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Segment Information and Major Customers
 12 Months Ended
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,
202420232022
Revenue
IoT Products & Services$324,444 $345,680 $297,645 
IoT Solutions99,602 99,169 90,580 
Total revenue$424,046 $444,849 $388,225 
Gross Profit
IoT Products & Services$177,201 $187,958 $160,117 
IoT Solutions72,705 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 Solutions20,615 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,
202420232022
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,
20242023
IoT Products & Services$376,998 $384,018 
IoT Solutions410,567 419,820 
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,
20242023
United States$34,416 $28,631 
International, primarily Europe499 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.