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SEGMENT REPORTING
 3 Months Ended
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.