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Leases (Tables)
12 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Summary of Lease Term and Incremental Borrowing Rates for Leases

The following table presents certain information related to lease term and incremental borrowing rates for leases as of September 30, 2023 and 2022:

 

 

September 30, 2023

 

 

September 30, 2022

 

Weighted-average remaining lease term (in months):

 

 

 

 

 

 

Operating leases

 

 

37.2

 

 

 

46.5

 

Finance leases

 

 

24.5

 

 

 

35.6

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.3

%

 

 

3.7

%

Finance leases

 

 

4.4

%

 

 

4.4

%

Summary of lease-related Assets and Liabilities Reported in the Consolidated Balance Sheets

The following table presents the lease-related assets and liabilities reported in the Consolidated Balance Sheets as of September 30, 2023 and 2022 (dollars in thousands):

 

 

 

Classification

 

September 30, 2023

 

 

September 30, 2022

 

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease right of use assets

 

$

11,961

 

 

$

14,702

 

Finance lease assets

 

Property and equipment, net

 

 

825

 

 

 

1,259

 

Total lease assets

 

 

 

$

12,786

 

 

$

15,961

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Short-term operating lease liabilities

 

$

5,434

 

 

$

5,071

 

Finance

 

Accrued expenses and other current liabilities

 

 

437

 

 

 

441

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Long-term operating lease liabilities

 

$

7,947

 

 

$

11,375

 

Finance

 

Other liabilities

 

 

408

 

 

 

802

 

Total lease liability

 

 

 

$

14,226

 

 

$

17,689

 

Summary of Lease Expense

The following table presents lease expense for the fiscal years ended September 30, 2023, 2022 and 2021 (dollars in thousands):

 

 

 

Year Ended September 30,

 

 

2023

 

 

2022

 

 

2021

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of right of use asset

 

$

432

 

 

$

435

 

 

$

410

 

Interest on lease liability

 

 

37

 

 

 

50

 

 

 

63

 

Operating lease cost

 

 

6,489

 

 

 

6,788

 

 

 

7,619

 

Variable lease cost

 

 

3,120

 

 

 

3,492

 

 

 

2,142

 

Sublease income

 

 

(195

)

 

 

(187

)

 

 

(207

)

Total lease cost

 

$

9,883

 

 

$

10,578

 

 

$

10,027

 

Summary of Undiscounted Future Minimum Lease Payments Under Non-cancelable Leases

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases to the total lease liabilities recognized on the Consolidated Balance Sheet as of September 30, 2023 (dollars in thousands):

 

Year Ending September 30,

 

Operating Leases

 

 

Financing Leases

 

 

Total

 

2024

 

 

6,011

 

 

 

459

 

 

 

6,470

 

2025

 

 

4,095

 

 

 

362

 

 

 

4,457

 

2026

 

 

2,034

 

 

 

53

 

 

 

2,087

 

2027

 

 

1,565

 

 

 

 

 

 

1,565

 

2028

 

 

695

 

 

 

 

 

 

695

 

Thereafter

 

 

120

 

 

 

 

 

 

120

 

Total future minimum lease payments

 

$

14,520

 

 

$

874

 

 

$

15,394

 

Less effects of discounting

 

 

(1,139

)

 

 

(29

)

 

 

(1,168

)

Total lease liabilities

 

$

13,381

 

 

$

845

 

 

$

14,226

 

Reported as of September 30, 2023

 

 

 

 

 

 

 

 

 

Short-term lease liabilities

 

$

5,434

 

 

$

437

 

 

$

5,871

 

Long-term lease liabilities

 

 

7,947

 

 

 

408

 

 

 

8,355

 

Total lease liabilities

 

$

13,381

 

 

$

845

 

 

$

14,226