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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheets:

		March 31, 2024
		Level 1				Level 2				Level 3				Total
		(Amounts in thousands)
Assets:
Interest rate swap contract		$	—			$	1,111			$	—			$	1,111
Liabilities:
Contingent consideration liabilities		$	—			$	—			$	85,908			$	85,908

		September 30, 2023
		Level 1				Level 2				Level 3				Total
		(Amounts in thousands)
Assets:
Interest rate swap contract		$	—			$	1,409			$	—			$	1,409
Liabilities:
Contingent consideration liabilities		$	—			$	—			$	86,059			$	86,059

Summary of Ranges for Significant Quantitative Unobservable inputs Utilized in Fair Value Measurements

The following table summarizes ranges for significant quantitative unobservable inputs we utilized in our fair value measurements with respect to contingent consideration liabilities:

Unobservable Input:		March 31, 2024
Earnout projected growth (including net operating income)		23% - 25%
Discount rate		11.0%

Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs

The following table sets forth the changes in fair value of our contingent consideration liabilities, which reflect Level 3 inputs, for the six months ended March 31, 2023 and 2024:

		Contingent Consideration Liabilities
		2023				2024
		(Amounts in thousands)
Beginning balance - September 30,		$	15,207			$	86,059
Additions from business acquisitions			77,380				1,313
Settlement of contingent consideration liabilities			(7,000	)			(2,632	)
Change in fair value and net present value of contingency			2,230				1,168
Ending balance - March 31,		$	87,817			$	85,908

Summary of Carrying Value and Fair Value of Mortgage Facilities and Term Loan

The following table summarizes the carrying value and fair value of our mortgage facilities and term loan as of September 30, 2023 and March 31, 2024:

		September 30, 2023								March 31, 2024
		Fair Value				Carrying Value				Fair Value				Carrying Value
		(Amounts in thousands)
Mortgage facility payable to Flagship Bank		$	6,027			$	5,907			$	5,859			$	5,659
Mortgage facility payable to Seacoast National Bank			17,223				16,735				16,847				16,056
Mortgage facility payable to Hancock Whitney Bank			24,171				23,279				23,097				22,322
Term loan payable to M&T Bank			379,650				377,500				352,310				362,500

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Publisher FASB
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-Paragraph 3
-Publisher FASB
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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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