Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.24.3
Goodwill and Intangible Assets
 6 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Changes in the carrying amount of goodwill by segment follows:
ODS AGP Total
Goodwill as of March 31, 2024
 $ 80,176  $ 139,896  $ 220,072 
Impairment of goodwill —  —  — 
Foreign currency translation $ —  $ 987  $ 987 
Goodwill as of September 30, 2024
 $ 80,176  $ 140,883  $ 221,059 

The Company evaluates goodwill for impairment at least annually or upon the occurrence of events or circumstances that indicate they would more likely than not reduce the fair value of a reporting unit below its carrying value.

During the six months ended September 30, 2024, no occurrence of event or circumstance indicated they would more likely than not reduce the fair value of a reporting unit below its carrying value. As such, no impairment of goodwill was recognized during the period.

During the three months ended September 30, 2023, as a result of sustained decline in the quoted market price of the Company’s common stock, increase in interest rates, and the Company’s forecasted operating trends, the Company identified interim indicators of impairment related to the goodwill assigned to the AGP reporting unit. The Company completed an interim impairment assessment of its goodwill, and as a result of this review, recorded a $147,181 non-deductible, non-cash goodwill impairment charge for the AGP reporting unit as of September 30, 2023.

The Company subsequently performed its annual goodwill impairment evaluation as of March 31, 2024, noting continued trends in quoted market price, interest rates, and the Company’s forecast. The Company completed its annual impairment assessment of goodwill, and as a result, recorded an additional $189,459 non-deductible, non-cash goodwill impairment charge for a total of $336,640 to the AGP reporting unit during the twelve months ended March 31, 2024.

There was no impairment of goodwill for the ODS reporting unit during the fiscal year ended March 31, 2024.
Intangible Assets
The components of intangible assets were as follows as of the periods indicated:
 
As of September 30, 2024
Weighted-Average Remaining Useful Life Cost Accumulated Amortization Net
Customer relationships 11.75 years $ 138,057  $ (34,778) $ 103,279 
Developed technology 3.82 years 146,852  (69,961) 76,891 
Trade names 0.83 years 70,072  (54,742) 15,330 
Publisher relationships 16.37 years 109,265  (18,917) 90,348 
Total $ 464,246  $ (178,398) $ 285,848 
 
As of March 31, 2024
Weighted-Average Remaining Useful Life Cost Accumulated Amortization Net
Customer relationships 12.04 years $ 168,349  $ (59,222) $ 109,127 
Developed technology 4.31 years 146,524  (59,470) 87,054 
Trade names 1.33 years 69,957  (45,470) 24,487 
Publisher relationships 16.86 years 108,860  (16,023) 92,837 
Total $ 493,690  $ (180,185) $ 313,505 
The Company recorded amortization expense of $13,505 and $28,709, respectively, during the three and six months ended September 30, 2024, and $16,157 and $32,346, respectively, during the three and six months ended September 30, 2023, in general and administrative expenses on the condensed consolidated statements of operations and comprehensive (loss) income.
Estimated amortization expense in future fiscal years is expected to be:
Fiscal year 2025 $ 27,020 
Fiscal year 2026 41,510 
Fiscal year 2027 35,378 
Fiscal year 2028 35,378 
Fiscal year 2029 18,454 
Thereafter 128,108 
Total $ 285,848