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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Before Income Tax Provision | Income before income tax provision consisted of the following components for the fiscal years ended September 30,
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (Amounts in thousands) |
Income before income tax provision: |  |  |  |  |  |  |  |  |
United States |  | $ | 254,052 |  |  | $ | 130,535 |  |  | $ | 42,218 |
Other |  |  | 7,869 |  |  |  | 16,900 |  |  |  | 12,113 |
Total |  | $ | 261,921 |  |  | $ | 147,435 |  |  | $ | 54,331 |
Components of Income Taxes Provision | The components of our provision from income taxes consisted of the following for the fiscal years ended September 30,
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (Amounts in thousands) |
Current provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 49,380 |  |  | $ | 9,315 |  |  | $ | 6,074 |
Foreign |  |  | 1,739 |  |  |  | 3,204 |  |  |  | 2,888 |
State |  |  | 11,004 |  |  |  | 2,307 |  |  |  | 2,644 |
Total current provision |  | $ | 62,123 |  |  | $ | 14,826 |  |  | $ | 11,606 |
Deferred provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,650 |  |  | $ | 18,723 |  |  | $ | 5,733 |
Foreign |  |  | — |  |  |  | — |  |  |  | (3,238 | )
State |  |  | 159 |  |  |  | 4,408 |  |  |  | 1,492 |
Total deferred provision |  |  | 1,809 |  |  |  | 23,131 |  |  |  | 3,987 |
Total income tax provision |  | $ | 63,932 |  |  | $ | 37,957 |  |  | $ | 15,593 |
Summary of Tax Rates | Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,
|  | 2022 |  |  | 2023 |  |  | 2024 |
Federal tax provision |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 3.4 | % |  |  | 3.6 | % |  |  | 3.0 | %
Stock-based compensation |  |  | (0.6 | )% |  |  | (0.2 | )% |  |  | 4.2 | %
Foreign rate differential |  |  | — |  |  |  | 0.2 | % |  |  | (2.0 | )%
US tax on foreign earnings |  |  | — |  |  |  | 1.4 | % |  |  | 1.5 | %
Equity investment |  |  | — |  |  |  | (0.9 | )% |  |  | — |
Other |  |  | 0.6 | % |  |  | 0.6 | % |  |  | 1.0 | %
Effective tax rate |  |  | 24.4 | % |  |  | 25.7 | % |  |  | 28.7 | %
The impact of stock-based compensation on the effective tax rate is driven by changes in our stock price from when equity awards are granted as compared to when the awards vest and non-deductible awards.
Components of Deferred Tax Assets | Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets as of September 30,
|  | 2023 |  |  | 2024 |
|  | (Amounts in thousands) |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 1,010 |  |  | $ | 2,994 |
Operating lease liabilities |  |  | 31,103 |  |  |  | 31,280 |
Accrued expenses |  |  | 1,069 |  |  |  | 2,214 |
Stock-based compensation |  |  | 5,508 |  |  |  | 5,756 |
Interest deductions |  |  | 2,413 |  |  |  | 520 |
US tax effect of foreign taxes |  |  | 4,908 |  |  |  | 3,999 |
Tax loss carryforwards |  |  | 2,919 |  |  |  | 3,315 |
Other |  |  | 1,826 |  |  |  | 2,724 |
Valuation allowance |  |  | (556 | ) |  |  | — |
Total long-term deferred tax assets |  | $ | 50,200 |  |  | $ | 52,802 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  |  | (69,904 | ) |  |  | (72,133 | )
Operating lease right-of-use assets |  |  | (31,392 | ) |  |  | (33,225 | )
Equity method investments |  |  | (3,835 | ) |  |  | (3,531 | )
Other |  |  | (1,996 | ) |  |  | (4,230 | )
Total long-term deferred tax liabilities |  | $ | (107,127 | ) |  | $ | (113,119 | )
Net deferred tax liabilities |  | $ | (56,927 | ) |  | $ | (60,317 | )
Summary of Reconciliation of Unrecognized Tax Benefits | The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2023 and 2024 is as follows:
|  | 2023 |  |  | 2024 |
|  | (Amounts in thousands) |
Unrecognized tax benefits at the beginning of the year |  | $ | — |  |  | $ | 5,833 |
Increases in tax positions for prior years |  |  | 5,837 |  |  |  | — |
Decreases in tax positions for prior years |  |  | (4 | ) |  |  | (1,748 | )
Unrecognized tax benefits at the end of the year |  | $ | 5,833 |  |  | $ | 4,085 |

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