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Revenue (Tables)

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and six months ended September 30, 2023 and 2022 (in thousands):


	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Spectrum revenues
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	152	$	152	$	304	$	305
Evergy (1)	274		64		548		64
Xcel Energy (2)	444		—		444		—
Narrowband Spectrum Revenue
Motorola	182		182		364		364
Total spectrum revenue (3)	$	1,052	$	398	$	1,660	$	733

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy, Inc. (“Evergy”) during the three months ended September 2022.

2.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Xcel Energy during the three months ended September 2023.

3.Revenue recognized during the three and six months ended September 30, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods.

Schedule of Contract Assets

The Company’s contract assets consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	870	$	638
Additions	33		62
Amortization	(19)		(7)

Balance at the end of the period	884		693
Less amount classified as current assets (1)	(423)		(300)
Noncurrent assets (1)	$	461	$	393

1.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.

Schedule of Contract Liabilities

The Company’s contract liabilities consisted of the following activity during the six months ended September 30, 2023 and 2022 (in thousands):


	2023		2022
Balance at the beginning of the period	$	60,759	$	54,678
Additions (1)	21,166		—
Revenue recognized	(1,660)		(733)
Balance at the end of the period	80,265		53,945
Less amount classified as current liabilities (2)	(5,281)		(2,514)
Noncurrent liabilities (2)	$	74,984	$	51,431

1.The Company delivered the cleared 3 x 3 900 MHz Broadband Spectrum and the associated broadband licenses for 14 counties in Xcel Energy’s service territory and received the full milestone payment of $21.2 million.

2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.