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Segment Reporting
 6 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates as a single operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, who manages the business on a consolidated basis. All of the Company’s identifiable assets are located in the United States. The Company did not generate any revenue from sources outside of the United States. Accounting Standards Codification, Segment Reporting (“ASC 280”) defines operating segments as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM in deciding how to allocate resources and assess performance.
The measure of segment profit or loss for the Company’s single segment is net income (loss). Additionally, the CODM uses cash and cash equivalents as a measure of segment assets, which is included on the Company’s consolidated financial statements. Cash and cash equivalents are reviewed and monitored by CODM to ensure enough capital is available for investing in purchases of intangible assets, refundable deposits, retuning costs and swaps, and the Company’s share repurchase program. Segment expenses were disaggregated based on the information the CODM uses to assess performance and allocate resources considering both quantitative and qualitative factors.
The table below summarizes significant segment expenses and other items, which represent the difference between segment revenue and segment net income (loss) during the three and six months ended September 30, 2025 and 2024 (in thousands):
Three months ended September 30,Six months ended September 30,
2025202420252024
Spectrum revenue$1,552$1,551$2,970$3,076
Significant segment expenses and other segment items
Adjusted general and administrative (1)
5,8208,12512,97616,795
Adjusted sales and support (2)
1,3361,2812,7003,044
Adjusted product development (3)
9561,7161,8663,388
Depreciation and amortization133151257330
Gain on exchange of intangible assets, net(59,602)—(93,518)(93)
Gain on sale of intangible assets, net(11,469)—(12,430)—
Interest income3795858211,279
Other income—9—25
Income tax expense7,5182305,2611,452
Other segment items (4)
3,7033,4087,9637,754
Net income (loss)$53,536$(12,766)$78,716$(28,290)
1.Adjusted general and administrative includes expenses related to certain corporate functions, such as, executive, legal, finance, information technology, human resources and others, public company costs, bonus expense for all employees, insurance costs and other costs.
2.Adjusted sales and support includes expenses related to sales and marketing functions.
3.Adjusted product development includes expenses related to technology and product development functions.
4.Other segment items include items not deemed significant or regularly provided to the CODM, such as severance and other related charges, stock compensation and loss from disposal of long-lived assets.