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Stockholders' Equity (Tables)
6 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of stockholders' equity

The changes in stockholders’ equity for the prior year comparable period are as follows:

 

 

 

 

 

 

Additional

 

 

 

 

 

Accumulated
Other

 

 

 

 

 

 

Common Stock

 

Paid-in

 

Treasury Stock

 

Comprehensive

 

Retained

 

 

 

 

Shares

 

Amount

 

Capital

 

Shares

 

Amount

 

Loss

 

Earnings

 

Total

 

Balance at September 30, 2021

 

35,457,095

 

$

35

 

$

252,017

 

 

(2,222,083

)

$

(36,628

)

$

(9,011

)

$

(71,398

)

$

135,015

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

3,602

 

 

3,602

 

Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units

 

131,070

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Taxes paid associated with net settlement of stock compensation awards

 

(40,239

)

 

 

 

(851

)

 

 

 

 

 

 

 

 

 

(851

)

Forfeitures of restricted stock awards

 

(14,855

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

 

 

 

 

 

 

(147,185

)

 

(2,963

)

 

 

 

 

 

(2,963

)

Common stock surrendered in the exercise of stock options

 

 

 

 

 

100

 

 

(4,678

)

 

(100

)

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

2,270

 

 

 

 

 

 

 

 

 

 

2,270

 

Foreign currency translation and other

 

 

 

 

 

 

 

 

 

 

 

(131

)

 

136

 

 

5

 

Balance at December 31, 2021

 

35,533,071

 

$

36

 

$

253,536

 

 

(2,373,946

)

$

(39,691

)

$

(9,142

)

$

(67,660

)

$

137,079

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

11,970

 

 

11,970

 

Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units

 

320,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes paid associated with net settlement of stock compensation awards

 

(47,124

)

 

 

 

(958

)

 

 

 

 

 

 

 

 

 

(958

)

Common stock repurchased

 

 

 

 

 

 

 

(1,011,881

)

 

(17,035

)

 

 

 

 

 

(17,035

)

Stock compensation expense

 

 

 

 

 

2,102

 

 

 

 

 

 

 

 

 

 

2,102

 

Forfeiture of restricted stock awards

 

(242,902

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

(169

)

 

 

 

(169

)

Balance at March 31, 2022

 

35,563,988

 

$

36

 

$

254,680

 

 

(3,385,827

)

$

(56,726

)

$

(9,311

)

$

(55,690

)

$

132,989

 

Summary of share-based compensation expense

The table below presents the components of share-based compensation expense (in thousands):

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

2022

 

Equity-classified awards:

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

524

 

 

$

534

 

 

$

999

 

$

1,591

 

RSUs & RSAs

 

 

1,415

 

 

 

1,569

 

 

 

3,066

 

 

2,782

 

Total Equity-classified award

 

 

1,939

 

 

 

2,103

 

 

 

4,065

 

 

4,373

 

Liability-classified awards:

 

 

 

 

 

 

 

 

 

 

 

SARs

 

 

 

 

 

(111

)

 

 

(44

)

 

(101

)

Total stock compensation expense:

 

$

1,939

 

 

$

1,992

 

 

$

4,021

 

$

4,272

 

The table below presents the components of share-based compensation expense by line item within our Condensed Consolidated Statements of Operations (in thousands):

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

2022

 

Stock-compensation expense by function

 

 

 

 

 

 

 

 

 

 

 

Technology and operations

 

$

336

 

 

$

282

 

 

$

592

 

$

585

 

Sales and marketing

 

 

659

 

 

 

542

 

 

$

1,168

 

 

1,032

 

General and administrative

 

 

944

 

 

 

1,168

 

 

$

2,261

 

 

2,655

 

Total stock compensation expense:

 

$

1,939

 

 

$

1,992

 

 

$

4,021

 

$

4,272

 

Summary of stock options and restricted stock granted

The following table presents stock option and RSUs & RSAs grant activity:

 



 

Six Months Ended March 31, 2023

 

Stock Options granted:

 



 

Options containing only service conditions:

 

 

178,048

 

Weighted average exercise price

 

$

14.43

 

Weighted average grant date fair value

 

$

7.50

 



 



 

Options containing performance conditions:

 

 

175,910

 

Weighted average exercise price

 

$

14.42

 

Weighted average grant date fair value

 

$

7.48

 



 



 

RSUs & RSAs granted:

 



 

RSUs & RSAs containing only service conditions:

 

 

472,813

 

Weighted average grant date fair value

 

$

15.14

 



 



 

RSUs & RSAs containing performance conditions:

 

 

288,420

 

Weighted average grant date fair value

 

$

15.15

 

Schedule of share-based payment award, stock options, valuation assumptions

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the six months ended March 31, 2023, were as follows:

 

 

 

Six Months Ended

 

 

 

March 31, 2023

 

Dividend yield

 

 

 

Expected volatility

 

56.87% - 62.16%

 

Risk-free interest rate

 

3.39% - 3.88%

 

Expected term

 

4.5 - 7.6 years