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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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