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Acquisitions (Tables) | 12 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price at December 1, 2022 is summarized as follows:
Assets acquired: |  |
Cash and cash equivalents |  | $ | 30,064 |
Restricted cash |  | 1,689 |
Accounts receivable, net |  | 6,800 |
Prepaid expenses |  | 2,957 |
Other current assets |  | 827 |
Property and equipment |  | 23,238 |
Right-of-use assets for operating leases |  | 71,153 |
Goodwill |  | 11,600 |
Intangible assets |  | 5,400 |
Deferred tax assets |  | 5,112 |
Other assets |  | 4,997 |
Total assets acquired |  | $ | 163,837 |
Less: Liabilities assumed |  |
Accounts payable and accrued expenses |  | $ | 15,482 |
Deferred revenue |  | 20,145 |
Operating lease liability, current portion |  | 10,011 |
Long-term debt, current portion (1) |  | 807 |
Other current liabilities |  | 208 |
Long-term debt (1) |  | 5,468 |
Operating lease liability |  | 63,582 |
Total liabilities assumed |  | 115,703 |
Net assets acquired |  | $ | 48,134 |
(1) Long-term debt consists of one lease classified as a finance lease under ASC 842. The final allocation of the purchase price at November 1, 2021 is summarized as follows:
Assets acquired: |  |
Cash and cash equivalents |  | $ | 2,301 |
Accounts receivable, net |  | 3,230 |
Prepaid expenses |  | 268 |
Other current assets |  | 507 |
Property and equipment |  | 3,043 |
Goodwill |  | 8,637 |
Intangible assets |  | 16,200 |
Right-of-use assets for operating leases |  | 14,979 |
Other assets |  | 314 |
Total assets acquired |  | $ | 49,479 |
Less: Liabilities assumed |  |
Accounts payable and accrued expenses |  | $ | 1,720 |
Deferred revenue |  | 1,843 |
Operating lease liability, current portion |  | 817 |
Deferred tax liabilities, net |  | 1,975 |
Operating lease liability |  | 14,216 |
Other liabilities |  | 93 |
Total liabilities assumed |  | 20,664 |
Net assets acquired |  | $ | 28,815 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The table below presents the final summary of the intangible assets acquired and the useful lives of these assets:
Intangible Asset |  | Useful life |  | Amount
Accreditations and regulatory approvals |  | Indefinite |  | $ | 3,500 |
Trademarks and trade names |  | 10 years |  | 500 |
Curriculum |  | 5 years |  | 1,400 |
Total |  |  |  | $ | 5,400 |
The table below presents a summary of the intangible assets acquired and the useful lives of these assets:
Intangible Asset |  | Useful life |  | Amount
Accreditations and regulatory approvals |  | Indefinite |  | $ | 12,800 |
Trademarks and trade names (1) |  | Indefinite |  | 3,000 |
Curriculum |  | 5 years |  | 400 |
Total |  |  |  | $ | 16,200 |
(1) During the fourth quarter of 2022, in conjunction with our growth and diversification initiatives, we completed a branding study and determined that the useful life of the MIAT trademarks and trade name was no longer indefinite, and a four-year finite useful life was more appropriate. We completed the required impairment testing when changing from an indefinite to a finite useful life for an intangible asset and determined that the carrying value of the MIAT trademarks and trade name exceeded its fair value. We determined the fair value of intangible asset to be $1.0 million as of September 30, 2022 using the relief from royalty method and recorded an intangible asset impairment charge of $2.0 million during the year ended September 30, 2022. During the fourth quarter of 2024, we determined it would be appropriate to further shorten the remaining useful life by one year of this trade name given the Company’s rebranding plans.
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes our results of operations as though the acquisition occurred on October 1, 2020:
|  |  |  |  | Twelve Months Ended
|  |  |  |  |  |  |  | September 30, 2023 |  | September 30, 2022
Revenue |  |  |  |  |  |  |  | $ | 643,429 |  |  | $ | 618,949 |
Net income |  |  |  |  |  |  |  | 12,749 |  |  | 28,173 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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