INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company’s operations are substantially all domestic. The components of income tax expense (benefit) consisted of the following (in thousands):

	Years Ended September 30,
	2024		2023		2022
Current:
Federal	$	61,879	$	22,951	$	(4,904)
State and local	15,724		7,766		7,676
Total current	77,603		30,717		2,772
Deferred:
Federal	(16,035)		(6,022)		22,901
State and local	(5,423)		(2,557)		493
Total deferred	(21,458)		(8,579)		23,394
Income tax expense	$	56,145	$	22,138	$	26,166

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate was different from the statutory U.S. federal income tax rate of 21.0%, for the years ended September 30, 2024, 2023 and 2022, due to the following (in thousands):

	2024		Rate		2023		Rate		2022		Rate
Income tax expense / federal statutory rate	$	44,000	21.0	%	$	17,745	21.0	%	$	19,598	21.0	%
State and local taxes — net of federal expense	11,156		5.3	%	2,977		3.5	%	6,906		7.4	%
Change in valuation allowance	(3,243)		(1.5)	%	597		0.7	%	(350)		(0.4)	%
Stock-based compensation	(2,804)		(1.3)	%	721		0.9	%	145		0.2	%
Non-deductible transaction costs	5,382		2.7	%	—		0.0	%	—		—	%
Executive compensation	3,026		1.5	%	608		0.7	%	364		0.4	%
Federal research and development credit	(2,405)		(1.1)	%	(746)		(0.8)	%	(703)		(0.8)	%
Meals and entertainment	566		0.3	%	284		0.3	%	224		0.2	%
Other	467		(0.1)	%	(48)		(0.1)	%	(18)		—	%
Income tax expense / effective tax rate	$	56,145	26.8	%	$	22,138	26.2	%	$	26,166	28.0	%

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities consisted of the following (in thousands):

	As of September 30,
	2024		2023
Deferred tax asset:
State loss carryforwards and other benefits	$	15,555	$	15,744
Inventory reserves	14,968		12,191
Warranty reserves	4,716		4,148
Accrued expenses	13,717		11,996
Stock-based compensation	14,403		13,502
Lease liabilities	28,531		24,063
Unrealized loss in other comprehensive income	555		—
Valuation allowance	(2,314)		(5,557)
Total deferred tax assets	90,131		76,087
Deferred tax liabilities:
Intangible assets — net	32,949		37,272
Property, plant and equipment	68,120		75,778
Right-of-use assets	25,644		21,728
Unrealized gain in other comprehensive income	—		615
Indemnification receivable related to warranty reserves	300		203
Total deferred tax liabilities	127,013		135,596
Net deferred tax liability	$	36,882	$	59,509

Summary of Valuation Allowance

The activity in the valuation allowance consisted of the following (in thousands):

	As of September 30,
	2024		2023
Beginning balance	$	5,557	$	4,960
Expense	(3,243)		597
Ending balance	$	2,314	$	5,557

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits consisted of the following (in thousands):

	As of September 30,
	2024		2023
Beginning balance	$	900	$	780
Unrecognized tax benefits related to prior years	156		70
Unrecognized tax benefits related to the current year	130		50
Ending balance	$	1,186	$	900