Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information

v3.25.2
Segment Information
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Chief Executive Officer is the CODM. The Company reports its results of operations through the following two segments, each of which represents an operating and reportable segment, as follows:
•On Device Solutions (“ODS”) - This segment generates revenue from the delivery of mobile application media or content to end users with solutions for all participants in the mobile application ecosystem that want to connect with end users and consumers who hold the device. This includes mobile carriers and device OEMs that participate in the app economy, app publishers and developers, and brands and advertising agencies. This segment's product offerings are enabled through relationships with mobile device carriers and OEMs.
•App Growth Platform (“AGP”) - AGP customers are primarily advertisers and publishers, and the segment provides platforms that allow mobile app publishers and developers to monetize their monthly active users via display, native, and video advertising. The AGP platforms allow demand side platforms, advertisers, agencies, and publishers to buy and sell digital ad impressions, primarily through programmatic, real-time bidding auctions and, in some cases, through direct-bought/sold advertiser budgets. The segment also provides brand and performance advertising products to advertisers and agencies.
The Company’s CODM evaluates the performance of the segments and makes resource allocation decisions based on segment net revenue and segment profit. The Company’s CODM regularly reviews the revenue share by segment and treats it as a significant segment expense.
Segment net revenue and revenue share are exclusive of certain activities and expenses that are not allocated to specific segments and are reported on a consolidated basis. In addition, operating expenses are evaluated on a consolidated basis and are not disaggregated or analyzed by segment within the Company’s internal reporting, as shown in the reconciling table below.
A summary of segment information follows:
Year ended March 31, 2025
ODS AGP Elimination Consolidated
Net revenue (1)
$ 341,632  $ 153,229  $ (4,355) $ 490,506 
Revenue share (1)
207,705  31,937  (4,355) 235,287 
Segment profit $ 133,927  $ 121,292  $ —  $ 255,219 
(1) Amounts are presented on an accrual basis.
 
Year ended March 31, 2024
ODS AGP Elimination Consolidated
Net revenue (1)
$ 370,112  $ 178,760  $ (4,390) $ 544,482 
Revenue share (1)
228,296  38,320  (4,390) 262,226 
Segment profit $ 141,816  $ 140,440  $ —  $ 282,256 
(1) Amounts are presented on an accrual basis.
 
Year ended March 31, 2023
ODS AGP Elimination Consolidated
Net revenue (1)
$ 420,328  $ 252,995  $ (7,403) $ 665,920 
Revenue share (1)
247,356  69,294  (7,403) 309,247 
Segment profit $ 172,972  $ 183,701  $ —  $ 356,673 
(1) Amounts are presented on an accrual basis.
Presented below is a reconciliation of total segment profit to total consolidated (loss) income from operations:
March 31, 2025 March 31, 2024 March 31, 2023
Segment profit $ 255,219  $ 282,256  $ 356,673 
Other direct costs of revenue 34,541  34,799  36,445 
Product development 39,464  54,157  56,486 
Sales and marketing 61,642  61,481  63,295 
General and administrative 173,647  169,617  154,282 
Impairment of goodwill —  336,640  — 
   (Loss) income from operations
 $ (54,075) $ (374,438) $ 46,165 
The reporting package provided to the Company’s CODM does not include the measure of assets by segment, as that information is not reviewed by the CODM when assessing segment performance or allocating resources.
Geographic Area Information
Long-lived assets, excluding deferred tax assets, by region follow:
  March 31, 2025 March 31, 2024
United States and Canada $ 40,149  $ 32,899 
Europe, Middle East, and Africa 6,751  12,809 
Asia Pacific and China 66  74 
Consolidated property and equipment, net $ 46,966  $ 45,782 
  March 31, 2025 March 31, 2024
United States and Canada $ 2,030  $ 4,314 
Europe, Middle East, and Africa 7,877  4,598 
Asia Pacific and China 17  215 
Consolidated right-of-use assets
 $ 9,924  $ 9,127 
  March 31, 2025 March 31, 2024
United States and Canada $ 108,580  $ 133,381 
Europe, Middle East, and Africa 145,253  175,878 
Asia Pacific and China 3,864  4,246 
Consolidated intangible assets, net $ 257,697  $ 313,505 
Net revenue by geography is based on the billing addresses of the Company’s customers and a reconciliation of disaggregated revenue by segment follows:
 
Year ended March 31, 2025
ODS AGP Total
United States and Canada $ 137,704  $ 94,388  $ 232,092 
Europe, Middle East, and Africa 122,254  40,825  163,079 
Asia Pacific and China 77,483  17,996  95,479 
Mexico, Central America, and South America 4,191  20  4,211 
Elimination —  —  (4,355)
Consolidated net revenue $ 341,632  $ 153,229  $ 490,506 
 
Year ended March 31, 2024
ODS AGP Total
United States and Canada $ 148,482  $ 119,979  $ 268,461 
Europe, Middle East, and Africa 171,967  41,374  213,341 
Asia Pacific and China 47,562  17,319  64,881 
Mexico, Central America, and South America 2,101  88  2,189 
Elimination —  —  (4,390)
Consolidated net revenue $ 370,112  $ 178,760  $ 544,482 
 
Year ended March 31, 2023
ODS AGP Total
United States and Canada $ 188,023  $ 142,522  $ 330,545 
Europe, Middle East, and Africa 170,585  80,464  251,049 
Asia Pacific and China 55,140  28,776  83,916 
Mexico, Central America, and South America 6,580  1,233  7,813 
Elimination —  —  (7,403)
Consolidated net revenue $ 420,328  $ 252,995  $ 665,920