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Leases | 12 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Note 11 - Leases As of September 30, 2024, we have facility leases at 29 of our 33 campuses and two non-campus locations under non-cancelable operating or finance leases, some of which contain escalation clauses and requirements to pay other fees associated with the leases. Our facility leases have original lease terms ranging from 5 to 20 years and expire at various dates through 2036. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances. We sublease certain portions of unused building space to third parties, which as of September 30, 2024, resulted in minimal income. All of the leases, other than those that may qualify for the short-term scope exception of 12 months or less, are recorded on our consolidated balance sheets. The components of lease expense during the years ended September 30, 2024, 2023, and 2022 are presented below. The operating lease expense excludes expense for short-term leases not accounted for under ASC 842, which was not significant for the years ended September 30, 2024, 2023, or 2022.
|  | Year ended September 30,
Lease Expense |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 30,394 |  |  | $ | 29,450 |  |  | $ | 22,424 |
Finance lease expense: |  |  |  |  |  |
Amortization of leased assets |  | 908 |  |  | 779 |  |  | 72 |
Interest on lease liabilities |  | 311 |  |  | 296 |  |  | 2 |
Variable lease expense |  | 10,805 |  |  | 8,725 |  |  | 5,469 |
Sublease income |  | (118) |  |  | (114) |  |  | (155) |
Total net lease expense |  | $ | 42,300 |  |  | $ | 39,136 |  |  | $ | 27,812 |
Supplemental balance sheet, cash flow and other information related to our leases was as follows:
|  |  |  | September 30,
Leases |  | Classification |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease assets |  | Right-of-use assets for operating leases |  | $ | 158,778 |  |  | $ | 176,657 |
Finance lease assets |  | Property and equipment, net(1) |  | 3,937 |  |  | 4,846 |
Total leased assets |  |  |  | $ | 162,715 |  |  | $ | 181,503 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liability, current portion |  | $ | 22,210 |  |  | $ | 22,481 |
Finance lease liabilities |  | Long-term debt, current portion |  | 934 |  |  | 844 |
Noncurrent |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liability |  | 146,831 |  |  | 165,026 |
Finance lease liabilities |  | Long-term debt |  | 3,834 |  |  | 4,757 |
Total lease liabilities |  |  |  | $ | 173,809 |  |  | $ | 193,108 |
(1) The finance lease assets and liabilities as of September 30, 2024 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $1.7 million and $0.8 million as of September 30, 2024 and 2023, respectively.
|  | September 30,
Lease Term and Discount Rate |  | 2024 |  | 2023
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 7.14 |  | 7.91
Finance leases |  | 4.33 |  | 5.33
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.87 | % |  | 4.76 | %
Finance leases |  | 6.02 | % |  | 6.02 | %
|  | Year ended September 30,
Supplemental Disclosure of Cash Flow Information and Other Information |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 22,449 |  |  | $ | 20,474 |  |  | $ | 13,952 |
Financing cash flows from finance leases |  | 845 |  |  | 696 |  |  | 73 |
Non-cash activity related to lease liabilities: |  |  |  |  |  |
Lease assets obtained in exchange for new operating lease liabilities |  | $ | 3,982 |  |  | $ | 4,568 |  |  | $ | 3,313 |
Maturities of lease liabilities were as follows:
|  | As of September 30, 2024
Years ending September 30, |  | Operating Leases |  | Finance Leases
2025 |  | $ | 29,712 |  |  | $ | 1,190 |
2026 |  | 30,059 |  |  | 1,226 |
2027 |  | 28,565 |  |  | 1,263 |
2028 |  | 26,743 |  |  | 1,301 |
2029 |  | 26,032 |  |  | 439 |
2030 and thereafter |  | 58,837 |  |  | — |
Total future minimum lease payments |  | 199,948 |  |  | 5,419 |
Less: interest |  | (30,907) |  |  | (651) |
Present value of lease liabilities |  | 169,041 |  |  | 4,768 |
Less: current lease liabilities |  | (22,210) |  |  | (934) |
Long-term lease liabilities |  | $ | 146,831 |  |  | $ | 3,834 |
Leases | Note 11 - Leases As of September 30, 2024, we have facility leases at 29 of our 33 campuses and two non-campus locations under non-cancelable operating or finance leases, some of which contain escalation clauses and requirements to pay other fees associated with the leases. Our facility leases have original lease terms ranging from 5 to 20 years and expire at various dates through 2036. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances. We sublease certain portions of unused building space to third parties, which as of September 30, 2024, resulted in minimal income. All of the leases, other than those that may qualify for the short-term scope exception of 12 months or less, are recorded on our consolidated balance sheets. The components of lease expense during the years ended September 30, 2024, 2023, and 2022 are presented below. The operating lease expense excludes expense for short-term leases not accounted for under ASC 842, which was not significant for the years ended September 30, 2024, 2023, or 2022.
|  | Year ended September 30,
Lease Expense |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 30,394 |  |  | $ | 29,450 |  |  | $ | 22,424 |
Finance lease expense: |  |  |  |  |  |
Amortization of leased assets |  | 908 |  |  | 779 |  |  | 72 |
Interest on lease liabilities |  | 311 |  |  | 296 |  |  | 2 |
Variable lease expense |  | 10,805 |  |  | 8,725 |  |  | 5,469 |
Sublease income |  | (118) |  |  | (114) |  |  | (155) |
Total net lease expense |  | $ | 42,300 |  |  | $ | 39,136 |  |  | $ | 27,812 |
Supplemental balance sheet, cash flow and other information related to our leases was as follows:
|  |  |  | September 30,
Leases |  | Classification |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease assets |  | Right-of-use assets for operating leases |  | $ | 158,778 |  |  | $ | 176,657 |
Finance lease assets |  | Property and equipment, net(1) |  | 3,937 |  |  | 4,846 |
Total leased assets |  |  |  | $ | 162,715 |  |  | $ | 181,503 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liability, current portion |  | $ | 22,210 |  |  | $ | 22,481 |
Finance lease liabilities |  | Long-term debt, current portion |  | 934 |  |  | 844 |
Noncurrent |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liability |  | 146,831 |  |  | 165,026 |
Finance lease liabilities |  | Long-term debt |  | 3,834 |  |  | 4,757 |
Total lease liabilities |  |  |  | $ | 173,809 |  |  | $ | 193,108 |
(1) The finance lease assets and liabilities as of September 30, 2024 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $1.7 million and $0.8 million as of September 30, 2024 and 2023, respectively.
|  | September 30,
Lease Term and Discount Rate |  | 2024 |  | 2023
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 7.14 |  | 7.91
Finance leases |  | 4.33 |  | 5.33
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.87 | % |  | 4.76 | %
Finance leases |  | 6.02 | % |  | 6.02 | %
|  | Year ended September 30,
Supplemental Disclosure of Cash Flow Information and Other Information |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 22,449 |  |  | $ | 20,474 |  |  | $ | 13,952 |
Financing cash flows from finance leases |  | 845 |  |  | 696 |  |  | 73 |
Non-cash activity related to lease liabilities: |  |  |  |  |  |
Lease assets obtained in exchange for new operating lease liabilities |  | $ | 3,982 |  |  | $ | 4,568 |  |  | $ | 3,313 |
Maturities of lease liabilities were as follows:
|  | As of September 30, 2024
Years ending September 30, |  | Operating Leases |  | Finance Leases
2025 |  | $ | 29,712 |  |  | $ | 1,190 |
2026 |  | 30,059 |  |  | 1,226 |
2027 |  | 28,565 |  |  | 1,263 |
2028 |  | 26,743 |  |  | 1,301 |
2029 |  | 26,032 |  |  | 439 |
2030 and thereafter |  | 58,837 |  |  | — |
Total future minimum lease payments |  | 199,948 |  |  | 5,419 |
Less: interest |  | (30,907) |  |  | (651) |
Present value of lease liabilities |  | 169,041 |  |  | 4,768 |
Less: current lease liabilities |  | (22,210) |  |  | (934) |
Long-term lease liabilities |  | $ | 146,831 |  |  | $ | 3,834 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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