XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Supporting Financial Information | 12 Months Ended
--- | ---
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supporting Financial Information | Supporting Financial Information Accounts receivable The following table summarizes accounts receivable presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Billed receivables |  | $ | 38,577 |  |  | $ | 32,814 |
Contract assets |  | 20,542 |  |  | 7,682 |
Allowance for doubtful accounts |  | — |  |  | — |
Accounts receivable |  | $ | 59,119 |  |  | $ | 40,496 |
Other current assets The following table summarizes other current assets presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
| 2023 |  | 2022
Prepaid licenses and other expenses | $ | 1,330 |  |  | $ | 1,196 |
Prepaid insurance and benefits | 743 |  |  | 737 |
Other receivables | 994 |  |  | 945 |
Other current assets | $ | 3,067 |  |  | $ | 2,878 |
Goodwill The change in the carrying amount of goodwill as follows presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
Balance at September 30, 2022 | $ | 65,643 |
Increase from GRSi acquisition (a) | 72,658 |
Tax Adjustment GRSI acquisition | (140) |
Goodwill | $ | 138,161 |
Ref (a); The Company has completed its valuation assessment of the GRSi acquisition. Please refer to Note 4 for more information. Intangible assets, net The following table summarizes intangible assets, net presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Intangible assets |  |  |  |
Customer contracts and related customer relationships |  | $ | 113,622 |  |  | $ | 47,044 |
Backlog |  | 37,249 |  |  | 15,237 |
Trade names |  | 13,034 |  |  | 3,051 |
Covenants-not-to-compete |  | 637 |  |  | 522 |
Total intangible assets |  | $ | 164,542 |  |  | $ | 65,854 |
Less accumulated amortization: |  |  |  |
Customer contracts and related customer relationships |  | (29,929) |  |  | (19,731) |
Backlog |  | (7,273) |  |  | (3,875) |
Trade names |  | (2,185) |  |  | (1,048) |
Covenants-not-to-compete |  | (378) |  |  | (316) |
Total accumulated amortization |  | $ | (39,765) |  |  | $ | (24,970) |
Intangible assets, net |  | $ | 124,777 |  |  | $ | 40,884 |
Total amount of amortization expense for each of the years ended September 30, 2023 and 2022 was $14.8 million and $6.6 million, respectively. As of September 30, 2023, the estimated annual amortization expense is as follows (in thousands):
For the Fiscal Year Ending September 30, |  |
2024 |  | $ | 16,456 |
2025 |  | 16,456 |
2026 |  | 15,721 |
2027 |  | 14,694 |
2028 |  | 14,694 |
Thereafter |  | 46,756 |
Amortization expense |  | $ | 124,777 |
At September 30, 2023, the weighted-average remaining amortization period in total was 8.3 years. At September 30, 2023, the weighted-average amortization period for customer contracts and related customer relationships, backlog, trade names and covenants-not-to-compete was 8.2 years, 8.3 years, 8.7 years, 6 years, respectively. Equipment and improvements, net The following table summarizes equipment and improvements, net presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Furniture and equipment |  | $ | 1,790 |  |  | $ | 893 |
Computer equipment and software |  | 6,479 |  |  | 6,723 |
Leasehold improvements |  | 1,614 |  |  | 1,614 |
Total equipment and improvements |  | $ | 9,883 |  |  | $ | 9,230 |
Less: accumulated depreciation and amortization |  | (8,293) |  |  | (7,526) |
Equipment and improvements, net |  | $ | 1,590 |  |  | $ | 1,704 |
Depreciation and amortization was $0.8 million and $1.1 million for the years ended September 30, 2023 and 2022, respectively. Accounts payable and accrued liabilities The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets at September 30, 2023and 2022 (in thousands):
|  | 2023 |  | 2022
Accounts payable |  | $ | 12,603 |  |  | $ | 11,886 |
Accrued benefits |  | 6,414 |  |  | 3,857 |
Accrued bonus and incentive compensation |  | 4,719 |  |  | 3,625 |
Accrued workers' compensation insurance |  | 2,369 |  |  | 4,880 |
Accrued Interest |  | 1,309 |  |  | — |
Other accrued expenses |  | 2,290 |  |  | 2,614 |
Accounts payable and accrued liabilities |  | $ | 29,704 |  |  | $ | 26,862 |
Accrued payroll The following table summarizes accrued payroll presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Accrued Leave |  | $ | 9,621 |  |  | $ | 6,345 |
Accrued payroll |  | 2,487 |  |  | 1,946 |
Accrued payroll taxes |  | 1,173 |  |  | 411 |
Accrued severance |  | 513 |  |  | 742 |
Accrued payroll |  | $ | 13,794 |  |  | $ | 9,444 |
Debt obligations The following table summarizes debt obligations presented on our consolidated balance sheets at September 30, 2023 and 2022 (in thousands):
|  |  | 2023 |  | 2022 |
Secured revolving line of credit |  |  | $ | 9,546 |  |  | $ | — |  |
Secured term loan |  |  | 169,813 |  |  | 22,000 |  |
Less: unamortized deferred financing costs |  |  | (7,024) |  |  | (1,584) |  |
Net bank debt obligations |  |  | $ | 172,335 |  |  | $ | 20,416 |  |
Less: current portion of debt obligations, net of deferred financing costs (a) |  |  | (17,188) |  |  | — |  |
Long-term portion of debt obligations, net of deferred financing costs |  |  | $ | 155,147 |  |  | $ | 20,416 |  |
As of September 30, 2023, we have satisfied mandatory principal payments on our secured term loan. (a) Current portion comprises term loan amortization of $8.3 million and the $9.5 million outstanding balance on the secured revolving line of credit, net of $7.0 million of unamortized deferred financing costs. Interest expense The following table summarizes interest expense presented on our consolidated statements of operations for the years ended September 30, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Interest expense (a) |  | $ | 14,153 |  |  | $ | 1,574 |
Interest income (b) |  | (64) |  |  | (23) |
Amortization of deferred financing costs (c) |  | 2,182 |  |  | 664 |
Interest expense |  | $ | 16,271 |  |  | $ | 2,215 |
(a): Interest expense on borrowing (b): Interest income (c): Amortization of expenses related to secured term loan and secured revolving line of credit.

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration