Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Oct. 31, 2020 | Mar. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | GEOSPACE TECHNOLOGIES CORP | ||
Entity Central Index Key | 0001001115 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | GEOS | ||
Security Exchange Name | NASDAQ | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 85 | ||
Entity Common Stock, Shares Outstanding | 13,670,639 | ||
Entity Incorporation, State or Country Code | TX | ||
Entity File Number | 001-13601 | ||
Entity Tax Identification Number | 76-0447780 | ||
Entity Address, Address Line One | 7007 Pinemont Drive | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77040-6601 | ||
City Area Code | (713) | ||
Local Phone Number | 986-4444 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for the Registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 32,686 | $ 18,925 |
Trade accounts and financing receivables, net of allowance of $496 and $951 | 13,778 | 27,426 |
Inventories, net | 16,933 | 23,855 |
Property held for sale | 587 | |
Prepaid expenses and other current assets | 953 | 1,008 |
Total current assets | 64,937 | 71,214 |
Non-current financing receivables | 184 | |
Non-current inventories, net | 16,930 | 21,524 |
Rental equipment, net | 54,317 | 62,062 |
Property, plant and equipment, net | 29,874 | 31,474 |
Goodwill | 4,337 | 5,008 |
Other intangible assets, net | 8,331 | 10,063 |
Deferred cost of revenue and other assets | 8,119 | 479 |
Total assets | 186,845 | 202,008 |
Current liabilities: | ||
Accounts payable trade | 1,593 | 4,051 |
Deferred revenue and other liabilities | 8,753 | 9,119 |
Total current liabilities | 10,346 | 13,170 |
Contingent consideration | 10,962 | 9,940 |
Non-current deferred revenue and other liabilities | 4,567 | 51 |
Total liabilities | 25,875 | 23,161 |
Commitments and contingencies (Note 20) | ||
Stockholders’ equity: | ||
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $.01 par value, 20,000,000 shares authorized, 13,670,639 and 13,630,666 shares issued and outstanding | 137 | 136 |
Additional paid-in capital | 90,965 | 88,660 |
Retained earnings | 86,566 | 105,808 |
Accumulated other comprehensive loss | (16,698) | (15,757) |
Total stockholders’ equity | 160,970 | 178,847 |
Total liabilities and stockholders’ equity | $ 186,845 | $ 202,008 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Trade accounts and financing receivables, allowance | $ 496 | $ 951 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,670,639 | 13,630,666 |
Common stock, shares outstanding | 13,670,639 | 13,630,666 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||
Products | $ 34,136 | $ 45,847 |
Revenue, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Rental equipment | $ 53,699 | $ 49,962 |
Total revenue | 87,835 | 95,809 |
Cost of revenue: | ||
Products | $ 39,970 | $ 46,059 |
Revenue, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Rental equipment | $ 24,433 | $ 18,322 |
Total cost of revenue | 64,403 | 64,381 |
Gross profit | 23,432 | 31,428 |
Operating expenses: | ||
Selling, general and administrative | 23,068 | 23,626 |
Research and development | 16,569 | 15,495 |
Goodwill impairment | 671 | |
Change in estimated fair value of contingent consideration | 1,100 | (2,115) |
Bad debt expense | 63 | 436 |
Total operating expenses | 41,471 | 37,442 |
Gain on disposal of property | 7,047 | |
Income (loss) from operations | (18,039) | 1,033 |
Other income (expense): | ||
Interest expense | (38) | (99) |
Interest income | 1,102 | 1,308 |
Foreign exchange gains, net | 491 | 241 |
Other, net | (109) | (212) |
Total other income, net | 1,446 | 1,238 |
Income (loss) before income taxes | (16,593) | 2,271 |
Income tax expense | 2,649 | 2,417 |
Net loss | $ (19,242) | $ (146) |
Loss per common share: | ||
Basic | $ (1.42) | $ (0.01) |
Diluted | $ (1.42) | $ (0.01) |
Weighted average common shares outstanding: | ||
Basic | 13,525,179 | 13,388,626 |
Diluted | 13,525,179 | 13,388,626 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (19,242) | $ (146) |
Other comprehensive income (loss): | ||
Change in unrealized gains on available-for-sale securities, net of tax | 82 | |
Foreign currency translation adjustments | (941) | (220) |
Other comprehensive loss | (941) | (138) |
Total comprehensive loss | $ (20,183) | $ (284) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Sep. 30, 2018 | $ 176,587 | $ 136 | $ 86,116 | $ 105,954 | $ (15,619) |
Beginning Balance, Shares at Sep. 30, 2018 | 13,600,541 | ||||
Net loss | (146) | (146) | |||
Other comprehensive loss | (138) | (138) | |||
Issuance of restricted stock, Shares | 8,000 | ||||
Forfeiture of restricted stock, Shares | (2,875) | ||||
Issuance of common stock pursuant to the vesting of restricted stock units, Shares | 500 | ||||
Issuance of common stock pursuant to exercise of options | $ 215 | 215 | |||
Issuance of common stock pursuant to the exercise of stock options, Shares | 24,500 | 24,500 | |||
Stock-based compensation | $ 2,329 | $ 0 | 2,329 | ||
Ending Balance at Sep. 30, 2019 | $ 178,847 | $ 136 | 88,660 | 105,808 | (15,757) |
Ending Balance, Shares at Sep. 30, 2019 | 13,630,666 | 13,630,666 | |||
Net loss | $ (19,242) | (19,242) | |||
Other comprehensive loss | (941) | (941) | |||
Forfeiture of restricted stock, Shares | (1,750) | ||||
Issuance of common stock pursuant to the vesting of restricted stock units | 1 | $ 1 | |||
Issuance of common stock pursuant to the vesting of restricted stock units, Shares | 41,723 | ||||
Stock-based compensation | 2,305 | 2,305 | |||
Ending Balance at Sep. 30, 2020 | $ 160,970 | $ 137 | $ 90,965 | $ 86,566 | $ (16,698) |
Ending Balance, Shares at Sep. 30, 2020 | 13,670,639 | 13,670,639 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (19,242) | $ (146) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Deferred income tax expense | 181 | 16 |
Rental equipment depreciation | 17,945 | 13,713 |
Property, plant and equipment depreciation | 4,016 | 3,965 |
Amortization of other intangible assets | 1,732 | 1,661 |
Goodwill impairment expense | 671 | |
Amortization of premiums on short-term investments | (9) | |
Stock-based compensation expense | 2,305 | 2,329 |
Bad debt expense | 63 | 436 |
Inventory obsolescence expense | 4,726 | 4,614 |
Change in estimate of collectability of rental revenue | 7,993 | |
Change in estimated fair value of contingent consideration | 1,100 | (2,115) |
Gross profit from sale of used rental equipment | (743) | (652) |
Gain on disposal of property | (7,047) | |
Gain on disposal of equipment | (116) | (100) |
Realized loss on short-term investments | 66 | |
Effects of changes in operating assets and liabilities: | ||
Trade accounts and other receivables | 2,482 | (9,159) |
Inventories | 5 | (1,865) |
Deferred cost of revenue and other assets | (7,786) | 343 |
Accounts payable trade | (2,453) | (44) |
Deferred revenue and other liabilities | 5,243 | (377) |
Net cash provided by operating activities | 18,122 | 5,629 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (2,916) | (1,936) |
Investment in rental equipment | (5,487) | (34,070) |
Proceeds from the sale of property | 8,265 | |
Proceeds from the sale of equipment | 204 | 142 |
Proceeds from the sale of used rental equipment | 4,149 | 4,856 |
Proceeds from the sale of short-term investments | 25,606 | |
Business acquisition, net of acquired cash | (1,819) | |
Payments for damages related to insurance claim | (650) | |
Proceeds from insurance claim | 1,166 | |
Net cash (used in) provided by investing activities | (4,050) | 1,560 |
Cash flows from financing activities: | ||
Payments on contingent consideration | (78) | |
Proceeds from exercise of stock options and other | 215 | |
Net cash provided by (used in) financing activities | (78) | 215 |
Effect of exchange rate changes on cash | (233) | (413) |
Increase in cash and cash equivalents | 13,761 | 6,991 |
Cash and cash equivalents, beginning of fiscal year | 18,925 | 11,934 |
Cash and cash equivalents, end of fiscal year | $ 32,686 | $ 18,925 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies: The Company Geospace Technologies Corporation (“Geospace”) designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. Geospace also designs and manufactures Adjacent Markets products including industrial products, imaging equipment, and provides contract manufacturing services, and Emerging Market products consisting of border and perimeter security products. Geospace and its subsidiaries are referred to collectively as the “Company”. Basis of Presentation The accompanying financial statements present the consolidated financial position, results of operations and cash flows of the Company in accordance with accounting principles generally accepted in the United States of America. All intercompany balances and transactions have been eliminated. Reclassifications Certain amounts previously presented in the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on previously reported net loss, stockholders’ equity or cash flows. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to bad debt reserves, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets and intangible assets, contingent consideration, investment in debt security and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may differ from these estimates under different conditions or assumptions. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with an original or remaining maturity at the time of purchase of three months or less to be cash equivalents. At September 30, 2020 cash and cash equivalents included $5.8 million held by the Company’s foreign subsidiaries and branch offices. If the Company were to repatriate the cash held by its foreign subsidiaries, it could be required to accrue and pay taxes on any amount repatriated. The Tax Cut and Jobs Act (“2017 Tax Act”) creates new taxes on certain foreign earnings and also requires entities to pay a one-time transition tax on undistributed earnings of their foreign subsidiaries which were previously tax deferred. The Company has determined it is not required to pay transition tax on the undistributed earnings of its foreign subsidiaries since it had no accumulated foreign earnings on a consolidated basis. Concentrations of Credit and Supplier Risk The Company maintains its cash in bank deposit accounts that, at times, exceed federally insured limits. Management of the Company believes that the financial strength of the financial institutions holding such deposits minimizes the credit risk of such deposits. The Company sells products to customers throughout the United States and various foreign countries. The Company’s normal credit terms for trade receivables are 30 days. In certain situations, credit terms may be extended to 60 days or longer. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for its trade receivables. Additionally, the Company provides long-term financing in the form of promissory notes and sales-type leases when competitive conditions require such financing. In such cases, the Company may require collateral. Allowances are recognized for potential credit losses. One customer comprised 48.2% of the Company’s revenue during fiscal year 2020. At September 30, 2020, the Company had trade account receivables due from this customer of $7.3 million. Two customers comprised 25.2% and 19.7%, of the Company’s revenue during fiscal year 2019. At September 30, 2019, the Company had trade account receivables due from these two customers of $ 12.1 million and $ 6.7 million , respectively. Certain models of the Company’s oil and gas marine wireless products require a timing device it purchases from a United States manufacturer. The Company currently does not possess the ability to manufacture this component and has no other reliable source for this device. If this manufacturer were to discontinue its production of this timing device, were to become unwilling to contract with the Company on competitive terms or were unable to supply the component in sufficient quantities to meet its requirements, the Company’s ability to compete in the marine wireless marketplace could be impaired, which could adversely affect its financial performance. Product sales requiring this device accounted for approximately 2% of the Company’s revenue during fiscal year 2020. The Company purchases all of its thermal film from one manufacturer for its imaging products. Except for the film sold to the Company by this manufacturer, the Company knows of no other source for thermal film that performs as well in its imaging equipment. If the manufacturer were to discontinue producing thermal film, were to become unwilling to contract with the Company on competitive terms or were unable to supply thermal film in sufficient quantities to meet its requirements, the Company’s ability to compete in the direct thermal imaging marketplace could be impaired, which could adversely affect its financial performance. Thermal film sales represented approximately 8% of the Company’s revenue in fiscal year 2020. Inventories The Company records a write-down of its inventories when the cost basis of any manufactured product, including any estimated future costs to complete the manufacturing process, exceeds its net realizable value. Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method, except that certain of the Company’s foreign subsidiaries use an average cost method to value their inventories. The Company periodically reviews the composition of its inventories to determine if market demand, product modifications, technology changes, excessive quantities on-hand and other factors hinder our ability to recover its investment in such inventories. The Company’s assessment is based upon historical product demand, estimated future product demand and various other judgments and estimates. Inventory obsolescence reserves are recorded when such assessments reveal that portions or components of the Company’s inventory investment will not be realized in its operating activities. The Company reviews it inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during its next operating cycle are classified as noncurrent assets. Property, Plant and Equipment and Rental Equipment Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: Years Rental equipment 2-5 Property, plant and equipment: Machinery and equipment 3-15 Buildings and building improvements 10-50 Other 5-10 Expenditures for renewals and betterments are capitalized. Repairs and maintenance expenditures are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is reflected in the statements of operations. Impairment of Long-lived Assets The Company’s long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates the carrying amount of an asset or group of assets may not be recoverable. The impairment review, if necessary, includes a comparison of expected future cash flows (undiscounted and without interest charges) to be generated by an asset group with the associated carrying value of the related assets. If the carrying value of the asset group exceeds the expected future cash flows, an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. Impairment charges are included as a component of cost of revenue in the Company’s consolidated statements of operations. Goodwill The Company conducts its evaluation of goodwill at the reporting unit level on an annual basis as of September 30 and more frequently if events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The guidance on the testing of goodwill for impairment provides the option to first assess qualitative factors to determine if the fair value of a reporting unit exceeds its carrying amount. If, based on the qualitative assessment of events or circumstances, an entity determines it is more likely than not that the fair value of a reporting unit is more than its carrying amount then it is not necessary to perform a quantitative assessment. However, if an entity concludes otherwise, then a quantitative assessment must be performed. If, based on the quantitative assessment, the Company determines that the fair value of a reporting unit is less that its carrying amount, a goodwill impairment is recognized equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of the goodwill. At September 30, 2020, the Company assessed the goodwill associated with both its Oil and Gas Markets and Emerging Markets reporting units for impairment. The assessment primarily utilized an income approach based on discounted cash flows. As a result of the assessment, the Company determined that the fair market value of its Oil and Gas Markets reporting unit was less than its carrying amount and recorded an impairment charge of $0.7 million for the goodwill associated with this reporting unit. No impairment was indicated on the goodwill associated with its Emerging Markets reporting unit. The Company has no goodwill associated with its Adjacent Markets reporting unit. Other Intangible Assets Intangible assets are carried at cost, net of accumulated amortization. The estimated useful life of the Company’s other intangible assets are evaluated each reporting period to determine whether events or circumstances warrant a revision to the remaining amortization period. If the estimate of an intangible asset’s remaining useful life is changed, the amortization period should be changed prospectively. Amortization expense is calculated using the straight-line method over the following estimated useful lives: Years Developed technology 18 Trade names 5 Customer relationships 4 Non-compete agreements 4 Revenue Recognition See Note 2 to these consolidated financial statements. Deferred Revenue The Company records deferred revenue when customer funds are received prior to the recognition of the associated revenue. Contingent Consideration The Company established earn-out liabilities in connection with its business acquisitions in fiscal year 2018 and 2019. The Company engaged the services of a valuation firm to measure the initial fair value of the earn-out liabilities as of the acquisition date for each business. The valuation technique used to measure the fair value of the liability was derived from models utilizing market observable inputs. The Company reviews the fair value of its contingent earn-out liabilities on a quarterly basis. Adjustments to the liabilities, if any, are included as a component of earnings in the consolidated statements of operations. See Note 20 to these consolidated financial statements for additional information. Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. Product Warranties Most of the Company’s products do not require installation assistance or sophisticated instructions. The Company offers a standard product warranty obligating it to repair or replace equipment with manufacturing defects. The Company maintains a reserve for future warranty costs based on historical experience or, in the absence of historical product experience, management’s estimates. Reserves for future warranty costs are included within accrued expenses and other current liabilities on the consolidated balance sheets. Changes in the product warranty reserve are reflected in the following table (in thousands): Balance at October 1, 2018 $ 688 Accruals for warranties issued during the year 386 Settlements made (in cash or in kind) during the year (845 ) Balance at September 30, 2019 229 Accruals for warranties issued during the year 790 Settlements made (in cash or in kind) during the year (761 ) Balance at September 30, 2020 $ 258 Stock-Based Compensation The Company accounts for stock-based compensation, including grants of restricted awards and unqualified stock options in accordance with Accounting Standards Codification Topic 718, which requires that all share-based payments (to the extent that they are compensatory) be recognized as an expense in the Company’s consolidated statements of operations based on their fair values on the award date and the estimated number of shares it ultimately expects to vest. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the award. The Company’s stock-based compensation plan and awards are more fully described in Note 16 to these consolidated financial statements. Foreign Currency Gains and Losses The assets and liabilities of the Company’s foreign subsidiaries and branch offices that have a foreign currency as their functional currency have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations have been translated using the average exchange rates during the year. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. Foreign currency transaction gains and losses are included in the statements of operations as they occur. Transaction gains and losses on intra-entity foreign currency transactions and balances, including advances and demand notes payable on which settlement is not planned or anticipated in the foreseeable future, are recorded in “accumulated other comprehensive loss” on our consolidated balance sheets. Fair Value Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. U.S. generally accepted accounting principles (“GAAP”) has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Income Taxes Income taxes are presented in accordance with the Accounting Standards Codification Topic 740 (“Topic 740”) guidance for accounting for income taxes. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company periodically reviews the recoverability of tax assets recorded on the balance sheet and provides valuation allowances if it is more likely than not that such assets will not be realized. The Company follows the guidance of Topic 740 to analyze all tax positions that are less than certain. Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with Topic 740, the Company recognizes in its financial statements the impact of a tax position if that position is “more likely than not” to be sustained on audit, based on the technical merits of the position. The Company’s estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts, and circumstances existing at that time. The Company classifies interest and penalties associated with the payment of income taxes, if any, in the Other Income (Expense) section of its consolidated statements of operations. The Company incurred no interest or penalties for the fiscal years ended September 30, 2020 and 2019. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance requiring a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement and presentation of expense and cash flows arising from a lease by a lessee primarily will depend on its classification of the lease as a finance or operating lease. However, unlike prior guidance, which requires only capital leases to be recognized on the balance sheet, the new guidance requires operating leases of the lessee to be recognized on the balance sheet if the operating lease term is more than 12 months. The guidance also requires lessors to write-off any lease receivables when assessment of collectability of future lease payments is not probable and the write-off be recorded as a reduction of lease income as opposed to bad debt expense. The guidance also requires disclosures to help investors and other financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The Company adopted this guidance on October 1, 2019 using the optional transition method, which allows it to initially apply the new guidance at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. No adjustment to the opening balance of retained earnings was required upon adoption. As a lessor of rental equipment, the adoption of this guidance had a material impact on the Company’s consolidated financial statements as it is now required to write-off existing operating lease receivables as a reduction of lease income when collectability of an operating lease receivable becomes less than probable. In June 2018, the FASB issued guidance expanding the scope of ASC Topic 718, Compensation - Stock Compensation In August 2018, the FASB issued guidance requiring certain existing disclosure requirements in ASC Topic 820, Fair Value Measurements and Disclosures In January 2017, the FASB issued guidance simplifying the current two-step goodwill impairment test by eliminating Step 2 of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for the interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this guidance on July 1, 2020. The adoption of this guidance was considered in our September 2020 goodwill impairment assessment. Recently Issued Accounting Pronouncements In June 2016, the FASB issued guidance surrounding credit losses for financial instruments that replaces the incurred loss impairment methodology in generally accepted accounting principles. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other financial instruments. For available-for-sale debt securities with unrealized losses, credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a small reporting company, the Company must adopt this standard no later than the first quarter of its fiscal year ending September 30, 2024. Early adoption is permitted. The standard’s provisions will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company intends to adopt this standard during the first quarter of its fiscal year ending September 30, 2024 and is currently evaluating the impact of this new guidance on its consolidated financial statements. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance eliminates certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Certain amendments within the guidance are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the guidance should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company intends to adopt this standard during the first quarter of its fiscal year ending September 30, 2022 and is currently evaluating the new guidance to determine the impact it will have on its condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition On October 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers Under the new standard, the Company recognizes revenue when performance of contractual obligations are satisfied, generally when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. The Company primarily derives product revenue from the sale of its manufactured products. Revenue from these product sales, including the sale of used rental equipment, is recognized when obligations under the terms of a contract are satisfied, control is transferred and collectability of the sales price is probable. The Company assesses collectability during the contract assessment phase. In situations where collectability of the sales price is not probable, the Company recognizes revenue when it determines that collectability is probable or non-refundable cash is received from its customers. Transfer of control generally occurs with shipment or delivery, depending on the terms of the underlying contract. The Company’s products are generally sold without any customer acceptance provisions, and the Company’s standard terms of sale do not allow customers to return products for credit. Revenue from engineering services is recognized as services are rendered over the duration of a project, or as billed on a per hour basis. Field service revenue is recognized when services are rendered and is generally priced on a per day rate. The Company also generates revenue from short-term rentals under operating leases of its manufactured products. Rental revenue is recognized as earned over the rental period if collectability of the rent is probable. Rentals of the Company’s equipment generally range from daily rentals to minimum rental periods of up to six months or longer. The Company has determined that ASC 606 does not apply to rental contracts, which are within the scope of ASC Topic 842, Leases The cumulative effect of the changes made to the Company’s consolidated balance sheet as of October 1, 2018 resulting from the adoption of ASC 606 the new standard was not material and did not impact beginning retained earnings. The impact on the timing of sales and services for the fiscal year ended September 30, 2019 resulting from the application of the new standard was not material. As permissible under the new standard, sales taxes and transaction-based taxes are excluded from revenue. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Additionally, the Company expenses costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses. The Company has elected to treat shipping and handling activities in a sales transaction after the customer obtains control of the good as a fulfillment cost and not as a promised good service. Accordingly, fulfillment costs related to the shipping and handling of goods are accrued at the time of shipment. Amounts billed to a customer in a sales transaction related to reimbursable shipping and handling costs are included in revenue and the associated costs incurred by the Company for reimbursable shipping and handling expenses are reported in cost of sales. The Company incurred shipping and handling expenses of $0.3 million and $0.5 million, respectively, for the fiscal years ended September 30, 2020 and 2019, respectively. During the second quarter of fiscal year 2020, the Company partially financed a $12.5 million product sale by entering into a $10.0 million promissory note with the customer. The note is for a three-year During the third quarter of fiscal year 2020, the Company was awarded a $10.7 million contract (inclusive of a subsequent contract amendment of $0.3 million) with the U.S. Customs and Border Protection U.S. Border Patrol to provide a technology solution to the Department of Homeland Security. Revenue recognized under the contract for fiscal year 2020 was $0.3 million. Unrecognized revenue for unsatisfied performance obligations on this contract at September 30, 2020 was $10.4 million. The Company anticipates the majority of the revenue on the remaining performance obligation on this contract will be recognized in fiscal year 2021. Unsatisfied performance obligations on all other contracts held by the Company at September 30, 2020 had an original duration of one year or less. At September 30, 2020 and September 30, 2019, the Company had deferred contract liabilities of $0.2 million and zero, respectively, included as a component of deferred revenue. The Company had no deferred contract costs at September 30, 2020 and September 30, 2019. During fiscal year 2020, the Company recognized no revenue or cost of revenue from deferred contract liabilities or deferred contract costs. During the fiscal year ended September 30, 2019, the Company recognized revenue of $0.2 million from deferred contract liabilities and cost of revenue of $27,000 from deferred contract costs. For each of the Company’s operating segments, the following table presents revenue only from the sale of products and the performance of services under contracts with customers (in thousands). The table excludes all revenue earned from rental contracts. YEAR ENDED SEPTEMBER 30, 2020 2019 Oil and Gas Markets Product and Services Revenue: Traditional exploration $ 5,849 $ 8,712 Wireless exploration 1,421 4,362 Reservoir 805 2,554 Total revenue 8,075 15,628 Adjacent Markets Product and Services Revenue: Industrial 15,622 18,324 Imaging 9,705 11,736 Total revenue 25,327 30,060 Emerging Markets Product and Services Revenue: Revenue 734 159 Total $ 34,136 $ 45,847 See Note 22 for more information on the Company’s operating segments. For each of the geographic areas where the Company operates, the following table presents revenue (in thousands) from the sale of products and services under contracts with customers. The table excludes all revenue earned from rental contracts: YEAR ENDED SEPTEMBER 30, 2020 2019 Asia $ 3,613 $ 6,025 Canada 2,054 2,558 Europe 4,813 6,569 United States 22,294 28,763 Other 1,362 1,932 $ 34,136 $ 45,847 Revenue is attributable to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not known, revenue is attributable to countries based on the geographic location of the initial shipment. |
Business Acquisition
Business Acquisition | 12 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Acquisition | 3. Business Acquisition On November 13, 2018, the Company acquired all of the intellectual property and related assets of the OptoSeis ® ® five-and-a half year In connection with the OptoSeis ® Legal costs of $0.2 million related to the OptoSeis ® For the fiscal year ended September 30, 2019, the estimated fair value of the acquired OptoSeis ® |
Investment in Debt Security
Investment in Debt Security | 12 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment in Debt Security | 4. Investment in Debt Security On July 13, 2020, the Company received an interest in a senior secured bond issued from an international seismic marine customer. The Company’s interest in the bond, which has a face value of $13.0 million, was received in exchange for $13.0 million of unpaid invoices and later fees owed by the customer. The bond is secured by a third in line lien on the assets owned by the customer and has an 8% interest rate with bi-annual interest and possible principal payments based on available excess cash flows. Interest payments can be made either in cash or in-kind payments in the form of additional debt security. In-kind interest payments require an 8.8% interest rate. The bond matures July 13, 2022. The bond is listed on the Oslo Alternative Bond Market; however, the actual marketability is unknown at this time. As of September 30, 2020, the Company performed a fair value assessment of the investment to determine the bond’s initial carrying amount. In accordance with ASC 825, “Fair Value Instruments”, the Company has determined that the investment is a Level 3 primarily due to its current unknown marketability. Because of the distressed financial condition of the customer, the Company believes the fair value of the bond is nominal. The Company has classified the investment as a held-to-maturity security. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments At September 30, 2020 and 2019, the Company’s Canadian subsidiary had CAN$3.4 million and CAN$9.3 million, respectively, of Canadian dollar denominated intercompany accounts payable owed to one of the Company’s U.S subsidiaries. In order to mitigate its exposure to movements in foreign currency rates between the U.S. dollar and Canadian dollar, the Company routinely enters into foreign currency forward contracts to hedge a portion of its exposure to changes in the value of the Canadian dollar. At September 30, 2019, the Company had a short-term hedge contract of CAN$7.0 million with a United States bank to reduce the impact on cash flows from movements in the Canadian dollar/U.S. dollar currency exchange rate, which was not designated as a hedge for accounting purposes. The Company had no hedge contracts at September 30, 2020. The following table summarizes the gross fair value of all derivative instruments, which are not designated as hedging instruments and their location in the consolidated balance sheets (in thousands): Derivative Instrument Location AS OF SEPTEMBER 30, 2020 2019 Foreign Currency Forward Contracts Accrued Expenses and Other Current Liabilities $ — $ 4 The following table summarizes the impact of the Company’s derivatives on the consolidated statements of operations (in thousands): YEAR ENDED SEPTEMBER 30, Derivative Instrument Location 2020 2019 Foreign Other Income (Expense) $ 154 $ 552 Amounts in the above table include realized and unrealized derivative gains and losses. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments The Company’s financial instruments generally included cash and cash equivalents, an investment in debt security, a foreign currency forward contract, trade and financing receivables and accounts payable. Due to the short-term maturities of cash and cash equivalents, trade and financing receivables and accounts payable, the carrying amounts approximate fair value on the respective balance sheet dates. The valuation technique used to measure the fair value of the contingent consideration and investment in debt security was derived from models utilizing market observable inputs. The Company measures its contingent consideration and foreign currency forward contracts at fair value on a recurring basis. The following tables present the fair value of the Company’s contingent consideration and foreign currency forward contract by valuation hierarchy and input (in thousands): AS OF SEPTEMBER 30, 2020 Quoted Prices in Active Markets for Identical (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) Totals Contingent consideration $ — $ — $ (10,962 ) $ (10,962 ) AS OF SEPTEMBER 30, 2019 Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable (Level 2) Significant Unobservable (Level 3) Totals Contingent consideration $ — $ — $ (9,940 ) $ (9,940 ) Foreign currency forward contract — (4 ) — (4 ) Total $ — $ (4 ) $ (9,940 ) $ (9,944 ) Assets and Liabilities Measured on a Nonrecurring Basis The measurements utilized to determine the implied fair value of the Company’s long-lived assets as of September 30, 2020 represented significant unobservable inputs (Level 3). The following table summarizes changes in the fair value of the Company’s Level 3 financial instruments for the fiscal years ended September 30, 2019 and 2020: Balance at October 1, 2018 $ 7,713 Business acquisition 4,342 Fair value adjustments (2,115 ) Balance at September 30, 2019 9,940 Fair value adjustments 1,100 Payment of contingent consideration (78 ) Balance at September 30, 2020 $ 10,962 Adjustments to the fair value of the contingent consideration are based on Monte Carlo simulations utilizing inputs which include market comparable information and management assessments regarding potential future scenarios. The Company believes its estimates and assumptions are reasonable, however, there is significant judgement involved. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | 7. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following (in thousands): Unrealized (Losses) on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance at October 1, 2018 $ (82 ) $ (15,537 ) $ (15,619 ) Other comprehensive income (loss) 82 (220 ) (138 ) Balance at September 30, 2019 $ — (15,757 ) (15,757 ) Other comprehensive loss — (941 ) (941 ) Balance at September 30, 2020 $ — $ (16,698 ) $ (16,698 ) |
Accounts and Financing Receivab
Accounts and Financing Receivables | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts and Financing Receivables | 8. Accounts and Financing Receivables Trade accounts receivable consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Trade accounts receivable $ 14,090 $ 25,144 Allowance for doubtful accounts (496 ) (951 ) $ 13,594 $ 24,193 The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses. The Company determines the allowance based upon historical experience and a current review of its accounts receivable balances. Accounts receivable balances are charged off against the allowance whenever it is probable that the receivable balance will not be recoverable. The following table summarizes changes in the Company’s allowance for doubtful accounts for the fiscal year ended September 30, 2020 (in thousands): Balance at October 1, 2019 $ 951 Bad debt expense, net of recoveries 63 Write-offs (518 ) Balance at September 30, 2020 $ 496 In fiscal year 2020, the Company entered into an agreement with an international seismic marine customer to transition $13.0 million of unpaid invoices and late fees into a senior secured bond having a face value of $13.0 million. The bond was issued to the Company in July 2020. The customer had rented a significant amount of marine nodal equipment from the Company. The Company has experienced cash collection difficulties with this customer throughout fiscal year 2019 and through the third quarter of fiscal year 2020 due to the customer’s inability to generate sufficient cash flows to pay its obligations in a timely manner. During fiscal year 2020, the Company recorded an $8.0 million reversal of an operating lease receivable resulting in an $8.0 million charge to rental revenue to reduce to zero the carrying value of an operating lease receivable owed by the customer. During fiscal year 2020, the Company received cash payments of $8.1 million from this customer. Since the inception of the lease during fiscal year 2018, the Company has received cash payments in excess of $24 million from this customer. See Note 4 – Investment in Debt Security for more information on the Company’s senior secured bond. Financing receivables are reflected in the following table (in thousands): AS OF SEPTEMBER 30, 2020 2019 Promissory notes $ 184 $ 780 Sales-type lease — 2,692 Total financing receivables 184 3,472 Unearned income: Sales-type lease — (55 ) Total unearned income — (55 ) Total financing receivables, net of unearned income 184 3,417 Less current portion (184 ) (3,233 ) Non-current financing receivables $ — $ 184 Promissory notes receivable are generally collateralized by the products sold, and bear interest at rates ranging up to 7% per year. The promissory notes receivable (including the unrecognized $10.0 million promissory note receivable disclosed below) mature at various times through January 2023. The Company has, on occasion, extended or renewed notes receivable as they mature, but there is no obligation to do so. During the second quarter of fiscal year 2020, the Company partially financed a $12.5 million product sale by entering into a $10.0 million secured promissory note with a customer. The note has a three-year The Company entered into a sales-type lease in September 2017 resulting from the sale of rental equipment. The sales-type lease had a term of three years. At September 30, 2020, the Company had received all payment obligations required under the lease and ownership of equipment was transferred to the lessee. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 9. Inventories Inventories consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Finished goods $ 20,798 $ 17,967 Work in process 984 3,681 Raw materials 47,041 55,781 Obsolescence reserve (34,960 ) (32,050 ) 33,863 45,379 Less current portion 16,933 23,855 Non-current portion $ 16,930 $ 21,524 Inventory obsolescence expense totaled approximately $4.7 million and $4.6 million during fiscal years 2020 and 2019, respectively. Raw materials include semi-finished goods and component parts that totaled approximately $24.3 million and $25.2 million at September 30, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases As Lessee The Company has elected not to record operating right-of-use assets or operating lease liabilities on its consolidated balance sheet for leases having a minimum term of 12 months or less. Such leases are expensed on a straight-line basis over the lease term. The Company has one operating right-of use asset related to a leased facility in Austin, Texas. The lease commenced in May 2019 and is for a two-year term. The operating right-of-use asset had a balance of $0.1 million as of September 30, 2020 Future minimum lease payments related to the operating lease as of September 30, 2020 were as follows (in thousands): For fiscal years ending September 30, 2021 $ 84 Less interest (1 ) $ 83 Supplemental cash flow information related to the operating leases is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 Cash paid for amounts included in the measurement of lease liability $ 165 Right-of-use asset established upon adoption of ASC 842 219 As Lessor The Company leases equipment to customers primarily for minimum terms of six months or less. The majority of the Company’s rental revenue is generated from its marine-based wireless seismic data acquisition system. All of the Company’s leasing arrangements as lessor are classified as operating leases except for one sales-type lease at September 30, 2019. The Company had no sales-type leases at September 30, 2020. The Company regularly evaluates the collectability of its lease receivables on a lease by lease basis. The evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer, historical trends of the customer and current economic conditions. The Company suspends revenue recognition when the collectability of amounts due are no longer probable and concurrently records a direct write-off of the lease receivable to rental revenue to limit rental revenue recognized to the cash collections received. As of September 30, 2020, the Company had lease receivables from customers, net of reserves, of $9.3 million. Rental revenue for fiscal years 2020 and 2019 was $53.7 million and $50.0 million, respectively. At September 30, 2020, the Company had no future minimum lease obligations due from its leasing customers as all equipment leased was on month-to-month terms. Rental equipment consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Rental equipment, primarily wireless recording equipment $ 114,783 $ 107,645 Accumulated depreciation and impairment (60,466 ) (45,583 ) $ 54,317 $ 62,062 Rental equipment depreciation expense was $17.9 million and $13.7 million in fiscal years 2020 and 2019, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 11. Property, Plant and Equipment The Company owns a property located in Bogot á costs to sell of t he property exceeds its carrying value and that the property will be sold within the next 12-months. The property is unencumbered. The Company continues to operate on a reduced scale in Colombia . On August 1, 2019, the Company sold its real property located at 7334-7340 Gessner Road, Houston, Texas for a cash price of $8.3 million and realized a gain on disposal of property of $7.0 million. The property was unencumbered. Property, plant and equipment consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Land and land improvements $ 7,703 $ 7,933 Building and building improvements 23,998 24,582 Machinery and equipment 55,359 54,760 Furniture and fixtures 1,368 1,376 Tools and molds 2,959 2,710 Construction in progress 1,431 512 Leasehold improvements 88 85 Transportation equipment 75 75 92,981 92,033 Accumulated depreciation and impairment (63,107 ) (60,559 ) $ 29,874 $ 31,474 Property, plant and equipment depreciation expense was $4.0 million for each of the fiscal years ended September 30, 2020 and 2019. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets In connection with the acquisition of Quantum in July 2018, the Company recorded goodwill of $4.3 million and other intangible assets of $8.2 million. The operations of Quantum represent the Company’s Emerging Markets reporting unit. In connection with the November 2018 acquisition of all the intellectual property and related assets of the OptoSeis ® ® At September 30, 2020, the Company assessed the goodwill associated with both its Oil and Gas Markets and Emerging Markets reporting units for impairment. The fair value of the reporting units were estimated using the expected present value of future cash flows and judgements, recent industry multiples and using estimates, judgements and assumptions that management believes were appropriate under the circumstances. The estimates and judgments used in the assessment included multiples for EBITDA, the weighted average cost of capital, and the terminal growth rate. The Company determined the future cash flow and industry multiple analyses provided the best estimate of the fair value of its reporting units. Key assumptions in the impairment analysis include revenue and EBITDA projections, discount rates, long-term growth rates, and the effective tax rate the Company determined to be appropriate. he total Company’s estimate of reporting unit fair values was reconciled to its then market capitalization (based upon the stock market price) plus an estimated control premium. As a result of the assessment, t he Company determined that the fair market value of its Oil and Gas Markets reporting unit was less than its carrying amount and recorded an impairment charge of $ million for the entire goodwill associated with this reporting unit. The primary factors impacting the decrease in fair value of the Oil and Gas Markets reporting unit was the decline in current market conditions, including our share price, and the current outlook for sales and operating performance. No impairment was indicated on the goodwill associated with the Company’s Emerging Markets reporting unit. The Company has no goodwill associated with its Adjacent Markets reporting unit. Also see Note 1 to these consolidated financial statements. As a result of these acquisitions, the Company’s consolidated goodwill and other intangible assets consisted of the following (in thousands): Weighted-Average Remaining Useful Lives (in years) AS OF SEPTEMBER 30, 2020 2019 Goodwill $ 4,337 $ 5,008 Other intangible assets: Developed technology 16.9 $ 5,918 $ 5,918 Customer relationships 2.9 3,900 3,900 Trade names 3.9 1,930 1,930 Non-compete agreements 3.0 170 170 Total other intangible assets 10.0 11,918 11,918 Accumulated amortization (3,587 ) (1,855 ) $ 8,331 $ 10,063 Other intangible assets amortization expense was $1.7 million in each of fiscal years 2020 and 2019, respectively. As of September 30, 2020, future estimated amortization expense of other intangible assets is as follows (in thousands): For fiscal years ending September 30, 2021 $ 1,732 2022 1,624 2023 714 2024 342 2025 329 Thereafter 3,590 $ 8,331 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 13. Long-Term Debt The Company had no long-term debt outstanding at September 30, 2020 and 2019. On March 2, 2011, the Company entered into a credit agreement with Frost Bank (the “Original Credit Agreement”). The Original Credit Agreement has been amended periodically since 2011 (as so amended, the “Credit Agreement”). In November 2018, the Company extended the maturity of the Credit Agreement from April 2019 to April 2020. In March 2019, the Company entered into an amendment to the Credit Agreement that altered the unencumbered liquid assets covenant to (i) reduce the minimum threshold from $10 million to $5 million and (ii) include unencumbered assets held outside the United States. The amendment also added another financial covenant that requires the Company to maintain a tangible net worth of not less than $140 million. Additionally, pursuant to the amendment, the Company’s principal place of business and the related real estate, located at 7007 Pinemont Drive, Houston, Texas was added as collateral securing its obligations under the credit agreement. In November 2019, we further amended the credit agreement to (i) extend the maturity date from April 2020 to April 2022, (ii) increase the unencumbered liquid assets covenant threshold from $5 million to $10 million effective in the first quarter of fiscal year 2021, (iii) to increase the tangible net worth requirement from $140 million to $145 million in the first quarter of fiscal year 2021 and (iv) remove the requirement that we obtain the consent of Frost Bank prior to paying dividends or repurchasing stock so long as we are in compliance with the covenants of the credit agreement. Under the Credit Agreement, the Company can borrow up to $ 30.0 million with amounts available for borrowing determined by a borrowing base. The borrowing base is determined based upon certain of the Company’s assets which include (i) 80 % of certain accounts receivable plus (ii) 50 % of certain notes receivable (such result not to exceed $ 10 million) plus (iii) 25 % of certain inventories (such result not to exceed $ 20 million). Subject to the borrowing base calculation, as of September 30, 20 20 , the amount available for borrowing was $ 17.7 million. Several of the Company’s domestic subsidiaries have guaranteed the obligations of the Company under the Credit Agreement and such subsidiaries have secured their obligations under such guarantees by the pledge of substantially all of the assets of such subsidiaries. The Company is required to make monthly interest payments on borrowed funds. The Credit Agreement limits the incurrence of additional indebtedness and contains other covenants customary in agreements of this type. The interest rate for borrowings under the Credit Agreement is based on the Wall Street Journal prime rate, which was 3.25 % at September 30, 20 20 . At September 30, 20 20 , the Company was in compliance with all covenants under the Credit Agreement . |
Deferred Revenue and Other Liab
Deferred Revenue and Other Liabilities | 12 Months Ended |
Sep. 30, 2020 | |
Deferred Credits And Other Liabilities [Abstract] | |
Deferred Revenue and Other Liabilities | 14. Deferred Revenue and Other Liabilities Deferred revenue and other liabilities consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Deferred revenue $ 6,245 $ 2,775 Compensated absences 1,818 1,603 Payroll 1,799 1,031 Property and sales taxes 1,364 1,972 Legal and professional fees 451 356 Medical claims 437 496 Product warranty 258 229 Income taxes 54 25 Other 894 683 13,320 9,170 Less current portion 8,753 9,119 Non-current portion $ 4,567 $ 51 The Company is self-insured for certain losses related to employee medical claims. The Company has purchased stop-loss coverage for individual claims in excess of $175,000 per claimant per year in order to limit its exposure to any significant levels of employee medical claims. Self-insured losses are accrued based on the Company’s historical experience and on estimates of aggregate liability for uninsured claims incurred using certain actuarial assumptions followed in the insurance industry. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 15. Employee Benefits The Company’s U.S. employees are participants in the Geospace Technologies Corporation’s Employee’s 401(k) Retirement Plan (the “Plan”), which covers substantially all eligible employees in the United States. The Plan is a qualified salary reduction plan in which all eligible participants may elect to have a percentage of their compensation contributed to the Plan, subject to certain guidelines issued by the Internal Revenue Service. The Company’s share of discretionary matching contributions was approximately $0.8 million and $0.9 million in fiscal years 2020 and 2019, respectively. The Company’s stock incentive plans in which key employees may participate are discussed in Note 16 to these consolidated financial statements. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 16. Stockholders’ Equity In September 1997, the board of directors and stockholders approved the 1997 Key Employee Stock Option Plan (as amended the “1997 Plan”) and, following amendments thereto, there has been reserved an aggregate of 2,250,000 shares of common stock for issuance thereunder. The 1997 Plan expired in November 2017. In February 2014, the board of directors and stockholders approved the 2014 Long Term Incentive Plan (the “2014 Plan”), which replaced the 1997 Plan. Under the 2014 Plan, an aggregate of 1,500,000 shares of common stock may be issued. The Company is authorized to issue nonqualified and incentive stock options to purchase common stock, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to key employees, directors and consultants under the 2014 Plan. Options have a term not to exceed ten years , with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years . The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110 % of the fair market value of the common stock on the date of grant. An RSU represents a contingent right to receive one share of the common stock upon vesting. Under the 2014 Plan, the Company may issue RSAs and RSUs to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The RSAs and RSUs are subject to certain restrictions described in the 2014 Plan. At September 30, 2020, an aggregate of 370,110 shares of common stock were available for issuance under the 2014 Plan. No further awards of stock options may be made under the 1997 Plan. The following table summarizes the combined activity under the equity incentive plans for the indicated periods: Number of Nonqualified Options Outstanding Weighted Average Exercise Price per Share Number of RSAs Weighted Average Grant-date Fair Value per Share Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding at October 1, 2018 190,100 $ 17.81 327,225 $ 16.42 — $ — Granted — — 8,000 14.59 161,800 15.11 Exercised (24,500 ) 8.78 — — — — Forfeited — — (2,875 ) 14.60 (24,010 ) 15.17 Vested — — (111,938 ) 16.18 (500 ) 15.17 Outstanding at September 30, 2019 165,600 19.15 220,412 16.50 137,290 15.10 Granted — — — — 162,250 14.58 Exercised — — — — — — Forfeited (74,500 ) 21.34 (1,750 ) 17.55 (39,560 ) 14.78 Vested — — (108,288 ) 16.32 (41,723 ) 14.81 Outstanding at September 30, 2020 91,100 $ 17.66 110,374 $ 16.66 218,257 $ 14.82 During fiscal years 2020 and 2019 the Company issued zero and 8,000 RSAs, respectively, to certain of its employees under the 2014 Plan, as amended. The weighted average grant date fair value of each RSA issued for fiscal year 2019 was $14.59 per share. The total grant date fair value of all RSAs issued for fiscal year 2019 was $0.1 million, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for the RSAs was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of shares that are anticipated to fully vest. Recipients of RSAs are entitled to vote such shares and are entitled to dividends, if paid. During fiscal years 2020 and 2019, the Company issued 162,250 and 161,800 RSUs to certain of its employees, executive officers and directors under the 2014 Plan, as amended. The RSUs issued include both time-based and performance-based vesting provisions. The weighted average grant date fair value of each RSU issued for fiscal years 2020 and 2019 was $14.58 and $15.11 per unit. The total grant date fair value of all RSUs issued for fiscal years 2020 and 2019 was $2.4 million and $2.4 million, respectively, which will be charged to expense over the next four years as the restrictions lapse. Compensation expense for RSUs was determined based on the closing market price of the Company’s stock on the date of grant applied to the total number of units that are anticipated to fully vest. All RSAs, RSUs and stock options outstanding at September 30, 2020 and 2019 were issued from the 2014 Plan. All remaining stock options outstanding were issued under the 2014 Plan. All stock options outstanding are nonqualified options. The total intrinsic value of the Company’s nonqualified stock options exercised during fiscal year 2019 was $0.1 million. No nonqualified stock options were exercised during fiscal year 2020. The following table summarizes information about stock options outstanding and exercisable at September 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Term (in Weighted Average Exercise Price Intrinsic Value Shares Weighted Average Remaining Term (in years) Weighted Average Exercise Price Intrinsic Value $14.87 52,300 5.1 $ 14.87 $ — — — $ — $ — $21.42 38,800 6.1 21.42 — — — — — 91,100 5.5 $ 17.66 $ — — — — $ — The Company recognized $2.3 million of stock-based compensation expense for each of the fiscal years ended September 30, 2020 and 2019. The Company accounts for forfeitures as they occur and records compensation costs under the assumption that the holder will complete the requisite service period. As of September 30, 2020, the Company had unrecognized compensation expense of $0.9 million relating to RSAs which is expected to be recognized over a weighted average period of 1.2 years. As of September 30, 2020, the Company had unrecognized compensation expense of $2.4 million relating to RSUs which is expected to be recognized over a weighted average period of 2.7 years. The Company had no unrecognized compensation expense related to nonqualified stock option awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes: Components of income (loss) before income taxes were as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 United States $ (14,109 ) $ 4,105 Foreign (2,484 ) (1,834 ) $ (16,593 ) $ 2,271 The provision (benefit) for income taxes consisted of the following (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Current Federal $ (4 ) $ (16 ) Foreign 2,467 2,401 State 5 16 2,468 2,401 Deferred: Federal — — Foreign 181 16 181 16 $ 2,649 $ 2,417 Actual income tax expense (benefit) differs from income tax expense computed by applying the U.S. statutory federal tax rate of 21% for each of the fiscal years ended September 30, 2020 and 2019 as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Expense (benefit) for U.S federal income tax at statutory rate $ (3,484 ) $ 477 Effect of foreign income taxes (64 ) (101 ) Research and experimentation tax credit (1,201 ) (812 ) State income taxes, net of federal income tax benefit (158 ) (161 ) Nondeductible expenses 63 105 Resolution of prior years’ tax matters (7 ) 14 Change in valuation allowance 4,882 964 Impact on deferred taxes due to change in tax rate 196 — Change in fair value of contingent consideration 214 (444 ) Foreign income tax withholding 1,928 2,358 Disallowance of stock compensation adjustments in excess of book 255 31 Other items 25 (14 ) $ 2,649 $ 2,417 Effective tax rate (16.0 )% 106.4 % The income tax expense for fiscal years 2020 and 2019 primarily reflects withholding tax on rental income earned in foreign jurisdictions. The Company is currently unable to record any tax benefits for its tax losses in the U.S. and Canada due to the uncertainty surrounding its ability to utilize such losses in the future to offset taxable income. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax asset were as follows (in thousands): AS OF SEPTEMBER 30, 2020 AS OF SEPTEMBER 30, 2019 U.S. Non U.S. Total U.S. Non U.S. Total Deferred income tax assets: Allowance for doubtful accounts $ 2,813 $ 3 $ 2,816 $ 189 $ 3 $ 192 Inventories 7,809 33 7,842 7,652 79 7,731 Loss and tax credit carry-forwards 17,431 4,596 22,027 18,156 4,221 22,377 Stock-based compensation 506 — 506 691 — 691 Accrued product warranty 52 2 54 43 4 47 Accrued compensated absences 328 — 328 313 — 313 Property and equipment — 501 501 — 462 462 Prepaid income taxes — 517 517 — 753 753 Other reserves 1,009 9 1,018 13 8 21 29,948 5,661 35,609 27,057 5,530 32,587 Deferred income tax liabilities: Allowance for doubtful accounts — (11 ) (11 ) — — — Intangible assets (960 ) — (960 ) (1,386 ) (5 ) (1,391 ) Property, plant and equipment and other (3,271 ) (31 ) (3,302 ) (4,919 ) (59 ) (4,978 ) Subtotal deferred income tax assets 25,717 5,619 31,336 20,752 5,466 26,218 Valuation allowance (25,717 ) (5,646 ) (31,363 ) (20,752 ) (5,281 ) (26,033 ) Net deferred income tax assets (liabilities) $ — $ (27 ) $ (27 ) $ — $ 185 $ 185 Deferred income tax assets and liabilities are reported as follows in the accompanying consolidated balance sheets (in thousands): AS OF SEPTEMBER 30, 2020 2019 Deferred income tax assets, net $ — $ 236 Deferred income tax liabilities, net (27 ) (51 ) $ (27 ) $ 185 The 2017 Tax Act was enacted in December 2017. The 2017 Tax Act, among other things, reduces the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018, creates new taxes on certain foreign earnings and may require companies to pay a one-time transition tax on undistributed earnings of certain foreign subsidiaries that were previously tax deferred. The Company is not required to pay a one-time transition tax on earnings of our foreign subsidiaries since there were no accumulated earnings on a consolidated basis. The financial reporting basis of investments in foreign subsidiaries exceed their tax basis. A deferred tax liability is not recorded for this temporary difference because the investment is deemed to be permanent. A reversal of the Company’s plans to permanently invest in these foreign operations would cause the excess to become taxable. At September 30, 2020, the Company had $5.8 million of cash and cash equivalents held by its foreign subsidiaries. At September 30, 2020 and 2019, the temporary difference related to undistributed earnings for which no deferred taxes have been provided was approximately $11.6 million and $12.9 million, respectively. Tax return filings which are subject to review by local tax authorities by major jurisdiction are as follows: • United States—fiscal years ended September 30, 2017 through 2020 • State of Texas—fiscal years ended September 30, 2017 through 2020 • State of New York—fiscal years ended September 30, 201 8 • State of California – fiscal years ended September 30, 2017 through 2020 • State of Pennsylvania – fiscal years ended September 30, 2018 • Russian Federation—calendar years 2018 through 2020 • Canada—fiscal years ended September 30, 2017 through 2020 • United Kingdom—fiscal years ended September 30, 2019 through 2020 • Colombia—calendar years 2018 through 2020 The Company had no unrecognized tax liabilities as of September 30, 2020 and 2019. Management of the Company has concluded that it was more-likely-than-not that its U.S., Canadian and Russian net deferred tax assets will not be realized in accordance with U.S. GAAP. At September 30, 2020 and 2019, the Company had a valuation allowance against its U.S. net deferred tax assets of $25.7 million and $20.8 million, respectively. At September 30, 2020 and 2019, the Company had a valuation allowance against Canadian net deferred tax assets of $5.6 million, and $5.3 million, respectively. At September 30, 2020, the Company had a valuation allowance against its Russian net deferred tax assets of $0.2 million. |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Loss Per Common Share | 18. Loss Per Common Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares used in basic loss per share during the period. Diluted loss per share is determined on the assumption that outstanding RSUs have been exchanged for common stock and outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period. The following table summarizes the calculation of net loss and weighted average common shares and common equivalent shares outstanding for purposes of the computation of loss per share (in thousands, except share and per share amounts): YEAR ENDED SEPTEMBER 30, 2020 2019 Net loss $ (19,242 ) $ (146 ) Less: Loss allocable to unvested restricted stock — — Loss attributable to common shareholders for diluted earnings per share $ (19,242 ) $ (146 ) Weighted average number of common share equivalents: Common shares used in basic loss per share 13,525,179 13,388,626 Common share equivalents outstanding related to stock options and RSUs — — Total weighted average common shares and common share equivalents used in diluted loss per share 13,525,179 13,388,626 Loss per shares: Basic $ (1.42 ) $ (0.01 ) Diluted $ (1.42 ) $ (0.01 ) For the calculation of diluted loss per share for fiscal years 2020 and 2019, stock options of 91,100 and 165,600, respectively, and RSUs of 218,757 and 137,290, respectively, were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive. |
Exit and Disposal Activities
Exit and Disposal Activities | 12 Months Ended |
Sep. 30, 2020 | |
Exit And Disposal Activities [Abstract] | |
Exit and Disposal Activities | 19. Exit and Disposal Activities In July 2020, the Company initiated a program to reduce operating and manufacturing expenses in light of decreased demand for products in our Oil and Gas Markets and Adjacent Markets segments. The program is expected to produce approximately $2.0 million of annualized cash savings starting in fiscal year 2021. The cost reductions were primarily realized through a reduction of approximately 100 employees from the Company’s workforce. In connection with the workforce reductions, the Company incurred $0.9 million of termination costs in our fourth quarter of fiscal year 2020. The majority of these costs were incurred by the Company’s Oil & Gas Markets business segment. The termination costs were recorded to both cost of revenue and operating expenses in the consolidated statement of operations. There are no outstanding liabilities related to this program as of September 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Contingent Consideration In connection with its acquisitions of Quantum Technology Sciences, Inc. (“Quantum”) and the OptoSeis ® The Company recorded an initial contingent earn-out liability of $7.7 million in connection with its July 2018 acquisition of Quantum. Contingent payments, if any, may be paid in the form of cash or Company stock and will be derived from eligible revenue generated during a four-year The Company recorded an initial contingent earn-out liability of $4.3 million in connection with its November 2018 acquisition of all the intellectual property and related assets of the OptoSeis ® five-and-a-half year The Company reviews and assesses the fair value of its contingent earn-out liabilities on a quarterly basis. Operating Leases The Company leases office space and certain equipment for terms of two years or less. Rent expense was approximately $0.5 million and $0.6 million during fiscal years 2020 and 2019, respectively. Future minimum lease obligations (all in fiscal year 2021) were $0.1 million. Legal Proceedings The Company is involved in various pending legal actions in the ordinary course of its business. Management is unable to predict the ultimate outcome of these actions, because of the inherent uncertainty of such actions. However, management believes that the most probable, ultimate resolution of current pending matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 21. Supplemental Cash Flow Information Supplemental cash flow information is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Cash paid for interest $ 38 $ 99 Cash paid for income taxes 2,530 2,402 Non-cash investing and financing activities: Inventory transferred to rental equipment 6,343 1,861 Inventory transferred to property, plant and equipment 222 126 Property, plant and equipment acquired in connection with business acquisition — 1,721 Extinguishment of financing receivable in connection with repossession of equipment added to rental fleet — 750 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 22 . The Company reports and evaluates financial information for three operating business segments: Oil and Gas Markets, Adjacent Markets and Emerging Markets. The Oil and Gas Markets segment was previously referred to as our Seismic segment. This segment’s products include wireless seismic data acquisition systems, reservoir characterization products and services, and traditional seismic exploration products such as geophones, hydrophones, leader wire, connectors, cables, marine streamer retrieval and steering devices and various other seismic products. Our Adjacent Markets segment was previously referred to as our Non-Seismic segment. This segment’s products include imaging equipment, water meter products, offshore cables, as well as seismic sensors used for vibration monitoring and geotechnical applications such as mine safety applications and earthquake detection. The Emerging Markets segment was added in conjunction with the acquisition of Quantum, which designs and markets seismic products targeted at the border and perimeter security markets. The following tables summarize the Company’s segment information: YEAR ENDED SEPTEMBER 30, 2020 2019 Revenue: Oil and Gas Markets $ 61,661 $ 64,966 Adjacent Markets 25,440 30,156 Emerging Markets 734 159 Corporate — 528 Total 87,835 95,809 Income (loss) from operations: Oil and Gas Markets (2,139 ) 3,095 Adjacent Markets 4,017 6,234 Emerging Markets (6,064 ) (2,306 ) Corporate (13,853 ) (5,990 ) Total (18,039 ) 1,033 Depreciation and amortization expenses: Oil and Gas Markets 21,192 16,865 Adjacent Markets 453 466 Emerging Markets 1,194 1,164 Corporate 854 844 Total 23,693 19,339 Impairment, inventory obsolescence and stock-based compensation expenses: Oil and Gas Markets 6,326 6,046 Adjacent Markets 232 92 Emerging Markets 203 68 Corporate 941 737 Total 7,702 6,943 Interest income: Oil and Gas Markets 1,029 1,033 Adjacent Markets 3 1 Emerging Markets — — Corporate 70 274 Total 1,102 1,308 Interest expense: Oil and Gas Markets — — Adjacent Markets — — Emerging Markets — — Corporate 38 99 Total 38 99 The Company’s manufacturing operations for its business segments are combined. Therefore, the Company does not segregate and report separate balance sheet accounts for each of its segments and, therefore, no such segment balance sheet information is presented in the table above. “Corporate” revenue consists of rental revenue earned from an operating lease of a surplus building located in Houston, Texas. “Corporate” loss from operations primarily consists of the Company’s Houston headquarters general and administrative expenses. The Company generates revenue from product sales, rentals and services from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation and the United Kingdom. Revenue information for the Company is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 United States $ 82,166 $ 91,222 Canada 3,709 5,266 Colombia 5 408 Russian Federation 2,668 4,286 United Kingdom 2,488 2,905 Eliminations (3,201 ) (8,278 ) $ 87,835 $ 95,809 A summary of revenue by geographic area is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Africa $ 5,814 $ 20,192 Asia 41,128 10,171 Canada 3,193 5,232 Europe 12,626 25,860 United States 23,780 32,397 Other 1,294 1,957 $ 87,835 $ 95,809 Revenue is attributed to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not known, revenue is attributed to countries based on the geographic location of the initial shipment. Long-lived assets were as follows (in thousands): AS OF SEPTEMBER 30, 2020 2019 United States $ 114,119 $ 118,064 Canada 6,654 10,419 Colombia 1 671 Russian Federation 717 961 United Kingdom 404 430 China 13 13 $ 121,908 $ 130,558 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II Geospace Technologies Corporation and Subsidiaries Valuation and Qualifying Accounts (In thousands) Balance at Beginning of Period Charged to Costs and Expenses, net of Recoveries Charged to Other Assets (Deductions) and Additions Balance at End of Period Year ended September 30, 2020 Allowance for doubtful accounts on accounts and financing receivables $ 951 $ 63 $ — $ (518 ) $ 496 Year ended September 30, 2019 Allowance for doubtful accounts on accounts and financing receivables $ 3,302 $ 436 $ — $ (2,787 ) $ 951 Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Assets (Deductions) and Additions Balance at End of Period Year ended September 30, 2020 Inventory obsolescence reserve $ 32,050 $ 4,529 $ — $ (1,816 ) $ 34,763 Year ended September 30, 2019 Inventory obsolescence reserve $ 30,551 $ 4,614 $ — $ (3,115 ) $ 32,050 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements present the consolidated financial position, results of operations and cash flows of the Company in accordance with accounting principles generally accepted in the United States of America. All intercompany balances and transactions have been eliminated. |
Reclassifications | Reclassifications Certain amounts previously presented in the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on previously reported net loss, stockholders’ equity or cash flows. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to bad debt reserves, collectability of rental revenue, inventory obsolescence reserves, self-insurance reserves, product warranty reserves, useful lives of long-lived assets, impairment of long-lived assets and intangible assets, contingent consideration, investment in debt security and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. While management believes current estimates are reasonable and appropriate, actual results may differ from these estimates under different conditions or assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with an original or remaining maturity at the time of purchase of three months or less to be cash equivalents. At September 30, 2020 cash and cash equivalents included $5.8 million held by the Company’s foreign subsidiaries and branch offices. If the Company were to repatriate the cash held by its foreign subsidiaries, it could be required to accrue and pay taxes on any amount repatriated. The Tax Cut and Jobs Act (“2017 Tax Act”) creates new taxes on certain foreign earnings and also requires entities to pay a one-time transition tax on undistributed earnings of their foreign subsidiaries which were previously tax deferred. The Company has determined it is not required to pay transition tax on the undistributed earnings of its foreign subsidiaries since it had no accumulated foreign earnings on a consolidated basis. |
Concentrations of Credit Risk | Concentrations of Credit and Supplier Risk The Company maintains its cash in bank deposit accounts that, at times, exceed federally insured limits. Management of the Company believes that the financial strength of the financial institutions holding such deposits minimizes the credit risk of such deposits. The Company sells products to customers throughout the United States and various foreign countries. The Company’s normal credit terms for trade receivables are 30 days. In certain situations, credit terms may be extended to 60 days or longer. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for its trade receivables. Additionally, the Company provides long-term financing in the form of promissory notes and sales-type leases when competitive conditions require such financing. In such cases, the Company may require collateral. Allowances are recognized for potential credit losses. One customer comprised 48.2% of the Company’s revenue during fiscal year 2020. At September 30, 2020, the Company had trade account receivables due from this customer of $7.3 million. Two customers comprised 25.2% and 19.7%, of the Company’s revenue during fiscal year 2019. At September 30, 2019, the Company had trade account receivables due from these two customers of $ 12.1 million and $ 6.7 million , respectively. Certain models of the Company’s oil and gas marine wireless products require a timing device it purchases from a United States manufacturer. The Company currently does not possess the ability to manufacture this component and has no other reliable source for this device. If this manufacturer were to discontinue its production of this timing device, were to become unwilling to contract with the Company on competitive terms or were unable to supply the component in sufficient quantities to meet its requirements, the Company’s ability to compete in the marine wireless marketplace could be impaired, which could adversely affect its financial performance. Product sales requiring this device accounted for approximately 2% of the Company’s revenue during fiscal year 2020. The Company purchases all of its thermal film from one manufacturer for its imaging products. Except for the film sold to the Company by this manufacturer, the Company knows of no other source for thermal film that performs as well in its imaging equipment. If the manufacturer were to discontinue producing thermal film, were to become unwilling to contract with the Company on competitive terms or were unable to supply thermal film in sufficient quantities to meet its requirements, the Company’s ability to compete in the direct thermal imaging marketplace could be impaired, which could adversely affect its financial performance. Thermal film sales represented approximately 8% of the Company’s revenue in fiscal year 2020. |
Inventories | Inventories The Company records a write-down of its inventories when the cost basis of any manufactured product, including any estimated future costs to complete the manufacturing process, exceeds its net realizable value. Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method, except that certain of the Company’s foreign subsidiaries use an average cost method to value their inventories. The Company periodically reviews the composition of its inventories to determine if market demand, product modifications, technology changes, excessive quantities on-hand and other factors hinder our ability to recover its investment in such inventories. The Company’s assessment is based upon historical product demand, estimated future product demand and various other judgments and estimates. Inventory obsolescence reserves are recorded when such assessments reveal that portions or components of the Company’s inventory investment will not be realized in its operating activities. The Company reviews it inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during its next operating cycle are classified as noncurrent assets. |
Property, Plant and Equipment and Rental Equipment | Property, Plant and Equipment and Rental Equipment Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: Years Rental equipment 2-5 Property, plant and equipment: Machinery and equipment 3-15 Buildings and building improvements 10-50 Other 5-10 Expenditures for renewals and betterments are capitalized. Repairs and maintenance expenditures are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is reflected in the statements of operations. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company’s long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates the carrying amount of an asset or group of assets may not be recoverable. The impairment review, if necessary, includes a comparison of expected future cash flows (undiscounted and without interest charges) to be generated by an asset group with the associated carrying value of the related assets. If the carrying value of the asset group exceeds the expected future cash flows, an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. Impairment charges are included as a component of cost of revenue in the Company’s consolidated statements of operations. |
Goodwill | Goodwill The Company conducts its evaluation of goodwill at the reporting unit level on an annual basis as of September 30 and more frequently if events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. The guidance on the testing of goodwill for impairment provides the option to first assess qualitative factors to determine if the fair value of a reporting unit exceeds its carrying amount. If, based on the qualitative assessment of events or circumstances, an entity determines it is more likely than not that the fair value of a reporting unit is more than its carrying amount then it is not necessary to perform a quantitative assessment. However, if an entity concludes otherwise, then a quantitative assessment must be performed. If, based on the quantitative assessment, the Company determines that the fair value of a reporting unit is less that its carrying amount, a goodwill impairment is recognized equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of the goodwill. At September 30, 2020, the Company assessed the goodwill associated with both its Oil and Gas Markets and Emerging Markets reporting units for impairment. The assessment primarily utilized an income approach based on discounted cash flows. As a result of the assessment, the Company determined that the fair market value of its Oil and Gas Markets reporting unit was less than its carrying amount and recorded an impairment charge of $0.7 million for the goodwill associated with this reporting unit. No impairment was indicated on the goodwill associated with its Emerging Markets reporting unit. The Company has no goodwill associated with its Adjacent Markets reporting unit. |
Other Intangible Assets | Other Intangible Assets Intangible assets are carried at cost, net of accumulated amortization. The estimated useful life of the Company’s other intangible assets are evaluated each reporting period to determine whether events or circumstances warrant a revision to the remaining amortization period. If the estimate of an intangible asset’s remaining useful life is changed, the amortization period should be changed prospectively. Amortization expense is calculated using the straight-line method over the following estimated useful lives: Years Developed technology 18 Trade names 5 Customer relationships 4 Non-compete agreements 4 |
Revenue Recognition | Revenue Recognition See Note 2 to these consolidated financial statements. |
Deferred Revenue | Deferred Revenue The Company records deferred revenue when customer funds are received prior to the recognition of the associated revenue. |
Contingent Consideration | Contingent Consideration The Company established earn-out liabilities in connection with its business acquisitions in fiscal year 2018 and 2019. The Company engaged the services of a valuation firm to measure the initial fair value of the earn-out liabilities as of the acquisition date for each business. The valuation technique used to measure the fair value of the liability was derived from models utilizing market observable inputs. The Company reviews the fair value of its contingent earn-out liabilities on a quarterly basis. Adjustments to the liabilities, if any, are included as a component of earnings in the consolidated statements of operations. See Note 20 to these consolidated financial statements for additional information. |
Research and Development Costs | Research and Development Costs The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. |
Product Warranties | Product Warranties Most of the Company’s products do not require installation assistance or sophisticated instructions. The Company offers a standard product warranty obligating it to repair or replace equipment with manufacturing defects. The Company maintains a reserve for future warranty costs based on historical experience or, in the absence of historical product experience, management’s estimates. Reserves for future warranty costs are included within accrued expenses and other current liabilities on the consolidated balance sheets. Changes in the product warranty reserve are reflected in the following table (in thousands): Balance at October 1, 2018 $ 688 Accruals for warranties issued during the year 386 Settlements made (in cash or in kind) during the year (845 ) Balance at September 30, 2019 229 Accruals for warranties issued during the year 790 Settlements made (in cash or in kind) during the year (761 ) Balance at September 30, 2020 $ 258 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation, including grants of restricted awards and unqualified stock options in accordance with Accounting Standards Codification Topic 718, which requires that all share-based payments (to the extent that they are compensatory) be recognized as an expense in the Company’s consolidated statements of operations based on their fair values on the award date and the estimated number of shares it ultimately expects to vest. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the award. The Company’s stock-based compensation plan and awards are more fully described in Note 16 to these consolidated financial statements. |
Foreign Currency Gains and Losses | Foreign Currency Gains and Losses The assets and liabilities of the Company’s foreign subsidiaries and branch offices that have a foreign currency as their functional currency have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations have been translated using the average exchange rates during the year. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. Foreign currency transaction gains and losses are included in the statements of operations as they occur. Transaction gains and losses on intra-entity foreign currency transactions and balances, including advances and demand notes payable on which settlement is not planned or anticipated in the foreseeable future, are recorded in “accumulated other comprehensive loss” on our consolidated balance sheets. |
Fair Value | Fair Value Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. U.S. generally accepted accounting principles (“GAAP”) has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Income Taxes | Income Taxes Income taxes are presented in accordance with the Accounting Standards Codification Topic 740 (“Topic 740”) guidance for accounting for income taxes. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company periodically reviews the recoverability of tax assets recorded on the balance sheet and provides valuation allowances if it is more likely than not that such assets will not be realized. The Company follows the guidance of Topic 740 to analyze all tax positions that are less than certain. Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with Topic 740, the Company recognizes in its financial statements the impact of a tax position if that position is “more likely than not” to be sustained on audit, based on the technical merits of the position. The Company’s estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts, and circumstances existing at that time. The Company classifies interest and penalties associated with the payment of income taxes, if any, in the Other Income (Expense) section of its consolidated statements of operations. The Company incurred no interest or penalties for the fiscal years ended September 30, 2020 and 2019. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance requiring a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. The recognition, measurement and presentation of expense and cash flows arising from a lease by a lessee primarily will depend on its classification of the lease as a finance or operating lease. However, unlike prior guidance, which requires only capital leases to be recognized on the balance sheet, the new guidance requires operating leases of the lessee to be recognized on the balance sheet if the operating lease term is more than 12 months. The guidance also requires lessors to write-off any lease receivables when assessment of collectability of future lease payments is not probable and the write-off be recorded as a reduction of lease income as opposed to bad debt expense. The guidance also requires disclosures to help investors and other financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The Company adopted this guidance on October 1, 2019 using the optional transition method, which allows it to initially apply the new guidance at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. No adjustment to the opening balance of retained earnings was required upon adoption. As a lessor of rental equipment, the adoption of this guidance had a material impact on the Company’s consolidated financial statements as it is now required to write-off existing operating lease receivables as a reduction of lease income when collectability of an operating lease receivable becomes less than probable. In June 2018, the FASB issued guidance expanding the scope of ASC Topic 718, Compensation - Stock Compensation In August 2018, the FASB issued guidance requiring certain existing disclosure requirements in ASC Topic 820, Fair Value Measurements and Disclosures In January 2017, the FASB issued guidance simplifying the current two-step goodwill impairment test by eliminating Step 2 of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for the interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this guidance on July 1, 2020. The adoption of this guidance was considered in our September 2020 goodwill impairment assessment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued guidance surrounding credit losses for financial instruments that replaces the incurred loss impairment methodology in generally accepted accounting principles. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other financial instruments. For available-for-sale debt securities with unrealized losses, credit losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a small reporting company, the Company must adopt this standard no later than the first quarter of its fiscal year ending September 30, 2024. Early adoption is permitted. The standard’s provisions will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company intends to adopt this standard during the first quarter of its fiscal year ending September 30, 2024 and is currently evaluating the impact of this new guidance on its consolidated financial statements. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes. The guidance eliminates certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. Certain amendments within the guidance are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the guidance should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company intends to adopt this standard during the first quarter of its fiscal year ending September 30, 2022 and is currently evaluating the new guidance to determine the impact it will have on its condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment Estimated Useful Life | Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: Years Rental equipment 2-5 Property, plant and equipment: Machinery and equipment 3-15 Buildings and building improvements 10-50 Other 5-10 |
Schedule of Estimated Useful Lives of Other Intangible Assets | Amortization expense is calculated using the straight-line method over the following estimated useful lives: Years Developed technology 18 Trade names 5 Customer relationships 4 Non-compete agreements 4 |
Changes in Product Warranty Reserve | Changes in the product warranty reserve are reflected in the following table (in thousands): Balance at October 1, 2018 $ 688 Accruals for warranties issued during the year 386 Settlements made (in cash or in kind) during the year (845 ) Balance at September 30, 2019 229 Accruals for warranties issued during the year 790 Settlements made (in cash or in kind) during the year (761 ) Balance at September 30, 2020 $ 258 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue from the Sale of Products and Performance of Services Under Contracts with Customers Excludes All Revenue Earned from Rental Contracts by Operating Segments | For each of the Company’s operating segments, the following table presents revenue only from the sale of products and the performance of services under contracts with customers (in thousands). The table excludes all revenue earned from rental contracts. YEAR ENDED SEPTEMBER 30, 2020 2019 Oil and Gas Markets Product and Services Revenue: Traditional exploration $ 5,849 $ 8,712 Wireless exploration 1,421 4,362 Reservoir 805 2,554 Total revenue 8,075 15,628 Adjacent Markets Product and Services Revenue: Industrial 15,622 18,324 Imaging 9,705 11,736 Total revenue 25,327 30,060 Emerging Markets Product and Services Revenue: Revenue 734 159 Total $ 34,136 $ 45,847 |
Summary of Revenue from the Sale of Products and Services Under Contracts with Customers Excludes All Revenue Earned from Rental Contracts by Geographic Areas | For each of the geographic areas where the Company operates, the following table presents revenue (in thousands) from the sale of products and services under contracts with customers. The table excludes all revenue earned from rental contracts: YEAR ENDED SEPTEMBER 30, 2020 2019 Asia $ 3,613 $ 6,025 Canada 2,054 2,558 Europe 4,813 6,569 United States 22,294 28,763 Other 1,362 1,932 $ 34,136 $ 45,847 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Gross Fair Value of all Derivative Instruments | The following table summarizes the gross fair value of all derivative instruments, which are not designated as hedging instruments and their location in the consolidated balance sheets (in thousands): Derivative Instrument Location AS OF SEPTEMBER 30, 2020 2019 Foreign Currency Forward Contracts Accrued Expenses and Other Current Liabilities $ — $ 4 |
Company's Derivatives on Consolidated Financial Statements of Operations | The following table summarizes the impact of the Company’s derivatives on the consolidated statements of operations (in thousands): YEAR ENDED SEPTEMBER 30, Derivative Instrument Location 2020 2019 Foreign Other Income (Expense) $ 154 $ 552 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Company's Contingent Consideration, Investment in Debt Security and Foreign Currency Forward Contracts by Valuation Hierarchy | The following tables present the fair value of the Company’s contingent consideration and foreign currency forward contract by valuation hierarchy and input (in thousands): AS OF SEPTEMBER 30, 2020 Quoted Prices in Active Markets for Identical (Level 1) Significant Observable (Level 2) Significant Unobservable (Level 3) Totals Contingent consideration $ — $ — $ (10,962 ) $ (10,962 ) AS OF SEPTEMBER 30, 2019 Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable (Level 2) Significant Unobservable (Level 3) Totals Contingent consideration $ — $ — $ (9,940 ) $ (9,940 ) Foreign currency forward contract — (4 ) — (4 ) Total $ — $ (4 ) $ (9,940 ) $ (9,944 ) |
Changes in Fair Value of Company Level 3 Financial Instruments | The following table summarizes changes in the fair value of the Company’s Level 3 financial instruments for the fiscal years ended September 30, 2019 and 2020: Balance at October 1, 2018 $ 7,713 Business acquisition 4,342 Fair value adjustments (2,115 ) Balance at September 30, 2019 9,940 Fair value adjustments 1,100 Payment of contingent consideration (78 ) Balance at September 30, 2020 $ 10,962 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (in thousands): Unrealized (Losses) on Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance at October 1, 2018 $ (82 ) $ (15,537 ) $ (15,619 ) Other comprehensive income (loss) 82 (220 ) (138 ) Balance at September 30, 2019 $ — (15,757 ) (15,757 ) Other comprehensive loss — (941 ) (941 ) Balance at September 30, 2020 $ — $ (16,698 ) $ (16,698 ) |
Accounts and Financing Receiv_2
Accounts and Financing Receivables (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Trade accounts receivable consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Trade accounts receivable $ 14,090 $ 25,144 Allowance for doubtful accounts (496 ) (951 ) $ 13,594 $ 24,193 |
Summary of Allowance for Doubtful Accounts | The following table summarizes changes in the Company’s allowance for doubtful accounts for the fiscal year ended September 30, 2020 (in thousands): Balance at October 1, 2019 $ 951 Bad debt expense, net of recoveries 63 Write-offs (518 ) Balance at September 30, 2020 $ 496 |
Financing Receivables | Financing receivables are reflected in the following table (in thousands): AS OF SEPTEMBER 30, 2020 2019 Promissory notes $ 184 $ 780 Sales-type lease — 2,692 Total financing receivables 184 3,472 Unearned income: Sales-type lease — (55 ) Total unearned income — (55 ) Total financing receivables, net of unearned income 184 3,417 Less current portion (184 ) (3,233 ) Non-current financing receivables $ — $ 184 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Finished goods $ 20,798 $ 17,967 Work in process 984 3,681 Raw materials 47,041 55,781 Obsolescence reserve (34,960 ) (32,050 ) 33,863 45,379 Less current portion 16,933 23,855 Non-current portion $ 16,930 $ 21,524 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Future Minimum Lease Payments Related to Operating Lease | Future minimum lease payments related to the operating lease as of September 30, 2020 were as follows (in thousands): For fiscal years ending September 30, 2021 $ 84 Less interest (1 ) $ 83 |
Supplemental Cash Flow Information Components | Supplemental cash flow information related to the operating leases is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 Cash paid for amounts included in the measurement of lease liability $ 165 Right-of-use asset established upon adoption of ASC 842 219 Supplemental cash flow information is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Cash paid for interest $ 38 $ 99 Cash paid for income taxes 2,530 2,402 Non-cash investing and financing activities: Inventory transferred to rental equipment 6,343 1,861 Inventory transferred to property, plant and equipment 222 126 Property, plant and equipment acquired in connection with business acquisition — 1,721 Extinguishment of financing receivable in connection with repossession of equipment added to rental fleet — 750 |
Rental Equipment | Rental equipment consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Rental equipment, primarily wireless recording equipment $ 114,783 $ 107,645 Accumulated depreciation and impairment (60,466 ) (45,583 ) $ 54,317 $ 62,062 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Land and land improvements $ 7,703 $ 7,933 Building and building improvements 23,998 24,582 Machinery and equipment 55,359 54,760 Furniture and fixtures 1,368 1,376 Tools and molds 2,959 2,710 Construction in progress 1,431 512 Leasehold improvements 88 85 Transportation equipment 75 75 92,981 92,033 Accumulated depreciation and impairment (63,107 ) (60,559 ) $ 29,874 $ 31,474 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | As a result of these acquisitions, the Company’s consolidated goodwill and other intangible assets consisted of the following (in thousands): Weighted-Average Remaining Useful Lives (in years) AS OF SEPTEMBER 30, 2020 2019 Goodwill $ 4,337 $ 5,008 Other intangible assets: Developed technology 16.9 $ 5,918 $ 5,918 Customer relationships 2.9 3,900 3,900 Trade names 3.9 1,930 1,930 Non-compete agreements 3.0 170 170 Total other intangible assets 10.0 11,918 11,918 Accumulated amortization (3,587 ) (1,855 ) $ 8,331 $ 10,063 |
Future Estimated Amortization Expense of Other intangible Assets | As of September 30, 2020, future estimated amortization expense of other intangible assets is as follows (in thousands): For fiscal years ending September 30, 2021 $ 1,732 2022 1,624 2023 714 2024 342 2025 329 Thereafter 3,590 $ 8,331 |
Deferred Revenue and Other Li_2
Deferred Revenue and Other Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Deferred Credits And Other Liabilities [Abstract] | |
Schedule of Deferred Revenue and Other Liabilities | Deferred revenue and other liabilities consisted of the following (in thousands): AS OF SEPTEMBER 30, 2020 2019 Deferred revenue $ 6,245 $ 2,775 Compensated absences 1,818 1,603 Payroll 1,799 1,031 Property and sales taxes 1,364 1,972 Legal and professional fees 451 356 Medical claims 437 496 Product warranty 258 229 Income taxes 54 25 Other 894 683 13,320 9,170 Less current portion 8,753 9,119 Non-current portion $ 4,567 $ 51 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Summary of Combined Activity Under Equity Incentive Plans | The following table summarizes the combined activity under the equity incentive plans for the indicated periods: Number of Nonqualified Options Outstanding Weighted Average Exercise Price per Share Number of RSAs Weighted Average Grant-date Fair Value per Share Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding at October 1, 2018 190,100 $ 17.81 327,225 $ 16.42 — $ — Granted — — 8,000 14.59 161,800 15.11 Exercised (24,500 ) 8.78 — — — — Forfeited — — (2,875 ) 14.60 (24,010 ) 15.17 Vested — — (111,938 ) 16.18 (500 ) 15.17 Outstanding at September 30, 2019 165,600 19.15 220,412 16.50 137,290 15.10 Granted — — — — 162,250 14.58 Exercised — — — — — — Forfeited (74,500 ) 21.34 (1,750 ) 17.55 (39,560 ) 14.78 Vested — — (108,288 ) 16.32 (41,723 ) 14.81 Outstanding at September 30, 2020 91,100 $ 17.66 110,374 $ 16.66 218,257 $ 14.82 |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at September 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Remaining Term (in Weighted Average Exercise Price Intrinsic Value Shares Weighted Average Remaining Term (in years) Weighted Average Exercise Price Intrinsic Value $14.87 52,300 5.1 $ 14.87 $ — — — $ — $ — $21.42 38,800 6.1 21.42 — — — — — 91,100 5.5 $ 17.66 $ — — — — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | Components of income (loss) before income taxes were as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 United States $ (14,109 ) $ 4,105 Foreign (2,484 ) (1,834 ) $ (16,593 ) $ 2,271 |
Computation of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consisted of the following (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Current Federal $ (4 ) $ (16 ) Foreign 2,467 2,401 State 5 16 2,468 2,401 Deferred: Federal — — Foreign 181 16 181 16 $ 2,649 $ 2,417 |
Reconciliation of Actual Income Tax Expenses (Benefits) | Actual income tax expense (benefit) differs from income tax expense computed by applying the U.S. statutory federal tax rate of 21% for each of the fiscal years ended September 30, 2020 and 2019 as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Expense (benefit) for U.S federal income tax at statutory rate $ (3,484 ) $ 477 Effect of foreign income taxes (64 ) (101 ) Research and experimentation tax credit (1,201 ) (812 ) State income taxes, net of federal income tax benefit (158 ) (161 ) Nondeductible expenses 63 105 Resolution of prior years’ tax matters (7 ) 14 Change in valuation allowance 4,882 964 Impact on deferred taxes due to change in tax rate 196 — Change in fair value of contingent consideration 214 (444 ) Foreign income tax withholding 1,928 2,358 Disallowance of stock compensation adjustments in excess of book 255 31 Other items 25 (14 ) $ 2,649 $ 2,417 Effective tax rate (16.0 )% 106.4 % |
Components of Net Deferred Income Tax Asset | The income tax expense for fiscal years 2020 and 2019 primarily reflects withholding tax on rental income earned in foreign jurisdictions. The Company is currently unable to record any tax benefits for its tax losses in the U.S. and Canada due to the uncertainty surrounding its ability to utilize such losses in the future to offset taxable income. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax asset were as follows (in thousands): AS OF SEPTEMBER 30, 2020 AS OF SEPTEMBER 30, 2019 U.S. Non U.S. Total U.S. Non U.S. Total Deferred income tax assets: Allowance for doubtful accounts $ 2,813 $ 3 $ 2,816 $ 189 $ 3 $ 192 Inventories 7,809 33 7,842 7,652 79 7,731 Loss and tax credit carry-forwards 17,431 4,596 22,027 18,156 4,221 22,377 Stock-based compensation 506 — 506 691 — 691 Accrued product warranty 52 2 54 43 4 47 Accrued compensated absences 328 — 328 313 — 313 Property and equipment — 501 501 — 462 462 Prepaid income taxes — 517 517 — 753 753 Other reserves 1,009 9 1,018 13 8 21 29,948 5,661 35,609 27,057 5,530 32,587 Deferred income tax liabilities: Allowance for doubtful accounts — (11 ) (11 ) — — — Intangible assets (960 ) — (960 ) (1,386 ) (5 ) (1,391 ) Property, plant and equipment and other (3,271 ) (31 ) (3,302 ) (4,919 ) (59 ) (4,978 ) Subtotal deferred income tax assets 25,717 5,619 31,336 20,752 5,466 26,218 Valuation allowance (25,717 ) (5,646 ) (31,363 ) (20,752 ) (5,281 ) (26,033 ) Net deferred income tax assets (liabilities) $ — $ (27 ) $ (27 ) $ — $ 185 $ 185 |
Net Classification of Deferred Income Tax Assets and Liabilities in Balance Sheet | Deferred income tax assets and liabilities are reported as follows in the accompanying consolidated balance sheets (in thousands): AS OF SEPTEMBER 30, 2020 2019 Deferred income tax assets, net $ — $ 236 Deferred income tax liabilities, net (27 ) (51 ) $ (27 ) $ 185 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Net Loss and Weighted Average Common Shares and Common Equivalent Shares Outstanding for Computation of Loss Per Share | The following table summarizes the calculation of net loss and weighted average common shares and common equivalent shares outstanding for purposes of the computation of loss per share (in thousands, except share and per share amounts): YEAR ENDED SEPTEMBER 30, 2020 2019 Net loss $ (19,242 ) $ (146 ) Less: Loss allocable to unvested restricted stock — — Loss attributable to common shareholders for diluted earnings per share $ (19,242 ) $ (146 ) Weighted average number of common share equivalents: Common shares used in basic loss per share 13,525,179 13,388,626 Common share equivalents outstanding related to stock options and RSUs — — Total weighted average common shares and common share equivalents used in diluted loss per share 13,525,179 13,388,626 Loss per shares: Basic $ (1.42 ) $ (0.01 ) Diluted $ (1.42 ) $ (0.01 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information Components | Supplemental cash flow information related to the operating leases is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 Cash paid for amounts included in the measurement of lease liability $ 165 Right-of-use asset established upon adoption of ASC 842 219 Supplemental cash flow information is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Cash paid for interest $ 38 $ 99 Cash paid for income taxes 2,530 2,402 Non-cash investing and financing activities: Inventory transferred to rental equipment 6,343 1,861 Inventory transferred to property, plant and equipment 222 126 Property, plant and equipment acquired in connection with business acquisition — 1,721 Extinguishment of financing receivable in connection with repossession of equipment added to rental fleet — 750 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Company's Segment Information | The following tables summarize the Company’s segment information: YEAR ENDED SEPTEMBER 30, 2020 2019 Revenue: Oil and Gas Markets $ 61,661 $ 64,966 Adjacent Markets 25,440 30,156 Emerging Markets 734 159 Corporate — 528 Total 87,835 95,809 Income (loss) from operations: Oil and Gas Markets (2,139 ) 3,095 Adjacent Markets 4,017 6,234 Emerging Markets (6,064 ) (2,306 ) Corporate (13,853 ) (5,990 ) Total (18,039 ) 1,033 Depreciation and amortization expenses: Oil and Gas Markets 21,192 16,865 Adjacent Markets 453 466 Emerging Markets 1,194 1,164 Corporate 854 844 Total 23,693 19,339 Impairment, inventory obsolescence and stock-based compensation expenses: Oil and Gas Markets 6,326 6,046 Adjacent Markets 232 92 Emerging Markets 203 68 Corporate 941 737 Total 7,702 6,943 Interest income: Oil and Gas Markets 1,029 1,033 Adjacent Markets 3 1 Emerging Markets — — Corporate 70 274 Total 1,102 1,308 Interest expense: Oil and Gas Markets — — Adjacent Markets — — Emerging Markets — — Corporate 38 99 Total 38 99 |
Details of Revenue | The Company generates revenue from product sales, rentals and services from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation and the United Kingdom. Revenue information for the Company is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 United States $ 82,166 $ 91,222 Canada 3,709 5,266 Colombia 5 408 Russian Federation 2,668 4,286 United Kingdom 2,488 2,905 Eliminations (3,201 ) (8,278 ) $ 87,835 $ 95,809 |
Summary of Revenue by Geographic Area | A summary of revenue by geographic area is as follows (in thousands): YEAR ENDED SEPTEMBER 30, 2020 2019 Africa $ 5,814 $ 20,192 Asia 41,128 10,171 Canada 3,193 5,232 Europe 12,626 25,860 United States 23,780 32,397 Other 1,294 1,957 $ 87,835 $ 95,809 |
Long-lived Assets | Long-lived assets were as follows (in thousands): AS OF SEPTEMBER 30, 2020 2019 United States $ 114,119 $ 118,064 Canada 6,654 10,419 Colombia 1 671 Russian Federation 717 961 United Kingdom 404 430 China 13 13 $ 121,908 $ 130,558 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Significant Accounting Policies [Line Items] | ||
Cash and cash equivalents held by foreign subsidiaries and branch offices | $ 5,800,000 | |
Transition tax on undistributed earnings of foreign subsidiaries | 0 | |
Accumulated foreign earnings | $ 0 | |
Minimum credit limit | 30 days | |
Extended credit terms for trade receivables | 60 days | |
Goodwill impairment | $ 671,000 | |
Goodwill | 4,337,000 | $ 5,008,000 |
Income tax, Interest or penalties incurred | $ 0 | 0 |
Accounting Standards Update 2016-02 | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2019 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | false | |
Accounting Standards Update 2018-07 | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2019 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |
Accounting Standards Update 2018-13 | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2019 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |
Accounting Standards Update 2017-04 | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jul. 1, 2020 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |
Change in accounting principle, accounting standards update, early adoption [true false] | true | |
Oil and Gas Markets | ||
Significant Accounting Policies [Line Items] | ||
Goodwill impairment | $ 700,000 | |
Emerging Markets | ||
Significant Accounting Policies [Line Items] | ||
Goodwill impairment | 0 | |
Adjacent Markets | ||
Significant Accounting Policies [Line Items] | ||
Goodwill | $ 0 | |
Product Concentration Risk | Sales Revenue, Net | Certain Models of Oil and Gas Marine Wireless Products | ||
Significant Accounting Policies [Line Items] | ||
Percentage of company revenue | 2.00% | |
Product Concentration Risk | Sales Revenue, Net | Thermal Film | ||
Significant Accounting Policies [Line Items] | ||
Percentage of company revenue | 8.00% | |
Customer one | ||
Significant Accounting Policies [Line Items] | ||
Trade account and financing receivable due | $ 7,300,000 | $ 12,100,000 |
Customer one | Customer Concentration Risk | Sales Revenue, Net | ||
Significant Accounting Policies [Line Items] | ||
Percentage of company revenue | 48.20% | 25.20% |
Customer two | ||
Significant Accounting Policies [Line Items] | ||
Trade account and financing receivable due | $ 6,700,000 | |
Customer two | Customer Concentration Risk | Sales Revenue, Net | ||
Significant Accounting Policies [Line Items] | ||
Percentage of company revenue | 19.70% |
Property, Plant and Equipment E
Property, Plant and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Minimum | |
Property Plant And Equipment [Line Items] | |
Rental Equipment | 2 years |
Maximum | |
Property Plant And Equipment [Line Items] | |
Rental Equipment | 5 years |
Machinery and equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 3 years |
Machinery and equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 15 years |
Buildings and building improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 10 years |
Buildings and building improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 50 years |
Other | Minimum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 5 years |
Other | Maximum | |
Property Plant And Equipment [Line Items] | |
Property useful lives | 10 years |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Other Intangible Assets (Details) | 12 Months Ended |
Sep. 30, 2020 | |
Developed Technology | |
Finite Lived Intangible Assets [Line Items] | |
Other intangible assets estimated useful life | 18 years |
Trade Names | |
Finite Lived Intangible Assets [Line Items] | |
Other intangible assets estimated useful life | 5 years |
Customer Relationships | |
Finite Lived Intangible Assets [Line Items] | |
Other intangible assets estimated useful life | 4 years |
Non-compete Agreements | |
Finite Lived Intangible Assets [Line Items] | |
Other intangible assets estimated useful life | 4 years |
Changes in Product Warranty Res
Changes in Product Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in product warranty reserve | ||
Balance at the beginning of the year | $ 229 | $ 688 |
Accruals for warranties issued during the year | 790 | 386 |
Settlements made (in cash or in kind) during the year | (761) | (845) |
Balance at the end of the year | $ 258 | $ 229 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | $ 39,970,000 | $ 46,059,000 | ||
Value of notes with customer | 184,000 | 3,472,000 | ||
Cost of revenue | 64,403,000 | 64,381,000 | ||
Revenue | 34,136,000 | 45,847,000 | ||
Deferred contract costs | 0 | 0 | ||
Cost of revenue recognized from deferred contract cost | 0 | 27,000 | ||
Deferred Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred contract liabilities | 200,000 | 0 | ||
Deferred Contract Liability | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 0 | 200,000 | ||
U.S. Customs and Border Protection U.S. Border Patrol | ||||
Disaggregation Of Revenue [Line Items] | ||||
Awarded contract amount | $ 10,700,000 | |||
Increase in contract amount | $ 300,000 | |||
Revenue recognized under the contract | 300,000 | |||
Revenue for unsatisfied performance obligations | $ 10,400,000 | |||
Secured Promissory Note | ||||
Disaggregation Of Revenue [Line Items] | ||||
Value of notes with customer | $ 10,000,000 | |||
Term of the notes | 3 years | |||
Monthly principal and interest payments | $ 300,000 | |||
Frequency of payments | monthly | monthly | ||
Shipping and Handling | ||||
Disaggregation Of Revenue [Line Items] | ||||
Cost of sales | $ 300,000 | $ 500,000 | ||
Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Partially financed product sale | $ 12,500,000 | |||
Cost of revenue | 0 | |||
Revenue | $ 0 | |||
Payments received from customer | $ 4,600,000 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details 1) | Sep. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Unsatisfied performance obligation, expected timing of satisfaction, period | 1 year |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue from the Sale of Products and Performance of Services Under Contracts with Customers Excludes All Revenue Earned from Rental Contracts by Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 34,136 | $ 45,847 |
Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 34,136 | 45,847 |
Operating Segments | Oil and Gas Markets Product and Services Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 8,075 | 15,628 |
Operating Segments | Oil and Gas Markets Product and Services Revenue | Traditional Exploration | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 5,849 | 8,712 |
Operating Segments | Oil and Gas Markets Product and Services Revenue | Wireless Exploration | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,421 | 4,362 |
Operating Segments | Oil and Gas Markets Product and Services Revenue | Reservoir | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 805 | 2,554 |
Operating Segments | Adjacent Markets Product and Services Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 25,327 | 30,060 |
Operating Segments | Adjacent Markets Product and Services Revenue | Industrial | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,622 | 18,324 |
Operating Segments | Adjacent Markets Product and Services Revenue | Imaging | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 9,705 | 11,736 |
Operating Segments | Emerging Markets Product and Services Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 734 | $ 159 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue from the Sale of Products and Services Under Contracts with Customers Excludes All Revenue Earned from Rental Contracts by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 34,136 | $ 45,847 |
Operating Segments | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 34,136 | 45,847 |
Operating Segments | Asia | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,613 | 6,025 |
Operating Segments | Canada | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2,054 | 2,558 |
Operating Segments | Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 4,813 | 6,569 |
Operating Segments | United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 22,294 | 28,763 |
Operating Segments | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 1,362 | $ 1,932 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Details) - USD ($) | Nov. 13, 2018 | Sep. 30, 2019 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||
Contingent earn-out liability | $ 9,940,000 | $ 10,962,000 | |
Optoseis Technology | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Nov. 13, 2018 | ||
Acquisition purchase price | $ 1,800,000 | ||
Contingent payments maximum earn-out amount | $ 23,200,000 | ||
Contingent payments earn-out period | 5 years 6 months | ||
Goodwill | $ 700,000 | ||
Other intangible assets | 3,700,000 | ||
Fixed assets | 1,700,000 | ||
Contingent earn-out liability | $ 4,300,000 | ||
Acquisition related costs | 200,000 | ||
Goodwill, period increase (decrease) | 1,000,000 | ||
Increase decrease in other intangible assets | 800,000 | ||
Optoseis Technology | Machinery and Equipment | |||
Business Acquisition [Line Items] | |||
Property plant and equipment, Additions | $ 1,800,000 |
Investment in Debt Security - A
Investment in Debt Security - Additional Information (Details) - International Seismic Marine - Debt Security - Third in Line lien on Assets - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Jul. 13, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Face value of debt security | $ 13 | |
Unpaid invoices and later fees owed by customer | $ 13 | |
Debt instrument, description | The bond is secured by a third in line lien on the assets owned by the customer and has an 8% interest rate with bi-annual interest and possible principal payments based on available excess cash flows. Interest payments can be made either in cash or in-kind payments in the form of additional debt security. In-kind interest payments require an 8.8% interest rate. | |
Investment interest rate | 8.00% | |
In-kind payments, interest rate | 8.80% | |
Maturity date | Jul. 13, 2022 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - CAD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Canadian Dollar Forward Contract | ||
Derivative [Line Items] | ||
Foreign currency forward contract to hedge | $ 0 | $ 7,000,000 |
Canadian Subsidiary | ||
Derivative [Line Items] | ||
Denominated intercompany accounts payable | $ 3,400,000 | $ 9,300,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gross Fair Value of all Derivative Instruments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Foreign Currency Forward Contracts | Accrued Expenses and Other Current Liabilities | |
Derivatives Fair Value [Line Items] | |
Derivatives Liabilities | $ 4 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Company's Derivatives on Consolidated Financial Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Foreign Currency Forward Contracts | Other Income (Expense) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amount of (Loss) Gain Recognized in Income | $ 154 | $ 552 |
Fair Value of Company's Conting
Fair Value of Company's Contingent Consideration, Investment in Debt Security and Foreign Currency Forward Contracts by Valuation Hierarchy (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ (10,962) | $ (9,940) |
Total | (9,944) | |
Foreign Currency Forward Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contract | (4) | |
Significant Other Observable (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | (4) | |
Significant Other Observable (Level 2) | Foreign Currency Forward Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Foreign currency forward contract | (4) | |
Significant Unobservable (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ (10,962) | (9,940) |
Total | $ (9,940) |
Changes in Fair Value of Compan
Changes in Fair Value of Company Level 3 Financial Instruments (Details) - Nonrecurring - Significant Unobservable (Level 3) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 9,940 | $ 7,713 |
Business acquisition | 4,342 | |
Fair value adjustments | 1,100 | (2,115) |
Payment of contingent consideration | (78) | |
Balance | $ 10,962 | $ 9,940 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Beginning Balance | $ 178,847 | $ 176,587 |
Other comprehensive income (loss) | (941) | (138) |
Ending Balance | 160,970 | 178,847 |
Unrealized Gains (Losses) on Available-for-Sale Securities | ||
Beginning Balance | (82) | |
Other comprehensive income (loss) | 82 | |
Foreign Currency Translation Adjustments | ||
Beginning Balance | (15,757) | (15,537) |
Other comprehensive income (loss) | (941) | (220) |
Ending Balance | (16,698) | (15,757) |
Accumulated Other Comprehensive Loss | ||
Beginning Balance | (15,757) | (15,619) |
Other comprehensive income (loss) | (941) | (138) |
Ending Balance | $ (16,698) | $ (15,757) |
Accounts and Financing Receiv_3
Accounts and Financing Receivables - Trade Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Current trade accounts receivable | ||
Trade accounts receivable | $ 14,090 | $ 25,144 |
Allowance for doubtful accounts | (496) | (951) |
Total current trade accounts receivable | $ 13,594 | $ 24,193 |
Accounts and Financing Receiv_4
Accounts and Financing Receivables - Summary of Allowance for Doubtful Accounts (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Receivables [Abstract] | |
Balance at October 1, 2019 | $ 951 |
Bad debt expense, net of recoveries | 63 |
Write-offs | (518) |
Balance at September 30, 2020 | $ 496 |
Accounts and Financing Receiv_5
Accounts and Financing Receivables - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2018 | Sep. 30, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Reversal of operating lease receivable | $ 8,000,000 | |||
Charge to rental revenue | 8,000,000 | |||
Value of notes with customer | $ 184,000 | $ 3,472,000 | ||
Promissory notes receivable maturity month and year | 2023-01 | |||
Term of sales-type lease | 3 years | |||
Manufactured Rental Equipment | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Promissory notes receivable maximum interest rate | 7.00% | |||
Product | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Partially financed product sale | $ 12,500,000 | |||
Secured Promissory Note | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Value of notes with customer | $ 10,000,000 | |||
Term of the notes | 3 years | |||
Interest rate of the notes | 7.00% | |||
Monthly principal and interest payments | $ 300,000 | |||
Frequency of payments | monthly | monthly | ||
Senior Secured Bond | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transition of unpaid invoices and late fee into debt securities | $ 13,000,000 | |||
Debt instrument, face value | 13,000,000 | |||
Single Customer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Operating lease receivable carrying value | 0 | |||
Proceeds from contract customers | $ 8,100,000 | |||
Received cash payment in excess | $ 24,000,000 |
Accounts and Financing Receiv_6
Accounts and Financing Receivables - Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total financing receivables | $ 184 | $ 3,472 |
Total unearned income | (55) | |
Total financing receivables, net of unearned income | 184 | 3,417 |
Less current portion | (184) | (3,233) |
Non-current financing receivables | 184 | |
Promissory Notes | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total financing receivables | $ 184 | 780 |
Sales Type Lease | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total financing receivables | 2,692 | |
Total unearned income | $ (55) |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 20,798 | $ 17,967 |
Work in process | 984 | 3,681 |
Raw materials | 47,041 | 55,781 |
Obsolescence reserve | (34,960) | (32,050) |
Total | 33,863 | 45,379 |
Less current portion | 16,933 | 23,855 |
Non-current portion | $ 16,930 | $ 21,524 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory obsolescence expense | $ 4,726 | $ 4,614 |
Raw materials include semi-finished goods and component parts | $ 24,300 | $ 25,200 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Line Items] | ||
Operating lease, right-of-use asset | $ 100,000 | |
Sales-type leases | 0 | |
Lease receivables from customers, net of reserves | 9,300,000 | |
Rental revenue | 53,699,000 | $ 49,962,000 |
Future minimum lease payments to be received | 0 | |
Rental equipment depreciation expense | $ 17,945,000 | $ 13,713,000 |
Maximum | ||
Leases [Line Items] | ||
Lease term | 6 months |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Related to Operating Lease (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 84 |
Less interest | (1) |
Present value of future minimum lease payments | $ 83 |
Operating lease, liability, statement of financial position [Extensible List] | us-gaap:DeferredCreditsAndOtherLiabilitiesCurrent |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Lease (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liability | $ 165 |
Right-of-use asset established upon adoption of ASC 842 | $ 219 |
Leases - Rental Equipment (Deta
Leases - Rental Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Rental Equipment [Abstract] | ||
Rental equipment, primarily wireless recording equipment | $ 114,783 | $ 107,645 |
Accumulated depreciation and impairment | (60,466) | (45,583) |
Rental equipment, net | $ 54,317 | $ 62,062 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Property Plant And Equipment [Line Items] | |||
Property held for sale | $ 587 | ||
Gain on disposal of property | 116 | $ 100 | |
Property, plant and equipment depreciation expense | $ 4,016 | $ 3,965 | |
Gessner Road, Houston, Texas [Member] | |||
Property Plant And Equipment [Line Items] | |||
Sale of real property for cash price | $ 8,300 | ||
Gain on disposal of property | $ 7,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 7,703 | $ 7,933 |
Building and building improvements | 23,998 | 24,582 |
Machinery and equipment | 55,359 | 54,760 |
Furniture and fixtures | 1,368 | 1,376 |
Tools and molds | 2,959 | 2,710 |
Construction in progress | 1,431 | 512 |
Leasehold improvements | 88 | 85 |
Transportation equipment | 75 | 75 |
Property plant and equipment gross | 92,981 | 92,033 |
Accumulated depreciation and impairment | (63,107) | (60,559) |
Property plant and equipment net | $ 29,874 | $ 31,474 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Nov. 30, 2018 | Jul. 31, 2018 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 4,337,000 | $ 5,008,000 | ||
Goodwill impairment | 671,000 | |||
Amortization expense | 1,732,000 | $ 1,661,000 | ||
Emerging Markets | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill impairment | 0 | |||
Oil and Gas Markets | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill impairment | 700,000 | |||
Adjacent Markets | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 0 | |||
Quantum | Emerging Markets | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 4,300,000 | |||
Other intangible assets | $ 8,200,000 | |||
Optoseis Technology | Oil and Gas Markets | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 700,000 | |||
Other intangible assets | $ 3,700,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | $ 4,337 | $ 5,008 |
Other intangible assets, net | 8,331 | 10,063 |
Optoseis Technology and Quantum | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Goodwill | 4,337 | 5,008 |
Total other intangible assets | 11,918 | 11,918 |
Accumulated amortization | (3,587) | (1,855) |
Other intangible assets, net | $ 8,331 | 10,063 |
Weighted-Average Remaining Useful Lives (in years) | 10 years | |
Optoseis Technology and Quantum | Developed Technology | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Total other intangible assets | $ 5,918 | 5,918 |
Weighted-Average Remaining Useful Lives (in years) | 16 years 10 months 24 days | |
Optoseis Technology and Quantum | Customer Relationships | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Total other intangible assets | $ 3,900 | 3,900 |
Weighted-Average Remaining Useful Lives (in years) | 2 years 10 months 24 days | |
Optoseis Technology and Quantum | Trade Names | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Total other intangible assets | $ 1,930 | 1,930 |
Weighted-Average Remaining Useful Lives (in years) | 3 years 10 months 24 days | |
Optoseis Technology and Quantum | Non-compete Agreements | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Total other intangible assets | $ 170 | $ 170 |
Weighted-Average Remaining Useful Lives (in years) | 3 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Of Other intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 1,732 | |
2022 | 1,624 | |
2023 | 714 | |
2024 | 342 | |
2025 | 329 | |
Thereafter | 3,590 | |
Other intangible assets, net | $ 8,331 | $ 10,063 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | Nov. 08, 2018 | Mar. 02, 2011 | Nov. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Second Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Unencumbered liquid asset value | $ 10,000,000 | |||||
Fourth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Unencumbered liquid asset value | $ 5,000,000 | $ 5,000,000 | ||||
Minimum tangible net worth | 140,000,000 | $ 140,000,000 | ||||
Fifth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Unencumbered liquid asset value | 10,000,000 | |||||
Minimum tangible net worth | $ 145,000,000 | |||||
Frost Bank Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt outstanding | $ 0 | $ 0 | ||||
Line of credit borrowing capacity | $ 30,000,000 | |||||
Credit agreement borrowing availability | $ 17,700,000 | |||||
Frost Bank Credit Agreement | Second Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement expiration date | 2019-04 | |||||
Frost Bank Credit Agreement | Third Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement expiration date | 2020-04 | |||||
Frost Bank Credit Agreement | Fifth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement expiration date | 2022-04 | |||||
Frost Bank Credit Agreement | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest rate | 3.25% | |||||
Frost Bank Credit Agreement | Certain Accounts Receivable | Second Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing base as percentage of assets | 80.00% | |||||
Frost Bank Credit Agreement | New Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement date | Mar. 2, 2011 | |||||
Credit agreement month and year | 2019-11 | |||||
Frost Bank Credit Agreement | Certain Notes Receivable | Second Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing base as percentage of assets | 50.00% | |||||
Maximum amount of borrowing based upon assets | $ 10,000,000 | |||||
Frost Bank Credit Agreement | Certain Inventories | Second Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing base as percentage of assets | 25.00% | |||||
Maximum amount of borrowing based upon assets | $ 20,000,000 |
Schedule of Deferred Revenue an
Schedule of Deferred Revenue and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred Credits And Other Liabilities [Abstract] | |||
Deferred revenue | $ 6,245 | $ 2,775 | |
Compensated absences | 1,818 | 1,603 | |
Payroll | 1,799 | 1,031 | |
Property and sales taxes | 1,364 | 1,972 | |
Legal and professional fees | 451 | 356 | |
Medical claims | 437 | 496 | |
Product warranty | 258 | 229 | $ 688 |
Income taxes | 54 | 25 | |
Other | 894 | 683 | |
Deferred revenue and other liabilities | 13,320 | 9,170 | |
Deferred revenue and other liabilities | 8,753 | 9,119 | |
Non-current deferred revenue and other liabilities | $ 4,567 | $ 51 |
Deferred Revenue and Other Li_3
Deferred Revenue and Other Liabilities - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Deferred Credits And Other Liabilities [Abstract] | |
Purchased stop-loss coverage for individual claims | $ 175,000 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
401(k) Retirement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Company's share of discretionary matching contributions | $ 0.8 | $ 0.9 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Intrinsic value of nonqualified stock options exercised | $ 0 | $ 100,000 |
Stock-based compensation expense | 2,300,000 | $ 2,300,000 |
Unrecognized compensation expense | 0 | |
Restricted Stock Awards (RSAs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares issued | 8,000 | |
Weighted average grant date fair value of the restricted stock issued | $ 14.59 | |
Unrecognized compensation expense | $ 900,000 | |
Expected period for recognition of unrecognized compensation expense | 1 year 2 months 12 days | |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares issued | 162,250 | 161,800 |
Weighted average grant date fair value of the restricted stock issued | $ 14.58 | $ 15.11 |
Unrecognized compensation expense | $ 2,400,000 | |
Expected period for recognition of unrecognized compensation expense | 2 years 8 months 12 days | |
1997 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 2,250,000 | |
Expiration date | 2017-11 | |
Common stock available for issuance | 0 | |
2014 Long Term Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,500,000 | |
Percent of outstanding common stock granted to employees | 10.00% | |
Exercise price of stock option granted to employees | 110.00% | |
Common stock available for issuance | 370,110 | |
2014 Long Term Incentive Plan | Restricted Stock Awards (RSAs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares issued | 0 | 8,000 |
Weighted average grant date fair value of the restricted stock issued | $ 14.59 | |
Grant date fair value of restricted stock issued | $ 100,000 | |
Restricted stock restriction period | 4 years | |
2014 Long Term Incentive Plan | Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares issued | 162,250 | 161,800 |
Weighted average grant date fair value of the restricted stock issued | $ 14.58 | $ 15.11 |
Restricted stock restriction period | 4 years | 4 years |
Grant date fair value of restricted stock | $ 2,400,000 | $ 2,400,000 |
2014 Long Term Incentive Plan | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options have a term | 10 years | |
Outstanding shares of common stock granted to employees expiry term | 5 years |
Summary of Combined Activity Un
Summary of Combined Activity Under Equity Incentive Plans (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Nonqualified Options, Beginning Balance | 165,600 | 190,100 |
Exercised, Number of Nonqualified Options Outstanding | (24,500) | |
Forfeited, Number of Nonqualified Options Outstanding | (74,500) | |
Vested, Number of Nonqualified Options Outstanding | 0 | 0 |
Outstanding, Number of Nonqualified Options, Ending Balance | 91,100 | 165,600 |
Options, Outstanding, Weighted Average Exercise Price per Share, Beginning Balance | $ 19.15 | $ 17.81 |
Exercised, Weighted Average Exercise Price per Share | 8.78 | |
Forfeited, Weighted Average Exercise Price per Share | 21.34 | |
Options, Outstanding, Weighted Average Exercise Price per Share, Ending Balance | $ 17.66 | $ 19.15 |
Restricted Stock Awards (RSAs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options, Number of Restricted Stock Awards, Beginning Balance | 220,412 | 327,225 |
Granted, Number of Restricted Stock Awards | 8,000 | |
Forfeited, Number of Restricted Stock Awards | (1,750) | (2,875) |
Vested, Number of Restricted Stock Awards | (108,288) | (111,938) |
Options, Number of Restricted Stock Awards, Ending Balance | 110,374 | 220,412 |
Outstanding, Weighted Average Grant-date fair- value per Share, Beginning Balance | $ 16.50 | $ 16.42 |
Granted, Weighted Average Grant-date fair- value per Share | 14.59 | |
Forfeited, Weighted Average Grant-date fair- value per Share | 17.55 | 14.60 |
Vested, Weighted Average Grant-date fair- value per Share | 16.32 | 16.18 |
Outstanding, Weighted Average Grant-date fair- value per Share, Ending Balance | $ 16.66 | $ 16.50 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options, Number of Restricted Stock Awards, Beginning Balance | 137,290 | |
Granted, Number of Restricted Stock Awards | 162,250 | 161,800 |
Forfeited, Number of Restricted Stock Awards | (39,560) | (24,010) |
Vested, Number of Restricted Stock Awards | (41,723) | (500) |
Options, Number of Restricted Stock Awards, Ending Balance | 218,257 | 137,290 |
Outstanding, Weighted Average Grant-date fair- value per Share, Beginning Balance | $ 15.10 | |
Granted, Weighted Average Grant-date fair- value per Share | 14.58 | $ 15.11 |
Forfeited, Weighted Average Grant-date fair- value per Share | 14.78 | 15.17 |
Vested, Weighted Average Grant-date fair- value per Share | 14.81 | 15.17 |
Outstanding, Weighted Average Grant-date fair- value per Share, Ending Balance | $ 14.82 | $ 15.10 |
Summary of Stock Options Outsta
Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Options Outstanding Shares | 91,100 | 165,600 | 190,100 |
Options Outstanding, Weighted Average Remaining Term | 5 years 6 months | ||
Options Outstanding Weighted Average Exercise Price | $ 17.66 | $ 19.15 | $ 17.81 |
Range One | |||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Range of Exercise Prices | $ 14.87 | ||
Options Outstanding Shares | 52,300 | ||
Options Outstanding, Weighted Average Remaining Term | 5 years 1 month 6 days | ||
Options Outstanding Weighted Average Exercise Price | $ 14.87 | ||
Range Two | |||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Range of Exercise Prices | $ 21.42 | ||
Options Outstanding Shares | 38,800 | ||
Options Outstanding, Weighted Average Remaining Term | 6 years 1 month 6 days | ||
Options Outstanding Weighted Average Exercise Price | $ 21.42 |
Components of Income (Loss) Bef
Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (14,109) | $ 4,105 |
Foreign | (2,484) | (1,834) |
Income before income taxes | $ (16,593) | $ 2,271 |
Computation of Provision (Benef
Computation of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Current | ||
Current Federal | $ (4) | $ (16) |
Current Foreign | 2,467 | 2,401 |
Current State | 5 | 16 |
Total current income tax expenses (benefits) | 2,468 | 2,401 |
Deferred: | ||
Deferred Foreign | 181 | 16 |
Total Deferred Income Tax Expense (benefits) | 181 | 16 |
Income tax expense | $ 2,649 | $ 2,417 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes [Line Items] | |||||
United States statutory tax rate | 35.00% | 21.00% | 21.00% | ||
Cash and cash equivalents held by foreign subsidiaries | $ 5,800 | ||||
Temporary difference related to undistributed earnings | 11,600 | $ 12,900 | |||
Unrecognized tax liabilities | 0 | 0 | |||
Valuation allowance against net deferred tax assets | 4,882 | 964 | |||
United States | |||||
Income Taxes [Line Items] | |||||
Net operating loss, carryforwards | 51,000 | $ 28,300 | |||
Net operating loss, carryforwards expiration year | 2028 | ||||
Tax Cuts And Jobs Act Of 2017, change in tax rate income tax expense benefit | $ 22,700 | ||||
Valuation allowance against net deferred tax assets | 25,700 | 20,800 | |||
Canada | |||||
Income Taxes [Line Items] | |||||
Net operating loss, carryforwards | $ 16,800 | ||||
Net operating loss, carryforwards expiration year | 2033 | ||||
Valuation allowance against net deferred tax assets | $ 5,600 | $ 5,300 | |||
Russia | |||||
Income Taxes [Line Items] | |||||
Net operating loss, carryforwards | $ 1,100 | ||||
Net operating loss, carryforwards expiration year | 2026 | ||||
Valuation allowance against net deferred tax assets | $ 200 |
Reconciliation of Actual Income
Reconciliation of Actual Income Tax Expenses (Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Expense (benefit) for U.S federal income tax at statutory rate | $ (3,484) | $ 477 |
Effect of foreign income taxes | (64) | (101) |
Research and experimentation tax credit | (1,201) | (812) |
State income taxes, net of federal income tax benefit | (158) | (161) |
Nondeductible expenses | 63 | 105 |
Resolution of prior years’ tax matters | (7) | 14 |
Change in valuation allowance | 4,882 | 964 |
Impact on deferred taxes due to change in tax rate | 196 | |
Change in fair value of contingent consideration | 214 | (444) |
Foreign income tax withholding | 1,928 | 2,358 |
Disallowance of stock compensation adjustments in excess of book | 255 | 31 |
Other items | 25 | (14) |
Income tax expense | $ 2,649 | $ 2,417 |
Effective tax rate | (16.00%) | 106.40% |
Components of Net Deferred Inco
Components of Net Deferred Income Tax Asset (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred income tax assets: | ||
Allowance for doubtful accounts | $ 2,816 | $ 192 |
Inventories | 7,842 | 7,731 |
Loss and tax credit carry-forwards | 22,027 | 22,377 |
Stock-based compensation | 506 | 691 |
Accrued product warranty | 54 | 47 |
Accrued compensated absences | 328 | 313 |
Property and equipment | 501 | 462 |
Prepaid income taxes | 517 | 753 |
Other reserves | 1,018 | 21 |
Deferred Tax Assets, Gross, Total | 35,609 | 32,587 |
Deferred income tax liabilities: | ||
Allowance for doubtful accounts | (11) | |
Intangible assets | (960) | (1,391) |
Property, plant and equipment and other | (3,302) | (4,978) |
Subtotal deferred income tax assets | 31,336 | 26,218 |
Valuation allowance | (31,363) | (26,033) |
Net deferred income tax assets (liabilities) | 185 | |
Net deferred income tax assets (liabilities) | (27) | |
U.S. | ||
Deferred income tax assets: | ||
Allowance for doubtful accounts | 2,813 | 189 |
Inventories | 7,809 | 7,652 |
Loss and tax credit carry-forwards | 17,431 | 18,156 |
Stock-based compensation | 506 | 691 |
Accrued product warranty | 52 | 43 |
Accrued compensated absences | 328 | 313 |
Other reserves | 1,009 | 13 |
Deferred Tax Assets, Gross, Total | 29,948 | 27,057 |
Deferred income tax liabilities: | ||
Intangible assets | (960) | (1,386) |
Property, plant and equipment and other | (3,271) | (4,919) |
Subtotal deferred income tax assets | 25,717 | 20,752 |
Valuation allowance | (25,717) | (20,752) |
Non U.S. | ||
Deferred income tax assets: | ||
Allowance for doubtful accounts | 3 | 3 |
Inventories | 33 | 79 |
Loss and tax credit carry-forwards | 4,596 | 4,221 |
Accrued product warranty | 2 | 4 |
Property and equipment | 501 | 462 |
Prepaid income taxes | 517 | 753 |
Other reserves | 9 | 8 |
Deferred Tax Assets, Gross, Total | 5,661 | 5,530 |
Deferred income tax liabilities: | ||
Allowance for doubtful accounts | (11) | |
Intangible assets | (5) | |
Property, plant and equipment and other | (31) | (59) |
Subtotal deferred income tax assets | 5,619 | 5,466 |
Valuation allowance | (5,646) | (5,281) |
Net deferred income tax assets (liabilities) | $ 185 | |
Net deferred income tax assets (liabilities) | $ (27) |
Net Classification of Deferred
Net Classification of Deferred Income Tax Assets and Liabilities in Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred income tax assets, net | $ 236 | |
Deferred income tax liabilities, net | $ (27) | (51) |
Net deferred income tax assets (liabilities) | $ 185 | |
Net deferred income tax assets (liabilities) | $ (27) |
Loss Per Common Share - Calcula
Loss Per Common Share - Calculation of Net Loss and Weighted Average Common Shares and Common Equivalent Shares Outstanding for Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (19,242) | $ (146) |
Loss attributable to common shareholders for diluted earnings per share | $ (19,242) | $ (146) |
Weighted average number of common share equivalents: | ||
Common shares used in basic loss per share | 13,525,179 | 13,388,626 |
Total weighted average common shares and common share equivalents used in diluted loss per share | 13,525,179 | 13,388,626 |
Loss per shares: | ||
Basic | $ (1.42) | $ (0.01) |
Diluted | $ (1.42) | $ (0.01) |
Loss Per Common Share - Additio
Loss Per Common Share - Additional Information (Details) - shares | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of stock excluded from calculation of weighted average shares outstanding | 91,100 | 165,600 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of stock excluded from calculation of weighted average shares outstanding | 218,757 | 137,290 |
Exit and Disposal Activities -
Exit and Disposal Activities - Additional Information (Details) | 1 Months Ended | 3 Months Ended |
Jul. 30, 2020USD ($)Employee | Sep. 30, 2020USD ($) | |
Exit And Disposal Activities [Abstract] | ||
Expectation of annualized cash savings | $ 2,000,000 | |
Number of employees reduced in cost reduction | Employee | 100 | |
Termination costs | $ 900,000 | |
Outstanding liabilities | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Nov. 13, 2018 | Jul. 27, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Apr. 30, 2020 |
Commitments And Contingencies [Line Items] | ||||||
Contingent earn-out liability | $ 10,962,000 | $ 9,940,000 | ||||
Adjustment to initial contingent earn-out liability | 1,100,000 | (2,115,000) | ||||
Cash contingent earn-out payments | 78,000 | |||||
Rent expense under Operating Leases | 500,000 | 600,000 | ||||
Future minimum lease obligations (all in fiscal year 2021) | $ 84,000 | |||||
Maximum | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease term | 2 years | |||||
U.S. Customs and Border Protection U.S. Border Patrol | ||||||
Commitments And Contingencies [Line Items] | ||||||
Awarded contract amount | $ 10,700,000 | |||||
Quantum | ||||||
Commitments And Contingencies [Line Items] | ||||||
Contingent earn-out liability | $ 7,700,000 | |||||
Contingent payments earn-out period | 4 years | |||||
Contingent payments earn-out period ending month and year | 2022-07 | |||||
Contingent payments maximum earn-out amount | $ 23,500,000 | |||||
Adjustment to initial contingent earn-out liability | $ 1,100,000 | (2,900,000) | ||||
Estimated fair value of earn-out liability | 5,800,000 | 4,800,000 | ||||
Cash contingent earn-out payments | 100,000 | |||||
Quantum | U.S. Customs and Border Protection U.S. Border Patrol | ||||||
Commitments And Contingencies [Line Items] | ||||||
Awarded contract amount | $ 10,000,000 | |||||
Optoseis Technology | ||||||
Commitments And Contingencies [Line Items] | ||||||
Contingent earn-out liability | $ 4,300,000 | |||||
Contingent payments earn-out period | 5 years 6 months | |||||
Contingent payments earn-out period ending month and year | 2024-05 | |||||
Contingent payments maximum earn-out amount | $ 23,200,000 | |||||
Adjustment to initial contingent earn-out liability | 100,000 | 800,000 | ||||
Estimated fair value of earn-out liability | $ 5,200,000 | $ 5,100,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 38 | $ 99 |
Cash paid for income taxes | 2,530 | 2,402 |
Non-cash investing and financing activities: | ||
Inventory transferred to rental equipment | 6,343 | 1,861 |
Inventory transferred to property, plant and equipment | $ 222 | 126 |
Property, plant and equipment acquired in connection with business acquisition | 1,721 | |
Extinguishment of financing receivable in connection with repossession of equipment added to rental fleet | $ 750 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Summary of Company's Segment In
Summary of Company's Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 87,835 | $ 95,809 |
Income (loss) from operations | (18,039) | 1,033 |
Depreciation and amortization expenses | 23,693 | 19,339 |
Impairment, inventory obsolescence and stock-based compensation expenses | 7,702 | 6,943 |
Interest income | 1,102 | 1,308 |
Interest expense | 38 | 99 |
Operating Segments | Oil and Gas Markets | ||
Segment Reporting Information [Line Items] | ||
Revenue | 61,661 | 64,966 |
Income (loss) from operations | (2,139) | 3,095 |
Depreciation and amortization expenses | 21,192 | 16,865 |
Impairment, inventory obsolescence and stock-based compensation expenses | 6,326 | 6,046 |
Interest income | 1,029 | 1,033 |
Operating Segments | Adjacent Markets Product and Services Revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 25,440 | 30,156 |
Income (loss) from operations | 4,017 | 6,234 |
Depreciation and amortization expenses | 453 | 466 |
Impairment, inventory obsolescence and stock-based compensation expenses | 232 | 92 |
Interest income | 3 | 1 |
Operating Segments | Emerging Markets Product and Services Revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 734 | 159 |
Income (loss) from operations | (6,064) | (2,306) |
Depreciation and amortization expenses | 1,194 | 1,164 |
Impairment, inventory obsolescence and stock-based compensation expenses | 203 | 68 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 528 | |
Income (loss) from operations | (13,853) | (5,990) |
Depreciation and amortization expenses | 854 | 844 |
Impairment, inventory obsolescence and stock-based compensation expenses | 941 | 737 |
Interest income | 70 | 274 |
Interest expense | $ 38 | $ 99 |
Details of Revenue (Details)
Details of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | $ 87,835 | $ 95,809 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 82,166 | 91,222 |
Canada | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 3,709 | 5,266 |
Colombia | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 5 | 408 |
Russian Federation | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 2,668 | 4,286 |
United Kingdom | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 2,488 | 2,905 |
Eliminations | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | $ (3,201) | $ (8,278) |
Summary of Revenue by Geographi
Summary of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | $ 87,835 | $ 95,809 |
Africa | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | 5,814 | 20,192 |
Asia | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | 41,128 | 10,171 |
Canada | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | 3,193 | 5,232 |
Europe | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | 12,626 | 25,860 |
United States | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | 23,780 | 32,397 |
Other | ||
Schedule Of Revenues From External Customers [Line Items] | ||
Revenue | $ 1,294 | $ 1,957 |
Long-lived Assets (Details)
Long-lived Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | $ 121,908 | $ 130,558 |
United States | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | 114,119 | 118,064 |
Canada | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | 6,654 | 10,419 |
Colombia | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | 1 | 671 |
Russian Federation | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | 717 | 961 |
United Kingdom | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | 404 | 430 |
China | ||
Schedule Of Long Lived Assets [Line Items] | ||
Long-lived assets, excluding deferred tax assets | $ 13 | $ 13 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | $ 951 | |
Balance at Beginning of Period | 32,050 | |
Charged to Costs and Expenses, net of Recoveries | 63 | $ 436 |
Balance at End of Period | 496 | 951 |
Balance at End of Period | 34,960 | 32,050 |
Inventory Obsolescence Reserve | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 32,050 | 30,551 |
Charged to Costs and Expenses | 4,529 | 4,614 |
(Deductions) and Additions | (1,816) | (3,115) |
Balance at End of Period | 34,763 | 32,050 |
Allowance for Doubtful Accounts on Accounts and Financing Receivables | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 951 | 3,302 |
Charged to Costs and Expenses, net of Recoveries | 63 | 436 |
(Deductions) and Additions | (518) | (2,787) |
Balance at End of Period | $ 496 | $ 951 |