Leases

3 Months Ended

Dec. 31, 2023

12. LEASES

We enter into various contractual arrangements for the right to use facilities, vehicles and equipment. The lease terms generally range from two to ten years for facilities and three to five years for vehicles and equipment. Our lease terms may include the exercise of renewal or termination options when it is reasonably certain these options will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants.

Current operating and finance lease liabilities of $20,184 and $4,529, respectively, as of December 31, 2023, and 19,496 and 4,301, respectively, as of September 30, 2023, were included in “Accounts payable and accrued expenses” in the Condensed Consolidated Balance Sheets. Non-current finance lease liabilities and finance lease right-of-use assets were included in the “Other non-current liabilities” and “Other non-current assets”, respectively, in the Condensed Consolidated Balance Sheets.

The maturities of our lease liabilities as of December 31, 2023 are as follows:


	Operating Leases		Finance Leases		Total
Remainder of 2024	$	15,977	$	3,523	$	19,500
2025	17,902		4,468		22,370
2026	14,288		3,602		17,890
2027	10,202		1,799		12,001
2028	5,864		196		6,060
Thereafter	6,231		3		6,234
Total undiscounted lease payments	$	70,464	$	13,591	$	84,055
Less: imputed interest	7,943		1,299		9,242
Present value of lease liabilities	$	62,521	$	12,292	$	74,813

The total future undiscounted cash flows related to lease agreements committed to but not yet commenced as of December 31, 2023 is $2,880.

Lease cost recognized in our Condensed Consolidated Statements of Comprehensive Income is summarized as follows:


	Three Months Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	5,696	$	4,926
Finance lease cost
Amortization of lease assets	1,008		675
Interest on lease liabilities	184		150
Finance lease cost	1,192		825
Short-term lease cost	421		589
Variable lease cost	998		413
Total lease cost	$	8,307	$	6,753

Other information about lease amounts recognized in our Condensed Consolidated Financial Statements is summarized as follows:


	Three Months Ended
	December 31, 2023		December 31, 2022
Operating cash flows used for operating leases	$	6,038	$	5,951
Operating cash flows used for finance leases	184		150
Right-of-use assets obtained in exchange for new operating lease liabilities	6,459		6,319
Right-of-use assets obtained in exchange for new finance lease liabilities	340		2,944


	December 31, 2023		September 30, 2023
Weighted-average remaining lease term - operating leases	4.3 years		4.5 years
Weighted-average remaining lease term - finance leases	3.2 years		3.4 years
Weighted-average discount rate - operating leases	5.2	%	5.1	%
Weighted-average discount rate - finance leases	6.2	%	6.0	%