Subsequent Events |
12 Months Ended |
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Sep. 30, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS On October 6, 2021, we completed the acquisition of the student loan servicing business from Navient, rebranded as Aidvantage. The purchase price consideration is contingent upon future operating results; we estimate that total payments will total approximately $15.3 million. We estimate intangibles associated with the acquisition to be approximately $14.9 million, which we expect to amortize over 27 months. We acquired this business to supplement our existing portfolio of services to the U.S. Department of Education. This business has been integrated into our U.S. Federal Services Segment.
On October 8, 2021, our Board of Directors declared a quarterly cash dividend of $0.28 for each share of our common stock outstanding. The dividend is payable on November 30, 2021, to shareholders of record on November 15, 2021. Based upon the number of shares outstanding, we anticipate a cash payment of approximately $17.3 million.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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