Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.3
Segment Information
 6 Months Ended
Sep. 30, 2026
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 (“DSPs”), 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 is as follows:
Three Months Ended September 30, 2026 Three Months Ended September 30, 2025
Net
Revenue		 Revenue Share Segment
Profit		 Net
Revenue		 Revenue Share Segment
Profit
(in thousands)
ODS $ 115,604  $ 70,776  $ 44,828  $ 96,464  $ 55,562  $ 40,902 
AGP 63,457  17,321  46,136  44,685  8,303  36,382 
Elimination (378) (378) —  (772) (772) — 
Consolidated $ 178,683  $ 87,719  $ 90,964  $ 140,377  $ 63,093  $ 77,284 
Six months ended September 30, 2026 Six months ended September 30, 2025
Net
Revenue		 Revenue Share Segment
Profit		 Net
Revenue		 Revenue Share Segment
Profit
(in thousands)
ODS $ 225,600  $ 134,276  $ 91,324  $ 191,912  $ 108,256  $ 83,656 
AGP 120,053  27,413  92,640  80,977  14,561  66,416 
Elimination (987) (987) —  (1,586) (1,586) — 
Consolidated $ 344,666  $ 160,702  $ 183,964  $ 271,303  $ 121,231  $ 150,072 
Three Months Ended September 30, Six Months Ended September 30,
2026 2025 2026 2025
(in thousands)
Segment profit $ 90,964  $ 77,284  $ 183,964  $ 150,072 
Other direct costs of revenue 13,565  11,242  26,529  22,046 
Product development 9,949  10,979  20,539  21,126 
Sales and marketing 14,449  14,446  29,782  28,035 
General and administrative 32,694  34,083  65,681  76,992 
   Income from operations $ 20,307  $ 6,534  $ 41,433  $ 1,873 
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
The Company’s segments operate in the following regions: the U.S. and Canada, Europe, the Middle East and Africa (“EMEA”), Asia Pacific and China (“APAC”) and Mexico, Central America and South America (“LATAM”).
Long-lived assets, excluding deferred tax assets, by region follow:
Property and Equipment, Net Right-of-Use Asset Intangible Assets, Net
September 30, 2026 March 31,
2026		 September 30, 2026 March 31,
2026		 September 30, 2026 March 31,
2026
(in thousands)
U.S. and Canada $ 47,989  $ 46,489  $ 3,077  $ 2,096  $ 82,799  $ 90,347 
EMEA 1,324  2,575  3,935  5,364  113,231  123,509 
APAC 50  47  210  279  3,417  3,592 
Total $ 49,363  $ 49,111  $ 7,222  $ 7,739  $ 199,447  $ 217,448 
The Company had no significant long-lived assets in LATAM as of September 30, 2026 and March 31, 2026.
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 September 30, 2026 Three Months Ended September 30, 2025
ODS AGP Consolidated ODS AGP Consolidated
(in thousands)
U.S. and Canada $ 33,663  $ 27,777  $ 61,440  $ 34,185  $ 23,178  $ 57,363 
EMEA 33,380  13,773  47,153  29,662  11,568  41,230 
APAC 46,192  21,907  68,099  31,583  9,930  41,513 
LATAM 2,369  —  2,369  1,034  9  1,043 
Elimination —  —  (378) —  —  (772)
Total $ 115,604  $ 63,457  $ 178,683  $ 96,464  $ 44,685  $ 140,377 
Six Months Ended September 30, 2026 Six Months Ended September 30, 2025
ODS AGP Consolidated ODS AGP Consolidated
(in thousands)
U.S. and Canada $ 71,711  $ 51,833  $ 123,544  $ 71,403  $ 39,491  $ 110,894 
EMEA 63,544  27,135  90,679  55,665  22,999  78,664 
APAC 85,834  41,082  126,916  62,634  18,321  80,955 
LATAM 4,511  3  4,514  2,210  166  2,376 
Elimination —  —  (987) —  —  (1,586)
Total $ 225,600  $ 120,053  $ 344,666  $ 191,912  $ 80,977  $ 271,303