Stock-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Based Compensation Included in Consolidated Statements of Operations

The amounts included in the consolidated statements of operations related to stock-based compensation are as follows (dollars in thousands): 

	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Cost of hosting and professional services	$	6,327	$	5,748	$	19,732	$	16,525
Cost of product and licensing	103		124		280		382
Cost of maintenance and support	423		360		1,268		1,200
Research and development	9,230		8,530		26,402		25,274
Sales and marketing	8,974		8,002		26,475		22,825
General and administrative	9,597		9,723		30,279		28,817
Total	$	34,654	$	32,487	$	104,436	$	95,023

Summary of Stock Options Activity

The table below summarizes activities related to stock options for the nine months ended June 30, 2021:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (a)
Outstanding at September 30, 2020	9,355	$	17.18
Outstanding at June 30, 2021	9,355	$	17.18	0.8 years	$	0.3	million
Exercisable at June 30, 2021	9,355	$	17.18	0.8 years	$	0.3	million
Exercisable at June 30, 2020	9,355	$	17.18	1.8 years	$	0.1	million

__________

(a)The aggregate intrinsic value in this table represents any excess of the closing market price of our common stock as of June 30, 2021 ($54.44) over the exercise price of the underlying options.

Summary of Activity Relating to Restricted Units and Restricted Stock Awards

The table below summarizes activities relating to restricted units for the nine months ended June 30, 2021:

	Number of Shares Underlying Restricted Units — Performance-Based Awards	Number of Shares Underlying Restricted Units — Time-Based Awards
Outstanding at September 30, 2020	2,620,120	7,157,649
Granted	1,048,943	2,094,247
Earned/released	(1,067,802)	(3,489,771)
Forfeited	(137,340)	(275,159)
Outstanding at June 30, 2021	2,463,921	5,486,966
Weighted average remaining recognition period of outstanding Restricted Units	1.2 years	1.5 years
Unrecognized stock-based compensation expense of outstanding Restricted Units	$23.1 million	$65.3 million
Aggregate intrinsic value of outstanding Restricted Units (a)	$134.1 million	$298.7 million

__________

(a)The aggregate intrinsic value in this table represents any excess of the closing market price of our common stock as of June 30, 2021 ($54.44) over the purchase price of the underlying restricted units.

Summary of Weighted-Average Grant-Date Fair Value and Intrinsic Value of Restricted Units and Restricted Stock Awards Vested

A summary of the weighted-average grant-date fair value of restricted units granted, and the aggregate intrinsic value of restricted units vested during the periods noted is as follows: 

	Nine Months Ended June 30,
	2021		2020
Weighted-average grant-date fair value per share	$	38.05	$	17.71
Total intrinsic value of shares vested (in millions)	$	193.5	$	115.6

Schedule of Key Assumptions of the Valuation

Below is a summary of key assumptions of the valuation:

	Nine Months Ended June 30,
	2021	2020
Dividend yield	0.0%	0.0%
Expected volatility	34.95%	27.73% - 28.24%
Risk-free interest rate	0.21%	1.40% - 1.62%
Expected term (in years)	3.00	2.72 - 3.00