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Equity-Based Compensation (Tables)
 3 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Equity-Based Compensation Expense A summary of equity-based compensation expense recognized during the three months ended December 31, 2021 and 2020 is as follows:
Three months ended December 31,
20212020
Stock options$6,624 $3,441 
Schedule of Fair Value of Stock Option Awards
The fair value of the stock option awards during the three months ended December 31, 2021 and during the year ended September 30, 2021 was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:
December 31, 2021September 30, 2021
Expected volatility(1)
55.8 %59.7 %
Expected dividend yield(2)
— %— %
Expected term(3)
6 years6 years
Risk-free interest rate(4)
1.2 %0.7 %
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1.Expected volatility is based on the Company's own share price.
2.The Company has assumed a dividend yield of zero as management has no plans to declare dividends in the foreseeable future.
3.Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.
4.The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
Summary of Stock Option Activity A summary of stock option activity for the three months ended December 31, 2021 is as follows:
Stock OptionsWeighted Average Exercise Price
Outstanding at beginning of period7,547,622 $25.26 
Granted942,821 23.19 
Exercised(43,889)15.17 
Forfeited(147,336)30.05 
Outstanding at end of period8,299,218 $24.99