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Supplemental Consolidated Financial Information | 12 Months Ended
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Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Supplementary Consolidated Financial Information | Supplemental Consolidated Financial Information Unaudited Quarterly Results The following tables set forth our quarterly consolidated statements of operations in dollars for each quarter of fiscal 2020 and 2019. We have prepared the quarterly consolidated statements of operations data on a basis consistent with the audited consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. In the opinion of management, the financial information in these tables reflects all adjustments, consisting only of normal recurring adjustments that management considers necessary for a fair presentation of this data. This information should be read in conjunction with the audited consolidated financial statements and related notes included in this Part II, Item 8 of this Annual Report on Form 10-K. The results of historical periods are not necessarily indicative of the results for any future period.
|  | Three Months Ended
| March 31, 2020 |  | December 31, 2019 |  | September 30, 2019 |  | June 30, 2019 |  | March 31, 2019 |  | December 31, 2018 |  | September 30, 2018 |  | June 30, 2018
Net revenues |  | $ | 39,351 |  |  | $ | 36,016 |  |  | $ | 32,795 |  |  | $ | 30,553 |  |  | $ | 27,192 |  |  | $ | 30,411 |  |  | $ | 23,854 |  |  | $ | 22,112 |
License fees and revenue share |  | 23,591 |  |  | 21,576 |  |  | 20,146 |  |  | 18,275 |  |  | 15,768 |  |  | 19,195 |  |  | 15,802 |  |  | 15,216 |
Other direct cost of revenues |  | 432 |  |  | 400 |  |  | 344 |  |  | 278 |  |  | 470 |  |  | 538 |  |  | 508 |  |  | 507 |
Gross profit |  | 15,328 |  |  | 14,040 |  |  | 12,305 |  |  | 12,000 |  |  | 10,954 |  |  | 10,678 |  |  | 7,544 |  |  | 6,389 |
Total operating expenses |  | 12,403 |  |  | 9,908 |  |  | 9,190 |  |  | 8,960 |  |  | 9,020 |  |  | 8,222 |  |  | 7,229 |  |  | 7,649 |
Income (loss) from operations |  | 2,925 |  |  | 4,132 |  |  | 3,115 |  |  | 3,040 |  |  | 1,934 |  |  | 2,456 |  |  | 315 |  |  | (1,260 | )
Total interest and other income / (expense), net |  | 721 |  |  | (830 | ) |  | (4,380 | ) |  | (4,818 | ) |  | (8,384 | ) |  | (3,376 | ) |  | 1,730 |  |  | 2,752 |
Income / (loss) from operations before income taxes |  | 3,646 |  |  | 3,302 |  |  | (1,265 | ) |  | (1,778 | ) |  | (6,450 | ) |  | (920 | ) |  | 2,045 |  |  | 1,492 |
Income tax (benefit) / provision |  | (10,381 | ) |  | 41 |  |  | 72 |  |  | (107 | ) |  | 312 |  |  | 216 |  |  | (23 | ) |  | (36 | )
Net income (loss) from operations, net of taxes |  | 14,027 |  |  | 3,261 |  |  | (1,337 | ) |  | (1,671 | ) |  | (6,762 | ) |  | (1,136 | ) |  | 2,068 |  |  | 1,528 |
Basic and diluted net income / (loss) per common share from continuing operations |  | $ | 0.16 |  |  | $ | 0.04 |  |  | $ | (0.02 | ) |  | $ | (0.02 | ) |  | $ | (0.09 | ) |  | $ | (0.01 | ) |  | $ | 0.03 |  |  | $ | 0.02 |
Weighted-average common shares outstanding, basic |  | 86,784 |  |  | 85,876 |  |  | 83,909 |  |  | 81,814 |  |  | 79,404 |  |  | 77,645 |  |  | 77,193 |  |  | 76,204 |
Weighted-average common shares outstanding, diluted |  | 91,875 |  |  | 92,472 |  |  | 83,909 |  |  | 81,814 |  |  | 79,404 |  |  | 77,645 |  |  | 78,780 |  |  | 79,598 |
Quarterly Trends and Seasonality Our overall operating results fluctuate from quarter to quarter as a result of a variety of factors, some of which are outside our control. We have experienced rapid growth since the acquisition of Appia, Inc. on March 6, 2015, which has resulted in a substantial increase in our revenue and a corresponding increase in our operating expenses to support our growth. We are continuously working on enhancing our technology and our operational abilities. This rapid growth has also led to uneven overall operating results due to changes in our investment in sales and marketing and research and development from quarter to quarter and increases in employee headcount. Our historical results should not be considered a reliable indicator of our future results of operations. Many advertisers spend the largest portion of their advertising budgets during the third quarter, to coincide with the holiday shopping season. As a result, typically the third quarter of each calendar year historically represents the largest percentage of our revenue for the year, and the first quarter of each year represents the smallest percentage. Valuation and Qualifying Accounts
Fiscal Year |  | Description |  | Balance at Beginning of Period |  | Charged to Income Statement |  | Charged to Allowance |  | Balance at End of Period
|  |  |  | (in thousands)
Trade receivables |  |  |  |  |  |  |  |  |  |
2020 |  | Allowance for doubtful accounts |  | $ | 895 |  |  | $ | 1,739 |  |  | $ | (1,425 | ) |  | $ | 4,059 |
2019 |  | Allowance for doubtful accounts |  | 512 |  |  | 300 |  |  | (83 | ) |  | 895 |
2018 |  | Allowance for doubtful accounts |  | 228 |  |  | 530 |  |  | 246 |  |  | 512 |

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