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Segment Information
9 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
In the third quarter of fiscal 2024, we restructured our management structure to appoint a single segment manager over IoT Products & Services and a single manager over IoT Solutions. As a result we have two operating segments. These two operating segments also serve as our reportable segments: IoT Products & Services and IoT Solutions. Each operating segment is now led by a single segment manager. 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 Chief Operating Decision Maker ("CODM"). The measures the CODM uses to measure profitability within each of our reportable segments is segment gross profit.
Summary operating results for each of our segments were (in thousands):
Three months ended June 30,Nine months ended June 30,
2024202320242023
Revenue
IoT Products & Services$80,003 $87,358 $245,416 $257,593 
IoT Solutions25,200 24,878 73,578 75,093 
Total revenue$105,203 $112,236 $318,994 $332,686 
Gross Profit
IoT Products & Services Operating Segments Gross Profit$43,501 $47,229 $132,421 $140,367 
IoT Solutions Operating Segments Gross Profit18,757 16,590 53,255 47,845 
Total gross profit$62,258 $63,819 $185,676 $188,212 
Total depreciation and amortization expense was (in thousands):
Three months ended June 30,Nine months ended June 30,
2024202320242023
IoT Products & Services$3,111 $3,108 $9,316 $9,446 
IoT Solutions5,187 4,896 15,098 14,516 
Total depreciation and amortization$8,298 $8,004 $24,414 $23,962 
Total expended for property, plant and equipment was (in thousands):
Nine months ended June 30,
20242023
IoT Products & Services$581 $362 
IoT Solutions*475 3,291 
Total expended for property, plant and equipment$1,056 $3,653 
* Excluded from these amounts are $8,354 and $3,175 of transfers of inventory to property plant and equipment for subscriber assets for the nine months ended June 30, 2024 and 2023, respectively.
Total assets for each of our segments were (in thousands):
June 30,
2024
September 30,
2023
IoT Products & Services$389,469 $384,018 
IoT Solutions402,620 419,820 
Unallocated*28,337 31,693 
Total assets$820,426 $835,531 
*Unallocated consists of cash and cash equivalents.