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Leases (Tables)
6 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Summary of Lease Term and Incremental Borrowing Rates for Leases

The following table presents certain information related to lease term and incremental borrowing rates for leases as of March 31, 2023 and September 30, 2022:

 

 

March 31, 2023

 

September 30, 2022

 

Weighted-average remaining lease term (in months):

 

 

 

 

 

Operating leases

 

 

40.8

 

 

46.5

 

Finance leases

 

 

30.5

 

 

35.6

 

Weighted-average discount rate:

 

 

 

 

 

Operating leases

 

 

4.1

%

 

3.7

%

Finance leases

 

 

4.4

%

 

4.4

%

Summary of Lease Expense

The following table presents lease expense for the three and six months ended March 31, 2023 and 2022 (dollars in thousands):

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right of use asset

 

$

108

 

 

$

109

 

 

$

216

 

 

$

218

 

Interest on lease liability

 

 

10

 

 

 

13

 

 

 

20

 

 

 

27

 

Operating lease cost

 

 

1,645

 

 

 

1,949

 

 

 

3,331

 

 

 

3,507

 

Variable lease cost

 

 

808

 

 

 

812

 

 

 

1,499

 

 

 

1,689

 

Sublease income

 

 

(48

)

 

 

(47

)

 

 

(93

)

 

 

(95

)

Total lease cost

 

$

2,523

 

 

$

2,836

 

 

$

4,973

 

 

$

5,346

 

Summary of Undiscounted Future Minimum Lease Payments Under Non-cancelable Leases

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases to the total lease liabilities recognized on the Condensed Consolidated Balance Sheet as of March 31, 2023 (dollars in thousands):

 

Year Ending September 30,

 

Operating Leases

 

 

Financing Leases

 

 

Total

 

2023

 

$

3,372

 

 

$

207

 

 

$

3,579

 

2024

 

 

6,102

 

 

 

417

 

 

 

6,519

 

2025

 

 

4,235

 

 

 

362

 

 

 

4,597

 

2026

 

 

1,980

 

 

 

53

 

 

 

2,033

 

2027

 

 

1,524

 

 

 

 

 

 

1,524

 

Thereafter

 

 

825

 

 

 

 

 

 

825

 

Total future minimum lease payments

 

$

18,038

 

 

$

1,039

 

 

$

19,077

 

Less effects of discounting

 

 

(1,086

)

 

 

(45

)

 

 

(1,131

)

Total lease liabilities

 

$

16,952

 

 

$

994

 

 

$

17,946

 

Reported as of March 31, 2023

 

 

 

 

 

 

 

 

 

Short-term lease liabilities

 

$

6,003

 

 

$

387

 

 

$

6,390

 

Long-term lease liabilities

 

 

10,949

 

 

 

607

 

 

 

11,556

 

Total lease liabilities

 

$

16,952

 

 

$

994

 

 

$

17,946