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Operating Leases | 6 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Operating Leases | Operating Leases The Company leases certain office space and equipment under operating leases for use in our operations. We recognize operating lease expense on a straight-line basis over the lease term. Certain of our lease agreements include one or more options to renew. The exercise of lease renewal options is generally at our discretion. Variable lease expense primarily relates to maintenance and other monthly expenses that do not depend on an index or rate. We determine if an arrangement is a lease at contract inception. Lease and non-lease components are accounted for as a single component for all leases. Operating lease right to use (ROU) assets and liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the expected lease term, which includes optional renewal periods if we determine it is reasonably certain that the option will be exercised. As our leases do not provide an implicit rate, the discount rate used in the present value calculation represents our incremental borrowing rate determined using information available at the commencement date. Operating lease expense is included as a component of general and administrative expenses in our condensed consolidated statements of operations. Sublease income and variable lease expenses are de minimis. For the three and six months ended March 31, 2023 and 2022, operating lease expense and cash payments on lease liabilities were as follows:
| Three Months Ended March 31, |  | Six Months Ended March 31,
in thousands | 2023 | 2022 |  | 2023 | 2022
Operating lease expense | $ | 956 |  | $ | 979 |  |  | $ | 1,957 |  | $ | 1,978 |
Cash payments on lease liabilities | $ | 1,103 |  | $ | 1,090 |  |  | $ | 2,244 |  | $ | 2,176 |
At March 31, 2023 and 2022, the weighted-average remaining lease term and discount rate were as follows:
|  |  | As of March 31,
|  |  | 2023 | 2022
Weighted-average remaining lease term |  |  | 7.3 years | 4.6 years
Weighted-average discount rate |  |  | 5.79% | 4.42%
The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2023:
Fiscal Years Ending September 30, |
in thousands |
2023(a) | $ | 2,005 |
2024 | 3,598 |
2025 | 3,233 |
2026 | 2,599 |
2027 | 1,683 |
Thereafter | 8,220 |
Total lease payments(b) | 21,338 |
Less: imputed interest | 4,664 |
Total operating lease liabilities | $ | 16,674 |
(a) Remaining lease payments are for the period beginning April 1, 2023 through September 30, 2023. (b) Lease payments excludes $3.7 million legally binding minimum lease payments for an office lease signed but not yet commenced. The related ROU asset and operating lease liability are not reflected on the Company's condensed consolidated balance sheet as of March 31, 2023.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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