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Supporting Financial Information (Tables)
 3 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable
Accounts receivable

The following table summarizes accounts receivable presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Billed receivables$54,438 $32,814 
Contract assets10,740 7,682 
Allowance for doubtful accounts— — 
Accounts receivable$65,178 $40,496 
Schedule of Other Current Assets
Other current assets

The following table summarizes other current assets presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Prepaid insurance and benefits$601 $737 
Other receivables922 945 
Prepaid licenses and other expenses1,726 1,196 
Other current assets$3,249 $2,878 
Schedule of Equipment and Improvements, Net
Equipment and improvements, net

The following table summarizes equipment and improvements, net presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Furniture and equipment$893 $893 
Computer equipment2,730 2,316 
Computer software4,407 4,407 
Leasehold improvements1,614 1,614 
Total equipment and improvements9,644 9,230 
Less: accumulated depreciation and amortization(7,769)(7,526)
Equipment and improvements, net$1,875 $1,704 

Depreciation expense was $0.2 million and $0.3 million for the three months ended December 31, 2022 and 2021, respectively.
Schedule of Intangible Assets
Intangible assets

The following table summarizes intangible assets, net presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Intangible assets
Customer contracts and related customer relationships$150,187 $62,281 
Covenants not to compete637 522 
Trade name13,034 3,051 
Total intangible assets163,858 65,854 
Less: accumulated amortization
Customer contracts and related customer relationships(25,622)(23,606)
Covenants not to compete(330)(316)
Trade name(1,177)(1,048)
Total accumulated amortization(27,129)(24,970)
Intangible assets, net$136,729 $40,884 

Amortization expense was $2.2 million and $1.6 million for the three months ended December 31, 2022 and 2021.
As of December 31, 2022, the estimated amortization expense per fiscal year as follows (in thousands):
Schedule of Estimated Amortization of Intangible Assets
2023 (remaining)$12,218 
202416,214 
202516,214 
202615,479 
202714,451 
Thereafter62,153 
Total amortization expense$136,729 
Schedule of Accounts Payable, Accrued Expenses, and Other Current Liabilities
Accounts payable and accrued liabilities

The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Accounts payable$16,489 $11,886 
Accrued benefits (a)3,108 3,857 
Accrued bonus and incentive compensation916 3,625 
Accrued workers' compensation insurance2,795 4,880 
Accrued fringe (b)1,099 775 
Accrued interest payable1,088 — 
Accrued purchase price adjustment3,379 — 
Other accrued expenses3,837 1,839 
Accounts payable and accrued liabilities$32,711 $26,862 
Schedule of Debt Obligations
Debt obligations

The following table summarizes debt obligations presented on our consolidated balance sheets as follows (in thousands):

December 31,September 30,
20222022
Secured revolving line of credit$16,939 $— 
Secured term loan186,438 22,000 
Less: unamortized deferred financing costs(8,930)(1,584)
Net bank debt obligations194,447 20,416 
Less: current portion of debt obligations, net of deferred financing costs(28,505)— 
Long-term portion of debt obligations, net of deferred financing costs$165,942 $20,416 
Schedule of Interest Expense
Interest expense

The following table summarizes interest expense presented on our consolidated statements of operations for the three months ended December 31, 2022 and 2021 as follows (in thousands):

20222021
Interest expense (a)$1,554 $521 
Amortization of deferred financing costs (b)276 151 
Interest expense$1,830 $672 

(a) Interest expense on borrowing.
(b) Amortization of expenses related to secured term loan and secured revolving line of credit.
Schedule of Changes in Carrying Amount of Goodwill
Goodwill

The change in the carrying amount of goodwill for the three months ended December 31, 2022 as follows (in thousands):

Balance at September 30, 2022$65,643 
Preliminary increase from GRSi acquisition (a)73,634 
Balance at December 31, 2022$139,277 

Ref (a) The Company is currently assessing the valuation of the GRSi acquisition to make the final purchase price adjustments which may impact the final carrying value of Goodwill. The balance provided is an estimate and subject to revision. Please refer to Note 4 for more information.