v3.25.2
Fair Value Measurements
 9 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6 - Fair Value Measurements
The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers:

Level 1:    Defined as quoted market prices in active markets for identical assets or liabilities.
Level 2:    Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:    Defined as unobservable inputs that are not corroborated by market data.
Any transfers of investments between levels occurs at the end of the reporting period. Assets measured or disclosed at fair value on a recurring basis consisted of the following:
  Fair Value Measurements Using
 June 30, 2025Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant
Unobservable
Inputs
(Level 3)
Money market funds(1)
$51,964 $51,964 $— $— 
Corporate and government bonds(2)
52,713 52,713 — — 
Notes receivable(3)
46,518 — — 46,518 
Total assets at fair value on a recurring basis$151,195 $104,677 $— $46,518 
Revolving credit facility and term loans(4)
70,001 — 70,001 — 
Total liabilities at fair value on a recurring basis$70,001 $— $70,001 $— 
Fair Value Measurements Using
 September 30, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant
Unobservable
Inputs
(Level 3)
Money market funds(1)
$94,772 $94,772 $— $— 
Corporate and government bonds(2)
— — — — 
Notes receivable(3)
42,467 — — 42,467 
Total assets at fair value on a recurring basis$137,239 $94,772 $— $42,467 
Revolving credit facility and term loans(4)
121,319 — 121,319 — 
Total liabilities at fair value on a recurring basis$121,319 $— $121,319 $— 
(1)     Money market funds and other highly liquid investments with maturity dates less than 90 days are reflected as “Cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2025 and September 30, 2024.
(2)     See Note 5 for further discussion on the corporate and government bonds.
(3) Notes receivable relate to UTI’s proprietary loan program and are reflected as “Notes receivable, current portion” and “Notes receivable, less current portion” in our condensed consolidated balance sheets as of June 30, 2025 and September 30, 2024.
(4)     The Credit Facility and Term Loans bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2).