What changed in this filing

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Item 1. Financial Statements

2025-08-14 compared with 2025-05-15 · 131 added, 122 removed, 583 unchanged (30% of the section changed)

45 unchanged sentences

Three months ended

Six Months Ended

Nine Months Ended

Cost of sales:

6 unchanged sentences

Other income (expense):

Foreign exchange (loss) gain

Foreign exchange loss

Interest expense

Interest income

Other (expense) income, net

Other income, net

Total other income, net

12 unchanged sentences

Three months ended

Six Months Ended

Nine Months Ended

Net (loss) income

Foreign currency translation gain (loss) adjustments, net of tax effect

Total comprehensive income

Foreign currency translation gain adjustments, net of tax effect

Total comprehensive (loss) income

See accompanying notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

For the three months ended March 31, 2025 and 2024

For the three months ended June 30, 2025 and 2024

(Amounts in thousands, except per share data)

1 unchanged sentence

Shareholders’

Three months ended March 31, 2025:

Balance as of December 31, 2024

Three months ended June 30, 2025:

Balance as of March 31, 2025

Other comprehensive income

Stock-based compensation

Restricted stock issuance

Issuance of shares under employee stock purchase plan

Restricted stock cancellation

Purchase of common stock

Cash dividends paid on common stock ($ 0.03 per share)

Balance as of March 31, 2025

Balance as of June 30, 2025

comprehensive

Shareholders’

Three months ended March 31, 2024:

Balance as of December 31, 2023

Other comprehensive loss

Three months ended June 30, 2024:

Balance as of March 31, 2024

Other comprehensive income

Stock-based compensation

Restricted stock issuance

Issuance of shares under employee stock purchase plan

Restricted stock cancellation

Purchase of common stock

Cash dividends paid on common stock ($ 0.03 per share)

Balance as of March 31, 2024

Balance as of June 30, 2024

See accompanying notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

For the six months ended March 31, 2025 and 2024

For the nine months ended June 30, 2025 and 2024

(Amounts in thousands, except per share data)

1 unchanged sentence

Shareholders’

Six months ended March 31, 2025:

Nine months ended June 30, 2025:

Balance as of September 30, 2024

Other comprehensive loss

Other comprehensive income

Stock-based compensation

Restricted stock cancellation

Restricted stock issuance

2 unchanged sentences

Cash dividends paid on common stock ($ 0.09 per share)

Balance as of March 31, 2025

Balance as of June 30, 2025

comprehensive

Shareholders’

Six months ended March 31, 2024:

Nine months ended June 30, 2024:

Balance as of September 30, 2023

2 unchanged sentences

Stock-based compensation

Restricted stock cancellation

Restricted stock issuance

Issuance of shares under employee stock purchase plan

Purchase of common stock

Cash dividends paid on common stock ($ 0.075 per share)

Balance as of March 31, 2024

Balance as of June 30, 2024

See accompanying notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

Six Months Ended

Nine Months Ended

Operating activities

2 unchanged sentences

Loss on disposal of fixed assets, net

Foreign exchange (gain) loss

Foreign exchange loss

Provision (benefit) for credit losses - financing receivables

(Benefit) provision for credit losses - accounts receivable

Provision for credit losses - accounts receivable

Provision for obsolete inventory

21 unchanged sentences

Dividends paid

Net borrowing/repayment under line-of-credit agreement

Net repayments under line-of-credit agreement

Repayments on note payable

29 unchanged sentences

There have been no significant changes to the Company's significant accounting policies described in PART II, Item 8, Note 1 Summary of Significant Accounting Policies , of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Accounting Pronouncement Not Yet Adopted as of March 31, 2025

Accounting Pronouncement Not Yet Adopted as of June 30, 2025

In November 2023, the Financing Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

30 unchanged sentences

The right of return risk lies with the original manufacturer of the product.

Managed service contracts contain the right to refund if canceled within 30 days of inception.

Any products with a standard warranty are treated as a warranty obligation under ASC 460 Guarantees.

6 unchanged sentences

ARIA ADR revenue is derived from sale of software and hardware.

There is one performance obligation in an ARIA ADR sale as the software and hardware are combined because they are inputs in the contract to deliver an output of

threat protection.

There is one performance obligation in an ARIA ADR sale as the software and hardware are combined because they are inputs in the contract to deliver an output of threat protection.

This combined performance obligation is recognized evenly over the contract term.

12 unchanged sentences

See details of timing of revenue recognition, whether CSPi acted as the principal or agent, and geography below.

Geographic areas are based on which the products were shipped or services rendered.

Geographic areas are based on where the products were shipped or services rendered.

Technology Solutions Segment

Three months ended March 31,

Three months ended June 30,

(Amounts in thousands)

6 unchanged sentences

Americas (excluding United States)

APAC and Africa

Total Revenue

6 unchanged sentences

Americas (excluding United States)

APAC and Africa

Total Revenue

Technology Solutions Segment

Six months ended March 31,

Nine months ended June 30,

(Amounts in thousands)

18 unchanged sentences

See Note 5 Financing Receivables, net for more details.

Revenue from these agreements in the three months ended March 31, 2025 was $ 142 thousand and CSPi acted as the agent.

There was no revenue from this type of agreement in the three months ended March 31, 2024.

Revenue from these agreements in the six months ended March 31, 2025 was $ 165 thousand and CSPi acted as the agent.

Revenue from these agreements in the six months ended March 31, 2024 was $ 1,427 thousand, which nearly all of the revenue was with CSPi acting as the principal.

Revenue from these agreements in the three months ended June 30, 2025 was $ 879 thousand, which consisted of $ 543 thousand with the Company acting as the principal and $ 336 thousand with the Company acting as the agent.

Revenue from these agreements in the three months ended June 30, 2024 was $ 446 thousand consisting of $ 435 thousand with the Company acting as the agent and $ 11 thousand with the Company acting as principal.

Revenue from these agreements in the nine months ended June 30, 2025 was $ 901 thousand, consisting of $ 543 thousand with the Company acting as the principal and $ 358 thousand with the Company acting as an agent.

Revenue from these agreements in the nine months ended June 30, 2024 was $ 1,872 thousand consisting of $ 1,388 thousand with the Company acting as the principal and $ 484 thousand with CSPi acting as agent.

Contract Assets and Liabilities

1 unchanged sentence

When we have the right to bill a customer, accounts receivable is recorded as an unconditional right exists.

Current contract assets were $ 0.9 million and $ 1.7 million as of March 31, 2025 and September 30, 2024, respectively.

Current contract assets were $ 0.9 million and $ 1.7 million as of June 30, 2025 and September 30, 2024, respectively.

Current contract assets were $ 0.9 million as of September 30, 2023.

The current portion is recorded in Other current assets on the condensed consolidated balance sheets.

There were no noncurrent contract assets as of March 31, 2025 and September 30, 2024.

There were no noncurrent contract assets as of September 30, 2023.

There were no noncurrent contract assets as of June 30, 2025 and September 30, 2024.

were no noncurrent contract assets as of September 30, 2023.

The difference in the balances is due to regular timing differences between when work is performed and having an unconditional right to payment.

Contract liabilities arise when payment is received before we transfer a good or service to the customer.

Current contract liabilities were $ 2.5 million and $ 2.2 million as of March 31, 2025 and September 30, 2024, respectively.

Current contract liabilities were $ 1.6 million and $ 2.2 million as of June 30, 2025 and September 30, 2024, respectively.

Current contract liabilities were $ 1.9 million as of September 30, 2023.

The current portion of contract liabilities is recorded in Deferred revenue and contract liabilities on the condensed consolidated balance sheets.

There were no long-term contract liabilities as of March 31, 2025 and September 30, 2024, respectively.

There were immaterial long-term contract liabilities as of June 30, 2025 and none as of September 30, 2024, respectively.

There were no long-term contract liabilities as of September 30, 2023.

Revenue recognized for the six months ended March 31, 2025 that was included in contract liabilities as of September 30, 2024 was $ 1.0 million.

Revenue recognized for the nine months ended June 30, 2025 that was included in contract liabilities as of September 30, 2024 was $ 1.6 million.

Contract Costs

4 unchanged sentences

Incremental costs are related to commissions in the TS portion of the business.

Current capitalized contract costs are within the Other current assets on the condensed consolidated balance sheets as of March 31, 2025 and September 30, 2024.

The portion of current capitalized costs were $ 23 thousand and $ 177 thousand as of March 31, 2025 and September 30, 2024, respectively.

Current capitalized contract costs are within the Other current assets on the condensed consolidated balance sheets as of June 30, 2025 and September 30, 2024.

The portion of current capitalized costs were $ 1 thousand and $ 177 thousand as of June 30, 2025 and September 30, 2024, respectively.

There are no noncurrent capitalized costs on the condensed consolidated balance sheets.

The amount of incremental costs amortized for the three months ended March 31, 2025 and 2024 were $ 50 thousand and $ 121 thousand, respectively.

The amount of incremental costs amortized for the six months ended March 31, 2025 and 2024 were $ 154 thousand and $ 229 thousand, respectively and is recorded in selling, general, and administrative expenses.

There was no impairment related to incremental costs capitalized during the six months ended March 31, 2025 and 2024.

The amount of incremental costs amortized for the three months ended June 30, 2025 and 2024 were $ 22 thousand and $ 122 thousand, respectively.

The amount of incremental costs amortized for the nine months ended June 30, 2025 and 2024 were $ 176 thousand and $ 351 thousand, respectively and is recorded in selling, general, and administrative expenses.

There was no impairment related to incremental costs capitalized during the nine months ended June 30, 2025 and 2024.

Projects are typically billed upon completion or at certain milestones.

10 unchanged sentences

Managed service contracts are generally longer than one year and revenue is recognized ratably over the contract term.

For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2025 is set forth in the table below:

For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2025 is set forth in the table below:

(Amounts in thousands)

2 unchanged sentences

Basic net income (loss) per common share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period.

Diluted net income per share

includes the dilutive effect of restricted stock, if any, calculated using the treasury stock method.

Diluted net income per share includes the dilutive effect of restricted stock, if any, calculated using the treasury stock method.

For unvested restricted stock, assumed proceeds under the treasury stock method would include unamortized compensation cost.

3 unchanged sentences

Three months ended

Six Months Ended

Nine Months Ended

(Amounts in thousands except per share data)

10 unchanged sentences

Anti-dilutive securities include restricted stock, which are excluded from the diluted income per share computation.

Non-vested restricted stock awards of 269 thousand shares were excluded from net loss per share for the three months ended March 31, 2025 because their inclusion would have been anti-dilutive as there was a net loss for the period.

Non-vested restricted stock awards of 82 thousand shares and 193 thousand shares were excluded from net loss per share for the three months ended June 30, 2025 and 2024 because their inclusion would have been anti-dilutive as there was a net loss for the period.

Accounts receivable, net

6 unchanged sentences

Three months ended

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

(Amounts in thousands)

1 unchanged sentence

Balances at beginning of the period

(Benefit) provision for credit losses

Provision (benefit) for credit losses

Balances at end of the period

Six months ended

March 31, 2025

March 31, 2024

Nine months ended

June 30, 2025

June 30, 2024

(Amounts in thousands)

2 unchanged sentences

Adjustment for adoption of new CECL standard

(Benefit) provision for credit losses

Provision (benefit) for credit losses

Balances at end of the period

18 unchanged sentences

Financing receivables, net, carry an average weighted interest rate of 9.5 %, which reflects the approximate interest rate consistent with a separate financing transaction with the customer at the inception of the agreement.

The amount of interest income earned from sales whose payment terms exceed one year for the three months ended March 31, 2025 and 2024 was $ 113 thousand and $ 158 thousand, respectively.

The amount of interest income earned from sales whose payment terms exceed one year for the six months ended March 31, 2025 and 2024 was $ 254 thousand and $ 351 thousand, respectively.

The amount of interest income earned from sales whose payment terms exceed one year for the three months ended June 30, 2025 and 2024 was $ 152 thousand and $ 177 thousand, respectively.

The amount of interest income earned from sales whose payment terms exceed one year for the nine months ended June 30, 2025 and 2024 was $ 406 thousand and $ 528 thousand, respectively.

Interest income from these agreements is recorded in Other (expense) income, net on the Condensed Consolidated Statements of Operations.

The following table presents the components of the Company’s Financing receivables, net segregated by portfolio (risk rating) for the periods indicated:

As of March 31, 2025

As of June 30, 2025

As of September 30, 2024

7 unchanged sentences

Three months ended

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

(Amounts in thousands)

2 unchanged sentences

Balances at beginning of the period

Provision (benefit) charged to Consolidated Statements of Operations

(Benefit) provision charged to Consolidated Statements of Operations

Balances at end of the period

Six months ended

March 31, 2025

March 31, 2024

Nine months ended

June 30, 2025

June 30, 2024

(Amounts in thousands)

13 unchanged sentences

Recording interest income resumes once no reasonable doubt exists regarding collecting all interest and principal.

There were no financing receivables placed on non-accrual status as of March 31, 2025 or September 30, 2024.

The following table presents Financing receivables, gross, including accrued interest and excluding any allowance, by credit quality indicator segregated by risk rating and year of origination as of March 31, 2025:

March 31, 2025

There were no financing receivables placed on non-accrual status as of June 30, 2025 or September 30, 2024.

June 30, 2025

Fiscal year of origination

14 unchanged sentences

Information related to both lessee and lessor

The components of lease costs for the three months ended March 31, 2025 and 2024 are as follows:

The components of lease costs for the three months ended June 30, 2025 and 2024 are as follows:

Three months ended

Consolidated Statements of Operations Location

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

(Amounts in thousands)

7 unchanged sentences

Total lease costs, net of sublease interest income

The components of lease costs for the six months ended March 31, 2025 and 2024 are as follows:

Six months ended

The components of lease costs for the nine months ended June 30, 2025 and 2024 are as follows:

Nine months ended

Consolidated Statements of Operations Location

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

(Amounts in thousands)

8 unchanged sentences

Total lease costs, net of sublease interest income

Supplemental cash flow information related to leases for the six months ended March 31, 2025 and 2024 is below:

Six months ended

March 31, 2025

March 31, 2024

Supplemental cash flow information related to leases for the nine months ended June 30, 2025 and 2024 is below:

Nine months ended

June 30, 2025

June 30, 2024

(Amounts in thousands)

7 unchanged sentences

In April 2025, a lease agreement for a new office space for the TS U.S.

division was executed, which will commence in August of 2025 and have a term for 80 months with total rent payments of around $ 1.2 million.

The division’s office in Deerfield Beach will move to Boca Raton, Florida.

Accounts payable and Other noncurrent liabilities

division was executed, which commenced in August of 2025 and has a term for 80 months with total rent payments of around $ 1.2 million.

The division’s office in Deerfield Beach, Florida moved to Boca Raton, Florida.

Accounts payable and accrued expenses, and Other noncurrent liabilities

The TS US division enters into certain multi-year agreements with vendors when also entering into some of the multi-year financing contracts the Company enters into with customers.

2 unchanged sentences

principal and interest.

The average imputed interest rate for the agreements was determined to be 8.4 % as of March 31, 2025.

The average imputed interest rate for the agreements was determined to be 9.4 % as of June 30, 2025.

The rate was determined primarily based on the rate the Company could obtain by financing from other sources at the date of the transaction.

Interest expense related to these agreements for the three months ended March 31, 2025 and 2024 was $ 75 thousand and $ 35 thousand, respectively.

Interest expense related to these agreements for the six months ended March 31, 2025 and 2024 was $ 150 thousand and $ 88 thousand, respectively.

Interest expense related to these agreements for the three months ended June 30, 2025 and 2024 was $ 101 thousand and $ 52 thousand, respectively.

Interest expense related to these agreements for the nine months ended June 30, 2025 and 2024 was $ 251 thousand and $ 139 thousand, respectively.

The amounts owed for these agreements are in Accounts payable and accrued expenses and Other noncurrent liabilities because they are owed to vendors rather than banks or financial institutions for borrowings.

1 unchanged sentence

Below are details of the agreements with the vendors that contain imputed interest:

March 31, 2025

June 30, 2025

September 30, 2024

2 unchanged sentences

Other noncurrent liabilities

The TS segment has many vendors it transacts with and does not have any specific agreement with this vendor that it must purchase certain products from the vendor.

The TS segment has many vendors it transacts with and does not have any specific agreement with these vendors that it must purchase certain products from the vendor.

Management believes other suppliers could provide similar products on comparable terms.

Line of Credit

As of March 31, 2025 and September 30, 2024, the Company maintained an inventory line of credit with a borrowing capacity of $ 15.0 million.

As of June 30, 2025 and September 30, 2024, the Company maintained an inventory line of credit with a borrowing capacity of $ 15.0 million.

It may be used by the TS and HPP segments in the US to purchase inventory from approved vendors with payment terms which exceed those offered by the vendors.

2 unchanged sentences

(1) a minimum current ratio of 1.2 , (2) tangible net worth of no less than $ 4.0 million, and (3) a maximum ratio of total liabilities to total net worth of less than 5.0 :1.

As of March 31, 2025 and September 30, 2024, Company borrowings, all from the TS segment, under the inventory line of credit were $ 0.4 million and $ 4.2 million, respectively, and the Company was in compliance with all financial covenants.

As of March 31, 2025 and September 30, 2024, this line of credit also includes availability of a limited cash withdrawal of up to $ 1.0 million.

As of March 31, 2025 and September 30, 2024 there were no cash withdrawals outstanding.

As of June 30, 2025 and September 30, 2024, Company borrowings, all from the TS segment, under the inventory line of credit were $ 1.1 million and $ 4.2 million, respectively, and the Company was in compliance with all financial covenants.

As of June 30, 2025 and September 30, 2024, this line of credit also includes availability of a limited cash withdrawal of up to $ 1.0 million.

As of June 30, 2025 and September 30, 2024 there were no cash withdrawals outstanding.

Pension and Retirement Plans

15 unchanged sentences

Under the terms of this buy-in contract, the insurer is liable to pay the benefits of the plan, but the Company still retains full legal responsibility to pay the benefits to members using the insurance payments.

In accordance with US GAAP, specifically ASC 715-30 Defined Benefit Plans – Pension , the buy-in contract does not qualify as a significant event and therefore remeasurement is not required.

In accordance with US GAAP, specifically ASC 715-30 Defined Benefit Plans – Pension , the buy-in

contract does not qualify as a significant event and therefore remeasurement is not required.

The buy-in contract will be treated as a plan asset.

3 unchanged sentences

The components of net periodic benefit costs related to the US and UK plans are as follows:

Three Months Ended March 31,

Three Months Ended June 30,

(Amounts in thousands)

8 unchanged sentences

Net periodic benefit

Six Months Ended March 31,

Nine Months Ended June 30,

(Amounts in thousands)

10 unchanged sentences

Fair Values as of

March 31, 2025

June 30, 2025

September 30, 2024

6 unchanged sentences

Total plan assets

*This fair value is as of December 31, 2025 and is based on the latest information available.

*This fair value is as of March 31, 2025 and is based on the latest information available.

The buy-in contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value.

1 unchanged sentence

The fair value of the buy-in contract can vary significantly based on the 20-year U.K.

gilt yield, which was around 4.5 % as of September 30, 2024 and 5.0 % as of December 31, 2024 leading to a decrease in fair value.

gilt yield, which was around 4.5 % as of September 30, 2024 and 5.2 % as of March 31, 2025 leading to a decrease in fair value.

Additionally, the profit realized by the insurance company is not considered in the fair value and a decrease will occur from payments made to the pensioners.

The Company recorded an income tax benefit of $ 683 thousand and income tax expense of $ 135 thousand for the three months ended March 31, 2025 and 2024, respectively, and an income tax benefit of $ 798 thousand and income tax expense of $ 148 thousand for the six months ended March 31, 2025 and 2024, respectively.

The income tax benefit for the three and six months ended March 31, 2025 was primarily driven by the impact of tax credits that we expect to be able to utilize against federal and state taxes and the excess tax benefits on restricted stock awards vested during the period.

The income tax expense for the three and six months ended March 31, 2024 was primarily driven by income earned in the United States.

The Company recorded an income tax benefit of $ 751 thousand and $ 75 thousand for the three months ended June 30, 2025 and 2024, respectively.

The Company recorded an income tax benefit of $ 1.5 million and income tax expense of $ 73 thousand for the nine months ended June 30, 2025 and 2024, respectively.

The income tax benefit for the three and nine months ended June 30, 2025 was primarily driven by the impact of the Company's pre-tax loss, the excess tax benefits on restricted stock awards vested during the period, and an income tax refund related to an amended fiscal year 2019 tax return for the Employee Retention Credit wages claimed in which the statute had expired.

No receivable had been recorded for this item, and as such, the Company recorded a discrete tax benefit during the quarter.

The income tax benefit for the three months ended June 30, 2024 was driven by a decrease in pre-tax earnings and the expense for nine months ended June 30, 2024 was primarily driven by income earned in the United States.

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law.

Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, and expanded Section 162(m) aggregation requirements.

In accordance with ASC 740, the effects of the new tax law will be recognized in the period of enactment.

The Company is currently evaluating the impact of the OBBBA, and an estimate of the financial effect cannot be determined at this time.

Accumulated Other Comprehensive Loss

12 unchanged sentences

unobservable inputs (e.g., a reporting entity’s or other entity’s own data)

The Company had no assets or liabilities measured at fair value on a recurring basis (except our pension plan assets and whole life insurance policies, see Note 10 Pension and Retirement Plans for pension plan assets) or non-recurring basis as of March 31, 2025 or September 30, 2024.

To estimate fair value of the financial instruments below, quoted market prices are used when available and classified within Level 1.

1 unchanged sentence

If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3.

As of March 31, 2025

As of June 30, 2025

As of September 30, 2024

10 unchanged sentences

*Original maturity over one year

**Contains vendor financing agreements with original maturity over one year

**Vendor financing agreements with original maturity over one year within these two financial statement line items

Cash and cash equivalents

1 unchanged sentence

Accounts receivable and Accounts payable and accrued expenses with original maturity of less than one year

Fair value was not materially different from their carrying values as of March 31, 2025, and September 30, 2024

Fair value was not materially different from their carrying values as of June 30, 2025, and September 30, 2024

Financing receivables, net

9 unchanged sentences

It is also consistent with how we manage the business and view the markets we serve.

The following tables present certain operating segment information for the three and six months ended March 31, 2025 and 2024.

The following tables present certain operating segment information for the three and nine months ended June 30, 2025 and 2024.

Technology Solutions Segment

Three months ended March 31,

Three months ended June 30,

(Amounts in thousands)

4 unchanged sentences

Depreciation and amortization

Operating income (loss)

Operating (loss) income

Interest expense

3 unchanged sentences

Technology Solutions Segment

Six months ended March 31,

Nine months ended June 30,

(Amounts in thousands)

10 unchanged sentences

Operating (loss) income consists of sales less cost of sales, engineering and development expenses, and selling, general and administrative expenses but is not affected by either other income (expense) or by income tax expense (benefit).

Non-operating expenses/income consists principally of interest income from transactions with payment terms exceeding one year (see Note 5 Financing receivables, net for details) and interest income from money market accounts, and interest expense primarily from multi-year agreements with vendors (see Note 8 Accounts payable and other noncurrent liabilities ).

All intercompany transactions have been eliminated.

Concentrations of Credit Risk

All customers below, excluding Customer E, are in the U.S.

All customers below are in the U.S.

division of our TS segment.

1 unchanged sentence

“Customer A”) does not change meaning if Customer A is in multiple tables, it is the same customer.

There were no customers with 10% or more of accounts receivable as of March 31, 2025 or September 30, 2024.

Below are customers with 10% or more of financing receivables as of March 31, 2025 or September 30, 2024.

As of March 31, 2025

There were no customers with 10% or more of accounts receivable as of June 30, 2025 or September 30, 2024.

Below are customers with 10% or more of financing receivables as of June 30, 2025 or September 30, 2024.

As of June 30, 2025

As of September 30, 2024

4 unchanged sentences

Financing Receivables

The following table lists customers from which the Company derived revenues of 10% or more of total revenues for the three and six months ended March 31, 2025 and 2024.

Three months ended March 31,

Six months ended March 31,

The following table lists customers from which the Company derived revenues of 10% or more of total revenues for the three and nine months ended June 30, 2025 and 2024.

Three months ended June 30,

Nine months ended June 30,

(Amounts in millions)

3 unchanged sentences

On February 10, 2025 , the Company’s board of directors declared a dividend of $ 0.03 per share payable March 10, 2025 , to shareholders of record on the close of business on February 24, 2025 .

On May 14, 2025 , the Company’s board of directors declared a dividend of $ 0.03 per share payable June 11, 2025 , to shareholders of record on the close of business on May 28, 2025 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements