Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.4
Segment Information
 9 Months Ended
Dec. 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:
Three months ended December 31, 2025
ODS AGP Eliminations Consolidated
Net revenue $ 99,556  $ 52,616  $ (773) $ 151,399 
Revenue share
 53,523  11,675  (773) 64,425 
Segment profit $ 46,033  $ 40,941  $ —  $ 86,974 
  Three months ended December 31, 2024
ODS AGP Eliminations Consolidated
Net revenue $ 91,736  $ 44,241  $ (1,340) $ 134,637 
Revenue share
 61,112  10,175  (1,340) 69,947 
Segment profit $ 30,624  $ 34,066  $ —  $ 64,690 
Nine months ended December 31, 2025
ODS AGP Eliminations Consolidated
Net revenue $ 291,468  $ 133,593  $ (2,359) $ 422,702 
Revenue share
 161,779  26,236  (2,359) 185,656 
Segment profit $ 129,689  $ 107,357  $ —  $ 237,046 
  Nine months ended December 31, 2024
ODS AGP Eliminations Consolidated
Net revenue $ 254,800  $ 119,979  $ (3,425) $ 371,354 
Revenue share
 159,206  26,311  (3,425) 182,092 
Segment profit $ 95,594  $ 93,668  $ —  $ 189,262 
Three months ended December 31,
Nine months ended December 31,
2025 2024 2025 2024
Segment profit $ 86,974  $ 64,690  $ 237,046  $ 189,262 
Other direct costs of revenue 12,205  8,954  34,251  25,182 
Product development 9,892  10,203  31,018  30,350 
Sales and marketing 14,326  15,494  42,361  47,628 
General and administrative 28,897  42,792  105,889  128,485 
Income (loss) from operations
 $ 21,654  $ (12,753) $ 23,527  $ (42,383)
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:
  December 31, 2025 March 31, 2025
United States and Canada $ 45,585  $ 40,149 
Europe, Middle East, and Africa 3,349  6,751 
Asia Pacific and China 50  66 
Consolidated property and equipment, net $ 48,984  $ 46,966 
  December 31, 2025 March 31, 2025
United States and Canada $ 1,438  $ 2,030 
Europe, Middle East, and Africa 6,139  7,877 
Asia Pacific and China —  17 
Consolidated right-of-use assets
 $ 7,577  $ 9,924 
  December 31, 2025 March 31, 2025
United States and Canada $ 94,121  $ 108,580 
Europe, Middle East, and Africa 129,120  145,253 
Asia Pacific and China 3,720  3,864 
Consolidated intangible assets, net $ 226,961  $ 257,697 
Net revenue by geography is based on the billing addresses of the Company’s customers and a reconciliation of disaggregated revenue by segment follows:
  Three months ended December 31, 2025
ODS AGP Total
United States and Canada $ 34,114  $ 28,685  $ 62,799 
Europe, Middle East, and Africa 31,256  12,495  43,751 
Asia Pacific and China 33,342  11,436  44,778 
Mexico, Central America, and South America 844  —  844 
Elimination —  —  (773)
Consolidated net revenue $ 99,556  $ 52,616  $ 151,399 
  Three months ended December 31, 2024
ODS AGP Total
United States and Canada $ 36,089  $ 27,819  $ 63,908 
Europe, Middle East, and Africa 32,272  10,870  43,142 
Asia Pacific and China 22,081  5,548  27,629 
Mexico, Central America, and South America 1,294  4  1,298 
Elimination —  —  (1,340)
Consolidated net revenue $ 91,736  $ 44,241  $ 134,637 
  Nine months ended December 31, 2025
ODS AGP Total
United States and Canada $ 105,517  $ 68,176  $ 173,693 
Europe, Middle East, and Africa 86,921  35,494  122,415 
Asia Pacific and China 95,976  29,757  125,733 
Mexico, Central America, and South America 3,054  166  3,220 
Elimination —  —  (2,359)
Consolidated net revenue $ 291,468  $ 133,593  $ 422,702 
  Nine months ended December 31, 2024
ODS AGP Total
United States and Canada $ 103,638  $ 75,965  $ 179,603 
Europe, Middle East, and Africa 92,822  31,418  124,240 
Asia Pacific and China 55,341  12,577  67,918 
Mexico, Central America, and South America 2,999  19  3,018 
Elimination —  —  (3,425)
Consolidated net revenue $ 254,800  $ 119,979  $ 371,354