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Stock-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table shows stock-based compensation expense that is included in the consolidated results of operations (in thousands):

			Three months ended June 30,												Nine months ended June 30,
			2023						2022						2023						2022
Cost of sales			$	160					$	125					$	463					$	342
Sales and marketing			1,089						660						3,012						1,828
Research and development			469						252						1,386						890
General and administrative			1,801						1,106						4,991						3,342
Stock-based compensation before income taxes			3,519						2,143						9,852						6,402
Income tax benefit			(760)						(460)						(2,096)						(1,360)
Stock-based compensation after income taxes			$	2,759					$	1,683					$	7,756					$	5,042

Schedule of Stock Option Activity

The following table summarizes our stock option activity (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						40.63
Exercised						(182)						22.77
Forfeited / Canceled						(34)						20.76
Balance on June 30, 2023						1,640						$18.43						4.1						$	34,471
Exercisable on June 30, 2023						1,046						$15.99						3.5						$	24,481

(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $39.39 as of June 30, 2023, which would have been received by the option holders had all option holders exercised their options as of that date.

14. STOCK-BASED COMPENSATION (CONTINUED)

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. The total intrinsic value of all options exercised during the nine months ended June 30, 2023 and 2022 was $4.1 million and $15.6 million, respectively.

Schedule of Valuation Assumptions

The following table 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:

			Nine months ended June 30,
			2023						2022
Weighted average per option grant date fair value			$19.88						$10.03
Assumptions used for option grants:
Risk free interest rate			3.50% - 3.98%						1.25% - 3.00%
Expected term			6.00 years						6.00 years
Expected volatility			46%						45% - 46%
Weighted average volatility			46%						46%
Expected dividend yield			—						—

Schedule of Nonvested Restricted Stock Units

The following table presents a summary of our non-vested restricted stock units and performance stock units as of June 30, 2023 and changes during the nine 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			457						40.07						113						40.66
Vested			(276)						17.42						(5)						22.93
Canceled			(34)						26.69						—						—
Nonvested on June 30, 2023			889						$	30.14					135						$	37.72

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