Capital Stock

6 Months Ended

Mar. 31, 2023

Stockholders Equity Note [Abstract]

Capital Stock

13. CAPITAL STOCK

Share Repurchase Program

On May 5, 2022, the Board of Directors authorized the Company to repurchase up to $400 million of the Company’s Class A common stock (the “Share Repurchase Program”). The Share Repurchase Program allows the Company to repurchase its shares opportunistically from time to time. Purchases may be effected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, accelerated share repurchases or tender offers, some of which may be effected through Rule 10b5-1 plans, or a combination of the foregoing. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be discontinued at any time.

In the fiscal year ended September 30, 2022, the Company repurchased 2,508,906 shares of its Class A common stock under a $50 million accelerated share repurchase agreement at an average price of $19.93 per share. During the same period, the Company also repurchased 1,607,664 shares of its Class A common stock on the open market at an average price of $19.58 per share, totaling an approximately $31.5 million reacquisition cost. During the six months ended March 31, 2023, the Company repurchased an additional 352,760 shares of its Class A common stock on the open market at an average price of $21.23 per share, totaling an approximately $7.5 million reacquisition cost.

As of March 31, 2023, the Company had approximately $311.0 million available for repurchases under the Share Repurchase Program.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), that includes, among other provisions, a one percent excise tax on net repurchases of stock after December 31, 2022. The Company expects the excise tax to apply to its Share Repurchase Program, but does not expect the excise tax to have a material effect on its business.