Intangible Assets

9 Months Ended

Jun. 30, 2024

Finite-Lived Intangible Assets, Net [Abstract]

Intangible assets consist of the following:


		June 30, 2024							September 30, 2023
(in thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer and supplier relationships	6 - 8	$	22,100	$	(8,158	)	$	13,942	$	17,000	$	(6,043	)	$	10,957
Technology	3 - 5		4,900		(4,656	)		244		4,900		(4,105	)		795
Trade names	3 - 7		2,200		(1,691	)		509		1,900		(1,381	)		519
Other intangibles	10		890		(725	)		165		875		(689	)		186
Total intangible assets, net		$	30,090	$	(15,230	)	$	14,860	$	24,675	$	(12,218	)	$	12,457

The Company has reclassified certain assets within the footnote for presentation purposes only, as well as renamed certain accounts. No changes have been made to the assets' respective underlying recorded amounts or useful lives, and there has been no effect on the current nor prior year financial results. What was previously classified as “Contract intangibles” is now “Customer and supplier relationships”. The Company has reclassified Brand intangibles from “Technology” and is now included within the “Trade names” intangible asset type. Previously reported “Patents and trademarks” have been separated such that “Other intangibles” are now comprised of patents and related assets. The gross carrying amount of total intangible assets increased by $5.4 million during the nine months ended June 30, 2024, due to the Sierra acquisition. The acquired supplier relationships and trade name assets are included in the above line items of Customer and supplier relationships and Trade names, respectively. See Note 3 - Sierra Acquisition for further information.

Future expected amortization of intangible assets as of June 30, 2024, is as follows:


(in thousands)
Years ending September 30,	Expected Future Amortization
Remainder of 2024	$	954
2025		2,965
2026		2,720
2027		2,637
2028 and thereafter		5,584
Total	$	14,860

Intangible asset amortization expense was $1.1 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively, and 3.0 million and $2.9 million for the nine months ended June 30, 2024 and 2023, respectively.

The Company did not record impairment charges on any intangible assets during the three and nine months ended June 30, 2024. The Company did not identify any indicators of impairment requiring an interim impairment test on material long-lived assets during the three and nine months ended June 30, 2024.