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Segment Information and Major Customers | 12 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION AND MAJOR CUSTOMERS | SEGMENT INFORMATION AND MAJOR CUSTOMERS We have two reportable segments that also serve as our operating segments: (i) IoT Products & Services and (ii) IoT Solutions. This determination was made by considering both qualitative and quantitative information. The qualitative information included, but was not limited to, the following: each segment is led by a single segment manager that reports to the Chief Operating Decision Maker (CODM), the nature of the products and services and customers differ between the two segments, discrete financial information is available through gross profit for both segments and the CODM is reviewing both segments’ financial information separately to make decisions about the allocation of resources. IoT Products & Services derives revenue from the sale of products and services that help original equipment manufacturers ("OEMs"), enterprise and government customers create and deploy, secure IoT connectivity solutions. IoT Solutions derives revenue from the sale of software-based services that are enabled through the use of connected devices that utilize cellular communications. Our CEO is our CODM and the metric he uses to measure profitability within each of our reportable segments is segment gross profit. Summary operating results for each of our segments were as follows (in thousands):
|  |  |  | Year ended September 30,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 324,444 |  |  | $ | 345,680 |  |  | $ | 297,645 |
IoT Solutions |  |  |  |  |  | 99,602 |  |  | 99,169 |  |  | 90,580 |
Total revenue |  |  |  |  |  | $ | 424,046 |  |  | $ | 444,849 |  |  | $ | 388,225 |
Gross Profit |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 177,201 |  |  | $ | 187,958 |  |  | $ | 160,117 |
IoT Solutions |  |  |  |  |  | 72,705 |  |  | 64,245 |  |  | 56,169 |
Total gross profit |  |  |  |  |  | $ | 249,906 |  |  | $ | 252,203 |  |  | $ | 216,286 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 12,446 |  |  | $ | 12,544 |  |  | $ | 13,974 |
IoT Solutions |  |  |  |  |  | 20,615 |  |  | 19,432 |  |  | 19,865 |
Total depreciation and amortization |  |  |  |  |  | $ | 33,061 |  |  | $ | 31,976 |  |  | $ | 33,839 |
Total expended for property, plant and equipment was as follows (in thousands):
| Year ended September 30,
| 2024 |  | 2023 |  | 2022
IoT Products & Services | $ | 1,005 |  |  | $ | 588 |  |  | $ | 1,952 |
IoT Solutions* | 845 |  |  | 3,510 |  |  | 22 |
Total expended for property, plant and equipment | $ | 1,850 |  |  | $ | 4,098 |  |  | $ | 1,974 |
* Excluded from this amount is $12.3 million, $3.9 million and $6.2 million of transfers of inventory to property plant and equipment for subscriber assets for the year ended September 30, 2024, 2023 and 2022, respectively. 4. SEGMENT INFORMATION AND MAJOR CUSTOMERS (CONTINUED) Total assets for each of our segments were as follows (in thousands):
|  | As of September 30,
|  | 2024 |  | 2023
IoT Products & Services |  | $ | 376,998 |  |  | $ | 384,018 |
IoT Solutions |  | 410,567 |  |  | 419,820 |
Unallocated* |  | 27,510 |  |  | 31,693 |
Total assets |  | $ | 815,075 |  |  | $ | 835,531 |
*Unallocated consists of cash and cash equivalents. Net property, equipment and improvements by geographic location were as follows (in thousands):
|  | As of September 30,
|  | 2024 |  | 2023
United States |  | $ | 34,416 |  |  | $ | 28,631 |
International, primarily Europe |  | 499 |  |  | 477 |
Total net property, equipment and improvements |  | $ | 34,915 |  |  | $ | 29,108 |
Our U.S. export sales represented 28.7%, 27.2% and 22.1% of revenue for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. No single customer exceeded 10% of revenue or accounts receivable for any of the periods presented.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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