Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.3
Segment Information
 6 Months Ended
Sep. 30, 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 September 30, 2025
ODS AGP Eliminations Consolidated
Net revenue $ 96,464  $ 44,685  $ (772) $ 140,377 
Revenue share
 55,562  8,303  (772) 63,093 
Segment profit $ 40,902  $ 36,382  $ —  $ 77,284 
  Three months ended September 30, 2024
ODS AGP Eliminations Consolidated
Net revenue $ 82,414  $ 37,346  $ (1,032) $ 118,728 
Revenue share
 48,951  8,417  (1,032) 56,336 
Segment profit $ 33,463  $ 28,929  $ —  $ 62,392 
Six months ended September 30, 2025
ODS AGP Eliminations Consolidated
Net revenue $ 191,912  $ 80,977  $ (1,586) $ 271,303 
Revenue share
 108,256  14,561  (1,586) 121,231 
Segment profit $ 83,656  $ 66,416  $ —  $ 150,072 
  Six months ended September 30, 2024
ODS AGP Eliminations Consolidated
Net revenue $ 163,064  $ 75,738  $ (2,085) $ 236,717 
Revenue share
 98,094  16,136  (2,085) 112,145 
Segment profit $ 64,970  $ 59,602  $ —  $ 124,572 
Three months ended September 30,
Six months ended September 30,
2025 2024 2025 2024
Segment profit $ 77,284  $ 62,392  $ 150,072  $ 124,572 
Other direct costs of revenue 11,242  8,438  22,046  16,228 
Product development 10,979  9,433  21,126  20,147 
Sales and marketing 14,446  15,887  28,035  32,134 
General and administrative 34,083  42,176  76,992  85,693 
Income (loss) from operations
 $ 6,534  $ (13,542) $ 1,873  $ (29,630)
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:
  September 30, 2025 March 31, 2025
United States and Canada $ 44,267  $ 40,149 
Europe, Middle East, and Africa 4,137  6,751 
Asia Pacific and China 59  66 
Consolidated property and equipment, net $ 48,463  $ 46,966 
  September 30, 2025 March 31, 2025
United States and Canada $ 1,639  $ 2,030 
Europe, Middle East, and Africa 6,816  7,877 
Asia Pacific and China —  17 
Consolidated right-of-use assets
 $ 8,455  $ 9,924 
  September 30, 2025 March 31, 2025
United States and Canada $ 97,894  $ 108,580 
Europe, Middle East, and Africa 134,131  145,253 
Asia Pacific and China 3,811  3,864 
Consolidated intangible assets, net $ 235,836  $ 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 September 30, 2025
ODS AGP Total
United States and Canada $ 34,185  $ 23,178  $ 57,363 
Europe, Middle East, and Africa 29,662  11,568  41,230 
Asia Pacific and China 31,583  9,930  41,513 
Mexico, Central America, and South America 1,034  9  1,043 
Elimination —  —  (772)
Consolidated net revenue $ 96,464  $ 44,685  $ 140,377 
  Three months ended September 30, 2024
ODS AGP Total
United States and Canada $ 33,664  $ 23,064  $ 56,728 
Europe, Middle East, and Africa 28,846  10,135  38,981 
Asia Pacific and China 18,688  4,141  22,829 
Mexico, Central America, and South America 1,216  6  1,222 
Elimination —  —  (1,032)
Consolidated net revenue $ 82,414  $ 37,346  $ 118,728 
  Six months ended September 30, 2025
ODS AGP Total
United States and Canada $ 71,403  $ 39,491  $ 110,894 
Europe, Middle East, and Africa 55,665  22,999  78,664 
Asia Pacific and China 62,634  18,321  80,955 
Mexico, Central America, and South America 2,210  166  2,376 
Elimination —  —  (1,586)
Consolidated net revenue $ 191,912  $ 80,977  $ 271,303 
  Six months ended September 30, 2024
ODS AGP Total
United States and Canada $ 67,549  $ 48,146  $ 115,695 
Europe, Middle East, and Africa 60,550  20,548  81,098 
Asia Pacific and China 33,260  7,029  40,289 
Mexico, Central America, and South America 1,705  15  1,720 
Elimination —  —  (2,085)
Consolidated net revenue $ 163,064  $ 75,738  $ 236,717