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Stockholders' Equity (Tables)
 9 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [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, 2022

 

35,724,057

 

$

36

 

$

258,275

 

 

(3,813,199

)

$

(62,554

)

$

(10,285

)

$

(30,936

)

$

154,536

 

Net income

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

3,967

 

 

3,967

 

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

 

190,119

 

 

—

 

 

495

 

 

—

 

 

—

 

 

—

 

 

—

 

 

495

 

Taxes paid associated with net settlement of stock compensation awards

 

(14,536

)

 

—

 

 

(244

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(244

)

Common stock repurchased

 

—

 

 

—

 

 

—

 

 

(531,819

)

 

(7,199

)

 

—

 

 

—

 

 

(7,199

)

Stock compensation expense

 

—

 

 

—

 

 

2,126

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,126

 

Foreign currency translation and other

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,273

 

 

—

 

 

1,273

 

Balance at December 31, 2022

 

35,899,640

 

$

36

 

$

260,653

 

 

(4,345,018

)

$

(69,754

)

$

(9,012

)

$

(26,970

)

$

154,953

 

Net income

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

4,245

 

 

4,245

 

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

 

184,791

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Taxes paid associated with net settlement of stock compensation awards

 

(34,713

)

 

—

 

 

(492

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(492

)

Common stock repurchased

 

—

 

 

—

 

 

—

 

 

(749,903

)

 

(9,814

)

 

—

 

 

—

 

 

(9,814

)

Common stock surrendered in the exercise of stock options

 

—

 

 

—

 

 

18

 

 

(1,420

)

 

(18

)

 

—

 

 

—

 

 

—

 

Stock compensation expense

 

—

 

 

—

 

 

1,939

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,939

 

Foreign currency translation

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

243

 

 

—

 

 

243

 

Balance at March 31, 2023

 

36,049,718

 

$

36

 

$

262,118

 

 

(5,096,341

)

$

(79,586

)

$

(8,769

)

$

(22,725

)

$

151,074

 

Net income

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

6,487

 

 

6,487

 

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

 

87,515

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Taxes paid associated with net settlement of stock compensation awards

 

(21,671

)

 

—

 

 

(324

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(324

)

Common stock repurchased

 

—

 

 

—

 

 

—

 

 

(325,410

)

 

(4,268

)

 

—

 

 

—

 

 

(4,268

)

Shares swapped to exercise stock options

 

—

 

 

—

 

 

173

 

 

(10,795

)

 

(173

)

 

 

 

 

 

—

 

Stock compensation expense

 

—

 

 

—

 

 

2,195

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,195

 

Foreign currency translation

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

645

 

 

—

 

 

645

 

Balance at June 30, 2023

 

36,115,562

 

$

36

 

$

264,162

 

 

(5,432,546

)

$

(84,027

)

$

(8,124

)

$

(16,238

)

$

155,809

 
Summary of share-based compensation expense

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

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Equity-classified awards:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

550

 

 

$

524

 

 

$

1,574

 

 

$

1,524

 

RSUs & RSAs

 

 

2,067

 

 

 

1,671

 

 

 

5,634

 

 

 

4,737

 

Total Equity-classified award

 

 

2,617

 

 

 

2,195

 

 

 

7,208

 

 

 

6,261

 

Liability-classified awards:

 

 

 

 

 

 

 

 

 

 

 

 

SARs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(45

)

Total stock compensation expense:

 

$

2,617

 

 

$

2,195

 

 

$

7,208

 

 

$

6,216

 

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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Stock-compensation expense by function

 

 

 

 

 

 

 

 

 

 

 

 

Technology and operations

 

$

405

 

 

$

356

 

 

$

1,085

 

 

$

948

 

Sales and marketing

 

 

692

 

 

 

612

 

 

 

1,967

 

 

 

1,780

 

General and administrative

 

 

1,520

 

 

 

1,227

 

 

 

4,156

 

 

 

3,488

 

Total stock compensation expense:

 

$

2,617

 

 

$

2,195

 

 

$

7,208

 

 

$

6,216

 
Summary of stock options and restricted stock granted

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

 



 

Nine Months Ended June 30, 2024

 

Stock Options granted:

 



 

Options containing only service conditions:

 

 

125,955

 

Weighted average exercise price

 

$

18.00

 

Weighted average grant date fair value

 

$

9.03

 



 



 

Options containing performance conditions:

 

 

125,955

 

Weighted average exercise price

 

$

18.00

 

Weighted average grant date fair value

 

$

9.03

 



 



 

RSUs & RSAs granted:

 



 

RSUs & RSAs containing only service conditions:

 

 

364,446

 

Weighted average grant date fair value

 

$

19.03

 



 



 

RSUs & RSAs containing performance conditions:

 

 

303,610

 

Weighted average grant date fair value

 

$

19.29

 
Summary of fair value assumptions, stock options

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the nine months ended June 30, 2024, were as follows:

 

 

 

Nine Months Ended

 

 

 

June 30, 2024

 

Dividend yield

 

 

—

 

Expected volatility

 

59.08% - 60.83%

 

Risk-free interest rate

 

3.83% - 3.88%

 

Expected term

 

4.5 - 5.0 years