Impact on Previously Issued Financial Statements for Immaterial Adjustments

9 Months Ended

Jun. 30, 2021

Accounting Changes And Error Corrections [Abstract]

Impact on Previously Issued Financial Statements for Immaterial Adjustments

Note 16. Impact on Previously Issued Financial Statements for Immaterial Adjustments

During the quarter ended March 31, 2021, we identified three immaterial errors and made adjustments to correct those errors that affected previously issued consolidated financial statements.

• During the first quarter of fiscal 2021, we recognized an immaterial amount of connected services revenue which related to fiscal year 2020.  

• During the first quarter of fiscal 2021, the estimated achievement percentage relating to our long-term incentive plan increased. We did not originally record the corresponding cumulative adjustment to stock-based compensation during the three months ended December 31, 2020.  

• During the fourth quarter of fiscal 2020, we recorded a restructuring accrual relating to the closure of a facility under ASC 420 Exit or Disposal Cost Obligation when ASC 842 Leases should have been applied. During the three months ended December 31, 2020, a partial true up was recorded to the restructuring accrual.  

We also recorded certain adjustments to income taxes reflecting the tax effect of the aforementioned adjustments.

We assessed the materiality, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, and concluded that these identified errors were not material to any of the previously issued financial statements. In order to present the impact of these resulting adjustments, previously issued financial statements have been revised and are presented as “As Revised” in the tables presented below.

	Three Months Ended December 31, 2019
Revised Consolidated Statement of Operations Amounts:	As Reported			Adjustment			As Revised
Total revenues		77,459			246			77,705
Gross profit		51,525			246			51,771
Loss from operations		(2,097	)		246			(1,851	)
Loss before income taxes		(8,760	)		246			(8,514	)
Provision for income taxes		3,002			(233	)		2,769
Net loss	$	(11,762	)	$	479		$	(11,283	)
Net loss per share:
Basic	$	(0.33	)				$	(0.31	)
Diluted	$	(0.33	)				$	(0.31	)

	Three Months Ended March 31, 2020
Revised Consolidated Statement of Operations Amounts:	As Reported			Adjustment		As Revised
Total revenues		86,495			328		86,823
Gross profit		57,765			328		58,093
Income from operations		12,006			328		12,334
Income before income taxes		5,777			328		6,105
Benefit from income taxes		(6,718	)		11		(6,707	)
Net income	$	12,495		$	317	$	12,812

Net income per share:
Basic	$	0.34	$	0.35
Diluted	$	0.33	$	0.34

	Three Months Ended June 30, 2020
Revised Consolidated Statement of Operations Amounts:	As Reported			Adjustment		As Revised
Total revenues		74,810			387		75,197
Gross profit		47,207			387		47,594
Loss from operations		(4,696	)		387		(4,309	)
Loss before income taxes		(30,650	)		387		(30,263	)
Benefit from income taxes		(2,469	)		258		(2,211	)
Net loss	$	(28,181	)	$	129	$	(28,052	)
Net loss per share:
Basic	$	(0.77	)			$	(0.77	)
Diluted	$	(0.77	)			$	(0.77	)

	Year Ended September 30, 2020
Revised Consolidated Statement of Operations Amounts:	As Reported			Adjustment		As Revised
Total revenues		329,646			1,321		330,967
Gross profit		221,795			1,321		223,116
Income from operations		19,331			3,100		22,431
Loss before income taxes		(26,140	)		3,100		(23,040	)
Benefit from income taxes		(5,509	)		785		(4,724	)
Net loss	$	(20,631	)	$	2,315	$	(18,316	)
Net loss per share:
Basic	$	(0.57	)			$	(0.50	)
Diluted	$	(0.57	)			$	(0.50	)

	September 30, 2020
Revised Consolidated Balance Sheet Amounts:	As Reported		Adjustment			As Revised
ASSETS
Total current assets		249,148		957			250,105
Total assets	$	1,687,445	$	172		$	1,687,617
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities		200,774		(2,143	)		198,631
Total liabilities		729,689		(2,143	)		727,546
Total stockholders' equity		957,756		2,315			960,071
Total liabilities and stockholders' equity	$	1,687,445	$	172		$	1,687,617

	Three Months Ended December 31, 2020
Revised Condensed Consolidated Statement of Operations Amounts:	As Reported			Adjustment			As Revised
Total revenues		94,964			(1,321	)		93,643
Total cost of revenues		26,881			7			26,888
Gross profit		68,083			(1,328	)		66,755
Total operating expenses		47,811			1,400			49,211
Income from operations		20,272			(2,728	)		17,544
Income before income taxes		14,254			(2,728	)		11,526
Benefit from income taxes		(7,384	)		(2,031	)		(9,415	)
Net income	$	21,638		$	(697	)	$	20,941

Net income per share:
Basic	$	0.58	$	0.56
Diluted	$	0.54	$	0.53