Goodwill and Other Intangible Assets

9 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s consolidated goodwill and other intangible assets consisted of the following (in thousands):


	Weighted-
	Average
	Remaining Useful
	Lives (in years)	June 30, 2022			September 30, 2021
Goodwill		$	5,072		$	5,072

Other intangible assets:
Developed technology	14.4	$	6,475		$	6,475
Customer relationships	0.2		3,900			3,900
Trade names	1.3		2,022			2,022
Non-compete agreements	0.2		186			186
Total other intangible assets	7.7		12,583			12,583
Accumulated amortization			(6,672	)		(5,333	)
		$	5,911		$	7,250

At June 30, 2022, the Company had goodwill of $4.3 million and other intangible assets, net of $3.6 million attributable to its Emerging Markets reporting unit; goodwill of $0.7 million and other intangible assets, net of $0.6 million attributable to its Adjacent Markets reporting unit; and other intangible assets, net of $1.7 million attributable to its Oil and Gas Markets reporting unit. Goodwill represents the excess cost of a business acquired over the fair market value of identifiable net assets at the date of acquisition.

At June 30, 2022, the Company determined there were no triggering events requiring an impairment assessment of its goodwill and other intangible assets. The Company performs its annual goodwill impairment test in the fourth quarter. If the Company determines that the future cash flows anticipated to be generated from its reporting units will not be sufficient to recover the carrying amount of the respective reporting unit, it will need to recognize an impairment charge 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.

Other intangible asset amortization expense for each of the three and nine months ended June 30, 2022 and 2021 was $0.4 million and $1.3 million, respectively.

As of June 30, 2022, future estimated amortization expense of other intangible assets is as follows (in thousands):


For fiscal years ending September 30,
2022 (remainder)	$	338
2023		768
2024		395
2025		381
2026		374
Thereafter		3,655
	$	5,911