45

 

 

Awarded

 

 

841,027

 

 

 

9.38

 

 

 

598,363

 

 

 

 

15.88

 

 

Released

 

 

(375,830

)

 

 

14.09

 

 

 

(281,752

)

 

 

 

13.10

 

 

Forfeited

 

 

(157,577

)

 

 

13.29

 

 

 

(92,044

)

 

 

 

18.70

 

 

RSUs and PSUs outstanding, end of period

 

 

1,511,753

 

 

$

11.64

 

 

 

1,224,914

 

 

 

$

14.32

 

 

As of October 31, 2025, there was $7.8 million of unrecognized compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average remaining contractual term of 1.5 years.