Long-Term Debt (Tables)
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12 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-Term Debt |
Long-term debt consisted of the following (in thousands):
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September 30, 2024 |
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Description |
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Maturity Date |
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Convertible Debt Coupon Rate |
|
Effective Interest Rate |
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Principal |
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Unamortized Discount |
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Deferred Issuance Costs |
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Carrying Value |
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2025 Modified Notes |
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6/1/2025 |
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3.00% |
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3.70% |
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$ |
87,500 |
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$ |
- |
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$ |
(406 |
) |
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$ |
87,094 |
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2025 Modified Notes |
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7/1/2028 |
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1.50% |
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8.55% |
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87,500 |
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(2,777 |
) |
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(10,602 |
) |
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74,121 |
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2028 Notes |
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7/1/2028 |
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1.50% |
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1.91% |
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122,500 |
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- |
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(1,809 |
) |
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120,691 |
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Total debt |
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$ |
297,500 |
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$ |
(2,777 |
) |
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$ |
(12,817 |
) |
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|
281,906 |
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Less: current portion of long-term debt |
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(87,094 |
) |
Total long-term debt |
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$ |
194,812 |
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September 30, 2023 |
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Description |
|
Maturity Date |
|
Convertible Debt Coupon Rate |
|
Effective Interest Rate |
|
Principal |
|
|
Unamortized Discount |
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|
Deferred Issuance Costs |
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|
Carrying Value |
|
2025 Modified Notes |
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6/1/2025 |
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3.00% |
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3.70% |
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$ |
87,500 |
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$ |
- |
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$ |
(992 |
) |
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$ |
86,508 |
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2025 Modified Notes |
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7/1/2028 |
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1.50% |
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8.75% |
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87,500 |
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(3,796 |
) |
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(14,490 |
) |
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69,214 |
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2028 Notes |
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7/1/2028 |
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1.50% |
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1.91% |
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122,500 |
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- |
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(2,271 |
) |
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120,229 |
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Total debt |
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$ |
297,500 |
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$ |
(3,796 |
) |
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$ |
(17,753 |
) |
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275,951 |
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Less: current portion of long-term debt |
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— |
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Total long-term debt |
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$ |
275,951 |
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Summary of Maturities of Borrowing Obligations |
The following table summarizes the maturities of our borrowing obligations as of September 30, 2024 (in thousands):
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Fiscal Year |
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2028 Notes |
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2025 Modified Notes |
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Total |
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2025 |
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$ |
— |
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$ |
87,500 |
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$ |
87,500 |
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2026 |
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— |
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— |
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— |
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2027 |
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— |
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— |
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— |
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2028 |
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122,500 |
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87,500 |
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210,000 |
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2029 |
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— |
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— |
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- |
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Thereafter |
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— |
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— |
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— |
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Total before unamortized discount and issuance costs and current portion |
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$ |
122,500 |
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$ |
175,000 |
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$ |
297,500 |
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Less: unamortized discount and issuance costs |
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(1,809 |
) |
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(13,785 |
) |
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(15,594 |
) |
Less: current portion of long-term debt |
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— |
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(87,094 |
) |
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(87,094 |
) |
Total long-term debt |
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$ |
120,691 |
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$ |
74,121 |
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$ |
194,812 |
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Schedule of Interest Expense Related to Notes |
The interest expense recognized related to the Notes for the fiscal years ended September 30, 2024, 2023 and 2022 was as follows (dollars in thousands):
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Year Ended September 30, |
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2024 |
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2023 |
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2022 |
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Contractual interest expense |
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$ |
5,776 |
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$ |
5,383 |
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$ |
5,246 |
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Amortization of debt discount |
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1,019 |
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|
258 |
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3,755 |
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Amortization of issuance costs |
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4,936 |
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2,119 |
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|
944 |
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Total interest expense related to the Notes |
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$ |
11,731 |
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$ |
7,760 |
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$ |
9,945 |
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