Debt

12 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8.  DEBT

Debt consists of the following:

	Year Ended September 30,
	2021		2020
Revolving loan (long-term debt)	$	40,339	$	12
Debt issuance costs (1)	(656)		—
Other long-term debt	63		205
Total debt	$	39,746	$	217

(1) At September 30, 2020, the remaining unamortized debt issuance costs of $736, were reclassified to Other non-current assets on the Consolidated Balance Sheets.

At September 30, 2021, we had $40,339 of outstanding borrowings, $4,527 in outstanding letters of credit and $55,134 of availability under our revolving credit facility with Wells Fargo Bank, N.A. ("Wells Fargo"). Following the amendment discussed below of our Prior Credit Agreement (as defined below) on December 2, 2021, all amounts outstanding under our revolving credit facility are due and payable in September 2026, upon expiration of our revolving credit facility, and all amounts described as available are available without triggering our financial covenants under the Amended Credit Agreement (as defined below).

The interest rate on outstanding borrowings under our revolving credit facility was 1.38% at September 30, 2021. For the years ended September 30, 2021, 2020 and 2019, we incurred interest expense of $962, $777 and $1,857, respectively.

The Revolving Credit Facility

We maintain a revolving credit facility pursuant to an agreement with Wells Fargo (as amended, the "Prior Credit Agreement"). On December 2, 2021, we amended the Prior Credit Agreement (the "Ninth Amendment" and the Prior Credit Agreement as so amended, the "Amended Credit Agreement") to, among other things, increase the size of the facility from $100,000 to $125,000, reduce our required minimum Liquidity (as defined in the Amended Credit Agreement) from $20,000 to $12,500, and extend the maturity date from September 30, 2024 to September 30, 2026. Please see Note 20 - "Subsequent Events" for further information about the terms of the Ninth Amendment.

Terms of the Prior Credit Agreement

The Prior Credit Agreement contains customary affirmative, negative and financial covenants, as well as customary events of default.

As of September 30, 2021, we were in compliance with the financial covenants in effect as of that date under the Prior Credit Agreement, requiring that we maintain:

• a Fixed Charge Coverage Ratio (as defined in the Prior Credit Agreement), measured quarterly on a trailing four-quarter basis at the end of each quarter, of at least 1.1 to 1.0; and

• minimum Liquidity of at least twenty percent (20%) of the Maximum Revolver Amount (as defined in the Prior Credit Agreement), or $20,000; with, for purposes of this covenant, at least fifty percent (50%) of our Liquidity comprised of Excess Availability (as defined in the Prior Credit Agreement).

At September 30, 2021, our Liquidity was $78,239, our Excess Availability was $55,134 (or greater than 50% of minimum Liquidity), and our Fixed Charge Coverage Ratio was 12.0:1.0.

There was no change to the Fixed Charge Coverage Ratio covenant under the Ninth Amendment. The Ninth Amendment reduced the minimum Liquidity requirement from twenty percent (20%) to ten percent (10%) of the Maximum Revolver Amount, or $12,500. If in the future our Liquidity falls below the amount required by the Amended Credit Agreement (or Excess Availability falls below 50% of our minimum Liquidity), our Fixed Charge Coverage Ratio is less than 1.1:1.0, or if we otherwise fail to perform or otherwise comply with certain of our covenants or other agreements under the Amended Credit Agreement, it would result in an event of default under the Amended Credit Agreement, which could result in some or all of any indebtedness we may take on becoming immediately due and payable.