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SEGMENT REPORTING | 3 Months Ended
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Jul. 31, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | 5. ﻿SEGMENT REPORTING We operate as two operating and reportable segments, Immersion and Barnes & Noble Education. Our Chief Executive Officer, as the Company’s Chief Operating Decision Maker, uses Operating income (loss) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment, Summarized financial information for our reportable segments is reported below (in thousands):
|  | Three Months Ended |
(in thousands) |  | July 31, 2025 |  |  | July 31, 2024 |
Revenues: |  |  |  |  |  |
Immersion |  | $ | 3,872 |  |  | $ | 48,425 |
Barnes & Noble Education |  |  | 288,160 |  |  |  | 135,064 |
Total revenues |  |  | 292,032 |  |  |  | 183,489 |
Cost of sales (excludes depreciation and amortization expense): |  |  |  |  |  |
Barnes & Noble Education |  |  | 233,594 |  |  |  | 109,910 |
Operating expenses: |  |  |  |  |  |
Immersion |  |  |  |  |  |
Selling and administrative expenses |  |  | 3,695 |  |  |  | 13,411 |
Barnes & Noble Education |  |  |  |  |  |
Selling and administrative expenses |  |  | 67,805 |  |  |  | 36,330 |
Depreciation and amortization expense |  |  | 10,397 |  |  |  | 5,275 |
Restructuring and professional fees |  |  | 2,896 |  |  |  | 5,005 |
|  |  | 81,098 |  |  |  | 46,610 |
Total operating expenses |  |  | 84,793 |  |  |  | 60,021 |
Operating Income (Loss): |  |  |  |  |  |
Immersion |  |  | 177 |  |  |  | 35,014 |
Barnes & Noble Education |  |  | (26,532 | ) |  |  | (21,456 | )
Operating Income (Loss) |  | $ | (26,355 | ) |  | $ | 13,558 |
The reconciliation between segment operating income (loss) and income (loss) before income taxes is included within our Condensed Consolidated Statements of Operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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