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Leases (Tables)
12 Months Ended
Sep. 30, 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 September 30, 2024 and 2023:

 

 

September 30, 2024

 

 

September 30, 2023

 

Weighted-average remaining lease term (in months):

 

 

 

 

 

 

Operating leases

 

 

46.0

 

 

 

37.2

 

Finance leases

 

 

13.4

 

 

 

24.5

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

6.6

%

 

 

5.3

%

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, 2024 and 2023 (dollars in thousands):

 

 

 

Classification

 

September 30, 2024

 

 

September 30, 2023

 

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease right of use assets

 

$

12,879

 

 

$

11,961

 

Finance lease assets

 

Property and equipment, net

 

 

410

 

 

 

825

 

Total lease assets

 

 

 

$

13,289

 

 

$

12,786

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Short-term operating lease liabilities

 

$

4,528

 

 

$

5,434

 

Finance

 

Accrued expenses and other current liabilities

 

 

394

 

 

 

437

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Long-term operating lease liabilities

 

$

8,803

 

 

$

7,947

 

Finance

 

Other liabilities

 

 

53

 

 

 

408

 

Total lease liability

 

 

 

$

13,778

 

 

$

14,226

 

Summary of Lease Expense

The following table presents lease expense for the fiscal years ended September 30, 2024, 2023 and 2022 (dollars in thousands):

 

 

 

Year Ended September 30,

 

 

2024

 

 

2023

 

 

2022

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of right of use asset

 

$

415

 

 

$

432

 

 

$

435

 

Interest on lease liability

 

 

22

 

 

 

37

 

 

 

50

 

Operating lease cost

 

 

6,226

 

 

 

6,489

 

 

 

6,788

 

Variable lease cost

 

 

2,550

 

 

 

3,120

 

 

 

3,492

 

Sublease income

 

 

(216

)

 

 

(195

)

 

 

(187

)

Total lease cost

 

$

8,997

 

 

$

9,883

 

 

$

10,578

 

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, 2024 (dollars in thousands):

 

Year Ending September 30,

 

Operating Leases

 

 

Financing Leases

 

 

Total

 

2025

 

 

5,282

 

 

 

401

 

 

 

5,683

 

2026

 

 

3,222

 

 

 

53

 

 

 

3,275

 

2027

 

 

2,809

 

 

 

 

 

 

2,809

 

2028

 

 

2,146

 

 

 

 

 

 

2,146

 

2029

 

 

1,389

 

 

 

 

 

 

1,389

 

Thereafter

 

 

429

 

 

 

 

 

 

429

 

Total future minimum lease payments

 

$

15,277

 

 

$

454

 

 

$

15,731

 

Less effects of discounting

 

 

(1,946

)

 

 

(7

)

 

 

(1,953

)

Total lease liabilities

 

$

13,331

 

 

$

447

 

 

$

13,778

 

Reported as of September 30, 2024

 

 

 

 

 

 

 

 

 

Short-term lease liabilities

 

$

4,528

 

 

$

394

 

 

$

4,922

 

Long-term lease liabilities

 

 

8,803

 

 

 

53

 

 

 

8,856

 

Total lease liabilities

 

$

13,331

 

 

$

447

 

 

$

13,778