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Leases | 12 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 17. Leases Our headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts. The lease is for approximately 250,000 square feet and runs through June 30, 2037. We subleased a portion of the leased space through January 31, 2024. Base rent for the first year of the lease was $11.0 million and increases by $1 per square foot per year thereafter ($0.3 million per year). Base rent first became payable on July 1, 2020. In addition to the base rent, we are required to pay our pro rata portions of building operating costs and real estate taxes (together, “Additional Rent”). Annual Additional Rent is estimated to be approximately $8.0 million. The components of lease cost reflected in the Consolidated Statements of Operations for the years ended September 30, 2024, 2023, and 2022 were as follows:
(in thousands) |  | Year ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 33,288 |  |  | $ | 32,402 |  |  | $ | 34,346 |
Short-term lease cost |  |  | 3,691 |  |  |  | 5,411 |  |  |  | 2,653 |
Variable lease cost |  |  | 9,919 |  |  |  | 10,945 |  |  |  | 10,095 |
Sublease income |  |  | (1,436 | ) |  |  | (4,749 | ) |  |  | (4,600 | )
Total lease cost |  | $ | 45,462 |  |  | $ | 44,009 |  |  | $ | 42,494 |
Supplemental cash flow information for the years ended September 30, 2024, 2023, and 2022 was as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 35,498 |  |  | $ | 36,038 |  |  | $ | 38,709 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |  |
Operating leases(1) |  | $ | 11,079 |  |  | $ | 28,257 |  |  | $ | 15,431 |
(1) In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition. Supplemental balance sheet information related to the leases as of September 30, 2024 and 2023 was as follows:
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term - operating leases |  | 10.3 years |  |  | 10.9 years |
Weighted-average discount rate - operating leases |  |  | 5.4 | % |  |  | 5.2 | %
Maturities of lease liabilities as of September 30, 2024 are as follows:
(in thousands) |  | Operating Leases |
2025 |  | $ | 32,256 |
2026 |  |  | 26,850 |
2027 |  |  | 21,917 |
2028 |  |  | 19,475 |
2029 |  |  | 17,518 |
Thereafter |  |  | 120,895 |
Total future lease payments |  |  | 238,911 |
Less: imputed interest |  |  | (57,157 | )
Total lease liability |  | $ | 181,754 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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