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Leases (Tables)
6 Months Ended
Mar. 31, 2024
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 March 31, 2024 and September 30, 2023:

 

 

March 31, 2024

 

September 30, 2023

 

Weighted-average remaining lease term (in months):

 

 

 

 

 

Operating leases

 

 

38.9

 

 

37.2

 

Finance leases

 

 

19.0

 

 

24.5

 

Weighted-average discount rate:

 

 

 

 

 

Operating leases

 

 

5.6

%

 

5.3

%

Finance leases

 

 

4.4

%

 

4.4

%

Summary of Lease Expense

The following table presents lease expense for the three and six months ended March 31, 2024 and 2023 (dollars in thousands):

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right of use asset

 

$

108

 

 

$

108

 

 

$

216

 

 

$

216

 

Interest on lease liability

 

 

6

 

 

 

10

 

 

 

13

 

 

 

20

 

Operating lease cost

 

 

1,581

 

 

 

1,645

 

 

 

3,209

 

 

 

3,331

 

Variable lease cost

 

 

807

 

 

 

808

 

 

 

1,571

 

 

 

1,499

 

Sublease income

 

 

(51

)

 

 

(48

)

 

 

(111

)

 

 

(93

)

Total lease cost

 

$

2,451

 

 

$

2,523

 

 

$

4,898

 

 

$

4,973

 

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 Condensed Consolidated Balance Sheet as of March 31, 2024 (dollars in thousands):

 

Year Ending September 30,

 

Operating Leases

 

 

Financing Leases

 

 

Total

 

2024

 

$

3,163

 

 

$

208

 

 

$

3,371

 

2025

 

 

4,440

 

 

 

362

 

 

 

4,802

 

2026

 

 

2,302

 

 

 

52

 

 

 

2,354

 

2027

 

 

1,834

 

 

 

 

 

 

1,834

 

2028

 

 

955

 

 

 

 

 

 

955

 

Thereafter

 

 

745

 

 

 

 

 

 

745

 

Total future minimum lease payments

 

$

13,439

 

 

$

622

 

 

$

14,061

 

Less effects of discounting

 

 

(1,241

)

 

 

(16

)

 

 

(1,257

)

Total lease liabilities

 

$

12,198

 

 

$

606

 

 

$

12,804

 

Reported as of March 31, 2024

 

 

 

 

 

 

 

 

 

Short-term lease liabilities

 

$

5,188

 

 

$

402

 

 

$

5,590

 

Long-term lease liabilities

 

 

7,010

 

 

 

204

 

 

 

7,214

 

Total lease liabilities

 

$

12,198

 

 

$

606

 

 

$

12,804