XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.24.2

Supporting Financial Information | 9 Months Ended
--- | ---
Jun. 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 as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Billed receivables |  | $ | 35,280 |  |  | $ | 38,577 |  |
Contract assets |  | 23,061 |  |  | 20,542 |  |
Accounts receivable |  | $ | 58,341 |  |  | $ | 59,119 |  |
Other current assets The following table summarizes other current assets presented on our consolidated balance sheets as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Prepaid licenses and other expenses |  | $ | 1,426 |  |  | $ | 1,330 |  |
Prepaid insurance and benefits |  | 856 |  |  | 743 |  |
Other receivables |  | 460 |  |  | 994 |  |
Other current assets |  | $ | 2,742 |  |  | $ | 3,067 |  |
Goodwill There were no activities in goodwill for the three and nine months ended June 30, 2024. The balance of goodwill was $138,161 as of June 30, 2024 and September 30, 2023. Intangible assets The following table summarizes intangible assets, net presented on our consolidated balance sheets as follows (in thousands):
|  | June 30, |  | 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 |  | (38,455) |  |  | (29,929) |  |
Covenants not to compete |  | (426) |  |  | (378) |  |
Trade name |  | (3,162) |  |  | (2,185) |  |
Backlog |  | (10,064) |  |  | (7,273) |  |
Total accumulated amortization |  | (52,107) |  |  | (39,765) |  |
Intangible assets, net |  | $ | 112,435 |  |  | $ | 124,777 |  |
Amortization expense was $4.1 million and $4.1 million for the three months ended June 30, 2024 and 2023, respectively, and $12.3 million and $10.7 million for the nine months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the estimated amortization expense per fiscal year was as follows (in thousands):
Fiscal year ending: |  |  |
2024 (remaining) |  | $ | 4,114 |  |
2025 |  | 16,456 |  |
2026 |  | 15,722 |  |
2027 |  | 14,694 |  |
2028 |  | 14,694 |  |
Thereafter |  | 46,755 |  |
Total amortization expense |  | $ | 112,435 |  |
At June 30, 2024, the weighted-average remaining amortization period in total was 7.6 years. The weighted-average amortization period for customer contracts and related customer relationships, backlog, trade names and covenants not to compete was 7.5 years, 7.8 years, 8.0 years, 5.6 years, respectively. Equipment and improvements, net The following table summarizes equipment and improvements, net presented on our consolidated balance sheets as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Furniture and equipment |  | $ | 1,824 |  |  | $ | 1,790 |  |
Computer equipment and software |  | 7,072 |  |  | 6,479 |  |
Leasehold improvements |  | 1,614 |  |  | 1,614 |  |
Total equipment and improvements |  | 10,510 |  |  | 9,883 |  |
Less: accumulated depreciation |  | (8,720) |  |  | (8,293) |  |
Equipment and improvements, net |  | $ | 1,790 |  |  | $ | 1,590 |  |
Depreciation expense was $0.2 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively; $0.4 million and $0.6 million for the nine months ended June 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 as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Accounts payable |  | $ | 12,513 |  |  | $ | 12,603 |  |
Accrued benefits |  | 5,111 |  |  | 6,414 |  |
Accrued workers' compensation insurance |  | 1,828 |  |  | 2,369 |  |
Accrued bonus and incentive compensation |  | 2,282 |  |  | 4,719 |  |
Accrued interest |  | 1,241 |  |  | 1,309 |  |
Other accrued expenses |  | 214 |  |  | 2,290 |  |
Accounts payable and accrued liabilities |  | $ | 23,189 |  |  | $ | 29,704 |  |
Accrued payroll The following table summarizes accrued payroll presented on our consolidated balance sheets as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Accrued leave |  | $ | 7,718 |  |  | $ | 9,621 |  |
Accrued payroll |  | 5,277 |  |  | 2,487 |  |
Accrued payroll taxes |  | 1,115 |  |  | 1,173 |  |
Accrued severance |  | 122 |  |  | 513 |  |
Total accrued payroll |  | $ | 14,232 |  |  | $ | 13,794 |  |
Debt obligations The following table summarizes debt obligations presented on our consolidated balance sheets as follows (in thousands):
|  | June 30, |  | September 30, |
|  | 2024 |  | 2023 |
Secured term loan |  | $ | 152,000 |  |  | $ | 169,813 |  |
Secured revolving line of credit |  | 14,490 |  |  | 9,546 |  |
Less: unamortized deferred financing costs |  | (5,586) |  |  | (7,024) |  |
Net bank debt obligations |  | 160,904 |  |  | 172,335 |  |
Less: current portion of debt obligations, net of deferred financing costs (a) |  | (17,646) |  |  | (17,188) |  |
Long-term portion of debt obligations, net of deferred financing costs |  | $ | 143,258 |  |  | $ | 155,147 |  |
As of June 30, 2024, we have satisfied quarterly minimum principal payments on our secured term loan through March 31, 2025. (a) As of June 30, 2024, the current portion comprises term loan amortization of $4.8 million and the $14.5 million outstanding balance on the secured revolving line of credit, net of $1.6 million of unamortized deferred financing costs. Interest expense The following table summarizes interest expense presented on our consolidated statements of operations as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended |
|  | June 30, |  | June 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Interest expense (a) |  | $ | 3,756 |  |  | $ | 4,282 |  |  | $ | 11,588 |  |  | $ | 9,972 |  |
Interest income (b) |  | (10) |  |  | — |  |  | (34) |  |  | — |  |
Amortization of deferred financing costs (c) |  | 397 |  |  | 635 |  |  | 1,437 |  |  | 1,540 |  |
Interest expense |  | $ | 4,143 |  |  | $ | 4,917 |  |  | $ | 12,991 |  |  | $ | 11,512 |  |
(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.

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