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Stockholders' Equity (Tables)
12 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Non-vested Restricted Stock Units

Restricted Units are not included in issued and outstanding common stock until the shares are vested and released. The table below summarizes activity related to Restricted Stock Units:

 

 

Non-Vested Restricted Stock Units

 

 

Time-Based
Shares

 

Performance-
Based Shares

 

Total Shares

 

Weighted-
Average
Grant-Date
Fair Value

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

Aggregate
Intrinsic
Value
(in thousands)

 

Non-vested at September 30, 2021

 

1,420,532

 

 

654,619

 

 

2,075,151

 

$

44.20

 

 

 

 

 

Granted

 

808,938

 

 

390,025

 

 

1,198,963

 

$

69.43

 

 

 

 

 

Vested

 

(1,029,854

)

 

(474,681

)

 

(1,504,535

)

$

58.70

 

 

 

 

 

Forfeited

 

(203,600

)

 

(134,968

)

 

(338,568

)

$

54.35

 

 

 

 

 

Non-vested at September 30, 2022

 

996,016

 

 

434,995

 

 

1,431,011

 

$

62.49

 

 

0.70

 

$

22,524

 

Expected to vest

 

 

 

 

 

1,431,011

 

$

62.49

 

 

0.70

 

$

22,524

 

Weighted-Average Key Assumptions and Fair Value Results for Shares Issued under ESPP

We use the Black-Scholes option pricing model to calculate the fair value of shares issued under the ESPP. The Black-Scholes model relies on a number of key assumptions to calculate estimated fair values. The following table sets forth the weighted-average key assumptions and fair value results for shares issued under the ESPP during the fiscal years ended September 30, 2022, 2021 and 2020:

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Risk-free interest rate

 

 

0.41

%

 

 

0.10

%

 

 

1.56

%

Expected volatility

 

 

69.58

%

 

 

96.61

%

 

 

58.18

%

Expected life (in years)

 

 

0.50

 

 

 

0.50

 

 

 

0.50

 

Weighted-average fair value of shares issued (per share)

 

$

27.54

 

 

$

35.13

 

 

$

8.93

 

 

Quantities and Average Prices of Shares Issued Under the ESPP

The following table sets forth the quantities and average prices of shares issued under the ESPP for the fiscal years ended September 30, 2022, 2021 and 2020:

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Shares issued under the ESPP

 

 

80,417

 

 

 

44,172

 

 

 

63,503

 

Average price of shares issued

 

$

28.18

 

 

$

73.40

 

 

$

20.66

 

Schedule of Stock-based Compensation

The amounts included in the Consolidated Statements of Operations related to stock-based compensation are as follows (dollars in thousands):

 

 

 

Year Ended September 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Cost of connected services

 

$

499

 

 

$

865

 

 

$

1,382

 

Cost of professional services

 

 

3,267

 

 

 

4,895

 

 

 

4,191

 

Research and development

 

 

10,196

 

 

 

16,538

 

 

 

13,944

 

Sales and marketing

 

 

3,569

 

 

 

12,533

 

 

 

9,580

 

General and administrative

 

 

6,545

 

 

 

25,724

 

 

 

18,188

 

Restructuring and other costs, net

 

 

4,000

 

 

 

 

 

 

 

Total

 

$

28,076

 

 

$

60,555

 

 

$

47,285

 

 

For the fiscal year ended September 30, 2022, we had lower stock-based compensation expense relating to our performance-based restricted stock units. Compensation cost for our performance-based restricted stock units is recognized based on the number of units expected to vest upon the achievement of the performance conditions. During the fiscal year ended September 30, 2022, we recorded $4.0 million, net of $5.0 million in forfeitures, in stock-based compensation due to the resignation of our former CEO and the resulting modification of certain stock-based awards in Restructuring and other costs, net. We recorded $2.4 million, net of $0.2 million in forfeitures, in stock-based compensation due to the retirement of our former CFO and resignation of our former General Counsel and the resulting modification of certain stock-based awards.