LEASES
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| Table 10.1: Details of Lease Costs | | |
| For the Year Ended September 30, |
| 2025 | | 2024 | | 2023 |
| (in thousands) |
| Operating lease cost | $ | 56,104 | | | $ | 69,071 | | | $ | 76,630 | |
| Short-term lease cost | 4,165 | | | 8,699 | | | 7,729 | |
| Variable lease cost | 13,872 | | | 11,057 | | | 12,417 | |
| Total operating lease costs | $ | 74,141 | | | $ | 88,827 | | | $ | 96,776 | |
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| Table 10.2: Future Minimum Lease Payments Under Non-cancelable Operating Leases |
| Amount Due | | | | |
| (in thousands) |
| Year ended September 30, 2026 | $ | 44,043 | | | | | |
| Year ended September 30, 2027 | 36,628 | | | | | |
| Year ended September 30, 2028 | 26,382 | | | | | |
| Year ended September 30, 2029 | 8,663 | | | | | |
| Year ended September 30, 2030 | 3,016 | | | | | |
| Thereafter | 2,033 | | | | | |
| Total minimum lease payments | 120,765 | | | | | |
| Less: Imputed interest | (10,871) | | | | | |
| Total lease liabilities | $ | 109,894 | | | | | |
Our weighted average remaining lease term as of September 30, 2025, is 3.1 years.
For the years ended September 30, 2025, September 30, 2024, and September 30, 2023, we made cash payments of $64.5 million, $75.3 million, and $77.6 million for amounts included in our lease liabilities, respectively. New or amended leases resulted in additional right-of-use assets of $29.6 million, $27.7 million, and $109.4 million for the same periods, respectively.
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.