Supporting Financial Information (Tables)

3 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

The following table summarizes accounts receivable presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Billed receivables	$	36,343	$	38,577
Contract assets	19,234		20,542
Allowance for doubtful accounts	—		—
Accounts receivable	$	55,577	$	59,119

Schedule of Other Current Assets

The following table summarizes other current assets presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Prepaid insurance and benefits	$	1,460	$	1,330
Prepaid licenses and other expenses	477		743
Other receivables	979		994
Other current assets	$	2,916	$	3,067

Schedule of Changes in Carrying Amount of Goodwill

The change in the carrying amount of goodwill as follows presented on our consolidated balance sheets as follows (in thousands):

Balance at September 30, 2023	$	138,161
Activity during the fiscal periods:
No activity	—
Balance at December 31, 2023	$	138,161

Schedule of Intangible Assets

The following table summarizes intangible assets, net presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Intangible assets
Customer contracts and related customer relationships	$	113,622	$	113,622
Covenants not to compete	637		637
Trade name	13,034		13,034
Backlog	37,249		37,249
Total intangible assets	164,542		164,542
Less: accumulated amortization
Customer contracts and related customer relationships	(32,771)		(29,929)
Covenants not to compete	(394)		(378)
Trade name	(2,510)		(2,185)
Backlog	(8,204)		(7,273)
Total accumulated amortization	(43,879)		(39,765)
Intangible assets, net	$	120,663	$	124,777

Schedule of Estimated Amortization of Intangible Assets

As of December 31, 2023, the estimated amortization expense per fiscal year as follows (in thousands):

Fiscal year ending:
2024 (remaining)	$	12,341
2025	16,455
2026	15,722
2027	14,694
2028	14,694
Thereafter	46,757
Total amortization expense	$	120,663

Schedule of Equipment and Improvements, Net

The following table summarizes equipment and improvements, net presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Furniture and equipment	$	2,025	$	1,790
Computer equipment and software	6,418		6,479
Leasehold improvements	1,614		1,614
Total equipment and improvements	10,057		9,883
Less: accumulated depreciation and amortization	(8,432)		(8,293)
Equipment and improvements, net	$	1,625	$	1,590

Schedule of Accounts Payable, Accrued Expenses, and Other Current Liabilities

The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Accounts payable	$	9,213	$	12,603
Accrued benefits	5,510		6,414
Accrued workers' compensation insurance	2,300		2,369
Accrued bonus and incentive compensation	1,075		4,719
Accrued interest	1,353		1,309
Other accrued expenses	2,856		2,290
Accounts payable and accrued liabilities	$	22,307	$	29,704

Schedule of Accrued Payroll

The following table summarizes accrued payroll presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Accrued leave	$	9,046	$	9,621
Accrued payroll	5,183		2,487
Accrued payroll taxes	1,115		1,173
Accrued severance	359		513
Accrued payroll	$	15,703	$	13,794

Schedule of Debt Obligations

The following table summarizes debt obligations presented on our consolidated balance sheets as follows (in thousands):

	December 31,		September 30,
	2023		2023
Secured term loan	$	159,031	$	169,813
Secured revolving line of credit	15,350		9,546
Less: unamortized deferred financing costs	(6,381)		(7,024)
Net bank debt obligations	168,000		172,335
Less: current portion of debt obligations, net of deferred financing costs (a)	(16,130)		(17,188)
Long-term portion of debt obligations, net of deferred financing costs	$	151,870	$	155,147

As of December 31, 2023, we have satisfied mandatory principal payments on our secured term loan.

(a) As of December 31, 2023, the current portion comprises term loan amortization of $2.3 million and the $15.4 million outstanding balance on the secured revolving line of credit, net of $1.5 million of unamortized deferred financing costs.

Schedule of Interest Expense

The following table summarizes interest expense presented on our consolidated statements of operations for the three months ended December 31, 2023 and 2022 as follows (in thousands):

	2023		2022
Interest expense (a)	$	4,016	$	1,554
Amortization of deferred financing costs (b)	642		276
Interest expense	$	4,658	$	1,830

(a) Interest expense on borrowing.

(b) Amortization of expenses related to secured term loan and secured revolving line of credit.