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Equity-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Equity-Based Compensation Expense A summary of equity-based compensation expense recognized during the years ended September 30, 2022, 2021 and 2020 is as follows:
Year ended September 30,
202220212020
Stock options$25,163 $20,860 $10,452 
Restricted stock units1,067 — — 
Equity-based compensation expense$26,230 $20,860 $10,452 
Schedule of Fair Value of Stock Option Awards
The Company has issues stock option awards under the 2018 Plan and the 2020 Inducement Plan. The fair value of the stock option awards during the years ended September 30, 2022 and 2021 was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:
September 30, 2022September 30, 2021
Expected volatility(1)
55.7 %59.7 %
Expected dividend yield(2)
— %— %
Expected term(3)
6 years6 years
Risk-free interest rate(4)
1.6 %0.7 %
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1.For the year ended September 30, 2022, expected volatility is based on the volatility of the Company's own share price. For the year ended September 30, 2021, expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
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 as details of employee exercise behavior are limited due to limited historical data.
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 year ended September 30, 2022 is as follows:
Stock OptionsWeighted Average Exercise Price
Outstanding at September 30, 20217,547,622 $25.26 
Granted1,672,808 24.50 
Exercised(343,865)17.08 
Forfeited(654,243)30.05 
Outstanding at September 30, 20228,222,322 $25.07 
Exercisable at September 30, 20224,479,276 $23.09 
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity A summary of activity related to restricted stock units as of September 30, 2022 is as follows:
Restricted Stock UnitsWeighted Average Exercise Price
Outstanding at September 30, 2021— $— 
Granted504,903 24.99 
Vested— — 
Forfeited(18,251)26.53 
Outstanding at September 30, 2022486,652 $24.93