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Long-Term Debt (Tables)
12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Long-term debt consisted of the following (in thousands):

 

September 30, 2024

 

Description

 

Maturity Date

 

Convertible Debt Coupon Rate

 

Effective Interest Rate

 

Principal

 

 

Unamortized Discount

 

 

Deferred Issuance Costs

 

 

Carrying Value

 

2025 Modified Notes

 

6/1/2025

 

3.00%

 

3.70%

 

$

87,500

 

 

$

-

 

 

$

(406

)

 

$

87,094

 

2025 Modified Notes

 

7/1/2028

 

1.50%

 

8.55%

 

 

87,500

 

 

 

(2,777

)

 

 

(10,602

)

 

 

74,121

 

2028 Notes

 

7/1/2028

 

1.50%

 

1.91%

 

 

122,500

 

 

 

-

 

 

 

(1,809

)

 

 

120,691

 

Total debt

 

 

 

 

 

 

 

$

297,500

 

 

$

(2,777

)

 

$

(12,817

)

 

 

281,906

 

Less: current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,094

)

Total long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

194,812

 

 

September 30, 2023

 

Description

 

Maturity Date

 

Convertible Debt Coupon Rate

 

Effective Interest Rate

 

Principal

 

 

Unamortized Discount

 

 

Deferred Issuance Costs

 

 

Carrying Value

 

2025 Modified Notes

 

6/1/2025

 

3.00%

 

3.70%

 

$

87,500

 

 

$

-

 

 

$

(992

)

 

$

86,508

 

2025 Modified Notes

 

7/1/2028

 

1.50%

 

8.75%

 

 

87,500

 

 

 

(3,796

)

 

 

(14,490

)

 

 

69,214

 

2028 Notes

 

7/1/2028

 

1.50%

 

1.91%

 

 

122,500

 

 

 

-

 

 

 

(2,271

)

 

 

120,229

 

Total debt

 

 

 

 

 

 

 

$

297,500

 

 

$

(3,796

)

 

$

(17,753

)

 

 

275,951

 

Less: current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

275,951

 

 

Summary of Maturities of Borrowing Obligations

The following table summarizes the maturities of our borrowing obligations as of September 30, 2024 (in thousands):

 

Fiscal Year

 

2028 Notes

 

 

2025 Modified Notes

 

 

Total

 

2025

 

$

 

 

$

87,500

 

 

$

87,500

 

2026

 

 

 

 

 

 

 

 

 

2027

 

 

 

 

 

 

 

 

 

2028

 

 

122,500

 

 

 

87,500

 

 

 

210,000

 

2029

 

 

 

 

 

 

 

 

-

 

Thereafter

 

 

 

 

 

 

 

 

 

Total before unamortized discount and issuance costs and current portion

 

$

122,500

 

 

$

175,000

 

 

$

297,500

 

Less: unamortized discount and issuance costs

 

 

(1,809

)

 

 

(13,785

)

 

 

(15,594

)

Less: current portion of long-term debt

 

 

 

 

 

(87,094

)

 

 

(87,094

)

Total long-term debt

 

$

120,691

 

 

$

74,121

 

 

$

194,812

 

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):

 

 

Year Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2022

 

Contractual interest expense

 

$

5,776

 

 

$

5,383

 

 

$

5,246

 

Amortization of debt discount

 

 

1,019

 

 

 

258

 

 

 

3,755

 

Amortization of issuance costs

 

 

4,936

 

 

 

2,119

 

 

 

944

 

Total interest expense related to the Notes

 

$

11,731

 

 

$

7,760

 

 

$

9,945