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Stock-Based Compensation (Tables) | 9 Months Ended
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Jun. 30, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 173 |  |  | $ | 160 |  |  | $ | 529 |  |  | $ | 463 |
Sales and marketing | 1,218 |  |  | 1,089 |  |  | 3,594 |  |  | 3,012 |
Research and development | 517 |  |  | 469 |  |  | 1,448 |  |  | 1,386 |
General and administrative | 1,606 |  |  | 1,801 |  |  | 4,522 |  |  | 4,991 |
Stock-based compensation before income taxes | 3,514 |  |  | 3,519 |  |  | 10,093 |  |  | 9,852 |
Income tax benefit | (724) |  |  | (760) |  |  | (2,138) |  |  | (2,096) |
Stock-based compensation after income taxes | $ | 2,790 |  |  | $ | 2,759 |  |  | $ | 7,955 |  |  | $ | 7,756 |
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, 2023 |  | 1,553 |  |  | $18.52 |  |  |  |
Granted |  | 87 |  |  | 24.59 |  |  |  |
Exercised |  | (91) |  |  | 28.43 |  |  |  |
Forfeited / Canceled |  | (39) |  |  | 27.61 |  |  |  |
Balance on June 30, 2024 |  | 1,510 |  |  | $18.74 |  | 3.3 |  | $ | 7,659 |
Exercisable on June 30, 2024 |  | 1,160 |  |  | $17.19 |  | 2.9 |  | $ | 7,220 |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $22.93 as of June 30, 2024, 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 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,
| 2024 |  | 2023
Weighted average per option grant date fair value | $12.44 |  | $19.88
Assumptions used for option grants: |  |  |
Risk free interest rate | 4.48% - 4.68% |  | 3.50% - 3.98%
Expected term | 6.00 years |  | 6.00 years
Expected volatility | 46% - 47% |  | 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, 2024 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, 2023 | 846 |  |  | $ | 30.56 |  |  | 135 |  |  | $ | 37.72 |
Granted | 343 |  |  | 24.98 |  |  | 135 |  |  | 24.81 |
Vested | (280) |  |  | 25.13 |  |  | (30) |  |  | 37.11 |
Canceled | (44) |  |  | 30.13 |  |  | (17) |  |  | 28.94 |
Nonvested on June 30, 2024 | 865 |  |  | $ | 30.11 |  |  | 223 |  |  | $ | 30.65 |

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