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Acquisitions (Tables)
 12 Months Ended
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 cash1,689 
Accounts receivable, net6,800 
Prepaid expenses2,957 
Other current assets827 
Property and equipment23,238 
Right-of-use assets for operating leases71,153 
Goodwill11,600 
Intangible assets5,400 
Deferred tax assets5,112 
Other assets4,997 
Total assets acquired$163,837 
Less: Liabilities assumed
Accounts payable and accrued expenses$15,482 
Deferred revenue20,145 
Operating lease liability, current portion10,011 
Long-term debt, current portion (1)
807 
Other current liabilities208 
Long-term debt (1)
5,468 
Operating lease liability63,582 
Total liabilities assumed115,703 
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, net3,230 
Prepaid expenses268 
Other current assets507 
Property and equipment3,043 
Goodwill8,637 
Intangible assets16,200 
Right-of-use assets for operating leases14,979 
Other assets314 
Total assets acquired$49,479 
Less: Liabilities assumed
Accounts payable and accrued expenses$1,720 
Deferred revenue1,843 
Operating lease liability, current portion817 
Deferred tax liabilities, net1,975 
Operating lease liability14,216 
Other liabilities93 
Total liabilities assumed20,664 
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 AssetUseful lifeAmount
Accreditations and regulatory approvalsIndefinite$3,500 
Trademarks and trade names10 years500 
Curriculum5 years1,400 
     Total$5,400 
The table below presents a summary of the intangible assets acquired and the useful lives of these assets:
Intangible AssetUseful lifeAmount
Accreditations and regulatory approvalsIndefinite$12,800 
Trademarks and trade names (1)
Indefinite3,000 
Curriculum5 years400 
     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, 2023September 30, 2022
Revenue$643,429 $618,949 
Net income12,749 28,173