v3.25.2
Leases (Tables)
 9 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense during the three and nine months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Nine Months Ended June 30,
Lease Expense2025202420252024
Operating lease expense(1)
$8,428 $7,603 $23,693 $22,862 
Finance lease expense:
Amortization of leased assets227 227 681 681 
Interest on lease liabilities62 77 197 238 
Variable lease expense2,708 2,776 7,861 7,613 
Sublease income(30)(122)(89)(187)
Total net lease expense$11,395 $10,561 $32,343 $31,207 
(1)    Excludes the expense for short-term leases, which was not significant for the three and nine months ended June 30, 2025 and 2024.
Schedule of Supplemental Information
Supplemental balance sheet, cash flow and other information related to our leases was as follows (in thousands, except lease term and discount rate):
LeasesClassificationJune 30, 2025September 30, 2024
Assets:
Operating lease assetsRight-of-use assets for operating leases$175,382 $158,778 
Finance lease assets
Property and equipment, net(1)
3,255 3,937 
Total leased assets$178,637 $162,715 
Liabilities:
Current
   Operating lease liabilitiesOperating lease liabilities, current portion$18,733 $22,210 
   Finance lease liabilities
Long-term debt, current portion(1)
1,004 934 
Non-current
   Operating lease liabilitiesOperating lease liabilities168,508 146,831 
   Finance lease liabilitiesLong-term debt3,073 3,834 
Total lease liabilities$191,318 $173,809 
(1) The finance lease assets and liabilities as of June 30, 2025 and September 30, 2024 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $2.4 million and $1.7 million as of June 30, 2025 and September 30, 2024, respectively.
Lease Term and Discount RateJune 30, 2025September 30, 2024
Weighted-average remaining lease term (in years):
   Operating leases7.397.14
   Finance lease3.584.33
Weighted average discount rate:
   Operating leases5.05 %4.87 %
   Finance lease6.02 %6.02 %
Nine Months Ended June 30,
Supplemental Disclosure of Cash Flow and Other Information20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$16,758 $15,946 
Financing cash flows from finance leases692 625 
Non-cash activity related to lease liabilities:
   Lease assets obtained in exchange for new operating lease liabilities(1)
$34,097 $3,981 
(1)     During the nine months ended June 30, 2025, we recorded facility leases for the new Concorde co-branded Heartland campus in Fort Myers, Florida, the new UTI Atlanta, Georgia campus, and the relocation of the Concorde Denver, Colorado campus as we took possession to begin construction.
Schedule of Maturities of Operating Lease Liabilities
Maturities of lease liabilities were as follows:
As of June 30, 2025
Years ending September 30,Operating LeasesFinance Lease
Remainder of 2025$7,005 $301 
202627,263 1,226 
202733,458 1,263 
202831,705 1,301 
202931,078 439 
2030 and thereafter97,854 — 
Total lease payments228,363 4,530 
Less: interest(41,122)(453)
Present value of lease liabilities187,241 4,077 
Less: current lease liabilities(18,733)(1,004)
Long-term lease liabilities$168,508 $3,073 
Schedule of Maturities of Finance Lease Liabilities
Maturities of lease liabilities were as follows:
As of June 30, 2025
Years ending September 30,Operating LeasesFinance Lease
Remainder of 2025$7,005 $301 
202627,263 1,226 
202733,458 1,263 
202831,705 1,301 
202931,078 439 
2030 and thereafter97,854 — 
Total lease payments228,363 4,530 
Less: interest(41,122)(453)
Present value of lease liabilities187,241 4,077 
Less: current lease liabilities(18,733)(1,004)
Long-term lease liabilities$168,508 $3,073