Debt (Tables)

6 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long‑term debt, including accrued interest, consists of the following:

	March 31, 2022		September 30, 2021
2021 Term Loan, due April 1, 2028 (1)	$	471,438	$	473,837
2021 Revolving Credit Facility, due April 1, 2026 (2)	221,106		37,268
Securitization Facility, due April 1, 2024 (3)	150,078		150,061
Equipment Financing, due September 30, 2023 to July 31, 2029, interest rates ranging from 3.13% to 8.07%	102,752		93,375
Notes Payable, due July 31, 2023 (4)	—		402
Total debt	945,374		754,943
Less unamortized deferred financing fees	(10,812)		(11,738)
Total net debt	934,562		743,205
Less current portion	(14,219)		(12,775)
Total long‑term debt	$	920,343	$	730,430

(1)The interest rate on the 2021 Term Loan was 2.75% as of March 31, 2022, comprised of 0.25% LIBOR plus the 2.50% spread. Includes accrued interest of $0 and $25 at March 31, 2022 and September 30, 2021, respectively.

(2)The 2021 Revolving Credit Facility includes $187,000 with an interest rate of 2.20% as of March 31, 2022, comprised of 0.25% LIBOR plus the 1.95% spread, and $34,000 with an interest rate of 4.45%. as of March 31, 2022, comprised of 3.50% Prime Rate plus the 0.95% spread. During the three months ended March 31, 2022, the spread on the 2021 Revolving Credit Facility was reduced from 2.25% at September 30, 2021 as a result of a Sustainability Pricing Adjustment per the 2021 Credit Agreement. Includes accrued interest of $106 and $268, at March 31, 2022 and September 30, 2021, respectively.

(3)The interest rate on the Securitization Facility was 1.70% as of March 31, 2022, comprised of 0.45% LIBOR plus the 1.25% spread. Includes accrued interest of $78 and $61 at March 31, 2022 and September 30, 2021, respectively.

(4)In March 2022, the outstanding balance of the Notes Payable due July 31, 2023, was repaid in conjunction with the Company’s acquisition of TWO. See Note 23, “Subsequent Events” for further discussion.

Schedule of Line of Credit Facilities

The following table summarizes the amount of the Company’s outstanding borrowings and outstanding letters of credit under the 2021 Revolving Credit Facility as of March 31, 2022 and September 30, 2021.

	March 31, 2022		September 30, 2021
Borrowing availability	$	350,000	$	350,000
Outstanding borrowings	221,000		37,000
Outstanding letters of credit	9,604		10,112
Unused amounts	$	119,396	$	302,888

The following summarizes the Company’s outstanding letters of credit and surety bonds as of March 31, 2022 and September 30, 2021, respectively.

	March 31, 2022		September 30, 2021
Revolving credit capacity	$	60,000	$	60,000
Letters of credit outstanding	9,604		10,112
Remaining revolving credit capacity	$	50,396	$	49,888
Surety capacity	$	252,225	$	250,000
Surety issuances	122,086		147,845
Remaining surety available	$	130,139	$	102,155

Schedule of Equipment Financing

During the six months ended March 31, 2022, the Company completed the following equipment financings:

Date Entered	Due	Interest Rate at March 31, 2022		Principal Amount
March 18, 2022	March 17, 2029	4.67	%	$	1,839
March 16, 2022	July 31, 2029(1)	4.75	%	1,317
March 15, 2022	April 1, 2029	4.74	%	4,788
December 30, 2021	December 30, 2028	3.94	%	2,207
December 23, 2021	July 31, 2029(1)	4.75	%	3,742
				$	13,893

(1)    Represents an advance received from the lender on a multiple draw term loan in which the Company is making interest only payments through August 1, 2022 based on a 1.00% LIBOR floor plus a 3.75% spread. The Company entered into an interest rate swap with an effective date of August 1, 2022 to mitigate risk associated with this variable rate equipment financing, see Note 12, “Derivative Financial Instruments” for further discussion.

Schedule of Deferred Financing Costs and Discounts

Deferred financing fees and discounts related to the Company’s long-term debt were included as a contra liability to debt on the Consolidated Balance Sheets as follows:

	March 31, 2022		September 30, 2021
Current portion of deferred financing fees and discounts(1)	$	(1,883)	$	(1,866)
Long-term portion of deferred financing fees and discounts(2)	(8,929)		(9,872)
Total deferred financing fees and discounts	$	(10,812)	$	(11,738)

(1)Included in Current portion of debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets.

(2)Included in Long-term debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets

Schedule of Aggregate Maturities of Long-term Debt

Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding finance lease obligations as of March 31, 2022, are presented below:

Fiscal Year
Remainder of 2022	$	7,886
2023	16,748
2024	165,512
2025	17,100
2026	20,417
Thereafter	717,711
Total	$	945,374