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Supporting Financial Information | 12 Months Ended
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Sep. 30, 2024
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, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Billed receivables |  | $ | 25,904 |  |  | $ | 38,577 |
Contract assets |  | 23,945 |  |  | 20,542 |
Accounts receivable |  | $ | 49,849 |  |  | $ | 59,119 |
Other current assets The following table summarizes other current assets presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
| 2024 |  | 2023
Prepaid licenses and other expenses | $ | 1,315 |  |  | $ | 1,330 |
Prepaid insurance and benefits | 545 |  |  | 743 |
Other receivables | 906 |  |  | 994 |
Other current assets | $ | 2,766 |  |  | $ | 3,067 |
Goodwill The balance of goodwill was $138,161 as of September 30, 2024 and September 30, 2023. Intangible assets, net The following table summarizes intangible assets, net presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Intangible assets |  |  |  |
Customer contracts and related customer relationships |  | $ | 113,622 |  |  | $ | 113,622 |
Backlog |  | 37,249 |  |  | 37,249 |
Trade names |  | 13,034 |  |  | 13,034 |
Covenants-not-to-compete |  | 637 |  |  | 637 |
Total intangible assets |  | $ | 164,542 |  |  | $ | 164,542 |
Less accumulated amortization: |  |  |  |
Customer contracts and related customer relationships |  | (41,297) |  |  | (29,929) |
Backlog |  | (10,994) |  |  | (7,273) |
Trade names |  | (3,488) |  |  | (2,185) |
Covenants-not-to-compete |  | (442) |  |  | (378) |
Total accumulated amortization |  | $ | (56,221) |  |  | $ | (39,765) |
Intangible assets, net |  | $ | 108,321 |  |  | $ | 124,777 |
Amortization expense for the years ended September 30, 2024 and 2023 was $16.5 million and $14.8 million, respectively. As of September 30, 2024, the estimated annual amortization expense is as follows (in thousands):
For the Fiscal Year Ending September 30, |  |
2025 |  | $ | 16,456 |
2026 |  | 15,722 |
2027 |  | 14,694 |
2028 |  | 14,694 |
2029 |  | 13,734 |
Thereafter |  | 33,021 |
Total amortization expense |  | $ | 108,321 |
At September 30, 2024, the weighted-average remaining amortization period in total was 7.4 years years At September 30, 2024, the weighted-average amortization period for customer contracts and related customer relationships, backlog, trade names and covenants-not-to-compete was 7.3 years, 7.6 years, 7.7 years, 5.5 years respectively. Equipment and improvements, net The following table summarizes equipment and improvements, net presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Furniture and equipment |  | $ | 1,832 |  |  | $ | 1,790 |
Computer equipment and software |  | 7,273 |  |  | 6,479 |
Leasehold improvements |  | 1,614 |  |  | 1,614 |
Total equipment and improvements |  | 10,719 |  |  | 9,883 |
Less: accumulated depreciation and amortization |  | (8,889) |  |  | (8,293) |
Equipment and improvements, net |  | $ | 1,830 |  |  | $ | 1,590 |
Depreciation expense was $0.6 million and $0.8 million for the years ended September 30, 2024 and 2023, respectively. Accounts payable and accrued liabilities The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Accounts payable |  | $ | 13,421 |  |  | $ | 12,603 |
Accrued benefits |  | 4,519 |  |  | 6,414 |
Accrued bonus and incentive compensation |  | 3,641 |  |  | 4,719 |
Accrued workers' compensation insurance |  | 1,528 |  |  | 2,369 |
Accrued interest |  | 619 |  |  | 1,309 |
Other accrued expenses |  | 1,562 |  |  | 2,290 |
Accounts payable and accrued liabilities |  | $ | 25,290 |  |  | $ | 29,704 |
Accrued payroll The following table summarizes accrued payroll presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Accrued leave |  | $ | 8,569 |  |  | $ | 9,621 |
Accrued payroll |  | 3,070 |  |  | 2,487 |
Accrued payroll taxes |  | 981 |  |  | 1,173 |
Accrued severance |  | 228 |  |  | 513 |
Accrued payroll |  | $ | 12,848 |  |  | $ | 13,794 |
Debt obligations The following table summarizes debt obligations presented on our consolidated balance sheets at September 30, 2024 and 2023 (in thousands):
|  |  | 2024 |  | 2023 |
Secured term loan |  |  | $ | 142,500 |  |  | $ | 169,813 |  |
Secured revolving line of credit |  |  | 12,058 |  |  | 9,546 |  |
Less: unamortized deferred financing costs |  |  | (5,184) |  |  | (7,024) |  |
Net bank debt obligations |  |  | 149,374 |  |  | 172,335 |  |
Less: current portion of debt obligations, net of deferred financing costs (a) |  |  | (12,058) |  |  | (17,188) |  |
Long-term portion of debt obligations, net of deferred financing costs |  |  | $ | 137,316 |  |  | $ | 155,147 |  |
As of September 30, 2024, we have satisfied mandatory principal payments on our secured term loan. (a) As of September 30, 2024, the current portion comprises the $12.1 million outstanding balance on the secured revolving line of credit. All fiscal 2025 mandatory loan amortization payments have been satisfied by voluntary prepayments. Interest expense The following table summarizes interest expense presented on our consolidated statements of operations for the years ended September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Interest expense (a) |  | $ | 15,352 |  |  | $ | 14,153 |
Interest income (b) |  | (38) |  |  | (64) |
Amortization of deferred financing costs (c) |  | 1,839 |  |  | 2,182 |
Interest expense |  | $ | 17,153 |  |  | $ | 16,271 |
(a): Interest expense on borrowing (b): Interest earned from customer payments received after the due date. (c): Amortization of expenses related to secured term loan and secured revolving line of credit.

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