Annual report pursuant to Section 13 and 15(d)

Provision for Income Taxes (Tables)

v3.24.3
Provision for Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
The provision for income taxes (benefit) for the fiscal years ended September 30, 2024, 2023 and 2022 consisted of the following (in thousands):
For the Fiscal Year Ended 
September 30,
2024 2023 2022
Current
U.S. Federal $ (2,124) $ 3,520  $ — 
State 2,604  1,718  949 
Total current 480  5,238  949 
Deferred
U.S. Federal 19,043  9,959  5,662 
State 3,638  1,206  304 
Total deferred 22,681  11,165  5,966 
Provision for income taxes $ 23,161  $ 16,403  $ 6,915 
Schedule of Deferred Tax Assets and Liabilities The Company’s deferred tax assets and liabilities consisted of the following temporary difference tax effects at September 30, 2024 and 2023 (in thousands):
September 30,
2024 2023
Deferred tax assets
Amortization of finite-lived intangible assets $ 1,082  $ 1,022 
Federal net operating loss carryforward 4,099  — 
Federal interest limitation carryforward 6,198  1,254 
State net operating loss carryforward 3,160  1,177 
Employee benefits 7,959  4,695 
Other 3,846  2,709 
Total deferred tax assets 26,344  10,857 
Deferred tax liabilities
Amortization of goodwill (11,860) (8,647)
Property, plant and equipment (66,216) (32,939)
Interest rate swap contract (2,115) (6,343)
Other (5) (49)
Total deferred tax liabilities (80,196) (47,978)
Net deferred tax liabilities $ (53,852) $ (37,121)
Schedule of Reconciliation of Net Deferred Tax Assets (Liabilities)
The following is a reconciliation of net deferred tax assets (liabilities) to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2024 and 2023 (in thousands):
September 30,
2024 2023
Asset: Deferred income taxes, net $ —  $ — 
Liability: Deferred income taxes, net (53,852) (37,121)
Net deferred tax liabilities $ (53,852) $ (37,121)
Schedule of Effective Income Tax Rate Reconciliation The following table reconciles income taxes based on the U.S. federal statutory tax rate to the Company’s income before provision for income taxes for the fiscal years ended September 30, 2024, 2023 and 2022 (in thousands):
For the Fiscal Year Ended 
September 30,
2024 2023 2022
Provision for income tax at federal statutory rate $ 19,340  $ 13,735  $ 5,941 
State income taxes 2,817  2,222  569 
Permanent differences 983  348  353 
Other 21  98  52 
Provision for income taxes $ 23,161  $ 16,403  $ 6,915