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Property and Equipment, net
9 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consisted of the following:
Depreciable
Lives (in years)
June 30, 2022September 30, 2021
Land$16,603 $8,355 
Buildings and building improvements
3-35
118,702 71,036 
Leasehold improvements
1-28
78,383 63,502 
Training equipment
3-10
93,370 91,191 
Office and computer equipment
3-10
31,273 31,718 
Curriculum development
5
20,130 19,692 
Software developed for internal use
1-5
11,887 12,524 
Vehicles
5
1,428 1,436 
Right-of-use assets for finance leases
2-3
215 215 
Construction in progress26,682 10,171 
398,673 309,840 
Less: Accumulated depreciation and amortization(191,637)(187,789)
$207,036 $122,051 
Depreciation expense related to property and equipment was $4.5 million and $12.0 million for the three and nine months ended June 30, 2022, respectively, and $3.6 million and $10.4 million for the three and nine months ended June 30, 2021, respectively.
Acquisition of Lisle
On February 11, 2022, we completed the acquisition of 2611 Corporate West Drive Venture LLC (“2611”) which owns our Lisle, Illinois campus (the “Lisle Campus”). Prior to the acquisition, we had a 28% interest in 2611 through our unconsolidated affiliate, as described in Note 10, and previously leased the campus from 2611. The total cash consideration paid, including transaction related costs, for the remaining 72% interest in 2611 was $28.4 million. In addition to the cash consideration paid, we assumed $18.3 million in debt for a loan agreement with a third-party bank that was secured by a mortgage on the Lisle Campus. During the three months ended June 30, 2022, we identified an adjustment to the total net assets acquired and made an additional $0.2 million cash payment in July 2022 which increases the total cash consideration paid to $28.6 million. The adjusted total net assets recorded for the transaction equals $33.2 million, of which $8.2 million was allocated to land, $43.3 million was allocated to buildings, and $18.3 million was allocated to debt. Additionally, prior to the acquisition of 2611, there was $4.0 million in leasehold improvements recorded for the Lisle Campus which we have reclassified to building and building improvements.