XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is included in the consolidated results of operations as (in thousands):
| Year ended September 30,
| 2023 |  | 2022 |  | 2021
Cost of sales | $ | 628 |  |  | $ | 466 |  |  | $ | 371 |
Sales and marketing | 4,107 |  |  | 2,503 |  |  | 2,069 |
Research and development | 1,777 |  |  | 1,236 |  |  | 1,032 |
General and administrative | 6,774 |  |  | 4,373 |  |  | 4,663 |
Stock-based compensation before income taxes | 13,286 |  |  | 8,578 |  |  | 8,135 |
Income tax benefit | (2,840) |  |  | (1,819) |  |  | (1,755) |
Stock-based compensation after income taxes | $ | 10,446 |  |  | $ | 6,759 |  |  | $ | 6,380 |
Schedule of Stock Option Activity | Below is a summary of our stock options as of September 30, 2023 and changes during the twelve months then ended (in thousands, except per common share amounts):
|  | Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Contractual Term (in years) |  | Aggregate Intrinsic Value (1)
Balance on September 30, 2022 |  | 1,790 |  |  | $17.29 |  |  |  |
Granted |  | 66 |  |  | 40.59 |  |  |  |
Exercised |  | (262) |  |  | 13.69 |  |  |  |
Forfeited / Canceled |  | (41) |  |  | 20.24 |  |  |  |
Balance on September 30, 2023 |  | 1,553 |  |  | $18.52 |  | 3.89 |  | $ | 14,167 |
Exercisable on September 30, 2023 |  | 1,062 |  |  | $16.24 |  | 3.37 |  | $ | 11,451 |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $27.00 as of September 30, 2023, which would have been received by the option holders had all option holders exercised their options as of that date.
Schedule of Valuation Assumptions | The table below shows the weighted average fair value, which was determined based upon the fair value of each option on the grant date utilizing the Black-Scholes option-pricing model and the related assumptions:
| Year ended September 30,
| 2023 |  | 2022 |  | 2021
Weighted average per option grant date fair value | $ | 19.87 |  |  | $ | 10.37 |  |  | $ | 6.97 |
Assumptions used for option grants: |  |  |  |  |
Risk free interest rate | 3.50% - 4.15% |  | 1.25% - 3.00% |  | 0.51% - 1.04%
Expected term | 6.00 years |  | 6.00 years |  | 6.00 years
Expected volatility | 46% |  | 45% - 46% |  | 44% - 46%
Weighted average volatility | 46% |  | 46% |  | 45%
Expected dividend yield | 0% |  | 0% |  | 0%
Schedule of Weighted Average Exercise Price Range and Remaining Contractual Life | As of September 30, 2023, the weighted average exercise price and remaining life of the stock options were (in thousands, except remaining life and exercise price):
Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Options Outstanding |  | Weighted Average Remaining Contractual Life (In Years) |  | Weighted Average Exercise Price |  | Number of Shares Vested |  | Weighted Average Exercise Price
$9.03 - $11.87 |  | 295 |  |  | 2.16 |  | $ | 11.37 |  |  | 288 |  |  | $ | 11.38 |
$12.48 - $16.75 |  | 325 |  |  | 3.59 |  | $ | 15.35 |  |  | 262 |  |  | $ | 15.10 |
$17.10 - $17.94 |  | 365 |  |  | 3.39 |  | $ | 17.65 |  |  | 312 |  |  | $ | 17.70 |
$18.20 - $21.53 |  | 273 |  |  | 5.23 |  | $ | 20.86 |  |  | 105 |  |  | $ | 20.90 |
$23.46 - $33.53 |  | 230 |  |  | 5.11 |  | $ | 24.44 |  |  | 95 |  |  | $ | 24.27 |
$35.84 - $40.66 |  | 48 |  |  | 6.17 |  | $ | 40.51 |  |  | — |  |  | $ | — |
$41.16 - $41.16 |  | 17 |  |  | 6.12 |  | $ | 41.16 |  |  | — |  |  | $ | — |
$9.03 - $41.16 |  | 1,553 |  |  | 3.90 |  | $ | 18.52 |  |  | 1,062 |  |  | $ | 16.24 |
Schedule of Nonvested Restricted Stock Units | The following table presents a summary of our non-vested restricted stock units as of September 30, 2023 and changes during the twelve months then ended (in thousands, except per common share amounts):
| RSUs |  | PSUs
| Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value
Nonvested on September 30, 2022 | 742 |  |  | $ | 19.14 |  |  | 27 |  |  | $ | 22.69 |
Granted | 463 |  |  | $ | 39.96 |  |  | 113 |  |  | $ | 40.66 |
Vested | (296) |  |  | $ | 17.49 |  |  | (5) |  |  | $ | 22.93 |
Canceled | (63) |  |  | $ | 26.65 |  |  | — |  |  | $ | — |
Nonvested on September 30, 2023 | 846 |  |  | $ | 30.56 |  |  | 135 |  |  | $ | 37.72 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration