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Supporting Financial Information (Tables) | 6 Months Ended
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Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Accounts Receivable | The following table summarizes accounts receivable presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Billed receivables |  | $ | 33,622 |  |  | $ | 38,577 |  |
Contract assets |  | 21,835 |  |  | 20,542 |  |
Allowance for doubtful accounts |  | — |  |  | — |  |
Accounts receivable |  | $ | 55,457 |  |  | $ | 59,119 |  |
Schedule of Other Current Assets | The following table summarizes other current assets presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Prepaid insurance and benefits |  | $ | 1,614 |  |  | $ | 1,330 |  |
Prepaid licenses and other expenses |  | 139 |  |  | 743 |  |
Other receivables |  | 468 |  |  | 994 |  |
Other current assets |  | $ | 2,221 |  |  | $ | 3,067 |  |
Schedule of Intangible Assets | The following table summarizes intangible assets, net presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Intangible assets |  |  |  |  |
Customer contracts and related customer relationships |  | $ | 113,622 |  |  | $ | 113,622 |  |
Covenants not to compete |  | 637 |  |  | 637 |  |
Trade name |  | 13,034 |  |  | 13,034 |  |
Backlog |  | 37,249 |  |  | 37,249 |  |
Total intangible assets |  | 164,542 |  |  | 164,542 |  |
Less: accumulated amortization |  |  |  |  |
Customer contracts and related customer relationships |  | (35,613) |  |  | (29,929) |  |
Covenants not to compete |  | (410) |  |  | (378) |  |
Trade name |  | (2,836) |  |  | (2,185) |  |
Backlog |  | (9,134) |  |  | (7,273) |  |
Total accumulated amortization |  | (47,993) |  |  | (39,765) |  |
Intangible assets, net |  | $ | 116,549 |  |  | $ | 124,777 |  |
Schedule of Estimated Amortization of Intangible Assets | As of March 31, 2024, the estimated amortization expense per fiscal year was as follows (in thousands):
Fiscal year ending: |  |  |
2024 (remaining) |  | $ | 8,226 |  |
2025 |  | 16,456 |  |
2026 |  | 15,722 |  |
2027 |  | 14,694 |  |
2028 |  | 14,694 |  |
Thereafter |  | 46,757 |  |
Total amortization expense |  | $ | 116,549 |  |
Schedule of Equipment and Improvements, Net | The following table summarizes equipment and improvements, net presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Furniture and equipment |  | $ | 2,316 |  |  | $ | 1,790 |  |
Computer equipment and software |  | 6,418 |  |  | 6,479 |  |
Leasehold improvements |  | 1,614 |  |  | 1,614 |  |
Total equipment and improvements |  | 10,348 |  |  | 9,883 |  |
Less: accumulated depreciation |  | (8,561) |  |  | (8,293) |  |
Equipment and improvements, net |  | $ | 1,787 |  |  | $ | 1,590 |  |
Schedule of Accounts Payable, Accrued Expenses, and Other Current Liabilities | The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Accounts payable |  | $ | 13,398 |  |  | $ | 12,603 |  |
Accrued benefits |  | 4,269 |  |  | 6,414 |  |
Accrued workers' compensation insurance |  | 1,999 |  |  | 2,369 |  |
Accrued bonus and incentive compensation |  | 2,250 |  |  | 4,719 |  |
Accrued interest |  | 1,267 |  |  | 1,309 |  |
Other accrued expenses |  | (148) |  |  | 2,290 |  |
Accounts payable and accrued liabilities |  | $ | 23,035 |  |  | $ | 29,704 |  |
Schedule of Accrued Payroll | The following table summarizes accrued payroll presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Accrued leave |  | $ | 7,975 |  |  | $ | 9,621 |  |
Accrued payroll |  | 2,558 |  |  | 2,487 |  |
Accrued payroll taxes |  | 1,025 |  |  | 1,173 |  |
Accrued severance |  | 198 |  |  | 513 |  |
Total accrued payroll |  | $ | 11,756 |  |  | $ | 13,794 |  |
Schedule of Debt Obligations | The following table summarizes debt obligations presented on our consolidated balance sheets as follows (in thousands):
|  | March 31, |  | September 30, |
|  | 2024 |  | 2023 |
Secured term loan |  | $ | 156,750 |  |  | $ | 169,813 |  |
Secured revolving line of credit |  | 14,022 |  |  | 9,546 |  |
Less: unamortized deferred financing costs |  | (5,984) |  |  | (7,024) |  |
Net bank debt obligations |  | 164,788 |  |  | 172,335 |  |
Less: current portion of debt obligations, net of deferred financing costs (a) |  | (17,178) |  |  | (17,188) |  |
Long-term portion of debt obligations, net of deferred financing costs |  | $ | 147,610 |  |  | $ | 155,147 |  |
As of March 31, 2024, we have satisfied mandatory principal payments on our secured term loan. (a) As of March 31, 2024, the current portion comprises term loan amortization of $4.8 million and the $14.0 million outstanding balance on the secured revolving line of credit, net of $1.6 million of unamortized deferred financing costs.
Schedule of Interest Expense | The following table summarizes interest expense presented on our consolidated statements of operations as follows (in thousands):
|  | Three Months Ended |  | Six Months Ended |
|  | March 31, |  | March 31, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Interest expense (a) |  | $ | 3,821 |  |  | $ | 4,160 |  |  | $ | 7,831 |  |  | $ | 5,714 |  |
Interest income (b) |  | $ | (28) |  |  | $ | — |  |  | $ | (23) |  |  | $ | — |  |
Amortization of deferred financing costs (c) |  | 397 |  |  | 605 |  |  | 1,040 |  |  | 881 |  |
Interest expense |  | $ | 4,190 |  |  | $ | 4,765 |  |  | $ | 8,848 |  |  | $ | 6,595 |  |
(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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