Leases

6 Months Ended

Mar. 31, 2024

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 $19,619 and $4,657, respectively, as of March 31, 2024, 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 March 31, 2024 are as follows:


	Operating Leases		Finance Leases		Total
Remainder of 2024	$	10,701	$	2,438	$	13,139
2025	18,274		4,653		22,927
2026	14,566		3,786		18,352
2027	10,050		1,984		12,034
2028	5,659		241		5,900
Thereafter	5,473		8		5,481
Total undiscounted lease payments	$	64,723	$	13,110	$	77,833
Less: imputed interest	6,929		1,212		8,141
Present value of lease liabilities	$	57,794	$	11,898	$	69,692

The total future undiscounted cash flows related to lease agreements committed to but not yet commenced as of March 31, 2024 is $3,598.

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


	Three Months Ended						Six Months Ended
	March 31, 2024		March 31, 2023				March 31, 2024		March 31, 2023
Operating lease cost	$	5,718	$	4,407	$	0	$	11,414	$	9,333
Finance lease cost
Amortization of lease assets	1,126		1,011				2,134		1,686
Interest on lease liabilities	215		216				399		366
Finance lease cost	1,341		1,227				2,533		2,052
Short-term lease cost	389		513				810		1,102
Variable lease cost	$	1,083	$	661			$	2,081	$	1,074
Total lease cost	$	8,531	$	6,808			$	16,838	$	13,561

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


	Three Months Ended				Six Months Ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Operating cash flows used for operating leases	$	6,026	$	5,867	$	12,064	$	11,818
Operating cash flows used for finance leases	215		216		399		366
Right-of-use assets obtained in exchange for new operating lease liabilities	1,116		2,872		7,575		9,191
Right-of-use assets obtained in exchange for new finance lease liabilities	644		1,882		984		4,826


	March 31, 2024		September 30, 2023
Weighted-average remaining lease term - operating leases	4.1 years		4.5 years
Weighted-average remaining lease term - finance leases	3.0 years		3.4 years
Weighted-average discount rate - operating leases	5.3	%	5.1	%
Weighted-average discount rate - finance leases	6.3	%	6.0	%