Business Combinations (Tables)

9 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Total Consideration and Preliminary Fair Value of Assets and Liabilities

Based on the unaudited financial statements of GRSi on December 8, 2022, we accounted for the total acquisition consideration and allocation of fair value of the related assets and liabilities as follows (in thousands):

Purchase price for GRSi	$	187,997
Purchase price allocation:
Cash	747
Accounts receivable	25,468
Other current assets	1,354
Accounts payable and accrued expenses	(2,449)
Payroll liabilities	(7,826)
Other current liabilities	(325)
Equipment and improvements, net	463
Other long-term assets and liabilities	(781)
Intangible assets	98,688
Total identifiable net assets acquired	115,339
Goodwill	$	72,658

Schedule of Pro Forma Information

In addition, the reported historical amounts were adjusted for the following items, net of associated tax effects:

•The impact of recording GRSi's intangible asset amortization.

•The impact of interest expense for the new credit facility.

•The removal of legacy GRSi director's fees.

•The removal of transaction costs for the acquisition incurred by GRSi.

	(unaudited)				(unaudited)
	(in thousands)				(in thousands)
	Three Months Ended				Nine Months Ended
	June 30,				June 30,
Pro forma results	2023		2022		2023		2022
Revenue	$	102,241	$	94,326	$	301,481	$	407,795
Net income	1,738		4,603		4,683		15,455
Number of shares outstanding - basic	13,854		12,812		13,638		12,779
Number of shares outstanding - diluted	14,539		14,235		14,421		14,205
Basic earnings per share	$0.13		$0.36		$0.34		$1.21
Diluted earnings per share	$0.12		$0.32		$0.32		$1.09