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Supporting Financial Information
 12 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supporting Financial Information Supporting Financial Information
Accounts receivable

The following table summarizes accounts receivable presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Billed receivables$16,394 $25,904 
Contract assets22,000 23,945 
Accounts receivable$38,394 $49,849 

The opening balance for accounts receivable for the fiscal year ended September 30, 2024 was $59,119.
Other current assets

The following table summarizes other current assets presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Prepaid licenses and other expenses$1,892 $1,315 
Prepaid insurance and benefits1,015 545 
Other receivables1,111 906 
Other current assets$4,018 $2,766 

Goodwill

There were no changes in goodwill for the year ended September 30, 2025. The balance of goodwill was approximately $138.2 million as of September 30, 2025 and 2024.

Intangible assets, net

The following table summarizes intangible assets, net presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Intangible assets
Customer contracts and related customer relationships$113,622 $113,622 
Backlog37,249 37,249 
Trade names13,034 13,034 
Covenants-not-to-compete637 637 
Total intangible assets164,542 164,542 
Less accumulated amortization:
Customer contracts and related customer relationships(52,665)(41,297)
Backlog(14,714)(10,994)
Trade names(4,792)(3,488)
Covenants-not-to-compete(506)(442)
Total accumulated amortization(72,677)(56,221)
Intangible assets, net$91,865 $108,321 

Amortization expense for the years ended September 30, 2025 and 2024 was $16.5 million and $16.5 million, respectively.

As of September 30, 2025, the estimated annual amortization expense was as follows (in thousands):
For the Fiscal Year Ending September 30,
2026$15,720 
202714,694 
202814,694 
202913,734 
203011,637 
Thereafter21,386 
Total amortization expense
$91,865 

The weighted-average remaining amortization period at September 30, 2025:
Intangible assetsWeighted-Average Remaining Amortization Period
Customer contracts and related customer relationships6.5 years
Backlog6.4 years
Trade names6.8 years
Covenants not to compete5.4 years
Total
6.5 years
Equipment and improvements, net

The following table summarizes equipment and improvements, net presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Computer equipment and software
$4,217 $7,273 
Leasehold improvements
1,567 1,614 
Furniture and equipment
1,177 1,832 
Total equipment and improvements6,961 10,719 
Less: accumulated depreciation and amortization(5,687)(8,889)
Equipment and improvements, net$1,274 $1,830 

Depreciation expense was $0.7 million and $0.6 million for the years ended September 30, 2025 and 2024, respectively.

During the year ended September 30, 2025, the Company disposed of $3.9 million of equipment and improvements, primarily within the computer equipment and software category. All assets were fully depreciated and no longer in use. No cash proceeds were received as part of the disposal of these assets.

Accounts payable and accrued liabilities

The following table summarizes accounts payable and accrued liabilities presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Accounts payable$12,299 $13,421 
Accrued benefits1,214 4,519 
Accrued bonus and incentive compensation1,527 3,641 
Accrued workers' compensation insurance750 1,528 
Accrued interest
474 619 
Other accrued expenses2,982 1,562 
Accounts payable and accrued liabilities$19,246 $25,290 

Accrued payroll

The following table summarizes accrued payroll presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Accrued leave
$8,112 $8,569 
Accrued payroll3,701 3,070 
Accrued payroll taxes340 981 
Accrued severance— 228 
Accrued payroll$12,153 $12,848 
Debt obligations

The following table summarizes debt obligations presented on our consolidated balance sheets at September 30, 2025 and 2024 (in thousands):
20252024
Secured term loan$123,500 $142,500 
Secured revolving line of credit8,067 12,058 
Less: unamortized deferred financing costs(3,534)(5,184)
Net bank debt obligations128,033 149,374 
Less: current portion of debt obligations, net of deferred financing costs (a)(8,067)(12,058)
Long-term portion of debt obligations, net of deferred financing costs$119,966 $137,316 

Through September 30, 2026, we have satisfied mandatory principal payments on our secured term loan.

(a) As of September 30, 2025, the current portion was comprised of $8.1 million outstanding balance on the secured revolving line of credit. All fiscal 2025 mandatory loan amortization payments have been satisfied by voluntary prepayments.
    
Interest expense

The following table summarizes interest expense presented on our consolidated statements of operations for the years ended September 30, 2025 and 2024 (in thousands):
20252024
Interest expense (a)$13,360 $15,352 
Interest income (b)(71)(38)
Amortization of deferred financing costs (c)1,742 1,839 
Interest expense$15,031 $17,153 

(a): Interest expense on borrowing.
(b): Interest earned from customer payments received after the due date.
(c): Amortization of expenses related to secured term loan and secured revolving line of credit.