Provision for Income Taxes (Tables)
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12 Months Ended |
Sep. 30, 2024 |
Income Tax Disclosure [Abstract] |
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Schedule of Income Tax Expense (Benefit) |
The provision for income taxes (benefit) for the fiscal years ended September 30, 2024, 2023 and 2022 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | For the Fiscal Year Ended September 30, | | 2024 | | 2023 | | 2022 | Current | | | | | | U.S. Federal | $ | (2,124) | | | $ | 3,520 | | | $ | — | | State | 2,604 | | | 1,718 | | | 949 | | Total current | 480 | | | 5,238 | | | 949 | | Deferred | | | | | | U.S. Federal | 19,043 | | | 9,959 | | | 5,662 | | State | 3,638 | | | 1,206 | | | 304 | | Total deferred | 22,681 | | | 11,165 | | | 5,966 | | Provision for income taxes | $ | 23,161 | | | $ | 16,403 | | | $ | 6,915 | | | | | | | |
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Schedule of Deferred Tax Assets and Liabilities |
The Company’s deferred tax assets and liabilities consisted of the following temporary difference tax effects at September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | September 30, | | 2024 | | 2023 | Deferred tax assets | | | | | | | | Amortization of finite-lived intangible assets | $ | 1,082 | | | $ | 1,022 | | Federal net operating loss carryforward | 4,099 | | | — | | Federal interest limitation carryforward | 6,198 | | | 1,254 | | State net operating loss carryforward | 3,160 | | | 1,177 | | Employee benefits | 7,959 | | | 4,695 | | | | | | | | | | Other | 3,846 | | | 2,709 | | Total deferred tax assets | 26,344 | | | 10,857 | | Deferred tax liabilities | | | | Amortization of goodwill | (11,860) | | | (8,647) | | Property, plant and equipment | (66,216) | | | (32,939) | | Interest rate swap contract | (2,115) | | | (6,343) | | Other | (5) | | | (49) | | Total deferred tax liabilities | (80,196) | | | (47,978) | | Net deferred tax liabilities | $ | (53,852) | | | $ | (37,121) | | | | | |
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Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities) |
The following is a reconciliation of net deferred tax assets (liabilities) to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | September 30, | | 2024 | | 2023 | Asset: Deferred income taxes, net | $ | — | | | $ | — | | Liability: Deferred income taxes, net | (53,852) | | | (37,121) | | Net deferred tax liabilities | $ | (53,852) | | | $ | (37,121) | | | | | |
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Schedule of Effective Income Tax Rate Reconciliation |
The following table reconciles income taxes based on the U.S. federal statutory tax rate to the Company’s income before provision for income taxes for the fiscal years ended September 30, 2024, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | For the Fiscal Year Ended September 30, | | 2024 | | 2023 | | 2022 | Provision for income tax at federal statutory rate | $ | 19,340 | | | $ | 13,735 | | | $ | 5,941 | | State income taxes | 2,817 | | | 2,222 | | | 569 | | Permanent differences | 983 | | | 348 | | | 353 | | Other | 21 | | | 98 | | | 52 | | Provision for income taxes | $ | 23,161 | | | $ | 16,403 | | | $ | 6,915 | | | | | | | |
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