0001235468-22-000142 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Sep. 30, 2022	Dec. 05, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--09-30
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	0-51813
Entity Registrant Name	LIQUIDITY SERVICES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2209244
Entity Address, Address Line One	6931 Arlington Road, Suite 200
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	467-6868
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	LQDT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 405.9
Entity Common Stock, Shares Outstanding		35,798,131
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement relating to its 2023 Annual Stockholders' Meeting, to be filed subsequently, are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K.
Entity Central Index Key	0001235468
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2022	Sep. 30, 2021
Audit Information [Abstract]
Auditor Name	Deloitte and Touche LLP	Ernst & Young LLP
Auditor Location	McLean, Virginia	Tysons, Virginia
Auditor Firm ID	34	42

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 96,122	$ 106,335
Short-term investments	1,819	0
Accounts receivable, net of allowance for doubtful accounts of $449 and $490	11,792	5,866
Inventory, net	11,679	12,468
Prepaid taxes and tax refund receivable	1,631	1,713
Prepaid expenses and other current assets	6,551	5,460
Total current assets	129,594	131,842
Property and equipment, net	19,094	17,634
Operating lease assets	13,207	13,478
Intangible assets, net	16,234	3,453
Goodwill	88,910	59,872
Deferred tax assets	13,628	23,822
Other assets	7,437	5,475
Total assets	288,104	255,576
Current liabilities:
Accounts payable	41,982	40,611
Accrued expenses and other current liabilities	23,304	25,975
Current portion of operating lease liabilities	4,540	4,250
Deferred revenue	4,439	4,624
Payables to sellers	49,238	33,713
Total current liabilities	123,503	109,173
Operating lease liabilities	9,687	10,098
Other long-term liabilities	378	1,290
Total liabilities	133,568	120,561
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value; 120,000,000 shares authorized; 35,724,057 shares issued and outstanding at September 30, 2022; 35,457,095 shares issued and outstanding at September 30, 2021	36	35
Additional paid-in capital	258,275	252,017
Treasury stock, at cost; 3,813,199 shares at September 30, 2022, and 2,222,083 shares at September 30, 2021	(62,554)	(36,628)
Accumulated other comprehensive loss	(10,285)	(9,011)
Accumulated deficit	(30,936)	(71,398)
Total stockholders' equity	154,536	135,015
Total liabilities and stockholders' equity	$ 288,104	$ 255,576

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 449	$ 490
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	35,724,057	35,457,095
Common stock, shares outstanding (in shares)	35,724,057	35,457,095
Treasury stock, common (in shares)	3,813,199	2,222,083

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Total revenues	$ 280,050	$ 257,531	$ 205,940
Costs and expenses from operations:
Cost of goods sold (excludes depreciation and amortization)	119,407	107,678	96,016
Technology and operations	55,522	47,673	42,158
Sales and marketing	43,224	37,635	35,629
General and administrative	28,282	28,938	29,166
Depreciation and amortization	10,322	6,969	6,290
Fair value adjustment of acquisition earn-outs	(24,500)	0	200
Other operating expenses, net	388	1,470	378
Total costs and expenses	232,645	230,363	209,837
Income (loss) from operations	47,405	27,168	(3,897)
Interest and other income, net	(248)	(411)	(924)
Income (loss) before income taxes	47,653	27,579	(2,973)
Provision (benefit) for income taxes	7,329	(23,370)	801
Net income (loss)	$ 40,324	$ 50,949	$ (3,774)
Basic income (loss) per common share (in usd per share)	$ 1.25	$ 1.53	$ (0.11)
Diluted income (loss) per common share (in usd per share)	$ 1.20	$ 1.45	$ (0.11)
Basic weighted average shares outstanding (in shares)	32,292,978	33,333,557	33,612,263
Diluted weighted average shares outstanding	33,719,424	35,024,108	33,612,263
Purchase revenues
Total revenues	$ 151,271	$ 146,151	$ 127,580
Consignment and other fee revenues
Total revenues	$ 128,779	$ 111,380	$ 78,360

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 40,324	$ 50,949	$ (3,774)
Other comprehensive (loss) income:
Defined benefit pension plan—unrecognized amounts	1,836	170	(2,293)
Foreign currency translation	(3,110)	601	484
Other comprehensive (loss) income	(1,274)	771	(1,809)
Comprehensive income (loss)	$ 39,050	$ 51,720	$ (5,583)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock, Common	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Balance beginning (in shares) at Sep. 30, 2019			33,687,115
Balance beginning treasury stock (in shares) at Sep. 30, 2019						0
Balance at Sep. 30, 2019	$ 116,175	$ 0	$ 34	$ 242,686	$ 0		$ 0	$ (7,973)	$ (118,572)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(3,774)								(3,774)
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)			494,683
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	111		$ 0	111
Tax settlements associated with stock compensation expense (in shares)			(84,392)
Taxes paid associated with net settlement of stock compensation awards	(594)			(594)
Forfeiture of restricted stock awards (in shares)			(15,000)
Common stock repurchases (in shares)							(547,508)
Common stock repurchases	(3,983)						$ (3,983)
Stock compensation expense	5,689			5,689
Defined benefit pension plan—unrecognized amounts, net of taxes	(2,293)							(2,293)
Foreign currency translation and other	484							484	0
Balance at Sep. 30, 2020	111,815		$ 34	247,892			$ (3,983)	(9,782)	(122,346)
Balance ending treasury stock (in shares) at Sep. 30, 2020						547,508
Balance ending (in shares) at Sep. 30, 2020			34,082,406
Increase (Decrease) in Stockholders' Equity
Net income (loss)	50,949								50,949
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)			1,605,618
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	445		$ 1	444
Tax settlements associated with stock compensation expense (in shares)			(217,196)
Taxes paid associated with net settlement of stock compensation awards	(3,915)			(3,915)
Forfeiture of restricted stock awards (in shares)			(13,733)
Common stock repurchases (in shares)							(1,591,963)
Common stock repurchases	$ (31,143)						$ (31,143)
Stock redeemed or called during period (in shares)	82,612						(82,612)
Common stock surrendered in the exercise of stock options	$ 0			1,502			$ (1,502)
Stock compensation expense	6,094			6,094
Defined benefit pension plan—unrecognized amounts, net of taxes	170							170
Foreign currency translation and other	600							601	(1)
Balance at Sep. 30, 2021	$ 135,015		$ 35	252,017			$ (36,628)	(9,011)	(71,398)
Balance ending treasury stock (in shares) at Sep. 30, 2021	2,222,083					2,222,083
Balance ending (in shares) at Sep. 30, 2021	35,457,095		35,457,095
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 40,324								40,324
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)			664,921
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	0		$ 1	(1)
Tax settlements associated with stock compensation expense (in shares)			(140,202)
Taxes paid associated with net settlement of stock compensation awards	(2,805)			(2,805)
Forfeiture of restricted stock awards (in shares)			(257,757)
Common stock repurchases (in shares)							(1,567,277)
Common stock repurchases	$ (25,447)						$ (25,447)
Stock redeemed or called during period (in shares)	23,839						(23,839)
Common stock surrendered in the exercise of stock options	$ (1)			478			$ (479)
Stock compensation expense	8,586			8,586
Defined benefit pension plan—unrecognized amounts, net of taxes	1,836							1,836
Foreign currency translation and other	(2,972)							(3,110)	138
Balance at Sep. 30, 2022	$ 154,536		$ 36	$ 258,275			$ (62,554)	$ (10,285)	$ (30,936)
Balance ending treasury stock (in shares) at Sep. 30, 2022	3,813,199					3,813,199
Balance ending (in shares) at Sep. 30, 2022	35,724,057		35,724,057

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ 40,324	$ 50,949	$ (3,774)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	10,322	6,969	6,290
Change in fair value of earn-out liability	(24,500)	0	200
Stock compensation expense	8,482	6,947	5,660
Inventory adjustment to net realizable value	194	174	300
Provision for doubtful accounts	136	297	200
Deferred tax expense (benefit)	6,287	(24,510)	106
Impairment of long-lived and other non-current assets	31	1,338	0
(Gain) loss on disposal of property and equipment	(14)	80	(29)
Gain on disposal of lease assets	(240)	(23)	0
Changes in operating assets and liabilities:
Accounts receivable	(6,290)	(843)	1,182
Inventory	441	(7,035)	(64)
Prepaid taxes and tax refund receivable	82	(61)	878
Prepaid expenses and other assets	(1,805)	(2,022)	1,375
Operating lease assets and liabilities	396	(79)	(187)
Accounts payable	1,548	18,554	6,907
Accrued expenses and other current liabilities	(2,653)	6,060	(8,198)
Distributions payable	0	0	(1,675)
Deferred revenue	(185)	1,369	207
Payables to sellers	13,000	7,543	5,917
Other liabilities	(723)	(290)	1,183
Net cash provided by operating activities	44,833	65,417	16,478
Investing activities
Purchases of property and equipment, including capitalized software	(8,121)	(5,419)	(4,186)
Proceeds from note receivable	0	4,343	2,824
Purchase of short-term investments	(1,820)	0	(25,000)
Maturities of short-term investments	0	0	55,000
Cash paid for business acquisition, net of cash acquired	(11,164)	0	0
Other investing activities, net	21	72	9
Net cash (used in) provided by investing activities	(21,084)	(1,004)	28,647
Financing activities
Payments of the principal portion of finance lease liabilities	(99)	(42)	(34)
Payments of debt issuance costs	(91)	0	0
Proceeds from exercise of common stock options, net of tax	0	445	111
Taxes paid associated with net settlement of stock compensation awards	(2,806)	(3,915)	(594)
Payment of earn-out liability related to business acquisition	(3,500)	0	(1,200)
Common stock repurchases	(25,447)	(31,143)	(3,983)
Net cash (used in) provided by financing activities	(31,943)	(34,655)	(5,700)
Effect of exchange rate differences on cash and cash equivalents	(2,019)	541	114
Net increase (decrease) in cash and cash equivalents	(10,213)	30,299	39,539
Cash and cash equivalents at beginning of year	106,335	76,036	36,497
Cash and cash equivalents at end of year	96,122	106,335	76,036
Supplemental disclosure of cash flow information
Cash paid (received) for income taxes, net	885	1,442	(1,519)
Non-cash: Common stock surrendered in the exercise of stock options	$ 479	$ 1,502	$ 0

Organization	12 Months Ended
Organization	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Liquidity Services, Inc. (Liquidity Services, the Company) is a leading global commerce company providing trusted marketplace platforms that power the circular economy. We create a better future for organizations, individuals, and the planet by capturing and unleashing the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading auction marketplaces, search engines, asset management software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers. Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in growing numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders. Results from our operations are organized into four reportable segments: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG) and Machinio. See Note 16 - Segment Information for more information regarding our segments. Liquidity Services was incorporated in Delaware in November 1999 as Liquidation.com, Inc. and commenced operations in early 2000. On November 1, 2021, we acquired Bid4Assets, Inc. (Bid4Assets), a Maryland corporation based in Silver Spring, MD. Bid4Assets is a leading online marketplace focused on conducting real property auctions for the government, including tax foreclosure sales and sheriff's sales. See Note 3 - Bid4Assets Acquisition for more information regarding this transaction. The Company's operations are subject to certain risks and uncertainties, many of which are associated with technology-oriented companies, including, but not limited to, the Company's dependence on use of the Internet; the effect of general business and economic trends including any future economic impact from the COVID-19 pandemic, inflationary pressures, and impacts from interest rate changes; the Company's susceptibility to rapid technological change; actual and potential competition by entities with greater financial and other resources; and the potential for the commercial sellers from which the Company derives a significant portion of its inventory to change the way they conduct their disposition of surplus assets or to otherwise terminate or not renew their contracts with the Company.

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the consolidated financial statements and accompanying notes. For the year ended September 30, 2022, these estimates required the Company to make assumptions about the extent and duration of continued restrictions on cross-border transactions and the impact of the COVID-19 pandemic and other disruptions on macroeconomic conditions and, in turn, the Company's results of operations. As there remains uncertainty associated with the Pandemic, the Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, in the opinion of management, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included.

Business Combinations

The Company recognizes all of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair value on the acquisition date. Acquisition-related costs are recognized separately from the acquisition and expensed as incurred. Restructuring costs incurred in periods subsequent to the acquisition date are expensed when incurred. Subsequent changes to the purchase price (i.e., working capital adjustments) or other fair value adjustments determined during the measurement period are recorded as an adjustment to goodwill, with the exception of contingent consideration, which is recognized in the statement of operations in the period it is modified. All subsequent changes to a valuation allowance or uncertain tax position that relate to the acquired company and existed at the acquisition date that occur both within the measurement period and as a result of facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. All other changes in valuation allowances are recognized as a reduction or increase to income tax expense or as a direct adjustment to additional paid-in capital as required.

Cash and Cash Equivalents

The Company considers all highly liquid securities purchased with an initial maturity of three months or less to be cash equivalents.

Short-term Investments

The Company's short-term investments are designated as held-to-maturity investment securities, recorded at amortized cost, and are included as a current asset in the line-item Short-term investments within our Consolidated Balance Sheets as their maturity is less than one-year from the balance sheet date. Interest income earned through our short-term investments are recorded to Interest and other income, net within the Consolidated Statements of Operations.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. Allowances are based on management’s judgment, which considers historical bad debt experience, a specific review of all significant outstanding invoices, and an assessment of general economic conditions.

Inventory

Inventory consists of property obtained for resale, generally through the online auction process, and is stated at the lower of cost or net realizable value. Cost is generally determined using the specific identification method. Costs associated with our warehouse operations are expensed as incurred and included within Technology and operations expenses in the Statements of Operations. Charges for unsellable inventory, as well as for inventory written down to net realizable value, are included in Cost of goods sold in the period in which they have been determined to occur. Write-downs reflected in the inventory balances as of September 30, 2022, were immaterial. As of September 30, 2021, the Company's inventory reflects write-downs of $0.2 million.

Prepaid expenses and other current assets

Prepaid expenses and other current assets include the short-term portion of contract assets (described in "Contract Assets and Liabilities"), capitalized sales commissions paid (described in "Contract Costs"), as well as other miscellaneous prepaid expenses.

Other Assets - Promissory Note

On September 30, 2015, the Company sold certain assets related to its Jacobs Trading business to Tanager Acquisitions, LLC (Tanager). In connection with the disposition, Tanager assumed certain liabilities related to the Jacobs Trading business. Tanager issued a $12.3 million five-year interest-bearing promissory note to the Company.

On October 10, 2019, the Company entered into a Forbearance Agreement and Amendment to Note, Security Agreement and Guaranty Agreement (the Forbearance Agreement) with Tanager (now known as Jacobs Trading, LLC) and certain of its affiliates (collectively, JTC). In exchange for additional collateral, security, and a higher interest rate, the Company granted JTC a new repayment schedule that requires quarterly payments to be made from August 2020 to August 2023. Upon execution of the Forbearance Agreement, JTC repaid $2.5 million in principal, plus $0.4 million of accrued interest. As of March 31, 2021, JTC had repaid $7.7 million of the $12.3 million owed to the Company and had an outstanding principal balance of $4.6 million.

On May 12, 2021, the Company entered into the First Amendment to the Forbearance Agreement with JTC, providing JTC with full satisfaction and discharge from its indebtedness upon receipt of a $3.5 million payment made on May 17, 2021. As a result, the Company recorded a $1.1 million loss as component of Other operating expenses in its Consolidated Statements of Operations during the year ended September 30, 2021, representing the difference between the $4.6 million outstanding balance of principal and accrued interest and the $3.5 million payment received. There was no impact on the consolidated financial statements from the Forebearance Agreement as of and during the fiscal year ended September 30, 2022.

Property and Equipment

Property and equipment are recorded at cost, and depreciated or amortized on a straight-line basis over the following estimated useful lives:


Computers and purchased software						One to five years
Office/operational equipment						Two to five years
Furniture and fixtures						Five to seven years
Internally developed software for internal-use						Two to five years
Leasehold improvements						Shorter of lease term or useful life
Buildings						Thirty-nine years
Vehicles						Five years
Land						Not depreciated

Leases

The Company determines if an arrangement is a lease upon inception. A contract is or contains a lease if the contract provides the right to control the use of an identified asset for a period of time.

Lease assets and liabilities are recognized at the lease commencement date at an amount equal to the present value of the lease payments to be made over the lease term. The lease payments represent the combination of lease and nonlease components. The discount rate used to determine the present value is the Company’s incremental borrowing rate for a duration that is consistent with the lease term, as the rates implicit in the Company’s leases are generally not determinable. The Company’s incremental borrowing rate is estimated using publicly available information for companies with comparable financial profiles, adjusted for the impact of collateralization. The lease term includes the impacts of options to extend or terminate the lease only if it is reasonably certain that the option will be exercised.

Lease expense related to operating lease assets and liabilities is recognized on a straight-line basis over the lease term. Lease expense related to finance lease assets is recognized on a straight-line basis over the shorter of the useful life of the asset or the lease term, while lease expense related to finance lease liabilities is recognized using the interest method. Lease-related payments not included in the determination of the lease assets and liabilities, such as variable lease payments, are expensed as incurred.

Lease assets and liabilities are not recognized when the lease term is 12 months or less, however, short-term lease expense is still recognized on a straight-line basis over the lease term.

Balances related to the Company's operating leases are included within Operating lease assets, Current portion of operating lease liabilities, and Operating lease liabilities (non-current portion of operating lease liabilities).

Balances related to the Company's finance leases are included within Other assets (finance lease assets), Accrued expenses and other current liabilities (current portion of finance lease liabilities), and Other long-term liabilities (non-current portion of finance lease liabilities).

Lease assets are assessed for impairment in accordance with the Company’s accounting policy for the impairment of long-lived assets.

Intangible Assets

Intangible assets consist of contract intangibles, brand and technology, and patent and trademarks. Intangible assets are amortized using the straight-line method over their estimated useful lives.

Impairment of Long-Lived Assets

Long-lived assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. The Company did not record impairment charges on material long-lived assets during the years ended September 30, 2022, 2021 and 2020.

Goodwill

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company. The Company reviews goodwill for impairment annually on July 1, or more frequently if events or circumstances indicate impairment may exist. Examples of such events or circumstances could include a significant change in business climate or the loss of a significant contract.

In evaluating goodwill for impairment, the Company may first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further testing of goodwill assigned to the reporting unit is required. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company applies a fair value-based test.

In applying a fair value-based test, the Company determines the fair value of each of its reporting units and compares that amount to the carrying amount of the respective reporting units, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, no impairment loss is recognized. If, instead, the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in the amount of the excess carrying value.

Deferred Revenue

Deferred revenue is primarily derived from Machinio Advertising and System subscriptions that range primarily from one to twenty-four months. Subscription fees are recognized ratably over the term of the agreements.

Revenue Recognition

In the Consolidated Statements of Operations, revenue from the resale of inventory that the Company purchases from sellers is recognized within Purchase revenues. Revenue from the sale of inventory that the Company sells on a consignment basis, and other non-consignment fee revenue, which includes Machinio's subscription services, is recognized within Consignment and other fee revenues.

The Company recognizes revenue when or as performance obligations are satisfied and control is transferred to the customer. Revenue is recognized in the amount that reflects the consideration to which the Company expects to be entitled.

Revenue is also evaluated to determine whether the Company should report the gross proceeds as revenue, when the Company acts as the principal in the arrangement, or the Company should report its revenue on a net basis, when the Company acts as an agent. Specifically, when other parties are involved in providing goods or services to a customer, the Company must determine whether the nature of its promise is a performance obligation to provide the specified goods or services itself, or to arrange for another party to provide them. The Company evaluates the following factors to determine if it is acting as a principal: (1) whether the Company is primarily responsible for fulfilling the promise to provide the asset or assets; (2) whether the Company has inventory risk of the asset or assets before they are transferred to the buyer; and (3) whether the Company has discretion in establishing the price for the asset or assets.

The Company enters into contracts with buyers and sellers. The Company has master agreements with some sellers pertaining to the sale of a flow of surplus assets over the term of the master agreement; however, a revenue contract for accounting purposes exists when the Company agrees to sell a specific asset or assets. When acting as a principal (a “purchase” arrangement), the Company purchases an asset or assets from a seller and then the Company seeks to sell the asset or assets to a buyer. The Company recognizes as Purchase revenues the gross proceeds from the sale, including buyer's premiums. In purchase arrangements, the contract with the seller is not a revenue contract in the scope of the revenue recognition guidance; rather, it is a purchase of inventory.

When the Company is acting as an agent (a “consignment” arrangement), its performance obligation is to arrange for the seller to sell an asset or assets to the buyer directly. The Company recognizes Consignment revenues, which are composed of buyers premium’s and/or sales commissions, based on the amounts that are paid to the Company by the buyers and sellers for utilizing the Company's services, which represent a percentage of the gross transaction proceeds.

For the Company’s CAG segment, certain transactions may involve cooperation with third parties to satisfy the performance obligation of arranging for the sale of assets to a buyer, with proceeds shared among the parties. When the Company controls whether to use third parties to fulfill its performance obligation, it is considered the principal and revenue is recognized based on the gross purchase or consignment proceeds, with amounts due to third parties recognized as an expense. When the seller requests multiple parties to fulfill its performance obligation, the Company is considered the agent and revenue is recognized based on the net purchase or consignment proceeds to be retained by the Company.

In both purchase and consignment arrangements, the Company sometimes provides varying levels of services to the seller, such as returns management, refurbishment of assets, or valuation services. These services are considered integrated with the broader performance obligation to sell the seller’s assets to a buyer. Other services provided to sellers are not capable of being distinct, like providing access to the Company’s e-commerce marketplaces or promoting the asset or assets for sale, because they could not benefit the seller separately from the sale of their assets.

The consideration received from buyers and sellers includes (1) buyer’s premiums, (2) seller’s commissions, and (3) fees for services, including reimbursed expenses. Consideration is variable based on units, final auction prices, or other factors, until the buyer’s purchase of the asset or assets is complete, or the service has been provided. Recognition of variable consideration that is based on the results of auctions or purchases by buyers is constrained until those transactions have been finalized. The Company estimates and recognizes amounts related to sales returns, discounts or rebates promised to customers, and reimbursed expenses, however, those estimates are not significant relative to the Company's consolidated revenues. Revenue is recognized when or as the performance obligation is satisfied. Variable consideration is allocated to individual performance obligations when the variable consideration is related to satisfying that performance obligation. The Company's revenue is generally recorded subsequent to receipt of payment authorization, utilizing credit cards, wire transfers and other methods of payments. Goods are generally not shipped before payment is received. For certain transactions, payment is due upon invoice and the payment terms vary depending on the segments.

The Company collects and remits sales taxes on merchandise that it purchases and sells and has elected the practical expedient to exclude such sales tax amounts from the transaction price. The Company also provides shipping and handling services in some arrangements and has elected the practical expedient to treat those activities as a fulfillment costs and will recognize the costs of these services at the time revenue is recognized for the related assets sold. If the Company is acting as a principal for the combined obligation, amounts received from customers for shipping are recognized as Revenue, and amounts paid for shipping are recognized as Costs of goods sold. If the Company is acting as an agent for the combined obligation, shipping revenue and costs will be netted and recognized within Costs of goods sold.

The Company’s purchase and consignment performance obligations are satisfied at the point in time when control of the asset is transferred to the buyer or when the service is completed. The Company determines when control has transferred by evaluating the following five indicators: (1) whether the Company has a present right to payment for the asset or assets; (2) whether the buyer has legal title to the asset; (3) whether the buyer has physical possession of the asset or assets; (4) whether the buyer has the significant risks and rewards of ownership; and (5) whether the buyer has accepted the asset or assets.

For the Company's Machinio segment, the performance obligation has been identified as the stand ready obligation to provide access to the Machinio subscription services, which it satisfies over time and recognizes as other fee revenues. As of September 30, 2022, the Machinio segment had a remaining performance obligation of $4.4 million; the Company expects to recognize the substantial majority of that amount as Fee Revenue over the next 12 months.

Cost of Goods Sold

Cost of goods sold includes direct and incremental costs of purchasing inventory, transporting property for auction, shipping and handling costs, and credit card transaction fees. For transactions where the Company resells inventory that was purchased from sellers, the cost of goods sold includes the cost of that inventory, generally using specific identification. There are no inventory costs associated with consignment sales.

Contract Assets and Liabilities

Contract assets reflect an estimate of expenses that will be reimbursed upon settlement with a seller. The contract asset balance was $0.6 million as of September 30, 2021 and $0.9 million as of September 30, 2022 and is included in the line item Prepaid expenses and other current assets on the consolidated balance sheets.

Contract liabilities reflect obligations to provide services for which the Company has already received consideration, and generally arise from up-front payments received in connection with Machinio's subscription services. The contract liability balance was $4.6 million as of September 30, 2021, and $4.4 million as of September 30, 2022 and is included in the line item Deferred revenue on the consolidated balance sheets. Of the September 30, 2021 contract liability balance, $4.6 million was earned as Fee Revenue during the year ended September 30, 2022.

Contract Costs

Contract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized over the expected life of the customer contract. The contract cost balance was $1.8 million as of September 30, 2022 and $1.6 million as of September 30, 2021 and is included in the line item Prepaid expenses and other current assets and Other assets on the consolidated balance sheet. Amortization expense was $1.1 million during the year ended September 30, 2022 and was $0.7 million during the year ended September 30, 2021.

Risk Associated with Certain Concentrations

For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed. However, for the remaining buyers, goods are not shipped before payment is made, and as a result the Company is not subject to significant collection risk from those buyers.

For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business.

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within interest bearing and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which may at times exceed federally insured limits (FDIC and/or SIPC), and Accounts receivable. The Company deposits its cash in interest bearing checking accounts, or acquires cash equivalent money market funds, each with financial institutions that the Company considers to be of high credit quality.

Additionally, the Company has multiple vendor contracts with Amazon.com, Inc. under which it acquires and sells commercial merchandise. The property purchased under these contracts represented 55%, 61%, and 55% of cost of goods sold for the years ended September 30, 2022, 2021, and 2020, respectively. This contract is included within the RSCG segment.

Income Taxes

The Company accounts for income taxes using an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and income tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which the taxes are expected to be paid or recovered. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence to estimate whether future taxable income will be generated to permit use of the existing deferred tax asset. The resulting net tax asset reflects management's estimate of the amount that will be realized.

The Company applies the authoritative guidance related to uncertainty in income taxes. Accounting Standards Codification (ASC) 740 states that a benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of technical merits. The Company’s policy is to recognize interest and penalties in the period in which they occur in the income tax provision. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in foreign jurisdictions including, among others, Canada and the U.K.

Stock-Based Compensation

The Company has incentive plans under which stock options, restricted stock units, restricted stock awards, and stock appreciation rights are issued. The awards issued can contain service conditions, performance conditions based upon Company financial results, and/or market conditions based upon changes in the Company's stock price.

Service- and performance-based stock awards are measured at fair value on their grant date. Stock options and stock appreciation rights are measured at fair value using the Black-Scholes option-pricing model. However, because the stock appreciation rights are cash settled, they are also measured at fair value in each reporting period. The Black-Scholes option-pricing model includes assumptions for the expected term, volatility, and dividend yield, each of which are determined in reference to the Company's historical results. Where applicable, the expected term assumption is derived separately for homogenous groups within overall award population. Restricted stock units and restricted stock awards are measured at fair value using the closing price of the Company's stock on the grant date. For service-based stock awards, the Company recognizes expense on a straight-line basis over the service period, which is generally a period one to four years. For performance-based stock awards, the Company recognizes expense on a straight-line basis over the derived service period expected to be required to achieve the performance condition. The Company records a cumulative adjustment to compensation expense for performance-based awards if there is a change in determination of whether it is probable that the performance condition will be achieved.

Market-based stock awards are measured at fair value on their grant date using a Monte Carlo simulation. The Monte Carlo simulation includes assumptions for the expected term, volatility, and dividend yield, each of which are determined in reference to the Company's historical results. For market-based stock option and restricted stock awards, the Company recognizes expense on a straight-line basis over the derived service period determined by the Monte Carlo simulation, for each stock price target within the award. The Company accelerates expense when a stock price target is achieved prior to the derived service period. The Company, however, does not reverse expense recognized if the stock price target(s) are not ultimately achieved, as required by equity accounting for market-based awards. For market-based stock appreciation rights, because they are cash settled, they are measured at fair value in each reporting period. The Company recognized expense on a straight-line basis over the derived service period determined by the Monte Carlo simulation in each reporting period, for each stock price target within the award. The Company accelerates expense when a stock price target is achieved prior to the derived service period, and reverses expense recognized if the stock price target(s) are not ultimately achieved, as required by liability accounting for market-based awards.

The Company recognizes the impact of forfeitures in the period they occur.

Compensation expense from the stock awards is included in the same lines on the consolidated statements of operations as the cash compensation to the employees receiving the stock awards.

Excess tax benefits realized from stock awards are reported as cash flows from operating activities on the consolidated statement of cash flows.

Advertising Costs

Advertising expenditures are expensed as incurred. Advertising costs charged to expense were $4.6 million, $3.2 million and $2.6 million for the years ended September 30, 2022, 2021, and 2020, respectively.

Treasury Stock

Treasury stock is presented at cost, including any applicable commissions and fees, as a reduction of stockholders’ equity in the consolidated balance sheets and statements of equity. Treasury stock held by us may be retired or reissued in the future.

Foreign Currency Translation

The functional currency of the Company's foreign subsidiaries is primarily the local currency. The translation of the subsidiary's financial statements into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The resulting translation adjustments are recognized in Accumulated other comprehensive loss, a separate component of stockholders' equity. Realized and unrealized foreign currency transaction gains and losses are included in Interest and other income, net in the Consolidated Statements of Operations.

Accumulated Other Comprehensive Loss

The following table shows the changes in accumulated other comprehensive income (loss), net of taxes (in thousands):


	Foreign Currency Translation Adjustments		Net Change Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Loss
Balance at September 30, 2019	$	(8,569)	$	596	$	(7,973)
Current-period other comprehensive (loss) income	484		(2,293)		(1,809)
Balance at September 30, 2020	(8,085)		(1,697)		(9,782)
Current-period other comprehensive (loss) income	601		170		771
Balance at September 30, 2021	(7,484)		(1,527)		(9,011)
Current-period other comprehensive (loss) income	(3,110)		1,836		(1,274)
Balance at September 30, 2022	$	(10,594)	$	309	$	(10,285)

Recent Accounting Pronouncements

Accounting Standards Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Company adopted the new standard on a prospective basis effective October 1, 2021. This accounting standard has not had a material impact on the Company's consolidated financial statements.

Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), or ASC 326. ASC 326, including all amendments and related guidance, was designed to provide financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit. ASC 326 will require estimation of expected credit losses using a methodology that takes into consideration a broad range of reasonable and supportable information. The guidance will be effective for the Company beginning on October 1, 2023, due to the fact that the Company was classified as a smaller reporting company defined by the SEC at the time the rule was effective for public business entities. The guidance will be applied on a modified-retrospective basis, with any cumulative-effect adjustment recorded to retained earnings on the adoption date. The Company is in the process of evaluating the impact ASC 326 will have on its consolidated financial statements and expects to estimate credit losses on its financial assets such as its Accounts receivable and money market funds. While the Company has not experienced significant credit losses historically, the materiality of the impact of adoption will depend on events and conditions as of the date of adoption, which cannot be determined conclusively at this time.

Bid4Assets Acquisition

12 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Bid4Assets Acquisition

On November 1, 2021, the Company purchased all of the issued and outstanding shares of stock of Bid4Assets, Inc. (Bid4Assets), a Maryland corporation. Bid4Assets is a leading online marketplace focused on conducting real property auctions for the government, including tax foreclosure sales and sheriff's sales. The results of Bid4Assets' operations are included within our GovDeals reportable segment and reporting unit.

As of September 30, 2022, the Company's purchase price allocation related to this acquisition is preliminary and subject to revisions as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The revisions may have a significant impact on our consolidated financial statements. The allocation of the purchase price will be finalized once all information that was known and knowable as of the acquisition date is obtained and analyzed, but not to exceed one year from the acquisition date.

The primary areas of the purchase price allocation that are not yet finalized relate to income and non-income taxes, the valuation of intangible assets acquired and earn-out liability, and the residual goodwill. The preliminary amounts assigned to intangible assets by type for this acquisition were based upon our valuation model and historical experiences with entities with similar business characteristics. During the three months ended March 31, 2022, we recorded a measurement period adjustment of $1.1 million for the earn-out consideration fair value with a corresponding increase to Goodwill, based on facts and circumstances in existence as of the effective date of the acquisition related to the discount rates associated with the expected earn-out payments. This resulted in a change to the total consideration transferred and goodwill balance seen below as compared to our previously reported preliminary purchase accounting results as of December 31, 2021.

The preliminary acquisition date fair value of the consideration transferred to the former shareholders of Bid4Assets was approximately $42.7 million consisting of $14.7 million in cash (net of working capital adjustments totaling $0.3 million) and earn-out consideration with a preliminary fair value of $28.0 million. Former shareholders of Bid4Assets are eligible to receive earn-out consideration of up to $37.5 million in cash, payable based on Bid4Assets' achievement of trailing twelve-month EBITDA targets measured at the end of each calendar quarter until the quarter ended December 31, 2022.

The Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the Bid4Assets acquisition date of November 1, 2021, is as follows:


(in thousands)	Fair Value
Cash and cash equivalents	$	3,576
Intangible assets	16,500
Other assets	346
Total assets acquired	20,422
Payables to sellers	3,715
Operating lease liabilities	204
Deferred tax liabilities	3,847
Total liabilities assumed	7,766
Net identifiable assets acquired	$	12,656
Goodwill	30,083
Total consideration transferred	$	42,739

The excess of purchase consideration over the fair value of assets acquired and liabilities assumed was recorded as Goodwill. The Goodwill associated with our acquisition includes the acquired assembled work force, and the value associated with the opportunity to leverage the workforce to continue to grow by adding additional customer relationships or new solutions in the future. Based on management's preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, Goodwill of approximately $30.1 million was recorded. The total Goodwill arising from the acquisition is included in the GovDeals reportable segment and reporting unit and is not deductible for tax purposes.

The known intangible assets acquired were determined to consist of, and preliminarily fair valued at, the following:


(in thousands)	Useful Life (in years)	Fair Value
Contract intangibles	8	$	13,900
Developed software	3	2,200
Trade name	3	400
Total identifiable intangible assets		$	16,500

Contract Intangibles

We recorded contract intangibles separately from goodwill based upon determination of the length, strength, and contractual nature of the relationship that Bid4Assets shared with its suppliers. We valued the contract intangibles using the multi-period excess earnings method, an income approach valuation model. The significant assumptions used in the income approach includes estimates about future expected cash flows from supplier contracts, the attrition rate, and the discount rate. We are amortizing the contract intangibles, preliminarily valued at $13.9 million, on a straight-line basis over a useful life of eight years, which is materially consistent with the expected pattern of economic benefit.

Developed Software

Developed software primarily consists of intellectual property of the Bid4Assets e-commerce marketplace and associated mailing lists. We valued the developed software by applying the relief-from-royalty method, an income approach valuation model. The significant assumptions used in the relief-from-royalty method include estimates about future expected cash flows from the developed software, the royalty rate, the obsolescence factor and the discount rate. We are amortizing the acquired developed technology, preliminarily valued at $2.2 million, on a straight-line basis over a useful life of three years, which is materially consistent with the expected pattern of economic benefit.

Trade Name

We valued the trade name acquired using a relief-from-royalty method. The significant assumptions used in the relief-from-royalty method include future expected cash flows from the trade name, the royalty rate, and the discount rate. We are amortizing the trade name, preliminarily valued at $0.4 million, on a straight-line basis over a useful life of three years, which is materially consistent with the expected pattern of economic benefit.

Contingent Consideration

During the year ended September 30, 2022, and as a result of the acquisition of Bid4Assets, the Company recorded preliminary contingent consideration in the amount of $28.0 million on its Consolidated Balance Sheets. See further discussion of this matter within Note 13 - Fair Value Measurement.

Other Information

Revenue, net income (loss), and pro forma information related to the Bid4Assets acquisition was immaterial to the consolidated financial statements and its related notes for the year ended September 30, 2022.

Earnings Per Share

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The Company calculates basic EPS by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period, excluding unvested restricted stock awards.

The Company calculates diluted net income (loss) per share by dividing net income (loss) by the weighted-average number of common shares and potentially dilutive common shares outstanding during the reporting period using the treasury stock method.

The Company's potentially dilutive common shares include stock options, restricted stock units, and restricted stock awards. For such awards that have performance- or market-conditions, they are considered dilutive only when those performance- or market-conditions have been satisfied as of the reporting date. However, in periods of a net loss, the Company's diluted EPS will equal its basic EPS, as all its potential common shares are anti-dilutive in that case. In periods of net income, the calculation of diluted net income per share will exclude all anti-dilutive common shares.

The computation of basic and diluted net income per share is as follows:


	Year Ended September 30,
	2022		2021		2020
Numerator:
Net income (loss)	$	40,324	$	50,949	$	(3,774)
Denominator:
Basic weighted average shares outstanding	32,292,978		33,333,557		33,612,263
Dilutive impact of stock options, RSUs and RSAs	1,426,446		1,690,551		—
Diluted weighted average shares outstanding	33,719,424		35,024,108		33,612,263
Basic income (loss) per common share	$	1.25	$	1.53	$	(0.11)
Diluted income (loss) per common share	$	1.20	$	1.45	$	(0.11)
Stock options, RSUs and RSAs excluded from income (loss) per diluted share because their effect would have been anti-dilutive	1,009,288		420,454		3,526,055

Property and Equipment

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, including equipment under capital lease obligations, consists of the following:


	September 30,
	2022		2021
	(in thousands)
Computers and purchased software	$	2,058	$	1,981
Developed software for internal-use	22,168		18,942
Equipment	8,536		6,373
Leasehold improvements	3,256		3,244
Building	2,158		2,158
Furniture and fixtures	527		655
Vehicles	1,406		1,129
Land	754		754
Construction in progress	1,812		956
Total property and equipment	42,675		36,192
Less: Accumulated depreciation and amortization	(23,581)		(18,558)
Total property and equipment, net	$	19,094	$	17,634

Depreciation and amortization expense related to property and equipment for the years ended September 30, 2022, 2021 and 2020, was $6.5 million, $5.6 million and $4.9 million, respectively. Included in those amounts is amortization of internally developed software for internal-use of $4.7 million, $3.9 million and $2.9 million, respectively.

The Company did not record impairment charges on material property and equipment during the years ended September 30, 2022, 2021 and 2020.

Leases

12 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

The Company has operating leases for its corporate offices, warehouses, vehicles and equipment. The operating leases have remaining terms of up to 4.3 years. Some of the leases have options to extend or terminate the leases. The exercise of such options is generally at the Company’s discretion. The lease agreements do not contain any significant residual value guarantees or restrictive covenants. The Company also subleases excess corporate office space. The Company's finance leases and related balances are not significant.

The components of lease expense are:


	September 30,
	2022		2021
	(in thousands)
Finance lease – lease asset amortization	$	80	$	54
Finance lease – interest on lease liabilities	21		22
Operating lease cost	5,695		5,139
Operating lease impairment expense	—		172
Short-term lease cost	337		242
Variable lease cost (1)	1,368		1,532
Sublease income	(111)		(184)
Total net lease cost	$	7,390	$	6,977

(1) Variable lease costs primarily relate to the Company's election to combine non-lease components such as common area maintenance, insurance and taxes related to its real estate leases. To a lesser extent, the Company's equipment leases have variable costs associated with usage and subsequent changes to costs based upon an index.

Maturities of lease liabilities are:


	September 30, 2022
(in thousands)	Operating Leases		Finance Leases
2023	$	5,267	$	116
2024	4,366		97
2025	3,576		68
2026	2,139		65
2027	396		12
Thereafter	—		—
Total lease payments (1)	$	15,744	$	358
Less: imputed interest (2)	(1,516)		(33)
Total lease liabilities	$	14,228	$	325

(1) The weighted average remaining lease term is 3.3 years for operating leases and 3.6 years for finance leases.

(2) The weighted average discount rate is 6.2% for operating leases and 5.6% for finance leases.

Supplemental disclosures of cash flow information related to leases are:


(in thousands)	Year Ended September 30,
	2022		2021
Cash paid for amounts included in operating lease liabilities	$	4,368	$	4,319
Cash paid for amounts included in finance lease liabilities	99		42
Non-cash: lease liabilities arising from new operating lease assets obtained	4,664		3,349
Non-cash: lease liabilities arising from new finance lease assets obtained	175		137
Non-cash: adjustments to lease assets and liabilities1	(196)		3,756

(1) These include adjustments due to lease modifications, renewals, and other related adjustments.

Leases

The components of lease expense are:


	September 30,
	2022		2021
	(in thousands)
Finance lease – lease asset amortization	$	80	$	54
Finance lease – interest on lease liabilities	21		22
Operating lease cost	5,695		5,139
Operating lease impairment expense	—		172
Short-term lease cost	337		242
Variable lease cost (1)	1,368		1,532
Sublease income	(111)		(184)
Total net lease cost	$	7,390	$	6,977

Maturities of lease liabilities are:


	September 30, 2022
(in thousands)	Operating Leases		Finance Leases
2023	$	5,267	$	116
2024	4,366		97
2025	3,576		68
2026	2,139		65
2027	396		12
Thereafter	—		—
Total lease payments (1)	$	15,744	$	358
Less: imputed interest (2)	(1,516)		(33)
Total lease liabilities	$	14,228	$	325

(1) The weighted average remaining lease term is 3.3 years for operating leases and 3.6 years for finance leases.

(2) The weighted average discount rate is 6.2% for operating leases and 5.6% for finance leases.

Supplemental disclosures of cash flow information related to leases are:


(in thousands)	Year Ended September 30,
	2022		2021
Cash paid for amounts included in operating lease liabilities	$	4,368	$	4,319
Cash paid for amounts included in finance lease liabilities	99		42
Non-cash: lease liabilities arising from new operating lease assets obtained	4,664		3,349
Non-cash: lease liabilities arising from new finance lease assets obtained	175		137
Non-cash: adjustments to lease assets and liabilities1	(196)		3,756

(1) These include adjustments due to lease modifications, renewals, and other related adjustments.

Goodwill

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows:


Goodwill (in thousands)	GovDeals		CAG		Machinio		Total
Balance at September 30, 2019	$	23,731	$	21,178	$	14,558	$	59,467

Translation adjustments	—		372		—		372
Balance at September 30, 2020	$	23,731	$	21,550	$	14,558	$	59,839

Translation adjustments	—		33		—		33
Balance at September 30, 2021	$	23,731	$	21,583	$	14,558	$	59,872
Bid4Assets acquisition (see Note 3)	30,083		—		—		30,083
Translation adjustments	—		(1,045)		—		(1,045)
Balance at September 30, 2022	$	53,814	$	20,538	$	14,558	$	88,910

Accumulated goodwill impairment losses as of September 30, 2022, and 2021 were $168.6 million.

Impairment Analysis

Goodwill is tested for impairment at the beginning of the fourth quarter and during interim periods whenever events or circumstances indicate that the carrying value may not be recoverable. As discussed in Note 13 – Fair Value Measurement, the fair value of the Bid4Assets earn-out liability declined by $24.5 million during the fiscal year ended September 30, 2022, due to timing changes impacting the level of auction events and transactions that are expected to occur during the earn-out period ending December 31, 2022. These timing changes have not reflected substantive changes to the long-term outlook for real estate sales within the GovDeals segment and were not considered a triggering event for testing goodwill or long-lived assets for impairment as of September 30, 2022. The Company has also continued to evaluate the impact of the COVID-19 pandemic and other ongoing macroeconomic disruptions on the recoverability of its Goodwill. The Company did not identify any indicators of impairment that required an interim goodwill impairment test during the three months ended September 30, 2022.

As of July 1, 2022, the Company performed its annual impairment test using the optional qualitative assessment for each of our reporting units. For each of our reporting units, based upon the significance of positive indicators identified through our assessment of qualitative evidence, we concluded that it was more likely than not that the fair value of each reporting unit exceeded their carrying amounts. The Company did not record impairment charges on goodwill during the years ended September 30, 2022, 2021 and 2020.

Intangible Assets

12 Months Ended

Sep. 30, 2022

Finite-Lived Intangible Assets, Net [Abstract]

Intangible Assets

Intangible assets consist of the following:


			Balance as of September 30, 2022						Balance as of September 30, 2021
	Useful Life (in years)	Weighted average useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
			(in thousands)						(in thousands)
Contract intangibles	6 - 8	7.5	$	17,000	$	(3,789)	$	13,211	$	3,100	$	(1,679)	$	1,421
Brand and technology	3 - 5	4.2	5,300		(3,089)		2,211		2,700		(1,755)		945
Patent and trademarks	7 - 10	9.0	2,381		(1,569)		812		2,360		(1,273)		1,087
Total intangible assets, net			$	24,681	$	(8,447)	$	16,234	$	8,160	$	(4,707)	$	3,453

The gross carrying amount of total intangible assets increased by $16.5 million during the year ended September 30, 2022, primarily due to the Bid4Assets acquisition. The acquired developed software and trade name are included in the above line items of Technology and Patent and trademarks, respectively. See Note 3 - Bid4Assets Acquisition for further information.

Future expected amortization of intangible assets at September 30, 2022, is as follows:


Year Ending September 30,	Amortization
	(in thousands)
2023	$	3,790
2024	3,252
2025	2,012
2026	1,767
2027	1,759
Thereafter	3,654
Total	$	16,234

Amortization expense related to intangible assets for the years ended September 30, 2022, 2021 and 2020 was $3.7 million, $1.3 million and $1.3 million, respectively. The increase in intangible amortization expense was primarily due to the Bid4Assets acquisition.

The Company did not record impairment charges on any intangible assets during the years ended September 30, 2022, 2021 and 2020. The Company has continued to evaluate the impact of the COVID-19 pandemic, ongoing macroeconomic disruptions, and the subsequent financial performance of Bid4Assets, on the recoverability of its long-lived assets. The Company did not identify any indicators of impairment requiring an interim impairment test on material long-lived assets during the year ended September 30, 2022.

401(k) Benefit Plan	12 Months Ended
401(k) Benefit Plan	Sep. 30, 2022
Retirement Benefits [Abstract]
401(k) Benefit Plan	401(k) Benefit PlanThe Company has a retirement plan (the Plan), which is intended to be a qualified plan under Section 401(k) of the Internal Revenue Code. The Plan is a defined contribution plan available to all eligible employees and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Plan also allows the Company to make discretionary matching contributions. During the year ended September 30, 2020, the Company changed its employer contributions from a safe harbor matching program to be fully discretionary where employer contributions may be provided to participants based upon the Company's financial performance and metrics at the end of its fiscal and calendar years. For the years ended September 30, 2022, 2021, and 2020, the Company recorded expenses of $1.0 million, $1.1 million and $0.9 million, respectively, related to its contributions to the Plan.

Income Taxes

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of the provision for income taxes of continuing operations are as follows:


	Year Ended September 30,
	2022		2021		2020
	(in thousands)
Current tax provision (benefit):
U.S. Federal	$	—	$	—	$	—
State	487		293		382
Foreign	555		847		313
	1,042		1,140		695
Deferred tax provision (benefit):
U.S. Federal	4,962		(23,315)		74
State	1,275		(1,252)		(27)
Foreign	50		57		59
	6,287		(24,510)		106
Total (benefit) provision	$	7,329	$	(23,370)	$	801

Deferred taxes reflect the net tax effect 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 deferred tax assets and liabilities are as follows:


	September 30,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating losses—Foreign	$	12,409	$	13,593
Net operating losses—U.S.	24,054		31,456
Accrued vacation and bonus	701		678
Inventory capitalization	683		219
Inventory reserves	24		—
Allowance for doubtful accounts	113		96
Stock compensation expense	2,198		1,415
Operating lease liabilities	3,565		3,605

Depreciation	—		2,339
Other	845		897
Total deferred tax assets before valuation allowance	44,592		54,298
Less: valuation allowance	(12,259)		(13,813)
Net deferred tax assets	32,333		40,485
Deferred tax liabilities:
Amortization of intangibles	3,453		107
Amortization of goodwill	7,595		7,322
Depreciation	938		—
Capitalized costs	2,786		5,602
Operating/right of use assets	3,325		3,394
Pension liability	608		238
Total deferred tax liabilities	$	18,705	$	16,663
Net deferred taxes	$	13,628	$	23,822

The reconciliation of the U.S. federal statutory rate to the effective rate for continuing operations is as follows:


	Year Ended September 30,
	2022		2021		2020
U.S. statutory rate	21.0	%	21.0	%	21.0	%
Stock-based stock compensation expense	(2.0)	%	(14.1)	%	(14.9)	%
Nondeductible compensation expense	2.0	%	5.5	%	(6.0)	%
Fair value adjustments of acquisition earn-outs	(10.8)	%	—	%	—	%
Other permanent items	(0.4)	%	0.1	%	(1.1)	%
State taxes	3.3	%	3.0	%	(13.2)	%
Net foreign rate differential	0.1	%	0.5	%	(0.8)	%
Unrecognized tax benefits	—	%	0.1	%	5.1	%
Change in valuation allowance	(3.3)	%	(98.9)	%	9.9	%

Write-down of deferred tax assets on share-based stock compensation	0.5	%	0.7	%	(12.3)	%
Write-down of deferred tax assets on net operating loss	4.2	%	(2.8)	%	(15.9)	%
Other	0.8	%	0.2	%	1.3	%
Effective rate	15.4	%	(84.7)	%	(26.9)	%

As of September 30, 2022 and 2021, the Company had federal and state deferred tax assets of $13.4 million and $23.5 million, respectively, related to available federal and state net operating loss (NOL) carryforwards, foreign tax credit carryforwards, and other U.S. deductible temporary differences. The federal and state NOL carryforwards expire beginning in 2037 and 2023, respectively. The Company's ability to use these various carryforwards to offset any taxable income generated in future taxable periods may be limited under Section 382 and other federal tax provisions. The foreign tax credit carryforwards expire beginning in 2023. At September 30, 2022 and 2021, the Company had deferred tax assets related to available foreign NOL carryforwards of $12.4 million and $13.6 million, respectively. All but $0.5 million of our foreign NOLs maintain an indefinite carry forward life. The NOLs with limited carryforward periods will expire beginning in 2023.

The Company evaluates the recoverability of its deferred tax assets on a jurisdictional basis by considering whether deferred tax assets will be realized on a more likely than not basis. To the extent a portion or all of the applicable deferred tax assets do not meet the more likely than not threshold, a valuation allowance is recorded. Consideration was given to the tax planning strategies and, when applicable, future taxable income as to how much of the relevant deferred tax asset could be realized on a more likely than not basis. The Company has recorded a valuation allowance of $12.3 million and $13.8 million against its gross deferred tax asset balance at September 30, 2022 and 2021, respectively. At each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of September 30, 2022, the Company determined that there was sufficient positive evidence to conclude that it is more likely than not that all of its U.S. deferred tax assets are realizable, except for $0.5 million of foreign tax credit carry forwards that expire beginning in 2023.

The Tax Act and Jobs Act of 2017 ("The Tax Act") subjects a U.S. shareholder to a minimum tax on "global intangible low-taxed income" ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A Topic 740 No. 5. Accounting for Global Intangible Low-Taxed Income states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. The Company has elected to recognize the resulting tax on GILTI as an expense in the period the tax is incurred.

On July 10, 2018, the Company acquired 100% of the stock of Machinio for $19.9 million. Under the acquisition method of accounting, the Company recorded a net deferred tax liability of $0.7 million comprised primarily of acquired intangibles netted against NOLs and other deferred assets and recognized a $0.7 million tax benefit from a reduction to its valuation allowance. The total amount of acquired NOLs, which are subject to limitations under Section 382, were $1.4 million.

On November 1, 2021, the Company acquired 100% of the stock of Bid4Assets, Inc. for $42.7 million. Under the acquisition method of accounting, the Company recorded a net deferred tax liability of $3.8 million comprised primarily of acquired intangibles netted against NOLs and other deferred assets. The total amount of NOLs, which are subject to limitations under Section 382, were $1.2 million.

The Company has not recorded a provision for deferred U.S. tax expense on the undistributed earnings of foreign subsidiaries since the Company intends to indefinitely reinvest the earnings of these foreign subsidiaries outside the U.S. The amount of such undistributed foreign earnings was $8.6 million as of September 30, 2022. As of September 30, 2022, and 2021, $20.3 million and $22.4 million, respectively, of cash and cash equivalents was held overseas and not available to fund domestic operations without incurring taxes upon repatriation.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year Ended September 30,
	2022		2021		2020
Beginning balance at October 1	$	143	$	123	$	273
Additions based on positions related to the current year	—		—		—
Additions for tax positions of prior years	—		20		—
Reductions for tax positions of prior years	—		—		(150)
Settlements	—		—		—
Balance at September 30	$	143	$	143	$	123

The Company applies the authoritative guidance related to uncertainty in income taxes. ASC 740 states that a benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. During 2022, the Company did not identify any new uncertain tax positions.

The Company recognizes interest and penalties in the period in which they occur in the income tax provision. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in foreign jurisdictions, primarily Canada and the U.K. The Company has no open income tax examinations in the U.S. and the statute of limitations for years prior to 2019 is now closed. However, certain tax attribute carryforwards that were generated prior to fiscal year 2019 may be adjusted upon examination by tax authorities if they are utilized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt	12 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt On February 10, 2022, the Company entered into a credit facility agreement (Credit Agreement) with Wells Fargo Bank, N.A. Terms of the Credit Agreement provide for revolving loans (Line of Credit) up to a maximum aggregate principal amount of $25.0 million with a $10.0 million sublimit for standby letters of credit. The Credit Agreement ends on March 31, 2024, at which time any remaining amounts outstanding are due immediately. The applicable interest rate on any draws under the Line of Credit is a variable rate per annum equal to the Daily Simple Secured Overnight Financing Rate (SOFR) in effect plus a margin ranging from 1.25% to 1.75%. Interest is payable monthly. The Company pays an Unused Commitment Fee (as fined in the Credit Agreement), on a quarterly basis, equal to 0.05% per annum on the daily amount of the available, but unused, balance on the Line of Credit. The Company also pays a Letter of Credit Fee (as defined in the Credit Agreement), on a quarterly basis, equal to 1.25% on the daily amount available to be drawn for standby letters of credit. Interest incurred on any draws under the Line of Credit, as well as the Unused Commitment Fee and Letter of Credit Fee, are included within Interest and other income, net in the Consolidated Statements of Operations. The Company may draw upon the Line of Credit for general corporate purposes. Repayments of any borrowings under the Line of Credit shall become available for redraw at any time by the Company. The Credit Agreement contains certain financial and non-financial restrictive covenants including, among others, the requirement to maintain a minimum level of earnings before interest, income taxes, depreciation and amortization (EBITDA). The Credit Agreement contains a number of affirmative and restrictive covenants including limitations on mergers, consolidations and dissolutions, investments and acquisitions, indebtedness and liens, and dividends and other restricted payments. As of September 30, 2022, the Company was in full compliance with the terms and conditions of the Credit Agreement. During the year ended September 30, 2022, the Company did not make any draws under the Credit Agreement. As of September 30, 2022, the Company had no outstanding borrowings under the Credit Agreement. During the year ended September 30, 2022, interest expense incurred by the Company under the Credit Agreement was immaterial to the consolidated financial statements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Equity Transactions

12 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Equity Transactions

Stock Compensation Incentive Plans

The Company has several incentive plans under which stock options, restricted stock units (RSUs), restricted stock awards (RSAs), and cash-settled stock appreciation rights (SARs) have been issued, including the Third Amended and Restated 2006 Omnibus Long-Term Incentive Plan, as amended, and a plan and private placement issuances related to the Company’s acquisition of Machinio. During the year ended September 30, 2022, the Company's shareholders approved an amendment to the LTIP to increase the number of shares of common stock reserved for issuance from $19.1 million to $20.3 million. Accordingly, as of September 30, 2022, the Company has reserved at total of $20.3 million shares of its common stock for exercises of stock options, vesting of RSUs, and grants of RSAs under these plans. Vesting of RSUs and grants of RSAs count as 1.5x shares against the plan reserves. As of September 30, 2022, 2.3 million shares of common stock remained available for use.

Stock Compensation Expense

The table below presents the components of share-based compensation expense (in thousands):


	Year Ended September 30,
	2022		2021		2020
Equity-classified awards:
Stock options	$	2,673	$	3,117	$	2,054
RSUs & RSAs	5,912		2,977		3,635
Liability-classified awards:
SARs	$	(104)	$	853	$	(29)
Total stock compensation expense:	$	8,481	$	6,947	$	5,660

The Company’s total liabilities for liability-classified stock compensation awards was $0.2 million and $0.5 million as of September 30, 2022 and 2021, the current portion of which was $0.2 million and $0.3 million, respectively.

The table below presents the components of share-based compensation expense by line item within our Consolidated Statements of Operations (in thousands):


	Year Ended September 30,
	2022		2021		2020
Stock Compensation Expense by Line Item
Technology and operations	$	1,307	$	1,016	$	385
Sales and marketing	2,148		1,541		1,502
General and administrative	5,026		4,390		3,773
Total stock compensation expense:	$	8,481	$	6,947	$	5,660

Share-Based Award Activity

Stock Options

The table below presents stock option activity (aggregate intrinsic value in thousands):


	Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding as of September 30, 2021	2,844,285	$	10.04	6.14	$	34,877
Granted	281,657	$	22.60		$	—
Exercised	(316,964)	$	7.82		$	3,817
Forfeited	(31,924)	$	27.67		$	150
Expired	(71,618)	$	34.37		$	71
Outstanding as of September 30, 2022	2,705,436	$	10.76	5.58	$	18,397
Vested and expected to vest as of September 30, 2022	2,645,436	$	10.61	5.54	$	18,397
Exercisable as of September 30, 2022	1,961,900	$	9.29	4.88	$	15,224

Of the 743,536 stock options not yet exercisable as of September 30, 2022, 582,441 can become exercisable by satisfying service conditions only, and 161,095 can become exercisable by satisfying service and performance or market conditions.

Stock options containing only service conditions generally vest over periods of one to four years and expire five to ten years from the date of grant. Stock compensation cost is expensed ratably over the entire service period. As of September 30, 2022, there was $2.8 million of unrecognized compensation cost related to stock options containing only service conditions, which is expected to be recognized over a weighted-average period of 2.4 years.

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the years ended September 30, 2022, 2021 and 2020 were as follows:


	Year ended September 30
	2022	2021	2020
Dividend yield	—	—	—
Expected volatility	57.0% - 62.2%	51.0% - 55.9%	46.5% - 51.0%
Risk-free interest rate	1.1% - 3.5%	0.4% - 0.8%	0.5% - 1.5%
Expected term	4.5- 7.4 years	4.6 - 7.6 years	4.6 - 7.4 years

The weighted-average grant date fair value of options granted during the year-ended September 30, 2022, 2021 and 2020 was $10.70, $4.81 and $2.66, respectively. The total intrinsic value of options exercised during 2022, 2021 and 2020 was $3.8 million, $15.0 million and $0.1 million, respectively. Stock options containing performance conditions are discussed separately in the section below.

RSUs & RSAs

The table below presents RSU & RSA activity (aggregate fair value in thousands):


	RSU & RSA	Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Fair Value
Outstanding as of September 30, 2021	917,381	$	9.15	1.98	$	19,825
Granted	845,419	$	21.25		$	17,961
Vested	(362,233)	$	9.39		$	7,344
Forfeited	(298,528)	$	8.02		$	6,448
Outstanding as of September 30, 2022	1,102,039	$	18.66	2.94	$	17,919
Expected to vest as of September 30, 2022	959,349	$	18.46	2.98	$	15,599

Of the outstanding RSUs & RSAs as of September 30, 2022, 647,674 can vest by satisfying service conditions only, and 454,365 can vest by satisfying service and performance or market conditions.

RSUs containing only service conditions vest ratably each year over periods of one to four years. Stock compensation cost is expensed ratably over the entire service period. As of September 30, 2022, there was $8.3 million of unrecognized compensation cost related to RSUs containing only service conditions, which is expected to be recognized over a weighted-average period of 2.9 years. RSUs and RSAs containing performance conditions and market conditions are discussed separately in the section below.

SARs

The table below presents SAR award activity (aggregate intrinsic value in thousands):


	SARs	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding as of September 30, 2021	42,045	$	6.11	1.25	$	652

Exercised	(13,645)	$	6.11		$	170
Forfeited	(4,250)	$	6.11		$	58
Outstanding as of September 30, 2022	24,150	$	6.11	0.25	$	245
Vested and expected to vest as of September 30, 2022	24,150	$	6.11	0.25	$	245
Exercisable as of September 30, 2022	12,150	$	6.11	0.25	$	123

The 12,000 SARs not yet exercisable as of September 30, 2022 can become exercisable by satisfying service conditions only.

As of September 30, 2022, there was approximately $0.1 million of unrecognized compensation cost related to SARs containing service conditions, which is expected to be recognized over a weighted-average period of 0.25 years. The Company made cash payments of $0.2 million, $0.4 million and $0.6 million to settle SARs exercised during the years ended September 30, 2022, 2021 and 2020, respectively.

The fair value of outstanding SARs containing only service conditions is estimated using the Black-Scholes option-pricing model. The range of assumptions used to determine the fair value of outstanding SARs as of September 30, 2022, 2021 and 2020 were as follows:


	Year ended September 30
	2022		2021		2020
Dividend yield	—		—		—
Expected volatility	71.7	%	78.3	%	55.0% - 68.8%
Risk-free interest rate	4.0	%	0.1	%	0.1% - 0.1%
Expected term	0.25		1.25		0.0-2.3 years

As of September 30, 2022, 2021, and 2020, the weighted-average fair value of SARs outstanding was $9.82, $18.86, and $0.63 per award, respectively. SARs containing performance conditions and market conditions are discussed separately in the section below.

Stock Awards Containing Performance and Market Conditions

Stock awards containing performance conditions vest upon the achievement of specified financial targets of the Company or its business units. Vesting is generally measured on the first day of each fiscal quarter over the four-year terms of the awards, starting with the first fiscal quarter after the first anniversary of the grant date, based upon the trailing twelve months performance of the Company or its business units. When it is probable that the performance targets will be achieved, stock compensation expense is recognized ratably over the derived service period. If the Company determines that achievement of the performance targets is no longer probable, the Company no longer records expense and reverses all previously recognized expense. As of September 30, 2022, there was $0.7 million of unrecognized compensation costs related to stock options and RSUs & RSAs, containing performance conditions that are considered probable of being met, which is expected to be recognized over a weighted-average period of 2.3 years.

Stock awards containing market conditions vest upon the achievement of specified increases in the Company’s share price. Vesting is measured the first day of each fiscal quarter over the four-year terms of the award, starting with the first fiscal quarter after the first anniversary of the grant date, based upon the trailing 20-days average of the Company’s share price. Stock compensation cost is expensed on a straight-line basis over the derived service period for each stock price target within the award. The Company accelerates expense when a stock price target is achieved prior to the derived service period. For equity-classified awards, the Company does not reverse expense recognized if the stock price target(s) are not ultimately achieved, but expense is reversed when such situations occur for liability classified awards. As of September 30, 2022, there was $3.4 million of unrecognized compensation costs related to stock options, RSUs and SARs, containing market conditions, which is expected to be recognized over a weighted-average period of 2.1 years.

The fair value of stock options, RSUs and SARs containing market conditions is estimated using Monte Carlo simulations. The range of assumptions used to determine the fair value of these awards during the years ended September 30, 2022, 2021 and 2020 were as follows:


	Year ended September 30
	2022	2021	2020
Dividend yield	—	—	—
Expected volatility	57.2% - 62.9%	51.6% - 54.6%	45.2% - 54.9%
Risk-free interest rate	1.1% - 1.5%	0.3% - 0.9%	0.1% - 1.7%
Expected holding period (% of remaining term)	29.4% - 100.0%	31.7% - 100.0%	30.7% - 100.0%

Share Repurchase Program

We are authorized to repurchase issued and outstanding shares of our common stock under a share repurchase program approved by our Board of Directors. Share repurchases may be made through open market purchases, privately negotiated transactions or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase program may be discontinued or suspended at any time and will be funded using our available cash.

The Company had no remaining share repurchase authorization as of September 30, 2021. On December 6, 2021, the Company's Board of Directors authorized a new stock repurchase plan of up to $20 million of the Company's outstanding shares of common stock through December 31, 2023. The Company repurchased 1,159,066 shares for $20.0 million during the six months ended March 31, 2022.

On May 13, 2022, the Company's Board of Directors authorized a new stock repurchase plan of up to $12 million of our outstanding shares of common stock through June 30, 2024. The Company repurchased 408,211 shares for $5.4 million during the year ended September 30, 2022 under the May 2022 Repurchase Plan. As of September 30, 2022, the Company may repurchase an additional $6.6 million of shares under the May 2022 Repurchase Plan. On December 6, 2022, the Company's Board of Directors authorized the repurchase of up to an additional $8.4 million of the Company's outstanding shares of common stock through December 31, 2024.

Other Share Repurchases

Separate from the share repurchase program, our stock incentive plans allow for participants to exercise stock options by surrendering shares of common stock equivalent in value to the exercise price due.

During the year ended September 30, 2022 and September 30, 2021, participants surrendered 23,839 and 82,612 shares of common stock in the exercise of stock options, respectively. Any shares surrendered to the Company in this manner are not available for future grant.

Fair Value Measurement

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

The Company measures and records in the accompanying consolidated financial statements certain assets and liabilities at fair value on a recurring basis. Authoritative guidance issued by the FASB establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's assumptions (unobservable inputs). The hierarchy consists of three levels:


Level 1						Quoted market prices in active markets for identical assets or liabilities;
Level 2						Inputs other than Level 1 inputs that are either directly or indirectly observable; and
Level 3						Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use.

Cash and cash equivalents. The Company had $22.0 million and $40.0 million of money market funds considered cash equivalents at September 30, 2022, and 2021, respectively. These assets were measured at fair value at September 30, 2022, and 2021, and were classified as Level 1 assets within the fair value hierarchy. There were no transfers between levels during the periods presented.

Contingent consideration. During the year ended September 30, 2022, and as a result of the acquisition of Bid4Assets, the Company recorded preliminary fair value of contingent consideration in the amount of $28.0 million on its Consolidated Balance Sheets as of the acquisition date. The contingent consideration is based on Bid4Assets' achievement of trailing twelve-month EBITDA targets measured at the end of each calendar quarter until the quarter ended December 31, 2022. The liability for this consideration is included in Accrued expenses and other current liabilities within the Consolidated Balance Sheets.

The Company's initial estimate of the fair value of the earn-out consideration was informed by the Monte Carlo valuation method and considered potential outcomes based upon the terms and conditions of the merger agreement. The fair value measurements utilized were classified as Level 3 assets within the fair value hierarchy under the provisions of ASC 820, Fair Value Measurements, and ASC 805, Business Combinations. The significant unobservable inputs used in the fair value measurement categorized within Level 3 of the fair value hierarchy included estimated results of operations over the earn-out period, volatility of operating results (expense components ranged from 20% to 55%), and the discount rate (13%). The earn-out consideration was preliminarily valued at approximately $28.0 million as of the acquisition date. Fair value of the earn-out consideration will be remeasured at the end of each calendar quarter until December 31, 2022.

The changes in earn-out liability measured at fair value for which the Company has used Level 3 inputs to determine fair value during the year ended September 30, 2022, is as follows (in thousands):


	Contingent Consideration
Balance at September 30, 2021	$	—
Earn-out from business acquisition	26,900
Measurement period adjustment	1,100
Payment of achieved earn-out threshold	(3,500)
Change in fair value	(24,500)
Balance at September 30, 2022	$	—

During the year ended September 30, 2022, the Company recorded a measurement period adjustment of $1.1 million for the preliminary earn-out consideration fair value with a corresponding increase to goodwill, based on facts and circumstances in existence as of the effective date of the acquisition related to the discount rates associated with the expected earn-out payments. Based on results as of March 31, 2022, Bid4Assets achieved a trailing twelve-month EBITDA threshold resulting in a $3.5 million payment made by the Company to the former shareholders of Bid4Assets.

During the twelve months ended September 30, 2022, the fair value of the earn-out liability was reduced by $24.5 million, such that no amount of fair value was determined present as of September 30, 2022. This reduction was due to a decline in the auction events and transactions that are expected to be completed during the earn-out period ending December 31, 2022, which included extended timelines to advance legislation that allows for online auctions of foreclosed real estate in certain target markets, and other client specific delays in bringing foreclosed real estate to auction. These changes resulted from events occurring subsequent to the November 1, 2021, acquisition date and therefore, were not known nor knowable at that time. These changes in fair value were recorded as a gain within Fair value adjustment of acquisition earn-outs in the Consolidated Statements of Operations.

Other Information. When valuing its Level 3 liability, management's estimation of fair value is based on the best information available in the circumstances and may incorporate management's own assumptions around market demand which could involve a level of judgment, taking into consideration a combination of internal and external factors.

The Company’s financial assets and liabilities not measured at fair value are cash, short-term investments, accounts receivable, and accounts payable. The Company believes the carrying values of these instruments approximate fair value.

As of September 30, 2022, the Company had no non-financial instruments measured at fair value on a non-recurring basis other than fair value measurements associated with the preliminary purchase accounting for Bid4Assets. See Note 3 - Bid4Assets Acquisition for more information. As of September 30, 2022 and 2021, the Company did not have any material assets or liabilities measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Defined Benefit Pension Plan

12 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Defined Benefit Pension Plan

Certain employees of Liquidity Services UK Limited (GoIndustry), which the Company acquired in July 2012, are covered by the Henry Butcher Pension Fund and Life Assurance Scheme (the Scheme), a qualified defined benefit pension plan. The Company guarantees GoIndustry's performance on all present and future obligations to make payments to the Scheme for up to a maximum of £10 million British pounds. The Scheme was closed to new members on January 1, 2002.

The Company recognizes the funded status of its postretirement benefit plans, with a corresponding noncash adjustment to accumulated other comprehensive loss, net of tax, in stockholders' equity. The funded status is measured as the difference between the fair value of the Scheme's assets and the benefit obligation of the Scheme.

The net periodic benefit cost is recognized within Interest and other income, net in the Consolidated Statements of Operations, and for the years ended September 30, 2022, 2021 and 2020, included the following components:


	Year Ended September 30,
	2022		2021		2020
	(in thousands)
Interest cost	$	446	$	438	$	431
Expected return on plan assets	(775)		(793)		(797)
Amortization of prior service cost	19		21		19
Settlement loss recognized	61		—		—
Total net periodic benefit	$	(249)	$	(334)	$	(347)

The following table provides a reconciliation of benefit obligations, plan assets, and funded status related to the Company's qualified defined benefit pension plan for the years ended September 30, 2022 and 2021:


	Year Ended September 30,
	2022		2021
	(in thousands)
Change in benefit obligation
Beginning balance	$	26,955	$	26,047
Interest cost	446		438
Benefits paid	(634)		(781)
Actuarial loss/(gain)	(7,613)		152
Foreign currency exchange rate changes	(5,825)		1,099
Ending balance	$	13,329	$	26,955


	Year Ended September 30,
	2022		2021
	(in thousands)
Change in plan assets
Beginning balance at fair value	$	28,208	$	26,771
Actual return on plan assets	(5,056)		1,077
Benefits paid	(634)		(781)
Employer's contributions	134		—
Plan Settlements	(1,182)		—
Foreign currency exchange rate changes	(4,916)		1,141
Ending balance at fair value	$	16,554	$	28,208
Overfunded status of the Scheme	$	3,225	$	1,253

The pension asset of $3.2 million is recorded in Other long-term assets in the Consolidated Balance Sheet. Because the Scheme is closed to new participants, the accumulated benefit obligation is equal to the projected benefit obligation, which was $13.3 million and $27.0 million at September 30, 2022 and 2021, respectively.

During the year ended September 30, 2022, the Company extended early settlement offers to all members of the Scheme. There was no material impact to the consolidated financial statements as a result of the early settlement offers.

The amounts recognized in Other comprehensive (loss) income related to the Company's qualified defined benefit pension plan, net of taxes, and the related foreign currency translation adjustments, for the years ended September 30, 2022 and 2021, is shown in the following table:


	Year Ended September 30,
	2022		2021
	(in thousands)
Accumulated other comprehensive (loss) income at beginning of year	$	(1,885)	$	(1,971)
Net actuarial gain (loss)	(328)		170
Foreign currency translation adjustments	2,491		(84)
Accumulated other comprehensive loss at end of year	$	278	$	(1,885)

The plan complies with the funding provisions of the UK Pensions Act 2004 and the Occupational Pension Schemes Regulations Act 2005. The Company does not plan to make contributions to the plan in the near future.

Actuarial Assumptions

The actuarial assumptions used to determine the benefit obligations at September 30, 2022 and 2021, and to determine the net periodic (benefit) cost for the year were as follows:


	September 30, 2022		September 30, 2021
Discount rate to determine net periodic (benefit) cost	2.00	%	1.60	%
Expected return on plan assets	4.82	%	2.82	%
Discount rate to determine benefit obligations	5.50	%	2.00	%
Rate of increases to deferred CPI linked benefits	3.40	%	3.10	%
Rate of increases to deferred RPI linked benefits	3.80	%	3.60	%

Mortality—105% for males and females of S2PxA mortality tables, projected in line with the 2020 Continuous Mortality Investigation projection model and a 1.3% per annum long-term rate of improvement.

Estimated Future Benefit Payments

The Company's pension plan expects to make the following benefit payments to participants over the next 10 years:


	Pension Benefits
	(in thousands)
Year ending September 30,
2022	$	610
2023	1,027
2024	849
2025	782
2026	810
2027 through 2032	4,398
Total	$	8,476

Fair Value Measurements

The investment policy and strategy of the plan assets, as established by the Trustees (the "Trustees") of the plan, strive to maximize the likelihood of achieving primary objectives of the investment policy established for the plan, which are:

•Funding—to ensure that the Plan is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant of the employer;

•Stability—to have due regard to the likely level and volatility of required contributions when setting the Plan's investment strategy; and

•Security—to ensure that the solvency position of the Scheme is expected to improve. The Trustees will take into account the strength of employer's covenant when determining the expected improvement in the solvency position of the Plan.

The assets are allocated among equity securities, corporate bonds, and diversified funds. The assets are not rebalanced, but the allocation is reviewed on a periodic basis to ensure that the investments are appropriate to the Scheme's circumstances. The Trustees review the investment policy on an ongoing basis, to determine whether a change in the policy or asset allocation targets is necessary. The Company has elected to use a bid value of Scheme assets to calculate the expected return on assets in the net periodic benefit cost. The assets consisted of the following as of September 30, 2022 and 2021:


	September 30, 2022		September 30, 2021
Equity securities	21.6	%	21.0	%
Corporate bonds	51.1	%	53.0	%
Diversified fund	27.0	%	26.0	%
Cash	0.3	%	—	%
Total	100.0	%	100.0	%

The expected long-term rate of return for the plan's total assets is based on the expected returns of each of the above categories, weighted based on the current target allocation for each class. The Trustees evaluate whether adjustments are needed based on historical returns to more accurately reflect expectations of future returns.

The Company is required to present certain fair value disclosures related to its postretirement benefit plan assets, even though those assets are not included in the Company's Consolidated Balance Sheets. The following table presents the fair value of the assets of the Company's qualified defined benefit pension plan by asset category and their level within the fair value hierarchy.


Balance as of September 30, 2022	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities	$	—	$	3,582	$	—	$	3,582
Corporate bonds	—		8,462		—		8,462
Diversified fund	—		4,467		—		4,467
Cash	43		—		—		43
Total	$	43	$	16,511	$	—	$	16,554


Balance as of September 30, 2021	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities	$	—	$	5,860	$	—	$	5,860
Corporate bonds	—		14,878		—		14,878
Diversified fund	—		7,279		—		7,279
Cash	191		—		—		191
Total	$	191	$	28,017	$	—	$	28,208

Valuation Techniques

The Company relies on pricing inputs from investment fund managers to value investments. The fund manager prices the underlying securities using independent external pricing sources.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 55
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+ Details

Legal Proceedings	12 Months Ended
Legal Proceedings	Sep. 30, 2022
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Proceedings	Legal ProceedingsThe Company reserves for contingent liabilities based on ASC 450, Contingencies, when it determines that a liability is probable and reasonably estimable. From time to time, the Company may become involved in litigation relating to claims arising in the ordinary course of the business. However, unless otherwise noted, there are no claims or actions pending or threatened against the Company that, if adversely determined, would in the Company's management's judgment have a material adverse effect on the Company. Former Employee Matters In May 2021, the Company’s former Vice President, Human Resources filed a complaint against the Company in federal court in Montgomery County, Maryland, alleging wrongful termination on the basis of gender, race, and age. The parties have completed the discovery phase of this case. On April 4, 2022, the Company filed a motion for summary judgment. As of the date hereof, the court has not issued its ruling on the motion. The Company believes this claim is without merit and cannot estimate a range of potential liability, if any, at this time. The Company’s employment practices liability insurance carrier, CNA, has accepted tender of this claim. In October 2021, the Company’s former Chief Marketing Officer filed a claim with the Equal Employment Opportunity Commission (the “EEOC”), alleging wrongful termination on the basis of race and age and that the Company retaliated against him. The Company submitted its position statement to the EEOC on February 8, 2022. As of the date hereof, the EEOC has not communicated the results of its investigation to the Company. The Company believes these claims are without merit and cannot estimate a range of potential liability, if any, at this time. CNA has accepted tender of these claims as well.

Segment Information

12 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

The Company provides operating results in four reportable segments: GovDeals, Capital Assets Group (CAG), Retail Supply Chain Group (RSCG), Machinio. Descriptions of our reportable segments are as follows:

•The GovDeals reportable segment provides self-directed service solutions that enable local and state government entities including city, county and state agencies located in the United States and Canada, to sell surplus, salvage and real estate assets through the GovDeals and Bid4Assets marketplaces (see Note 3 - Bid4Assets Acquisition).

•The RSCG reportable segment consists of marketplaces that enable corporations located in the United States and Canada to sell surplus and salvage consumer goods. RSCG also offers a suite of services that includes returns management, asset recovery, and e-commerce services. This segment uses the Liquidation.com, Secondipity and AllSurplus marketplaces. Through the end of third quarter fiscal 2021, RSCG operated the Liquidation.com DIRECT marketplace for truckload quantities of retail surplus. Those assets are now sold on the Liquidation.com marketplace.

•The CAG reportable segment provides managed and self-directed service solutions to sellers and consists of marketplaces that enable commercial businesses to sell surplus and idle assets. CAG also offers a suite of services that includes surplus management, asset valuation, asset sales and marketing. Commercial seller assets are located across the Americas, Europe, Australia, Asia, and Africa. This segment uses the GoIndustry DoveBid and AllSurplus marketplaces.

•The Machinio reportable segment operates a global search engine platform for listing used equipment for sale in the construction, machine tool, transportation, printing and agriculture sectors.

We also report results of Corporate & Other, including elimination adjustments.

Decisions concerning the allocation of the Company’s resources are made by the Company’s Chief Operating Decision Maker (CODM), which is the Company's Chief Executive Officer, with oversight by the Board of Directors. The Company reports reportable segment information based on the internal performance measures used by the CODM to assess the performance of each operating segment in a given period. In connection with that assessment, the CODM uses segment gross profit to evaluate the performance of each segment. Segment gross profit is calculated as total revenue less cost of goods sold (excludes depreciation and amortization).

The following table sets forth certain financial information for the Company's reportable segments:


		Year Ended September 30,
(in thousands)		2022		2021		2020
GovDeals:
	Purchase revenue	$	—	$	—	$	—
	Consignment and other fee revenues	59,352		49,579		32,806
	Total revenue	59,352		49,579		32,806
	Segment gross profit	56,408		47,030		30,721

RSCG:
	Purchase revenue	134,092		130,790		118,398
	Consignment and other fee revenues	32,007		28,016		18,093
	Total revenue	166,100		158,806		136,491
	Segment gross profit	63,704		64,564		49,727

CAG:
	Purchase revenue	17,179		15,361		9,182
	Consignment and other fee revenues	25,396		24,284		20,299
	Total revenue	42,575		39,645		29,481
	Segment gross profit	29,120		29,324		22,714

Machinio:
	Purchase revenue	—		—		—
	Consignment and other fee revenues	12,083		9,559		7,213
	Total revenue	12,083		9,559		7,213
	Segment gross profit	11,471		8,992		6,813

Corporate & Other, including elimination adjustments:
	Purchase revenue	—		—		—
	Consignment and other fee revenues	(60)		(57)		(51)
	Total revenue	(60)		(57)		(51)
	Segment gross profit	(60)		(57)		(51)

Consolidated:
	Purchase revenue	151,271		146,151		127,580
	Consignment and other fee revenues	128,779		111,380		78,360
	Total revenue	280,050		257,531		205,940
	Total segment gross profit	160,643		149,853		109,924

The following table reconciles segment gross profit used in the reportable segments to the Company's consolidated results:


		Year Ended September 30,
(in thousands)		2022	2021	2020
Reconciliation:
	Total segment gross profit	160,643	149,853	109,924
	Total operating expenses	113,238	122,685	113,821
	Interest and other income, net	(248)	(411)	(924)
	Income (loss) before income taxes	47,653	27,579	(2,973)

Total segment assets reconciled to consolidated amounts are as follows:


	September 30,
(in thousands)	2022		2021
GovDeals	$	237,697	$	148,111
RSCG	99,430		84,971
CAG	96,393		94,884
Machinio	32,771		29,806
Corporate & Other, including elimination adjustments	(178,188)		(102,196)
Total Assets:	$	288,104	$	255,576

Revenue attributed to countries that represent a significant portion of consolidated revenues are as follows:


	Year Ended September 30,
(in thousands)	2022		2021		2020
United States	$	237,720	$	214,162	$	180,887
Rest of the world	42,330		43,369		25,053
Total Revenue	$	280,050	$	257,531	$	205,940

Total long-lived assets by geographic areas are as follows:


	September 30,
(in thousands)	2022		2021
United States	$	18,867	$	17,261
Rest of the world	227		373
Total Long-lived Assets	$	19,094	$	17,634

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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-Name Accounting Standards Codification
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Sep. 30, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(Dollars in Thousands)


	Balance at beginning of period		Charged (credited) to expense	Reductions	Balance at end of period
Deferred tax valuation allowance (deducted from net deferred tax assets)
Year ended September 30, 2020	$	41,909	(121)	—	$	41,788
Year ended September 30, 2021	41,788		(27,975)	—	13,813
Year ended September 30, 2022	$	13,813	(1,554)	—	$	12,259
Allowance for doubtful accounts (deducted from accounts receivable)
Year ended September 30, 2020	$	291	200	(102)	$	389
Year ended September 30, 2021	389		297	(196)	490
Year ended September 30, 2022	$	490	136	(177)	$	449
Provision for inventory allowance (deducted from inventory)
Year ended September 30, 2020	$	331	328	(359)	$	300
Year ended September 30, 2021	300		174	(300)	174
Year ended September 30, 2022	$	174	96	(174)	$	96

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation and Basis of Presentation

Business Combinations

Cash and Cash Equivalents

The Company considers all highly liquid securities purchased with an initial maturity of three months or less to be cash equivalents.

Short-term Investments

Short-term InvestmentsThe Company's short-term investments are designated as held-to-maturity investment securities, recorded at amortized cost, and are included as a current asset in the line-item Short-term investments within our Consolidated Balance Sheets as their maturity is less than one-year from the balance sheet date. Interest income earned through our short-term investments are recorded to Interest and other income, net within the Consolidated Statements of Operations.

Accounts Receivable

Inventory

InventoryInventory consists of property obtained for resale, generally through the online auction process, and is stated at the lower of cost or net realizable value. Cost is generally determined using the specific identification method. Costs associated with our warehouse operations are expensed as incurred and included within Technology and operations expenses in the Statements of Operations. Charges for unsellable inventory, as well as for inventory written down to net realizable value, are included in Cost of goods sold in the period in which they have been determined to occur.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assetsPrepaid expenses and other current assets include the short-term portion of contract assets (described in "Contract Assets and Liabilities"), capitalized sales commissions paid (described in "Contract Costs"), as well as other miscellaneous prepaid expenses.

Other Assets

Other Assets - Promissory Note

Property and Equipment

Property and equipment are recorded at cost, and depreciated or amortized on a straight-line basis over the following estimated useful lives:


Computers and purchased software						One to five years
Office/operational equipment						Two to five years
Furniture and fixtures						Five to seven years
Internally developed software for internal-use						Two to five years
Leasehold improvements						Shorter of lease term or useful life
Buildings						Thirty-nine years
Vehicles						Five years
Land						Not depreciated

Leases

Lease assets and liabilities are not recognized when the lease term is 12 months or less, however, short-term lease expense is still recognized on a straight-line basis over the lease term.

Lease assets are assessed for impairment in accordance with the Company’s accounting policy for the impairment of long-lived assets.

Intangible Assets

Intangible AssetsIntangible assets consist of contract intangibles, brand and technology, and patent and trademarks. Intangible assets are amortized using the straight-line method over their estimated useful lives.

Impairment of Long-Lived Assets

Impairment of Long-Lived AssetsLong-lived assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets.

Goodwill

Deferred Revenue

Revenue Recognition

Cost of Goods Sold

Contract Assets and Liabilities

Contract CostsContract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized over the expected life of the customer contract.

Risk Associated with Certain Concentrations

Income Taxes

Stock-Based Compensation

The Company recognizes the impact of forfeitures in the period they occur.

Compensation expense from the stock awards is included in the same lines on the consolidated statements of operations as the cash compensation to the employees receiving the stock awards.

Excess tax benefits realized from stock awards are reported as cash flows from operating activities on the consolidated statement of cash flows.

Advertising Costs

Advertising CostsAdvertising expenditures are expensed as incurred.

Treasury Stock

Treasury StockTreasury stock is presented at cost, including any applicable commissions and fees, as a reduction of stockholders’ equity in the consolidated balance sheets and statements of equity. Treasury stock held by us may be retired or reissued in the future.

Foreign Currency Translation

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss

The following table shows the changes in accumulated other comprehensive income (loss), net of taxes (in thousands):


	Foreign Currency Translation Adjustments		Net Change Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Loss
Balance at September 30, 2019	$	(8,569)	$	596	$	(7,973)
Current-period other comprehensive (loss) income	484		(2,293)		(1,809)
Balance at September 30, 2020	(8,085)		(1,697)		(9,782)
Current-period other comprehensive (loss) income	601		170		771
Balance at September 30, 2021	(7,484)		(1,527)		(9,011)
Current-period other comprehensive (loss) income	(3,110)		1,836		(1,274)
Balance at September 30, 2022	$	(10,594)	$	309	$	(10,285)

Net Income (Loss) Per Share (EPS)

Recent Accounting Pronouncements

Accounting Standards Adopted

Accounting Standards Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of property and equipment useful lives

Property and equipment are recorded at cost, and depreciated or amortized on a straight-line basis over the following estimated useful lives:


Computers and purchased software						One to five years
Office/operational equipment						Two to five years
Furniture and fixtures						Five to seven years
Internally developed software for internal-use						Two to five years
Leasehold improvements						Shorter of lease term or useful life
Buildings						Thirty-nine years
Vehicles						Five years
Land						Not depreciated

Schedule of changes in accumulated other comprehensive income (loss), net of taxes

The following table shows the changes in accumulated other comprehensive income (loss), net of taxes (in thousands):


	Foreign Currency Translation Adjustments		Net Change Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Loss
Balance at September 30, 2019	$	(8,569)	$	596	$	(7,973)
Current-period other comprehensive (loss) income	484		(2,293)		(1,809)
Balance at September 30, 2020	(8,085)		(1,697)		(9,782)
Current-period other comprehensive (loss) income	601		170		771
Balance at September 30, 2021	(7,484)		(1,527)		(9,011)
Current-period other comprehensive (loss) income	(3,110)		1,836		(1,274)
Balance at September 30, 2022	$	(10,594)	$	309	$	(10,285)

Bid4Assets Acquisition (Tables)

12 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of business acquisitions, by acquisition

The Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the Bid4Assets acquisition date of November 1, 2021, is as follows:


(in thousands)	Fair Value
Cash and cash equivalents	$	3,576
Intangible assets	16,500
Other assets	346
Total assets acquired	20,422
Payables to sellers	3,715
Operating lease liabilities	204
Deferred tax liabilities	3,847
Total liabilities assumed	7,766
Net identifiable assets acquired	$	12,656
Goodwill	30,083
Total consideration transferred	$	42,739

Finite-lived and indefinite-lived intangible assets acquired as part of business combination

The known intangible assets acquired were determined to consist of, and preliminarily fair valued at, the following:


(in thousands)	Useful Life (in years)	Fair Value
Contract intangibles	8	$	13,900
Developed software	3	2,200
Trade name	3	400
Total identifiable intangible assets		$	16,500

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted

The computation of basic and diluted net income per share is as follows:


	Year Ended September 30,
	2022		2021		2020
Numerator:
Net income (loss)	$	40,324	$	50,949	$	(3,774)
Denominator:
Basic weighted average shares outstanding	32,292,978		33,333,557		33,612,263
Dilutive impact of stock options, RSUs and RSAs	1,426,446		1,690,551		—
Diluted weighted average shares outstanding	33,719,424		35,024,108		33,612,263
Basic income (loss) per common share	$	1.25	$	1.53	$	(0.11)
Diluted income (loss) per common share	$	1.20	$	1.45	$	(0.11)
Stock options, RSUs and RSAs excluded from income (loss) per diluted share because their effect would have been anti-dilutive	1,009,288		420,454		3,526,055

Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment, including equipment under capital lease obligations, consists of the following:


	September 30,
	2022		2021
	(in thousands)
Computers and purchased software	$	2,058	$	1,981
Developed software for internal-use	22,168		18,942
Equipment	8,536		6,373
Leasehold improvements	3,256		3,244
Building	2,158		2,158
Furniture and fixtures	527		655
Vehicles	1,406		1,129
Land	754		754
Construction in progress	1,812		956
Total property and equipment	42,675		36,192
Less: Accumulated depreciation and amortization	(23,581)		(18,558)
Total property and equipment, net	$	19,094	$	17,634

Leases (Tables)

12 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, cost

The components of lease expense are:


	September 30,
	2022		2021
	(in thousands)
Finance lease – lease asset amortization	$	80	$	54
Finance lease – interest on lease liabilities	21		22
Operating lease cost	5,695		5,139
Operating lease impairment expense	—		172
Short-term lease cost	337		242
Variable lease cost (1)	1,368		1,532
Sublease income	(111)		(184)
Total net lease cost	$	7,390	$	6,977

Supplemental disclosures of cash flow information related to leases are:


(in thousands)	Year Ended September 30,
	2022		2021
Cash paid for amounts included in operating lease liabilities	$	4,368	$	4,319
Cash paid for amounts included in finance lease liabilities	99		42
Non-cash: lease liabilities arising from new operating lease assets obtained	4,664		3,349
Non-cash: lease liabilities arising from new finance lease assets obtained	175		137
Non-cash: adjustments to lease assets and liabilities1	(196)		3,756

(1) These include adjustments due to lease modifications, renewals, and other related adjustments.

Lessee, operating lease, liability, maturity

Maturities of lease liabilities are:


	September 30, 2022
(in thousands)	Operating Leases		Finance Leases
2023	$	5,267	$	116
2024	4,366		97
2025	3,576		68
2026	2,139		65
2027	396		12
Thereafter	—		—
Total lease payments (1)	$	15,744	$	358
Less: imputed interest (2)	(1,516)		(33)
Total lease liabilities	$	14,228	$	325

(1) The weighted average remaining lease term is 3.3 years for operating leases and 3.6 years for finance leases.

(2) The weighted average discount rate is 6.2% for operating leases and 5.6% for finance leases.

Finance lease, liability, fiscal year maturity

Maturities of lease liabilities are:


	September 30, 2022
(in thousands)	Operating Leases		Finance Leases
2023	$	5,267	$	116
2024	4,366		97
2025	3,576		68
2026	2,139		65
2027	396		12
Thereafter	—		—
Total lease payments (1)	$	15,744	$	358
Less: imputed interest (2)	(1,516)		(33)
Total lease liabilities	$	14,228	$	325

(1) The weighted average remaining lease term is 3.3 years for operating leases and 3.6 years for finance leases.

(2) The weighted average discount rate is 6.2% for operating leases and 5.6% for finance leases.

Goodwill (Tables)

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of goodwill activity

The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows:


Goodwill (in thousands)	GovDeals		CAG		Machinio		Total
Balance at September 30, 2019	$	23,731	$	21,178	$	14,558	$	59,467

Translation adjustments	—		372		—		372
Balance at September 30, 2020	$	23,731	$	21,550	$	14,558	$	59,839

Translation adjustments	—		33		—		33
Balance at September 30, 2021	$	23,731	$	21,583	$	14,558	$	59,872
Bid4Assets acquisition (see Note 3)	30,083		—		—		30,083
Translation adjustments	—		(1,045)		—		(1,045)
Balance at September 30, 2022	$	53,814	$	20,538	$	14,558	$	88,910

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2022

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


			Balance as of September 30, 2022						Balance as of September 30, 2021
	Useful Life (in years)	Weighted average useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
			(in thousands)						(in thousands)
Contract intangibles	6 - 8	7.5	$	17,000	$	(3,789)	$	13,211	$	3,100	$	(1,679)	$	1,421
Brand and technology	3 - 5	4.2	5,300		(3,089)		2,211		2,700		(1,755)		945
Patent and trademarks	7 - 10	9.0	2,381		(1,569)		812		2,360		(1,273)		1,087
Total intangible assets, net			$	24,681	$	(8,447)	$	16,234	$	8,160	$	(4,707)	$	3,453

Schedule of Future Expected Amortization of Intangible Assets

Future expected amortization of intangible assets at September 30, 2022, is as follows:


Year Ending September 30,	Amortization
	(in thousands)
2023	$	3,790
2024	3,252
2025	2,012
2026	1,767
2027	1,759
Thereafter	3,654
Total	$	16,234

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Provision For Income Taxes of Continuing Operations

The components of the provision for income taxes of continuing operations are as follows:


	Year Ended September 30,
	2022		2021		2020
	(in thousands)
Current tax provision (benefit):
U.S. Federal	$	—	$	—	$	—
State	487		293		382
Foreign	555		847		313
	1,042		1,140		695
Deferred tax provision (benefit):
U.S. Federal	4,962		(23,315)		74
State	1,275		(1,252)		(27)
Foreign	50		57		59
	6,287		(24,510)		106
Total (benefit) provision	$	7,329	$	(23,370)	$	801

Schedule of Significant Components of Deferred Tax Assets And Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:


	September 30,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating losses—Foreign	$	12,409	$	13,593
Net operating losses—U.S.	24,054		31,456
Accrued vacation and bonus	701		678
Inventory capitalization	683		219
Inventory reserves	24		—
Allowance for doubtful accounts	113		96
Stock compensation expense	2,198		1,415
Operating lease liabilities	3,565		3,605

Depreciation	—		2,339
Other	845		897
Total deferred tax assets before valuation allowance	44,592		54,298
Less: valuation allowance	(12,259)		(13,813)
Net deferred tax assets	32,333		40,485
Deferred tax liabilities:
Amortization of intangibles	3,453		107
Amortization of goodwill	7,595		7,322
Depreciation	938		—
Capitalized costs	2,786		5,602
Operating/right of use assets	3,325		3,394
Pension liability	608		238
Total deferred tax liabilities	$	18,705	$	16,663
Net deferred taxes	$	13,628	$	23,822

Schedule of Reconciliation Of U.S. Federal Statutory Rate To Effective Rate for Continuing Operations

The reconciliation of the U.S. federal statutory rate to the effective rate for continuing operations is as follows:


	Year Ended September 30,
	2022		2021		2020
U.S. statutory rate	21.0	%	21.0	%	21.0	%
Stock-based stock compensation expense	(2.0)	%	(14.1)	%	(14.9)	%
Nondeductible compensation expense	2.0	%	5.5	%	(6.0)	%
Fair value adjustments of acquisition earn-outs	(10.8)	%	—	%	—	%
Other permanent items	(0.4)	%	0.1	%	(1.1)	%
State taxes	3.3	%	3.0	%	(13.2)	%
Net foreign rate differential	0.1	%	0.5	%	(0.8)	%
Unrecognized tax benefits	—	%	0.1	%	5.1	%
Change in valuation allowance	(3.3)	%	(98.9)	%	9.9	%

Write-down of deferred tax assets on share-based stock compensation	0.5	%	0.7	%	(12.3)	%
Write-down of deferred tax assets on net operating loss	4.2	%	(2.8)	%	(15.9)	%
Other	0.8	%	0.2	%	1.3	%
Effective rate	15.4	%	(84.7)	%	(26.9)	%

Schedule of Reconciliation Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year Ended September 30,
	2022		2021		2020
Beginning balance at October 1	$	143	$	123	$	273
Additions based on positions related to the current year	—		—		—
Additions for tax positions of prior years	—		20		—
Reductions for tax positions of prior years	—		—		(150)
Settlements	—		—		—
Balance at September 30	$	143	$	143	$	123

Equity Transactions (Tables)

12 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Summary of share-based compensation expense

The table below presents the components of share-based compensation expense (in thousands):


	Year Ended September 30,
	2022		2021		2020
Equity-classified awards:
Stock options	$	2,673	$	3,117	$	2,054
RSUs & RSAs	5,912		2,977		3,635
Liability-classified awards:
SARs	$	(104)	$	853	$	(29)
Total stock compensation expense:	$	8,481	$	6,947	$	5,660

The table below presents the components of share-based compensation expense by line item within our Consolidated Statements of Operations (in thousands):


	Year Ended September 30,
	2022		2021		2020
Stock Compensation Expense by Line Item
Technology and operations	$	1,307	$	1,016	$	385
Sales and marketing	2,148		1,541		1,502
General and administrative	5,026		4,390		3,773
Total stock compensation expense:	$	8,481	$	6,947	$	5,660

Summary of stock option activity

The table below presents stock option activity (aggregate intrinsic value in thousands):


	Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding as of September 30, 2021	2,844,285	$	10.04	6.14	$	34,877
Granted	281,657	$	22.60		$	—
Exercised	(316,964)	$	7.82		$	3,817
Forfeited	(31,924)	$	27.67		$	150
Expired	(71,618)	$	34.37		$	71
Outstanding as of September 30, 2022	2,705,436	$	10.76	5.58	$	18,397
Vested and expected to vest as of September 30, 2022	2,645,436	$	10.61	5.54	$	18,397
Exercisable as of September 30, 2022	1,961,900	$	9.29	4.88	$	15,224

Summary of fair value assumptions, stock options

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the years ended September 30, 2022, 2021 and 2020 were as follows:


	Year ended September 30
	2022	2021	2020
Dividend yield	—	—	—
Expected volatility	57.0% - 62.2%	51.0% - 55.9%	46.5% - 51.0%
Risk-free interest rate	1.1% - 3.5%	0.4% - 0.8%	0.5% - 1.5%
Expected term	4.5- 7.4 years	4.6 - 7.6 years	4.6 - 7.4 years

Summary of RSU and RSA Activity

The table below presents RSU & RSA activity (aggregate fair value in thousands):


	RSU & RSA	Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Fair Value
Outstanding as of September 30, 2021	917,381	$	9.15	1.98	$	19,825
Granted	845,419	$	21.25		$	17,961
Vested	(362,233)	$	9.39		$	7,344
Forfeited	(298,528)	$	8.02		$	6,448
Outstanding as of September 30, 2022	1,102,039	$	18.66	2.94	$	17,919
Expected to vest as of September 30, 2022	959,349	$	18.46	2.98	$	15,599

Summary of stock appreciation right activity

The table below presents SAR award activity (aggregate intrinsic value in thousands):


	SARs	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding as of September 30, 2021	42,045	$	6.11	1.25	$	652

Exercised	(13,645)	$	6.11		$	170
Forfeited	(4,250)	$	6.11		$	58
Outstanding as of September 30, 2022	24,150	$	6.11	0.25	$	245
Vested and expected to vest as of September 30, 2022	24,150	$	6.11	0.25	$	245
Exercisable as of September 30, 2022	12,150	$	6.11	0.25	$	123

Summary of fair value assumptions, stock appreciation rights

The range of assumptions used to determine the fair value of outstanding SARs as of September 30, 2022, 2021 and 2020 were as follows:


	Year ended September 30
	2022		2021		2020
Dividend yield	—		—		—
Expected volatility	71.7	%	78.3	%	55.0% - 68.8%
Risk-free interest rate	4.0	%	0.1	%	0.1% - 0.1%
Expected term	0.25		1.25		0.0-2.3 years

Summary of fair value assumptions


	Year ended September 30
	2022	2021	2020
Dividend yield	—	—	—
Expected volatility	57.2% - 62.9%	51.6% - 54.6%	45.2% - 54.9%
Risk-free interest rate	1.1% - 1.5%	0.3% - 0.9%	0.1% - 1.7%
Expected holding period (% of remaining term)	29.4% - 100.0%	31.7% - 100.0%	30.7% - 100.0%

Fair Value Measurement (Tables)

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Changes In Financial Liabilities Fair Value

The changes in earn-out liability measured at fair value for which the Company has used Level 3 inputs to determine fair value during the year ended September 30, 2022, is as follows (in thousands):


	Contingent Consideration
Balance at September 30, 2021	$	—
Earn-out from business acquisition	26,900
Measurement period adjustment	1,100
Payment of achieved earn-out threshold	(3,500)
Change in fair value	(24,500)
Balance at September 30, 2022	$	—

Defined Benefit Pension Plan (Tables)

12 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of net periodic benefit cost recognized


	Year Ended September 30,
	2022		2021		2020
	(in thousands)
Interest cost	$	446	$	438	$	431
Expected return on plan assets	(775)		(793)		(797)
Amortization of prior service cost	19		21		19
Settlement loss recognized	61		—		—
Total net periodic benefit	$	(249)	$	(334)	$	(347)

Schedule of reconciliation of benefit obligations, plan assets, and funded status related to qualified defined benefit pension plan


	Year Ended September 30,
	2022		2021
	(in thousands)
Change in benefit obligation
Beginning balance	$	26,955	$	26,047
Interest cost	446		438
Benefits paid	(634)		(781)
Actuarial loss/(gain)	(7,613)		152
Foreign currency exchange rate changes	(5,825)		1,099
Ending balance	$	13,329	$	26,955


	Year Ended September 30,
	2022		2021
	(in thousands)
Change in plan assets
Beginning balance at fair value	$	28,208	$	26,771
Actual return on plan assets	(5,056)		1,077
Benefits paid	(634)		(781)
Employer's contributions	134		—
Plan Settlements	(1,182)		—
Foreign currency exchange rate changes	(4,916)		1,141
Ending balance at fair value	$	16,554	$	28,208
Overfunded status of the Scheme	$	3,225	$	1,253

Schedule of amount recognized in other comprehensive loss related to qualified defined benefit pension plan, net of tax


	Year Ended September 30,
	2022		2021
	(in thousands)
Accumulated other comprehensive (loss) income at beginning of year	$	(1,885)	$	(1,971)
Net actuarial gain (loss)	(328)		170
Foreign currency translation adjustments	2,491		(84)
Accumulated other comprehensive loss at end of year	$	278	$	(1,885)

Schedule of actuarial assumptions used to determine (benefit) obligations and net periodic benefit cost

The actuarial assumptions used to determine the benefit obligations at September 30, 2022 and 2021, and to determine the net periodic (benefit) cost for the year were as follows:


	September 30, 2022		September 30, 2021
Discount rate to determine net periodic (benefit) cost	2.00	%	1.60	%
Expected return on plan assets	4.82	%	2.82	%
Discount rate to determine benefit obligations	5.50	%	2.00	%
Rate of increases to deferred CPI linked benefits	3.40	%	3.10	%
Rate of increases to deferred RPI linked benefits	3.80	%	3.60	%

Schedule of expected benefit payments to participants

The Company's pension plan expects to make the following benefit payments to participants over the next 10 years:


	Pension Benefits
	(in thousands)
Year ending September 30,
2022	$	610
2023	1,027
2024	849
2025	782
2026	810
2027 through 2032	4,398
Total	$	8,476

Schedule of allocation of plan assets

The assets consisted of the following as of September 30, 2022 and 2021:


	September 30, 2022		September 30, 2021
Equity securities	21.6	%	21.0	%
Corporate bonds	51.1	%	53.0	%
Diversified fund	27.0	%	26.0	%
Cash	0.3	%	—	%
Total	100.0	%	100.0	%

Schedule of fair value of assets of qualified defined benefit pension plan by asset category and level within fair value hierarchy

The following table presents the fair value of the assets of the Company's qualified defined benefit pension plan by asset category and their level within the fair value hierarchy.


Balance as of September 30, 2022	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities	$	—	$	3,582	$	—	$	3,582
Corporate bonds	—		8,462		—		8,462
Diversified fund	—		4,467		—		4,467
Cash	43		—		—		43
Total	$	43	$	16,511	$	—	$	16,554


Balance as of September 30, 2021	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities	$	—	$	5,860	$	—	$	5,860
Corporate bonds	—		14,878		—		14,878
Diversified fund	—		7,279		—		7,279
Cash	191		—		—		191
Total	$	191	$	28,017	$	—	$	28,208

Segment Information (Tables)

12 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following table sets forth certain financial information for the Company's reportable segments:


		Year Ended September 30,
(in thousands)		2022		2021		2020
GovDeals:
	Purchase revenue	$	—	$	—	$	—
	Consignment and other fee revenues	59,352		49,579		32,806
	Total revenue	59,352		49,579		32,806
	Segment gross profit	56,408		47,030		30,721

RSCG:
	Purchase revenue	134,092		130,790		118,398
	Consignment and other fee revenues	32,007		28,016		18,093
	Total revenue	166,100		158,806		136,491
	Segment gross profit	63,704		64,564		49,727

CAG:
	Purchase revenue	17,179		15,361		9,182
	Consignment and other fee revenues	25,396		24,284		20,299
	Total revenue	42,575		39,645		29,481
	Segment gross profit	29,120		29,324		22,714

Machinio:
	Purchase revenue	—		—		—
	Consignment and other fee revenues	12,083		9,559		7,213
	Total revenue	12,083		9,559		7,213
	Segment gross profit	11,471		8,992		6,813

Corporate & Other, including elimination adjustments:
	Purchase revenue	—		—		—
	Consignment and other fee revenues	(60)		(57)		(51)
	Total revenue	(60)		(57)		(51)
	Segment gross profit	(60)		(57)		(51)

Consolidated:
	Purchase revenue	151,271		146,151		127,580
	Consignment and other fee revenues	128,779		111,380		78,360
	Total revenue	280,050		257,531		205,940
	Total segment gross profit	160,643		149,853		109,924

Schedule of reconciliation of revenue from segments to consolidated

The following table reconciles segment gross profit used in the reportable segments to the Company's consolidated results:


		Year Ended September 30,
(in thousands)		2022	2021	2020
Reconciliation:
	Total segment gross profit	160,643	149,853	109,924
	Total operating expenses	113,238	122,685	113,821
	Interest and other income, net	(248)	(411)	(924)
	Income (loss) before income taxes	47,653	27,579	(2,973)

Schedule of reconciliation of assets from segment to consolidated

Total segment assets reconciled to consolidated amounts are as follows:


	September 30,
(in thousands)	2022		2021
GovDeals	$	237,697	$	148,111
RSCG	99,430		84,971
CAG	96,393		94,884
Machinio	32,771		29,806
Corporate & Other, including elimination adjustments	(178,188)		(102,196)
Total Assets:	$	288,104	$	255,576

Schedule of revenue by geographical areas

Revenue attributed to countries that represent a significant portion of consolidated revenues are as follows:


	Year Ended September 30,
(in thousands)	2022		2021		2020
United States	$	237,720	$	214,162	$	180,887
Rest of the world	42,330		43,369		25,053
Total Revenue	$	280,050	$	257,531	$	205,940

Schedule of long-lived assets by geographical areas

Total long-lived assets by geographic areas are as follows:


	September 30,
(in thousands)	2022		2021
United States	$	18,867	$	17,261
Rest of the world	227		373
Total Long-lived Assets	$	19,094	$	17,634

Organization (Details)	12 Months Ended
Organization (Details)	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 0.0	$ 0.2

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands				12 Months Ended			66 Months Ended
	May 17, 2021	Oct. 10, 2019	Sep. 30, 2015	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Receivables with Imputed Interest [Line Items]
Interest income				$ 248	$ 411	$ 924
Loss on sale of financing receivable					1,100
Tanager Acquisitions Promissory Note
Receivables with Imputed Interest [Line Items]
Receivable with imputed interest, face amount			$ 12,300
Receivable with imputed interest, term (in years)			5 years
Proceeds from collection of notes receivable	$ 3,500	$ 2,500					$ 7,700
Interest income		$ 400
Receivable with imputed interest, net amount					$ 4,600		$ 4,600

Summary of Significant Accounting Policies - PP&E (Details)	12 Months Ended
	Sep. 30, 2022
Computers and purchased software \| Minimum
Property and Equipment
Estimated useful life	1 year
Computers and purchased software \| Maximum
Property and Equipment
Estimated useful life	5 years
Office/operational equipment \| Minimum
Property and Equipment
Estimated useful life	2 years
Office/operational equipment \| Maximum
Property and Equipment
Estimated useful life	5 years
Furniture and fixtures \| Minimum
Property and Equipment
Estimated useful life	5 years
Furniture and fixtures \| Maximum
Property and Equipment
Estimated useful life	7 years
Internally developed software for internal-use \| Minimum
Property and Equipment
Estimated useful life	2 years
Internally developed software for internal-use \| Maximum
Property and Equipment
Estimated useful life	5 years
Building
Property and Equipment
Estimated useful life	39 years
Vehicles
Property and Equipment
Estimated useful life	5 years

Summary of Significant Accounting Policies - Intangible Assets and Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Contract liability	$ 4.4	$ 4.6
Contract asset	0.9	0.6
Contract liability recognized as revenue	4.6
Contract costs	1.8	1.6
Capitalized contract cost, amortization	$ 1.1	$ 0.7

Summary of Significant Accounting Policies - Concentration (Details)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Supplier Concentration Risk \| Cost of Goods Sold \| Contract with commercial client
Risk Associated with Certain Concentrations
Concentration risk	55.00%	61.00%	55.00%

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Sep. 30, 2022
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares and options vesting period	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Shares and options vesting period	4 years

Summary of Significant Accounting Policies - Advertising Costs and AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Advertising Costs
Advertising costs	$ 4,600	$ 3,200	$ 2,600
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	135,015	111,815	116,175
Current-period other comprehensive (loss) income	(1,274)	771	(1,809)
Balance	154,536	135,015	111,815
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(9,011)	(9,782)	(7,973)
Balance	(10,285)	(9,011)	(9,782)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(7,484)	(8,085)	(8,569)
Current-period other comprehensive (loss) income	(3,110)	601	484
Balance	(10,594)	(7,484)	(8,085)
Net Change Pension and Other Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(1,527)	(1,697)	596
Current-period other comprehensive (loss) income	1,836	170	(2,293)
Balance	$ 309	$ (1,527)	$ (1,697)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
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-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Bid4Assets Acquisition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Nov. 01, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Goodwill		$ 88,910	$ 88,910	$ 59,872	$ 59,839	$ 59,467
Intangible assets		16,500	16,500
Level 3 \| Recurring basis
Business Acquisition [Line Items]
Earn-out from business acquisition	$ 28,000		$ 26,900
Bid4Assets
Business Acquisition [Line Items]
Goodwill, purchase accounting adjustments		$ 1,100
Consideration paid	42,739
Purchase price, net	14,700
Business combination, consideration transferred, other	300
Business combination, earn out consideration in cash	37,500
Goodwill	30,083
Intangible assets	16,500
Bid4Assets \| Contract intangibles
Business Acquisition [Line Items]
Intangible assets	$ 13,900
Useful Life (in years)	8 years
Bid4Assets \| Developed software
Business Acquisition [Line Items]
Intangible assets	$ 2,200
Useful Life (in years)	3 years
Bid4Assets \| Trade name
Business Acquisition [Line Items]
Intangible assets	$ 400
Useful Life (in years)	3 years
Bid4Assets \| Level 3 \| Recurring basis
Business Acquisition [Line Items]
Earn-out from business acquisition	$ 28,000

Bid4Assets Acquisition - Allocation of the Purchase Price to the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Intangible assets		$ 16,500
Goodwill		$ 88,910	$ 59,872	$ 59,839	$ 59,467
Bid4Assets
Business Acquisition [Line Items]
Cash and cash equivalents	$ 3,576
Intangible assets	16,500
Other assets	346
Total assets acquired	20,422
Payables to sellers	3,715
Operating lease liabilities	204
Deferred tax liabilities	3,847
Total liabilities assumed	7,766
Net identifiable assets acquired	12,656
Goodwill	30,083
Total consideration transferred	$ 42,739

Bid4Assets Acquisition - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Sep. 30, 2022
Business Acquisition [Line Items]
Fair Value		$ 16,500
Bid4Assets
Business Acquisition [Line Items]
Fair Value	$ 16,500
Bid4Assets \| Contract intangibles
Business Acquisition [Line Items]
Useful Life (in years)	8 years
Fair Value	$ 13,900
Bid4Assets \| Developed software
Business Acquisition [Line Items]
Useful Life (in years)	3 years
Fair Value	$ 2,200
Bid4Assets \| Trade name
Business Acquisition [Line Items]
Useful Life (in years)	3 years
Fair Value	$ 400

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ 40,324	$ 50,949	$ (3,774)
Denominator:
Basic weighted average shares outstanding (in shares)	32,292,978	33,333,557	33,612,263
Dilutive impact of stock options, RSUs and RSAs (in shares)	1,426,446	1,690,551	0
Diluted weighted average shares outstanding (in shares)	33,719,424	35,024,108	33,612,263
Basic income (loss) per common share (in usd per share)	$ 1.25	$ 1.53	$ (0.11)
Diluted income (loss) per common share (in usd per share)	$ 1.20	$ 1.45	$ (0.11)
Stock options, RSUs and RSAs excluded from income (loss) per diluted share because their effect would have been anti-dilutive (in shares)	1,009,288	420,454	3,526,055

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Property and Equipment
Property, plant, and equipment	$ 42,675	$ 36,192
Less: Accumulated depreciation and amortization	(23,581)	(18,558)
Total property and equipment, net	19,094	17,634
Computers and purchased software
Property and Equipment
Property, plant, and equipment	2,058	1,981
Developed software for internal-use
Property and Equipment
Property, plant, and equipment	22,168	18,942
Equipment
Property and Equipment
Property, plant, and equipment	8,536	6,373
Leasehold improvements
Property and Equipment
Property, plant, and equipment	3,256	3,244
Building
Property and Equipment
Property, plant, and equipment	2,158	2,158
Furniture and fixtures
Property and Equipment
Property, plant, and equipment	527	655
Vehicles
Property and Equipment
Property, plant, and equipment	1,406	1,129
Land
Property and Equipment
Property, plant, and equipment	754	754
Construction in progress
Property and Equipment
Property, plant, and equipment	$ 1,812	$ 956

Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Property and Equipment
Depreciation and amortization	$ 6,500,000	$ 5,600,000	$ 4,900,000
Impairment of long-lived assets	0	0	0
Internally developed software for internal-use
Property and Equipment
Depreciation and amortization	$ 4,700,000	$ 3,900,000	$ 2,900,000

Leases - Narrative (Details)	Sep. 30, 2022
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	4 years 3 months 18 days

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Finance lease – lease asset amortization	$ 80	$ 54
Finance lease – interest on lease liabilities	21	22
Operating lease cost	5,695	5,139
Operating lease impairment expense	0	172
Short-term lease cost	337	242
Variable lease, cost	1,368	1,532
Sublease income	(111)	(184)
Total net lease cost	$ 7,390	$ 6,977

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases
2023	$ 5,267
2024	4,366
2025	3,576
2026	2,139
2027	396
Thereafter	0
Total lease payments	15,744
Less: imputed interest	(1,516)
Total lease liabilities	14,228
Finance Leases
2023	116
2024	97
2025	68
2026	65
2027	12
Thereafter	0
Total lease payments	358
Less: imputed interest	(33)
Total lease liabilities	$ 325
Operating lease, weighted average remaining lease term	3 years 3 months 18 days
Finance lease, weighted average remaining lease term	3 years 7 months 6 days
Operating lease, weighted average discount rate, percent	6.20%
Finance lease, weighted average discount rate, percent	5.60%
Operating lease, liability, statement of financial position	Accounts Payable and Accrued Liabilities
Finance lease, liability, statement of financial position	Accounts Payable and Accrued Liabilities

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in operating lease liabilities	$ 4,368	$ 4,319
Payments of the principal portion of finance lease liabilities	99	42	$ 34
Non-cash: lease liabilities arising from new operating lease assets obtained	4,664	3,349
Non-cash: lease liabilities arising from new finance lease assets obtained	175	137
Non-cash: adjustments to lease assets and liabilities1	$ (196)	$ 3,756

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 59,872	$ 59,839	$ 59,467
Translation adjustments	(1,045)	33	372
Business acquisition	30,083
Balance at the end of the period	88,910	59,872	59,839
GovDeals
Goodwill [Roll Forward]
Balance at the beginning of the period	23,731	23,731	23,731
Translation adjustments	0	0	0
Business acquisition	30,083
Balance at the end of the period	53,814	23,731	23,731
CAG
Goodwill [Roll Forward]
Balance at the beginning of the period	21,583	21,550	21,178
Translation adjustments	(1,045)	33	372
Business acquisition	0
Balance at the end of the period	20,538	21,583	21,550
Machinio
Goodwill [Roll Forward]
Balance at the beginning of the period	14,558	14,558	14,558
Translation adjustments	0	0	0
Business acquisition	0
Balance at the end of the period	$ 14,558	$ 14,558	$ 14,558

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Narrative (Details) - USD ($)	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Business acquisition	$ 30,083,000
Accumulated goodwill impairment loss	168,600,000	$ 168,600,000
Impairment of long-lived assets	0	$ 0	$ 0
GovDeals
Segment Reporting Information [Line Items]
Business acquisition	30,083,000
Non-cash: earnout liability for acquisition activity	$ 24,500,000

Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Intangible Assets
Gross Carrying Amount	$ 24,681	$ 8,160
Accumulated Amortization	(8,447)	(4,707)
Net Carrying Amount	16,234	3,453
Contract intangibles
Intangible Assets
Gross Carrying Amount	17,000	3,100
Accumulated Amortization	(3,789)	(1,679)
Net Carrying Amount	$ 13,211	$ 1,421
Contract intangibles \| Minimum
Intangible Assets
Useful Life (in years)	6 years
Contract intangibles \| Maximum
Intangible Assets
Useful Life (in years)	8 years
Contract intangibles \| Weighted Average
Intangible Assets
Useful Life (in years)		7 years 6 months
Brand and technology
Intangible Assets
Gross Carrying Amount	$ 5,300	$ 2,700
Accumulated Amortization	(3,089)	(1,755)
Net Carrying Amount	$ 2,211	$ 945
Brand and technology \| Minimum
Intangible Assets
Useful Life (in years)	3 years
Brand and technology \| Maximum
Intangible Assets
Useful Life (in years)	5 years
Brand and technology \| Weighted Average
Intangible Assets
Useful Life (in years)		4 years 2 months 12 days
Patent and trademarks
Intangible Assets
Gross Carrying Amount	$ 2,381	$ 2,360
Accumulated Amortization	(1,569)	(1,273)
Net Carrying Amount	$ 812	$ 1,087
Patent and trademarks \| Minimum
Intangible Assets
Useful Life (in years)	7 years
Patent and trademarks \| Maximum
Intangible Assets
Useful Life (in years)	10 years
Patent and trademarks \| Weighted Average
Intangible Assets
Useful Life (in years)		9 years

Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
Intangible Assets - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets	$ 16,500,000
Amortization expense	3,700,000	$ 1,300,000	$ 1,300,000
Impairment of long-lived assets	$ 0	$ 0	$ 0

Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Future expected amortization of intangible assets
2023	$ 3,790
2024	3,252
2025	2,012
2026	1,767
2027	1,759
Thereafter	3,654
Net Carrying Amount	$ 16,234	$ 3,453

401(k) Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Benefit Plan (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Amount contributed and recorded expense under the 401(k) Benefit Plan	$ 1.0	$ 1.1	$ 0.9

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Provision (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Current tax provision (benefit):
U.S. Federal	$ 0	$ 0	$ 0
State	487	293	382
Foreign	555	847	313
Current income tax expense	1,042	1,140	695
Deferred tax provision (benefit):
U.S. Federal	4,962	(23,315)	74
State	1,275	(1,252)	(27)
Foreign	50	57	59
Total deferred tax (benefit) expense	6,287	(24,510)	106
Total (benefit) provision	$ 7,329	$ (23,370)	$ 801

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Deferred tax assets:
Net operating losses—Foreign	$ 12,409	$ 13,593
Net operating losses—U.S.	24,054	31,456
Accrued vacation and bonus	701	678
Inventory capitalization	683	219
Inventory reserves	24	0
Allowance for doubtful accounts	113	96
Stock compensation expense	2,198	1,415
Operating lease liabilities	3,565	3,605
Depreciation	0	2,339
Other	845	897
Total deferred tax assets before valuation allowance	44,592	54,298
Less: valuation allowance	(12,259)	(13,813)
Net deferred tax assets	32,333	40,485
Deferred tax liabilities:
Amortization of intangibles	3,453	107
Amortization of goodwill	7,595	7,322
Depreciation	938	0
Capitalized costs	2,786	5,602
Operating/right of use assets	3,325	3,394
Pension liability	608	238
Total deferred tax liabilities	18,705	16,663
Net deferred taxes	$ 13,628	$ 23,822

Income Taxes - Reconciliation (Details)	12 Months Ended
Income Taxes - Reconciliation (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of the U.S. federal statutory rate to the effective rate for continuing operations
U.S. statutory rate	21.00%	21.00%	21.00%
Stock-based stock compensation expense	(2.00%)	(14.10%)	(14.90%)
Nondeductible compensation expense	2.00%	5.50%	(6.00%)
Fair value adjustments of acquisition earn-outs	(10.80%)	0.00%	0.00%
Other permanent items	(0.40%)	0.10%	(1.10%)
State taxes	3.30%	3.00%	(13.20%)
Net foreign rate differential	0.10%	0.50%	(0.80%)
Unrecognized tax benefits	0.00%	0.10%	5.10%
Change in valuation allowance	(3.30%)	(98.90%)	9.90%
Write-down of deferred tax assets on share-based stock compensation	0.50%	0.70%	(12.30%)
Write-down of deferred tax assets on net operating loss	0.042	(0.028)	(0.159)
Other	0.80%	0.20%	1.30%
Effective rate	15.40%	(84.70%)	(26.90%)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Jul. 10, 2018	Sep. 30, 2022	Sep. 30, 2021
Net operating loss (NOL) carryforwards
Deferred tax assets related to available federal and state NOL carryforwards			$ 13,400	$ 23,500
Net operating losses—Foreign			12,409	13,593
NOL's subject to expiration			500
Valuation allowance			12,259	13,813
Deferred tax assets, amount expected to be realized			500
Undistributed foreign earnings			8,600
Cash and cash equivalents held overseas on which taxes would be incurred upon repatriation			20,300	$ 22,400
Machinio
Net operating loss (NOL) carryforwards
Percentage acquired		100.00%
Consideration paid		$ 19,900
Deferred tax liabilities		700
Acquisition, net operating loss			1,400
Machinio \| Deferred Tax Asset Related To Business Acquisition
Net operating loss (NOL) carryforwards
Increase in valuation allowance		$ 700
Bid4Assets
Net operating loss (NOL) carryforwards
Percentage acquired	100.00%
Consideration paid	$ 42,739
Deferred tax liabilities	$ 3,847
Acquisition, net operating loss			$ 1,200

Income Taxes - CarryForwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of unrecognized tax benefits
Beginning balance	$ 143	$ 123	$ 273
Additions based on positions related to the current year	0	0	0
Additions for tax positions of prior years	0	20	0
Reductions for tax positions of prior years	0	0	(150)
Settlements	0	0	0
Ending balance	$ 143	$ 143	$ 123

Debt (Details) - USD ($)	Feb. 10, 2022	Sep. 30, 2022
Credit Agreement
Debt Instrument [Line Items]
Amount outstanding		$ 0
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.05%
Line of credit facility, commitment fee percentage	1.25%
Revolving Credit Facility \| Minimum \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Facility \| Maximum \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Revolving Credit Facility \| Wells Fargo Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Letter of Credit \| Wells Fargo Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000

Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
	May 13, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2022	Dec. 06, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance			20,300,000			19,100,000
Shares available for issuance			20,300,000
Reserve shares counted per share granted from fungible share pool			1.5
Remaining shares reserved for issuance			2,300,000
Stock compensation awards, total liability			$ 200	$ 500
Stock compensation awards, current portion			$ 200	$ 300
Weighted average grant date fair value of options granted (in dollars per share)			$ 10.70	$ 4.81	$ 2.66
Intrinsic value of options exercised			$ 3,817	$ 15,000	$ 100
Remaining number of shares authorized to be repurchased				0
Common stock repurchases			$ 25,447	$ 31,143	3,983
Stock redeemed or called during period (in shares)			23,839	82,612
December 6, 2021 Stock Repurchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining repurchase amount							$ 20,000
Shares repurchased		1,159,066
Common stock repurchases		$ 20,000
May 2022 Repurchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining repurchase amount			$ 6,600
Shares repurchased	408,211
Common stock repurchases	$ 5,400
Stock repurchase program, authorized amount	12,000
December 6, 2022 Stock Repurchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount	$ 8,400
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options not yet exercisable (in shares)			743,536
Options, service-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options not yet exercisable (in shares)			582,441
Unrecognized compensation cost			$ 2,800
Weighted average vesting period for unrecognized compensation cost			2 years 4 months 24 days
Options, service-based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Stock options, expiration term			5 years
Options, service-based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Stock options, expiration term			10 years
Options, service and performance or market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options not yet exercisable (in shares)			161,095
Restricted stock units and restricted stock awards, service based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares			647,674
Restricted stock units and restricted stock awards, service and performance or market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares			454,365
Restricted stock unit, service based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period for unrecognized compensation cost			2 years 10 months 24 days
Unrecognized compensation cost, excluding options			$ 8,300
Restricted stock unit, service based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted stock unit, service based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares			12,000
Cash paid to settle stock appreciation rights			$ 200	$ 400	$ 600
Stock appreciation rights, weighted-average fair value (in dollars per share)			$ 9.82	$ 18.86	$ 0.63
Stock appreciation rights, service based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period for unrecognized compensation cost			3 months
Unrecognized compensation cost, excluding options			$ 100
Stock options, RSUs and RSAs, performance based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period for unrecognized compensation cost			2 years 3 months 18 days
Unrecognized compensation costs			$ 700
Stock options, RSUs and SARS, market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Unrecognized compensation cost			$ 3,400
Weighted average vesting period for unrecognized compensation cost			2 years 1 month 6 days
Average share price term			20 days

Equity Transactions - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	$ 8,481	$ 6,947	$ 5,660
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	2,673	3,117	2,054
RSUs & RSAs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	5,912	2,977	3,635
SARs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock compensation expense	$ (104)	$ 853	$ (29)

Equity Transactions - Stock Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 8,481	$ 6,947	$ 5,660
Technology and operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	1,307	1,016	385
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,148	1,541	1,502
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	5,026	4,390	3,773
Total stock compensation expense:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 8,481	$ 6,947	$ 5,660

Equity Transactions - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Outstanding as of beginning of period (in shares)	2,844,285
Granted (in shares)	281,657
Exercised (in shares)	(316,964)
Forfeited (in shares)	(31,924)
Expired (in shares)	(71,618)
Outstanding as of end of period (in shares)	2,705,436	2,844,285
Vested and expected to vest as of end of period (in shares)	2,645,436
Exercisable as of end of period (in shares)	1,961,900
Weighted- Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 10.04
Granted (in dollars per share)	22.60
Exercised (in dollars per share)	7.82
Forfeited (in dollars per share)	27.67
Expired (in dollars per share)	34.37
Outstanding as of end of period (in dollars per share)	10.76	$ 10.04
Vested and expected to vest as of end of period (in dollars per share)	10.61
Exercisable as of end of period (in dollars per share)	$ 9.29
Weighted- Average Remaining Contractual Term (years)
Outstanding, weighted-average remaining contractual term	5 years 6 months 29 days	6 years 1 month 20 days
Vested and expected to vest, weighted average remaining contractual term	5 years 6 months 14 days
Exercisable, weighted-average remaining contractual term	4 years 10 months 17 days
Aggregate Intrinsic Value
Outstanding as of beginning of period, aggregate intrinsic value	$ 34,877
Granted, aggregate intrinsic value	0
Exercised, aggregate intrinsic value	3,817	$ 15,000	$ 100
Forfeited, aggregate intrinsic value	150
Expired, aggregate intrinsic value	71
Outstanding as of end of period, aggregate intrinsic value	18,397	$ 34,877
Vested and expected to vest, aggregate intrinsic value	18,397
Exercisable, aggregate intrinsic value	$ 15,224

Equity Transactions - Fair Value (Details)	12 Months Ended
Equity Transactions - Fair Value (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Stock options
Fair value assumptions
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	57.00%	51.00%	46.50%
Expected volatility, maximum	62.20%	55.90%	51.00%
Risk free interest rate, minimum	1.10%	0.40%	0.50%
Risk free interest rate, maximum	3.50%	0.80%	1.50%
Stock options \| Minimum
Fair value assumptions
Expected term	4 years 6 months	4 years 7 months 6 days	4 years 7 months 6 days
Stock options \| Maximum
Fair value assumptions
Expected term	7 years 4 months 24 days	7 years 7 months 6 days	7 years 4 months 24 days
Stock appreciation rights
Fair value assumptions
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	71.70%	78.30%	55.00%
Expected volatility, maximum			68.80%
Risk free interest rate, minimum	4.00%	0.10%	0.10%
Risk free interest rate, maximum			0.10%
Stock appreciation rights \| Minimum
Fair value assumptions
Expected term	3 months	1 year 3 months	0 years
Stock appreciation rights \| Maximum
Fair value assumptions
Expected term			2 years 3 months 18 days
Stock options, RSUs and SARS, market based
Fair value assumptions
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	57.20%	51.60%	45.20%
Expected volatility, maximum	62.90%	54.60%	54.90%
Risk free interest rate, minimum	1.10%	0.30%	0.10%
Risk free interest rate, maximum	1.50%	0.90%	1.70%

Equity Transactions - Restricted Stock Units and Restricted Stock Awards (Details) - RSUs & RSAs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
RSU & RSA
Outstanding as of beginning of period (in shares)	917,381
Granted (in shares)	845,419
Exercised (in shares)	(362,233)
Forfeited (in shares)	(298,528)
Outstanding as of end of period (in shares)	1,102,039	917,381
Expected to vest as of end of period (in shares)	959,349
Weighted- Average Grant Date Fair Value
Outstanding as of beginning of period (in dollars per share)	$ 9.15
Granted (in dollars per share)	21.25
Exercised (in dollars per share)	9.39
Forfeited (in dollars per share)	8.02
Outstanding as of end of period (in dollars per share)	18.66	$ 9.15
Expected to vest as of end of period (in dollars per share)	$ 18.46
Additional Disclosures
Outstanding, weighted-average remaining contractual term	2 years 11 months 8 days	1 year 11 months 23 days
Expected to vest as of end of period, weighted-average remaining contractual term	2 years 11 months 23 days
Aggregate Fair Value
Outstanding as of beginning of period, aggregate fair value	$ 19,825
Granted, aggregate fair value	17,961
Exercised, aggregate fair value	7,344
Forfeited, aggregate fair value	6,448
Outstanding as of end of period, aggregate fair value	17,919	$ 19,825
Expected to vest as of end of period, aggregate fair value	$ 15,599

Equity Transactions - Stock Appreciation Rights Activity (Details) - Stock appreciation rights - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
SARs
Outstanding as of beginning of period (in shares)	42,045
Exercised (in shares)	(13,645)
Forfeited (in shares)	(4,250)
Outstanding as of end of period (in shares)	24,150	42,045
Vested and expected to vest as of end of period (in shares)	24,150
Exercisable as of end of period (in shares)	12,150
Weighted- Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 6.11
Exercised (in dollars per share)	6.11
Forfeited (in dollars per share)	6.11
Outstanding as of end of period (in dollars per share)	6.11	$ 6.11
Vested and expected to vest as of end of period (in dollars per share)	6.11
Exercisable as of end of period (in dollars per share)	$ 6.11
Weighted- Average Remaining Contractual Term (years)
Outstanding, weighted-average remaining contractual term	3 months	1 year 3 months
Vested and expected to vest as of end of period, weighted-average remaining contractual term	3 months
Exercisable as of end of period, weighted average remaining contractual term	3 months
Aggregate Intrinsic Value
Outstanding as of beginning of period, aggregate intrinsic value	$ 652
Exercised, aggregate intrinsic value	170
Forfeited, aggregate intrinsic value	58
Outstanding as of end of period, aggregate intrinsic value	245	$ 652
Vested and expected to vest as of end of period, aggregate intrinsic value	245
Exercisable as of end of period, aggregate intrinsic value	$ 123

Equity Transactions - Summary of fair value assumptions (Details) - Stock options, RSUs and SARS, market based	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	57.20%	51.60%	45.20%
Expected volatility, maximum	62.90%	54.60%	54.90%
Risk free interest rate, minimum	1.10%	0.30%	0.10%
Risk free interest rate, maximum	1.50%	0.90%	1.70%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	29.40%	31.70%	30.70%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected holding period	100.00%	100.00%	100.00%

Fair Value Measurement - Narrative (Details)		3 Months Ended	12 Months Ended
Fair Value Measurement - Narrative (Details)	Nov. 01, 2021 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Fair value measurement
Money market funds, at carrying value			$ 22,000,000		$ 40,000,000
Measurement Input, Discount Rate
Fair value measurement
Contingent consideration, measurement input \| Rate			0.13
Measurement Input, Expense Range \| Minimum
Fair value measurement
Contingent consideration, measurement input \| Rate			0.20
Measurement Input, Expense Range \| Maximum
Fair value measurement
Contingent consideration, measurement input \| Rate			0.55
Recurring basis \| Level 3
Fair value measurement
Earn-out from business acquisition	$ 28,000,000		$ 26,900,000
Measurement period adjustment			1,100,000
Payment of achieved earn-out threshold		$ (3,500,000)	(3,500,000)
Fair value, measurement with unobservable inputs reconciliations, recurring basis, liability value			0	$ 24,500,000	0
Nonrecurring
Fair value measurement
Fair value, asset (liability)			$ 0		$ 0

Fair Value Measurement - Contingent Consideration (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Nov. 01, 2021	Mar. 31, 2022	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Change in fair value of earn-out liability
Recurring basis \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 24,500	$ 0
Earn-out from business acquisition	$ 28,000		26,900
Measurement period adjustment			1,100
Fair value adjustment of acquisition earn-outs			(24,500)
Payment of achieved earn-out threshold		$ (3,500)	(3,500)
Ending balance			$ 0

Defined Benefit Pension Plan - Additional Information (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Defined benefit pension plan
Defined benefit plan, funded status of plan	$ 3,225		$ 1,253
Benefit obligation	$ 13,329		$ 26,955	$ 26,047
Defined benefit plan long term rate of improvement (as a percentage)	1.30%
Maximum
Defined benefit pension plan
Expected contributions \| £		£ 10,000,000
Males
Defined benefit pension plan
Defined benefit plan mortality rate (as a percentage)	105.00%
Females
Defined benefit pension plan
Defined benefit plan mortality rate (as a percentage)	105.00%

Defined Benefit Pension Plan - Net Period Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Interest cost	$ 446	$ 438	$ 431
Expected return on plan assets	(775)	(793)	(797)
Amortization of prior service cost	19	21	19
Settlement loss recognized	61	0	0
Total net periodic benefit	$ (249)	$ (334)	$ (347)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net

Defined Benefit Pension Plan - Reconciliation of Benefit Obligations, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Change in benefit obligation
Beginning balance	$ 26,955	$ 26,047
Interest cost	446	438	$ 431
Benefits paid	(634)	(781)
Actuarial loss/(gain)	(7,613)	152
Foreign currency exchange rate changes	(5,825)	1,099
Ending balance	13,329	26,955	26,047
Change in plan assets
Beginning balance at fair value	28,208	26,771
Actual return on plan assets	(5,056)	1,077
Benefits paid	(634)	(781)
Employer's contributions	134	0
Plan Settlements	(1,182)	0
Foreign currency exchange rate changes	(4,916)	1,141
Ending balance at fair value	16,554	28,208	$ 26,771
Overfunded status of the Scheme	$ 3,225	$ 1,253

Defined Benefit Pension Plan - Qualified Defined Benefit Pension Plan, Net of Taxes, and the Related Foreign Currency Translation Adjustments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accumulated OCI
Accumulated other comprehensive (loss) income at beginning of year	$ (1,885)	$ (1,971)
Net actuarial gain (loss)	(328)	170
Foreign currency translation adjustments	2,491	(84)
Accumulated other comprehensive loss at end of year	$ 278	$ (1,885)

Defined Benefit Pension Plan - Actuarial Assumptions (Details)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Discount rate to determine net periodic (benefit) cost	2.00%	1.60%
Expected return on plan assets	4.82%	2.82%
Discount rate to determine benefit obligations	5.50%	2.00%
Rate of increases to deferred CPI linked benefits	3.40%	3.10%
Rate of increases to deferred RPI linked benefits	3.80%	3.60%

Defined Benefit Pension Plan - Pension Plan (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Retirement Benefits [Abstract]
2022	$ 610
2023	1,027
2024	849
2025	782
2026	810
2027 through 2032	4,398
Total	$ 8,476

Defined Benefit Pension Plan - Expected Return on Assets (Details)	Sep. 30, 2022	Sep. 30, 2021
Defined benefit pension plan
Total	100.00%	100.00%
Equity securities
Defined benefit pension plan
Total	21.60%	21.00%
Corporate bonds
Defined benefit pension plan
Total	51.10%	53.00%
Diversified fund
Defined benefit pension plan
Total	27.00%	26.00%
Cash
Defined benefit pension plan
Total	0.30%	0.00%

Defined Benefit Pension Plan - Fair Value Estimates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Defined benefit pension plan
Fair values	$ 16,554	$ 28,208	$ 26,771
Total
Defined benefit pension plan
Fair values	16,554	28,208
Level 1
Defined benefit pension plan
Fair values	43	191
Level 2
Defined benefit pension plan
Fair values	16,511	28,017
Level 3
Defined benefit pension plan
Fair values	0	0
Equity securities \| Total
Defined benefit pension plan
Fair values	3,582	5,860
Equity securities \| Level 1
Defined benefit pension plan
Fair values	0	0
Equity securities \| Level 2
Defined benefit pension plan
Fair values	3,582	5,860
Equity securities \| Level 3
Defined benefit pension plan
Fair values	0	0
Corporate bonds \| Total
Defined benefit pension plan
Fair values	8,462	14,878
Corporate bonds \| Level 1
Defined benefit pension plan
Fair values	0	0
Corporate bonds \| Level 2
Defined benefit pension plan
Fair values	8,462	14,878
Corporate bonds \| Level 3
Defined benefit pension plan
Fair values	0	0
Diversified fund \| Total
Defined benefit pension plan
Fair values	4,467	7,279
Diversified fund \| Level 1
Defined benefit pension plan
Fair values	0	0
Diversified fund \| Level 2
Defined benefit pension plan
Fair values	4,467	7,279
Diversified fund \| Level 3
Defined benefit pension plan
Fair values	0	0
Cash \| Total
Defined benefit pension plan
Fair values	43	191
Cash \| Level 1
Defined benefit pension plan
Fair values	43	191
Cash \| Level 2
Defined benefit pension plan
Fair values	0	0
Cash \| Level 3
Defined benefit pension plan
Fair values	$ 0	$ 0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Reportable segments	4

Segment Information - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 280,050	$ 257,531	$ 205,940
Segment gross profit	160,643	149,853	109,924
Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenues	59,352	49,579	32,806
Segment gross profit	56,408	47,030	30,721
Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenues	166,100	158,806	136,491
Segment gross profit	63,704	64,564	49,727
Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenues	42,575	39,645	29,481
Segment gross profit	29,120	29,324	22,714
Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenues	12,083	9,559	7,213
Segment gross profit	11,471	8,992	6,813
Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	(60)	(57)	(51)
Segment gross profit	(60)	(57)	(51)
Purchase revenues
Segment Reporting Information [Line Items]
Total revenues	151,271	146,151	127,580
Purchase revenues \| Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Purchase revenues \| Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenues	134,092	130,790	118,398
Purchase revenues \| Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenues	17,179	15,361	9,182
Purchase revenues \| Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Purchase revenues \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Consignment and other fee revenues
Segment Reporting Information [Line Items]
Total revenues	128,779	111,380	78,360
Consignment and other fee revenues \| Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenues	59,352	49,579	32,806
Consignment and other fee revenues \| Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenues	32,007	28,016	18,093
Consignment and other fee revenues \| Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenues	25,396	24,284	20,299
Consignment and other fee revenues \| Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenues	12,083	9,559	7,213
Consignment and other fee revenues \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenues	$ (60)	$ (57)	$ (51)

Segment Information - Reconciliation from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Total segment gross profit	$ 160,643	$ 149,853	$ 109,924
Total operating expenses	113,238	122,685	113,821
Interest and other income, net	(248)	(411)	(924)
Income (loss) before income taxes	$ 47,653	$ 27,579	$ (2,973)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Segment Information - Schedule of Total Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Assets	$ 288,104	$ 255,576
Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Assets	237,697	148,111
Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Assets	99,430	84,971
Operating Segments \| CAG
Segment Reporting Information [Line Items]
Assets	96,393	94,884
Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Assets	32,771	29,806
Corporate & Other, including elimination adjustments
Segment Reporting Information [Line Items]
Assets	$ (178,188)	$ (102,196)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Segment Information - Schedule of Revenues by Country (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 280,050	$ 257,531	$ 205,940
United States
Segment Reporting Information [Line Items]
Total revenues	237,720	214,162	180,887
Rest of the world
Segment Reporting Information [Line Items]
Total revenues	$ 42,330	$ 43,369	$ 25,053

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Information - Schedule of Total Long-Lived Assets by Geographical Location (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Long-lived assets	$ 19,094	$ 17,634
United States
Segment Reporting Information [Line Items]
Long-lived assets	18,867	17,261
Rest of the world
Segment Reporting Information [Line Items]
Long-lived assets	$ 227	$ 373

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Activity in valuation and qualifying accounts
Balance at beginning of period	$ 200
Balance at end of period	0	$ 200
Deferred tax valuation allowance (deducted from net deferred tax assets)
Activity in valuation and qualifying accounts
Balance at beginning of period	13,813	41,788	$ 41,909
Charged (credited) to expense	(1,554)	(27,975)	(121)
Reductions	0	0	0
Balance at end of period	12,259	13,813	41,788
Allowance for doubtful accounts (deducted from accounts receivable)
Activity in valuation and qualifying accounts
Balance at beginning of period	490	389	291
Charged (credited) to expense	136	297	200
Reductions	(177)	(196)	(102)
Balance at end of period	449	490	389
Provision for inventory allowance (deducted from inventory)
Activity in valuation and qualifying accounts
Balance at beginning of period	174	300	331
Charged (credited) to expense	96	174	328
Reductions	(174)	(300)	(359)
Balance at end of period	$ 96	$ 174	$ 300

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details