Interim Reporting

9 Months Ended

Jun. 30, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Transition Period Comparative DataAs discussed in Note 1, this Annual Report on Form 10-K includes financial information for the year ended June 30, 2023, nine-month period ended June 30, 2022, and the year ended September 30, 2021. The Consolidated and Combined Statements of Operations and Cash Flows for the twelve-months ended June 30, 2023 and 2022, are summarized below. All data for the twelve-month period ended June 30, 2022, are derived from the Company’s unaudited consolidated and combined financial statements.

	Twelve-Month Period Ended June 30,
(Dollars in Thousands, Except per Share Data)	2023		2022
			(unaudited)
Revenue	$	1,044,178	$	482,311
Cost of revenue	373,589		199,916
Gross profit	670,589		282,395
Operating expenses	853,654		260,123
(Loss) income from operations	(183,065)		22,272
Other (expense), net	(29,418)		(1,048)
Interest income, net	31,917		3,222
(Loss) income before provision for income taxes	(180,566)		24,446
(Benefit) for income taxes	(72,806)		(17,498)
Net (loss) income	$	(107,760)	$	41,944
Net (loss) income per common share:
Basic	$	(1.67)	$	1.05
Diluted	$	(1.67)	$	1.05
Weighted average shares outstanding:
Basic	64,621		39,768
Diluted	64,621		39,845

	Twelve-Month Period Ended June 30,
(Dollars in Thousands)	2023		2022
			(unaudited)
Cash flows from operating activities:
Net (loss) income	$	(107,760)	$	41,944
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	491,419		150,350
Reduction in the carrying amount of right-of-use assets	13,869		7,627
Net foreign currency losses (gains)	4,079		1,232
Net realized loss on settlement of foreign currency forward contracts	26,176		—
Stock-based compensation	84,850		16,131
Deferred tax liability	(192,926)		(84,713)
Provision for bad debts	7,827		853
Other non-cash operating activities	(228)		289
Changes in assets and liabilities:
Accounts receivable	(25,538)		(4,486)
Contract assets	(21,658)		(82,898)
Contract costs	(10,165)		(4,992)
Lease liabilities	(13,655)		(5,979)
Prepaid expenses, prepaid income taxes, and other assets	7,625		(6,965)
Accounts payable, accrued expenses, income taxes payable and other liabilities	18,315		(25,908)
Contract liabilities	16,979		17,291
Net cash provided by operating activities	299,209		19,776
Cash flows from investing activities:
Purchase of property, equipment and leasehold improvements	(6,577)		(4,870)
Proceeds from sale of property and equipment	—		91
Payments for business acquisitions, net of cash acquired	(72,498)		(5,572,996)
Net payments for settlement of foreign currency forward contracts	(26,176)		—
Payments for equity method investments	(700)		(24)
Payments for capitalized computer software costs	(366)		(508)
Purchase of other assets	(1,000)		(838)
Net cash (used in) investing activities	(107,317)		(5,579,145)
Cash flows from financing activities:
Issuance of shares of common stock	36,736		5,702
Repurchases of common stock	(100,000)		—
Payment of tax withholding obligations related to restricted stock	(20,836)		(1,676)
Deferred business acquisition payments	(1,363)		(1,200)
Repayments of amounts borrowed under term loan	(276,000)		(6,000)
Net transfers (to) from Parent Company	(19,933)		5,987,190
Payments of debt issuance costs	(2,375)		—
Net cash (used in) provided by financing activities	(383,771)		5,984,016
Effect of exchange rate changes on cash and cash equivalents	(16,637)		1,419
(Decrease) increase in cash and cash equivalents	(208,516)		426,066
Cash and cash equivalents, beginning of year	449,725		23,659
Cash and cash equivalents, end of year	$	241,209	$	449,725