Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 9 Months Ended
Dec. 31, 2023
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, 2023
 $ 80,176  $ 481,400  $ 561,576 
Purchase price adjustment —  (65) (65)
Foreign currency translation —  (3,275) (3,275)
Impairment of goodwill $ —  $ (147,181) $ (147,181)
Goodwill as of December 31, 2023
 $ 80,176  $ 330,879  $ 411,055 

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 annual testing as of March 31, 2023, the Company determined that the fair value of both
reporting units was in excess of their carrying value. As a result of this review, the Company did not record an impairment charge in fiscal year 2023.

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 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 for the three months ended September 30, 2023. There was no impairment of goodwill for the ODS reporting unit during the fiscal year.

The fair value of each reporting unit was estimated using a weighted combination of the income approach, which incorporates the use of the discounted cash flow method, and the market approach (the “Guideline Public Company Method”). The Company’s September 30, 2023 testing reflected a 75%/25% allocation between the income and market approaches. The Company believes the 75% weighting to the income approach is appropriate, as it directly reflects its future growth and profitability expectations.

For the three months ended December 31, 2023, no goodwill impairment charges were recorded.

As of December 31, 2023, the Company recorded a purchase price adjustment of $65 associated with the acquisition of In App Video.
Intangible Assets
The components of intangible assets were as follows as of the periods indicated:
 
As of December 31, 2023
Weighted-Average Remaining Useful Life Cost Accumulated Amortization Net
Customer relationships 12.01 years $ 169,106  $ (54,525) $ 114,581 
Developed technology 4.55 years 152,561  (60,204) 92,357 
Trade names 1.58 years 70,032  (40,922) 29,110 
Publisher relationships 17.10 years 109,134  (14,651) 94,483 
Total $ 500,833  $ (170,302) $ 330,531 
 
As of March 31, 2023
Weighted-Average Remaining Useful Life Cost Accumulated Amortization Net
Customer relationships 12.06 years $ 170,281  $ (39,925) $ 130,356 
Developed technology 5.28 years 146,596  (38,813) 107,783 
Trade names 2.33 years 69,983  (27,115) 42,868 
Publisher relationships 17.83 years 109,028  (10,403) 98,625 
Total $ 495,888  $ (116,256) $ 379,632 
The Company recorded amortization expense of $15,936 and $48,282, respectively, during the three and nine months ended December 31, 2023, and $16,120 and $48,422, respectively, during the three and nine months ended December 31, 2022, in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss).
Estimated amortization expense in future fiscal years is expected to be:
Fiscal year 2024 $ 16,102 
Fiscal year 2025 55,759 
Fiscal year 2026 41,484 
Fiscal year 2027 35,356 
Fiscal year 2028 35,356 
Thereafter 146,474 
Total $ 330,531